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1993 Audit ReportCITY O" !WP amm, MINNg90m COMPRMWIY8 ANmm BINArCIn RFfOirP Year pmied Doomber 31, 1993 i 1 i B�m's r+.eladrueta car �,sws'rnewrtuw &AsAswcWC CITY OF MONTICELLO, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 1993 CITY OF MOUnCELLO, MINNESOTA TABLE OF CONTENTS I. INTRODUCTORY SECTION Miscellaneous Data II. FINANCIAL SECTION Page Independent Auditor's Report on Financial Statements i A. General Purpose Financial Statements Notes to Financial Statements 8-27 Statement Exhibit B. Combining and Individual Fund Statements Combined Balance Sheet - All Fund Types General Fund. and Account Groups 1 2-3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental 28-31 Special Revenue Funds, Fund Types 2 4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary 33 Shade Tree Fundi Fund Types 3 5 Combined Statement of Cash Flows - All Changes in Fund Balance - Budget (GAAP Proprietary Fund Types and Actual 4 b Combined Statement of Revenues, Expenditures statement of Revenues, Expenditures and and Changes in Fund Balances - Budget Changes in Fund Balance - Budget (GAAP (GAAP Basis) and Actual - General and Special B-4 35 Revenue Fund Types 5 7 Notes to Financial Statements 8-27 Statement B. Combining and Individual Fund Statements General Fund. Statement of Revenues, Expenditures and ( Changes in Fund Balance - Budget (GAAP Basis) and Actual A-1 28-31 Special Revenue Funds, Combining Balance Sheet B-1 32 Combining Statement of Revenues, Expenditures and Changes in Fund Balances B-2 33 Shade Tree Fundi statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP and Actual B-3 34 IBasis) Orderly Annexation Funds statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP i Basis) and Actual B-4 35 CITY OF HONTICELLO, HINHESOTA TABLE OF CONTENTS B. Combinina and Individual Fund Statements - Continued Statemen 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 Fund Balance - Budget (GAAP Basis) and Actual B-10 41 Sewer Improvement Funds 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 Fund Balances C-2 48-51 CITY OF HONTICELLO, KDW.SOTA TABLE OF CONTENTS B. Combining and Individual Fund Statements - Continued Statement Page 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-1 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 E-5 61 Comparative Statements of Cash Flows E-6 62 Water 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) and Actual E-15 71 Comparative Statements of Cash Flows E-16 72 CITY OF HONTICELLO, KW SOTA TABLE OF CONTENTS C. Other Financial Statements Statement page Schedule of Sources and Uses of Public Funds For IBI 01 - A Tax Increment Financing District F-1 73 Schedule of Sources and Uses of Public Funds For Metcalf -Larson 02 - A Tax Increment Financing District F-2 74 Schedule of Sources and Uses of Public Funds For FSI 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 Increment Financing District F-6 78 Schedule of Sources and Uses of Public Funds For NANCO 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 80 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 REMNELE 010 - A Tax Increment Financing District F-10 82 Schedule of Sources and Uses of Public Funds for NARTIE 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 MONTICELiO, MINNESOTA TABLE OF CONTENTS C. Other Financial Statements - Continued Statemen ENLe Schedule of Sources and Uses of Public Funds for Standard Iron 013 - A Tax Increment Financing District F-13 85 Schedule of Sources and Uses of Public Funds for Suburban 014 - A Tax Increment Financing District F-14 86 Schedule of Sources and Uses of Public Funds for Custom Canopy 015 - Tax Increment Financing District F-15 87 Schedule of Sources and Uses of Public Funds for K -Hart 01-1 - A Tax Increment Financing District F-16 88 IZI. SUPPLEMENTAL INFORMATION Schedule Computation of Legal Debt Margin 1 89 Bonded Indebtedness - General Obligation Bonds 2 90 Bonded Indebtedness - General Obligation Special Assessment Bonds 3 91-92 Bonded Indebtedness - General Obligation Tax Increment Bonds 4 93-94 Tax Levies to Retire Bonded Indebtedness 5 97 Auditor's Report on Legal Compliance 95 Officials - 1993 Mayor Council Member Council Member Council Member ICouncil Member Clerk -Treasurer and Administrator 1 l I CPPV OF MONTICELLO, KWMSOTA MISCEIIAHEOUS DATA Rick Bolfsteller Appointed Term Expires Ken Maus 12-31-94 Patty Olsen 12-31-96 Clint Herbst 12-31-94 Brad Fyle 12-31-94 Shirley Anderson 12-31-96 Rick Bolfsteller Appointed Gru vlq,rcl /hfiln' hlI a,hn4 f i'll mis 11'•4nir 1 n,JJv mM.aLi IIUF,. ilii i{uy BoniY h+.mu6nN rnrd \i ariatlb+, Nti SS H+_ : rttx'1 tMrti b+ tlV tS{1t tN:-i'4+: r",.1,14, �ij fAt+errr sa t latae/H++u+ �Ilt r axarai N+'. t.lY. iY t IF+a iiN, 4 h� 5 I 1 &C�TLSOII Acaxialcs INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS To the Mayor and City Council City of Monticello, Minnesota We have audited the accompanying general purpose financial statements of the City of Monticello, Minnesota, as of and for the year ended December 31, 1993, 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, 1993, 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 statements of the City of Monticello, Minnesota. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. �INWBOMDEN CARL -SON 6 ASSOCrATES P.A. Cerfified Public Accountants May 5, 1994 Poor Quality Document Disclaimer The original or copy of a document or page of a document presented at the time of digital scanning contained within this digital file may be of substandard quality for viewing, printing or faxing needs. CITY OF NDNTICEUO, IIMIESOTA COMBINED BAIMCE SHEET — ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1993 With Comparative Totals at December 31, 1992 ASSETS Cash and investments Receivables Accounts Special assessments - deterred Special assessments - delinquent Dae from other toads Land held for resale Long -ten receivable fareatory Prepaid erpeases Geaenl fired assets Property and egoipasat (act of accasslated depreciation( Asoant available is Debt Service foods Amount to be provided for retirement of geaeral long-term debt Other assets - deterred colpeosatics plan (at asrtet) iT.1ibL ffwl; See accompasliag Rotes to fieascial Stateasats. PROMMIT 91059 AID G01111111114 IIID lifts fDID TIP15 AGliel gc001T GROpPS 90 Metal General Special Debt capital Agency Used Loag-Tera General leveler Service koiects toterorise load Assets Debt 991 61,611,811 11,118,115 61,693,118 S 161,161 S 616,211 68,151 91,191 ' 21,628 �4off 111,671 5,695 197,919 991,154 15,291 12,112 1,191 961,511 61 111,728 112,511 186,125 21,191 555,911 IS4,/11 21,IA1 115 II,I3S —2— S 7.71 $ 11,912,118 11,9 9,5 S 2,893,788 2,8 5,336,212 5.3 S 2/5.121 J13 1 191 ISI 2 5611 1 S 6S , 19.151 561 161 S 11.522. 14 52�aS,i21 S 11.912.118 S 8.231,110 CITY OF MONTICELLO, MINNESOTA COMBINED BALANCE SHEET — ALL iR11ID TYPES AND ACCOUNT GROUPS December 31, 1993 With Comparative Totals at December 31, 1992 11011119411 tips? AID 609IRIRIITIL ?DID t1P6S 11) 71?13 AG6ICT SCCODIT 610015 ?0116 R Gentril Gestral Special Debt Capital Igeacy tiled Loag•Tere Geaeui gaseous Strike protects laterprilt food Resect Debt lfli LIABiLit IS Cash deficit Aeeoaots payable contracts payable Other accrued tipeases Isaras dtporit payable Dae to other rands Deferred retinae Geaeril obligattoe bands payable Geaeril abligatioa tar iocreseut baud$ payable Special ustssitat boils payable Deferred cospeasatiot faad$ held for participants Total Liabilities flip B pitT coatributed capital Iarestitst is geatral fittd assets Retaiaed earniags Dortserred food Balance Reserved for aostarreat loses receivable leservad for fired assets held for resale Reserved for debt service 0oreserved Desigoated for sabstgotat years' eiptoditorts Oadeaignated Total told Igaity 10111, LIABILIVIIS 410 1010 9001T1 Ree accoapaayieg totes to lioaaclal Stiteieats. 161 .111 S iil.3235 83.096! 1S . 51.939 S 111.839 s 132.35$ s 20 ,721 S 8,3S4,SIE S 8,159,51= S 11,911,118 11,912,1x_ I,S89,fi11 1.581,6.1 S SSS,470 SSS,91 188,815 t88,8s S 2,416,311 2,426,31 S 5,111,191 9 t366,Tfi4} 1,91[,91. 191.161 1 1 6 S!6 1.671.1. 1 63d i5t I Bi 32t 921 lli 3p t ;i,ldg} }1 316 19Y 5 1/.9P1.Si8 i 11,111.2 Lwl-7-154 ISI 2 61 It1 L5,619.Isi3j_ 61.861 ti SII S68 LILS M, LIi,9il.HB 6 IIp iigS 1.361,! —3— S i9S,163 E tN,IS7 S 22,116 S S,IIS IIS,988 S IS,111 iN,i93 111,26! I1! 16,[6! 33,981 166,118 IIS,111 93,818 I11,Ilt 1, 931,T9d 33,358 161 .111 S iil.3235 83.096! 1S . 51.939 S 111.839 s 132.35$ s 20 ,721 S 8,3S4,SIE S 8,159,51= S 11,911,118 11,912,1x_ I,S89,fi11 1.581,6.1 S SSS,470 SSS,91 188,815 t88,8s S 2,416,311 2,426,31 S 5,111,191 9 t366,Tfi4} 1,91[,91. 191.161 1 1 6 S!6 1.671.1. 1 63d i5t I Bi 32t 921 lli 3p t ;i,ldg} }1 316 19Y 5 1/.9P1.Si8 i 11,111.2 Lwl-7-154 ISI 2 61 It1 L5,619.Isi3j_ 61.861 ti SII S68 LILS M, LIi,9il.HB 6 IIp iigS 1.361,! —3— CITY OF 9ONTICELIA, IQNIIESOTA COIBINED BAIANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1993 With Comparative Totale; at December 31, 1992 Exhibit 1 SI0PR11TARI TIOST LID G09IAINSITIL 191D TIPIS PAID TIPIS IGIICI ACCODIT GROQPS TOTAL 11110 OILY) General General Special Debt Capital Igeocy Piled Loaq-Tera General Revenue Service floitcts lattrorist load Assets Debt 1993 1992 BA SITS 269,661 1,211,169 1,129,989 1,116,121 Cash lad investments 1 1,61/,Bll S 1,118,175 S 3,699,128 S 361,161 1 618,211 Receivables 166,583 , �� 38,951 Accounts 68,151 31,191 21,628 181,6)1 special assessments - deterred 5,695 193,929 996,251 15,291 Special assessments - delinquent It,A3t 2,192 961,511 if Doe from other foods 111,728 173,511 Land held for resale 188,825 Long-term receivable 31,391 555,971 lavestory 158,/11 Prepaid etpeases 27,281 215 11,135 General tiled assets Property and egaipment laet of accumulated depreciatiool 9,511,873 Amount available in Debt Service funds Amount to be provided for retirement of general long-term debt Other assets - deferred coapeasatiaa plan tet martetl2S 85.111 TOTAL ASSITS W-97 1S1 UIL4 111SS ,619. 51 L 761 161 ULL22 5192S 05.721 See accompaaTiog totes to financial Statements. -2- S 1,711,118 1 6,636,111 111,811 269,661 1,211,169 1,129,989 1,116,121 915,111 281,228 311,812 188,829 188,625 587,361 166,583 158,111 158,697 38,951 10,761 S 11,902,118 11,912,118 10,669,137 9,511,813 9,859,117 S 2,893,713 2,893,788 2,5/3,152 5,136,313 5,336,213 6,796,218 315.731 156.286 L1.16 .33L.118 LAL61 29940 IS 9SL CITY OF MONTICELLO, 9SINMOTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1993 With Comparative Totals at December 31, 1992 LIABILITIIS Cash deficit Icc000ts payable Contracts payable Other accrued especial Iscroa deposit payable Due to other foods Deferred rtvtnoe General obligation botls payable Genital obligation tat lacreetat bonds payable Special asaessatnt basis payable Defetted coopeosatiou lards held for psrticipaats Total Liabilities f11D 109111 Contributed Capital Insouciant in general fired assets Attained earnings Ooresersed food Balance Reserved for noccerreac leans receivable Reserved for lined assets held for resale Reserved for debt service Unreserved Designated for substgotut years' trpteditures lodalgoated total toad Equity TOTAL LIASILITUS AID IUID IQOltf See accolipaofiog Intel to financial Stattstits. Exhibit I. (Continued) w -M 1 897 iiiSS 2, 4i,43y LLD IS4 S Si0,i6220 522 S4g25 15.721 1! 902 148g( .LI -1 1 1 40,361.299 4g 4SS 950 18011211111 TROST AID 60IIRMIIITAL 1010 MIS 1190 11PIS 6111 CI ICCODIT GROUPS TOM III10 01111 Generai central Special Debt Capital Igmcy find Longden General Release Service Itoilcts Interprist food Asitta Debt 1943 1511 S 795,143 S 414,457 $ 1,219,610 S 111,818 S 22,016 S S,IIS 145,916 S ti,144 189,015 414,751 364,393 164,193 22,611 127,262 111 306I 163,696 221,992 13,984 13,984 2,901 166,118 I IS,111 261,228 141,812 97,844 711,411 1,951,796 11,350 2,212,401 2,429,094 S 2,235,111 2,235,60/ 2,391,110 1,884,101 1,881,411 2,061,/44 4,115,110 4,111,000 4,151,110 24S.721 20,111 256.186 S 265.192 383,1191S 7S 52.914 $ 721.830 S 182.3562S 05.111 S I,216.N/ S 12,141.141 5 13,55,325 S 6,134,548 S 81759,548 S 91452,270 S 11,901,148 10,912,148 111669,031 1,581,644 11581,644 1,401,149 S 555,916 S55,970 426,266 111,125 118,625 181,815 $ 2,926,111 21916,311 I,S13,752 S {,441,{94 S f364,li9► 11077,121 1,122,583 194.162 11414,511 1,6311.788 912.843 165 36.152 1 1 2,926,311 S 134,719 1 141,314,112 S30 402 !48 $ 27.421.255 S 26 9U 62S w -M 1 897 iiiSS 2, 4i,43y LLD IS4 S Si0,i6220 522 S4g25 15.721 1! 902 148g( .LI -1 1 1 40,361.299 4g 4SS 950 CITY OF MONTICELLO, HIIMESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Revenues Taxes Collections on special assessments Licenses and permits 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 Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Proceeds of general obligation bonds Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess 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. -4- GOVERNMENTAL FUND TYPES Special Debt Capital General Revenue Service Proiects $ 1,590,290 S 669,144 S 697,553 44,913 992,035 161,132 282,649 328,076 65,046 121,451 66,778 6,644 207.470 84.287 104,363 S 189.781 S 2,369,636 S 1.193.198 S 1.858.997 S 189,781 S 637,226 S 14,755 440,484 28,372 477,776 289,225 61,471 135,715 28,278 29,485 288,293 S 936,222 S 1,616,171 11.345 622.839 S 2.071.382 S 371.043 S 2.239.010 S 936.222 Exhibit 2 TOTALS IMEHD ONLY) 1993 1992 $ 2,956,987 S 2,880,133 1,036,948 313,909 161,132 82,953 675,771 338,897 188,229 173,038 6,644 5,647 585.901 582.940 S 5,611,612 S 4.377.517 $ 651,981 S 625,134 468,856 404,153 477,776 459,247 289,225 267,698 61,471 69,923 163,993 126,751 29,485 25,935 1,224,515 1,979,989 1,616,171 1,024,219 634.184 677.473 S 5,617.657 S 5.660,52? S 298,254 S 822,155 S (380.013) S (746,441) S 16,045) S(1,283,005) $ 539,037 S 539,037 S 891,187 263,535 S 31,654 295,189 1,109,281 S 1221.790) 141.745) (263.535) 1281.321) S (221.790) S 802.572 S 110.091) S 570.691 S 1.719.147 S 298,254 $ 600,365 $ 422,559 S (756,532) S 564,646 $ 436,142 1,337,798 1,580,956 2,503,752 391,763 5,814,269 5,373,127 5.000 1.636.052 S 2,181.321 S 2.926,311 $. (364.769) S 6.378.915 S 5.814,269 CITY OF MONTICELLO, 1DINRFSOTA Exhibit 3 COMBINED STATMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARRINGS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1993 and 1992 See accompanying Notes to Financial Statements. -5- PROPRIETARY FUND TYPES Enterprise Enterprise 1993 1992 Operating Revenues Charges for services S 684,256 S 606,608 Gross profit 344.136 348.151 Total Operating Revenues S 1.028.392 S 954.759 Operating Expenses Salaries and employee benefits S 245,388 S 228,241 Professional services 390,180 371,001 Supplies and materials 46,873 44,562 Repairs and maintenance 13,432 12,050 Utilities 49,805 48,943 Depreciation 520,289 511,182 Equipment rental 60,246 58,679 Other 64.963 58.889 Total Operating Expenses S 1.391.176 $ 1.333.547 Operating Income (Loss) S (362,784) $ (378.788) Non -Operating Revenues Interest income S 22,516 S 54,642 Other 49.780 40.244 Total Non -Operating Revenues S 72.296 S 94.886 Net Income (Loss) Before Operating Transfers S (290.488) $ (283,902) Operating transfers (out) (31.654) (720.417) Net Income (Loss) S (322,142) $ (1,004,319) Retained earnings at beginning of year 1,407,049 1,930,677 Add depreciation on contributed assets 495,737 485,691 Prior period adjustment (5000) Retained Earnings at End of Year $ 1.580.644 $ 1.407.049 Contributed capital at beginning of year S 9,052,270 S 9,293,624 Assets contributed during year 203,015 244,337 Depreciation -contributed assets (495,737) (485.691) Contributed Capital at End of Year 8.759.548 S 9.052.270 RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR $ 10.340.192 S 10.459.319 See accompanying Notes to Financial Statements. -5- CITY OF MONTICELLO, KUDM IOTA Exhibit 4 COMBINED STATEMENT OF CASH £TANS ALL PROPRIETARY PUNA TYPES For The Years Ended December 31, 1993 and 1992 PROPRIETARY FUND TYPES Enterprise Enterprise 1993 1992 Cash flows from operating activities. Net income (loss) before operating transfers 5 (290,488) S (283,902) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 520,289 511,182 Prior period adjustment (5,000) Changes in assets and liabilities (Increase) decrease in accounts receivable (28,340) 8,292 (Increase) decrease in NSF checks receivable 136 282 (Increase) decrease in inventory 683 32,594 (Increase) decrease in prepaid expenses (469) (874) (Increase) decrease in special assessments receivable - deferred 5,419 (11,405) (Increase) decrease in special assessments receivable - delinquent 1,480 782 Increase (decrease) in accounts payable 9,004 4,360 Increase (decrease) in accrued expenses 12,830 (8,044) Increase (decrease) in due to other funds 5,0W Increase (decrease) in deferred revenue (6.902) 10.623 Net Cash Provided by Operating Activities S 223.642 $ 263.890 Cash flows from investing activities, Capital expenditures Equipment S (4,785) Building and improvements (3,212) Transfers out S (31.654) 1720.417) Net Cash Provided (Used) in Investing Activities S (31.654) S (728.414) Net increase (decrease) in cash and cash equivalents S 191,988 S (464,524) Cash and cash equivalents at beginning of year 416.253 880.777 Cash and Cash Equivalents at End of Year S 608.241 S 416.253 Non -Cash Transactions: Contributed Assets Land, Buildings and Improvements S 203.015 S 244.337 Total Non -Cash Transactions S 203.015 S 244.337 See accompanying Notes to Pinancial Statements. -6- • See accompanying Notes to Financial Statements. MA CITY OF MONTICELLO, HINNESOTA Exhibit 5 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND 'TYPES For The Year Ended December 31, 1993 GENERAL FUND SPECIAL REVENUE FUND TYPES Variance Variance Favorable Favorable Budget Act+ial jUnfavorable) Budget Actual (Unfavorable) Revenues Taxes S 1,589,706 S 1,590,290 S 584 S 657,131 S 669,144 S 12,013 Special assessments 13,595 44,913 31,318 Licenses 67,450 161,132 93,682 Intergovernmental 229,629 282,649 53,020 32,530 328,076 295,546 Charges for services 98,000 121,451 23,451 28,500 66,778 38,278 Fines and forfeits 4,000 6,644 2,644 Hiscellaneous 121.650 207.470 85.820 59,095 84.287 25.192 Total Revenues S 2,110,435 S 2.369.636 S 259.201 S 790,851 S 1.193.198 S 402.347 Expenditures General government S 629,380 $ 637,226 S (7,846) S 29,950 S 14,755 S 15,195 Public safety 427,625 440,484 (12,859) 30,600 28,372 2,228 Public works 469,675 477,776 (8,101) Sanitation 323,425 289,225 34,200 Health and welfare 69,620 61,471 8,149 Parke and recreation 146,025 135,715 10,310 30,735 28,278 2,457 Community development 44,685 29,485 15,200 Capital projects 304,760 288,293 16,467 Debt service 36,223 11,345 24.878 Total Expenditures $_2,110,435 S 2,071.382 S 39.053 S 432.268 S 371.043 S 61.225 Excess of Revenues over Expenditures S 0 S 298.254 S 298.254 S 358,583 S 822,155 S 463.572 Other Financing Sources (Uses) Operating transfers in S 110,000 S (1101000) Operating transfers out (220,400} S (221,790} (1.390) Total Other Financing Sources (Uses) iy (110.400) S (221,790) S (111.390) Excess of Revenues and Other Sources over Expenditures and Other Uses S O $ 298,254 S 298.254 S 248.183 S 600,365 S 352.182 Fund balances at beginning of year 1.337,798 1,580,956 FUND BALANCES AT END OF YEAR $ 1.636.052 S 2,181,321 See accompanying Notes to Financial Statements. MA CITY OF MONTICELLO, HMM90TA NOTES To FINANCIAL STATEMENTS December 31, 1993 Note 1 Summary of Sianificant Accountino Policies The accounting policies of the City of Monticello, Hinnesota, conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies. A. Reportina 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, Minnesota --The School District is established in accordance with State statutes as a separate and distinct governmental unit. It has its own elected Board, levies its own taxes and prepares and submits financial statements on its own. c. Monticello Volunteer Fire Relief Association (Association) --The Association is organized as a non-profit organization by its members to provide pension and other benefits to such members in accordance with Minnesota statutes. The Association's Board of Directors is elected by the membership of the Association. All funding is obtained in accordance with Minnesota statutes whereby state aids flow to the Association and tax levies are determined by the Association and reviewed by the City. The Association pays benefits directly to its members. B. Basis of Presentation --Fund Accountinq The operations of the City are recorded in the following fund types and account groups- -8- CITY OF HONTICELID, HIMMSMA NOTES TO FINANCIAL STATEIfEiM December 31, 1993 Note 1 Summary of Sianificant Accountina Policies - Continued Governmental Fund Tvoes 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 Proiects 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 Woes 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 Woes Trust and Aqencv Funds --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 MONTICELLO, IQNNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 1 Summary of Sianificant Accountina Policies - Continued Account Grouos General Fixed Asset Account Group --This account group is used to account for all fixed assets of the City, other than those accounted for in proprietary and trust funds. General Lono-Term Debt Account Group --This account group is used to account for all long-term obligations of the City except those accounted for in proprietary and trust funds. C. Basis of Accountinq 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 he 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 50 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. Budaets and Budaetary Accountina The City follows these procedures in establishing the budgetary data reflected in the financial statements, a. Prior to September 1, the City administrator submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. -to- CITY of MONTICEIdD, M MMSOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 1 Susmary of Sianificant Accountinq Policies - Continued ' b. Public hearings are conducted to obtain taxpayer comments and the final tax levy and budget are adopted. I 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. Id. 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. IE. 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. SDecial 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 MDNTICEMO, KDWESUTA NOTES TO FINANCIAL STATEHEN15 December 31, 1443 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, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are not capital- ized. Such assets normally are immovable and of value only to the City. Therefore, the purpose of stewardship for capital expenditures is satisfied without recording these assets. Depreciation is not provided on general fixed assets. I. Property, Plant and 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 Pay City employees earn vacation days based upon the number of completed years of service. The City compensates employees for unused vacation upon termination of employment. Accordingly, the expenditure for 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 MDNTICEIM, KDOMSOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 1 Summary of Sionificant Accounting 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 Columns on Combined Statements Total columns on the combined statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns does not present financial position or results of operations in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. H. 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, 1993, are as follows, Debt Service Funds 1978 Sewer and Water Bond S 298,652 General Obligation Improvement Bonds of 1981 142,028 General Obligation Improvement Bond of 1979 255,324 General Obligation Improvement Bonds, Series 19908 90-425 S 786,429 -13- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEH NNTs December 31, 1993 Note 2 Stewardship. Compliance, and Accountabilitv - Continued A. Deficit Fund Balances - Continued Capital Project Funds Cardinal Hills III S 378,014 Meadow Oaks 6,656 Public Works Building Expansion 2,955 County Road 75 909 1993 Storm Sewer 463 Hart Boulevard Storm Sewer 167,820 Monticello Ford Storm Sewer 36,070 Pathway Project 2,335 WWTP Expansion Project 3.113 S 598.335 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 Budaet Expenditures Over Expenditures Budaet Budget Sewer Fund S 800,599 S 776,580 $ 24,019 Water Fund 318,382 313,700 4,682 Housing and Redevelopment Authority 67,525 47,923 19,602 Urban Development Action Grant 12,831 11,525 1,306 Economic Development Authority 20,796 15,985 4,811 Water Improvement 25,904 14,400 11,504 Sewer Improvement 18,318 8,250 10,068 Liquor Fund 209,521 205,235 4,286 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, -14- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMF•2F1'S December 31, 1993 Note 3 Cash and Investments - Continued A. Deposits - Minnesota statutes require that all deposits with financial institutions must be collateralized in an amount equal to 110% of deposits in excess of FDIC or FSLIC insurance 1140% if collateralized with notes secured by first mortgages). The carrying amount of the City's deposits with financial institutions was $3,182,632 and the bank balance was 53,433,007. The bank balance is categorized as follows. Insured by FDIC or FSLIC insurance $ 1,456,798 Covered by collateral assigned to City and not redeposited in the financial institution furnishing the collateral 1,942,591 Not covered by collateral 33.618 Total Bank Balance S 3.433,007 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 Merrill Lynch Money Market 1 $ 430 S 430 Minnesota Municipal Money Market Fund 378,497 378,497 American Express Daily Dividend 1 68,834 68,834 Minnesota Municipal Bonds 1 200,313 200,313 U.S. Securities 1 1,642,893 1,693,529 Government Securities Funds 1.017.881 1.071.654 Total Investments S 3.3O8.B48 S 3.413.257 CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEHMM December 31, 1993 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 1 and are recorded as receivables by the City at that date. Real property taxes may be paid by taxpayers in two equal installments on Hay 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other taxing districts three times a year. Taxes which remain unpaid at December 31, are classified as delinquent and are not recognized as revenue because they are not known to be available to finance current expenditures. No allowance for uncollectible taxes has been provided because such amounts are not expected to he material. Note 5 General Fixed Assets General fixed assets as of December 31, 1993, are as follows, Beginning Ending Balance Additions Balance Land $ 943,059 S 115,064 S 1,058,123 Buildings 1,902,963 59,873 1,962,836 Equipment 1,450,717 26,488 1,477,205 Other Improvements 6,372.298 31.686 6.403.984 Total S 10.669.037 S 233.111 S 10.902.148 Note 6 Pension Plans A. Defined Benefit Pension Plans - Statewide Plan Description All full-time and certain part-time employees of the City of Monticello are covered by defined benefit pension plans adminis- tered by the Public Employees Retirement Association of Minnesota (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. -16- CITY OF MONTICELLO, HIKNL-OTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 6 Pension Plans - Continued PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social Security and Basic members are not. All new members must participate in the Coordinated Plan. The payroll for employees covered by PERF for the year ended December 31, 1993, was $603,561; the City's total payroll was $851,145. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for Coordinated and Basic members. The retiring member receives the higher of step -rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members. For PEPFF members, the annuity accrual rate is 2.5 percent for each 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. 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 Required and Contributions Made Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes annual contributions to the pension plans equal to the amount required by state statutes. According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the PERF and the PEPFF is the -17- CITY OF MNTICMW, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 6 Pension Plans - Continued 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 followse Statutory Rates Required Employee Employer Rates PERF (Basic & Coordinated Plans) 4.39% 4.67% 9.95% PEPFF 8.0016 12.00% 18.601% Total contributions made by the City during fiscal year 1993 were. Percentage of Amounts Covered Pavroli Employee Employer Employee Employer PERF S 25,529 S 27,038 4.23% 4.48% The City's contribution for the year ended December 31, 1993, 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, 1993. Fundina Status and Progress 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. -18- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 6 Pension Plans - Continued The pension benefit obligations as of June 30, 1993, are shown below (in thousands)s PERF PEPFF Total pension benefit obligation S 5,163,766 $ 932,333 Net assets available for benefits, at cost (Market Values for PERF - $4,068,082; PEPFF - $1,012,812) 4.304.163 1.090.857 Unfunded (assets in excess of) pension benefit obligation S 859.603 S (158.524) The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1993. Net assets available to pay pension benefits were valued as of June 30, 1993. Chanqes in Benefit Provisions Three bills enacted during the 1993 legislative session improved benefits for many members without a material effect on the pension benefit obligation in the PERF or the PEPFF. The early retirement incentive bill permitted a public employer to offer PERA's Basic and Coordinated members an increase of one-fourth percent (.25t) in the formula multiplier for each year of service, up to the first 30 years, or health insurance coverage to age 65. Also, the survivor protection bill provided benefits to either a surviving spouse or children of PERF Coordinated Plan members who die before age 50. Lastly, the Police and Fire benefit increase bill, which became effective July 1, 1993, permanently increased the PEPFF formula multiplier from 2.5 percent to 2.65 percent of an individual's average salary over the five highest consecutive years of earnings. 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, 1993, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. -19- CITY OF MONTICELLO, iDWISOTA NOTES TO FINANCIAL STATEKE S December 31, 1993 Note 6 Pension Plans - Continued B. City of Monticello Fire Relief Association Plan Description The City contributes to the City of Monticello Fire Relief Association (Association), a single employer retirement system that acts as a common investment manager and administrator for the City's firefighters. All active members of the fire department are members of the Association. Upon approval by the Board of Trustees, lump sum retirement benefits are either paid or deferred as follows. (a) Benefits accrue and vest to members based on $1,225 per year of active service in the fire department and Association with 1001 vesting at twenty years. (b) There is no maximum retirement benefit. (c) Members retiring with less than ten years of service forfeit their accrued benefits. (d) Members who separate from service and have at least ten years of active service and membership but are less than 50 years of age are entitled to a deferred service pension payable upon reaching the age of 50. The Association also provides death benefits, whereby upon approval of application, the beneficiaries of each deceased active member would receive $1,225 per year of service. The City passes through state aids allocated to the plan in accordance with enabling state statutes. Related Party Investments During 1993 and as of December 31, 1993, 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. -20- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMNTB December 31, 1993 Note 6 Pension Plans - Continued Contributions Reauired and Made Prior to August 1 of each year, the Association must certify to the P 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. I_ The City made no contributions to the Association in 1993. t Ten -Year Historical Trend Information Ten-year historical trend information related to the pension plan is not maintained by the Association. Note 7 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. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants' rights under the pian 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. y The Plan is entirely funded by contributions from electing employees. No contribution is provided by the City. -21- CITY OF HDNTICEWA, MINNESOTA NOTES To FINANCIAL STATEMENTS December 31, 1993 Note 7 Deferred Compensation - Continued Assets are held in the various investment funds of the plan. They consist of the following as of December 31, 19930 Growth Stock Fund S 65,641 Asset Allocation Fund 28,107 Guaranteed Fund 24,533 Guaranteed Plus Fund 65,417 Index Fund 2,183 Bond Fund 9,003 Cash Management Fund 1,808 Flexible Annuity 9,029 Total S 205,721 Note 8 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. Note 9 Chanqes in Lonq-Term Debt The following is a summary of long-term debt transactions for the year ended December 31, 19930 Payable Payable Beginning End of Year Additions Payments of Year General obligation bonds Special assessment debt with governmental commitments General obligation tax increment bonds TOTAL S 2,390,000 S 535,000 S 690,000 S 2,235,000 4,850,000 735,000 4,115,000 2.060,000 180.000 1.880.000 S 9,300.000 S 535,000 $ 1.605.000 S 8,230,W0 -22- CITY OF M0NTICELLO, 1D 1NES0TA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 9 Chances in Lono-Term Debt - Continued Bonds and notes payable at December 31, 1993, are comprised of the following individual issues, Initial Average Amount Maturity Interest Outstanding Description Issued Date Rate Principal 1986 Sewer Interceptor Improvement Bonds 1,050,000 Feb., 2002 6.7294% $ 785,000 19888 Improvement Bonds 1,100,000 Feb., 2004 6.9943% 915,000 1993A Refunding Bonds 535,000 Feb., 1997 3.96731 535.000 Total General Obligation Bonds S 2.235.000 General Obligation Tax Outstanding Increment Bonds, Principal 1984 Tax Increment Bonds S 155,000 Feb., 1994 8.3861% S 25,000 1985 Tax Increment Bonds 350,000 Feb., 2006 8.2893% 300,000 1987A Tax Increment Bonds 365,000 Feb., 1999 7.1477% 240,000 1987B Tax Increment Bonds 155,000 Feb., 1997 8.7999% 90,000 1989A Tax Increment Bonds 260,000 Feb., 2007 8.8708% 250,000 1990A Tax Increment Bonds 560,000 Feb., 2000 6.5603% 505,000 1990D Tax Increment Bonds 305,000 Feb., 2000 8.9928% 275,000 1992 Tax Increment Bonds 120,000 Feb., 2002 6.5% 120,000 1992D Tax Increment Bonds 75,000 Feb., 2002 6. 51k 75.000 Total General Obligation Tax Increment Bonds S 1.880.000 -23- CITY OF MDNTICELID, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 9 Chances in Lona -Term Debt - Continued Special Assessments Bonds: 1977 Sewer, Water and Street Bonds 3,470,000 Feb., 1999 5.21% S 375,000 1986 Improvement Bonds 385,000 Feb., 2002 7.4850% 280,000 1988A Improvement Bonds 1,625,000 Feb., 2004 7.25321 1,335,000 1989B Improvement Bonds 245,000 Feb., 2000 6.6118% 185,000 1990B Improvement Bonds 730,000 Feb., 2001 6.614353% 565,000 1990C Improvement Bonds 250,000 Feb., 2002 6.75062% 230,000 ' 1991A Improvement Bonds 515,000 Feb., 1999 5.7265% 440,000 = 1992A Improvement Bonds 705,000 Feb., 2003 5.2525% 705.000 Total Special = Assessment Bonds S 4.115.000 Z, The annual requirements to amortize all long-term debt outstanding as of December 31, 1993, including interest of $2,825,203 are as follows Year 1994 $ 1,388,734 - 1995 1,511,373 1996 1,351,302 1997 1,292,920 1998 1,140,175 - 1999 and thereafter 4.370.799 S 11.055.303 - The legal debt margin of the City is approximately $6,622,799. In January, 1994 a crossover refunding bond was issued to retire the 1988A issue. - Note 10 Interfund Receivables and Pavables General Fund - Due from HRA Fund S 107,728 Capital Outlay Revolving - Due from _- HRA Fund 16,000 -_ Economic Development Authority - Due from -_ Urban Development Action Grant 42,500 _ Economic Development Authority - Due from _ Liquor Fund 115.000 S 281.228 -24- CITY OF IONTICEIdD, KDDIESCITA ROTES TO FINANCIAL STATEWTS December 31, 1993 Note 11 Fund Equity The following fund balances have been designated or reserved as of December 31, 19931 Special Revenue Funds Urban Development Action Grant Reserved for noncurrent loans receivable S 140,961 Economic Development Authority Reserved for noncurrent loans receivable 291,442 Capital Outlay Revolving Reserved for fixed assets held for resale 188,825 Debt Service Funds Future debt retirement 2,926,311 Capital Projects Funds Future capital expenditures (364,769) General Fund Designated for working capital 1,201,492 Designated for contingencies 240,298 Note 12 Tax Increment Finance Districts Metcalf - late of District Isar[ 1-1 Larson 12 131 13 111 14 Coast. S IS Raindance 16 IA0C0 11 Iconosic Icoossic Icoanic Iconosic Type of District! Re0eeelopsent Rederelopaest 0nelopsent DeseInlect ledeTeloaleat Redeeelopsent Oeselopseat Teat Istablishedl 1991 1983 1911 1984 1981 1985 1987 Base Tat Capacity S 1,173 S 10,689 S 31136 S In S 21239 S IBS $ 3,111 Current gas Capacity 129,741 51,111 51,951 22,491 69,113 61,115 38,618 Captured Tat Capacity 126,511 41,121 51,911 11,706 66,171 61,266 35,317 Retained By Authority II6,S71 41,321 51,911 21,706 66,171 61,261 35,317 Shared with Other Taring Districts 4- -0- •1• -0- •0- A• + Total Bonds Issued 561,011 261,001 IS5,111 365,411 351,000 155,011 Total Loans Incurred 32,111 191,55/ lsounts ledeesed 55,010 42,110 131,111 13,821 125,111 51,81/ 65,011 Outstanding Bonds and Loans 12.31-93 515,111 250,010 25,111 117,729 211,111 311,111 91,111 -25- CITY OF ICONTICELLO, KDWESOTA NOTES TO FINANCIAL. STATEMENTS December 31, 1993 Note 12 Tax Increment Finance Districts - Continued tale of District ISPI IB rapper 19 Bristle fit little III Aroplat 112 Suburban III Std. Iron 11) Colt. Caa. IIS lc000aic tc000aic lconosic tc000sic teosaaic tconoaic teonotic Icososic Type of District ere o soot ledyelopsent pefelopotat Developlent ledevelopseot Develoosett Developsent Develooseat fear letabliabed, 1989 1990 1990 1991 1991 1992 1993 1991 Base fat Capacity S 11516 S 11832 $ 21118 S 307 f 11161 $ 51 S 21185 $ 1,112 Current gat Capacity 7,311 32,910 15,729 3,811 21,257 12,201 2,185 1,112 Captured fee Capacity 5,791 71,168 13,611 3,511 23,193 12,119 S 198.119 Total Arsetr6 Retained 81 Aatbotity 5,791 31,168 13,611 3,501 23,193 12,119 Total tgaity6 1( . 61.1611 Sbared vitb Otber 1 517,412 S ILSIS 11 111 192 Taring Districts -1• •0• 4• A -0• A• 1• •1• Total Bonds Issued 11/,091 16S,10o 121,111 15,006 4 - total Loans Incurred 23,110 Wants ledeesed 7,111 15,009 IS,119 Outstanding Bonds sod Loans 12.31.93 16,111 125,060 IS1,190 1 120,188 15,001 •1- + Note 13 8taaeat Inforastion 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, 1993, is as follows. Trans- Total $ever Vater Liquor partition Proprietary lead food load land foods 0 erati0 rereoato S 195,193 S 163,899 S 111,116 S 25,161 $ 1,028,392 sod asortitatioa 516112111 (156,119) (191,9111 (61,6115 (811,0811 Depreciation and aaortitatiop11 39,7121 m2,333) 118,514 1521,289 Operating iocoae (lora) S 5315,1061 S 5151,1835 S 111,615 S (37,511) S (362,781) Otber revenuer 6.181 1,292 11,111 11,819 12,196 let iocoae (lost)!i S 99.3151 S iise.1911 3 151 ,659 S 1,369 S 1298,188) Capital contributionsIS 26,111 L-16-14 191 /15 let lortisg capitalis 61,1111S 36,156 3 412,118 S 11,515 S 198.119 Total Arsetr6 if , 86.1111 IS . 15,139 S 719,145 11 ,551 II 111 5I8 Total tgaity6 1( . 61.1611 9S 16,115 1 517,412 S ILSIS 11 111 192 -26- NCITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Note 14 Lona -Term Receivables A long-term receivable of $147,658 is shorn in the Urban Development Action Grant Fund. This receivable resulted from an economic development grant that the City received in the amount of $243,500. The City loaned 5235,315 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 Monticello Enterprise Fund, a revolving loan fund, was established for the purpose of supplementing conventional financing sources for existing and new businesses within Monticello. To date, six commercial projects have utilized the funding. The CHEF loaned S88,000 to a local industrial business in July of 1990. The loan requires monthly payments of $736.07 including interest at 82 through July 13, 1997, at which time the remaining balance shall be fully due and payable. At December 31, 1993, the balance was $23,161. In October of 1990, a loan of $50,000 was made to a local commercial business. The loan requires monthly payments of $418.22 including interest at 81 through November 1, 1995, at which time the entire remaining balance shall be fully due and payable. At December 31, 1993, the balance was $46,451. In November of 1992, the GMEF loaned $85,000 to finance a commercial project. The loan requires monthly payments of $1,241.73 including interest at 61 through November of 1999. At December 31, 1993, the balance was $73,829. In October of 1992, a loan of $50,000 was made to a local business. The loan requires monthly payments of $316.32 including interest at 4.51 through November of 2012. At December 31, 1993, the balance was $48,287. In April, 1993, the GMEF loaned $42,500 to a local business. The loan requires monthly payments of S270.03 including interest at 4.51 through May 1, 1997, at which time the entire remaining balance shall be fully due and payable. At December 31, 1993 the balance was 541,740. During 1993 a loan of $145,910 was made to a local commercial business. The total approved amount of the loan is $170,000 with the remaining balance of $24,090 to be distributed in the future. The loan requires monthly payments of $2,483.45 including interest at 6.01 through November 1, 1995. At December 31, 1993, the balance was $123,567. In lieu of Local Government Aid the city lost due to loans to businesses, the city is charging these businesses $34,575, which will be received over the next nine years. The receivable requires two yearly payments of $2,946.91 including interest at 8.01 through May, 2001. At December 31, 1993 the balance was 530,891.20. -27- CITY OF MONTICELLO, MINNESOTA Statement A-1 GENERAL FUND STATEMENT OF REVENUES, EXMWITURFS AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 Revenues General property taxes Licenses, fees and permits Fines and penalties Animal impoundment fees Intergovernmental Revenue HACA Fire department aid Police aid State highway aid Recycling incentive Other grants Deputy registrar fees Other Income Recycling income Interest income Rents Miscellaneous income Refunds and reimbursements Township contract Total Revenues Exaenditures Mayor and Council Salaries Other Total Administration Salaries and employee benefits Supplies Other Total Finance Salaries and employee benefits Other Total Computer Audit 1993 1992 Budget Actual Actual S 1,589,706 S 1,590,290 S 1,369,369 67,450 161,130 82,953 4,000 6,644 5,647 18,000 24,910 28,228 169,254 169,254 122,013 32,125 29,382 29,086 19,500 20,774 19,843 40,676 40,832 5,000 19,606 5,606 3,750 2,957 8,638 80,000 96,541 83,404 6,000 14,638 6,114 43,000 59,350 63,430 9,828 1,201 6,650 22,491 15,096 11,000 46,775 23,785 55.000 54.390 65.548 S 2.110,435 S 2.369.636 S 1,970,793 S 12,375 S 12,360 S 12,360 5,900 5,114 4.812 S 18.275 S 17,474 S 17.172 S 157,410 S 161,089 $ 173,320 8,650 8,834 12,211 26.650 26,696 34.867 S 192,710 S 196,619 S 220.398 S 84,420 S 79,385 S 62,856 1.700 2.145 2.019 S 86,120 S 81,530 S 64.875 S 26,210 S 21.538 S 30.243 S 13,000 S 10.750 S 10,825 -28- CITY OF MWTICELLD, HINNESOTA Statement A-1 (Continued) GENERAL. FUND STATEMENT OF REVENUES, cArrauw&.vnra AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 Exoenditures - Continued Legal Insurance Planning and Zoning Salaries and employee benefits Professional services Other Total Deputy Registrar Salaries and employee benefits Other Total City Hall Salaries and employee benefits Utilities Capital outlay Other Total Law Enforcement Fire Department Salaries and retirement benefits Capital outlay Other Total Civil Defense Salaries and employee benefits Other Total Animal Control Public Works - Administration and Engineering Salaries and employee benefits Professional services Other Total -29- 1993 1992 Budget Actual Actual S 24,175 S 24.001 S 18.017 S 62.975 $ 54.133 S 54.600 S 30,050 S 30,142 S 23,581 12,000 8,702 5,663 2,900 3.290 2.521 S 44.950 S 42.134 S 31.765 $ 64,185 $ ,0,001 S 60,849 2,400 1.669 1.918 S 66,585 S 71.670 S 62.767 $ 4,240 $ 7,114 S 10,284 12,400 10,446 11,899 7,620 4,024 16,70@ 15.012 15,732 S 40,960 S 36.596 S 37,915 S 261.525 SS 261,516 S 190.346 S 59,835 $ 62,133 $ 59,644 11,430 10,940 23,475 47.350 56.506 52,592 S 118,615 S 129.579 S 135,711 S 6,660 S 6,468 $ 6,355 825 2.525 329 S 7,485 S 8.993 $ 6.684 S 40,000 S 40.396 S 43.047 S 87,910 S 59,328 S 56,984 16,000 36,338 24,664 4,225 11,708 3,512 S 108,135 S 107,374 S 85.160 CITY OF HON 10EULO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVMMS, EXPENDITURES AND CHANCES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 1993 1992 Budoet Actual Actual Expenditures - Continued Public Works - Streets and Alleys Salaries and employee benefits $ 115,680 $ 124,667 $ 132,652 Supplies 46,850 35,030 49,600 Capital outlay 54,000 59,071 43,307 Other 8.225 5.268 5.§37 Total S 224.955 S 224.036 S 231.396 Public Works - Snow and Ice Salaries and employee benefits S 3,385 S 3,050 S 2,176 Other 11.500 15.355 8.253 ■ Total S 14.685 S 18.405 S 10.429 Public Works - Inspections S 34.450 S 36.982 S 33.876 ■■■■ ■ C Public Works - Street Lighting S 46.350 S 59.080 S 49.086 Public Works - Public Parking Lot S $ 1,106 $ 11188 Public Works - Shop and Garage S 40.900 S 30.793 S 48.112 ■ Refuse Collection S 323.425 § 289.225 S 267.698 i■ Senior Citizens/Museum Salaries and employee benefits S 1,620 S 1,356 $ 6,947 Other 36,300 35.115 38.476 Total S 37.920 S 36.471 S 45.423 YMCA/Community Education S 25.000 ,S 25.000 S 24.500 Parks and Recreation/Cemetery r Salaries and employee benefits $ 101,150 S 89,944 S 52,955 ■■ Capital outlay 19,000 5,553 14,734 Other 25.875 40.418 31.§07 Total S 146.025 S 135.7115 S 99.496 Community Development S 44.685 $ 29.485 S 25.935 i Building Official - Inspections S 41.690 $ 54.529 S 35.980 ti 1 Severance Benefits S 5.500 S 12.997 S 4.211 -30- CITY OF MONPICELLO, KDW&OTA 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, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 -31- 1993 1992 Actual Actual $ 2,415 S 6,343 10.840 11.792 S 13.255 S 18.135 S 2.071.382 S 1.904.990 S 298,254 S 65,803 1.337.798 1.271.995 1.636.052 S 1.337.798 Budget Exvenditures - Continued Assessment Salaries and employee benefits S 2,530 Other 10.400 Total ,S 12.930 Total Expenditures S 2.110.435 Excess of Revenues over Expenditures S 0 Fund Balance at Beginning of Year FUND BALANCE AT END OF YEAR -31- 1993 1992 Actual Actual $ 2,415 S 6,343 10.840 11.792 S 13.255 S 18.135 S 2.071.382 S 1.904.990 S 298,254 S 65,803 1.337.798 1.271.995 1.636.052 S 1.337.798 CITY OF IONTICELLO, MINNESOTA SPECIAL. REVENUE FUNDS COMBINING BALANCE SHCET December 31, 1993 With Comparative Totals at December 31, 1992 AS56TS Cash aid iovestsents leceivibles Special auessitate - deterred Special Inteesests - delinquent Accounts jolt of altimeter for estiaited oncollectibleil Die from other fundi prepaid eipeases Lead held for resale Loup -term receivable TOTAL ASSBTS LIABILITIES AID FORD BALAICBS Liabilities Accounts payable i contracts payable Accrued reptiles Die to other foods Deterred revenue Total Liabilities Fund balancer Reserved for noncurrent loans receivable Reserved tot tired assets held for resale Unreserved - iodesignated Total food Silences TOTAL LIABILITIIS AID FUID SALAICES Statement B-1 Capital S 258 botalaq led Urban Bcoioeic later Bever lc000sic 171 Sheds Orderly Outlay S61 ledivelopmtot Developait Development improve- Improve- Recovery TOTALS 21 Ii to aooetatW levolvini LibraryAuthority 211,121 Action Groat Authority ventem 6t rant99� 1 313.196 99! 2 1 11016 $ 6,911 $ 119,117 S 4,195 S 111,125 1 136,691 S 111335 S 111,212 1 52,961 S 32,983 61,118,015 S 991,638 193,929 188, 825 188, 825 117,341 S 6,728 151.963 S 1.918 1 281.898 91.191 221.835 191,929 223,181 2,192 S 6.128 643,718 8 4,973 S 281.891 1 2)S.ISISS 19.211 S 149,618 1 65.999 8 156.551 1,181,1211 SS 81.956 21192 1,718 112 154 11,111 118 65 2,116 13,132 31,391 25,193 16,111 IS1,5/l 113,5/1 218,111 135 23S 271 188,825 188,825 188,825 111.961 291.112 123,561 $55.911 126.118 111 )58 S 6.128BS SS•161 S 1.918 S 111.191 211 652 519 217 19 618 S65.999 S 1S6,SS12 SS 61.1112 IS . 16.619 9 11 S 258 S 5,110 1 5,275 S 23,418 171 112 S61 123,118 S It,S01 166,228 226,111 21 Ii 211,121 211.811 11 1 211,679 S 128.911 3 12.501 1 313.196 1 195.68) 8 111,961 1 291,112 1 123,561 $ 555,971 $ 126,261 1 188,825 188, 825 188, 825 117,341 S 6,728 151.963 S 1.918 1 281.898 91.191 221.835 6 119.618 1 65,999 32.913 1./16.526 965.865 Ill 311 S 6.128 643,718 8 4,973 S 281.891 1 2)S.ISISS 19.211 S 149,618 1 65.999 8 156.551 1,181,1211 SS 81.956 151 358 S 6.128 LAKS 161 S 1.718 i 111.191 S—Ell LIU 117 LA 618 S 65.999 S IS6.SS1 51 2 116 639 —32— CITY OF IDNTICELW, B@OiE WA SPECIAL REVENUE FUN23S COEBINING STATMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1993 With Comparative Totals For The Year December 31, 1992 Statement B-2 Siris (Deficiency) of Revenues over Srpeoditara $ 15,784 S 2,24S $ 284,148 S 1,819 S 722,134 S 12,831 S 20,196 $ 25,914 $ 18,312 S 7561118 $ 822,155 S 378,167 Other fiaanelao sources fuln) Proceeds frog bonds 195,441 Optritiog transfers in (*at) 5241.7909 21.000LLL .7902 1211,321 Access (Deficitocy) of Assesses aid orbit Sources over Ispendiares lad Other uses S 15,184 $ 2,21S 1 244,340 $ 3,111 1 80,240 1 12,831 S 21,191 1 25,904 S 36,312 S 151,130 S 601,344 $ 291,422 land balances at btgiaisg of year 101,557 1,523 399,448 1,119 283,646 222,321 498,411 121,114 21,681 426 I,581,956 1,284,134 Prior period adjostaeat 5.100 full BMICBS At AAD Of HAD 1 117,341 L 1.7266f 07,118 L 4_971 S 2$1,891 23 IS L-5-1-91-77 104 6l 6 999 lS6 SO L.1,11-1321 UAH 956 -33- Capital lousing and urba Sc000aic liter Sevtr Scaaoaic Shade Orderly Oatlay ledteelopstat 8titlopaeat Otitiopseot laprove- Isproat- Rowell tOTA1S vee Inflation levolliag library Authority Utiol Grate, Authority list Beat Clint 9I l _ 1991 presents Tells S 21,971 S 11,181 S 219,516 I 27,322 8 372,811 $ 6691116 1 614,153 latergoreraaental 2,336 2,911 172,912 2,9f1 1,128 1 115,911 328,116 19,718 Charges for services 1,751 9,118 $ 2/,tU $ 35,211 66,178 611416 lisctllaotaas 1,613 1,825 1,85S lsterest 4,255 293 11,711 15,591 S S 21,996 5,172 1,391 11,211 82,162 71,431 Colltctioas so assaatats 227 16.631 12.131 22 24 44.911 41.885 total keveaea S 3A 539 S 71.577IS 51.915 1 32,091 S 389.SS9 1 12,831 S 20,991 _ S 25,911 S 16,6311 56,131 S 1,193,198 824,158 leoaditarts Public safety $ 18,312 1 28,312 S 21,365 Parka t4d wrestles S 28,271 28,218 21,25S Geaeral goverssat S 14,7SS 14,755 11,231 Debt servict $ 11,345 11,345 35,169 Capital projects 8 213,51556,181 S 211 3 16,310 288.293 336.895 total lipeeditorts S 11.155 S 213725 13.595 1 14,213 S 67,525 S 211 S 19,119 5 171 14341 1S.9SS Siris (Deficiency) of Revenues over Srpeoditara $ 15,784 S 2,24S $ 284,148 S 1,819 S 722,134 S 12,831 S 20,196 $ 25,914 $ 18,312 S 7561118 $ 822,155 S 378,167 Other fiaanelao sources fuln) Proceeds frog bonds 195,441 Optritiog transfers in (*at) 5241.7909 21.000LLL .7902 1211,321 Access (Deficitocy) of Assesses aid orbit Sources over Ispendiares lad Other uses S 15,184 $ 2,21S 1 244,340 $ 3,111 1 80,240 1 12,831 S 21,191 1 25,904 S 36,312 S 151,130 S 601,344 $ 291,422 land balances at btgiaisg of year 101,557 1,523 399,448 1,119 283,646 222,321 498,411 121,114 21,681 426 I,581,956 1,284,134 Prior period adjostaeat 5.100 full BMICBS At AAD Of HAD 1 117,341 L 1.7266f 07,118 L 4_971 S 2$1,891 23 IS L-5-1-91-77 104 6l 6 999 lS6 SO L.1,11-1321 UAH 956 -33- CITY OF HONfICELLO, MZINESOTA Statement B-3 SHADE TREE FUND STATOM OF REVENUES, EXPENDITURES AND CHANGES IN FUND BA MCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 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 w 1993 1992 Budget Actual Actual S 21,894 S 21,971 S 25,034 227 792 2,306 2,336 2,267 2,500 1,750 3,650 3,250 4,255 5,075 330 S 29.950 S 30.539 S 37.148 $ 15,700 S 4,698 S 7,874 12,000 9,055 850 236 379 400 259 436 1.000 9.562 487 S 29.950 S 14.755 S 18.231 S 0 S 15,784 $ 18,917 101.557 82.640 S 117.341 $_ 101.557 CITY OF MONTICELLO, MINNESOTA Statement B-4 ORDERLY ANNEXATION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET IGAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 Revenues Property taxes Intergovernmental Interest income Total Revenues Expenditures Salaries - board members and secretary Other Aid to other governments Total Expenditures Excess of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE ■ Y -35- 1993 1992 Budget Actual Actual S 27,363 S 27,384 $ 27,958 3,162 2,900 2,715 75 293 389 S 30.600 S 30.577 S 31,062 S 1,400 S 810 $ 810 1,700 62 55 27,500 27,500 27.500 S 30,600 S 28.372 S 28,365 5 0 S 2,205 $ 2,697 4.523 1,826 S 6.728 1__.# .523 CITY OF MONTICELLO, MINNESOTA Statement B-5 CAPITAL OUTLAY REVOLVING FUND STATElM OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 Revenues Property taxes Intergovernmental Interest income Collections on assessments Charges for services Total Revenues Expenditures Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Transfers out Excess (Deficiency) of Revenues over Expenditures and Other Financing Sources (Uses) Beginning fund balance ENDING FUND BALANCE -36- 1993 1992 Budget Actual Actual S 220,015 $ 219,576 S 174,735 23,086 172,902 21,158 8,000 11,711 13,854 13,595 44,638 40,626 9.108 2.681 $ 264,696 S 457,935 $ 253,054 274.200 213.595 108.383 S (9,504) $ 244,340 $ 144,671 (172.171) S (9.504) $ 244,340 S (27,500) 399.448 426.948 S 643.788 S 399.448 CITY OF MONTICELLO, MINNESOTA Statement B-6 LIBRARY FUND STATEIMNT OF REVENUES, ERPEI rMRFS AND CHANGES IN FUND BALANCE - BUDGEf (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts for The Year landed December 31, 1992 Revenues Property taxes Intergovernmental Other revenue Total Revenues Expenditures Salaries and employee benefits Supplies Professional services Utilities Insurance Repairs and maintenance Other Interest Capital outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -37- 1993 1992 Budaet Actual Actual S 27,372 $ 27,372 S 26,716 2,863 2,900 2,479 500 1,825 1,525 S 30,735 S 32,097 S 30.720 S 4,240 S 5,951 S 6,238 2,300 1,274 1,670 7,675 7,747 7,595 7,500 9,167 7,361 1,570 1,340 1,487 3,500 2,119 1,632 1,350 606 548 74 366 2,600 35B S 30,735 S 28,278 S 27,255 S 0 S 3,819 S 3,465 1,159 12,306) S 4,978 S 1,159 CITY OF NORTICEIM, KDOWSOTA Statement B-7 HOUSING AND REDEVELDPHENT AUTHORITY FUND STATEMENT OF REVENUES, EVENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Actual Amounts For The Year Ended December 31, 1992 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 Financing 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 1993 1992 Budqet Actual Actual S 360,487 S 372,841 S 360,310 1,113 1,128 1,109 1;,.000 15.590 15.455 S 373.600 S 389.559 S 376.874 $ 20,375 $ 134,200 S 2,500 26,725 30,680 121,855 11,345 15,950 23,368 19,219 9.200 9.080 8.589 S 47.923 S 67.525 S 208.638 S 325.677 S 322.034 S 168.236 $ 195,000 S {220.400} S (241.790} X224.150} S (220,400) S (241,790) S (29,150) S 105.277 S 80,244 $ 139,086 201,646 62.560 S 281.B90 S 201.646 21-2 CITY OF HONTICEIJ , HINM SOTA Statement 6-8 URBAN DVMDPMM ACTION GRANT FUND STATEHENT OF REVENUES, ESPENDIMM AND CHANGES Del FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 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 1993 1992 Budaet Actual Actual S 11.525 S 12.831 S 17.031 S 11.525 $ 12,831 $ 17,031 (20,000) S 11,525 $ 12,831 S (2,969) 220,290 222,321 5.000 S 235,152 S 222.321 -39- CITY OF MDNTIM.14, NSHNNESOTA Statement B-9 ECONOMIC DEVELOPMENT AUTHORITY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Revenues Interest income Expenditures 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 1993 1992 Budaet Actual Actual S 18,345 S 20,996 $ 13,908 2.360 200 1.128 $ 15,985 S 20,796 S 12,780 110.000 135.000 S 125.985 S 20,796 S 147,780 498.481 350.701 S 519.277 S 498.481 -40- CITY OF HONTIM,I , MINNESOTA Statement B-10 WATER IMPROVEHENT FUND STATEMENT OF REVENUES, EVENDITURFS AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Revenues 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- 1993 1992 Budget Actual Actual S 22 S 204 $ 10,000 20,710 22,090 4.400 5.172 6.744 S 14,400 $ 25,904 S 29,038 8.250 17.533 S 6.150 $ 25,904 S 11,505 123.714 112.209 S 149.618 S 123.714 CITY OF MNTICELIO, MINNESOTA Statement 8-11 SEWER IMPROVEMENT FUND STATEHENT OF REVENUES, ESPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Revenues Collection on assessments Hook-up fees Interest Total Revenues Exaenditures Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financinq Sources Transfers in Excess of Revenues and Other Sources over Expenditures Beginning fund balance ENDING FUND BALANCE Qic 1993 1992 Budget Actual Actual S 26 $ 263 S 16,000 35,210 32,985 1.000 1.396 1.555 S 17,000 S 36,630 S 34,803 8.250 18.318 36,382 S 8,750 $ 18,312 S (1,579) 20.000 S 38,312 27.687 29.266 S 65,999 S 27.687 CITY OF MONTICELLO, K(NNESOTA Statement B-12 ECOHOKIC RECOVERY GRANT FUND STATEMM OF REVENUES, neswwasuaw AND CHANGES IN FUND BALANCE - BUDGET (GARP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 1 Revenues Intergovernmental Interest Excess of Revenues over Expenditures Beginning fund balance r ENDING FUND BALANCE ■ 1993 1992 Budget &ctua Actual S 0 S 145,910 ,S� S 10.220 S 420 S 0 S 156,130 420 420 0 S 156.550 S 420 -43- a ASSETS Cash and loveoteents Dat leas other gavernseatul Unita Special Asetissents Deferred Deliagaeot TOTAL ASSBTS UIBILIIIBS AID 1UID BA6UBCIS Liabilities Cash deficit Deferre9 revenue Total Liabilities fund Ball3ces Reserved for debt services TOTAL W HILI116S AID IDBD 811ARC6$ CITY OF MONTICELI.O, MINNESOTA DEBT SERVICE FUNDS COMBINING BALANCE SHEET December 31, 1993 With Comparative Totals at December 31, 1992 General General General Obligation Central General ObEgIUon Obligation Library Obligation Obligatioo Lire Bull Sever laildiag tat loetastat III Lacresent Coastractioa Interceptor Bond$ of 1981 Bond$ of 1988 load$ of 1985 oci$ of 1985 Bonds of 1988 $ 181,891 f 11,567 4 tl,IBS 4 11,161 939 J $ 161.891 L-17 561 $ 11,185 S 6 S11,998 S 181.691 $ 37.561 S 41.!85 S 71,996 $ 16!.891 S 37.561 S 41,185 1_ 8 L_71 998 Statement C-1 L --W) —M S 13.861 3 115.131 L--2 IJJ 18 L --U-8 S 131,111 C 151.935 L 39 191 S IIS.821 8 2981651 1 255,315 3 112,127 8 $SI S 1.121 8 11.659 S 61.191 3 219.172 331.115 ISS.931 S 1 681 IIS.821 E $SI $ 1,121 S 11,659 S 611191 3 219,112 S 631,156 E 111,259 $ 11618 8 211,818 133.135 12,110 336.111 211.911 618.128 (298.6521 125S,3211 31.113 11/2.1281 L-1-33116 E 13.860 S 315.131 E 27—S IA8 S 838.210 E 3)1.111 8 155,935 39 191 L ---L# 5-8 20 -45- General General general Obligation Obligation Obligation General Sewer and General Aeaeral General toasolihW Parting Sewer and Sewer and Obligation later Obligation Obligatioa Obligation 18protentot lacilitg water later Inproweseat laproweueat Isproweleat Ilprorneat laprowestat Dods o9 1961 loads o9 1911 foods of 1971 loads of 1916 Buda of 1917 loads of 1 loads of 1919 loodi of 9 1 loads of 1981 S 113,121 S 11,611 1 3111119 S 211,111 s 617,152 i 31,113 I$ 7V 11, 1,61j 11,618 51,111 2161163 9 51,611 8 19,861 1,686 E 31,026 511 1.121 981 8.117 2,708 281.111 16.168 11.791 L --W) —M S 13.861 3 115.131 L--2 IJJ 18 L --U-8 S 131,111 C 151.935 L 39 191 S IIS.821 8 2981651 1 255,315 3 112,127 8 $SI S 1.121 8 11.659 S 61.191 3 219.172 331.115 ISS.931 S 1 681 IIS.821 E $SI $ 1,121 S 11,659 S 611191 3 219,112 S 631,156 E 111,259 $ 11618 8 211,818 133.135 12,110 336.111 211.911 618.128 (298.6521 125S,3211 31.113 11/2.1281 L-1-33116 E 13.860 S 315.131 E 27—S IA8 S 838.210 E 3)1.111 8 155,935 39 191 L ---L# 5-8 20 -45- MM Cash and iovcstmemts hat from otber goverameotsl units Special Assesemeats Deterred Delinquent TOTAL ASSETS LIIBILIII15 110 9010 BALIICIS Liabilities Cisb deficit Deferred revenue Total Liabilities lead Selauces Reserved for debt services TOTIL LIABILITIRS 810 TOID IMICI5 CITY OF 19ONTICQdX), HnINES0TA DEBT SERVICE SU M C0IIB1law BALANCE MEET December 31, 1993 With Comparative Totals at December 31, 1992 E 56,711 S 111.818 S 111,818 IB SS6 a 1e,ssa S 1 181.525 S 51.199 S 28,973 363.385 S 176.215 S 16.7SS 53.881 S 1 S 276.865 S 53.499 S 28.913 S 511.233 S 136,215 f 28.7SS S 1!.179 —46— Geaeral Geaeral General Gsaeral Gtoerel Geserel Geoerel general Obligation Obligation Obligation Obligation Obligation Obligation Obligatioa Obligation hs Increlemt Tat locraeot Isproteaeat later Cauble Improvaent Improvaeat Improvement loads loads Bonds sold$ loads Bondi Sonde of 1981 loads of 1986 Series 1987A $stirs 19818 Series 1986A Series 1961 Series 1989A Series 19891 S 181,155 S 57,199 f 21,973 5 168,161 S 135,111 1 18,155 1 5),668 3114 2,62J 1614 1111 11,382 Sr„911 131,165 1,171 ).383 S 1 8 136.865 f 53.199 L 28.913 L-11 S 136.215 L 28 ISS p 11.118 E 56,711 S 111.818 S 111,818 IB SS6 a 1e,ssa S 1 181.525 S 51.199 S 28,973 363.385 S 176.215 S 16.7SS 53.881 S 1 S 276.865 S 53.499 S 28.913 S 511.233 S 136,215 f 28.7SS S 1!.179 —46— Statement C-1 (Continued) General General General General General General General General 6eoeral General Obligitico Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation gat lacreseot loprareseat Isproreaeat Bauble lar Iaprorestot laproeeseat gat locrestot gat locreatnt Relaoding Reloading goads Bonds goads Ilcreitat Bonds loads Bondi goad Bond loads Bondi gotals series 19911 Series 1990B series 1991C series 19910 Series 1991A Series IMI series 1992 Series 19910 series 1993A Series 19911 1991 1992 S 96,155 E 135,227 $ 561186 1 115,629 1 111,817 1 6,231 S 5,115 S 218,935 /1 1,6% 1 3,699,020 1 3,195,291 S 8,715 3681 3i I,A6I ✓ 1,162 ✓ 21,628 13,198 59,718 161,251 111, its 1,911 996,251 1,111,829 911.SS7 2.311 961.511 931.856 S�6 IS_S L-51-1, E 191.691 L ---L6 .886 E 112.889 S 518.615 E 1.237 S S. 155 L 81 792.51 6SS ,111,111 S 99,110 S08.557 S 62,199 S 161.251 S 111.181 S 611,691 S 62,199 S 167,251 S 111,111 S 795,113 S 112,389 S 1.911 1.957,796 2.121.136 1 1,911 S 211521939 $ 2,123,125 91,151 191.125) 135,593 S 56.181 215.632 111.817 S 8.211 1 5.155 219.996 S 9.118 1.926.311 2.503.152 S 96.155 S 1 12 L 191,691 S S6d L-112.883 S _SII 61S L__8 237 L__5 ISS S 181.901 L__9 818 S 5.619.251 S 5.321,111 -47- CITY OF 11DNTICE110, KENNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 —48— General Geaeral 6eaeral Obligation Geatral General Obligatioa Obligation Library Obligation Obligation fire Ball Sever Building Tet locreseat Tat Iacreseat [ooetractiao laterceptor Banda of 1981 goads of 1981 Bonds of 1985 Bonds of 1985 Basis of 1916 pereaaes Tates S 1111191 Collections on aesesesents lotergoeeraaental 11,838 Interest on iaeeststats S 1,925 S 330 S 661 251 Total Revenues S 3,925 S 131 S 661 S 123,589 [tpesditares Debt service principal retirraeat S 25,101 8 11,111 S 535,010 S 61,111 taterest and fiscal cbarges 1.896 25,288 21,335 51,196 Total Itptaddtares S 28,196 S 15,218 S 599,315 3 111,196 Itcees (Deficiency) of Revenues over Ispeoditares S 3,925 S (281566) S 131,6281 S 1599,1152 S 9,193 Otber fiaaaciaa Sources (Uses) Transfers in lontl 26,000 38,615 392,383 Road proceeds [acres (Deficiency) of Revenues and Grier Sources over Itpesditures S 3,925 S (21366) 8 1,111 S (211,192) S 9,193 land balances at beginning of year 91,966 31,129 13,138 211,392 62,891 1010 81111CIS If IDD Of ISIS S 181,891 S 21.563 L-41 185 S 1 11 991 —48— Statement C-2 S 5,171 General Weral General 1 (221,061) S 2,175 S 31591 S 1,131 S (116121 128,261 10.111 Obligation Obligation Obligation General Serer and General General central Consolidated Parting Serer a3d Serer and Obligation later Obligation Obligation Obligation Isproraeat facility later later Isproresest Ilproreumt Isproroeot leprortseat Inproteteat Bonds of 1960 loads of 1911 loads of 1975 Bonds at 1916 loads of 1977 goods of 1978 goods at 1979 Beads of 1980 Bands of Ifal 1 12,926 1 36 1 11221 1 8,S33 S 28,117 55,122 ! 13,868 S 19,681 1,372 5.135 111 12.518 7.887 23.1e1 S 1.131 S S 11 E 1,619 S 21.111 S 36.191 1 93.181 S 13.868 1 13.681 1 1.131 S 111,111 S 285,118 3.251 28.511 S 11.193 S 11.111 E 5.612 S 1/3.250 S 313.511 S 11.193 S 11.187 S 5.612 ! 5,111 S 1,669 1 21,011 $ 166,956) S 1220,0605 S 2,975 S 3,391 S 1,131 S (51612) S 5,171 f 11669 1 21,811 S 166,956) 1 (221,061) S 2,175 S 31591 S 1,131 S (116121 128,261 10.111 109.131 281.811 838.188 1308.127) 1258,918) 35.972 1136.3161 S in, iI5 E 12.111 S —UP.118 S 211.111 L ---i18,128 i 1298.6525 i 1255.3211 i 37,103 S 1112.1281 —49— CITY OF BIDNTICEU D, 0@1NF.SOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EHFENDITURFS AND CHANGES IN FUND BAIANCES For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Revenues Tates Collections as assesasents late rgoveraseatal Interest on investemts Total Reveaues Irpeaditures Debt service Principal retireseat loterest and fiscal chargee Total Irpeaditures Recess (Deficiency) of Revenues over Irpeaditures Other linaacing Sources transfers in Bond proceeds Recess (Deflciencyl of Revenues and Other Sources over Itpeaditures lead baltaces at beginning of fear 111D BURRIS AS IID Of TZAR -50- General 6eaeral general General 6tattal 6eaeral Geaeral 6eaeral Obligation Obligation Obligation Obligating Obligation Obligatica Obligstloo Obligation Sat locreneot get locreseat Isproveseat later %table isproveseat leproteteat Isprovesent Bonds toads loads loads Beads Bonds loads of 981 loads of 1986 Series 1987A Series 19878 Series 19881 Series 1988 Series 1989A Series 19891 f 32,162 1 11028 S 116,511 S 22,789 S 6,198 21,916 33,122 5,563 3,116 11,211 12,312 2,121 _ 5.812 1 iSS S 111 11,118 2.696 S 511 1.117 i 6.191 S 62.356 1 155 S 113 S 192.682 1 131,53S S 516 S 32.259 f 60,111 S 25,001 S 35,101 S 211111 S 91,101 S 551101 3 51111 S 25,111 0.160 21,961 11.502 9.263 91.835 61.621 21.516 13.118 S 61.068 S 16.961 1 51.512 S 29.261 S 187,835 S 119.621 1 21.518 3 38,113 1 151,978) S 15,395 S 152,1112 S (281161) S 1,811 S 11,965 1 (27,016( S 1511891 21,111 /9,915 26,925 11,382 26,310 S 111,2072 S 15,395 f 12,7722 4 11,915) S 19,229 S 111965 S (111) S 1S,8191 31,207 165.131 56.271 31.915 311.156 121.211 MASS 59.169 S 1 S IIB.S2S S 53.199 1 28.971 i 36 335 i 116.205 S 28.355 S 53.III -50- Statement C-2 (Continued) General General General central General General General Gentrsl General General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation gar Increunt Isproveseat Itprovaent ?arable get Iaprovestat Isprovesmt fat lacraeat ter lacroeat Reloading Reloading Bonds Bonds Beads lscresect Beads Bonds Bonds Bood load Bonds Beads Totals gerles I991A Series 19918 Series 1991[ Series 19910 Series 19911 Series 1912A Series 1991 Series 19920 Series 19931 Strict IMA 99j_1 1992 S 11,951 S 18,929 S SSI g 162,717 S 697,553 S 896,111 S 11,113 28,iS6 321,84S S 661,136 1 992,135 272,426 2,111 SB 17,276 65,116 83,IS1 1,229 1.191 S 866 9.091 2.182 S SS S 31 8.639 S IB 116.363 133,658 S 86.119 1 11.11) S 53.185 1 811 S ))3.511 S 666.216 S SS 1 37 S 188.622 1 18 S 1.811.997 S 1,386,861 S 55,118 S 55,010 S 21,106 S 391111 S 7s,611 $ 11,171 S 1,616,171 S 1,145,141 36.132 61.659 16.111 25.113 26,363 1 31.561 E 5.663 S 3,147 13.338 622.839 661,523 8 89.132 S 96.659 S 36,111 1 5S.913 S 141.363 S 37,561 1 5.113 S 3.147 S 26.5192S .239.119 S 1,666.523 S 12.953) S (66,556) S 17,676 S (55,969) S 232,118 E 116,669 S 11,9891 S (3,1111 S 163,913 1 18 3 1381,013) S (281,619) 52,525 7,363 13,225 8,165 (60,116) 263,535 331,692 529.217 9.811 539.131 S (21953) S (86,556) S 17,676 S (2,566) $ 239,151 S 616,669 S 8,237 S 51155 $ 219,996 1 9,818 S 622,559 6 58,11) 99,118 6).869) 117.921 59.011 )6.851 1.148 2.513,152 2.653.739 S 96,155 S (99,625) E 175.595 S 56.481 L-2 S 611,811 8 I)1 5 155 S 279.996 E 9,618 L2.126 S 2.513.752 —51— CITY OF MONTICELLO, HINESOM CAPITAL PROJECTS POND COMBD INCi BALANCE 516EET December 31, 1993 1993 tobiic cordinai teadoa tont Sidi. failon Calory toad 1991 Rills i calf Isploolog Ifeace 3S Stora Still 155, k Caab and tofestaeots 90966 HIM LIMUTI6S 11D 1960 66666C6S y Liabilities Cash deficit S 213,962 S 61656 S I,9SS S 919 S 663 lccoenta payable 163,St6 contract# payable 21 6I Total liabilities S 335,616 S 6,656 S Z,S55 S 969 S 663 rend 6alucte �d Designated for capital isptoftnats 1311,414) ISM6j PASS! _ 0 915) _ 1463) 90116 LI65ILTHIS AID 191D S6L66CIS s 1 L,—__,_S L a L— I, i i ; e 1 1� —52- Statement D—I 1918 lahlic Sorts 1992 Bart looticello II1l later Streetacepe Gardioal Baildiap Briar tardiaal School laalevard lard Stora 9athval Irpaasioa Reservoir Proiect Hills 11 110144100 Oahei IB 1 e loaleracd Stora Sew $ever froiect frolect lotal MAII 61,181 S 3,550 S 19,191 i 311,461 8 215.231 1 1 S 62 181 3 1 3 3,551 3 1 S 59,091 S 1 II S I S 6 S 161,6 $ 255,166 S 31,116 111,111 9 it S 2,135 115,916 S 29 337 S 9.H9 12,151 1,6I1 1 3,113 161.193 S 88,128 S 29,331 S 71 S 9,IS9 S 167,121 S 36,010 S ),IIS $ 3,113 S 121,830 111,202 32,856 3,619 51,13511 67,8201 116,0711 12,31S (3,113 1361,1691 S 235.131 S 1 61 181 S 0 S 3.559 L-1 s9 091 L-0 L e a e Li 6 0-0 ( I —53— CITY OF MONTICELLO, MINNESOTA CAPITAL PROJECTS FUND COMBINING STATE9IW OF REVENUES, EXPENDITURES AND CHANCES IN FUND i3 MCE For The Year Ended December 31, 1993 -54- 1993 public County load Cardlaal Itadoa lotha Bldg. 141111 County load 1991 Stan Bills 111 0816 It In ion Affair TS Start Revenue Interest latoae Other 0N 181 total leveauts 1 114,#19 It tads arts - Capital Paulette Constractloo contracts S 119,569 S IA,iAi logiottrieg and otbet 12,445 1 3.161 1 2,91s 4.192 1 119 1 all fatal lipeoditares S 492.114 3 li 1 2.955 S 14.0lz S 911 S ddl tutu (Deficiency( of tefaua over ltptuditarts S (311,114} S (11112} S 12,9SS) S {(1,1925 S flail S (till Other flouring Soorces (aus{ Triatltr it Tralefer ant _ t2t.id3} Intel (Deficiency) of Itlelael and Other Sources ofer hpnditores 81318,1111 S 13,1121 S (1,555( S N1,155} S 1919} S Nil) load balance at beginning of year 1 13.1911 i 11.155 4 _0 111D lALA1Cl If IID of 1IA1 11 ill) 6 f ut —29s 5 ) L--1 L -11111l L-1-611 -54- Statement. D-2 31,651 11,651 ti 312) 4t It5) 1 199,7651 $ 111,3821 9 (19,1511 S 11,698 1914 1 14,191 pa811t lorkl 9 (36,171) 1 (2,335) 1992 Hatt loatieello 11.811 8 91 fly? 1C 3161 later Sttetteeept WOW laildiaq brier Qrdiaai Sebool looltratd ford lion lat8np Srpeation L.1if 1691 Reservoir o et Bills 11 r ai akt IiIII sollevard Store Stitt steer froita toitetslot 1 S 9,511 S 13,159 S 623 6 1,612 S 24,591 47.187 1 4,401 165.187 9 0B1 13,019 121 1 1 S 48.599 1 - 4,00011 9,781 S 7,971 3 18,513 $ S,d19 1 1,866 S 26,531 1 331,151 S 32,616 1 666,983 111,290 13,396 s 11,156 5,332 1.961 9.591 26,265 7.596 1_ 1,774 I 3 113 281,11t S 109.265 1 1 S 32,119 i 11.156 1 16.951 1 1,011 1 14,1111 63.521 5 6/./7d 1 2,335 1 3,1131 16,222 S 199,165) S 119,834) 1 111,156) 1 111,3211 S 18,9911 1 11,612 1 1163,521) S (36,111) S (2,335) S (3,113) 1 1146,1+11 31,651 11,651 ti 312) 4t It5) 1 199,7651 $ 111,3821 9 (19,1511 S 11,698 $ (14,126) S (8,991) 1 14,191 1 (163,5111 9 (36,171) 1 (2,335) S (3,113) 9 17%.5321 246.967 14,312 51,911 117,498) 11.811 8 91 33.331 1C 3161 1 0 1 391,163 I1 12 ,L 1 ( 32,851 I _ I 1 I1 L-0 8Si,d39 LIE 121) LIA 1111 6 62,33913 113) L.1if 1691 M&M CITY OF lWNTICELLD, MINNESOTA PROPRIETARY FUNDS COHBINING BALANCE SHEET December 31, 1993 With Comparative Totals at December 31, 1992 Statement E-1 -56- Trans- TOTALS Sewer Nater Liquor portation December 31, December 31, Fund Fund Fund Fund 1993 1992 ASSETS Current Assets Cash and investments S 61,229 S 109,234 S 429,539 S 8,239 $ 608,241 S 416,253 Accounts receivable 140,010 42,259 2,051 3,314 187,634 159,430 Inventory 158,014 158,014 158,697 Prepaid expenses 2.350 3.588 5.497 11.435 10.966 Total Current Assets S 203.589 S 155.081 S 595.101 S 11.553 965.324 S 745.346 ProDerty and Eauioment Land, buildings, and improvements $ 10,310,238 S 4,743,854 S 245,877 S 15,299,969 S 15,115,268 Equipment 165.840 108.684 75.994 350,518 332.205 $ 10,476,078 $ 4,852,538 S 321,871 S 15,650,487 S 15,447,473 Less. accumulated depreciation 3.899.018 2.012.569 197.027 6.108.614 5.588.326 Property and Equipment - Net S 6.577.060 S 2.839.969 S 124.844 S 9.541.873 S 9.859.147 Other Assets Special assessments receivable - deferred S 5,302 $ 9,989 S 15,291 $ 20,709 Special assessments receivable - delinquent 60 60 1.540 Total Other Assets S 5.362 S 9.989 S 15.351 S 22.249 TOTAL ASSETS S 6.786.011 S 3.005.039 S 719.945 S 11,553 $ 10.522,548 S 10.626.742 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 14,853 S 581 $ 310 $ 15,744 S 6,740 Accrued expenses 1,037 18,044 17,143 $ 38 36,262 23,431 Due to other funds 115.000 115.000 115.000 Total Current Liabilities $ 15,890 S 18,625 S 132,453 $ 38 $ 167,006 S 145,171 Deferred revenue 5.361 9.989 15,350 22.252 Total Liabilities S 21.251 S 28.614 S 132.453 S 38 S 182,356 S 167.423 Eouity Contributed capital S 5,920,871 S 2,838,677 S 8,759,548 S 9,052,270 Retained earnings 843,889 137.748 4 587.492 $ 11.515 1,580,644 1.407.049 Total Equity S 6.764.760 2.976.425 S 587.492 S 11.515 S 10,340.192 S 10.459.319 TOTAL LIABILITIES AND EQUITY S 6.786.011 3.005.039 S 719.945 S 11.553 S 10,522,548 S 10.626.742 -56- CITY OF MONTICELLO, MINNESOTA PROPRIETARY FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Sales and Cost of Sales Sales Cost of Sales Gross Profit Oagratina Revenues Utility user fees, connections, inspection fees and other operating revenues Total Gross Profit and Operating Revenues Oaeratina 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 (expense) Intergovernmental Cash over (short) Miscellaneous income Rental income Total Other Revenues (Expenses) Income (Loss) Before Operating Transfers -57- Statement E-2 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1993 1992 $ 1,484,488 $ 1,484,488 S 1,494,461 1.140,352 1.140.352 1.146,310 S 344,136 S 344,136 6 348,151 $ 495.193 $ 163.899 $ 25,164 684.256 606.608 S 495.193 S 163.899 S 344.136 5 25.164 S 1.028.392 S 954,759 S 43,047 S 68,758 $ 132,007 $ 1,576 $ 245,388 S 228,241 3,128 33,403 13,274 49,805 48,943 10,766 27,950 7,994 163 46,873 44,562 6,887 1,724 4,821 13,432 12,050 339,382 162,333 18,574 520,289 511,182 12,506 7,762 20,504 40,772 40,613 382,295 3,885 4,000 390,180 371,001 5,219 129 5,348 4,908 60,246 60,246 58,679 2.588 12.567 3,128 560 18.843 13.368 S 800.599 S 318.382 S 2.09.521 S 62.674 $ 1,391,176 S 1,333,547 S (305.406) S (154.483) $ 134.615 S (37,510) S (362,784) S (378.788) $ (750) $ (750) S (1,440) 1,431 S 4,292 S 17,088 S (295) 22,516 54,642 45,024 45,024 37,588 (44) (44) 43 150 150 828 5.400 5.400 3.225 S 6.081 $ 4.292 $ 17.044 S 44.879 S 72.296 $ 94,886 S 1299.325) S (150.191) $ 151.659 S 7.369 (290.488) $ (283,902) CITY OF MYfICELLO, HINNESOTA PROPRIETARY FUNDS COMBINING STATEHENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Operating 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 Lund Fund Fund Fund S (31.654) $ (299,325) S (150,191) $ 120,005 S 7,369 806,102 129,314 467,487 4,146 337,112 158,625 S 843.889 S 137.748 S 587.492 $ 11.515 S 6,131,942 S 2,920,328 126,041 76,974 (337.112) (158.625) S 5.920,871 S 2.838.677 Statement E-2 (Continued) TOTALS December 31, December 31, 1993 1992 S (31.654) S (720.417) $ (322,142) $ (1,004,319) 1,407,049 1,930,677 495,737 485,691 MOM) ,S 1.580.644 S 1.407.049 S 9,052,270 S 9,293,624 203,015 244,337 (495.737) (485.691) ,S 8.759.548 S 9.052,270 S 6.764.760 $ 2.976.425 S 587.492 S 11.515 S 10.340.192 S 10.459.319 CITY OF M3NTICELID, HINNESOTA PROPRIETARY FUNDS COMBINING STATEMENT OF CASH FLOWS For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Statement E-3 :&*z Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1993 1992 Cash flows from operating activities, Net income (loss) before operating transfers $ (299,325) S (150,191) S 151,659 S 7,369 S (290,488) S (283,9021 Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 339,382 162,333 18,574 520,289 511,182 Prior period adjustment (5,000) Changes in assets and liabilities (Increase) decrease in accounts receivable (21,4 36) (1,893) (2,051) (2,960) (28,340) 8,292 (Increase) decrease in NSF checks receivable 136 136 282 (Increase) decrease in inventory 683 683 32,594 (Increase) decrease in prepaid expenses 10 (524) 45 (469) (874) (Increase) decrease in special assessments receivable - deferred 11,019 (5,600) 5,419 (11,405) (Increase) decrease in special assessment receivable - delinquent 939 541 1,480 782 Increase (decrease) in accounts payable 12,355 (1,933) (1,418) 9,004 4,360 Increase (decrease) in accrued expenses 513 1,173 11,128 16 12,830 (8,044) Increase (decrease) in due to other funds 5,O00 Increase (decrease) in deferred revenue (11.960) 5.058 (6.902) 10.623 Net Cash Provided by Operating Activities $ 31.497 S 8.964 S 178.756 S 4.425 S 223.642 S 263.890 Cash flows from investing activities: Capital Expenditures Equipment S (4,785) Building and improvements (3,212) Transfers out S (31.654) (31.654) (720.417) Net Cash Provided (Used) in Investing Activities S 131.654) S (31.654) S (728.414) Net increase (decrease) in cash and cash equivalents $ 31,497 S 8,964 S 147,102 S 4,425 S 191,988 $ (464,524) Cash and cash equivalents at beginning of year 29.732 100.270 282,437 3.814 416.253 880.777 Cash and Cash Equivalents at End of Year S 61.229 S 109.234 S 429.539 S 8.239 $ 608.241 S 416.253 :&*z CITY 04 MONTICELLO, KINNESOTA Statement E-4 SEWER FUND COMPARATIVE BALANCE SHEETS December 31, 1993 and 1992 TOTAL LIABILITIES AND EQUITY $ 6.786.011 S 6.958.386 -60- 1993 1992 ASSETS Current Assets Cash S 61,229 S 29,732 Accounts receivable 140,010 118,574 Prepaid insurance 2.350 2.3§0 Total Current Assets S 203.589 S 150.666 Propertv and Equipment Land, buildings and improvements S 10,310,238 S 10,202,510 Equipment 165.840 147.527 S 10,476,078 S 10,350,037 Less, accumulated depreciation (3.899.018) (3,559.637) Total Property and Equipment -net S 6.577.060 S 6.790.400 Other Assets Special assessments receivable - deferred $ 5,302 S 16,321 Special assessments receivable - delinquent 60 999 Total Other Assets ,S 5.362 S 17,320 TOTAL ASSETS ,S 6.786.011 S 6.958.386 LIABILITIES AND EQUITY Current Liabilities Accounts payable S 14,853 S 2,498 Accrued expenses 1,037 523 Total Current Liabilities S 15,890 S 3,021 Deferred Revenue 5.361 17,321 Total Liabilities S 21.251 S 20.342 Equity Contributed capital S 5,920,871 S 6,131,942 Retained earnings 843,889 806.102 Total Equity $ 6.764.760 S 6.938,044 TOTAL LIABILITIES AND EQUITY $ 6.786.011 S 6.958.386 -60- CITY OF MONTICELID, MINNESOTA Statement E-5 SEWER FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 -61- 1993 1993 1992 Budget Actual Actual Operating Revenue Utility user fees S 444,980 S 478,135 S 422,107 Assessment revenue 8,225 3,272 Penalties 2,000 2,341 3,400 Inspection fees - improvement projects 550 6,482 3,843 Miscellaneous 10 662 Total Revenue S 447.530 S 495.193 S 433.284 Overatino Expenses Salaries and employee benefits S 45,655 S 43,047 S 45,136 Telephone 300 256 250 Utilities 2,200 3,128 2,601 Supplies 13,300 10,766 15,092 Gas and oil 900 1,039 774 Repairs and maintenance 1,800 6,887 950 Travel and conferences 250 70 70 Professional fees 369,100 382,295 359,420 Insurance 12,700 12,506 13,337 Depreciation 327,900 339,382 331,904 Hiscellaneous 2.475 1.223 1,307 Total Operating Expenses $ 776.580 S 300.599 S 770.841 Operating Income (Loss) $ (329.050) S (305.406) S (337.557) Other Revenues (Expenses) Property taxes - rental $ S (750) $ (1,440) Rental income 5,400 5,400 3,225 Interest income 550 1.431 1,280 Total Other Revenue (Expenses) S 5.950 S 6.081 S 3.065 Net Income (Loss) S (323.100) $ (299,325) S (334,492) Retained earnings at beginning of year 806,102 810,962 Depreciation - contributed assets 337.112 329.632 Retained Earnings at End of Year S 843.889 S 806.102 Contributed capital at beginning of year S 6,131,942 S 6,308,345 Assets contributed during year 126,041 153,229 Depreciation - contributed assets (337.112) (329.632) Contributed Capital at End of Year S 5.920.871 S 6.131.942 RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR S 6.764.760 S 6.938.044 -61- CITY of mo)?nCELI D, MINNESOTA Statement E-6 SEWER FUND COMPARATIVE STATEMENTS OF CASH FL WS For The Years Ended December 31, 1993 and 1992 Cash flows from operating activities. Net income (loss) Adjustments to reconcile net income to net cash provided by operating activities. Depreciation Changes in assets and liabilities (Increase) decrease in accounts receivable (Increase) decrease in special assessments receivable - deferred (Increase) decrease in special assessments receivable - delinquent (Increase) decrease in prepaid expenses Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Increase (decrease) in deferred revenue Net Cash Provided by operating Activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -62- 1993 1992 S (299,325) S (334,492) 339,382 331,904 (21,436) 8,047 11,019 (8,242) 939 562 10 885 12,355 2,465 513 (871) (11.960) 7.680 S 31.497 S 7.938 S 31,497 $ 7,938 29.732 21.794 S 61.229 ,S 29.732 CITY OF MONTICELLO, 1@RffSOTA Statement E-7 NATER FUND COMPARATIVE BALANCE SHEETS December 31, 1993 and 1992 ASSETS 1993 1992 CurFrnt Assets Cash and investments S 109,234 S 100,270 Accounts receivable 42,259 40,366 Prepaid insurance 3.588 3.064 Total Current Assets S 155.081 S 143,700 Prooertv at}d Eauiament Land, buildings and improvements S 4,743,854 S 4,666,881 Equipment 108.684 108.684 S 4,852,538 S 4,775,565 Lessg accumulated depreciation (2.012.569) (1,850,236) Total Property and Equipment -net S 2,839.969 S 2,925,329 other Assets Special assessments receivable - deferred $ 9,989 S 4,388 Special assessments receivable - delinquent 541 Total Other Assets S 9.989 S 4.929 TOTAL ASSETS S 3.005.039 S 3,073.958 LIABILITIES AND FRUITY Current Liabilities Accounts payable S 581 $ 2,514 Accrued expenses 18.044 16,871 Total Current Liabilities S 18,625 S 19,385 Deferred Revenue 9.989 4.931 Total Liabilities S 28.614 S 24.316 Equity Contributed capital S 2,838,677 S 2,920,328 Retained earnings 137,748 129.314 Total Equity S 2,976,425 S 3.049.642 TOTAL LIABILITIES AND EQUITY S 3.005,039 S 3,073,958 -63- CITY OF HONTICELLO, MINNESOTA Statement E-8 WATER FUND COMPARATIVE STATEMENTS OF MWUES, MTNSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 Operating Revenues Utility user fees Penalties Inspection fees - improvement projects Miscellaneous Special assessment revenue Total Operating Revenues Operating Ervenses Salaries and employee benefits Professional services Insurance Telephone Utilities Supplies Gas and oil Repairs and maintenance Depreciation Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Exaenses) Interest income Net Income (Loss) Retained earnings at beginning of year Depreciation - contributed assets Retained Earnings at End of Year Contributed capital at beginning of year Assets contributed during year Depreciation - contributed assets Contributed Capital at End of Year RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR 1993 1993 1992 Budaet Actual Actual S 157,325 S 158,923 S 144,220 1,000 882 1,573 1,250 821 1,738 25 10 24 3.263 1.512 S 159.600 S 163.899 ,S 149.067 S 80,325 S 68,758 S 54,812 3,600 3,885 6,856 6,950 7,762 6,671 900 1,279 920 32,100 33,403 32,531 27,650 27,950 19,608 800 1,328 612 2,600 1,724 4,701 156,250 162,333 160,183 300 276 225 2.225 9.684 9.490 S 313.700 318.382 S 296.609 $ (154,100) S (154,483) S (147,542) 3.400 4.292 5.327 S 1150.700) S (150,191) S (142,215) 129,314 115,470 158.625 156.059 S 137.748 S 129.314 S 2,920,328 $ 2,985,279 76,974 91,108 (158.625) (156.059) S 2.838.677 S 2.920.328 -64- S 2.976.425 S 3.049.642 CITY OF MONTICELLO, HIMNESOTA Statement E-9 NATER FUND COMPARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1993 and 1992 -65- 1993 1992 Cash flows from operating activities, Net income (loss) before transfers S (150,191) S (142,215) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 162,333 160,183 Changes in assets and liabilities (Increase) decrease in accounts receivable (1,893) (4,975) (Increase) decrease in special assessments receivable - deferred (5,600) (3,163) (Increase) decrease in special assessments receivable - delinquent 541 220 (Increase) decrease in prepaid expenses (524) (714) Increase (decrease) in accounts payable (1,933) 864 Increase (decrease) in accrued expenses 1,173 548 Increase (decrease) in deferred revenue 5.058 2.943 Net Cash Provided by Operating Activities S 8.964 S 13.691 Cash flows from investing activities, Capital expenditures Equipment S 0 S (2.388) Net Cash Provided (Used) in Investing Activities S 0 S (2.388) Net increase in cash and cash equivalents S 8,964 S 11,303 Cash and cash equivalents at beginning of year 100.270 88.967 Cash and Cash Equivalents at End of Year ,4 109.234 S 100.270 -65- CITY OF MONTICELLO, MINNESOTA LIQUOR FUND COMPARATIVE BALANCE SHEETS December 31, 1993 and 1992 ASSETS Current Assets Cash and investments Accounts receivable Inventory NSP checks receivable Prepaid insurance Total Current Assets Property and Eauiweent Land Building and improvements Parking lot Furniture and fixtures Masi 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 1993 1992 S 429,539 S 282,437 2,051 158,014 158,697 136 5.497 5.542 S 595.101 $ 446.812 S 6,840 S 6,840 199,286 199,286 39,751 39,751 75.994 75.994 S 321,871 S 321,871 (197.027) (178.453} S 124,,844 S 143,418 $ 719.945 S 590.230 S 310 S 1,728 17,143 6,015 115.000 115.000 P 132.453 S 122.743 S 587.492 S 467.487 $ 719.945 S 590.230 CITY OF HONTICELIO, 99IIi72ESOTA LIQUOR IFITIM C99ARATM STATUOITS OF REVENUES, EIiI2MW AND CHANGES IN RETAIM EARNINGS Statement E—I1 —67— lar The fear Boded Decesber 71. 1997 for The Year laded Oecesbet 31, 1992 Cast of Groes percent Cast of Grote Percent Bales 541te Profit to Salts Sales Sales Profit to Sala Off Isle Liquor 1 419,483 1 7161116 1 112,161 26.511 1 415,812 1 111,527 8 115.215 25.121 viae 158,714 115,311 53,191 33.66 IS4,495 111,591 46,917 71.76 leer 853,114 616.671 116.311 21.61 812.186 692,6H 181.116 21.61 9 1,431,211 1 1,198,161 1 132,571 23.231 6 1,113,186 f 1,111,138 f 332,348 27.131 liscellsstoss serehaodiee 51,287 31.615 18.682 15.16 51,375 29.571 21.197 41.1 Total Off -Sale 4 1.184,488 1 1.133,212 f 351,216 23.661 1 1,191.161 S 1.141.31E S 351.141 21,111 Less freight 1.181 .49 5.191 .41 Glass Profit f 311,136 23.181 S 348,ISI 23.311 Opesstiaa Irpeaees Salaries ad esployee beaefits $ 172,111 S 125,719 Supplies 11991 1,416 Repairs lad saintecance 4,821 6,399 utilities 13,214 11,629 Telephone 1,161 1,112 Professional fees 4,111 4,125 Insaraoce 21,514 21,615 0epreciati4a 18,574 19,195 advettisiaq elpesse 5,219 6,613 listellantoas 1.914 1.118 Total Operating lspeases 219,521 14.11 213.111 17.61 Operatioq latest 1 171,615 9.171 S 111.111 9.691 Other latoae (lrpease) Interest locale - ievestsects S 11,188 LIS% S 47,486 1.11 Cash over (short( 1111 43 Total S 17,111 1.151 S I1.S29 3.16 Jocose before Operating Transfers f 151,659 11.221 $ 192,269 12.87 Operstlaq transfers out 131.651( (2.131 1121.4171 141.21 let locale S 121,115 .11 S 1521,118(15.76 1 tetaiced eataiags at hegiasiog of year 161,181 1,111,635 prior period adjuststat 15.1111 11!11110 1111I1GS At 118 Of T611 L_2_7 .192 1 461,481 —67— CITY OP NOiR'ICELLD, KENNESOTA Statement E-12 LIQUOR FUND COMPARATIVE STATENENTS OF CASH P1JW For The Years Ended December 31, 1993 and 1992 Cash flows from operating activities, Net income before transfers g 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 (Increase) decrease in inventory (Increase) decrease in prepaid expenses Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Increase (decrease) in due to other funds Net Cash Provided by Operating Activities Cash flows from investing activities, Capital expenditures Building and improvements Equipment 1993 1992 151,659 S 192,269 18,574 19,095 (5,000) (2,051) 136 282 683 32,594 45 (1,045) (1,418) 1,170 11,128 (7,694) 5.000 178.756 S 236.671 Transfers out S (31.654) Net Cash Provided (Used) in Investing Activities S (31.654) Net increase (decrease) in cash and cash equivalents S 147,102 Cash and cash equivalents at beginning of year 282.437 Cash and Cash Equivalents at End of Year S 429.539 -68- S (3,212) (2,397) !720.417) S (726.026) S (489,355) 771.792 S 282.437 CITY OF MONTICELLO, MINNESOTA Statement E-13 LIQUOR FUND COMPARATIVE STATEMENTS OF REVENUES AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 Budget Actual Off Sale Gross Profit Liquor S 96,800 S 102,767 Nine 58,400 53,390 Beer 171,900 176,377 Miscellaneous 17,400 16,682 Total $ 344,500 S 351,216 Less, freight 5,750 7,080 Total Gross Profit S 338,750 $ 344,136 Operating Expenses Salaries and employee benefits S 135,310 S 132,007 Supplies 8,150 7,9994 Repairs and maintenance 3,250 4,821 Utilities 10,475 13,274 Telephone 1,000 1,164 Professional fees 4,000 4,000 Insurance 19,900 20,504 Depreciation 19,350 18,574 Advertising expense 3,000 5,219 Miscellaneous 800 1,964 Total Operating Expenses 205.235 209,521 Operating Income S 133,515 S 134,615 Other Income (Expenses} Interest income - investments S 6,000 S 17,088 Cash over (short) (1. NO) (44) Total Other Income (Expenses) S 5,000 S 17,044 INCOME BEFORE OPERATING TRANSFERS LIN ,515 $ 151,659 -69- CITY OF M ONTICE1.1 , MINNESOTA Statement E-14 TRANSPORTATION FUND COMPARATIVE BALANCE SHEETS December 31, 1993 and 1992 1993 1992 ASSETS Current Assets Cash S 8,239 S 3,814 Accounts receivable 3.314 354, TOTAL ASSETS ,S 11.553 ,S 4.168 LIJ3BILITIES AND EOUITY Current Liabilities Accrued expenses ; 38 22 Total Current Liabilities 38 S 22, Retained Earninas $ 11.515 S 4.146 TOTAL LIABILITIES AND EQUITY S 11.553 ,S 4.168 _78- CITY OF IONTICELLO, MINNESOTA Statement E-15 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAIIIE�D EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1993 With Comparative Totals For The Year Ended December 31, 1992 -71- 1993 1993 1992 Budget Actual Actual Overatino Revenue Passenger fares S 9,591 S 10,013 $ 5,037 Property tares 15.187 15.151 16.220 Total Revenue S 24.778 S 25.164 S 24.257 Oneratino Expenses Salaries and employee benefits S 3,427 S 1,576 $ 2,914 Supplies 600 163 Equipment rental 61,153 60,246 58,679 Advertising 600 129 235 Travel and conferences 88 234 Miscellaneous 140 472 624 Total Operating Expenses S 65.920 S 62.674 S 62.686 Operating Income (Loss) S (41.142) S (37.510) S (38.429) Other Revenues (Expenses) Intergovernmental S 41,142 S 45,024 S 37,588 Miscellaneous 150 828 Interest income (Expense) 1295) 549 Total Other Revenues S 41.142 S 44.879 S 38.965 Net Income S 0 S 7,369 S 536 Retained Earnings at beginning of year 4.146 3.610 Retained Earnings at End of Year S 11.515 S 4.146 -71- CITY OF HONTICMW, MINNESOTA Statement E-16 TRANSPORTATION FUND COHPARATWE STATENEMC3 OF CASH FUM For The Years Ended December 31, 1993 and 1992 t I i ■ -72- 1993 1992 Cash flows from operating activitieso Net income S 7,369 S 536 Adjustments to reconcile net income to net cash provided by operating activities, Changes in assets and liabilities (Increase) decrease in accounts receivable (2,968) 5,228 Increase (decrease) in accounts payable (139) Increase (decrease) in accrued expenses 16 (27) Net Cash Provided (Used) by Operating Activities S 4.425 S 5.590 Net increase (decrease) in cash and cash equivalents $ 4,425 S 51590 Cash and Cash Equivalents at beginning of year 3.814 (1.776) Cash and Cash Equivalents at End of Year S 8.239 S 3.814 t I i ■ -72- CITY OF MNTICELLO, MIMMSDTA Statement F-1 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR ISI O1 - A TAR INCRElQa FINANCING DISTRICT December 31, 1993 Accounted Original for in Budoet Prior Years Sourcgs of Funds. Bond proceeds (loan) $ 36,751 $ 36,751 Tax increments received 63,759 63,838 Real estate sales (Note 1) 8.000 8.000 Total Sources of Funds S 108.510 S 108.589 Uses of Funds. Land acquisition S 36,751 S 36,751 Loan payments Principal 36,751 36,750 Interest 14,400 16,758 Administrative costs 3.000 2.514 Total Uses of Funds S 90.902 S 92.773 District Balance (or Deficiency) S 17.608 S 15.816 Note I Propertv Description AutAoritv's Cost E 1/2 of Lot 7, Blk 3 S 36,751 Oakwood Ind. Park -73- Current Amount Year Remaining S (79) S (7 9) $ 1 (2,358) S 99 387 S 99 S (1.970) S (99) S 1.891 Sale Price $ 8,000 CITY OF HDNTICELIA, HINMESOTA Statement F-2 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR HETCALF-LARSON 02 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original Amended for in Current Amount Budaet Budget Prior Years Year Remaining 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 106,725 774,840 152,763 S 43,284 578,793 Interest on invested funds 6,372 514 (6,886) Real estate sales (Note 1) 10,000 68,000 66,000 2,000 Other (Note 2) 3,230 (3,230) Application fee 820 (820) Total Sources of Funds S 148.725 S 1.134.840 S 518.552 S 43.798 S 572.490 Uses of Funds, Land Acquisition S 33,535 S 271,515 S 294,058 S (22,543) Site improvements or preparation costs 5,000 21,500 17,421 S 90 3,989 Bond payments Principal 260,000 5,000 5,000 250,000 Interest 350,531 69,335 22,518 258,678 Loan payments Principal 32,000 32,000 15,337 16,663 Interest 25,172 25,172 19,510 1,500 4,162 Administrative costs 3,083 30,537 30,122 415 Other - relocation 15.000 15.000 Total Uses of Funds S 98.790 S 1.006.255 S 465.783 S 45.771 S 494,701 District Balance S 49.935 S 128.585 S 52.769 S (1.973) S 77.789 Note 1 ProDerty Description Authority's Cost Sale Price N50' of Lots 8, 9, & 10, Blk 50 Parcel 01555010-051010 & 20 N 1/2 of Lots 1, 2, & 3, Blk 50 S 35,535 S 10,000 Parcel 0155010-051011 S 1/2 of Lots 1, 2, & 3, Blk 50 Parcel 0155010-051040 E 25 1/2' of Lot 4, & N 5 1/2' Lot 5, Blk 51 Parcel 0155010-051050 Lot 5, Blk 51, exc. N 5 1/2' S 260,523 S 56,000 Note 2 Payment by developer to guarantee sufficient revenue to meet HRA Debt obligations first year. -74- CITY OF MONTICELLO, MINNESOTA Statement F-3 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR FSI 03 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Sources of Funds,. Bond proceeds Tax increments received Interest on invested funds Real estate sales (Note 1) Other - UDAG grant Other - application fee Loan repayment Total Sources of Funds Uses of Fundst Land acquisition Bond payments Principal Interest Administrative cost and legal Other - loan to developer Total Uses of Funds District Balance Accoui-ited Original for in Current Amount Budaet Prior Years Year Remaining S 155,000 S 155,000 272,000 329,561 S 55,717 $ (113,278) 13,428 330 (13,758) 25,000 25,000 243,500 243,500 2,500 (2,500) 235,315 73.9§7 ?0.368 140,960 S 930,815 S 842.976 S 76,415 S 11,424 S 130,000 S 130,000 155,000 105,000 84,731 85,688 30,000 20,466 235.315 235,315 S 635,046 S 576.469 S 295,769 S 266,507 $ 25,000 S 25,000 3,896 (4,853) 9,534 S 28,896 S 29,681 S 47.519 S 11S2_57) Note 1 Property Description Authoritv's Cost Sale Price Lot 6, 7, & 8, Blk 2 Lauring Hillside Terrace S 130,000 $ 25,000 -75- CITY OF HONTICELLD, 1Q1WMO'TA Statement P-4 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR 1%I 14 - A TAX INCRENENT FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds, Bond proceeds (loan) S 191,550 $ 191,550 Tax increments received 160,000 153,286 S 23,296 S (16,582) Real estate sales (Note 1) 47.00 21.051 26.449 Total Sources of Funds S 399.050 S 365.887 S 23.296 S 9.867 Uses of Funds, Land acquisition $ 191,550 $ 191,672 $ (122) Loan payments Principal 191,550 67,738 $ 16,083 107,729 Interest 73,000 109,213 9,905 (46,118) Administrative costs 13,000 5,576 7,424 Other - contingency expense 11.000 288 10.712 Total Uses of Funds S 480.100 S 374.487 S 25.988 S 79.625 District Balance (or Deficiency) $ (81.050) S (8.600) S (2.692) S (69.758) Note 1 Proverty Description Authoritv's Cost Sale Price N 1/2 of Lot 7 & the N 175'of E 1/2 of Lot 7, Blk 3, Oakwood Ind. Park and Loot 6, Blk 3, Oakwood Ind. Park S 114,150 $ 21,051 MI• -C CITY OF HDNPICELLO, HINNE,SDTA Statement F-5 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR CONST. 5 Q5 - A TAX IHCREME21 ' PDWCING DISTRICT December 31, 1993 Original Budget Sourcgs of Funds. Bond proceeds S 390,000 Tax increments received 625,000 Interest on invested funds Special assessment income Total Sources of Funds S 1,015.000 Uses of Funds, Installment of public utilities and improvements S 301,300 Bond payments Principal 390,000 Interest 378,000 Administrative costs 22.790 Total Uses of Funds SS 1,095.090 District Balance Accounted for in Current Amount Prior Years Year Remainina $ 359,269 $ 30,731 284,990 S 72,485 267,525 23,270 752 124,022) 2,288 (2,288} S 669.817 S 73,237 S 271.946 $ 359,410 90,000 121,040 8.162 S 578.612 S 35,000 18,502 S 53,502 (or Deficiency) S (77.090) S 91.205 S 19.735 -77- S (58,110) 265,000 238,458 14.628 aS 459.976 L 188.030) CITY OF HONPICELW, HIMMSOTA Statement F-6 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR RAINDANCE 06 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original Amended for in Current Amount Budaet Budget prior Years, Year Remaining Sources of Funds, Bond proceeds S 350,000 S 350,000 S 350,000 Tax increments received 815,250 815,250 279,567 S Interest on invested funds 17,236 Real estate sales (Note 1) 64,150 Other - application fee 2.500 Total Sources of Funds S 1.165.250 S 1.165.250 S 713.453 S Uses of Funds, Land acquisition S 229,000 $ 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 40,000 S Interest 395,243 395,243 187,466 Administrative costs 38.150 38.150 31.006 Total Uses of Funds S 1.087.393 S 1.140.393 S 619.152 S District Balance (or Deficiency) S 77.857 S 24.857 S 94.301 S 66,532 $ 469,151 660 (17,896) (64,150) 12.500) 67.192 S 384.605 S (3,076) (604) 10,000 300,000 25,288 182,489 7.144 35.288 S 485.953 31.904 S (101.348) Note I Proverty 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 MONTICEL LO, KUDWOTA Statement F-7 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR NAMCO 07 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original Amended for in Current Amount Budaet Budget Prior Years Year Remainina Sources of Funds. Small cities economic, grant S 250,000 S 250,000 Bond proceeds $ 155,000 155,000 S 153,240 1,760 Tax increments received 247,200 321,830 136,019 $ 38,943 146,868 Interest on invested funds 3,744 403 (4,147) Real estate sales (Note 1) 15,000 15,000 15,000 Other - application fees 2.500 2.500 2.500 Total Sources of Funds S 419.700 S 744.330 S 310.503 S 39.346 S 394.481 Uses of Funds. Land acquisition S 122,200 S 122,200 S 122,394 $ (194) Bond payments Principal 155,000 155,000 45,000 S 20,000 90,000 Interest 90,986 124,986 64,836 9,263 50,887 Administrative costs 27,300 32,300 16,854 5,227 10,219 Loan to developer 250,000 250,000 Site improvements 116,000 116,000 Contingency 5.000 5.000 Total Uses of Funds S 395.486 S 805.486 S 249.084 S 34.490 S 521.912 District Balance (or Deficiency) S 24.214 S (61.156) S 61.419 S 4.856 S (127.431) Note 1 Provertv Description Authoritv's Cost Sale Price Lots 11 & 12, Blk 2 Oakwood Ind. Park S 122,394 S 15,000 -79- CITY OF NONTICELLO, H1MMSOTA Statement P-8 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR NSP 08 - A TAX INCREKCHT FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds, Loan proceeds S 34,000 S 23,000 S 11,000 Tax increments received 40,289 13,846 S 6,278 20,165 Real estate sales (Note 1) 1 1 Total Sources of Funds S 74.290 S 36.847 S 6,278 S 31.165 Uses of Funds, Land acquisition $ 21,200 S 21,200 Public improvements 1,800 1,800 Bond payments Principal 23,000 5,000 $ 2,000 S 16,000 Interest 11,277 5,835 1,440 4,002 Administrative costs 4.000 2.043 1.957 Total Uses of Funds S 61.277 S 35.878 S 3.440 S 21,959 District Balance (or Deficiency) S 13.013 S 969 S 2,838 S 9.206 Note 1 Proaerty Description Authoritv's Cost Sale Price Part of Lot 4, Blk 3 Oakwood Ind. Park S 23,000 S 1 -80- CITY OF M ONTICELLO, MINNESOTA Statement F-9 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR TAPPER 09 - A TAB INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original Amended for in Current Amount Budget Budget Prior Years Year Remalnlna Sources of Funds, Bond proceeds S 125,000 S 140,000 S 139,233 Tax increments received 216,239 216,239 25,628 Interest on invested funds -0- -0- 4,034 Real estate sales (Note 1) 1 1 1 Total Sources of Funds S 341.240 S 356.240 P 168.896 }.'ses of Funds, Land acquisition S 77,500 S 74,000 S 74,000 Site improvements or preparation costs 15,500 15,500 Bond payments Principal 125,000 140,000 Interest 69,800 74,548 21,766 Administrative costs 20.000 20.900 21.172 Total Uses of Funds S 292,300 $ 324.948 S 132.438 District Balance (or Deficiency) S 48.940 ,S 31.292 $ 36.458 Note 1 Prooertv Descriotion Authorltv's Cost Lot 4, Blk 2, Oakwood Industrial Park S 74,000 -81- S 767 $ 25,451 165,160 387 (4,421) S 25.838 S 161.506 S 15,000 S 125,000 11,895 40,887 94 1366) S 26.989 S 165.521 S (1.151) S (4.015) Sale Price S 1 CITY OF MONTICELLO, MINNESOTA Statement F-10 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR REMMEIE 010 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budget Prior Years Year Remaininq Sources of Funds: Bond proceeds S 165,000 S 164,042 S 958 Tax increments received 270,864 27,860 S 27,323 215,681 Interest on invested funds -0- 1,068 457 (1,525) Real estate sales (Note 1) 1 1 Total Sources of Funds $ 435.865 S 192.971 S 27.780 S 215,114 Uses of Fundss 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 S 15,000 150,000 Interest 89,694 25,610 14,018 50,066 Administrative costs 40.000 25.213 14.787 Total Uses of Funds S 534.694 S 241.882 S 29.018 ,S 263.794 District Balance (or Deficiency) $ (98.829) S (48.911) S 11.238) S 148.680) Note 1 Property Description Authority's Cost Sale Price Lot 6, Block 1, Oakwood Industrial Park and East 33' of Fallon Ave, and part of Sec. 13, Twp 121, Range 25 S 126,059 S 1 -82- CITY OF MONTICELLO, MINNESOTA Statement F-11 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR MARTIE 011 - A TAR INCREMENT FINANCING DISTRICT December 31, 1993 -83- Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds, Tax increments received 36.038 S 2.867 S 2.834 $ 30.337 Total Sources of Funds S 36.038 S 2.861 S 2.834 S 30.337 Uses of Funds. Land acquisition S 17,500 S 17,500 Administrative costs 3.600 $ 3.456 144 Total Uses of Funds S 21.100 S 3.456 S 17.644 District Balance (or Deficiency) S 14.938 S (589) S 2.834 S 12.693 -83- CITY OF MONTICELLO, KUM3SOTA Statement F-12 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR AROPLAX 012 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 -84- - — - - - --- Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Fundst I Interest on investments S 55 S (55) Bond proceeds S 225,000 S 120,000 105,000 { Tax increments received 169,127 15 169,112 Real estate sales 1 1 E Total Sources of funds S 394.128 S 120.000 S 70 S 274.058 Uses of Funds. Land acquisition S 90,000 $ 851000 $ 5,000 Installation of public utilities and improvements 75,000 75,000 Bond payments Principal 225,000 225,000 Interest 145,225 S 5,043 140,182 Administrative costs 25.000 24.736 306 (42) Total Uses of Funds 560.225 S 109.736 S 5.349 S 445.140 District Balance (or Deficiency) S (166.097) S 10.264 S (5.279) S (171.082) -84- - — - - - --- CITY OF HONTICELLO, lQ1a1ESOTA Statement F-13 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR STANDARD IRON 013 - A TAX INCREMM FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budaet Prior Years Year Remaining Sourceg of Funds, Tax increments received S 533.853 S 533.853 Total Sources of Funds S 533.853 S 533.853 Uses of Funds. Land acquisition $ 120,000 $ 120,000 Installation of public utilities and improvements 23,750 23,750 Site development 170,250 170,250 Interest 114,174 114,174 Administrative costs 20.000 S 9.209 10,791 Total Uses of Funds S 448.174 S 9.209 438.965 District Balance (or Deficiency) S 85.679 S (9.209) S 94.888 -84- Uses of Fundst Land acquisition S 29,625 S 29,625 Site improvements or preparation costs 20,375 Bond payments Principal 89,000 Interest 40,484 Administrative costs 7,500 14,219 Other -Loan to developer 19.575 19.575 Total Uses of Funds S 206.559 S 63.419 District Balance (or Deficiency) S 2.536 S 11.581 -86- S 20,375 S 89,000 3,047 37,437 113 (6,832) S 23,535 S 119.605 S (23.498) S 14.453 CITY OF MONTICELID, MINNESOTA Statement F-14 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR SUBURBAN 014 - A TAR INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds Interest on investments $ 37 S (37) Loan repayment $ 19,575 19,575 Bond proceeds 89,000 $ 75,000 $ 14,000 Tax increments received 100.520 100.520 Total Sources of Funds S 209.095 S 75.000 S 31 S 134.058 Uses of Fundst Land acquisition S 29,625 S 29,625 Site improvements or preparation costs 20,375 Bond payments Principal 89,000 Interest 40,484 Administrative costs 7,500 14,219 Other -Loan to developer 19.575 19.575 Total Uses of Funds S 206.559 S 63.419 District Balance (or Deficiency) S 2.536 S 11.581 -86- S 20,375 S 89,000 3,047 37,437 113 (6,832) S 23,535 S 119.605 S (23.498) S 14.453 CITY OF MONTICELLO, MINNESOTA Statement F-15 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR CUSTOM CANOPY 015 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Original Budaet Sources of Funds Tax increments received S 80.512 Total Sources of Funds S 80.512 Uses of Funds( Land acquisition $ 48,000 Installation of public utilities and improvements 19,500 Interest 15,000 Administrative costs 7.500 Total Uses of Funds S 90.000 District Balance (or Deficiency) S (9,488) -87- Accounted for in Current Amount Prior Years Year Remaininq S 80.512 S 80.512 S 48,000 19,500 15,000 S 6.048 1.452 S 6.048 S 83.952 S (6.048) S (3.440) CITY OF MONTICELL O, KDW--,OTA Statement F-16 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR MART 41-1 - A TAX INCREMENT FINANCING DISTRICT December 31, 1993 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Fuqds, _ Bond proceeds S 560,000 S 554,486 S 5,514 Tax increments received 795,054 107,542 S 103,672 583,640 Interest on invested funds -0- 5.161 1.229 (6.390) Total Sources of Funds S 1.355.054 S 667.189 S 104.901 S 582.964 Uses of Funds Land acquisition S 203,000 $ 120,371 S 82,629 Site improvements or preparation costs 4,000 3,662 338 Installation of public utilities and improvements 224,000 331,174 (107,174) Bond payments Principal 560,000 S 55,000 505,000 Interest 229,042 75,526 34,131 119,385 Administrative costs 40.000 40.043 443) Total Uses of Funds S 1.260.042 S 570.776 S 89.131 S 600.135 District Balance (or Deficiency) $ 95.012 S 96.413 S 15.770 SS 117,171) Note i Prooertv Descriction Authoritv's Cost Sale Price = Part of NN 114 of SM 1f4 of Sec. 11, Trp 121, Range 25 $ 120,371 $ -0- -88- CITY OF MONTICELLO, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN December 31, 1993 Harket valuation Debt limit - 2 percent of market valuation Total indebtedness subject to limitation Less deductions allowed by law Assets in debt service funds available for payment of principal S 467,448 Special assessment bonds 4,115,000 Tax increment bonds 1.880.000 Total Deductions Total Amount of Debt Applicable to Debt Limit LEGAL DEBT MARGIN -89- S 8,230,000 6.462.448 Schedule 1 S 415.063.600 S 8,301,272 1.767.552 S 6.533.720 M CITY OF EONTICELLO, KDMESOTA BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS December 31, 1993 Schedule 2 -90- General Obligation General Obligation General Obligation Refunding Bond Sewer Interceptor Mater System Series 2293A Bond Series 1986A Bond Series 19888 Total Principal Interest Principal Interest Princioal Interest Principal Interest 1994 S 150,000 S 16,900 S 65,000 $ 50,160 S 60,000 S 60,602 S 275,000 S 127,662 1995 150,000 12,025 70,000 45,940 65,000 56,632 285,000 244,119 1996 130,000 6,800 75,000 41,335 65,000 52,440 270,000 100,575 1997 105,000 2,100 80,000 36,335 70,000 48,017 255,000 86,452 1998 85,000 30,930 75,000 43,195 160,000 74,125 1999 90,000 25,110 80,000 37,962 170,000 63,072 2000 100,000 18,695 85,000 32,310 185,000 51,005 2001 105,000 11,672 95,000 26,053 200,000 37,725 2002 115,000 4,025 100,000 19,203 215,000 23,228 2003 105,000 11,950 105,000 11,950 2004 115.000 4,111 115.000 41111 TOTAL S 535,000 S 37,825 S 785.000 S 264.202 S 915,000 S 392.475 $ 2.235.000 S 824,024 Original Amount S 535.000 S 1.050.000 S 1.100.000 Average rate of interest 3.9673% 6.7294% 6.9943% Payment dates February 1 February 1 February 1 February 1 February 1 February 1 August 1 August i August 1 -90- CITY OF MONTICELLO, MINNESOTA SONDW INDEBTEDNESS - GENERAL OBLIGATION SPECIAL ASSESSMENT BONDS December 31, 1993 -91- CenralObllpatloa 4taealOblipattoo itaeralObiiluio0 Sertrlpter cad Street ieproentat series A laprarntat sono s1 1911 tool of 1986 told Serits 1181A prilefoll laterlit pliatioll latetest priacloal littlest 1996 E 15,111 S 18,148 1 26,111 S 19,151 S 95,111 S 91,119 1995 65,111 25,210 25,011 11,2{1 11!,11! 11,598 1996 61,011 111618 25,000 96,311 211,!!1 11,614 1991 60,1!1 8,IS0 30,011 16,115 iti,Nf 1l, 310 1498 6!,111 1,950 30,111 12,111 iii,tii 62,695 1494 61,00! 1,650 35,111 1,160 121,1!! 11,S81 Ytli 35,110 1,115 125,111 41,825 2181 35,111 1,621 131,110 36,613 1602 60,01/ I'm 161,110 26,825 2103 14sju 16,494 2101 ISSAN 5.619 94901 LS,. !11 S 60,5002S BA,Il11� !3.1132S •3IS11i5S 22.652 Oriyiaai Aaoaat 3 620 0 13S 15,101 L1.625 OA! Average me of interest 5.211 1,41111 1.25121 payaeat data febrany 1 fibroary i febroaty I itbroary Ifebroary I febroary 2 Aopast I 14yast 1 Aayast I -91- Schedule 3 Weral Obligation general Obligation gletral Obligation gtreralObligation kaenlObligation Iaprattstat Inprote#tat laprosestat Iaproeentat Inptotneat Bold Renes 19891 Bond 8erlea 19918 load Miss 1l91O Boad of 1991A load Series 1992A fatal frifntipnl lattrelt MACIPOI lotmittriodial_ Interest frilfbal latfrist MICIpal lettrest MACipal lAtelfst 3 29,#11 S 11,113 S 64,#04 4 34,42# 8 21,00 8 14,40 S 15,08# 1 21,2S8 1 94,1## 1 33,405 S 413,04/ 3 20,493 25,101 91591 61,011 31,115 11,141 13,215 15,110 14,411 75,110 31,830 115,010 231,131 I5,111 7,998 69,10 26,808 15,111 11,196 15,#0 14,411 15,101 21,615 41#,10 194,115 2S,i14 6,191 71,10 22,531 15,01# 10,196 li'llf 10,219 25,01 21,231 471,141 I6i,SS1 IS,m 4,111 15,00 11,915 14,10 I'm 11,00 6,141 15,#11 241711 411,00 111,614 31,0# 2,471 11,44# 13,411 t5,i11 1,921 J#,4l1 2,#47 11,00# 17,431 494,4## 114,#28 11,101 991 81,111 8,411 31,111 5,485 14,111 11,353 370,011 !1,158 0,10 1,10 31,1#0 3,068 1#,m 9,199 345,01 SMAS 31,01 1,128 10,01 5,915 I81,418 35,314 11,010 1,995 215,010. 11,419 155,18# 5319 3t 8S,##g I 43,845 565 4 # Lj5 1 31 f I 14.3141}j 10.9#! 3 13.166 JL 15,410 3� 84.7131 2S .13,!44U269.Ip{ lIS 1131111S/ 0 ISS 1S• 011iQ LS, 06/ 6.61181 1.11441 6.75#67 5.12651 L 8151 tebraat} 5 febroat} I leDtnar} 1 febrnar} 3 hDtaat} 1 tebroart I hDraat} i tebroarp I ltDtaat} 1 ltbraatf 1 August 1 logast 1 August 1 August 1 August 1 -92- CITY OF MONTICELLO, 99INNESOTA BONDED INDEBTEDNESS - GENERAL OBLIGATION TAX INCREKENT BONDS December 31, 1993 -93- Geaeral Obligation General obligation General Obligation General Obligation hr locrtaeat Tao lacreaeot h1 locrnent gat lacreimt Band of 1911 Bond o9 1985 load of 19811 Bond of 19818 Priocioal latifelt Principal Interest Principal interest Iriocioal Interest 1991 6 25,161 1 1,191 8 15,080 1 23,950 6 35,111 S 15,161 1 21,169 8 7,11S 1995 15,600 22,!25 35,111 13,SS8 11,101 S,)SS 1996 15,010 11,611 11,011 19,985 25,810 3,361 1991 15,ete 21,191 11,111 81115 15,181 I,Ils 1991 21,080 19,115 15,#10 5,111 1999 21,000 11,115 45'sil 1,681 2181 20,690 11,801 2181 25,006 11,951 2812 25,080 11,891 2113 31,000 9,615 2161 3#,086 1,115 2015 35.060 1,111 2116 3S.0e0 1.611 10116 15 lee 191 L20 00089 121211 118 SS 182 8 91.099 1 16.911 Origiall hount 111 5 )51.111 )6S 111 8 155,111 Average rite of interest 8.38611 8.11931 1.11111 9.11111 fayaeot dates Febroary I febraary 1 Febroary 1 February 1 February I February I February 1 febraell 1 11111t I August I August 1 lagan 1 -93- Schedule 4 -94- General Obligation General Obligation General Obligation General Obligation General Obligation Tat Iocreaeat Tet Iaereaeat Tat locreneot Tat locreleat Tax Iocreleat Bond 8erlee 19891 Bond Series 19911 Bold $still 19918 lead series 1992 Bond series 19920 Intel Principal lata est principal ntere rinci a Werra Modell Interest principal lames Principal leto st 1991 1 1,161 1 21,618 S 61,111 1 31,311 S 31,111 9 21,911 1 1,810 1 11815 1 1911111 1 13S,S79 1995 11,110 21,969 65,10/ 21,681 38,181 21,112 1 31,011 1,115 1 5,111 1,712 195,111 121,511 1996 11,111 21,120 71,111 22,261 35,111 17,198 15,111 1,662 11,011 1,225 220,101 116,382 1991 11,111 19,265 11,111 17,833 11,111 13,795 15,116 5,688 16,111 3,515 228,111 89,911 1998 15,616 18,190 75,061 1),211 15,181 11,112 11,11/ 1,712 11,111 1,925 225,101 13,161 1999 15,008 16,911 81,101 8,211 IS,111 6,118 15,101 3,738 11,111 2,215 231,101 56,263 2111 15,111 IS,603 85,101 2,115 /S,111 2,112 21,11/ 2,611 11,111 1,625 195,101 11,111 2011 21,160 11,181 21,101 1,311 11,111 975 75,161 31,119 2112 20,110 12,335 11,601 32S 11,111 325 65,161 21,876 1013 21,118 11,585 51,188 21,211 2116 25,080 8,611 SS,118 15,135 2115 25,680 6,111 61,161 11,121 2116 31,100 3,982 65,160 5,152 1111 30,610 1.328 31.161 1.328 TOTAL S 251.166 LA .985gs Is. 06 L-21-1 33L-Us./00 Lj1,991 [-no .111 1 11.311 L-15 L-A 8S 81.800 g 1)1.915 Original laaaot 5 261,111 S 560,091L -AL -40-0L-01 .011 S 75.181 Average rate of Interest 1.25121 6.5031 8.99281 6.511 6.511 Payaest dates lebraary 1 lebraary I lebroary 1 February I lebruary I Febraary 1 February 1 lebraary 1 February 1 lebraary I Ingest 1 lagast 1 ingest 1 August 1 Ingest 1 -94- -95- CITY OF MNTICELLO, MINNESOTA TAX LEVIES TO RETIRE BONDED INDEBTEDNESS December 31, 1993 Geatral General General General General General General Obligation Obligation Obligation Obligatioi Obligation Obligation Obligation Stier Tet Ioereaeat Tat laareaent liproteaeit Year of Iaproieaent Ttr iaereaeat lapratetent Iatereeptor load Seriet Said Series load Series levy Collection load of 1911 load of 1981 load of 1986 load of 1986 1907A 1981191 88A 1993 1991 S 11,115 S 19,113 1 31,323 1 129,133 S 52,217 27,511 119,116 1991 1995 13,969 33,119 121,612 55,115 149,615 115,511 SS95 1956 $ISIS 37,191 121,182 S2,165 21,613 119,119 1996 1997 $,Sao 35,111 121,612 51,291 111,985 1997 1998 1,6SS 38,955 121,132 51,791 1181616 1998 1999 16,822 125,281 111,196 1999 2061 31,651 126,711 115,212 2111 2111 37,689 129,203 118,191 2101 2002 111,929 2012 2111 116,113 2113 2001 2401 2065 2115 2006 TOTAL S 53.821 L 19 131 28S 151 L1,L66 121 L --L6 1.372 L 17 109 1 113 312 -95- Schedule 5 6tatral Otatral Moral general ceoeral Central General general Staeral central Obligttloo Obligation abligatiao Obligation Obligation Obligation Obligttlon Obligation Obligatics Obligation Anter $Total Ilproteaat later Slam Isprotestat later 11stts Isprotneot Iaproreaeot Ispro►nelt ieproteatot ieiandiog goad Buie$ goad lents land Belie# load $frits Bond ltrits load Strict load Itrits load !tries load Series load series f 11 l 1 1989A 11191 1991A ! 10399 C 19118 1191# 9lb9�b 1 1191899 1 32,963 1 24,111 8 111,191 8 21,36! 1 11813 1 11129 1 112,883 12,113 23,211 I#4,291 23,011 2,911 1#,Il2 146,310 126,344 31,11# 21,260 181,29# 24,113 1 1,363 I,9#1 21,111 211,660 121,143 33,321 11,261 111,191 1 $2,193 23,161 11898 11,643 126,311 34,113 21,911 181,190 13,113 22,111 611 22,414 Il6,23S 32,818 24,118 111,191 81,111 26,423 1,516 !30,391 36,691 }l,I13 23,!34 8,14# 111,861 34,811 23,668 8,391 126,112 13,813 8,912 129,384 36,466 34,116 31,116 34,184 L1.1 -71-4A 8 143.289 L- 111,122 681 111 98 6ft L-MLIl 1168 1 8.133 1 618 133 1 -9b- 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, 1993, and have issued our report thereon dated May 5, 1990. We conducted our audit in accordance with generally accepted auditing standards and the provisions of the Minnesota Leaal 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 Local 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 during a couple of short periods during the year. Adequate collateral was noted 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. May 5, 1990 F— GTUY§PWRM CAFIWN & ASSOCIATrs F.A. Certified Public Accountants -97- '(SGL UYS !'rrryLvl H,MI: hfl u]Iwl V I'! I IA i. q7. Wnr f qus ft* --S IIWµ, fill fla. Zi �o B('fde .411nlltllllYs Il,kl \4mat•IMI, N\iiylZ l3i,iX^,i IWflJLI,\i\Kiii fiXZ i'(.Z i'iiatih iJi1l Nllsftmu (iWNrhrltt8 '*IIS I'I�nlrJl .\11•. I.J4, Y1114�\ 441, iu�n'.i & A'Ka�la 77777��77�7iWWlAlalllt44444t�lilii 4 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, 1993, and have issued our report thereon dated May 5, 1990. We conducted our audit in accordance with generally accepted auditing standards and the provisions of the Minnesota Leaal 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 Local 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 during a couple of short periods during the year. Adequate collateral was noted 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. May 5, 1990 F— GTUY§PWRM CAFIWN & ASSOCIATrs F.A. Certified Public Accountants -97-