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1995 Audit Reportclw OF NoRrICELID, MINNESM F. 5 �. i,i — z ANNLML FDUVK3AL REPORT Year Ended Doomber 31, 1995 r-ww Ab& CITY OF MONTICELLO, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 1995 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS Z. INTRODUCTORY SECTION Miscellaneous Data II. FINANCIAL SECTION Page Independent Auditor's Report on Financial Statements 1 A. General Purpose Financial Statements Exhibit Combined Balance Sheet - All Fund Types and Account Groups 1 2-3 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types 2 4 Combined Statement of Revenues, Expenses and Changes in Retained Earnings - All Proprietary Fund Types 3 5 Combined Statement of Cash Flows - All Proprietary Fund Types 4 6 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General and Special Revenue Fund Types 5 7 Notes to Financial Statements 8-30 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. Combinina and Individual Fund Statements - Continued Statement Page Capital Outlay Revolving Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-5 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 Central Minnesota Initiative Fund. Statement of Revenues, Expenditures and Changes in Fund Balance - Budget (GAAP Basis) and Actual B-13 49 Debt Service Funds. Combining Balance Sheet C-1 50-52 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 53-55 CITY OF MONTICELLO, MINNESOTA TABLE OF CONTENTS B. Combinino and Individual Fund Statements - Continued Statement Paae Capital Projects Funds, Combining Balance Sheet D-1 56-57 Combining Statement of Revenues, Expenditures and Changes in Fund Balance D-2 58-59 Proprietary Funds. Combining Balance Sheet E-1 60 Combining Statement of Revenues, Expenses and Changes in Retained Earnings E-2 61-62 Combining Statement of Cash Flow E-3 63 Sewer Fund. Comparative Balance Sheets E-4 64 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-5 65 Comparative Statements of Cash Flows E-6 66 Nater Fund. Comparative Balance Sheets E-7 67 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-8 68 Comparative Statements of Cash Flows E-9 69 Liquor Fund, Comparative Balance Sheets E-10 70 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings E-11 71 Comparative Statements of Cash Flows E-12 72 Comparative Statements of Revenues and Expenditures - Budget (GAAP Basis) and Actual E-13 73 Transportation Fund. Comparative Balance Sheets E-14 74 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings - Budget (GAAP Basis) and Actual E-15 75 Comparative Statements of Cash Flows E-16 76 CITY OP MONTICELID, MINNESOTA TABLE Of CONTENTS Iii. SUPPLEMENTAL INFORMATION Schedule Computation of Legal Debt Margin 1 77 Bonded Indebtedness - General Obligation Bonds 2 78 Bonded Indebtedness - General Obligation Special Assessment Bonds 3 79-80 Bonded Indebtedness - General Obligation Tax Increment Bonds 4 81-82 Tax Levies to Retire Bonded Indebtedness 5 83-84 Auditor's Report on Legal Compliance 85 CITY OF HONTICELLO, MIN1D"=A HISCBIdANMUS DATA Term Officials - 1995 Expires Mayor Brad Pyle 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 Nolfsteller Appointed &rden lummfr,ll/IvdAElk.n and 10411,"1111—,11111 nuffAw. MN55111(h 12)(A21;62111,11 6R'alnW 4„I) PIYm I l i.5uila• 1 rl hl„51\ 11MQ(h12),-A 5tr1 9uslnrn 0-1111. I '051kmnl Air. FAM. P 0. @n 138, suilr 11 ■\./[7LLf'1laCTlA 4. Alm harl, M\ 55576 (612) 197.2118 �-��/1\ltl�l �A INDEPENDENT AUDITOR'S REPORT ON FINANCIAL. STATEMENTS To the Mayor and City Council City of Monticello, Minnesota We haveaudited the accompanying general purpose financial statements of the City of Monticello, Minnesota, as of and for the year ended December 31, 1995, 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, 1995, 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. Nay 29, 1996 , 4- & 4 � ��- - 4 GRUYJFBORDEN CARIMN & ASSOCIATES P.A. Certified Public Accountants -1- CITY OF MONTICELLO, 91BD71SOTA COHBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1995 With Comparative Totals at December 31, 1990 ASSIT9 hsD sod investments loeelvaDlee Iccosate I 1pecial usesemects - deterred bpecdal assesements - delingsoat dee from arbor funds Land bold for resale Long-term receivable Inventory Prepaid expenses 6eoeral []red aese[s Property end egstpmest (net of accumulated depreclatdaol I ]mount erallabIt is Debt Ser►lee ►node lmoaat to be provided for retirteeat of general long -ten debt I 0tber .trete - deferred compensation plain let market) [MILL ASSITS Joe accampeoylsg Notes to flcaocial Statements. -2- Exhibit 1 PIOPIIITAI9 98057 AID GOTIIIIII11L 198D "PIS 109D TTP196I! If9 {Coin[ GIOU?3 10TAL 11110 01691 6eoeral 6eoeral 8peetal Debt Capital Agesey fired Loo: -len Geteral Polecatservice ectl Naterprlee Iced Assets Debt 1995 1994 J I,S32,198 1 21216,894 1 31321,188 J 1,161,821 1 129,526 45,697 31,111 11,363 261,111 193,169 15,225 141,611 2,361,731 26,111 9,651 29,791 912,571 6,415 153,825 161,111 561,669 172,613 116,815 35,113 14,212 521,399 51,112 11,111,112 172,612 25,118 269 11,326 9,236,189 6 311.619 1 2.611.862ULU, 7 6 161 LLLiL 1 6 11.111.618 11 9 SI5,773 318,161 2,SS2,151 968,516 988,435 969,126 161,111 311,618 146,125 153,825 597,113 561,669 172,613 115,133 35,113 38,339 J 13,873,159 12,873,759 11,111,112 9,236,189 9,795,652 S 3,191,111 3,#11,111 2,871,119 1,x11,127 7,111,123 1,165,161 311,09 271.284 2 81 9 LaMs 11171 1 .816.191 LIUMA 112 CITY OF HONTICEUA), KnOWOTA CO36BIM BALANCE MiEE'T - ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1995 With Comparative Totals at December 31, 1994 V1111,1 1111 Cash deficit accounts payable Contracts payable Other accrued espesses Doe to other land$ Deferred rereane General obligation bonds payable General obligation let iocretent bonds parable Special aaeeaeoeat bonds payable Deterred colpe&$ati&$ food$ held tot participants Total liabilities ?DID sOgiTT Contributed capital Ineestaeat to general filed islet# Aetaloed earaiogs unreserved food Balance Assessed for noncurrent lana rectieable Reserved for filed &$sets held for resale le$erved for debt service unreserved Designated for subsegaeot years' erpendlturee unde$igoated Total fund Equity TOTAL 61681111118 AID FDID Iggity See accoepaariag lots$ to Fiolocial Itateeea&$. Exhibit 1 iContinued3 PROIIIITIIT TROST 010 GOTIIIKIITIL FOLD lIffs logo lifts 101cl ICCO4I1 610311 TOTAL 111110 GILT) Geoeril General special Debt Capital Agtecy Piled ling-ttra Geogril Partiale s e to loterprill fond Assets Debt 1995 1994_ _ 1 241,274 1 6,616 1,156 1 1 S, 716 1 1, I I I 217, 616 1 22,201 218,172 115,321 238 64,168 111,881 51,111 24,877 181,414 3,714,319 S49,522 72,811 34.421 1 285,511 1 303,216 A 3.50.51326 6 170,415 161 1 249,641 1 918,352 259,273 173,911 218,112 31,297 229,731 21/,255 161,110 314,678 4,899,588 2,128,485 1 1, 615,111 1,475,011 1, 961, 811 1,494,488 1,445,811 1,691,111 1,115,111 1,!15,801 7,611,811 3tl,629 2 S 84 1241,141115.772.357 1 IIJ67.25t 1 2$612.862 3 7 1 6.612.761 LLal /11 11 11 41 I L 311.fa LILLIL7a 1 11.21,},#A 1t7,5B6a91 j 39.551.412 -3- 1 81111,164 1 8,431,164 1 9,121,122 1 12,873,759 12,873,759 11,111,182 1,511,129 1,574,129 1,717,717 1 21,212 1 S211199 1 $1,412 597,113 539,127 144,825 146,825 IS2,82S 1 3,197,111 3,097,111 2,871,239 1,668.315 117,672 2,816,811 1,117,951 7_ 711717 �44.1il 3,888,852 2,299.112 1 2.461.354 1 2.931,279 1 3.1!1.111 1 59,1749 11.111.111 1 12,113,7599 31,813,831 1 21311.161 1 2$612.862 3 7 1 6.612.761 LLal /11 11 11 41 I L 311.fa LILLIL7a 1 11.21,},#A 1t7,5B6a91 j 39.551.412 -3- CITY OF MDNTICELLO, HIM11E=A COMBINED STATEMENT OF REVENUES, E8PEMDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Revenues Taxes Collections on special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeits Miscellaneous Total Revenues Expenditures General government Public safety Public works Sanitation Health and welfare Parks and recreation Community development Capital projects Debt service Principal retirement Interest and fiscal charges Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Bond proceeds 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- GQVERIA4ENTAL FUND TYPES Special Debt Capital General Revenue Service Proiects S 1,800,279 $ 890,565 S 636,754 41,288 407,857 202,519 349,201 51,008 70,097 126,843 310,531 205 431,641 251,403 167,80 S 789,139 $ 2.910.688 S 1.544,795 S_1,282,529 S 789,139 $ 777,632 S 13,240 480,089 28,190 586,701 273,922 76,476 172,945 25,098 33,930 186,918 241,147 $ 4,480,791 S 925,000 3.538 48Q.746 S 2,401,695 S 498.131 S 1,405,746 S 4,480.791 Exhibit 2 TOTALS (MEMO ONLY) 1995 1994 $ 3,327,598 $ 3,069,882 449,145 411,511 202,519 132,887 470,306 458,570 437,374 298,594 205 9,064 1,640,004 X.018.26 S 6,527,151 S 5.399,034 $ 790,872 S 769,333 508,279 476,909 586,701 586,877 273,922 278,522 76,476 88,152 198,043 171,655 220,848 84,097 4,721,938 1,000,637 925,000 880,000 484.284 p31.010 P 8.786.363 S_4,867,192 S 508,993 S 1,046,664 S (123,217) S(3,691,652) $(2,259.212) S 531,842 S 17,505 $ 3,841,375 $ 3,858,880 S (9,800) (92,037) 335,003 678,338 1,013,341 1,714,954 S (571,819) (61.353) (2,873) (5,.81.045) (1,619,954) S (571,819) S 346.15 S 4,516,640 S 4.291.176 S (6,837) $ 508,993 $ 474,845 S 222,938 S 825,188 $ 2,031,964 S 525,005 1.958.361 2.507.434 2,874,239 (436.114) 6.903,920 6,378.915 S 2,467,354 S 2.982,279 S 3.097.177 S 389,074 S 8,935,884 S 6.903,920 i CITY OF MONTICELIO, MINNESOTA I Exhibit 3 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - ' ALL PROPRIETARY FUND TYPES For The Years Ended December 31, 1995 and 1994 IPROPRIETARY FUND TYPES Enterprise Enterprise 1995 1994 Operating Revenues Charges for services S 796,697 S 740,902 Gross profit 386.190 374.251 Total Operating Revenues S 1.182.887 S 1.115.153 Operating Expenses Salaries and employee benefits S 269,940 S 265,610 Professional services 510,825 482,433 Supplies and materials 45,728 46,676 Repairs and maintenance 13,914 15,354 Utilities 57,251 51,870 Depreciation 632,405 562,019 Other 64.383 66.698 Total Operating Expenses S 1.594.446 S 1.490.660 Operating Income (Loss) S 1411.559) S (375.507) Non -Operating Revenues (Expenses) Interest income S 75,604 S 16,856 Other 33.233 39.101 Total Non -Operating Revenues ,S 108.836 S 55.957 Net Income (Loss) Before Transfers S (302,723) S (319,550) Transfers (out) (432.296) 195.000) Net Income (Loss) S (735,019) S (414.550) Retained earnings at beginning of year 1,707,717 1,580,644 Add depreciation on contributed assets 601.331 541.623 Retained Earnings at End of Year S 1.574.029 S 1.707.717 Contributed capital at beginning of year S 9,024,422 S 8,759,548 Assets contributed during year 7,073 806,497 Depreciation -contributed assets 1601.331) (541.623) Contributed Capital at End of Year S 8.430.164 $ 9.024.422 RETAINED EARNINGS/CONTRIBUTED CAPITAL AT END OF YEAR S 10.004.193 $ 10.732.139 See accompanying Notes to Financial Statements. -5- C CITY OF HONTICELLO, HDWMTA Exhibit 0 COMBINED STATEKENT OF CASH FGDN9 - ALL PROPRIETARY FUND TYPES ' For The Years Ended December 31, 1995 and 1994 PROPRZE"TARY FU((D TYPES Enterprise Enterprise 1995 1994 Cash flows from operating activities, Net income (loss) before transfers $ (302,723) S (319,550) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 632,405 562,019 Changes in assets and liabilities (Increase) decrease in accounts receivable 6,515 (12,050) (Increase) decrease in inventory 3,122 (17,719) (Increase) decrease in prepaid expenses (506) 1,615 (Increase) decrease in special assessments receivable - deferred (3,676) (7,504) (Increase) decrease in special assessments receivable - delinquent (5,108) (1,247) ' Increase (decrease) in accounts payable (18,676) 25,139 Increase (decrease) in accrued expenses 3,116 24,790 Increase (decrease) in due to other funds (501000) (15,000) Increase (decrease) in deferred revenue 8.78¢ 8.752 Net Cash Provided by Operating Activities S 273.253 S, 249-245 Cash flows used in noncapital financing activities, Operating transfers out S (432,296) S (95,000) ■ Cash flows from from capital and related financing t activities. Capital expenditures Equipment S (49,605) S (9,301) Building and improvements (16,165) Net Cash (Used) in Financing Activities S (65.770) S (9.301) Net increase (decrease) in cash and cash equivalents $ (224,813) $ 144,944 Cash and cash equivalents at beginning of year 753,185 608,241 ' Cash and Cash Equivalents at End of Year S 528,372 S 753,185 Non -Cash Transactions, Contributed Assets Land, Buildings and Improvements S 7.071 S 806.497 f Total Non -Cash Transactions S 7,073 S 806,497 See accompanying Notes to Financial Statements. -6- CITY OF HONTICELLO, MINNESOTA Exhibit 5 COMBINED STATEMENT OF REVENUES, EBPENDITURFS AND CHANGES IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES For The Year Ended December 31, 1995 Revenues Taxes Special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeits Miscellaneous Total Revenues Expenditures General government Public safety Public works Sanitation Health and welfare Parks and recreation Community development Capital projects Debt service 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- GENERAL FUND SPECIAL REVENUE FUND TYPES Variance Variance Favorable Favorable Budoet Actual (Unfavorable) Budoet Actual (Unfavorable) $ 1,793,584 $ 1,800,279 S 6,695 S 877,320 S 890,565 S 13,245 32,800 41,288 8,488 108,270 202,519 94,249 293,706 349,201 55,495 50,443 51,008 565 113,750 126,843 13,093 55,500 310,531 255,031 205 205 147.475 431.641 284.166 102.560 251.403 148.843 S 2.456.785 S 2,910.668 S 453.903 S1.118,623 S 1.544.795 S 426,172 S 830,580 S 777,632 S 52,948 S 32,960 S 13,240 S 19,720 473,515 480,089 (6,574) 29,800 28,190 1,610 504,005 586,701 (82,696) 269,070 273,922 (4,852) 63,295 76,476 (13,181) 181,275 172,945 8,330 31,865 25,098 6,767 35,445 33,930 1,515 77,436 186,918 (109,482) 267,370 241,147 26,223 8.375 3.538 4.837 S 2.357,185 S 2.401.695 S (44.510) S 447.806 S 498.131 S 150.325) S 99.600 $ 508.993 S 409.393 S 670.817 S 1.046.664 S 375.847 S 100,000 S (100,000) S (99.600) $ 99.600 (463.498) S (571,819) (108.321) S (99,600) S 99.600 S (363.498) S (571,819) S (208,321) S 0 S 508,993 S 508.993 S 307.319 $ 474,845 $ 167.526 1,958.361 2,507.434 S2.467,354 S 2.982.279 CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note I Summary of Significant Accountina Policies The accounting policies of the City of Monticello, located in Wright County in Minnesota, conform to generally accepted accounting principles as appli- cable to governmental units. The following is a summary of the more sig- nificant policies. A. Reporting Entity The City's financial statements include the operations of all organiza- tions for which the City Council is financially accountable, or for which the exclusion of the component unit would render the financial statements of the primary government misleading. The criteria used to determine if the primary government is financially accountable for a component unit include whether or not the primary government appoints the voting majority of the potential component unit's governing body, is able to impose its will on the potential component unit, is in a relationship of financial benefit or burden with the potential component unit, or is fiscally depended upon by the potential component unit. Based on the aforementioned criteria, the operations of the following en•ities have been included in or excluded from the accompanying finan- cial statements. Entities included in the financial statements. a. Housing and Redevelopment Authority (KRA)--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. The operations of the HRA are accounted for as a special revenue fund on the City's books. A copy of the reportable information for the HRA is on file at the City Hall in Monticello. Entitles 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. 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 MONTICE110, MINNESOTA NOTES TO FINANCIAL STATEOMTS December 31, 1995 Note I Summary of Significant Accounting Policies - Continued Governmental Fund Tvoes Governmental funds are used to account for the City's expendable financial resources and similar related liabilities texcept 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 Protects 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). ELoprietary Fund Wega 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 FuT)da--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 Tv es Trust and Acencv 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. &D W CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 1 Summary of Sionificant Accountino Policies - Continued Account Groups General Qixed Asset Account Group --This account group is used to account for all fixed assets of the City, other than those accounted for in proprietary and trust funds. General Lona -Term Debt Account 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 Accountinq The modified accrual basis of accounting is followed by governmental funds, expendable trust funds, and agency funds. Under the modified accrual basis of accounting, revenues are recorded when they become measurable and available to pay liabilities of the current period. Revenues not considered available are recorded as deferred revenues. Expenditures are recorded when the liability is incurred except for interest on general long-term obligations, which is recorded when due. In applying the susceptible to accrual concept to intergovernmental revenues, there are essentially two types of revenues. In one, moneys must be expended for the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized based upon the expenditures incurred. In the other, moneys are virtually unrestricted and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Property taxes are recognized as revenue in the year for which taxes have been levied, provided they are collected within 60 days after year-end. Special assessments are recorded as revenue in the year the individual installments are collected. Licenses and permits, fines and forfeitures, and miscellaneous revenues are generally recorded as revenues when received. Investment earnings are recorded as earned. The accrual basis of accounting is used by proprietary funds and nonexpendable trust funds. Unbilled service revenue is accrued in proprietary funds. D. Budoets and Budoetary Accountinq The City follows these procedures in establishing the budgetary data reflected in the financial statements, a. Prior to September 1, the City administrator submits to the City Council a proposed operating budget for the fiscal year commencing the following January 1. The operating budget includes proposed expenditures and the means of financing them. 6n33 CITY OF HDNTICELLD, MINNESOTA NOTES To FINANCIAL STATMENTS December 31, 1995 Note 1 Summary of Sianificant Accounting Policies - Continued b. Public hearings are conducted to obtain taxpayer comments and the final tax levy and budget are adopted. c. The City Administrator is authorized to transfer budgeted amounts between departments within any funds however, any revisions that alter the total expenditures of any fund must be approved by the City Council. d. Formal budgetary integration is employed as a management control device during the year for the general fund, special revenue funds and enterprise funds. Formal budgetary integration is not employed for the capital projects and debt service funds. e. Budgets are adopted on a basis consistent with generally accepted accounting principles. Budgeted amounts are as originally adopted, or as amended by the City Council. E. Cash and Investments Cash balances from all funds are combined and invested to the extent available in certificates of deposit and other allowable investments. Earnings from investments are allocated to the respective funds on the basis of applicable cash balance participations by each fund. For purposes of the Statements of Cash Flows, all highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Temporary cash investments are stated at cost plus accrued interest, which approximates market. F. Special Assessments Receivable, Special assessments receivable include the following components, a. Delinquent installments including interest remaining unpaid as of year end. b. Deferred installments which will be billed to property owners in the future. In accordance with generally accepted accounting principles, such amounts not collected within 60 days after year end are unavailable for current operations and, therefore, are deferred. G. Inventories Inventories are valued at lower of cost (first -in, first -out) or market. CHC CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note_1 Summary of Significant Accountino 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. Proverty. 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 Pav City employees earn vacation days based upon the number of completed years of service. The City compensates employees for unused vacation upon termination of employment. Accordingly, the expenditure for vacation is recognized when it is earned. Employees are entitled to paid sick leave at various rates for each month of full-time service. Full-time employees who resign or leave city employment voluntarily and in good standing, after giving proper notice, shall be compensated for up to 50 days of unused sick leave under the following guide lines, -12- CITY OF HONTICELLO, KMMSOTA NOTES TO FINANCIAL STATEHENTS December 31, 1995 Note I Summary of Sianificant Accountlna Policies - Continued For union employees, one fourth of the unused sick leave times the hourly rate at the time of giving notice. After 5 years of non-union y employment, one fourth of the unused sick leave times the hourly rate at the time of giving notice. After 10 years of employment, all employees accrue 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. N. 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 Accountability A. Deficit Fund Balances Deficit fund balances as of December 31, 1995, are as follows, Debt Service Funds General Obligation Improvement Bonds Series 1990B S 233.212 -13- u 1 CITY OF MUNTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 2 Stewardship. Compliance. and Accountabilitir - Continued tA. Deficit Fund Balances - Continued ' Capital Project Funds Public Works Building Expansion S 10,108 Cardinal Hills IV 461,818 WWTP Expansion Project 138,871 Pathway Project 9.245 S 620,042 Deficit Retained Earnings Transportation Fund S (218( 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 Budaet Budget Liquor Fund $ 214,349 S 212,850 S 1,499 General Fund 2,401,695 2,357,185 44,510 Sewer Fund 938,150 856,275 81,875 Water Fund 377,007 358,550 18,457 Housing and Redevelopment Authority 188,394 84,371 104,023 Economic Development Authority 2,062 1,440 622 Sewer Improvement 40,649 40,649 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 1n an amount equal to 1101 of -deposits in excess of FDIC or FSLIC insurance (140% if collateralized with notes secured by first mortgages). -14- CITY OF HONTICELW, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 3 Cash and Investments - Continued A. Deposits (Continued) The carrying amount of the City's deposits with financial institutions was $3,491,345 and the bank balance was $3,842,281. The bank balance is categorized as follows: Insured by FDIC or FSLIC insurance S 1,467,996 Covered by collateral assigned to City and not redeposited in the financial institution j furnishing the collateral 2.314.285 Total Bank Balance S 3.842.281 , B. Inygarmgnts - 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 S investments are in the aforementioned securities, obligations of the State of Hinnesota 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, t t Category 1 - Insured or registered, or securities held by the City's agent in the City's name. Category 2 - Uninsured and unregistered, with securities held b the counte art s trust department or Y rP Y� P � agent in the City's name. Category 3 - Uninsured and unregistered, with securities held by the counterparty, or by Its trust i department or agent but not in the City's name. p R Carrying Market R Cats= Amount Value Piper Jaffray Money Market 1 S 1,152 $ 1,152 Commercial Paper 1 1,939,231 1,939,231 Smith Barney Money Market 1 8,378 8,378 Minnesota Municipal Money Market Fund 562,899 $62,899 Lehman Bros. t Money Market Fund 1 233 233 Minnesota Municipal Bonds 1 185,313 185,313 t U.S. Securities & Govern- tt mental Agency Securities 1 3.283.639 3.302.069 i Total Investments S 5.980.845 S 5.999 75 -15- CITY OF HDNTICMW, MINNESOTA NOTES TO FINANCIAL, STATEMENTS December 31, 1995 Note 4 Propertv Taxes Property tax levies are set by the City Council in October of each year, and are certified to the County Auditor for collection in the following year. In Minnesota, counties act as collection agents for all property taxes. Such taxes become a lien on property on January 1 and are recorded as receivables by the City at that date. Real property taxes may be paid by taxpayers in two equal installments on Hay 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The County provides tax settlements to cities and other taxing districts three times a year. Taxes which remain unpaid at December 31, are classified as delinquent and are not recognized as revenue because they are not known to be available to finance current expenditures. No allowance for uncollectible taxes has been provided because such amounts are not expected to be material. Note 5 General Fixed Assets General fixed assets as of December 31, 1995, are as follows, Beginning Ending Balance Additions Balance Land S 1,058,123 S 105,000 $ 1,163,123 Buildings 1,995,889 1,995,889 Equipment 1,585,628 209,977 1,795,605 Other Improvements 6.407.462 1.511.680 7.919.142 Total S 11.047,102 S 1.826.657 S 12.873.759 Note 6 Pension Plans A. Defined Benefit Pension Plans - Statewide Plan Description All full-time and certain part-time employees of the City of Monticello are covered by defined benefit pension plans adminis- tered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are cost-sharing multiple -employer public employee retirement plans. These plans are established and administered in accordance with Minnesota Statutes, Chapters 353 and 356. -16- CITY OF MONTICELLO, MINNESO'T'A NOTES TO FINANCIAL STATEMENTS December 31, 1995 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, 1995, was 5811,398; the City's total payroll was 5917,352. 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 2j. 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. A reduced retirement annuity is also available to eligible members seeking early retirement. There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. Contributions Required and Contributions Made Minnesota Statutes Chapter 253 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. 6(g), the date of full funding required for the PERF and the PEPFF is -17- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCiAi, STATEMENTS December 31, 1995 Note 6 Pension Plans - Continued July 1, 2026. 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 Emloye Rates PERF (Basic & Coordinated Plans) 4.31% 4.60% 9.76% PEPFF 7.66% 11.46% 19.00% Total contributions made by the City during fiscal year 1995 were, Percentage of Amounts Covered Pavroll Employee Employer 1 ee Employer PERF $ 34,322 S 36,351 4.23% 4.48% The City's contribution for the year ended December 31, 1995, 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, 1995. Fundina Status and Progress The 'pension benefit obligation' is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess PERA's funding status on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligation for individual employers. -18- CITY OF MONTICMIO, MWNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 6 Pension Plans - Continued The pension tenefit obligations as of June 30, 1995, are shown below (in thousands)i PERP PEPFF Total pension benefit obligation S 5,994,492 $ 1,113,225 Net assets available for benefits, at cost (Market Values for PERF $5,266,688; PEPFF - $1,445,345) 5,074.351 1.356.179 Unfunded (assets in excess of) j pension benefit obligation S 920.135 S (242.954) { The measurement of the pension benefit obligation is based on an actuarial valuation as of July 1, 1995. Net assets available to pay pension benefits were valued as of June 30, ; 1995. 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 an age related table which incorporates a 5 percent base inflation assumption; (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, compounded 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. I CITY OF HONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENT'S December 31, 1995 Note 6 Pension Plans - Continued Chances in Actuarial Assumptions Since the July 1, 1996 actuarial valuation, there were no changes in actuarial assumptions of the PERF and the PEPFF which impacted funding costs. Potential changes in the actuarial assumptions used for the PEPFF may be made in the future. Results of a experience study for the fund during the four-year period ending June 30, 1996, disclosed (a) retirees are living longer; (b) the expected active member death rate is declining; (c) the trend toward earlier retirement continues; and (d) the pattern of salary increases varies substantially by ages, with a strong merit and seniority component evident at the younger ages. Based on these results, PERA will soon consider revising the actuarial assumptions for retirement, age, mortality, payroll growth, and individual salary increases. These changes, 1f adopted within fiscal year 1996, will significantly impact the July 1, 1996 actuarial valuation of the PUFF. Chances in Benefit Provisions The 1995 legislative session did not include any benefit improvements which would impact funding costs for the PERF and PEPFF. Ten -Year Historical Trend Information Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended June 30, 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, 1995, and for the fiscal year then ended, VERA held no securities issued by the City or other related parties. B. City of Monticello Fire Relief Association Plan Description The City contributes to the City of Monticello Fire Relief Association (Association), a single employer retirement system that acts as a common investment manager and administrator for the City's firefighters. All active members of the fire department are members of the Association. -20- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 6 Pension Plans - Continued 8. City of Monticello Fire Relief Association (Cont'd) Plan Descriction (Cont'd) 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 $1,325 per year of active service in the fire department and Association with 1001 vesting at twenty years. (b) There is no maximum retirement benefit. (c) Members retiring with less than ten years of service forfeit their accrued benefits. (d) Members who separate from service and have at least ten years of active service and membership but are less than 50 years of age are entitled to a deferred service pension payable upon reaching the age of 50. The Association also provides death benefits, whereby upon approval of application, the beneficiaries of each deceased active member would receive $1,325 per year of service. The City passes through state aids allocated to the plan in accordance with enabling state statutes. Related Partv Investments During 1995 and as of December 31, 1995, the Association held no securities issued by the City or other 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. 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 1995. -21- CITY OF NONTICELIA, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 6 Pension Plans - Continued Ten -Year Historical Trend Information Ten-year historical trend information related to the pension plan is not maintained by the Association. Note 7 Deferred Compensation The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 657. 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. The Plan is entirely funded by contributions from electing employees. No contribution is provided by the City. Assets are held in the various investment funds offered by the Companies administrating the plans. The total assets in the plan as of December 31, 1995 were $310,629. Note 8 Construction and Other Significant Commitments The City foreclosed on a piece of property due to large delinquencies in assessments. A decision was made to develop the property and market lots. Bond proceeds of $019,090 were utilized to improve the property. The total costs to develop the property are expected to be approximately $650,000. Approximately 25-30 lots are expected to be sold in the 525,000-S30,000 range. Financing terms are being offered to prospective purchasers as reflected in Note 14. -22- CITY OF MONTICELi.O, HMMSOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 9 Chanaes in Lona -Tenn Debt The following is a summary of long-term debt transactions for the year ended December 31, 1995, Payable Payable Beginning End of Year Additions Pavments of Year General obligation bonds S 1,960,000 S 285,000 $ 1,675,000 Special assessment debt with govern- mental commitments 3,630,000 S 3,890,000 445,000 7,075,000 General obligation tax increment bonds 1.690.000 195.000 1.495.000 TOTAL S 7.280.000 S 3.890.000 S 925.000 ,510.245.000 Bonds and notes payable at December 31, 1995, are comprised of the following individual issues, Initial Average Amount Maturity Interest Outstanding Description Issued Date Rate Principal 1986 Sewer Interceptor Improvement Bonds 1,050,000 Feb., 2002 6.7294% S 650,000 19888 Improvement Bonds 1,100,000 Feb., 2004 6.9943% 790,000 1993A Refunding Bonds 535,000 Feb., 1997 3.9673% 235.000 Total General Obligation Bonds S 1.675.000 -23- CITY OF NONTICMW, HnMESOTA NOTES TO FINANCIAL STATCKMM December 31, 1995 Note 9 Chances in Lona -Term Debt - Continued General Obligation Tax Outstanding Increment Bonds, Princioal 1985 Tax Increment Bonds 350,000 Feb., 2006 8.2893% S 270,000 1987A Tax Increment Bonds 365,000 Feb., 1999 7.1477% 170,000 19878 Tax Increment Bonds 155,000 Feb., 1997 8.7999% 501000 1989A Tax Increment Bonds 260,000 Feb., 2007 8.8708% 235,000 1990A Tax Increment Bonds 560,000 Feb., 2000 6.5603% 380,000 1990D Tax Increment Bonds 305,000 Feb., 2000 8.9928% 210,000 1992 Tax Increment Bonds 120,000 Feb., 2002 6.5% 110,000 1992D Tax Increment Bonds 75,000 Feb., 2002 6.5% 70.000 Total General Obligation Tax Increment Bonds S 1.495.000 Special Assessments Bonds, 1977 Sever, Mater and Street Bonds 3,470,000 Feb., 1999 5.21001 S 245,000 1986 Improvement Bonds 385,000 Feb., 2002 7.4850% 230,000 1988A Improvement Bonds 1,625,000 Feb., 1996 7.2532% 105,000 19898 Improvement Bonds 245,000 Feb., 2000 6.6118% 135,000 1990E Improvement Bonds 730,000 Feb., 2001 6.614353% 445,000 1990C Improvement Bonds 250,000 Feb., 2002 6.750621 190,000 1991A Improvement Bonds 515,000 Feb., 1999 5.7265% 290,000 1992A Improvement Bonds 705,000 Feb., 2003 5.2525% 580,000 1994A Refunding Bonds 965,000 Feb., 2004 4.2312% 965,000 1995A Improvement Bonds 3,890,000 Feb., 2006 4.9647% 3.890,000 Total Special Assessment Bonds S 7,075,000 -24- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 9 Chanaes in Lona -Term Debt - Continued The annual requirements to amortize all long-term debt outstanding as of December 31, 1995, including interest of $2,653,713 are as follows, Year 1996 S 1,547,759 1997 1,688,163 1998 1,758,077 1999 1,717,418 2000 1,493,925 2001 and thereafter 4.693,371 The legal debt margin of the City is approximately $7,910,189. 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 1988A issue in 1996. The net savings that will be realized due to the refunding totals S143,061 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, 1995. Note I Interfund Receivables and Pavables Capital Outlay Revolving - Due from HRA Fund $ 11,000 Economic Development Authority - Due from Urban Development Action Grant 50,000 Economic Development Authority - Due from Liquor Fund 50,000 Economic Development Authority - Due from Economic Recovery Grant 50.000 S 151.000 -25- CITY OF 14ONTICELLO, 16TNNESOTA NOTES TO FINANCIAL STATEHENT5 December 31, 1995 Note 11 Fund Equity The following fund balances have been designated or reserved as of December 31, 19951 Special Revenue Funds Economic Recovery Grant Reserved for non-current loans receivable S 96,644 Urban Development Action Grant Reserved for noncurrent loans receivable 97,342 Economic Development Authority Reserved for noncurrent loans receivable 327,413 Capital Outlay Revolving Reserved for fixed assets held for resale 146,825 Debt Service Funds Future debt retirement 3,097,177 Capital Projects Funds Future capital expenditures 337,672 Reserved for non-current loans receivable 51,402 General Fund Designated for working capital 1,390,287 Designated for contingencies 278,058 Reserved for noncurrent loans receivable 24,212 Note 12 Tax Increment Finance Districts letealf - lose of District la -1 Larson 11 151 11 111 14 Coast. S IS Ralodaoce 16 RAICO 17 geologic Iconoslc Iconosic Bc000aic Type of District, Rtlteelopgeat Redevelooveat Dere meat Development Redevelopment Red ve o sent Dere o a n ?ear 11tabilshed, 1991 1981 1984 1984 1984 1985 1987 Base Ta[ Capacity S 2,484 E 11,669 1 31136 1 111 S 21238 S 115 S ),SIS Carrest Tar Capacity 129,286 53,392 51,951 22,491 69,118 61,665 66,125 Captored Tat Capacity 126,812 42,713 51,911 21,716 66,771 61,261 62,521 Retained By Authority 126,812 42,713 $1,914 21,716 66,771 61,261 62,521 Shared with Other Taring Districts 1- 4- 1- 1- 1• •1- 161,111 Total loads Issoed 561,1/1 261,111 ISS,111 365,10 351,111 155,111 total Loans Incurred 32,111 191,551 Aaoants Redeemed 111,111 $1,111 155,111 I9I,SS1 195,111 11,111 115,141 Outstanding Bonds and Loans 12.31.95 381,111 235,001 1• 171,161 271,111 211,111 -26- CITY Or NONTICMtO, )1DMMOTA NOTES TO r31#mvi STATEMERTS December 31, 1995 Note 12 Tax Increment Finance Districts late of District p62 18 7100tr 19 Pfeifle #11 Bettie 611 Aroplat 612 lutotbAo #14 Std. lraa #)3 Cast. Cas. 41S Ioololit Itonoiit Iton019c lcoaclic Icloolle McCain Icon013a Economic type of District. Pivelgoleot ReftwilapintOlyelopetot Pevelcytect Redevelo4aeat Deyelopltat ptveloollat pertiopstot Year Istablisbed, 1989 1991 199# ISM 1991 1992 199) 1993 past Tat Capacity I 1,888 1 1,116 1 2,233 1 123 S 1,211 f 51 1 2,199 $ 831 Carseat Tal Capacity 1,371 32,11/ IS,721 3,114 23,851 13,131 12,869 12,651 Captured Tat Capacity 5,182 31,191 13,496 ),691 24,612 15,479 11,151 11,821 Attained of lethality 5,682 30,19# 43,496 3,691 24,141 111,079 11,754 13,824 $bared with Otber Tatlog Districts -i- #- 4- 4- -#- 0- i• # total Development 1greeaent Obligations 25,1## 11,51# 628,173 61,113 total Bonds Iateed 161,111 165,18# 12#,110 75,000 4- 4 total Loans Incurred 23,080 Amanate Redeeud 12,10# 65,111 S1,1#1 F1,#11 S,010 21,565 I_ Ontltandi09 80441 Loans and Oblige - tions 12.31.95 11,111 111,141 115,401 11,511 IIIA/1 11,110 617,620 4- lissluippl Site of District folyclit #1; 111011 #11 Aivtnill #18 Shotes fig Wasik IC04011C Boils Economic Type of District, Dtfilopleat 111tiont4t Coaditiol Dev! o lent Year lltablished, 1994 1116 1996 1991 Bale Tat Capacity 1 693 1 66 1 2,191 1 S,H6 Carreat Tal Capacity 693 66 1,091 5,196 Captured fat Capacity Retained By Authority Shartd vita Other lazing Districts total Developleat Agretat4t Obligatloas 112,111 325,831 total Bonds Isiced total Loans Incurred 11,111 15,111 datnats Merged Ootstaodiog goods loans and Obiiga- ticom 12/31/95 81,111 15,1// IIIAU 325,531 -27- CITY OF MONTICEIIA, MINNESOTA NOTES To FINANCIAL STATEMENTS December 31, 1995 Note ia 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, 1995, is as follows ?nu- Total Beier later Liquor portatioa Proprietary land toad food Toad foods Operating reeeoaea S 568,616 S 221,137 S 316,194 1 2056 S 1,112,887 Optratiag elpea6es Wort depreciation and aaortiratioa 524,927 174,717 197,161 66,946 961,111 Depreciatloo gad aaortiratioa 413,211 212.386 16,98Z6�? 685 Operotiog loran 110687 S 1389,5661 S (155,871) S 171,811 S (37,984) S (411,5591 Other rteeaaee 9.616 9 Sq 591314 11.356 38,836 Bet ioent (loll) $_(319.931) S 1144,328 S 211ASSS 11.628) L-A I�i Capital°coctribatiooa S_, 7.673 L 3 let lothaq Capital S 213.671 1 171,482 S 353,163 210) 168 ib Total lneta S 6,594,818 S 3.416,66$ 1 S11,920 1 95S UL1171 6q8 Total lgnitl(Oeficit) I 6 it S 69S 2.M'379 1 111.496 S 12161 18 41 19 Note 14 Iona -Term Receivables A long-term receivable of S97,342 is shown in the Urban Development Action Grant Fund. This receivable resulted from an economic development grant that the City received in the amount of $243,500. The City loaned $235,315 to a local business with interest being accrued on the loan in accordance with the grant agreement. The City keeps all of the repayments which are to be used to finance other development in accordance with the grant agreement. The Greater Honticello Enterprise Fund, a revolving loan fund, was established for the purpose of supplementing conventional financing sources for existing and new businesses within Honticello. To date, seven commercial projects have utilized the funding. The G99EF loaned $88,000 to a local industrial business in July of 1990. The loan requires monthly payments of S736.07 including interest at 8% through July 13, 1997, at which time the remaining balance snail be fully due and payable. At December 31, 1995, the balance was $74,942. In November of 1992, the GMEF loaned 585,000 to finance a commercial project. The loan requires monthly payments of $1,241.73 including interest at 61, through November of 1999. At December 31, 1995, the balance was $51,674. -28- CITY OF MONTICELLO, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1995 Note 14 Lona -Term Receivables (Cont'd) In October of 1992, a loan of $50,000 was made to a local business. The loan requires monthly payments of $316.32 including interest at 4.5E through November of 2012. At December 31, 1995, the balance was $44,997. In April, 1993, the GMEF loaned $42,500 to a local business. The loan requires monthly payments of $270.03 including interest at 4.5E through May 1, 1997, at which time the entire remaining balance shall be fully due and payable. At December 31, 1995 the balance was $38,936. 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 6E thru August, 1999. The City will be allowed to keep the first $100,000 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, 1995, the City has received $91,887 in principal and interest and the loan balance was $96,644. In July of 1994, a loan of $75,000 was made to a local commercial business. The loan requires monthly payments of $795.49 including interest at 5E through June 1, 2001, at which time the entire remaining balance shall be fully due and payable. At December 31, 1995, the balance was S65,964. On November 21, 1995, a loan of $50,000 was made to a local commercial business. The loan requires monthly payments of $380.18 including interest at 6.75E for five years. A balloon payment is due at that time. At December 31, 1995, the balance was $49,901. 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 8.0E through May, 2001. At December 31, 1995 the balance was $24,212. In conjunction with the Eastwood Knoll Project, the city sold two lots on contracts. The first contract was dated September 22, 1995 with an original balance of $25,956. The contract requires monthly payments of $172.68 including interest at 7.0E for three years at which time a balloon payment is due. -he second contract originated November 29, 1995 in the amount of S25,520. The note requires 23 monthly payments of $175.00 including interest at 8.0E at which time a balloon payment is due. -29- CITY OF NONTICEUD, mnaE:OTA NOTES TO FINANCIAL STATENENfS December 31, 1995 Note 15 Subsequent Events Subsequent to year end, the City entered into two land purchase agreements. The City agreed to pay $290,850 for a piece of property adjacent to the treatment plant. In addition, the City agreed to pay $525,000 for a parcel of land currently being utilized for farming. -30- CITY OF HONTICELLO, MINNESOTA Statement A-1 GENERAL FUND STATEMENT OF REVENUES, AND CHANGES IN FUND BALANCE - BUDGLT (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 1995 1994 8udaet Actual Actual Revenues General property taxes S 1,793,584 S 1,800,279 $ 1,827,250 Licenses and permits 108,270 202,519 132,887 Pines and penalties 205 9,064 Animal impoundment fees 20,000 18,730 20,855 Intergovernmental Revenue HACA 190,031 190,031 210,245 Fire department aid 31,125 33,234 31,129 Police aid 20,000 25,072 24,051 State highway aid 40,000 77,997 41,149 Recycling incentive 7,500 13,557 14,232 Other grants 5,050 9,310 6,806 Deputy registrar fees 93,750 108,113 95,039 Other Income Recycling income 8,500 25,709 16,113 Interest income 50,555 127,278 46,731 Rents 3,700 18,161 16,430 Miscellaneous income 22,700 153,331 78,142 Refunds and reimbursements 2,000 46,685 61,453 Township contract ¢0,920 60.477 58.447 Total Revenues S 2,456.785 S 2,910,689 S 2,690,,023 ExOenditurgs Mayor and Council Salaries $ 24,900 S 23,783 $ 12,415 Other 4.89,.0, 5,027 1.953 Total S 19.750 S 28.810 S 17.368 Administration Salaries and employee benefits $ 182,740 S 182,292 $ 176,082 Supplies 10,200 14,515 10,900 Other 39.180 27.254 37.¢94 Total S 232,120 S 224.061. S 224.676 Finance Salaries and employee benefits S 93,610 S 88,319 $ 87,218 Other 4,350 3.18¢ 2,281 Total S 97.960 S 91.505 S 89.499 Computer S 29.840 S 23.816 $ 21.752 Audit S 13.500 S 10,760 $ 12.450 -31- CITY OF MONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, E%PENDITURE9 AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 Exaenditures - Continued Legal Insurance Planning and Zoning Salaries and employee benefits Professional services Other Total Deputy Registrar Salaries and employee benefits Other Total City Hall Salaries and employee benefits Utilities Capital outlay Other Total Law Enforcement Fire Department Salaries and retirement benefits Capital outlay Other Total Civil Defense Salaries and employee benefits Other Total Animal Control Public Works - Administration and Engineering Salaries and employee benefits Professional services Other Total -32- 1995 1994 Budaet Actual Actual S 23,775 S 22.466 S 21,295 S 66.825 $ 57.776 S 60.538 S 58,315 S 58,453 $ 31,615 19,500 16,039 15,955 3.475 5,831 4.457 S 81.290 $ 80.323 S 52.027 $ 80,360 $ 70,338 S 68,359 5,341 7.231.5 00 , 36.5 S 85.685 S 7769 , 104.859 S 4,460 S 7,201 S 5,345 12,550 10,987 10,828 3,250 1,632 15,395 30,000 30.206 12,929 S 50.260 S 50,026 S 44.497 S 293,635 S 293,632 S 279.868 $ 65,115 S 73,527 S 63,899 10,000 10,331 11,239 57,285 63,654 52.125 S 132.400 S 147,512 ,S 127,563 S 6,985 S 6,800 $ 6,621 2.420 16P 3.240, S 9,405 S 7,769 S 9.861 S 38,075 S 31.176 S 31.571 S 76,345 S 71,612 $ 64,100 18,000 94,031 44,578 8,450 10.102 7,578 S 102,795 S 175.745 S 116.256 CITY OF HONTICELLO, MINNESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, ESPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 1995 1994 Budaet Actual Actual Expenditures - Continued Public works - Streets and Alleys Salaries and employee benefits $ 134,010 S 161,724 $ 144,970 Supplies 40,350 42,455 36,105 Capital outlay 61,000 43,083 115,468 Other 8.325 8.319 5.076 Total S 243.685 5255.581 S 301.619 Public works - Snow and Ice Salaries and employee benefits S 4,035 S 4,179 S 7,370 Other 13.700 9.662 ;6,944 Total S 17.735 $ 13.841 S 34.314 Public works - Inspections S 39.800 $ 42.716 S 42.295 Public Works - Street Lighting S 64.490 $ 58.406 S 56.825 Public Works - Shop and Garage S 35.500 ,S 40.412 S 35.568 Refuse Collection S 269.070 S 273.922 S 278.522 Senior Citizens/Museum Salaries and employee benefits S 1,595 S 1,684 $ 1,533 Other 36.70Q 49.729 6.1.619 Total S 38.295 S 51.476 S 63.152 YMCA/Community Education S 25.000 $ 25.000 S 25.000 Parks and Recreation/Cemetery Salaries and employee benefits S 114,645 S 91,638 S 89,285 Capital outlay 30,500 40,894 14,409 Other 36.130 40.413 38.299 Total S 181.275 S 172.945 S 141.993 Economic Development S 35,445 $ 33.930 S 43.922 Building Official - Inspections S 96.550 $ 87.239 S 78.013 Severance Benefits S 10,500 S 10.633 S 5,561 -33- CITY OF MONTICELLO, K01HESOTA Statement A-1 (Continued) GENERAL FUND STATEMENT OF REVENUES, naerrwa,unw AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 1995 Budget Actual Expenditures - Continued Assessment S 12,525 Total Expenditures S 2.357,185 Excess of Revenues over Expenditures $ 99,600 Other Financing Sources (Uses) Transfer in Transfer out (99.600) Excess (Deficiency) of Revenues and Other Sources of Expendi- tures S FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR -34- 1994 Actual S 12,648 S 14.989 S 2,401,695 S 2,335,853 $ 508,993 S 354,170 59,439 S 508,993 $ 322,309 1,958.361 1,636,052 S 2,467.3$4 S 1,958,361 CITY OF MONTICELLO, MINNESOTA SPECIAL REVENUE FUNDS COMBININO BALANCE SHEEP December 31, 1995 With Comparative Totals at December 31, 1994 -35- Capital Shade Orderly Outlay ASSETS Tree Annexation Revolvina Cash and investments S 147,846 $ 10,539 S 569,131 Receivables Special assessments - deferred 1,171 147,450 Special assessments - delinquent 29,793 Accounts (net of allowance for estimated uncollectibles) 80 237 12,707 Due from other funds 11,000 Prepaid expenses Land held for resale 146,825 Long-term receivable TOTAL ASSETS S 149,097 S 10,776 S 916,906 LIABILITIES AND FUND BALANCES Liabilities Accounts payable It contracts payable Accrued expenses Due to other funds Deferred revenue S 1,171 S 186,743 Total Liabilities S 1,171 S 186.743 Fund Balances Reserved for noncurrent loans receivable Reserved for fixed assets held for resale S 146,825 Unreserved - undesignated S 147,926 S 10,776 Sq. Total Fund Balances S 147,926 S 10,776 S 730,163 TOTAL LIABILITIES AND FUND BALANCES S 149,097 S 10,776 S 916M -35- CITY 08 MONTICELLO, MINNESOTA Statement B-1 Central Housing and Urban Economic Water Sewer Minnesota Economic Redevelopment Development Development Improve- Improve- Initiative Recovery TOTALS Library Authoritv Action Grant Authoritv ment ment Fund Grant 1995 1994 S 14,153 S 346,081 S 208,689 $ 208,246 S 297,996 S 342,493 $ 180 S 101,540 S 2,246,894 S 1,787,147 148,621 192,831 29,793 4,187 107 1,832 2,331 380 700 12,400 30,774 44,233 150,000 161,000 214,000 269 269 246 146,825 152,825 97.342 327,413 96.614 527.399 539.727 S 14,529 S 347,913 S 308.362 S 686.039 S 298,696 S 354.893 S 180 S 198.184 S 3.285.575 ,£ 2.935.196 S 735 S 1,696 S 113 S 1,600 S 4,144 S 10,040 238 238 1,025 11,00 $ 50,000 S 50,000 111,000 204,678 187,914 212.019 S 735 S 12.934 S 50.000 S 113 S 1,_600 ,S 50.000 $ 303.296 S 427.762 S 97,342 $ 327,413 S 96,644 $ 521,399 S 539,727 146,825 152,825 S 13.794 S 334.V2 1¢1.020 358.513 1 218,6'46 S 353,293 $ 180 51.540 2,314,055 1.814.882 S 13.794 S 334.979 S 258.362 S685,926 S 298.696 S 353.293 S 180 ,S 148.184 S 2.982.279 S 2.507.434 S 14,529 S 347.913 S 308.362 S 686,039 1_2_18_,6_2_6 S 354,893 S 180 $ 198.184 S 3.285.575 ,2,935.196 -36- CITY OF MONTICELLO, MINNESOTA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, asrrmuituma AND CHARGES IN FUND BALANCES For The Year Ended December 31, 1995 With Comparative Totals For The Year December 31, 1994 Revenues Taxes Intergovernmental Charges for services Miscellaneous Interest Collections on assessments Total Revenues Expenditures Public safety Parke and recreation General government Community Development Debt service Capital projects Total Expenditures Excess (Deficiency) of Revenues over Expenditures Other Financing Sources (Uses) Transfers (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 Revolving S 23,460 $ 26,590 S 394,878 2,564 3,078 43,584 760 50,669 8,678 556 34,766 41,288 $ 35.462 S 30,224 S 565,185 S 28,190 $ 13,240 S 200.498 13.240 S 28.190 S 200.498 $ 22,222 S 2,034 S 364,687 (243,169) S 22,222 S 2,034 S 121,518 125,704 8.742 600.645 S 147,926 3 10,776 S 730,163 Statement B-2 S 25,098 S 184,856 3,538 S 25.098 S 188.394 S 7,319 S 289,928 S 1328.650) $ 28,190 S 28,046 25,098 29,662 13,240 21,809 $ 2,062 186,918 40,175 3,538 9,898 $ 40.649 241.147 67.825 S 2.062 $ 40.649 S 498.131 S 197.415 20,391 S 27,625 $ 89,863 $ 209,284 S 110 S 13,201 S 1,046,664 S 823,350 (571.819) (497.237) S 7,319 S (38,722) S 20,391 S 27,625 S 89,863 S 209,284 Central S 13,201 S 474,845 S 326,113 6.475 Housing and Urban Economic Nater Sewer Minnesota Economic 2.507.434 2.181.321 S 13,794 S Redevelopment Development Development Improve- Improve- Initiative Recovery MTALS $ 2.507.434 Library Authoritv Action Grant Authority ment ment Fund Grant 1995 1994 S 30,776 $ 414,861 S 890,565 S 640,783 1,782 51,008 59,036 $ 73,853 $ 235,919 310,531 182,700 1,641 33,000 S 750 S 110 S 1,165 87,335 16,423 28,679 $ 20,391 28,937 16,010 14,015 12,036 164,068 66,369 41.288 55.454 S 32,417 S 478.327 S 20.391 S 29.687 ,S 89.863 S 249.933 S 110 S 13.201 S 1,544,795 S 1.020.765 S 25,098 S 184,856 3,538 S 25.098 S 188.394 S 7,319 S 289,928 S 1328.650) $ 28,190 S 28,046 25,098 29,662 13,240 21,809 $ 2,062 186,918 40,175 3,538 9,898 $ 40.649 241.147 67.825 S 2.062 $ 40.649 S 498.131 S 197.415 20,391 S 27,625 $ 89,863 $ 209,284 S 110 S 13,201 S 1,046,664 S 823,350 (571.819) (497.237) S 7,319 S (38,722) S 20,391 S 27,625 S 89,863 S 209,284 S 110 S 13,201 S 474,845 S 326,113 6.475 373.701 237.971 658.301 208.833 144.009 70 134.983 2.507.434 2.181.321 S 13,794 S 334.979 $ 258.362 S 685.926 S 298.696 S 353.293 S 180 S 148.184 S 2.982.279 $ 2.507.434 -38- CITY OF HOWfICELLO, FD1iNF,SOTA Statement B-3 SHADE TREE FUND STATEMENT OF REVENUES, MMENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 1995 1994 Budget Actual Actual Revenues Property taxes S 23,425 $ 23,460 $ 18,033 Intergovernmental 2,535 2,564 2,159 Tree removal and replacement 3,500 760 6,975 Interest income 3.500 8.678 3,005 Total Revenues S 32.960 S 35.462 S 30.172 Expenditures Salaries and employee benefits Contracted services Supplies Other Capital outlay Total Expenditures Excess of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -39- S 13,535 S 4,595 $ 6,973 10,000 7,312 13,214 850 166 736 1,075 1,167 178 7.500 708 32.960 S 13.240 S 21.809 $ 22,222 S 8,363 125.704 117.341 S147.926 S 125.704 CITY OF HONTICELLO, NIMHESOTA Statement B-4 ORDERLY ANNEXATION FUND STATEtM OF REVENUES, EXPENDITURES AND CNAiGM IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 Revenues Property taxes Intergovernmental Interest income Total Revenues Exoepdirures, Salaries - board members and secretary Other Aid to other governments Total Expenditures Excess of Revenues over Expenditures Beginning fund balance ENDI G FUND BALANCE -40- 1995 1994 Budget Actual Actual S 26,544 S 26,590 $ 26,487 3,056 3,078 3,420 200 556 153 S 29.800 S 30,224 S 30.060 S 11100 S 635 S 505 1,200 55 41 27.500 27,500 27.500 S 29,800 S 28.190 S 28.046 S 0 S 2,034 S 2,014 8,742 6,728 S 10,776 S 8.742 CITY Of NONTICna , mnwESOTA statement 8-5 CAPITAL OUTLAY REVOLVING FUND STATEMENT Of REVENUES, EXPENDITURES AND CNAN= IN FUND BALANCE - BUDGET (GAAP BASIS) AND AC791AL for The Year Ended December 31, 1995 With Comparative Actual Amounts for The Year Ended December 31, 1994 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 (Uses) Transfers out Excess (Deficiency) of Revenues over Expenditures and Other Financing Sources (Uses) Beginning fund balance ENDING FUND BALANCE GIC 1995 1994 Suda t Actual Actual S 395,978 S 394,878 $ 220,450 43,090 43,584 26,420 9,600 34,766 10,513 32,800 41,288 55,454 S 493.468 SS 565.185 S 321.394 $ 263,770 S 200,498 S 67,825 3.600 S 267.370 S 200.498 S 67.825 S 226,098 S 364,687 $ 253,569 S @ S 121,518 S (35,143) 608.645 643.788 S 730.163 S 608,645 CITY OF MONTICEUO, KnQMSOTA Statement 8-6 LIBRARY FUND STATEMENT OF REVENUES, MUMMITURFS AND CHANGES IN FUND BWKE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 Revenues Property taxes Other revenue Total Revenues Expenditures Salaries and employee benefits Supplies Professional services Utilities Insurance Repairs and maintenance Other Capital outlay Total Expenditures Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -42- 1995 1994 Budget Actual Actual S 30,735 S 30,776 $ 29,488 I -IN 1,641 1.671 $, 31.865 S 32.417 S 31.159 S 4,460 S 294 S 8,005 1,700 1,529 1,090 10,075 8,640 7,843 9,200 7,390 7,499 1,345 1,282 1,357 3,000 387 1,407 1,450 1,231 617 635 4,345 &.844 S 31.865 S 25.098 S29,662 S 0 S 7,319 S 1,497 6,475 4.978 S 13,794 S 6,475 1 1 1 CITY OF MONTICELIO, HDH SOTA Statement B-7 HOUSING AND REDEVELOPMENT AUTHORITY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Actual Amounts For The Year Ended December 31, 1994 Revenues Taxes Intergovernmental Interest income Other Total Revenues Expen4itureq Land acquisitions Salaries and employee benefits Legal and professional fees Interest Other Total Expenditures Excess of Revenues over Expenditures Other Fjnancina 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 -43- 1995 1994 Budoet Actual Actual S 400,638 $ 414,861 $ 346,325 1,762 1,782 1,842 12,300 28,679 11,461 33.000 5.000 S 414.700 S 478.322 S 364.628 S 105,000 S 13,450 12,670 $ 8,482 3,775 11,520 30,727 8,375 3,538 9,898 58.771 55.666 b45 S 84.371 S 188.394 S 49.292 S 315.336 S 1237.400) S (328.650) S 1223,525) S 1237.400) S (328,650) S (223.525) S 92.929 $ (38,722) S 91,811 373.701 281.890 S 334.979 S 373.701 CITY OF NONTICELW, HINNESOTA Statement B-8 URBAN DEVELOPMENT ACTION GRANT FUND STATEMENT OF REVENUES, ESPENDITURES AND CHARM IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 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 ELIDING FUND BALANCE 1995 1994 Budqet Actual Actual S 11.695 S 20,391 S 10.319 S 11,695 S 20,391 S 10,319 S 11,695 S 20,391 S 2,819 237,971 235,152 S 258,362 S 237,971 -44- I I 1 1. I 1 1 .I CITY OF MONTICELLO, KMWRA Statement B-9 ECONOMIC DEVELOPMENT AUTHORITY FUND STATEMENT OF REVENUES, FDMMITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1996 Revenues Interest income Other Total Revenue Expenditures Other Excess of Revenues over Expenditures Other Financing Sources, Transfers in Excess of Revenues and Other Sources over Expenditures Beginning Fund Balance ENDING FUND BALANCE 1995 1996 Budaet Actual Actual $ 18,770 S 28,937 $ 21,180 Zpe 1.125 S 18,770 S 29,687 $ 22,305 2.062 78� S 17,330 S 27,625 S 21,526 100.000 117.500 S 117.330 S 27,625 S 139,026 658.301 519.277 S 685.926 S 658.301 -45- CITY OF NONTICE110, mnumsoTh Statement B-10 WATER IMPROVEMENT FUND STATEEENT OF REVENUES, ESPENDITURES AND CHANMS IN FUND BALANCE - BUDGEr (GAAP BASIS) AND AMAL For The Year Ended December 31, 1995 with Comparative Totals For The Year Ended December 31, 1994 Revenues Hook-up fees Interest Total Revenues Exnenditurgs Capital improvements Excess (Deficiency) of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -46- 1995 1994 Bucket Actual Actual S 20,000 S 73,853 S 55,025 4.400 16.010 4.190 $ 24,400 S 89,863 S 59,215 0 0 0 S 24.400 S 89,863 S 59,215 208.833 149.618 S 298.696 S 208.833 CITY OF MONTICELLO, MINNESOTA Statement B-11 SEMER IMPROVEMENT FUND STATEMENT OF REVENUES, E8FElIDI'111m AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Revenues Hook-up fees Interest Total Revenues Exoenditurgs Capital improvements Excess (Deficiency) of Revenues over Expenditures Other Financing Sources Transfers out Excess of Revenues and Other Sources over Expenditures Beginning fund balance ENDING FUND BALANCE -47- 1995 1994 Budget Actual Actual S 32,000 S 235,918 S 120,700 1.550 14.015 2.310 S 33,550 S 249,933 S 123,010 S 33.550 S 209,284 $ 123,010 145.000) $ 209,284 $ 78,010 144.009 65.999 S 353.293 S 144.009 CITY OF MONTICELLO, NI18i MOTA Statement 8-12 ECONOMIC RECOVERY GRANT FUND STATEMENT OF REVENUES, &A z w..umt AND CHANGES IN FUND BALANCE - BUDGEf (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Revenues Intergovernmental Interest Other Total Revenues Excess of Revenues over Expenditures Other financina Sources (Uses] Transfers out Beginning fund balance ENDIM FUND BALANCE -48- 1995 1994 Budget Actual Actual $ 25,195 S 21,850 $ 12,036 3,238 1.165 S 21.850 S 13.201 S 28.433 S 21.850 S 13,201 S 26,433 (50,000) 134.983 156.550 S 148.184 S 134.983 CITY OF NONTICELLO, KMRESOTA Statement B-13 CENTRAL 1XNNESOTA INITIATIVE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Revenues Other Total Revenues Excess of Revenues over Expenditures Beginning fund balance ENDING FUND BALANCE -49- 1995 1994 Budoet Actual Actual S 5,565 S 110 S 70 S 5,565 S 110 S 70 S 5,565 S 110 S 70 70 0 S 180 S 70 CITU OF 24ONTICEI10, KDINESOTA DEBT SERVICE FUNDS C0168IN G MANCE SHMf December 31, 1995 With Comparative Totals at December 31, 1994 Statement C-1 LIABI111118 AID 1910 6ALAICIB Liabilities Cast deficit Deferred revenue total Liabilities fund Ballotes Reserved for debt services TOTAL 1,113ILITII8 11111111 BALAIC68 1 614,531 1 139,471 1 614,931 1 139,471 1 46,111 11MIS I 11.229 666,245 1 R L --ALM 6 36 L -11.22g I —= W-112 Gentili 4111111 General Obligation General obligethe Obligatica Sevei Obligation In locreseot tat Increstot toneolidated Interceptor Isprovestat 1g meq# jf�/ Boedt of Ills lost 1044 loess of 110 Bonds of 1911 889898 Casb and ioveatnente 8 1 11,119 1 219,992 1 91,814 1 637,211 Accounts receivable 294 429 2,998 Special lluaneats Deterred 179,361 111,621 Delinquent 435.231 1,443 TOTAL 188118 L---A-J!,2T! 0 14 ! 22 1 179,115 LIABI111118 AID 1910 6ALAICIB Liabilities Cast deficit Deferred revenue total Liabilities fund Ballotes Reserved for debt services TOTAL 1,113ILITII8 11111111 BALAIC68 1 614,531 1 139,471 1 614,931 1 139,471 1 46,111 11MIS I 11.229 666,245 1 R L --ALM 6 36 L -11.22g I —= W-112 um Ces0 tad it►tttttate Accounts ,ectleablo Special leseesuats Deferred Dellogaeat TOM 12S1TS W111,11113 AID 1110 SKIMS Liabilities C&A deficit Deferred revenue Total Liabilities land 111t4ees Reserved tot debt services 10111 1.11511.11118 IID IDID 11L11CIS CITY OF MONfICMW, 9R12NFWTA DEBT SERVICE FUNDS COMBINING BAIMCE SHEET December 31, 1995 with Comparative Totals at December 31, 1994 1 149,;38 s 319,131 it€i11111 i11141 �, Id,Shc t u,su 1 s 196,141 3 54,111 I 31,419 13.741 1 116.951 3 33'311 40,1#4 I 8 111.162 t 51133 3 31.619 6 226.119 3 356.951 3 31,312 St.665 -51- WOW Cesetal ceetrai Ceoetal General Ceoeesl Central central Obligation Obligation obligation Obligation Obligation Obligation Obligation Obligation Tat Nncrestat Tat Increment Itptovestat later Tarablt ttproveseat loprouttat ilpro►tteat leads toads Bonds toads Bonds leads loodo at 98 Bonds of 1911 Bales 1181A loriea 19811 Series Itriet 1918 series 1911A foriel81 S 39t,t19 I S4,115 1 IS,419 1 111,141 1 131,922 I 11,122 1 391954 119 III 191 !1,111 111,13S 13,913 5,111 1 149,;38 s 319,131 it€i11111 i11141 �, Id,Shc t u,su 1 s 196,141 3 54,111 I 31,419 13.741 1 116.951 3 33'311 40,1#4 I 8 111.162 t 51133 3 31.619 6 226.119 3 356.951 3 31,312 St.665 -51- Statement C-1 (Continued) Geaeral General General General Geaetal Ceaeral Ceaeral General Ceceral General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obllgatica General In laereseat Isproeesmt laptoeeseat friable far laprortaeat Iaproreaeat gar lacreaent Tat lacreseat Reloading leloodiag Obligation Bonds Bonds fonds Increseat Bonds Bosde Bonds load Bond Bonds Bonds laproetaeat fotala series 9 series 19911 Wits 1 Eccles 1991D series 19914 ferias 19921 S11113 199Z Series 1992D Serles 19931 Series 991 Ronda of 1995 1995 1994 ! 99,111 S 1111111 1 $5,943 f 216,111 1 439,699 1 231136 f 151163 1 291,311 1 152,36S 1 211,119 S 3,321,111 f 3,147,151 f 8,161 BS 212 35 511 511 559 11,163 16,641 21,111 11,716 41,157 1,771,937 2,361,731 119,315 195.189 1.916 1.129 17 911.571 953.156 L-99, 1 573.-551 19 911 S SS.913 B 295.561 f 181.818 8 23.135 L --LS . 661 L_293.841 S IS2,B1S 1 1.981.215 6 612 1 1 1 1.168,263 1 241,274 f 211,211 1 119,553 495.119 1 22.11! f 17,815 ! 11.181 ! 1.711,911 3.111.119 1.711,111 1 736,763 1 23,111 f 18,875 1 41,181 1 1,111,931 1 3,S45,583 1 11894,128 1 99.111 (23),2122 111,811 l 55.943 216.689 139.151 1 MINf 15.163 1 293,812 f 152.175 212.278 3.191.117 2.811.139 g 99,11! ( 571.551 ! 191.915 g SS.g13 1 1!5.561 g l8e.ele 1 6 L --U-163 1 293.812 L-752, ( S.9e1.21S61 .611.161 ( /.16!,263 —52— i CITY OF MONTICULD, MINNESOTA ' Statement C-2 DEBT SERVICE FUNDS ' COMBINING STATE9IE2ff OF REVMnM, EXPENDl9MM AND CHANGES IN FUND BALANCES For The Year Ended December 31, 1995 'With Comparative Totals For The Year Ended December 31, 1994 Metal 6eoeral 6eoeral Obliptiot General Obligetlet Obligatlot Beeer Obligation Pu Itcresent gat lecree nt coosolldated latereeptor Isproveleot of 984 loads of 1111 load read loads of 1986 loads of 1977 'toads Rivenges fares 1 112,187 1 12,618 colleetioae oa asseseeette 1 16,111 51,215 I latergoreroeeau1 12,112 I,31B Iaterest oo lovestseats 1 1.121 12.158 1.919 38.111 fatal Ievetoes 1 1 1 1.121 1 18.512 1 126.111 1 112.612 Ilipeaditacts Debt (avulse Prlaelpal retlreaeat 1 1 IS,111 1 11,111 f 65,118 ' itterest end fiscal chargee 11.231 16.128 15.611 Total ltpeoditares E 1 1 58.711 S 116.128 81.61/ ircess (Deficiency) of Ieteates I over Ispeoditares 1 I f 111,2111 1 18,572 S 111281 S 22,112 Other riaaac(ao )agrees I9aes) Transfers in (oat) I (911) 11,125 Bead proceeds Pa►eeot to eeeroe agent I lrcess (Detleleoey) of Ieveaeee atd Otber Sources over Itpeadltares 1 (901) S 115 1 48,572 S 11,281 S 22,112 Iread balances at begiatlnq of year 904 19.611 171.216 81.919 618.213 N POID B111BCBS IT 910 Of T111 L---A 1 11.219 S 219.818 L--JL 223 L-611—J-41 —53— CITY OF 99ONTICEIID, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EIMMITURFS AND CHANGES IN FUND BAIANCFS For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 eveaaes Saw Collections on auesneate late rgoeeraaeataI Ioterest on investsenu Total Beveaoes ltpesdltaree Debt service Prlacipal retireoeot Interest and fiscal charges Total lrpeaditares facets (Deflcleacy) of Illinois over lrpeaditares tQtb E3lowlee 800rces Transfers in (Got) Bond proceeds Payaeat to escros spot Irceas l0eficleacyl of leveaaes and Other Sources over ltpeoditaree food balances At beginciog of year 1010 BBIBBCIS IT BID Of T111 General General 6eaeral General pseral General General Obligation Obligatioa Oblfgatloa Obligation Obligation gat facreleat Tar Iacrraeat leproveseat Isproveaeat Iaprovneat Bonds loads loads Bonds of 1981 loads at 986 Berges 19871 Series 11818 Stiles 19888 1 $is ! 19,811 8 6 1 875 S 29.181 11,717 1 25,862 1,211 11.116 1 1.121 S 557 9.113 S 1 1 51.911 1 1,111 S 591 1 11.865 General General General Obligatiaa Obligation Obligatiae eater getable Ieproveeeot Boada Bonds loads Series 988 ledei 1989A Series 19191 1 113,151 S 71.119 1 22,111 L-156& L-12.722 1,328 12,116 2,667 6.219 1 $is 1.611 8 6 1 875 S 29.181 S 25,111 1 25,111 S 21,011 1 111,111 3 65,111 1 11,111 1 25,111 18.612 13.961 5.119 85.127 51.116 21,458 11.182 43312 S 18.961 1 25.819 1 185.121 S 122,14458 3 35.182 6 1 S 11,212 1 (11,911) S (25,2521 1 1151,1621 1 9,151 1 121,613) 1 (1,112) (5,/511 51,175 28,951 MD S 151153► 1 11,312 S 31935 $ 3,198 ! 1151,162) S 9,iS1 1 (117) S (5,212) S.IS7 18S.111 51.181 26.721 266.913 111.711 32.195 /5.316 ! 1 9 312 S SI.IIS S 71.119 I 116.111 L-156& L-12.722 ! 11.111 —54— Statement C-2 (Continued) Geoeral General General Morel General General General General General General 417,481 IB.S6S 11,318 211,511 31 / 2.811.271 Obligation Obiiptios Obligation Obiigitioo Obligation Obligation Obligation Obligation Oblilitioa Obligation koala( Tat Iatrenent Iaplaraeot [aproteltat ?stable fen Isprseesent Ilproteleat Tat lnetaeat Tet [attaeat Relaidiag Reloading Obligation Boody loads goods laaratat leads goods goods goad gond Hoole loads iaprotaat Totals stria 19918 Who 19111 Series 19911 Sides 19918 8etiea 19918 Stilts 19926 Series 1992 Series 11920 Strife 11911 Salts 19908 lods of IM 1191 1441 $ 45,112 1 22,511 1 2,611 1 9,211 # 131,436 1 134,928 # 636,756 1 611,619 7,111 11,395 58,621 21,362 1 181,191 111,857 356,451 1,963 2,481 295 2,116 16,121 16,854 71,07 11,922 1 2.135 9,792 ! 1,299 14,618 27,791 1 PI 1 232 11,713 3,162 11,782 161,821 56,189 1 2,135 1 SIAl6 1 41,219 1 1,291 1 76,119 1 51,411 1 371 1 212 1 161,263 1 152,864 1 196,171 1 11282,529 1 1,116,117 3, 65,111 1 6111#1 1 211111 1 15,01 $ IS14#4 ! 75,106 1 111081 1 5,111 1 iSi,ltl s 921,111 ; 881,111 26,951 41419 I 631 201196 11,868 31,151 1,05 4,713 12,191 1 2#1 48#1111 $11,112 ; 11,954 1_ I#7,169 S 13,631 1 S5,516 1 13,448 1 10,155 1 17,415 1 9,713 1 161.352 1 211 1 1,10,7411 1,411,112 1 (81,819) 1 (49,511) 1 11,578 1 (50,2111 1 (11,8591 1 (47,7411 1 (11,111) 1 (9,111) 1 (2,119) 1 312,844 1 191,773 1 (121,217) 1 (325,1457 91,210 M 23,215 11,!11 S,I51 328,651 381,861 17,575 17,505 (9,ddli 1,431 1 119,111) ! 11,578 1 (2,472) 1 {11,859) 1 (47,747) 3 S,I71 ; 5,419 1 11381 $ 152,841 1 212,218 1 221,978 i 152,1121 $1,117 1181.015 168,249 51,415 M.141 417,481 IB.S6S 11,318 211,511 31 / 2.811.271 2.926.311 0MB ! (233.2525 f 171,827 ! -JIM L --216.6n L 139,771 1 -WR i IS.767 f.._AM L-= 875 ! 212.211 ! 7.197,117 S 2,811.219 -55- CITY OF MONTICELLO, MINIMSOTA CAPITAL PROJECTS FUND COMBINING BALANCE SHEEP December 31, 1995 —56— 1991 public pails! catdioel 111401 torts Bldg. loteood Scbool Bills III Oats 1:eaastot [loll Bosleeard Meta CASA led taetstseats S 1!1613 S 9,111 1 111,111 S 319,896 Lag cert receivables S1,61I Became receivable 261.111 TOTAL ASS1T1 L--L-11MIA L— 9,W UIL-01 S SiUH LIIBILI1111 AID 191D MUCH Liabilities Cub deficit Atcoosts payable S l,SSt S 12,111 Contracts payable 16,6I1 S 19,188 I 19,952 66,515 Deferred refusal 81,111 Total Liabilities S 1 I 11,985 S 19,118 1 19,951 1 161,911 lead BQaoces 0esileated for capital aprortstots t 52,628 111,2811 162,166 616,166 leeer►td for ooacorreat lease rectivabts 51.611 TOTAL L1d8ILITIIB AID 1010 11111C11 A L-17 1 11 41 L511.666 —56— Statement D-1 -S7- loaticello IRP latet loathest 11111 Eriar cardiaal catdioal Eaplelood lorl Stats Path it 12paasioa Itstifoit Area first Qaia fills IT 11111 I circlt leiot - froita protect Total 1 5/,615 1 SI,EII 1 189,911 f 3,165 1 35,616 S IS8,158 S 1,567,518 Sl,lli L 51.60! L�l.41 LllLi!% L W 1 35,616 L 1S8.ISE L_!. L --A L ---A L-1 LLWA 1 1,151 1 1,562 S 6,616 1 1,611 $ 183 1 661 1 91 I,i91 137,019 217,611 1,691 19,266 21,568 1 21,711 218,112 Mill 169,196 1,354 HIA22 1 1,413 S E,11T S 91,56E 1 697,131 1 23,166 f 9,215 1 138,871 1 991,911 337,611 53,19116,796 98,433 S 3.265 _ 0661.015 L 339.192 L �-6 I 1 1 11,141 1135.1710 51.111 L 51.615 L SI.511 L EL!!1 L_._LM L A&U L.MS L .A L ---A I I L"A "Mm -S7- CITY OF IONTICELiO. IATA CAPITAL PROJECTS FV1ID COMBINING STATEMENT OF REVE11I113, AND CNAHM IN FUND BALANCE For The Year ErWW December 31, 1995 4 1991lablic ocellol Cardlaal Budoe forks Bldg. lutvood lcbool Bills Ill Date Inallill 11011 Boulevard leseeees Iattlest intoes 1 5,111 1 9,277 1 31,189 other 1 1,770 ILL 164,817 261.711 foul illegal$ 1-1.77! 7751,383 1_-- 4 1--111.1-24 1 291,151 lloeeditaree - Capital projects cultroctiet tatracts 1 329,111 1 111,951 1 111,110 1 921,927 leflutrup and otber 52,172 21.111 —X8,399 1I4,911 Total ltpulitares L 311,211 1!1!.!11 1 318,529 ll.#71.427 little IDetleieaepl of dunes over Itpeaditarea ! 1,111 1 (325,1311 i 1111,1211 ! (19/,115) 11116,5681 Otber Ileucltl Beirut IDtel Tinder 11 112,296 Trusser oat Boad proceeds 421,781 —419,191 1.195.124 ficin (Deticieatp) at levitate gad Otber Durres Over Irpud itorea 1 1,191 1 9S,953 1 11,1111 1 214,689 1 409,252 Rug baluce at beliaainp at pear _(1,6171 113,1251 11,1711 (11.2111 11.1181 IUD I1NICl 1T IID of 7111 L I L 52.621 L111,1111 11 LAM 4 Statement D-2 loeticeilo 8899 Baur SootBatat Ileia Briar tatitoai tar4iaai 11Qisa044 9014 Stot4 lat8aal 1181811oe Reaerroir Aea terel Oaks 11118 18 Ulla 1 circlo Secret Molest 9roiect Total E 3,484 1 2,921 S 18,414 8 t86 = 9,745 8 71,588 189,491 11,151 717,631 8 S.i88 1 2.924 1 199.518 1 184 f_ # 8 54.455 S 789,139 1 137,687 1 1,464,111 1 1016 1 2511441 1 6,355 S 212 1 l5, 21{ 1 3.494,942 L-_11417 31,319 22LM 21,117 73,2#6 113 IT li.941 1 311,966 985,641 6 1,417 6 16/,111 1_1.114,115 1 41,03 1 324.641 6 1.171 1 139 1 11-111 L WAR 11.44044 S 1,143 1 (169,6121 1 14181,611) 1 186 1 (12,8831 1 (261,112) 1 (11111) 8 (2311 1 171,114) 1 1311,9661 813,691,6521 2,873 1,418 239 S9,676 516,183 678,338 12,873) :12.11: ,1.111.144 Ill.271 3,941,371 1 1,113 $ 17,311 1 111,911 8 186 1 (11,1831 8 134,192 1 1 S 1 S (11,181) 1 1131,781) 1 825,188 51,111 1146 il.lesl 3,179 X111.731 ,� _ t -ZJ39 1.1871 _1416.114 8 53.192 ( 46,791 L --um L --LW i--1}€1.41.61 L -I= i---1 I # 6__:i. W 6-112=7 L -H -59- CITY OF 11DNTICMLO, HDOMSOTA PROPRIETARY FUNDS COMBINING BALANCE SLEET December 31, 1995 With Comparative Totals at December 31, 1994 Statement E-1 Trans- TOTALS Sewer Nater Liquor portation December 31, December 31, Fund Fund Fund Fund 1995 1994 SETS S Current Assets S 1,154 S 16,480 Cash and investments S 112,455 S 148,446 S 268,625 Accounts receivable 146,367 45,778 69 S Inventory 19 172,612 Prepaid expenses 1.887 X5.158 3.281 Total Current Assets S 260.709 ; 199.382 S 444,587 S Property and EaulDment S 27,900 S 91,424 $ Land, buildings, and improvements S 10,841,684 S 5,018,906 $ 262,042 Equipment 180.288 151,088 82.393 V.886 S 11,021,964 S 5,169,994 S 344,435 Less: accumulated depreciation (4,688.105) (2,385.097) (227,102) Property and Equipment - Net S 6,333.859 S 2.784.897 S 117.333 Other Assets S 8,430,164 Special assessments receivable - deferred S 300 S 26,171 S 470.496 Special assessments receivable - delinquent (218) 6.414 1,707,717 Total Other Assets S MO S 32.586 S TOTAL SETS S 6.594.868 S3,016,865 S 561.920 S LIABILITIES AND 1AUITY Cu;rent Liabiiities Cash deficit Accounts payable Accrued expenses Due to other funds Total Current Liabilities Deferred revenue Total Liabilities Equity Contributed capital Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY -60- S 529,526 $ 753,185 955 193,169 199,684 172,612 175,733 10.326 9.820 955 $ 905.633 S 1,138,422 S 16,122,632 S 16,106,467 413,761 357.082, S 16,536,393 S 16,463,549 (7,300,304) 6,667.897 5 9.236.089 $ 9.795.652, S 26,471 S 22,795 6.415 1.397 32.886 S 24.102 955 S 10,174.608 S 10.958,176 S 1,154 S 1,154 S 16,480 S 3,261 S 2,466 22,207 S 40,883 552 24,639 38,958 19 64,168 61,852 50.000 50.000 10019V S 17,032 S 27,900 S 91,424 $ 1,173 S 137,529 S 201,935 ,,390 32.586 V.886 24.102 S 17.332 S 60.486 S 91.424 S 1,173 S 170,415 S 226,037 S 5,676,482 S 2,753,682 S 8,430,164 S 9,024,422 991.05,9 202,697 S 470.496 S (218) 1.574.039 1,707,717 S 6.577,536 S 2,956.379 S 470.496 S (218) S 10,004,193 S 10,732,139 S 6,594,868 "9-16 S 561,920 S 955 S 10,174,608 S 10.958.176 CITY OF MONfICELLO, MINN `",ITA PROPRIETARY FUNDS COMBINING STATEMENT OF REVENUES, EaWSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Sales and Cost of Sales Sales Cost of Sales Gross Profit Ooeratina Revenges Utility user fees, connections, inspection fees and other operating revenues Total Gross Profit and Operating Revenues Qnpr$ti)a Expenses Salaries and employee benefits Utilities Supplies and materials Repairs and maintenance Depreciation Insurance Professional fees Advertising 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 -61- Statement E-2 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1995 1994 S 1,653,333 $ 1,653,333 $ 1,556,779 1,267,143 1,267,143 1,182,528 S 386,190 S 386,190 S 374,251 S 548.604 S 221,137 S 26,956 796.697 740.90?, S 548.604 S 221.137 5 386.190 S 26.956 S 1,182.887 S 1.115.153 S 53,593 S 79,605 $ 134,967 4,100 39,690 13,461 12,944 23,754 8,858 723 Be 13,111 413,223 202,300 16,882 11,238 11,761 12,049 439,095 4,540 4,457 5,421 3.234 15.277 5.143 S 938.150 S 377.007 S 214.349 S 1389,546) S {155.870) $ 171.841 S (778) 6,126 $ 9,550 $ 59,139 175 4.26§ S 9.616 S 9.550 S 59,314 3 (379.90 (146.320) S231,155 $ 1,775 $ 269,940 $ 265,610 57,251 51,870 172 45,728 46,676 13,914 15,354 632,405 562,019 35,048 35,645 62,733 510,825 482,433 5,421 6,860 360 23.914 24.193 S 64.940 $ 1.594.446 S 1,490.660 S (37.984) S t4ll.559) S (375.507) S (778) S (746) $ 789 75,604 16,856 31,879 31,879 34,658 175 123 (2,312) (2,312) 52 4.268 5.014 S 30.356 S 108.836 S 55.957 S (7.628) S (302.723) S (319,550 CITY OF MONTICELLO, KDMESOTA PROPRIETARY FUNDS COMINING STATEIOYP OF REVENUES, ESP MES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Transfers Transfers out Net Income (Lose) Retained earnings at beginning of year Depreciation -contributed assets Retained Earnings at End of Year Contributed capital at beginning of year Assets contributed during year Depreciation -contributed assets Contributed Capital at End of Year RETAINED EARNINGS/CONTRIBUTED CAPITAL END OF YEAR -62- Trans - Sewer Water Liquor portation Fund Fund Fund Fund S (432,296) S (379,930) S (146,320) $ (201,141) S (7,628) 871,306 157,364 671,637 7,410 ¢09.678 191.653 $ 901,054 S 202,697 S 470,496 S (218) $ 6,079,087 S 2,945,335 7,073 (409.678) (191.653) S 5,676,482 S 2,753.682 Statement E-2 (Continued) TOTALS December 31, December 31, 1995 1994 S (432,296) S (95,000) S (735,019) S (414,550) 1,707,717 1,580,644 601.331. 541.623 S 1,574.029 S 1,707,717 S 9,024,422 S 8,759,548 7,073 806,497 (601.33k) 1541,623) S 8.430.164 S 9,024,422 S 6,577,536 S 2,956,379 S 470,496 S (218) S 10.004,193 S 10,732,139 CITY OF MONTICELLO, KDMESOTA PROPRIETARY FUNDS COMBINING STATEHMT OF CASH FLOWS For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Cash flows from operating activities, Net income (loss) before transfers Adjustments to reconcile net income to net cash provided by operating activities, Depreciation Changes in assets and liabilities (Increase) decrease in accounts receivable (Increase) decrease in 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 used on noncapital financing activitiest Transfers out Cash flows from capital related financing activities, Capital Expenditures Equipment Building and improvements Net Cash (Used) in Financing Activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -63- Statement E-3 Trans- TOTALS Sewer Water Liquor portation December 31, December 31, Fund Fund Fund Fund 1995 1994 $ (379,930) S (146,320) S 231,155 S (7,628) S (302,723) $ (319,SSO) 413,223 202,300 16,882 632,405 562,019 (15,720) 5,652 6,982 9,601 6,515 (12,050) 3,122 3,122 (17,719) 42 (11118) 570 (506) 1,615 299 (3,975) (3,676) (7,504) (51108) (51108) (1,247) (2,526) (2,801) (13,349) (18,676) 25,139 177 4,078 3,970 (5,109) 3,116 24,790 (50,000) (50,000) (151000) (299) 9.083 8.784 8.752 15.266 S 61,791 S 199,332, S 13,136) S 273,253 $ 249.245 S (432,296) S (432.296) $ (95,000) 5 (2,233) S (39,303) S (8,069) $ (49,605) $ (9,301) (16.165) (16,165) S (2.233) $ (39.303) S (24.234) S 165.770) $ 19.301) $ 13,033 S 22,48E S (257,198) S (3,136) S (224,813) S 144,944 99.422 125.958 525.823 1.982 753.185 608.241 S 112.455 S 148.446 S 268.625 S (1.154) $ 528.372 $ 753.185 CITY Of MONTICELW, Knw.SOTA SEWER FUND COMPARATIVE BALANCE SHEM December 31, 1995 and 1994 ASSET$ Current Assets Cash Accounts receivable Prepaid insurance Total Current Assets Property and Equipment Land, buildings and improvements Equipment Least accumulated depreciation Total Property and Equipment -net Other Assets Special assessments receivable - deferred Special assessments receivable - delinquent Total Other Assets TOTAL ASSETS LIABILITIES AND DOUITY current Liabilities Accounts payable Accrued expenses Total Current Liabilities Deferred Revenue Total Liabilities EMA Contributed capital Retained earnings Total Equity TOTAL LIABILITIES AND EQUITY -64- Statement E-4 1995 1994 S 112,455 S 99,422 146,367 130,647 1.887 1.929 S 260,709 S 231.998 $ 10,841,684 S 10,841,684 180.280 170.974 S 11,021,964 S 11,012,658 (4.688.105) (4.274.882) S 6.333.859 S 6,737.776 S 300 S 599 S 300 S 599 S 6,594,868 S 6,970.373 S 16,480 $ 19,006 ,552 375 S 17,032 S 19,381 309 599 S 17.332 S 19.980 S 5,676,482 S 6,079,087 901.054 871,306 S 6.577. 3366 S 6.950.393 S 6.594.868 S 6.970.373 CITY OF MONTICELLO, MINNESOTA Statement E-5 SEWER FUND COMPARATIVE STATEMENTS OF REVENUES, EIPENSES AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Ooergtina Revenue, Utility user fees Assessment revenue Penalties Inspection fees - improvement projects Miscellaneous Total Revenue ODeratina Exoenses Salaries and employee benefits Telephone Utilities Supplies 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 1995 1995 1994 Budget Actual Actual S 495,900 S 530,907 S 502,413 345 8,016 1,800 2,830 2,006 1,000 13,312 7,408 1.210 30 $ 498.700 ,S 548.604 S 519.873 S 48,670 S 53,593 S 55,803 315 631 239 3,400 4,100 3,241 13,860 12,944 8,572 1,800 723 5,213 350 0 404,500 439,095 409,016 12,090 11,238 11,939 369,540 413,223 375,370 J.750 2.603 2.407 856.275 S 938.150 S 871.800 S (357,575) S (389.546) S 1351,927) $ (800) $ (778) S (746) 5,400 4,268 5,014 1.80@ 6.126 1.846 S 6,400 S 9.616 S 6,114 S (351.175) S (379,930) S (345,813) 871,306 843,889 409.678 373.230 $ 901.054, S 871,306 $ 6,079,087 S 5,920,871 7,073 531,446 (409,678) (373.230) F5,676.482 S 6,079,087 -65- S 6,577,536 S 6,950,393 CITY OF MONTICELW, MINNESOTA ' Statement E-6 SEWER FUND OWARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1995 and 1995 Cash flows from operating activities, 1995 1994 Net income (loss) S (379,930) S (345,813) Adjustments to reconcile net income to net cash provided by operating activities, Depreciation 413,223 375,370 Changes in assets and liabilities (Increase) decrease in accounts receivable (15,720) 9,363 (Increase) decrease in special assessments receivable - deferred 299 4,703 (Increase) decrease in special assessments receivable - delinquent 42 60 (Increase) decrease in prepaid expenses 421 Increase (decrease) in accounts payable (2,526) 4,153 Increase (decrease) in accrued expenses 177 (662) Increase (decrease) in deferred revenue (299) (4.762) Net Cash Provided by Operating Activities S 15.266 $ 42.833 Cash flows from capital and related financing activitiesi Capital expenditures Equipment S (2,233) $ 14.640) Net Cash Used in Financing Activities S (2.233) $ (4.640) Net increase in cash and cash equivalents S 13,033 $ 38,193 Cash and cash equivalents at beginning of year 99.422 61.229 Cash and Cash Equivalents at End of Year S 112.455 S 99,422 -66- CITY OF MONTICELLO, K01NESOTA Statement E-7 MATER FUND COMPARATIVE BALANCE SHEETS December 31, 1995 and 1994 BASSETS 1995 1994 Current Assets Cash and investments S 148,446 S 125,958 Accounts receivable 45,778 51,430 Prepaid insurance 15.158 4.049 Total Current Assets S 199.382 S 181.428 Eronerty all E%Iism = Land, buildings and improvements S 5,018,906 S 5,018,906 Equipment 151.088 111.784 $ 5,169,994 S 5,130,690 Mass accumulated depreciation (2.385.097) (2.182.796) Total Property and Equipment -net S 2.784,897 S 2,947,894 Other Assets Special assessments receivable - deferred S 26,171 $ 22,196 Special assessments receivable - delinquent 6.415 1.67 Total Other Assets S 32.566 S 23,503 TOTAL ASSETS S 3,016.865 S 3.152.825 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 3,261 S 6,062 Accrued expenses 24.63' 20.561 Total Current Liabilities S 27,906 S 26,623 Deferred Revenue 32,586 23.503 Total Liabilities S 60,406 S 50.126 Eaulty Contributed capital S 2,753,682 S 2,945,335 Retained earnings 202,697 157,364 Total Equity S 2,956,379 S 3.102.699 TOTAL LIABILITIES AND EQUITY S 3,016,865 S x.152,025 -67- CITY OF MONTICELLO, Kn01ES07A Statement E-8 NATER FUND COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS - BUDGLT (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 Ooeratinv Revenues Utility user fees Penalties Inspection fees - improvement projects Miscellaneous Special assessment revenue Total Operating Revenues Qperatiga Exaenaes 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 (Exvenses) Interest income Ret Income (Loss) Retained earnings at beginning of year Depreciation - contributed assets Retained Earnings at End of Year Contributed capital at beginning of yeas Assets contributed during year Depreciation - contributed assets Contributed Capital at End of Year RETAINED EARNINGSJCONPRIBUTED CAPITAL AT END OF YEAR 1995 1995 1994 Budget Actual Actual $ 177,500 $ 186,121 S 180,336 600 1,191 883 1,000 7,108 1,012 10 30 ,26.7@7 13.464 S 179.100 S 221.137 S 195.725 S 88,655 S 79,605 S 73,346 4,540 8,205 11,405 11,761 10,239 1,200 1,558 1,604 38,500 39,690 35,088 33,150 23,754 31,980 1,500 1,330 1,144 3,200 80 4,453 167,650 202,300 170,227 1,200 435 527 12,09e 11,954 10.45A S 358.550 377,007 347,265 S (179,450) S (155,870) S (151.540) 3.250 9.550 2.763 S 1176.200) 3 (146,320) S (148,777) 157,364 137,748 1,91,653 168,393 S 202,697 S 157,364 S 2,945,335 S 2,838,677 275,051 (191.653) (168.393) S 2.753.682 S 2.945,335 -68- S 2.956.379 S 3,102.699 CITY OF MONTICELLO, MINNESOTA Statement E-9 NATER FUND COMPARATIVE STATEMENTS OF CASH FLOWS For The Years Ended December 31, 1995 and 1994 Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -69- 1995 1994 Cash flows from operating activitiese Net income (loss) before transfers S (146,320) S (148,777) Adjustments to reconcile net income to net cash provided by operating activities. Depreciation 202,300 170,227 Changes in assets and liabilities (Increase) decrease in accounts receivable 5,652 (9,171) (Increase) decrease in special assessments receivable - deferred (3,975) (12,207) (Increase) decrease in special assessments receivable - delinquent (5,108) (1,307) (Increase) decrease in prepaid expenses (1,118) (452) Increase (decrease) in accounts payable (2,801) 5,481 Increase (decrease) in accrued expenses 4,078 2,517 Increase (decrease) in deferred revenue 9.083 13.514 Net Cash Provided by Operating Activities S 61.791 S 19,825 Cash flows from capital and related financing activities, Capital expenditures Equipment S (39.303) S (3.101) Net Cash (Used) in Financing - Activities S (39.303) S (3.101) Net increase in cash and cash equivalents S 22,488 S 16,724 Cash and cash equivalents at beginning of year Cash and Cash Equivalents at End of Year -69- CITY OF HONTICELLD, HIM SOTA Statement E-10 LIQUOR FUND COMPARATIVE BALANCE SHEETS December 31, 1995 and 1994 ASSETS 1995 1994 Current Assets Cash and investments S 268,625 $ 525,823 Accounts receivable 69 7,051 Inventory 172,612 175,733 Prepaid insurance 3.281 3.851 Total Current Assets S 444.587 S 712.458 Property and Eauipment Land $ 6,840 S 6,840 Building and improvements 215,451 199,286 Parking lot 39,751 39,751 Furniture and fixtures 02,393 7_4.,321 S 344,435 S 320,201 Less, accumulated depreciation (227.102) 1219.21?} Total Property and Equipment S 117.333 S 109.98], TOTAL ASSETS S 561.920 S 822,440 LTASILITISS AND RETAINER EARNINGS Current Liabilities Accounts payable S 2,466 S 15,815 Accrued expenses 38,958 34,988 Due to other funds 50.080 100.000 Total Current Liabilities S 91.424 S 350.803 Retai en d Earnings S 470.496 S 671.637 TOTAL LIABILITIES AND EQUITY S 561.920 S 822.440 -70- CITY OF MONPICELV , 9mD7FSOTA LIQUOR FUND COMPARATIVE STATEIlEWS OF REVENUES, E>D? ISM AND CHANGES IN RETAINED EARNINGS Off al Liquor Ilse Beer liscellsseoas tercbaadlse Total Off -Sale Leser freight Gross Profit Operptlgm license& Salaries end eaplolee beaefite Supplies Repairs and ssinteoaace utilities Telepboae Professional tees faseraoce Depreclattoo Advertising erpetse 1lscellaneous Total Operatiog lrpessts Opetatial locust Other locate Hipeasel Interest iccote - iovenseots Cash over (short) Total IDcate before Traadas Transfers out let locate Retained earnings at begioolog of year 1111I11D IIRIIIGS AT 110 of 7611 for The fear jaded December 31. 1995 Cott of Crate Percent Bele$ Delta Profit to lilts 1 169,192 f 311,656 1 111,836 26.591 181,811 136,391 11,111 25.79 951.822 111.161 211.162 N.11 f 1,618,118 1 1,221,811 1 381,318 23.131 51.215 13.116 11.169 19.11 F 1.661.331 1 1.261.856 l 391,111 13.681 —71— D 111,967 8,858 13,111 11,161 2,115 1,157 12,119 16,882 5,121 3.178 1.211 .11 7 386,191 23.261 211,31! 12.99 1 111.911 I1.71t Statement E-11 for The fear laded December 11. 1991 Cost of Gross Percent Bales - Wes profit to Salem f 129,111 1 319,516 f 119,181 21.851 161,911 115,166 19,111 11.25 912.611 711.113 191,911 21.36 1 1,516,663 7 1,112,365 1 361,198 21.181 51.116 32.193 11.111 11.57 f 1,536,119 7 1,119,118 f 311,611 21.511 1.171 ./1 f 3111251 21.111 211.125 13.13 1 166.826 !1.711 CITY OF HONTICELLO, MINNESOTA Statement E-12 LIQUOR FUND COMPARATIVE STATEtMM OF CASH FLOVS For The Years Ended December 31, 1995 and 1994 _72_ 1995 1994 Cash flows from operating activities, Net income before transfers S 231,155 S 179,145 Adjustments to reconcile net income to net cash provided by operating activitiest Depreciation 16,882 16,422 Changes in assets and liabilities (Increase) decrease in accounts receivable 6,982 (5,000) (Increase) decrease in inventory 3,122 (17,719) (Increase) decrease in prepaid expenses 570 1,646 Increase (decrease) in accounts payable (13,349) 15,505 Increase (decrease) in accrued expenses 3,970 17,845 Increase (decrease) in due to other funds (50,000) (15.000) Net Cash Provided by Operating Activities S 199,332 S 192,844 Cash flows used in noncapital financing activities. Transfers out S (432.296) S (95,000) Cash flows from capital and related financing activities Capital expenditures Building and improvements S (16,165) Equipment _. MOM S 11,560) Net Cash (Used) in Financing Activities SS (24,234) S (1,560) Net increase (decrease) in cash and cash equivalents S (257,198) S 96,284 Cash and cash equivalents at beginning of year 525,823 429,539 Cash and Cash Equivalents at End of Year S 268,625 S 525,823 _72_ CITY OF MONTICELIA, 1n1WMTA Statement E-13 LIQUOR FUND COMPARATIVE STATEME M OF REVENUES AND EMMITURES - BUDGET (GMP BASIS) AND ACTUAL For The Year Ended December 31, 1995 Budget Actual Off Sale Gross Profit Liquor S 101,825 S 124,836 Nine 57,475 47,410 Beer 185,950 211,062 Miscellaneous 18.825 10.169 Total S 364,075 S 393,477 Less, freight 7.300 7.287 Total Gross Profit S 356,775 S 386,190 Operating Expenses Salaries and employee benefits Supplies Repairs and maintenance Utilities Telephone Professional fees Insurance Depreciation Advertising expense Miscellaneous Total Operating Expenses Operating Income Other Income (Expenses) Interest income - investments Cash over (short) Total Other Income (Expenses) INCOME BEFORE TRANSFERS S 144,950 S 134,967 8,700 8,858 4,800 13,111 13,900 13,461 1,400 2,105 4,700 4,457 12,800 12,049 15,150 16,882 4,000 5,421 2.450 3.038 212.850 214.349 S 143.925 S 171.841 -73- S 12,850 $ 59,139 (500) 175 S 12.350 S 59.314 S 156.275 S 231.155 CITY OF HONPICELLO, MINNESOTA Statement E-14 TRANSPORTATION FUND COMPARATIVE BALANCE SHEETS December 31, 1995 and 1994 1995 1994 ASSETS Current Assets Cash S 1,982 Accounts receivable S 955 10.556 TOTAL ASSETS 955 S 12.538 LIABILITIES AND MUM Current Liabilities Cash deficit Accrued expenses Total Current Liabilities Retained Earninos TOTAL LIABILITIES AND EQUITY -74- S 1,154 19 S 5.128 S 1,173 S 5.128 S (218) S 7.410 S 955 S 12.538 CITY OF MONTICELLO, KENN SOTA Statement E•15 TRANSPORTATION FUND COMPARATIVE STATEMENTS OF REVENUES, E1PEl W AND CHANGES IN RETAINED EARNINGS - BUDGET (GAAP BASIS) AND ACTUAL For The Year Ended December 31, 1995 With Comparative Totals For The Year Ended December 31, 1994 OoVatinq Revenuq Passenger fares Property taxes Total Revenue Opgrptina Exo4nses Salaries and employee benefits Supplies Professional services Advertising Miscellaneous Total Operating Expenses Operating Income (boss) 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 1995 1995 1994 Budget Actual Actual $ 10,075 $ 11,720 S 10,176 15.178 15.236 15.128 S 25.253 S 26,956 S 25.304 S 3,425 S 1,775 $ 1,648 200 172 62,664 62,733 61,862 600 349 260 650 $ 67.229 $ 64.940 S 64.170 S (41,976) S (37,984) S {38.866) $ 41,976 $ 31,879 S 34,658 (2,312) 52 a50 7.49 531. S 42.226 S 30.356 S 34,761 S 250 $ (7,628) $ (4,105) 7.410 11.515 S (218) S 7.410 -75- CITY OF HDNTIM.T , MINNESOTA Statement E-16 TRANSPORTATION FUND COHPARATIVE STATEKMMS OF CASH FLOWS For The Years Ended December 31, 1995 and 1994 1995 Cash flows from operating activities. Net income S (7,628) Adjustments to reconcile net income to net cash provided by operating activities, Changes in assets and liabilities (Increase) decrease in accounts receivable 9,601 Increase (decrease) in accrued expenses (5.109) Net Cash Provided (Used) by Operating Activities S (3.136) Net increase (decrease) in cash and cash equivalents S (3,136) Cash and Cash Equivalents at beginning of year 1.982 Cash and Cash Equivalents at End of Year S (1.154) -76- 1994 S (4,105) (7,242) 5,090 S (6,257) $ (6,257) 8.239 S 1,982 I I 11 tl CITY OF MDNTICULD, KDnMSOTA Cf# nNATIOR 0Y LEGAL DEBT MARGIN December 31, 1995 Market valuation Debt limit - 2 percent of market valuation Total indebtedness subject to limitation Less: deductions allowed by law Assets in debt service funds available for payment of principal S 542,021 Special assessment bonds 7,075,000 Tax increment bonds 1,495,000 Total Deductions Total Amount of Debt Applicable to Debt Limit LEGAL DEBT MARGIN -77- S 10,245,800 Schedule 1 S 45 ,158.480 S 9,043,168 1,132,979 S 7,910,289 1996 1997 1998 1999 2000 2001 2002 2003 2004 TOTAL Original Amount Average rate of interest Payment dates CITY OF HONTICELLO, HIMMSOTA BONDED INDEBTEDNESS - GENERAL OBLIGATION BONDS December 31, 1995 General Obligation General Obligation Refunding Bond Sewer Interceptor 8 ries 1293A jBond Series 1986A Principal Interest Principal Interest S 130,000 S 6,800 S 75,000 $ 41,335 105,000 2,100 80,000 36,335 80,000 85,000 30,930 85,000 90,000 25,110 95,000 100,000 18,695 100,000 105,000 11,672 105,000 115,000 4,025 General Obligation Water System Bond Series 19888 Principal Interest S 65,000 S 52,440 70,000 48,017 75,000 43,195 80,000 37,962 85,000 32,310 95,000 26,053 100,000 19,203 105,000 11,950 115.000 4.111 Schedule 2 Total Principal Interest S 270,000 S 100,575 255,000 86,452 160,000 74,125 170,000 63,072 185,000 51,005 200,000 37,725 215,000 23,228 105,000 11,950 115.000 4.111 S 235.000 S 8.900 S 650.000 S 168.102 S 790.000 S 275.241 $ 1.675.000 $ 452.243 S 535.000 S 1.050.000 3.9673% 6.7294% February 1 February 1 February 1 February 1 August 1 August 1 -78- S 1.100.000 6.9943% February 1 February 1 August 1 1996 1997 1998 1999 2111 2111 2012 2117 2164 tots 2066 10111 Origioal Aroeot Average rate of laterest Payseet dates CITY OF 910NTIM, -7 , MINNESOTA BONDED INDWMNESS - GENENAL OBLIGATION SPECIAL ASSESSMENT BONDS December 31, 1995 General Obligation General Obligation central Obligation Severllater aid Street Iaprovoest Series A Isproveseot Bold of 1917 good o9 1986 Boob Series 1988A Uincipli Interest Principal Interest Priaelpal Interest 1 65,111 9 11,688 1 25,111 1 16,171 1 11S,161 1 41,611 61,111 8,251 31,111 11,715 61,111 4,958 31,111 11,111 61,111 1,651 35,111 9,118 35,111 1,115 35,111 1,421 11,111 1,511 General Obligation Isproveseot band Series 19898 priocipal interest 1 25,111 1 71996 25,111 6,391 25,061 1,711 31,111 2,971 31,111 991 S 211.111 26 8 31 1 1 65.135 S 115.111 1 11.611 S 135.111 8 23.121 111111 6 385.111 11.62!.1112( IS.111 5.211 3.41511 7.25121 6.61181 tebreart 1 febreary I rebreary 1 rebreary 1 lebraary 1 tebreary 1 February 1 lebraary 1 Aogest 1 logast I lagost 1 latest 1 -79- m Schedule 3 Ctatrai Obllpatioo Ceoetai Oblipatioa Coastal Oblipatiot Central Oblipatioo Ctottai Oblipatioa Word Obiipatloo teproeeteat I$prosesrot Isproeeseot Isproee4eat Ittoodlap Isproreasat tool $trial 11111 AoaA 8triel 199L_ food of 1191A Bond Stile$ 1111A 8aoa )tries MIA Bold Serits I1fSA iota; 1110CIP&I lattrat 111OW41 Interest PrIocival lotirtalci a a e e t priocipal Warm friaC441 litstfst 1 65,401 1 26,111 A 25,41! A 11,71; 1 !1,,#41 A 14,411 1 71,141 1 27,01, 1 11,161 1 2111644 1 461,4" I 1 MAI 11,111 2I,S37 25,111 10,116 15,411 11,211 11,146 14,211 A 115,011 17,711 1 245,111 171,871 721,011 211,811 75,11! 11,915 25,44! 8,571 Ii,#4/ 6,147 15,666 21,ti5 110,8#4 22,6;2 485,048 2;2,13S SSS,"0 270,118 75,101 11,077 25,4#4 6,921 78,040 2,447 75,606 27,}10 120,080 29,218 485,410 141,IS2 175,410 223,482 81,111 1,141 31,410 5,185 71,000 13,151 121,061 24,547 480,401 118,411 845,014 171,481 80,Itt 2,iA! 31,4#4 I,4t6 78,066 1,115 124,111 19,618 i#4,#44 11,111 815,4" 115,578 31,8#4 1,428 78,060 S,911 125,484 14,319 485,140 13,161 154,141 96,132 76,101 I,99S 125,141 8,857 4AS,#41 41,637 680,4" 61,469 116,004 7,123 245,011 !1,630 375,111 34,653 IAS,4/1 11,319 245,0" 11,319 165,001 i�fi 251,100 6.566 �MltiiiiiD[IISitIi[if�1!!!EII]QI.��fliiIt� 1s4111IS�1E1[FI1;II�IIQI1[ilitil[iFl[II1tf1lFZIFSII L-130.4-0 1 250.#46 L525.0" LALM 1 -WAR ! i 6.6106 6.75061 5.12651 5.21151 1.31111 4.96414 Itbroaq I Itbroart 3 10toarp I tebroart 1 tebroarp I Itbroetp 3 tebroart 1 Iebraaq 1 febroarp I Itbroart I febroaq I febroart I August I August I latest 1 Aap$at 3 August I hint i cm OF NONTICELLO, MINNESOTA BONDED INDEBTEDNESS — GENERAL OBLIGATION TAS INCREMENT BONDS December 31, 1995 fold ! 271.111 8 142.941 U71.181 L-25.81-1 R L 4 417 original lsoaat i iSi n L-111.411 8 115.881 Average rata of iote[eat 8.21931 7.14171 9.11118 lalaeat data teb[nary 1 lebroaq I fehraarg ! febrearg 1 tebraut 1 febroorg 1 legaat 2 logaat 2 holut I _81_ Canal obiipatios oeatral obligation 911tral obligation on lorreaeot fat loereseot gat laereleat loll of 1989 Band of 1981A load of 21171 Frigelpal lnterttt Illadpal Melon pliaelpil Introit 1996 ! 19,181 1 21,611 1 481411 1 1#1985 1 21,411 1 3,362 1992 19,#81 21,689 4#1440 8,141 21,118 1,121 1998 21,414 19,871 49,811 1,84# 1199 28,181 17,441 41,8# 1,681 2114 21,111 15,811 2111 29,144 I3,114 28#2 2i,f4i 11,191 2141 38,101 9,411 2114 38,118 1,125 2119 39,910 4,411 26#6 39,#4# 1,121 fold ! 271.111 8 142.941 U71.181 L-25.81-1 R L 4 417 original lsoaat i iSi n L-111.411 8 115.881 Average rata of iote[eat 8.21931 7.14171 9.11118 lalaeat data teb[nary 1 lebroaq I fehraarg ! febrearg 1 tebraut 1 febroorg 1 legaat 2 logaat 2 holut I _81_ Schedule 0 otilibal LlaantL-Alm average rate at Interest 1,25321 P$Peot L --MM S 3#5,44!iS 2 M L-111 6.56131 8.91281 6.501 6.541 date$ febtGar► 1 febroart 3 ftbraar► 5 ftbraar► 5 lebroar► I tebraar► 1 tebroarf 1 MIMI 5 febraar► i tebroar► 1 aa9att 1 Lagaat 1 dogest 5 Latest 1 latest I -82- General obiilatioa Geattal Obligation Central obltiation Ceattai obligation Geotrai oblilitio$ Tet Iocreaest gar Iocrtneat fat loctt$ent tet Iocreseat gat locreaest Boal 8trito 1911a i}oag Befits 199## load Series 199#8 Bond Btrits 5944,_ Hand attics 19928 total Principal o $ principal Interest priocipal laterert Frigeipil laterest prietipal lottreltprincipal erect 1996 S 11,111 f 21,121 f 71,111 S 21,261 1 )5,111 f 11,498 f 15,010 1 6,662 f 11,111 1 4,22S f 221,111 $ 116,382 1991 11,014 19,265 70,444 51,121 4i,896 13,713 15,1## S,661 5#,it! 3,511 225,14# 89,931 1998 15,114 18,191 75,444 13,211 15,196 11,112 15,496 11112 14,111 2,925 225,101 73,161 1999 15,01# 16,941 11,101 1,111 IS,44! 6,968 15,44o, 11138 1#,40! 2,21S 2311044 56,243 2961 15,004 11,6Q 85,011 2,115 41,111 2,112 24,111 2,611 11,111 1,625 195,104 41,111 1015 21,#44 16,080 21,110 1,196 1!,096 915 15,#44 31,3#9 2112 21,1#1 11,335 14,400 325 14,#0# 32S 65,404 21,171 2113 20,011 11,515 $1,101 21,111 211# 25,444 1,611 SS,i!! 15,735 2005 25,444 6,414 di,44i 1#,821 1116 31,111 3,982 65,44/ S,/S2 2117 Will 1,321 _30.441 X28 tofu S 235.111 160 80 41 L --L4,111 1 1li.il0 1 iS L11L 1 S 1 1 11 L-= l 1.195.111 11 8 otilibal LlaantL-Alm average rate at Interest 1,25321 P$Peot L --MM S 3#5,44!iS 2 M L-111 6.56131 8.91281 6.501 6.541 date$ febtGar► 1 febroart 3 ftbraar► 5 ftbraar► 5 lebroar► I tebraar► 1 tebroarf 1 MIMI 5 febraar► i tebroar► 1 aa9att 1 Lagaat 1 dogest 5 Latest 1 latest I -82- • These tax levies are for tax increment financing projects. The levies have not been made in the past and x111 only be made in the future if tax increment revenue is insufficient to meet principal and interest payments. -83- CITY OF MONTICELLO, B UBMSOTA TAX LEVIES TO RET1RE BONDED INDEBTEDNESS December 31, 1995 cenenl General ceaenl central Gravel central Obligatiaa Obiigatloa Obligation Obligation Obligation obligation Sever Tu facreaeot Tat Iaittetat tater Stilts Teat of Iagrotelett iapraeeuat Interceptor load Striev Bond Serifs toad Stilts levy Collection food of IM Bed of 1986 load of 1986 1981A 19811 19118 1995 1996 1 1,949 S 31,091 1 124,882 6 92169 1 21,611 1 126,341 1996 1991 1,511 35,114 124,612 9t,291 126,141 199? 1991 1,6i9 38,959 124,132 94,194 126,111 Ilii 1999 16,822 124,264 326,295 IT$$ 2161 34,691 126,311 131,591 266 2161 31,689 129,213 lit,164 2461 2662 126,111 2812 2113 129,314 2883 2114 2144 2115 2465 2116 TOTAL S 29,141 L-1= S 151.299 L --&I.391 L--2" L-LULI26 • These tax levies are for tax increment financing projects. The levies have not been made in the past and x111 only be made in the future if tax increment revenue is insufficient to meet principal and interest payments. -83- I Schedule 5 Genual general general 6tntral geattal 6totral genital Gtostal Gtattal Control coastal Obligation Obligation Obligation Obligation obligitioo Obligation Obligation Obligation Obligation Obligation Obligation loptoetntat later Sgstea lnptoetltot liter $Isles laptoleisat laptoeestnt loproteatat loproee tot Betaadlag ledaoding lnprotetent load Series Band Series Bond Series load Seties goad Series pond Series Bond Series Bond Series load titles good Series land titles IMA 11811 lf)#k _ 19113 1991C 19911 1191A 1912A MIA 19944 19954 1 31,188 1 21,626 1 111,111 1 21313 1 1,361 1 3,911 1 11,111 3 114,6H S 126,942 11,511 22,411 111,191 t 51,115 21,161 4,891 11,845 132,2S5 1 148,239 34,113 26,411 141,194 83,143 22,111 911 12,414 11g,S44 113,431 11,818 24,813 141,191 84,111 26,425 7,iti 134,192 251,112 36,618 19,315 2$,IS4 81168 13#,916 151,689 34,811 23,id8 S,S93 112,131 168,952 13,131 8,912 121,491 164,118 36,446 121,998 116,155 11,131 161, S9l 11,116 261,216 i ]t,M L. f1,M $. {I R L 298.681 446 L 1,168 i._.i,LI i AI ? IJT±.44igt1• 1 -84- C-,4ftd Public 104 Mury WiM SWI- 1 611 Wa4- M , P11, 11, 117. Slur- 1 T .,-n-wna .arW Bu(f+lu. M� 5551 5 (612) NIL1762 64w1�'-Ib, M\ 55162 (612) 2" W, 1 IK/VA Bu.c/nrss C.onsu/lantr I '05 (:,MM A— Fes. PC), do 3,4X, "' a 1 8c PA M. Mk d. MN 55176 (612) (9'-11 IX 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, 1995, and have issued our report thereon dated May 29, 1996. We conducted our audit in accordance with generally accepted auditing standards and the provisions of the Minnesota Lecal Comoliance Audit Guide for Local Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat. 6.65. Accordingly, the audit included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The Minnesota Leaal Compliance Audit Guide for Local Government covers five main categories of compliance to be tested) contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, and claims and disbursements. Our study included all of the listed categories. The results of our tests indicated that, for the items tested, the City of Monticello complied with the material terms and conditions of applicable legal provisions, except as described below. Further, for the items not tested, based on our audit and the procedures referred to above, nothing came to our attention to indicate that the City of Monticello had not complied with such legal provisions except as already noted. 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. J14.&dw�� GRUW BORDEN CARLSO 6N ASS IA Certified Public Accountants May 29, 1996