5/18/19-Proprietary Funds , .
AFFIDAVIT OF PUBLICATION
STATE OF MINNESOTA )ss
COUNTY OF CARVER
Elise Strecker being duly sworn on an oath,
states or affirms that he/she is the Publisher's
Designated Agent of the newspaper(s)known
as:
Laker Pioneer
with the known office of issue being located
in the county of:
CARVER
with additional circulation in the counties of:
HENNEPIN
and has full knowledge of the facts stated
below:
(A)The newspaper has complied with all of
the requirements constituting qualifica-
tion as a qualified newspaper as provided
by Minn.Stat.§331A.02.
(B)This Public Notice was printed and pub-
lished in said newspaper(s) once each
week, for 1 successive week(s); the first
insertion being on 05/18/2019 and the last
insertion being on 05/18/2019.
MORTGAGE FORECLOSURE NOTICES
Pursuant to Minnesota Stat. §580.033
relating to the publication of mortgage
foreclosure notices: The newspaper complies
with the conditions described in §580.033,
subd. 1, clause (1) or(2). If the newspaper's
known office of issue is located in a county
adjoining the county where the mortgaged
premises or some part of the mortgaged
premises described in the notice are located,
a substantial portion of the newspaper's
gicirc , •.n• .r the la - ounty.
B . _,_ V_f► ��
Designated Agent
Subscribed and sworn to or affirmed before
me on 05/18/2019 by Elise Strecker.
9,„„s1.,,,, h 1/10...?1,02...44-„,_
Notary Public
4 .,'" DARLENE MARIE MACPHERSON0,
gyp - Notary Public r.
d Minnesota it.
'4 ''714 ,'os My Commission Expires January 31,2024 ►
Rate Information:
(1)Lowest classified rate paid by commercial users
for comparable space:
$15.00 per column inch
Ad ID 935600
r ,
•
CITY OF SHOREWOOD,MINNESOTA Capital Contributions 95,995 21,568 - - 117,563
STATEMENT OF NET POSITION Capital Contributions From Other
PROPRIETARY FUNDS Funds 1,442,128 80,420 422,629 - 1,945,177
DECEMBER 31,2018 Transfers Out (877,047) 189.6061 (168.325) - (1.134,9781
Business-type Activities-Enterprise Funds Change in Net Position 414,498 (78,291) 501,204 46,543 883,954
Stormwater Net Position,January 1 7,081.133 4,599.855 3.158,080 260,716 15.099.784
Management Nonmajor Net Position,December 31 $7,495,631 $4,521,564 $3.659,284 $307,259 $15,983.738
Water Sewer Utility Recycling Totals The notes to the financial statements are an integral part of this statement.
Assets
Current Assets CITY OF SHOREWOOD,MINNESOTA
Cash and temporary investments 5- $2,502,007 $280,496 $273,820 $3,056,323 STATEMENT OF CASH FLOWS
Cash with fiscal agent 277,176 - - - 277,176 PROPRIETARY FUNDS
Receivables FOR THE YEAR ENDED DECEMBER 31,2018
Accrued interest 5,136 12,251 4,214 1,221 22,822 Business-tvoe Activities-Enterprise Funds
Accounts 75,844 254,103 112,409 43,792 486,148 anageater
Special assessments 30,094 31,545 12,054 5,679 79,372 Management Nonmajor
Leases 151.839 - - - 151,839 Water Sewer Utility Recycling Totals
Total Current Assets 540.089 2.799,906 409.173 324,512 4.073.680 Cash Flows from customers and Activities
Noncurrent Assets Receipts from customers and users $461,066 $914,473 $363,190 $156,046 $1,894,775
Special assessments receivable 102.535 7,074 2,104 1.299 113 008 Other receipts related to operations 5,374 9,819 161 22,400 37,754
Advances to other funds 1,015,044 - - - 1.015,044
Payments to suppliers,contractors
and other governments (256,316) (831,301) (73,629) (127,246) (1,288,492)
Lease receivable 473,982 - - - 473,982 Payments to employees (165,2831 (125.5461 133.477) (12,7781 (337,084)
Capital assets Net Cash Provided(Used)
Land - - 1,033,934 - 1,033,934 by Operating Activities 44,841 (32.5551 256,245 38.422 306.953
Construction in progress 864,547 77,106 210,214 - 1,151,867 Cash Flows from •
Machinery and equipment 329,774 362,072 - - 691,846 Noncapital Financing Activities
Infrastructure 11,318,344 9,255,426 2,545,651 - 23,119,421 Transfers out (12,500) (12,500) - - (25,000)
Less accumulated Lease receivable paid 148.862 • - - - 148.862
depreciation (5.786,759) (7.852.409) (515.4901 - (14,154,6581 Net Cash Provided(Used)by
Net Capital Assets 6,725,906 1,842,195 3,274,309 - 11,842.410 Noncapital Financing Activities 136.362 (12,5001 - - 123.862
Total Noncurrent Assets 8,317,467 1,849,265 3.276.413 1,299 13.444,444 Cash Flows from Capital
Total Assets 8.857.556 4,649.171 3.685.586 325.811 17.518,124 and Related Financing Activities
Deferred Outflows of Resources Transfers out (864,547) (77,106) (168,325) - (1,109,978)
Deferred pension resources 16,730 12907 3603 1262 34502 Connection fees received 95,995 21,568 - - 117,563
Liabilities Special assessments received 26,311 - - - 26,311
Current Liabilities Acquisition of capital assets (127,962) (60,544) (624,364) - (812,870)
Accounts and contracts payable 121,185 5,659 2,660 10,429 139,933 Principal paid on revenue bonds (270,000) - - - (270,000)
Accrued salaries payable 3,618 3,110 882 151 7,761 Interest paid on revenue bonds (16,620) - - - (16.6201
Due to other governments 6,728 37,300 - - 44,028 Net Cash Provided(Used)by
Due to other funds 18,026 - - - 18,026
Accrued interest payable 6,681 - - - 6,681 Capital and Related
Bonds payable-current 270,000 - - - 270 000 Financing fro Investing (1.156,823) (116.082) (792.689) (2.065.5941
Cash Flows from Investing Activities
Total Current Liabilities 426.238 46.069 3.542 10.580 486.429 Interest received on investments 30.904 36.758 12,646 3.666 83,974
Noncurrent Liabilities Net Increase(Decrease)in
Bonds payable 830,000 - - - 830,000 Cash and Cash Equivalents (944,716) (124,379) (523,798) 42,088 (1,550,805)
Pension liability 97.591 75,292 21,017 7,361 201,261 Cash and Cash Equivalents,January 1 1,221,892 2,626,386 804,294 231,732 4,884,304
Total Noncurrent Liabilities 927,591 75,292 21,017 7,361 1,031,261 Cash and Cash Equivalent,
Total Liabilities 1.353.829 121,361 24,559 17,941 1.517,690 December31 '277176 '.2 • tt :04.6 '.2738 0 ' 3334••
Deferred Inflows of Resources
Reconciliation of Cash and Cash
Deferred pension resources 24,826 19,153 5,346 1.873 51.198 Equivalents to the Statement
Net Position of Net Position
Net investment in capital assets 5,625,906 1,842,195 3,274,309 - 10,742,410 Cash and temporary investments $- $2,502,007 $280,496 $273,820 $3,056,323
Unrestricted 1,869,725 2,679,369 384,975 307,259 5,241,328 Cash with fiscal agent 277.176 - - - 277.176
Total Net Position '.7 49 • 1 .4 1 64 • • 54 •7 2 9 .1 •:.73: Total Cash and Cash Equivalents $277,176 $2,502,007 $280,496 $273,820 $3,333,499
The notes to the financial statements are an integral part of this statement. Reconciliation of Operating Income
(Loss)to Net Cash Provided(Used)by
CITY OF SHOREWOOD,MINNESOTA Operating Activities
STATEMENT OF REVENUES,EXPENSES AND Operating income(foss) $(274,867) $(139,268) $233,022 $20,057 $(161,056)
CHANGES IN NET POSITION Adjustments to reconcile operating
PROPRIETARY FUNDS income(loss)to net cash provided
'FOR THE YEAR ENDED DECEMBER 31,2018 (used)by operating activities
Business-type Activities-Enterprise Funds Other income related to
Stormwater operations 5,374 9,819 161 22,400 37,754
Management Nonmajor Depreciation 334,084 91,392 59,395 - 484,871
Water Sewer Utility Recycling Totals (Increase) decrease in assets/
Operating Revenues deferred outflows of resources
Charges for services $453,358 $924,503 $381,997 $156,797 $1,916.655 Accounts receivable (1,844) 520 (12,902) 1,284 (12,942)
Operating Expenses Special assessments
Personal services 128,059 105,755 31,136 9,419 274,369 receivable (8,474) (10,550) (5,905) (2,035) (26,964)
Supplies 10,262 2,474 2,315 1,615 16,666 Due from other funds 18,026 - - - 18,026
Repairs and maintenance 5,378 7,478 - - 12,856 Deferred pension resources 16,630 10,829 2,351 1,357 31,167
Depreciation 334.084 91,392 59,395 - 484,871 Increase (decrease) in liabilities/
Professional services 3,239 4,683 44,730 - 52,652 deferred inflows of resources
Contracted services 104,490 27,011 10,662 122,795 264,958 Accounts and contracts
Water purchases 32,322 - - - 32,322 payable 9,499 (1,579) (15,185) 75 (7,190)
Utilities 68,555 4,803 - - 73,358 Due to other governments 267 36,902 - - 37,169
Disposal charges - 816,421 - - 816,421 Pension liability (43,734) (25,260) (4,207) (3,733) (76,934)
Other 41,836 3.754 737 2.911 49,238 Accrued salaries payable 1,446 1,380 684 2 3,492
Total Operating Expenses 728,225 1,063,771 148.975 136,740 2.077,711 Deferred pension resources (11,566) {6,740) (1.149) (9859 (20,4401
Operating Income(Loss) (274,867) (139.268) 233.022 20,057 (161,056) Net Cash Provided(Used)
Nonoperating Revenues(Expenses) by Operating Activities $44,841 $(32,555) $256,245 $38,422 $306,953
Special assessments 6,462 - - - 6,462 Non late Capital and
Interest on investments 32,060 38,776 13,717 4,086 88,639 Related Financing Activities
Intergovernmental - - - 22,219 22,219 Contribution of assets from other
Miscellaneous 5,374 9,819 161 181 15,535 funds $1.442,128 $80.420 $422,629 5- $1.945.177
Interest expense (15,607) - - - (15,8071 Capital assets purchased on
account $97,541 $- $- $- $97,541
Total Nonoperating The notes to the financial statement are an integral part of this statement.
Revenues(Expenses) 28.289 48,595 13.878 26,486 117.248
Income(Loss)Before Contributions
and Transfers (246,578) (90,673) 246,900 46,543 (43,808) Continued...
(...CONTINUED)CITY OF SHOREWOOD,MINNESOTA
SUPPLEMENTARY INFORMATION
SUMMARY FINANCIAL REPORT
REVENUES AND EXPENDITURES FOR GENERAL OPERATIONS
GOVERNMENTAL FUNDS
FOR THE YEARS ENDED DECEMBER 31,2018 AND 2017
Percent
Total Increase
2018 2017 (Decrease)
Revenues
Taxes $5,497,225 $5,221,374 5.28 %
Licenses and permits 565,687 315,574 79.26
Intergovernmental 885,140 461,633 91.74
Charges for services 216,851 409,244 (47.01)
Fines and forfeitures 67,734 76,056 (10.94)
Special assessments 3,846 N/A
Interest on investments 87,279 75,256 15.98
Miscellaneous 1,581,105 1,365,593 15.78
Total Revenues $8,904,867 $7,924,730 12.37 %
Per Capita $1,155 $1,028 12.37 %
Expenditures
Current
General government $1,362,881 $1,493,020 (8.72) %
Public safety 1,837,273 1,722,628 6.66
Public works 1,018,191 751,394 35.51
Culture and recreation 373,164 409,010 (8.76)
Capital outlay
General government 38,986 7,630 410.96
Public safety 484,752 470,455 3.04
Public works 3,317,201 991,853 234.44
Culture and recreation 611,151 771,157 (20.75)
Economic development 92,428 650,944 (85.80)
Debt service
Principal 900,000 870,000 3.45
Interest and service charges 127,045 181,605 (30.04)
Total Expenditures $10,163,072 $8,319,696 22.16 %
Per Capita $1,319 $1,079 22.16 %
Total Long-term Indebtedness $5,090,000 $5,990,000 (15.03) %
Per Capita $660 $777 (15.02)
General Fund Balance-December 31 $4,419,414 $4,162,049 6.18 %
Per Capita $573 $540 6.18
The purpose of this report is to provide a summary of financial information concerning the City of Shore-
wood to interested citizens. The complete financial statements may be examined at City Hall,5755 Country
Club Road,Shorewood,Minnesota 55331.Questions about this report should be directed to the City of Shore-
wood at 952-960-7900.
As Approved by the Shorewood City Council
s/s Sandie Thone,City Clerk
Published in the
Laker Pioneer
May 18,2019
935600,935769