1992 Audit Reportf/It c�
Py
CITY DP MDNrlm t , MMEMM
DdMPREff26M ANNUAL FINANCIAL 1
Year ceded Deaembes 31, 1992
Grays ' WkdP.N.
Borden R.b— C
[mfr Assoc�� lqubx�uf ffYlm
CITY OF MONTICELLO, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1992
CITY OF MONTICELLO, !lM SOTA
TABLE OF CONTENTS
B. Combining 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 36
Library Fund.
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-6 37
Housing and Redevelopment Authority Fund.
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-7 38
Urban Development Action Grant Fund.
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-8 39
Economic Development Authority Fund
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-9 40
Water Improvement Fund.
Statement of Revenues, Expenditures and
Changes in Fwd Balance - Budget (GAAP
Basis) and Actual
B-10 41
Sewer Improvement Fund.
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-11 42
Economic Recovery Grant Fund.
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-12 43
Debt Service Funds.
Combining Balance Sheet
C-1 44-47
Combining Statement of Revenues, Expenditures
and Changes in Fwd Balances
C-2 48-51
CITY OF MONTICELLO, HIMESOTA
TABLE OF CONTENTS
B. Combinino and Individual Fund Statements - Continued
Statement paqe
Capital Projects Funds,
Combining Balance Sheet D-1 52-53
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance D-2 54-55
Proprietary Funds,
Combining Balance Sheet E -i 56
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings E-2 57-58
Combining Statement of Cash Flow E-3 59
Sewer Fund,
Comparative Balance Sheets E-4 60
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual £-5 61
Comparative Statements of Cash Flows E-6 62
Hater Fund:
Comparative Balance Sheets E-7 63
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual E-8 64
Comparative Statements of Cash Flows E-9 65
Liquor Fund,
Comparative Balance Sheets E-10 66
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings E-11 67
Comparative Statements of Cash Flows E-12 68
Comparative Statements of Revenues and
Expenditures - Budget (GAAP Basis) and Actual E-13 69
Transportation Fund,
Comparative Balance Sheets E-14 70
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) end Actual E-15 71
Comparative Statements of Cash Flows E-16 72
CITY OF MONTICELLO, HINNESOTA
TABLE OF CONTENTS
C. other Financial Statements
Statemen Page
Schedule of Sources and Uses of Public
Funds For IXI 01 - A Tax Increment
Financing District
F-1 73
Schedule of Sources and Uses of Public
Funds For Hetcalf-Larson 02 - A Tax
Increment Financing District
F-2 74
Schedule of Sources and Uses of Public
Funds For FST 03 - A Tax Increment
Financing District
F-3 75
Schedule of Sources and Uses of Public
Funds For IXI 04 - A Tax Increment
Financing District
F-4 76
Schedule of Sources and Uses of Public
Funds For Const. 5 05 - A Tax Increment
Financing District
F-5 77
Schedule of Sources and Uses of Public
Funds For Raindance 06 - A Tax Incremept
Financing District
F-6 78
Schedule of Sources and Uses of Public
Funds For NAWCO 07 - A Tax Increment
Financing District
F-7 79
Schedule of Sources and Uses of Public
Funds for NSP 08 - A Tax Increment
Financing District
F-8 Be
Schedule of Sources and Uses of Public
Funds for TAPPER 09 - A Tax Increment
Financing District
F-9 81
Schedule of Sources and Uses of Public
Funds for REKHME 010 - A Tax Increment
Financing District
F-10 82
Schedule of Sources and Uses of Public
Funds for HARTIE 011 - A Tax Increment
Financing District
F-11 83
Schedule of Sources and Uses of Public
Funds for AROPLAX 012 - A Tax Increment
Financing District
F-12 84
CITY OF MDNTICELLO, KnaE50TA
TABLE OF CONTENTS
C. Other Financial Statements - Continued
Statement E
Schedule of Sources and Uses of Public
Funds for Suburban 014 - A Tax Increment
Financing District F-13 85
Schedule of Sources and Uses of Public
Funds for RMART 01-1 - A Tax Increment
Financing District F-14 86
III. SUPPLEMENTAL INFORMATION
Schedule
Computation of Legal Debt Margin 1 87
Bonded Indebtedness - General Obligation Bonds 2 as
Bonded Indebtedness - General Obligation
Special Assessment Bonds 3 89-90
Bonded Indebtedness - General Obligation Tax
Increment Bonds 4 91-92
Tax Levies to Retire Bonded Indebtedness 5 93-94
Auditor's Report on Legal Compliance 95
Officials - 1,992
Mayor
Council Member
Council Member
Council Member
Council Member
Clerk -Treasurer
and Administrator
CITY Of MOMTICELLO, KWMS'OTA
MISCEU AMUS DATA
Rick Molfsteller Appointed
Term
E=ires
Ken Maus
12-31-92
Dan Blonigen
12-31-92
Clint Herbst
12-31-94
Brad Fyle
12-31-94
Shirley Anderson
12-31-92
Rick Molfsteller Appointed
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, Hinnesota, as of and for the year ended December 31, 1992,
as listed in Section II -A of the table of contents. These general purpose
financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose 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 general purpose 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, 1992, and the results of
operations and the changes in cash flows of its proprietary fund types for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining, individual fund
statements 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 statecents 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.
May 7, 1993
GRUY9 BORDEN CARLSON b ASSOCIATES P.A.
Certified Public Accountants
1rw.. r...... 1e.. a r.v� 1e.�a �.... •. r....1va ke �...m.
GNp/�
!- 00.N PoMn-
h11 SASI-1 V YI I IMn 117. Wn- 1
Hui Ynm+anal Mfg. 1111 11-1 24 \u
41I,"wrrus ural
ALw eIA,\I\SS hl L/4.Srim1
BOA,\1\S4i13 M24"n217ia M141
BO"tIeCI
flh1 'ss !',.nsulLmis
Mrur Ma'n111)�1ai. 17762 Het cllm.a'
I-i151'1.111All, 1111. Y111f,n iiM,Wmr.\
11C 'Icon
& Asuwiaeti
.
AU{le l iri lae, A7\55711 4-107W)V
%1.t-1,\I\'SS171, Yr7-111N
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, Hinnesota, as of and for the year ended December 31, 1992,
as listed in Section II -A of the table of contents. These general purpose
financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these general purpose 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 general purpose 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, 1992, and the results of
operations and the changes in cash flows of its proprietary fund types for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining, individual fund
statements 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 statecents 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.
May 7, 1993
GRUY9 BORDEN CARLSON b ASSOCIATES P.A.
Certified Public Accountants
1rw.. r...... 1e.. a r.v� 1e.�a �.... •. r....1va ke �...m.
CITY OF 19ONTICELL0, MINNESOTA
COMBINED BAUWCE SHEET - ALL FUND TYPES AND ACCOUNT GMUPS
December 31, 1992
With Comparative Totals at December 31, 1991
Exhibit 1
plopllltdll TROST 110
GO7111181111. full TT11S fQ1D 11113 d ld6 {T lrcoult GIOBPS 90ld1 11110 0#LTi
General General
Special Debt Capital dgeacy Tired Lo f -Tera
Glooral leyeagelir Pro tete ate seafo d Assets Debt HN _ 1991
am
191,132
1,429,989
1,353,444
945,121
Casb and investments
! 11247,616
s 99#1631
! 3,394,294
f 766,211 ! 116124)
leceieablts
183,025
If1,58)
314,891
158,611
Accounts
14,141
21,131
f 1/,889,137 11,669,111
21,110 151,211
special asleamsots - deftrred
5,364
223,#11
1,111,829
20,714
special 411eumente - deliagoeat
997
4,111
937,156
I,S11
Dae from otter f4ads
123,812
218,0#1
Due from other goveraleatal alit[
6,016
261
11,198
1,151
Laid laid for resale
181,823
Long-term receivable
11,51!
426,111
fateatery
158,697
prepaid etpeoses
29,524
271
1#,916
General fired 4estts
Property and egaipleot Inst of
aceamol4ted depreeiitfoai
9,859,117
Asoaat available in Debt
service Taads
Staler to be provided for retiremtat
of general looq-tete debt
Isomer to be provided for retireitat
of general Ions -term Ie#ses pgable
Otter ststp - Wetted camptosttiou
plan (St lartetl
156.216
TOTAL issils
LL 42 401
63
4A .321.777
06 210 L&Ln.-nj i )56,286
See accomp4aTioq lotes to sin#oclal swestate,
-2-
248,191
191,132
1,429,989
1,353,444
945,121
898,111
341,191
359,818
21.414
124.936
1181115
183,025
If1,58)
314,891
158,611
191,291
4#.761
38.48#
f 1/,889,137 11,669,111
1/,458,320
9,851,111
1#,111,992
f 2,583,152 2,511,151
2,453,739
6,196,218 6,198,211
6,918,01
14,166
f 3f 12T.i82
T# 661 7 L4.3 -l#.8-## {j#&LIH f 4#.152.352
CITY OF MONTICELLO, iQMNESOTA
talk Illicit
Iccoeats payable
tootracts payable
Other tecrotd trptasts
Iecrov deposit payable
Ott to other foods
Deferred revenue
General obligatioa holds payable
Genttil obligation tat tacreatat tote pliable
Geaerd obligation tat iacrelelt bonds payable
Special asseaateat bands payablt
loapteel leases payable
Oeferted caapessation foods held for participial$
total liabilities
OBD 109171
contributed capital
iavestleat is geatral fired delete
Ietained earalags
Unreserved
lead 1414ace
Reserved for ao$earteot loans receivable
0turvtd for fired starts held for resale
Reserved for debt service
portstrted
Designated for $ubsegaeat years' etpeoditures
Undeligaated
total lead lquity
10111 IIABILITIIS Alp run 1213ti
see aceo$palyieg late$ to financial Sutoesto.
s 112,729
Exhibit 1
•
s 711,811
(Continued)
COMMED BALANCE SHCET - ALL FUND TYPES AND ACCOUNT GROUPS
s 23,432
316,315
December 31, 1992
414,158
25,428
With Comparative Totals at December 31, 1991
22,61]
11091111117
TIUS1 AID
22,617
11,)16
Gog111111111, 1111 "It91S 1D "M61A
ICT
ittollf 690498
!OTIC (81/0 0M)
23,61)
1111:d",General
143,163
Special Debt Capital
agtacy
lived 1aaq-tea
Coastal Postage 111victs tets ater aor
od
Aftett Debt
1992 1991
1.1111LITIll
226,822
talk Illicit
Iccoeats payable
tootracts payable
Other tecrotd trptasts
Iecrov deposit payable
Ott to other foods
Deferred revenue
General obligatioa holds payable
Genttil obligation tat tacreatat tote pliable
Geaerd obligation tat iacrelelt bonds payable
Special asseaateat bands payablt
loapteel leases payable
Oeferted caapessation foods held for participial$
total liabilities
OBD 109171
contributed capital
iavestleat is geatral fired delete
Ietained earalags
Unreserved
lead 1414ace
Reserved for ao$earteot loans receivable
0turvtd for fired starts held for resale
Reserved for debt service
portstrted
Designated for $ubsegaeat years' etpeoditures
Undeligaated
total lead lquity
10111 IIABILITIIS Alp run 1213ti
see aceo$palyieg late$ to financial Sutoesto.
-3-
49 829 41 639 21 221 S 846.240 6 142 ul6,,,U8�f, !S 2 .161,031 9 14 NLAAMAE11 LAMM
3
s 112,729
s 1516!9
s 711,811
S 641,462
2 8,19T
s 23,432
316,315
S 1,741
414,158
25,428
22,61]
22,617
11,)16
183,448
513
23,61)
121,992
143,163
2,988
2,911
226,822
is, ##6
141,812
IS91801
18,9]6
211,871
2,121,136
EI,2S1
2,429,194
21251,152
J 2,398,888
2,391,811
2,581,041
19,219
2,Ad8,400
2,0ii,4Ai
1,415,111
4,559,414
4,dS4,044
4,8}5,828
14,166
6 2
156.286
- 121'182
156,011
1 491,683
1 1.821.12S
1 414,477
117,423
S 156,286 1 9,340,010
S 13,513.125
1 12,996,614
S 4,151,210
$ 9,152,171
$ 912911611
S 11,664,031
10,6it,831
1/,458,320
1,417,119
11111,869
11931,611
$ 416,266
126,266
314,691
188,825
!88,825
111.115
S 1,,511,152
1,513,15!
2,153,139
S '•,331,820
S 3911763
1,722,513
11172,751
6.918
6 865
971,041
412.8
4 6 4
337 798
1.581.111
2.$03.712
41 1614.4$3,311
6 S
215 .055.112
-3-
49 829 41 639 21 221 S 846.240 6 142 ul6,,,U8�f, !S 2 .161,031 9 14 NLAAMAE11 LAMM
3
CITY OF MONTICELLO, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Exhibit 2
See accompanying Notes to Financial Statements.
-4-
GOVERNMENTAL FUND TYPES
TOTALS IMEMO ONLY)
Special
Debt
Capital
General
Revenue
Service
Proiects
1992
1991
Revenues
Taxes
S
1,369,369
S 614,753
S 896,011
S 2,880,133
S 2,7i1,716
Collections on special assessments
41,885
272,024
313,909
1,008,556
Licenses and permits
82,953
82,953
95,394
Intergovernmental
226,018
29,728
83,151
338,897
210,936
Charges for services
111,632
61,406
173,038
147,046
Fines and forfeits
5,647
5,647
25,038
Miscellaneous
175.174
76.286
133.658
S 197.822
582.940
607.848
Total Revenues
S
1.970.793
S 824.058
S 1.384.844
S 197.822
$ 4.377.517
S 4.866.434
Expenditures
General government
S
606,903
S 18,231
S 625,134
S 615,755
Public safety
375,788
28,365
404,153
393,990
Public works
459,247
459,247
455,189
Sanitation
267,698
267,698
231,354
Health and welfare
69,923
69,923
100,823
Parks and recreation
99,496
27,255
126,751
117,599
Community development
25,935
25,935
27,552
Capital projects
336,895
S 1,643,094
1,979,989
822,896
Debt service
Principal retirement
19,219
S 1,005,000
1,024,219
1,079,344
Interest and fiscal charges
15.950
661.523
677.473
735.200
Total Expenditures
S
1.904.990
S 445.915
S 1.666.523
S 1.643.094
,S 5.660.522
S 4.579.702
Excess (Deficiency) of Revenues
over Expenditures
S
65.803
S 378.143
S (281,679)
S(1.445.272)
,$(1.283.005)
S 286.732
Other Financing Sources (Uses)
Proceeds of general obligation bonds
S 195,000
S 696,187
S 891,187
S 512,981
Operating transfers in
S 331,692
777,589
1,109,281
376,138
Operating transfers out
(281.321)
(281.321)
(261.694)
Total Other Financing Sources (Uses)
S (86.321)
S 331,692
�_1473 7 6
>S 1.719.147
; 627.425
Excess of Revenues and Other Sources
over Expenditures and Other Uses
S
65,803
S 291,822
S 50,013
S 28,504
S 436,142
S 914,157
Fund Balances at Beginning of Year
1,271,995
1,284,134
2,453,739
363,259
5,373,127
4,458,970
Prior Period Adjustment
5,000
5.000
FUND BALANCES AT END OF YEAR
S 1.337.798
S 1.580.956
S 2.503.752
S 391.763
,S 5.814.269
$ 5.373,127
See accompanying Notes to Financial Statements.
-4-
CITY OF MONTICELLO, MDWWTA
Exhibit 3
COMBINED STATEMENT OF R£VMW, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1992 and 1991
Operating Revenues
Charges for services
Gross profit
Total Operating Revenues
'-perating Expenses
Salaries and employee benefits
Professional services
Supplies and materials
Repairs and maintenance
Utilities
Depreciation
Equipment rental
Other
Total Operating Expenses
Operating Income (Loss)
Non -Operating Revenues
Interest income
Other
Total Non -Operating Revenues
Net Income (Loss) Before Operating
Transfers
Operating transfers (out)
Net Income (Loss)
t Retained earnings at beginning of year
j Add depreciation on contributed assets
Prior period adjustment
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
See accompanying Notes to Financial Statements.
-5-
PROPRIETARY FUND TYPES
Enterprise Enterprise
1992 1991
S 606,608 $ 629,505
348.151 331.419
S 954.759 S 960.924
S 228,241 $ 214,383
371,001 350,237
44,562 36,479
12,050 14,042
48,943 48,511
511,182 522,235
58,679 57,542
58.889 60.612
S 1.333.547 S 1.304.041
S (378.788) S (343.117)
S 54,642 S 66,426
40.244 67.180
S 94.886 S 133.606
S (283,902) $ (209,511)
1720.417) 1114.444)
S (1,004,319) S (323,955)
1,930,677 1,759,794
485,691 494,838
15.000)
S 1.407.049 S 1.930,,677
S 9,293,624 $ 9,327,409
244,337 461,053
1485.691) 1494.838)
S 9,05522.270 9.293,624
S 10.459,319 S 11,224,301
CITY OF MONTICELLO, MINNESOTA
Exhibit 4
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1992 and 1991
PROPRIETARY
FUND TYPES
Enterprise
Enterprise
1992
1991
Cash flows from operating activities,
Net income (loss) before operating transfers
S (283,902)
$ (209,511)
Adjustments to reconcile net income to net
cash provided by operating activities,
Depreciation
511,182
522,235
Prior period adjustment
(51080)
Changes in assets and liabilities
(Increase) decrease in accounts receivable
3,343
26,042
(Increase) decrease in NSF checks receivable
282
(311)
(Increase) decrease in inventory
32,594
(33,536)
(Increase) decrease in prepaid expenses
(874)
821
(Increase) decrease in special assessments
receivable - deferred
(11,405)
5,701
(Increase) decrease in special assessments
receivable - delinquent
782
(1,167)
(Increase) decrease in due from other
governmental units
4,949
(4,294)
Increase (decrease) in accounts payable
4,360
(11,760)
Increase (decrease) in accrued expenses
(8,044)
5,125 Q
Increase (decrease) in due to other funds
5,000
110,000
Increase (decrease) in deferred revenue
10.623
(4.534)
Net Cash Provided by Operating Activities
S 263.890
S 404,811
Cash flows from investing activities,
Capital expenditures
Equipment
S (4,785)
S (33,029)
Building and improvements
(3,212)
(1,642)
Transfers out
1720.417)
(114.444)
Net Cash Provided (Used) in Investing
Activities
S (728.414)
S (149.115)
Net increase (decrease) in cash and cash equivalents
S (464,524)
$ 255,696
Cash and cash equivalents at beginning of year
880.777
625.081
Cash and Cash Equivalents at End of Year
S 416.253
S 880.777
Non -Cash Transactions,
Contributed Assets
Land, Buildings and Improvements
S 244.337
P 461.053
Total Non -Cash Transactions
S 244,337
; 461.053
See accompanying Notes to Financial Statements.
-6-
CITY OF MDNTICMLO, MINNESOTA
Exhibit 5
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET (GAAP BASIS) AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUND TYPES
For The Year Ended December 31, 1992
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 of Revenues over
Expenditures
Other Financing Sources (Uses)
Proceeds of general obligation bonds
Operating transfers in
Operating transfers out
Total Other Financing Sources (Uses)
Excess of Revenues and Other Sources
over Expenditures and Other Uses
Fund balances at beginning of year
Prior period adjustment
FUND BALANCES AT END OF YEAR
See accompanying Notes to Financial Statements.
-7-
GENERAL FUND SPECIAL REVENUE FUND TYPES
Variance Variance
Favorable Favorable
Budaet Actual (Unfavorable) Budget Actual (Unfavorable)
S 1,377,640 S 1,369,369 S (8,271) S 617,190 S 614,753 $ (2,437)
15,200 41,885 26,685
70,450 82,953 12,503
175,913 226,018 50,105 550 29,728 29,178
87,000 111,632 24,632 18,000 61,406 43,406
10,800 5,647 (5,153)
137.350 175.174 37.824 56,915 76.286 19.371
S 1.859.153 S 1,970,793 S 111.640 S 707,855 S 824.058 S 116.203
S 599,120
S 606,903 S
345,353
375,788
379,785
459,247
281,400
267,698
67,050
69,923
146,355
99,496
40,090
25,935
S 1.859.153 S 1,904.990 S
(7,783) S 32,875
(30,435) 30,625
(79,462)
13,702
(2,873)
46,859 29,276
14,155
348,235
43,345
145.837) S 484,356
S 18,231 $ 14,644
28,365 2,260
27,255 2,021
336,895 11,340
35.169 8,176
S 445.915 S 38.441
S 0 $ 65.803 S 65.803 S 223,499 S 378.143 S 154.644
$ 195,000 $ 195,000
$ 88,600 (88,600)
(225.675) (281.321) (55.¢46)
S (137.075) S (86.321) S 50.754
0 S 65,803 S 65.803 S 86.424 S 291,822 S 205.398
1,271,955 1,284,134
5.000
S 1.337.798 S 1.580.956
CITY OF MONTICELLO, HINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 1 Summary of Significant Accountina Policies
The accounting policies of the City of Monticello, Minnesota, conform to
generally accepted accounting principles as applicable to governmental
units. The following is a summary of the more significant policies.
A. Reoortino Entitv
The City's financial statements include the operations of all organiza-
tions for which the City Council exercises oversight responsibility.
Oversight responsibility includes such aspects as financial interdepen-
dency, selection of governing authority, designation of management,
ability to significantly influence operations, accountability for fiscal
matters and others.
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, Hinnesota--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. The Association pays benefits
directly to its members.
B. Basis of Presentation --Fund Accountina
The operations of the City are recorded in the following fwd types and
account groups,
-8-
CITY OF IWNTICELIA, 1@1NFSOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note I Summary of Significant Accountino Policies - Continued
Governmental Fund Types
Governmental funds are used to account for the City's expendable
financial resources and similar related liabilities (except those
accounted for in the proprietary and similar trust funds). The
measurement focus is upon determination of changes in financial
position. The following are the City's governmental fund types%
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.
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 Projects Funds --Capital projects funds are used to account
for financial resources to be used for the acquisition or construc-
tion of major capital facilities (other than those financed by pro-
prietary funds and trust funds).
Proprietary Fund Types
Proprietary 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. The following is
the City's proprietary fund type,
Enterprise Funds --Enterprise Funds are used to account for operations
(a) that are financed primarily through user charges, or (b) where
the governing body has decided that determination of net income is
appropriate.
Fiduciary Fund Types
Trust and AQencv FunQs--Fiduciary funds are used to account for
assets held by the City in a trustee capacity or as an agent. Trust
funds include expendable trust funds, nonexpendable trust funds and
pension trust funds. Nonexpendable trust funds and pension trust
funds are accounted for as proprietary funds. Expendable trust funds
are accounted for as governmental funds. Agency funds are custodial
in nature and do not involve measurement of results of operations.
-9-
CITY OF lAONTICELLO, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 1 Summary of Significant Accountina Policies - Continued
Account Groups
General fixed Asset Account Groyo--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 Grouo--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.
In applying the susceptible to accrual concept to intergovernmental
revenues, there are essentially two types of revenues. In one, moneys
must be expended for 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. Budoets and Budoetary 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 vear commencing
the following January 1. The operating budget includes proposed
expenditures and the means of financing them.
-10-
CITY OF MONTICELLO, MINNESOTA
NOTES TO F]ILVICIAL STATEMENTS
December 31, 1992
Note 1 Summary of Sianificant 4rcounting policies - Continued
b. public hearings are conducted to obtain taxpayer comments and the
final tax levy and budget are adopted.
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.
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.
For purposes of the Statements of Cash Flows, all highly liquid
investments with a maturity of three months or less when purchased are
considered to be cash equivalents.
Temporary cash investments are stated at cost plus accrued interest,
which approximates market.
F. Special Assessments Receivable
Special assessments receivable include the following components
a. Delinquent installments including interest remaining unpaid as of
year end.
b. Deferred installments which will be billed to property owners in the
future.
In accordance with generally accepted accounting principles, such
amounts not collected within 60 days after year end are unavailable for
current operations and, therefore, are deferred.
G. Inventories
Inventories are valued at lower of cost (first -in, first -out) or market.
-11-
CITY OF HONTICELLO, KDWESSOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note I Summary of Significant Accounting Policies - Continued
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, --urbs and gutters, streets
and sidewalks, drainage systems, and lighting systems are not capital-
ized. Such assets normally are immovable and of value only to the City.
Therefore, the purpose of stewardship for capital expenditures is
satisfied without recording these assets. Depreciation is not provided
on general fixed assets.
I. Property. Plant and 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.
Depreciation is provided using the straight-line method over estimated
useful lives ranging from 25 to 50 years for buildings, 10 to 20 years
for improvements other than buildings, and 3 to 10 years for equipment.
J. Fund Balances
Reserved fund balance indicates the portion of fund equity which has
been legally segregated for specific purposes.
Unreserved designated fund balance indicates the portion of fund equity
for which the City has made tentative plans. Unreserved undesignated
fund balance indicates the portion of fund equity which is available for
budgeting in future periods.
K. Vacation and Sick 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 various rates for each month of full-time service.
Full-time employees who resign or leave city employment voluntarily and
in good standing, after giving proper notice, shall be compensated for
up to 50 days of unused sick leave under the following guide lines.
-12-
CITY OF MDNTICELLO, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 1 Summary of Significant Accountina Policies - Continued
After 5 years of employment, one fourth of the unused sick leave
times the hourly rate at the time of giving notice.
After 10 years of employment, one half of the unused sick leave times
the hourly rate at the time of giving notice.
L. Total Colunns on Combined Statements
Total columns on the combined statements are captioned "Memorandum Only"
to indicate that they are presented only to facilitate financial
analysis. Data in these columns does not present financial position or
results of operations in conformity with generally accepted accounting
principles. Neither is such data comparable to a consolidation.
Interfund eliminations have not been made in the aggregation of this
data.
M. Comparative 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,
comparative (i.e., presentation of prior year totals by fund type) data
have not been presented in each of the statements since their inclusion
would make the statements unduly complex and difficult to read.
Note 2 Stewardship. Compliance. and Accountabilitv
A. Deficit Fund Balances
Deficit fund balances as of December 31, 1992, are as follows,
Debt Service Funds
1978 Sewer and Nater Bond S 300,727
General Obligation Improvement
Bonds of 1981 136,386
General Obligation Improvement
Bond of 1979 258,918
General Obligation Improvement
Bonds, Series 1990B 3.869
S 699.900
Capital Project Funds
Meadow Oaks S 3,496
Public Works Building Expansion 17,498
Hart Boulevard Storm Sewer 4.300
$ 25.292
-13-
CITY OF MONTICELLO, MDW---.OTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 2 Stewardship. Compliance. and Accountabilitv
The 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. Excess of Expenditures Over Budqet
Expenditures
Over
Expenditures Budaet Budqet
Sewer Fund S 770,841 $ 442,240 S 328,601
Water Fund 296,609 137,270 159,339
Housing and
Redevelopment Authority 208,638 56,420 152,218
General Fund 1,904,990 1,859,153 45,837
Sewer Improvement 36,382 10,000 26,382
Liquor Fund 203,411 178,850 24,561
Note 3 Cash and Investments
Cash balances of City funds are combined (pooled) and invested to the
extent available in various investments authorized by state statutes.
Each funds portion of this pool (or pools) is displayed on the financial
statements as "Cash and investments". For purposes of 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 110%
of deposits in excess of FDIC or FSLIC insurance (140% if
collateralized with notes secured by first mortgages).
The carrying amount of the City's deposits with financial institu-
tions was $3,444,293 and the bank balance was 53,552,320. The bank
balance is categorized as follows,
Insured by FDIC or FSLIC insurance $ 1,177,082
Covered by collateral assigned to City and not
redeposited in the financial institution
furnishing the collateral 1,946,187
Not covered by collateral 429.051
Total Bank Balance S 3.552.320
-14-
CITY OF MONTICELLD, KDWS07A
WM 70 FINANCIAL STP.70 MTS
December 31, 1992
Note 3 Cash and Investments, - Continued
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 1 - Insured or registered, or securities held by
the City's agent in the City's name.
Category 2 - Uninsured and unregistered, with securities
held by the counterparty's trust department or
agent in the City's name.
Category 3 - Uninsured and unregistered, with securities
held by the counterparty, or by its trust
department or agent but not in the City's name.
Carrying Market
Cateaory Amount Value
Minnesota Municipal Money
Market Fund S 229,175 S 229,175
American Express Daily
Dividend 1 4,974 4,974
Minnesota Municipal Bonds 1 195,000 195,000
U.S. Securities 1 862,516 862,516
Commercial Paper 1 265,673 265,673
Government Securities Funds 916.592 916.592
Total Investments S 2,473.930 S 2.473.930
Note 4 Prooertv 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 i 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 is 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.
-15-
CITY OF MDNTICELLO, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 4 grooerty Taxes - Continued
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.
Note 5 Due From Other Governmental Units
Due from other governmental units includes the following,
Wright County - Property taxes S 17,088
Other 4.376
S 21.464
Note 6 General Fixed Assets
General fixed assets as of December 31, 1992, are as follows,
Beginning Ending
Balance Additions Balance
Land S 923,123 S 19,936 S 943,059
Buildings 1,902,963 1,902,963
Equipment 1,338,476 112,241 1,450,717
Other Improvements 6.293.758 78.540 6.372.298
Total $ 10.458.320 S 210.717 S 10.669.037
Note 7 Pension Plans
A. Defined Benefit Pension Plans - Statewide
Pian Descrintion
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 public employee retirement
plans.
PERF members belong to either the Coordinated Plan or the Basic
Pian. Coordinated members are covered by Social Security and
Basic members are not. All new members must participate in the
Coordinated Pian. The payroll for employees covered by PERF for
the year ended December 31, 1992, was $672,451, the City's total
payroll was S805,045.
-16-
CITY OF MONTICELLO, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 7 Pension Plans - Continued
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 i percent of average salary for each of the first ie 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 year of
service. For PERF members whose annuity is calculated using
Method 1, and for all PEPFF members, a full annuity Is available
when age plus years of service equal 90. L
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.
Contributions Remlired 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. a(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
-17-
CITY OF NONTICEU D, MIN WOTA
NOTFS TO FINANCIAL STATEMENTS
December 31, 1992
Note 7 Pension Plans - Continued
Statutory Rates Required
Employee Employer Rates
PERP (Basic & Coordinated Plans) 4.41% 4.74% 9.95%
PEPFF 8.00% 12.00% 18.60%
Total contributions made by the City during fiscal year 1992 were:
Percentage of
Amounts Covered Pavroll
Employee Employer Employee Employer
PERF S 28,445 S 30,126 4.23% 4.48%
The City's contribution for the year ended December 31, 1992, to
the PERF represented less than one percent of the total
contributions required of all participating entities. For the
PEPFF, the City was not required to make any contributions for the
year ended December 31, 1992.
Fundinq Status and Proqress
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, 1992, are shown
below (in thousands):
PERF PEPFF
Total pension benefit obligation S 4,868,124 S 821,604
Net assets available for benefits,
at cost (Market Values for PERF -
$4,068,0821 PEPFF - $1,012,812) 3,933.124 963.565
Unfunded (assets in excess of)
pension benefit obligation S 935,000 S (141.961)
-18-
CITY OF HDNTICELI,0, MINIIIsMA
NOTES TO FINANCIAL STATEHEMfS
December 31, 1992
Note 7 Pension Plans - Continued
The measurement of the pension benefit obligation is based on
an actuarial valuation as of June 30, 1992. Net assets
available to pay pension benefits were valued as of June 30,
1992.
Chanes in Benefit Provisions
Effective for the June 30, 1992, valuation, legislative activity
since the last actuarial valuation resulted in some minor changes
in benefit provision for the two funds. These changes did not
have a significant impact on the PERF or the PEPFF.
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,
1992. This information is useful in assessing the pension plan's
accumulation of sufficient assets to pay pension benefits as they
become due.
Related Partv Investments
As of June 30, 1992, and for the fiscal year then ended, PERA held
no securities issued by the City or other related parties.
B. Citv of Honticello Fire Relief Association
Plan Description
The City contributes to the City of Honticello 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 ben-
efits are either paid or deferred as follows%
(a) Benefits accrue and vest to members based on $1,225 per year of
active service in the fire department and Association with 100%
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) Hembers 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.
-19-
CITY OF MONTICEUD, MINNESOTA
NOTES TO FrWSCI& STATEMENTS
December 31, 1992
Note 7 Pension Plans - Continued
The Association also provides death benefits, whereby upon approval of
application, the beneficiaries of each deceased active member would
receive $1,225 per year of service.
The City passes through state aids allocated to the plan in accordance
with enabling state statutes.
Related Partv Investments
During 1992 and as of December 31, 1992, the Association held no
securities issued by the City or other related parties.
Funding Status and Proqress
The Association provides benefits in lump sum as allowed by state stat-
utes 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 Rewired 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 1992.
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 plan created in
accordance with Internal Revenue Code Section 457. 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.
5TIM
CITY OF MDNTICMW, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 8 Deterred Comcensation - Continued
All amounts of compensation deferred under the pian, 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.
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, 19921
Growth Stock Fund
S 51,707
Asset Allocation Fund
24,029
Guaranteed Fund
35,967
Guaranteed Plus Fund
35,778
Index Fund
2,025
Bond Fund
6.780
Total S 156.286
Note 9 Construction and Other Significant Commitments
The City of Monticello has an agreement with Monticello 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.
-21-
CITY OF MOHTICELLD, MI)OMSOTA
MOTES TO FINANCIAL STATEaM
December 31, 1992
Note Chanes in Lona -Term Debt
The following is a summary of long-term debt transactions for the year ended
December 31, 1992,
Payable Payable
Beginning End
of Year Additions Pavments of Year
General obligation
bonds S 2,585,000 S 195,000 S 2,390,000
Special assessment debt
with governmental
commitments
4,875,000 S 705,000
730,000
4,850,000
General obligation
tax increment bonds
1,945,000 195,000
80,000
2,060,000
General obligation
tax increment note
19,219
19,219
0
Lease purchase
obligations
14.166
14.166
0
TOTAL
S 9.438.385 S 900.000
S 1.038.385 S
9.300.000
Bonds and notes payable at December 31, 1992, are comprised of the following
individual issues.
Initial Average
Amount Maturity Interest outstanding
Description Issued Date Mate Principal
General obligation Bonds,
1985 Improvement Bonds S 860,000 Feb., 1997 8.6689% S 575,000
1986 Sewer Interceptor
Improvement Bonds 1,050,000 Feb., 2002 6.7294% 845,000
1988B Improvement Bonds 1,100,000 Feb., 2004 6.9943% 970.000
Total General
Obligation Bonds S 2,390.000
-22-
CITY OF MMDNTICELLD, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note I0 Chances in Lona -Term Debt - Continued
General Obligation Tax
Increment Bonds,
1984 Tax Increment Bonds S
155,000
Feb.,
1994
8.3861%
S 50,000
1985 Tax Increment Bonds
350,000
Feb.,
2006
8.2893%
310,000
1987A Tax Increment Bonds
365,000
Feb.,
1999
7.1477%
275,000
19878 Tax Increment Bonds
155,000
Feb.,
1997
8.7999%
110,000
1989A Tax Increment Bonds
260,000
Feb.,
2007
8.8708%
255,000
1990A Tax Increment Bonds
560,000
Feb.,
2000
6.5603%
560,000
1990D Tax Increment Bonds
305,000
Feb.,
2000
8.9928%
305,000
1992 Tax Increment Bonds
120,000
Feb.,
2002
6.5%
120,000
1992D Tax Increment Bonds
75,000
Feb.,
2002
6.5%
75.000
Total General Obligation
Tax Increment Bonds
S 2.060.000
Special Assessments Bonds.
1976 Sewer and Water
Bonds S
1,300,000
Feb.,
1993
5.75%
S 100,000
1977 Sewer, Water and
Street Bonds
3,470,000
Feb.,
1999
5.21%
660,000
1984 Improvement Bonds
170,000
Feb.,
1995
8.6376%
60,000
1986 Improvement Bonds
385,000
Feb.,
2002
7.4850%
305,000
198BA Improvement Bonds
1,625,000
Feb.,
2004
7.2532%
1,425,000
1989B Improvement Bonds
245,000
Feb.,
2000
6.6118%
210,000
1990B Improvement Bonds
730,000
Feb.,
2001
6.6143531
620,000
1990C Improvement Bonds
250,000
Feb.,
2002
6.75062%
250,000
1991A Improvement Bonds
515,000
Feb.,
1999
5.7265%
515,000
1992A Improvement Bonds
705,000
Feb.,
2003
5.2525%
705.000
Total Special
Assessment Bonds
S 4.850.000
-23-
CITY OF HONTICELLO, HDWESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
Note 10 Chances in Lona -Term Debt - Continued
The annual requirements to amortize all long-term debt outstanding as of Decembr
31, 1992, including interest of $3,338,640 are as follows,
Year
1993 S 1,682,179
1994 1,391,244
1995 1,387,676
1996 1,360,572
1997 1,305,995
1998 and thereafter 5.510.974
S 12.638.640
The legal debt margin of the City is approximately 56,230,753.
Note 11 Interfund Receivables and Payables
General Fund - Due from HRA Fund S 123,812
Capital Outlay Revolving - Due from
HRA Fund 18,000
Economic Development Authority - Due from
Urban Development Action Grant 85,000
Economic Development Authority - Due from
Liquor Fund 115.000
S 341.812
Note 12 Fund Eauity
The following fund balances have been designated or
reserved as of December 31,
1992.
Special Revenue Funds
Urban Development Action Grant
Reserved for noncurrent loans receivable $
161,328
Economic Development Authority
Reserved for noncurrent loans receivable
264,938
Capital Outlay Revolving
Reserved for fixed assets held for resale
188,825
Debt Service Funds
Future debt retirement
2,503,752
Capital Projects Funds
Future capital expenditures
391,763
General Fund
Designated for working capital
1,109,017
Designated for contingencies
221,803
-24-
CITY OF IIONTICELGO, MINNES0TA
NOTES TO FINANCIAL STAIENEM
December 31, 1992
Note 13 Tax Increment Finance Districts
18
?&pati 19
Itaat e It#
Dett o tt t
ec000aic
lcocotic
lc000tic
Rattail -
DeTtlopitat
ptdtttlooet&t
DfTfloottat
?tar biablisbed,
1989
faae of District
111 dl
LSpoo I3Slr
13
11114
Coast. S I9
Reiodaoce 16AR�fp
11
33,551
Icooatic
Capturtd fat Capacity
icatssic
Bcaaaaic
34,125
0etaited By Authority
Acototic
Type of District.
Detelooaeat
pederelooatat
Dere a ae t
DtTeloptlot
Redtrelopaeot
.eller o itot
Develoutat
Seer Istablished,
1982
1581
1984
1984
1986
1985
1981
Base Tat Capacity
S 849
S 111622
8 11436
g Ips
S 2,218
S 194
S 3,111
carseat gas Capacity
14,256
51,614
54,951
22,493
69,111
61,186
15,392
Captured far Capacity
9,457
41,IS2
51,914
311146
61,536
61,990
36,281
8ettiotd By Aatbority
9,451
41,452
51,914
23,146
67,536
61,591
311211
Shared aitb Other
falls; Districts
1-
•i•
$•
1•
1
4•
6•
total Unit Issued
261,111
155,144
365,411
354,440
155,140
Total total lotarrtd
36,151
32,441
1911554
Atlanta Wetted
16,151
24,131
145,001
611118
65,441
41,441
45,441
Oatttiadit; Bonds ad
Loaas 12-31.92
4-
211,661
51,4#1
121,812
341,441
311,141
111,411
east of District9y1
18
?&pati 19
Itaat e It#
Dett o tt t
ec000aic
lcocotic
lc000tic
Type of 04ttrict=
DeTtlopitat
ptdtttlooet&t
DfTfloottat
?tar biablisbed,
1989
1991
1990
Base tar Capacity
I 1,149
S I'm
1 21410
Current Tet Capacity
9,165
33,551
36,135
Capturtd fat Capacity
1,124
11,188
34,125
0etaited By Authority
7,820
31,788
31,125
Shared Lith Other
13,666
sii,eof
will Districts
-0•
-1-
-4-
total Road& Issued
166,001
63,400
Total LOU Incurred
23,140
Aaotats Weaved
5,010
Outstasdin; loads acd
Lotus 12.31.92
18,144
118,011
lisle$#
-25-
sactit illAro;lat 112 sablibla 114 hart 43-1
Reooeaie
Ic000tie
Icoaetic
leoactic
Dett o tt t
Redetelopaeot
ereto not
Redereitptsnt
1991
1991
1992
1990
S 293
S 1,124
S 24
S 2.484
3,132
1,137
26
132,113
11539
it
4-
129.929
3,539
17
0•
129,529
1•
6-
6•
•6•
13,666
sii,eof
-1•
1•
75,111
561,111
rn
CITY OF HONTICELLD, PlINNFSCYFA
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
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, 1992, is as follows,
Trans- Total
Sever liter liquor portatiob Proprietary
an logoload foci laids
operatiaq feetnaea 1 413,216 1 149,867 1 3 ASI S 2412SI 3 954,159
Operating eepeases
before dtpttciation
and asortiatioo (438,9311 (136,4261 (184,3161 (62,686) (822,365;
Depreciation and
asortitatloo31 31,984! 11 68.151!! 511 152'.
operating incise
(10131 $ (111,5571 3 ilO,Ntl $ 14{,141 1 (38,429! 3 1378,783
Other revenues 3.865 5,327 47.529 33,965 94,886
Set incise (1013)3S 131,4921 1142,215 S 192,269 1 536 S 1253,982
Capital contributionsIS 53.229 S 91.188 L --j413737
Capital acquieitin 1 2.388 L 5.659 L 7.997
let lortiaq Capital 1 147,64S S 124,31S 3Z4,115 1 CIO 6l 175
Total Assets6 9S . 51,3863 8S . 73.9585�9,8,.23i S 4.159 i 18.626.142
Total lgaitT 1 CS311144 S 1140,642 1 441,417 1_ 4.146 [ 38,459.319
Note 15 Long -Term Receivables
A long-term receivable of $161,325 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 5243,500. 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.
The Greater Honticello Enterprise Fund, a revolving loan fund, was established
for the purpose of supplementing conventional financing sources for existing
and new businesses within Honticello. To date, four commercial projects have
utilized the funding.
-26-
CITY OF HONTICEU O, }QNNESOTA
NOM TO FINANCIAL STATEHENTB
December 31, 1992
Note 15 Lono-Term Rece vab - Continued
The GNEF loaned $88,000 to a local industrial business in July of
1990. The loan requires monthly payments of $736.07 including
interest at 8% through July 13, 1997, at which time the remaining
balance shall be fully due and payable. At December 31, 1992, the
balance was $83,242.
In October of 1990, a loan of S50,000 was made to a local commercial
business. The loan requires monthly payments of 5418.22 including
interest at 8% through November 1, 1995, at which time the entire
remaining balance shall be fully due and payable. At December 31,
1992, the balance was $47,707.
In November of 1992, the GHEF loaned $85,000 to finance a commerical
pro3ect. The loan requires monthly payments of $1,241.73 including
interest at 6% through November of 1999. At December 31, 1992, the
balance was $83,968.
In October of 1992, a loan of 550,000 was made to a local business.
The loan requires monthly payments of 5316.32 including interest at
4.51 through November of 2012. At December 31, 1992, the balance was
$49,763.
-27-
a
CITY OF MONTImiz, KnmESOTA
Statement A-1
GENERAL FUND
STATEMENT OF REVENUES, MTENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
-28-
1992
1991
Budoet
Actual
Actual
Revenue
General property taxes
S 1,377,640
S
1,369,369
S 1,321,796
Licenses, fees and permits
70,450
82,953
95,394
Fines and penalties
10,800
5,647
25,038
Animal impoundment fees
12,000
28,228
18,640
Intergovernmental Revenue
HACA
122,013
122,013
79,085
Fire department aid
30,600
29,086
29,138
Police aid
18,500
19,843
18,923
State highway aid
40,832
Recycling incentive
4,800
5,606
9,210
Other grants
8,638
3,768
Deputy registrar fees
75,000
83,404
85,081
Other Income
Recycling income
4,000
6,114
8,414
Interest income
65,000
63,430
78,122
Renta
1,201
2,531
Miscellaneous income
4,350
15,096
6,537
Refunds and reimbursements
11,000
23,785
44,621
Street - C.S.A.H. Maintenance
4,000
Township contract
49.009
6.548
$3.914
Total Revenues
S 1,859,153
P
1.970.793
S 1.880.212
Exoenditures
Mayor and Council
Salaries
S 12,375
S
12,360
S 12,360
Other
7.150
4.812
5.366
Total
S 19.525
,S
17.172
S 17.726
Administration
Salaries and employee benefits
S 137,300
S
173,320
S 159,535
Supplies
5,300
12,211
9,197
Other
25,710
34,067
?6,476
Total
$ 168.310
S 220.398
S 195.208
Finance
Salaries and employee benefits
S 77,000
$
62,856
S 59,633
Other
1.300
2.019
1.885
Total
,S 78.300
S
64.875
S 61.518
Computer
S 39,150
S
30.243
S 48.832
Audit
S 13,000
S
10.825
S 11,800
-28-
CITY OF MONTICELLO, KENNESOTA
Statement A-1
(Continued)
GENERAL FUND
STATEMENT OF REVENUES, EPPENDITMM AND CHARGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
Expenditures - Continued
Legal
Insurance
Planning and Zoning
Salaries and employee benefits
Professional services
Other
Total
Deputy Registrar
Salaries and employee benefits
Other
Total
City Nall
Salaries and employee benefits
Utilities
Capital outlay
Other
Total
Law Enforcement
Fire Department
Salaries and retirement benefits
Capital outlay
Other
Total
Civil Defense
Salaries and employee benefits
Other
Total
Animal Control
Public Works - Administration and
Engineering
Salaries and employee benefits
Professional services
Other
Total
1922 1991
Budget Actual Actual
S 24.175 S 18.017 S 21.605
S 53.325 S 54,600 S 49.568
S 29,620 S 23,581 S 26,478
5,000 5,663 13,798
1.904) 2.521 2,840
S 36.520 S 31.765 S 43.116
$ 61,675 S 60,849 S 58,522
1.400 1.915 4.790
S 63.075 S 62,767 S 60.312
$ 4,105 S 10,284 $ 5,367
11,100 11,899 11,992
7,300 6,449
28.950 15.734 14.709
S 51.455 S 37.915 S 38.517
S 190.350 5 190.346 S 172.043
S 57,028 S 59,644 $ 53,383
23,600 23,475 44,278
44.305 93, 592 q.488
S 124,933 S 135,711 S 159,149
-29-
S 6,520 S 6,355 S 4,142
625 329 7,99
S 7.145 S 6.684 S 4.940
S 22,925 S 43.047 S 29,513
S 57,545 S 56,984 S 52,445
10,000 24,664 28,309
3,925 3.512 3.544
S 71.470 S 85.160 S 84.298
CITY OF MONFICELLO, KnaESOTA
Statement A-1
(Continued)
GENERAL FUND
STATEMENT OF REVENUF,S, EXPENDITURES AND CHARGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
1992 1991
Budget Actual Actual
Exaenditures - Continued
Public Works - Streets and Alleys
Salaries and employee benefits S 108,340 $ 132,652 $ 125,914
Supplies 45,400 49,600 43,900
Capital outlay 38,000 43.307 29,513
Other 9.900 5,837 7,,38Q
Total $ 201.640 S 231,396 S 206,715
Public Works - Snow and Ice
Salaries and employee benefits $ 3,000 S 2,176 S 15,629
Other 10,600 8,;53 12,775
Total 13,600 S 10.429 P 28.404
Public Works - Inspections S 30.725 S 33,876 P 28.268
Public Works - Street Lighting S 43.900 S 49.086 $ 45.606
Public Works - Public Parking Lot S 1.200 S 1,188 $ 955
Public Works - Shop and Garage S 17.250 S 48,112 $ 23.225
Refuse Collection S 281.400 S 267.698 S 231.354
Senior Citizens/Museum
Salaries and employee benefits S 2,000 S 6,947 S 22,617
Other 40.550 38,476 53.706
Total S 42.550 $ 45.423 $ 76.323
YMCA/Community Education S 24,500 ,4 24.500 S 24.500
parks and Recreation/Cemetery
Salaries and employee benefits S 100,405 S 52,955 S 52,683
Capital outlay 20,600 14,734 5,801
Other 25,350 31.QQ7 25.070
Total S 146,355 S 99,496 $ 83.554
Community Development S 40,090 S 25,935 $ 27.552
Building Official - Inspections S 34.865 $ 35.980 j 37.718
Severance Benefits S 4.211 S 4.138
-30-
CITY OF MONPICELLO, 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, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
1992 1991
Budoet Actual Actual
Expenditures - Continued
Assessment
Salaries and employee benefits $ 6,845 S 6,343 S 18,879
Other 10.575 11.742 9.182
Total S 17.420 v 18,135 S 28.061
Total Expenditures S 1.859.153 S 1.904.990 S 1.844.518
Excess of Revenues
over Expenditures $ 0 S 65,803 $ 35,694
Other Financing Sources (Uses)
Transfers out 210.209}
Excess of Revenues and
Other Sources over
Expenditures and Other Uses S 0 $ 65,803 $ 25,485
Fund Balance at Beginning of Year 1.271.995 1.246.510
FUND BALANCE AT END OF YEAR S 1.337.798 S1,271,995
-al-
CITY OF BBNTICELL4, MI)D7ESOTA
SPECIAL REVENUE FUNDS
CO9BBININC BALANCE SHEET
December 31, 1992
With Comparative Totals at December 31, 1991
A6- StLS
Gash and latettteatt
Rtctivablta
Special aasetueats - deterred
Special aesessteoto - delinquent
Account$ (get of allataact for
estitated oocollectibles)
Dee trot other goyereteatal gait$
Out trot other foods
liquid trpta$es
Land held for resale
Lail -ten rettivable
TOTAL ISSITS
LIAIIIITIIS AID HAD BALAICIS
Liabilities
Cash deficit
Accounts payable 6 cootracts payable
Itcraed erptases
Dot to other funds
Btftrred revenue
Torn, Liabilities
toad Silences
Reserved for noncurrent loans receivable
Reserved for fired assets held for resale
Unreserved - andesitnated
total 1404 8111acts
TOTAL LIASILI1115 IID tUID SILAICIS
a
Statement B-1
S 982.542 L__1523 Ljjtj61 1 III 166 959 747 72 S 195.161 S 627.193 L-2 l,ll4 p 2.187 LAI16 6991 iS 98,782
Capital
8 2,791
Booeia9 aid
Urbao
ucenotic
liter
Sever
lc000sic
iia
S,542
Shade
Orderly
Outlay
219,118
Redevtlopatat
Developtent
otytlopttat
Isprott-
Itprore-
Recovery
TOTALS
S 586.168
Tref
Accentica
Itiolvina
LibraryAuthority
Action Groat
Altkofitl
star
tent
Grant
1992
199 _
S 1881961
$ i,Nt
1 191,155
1 129
S 166,911
S 145,99)
3 11485
S 118,317
S 221459
S 21483
S 991.11
1 199,832
216
122,821
12
12
223,!81
215,113
211
4,288
68
bi
4,111
3,276
972
194
12,668
116
5,391
5,191
21,138
5,971
91
81
48
4S
8
34
HI
12,SSS
14,111
211,116
218,111
121.888
211
211
358
188,125
184,115
114,82S
161.88
16!.686
13 ,111
314,890
S 982.542 L__1523 Ljjtj61 1 III 166 959 747 72 S 195.161 S 627.193 L-2 l,ll4 p 2.187 LAI16 6991 iS 98,782
S 161,328 $ 261,930 $ 6161266 S 3111898
S 188,825 181,525 348,825
S 111.55! S 4.52) 211,623 1_ 1.199 41 666 61,993 333.513 S 123,714 S 21,!81 1 421 961.865 781,419
S I#3,S57 S #.523 1 311.448 S 1.199 1 2#1 i t 1 212,321 118,411 1 123,114 S 2I,i87 1 42# 1 I.S0.1ii S 1,281,134
i S8 4 4- 5-I 64 S 9.191 365 9S L 3 1 32 1 1 491,4813 T 21 d H S 2.189 ULD i11L 91.382
-32-
8 2,791
S 16
$ 2),162
S 27,4)8
186
395
$ is 139
iia
S,542
1/1,812 S $5,8/8
2E6,8l2
219,118
513
E E Gid
S 81 1 97 1 2.10 211.811
249,609
985
2 !6 1 28 10,31) $5,110
S 81 S 91 1 2,961 0S.611
S 586.168
S 161,328 $ 261,930 $ 6161266 S 3111898
S 188,825 181,525 348,825
S 111.55! S 4.52) 211,623 1_ 1.199 41 666 61,993 333.513 S 123,714 S 21,!81 1 421 961.865 781,419
S I#3,S57 S #.523 1 311.448 S 1.199 1 2#1 i t 1 212,321 118,411 1 123,114 S 2I,i87 1 42# 1 I.S0.1ii S 1,281,134
i S8 4 4- 5-I 64 S 9.191 365 9S L 3 1 32 1 1 491,4813 T 21 d H S 2.189 ULD i11L 91.382
-32-
CITY OF NDN7rCEL10, HINNESOTA
SPECIAL REVENUE FUNDS
CONaINING STATEHIM OF REVENUES, EIRMI7VRES AND CHANGES IN FUND RUMCES
For The Year Ended December 31, 1992
With Comparative Totals For The Year December 31, 1991
Statement B-2
Saels Ioeficieacy) of
Ytrtaata over Slptaditarts S 18,911 S 21197 S 146,671
Other Dialectal Soatcts (Sees)
proceeds trot bold$
Operitiag cmasters it (out)
lacess iDeticieocti of Restates and
Other Societe over ptptaditarts sad
3,169 S 153,236 S 31,111 S 32,781 S 31,515 1 13,519) S in $ 378,143 S 39,454
195,111
1221.151} 21111 _j,�S1, OA
195.116
1281 ,121) 19,315}
Other gets S 18,917 $ 21697 1 (21,9111 t 3,665 $ 139,186 S (2,969} $ 141,288 1 11,515 S 11,919) S 121 S 291,822 S 299,67t
food btltecet at begiaaiag of year 81,661 1,126 626,968 (213161 62,561 221,291 351,111 111,219 29,266 1,284,134 981,155
Prior period adjattatat Mit 418
1111) IRLICtS If 113 of ttAl LJUJI L-013 S 349.468 S I.SS9 S 147.664 L-12= 1 453A8 S 521.736 j„_ X77,691 i 5� 1. s1,9S6 U,jB{.131
-33-
Capital
Hotels; ata
trbas
ttasolic
Saw
Seat?
tcaaosic
Shade
Orderly
Outlay
ledeveloplat
Detelopatot
Derelopteat
Uprose•
Uprose-
Stcotery
TOTALS
tilt
AlAtutiol
ItTolligoAMITY
_
Aathoritr
Mica ; sat
lotbotity
east
slot
Gnat
My
list
ptreaata
Uses
S 25,434
$ 21,958
1 114,135
1 26,116
S 168,31/
S 611,151
1 $11,711
latergoterasestal
2,267
2,715
21,318
2,419
1,119
29,121
11,162
CII[gta for service!
1,646
I'm
i 22,451
1 121985
41,696
41,321
liscellaoeoas
311
I,S25
1,855
6,211
Iattrtet
S,475
389
11,156
25,855
S 11,131
1 13,918
6,744
I,555
S 428
76,413
14,468
Collections so assesasests
792
41.626
214
161
41,185
4I.H6
total Diseases
37.148
S 31.862
2$1,04
1 38,128
S 376.814
1 ti tli
1 13.948
S 29JIS34,163
S 4288S
24,1536jSS�}iS
tsptaditetts
public safety
S 28,165
S 28,365
S 28,375
9atts lad rtcrtatioa
S 27,251
27,255
31,415
Geoeral goserestst
S 18,271
14,231
Debt service
S 35,119
35,169
31,885
Capital projects
1 111,313
111.469
S 1.128
S 21.513
S 11,382
�3 C145
total trptaditares
S 18,231
S 28.365
1 111,311
1 VMS
1 213,638
S 1_12
S 17,533
1 36, 92
3 445,915
S 341,001
Saels Ioeficieacy) of
Ytrtaata over Slptaditarts S 18,911 S 21197 S 146,671
Other Dialectal Soatcts (Sees)
proceeds trot bold$
Operitiag cmasters it (out)
lacess iDeticieocti of Restates and
Other Societe over ptptaditarts sad
3,169 S 153,236 S 31,111 S 32,781 S 31,515 1 13,519) S in $ 378,143 S 39,454
195,111
1221.151} 21111 _j,�S1, OA
195.116
1281 ,121) 19,315}
Other gets S 18,917 $ 21697 1 (21,9111 t 3,665 $ 139,186 S (2,969} $ 141,288 1 11,515 S 11,919) S 121 S 291,822 S 299,67t
food btltecet at begiaaiag of year 81,661 1,126 626,968 (213161 62,561 221,291 351,111 111,219 29,266 1,284,134 981,155
Prior period adjattatat Mit 418
1111) IRLICtS If 113 of ttAl LJUJI L-013 S 349.468 S I.SS9 S 147.664 L-12= 1 453A8 S 521.736 j„_ X77,691 i 5� 1. s1,9S6 U,jB{.131
-33-
CITY of NDNfICELV), H21DDsSGTA
Statement B-3
SHADE TREE FUND
STATEHEHT of RGVEINES, ExPENDIViRES AND CHAS IN FUND BALANCE -
BUDGET {GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
Revenues
Property taxes
Collection on assessments
Intergovernmental
Tree removal and replacement
Interest income
Other
Total Revenues
Expenditures
Salaries and employee benefits
Contracted services
Supplies
Other
Capital outlay
Total Expenditures
Excess of Revenues over
Expenditures
Beginning fund balance
ENDING FUND BALANCE
-34-
1992 1991
Budoet Actual Vcctual
S 27,375 S 25,034 S 35,597
792
2,267 2,140
1,500 3,650 3,643
4,000 5,075 5,084
330 3.420
S 32,875 S 37.148 S 49.884
$ 16,225 S 7,874 $ 8,763
9,055 8,755
850 379 885
15,300 436 2,454
500 487 14,497
S 32,875 S 18.231 S 35.354
S 0 S 18,917 S 14,530
82.640 68.110
S 101.557 S 82.640
CITY OF HONTICELLO, 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, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
Revenues
Property taxes
I Intergovernmental
i Interest income
Total Revenues
JExpepditures
Salaries - board members and
secretary
Other
Aid to other governments
Total Expenditures
Excess of Revenues over
Expenditures
Beginning fund balance
ENDING FUND BALANCE
-35-
1992 1991
Budget Actual Actual,
S 30,625 S 27,958 S 27,819
550 2,715 1,815
389 18}
S 31,175 S 31.062 S 29,815
S 1,400 S 810 S 785
1,725 55 60
27.500 27.500 27.500
S 30,625 S 28,365 S 28.345
S 550 S 2,697 S 1,470
1.826 356
S 4.523 S 1,826
CITY OF MONTICELLO, I MMSOTA
Statement B-5
CAPITAL OUTLAY REVOLVING FUND
STATEMENT OF REVENUES, ESPENDIM S AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
Revenues
Property taxes
Intergovernmental
Interest income
Collections on assessments
Charges for services
Total Revenues
Expenditures
Capital improvements
Excess (Deficiency) of
Revenues over Expenditures
Other Financina Sources (Uses)
Transfers in
Transfers out
Excess (Deficiency) of Revenues
over Expenditures and Other
Financing Sources (Uses)
Beginning fund balance
ENDING FUND BALANCE
-36-
1992 1991
Budaet Actual Actual
S 191,704 S 174,735 S 138,720
21,158 8,305
6,000 13,854 11,027
15,200 40,626 44,366
2.6R1
S 212,904 S 253,054 S 202,418
302.000 108.383 81.157
S (89,096) S 144,671 S 115,261
88,600
(172.171)
S 1496) S (27,500) S 115,261
426.948 311.687
S 399.448 L_4_26.2§8
CITY OF HOMMELLO, MINNESOTA
Statement B-6
LIBRARY FUND
STATEMENT OF REVENUES, EBPEMIDITURES AND ODUXES IN PUNK BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
-37-
1992
1991
Budoet
Actuate
Actual
Revenues
Property taxes
S 29,236
S 26,716
S 24,307
Intergovernmental
2,479
1,447
Other revenue
X00
1,525
2.784
Total Revenues
S 29,736
S 30.720
S_ 28.538
Expepditures
Salaries and employee benefits
$ 4,126
$ 6,238
$ 3,521
Supplies
1,700
1,670
2,026
Professional services
7,975
7,595
7,164
Utilities
7,500
7,361
7,504
Insurance
1,550
1,487
1,472
Repairs and maintenance
2,500
1,632
10,529
Other
1,125
548
1,030
Interest
366
310
Capital outlay
2.800
358
482
Total Expenditures
S 29.276
S 27,255
S 34.045
Excess (Deficiency) of
Revenues over Expenditures
S 460
S 3,465
S (5,507)
Beginning fund balance
(2,306)
3.201
ENDING FUND BALANCE
S 1.159
S (2.306)
-37-
CITY OF MONTICELLO, NIIRMSOTA
Statement B-7
HOUSING AND REDEVELOPMENT AUTHORTPY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET {GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Actual Amounts For The Year Ended December 31, 1991
Revenues
Taxes
Intergovernmental
Interest income
Total Revenues
Expenditures
Land acquisitions
Legal and professional fees
Interest
Principal payments
Other
Total Expenditures
Excess of Revenues over
Expenditures
Other Financigq Sources (Uses)
Bond proceeds
Transfers out
Total Other Financing Sources
(Uses)
Excess of Revenues and Other
Sources over Expenditures
and Other Uses
Beginning fund balance
ENDING FUND BALANCE
-38-
1992 1991
Budget Actual Actual
S 338,250 S 360,310 S 285,287
1,109 1,055
13,200 15.455 16.671
S 351.450 S 376.874 S 303.013
S 134,200
S 4,750 30,680 $ 15,309
16,290 15,950 17,541
27,055 19,219 14,344
8.325 8.589 14.460
S 56,,420 S 208.638 S 61.654
S 295.030 S 168.236 S 241.359
S 195,000
S 225.675 (224.150) S (160.375)
S 225.675 S (29.150) S (160,375)
S 69.351 S 139,086 S 80,984
62.560 (18.424)
S 201.646 S b2.560
CITY OF MONTICELLO, M3W.SOTA
Statement B-8
URBAN DEVELOPHW ACTION GRANT FUND
STATEMENT OF REVENUES, ESPENDMRES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AMID ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Revenues
Interest
Excess of Revenues over
Expenditures
Other Financing Sources (Uses)
Operating transfers out
Excess (Deficiency) of Revenues
and other Sources over
Expenditures and other Uses
Beginning fund balance
Prior period adjustment
ENDING FUND BALANCE
1992 1991
Budget Actual Actual
¢ 14.800 S 17.031, S 19,107
$ 14.800 S 17,031 S 19,107
(20.000) (90,000)
$ 14.800 S (2,969) S (70,893)
220,290 291,183
5.000
S 222,321 S 220.290
-39-
CITY OF MONTICEL3D, HIMMOTA
Statement 8-9
ECONOMIC DEVELOPMENT ALMORM FUND
STATEMENT OF REVENUES, asrr..tui.vnw AND CRANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Revenues
Interest income
Exoepditures
Other
Excess of Revenues over
Expenditures
Other Financing Sources,
Transfers in
Excess of Revenues and Other
Sources over Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1992 1991
Boost Actual Actual
S 11,215 S 13,908 S 11,553
2.360 1.128 310
S 8,855 S 12,780 S 11,243
135.000 200.000
S 8.855 S 147,780 $ 211,243
350.701, 139.458
S 498.481 S 350.701
f
CITY OF HONTICM10, lQlMMOTA
Statement B-10
WATER IHPROVENENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET {GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Revenue
Collection on assessments
Hook-up fees
Interest
Total Revenues
Expenditures
Capital improvements
Excess (Deficiency) of Revenues
over Expenditures
Beginning fund balance
ENDING FUND BALANCE
-41-
1992 1991
Budaet Actual Actual
S 204
S 6,500 22,090 S 11,600
5.00 6.744 7.613
$ 12,400 S 29,038 S 19,213
20.800 17.533
S (0,400) S 11,505 S 19,213
112.209 92.996
S 123.714 S 112.209
V
CITY of NWNTICELI.o, MINNESOTA
Statement B-11
SEWER IN FROVEMENT FUND
STATO MT of REVENUES, EXPENDMRES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
1992 1991
Sudoet Actual Actual
Revenues
Collection on assessments S 263
Hook-up fees $ 10,000 32,985 S 28,082
Interest 1.390 1.555 3.432
Total Revenues $ 11,300 S 34,803 S 31,514
ExQenditurgs
Capital improvements 10,000 36.382 98.136
Excess (Deficiency) of Revenues
over Expenditures S 1.300 S (1,579) S (66,622)
Beginning fund balance 29.266 95,888
ENDING FUND BALANCE S 27,687 S 29,266
-42-
CITY OF HONTICEU D, MINNESOTA
Statement B-12
ECONOMIC RECOVERY GRANT FM
STATEMENT OF REVENUES, ESPENDITURFS AMID CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AMID ACTUAL
For The Year Ended December 31, 1992
1992
Budget Actual
Revenues
Interest S 0 S 420
Excess of Revenues over
Expenditures 5 0 S 420
Beginning fund balance 0
ENDING FUND BAUWCE 1 --in
W
CITY OF 91DNTIC E1.1 , K1X) t SOTA
DEBT SERVICE FUNDS
CO1lBIUM BAIANCE SHEET
December 31, 1992
With Comparative Totals at December 31, 1991
LIABILI9113 11D 1910 BALAICBS
Liabilities
Cash deficit
Deferred revenue 1 2.359
Total Liabilities S 1,351
toad laiaaeea
Reserved for debt smites 1 91.916 3 38.119 1 11,138 2#7.342 1 $1.891
TOM L21BILIT11$ HO 101D 1151RCBS S #7.966 1 38.129 L-31.1-31 L-141-711 S $2.191
-44-
Geoeral
General
Mitil
Obiigstiog
Coastal
Geatrei
Obligation
Obligation
Library
Obligetioa
ablipstios
fire Ball
$ewer
loildiag
fee Increaser
fat larristat
Constractioe
interceptor
19411 of 98
Bonds of 1186
load& of 198SBonds
at 1915
loids of 1981
ASStiS
Cash and inveebents
S 91,966
1 311129
S $1,118
S 181,2$1
1 61,518
041 frog ether gowetastotal gaits
{IS
36i
Special Iueasgeate
Duetted
Dellogaeat
TONE ISSITS
L—A,
1 11.119
L-37 118
1_ 219.161
$ $t.891
LIABILI9113 11D 1910 BALAICBS
Liabilities
Cash deficit
Deferred revenue 1 2.359
Total Liabilities S 1,351
toad laiaaeea
Reserved for debt smites 1 91.916 3 38.119 1 11,138 2#7.342 1 $1.891
TOM L21BILIT11$ HO 101D 1151RCBS S #7.966 1 38.129 L-31.1-31 L-141-711 S $2.191
-44-
statement C-1
S 128.815 L--11-1 91 S731.119 S 366.151 B 1.691,167 S 361.751 L 199.511 L 11.661 L—A
S )8),182 S 259,151 S 136,186
S 951 S 1,420 S 21.612 S 84,181 S 159.)79 359,399 169.111 8 1689 115.811
S 951 S 11111 S 21,612 S 84,181 S 2581319 S 6621181 S 428,466 S 1,698 S 211,117
128.266 16.111 319.111 281.871 838.186 1111.1211 IIS9.9I91 35.972 1116,1161
IS 128.815 S 12.191 S 311.119 S )66,111 S 1.191.161 L --Ii 1.151 S 169.519 s 11661 S i8S.221
—45—
General
Gtnerll
6eoeral
Obligation
Obligation
Obligation
General
Bever and
General
General
General
Colvolidated
Parting
Bever and
$ever lad
Obligation
later
Obligatioa
OOligatioa
Obligation
Ilprovaeat
facility
later
later
Inproveleat
faprovelleot
Ieproveleat
laproveseat
11proveltat
Boody of 1961
Bonds of 1911
Baods of 197$
Boads of 1176
Boody of 1971
Boody of 1978
Bonds of 1979
golds of 1981
Boody at 1981
f 128,182
S 91519
S 368,911
S 281,213
S 835,118
S 35,972
82
11252
511
621
31641
S 2,356
S 111
21,211
71,211
251,114
76,571
81,226
S 11,126
551
1.121
112
11,917
1.265
282.821
89.119
1.688
11,195
S 128.815 L--11-1 91 S731.119 S 366.151 B 1.691,167 S 361.751 L 199.511 L 11.661 L—A
S )8),182 S 259,151 S 136,186
S 951 S 1,420 S 21.612 S 84,181 S 159.)79 359,399 169.111 8 1689 115.811
S 951 S 11111 S 21,612 S 84,181 S 2581319 S 6621181 S 428,466 S 1,698 S 211,117
128.266 16.111 319.111 281.871 838.186 1111.1211 IIS9.9I91 35.972 1116,1161
IS 128.815 S 12.191 S 311.119 S )66,111 S 1.191.161 L --Ii 1.151 S 169.519 s 11661 S i8S.221
—45—
BSS6fg
Cath ted iavtstneats
pie [too other goveraseatil colts
Special listssneats
Itlerted
Oelioquest
TOTAL MATS
IIAIRMIS AID 1010 AILAMS
Liabilities
CIA deficit
Deferred revenue
Total Liabilities
land Balance#
Reserved for debt strvitts
TOTAL LI111I1,I1133 BAD 1810 111 HIS
CITY Of NDNTICMJD, MINNESOTA
DEBT SERVICE FUNDS
COMBINE SAIANM SHEEP
December 31, 1992
With Comparative Totals at December 31, 1991
g 1LM s—116U s 51.111 ; 11,9,/,3 L534,311
$ 9,979 1 71,111
$ 91979 1 11,937
61 11
S i6i,ilb
17,111 USAM f Si.171 f 11,413 114,156
S 67,736 $ 116.171 $ 56,1'1 f 16.413 1 7
-46-
General
Geueral
General
General
Coastal
Obligation
Obligation
Obligation
Obiigetias
Obiigtioa
Pit Increaser
fee IBcrtitnt
11PHI seAt
laprovuest
lsproventst
Bondi
goads
Bonds
10448 at fila
19444 of 101
Stilt* 19811
Stilts 19M
Stilts 438.
9 11,111
f 164,915
f 56,111
9 71,911
f 1611611
di
111
1,665
9,919
T1,931
IS7,iS2
1,166
g 1LM s—116U s 51.111 ; 11,9,/,3 L534,311
$ 9,979 1 71,111
$ 91979 1 11,937
61 11
S i6i,ilb
17,111 USAM f Si.171 f 11,413 114,156
S 67,736 $ 116.171 $ 56,1'1 f 16.413 1 7
-46-
Statement C-1
(Continued)
6eoetal
6eaenl
General
6taeral
General
General
General
general
6e0enl
Obligation
Obligation
Oblipatioa
Obligatiao
Obligation
Militias
Obligation
ObIigatiaa
Obligation
later
getable
laproeeseat
pat latrneat
laproeaeest
laproeeaeat
Taxable Tat
iapreeraeat
Inprotaeat
Banda
loads
Boads
Bonds
loads
loads
Inrreaeat Bondi loads
loads
Totals
Belief 951
hrito 1989A
series 19891
Sexiee 1190A
series 19911
Series 1991[
Series 19910
Series 1991A
Series 19921
1992
1991
1 1111856
S 29,159
S 59,112
6 99,108
S 117,862
$ $9,131
S 16,035
S 11118
S 31195,291
1 31121,815
181
111
19
6
13,198
11,197
21,112
3 16, SBS
81,195
256,817
1,111,829
1,191,526
I'M
161.118
917,856
191.199
1 lll.jll
S 29.159
L ---v .256
L 99.118
S 511.291
L_.1993_16
L 59.111
L__292.958
L_4 118
S 5.127,171
S 5.111.611
$ 2,869 S 111,189 S 6291161
S 22,181 511.291 S 81.195 S 256,811 2,121.136 1.981,615
$18,162 8 81,195 S 156,811 $ 21821,125 1 21616,898
114,141 1 29,159 59.169 S $1,103 11.8691 117,921 S $9.131 16.011 S 1.118 1.503.752 2,11).1)9
1 lad 3 29./59 S 82.1)6 L-99—Ma L --U4 ,293 3 199.)16 3 59.111 S 192.958 S 1.118 S 5.)21,117 L_5,171
C11C
CITY OF HDNIICMW, HINIIESOTA
DEBT SERVICE MMS
COMBINING STATEHENT OF REVENUES, AND CHANGES IN FUND BAIMCES
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
—48—
Central
General
Geaeral
Obligation
General
General
ObIigatloa
Obligstioa
Library
Obligation
Obligation
fire Bell
Serer
Building
III focraeat
to Iocrerent
Construction
Interceptor
10561 of 1981
10241 of 1914
goods of 1989
loads at 1915
Bonds of 1906
Revenues
I
tares
1 119,192
$ 111,151
Collections an 4811e3gentl
latergoveraseatal
19,113
11,284
I
Interest as investseata
3 5.671
1 617
1 1.191
6.331
total Heltaael
S 5.611
1 611
1 1.191
1 169.118
1 121.334
Ilpeaditures
Debt service
friacipal retireseat
1 61,101
S 21,111
1 11,111
1 51,411
5 55,061
Interest and uncal charges
1.856
5,113
26.111
92.211
51.191
total lipeoditares
3 41.856
S 25.183
1 36.111
S 112,213
S 112,191
11ce a (Deficiency) of lnaaea
over Ilpeaditures
1 116,180)
S (25,166)
1 (34,911)
S 61,849
S 8,244
Other financing Sources
I
Transfers in
28,651
31,125
load proceeds
ltcess (Deficiency) at Heveaaes and
I
Other Soarces over llpeaditorea
I (16,181)
1 3,484
S 1689)
1 61,845
S 8,214
goad balances at begiaainq of year
134.146
21.615
31.811
116.541
51.653 I
IOID B1L11CIS 6T KID Of Till
1 91.166
3 11.129
1 31,118
S 211,392
S 62.897
—48—
Statement C-2
S 1.117 S 1,118 S 21.967 S 98.281 1 359.119 1 21.611 S 1,357 S 2,103
i )s,le4 4 110,110 S
214,008 S t1,BAi S 51,111
2.92] 9.810 11.181 s 11,589 S 11.123 I.AlS 11.611
S 77.923 S 119,811 S 311.187 S 11,SB3 S 11.123 5 21,025 S 60,611
S 1,111 S 1,118 5 119,9561 S 121,5191 S 46,592 S 3,131 S 19,3661 S 118,9221 S 161,6111
S 7,111
General
General
General
S 16,591
S 3,031
S 19,3661
S 119,9221 S (61,6311
124.851
8,293
Obligation
Obligation
Obligation
General
Serer IDS
General
Geaeral
General
Consolidated
Parting
Stair and
Serer ADS
Obligation
later
Obligation
Obligation
Obligation
11proeeeent
Facility
later
later
leprorneat
leproeeosent
lgroeoeot
lsproeeleot
Isproreseat
Boads of 1960
load$ at 1911
Bands of 1975
Boode of 1976
Bonds of 1971
Bonds of 1978
Boo's of 1919
Foods of 1980
Bonds of 1981
S 59,381
s 135,186
S 218
S 1,915
S 1/,681
20,159
66,111
s 20,611
S 5,357
5,199
11,790
7.175
513
11.286
12,911
36.329
S 2.101
S 1.117 S 1,118 S 21.967 S 98.281 1 359.119 1 21.611 S 1,357 S 2,103
i )s,le4 4 110,110 S
214,008 S t1,BAi S 51,111
2.92] 9.810 11.181 s 11,589 S 11.123 I.AlS 11.611
S 77.923 S 119,811 S 311.187 S 11,SB3 S 11.123 5 21,025 S 60,611
S 1,111 S 1,118 5 119,9561 S 121,5191 S 46,592 S 3,131 S 19,3661 S 118,9221 S 161,6111
S 7,111
S 11118
S 149,9561
S (1115191
S 16,591
S 3,031
S 19,3661
S 119,9221 S (61,6311
124.851
8,293
359.393
313,389
192.196
(313,158
1219.5s2l
51.891 PSMSI
L --i28.264
S 11.771
S 319.111
L 281.811
S 838.188
S 1311,7211
258 9181
35 912 S 1136.3861
—49—
CITY OF M9DNTICELLO, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALMICES
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
—50—
General
ctseral
General
General
General
Obligation
Obligetioa
Oblig#tion
Obligation
Obligation
Tat locre#eat
gar lacreaeat
laproeeaeat
11provei nt
Iaprove#eot
Bonds
Bonds
Boad#
Boody of 1981
Bonds of 1986
Serie# 19811
Series 19876
11eries 19888
Oevenes
Tares
S 21,181
S 11,169
S 111,611
c3l!ectnons 00 asses#sects
2,118
11,165
19,161
lotetgo#eraseatal
1,869
3,190
11,169
Interest 00 lneettaenta
1.280
1,659
S 1.395
3 711
11,695
Total Revenues
S 25.181
1 58.191
S 1.395
S 111
S 219,966
Intofitarea
Debt service
Principal retire#eat
S 21,100
8 21,801
S 31,110
8 131110
S 91,000
Interest and final ebargea
6,801
11.126
21,522
11.758
111.958
Total Irpeaditeres
S 26.803
1 0,116
3 S1.S22
8 15.158
S 193,958
Ircess (Oeficiencyl of Revenues
over Ispeaditates
S (1,123)
S IS,0S1
S 119,127)
S 125,1115
S 16,008
Otber financial Sources
Transfers is
52,175
29,510
Bond proceeds
Irces# IOeficleacf) of Revenues sed
Otber Soarces over Itpeaditares
S (11323)
S 15,157
S 21918
S 1,196
S 16,013
Feel balances at beginning of Tear
18.531
151.113
51.323
27,111
328.118
HID 111,11CIS IT IOD Of 1111
L_37 207
S 165.111
L_56 271
L---31 908
L --L44 —151
—50—
Statement C-2
(Continued)
General
General
General
General
General
General
General
6eoeral
6eoeral
S $15,112
112,216
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligatieo
Obligation
Obligation
L__124,218 L-29
159 L-59 769
Oster
Tatable
Ieprornest
Tea laeresxnt
Ilproromt
leproramt
?stable fat
Isproreent
laproreseat
Boody
Boody
Beads
Bolds
Banda
goads
lorreseat Boody Beads
Bonds
Total$
Series 1981
Series 1989A
Series 19898
series 1951A
Series 19918
Series 19980
Series 1111D
Series 1991A
Series 1992A
1992
1991
f 119,981
1 23,861
S 11,911
S 1,881
S 896,119
1 938,190
6,818
$ 711
17,211
$5,833
272,121
961,191
11,112
2,290
1,661
111
83,151
SS,9S1
3,155
S 992
2.332
S 161
611
S. 311
3 1,111
69
S 1,827
133.658
163,567
S 129,881
S 892
S 35,360
f 161
S 1,311
f 12,152
3 1,441
S 571961
8 1,827
S 1,311,811
S 2,121,897
S 51,11/
S 51111
S 21,101
1 55,110
1 1,115,011
S 1,065,/01
61,887
22,879
11,578
S 35,918
11,717
f 16,692
S 27,13)
1 25,761
S 619
661.523
111,659
S 117,887
S 27,879
S 31,578
S 35,918
S 96,717
f 16.692
S 27,133
S 25,761
S 619
S 1,666,523
S 1,782,659
1 11,991
1 126,1811
5 762
S 135,158)
1 195,1753
$ 25,161
f 12f,6931
S 32,196
S 1,118
1 1281,6191
1 339,238
26,625 117,512 51,17S 331,692 161,181
1.121
S 11,991 S
13621 S 782
S 111781
S (95,)151
S 29,161
S 18,]82
S 32,196
S 11118
S 51,113
S $15,112
112,216
29.121 58.987
21,321
91.506
92.161
31,48
3.885
1
2,153.139
1,918,597
L__124,218 L-29
159 L-59 769
L 99.118
S 13.8699
S 111.921
S S1,111
L 36.181
S 1,116
S2.913.152
S 2.15).739
-51-
CITY OF MONTICELLO, KDOMBOTA
CAPrd'AL PROJECTS FUND
CCI MnM?G BAIFLNCE SHEET
December 31, 1992
LIABILITIES All TOID MARCH
Liabilities
Cash deficit 1 3,414
Accounts payable
Cootractd payable
Total Liabilities S 3,494
land Baladcts
Designated for capital isprovesests L! 13,4111 l�l B 41,455 S A S Y
TOTAL LIABILIT115 AID 1010 BALANCES L ---A 1 1 L 1 4 51 L -q §_ I
—52-
Bridge
County load
parting Ntsdov filling
filled 9S WH Eailfieid
Eat Oaks Boole
Avesit 111441i� Ghto
ASSTS
Cads and iavestaaats
i ri,4SS
Iccoonts receivable
M116
TOM ASSETI
L 1 L 1
&I L, 4 L,d_
LIABILITIES All TOID MARCH
Liabilities
Cash deficit 1 3,414
Accounts payable
Cootractd payable
Total Liabilities S 3,494
land Baladcts
Designated for capital isprovesests L! 13,4111 l�l B 41,455 S A S Y
TOTAL LIABILIT115 AID 1010 BALANCES L ---A 1 1 L 1 4 51 L -q §_ I
—52-
Statement D-1
1988 9aBlie lorla 1992 Birt
liter Btreetatipe Cardinal Building Briar Cardinal School Booleurd
loseffoir lrofert Bills 11 lineation Oaks 81111 Boulevard storeu ota
6 216,961 S I1, 112 S 229,511 S 16,161 S 113,263 S 12,129 S 186,211
21,001
1 216.961 1 11.312 1 229,511 L-1 L -18 -LI s—�z L --U �UI S— a L-JIL o
S 1,635 S 1,31A S 15,129
S 169,182 2,261 g 66A S 211,212 116,315
8.191 1.612 S 6,516 22,611
S 111,611 S 11,198 S 661 S 211,212 S 6,516 S 1,311 S 111,111
Z46,517 S 96.912 SIMI 11 1981 11.801 8.991 35.553 11.1111 391`
LjI6.961 S 11.188 19 11 L__ 1 161 LjJ3.261 L_jL 129 j_ i L26d4f
-53-
CITY OF MDITTICELLO, M 30IRZ0TA
CAPITAL PROJECTS FUND
cmmnmr. STATEMENT OF REVENUES, ESPEd1DmiteS AND cKARim IN FUND MANCE
For The Year Ended December 31, 1992
—54—
Bridge
County load
Parting
Itadov
Ursiag
Who
11 gad 39
lallfield
LotaQ
to
Boase
Avenue
16aoal
lights
Wages
iaterest lncoae
1 1,217
Otber
S 121
21,633
S 11.119
1 1.911
Total Revenues
S 121
1 29,891
1 11.111
1 1.111
Ir ead tae - Capital Projects
Coostractioa coatucts
S 38,118
I 1,819
1 HIM
S 881618
logloeeriog lad otber
1,924
69
S 6.611
901
1.121
1,213
Soul lspeaditares
S 11.218
S 3.691
1 6.611
1 5,713
S 61.111
1 01,821
secret (oeficieacyl of
Revenues over Ispeaditures
1 111,2181
S 11,1913
S 16,121)
S 21,111
g 133,1111
S (81,3211
Other Piotogioa Sources
Transfer it
11,218
6,121
11,068
88,121
load proceeds
lueu (Deficiency) of Revenues
and Other Sources Over
Ispeaditares
I 1
S 11,1911
1 1
S 21,111
j 3,926
S 1
goad Waste at begiaoiag of year
0
1
1
11,309
13,921
A
9018 IMIC1 AT 110 Of Till
L--1
1 11.1911
I--$
111
L 1
—54—
Statement D-2
1988 9a811c Porb 1991 Bart
tater Btrtctacipa tardtaal 82114149 Briar t4141545 sc8o41 84211fard
ocittiolf troila 81112 11 11041figo Osto BtIla logloward Stora liver Total
s U,9I1 s 811 s 1,141 i 8,889 S 2,112 1 11,488
IIMII 37,131
f 11.}ll j 811 3 7 6S s 101,143
3_ 191,421
S 1481249 S SS21457 s SB,lls 1 2i,46T 8 264,261 1 ],41),2S4
1 2.11E 1 1,74161j;4 61,391 4,770 1,153 45,411 1 1,141 219,141
1 IATB 1 1,148 1 4#1313 6 419.841 1 65,081 21.424 1 185.744 1 1,119 1 1,14MIA
$ 52,846 s {925) 1 144S,913) s {619,8471 s 161,8311 1 (19,353) S 1211,1BS) s (3,149; 5(1,445,2121
615,417 111,S89
s 12,116 s (1251 6 SI, 966 9 (14,430) 6 (61,8111 S (19,353) s 31,869 1 (1,149) 1 21,511
234,111 _15,317 1 (1,4686 79J38 28 61 11,3161 i3(3.11 ) 363,29
li i 8 14.382 SI 1 1 198) S 11,811 91 L-3= 1 3 1 391 d
-ss—
CITY OF MONTICELLO, MINNESOTA
PROPRIETARY FUNDS
COMBINING BALANCE SHECT
December 31, 1992
With Comparative Totals at December 31, 1991
Statement E-1
LIABILITIES AND EOUITY
Current J iabilities
Cash deficit
Accounts payable
Accrued expenses
Due to other funds
Total Current Liabilities
Deferred revenue
Total Liabilities
Equity
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
-56-
Trans-
TOTALS
S
Sewer
Water
Liquor
portation
December 31,
December 31,
Fund
Fund
Fund
Fund
1992
1991
ASSETS
16,871
61015
$
22
23,431
31,475
Current Assets
115.000
115.000
Cash and investments
S
29,732
S 100,270
S 282,437
S 3,814
S
416,253
S
882,553
Accounts receivable
145,631
117,892
40,031
136
314
158,373
161,998
Due from other governmental units
682
335
S
40
S
1,057
S
6,006
Inventory
167.423
S
157.257
158,697
$
2,920,328
158,697
191,291
Prepaid expenses
S
2.360
3.064
5.542
806.102
10.966
4
10.092
Total Current Assets
S
150.666
S 143.700
$ 446.812
$ 4.168
S
745.346
$
1.251.940
Prgperty and EaulDment
S
4.146
S 10.459.319
S
11.224.301
Land, buildings, and improvements
S
10,202,510
S 4,666,881
S 245,877
S
15,115,268
S
14,898,057
Equipment
147.527
108.684
75.994
332.205
297.079
S
10,350,037
S 4,775,565
S 321,871
S
15,447,473
S
15,195,136
Least accumulated depreciation
3.559.637
1.850.236
178.453
5.588.326
5.077.144
Property and Equipment - Net
$
6.790.400
S 2.925.329
S 143.418
9.859.147
§
10.117.992
Other Assets
Special assessments receivable - deferred
S
16,321
S 4,388
S
20,709
$
9,304
Special assessments receivable - delinquent
999
541
1.540
2.322
Total Other Assets
$
17.320
S 4.929
S
22.249
$
11.626
TOTAL ASSETS
,S
6.958.386
S 3.073.958
S 590.230
S 4.168
S
10.626.742,
,S
11.381.558
LIABILITIES AND EOUITY
Current J iabilities
Cash deficit
Accounts payable
Accrued expenses
Due to other funds
Total Current Liabilities
Deferred revenue
Total Liabilities
Equity
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
-56-
S 6.958.386 S 3.073.958 S 590.230 S 4.168 S 10.626.742 S 11.381.558
S
1,776
S 2,498
S
2,514
S
1,728
S
6,740
2,380
523
16,871
61015
$
22
23,431
31,475
115.000
115.000
110.000
S 3,021
$
19,385
S
122,743
S
22
S
145,171
S
145,631
17.321
4.931
22.252
11.626
$ 20.342,
S
24.316
S
122.743
S
22
S
167.423
S
157.257
S 6,131,942
$
2,920,328
S
9,052,270
S
9,293,624
806.102
129.314
4
467.487
$
4.146
•1.407.049
1.930.677
S 6.938.044
S
3.049.642
S
467.487
S
4.146
S 10.459.319
S
11.224.301
S 6.958.386 S 3.073.958 S 590.230 S 4.168 S 10.626.742 S 11.381.558
CITY OF MONTICELLO, MIHIiESOTA
PROPRIETARY FUNDS
COMBINING STATEMENT OF REVENUES, E)IPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Sales and Cost of Sales
Sales
Cost of Sales
Gross Profit
Ooeratina Revenues
Utility user fees, connections, inspection
fees and other operating revenues
Total Gross Profit and Operating Revenues
Oneratinq 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
Rental income
Total Other Revenues (Expenses)
Income (Loss) Before Operating Transfers
-57-
Statement E-2
Trans- TOTALS
Sewer Nater Liquor portation December 31, December 31,
Fund Fund Fund Fund 1992 1991
S 1,494,461 S 1,494,461 $ 1,412,127
1.146.310 1.146.310 1.080.708
S 348,151 S 348,151 S 331,419
$ 433.284 S 149.067 ,S 24.257 606.608 629.505
$ 433.284 S 149.067 S 348.151 ,S 24.257 S 954.759 S 960.924
S 45,136 S 54,812 S 125,379 S 2,914 S 228,241 S 214,383
2,851 33,451 12,641 48,943 48,511
15,866 20,220 8,476 44,562 36,479
950 4,701 6,399 12,050 14,042
331,904 160,183 19,095 511,182 522,235
13,337 6,671 20,605 40,613 41,765
359,420 6,856 4,725 371,001 350,237
4,673 235 4,908 8,064
58,679 58,679 57,542
1.377 9.715 1.418 858 13.368 10.783
$ 770.841 S 296.609 S 203.411 S 62.686 $ 1.333.547 S 1.304.041
$ (337.557) S (147.542) S 144.740 S (38.429) $ (378.788) $ 1343.117)
S (1,440) $ (1,440) S 16,933
1,280 $ 5,327 S 47,486 S 549 54,642 66,426
37,588 37,588 44,148
43 43 (185)
828 828 1,484
3. ?k5 3.225 4.800
$ 3.065 S 5.327 S 47.529 S 38.965 $ 94.886 S 133.606
,4 (334.492) S (142.215) S 192.269 S 536 $ (283.902,► $ (209.511)
CITY OF MONTICELLO, MMESOTA
PROPRIETARY FUNDS
COMBINING STATEMNT OF REVENUES, E%PEENNSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
OaeratigQ Transfers
Transfers out
Net Income (Loss)
Retained earnings at beginning of year
Depreciation -contributed assets
Prior period adjustment
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
-58-
Trans -
Sewer Water Liquor portation
Fwd Fund Fund Fund
S (720.417)
S (334,492) S (142,215) S (528,148) S 536
810,962 115,470 1,000,635 3,610
329,632 156,059
(5.000)
S 806.102 ,S 129.314 S 467.487 S 4.146
S 6,308,345 $ 2,985,279
153,229 91,108
(329.632) (156.059)
S 6,131,942 S 2,920,328
Statement E-2
(Continued)
TOTALS
December 31, December 31,
1992 1991
$ (720.417) S (114.444)
S (1,004,319) S (323,955)
1,930,677 1,759,794
485,691 494,838
(5,0w)
$ 1.407.049 S 1.930.677
S 9,293,624 S 9,327,409
244,337 461,053
(485.691) (494.838)
S 9,052,270 S 9,293.624
,S 6.938.044 $ 3.049.642 S 467.487 S 4,146 S 10.459.319 S 11,224,301
CITY OF MLONTICELLO, MINNESOTA
PROPRIETARY FUNDS
C0MBINING STATEMENT OF CASH FLAKS
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Cash flows from operating activities,
Net income (loss) before operating transfers
Adjustments to reconcile net income to net
cash provided by operating activities,
Depreciation
Prior period adjustment
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(Increase) decrease in NSP 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
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
-59-
Statement E-3
Trans- TOTALS
Sever Nater Liquor portation December 31, December 31,
Fund Fund Fund Fund 1992 1991
$ (334,492) S (142,215) S 192,269 $ 536 $ (283,902) S (209,511)
331,904 160,183 19,095 511,1B2 522,235
(5,000) (5,000)
8,446 (4,789) (314) 3,343 26,042
282 282 (311)
32,594 32,594 (33,536)
885 (714) (1,045) (874) 821
(8,242) (3,163) (11,405) 5,701
562 220 782 (1,167)
(399) (186) 5,534 4,949 (4,294)
2,465 864 1,170 (139) 4,360 (11,760)
(871) 548 (7,694) (27) (8,044) 5,125
5,000 5,000 110,000
7.680 2.943 10.623 (4.534)
S 7.938 S 13.691 S 236.671 S 5.590 $ 263.890 S 404.811
$ (2,388) $ (2,397) $ (4,785) $ (33,029)
(3,212) (3,212) (1,642)
(720.417) (720.417) (114.444)
S (2.38§) $ (726.026) $ (728.414) S (149.115)
$ 7,938 $ 11,303 S (489,355) $ 5,590 $ (464,524) S 255,696
21.794 88.967 771.792 (1.776) 880.777 625.081
S 29.732 S 100.270 rS 282.437 S 3.814 $ 416.253 S 880.777
CITY OF MMCEUD, HINNFSOTA
SEWER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1992 and 1991
ASSETS
Current Assets
Cash
Accounts receivable
Due from other governmental units
Prepaid insurance
Total Current Assets
Uoper,ty and Eauipment
Land, buildings and improvements
Equipment
Less. accumulated depreciation
Total Property and Equipment -net
Other Assets
Special assessments receivable - deferred
Special assessments receivable - delinquent
Total Other Assets
TOTAL ASSETS
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable
Accrued expenses
Total Current Liabilities
Deferred Revenue
Total Liabilities
Equity
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
-60-
Statement E-4
1992 1991
S 29,732 S 21,794
117,892 126,338
682 283
2.360 3.245
S 150.666 S 151.660
$10,202,510
$10,062,087
147.527
134.720
$10,350,037
$10,196,807
(3.559.637)
(3.227.733)
S 6.790.400
S 6.969.074
S 16,321 S 8,079
999 1.561
$ 17.320 S 9.640
$ 6.958.386 S 7.130.374
S 2,498
S 33
523
1.394
S 3,021
S 1,427
17.321
9.640
$ 20.342
S 11.067
S 6,131,942
S 6,308,345
806.102
810.962
S 6.938.044
S 7.119.307
$ 6.958.386
S 7.130.374
CITY OF MONTICELLO, MINNESOTA
Statement E-5
SEWER FUND
COMPARATIVE STATEMENTS OF REVENUES, MavmES AND CHANGES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
Operatino Revenue
Utility user fees
Assessment revenue
Penalties
Insg_etitr, fcca - icpro:•=ant
projects
Miscellaneous
Total Revenue
Operating Expenses
Salaries and employee benefits
Telephone
Utilities
Supplies
Gas and oil
Repairs and maintenance
Travel and conferences
Professional fees
Insurance
Depreciation
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
Other Revenues (Expenses)
Property taxes - rental
Rental income
Interest income
Total Other Revenue (Expenses)
Net Income (Lose)
Retained earnings at beginning of year
Depreciation - contributed assets
Retained Earnings at End of Year
Contributed capital at beginning of year
Assets contributed during year
Depreciation - contributed assets
Contributed Capital at End of Year
RETAINED EARNINGS/CONTRIBUTED
CAPITAL AT END OF YEAR
1992 1992 1991
Budget Actual Actual
S 441,040 S 422,107 S 465,462
3,272 6,190
1,000 3,400 3,320
1,000 3,843 3,031
662 1.150
S 443.040 S 433.284 S 479.153
S 36,815 $ 45,136 $ 39,780
250 250 240
1,900 2,601 2,051
13,300 15,092 10,448
774 596
2,300 950 7,192
70
360,000 359,420 344,105
20,825 13,337 17,772
6,000 331,904 341,921
850 1.307 1.065
S 442.240 S 770.841 S 765.170
S 800 S (337.557) S 1286.017)
-61-
(11500) S (1,440) S (1,200)
4,800 3,225 4,800
1.280
3.300 S 3.065 S 3.600
4.100 S (334,492) S (282,417)
810,962 755,574
329.632 337.605
S 806.102 S 810.962
S 6,308,345 S 6,365,539
153,229 280,611
(329.632) 1337.805)
S 6.131.942 S 6.308.345
S 6.938.044 S 7.119.307
CITY OF HONTICELLO, MINNESOTA
Statement E-6
SEWER FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1992 and 1991
-62-
1992
1991
Cash flows from operating activities,
Net income (loss)
S (334,492)
S (282,417)
Adjustments to reconcile net income to net
cash provided by operating activities.
Depreciation
331,904
341,921
Changes in assets and liabilities
(Increase) decrease in accounts receivable
8,446
15,409
;Increase) decrease in special assessments
receivable - deferred
(8,242)
4,112
(Increase) decrease in special assessments
receivable - delinquent
562
(823)
(Increase) decrease in due from other
governmental units
(399)
(283)
(Increase) decrease in prepaid expenses
885
1,235
Increase (decrease) in accounts payable
2,465
(11,763)
Increase (decrease) in accrued expenses
(871)
633
Increase (decrease) in deferred revenue
7.680
(3.289)
Net Cash Provided by Operating Activities
S 7.938
S 64.735
Cash flows from investing activities.
Capital expenditures
Equipment
S (4.535)
Net Cash Provided (Used) in Investing
Activities
S (4.535)
Net increase in cash and cash equivalents
S 7,938
S 60,200
Cash and cash equivalents at beginning of year
21.794
(38.406)
Cash and Cash Equivalents at End of Year
S 29.732
S 21.794
-62-
CITY OF MONfICMLO, KURMSOTA
MATER FUND
COMPARATIVE BALANCE SHEMS
December 31, 1992 and 1991
ASSMS
Curyept Assets
Cash and investments
Accounts receivable
Due from other governmental units
Prepaid insurance
Total Current Assets
Provertv and Eouioment
Land, buildings and improvements
Equipment
Less, accumulated depreciation
Total Property and Equipment -net
Other Assets
Special assessments receivable - deferred
Special assessments receivable - delinquent
Total Other Assets
TOTAL ASSETS
LIABILITIES AND EOUITY
Current Liabilities
Accounts payable
Accrued expenses
Total Current Liabilities
Deferred Revenue
Total Liabilities
Eaulty
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
-63-
S
S
Statement E-7
1992 1991
100,270 S 88,967
40,031 35,242
335 149
3.064 2.350
143.700 S 126.708
S 4,666,881 S 4,593,305
108.684 88.762
S 4,775,565 S 4,682,067
(1.850,236) (1.690.053)
S 2.925.329 SS 2.992.014
S 4,388 S 1,225
541 761
S 4.929 S 1.986
,53.073,958 9 3.120.708
S 2,514 $ 1,650
16.87% 16.323
S 19,385 $ 17,973
4.93; 1.986
S 24.316 $ 19.959
$ 2,920,328 S 2,985,279
129.314 _15.470
S 3.049.642 S 3,4100.749
S 3,073.958 S 3.120.708
CITY OF MONTICELLO, MINNESOTA
Statement E-8
WATER FUND
COMPARATIVE STATEMENTS OF REVENUES, EVENSES AND CIME3 IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
With Comparative Totals For The Year Ended December 31, 1991
-64-
1992
1992
1991
Budaet
Actual
Actual
Operating Revenues
Utility user fees
S 136,000
S 144,220
S 137,609
Penalties
500
1,573
1,286
Inspection fees - improvement
projects
1,000
1,738
1,028
Miscellaneous
25
24
23
Special assessment revenue
1.512
2.752
Total Operating Revenues
S 137.525
S 149,067
S 142.698
Operating Expenses
Salaries and employee benefits
$ 58,470
S 54,812
S 59,987
Professional services
3,200
6,856
3,132
Insurance
6,900
6,671
6,406
Telephone
900
920
808
Utilities
28,000
32,531
34,269
Supplies
31,100
19,608
16,790
Gas and oil
750
612
585
Repairs and maintenance
2,600
4,701
2,186
Depreciation
3,000
160,183
160,679
Travel and conferences
300
225
65
Miscellaneous
2.050
9.490
6.608
Total Operating Expenses
S 137.270
$ 296.609
S 291,515
Operating Income (Loss)
$ 255
S (147,542)
$ (148,817)
Other Revenues (Expenses)
Interest income
3.900
5.327
5.471
Net Income (Lass)
$ 4.155,
S (142,215)
S (243,346)
Retained earnings at beginning of year
115,470
101,783
Depreciation - contributed assets
156.059
157,033,
Retained Earnings at End of Year
S 129.314
S 115,470
Contributed capital at beginning of year
S 2,985,279
S 2,961,870
Assets contributed during year
91,108
180,442
Depreciation - contributed assets
f156,059i
(157.033)
Contributed Capital at End of Year
S 2.920.328
S 2.985,279
RETAINED EARNINGS/CONTRIBUTED
CAPITAL AT END OF YEAR
S 3,049.642
S 3,100.749
-64-
CITY OF MORTICEIZO, KDMMOTA
Statement E-9
NATER FUND
COMPARATIVE STATE!MM OF CASH FLOWS
For The Years Ended December 31, 1992 and 1991
-65-
1992
1991
Cash flows from operating
activities,
Net income (loss) before transfers
$
(142,215)
S
(143,346)
Adjustments to reconcile net income to net
cash provided by operating activities,
Depreciation
160,183
160,679
Changes in assets and
liabilities
(Increase) decrease
in accounts receivable
(4,789)
10,028
(Increase) decrease
in special assessments
receivable - deferred
(3,163)
1,589
(Increase) decrease
in special assessments
receivable - delinquent
220
(344)
(Increase) decrease
in due from other
governmental units
(186)
877
(Increase) decrease
in prepaid expenses
(714)
(67)
Increase (decrease)
in accounts payable
864
(409)
Increase (decrease)
in accrued expenses
548
(306)
Increase (decrease)
in deferred revenue
2.943
(1.2¢5)
Net Cash Provided
by Operating Activities
S
13.691
S
27.456
Cash flows from investing
activities,
Capital expenditures
Equipment
S
(2.388)
S
(3.6821)
Net Cash Provided
(Used) in Investing
Activities
$
(2.388)
S (3,682)
Net increase in cash and cash equivalents
$
11,303
S
23,774
Cash and cash equivalents
at beginning of year
88,967
65.193
Cash and Cash Equivalents
at End of Year
S
100.270
S
88.967
-65-
CITY OF MO)MCELLO, K MMSOTA
LIQUOR FUND
COMPARATIVE BALANCE SHEETS
December 31, 1992 and 1991
ASSETS
Current Assets
Cash and investments
Inventory
NSF checks receivable
Prepaid insurance
Total Current Assets
Prone;tv and Eauioment
Land
Building and improvements
Parking lot
Furniture and fixtures
Less, accumulated depreciation
Total Property and Equipment
TOTAL ASSETS
LIABILITIES AND RETAINED EARNINGS
Current Liabilities
Accounts payable
Accrued expenses
Due to other funds
Total Current Liabilities
Retained Earninas
TOTAL LIABILITIES AND EQUITY
-66-
Statement E-10
1992 1991
$ 282,437 S 771,792
158,697 191,291
136 418
5.942 4.497
S 446.812 S 967.998
S 6,840 $ 6,840
199,286 196,074
39,751 39,751
75,994 73.597
S 321,871 S 316,262
(178,453) t159.358)
143.418 S 156,904
S 1,728 S 558
6,015 13,709
115,OQO 110.000
S 122.743 S 124.267
S 467.487 S 1,000,635
$ 590.230 S 1,124.902
CITY OF MYTICELED, KDWESQTA
LIQUOR FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
Statement E-11
for the tear laded December It. 1992
for The telt laded December I1. 1991
Cost at
Vote
Percent
Cost of
Cross
perceat
Salta
Sales
profit
to Sl
iter
Saito
profit
to Was
Off Sale
Liquor
S 115,812
1 1111521
1 IIS,275
251321
1 382,119
S 281,639
S 112,48/
26.674
list
IS4,498
111,591
44,907
Wit
359,224
17,311
13,831
18.84
Beer
871,786
692.621
111,166
21.61
822,612
661.2$3
IS5,30
18.89
S 1,443,186
S 1,111,738
1 332,348
HAD
1 1,314,545
S 1,415,279
S 319,264
23.411
Blacellantoaa aarchlodlle
SiAll
19,518
21.191
41,13
11,592
29.931
11,651
31119
total Off -Sale
S 1,194,111
S 1.g1.Iti
$ 354,145
21,111
1 3,412.127
1 11#71,211
S 114,936
23.861
lees. freight
5,994
,61
5.417
.39
Gross Profit
S 148,151
23.341
1 311,119
23.111
001wi4a lroeasts
Salaries and employee beaetits
S 125,179
1 166,295
dappiits
8,416
7,948
Repairs and saicteaance
6,399
1,661
Otilitita
II,6N
18,191
Telephone
11112
9X2
frofessioaal fees
4,725
3,111
tolerance
2/,645
11,587
Depreciation
19,195
19,635
Idvertising erptnat
4,113
7,542
liscellanecae
1.418
1,966
total Operating Rtptaals
213,431
13.61
179,144
X2.13
Operating Intone
1_ 141.111
9.691
S 1511619
11.711
Otbe acosf 1610!1171
Interest iscoae - iovestleata
1 47,484
11111
S 61,149
4.111
cash over (abort]
43
DID
1.41)
Total
1 47.55
Lit i
$ 44,564
4.291
Iocoss before Operating frmatere
1 192,269
11.811
S 212,243
15.131
Operatiog fraosiets oat
1121.4115
4 .215
1114,4411
18.111
let lacote
S 5528,1185
1, 1 5
S 91,199
6.931
Retained taraings it beglaotag of year
1,11/,635
912,836
prior period adjlsneat
15.4183
R111111D SAINI6S 11 116 Of TUR
i 467.181
88 3
-67-
CITY OF MONTICELLO, MINNESOTA
Statement E-12
LIQUOR FUND
COMPARATIVE STATROM OF CASH FIRMS
For The Years Ended December 31, 1992 and 1991
-68-
1992
1991
Cash flows from operating activities,
Net income before transfers
S 192,269
$ 212,243
Adjustments to reconcile net income to net
cash provided by operating activities,
Depreciation
19,095
19,635
Prior period adjustment
(5,000)
Changes in assets and liabilities
(Increase) decrease in NSF checks
282
(311)
(Increase) decrease in inventory
32,594
(33,536)
(Increase) decrease in prepaid expenses
(1,045)
(347)
Increase (decrease) in accounts payable
1,170
273
Increase (decrease) in accrued expenses
(7,694)
5,007
Increase (decrease) in due to other funds
5.000
330.000
Net Cash Provided by Operating Activities
S 236.671
S 312.964
Cash flows from investing activities:
Capital expenditures
Building and improvements
S (3,212)
S (1,642)
Equipment
(2,397)
(24,812)
Transfers out
(720.417)
(114.444)
Net Cash Provided (Used) in Investing
Activities
S (726.026)
S (140.898)
Net increase (decrease) in cash and cash equivalents
$ (489,355)
S 172,066
Cash and cash equivalents at beginning of year
771,792
599,726
Cash and Cash Equivalents at End of Year
S 282.437
S 771,792
-68-
cm OP MONTICELLO, MINNESOTA
Statement E-13
LIQUOR FUND
COMPARATIVE STATEMENTS
OP REVENUES
AND EXPENDITURES -
BUDGET (GAAP BASIS) AND ACTUAL
for The Year Ended December 31, 1992
Budget
Actual
Off Sale Gross Protit
Liquor
S 87,750
S 105,275
Nine
56,300
46,907
Beer
153,300
180,166
Miscellaneous
14,325
21,797
Total
S 311,675
$ 354,145
Less, freight
5.025
5.994
Total Gross Profit
$ 306,650
S 348,151
Ooeratiga Expenses
Salaries and employee benefits
$ 113,675
S 125,379
Supplies
6,700
8,476
Repairs and maintenance
1,700
6,399
Utilities
10,700
11,629
Telephone
850
1,012
Professional fees
5,500
4,725
Insurance
18,500
20,605
Depreciation
16,000
19,095
Advertising expense
4,500
4,673
Miscellaneous
725
1.418
Total Operating Expenses
178.8
203.411
Operating Income
S 127.800
S 144,740
Other Income (Expenses)
Interest income - investments
$ 39,600
$ 47,486
Deposits and refunds
(100)
Cash over (short)
{200)
43
Total Other Income (Expenses)35
9.300
S 47,529
INCOME BEFORE OPERATING
TRANSFERS
S 167.100
L-122.269
-69-
CITY OF NONTICELLO, MMMA
Statement E-14
TRANSPORTATION FUND
COMPARATIVE BALANCE SHEM
December 31, 1992 and 1991
1992 1991
ASSETS
Current Assets
Cash S 3,814
Accounts receivable 314
Due from other governmental units 40 S 5.574
TOTAL ASSETS $ 4.168 S 5.574
LIABILITIES AND EOUITY
Current Liabii ties
Cash deficit S 1,776
Accounts payable 139
Accrued expenses $ 22 49
Total Current Liabilities S 22 S 1.964
Retained Earninos S 4.146 S 3.61Q
TOTAL LIABILITIES AND EQUITY S 4.168 S 5.574
-70-
CITY OF HONTICELLD, MW1ES0TA
Statement E-15
TRANSPORTATION FUND
COMPARATIVE STATEMENTS OF REVENUES, iDiYENSES AND OWMES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1992
Nith Comparative Totals For The Year Ended December 31, 1991
-71-
1992
1992
1991
Budget
Actual
Actual
QPeratina Revenue
Passenger fares
S 11,184
S 8,037
S
7,654
Property taxes
17,688
16.220
18.133
Total Revenue
S 28,872
S 24.257
S
25.787
Operating Expenses
Salaries and employee benefits
S 7,446
$ 2,914
S
8,321
Supplies
1,248
152
Equipment rental
61,740
58,679
57,542
Advertising
1,248
235
522
Travel and conferences
234
45
Miscellaneous
500
624
1,034
Total Operating Expenses
S 72,182
S 62.686
S
67.616
Operating Income (Lose)
S (43.310)
$ 138,4291
S (41,829)
Other Revenues,
Intergovernmental
S 43,310
S 37,588
S
44,148
Miscellaneous
828
1,484
Interest income
549
206
Total Other Revenues
S 43.310
S 38.965
S
45.838
Net Income
S 0
$ 536
S
4,009
Retained Earnings at beginning of year
3.610
(399)
Retained Earnings at End of Year
S 4.146
S
3.610
-71-
CITY OF HONTICELbD, MINNESOTA
Statement E-16
TRANSPORTATION FUND
CMARATIVE STATENEN75 OF CASH FIRMS
For The Years Ended December 31, 1992 and 1991
-72-
1992
1991
Cash flovs from operating
activities,
Net income
S 536
S 4,009
Adjustments to reconcile net income to net
cash provided by operating
activities,
Changes in assets and
liabilities
(Increase) decrease
in accounts receivable
(314)
605
(Increase) decrease
in due from other
governmental units
5,534
(4,888)
Increase (decrease)
in accounts payable
(139)
139
Increase (decrease)
in accrued expenses
(27)
(209)
Net Cash Provided
(Used) by Operating
Activities
$ 5.590
S (344)
Net increase (decrease) in cash and cash equivalents
S 5,590
S (344)
Cash and Cash Equivalents
at beginning of year
(1.776)
(1.432)
Cash and Cash Equivalents
at End of Year
,S 3.814
S (1.776)
-72-
CITY OF NDNTICELLO, MIN)MSOTA
Statement F-1
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR ISI 01 - A TAX INCREMENT FINANCING DISTRICT
December 31, 1992
Accounted
Original for in
Budget Prior Years
Sourcqs of Funds,,
Bond proceeds (loan)
S 361751
S
36,751
Tax increments received
63,759
63,838
Real estate sales (Note 1)
4.00¢
$.09@
Total Sources of Funds
S 108.510
$
108.589
Uses of Funds.
Land acquisition
$ 36,751
S
36,751
Loan payments
Principal
36,751
36,750
Interest
14,400
16,758
Administrative costs
3.000
2.411
Total Uses of Funds
S 90.902
S
92.670
District Balance
(or Deficiency)
S_ 17.608
S
15.919
Note i Procerty Description Authoritv's Cost
E 1t2 of Lot 7, Slk 3 S 36,751
Oakwood Ind. Park
-73-
Current Amount
Year Remainina
S (79)
S (79)
S 1
(2,358)
S 103 486
S 103 S (1.871)
S (103) S 1.792
Sale Price
$ 8,000
CITY OF MONTICELW, MINNESOTA
Statement F-2
SCHEDULE OF SOURCES AND USES OF
PUBLIC FUNDS
FOR METCALF-LARSON 02 -
A TAE IHCRENENT FINANCING DISTRICT
December 31, 1992
Accounted
Original
Amended
for in
Current
Amount
Budget
Budget
Prior Years
Year
Remaininq
Sources of Funds,
Loan proceeds S 32,000
S 32,000
S 32,000
Bond proceeds
260,000
257,367
S 2,633
Tax increments received 106,725
774,840
112,318
S 40,445
622,077
Interest on invested funds
5,480
892
(6,372)
Real estate sales (Note 1) 10,000
68,000
66,000
2,000
Other (Note 2)
3,230
(3,230)
Application fee
820
1820)
Total Sources of Funds S 148.725
S 1.134.840
S 477.215
S 41.337
S 616.288
Uses of Funds:
Land Acquisition S 33,535
S 271,515
$ 294,058
S (22,543)
Site improvements or
preparation costs 5,000
21,500
17,421
4,079
Bond payments
Principal
260,000
$ 5,000
255,000
Interest
350,531
46,456
22,879
281,196
Loan payments
Principal 32,000
32,000
12,782
2,555
16,663
Interest 25,172
25,172
17,780
1,730
5,662
Administrative costs 3,083
30,537
30,122
415
Other - relocation
15.000
15.000
Total Uses of Funds S 98.790
,51.006.255
S 433,619
S 32.164
S 540,472
District Balance S 49.935
S 128.585
S 43,596
S 9.173
S 75.816
Note 1 Propertv Description
Authoritv's Cost Sale Price
N50' of Lots 8, 9, & 10, Blk 50
Parcel 01555010-051010 & 20
N 1/2 of Lots 1, 2, & 3, Elk 50 S 35,535
S
10,000
Parcel 0155010-051011
S 1/2 of Lots 1, 2, & 3, Elk 50
Parcel 0155010-051040
E 25 1/2' of Lot 4, & N 5 1/2'
Lot 5, Slk 51
Parcel 0155010-051050
Lot 5, Elk 51, exc. IN 5 1/2'
S 260,523
S
56,000
Note Payment by developer to guarantee sufficient revenue to meet NRA Debt
obligations first year.
-74-
CITY OF lDNTrCEU0, HIN)MSOTA
Statement F-3
SCHEDULE OF SOURCES AND USES OF PUBLIC.FUNDS
FOR FSI 03 - A TAX INCREKE Tf FINANCING DISTRICT
December 31, 1992
Sources of Funds.
Band 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
Accounted
Original for in Current Amount
Budaet Prior Years Year Remaining
S 155,000 $ 155,000
272,000 276,745 S 52,816
12,811 617
25,000 25,000
243,500 243,500
2,500
x35.315 54.610 19.377
S 930.815 S 770.166 S 72.810
S 130,000 S 130,000
155,000 85,000 S 20,000
84,731 79,904 5,784
30,000 20,466
235.315 235.315
,S 635.046 S 550.685 S 25.784
>S 295.769 S 219.481 S 47.026
Note Property Description
Lot 6, 7, & 8, Blk 2
Lauring Hillside Terrace
-75-
Authoritv's Cost
S 130,000
S (57,561)
(13,428)
(2,500)
161.328
S 87.839
S 50,000
(957)
9,534
S 58.577
S 29.262
Sale Price
S 25,000
CITY OF NONTICELL D, iDDMSOTA
Statement F-4
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR I%I 04 - A TAX iNCREHENT FINANCING DISTRICT
December 31, 1992
Accounted
Original for in Current Amount
Budaet Prior Years Year Remaining
Soy,Fccgs of Fugdsl
Bond proceeds (loan) S 191,550 $ 191,550
Tax increments received 160,000 131,216 S 22,070 S 6,714
Real estate sales (Note 1) 47.5% 21.051 26.449
Total Sources of Funds S 399.050 S 343.817 S 22.070 S 33.163
Uses of Fundst
Land acquisition S 191,550 S 191,672 $ (122)
Loan payments
Principal 191,550 52,550 $ 15,188 123,812
Interest 73,000 98,093 11,120 {36,213)
Administrative costs 13,000 5,576 7,424
Other - contingency
expense 11.000 288 10.712
Total Uses of Funds S 480.100 S 348.179 S 26.308 S, 105.613
District Balance
(or Deficiency) S (81.050) S (4.362) S (4,238) S (72.450)
Note 1 Propertv Description Authoritv's Cost Sale Price
N 1/2 of Lot 7 G the N 175'of
E 1/2 of Lot 7, Bik 3,
Oakwood Ind. Park and Lot 6,
Blk 3, Oakwood Ind. Park S 114,150 S 21,051
-76-
CITY OF MORTICELLO, HINIO SOTA
Statement F-5
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR CONST. 5 05 - A TAX INCREMENT FIWWrNG DISTRICT
December 31, 1992
-77-
Accounted
Original
for in
Current
Amount
Budget
Prior Years
Year
Remaining
Soprcep of Funds.
Bond proceeds
S 390,000
$ 359,269
$ 30,731
Tax increments received
625,000
210,668
S 70,322
360,010
Interest on invested funds
21,875
1,395
(23,270)
Special assessment income
2,288
(2,288}
Total Sources of Funds
S 1,015,000
S $98,100
S 71.717
S 365,183
Uses of, ,Funds,
Installment of public
utilities and improvements
S 301,300
S 359,410
S (58,110)
Bond payments
Principal
390,000
60,000
$ 30,000
300,000
Interest
378,000
100,018
21,022
256,960
Administrative costs
?2.790
0.164
14,628
Total Uses of Funds
S 1,092,0941
S 527.590
S 51,022
S 513,678
District Balance
(or Deficiency)
S 177.090)
S 70.510
S 20.695
S 1168,295}
-77-
CITY OF MONTICELLO, MINNESOTA
Statement F-6
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR RAINDANCE 06 - A TAX INCREMENT FINANCING DISTRICT
December 31, 1992
Accounted
Original Amended for in Current Amount
Budoet Budget Prior Year Year Remainina
Sources of Funds:
Bond proceeds
S
350,000
S 350,000
S 350,000
Tax increments received
815,250
815,250
216,936 S
Interest on invested funds
16,139
Real estate sales (Note 1)
64,150
Other - application fee
2.500
Total Sources of Funds
;
1.165.250
S 1.165,250
S 649.725 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
30,000 S
Interest
395,243
395,243
161,455
Administrative costs
38.150
38.150
3.006
Total Uses of Funds
S
1.087.393
S 1.140,393
S 583.141 S
District Balance (or Deficiency) S 77.857 S 24.857 S 66.584 S
62,631 S 535,683
1,097 (17,236)
(64,150)
(2.500)
63.728 ,S 451.797
S (3,076)
(604)
10,000 310,000
26,011 207,777
7.144
36.011 S 521.241
27.717 S (69.444)
Note 1 Propertv Description Authoritv's Cost Sale Price
Lots 1-10, Blk 15 including
20' of Highway right of way
easement S 232,076 S 64,150
-78-
CITY OF MONTICELLO, NINNF,SOTA
Statement F-7
SCHEDULE OF SOURCES AND USES OF PUBLIC MW
FOR NANCO 07 - A TAH INCREMENT FINANCING DISTRICT
December 31, 1992
Accounted
Original for in Current Amount
Budaet Prior Years Year Remaining
Soyrces of Fut)ds,
Bond proceeds S 155,000 S 153,240 S 1,760
Tax increments received 247,200 99,111 S 36,908 111,181
Interest on invested funds 2,990 754 (3,744)
Real estate sales (Note 1) 15,000 15,000
Other - application fees 2,5! 2.500
Total Sources of Funds S 419.700 S 272.841 S 37.662 S 109.197
Uses of Fundgs
Land acquisition S 122,200 S 122,394 S (194)
Bond payments
Principal 155,000 30,000 S 151000 110,000
Interest 90,986 54,077 10,759 26,150
Administrative costs 27.390 P, SP 10,446
Total Uses of Funds S 395.486 S 223.325 S 25,759 S 146,402
District Balance
(or Deficiency) S 24.214 S 49.516 S 11.903 ,_ (37.205)
Note 1 Prooertv Description Authoritv`s Cost Sale Price
Lots 11 & 12, Blk 2
Oakwood Ind. Park $ 122,394 $ 15,000
-79-
CITY OF MONTICELLO, NIN)MSOTA
Statement F-8
SCNEDUlL OF SOURCES AND USES OF PUBLIC FUNDS
FOR NSP $8 - A TAX INCRC1M FINANCING DISTRICT
December 31, 1992
Q":
Accounted
Original
for in
Current
Amount
Budget
Prior Years
Year
Remaining
Sources of Fupds.
Loan proceeds
$ 34,000
S 23,000
S HIM
Tax increments received
40,289
7,173
S 6,673
26,443
Real estate sales (Note 1)
1
1
Total Sources of Funds
S 74.290
S 30,174
S 6.673
S 37.443
Uses of Pandas
Land acquisition
$ 21,200
S 21,200
Public improvements
1,800
i,8e0
Bond payments
Principal
23,000
3,000
S 2,000
S 18,000
Interest
11,277
4,235
1,600
5,442
Administrative costs
4.00Q
2.043
1.957
Total Uses of Funds
S 61.277
S 32.278
S 3,600
S 25.399
District Balance
(or Deficiency)
S 13.013
S (2.104)
S 3.073
S 12.044
Note I Proaerty Description
Authoritv's Cost
Sale Price
Part of Lot 4,
Blk 3
:
Oakwood Ind.
Park
$ 23,000
S 1
Q":
CITY OF NDNTICELLD, NINNESOTA
Statement F-9
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAPPER $9 - A TAX DX1U2lEiTP FINANCING DISTRICT
December 31, 1992
Accounted
Original Amended for in Current Amount
Budaet Budget Prior Years Year Remaining
Sources of Pugds,
Bond proceeds S
125,000
S 140,000
S 139,233
S 767
Tax increments received
216,239
216,239
$ 25,628
190,611
Interest on invested funds
-0-
-0-
3,314
720
(4,034)
Real estate sales (Note 1)
1
1
1
Total Sources of Funds S
341.240
S 356.240
S 142.548
S 26.348
S 187.344
Uses of Fundst
Land acquisition S
77,500
$ 74,000
S 74,000
Site improvements or
preparation costs
15,500
15,500
Bond payments
Principal
125,000
140,000
S 140,000
Interest
69,800
74,548
9,292
S 12,474
52,782
Administrative costs
20.0
20.900
21.172
(272)
Total Uses of Funds
29002.300
S 324,948
S 119.964
S 12.474
S 192.510
District Balance (or Deficiency) S
48.940
S 31.292
S 22,584
L__13 .874
S (5.166)
Nate 1 Prouerty Description
Autboritv's Cost Sale Price
Lot 4, Blk 2, Oakwood
Industrial Park
S 74,000
S
1
-81-
CITY OF MONTICELLO, HDDEES"A
Statement F-10
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR REHME E 010 - A TAE INCREMENT FINANCING DISTRICT
December 31, 1992
Accounted
Original
for in
Current Amount
Budget
Prior Years
Year
Remaininq
Sources of P"da.
Bond proceeds S 165,000
S 164,042
S 958
Tax increments received 270,864
S
27,860 243,004
Interest on invested funds -0-
348
720 (1,068)
Real estate sales (Note 1) 1,
1
Total Sources of Funds $ 435.865
S 164.391
S
28.580 $ 242.894
Usrs of Fundal
Land acquisition S 120,000
S 126,059
S (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 89,694
10,950
$
14,660 64,084
Administrative costs 40.090
25.213
14,787
Total Uses of Funds 534.694
S 227.222
S
14.660 S 292.812
District Balance (or Deficiency) S (98.829)
S (62.831)
S
13.920 S (49.918)
Note I P�'operty Description
AutDoritv'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
S 126,059
S 1
-82-
CITY OF MDNTICMID, 1mi11ESOTA
Statement F-11
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR HARRIS 3 11 - A TAX INCRMW F127ANCIM DISTRICT
December 31, 1992
Accounted
Original for in Current Amount
Budoet Prior Years Year Remaining
Sources of Funds,
Tax increments received
S 36,038
S
Total Sources of Funds
S 36,038
5
Uses of Funds,
Land acquisition
S 17,500
Administrative costs
3.600
$ 3.456
Total Uses of Funds
S 21.00
S 3,456
District Balance (or Deficiency) S 14.938
S (3,456) S
-83-
4.867 S 33.171
2.867 S 33.171
S 17,500
144
S 17.644
2.867 S 15,527
CITY OF MONTICELLO, KODMSOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR AROPLA% Al2 - A TAS ISMICHENT FDWrNG DISTRICT
December 31, 1992
Accounted
Original for in Current
Sudaet Prio Yeara Year
Sources of Funds,
Bond proceeds
$ 225,000
Tax increments received
169,127
Real estate sales
b
Total Sources of Funds
S 394.128
Uses of Funds,
Land acquisition
S 90,000
Installation of public
utilities and improvements
75,000
Bond payments
Principal
225,000
Interest
145,225
Administrative costs
454M S
Total Uses of Funds
S 560,225 S
District Balance (or Deficiency)
S (166.097) S
-84-
S 120,000
S 120.000
S 85,000
8.284 16,458
8.284 S 101.452
(B.284) S 18.548
it
Statement F-12
i
Amount
Remaining
S 105,000 =
169,127 -
1 -
$ 274.128
S 5,000
75,000
225,000 -
145,225
264
S 450.489
S {176,361)
CITY OF MONTICELLO, l03D>ESOTA
Statement F-13
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR SUBURBAN •14 - A TAE INCREMENT FINANCING DISTRICT
December 31, 1992
-85-
Accounted
Original
for in
Current
Amount
Budget
Prior Years
Year
Remaining
Sources of Funds,
Bond proceeds
S 89,000
S
75,000
S
14,000
Tax increments received
100.520
100.520
Total Sources of Funds
S 189.520
75.000
S
114.520
Uses of Fundsi
Land acquisition
$ 29,625
S
29,625
Site improvements or
preparation costs
39,950
19,575
S
20,375
Bond payments
Principal
89,000
89,000
Interest
40,484
40,484
Administrative costa
7.500
14.219
(6.719
Total Uses of Funds
S 206.559
$
63.419
S
143.140
District Balance for Deficiency) S (17.039)
S -0-
S
11.581
S
(28.620
-85-
CITY OF NDNTICELLO, mna; SOTA
Statement P-14
SCHEDULE OF SOURCES AND USES OF PUBLIC
FUNDS
FOR MART 91-1 - A TAX INCRFKMT FDMCI)D
DISTRICT
December 31, 1992
Accounted
Original
for in
Current
Amount
Budoet
Prior Years
Year
jtemainino
Saurces of Fundse
Bond proceeds $ 560,000
$ 554,486
S 5,514
Tax increments received 795,054
S 107,542
687,512
Interest on invested funds -0-
5.00;
160
(5,161) -
Total Sources of Funds S 1.355,054
P 559.487
S 107_702
S 687,865 =
Uses of Funds)
_
Land acquisition S 203,000
S 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
560,04A
Interest 229,042
39,608
S 35,918
153,516
Administrative costs 40,@0¢
40.043
(43)
Total Uses of Funds S 1,260,042
$ 534.858
S 35.918
689.266
District Balance (or Deficiency) $ 95.012
S 24.629
S 71.784
S 11.401)
Note 1 MDertv Descri t o
Authoritv's Cost Sale Price =
Part of NN 1/4 of SN 1/4
-
} of Sec. 11, Twp 121, Range 25
i
S 120,371
S -0- _
i
I
j
-86 -
T.
CITY of MDNTIm, , MINNESOTA
COMPUTATION Of LEGAL DEBT MARGIN
December 31, 1992
Market valuation
Debt limit - 2 percent of market valuation
Total indebtedness subject to limitation
Least deductions allowed by law
Assets in debt service funds available
for payment of principal S 394,529
Special assessment bonds 4,850,000
Tax increment bonds 2.060.000
Total Deductions
Total Amount of Debt
Applicable to Debt Limit
LEGAL DEBT MARGIN
-87-
$ 9,300,000
7.304.529
Schedule 1
S 411,311.200
S 8,226,224
1.995.471
,S 6.230,753
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
'DOTAL
Original
Amount
Average rate
of interest
Payment dates
CITY OF NONTICELLO, 1@1NESSOTA
BONDED uwcuarunr�.9 -
GENERAL OBLIGATION BONDS
December 31, 1992
General
Obligation
General Obligation
General Obligation
Improvement Series A
Sewer Interceptor
Mater
System
Filre gall Bond of 1985
Bond Series 1986A
Bond Series 19888
Principal
Interest
Principal
Interest
Principal
Interest
$ 1001000
S 45,450
$ 60,000
$ 53,975
S 55,000
$ 64,198
110,000
36,730
65,000
50,160
60,000
60,602
120,000
26,950
70,000
45,940
65,000
56,632
130,000
16,070
75,000
41,335
65,000
52,440
115,000
5,175
80,000
36,335
70,000
48,017
85,000
30,930
75,000
43,195
90,000
25,110
80,000
37,962
100,000
18,695
85,000
32,310
105,000
11,672
95,000
26,053
115,000
4,025
100,000
19,203
105,000
11,950
115,000 4,111
S 575.000 S 130.375 S 845.000 S 318,177 S 970.000 S 456,673
S 860.000 ,S 1.050.000
8.6689%
February 1 February 1
August 1
6.7294%
February 1 February 1
August 1
S 1,100.000
6.9943%
February 1 February 1
August 1
Schedule 2
Total
principal
Interest
5 215,000
S 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
S 2.390.000 S 905.225
CITY OF NOb1TICELLO, MINNESOTA
BONDED INDEBTEDNESS -
GENERAL OBLIGATION SPECIAL. ASSESS99ENT BONDS
December 31, 1992
-89-
General Obligation
General Obligation
General Obligation
Central Obligation
Sever and later
Sever/tater aid Street
laproveatot
laproveaeat Series 1
pool of )1:16
Joao of 1911
Bood at 1911
load of 1116
Irincipil )itertst
principal l4welt
Frincip&I Iowan
principal httrilt
1991
S 111,111 6 1,IS/
S 289,111 1 211118
S 21,111 S 11111
1 25,101 $ 21,911
1991
69,111 11,111
21,111 2,611
25,110 19,851
1999
69,111 15,231
21,101 911
2s,110 11,14S
1996
61,111 11,681
25,/00 16,311
1991
61,110 8,158
31,101 16,311
1998
61,110 1,951
91,110 12,111
1999
60,111 1,651
35,111 9,118
2111
35,180 1,219
2001
35,100 4,127
lug
61,100 1,541
241)
2166
10126
L111.-411 ) 16S
61.111 18 ss
S 60.111 L-1 .1213S
0S.100 1 115.115
Origioll laoaat
S !.)11.010
LiS711 NI
Lj-71111
S -38S
Iverage rate of interest
5.111
5.211
8.63161
1.18511
falitat dates
febroary I February 1
February I febroary I
February 1 febrairl I
February 1 febroary 1
lapost 1
lapast I
lopoit 1
logaat I
-89-
Schedule 3
katral Obligation
central Obligation
general Obligation
General Obligatioa
Gtatsal Obligatios
katrai Obligation
Itptottatat
142:4►totat
Iapto►nent
14pra►eseat
lipro►e4eat
Iaproaentat
load lents
19814
Ba04 stilts
19898
-. lot( Brits
19918
load $trit) 11910
Band of
19911
food Strict
1$92A
total
Principal
act e t
lriatlatl
ate t
In ! a
ate a
friocival
Interest
priociog
loterest
Irwin 1
Interest
164cipal
Interest
$ 9#,611
1 97,622
1 I5,f61
J 12,161
1 55,144
$ 31,913
1 24,114
1 15,69/
$ 75,110
$ 21,951
5 37,112
1 695,410
9 254,151
95,111
91,179
25,111
11,173
61,110
31,421
21,404
14,4i1
75,014
22,2s8
J S#,###
33,6#5
13s,111
241,173
1##,###
84,398
2S,f11
9,591
64,4!#
301715
i#,##1
11,21s
7s,lff
18,414
75,198
31,131
/65,111
221,638
115,110
17,119
2S,ff1
7,998
65,61#
2f,118
25,104
11,796
ls,f1#
14,411
15,844
27,645
46#,614
191,115
11#,141
71,311
25,114
6,391
11,116
22,531
25,110
11,1%
75,111
111239
75,011
21,211
471,111
t66,117
lif.401
62,695
2S,i11
4,113
TS,fi1
11,915
Is,###
8,sll
1#,111
6,H1
75,#1#
ZMJS
474,61#
331,416
121,011
31,386
31,041
1,511
15,001
13,171
Is,#40
6,921
1#,48#
2,167
1s,m
17,131
491,461
111.421
125,#4#
45,125
njff
991
81,41#
8,111
3#,111
5,411
71,110
11,353
378,181
88,158
131,101
36,611
81,11!
2,681
10,011
3,168
71,118
9,695
345,#44
56,413
140,111
26,825
30,401
1,128
T0,161
5,915
280,114
3s,388
iis,614
16,414
10,4#8
11995
215,111
11,189
155.411
5.611
15 5,110
S,dlg
is 1.:s.e41 1 664,811U11,141 i i 3 I21 li 1 s L_1 54,0#4 s 34.934 iI�S fee_ $ 99,421 li __ s trt.4411 ys�iaeg si � s. s sig
62 #4! L UL 411L-in=441 L 254.114 $ 5l5 LMAIR
1.I5721 6.61181 6.63111 6.746t 5.12651 S. 25251
febraari I febroar$ 1 ltbroatg I febtairi I tebtnar$ I February I ftbroarg 2 ltbraar$ 3 ftbraarg 3 ftbtutr$ S febrnarg 3 ftbtaar$ i
August l August 1 August 1 Baguet 1 logott 1 logeat 1
-90-
MY OF MONTICELLO, 99IN2#ESOTA
BONDED INDEBTEDNCSS -
GENERAL OBLIGATION TAX INCREMPT BONDS
December 31, 1992
-91-
6121ral obligation
6aafril obligation
Ctafral obtigatica
Raeral obligation
fu lacreseat
gar
locreaeat
la Iacreaeat
Tal lacrneot
goad at loaf
load
of 2985
load of 99111
Bond of 19811
Principal Moffat
principal
Warm
plincival Introit
PAW941 14tittIt
1993
1 21341 1 31251
1 94,10
1 24,151
1 35,1#1 1 181#19
1 2#1414 1 I,Ils
1991
551111 1,191
15,111
23,951
Is,lll 15,161
21,1#1 1,115
Isis
15,/ol
22,82s
35,#1# 11,ssl
11,441 s,3Ss
list
IS,iol
21,611
1#,##1 11,91s
25,8/1 I,362
till
I5,/11
21,115
11,111 Ills
15,411 1,125
Ilia
21,111
19,#75
i5,### bili
1991
20,111
tl,411
55,#41 bill
2#11
24,141
15,1!5
2111
25,111
11,151
2112
25,111
11,191
2113
31,411
9,615
loll
I0,411
1, Its
205
35,001
1,111
2116
33.111
1,471
lolil
o144 4 4
UA I$#
1 iu ;.585
27 #14 1 13.389
LJA,41# 782
origiaal laoaot
5 155.111
1 I1
3i 1155111
Average rate of interest 8.38611
1.28911
7.21171
5.41171
Fallon date$
itbta#rg I febratry I
febraari 2
fthoarl I
Itbraary 1 lebraary 1
lebroary 1 ltbroary I
lagast I
Apgost 1
Aalast I
logast I
-91-
Schedule 4
TOTAL L-115 1 211.115sZ 60.401li SS./11111 IS•lel LjLl 66 S 111.601 S IS.31) LL ./86 S 18.559ei 2, 61,181 L_016.411
S 261.101 S 110.110111 IS8-10L-LA.e10 1 15.41@
1.25121 6.56111 8.99211 6.911 6.1161
Payaeat
dates February I February I February I February 1 February 1 February I February 1 February I Febrosry I February I
lagan I lugust I August 1 Augast 1 August I
-92-
6eeeral Oblilatiao
Moral Obli9rtioo
Coastal Obligation
Coastal Obligatios
Leaeral Obligatica
Tat lacresect
Tat lacrneat
Tar locrteeot
Tar lacremeot
}ar lacreltat
Boad lilies
1909A
load Series 1991A
8044 Series
1190D
Sled Series 1992
load Series 1192D
Total
frincival
lattrest
fripelpal
latereft
Priacipal
latereft
1114CIP11
Interior
frivioll laterest
priacipal Interest
1993
S 5,118
$ 12,111
S $5,111
1 33,861
S 11,111
1 15,411
S 51113
S
3,111
S 111,111 3
111,512
1991
5,111
11,618
61,110
31,341
11,111
21,911
1,811
4,815
191,101
135,S19
1995
11,111
21,969
65,111
16,481
35,111
11,162
S lilies
11115
1 51004
4,112
195,111
121,516
1996
11,111
10,121
11,141
22,161
35,116
11,198
IS,111
6,662
11,161
4,125
221,111
116,382
1991
11,110
19,2is
10,100
11,8))
41,111
13,19S
15,161
5,618
11,111
3,SIS
225,101
69,911
1999
15,411
11,191
Is'lel
13,111
45,111
11,112
15,101
4,112
11,101
2,925
225,116
1),161
1999
15,111
16,911
81,101
8,210
45,411
6,118
15,111
3,138
11,101
2,215
231,111
56,26)
2111
15,661
15,613
85,006
2,115
45,011
2,112
11,111
2,01
It'll$
1,625
195,111
40,1i1
loll
20,101
14,61$
11,011
113t1
11,100
91S
71,011
31,319
2112
21,016
12,336
11,1#$
325
11,111
315
6S,IB6
24,116
1113
20,410
Il,sol
51,111
21,111
1016
25,110
8,611
S1,118
IS,135
2115
25,141
6,411
61,411
10,628
2116
31,111
1,982
65,110
5,452
Zell
30.400
1,318
11,1, 80
1.328
TOTAL L-115 1 211.115sZ 60.401li SS./11111 IS•lel LjLl 66 S 111.601 S IS.31) LL ./86 S 18.559ei 2, 61,181 L_016.411
S 261.101 S 110.110111 IS8-10L-LA.e10 1 15.41@
1.25121 6.56111 8.99211 6.911 6.1161
Payaeat
dates February I February I February I February 1 February 1 February I February 1 February I Febrosry I February I
lagan I lugust I August 1 Augast 1 August I
-92-
CITY OF MONTICELLO, MMMSOTA
TAI{ LEVIES TO RETIRE BONDED uwrnat-,,&aS
December 31, 1992
S 68,181 S 28,511 L--39 IS1 S 619,632 S -313,511 L1,129 S 318.918
-93-
Geoeral
General
Geoenl
General
Gtoetal
General
General
Obligation
Obligation
Obligation
Obligation
Obligatloa
Obligation
Obligation
Serer
gar Iocresent
Isprseeneat
leproseneat
gar Increment
Isproeeaent
laprotueot
loterceptor
Bond Series
1:Ad of 1117
Bond of
ocd of 19H
Bond ot 1901loadot
1911
194d ot 198119171
S 11,261
$ 28,911
S 21,621
S IS8,918
1 151161
S 123111{
S 51,616
11,115
19,133
159,716
31,327
121,153
52,211
11,919
159,381
31,119
121,612
51,115
8,511
131,618
31,191
121,882
12,165
1,186
35,111
121,672
$1,291
B,ISS
31,955
121,132
51,196
36,822
128,211
11,651
126,311
31,699
129,213
S 68,181 S 28,511 L--39 IS1 S 619,632 S -313,511 L1,129 S 318.918
-93-
Schedule 5
General
General
General
General
General
General
General
Morel
General
Geaeral
General
Obligation
Obligation
Obligation
Obligation
Obli9ttion
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
he lacreseat
Itproveteat
later liatet
Iapreveteat
Biter Sgstet
Iaproveitat
liter Sgsta
Itprovetent
laproveteat
Ieprovestat
Itprovetent
load Series
Boad Series
pond Series
load Series
Band Series
Boad Series
Bead Series
Band Series
goad Series
goad Series
Bond Series
19170
1980A
19888
1183A
19891
19911
1994B
19910
19910
11911997
2A
S 19,311
1 1181181
1 128,618
S 21,161
1 21,161
S 111,191
S 21,921
S 111
11,511
119,!16
119,899
32,965
21,211
111,191
21,362
1,871
S 1,129
119,655
111,111
12,173
23,211
111,191
25,111
2,971
11,232
18,613
119,719
116,311
31,181
22,161
111,191
21,111
S 1,363
3,917
11,117
113,985
126,113
35,527
21,267
111,191
S 52,195
23,161
1,198
11,815
116,616
326,111
31,173
25,511
111,191
83,163
22,181
911
12,111
111,196
126,255
32,118
21,138
111,191
81,187
26,125
7,576
115,211
111,191
36,698
19,315
25,151
1,111
118,191
118,161
31,171
23,661
B,S93
111,919
126,712
13,13)
6,962
116,613
1!9,381
36,116
)1,136
17,116
31.281
i 116.181
S 1.611.826
S 1.115.661
i 113,115
g ISS•iBI
L 11.)31
S 298.681
!11921
L 7.168
L 9.316
L_-198-41
-94-
CTy u ('rrfQlM 11Ni, .11 N]Ilul V. Y11 14n 117. Wnt• 1 11— P.&--I IIWµ. IIII IN, 15 \n
B\/�eL teur++Gtnn nnJ 1 \h tnr eihr, \t\ 45U+2 24i-iN7I Ikm hr, Nis {5{ii ml-1762 17. ttu Nr
1. /lunnta. f,irnvdGrnq ( oriel I1rnJ l lflir e{, 117N RcnMr, I),— ^115 01.1-1 Nc. 1'' 1. N, Ion iii,
Carkm Mq:ie Gn nr. M�355{I141t}7NNiF Y. \ryltuti. M\i5{`o i'1'.-21tN
& Asa}ciatis
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, 1992, and have issued our report thereon
dated May 7, 1993.
We conducted our audit in accordance with generally accepted auditing standards and
the provisions of the Minnesota Leoai Compliance 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 Leoal Compliance Audit Guide for Local Government 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.
The City of Monticello purchased an investment that did not satisfy the legal
guidelines for investment of public funds. The investment was sold 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.
Hay 7, 1993
j4e�,-'d--A
GRRLSON 6 ASSOCIATES P.A.
Certified Public Accountants
Ml•I