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1994 Audit ReportCP1Y or NoNnC E=l ANNUAL FINANCIAL CIAL REFQa' Year pKW Cleo1 31, 1994 ^ , .�xanWr+m mtl 1K1/V11fYY1\P.1f1` ®upmen Cann CarLsm & Associates CITY OF MONTICELLO, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL. REPORT Year Ended December 31, 1996 CITY OF 110IFPICELLO, MINNESOTA TABLE OF CONTENTS I. INTRODUCTORY SECTION Miscellaneous Data II. FINANCIAL SECTION Pao Independent Auditor's Report on Financial Statements 1 A. General Pucvose Financial Statements Statement B. Combining and Individual Fund Statements Exhibit Combined Balance Sheet - All Fund Types and Account Groups 1 2-3 Combined Statement of Revenues, Expenditures A-1 31-34 and Changes in Fund Balances - All Governmental Combining Balance Sheet Fund Types Combining Statement of Revenues, Expenditures 2 4 Combined Statement of Revenues, Expenses and Shade Tree Fund, Changes in Retained Earnings - All Proprietary Fund Types 3 5 Combined Statement of Cash Flows - All Orderly Annexation Fund, Proprietary Fund Types Statement of Revenues, Expenditures and 4 6 Combined Statement of Revenues, Expenditures Basis) and Actual and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 5 7 Notes to Financial Statements 8-30 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 31-34 Special Revenue Funds, Combining Balance Sheet B-1 35-36 Combining Statement of Revenues, Expenditures and Changes in Fund Balances B-2 37-38 Shade Tree Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-3 39 Orderly Annexation Fund, Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-4 40 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS B. Combining and Individual Fund Statements - Continued Statement Page Capital Outlay Revolving Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-5 41 Library Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-6 42 Housing and Redevelopment Authority Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-7 43 Urban Development Action Grant Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-8 44 Economic Development Authority Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-9 45 Nater Improvement Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-10 46 Sewer Improvement Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-11 47 Economic Recovery Grant Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-12 48 Debt Service Funds: Combining Balance Sheet C-1 49-52 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 53-56 CITY OF NONTICELIn, MINNESOTA TABLE OF CONTENTS B. Combining and Individual Fund Statements - Continued Statement Page Capital Projects Funds: Combining Balance Sheet D-1 57-58 Combining Statement of Revenues, Expenditures and Changes in Fund Balance D-2 59-60 Proprietary Funds: Combining Balance Sheet E-1 61 Combining Statement of Revenues, Expenses and Changes in Retained Earnings E-2 62-63 Combining Statement of Cash Flow E-3 64 Sewer Fund: Comparative Balance Sheets E-4 65 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-5 66 Comparative Statements of Cash Flows E-6 67 Nater Fund. Comparative Balance Sheets E-7 68 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-8 69 Comparative Statements of Cash Flows E-9 70 Liquor Fund. Comparative Balance Sheets E-10 71 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings E-11 72 Comparative Statements of Cash Flows E-12 73 Comparative Statements of Revenues and Expenditures - Budget (GMP Basis) and Actual E-13 74 Transportation Fund. Comparative Balance Sheets E-14 75 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-15 76 Comparative Statements of Cash Flows E-16 77 CITY OF 11ONTICE110, MINNESOTA TABLE OF CONTI M C. Other Financial Statements Statement Page Schedule of Sources and Uses of Public Funds For IRI O1 - A Tax Increment Financing District F -I 78 Schedule of Sources and Uses of Public Funds For Metcalf -Larson $2 - A Tax Increment Financing District F-2 79 Schedule of Sources and Uses of Public Funds For FSI d3 - A Tax Increment Financing District F-3 80 Schedule of Sources and Uses of Public Funds For IXI 04 - A Tax Increment Financing District F-4 81 Schedule of Sources and Uses of Public Funds For Const. 5 05 - A Tax Increment Financing District F-5 82 Schedule of Sources and Uses of Public Funds For Raindance 06 - A Tax Increment Financing District F-6 83 Schedule of Sources and Uses of Public Funds For NAWCO 47 - A Tax Increment Financing District F-7 84 Schedule of Sources and Uses of Public Funds for NSP 08 - A Tax Increment Financing District F-8 85 Schedule of Sources and Uses of Public Funds for TAPPER 09 - A Tax Increment Financing District F-9 86 Schedule of Sources and Uses of Public Funds for RE*(ELE 010 - A Tax Increment Financing District F-10 87 Schedule of Sources and Uses of Public Funds for MARTIE ni - A Tax Increment Financing District F-11 88 Schedule of Sources and Uses of Public Funds for AROPLAX 012 - A Tax Increment Financing District F-12 89 CITY OF 110NTICELL0, MINNESOTA TABLE OF CONTENTS C. Other Financial Statements - Continued Schedule of Sources and Uses of Public Funds for Standard Iron 013 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for Suburban 014 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds for Custom Canopy 015 - Tax Increment Financing District Schedule of Sources and Uses of Public Funds for K -Mart 01-1 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For Polycast 016 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For Faymar 017 - A Tax Increment Financing District Schedule of Sources and Uses of Public Funds For Rivecmill 018 - A Tax Increment Financing District III. SUPPLEMENTAL INFORMATION Statement Page F-13 90 F-14 91 F-15 92 F-16 93 F-17 94 F-18 95 Computation of Legal Debt Margin Bonded Indebtedness - General Obligation Bonds Bonded Indebtedness - General Obligation Special Assessment Bonds Bonded Indebtedness - General Obligation Tax Increment Bonds Tax Levies to Retire Bonded Indebtedness Auditor's Report on Legal Compliance F-19 96 Schedule 1 97 2 98 3 99-100 4 101-102 5 103-104 105 CITY OF HONTICELLO, HINNESOTA MISCELUNEOUS DATA Term Officials - 199+1 Expires Mayor Brad Fyle 12-31-96 Council Member Brian Stumpf 12-31-98 Council Member Clint Herbst 12-31-98 Council Member Tom Perrault 12-31-96 Council Member Shirley Anderson 12-31-96 Clerk -Treasurer and Administrator Rick Wolfsteller Appointed &rdCe!,'rrrlJLd j%. 11. Many I W%,. Swlr 1 611 SS'alnw V., PI ), IYrt 517, Sunt 1 nn Anvuruuntr uM I lWnah,. M\SS 111(611) 6821; 62I Mnnlu'rllu, M\ 55y,2(612) 29S SP',I N..slnrsr LunsrJnrnn 'U5 t emrd ,ar. I�>t. P)). &n 11x, S.W a m Mi,harl, 51\ SS376 (612) 197 2110 �C A tm PA INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS To the Mayor and City Council City of Monticello, Minnesota We have audited the accompanying general purpose financial statements of the City of Monticello, Minnesota, as of and for the year ended December 31, 1990, as listed in 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, 1996, 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. May 18, 1995 '41 '1 U=RDEN CARLSON h ASSOCIATES P.A. Certified Public Accountants -1- CITY OF MONTICELW, MINNESOTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1993 With Comparative Totals at December 31, 1993 Exhibit I 16011111111 TRUST BID GOVIIII9111L 191) TINS ?UID ?TMs A488ft Wool? GROUPS TOTAL MIND OI1,11 Seaetal weral Special Debt Capital k9eacl Piled Long -fen teser&1 Revenue service Prolecti soterpri$e food Ansett !Lt 1994 1993 fish 4$4 istestseott S 1,199,131 S 1,381,147 1 134111S3 S 118,113 S $3,111 Recallable$ 384,6is 211,228 IS2,82S 188,125 Accounts SIMI 44,233 16,;41 191,;81 Special &$$tallest$ - deferred I,S1S 192,831 749,115 22,IIS Special a$$ta$sest$ delinquent 8,176 4,181 9SS,iS6 1,311 Dae hos other foods 91,67s 224,818 Land held for resale 152,825 Loll -ten receivable 27,942 539,727 loveatorf I1S,733 Prepaid ttpeests 28,113 HI l,82t 9eAttal tired assets froptrts &ad quipseat (net of accasslited depreciation) Want available it Debt Service foods Asoost to be provided for retirneat of general loag-tiro, debt Other starts - deferred cospeo$atioa plan (at ticket)2$� 35 284 tofu issits S 2.21;.278 LLLg 196g 7( , 88,263 a/ 113115 .4SS Ili2S 35,284 see &ccoapeasing Latta to financial Stattsnts. -2- 3 7,07,521 1 1,711,811 311,id1 188,881 968,51; 1,211,189 96!,12{ 1,181,128 384,6is 211,228 IS2,82S 188,125 5;1,;t4 587,311 175,133 IS8,814 31,219 18,951 S 11,161,112 11,181,112 11,912,148. 9,79s,652 9,511,873 s 2,674,239 2,874,219 2,I43,711 4,tK,7;1 {,4/S,ltk S,33t,232 2I 281 IIi,722 21 47 II 7 288 88 5 24.551,112 S N,3;1.241 CITY OF HONTICELLO, 1tINNESOTA COMBINED BALma SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1994 With Comparative Totals at December 31, 2993 LIABILITIBS crib deficit Recover! payable eaotracts payable Mae leotard trpeasts Rrerov deposit payable Dat to ether loads Deferred revenue Sutural obligation bonds payable General obligation tat iacreseat bonds payable Special anenstat bolds payable Deterred oosptasatiat foods held for Participants total Liabilities FOOD 1QUIT9 eostribated capital Inttttsett it }eaeral fired assets Ittihad tarcie}s Ostestrved read Rllatce Reserved for toaeortent loans receivable Reserved for fired assets bald for rtsile Reserved for debt service Doteservtd Designated for sabsegnent years' etpetditures ladtaigasted total land Igeity TOTAL LI0IILITIRS 110 1010 RQOITT see accoapaayia} Rotes to financial Statesests. Exhibit I (Continued) PIOPR16TART TRUST 110 GOVIRMITAL 1010 ITPRS TOID 1191S IGRRCT EMIT GRD/PS TOTAL 11too Oily) caotral cetera) Special Debt Capital Agency fired Laog•Tetm 6tattAl offecatService Proitcts A to t'!e_ Fold Assets Debt 1991 1993 23 95.164 S 257,911IS 21,762 S 1,094,124S S 16,227 1 226,1312S 15,281 S 511,352 S 1,219,611 173,9#0 189,115 S H9,SS3 S ]38,199 S tt,i{t,ti2 3 59, 3/i S !1,168 d5,i31 S 11,883 15,911 S 579,121 ]1,291 261,121 212,Y18 3,825 2,282,611 it.IST 16,111 1,235,1)1 1,691,1!1 7,6}I,IN l,BIIl,/1/ N{,6l8 5,691,111 Iti,tq ]9.995 212,/)9 I,i11,Iti 129,510 21, A2 23 95.164 S 257,911IS 21,762 S 1,094,124S S 16,227 1 226,1312S 15,281 S 511,352 S 1,219,611 173,9#0 189,115 S 9,171,122 51,297 161,299 S tt,i{t,ti2 2/1,253 K1,i96 I, TI I,ti1 16,111 15,911 S 579,121 1111,678 261,121 lST,b23 2,111,Ies 2,282,611 S 1,961,fi{ f,96i,/11 1,235,1)1 1,691,1!1 7,6}I,IN l,BIIl,/1/ 3,631,If1 5,691,111 1,115,111 Ij ,954,361SS 2,517.434 S M74,239 239 1 6 1111 S 16,732,139 3 11,147,112 219 286 IAS 7 1 (. 7.2e1,,��1 S 1/.p67,2S1 I2S 711.111 S 9,171,122 S 9,421,122 S 8,1S5,568 S tt,i{t,ti2 11,417,102 11,912,115 I, TI I,ti1 1,717,717 1,551,666 S 579,121 $39,727 $55,170 lST,b23 152,515 181,025 S 2,011,239 2,811,239 2,926,311 S 1,11),111 S 1436,1111 1,137,957 1,117,121 )61,29# 1,010,802 2,219,112 7 631 T8 Ij ,954,361SS 2,517.434 S M74,239 239 1 6 1111 S 16,732,139 3 11,147,112 S 20,613,161 S 21 627 2f} 2 23 . 16.218 2 93 196 Lilft 26 1 L -LA 113HS .955.116 S 235,25111 N1 11 IS ,2e/,f11 S U.M-fl2 H 3U 299 -3- CITY OF MONTICEL.LO, HINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FU1J TYPES For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Revenues Taxes Collections on special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeits Hiscellaneous 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 Payment to escrow agent Transfers in Transfers out Total Other Financing Sources (Uses) Excess of Revenues and Other Sources over Expenditures and Other Uses Fund Balances at Beginning of Year FUND BALANCES AT END OF YEAR See accompanying Notes to Financial Statements. -4- GOVERNMENTAL FUND TYPES Special Debt Capital General Revenue Service Proiects S 1,827,250 S 640,783 $ 601,849 55,454 356,057 132,887 327,612 59,036 71,922 115,894 182,700 9,064 277.316 82,792 56,189 $ 602.229 S 2,690.023 S 1.020.765 $ 1.086.017 S 602.229 Exhibit 2 TOTALS (MEHO ONLY) 1994 1993 S 3,069,882 S 2,956,987 411,511 1,036,948 132,887 161,132 458,570 675,771 298,594 188,229 9,064 6,644 1.018.526 585.901 $ 5.399.034 S 5.611.612 S 747,524 S 21,809 S 769,333 S 651,981 448,863 28,046 476,909 468,856 586,877 586,877 477,776 278,522 278,522 289,225 88,152 88,152 61,471 141,993 29,662 171,655 163,993 43,922 40,175 84,097 29,485 67,825 S 932,812 1,000,637 1,224,515 S 880,000 880,000 1,616,171 9.898 521,112 531.010 634,184 S 2,335.853 S 197.415 S 1.401.112 S 932.812 $ 4.867.192 $ $.617.657 S 354.170 S 823.350 S (31S,095) S (330.583) $ 531.842 $ (6.045) S (91800) S (9,800) $ 539,037 ;92,037) (92,037) S 59,439 $ 117,500 1,195,421 S 342,594 1,714,954 295,189 {91,300) (614.737) (830,561) (83.356) (1.619.994) {263.535) S (31.861) S (497.237) S 263,023 S 259.238 $ (6.837) S 570.691 $ 322,309 $ 326,113 S (52,072) S (71,345) $ 525,005 S 564,646 1.636.052 2.181.321 2,926.311 (364,769) 6.378.915 5.814.269 $ 1.958,361 S 2.507.434 S 2,874.239 S (436.114) $ 6.903.920 $ 6.378.915 CITY OF HONTICELLO, HINNESOTA Exhibit 3 COHDINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1994 and 1993 See accompanying Notes to Financial Statements. -5- PROPRIETARY FUND TYPES Enterprise Enterprise 1994 1993 Operating Revenues Charges for services S 740,902 5 684,256 Gross profit 374,251 34x.136 Total Operating Revenues ,S 1.115.153 S 1.028.392 Operating Expenses Salaries and employee benefits $ 265,610 S 245,388 Professional services 420,571 390,180 Supplies and materials 46,676 46,873 Repairs and maintenance 15,354 13,432 Utilities 51,870 49,805 Depreciation 562,019 520,289 Equipment rental 61,862 60,246 Other 66.698 _ 64,963 Total Operating Expenses S 1.490.660 S 1.391.176 Operating Income (Loss) $ 1375.507) S (362.784) Non -Operating Revenues Interest income $ 16,856 S 22,516 Other 39.101 49.7QO Total Non -Operating Revenues S 55.957 S 72.296 Net Income (Loss) Before Transfers $ (319,550) S (290,488) Transfers (out) (95,000) (31.654) Net Income (Loss) S (414,550) S (322,142) Retained earnings at beginning of year 1,580,644 1,407,049 Add depreciation on contributed assets 541,623 495.737 Retained Earnings at End of Year $ 1.707.717 S 1,580.644 Contributed capital at beginning of year $ 5,759,548 S 9,052,270 Assets contributed during year 806,497 203,015 Depreciation -contributed assets (541.623) (495.737) Contributed Capital at End of Year S 9.024.422 S 8.759.548 RETAINED EARNINGSlCONTRIBUTED CAPITAL AT END OF YEAR S 10.732,139 S 10.340.192 See accompanying Notes to Financial Statements. -5- CITY OF tiONTICELLO, MINNESOTA Exhibit 4 COMBINED STATEHENT OF CASH FLOWS - ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1994 and 1993 PROPRIETARY FUND TYPES Enterprise Enterprise 1994 1993 Cash flows from operating activities Net income (loss) before transfers S (319,550) $ (290,488) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 562,019 520,289 Changes in assets and liabilities (Increase) decrease 1n accounts receivable (12,050) (28,340) (Increase) decrease 1n NSF checks receivable 136 (Increase) decrease in inventory (17,719) 683 (Increase) decrease in prepaid expenses 1,615 (469) (Increase) decrease in special assessments receivable - deferred (7,504) 5,419 (Increase) decrease in special assessments receivable - delinquent (1,247) 1,480 Increase (decrease) in accounts payable 25,139 9,004 Increase (decrease) in accrued expenses 24,790 12,830 Increase (decrease) in due to other funds (15,000) Increase (decrease) in deferred revenue 8.752 (6.902) Net Cash Provided by Operating Activities S 249.245 S 223,642 Cash flows from investing activities: Capital expenditures Equipment S (9,301) Transfers out (95.000) S 131.654) Net Cash Provided (Used) in Investing Activities S 1104.301) S (31.654) Net increase (decrease) in cash and cash equivalents S 144,944 S 191,988 Cash and cash equivalents at beginning of year 608.241 416.253 Cash and Cash Equivalents at End of Year S 753.185 S 608.241 Non -Cash Transactions: Contributed Assets Land, Buildings and Improvements S 806.497 S 203.015 Total Non -Cash Transactions S 806.497 S 203.015 See accompanying Notes to Financial Statements. -6- A CITY OF HONTICELLO, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For The Year Ended December 31, 1994 Revenues Taxes Special assessments Licenses and permits Intergovernmental Charges for services Pines and forfeits Miscellaneous Total Revenues Expenditures General government Public safety Public works Sanitation Health and welfare Parks and recreation Community development Capital projects Debt service Total Expenditures Excess of Revenues over Expenditures Other Financing Sources (Uses) Transfers in Transfers out Total Other Financing Sources (Uses) Excess of Revenues and Other Sources over Expenditures and Other Uses Fund balances at beginning of year FUND BALANCES AT END OF YEAR See accompanying Notes to Financial Statements. -7- Exhibit 5 GENERAL FUND SPECIAL REVENUE FUND TYPES Variance Variance Favorable Favorable Budget Actual )Unfavorable) Budget Actual (Unfavorable) S 1,827,520 S 1,827,250 S 4270) S 633,956 S 640,783 5 6,627 12,130 55,454 43,324 67,200 132,887 65,687 267,620 327,612 59,992 33,309 59,036 25,727 108,000 115,894 7,894 29,000 182,700 153,700 1,000 9,064 8,064 131,645 277,316 145,671 75,590 82.792 7,202 S 2,402.985 ,S 2.690.023 $ 287.038 S 783.985 S 1,020,765 S 236.780 S 710,115 S 747,524 S (37,409) S 26,160 S 21,809 S 4,351 449,425 448,863 562 29,800 28,046 1,754 542,645 586,877 (44,232) 304,050 278,522 25,528 63,595 88,152 (24,557) 186,650 141,993 44,657 31,335 29,662 1,673 43,505 43,922 (417) 19,170 40,175 (21,005) 345,195 67,825 277,370 31.450 5.898 23.552 S 2,299,985 S 2,335.853 ,S 135.868} S 483,110 S 197,415 S 285,695 S 103.000 S 354,170 ,S 251.170 S 300,875 S 823.350 S 522.475 S 59,439 S 59,439 S 200,000 S 117,500 S (82,500) S (103,000} (91.300) 11,700 _(232,025} (614.737) (382,712) S (103.000) S (31.861) ,S 71.139 S (32,025) S (497,237) S (465.212) S 0 S 322,309 S 322.309 S 268850 $ 326,113 S 57.263 1,636.052 2.181.321 S 1.958.361 S 2,507,434 CITY OF 11ONTICELL0, HINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 1 Summary of Sianificant Accounting Policies The accounting policies of the City of Monticello, Minnesota, conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies: A. 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 HONTICELLO, 11INNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note i Summary of Significant Accountina Policies - Continued Governmental Fund Toes 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 Tvpes Trust and Aaencv 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- CITE OF IIONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1444 Note 1 Summary of Significant Accountinq Policies - Continued Account Groups General Fixed Asset Account Group --This account group is used to account for all fixed assets of the City, other than those accounted for in proprietary and trust funds. General Lonq-Term Debt Account Grouo--This account group is used to account for all long-term obligations of the City except those accounted for in proprietary and trust funds. C. Basis of Accountino The modified accrual basis of accounting is followed by governmental funds, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recorded when they become measurable and available to pay liabilities of the current period. Revenues not considered available are recorded as deferred revenues. Expenditures are recorded when the liability is incurred except for interest on general long-term obligations, which is recorded when due. In applying the susceptible to accrual concept to intergovernmental revenues, there are essentially two types of revenues. In one, moneys must be expended for the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized based upon the expenditures incurred. In the other, moneys are virtually unrestricted and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Property taxes are recognized as revenue in the year for which taxes have been levied, provided they are collected within 60 days after year-end. Special assessments are recorded as revenue in the year the individual installments are collected. Licenses and permits, fines and forfeitures, and miscellaneous revenues are generally recorded as revenues when received. Investment earnings are recorded as earned. The accrual basis of accounting is used by proprietary funds and nonexpendable trust funds. Unbilled service revenue is accrued in proprietary funds. D. Budgets and Budgetary Accountinq The City follows these procedures in establishing the budgetary data reflected in the financial statements, a. Prior to September 1, the City administrator submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. CM CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 1 Summary of Sionificant Accounting 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. d. Formal budgetary integration is employed as a management control device during the year for the general fund, special revenue funds and enterprise funds. Formal budgetary integration is not employed for the capital projects and debt service funds. e. Budgets are adopted on a basis consistent with generally accepted I accounting principles. Budgeted amounts are as originally adopted, or as amended by the City Council. E. Cash and Investments Cash balances from all funds are combined and invested to the extent available in certificates of deposit and other allowable investments. Earnings from investments are allocated to the respective funds on the basis of applicable cash balance participations by each fund. For purposes of the Statements of Cash Flows, all highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Temporary cash investments are stated at cost plus accrued interest, which approximates market. F. Special Assessments Receivable Special assessments receivable include the following components. a. Delinquent installments including interest remaining unpaid as of year end. b. Deferred installments which will be billed to property owners in the future. In accordance with generally accepted accounting principles, such amounts not collected within 60 days after year end are unavailable for current operations and, therefore, are deferred. G. Inventories Inventories are valued at lower of cost (first -in, first -out) or market. -11- CITY OF HONTICELLO, HINNFSOTA NOTES TO FINANCIAL STATD92M December 31, 1994 Note 1 Summary of Siqnificant Accountinq 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 - Proorietary 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 ItONTICELLO, 11IKNESOTA NOTES TO FINANCIAL STATENEMS December 31, 1994 Note 1 Summary of Sianificant 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, 1994, are as follows Debt Service Funds General Obligation Improvement Bonds Series 1990B S 183,699 -13- CITY OF MONTICELLO, HINNFSOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 2 Stewardship. Compliance. and Accountabilitv Continued ` is A. Deficit Fund Balances - Continued Capital Project Funds Cardinal Hills III S 1,897 Meadow Oaks 43,325 Public Works Building Expansion 1,377 Eastwood Knoll 11,241 Southwest Area 546 Klein Farms 4.885 Cardinal Hills IV 419,735 WWTP Expansion Project 7,087 Ocello/School Boulevard 2.488 S 492.581 The debt service fund deficit was 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 or assessment collections are expected to be used for financing the projects. B. Excess of Expenditures Over Budqet Expenditures Over Expenditures Budqet Budget General Fund S 2,335,853 S 2,299,985 S 35,868 Sewer Fund 871,800 806,965 64,835 Water Fund 347,265 322,905 24,360 Housing and Redevelopment Authority 320,336 303,700 16,636 Note 3 Cash and Investments Cash balances of City funds are combined (pooled) and invested to the extent available in various investments authorized by state statutes. Each funds portion of this pool (or pools) is displayed on the financial statements as 'Cash and investments'. For purposes of identifying risk of investing public funds, the balances and related restrictions are summarized below, A. Deposits - Minnesota statutes require that all deposits with financial institutions must be collateralized in an amount equal to 1101 of deposits i in excess of FDIC or FSLIC insurance (1401 if collateralized with notes secured by first mortgages). -14- CITY OF MONTICELLO, 11INNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 3 Cash and Investments - Continued A. Deposits (Continued) The carrying amount of the City's deposits with financial institutions was $3,223,172 and the bank balance was $3,348,450. The bank balance is categorized as follows, Insured by FDIC or FSLIC insurance S 1,336,056 Covered by collateral assigned to city and not redeposited in the financial institution furnishing the collateral 2.012.394 Total Bank Balance S 3.348.450 B. Investments - Minnesota state statutes authorize the City to invest in obligations of the U. S. Treasury, agencies and instrumentalities of the United States, shares of investment companies whose only investments are in the aforementioned securities, obligations of the State of Minnesota or its municipalities, bankers' acceptances, futures' contracts, repurchase agreements, and commercial paper of the highest quality with a maturity of no longer than 270 days. Investments held by the City at year end are classified as to credit risk as follows, Category I - Insured or registered, or securities held by the City's agent in the City's name. Category 2 - Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the City's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the City's name. Carrying Market Category Amount Value Commercial Paper 1 S 939,315 S 940,014 Smiti, Barney Money Market 1 19,362 19,362 ' Minnesota Municipal Money Market Fund 1,499 1,499 Lehman Bros. Money Market Fund 1 48 48 Minnesota Municipal Bonds 1 200,313 200,313 U.S. Securities & Govern- mental Agency Securities 1 2,371,258 2,194,113 ' Government Securities Funds 424,228 414.181 Total Investments S 3.956,023 S 3.769.530 I� I -15- CITY OF MONTICEUD, 14INNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 4 Prouerty 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. j Real property taxes may be paid by taxpayers in two equal installments on ! May 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other taxing districts three times a year. Taxes which remain unpaid at December 31, are classified as delinquent and are not recognized as revenue because they are not known to be available to finance current expenditures. No allowance for uncollectible taxes has been provided because such amounts are not expected to be material. Note 5 General Fixed Assets General fixed assets as of December 31, 1994, are as followse Beginning Ending Balance Additions Balance 1 Land S 1,058,123 S 1,058,123 i Buildings 1,962,836 S 33,053 1,995,889 Equipment 1,477,205 108,423 1,585,628 ' Other Improvements 6.403.985 3.477 6.407.462 Total S 10,902.149 S 144,953 S 11,047,102 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 (PERP) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer public employee retirement pians. -16- CITY OF MONTICEW), IIINNESOTA. NOTES TO FINANCIAL STATEMENTS December 31, 1994 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, 1994, was $658,460; the City's total payroll was 5910,774. 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 Rewired and Contributions Made Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes annual contributions to the pension plans equal to the amount required by state statutes. According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the PERF and the PEPFF is the -17- CITY OF IIONTICELIA, IIINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 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 follows. Statutory Rates Required Employee Employer Rates PERF (Basic & Coordinated Pians) 4.391 4.671 9.951 PEPFF 8.001 12.001 18.601 Total contributions made by the City during fiscal year 1994 were Percentage of Amounts Covered Payroll Employee Employer Employee Employer PERF S 27,852 S 29,499 4.231 4.481 The City's contribution for the year ended December 31, 1994, 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, 1994. Fundinq Status and Proqress The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligation for individual employers. -1s- CITY OF 110NTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 6 Pension Plans - Continued The pension benefit obligations as of June 30, 1994, are shown below (in thousands): PERF PEPFF Total pension benefit obligation $ 5,625,598 S 1,020,950 Net assets available for benefits, at cost (Market Values for PERF - 54,762,519; PEPFF - 51,237,484) 4.733.845 1,229,769 Unfunded (assets in excess of) pension benefit obligation S 891,753 S (208,819) The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1994. Net assets available to pay pension benefits were valued as of June 30, 1994. For the PERF, significant actuarial assumptions used in the calculation of the pension benefit obligation include (a) a rate of return on the investment of present and future assets of 8.5 percent per year, compounded annually, prior to retirement, and 5 percent per year, compounded annually, following retirement; (b) projected salary increases taken from a select and ultimate table; (c) payroll growth at 6 percent per year, consisting of 5 percent for inflation and 1 percent due to growth in group size; (d) post-retirement benefit increases that are accounted for by the 5 percent rate of return assumption following retirement; and (e) mortality rates based on the 1983 Group Annuity Mortality Table set forward one year for retired members and set back five years for each active member. Acutarial assumptions used in the calculation of the PEPFF include (a) a rate of return on the investment of present and future assets of 8.5 percent per year, compounded annually, prior to retirement, and 5 percent per year, compoounded annually, following retirement; (b) projected salary increases of 6.5 percent per year, compounded annually, attributable to the effects of inflation; (c) post-retirement increases that are accounted for by the 5 percent rate of return assumption following retirement; and (d) mortality rates based on the 1971 Group Annuity Mortality Table projected to 1984 for males and females. -19- CITY OF 11ONTICEI.IA, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 6 Pension Plans - Continued Chanes in Plan Provisions The 1994 legislative session did not include any benefit improvements which would impact funding costs for the PERF and the PEPFF. Chanes in Actuarial Assumptions Prior to fiscal year 1994, the salary increase assumption and the mortality tables used in the calculation of pension benefit obligation for the PERF were the same as those specified for the PEPFF. For the July 1, 1994 actuarial valuation, PERA's board of trustees approved new mortality rates updated to the 1983 Group Annuity Mortality Table, salary increases which were changed to a select and ultimate table and a new payroll growth assumption which was changed from 6.5 percent to 6 percent. These changes were made to reflect actual experience of the plan. With the adoption of the actuarial assumption changes and the new mortality tables for the PERF, the pension benefit obligation increased $56,596,000. The actuarial assumption changes also necessitated a $81,201,000 transfer from the PERF Benefit Reserve to the PERF Minnesota Post Retirement Investment Fund (MPRIF) Reserve to finance the increased obligation for future retirement benefits. The change in the mortality rate assumption increased the PERF's costs because pensioners are living longer than assumed previously. The change in the salary increase assumption, however, offset some of the additional costs because lower salary increases generally translate into lower benefit liabilities in the future. Potential changes in the assumptions used for the PEPFF may be made in the future after completion of a special experience study for that fund. Completion of the PEPFF experience study is expected by February 1, 1995. 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, 1993. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. Related Party Investments As of June 30, 1994, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. M11112 CITY OF MONTICEUO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1990 Note 6 Pension Plans - Continued B. Citv of Monticello Fire Relief Association Plan Description The City contributes to the City of Monticello Fire Relief Association (Association), a single employer retirement system that acts as a common investment manager and administrator for the City's firefighters. All active members of the fire department are members of the Association. Upon approval by the Board of Trustees, lump sum retirement benefits are either paid or deferred as follows, (a) Benefits accrue and vest to members based on $1,300 per year of active service in the fire department and Association with 100% vesting at twenty years. (b) There is no maximum retirement benefit. (c) Members retiring with less than ten years of service forfeit their accrued benefits. (d) 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 So. The Association also provides death benefits, whereby upon approval of application, the beneficiaries of each deceased active member would receive S1,300 per year of service. The City passes through state aids allocated to the plan in accordance with enabling state statutes. Related Partv Investments During 1990 and as of December 31, 1994, the Association held no securities issued by the City or or -her related parties. Funding Status and Progress 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. -21- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEHUM December 31, 1994 Note 6 Pension Plans - Continued Contributions Rewired and Made Prior to August 1 of each year, the Association must certify to the City Clerk the amount of municipal support required in the following year. The City's minimum obligation is the financial requirement for the succeeding year less anticipated state aids and interest earnings. Any additional payments by the City are used to amortize the unfunded liability of the Association. The City made no contributions to the Association in 1994. Ten -Year Historical Trend Information Ten-year historical trend information related to the pension plan is not maintained by the Association. Note 7 Deferred Comaensation 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 plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of the City's legal counsel that the City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes that is unlikely that it will use the assets to satisfy the claims of general creditors in the future. The Plan is entirely funded by contributions from electing employees. No contribution is provided by the City. -22- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 7 Deferred Comoensation - Continued Assets are held in the various investment funds offered by the Companies administrating the plans. The total assets in the plan as of December 31, 1994 were $235,284. Note 8 Construction and Other Slanificant Commitments The City of Monticello has an agreement with Monticello Township whereby the City will pay S27,500 per year through 1995. This agreement pertains to the orderly annexation agreement that was stipulated in 1974. Note 9 Chances in Lona -Term Debt The following is a summary of long-term debt transactions for the year ended December 31, 1994: Payable Payable Beginning End of Year Additions Pavments of Year General obligation bonds Special assessment debt with governmental commitments General obligation tax increment bonds TOTAL S 2,235,000 S 275,006 S 1,960,000 4,115,000 S 935,0010 1,420,000 3,630,000 1,880,000 190.000 1,690.000 S 8.230.000 S 935,000 S 1.885.000 S 7.280.000 -23- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL. STATEMENTS December 31, 1994 Note 9 Changes in LonQ-Term Debt - Continued Bonds and notes payable at December 31, 1994, 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 6.72941 $ 720,000 19888 Improvement Bonds 1,100,000 Feb., 2004 6.9943% 855,000 1993A Refunding Bonds 535,000 Feb., 1997 3.9673% 385.000 Total General Obligation Bonds P 1.960.000 General Obligation Tax Outstanding Increment Bonds: Principal 1985 Tax Increment Bonds 350,000 Feb., 2006 8.2893% 285,000 1987A Tax Increment Bonds 365,000 Feb., 1999 7.1477% 205,000 19878 Tax Increment Bonds 155,000 Feb., 1997 8.79991 70,000 1989A Tax Increment Bonds 260,000 Feb., 2007 8.8708% 245,000 1990A Tax Increment Bonds 560,000 Feb., 2000 6.5603% 445,000 1990D Tax Increment Bonds 305,000 Feb., 2000 8.9928% 245,000 1992 Tax Increment Bonds 120,000 Feb., 2002 6.5% 120,000 1992D Tax Increment Bonds 75,000 Feb., 2002 6.5% 75.000 Total General Obligation Tax Increment Bonds 5 1,690.000 -24- CITY OF NONTICELLO, 1UNNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 9 Chanaes in Lonq-Term Debt - Continued Special Assessments Bonds: 1977 Sewer, Water and Street Bonds 3,470,000 Feb., 1999 5.21% S 310,000 1986 Improvement Bonds 385,000 Feb., 2002 7.48501 255,000 1988A Improvement Bonds 1,625,000 Feb., 1996 7.2532% 205,000 19898 Improvement Bonds 245,000 Feb., 2000 6.6118% 160,000 1990B Improvement Bonds 730,000 Feb., 2001 6.614353% 505,000 19900 Improvement Bonds 250,000 Feb., 2002 6.75062% 210,000 1991A Improvement Bonds 515,000 Feb., 1999 5.7265% 365,000 1992A Improvement Bonds 705,000 Feb., 2003 5.2525% 655,000 1994A Refunding Bonds 965,000 Feb., 2004 4.2312% 965.000 Total Special Assessment Bonds S 3.630,000 The annual requirements to amortize all long-term debt outstanding as of December 31, 1994, including interest of 52,151,470 are as follows: Year 1995 S 1,602,373 1996 1,334,095 1997 1,265,290 1998 1,111,142 1999 1,092,066 2000 and thereafter 3,026.504 S 9.431.470 The legal debt margin of the City is approximately 57,245,010. In January, 1994 a crossover refunding bond was issued to retire the 1988A issue. Proceeds of the new issue, along with $92,037 from the debt service fund were placed in an escrow account which will be used to pay off the balance of the 198M issue in 1996. The net savings that will be realized due to the refunding totals $143,061 with a present value of $89,898. The bonds payable presented on the financial statements represent those bonds that will be paid out of debt service funds. The bonds that are to be paid out of the escrow have not been presented as bonds payable by the City at December 31, 1994. -25- CITY OF 11ONTICELLG, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 10 Interfund Receivables and Pavables General Fund - Due from HRA Fund S 90,678 Capital Outlay Revolving - Due from HRA Fund 14,000 Economic Development Authority - Due from Urban Development Action Grant 50,000 Economic Development Authority - Due from Liquor Fund 100,000 Economic Development Authority - Due from Economic Recovery Grant 50.000 S 304.678 Note 11 Fund Equity The following fund balances have been designated or reserved as of December 31, 1994 Special Revenue Funds Economic Recovery Grant Reserved for non-current loans receivable S 119,885 Urban Development Action Grant Reserved for noncurrent loans receivable 119,551 Economic Development Authority Reserved for noncurrent loans receivable 300,291 Capital Outlay Revolving Reserved for fixed assets held for resale 152,825 Debt Service Funds Future debt retirement 2,874,239 Capital Projects Funds Future capital expenditures (436,114) General Fund Designated for working capital 1,228,393 Designated for contingencies 245,678 -26- CITY OF HONTICEMA IIINNI.SOTA NOTES TO FINANCIAL STATE7IENTS December 31, 1994 Note 32 Tax Increment Finance Districts let all - list if District [Batt 1-1 141595 12 TSI 63 it) 14 Coast- 5 05 8asadaact t6 6dtCO 11 leasolic Bconolic lconosic lecaelic type of District: Rtoettloplent Redtgelopstat Dtttlopstat Dtgtlooseat ltdrstiopstat 8tdtttloistat Dtgelapmtnt teat Istabiitbed. 1991 1983 1986 list 1986 1915 1981 Base Tat Capacity S 3,173 $ 111689 1 )1116 $ 786 S 21238 S !85 $ 1,111 Catlett tat [opacity 129,761 5010 56,951 22,491 69,608 61,165 38,611 captured Tat capacity 126,511 11,321 51,911 21,716 16,176 11,ddt 35,311 Retailed By Aotbority 126,571 16,321 $1,914 21,116 66,771 61,261 35,311 shared lith 0ther Tonal Districts 1• A• 1• /• 0- 1- 4 - total Bonds Iolled 510,101 266,610 iSSIM 365,016 354,111 255,04 Total loans locarrod 32,100 191,551 Aatnats Redttsed 1Is,IN 47,460 355,11/ 111,172 341,666 15,814 1S,itt Oatetsodioq lands and total 12-11.91 445,/0/ 24S,ttt 94,4789 265,601 285,116 74,061 Isle of District is? it Tapper 19 Prattle ill Hart's oil Areplat 112 Suburban 114 Std. iron 113 Cast. coo. 15 geologic lconolic Ecaoolic Ecologic geologic Bcoaosic Ecologic leoaclic Type of Districte Development Redevelopment Deeelooseat Dere o otot Redevelopment Detelopeent Dtteloplent petelopuot Year Istablis1ied. 1989 1996 1991 1990 1991 1992 1993 1993 Bast gat Capacity S 1,516 S 1,812 S 2,118 s I0I S 1,164 S SI S 2,485 S f,)6T Correct Tas capacity 7,311 32,980 45,719 3,814 24,2$7 12,214 2.095 1,312 Captrrid Tat Capacity 5,794 3i,8is 43,dii 3,587 23,691 12.149 Retained By Aatbority 5,794 11,161 47,611 3,501 23,493 12,149 sbutd lith Other larfoq Districts -0• 6- d + -/• -4- /> F Total Developsent Agreestat obligations I7,584 420,173 61,413 Total Bandl Iatatd 140,106 165,101 120,411 75,111 1• .4. Total Loans Fostered 23,444 Amounts Redeeted 9,111 )1,161 31,111 Oetlt4adioq loads Lagos and Wigs - tills 12-31.4 14,118 118,086 135,444 11.911 128,44 75,ee1 425,173 .4. -27- CITY OF liONTICELLO, 11INNESOTA NOTES TO FINANCIAL STATEK NTS December 33, 1994 Note 12 Tax Increment Finance Districts lite of District folrcatt 116 tarear.Ili airelmill 118 191,113 lcoaooic lconosic Soil$ typt of District: Dteelooatat Derelopleat eoaditioa Teat latiblisbad, 1994 1994 1994 16,112 lase tat Capacity S 693 S 46 6 1,191 $ (151,9171 carrtat tat Capacity 693 46 1,191 S (315,3171 Captured tat Capacity --6-1A 2.163 12.319 Retained If lotbority 55.957 tet income (Sou) s 345 8 ) Shared with Other 1 84,145 (4,115 616 SSfl tiling Districts S S37 iii25,! 75.651 tttal Dttelopaent 1 886,497 Bet darting Capital S WAIT agreement obligitioaa Liss Its,618 936 487 Total goods Issued 9l 10,3733 IS . 52,825 1 0221444, Total Lola$ Incurred 81,111 55,111 total lgoity S 6 9S1 391l lmouats attested t 671,631 S 1,410 11 73I 139 Ontatiodiog gond$ Lolls aid Oblige - rinse 12131194 81,161 59,111 115,111 Note I3 Segment information The City maintains four proprietary funds which account for transportation, sewer utilities, water utilities and a municipal liquor store. Segment information for the year ended December 31, 1994, is as follows: Tran$• Total Sewer later Liquor portatioa proprietary toad Toad dead tied foods operatial rereaues S 519,873 $ 195,725 S 37t,251 S 25,301 S 1,119,153 operating etptases before depreciation aid atottilatios 496,431 117,138 191,113 64,178 921,61! Depreciation and aaortitatioa 375,311 170,227 16,112 562.119 Operating income (lou) $ (151,9171 S MIMO S 166,826 $ 13811661 S (315,3171 Other ttrteaes --6-1A 2.163 12.319 34.761 55.957 tet income (Sou) s 345 8 ) S 1148,7171 1 84,145 (4,115 616 SSfl capital coatribotioss S S37 iii25,! 75.651 1 886,497 Bet darting Capital S WAIT s 151,841sSi Liss s 7,411 936 487 Total assets6 9l 10,3733 IS . 52,825 1 0221444, S 12,S38 X8.958.176 total lgoity S 6 9S1 391l 1S 12.699 t 671,631 S 1,410 11 73I 139 -28- CITY OF 11ONTICELSA, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 14 Lonq-Term Receivables A long-term receivable of 5119,551 is shown in the Urban Development Action Grant Fund. This receivable resulted from an economic development grant that the City received in the amount of $243,500. The City loaned $235,315 to a local business with interest being accrued an 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 GMEF loaned $88,000 to a local industrial business in July of 1990. The loan requires monthly payments of $736.07 including interest at 8% through July 13, 1997, at which time the remaining balance shall be fully due and payable. At December 31, 1994, the balance was $78,584. 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 6E through November of 1999. At December 31, 1994, the balance was $63,072. In October of 1992, a loan of $50,000 was made to a local business. The loan requires monthly payments of 5316.32 including interest at 4.51 through November of 2012. At December 31, 1994, the balance was $46,709. In April, 1993, the GMEF loaned $42,500 to a local business. The loan requires monthly payments of $270.03 including interest at 4.5% through May 1, 1997, at which time the entire remaining balance shall be fully due and payable. At December 31, 1994 the balance was 540,383. During 1994, the balance of a $170,000 loan was distributed to Aroplax Corporation. The Grant/Loan Proceeds were the result of a Small Cities Economic Recovery Grant thru the State Department of Economic Development. The loan requires monthly payments of $2,483.45 including interest at 62 thru August, 1999. The City will be allowed to keep the first 5100,000 of principal plus interest that is repaid, with the balance of the payments being reimbursed to the State. The amounts retained by the City will be used for the E.D.A. Revolving Loan Program and will be loaned out in the future for job creation. At December 31, 1994, the City has received $62,086 in principal and interest and the loan balance was $119,885. -29- CITY OF HONTICELDD, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 Note 14 Lona -Term Receivables (Continued) 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 $2,945.91 including interest at 8.0% through Hay, 2001. At December 31, 1994 the balance was S27,942. In July of 1994, a loan of $75,000 was made to a local commercial business. The loan requires monthly payments of 5795.49 including interest at 5% through June 1, 2001, at which time the entire remaining balance shall be fully due and payable. At December 31, 1994, the balance was $71,577. -30- CITY OF WNTICE14A), MINNESOTA Statement A-1 GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 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 Expenditures Mayor and Council Salaries Other Total Administration Salaries and employee benefits Supplies Other Total Finance Salaries and employee benefits Other Total Computer Audit 1994 1993 Budoet Actual Actual S 1,827,520 $ 1,827,250 S 1,590,290 67,200 132,887 161,130 1,000 9,064 6,644 20,000 20,855 24,910 210,245 210,245 169,254 30,875 31,129 29,382 19,500 24,051 20,774 41,149 40,676 6,000 14,232 19,606 1,000 6,806 2,957 88,000 95,039 96,541 5,000 16,113 14,638 37,425 46,731 59,350 3,200 16,430 9,828 11,250 78,142 22,491 15,000 61,453 46,775 §2.770 58.447 54.390 S 2.402.985 rS 2.690.023 S 2.369.636 S 13,500 $ 12,415 S 12,360 4.900 4,,953 5.114 S 18.400 $ 17.368 S 17.474 S 193,045 S 176,082 S 161,089 8,500 10,900 8,834 44.020 37.694 26.696 S 245.565 224.676 ,�, 196.619 S 90,550 $ 87,218 S 79,385 2.350 2,281 2,145 S 92.900 ,S 89.499 S 81.530 S 23.325 $ 21.752 S 21.538 S 12.500 $ 12.450 S 10.750 MID CITY OF 11ONTICELIA, MINNESOTA Statement A-1 {Continued} GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 Expenditures - Continued Legal Insurance Planning and Zoning Salaries and employee benefits Professional services Other Total Deputy Registrar Salaries and employee benefits Other Total City Mall 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 emplayee benefits Professional services Other Total 32- 1994 1993 Budget Actual Actual S 23,275 ,S 21.295 S 24,001 S 58.250 S 60.538 S 54,133 S 32,985 $ 31,615 S 30,142 17,000 15,955 8,702 3.025 4.457 3.290 S 53.010 S 52.027 $ 42,134 S 67,970 $ 68,359 S 70,001 2.500 36.500 1.669 S 70.470 S 104.859 S 71.670 S 4,410 S 5,345 $ 7,114 12,600 10,828 10,446 7,900 15,395 4,024 23,475 12.929 15,012 S 48,385 44.497 S 36,596 S 279,875 S 279.868 S 261.516 S 62,150 $ 63,899 $ 62,133 11,140 11,239 10.940 50.105 52,425 56.506 123,395 S 127.563 S 129.579 S 6,805 $ 6,621 S 6,468 1,125 3.240 2.525 SS 7,930 $ 9.861 S 8.993 S 38,225 S 31.571 S 40,396 $ 61,165 S 64,100 S 59,328 16,000 44,578 36,338 5.325 7.578 11,708 S 82.490 $ 116.256 S 107.374 CITY OF MONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET iGAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 with Comparative Actual Amounts For The Year Ended December 31, 1993 1994 1993 Budqet Actual Actual Expenditures - Continued Public Works - Streets and Alleys Salaries and employee benefits S 131,845 $ 144,970 S 124,667 Supplies 41,850 36,105 35,030 Capital outlay 116,000 115,468 59,071 Other 8,225 5.076 5.268 Total S 297,920 S 301,619 S 224.036 Public Works - Snow and Ice Salaries and employee benefits S 3,385 S 7,370 S 3,050 Other 25,500 26.944 15,355 Total S 28.885 S 34.314 S 18.405 Public Works - Inspections S 35.500 S 42.295 S 36,982 Public Works - Street Lighting S 54.950 S 56.825 S 60.186 Public Works - Shop and Garage S 42,900 $ 35.568 S 30,793 Refuse Collection S 304.050 $ 278.522 S 289,225 Senior Citizens/Museum Salaries and employee benefits S 1,745 S 1,533 S 1,356 Other 36.850 61.619 35.115 Total S 38.595 S 63,1522 S 36.471 YMCA/Community Education S 25.000 $ 25.000 S 25,000 Parks and Recreation/Cemetery Salaries and employee benefits S 104,620 S 89,285 S 89,944 Capital outlay 51,350 14,409 5,553 Other 30.680 38.2Q9 40.218 Total S 186.650 S 141,993 S 135,715 Economic Development S 43,505 ,S 43.922 ,S 29.485 Building official - Inspections S 44.655 ,5 78.013 S 54,529 Severance Benefits S 5.500 $ 5,561 ; 12.997 -33- CITY OF MONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATE2IENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 1994 Actual -34- 1993 Actual S 2,207 S 2,415 12.782 10.840 S 14.989 $ 13.255 S 2.335.853 2.071.386 S 354,170 S 298,254 59,439 (91.300) S 322,309 1.636.052 1.337.798 51.958.361 1.636.052 Budoet Exaenditures - Continued Assessment Salaries and employee benefits S 2,280 Other 11.600 Total S 13.880 Total Expenditures S 2.299.985 Excess of Revenues over Expenditures S 103,000 Other Financing Sources (Uses) Transfer in Transfer out (103.000) Excess (Deficiency) of Revenues and Other Sources of Expendi- tures S 0 FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR -34- 1993 Actual S 2,207 S 2,415 12.782 10.840 S 14.989 $ 13.255 S 2.335.853 2.071.386 S 354,170 S 298,254 59,439 (91.300) S 322,309 1.636.052 1.337.798 51.958.361 1.636.052 CITY OF MDNTICELLD, MINNESOTA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 31, 1994 With Comparative Totals at December 31, 1993 ASSETS Cash and investments Receivables Special assessments - deferred Special assessments - delinquent Accounts (net of allowance for estimated uncollectibles) Due from other funds Prepaid expenses Land held for resale Long-term receivable TOTAL ASSETS LIABILITIES AND FUND BALANCES Liabilities Accounts payable 6 contracts payable Accrued expenses Due to other funds Deferred revenue Total Liabilities Fund Balances Reserved for noncurrent loans receivable Reserved for fixed assets held for resale Unreserved - undesignated Total Fund Balances TOTAL LIABILITIES AND FUND BALANCES -35- Capital Shade Orderly outlay Tree Annexation Revolving S 123,242 S 8,454 $ 444,406 192,831 4,187 3,358 288 12,415 14,000 152,825 S 126,600 S 8,742 S 820,664 S 26 870 S 212,019 ,S 896 S 212,019 S 152,825 ,S 125.704 S 8,742 455.820 ,S 125.704 S 8,742 S 608,645 126,600 S 8,742 S 820,664 CITY OF HONTICELIA, MINNESOTA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET December 31, 1994 With Comparative Totals at December 31, 1993 Statement B-1 Central Housing and Urban Economic Water Sewer Minnesota Economic Redevelopment Development Development Improve- Improve- Initiative Recovery TOTALS Library Authoritv Action Grant Authority ment went Fund Grant 1994 1993 S 6,249 S 488,251 S 168,420 S 157,794 S 201,733 S 123,430 S 70 $ 65,098 S 1,787,147 S 1,418,075 192,831 193,929 4,187 2,492 183 94 216 7,100 20,579 44,233 31,391 200,000 214,000 173,500 246 246 235 152,825 188,825 119.551 300.291 119.885 539.727 §55,970 S 6.678 S 488.345 $ 287.971 S 658,301 S 208.833 $ 144,009 S 70 S 184.983 S 2,935.196 $ 2.564.417 $ 203 S 9,811 $ 101040 S 5,275 155 1,025 172 104,678 S 50,000 S 50,000 204,678 166,228 212,019 211.421 $ 203 S 114,644 ,S 50.000 c 50.000 S 427.762 ,S 383.096 S 119,551 S 300,291 $ 119,885 S 539,727 S 555,970 152,825 188,825 L_,6475 S 373.701 118,420 358,010 S 208.833 S 144.009 $ 70 15.098 1,814,882 1.436,526 S 6,475 S 373,701 S 237,971 S 658,301 S 208.833 S 144.009 S 70 S 134.983 S 2.507,434 S 2.181.321 $ 6,678 S 488,345 ,4 287,971 S 658.301 S 208.833 S 144,004 S 70 $ 184,983 S 2,935,196 S 2,564.417 -36- CITY OF H0NTICELLO, MINNESOTA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1994 With Comparative Totals For The Year December 31, 1993 Revenues Taxes Intergovernmental Charges for services Miscellaneous Interest Collections on assessments Total Revenues Expenditures Public safety Parks and recreation General government Community Development Debt service Capital projects Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financina Sources (Uses) Proceeds from bonds Transfers in (out) Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Fund balances at beginning of year FUND BALANCES AT END OF YEAR -37- Capital Shade Orderly Outlay Tree Annexation Revolvina S 18,033 S 26,487 S 220,450 2,159 3,420 26,420 6,975 8,557 3,005 153 10,513 55.454 S 30.172 S 30.060 S 321.394 S 28,046 S 21,809 $ 67.825 S 21.809 S 28.046 $ 67.825 S 8,363 S 2,014 S 253,569 (288.712) S 8,363 S 2,014 S (35,143) 117.341 6.728 643.788 $ 125.704 S 8,742 $ 608.645 o CITY OF MONTICELLO, MINNESOTA Statement B-2 SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVORIES, EXPENDMRES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1994 With Comparative Totals For The Year December 31, 1993 Central Housing and Urban Economic Mater Sewer Minnesota Economic Redevelopment Development Development Improve- Improve- Initiative Recovery TOTALS Library Authority Action Grant Authority ment ment Fund Grant 1994 1993 S 29,488 $ 346,325 S 640,783 S 669,144 1,842 $ 25,195 59,036 328,076 $ 55,025 S 120,700 182,700 66,778 1,671 5,000 $ 1,125 $ 70 16,423 1,825 11,461 S 10,319 21,180 4,190 2,310 3,238 66,369 82,462 55.454 44.913 S 31.159 r� 364.628 C 10.319 S 22.305 S 59.215 S 123,010 S 70 S 28.433 S 1,020,765 S 1.193,198 S 28,046 S 28,372 $ 29,662 29,662 28,278 21,809 14,755 S 39,394 $ 781 40,175 9,898 9,898 11,345 67.825 288.293 S 29,662 S 49.292 ,S 781 S 197.415 S 371.043 $ 1,497 $ 315,336 S 10,319 S 21,524 S 59,215 S 123,010 S 70 S 28,433 S 823,350 S 822,155 (223.525) (7,500) 117.500 145.000) S 1,497 $ 91,811 $ 2,819 $ 139,024 S 59,215 S 78,010 S 4.978 281.890 235.152 519.277 149.618 65.999 $ 6.475 S 373.701 S 237.971 ; 658.301 $ 208.833 S 144.009 S -38- 150.000) (497.237) 1221.790) 70 S (21,567) S 326,113 S 600,365 156.550 2,181.321 1.580.956 70 S 134.983 S 2,507.434 S 2,181.321 CITY OF MONTICELLO, MINNESOTA Statement B-3 SHADE TREE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 MRZ 1994 1993 Budaet Actual Actual Revenues Property taxes S 18,031 S 18,033 S 21,971 Collection on assessments 227 Intergovernmental 2,104 2,159 2,336 Tree removal and replacement 3,000 6,975 1,750 Interest income 3.025 3.005 4,255 Total Revenues S 26.160 S 30.172 S 30.539 Exvenditures Salaries and employee benefits S 13,410 S 6,973 S 4,698 Contracted services 10,000 13,214 Supplies 1,050 736 236 Other 1,100 178 259 Capital outlay 600 708 9.562 Total Expenditures S 26.160 S 21.809 S 14,755 Excess of Revenues over Expenditures S 0 S 8,363 S 15,784 Beginning fund balance 117,341 101.557 ENDING FUND BALANCE S 125,704 4L117,341 MRZ CITY OF HONTICELUO, MINNESOTA Statement B-4 ORDERLY ANNEXATION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 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 -40- 1994 1993 Budaet Actual Actual $ 26,385 S 26,487 S 27,384 3,290 3,420 2,900 125 153 493 S 29,800 S 30.069 S 30,577 S 1,100 $ 505 S 810 1,200 41 62 27, 27, 27.500 S 29,800 S 28,046 S 28.372 S 0 S 2,014 S 2,205 6.72$ 4.523 S $,742 S 6.728 CITY OF HONTICELLO, MINNESOTA Statement B-5 CAPITAL OUTLAY REVOLVING FUND STATEMNT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 Revenues Property taxes Intergovernmental Interest income Collections on assessments Other Total Revenues Expenditures Capital improvements Other Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources iUses) Transfers out Excess (Deficiency) of Revenues over Expenditures and Other Financing Sources (Uses) Beginning fund balance ENDING FUND BALANCE -41- 1994 1993 Budget Actual Actual $ 220,610 S 220,450 S 219,576 26,125 26,420 172,902 5,850 10,513 11,711 12,130 55,454 44,638 11.640 8,557 9,108 S 276,355 S 321,394 S 457,935 S 278,700 S 67,825 S 213,395 3,495 S 282,195 S 67,825 S 213,595 S (5,840) S 253,569 S 244,340 (288,712) $ 15.840) S (35,143) S 244,340 643,788 399,448 S 608,645 S 643,788 C17Y OF MONTICELLO, HINNESOTA Statement B-6 LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 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 -42- 1994 1993 Budget Actual Actual S 29,510 S 29,488 S 27,372 2,900 1.825 1.671 1.825 S 31.335 S 31.159 S 32.097 S 4,410 S 8,005 $ 5,951 2,150 1,090 1,274 10,175 7,843 7,747 8,350 7,499 9,167 1,375 1,357 1,340 3,000 1,407 2,119 875 617 606 74 1.000 1.844 S 31.335 S 29.662 S 28.278 S 0 S 1,497 $ 3,819 4,978 1.159 S 6.475 S 4.978 CITY OF MONTICELLO, tiINNESOTA Statement B-7 HOUSING AND REDEVELOPHERT AUTHORITY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Actual Amounts For The Year Ended December 31, 1993 Revenues Taxes Intergovernmental Interest income Other Total Revenues Expenditures Land acquisitions Salaries and employee benefits Legal and professional fees Interest Principal payments Other Total Expenditures Excess of Revenues over Expenditures Other Financing Sources (Uses) Transfers out Total Other Financing Sources (Uses) Excess of Revenues and Other Sources over Expenditures and Other Uses Beginning fund balance ENDING FUND BALANCE 1994 1993 Budget Actual Actual S 339,420 S 346,325 S 372,841 1,790 1,842 1,128 11,000 11,461 15,590 10.000 S 352.210 S 369.628 S 389.559 $ 20,375 S 10,910 S 8,482 5,500 30,727 26,725 9,900 9,898 11,345 21,550 650 185 9.080 S 48,510 S 49.292 S 67.525 S 303.700 S 320.336 S 322.034 S (223.525) S (223,525) S 1241.790) S (223,525) S (223.525) S (241.790) -43- S 80,175 $ 96,811 $ 80,244 281,890 201,646 S 378.701 L 281.890 CITY OF IIONTICEIdA, MINNESOTA Statement B-8 URBAN DEVELOPMENT ACTION GRANT FUND STATi2IBNT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Revenues Interest Excess of Revenues over Expenditures Other Financing Sources (Uses) Transfers out Excess (Deficiency) of Revenues and Other Sources over Expenditures and Other Uses Beginning fund balance ENDING FUND BALANCE 1994 1993 Budoet Actual Actual S 10.845 S 10.319 S 12.831 $ 10.845 S 10,319 S 12,831 185.000) (7.500) $ (74.155) $ 2,819 $ 12,831 235.152 222.321 S 237.971 S 235.152 -44- CITY OF MONTICELLO, MINNESOTA 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, 1994 With Comparative Totals For The Year Ended December 31, 1993 Revenues Interest income Other Total Revenue Expenditures Other Excess of Revenues over Expenditures Other Financinq Sources Transfers in Excess of Revenues and Other Sources over Expenditures Beginning Fund Balance ENDIM FUND BALANCE 1994 1993 Budget Actual Actual S 18,710 S 21,180 S 20,996 1.125 S 18,710 S 22,305 S 20,996 2.110 781 200 S 16,600 $ 21,524 S 20,796 200.000 117.500 S 216.600 S 139,024 S 20,796 519.277 498.481 S 658.301 S 519.277 -45- CITY OF MONTICELLO. MINNESOTA Statement 8-10 NATER INPROVEHM FUND STATEIMIT OF REVS , EXPENDITURES AND CHANGES IN FUND BALANCE - BUDG6T (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 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 -46- 1994 1993 Budget Actual Actual $ 22 $ 12,080 S 55,025 20,710 3,550 4,198 5,172 $ 15,550 S 59,215 S 25,904 28.000 S 112.450} S 59,215 $ 25,904 149,618 123,714 S 208.833 S 149.618 CITY OF MONTICELLO, MINNESOTA Statement B-11 SEWER IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Revenues Collection on assessments Hook-up fees Interest Total Revenues Expenditures Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financinq Sources Transfers in Transfers out Excess of Revenues and Other Sources over Expenditures Beginning fund balance ENDING FUND BALANCE -47- 1994 1993 Budget Actual Actual S 26 S 14,000 S 120,700 35,210 675 2.310 1.394 S 14,675 S 123,010 S 36,630 35.000 18.318 S (20,325) S 123,010 S 18,312 20,000 (45.000) S 78,010 S 38,312 65.999 27.687 S 144.009 S 65.999 CITY OF MONTICELLO, HINNESOTA Statement 8-12 ECONOMIC RECOVERY GRANT FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - B000ET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Revenues Intergovernmental Interest Excess of Revenues over Expenditures Other financing Sources (Uses) Transfers out Beginning fund balance ENDING FUND BALANCE -48- 1994 1993 Budget Actual Actual S 25,195 S 145,910 8,345 3.238 10.220 8,345 S 26,433 S 156,130 -0- (50,000) 156.550 420 S 134.983 S 156.550 CITY OF MONTICELLO, MINNESOTA DIET SERVICE FUNDS COMBINING BALRNCE SHEET December 31, 1994 With Comparative Totals at December 31, 1993 131195 Casb and isvestnmts Accounts receivable Special luensents Deferred Deliagaeat 90911 ISSITS L111111T115 IID 101D BALAICIS Liabilities Cash deficit Deferred revenue Total liabilities lead Balances leserved for debt services T011L 111BILITIES AID 1DID BALBACH Geaeral General Obligation General General Obligation Library Obligation Obligation Sever Building gat locreseat gat Iocroest Consolidated lotereeptot Bonds of 1941 goods o9 1984 loads of 1185 load land Bonds of 1586 S 911 S 39,111 $ 168,361 S 81,118 2,812 911 211,161 413.311 L--1 6 911 161 L__816.361 1 9 S 615.1)1 3 619,131 S 1 S 911 3 19,64 111.236 S 11.919 S I S 911 i 39.161 S 816.361 A1_9 19 —49— I Statement C-1 General General General S 8 418.2#3 I i I S I QL, i z 8 Obligation Obligatte0 Obligation koeril Sever and General General General Consolidated 9arliog Stier and Sever and Obligation Mater Obligation Obligatian Obligation Ieproveatat facility later later Ivprovelent Ivprovelaeat Inptoreunt Inproveseot Isprovestat 80843 of 194 load$ of 3914 loads of 1915 loodo of 1971 loads of 1911 loads of 1911 loah at 1979leads of 1184loads a 1981 S 111,I1S 1,488 1 8 8 i 1_ i S 8 418.2#3 I i I S I QL, i z 8 S 1 S 8 L --US ,154 L -0 L -1L f S 4 O -50- ASSITS Casb and isvestaeots Become receivable Special Assesesents Deferred Deliolaent TOTAL ASSETS LIABILITIES AID FORD BALAICIS Liabilities Casb deficit Deferred revenue Total Liabilities land I1111ces Reserved for debt services TOTAL LIABILITIES AID 1010 11LAICIS CITY OF MONTICELLO, MINNESOTA DEBT SERVICE FUNDS C0MBINING BALANCE SHEET December 31, 1990 With Comparative Totals at December 31, 1993 S S.IS1 L --LAS .12/ L -SI III S 26.121 39 681 S 111.211 ! 32.195 62 116 S 51.181 S 51,181 it 1 121,111 6 111 S 16,111 S S.03 185.119 3 50,180 S 2021 266.913 S 111.211 S 32.195 45,116 L--5 153 S 215.121 S1 181 S 26.121 351 681 L 111.211 32 495 62 116 -51- General General General General koeral General General General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Tac lacreseat Tar Iocreseot ❑prolneat later Taxable Iapravneat Ispr01t1ent 11proteneat goods loads loads loads loads Boad1 loads of 1184Ponds of 1986 Series 19828 Series 19llB Series 191jA Serial d e ies 1989A Strife 19890 S 5,4S3 S 184,773 S 51,111 S 26,121 S 261,121 S 1/6,251 1 22,195 S 45,111 267 2,181 143 216 51,181 121,176 IS,116 1.618 1.291 S S.IS1 L --LAS .12/ L -SI III S 26.121 39 681 S 111.211 ! 32.195 62 116 S 51.181 S 51,181 it 1 121,111 6 111 S 16,111 S S.03 185.119 3 50,180 S 2021 266.913 S 111.211 S 32.195 45,116 L--5 153 S 215.121 S1 181 S 26.121 351 681 L 111.211 32 495 62 116 -51- Statement C-1 (Continued) General Geoeral General General Geatrsl Central General 6eoeral General General ObIIlit ion Obligation Obligation Obligation Obligation Obligatioa Obligation Obligation Obligatioa Obligation fu locreseat Inproeoest loproeaeat Eatable fat Isproeeseot Isprotteent tat Iacreseot far lacreleat leiaoding letanding Banda Bonds lands Iacreaeot Bonds loads loads load Band Bonds loads latals 5uies 19911 811118 19988 511111 19911 Series 19910 lilies 1991A Series 19911 Series 1992 Series 1992D Pries 19931 Series 19911 1991 1993 S 97,717 f 161,111 S SB,IIS S 2611531 S 1811368 f 1S,S65 S 111311 S 389,113 1 11 S 5,111,151 8 1,699,828 J S,BSI 118 11 111 I,1SS 16,611 21,628 29,181 99,869 $1,511 119,315 996,251 512,711 161 711 111 955,156 961,511 L --LI -ILI Id SI L_19# L__1_8411 S 561.618 L__515.115 f 11.561 S 11.311 S 291,518 8 31 LLLL 5.619.251 S 189,551 512.111 S 51.111 114,471 9 S 189,SS3 8 195,113 J J S1 .9 1 1.111,111 1.951,196 692,257 3 31,111 S 111,111 f 51,991 S 11191,111 S 2,152,939 S 91.117 1181.6991 161.219 S SB./1S 261.518 181.181 S 1836S S 11.111 S 291.538 6 31 2,811,219 2.926.311 L--91 SIB S8 S 191.296 S 58./IS L --A4.618 S 515.115 S 15.565 S 11.311 291•f18 S 31 68.263 79.291 16 -52- CITY OF MONTICELI.O, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EBpENDITURES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1996 With Comparative Totals For The Year Ended December 31, 1993 —53— General General Obligation General General obligation Library Obligation, obligation Sever Bolldiag Far locrelevt Fat Lacresevt coasolidated Interceptor Bonds of 1981 goods of 1981 Bootle of 1985 load food loads of 1986 Revenues fates ! 111,111 Collections on, asaeuleaU S 33,311 Istergoveraseatal 13,217 lotereet ov inveataests S 77 S 419 3.S6f 255 Total Revenges S 77 S 119 S 36.871 1 121.633 frseoditores Debt service Principal retireseat S 2S,111 S 15,111 S 65,111 Interest and fiscal charges 1.111 21.311 S 191 51.674 Total 11peaditares 1 16.111 S 39,381 S 191 S 115.671 lrcess IDeficiencpl of 2eveeaes over Rspenditares S 1 S 126,6631 1 138,9111 S 16,619 S 8,959 Other ficasciag Soviets Ipaesl Transfers in (oat) 1111,891) 37,251 131,SS7 Bond proceeds Palsevt to escrow agent Stress IDeficreacg) of Reveaaes and Other Sources over ltpeoditares S 1141,8911 S 126,6631 S 1111211 S 171,216 S 8.959 food balances at begissiag of year 111.691 21.563 41.185 1 71.991 161D BALIICIS IT 11D OF 1118 S 1 L911 S 39.161 S !11.236 S 111.919 —53— Statement C-2 Ceaeral Ceoeral Central S 1 1 IS1S1 S 1 S 0 S 1 S 1 Obligation Obligation Obligation 6eaeral Sever and Central 6eaeral 6eaeral Cooaolidated partiog Sever and Sever and Obligation later Obligarioo Obligation Obligation laprotaeat facility later later laproeeveot faproteaaeot faproenent leproeoeat laproteaeet Boody o9 1961 toads of 1911 loads at 9)S loads of 1916 looho 977 Boody of 1918 Boody of 1919 Boody of 1981 loads of 1981 ! 11,639 55,169 1,511 13.997 ! 81.615 19.111 11 11 1 1 S / 1 1 S 1 1 IS1S1 S 1 S 0 S 1 S 1 (173,175) 112,111) 1111,1111 (211,9111 291,652 255,)21 1)1,1131 112,121 S 1133,/351 ! 112,111) S 1711,1111 S 1211,9111 S ISlSI S 291,652 S 255,121 S 171,1131 S 112,111 131.1)5 12.111 )11,111 211.911 618.121 1291.1521 IISS,)211 77,117 1112.1281 ! 1 S 1 S 1 S 1 611 211 L--1 L_# L 1 S 1 —54— CITY OF 14ONTICELLD, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 -SS- Central statin Gtotial ketra2 4ectrai Geoeral General General Obligation Obligation Obligation Obligation Obligation Obligatica Orli Iitioo Obligation gat lacitttat fat locrtatat leprov stat Pater T&sable leprottetet leproteaeot leprottteat Bonds loads goods goads goods goods sad$ of 1961 14841 at 1991 Serits 29616 striff 11414gents 14886 Stitt 1441 kries 193111 Itrits 19196 r sea fate$ 1 11,716 $ 133,471 S Ili,131 S ti,iii tolltetfaat on assesaseats $ },{j} 11,41{ 24,192 3,111 late rgaveroaeotal 3,615 15,914 11,913 2,589 lottreat as invtstaeat$ is 3.881 1 421 1 229 4.01 1.854 134 111 Total Aevesses S $As) S 19.187 S all S 229 S 112,191 S 131.199 1 331 S 28.148 lipeaditaree Debt service Principal retiretent 3 25,111 $ 15,111 $ 21,111 $ 9S,tl1 S 41,1/1 $ S,ll$ 1 21,111 loterest led fiscal charges 211.272 16.164 7.531 41,634 il,114 22.461 IL S12 Total Ispeaditores S 15,272 S 51.364 3 27.531 3 186,619 S 121,104 27,065 3 36.582 Istria (Defideari) of levtoses over lipteditares S S,IS3 S I,S1S $ (51,911( 3 111,1127 $ (1,115) S 11,995 $ (26,1353 1 ($,Sri) other Ilaa$clsa Sonnet Tranottri in 47,425 2},454 31,81} good proceeds Pafseet to tserov &lest 142,111} stern (Deficieacf3 of Review and Other $octets over irpeaditares $ S,453 S 4,515 $ 13,319) $ ILIS21 $ (96,142) $ 14,995 $ 41114 S (8,571) Tied balances at btgian1e9 of fat 1 111,525 53,449 21.973 363.315 BIAS 28,351 $3,144 101D 91111CIS if BID OP fill S SASS S 215,444 1 }1.24! 26 721264,443 247 21! 32 495 1 45,316 -SS- Statement C-2 (Continued) Genesi Gastral ieasral 6tafral ieafral 6tatral 6tafral itaeral 6eatral beaeral Obligation Obligation Obligation Obligation Obligation Obligatioa Obligation Obligation Obligation Obligation tat latreatot 11ptoveseat leproveseat ?stable gar isptoveseot Isprorestot tar lorruest ht Iotrtaot lefosdio9 Reloading Bond& goods goods latteseot Bods goods Bonds Boad Bold loads goads Well Serio 19108 Sttie$ 19914 strias 19911 series 19114 Serifs 19911 Stiles 19928 Serie6 1991 Series 1992D tries 1113A Seriee 19918 1911 1999, $ 18,216 ! 1,6BS ! 913 S 1S6,856 S 111,119 1 691,513 I S,8S6 )5,163 75,353 98,332 356,157 992,#35 2,119 211 111 11,116 71,922 65,116 S 428 3.35# S $22 5.369 11.092 S 153 S 89 4,521 S 13 SUIJ 186.363 1 828 1 5.8S6 S S9.528 S 522 S 86.588 1 111.635 1 113 1 89 ,tr171,181 S 13 S 1.436,111 1 1.858.997 1 661,01 S 61,111 $ 211111 S 30,111 I 15,/10 1 51,1/8 S 15#,0# S 181,011 1 1,616,111 31,366 39.228 11.816 21.368 12.6?2 $3,846 S 1.811 1 4,875 _ -17,111 521,112 622.819 S 9#.546 S 99,128 1 36,876 1 $3.368 1 97,672 1 83.816 S 1.10 S 4.815 $ 161,311 1.111.112L 2.239.43 S (89,138) S (93,2111 S 21,651 S (52,8161 $ 111,116) S 26,629 ! 11,6111 S (6,1861 S 10,S12 S 13 $ 1315,1931 S (180,013) 91,110 56,715 51,035 17,915 9,915 lt{,6i8 263,535 19,8101 (9,801 539,#Il (92,#31] S 1,562 ! (93,2761 $ 2{,65{ S 3,924 S (21,181) S 16,666 S 24,321 ! 5,149 S 21,542 S (91181) 1 (521#12) $ 422,SS9 96.155 (9/.8251 135.595 51.616 215.632 626.111 8.231 5.255 219 —111 9.818 2,116,311 2.S#3,152 S 91.717 L{183.691) j 16#.269 ! 58.635 ! 266.548 L--1-17 .681 S 18.565 S 30.386 L-114—SLI S 31 L-2.11 28.239 9M A 11 -56- CITY OF IIONTICELW, 11INNESOTA CAPITAL PROJECTS FUND CONSINING BALANCE SHEET December 31, 1994 till lablit otellol Cardinal Wdor Yorks Bldg. Iastvood Coaotf Ioad 1993 School Hills Ill able Itoassita Stoll 21 Stars Sever 8011ttard ASSETS Cash and iarestseats 3 113 11.432 ?0111 ASSITS S 111 L-0 L—# L ---t L-0 L—# L, i1s1II LIASILI?ISS ASB 1010 SAIAACIS Liabilities Cash deficit S 43,321 S 1,122 S 11,241 lceoaots payable S 2,111 111 9 21,321 contracts payable Deferred reveaat Total Liabilities S 2,141 S 13,321 $ 1,311 S 111211 S 21,321 told Balances Dtaigaated for capital isprovntats 11,8923 f43,12S 11.3771 (11,2411 51 L 11,4881 9111 LIABILITIIS 110 1010 SALAICIS S 1#1 ! 3 1 L _f L—# L— a L-2` —S7— Statement D-1 199, Bart Soaticello file later soathvest Cardinal hero $rill Cardinal school Boulevard ford Ston Pathoay arpans9oo Reservoir Brea Bills 11 fans $aha Bills 11 $oalerard Stara Sever Stitt 110ita Protect total 1 62,166 a 91694 s 151112 s 3,079$ 21219 s 111,11) s 62.166 S 9,656 3 11 IS.342 s m79 L e i� 1 5_ a $_ L --L2—]9 i_ 1 i_l.l0 S z65,919 s 7,161 S 126,199 S 16,915 s If,16f S 21,212 19 61,631 36,291 11,291 123.910 IILSII # 10,415 # 40,000 S 20,221 # 419,13S S 1.001 # S66,221 51.164 (3161 f i 16.eBsl i 1.119 6_L!9�l S_! S _? S_ a $��,239 tt•1$�) u6 u41 # 62.066 L--9 4L4 L e S 15,162 L-1.+79 Z # L! i_ 4 s + i�39 S_ 4-111 -58- CITY of MONTICELLO, MINNESOTA CAPITAL PROJECTS FUND COMBINING STATEMENT of REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1994 -59- 1941 public Otello2 Cirdiaal atido$ fort$ Bldg. fistsood C041tf load 1991 Stan School Bill$ III Oita 11paasi4o %toll 75 Sever loot vi d Revenues letttest totoat f la Other 1 451.10 total Releases Sspeoditutes • Capital Projects Cooatructiol contracts S 91,128 S 3,543 Saploteriog sad other 21 3S 31.116 S 13,422 f 11.141 i_ LSH Total Stpeaditaree S 115,143 S 14 664 s 11,122 241 S 8 S Lilt facess (Dtfitteaef) of fevtaoes over liptaditaits 5 374,117 S (16,664) f 133,422) 1 (11,241) S 8 1 a 1 (1,4381 Other tlaaaciev Sources 411te2 Transfer in 35,111 919 471 Pilaster Got faces$ (Deficieacf) of Itveaoel aid Other Sources Over flpeaditote$ S 376,117 1 0616691 S 1,573 1 111,241) f 9i9 S 463 1 )21481) food balance at be4iableg of feat 1371,114) 16.fiss 22.4551 i 11991 i463i 1 FORD BhtllCf It 110 Of till f U_B 7) i3 32 i t 11.3711 II IIP) X84 -59- Statement D-2 —60— 1192 But toaticellt 9119 later Sott3veet Cardinal licit (rill cardioal Sclool Boulevard lord Ston PatBsay lrpataion Reservoir Area Bil a It a es Oats Bills 11 10jjtTltd Store levet eget Proicct Pro tct total S 21914 S 13 1 25 S 89 = 3,469 18 1 599.4$# 1 2.f11 l Il B 2S 3 89 s 1181011 1 $011.211 S 46#1126 1 162 S 531,129 B 98,151 1 $59 ,j 6.911 1 IB 81.614 3 5.113 1.112 S 45,426 1 0,974 311,413 96 1 2 1 559 1 4,910 18 1 521.115 1 $331 S 1.194 A 45.126 8 48,914 1 912,812 f {9$,451! 1 ($46) 1 (4.1851 $ 71 1 (419,7352 S i S (5,13#1 $ 11,4141 S 14.4261 1 141,9141 1 ()3#,533) 113,650 31,564 51,111 IS,#/1 142,594 1 02.8541 fill i 151,135 1131M 1 (96,#S3) 1 (5665 1 112,151) 1 (41135) S (101) 1 (/19,135) 1 151,1151 S 167,821 $ 11,171 1 4,511 $ 13,9141 $ 171,3151 147,212 12.85# 1 1.119 14.131 1167,820 M.074 (2.1151 (3.1111 )1 $1.1$9) 119 S (5161 L----1 S I4.B851 419 9 33 I L--$ L-4 L I L--2 13-9 1181 43$ ilt —60— CITY OF MONTICELLO, MINNESOTA PROPRIETARY FUNDS COMBINING BALANCE SHEET December 31, 1994 With Comparative Totals at December 31, 1993 Statement E-1 -61- Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1994 1993 ASSETS Current Assets Cash and investments S 99,422 S 125,958 S 525,823 S 1,982 S 753,185 S 608,241 Accounts receivable 130,647 51,430 7,051 10,556 199,684 187,634 Inventory 175,733 175,733 158,014 Prepaid expenses 1.929 4.040 3.851 9.820 11.435 Total Current Assets S 231.998 P 181.428 S 712.458 S 12.538 S 1.138.422 S 965.324 ProvertNt and Ecruipment Land, buildings, and improvements S 10,841,684 S 5,018,906 S 245,877 S 16,106,467 S 15,299,969 Equipment 170.974 111.784 74.324 357.082 350.518 S 11,012,658 S 5,130,690 S 320,201 S 16,463,549 S 15,650,487 Less. accumulated depreciation 4.274.882 2.182.796 210.219 6.667.897 6.I08.614 Property and Equipment - Net S 6.737.776 ,S 2.947.894 S 109.982 S 9.795.652 $ 9.541.873 Other Assets Special assessments receivable - deferred S 599 S 22,196 S 22,795 S 15,291 Special assessments receivable - delinquent 1.307 1.307 60 Total Other Assets $ 599 S 23.503 S 24.102 $ 15.351 TOTAL ASSETS ; 6.970.373 S 3,152.825 S 822.440 S 12.538 S 10.958.176 $ 10.522.548 LIABILITIES AND EOUITY Current Liabilities Accounts payable S 19,006 S 6,062 S 15,815 S 40,883 S 15,744 Accrued expenses 375 20,561 34,988 S 5,128 61,052 36,262 Due to other funds 100.000 100.000 115.000 Total Current Liabilities S 19,381 S 26,623 $ 150,803 S 5,128 S 201,935 S 167,006 Deferred revenue 599 23.503 24.102 15.350 Total Liabilities ,S 19.980 S 50,126 S 150.803 S 5,128 S 226.037 j 182.356 Eaulty Contributed capital S 6,079,087 S 2,945,335 S 9,024,422 S 8,759,548 Retained earnings 871.306 157.364 S 671.637 S 7.410 1.707.717 1.580.644 Total Equity S 6.950.393 S 3.102.699 S 671.637 S 7.410 S 10.732.139 $ 10.340.192 TOTAL L.IABII.ITIES AND EQUITY S 6.970.373 S 3.152.825 S 822,440 S 12.538 S 10.958.176 ,S 10.522.548 -61- CITY OF HONTICELLA, MINNESOTA PROPRIETARY FUNDS COMBINING STATE MM OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Sales and Cost of Sales, Sales Cost of Sales Gross Profit Ooeratino Revenues Utility user fees, connections, inspection fees and other operating revenues Total Gross Profit and Operating Revenues Oaeratlno ExDenses 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 Transfers -62- Statement E-2 Trans- TOTALS Sewer Nater Liquor portation December 31, December 31, Fund Fund Fund Fund 1994 1993 S 1,556,779 $ 1,556,779 $ 1,484,488 1.182,528 1.182.528 1.140.352 S 374,251 S 374,251 $ 344,136 $ 519.873 S 195,725 S 25.304 740.902 684.256 S 519.873 S 195.725 S 374.251 S 25.304 S 1.115.153 S 1.028.392 S 55,803 S 73,346 S 134,813 $ 1,648 S 265,610 S 245,388 3,241 35,088 13,541 51,870 49,805 7,337 31,980 7,359 46,676 46,873 5,213 4,453 5,688 15,354 13,432 375,370 170,227 16,422 562,019 520,289 11,939 10,239 13,467 35,645 40,772 409,016 8,205 3,350 420,571 390,180 6,860 6,860 5,348 61,862 61,862 60,246 3.881 13.727 5.925 660 24.193 18.843 S 871.800 S 347.265 S 207.425 S 64.170 S 1.490.660 S 1.391.176 S (351.927) S (151.540) S 166.826 S (38.866) S 1375.507) S 1362.784) $ (746) S (746) S (750) 1,846 S 2,763 S 12,196 S 51 16,856 22,516 34,658 34,658 45,024 123 123 (44) 52 52 150 5.014 5.014 5.400 S 6.114 S 2.763 $ 12.319 $ 34.761 S 55.957 S 72.296 $ (345.813) S 1148.777) S 179.145 $ (4.105) (319.550) (290.488) CITY OF MONTICELLO, MINNESOTA PROPRIETARY FUNDS C0MBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Transfers Transfers out 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 EARNINGSJC0NTRISUTED CAPITAL END OF YEAR -63- Trans - Sewer Water Liquor portation Fund Fund Fund Fund S 195.000) $ (345,813) $ (148,777) S 84,145 S (4,105) 843,889 137,748 587,492 11,515 373.230 164,393 $ 871.306 ,S 157.364 S 671.637 ,S 7.410 $ 5,920,871 S 2,838,677 531,446 275,051 1373.230) (168.393) S 6.079.087 ,S 2.945.335 Statement E-2 (Continued) TOTALS December 31, December 31, 1994 1993 S {95.000) S 131,654) S 1414,550) S 1322,142) 1,5W,644 1,407,049 541.623 495.737 S 1.707.717 S 1.580.644 S 8,759,548 S 9,052,270 806,497 203,015 (541.623) (495.737) S 9,024,422 S 8,759.548 S 6.950.393 ,S 3.102.699 S 671,637 7,410 S 10,732,139 S 10,340,192 CITY OF MONTICELIA, HINNESOTA PROPRIETARY FUNDS COMBINING STATEMENT OF CASH FLOWS For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Cash flows from operating activities: Net income floss) before transfers Adjustments to reconcile net income to net cash provided by operating activities. Depreciation Changes in assets and liabilities (Increase) decrease in accounts receivable (Increase) decrease in NSF checks receivable (Increase) decrease in inventory (Increase) decrease in prepaid expenses (Increase) decrease in special assessments receivable - deferred (Increase) decrease in special assessment receivable - delinquent Increase (decrease) in accounts payable Increase (decrease) in accrued expenses Increase (decrease) in due to other funds Increase (decrease) in deferred revenue Net Cash Provided by Operating Activities Cash flows from investing activities: Capital Expenditures Equipment Transfers out Net Cash Provided (Used) in Investing Activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -64- Statement E-3 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1994 1993 S (345,813) S (148,777) S 179,145 S (4,105) S (319,550) S (290,488) 375,370 170,227 16,422 562,019 520,289 9,363 (9,171) (5,000) (7,242) (12,050) (28,340) 136 (17,719) (17,719) 683 421 (452) 1,646 1,615 (469) 4,703 (12,207) (7,504) 5,419 60 (1,307) (1,247) 1,480 4,153 5,481 15,505 25,139 9,004 (662) 2,517 17,845 5,090 24,790 12,830 (15,000) (15,000) (4,762) 13,514 8.752, (6.902) 42.833 S 19.825 $ 192.844 S 16,257) ,S 249.245 S 223.642 S (4,640) S (3,101) S (1,560) S (9,301) (95.000) 195.000) S 131.654) S 14.640) S (3,101) (96.560) S (104.301) S (31.654) S 38,193 $ 16,724 S 96,284 S (6,257) S 144,944 S 191,988 61,229 109.234 429.539 8,239 608,241 416.253 ,S 99,422, S 125,958 $ 525.823 ,5 1,982 $ 753.185 S 608,241 CITY OF 110NTICELLO, 11INNESOTA Statement E-4 SEWER FUND COMPARATIVE BALANCE SHEETS December 31, 1994 and 1993 -65- 1994 1993 ASSETS Current Assets Cash S 99,422 S 61,229 Accounts receivable 130,647 140,010 Prepaid insurance 1.929 2.350 Total Current Assets S 231,998 S 203.589 Rrooerty and jgauioment Land, buildings and improvements S 10,841,684 S 10,310,238 Equipment 170.974 165.840 S 11,012,658 S 10,476,078 Less accumulated depreciation (4.274,882) (3,899.018) Total Property and Equipment -net $ 6,737.776 S 6.577,060 Other Assets Special assessments receivable - deferred S 599 S 5,302 Special assessments receivable - delinquent 60 Total Other Assets S 599 S 5,362 TOTAL ASSETS $ 6.970.373 S 6.786,011 LIABILITIES AND EOUITY Current Liabilities Accounts payable S 19,006 S 14,853 Accrued expenses 375 1.037 Total Current Liabilities $ 19,381 S 15,890 Deferred Revenue 599 5,361 Total Liabilities $ 19.980 S 21,251 Equity Contributed capital S 6,079,087 S 5,920,871 Retained earnings 871.306 843.889 Total Equity S 6,950.393 S 6,764,760 TOTAL LIABILITIES AND EQUITY $ 6.970.373 S 6,786,011 -65- CITY OF MONTICELLO, 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, 1994 With Comparative Totals For The Year Ended December 31, 1993 Operatina Revenue Utility user fees Assessment revenue Penalties Inspection fees - improvement projects Miscellaneous Total Revenue Operatina Expenses Salaries and employee benefits Telephone Utilities Supplies Gas and oil Repairs and maintenance Travel and conferences Professional fees Insurance Depreciation Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) Property taxes - rental Rental income Interest income Total Other Revenue (Expenses) Net Income (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 1994 1994 1993 Budget Actual Actual S 454,520 $ 502,413 S 478,135 65 8,016 8,225 3,000 2,006 2,341 1,000 7,408 6,482 30 10 S 458.585 S 519.873 $ 495.193 S 44,165 S 55,803 S 43,047 300 239 256 2,200 3,241 3,128 7,860 7,337 10,766 900 1,235 1,039 4,150 5,213 6,887 350 0 70 382,900 409,016 382,295 13,225 11,939 12,506 350,055 375,370 339,382 860 2.407 1.223 S 806.965 S 871.800 S 800.599 S (348.380) S (351.927) S (305.406 S (1,620) $ (746) S (750) 5,400 5,014 5,400 800 1.846 1.431 S 4.580 S 6.114 S 6.081 S (343.800) S (345,813) $ (299,325) 843,889 806,102 373.230 337.112 S 871,306 S 843.889 $ 5,920,871 S 6,131,942 531,446 126,041 (373.230) (337.112) $ 6.079.087 5.5.920.871 -66- S 6,950.393 � 6.764.760 CITY OF HONTICELLO, MINNESOTA Statement E-6 SEWER FUND C014PARATIVE STATEHENTS OF CASH FICINS For The Years Ended December 31, 1994 and 1993 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 Cash flows from investing activities, Capital expenditures Equipment Net Cash Used in Inveesting Activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -67- 1994 1993 S (345,813) S (299,325) 375,370 339,382 9,363 (21,436) 4,703 11,019 60 939 421 10 4,153 12,355 (662) 513 (4.762) 111.960) S 42.833 S 31.497 S (4.640) S (4.640) S 38,193 S 31,497 61.229 29.732 S 99.422 S 61.229 CITY OF NONTICELLO, 14INUESOTA Statement E-7 WATER FUND COMPARATIVE BALANCE SHEETS December 31, 1994 and 1993 ASS 1994 1993 Current Assets Cash and investments S 125,958 S 109,234 Accounts receivable 51,430 42,259 Prepaid insurance 4.0$0 3.588 Total Current Assets S 181.428 S 155.081 E aero anj F%ipment Land, buildings and improvements S 5,018,906 S 4,743,854 Equipment 111.784 108.684 S 5,130,690 S 4,852,538 Less, accumulated depreciation 12.182.796) (2,012,569} Total Property and Equipment -net S 2.947.894 S 2.839,969 Other Assets Special assessments receivable - deferred $ 22,196 S 9,989 Special assessments receivable - delinquent 1.307 Total Other Assets S 23.503 S 9.989 TYrAL ASSETS S 3.152.825 S 3.005.039 LIABILITIES AND EOUITY Current Liabilities Accounts payable $ 6,062 $ 581 Accrued expenses 20. 61 18.044 Total Current Liabilities S 26,623 S 18,625 Deferred Revenue 23,503 9.989 Total Liabilities S 50.126 S 28.614 Equity Contributed capital S 2,945,335 S 2,838,677 Retained earnings 157.364 137.748 Total Equity S 3.102.699 S 2.976.425 TOTAL LIABILITIES AND EQUITY S 3,152.825 S 3,005.039 -68- CITY OF iiouTICELLO, 11INNESOTA Statement E-8 WATER FUND COITARATIVE STATEMENTS OF REVENUES, EBPENSES AND CHANGES IN RETAINED EARNINGS BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Operating Revenues Utility user fees Penalties Inspection fees - improvement projects Miscellaneous Special assessment revenue Total Operating Revenues Operatina Expenses Salaries and employee benefits Professional services Insurance Telephone Utilities Supplies Gas and oil Repairs and maintenance Depreciation Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) 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 1994 1994 1993 Budget Actual Actual S 169,080 S 180,336 $ 158,923 1,200 883 882 1,000 1,012 821 30 10 13.464 3.263 $ 171.280 S 195.725 S 163.899 S 85,335 S 73,346 S 68,758 3,500 8,205 3,885 7,375 10,239 7,762 900 1,604 1,279 32,100 35,088 33,403 24,850 31,980 27,950 800 1,144 1,328 6,100 4,453 1,724 159,850 170,227 162,333 300 527 276 1.795 10.452 9.684 S 322.905 347.265 S 318.382 S (151,625) S (151,540) $ (154,483) 3,000 2.763 4,292 S 1148,625) S (148,777) S (150,191) 137,748 129,314 168.393 158.625 S 157.364 S 137,748 S 2,838,677 S 2,920,328 275,051 76,974 (168.393) (158.625) S 2.945,335 S 2.838,677 -69- S 3.102,699 S 2,976,425 CITY OF MONTICELLO, HIKNESOTA Statement E-9 WATER FUND COMPARATIVE STATE)MM OF CASH MONS For The Years Ended December 31, 1994 and 1993 -70- 1994 1993 Cash flows from operating activities, Net income (loss) before transfers $ (148,777) S (150,191) Adjustments to reconcile net income to net cash provided by operating activities. Depreciation 170,227 162,333 Changes in assets and liabilities (Increase) decrease in accounts receivable (9,171) {1,893) (Increase) decrease in special assessments receivable - deferred (12,207) (5,600) (Increase) decrease in special assessments receivable - delinquent (1,307) 541 (Increase) decrease in prepaid expenses (452) (524) Increase (decrease) in accounts payable 5,481 (1,933) Increase (decrease) in accrued expenses 2,517 1,173 Increase (decrease) 1n deferred revenue 13.514 5.058 Net Cash Provided by Operating Activities S 19,825 IS 8.964 Cash flows from investing activities, Capital expenditures Equipment $ (3,101) Net Cash Provided (Used) in Investing Activities S 13.101) Net increase in cash and cash equivalents $ 16,724 S 8,964 Cash and cash equivalents at beginning of year 109.234 100.270 Cash and Cash Equivalents at End of Year S 125.958 ; 109.234 -70- CITY OF MONTICELLO, MINNESOTA Statement E-10 LIQUOR FUND COMPARATIVE BALANCE SMELTS December 31, 1994 and 1993 -71- 1994 1993 ASSETS Current Assets Cash and investments S 525,823 $ 429,539 Accounts receivable 7,051 2,051 Inventory 175,733 158,014 Prepaid insurance 3.851 5.497 Total Current Assets S 712.458 $ 595.101 Prooertv and Eauioment Land S 6,840 $ 6,840 Building and improvements 199,286 199,286 Parking lot 39,751 39,751 Furniture and fixtures 74.324 75.994 S 320,201 S 321,871 Lesss accumulated depreciation (210.219) (197.027) Total Property and Equipment S 109.982 $ 124.844 TOTAL ASSETS S 822.440 S 719.945 LIABILITIES AND RETAINED EARNINGS Current Liabilities Accounts payable S 15,815 $ 310 Accrued expenses 34,988 17,143 Due to other funds 100.000 115.000 Total Current Liabilities S 150.803 S 132,453 Retained Earninas S 671.637 S 587.492 TOTAL LIABILITIES AND EQUITY S 822.440 S 719.945 -71- CITY OF D1ONTICEU0, IIINUESOTA LIQt1OR FUND COWARATra STATQMm OP REVE�BtW, EXPENSES AND CHANGES IN RETAINED EARNINGS Off Sale Liquor Bine Beer ligeeliaveoos nttcbaadiat total Oft -Safe Lees, freight Cross Profit tHMAIJUMM Salaries gild esplofet btaefi l foppllea Repairs sad aaintesaact Utilities Ttlephoot Protessional fees iasoraftee Depreeiatio4 ldrertisigg etpeost lisc41144e001 Total operatiog lipeases operating latest other larges Ilsptastl lottrest i2cost - i0etstatots fish aver tsbortl total Incest before Transfers Transfers Oct Bet Iatest lttaiatd taroisgs at be9isaiaq of fear llTlillp 18111145 it 1111 OP till lot the tear laded Decesbet 11. 1991 Cost of Gross Percret Sales Sales Profit to Sales 1 429,413 $ 314,511 S 319,481 21.85% 164,911 115,4i6 49,914 34.25 112,4)1 711,111 191,917 21.36 1 I,S4616i3 1 11142,365 S 361,193 21.181 54,116 32,791 17,323 1431 f I.S56.77f S 1,175,08 f 111,621 24.511 7,311 .41 S 1141251 2684% -72- 217,425 13.31 S 166,826 38.331 Statement E-11 to, The Seat laded Deceater 31. 1993 cost of Gross Ptrc:at Salts lilts Profit to ties $ 654,411 S 316,111 $ 112,167 24.91 151,114 115,314 53,344 33.64 853,114 676.631 126,311 21.68 ! 1,411,211 S 3,498,661 $ 332,531 11,231 $3,217 34,05 11,612 35,16 S 1,484,411 S 1,133,112 S IS1,216 23.661 I'm .48 $ 31/,116 23AII CITY OF ItONTICELLO, 11I9NESOTA Statement E-12 LIQUOR FUND COMPARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1994 and 1993 -73- 1994 1993 Cash flows from operating activities. Net income before transfers S 179,145 S 151,659 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 16,422 18,574 Changes in assets and liabilities (Increase) decrease in accounts receivable (5,000) (2,051) (Increase) decrease in NSF checks 136 (Increase) decrease in inventory (17,719) 683 (Increase) decrease in prepaid expenses 1,646 45 Increase (decrease) in accounts payable 15,505 (1,418) Increase (decrease) in accrued expenses 17,845 11,128 Increase (decrease) in due to other funds (15.000) Net Cash Provided by Operating Activities S 192.844 $ 178,756 Cash flows from investing activities Capital expenditures Building and improvements r Equipment S (1,560) Transfers out (95.000) $ (31.654) Net Cash Provided (Used) in Investing Activities S (96.560) $ 131.654) Net increase (decrease) in cash and cash equivalents S 96,284 5 147,102 Cash and cash equivalents at beginning of year 429,539 282.437 Cash and Cash Equivalents at End of Year S 525.823 429.539 -73- CITY OF MONTICELLO, NINNF.SOTA Statement C-13 LIQUOR FUND COMPARATIVE STATEMENTS OF REVENUP,S AND EXPENDITURES - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 Budget Actual Off Sale Gross Profit Liquor S 101,400 $ 119,487 Wine 52,800 49,904 Beer 167,500 194,907 Miscellaneous 22,475 17.323 Total S 344,175 S 381,621 Less, freight 6.600 7.370 Total Gross Profit S 337,575 $ 374,251 Operatina Expenses, Salaries and employee benefits S 139,745 $ 134,813 Supplies 8,250 7,359 Repairs and maintenance 3,200 5,688 Utilities 12,025 13,541 Telephone 1,100 1,730 Professional fees 4,600 3,350 Insurance 22,125 13,467 Depreciation 16,050 16,422 Advertising expense 3,500 6,860 Miscellaneous 1.000 4.195 Total Operating Expenses 211,595 ze7.425 Operating Income1^25.980 S 166.826 Other Income (Expenses) Interest income - investments S 9,750 S 12,196 Cash over (short) (1,200) 123 Total Other Income (Expenses) S 8.550 S 12.319 INCOME BEFORE TRANSFERS 5 134.530 S 179.145 _T4_ CITY OF MONTICELLO, MINNESOTA Statement E-14 TRANSPORTATION FUND COMPARATIVE BALANCE SHEETS December 31, 1996 and 1993 1994 1993 ASSETS Current Assets Cash S 1,982 S 8,239 Accounts receivable 10.556 3.314 TOTAL ASSN $ 12.538 $ 11.553 LIABILITIES AND EQUITY Current Liabilities Accrued expenses Total Current Liabilities Retained Earnings TOTAL LIABILITIES AND EQUITY -75- $ 5.128 S 38 ,S 5.128 S 38 S 7.410 S 11.515 $ 12.538 S 11.553 CITY OF MONTICELLO, MINNESOTA Statement E-15 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1994 With Comparative Totals For The Year Ended December 31, 1993 Operating Revenue Passenger fares Property taxes Total Revenue ODeratina Expenses Salaries and employee benefits Supplies Equipment rental Advertising Travel and conferences Miscellaneous Total Operating Expenses Operating Income (Loss) Other Revenues (Expenses) Intergovernmental Miscellaneous Interest income (Expense) Total Other Revenues Net Income Retained Earnings at beginning of year Retained Earnings at End of Year 1994 1994 1993 Budget Actual Actual S 11,416 S 10,176 S 10,013 15.013 15.128 15.151 S 26.429 S 25.304 ; 25.164 S 3,425 S 1,648 S 1,576 200 163 65,982 61,862 60,246 600 129 50 88 340 610 472 S 70.547 S 64.170 S 62.674 S (44.118) S (38.866) $ (37.510) S 44,118 S 34,658 S 45,024 52 150 100 51 (295) S 44.218 $ 34.761 $ 44.879 S 100 S (4,105) S 7,369 11.515 4.146 $ 7.410 S 11.515 -76- CITY OF MONTICMW, MINNESOTA Statement E-16 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF CASH FIDHS For The Years Ended December 31, 1994 and 1993 _77_ 1994 1993 Cash flows from operating activities Net income S 14,105) S 7,369 Adjustments to reconcile net income to net cash provided by operating activities, Changes in assets and liabilities (Increase) decrease in accounts receivable (7,242) (2,960) Increase (decrease) in accrued expenses 5.090 16 Net Cash Provided (Used) by Operating Activities S (6.257) S 4.425 Net increase (decrease) in cash and cash equivalents S (6,257) S 4,425 Cash and Cash Equivalents at beginning of year 8.239 3,814 Cash and Cash Equivalents at End of Year $ 1.982 S 8.239 _77_ CITY OF 11ONTICELLO, MINNESOTA Statement F -I SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR IXI 41 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Budaet Prior Years Year Sources of Funds, Bond proceeds (loan) S 36,751 $ 36,751 Tax increments received 63,759 63,838 Real estate sales (Note 1) 8.088 8.008 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 2.613 Total Uses of Funds 90.902 S 92.872 District Balance (or Deficiency) 17.608 S 15.717 Note 1 Property Description Authoritv's Cost E 1/2 of Lot 7, Slk 3 S 36,751 Oakwood Ind. Park -78- Amount Remaining S (79) S (79) S i (2,358) S 95 292 $ 95 S (2.065) S (95) S (1.986) Sale Price S 8,000 C17Y OF 11ONTICELLO, MINNESOTA Statement F-2 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR HETCALF-LARSON 02 - A TAR INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original Amended for in Current Amount Budget Budget Prior Years Year Remainina Sources of Funds: Loan proceeds S 32,000 S 32,000 S 32,000 Bond proceeds 260,000 257,367 S 2,633 Tax increments received 106,725 774,840 196,047 S 44,300 534,493 Interest on invested funds 6,886 331 (7,217) Real estate sales (Note 1) 10,000 68,000 66,000 2,000 Other (Note 2) 3,230 (3,230) Application fee 820 1820) Total Sources of Funds S 148.725 S 1.134.840 S 562.350 S 44.631 $ 527.859 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 17,511 S 90 3,899 Bond payments Principal 260,000 10,000 5,000 245,000 Interest 350,531 91,853 22,065 236,613 Loan payments Principal 32,000 32,000 32,000 Interest 25,172 25,172 21,010 4,162 Administrative costs 3,083 30,537 30,122 415 Other - relocation 15.000 15.000 Total Uses of Funds S 98.790 $ 1.006.255 S 511.554 $ 27.155 S 467.546 District Balance S 49.935 128.585 50,796 17.476 $ 60.313 Note 1 Property 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. W 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. -79- CITY OF MONTICELLO, MINNESOTA Statement F-3 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR FSI A3 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budqet Prior Years Year Remaininq Sources of Funds. Bond proceeds S 155,000 S 155,000 Tax increments received 272,000 385,278 $ (113,278) Interest on invested funds 13,758 S 76 (13,834) Real estate sales (Note 1) 25,000 25,000 Other - UDAG grant 243,500 243,500 Other - application fee 2,500 (2,500) Loan repayment 235.315 94.355 21,409 119.551 Total Sources of Funds 930,815 $ 919,391 S 21.485 S 110.061) Uses of Funds, Land acquisition $ 130,000 S 130,000 Bond payments Principal 155,000 130,000 S 25,000 Interest 84,731 89,584 1,740 $ (6,593) Administrative cost and legal 30,000 20,466 9,534 Other - loan to developer• 235,315 235,315 Total Uses of Funds S 635.046 $ 605.365 S 26.740 S 2.941 District Balance S 295.769 S 314.026 S (5.255) S (13.002) Note 1 Property Description Authoritv's Cost Sale Price Lot 6, 7, & 8, Blk 2 Lauring Hillside Terrace S 130,000 S 25,000 -80- CITY OF MONTICELLO, MINNESOTA Statement F-4 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR IRI 04 - A TAx INCREHENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds: Bond proceeds (loan) S 191,550 S 191,550 Tax increments received 160,000 176,582 S 4,479 S (21,061) Real estate sales (Note 1) 47.500 21.051 26.449 Total Sources of Funds S 399.050 S 389.183 S 4.479 S 5.388 Uses of Funds. Land acquisition S 191,550 S 191,672 S (122) Loan payments Principal 191,550 83,821 S 17,050 90,679 Interest 73,000 119,118 8,618 (54,736) Administrative costs 13,000 5,576 7,424 Other - contingency expense 11.000 288 10.712 Total Uses of Funds S 480.100 S 400.475 S 25.668 S 53.957 District Balance (or Deficiency) S (81.050) 111.292) S (21.189) S (48.569) Note 1 Property Descriotion Authoritv's Cost Sale Price N 1/2 of Lot 7 G the N 175'of E 1/2 of Lot 7, Blk 3, Oakwood Ind. Park and Lot 6, Blk 3, Oakwood Ind. Park S 114,150 S 21,051 -81- CITY OF NONTICELI.O, MINNESOTA Statement F-5 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR CONST. 5 05 - A TAR INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budqet Prior Years Year Remaininq Sources of Funds. Bond proceeds S 390,000 S 359,269 S 30,731 Tax increments received 625,000 357,475 S 75,364 192,161 Interest on invested funds 24,022 420 (24,442) Special assessment income 2.288 (2.288) Total Sources of Funds ,S 1.015.000 S 743.054 S 75.784 5 196.162 Uses of, funds. Installment of public utilities and improvements S 301,300 S 359,410 S (58,110) Bond payments Principal 390,000 125,000 S 35,000 230,000 Interest 378,000 139,542 16,362 222,096 Administrative costs 22.790 8.162 14.628 Total Uses of Funds S 1,092,090 $ 632,114 S 51,362 S 408,614 District Balance (or Deficiency) S (77,090) 110.940 S 24.422 S 1212.452) -82- CITY OF HONTICELLO, MINNESOTA Statement F-6 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR RAINDANCE 46 - A TAX INCREIUNT FINANCING DISTRICT December 31, 1994 -83- Accounted Original Amended for in Current Amount Budget Budoet Prior Years Year Remainino Sources of Funds Bond proceeds S 350,000 S 350,000 S 350,000 Tax increments received 815,250 815,250 346,099 $ 69,146 S 400,005 Interest on invested funds 17,896 408 (18,304) Real estate sales (Note 1) 64,150 (64,150) Other - application fee 2.500 12.500) Total Sources of Funds S 1.165.250 S 1.165.250 S 780.645 S 69.554 S 315.051 Uses of Fundst Land acquisition S 229,000 S 229,000 S 232,076 S (3,076) Site improvements or preparation costs 28,000 28,000 Installation of public „ utilities and improvementa 75,000 100,000 100,604 (604) Bond payments Principal 350,000 350,000 50,000 S 15,000 285,000 Interest 395,243 395,243 212,754 24,380 158,109 Administrative costs 38.150 38.150 31.006 7.144 Total Uses of Funds S 1.087.393 S 1.140.393 S 654.440 S 39.380 $ 446.573 District Balance (or Deficiency) S 77.857 S 24.857 S 126.205 S 30.174 (131.522) Note 1 Prooertv Description Authoritv's Cost Sale Price Lots 1-10, Blk 15 including 20' of Highway right of way easement S 232,076 $ 64,150 -83- CITY OF MONTICELLO, IQNNFSOTA SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR NANCO 07 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 Original Amended Budget Budaet Sources of Funds Small cities economic, grant S 250,000 Band proceeds S 155,000 155,000 Tax increments received 247,200 321,830 Interest on invested funds Real estate sales (Note 1) 15,000 15,000 Other - application fees 2.500 2.500 Total Sources of Funds S 419.700 S 744.330 Uses of Fundst Statement F-7 Accounted for in Current Amount Prior Years Year Remainina S 250,000 S 153,240 1,760 174,962 S 39,863 107,005 4,147 229 (4,376) 15,000 2.500 S 349.849 S 40,092 S 354.389 Land acquisition S 122,200 S 122,200 S 122,394 S (194) Bond payments Principal 155,000 155,000 65,000 S 20,000 70,000 Interest 90,986 124,986 74,099 7,531 43,356 Administrative costs 27,300 32,300 22,081 1,534 8,685 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 P 805.486 S 283.574 S 29.065 S 492,847 District Balance (or Deficiency) S 24.214 $ (61.156) S 66.275 S 11.027 S 1138.458) Note I Property Descriotion Authoritv's Cost Sale Price Lots 11 6 12, Blk 2 Oakwood Ind. Park $ 122,394 S 15,000 -84- CITY OF MONTICELLO, MINNESOTA Statement F-8 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR NSP 08 - A TAR INCREMENT FINANCING DISTRICT December 31, 1994 Note 1 Prooertv Description Part of Lot 4, Blk 3 Oakwood Ind. Park M -1-M Authoritv's Cost Sale Price S 23,000 S 1 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds, Loan proceeds S 34,000 S 23,000 S 11,000 Tax increments received 40,289 20,124 S 4,532 15,633 Real estate sales (Note 1) 1 ; Total Sources of Funds $ 74.290 S 43,125 S 4.532 S 26.633 Uses of Funds, Land acquisition S 21,200 S 21,200 Public improvements 1,800 1,800 Bond payments Principal 23,000 7,000 S 2,000 $ 14,000 Interest 11,277 7,275 1,280 2,722 Administrative costs 4.000 2.043 1.957 Total Uses of Funds ,S 61.277 S 39.318 S 3.280 S 18,679 District Balance for Deficiency) ; 13,013 $ 3.807 1.252 S 7.954 Note 1 Prooertv Description Part of Lot 4, Blk 3 Oakwood Ind. Park M -1-M Authoritv's Cost Sale Price S 23,000 S 1 CITY OF MONTICEU D, KU SOTA Statement F-9 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR TAPPER t9 - A TAS INCRE2M FINANCING DISTRICT December 31, 1994 Accounted Original Amended for in Current Amount Budget Budget Prior Years Year Remainina Sources of Funds. Bond proceeds S 125,000 S 140,000 $ 139,233 S 767 Tax increments received 216,239 216,239 51,079 S 24,196 140,964 Interest on invested funds -0- -0- 4,421 240 (4,661) Real estate sales (Note 1) 1 1 1 Total Sources of Funds S 341.240 S 356.240 S 194.734 S 24.436 $ 137.070 Uses 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 15,000 S 15,000 S 110,000 Interest 69,800 74,548 33,661 10,726 30,161 Administrative coats 20.000 20.900 21.266 450 (816) Total Uses of Funds S 292.300 S 324.948 S 159.427 5 26.176 139.345 District Balance (or Deficiency) S 48.940 S 31.292 $ 35.307 S (1.740) S (2.275) Note 1 Property Description Autboritv's Cost Sale Price Lot 4, Blk 2, Oakwood Industrial Park S 74,000 5 1 UZ-V CITY OF MONTICELLO, MINNESOTA Statement F-10 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR REMMELE 110 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 -87- Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds, Bond proceeds $ 165,000 $ 164,042 S 958 Tax increments received 270,864 55,183 $ 33,965 181,716 Interest on invested funds -0- 1,525 282 (1,807) Real estate sales (Note 1) 1 1 Total Sources of Funds S 435.865 S 220.751 $ 34.247 S 180,867 Uses of Funds, Lend acquisition $ 120,000 $ 126,059 S (61059) Site improvements or preparation costs 65,000 65,000 Installation of public utilities and improvements 55,000 55,000 Bond payments Principal 165,008 15,000 $ 151000 135,000 Interest 89,694 39,628 12,642 37,424 Administrative costs 40,0" 25.213 19.787 Total Uses of Funds S 534.694 $ 270.900 S 27.642 S 236.152 District Balance (or Deficiency) $ (98.829) $ (50,149) S 6.605 S (55,285) Note 1 Pronertv Description Authoritv'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 $ i -87- CITY OF HONTICELLO, MINNESOTA Statement F-11 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR HARTIE 011 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 -88- Accounted Original for in Current Amount Budoet Prior Years Year Remaining Sources of Funds, Tax increments received $ 36.038 S 5.701 S 2.731 S 27.606 Total Sources of Funds S 36.038 S 5.701 S 2.731 S 27.606 Uses of Funds, Land acquisition S 17,500 S 17,500 Administrative costs 3.600 S 3.456 144 Total Uses of Funds S 21.100 S 3.456 S 17.644 District Balance (or Deficiency) S 14.938 S 2.245 S 2.731 S 9.962 -88- CITY OF MONTICELLO, MINNESOTA Statement F-12 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR AROPLAB 012 - A TAR INCREIENT FINANCING DISTRICT December 31, 1994 -89- Accounted Original for in Current Amount Budoet Prior Years Year Remaining Sources of Funds, Interest on investments $ 55 S 153 S (208) Bond proceeds $ 225,000 120,000 105,000 Tax increments received 169,127 15 19,523 149,589 Real estate sales 1 I Total Sources of Funds S 394.128 S 120.070 S 19.676 S 254.382 Uses of Funds, Land acquisition S 90,000 S 85,000 S 5,000 Installation of public utilities and improvements 75,000 75,000 Bond payments Principal 225,000 225,000 Interest 145,225 5,043 S 7,800 132,382 Administrative costs 25.000 25.042 (42) Total Uses of Funds S 560.225 S 115.085 S 7,800 S 437.340 District Balance (or Deficiency) S (166.097) S 4.985 S 11.876 S (182.958) -89- CITY OF HONTICELLO, MINNESOTA Statement F-13 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR STANDARD IRON 013 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 -90- Accounted for in Current Amount Prior Years Year Remaininq $ 533.853 ,S 533.853 S 120,000 23,750 170,250 114,174 $ 9.209 S 594 10.197 9.209 S 594 $ 438.371 $ (9.209) $ (594) $ 95.482 Original Budqet Sources of Funds. Tax increments received S 533.853 Total Sources of Funds S 533.853 Uses of Funds. Land acquisition $ 120,000 Installation of public utilities and improvements 23,750 Site development 170,250 Interest 114,174 Administrative costs 20.000 Total Uses of Funds S 448.174 District Balance (or Deficien:y) S 85,679 -90- Accounted for in Current Amount Prior Years Year Remaininq $ 533.853 ,S 533.853 S 120,000 23,750 170,250 114,174 $ 9.209 S 594 10.197 9.209 S 594 $ 438.371 $ (9.209) $ (594) $ 95.482 I I I I I I 1 I. l I l l I I i e� i CITY OF HONTICELLO, MINNESOTA Statement F-14 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR SUBURBAN 014 - A TAX INCREHEWr FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budaet Prior Years Year Remaining Sources of Funds. Interest on investments S 37 S 89 S (126) Loan repayment S 19,575 19,575 Bond proceeds 89,000 75,000 14,000 Ta: increments received 100.520 12.959 87.561 Total Sources of Funds ,S 209.095 S 75.037 S 13.048 S 121.010 Uses of Funds. Land acquisition S 29,625 S 29,625 Site improvements or preparation costs 20,375 20,375 Bond payments Principal 89,000 Interest 40,484 3,047 S Administrative costs 7,500 14,332 Other -Loan to developer 19.§75 19.575 Total Uses of Funds S 206.559 S 86.954 S District Balance (or Deficiency) $ 2.536 S (11.917) S -91- S 89,000 4,875 32,562 (6,832) 4.875 S 114.730 8.173 S 6.280 -92- CITY OF MONTICELLO, MINNESOTA Statement F-15 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR CUSTOM CANOPY t15 - A TAX INCRENENF FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds: Tax increments received $ 80.512 S 80.512 Total Sources of Funds S 80.512 S 80.512 Uses of Funds, Land acquisition $ 48,000 S 48,000 Installation of public utilities and improvements 19,500 19,500 Interest 15,000 15,000 Administrative costs 7.500 $ 6.048 1.452 Total Uses of Funds S 90.000 S 6.048 $ 83.952 District Balance for Deficiency) S (9.488) S (6.048) S (3.440) -92- CITY OF MONTICELLO, HIMMOTA Statement F-16 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR KHART 41-1 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budqet Prior Years Year Remainlnq Sources of Funds Bond proceeds S 560,000 S 554,486 $ 5,514 Tax increments received 795,054 211,214 S 98,576 485,264 I Interest on invested funds -0- ¢.390 828 (7.218) Total Sources of Funds S 1.355.054 S 772.0% S 99.404 $ 483.560 I Uses of Funds, Land acquisition S 203,000 S 120,371 S 82,629 Site improvements or preparation costs 4,000 3,662 338 Installation of public utilities and improvements 224,000 331,174 (107,174) Bond payments ' Principal 560,00@ 55,000 S 60,000 445,000 Interest 229,042 109,657 30,566 88,819 Administrative costs 40000 40.043 143) Total Uses of Funds S 1.260.042 S 659.907 S 90.566 $ 509.569 District Balance (or Deficiency) S 95.012 S 112.183 S 8.838 ,S (26.009) Note 1 Property Description Authority's Coat Sale Price Part of Nk 1/4 of SM 1/4 of Sec. 11, Twp 121, Range 25 S 120,371 S -0- e i I I I -93- CITY OF NONTICELIU, MINNESOTA Statement F-17 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR POLYCAST 016 - A TAR INCREMENT FINANCING DISTRICT December 31, 1994 -94- Accounted Original for in Current Amount Budget Prior Years Year Remainina Sources of Funds: Ivan proceeds S 80,000 S 80,000 Tax increments received 162.207 162.207 Total Sources of Funds S 242.207 S 242,207 Uses of Funds. Land acquisition S 55,000 S 55,000 Loan payments Principal 80,000 80,000 Interest 49,316 49,316 Administrative costs 15.000 S 8.619 6.381 Total Uses of Funds S 199.316 S 8.619 S 190.697 District Balance (or Deficiency) S 42.891 S (8.619) S 51.510 -94- CITY OF MONTICELLO, MINNESOTA Statement F-18 SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS FOR FAYHAR 017 - A TAR INCREMENT FINANCING DISTRICT December 31, 1994 I Accounted Original for in Current Amount Budget Prior Years Year Remainina ISources of Funds: Loan proceeds S 135,000 S 135,000 Tax increments received 174.789 174.789 Total Sources of Funds S 309.789 $ 309.789 Uses of Funds. Land acquisition S 50,000 S 50,000 Installation of public utilities and improvements 53,500 53,500 Loan payments Principal 135,000 135,000 Interest 83,220 83,220 Administrative costs 12.000 6.281 5.719 Total Uses of Funds S 333.720 ¢ 6.281 327.439 District Balance (or Deficiency) I I I I S (23.931( S 16.281) S 117.650) 1 1 I I ' -95- -96- CITY OF MONTICELLO, MINNESOTA Statement F-19 SCMEDULE OF SOURCES AND USES OF PUBLIC FUNDS EOR RIVER(ILL 018 - A TAX INCREMENT FINANCING DISTRICT December 31, 1994 Accounted Original for in Current Amount Budget Prior Years Year Remaining Sources of Funds: Tax increments received 1SS.204 S 155.204 Total Sources of Funds S 155.204 S 155.204 Uses of Funds, Land acquisition S 102,000 S 102,000 Administrative costs 11,333 S 276 11.057 ' Total Uses of Funds S 113.333 S 276 $ 113.057 District Balance (or Deficiency) S 41.871 S 1276) $ (42.147) -96- CITY OF MONTICELW, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN December 31, 1994 Market valuation Debt limit - 2 percent of market valuation ! Total indebtedness subject to limitation Less, deductions allowed by lav Assets in debt service funds available for payment of principal $ 518,684 Special assessment bonds 3,630,000 Tax increment bonds 1.690.000 Total Deductions Total Amount of Debt Applicable to Debt Limit LEGAL DEBT MARGIN -97- S 7,280,000 5,838,684 Schedule 1 $ 434.316.300 S 8,686,326 1,441,316 5 7.245.010 0 CITY OF HONTICELLO, 14INNESOTA BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS December 31, 1994 Schedule 2 -98- General Obligation General Obligation General Obligation Refunding Bond Sewer Interceptor Mater System Series 1993A Bond Series 1986A Bond Series 19888 Total Principal Interest Principal Interest Principal Interest Principal Interest 1995 S 150,000 S 12,025 S 70,000 S 45,940 S 65,000 S 56,632 $ 285,000 S 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 4.111 TOTAL S 385,000 S 20.925 S 720,000 S 214,042 $ 855.000 S 331,873 S 1.960.000 S 696.362 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 I February 1 February 1 August 1 August 1 August 1 -98- CITY OF MONTICELLO, MINNESOTA BONDED INDEBTEDNESS — GENERAL OBLIGATION SPECIAL ASSESSMENT BONDS December 31, 1994 —99— Geaeral Obligation General Obligation Geaeral Obligation Sever/liter aid Street leproveaeat Series a Isprovesect Bond of 1911 Bond of 1986 Bond Series 19881 Principal Interest Principal Interest friocioal Interest 1195 S 65,111 S 151231 S 25,111 S 181115 S 111,111 S 81,598 1996 65,111 11,668 25,11/ 16,211 14S,461 11,611 1991 11,01 8,251 31,614 14,115 1916 61,01 1,956 21,10 12,111 1199 61,111 1,651 35,111 9,168 1111 35,111 1,113 2111 35,111 4,621 2412 11,111 1,311 2113 210 7011G 314 111 LAI ,168 S 255.111 3 83.661 113 0113 25.219 Original laoant 1 611 111 S 385.1116S I. 25.111 average rate of interest S.211 1.18511 1.25321 Fepeat ditto yebruary 1 Febroary 1 February 1 February Ifebrpu► 1 febroary 1 august 1 acquit 1 aogast 1 —99— Schedule 3 Ceaeral 0biigautb Central Obligatioa Want Obligation Cenertl Obiigatiao Ceatral 0bligatioo 6eatral Obligation Icprotestat Isprovestat Icprovtatot Isptavestot Ioptottatet Befandiag Bond Series 19898 pond Serifs 19918 aged Series 1991f Bond of 19911 load Series 19924 load Series 19918 Total priatiaal latettit hiotleal loterest prietipil ! ttrt t priotipai 14telfst friaeipai Iatmit hiscipil lowest Watival lettten S 25,110 S 9,599 1 68,00 S 31,115 1 28,10 1 13,215 3 75,111 $ 91,494 S 15,04 S 14,811 $ 445,11# S 2281731 25,881 71991 i5,$" 24,84& 25,816 11,796 75,41# 94,4#2 75,481 27,1#5 S 191161 m,#4# 117,138 29,111 6,291 11,104 22,537 29,411 11,196 iS,m 11,219 15,141 24,211 1 1151111 31,111 415,111 133,927 I5,i10 41773 15,480 11,935 21,400 8,511 74,4#6 i,381 75,848 21,785 414,!#4 33,ii2 474,144 1/8,853 31,108 2,971 41,140 93,811 25,811 61921 m,111 2,181 75,111 71,430 111,11/ 29,208 494,116 02,131 31,#48 991 &#,1## B,#4# 11,811 $,#8S 14,111 11,353 !21,#44 24,587 36S,m 59,188 00,1#4 2,681 31,111 ),oil 11,114 9,695 121,104 19,628 335,111 39,498 31,110 1,128 71,141 5,915 125,1#0 11,389 265,111 22,812 74,1/1 1,995 125,#48 B,BSt 195, iii 18,852 131,104 3.123 130,111 3.123 S 141.448 S 31.112 i5 04 S It1.732 1 lu.fit j 59.881 S 365.444 S S2.2i8 i3 SS.iil L 351.15!9i U 111 S HI S LIAR,#448ta---Soy-22 1L45,!!! 73! 1 ! ! !5S 1S.1M LMSAM 100 6.61181 6.61661 6.18161 5.12651 5.2525t 6.23121 ttbraatt t ftbroary I h5taari I ftbroary I ftbroary i ftbraaty I ftbroary I Ithaity l febtoary 1 ltbrait/ i ftbroaty i febraary i August I &agost I August 1 lagut I I/goat I &coast I CITY OF MONTICELLO, MINNESOTA BONDED INDEBTEDNESS - GENEAAL OBLIGATION TAR INCREMENT BONDS December 31, 1994 TOMS 0 165 111 LAS -01 39 41s LA M S 9.042 Original locustS 351.111 S 365,141 S 11 Iterage late of interest 8.28911 1.14111 9.1#811 reflect dates 9ebroarf S 9ebrsarf I febrauf 2 ftbrairf 2 Itbruirg 1 rebroarf t August I August 1 Acgust I -101- General Obligation General Obligation Gestral Obligation Tax locrtlent lot locrestat III locitltat Bond of 1985 load of 1981A load of 19811 Principal latertst Ptiacipil Iattltxt 9tiactr4l littlest 1995 S 25,901 $ 22,825 S 33,1#+ S 13,558 S 21,111 S 5,355 1991 15,904 21,618 16,091 19,985 15,010 1,362 1191 15,011 20,48S 61,411 B,lls 25,014 1,125 1198 21,091 19,11s 45,1#0 S,441 1999 21,991 11,115 45,10/ 1,681 2011 29,#49 15,815 2111 25,001 13,951 1112 25,100 11,891 I111 31,900 1,615 2110 30,001 1,125 2115 35,999 4,016 2406 15.011 I.I11 TOMS 0 165 111 LAS -01 39 41s LA M S 9.042 Original locustS 351.111 S 365,141 S 11 Iterage late of interest 8.28911 1.14111 9.1#811 reflect dates 9ebroarf S 9ebrsarf I febrauf 2 ftbrairf 2 Itbruirg 1 rebroarf t August I August 1 Acgust I -101- Schedule 4 Iterage rate of i8tere#t 7.25321 6.56431 1.99281 6.511 6.511 reflect dates February I febreary I ftheari I February i febroary i February I February 2 Febmity 3 Misery I Itbrwry 2 latest I latest I Aag4st I legest 1 latest 1 -102- Gleeful Obliguioa Ceaeral Obligation Smell Obligation Central Obligation Ofeeral Obligation ha torment fat lacreaeot far loareleat fat tolerator Tas lacreleot land Strias 19898 load Series 2S9IA loll Series 1991D good Serifs 1992 load Series 1992D Total Principal erect Wariest Interest Macipal Interest pilocipal lattrist priocipal latertst Pnocieal Interest 1995 1 11,111 S 21,969 f 65,111 S 26,481 f 35,111 1 24,142 f 11,111 S 1,115 S 5,111 f 4,112 S 115,111 S 121,516 1996 11,411 21,121 11,111 22,261 15,111 17,151 15,111 6,612 11,111 4,225 121,111 116,312 1991 11,#11 19,2i5 70,440 17,833 4#,"0 13,195 I5,"# 5,611 1#,"# I'm 225,111 89,911 1998 IS,ll4 18,191 15,004 13,211 IS,lll 11,112 I5,"I 6,112 11,111 2,925 215,1" 13,161 1999 15,101 it,90/ 10,111 8,211 61,411 6,411 15,11/ 3,138 11,401 2,115 231,001 56,261 2104 15,100 IS,6m IS,110 2,805 65,410 2,412 21,"0 t,d10 Ii,"l I'm 115,141 60,41# 2#41 2#,0" 14,18/ I1,"0 1,311 11,"1 915 15,111 31,119 2012 21,4" 12,315 24,401 325 14,4" 12S i5,"0 24,816 2103 24,110 11,585 51,//1 20,211 2014 25,"0 I,fii 55,1" 25,115 2105 15,"4 6,411 6I,"# il,llt 2#46 31,1#0 31912 65,111 5,452 1101 31,440 1.328 3/.1114 I.i21 TOM S 215.111ULIAI 6 Ii 1 i I 65Ili S 69.451IZ i1.IN LA Sii L -A -Aft S 26,#17 LLMAIII 19i 96 Original daaoat I M."i i SS#,"I 1 30,110012$.M S 75,10 Iterage rate of i8tere#t 7.25321 6.56431 1.99281 6.511 6.511 reflect dates February I febreary I ftheari I February i febroary i February I February 2 Febmity 3 Misery I Itbrwry 2 latest I latest I Aag4st I legest 1 latest 1 -102- CITY OF NONTICEUD, MINNESOTA TAX LEVIES TO RETIRE BONDED INDEBTEDNESS December 31, 1990 • These tax levies are for tax increment financing projects. The levies have not been made in the past and will only be made in the future if Tax increment revenue is insufficient to meet principal and interest payments. -103- General General General General General General Obligation Obligation Obligation Obligation Obligation Obligation Sever Tat locreveot fat locreleot Improvement Year of Improtemect Improteseot Interceptor Bond Series Bond Series Bond Series Levy_ Collection Bond of 1971 Band of 1986 Band of 1986 1987A 19878 1988A 1996 1595 S 13,969 S 11,119 S 126,672 S 55,115 S 31,969 S 119,655 1995 1996 8, SIS 37,191 126,882 52,165 28,611 1996 1957 8,581 15,116 126,672 $6,291 1997 1558 8,655 38,955 126,132 50,796 1998 1999 36,822 128,211 1999 2111 31,651 126,311 2101 2111 37,689 129,211 2111 2102 2012 2111 2003 2116 2006 2115 2005 2116 TOTAL S 39.709 S 253.131 S 881.911 S 212.ISS S9,S62 S 169.655 • These tax levies are for tax increment financing projects. The levies have not been made in the past and will only be made in the future if Tax increment revenue is insufficient to meet principal and interest payments. -103- Schedule 5 central Gemeral General General General general General Central Geoeral General Gtoeral Obligation Obli9ation Militias Obligation Obligstioa Obligation Obiigstioe Obltgatioo Obligation Obligation Obligating later System Improvement later System Improvement later System Improvement laprotntat Improvement 11proveaeot Itfooding Refunding Bond Series land Series load Series Bond Series load Series Bond Series sold Series load Series load Series load Series load Series 1991B 1989A 1919 _ 1990A 1991_ 949/t 19900 _ 1991A 19921 19931 1994A $ 125,531 S 32,073 S 24,811 S 144,141 S 29,441 $ 2,911 1 111212 S 146,311 126,144 11,184 23,626 101,191 24,113 9 1,313 3,941 11,111 114,6N S !26,942 1261143 35,527 22,411 111,191 S 12,195 23,161 4,691 11,141 131,155 126,711 34,173 26,411 !40,191 13,183 22,181 411 12,414 131,544 1261255 32,810 24,813 110,191 84,111 26,42S 7,516 111,792 131,597 36,i91 19,115 2S,451 1,141 131,916 128,864 34,873 23,668 8,593 132,431 126,712 33,033 8,962 121,494 124,384 36,446 121,448 34,136 31,076 34,201 Z I,2e'a-I S 462,119 122 101 S 500.958 Li -s8.;60 L -n 641 S 1.2;1 1 1-871 s 71.139 it 4 4 UAL9 873 -104- - --- -- -- --- - - - -- nn .: 111-1 A - - Pnjysjr'"qWP.Wh Mn nstale I 1 iann M.. P,an 417. MdW 1 —W..ut &dfA1.MNii31th12)bR1-)'b1 mttketb,Mvii,W2{bttI"5fr Bord6n IIPI jbl 6-1-1 A%r. F4q. P(1. &n 30, SkdW R 8+[w= s A V. Mx'tuet, MN ii3'b {hI2)+4^tI IR Auditor's Report on Legal Compliance To the Mayor and City Council 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, 1994, and have issued our report thereon dated May 18, 1994. We conducted our audit in accordance with generally accepted auditing standards and the provisions of the Minnesota Leaal Comoliance Audit Guide for Local Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat. 6.65. Accordingly, the audit included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The Minnesota Leoal Comoliance Audit Guide for Local Ggvernmenc 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. 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. �BORDEN .- & ASSOCZATFS P.A. Certified Public Accountants May 18, 1995