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HomeMy WebLinkAbout1971 Financial StatementsCITY OF COLUMBIA HEIGHTS, MINNESOTA FINANCIAL STATEMENTS DECEMBER 31, 1971 CITY OF COLUMBIA HEIGHTS, MINNESOTA ELECTED AND APPOINTED OFFICIALS YEAR ENDED DECEMBER 31, 1971 Elected Term of office expires January Mayor - Bruce G. Nawrocki 1972 Councilmen William Land 1972 Walter S. Logacz 1972 Eusebius Heintz 1974 A. Dale Jeska 1974 Effective January, 1972 Mayor - Bruce G. Nawrocki 1974 Councilmen Eusebius Heintz 1974 A. Dale Jeska 1974 William Land 1976 Gayle Norberg 1976 Appointed City Manager - Malcolm 0. Watson Clerk- treasurer - Christen P. Nielsen, effective January 25, 1972 Attorney - Spencer Sokolowski Engineer - George F. Brown ' CITY OF COLUMBIA HEIGHTS, MINNESOTA TABLE OF CONTENTS Page ® Independent certified public accountants' opinion 1 1 Comments 2 Balance sheets - All funds 8 General Fund Balance sheet 10 Statement of revenue - Actual compared with budget estimates 11 Statement of expenditures - Actual compared with budget estimates 12 Special revenue funds Balance sheets 18 Recreation Fund Statement of revenue, expenditures and fund balance 19 Civil Defense Fund ' Statement of revenue, expenditures and fund balance 20 State -aid Maintenance Fund - Statement of cash receipts and disbursements 21 Central Avenue Bridge Fund - Statement of cash receipts and disbursements 21 ' Capital project funds Balance sheets 22 ' Statements of cash receipts and disbursements 23 Permanent Improvement Revolving Fund Balance sheet 24 ' Statement of cash receipts and disbursements 25 Debt service funds Balance sheets 26 Statements of cash receipts and disbursements 28 Liquor Operating Fund Balance sheet 31 Statements of operating income 32 Analysis of changes in retained earnings 32 Statement of changes in financial position 35 Statements of operating expenses 36 Public utility funds Balance sheets 38 Statement of income and fund balance Water Operating Fund 39 Sewer Operating Fund 40 Water System Improvement Fund - Statement of cash receipts and disbursements 41 Pension Fund - Statement of cash receipts and disbursements 41 CITY OF COLUMBIA HEIGHTS, MINNESOTA TABLE OF CONTENTS (CONTINUED) Miscellaneous information Statement of cash and security for deposits Summary statement of cash receipts and disbursements - All funds Bonds payable - All funds Debt service requirements - All funds Insurance coverage Employees' surety bonds Assessed valuations, tax levies and mill rates Page 42 42 43 45 46 46 47 S E O R O E M. H A N S E N COMPANY Certified Public Accountants 175 SOUTH PLAZA BUILDING WAYZATA BOULEVARD AT HIGHWAY 100 MINNEAPOLIS, MINNESOTA 55416 546 -2566 May 2, 1972 The City Council City of Columbia Heights 590 - 40th Avenue N. E. Columbia Heights, Minnesota 55421 Gentlemen: During the course of our examination we make certain observations which we feel will be of interest to you. These observations, of course, refer only to those areas to which our audit work extended. INTERNAL CONTROL AND RELATED MATTERS Deposits - Receipts All receipts should go directly to the cashiers who should also prepare the daily deposits. The Treasurer should review the receipts and deposit slips to determine that the collections were deposited intact on the next business day. This was discussed with Mr. Watson, who stated that the appropriate changes would be made. Purchases Purchase orders should be prepared for all significant purchases. The depart- ment receiving the goods or services should return a copy of the purchase order to the accounting department. This copy should indicate the date of receipt and become a part of each paid claim filed in the accounting department. We understand that this change has been made in 1972. Contract chan es We were unable to find council approval for changes of orders on the following contracts. I. Sodding contracts 2. Boiler repair contract not to exceed $1,250. Actual amount paid was $1,305. Disbursements Vendors' invoices should show indication of approval for payment and that prices, extensions, footings and quantities received were checked for possible errors, The use of a rubber stamp, listing each function to be performed and space for the initials of the person performing the function, is aconvenient method to insure correct payments. - 2 - Payroll Internal control would be improved if the following duties were assigned to some- one other than the employees involved with the preparation of the payroll. 1. Distribution of payroll. checks to employees. 2. Custodian of unclaimed payroll checks. Travel and related business expenses Certain invoices for meals at meetings, etc. did not include sufficient information explaining the purpose for the payment. Proper explanation and retention of the detailed records, with the claim, are necessary to substantiate expenses for travel and other business purposes. Property ledger The City does not maintain a property ledger on its furniture and equipment. Such a ledger can be useful for insurance purposes and for protection against loss from pilferage. Effective control can be maintained by taking a physical inventory annually and comparing assets with items listed in the ledger. Identification would be made easier by affixed, prenumbered tags to the property, with the tag numbers listed with the corresponding item in the ledger. Returned checks The City should maintain control over all checks returned by the bank. At present, checks deposited from collections at the City Hall are charged back against the regular bank account and those deposited from the liquor stores are redeemed by the liquor store manager for cash from his change fund. This reduces the effective amount of cash in his change fund. Better control could be established by having all checks being returned from the bank charged against a special check clearing account. All redeposits of returned checks should be made by the treasurer. Utility plant and equipment The City does not maintain any records of its utility plant and equipment which includes the water and sewer distribution systems and storage facilities. We understand the City has started some work on this project. OTHER ITEMS General Fund Revenue exceeded expenditures by $37,788 providing a fund balance of $24,972 at December 31, 1971. Revenue was less than budget (excluding bond proceeds) by $19,037. The major differences between actual and budgeted revenue were: General property tax collections were under budget by $70,408 due primarily to the late payment of $60,385 in homestead tax aid. This aid will be reflected as revenue during 1972, Cigarette and liquor taxes were $11,509 greater than budget. Refuse collections exceeded the budget of $170,000 by $20,327. Expenditures were less than budget (excluding garage construction) by $56,825, the major differences between actual and budget were: - 3 - Actual over (under) bud &et Police - Personal services $ 12,439 Engineering - Personal services ( 9,730) Street department 15,367 Refuse collection and disposal 8,534 Unallocated general expense (54,418) Permanent Improvement Revolving Fund The accounts receivable of the Permanent Improvement Revolving Fund includes an amount of $19,996.20 due from the City of Minneapolis for watermain assessments. We have received correspondence from Minneapolis which indicates that they have received little or no benefit from this improvement and the amount due Columbia Heights, if any, has not been determined. The City should pursue this matter further with Minneapolis and resolve any differences. Liquor Fund Our count of cash in the petty cash fund lisL-ed $779 in customers' checks which were returned by the banks for insufficient funds or because the account had been closed. Any checks not considered collectible should be written off and charged to expense. Transfers The following transfers should be made by the City: To = --T:�d �, /r�, $ 697.08 From Ceneral Fund e" 0 To 697.08 / correct coding of a receipt. _ _ To General Fund $ 1,953.02 From State -Aid Maintenance Fund 1,953.02 �.�6 Reimbursement for sidewalk at Mini Park. To [dater Fund $ 1,376.00 From State -Aid Maintenance Fund 1,376.00 Reimbursement for stop and curb boxes on 40th Street. /-----To State -Aid Construction Fun —� – ` $ 1,786.74 From State -Aid Maintenance Fund To correct coding of receipts for Central Avenue 1,786.74/ Br-ttd We would be pleased to discuss these suggestions further with you and assist with any changes you may wish to make. We also wish to express our thanks for the courtesy and assistance extended us during the course of our examination. Very truly yours, J. Gregory Murphy, Partfter JGM:jIs GEORGE M. HANSEN COMPANY ' Certified Public Accountants SOUTH PLAZA BUILDING MINNEAPOLIS, MINNESOTA 55416 April 6, 1972 To the City Council of Columbia Heights, Minnesota We have examined the accompanying financial statements of the City of Columbia ' Heights, Minnesota for the year ended December 31, 1971, Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing pro- cedures as we considered necessary in the circumstances, except that as to the ' Public Utility Funds, we were unable to determine the cost of the fixed assets and accumulated depreciation since records thereof are not maintained, ' In our opinion, the accompanying statements, except for the Public Utility Funds, present fairly the financial position of the respective funds of the City of Columbia Heights, Minnesota at December 31, 1971 and the results of their operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, K CITY OF COLUMBIA HEIGHTS, MINNESOTA COMMENTS The City of Columbia Heights operates under a home rule charter which provides for a "Council- Manager Plan" of government. The City Manager, who is appointed by the Council, is the chief administrative officer of the City and is responsible to the Council for the proper administration of all affairs relating to the City. The Council is elected by popular vote and consists of five members including the Mayor, who is the presiding officer. The City statements, except for the operating funds, are presented on the modified cash basis whereby revenues are not considered as such until collected. Expenditures, however, are recorded as soon as the liability is incurred. Accordingly, the receivables on the balance sheets, except certain interfund balances, are offset by a reserve identified as unrealized revenue. Statements for the operating funds are presented under the accrual basis of accounting. A statement of General Fixed Assets has not been included in this report since general fixed asset records are not maintained. Subsequent to December 31, 1971, a cash shortage of $5,_479 was discovered and has been reported to the bonding company. This amount is included in accounts receivable in the General Fund for $4,523 and in the State -Aid Maintenance Fund for $956. GENERAL FUND A plan of financial operation of the Fund is set forth in the annual budget adopted by Council. The General Fund was established to account for the revenues and expenditures necessary to provide basic governmental services for the City such as general government, public safety and highways. The statements are prepared to show the budget estimate, actual amount and balance. A condensed summary of revenue, by source,and expenditures, by department, for 1971 and 1970 is shown below. REVENUE General property taxes Licenses and permits Fines and forfeitures From other agencies Charges for current services Refuse collections Sale of bonds Refunds Other revenues Transfers from Liquor Operating Fund Total revenue 1971 Budget Actual estimates $ 872,702 41,438 19,920 285,196 59,589 190,327 12,503 18,983 $ 943,110 37,485 24,000 271,000 50,800 170,000 350,000 5,000 18,300 1970 Budget Actual estimates $ 873,168 $ 878,775 35,278 36,800 22,821 20,000 286,260 283,600 51,646 43,715 180,484 175,000 300,000 32,116 5,000 27,383 32,700 55,000 55,000 65,000 65,000 $1,555,658 $1,924,695 61,574 156 $1,840,590 3S� 000 K3 ' EXPENDITURES 1971 1970 ' Budget Budget Actual estimates Actual estimates General government $ 188,817 $ 198,510 $ 167,891 $ 169,155 Public safety 461,537 458,930 437,477 436,800 Highways 310,901 313,550 298,571 311,500 Sanitation and waste removal 175,458 168,500 166,834 160,000 Library 78,807 78,200 60,186 58,000 Park department 209,768 210,005 322,803 273,885 Garage construction 350,000 300,000 Other 92,582 147,000 67,104 76,250 Transfers to other City funds 54,462 55,000 Total expenditures $1,517,870 $1,924.k95 $1,575,328 $1.840,590 The unrealized revenues shown on the balance sheet consist of taxes and other accounts receivable which will be recorded as revenue in the year collected. It is anticipated that general obligation bonds will be sold in 1972 for the con- struction of a City garage which was budgeted in 1971 but not constructed. ' Revenue exceded expenditures by $37,788 providing a fund balance of $24,972 at December 31, 1971. SPECIAL REVENUE FUNDS Special revenue funds are established to account for taxes and other revenues (except special assessments) set aside for a particular purpose. Following is a brief ' description of each fund. Recreation Fund - This fund accounts for the City recreation program which is carried ' on in co- operation with Independent School District No. 13 under the direction of a five- member board. Expenditures of $66,436 exceeded revenue by $1,964 during 1971 and decreased the fund balance to $6,318 at December 31, 1971. Civil Defense Fund - This fund was established to account for civil defense expend- itures. Portions of these expenditures are reimbursed by the Federal Government through the State Department of Civil Defense. A general property tax levy finances the City's share of these costs. Expenditures for the year totaled $14,262 with the fund balance increasing $860 to $7,784 as of December 31, 1971. State -Aid Maintenance Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street maintenance are accounted for in this fund. A portion of each year's allotment is allocated to pay interest on State -aid bonded indebtedness. Central Avenue Bridge Fund - This fund was established in 1969 to account for con - tributions received from citizens for construction of a footbridge over Central Avenue, ' Construction was completed during 1971, the contributions were applied to finance the construction costs and the fund was subsequently closed. 4 CAPITAL PROJECT FUNDS State -Aid Construction Fund - Gasoline tax collections apportioned to the City from the State of Minnesota for street construction are accounted for in this fund. A portion of allotments is pledged to pay State -aid bonds as they mature. During 1968, Apache Realty Fund made an interest free loan of $33,578 to the City in order to help finance the improvement of Stinson Boulevard. The loan was repaid in 1971 for $28,540 in accordance with the prepayment agreement. Storm Sewer Construction Fund - The proceeds from the sale of the $350,000 and $915,000 Storm Sewer Bonds of 1964 and 1965, respectively, are accumulated in this fund and are to be used for construction of storm sewer drainage facilities. Accounting for some of the construction is being done in the Permanent Improvement Revolving Fund and transfers are made from the Storm Sewer Construction Fund as monies are needed. As of December 31, 1971, $42,844 was available for improvements. Garage Construction Fund - This fund was established to account for the cost of constructing a City garage. A liability for $32,968 shown on the balance sheet is for the purchase of land. It is expected that bonds will be sold in 1972 to finance the construction costs. PERMANENT IMPROVEMENT REVOLVING FUND The Permanent Improvement Revolving Fund is used to account for special assessments and taxes levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, transactions accounted for in this fund are: 1. Receipt of bond proceeds. 2. Disbursement of bond proceeds for construction work done. 3. Disbursement of storm sewer construction costs and the reimbursements for such costs from the Storm Sewer Construction Fund. 4. Collection of assessments against benefited property and collection of taxes for the City's share of improvements. 5. Disbursement of assessment and tax collections to the General Debt Service Fund for payment of bonds and interest. During 1971, the City completed construction of a watermain project which cost in excess of $1,100,000. Financing was provided from the sale in 1969 of $660,000 Permanent Improvement Revolving Fund Bonds and from a Federal grant totaling $453,000. DEBT SERVICE FUNDS Debt service funds are used to account for the accumulation of resources for payment of general obligation bonds and other indebtedness thereon. The debt service funds have been presented to include the State -Aid Debt Service Fund and the General Debt Service Fund, the latter being divided into seven accounts. State -Aid Debt Service Fund Debt service for $120,000 State -aid bonds issued January 1, 1963 and $100,000 State -aid bonds issued November 1, 1969 is accounted for in this fund. Allocations are made from gasoline tax, street construction and maintenance allotments from the State of Minnesota to pay bonds and interest thereon, respectively. General Debt Service Fund Permanent Improvement Revolving Fund Bonds Account - This account is used for the payment of bonds and interest of all Permanent Improvement Revolving Fund Bonds. 9 ' DEBT SERVICE FUNDS (CONTINUED) General Debt Service Fund (Continued) ' Municipal Building Bonds of 1959 Account - This account was established to handle debt service for the Municipal Building Bonds issued June 1, 1959. General property taxes provide the money required for payment of bonds and interest. Park Bonds of 1962 Account - Debt retirement (bonds and interest) of general obligation bonds in the amount of $325,000 issued February 1, 1962 is being accounted for in this account. General property taxes provide the money required for payment of bonds and interest. Storm Sewer Bonds of 1964 Account- This account was established during 1964 to handle the debt retirement of the $350,000 issue of Storm Sewer Bonds of 1964. General property taxes and transfers from the Liquor Operating Fund provide the money required. Storm Sewer Bonds of 1965 Account - This account was established during 1965 to handle the debt retirement of the $915,000 issue of Storm Sewer Bonds of 1965. General property taxes, along with payments pledged by the Water Operating Fund, are being collected to provide the money required. The Village of Hilltop has agreed to pay $88,955 as its share of improvement cost with the balance of $47,740 to be repaid over the remaining life of the bond issue with interest on the unpaid balance. ' Water System Bonds Account - Debt retirement of water revenue bonds is to be made from monies transferred from the Water Utility Operating Fund. Net revenues of the Water Operating Fund are pledged for the payment of interest and bond redemption. In the event these revenues are insufficient to pay bonds and interest, general taxes or transfers from other funds would be needed to produce the additional money required. Library Bonds of 1966 Account - This account was established to handle the debt re- tirement for the $90,000 issue of Library Bonds of 1966. These bonds were paid during 1971 and the balance in the account was transferred to the Municipal Building Bonds of 1959 account. I. MUNICIPAL LIQUOR OPERATING FUND This fund was established to account for the operation of the City - owned liquor stores. Percentages and detailed statements by stores are included in the report as additional aids in reviewing results of operations. Shown below is a condensed summary of liquor store operations for 1971, 1970 and 1969. Transfers to other City funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS Percent of net income Percent of Percent of net income net income 121,156 j1d.,0A $ 120,000 _93.41 $ 100,000 67.78 7.38 7.18 Water and Sewer utilities operating funds - These funds account for the operations of the City -owned water and sanitary sewer systems. Fixed assets of these utilities are not included on the balance sheet and depreciation thereof is not shown as an operating expense since the City does not maintain fixed asset records for the utility systems. During 1965 and 1966, revenue bonds in the amount of $310,000 were sold. Revenues of the Water Utility Operating Fund are pledged for payment of principal and interest on these bonds. Utility revenue is also pledged to repay a loan of $90,750 to the Storm Sewer Bonds of 1965 Account. In accordance with the terms of a contract between the City of Columbia Heights and the City of Minneapolis, dated July 1, 1965, Columbia Heights has agreed to lease perpetually from Minneapolis a 6,200,000 gallon volume share of capacity in the Minneapolis Hilltop reservoir for $458,000 payable in annual amounts of $91,600. Final payment was made in 1971. At its option, Columbia Heights may also acquire an additional 1,000,000 gallon share of capacity from Minneapolis for $61,000, The receivable from the Metropolitan Sewer Board represents the City's share of the equity in the Minneapolis sewer system which was acquired by the Board on January 1, 1971. This receivable will be paid to the City by means of issuing credit against future sewer billings from the Board. These credits will be applied in equal annual installments, with interest, through 1999. Sewer operating expenses for 1971 include $158,851 in rental charges as compared with $77,755 in 1970. 1971 1970 1969 Percent Percent Percent of sales of sales of sales Sales Off -sale $ 777,952 74.76 $ 791,096 75.13 $ 820,678 75.47 On -sale 262,655 25.24 2612822 24.87 2662680 24.53 Total sales $1,040,607 100.00 $1,052,918 100.00 $1,087,358 100.00 Cost of sales 6892936 66.30 6932109 65.83 720,763 66.29 Gross profit $ 350,671 33.70 $ 359,809 34.17 $ 366,595 33.71 Operating expenses 259,141 24.90 2462146 23.38 228,062 20.97 Operating income $ 91,530 8.80 $ 113,663 10.79 $ 138,533 12.74 Other income and expense (net) 112110 1.07 14,741 1.40 9,754 .96 Net income ,102,640 9.87 $ 128,404 12.19 $ 148.287 70 Transfers to other City funds Equivalent mill rate of transfers PUBLIC UTILITY FUNDS Percent of net income Percent of Percent of net income net income 121,156 j1d.,0A $ 120,000 _93.41 $ 100,000 67.78 7.38 7.18 Water and Sewer utilities operating funds - These funds account for the operations of the City -owned water and sanitary sewer systems. Fixed assets of these utilities are not included on the balance sheet and depreciation thereof is not shown as an operating expense since the City does not maintain fixed asset records for the utility systems. During 1965 and 1966, revenue bonds in the amount of $310,000 were sold. Revenues of the Water Utility Operating Fund are pledged for payment of principal and interest on these bonds. Utility revenue is also pledged to repay a loan of $90,750 to the Storm Sewer Bonds of 1965 Account. In accordance with the terms of a contract between the City of Columbia Heights and the City of Minneapolis, dated July 1, 1965, Columbia Heights has agreed to lease perpetually from Minneapolis a 6,200,000 gallon volume share of capacity in the Minneapolis Hilltop reservoir for $458,000 payable in annual amounts of $91,600. Final payment was made in 1971. At its option, Columbia Heights may also acquire an additional 1,000,000 gallon share of capacity from Minneapolis for $61,000, The receivable from the Metropolitan Sewer Board represents the City's share of the equity in the Minneapolis sewer system which was acquired by the Board on January 1, 1971. This receivable will be paid to the City by means of issuing credit against future sewer billings from the Board. These credits will be applied in equal annual installments, with interest, through 1999. Sewer operating expenses for 1971 include $158,851 in rental charges as compared with $77,755 in 1970. II ' PUBLIC UTILITY FUNDS (CONTINUED) Water and Sewer utilities operating funds (continued) t A condensed summary of 1971 utility operations with budget estimates presented for comparison is shown below. Water Sewer 1 Budget Budget Actual estimates Actual estimates Revenue Water sales t $386,704 $370,000 Sewer rental $292,971 $260,000 Other 132227 482000 4,773 32000 1 Total revenue $399,931 $418,000 $297,744 $263,000 Expenses Source of supply $159,065 $156,000 1 Collection $ 57,134 $ 56,900 Distribution 81,866 75,300 Disposal 158,851 160,000 ' Administrative and general 20,845 26,900 22,561 23,500 Other 12,732 8,000 Total expenses $274,508 $2661200 $238,546 $240,400 ' Net income $125,423 151,800 59 198 22,600 ' Capital outlay expenditures Water System Improvement Fund $ 74,419 $ 91,000 Transfers to General Debt Service Fund 42,632 40,300 ' Garage Construction Fund 10,000 10,000 $ 10,000 $ 10,000 Other 9,634 10,500 6,776 12,600 Total capital outlay ' expenditures $1362685 $151,800 $ 16,776 22 600 Increase (decrease) in fund balance 1 262) $ -0- 42,422 $ -0- 1 Water System Improvement Fund - This fund was established to account for the proceeds from the sale of Water System Bonds. The bond proceeds are used for construction and improvement of the City's water distribution system. Debt retirement is being accounted for in the General Debt Service Fund. An amount of $91,000 was received in 1971 from the Water Operating Fund. An additional $128,628 will be required to finance construction obligations outstanding at December 31, 1971. Pension Fund - This fund was established to account for the City's share of the con- tributions to the Public Employees' Retirement Association and Social Security Administration. Transfers from other funds finance these contributions. N CITY OF COLUMBIA HEIGHTS, MINNESOTA BALANCE SHEETS - ALL FUNDS DECEMBER 31, 1971 Special Note - General fixed assets owned by the City are not included in the financial statements since records thereof are not maintained. General revenue Fund funds ASSETS Cash (deficit) $ 88,225 $ 8,296 Petty cash and change funds 425 275 Cash with fiscal agents Investments, at cost Accounts receivable Other City funds 8,036 Other 17,614 5,596 Taxes receivable Unremitted 64,128 2,854 Delinquent 31,377 1,243 Deferred Accrued interest receivable Special assessments receivable Delinquent (principal and interest) Deferred (principal only) ,,'Inventories, at cost - ,Prepaid expenses Unassessed costs � Amounts to be provided by future revenues 50,346 f Fixed assets (-Liquor Operating Fund only) at cost, less accumulated depreciation Total assets 2 0 1 1 18,264 LIABILITIES, RESERVES AND FUND BALANCE Liabilities Accounts payable Other City funds $ 697 $ 5,116 Other 127,681 4,634 Deposits 141 Bonded indebtedness Matured bonds and interest Future maturities Bonds Interest Reserves 106,660 8,737 Retained earnings Fund balance (deficit) 24,972 223 Total liabilities, reserves and fund balance 260 1 1 18,2E4 Note - General fixed assets owned by the City are not included in the financial statements since records thereof are not maintained. Pension Fund $ 35,677 6,083 510, 30,2 171,844 169 88 $799,741 $3,530,924 $457,337 1 3 8 L31_. 6 $ 7,766 45,626 $ 9,409 14,266 $ 399,944 2,457,000 510,811 116,196 776,066 163,169 11JL5 88 $799,741 $3,530,924 $ 90,750 $ 39,606 22,196 $ 4,271 372,981 417,731 145,431 31,406 33 $631,35 $ 35,677 9 Permanent Capital Improvement Debt Liquor Public project Revolving service Operating utility funds Fund funds Fund funds $(28,757) $ (30,490) $ 461,256 $124,419 $ 18,013 2,400 399,944 7,450 5,000 1,787 697 92,433 1,376 179,628 49,807 47,740 596,223 1,017 942 2,782 2,011,396 1,438 7,620 71 5,039 1,360 219,276 439,829 149,889 3,580 3,746 10,806 113,002 Pension Fund $ 35,677 6,083 510, 30,2 171,844 169 88 $799,741 $3,530,924 $457,337 1 3 8 L31_. 6 $ 7,766 45,626 $ 9,409 14,266 $ 399,944 2,457,000 510,811 116,196 776,066 163,169 11JL5 88 $799,741 $3,530,924 $ 90,750 $ 39,606 22,196 $ 4,271 372,981 417,731 145,431 31,406 33 $631,35 $ 35,677 9 10 CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND BALANCE SHEET - DECEMBER 31, 1971 ASSETS Cash $ 88,225 Petty cash and change funds 425 Accounts receivable State -Aid Construction Fund 6,083 State -Aid Maintenance Fund 1,953 Other 17,614 Taxes receivable Unremitted 64,128 Delinquent 31,377 Amount to be provided by future revenues for payment of special assessments 50,346 Total assets 260 1 1 LIABILITY, RESERVE AND FUND BALANCE Liability - Accounts payable Permanent Improvement Revolving Fund $ 697 Special assessments 50,346 Other 77,335 Deposit payable 141 Reserve for unrealized revenue 106,660 Fund balance 242972 Total liability, reserve and fund balance 2 0 1 1 CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND STATEMENT OF REVENUE - ACTUAL COMPARED WITH BUDGET ESTIMATES YEAR ENDED DECEMBER 31, 1971 General property taxes 'faxes State property tax relief fund Homestead tax aid Exempt property tax replacement Penalties and interest on taxes Licenses and permits Business Nonbusiness Street use Fines and forfeitures Court fines Other Revenue from use of money and property Revenue from other agencies Per capita apportionment Cigarette and liquor taxes Mortgage registry Anoka County - Street maintenance 11 Actual over Budget (under) Actual estimates estimates $ 720,822" 120,7911/ 29,844` 1,245 $ 872, 702 ` $ 943,110 $ ( 70,408) $ 19,099 $ 16,585 $ 2,514 21,361 20,000 1,361 978 900 78 $ 41,438 $ 37,485 $ 3,953 $ 15,091 $ 20,000 $( 4,909) 4,829 4,000 829 $ 19,920 ✓ $ 24,000 $( 4,080) $ 6,565 /. $ 1,300 $ 5,265 $ 185,574 $ 184,000 $ 1,574 a 89,509 ✓ 78,000 11,509 3 4,093✓ 3,000 1,093 6,020 ✓ 6,000 20 $ 285,196/,, $ 271,000 $ 14,196 Charges for current services General government 1 $ 115 $ 100 $ 15 Public safety 1,352 2,700 ( 1,348) Highways 24,009 19,500 4,509 Library 6,003 1,600 4,403 Park 21,580 23,400 ( 1,820) Parking meters 6,530- 3,500 $ 59,589,e$ 50,800 32030 $ 8,789 Refuse collections $ 190,327 ✓ $ 170,000 $ 20,327 Sale or compensation for loss of property $ 852"', $ 10,000 $( 9,148) Sale of bonds (garage construction) $ 350,000 $( 350,000) ' Refunds $ 12,503 $ 5,000 $ 7,503 ' Other revenue $ 11,566 1�,- $ 7,000 $ 4,566 Transfer from Liquor Operating Fund $ 55,000,t- $ 55,000 ' Total revenue $1,555,658 51,924.695 $( 369,037) 12 CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES YEAR ENDED DECEMBER 31, 1971 General Government Mayor and Council Personal services Commodities Other charges Refunds City Manager Personal services Contractual services Municipal Court Personal services Contractual services Commodities Other charges Capital outlay Election and Voters Registration Personal services Commodities Finance Clerk- Treasurer Personal services Contractual services Commodities Other charges Capital outlay Assessing Personal services Contractual services Commodities Other charges Capital outlay Accounting Personal services Other charges Independent Accounting and Auditing Actual over Budget (under) Actual estimates estimates $ 16,980 $ 17,000 $( 20) 1,163 500 663 5,494 3,650 1,844 362 350 12 3,999 21,500 $ 2,499 $ 32,742 $ 32,650 $ 92 1,556 1,750 ( 194 34,298 v 34,400 $ ( 102) $ 3,980 $ 3,970 $ 10 200 230 ( 30) 50 ( 50) 188 220 ( 32) 30 30) $ 4,368 +% $ 4,500 132 $ 2,908 $ 3,000 $( 92) 16,907 17,700 ( 793) $ 19,815- $ 20,700 $ 885 $ 13,839 $ 16,400 $( 2,561) 6,660 5,100 1,560 3,525 4,000 ( 475) 207 425 ( 218) 75 ( 75) 23,672 23,000 672 241 500 ( 259) 127 200 ( 73) 376 550 ( 174) 335 450 ( 115) 12,660 14,050 ( 1,390) 376 450 ( 74) 4,000 4,000 $ 66,018,/ $ 69,200 _ $ ( 3,182) 13 CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, 1971 General Government Buildings Personal services $ 7,084 $ 7,300 Actual Contractual services 15,158 19,180 over Commodities 594 Budget (under) Other charges Actual estimates estimates General Government (Continued) 4,875W 4,000 875 Legal $ 27,882 ✓ 31,505 3,623) Personal services $ 11,803 $ 10,200 $ 1,603 Contractual services 73 100 27) Police Protection $ 11,876 10,30U $ 1,576 Civil Service Commission - Other charges 226 $ 400 $ 174) Board of Equalization - Other charges 4,136 $ 5 $( 5) Planning 16,029 16,100 ( 71) Personal services $ 150 $ 4,664 $( 4,514) Other charges 185 12336 1,151 335,' $ 6,000 5 665) General Government Buildings Personal services $ 7,084 $ 7,300 $( 216) Contractual services 15,158 19,180 ( 4,022) Commodities 594 800 ( 206) Other charges 171 225 ( 54) Capital outlay 4,875W 4,000 875 $ 27,882 ✓ 31,505 3,623) Total general government $1882817 $198,510. 9,693) Public Safety $ 23,331 $ 25,400 $( 2,069) Police Protection 168 700 ( 532) Personal services $218,639 $206,200 $ 12,439 Contractual services 4,136 8,500 ( 4,364) Commodities 16,029 16,100 ( 71) Other charges 26,062 36,630 ( 568) Capital outlay 7,507 ✓ 92420 1,913) $2822373 $276,850 $ 5,523 Fire Protection Personal services $112,774 $112,150 $ 624 Contractual services 2,795 3,080 ( 285) Commodities 2,592 2,400 192 Other charges 30,228 30,350 ( 122) Capital outlay 2,751 2,900 149) $151,140 v $150,880 260 Protective Inspection Personal services $ 23,331 $ 25,400 $( 2,069) ' Contractual services 168 700 ( 532) Other charges 433 650 ( 217) - Capital outlay 200: 250 50) 24,132'- $ 27,000 2,868) 14 CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED YEAR ENDED DECEMBER 31, 1971 Actual over Budget (under) Actual estimates estimates Public Safety (Continued) Animal Control - Contractual services 3,892, 4,200 308) Total public safety $461,537 $458,930 2 607 Highways $146,047 $151,000 $( 4,953) Engineering 19,954 17,150 2,804 Personal services $ 43,370 $ 53,100 $( 9,730) Contractual services 641 900 ( 259) Commodities 924 1,000 ( 76) Other charges 1,066 1,400 ( 334) Capital outlay 1,459•' 1,500 41) Capital outlay 47 460 � $ 57,900 $(10,440 Street and Alley Personal services $146,047 $151,000 $( 4,953) Contractual services 19,954 17,150 2,804 Commodities 46,488 32,300 14,188 Other charges 5,808 4,000 1,808 Capital outlay 6,020 4,500 1,520 Street Lighting 224,317 $208,950 $ 15,367 Traffic Signs, Signals and Markings Contractual services $ 4,978 $ 4,500 $ 478 Commodities 2,542 3,300 ( 758) Other charges 100 ( 100) Capital outlay 22386- 2,000 386 $ 9,906 9,900 $ 6 Street Lighting Contractual services $ 26,022 $ 26,300 $( 278) Capital outlay 12° 1,700 1 688) 26 034` 28,000 1,966) Parking Meters Personal services $ 802 $ 1,800 $( 998) Commodities 91 1,000 ( 909) Other charges 2,500 ( 2,500) Capital outlay 129721 1,500 472 2,865 $ 6,800 $ 3,935 i Tree Trimming and Removal Contractual services $ 319` $ 2,000 $ ( 1,681) Total highways $310,901 $313,550 2 649) 15 ' CITY OF COLUMBIA HEIGHTS, MINNESOTA ' GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, 1971 Actual over Budget (under) Actual estimates estimates Sanitation and Waste Removal Storm Sewer Personal services $ 100 $( 100) Commodities 100 100) $ 200 $ ( 200) Refuse Collection and Disposal Personal services $ 2,443 $ 4,000 $( 1,557) Contractual services 171,187 160,600 10,587 Commodities 1,016 1,500 ( 484) Other charges 188 200 12) Capital outlay $174,834 $166,300 8,534 Weed Control Personal services $ 600 $ 1,600 $( 1,000) Other charges 24 400 376) 624 $ 2,000 1,376 Total sanitation and waste.removal .$175,458 $168,500 6,958 Library Personal services $ 34,118 $ 31,250 $ 2,868 Contractual services 11,009 9,450 1,559 ' Commodities 15,957 17,000 ( 1,043) Other charges 448 560 ( 112) Capital outlay 15,263Y 16,940 ( 1,677) Refunds 2,012 32000 988) Total library 78,807 $ 78,200 $ 607 Park Department Parks Personal services $ 92,957 $ 91,446 $ 1,511 Contractual services 6,596 6,025 571 Commodities 9,056 7,800 1,256 Other charges 1,828 2,200 ( 372) Capital outlay 78,735, 80,124 ( 1,389) Sales tax collections 167 167 Refunds 30 50 ( 20) Merchandise for resale 7,241 9,000 1,759 $196,610', $196,645 35) Wading Pools Personal services $ 1,121 $ 1,200 $( 79) Commodities 1,476 600 876 2,597/ 1,800 797 1 r CITY OF COLUMBIA HEIGHTS, MINNESOTA GENERAL FUND STATEMENT OF EXPENDITURES - ACTUAL COMPARED WITH BUDGET ESTIMATES (CONTINUED) YEAR ENDED DECEMBER 31, 1971 Park Department (Continued) Skating Rinks Personal services Commodities Bowling Alleys - Commodities Total park department Garage Construction Unallocated General Expense - Other charges Total expenditures Revenue over (under) expenditures Fund balance (deficit) January 1, 1971 Fund balance December 31, 1971 17 ( 12,816) $( 12,816) $ 24,972 $( 12,816) L-37 788 Actual over Budget (under) Actual estimates estimates $ 7,498 $ 8,500 $( 1,002) 32063 32000 63 $ 10,561- $ 11,500 $( 939) $ 60 $ ( 60) $ 209,768 $ 210,005 $( 237) $ 3502000 $ (_ 3502000 $ 92,582 $ 147,000 $_( 54,418) $1,517,870 $1,924695 $( 406,825) $ 37,788 $ 37,788 ( 12,816) $( 12,816) $ 24,972 $( 12,816) L-37 788 m CITY OF COLUMBIA HEIGHTS, MINNESOTA SPECIAL REVENUE FUNDS BALANCE SHEETS - DECEMBER 31, 1971 ASSETS Cash (deficit) Petty cash and change funds Accounts receivable - Other Taxes receivable Unremitted Delinquent Total assets LIABILITY, RESERVE AND FUND BALANCE Liability - Accounts payable Other City funds General Fund State -Aid Construction Fund Water Operating Fund Other Reserve for unrealized revenue Fund balance (deficit) Total liability, reserve and fund balance Civil State -Aid Mayor's Recreation Defense Maintenance Contingent Combined Fund Fund Fund Fund $ 8,296 $ 8,172 k' $ 9,762 $(9,794) $ 156 275 1 275, " 5,596 3,000 1,640- 956 2,854 2,103 751 12243 998 ID 245- !- 264 lik,248 111.,.298 8 838) 156 $ 1,953 $ 1,953 1,787 1,787 1,376 1,376 4,634 $ 2,129 $ 1,978 527 8,737 6,10 1 2,636 223) 6,318 7,784 (14,481 156 L11.2 14 48 12 39 38) S 156 19 CITY OF COLUMBIA HEIGHTS, MINNESOTA RECREATION FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1971 Actual over Budget (under) Actual estimates estimates Revenue General property taxes $23,321 State property tax relief fund Homestead tax aid c 4,2011" Exempt property tax replacement (7 11040 ' $28,562, ° - $31,000 $(2,438) Contribution from Independent School District No. 13 28,000 31,000 (3,000) Fees 7,910 ✓ 8,000 90) Total revenue $64,472 70,0001 $(5,528) Expenditures Personal services $45,211 $51,002 $(5,791) Contractual services 2,273 2,550 ( 277) Commodities 2,609 693 1,916 Other charges 3,042 3,544 ( 502) Capital outlay 282 300 ( 18) Other expense Playground and recreation programs 3,181 3,311 ( 130) Athletic supplies 2,506 1,800 706 Referee fees 2,596 2,600 ( 4) Beach supervision 42736 4,200 536 Total expenditures $662436 $70,000 $(3,564 Revenue over (under) expenditures $(1,964) $ -0- $(1,964) Fund balance January 1, 1971 8,282 82282 Fund balance December 31, 1971 6 18 $ 8,282 $(1,964) 20 CITY OF COLUMBIA HEIGHTS, MINNESOTA CIVIL DEFENSE FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31, 1971 Actual over Budget (under) Actual estimates estimates Revenue General property taxes $ 8,269, State property tax relief fund Homestead tax aid 1,501 Exempt property tax replacement 370- $ 10,1401 $ 11,000 $( 860) Federal aid 4,729`" 7,400 ( 2,671) Miscellaneous 253-,- 275 22) Total revenue 15,1 18,675 3,552) Expenditures Personal services $ 8,483 $ 9,350 $( 867) Contractual services 1,120 1,875 ( 755) Commodities 258 800 ( 542) Other charges 1,434 2,450 ( 1,016) Capital outlay 2,967✓ 4,200 1,233 Total expenditures 14,262 ✓ 18,675 4,413) Revenue over (under) expenditures $ 860 $ -0- $ 860 Fund balance January 1, 1971 62924 62924 Fund balance December 31, 1971 $ 7¢784 $ 6,924 $ 860 21 CITY OF COLUMBIA HEIGHTS, MINNESOTA STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 STATE -AID MAINTENANCE FUND Cash balance January 1, 1971 $ 4,855 Receipts Shared State gasoline tax $ 8,770 Transfer from Central Avenue Bridge Fund 1,787 �- Total receipts 10,557 Disbursements Personal services $ 18,245 Commodities 4,899 Other charges 2,062 Total disbursements 25,206 Cash balance (deficit) December 31, 1971 9,794) CENTRAL AVENUE BRIDGE FUND Cash balance January 1, 1971 1,743 Receipts - Interest earned 44v, Disbursement - Transfer to State -aid Maintenance Fund $ 1,787 Cash balance December 31, 1971 �0- 22 ASSETS CITY OF COLUMBIA HEIGHTS, MINNESOTA CAPITAL PROJECT FUNDS BALANCE SHEETS DECEMBER 31, 1971 State -aid Storm Sewer Garage Construction Construction Construction Combined Fund Fund Fund Cash (deficit) $( 28,757) $(108,225) $ 29,564 $ 49,904 Investments, at cost - City of Columbia Heights bonds 7,450 7,450 Accounts receivable State -aid Maintenance Fund 1,787 1,787 State of Minnesota 174,230 174,230 Other 5,398 5,398 Taxes receivable Unremitted 1,017 1,017 Delinquent 942 571 371 Accrued interest receivable 1,438 1,438 Amount to be provided by future revenue for reimbursement of expenses to General Fund 6,083 6,083 Total assets $ 169,588 $ 73,875 4,438 $ 50,275 LIABILITY AND RESERVE Liability Other City funds General Fund $ 6,083 $ 6,083 General Debt Service Fund 1,683 $ 1,683 Other 45,626 11,747 911 $ 32,968 Reserve for authorized improvements 1162196 562045 422844 172307 Total liability and reserve $ 169,588 $ 73,875 $ 45,438 $ 50,275 23 CITY OF COLUMBIA HEIGHTS, MINNESOTA CAPITAL PROJECT FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 State -aid Storm Sewer Garage Construction Construction Construction Combined Fund Fund Fund Cash balance January 1, 1971 $ 1422690 100,923 41,767 $ -0- Receipts General property taxes $ 30,556✓ $ 11,330 State property tax relief fund 188,965 164,298, 24,667 Homestead tax aid 7,942 2,032" 2,032 Exempt property tax replacement 987 1,181' 503 Loan repayment $ 33,769A $ 13,865 Shared State gasoline tax 4,730 4,4821-'^- $ 4,482 159 Interest earned Q 3,022 3,022 Village of Hilltop - Share of costs 13,258 13,258 Reimbursement Total disbursements 6,000 ^ 6,000 Transfers from other City funds Permanent Improvement Revolving Fund 12,211• 12,211 $ 19,226 678 $ 19,904 Liquor Operating Fund 10,000 10,000 Water Operating Fund 10,000, 10,000 Sewer Operating Fund 10,000- 10,000 Total receipts 102,742 $ 16,693 $ 36,145 $ 49,904 Disbursements Personal services $ 11,000 $ 1,762, $ 9,238 Contractual services 188,965 164,298, 24,667 Commodities 7,942 4,364. 3,578 Equipment rental 987 987 - Loan repayment 28,540 28,540 Other 4,730 4,571 159 Transfer to Permanent Improvement Revolving Fund 32,025 21,319 10,706 Total disbursements 274,189 225,841 48,348- Cash balance (deficit) December 31, 1971 28 7 ) $(108 ,225) L-2 9,564 $ 49,904 24 CITY OF COLUMBIA HEIGHTS, MINNESOTA PERMANENT IMPROVEMENT REVOLVING FUND BALANCE SHEET - DECEMBER 31, 1971 Cash (deficit) Accounts receivable General Fund Other Accrued interest receivable Special assessments receivable Delinquent (principal and interest) Deferred (principal only) Unassessed costs Storm Sewer Other Total assets ASSETS LIABILITIES AND RESERVE Liabilities Accounts payable Deposits Reserve for payment of bonds and interest Total liabilities and reserve $(30,490) 697 49,807 7,620 219,276 439,829 65,225 47,777 .$799,741 $ 9,409 14,266 776,066 99 41 (1) Bonded indebtedness (principal and interest) corresponding to bond proceeds used to finance storm sewer construction is to be paid by a general property tax levy and special assessments. Taxes for this purpose in the amount of $90,800 were levied for collection in 1972, (2) Substantially all of other unassessed costs are to be assessed against benefited property. (3) The City is following the practice of transferring from this fund to the General Debt Service Fund (Permanent Improvement Revolving Fund Account) amounts equal to bond and interest payments made from the account and canceling corresponding annual collectible amounts of deferred taxes receivable shown in the account. 25 CITY OF COLUMBIA HEIGHTS, MINNESOTA PERMANENT IMPROVEMENT REVOLVING FUND STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 Cash balance January 1, 1971 35,091 Receipts General property taxes $ 5 Special assessments 92,729 Collected by City 246,416`, Collected by County 55,326,, Interest and penalties 1,941=' - Transfers from other City funds 58,561 General Fund 5,000 - Storm Sewer Construction Fund 10,706- State -aid Construction Fund 21,319 Water Improvement Fund 124,584, City share of special assessments 28,569 - Interest on investments t') 9,38141, Special assessment searches and other receipts 345 - H. U. D. Grant 45,300 ✓.,, Total receipts $548,892 Disbursements Personal services $ 31,386 Contractual services 92,729 Commodities 16,536 Other charges 13,663 H, U. D. improvement Contracts 58,561 Salaries 3,142 Other 3,896 Transfers to other City funds General Fund 219 General Debt Service Fund 381,983 Water Operating Fund 147 State -aid Construction Fund 121211 Total disbursements $614,473 Cash balance(deficit)December 31, 1971 $00.490) wo CITY OF COLUMBIA HEIGHTS, MINNESOTA DEBT SERVICE.FUNDS BALANCE SHEETS - DECEMBER 31, 1971 LIABILITY AND.RESERVE Bonded indebtedness Matured bonds and interest $ 399,944 State -aid $ 387,596 Future maturities Debt Service Bonds Combined Fund Total ASSETS 510,811 14,753 496,058 Cash (deficit) $ 461,256 $( 410) $ 461,666 Cash with fiscal agents 399,944 12,348, 387,596 Investments, at cost City of Columbia Heights Bonds 5,000 5,000 Accounts receivable Storm Sewer Construction Fund 1,683 1,683 Water Operating Fund 90,750 90,750 Other 47,740 47,740 Taxes receivable Delinquent 2,782 2,782 Deferred 2,011,396 2,011,396 Accrued interest receivable 71 71 Amount to be provided by future revenues 510,302 107,163 403,139 Total assets $3,530,924 1 101 $3,411,823 LIABILITY AND.RESERVE Bonded indebtedness Matured bonds and interest $ 399,944 $ 12,348 $ 387,596 Future maturities Bonds 2,457,000 92,000 2,365,000 Interest 510,811 14,753 496,058 Reserve for payment of bonds and interest 1632169 1631169 Total liability and reserve $3,530,924 11 101 $3,411,823 27 General Debt Service Fund Permanent Municipal Storm Storm Improvement Building Park Sewer Sewer Water Revolving Bonds Bonds Bonds Bonds System Fund Bonds of 1959 of 1962 of 1964 of 1965 Bonds Account Account Account Account Account Account $ 313,165 $ 12,097 $ 30,815 $ 40,544 $ 56,938 $ 8,107 249,377 525- 37,678 ✓ 45,378 54,638:- 1 5,000 1,683 90,750 47,740 ' 216 489 910 1,167 577,391 45,220 205,150 155,200 1,028,435 71 154,846 248,293 $19299,850 33 $236,9 9 2 3 2 $1,272,091 11 038 t$ 249,377 $ 525 $ 37,678 $ 45,378 $ 54,638 900,000 $ 40,000 205,000 140,000 855,000 225,000 150,473 795 30,050 10,815 272,525 31,400 16,738 12404 45,839 992188 810299,850 t 1 1 $236,919 23 2 $1,272,091 311 038 CITY OF COLUMBIA HEIGHTS, MINNESOTA DEBT SERVICE FUNDS STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 Disbursements Bonds maturities $482,000 State -Aid $460,000 Interest on bonds 116,581 Debt Service 112,145 Fiscal agents' service charges Combined Fund Total Cash balance (deficit) January 1, 1971 $401,283, 510) $401,793 Receipts 726 726 General property taxes J) $112,867,-- $ 26,498 $112,867 Shared State gasoline tax 26,598v-r- $ 26,598 1 6 Sale of investments 39,646 39,646 Interest earned 2,003',ti 2,003 Transfers from other City funds Library Bonds of 1966 Account 726, 726 Permanent Improvement Revolving Fund 381,983 r 381,983 Liquor Operating Fund 56,156 56,156 Water Operating Fund 40,281- 40,281 Total receipts $660,260 26,598 $633,662 Disbursements Bonds maturities $482,000 $ 22,000 $460,000 Interest on bonds 116,581 4,436 112,145 Fiscal agents' service charges 980 62 918 Transfer to Municipal Building Bonds of 1959 Account 726 726 Total disbursements $600,287 $ 26,498 $573,789 Cash balance (deficit) December 31, 1971 61 2 6 410) 1 6 29 Y 39,646 2,003 726 General Debt Service Fund Permanent Municipal Storm Storm Improvement Building Park Sewer Sewer Water Library Revolving Bonds Bonds Bonds Bonds System Bonds Fund Bonds of 1959 of 1962 of 1964 of 1965 Bonds of 1966 Account Account Account Account Account Account Account $247,188 $ 12,090 $ 32,113 $ 412682 $ 57,868 $ 9,807 $ 1,045 560 17 $ 11,278 $ 25,875 $ 23,924 $ 36,530 24 $ 15,260 Y 39,646 2,003 726 381,983 15,398 16,809 $ 23,949 6,581 33,700 $423,632 12,004 25,875 39,322 59,920 57,649 15.260 $300,000 $ 10,000 $ 20,000 $ 35,000 $ 30,000 $ 50,000 $ 15,000 57,095 1,980 7,130 5,355 30,755 9,275 555 560 17 43 105 95 74 24 726 $357,655 11,997 $ 27,173 $ 40,460 $ 602850 $ 59,349 $ 16,305 $313,165 $ 12,097 30,815 $ 40<544 938 8,107 $ -0- 31 CITY OF COLUMBIA HEIGHTS, MINNESOTA LIQUOR OPERATING FUND BALANCE SHEET - DECEMBER 31, 1971 ASSETS CURRENT ASSETS Cash $124,419 Petty cash and change funds 2,400 Accrued interest receivable 5,039 Inventories, at cost 149,889 Prepaid insurance 3,746 Total current assets $285,493 FIXED ASSETS, at cost Land and improvements $ 35,069 Buildings and improvements 184,626 Furniture and equipment 76,777 Total cost $296,472 Less accumulated depreciation 124,628 Total fixed assets (net) $171,844 Total assets $457,337 LIABILITY AND RETAINED EARNINGS CURRENT LIABILITY Accounts payable 39,606 RETAINED EARNINGS Invested in fixed assets (net fixed assets) $171,844 Net working capital (current assets less current liabilities) 245,887 Total retained earnings $4172731 Total liability and retained earnings $457,32Z 32 CITY OF COLUMBIA HEIGHTS, MINNESOTA LIQUOR OPERATING FUND STATEMENTS OF OPERATING INCOME FOR INDIVIDUAL STORES YEAR ENDED DECEMBER 31, 1971 Sales Cost of sales Gross profit Percent of sales Operating expenses Percent of sales Operating profit Percent of sales Other income less expense Percent of sales Net income Percent of sales Total all stores $1,040,607_,, 689,936 $ 350,671 $ 259,141 24.90% $ 91,530 8.80% $ 11,110 s 1.07% $ 102,640 9.87% ANALYSIS OF CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1971 Retained earnings January 1, 1971 $ 436,247 Net income 102,640 Transfers to other City funds General Fund $(55,000) General Debt Service Fund (56,156) Garage Construction Fund 10 000) ( 121,156) Retained earnings December 31, 1971 $ 417,731 Total $777,952 595,687 $182,265 23,43% $120,696 15.52% $ 61,569 7.91% 33 Off. -sale stores On -sale No. 1 No. 2 No. 3 store $259,243 $227,543 $291,166 $262,655 200,526 174,279 220,882 94,249 $ 59,717 $ 53,264 $ 70,284 $168,406 22065% 23.41% 24.14% 64.12% $ 44,139 $ 36,090 $ 40,467 $138,445 17403% 15.86% 13.90% 52.71% $ 14,578 $ 17,174 $ 29,817 $ 29,961 5.62% 7.5_5 L/. 10.247, 11.41% CITY OF COLUMBIA HEIGHTS, MINNESOTA _LIQUOR OPERATING FUND STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED DECEMBER 31, 1971 FUNDS PROVIDED Operations Net income $102,640 Depreciation 9,585 $112,225 Disposal of fixed assets 820 $113,045 FUNDS APPLIED Additions to fixed assets 2,531 Transfers to other City funds5' ,)av �' �,���' 7 °� r�� ' � - -� 121,156 123 687 DECREASE IN WORKING CAPITAL $(10,642) WORKING CAPITAL Current assets Current liabilities Working capital Current ratio $285,493 39,606 jLkj.. 88 7.21 to 1,00 35 36 CITY OF COLUMBIA HEIGHTS, MINNESOTA LIQUOR OPERATING FUND STATEMENTS OF OPERATING EXPENSES FOR INDIVIDUAL STORES YEAR ENDED DECEMBER 31, 1971 Total Total all Percent stores of sales Salaries and wages $190,711 $ 87,515 11.25 Pension contributions 15,000 6,900 .89 Uniforms 200 Hospital insurance premiums 3,386 1,317 .17 Laundry 1,356 293 .04 Bar supplies 965 Store supplies 2,624 1,963 .25 Office supplies 238 219 .03 Store expense 8,259 1,330 .17 Telephone 683 630 .08 Utilities 8,813 5,326 .68 Insurance and bonds 11,675 6,834 .88 Depreciation 9,585 5,038 .65 Maintenance and repair 4,814 2,676 .34 Licenses and memberships 232 205 .03 Professional services 600 450 .06 Total operating expenses IZ51,141 $120,696 15.52 1 Off -sale stores Percent of sales No. 1 No. 2 No. 3 2,069 Percent 1,063 Percent 965 Percent 661 of sales 19 of sales 6,929 of sales $ 32,277 12.45 $ 26,860 11.80 $ 28,378 9.75 2,550 .98 2,175 .96 2,175 .75 564 ,22 376 .17 376 .13 44 .02 114 .05 135 .05 ' 874 .34 500 .22 589 .20 75 .03 72 .03 72 02 221 .09 353 .16 756 ,26 ' 339 .13 136 .06 155 .05 1,743 .67 1,393 .61 2,190 .75 2,445 .94 1,819 .80 2,570 .88 1,550 .60 1,367 .60 2,122 .73 ' 1,242 .48 706 .31 728 .25 65 .02 69 .03 71 .03 ' 150 .06 150 .06 150 .05 4 139 1 1 1 17,03 $ 36,090 15.86 40 67 13.90 37 On -sale $138,445 52.71 Percent of sales $103,196 39.29 8,100 3.08 200 .08 2,069 .78 1,063 .41 965 .37 661 .25 19 .01 6,929 2.64 53 .02 3,487 1.33 4,841 1.84 4,547 1.73 2,138 .81 27 .01 150 .06 $138,445 52.71 38 ASSETS CITY OF COLUMBIA HEIGHTS, MINNESOTA PUBLIC UTILITY FUNDS BALANCE SHEETS - DECEMBER 31, 1971 CURRENT ASSETS Cash (deficit) Accounts receivable State -Aid Maintenance Fund Customers Other Accrued interest receivable Inventory - Water meters, at cost Prepaid interest Total current assets LONG -TERM RECEIVABLES - Metropolitan Sewer Board Total assets LIABILITIES,'RESERVE AND FUND BALANCE CURRENT LIABILITIES Accounts payable - Other DEFERRED LIABILITY General Debt Service Fund - Storm Sewer Bonds of 1965 Account RESERVE FOR - Metropolitan Sewer Board - $ 90,750 $ 90,750 Current value credit $372,981 $372,981 Water FUND BALANCE (Deficit) Water Sewer System Total liabilities, reserve and Operating Operating Improvement Combined Fund Fund Fund $ 18,013 $ 41,564 $104,821 $(128,372) 1,376 1,376 218,210 170,945 47,265 5,032 1,967 3,065 1,360 1,360 3,580 3,580 102806 102806 $258,377 $2302238 $156,511 $(128,372) $372,981 $372,981 631 3 8 $230,238 $529,492 $(128,,372) 22 196 $ 192064 $ 2,876 $ 256 $ 90,750 $ 90,750 Current value credit $372,981 $372,981 FUND BALANCE (Deficit) $145,431 $120,424 $153,635 $(128,628) Total liabilities, reserve and fund balance_ 6 1 230 2 8 $529,492 $(128,372) Note - Fixed assets are not shown in this statement since their cost or present value was not available. Accordingly, depreciation is not included as an operating expense, 39 CITY OF COLUMBIA HEIGHTS, MINNESOTA WATER OPERATING FUND STATEMENT OF INCOME AND FUND BALANCE YEAR ENDED DECEMBER 31, 1971 Operating revenue R Water sales $386,704 Hydrant rental 4,20V, Meter sales - Net (Gross $7,270 less cost of sales $6,049) 1,221` Service connections 730, Miscellaneous 2,641 - Penalties 3,306: Total operating revenue $398,802 Operating expenses (see footnote) Source of supply - Contractual services $159,065 L� Distribution Personal services 61,04 Contractual services 10,784 Commodities 9,463 Other charges 576 Administrative and general Personal services 10,749 Contractual services 1,936 Commodities 405 Other charges 7,755 Total operating expenses 261,776 Operating income $137,026 Other income and (expense) Interest earned (� $ 442 Interest on revenue bonds (12,732) Miscellaneous 687 (11,603)1 Net income $125,423 Fund balance, January 1, 1971 131,686 Deduct Capital outlay expenditures $ 9,634 Transfer to General Debt Service Fund 429632 Transfer to Water System Improvement Fund 74,419 Transfer to Garage Construction Fund 102000 1362685 Fund balance, December 31, 1971 $120,424 Note - Depreciation is not included as an operating expense. See note on balance sheet. 40 CITY OF COLUMBIA HEIGHTS, MINNESOTA SEWER OPERATING FUND STATEMENT OF INCOME AND FUND BALANCE YEAR ENDED DECEMBER 31, 1971 Operating revenue - Sewer rental Operating expenses (see footnote) Collection Personal services Contractual services Commodities Other charges Disposal - Contractual services Administrative and general Personal services Contractual services Other charges Total operating expenses Operating income Other income Interest earned Miscellaneous Net income Fund balance, January 1, 1971 Deduct Capital outlay expenditures Transfer to Garage Construction Fund Fund balance, December 31, 1971 $292, 971-�- $ 43,232 5,910 7,424 568 158,851 3,228 13,161 6,172 238,546 $ 54,425 (�q) $ 1,837 V , 2,936 ✓ 4,773 �r $ 59,198 111,213 ( 6,776)-- (10,000 LLJI.. 63 Note - Depreciation is not included as an operating expense. See note on balance sheet. CITY OF COLUMBIA HEIGHTS, MINNESOTA WATER SYSTEM IMPROVEMENT FUND STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 Cash balance January 1, 1971 Receipts - Transfers from Water Operating Fund Disbursements Water system improvements City of Minneapolis perpetual lease Transfer to Permanent Improvement Revolving Fund Total disbursements Cash balance December 31, 1971 PENSION FUND STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS YEAR ENDED DECEMBER 31, 1971 Cash balance January 1, 1971 Receipts - Transfers from other City funds Disbursements - Retirement contributions Cash balance December 31, 1971 $ 7,381 $ 91,000-, $ 10,569 91,600 124,584 $ 2262753' $(128,372) 15,724 $ 86,710,- 66,757 $ 35,677 41 42 CITY OF COLUMBIA HEIGHTS, MINNESOTA STATEMENT OF CASH AND SECURITY FOR DEPOSITS - DECEMBER 31, 1971 Face amount of securities Cash pledged as collateral Cash in banks Columbia Heights State Bank, Columbia Heights, Minnesota - Checking account $126,388 $815,000 Third Northwestern National Bank, Minneapolis, Minnesota Checking account 251 Savings certificates 250,000 $300,000 Fidelity Bank and Trust, Minneapolis, Minnesota Savings certificates 3002000 11M.000 Total cash 7 639 Additional security of $20,000 is provided at each depository bank by the Federal Deposit Insurance Corporation, Minnesota law stipulates that the amount of deposits cannot exceed $20,000 (F.D.I.C. insurance) plus ninety per cent of the market value of securities pledged as collateral by the bank. On December 31, 1971, the bank deposits at the Fidelity Bank and Trust were in excess of this requirement. SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURS9MENTS - ALL FUNDS YEAR ENDED DECEMBER 31, 1971 Fund General Fund Special revenue funds Recreation Civil Defense State -Aid - Maintenance Central Avenue Bridge Mayor's Contingent Capital project funds Permanent Improvement Revolving Fund General Debt Service Liquor Operating Public Utility funds Water Operating Sewer Operating Water System Improvement Pension Fund Cash balance Cash balance January 1, 1971 Receipts Disbursements December 31, 1971 $ 55,235 $1,557,658 $1,524,668 $ 88,225 9,341 64,473 65,642 8,172 7,790 15,122 13,150 9,762 4,855 10,557 25,206 ( 9,794) 1,743 44 1,787 156 156 142,690 102,742 274,189 ( 28,757) 35,091 548,892 614,473 ( 30,490) 401,283 660,260 600,287 461,256 146,129 1,087,370 1,109,080 124,419 82,072 387,262 427,770 41,564 195,201 299,552 389,932 104,821 7,381 91,000 226,753 ( 128,372) 15,724 86,710 66,757 35,677 $1,104,691 $4,911,642 $5,339,694 43 CITY OF COLUMBIA HEIGHTS, MINNESOTA BONDS PAYABLE - ALL FUNDS DECEMBER 31, 1971 Issue Interest Maturity date rate date Principal STATE -AID DEBT SERVICE FUND 1 Municipal State -Aid Street Bonds January 1, 1973 1/1/63 2.90% 1/1/73 $ 12,000 $10,000 per year 2/1/69 4.20 2/1/72 -74 30,000 $10,000 per year 4.50 2/1/75 -77 30,000 $10,000 per year 4.60 2/1/78 -79 20,000 Total State -Aid Debt Service Fund $ 922000 GENERAL DEBT SERVICE FUND Permanent Improvement Revolving Fund Bonds Account Permanent Improvement Revolving Fund Bonds December 1, 1972 9/1/57 4.50 12/1/72 $ 50,000 Permanent Improvement Revolving Fund Bonds October 1, 1972 10/1/61 3.40 10/1/72 $ 50,000 Permanent Improvement Revolving Fund Bonds ' January 1, 1973 1/l/63 3.00 1/1/73 $ 40,000 Permanent Improvement Revolving Fund Bonds ' January 1, 1973 4/1/66 3.70 1/1/73 $ 100,000 Permanent Improvement Revolving Fund Bonds $100,000 per year 11/1/69 5.70 2/1/72 -74 $ 300,000 February 1, 1975 5.70 2/1/75 80,000 February 1, 1976 5.75 2/1/76 70,000 $70,000 per year 6.00 2/1/77 - 79 2103000 660,000 Total Permanent Improvement Revolving Fund Bonds Account $ 900,000 Municipal Building Bonds of 1959 Account Municipal Building Bonds December 1, 1972 6/1/59 3.90 12/1/72 $ 10,000 $10,000 per year 4.00 12/1/73 -75 302000 Total Municipal Building Bonds of 1959 Account $ 40,000 Park Bonds of 1962 Account Park Bonds February 1, 1972 2/1/62 3.10 2/1/72 $ 20,000 ' $25,000 per year 3.10 2/1/73 -74 50,000 $25,000 per year 3.40 2/1/75 -77 75,000 ' $30,000 per year Total Park Bonds of 1962 Account 3.50 2/1/78 -79 60,000 $ 205,000 44 CITY OF COLUMBIA HEIGHTS, MINNESOTA BONDS PAYABLE - ALL FUNDS (CONTINUED) DECEMBER 31, 1971 Total General Debt Service Fund bonds payable $2,365,000 Total bonds payable - All funds $2,457 ;000 Note - January 1, 1972 maturities are considered as matured December 31, 1971. Issue Interest Maturity date rate date Principal GENERAL DEBT SERVICE FUND (CONTINUED) Storm Sewer Bonds of 1964 Account Storm Sewer Bonds December 1, 1972 12/1/64 3.007. 12/1/72 $ 35,000 $35,000 per year 3.10 12/1/73 -75 105,000 Total Storm Sewer Bonds of 1964 Account $ 140,000 Storm Sewer Bonds of 1965 Account Storm Sewer Bonds January 1, 1973 10/1/65 3.10 1/1/73 $ 30,000 January 1, 1974 3.20 1/1/74 30,000 January 1, 1975 3.20 l/l/75 35,000 January 1; 1976 3.40 1/1/76 35,000 $40,000 per year 3.40 1/1/77 -78 80,000 January 1, 1979 3.40 l/l/79 45,000 January 1, 1980 3.50 1/1/80 45,000 January 1, 1981 3.50 l /1/81 85,000 January 1, 1982 3.50 1/1/82 95,000 January 1, 1983 3.60 1/1/83 105,000 January 1, 1984 3.60 1/1/84 130,000 January 1, 1985 3.60 1/1/85 140,000 Total Storm Sewer Bonds of 1965 Account $ 855,000 General Obligation Water Revenue Bond Account Water System Bonds of October 1, 1965 January 1, 1973 10/1/65 3.10 1/1/73 $ 25,000 $25,000 per year 3.20 1/1/74 -75 50,000 $25,000 per year 3.40 1/1/76 -79 100,000 January 1, 1980 3.50 1/1/80 25,000 $ 200,000 Water System Bonds of April 1, 1966 January 1, 1973 4/1/66 3.70 1/1/73 25,000 Total General Obligation.Water Revenue Bond Account $ 225,000 Total General Debt Service Fund bonds payable $2,365,000 Total bonds payable - All funds $2,457 ;000 Note - January 1, 1972 maturities are considered as matured December 31, 1971. 45 CITY OF COLUMBIA HEIGHTS, MINNESOTA DEBT SERVICE REQUIREMENTS - ALL FUNDS DECEMBER 31, 1971 Year Total Principal Interest 1972 $ 604,119 $ 507,000 $ 97,119 1973 311,705 235,000 76,705 1974 306,810 240,000 66,810 1975 277,350 220,000 57,350 1976 218,632 170,000 48,632 1977 211,010 170,000 41,010 1978 213,195 180,000 33,195 1979 205,105 180,000 25,105 1980 104,800 85,000 19,800 1981 111,825 95,000 16,825 1982 118,500 105,000 13,500 1983 139,720 130,000 9,720 1984 145,040 1402000 5,040 $2,967,811 $2,457,000 $ 510,811 Note - January 1, maturities are considered matured December 31, of the preceding year, M CITY OF COLUMBIA HEIGHTS, MINNESOTA INSURANCE COVERAGE DECEMBER 31, 1971 Major insurance coverage at December 31, 1971 is summarized below: Fire and extended coverage (90% Co- insurance) Buildings $ 1,273,800 Contents 114,560 Liquor stock 260,000 Scheduled equipment floater 82,268 Comprehensive liability Bodily injury Automobiles 50/100,000 Except automobiles 50%__-s00,000 Property damage Automobiles 50,000 Except automobiles 50,000 Minnesota Statutory Liquor Law Liability 100/200/100,000 Boiler and Machinery 50,000 Business interruption - City liquor stores 125,650 Money and securities - Broad form Various Workmen's compensation Statutory EMPLOYEES' SURETY BONDS DECEMBER 31, 1971 Christen P. Nielsen City Treasurer, effective $25,000 January 25, 1971 John S. Larson Assessor 500 All employees, except those listed above, are covered by an honesty blanket position bond of $5,000 with an additional $5,000 coverage on the municipal liquor store manager. 47 CITY OF COLUMBIA HEIGHTS, MINNESOTA ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES (Shown by year of collectibility) Assessed valuations Real estate Personal property* Total Tax levies General Fund Recreation Fund Civil Defense Fund Bonds and interest Storm Sewer Construction Pension Fund Total Mill rates General Fund Recreation Fund Civil Defense Fund Bonds and interest Storm Sewer Construction Pension Fund Total 1969 $13,161,859 751,938 $13,913,797 1970 $13,596,372 773,288 $14,369,660 1971 $15,692,827 728,511 $16,421,338 $ 719,794 $ 809,874 $ 943,110 22,024 26,441 31,000 1,915' ",)'0 2,8753MTO 11,000 52,6670'`7? 52,73795ISV 134,560 14,3631y� 19,253101 15,000 25,471 23.997 1.34 $ 836x234 $ 935,177 $ 1,134,670 1972 $15,904,500 696,898 $16.601,398- $ 850,967 31,000 11,000 152,550 15,000 45.000 $ 1,105,517' 51.73 56.36 55.50 51.26 1.58 1,84 1.82 1.87 .14 .20 .65 .66 3.79 3.67 7.92 9.19 1.03 1.34 .88 .90 1.83 1.67 2.71 60,10 65 °O8 66.77 66.59. 9C Does not include personal property exempted under laws enacted in 1967 by the Minnesota Legislature.