1997 Audit Reportopy
CITY OF MONTICELLO
COMPREMMSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1997
a.Ts.a aea
DIALI�l A,.-.*= --d
Brren Coevnmm
Cadsm
CITY OF MONTICELLO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1997
CITY OF MONTICELLO
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Miscellaneous Data
II. FINANCIAL SECTION
Independent Auditor's Report on Financial Statements
Pago
1
A. - .n ral P,yzpna Fi n7 antial Statemenrn
Combined Balance Sheet - All Fiend 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
7-25
B. Combining and IndividuAl FL d Rtatementn
Sta m n
General Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP Basis)
and Actual
A-1 26-28
Special Revenue Funds:
Combining Balance Sheet
B-1 29-30
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
B-2 31-32
Shade Tree Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-3 33
orderly Annexation Pund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-4 34
Capital outlay Revolving Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-5 35
CITY OF MONTICELLO
TABLE OF CONTENTS
B. ro h..... ning nd Individual Pund Stat menta (Continued)
c_r_a_r_o_menr
Library Fund:
Paae
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basin) and Actual
B-6
36
Housing and Redevelopment Authority Fund:
statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-7
37
Urban Development Action Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-8
38
Economic Development Authority Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-9
39
Water Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-10
40
Sewer Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-11
41
Central Minnesota Initiative Fund:
Statement of Revenues. Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
8-12
42 �?
Economic Recovery Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-13
43
Storm Sewer Access:
Statement of Revenues, Expenditures and
-
Changes in Fund Balance - Budget (GAAP
'
Basis) and Actual
B-14
44 -
Debt Service Funds:
Combining Balance Sheet
C-1
45-47 -
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balances
C-2
48-50 =
Capital Projects Fund:
Combining Balance Sheet
D-1
51 ■
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balance
D-2
52 =
CITY OF MONTICELLO
TABLE OF CONTENTS
B. Combining and Individual Find Statements (Continued)
Proprietary Funds:
Statement
Statement
Page r,
Combining Balance Sheet
E-1
53
Combining Statement of Revenues, Expenses
{
` and Changes in Retained Earnings
E-2
54
Combining Statement of Cash Flows
E-3
1
55 zr
Sewer Fund;
Comparative Balance Sheets
E-4
56 t
1 Comparative Statements of Revenues, Expenses
�
and Changes in Retained Earnings - Budget
I
(GAAP Basis) and Actual
E-5
57 t
Comparative Statements of Cash Flows
E-6
58
water Fund:
Comparative Balance Sheets
E-7
59
Comparative Statements of Revenues, Expenses
t
I1
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-8
60
Comparative Statements of Cash Flows
E-9
61
I Liquor Fund:
Comparative Balance Sheets
E-10
62
} Comparative Statements of Revenues, Expenses
It and Changes in Retained Earnings
E-11
63
Comparative Statements of cash Flows
E-12
64
fComparative Statements of Revenues and
Expenses - Budget (GAAP Basis) and Actual
E-13
65
Transportation Fund:
Comparative Balance Sheets
E-14
66
Comparative Statements of Revenues, Expenses
I and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-15
67
I
Comparative Statements of Cash Flows
E-16
68
Cemetery Fund:
Balance Sheet
E-17
69
Statement of Revenues, Expenses and Changes
in Retained Earnings - Actual
E-18
70
Statement of Cash Flows
E-19
71
CITY OF MONTICELLO
TABLE OF CONTENTS
III. SUPPLEMENTAL INFORMATION
Bonded Indebtedness - General Obligation Bonds
Bonded Indebtedness - General Obligation
Special Assessment Bonds
Bonded Indebtedness - General Obligation Tax
Increment Bonds
General Obligation Note
Tax Levies to Retire Bonded Indebtedness
Auditor's Report on Legal Compliance
1 72
2 73
3 74-75
4 76
5 77
78
CITY OF MONTICELLO
MISCELLANEOUS DATA
officials - 1997
Term
r—ir—
Mayor
Bill Fair
12/31/98
Council Member
Brian Stumpf
12/31/98
Council Member
Clint Herbst
12/31/98
Council Member
Roger Carlson
12/31/00
Council Member
Bruce Thielen
12/31/00
Clerk -Treasurer
and Administrator
Rick Wolfateller
Appointed
Gryysl
C'nCl/IeA PnfNIY IW Many f}rnr, SW}el 611 WJ..4.. Pt} 6- -1
*,w"-1"""aM lauftak�. M:V 44;11 ttr12}Ci32i762 !Wu»a'cib.M\44.u+1 i6i1}19�1'i
B."—C—lluna � 704 Cs RrA Mr, r.. Pt} an
R. M6:har1, N.l' 44{-b 1}+11}
&Ctgn
4
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
�- To the Mayor and City Council
City of Monticello, Minnesota
We have audited the accompanying general purpose financial statements of
of Monticello, Minnesota, as of and for the year ended December 31, 1997, as
�- listed in Section I1-A of the table of contents. These general purpose fitas.i a:_
statements are the responsibility of the City's management. Our responsibil::y
to express an opinion on these general purpose financial statements based oa c'sr
audit.
we conducted our audit in accordance with generally accepted auditing statda7:3.
Those standards require that we plan and perform the audit to obtain reasora—e
assurance about whether the general purpose financial statements are free of
�- macerial misstatement. An audit includes examining, on a test basis, evidence
i supporting the amounts and disclosures in the financial statements. An aud:; aisc
includes assessing the accounting principles used and significant estimates ra
1 by
U management, as well as evaluating the overall financial statement prese,ta:i::.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above preset_
fairly, in all material respects, the financial position of the City of
Monticello, Minnesota as of December 31, 1997, and the results of operations ar.d
the changes in cash flows of its proprietary fund types for the year then e:de::_
conformity with generally accepted accounting principle".
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 statere,a
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 firan al
statements of the City of Monticello, Minnesota. Such information has been
subjected to the auditing procedures applied in the audit of the general p•:rpese
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the general purpose financial
statements taken as a r :l
GRUYSAORDEN CARLSON 6A7 TES P.A.
Certified Public Accountants
June 15, 1998
1
TD/`
!'.ret� b Publle
Anuuntana and
101 ManY nr6r, St 1
OW6b, MN SS313 (612) 6NI 1'62
61 I a'amw 51., Pn Na ♦17, Sane I
11U--16nl , MN 55Sa71
V
1l J �
Bualnni CaruWbna
Y a16! , P(61112"
705 CemA- F""&u iia, Suae P
K A^^ Ln
S.Mk"a M\SS 17616111a9'211a
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
To the Mayor and City Council
City of Monticello, Minnesota
We have audited the accompanying general purpose financial statements of the City
of Monticello, Minnesota, as of and for the year ended December 31, 1997, as
I- 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, 1997, 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.
GRUYS,90RDEN CARLSON 6 ASSOCIATES P.A.
Certified Public Accountants
June 15, 1938
See accompanying Notes to Financial Statements.
2
CITY OF M0NTICELLO
Exhibit 1
COMBINED BALANCE
SHEET - ALL
FUND TYPES AND ACCOUNT GROUPS
December
31, 1997
With Comparative Totals
at December 31, 1996
PROPRIETARY
GOVERNM=AL
FUND TYPES
FLIM TYPES
ACCOUNT GROUPS
TOTAL (MEMO
ONLY)
General General
General
Capital
proiecta
Debt
Service
Special
Revenue
Ente m ri
Fixed Lang -Term
Aaaele Debt
1997
1996
Cash andinvestments
$ 3,203,337
$ 2,211,456
S 4.019,043
S 3,220.586
5 1.346.911
5 14.001,336
S 11,971,471
Recelvabl ea
Accounts
86.803
67,463
55,010
227.974
222•367
656.425
401.020
Special assessments - deferred
555
2.150.350
30,130
]4,377
2.215,368
2.774.010
Special assessments - delinquent
8,184
244.982
29,736
7,167
290.265
998,754
Due from other fund.
105.000
105,000
178. 000
Land held for resale
715,681
66,817
012.501
91.727
L...g term receivable
15.818
25.681
439.912
1B 1, 111
71 T.210
Inventory
224.660
221.660
201.500
Prepaid expenses
25,784
184
8.871
34. 6640
31,287
General fixed assets
S 14,441.657
14,441.651
13.748.472
Property and equipment (net of
mulcted depreciation)
10.583.890
10,581, 890
10.685.991
Amount available in Debt
Service Funds
S 3,801.703
3,801.783
3.570,516
Amount to be provided for retire-
ment of general long-term debt
16.176.618
16.376.618
6.186.184
TOTAL ASSETS
S ].)40.181
5 2.104.600
S 7.215.87)
S 1.116.139
i 12.928.401
S 11.141.65] 5 20.178-401
5 64.025-152
5 51.0:3.880
o" I_si�'1T1R9
Cash deficit
$ 170,612
S 258,845
5 2.111
5 6,911
S 13:•709
S 1,907,071
Accounts payable
S 153,994
811,495
17.0:]
64,601
1.07 9,376
B 2,616
I.,:*
Contracts peyeble
4:•114
10,414
172.502
Other caned expense.
237,416
581
91.660
129.657
291, 0)I
Due to other Iundo
105,000
105,000
178.000
Deterred revenue
8.739
07.071
3.1SS.249
261,961
41.696
3.550.742
3.413.195
General obligation bonds payable
S 1.160.000
1,160,000
1.420,000
General obllgat ton tax increment
bands
1,055,000
1.055.000
1,205.000
General oblige[lon notes payable
10,018,401
10.018.401
Special ee.es.ment Donde payable
7.915.000
7.945.000
7.060.000
Total Liabilities
S 400.119
S 1.115.598
S ].114.094
$ 116.956
S 204.901
S 20.178.401
S 25.730.099
S 16.239.446
FUND EQUITY
Contributed capital
$ 9.809.964
$ 9,809.964
S 9.892.200
Investment in general fixed assets
5 14,441.653
14,411.653
13.748.472
Retainedearnings
On re.e rved
2.413.536
2,113,5]6
1,850,289
Fund Balance
Re.en ed for noncurrent loan.
receivable
5 15.018
$ 25.681
5 440.011
481,530
712.210
Re.e rved for fixed ...at. held
for resale
66.017
66.817
91.727
Re0e rved for debt service
S 1,801.79]
7.801,707
3.578,516
Un re el rved
Designeced for subsequent
year's expenditure.
1.967.796
1.163,321
1.370,717
046,743
1.122.2)7
Undesignated
957.118
3.192_SSS
4.119.673
Total Fund Equity
8 2.910.]]2
5 3.1:9.002
S 3.801.713
S 1.699.303
S 12.223.500
S 11.141.65]
S 38.295.653
S ]1.812.111
TOTAL LIABILITIES AND PUTO
EQUITY
1 1710.101
5 2.304-600
5 7.215.877
5 4.116.119
S 12.428.101
S 31-111.651 5 20.178.101
64 025 ,)S2
5 51.081_BB0
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
Revenues
Taxes
Cull -Lions on special assessments
Licenses and permits
Intergovernmental
Chargee for service
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 chargee
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
General Projects Service Revenue
$ 2,106,846 $ 562,195 $ 978,227
.28,519
253,343
334,755 49,312 43,450
137,254 372,882
705.204 $ 196.642 191 eye 447.716
S 3.537.402 S 146.642 S 1.531.891 S I R42.275
$ 904,194 $ 219,280
1,023,884
861,258
237,969
63,318
147,202
190,748 1,224
$ 10,673,024 278,469
$ 11180,000
SIS u.0
S 3.428.573 S 10.673.024 S 1.695.989 S 498. 973
S 108.829 S(10.526. 382) S (164.098) $ 1.343.302
$ 11,495,511 $ 91,865
$ 150,000 1,173,045 295,500
186.050) (150.000) S (1.382.495)
$ 69.954 S 12.518.556 $ 387.365 S 11.382.495)
$ 172,779 $ 1,992,174 $ 223,267 $ (39,193)
2,767,553 (803,172) 3,578,516 3,808,576
(70.000)
S 2.940.332 S 1.189 002 S 3.801.783 S ].699.383
Exhibit 2
TOTALS IMEMO
1997
ONLY)
1996
$ 3,647,268
$ 3,494,549
728,519
1,159,206
253,343
227,048
427,517
412,893
510,136
1.491.427
608,160
1.540.222
S 7.442.078
S 7.058.210
$ 1,123,474
1,023,884
861,258
237,969
63,318
147,202
191,972
10,951,493
1,180,000
SIS 989
S 16.296.559
S (9.238.349)
$ 11,587,376
1,618,545
(1.618.545)
S 11.587.376
$ 2,349,027
9,351,473
(70.000)
S 11.630.500
$ 771,176
505,460
803,250
317,280
64,899
170,139
597,830
2,770,466
2,550,000
628.449
9.178.949
1.736.871
$ 2,039,839
1,131,629
11.019.004)
S 2.152.464
$ 415,593
8,915,880
0
S 9.351.473
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, 1997 and 1996
Operating Revenues
Charges for services
Gross profit
Total Operating Revcrucc
Operating Expenses
Salaries and employee benefits
Professional services
Supplies and materials
Repairs and maintenance
Utilities
Depreciation
Other
Total Operating Expenses
Operating Income (Loss)
Non -Operating Revenues
Interest income
Other
Total Non -Operating Revenues
Net Income (Lose) Before Transfers
Transfers (out)
Net Income (Loss)
Retained earnings at beginning of year
Prior period adjustment
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
See accompanying Notes to Financial Statements.
I
PROPRIETARY
Enterprise
FUND TYPES
S
Enterprise
1991
1996
$ 1,023,229
484.379
$ 884,011
450.753
$ 1-507,60A
S 1.314.764
$ 315,930
$ 280,691
531,747
524,084
81,502
52,453
19,007
11,569
58,771
70,882
866,858
848,989
F�iLiriRiTcT
$ 56,505 $ 36,333
_ 67.450 59.841
S 171 96G S 96 179
$ (342,510) $ (434,610)
n 1112.625)
$ (342,518) $ (547,235)
1,849,021 1,574,029
70,000
837.033 822.227
S 2.413.536 S 1.849.021
$ 9,893,468 $ 8,430,164
753,529 2,205,531
(817,031) 1922.227)
S 9.809.964 S 9.893.468
CITY OF MONTICELLO
Exhibit 4
COMBINED STATEMENT OF CASH
FLOWS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31,
1997 and 1996
PROPRIETARY
Enterprise
1997
FM TYPES
Enterprise
1996
Cash flows from operating activities:
Net income (loss) before transfers
$ (342,518)
$ (434,610)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
866,858
848,989
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(1,775)
(27,423)
(Increase) decrease in inventory
(23,160)
(28,888)
(Increase) decrease in prepaid expenses
440
1,012
(Increase) decrease in special assessments
receivable - deferred
(6,952)
(910)
(Increase) decrease in special assessments
receivable - delinquent
(1,604)
656
Increase (decrease) in accounts payable
21,900
20,494
Increase (decrease) in accrued expenses
13,110
14,382
Increase (decrease) in due to other funds
20,000
Increase (decrease) in deferred revenue
8.SSra
25q
Net Cash Provided by Operating Activities
$ 914 _a55
S 419 9S6
Cash flows used in noncapital financing activities:
Operating transfers out
5 1112.625)
Cash flows from capital and related financing
activities:
Capital expenditures
Equipment $ (3,196) $ (2,236)
Building and improvements fe.o31) 1++ 1221
Net cash (Used) in Financing Activities $ 111.227) 5 113.358)
Net increase (decrease) in cash and cash
equivalents $ 523,628 $ 287,973
Cash and cash equivalents at beginning of year 816.345 528 97,1
Cash and Cash Equivalents at End of Year 5 1.139.973 f a16 3n�
Non -Cash Transactions:
Contributed Assets
Land, Buildings and Improvements S 753.529 S 2.285.531
Total Non -Cash Transactions 5 753.529 S Ba S31
See accompanying Notes to Financial Statements.
5
CITY OF MONTICELLO
Exhibit 5
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, 1997
II
} GEtIERAL FUtD) SPECIAL REVENUE FUNDS
variance Variance
Favorable Favorable
Budget Actual (Unfavorable) gudoet Actual (Unfavorable}
Revenues
Taxes $ 2,223,775 $ 2,106,846 $ (116,929) $ 1,008,275 $ 978,227 $ (30,048)
t Special assessments 29,570 (29,570)
Licenses and permite 183,930 253,343 69,413
Intergovernmental 112,900 334,755 221,855 41,738 43,450 1,712
Charges for service 123,000 137,254 14,254 277,720 372,882 95,162
MiacellaneoUa 232.595 _ 70S.204 472.609 132.975 .. 447.716 314.741
Total Revenues S 2.876.200 S j, 537.402 S 661.2022 S 1.490.278 S 1.842.275 S 351,997
Expenditures
General government $ 778,075 $ 904,194 $ (126,119) $ 194,540 $ 219,280 $ (24,740)
Public safety 506,850 1,023,884 (517,034)
Public works 675,465 861,258 (185,793)
Sanitation 321,555 237,969 83,586
Health and welfare 63,690 63,318 372
Parke and recreation 242,410 147,202 95,208
Community development 202,105 190,748 11,357 1,224 (1,224)
Capital projects 838.700 278.469 560.231
Total Expenditures S 2.79Q.154 S 1.426.571 S (638.423) E 1.033.240 5 498.973 S 534.267
Excess of Revenues over Expenditures S 86.050 S 108.82$ S 22.779 S 457.03$ S_1 343302 S 886.264
Other Financing Sources (Uses)
Transfers in $ 150,000 $ 150,000 $ 183,000 $ (183,000)
Transfers out S (86.050) (86.050) Q (392.454} S (1.382.495) (990-045)
Total Other Financing Sources (Uses) S (86.050) S 61 95n $ 15n Ono 5 (209.450) S (1 187 495) S, (1.171,045)
Excess of Revenues and Other Sources over
Expenditures and Other Uses S 0 $ 172,779 S 172.779 S 247.588 $ (39,193) S (286_781}
Fund Balances at Beginning of Year 2,767,553 3,808,576
Prior Period Adjustment (70.004)
FUND BALANCES AT END OF YEAR S 2.940.312 S 3.699.383
See accompanying Notes to Pinancial Statement$.
6
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 3997
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. (tenor ing 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 in 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.
The operations of the City are recorded in the following fund types
and account groups:
CITY OF MONTICEL14
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 1 Summary of signifirant significantAccounting Policies - Continued
B. BAsis of Presentation-- end Accounting - Continued
Governmental funds are used to account for the City's expendable
financial resources and similar related liabilities (except those
accounted for in the proprietary and similar trust funds). The
measurement focus is upon determination of changes in financial
position. The following are the City's governmental fund types:
C.en ra,Fund--The general fund is the general operating fund of
the City. It is used to account for all financial resources
except those required to be accounted for in another fund.
Rppcial Revenue Funds --Special revenue funds are used to account
for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes.
per Servine Figlda--Debt service funds are used to account for
the accumulation of resources for, and the payment of, general
long-term debt principal, interest and related costs.
t'aoital Proj s nds--capital projects funds are used to
account for financial resources to be used for the acquisition
or construction of major capital facilities (other than those
financed by proprietary funds and trust funds).
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:
Fntsrpriae Funds --Enterprise funds are used to account for
operations (a) that are financed primarily through user charges,
or (b) where the governing body has decided that determination
of net income is appropriate.
Trust and Agency nt ndn--Fiduciary funds are used to account for
assets held by the City in a trustee capacity or as an agent.
Trust funds include expendable trust funds, nonexpendable trust
funds and pension trust funds. Nonexpendable trust funds and
pension trust funds are accounted for as proprietary funds.
Expendable trust funds are accounted for as governmental funds.
Agency funds are custodial in nature and do not involve
measurement of results of operations.
neneral Fixed se t A ops sous --Thio account group is used to
account for all fixed assets of the City, other than those
accounted for in proprietary and trust funds.
CITY OF MONIICELLO
NOTES TO FINANCIAL STATEMENTS
December 11. 1997
Note 1 Summary of Significant Accou,nting Policies - Continued
B. - Continued
Account rrounq - Continued
r. nert ------Thisaccount group is used
to account for all long-term obligations of the City except
those accounted for in proprietary and trust funds.
C. Basin 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.
In applying the susceptible to accrual concept to intergovernmental
revenues, there are essentially two types of revenues. In one,
moneys must be expended for the specific purpose or project before
any amounts will be paid to the City; therefore, revenues are
recognized based upon the expenditures incurred. In the other,
moneys are virtually unrestricted and are usually revocable only for
failure to comply with prescribed compliance requirements. These
resources are reflected as revenues at the time of receipt or
earlier if the susceptible to accrual criteria 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.
D. Budgets and Budgetary ACc0untinO
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.
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 1 su=ar,y of Significant Accounting Policies - Continued
D. gLdaetn and Audgprary A nun ina - Continued
C. The City Administrator is authorized to cransfer 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 in 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 tnvPRtM2nt5
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. .e„nprial Aasennmenrn gereivahlo
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, 1997
Note 1 Summary of Significant Accounting Policies - Continued
H. General Fixed Aeaeta
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.
I. P17gprty. Plant and Fsuinment - Propri ary Funds
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 in provided using the straight-line method over
estimated useful lives ranging from 25 to 50 years for buildings, 10
to 20 years for improvements other than buildings and 3 to 10 years
for equipment.
J. m„d Balances
Reserved fund balance indicates the portion of fund equity which has
been legally segregated for specific purposes.
Unreserved designated fund balance indicates the portion of fund
equity for which the City has made tentative plans. Unreserved
Undesignated fund balance indicates the portion of fund equity which
is available for budgeting in future periods.
K. Vacation and Sick Pav
City employees earn vacation days based upon the number of completed
years of service. The City compensates employees for unused
vacation upon termination of employment. Accordingly, the
expenditure for vacation is recognized when it is earned. Employees
are entitled to paid sick leave at various rates for each month of
full-time service. Full-time employees who resign or leave city
employment voluntarily and in good standing, after giving proper
notice, shall be compensated for up to 50 days of unused sick leave
under the following 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
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Ncte 1 Summary of Significant Accounting Policies - Continued
K. Vacation—and-Sick-2" - 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 Statementa
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 -a 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 St wards +p. Comnlian and Accountability
A. D i it Fund Bal n n
Deficit fund balances as of December 31, 1997, are as follows:
Debt Service Funds
General Obligation Improvement
Bonds Series 1996A S 78,358
General Obligation Improvement ,
Bonds Series 19908 180.442
s 2s8.eo0
Capital Project Funds
Cardinal Hills IV $ 3,370
WWTP Expansion Project 447,583
Pathway Project 4,537
High School Sewer 19,909
River St. Trk SAN SEW 570
Pathways Improvement 518
Utilities 5th 6 Vine 227
Briar Oaks 2nd 106,203
Hwy 25 MN DOT Imp 127,884
Cardinal Hills VI 5.104
5 715.905
Deficit Retained Earnings
Transportation Fund 5 8.699
Special Revenue Funds
Library 5 7.438
12
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 2 Stewardship. Compliance and A oun hili y - Continued
A. Deficit Fund Balances - Continued
The debt service fund deficit was accumulated because special
assessment revenues haven't been received as anticipated.
The deficits in the capital Project Funds are due to project costs
incurred during the preliminary and planning phases. Future bond
proceeds or assessment collections are expected to be used for
financing the projects.
B. Fx sof Fxoea iter a Ov r B •darter
Expenditures
Over
Expend i •r s Budg r Budges
General Fund $ 3,428,573 S 2,790,150 $ 634,423
Orderly Annexation
Fund 7,241 1,600 5.641
Library 44,745 32,295 12,450
Water improvement 76,120 10,000 66,120
Not, l Cash ;ind Inv a m n n
Cash balances of City funds are combined (pooled) and invested to the
extent available in various investments authorized by state statutes.
Each fund's portion of this pool (or pools) is displayed on the financial
statements as "Cash and investments". For purposes of identifying risk
of investing public funds, the balances and related restrictions are
summarized below:
A. DDponitn - Minnesota statutes require that all deposits with
financial institutions must be collateralized in an amount equal to
1101 of deposits in excess of FDIC or FSLIC insurance (140% if
collateralized with notes secured by first mortgages).
The carrying amount of the City's deposits with financial institu-
tions was $1,560,017 and the bank balance was $4,568,346. The bank
balance is categorized as follows:
Insured by FDIC or FSLIC insurance $ 1,949,491
Covered by collateral assigned to City and
not redeposited in the financial institu-
tion furnishing the collateral 7. 618.8U
Total Bank Balance S 4,56A sac
13
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 3 Cash and Investments - Continued
B. Investments - Minnesota State statutes authorize the City to invest
in obligations of the U.S. Treasury, agencies and instrumentalities
of the United States, shares of investment companies whose only
investments are in the aforementioned securities, obligations of the
State of Minnesota or its municipalities, bankers' acceptances,
futures' contracts, repurchase agreements and commercial paper of
the highest quality with a maturity of no longer than 270 days.
Investments held by the City at year end are classified as to credit
risk as follows:
Category 1 - Insured or registered, or securities held by the City's
agent in the City's name.
Category 2 - Uninsured and unregistered, with securities held by the
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
CA[eaorymA QUUt Value
Money Market Funds 1 $ 1,200.632 $ 1,200,612
Minnesota Municipal Bonds 1 133,518 133,518
U.S. Securities 6 Govern-
mental Agency Securities 1 8.660.455 9.020 096
Total Investments A10.002,605 510.355.046
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 MONIICELLI3
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
General fixed assets as of December 31, 1997, are as follows;
Land
Buildings
Equipment
Other Improvements
Total
Beginning Ending
$ 1,979,583 $ 1,979,583
1,995,889 11995,889
1,812,878 S 120,169 1,933,047
7.960.122 573.012 a_531.134
513.748.472 5 693 181 S_14.49� R53
A. Defined aenefit Pension, Pl— - 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 Play 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, 1997, was 51,301,296; the City's total payroll
was $1,567,833.
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 2.2 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 1.2 percent of
average salary for each of the first 10 years and 1.7 percent for
each remaining year. Using Method 2, the annuity accrual rate is
2.5 percent of average salary for Basic members and 1.5 percent for
Coordinated members. For PEPFF members, the annuity accrual rate is
2.5 percent for each year of service. For PERF members whose
15
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Notg 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
the annuity is payable over joint lives. Members may also leave
their contributions in the fund upon termination of public service,
in order to qualify for a deferred annuity at retirement age.
Refunds of contributions are available at any time to members who
leave public service, but before retirement benefits begin.
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.
PERA issues a publicly available financial report that includes
financial statements and required supplementary information for
PERF. That report may be obtained by writing to PERA, 514 St. Peter
Street #200, St. Paul, Minnesota, 55102 or by calling (612) 296-7460
or 1-800-652-9026.
F= ing. Pol +iry
Minnesota Statutes Chapter 353 sets the rates for employer and
employee contributions. These statutes are established and amended
by the state legislature. The City makes annual contributions to
the pension plans equal to the amount required by state statutes.
PERF Basic Plan members and Coordinated Plan members are required to
contribute 8.231 and 4.23%, respectively, of their annual covered
salary. The city of Monticello is required to contribute the
following percentages of annual covered payroll: 10.731 for Basic
Plan PERF members. The City's contributions to the Public Employees
Retirement Fund for the years ending December 31, 1997, 1996 and
1995 were $47,448, $36,301 and $36,351, respectively.
16
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
N�tyA Pension Plans - Continued
B, Cjjy of MonLleelln Pare Rete£ Association
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 $1,575 per year of
active service in the fire department and Association with 1001
vesting at twenty years.
(b) There is no maximum retirement benefit.
o Members retiring with less than ten years of service forfeit
their accrued benefits.
(d) Members who separate from service and have at least ten years of
active service and membership but are less than 50 years of age
are entitled to a deferred service pension payable upon reaching
the age of 50.
The Association also provides death benefits, whereby upon approval
of application, the beneficiaries of each deceased active member
would receive $1,575 per year of service.
The City passes through state aids allocated to the plan in
accordance with enabling state statutes.
Related Party investments
During 1997 and as of December 31, 1997, the Association held no
securities issued by the City or other related parties.
Funding S atun 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 R (Shred and Made
Prior to August I 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 1997
17
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 6 Pension Plane - Continued
Ten -Year Hinrorical Tr nd 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.
The Plan is entirely funded by contributions from electing employees. No
contribution is provided by the City.
Assets are held in the various investment funds offered by the Companies
administrating the plans. The total assets in the plan as of December
31, 1997 were $474,297,
The City foreclosed on a piece of property due to large delinquencies in
assessments. A decision was made to develop the property and market
lots. Bond proceeds of $419,094 were utilized to improve the property.
The total costs to develop the property were approximately $450,000.
Approximately 30 lots are expected to be sold in the $25,000 - $30,000
range. As of December 31, 1997, 16 lots had been sold. Financing teras
are being offered to prospective purchasers as reflected in Note 14.
ME
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note s chanaen in Lono-Term Debt
The following is a summary of long-term debt transactions for the year
ended December 31, 1997:
Payable Payable
Beginning End
of Year Addition, Pav0nents of Year
General obligation
bonds $ 1,420,000 $ 260,000 $ 1,160,000
General obligation
notes $10,018,401 10,018,401
Special assessment
debt with govern-
mental commitments 7,060,000 1,575,000 690,000 7,945,000
General obligation tax
increment bonds 1.285_Q00 230.000 i n44 nnq
TOTAL 5 9.76 .00Q 1111.593.401 i 1.180.000 5 20.178 401
Bonds and notes payable at December 31, 1997, are comprised of the
following individual issues:
Initial Average
Amount Maturity Interest Outstanding
Qonnrrintinn Innued Date Rate Princi6al
General Obligation Bonds:
19808 Improvement Bonds
1993A Refunding Bonds
1996 Refunding Bonds
Total General Obliga-
tion Bonds
General Obligation Tax
Increment Bonds:
1985 Tax Increment Bonds
19878 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 S 655,000
535,000 Feb. 1997 3.96731 0
590,000 Feb. 2002 4.88114 Oc,000
350,000
Feb.
2006
8.28931
$ 240,000
155,000
Feb.
1997
8.79991
n
260,000
Feb.
2007
8.8708%
215,000
305,000
Feb.
2000
8.99281
135,000
120,000
Feb.
2002
6.51
80,000
75,000
Feb.
2002
6.51
50,000
450,000 Feb. 2000
19
4.69831 tac p
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 9 Cha_gen in Lona -Term Debt - Continued
Special Assessments Bonds:
1977 Sewer, Water and
Street Bonds
1989B Improvement Bonds
1990C Improvement Bonds
1991A Improvement Bonds
1992A Improvement Bonds
1994A Refunding Bonds
1995A Improvement Bonds
1996A Improvement Bonds
1997A Improvement Bonds
Outstanding
Principal
3,470,000
Feb.
1999
5.2100% $
120,000
245,000
Feb.
2000
6.6118%
85,000
250,000
Feb.
2002
6.75062%
140,000
515,000
Feb.
1999
5.7265%
140,000
705,000
Feb.
2003
5.2525%
430,000
965,000
Feb.
2004
4.2312%
850,000
3,890,000
Feb.
2006
4.9647%
3,645,000
1,030,000
Feb.
2007
5.1503%
960,000
1,575,000
Feb.
2004
4.3905%
1.575.000
Total Special
Assessment Bonds S 7.945.000
General Obligation Notes
1997 Wdstewater Treatment
Note 14,700,000 Aug. 2018 4.0801 510.018.401
The annual requirements to amortize all long-term debt outstanding as of
December 31, 1997, including interest of $8,845,546 are as follows:
YE3L
1998 S 2,922,543
1999 2.899,426
2000 2,661,484
2001 2,452,188
2002 2,314,118
2003 and thereafter 20.455.787
S 33.705.546
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
Iasue rate ro r ial_nuQjnesa IC= ATA Amo-- Balance
01/30/13 Northern States Power 30 yrs Pollution Control Bonds $5,000,000 $4.000,000
04/04/73 Northern States Power 30 yrs Pollution control Bonds $2,600,000 $1,300,000
0/28/75 Nlorthern States Power 28 yrs Pollution Control Bonds $3,500,000 $3,500,000
04/01/98 Clow Stamping 22 yrs Ind. Dev. Rev. Banda S 950,000 $ 610,000
09/26/84 Fulfillment Systems Inc. 15 yrs Comm. Dev. Rev. Bonds $ 475,000 $ 100.575
12/23/95 Raindance Partnership 25 yrs Comm. Dev. Rev. Bonds $1.075,000 S 888,940
06/01/85 Mississippi Shores 53,325.000
20
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note id g1t rf ,nd R -ivahi a nd PdyAhles
Capital Outlay Revolving - Due from RRA Fund
$ 5,000
Economic Development Authority - Due
from
Economic Recovery Grant
100.000
S 105 on
Nate 11 Fund Eouity
The following fund balances have been designated
or reserved as of
December 31, 1997:
Special Revenue Funds
Economic Recovery Grant
Reserved for non-current loans
receivable
$ 70,011
Urban Development Action Grant
Reserved for non-current loans
receivable
52,063
Economic Development Authority
Reserved for non-current loans
receivable
317,937
Capital Outlay Revolving
Reserved for fixed assets held
for resale
66,817
Debt Service Funds
Future debt retirement
3,801,783
Capital Projects Funds
Future capital expenditures
1,163,323
Reserved for non-current loans
receivable
25,681
General Hind
Designated for working capital
1,639,437
Designated for contingencies
327,899
Reserved for non-current loans
receivable
15,818
Note 12 Tax Increment F' niP ri n
Metcalf -
Raindance
Name of District Kmart 81-1 Larson 92 const.
5 pa 89
NAWCO p7
Economic Re- Re- Re- Economic
Type of District: DAvn� on pe_t p vvei-,ent D.vnlcm,_nt
D
ve el.tm .,t nrvvelnmm n,
Year Established: 1990 1983
1984
1985 1987
Base Tax Capacity $ 2,484 S 10,689 S
2,218 S
185 $ 1,721
Current Tax Capacity 129,286 52,674
69.008
61,468 68,891
Captured Tax Capacity 126,802 41,985
66.770
61,283 65,170
Retained By
Authority 126,802 41,985
66.770
61,283 65,170
Shared with Other
Taxing Districts •0- -0-
-0-
-0- 160.000
Total Bonds Issued 560,000 260,000
365,000
350,000 155, d0p
Total Loans Incurred 32,000
Amounts Redeemed 315,000 77,000
275,000
110,000 205.000
Outstanding Bands
Loans and Obli-
gations 12/31/97 245,000 215,000
90,000
240,000 110,000
21
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 12 Tax Increment Finance
Districts
- Continued
for the year ended December 31,
1997,
is as
follows:
Name of District
NSP p6
Tamper a9
Remmele 010
Martie all
Areclax 012 Sul:utban
pia
Std. Iron 913
Nat. Can, 015
Macer
Watt
Economic
Economic
Economic
Economic
Economic Economic
$
Economic
Economic
Type of District:
Qevelovmene
Devel... ent
Development
Develo0 enc
Develov ent Development
Develoement
n ... Inn -
Year Established:
1989
1990
1990
1990
1991
1992
1993
1993
Base Tax Capacity
$ 7,262
$ 1,983
S 2.252
S 339
5 1,260 S
51
S 2.095
S 831
Current Tax Capacity
8,970
32.900
45,729
5.834
25,853
15,130
70,174
12,651
Captured Tax Capacity
6.708
30,917
17,777
5,495
24.$93
15.079
68.079
11,820
Retained By Authority
6.706
30.917
41.377
5.195
24.593
15.079
68.079
11,820
Shared with Ocher
$ 671.192
1
5 12.256
S 1 6� ]�61p
Total Assets S 7.]]2.579
5 9.0]7.100
5 1.091.016
Taxing Districts
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
Total Development
Agreement Obligations
25.000
17,500
428,173
67.413
TotalBands Issued
140.000
165,000
120,000
75,000
-0-
-0-
Total Loans Incurred
23,000
Amounts Redeemed
181000
105.000
90,000
15.000
40,000
25.000
114,561
22.280
Outstanding Bonds
Loans and Oblige-
tia no 12/31/97
50.000
60,000
75.000
2,500
80.000
50.000
313,592
45,133
Mississippi
Prairie
Lake
Downtown Re.
Name of District
IblS•cant p16
Favmar 017
Rivermill 018
Shore, 919
West 920
Tool 921
n.vel, ment
Economic
Economic
Soils
Re-
Economic
Re -
Type of District:
Develonmenc
Development
Condition
H -Rin,
Development
Qevelvoment
Develovmeot
Year %tablished:
1994
1994
1994
1995
1996
1996
1997
Base Tex Capeclty
S 693
S 46
S 1,090
S 5.096
S 3.000
S 633
S 639.690
Nrren[ Tex Capacity
Captured Tax Capact ty
21.979
70,886
46
1,090
5.096
7,000
637
639,590
Retained By Authority
20,886
Shared with Other
Taxing Districts
Total Development
Agreement Obligations
Total Bonds 1.-cd
50.000
102,000
325,830
220,000
110.000
Total Loans Incurred
80,000
75.000
Amounts Redeemed
2,495
32,500
42,900
outstanding Bonds
Loans and Obliga-
tions 12/31/97
80.000
125,000
102.000
323,335
187.500
67.100
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,
1997,
is as
follows:
Tranapor-
Total
Sever
Fmd
Macer
Watt
L1 dor
ttatti n
Cemetery
11md
Proprietary
--
Operating revenues S 668,132
$
291,042
S 464,379
S 27,600
S 76,455
S 1,507,608
Operating expenses be-
fore depreciation and
amortization 554.493
Depreciation and amorti-
234,637
226.698
67.526
23,667
1,107,223
lation 6]9.11]
217.790
19.925
666-656
Operating income floss) 5 1520.5011
5
1161,385)
5 212,556
S 1]9,9281
5 12.786
_
$ 1466.4731
Other rove apes 40.916
15.019
24.259
43.346
415
123.955
Net Income (loss) S (979.5661
5
(146.]66)
5 266.615
5� 3�4ta
5 13.'03
$$ 13S�I BI
Capital Contributions S 461 465
5
292.569
S 10.7^7
S ]
Net W -king Capital 5 496.0]4
5
]06.56]
$ 671.192
1
5 12.256
S 1 6� ]�61p
Total Assets S 7.]]2.579
5 9.0]7.100
5 1.091.016
c�en
5 12.7^9
SI^_926.101
Total Equity (Deficit) 5 ].116_]50
5 3.95].919
5 919.179
S 16.699)
65 12.256
512512 2�
22
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 14 L Mg -Tp— Vo -pi VahleS
A long-term receivable of $52,063 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 required monthly payments of $736.07 including interest at at
through July 13, 1997, at which time the remaining balance was paid.
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 6% through November of 1999. At December 31, 1997, the
balance was $26,668.
In October 1992, a loan of $50,000 was made to a local business. The
original loan required monthly payments of $316.32 including interest at
4.51 through November of 2012. The loan was paid off in November of
1997.
In April 1993, the GMEF loaned $42,500 to a local business. The loan
requires monthly payments of $270.03 including interest at 4.51. At
December 31, 1997 the balance was $35,856.
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 61 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 E.D.A. Revolving Loan Program
and will be loaned out in the future for job creation. At December 31,
1997, the City has received $124,007 in principal and interest and the
loan balance was $70,011.
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 51 through June 1, 2001, at which time the entire remaining
balance shall be fully due and payable. At December 31, 1997, the
balance was $52,B24.
23
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note 14 Lig-Term R c ivahl c - Continued
On November 21, 1995, a loan of $50,000 was made to a local cocmmercial
business. The loan requires monthly payments of $380.18 including
interest at 6.75% for five years. A bailoon payment is due at that
time. At December 31, 1991, the balance was $47,352.
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 8.01 through May 2001. At
December 31, 1997 the balance was $15,818.
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, 1997 was $96,044.
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 plus $100,000 due in
1997, including interest at 6.25%. The balance at December 31, 1997 was
$58,910.
In conjunction with the Eastwood Knoll Project, the City sold three lots
on contracts. The first contract was dated September 22, 1995 with an
original balance of $25,956. The contract requires monthly payments of
$172.68 including interest at 7.0% 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 required 23 monthly payments of $175.00 including
interest at 8.Ot at the end of which time a balloon payment was made,
The third contract originated February of 1996 in the amount of $25,956.
The note terms required 120 monthly payments of $308.10 including
interest at 7.51. The note was fully paid off in 1997.
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 LMCIT: 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 I11CIT for a corresponding
share of each loss. A profit-sharing agreement also provides for a
24
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
Note IS Commitments and Contingencies - Continued
Continued
return to LMCIT of a share of the reinsurers' portion of the premium if
the loss experience is favorable. To protect against the possibility
that LMCIT's share of the looses 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.
Hutewaror Treatment Plant
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 is being financed by a
Public Facilities Authority loan granted by the Minnesota Department of
Trade and Economic Development. As expenditures are made, funds are
requested per the financing agreement. As of December 31, 1997,
$10,018,401 has been drawn down on the General Obligation Note, which
was issued in the amount of $14,700,000.
Prior to 1997, $170,000 was designated for utilization as a financing
source for prospective business interests. The funds were not utilized
and were returned to the Liquor Fund and the UDAG Fund.
25
CITY OF MONTICELL40
Statement A-1
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CNANGES
IN FUND BALANCE
-
BUDGET
(GAAP BASIS) AND ACTUAL
For The Year Ended December
31, 1997
With Comparative Actual Amounts For The Year
Ended December
31, 1996
Bud%ar
1997
Actual
1996
Actual
Re
General property taxes
$ 2.223,775
$
2,106,846
$ 2,076,105
Licenses and permits
183,930
253,343
227,048
Animal impoundment fees
18,000
19,626
20,372
Intergovernmental Revenue
NACA
176,784
179,931
Fire department aid
34,900
42,182
43,249
Police aid
25,000
18,662
20,946
State highway aid
41,000
43,066
65,890
Recycling incentive
12,000
9,058
14,345
Other grants
45,003
4,935
Deputy registrar fees
105,000
117,628
106,854
Other Income
Recycling income
30,639
16,946
Interest income
103,525
159,694
153,128
Rents
19,500
36,781
9,240
Miscellaneous income
33,600
88.757
128,601
Refunds and reimbursements
15,000
325,278
70,890
Township contract
60.970
64.055
60.094
Total Revenues
S 2.876.200
S
3.537.402
S 3.198.574
rXn n i +r n
Mayor and Council
Salaries
$ 24,900
$
24,081
$ 23,783
Other
5 52'a
8.97a
5 24'j
Total Mayor and Council
C 3n 42S
S
33.059
5 29.026
Administration
Salaries and employee benefits
$ 191,800
$
212,098
$ 197,285
Supplies
13,200
12,119
9,570
Other
31.000
41.152
2Q 914
Total Administration
S 236.000
S
265.369
S 236.270
Elections
S
S
1.409
S 4.968
Finance
Salaries and employee benefits
$ 98,415
$
97,106
$ 92,987
Other
2.575
3 Sas
4.680
Total Finance
S 100.990
S
100.691
S 97.667
Computer
5 35.260
S_
18.952
S 35.281
Audit
S 13.500
S
in 916
5 10.000
Legal
S 28.000
5
52.667,
S 26.144
Insurance
L-0-i70
S
59.067
S 59.679
Planning and Zoning
Salaries and employee benefits
$ 98,435
$
71,728
$ 61,495
Professional services
6,000
119,072
25,794
Other
5.452
7.407
5 357
Total Planning and Zoning
,j_ 109.885
198.207
S 92.647
26
CITY OF MONTICF,t.tn
27
Statement A-1
(Continued)
GENERAL
FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CRA1GES IN
FUND BALANCE -
BUDGET (GAAP
BASIS)
AND ACTUAL
For The Year Ended
December
31, 1997
With Comparative Actual Amounts
For
The Year
Ended
December
31, 1996
1997
1996
Expenditures - Continued
Budget
Actual
Actual
Deputy Registrar
Salaries and employee benefits
$
91,540
$
90,619
.,
83,083
Other
7.125
11.418
10.852
Total Deputy Registrar
5
98.665
5
ln2 nil
S
93.935
City Hall
Salaries and employee benefits
$
6,430
$
8,596
$
7,212
Utilities
11,425
11,201
11,768
Capital outlay
3,000
7,221
23,017
Other
19.125
12.624
9.058
Total City Hall
5
34.980
5
39.642
5
51.055
Lav Enforcement
5
32].475
S
323.472
S
int Rnq
Fire Department
Salaries and retirement benefits
$
80,365
$
100,925
S
93,487
Capital outlay
5,300
7,552
Other
54 kQQ
62.175
SA A19
Total Fire Department
$
140 565
5
163.100
S
159.878
Civil Defense
Salaries and employee benefits
$
7,310
$
4,289
$
7,031
Other
1,400
6,551
3,698
Storm damage expenses
337.622
Total Civil Defense
$
8.710
S
348.462
5
10.729
Animal Control
General operations
$
34,100
$
49,551
$
31,699
Capital outlay
139.299
Total Animal Control
S
34.100
S
188.850
S
]1.699
Public Works - Administration and
Engineering
Salaries and employee benefits
$
95,380
$
91,351
S
86,946
Professional services
20,800
162,955
87,437
Other
° 91f1
15.737
18.613
Total Public Works - Admini-
stration and Engineering
5
126.090
S
270.043
5
192.99!1
Public Works - Streets and Alleys
Salaries and employee benefits
$
179,125
$
189,384
$
209,308
Supplies
46,450
67,117
51,975
Capital outlay
73,950
64,418
99,305
Other
8.800
8.817
5.701
Total Public Works - Streets
and Alleys
S
308.325
5
329.736
5
366.289
Public works - Snow and Ice
Salaries and employee benefits
$
5,610
$
17,855
S
10,716
Other
92.100
45.]36
89.124
Total Public Works - Snow
and Ice
5
97.710
6i 191
5
99.840
Public Works - Inspections
A
43.94.Q
5
81.680
S
43.532
Public Works - Street Lighting
S
62.750
S
71.346
S
52.574
27
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, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
exp ndi .r n - Continued
Public Works - Shop and Garage
Refuse Collection
Senior Citizens/Museum
Salaries and employee benefits
Other
Total Senior Citizens/Museum
YMCA/Community Education
Parks and Recreation/Cemetery
Salaries and employee benefits
Capital outlay
Other
Total Parks and Recreation/
Cemetery
Economic Development
Building Official - Inspections
Severance Benefits
Assessment
Total Expenditures
Excess of Revenues over
Expenditures
Other Financinggourcea (Used
Transfers in
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
1997 1996
Budget Actual Actual
5 37.050 S 45.262 5 48.019
5 321.555 S 237.969 5 317.280
$ 1,690 $ 595 $ 1,333
37.000 17.721 i8 56�
5 38.690 S 38.318 5 39 899
5 25 -Ona S 25-nnn S 25_nnn
$ 151,280 $ 82,763 $ 77,809
21,500 12,633 11,185
69.630 S1 9n6 e9 397
S la inn 5 40.720 5 31.434
5 163.905 S 150.579 L_126 .101
S 11.000 5 6,749 S 7J33
5 15.900 5 IS 910 5 15.457
5 2.790.150 9 3.42A 573 a 2.7 5 856
$ 86,050 $ 108,829 $ 472,718
S 150,000
(86.050) (86.050) (178 650)
5 0 $ 172,779 $ 294,068
28
2,767,553 2,467,354
6 131
4 2-940,1712 5 2
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals at December 31, 1996
&%,a=
Cash and Investment.
Receivables
Special assessment. - deferred
Special assessment. - delinquent
Account. (net of allowance for esti-
mated uncollectible.)
Due from other funds
Prepaid expense.
Land held for resale
Long-term receivable
TOTAL A558TS
Ii .Ir ITI e AND FUND BaLANCES
Liabilities
Cash deficit
Accounts payable 6 contracts payable
Accrued expenses
Due to other fund.
Deferred revenue
Total Liabilities
Fund Balance.
Reserved for noncurrent loan.
receivable
Reserved for fixed assets held for
resale
Unreserved - undesignated
Total Fund Balances
TOTAL LIABILITIES AND F17N11
BALAWCES
Capital
Shade Orderly Outlay
Tree ;fin Revolving Lihrary
S 159.920 S 7,219 S 556,502
10.130
29.716
960 226 179.993 S a9
5,000
191
L==16&.1" 5 7.960 S 861.178 S 273
S 2,311
5 19 5 36,022 395
195 5
750 21]_918
S 959 S 251.990
29
S 66,817
512.921 S 12.918)
S 609.718 S (2.918)
Statement 9-1
30
central
Housing and
Urban
Economic
Minnesota
Economic
Storm
Redevelopment
Authoricv
Development
action Grant
Development Mater
A-thori,Y improvement
Serer
1mpLyement
Initiative
Fund
Recovery
Grant
Sewer Y02AS.9
Access 1997
1996
_..
S 293,977
$ 183,414
$ 477,728 5 422,639
S 931,468
S 479
S 151,172
$ 36,553 $ 3,220,586
$
3,006,096
30,130
122,763
29,736
32,188
43
2,331
608
43,323
1,000
401 223,974
52,989
100,000
105,000
176,000
184
226
S 294.020
317.838
5 896.774 5 422.fi39
79.011
66,817
439.912
S 35.959 S 4.116.339
91,727
616.223
S
4.140.212
� 222.183
S 479
S 974.791
5 237-808
S 2,311
S
0
i 10.455
S 197
47,083
20,392
361
$ 100,000
581
105,000
293
108,000
5,000
5.000
S 20.836
S 197
S 38.813
< 38.813
261.981
< 416_956
S
162.951
291.636
100.000
$ 52,063
S 317,937
$ 70,011
S 440,011
$
616,223
S 27].184
S 273.164
185.745
S 237.808
578.237 S 422.442
< 896.174 S 422.442
S. 935.978
S 479
55__,$2.172
66,817
5 36.954 1.192.555
S 36.954 S 3.699.383
S
91,727
1.100 626
3-808-576
4 122.183
S 935.978
S 479
$_ 244.020
5 237.808
^� 896.174 < 422.639
9 979.791
S 079
^� 222.18]
S 3d. 954 r.9.1 _6,3'+9
<
4 100 212
30
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For The Year Ended December 31, 1997
With Comparative Totals For The Year Ended December 31, 1996
31
Capital
Shade
Tree
Orderly
Anceftrion
Outlay
Revolvinm
LLLLAL
e van ,
Taxes
S 403
$
1,291
S 477,045
5
31,401
Intergovernmental
281
42,031
Charges for as rvlcee
1,425
Miscellaneous
49,761
2,115
Interest
9,719
533
63,101
Collections on assessments
_
160-190
Total Revenues
S 11.54]
S
2.105
S 791_]28
5
1]_S1E
Rxn ne dtr •res
Public safety
Parka and recreation
General government
S 16.132
5
7,242
S 13,222
S
33.732
Community development
Debt service
Capital projects
115.044
11.013
Total Expenditures
_ 18.132
S
].242
5 128.267
5
44.745
Excess (Deficiency) of
Revenues over Expenditures
S (4.585)
S
(S. 137)
S 663.461
S
111,227)
Other Flnan ins Sour n (U...
Transfers in (out)
11.116-165)
Excess (Deficiency) of Revenues
and Other Sources over Expen-
ditures and Other Uses
5 14.585)
S
15.1371
S (452.904)
S
(11,227)
Fund balances at beginning of year
164.006
12.S97
1.062,642
8,789
Prior Period Adjustment
FUND BALANCES AT END OF YEAR
S 150.421
&--L460
L:==6&&.7"
S
12.418)
31
Housing and Urban Economic
Redevelopment Development Development
Authority Action Grant Authority
S 468,085
1,138
16,077 S 14,000 $ 48,035
$ 4BS.SOQ 5 19.000 $ 48.035
$ 148,952
76.291
5 225.241
S 260,057
(246.950)
$ 13,107
260.077
$ 14,000
$ 14,000
123.808
100.000
S 232, 6 Oft
$ 1,224
1.224
$ 46.611
5 46,811
1.019.363
(170.0001
Water Sever
Improvement Improvement
$ 77,020 $ 273,142
578
25,482 46,520
5 102.502 S 320.240
5 76. 12Q
5 76.120
$ 26,382 S 320.240
119.180)
$ 26.382 $ 301.060
396.060 614,918
422.442 S 935. 978
32
Statement 8-2
Central
Minnesota
Economic
Storm
Initiative
Recovery
Sever
TOTALS
Fund
Grant
Access
1997
1996
S 978,227
$
823,434
43,450
28,946
$
21,295
372,882
434,243
$ 110
$ 1,165
53,329
21.625
59
9,130
1,541
234,197
160.190
193,915
37.582
5 169
5 10.295
5
22.E
S 1.942.275
5
1.539.745
5
346
31,764
$ 219,280
11,773
1,224
278.469
460,29:
58.210
$ 169
$ 10,295
$
22,836
S 498.973
S 1.343,302
11.382.495)
$_
5
562.388
977,357
1144,929)
S 169
$ 10,295
$
22,836
$ (39,193)
S
832,428
310
111,888
14,118
3,808,576
2,982,279
470.000) 46.111)
5.3.699.183 S 1.808.575
CITY OF MONTICELLO
Statement B-3
SHADE TREE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Cozparativc Actual A.,.owntn For The Year Ended December 31, 1996
oeven
Property taxes
Intergovernmental
Tree removal and replacement
Interest income
Total Revenues
rx—ndituran
Salaries and employee benefits
Contracted services
Supplies
Other
Total Expenditures
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1997 1996
Budget Actual Actual-
-$ 403 $ 12,154
1,423
$ 1,000 1,425 4,800
5 9ng 9.719 9.476
5 6 4nn L -11—U7 5_ 27.853
$ 8,625 $ 11,797 $ 8,322
11,200 2,996 1,211
900 11189 391
150 1.849
5 20.725 S 16.132 S_ 11.773
e 113.825) $ (4,585) $ 16,080
33
CITY OF MONTICELLO
Statement B-4
ORDERLY ANNEXATION FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1.997
with Comparative Actual Amounts For The Year Ended December 31,
1996
1997
Budget Actual
1996
Actual
o_e_ven,
Property taxes $ 977 $
1,291
$
1,363
Intergovernmental 203
281
106
Interest income 420
Sli
69'i
Total Revenues S 1.600 5
2.105
5
_'.167
Rxppnrlittiren
Salaries - board members and
secretary $ 1,000 $
895
$
325
Other 600
6.347
21
Total Expenditures S 1.600 S
7.242
S
346
Excess of Revenues over
Expenditures 5 0 $
(5,137)
$
1,821
Beginning Fund Balance
12.597
10.776
ENDING FUND BALANCE S
7.460
45 17
597
34
CITY OF MONTICELLO
Statement B-5
CAPITAL OUTLAY REVOLVING FUND
STATDU= OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31. 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
Revenue.
Property taxes
Intergovernmental
Interest income
Collections on assessments
Other
Total Revenues
X02 nd= .
Capital improvements
Other
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Orhgr Fin—li,^aSourcSN_(it...
Transfers out
Excess (Deficiency) of Revenues
over Expenditures and Other
Financing Sources (Uses)
Beginning Fund Balance
ENDING FUND BALANCE
1997 1996
$ 475,137 $ 477,045 $ 281,082
40,441 42,031 25,803
22,800 63,101 46,215
29,570 160,190 37,562
12.002 49.361 9.785
S S79 -9S0 S. 791.728 $ 400.467
$ 579,950 $ 115,045 $ 44,259
11.272
5 579,950 S 128,267 S 44.259
5 0 $ 663,461 $ 356,208
w
{1.116 16c) tet 71Q)
o $ (452,904) S 332.479
.1.062.642 710.163
S 60Q 718 S �. 062.692
CITY OF MONTICELLO
Statement B-6
LIBRARY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Comparative Actual Amounts For The Year Ended December 11, 1996
Revenues
Property taxes
Other revenue
Total Revenues
Eyyend'tures
Salaries and employee benefits
Supplies
Professional services
Utilities
Insurance
Repairs and maintenance
Other
Capital outlay
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
1 qq7 1996
Budge[ Aetual Actual
$ 31,095 $ 31,403 $ 30,983
1.200 2.115 1.907
S 72.295 5 37.518 S 72.890
$ 5,860 $ 6,529 $ 6,194
1,750 3,905 1,306
10,110 8,742 8,569
9,150 9,376 7,236
1,350 1,179 1,297
2,000 2,866 1,067
825 1,135 1,140
1.250 11.n1l d qqq
5 32.295 S 44.745 S 71 764
di o $ (11,227) S 1,126
8,789 13,794
36
CITY OF MONTICELLO
Statement B-7
HOUSING AND REDEVELOPMENT AUTHORITY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
Re_VPn...
I Taxes
Intergovernmental
Interest income
Other
Total Revenues
I_ Land acquisitions
Salaries and employee benefits
Legal and professional fees
Interest
Other
Total Expenditures
I_ Excess of Revenues over
Expenditures
I-
Other Fin n ing Sources l la a)
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Excess of Revenues and Other
I Sources over Expenditures and
Other U: es
IBeginning Fund Balance
ENDING FUND BALANCE
1997 1996
Budge[ Actual Actual
$ 501.066 $ 468,085 $ 497,852
1,094 1,138 1,614
13,800 16,077 17,007
s_n0Q
515 960 S 485.300 S 521.473
$ 247,500 $ 76,291 $ 295,661
14,060 14,034 13,491
12,000 38,955 70,704
640
112.990 95 i2I RO. 119
J 1R6 SSn S 225.243 S 460.175
5 129.410 S 260.057 G Al 29q
$ 91,250
S (209-450) S (246.950) (227.450)
(209-450) S 1246.950) $ (116. Inn)
S (80.040) $ 13,107 $ (74,902)
260.077 134. 979
5 273.184 S 26 i}0 077
37
CITY OF MONTICELLO
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 32, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
Revenues
Interest
Excess of Revenues over
Expenditures
Other Fin n ina Sources (Uses)
Transfers out
Excess (Deficiency) of Revenues and
Other Sources over Expenditures
and Other Uses
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
1497 1996
Budget Actual Actual
S 12.940 S 14.000 S 15.446
$ 12,840 $ 14,000 $ 15,446
159.000) n (150.000)
S 146.16q) $ 14,000 S 1114,554)
123.808 258,362
100.000
S 237.808 5 123.808
38
CITY OF MONTICELLO
Statement B-9
ECONOMIC DEVELOPMENT AUTHORITY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
RR vP�enues
Interest income
Other
Total Revenues
F.xpeend i, t--
Othe r
Excess of Revenues over
Expenditures
Other Financing coyrrns
Transfers in
Excess of Revenues and Other
Sources over Expenditures
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
1947 1996
nugget Actual Actual
$ 32,240 $ 48,035 $ 39,749
SOn i AnP
$ 32,740 $ 48,035 $ 43,557
2 12P 1.224 12n
$ 30,620 $ 46,811 $ 43,437
^� 213.620 $ 46,811 $ 333,437
1,019,363 685,926
4170.000)
S A96.17a S 1.014.761
39
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, 1991
With Comparative Actual Amounts For The Year Ended December 31, 1996
Revenues
Hook-up fees
Interest
Total Revenues
Capital improvements
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1447 1996
Budget Actual Actual
$ 63,000 $ 77,020 $ 89,969
11.900 25-482 21.346
$ 74.900 $ 102,502 $ 111,315
10_nnQ 76.120 11 451
S 64.900 $ 26,382 $ 97,364
396.060 298.696
S g22.34� S 396.060
40
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, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
1997 1996
Rudo.t Actual Actual
Revenues
fees $ 188,720 $ 273,142 $ 325,754
Interest 13,700 46,520 30,871
Other 578
Total Revenues $ 202,420 $ 320,240 S 356,625
Other Financing Sources (U4 e)
Transfers out 119.180) f75.00G)
Excess of Revenues and Other
Sources over Expenditures
and Other Uses 5 202.a20 $ 301,060 $ 281,625
Beginning Fund Balance 634.918 353.293
ENDING FUND BALANCE 935.978 5 634.915
41
CITY OF MONTICELLO
Statement B-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, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
APVPnu—
Interest
Other
Total Revenues
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
tu97
Beget 8r ,,.,.,5�1-
1996
Actual
$
59
$
0
S 120
114
13,1
5 »,� S
169
S
130
5 120 $
169
$
130
42
310 1NQ
5 479 S 310
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, 1997
With Comparative Actual Amounts For The Year Ended December 31, 1996
Reyenea
Interest
Other
Total Revenues
Excess of Revenues over
Expenditures
OtherF_ inanei_g�Sour s (Ung)
Transfers out
Excess (Deficiency) of Revenues
and Other Sources Over Expen-
ditures and Other Uses
Beginning Fluid Balance
ENDING FUND BALANCE
1497 1996
Budget Actual Actual
$ 5,375 $ 9,130 $ 12,509
180 1. 165 1 195
5.555 S 10.295 S 13.704
5,555 $ 10,295 $ 13,704
(124.000) 0 ISO.Ooo)
S (118.445) $ 10,295 $ (36,296)
111. AAA 148.184
S 122.1A3 S 111.888
43
CITY OF MONTICELLO
Statement B-14
STORM SEWER ACCESS
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
Deyen 1-
Hook-up fees
Interest
Total Revenues
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1997 1996
$ 25,000 $ 21,295 $ 13,520
1.541 soli
S 25.000 4 22.836 S 14 11R
S 25.000 $ 22,836 $ 14,118
44
CITY OF MONTICELLO
Statement C-1
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals at December 31, 1996
I1�"11-ITIRa AND FUND
RxL A=
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Fund Balances
Reserved for debt
earvicea
TOTAL LIABILITIES
AND FUND BALANCES
5 572.030 S 65.372
5 572,030 5 65.372
S.. 41.740 5 288.009 S 675.707 5 2 470 S 13.666
S--.U-2M L --A60.= $ $ 2.470 5 13 468
45
General
General
General
General
Obligation
Obligation
Obligation
Obligation
Tax Increment
Improvement
ASwRT$
Tax Increment
fi—d of 15e5
Consolidated
Bane -tui ,
Improvement
Bond, of 1977
Bond.
cries 19878
Rnrtd.
Serie. 1918A
Cash and investments
5 41.760
S 288,009
5 675.531
$ 2.670
S 13,066
Accounts receivable
176
402
Special assessments
Deferred
136,282
60,358
Delinquent
79,211
5,034
Land for resale
Ica,c37
TOTAL ASSETS
13. 740
5 660.019
741.079
S 2.670
S 13.466
I1�"11-ITIRa AND FUND
RxL A=
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Fund Balances
Reserved for debt
earvicea
TOTAL LIABILITIES
AND FUND BALANCES
5 572.030 S 65.372
5 572,030 5 65.372
S.. 41.740 5 288.009 S 675.707 5 2 470 S 13.666
S--.U-2M L --A60.= $ $ 2.470 5 13 468
45
CITY OF MONTICELI.O
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
Dece-tuber 31, 1997
With Comparative Totals at December 31, 1996
I +Aw II.I TIRw A.._u..
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Rund Balances
Reserved for debt
Be—loss $ IB 8.595
TOTAL LIABILITIES
AND FWD BALANCES $ 188.595
S 100,442
S 11.976 ]89.147 $ 11.110 S 16.941 $ 10.495
S 11,976 S 569,509 $ 11.110 S 16,941 S 10,495
S 36.401 27.159 S 1180.442) $ 179.547 S 61.77] 131.566 11]_906 S '-2.103 $ 14.796
lb 401 $ 39.135 S 189-147 S 190.665 $ 61.771 S 148.507 $ 349.401 $ 2.303 5 14.]86
46
General
General
General
General
General
General Obli-
General
General
General
General
Obligation
Obligation
Obligation
Obll9ation
Obligation
gation Taxable
Obligation
Obligation
Obligation
Obligation
Water
Taxable
Improvement
Improvement
Improvement
Tax Increment
Improvement
Improvement
Tax Increment
Tax Increment
ace ct^
Bond.
Series 1988
Bonds
slice 1999&
Bond.
Series 19898
Bond.
_.ries 19908
Bond.
Serie. 1990C
Bonds
$arise 1990D
Bond.
rl a 19914
Bonds
Series 1992A
Bond
series 1992
Bond
. 1992D
Cash and investment.
$ 188.237
5 36.403
$ 27,086
$ 170,402
S 6:,773
S 129,521
S 311,827
S 22,303
$ 14,786
ACC.unt. receivable
350
73
65
2,039
79
Special assessment.
Deferred
11,072
10,501
11,176
10,019
Delinquent
904
615
5,765
476
Land for resale
S 399.141
TOTAL ASSETS
$ 198-595
$ 16.403
S 39.1]5
$ )89.147
$ 190.665
S 61.77]
S 148.501
$ )48.401
S 22.301
5 14.786
I +Aw II.I TIRw A.._u..
Liabilities
Cash deficit
Deferred revenue
Total Liabilities
Rund Balances
Reserved for debt
Be—loss $ IB 8.595
TOTAL LIABILITIES
AND FWD BALANCES $ 188.595
S 100,442
S 11.976 ]89.147 $ 11.110 S 16.941 $ 10.495
S 11,976 S 569,509 $ 11.110 S 16,941 S 10,495
S 36.401 27.159 S 1180.442) $ 179.547 S 61.77] 131.566 11]_906 S '-2.103 $ 14.796
lb 401 $ 39.135 S 189-147 S 190.665 $ 61.771 S 148.507 $ 349.401 $ 2.303 5 14.]86
46
Statement C-1
(Continued)
General
General
General
General
Obligation
General
Obligation
Obligation
General
Obligation
Obligation
Serer Inter-
Obligation
Refunding
Refunding
Obligation
Improvement
Refunding
ceptor Refund-
Improvement
Bonds
Bonds
Improvement
Bond.
Bonds
ing fond.
Bond
Tata
la
Series 1993A
Series 1999)
Band. o[ 1995
Serle. 1996)
2 19968
Series 1996C
Series 1997A
199]
1996
$ 168.683
S 262,599
$ 1.191,078
S 150,563
$ 113.31]
5 91.563
$ 4,0-.9.043
5 3,960,441
370
51,600
$ 45
131
55.816
10.247
76,925
1.111.352
143,260
577,403
2,150.350
2.161,661
3,310
149,369
116
244.982
]45.684
951,293
5 166.663S
145 204
$ 2.50].679
S 143.621
5 150.563
S 113.690
5 669.966
5 ].215.877
5 ]. 004. 1fi4
5 78,401 $ 256,845 S 292,675
L____02.235 S 1.274.954 11].5)8 5 577-401 3.155.249 3.132.973
S 82,235 $ 1,274,954 $ 221,981 5 577,403 $ 3,414,094 S 3,425.648
47
CITY OF 14ONTICELLO
Statement C-2
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CRANGBS IN FUND BALANCES
For The Year Ended December 31, 1997
With Comparative Totals For The Year Ended December 31, 1996
General General
General General Obligation Obligation
Obligation Obligation Tax Increment Improvement
Tax Increment Consolidated Improvement Bonds Bonds
Bond, of 1gas Bond Fund ¢and, of 1977 ^tic, 1911711 cert— 19RSA
i . Re.v. n...
Taxes $ 7,991
ttt Co111011ona on ass*„menta $ 19,441 41,924 S 22,512
Intergovernmental 700
Interest on investments i 719 -940 18.045 5 510
Total Revenues S, 715 S as lot S 88.652 S 510
Debt service
Principal retirement S 15.000 $ 60,004 $ 25,000
Interest and fiscal charges 20.909 9.111 1.394 5 177
Total Expenditures S 19.909 S 69.111 5 26-3114 S 177
I- Exceas (Deficiency) of Rev-
-a Over Expenditures S i+5 1941 $ 39 let S 19.941 5 125 9741 5
Otner Financt.,fe ... tu)
Transfer. in lout)5 39.350
Bond proceeds
Total Other Financing
Sources (Uses) 5 19 ISO
Excess (Deficiency), of Rev-
enues and Other Sources
Over Expenditures and
Other Use. $ 4,156 $ 35,3$1 $ 19.541 S (25,974) $ 22,335
Fund balances at beginning of
year 19 S., 252.62. 656 166 5 29.]44 18-967)
FUND BALANCES AT END
OF YEAR S 93.744 S 288-449 5 675.707 5 2.174 5
48
CITY OF MONTICELLO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For The Year Ended December 31, 1997
With Comparative Totals For The Year Ended December 31, 1996
49
General
General
General
General
General
General Obli-
General
General
General
Obligation
Obligation
Obligation
Obligation
Obligation
gation Taxable
Obligation
Obligation
Obligation
water
Taxable
Improvement
Improvement
Improvement
Tax Increment
I
vement
Improvement
Improvement
Bonds
Series 1988
Bonds
_ s 1989A
Bonds
Series 1989B
Bonds
Series99
10B
Bond.
$eriea 1990[
Bonds
i19D
Seres 90
Bonrdgvement
Serle. 93
19A
2=111-1u2&
Bonds
$eriea 1992
Rev
Taxes
S 117,190
$ 20.801
$ 21,532
S 11,019
Collections on assessments
1.716
S 116.410
3,709
S 29.226
16.812
Intergovernmental
10,331
1.825
1.099
966
Interest on investment.
7.985
5 572
_ 949
9.776
5 1.050
7.667
19.793
S •16
Total Revenues
5 115.696
5 572
S 25-290
5 116.610
5 36.908
5 1.050
5 ]6-695
5 68.590
5 619
hi{CLDCSLY[LL
Debt service
Principal retirement
S 70,000
S 10,000
S 25.000
5 25,000
S 60.000
5 75.000
5 75.000
5 15.000
Interest and fiscal chargee
46.452
19.68)
6.812
5 16.060
10.617
16.215
10.582
26.697
5.667
Total Expenditures
5 118-652
i 29.681
5 ]1.812
5 16.060
5 35.617
5 56.219
5 B9_SB2
5 99.697
S 20-687
Excess (Deficiency) of Rev-
enue. Over E2cpenditures
5 17.266
5 (29.111)
5 (6.522)
S 100.150
5 1.291
5 (51.165)
5 168-867)
5 150.9071
$ 120.269)
Sher Flnanrima 1QuLass IUeee)
Transfer. in (out)
5 33.650
$ 56.575
S 19.675
Bond proceeds
Total Other Financing
Sources (Ones)
5 _3.650
S 56.575
S 19.6]5
Excess (Deficiency) of Rev-
enue. and Other Sources
Over Expenditure. and
Other Uses
S 17,264
S 6,539
$ 16.5221
$ 100.350
$ 1,291
S 3,610
S (68.667)
S 150,9071
S 17961
Fund balances at beginning of
year
171.351
31.666
13.661
1280.7921
178-256
SB.361
180.45)
188.613
21 047
FUND BALANCES AT END
OP YEAR
5 168.595
5 36.603
57 1�
5 :190.662)
$ 179.547
5 61.77]
S 131.566
5 ]]7.906
$ 22.103
49
V
Statement C-2
(Continued)
General Cenerel Cane rel General Obligation General
Obligation Obligation Obligation General Obligation General Sewer Inter. Obligation
Tax ent IncremRefunding Refunding Obligation Improvement Obll ligation ce for Refund-
g p Improvement
Bond Bonds Bond. Improvement Bond. Ref -ding IngBanda Bonds To .1.
Setiea Y492O _ rie, 1993A Sari- 1994A Bonder of 199s Sor— ,y19a6A Bond, of 19968 Series 1996C Serie+ 1997A 1997 1996
S 121.884 $ 137,738 $ 14,673 $ 108,785 S 562.195 $ 595,010
145,596 31,111 728,524 1,121,624
30.692 12,081 1,287 9.542 49,312 51,651
5 271 S 11.970 11.652 54.875 9 2.667 5.159 5 918 191.865 161.715
5 271 5 11 9.3..0 S 144.427 S 650.290 5 47.131 5 2.667 5 121.786 5 948 S 1.531.891 S 1.935.020
S 10.0-0 S 105.000 S i15,000 $ 245,000 $ 70,000 S 115,000 65,000 S 1.160,000 5 2,550.000
1.574 2.166 37.710 117.498 55.450 11.738 10.717 5 4+50 515,989 629.449
i
13.574 S_ 107.166 S 152.710 5 422.998 -4 126-45g 5 131.736 S 115 717 S 250 S 1-6".99 S 3-173,449
i
S (95-1961 S 18-2811 5 227.292 S {79.119} 5 1131-0711 $ 9.064 S 598 $ 1161.0481 5 (1.243./24)
i S 12.800 S 133,650 S 295,500 $ 319,850
S 91.865 MASS 1-409920
` S.. 12-e{A,Q S 333 _fi SO S 91.865 S 197.365 S 1.724.770
$ {501) S 195,396) S (8,283} $ 227,292 S (79,319) S 21579 $ 91069 $ 92,563 $ 223,267 S 481,341
15.287 284.079 271.252 1.001.411 961 I4] 964 104.579 1.579.516 1.097.175
S 14.796 $ 198.69] S 262.969 5 1.226.725 5 1]8,is�8) S� 150561 5 111.548 S 92_x53 b�.H01 7�,i S 3. 518.5Y6
I
4
50
51
CITY OF MONTICELLO
Statement D-1
CAPITAL PROJECTS FUND
CGM]3INING BALANCE SHEET
Deeember 31, 1997
O'.11./
ASSETS
Road—
Oak,
Bastvood School
Knell Boulevard
Rater
Re-rvnlr
Southveat
91a1a
Cardinal
Simla
High School Animal
P,thmays
Cash and investments
5 41,588
S 304,192 $ 342,748
S 32,865
Area
5 28,832
Paras
5 74,314
Hill,
IV
Forms
S
]rd
fit. 956
Rover Shelter
S 1.422
Semroveasat
Long term receivables
25,681
Accounts receivable
345
32.665
TOTAL ASSETS
tlaaIt ITI85 m A e Fc
Liabilities
Cash deficit
5
3,370
S 7,145
S S18
Accounts payable
Contracts payable
$ 132
1,300
Deferred revenue
5
62
31,464.000
Total Liabilities
S 112
S.
1.370
5
62.000
S 19.909
S 519
Puna Balancee
Designated for capital
Improvements
S 41,598
$ 304,405 $ 342,748
5 32.865
5 26,832
5 74.314
S
(3,370)
S
32,621
$ {19,909) 5 1.422
S (S38)
Reserved for noncurrent loans
receivable
25.6@1
Total P=d Balances
$ 43.5
5 330.086 $ 342.749
S 32.@65
S 28.932
5 74.314
5
13 3701
S
32.621
S (19.909) $ 1.422
S (519)
TOTAL LIASILITISS AND
rMD (3ALANC85
...................................................................................................................................................................................................................
6Ss"CI9
Otilieio.
Stir a viae
Cordloml pathway
Hill, V Fr.teet
ww"
B.paoalon
proiact
Dundas
Briar
91.1.
US—
St.
85y ZS Cardinal
Slain
Cash and investments
$ 123,067
S 251,476
Road
5 29.752
Oak, tad
Perm,
$
tad
9,213
Trk BAN
SSW
fHi DOT Imo gills VI
F,raa 6th Total
S 910,171 S
2.211.456
Song term receivables
Accounts receivable
3.996
30 457
25,691
67.463
TOTAL ASSETS
`,tl
5 +23 967 5 0
$cc�72
5 29.752
S 0
$_
79_]]0
5
0
S 0$ 0
S 930.112 S
2.]04.600
LI BI .ITIRR AND FUND RALANCRS
Liabilities
Cash deficit
5 227
$ 237
S
Account. payable
4,300
703,OSS
103,926
S
$70
S 50,171 5 4.$40
S
170.612
$
S 538
840
S
4,246
77,713 556
S 20,835
913,495
Contract. payable
Deferred revenite
1,837
21.077
15.411
48.414
Total Liabilities
5 227
4 4.5]]
5 70]_055
$ t1!
5 106-201
5
1t 123
5
57,0
S 127.8@• 5 5.104
S 5{{.24@ S
91.017
1.115.59@
Fund Balances
Designated for capital
improvements
$ 1227)
5 123.861 5 (4.5)7)
S (447,5831
5 28,234
$ (106.203)
5
14.407
$
(5701
S (127,464) S (5,104)
S 953,923 S
1,163,321
Reserved for noncurrent loans
receivable
Total Fund Balance.
S 1227)
5 123.967 S (4.5377
$ 1447 ,5E11
S 2A 7v
$ {106.203)
S
14.407
5 (1703
$ 1127.@84) 9 15.104)
5 @53.923 5
25.691
1 199.002
TOTAL LIABILITIES AND
FUND SALIMILS
$ a
5 123.067 $ D
S 255.472
5 2a T51T Ss
S 0
$
19.730
S
0
$ 0 5 0
910.371 $
2.704.600
51
CITY OF MONTICELLO
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1997
R,vernic
Interest incase
Other
Total Revenues
woe ndlr___
Construction contract.
Engineering and other
Total Expenditures
excess (Deficiency) of Revenues over
Expenditure.
Other Financing Sources (Uses)
Transfer in
Transfer out
Bond proceeds
Total Other Financing Source. (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Use.
Fluid Balance at beginning of year
FUND BAW4CE AT END OF YEAR
..........................................
Revenue
Interest inrcee
Other
Total Revenues
172 nde�itures
Construction contracts
Engineering and other
Total Expenditure.
Excess (Deficiency) of Revenues over
Expenditures
4 h r Flnen a Bo �r • 1 (n nl
Transfer in
Transfer out
Bond proceeds
Total Other Financing Sources (Uses)
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Uses
Fund Balance at beginning of year
FIND fWN1C9 AT 6211) OF YEAR
Statement D-2
eel lo/
Used- B..t.00d school wear Boutb...t Klein C.rdi..l Klein High School Aniaal Pate..y.
Oak, RAoll Boulevard Reservoir Ara. Isms 11111, IV F,r,. 3rd S.- sh.lte` Ismrov.,ent
$ 3,778 $ 21,978 $ 20,682 5 2,607 $ 1.719 S 7,941 $ 296 S 1,422
1.145 595 5 32.621
5 3.378 5 23.823 S 20.682 5 2.607 5 1.]19 S 7.941 $ 891 5 )2.621 5 1.422
$ 40,723 5 227,173
S 11.365 5 425 S 26.321 5 58 127 19.736 S 518
5 11.365 5 425 $ 26.724 5 50 5 41.050 S 246.909 S SIB
S (7.987) 5 21.827 2---U,252 S 123.717) S 1.661 5 (31.1091 5 891 S 12.621 5 (246.909) L ---j-422 S 1510)
5 227.000 S 150,000
1150.000)
L---Z'7.-Q= 5 0
S (71987) S 23,823 $ 20.257 S (23,717) S 1,661 S (31,109) 5 691 $ 32,621 $ (19.909) S 1,422 5 (SIB)
49.575 306.26] ]22.691 56.582 21.171 1D7. 423 14.261) 0 0 0 0
S 41.588 S 330.086 5 362.]68 $ ]2.865 5 28.812 S 74.]14 $ 13.370) 5 12.621 $ 119.909) 1.422 5 1518)
...... ............... ....... .... ...... ... ...... .......... ."-................... -..__.._............. ... _--"-.__- ................ .... ... _-__.
wwr
Utilities Cardinal Pathway B.yan.lon Dunda. Briar KI.i. River St. a" 2S cardinal KI.1.
5th A Vin, Rllla V Prn3211ELQI22C Road Oak, god Farms 2nd TRK BAN Bell 1=21-10L- Hills V1 EAKRA 4th Total
$ 7,SB5 5 1,719 S 296 S 533 S 10.667 S 80,023
2.685 S 1.070 792 26.211 65.119
5 10.270 5- 1.070 S_ 2.511 $ 296 5 26.744
5 10.667 166.642
S 8,359,628 $ 179,456 $ 11,148 S 498,770 S 9.316,506
9 227 L -10 -Lu 856 495 11.96] 1.570 S 276.472 S 5.104 135.475 1.356.510
S 227 L ----j0'455 S 9.116 127 5 191.423 S 12.710 5 276.472 5 5.104 $ 6]].853 S 10.673.024
S 6,677 $ 627,720
-10.018 401
S 6.637 S 10,646-129
S 19,181 S 142,500
S 1,113,046
(150,000)
S 1-477.109 11.495.510
1.477.109 $ 12.518.556
S 1227) 5 10,270 5 (7.810) 5 1,431,076 $ 2,511 5 1191,127) $ 26,744 S 6,467 S (133,972) S (5.104) 5 BS7,923 5 1,992.174
0 ILL= 1719) (1_B71 659) 25 721 86.926 112.377) 17.07)) 6.088 0 180).112)
5 !2271 S 12).867 S 14.5)]1 5 1 4 ) 5 28.234 S 1106.20)) 5 14.40] $ 1570) S (127.864) x_106) 5 853.923 S 1.189.002
52
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING BALANCE SHEET
December 11, 1997
With Comparative Totals at December 31, 1996
SETS
Cgirent Assets
Cash and investments
Accounts receivable
Inventory
Prepaid expenses
Total Current Assets
Pro_sercv nndd,E'i- enc
Land, buildings and improvements
Equipment
Lees: Accumulated depreciation
Property and Equipment - Net
Other Asset.
Special a.sesseenta receivable - deterred
Special ...ea.".te receivable - delinquent
Total Other Assets
TOTAL ASSETS
LIARILITIE9_ AND EQUITY
Current Liabilities
Cash deficit
Accounts payable
Accrued expenses
Due to other fund.
Total Current Liabilities
Deferred revenue
Total Liabilities
SS111Lv
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
Sewer
Fund
Nater
Fund
Liquor
Fund
S 346,640
S 266.462
$ 701,610
161.807
56,130
3.648
S 510.303
4.26
S 346.672
224,660
2.966
S 929.236
S 12,566.413
S 6.311.675
153.068
S 280,695
87.825
184.280
$ 12,766.693
5 5.462,763
5 366,520
(5.944.427)
12-813.931)
1255.738)
S 13.251 5 4,893 S 40.575
978 33,392 57,269
S 14.229 S 30,285 4; 97,044
41.696
S 14.229 S 79.981 8 97.844
S 6,172.509 S 3.637.455
'-.45-841 319.964 S 944.174
S 7.310.350 $_,1.957.419 S 944.174
7 • 579 S 4.017.400
1-1- -UZ-W
53
7'tansporta- cemetery
tion Fiind Fund
S 11.914
$ 3,680 750
S 3.680 5 1".724
$ 6.911
5.415 S 450
3 16
$ 12.379 S 468
5 L-^_379 S 168
Statement E-3
T(rjpi ,9
December 31, December 31.
1997 1996
S 1,346.914 S 629,256
222,367 220,592
224,660 201,500
6.874 9.114
1__.1 602.B15 S 1.260.664
S 19,178,783 S 18,417,223
419.193 475.997
5 19.597,976 S 18.833,220
(9.014.086) {8.147.229)
5 34,333 5 27,361
7.363 5.759
5 41.596 5 33.140
5 12.426.401 5 11.979.795
5 6,941 5 12, 913
64,604 42,743
91,660 76,950
S 161,205 S 204,166
41.696 33.140
S 204-901 t237-106
S 9,809,964 S 9,692,200
2.413.5:6 1.150.289
S 12.223.500 Sj1. 742.469
5 12.426.401 S 11.979.795
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1997
with Comparative Totals For The Year Ended December 31, 1996
Statement E-2
54
Sewer
Fund
water
Fund
Liquor
Fund
Tiansporta-
tion Fund
cemetery
Fund
TOTAL
December 31,
1997
-C
December 31,
1996
Cale. and [os[ of Selev
Select
S
1.951,847
S 1,951.947
S 1,852,661
Cost of 9e le.
1.467.468
1.467.468
1.401.908
Groes Profit
5
484,379
S 484,379
$ 450,753
Operating Revenues
Utility user fee., COMlctions, inspection
fees and other operating revenues
S 668.132
5
291.012
S 27.600
5 36.455
1.023.229
884.011
Total Grose Profit and Operating Revenues
5 668.32
5
291.042
5
484_]79
S 27.600
S 36.455
S 1.507.601
S 1.334.764
0perating Expense
Salaries and employee benefits
S 66,963
S
92,990
S
151,878
$ 622
5 7.271
$ 315.930
$ 280,691
Utilities
4.233
40.216
14.32:
58.771
70,092
Supplies and material.
10.328
59.777
10.643
490
264
91.502
52,453
Repairs and maintenance
1.577
5,924
11,546
19,007
11.569
Depreciation
634,143
217,790
14,925
866,958
.411.1 9
Inaurence
10.512
10,255
12.170
94
37.071
35,079
Protea clonal tees
436.223
6,473
2,859
66.066
20,126
531,747
524,084
Advertising
5.101
41
5.142
6.323
M ie cel leneous
24.697
19.002
18.179
15
62.093
35.478
Tots] Operating Expenses
S 1.109.636
5
452.427
5
241-821
67 528
S 23.667
S 1.974.011
S 1jfis 54B
Operating Income (Lose!
S 1520.5041
S
1161.]115)
5
242.556
S 139.928)
S 12.7118
S 1466-4731
S IS10. 1841
O h r R v n s (Expenses)
Property [axes
5 19201
S 18301
S 1980)
Interest income (expense)
17,186
5
15.019
S
24,300
S 1415)
S 415
56.505
76.77]
Intergovernmental
42.462
42.462
26.456
Cash over (short)
(41)
1411
IT991
Mince llaneous income
1.299
1.299
11.929
Rental Incase
24.550
24.550
22.724
Total Other Revenues (Expenses)
S 40.916
S
15.019
S
24.259
S 41.146
5 415
S 123.955
S 96.114
Income (Lose) Before Transfer.
5 (479.SR8)
S
(146-366)
S
266.815S
3.418
S 13.20]
S (342.518)
1134.6101
Transfer
Transfers out
S (112-625)
Net Income (Local
S 1479.5881
S
1146.3661
S
266,915
S 3.418
$ 13.203
S 1342.5181
S (547.235)
Retained earnings at beginning of year
995.757
258,969
607,359
112,117)
(947)
1.849.021
1,574.029
Dep reeia[ion-contributed asset.
629,672
207,361
837.033
022.227
Prior Period Adjustment
70.000
_
70.000
Retained Earnings at End of Year
S 1.145.1141
S
319.964
L___944_04
S 16.699)
L___12_256
S 2.413.516
S 1.049.021
Contributed capital at beginning of yeaz
$ 6,340,716
S
3.552,752
S 9,693,469
S 8,430.164
Assets contributed during year
461.465
292,064
757,5292
.205.51:
Depreciation -contributed asset.
(629.672)
120].]61)
1837.0331
(822.'_27)
Contributed Capital at End Of Year
S 6.172-509
S
3.6]7.455
S 9.809.964
S 9.891.468
RETAINED EARIIINGS/CONTRf BIlrED CAPITAL
END OF YEAR
5 7.318.350
5
3.957.419
5
944.171
S 18.6991
5 L'-256
S 12 22] 900
c 11` 74
54
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1997
with comparative Totals For The Year Ended December 31, 1996
Cash flows from operating activities:
)tet income (loss) before transfers
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
Changes in asset. and liabilities
lincreeeel decrease in account. receivable
IIncreaeel decrease in inventory
(Increase) decrease in prepaid expenses
IIncreaeel decrease in special sases.mente
receivable - deferred
1[ncreeas) dec reaae in special assesemente
race f vable - delinquent
Inciee9e (decrease) in accounts payable
Increase (decrease) In accrued expenses
Increeee Ides reaae) in due to other fund.
Increeee ]decrease] in deterred revenue
Net Cash Provided by Operating Activities
Cash flows used on noncepital financing activities:
Transfers out
Cashflows from capital related financing
activities:
Capital Expenditures
Equipment
Building and improvement.
Net Cash (Used) in Pi—ing Activities
Net Increase Idecreaeel In cash and cash
equivalence
Cash and cash equivalent. at beginning of year
Cash and Cash Equivalents at End of Year
Serer
Fund
Water
Pond
Liquor
Fund
Transports -
tion Fund
5 1679,500)
5 1166.366)
S 266,815
5 3.616
636,163
217,790
16,925
20,696
1.181
1,668
(31)
13,663
(23,160)
290
7
163
(6,9521
(1,606)
(22,125)
11,6671
60.100
5,397
115
S 111.816
5,358
8.556
S 76.610
7,691
5 306.681
150'
S 5.122
Statement E-3
TOTALS
Cemetery December 11, December 31,
Fund 1997 1996
5 13.203 S (362,516) $ 1636,610)
(750) 11.7751
(27,623)
(23,160)
(20.600)
660
1.012
(6,952)
(910)
11.606)
656
375 21,900
20,696
16) 13, llo
16,]02
20.000
256
L.1 956
12.625
$ 13,1961 $ 13,1961 5 12,x161
S (500) (7_s31) (9.011) (11.122)
S (Soo) S 110.727) S 111.227) S 111 Ise)
S 111,816 S 76,110 $ 295,756 5 5,122 5 12.026 5 523,620 5 207,973
211.012 210.]72 .05.056 112.061) (a50) 016.169
S 166.060 5 206-602 S ]01.610 S (6.961) S 11.9]6 S 1. 339.9T1 S 016.]65
55
CITY OF MONTICELLO
Statement E-4
SEWER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1997 and 199G
1997 1996
ASSETS
n,rr n as e
Cash and investments $ 346,848 5 213,032
Accounts receivable 161,807 162,988
Prepaid insurance 1.648 1 938
Total Current Assets S 510.303 S 377.958
Prcnerty and F4 ipm n
Land, buildings and improvements $ 12,586,413 $ 12,124,948
Equipment 180.280 180.280
$ 12,766,693 $ 12,305,228
Less: Accumulated depreciation (5.944.417) (9.310.275)
Total Property and Equipment - Net S 6.822.276 ,5_ 6.994.953
TOTAL ASSETS S 7.]32.579 5 7.372.911
I.I ATTJT 89 AND FOUTTY
n,rrent Liabilities
Accounts payable
$ 13,251
$ 35,575
Accrued expenses
97d
86]
Total Current Liabilities
$ 14,229
$ 36,438
Emilt1i
Contributed capital
$ 6,172,509
$ 6,339,448
Retained earnings
1.145.841
997.025
Total Equity
S 7.318.350
S 7.336.473
TOTAL LIABILITIES AND EQUITY
56
CITY OF MONTICELLO
Statement E-5
SEWER FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND
CIIANGES III RETAINED EF.IL•:I:ICS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Comparative Totals For The Year Ended Decemk.er 31, 1996
Ooeratina Revenue
Utility user fees
Assessment revenue
Penalties
Inspection fees - improvement projects
Miscellaneous
Total Revenue
OOeratino -EzRJ sea
Salaries and employee benefits
Telephone
Utilities
Supplies
Repairs and maintenance
Professional fees
Insurance
Depreciation
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
nrhor Revenuee (E oenaes)
Property taxes - rental
Rental income
Other income
Interest income
Total Other Revenues (Expenses)
Net Income (Loss)
Retained earnings at beginning of year
Depreciation - contributed assets
Retained Earnings at End of Year
Contributed capital at beginning of
year
Assets contributed during year
Depreciation - contributed assets
Contributed Capital at End of Year
RETAINED EARNINGS/CONTRIBUTED CAPITAL
AT END OF YEAR
1997 1397 1996
Budget Actual &rrn97
$ 530,900 $ 604,001 $ 567,653
200 322
2,000 52,766 20,937
2,000 11,335 9,066
1n
1-525-12.1 S 668.132 5 597.976
$ 63,630 4 66,963 S 59,553
2,200 288 113
4,700 4,233 9,482
15,700 10,328 10,768
1,000 1,537 4,588
427,000 436,223 442,748
13,515 10,512 11,816
413,850 634,143 624,233
2i. 040 >a 40v_ a 412
$ (2,800) $ (820) $ (803)
24,300 24,550 22,724
10,500
4.4U 17.186 u ol4
t 25.900 S 40.916 5 42.]46
5 (a 05.635) $ (479,588) S (526,389)
995,757 901,054
57
6.).i no.J
395.757
$ 6,340,716 $ 5,676,482
461,465 1,285,326
(629.672) (621.092)
S 6.172.509 5 6.340.716
CITY OF MONTICELLO
SEWER FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The ;enia Euded December 31, 1997 and i996
Cash flows from operating activities:
Net income hoes)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(Increase) decrease in special assessments
receivable - deferred
(Increase) decrease in prepaid expenses
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Increase (decrease) in deferred revenue
Net Cash Provided by Operating Activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
58
Statement E-6
1997 1996
$ (479,588) $ (526,389)
634,143 624,233
1,181 (16,621)
300
290 (51)
(22,325) 19,094
115 311
fir -Q)
$ 133,816 $ 100,577
211 012 112.45s
4 3AF RAR S 217.032
CITY OF MONTICELLO
Statement E-7
WATER FUND
COMPARATIVE EAL!"CE
December 31, 1997 and 1996
1199gT9
1997
1996
Q -1 —t as e
Cash and investments
$
286,482
$
210,372
Accounts receivable
56,130
57,598
Prepaid insurance
4.260
4.267
Total Current Assets
S
346.972
272.217
Property and F ipment
Land, buildings and improvements
$
6,311,675
$
6,019,111
Equipment
151.0613
151.088
$
6,462,763
$
6,170,199
Less: Accumulated depreciation
(2.1313.931)
(2.596.141)
Total Property and Equipment - net
5
3.648.812
S
3.574.0513
Other Assets
Special assessments receivable - deferred
$
34,333
$
27,381
Special assessments receivable - delinquent
7.363
5.759
Total Other Assets
S
41.696
S
13.140
TOTAL ASSETS
S
4.037.400
5
3.879.435
f.IARTf.TTIE9 AND ROUITY
0,rr ni hili i a
Accounts payable
$
4,893
$
6,540
Accrued expenses
11 1q?
28.034
Total Current Liabilities
$
38,285
$
34,574
Deferred Revenue
41-69ri,
11 142
Total Liabilities
S
79.981
S
67.714
EWLILY
Contributed capital
$
3.637,455
$
3,552,752
Retained earnings
119 gra
258.969
Total Equity
5
1.957.419
S
3.811.721
TOTAL LIABILITIES AND EQUITY
5
4.037.400
S
3.879.435
59
CITY OF MONTICELLO
Statement E-8
WATER FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1997
With Comparative Total$ For The Year Ended December 31, 1996
Onra +ng_ Revenues
Utility user fees
Penalties
Inspection fees - improvement projects
Miscellaneous
Special assessment revenue
Total Operating Revenues
Operating Expenses
Salaries and employee benefits
Professional services
Insurance
Telephone
Utilities
Supplies
Gas and oil
Repairs and maintenance
Depreciation
Travel and conferences
Miscellaneous
Total Operating Expenses
Operating Income (bass)
Other Revenues (F -on-)
Interest income
Net Income (Was)
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 EARNI NGSJCONTRI BUTED CAPITAL
AT END OF YEAR
1997 1997 1996
$ 219,555 $ 231,221 $ 213,136
850 1,230 1,579
2,000 3,316 2,829
17,435 90
1 nu 17.840 37.275
S 223,405 S 291.042 S 2S4. 90.2
$ 84,620 $ 92,991 $ 78,153
8,000 6,473 10,347
12,025 10,255 11,185
1,600 1,714 1,968
43,800 40,216 47,915
37,800 59,777 32,438
1,456 1,503
3,000 5,924 452
210,945 217,790 211,045
Soo 75 330
14.950 15 756 14.660
5_ 417.240 ,j_ 452.427 S 409.996
$ (193,835) $ (161,385) $ (155,087)
60
5.9nQ IS (119 to 2zj
7.935) $ (146,366) $ (144,863)
258,969 202,697
$ 3,552,752 $ 2,753,682
292,064 1,000,205
CITY OF MONTICELLO
Statement E-9
WATER FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1997 and 1996
61
1997
1996
Cash flows from operating activities:
Net income (loss) before transfers $
(146,366) $
(144,863)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
217.790
211,045
Changes in assets and liabilities
(Increase) decrease in accounts receivable
1,468
(11,820)
(Increase) decrease in special assessments
receivable - deferred
(6,952)
(1,210)
(Increase) decrease in special assessments
receivable - delinquent
(1,604)
656
(Increase) decrease in prepaid expenses
7
891
Increase (decrease) in accounts payable
(1,647)
3,278
Increase (decrease) in accrued expenses
5,358
3,395
Increase (decrease) in deferred revenue
8.556
ssq
Net Cash Provided by Operating Activities 5
76.610 5
61.926
Cash flows from capital and related financing
activities:
Capital expenditures
Land, buildings, improvements 5
1500)
Net Cash (Used) in Financing Activities 5
1500)
Net increase in cash and cash equivalents $
76,110 $
61,926
Cash and cash equivalents at beginning of year
210 372
148.446
Cash and cash equivalents at End of Year 5
286.482 5
210.372
61
CITY OF MONTICELI.O
Statement E-10
LIQUOR FUND
COMPARATIVE BALANCE SHEETS
December 31, 1997 and 1996
nfi, s�TS 1997 1996
Qwr rt a9 a
Cash and investments $ 701,610 S 405,854
Accounts receivable (31)
Inventory 224,660 201,500
Prepaid insurance 2.966 7.109
Total Current Assets $_ 929.719 S 610.432
ProDeert.y and P—inment
Land $ 6,840 $ 6,840
Building and improvements 234,104 226,573
Parking lot 39,751 39,751
Furniture and fixtures 87.825 84.629
$ 366,520 $ 357,793
Less: Accumulated depreciation t2c5 7182 (240.813)
Total Property and Equipment S 112.782 S 116. 9SO
TOTAL ASSETS 5 1. Od2.01e L--.W
LTAR2 .ITI c AND EQUITY
Current ,.i hili + 9
Accounts payable S 40,575 $ 475
Accrued expenses 57,269 49,578
Due to other funds 70.000
Total Current Liabilities S 97.844 S 120.053
Rosin d A rninaa S 944.174 9 607.11
TOTAL LIABILITIES AND EQUITY 1.042.018 727.422
62
CITY OF MONTICELI.,O
LIQUOR FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
Off Sale
Liquor
Nine
seer
Miscellaneous merchandise
Total Off -Sale
Lee.: Freight
Grose Profit
Operation Exnensea
Salaries and eoployee benefits
Supplies
Repairs and maintenance
utilities
Telephone
Professional fees
Insurance
Depreciation
Advertising expense
Miscellaneous
Total Operating Expenses
Operating Income
0 her Rev ..... (bm n e)
property taxes
Interest income inveateents
cash over (short)
Total Other R.venues (Expenaea)
Income before Transfers
Transfers out
Net Income
Retained earnings at beginning of year
Prior Period Adjustment
RETAINED EARNINGS AT -END OF YEAR
FOr The Year Ended Deceelxr 11. 199]
Cost of Gross percent
Sale, Sale, profit to Sales
$ SS7.372 $ 189.409 S 167,963 30.131
210,553 166,782 63,771 20.19
1.107.999 839.325 261-674 24.25
$ 1,675.926 $ 1,395.516 S 480,608 25.61%
75.923 63.261 12.662 16.68
S_ L951_e32 S 1.45e.777 5 491,070 25.26%
$ 151.878
10.643
11.546
16.322
2. 720
X,859
lz.s7o .
14.925
5.101
25_659
63
$ 686,379 24.821
261.021 12.14
S 241 556 12.411
S 26,300 1.26%
161)
S 24 259 1.26%
S 266,815 13.69%
S 266.815 1].691
607,359
70.e00
$ 966.176
Statement E-11
For The Year Ended Decembe, 11 1996
Cost of Gross percent
Sale, 4.1., Profit to Sale,
S 516,935 S 375,701 $ 141,156 27.311
206,631 152,033 53,798 26.04
1.065.242 819.896 265.346 23.03
$ 1,788,800 S 1.346,510 S 440,290 24.611
63.BS3 45.117 16.716 29.34
S 1.852..661 S_. -393_51.2 S 459,034 24.781
S 140.671
9.695
6.539
1J. 465
2. I30
2,656
12,018
11.711
6.205
11.213
S 450,753 24.338
8
$ (377!
16,713
.901
12061
(.021
$ 16.268
.82%
S 249.488
13.47%
(112.625)
$ 136,663.
16-08)
7.191
470,496
CITY OF 14OUTICELL40
I
Statement 3-12 �
LIQUOR FUND
COMPARATIVE STATEMENTS OF CASH
FLOWS
For The Years Ended December 31, 1997 and 1996
1997
I
1996
Cash flows from operating activities:
Net income before transfers $
266,815
$ 249,488
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
14,925
13,711
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(31)
100
(Increase) decrease in inventory
(23,160)
(28,888)
(Increase) decrease in prepaid expenses
143
172 '(
Increase (decrease) in accounts payable
40,100
(11991)
Increase (decrease) in accrued expenses
7,691
10,620
Increase (decrease) in due to other funds
20.000
Net Cash Provided by Operating Activities 5
306.483
S 263.212
Cash flows used in noncapital financing activities:
Transfers out $
5 (112 625)
Cash flows from capital and related financing
activities:
j
Capital expenditures
Building and improvements $
(7,531)
5 (2,236)
Equipment
(3.196)
t11.122)
Net Cash (Used) in Financing Activities $
(10.727)
S (13.358)
Net increase (decrease) in cash and cash
equivalents $
295,756
$ 137,229
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
64
65
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, 1997
Off sale croas Profit
eudoet
Actual
Liquor
S 129,100 $
167,963
Wine
48,525
43,771
Beer
218,465
268,674
Miscellaneous
17.520
12.662
Total Off Sale Groes Profit
$ 413,610
$ 493,070
Less: Freight
7.750
A-691
Total Gross Profit
$ 405,860
$ 484,379
nnprating Exnenaes
Salaries and employee
benefits
$ 139,605 $
151,878
Supplies
91150
10,643
Repairs and maintenance
8,575
11,546
Utilities
15,000
14,322
Telephone
2,300
2,720
Professional fees
3,400
2,859
Insurance
12,620
12,170
Depreciation
12,000
14,925
Advertising expense
4,500
5,101
Miscellaneous
24.760
15.659
Total Operating Expenses
_ 211-910
241.e21
Operating Income
$, 173.950
S 242.556
Other�pRy nua6(fyxpansea)
Property taxes
Interest income - investments
$ 10,600
$ 24,300
cash over (short)
(150)
141)
Total Other Revenues (Expenses)
S- 10.45Q
5 24.258
INCOME BEFORE TRANSFERS
�� 18a.a00
S 26fi-815
65
CITY OF MONTICELLO
TRANSPORTATION FUND
COMPARATIVE BALANCE SHEETS
December 31, 1997 and 1996
ASRETA
[111r nt A-,,,,
Accounts receivable
TOTAL ASSETS
LIARI .ITI .0 AND FQUTTY
Cash deficit
Accounts payable
Accrued expenses
Total Current Liabilities
Retained Earnings
TOTAL LIABILITIES AND EQUITY
66
Statement E-14
1997 1996
C, 7 rAn S 37
5 3.680 S 37
$ 6,941 $ 12,063
5,435 38
1 53
S 12.379 S 12.154
S 17
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, 1997
With Comparative Totals For The Year Ended December 31, 1996
Operating Revenues
Passenger fares
Property taxes
Total Operating Revenues
Operatina�E p na s
Salaries and employee benefits
Supplies
Professional services
Advertising
Miscellaneous
Total Operating Expenses
Operating (Loss)
Other R vena n (Exn ne�nes)
Intergovernmental
Miscellaneous
Interest income (Expense)
Total Other Revenues
(Expenses)
Net Income (Loss)
Retained Earnings at beginning of
year
Retained Earnings at End of Year
1997 1997 1996
Budget Actual Actual
$ 12,000 $ 12,777 $ 11,544
14.604 14.823 15.570
S 26. 6(!i S 27.600 5 27.114
$ 3,500 $ 822 $ 11958
250 490 447
65,735 66,066 63,837
41 38
150, 109 6Q
S 69 6u j----U-UA _, 66 14.2
S (41.0-41)
$ 41,781 42,462 $ 26,456
1,250 1,299 1,429
(415) 1549)
5 4-4 nil 43.346 S 27.336
$ 3,418 $ (11,899)
67
CITY OF MONTICELLO
Statement E-16
TRANSPORTATION FUND
COMPARATIVE STATEMENTS OF CASH FLAWS
For The Years Ended December 31, 1997 and 1996
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 receivable
Increase (decrease) in accounts payable
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
68
1997 1996
$ 3,418 $ (11,899)
(3,643) 38
5,397 918
ISp) 39
177 5 (10.909)
$ 5,122 $ (10,909)
ti 154)
S 112.063)
-MA
CITY OF MONTICELLO
Statement E-17
CEMETERY FUND
BALANCE SHEET
December 31, 1997 and 1996
ARSFTS
Cash
Accounts receivable
TOTAL ASSETS
i.IARTLITIF_S ASID EOUITY
Current .iabiliti e
Cash deficit
Accounts payable
Accrued expenses
Total Current Liabilities
Retained Earnings
TOTAL LIABILITIES AND EQUITY
69
1997 1996
$ 11,974
lqq
S 12.724 n
$ 850
$ 450 75
nq 1,
$ 4f� a qe7
�S 12 25fj C (947)
S 12.724 S 4
CITY OF MONTICELLO
Statement E-18
CEMETERY FUND
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ACTUAL
For The Year Ended December 31, 1997 and 1996
Qy ra yng Revenues
Grave site sales
Excavation charges
Refunds/reimbursements
Total Operating Revenues
OnaratingEAponses
Salaries and employee benefits
Professional services
Supplies
Total Operating Expenses
Operating Income (Lose)
Other Revenues
Interest income
Total Other Revenues
Net Income (Loss)
Retained earnings at beginning of year
Retained Earnings at End of Year
70
1997 1996
&--.1 Actual-
-$ 11,750 $ 2,800
11,110 1,210
11 %q% 1 7u
S 36.455 S 4,010
$ 3,277 $ 356
20,126 4,496
26q ,n4,
21.667 S 4.9%7
S 12.708 S (947)
e 4,4
e e1�
$ 13,203
(q4-1) 11
y' 12.2%!1 $_ (947
CITY OF MONTICELLO
Statement E-19
CEMETERY FUND
STATEMENT OF CASH FLOWS -
For The Year Ended December 31, 1997 and 1996
Cash flows from operating activities:
Net income (loss) before transfers
Adjustments to reconcile net income to net cash
provided by operating activities:
(Increase) decrease in accounts receivable
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Net Cash (Used) by Operating Activities
Net (decrease) in cash and cash equivalen-77
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
71
1997
1996
$ 13,203
$
(947)
(750)
375
75
14)
°Z
S 12.824
j
(RSQ)
$ 12,824
S
(050)
(Asn)
n
S 11.974
P
(HSQ)
1998
1999
2000
2001
2002
2003
2004
TOTAL
Original
Amount
Average rate
of interest
Payment dates
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION BONDS
December 31, 1997
Schedule 1
General Obligation
General
Obligation
General Obligation
Refunding Bond
water
System
Sewer Interceptor Refunding
ie.ries 1993A
Principal Interest
Bond c_eri-
Principal
19868
Interest
Bond Series 19960
principal ,n r st Principal
T2.LrIl
Interest
$ 75,000
$ 43,195
$ 90,000 $ 21,460 $
165,000 $
64,655
80,000
37,962
95,000 17,410
175,000
55,372
85,000
32,310
100,000 12,948
185,000
45,258
95,000
26,053
105,000 8,129
200,000
34,182
100,000
19,203
115,000 2,817
215,000
22,020
105,000
11,950
105,000
11,950
115.000
4.111
115.000
4.111
S n ��QJ
S 655.000
S 174.764
5 $05.000 S 62.764 S
1.160.000 S
237.548
3.9673%
February 1 February 1
August 1
72
6.99431
February 1 February 1
August 1
4.88111
February 1 February 1
August 1
TFL
1999
2000
2001
2002
2003
2004
2005
2006
200]
TOTAL
Original Amount
Average rate of interest
Payment dates
T3'rl
1999
2000
2001
2002
2003
2004
2005
2006
2007
TOTAL
Original Amount
Average rate of Interest
Payment date.
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION SPECIAL ASSESSMENT BONDS
December 31, 1997
Schedule 2
General Obligation
General
Obligation
General
Obligation
General
Obligation
General Obligation
Sewer/Neter and Street
Bond of 1977
Improvement
Bond Serie.
19898
Improvement
Bond Sertea
1990[
Improvement
Bond Series 1991A
Princioal Interest
Improvement
Bond Serie. 1992A
Printleal Intete.t
prtneioal Interest
5 60.000 S 4,950
PIneioaI
5 25,000
Interest
5 4.777
Princioal
$ 25,000
Interest
S 8.571
5 70,000
S 6.107
$ 75,000
S 20,705
60,000 1.650
10.000
2,970
25,000
6,921
70,OOD
2,047
75.000
17,030
JO.000
990
70,000
5,095
0.000
17.353
70,000
3,060
70,000
9,695
70,000
1,028
70,000
5,915
70,000
11995
5 120.000 $ 6.600
5 ]_470.000
5.21\
5 85.000
S 8.733
245.000
6.61191
5 140.000
9 24.673
250.000
6.75061
S 140.000
$
5 8.154
515.000
5.72651
S 430.000
S 69.693
705.000
5.25251
5
5
i
February 1 February 1
February I
February I
February 1
February I
February 1
February 1
February I
February 1
August I
August 1
August 1
August 1
August 1
......................................................................................................................................................
General Obligation
General
Obligation
General
Obligation
General
Obligation
Refunding
Improvement
improvement
Improvement
hong Serres 1994A
Prineioal Interest
Bond Series
Prinio
eal
1995A
interest
Bond Seri
Princioal
8 1996A
.Interest
Band S
Princioal
e 1997A
a Interest
T-11
Prineioal lnle .i_
$ 110,000 5 33,662
$ 495.000
$ 161,935
5 170,000
5 43.460
$ 49.294
$ 980,000
5 333.447
120,000 29,288
465,000
140.752
175,000
77,660
65.712
1,000.000
303,630
120.000 24.547
490.000
119.400
175,000
71,484
5 500,000
55.467
865.000
249.322
120,000 19.628
490.000
96.090
140,000
25.020
400.000
36,917
840,000
190.404
125,000 14.389
485,000
73,160
60.000
20,225
400,000
20.212
770.000
134,929
125,000 8,857
485.000
49.63]
65.000
1],170
150.000
B, 625
745,000
86.244
170.000 7.027
245.000
71,670
]0,000
13.]20
125,000
2.]19
445.000
51.092
245.000
19,719
70,000
10,115
115.000
29.474
5 850.000 �
255,000
6,566
]5.000
80.000
5 960.000
6.70]
2.160
5 207-281
5 218-928
770,000
80.000
12,8]3
2.160
5 ].945.000
S 1 I�91 9y
5 3.645.000
5 69]_0]9
5 1.575.000
S 965.000
4.23121
S ].890.000
4.96478
S
1.0]0.000
5.15011
February 1 February 1
February 1
February 1
February 1
February 1
February I
February 1
August 1
August I
August 1
August 1
73
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION TAX INCREMENT BONDS
December 31, 1997
TOTAL 5 24 v. v0v 5 100.790 5 v s v s vvv s
Original Amount 5 150.440 5 155.004 5 260.000
Average rete of
interest 0.2893% 9.00474 7.2532%
Payment dates February 1 February 1 February 1 February 1 February 1 February 1
August 1 August 1 August 1
74
General
Obligation General Obligation
General Obligation
Tax Increment
Tax Increment
Tax Increment Refunding
Frine
eOed
cal
of 190% Bond of 1987R
IXILUCA Principal In[ereac
Band e[ 1989A
Principal Int est
1998 5
20,000
$ 19.075
5 15.000 $ 18.190
1999
10,000
17.445
15,000 1x,900
2000
20,000
15,805
15,000 15.603
2001
25,000
13,954
20,000 14,080
2002
25,000
11.891
20,000 12.335
2001
10,000
9,615
20,000 IO,SBS
2004
30.000
7,125
25.000 8,610
2005
35.000
4,410
25.000 6,410
2006
35,000
1.470
30.000 3,982
2007
lv.evv 1.328
TOTAL 5 24 v. v0v 5 100.790 5 v s v s vvv s
Original Amount 5 150.440 5 155.004 5 260.000
Average rete of
interest 0.2893% 9.00474 7.2532%
Payment dates February 1 February 1 February 1 February 1 February 1 February 1
August 1 August 1 August 1
74
General Obligation General Obligation
Tax Increment Tax Increment
Bond Se ries 19900 Bond Series 1992
Principal Iateres[ Principal lnteresC
$ +5,000 $ 10,012 5 15.000 $ 1.772
15.000 6.008 15,000 7,138
15,000 2.002 20.000 2,600
20,000 1.700
R•la•7.7��YY
S 175.000 S 19.022 S 80.000 5 12.6]5
S 105.000 S 120.000
8.99281 6.S0\
February 1 February 1 February 1 February 1
August 1 August 1
General Obligation
Tax Increment
Bond 9er1ea 19920
Principal Interest
5 10,000 S 2,925
10,000 2,215
10,000 1,625
10.000 9]5
10.000 325
General Obligation
Tax Increment Refunding
Rand Series 19966
Principal nLCLSAL—
5 125,000 5 12,231
125,000 6,165
85,000 1.916
9 ]5.000 5 150.000
6.50\ 1.69831
February 1 February 1 February 1 February 1
August 1 August 1
75
Schedule 3
Tntal
Pri pay Interest
$ 210,000 $ 6],118
270,00053.171
195,000 79,611
75,000 30,309
65.000
21.876
50,000
20,200
55.000
15,]75
60,000
10,820
65.000
5,152
IO.OQjj
1.128
CITY OF MONTICELLO
Schedule 4
GENERAL OBLIGATION NOTE
1997 WASTEWATER
TREATM&a NOTE
1999
Principal
$ 487,455
Intareat
$ 594,838
"dotal
S 1,082,293
2000
507,546
574,747
1,082,293
2001
528,465
553,828
1,082,293
2002
550,246
532,047
1.082,293
2003
572,925
509,368
1,082,293
2004
596,539
485,754
1,082,293
2005
621,126
461,167
1,082,293
2006
646,726
435,567
1,082,293
2007
673,382
408,911
1,082,293
2008
701,136
381,157
1,082,293
2009
730,034
352,259
1,082,293
2010
760,123
322,169
1,082,292
2011
791,452
290,840
1,082,292
2012
824,073
258,219
1,082,292
2013
856,038
224,254
1,082,292
2014
893,403
188,889
1,082,292
2015
930,226
152,066
1,082,292
2016
968,566
113,726
1,082,292
2017
1,008,407
73,806
1,082,293
2018
1-090.nr,2
32.241
1.082.293
TOTAL
514.7QQ.000
6.945.853
AZ1 F
76
CITY OF MONTICELLO
Schedule 5
TAX LEVIES TO RETIRE BONDED INDEBTEDNESS
December 31, 1997
General
General General General General General General General General General Obligation
General Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Obligation Sever
Obligation Water System Tax Increment Water System Improvement Tax Increment Improvement Improvement Improvement Improvement Interceptor
Year of Collec- Improvement bond Series Bond Series Bond Series Bond Series Hand Series Band Series Bond Series Bond Series Bond Series Refunding 9onds
1,e— tion Band o1 1977 19888 1909A 19e9P 199Q[ Si30n lii2A 1924A 199SA 1996A ie— 1956c
1997 1996 $ 8,05 S 126,117 S 34,173 S 26.411 S 22,181 $ 907 S 12,414 $ 139,544 S 163,638 $ 75,000 $ 117.100
1998 1999 126,255 32,816 24,813 26,425 7,576 134.792 2$9.172 13.500 138,100
1999 2000 130,597 36,698 25.054 8,140 130,916 159,686 77,000 118,600
2000 2001 128.064 34,071 23.669 8,593 132,036 164.952 Soo 123.800
2001 2002 126,712 33,033 8,902 127,490 164,208 6,700
2002 2003 129.304 36.446 127,998 166.355 12,700
2003 2004 34,116 160.593 33,000
2004 2005 37,076 165,206 19.600
2005 2006 34.288 23.7LO
TOTAL 5 0.655 S 768.529 S ]13.5]9 S 51.224 5 47.728 5 907 5 45.625 S 791.776 5 1.]01.810 S ]00.700 S 477.6Q0
• These tax levies are for tax increment financing projects. The levies have not been bade
in the past and Will only be made in the future if tax increment revenue is insufficient to
meet principal and interest payments.
NOTE: The 1991 General Obligation Note requires a levy of $541,146 in 1997, annual levies of
$1,082,293 from 1990 to 2016, and $541,146 in 2017.
77
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, 1997, and have issued our report thereon
dated June 15, 1998.
We conducted our audit in accordance with generally accepted auditing standards
and the provisions of the Minnesota Legal Comolian Audit G00P for rn Aj
Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat.
6.65. Accordingly, the audit included such tests of the accounting records and
such other auditing procedures as we considered necessary in the circumstances.
The Minnesota Legal C Ilan A di 'd for Local Covernmenr covers five main
categories of compliance to be tested: contracting and bidding, deposits and
investments, conflicts of interest, public indebtedness, and claims and
disbursements. Our study included all of the listed categories.
The results of our tests indicated that, for the items tested, the City of
Monticello complied with the material terms and conditions of applicable legal
provisions, except as described below. Further, for the items not tested, based
on our audit and the procedures referred to above, nothing came to our attention
to indicate that the City of Monticello had not complied with such legal
provisions except as already noted.
This report is intended solely for the use of the City of Monticello, Office of
the State Auditor and other state agencies, and should not be used for any other
purpose. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
June 15, 1998
Gruys Irorden Carlson 6 Associates P.A.
Certified Public Accountants
78
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4. Mkhxi, A1V Si376 (6t2) 497-2I 18
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, 1997, and have issued our report thereon
dated June 15, 1998.
We conducted our audit in accordance with generally accepted auditing standards
and the provisions of the Minnesota Legal Comolian Audit G00P for rn Aj
Government, promulgated by the Legal Compliance Task Force pursuant to Minn. Stat.
6.65. Accordingly, the audit included such tests of the accounting records and
such other auditing procedures as we considered necessary in the circumstances.
The Minnesota Legal C Ilan A di 'd for Local Covernmenr covers five main
categories of compliance to be tested: contracting and bidding, deposits and
investments, conflicts of interest, public indebtedness, and claims and
disbursements. Our study included all of the listed categories.
The results of our tests indicated that, for the items tested, the City of
Monticello complied with the material terms and conditions of applicable legal
provisions, except as described below. Further, for the items not tested, based
on our audit and the procedures referred to above, nothing came to our attention
to indicate that the City of Monticello had not complied with such legal
provisions except as already noted.
This report is intended solely for the use of the City of Monticello, Office of
the State Auditor and other state agencies, and should not be used for any other
purpose. This restriction is not intended to limit the distribution of this
report, which is a matter of public record.
June 15, 1998
Gruys Irorden Carlson 6 Associates P.A.
Certified Public Accountants
78