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1979 - Comp. Annual Financial Report I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA FINANCIAL STATEMENTS. For The Years Ended December 31, 1979 and 1978 with Auditors' Report M. J. LON G CO. I I I I I I I I I I I I I I I I I I I Auditors' Report Part I Exhibit "A" - Exhibit, "A-i" - Exhibit "A-2" - Exhibit "A-3" - Part II General Fund Exhibit "B" - INDEX Combined Balance Sheet, All Fund Types and Account Groups Combined Statement of Revenues, Expenditures and Changes in Fund Balances, All Governmental Fund Types Combined Statement of Revenues and Expenses and Changes in Retained Earnings, Proprietary Fund Types Combined Schedule of Indebtedness Balance Sheet Exhibit "B-1" Statement of Changes in Fund Balance Exhibit "B-2" - Statement of Revenues - Estimated and Actual Exhibit "B-3" - Statement of Expenditures - Estimated and Actual Special Revenue Fund Exhibit "c" - Federal Revenue Sharing Fund - Balance Sheet Exhibit "C-l" - Federal Revenue Sharing Fund - Statement of Revenues, Expenditures and Changes in Fund Balance Exhibit "D" - Capital Projects Funds Combining Balance Sheet Exhibit "D-l" - Combining Statement of Revenues, Expenditures and Changes in Fund Balances Exhibit "D-2" - Park Capital Improvement Fund - Balance Sheet Exhibit "D-3" - Park Capital Improvement Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance Exhibit "D-4" - City Hall Construction Fund - Balance Sheet Exhibit "D-5" - City Hall Construction Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance M. J. LO N G CO. PAGE IF 7 8 - 9 10 - 11 12 14 15 16 17 - 19 20 21 22 23 24 r"-~"" (25 /) ,.-/ 26 27 I I I I I I I I I I I I I I I I I I I I N D E X PAGE /I Part II(Continued) Special Assessment Funds J L Exhibit "E" - Combining Balance Sheet 28 Exhibit "E-I" - Combining Statement of Revenues, Expenditures and Changes in Fund Balances 29 Exhibit "E-2" - Debt Service Fund - Balance Sheet 30 Exhibit "E-3" - Debt Service Fund - Statement of Revenues, Expenditures and Changes in Fund Balance 31 Exhibit "E-4" - Utility Improvement Contingency Fund - Balance Sheet 32 Exhibit "E-5" - Utility Improvement Contingency Fund - Statement of Revenues, Expenditures and Changes in Fund Balance 33 Enterprise Funds Exhibit "F" - Combining Balance Sheet 34 Exhibit "F-I" - Combining Statement of Revenues, Expenses and Changes in Retained Earnings 35 - 36 Exhibit "F-2" - Combining Statement of Changes in Financial Position 37 Exhibit "F-3" - Liquor Fund - Balance Sheet 38 Exhibit "F-4" - Liquor Fund - Statement of Revenues, Expenses and Changes in Retained Earnings 39 Exhibit "F-5" - Liquor Fund - Statement of Changes in Financial Position 40 Exhibit "F-6" - Sanitary Sewer and Water Operating Fund - Balance Sheet 41 Exhibit "F-7" - Sanitary Sewer and Hater Operating Fund - Statement of Revenues, Expenses and Changes in Retained Earnings 42 Exhibit "F-8" - Sanitary Sewer and Water Operating Fund - Statement of Changes in Financial Position 43 Exhibit "F-9" - Metropolitan Waste Control Commission Fund - Balance Sheet 44 Exhibit "F-IO" - Metropolitan Waste Control Commission Fund - Statement of Revenues, Expenses and Changes in Retained Earnings 45 M. J. LON G CO. I I I I I I I I I I I I I I I I I I I INDEX P AGE II Part II (Continued) Enterprise Funds (Continued) Exhibit "F-ll" - Metropolitan Waste Control Commission Fund - Statement of Changes in Financial Position 46 General Fixed Asset Group of Accounts Exhibit "G" - Statement of General Fixed Assets 47 Notes to the Financial Statements 48 - 51 Part III Schedule 1 - Statement of Security for Bank Deposits Pledged by Official Depository 53 Schedule 2 - Schedule of Bond and Interest Maturities - Special Assessment Funds 54 Schedule 3 - Schedule of Insurance Coverage in Force - Unaudited 55 M. J. LO N G CO. I M. J. LONG co. I ACCOUNTANTS AND AUDITORS TONKA BUILDING - EXCELSIOR, MINNESOTA 55331 TELEPHONE 161 2) 474-8826 I City Council City of Shorewood Shorewood, Minnesota I I We have examined the financial statements of the various funds and account groups of the City of Shorewood for the years ended December 31, 1979 and 1978, as listed in Part I and Part II in the foregoing Index. Our examinations were made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. I I I As more fully described in Note 1 to the financial statements, (property, plant and equipment), no complete historical record exists of costs for the City's investment in property, plant and equipment, except for the Liquor Fund, because acquisitions prior to January 1, 1978 have not been recorded. Beginning in the year 1978, the City has recorded property, plant and equipment acquisitions in the Sanitary Sewer and Water Operating Fund and the General Fixed Asset Group of Accounts as well as the Liquor Fund, and has made provision for depreciation which conforms to generally accepted accounting principles applicable to governmental units. I I I In our opinion the financial statements as listed in Part I and Part II in the aforementioned Index present fairly the financial position of the City of Shorewood, Minnesota, at December 31, 1979 and 1978, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. I I The accompanying supplementary data included in Part III of the afore- mentioned Index and the column on the accompanying combined financial state- ments captioned "Total - Memoranduru Only" are not necessary for a fair presentation of the financial statements, but are presented as additional analytical data. This supplemental information, except for the statistical information indicated as unaudited in Part III, has been subject to the tests and other auditing procedures applied in the examination of the financial statements listed in the foregoing Index, and in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. I I M. J. LONG COMPANY I I I Excelsior, Minnesota July 9, 1980 I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA FINANCIAL STATEMENTS For The Years Ended December 31, 1979 and 1978 PART I M. J. LONG CO. I Part I Exhibit "A" CITY OF SHOREWOOD I COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1979 and 1978 I PROPRIETARY ACCOUNT GOVERNMENT AL FUND TYPES FUND TYPES GROUPS (TOTAL - MEMORANDUM ONLY) Special Capital Special General ASSETS General Revenue Projects Assessment Enterprise Fixed Assets 1979 1978 I Current Assets: Cash $( 21,261) $19,325 $( 76,006) $ III ,139 $ 139,201 $ 172,398 $ 272,675 Certificates of Deposit 984,591 75,000 1,059,591 1,088,565 I Accounts Receivable 18,161 600 57 ,159 75,920 97 ,734 Taxes Receivable 22,238 22,238 16,276 Less: Allowance for Uncollectible Accounts ( 5,714) ( 5,714) I Special Assessments Receivable 9,063 273,483 1,815 284,361 311 ,869 Interest Receivable (Note 9) 244 407 13 , 972 2,080 16,703 31,330 Inventories (Note 1) 110,255 110,255 105,926 I Prepared Expenses 7,366 7,366 8,026 Total Current Assets 22,487 19,569 ( 75,599) 1 ,383,785 392,876 1,743,118 1,932,401 Fixed Assets: (Note 1) I Buildings $ 269,153 269,153 77 ,373 Improvements Other than Buildings 3,955 157,167 161,122 42 , 851 Eq uipment 44,080 79,478 123,558 98,057 I 48 ,035 505 ,798 553,833 218,281 Less: Allowance for Depreciation ( 27, 42 4 ) ( 35,962) ( 63,386) ( 37,121) Total Fixed Assets 20,611 469,836 490,447 181,160 I Other Assets: Deferred Special Assessments Receivable 3,143 2,127,154 2 , 1 30 ,2 97 2,390,178 I TOTAL ASSETS $ 25.630 $19.569 $( 75.599) $ 3.510.939 $ 413.487 $ 469.836 $ 4.363.862 $ 4.503.739 LIABILITIES AND FUND EQUITY I Current Liabilities: Accounts Payable $ 39,256 $ 46,666 $ 33,015 $ 118,937 $ 72,100 Retainages Payable 14,677 14,677 I Accrued Liabilities (Note 9) 7,571 184 5,439 13 , 1 94 36 , 17 3 Current Portion Long-Term Indebtedness 36 , 942 1 , 35 9 $ 305,000 343,301 335 ,743 Total Current Liabili ties 83,769 62,886 305,000 38 ,454 490 , 10 9 444,016 I Long-Term Indebtedness (Note 9) 92,525 10,875 3 ,785 ,000 3,888,400 4,202,363 Total Liabilities 176,294 73,761 4,090,000 38,454 4,378,509 4,646,379 I Fund Equity: Investment in General Fixed Assets $ 469,836 469,836 163,646 Retained Earnings: Unreserved 375,033 375,033 363,125 I Fund Balance Appropriated ( 579,061) ( 579,061) ( 623, III ) Unappropriated (150,664) $19,569 (149,360) ( 280,455) ( 46,300) I Total Fund Equity (150,664 ) 19,569 (149 , 360 ) ( 579,061) 375,033 469,836 ( 14,647) ( 142,640) TOTAL LIABILITIES AND FUND EQUITY $ 25.630 $19.569 $( 75.599) $ 3.510.939 $ 413.487 $ 469.836 $ 4.363.862 $ 4.503.739 I The Notes to the Financial Statements are an Integral Part of this Statement. -7- I M. J. LONG CO. I I I I I I I I I I I I I I I I I I I Part I Exhibit "A-1 II Page 1 of 2 REVENUES (TOTAL- MEMORANDUM ONLY) 1979 1978 $ 287,176 $267,115 28,138 33,039 86 ,5 96 63,748 198, 984 171,880 6,575 25,427 81 ,Ill 29,719 8,385 6 ,734 89,080 67,090 144,512 195,419 89,944 95 ,009 1,020,501 $955,180 Taxes Licenses and Permits Intergovernmental Revenues Federal State County Charges for Services Fines and Forfeits Interest on Investments Interest on Special Assessments (Not Miscellaneous Revenues TOTAL REVENUES EXPENDITURES Current General Government Public Safety Police Fire Protective Inspection Animal Control Streets and Highways Engineering Streets Snow and Ice Removal Street Lighting Traffic Signs, Signals and Mar: Equipment Maintenance Public Works Buildings Intergovernmental Services Sanitation and Waste Removal Street Cleaning Rubbish Pick-Up Storm Sewers Weed Control Tree Disease Control Health Recreation Parks and Playgrounds Beaches Sk.;tting Rinks Community Services 163,601 127,486 185,238 30,777 11 ,448 2 ,431 140,344 27 ,465 10,038 1 ,288 11 ,521 35,837 15,201 3,966 4 , 1 97 48,307 11 , 85 9 2,057 24,304 19,247 10,294 2,868 3,849 22,657 2 , 824 883 1,890 482 1 , 7 32 47,687 2,810 5,676 1 , 826 27,349 1,533 11 ,031 1 ,298 9,316 5,610 7,303 553 11 ,346 4,301 -8- M. I I I I I I I I I I I I I I I I I I I Part I Exhi bi t "A-I" Page 2 of 2 EXPENDITURES (Continued) (TOTAL - MEMORANDUM ONLY) Current Capital Outlay General Government Police Protection Streets and Highways Sanitation and Waste Removal Recreation City Hall Construction Park Improvement Debt Service Interest (Note 9) Unallocated General Expense Payroll Taxes PERA Health Insurance Social Security Administration Petty Cash General Insurance Special Assessments on City Pro Uniforms Miscellaneous Rehabilitation Payments MWCC SAC Charges Building Permit Surcharge Service Charges Refunds Engineering - Water Study Manor Park Acquisition 1979 1978 $ 1,057 $ 1,492 10,000 10,407 45 ,320 6,209 9,931 6 ,1 95 38,378 195 ,980 34 ,769 228,610 243,522 8,526 6,254 7 ,987 5,469 10,337 6 ,787 6 11 50 12,102 17,368 924 1 ,906 526 8,420 13,885 25,294 1 , 900 1 ,990 480 480 1 , 323 204 5,443 51 ,000 -.-- 1,207,012 875,260 ( 186 ,511) 79,920 ( 669,411) (604,200) 35 ,000 (180 , 131 ) ( 38,594) 35,000 $( 85 9 . 516 ) $(669.411) TOTAL EXPENDITURES Net Increase (Decrease) in Fund Balance During the Year Fund Balance (DefiCit), January 1 Prior Period Adjustments (Note 9): Retirement of Long-Term Debt To Effect Change from Accrual Basis tc Modified Accrual Basis Issuance of Long-Term Debt Permanent Transfers In (Out) Fund Balance (DefiCit), December 31 -9- M. I I I I I I I I I I I I I I I I I I I SALES AND COST OF SALES Sales Cost of Sales Gross Profit OPERATING REVENUES Charges for Services TOTAL GROSS PROFIT AND OPERATING REVENUES OPERATING EXPENSES Salaries and Wages Retirement Contribution Health and Life Insurance Contributions Shop Supplies Utilities Depreciation Payroll Taxes Rent Telephone Insurance Advertising Professional Services Bad Debts Cash Variance Office Expense Repairs and M~intenance Dues and Subscriptions Laundry Security Rubbish Hauling Employee Reimbursements Electricity - Lift Stations Contracted Services Education Service Charge Refunds Postage Small Tools tvt .1 1 n/IJr:: r.n COMBINED CITY OF SHOREWOOD STATEMENT OF REVENUES AND EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Years Ended December 31, 1979 and 1978 Part I Exhibit "A-2" Page 1 of 2 Liquor ENTERPRISE FUNDS Sanitary Sewer & Water Operating (TOTAL - MEMORANDUM ONLY) Metropolitan Waste Control Connnission 1979 1978 $790,758 610,045 $ 7 90 , 7 5 8 610,045 $699,639 539,392 180 ,7 13 180,713 160,247 $159,580 159,580 167,102 180,713 159,580 327,349 340,293 73,534 31,265 104,799 96 ,765 1 , 920 1 ,920 1 ,7 40 3,340 3,000 6 , 340 7,076 1,715 5,813 7,528 10,749 6,150 2,637 8,787 7,623 964 964 976 5,015 1 ,720 6 , 7 35 6,704 35 , 67 9 35 , 67 9 32 ,786 1,065 1,065 1 , 131 19,815 3,937 23,752 12,401 513 513 671 8,039 8,039 7,014 469 469 270 672 672 108 169 1,528 1 ,697 1,939 2 , 401 2 , 401 724 30 30 75 468 468 326 115 115 816 409 409 344 1,104 1,104 1,517 2,492 2 , 4 92 2,675 5,637 5,637 1,705 170 170 105 75 90 90 260 1,265 1 ,265 . 1 , 0 90 The Notes to the Financial Statements are an Integral Part of this Statement. -10- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES AND EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Years Ended December 31, 1979 and 1978 Part I Exhibit "A-2" Page 2 of 2 Liquor ENTERPRISE FUNDS Sanitary Sewer & Water Operating (TOTAL - MEMORANDUM ONLY) Metropolitan Waste Control Commission 1979 1978 OPERATING EXPENSES (Continued) Sewer Use Charge Connection Fees Purchases - Water Sales Tax Capital Outlay Less: Capitalization of Fixed Assets TOTAL OPERATING EXPENSES $ 75,216 $ 75,216 $ 74,366 900 6,699 6,699 6 , 142 134 134 234 5,909 5,909 16,340 ( 5,909) ( 5,909) ( 16,340) $ 161,756 143,433 305,189 27 9 , 307 18 , 957 16,147 35,104 48,042 Operating Income (Loss) OTHER REVENUES Interest on Investments Property Taxes Special Assessments Refunds 3 , 85 3 12,789 16,642 1 3 , 42 4 23,290 23 ,2 90 18,713 5,498 467 467 554 36,546 40,399 38,189 TOTAL OTHER REVENUES 3 , 85 3 OTHER EXPENSES Depreciation Deferred Charges Metropolitan Waste Control Commission TOTAL OTHER EXPENSES 1,848 1,848 6,485 6 ,485 20,262 20,262 28,595 28,595 22,810 24,098 46,908 171,163 201,512 $(9,550) 363,125 ( 10,000) ( 25,000) ( 35,000) ( 9,550) 9,550 $ 183.97 3 $ 191 .060 $ -0- $ 375.033 777 6,485 20,264 27,526 Net Income (Loss) to Retained Earnings 58,705 Retained Earnings, January 1 304,420 Transfer to City Hall Construction Fund Transfer to Metro Waste Control Commission Fund Retained Earnings, December 31 $ 36 3 . 125 The Notes to the Financial Statements are an Integral Part of this Statement. -11- M. J. LONG CO. I I I I I I I I I I I I I I I I I I I Bonded Indebtedness Special Assessment Bonds Total Bonded Indebtedness Certificates of Indebtedness TOTAL CITY INDEBTEDNESS Authorized $5,645,000 5,645,000 127,000 $5.772 .000 ..... I I nllrr..l~ ~n Issued $5,645,000 5,645,000 127,000 $5.772 .000 CITY OF SHOREWOOD COMBINED SCHEDULE OF INDEBTEDNESS December 31, 1979 and 1978 Debt Outstanding December 31, 1978 Debt Outstanding December 31, 1979 Principal Due In 1980 Is sued Retired $4,395,000 $305,000 $4,090,000 $305,000 4,395,000 305,000 4,090,000 305,000 75,000 15,000 60,000 15,000 $4.470.000 $320.000 $4.150.000 $320.000 The Notes to the Financial Statements are an Integral Part of this Statement. Part I Exhibit "A-3" Interest Due In 1980 $208,159 208,159 2,640 $210.799 -12- I I I I I I I I I I I I I I I I I I I CITY OF SHORffivOOD, MINNESOTA FINANCIAL STATEMENTS For The Years Ended December 31, 1979 and 1978 P ART II M. J. LONG CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GENERAL FUND BALANCE SHEET December 31, 1979 and ASSETS Current Assets Cash - Regular Cash - Savings Accounts Receivable - Regular Prepaid Interest Taxes Receivable - Delinquent Less Allowance for Doubtful Accounts Special Assessments Receivable Current Delinquent Accrued Interest Receivable Special Assessments - Current Total Current Assets Other Assets Deferred Special Assessments Receivable TOTAL. ASSETS LIABILITIES AND FUND EQUITY Liabilities Current Liabilities Accounts Payable Accrued Expenses Certificates of Indebtedness - Current Portion Notes Payable - Current Portion Contracts Payable - Current Portion Total Current Liabilities Long-Term Liabilities Certificates of Indebtedness Notes Payable Contracts Payable Total Long-Term Liabilities Total Liabilities Fund Equity Fund Balance (Deficit) Unappropriated TOTAL LIABILITIES AND FUND EQUITY part II Exhibit "B" 1978 1979 1978 $(21,261) $ 14 , 830 25,000 49,622 3,070 16,276 18,161 22,238 ( 5,714) 8,611 452 3,090 217 509 22 ,487 112,614 3,143 6,347 $ _25.630 $ 118. 961 $ 39,256 $ 38,674 7,571 11,335 15,000 15,000 6,702 6 ~ 32 3 15,240 9..420 83,769 80,752 45,000 60,000 7,104 16,267 40,421 36 ,096 92,525 112,363 176,294 193,115 (150,664) ( 74,15~) $ -15 .630 $ J-L~L~.t The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. -14- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For The Years Ended December 31, 1979 and 1978 1979 Revenues and Other Sources $ 702,215 Expenditures and Other Uses 753,725 Net Increase (Decrease) in Fund Balance ( 51,510) ( 74,154) ( 25,000) $(150.664) Fund Balance (Deficit) January 1 Contract for Deed Fund Balance (Deficit) December 31 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "B-I" -15- 1978 $ 609,060 633,101 ( 24,041) ( 50,113) $( 74.154) I Part II Exhibit "B_2" CITY OF SHOREWOOD I GENERAL FUND STATEMENT OF REVENUES - ESTIMATED AND ACTUAL For The Years Ended December 31, 1979 and 1978 I 1979 1978 Actual Actual I Over (Under) Over (Under) Actual Estimated Estimated Actual Es timated Estimated I TAXES Property Taxes $287,176 $330,944 $( 43,768) $267,115 $238,362 $ 28,753 I LICENSES AND PERMITS Business Licenses and Permits 8 ,787 8 ,5 35 252 8,388 9,000 ( 612) Non-Business Licenses and Permits 1 9 , 351 28,100 ( 8,749) 24,651 28,480 ( 3,829) I 28,138 36,635 ( 8 ,497) 33,039 37 ,480 ( 4,441) INTERGOVERNMENT AL REVENUE I Federal Grants CETA 11 ,765 8,000 3,765 Community Development 65,621 65,621 31,801 20,000 11 , 801 I State Grants Local Government Aid 134,811 134,810 1 112,970 112,970 Homestead Credit 53,046 53,046 48,766 48,000 766 Tree Disease 6,433 4,000 2,433 8,177 4,000 4,177 I Machinery Aid 111 110 1 110 63 47 Planning 3,124 2,000 1,124 1 , 857 1 , 857 Surcharge Rebate 1 , 45 9 1 , 45 9 I County Grants Fiscal Disparities 6,575 4,000 2,575 4 ,428 6,000 ( 1,572) Road Aid 12,600 ( 12,600) 20,999 12,500 8,499 I 27 1 , 180 157,520 113,660 240 , 87 3 211 ,533 2 9, 340 CHARGES FOR SERVICES I General Government 13, 188 9,600 3,588 11 ,5 96 7 ,800 3,796 Public Works 13,433 6,600 6,833 11 ,347 7,800 3,547 Sanitation 53,995 5,000 48,995 6,776 5,000 1,776 I Recreation 495 495 81,111 21,200 9,119 59,911 29,719 20,600 I FINES AND FORFEITS Fines 8,385 10,000 ( 1,615) 6 ,734 5,000 1 ,734 I MISCELLANEOUS REVENUES Special Assessments 5,584 200 5,384 ( 2,016) 200 ( 2,216) Rents 1 , 800 1 ,800 4,315 4,315 I Refunds and Reimbursements 850 850 2,016 2,016 MWCC SAC Charges 14,090 23,000 ( 8,910) 25,203 65 ,905 (40,702) Building Permit Surcharge 2,007 2,000 7 2,062 2,062 I Tree Reforestation 1,134 1,134 Contributions and Donations 760 760 26,225 27,000 ( 775) 31,580 66,105 (34,525 ) I TOTAL REVENUES $702.215 $583.299 $ 118. 916 $609 .060 $579 .080 $ 29. 980 -16- M. J. LONG CO. The Notes to the Financial Statements are an Integral Part of this Statement. I I I I I I I I I I I I I I I I I I I The Notes to the Financial Statements are an Integral Part of this Statement. M_ .J_ LONG r.o_ -17- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GEl'4r:RAL FUND ~TATEMENT OF EXPENDITURES - ESTIMATED AND ACTUAL For The Years Ended December 31, 1979 an~ 1978 Part II Exhibit "B-3" Page 2 of 3 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GENERAL FUND STATEMENT OF EXPENDITURES - ESTIMATED AND ACTUAL For The Years Ended December 31, 1979 and 1978 Part II Exhibit "B-3" Page 3 of 3 1979 1978 Estimated Actual Over (Under) Estimated Actual Actual Estimated Actual Over (Under) Estimated RECREATION Parks and Playgrounds $ Current Expenditure $ 11 ,031 $ 11 ,031 $ 7,303 $ 6,200 1,103 Capital Outlay 5,555 $ 9,000 ( 3,445) 31,835 31,835 Beaches Current Expenditure 1,298 1,298 553 1 ,500 ( 947) Capi tal Outlay 389 389 Skating Rinks Current Expenditure 9,316 9,316 11 ,346 6,000 5 ,346 Capi tal Outlay 640 3,000 ( 2 , 360 ) 6,154 6,154 Community Services Current Expenditure 5,610 4,000 1,610 4,301 4,000 301 33,450 16,000 17 ,450 61,881 17,700 44,181 DEBT SERVICE Interest 6,881 19,860 ( 12,979) 7 , 490 11 ,200 ( 3,710) UNALLOCATED GENERAL EXPENSE Payroll Taxes 8,526 8,526 6,254 4,600 1,654 PERA 7 ,987 7 ,987 5,469 4,800 669 Health Insurance 10,337 10 ,337 6 ,787 8,000 ( 1,213) Social Security Administration 6 6 11 11 Petty Cash 50 50 General Insurance 12,102 17,000 ( 4,898) 17,368 15,000 2,368 Special Assessments on City Property 924 1,160 ( 236) 1 ,906 1,906 Uniforms 526 526 40 , 408 18,160 22,248 37 ,845 32 ,400 5,445 MIS CELLANEOUS Rehabilitation Payments 8,420 8,420 MWCC SAC Charges 13,885 13,885 25,294 59 ,060 (33,766 ) Building Permit Surcharge 1 ,900 1 , 900 1,990 1,990 Refunds and Reimbursements 994 994 Manor Park Acquisition 51,000 51,000 76,199 76,199 27 ,2 84 59,060 (31,776) TOTAL EXPENDITURES $753.725 $616 .67 4 $ 137 .051 $633.101 $591. 300 $ 41.801 The Notes to the Financial Statements are an Integral Part of this Statement. -19- M. J. LONG CO. I I I I I I I I I I I I I I I I I I I ASSETS Current Assets Cash - Regular Cash - Savings Interest Receivable TOTAL ASSETS FUND EQ UITY Fund Balance TOTAL FUND EQUITY CITY OF SHOREWOOD FEDERAL REVENUE SHARING FUND BALANCE SHEET December 31, 1979 and 1978 1979 $17,515 1,810 244 $19.569 $19,569 $19.569 The Notes to the Financial Statements are an Integral Part of this statement. M. J. LON G CO. Part II Exhibit "c" 1978 $11,540 186 368 $12.094 $12,094 $12.......Q.2.lt -20- ~ I I I I I I I I I I I I I I I I I I REVENUES Federal Revenue Sharing Interest Income TOTAL REVENUES EXPENDITURES City Hall Construction - Transfer Engineering - Water Study TOTAL EXPENDITURES Net Increase in Fund Balance Fund Balance, January 1 Permanent Transfer to City Hall Construction Fund Fund Balance, December 31 M. J. LONG CO. CITY OF SHOREWOOD FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1979 and 1978 1979 Actual Over (Under) Estimated Actual Estimated $20,975 1,500 $ 20, 97 5 $ 1,500 22,475 20,975 1,500 2 1, 000 (21,000) 21,000 (21,000) $.~2.500 $22 .475 $( 25) 12,094 (15,000) $ 19.569 1978 Exhibit "C-l" Actual $ 20,182 462 20,644 5,443 5,443 $ 15,201 ( 3,107) $ 12.094 Estimated The Notes to the Financial Statements are an Integral Part of this Statement. Actual Over (Under) Estimated $20,182 462 20,644 5,443 5,443 $15,201 -21- I I I I I I I I I I I I I I I I I I I ASSETS Current Assets Cash - Regular Cash - Savings Interest Receivable TOTAL ASSETS LIABILITIES AND FUND EQUITY Liabilities Current Liabilities Accounts Payable Retainages Payable Accrued Liabilities Contract Payable - Current Portion Total Current Liabilities Long-Term Liabilities Contract Payable Total Liabilities CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET December 31, 1979 and 1978 Park Capital Improvement $ 12,888 2 ,869 407 $ lQ...164. $ 7,126 184 1 , 35 9 8,669 10,875 19,544 Fund Eq uity Fund Balance ( 3,380) TOTAL LIABILITIES AND FUND EQUITY $ 16.164 "~k City Hall Construction $ ( 18,066) ( 7 3 ,697) $( 91.763) $ 39.540 14,677 54,217 54,217 (145,980) $( 91.763) Part II Exhibi t "D" (Total - Memorandum Only) 1979 1978 $( 5,178) ( 70, 82 8 ) 407 $14,990 157 613 $( 75.599) $15.760 $ 46,666 14,677 184 1 , 35 9 62,886 10 , 875 73,761 (149,360) $15,760 $( 75.599) $15.76Q The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. -22- I I I I I I I I I I I I I I I I I I I Part II Exhibit "D-I" CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES. EXPENDITURES. AND CHANGES IN FUND BALANCES For The Years Ended December 31. 1979 and 1978 Park Capital Improvement City Hall Construction (Total - Hemorandum Only) 1979 1978 The Notes to the Financial Statements are an Integral Part of this Statement. -23- M. J. LO N G CO. I I I I I I I I I I I I I I I I I I I ASSETS Current Assets Cas h - Re gular Cash - Savings Interest Receivable TOTAL ASSETS LIABILITIES AND FUND EQUITY CITY OF SHOREWOOD PARK CAPITAL IMPROVEMENT FUND BALANCE SHEET December 31, 1979 and 1978 Liabilities Current Liabilities Accounts Payable Accrued Liabilities Contract Payable - Current Portion Total Current Liabilities Long-Term Liabilities Contract Payable Total Liabilities Fund Eq ui ty Fund Balance (Deficit) TOTAL LIABILITIES AND FUND EQUITY Part II Exhibit "D-2" 1979 1978 $ 12,888 2,869 407 $14,990 157 613 $ 16.164 $15 . 7 60 $ 7,126 184 1 , 35 9 8,669 10,875 19,544 ( 3,380) $15,760 $ li> .164 $15.760 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. -24- I I I I I I I I I I I I I I I I I I I Part II Exhibit "D-3" CITY OF SHOREWOOD PARK CAPITAL IMPROVEMENT FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND For The Years Ended December 31, 1979 and 1978 BALANCE REVENUES \~ \ ..,,/- ..y-- I .. \ / $ ,1'\*, 900 ,/15'-,000 2,'323 770 1978 Subdivision Fees Donations Interest Income 8 , 900 "--'.,." TOTAL REVENUES 29,223 9,780 EXPENDITURES Capital Outlay 34,769 34,769 ( 5,546) 9,780 15,760 5 , 980 (13,594) -- $ ( 3 , 380J $15.760 TOTAL EXPENDITURES Net Increase (Decrease) in Fund Balance Fund Balance, January 1 Contract Payable Fund Balance, December 31 The Notes to the Financial Statements are an Integral Part of this Stat~nent. -25- M. J. LO N G CO. I I I I I I I I I I I I I I I I I I I ASSETS Current Assets Cash - Regular Cash - Savings TOTAL ASSETS LIABILITIES AND FUND EQUITY Liabili ties Current Liabilities Accounts Payable Retainages Payable Total Liabilities Fund Equity Fund Balance CITY OF SHOREWOOD CITY HALL CONSTRUCTION FUND BALANCE SHEET December 31, 1979 and 1978 TOTAL LIABILITIES AND FU1~ EQUITY 1979 $( 18,066) ( 73,697) $( 91.763) $ 39,540 14,677 54,217 (145 ,980) $( 91,763) The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. Part II Exhibit "D-4" ...26- 1978 - -- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD CITY HALL CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND For the Years Ended December 31, 1979 and 1978 1979 EXPENDITURES Capital Outlay $ 195,980 TOTAL EXPENDITURES 195 ,980 Net (Decrease) in Fund Balance (195,980) Fund Balance, January 1 Transfers from Other Funds: Federal Revenue Sharing Fund Liquor Fund Sanitary Sewer and Water Operating Fund 15,000 10,000 25,000 Fund Balance, December 31 $(145~980) The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. Part II Exhibit "D-5" BALANCE -27- 1978 - --- -~- I I I I I I I I I I I I I I I I I I I Part II Exhibit "E" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31, 1979 and 1978 Debt Service Utility Improvement Contingency (Total - Memorandum Only) 1979 1978 ASSETS Current Assets Cash - Regular $ 16,068 $ 480 $ 16,548 $ 30 , 12 4 Cash - Savings 63,766 30,825 94,591 90,025 Investments Certificates of Deposit 748,591 236,000 984,591 963,214 Special Assessments Receivable Current 174,597 1 7 4 ,5 97 181,619 Delinq uent 98,886 98,886 119,917 Accrued Interest Receivable Investments 10 ,7 45 3,227 13, 972 21 ,375 Other Receivables 600 600 Total Current Assets .' 1 t113,253 270 ,532 It383,785 It406,274 Other Assets Deferred Special Assessments Receivable 2,127,154 2,127,154 2,383t831 TOTAL ASSETS $ 3.240.407 $270~32 $ 3.510.939 $ J..J.30.105 LIABILITIES AND FUND EQUITY Liabi Ii ties Current Liabilities Accrued Interest Payable (Note 9) $ 18,216 Bonds Payable - Current Portion $ 305,000 $ 305tOOO 305,000 Total Current Liabilities 305,000 305,000 32 3 , 2 16 Long-Term Liabilities Bonds Payable (Note 9) 3,785,000 3 ,785 ,000 4,090,000 Total Liabilities 4t090,OOO 4,090 ,000 4,413,216 Fund Equity Fund Balance (Deficit) ( 849t593) $270,532 ( 579t061) ( 623, Ill) TOTAL LIABILITIES AND FUND EQUITY $ 3.240.'.07 $270~532 $ 3.510. 93...9 $ 3.7 90 . 105 The Notes to the Financial Statements are an Integral Part of this Statement. -28- M. J. LON G CO. I I I I I I I I I I I I I I I I I I I Part II Exhibit "E-1" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUES~ EXPENDITURES AND CHANGES IN FUND BALANCES For The Years Ended December 31, 1979 and 1978 Debt Service Utility Improvement Contingency REVENUES Special Assessments Interest (Note 9) Other Revenues Equalization Assessments Interest on Investments Sewer Assessments $ 1 38 , 928 65 ,411 $ 11 ,603 19,846 30,800 TOTAL REVENUES 204,339 62,249 EXPENDITURES Interest on Bonds (Note 9) Service Charges Refunds 221,729 480 329 TOTAL EXPENDITURES 222,538 Net Increase (Decrease) in Fund Balance ( 18,199) (831,394) 62,249 Fund Balance, (Deficit) January 1 208,283 Prior Period Adjustments (Note 9): Retirement of Long-Term Debt To Effect Change from Accrual Basis to Modified Accrual Basis Fund Balance, (Deficit) December 31 $(849.593) $270 .532 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. (Total - Memorandum Only) 1979 $ 138,928 11 ,603 85,257 30,800 266,588 221,729 480 329 222,538 44,050 (623,111) $ ( 57 9 .061) -29- 1978 $ 195,419 23,619 65,858 30 ,800 315,696 236,032 480 204 2 36 ,71 6 78,980 (556,960) 35 ,000 (180 , 1 31 ) $ 623.111 I I I I I I I I I I I I I I I I I I I Part II Exhibit "E~2" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - DEBT SERVICE FUND BALANCE SHEET December 31. 1979 and 1978 1979 1978 ASSETS Current Assets Cas h - Regular Cash - Savings Investments Certificates of Deposit Special Assessments Receivable Current Delinquent Accrued Interest Receivable Investments Other Receivables $ 16.068 $ 16.074 63.766 85.115 748.591 783.214 174.597 181.619 98.886 119.917 10.745 12,052 600 1,113,253 1 . 1 97 , 991 2,127.154 2,383,831 $ 3.240.407 $ ;L581.822 Total Current Assets Other Assets Deferred Special Assessments Receivable TOTAL ASSETS LIABILITIES AND FUND EQUITY Liabilities Current Liabilities Accrued Interest Payable (Note 9) Bonds Payable - Current Portion $ 18,216 $ 305,000 305,000 305,000 323,216 3,785 ,000 4,090,000 4,090,000 4,413,216 ( 849.593) ( 831,394) $.~~ $ .:L.581. 822 Total Current Liabilities Long-Term Liabilities Bonds Payable (Note 9) Total Liabilities Fund Balance Fund Balance (Deficit) TOTAL LIABILITIES AND FU1~ EQUITY The Notes to the Financial Statements are an Integral Part of this Statement. -30 - M. J. LON G CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - DEBT SERVICE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND For The Years Ended December 31, 1979 and 1978 1979 REVENUES Special Assessments Interest (Note 9) Other Revenues Interest on Investments $ 138,928 65,411 204,339 221,729 480 329 222,538 ( 18,199) (831,394) TOTAL REVENUES EXPENDITURES Interest on Bonds (Note 9) Service Charges Refunds TOTAL EXPENDITURES Net Increase (Decrease) in Fund Balance Fund Balance, (Deficit) January 1 Prior Period Adjustments (Note 9): Retirement of Long-Term Debt To Effect Changes From Accrual Basis to Modified Accrual Basis Fund Balance, (Deficit) December 31 $(849.593) The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "E-3" BALANCE 1978 $ 195,419 54,150 249,569 236,032 480 204 2 36 ,716 12 , 853 (699,116) 35,000 (180,131) $ (831....394) -31- I I I I I I I I I I I I I I I I I I I ASSETS Part II Exhibit "E-4" CITY OF SHOREWOOD SPECIAL ASSESSMENTS FUND - UTILITY IMPROVEMENT CONTINGENCY FUND BALANCE SHEET December 31. 1979 and 1978 1979 Current Assets Cash - Regular Cash - Savings Investments Certificates of Deposit Interest Receivable $ 480 30.825 236,000 3.227 TOTAL ASSETS $270,532 FUND EQUITY Fund Balance $270,532 $270,532 TOTAL. FUND EQUITY The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. -32- 1978 $ 14.050 4,910 180,000 9 . 32 3 $208,283 $208,283 $.208,283 I I I I I I I I I I I I I I I I I I I Part II Exhibit IE-5" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - UTILITY IMPROVEMENT CONTINGENCY FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1979 and 1978 1979 1978 REVENUES Equalization Assessments $ 11 , 603 $ 23,619 Interest on Investments 19,846 11,708 Sewer Assessments 30 , 800 30, 800 TOTAL REVENUES 62,249 66,127 Net Increase in Fund Balance 62,249 66,127 Fund Balance, January 1 208,283 142,156 Fund Balance, December 31 $270 .532 $208.2_81 The Notes to the Financial Statements are an Integral Part of this Statement. -33- M. J. LO N G CO. I I I I ASSETS I I I I I I I I I I I I I I I CITY 0 F S HOREWOOD ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1979 and 1978 Sanitary Metropolitan Sewer & Water Waste Control Liquor Operating Commission The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. P art II Exhi hi t "F" (Total - Memorandum Only 1979 1978 -34- I I I I SALES AND COST OF SALES Sales Cost of Sales I Gross Profi t I I I I I I I I I I I I I I CITY OF SHOREWOOD ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1979 and 1978 Liquor $790,758 610,045 1 80 ,71 3 OPERATING REVENUES Sewer Connection Permits Water Connection Permits Disposal Fees Sewer Service Charges Contracted Services Parts and Repairs Water Sales Meter Sales Connection Fees Total Operating Revenues Total Gross Profit and Operating Revenues 180 ,713 OPERATING EXPENSES Salaries and Wages Payroll Taxes Employee Benefits Rent Utili ties Telephone Ins uranee Advertising Depreciation Professional Services Bad Debts Cash Variance Supplies Of fiee Expense Repairs and Maintenance Dues and Subscriptions Postage Laundry Security Rubbish Hauling Employee Reimbursements 7 3 ,534 5,015 3,340 35 ,67 9 6,150 1,065 19,815 513 964 8,039 469 672 1,715 169 2., 401 30 90 468 115 409 1,104 Sanitary Metropolitan Sewer & Water Waste Control Operating COlnmission $ 1 ,325 200 1,095 149,247 6,058 1 , 1 90 465 15 9,580 159,580 31,265 1,720 3,000 2,637 3,937 5 ,81 3 1,528 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LONG CO. Part II Exhibit "F-l" Page 1 of 2 (Total - Memorandum OnlY: 1979 .1978 $790,758 $699,639 610,045 5 39 , 3 92 180 ,71 3 160,247 1 ,325 2,750 200 180 1,095 1,155 149,247 149 ,684 3,442 106 6,058 7 ,880 1 , 1 90 1,005 465 900 159,580 167,102 340.293 327,349 104,799 96,765 6 , 7 35 6,704 6,340 6,198 35 ,67 9 32 ,7 86 8,787 7,623 1 ,065 1 ,131 23,752 13,279 513 671 964 976 8,039 7,014 469 270 672 108. 7,528 10,749 1 ,697 1,939 2,401 724 30 75 90 260 468 326 115 816 409 344 1,104 1,517 -35- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1979 and 1978 Sanitary Metropolitan Sewer & Water Waste Control Liquor Operating Commission OPERATING EXPENSES (Continued) PERA Small Tools Electricity - Lift Stations Contracted Services Education Service Charge Refunds Sewer Use Charge Connection Fees Purchases - Water Sales Tax Capital Outlay Less: Capitalization Fixed Assets Total Operating Expenses 161,756 Operating Income (Loss) 18,957 OTHER REVENUES Interest 3,853 Property Taxes Special Assessments Refunds Total Other Revenues 3,853 OTHER EXPENSES Depreciation Deferred Charges Metropolitan Waste Control Commission Total Other Expenses Net Income (Loss) to Retained Earnings 22 ,810 Retained Earnings, January 1 Transfer to City Hall Construction Fund Transfer to Metro Waste Control Commission Fund 171,163 $ 1 , 920 1,265 2 , 492 5,637 170 75,216 6,699 134 5 , 90 9 ( 5,909) 143,433 16,147 12,789 2 3 , 2 90 467 36,5t+6 1,848 6 ,485 20,262 28,595 24,098 201,512 $( 9,550) ( 10,000) ( 25,000) ( 9,550) 9,550 Retained Earnings, December 31 $ 183.973 $ 191......06Q. $ --=-P-=- The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "F-1" :Page 2 of 2 (Total - Memorandum Only 1979 $ 1 ,920 1 , 2 65 2 ,492 5,637 170 75,216 6,699 134 5 , 909 ( 5,909) 305,189 35,104 16,642 23,290 467 40,399 1,848 6,485 20,262 28,595 46,908 363,125 ( 35,000) $ 375.033 -36- 1978 $ 1 ,7 40 1 ,0 90 2,675 1,705 105 75 7 4 , 366 900 6 , 1 42 234 16,340 { 16,340 279,307 48,042 13,424 18,713 5,498 554 38,189 777 6,485 20,26/.. 27,526 58,705 304,420 $ _363.125 I I I I I I I I I I I I I I I I I I I Part II Exhibit "F,...2" CITY OF SHOREWOOD ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1979 and 1978 Sanitary Metropolitan Sewer & Water Waste Control Liquor Operating Commission SOURCES OF FINANCIAL RESOURCES Operations Net Income (Loss) for the Year $ 22,810 $ 24,098 Transfer from Sanitary Sewer & Water Operating Fund Add: Items not Requiring Current Outlay of Resources Depreciation 964 1,848 Total Resources Provided by all Sources USES OF FINANCIAL RESOURCES Transfer to Metro Waste Control Comnlission Fund Transfer to City Hall Construction Fund Acquisition of Fixed Assets Total Uses of Financial Resources NET INCREASE (DECREASE) IN WORKING CAPITAL 23,774 10,000 10,000 $9,550 25,946 9,550 9,550 25,000 5,909 40,459 $ J).774 $ (--0 .513) $ 9.550 COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Cas h - Regular $ ( Cash - Savings Accrued Interest Receivable Accounts Receivable Inventories ,... Stores for Resale Special Assessments Receivable Current Delinquent Investments Certificates of Deposit Prepaid Expenses Accounts Payable Accrued Liabilities NET INCREASE (DECREASE) IN WORKING CAPITAL 7,446)$( 33,499 4,649 4 ,32 9 ( 25,351) 2,410 501 1,183 1,399) 19,174 $ 9,550 ( 6,385) 4,398 ( 5,498) 287 ( 25,000) ( 90) $ 13.774 $( 14.513) $ 9.550 (Total - Memorandtml OnE: 1979 $ 46,908 9,550 2,812 59,270 -- 9,550 35,000 5,909 50,459. $ 8.811 $ 705 52,673 ( 6,385) 9,047 4 ,329 ( 5,498) 287 ( 50,351) 2,410 411 1 ,183 $ 8.811 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO NG CO. -37- 1978 $ 58,705 1,753 60,458 15 ,5 32 15 ,532 $ 44.92~ $ ( 68,546: ( 12,762: 8,465 3,866 7 ,937 5,498 1,528 100,000 1,707 ( 2,417 ( 350 $ 44 ,926 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD LIQUOR FUND BALANCE SHEET December 31, 1979 and 1978 AS SETS Current Assets Cash - Regular Cash - Savings Investments Certificates of Deposit Accounts Receivable Inventories - Stores For Resale (Note 1) Prepaid Expenses Total Current Assets Fixed Assets (Note 1) Improvements Other Than Buildings Equipment Less: Allowance for Depreciation Total Fixed Assets TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS Current Liabilities Accounts Payable Accrued Liabilities Total Liabilities Retained Earnings Unreserved Part II Exhibit "F-3" 1979 1978 $ 30,326 $ 37,772 57,810 24,311 25,351 11 ,768 7,119 110,255 105,926 7 ,366 4,956 217 ,525 205,435 3,955 3,955 22,639 22,639 26 ,594 26,594 ( 24,799) (~,835) 1 ,7 95 2,759 $ 219.320 $ 208.194 $ 29,908 ---2,439 $ 30,409 ._~622, 35,347 37,031 183,973 171,163 -- TOTAL LIABILITIES AND RETAINED EARNINGS $ 119. 320 $,208.194 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LONG CO. -38- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD LIQUOR FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For The YearsEnded December 31, 1979 and 1978 1979 Sales and Cost of Sales Sales Cost of Sales $ 790,758 610,045 1 80 , 7 1 3 73,534 5,015 3,340 35 ,67 9 6,150 1,065 19,815 513 964 8,039 469 672 1,715 169 2 , 401 30 90 468 US 409 1,104 161,756 18 , 957 3,853 22,810 ( 10,000) 171,163 --.- $ J 83 . 97 3 Total Gross Profit Operating Expenses Salaries and Wages Payroll Taxes Employee Benefits Rent Utilities Telephone Insurance Advertising Depreciation Professional Services Bad Debts Cash Variance Supplies Office Expense Repairs and Maintenance Dues and Subscriptions Postage Laundry Security Rubbish Hauling Employee Reimbursements Total Operating Expenses Operating Income Other Revenues Interest Net Income to Retained Earnings Transfer to City Hall Construction Fund Retained Earnings, January 1 Retained Earnings, December 31 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "F-4" -39- 1978 $699,639 539,392 160,247 65,146 4 ,7 92 3,390 32 ,786 5 , 323 1 ,131 9,601 671 976 7,014 270 108 1,765 827 724 75 260 326 816 344 1,517 }37,862 22,385 2 , 935 25,320 145,843 $Jl.Ll63 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1979 and 1978 1979 Sources of Financial Resources Operations Net Income for the Year Add: Items not Requiring Current Outlay of Resources Depreciation $ 22,810 964 Total Resources Provided by Operations 23,774 Uses of Financial Resources Transfer to City Hall Construction Fund 10,000 NET INCREASE IN WORKING CAPITAL $ 13.774 Component Elements of Increase in Working Capital Cas h - Regular Cash - Savings Investments Accounts Receivable Inventories - Stores for Resale Prepaid Expenses Accounts Payable Accrued Liabilities $(7,446) 33,499 (25,3.51 ) 4,649 4 , 32 9 2,410 501 1,183 NET INCREASE IN WORKING CAPITAL $ 13.774 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LONG CO. Part II Exhibit "F-5" -40- 1978 $ 25,320 976 2 6 , 2 96 $ 2 6 . 2 96 $ 28,419 (12,762) 2,412 7,937 1,707 ( 1,067) ( 350) $ 2~2 96 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SANITARY SEWER AND WATER OPERATING FUND BALANCE SHEET December 31, 1979 and 1978 1979 ASSEl'S Current Assets Cas h - Regular Cash - Savings Investments Certificates of Deposit Accounts Receivable Special Assessments Receivable Current Delinq uent Interest Receivable $ 15,370 35,695 75,000 45,391 1,815 2,080 Total Current Assets 175,351 Fixed Assets Equipment Less: Allowance for Depreciation 21,441 ( 2,625) Total Fixed Assets 18,816 TOTAL ASSETS $ 1 94 .167 LIABILITIES AND RETAINED EARNINGS Current Liabilities Accounts Payable $ 3,107 Retained Earnings Unreserved 191,060 TOTAL LIABILITIES AND RETAINED EARNINGS $ 1 94..J.Q1. The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "F-6" -41- 1978 $ 16,769 16,521 100,000 40,993 5,498 1,528 8,465 189,774 15,532 ( 777) 14,755 $ 204.529 $ 3,017 201,512 $ 204.529 I I I I I I I I I I I I I I I I I I I Part II Exhibit IF-7" CITY OF SHOREWOOD SANITARY SEWER AND HATER OPERATING FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED For The Years Ended December 31, 1979 and 1978 OPERATING REVENUES Sewer Connection Permits Water Connection Permits Disposal Fees Sewer Service Charges Contracted Services Parts and Repairs Water Sales Meter Sales Connection Fees TOTAL OPERATING REVENUE Less: Operating Expenses Salaries and Wages FICA PERA Health Insurance Other Insurance Office Expense Supplies Small Tools Utilities Electricity - Lift Stations Contracted Services Education Service Charge Refunds Sewer Use Charge Connection Fees Purchases - Water Sales Tax Capital Outlay Less: Capitalization of Fixed Assets TOTAL OPERATING EXPENSES Operating Income Other Revenues Special Assessments Interest Property Taxes Refunds TOTAL OTHER REVENUES Other Expenses Depreciation Deferred Charges Metro Waste Control Commission TOTAL OTHER EX~ENSES Net Income to Retained Earnings Retained Earnings, January 1 Transfer to Metro Waste Control Commission Transfer to City Hall Construction Fund Retained Earnings, December 31 EARNINGS 1979 1978 $ 1,325 $ 2,750 200/ 180,.------ 1,095 1,155 149 ,247~ 149,684~/ 3,442 6,O58~ 106 7,880"'---- 1,190 1 ,005--- 465 900 159,580 167,102 31.265 31,619 1,720 1 ,912 1 ,920 1,740 3,000 2 , 808 3,937 3,678 1,528 1,112 5,813 8,984 1,265 1,090 2,637 2 , 300 2 . 492 2,675 5 ,637 1,705 170 105 75 75,216 74,366 900 6,.699 6 , 142 134 234 5 , 90 9 16,340 ( 5,909) ( 16,340) 143,433 141,445 16,147 -8-:-657 5 , 498 12,789 10 ,lf89 2 3~2 90 467 -- 15,987 36,546. 1,848 777 6,485 20,262 28,595 -777 24:098 40,867 201,512 160,645 Fund ( 9,550) ( 25,000) $ 191.060 $ 201~l~ The Notes to the Financial Statements are an Integral Part of this Statement. -42- M.J. LONG CO. I I I I I I I I I "I I I I I I I I I I Part II Exhibit "F-8" IN $( 1~399) $( 89~483) 19~174 1,454 4~398 ( 5,498) 5 ~ 498 287 1~528 (25 ~OOO) 100,000 ( 6.385) 8~465 ( 90) ( . 1 ~ 350) $ (14 .513) $ ....2.2_11.11. CITY OF SHOREWOOD SANITARY SEWER AND WATER OPERATING FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31~ 1979 and 1978 1979 SOURCES OF FINANCIAL RESOURCES Operations Net Income for the Year Add: Items not requiring Current Outlay of Resources Depreciation $ 24~098 1~848 Total Resources Provided by Operations 25~946 Uses of Financial Resources Acquisition of Fixed Assets Transfer to Metro Waste Control Commission Fund Transfer to City Hall Construction Fund 5 ~ 909 9,550 25~OOO -- Total Uses of Financial Resources 40 ~ 45 9 NET INCREASE (DECREASE) IN WORKING CAPITAL $ CLWU) COMPONENT ELEMENTS OF INCREASE (DECREASE) WORKING CAPITAL Cash - Regular Cash - Savings Accounts Receivable Special Assessments Receivable Current Delinquent Investments Certificates of Deposit Accrued Interest Receivable Accounts Payable NET INCREASE (DECREASE) IN WORKING CAPITAL .The Notes to the Financial Statements are an Integral Part of this Statement. -43- M. J. LO N G CO. 1978 $ 40,867 777 41,644 15 ~532 15 ,5 32 $ 26.112 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD METROPOLITAN WASTE CONTROL COMMISSION FUND BALANCE SHEET December 31, 1979 and 1978 1979 ASSETS Current Assets Cash - Regular TOTAL ASSETS RETAINED EARNINGS Unreserved (Deficit) TOTAL RETAINED EARNINGS The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LO N G CO. Part II Exhibit "F-9" ~44... 1978 $(9,550) (9,550) (9,550) $(9.550) I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD METROPOLITAN WASTE CONTROL COMMISSION FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED For The Years Ended December 31, 1979 and 1978 1979 REVENUES Property Taxes Refunds TOTAL REVENUES EXPENSES Deferred Charges Metropolitan Waste Control Commission TOTAL EXPENSES Net Income (Loss) to Retained Earnings Retained Earnings, January 1 $ <. 9,550) Transfer from Sanitary Sewer & Water Operating Fund 9,550 Retained Earnings, December 31 $ -0- . The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. Part II Exhibit "F-10" EARNINGS -45- 1978 $ 18,713 554 19,267 6,485 20,264 26,749 ( 7,482) ( 2,068) $( 9.550J I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD METROPOLITAN WASTE CONTROL COMMISSION FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1979 and 1978 1979 SOURCES OF FINANCIAL RESOURCES Operations Net Loss for the Year Transfer from Sanitary Sewer & Water Operating Fund $9,550 Total Resources Provided by Operations 9,550 NET INCREASE (DECREASE) IN WORKING CAPITAL $9,550 COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Cash - Regular $ 9 ,550 NET INCREASE (DECREASE) IN WORKING CAPITAL $-2...5 5 0 The Notes to the Financial Statements are an Integral Part of this Statement. M. J. LON G CO. Part II Exhibit "F-ll" -1.6.,.. 1978 $(7,482) (7,482) sa. . 482J $ (J-,~~V $ (7 .482) I I I I I I I I I I I I I I I I I I I Part It Exhibit "G" CITY OF SHOREWOOD GENERAL FIXED ASSET GROUP OF ACCOUNTS STATEMENT OF GENERAL FIXED ASSETS For The Years Ended December 31, 1979 and 1978 1979 1978 GENERAL FIXED ASSETS Buildings Improvements Other than Buildings Machinery and Equipment $ 269,153 $ 77 ,373 157,167 38,896 79,478 59,886 505,798 176,155 ( 35, 962 ) ( 12,509) $ 469,836 $ 163.646 $ 469.836 $ 163.646 Less Accumulated Depreciation TOTAL GENERAL FIXED ASSETS INVESTMENT IN GENERAL FIXED ASSETS The Notes to the Financial Statements are an Integral Part of this Statement. -47- M. J. LONG CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO THE FINANCIAL STATEMENTS December 31, 1979 Note 1 - Summary of Significant Accounting Policies The accounting policies of the City conform to generally accepted accounting principles applicable to governmental units. The following is a summary of the more significant accounting policies of the City of Shorewood. Funds Governmental accounting systems are organized and operated on a fund basis. A fund is defined as an independent fiscal and accounting entity with a self-balancing set of accounts. A fund is established for the purpose of carrying on specific activities or attaining certain objectives in accordance with special laws, regulations, restrictions or limitations. Each fund segregates, based on the purpose of the fund, its own cash and/or other re- sources together with all related liabilities, obligations, re- serves and equities. Basis of Accounting The financial statements of all funds except the General, Special Revenue and Debt Service Funds are prepared on the accrual basis. The financial statements of the General, Special Revenue and Debt Service Funds are prepared on the modified accrual basis. The modified accrual basis of accounting is defined as that method of accounting in which expenditures, other than accrued interest on long-term debt, are recorded at the time liabilities are incurred and revenues, except for material or available revenues which are accrued to properly reflect the taxes levied and the revenues earned, are recorded when received in cash. Cash and Temporary Investments Cash balances from all funds are pooled and invested to the extent available in certificates of deposit. Earnings from such investments were allocated to the following funds on the basis of applicable cash balance participation by each of the funds: Enterprise Funds - Sanitary Sewer and Water Operating Special Revenue Funds - Federal Revenue Sharing Capital Projects Funds - Park Capital Improvement Special Assessment Funds Debt Service Utility Improvement Contingency All items classified as investments of the City are certificates of deposit and should be considered as cash. -48- M. J. LO N G CO. I I I I I I I I I I I I I I I I I I I Note 1 - Summary of Significant Accounting Policies (Continued) Inventories The City uses a modified retail method for valuing inventories. Property. Plant and Equipment Additions of property. plant and equipment in the Liquor Fund are capitalized at historical cost and depreciated over the estimated useful lives of each item. Depreciation is accounted for by the straight-line method. Acquisitions prior to January 1. 1978 have not been recorded in the General Fixed Asset Group of Accounts or the Sewer and Water Operating Fund. Except in the Liquor Fund. as mentioned in the previous paragraph. no complete historical record exists of costs for the City's investment in property. plant and equipment. Subsequent to January 1. 1978. accounting for fixed assets has been in accordance with generally accepted accounting principles which require the following: Fixed assets acquired for general City purposes are recorded as expenditures in the General, Special Revenue. Special Assessment. and Capital Projects Funds. and capitalized at cost in the General Fixed Asset Group of Accounts. Fixed assets acquired for liquor and utility operations are capitalized at cost in the Enterprise Fund. Depreciation Depreciation is provided for all fixed assets subsequent to January 1. 1978 and is determined using the straight-line method for the estimated useful life of the asset. Note 2 - Certificates of Indebtedness Certificates of indebtedness at December 31, 1979 consist of a certificate in the amount of $60.000 dated June 15. 1978, issued by the City for the purpose of purchasing road maintenance and police equipment. It is payable in annual installments of $15,000 through Jmle 15. 1983 plus semi-annual interest payments beginning at 4.20% and increasing by .20% each year. Note 3 - Contracts Payable Contracts payable at December 31. 1979 consist of five contracts as follows: An agreement in the amount of $4.012 reduced annually by $1.800. including 7% interest. ending in 1982. A first mortgage for $17.149 payable in semi-annual installments of $3.000 which includes 8% interest, with final payment due in 1982. -49- M. J. LO N G CO. I I I I I I I I I I I I I I I I I I I Note 3 - Contracts Payable (Continued) A contract for deed for $12,000 payable in semi-annual installments of $2,000 plus interest at 7% with final payment due in 1982. A contract for deed for $22,500 payable in semi-annual installments of $2,500 plus interest at 8% with final payment due in 1984. A confession of judgment for $12,234 p.ayab1e in annual installments of $1,359 plus interest at 4% with final payment due in 1988. Note 4 - Notes Payable Notes payable at December 31, 1979 consist of a note in the amount of $13,806 payable in annual installments of $7,500, which includes 6% interest, with final payment due in 1981. Note 5 - Bonds Payable The bonded debt outstanding and related maturities and interest rates are summarized in Part III, Schedule 2, the Schedule of Bond and Interest Maturities. All bonds payable are special ~ssessment bonds. These bo?ds are recorded as a liability in the Special Assessment - Debt Service Fund. The bonds are payable primarily from special assessments levied and collected for local improvements, and are backed by the full faith and credit of the City. Note 6 - Security for Bank Deposits The City's demand and time deposits held at Minnetonka State Bank at December 31, 1979 totalled $1,263,687. Securities pledged by Minnetonka State Bank and held in safekeeping at Marquette National Bank of Minneapolis had a market value of $1,069,265 on December 31, 1979. It is our understanding that securities pledged by the depository bank should equal 110% of the total City funds in that depository reduced by $40,000 on demand deposits and $100,000 on time deposits insured by the Federal Deposit Insurance Corporation. We recommend that responsible City personnel determine that sufficient securities are pledged by the depository bank throughout the year. Note 7 - Contingencies Amounts to be Provided for Payment of Future Bond Interest In accordance with generally accepted accounting principles, amounts to be provided for payment of future bond interest have not been reflected in the Special Assessment Fund balance sheet. However, the City has future interest payable in the Special Assessment Bonds of $1,471,368. -50- M. J. LON G CD. I I I I I I I I I I I I I I I I I I I Note 8 - Fund Balances The City Hall Construction Fund has a deficit fund balance of $145,980 on December 31. 1979. The City Countil has approved the following permanent transfers into the City Hall Construction Fund, effective January 1. 1980. to reduce this deficit. Liquor Fund Federal Revenue Sharing Fund Sanitary Sewer and Water Operating Fund $55.000 15.000 25,000 $95.000. Note 9 - Restatement of 1978 Financial Statements In preparing the 1979 financial statements. it was noted that bonds payable had been overstated for the year ended December 31. 1978. The 1978 financial statements have been restated to record proper bonds payable as of December 31. 1978. This restatement increased fund balance by $35.000. the The 1978 financial statements for the Special Assessment - Debt Service Fund have been restated from the accrual basis of accounting to the modified accrual basis to be comparative to the 1979 financial statements. This restatement reduced fund balance as previously reported by $180.131. -51- M. J. LON G CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA FINANCIAL STATEMENTS For The Years Ended December 31, 1979 and 1978 PART III M. J. LONG CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD STATEMENT OF SECURITY FOR BANK DEPOSITS PLEDGED BY OFFICIAL DEPOSITORY December 31, 1979 Due Date Depository: Minnetonka State Bank In Safekeeping at Marquette National Bank SECURITIES PLEDGED: United States Treasury Notes United States Treasury Notes United States Treasury Notes Federal Inter. Credit Banks Federal Home Loan Banks Federal National Mortgage Assn. Mass. State College Bldg. Authority 2-15-82 2-15-82 2-15-82 1-02-80 11-25-80 4-10-84 12-01-92 TOTAL SECURITIES PLEDGED BY OFFICIAL DEPOSITORY M. J. LO N G CO. Par Value $ 100,000 100,000 200,000 200,000 300,000 200,000 50,000 $1.150 .000 Part III Schedule 1 Market Val ue $ 90,875 90,875 181,750 199,812 287 ,71 9 176,250 41,984 $l.....QQ2~ :.....53- I I I I I I I I I I I I I. I I I 1.- I I Part III Schedule 2 CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS SCHEDULE OF BO~ AND INTEREST MATURITIES December 31, 1979 1971 1972 1972-B 1973 1974 Total Sewer Improvement Bonds Sewer Improvement Bonds Sewer Improvement Bonds Water Improvement Bonds Sewer Improvement Bonds Year Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 1980 $ 305,000 $ 208,159 $ 20,000 $13,650 $ 125,000 $ 85,315 $ 90 ,000 $ 59,670 $ 5,000 $ 3,089 $ 65,000 $ 46,435 1981 310,000 193,709 25,000 12,850 125,000 79,253 90,000 55,530 5,000 2 , 826 65,000 43,250 1982 315,000 178,844 25,000 11 ,850 125,000 73,065 90,000 51 ,300 5,000 2,564 70,000 40,065 1983 320,000 163,286 25,000 10,750 130,000 66,690 90,000 46,980 5,000 2,301 70,000 36,565 1984 320,000 147,448 25,000 9,650 130,000 60,125 90,000 42 ,570 5,000 2,038 70,000 33,065 1985 320,000 131 ,362 25,000 8,525 130,000 53,430 90,000 38,070 5,000 1,772 70,000 29,565 1986 320,000 114,985 25,000 7 ,400 130,000 46,605 90,000 33,480 5,000 1,505 70,000 25 ,995 1987 320,000 98,240 25,000 6,200 130,000 39,650 90,000 28, 800 5,000 1,235 70,000 22,355 1988 320,000 81,283 25,000 5,000 130,000 32,565 90 ,000 24,075 5,000 963 70,000 18,680 1989 320,000 64,172 25,000 3,750 130,000 25,415 90,000 19,350 5,000 687 70,000 14,970 1990 320,000 46,882 25,000 2,500 130,000 18,200 90,000 14 ,580 5,000 412 70,000 11 , 1 90 1991 320,000 29,368 25,000 1,250 130,000 1 0 , 920 90,000 9,720 5,000 138 70,000 7 ,340 1992 250,000 11 ,920 130,000 3,640 90,000 4,860 30,000 3 ,420 1993 30 ,000 1,710 30,000 1,710 $4.090.000 $1.471.368 $2 95.000 $ 93.375 $1.675.000 $594.87 3 $1.170.000 $428.985 $60.000 $19.530 $890.000 $334.~05 Interest rates 4.00% - 5.00% 4.10% - 5.60% 4.00% - 5.40% 5.25% - 5.50% 4.75% - 5.70% Interest due dates June 1 and December 1 June 1 and December 1 May 1 and November 1 January 1 and July 1 January 1 and July 1 Principal due dates December 1 June 1 November 1 July 1 January 1 -54- M. J. LONG CO. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SCHEDULE OF INSURANCE COVERAGE IN FORCE December 31. 1979 UNAUDITED Multi-Peril or Package Policy (Effective August 1, 1979) Buildings and Personal Property (Replacement Cost) Liquor Stores Stock (Reporting Form) All Risk Blanket - Equipment and Tools ($100 Deductible) Personal Injury Liability (Aggregate) Contractual Liability (Each Occurrence and Aggregate) Liquor Liability (Each Common Cause and Aggregate) Comprehensive Glass and Neon Sign Coverage (Per Schedule in Policy) Money Orders and Counterfeit Paper Currency Depositors Forgery Money and Securities (Broad Form Schedule) (Loss Inside and Loss Outside - Each Store Location) Mercantile Open Stock Burglary and Theft Store /11 Store /12 Warehouse (5735 Country Club Road) Village Hall Sewer Department Fire Legal (At Two Locations) Contractors Equipment - All Risk ($250 Deductible) Public Employees Blanket Bond (Honesty Blanket Position Bond Coverage) Scheduled Employee Dishonesty Endorsement - Treasurer Vehicle Fleet Policy (Effective August 1, 1979) Liability Uninsured Motorist Comprehensive Collision Workmen's Compensation (Effective August 1, 1979) Public Official Liability Policy (Effective August 1. 1979) Umbrella Liability Policy (Effective August 1, 1979) Notary Bond - Elsa Wiltsey (Effective June 21, 1973 - For Seven Years) Sandra Kennelly (Effective August 14, 1979 - for Seven Years) M. J. LON G CO. Part III Schedule 3 $ 599,143 80,000 37,450 500,000 500,000 300,000 25,000 25,000 5,000 7,500 7,500 1,000 1 ,000 1,000 25,000 28,500 5,000 5.000 500,000 50,000 Actual Cash Value $150 Deductible 100,000 1,000,000 3,000,000 2,000 $ 2,000 -55-