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CITY OP MONTICELLO
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Year Ended December 31, 1448
i
CITY OF MONTICELLO
TABLE OF CONTENTS
2. INTRODUCTORY SECTION
Miscellaneous Data
ZZ. FINANCIAL SECTION
Paas
Independent Auditor's Report on Financial Statements
1
A. Goneral RU=aa Financial Statements
rxhibit
Combined Balance Sheet - All Fund Types
• + and Account Groupe
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
I
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
7-24
grwromnnr
B. c+nint- —A individual Fund statements
pmh
General Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP Basis)
and Actual
A-1 25-27
Special Revenue Funds:
Combining Balance Sheet
B -I 28-29
1 Combining Statement of Revenues, Expenditures
1 and Changes in Fund Balances
1
B-2 30-31
Shade Tree Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
' Basis) and Actual
B-3 32
' Orderly Annexation Pund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-4 33
` Capital Outlay Revolving Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
'
Basis) and Actual
B-5 34
CITY OF MONTICELLO
TABLE OF CONTENTS
B. Combining and Individual Fund c a m n a (Continued)
Statement
Library Fund:
Pale
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-6 35
Housing and Redevelopment Authority Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-7 36
Urban Development Action Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-8 37
Economic Development Authority Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-9 38
Water Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-10 39
Sewer Improvement Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-11 40
Central Minnesota Initiative Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-12 41
Economic Recovery Grant Fund:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-13 42
Storm Sewer Access:
Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget (GAAP
Basis) and Actual
B-14 43
Debt Service Funds:
Combining Balance Sheet
C-1 44-46
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balances
C-2 47-49
Capital Projects Fund:
Combining Balance Sheet
D-1 50-51
Combining Statement of Revenues, Expendi-
tures and Changes in Fund Balance
D-2 52-53
i
ICITY OF MONTICELLO
TABLE OF CONTENTS
IB. Cnmhining and Ind ementa (Continued)
I Proprietary Funds:
Statement
Pare
Combining Balance Sheet
E-1
54
I Combining Statement of Revenues, Expenses
and Changes in Retained Earnings
E-2
55
Combining Statement of Cash Flows
E-3
56
ISewer Fund:
Comparative Balance Sheets
E-4
57
I Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-5
58
IComparative Statements of Cash Flows
E-6
59
Water Fund:
Comparative Balance Sheets
I,-
E-7
60
Comparative Statements of Revenues, Expenses
and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-8
61
- Comparative Statements of Cash Flows
E-9
62
Liquor Fund:
_ Comparative Balance Sheets
E-10
63
Comparative Statements of Revenues, Expenses
Iand Changes in Retained Earnings
E-11
64
Comparative Statements of Cash Flows
E-12
65
I Comparative Statements of Revenues and
Expenses - Budget (GAAP Basis) and Actual
E-13
66
Transportation Fund:
I Comparative Balance Sheets
E-14
67
Comparative Statements of Revenues, Expenses
I and Changes in Retained Earnings - Budget
(GAAP Basis) and Actual
E-15
68
Comparative Statements of Cash Flows
E-16
69
Cemetery Fund:
Comparative Balance Sheets
E-17
70
Statements of Revenues, Expenses and Changes
in Retained Earnings - Actual
E-18
71
Comparative Statements of Cash Flows
E-19
72
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
Bonded Indebtedness - Public Project Revenue
Bonds
Tax Levies to Retire Bonded Indebtedness
Auditor's Report on Legal Compliance
Required Supplementary Information Year 2000
Issue Unaudited
S '�shad"I. Pace
1 73
2 74
3 75
i 76
5 77
6 78
79
80
CITY OF MONTICELLO
MISCELLANEOUS DATA
Official, - 1998
Term
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 Nolfsteller
Appointed
f,:•rll •J Puh24' IM Alin Dmc, 1WIr 1 hl 1 C'dnw A1., P(). IYa 11 i. AWIc 1
T AnnunlannuM Nuf44r, M\5511y (h121 /+NL1;A1 M,mlk clYr, M\55 M.1(61I)29S SN',I
Nurine:( furuulmn6 -n5 (:enlnl Arc. Fia, PII da 3.% SW a
p� ^Y V. Mkhxl, MN S51'h (612) I9' 21 IN
&-A (S (ZYtt9 r�
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, 1998, as
listed in Section II -A of the table of contents. These general purpose financial
statements are the responsibility of the City's management. Our responsibility is
to express an opinion on these general purpose financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation.
we believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present
fairly, in all material respects, the financial position of the City of
Monticello, Minnesota as of December 31, 1998, 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.
S BORDEN CARLSON 6 ASSOCIATES P.A.
Certified Public Accountants
June 16, 1999
ICITY
OF MONTICELLO
Exhibit 1
COMBINED BALANCE
SHEET - ALL
FUND TYPES AND ACCOUNT GROUPS
December
31, 1998
With Comparative Totals
at December 31, 1997
IPROPRIETARY
r:nu67n. RMrT1 i
P10+n lYPHC
FUNp TYPES
ACCOUNT GROUPS
TOTAL IXF?10
ONLYI
General General
ISpecial
�S
general
Debt
lar- Seire
Al"
Capital
ailiecte
L=t ZMX a
Fixed Long -Term
Assets Debt
1998
1997
Cash and investments
S 1.717,707
5 5,557,117
S 5,675,156
S 2.652,704
S 1,740,266
S 19,162,950
$ 14,001,336
Recelvables
Accounts
IS1,374
26,291
163,784
177
269.725
631,206
656,425
Special assessments - deferred
2.655
264,466
1,600,611
36,183
1,703.948
2,715,766
Special assessment. - delinquent
6,466
71,866
115,996
1,718
161.016
290,265
Due from other fund.
102,000
102,000
105.000
Land held for resale
66,817
665,394
512,211
812,501
Long-term receivable
11.098
354,397
765,495
661,411
Inventory
249.868
219,856
726.660
P rap. id a y -.n...
23.296
139
7,287
30,772
76,812
General fixed ..Bete
S 16, ie 1, 665
16,767,445
1:,4:1,657
Property and equipment (net of
accumulated depreciation)
21,917,242
21.917,262
10,583.890
Amount available in Debt
Se rvlce Funds
5 5.BS6,791
5,856,791
3,801,781
Amount to be provided for retire-
ment of general long-term debt
21.587.909
21.587.909
16.376.618
TOTAL ASSETS
5 ]_511.596
5 6.601.091
5 1.810.976
2.657. Il6
S 21.221.889
S 16.767.665 S ]0.661.700
S 92.018.815
S 61.025.752
A°1�_1T1E9
C.nh deficit
.
$ 1,100
$ 1.268,251
$ 1,778
$ 1,770,769
S 6)8,709
Account. Payable
S 155, 044
6,293
S 7,119
334,124
39,I11
577,661
1.079.176
Contract. payable
149,761
149.761
48,414
Other accrued expenses
340,631
027
107.977
115.795
329,657
Due to ocher funds
102,000
402.000
105.000
Deferred revenue
11,171
706,159
1,982,036
1,111,292
10.901
3,719.509
7.550,717
General obligation bond. payable
5 1.010.000
1,010,000
1.160.000
General oDligetlon tax increment
I
bonds
875, 0"625.000
1,055,000
General obligation notes payable14.21
16,259,]00
16.259,700
10,018.101
Special assessment bond. payable
6,965.000
6,965,000
7,965,000
Public pr0]ecC revenue bonds
]_185.Q00
.1
]85.000
I_ Total Liabilities
S 507.596
S 111.159
$ 1.961-165
S ].161.128
S 165.610
S J0.141.700
S 16.699.978
S 25.710.099
FUND HmI1TY
I- Contributed capital
S 21,158.9309,009.964
S
S
Investment In general fixed assets
5 16.767,615
16,767,645
16.611.657
Retained earnings
Unreserved
2,880,349
2,080.749
2.411,576
Fund Balance
Reserved for noncurrent loans
- receivable
5 11,098
S 154,595
765,693
481,510
Reserved for fixed assets held
for re..le
66.617
66,817
66,817
Reserved for debt .e tutee
$ 5,656.791
5,856.791
3.001,783
Unreserved
Designated for subsequent
year-. expenditures
1,987,454
5 (310,292)
1.677,162
7,110,717
I Undesignated
1.008.148
5.567.222
6.575.670
4.149.671
Total Fund Equity
S 1.007.000
S 5.988.614
S 5.856-791
S (310.2921
5 21.0]9.279
S 16 767 145
S 55.318.857
i 18.295.651
TOTAL LIABILITIES AND FUND
1 EQUITY
a 1.511.596
S 6.10]_097
S 7.860.976
S S.B51. 136
5 24.221.889
S 16.767.445 5 10.166.700
92 018 8-15
1 66 025 752
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, 1998
With Comparative Totals For The Year Ended December 31. 1997
Revenues
Taxes
Collections on special assessments
Licenses and permits
Intergovernmental
Charges for service
Miscellaneous
Total Revenues
Expenditures
General government
Public aafety
Public works
Sanitation
Health and welfare
Parke and recreation
Community development
Capital projects
Debt service
Principal retirement
Interest and fiscal charges
Total Expenditures
Excess (Deficiency) of Revenues over Expenditures
Other Financing Sources (Uses)
Bond proceeds
Sale of land
Reimbursements of project cost
Transfers in
Transfers out
Grant reimbursement
Total Other Financing Sources (Uses)
Excess of Revenues and Other Sources over Expend -
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.
J
rx,vRRNMENT�_�„L mTND TYPES
Special Debt Capital
General Revenue Service Prole is
$ 2,337,095 $ 1,012,582 $ 11099,917
108,657 1,033,133
422,633
405,295
134,713 1,575,339
618.447 298.661 _233.968 S 114.612
S 3.918.183 S 2.995.239 .i. 2.367.016 S 114.612
$ 1,337,777 $ 282,000
677,474
768,587
300,184
60,738
409,429
213,026 17,654
366,740 $ 7,119,982
S 3.767.215 S 666.402
S 150.968 S 2.328.837
$ 12,463
$ (84,300)
(52.049)
S (84.300) S (39.586)
$ 66,660 $ 2,289,25I
2,940,332 3,699,383
$ 1,499,917
$ 658,982 $ 4,241,299
280,290 74,276
1,735,886
617,222 114,165
(659,550)
S 1.556.494 S 5.506.076
$ 2,055.008 $ (1,499,294)
3,801,783 1,189,002
Exhibit 2
TOTALS (MEMO
ONLY)
1998
1997
$ 4,449,594
$ 3,647,268
1,141,790
728,519
422,633
253,343
405,295
427,517
1,710,052
1.265.688
S 9.395.052
510,136
L491.427
$ 1,619,777
5_7.058.21❑
S 1.123,474
677,474
1,023.884
768,587
861,258
300,184
237,969
60,738
63,318
409.429
147,202
230,680
191,972
7,486,730
10,951,493
1,499,917
368.587
11180.000
515.989
S 16.296.5 9
S 13.422.103
S (4.027.051)
$ 4,900,281
S 19,23a.34
$ 11,587,376
354,566
1,735,886
743,850
1,618,545
(743,850)
(52.049)
S 6.938.684
(1,618,545)
S 11
$ 2,911,633
-587,376
S 2,911.633
11,630,500
9,351,473
S 3.007.000 J, 5.9a8.634 S 5.856.791 S (310.292) i5 14.542.133
CITY OF MONTICELLO
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1998 and 1997
Operating Revenues
Charges for services
Grose profit
Total Operating Revenues
Operating Expenses
Salaries and employee benefits
Professional services
Supplies and materials
Repairs and maintenance
Utilities
Depreciation
Other
Total Operating Expenses
Operating Income (Loss)
Non -Operating Revenues
Interest income
Other
Total Non -Operating Revenues
Net Income (Lose) Before Transfers
Transfers (out)
Net Income (Lose)
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.
4
Exhibit 3
PROPRIETARY FIND TYPES
Enterprise Enterprise
199E 1997
$ 1,090,530 $ 1,023,229
541.227 494.379
S 1.631.757 S 1.507.609
$ 339,891
$ 315,930
558,966
531,747
81,377
81,502
19,446
19,007
66,033
58,771
1,273,884
98.456
S 2.438.053
S (806.296)
866,858
100.266
S 1.974.091
S (466.473)
$ 74,172 $ 56,505
Al 4x9, 67.450
S 155. O;u S 121.955
$ (650,635) $ (342,518)
(134.000) R
$ (784,635) $ (342,518)
2,413,536 1,849,021
70,000
1 2RI 44.a a37-033
S 2.Rx0. 149 S 7 411 91j1
$ 9,809,964 $ 9,893,468
12,600,414 753,529
(1.251.448) (x17.031)
5 21.15x.430 S 9.809.964
CITY OF MONTICELLO
Exhibit 4
COMBINED STATEMENT OF CASH
FLAWS -
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31,
1998 and 1997
PROPRIETARY FUND .TYPES
Enterprise Enterprise
1998 1997
Cash flows from operating activities:
Net income (lose) before transfers
$ (650,635) $ (342,518)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
1,273,884 866,858
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(46,958) (1,775)
(Increase) decrease in inventory
(25,208) (23,160)
(Increase) decrease in prepaid expenses
11587 440
(increase) decrease in special assessments
receivable - deferred
(11850) (6,952)
(Increase) decrease in special assessments
receivable - delinquent
2,645 (1,604)
Increase (decrease) in accounts payable
(25,170) 21,900
Increase (decrease) in accrued expenses
12,278 13,110
Increase (decrease) in due to other funds
Increase (decrease) in deferred revenue
1795) 8.556
Net Cash Provided by Operating Activities
S 539.779 S 534,855
Cash flows used in noncapital financing activities:
operating transfers out
S (134.000)
Cash flows from capital and related financing
activities:
Capital expenditures
Equipment
$ (357) $ (3,196)
Building and improvements
t6.466) (9.031)
Net Cash (Used) in Financing Activities
8 (6.923) S (11.227)
Net increase (decrease) in cash and cash
equivalents
$ 3981955 $ 523,628
Cash and cash equivalents at beginning of year
1.339.973 916.345
Cash and Cash Equivalents at find of Year
S 1.?38.929 5}.339.973
Non -Cash Transactions:
Contributed Assets
Land, Buildings and Improvements
S 12.600.434 S 753.524
Total Non -Cash Transactions
12. 00.414 S 751 524
See accompanying Notes to Financial Statements.
9
CITY OF MONTICELLO
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
BUDGET (GAAP BASIS) AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUNDS
For The Year Ended December 31, 1998
Revenues
Taxes
Special assessments
Licensee and permits
Intergovernmental
Charges for service
Miscellaneous
Total Revenues
Expenditures
General government
Public safety
Public works
Sanitation
Health and welfare
Parke and recreation
Community development
Capital projects
Total Expenditures
Excess of Revenues over Expenditures
Other Financing Sources (Uses)
Transfers in
Transfers out
Grant reimbursement
Total Other Financing Sources (Uses)
Excess of Revenues and Other Sources over
Expenditures and Other Uses
Fund Balances at Beginning of Year
FUND BALANCES AT END OF YEAR
See accompanying Notes to Financial Statements.
6
Budget
-
$ 2,553,250
185,450
120,000
110,000
291.295
S 3.259.995
$ 993,835
552,930
715,735
263,100
63,695
358,240
312,460
$ -a-
GENERAL' LUD
Variance
Favorable
Actual 1 h,favgr bl )
$ 2,337,095 $ (216,155)
422,633 237,183
405,295 265,295
134,713 24,713
618.447 327.152
S 3.918.183 S 658.188
Exhibit 5
SPECIAL REVENUE FUNDS
Variance
Favorable
Budget 8ctual (Unfavorable)
$ 982,806 $ 1,012,582 $ 29,776
30,500 108,657 78,157
445,600 1,575,339 1,129,739
147.465 798 6ryj ]51.79(
S 1.606.371 S 2.995.239 S 1.388.868
$ 1,337,777 $ (343,942) $ 236,495 $ 282,000 $ (45,505)
677,474 (124,544)
768,587 (52,852)
300,164 (37,084)
60,738 2,957
409,429 (51,189)
213,026 99,434 2,120 17,654 (15,534)
770.000 366.748 403.252
S 3.767.215 S (507.220) S 1.008.615 S 666.402 S 342.21]
S 150.968 S 150.968 14 597.756 S 2.328.837 S 1.731.081
$ 211,718 $ 211,718
$ (84,300) $ (84,300) $ (198,685) (199,255) (570)
(52.049) (52.049)
S 184.300) S (R4.100) S (198.685) 5 (39.586) S 159.09.2
i 0- $ 66,668 S 66.668 S 399.071 $ 2,289,251 S 1.890.180
2.940.332 3.699. 3B3
S 3.007.000 S 5.988.634
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
The accounting policies of the City of Monticello, located in Wright
county in Minnesota, conform to generally accepted accounting principles
as applicable to governmental unite. The following is a summary of the
more significant policies:
A. Reporting Entity
The City's financial statements include the operations of all
organizations for which the City Council is financially accountable,
or for which the exclusion of the component unit would render the
financial statements of the primary government misleading. The
criteria used to determine if the primary government is financially
accountable for a component unit include whether or not the primary
government appoints the voting majority of the potential component
unit, is in a relationship of financial benefit or burden with the
potential component unit, or is fiscally depended upon by the
potential component unit.
Based on the aforementioned criteria, the operations of the
following entities have been included in or excluded from the
accompanying financial statements:
Entities included in the financial statements:
a. Housing and Redevelopment Authority (HRA) --The HRA was created
by the City to provide economic development and redevelopment
financial assistance through creation of Tax Increment Finance
Districts. Debt issues of the HRA are City general obligations.
The operations of the HRA are accounted for as a special revenue
fund on the City's books. A copy of the reportable information
for the HRA is on file at the City Hall in Monticello.
Entities excluded from the financial statements:
b. Independent School District No. 882, Monticello, Minnesota --The
School District is established in accordance with State statutes
as a separate and district governmental unit.
C. Monticello Volunteer Fire Relief Association (Association) --The
Association is organized as a non-profit organization by its
members to provide pension and other benefits to such members in
accordance with Minnesota statutes. The Association's Board of
Directors is elected by the membership of the Association. All
funding is obtained in accordance with Minnesota statutes
wherebv state aide flow to the Association and tax levies are
determii—: by the Association and reviewed by the City. The
Association pays benefits directly to its members.
a. Basin of Presentation--Fun_d Accounting
The operations of the City are recorded in the following fund types
and account groups:
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note I Summary of Significant Ar o sting Pnlicies - Continued
B. Basis of Presentation --Fund Accounting - Continued
Governmental Fund Types
Governmental funds are used to account for the City's expendable
financial resources and similar related liabilities (except those
accounted for in the proprietary and similar trust funds), The
measurement focus is upon determination of changes in financial
position. The following are the City's governmental fund types:
General Fund --The general fund is the general operating fund of
the City. It is used to account for all financial resources
except those required to be accounted for in another fund.
52ecial Revenue Fuada--Special revenue funds are used to account
for the proceeds of specific revenue sources that are legally
restricted to expenditures for specified purposes.
Debt Service Fund- -Debt service funds are used to account for
the accumulation of resources for, and the payment of, general
long-term debt principal, interest and related costs.
capital Projerta +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 Fund TvM
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 types
Fn eWrine Fun,da --Enterprise funds are used to account for
operations (a) that are financed primarily through user charges,
or (b) where the governing body has decided that determination
of net income is appropriate.
Fiduciary Fund Tvnea
Trust and Agency Fund—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.
Account Grouns
General Fixed Anget Account -ro --This 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 31, 1998
Note i Summary of _ciamific n[ Accounting Poli i a - Continued
B. Basis of Pre4entatioa--FL d Ac[nL tins - Continued
Account •ro1nn - Continued
General L=ng-T rm n2ht Account .ro+g--This account group is used
to account for all long-term obligations of the City except
those accounted for in proprietary and trust funds.
C. Banis 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 Buda ary Ac—cantina
The City follows these procedures in establishing the budgetary data
reflected in the financial statements:
a. Prior to September 1, the city administrator submits to the City
Council a proposed operating budget for the fiscal year
commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing them.
b. Public hearings are conducted to obtain taxpayer comments, and
the final tax levy and budget are adopted.
9
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS ,
December 31, 1998
Note 1 $ _ -, of - Continued
D. gudqors and Budgetary A o,n ins - Continued
C. The City Administrator is authorized to transfer budgeted
amounts between departments within any fund; however, any
revisions that alter the total expenditures of any fund must be
approved by the City Council.
d. Formal budgetary integration is employed as a management control
device during the year for the general fund, special revenue
funds and enterprise funds. Formal budgetary integration is not
employed for the capital projects and debt service funds.
e. Budgets are adopted on a basis consistent with generally
accepted accounting principles. Budgeted amounts are as
originally adopted, or as amended by the City Council.
g, rash � d Invenimente
Cash balances from all funds are combined and invested to the extent
available in certificates of deposit and other allowable invest-
ments. Earnings from inveotments 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. Rpi-1 n m n n Receivable
Special assessments receivable include the following components:
a. Delinquent installments including interest remaining unpaid as
of year end.
b. Deferred installments which will be billed to property owners in
the future.
In accordance with generally accepted accounting principles, such
amounts not collected within 60 days after year end are unavailable
for current operations and, therefore, are deferred.
G. rnventorien
Inventories are valued at lower of cost (first -in, first -out) or
market.
10
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 1 summary of cignific nt A ounring PoligiiA - Continued
H. General Fixed Assets
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. Propgrty Plant and Eauinment - ProRrigtary Fund,g
Property, plant and equipment used by proprietary funds are stated
at cost or estimated historical cost. Contributed fixed assets are
recorded at estimated historical cast. Contributed fixed assets are
recorded at estimated fair market value at the time received. Net
interest costa are capitalized on projects during the construction
period.
Depreciation is provided using the straight-line method over a
estimated useful lives ranging from 25 to 50 years for buildings, 10
to 20 years for improvements other than buildings and 3 to 10 years
for equipment.
J. Fund Bolan a
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, 1998
Note 1 ,M=ary of qianikicant Accnunting Policies - Continued
K. vacation and Sick Pay - 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 columna 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. Comoarative Data
Comparative total data for the prior year has been presented in the
accompanying financial statements in order to provide an under-
standing of changes in the City's financial position and operations.
However, comparative (i.e., presentation of prior year totals by
fund type) data has not been presented in each of the statements
since its inclusion would make the statements unduly complex and
difficult to read.
Note 2 srnwardnhin.. Cotnoliance and Accountability
A. D fi i ��d Bal n
Deficit fund balances as of December 31, 1998, are as follows:
Capital Project Funds
Klein Farms 3rd $ (2,440)
Bondus Watermain Extension (1,363)
Pathway Project (238)
High School Sewer (32,961)
Resurrection Church Sewer
System and Water Main (50,500)
Pathways Improvement (1,616)
Community Center (124,361)
7th Street Expansion (830,026)
Hwy 25 MN DOT Imp (305,476)
Bridge Park North Walnut (6,647)
Co. Road 118 197.178)
5 (1.452.766)
Special Revenue Funds
Library S 11.173)
12
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 1 Summary of _Significant Accounting Policies - Continued
K. vacation and Sick Pay - 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 Column on o h'n d Statements
Total columna 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 ouch data comparable to
a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
M. comparative Data
Comparative total data for the prior year has been presented in the
accompanying financial statements in order to provide an under-
standing of changes in the City,s financial position and operations.
However, comparative (i.e.. presentation of prior year totals by
fund type) data has not been presented in each of the statements
since its inclusion would make the statements unduly complex and
difficult to read.
Note 2 Atew,rd,hin C—lian and A o�n hility
A. Deficit Fund sal—con
Deficit fund balances as of December 31, 1998, are as follows:
Capital Project Funds
Klein Farms 3rd
S (2,440)
Bondus Watermain Extension
(1,363)
Pathway Project
(238)
High School Sewer
(32,961)
Resurrection Church Sewer
System and Water Main
(50,500)
Pathways Improvement
(1,616)
Community Center
(124,361)
7th Street Expansion
(830,026)
Hwy 25 MN DOT Imp
(305,476)
Bridge Park North Walnut
(6,647)
Co. Road 118
(07.138)
Special Revenue Funds
S (1.452.766)
Library
L_""72)
12
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 2 Stewardship. Compliance and A co+ntability - Continued
A. D fi i EUad aal aces - Continued
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. Rx -Rn of ndi Over Budget
Expenditures
Over
9xrendituran Budget Budges
General Fund $ 3,767,215 $ 3,259,995 $ 507,220
Housing and Rede-
velopment Authority 284,979 203,870 81,109
Library 44,745 32,295 12,450
Sewer Improvement
Fund 2,896 0 2,896
Economic Development
Authority Fund 17,654 2,120 15,534
Water Fund 486,205 425,325 60,880
Sewer Fund 1,627,552 1,180,605 446,947
Liquor Fund 236,323 223,695 12,628
Not, 3 Cash and Inv n m ntn
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. Qgpoaitn - Minnesota statutes require that all deposits with
financial institutions must be collateralized in an amount equal to
n0% of deposits in excess of FDIC or FSLIC insurance (1404 if
collateralized with notes secured by first mortgages).
The carrying amount of the City's deposits with financial institu-
tions was $2,034,543 and the bank balance was $2,528,850. The bank
balance is categorized as follows:
Insured by FDIC or FSLIC insurance $ 2,057,361
Covered by collateral assigned to City and
not redeposited in the financial inotitu-
tion furnishing the collateral 471.487
Total Bank Balance S 2.528.850
13
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
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
Category Amount Value
Money Market Funds 1 $ 207,349 $ 207,349
Commercial Paper 1 4,399,603 4,399,603
Minnesota Municipal Bonds 1 106,518 108,518
U.S. Securities 6 GOveIn-
mental Agency Securities 1 10.984.627 10.904.627
Total Investments 15.700.097 5 15.700.097
Property tax levies are set by the City Council in December of each year,
and are certified to the County Auditor for collection in the following
year. In Minnesota, counties act as collection agents for all property
taxes. Such taxes become a lien on property on January 1 and are
recorded as receivables by the City at that date.
Real property taxes may be paid by taxpayers in two equal installments on
May 15 and October 15. Personal property taxes may be paid on February
28 and June 30. The County provides tax settlements to cities and other
taxing districts three times a year.
Taxes which remain unpaid at December 31 are classified as delinquent and
are not recognized as revenue because they are not known to be available
to finance current expenditures. No allowance for uncollectible taxes
has been provided because such amounts are not expected to be material.
14
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
General fixed assets as of December 31, 1998, are as follows;
Beginning Ending
Land $ 1,979,583 $ $47,375 $ 2,526,958
Buildings 11995,889 11995,889
Equipment 1,933,047 173,593 2,106,640
Other Improvements 8.533.134 1.604.824 10 137-958
Total
A. pe in d R—fir Pension Plana - Statewide
Plan D a zin inn
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).
VERA administers the Public Employees Retirement Fund (PERF) and the
Public Employees Police and Fire Fund (PEPFF) which are cost-sharing
multiple -employer public employee retirement plans. These plans are
established and administered in accordance with Minnesota Statutes,
Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic
Plan. Coordinated Plan members are covered by Social Security and
Basic Plan members are not. All new members must participate in the
Coordinated Plan. All police officers, fire-fighters and peace
officers who qualify for membership by statute are covered by the
PEPFF.
PERA provides retirement benefits as well as disability 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 highest
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 PERF's Coordinated and
Basic Plan members. The retiring member receives the higher of a
step -rate benefit accrual formula (Method 1) or a level accrual
formula (Method 2). Under Method 1, the annuity accrual rate for a
Basic Plan member who retired before July 1, 1997 is 2 percent of
average salary for each of the first 10 years of service and 2.5
percent for each remaining year. The annuity accrual rate for Basic
members who retire on or after July 1, 1997 is 2.2 percent of
average salary for each of the first 10 years of service and 2.7
percent for each remaining year. For a Coordinated Plan member who
retired before July i, 1997, the annuity accrual rate is i percent
of average salary for each of the first 10 years and 1.5 percent for
15
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 6 pension Plans - Continued
each remaining year. For Coordinated members who retire on or after
July 1, 1997, the annuity accrual rates increase by 0.2 percent (to
1.2 percent of average salary for each of the firet 10 years and 1.7
percent for each remaining year). Under Method 2, the annuity
accrual rate is 2.5 percent of average salary for Basic Piar. members
and 1.5 percent for Coordinated Plan members who retired before July
1, 1997. Annuity accrual rates increase 0.2 percent for members who
retire on or after July 1, 1997. For PEPFF members, the annuity
accrual rate is 2.65 percent for each year of service for members
retiring before July 1, 1997. Effective July 1, 1997, the annuity
accrual rate is increased to 3.0 percent. For all PEPFF members and
for PERP members whose annuity is calculated using Method 1, 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 in 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 0200, St. Paul, Minnesota, 55102 or by calling (651) 296-7460
or 1-800-652-9026.
Fundina Poli
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 8.75% and 4.75%, respectively, of their annual covered
salary. The City of Monticello is required to contribute the
following percentages of annual covered payroll: 11.431 for Basic
Pian PERF members. The City's contributions to the Public Employees
Retirement Fund for the years ending December 31, 1998, 1997 and
1996 were $62,091, $47,448 and $36,301, respectively.
16
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 6 p nnAion Plann - Continued
B. City of MonLicollo Fire Relief Asaociation
Plan D•�ntion
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 $1,925 per year of
active service in the fire department and Association with loot
vesting at twenty years.
(b) There is no maximum retirement benefit.
(c) Members retiring with less than ten years of service forfeit
their accrued benefits.
(d) Members who separate from service and have at least ten years of
active service and membership but are less than So 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 $1,925 per year of service.
The City passes through state aids allocated to the plan in
accordance with enabling state statutes.
Related Party inve m u s
During 1998 and as of December 31, 1998. the Association held no
securities issued by the City or other related parties.
Funding staga and Pr,ogr an
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 Qpired and Made
Prior to August 1 of each year, the Association must certify to the
City Clerk the amount of municipal support required in the following
year. The City's minimum obligation is the financial requirement for
the succeeding year less anticipated state aids and interest
earnings. Any additional payments by the City are used to amortize
the unfunded liability of the Association.
The City made no contributions to the Association in 1998
17
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31. 1998
Noce 6 pension Plans - Continued
Ten -Year Historical Trend Information
Ten-year historical trend information related to the pension plan is
not maintained by the Association.
Note 7 Changsn in Lona -Term Debt
The following is a summary of long-term debt transactions for the year
ended December 31, 1998:
Payable Payable
Beginning End
of Year Additio. Payments of Year
General obligation
bonds S 1,160,000 5 515,000 S 665,000* 5 1,010,000
General obligation
notes 10,018,401 4,241,299 14,259.700
Special assessment
debt with govern-
mental commitments 7,945,000 980,000 6,965,000
General obligation tax
increment bonds 1,055,000 230,000 825,000
Public project
revenue bonds 7.385.00n 7-38S-000
TOTAL 520.178.401 512.141.240 S 1.875.000 S 30.444.700
+ Includes $500,000 of refunding for the General Obligation Water System Bond
Series 1988B to be paid in full on February 1, 1999, by the General
Obligation Water System Refunding Bonds, Series 19988.
Bonds and notes payable at December 31, 1998, are comprised of the
following individual issues:
Initial Average
Amount Maturity Interest Outstanding
D s rin ion Issued Date Rare Pr ncio l
General Obligation Bonds:
19886 Improvement Sonde 1,100,000 Feb. 2004 6.99431 $ B0, 000•
1996 Refunding Bonds 590,000 Feb. 2002 4.8811% 415,000
19988 Refunding Bonds 515,000 Feb. 1997 3.99821 515.000
Total General obliga-
tion Bonds 5 1 OiO 000
• $500,000 refunded by General Obligation Water System Refunding Bonds,
Series 19988.
18
I
CITY OF MONTICELLO
NOTES TO FINANCIAL
STATEMENTS
December 31, 1998
Note 7 changes in Long -T rm DPb (Continued)
Initial
Average
Description
Amount
Issued
Maturity
Date
Interest Outstanding
Rate Principal
General Obligation Tax
I Increment Bonds:
1985 Tax Increment Bonds
350,000
Feb.
2006
8.2893% $
220,000
IMA Tax Increment Bonds
260,000
Feb.
2007
8.8708%
200,000
1990D Tax Increment Bonds
305,000
Feb.
2000
8.99281
90,000
1992 Tax Increment Bonds
120,000
Feb.
2002
6.51
65,000
1992D Tax Increment Bonds
75,000
Feb.
2002
6.5%
40,000
19968 Tax Increment Refund-
ing Bonds
450,000
Feb.
2000
4.69834
210.000
Total General Obligation
Tax Increment Bonds
S
925.000
lSpecial Assessments Bonds:
1977 Sever, Water and
Street Bonds
1,470,000
Feb.
1999
5.2100% $
60,OOC
19898 Improvement Bonds
245,000
Feb.
2000
6.611B%
60,000
1990C Improvement Bonds
250,000
Feb.
2002
6.75062%
115,OOC
1991A Improvement Bonds
515,000
Feb.
1999
5.72651
70,000
1992A Improvement Bonds
705,000
Feb.
2003
5.2525%
355,OOC
1994A Refunding Bonds
965,000
Feb.
2004
4.2312%
740,000
1995A Improvement Bonds
1,890,000
Feb.
2006
4.9647% 1,160,000
1996A Improvement Bonds
1,030,000
Feb.
2007
5.15031
830,000
1997A Improvement Bonds
1,575,000
Feb.
2004
4.3905% 1.575.000
Total Special
Assessment Bonds
5 6.965.000
•I General Obligation Notes
1997 Wastewater Treatment
Note 14,700,000
Aug.
2018
4.080% ; 14.259.700
Public Project Revenue Bonds
1998 Temporary
I
7,385,000
Feb.
2001
4.49471 S 7.385.000
The annualrequirements to amortize all
long-term
debt outstanding
as of
December 31, 1998, including
interest of $9,068,596
are as follows:
Xe"
1999
$ 3,113,373
2000
3,483,564
2001
10,396,083
2002
2,710,060
2003
2,245,049
2004 and thereafter
17.97x.167
5 ]9.943.296•
19
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 7 rhaanggs in Longterm Debt (Continued)
+ Annual requirements match the bond schedules, they differ from the
changes on long term debt by the remaining proceeds to be withdrawn from
the 1997 Wastewater Treatment Notes, $430,000.
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
I-- Dace C—.rcial Rusineen 1Gr10 :5t11C Bmc,,Qt
01/30/73 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 $11100,000
07/20/75 Northern States Power 28 yrs Pollution Control Bonds $3,500,000 $3,500,000
04/01/88 clow Stamping 22 yrs Ind. Dev. Rev. Bonds S 150,000 S 585,000
12/23/85 Raindance Partnership 25 yrs Comm. Dev. Rev. Bonds $1,075,000 S 859,180
Noted Intorf and Receivables nd Payablga
Capital Outlay Revolving - Due from RRA Fund
$ 2,000
` Economic Development Authority - Due from
Economic Recovery Grant
100-000
S 102.000
1Note 9 Fund Equity
{j The following fund balances have been designated
or reserved as of
December 31, 1998:
Special Revenue Funds
Economic Recovery Grant
Reserved for non-current loans receivable
$ 17,963
' Economic Development Authority
Reserved for non-current loans receivable
336,632
Capital Outlay Revolving
Reserved for fixed assets held for resale
66,817
Debt Service Funds
Future debt retirement
5,856,791
Capital Projects Funds
r Future capital expenditures
(310,292)
1 General Fund
Designated for working capital
1,656,212
Designated for contingencies
331,242
Reserved for non-current loans receivable
11,098
i
20
uo
21
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31,
1998
Note 30 Tax increment
{
Finance
Dintricte
Metcalf -
Raindance
Name Of District
Kmart e1--:
>r,non 92
Co amt. 5 RS
g5
NANCO 07
Economic
Re-
Re-
Re-
Economic
Type of District:
Devolosm�
D vec�mmrnt
nnv los. n
,n lny�nt
LP,jppm
Year Established:
1990
1983
1984
1985
1987
Base Tax Capacity
$ 2,236
$ 10,459
S 2,238
$ 185
$ 1,721
Current Tax Capacity
111,890
45,408
60,191
53,626
68,891
r Captured Tax Capacity
109,654
34,948
57,954
53,441
65.170
Retained By
11
Authority
109,654
34,948
57,954
53,441
65,170
Shared with Other
Taxing Districts
-0-
-0-
-0-
-0-
150,000
Tot el Bonds Issued
560,000
260.000
165,000
35u,000
155,000
Total Loans incurred
32,000
Amounts Redeemed
395,000
92,000
115,000
130,000
215,000
outstanding Bonds
= and Obli-
gations 12/31/98
165,000
200,000
45,000
220,000
90,OOD
uo
21
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 10 Tax Increment Finance Districts - Continued
Name of District NSP pB Tester 09 Renmele 110 Mert,le pll Aroolex 412 Ljtan ■16 Std Iron R13 Cuat. [an. tl15
Economic Economic Economic Economic Economic Econwic Economic Economic
Type of District: Development Development Develooeent Q yr elooment Develop ent D ve�eOtment Oevelooment Development
Ye9r B.tablished: 1989 1990 1990 1990 1991 1992 1997 1997
B'
Ta% Capacity
$ 556 $ 1,409 $ 1.544 5 227 $ 912 $ 46 S 1,846 5 718
Current Tax Capacity 1,726 45,114 54.206 4.514 21,922 12,598 fi0,462 12.842
Captured Ta% Capacity 7.112 43,705 52.662 4.287 20,990 12,552 58,616 12,086
Retained By Authority 7.172 43,705 52,662 4.287 20.990 12,552 58.616 12.086
Shared with Other
Teal ng Di at,icts -0- -0- -0- -0• -0• -0- -0- -0-
To[el Development
Agreement Obllga[lono 25.000 17,500 311,000 48.000
Total Bonds Issued 140,000 165,000 120,000 75,000 -0- -0-
Total Loans Incurred 23.000 80.000
Amounts Redeemed 21.000 125.000 158,090 17.500 55,000 35,000 116.026 22,427
Outstanding Bonds
Loans and Obliga-
tion. 12/31/98 2.000 40.000 06.910 -0- 65,000 40,000 194.974 25.513
Mississippi Prairie Lake Downtown Re- Midwest St. Blue Chip
Name of District Polvice,[ jU FA mar 017 Rivet 111 218 Shore, 419 Meat s20 Top] #21 Develpo ant -i,,hi,, ire 423 B n &ct•e - vel
Stonpmie Economic Soils Re- Economic Re- Economic Qualified Economic
Type of District: Development Develppme.t rpnd•tlon llousin, Development DD vel Development D veloomen t Hcu,tno Di,t, Development,
Year Bs tabliahed: 1994 1994 1994 1995 1996 1996 1991 1998 1999 1998
Bess Tex Capacity 5 624 5 216 $ 1,090 $ 4,484 $ 3,000 $ 6)7 S 679.690 S 608 $ 2.500 5 720
Current Tax Capacity 18,206 17,0]0 1,090 28.611 1.000 677 679,690 608 2.500 720
Captured Tax Capacity 17,502 16.752 24.127
Retelned By Aut hort ty 17,582 16.752 24.127
Shared with Other
Taxing Diatr icts
Total Development
Agreement Obligation. 50.000 102,000 325.830 130.000 37.900 500.000 492,000 1,201.281 69,490
Total Bonds Issued
Total Inane Incurred 60.000 75.000 65,000 63,000
moun
Ats Redeemed 79.787 52.255 16,904 65,000
Outstanding Bands
Loans end Obliga-
tion. 12/71/98 613 72,745 102,000 306.926 130.000 77,900 563.000 492.000 1.201,281 69.490
Not, 11 Segment 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, 1998, is as follows:
irenspo[- Total
Serer rater Liquor cation Cemetery Proprietary
fund Pond Pwad glad 111216landn
Ops racing revenues S 690.421 5 750,911 S 541,221 5 26.799 S 22,329 $ 1.671.757
Operating expenses be-
!arefore depreclatlon and
z. tion 597,977 257,029 225.234 65,240 22,733 1.164.169
Depreciation and amorti-
zation 1.033.619 229.176 11.009 1.273.884
Operating income Iloa.l $ 1977,1711 S 1135,2241 $ 304,901 S (38,4411 S (404) S 1806,296)
Other revenues 44.465 19,642 29.117 61,287 950 155,661
Transfer. out (114.0001 11]4.0001
Net Income (lose) 5 1892.6661 5 ITIS. 582)
Capital Contributions 12.191.297 S 415.501
Net working Capital
Total Assets
Total Equity (Deficit)
22
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Note 12 Lona -Term Receivable,
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.
In November 1992, the GMEF loaned $85,000 to finance a commercial
project. The loan requires monthly payments of $1,241.73 including
interest at 61 through November of 1999. At December 31, 1998, the
balance was $12,955.
During 1994, the balance of a $170,000 loan was distributed to Aroplax
Corporation. The Grant/Loan Proceeds were the result of a Small Cities
Economic Recovery Grant thru the State Department of Economic
Development. The loan requires monthly payments of $2,483.45 including
interest at 6% through August 1999. The City will be allowed to keep
the first $100,000 of principal plus interest that is repaid, with the
balance of the payments being reimbursed to the State. The amounts
retained by the City will be used for the E.D.A. Revolving Loan Program
and will be loaned out in the future for job creation. At December 31,
1998, the City has received $176,056 in principal and interest and the
loan balance was $17,963.
In July of 1994, a loan of $75,000 was made to a local comercial
business. The loan requires monthly payments of $795.49 including
interest at 5% through June 1, 2001, at which time the entire remaining
balance shall be fully due and payable. At December 31, 1998, the
balance was $45,792.
On November 21, 1995, a loan of $50,000 was made to a local commercial
business. The loan requires monthly payments of $380.18 including
interest at 6.75% for rive years. A balloon payment is due at that
time. At December 31, 1998, the balance was $45,943.
In lieu of Local Government Aid the City lost due to loans to
businesses, the City is charging these businesses $34,575, which will be
received over the next nine years. The receivable requires two yearly
payments of $2,945.91 including interest at 8.0% through May 2001. At
December 31, 1998 the balance was $11,098.
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
6.751, at the end of which time a balloon payment is due. The balance
at December 31, 1998 was $93,319.
In September of 1996, a loan of $170,000 was made to a local business.
The loan requires 84 monthly payments of $1,031.01 including interest at
6.25%. The balance at December 31, 1998 was $50,734.
In February 1998, a loan of $87,500 was made to a local business. The
loan requires monthly interest -only payments at 6.5% through March 2000.
In April 2000, monthly payments of $1,716.12 including interest at 6.5%.
The balance at December 31, 1998 was $87,500.
23
CITY OF MONTICELLO
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
Insurance oy rage
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 I14CIT and its
reinsurers. The reinsurers in turn reimburse L4CIT for a corresponding
share of each lose. A profit-sharing agreement also provides for a
return to LMCIT of a share of the reinsurers' portion of the premium if
the lose experience is favorable. To protect against the possibility
that LMCIT's share of the losses will exceed its share of the premium,
LMCIT also purchases aggregate reinsurance. The loss experience has
been favorable the last three years and the City has received a return
of part of the premiums paid.
The City continues to carry commercial insurance for its employee health
and accident insurance. Settled claims resulting from these risks have
not exceeded commercial insurance coverage in any of the past three
calendar years.
WantewAter Treatment PJ=
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, 1998,
$14,259,700 has been drawn down on the General Obligation Note, which
vas 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.
24
CITY OF
MONTICELL)
Statement A-1
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE -
BUDGET (GAWP
BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Actual Amounts
For The Year Ended
December
31, 1997
199Q
audgar- Actual
1997
Actual
Ry n , a
General property taxes
$ 2,553,250 $
2,337,095
$ 2,106,846
Licenses and permits
185,450
422,633
253,343
Animal impoundment fees
15,000
20,918
19,626
Intergovernmental Revenue
NACA
262,712
176,784
Fire department aid
45,000
43,954
42,182
Police aid
22,000
21,117
18,662
State highway aid
41,000
43,760
43,066
Recycling incentive
12,000
3,860
9,OSS
Local performance aid
8,395
other grants
21,497
45,003
Deputy registrar fees
110,000
113,795
117,628
Park dedication fees
54,850
Other Income
Recycling income
15,000
15,365
30,639
Interest income
121,435
179,774
159,694
Renta
17,300
18,556
36,761
Miscellaneous income
42,200
97,746
88,757
Refunds and reimbursements
15,000
188,106
325,278
Township contract
65 ?F2
64.020
,64 045
Total Revenues
t ,_259.995 ,j_j
918 163
,5„3.537.402
gXpenelituren
Mayor and Council
Salaries
$ 25,900 $
24,078
$ 24,081
Other
6.550
7I-2
8.978
Total Mayor and Council
S 32.450 S
31.690
S 33.059
Administration
Salaries and employee benefits
$ 216,775 $
228,368
$ 212,098
Supplies
15,400
22,153
12,119
Other
74.400
76.421
$1 152
Total Administration
t 306.575 5—
326.942
S 265.369
Elections
S 5.600 S
5
S 1.409
Finance
Salaries and employee benefits
$ 99,105 S
100,711
$ 97,106
other
2.975
4.222
3.505
Total Finance
5 102.Oao 5_
104.933
S 100.691
Computer
t 75.575 S
81.207
S 18.952
Audit
S 13.500 S
12.750
S 10.935
Legal
$ 47.500 S
58.908
t 52.667
Insurance
S 63,915 S
62.254
S 59.067
Planning and Zoning
Salaries and employee benefits
$ 134,635 $
97,244
$ 71,728
Professional services
25,000
361,619
119,072
Other
6.450
22.711
7.407
Total planning and Zoning
S 166_oas S
481 574
,$ 198.207
25
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, 1998
With Comparative Actual Amounts
For
The Year
Ended
December
31, 1997
199Q
1997
Rxrondi .r a - Continued
Budget
Actual
AQLUAl
Deputy Registrar
Salaries and employee benefits
$
97,520
$
91,486
$
90,619
Other
11.300
9. Fri
11.418
Total Deputy Registrar
S
108.820
5
101.362
S
102.0]7
City Hall
Salaries and employee benefits
$
6,685
$
9,223
$
8,596
Utilities
19,000
11,614
11,201
Capital outlay
6,717
7,221
Other
18.500
11 95P
12.624
Total City Hall
5
44.185
5
39.412
5
39 642
Lav Enforcement
5
333.325
S
333.317
S
323.472
Fire Department
Salaries and retirement benefits
$
99,895
$
91,886
$
100,925
Capital outlay
10,000
Other
62 11-
F5_jII
62.175
Total Fire Department
S
172.216
S
157.20]
5
163.100
Civil Defense
Salaries and employee benefits
$
7,695
$
175
$
4,289
Other
1,650
1,071
6,551
Storm damage expenses
141.165
337.622
Total Civil Defense
5
9.]45
5
142.411
5
348.462
Animal Control
General operations
$
36,850
$
37,836
$
49,551
Capital Outlay
1.200
6.707
139.299
Total Animal Control
5
78.050
S
44.543
5
188 A"
Public Works - Administration and
Engineering
Salaries and employee benefits
$
100,180
$
100,369
$
91,351
Professional services
19,800
23,105
162,955
Other
11 16f1
16.987
15.717
Total Public Works - Admini-
stration and Engineering
5
133.140
S
140.461
5
270.043
Public Works - Streets and Alleys
Salaries and employee benefits
$
191,400
$
179,099
$
189,384
Supplies
49,000
56,296
67,117
Capital outlay
75,900
71,397
64,418
Other
4 Zan
8.817
Total Public Works - Streets
and Alleys
S
325.550
S
306.792
5
329.7]6
Public Works - Snow and Ice
Salaries and employee benefits
$
31,620
$
22,778
$
17,855
Other
29.100
63. 91Q
45.3]6
Total Public Works - Snow
and Ice
S
60.720
S
86.688
5
63.191
Public Works - Inspections
S
90.775
S
83.9]0
$
81.680
Public Works - Street Lighting
5
67.700
5
79.854
S
71.346
26
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, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
RnpPndi ,r s - 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 Parka and Recreation/
Cemetery
Economic Development
Building Official - Inspections
Severance Benefits
Assessment
Total Expenditures
Excess of Revenues over
Expenditures
O h Fin nc'na (Un—)
Transfers in
Transfers (out)
Excess (Deficiency) of Revenues
and Other Sources over Expen-
ditures and Other Uses
FUND BALANCE AT BEGINNING
OF YEAR
FUND BALANCE AT END OF YEAR
1998 1997
Budqet Actual Actual
S 37.850 $- 70,862 S 45_262
S 263.100 S 300,184 S 237.969
$ 1,738 $ 595
S 38.695 34.000 37.723
S 39-69S 9 35.738 S IR, I I a
S 2S. non S 2S000 S 25.000
$ 173,150 $ 163,529 $ _82,763
129,290 163,240 12,633
55.800 82.660 51.806
S 35({ 240 S 409.429 S 147.202
S 15904S 5 60.469 S 40.220
S 153.415 S 152 -SSA S 150.520
S 11.000 5 11.929 S 6.249
S 16.SSO S. 19.696 S 15 910
3,259.995 S 1 2A7,215 S 3-42R. S71
$ -0- $ 150,968 $ 100,829
150,000
(84.300) (86.050)
L. ,. __ _ n,-. $ 66,668 $ 172,779
27
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1998
With Comparative Totals at December 31, 1997
28
Capital
ASSUTR
Shade
Orderly Outlay
Ann—Atian Revolvino
I. i or. -
cess --d i-M.t:1'.".-
S 140.027
S 0.420 s 1.201.177
Receivable.
Special assessments - deferred
517
124,171
Special ss.eaemente - delinquent
31,066
Accounts (net of allo.ance for esti-
sated uncollectible.)
287
105 6,147
Due from other funds
2.000
Prepaid expenses
9 139
land held for resole
66,817
Long-term receivable
TOTAL ASSETS
130_A]1
5 ._524 S 1. 412.37A
5. 1]9
tI A91�ITI 4 nM A 11u R9
Liabilities
Cash deficit
0 1,180
Accounts payable 6 contract. payable
S 14
S 2.410
132
Accrued expenses
193
Due to other funds
Deferred revenue
S1761
2 937
Total Liabilities
S 924
S 164.947
S 1-312
Fund Balances
Reserved for noncurrent loans
receivable
Reserved for fixed senate held for
resale
$ 66,817
Unreserved - undesignated
5 130.007
S 8.525 5.200.614
S (1-171)
Total Fund Balances
t 110.007
S A 525 S 1 267 Oil
S (1,M)
TOTAL LIABILITIES AND PUND
BALANCES
S 110_!131
Ste. 5.2�t e 1 412 ST9
g. 139
28
Statement 8.1
29
Central
Housing and
Urban
Economic
Minnesota
Economic
Storm
Redevelopment
Authortty
Development
Action Grant
Development Nater
Authority Imoroy�„meent
Sewer
19mroyement
Initiative
Fund
Recovery
Grant
Sewer TOTALS
Acceeo isin 1997
$ 278,476
$ 253,294
$ 492,507 $ 568,851
$ 2,218,091
S 678
$ 165,578
S 240,016 $ 5,557.117 S
3,220,586
40,876
98,902 264,466
30,130
31,866
29,736
13,705
5,446
401 26,291
223,974
100,000
102,000
105,000
139
184
e�2 a2�18a
8^ 253.294
336.434
S.. 928.941 � 568.851
S 2.264.413
17.963
66,817
354.397
5 33 a„3�Ia 5 6.403.09] S
66,617
439.912
S 67B
4.e16 339
�� 183.511
$ 11180 $
2,311
5 39 $ 1,215
S 2,483
6,293
47,083
$ 534
827
561
2,000
1.127
S 3.861
S 39 S 1.215
9_ 40.876
S 40.876
100,000
102,000
,S 98.902 304.159
S 98.902 S 414.459 S
105,000
261.981
416.956
S 1,02.483
5 336,632
$ 17,961
$ 354,595 S
440,011
S 288.322
S 288.122
9 2 2.eBl
S 2S3294
S 23.294
S 2.,294
592.270 S 567.636
S 928.902 S 567.636
S 928.941 S 568.851
S 2.223,537
S 2 -22A -S37
S 678
61.095
S 81.058
4 183 541
66,817
S 240.417 5.567.222
S 240.417 55.9$8.634 S
5 339 379 9 6 403.Oaa S
66,017
1.792.555
3.699.183
4.316.339
S 678
S 67B
S 2.264.43]
29
CITY OF MONTICELLO
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For The Year Ended December 31, 1998
With Comparative Totale For The Year Ended December 31, 1997
Revenue,
Taxes
intergovernmentsi
Charges for services
Miscellaneous
Interest
Collections on eesea.ment.
Total Revenues
R.adf l"22
General government
community development
capital projects
Total Expenditures
Excess (Deficiency) of
Revenues over Expenditure.
Grp r Plnan lna S a 1 �n
Transfer. in lout)
Grant reimbursement
Total Other Financing Sources (Uses)
Exces. (Deficiency) Of Revenue.
and Other Sources over Expen-
diturea and Other Uses
Fund balances at beginning of year
Prior Period adjustment
FUND BALANCES AT END OF YEAR
Capital
Shade Orderly Outlay
Tree Annexation R.volvinu tlhrary
S 21 S 2.270 5 510.715 S 71.085
1.700
8.806
6,556 675 62,857
336 100.666
5 10.209 L ---L].65 S 662 -RJR L-11-=
S 79,623 S 1,680 S 7.751 S 29.820
]10_RR6
19.623 S 1-680 _ 216.235 S 29.820
S (29.616) 1.061S 448-603 L-1-211
S (29.616) S 1,065
159,621 7,660
S� 1�0 0=7 P6�B 9y
30
2n9, non
S 209.090
$ 657,697 S 1.265
609,738 (2,678)
ew__1
Laaaa.jh.aa)
Statement a-2
31
Central
Housing and
Urban
Economic
Minnesota
Economic
Storm
Redevelopment
Development
Development
Mater
Serer
Initiative
Recovery
Serer
TOTALS
Authority
Action Grant
Authority
lmpiovement
1r0vement
n—i
nrant
Access
1998
1997
$ 468,491
S 1,012,582
S 978,227
43,450
S 171,892
S 1,192,675
S 209,272
1,575,339
372,882
11,288
S 200
$ 120
$
1,182
21,596
53,329
16,395
S 496.174
$ 15,486
S 15.486
50,182
S 50.382
31,444
S 203.336
90,291
7.859
S 1.291.025
79
S 199
S
9,742
1C.924
11,564
S 220.836
277,065
108-657
1-2-215-212
234,197
160.190
S 1.842.275
S 207,526
S 262,000
$ 219,280
77.453
S 284.979
$ 17,654
S 17.654
S SB.192
S SB.142
S 2.896
S 2.896
S 17.771
S 17.373
17,654
366.748
S 666.402
1,224
278.469
S 498.973
S 211.195
S (196,057)
5 (196.057)
S 15.486
5 32.728
S 145.194
S 1.288.129
$ (570)
L ---Lau)
S 199
S
S
5
10.924
(52-0491
(52.049)
S 203.463
S 2.328.877
C 12,463
152.049)
S 179.586)
L-1-111-122
5(1,382,495)
S(1.382.495)
S 15,138
$ 15,486
S 32,728
S 149,194
$ 1,267,559
S 199
$
(41,125)
$ 203,463
S 2,289,251
$ (39,193)
273,164
S 288.722
237,808
S 251.294
696,174
S 928.902
422,442
S 567.636
935,978
5 2.22]_537
479
S 678
S
122,183
BI.OSB
36,954
5 290.417
3.699,383
S 5.988.6]4
3,808,576
170.000)
S 1.699.181
31
CITY OF NONTICELLO
Statement B-3
SHADE TREE FOND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
Revenue,
Property taxcc
Tree removal and replacement
Interest income
collections on assessments
Total Revenues
Rrnnn i r 9
Salaries and employee benefits
Contracted services
Supplies
Other
Total Expenditures
Excess (Deficiency) of
Revenue, over Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
399R 1997
$ 21 $ 403
$ 2,00 1,300 1,425
6,550 8,554 9,719
Ali
8.Ss0 S 10.209 S 11.%47
$ 11,730 $ 10,831 $ 11,797
58,700 21,733 2,996
1,000 6,242 1,189
817 1%n
A 71-430 S 39.623 S 16.132
S (62.AB0) $ (29,414) $ (4,585)
159.421 164-006
t 110-007 S 1co. 421
32
i
CITY OF MONTICELLO
iORDERLY
Statement B-4
ANNEXATION FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
` For The Year Ended December 31, 1998
With Comparative Actual Amounts For The Year Ended December 31,
(
1997
4199q
BBudoet Actual
1997
Actual
Ra
i Property taxes $ 2,175 $ 2,270
$
1,291
Intergove a funznta 1 225
281
Interest income SnQ A7=
sil
iTotal Revenues S 2.900 S 2.745
S
2 lnq
Rm IIA i r H
Salaries - board members and
isecretary $ 750 $ 1,680
$
895
Other 2.150
6.347
Total Expenditures S 2.900 S 1.680
S
7 242
Excess (Deficiency) of
Revenues over Expenditures 5 -n- $ 1,065
$
(51137)
Beginning Fund Balance 7.460
12.597
ENDING FUND BALANCE 5 B.c2a
S
7-a60
33
CITY OF MONTICELLO
Statement B-5
CAPITAL OUTLAY REVOLVING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
Revenues
Property taxes
Intergovernmental
Interest income
Collections on assessments
Other
Total Revenues
R--Airr
„
Capital improvements
Other
Total Expenditures
Excess (Deficiency) of Revenues
over Expenditures
Other Financing Sourcen (Omen)
Transfers in (out)
Excess (Deficiency) of Revenues
over Expenditures and Other
Financing Sources (Uses)
Beginning Fund Balance
ENDING FUND BALANCE
199R 1997
Nudge[ Ae[ual per��at
$ 510,736 $ 510,715 $ 477,045
42,031
38,440 42,853 63,101
30,500 100,464 160,190
12.000 8.806 49.361
5 591.676 S 662.838 S 791.728
$ 590,000 $ 210,804 $ 115,045
A 35; 13.222
5 590.000 S 214.235 S 128.267
$ 1,676 $ 448,603 $ 663,461
5 1.676 $ 657,693 $ (452,904)
609.738 1.062.642
5 1.267.431 S 609.778
34
CITY OF MONTICELLO
Statement B-6
LIBRARY FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET JGAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
1998
A„Acy,�t Actual
1997
Actual
Property taxes $ 31,095 $
31,085
$ 31,403
Other revenue Linn
2'11,,'1
Total Revenues G 32,.394 S
31.085
S 31.SIA
Expendituren
Salaries and employee benefits S 6,110 $
6,851
S 6,529
Supplies 1,700
1,218
3,905
Professional services 10,500
6,243
8,742
Utilities 7,375
9,925
9,376
Insurance 11185
816
1,179
Repairs and maintenance 2,950
2,079
2,866
Other 1,475
2,688
1,135
Capital outlay 2.nn0
11.013
Total Expenditures
29.870
S 44.745
Excess (Deficiency) of Revenues
over Expenditures
1,265
$ (11,227)
Beginning Fund Balance
/2.438)
8.789
ENDING FUND BALANCE
35
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, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
Revenues
YTaxes
Intergovernmental
Interest income
Other
Total Revenues
PIGD n i ,r a
Land acquisitions
Salaries and employee benefits
Legal and professional fees
Interest
Other
Total Expenditures
Excess of Revenues over
Expenditures
Other FinAnging 9a+r. n l roes)
Transfers in
Transfers out
Total Other Financing Sources
(Uses)
Excess of Revenues and Other
Sources over Expenditures and
Other Uses
Beginning Fund Balance
ENDING FUND BALANCE
1998 1997
Budget Actual Actual
$ 427,320 $ 468,491 $ 468,085
1,138
11,480 16,395 16,077
11.288
S 438.800 S 496.174 S 485.300
$ 75,000 $ 77,453 $ 76,291
14,795 14,632 14,034
42,000 53,599 38,955
400 400 640
71.675 138_895 9S-321
9 203.870 S 294.979 5 229,241
$ 2,620
9 (198.685) 1198. 68t) $. (246.950)
9 (198.68G) S 1196.057) ,j_ (246.950)
36
15,130 $ 13,107
271.184 260.077
288.322 5 27].184
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 31, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
RRP
Interest
Excess (Deficiency) of Revenues and
Other Sources over Expenditures
and nrh— Tyne.
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
79oR 1997
Budget Actual Actual
L ---L.690 5 15.486 S 14.000
t 4.690 $ 15,486 $ 14,000
237,808 123,808
lDD.00D
55 2� S 237.808
37
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, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
E2xcn=
Interest income
Other
Total Revenues
Rpn i .re
Other
Excess of Revenues and Other
Sources over Expenditures
Beginning Fund Balance
Prior Period Adjustment
ENDING FUND BALANCE
1998 1997
Budget A ua1�1 arru,-.1
$ 35,880 $ 50,182 $ 48,035
200
$ 35,880 $ 50,382 $ 48,035
2.120 17.654 , 77_1
5 33.760 6 32,726 $ 46,811
38
1,019,363
896.174 (170.000)
S 928.902 5 896.179
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, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
o v—g—
Hook-up fees
Interest
Total Revenues
Capital improvements
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
199A 1997
Budget Ery " Actual
$ 65,000 S 171,892 $ 77,020
15.720 31.444 25.4A2
$ 80,720 $ 203,336 $ 102,502
65.000 SA_142 76.120
S 15.720 S 145,194 $ 26,382
422.492 396.060
S 567.636 S 422.442
39
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, 1998
With Comparative Actual Amounts For The Year Ended December
31, 1997
1998
Budge[ Actual
1997
Actual
aP
Hook-up fees $ 300,600 $ 1,192,875
$ 273,142
Interest 23,840 90,291
46,520
Other
578
Collection of assessments 7.859
Total Revenues $ 324,440 $ 1,291,025
$ 320,240
rxenditiren
capital improvements-896
Excess of Revenues over
Expenditures $ 324,440 $ 1,288,129
$ 320,240
nthe_r Ficins Sourcee (umen)
Transfers out (570)
(19.180)
Excess of Revenues and Other
Sources over Expenditures
and Other Uses 32a.44o $ 1,287,559
$ 301,060
Beginning Fund Balance 935.978
674.918
ENDING FUND BALANCE S 2.223.537
S 935.978
40
CITY OF MONTICELLO
Statement 8-12
CENTRAL MINNESOTA INITIATIVE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGBT (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
•oaR 1997
Budget Actual Actual
Revenues
l.itereat 79 ., :9
Other c I'Q •+R Ila
Total Revenues S 124 s 19j $ 169
Excess of Revenues over
Expenditures S 120 $ 199 $ 169
Beginning Fund Balance 479 Alrl
ENDING FUND BALANCE S 67R S 479
41
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, 1995
with Comparative Actual Amounts For The Year Ended December 31, 1997
42
19QR
Bud$et Actual
1997
Actual
Revenues
Interest
$ 5,560 $
9,742
$ 9,130
Other
IS
1 1R2,
1.165
Total Revenues
5 5.740 c
10-924
a 10.2 5
Excess of Revenues over
expenditures
$ 5,740 $
10,924
$ 10,295
Other Fingncina 4our a (LI -cal
Grant reimbursements
(52.049)
Excess (Deficiency) of Revenues
and Other Sources Over Expen-
ditures and Other Uses
5 5.7x0 $
(41,125)
5 10,295
Beginning Fund Balance
122.183
111.AR%
ENDING FUND BALANCE
i -22.1a3
42
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, 1998
With Comparative Actual Amounts For The Year Ended December 31, 1997
Reysnue_
Nook -up fees
Intereal
Total Revenues
&x2z A'=rn__
Contracted services
Excess of Revenues over
Expenditures
Beginning Fund Balance
ENDING FUND BALANCE
1 R9R 1997
Budget Actual Actual
$ 80,000 $ 209,272 $ 21,295
RAI 11.564 1.541
S sr_lco 4 220.816 S 22.836
S a0.5b8 $ 203,463 $ 22,636
43
CITY OF MONTICELLO
Statement C-1
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals at December 31, 1997
General General
General General Obligation Obligation
Obligation Obligation Tar Increment Improvea,ent
Tex Increment Consolidated Improvement Ronde Bonds
Bond, of 19a519as Rand Puad Boada of 19]] 55 r� eeriea 1988A
d$�9
casn ana investments 5 9i.Jrl a JLJ,U40
Accounts receivable x'1,002
Special asaeos nta
Deferred 132.755 23,291
Delinquent 76.773
Lane for resale
SAL ASSETS e�a2 3-97)-97 R79 1-1^] 5 6]9.211 $ -D- 5 1a-656
1.t RI -ITI a AND P"fD
AUA=
Liabilities
Cash deficit
Accounts payable
Deferred revenue 5 566.065 5 21.291
Total Llabllltiea . 566,065 S 22.251
Fund Balances
Reserved for debt
ser -vices 5 x].39]9 3l1_046 L---A55-9x2 5 1x.656
TOTAL LIABILITIES
AND MID BALANCES $ x2.197 5 819.113
44
CITY OF MONTICELLO
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1998
With Comparative Totals at December 31, 1997
1 -Ian I�-]T189 Aa_n Pmlb
_L&=
Liabilities
Cash deficit
Accounts payable
Deferred revenue S 10.009 9 ja8-est S ].657 S S-965 S- 476
Total Liabilities $ 10,009 $ 106.057 S 3.651 S 5,665 S 476
bund Balances
Reserved for debt
.e rvices S 204.971 S 15.]06 26.5]9 S 96.819 116.517 S 59.759 71.685 261.665 5 22.651 S 14.996
TOTAL LIABILIT199
AND rUND BALANCES S 204.971 5 15.106 S ]6.547 5 207.676 9 190.174 5 99.751 S 77.550 S 282.141 5 22.651 S 14.916
45
General
General
General
General
General
General Obli-
General
General
General
General
Obligation
Obligation
Obligation
Obligation
Obligation
gation Taxable
Obligation
Obligation
Obligation
Obligation
water
Taxable
Improvement
Improvement
Improvement
Tax Increment
Improvement
Improvement
Tax Increment
Tax Increment
Bonds
e[iew 1911
Bond.
Series 1999A
Bonds
e[iee 19191
Bonds
Ee[iee 19921
Bond.
Series -1112r-
Bonds
,feriae 1990D
Bonds
Seriew 1991A
Bonds
Series 1992A
Bond
S+eriea 1992
Bond
Series 1992D
&ILM=
Cash and investment.
S 204,801
$ 35.101
$ 26,626
S 98.819
S 106,407
5 59.756
S 69,761
S 211,649
5 22.651
S 14.986
Accounts receivable
172
112
30
1,924
17
Special oase.sment.
Deferred
9.7543.042
2,127
Delinquent
2S5
6 1 S
3.738
476
Land for resale
109.857
TOTAL ASSETS204
_97 t_971
5 35.701
L=__1 &=
5 207.676
S 190.174
5 59.751
5 ]7.550
5 242.141
5 22.651
5 14.986
1 -Ian I�-]T189 Aa_n Pmlb
_L&=
Liabilities
Cash deficit
Accounts payable
Deferred revenue S 10.009 9 ja8-est S ].657 S S-965 S- 476
Total Liabilities $ 10,009 $ 106.057 S 3.651 S 5,665 S 476
bund Balances
Reserved for debt
.e rvices S 204.971 S 15.]06 26.5]9 S 96.819 116.517 S 59.759 71.685 261.665 5 22.651 S 14.996
TOTAL LIABILIT199
AND rUND BALANCES S 204.971 5 15.106 S ]6.547 5 207.676 9 190.174 5 99.751 S 77.550 S 282.141 5 22.651 S 14.916
45
Statement C-1
(Continued)
General
General
General
General
Obligation
General
General
General
Temporary
Obligation
Obligation
General
Obligation
Obligation
Sewer Inter-
Obligation
Obligation
Obligation
Public
Refunding
Refunding
Obligation
Improvement
Refunding
ceptor Refund-
I-Provement
Wastewater
water System
Project
Bonds
Series 1993A
Bonds
e"riea 4A 199
Improvement
Bonds D1 1995
Bonds
eriee 1996A
Bonds
of 19968
ing Bond.
Series 1996C
Bond
-erica 1997A
Treatment
Rote mC 1997
Refunding Bonds
Serle. 19988
Revenue Bonds
Series 1998
rnf"l^
1998 1997
S 200,722
$ 256,517
a 11452,544
a 215,325
• :7:.951
123,479
$ 101,988
S 560.976
$ 537,207
$ 14,710
S 5.675,156 $
4.019,091
121
179,211
102
160
733
163.784
55,818
55,853
014,007
24.549
115.266
1.400,644
2.150.350
3,453
26.319
33
$ 123.610
4.136
S 5]7.207
5 14_]70
115,998
465.194
S ].840.976 $
244.982
715.604
7-215.87]
5 541.709
B 441.590
S 195.951
S 260.009
S 2.4]2.081
S 156.144
$ 200.722
S 59.]06 S 840.]26 S 14.582
$ 59,306 $ $40,326 $ 24.582
46
S 259.845
S 2,149 $ 2.149
S 139.602 1.992-016 ].155.249
$ 339.602 2.149 3 1.984.165 $ 3,914.094
CITY OF MONTICELLO
Statement C-2
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For The Year Ended December 31, 1998
With Comparative Totals For The Year Ended December 31, 1997
General General
General General Obligation Obligation
Obligation Obligation Tax Increment Improvement
Tax Increment Consolidated Improvement Bonds Bond%
Bond, of 1985 Bond Fund Bond, mf 1977 Series 1967A
,v „..
Tanen S 8.689
Collections on assess9ents $ 6,505 48.258
Intergovernmental
Interest On investments 5 951 38.5]9 19.295 S 158 5 1.588
Total Revenues S 951 _ 25.0]9 S 96.2]2 S 158 5 1.188
Shcture
6 Debt service
Principal retirement S 20.000 S 109.289
interest and fiscal chargee 19-559 6-71]
Total Expenditures S ]9.559 5 115.99]
excess (Deficiency) of Rev-
enues Over Expenditures S 118.608) S 25.019 _ 119-765) S 158 S 1.188
Fin—ing
C ill s)
Transfers in (out) S 37,265 S (2,628)
Ped Proceeds
sales of lend
Total Other Financing
sources (Uses) _ 17-265 9 12.6'81
excess (Deficiency) of Rev-
enues and Other Sources
Over expenditures and
Other Use. S (1.343) 5 25,039 S (19.765) S (2,470) S 1,188
Pund balance. at beginning of
year 43.74. 268.009 67s.707 2.470 11.468
FUND BALANCES AT cm3
OF yZAR 9 42 r,�] S 111.098 92 S -0- S 14.656
47
CITY OF MONTICELLO
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
For The Year Ended December 31, 1998
with Comparative Totals For The Year Ended December 31, 1997
IDm ne dl[I�rwe
Debt service
Principal retirement S 15.000
Interest and fiscal chargee u.seo
Total Expenditure. S 118.680
Excess (Deficiency) of Rev-
enues Over Expenditures S 16.178
Oth r Plnen w0 RO err n fLsew)
Transfers in lout)
Bond proceed.
Sale. of land
Total Other Financing
Sourcee (Uses)
Excess (Deficiency) of Rev-
enues and Other Sources
Over Expenditures and
Other Use. S 16,17E
Fund balance. at beginning of
year SE E. 595
FUND BALANCES AT END
OF YEAR S 204.971
$ 15.000 S 25.000 S 25.000
16.617 5.259 5 1.029 8.791
5 ll_63] S 10.259 S 1.029 S 13.]9]
5 132.845) S 1621) 5 11.029) S 6.970
$ 31.750
$ 45,000 S 70,000 S 75.000 S 15,000
1A. 755 6.405 21.002 4.713
5 55.755 S 76.405 S 96-002 5 19.713
L__154_ -M) 5 159_wU) 5 (56.241) 5 (18.2871
$ 52,710 S 18.635
5 11.750
$ 11,095) S
General
General
General
General
General
General Obli-
General
General
General
111.566
Obligation
Obligation
Obligation
Obligation
Obligation
gation Taxable
Obligation
Obligation
Obligation
Yater
Taxable
Improvement
Improvement
Improvement
Tax Increment
Improvement
Improvement
Improvement
Bond.
8etiew 1988
Bond.
Series 1989A
Bond.
Serle. 19898
Bond.
S r� Se�_19908
Bond.
Serlew 19900
Bonds
^-gtl a 1Uw
Bonds
aria. 1991A
Bonds
Serle. 1992A
Rend.
sties 1992
Pwv
Taxe.w
S 126,621
$ 26,398
S 22,216
$ 12,429
Collectiona on assessment.
2.606
8,328
S 11.651
10,620
Intergovernmental
Interest on investment.
8.217
5 792
634
10.217
S 1.010
4.671
16.]12
5 1.426
Total Revenue.
5 115.058
5 792
1___Z9.6185
40.761
5 1.010
5 16.524
$ 39.]61
5 1.426
IDm ne dl[I�rwe
Debt service
Principal retirement S 15.000
Interest and fiscal chargee u.seo
Total Expenditure. S 118.680
Excess (Deficiency) of Rev-
enues Over Expenditures S 16.178
Oth r Plnen w0 RO err n fLsew)
Transfers in lout)
Bond proceed.
Sale. of land
Total Other Financing
Sourcee (Uses)
Excess (Deficiency) of Rev-
enues and Other Sources
Over Expenditures and
Other Use. S 16,17E
Fund balance. at beginning of
year SE E. 595
FUND BALANCES AT END
OF YEAR S 204.971
$ 15.000 S 25.000 S 25.000
16.617 5.259 5 1.029 8.791
5 ll_63] S 10.259 S 1.029 S 13.]9]
5 132.845) S 1621) 5 11.029) S 6.970
$ 31.750
$ 45,000 S 70,000 S 75.000 S 15,000
1A. 755 6.405 21.002 4.713
5 55.755 S 76.405 S 96-002 5 19.713
L__154_ -M) 5 159_wU) 5 (56.241) 5 (18.2871
$ 52,710 S 18.635
5 11.750
$ 11,095) S
5
5
(621) S
280-290
280.290
279,261 S
5 52.710
6.970 $ (2,015) S
(59.561) $
S 18.615
(56,2411 S 146
16.401
27.159
26.5]8 S
1194.442)
98.619 S
179.547 61.771
166.517 5 59.758 5
111.566
11].906 12.]0]
281.665 5 22-651
71-685 5
5 ]9.]08 5
48
Statement C-2
(Continued)
General
General
General
560.633
86.6]8
697.111
General
9 90,000
21.586
S ill_SR6
Obligation
General
General
General
Temporary
Obligation
Obligation
Obligation
General
Obligation
General
Serer Inter-
Obilgacion
Obligation
Obligation
Public
Tax Increment
Refunding
Refunding
Obligation
Improvement
Obligation
ceptor Refund-
Improvement
wastewater
rater System
Project
Bond
Serle{ 19920
Bonds
Serle{ 19911
Bonds
5er1eB 19991
Improvement
Bonds of 1995
Bonds
Series 1996&
Refunding
Bondn of 19968
!ng Bonds
Serien 1996c
Bond.
Series 1997A
Treatment
Note of 1997
Refunding Bond.
SerleA 1998B
Revenue Bonds --ln
Series 1998 1998 1997
903,010
1.228.725
S 313,785 S (6.612)
_ 08.1581 150 c63
5 215.92] S 199 9
�y1
S 9,510
$ 163,778
$ 75.129
$ 223,267
3.S78,516
S 3�py
$ 118,241
1 631 7cc
�—y
$ 591.709
$ 1,099,917 $ 562,195
29,819
999,019
921,117
1,07],1]3 728,519
99,712
91.865
71.891
S 10,000
1.925
5 11.925
$ 110. ODO
13.66]
S 191.663
$
S
560.633
86.6]8
697.111
S 13D, 000 S 125.000
59.812 12 ac9
S 189.832 5 13].ac9
9 90,000
21.586
S ill_SR6
$_ 9.999
5 9.999
S 1,999,917
1f 8. 587
S 1.868.509
$ 1,180,000
515.989
S 1.695.989
S 111.9]5) 5
12.019 $ (100.111)
$
99.030
S 31].]85 5 1115.062)
$ 9.962 S
9.925 $ 591.709 $_ (8.019)
_ 99B.S19
S flfiC098)
$ 12,175
$
309,000
$ 170,950
S 32.665
$ 617,222
C 295,500
L___11.1.]5
5 139.000
i 119.000
S 130.990
510,212 5 16,170
5 59a 077 5 19.770
658,982
2eD.19D
91,865
5
309.000
_ I.SSI-494
S 387.3-5
$ 200 5
16.786
5 16.986 S
12,039 $ 33,869
188.683 262.969
200.]22 $ 296.8]8
$
903,010
1.228.725
S 313,785 S (6.612)
_ 08.1581 150 c63
5 215.92] S 199 9
�y1
5 91982 S
117 698
9,625 $ 591.709 $ 535.058 5 16.770
92.563
101.988 S 591.709 5 c�3c 0_c6 S 16.]]0
$ 2,055,008
3 801 ]83
5 Bch 791
�
$ 223,267
3.S78,516
S 3�py
9
1 631 7cc
�—y
S� 1�3�30 S
49
CITY OF MONTICELLO
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
December 31, 1998
Statement D-1
50
oeello/
aecvr9
Need— 9-teood School
Pak, &poll Bnial,vard
sacs Southwest 11ei.
Aeaervolr Al., Farms
Cardinal 11.10 nigh school
Anloal
pathways
Cash and investments
S 40,522 $ 426,962
811E f4 para 3rd Bever
5 47,296
Rbelt,r
immrmvemant
Accounts receivable
TOTAL ASSETS
_ __
S 40.572 S 426.962 S -0-
5 -4- _ -e• _e•
-4- $ 47.2ye S -Q-
S •0-
S -4-
LIABILITIES AND rumn-RALA=
Liabilities
Cash deficit
$ 31,836
$ 1.616
Accounts payable
$ 496 06
Contracts payable
1.0]4
Deferred revenue
5 44.350
Total Liabilities
S 49.716 S 32.961
S 1.6x6
fund Balances
Designated for capital
improvements
S 40.522 S 426.962
5 12.440) S (12.961)
11.6.16)
Total fund Balances
S 40-S22 S 426.9fi2
S 12.4401 S 132.961)
S 11,616)
TOTAL LIABILITIES AND
FUND BALANCES
............................................................................................................................................................................
S.. 10.522 S 426.962 5 .4-
5 -Q- 5 -e• s -e•
5 -e• 5 47.296 $ -b-
S -0-
S •0-
6$$SIJ
Utilities Cardinal pathway
StIlA y1"a y prolact
Nn
Rsaansion Dund.. Brier
prniect
11.i0 River at. Bey 23
.........................
cardinal
Klein
Cash and investments
Bill,
Road oaks 2nd
S 155.007
Yarm 2nd Trk BAs Ela IDR DOT Ins
Hill, yI
S
►atm. ith
ACCount. receivable
5.111
412
$ 1.761.166
TOTAL ASSETS
S -0» 5 -4- S •4-
S 35 8B2 S -0• S -e•
5 -e. 5 -4• 5 -4-
X761
1. 76i.Y55
LIABILITIES Alm RV
Liabilities
Cash deficit
S 238
5 295,fi54
Aeeaunt. payable
$ 76,016
6,122
S 412
S 162
Contracts payable
Deferred revenue
1.500
51,342
Total Liabilities
S 231
S 36.016
S 345.476
S 412
1.358.542
S 1.410.046
Fund Balances
Designated for Capital
improweents
S 1238)
S 119_.46
5 1105 476)
S 5 I3I
S 354.120
Total Paid Balances
S 1238)
S 319,246
S (]05.476)
S _ 111
S 3S4.120
TOTAL LIABILITIES AND
FUND BALANCES
S -e• 3 •e• 5 •e•
LeeseAdIftAU i__ •e- S -4-
S -0• 5 -9- 5_ .0-
S 5.753
S I.T64. 166
50
CITY OF MONTICELLO
CAPITAL PROJECTS FUND
COMBINING BALANCE SHEET
December 71. 1998
Statement D-1
(Continued)
51
Resurrection
Bosdus
Church
Matereain
Rat... ion
Bever Byste.
A Matarmain
C-ity
Carver
7tb Street
Bridge Par!
Booster Paas
Cash and investments
S 212,545
ZNRAmaien
Berth wales[
11M Ride, Co-
Reed 110 191A1 -
S 2.652,704
Accounts receivable
412
TOTAL ASSETS
S -0-
s -e•
S 134 548
s -e-
$ -0-
S -a- 5
-e- S 4081.116
11 wi I TIE9 surge
Liabilities
Cash deficit
S 1.363
S 48.359
S 792,211
$ 4,307
S 900 S
91.767 S 1,260,251
Account. payable
45
S 202,839
1,304
5,747
665 334,124
Contract. payable
2,096
54,067
36,511
4,706 149,761
Deterred revenue
1.411.292
Total Liabilities
S l.l6l
$_ 50.500
S 116.906
S 830.026
S 4.10]
i 6.64] $
97.118 S 1.163-428
Fund Balances
Designated for capital
improvements
S_ (1.163)
S_ Iso,see)
S 1124.1611
S (830.026)
$ f4.30])
$ 16.64]) S
197.118) S 1110.292)
Total Fund Balances
S 11.16])
S (50.500)
S 1124.161)
S (830.026)
$ 14_]07)
S 16.647) S
197.118) S 1310.292)
TOTAL LIABILITIES AND
FUND BAUWC6.9
S -e-
S -0•
S 212.545
$ -0-
$ .e-
$ -0- S
-e- S 2.853.116
51
CITY OF MONTICELLO
Statement D-2
CAPITAL PROJECTS FUND
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1998
Oc.11o/
wade. Restwood school eater southwest Klein cardinal Klein High school Animal Pathways
Revenues Oahe 92211 saulevare Ra..rweir Ate. Farms Hills IV Parma 3rd saves sh.ltel lmnrew At
interest income 5 2,455 S 22,619
Other
Total Revenues S 2.955 L---a2.=
Rxn ne der„ e
construction contracts $ 13.OS2
Engineering and other S ].521 S 219 S 1.992 $ ]5.061 5 1.096
Total Expenditures S ].521 S 219 S 3.992 $_ ]5.061 S 13.052 S 1.098
Excess (Deficiency) of Revenues over
Expenditures 5 11.066) S 22.600 $_ 11.9921 S 135.061) S 113.052) S 11.096)
Other P n nein, source, (U...
Transfer in
$ ],770
Trn.7nfcr out S 092,796) S 132.865) 5 (24,890) $ (74,314) $ 11.422)
Bond proceeds
Lend sale $ 74,276
Reimbursement of project cost
Total Other Financing Sources (Uses) S 79.276 S 1192.7981 S 132.6651 S 124.8401 $ 174.]14) s_ 7.]70 S 11.9221
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Utes $ 11.066) $ 96.676 5 1342,7461 S (32, 66S) 5 (29,872) S 179,319) 5 3,370 S 135.061) $ (13,052) S (1,422) S (1.0981
Fund Balance at beginning of year 91.588 310.086 142.798 32.665 28.872 74.314 11.3701 32-621 119.9091 1.922 1518)
FUND BALANCE AT END OF YEAR 5 90.522 L-14.9"S -0- S -n- S -0• S -0- S -0- 5 (2.4901 5 132.9611 5 -O- 5 !1.616)
............. .•................................. ...................................................... .... .................... ....... ..---•--............. .... .--...... ... ................ ...--... ---...... ....... ....
BIT?
Utilities cardinal Pathwey Rayan.lom Dunda. Briar K1.1t River at. Rmy 25 cardinal K1.1.
Re- .... see a nine Rill.y Frmtat Pretae Ro.e Oahe tae Farms 2te I711t RAR astl HHOOI Imo Rills VI F.- 4th
Interest income 5 19,601
Other S 65,976
S ]19
Total Revenues $ 19.801 S 769 S 65.976
construction contracts 5 3,094,272
400
Engineering and Other S 285 _ ]99.399 S 2.607 S 382-698 f 6q5 5 239,379
70[x1 Expenditures S 205 S 3.993.671 S 2.807 S 382.691 S 6R5 S 565.779
Excess (Deficiency) of Revenues over
Expenditures S 1285) S 11.473.970) S 799 S 12.607) S 1162.6961 S 1685) S 1499.001)
Other Financina Source, (Vee.)
Transfer in 5 227 5 4,584
S 105,414 5 570
Transfer out
$ 1137.8671 S 128,2341 S 131,360)
Bond proceeds S 4.291,299
Land Bale
Reimbursement of project cost 19.660 5 205.106
Total Other Financing Sources (Uses) S 227 S (12]_1671 $_ 9.504 S 4.291.299 S 128.234) S 105.414 S 111.600) S 570 S 205.106 S 11.120
Excess (Deficiency) of Revenues and
Other Sources Over Expenditures and
Other Use. $ 227 S (127.667) S 9,299 S 767,429 3 (26.274) $ 106,203 S (14,407) 5 570 5 (177,592) $ 10,135 5 (499.803)
Fund Balance at beginning of year (227) 123.167 (4-537) (147.563) 26.234 1106.20]) 14.407 (570) 1127.014) (S.104) 05]_927
PUIM BALANCE AT END OF YEAR s -e- S •e• S 12381 5 19 a S •e• S -0- 5 -e- 5 -e- 5 1]05.976) "=A_3"
S 354.120
52
CITY OF MONTICELLO
CAPITAL PROJECTS FOND
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1998
Revenues
Interest Income
Other
Total Revenues
Exsendir"IUI
construction contracts
Engineering and other
Total Expenditure.
Excess (Deficiency) of
Revenues over Expenditures
ocb r Pee les 9 e Iva el
Transfer in
Transfer out
Bond proceeds
land sale
Reimbursement of project cost
Total Other Finencing Sources ]uses)
Excess (Deficiency) of Revenues and
Other 6ourcea Over Expenditures and
Other uses
Pund Balance at beginning of year
FLND BALANCE AT END OR YEAR
Statement D-2
(Continued)
tesorrection
Bosdlls Cburcb
Matermels Seaer Systm Consaulity Its Street Bridge Park Booster hory
Bxtenatm i Matermaln Caster BAoaseias North Malsut WMIp RidOe Co- Reed 118 Total -
3 2,772 $ 113,921
709
$ 2.]72 $ 114.612
S 41,911 S 133,046 S 36,511 $ 4,706 $ 3,649,900
$ 1.161 6.569 1.494.085 793.515 S 6.307 $ 6.647 92-932 3.470.092
$ 1.361 S 50-500 J --L-62].111 S 830.026 S 4.307 S 6.641 S 97.139 S 7.119.962
i Il.l6]) S (50.500) $ 11.624.161) S (810.026) S (4.301) S 16.64]) L ---J91.116) S (7.005-170)
s 1.s0v.Dv0
� S 1.500.000
$ 114,165
(659,Ss0)
4.241,299
74,216
1.735.896
S 5.506.076
S (1,363) $ (501500) S (124,361) $ (830,026) S (4.307) S (6,647) S (97,138) $ (1,499.294)
1.1219.002
S 11.361) S 150.500) 1126.761) L --U]0.0") 14.707) 16.647) S 197.118) S 1110.192)
53
CITY OF MONTICELIA
PROPRIETARY FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals at December 31, 1997
Aeewrc
current Assets
cash and investments
Accounts receivable
Inventory
Prepaid expenses
Total Current Aerate
P -g iv fund 6 in
Land, buildings and Improvements
FTlipeent
Less: Accumulated depreciation
Property and Equipment - Net
Other Assets
Special assessments receivable deterred
Special nasessmente receivable - delinquent
Total Other Assets
TOTAL ASSETS
LIABILITIES
Current Lihilili`t�e
Cash deficit
ACCOunte payable
Accrued expenses
Total Current Liabilities
Deferred revenue
Total Liabilities
,-i,y
Contributed capital
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
0
Serer Water Liquor
Fund Fund Fuad
$ 471,029 $ 397,261 S 859,963
186,589 66,425
249,860
I 612 1.903 1.902
S 654.100 S 467.589 t 1.111.733
S 24.773,126 $ 6,724,276 $ 200,695
184.264 154.070 R8.182
$ 24.957,990 $ 6,078,346 S 368.877
/6.970.0361 13.043.1071 (266.828)
S 24,959
1f
10,401 S 4.D54
17.489
5.048
S 26,057
$
$
(5.333
47.690 9 69,367
40.901
88.791 64.387
5 26.OST
S 17,329.504
1.281.693
5 2R.612.997
$ 18.634.05{
$
S
8
S
3,029,426
425_S12 5 1.144.195
4.254.918 S 1.144.395
4 343 T2g $ i-213.702
54
Statement E-1
TOL41 a
Transports- Cemetery December 31, December 31,
tier, Fund n,nd 1998 1997
$ 12,013 $ 1,740,266 S 1,346,914
$ 15.4B8 023 269,325 222.367
249,060 224.660
7.287 8.874
S 19.488 L -12 -Lu S 2.266.746 S 1.802.015
$ 31,778,691 5 19,176.701
42£_516 i 419.191
S 32,205,211 S 19.597,976
110.287.9711 19.014.0861
5 36.183 S 34.333
4.716 7 363
5 40.401 S 41.696
5 24.221.8 B4 $ 12.478. 401
S 1,338 $ 11318 $ 6.941
$ 20 19,414 64,604
3 la 103.937 $1.660
1.141 $ 34 $ 144.709 S 163.205
40.901 41.696
L-1.111 S 34 S I85 610 5 204-901
$ 21,159,930 S 9.909.964
5 14.147 S 12.802 2.880.149 2.411.S36
S- 34.147 5 12.802 S 24 039.274 5 12.223.500
5 12.836 8 24.224_@fl9 $ 12.428.401
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1998
With Comparative Totale For The Year Ended December 31, 1997
Sat n ed oI sal e
Sales
Cost of sales
Gloe. Ptufit
Operation Revenuen
Utility user fees, connections, inspection
fee. and other operating revenues
Total Gross Profit and Operating Revenues
Salaries and employee benefit.
Utilities
Supplies and materials
Repairs and maintenance
Depreciation
Insurance
Professional fees
Advertising
Rlacellansous
Total Operating Expen.es
Operating Income (Loac)
Dther Revenues limen -a ea)
Property taxes
Interest income (expense)
Intergovernmental
Cash over (short)
Miscellaneous m
incoe
Rental income
Total Other Revenues (Expenses)
Income (Ina.) Before Transfers
Transfer
Transfers out
Net Income (Loa.)
Retained earnings at beginning of year
Depreci eti.n-contributed assets
Prior Period Adjustment
Retained Earninge at End of Year
Contributed capital at beginning of year
Asset scontributed during year
Depreciation -contributed assets
Contributed Capital at End of Year
RETAINED EARNINGS/CONTRIBUTED CAPITAL
END OF YEAR
Seer Water Liquor
Fund Fund Fund
$ 2,105,252
1.564.025
a 541,227
L_02-111 S 350.961
5 690.421 S 350.961 S 511.227
S 75.254 $ 91,104 S 165,224
3,147 49,177 13.714
17,1]4 60,449 7.656
10,011 4.704 4,731
1.033.619 229,176 11,089
6.711 x.911 6,649
455.263 16.S87 1,981
5.860
30.376 20.097 19.419
S 1.627.552 S 486.205
S (937.131) S (135.224) $ 304.904
S 23,840 5 19,642 S 29,740
1423)
20.625
S 44.465 S 19.642 $ 29.317
S 1892.666) S 1115.582/ S 114.221
$ 1114.000)
S (892,666) 5 (115.582) 5 200,221
1,145.841 319,964 944.174
1,030.318 221,13D
9 1.283.493 S 425.512 5 1.144-395
$ 6,172,509 S 3.637,455
12.187.313 413,101
(1.030.318) 1221.110)
5 1].129.501 S 3.829.426
5 18.612.997 S 4.254.918 5 1.144.395
55
Statement E-2
Transports-
tion PLnd
Cemetery
Fund
TOTAF
December 31.
1998
e
December 31,
1997
3 2.105.252
5
1.951,847
1.467.468
1.564.025
$ 541,227
$
484.379
1.023.229
S 26.]99
5 26.799
6 836
S 22.129
5 22.329
S 1,413
1.090.530
S 1.631-757
S 339.891
S
S
1-507.608
315,930
66,033
58,7]1
98
81,371
81,507
19.44619.00]
1,273,684
866,658
22,771
33.031
64.172
20,963
558.966
531.747
232
199
5,860
]0.325
2.438.051
S
S,142
62.093
1.974.081
65.240
S 138.441)
S 22.]33
S 1404)
S
S 1806-296)
S
1466.4]31
$
IB 701
S 950
S 74,172
56.505
$ 61.267
61,207
42.462
(423)
141)
5 61.287
22.846
5 950
S 546
20.625
S 155.661
S (650.635)
5�..�3
5
1,799
2t-550
95 L9a5
1]42.5181
S 22.846
$ 546
S 1114.0001
S (784,635)
S
(342,5181
(8.6991
12.256
2,413,53s
1,649,021
1.251.446
S
837,033
7D-000
2.413.536
14-147
S 12.802
5 2.880.349
S 91809.964
S
9.693,468
12,600.414
753.S29
S 14.147
5 12.802
11.251.44a)
5 21.156-930
S 24.0]9.279
5
t
1637.0]3)
9.809.964
12221 5�0
CITY OF MONTICELLO
PROPRIETARY FUNDS
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1998
With Comparative Totals For The Year Ended December 31, 1997
Cash flows from operating activities:
Net income (loan) before transfers
Adlustwento to reconcile net income to net
cash provided by operating activities:
Depreciation
Changes in asset. and liabilities
iLnerease) decrease in account. receivable
(Increase) decrease in inventory
(Increase) decrease in prepaid expenses
tlncrease) decrease in special aaseaseents
receivable - deferred
(Increase) decrease in special assessments
receivable - delinquent
Increase idecrease) in accounts payable
increase (decrease) in aced expenses
Increase idecroane) in due to other funds
Incresae (decrease) in deferred revenue
Net Cash provided by operating Activit is$
Cash flown used an neocapital financing activities:
Transfers alit
Cash flora frown capital related financing
activitie.:
Capital Expenditures
Equipsent
building ane improveeenta
Net Cash (Used) in financing Activities
Nat increase (door-.#-) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
P
Sever
Flnld
Water
fund
Liquor
Fund
Transports-
tion pL_d
Cemetery
91ad
S (892.666)
$ III5.562)
$ 334,221
$ 22,646
$ 546
11033,619
229,176
11,069
440
(1.850)
t24.782)
(10,295)
11.604)
(11,806)
(73)
12.270
13.110
426,206)
166
357
1,064
(3.85n)
2,645
11,708
5,506
(36,521)
(5.435)
(4301
120
4,097
6,065
(4)
S 126-1d5
1795}
5 111.261
S 292 710
S 5.603
S ,1$
9 (114 004(
Statement E-3
S (357) $ (357) $ 13.196)
5 I1-9811 S (2-.82) MJ1561 ta.011}
S 11.984) S 12.482) (357) $ (6.823) S (11.227)
$ 124,161 $ 110.179 $ 158,353 $ 51603 $ 19 $ 399,955 S 523,628
56
77tvey-9
December 31,
1998
Decaaber 31,
1997
S 1650,6351
S 1342,5161
1,211.684
666-059
(46.958)
11,7751
125, 2081
123,1601
1,587
440
(1.850)
(6,952)
2,645
11.604)
425,1701
21.900
12.270
13.110
S (357) $ (357) $ 13.196)
5 I1-9811 S (2-.82) MJ1561 ta.011}
S 11.984) S 12.482) (357) $ (6.823) S (11.227)
$ 124,161 $ 110.179 $ 158,353 $ 51603 $ 19 $ 399,955 S 523,628
56
CITY OF MONTICELLO
Statement S-4
SEWER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1998 and 1997
ASSRTS
Current Assets
Cash and investments
1998
$ 471,029 $
1007
346,848
Accounta receivable
186,589
161,807
Prepaid insurance
1.482
1,648
Total Current Assets
g 6S9 100 S
510.303
P-2,rry a,d Esuisment
Land, buildings and improvements
$ 24,773,726 $
12,586,413
Equipment
184.264
180_290
$ 24,957,990 $
12,766,693
Less: Accumulated depreciation
(6.978.036)
15.944.417)
Total Property and Equipment - Net
S 17.979.954 S
6,A22-276
TOTAL ASSETS
S 18.639.654 S
7.332.579
I.TARTLITIEc_ AM EQUITY
Current .iah,i,li i s
Accounts payable $ 24,959 $ 13,251
Accrued expenses 1.098 978
Total Current Liabilities S 26.u57 3 14,779
pouity
Contributed capital $ 17,329,504 $ 6,172,509
Retained earnings 1.283 493 1.145.841
Total Equity S 18.612.997 S 7.318.350
TOTAL LIABILITIES AND EQUITY S 18.639.054 S ,3]2.579
57
CITY OF MONTICELLO
Statement E-5
SEWER FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
BUDGET (GAAP BASIS) AND ACTUAL
For The Year Ended December 31, 1998
With Comparative Totals For The Year Ended December 31, 1997
On -ting Revenue
Utility user fees
Penalties
Inspection fees - improvement projects
Miscellaneous
Total Operating Revenue
Operating B ennen
Salaries and employee benefits
Telephone
Utilities
Supplies
Repairs and maintenance
Professional fees
Insurance
Depreciation
Miscellaneous
Total Operating Expenses
Operating Income (Loss)
Other R v n n (-Kpgn e.)
Property taxes - rental
Rental income
Interest income
Total Other Revenues (BxpenseR)
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
1998 1998 1997
Budaet Al tunl Actual
$ 585,500 $ 630,353 $ 604,001
2,500 47,674 52,786
2,000 12,364 11,335
44Il i(I in
S 590.400 S 690.421 5 66R. 132
$ 66,885 $ 75,254 $ 66,963
2,200 630 288
4,700 3,142 4,233
16,000 13,174 10,328
11000 10,011 1,537
446,250 455,263 436,223
10,670 6,711 10,512
621,650 1,033,619 634,143
11.250 29.748 24.409
9 1.180.605 S 1.627.552 5 1.180.636
S 1590.205) S (937.131) S (520.504)
$ 200 $ (820)
22,900 $ 20,625 24,550
a Sen 2a 8an 11 -
58
(892,666) $ (479,588)
1,145,841 995,757
1.030.318 620,672
1.283.493 S 1.145.841
$ 6,172,509 $ 6,340,716
12,187,313 461,465
11.030.318) (629.672)
S 17.329.504 S 6.172.509
CITY OF MONTICELLO
Statement E-6
SEWER FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1998 and 1997
Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(Increase) decrease in prepaid expenses
Increase (decrease) in accounts payable
Increase (decrease) in accrued expenses
Net Cash Provided by Operating Activities
Cash flows from capital and financing activities:
Capital expenditures
Land, buildings, improvements
Net Cash (Used) in Financing Activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
59
1908 1997
$ (892,666) $ (479,588)
1,033,619 634,143
(24,782) 1,181
166 290
11,708 (22,325)
12Q 1]S
$21 R-165 S 1%1 Ai Fl
S (;.984)
S (3.984)
$ 124,181 $ 133,816
14C.AgJ 23i_Q32
S 71�. n29n29 5 346.848
CITY OF MONTICELLO
Statement E-7
WATER FUND
COMPARATIVE BALANCE SHEETS
December 31, 1998 and
1997
ASSETS
1998
1997
Current Annetn
Cash and investments
$
397,261
$
286,482
Accounts receivable
66,425
56,130
Prepaid insurance
1 gni
4 7U
Total Current Assets
S
467.589
S
346.872
Prop—ty and E -inm n
Land. buildings and improvements
$
6,724,276
$
6,311,675
Equipment
154.070
ISI -099
$
6,878,346
$
6,462,763
Leas: Accumulated depreciation
(3.043.107)
{2.813.931}
Property and Equipment - Net
$
1 915 714
S
3.648.832
Other Annetn
Special assessments receivable - deferred
$
36,183
$
34,333
Special assessments receivable - delinquent
4.718
7-363
Total Other Assets
$_
40.901
S
41.696
TOTAL ASSETS
S
a. 343.729
S
4.037.a0O
UARTT_TTTF_, � AND E4Ct27'Y
Current Ll hili i s
Accounts payable
$
10,401
$
4,893
Accrued expenses
37.489
Al 192
Total Current Liabilities
$
47,690
$
38,285
Deferred Revenue
an Qqj
41.696
Total Liabilities
S
99.791
S
79.981
c At
Contributed capital
$
3,829,426
$
3,637,455
Retained earnings
425.512
319.964
Total Equity
S
4.254.938
5
3 957.419
TOTAL LIABILITIES AND EOUITY
4.343.729
S
4.037.400
60
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, 1998
With Comparative Totals For The Year Ended December 31, 1997
1998
Utility user fees $
220,500
Penalties
1,000
Inspection tees - improvement projects
2,000
Miscellaneous
14,000
Special assessment revenue
1.000
Total Operating Revenues
I---z38-U2
Do ra ing R ansa
Salaries and employee benefits $
Professional services
Insurance
Telephone
Utilities
Supplies
Gas and oil
Repairs and maintenance
Depreciation
Travel and conferences
Miscellaneous
Total Operating Expenses $
operating Income (Loss) $
r R v nu e ( rQen�aa(
1998 1997
$ 261,124 $ 231,221
1,363 1,230
5,929 3,316
33,910 17,435
40.655 37.840
5 350.981 S 291.042
89,475 $
97,104
$ 92,991
10,250
16,587
6,473
91910
81911
10,255
11900
1,108
1,714
42,200
49,177
40,216
40,200
60,449
59,777
966
1,456
3,000
4,704
5,924
211,540
229,176
217,790
500
323
75
16 tc;q
a25 175 5_486.205
17.700
15.756
4%2.427
(186,825) $
(135,224)
5 1161,385)
Interest income 8.400 19 642 15.019
Net Income (Loss) S 117B.a25) $ (115,582) $ (146,366)
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
61
319,964 258,969
221_11Q 207.361
$ 42%_51; S 319.964
$ 3,637,455 $ 3,552,752
413,101 292,064
(221.130) (207.361)
S 3.829.426 S 1.617.455
CITY OF MONTICELI.0
Statement E-9
WATER FUND
COMPARATIVE STATEMENTS OF CASH FWWS
For The Years Ended December 31, 1998 and 1997
Cash and cash equivalents at beginning of year
Cash and cash equivalents at End of Year
62
1998
1997
Cash flows from operating activities:
Net income (1008) before transfers
$ (115,582)
$
(146,366)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
229,176
217,790
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(10,295)
1,468
(Increase) decrease in special assessments
receivable - deferred
(11850)
(6,952)
(Increase) decrease in special assessments
receivable - delinquent
2,645
(1,604)
(Increase) decrease in prepaid expenses
357
7
Increase (decrease) in accounts payable
5,508
(1,647)
Increase (decrease) in accrued expenses
4,097
5,358
Increase (decrease) in deferred revenue
(795)
R 4CC1
Net Cash Provided by Operating Activities
S 113. F1
S
76,610
Cash flows from capital and related financing
activities:
Capital expenditures
Land, buildings. improvements
S ,(2.482)
ison)
Net Cash (Used) in Financing Activities
S (2,02)
$
(snq)
Net increase in cash and cash equivalents
$ 110,779
$
76,110
Cash and cash equivalents at beginning of year
Cash and cash equivalents at End of Year
62
CITY OF MONTICELLO
Statement E-10
LIQUOR FUND
COMPARATIVE BALANCE SHEETS
December 31, 1998 and 1997
AqqRTS
curr n Aaa a
Cash and investments
$
1498
$59,963
$
1997
701.610
Accounts receivable
Inventory
249,868
224,660
Prepaid insurance
1.902
2.966
Total Current Assets
S 1.111.733
C
929.236
Progartty and Egniinment
Land
$
6,840
$
6,840
Building and improvements
234.104
234,104
Parking lot
39,751
39,751
Furniture and fixtures
sa.182
87.925
$
368,877
$
368,520
Less: Accumulated depreciation
(266_929)
1259.718)
Property and Equipment - Net
5
,102.049
S
112°792
TOTAL ASSETS
S 1.233_782
s
3 042.038
t.IAa3LITIES Affig =1',"Y
Curr—r TAahilition
Accounts payable
$
4,054
$
40,515
Accrued expenses
65,333
57,269
Due to other funds
Total Current Liabilities
S,.
69.187
S1.
97.944
EMUIY
Retained earnings
s 1.144
19.55
S
944.174
TOTAL LIABILITIES AND EQUITY
5 1.213.792
S
1. 0a, z. nlR
63
64
0
CITY OF MONTICELL)
Statement E-11
LIQUOR FUND
COMPARATIVE STATEMENTS
OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
e0 r The Year Ended
er
Decemb11.
199P
Por
The Year ended
Dectmber
11, 1997
Cost of
Sale, Sale,
Groes
Profitoo
Percent
Sales Salsa
Cost of
LAIC
Gro..
2606[
Percent
to Sales
OL"A"
Liquor
S 590,666 S 410.077
S 180,589
30.581 S
557,372
5 369.409
S
167,961
30.131
wine
223,303 168,698
51,605
24.46
210,553
166,782
43.771
20.79
Beer
1.211.898 915.393
296.505
21.17
1.107.999
----A 19_]25
268.679
21.25
$ 2,025,867 $ 1,494,168
$ S31,699
26.25\ S
1,075,924
S 1.395.516
S
480,408
25.611
Miscellaneous merchandise
79.]85 60.8]1
18.551
$ 5501250
23.37
26.11\ S
75.921
1.951.847
61.261
S 1.158.777
S
12.662
493,070
16.68
25.26\
Total Off -Sale
5 1.105.252 S 1.555.002
Less: Freight
Gross Profit
9.023
S 541,227
.43
25.71\
5
8-691
484,379
.44
24.821
ODe rating ®menses
Salaries and eWloyee benefits
$ 165.224
5 151.878
Supplies
7,656
10,641
Repair* and salntenanCe
4,731
11,516
Utilities
13.714
11.322
Telephone
3.155
2.720
Profeeslonel fee.
1,9B1
2, 0S9
Insurance
6,649
12,170
Depreciation
11,009
11,925
Advertiaing expense
5.860
5,101
Miscellaneous
16.2fjf
15.659
Total Gpe.,Liuy Lpansaa
236.323
11.21
241.821
12_]9
Operating Income
S ]04.904
14.481
S
211.556
s
Other R v s (R- n ea)
property t" a
Interest income - investemnta
$ 29,740
1.421
$
24,300
1.261
Cash aver (short)
(423)
1.02)
141)
Total Other Revenue. (Expenses)
5 29.111
1.40\
5
21.259
1.261
Income Before Transfers
5 334,221
15.881
5
266.815
11.691
Transfers out
1114.0001
(6.37)
Net Income
$ 200,221
9.51\
$
266,815
11.69\
Retained earnings at beginning of year
911,174
607,359
Prior Period Adjuateent
70.00(1
RETAINED EARNINGS AT END OF YEAR
L-&"1.195
S
911-174
64
CITY OF MONTICELLO
Statement E-12
LIQUOR FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1998 and 1997
Cash flows from capital and related financing
activities:
Capital expenditures
Building and improvements
Equipment
Net Cash (Used) in Financing Activities
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
65
$ (7,531)
S (357)
S (757) S (10.727)
$ 158,353 $ 295,756
1998
1997
Cash flows from operating activities:
Net income before transfers $
334,221 $
266,815
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation
11,089
14,925
Changes in assets and liabilities
(Increase) decrease in accounts receivable
(31)
(Increase) decrease in inventory
(25,208)
(23,160)
(Increase) decrease in prepaid expenses
1,064
143
Increase (decrease) in accounts payable
(36.521)
40,100
Increase (decrease) in accrued expenses
8.05$
7.691
Net Cash Provided by Operating Activities S
292.710 S
306.483
Cash flows used in noncapital financing activities:
Transfers out S
(134.000)
Cash flows from capital and related financing
activities:
Capital expenditures
Building and improvements
Equipment
Net Cash (Used) in Financing Activities
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and Cash Equivalents at End of Year
65
$ (7,531)
S (357)
S (757) S (10.727)
$ 158,353 $ 295,756
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, 1998
Off ca_le Gross Profit
Liquor $
Huda—
139,550 $
A +a1
180,589
wine
62,500
54,605
Beer
264,600
296,505
Miscellaneous _7.620
18 SSI
Total Off Sale Grose Profit
$ 484,270
$ 550,250
Less: Freight
9.000
9.023
Total Grose Profit
$ 475,270
$ 541,227
On—ting Kxngn—
Salaries and employee
benefits $
152,095 $
165,224
Supplies
9,300
7,656
Repairs and maintenance
7,000
4,731
Utilities
14,350
13,714
Telephone
2,400
3,155
Professional fees
3,350
1,981
Insurance
12,065
6,649
Depreciation
14,500
11,089
Advertising expense
4,500
5,860
Miscellaneous
4.135
16-264
Total Operating Expenses
223.695
236.323
Operating Income
a 251. K7S
5 304.9n4
Other Roy ... a t -x—,,o,)
Interest income - investments
$ 16,200
$ 29,740
Cash over (short)
(200)
(421)
Total Other Revenues (Expenses)
S 16.000
S 29.317
INCOME BEFORE TRANSFERS
S 267.57c
S 3]4.221
66
CITY OF MONTICELLO
Statement B-14
TRANSPORTATION FUND
COMPARATIVE BALANCE SHEETS
December 31, 1998 and 1997
Accounts receivable
TOTAL ASSETS
1.IAw1r.I1IES AND EQUITY
C,irranr LiAhiliri—
cash deficit
Accounts payable
Accrued expenses
Total Current Liabilities
EQYILX
Retained earnings
TOTAL LIABILITIES AND EQUITY
67
1998 1997
S 1S.48R s 3.6RD
f t9_aag I f;A
$ 1,338 $ 6,941
5.435-
3
,6353
E,
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, 1998
With Comparative Totals For The Year Ended December 31, 1997
no ra ina Revenues
Passenger fares
Property taxes
Total Operating Revenues
ip ra inarxpnn_ nes
Salaries and employee benefits
Supolies
Professional services
Advertising
Miscellaneous
Total Operating Expenses
Operating (Loss)
Orb— R v n+ a f&,—Pa)
Intergovernmental
Miscellaneous
Interest income (expense)
Total Other Revenues
(Expenses)
Net Income (Loss)
Retained Earnings at beginning of
year
Retained Earnings at End of Year
1998 1998 1997
gy(lcet Actual &C—.1
$ 12,200 $ 10,127 $ 12,777
16.612 16.672 14 &21
5 2&.812 1---Z6.799 5 27.600
$ 3,385 $ 836 $ 822
260 490
67,450 L4, 172 66,066
41
935 232 10Q
S 72.0]0 S 65.240 67.52&
$ (41. 21R) 5 (38.441)
$ 43,218 $ 61,287 $ 42,462
1,299
(41 S)
C 41 21!i 5 61.2&7 5 43.396
C - $ 22,846 $ 3,418
68
CITY OF MONTICRLLO
Statement E-16
TRANSPORTATION FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 1998 and 1997
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 Provided {Used) by Operating
Activities
Net hivreaae (decrease) in cash and cash
equivalents
Cash and Cash Equivalents at beginning of year
Cash and Cash Equivalents at End of Year
69
1998
$ 22,846 $
1997,
3,418
(11,808)
(3,643)
(5,435)
5,397
lsq)
,s a 6n1 S
5.122
$ 5,603 $
5,122
(6 9U)
(12.061)
CITY OF MONTICELLO
Statement E-17
CEMETERY FUND
COMPARATIVE BALANCE SHEET
December 31, 199E and 1997
ASSETS
Cash
Accounts receivable
TOTAL ASSETS
LIABILITIES AND EQUITY
Current Liabilities
Cash deficit
Accounts payable
Accrued expenses
Total Current Liabilities
F.—ity
Retained Earnings
TOTAL LIABILITIES AND EQUITY
70
199R 1997
$ 12,013 $ 11,970
qu 75.9
4__12–alk S� 12,724
$ 20 $ 450
14. 1B
5 it 5 4C.8
S 12,802 S 12.256
S 12.81$ 12.724
CITY OF MONTICELLO
Statement E-18
CEMETERY FUND
STATEMENTS OF REVELRIES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ACTUAL
For The Years Ended December 31, 1998 and 1997
71
1998
Actual
1997
Aetual
Oo ra ing Revenues
Grave site Bales
$
10,225
$
11,750
Excavation charges
12,081
11,110
Refunds/ reimbursement a
21
19 we
Total Operating Revenues
S
22.]29
5
36.455
Qy ra lugExpenses
Salaries and employee benefits
$
1,473
$
3,277
Professional services
20,963
20,126
Supplies
98
264
Miscellaneous expense
19.2
Total Operating Expenses
S
22.793
S
23.667
Operating Income (Loss)
S
(404)
5
12.788
D F r R V nu s
Interest income
4
Q90
S
415
Total Other Revenues
$
e5q
$
415,
Net Income (Loss)
$
546
$
13,203
Retained earnings at beginning of year
12.256
(947)
Retained Earnings at End of Year
S
12.802
e
n —1
71
CITY OF MONTICEU O
Statement E-19
CEMETERY FUND
COMPARATIVE STATEMENTS OF CASH FLOWS
For The Years Ended December 33, 1998 and 1997
Cash flows from operating activities:
Net income (lose) 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 Provided (Used) 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
72
1,998
$ 546
1997
$ 13,203
(73)
(750)
(430)
375
(4)
(4)
5 19
g 12, N,24
$ 39
$ 12,824
11.914
(BSO)
1999
2000
2001
2002
2003
2004
TOTAL
Original
Amount
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION BONDS
December 31, 1998
Schedule 1
General Obligation
General
Obligation
General Obligation
water
System
Sewer Interceptor Refunding
water System
Refunding
Bond Series
1988B
Bond Series
Princinal
1996C
Bond Series
Princinal
1998B
TOjgl
Interest
Interest
_
Interest Princinal
Principal
Interest
$ 80,000
$ 37,962
$ 95,000
$ 17,410
$ 12,397 $
175,000 $
67,769
85,000•
32,310
100,000
12,948
$ 90,000
17,065
190,000
30,013
95,000•
26,053
105,000
8,129
100,000
13,785
205,000
21,914
100,000•
19,203
115,000
2,817
105,000
10,145
220,000
12,962
105,000•
11,950
105,000
6,312
105,000
6,312
115.000•
4.111
115.000
2.165
115. OQQ
2.185
S 580.000
171 SA!
$ 415.000
5 41.304
S 515.00Q
S 61.889 S
1.010., OoQ S
141.154
Average rate
of interest 6.9943% 4.8811% 3.9982%
Payment dates February i February 1 February 1 February 1 February 1 February 1
August 1 August 1 August 1
• To be paid February 1, 1999 with cash in escrow accounts established with 19986 refunding bond
proceeds.
73
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
GENERAL OBLIGATION SPECIAL ASSESSMENT BONDS
December 31, 1998
Schedule 2
74
General Obligation
General
Obligation
General
Obligation
General
Obligation
General Obligation
Sever/Nater and Street
Bond of 1977
Improvement
Band Series 19698
Improvement
Band Slrles 1990C
Improvement
Band Serien 1991_
Interest
Improvement
mond Series 1992A
Prin�QjVAj-- Interest
1999
Prinrinal Ince teat
$ 60.000 5 1,650
Principal
$ 10.000
Interest
S 2,970
priacieal
$ 25.000
interest
5 6,921
kLLWn
5 70.000
$ 2,047
S 75,000
1 17.0]0
2000
70,000
990
30,000
5,085
70.000
17.75]
2001
30,000
3,068
70,000
9.695
2002
30.000
1,028
70,000
70,000
5.915
1,995
2003
2004
2005
2006
2007
TOTAL
S 60.000 5 1.650
S 60.000
5 ]-960
S 115.000
5 16.10?
S 70.000
5 2.047
S ]55.000
S 47.988
Original Amount
5 ]-47o. pod
S
245.000
5
250.000
5
515.000
5
705.000
Average rate of interest
5.21\
6.61181
6.75061
5.7265\
5.25251
Payment date.
February 1 February 1
February 1
February 1
February 1
February 1
February 1
February I
February 1
February 1
August I
August 1
August I
August 1
August 1
.......................................................................................................................................................................................
General Obligation
General
Obligation
General
Obligation
General
Obligation
Refunding
Bond Series 1994.
Prinelo 1 Interest
Improvement
Bend Series 1995.
Pr nclmel Interest
Improvement
Bond Series 1996. _
Pr nci� final interest
Improvement
Bond Se rice 1997A
Cr nmi S��nl Interest
Total
Prtneinal interest
1999
5 170,000 5 29.288
S 485.000
1 140.357
$ 135,000
5 77,660
5 65,712
5 1.000.000
$ 103.670
2000
120,000 24,547
680.000
118.400
1]5,000
71,484
$ 500,000
55,467
1.]65,000
249.324
2001
120,000 19.628
480.000
96,Oe0
140,000
:5,020
400,000
36.913
1.240,000
190,404
2001
175.000 14. JB9
485.000
73.160
60.000
20,225
400,000
20,217
1.110,000
114,929
7001
125,000 8.857
485,000
69,677
65,000
11,110
150.000
8,619
895,000
86.244
2004
130,000 7,027
245,000
]1,670
70,000
13,720
125,000
2,719
570,000
51.092
7005
245,000
39.]19
70,000
10.115
15.000
'31.:0
29.434
2006
255.000
6.566
75.000
6.707
770.000
80.000
17.877
2-160
2007
80.000
2.160
TOTAL
$ 740.000 S 99.712
5 ].160.000
5 515.144
S 6]0.000
1�6 r.621t.621
5 1�575y00
5 IB 9.644
S 6.965.000
S 1.060.088
Original Amount
5 965.000
S
].890.000
S
1.030.000
Average rate of interest
4.23121
4.96471
S.15071
Payment dates
February 1 Febmary 1
February 1
February 1
February I
February 1
February 1
February 1
August 1
August 1
August 1
August 1
74
75
CITY OF MONTICELIA)
Schedule
3
BONDED INDEBTEDNESS -
GENERAL
OBLIGATION TAX INCREMENT BONDS
December 31, 1998
General
Obligation
General Obligation
General
Obligation
General Obligation
General Obligation
General Obligation
Tax Increment
Bond a1 '—
Pzincioai Interest
Tax Increment Refunding
Bend of 19B9A
pzin.-lsai InterestPri_y,.ipn1
Tax Increment
Bend Series 19900
Interest
Tax Increment
Bond Series 1992
Tax Increment
Bond Series 1992D
Tax Increment
Bond Series
Refunding
199611
Total
1999
$ 20,000
$ 17,445
$ 1S1000 $ 16,900
$ 45,000
$ 6.001
Frieze Seal Intaren[
$ 151000 $ 3,738
princicel Interesr
$ 10,000 5 2,275
pr lneionl
$ 125,000
111—tat Pri
$ 6,765 $
ci ag_1 _
230,000
Interest
$ 53.133
2000
20:000
15.805
3S.000 15,603
45,090
21002
20.000 2,600
20,000 1,6:5
85, �0G
1.9?£
195.000
39,611
2001
25.000
13,954
20,000 14,060
20,000 1.300
10,000 975
15.000
30.309
2002
25,000
11,891
20,000 12,335
10.000 325
10,000 325
65.000
24.876
2003
2004
30,000
30,000
91615
7,125
20,000 10,585
25,000 8,620
50.000
20,200
551000
15,735
2005
15,000
4,410
25,000 6,410
2006
35,000
1.470
30,000 3,982
60,000
10.820
IOD7
30.000 1.328
b5, 000
10.000
5,{52
1.728
TOTAL
$ 220.000
Ra B1 7397rc
$ 200.000 5 B9. 833
S 90.000
SSB pip
$ dS.00tl $ ].96]
S 30.000 S 9.200
S 210.000
S.. 8.741 $
125.000
$ 201. 4d2
Original Amount
35n_p00
$ 260.004
$
309.000
$ 12e.400
$ ]t nn0
$mss
sQ ,7�p
Average rate of
interest
8.2893%
7.25321
8.99281
6.S4%
6.501
4.69831
Payment date*
February I
Febnlary 1
February I February 1
February 1
February 1
February 1 February 1
February 1 February 3
February 1
February 1
August 1
August I
August 1
August 1
August I
August 1
75
CITY OR MONTICELLO
Schedule 4
GENERAL OBLIGATION NOTE
1998 WASTEWATER
TREATMENT NOTE
1999
Principal
$ 487,455
rnt-r,,r
$ 594,838
Total
$ 1,082,293
2000
507.546
574,747
1,082,293
2001
528,465
553,828
1,002,293
2002
550,246
S32,047
1,082,293
2003
572,925
509,368
1,002,293
2004
596,539
485,754
1,082,293
2005
621,126
461,167
1,002,293
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
858,038
224,254
1,082,292
2014
$93,403
188,889
I,082,292
2015
930,226
152,066
1,082,292
2016
968,566
113,726
1,082,292
2017
1,008,487
73,806
1,082,293
2018
1.n50.052
32 Zai
1_082.293
TOTAL44,700
000000
$ 6.48c�
e2+c nc1
NOTE: As of December 31. 1998 the City has only withdrawn $14,259,700,
consequently the General Long Term Debt Account Group and the changes in
Lang Term Debt note only show a liability of $14,259,700.
76
CITY OF MONTICELLO
BONDED INDEBTEDNESS -
PUBLIC PROJECT REVENUE BONDS
December 31, 1998
1999
2000
2001
Total
Original Amount
Average Rate of Interest
Schedule 5
Temporary Public
Project Revenue Bonds
A.H .. 1998
Principal Interest
$ 221,550
332,325
S 7.385.000 166.161
5 7.]Bs.000 S 720.038
S 7.185.000
4.49474
Payment Dates February 1 February 1
August 1
77
CITY OP MONTICELL0
Schedule 6
TAX LEVIES TO RETIRE BONDED INDEBTEDNESS
December 31, 1998
General General
General Oenerai General General General General General General Obligation Obligation
Obligation Obligation Obligation OLIigation Obligation Obligation Obligation Obligation Sever Mater
Meter System Tax increment Water System Improvement Improvement Improvement lcprc, —_ent I•rrovement Interceptor system
Year of Collet- Bond Series Bond Series Bond Series Hand Series Bond Serie. Bond Serie. Bond Series Bond Series Refunding Bonds Retunding Bonds
I,—tion 1988H 1989A 1999B 19900 1992. 1$,94A _ 199SA 1996A erica 1_2fic series 19988
1996 1999 S 126.255 $ 32,816 s 24,813 S 26,425 S 7,576 S 134,742 $ I59.172 S 73,SOO S 118.100 S 116,900
1999 7000 1]0,597 36.698 25.054 8,140 170,916 359, 606 77,000 110,600 321,400
2000 2001 128. ab4 79,$71 23, 6fi8 8,547 132.075 364.957 500 127.000 127,900
2001 2002 126712 33,0]3 8.902 127,490 164,206 6.700 119.000
2002 20D23 129,,384 36,446 127.998 166,355 12,700 125,400
2003 2004 74.136 160.593 13,000
20042005 17,076 165,206 18.600
2005 2006 34-280 23.700
TWAT. $ 64 i. 812 9 279.365 A — — 24.$13 1—7S.34T S 33.211 653.237 5 1.340.172 5 225.700 e�.x>• ]6 00 S 605.600
• This tax levy is for tax increment financing projects. The levy has not been made in the
past and will only be made in the future if tax increment revenue is insufficient to meet
principal and interest payments.
NOTE: The 1997 General Obligation Note requires a levy of $541,146 in 1997, annual levies Of
$1,082.243 from 1998 to 2016, and $541,146 in 2017.
78
Cmredpu6lA' 194 Mlhhr. iWle I 611 5ralnW 4[Nn., PO n 417. SWIr I
Bp� All—,I rnb and Ian M'1101N 55314 (6111.1 .71 2 I Mimtk'111. N 554u2 (612) 2" Sr, I
/V� Ruiuuv fnnsWfunn 'a5 C -1r.1 A— U.. Pl), Dn 3V1 SWIG 9
SI. Michael, MN 55376 (612) 49;2119
&��cens A
AUDITOR'S REPORT ON LEGAL COMPLIANCE
To the Mayor and City Council
City of Monticello, Minnesota
we have audited the general purpose financial statements of the City of Monticello
ae of and for the year ended December 31, 1998, and have issued our report thereon
dated June 16, 1999.
we conducted our audit in accordance with generally accepted auditing standards
and the provisions of the Minnesota Legal o lien— Av Alr (.,iA- for Local
Government promulgated by the Legal Compliance Task Force pursuant to Minn. Stat.
6.65. Accordingly, the audit included such tests of the accounting records and
such other auditing procedures as we considered necessary in the circumstances.
The Minnesota Legal Co li r, Audit Guide for 1 al r1gyprnmPnt 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. 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 16, 1999
Gru s Borden Carlson 6. Associates P.A.
Certified Public Accountants
79
CITY OF MONTICELLO, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
YEAR 2000 ISSUE
Unaudited
The year 2000 issue is the result of shortcomings in many electronic data
processing systems and other electronic equipment that may adversely affect an
organization's operations as early as fiscal year 1999.
There are four stages of work involved in the year 2000 (Y2K) issue: (1)
awareness; (2) assessment; (3) remediation; and (4) validation/testing. The City
is in the remediation stage.
The City is in the process of completing an inventory and assessment of all of
its computer hardware and software systems and other electronic equipment that
may be affected by the year 2000 issue and that are necessary to conducting City
operations. This assessment process also includes communicating with the
providers of power supply and transmission service, plant operators, vendors and
others to confirm that they are also taking steps to ensure that their equipment
and services are Y2K ready.
The City is also working on updating contingency plans for essential services,
and is coordinating efforts with the Wright County Y2K Task Force. The City is
currently in the process of modifying, repairing and replacing all equipment,
software and systems that were found to have significant Y2K problems. This
process is focusing first on mission critical systems and then working toward the
least critical systems. Systems will be tested as they are modified or repaired
to verify that they are Y2K ready. The projected completion date for this
combined remediation and validation/testing phase is September 30, 1999.
Because of the unprecedented nature of the Year 2000 issue and its effects, the
success of related remediation efforts will not be fully determinable until the
year 2000 and thereafter. Management cannot assure that the City is or will be
year 2000 ready, that the City's remediation efforts will be successful in whole
or in part, or that parties with whom the City does business will be year 2000
ready.
80