1996 Audit ReportA.
L'pp%
CITY OF RONTICELLO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended Deceaber 31, 1996
j_ ftxbo nm mrt
pp IL11CC1Iii r
CITY OF MONTICELLO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1996
CITY OF MDNTICELLG
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Miscellaneous Data
II. FINANCIAL SECTION
Page
Independent Auditor's Report on Financial Statements
I
A. General Purpose Financial Statements
Exhibit
Combined Balance Sheet - All Fund Types
and Account Groups
1
2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - All Governmental
Fund Types
2
3
Combined Statement of Revenues, Expenses and
Changes in Retained Earnings - All proprietary
Fund Types
3
4
Combined Statement of Cash Flows - All Proprietary
Fund Types
4
5
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget (GAAP Basis)
and Actual - General and Special Revenue Funds
5
6
Notes to Financial Statements
Statement
7-27
B. Combining and Individual gy,1,j, Statements
General Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP Basis)
and Actual
A-1
28-30
Special Revenue Funds:
Combining Balance Sheet
B-1
31-32
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
13-2
33-34
Shade Tree Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-3
35
Orderly Annexation Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-4
36
Capital Outlay Revolving Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-5
37
CITY OF MONTICELLO
TABLE OF CONTENTS
B, rnmhinina and Individual F�_d Statements (Continued)
Library Fund:
statement Page
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-6 38
Housing and Redevelopment Authority Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-7 39
Urban Development Action Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-8 40
Economic Development Authority Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-9 41
Water Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-10 42
Sever Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-11 43
Central Minnesota Initiative Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-12 44
Economic Recovery Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-13 45
Storm Sever Access:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-14 46
Debt Service Funds:
Combining Balance Sheet
C-1 47-49
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balances
C-2 50-52
Capital Projects Fund:
Combining Balance Sheet
D-1 53
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balance
D-2 54
CITY OF MONTICELLO
TABLE OF CONTENTS
B. Combining and Individual Fund Statements (Continued)
Statement
Proprietary Funds:
Paae
Combining Balance Sheet
E-1
55
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings
E-2
56
Combining statement of Cash Flows
E-3
57
Sewer Fund:
Comparative Balance Sheets
E-4
58
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-5
59
Comparative Statements of Cash Flows
E-6
60 i
water Fund:
Comparative Balance Sheets
E-7
61
Comparative Statements of Revenues, Expenses
O
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-8
62
Comparative Statements of Cash Flows
E-9
63
Liquor Fund:
Comparative Balance Sheets
E-10
64
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings
E-11
65
Comparative Statements of Cash Flows
E-12
66
Comparative Statements of Revenues and
Expenses - Budget (GAAP Basis) and Actual
E-13
67
Transportation Fund:
Comparative Balance Sheets
E-14
68
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
B-15
69
Comparative Statements of Cash Flows
E-16
70
Cemetery Fund:
Balance Sheet
E-17
71
Statement of Revenues. Expenses and Changes
in Retained Earnings - Actual
E-18
72
Statement of Cash Flows
E-19
73
CITY OF MONTICELLO
TABLE OF CONTENTS
III. SUPPLEMENTAL INFORMATION qched,l, Page
Computation of Legal
Debt Margin
1
74
Bonded Indebtedness
General Obligation Bonds
2
75
Bonded Indebtedness
General Obligation
Special Assessment
Bonds
3
76
Bonded Indebtedness
• General Obligation Tax
Increment Bonds
4
77-78
Tax Levies to Retire
Bonded Indebtedness
5
79
Auditor's Report on Legal Compliance
so
i 0
Officials - 1996
Mayor
Council Member
Council Member
Council Member
Council Member
Clerk -Treasurer
and Administrator
CITY OF MONTICELLO
MISCELLANEOUS DATA
Rick Wolfateller Appointed
Term
R—ire,
Brad kyle
12/31/96
Brian Stumpf
12/31/98
Clint Herbst
12/31/98
Tom Perrault
12/31/96
Shirley Anderson
12/31/96
Rick Wolfateller Appointed
Gruy,Crnn ext Pu2Nie
Annuntgnb and
IN Man thhr, Sulu 1
Y
soft,.. MN' 113f i (6f 2)6NLi'62
fif 1 lyssa, It. Pt 6u +t'. —W 1
Momkrth, 31h Si,Mi (bi 2) SV1 sari
Botfness (:ontnaonb
Bord&iA
701(:emtat A— U.. P O Eon y 4l, �.w s
4. Mk'tuA, ii\ 11i'b (fii n a9'-2 11 a
AAILn
&� t�
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Tothe Mayor and City Council
City of Monticello, Minnesota
We have audited the accompanying general purpose financial statements of the City
of Monticello. Minnesota, as of and for the year ended December 31, 1996, as
�• listed in Section II -A of the table of contents. These general purpose financial
statements are the responsibility of the city's management. Our responsibility is
to express an opinion on these general purpose financial statements based on our
audit.
�• We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of
' material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present
fairly, in all material respects, the financial position of the City of
Monticello, Minnesota as of December 31. 1996, and the results of operations and
the changes in cash flows of its proprietary fund types for the year then ended in
conformity with generally accepted accounting principles.
�. Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining, individual fund statements
and schedules listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose financial
statements of the City of Monticello, Minnesota. Such information has been
subjected to the auditing procedures applied in the audit of the general purpose
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the general purpose financial statements taken as a whole.
L'
80RDEN CARLSON 6 ASSOCIA ES P.A.
Certified Public Accountants
�- May 30, 1997
See accompanying Notes to Financial Statements.
2
CITY OF MONTICELLO
Exhibit 1
COMBINED BALANCE
SHEET - ALL
FUND TYPES AND ACCOUNT GROUPS
December
31, 1996
With Comparative Totals
at December 31, 1995
PROPRIETARY TRUST AND
TOTAL IMENO
ONLYI
rnygRlJi{E37fAi,
pimp 7YPvv
PIIND TYPBS AGENCY
ACCOVNT GROVPS
General General
General
Capital
Proieete
Debt
Service
Special
Revenue
Agency
@ltermrlee ILad
Fixed Long -Term
A.atul Debt
1996
1995
Cash and investment.
$ 3.006,044
S 1,228,338
S 3,860,963
S 1.006,096
S 829.258
S 11.931,479
$ 9,721,236
Receivable.
Accounts
29,877
88.115
10.267
52.989
220,592
401,620
545,773
Special assessment. - deferred
2,215
2,181.601
122,763
27,381
2,334,040
2,552,051
Special assessment. - delinquent
9,114
951.793
32,186
5,759
998,354
988,435
Due from other fund.
178,000
178.000
161,000
Land held for resale
91,777
91.727
146. a25
Long-term receivable
20,162
75,805
616,223
712,710
597,013
Inventory
2011500
201,500
172,612
Prepaid expenses
23,747
226
9.314
33.287
35,773
General fixed asset.
S 13.148.472
13.748.472
12,673.759
Property and equipment (net of
accumulated depreciation)
10,685,991
10,685,991
9,236,009
Amountavailable in Debt
Seryice Pund.
S 3.578.516
3.578.516
3.097,177
Amount to be provided for retire-
ment of gene rel long-term debt
6.166.484
6,186,484
7.167,023
Other eaeets - deferred compen-
sation plan fat market)
S 17]_880
373.880
]10.629
TOTAL ASSETS
S ].091.979
5 1.392.256
$ 7.004.164
S 4.100.212
S 11.979.795 S 373.680
S 1].748.472 5 9.765.000
5 51.455.760
S 47.566.193
LI e1 ITI 9
Cash deficit
$ 1,601,443
S 292,675
S 12,913
a 1,907,031
$ 249.044
Account. payable
♦ 100,868
18,683
$ 20,392
42,703
187,646
259,213
Contracts payable
472.502
472,502
218,172
Other accrued expenses
212,729
293
78,550
291,072
229,731
Due to other funds
108.000
70,000
178,000
161.000
Deterred [eve nue
11,329
102,802
3,132.973
162.951
33,140
3.443,195
4.099.508
Gene- l obi lgetlon bonds payable
S 1,420,000
1.420.000
1.675,000
General obligation tax increment
bond. Payable
1,265.000
1,7:5,000
1.695,000
Special aseeeement bonds payable
7,060,000
7.060,000
7.075.000
Deferred compensation fund. held
for participant:
_ 373.660
371.860
310.629
Total Liabilities
S 324.426
S 2.195.430
_ 3.425.648
$ 291.636
S 217.306 5 ]7]_000
S 9.765.000
L-16—All—Ilk
1 15.772.157
FUND EQUITY
Contributed capital
$ 9,892,200
S 9,892.200
S 6.430.164
Investmentin general fixed assets
$ 13.748,472
13,748,472
12,673,759
Retained earning.
Unreserved
1,850,289
1.BSO.289
1.574.029
Fund Balance
Reserved for noncurrent loan.
ceivabla
S 20,182
$ 75,(305
$ 616,223
732,210
597,013
Reserved for fixed eaeets held
for resale
91,727
91,727
146.825
Reserved for debt service
S 3,578,516
3,518,516
3,097,177
Unreserved
Designated for subsequent
year's expenditure.
1,725,720
(87:,977)
946,741
2,006.017
Undesignated
1.021.651
3.100.626
4.122.277
3 OAR 652
Total Fund Equity
S 2.767.553
S 1803.172)
S 3,576.516
S 3.806.576
a 11742-489
S 13.748.472
S 34-842.434
K 31.911.936
TOTAL LIABILITIES AND FUND
EOUITY
S ]_091.979
S 1.392.256
A -1—W-164
L 4400.9"
a 11 S 371.660
a SiG�a S 9.765 OOp
S 51.455.]60
6 4
See accompanying Notes to Financial Statements.
2
CITY OF MONTICELLO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
Revenues
Taxes
Collections on special assessments
Licensee and permits
Intergovernmental
Chargee for service
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
Transfers in
Transfers out
Total other Financing Sources (Uses)
Excess of Revenues and Other Sources over Expendi-
tures and Other Uses
Fund Balances at Beginning of Year
Prior Period Adjustment
FUND BALANCES AT END OF YEAR
See accompanying Notes to Financial Statements.
3
GOVERNMENTAL FUND TYPES
Capital Debt Special
5 2,076,105 $ 595,010 $ 823,434
1,121,624 37,582
227,048
329,296 54,651 28,946
173,917 434,243
392.208 S 768.739 161.735 215 StQ
S 3.198.574 S 768.739 5 1.935.020 5 1.539.745
$ 759,403 $ 11,773
505,114 346
803,250
317,280
64,899
138,375 31,764
117,535 460,295
$ 2,712,256 58,210
$ 2,550,000
$ 629,919 $ 1,409,920
124,619 625,760 $ 381,250
S (178.650) 13.265) (310.910) 1526.179)
S (178.650) S 751.273 S 1.724.770 S (144.929)
$ 294,068 $ (1,192,244) $ 481,341 $ 832,428
2,467,354 389,072 3,097,175 2,982,279
4 11 (6 11 1)
S 2.767.553 S 1803.172) S 3.578.516 5 3.808.576
Exhibit 2
TOTALS (MEMO
1996
MRa
1995
$ 3,494,549
$ 3,327,598
1,159,206
449,145
227,048
202,519
412,893
470,306
608,160
437,374
1.540.222
5 7.442.078
205
1.640.004
S 6.527.151
$ 771,176
$ 790,872
505,460
508,279
803,250
586,701
317,280
273,922
64,899
76,476
170,139
198,043
597,830
220,848
2,770,466
4,721,938
2,550,000
628.449
S 9.178.949
925,000
494,284
S 8.786.363
S (1.736.871)
S (2.259.212)
$ 2,039,839
$ 3.858,880
1,131,629
1,013,341
$ 41S,593 $ 2,031,964
8,935,880 6,903,920
0
rt 9.351 473 8.935.884
CITY OF MONTICELLO
Exhibit 3
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1996 and 1995
Operating Revenues
Charges for services
Gross profit
Total operating Revenues
Operating Expenses
Salaries and employee benefits
Professional services
Supplies and materials
Repairs and maintenance
Utilities
Depreciation
Other
Total operating Expenses
Operating Income (Was)
Non -Operating Revenues
Interest income
Other
Total Non -Operating Revenues
Net Income (Loss) Before Transfers
Transfers (out)
Net Income (Lose)
Retained earnings at beginning of year
Add depreciation on contributed assets
Retained Earnings at End of Year
Contributed capital at beginning of year
Assets contributed during year
Depreciation -contributed assets
Contributed Capital at End of Year
RETAINED EARNINGS/CONTRIBUTED CAPITAL
AT END OF YEAR
PROPRIETARY
Enterprise
FUND TYPES
Enterprise
1996
1995
$ 884,011
450.753
S 1.334.764
$
S
796,697
386.190
1.182.887
$ 280,691
$
269,940
524,084
510,825
52,453
45,728
11,569
13,914
70,882
57,251
848,989
76.080
632,405
64.383
S 1.865.548
S (530.784)
S
S
1 594.446
(411.559)
$ 36,333
59.841
96.174
$
5
75,604
33.232
108.836
S
$ (434,610)
1112.625)
$
(302,723)
1432.296)
$ (547,235)
$
(735,019)
1,574,029
822.227
S 1.849.021
S
1,707,717
601.331
1.574.029
$ 8,430,164
$
9,024,422
2,285,531
(822.227)
S 9.893.468
S
7,073
(601.331)
8.430.164
See accompanying Notes to Financial Statements.
4
CITY OF MONTICELLO
Exhibit 4
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1996 and 1995
See accompanying Notes to Financial Statements.
5
PROPRIETARY
Enterprise
FUND TYPES
Enterprise
1996
1995
Cash flows from operating activities:
Net income (lose) before transfers
$ (434,610)
$ (302,723)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
848,989
632,405
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(27,423)
6,515
(Increase) decrease in inventory
(28,888)
3,122
(Increase) decrease in prepaid expenses
1,012
(506)
(Increase) decrease in special assessments
receivable - deferred
(910)
(1,676)
(Increase) decrease in special assessments
receivable - delinquent
656
Increase (decrease) in accounts payable
20,494
(18,676)
Increase (decrease) in accrued expenses
14,382
3,116
Increase (decrease) in due to other funds
20,000
(50,000)
Increase (decrease) in deferred revenue
254
9.794
Net Cash Provided by Operating Activities
S 413.956
S 273.253
Cash flows used in noncapital financing activities:
Operating transfers out
S (112.625)
,S 1417 7q6)
Cash flows from capital and related financing
activities:
Capital expenditures
Equipment
$ (2,236)
$ (49,605)
Building and improvements
311.122)
(16.165)
Net Cash (Used) in Financing Activities
S 113.358)
S (65.770)
Net increase (decrease) in cash and cash
equivalents
$ 287,973
S (224,813)
Cash and cash equivalents at beginning of year
528.372
753.195
Cash and Cash Equivalents at End of Year
S5 816 34c3n5
S 529.372
Non -Cash Transactions:
Contributed Assets
Land, Buildings and Improvements
S 2.285.531
S 7.073
Total Non -Cash Transactions
L-2.""
$� 7�p73073
See accompanying Notes to Financial Statements.
5
CITY OF MONTICELLO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET (GAAP BASIS) AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUNDS
For The Year Ended December 31, 1996
Revenues
Taxes
Special assessments
Licenses and permits
Intergovernmental
Charges for service
Fines and forfeits
Miscellaneous
Total Revenues
Expenditures
General government
Public safety
Public works
Sanitation
Health and welfare
Parks and recreation
Community development
Capital projects
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
Prior Period Adjustment
FUND BALANCES AT END OF YEAR
See accompanying Notes to Financial Statements.
6
Exhibit 5
QENERAL
SPECT
1. BMW= Ftnrn.�
variance
variance
Budget
Actual
Favorable
f Unfavozable) Budget
Actual
Favorable
(Unfavorable)
$ 2,063,899
$ 2,076,105
$ 12,206 $
816,681
$ 823,434
$ 6,753
34,665
37,582
2,917
143,275
227,048
83,773
282,966
329,296
46,330
28,401
28.946
S45
100,000
106,854
6,854
269,030
434,243
165,213
190.435
459.271
268.836
100.415
215.540
135 '2,
S 290.553
S 1,539.745
1.249.192
S 417.999 S
S 3,19a.574
S 2.780.575
$ 762,510
$ 759,403
$ 3,107 $
33,995
$ 11,773
$ 22,222
480,525
505,114
(24,589)
346
(346)
670,940
803,250
(132,310)
286,270
317,280
(31,010)
81,740
64,899
16,841
205.480
138,375
67,105
20,385
31,764
(11,379)
194,010
137,535
56,475
96,437
460,295
(363,858)
E52 4.67.
58.210
601.252
S 2.681.475
S 99.100
S ,2,,725.856
S 472.718
$ (44 3141) S
S 373.618 S
810.279
438.913
5 562.38%
S 977.357
S 247.891
S 538.444
$
100,000
$ 381,250
$ 201.250
$ (49 3('-Q)
S (178.650)
5 {79.550)
(227.450)
(526.179)
(298.729)
S fq4 in(l)
S (178.650)
S (79.550) S
(127.450)
S (144.929)
S (17.479)
S
$ 294,068
2 S
311.463
$ 832,428
5 520.965
2,467,354
2,982,279
6 371
S 2.767.55'+
(6.131)
S 3.808.576
CITY OF MONTICELLO
NOTES To FINANCIAL STATEMENTS
December 71, 1996
The accounting policies of the City of Monticello, located in Wright
County in Minnesota, conform to generally accepted accounting principles
as applicable to governmental units. The following is a summary of the
more significant policies:
A. ReRortina Entity
The City's financial statements include the operations of all
organizations 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, 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 entities have been included in or excluded from the
accompanying financial statements:
Entities included in the financial statements:
a. Housing and Redevelopment Authority (HRA) --The HRA was created
by the City to provide economic development and redevelopment
financial assistance through creation of Tax Increment Finance
Districts. Debt issues of the HRA are City general obligations.
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.
Entities excluded from the financial statements:
b. Independent School District No. 882, Monticello, Minnesota --The
School District is established in accordance with State statutes
as a separate and district 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 Acr—ting
The operations of the City are recorded in the following fund types
and account groups:
i
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note i summary of Significant Accounting Policies - Continued
B. Basin of Presentation --Fund Accounting - Continued
Governmental and Tv=
Governmental funds are used to account for the City's expendable
financial resources and similar related liabilities (except those
accounted for in the proprietary and similar trust funds). The
measurement focus is upon determination of changes in financial
' position. Tt.e following are the City's governmental fund types:
General end --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 FundsSpecialrevenue funds are used to account
for the proceeds of specific revenue sources that are legally
' restricted to expenditures for specified purposes.
Debt 'c
Buda-•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 costa.
Cal2ital Projects Fonda --capital projects funds are used to
account for financial resources to be used for the acquisition
1 or construction of major capital facilities (other than those
financed by proprietary funds and trust funds).
' Proprietary Fund =P.,
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:
En�,pzise Funds --Enterprise funds are used to account for
operations (al that are financed primarily through user charges,
or (b) where the governing body has decided that determination
fof net income is appropriate.
1_ Fiduciary Fund Tvnea
Trust and Agency Funda--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 cf operations.
I
Account Grouns
General FiXed Anspt Account Greun--This account group is used to
account for all fixed assets of the City, other than those
accounted for in proprietary and trust funds.
8
1
CITY OF MONTICELLO
f NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note j Summary of Sionifscant Accounting Policies - Continued
B. Basis of Presentation --Fuad Accounting - Continued
Account Orouos - Continued
General Long -Term Debt Account .roup --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 Accounting
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.
1 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 the
is 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.
fD. Budgets IWd 9 udo ary A o nti,�g
a- The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
a. Prior to September 1, the city administrator submits to the City
Council a proposed operating budget for the fiscal year
commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing them.
b. Public hearings are conducted to obtain taxpayer comments, and
the final tax levy and budget are adopted.
9
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
dote 1 Summary of Sianificant Accott ting Policies - Continued
D. Budgets and Budgetary Accotntinq - Continued
C. The City Administrator is authorized to transfer budgeted
amounts between departments within any fund; however, any
revisions that alter the total expenditures of any fund must be
approved by the City Council.
d. Formal budgetary integration is employed as a management control
device during the year for the general fund, special revenue
funds and enterprise funds. Formal budgetary integration is not
employed for the capital projects and debt service funds.
e. Budgets are adopted on a basis consistent with generally
accepted accounting principles. Budgeted amounts are as
originally adopted, or as amended by the City Council.
E. Cash and Investments
Cash balances from all funds are combined and invested to the extent
available in certificates of deposit and other allowable invest-
ments. 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.
10
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note i Summary of Significant Accounting _ Policies - Continued
H. General Fixed Asset,
General fixed assets are recorded as expenditures in the govern-
mental 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
capitalized. 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. Deprecia-
tion is not provided on general fixed assets.
91E1FTZ=TJ2�%P M., � •n . a
Property, plant and equipment used by proprietary funds are stated
at cost or estimated historical cost. Contributed fixed assets are
recorded at 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.
a,MM
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 dad Sick Pay
City employees earn vacation days based upon the number of completed
years of service. The City compensates employees for unused
vacation upon termination of employment. Accordingly, the
expenditure for vacation is recognized when it is earned. Employees
are entitled to paid sick leave at various rates for each month of
full-time service. Full-time employees who resign or leave city
employment voluntarily and in good standing, after giving proper
notice, shall be compensated for up to 50 days of unused sick leave
under the following guidelines:
For union employees, one fourth of the unused sick leave times
the hourly rate at the time of giving notice is paid. After 5
years of non-union employment, one fourth of the unused sick
leave times the hourly rate at the time of giving notice is
paid.
11
CITY OF MONTICELLO
NDTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 1 Summary of c_ianificant Accounting Policies - Continued
K. Vacation and Sick2U - Continued
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 finan-
cial analysis. Data in these columns does not present financial
position or results of operations in conformity with generally
accepted accounting principles. Neither is such data comparable to
a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
M. Comparative Data
Comparative total data for the prior year has been presented in the
accompanying financial statements in order to provide an under-
standing of changes in the City's financial position and operations.
However, comparative (i.e., presentation of prior year totals by
fund type) data has not been presented in each of the statements
since its inclusion would make the statements unduly complex and
difficult to read.
Note 2 stewardnhin. Compliance and AccoU t hility
A. Drfi it F.nd 9alan s
Deficit fund balances as of December 31, 1996, are as follows:
Debt Service Funds
General Obligation Improvement
Bonds Series 1988A $ 8,867
General Obligation Improvement
Bonds Series 19908 280.792
5 289.659
Capital project Funds
Cardinal Hills IV $ 4,261
WWTP Expansion Project 1,878,659
Pathway Project 719
Klein Farms 12,337
River St. Trk SAN SEW 7.033
S 1.903.009
Deficit Retained Earnings
Transportation Fund $ 12,117
Cemetery Fund 947
i 13.064
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.
12
J
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Nose -2 stewardship- Compliance and Aeeo�ability - Continued
B. Exna of Bxnenditurpa Over Budget
Expenditures
Over
rxnendituran Budget Budget
General Fund $ 2,725,856 $ 2,681,475 $ 44,381
Housing 6 Redevelop-
ment Authority 460,175 94,317 365,858
Nil
rash and Investments
Cash balances of City funds are combined (pooledl and invested to the
extent available in various investments authorized by state statutes.
Each fund's portion of thio pool (or pools) is displayed on the financial
s
statements as 'Cash and investments". For purposes of identifying risk
of investing public funds, the balances and related restrictions are
summarized below:
A. Deposits - Minnesota statutes require that all deposits with
financial institutions must be collateralized in an amount equal to
310% of deposits in excess of FDIC or FSLIC insurance (140% if
collateralized with notes secured by first mortgages).
The carrying amount of the City's deposits with financial institu-
n tiowas $3,491,345 and the bank balance was $3,842,281. The bank
balance is categorized as follows:
Insured by FDIC or FSLIC insurance $ 1,467,996
Covered by collateral assigned to City and
not redeposited in the financial institu-
tion furnishing the collateral 2.374.285
Total Bank Balance & 3.842.281
r.
i
13
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
' Note 3 rash and Investments - Continued
B. Investments - Minnesota State statutes authorize the City to invest
in obligations of the U.S. Treasury, agencies and instrumentalities
of the United States, shares of investment companies whose only
investments are in the aforementioned securities, obligations of the
State of Minnesota or its municipalities, bankers' acceptances,
futures' contracts, repurchase agreements and commercial paper of
the highest quality with a maturity of no longer than 270 days.
Investments held by the City at year end are classified as to credit
risk as follows:
Category 1 - Insured or registered. or securities held by the City's
agent in the City's name.
Category 2 - Uninsured and unregistered, with securities held by the
counter party's trust department or agent in the City's
name -
Category 3 - Uninsured and unregistered, with securities held by the
counter party, or by its trust department or agent but
not in the City's name.
Carrying Market
Cat, ar oro Amount Value
11 Piper Jaffray Money Market 1 $ 1,152 S 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 1 562,899 562,899
Lehman Broo.
Money Market Fund 1 233 233
Minnesota Municipal Bonds 1 185,313 185,313
U.S. Securities 6 Govern-
mental Agency Securities 1 3-283.639 3.302.069
' Total Investments 98� 0.895 S 5.999.275
Note ?. Prarerty—Taxes
Property tax levies are set by the City Council in December of each year,
and are certified to the County Auditor for collection in the following
year. In Minnesota, counties act as collection agents for all property
taxes. Such taxes become a lien on property on January 1 and are
recorded as receivables by the City at that date.
Real property taxes may be paid by taxpayers in two equal installments on
May 15 and October 15. Personal property taxes may be paid on February
28 and June 30, The County provides tax settlements to cities and other
taxing districts three times a year.
Taxes which remain unpaid at December 31 are classified as delinquent and
are not recognized as revenue because they are not known to be available
to finance current expenditures. No allowance for uncollectible taxes
has been provided because such amounts are not expected to be material.
14
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 11, 1996
General fixed assets as of December 31, 1996, are as follows:
Beginning Ending
Land
$ 1,163.123
$ 816,460
$ 1,979,583
Buildings
1,995,889
1,995,889
Equipment
1,795,605
17,273
1,812,878
Other Improvements
7.919.142
40.980
7.960.122
Total
S 12.873.759
tj 874.714
S 13.748.422
Note 6 Pension Plans
A. n fined Benefit Pension Plana - Statewide
All full-time and certain part-time employees of the City of
Monticello are covered by defined benefit pension plans administered
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.
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 Coordi-
nated Plan. The payroll for employees covered by PERF for the year
ended December 31, 1996, was $809,180; the City's total payroll was
$1,078,547.
PERA provides retirement benefits as well as disability benefits to
members, and benefits to survivors upon death of eligible members.
Benefits are established by State Statute, and vest after three
years of credited service. The defined retirement benefits are
based on a member's average salary for any five successive years of
allowable service, age and years of credit at termination of
service. Two methods are used to compute benefits for Coordinated
and Basic members. The retiring member receives the higher of step -
rate benefit accrual formula (Method 1) or a level accrual formula
(Method 2). Under Method 1, the annuity accrual rate for a Basic
member is 2 percent of average salary for each of the first 10 years
of service and 2.5 percent for each remaining year. For a Coordi-
nated 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 PERP members whose
15
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 6 Pension Plans - Continued
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 avail-
able which will reduce the monthly normal annuity amount, because
S the/s 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.
The benefit provisions stated in the previous paragraphs of this
section are current provisions and apply to active plan
' participants. vested, terminated employees who are entitled to
benefits but are not receiving them yet, are bound by the provisions
in effect at the time they last terminated their public service.
Contributions Retruir d and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and
employee contributions. The City makes annual contributions to the
pension plans equal to the amount required by state statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the
date of full funding required for the PERF and the PEPFF is July 1,
2020. As part of the annual actuarial valuation, PERA's actuary
determines the sufficiency of the statutory contribution rates
towards meeting the required full funding deadline. The actuary
compares the actual contribution rates to a "required" contribution
rate. Current combined statutory contributions rates and actu-
arially required contribution rates for the plans are as follows:
Statutory Rates Required
Emnlovee E=Iovor Rates
PERF (Basic 6 Coordinated Plans) 4.31% 4.60% 9.761
PEPFF 7,60% 11.40% 19.00%
16
CITY OF MONTICELIq
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Not, 6 Pension Plans - Continued
Total contributions made by the City during fiscal year 1996 were:
Percentage of
AmouaLz Covered Payroll
Employee Mover Employee gmolover
PERF $ 34.302 $ 36,301 4.23% 4.48%
The City's contribution for the year ended December 31, 1996 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, 1996.
Funding Status and Progress
The "pension benefit obligation" is a standardized disclosure
measure of the preset"- value of pension benefits, adjusted for the
effects of projected salary increases and step -rate benefits, esti-
mated 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 accumu-
lating sufficient assets to pay benefits when due, and make compari-
sons among Public Employees Retirement Systems and among employers.
PERA does not make separate measurements of assets and pension
benefit obligation for individual employers.
The pension benefit obligation as of June 30, 1996, is shown below
(in thousands):
Total pension benefit obligation $ 6,608,646 $ 1,243,429
Net assets available for benefits,
at cost (Market values for PERF .
$5,954,697; PEPFF . $1,713,687) 5.702.248 1.592.671
Unfunded (assets in excess of)
pension benefit obligation L-226.398 55 ()
The measurement of the pension benefit obligation is based on an
actuarial valuation as of July 1, 1996. Net assets available to pay
pension benefits were valued as of June 30, 1996.
For the PERF, significant actuarial assumptions used in the calcula-
tion 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
17
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Continued
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.
Actuarial 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.
Changan in Actuarial Assumptions
Since the July 1, 1995 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 an experience study for the
fund during the four-year period ending June 30, 1994, 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 substan-
tially 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, if adopted within fiscal year 1997, will significantly
impact the July 1, 1997 actuarial valuation of the PEPFF.
Changes in Benefit Provisions
The 1996 legislative session did not include any benefit improve-
ments which would impact funding coats for the PERP and PEPFF.
Ten -Year Historical Trend Information
Ten-year historical trend information is presented in PERA's Compre-
hensive Annual Financial Report for the year ended June 30, 1996.
This infoi-nation is useful in assessing the pension plan's accumula-
tion of sufficient assets to pay pension benefits as they become
due.
Related Party Investments
As of June 30, 1996, and for the fiscal year then ended, PERA held
no securities issued by the City or other related parties.
18
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 6 Pension Plano - Continued
�- B. may of Monticello Fire ,Relief Association
Plan Description
The City contributes to the City of Monticello Fire Relief Associa-
tion (Association), a single employer retirement system that acts as
a common investment manager and administrator for the City's fire-
fighters. All active members of the fire department are members of
the Association.
Upon approval by the Board of Trustees, lump sum retirement benefits
are either paid or deferred as follows:
(a) Benefits accrue and vest to members based on $1,375 per year of
active service in the fire department and Association with 100%
vesting at twenty years.
_ (b) There is no maximum retirement benefit.
(c) Members retiring with less than ten years of service forfeit
their accrued benefits.
(d) Members who separate from service and have at least ten years of
active service and membership but are less than 50 years of age
are entitled to a deferred service pension payable upon reaching
the age of 50.
'. The Association also provides death benefits, whereby upon approval
of application, the beneficiaries of each deceased active member
wouldreceive $
1,375 per year of service.
�• The City passes through state aids allocated to the plan in
accordance with enabling state statutes.
Related Party Investments
During 1996 and as of December 31, 1996, 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
statutes and is not required to have an actuarial study to determine
its unfunded pension benefit obligation.
The net assets available for benefits and the unfunded pension
benefit obligation information is unavailable.
contributions gpouired and Mad
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 1996.
19
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 6 Pension Plane - Continued
i
'ren -Year Historical Trend Information
Ten-year historical trend information related to the pension plan is
not maintained by the Association.
The City offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available
to all city employees, permits them to defer a portion of their salary
until future years. The deferred compensation is not available to
employees until termination, retirement, death or an 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. Partici-
pants' rights under the pian are equal to those of general creditors of
the City in an amount equal to the fair market value of the deferred
account for each participant.
The Flan 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, 1996 were $373,880.
The City foreclosed on a piece of property due to large delinquencies in
assessments. A decision was made to develop the property and market
late. Bond proceeds of $419,094 were utilized to improve the property.
The total costs to develop the property are expected to be approximately
$450,000. Approximately 30 lots are expected to be sold in the $25,000 -
$30,000 range. Financing terms are being offered to prospective
purchasers as reflected in Note 14.
20
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
221PL-2 Chanes in Long -Term
The following is a
Debt
summary of long-term debt transactions for
the year
ended December 31,
1996:
155,000
Feb.
1997
Payable
25,000
Payable
Feb.
Beginning
of Year Additions
Payments
End
Year
General obligation
Feb.
2000
of
bonds
$ 1,675,000 $ 590,000 $
845,000
$ 1,420,000
Special assessment
95,000
75,000
Feb.
debt with govern-
6.51
60,000
mental commitments
7,075,000 1,030,000
1,045,000
7,060,000
General obligation
tax
increment bonds
1.495.000 450.000
660.000
1.285.000
TOTAL
510.245.000 5 ]..070.000 5
2.550.000
5 9.765.000
Bonds and notes payable at December 31, 1996, are
comprised of
the
following individual
issues:
initial
Average
Dencriytion
Amount Maturity
Issued Date
Interest
Rate
Outstanding
Pr1nC12a1
General Obligation Bonds:
1988B Improvement Bonds
1993A Refunding Bonds
1996 Refunding Bonds
Total General Obliga-
tion Bonds
General Obligation Tax
Increment Bonds:
1985 Tax Increment Bonds
1907B Tax Increment Bonds
1989A Tax Increment Bonds
1990D Tax Increment Bonds
1992 Tax Increment Bonds
1992D Tax Increment Bonds
19968 Tax Increment Refund-
ing Bonds
Total General Obligation
Tax Increment Bonds
1,100,000 Feb. 2004 6.99431 $ 725,000
535,000 Feb. 1997 3.96731 105,000
590,000 Feb. 2002 4.88111 590.000
350,000
Feb.
2006
8.28931 $
255,000
155,000
Feb.
1997
8.79991
25,000
260,000
Feb.
2007
8.87081
225,000
305,000
Feb.
2000
8.99281
175,000
120,000
Feb.
2002
6.51
95,000
75,000
Feb.
2002
6.51
60,000
450,000 Feb. 2000 4.69831 450.000
21
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 9 Cha_naes in Lona -Term Debt
Special Assessments Bonds:
1977 Sewer, water and
Street Bonds
19898 Improvement Bonds
1990C Improvement Bonds
1991A Improvement Bonds
1992A Improvement Bonds
1994A Refunding Bonds
1995A Improvement Bonds
1996A Improvement Bonds
Total Special
Assessment Bonds
Continued
3,470,000 Feb. 1999
245,000 Feb. 2000
250,000 Feb. 2002
515,000 Feb. 1999
705,000 Feb. 2003
965,000 Feb. 2004
3,890,000 Feb. 2006
1,030,000 Feb. 2007
Outstanding
Principal
5.2100%
$ 180,000
6.6118%
110,000
6.75062%
165,000
5.72651
215,000
5.2525%
505,000
4.2312%
965,000
4.9647%
3,890,000
5.1503%
1.030.000
The annual requirements to amortize all long-term debt outstanding as of
December 31, 1996, including interest of $2,147,056 are as follows:
2002 and thereafter
The legal debt margin of the City is approximately $8,545,897
From time to time, the City has issued Industrial Revenue Bonds and other
similar type Revenue Bonds to provide financial assistance to private -
sector entities for the acquisition and construction of industrial and
commercial facilities deemed to be in the public interest. The Bonds are
secured by the property financed and are payable solely from payments
received on the underlying mortgage loans. Upon repayment of the bonds,
ownership of the acquired facilities transfers to the private -sector
entity served by the bond issuance. Neither the City, the State nor any
political subdivision thereof is obligated in any manner for repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the
accompanying financial statements. The issues are as follows:
Original
leave Date C= r ial Business TgJM L Milli Bim=
01/30/73 Northern States Power 30 yrs Po lucion Control Bonds $5.000,000 $4,000,000
04/04/73 Northern States Power 30 yrs Pollution control Bonds $2,600,000 $1,500,000
07/28/75 Northern States Power 28 yrs Pollution Control Bonds $3,500,000 $3,500,000
04/01/88 Clow Stamping 22 yrs Ind. Dev. Rev. Bonds $ 950,000 $ 635,000
09/26/84 Fulfillment Systeme Inc. 15 yrs Corsa. Dev. Rev. Bonds $ 475,000 $ 155,000
12/23/85 Raindance Partnership 25 yrs Comm. Dev. Rev. Bonds $1,075,000 $ 915,812
22
1997
$ 1,666,291
1998
1,790,966
1999
1,751,421
2000
1,523,728
2001
1,332,982
2002 and thereafter
The legal debt margin of the City is approximately $8,545,897
From time to time, the City has issued Industrial Revenue Bonds and other
similar type Revenue Bonds to provide financial assistance to private -
sector entities for the acquisition and construction of industrial and
commercial facilities deemed to be in the public interest. The Bonds are
secured by the property financed and are payable solely from payments
received on the underlying mortgage loans. Upon repayment of the bonds,
ownership of the acquired facilities transfers to the private -sector
entity served by the bond issuance. Neither the City, the State nor any
political subdivision thereof is obligated in any manner for repayment of
the bonds. Accordingly, the bonds are not reported as liabilities in the
accompanying financial statements. The issues are as follows:
Original
leave Date C= r ial Business TgJM L Milli Bim=
01/30/73 Northern States Power 30 yrs Po lucion Control Bonds $5.000,000 $4,000,000
04/04/73 Northern States Power 30 yrs Pollution control Bonds $2,600,000 $1,500,000
07/28/75 Northern States Power 28 yrs Pollution Control Bonds $3,500,000 $3,500,000
04/01/88 Clow Stamping 22 yrs Ind. Dev. Rev. Bonds $ 950,000 $ 635,000
09/26/84 Fulfillment Systeme Inc. 15 yrs Corsa. Dev. Rev. Bonds $ 475,000 $ 155,000
12/23/85 Raindance Partnership 25 yrs Comm. Dev. Rev. Bonds $1,075,000 $ 915,812
22
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
dote 10 Interfund Receivables nd Pdy-h9 les
Capital Outlay Revolving - Due from RRA Fund
$ 8,000
Economic Development Authority - Due from
Name of District
Liquor Fund
70,000
Economic Development Authority - Due from
Economic
Economic Recovery Grant
100.000
S 178.000
Note 11 Fund Equity
The following fund balances have been designated
or reserved as of
December 31, 1996:
1990
Special Revenue Funds
Base Tax Capacity
Economic Recovery Grant
$ 10,689
Reserved for non-current loans receivable
$ 71,970
Urban Development Action Grant
Captured Tax Capacity
Reserved for non-current loans receivable
77,372
Economic Development Authority
Reserved for non-current loans receivable
466,881
Capital Outlay Revolving
41,985
Reserved for fixed assets held for resale
91,727
Debt Service Funds
Taxing Districts
Future debt retirement
3,578,516
Capital Projects Funds
560,000
Future capital expenditures
(878,977)
Reserved for non-current loans receivable
75,805
General Fund
245,000
Designated for working capital
1,438,100
Designated for contingencies
287,620
Reserved for non-current loans receivable
20,182
Note 12 Tax Iner
m nt Fin n
Die ri s
Metcalf -
Name of District
Kmart al -1
Larson p2
Economic
Re -
Type of District:
Development
Develonment
Year Eatablished:
1990
1983
Base Tax Capacity
S 2,484
$ 10,689
Current Tax Capacity
129,286
52,674
Captured Tax Capacity
126,802
41,985
Retained By
Authority
126,802
41,985
Shared with Other
Taxing Districts
-0-
-0-
Total Bonds Issued
560,000
260,000
Total Loans Incurred
32,000
Amounts Redeemed
245,000
67,000
Outstanding Bonds
Loans and Obli-
gations 12/31/96
Raindance
Const. 5 a5 85
Re- Re-
Deve14!?= nsy loom n
1984 1985
S 2,238 $ 185
69.008 61,468
66,770 61,283
66,770 61,283
-0- -0-
365,000 350,000
230,000 95,000
315,000 225,000 135,000 255,000
23
NAWCO 07
Economic
1987
S 1,721
68,891
65,170
65,170
160,000
155,000
150,000
165,000
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31. 1996
Note 12 Tax increment Finance
Dist,ict,
- Continued
Name of District
NSP 10
T.toer B9
Remmele 110
Marcie III Armlax
112 Suburban
114 Std.
Iron all
Net. Can. 815
Economic
Economic
Economic
Economic Economic
Economic Economic
Economic
Type of District;
Development
nevelonm r
Develee enc
p vee to Zt nevel„oT
nt Develooment
Develoom
nt
nevelooment
Year Established:
1989
1990
1990
1990
1991
1992
1993
1993
Base Tax Capacity
$ 2,262
S 1,983
S 2.252
$ 339 S
1,260 $
51 $
2,095
$ 831
Current Tex Capacity
8,970
32,900
45.729
5.614
25,853
15,130
10,174
12,651
Captured Tax Capacity
6,708
30,917
43.477
5,495
24,593
15,079
68,079
11,820
Retained By Authority
6,708
30,917
43,477
5,495
24,593
15,079
68,079
11,820
Shared with Other
Taxing Districts
•0-
-0-
-0•
-0-
-0-
-0-
-0-
-0-
Total Development
Agreement Obligations
25,000
17,500
428,173
67,413
Total Bonds Issued
140,000
165.000
120,000
75.000
-0-
-0-
Total Loans Incurred
23,000
Amounts Redeemed
15,000
90.000
70.000
12,500
25,000
15,000
53,198
14,053
outstanding Bonds
Loan. and Obliga-
tions 12/31/96
8,000
75,000
95,000
5,000
95.000
60,000
174,975
52,560
Nisalesippi
Prairie
lake
Name of District
POlvicent 416
FAvmar 217
Rivermill alb
Shores 419
Neat 120
T001 421
Economic
Economic
Soils
Re-
EconOmis
Type of District:
Development
Development
Condition
11 ... lna
DD 1--t
Develop ant
Year Established:
1994
1994
1994
1995
1996
1996
Bane Tax Capacity
S 693
S 46
S 1.090
S 5.096
$ 3.000
$ 633
Current Tex Capacity
Captured Tax Capacity
693
20.886
46
1.090
5,096
3,000
633
Retained By Authority
20.886
She red with Other
Taxing Districts
Total Development
Agreement Obligations
Total Bonds Issued
102,000
325.830
220,000
110,000
Total I.oenn Incurred
801000
75.000
Amounts Redeemed
32,500
Outstanding Bond.
Loena and Obliga.
tions 12/]1/96
80,000
7S.000
102,000
325.830
187,500
110.000
Note 13 Semnent Information
The City maintains
five proprietary funds which
account
for transportation,
sewer
utilities, water utilities,
cemetery and a municipal liquor store. Segment
information
for the year ended
December 31,
1996, is as
follows:
S.
S
water
Wand
L1ever
nmd r
Tranepor•
tat in
Fun"
Cemetery
ESmd
Total
Proprietary
Funds
Operating revenues
$ 597,979
$ 254,909
S 450,753
S 27,114
$ 4,010
S 1.334,764
Operating expenses be-
fore depreciation and
amortization
Depreciation end amorti-
542,480
198,951
203,022
66,349
4,957
1,016,559
zeat
624.231
211.045
13.711
26-762
Operrating income floss
S 1568,7751
S 1155,
$ 2]3,220
S (39,235)
$ 19471
$ 291,443
Otherr!vinYlB
42.146
10.224
224
]6.268
27 3�6
96.174
Net Income Ilossl
5 1526_]89)
5 1144 861)
5 249.48R
5 1801)
S 1947)
5 ]87.617
Capital Contributions
S 1.2BS.126
S 1.000.205
$ 0
5 2.285.531
Net working Capital
5 ]41.520
$_ 271-]63
S 49p ya
S 112.117)
5 19471
S 1-056,598
Total Assets
S 7.]72.911
55 3
5 727.412
�»
S 0
511.979.795
Total Equity (Deficit)
5 -miss=
5 1�1] it73
5 1947)
511. 742.4 s9
24
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 14 1Bpa-Term P ->;vables
A long-term receivable of $77,372 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 Monticello Enterprise Fund (GMEF), a revolving loan fund,
was established for the purpose of supplementing conventional financing
sources for existing and new businesses within Monticello. To date,
several commercial projects have utilized the funding.
The GMEF loaned $88,000 to a local industrial business in July of 1990.
The loan requires monthly payments of $736.07 including interest at 81
through July 13, 1997, at which time the remaining balance shall be
fully due and payable. At December 31, 1996, the balance was $73,115.
In November 1992, the GMEF loaned $85,000 to finance a commercial
project. The loan requires monthly payments of $1,241.73 including
interest at 61 through November of 1999. At December 31, 1996, the
balance was $19,549.
In October 1992, a loan of $50,000 was made to a local business. The
loan requires monthly payments of $316.32 including interest at 4.51
through November of 2012. At December 31, 1996, the balance was
$43,184.
In April 1993, the GMEF loaned $42,500 to a local business. The loan
requires monthly payments of $270.03 including interest at 4.5% through
May 1, 1997, at which time the entire remaining balance shall be fully
due and payable. At December 31, 1996 the balance was $37,433.
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 6% through 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 B.D.A. Revolving Loan Program
and will be loaned out in the future for job creation. At December 31,
1996, the City has received $121,688 in principal and interest and the
loan balance was $71,970.
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 5% through June 1, 2001, at which time the entire remaining
balance shall be fully due and payable. At December 31, 1996, the
balance was $59,025.
25
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Note 14 lona-Term Receivables - Continued
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 6.75% for five years. A balloon payment is due at that
time. At December 31, 1996, the balance was $48,670.
In lieu of Local Government Aid the City lost due to loans to
businesses, the City is charging these businesses $34,575, which will be
received over the next nine years. The receivable requires two yearly
payments of $2,945.91 including interest at 8.0% through May 2001. At
December 31, 1996 the balance was $20,182.
In May of 1996, a loan of $100,000 was made to a local business. The
loan requires 60 monthly payments of $760.36 including interest at
6.75%, at the end of which time a balloon payment is due. The balance
at December 31, 1996 was $98,591.
In September of 1996, a loan of $170,000 was made to a local business.
The loan requires 84 monthly payments of $1,031.01 including interest at
6.25%. The balance at December 31, 1996 was $167,313.
In conjunction with the Eastwood Knoll Project, the City sold three lots
on contracts. The first contract wan dated September 22, 1995 with an
original balance of $25,956. The contract requires monthly payments of
$172.68 including interest at 7.01 for three years at the end of which
time a balloon payment is due.
The second contract originated November 28, 1995, in the amount of
$25,520. The note requires 23 monthly payments of $175.00 including
interest at 8.0% at the end of which time a balloon payment is due.
The third contract originated February of 1996 in the amount of $25.956.
The note requires 120 monthly payments of $308.10 including interest at
7.5%.
The City participates in the League of Minnesota Cities Insurance Trust
(LMCIT) property and liability insurance program, a joint self-insurance
plan designed and administered by American Business Risk Services and
structured to operate through local insurance agents. Approximately 140
cities currently participate in the program.
The City has the following coverages with L4CIT: a basic package of
property, inland marine, automotive physical damage and liability;
comprehensive general liability; public officials errors and omissions;
umbrella liability; boiler and machinery; and workers compensation.
The City pays an annual premium to LMCIT, which in turns pays the local
agent's commission and pays an administrative fee to American Business
Risk Services. The remaining premium is split between LMCIT and its
reinsurers. The reinsurers in turn reimburse LMCIT for a corresponding
share of each loss. A profit-sharing agreement also provides for a
`l
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1996
Kate is Commitments and Cont'naenciea - Continued
Continued
return to LMCIT of a share of the reinsurers' portion of the premium if
the lose experience is favorable. To protect against the possibility
that LMCIT's share of the losses will exceed its share of the premium,
LMCIT also purchases aggregate reinsurance. The loss experience has
been favorable the last three years and the City has received a return
of part of the premiums paid.
The City continues to carry commercial insurance for its employee health
and accident insurance. Settled claims resulting from these risks have
not exceeded commercial insurance coverage in any of the past three
calendar years.
Wastewater Treatment Plant
Subsequent to year end, the City entered into a contract for a major
expansion of the wastewater treatment plant. The total cost of the
project is expected to be in excess of fourteen million dollars. The
project will be financed by a Public Facilities Authority loan granted
by the Minnesota Department of Trade and Economic Development.
27
CITY OF MONTICELLO
Statement A-1
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES
IN FUND BALANCE -
BUDGET (GAAP
BASIS) AND ACTUAL
1
For The Year Ended December
31, 1996
With Comparative Actual Amounts
For The Year Ended December
31, 1995
19941
1995
P-ia.r
Actual
Actual
Revenues
General property taxes
$ 2,063,899
$
2,076,105
$ 11800,279
Licenses and permits
143,275
227,048
202,519
Fines and penalties
205
Animal impoundment fees
15,000
20,372
18,730
Intergovernmental Revenue
HACA
179,931
179,931
190,031
Fire department aid
32,685
43,249
33,234
Police aid
22,000
20,946
25,072
State highway aid
40,000
65,890
77,997
Recycling incentive
8,000
14,345
13,557
other grants
350
4,935
9,310
Deputy registrar fees
100,000
106,854
108,113
Other Income
Recycling income
12,000
16,946
25.709
Interest income
62,060
153,128
127,278
Renta
11,200
9,240
18,161
Miscellaneous income
16,575
128,601
153,331
Refunds and reimbursements
14,000
70,890
46,685
Township contract
59,600
60.094
60.477
Total Revenues
S 2.780,575
S
3.198.574
S 2.910.688
Q
F.indi �r s
Mayor and Council
Salaries
$ 24,900
$
23,783
$ 23,783
Other
5.325
5.243
6.027
Total Mayor and Council
^_ 30,225
S
29.026
S 28.810
Administration
Salaries and employee benefits
$ 188,465
$
197,285
$ 182.292
Supplies
12,400
9,570
14,515
Other
36.500
29.415
27.254
Total Administration
S 237.36S
S
236.270
5 224.061
Elections
S 6.125
Finance
Salaries and employee benefits
$ 96,620
S
92,987
$ 88.319
Other
2.700
4.680
3.186
Total Finance
S 99.320
S
97.667
S 91.505
Computer
S 38.020
S
35.283
S 21 816
Audit
S 13.500
S
10.000
S 10.760
Legal
S 27.300
S
26.144
S 22.466
Insurance
S 65.000
S
59.628
S 57.776
Planning and Zoning
Salaries and employee benefits
$ 52,460
5
61,495
$ 58,453
Professional services
15,500
25,794
16,039
Other
4.975
5,75}
5.831
Total Planning and Zoning
S 72.915
S
92.642
a
28
CITY OF MONTICELL40
Statement A-1
(continued)
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Exnendituren - Continued
Deputy Registrar
Salaries and employee benefits
Other
Total Deputy Registrar
City Hall
Salaries and employee benefits
Utilities
Capital outlay
Other
Total City Hall
Law Enforcement
Fire Department
Salaries and retirement henefits
Capital outlay
Other
Total Fire Department
Civil Defense
Salaries and employee benefits
Other
Total Civil Defense
Animal Control
Public Works - Administration and
Engineering
Salaries and employee benefits
Professional services
Other
Total Public works - Admini-
stration and Engineering
Public works - Streets and Alleys
Salaries and employee benefits
Supplies
Capital outlay
Other
Total Public works - Streets
and Alleys
Public works - Snow and Ice
Salaries and employee benefits
Other
Total Public Works - Snow
and Ice
Public Works - Inspections
Public works - Street Lighting
Public Works - Shop and Garage
Refuse Collection
19901 1995
Budget Actual Actual
$ 87,795 $ 83,083 $ 70,338
7.100 10.852 7.231
S 94.895 $ 93 935 S 77.569
$ 5,700 $ 7,212 $ 7,201
11,200 11,768 10,987
7,025 23,017 1,632
30.775 9 p5 10.206
S 54.700 2---LI-Lu S 50.026
5 302.810 S 302.808 5 293.632
$ 72,280 $ 93,487 $ 73,527
7,000 7,557 10,331
54.195 5.6 B32 63.654
5 133.475 5 159.878 S 147.512
$ 7,140 $ 7,031 $ 6.800
1.600 1 6¢M 96_9
2--Li-t0 10.729 S 7.769
S 35.500 $ 11.699 1 31.176
$ 90,650 $ 86.946 $ 71,612
18,000 87,437 94,031
7.610 10.613 10.102
S 116.260 S 197 99fi S 175.745
$ 172,780 $ 209,308 $ 161,724
45,400 51,975 42,455
118,750 99,305 43,083
8.500 5.701 8.319
S 345.430 S 366.289 S 255.581
$ 5,610 $ 10,716 $ 4,179
22.200 A9 174 9.662
$_ 27.810
S 42.340
S 65.750
S 73.350
S 286.270
29
CITY OF MONTICELLO
Statement A-1
(Continued)
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Expenditures - Continued
Senior Citizens/Museum
Salaries and employee benefits
Other
Total Senior Citizens/Museum
YMCA/Community Education
Parke and Recreation/Cemetery
Salaries and employee benefits
Capital outlay
Other
Total Parke and Recreation/
Cemetery
Economic Development
Building Official - Inspections
Severance Benefits
Assessment
Total Expenditures
Excess of Revenues over
Expenditures
Transfers (out)
Excess (Deficiency) of Revenues
and Other Sources over Expen-
ditures and Other Uses
FUND BALANCE AT BEGINNING
OF YEAR
Prior Period Adjustment
FUND BALANCE AT END OF YEAR
1996 1995
Budget Actual Actual
$ 1,690 $ 1,333 $ 1,684
55.050 38.566 49.792
5 56.740 S 39.899 1 -ILL -t76
S 25.000 $ 25.000 S 25.000
$ 121,550 $ 77,809 $ 91,638
21,500 11,185 40,894
62.430 49.]81 40.413
5 205.480 S 138.375 S 172.945
S 37.770 S 31.434 S 33 930
S 156.240 S 106.101 S 87.239
5 9.500 $ 7 333 S 10.633
5 13.625 L_15 -Au L__12_648
5 2.681.475 S 2.725.856 S 2.401.695
$ 99, 1CO $ 472,718 S 508.991
(99.100) (178.650)
�n S 294,068 $ 508,993
30
2,467,354 1.458.361
6 131
S 2.767.55] S 2. q
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1996
With Comparative Totals at December 31, 1995
ASSFTS
Cash and investments
Receivables
Special assessments - deferred
Special assessments - delinquent
Accounts (net of allowance for esti-
mated uncollectibles)
Due from other funds
Prepaid expenses
Land held for resale
Longterm receivable
TOTAL ASSETS
LIABILITIES AND FUND BALANCFS
Liabilities
Accounts payable 6 contracts payable
Accrued expenses
Due to other funds
Deferred revenue
Total Liabilities
Fund balances
Reserved for noncurrent loans
receivable
Reserved for fixed assets held for
resale
Unrenerved - undenignated
Total Fund Balances
TOTAL LIABILITIES AND FUND
BALANCES
Capital
Shade Orderly Outlay
Tree A ... xrion Revolving Lybrary
S 163,449 $ 12,556 $ 961,274 S 9.178
968 121,795
30.437
570 41 9.730 75
8,000
226
91,727
5 164-995 t 12.597 S 1.222.961 L-9.=
21 $ 89 S 690
S 91,727
164-006 5 12-597 970.9915 S 8.789
t 164-006 5 12.597 4 1.062.642 S R.7R9
31
Statement 8-1
I
Central
Mousing and
Urban
Economic
Minnesota
Economic
Storm
Redevelopment
Authority
Development
Action Grant
Development
Authority_
water Sewer
Improvement Impravemtnt
Initiative
Fund
Recovery
Grant
Sever TOTALS
Accena _ 199fi 1995
I_ S 287,034
$ 46,436
$ 382,482
5 593,123 S 596,218
S 310
$ 139,916
$ 14,118 $ 3,006,096 $
2,246,094
122,763
148,621
�.
1,751
32,186
29,793
928
2,937 38,700
52,989
30,714
170,000
178,000
161,000
226
269
77.372
466.883
71.970
91,727
616.223
146,825
521.399
�- 5 2P7.962
5 123.808
5 7.0�9�363
5 39b. Ob0 S fi36.b69
5_ 310
S 211.888
5 14.118 s 4�1� a$�1 5
3.285.575
$ 19,592
S 20,392 $
4,144
293
293
238
_ 8,000
S 27.885
S 1.751
S 1.751
$ 100,000
108,000
162.951
S 291,916 S
111,000
187.914
5 100.000
303. 29b
I_
$ 77,372
$ 466,881
$ 71,970
$ 616,223 $
$21,399
l_
S 260.077
S ,260.077
4 76fl7�62
46.436
S 123.808
S 123.POB
552.482
S 1.019.363
< 1 0+9 761
S 396.060 S 634.918
5 396.060 S 634.918
5 345. Ob0 SS 616 664664
S 310
5 310
6 39.918
91,727
S 14.118 3-100.626
S 14.118 S 3.808_S76 S
S 14.118 S 4.100.212 S
146,825
2,314 -OSS
4 121.888
� 211.P8B
2,982-274
3286. S7S
5 310
32
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
Capital
Shade Orderly Outlay
Ttee Annexation Revolving Library
Revenues
Taxes S 12,154 S 1,363 S 281,082 $ 30,983
Intergovernmental 1,423 106 25.803
Charges for service.
Miscellaneous 4,800 9.785 1,907
Interest 9.476 698 46,215
Collections on assessment. 37.592
Total Revenues a 27.453 5 .2.167 S 400.467 _ 32.990
Pxnenditureh
Public safety $ 346
Parke and recreation $ )1,764
General government $ 11,773
Community development
Debt servrce
Capital projects S 94-259
Total Expenditures S 11.773 S 146 S 44.259 S 31.764
Excess (Deficiency) of
Revenues over Expenditures $ 16,080 $ 1,821 $ 356,208 $ 1,126
Other Financing Sources (Ones)
Tranafers in (out) (23-729)
Excess (Deficiency) of Revenues
and Other Sources Over Expen-
ditures and Other Uses 5 16,080 $ 1,821 $ 332,479 S 1,126
Fund balance$ at beginning of year 147,926 10,776 730,163 13,794
Prior Period Adjustment _ (6.131)
FUND BALANCES AT END OF YEAR169.005 ^� 12.597 5 1.062.642 S 9.789
33
Housing and Urban Economic
Redevelopment Development Development
Authority Action Grant Authority
S 497,852
1,614
5,000
$ 3.008
17,007 $ 15,446 39,749
$ 521.473 S 15.446 S 43. SS7
$ 460,175 $ 120
S 460.175 S 120
$ 61,298 $ 15,446 $ 43,437
. M6. 200) (150.000) 290.000
$ (74.902) $ 4134,5541 $ 333,437
334,979 258,362 685,926
L --2A0.= S 127.808 t 11 0a6t
Water Sewer
Imorovement Improvement
S $9,969 $ 325,754
21,346 30,871
S 111.315 356.625
5 13.9GI
S 13.951
S 97,364 5 356,625
(75.000)
S 97,364 $ 281,625
298,696 353,293
34
Statement 8-2
Central
Minnesota
Economic
Storm
Initiative
81xnd
Recovery
Qrant
Sever
Access
1996
TGTA1.-4
1995
S
023,434
S
690,565
28,946
51,008
$ 13,520
434,243
310,531
$ 130
$ 1,195
21,625
87,335
12,509
598
S
193,915
37.582
S
164,068
41.2BB
1.539.745
1.544.795
S 136
S 11.704
S 14.118
$
146
S
28,190
31,764
25,098
11,773
13,240
460,295
186,918
58.210
562.388
S
3,538
241.147
498.131
$ 130
S 13,704
$ 14,118
$
977,357
$
1,046,664
$ 130
(50.000)
$ (36,296)
S 14,118
$
(144.929)
832,428
S
(571.619)
474,845
180
5 314
148.184
S 14.128
S
2,962,279
t6.1311
$
2,507,434
2.982.279
� 1i 1.888
3571,
CITY OP MONTICELLO
Statement B-3
SHADE TREE FUND
STATEMENT OP REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Property taxes
Intergovernmental
Tree removal and replacement
Interest income
Total Revenues
Frffnditures
Salarias and employee benefits
Contracted services
Supplies
Other
Total Expenditures
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
$ 12,038 $ 12,154 $ 23,460
1,097 1,423 2,564
3,550 4,800 760
3,700 9,476 8.678
S 20.385 S 27,853 5 35.462
$ 8,410 $ 8,322 $ 4,595
10,000 1,211 7,312
900 391 166
1.075 1.849 1,167
S 20 16S S 11, 77A S 13-240
35
.,. _6 $ 16,080 $ 22,222
147,926 125-704
S 164.006 S 141.926
CITY OF MONTICELLO
Statement B-4
ORDERLY ANNEXATION FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FOND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Property taxes
Intergovernmental
Interest income
Total Revenues
94Q,pndi +r
Salaries - board members and
secretary
Other
Aid to other governments
Total Expenditures
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
Budget _ Actual Actual
$ 1,196 $ 1,363 $ 26,590
254 106 3.078
250 698 45,6E
$ 1.700 S 2.167 S 30.224
$ 11100 $ 325 $ 635
600 21 55
27. SOD
$ 1.7D0 S 346 S 28.190
..._ n $ 1,821
10 L
S 12i 97
36
$ 2,034
CITY OF MONTICELLO
Statement B-5
CAPITAL OUTLAY REVOLVING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
with Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Property taxes
Intergovernmental
Interest income
Collections on assessments
Other
Total Revenues
Fr9nnd&L man
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
1996 1995
$ 281,905 $ 281,082 $ 394,878
25,457 25,803 43,584
21,000 46,215 34,766
34,665 37,582 41, 2BB
12.000 9.7 u 50.669
S 375.027 5 400.467 S 565.185
$ 607,362 $ 44,259 $ 200,498
3.600
S 610.962 S 44.259 S 200.498
S (235,935) $ 356,208 $ 364,687
L_.(&3§.935) $ 332,479 $ 121,518
730.163 608 646
S 1.062.642 55 7
37
CITY OF MONTICELLO
Statement 8-6
LIBRARY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Property taxes
Other revenue
Total Revenues
gApendi[ures
Saidiles and e^ri nyne benefits
Supplies
Professional services
utilities
Insurance
Repairs and maintenance
Other
Capital outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
1996
Budge[ Actual
1995
Actual
$ 31,095 $
1.200
30,983
1.907
$
30,776
1.641
S
32.417
32.890
S 32.295 S
$ 5,700 $
6,194
$
294
i"/!"i
.,3^6
1,529
9,325
a, 569
8,640
8,300
7,236
7,390
1,370
1,297
1,282
3,375
1,067
387
1,475
1,140
1,231
1.000
4. 95�l
4.345
S 32.295 S
]1.764
6
25 099
n $
1,126
$
7,319
38
13,794 6,475
(6 111)
8.789 S 13.794
CITY OF MONTICSLLO
Statement B-7
HOUSING AND REDEVELOPKENT AUTHORITY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Taxes
Intergovernmental
Interest income
Other
Total Revenues
Exnenditures
Land acquisitions
Salaries and employee benefits
Legal and professional fees
Interest
Other
Total Expenditures
Excess of Revenues over
Expenditures
O har Finar,e ing Sourees (Uses)
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Excess of Revenues and Other
Sources over Expenditures and
Other Uses
Beginning Fund Balance
ENDING FUND BALANCE
19p6 1995
Budget Acrual Actual
$ 490,447 $ 497,852 $ 414,861
1,593 1,614 1,782
16,000 17,007 28.679
5.000 33.000
S 521.473 S 478.322
$ 295,661 $ 105.000
$ 13,765 13,491 12,670
4,750 70,704 11,520
3,538
75.802 80.319 55 666
i 94.317 S 460.175 S 188.394
$ 91,250
S (227.450) (227.950) S (328.6Sn)
S (227.450) S (136.200) S (328.650)
S 186.273 $ (74,902) $ (38,722)
334.470 373.701
S� S
39
CITY OF MONTICELL40
Statement B-8
URBAN DEVELOPMENT ACTION GRANT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenue,
Interest
Excess of Revenues over
Expenditures
Other Financing Sour— fu—n)
Transfer, out
Excess (Deficiency) of Revenues and
Other Sources over Expenditures
and Other Uses
Beginning Fund Balance
ENDING FUND BALANCE
I Lu 1995
Budget Actual Actual
S 11.120 S 15.446 S 20.391
$ 11,120 $ 15,446 $ 20,391
L--AA—I20 $ (134,554) $ 20,391
256.362 237.971
S 123.808 $ 2.�6. 3�2
40
CITY OF MONTICELLO
Statement 8-9
ECONOMIC DEVELOPMENT AUTHORITY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenue
Interest income
Other
Total Revenues
RY ndi r e
Other
Excess of Revenues over
Expenditures
Other Financing Golrc a
Transfers in
Excess of Revenues and Other
Sources over Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
Budget Actual Actual
$ 17,445 $ 39,749 $ 28,937
3.808 75^
$ 17,445 $ 43,557 $ 29,687
2.120 Ila 2_t+62
$ I5,325 $ 43,437 $ 27,625
5 115.325 $ 333,437 $ 27,625
685 926 65a301
e 5 .685.926
41
CITY OF MONTICELLO
Statement B-10
WATER IMPROVEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Hoak -up fees
Interest
Total Revenues
P.xnendsruren
Capital improvements
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
Budget Actual A +ac Lt
$ 76,080 $ 89,969 $ 71,853
6.000 21.346 16.010
$ 82,080 $ 111,315 $ 89,863
20s0o 13. 95k 0
S 61.580 $ 97,364 $ 89,863
298.696 248.833
5 396.060 S 298.696
42
CITY OF MONTICELLO
Statement B-11
SEWER IMPROVEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Hook-up fees
Interest
Total Revenues
Expenditures
Capital improvements
Exccaz cf pe—n—s over
Expenditures
other Financing sources (Uses)
Transfers out
Excess of Revenues and Other
Sources over Expenditures
and Other Uses
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
Budget Actual Actual
$ 189,400 $ 325,754 $ 235,918
3.700 30.871 14.015
$ 193,100 $ 356,625 S 249,933
28.000 40.649
5 165.100 $ 356,625 $ 209,2tl4
43
$ 281,625 $ 209,284
353.291 144.009
5 634.918 S '+s 1.2oa
CITY OF 14ONTICELW
Statement a-12
CENTRAL MINNESOTA INITIATIVE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
with Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
other
Total Revenues
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1446
Budget A tUaal
1995
actual
S 195 S
130 S 110
130 S 110
$ 195 $,.
44
i
I
I.
I.
• I.
I.
I.
I.
I
CITY OF MONTICELLO
Statement B-13
ECONOMIC RECOVERY GRANT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Actual Amounts For The Year Ended December 31, 1995
Revenues
Interest
Other
Total Revenuea
Excess of Revenues over
Expenditures
O h r P'n ., ina co +rces (Ua al
Transfers out
Excess (Deficiency) of Revenues
and Other S—rces 0:•cr Mnpen-
ditures and Other Uses
Beginning Fund Balance
ENDING FUND BALANCE
1996 1995
BuQget Actual Actual-
-$ 7,625 $ 12,509 $ 12,036
180 1.195 1.165
S 7.805 5 1].709 5 13.201
$ 7,805 $ 13,704 $ 13,201
(50.000)
S 7.805 $ (36,296) $ 13,201
148.184 134.983
S 111.888 5 198.184
45
CITY OF MONTICELLO
Statement
STORM SEVER ACCESS
STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCE
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
Revenues
Hook-up fees
Interest
Total Revenues
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1996
Budget Actual
$ 13,520
-,qq
n S 14.118
$ 0
0
46
CITY OF MONTICELLO
Statement C-1
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1996
With Comparative Totals at December 31, 1995
LIABILITIES Atm FIPM
Pawu
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Fund Be lances
Reserved for debt
"ice.
TOTP-L LIABILITIES
AND MID BALANCES
5 589.726 S 101.542
$ 589,726 $ 101,542
47
Cenenl
General
Obi lgatlon
General
General
Obligation
Sever
obligation
Obligation
Tax Increment
A0Id. of 1985
Consolidated
Bond FLW
Interceptor
Bonds OL 1986
Improvement
Benda oL 1977
Improvextlt
121111-21-1211
Cash and investeents
S 79,586
$ 252.469
S 655,419
Accounts receivable
15a
747
Special assessment.
Deterred
154.426
99,484
Delinquent
1]5.101
3 M
TOTAL ASSETS
S 19.594
S 942.154
5 o
S 757.7.9
S C
LIABILITIES Atm FIPM
Pawu
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Fund Be lances
Reserved for debt
"ice.
TOTP-L LIABILITIES
AND MID BALANCES
5 589.726 S 101.542
$ 589,726 $ 101,542
47
CITY OF MONTICELLO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1996
With Comparative Totals at December 31, 1995
LIABILITI
AALMS$i
Liabilities
Cash deficit $ 11,767
Deterred revenue 98.129
Total Liabilities 5 109,896
6Lnd Balance.
Reserved for debt
service. S 28.]11 (8.867) S 171.]51
TOTAL LIABILITIES
AND FUND BALANCES S 0 S 28.199 5 101.029 S 171.]51
48
5 280,906
S1].156 190.178 S 11.791
S 13.156 $ 771,396 S 13,744
General
General
General
General
General
General
General
General
General
General Obli-
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
Obligation
gation Taxable
Tax Increment
Tax Increment
Improvement
Water
Taxable
Improvement
Tax Increment
Improvement
Improvement
Tax Increment
Bonds
Seriee 1987Aries
Bond.
s 19870
Bond.
Serie. 39BBA
Bonds
_ _ e 1988
Bonds
EILICL12AIAL
Sonde
Series 19891
Bond.
Serle. 1990A
Bond.
arias 19908
Bond.
Series 1990[
Bond.
Se rima 1990D
Cash and Investment.
$ 26,344
5 171,058
$ 11.864
5 33,617
$ 178,201
5 58,363
Accounts receivable
$ 2.900
293
66
$ 116
56
Special assessment.
Deferred
91,330
12,307
13,128
Delinquent
6.799
769
490.938
615
TOTAL ASSETS
S 0
S 2..111
5 101.029
S 171_]51
S 31-861
S 16.817
S 0
S 190-551
S 192. Ot!0
1 --aa]"
LIABILITI
AALMS$i
Liabilities
Cash deficit $ 11,767
Deterred revenue 98.129
Total Liabilities 5 109,896
6Lnd Balance.
Reserved for debt
service. S 28.]11 (8.867) S 171.]51
TOTAL LIABILITIES
AND FUND BALANCES S 0 S 28.199 5 101.029 S 171.]51
48
5 280,906
S1].156 190.178 S 11.791
S 13.156 $ 771,396 S 13,744
Statement C-1
(Continued)
General
General General General General General General General General Obligation
Obligation Obligation Obligation Obligation Obligation Obligation General Obligation Obl l gat IonS-
a
r Inter -
Improvement Ie�rovement Tax Increment Tax Increment Refunding Refunding Obligation Improvement Refunding ceptor Refund.
Bond, Bond, Bond Bond Bond. Bond. leprovement Bond. Bonda ing Bond. rural.
t re iea��99.s Serie. 1992A Series 199] Series 19930 Settee 1993& Series 1994& BOnda mf 1995 Series 1996A of 19960 Series 1996[ 1996 1995
$ 190.444$ 788,780 $ 23,097 $ 15,287 S 203,013 $ 270,95B $ 996,665 5 707 $ 147,964 S 106,289 5 1.660.943 $ 3.324.088
9 31 266 294 4,767 154 290 10,247 14,367
75.810 26,051 1,587,829 162.277 2,161.661 2.361.714
7.718 6.575 951.293 993.975
5 324.001 S 414-864 5 ]]-097 $ 35.387 S 284.0]9 5 271.352 S 2.995.835 S 16]-198 $ 147.984 5 104.5]9 5 7.004.164 S 6.642.]60
5 41.548 $ 26.051$ 292.675 S 241.274
$ 41,5{8 $ 26.051 S 1.594.402 $ 162.217 3.132.973 3.304_309
5 1,594,402 5 162,23] S 3,425,648 $ 3,545.583
224.001 168.81] 5 2].097 L----AA-267 S 284.079 S 271.2__ 1-001-433 961 5 14]_984 S 104.579 3.576.516 1.09].171
$ 224.001 $ 411.864 $ 21.091 5 15.28]
"-"=
L--UL—A"..&—=.wS 14]_961 5 106.579 5 7.004.164 5 6.642.760
49
CITY OF MONTICELLO
Statement C-2
DEBT SERVICE FONDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
General
General Obligation General General
Obligation Serer Obligation Ohl igat ion
Tax Increment consolidated Interceptor Isprovement Iaprrnrent
Bond, of 1985 Band Fund Rood. of 1986 Ponds of 1977 Bonds of 1996
even...
Taxa. $ 114.123 S 7,795
Collections on seats see, nts 5 16.506 41,094
Intergoverneental 10,482 716
Interest on inveatments S a9a 14-114 2.045 17.405
Total Revenues L=___898 L=_12."2 5 S2fi.550 S 93.434
Ern ,�di ttyr,,
Debt service
Principal retirement S 15,000 $ 650.000 S 65,000
Interest and fiscal charges 22.168 42.435 12.418
Total Expenditures S 17.168 S 692.435 S 17.011
Excess (Deficiency) of Rev- ,
enues Over Expenditures g, 136.2701 S 12.920 a (S65.7A51 S 15.922
Other Financin, Source. (Uses)
Transfer. in tout) S 35,575 5 (104,5791 S 1196,341)
Bond Proceed. 579.135
Total Other Financing
sources (Uses) S 3S.575 S 474.556 S (396.141)
Excess (Deficiency) of Rev-
enue. and Other Sources
over Expenditures and
Other Gas$ S 7695) $ 32.620 S (91,229) S 15.922 5 (196,141)
Fund balances at beginning of
year 40.279 219.808 91.229 640.244 196.141
FUND BAIA$= AT END
OF YEAR S 39.584 9 252-628 E 0 55 656 166166 5 4
50
CITY OF MONTICELLO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
General General
Obligation Obligation
Tax Increment Tax Increment
Bond. Bonds
Series 19B7A eriea 19978
• ^
Taxes
Collection* on sa.es.ments
Intergovernmental
Interest on investments
S 399
Total Revenues
5 199
AmenA dl"n
Debt service
Principal retirement S
170,000
S 25.000
Interest and fiscal chargee
11.828
1.949
Total Expenditures S
IR1.s28
S 28.949
Excess (Deficiency) of Rev-
enues Over Expenditures S
(181.028)
S 129.450)
h r P n n ins So art n l �s ^)
Other
Tranafera in (out) $
12,0]6)
S 26,175
Bond proceed.
110.549
Total Other Financing
Sources (Use.) S
127.711
L___26_175
Excess (Deficiency) of Rev-
enues and Other Sources
Over Expenditures and
Other Uses 5
(54,115)
$ (2,075)
Fund balance* at beginning of
year
54.115
]0.419
FUND BALANCSS AT END
OF YEAR 5
0
5 29.144
51
General General General General General General General
Obligation Obligation Obligation Obligation Obligation Obligation Obligation
Improvement Mater Taxable Improvement Tax Increment Improvement Improvement
Bonds Bond. Bonds Bond. Bond. Bond. Bonds
Series 1988A Series 19.. Series 1999A Serlee 19998 _ e 1990& JCLjjA_A2jSaL Series 1990C
S 115,672 S 21,599 6 45,691 5 22,015
$ 21.760 2,294 51051 10,008
10,602 1,984 4,197 2,022
6.284 S 698 1.147 9-626
i 21.]60 S 112.118 S 698 S 27.014 5 54.945 5 41.]51
6 105,000 S 65,000 S 10,000 S 25,000 S 180,000 S 445.000 $ 25.000
•2.168 52.91] 20-606 9.417 _ 21.21c 46 519 12.122
S 147.168 5 117.917 5_ ]0.606 L_12-112 5 403_215 S 491.519
S (125.608) $ 14.401 S (29.908) L___(6_422) S (401.215) S (416 574) S 6.429
S 29,450 S 17,IS4)
]11.241 ]88.995
S 29.450 S 104.087 S 198.995
$ (125.600) $ 14,401 S (458) 3 (6,421) S 199,148) 5 (47,579) 5 6.429
316.]41 _ 156.950 32.122 40.10• 99.148 Ill] 211) 171.627
5 18.867) 517 S 31.864 5 17.681 5 0 S 1280.]92)
Statement C-2
Montinued)
General
General Obli- General General General General Gene to General General Obligation
gation Taxable Obligation Obligation Obligation Obligation Obligation Obligation General Obligation General Serer Inter.
Tax Increment Improvement Improvement 'rax increment Tax Inclement nef-ding Ar[u«dilry GLllyeilal :mpzc.ccc:t ^blig+lion ceptor Refund-
Bonde Benda Benda Bond Bond Bond. Gonda Improvement Bond. Refunding ing Bond. Total,
Se[ie, 19909
Serie, 1591A aerie. 1992A Aerie, 1992 Aerita 19921) Serie, 1991A Seri,. 1994A ponds of 1995 Serle, 1996A Bonds of 19968 Eerie, 1996C 1996 1995
$ 3,570 1$ 30.175 $ 104.791 $ 115,967 $ 33.856 $ 595,010 3 636.754
5,780 17,919 $ 979,852 10,290 1,121,624 407,051
328 935 9,624 101651 3,110 54,651 70,097
5 997 10.922 22.942 5_ 549 S 34,9 32.967 11.621 27.091 5.017 S 2.444 161.735 167.821
5 997 S 21.600 S 51.971 5 549 5 349 S 127.372 S 118,239 S 1.002.941 5 S2_293 5 2.444 $ 0 5 1.915.020 s 1 le, S19
$ 35.000 $ 75,000 5 75,000 $ IS,000 $ 10,000 S 130,000 $ 230.000 S 2,550,000 $ 925,000
17.602 14.537 27.592 6.663 4.225 7.115 $ 19.862 S 213.788 17.671 626.449 480.746
5 52.602 S 89.837 5 102.892 5 21.663 $ 14.22s 5 137.135 s 19.662 S 213.799 S 247.673 5 0 S 3.178.449 5 1.405.746
5 151.605) 5 166.237) $ (50.021) S (21.114) S_ (13.876) S (9,761) 5 118.177 1 789.155 S 1195.380) 5 2.444 S 0 5 (1.24].429) S 1123.217)
$ $4,025 $ 20,475 $ 13.400 $ 196.341 $ 145,540 5 104.579 s 318,050 $ 320,650
1.409.920 17.505
5 ,1,4.025 5 2047S 5 13.400 5 196.341 5 145.540 5 104.579 1.724.770 S 346.155
$ 2,420 $ 166,237) $ (50,921) $ (639) $ (476) $ (9,763) $ 116.377 5 789,155 $ 961 $ 147,964 5 104,579 $ 481.341 S 222.930
55.943 246.690 439.714 23.736 15,791 291 152.575 212.278 0 0 0 3.097.175 2.874.239
S 8-151 $ 180 4s3 S 388.81] S 21.097 S 25 ZR7 1
+� SS 271.2x7 $ 1p 0� G1417 g 461 S 147.984 5 104.579 1.578.516 $ 7.097.177
52
CITY OF NONTICELLO
Statement D-1
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
December 31, 1996
53
1993 public
Ocellol
8$r=it
Weadoe
Deka
Works Bldg.
Butwod
school
rater
Southwest
[lois
Brier
Csrdisal
Cash and investeenta
S 60,057
R—juesioa
Knoll
5 244,939
Boulevard
$ 372,685
Raearvsir
5
56,582
Ata,
5
28.536
parse
$
196,015
Pak, _
Rills XV
$ 24,491
Long term receivables
75,005
Accounts receivable
483
TOTAL ASSL7T9
S 6s.Oc7
5. 0
S 121.22]
5 172 69c
S
56.582
5.
26.576
5
146.015
5 0
5 24.491
LIABILITIES AND FL.:_ BALANCES
Liabilities
Cash deficit
Accounts payable
$ 383
$ 910
5
1,350
Contract, payable
18,099
$ 14,964
2,909
15
5
56.592
$ 20.752
Deferred revenue
46.375
32.000
Total Liabilities
5 1a.482
s 14,064
5 50.194
5
r
1.165
5
ah -S92
S 28 752
Fuld Balances
Designated for capital
ieyrovement,
5 49.575
S 230,458
$ 322,491
5
56,582
5
27,171
5
107,423
5 (4,261)
Reserved for noncurrent loan,
receivable
7c 90c
Total Fund Balance.
S 49.575
5 306.253
5 122.491
S
c6 c82
S
27.171
L
107.421
5 (4.261)
TOTAL LIABILITIES AND
FOND BALANCES
5 68.057
5 0
5 121.227
5 ,7l] 6
S
c6 cB2
S
29.536
5
196.015
5�0
5 24.191
-------------------------- _--------
_------------------
______......
_...... _..__...........
WWTF
..._.._.....__..............
..._.....................
._..............._...__..__
ASSETSBills
Cardinal
V
patbwey
protect
Rapaasioo
Dundas
Brier
Biala
Riwer
St.
Ray 2S
Cash and investarents
; 116,952
Vr,1,rt
Road
S 21,079
Oaks
$
72,650
paras
$
lad
0,025
Trk SAW
5
BEN
4,439
WH DOT lea
S 6,080
Total
$ 1,226.338
Long term receivables
75.805
Accounts receivable
BT 533
B8 119
TOTAL ASSETS
5� 22
5 8
S 0
5 21.8 T4
S 160
+
5
8.825
5
4.439
5 6 OBp
5 1. 392.2ca
LIARIL:TIES AND FL___ AALA=
Liabilities
Cash deficit
S 549
S 1,500.894
$ 1,601,443
Accounts payable
$ 505
110
$ ISE
6
14,033
5
85
S
291
18.682
Contracts payable
3,500
277,76S
60.725
111181
472,502
Deferred revenue
1.3c0
21.011
102A02
Total Liabilities
5
S 719
S 3 878 ace
---L=
S 2.156
S
Tc c
S
21.162
S
13.472
S 2 19S 410
Fund Balances
Designated for capital
i%wrovesents
S 113,597
5 (7141
5 (1,878.659)
3 25,123
S
84,924
5
432.337)
g
(7,03))
5 6.088
0 (078,977)
Reserved for noncurrent loans
receivable
7'• A0c
Total fluid Balances
5 Ill %97 c97
S (719)
S (1.RU J59)
S_ 2c-72$
5
R4 9141
(12.317)
S
(7-031)
5 6.088
Ifir'1-1721
TOTAL LIABILITIES AND
FOM) BALANCES
5 116.952
S D
S. 0
S 27 R79
S 260
a
5
8.825
�
5
4.439
6 0
5���88
S 3 102 a
D IY
53
CITY OF MONTICELLO
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1996
Statement D-2
Ism
Cardinal
1993 Publle
Is PrP
gap ... loo
Oc.II./
Briar
slain
Rlvar
at.
BBF 25
Mad-
wort.
Bldg.
eaat.00d
School
rater
O.Ae
Boutb.a.t
Al.i.
TRA RAB
Briar
Cardinal
Pll1a IV
Revenues
Interest income
Oa)u
S 4,339
RaRaosion
$
Anoll
S 18,359
EOulerard
$ 28,426
Area.-
5
3,391
5 2,643
Parse
S
11.970
OeAe
5 1.746
469.796
Other
7.423
5 90,426
Other
97.262
S 16.200
97-632
S 471.542
Total Revenueo
L---U-2k2
678.]13
5 115.621
5 28.126
5
].]91
5 2.643
5 1.196
11.970
95-961
S 499
BSmendL n
Construction contract.
$ 11,292
5
6,679
5 20,790
5 93,523
$
27,151
S 20,709
S
2,580
S
$ 10,660
3.324
Engineering and other
1.522
71,754
5.839
2-016
19.178
Engineering and other
1.557
5 5.203
5 1.755.998
26.662
Total Expenditures
5 14.814
$
12-516
5 22.806
S 112-701
1 931 4S7
Total Expenditure.
5 22_jj§
5
2.560
5 1.755 999
$ 1].964
Excess (Deficiency) of Revenue. over
47] 954
S 12.9]6
5
92.0]7
5
]. 91j
_ 2.712.256
Excess IDeficlency) of Revenues over
Expenditures
L --LL=)
j --j12.=)
S 92.815
S 164.273)
5
1 391
5 119.623)
S
9.190
121.395)
5 457.556
Other Plndnclna B n IUaee1
Transfer in - -
S (144.544)
S
22.625
S (12.337)
5
192.0311
5
1].9121
- 11.94].517)
Other Financing Sources I119ee)
Transfer in
Transfer out
5
3,265
S
75,000
5
10,000
S 124.619
$ (3,265)
Bond proceeds
(3.265)
Bond proceeds
Total Other Financing Source. (Uses)
5
22.625
5 170.267
459.652
5 I;�S)
629.919
Excess (Deficiency) of Revenues and
L ---.L].729
5 170.267
5
462.917
S
75.000
$
10.000
Other Sources over Expenditures and
Excess (Deficiency) of Revenues and
Other Uses
S (3.052)
$
10,107
S 92,815
S (84.213)
S
3,391
S 119.623)
S
91390
5 (3,265)
$ 457.558
Fund Balance at beginning of year
52-62]
110.1071
213.446
406.764
S 9.526
5].191
46.794
S
96.0]3
3.265
(461.619)
FIRM BALANCE AT END OF YEAR
...............................................................................................................................................................................---------
5 49.575
5
0
5 106.261
5 322.491
S
56.582
S 27.171
5 10].421
S 0
14.261)
........
54
Cardinal
Fath..y
Is PrP
gap ... loo
Dundas
Briar
slain
Rlvar
at.
BBF 25
Revenue.
Rllle
V
Prelaet
Pro4eet
Road
O.Ae
W312 -191-
TRA RAB
RPB
FW DOS Imo
Total
Interest income
$
9.426
S 1,396
$
9.229
S 499
5 90,426
Other
S 16.200
97-632
678.]13
Total Revenues
S
9-426
S 16.200
5 1.196
95-961
S 499
5 769.739
5201`01"112
COAs[NttiCn contracts
$
27,151
5 119.279
S
392,471
S
71,754
5
3,912
5 790,799
Engineering and other
3.670
5 5.203
5 1.755.998
26.662
91.393
1 --ALMA
10.279
1 931 4S7
Total Expenditure.
30 62t
5 5.201
5 1.755 999
S 145.940
47] 954
S 12.9]6
5
92.0]7
5
]. 91j
_ 2.712.256
Excess IDeficlency) of Revenues over
Expenditures
9
121.395)
5 15.2031
5 (1.739.798)
S (144.544)
3 (377.993)
S (12.337)
5
192.0311
5
1].9121
- 11.94].517)
Other Financing Sources I119ee)
Transfer in
S 13,729
5
3,265
S
75,000
5
10,000
S 124.619
Transfer out
(3.265)
Bond proceeds
5 170.267
459.652
629.919
Total Other financing Source. (Uses)
L ---.L].729
5 170.267
5
462.917
S
75.000
$
10.000
]51 277
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Use.
S
(21,395)
S 9.526
$ (1.739,788)
S 25,723
S
84,924
S 112,]37)
5
17.0331
S
6,099
S (1,192.244)
Fund Balance at begiming Of year
114.992
19.2451
1139.971)
O
0
0
0
0
_ 399.072
FUND BALANCE AT ED) OF YEAR
S
111.597
S 1719)
S II.B7B-659)
S 25.723
A
94.924
5 172.777)
5
17.01])
5
6.0981")
54
CITY OF MONTICELL0
PROPRIETARY FUNDS
COMBINING BALANCE SHEET
December 31, 1996
with Comparative Totals at December 31, 1995
AS=
Current Assets
Cash and investments
Accounts receivable
Inventory
Prepaid expenses
Total Current Assets
Property and F.auiomen[
Land, buildings and improvements
Equipment
Less: Accumulated depreciation
Property and Equipment - Net
Other A--
Special
e4 nSpecial assessments receivable - deferred
Special assessments receivable - delinquent
Total Other Assets
TOTAL ASSETS
1. AAI IT1 S App F:OUITY
current Iiahilirieq
Cash deficit
Accounts payable
Accrued expenses
Due to other funds
Total Current Liabilities
Deferred revenue
Total Liabilities
E—ity
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
Statement E-1
TOTA S
Sever water Liquor Transports- Cemetery December 31, December 31,
Fund Fund Fund tion Fund Fund 1996 1995
$ 213.032 $ 210.372 $ 405.854 S 829,258 $ 529,526
162,988 57,598 (31) $ 37 220,592 193.169
201,500 201,500 172,612
1.938 4.267 3.102 9.314 10.326
S 377.958 $ 272.237 S 610.432 S 37 S Q S 1.260.664 S 905 631
S 12,124,948 $ 6,019,111 $ 273,164
180.280 151.088 84.629
S 12,305,228 $ 6,170,199 $ 357,793
(5.310.275) (2.596.141) (240.813)
S 6.994.951 S 3.574.058 P 136 980
$ 18,417,223 $ 16,122,632
415.997 413.761
$ 18,633,220 $ 16,536,393
18.147.229) 17.300.304)
S 10.665.991 S 9.236.089
$ 27,381 $ 27,381 S 26.411
5.759 5.759 6 415
S 37.140 S 37.140 S 32.866
5 7.372.911 5 3.879.415 5 727.412 S 37 $ 0 S 11.979.795 S 10.174.608
$ 12,063 S 850 S 12,913 5 1,154
S 35,575 5 6,540 S 475 38 75 42,703 22,207
863 28,034 49,578 53 22 78,550 64,168
$ 36,438 S 34,574 S 120,053 S 12,154 S 947 $ 204,166 S 137,529
33.140 37.140 72.886
L-16—ill S 67.714 P 120.051 _ 12.154 S 94.1 5 237.306 S 170.415
S 6.339.448 $ 3,552,752 S 9,892,200 $ 8,430,164
997.025 258.969 S 607.359 S,._ (12.117) S 194Z) 1.850.289 1.574.029
S 7.136.473 S 3.811.721 S. 607.359 S (12.117) S 1941) S 11.742.489 S 10.004.193
""La" S 1-15 $ 727.412 5��7 S 0 S 11.979.795 S 10.174.608
55
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
Statement E-2
56
TQUV
Sewer
Fund
Mater
Fund
Liquor
Fund
Transporta.
tion
Fund
Cemetery
Fund
December 31,
1996
December
1995
31,
sales and Cost bf cal a
Sales
$
1,852,661
$ 1,852,661
$
1,653.333
Coat of sale.
i.401908
I.401. 906
1.267.143
Gross Profit
$
450,753
$ 450,753
$
385,390
Operating Revenues
Utility user fees, connection., inspection
fees and other operating revenues
S 597.974
S 254.909
S
27.114
IS 4.016
884.011
796.697
Total Gross profit and operating Revenues
S 597.97A
S 254.909
S
450-753
S
27 Ili
5 4.010
5 1.334.764
S
1.182.887
OperBtinq Fxp na e,
Salaries and employee benefits
$ $9.553
$ 78,153
S
140,671
$
1.958
S 356
$ 280,691
$
269,940
Utilities
9,482
47,915
13,485
70,882
57,251
Supplies and materials
10,768
32,438
8,695
447
105
52,453
45,728
Repairs and maintenance
4,588
452
6,529
11,569
13,914
Depreciation
624.233
211,045
13,711
848,989
632,405
Insurance
11,816
11,185
12,078
35,079
35,048
Professional fees
442,74$
10,347
2,656
63,637
4,496
524,084
510,825
Advertising
6,265
38
6,323
5,421
Miscellanso 8
1 626
16.461
13-421
62
34.476
;3 91{
Total Operating Expense.
S 1.166 713
$ 409.961
S
217.5,13
S
66.349
S 4.957
5 1.865.648
S
1.594.446
Operating Income (Loss)
S 1668 736)
$ t1S5.08V
L__233=
c
(39.235)
5 (947)
5 (530.764)
S
(411-5S9)
Other Revenues l .xp ns s)
Property taxes
$ (803)
S
(177)
S (980)
S
(778)
Interest income (expense)
9,925
$ 10,224
16,733
$
(549)
36,333
75,604
Intergovernmental
26,456
26,456
31.879
Cash over (short)
(288)
(288)
175
Miscellaneous income
10,500
1,429
11,929
(2,312)
Rental income
22.7
Total Other Revenues (Expenses)
5 42-346
L----U-Z24
5
16.266
S
27.316
S 96.174
S
108.836
Income (Lose) Before Transfers
S (526 189)
S (144.863}
S
249.488
a
(11'899)
S (947)
S (434.6101
5
(302.723)
Transfers
Transfers out
5
1112. 6,jg)
S. (112.625)
S
(432.296)
Net Income (Loss)
S (526,369)
$ 4144,863)
$
136,863
S
(11,899)
$ (947)
S (547,235)
S
(735,019)
Retained earnings at beginning of year
901,054
202,697
470,496
(218)
0
1,574,029
1,707,717
Depreciation -contributed assets
621.092
201 116
Retained Earnings at End Of Year
S 995_.767
$ 268 469
5
607.359
S
(12.117)
S 1947)
622.227
S 1.849.021
S
601.331
1 61{ 0 9
Contributed capital at beginning of year
$ 5,676,482
S 2,753,682
5 8,430,164
$
9,024,422
Assets contributed during year
1,285,326
1,000,205
2,285,531
7,073
Depreciation -contributed assets
Contributed Capital at End of Year
(621.092)�r)
S 6.340.716
5 3 cc? 252
(822.227)
S 9.893.468
S
(601 131)
8.430.164
RETAINED EARNINGS/CONTRIBUTED CAPITAL
END OF YEAR
55 7316
C4 1
5
607 354
$
(12.117)
S 1947)
5 11.742.989
$ 10
009 193
56
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1996
With Comparative Tota le For The Year Ended December 31, 1995
Statement E-3
TOTAL -S
Sever Water Liquor Transports- Cemetery December 31, December 31,
Fund Fuad Fund [ion Fund Fund 1996 1995
Cash floes from operating activities:
Net income (lose) before transfers $ (526,389) $ (144,863) $ 249.488 $ (11,899) $ (947) $ (434,610) $ (302,723)
Adjustments to reconcile net income to net
13,711
cash provided by operatinq activities:
632,405
Depreciation
624,233
Changes in assets and liabilities
6,515
(Increase) decrease in accounts receivable
(16,6211
(Increase) decrease in inventory
3,122
(Increase) decrease in prepaid expenses
1511
(Increase) decrease in special assessments
(506)
receivable - deferred
300
(Increase) decrease in special assessments
(3,676)
receivable - delinquent
Increase (decrease) in accounts payable
19,094
Increase (decrease) in accrued expenses
311
Increase Idecreace) in due to other funds
(18,676)
Increase (decrease) in deferred revenue
1300)
Net Cash Provided by Operating Activities S
100.977
Cash flovs used on noncapital financing activities:
20,000
Transfers out
(50.000)
Cash floes from capital related financing
activities:
Capital Expenditure.
Equipment
Building and improvements
Net Cash (Used) in Financing Activities
Net increase (decrease) in cash and cash
equivalents $
100,577
Cash and cash equivalence at beginning of year
112 455
Cash and Cash Equivalent. at End of Year S9
211 017017
57
211,045
13,711
848,989
632,405
(11,820)
100 918
(27,423)
6,515
(28,888)
(28.888)
3,122
891
172
1,012
(506)
(1,210)
(910)
(3,676)
656
656
(51108)
3,278
(1,991) 38
75 20,494
(18,676)
3,395
10,620 34
22 14,382
3,116
20,000
20,000
(50.000)
2)
S (2,236) S (2,236) S (49,605)
(11.122) (11.122) 116.165)
S 111 158) S (13.350) S 165.770)
S 61,926 $ 137,229 $ (10,909) $ (850) S 287,973 S (224,813)
148 446 260.625 11.154) 0 52. 177 757.105
S 2�1_0.17y7 $405 = $ 112.063) L---.=) $ 528.372
CITY OF MONTICELLO
Statement E-4
SEWER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1996 and 1995
ASSETS
CUXLCaLAaa=
Cash and investments
Accounts receivable
Prepaid insurance
Total Current Assets
Property and E+ipment
Land, buildings and improvements
Equipment
Lees: Accumulated depreciation
Total Property and Equipment - Net
Special assessments receivable - deferred
TOTAL ASSETS
LIABILITIES RAID EQUITY
rlrrent Liebilitie_a
Accounts payable
Accrued expenses
Total Current Liabilities
Deferred Revenue
Total Liabilities
Sm1itY
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
58
1996 1995
$ 213,032 $ 112,455
162,988 146,361
1 qIg 1 BR7
S 377.958 S 260.709
$ 12,124,948 $ 10,841,684
180.280 180.200
$ 12,305,228 $ 11,021,964
(5.310.275) 14.688.105)
S 6.994.953 p 6 331 R5q
S q S Inq
S 7.372.911 S 6.594.860
$ 35,575 $ 16,480
R6; 55j
$ 36,4.38 $ 17,032
0 Inn
S 36.930 S 17.3'+2
$ 6,339,448 $ 5,676,482
997.025 901.054
6
S 7.33. AOI S 6.577 536
S 7.372.911 S 66 c94 a6aRU
CITY OF MONTICELLO
Statement E-5
SEWER FUND
TOMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
with Comparative Totals For The Year Ended December 31, 1995
Ooeratino Revenue
Utility user fees
Assessment revenue
Penalties
Inspection fees - improvement projects
Miscellaneous
Total Revenue
�eratina Exoenaee
Salaries and employee benefits
Telephone
Utilities
Supplies
Repairs and maintenance
Professional fees
Insurance
Depreciation
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
Other Revenues fan nn s)
Property taxes - rental
Rental income
Other income
Interest income
Total Other Revenues (Expenses)
Net Income (Loan)
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
1996 1996 1995
$ 516,460 $ 567,653 $ 530,907
322 345
1,800 20,937 2,830
1,000 9,066 13,312
1.210
S 519.260 S_ 597.978 S 548.604
$ 61,380 $ 59,553 $ 53,593
2,125 113 631
4,000 9,482 4,100
14,475 10,768 12,944
11300 4,588 723
415,500 442,748 439,095
11,755 11,816 11,238
406,525 624,233 413,223
8.795 j 41l 2 btu
S 925.R55 S 1.166.713 S 938.150
S (406.595) S IsrR 1715) S (389.546)
$ (800) $ (803) $ (778)
22.724 4,268
10,500
3J00 9,925 S 1
$ 2.200 S 42.346 S 9.616
5 1404.395) $ (526,389) $ (379,930)
901,054 871,306
621.092 409.678
5 995.757 S 901.054
59
$ 5,676,482 $ 6,079,087
1,285,326 7,073
(621,092) !409.678)
5
6-140 711;
S 676 nos
CITY OF MONTICE=
Statement E-6
SEWER FUND
COMPARATIVE STATEMENTS OF CASH FLAWS
For The Years Ended December 31, 1996 and 1995
Cash flows from operating activitiee:
Net. inco^o {,.as)
Adjustments to reconcile net income t0 net
cash provided by operating activities:
Depreciation
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(Increase) decrease in special assessments
receivable - deferred
(Increase) decrease in special assessments
receivable - delinquent
(Increase) decrease in prepaid expenses
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in deferred revenue
Net Cash Provided by Operating Activities
Cash flows from capital and related financing
activities:
Capital expenditures
Equipment
Net Cash Used in Financing Activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
60
1996 '_995
$ (526,369) $ (379,930)
624,233 413,223
(16,621) (15,720)
300 299
S (2,211)
5 12.233)
$ 100,577 5 13,033
112.455 99J22_
S 213.032 S 122455
42
(51)
19,094
(2,526)
311
177
(30Q)
(299)
S 100.577
7FF
S (2,211)
5 12.233)
$ 100,577 5 13,033
112.455 99J22_
S 213.032 S 122455
CITY OF MONTICELLO
Statement E-7
WATER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1996 and 1995
ALI=
r1,rr
$
1996
S
1995
n an H
Cash and investments
$
210,372
S
145,446
Accounts receivable
$
57,598
$
45,778
Prepaid insurance
4.267
S.Isk
Total Current Assets
S
272.237
5
199.352
Property and Eouioment
Land, buildings and improvements
$
6,019,111
$
5,018,906
Equipment
151.055
151.085
Total Equity
$
6,170,199
$
5,169,994
Less: Accumulated depreciation
S
(2.596.141)
S
(2.355.097)
Total Property and Equipment - net
S
3.574.059
S
2.784.597
Other Assets
Special assessments receivable - deferred
$
27,381
$
26,171
Special assessments receivable - delinquent
5.759
6 415
Total Other Assets
1-J3.112
S
12 sAk
TOTAL ASSETS
S
3.579.4t5
e
i p16 S6c
LIABILITIES AND EQUITY
n err nt Li hili i s
Accounts payable
$
6,540
S
3,261
Accrued expenses
28.034
24.619
Total Current Liabilities
$
34,574
$
27,900
Deferred Revenue
33.140
32.S86
Total Liabilities
S
67.714
S
60.456
Equity
Contributed capital
$
3,552,752
$
2,753,682
Retained earnings
258.969
697
Total Equity
S
3.811.721
a
2. 56 174
TOTAL LIABILITIES AND EQUITY
S
i
S
t
wwia
61
t
CITY OF MONTICELLO
Statement E-6
WATER FUND
COMPARATIVE STATD4ENTS OF REVENUES, EXPENSES AND CHARGES IN RETAINED EARNINGS -
I BUDGET (GAAP BASIS) AND ACTUAL
t For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended Decembei 31, 1995
Operating Revenues
utility user fees
Penalties
Inspection fees - improvement projects
Miscellaneous
Special assessment revenue
Total Operating Revenues
Otters incl FXG^na=
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 (Exn ne ses)
Interest income
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 EARNINGSICONTRIBUTED CAPITAL
AT END OF YEAR
1996 1996 1995
$ 186,600 $ 213,136 $ 186,121
Boo 1,519 1,191
1,000 2,829 7.102
90 10
900 37. 2.7.J 26 ---7
S 189.200 5 254,909 S 22: !17,
$ 01,920 S 78,153 S 79,605
4,000 10,347 4, 54C'
11,805 11,105 11,761
1,400 1,968 1,55=
37,000 47,915 39,690
28,900 32,438 23,754
11600 1,503 1,330
3,200 452 90
198,125 211,045 202,300
600 330 435
16.300 14.660 _t 954
S 384.850 $ 4n9 496 5 377_0n7
$ (195,650) $ (155,087) $ (155,870)
62
3.750 in 729 9_SSO
(191.900) $ (144,863) S (146,320)
202,697 157,364
201.135 _ 131.653
S 258-969 S 202.697
$ 2,753,682 $ 2,945,335
1,000,205
(2D1_LU) (191.651)
C i 55,7 751 S 2.751 692
CITY OF MONTICELLO
Statement E-9
WATER FUND
COMPARATIVE STATEMENTS OF CASH
FLOWS
For The Years Ended December 31, 1996 and 1995
1996
1995
Cash flows from operating activities:
Net income (loss) before transfers $
(144,863)
S (146,328)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
211,045
202,300
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(11,820)
5,652
(increase) decrease in special assessments
receivable - deferred
(1.210)
(3,975)
(Increase) decrease in special assessm,-nts
receivable - delinquent
656
(5.108)
(Increase) decrease in prepaid expenses
891
(1.118)
Increase (decrease) in accounts payable
3,278
(2,801)
Increase (decrease) in accrued expenses
3,395
4,078
Increase (decrease) in deferred revenue
55g
9.083
Net Cash Provided by Operating Activitica t
F1 °lb
�, 61.791
cash flown from capital and related financing
activities:
Capital expenditures
Equipment
9 (39J03)
Net Cash (Used) in Financing Activities
^y— (39.303)
Net increase in cash and cash equivalents $
61,926
$ 22,488
Cash and cash equivalents at beginning of year
Cash and cash equivalents at End of Year
63
CITY OF MONTICELLO
LIQUOR FUND
COMPARATIVE BALANCE SHEETS
December 31, 1996 and 1995
ASSETS
Current Assets
Cash and investments
Accounts receivable
In,entory
Prepaid insurance
Total Current Assets
Property and Equipment
Land
Building and improvements
Parking lot
Furniture and fixtures
Less: Accumulated depreciation
Total Property and Equipment
TOTAL ASSETS
r.I naIt.ITIES A�?O ROU3TY
n,r rent Li�ili[ies
Accounts payable
Accrued expenses
Due to other funds
Total Current Liabilities
Retained Rarnings
TOTAL LIABILITIES AND EQUITY
64
Statement E-10
1996 1995
$ 405,854 $ 268,625
(31) 69
201,500 172,612
A. 1Q2 3.281
S 610.432 S 444.SR7
$ 6,840 $ 6,840
226,573 215,451
39,751 39,751
89.629 82.393
$ 357,793 $ 344,435
(240.813) (227.102)
S "A 9RQ 5 117.333
S 727.412 i 561.920
$ 475 $ 2,466
49,578 38,958
70.000 so.00Q
S 120.053 S 91.424
S 607.359 S 470.496
S 727.412 L --A61.=
CITY OF M0NTICELL0
LIQUOR FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
off 5 -
Liquor
Mine
Beer
Miscellaneous merchandise
Total Off -Sale
Lees: Freight
Gross Profit
Salaries
v_ and
em
Salaries end employee benefits
Supplies
Repalra and maintenance
utilities
Telephone
Professional fee.
Insurance
Depreciation
Advertising expense
Miscellaneous
Total Operating Expenses
Operating Income
Mh- Revenue- t8�meneeey
Property taxes
Interest income - investments
Cash over Ishort)
Total Other Revenues (Expenses)
Income before Transfers
Trannfers out
Net Income
Retained earnings at beginning of year
RETAINED EARNINGS AT END OF YEAR
Statement E-11
For
The Year Ended
ljerenher 11 1496
__
Fn6
The
Year Ended
December
31. 1995
Sales
Cost Of
cele,
Gross
Profit
Percent
to Sales
Sale,
Cost Of
Sam,
Gross
Profit
P[rCGDL
o S -lea.
S 516,935
$ 375,781
$ 141,154
27.311
$ 469.492
$
344.656
S
124.8.:
26.596
206,631
152.83)
51,795
26.04
23.03
183,804
954.822
136,394
743.760
47,410
211.062
25.79
22.10
1.O6S.242
$ 31788,800
0,19.896
6 1,348,510
245.346
S 440,298
24.61%
$ 11608,118
53-215
S
1,224,81C
43.046
$
383,308
10-169
23.835
19.10
63.053
S 2 BS2.fi61
45.117
S 1.193.627
18.736
S 459,034
29.34
I4.781
6 1.661,333
$
1,267,856
$
393.477
23.681
8.281
$ 450.753
.45
24.33%
$
7.287
386.190
.44
23.24%
$ 140,671
8.695
b, 529
13,485
2.210
2,656
12,078
13.711
6.205
11.213
65
MMMMMWWTV
$ (177)
16,733 .90%
(208) 1.021
S 16 268 .Est
S 249,488 13.471
$ 116.861 7.I4t
a70.49fi
$ 607.359
S 1]4,967
BBSB
23, , IIS
13.461
2,105
4,457
12,049
16,882
5,421
3.038
214,349 11.90
5 171.841 10.341
$ 59.139 3.561
175 el
5
S9-314 1.57%
$ 211,155 13.91%
1432.296) (26.02)
$ (201.143)
671.637
$ 470. 49K
CITY OF MONTICELW
statement E-12
LIQUOR FUND
COMPARATIVE STATEMENTS OF CASH HAMS
For The Years Ended December 31,
1996 and 1995
1946 1995
Cash flows from operating activities:
Net incomo before transfers
S 249,488 $ 231,155
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
13,711 16,882
Changes in assets and liabilities
(increase) decrease in accounts receivable
100 6,982
(Increase) decrease in inventory
(28,888) 3,122
(Increase) decrease in prepaid expenses
172 570
Increase (decrease) in accounts payable
(1,991) (13,349)
Increase (decrease) in accrued expenses
10,620 3,970
Increase (decrease) in due to other funds
20.000 (50.000)
Net Cash Provided by operating Activities
S 263.212 S 199.332
Cash flows used in noncapital financing activities:
Transfers out
S (112.625) S (432.296)
■ Cashflows from capital and related financing
■■ act viti P,s:
Capital expenditures
Building and improvements
$ (2.236) $ (16,165)
Equipment
(11.122) (8.069)
Net Cash (Used) in Financing Activities
S (13.358) S 124-2W
Net increase (decrease) in Cash and Cash
' equivalents
$ 137,229 $ (257,198)
Cash and cash equivalents at beginning of year
268.625 52c Eta
Cash and Cash Equivalents at End of Year
5 a05.85$ 55 268.625
t
66
67
CITY OF MONTICELLO
Statement E-13
LIQUOR FUND
COMPARATIVE STATEMENTS OF REVENUES AND EXPENSES -
BUDGET (GAAP BASIS) AND ACTUAL
For The
Year Ended December 31, 1996
Off Sale
pudoet
Actual
Gmsa Profit
Liquor
$ 119,000 $
141,154
Wine
54,930
53,798
Beer
191,650
245,346
Miscellaneous
16.565
19.736
Total Off Sale Gross Profit
$ 382,145
$ 459,034
Less: Freight
(7.600)
(9,281)
Total Gross Profit
$ 374,545
$ 450,753
Ooeratina Rxneneea
Salaries and employee
benefits
$ 144,975 $
140,671
Supplies
8,225
8,695
Repairs and maintenance
6,775
6,529
Utilities
14,200
13,485
Telephone
11900
2,210
Professional fees
4,200
2,656
Insurance
11,980
12,078
Depreciation
14,650
13,711
Advertising expense
4,000
6,285
Miscellaneous
15.400
11.213
Total Operating Expenses
_ 226.305
217 SIA
operating Income
S 148,240
S 233 220
Other Revenues 1EXp nn n)
Property taxes
$ (190)
$ (177)
Interest income - investments
5,700
16,733
Cash over (short)
(250)
(298)
Total Other Revenues (Expenses) S 5.270
5 16.269
INCOME BEFORE TRANSFERS
5 1"5®0
67
CITY OF MONTICELLO
TRANSPORTATION FUND
COMPARATIVE BALANCE SHEETS
December 31, 1996 and 1995
ASSE'T'S
Current Asae[e
Accounts receivable
TOTAL ASSETS
L ARILITIES AND EOUITY
Current Liabilities
Cash deficit
Accounts payable
Accrued expenses
Total Current Liabilities
Retained Earnings
TOTAL LIABILITIES AND EQUITY
68
Statement E-14
1996 1995
$ 37 S 955
iz S 955
$ 12,063 $ 1,154
38
S3. 11
5 12.154 5 1.173
5 112.117) 5 1218)
r$ 3_1
CITY OF MONTICELLO
Statement E-15
TRANSPORTATION FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1996
With Comparative Totals For The Year Ended December 31, 1995
Retained Earnings at End of Year
i
1996
Budget
1996
Actual
1995
Actual
Operating RBvenues
Passenger fares
$ 11,000
$
11,544
$ 11,720
Property taxes
15,690
15.57Q
15,.76
Total Operating Revenues
S 26.S9n
S
27.114
5 26 956
QperaL ng Rxpensea
Salaries and employee benefits
$ 3.$62
$
11958
$ 1,775
Supplies
200
447
172
Professional services
65,820
63,837
62,733
Advertising
600
38
Miscellaneous
140
69
7FQ
Total Operating Expenses
5 70.322
S
6F 142
S- 64.24D
Operating (Loss)
S (43,711)
S
(39.235)
5 (17.9&4)
Other Revenues (Expenses)
Intergovernmental
$ 42,193
$
26,456
$ 31,879
Miscellaneous
1,410
1,429
(2,312)
Interest income (Expense)
In.
(543)
7Aq
Total Other Revenues
(Expenses)
S 41.6%1
S
27,236
S 10.356
Net (Lose)
79)
$
(11,8991
$ (7,628)
Retained Earnings at beginning of
year
7y q)
7 4
Retained Earnings at End of Year
i
CITY OF MONTICELLO
Statement E-16
TRANSPORTATION FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1996 and 1995
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net
cash provided by operating activities:
Changes in assets and liabilities
Increase (decrease) in accounts payable
(Increase) decrease in accounts receivable
Increase (decrease) in accrued expenses
Net Cash (Used) by Operating 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
70
1996 1995
$ (11,899) $ (7,628)
918
38
9,601
3q
f5 ing)
S (10.9091 S
11 11f)
$ (10,909) $
(3,136)
(1.154)
$ (12.063)
CITY OF MONTICELLO
CEMETERY FUND
BALANCE SHEET
December 31, 1996
Afi=
TOTAL ASSETS
Statement E-17
1996
LIABILITIES AND EOUITY
Current Liabilities
Cash deficit $ 650
Accounts payable 75
Accrued expenses 7,Z
Total Current Liabilities S 947
TOTAL LIABILITIES AND EQUITY S 0
71
CITY OF MONTICELLO
Statement E-18
CEMETERY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ACTUAL
For The Year Ended December 31, 1996
1996
Actual
Operating Revenues
Grave site Bales $ 2,800
Excavation charges 1.210
Total Operating Revenues S 4.010
operating Exp ns s
Salaries and employee benefits $ 356
Professional services 4,496
Supplies inq
Total Operating Expenses s 4 957
Operating (Loss) $ (947)
Retained earnings at beginning of year n
Retained Earnings at End of Year S 1947)
72
CITY OF MONTICELLO
Statement E-19
CEMETERY FUND
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1996
73
1996
Cash flows from operating activities:
Net income (loss) before transfers
$ (947)
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase (decrease) in accounts payable
75
Increase (decrease) in accrued expenses
Net Cash (Used) by Operating Activities
$ (ago)
Net (decrease) in cash and cash equivalents
$ (950
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
1—q
73
CITY OF M0NTICELL0
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1996
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 $ 922,729
Special assessment bonds 7,060,000
Tax increment bonds 1.285.000
Total Deductions
Total Amount of Debt
Applicable to Debt Limit
LEGAL DEBT MARGIN
rK.1
$ 9,765,000
Schedule i
1-422.1u.400
$ 9,041,168
1997
1998
1999
2000
2001
2002
2003
2004
TOTAL
Original
Amount
Average rate
of interest
Payment dates
CITY OF MONTICELL40
BONDED INDEBTEDNESS -
GENERAL OBLIGATION BONDS
December 31, 1996
General Obligation
Refunding Bond
Series 1991A
Principal Interest
$ 105,000 $ 2,100
$ 535.000
3.96731
February 1 February 1
August 1
75
General Obligation
water System
$ 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. OQ42
6.99431
February 1 February 1
August 1
Schedule 2
General
Obligation
Sewer Interceptor
Refunding
Bond Series
1996C
Principal
Tn,.J1
,Interest
Principal
Interest
S 85,000
S
27,155 $
260,000 $
77,272
90,000
21,460
165,000
64,655
95,000
17,410
175,000
55,372
100,000
12,948
185,000
45,258
105,000
8,129
200,000
34,182
115,000
2,817
215,000
22,020
105,000
115.000
11,950
4.111
$ 540.000
t5
__ A4 �1R $
1.42D.QQ0
314.820
4.88111
February 1 February 1
August 1
76
CITY OF
MONTICELLO
Schedule 3
BONDED INDEBTEDNESS
-
GENERAL OBLIGATION SPECIAL
ASSESSMENT BONDS
December
31, 1996
General
Obligation
General Obligation
General
Obligation
General
Obligation
General Obligation
sewer/water And street
Bond Of 1977
Improvement
Bend Pc rle. 19890
Im>provanment
Band Perles 1990[
1_
Improvement
Bond Series 1291A
interest
I.Provement
Bond Series 1992A
Pr =UAl Interest
1997
PrineieAl
$ 60.000
Isteresc
$ B, 250
Prineloel
$ 25,000
interest
$ 6,390
PrinSin
$ 25,000
interest
$ 10,196
Prineioel
$ 75.000
S 10,239
$ 75,000 S 24.230
1996
60.000
4.950
25,000
4,773
25.000
8.571
70,000
6.107
75,000 20,705
1999
60,000
1.650
30.000
2.970
25.000
6,921
70,000
2.047
75,000 17,030
2000
70.000
990
30,000
5.085
70,000 13.353
2001
30,000
3,068
70,000 9.695
2002
70.000
1,028
70,000 5,915
2003
70,000 1.995
2004
2005
2006
2007
TOTAL
S 180.000
S 14.850
S 110.000
S 15.12]
5 165.000
5 ]4.869
S 215.000
S IB_]9]
5 505.000 5 92.923
Original Amount
S ]-470.000
5
245.000
$
250.000
$
515.000
S 705.000
Average rate of interest
5.21%
6.61181
6.75061
5.72651
5.25251
Payment dates
February 1
February 1
February 1
February 1
February I
February 1
February 1
February 1
February 1 February 1
August 1
August 1
August 1
August 1
August 1
.....................................................................................................................................................................................
General Obligation
General
Obligation
General
Obligation
Re!unding
Improvement
Improvement
Bond Perles
PriaclaAl
1994A
Intereec
Band !'erl.,
PtlnricAl
1995A
Intcremt
Bond Perles
PrinelaAl
1996A
Interest
T-1
Prinel- ---
1997
1
S 115,000
S 77,710
5 245.000
S 177,873
5 70,000
5 51.585
S 690.000
5 126.477
1998
310.000
J1, 662
485.000
161.935
130.000
47.460
980,000
284.163
1999
120,000
29.2411
485.000
140,352
135,000
37.660
1.000,000
237,918
2000
120.000
24.547
480,000
118,400
135,000
31.404
065.000
193,859
2001
120,000
19,626
4d0,000
96,080
140,000
25.020
840.000
153,491
2002
125,000
14,389
185.000
73.160
60,000
20.225
770,000
114,717
2003
125.000
8,857
415,000
49,677
65,000
17,130
745.000
77,619
2004
130.000
1.023
245,000
31,630
70,000
17.720
445,000
48.37]
2005
245.000
19.]19
70,000
10,115
315.000
29,474
2006
255.000
6.566
75,000
6,30]
330,000
12.873
2007
80.000
2.160
80.000
2.160
TOTAL
5 965.000
S 171.104
S 1.890.000
S 874.952
S 1.010.000
P 251.966
S 7.060.000
S 1.4411.080
Original Amount
5
965.000
5 ].890.000
5 1.030.000
Average rate of interest
4.23121
4.96471
5.15031
Payment date.
February I
February 1
February 1
February 1
February 1
February 1
February 1
February 1
August 1
August 1
August I
August 1
76
CITY OP MDNTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION TAX INCREKENT BONDS
December 31, 1996
TOTAL 5 285.000 s 1z1.27c® S1 12t s 2zs.000 s t27.2eB
Original Amount S 150.000 s ISS r.000 i 260.000
Average rate of
interest 8.28936 9.00471 7.25121
Payment dates February 2 February 3 February i February i February 1 February 1
August 1 August 1 August 1
77
General
Obligation
General Obligation
General Obligation
Tax Increment
A Od of 19q_ 65 _ ---2i0
Tax increment
of 1997fl
Tax Increment
Aflnd of
Refunding
19!
1997
$ 25.000
5 20,{85 $
25,000 S 1.125
5 10.000
;IA
$ 19.265
1998
30.000
19,075
15,000
I8. 190
1999
20,000
17,445
15,000
16,900
2000
20,000
15.805
15,000
I5, 603
2001
25.000
13.954
20.000
14,060
2002
35.000
11.891
20,000
12.775
2003
10.000
9,615
20.000
10. SOS
2004
10,000
7,125
25,000
8,610
2005
35,000
4,41025,000
6.410
2006
3007
35,000
1.470
70,000
10. see
7,983
1 77a
TOTAL 5 285.000 s 1z1.27c® S1 12t s 2zs.000 s t27.2eB
Original Amount S 150.000 s ISS r.000 i 260.000
Average rate of
interest 8.28936 9.00471 7.25121
Payment dates February 2 February 3 February i February i February 1 February 1
August 1 August 1 August 1
77
Genera} Obi igation
Tax Increment
Bond series �940b
-`Fal-_: rS"�
S 40,000 S 13.745
45,000 10,012
a5, 000 6,006
a5, 000 2,002
s 17s. QaQ s 11.617
S 305.000
6.9920\
February i February 1
August 1
General Obligation
Tax Increment
S 15,000$ 5,660
151000 4,7}2
15000 3.710
20,.000 2,600
20,000 1,300
I.[•EZ1� tkk
S 95-Q00 S 18 163
5 120.090
6.509
February 1 February I
August I
Central obligation
Tax Increment
Hand ss rlea 1992D
Frincinai
Interest
S 10.000 6 3,575
10,000 2,925
",000 2, 27S
10,000 1,625
10,000 975
10,000 325
64.444 5 ii_7a4
6.50\
February 3 February 3
August 1
78
General Obligation
Tax Increment Refunding
Bond 6e ri ee 19968
P;itfcjgAl�. Int ertat
S 3}5.000 S 18,613
135,000 12,231
125,000 6765
65,000 1,,976
S a50. Oao
4.6983\
February i February }
August 1
Schedule 4
Ynrel
Pzinei�al Interest
S 230,000 S
62,546
230,000
67,140
230,000
51,131
195,000
39,611
75.000
30,309
65,000
24,676
50,000
20,200
55,000
I5, 735
60,000
14.620
65.000
30.000
5,452
1 320
CITY OF MONTICELLO
TAR LEVIES TO RETIRE BONDED INDEBTEDNESS
December 31, 1996
General Oenerel General General General General General General General
General Obligatlan Obllget ion Obligation Obllget ion Obligation Obligation Obligation Obligation Obligation
usligation Bate. SyaLam Ta: :ncreaeIt nater yst— Irprovexnt Tea Increment Iaprovement lsprovement Improvement Ilprovement
Year of Collec• Improvement Bond Series Bond Series Bond Series Bond Series Bond Series Bond Series Band Series Bond Series Bond Series
Lew tion Bond of 1977 19118 1919A 1929B 1920C 19900 1992A 1996A 1995A 1996A
1996 1997 5 I,SBO S 126,763 S 75,577 $ 72,600 S 23,160 $ 9.898 $ 11,865 1 131,155 $ 198.279 S 15.800
1997 1998 8.655 126,717 ]6,177 26,611 77,111 907 12,919 I]8, 566 167,678 75,000
1990 1999 176,255 )2,811 26,813 76,975 7,576 136.797 159.177 73.500
1999 7000 170.597 76,691 75.056 8,160 130,916 159,686 77,000
2000 7001 178.666 76,871 27,668 8,597 137,0)6 169,952 500
2001 2002 126,712 77.0)7 1,902 127,690 166,20: 6,700
2002 20 0) 129,38• 76.666 127,998 166.755 12.700
2003 2009 36.176 160.593 13.000
70062005 37.076 165,206 18.600
2005 2006 36.711 2].700
Schedule 5
General
Obligation
Serer
Interceptor
Refunding Bonds
Series 1996C
$ 117,800
117,100
118,100
118.600
173,800
TOTAL S 1].2]5 S 895.272 S ]69.066 S 73.626 5 120.618 $ 5.105 S 57.670 5 922.9]1 S 1.652.069 S 316.500 5 595.600
• These tax levies are for tax increment financing projects. The levies have not been made
in the past and will only be made in the future if tax increment revenue is insufficient to
meet principal and interest payments.
79
i
I ys Crr7/ Pudk• I W Man Ikhr. Sldte 1 611 19WW R,. P . 9,n 117. Sade 1
T � At nb and I M&II0. MY 55713 (612) 692.1 ,62 I M—kdb, M\ I1
ss.%2 (611) 2Y55B', I
iKJ/V� aus/nt fouufmnb b5 (:C=d A%e. Eis P ll, Bm 338. SWu B
R, Mklud. MNS1,376 (617)19; 7118
I8iC Associates A
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, 1996, and have issued our report thereon
dated May 30, 1997.
We conducted our audit in accordance with generally accepted auditing standards
and the provisions of the Minnesota Legal Compliance Audit Guide for Local
Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat.
6.65. Accordingly, the audit included ouch teats of the accounting records and
such other auditing procedures as we considered necessary in the circumstances.
The Minnesota Legal Compliance Audit Guide for L_cal Government covers five main
categories of compliance to be tested: contracting and bidding, deposits and
investmenta, conflicts of interest, public indebtedness, and claims and
disbursements. Our study included all of the listed categories.
The results of our testa indicated that, for the items tested, the City of
Monticello complied with the material terms and conditions of applicable legal
I 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
I purpose. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
May 30, 1997
Mru06 Borden Carlson 6 Associates P.A.
Certified Public Accountants
80