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1980 - 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, 1980 and 1979 with Auditors' Report ~~-~ ~eUt-~ (1/?U/~mx~~~ ~9! sx/ 1 I I I I I I I I I I I I I I I I I ,I I N D E X Auditors' Report PAGE II 5 Part I Exhibit "A" - Combined Balance Sheet, All Fund Types and Account Groups 7 Exhibit "A-I" - Combined Statement of Revenues, Expenditures and Changes in Fund Balances, All Governmental Fund Types 8 - 9 Exhibit "A-2" - Combined Statement of Revenues and Expenses and Changes in Retained Earnings, Proprietary Fund Types 10 - 11 Exhibit "A-3" - Combined Schedule of Indebtedness 12 Part II General Fund Exhibit "B" - Balance Sheet 14 Exhibit "B-1" Statement of Changes in Fund Balance 15 Exhibit "B-2" - Statement of Revenues - Estimated and Actual 16 Exhibit "B-3" - Statement of Expenditures - Estimated and Actual 17 - 19 Special Revenue Fund Exhibit "c" - Federal Revenue Sharing Fund - Balance Sheet 20 Exhibit "C-l" - Federal Revenue Sharing Fund - Statement of Revenues, Expenditures and Changes in Fund Balance 21 Capital Projects Funds Exhibit "D" - Combining Balance Sheet 22 Exhibit liD-I" - Combining Statement of Revenues, Expenditures and Changes in Fund Balances 23 Exhibit "D-2" - Park Capital Improvement Fund - Balance Sheet 24 Exhibit "D-3" - Park Capital Improvement Fund - Statement of '~2S . Revenues, Expenditures, and Changes in Fund Balance ~ Exhibit "D-4" - City Hall Construction Fund - Balance Sheet 26 Exhibit "D-S" - City Hall Construction Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance 27 /? v;;- / /. / ^4 . , ~_ . U,!J ^4 =.7-CJn" J ?lOe/btf~ tZ-?Ub J4/ddc-e>(a~, ~7: ~\dt. I I I I I I I I I I I I I I I I I I I INDEX Part II (continued) Special Assessment Funds Exhibit "E" - Combining Balance Sheet Exhibit "E-l" - Combining Statement of Revenues, Expenditures and Changes in Fund Balances Exhibit "E-2" - Debt Service Fund - Balance Sheet Exhibit "E-3" - Debt Service Fund - Statement of Revenues, Expenditures and Changes in Fund Balance Exhibit "E-4" - Utility Improvement Contingency Fund - Balance Sheet Exhibit "E-5" - Utility Improvement Contingency Fund - Statement of Revenues, Expenditures and Changes in Fund Balance Exhibit "E-6" - Construction Fund - Balance Sheet Exhibit "E-7" - Construction Fund - Statement of Revenues, Expenditures and Changes in Fund Balance Enterprise Funds Exhibit "F" - Combining Balance Sheet Exhibit "F-1" - Combining Stateinent.of Revenues, Expenses and Changes in Retained Earnings Exhibit "F-2" - Combining Statement of Changes in Financial Position Exhibit "F-3" - Liquor Fund - Balance Sheet Exhibit "F-4" - Liquor Fund - Statement of Revenues, Expenses and Changes in Retained Earnings Exhibit "F-5" - Liquor Fund - Statement of Changes in Financial Position Exhibit "F-6" - Sanitary Sewer and Water Operating Fund - Balance Sheet Exhibit "F-7" - Sanitary Sewer and Water Operating Fund - Statement of Revenues, Expenses and Changes in Retained Earnings Exhibit "F-8" - Sanitary Sewer and Water Operating Fund - Statement of Changes in Financial Position 4, g-~~ cut4 ~~~~, ~O/! ~w PAGE /I 28 29 30 31 32 33 34 35 36 37 - 38 39 40 41 42 43 '.4 45 I I I I I I I I I I I I I I I I I I I I N D E X Part II (continued) Enterprise Funds (continued) Exhibit "F-9" Metropolitan Waste Control Commission Fund - Statement of Revenues, Expenses and Changes in Retained Earnings Exhibit "F-lO" - Metropolitan Waste Control Commission Fund - Statement of Changes in Financial Position General Fixed Asset Group of Accounts Exhibit "G" - Statement of General Fixed Assets Notes to the Financial Statements Part III Schedule 1 - Statement of Security for Bank Deposits Pledged by Official Depository Schedule 2 - Schedule of Bond and Interest Maturities - Special Assessment Funds Schedule 3 - Schedule of Bond and Interest Maturities - Revenue Bonds Schedule 4 - Schedule of Insurance Coverage in Force - Unaudited d1~, g-~ cud~, P/!/0Z PAGE If 46 47 48 49 - 52 54 55 56 57 I 4, :F~ a?1d d~~, 9 N I ACCOUNTANTS AND AUDITORS TONKA BUILDING EXCELSIOR, MINNESOTA 55331 I 612/474-8826 I Ci ty Council City of Shorewood Shorewood, Minnesota I 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, 1980 and 1979, 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 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 I, 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, 1980 and 1979, 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 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 - Memorandum 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 LONG, FROEHLING AND ASSOCIATES, P.A. I By Froehling Public Accountant I Excelsior, Minnesota April 17,1981 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, 1980 and 1979 PART I 4. :F~ ad ~~. !Y! J;yf' I I I I I I I I I I I I I I I I I ~ ASSETS Current assets: Cash Certificates of deposit Accounts receivable Taxes receivable Less: allowance for uncollectible accounts Special assessments receivable Interest receivable Inventories (Note 1) Prepaid expenses Unamortized bond discount Total current assets Fixed assets: (Note 1) Buildings Improvements other than buildings Equipment Construction in progress Less: allowance for depreciation Total fixed assets Other assets: Deferred special assessments receivable Total assets LIABILITIES AND FUND EQUITY Current liabilities: Accounts payable Retainages payable Accrued liabilities Current portion long-term indebtedness Escrow liability Total current liabilities Long-term indebtedness Total liabilities Fund equi ty : Contributions in aid to construction Investment in general fixed assets Retained earnings: Unreserved Reserved Fund balance Appropriated Unappropriated Total fund equity CITY OF SHOREWOOD COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1980 and 1979 GOVERNMENTAL FUND TYPES Spec ial Capital Special General Revenue Projects Assessment $(64,529) $10 , 60 3 $26,357 $ 176,160 18,000 947,000 42,586 1 ,797 36,291 ( 7,620) 3,932 264,623 198 132 5,477 PROPRIETARY FUND TYPES ACCOUNT GROUPS General Fixed Assets Enterprise $ 173,823 35,000 29,087 11,723 1 , 924 115,625 6,003 2,687 10,660 10,801 44,489 1,395,057 375,872 3,955 57,271 124,817 ( 34,000) 152,043 1,631 $ ~4..2.l 1,846,019 $ 3.241.076 $ 527.915 $44.48-.2. $10 . 801 $ 22,481 7 ,795 $ 1,330 28,855 6,359 59,131 7,689 38,170 22,016 97,301 29,705 $ 15,358 $ 22,898 3,945 10,494 310 ,000 4,146 5,000 329,303 42,538 3,535,000 176,529 3,864,303 219,067 36 , 749 267,099 5,000 ( 623,227) ( 623,227) 308,848 $ 3.241.076 $ .llL.9J5.. 480,155 $480.155 $ 480,155 ~o~~, f \,5~5,0 10) 2,) ~-=,='"""--~ and fund equity $ J~_ Total liabilities $10,801 10,801 $10.801 14,784 14,784 $-44.48-2 ~~/~~, :7;(')e;/Ir/~ a/u~ ~~61craIeJ, f.!l! d The notes to the financial statements are an integral part of this statement. Part I Exhibit "A" (TOTAL - MEMORANDUM ONLY) 1980 $ 60,737 3,945 19,619 349,360 5,000 438,661 3,771,715 4,210,376 $ 322,414 1,000,000 73,470 36,291 ( 7,620) 280,278 7,731 115,625 6 ,003 2,687 1, 836,879 $ 286,841 286,841 168,193 172 , 148 92,407 149,678 124,817 ( 67,286) ( 101,286) 480,155 632,198 1,847,650 $ 480.155 $ 4.316.727 36 ,749 480,155 267,099 5,000 ( 623,227) ( 59,425) 106,351 $ !tJl6.727 1979 $ 172,398 1,059,591 75 , 920 22,238 ( 5,714) 284,361 16,703 110,255 7 ,366 1,743,118 269,153 161,122 123,558 ( 63 , 386) 490,447 2 , 130 , 2 97 $ 4.363.862 $ 118,937 14,677 13 , 1 94 347,222 494,030 3,929,075 4,423,105 469,836 330,437 ( 579,061) ( 280,455) ( 59,243) $ !LJ63. 862 -7- 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, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES For The Years Ended December 31, 1980 and 1979 General GOVERNMENTAL FUND TYPES Special Capital Revenue Projects REVENUES Taxes Licenses and permits Intergovernmental revenues Federal State County Charges for services Fines and forfeits Interest on investments Interest on special assessments Miscellaneous revenues $313,061 33.742 31,559 292,631 19,909 32,397 13 , 950 $24,940 3,559 $ 2,128 50 , 1 80 19,691 Total revenues 756,940 28,499 52,308 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 markings Equipment maintenance Public works buildings Intergovernmental services Sanitation and waste removal Street cleaning Rubbish pick-up Storm sewers Weed control Tree disease control 175,397 211 ,821 32,475 10,943 3,831 7,277 41,323 8,122 3,423 4,889 41,232 8,788 3,372 1,332 1,310 2,561 1,554 28,086 Recreation Parks and playgrounds Beaches Skating rinks Community services 12,429 1,698 8,762 1 ,900 (TOTAL - MEMORANDUM ONLY) 1980 1979 $ 313,061 $ 287,176 33,742 28,138 56,499 86,596 292,631 198,984 19,909 6,575 32,397 81,111 13 , 950 8,385 98,426 89,080 140,261 144,512 130,519 89,944 1, 131,395 1,020,501 Special Assessment $ 92,739 140,261 60,648 293,648 >'.-........."'.'-'......'....-., (175,397 ~) -,;:;;:::::::::::::.--.",.."... //211-'82-1-'-''. \. ,. ~ 32,475 10,943 7,277 41,323 8,122 3,423 4,889 41,232 8,788 3,372,. f:r'", il;~ k> ;~ 1 ,332 1,310 2,561 1,554 28,086 12,429 1 ,698 8,762 1 , 900 The notes to the financial statements are an integral part of this statement. ~h/~?. ~e;{Ie/~ rL/ld /)Jtd~Cea~~. f!l! JJf Part I Exhibit "A-I" Page 1 of 2 ,/'/'163 , 60 ~"',) 1:.....-=-.::::::::::- <::i8'~~?3t~:> 30 ,777 11 ,448 2.,.4~1--./"'::?""'? /: y ~/. I. j."","'\ .""'." / /' _...__..~ 1';'5Zr"-- 35,837 15,201 3,966 4 , 1 97 48,307 11 ,85 9 2,057 883 1,890 482 1,732 47,687 11 ,031 1,298 9,316 5,610 -8- I I I I I I I I I I I I I I I I I I I EXPENDITURES (continued) Current Capital outlay General government Streets and highways Sanitation and waste removal Recreation City hall construction Park improvement Debt service Interest Unallocated general expense Payroll taxes PERA Health insurance General insurance Special assessments on city property Uniforms Miscellaneous Rehabilitation payments MWCC SAC charges Building permit surcharge Service charges Refunds and reimbursements Manor Park acquisition Construction costs Engineering Legal and fiscal Other construction costs Total expenditures Net increase (decrease) in fund balance during the year Fund balance (deficit), January 1 Reduction of deferred special assessments Issuance of long-term debt Transfer of long-term debt Permanent transfers in (out) Fund balance (deficit), December 31 CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES For The Years Ended December 31, 1980 and 1979 yare .1. Exhibit "A-I" Page 2 of 2 (TOTAL - MEMORANDUM ONLY) GOVERNMENTAL FUND TYPES Special Capital Special General Revenue Projects Assessment $ 8,914 7,103 8,738 67 $ 16,287 12,896 3,883 3,748 $ 208,137 6,500 5,944 6 , 7 38 5,159 1,410 793 19,959 12,202 1,675 536 7,176 26,063 10,811 469 348 708,786 32 , 931 246,364 48,154 $ 28,499 19,377 47,284 (150,664) 19,569 (149,360) (579,061) ( 91,450) 17,500 ( 17,500) (37,267) 162,267 $( 85.010) $ 1 0 . 80 1 $ lUM $(623.227) 1980 $ 8,914 7,103 8 ,7 38 67 16,287 12,896 215,768 6,500 5 , 944 6 ,7 38 5,159 1,410 793 19,959 12,202 1,675 536 7,176 26,063 10,811 469 348 988,081 143,314 (859,516 ) ( 91,450) 125,000 $(682.652) The notes to the financial statements are an integral part of this statement. <oh?~?" ;Y;t?('AIr/~?, and t~J~ctafi.J, [II! d 1979 $ 1,057 10,407 6,209 6 , 195 195,980 34,769 228,610 8,532 7 ,987 10,337 12,102 924 526 8,420 13,885 1 , 900 480 1 , 323 51,000 1,207,012 ( 186,511) ( 669,411) ( 38,594) 35,000 $( 859 . 516 ) -9- I I I I I I I I I I I I I I I I I I I Part I Exhibit "A-2" Page 1 of 2 CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES AND EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Years Ended December 31, 1980 and 1979 Sales and cost of sales Sales Cost of sales ENTERPRISE FUNDS (TOTAL - MEMORANDUM ONLY) Sanitary Sewer & Water Liquor Operating 1980 1979 $849,549 $849,549 $790,758 656,133 656,133 610 ,045 193,416 193,416 180,713 $197,089 197,089 159,580 193,416 197,089 390,505 340,293 75,177 43,275 118,452 104,799 6,036 3,200 9,236 6,340 1,841 729 2,570 7,528 6,877 6,877 6,150 650 650 96l~ 7,002 4,936 11 ,938 8,655 37,342 37,342 35 ,67 9 979 979 1,065 11 ,446 2,440 13,886 23,752 909 909 513 6,850 6,850 8,039 978 978 469 29 29 672 114 4,240 4,354 1,697 1 , 7 32 1,732 2,401 125 125 30 506 506 468 115 548 548 409 324 324 1 ,104 3,124 3,124 2 ,492 12,986 12,986 5,637 820 820 170 408 408 360 360 90 2,048 2,048 1,265 Gross profit Operating revenues Charges for services Total gross profit and operating revenues Operating expenses Salaries and wages Health and life insurance contributions Supplies Utilities Depreciation Payroll taxes Rent Telephone Insurance Advertising Professional services Bad debts Cash variance Office expense Repairs and maintenance Dues and subscriptions Laundry Security Rubbish hauling Employee reimbursements Electricity - lift stations Contracted services Education Service charge refunds Postage Small tools The notes to the financial statements are an integral part of this statement. -10- kf" ~e~ rvnd ~Lf" 9Jd' I I I I I I I I I I I I I I I I I I I Part I Exhibit IA_2" Page 2 of 2 CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES AND EXPENSES AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Years Ended December 31, 1980 and ENTERPRISE FUNDS Sanitary Sewer & Water Operating Liquor Operating expenses (continued) City buildings expense allocation Sewer use charge - Metro Waste Control Commission Connection fees Purchases -water Sales tax Capital outlay Less: capitalization of fixed assets Total operating expenses $ 159,825 Operating income (loss) 33,591 Other revenues Interest on investments Property taxes Special assessments levied Refunds and reimbursements 1,584 Total other revenues Other expenses Depreciation on assets acquired with own funds Depreciation on assets acquired from contributions in aid to construction Interest Total other expenses Net income (loss) to retained earnings 35,175 Add credit arising from transfer of depreciation to contributions in aid to construction account Retained earnings, January 1 183,973 Transfer to city hall construction fund ( 75,000) Prior period adjustment (Note 8) 1,584 Retained earnings, December 31 $~~ 1979 (TOTAL - MEMORANDUM ONLY) 1980 1979 $ 2,637 101,963 6,699 134 5,909 ( 5,909) 331,936 8,357 16,642 23,290 467 40,399 $ 9,630 $ 9,630 127,561 127,561 2,450 2,450 7,310 7,310 100,317 100,317 (100,317) (100,317) 225,157 384.982 ( 28,068) 5,523 21,470 2,3,054 29,610 29,,610 10,,331 10,331 9 ,540 9,540 70,951 72 ,535 4,983 4,983 1,848 942 6,413 12,338 942 <6,413 12,338 1,848 30,545 65,720 46 , 908 942 146,464 942 330,437 363,125 ( 50,000) (125,000) ( 35,000) ( 44,596) $ JJ.L.95 t $ 272.099 $ .nQ.437 The notes to the financial statements are an integral part of this statement. -11- 4, /F~tk1? CP/ZcZ ~M7AU, //1 ~r;<< I I I I I I I I I I I I I I I I I I I :part I Exhibit "A-3" CITY OF SHOREWOOD COMBINED SCHEDULE OF INDEBTEDNESS December 31, 1980 and 1979 Authorized Issued Debt Outstanding December 31, 1979 Debt Outstanding December 31, 1980 Interest Due In 1981 Principal Due In 1981 Issued Retired Bonded indebtedness Revenue bonds $ 140,000 $ 140,000 $140,000 $ 140,000 $ 11,375 Special assessment bonds 7,045,000 * 5,705,000 $4,090,000 $305,000 60,000 .3;845..000 $310,000 198.209 Total bonded indebtedness 7,185,000 5,845,000 4,090,000 305,000 200,000 3,985,000 310,000 209,584 Certificates of indebtedness 127,000 127,000 60,000 15,000 45,000 15,000 1,815 Total city indebtedness $7.312.000 $5 .972 .OOQ. $4 .150 .000 $320.000 $200.000 ~.030~) ( ~~_3 $211.399 eral obligation improvement bonds of 1981 were authorized during 1980 and were issued and sold in 1981. The notes to the financial statements are an integral part of this statement. -12- ~?,. ~6~~?~ an4 ~~ct:ateJ,. g d 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, 1980 and 1979 PART I I 4, g;-~h:n~ and~, f!l! e-rf 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, 1980 and 1979 ASSETS Current assets Cash Accounts receivable - regular Taxes receivable - delinquent Less allowance for doubtful accounts Special assessments receivable Current Delinquent Total current assets Other assets Deferred special assessments receivable Total assets LIABILITIES AND FUND EQUITY Liabilities Current liabilities Accounts payable Accrued liabilities 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" 1980 1979 $(64,529) $( 21,261) 42,586 18,161 36,291 22,238 ( 7,620) ( 5,714) 2,129 8,611 1 , 803 452 10,660 22,487 1,631 3,143 $ 12.291 $ --15.630 $ 22,481 $ 39,256 7,795 7,571 15,000 15,000 7,104 6,702 6,751 15,240 59,131 83,76.9 30,000 45,000 7,104 8,170 40 ,421 38,170 92,525 97,301 17 6 , 294 (85,010) (I50 ,664) $ .LU2l. $ 25.630 The notes to the financial statements are an integral part of this statement. -14- ~~. ~~ anc/~, 9d I I I I I I I I I I I I I I I I I I ~I Part II Exhibit "B_1" CITY OF SHOREWOOD GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For The Years Ended December 31, 1980 and 1979 1980 1979 Revenues and other sources $ 756,940 $ 702,215 Expenditures and other uses 708,786 753,725 Net increase (decrease) in fund balance 48,154 ( 51,510) Fund balance (deficit) January 1 (150,664) ( 74,154) Contract for deed 17,500 ( 25,000) Fund balance (deficit) December 31 $ ( 85.0 1J2) $ lli.Q..&QA) The notes to the financial statements are an integral part of this statement. -15- ~?, !Kc~ ahd~M.w~, 9 S!/ I Part II Exhibit "B-2" I CITY OF SHOREWOOD GENERAL FUND STATEMENT OF REVENUES - ESTIMATED AND ACTUAL I For The Years Ended December 31, 1980 and 1979 1980 1979 Actual Actual I Over (Under) Over (Under) Taxes Actual Estimated Estimated Actual Estimated Estimated Property taxes $313,061 $397,622 $( 84,561) $287,176 $330,944 $( 43,768) I Licenses and permits Business licenses and permits 9,557 8,925 632 8,787 8 ,535 252 I Non-business licenses and permits 24 , 185 30,800 ( 6,615) 1 9 , 351 28,100 ( 8,749) 33,742 39,725 ( 5,983) 28,138 36 ,635 ( 8 ,497) I Intergovernmental revenue Federal grants Community development 31,559 31,559 65,621 65,621 I State grants Local government aid 152,645 152,645 134,811 134,810 1 Homestead credit 95,536 95 ,536 53,046 53,046 I Tree disease 43,256 8,000 35,256 6,433 4,000 2,433 Machinery aid 114 110 4 111 110 1 Planning 3,124 2,000 1,124 I Surcharge rebate 1,459 1 ,459 Traffic control inventory 1,080 1 ,080 County grants Fiscal disparities 3, 363 4,000 ( 637) 6,575 4,000 2,575 I Road aid 16,546 13,500 3,046 12,600 ( 12,600) 344,099 178,255 165,844 271,180 157,520 113,660 I Charges for services General government 13,037 19,520 ( 6,483) 13,188 9,600 3,588 Public works 13,167 8,000 5,167 13,433 6,600 6,833 I Sanitation 5,675 14,000 ( 8,325) 53,995 5,000 48,995 Recreation 518 518 495 495 I 32,397 41,520 ( 9,123) 81 ,111 21,200 59,911 Fines and forfeits I Fines 13,950 8,000 5,950 8,385 10,000 ( 1,615) Miscellaneous revenues I Special assessments 5,584 200 5,384 Rents 1,800 ( 1,800 ) 1 , 800 1,800 Refunds and reimbursements 5,851 1,100 4,751 850 850 MWCC SAC charges 12,326 12,326 14,090 23,000 ( 8,910) I Building permit surcharge 1,514 1,514 2,007 2,000 7 Tree reforestation 1,134 1,134 Contributions and donations 760 760 I 19,691 2 , 900 16,791 26,225 27,000 ( 775) Total revenues $756.940 $-6..68.022 $ 88.918 $l!)Llli $583.299. $ 118.916 II The notes to the financial statements are an integral part of this statement. -16- ~~/l?', ~etfle~?, ~nd SJl'J&tceateJ-, f!l!d 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, 1980 and 1979 Part II Exhibit "B-3" Page 1 of 3 1980 1979 Actual Actual Over (Under) Over (Under) Actual Estimated Estimated Actual Estimated Estimated General government Mayor and council Current expenditure $ 14,789 $ 13,200 $ 1,589 $ 13,750 $ 13,000 $ 750 Publications Current expenditure 2,001 1,200 801 1,162 1,500 ( 338) Elections and voter registration Current expenditure 6,525 6,995 ( 470) 2,070 1,000 1,070 Finance Administrative and clerical Current expenditure 41,604 34,693 6,911 37,221 43,600 ( 6,379) Capital outlay 3,304 3,304 1,057 610 447 Assessor Current expenditure 13,802 14,656 ( 854) 14,000 14,000 Independent accountants and auditors ~. C'},46'6 Current expenditure 3,500 1,000 2,200 2,261 Planning and zoning ~~~~ ".'" Current expenditure 18,582 17,304 1,278 29,589 16,000 13,589 Capital outlay 310 310 Legal Current expenditure 50,613 32,000 18,613 50,401 32,000 18,401 General government buildings Current expenditure 10,680 3, 900 6,780 10,133 3,400 6,733 Capital outlay 5,300 4,000 1 , 300 Engineering Current expenditure 12,301 12,301 814 814 184,311 131,448 52,863 164,658 127,310 37,348 Public safety Police protection Current expenditure 211 ,821 211,456 365 185,238 182,000 3,238 Fire protection Current expenditure 32,475 32 , 476 ( 1) 30 ,777 30,500 277 Protective inspection Current expenditure 10,943 13,100 ( 2,157) 11 ,448 3 , 900 7,548 Animal control Current expenditure 3,831 2,700 1,131 2,431 2,600 ( 169) 259,070 259,732 ( ~~) 229,894 219,000 10,894 The notes to the financial statements are an integral part of this statement. -17- .J:/'f. ~ekkn? a/u~ ~~U?te&. 9 ~ 1 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, 1980 and 1979 Part II Exhibit "B-3" Page 2 of 3 1980 1979 Actual Actual Over (Under) Over (Under) Actual Estimated Es tima ted Actual Estimated Estimated Streets and highways Engineering Current expenditure $ 7,277 $ 20,000 $(12,723) $ 11 ,521 $ 25,000 $(13,479) Streets Current expenditure 41,323 35,084 6,239 35,837 35 ,280 557 Capital outlay ~ 25,000 (21,400) ------ 6,000 ( 6,000) Snow and ice removal Current expenditure 8,122 12,024 ( 3,902) 15,201 15,000 201 Street lighting Current expenditure 3, 423 3,600 ( 177) 3,966 3,800 166 Traffic signs, signals and markings Current expenditure 4,889 2 ,300 2,589 4 , 1 97 4,400 ( 203) Capital outlay 500 ( 500) Equipment maintenance Current expenditure 41 , 2 32 23,456 17,776 48,307 53,000 ( 4,693) Capital outlay 1, 309 8,000 ( 6,691) 9,872 8,000 1,872 Public works buildings -/' .---- Current expenditure 8,788 12,824 ( 4,0 36 ) 11 ,859 13,264 ( 1,405) Capital outlay 2 ,194 12,000 ( 9,806) 535 13,000 (12,465) Intergovernmental service Current expenditure 3,372 3,372 2,057 2,057 125,529 154,788 (29,259) 143,352 176,744 (33,392) Sanitation and waste removal Street cleaning Current expenditure 1,332 1 , 3 32 883 883 Rubbish pick-up Current expenditure 1,310 6,000 ( 4,690) 1,890 3,000 ( 1,110) Storm sewers Current expenditure 2,561 2,200 361 482 2,000 ( 1,518) Capital outlay ~ 600 ( 570) 2 ,2 97 2,297 Weed control Current expenditure 1,554 1,500 54 1 ,732 1,600 132 Tree disease control Current expenditure 28,086 34 ,036 ( 5, 950 ) 47,687 2,000 45,687 Capital outlay 8,708 3,000 5,708 3,912 28,000 (24,088) 43,581 47 , 336 ( 3,755) 58,883 36,600 22,283 Health Nursing services Current expenditure 1,600 ( 1,600) 3,000 ( 3,000) The notes to the financial statements are an integral part of this statement. -18- ~~?, S"NJe~'n? an~ da~l6t, !?l! d 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, 1980 and 1979 1980 Actual Over (Under) Actual Estimated Estimated Actual $ 12,429 $ 10,024 $ 2,405 $ 11,031 67 3,000 ( 2,933) 5,555 1,698 250 1,448 1,298 8,762 2 ,800 5,962 9,316 640 1 , 900 3,000 ( 1,100) 5,610 24,856 19,074 5,782 33,450 3,883 2,640 1,243 6,881 6,500 6,500 8,532 5,944 5,944 7,987 6,738 6 ,7 38 10,337 5,159 26,000 (20,841) 12,102 1,410 2,400 ( 990) 924 793 793 526 26,544 28,400 ( 1 , 856 ) 40 ,408 19,959 1 9 , 959 8,420 12,202 12,202 13,885 1,675 1,675 1 , 900 7,176 7,176 994 51,000 41,012 41,012 76,199 $708.786 $.2!ihO.1.a $ 6 3. 7 6~~ $753.725 t (;, 2. (2 If/..- 1979 Estimated Recreation Parks and playgrounds Current expenditure Capital outlay Beaches Current expenditure Ska ting rinks Current expenditure Capital outlay Community services Current expenditure $ 9 ,000 3,000 4,000 16,000 Debt service Interest 1 9 , 860 Unallocated general expense Payroll taxes PERA Health insurance General insurance Special assessments on city property Uniforms 17,000 1, 160 18,160 Miscellaneous Rehabilitation payments MWCC SAC charges Building permit surcharge Refunds and reimbursements Manor Park acquisition $~.L4. Total expenditures The notes to the financial statements are an integral part of this statement. ~~?', g;;tJe"~?~?, and ~~te&, 9 d Actual Over (Under) Estimated $ 11 ,031 ( 3,445 )' 1,298 9,316 ( 2 , 360) 1,610 17,450 ( 12,979) 8,532 7 , 987 10,337 ( 4,898) ( 236) 526 22,248 8,420 13,885 1 ,900 994 51,000 76,199 $ 137.051 Part II . Exhibit "B-3" Page 3 of 3 y / -19- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD FEDERAL REVENUE SHARING FUND BALANCE SHEET December 31, 1980 and 1979 1980 Assets Current assets Cash Interest receivable $10,603 198 Total assets $10.801 Fund equity Fund balance $10,801 Total fund equity $J.o..801. The notes to the financial statements are an integral part of this statement. 4" !f~4 and ~brff~, !Y d Part II Exhibit "c" 1979 $19,325 244 $19.56~ $19,569 $li...5..2.2. -20- I I I I I I I I I I I I I I I I I I I Part II Exhibit "C-l" CITY OF SHOREWOOD FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1980 and 1979 Total revenues 1980 1979 Actual Over (Under) Actual Estimated Estimated Actual Estimated $ 24,940 $24,135 $ 805 $ 20 ,975 $20,975 3,559 3,559 1,500 28,499 24,135 4,364 22,475 20 , 975 28,499 $24 . 135 $4.364 22,475 $20.975 19,56~'''' 12,094 (37,267);:, (15,000) $ 10 .801 $ 19.569 Actual Over (Under) Estimated Revenues Federal revenue sharing Interest income $1,500 1,500 Net increase in fund balance $1.500 Fund balance, January 1 Permanent transfer to city hall construction fund Fund balance, December 31 The notes to the financial statements are an integral part of this statement. -21- ~~?,. ~e~k/~?, and J)/'~tM,. !!l! d I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET December 31, 1980 and 1979 Assets Current assets Cash Certificates of deposit Interest receivable Total assets Liabilities and fund equity Liabilities Current liabilities Accounts payable Retainages payable Accrued liabilities Contract payable - current portion Total current Habili ties Long-term liabilities Contract payable Total liabilities Fund equity Fund balance Total liabilities and fund equity Park Capital Improvement City Hall Construction The notes to the financial statemenets are an integral part of this statement. Part II Exhibit "D" (Total ~ Memorandum Only) 1980 1979 $26,357 $26,357 $( 76,006) 18,000 18,000 132 132 407 $44.489 $"-~ $44.489 $<-75.599) $ 46,666 14,677 $ 1,330 184 6 ,359 1 , 35 9 7,689 62,886 22,016 10,875 ---- 29,705 73,761 _~ 784 (149,360) $44.489 $( 75.599) -22- ~~, ~e~~ and N'~, !?l! N $ 1,330 6 , 359 7,689 -0- 22,016 29,705 -0- 14,784 $44.489 $ -0- I I I I I I I I I I I I I I I I I J I Part II Exhibit "D-l" CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For The Years Ended December 31, 1980 and 1979 Park Capital Improvement (Total - Memorandum Only) City Hall Construction 1980 1979 Revenues Subdivision fees Donations Interest income $ 50,100 80 2,128 $ 50 , 100 80 2,128 $ 11 , 900 15,000 2,323 Total revenues 52,308 52,308 29,223 Expenditures Interest Capital outlay 3,748 3,748 _~ 896 16,287 29,183 230,749 16,644 16,287 32,931 230,749 35,664 ( 16,287) 19,377 (201,526) ( 3,380) (145,980) (149,360) 15,760 (17 ,500) ! 17,500) ( 13,594) _;37,267 15,000 ; 37,267 75,000 ~ 75,000 10,000 50,000 \ 50,000 25,000 \. $ 14.784 $ -0- $ 14.784 $ (149 .3.9.-OJ Total expenditures Net increase (decrease) in fund balance Fund balance, January 1 Contract payable ~..~ Trans fers from other funds: Federal revenue sharing fund i:,iquor fund ~anitary sewer and water / operating fund Fund balance, December 31 The notes to the financial statements are an integral part of this statement. -23- ~~.. ~~CJ-e/UUt~ and ~CJua~, 9~SJf I I I I I I I I I I I I I I I I I I I Part II Exhibit "D-2" CITY OF SHOREWOOD PARK CAPITAL IMPROVEMENT FUND BALANCE SHEET December 31, 1980 and 1979 1980 1979 Assets Current assets Cash Certificates of deposit Interest receivable $26,357 18,000 132 $ 15,757 407 Total assets. $44.489 $ 16.164 Liabilities and fund equity Liabilities Current liabilities Accounts payable Accrued liabilities Contract payable - current portion $ 7,126 $ 1,330 184 6,359 1 , 359 7,689 8,669 22,016 10,875 29,705 19,51f4 14,784 ( 3,380) $44.489. $ 16..J64 Total current liabilities Long-term liabilities Contract payable Total liabilities Fund equity Fund balance (deficit) Total liabilities and fund equity The notes to the financial statements are an integral part of this statement. -24- c-.dHt?', !F~~ and ~~~" 9 /JJt 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 BALANCE For The Years Ended December 31, 1980 and 1979 1980 1979 Revenues Subdivision fees Donations Interest income $ 50,100 80 2,128 Total revenues 52,308 Expenditures Interest Capital outlay 3,748 12 , 8 96 Total expenditures 16,644 Net increase (decrease) in fund balance 35,664 Fund balance, January 1 Contract payable (17,500) Fund balance, December 31 $ )4.784 $ 11~00~ --c15 000 2,323 29,22.3 (~34,769. 34,769 ( 5,546) "'15,760 ( 13 ,5 94 ) $( 3.380) The notes to the financial statements are an integral part of this statement. -25- ~'F,!!T~~ tV?ld ~ct:a~, Y! d I I I I I I I I I I I I I I I I I I I Assets Current assets Cash Total assets Liabilities and fund equity Liabili ties Current liabilities Accounts payable Retainages payable Total liabilities Fund equity Fund balance Part II Exhibit "D-4" CITY OF SHOREWOOD CITY HALL CONSTRUCTION FUND BALANCE SHEET December 31~ 1980 and 1979 1980 1979 $( 91,763) $ ( 91. 763) $ -0- $ 39~540 14,677 -0- 54,217 (145,980) $( 91.763) Total liabilities and fund equity $ -0- The notes to the financial statements are an integral part of this statement. -26- k#,Ig:-~/~ <<4U~ ~t'XUde:t, 9s:rf I I I I I I I I I I I I I I I I I I I Part II Exhibit "D-5" CITY OF SHOREWOOD CITY HALL CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1980 and 1979 1980 1979 Expenditures Capital outlay Fund balance, January 1 $ 16,287 16,287 ( 16,287) (145,980 ) 37,267 75 ,OOO~ 50,000 $ -0- $ 045.980) $ 195,980 Total expenditures 195,980 Net (decrease) in fund balance (195,980) Transfers from other funds: Federal revenue sharing fund Liquor fund Sanitary sewer and water operating fund //0' 15,000 "7' 10 000 .~\ ' !~25,000 Fund balance, December 31 The notes to the financial statements are an integral part of this statement. -27- =~h#, ~_r~~n~ a,?(d~fCJcWhd', /!J? SJf' I I I I I I I I I I I I I I I I I II ~ Part II Exhibit "E" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31, 1980 and 1979 Debt Service Utility (Total-Memorandum Only) Improvement Contingency Construction'/ 1980 1979 Assets Current assets Cash $ Investments Certificates of deposit Special assessments receivable Current Delinquent Accrued interest receivable Investments Other receivables 97,113 $ 37,107 $41,940 $ 17 6, 160 $ 111,139 758,000 189,000 947,000 984,591 165,054 99,569 165,054 99,569 174 ,597 . 98,886 4,091 1 ,7 97 1,386 5,477 1 ,7 97 1 3, 972 600 Total current assets 1,125,624 227,493 41,940 1,395,057 1,383,785 Other assets Deferred special assessments Receivable 1,846,019 1,846,019 2,127,154 Total assets $ 2.971.643 $227.493 $41.940 $ 3.241.076 $ JJjJO~2 Liabilities and fund equity Liabilities Current liabilities Accounts payable Retainages payable Bonds payable - current portion $15,358 3,945 $ 15,358 3,945 310,000 $ 305,000 $ 310,000 Total current liabili ties 310 ,000 19,303 329.303 305,000 Long-term liabilities Bonds payable 3.535.000 3,535,000 3,785,000 Total liabilities 3.845,000 19.303 3.864,303 4.090,000 Fund equity Fund balance (deficit) ( 873.357) $227.493 22.637 ( 623.227) ( 579,061) Total liabilities and fund equity $ 2.971.64~ $227.493 $41. 940 $ 3.241.076 $ 3.510~ The notes to the financial statements are an integral part of this statement. -28- =-4. :F~~ and ~4. f!l! ~ I I I I I I I I I I I I I I I I I I ~ ~ Part II Exhibit "E_I" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHfu~GES IN FUND BALANCES For The Years Ended December 31, 1980 and 1979 Revenues Special assessment interest Special assessments levied Other revenues Equalization assessments Interest on investments Sewer assessments Total revenues Expenditures Interest on bonds Service charges Refunds Construction costs Engineering Legal and fiscal Other construction costs Total expenditures Net increase (decrease) in fund balance Fund balance, (deficit) January 1 Reduction of deferred special assessments Bonds issued (net) Fund balance, (deficit) December 31 Utility (Total-Memorandum Only) Debt Improvement Service Contingency Construction 1980 1979 $ 140,261 $ 140,261 $ 138,928 35 ,629 35,629 $ 819 819 11 ,603 67,843 23 , 392 $ 1,504 92,739 85,257 24,200 24,200 30 , 800 243,733 48,411 1,504 293,648 266,588 208,137 536 208,137 536 221,729 480 329 26,063 10,811 469 348 26,063 10,811 469 348 208,673 37,691 246,364 222,538 35,060 48,411 (36,187) 47,284 44,050 (849,593) 270,532 (579,061) (623,111) ( 91,450) ( 91,450) ( 58,824) 58,824 $(873.357) $227.493. $22 .637. $ (623.227) $ CiZ..9... 0 61 ) The notes to the financial statements are an integral part of this statement. -29- ~F' ~r~~ cvnd d~, /!l! d 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 BALA1'l'CE SHEET December 31, 1980 and 1979 1980 Assets Current assets Cash Investments Certificates of deposit Special assessments receivable Current Delinquent Accrued interest receivable Investments Other receivables $ 97 , 113 758,000 165,054 99,569 4,091 1 ,7 97 Total current assets 1,125,624 Other assets Deferred special assessments receivable 1,846,019 Total assets $ 2.971.643 Liabilities and fund equity Liabilities Current liabilities Bonds payable - current portion $ 310,000 Total current liabilities 310,000 Long-term liabilities Bonds payable 3,535,000 Total liabilities 3,845,000 Fund balance Fund balance (deficit) ( 873,357) Total liabilities and fund equity $ 2.971~3 The notes to the financial statement are an integral part of this statement. cL}~, ~~~. tZ~ ~~, g s$ Part II Exhibit "E-2" 1979 $ 79,834 748,591 174,597 98,886 10,745 600 1,113,253 2,127,154 $ .l.t)40 .407 $ 305,000 305,000 3,785,000 4,090 ,000 ( 849,593) $ 3.24!L402 -30- I I I I I I I I I I I I I I I I I I ~ J Part II Exhibit "E-3" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - DEBT SERVICE FUND. STATE~ffiNT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1980 and 1979 1980 1979 Revenues Special assessment interest Special assessments levied Other revenues Interest on investments $ 140,261 35,629 67,843 Total revenues 243,733 Expenditures Interest on bonds Service charges Refunds 208,137 536 Total expenditures 208,673 Net increase (decrease) in fund balance 35,060 Fund balance, (deficit) January 1 (849,593) ( 58,824) $ ~7 3-LJ.51J Bonds issued (net) Fund balance, (Deficit) December 31 The notes to the financial statements are an integral part of this statement. ~?. ~~,tIY~ anc/ S!k&cUde&, 9 ~ $ 138,928 65,411 204,339 221,729 480 329 222,538 ( 18,199) (831,394) $ (849 ..5.33) -31- I I I I I I I I I I I I I I I I I I ~I Part II Exhibit IE-4" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - UTILITY IMPROVEMENT CONTINGENCY FUND BALANCE SHEET December 31, 1980 and 1979 1980 Assets Current assets Cash Investments Certificates of deposit Interest receivable $ 37,107 189,000 1,386 Total assets $227.493 Fund equity Fund balance $227,493 $227.493 Total fund equity The notes to the financial statements are an integral part of this statement. ~~, Y;:t/e~~ and ~r;:g~d, 9sd: 1979 $ 31,305 236,000 3.227 $270.532 $270.532 $270 .532 -32- I I I I I I I I I I I I I I I I I I I Part II Exhibit liE-Sir 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, 1980 and 1979 1980 Revenues Equalization assessments Interest on investments Sewer assessments $ 819 23,392 24,200 Total revenues 48,411 Net increase in fund balance 48,411 Fund balance, January 1 270,532 Reduction of deferred special assessments ( 91,450) $ _227.493 Fund balance, December 31 The notes to the financial statements are an integral part of this statement. c~~, fjk?f(?tY{/~ cud Jfd&;cub~ 9 eYf 1979 $ 11 ,603 19,846 30 ,800 62,249 62,249 208,283 $270.532 -33- I I I I I I I I I I I I I I I I I I I Part II Exhibit "E-6" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - CONSTRUCTION FUND BALANCE SHEET December 31, 1980 Deep Well Project Boulder Bridge & Amesbury West Project Total Assets Current assets Cash $41,940 $41,940 Total assets $41.940 $41 .940 Liabilities and fund equity Liabilities Current liabilities Accounts payable Retainages payable $10,311 $ 5,047 $15,358 942 3,,003 3,945 11, 25~ 8,050 19,,303 30,687 (8~O50) 22,637 $Al.~40 $ -0- $ ,&1. 940 Total liabilities Fund equity Fund balance (deficit) Total liabilities and fund equity The notes to the financial statements are an integral part of this statement. -34- ~?1?" 9?!O~ o:~u/ ~ated, !Y ~Qr/ I I I I I I I I I I I I I I I I I I . CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - CONSTRUCTION FUND STATEMENT OF REVENUES~ EXPENDITURES AND CHfu~GES IN FUND BALM~CE For The Year Ended December 31, 1980 Deep Well Project Boulder Bridge & Amesbury Wes t Project Revenues Interest on investments $ 1,504 Total revenues 1,504 Expenditures Construction costs Engineering Legal and fiscal Other construction costs 18,830 10,811 $ 7,233 469 348 Total expenditures 29,641 8,050 Net decrease in fund balance (28,137) (8,050) Fund balance, January 1 Bond proceeds 58,824 Fund balance, (deficit) December 31 $ 30.6JtL $ c.a.~(50) The notes to the financial statements are an integral part of this statement. ~ u~ ^4 /_. ryf' ~.~I Y?c~"~?~f7' and' ~Wdd^tH/C'~Z,t:>.d'1 f3? ~X1t. Part II Exhibit "E-]" Total $ 1 ,SOLI 1,504 26,063 10,811 469 348 37,691 -- (36,187) 58,824 $~-R -.35- I I I I I I I I I I I I I I I I I I I CITY OF SHORE\.JOOD ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1980 and 1979 Par t II Exhibit "F" Liabilities and retained earnings Liabili ties Current liabilities Accounts payable $ 14,108 $ 8,790 $ 22,898 Accrued liabilities 6,702 3,7 92 10 ,494 Current portion long-term indebtedness 4,146 4, 146 Escrow liability 5,000 5,000 ---- Total current liabili ties 20,810 21,728 42,538 Long-term indebtedness 176,529 176,529 Total liabili ties 20,810 198,257 219,067 Contributions Contributions in aid to construction 36,749 36 , 749 Retained earnings Retained earnings-unreserved 144,148 122,951 267,099 Retained earnings-reserved 5,000 5,000 Total retained earnings 144,148 127,951 272 ,099 Total liabilities, contributions and retained earnings $ 164.958 $ 362. 92Z. $ 21.7 . 915~ $ 33,015 5,439 3, 921 42,375 40,675 83,050 330,437 330,437 $ 413.48] The notes to the financial statements are an integral part of this statement. -36- 4, !F~ cud ~oc,Ut:h, Pl! N 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, 1980 and 1979 Sales and cost of sales Sales Cost of sales Gross profit Operating revenues Sewer connection permits Water connection permits Disposal fees Sewer service charges Water sales Meter sales Connection fees Total operating revenues Total gross profit and operating revenues Operating expenses Salaries and wages Payroll taxes Employee benefits Rent Utilities Telephone Insurance Advertising Depreciation Professional services Bad debts Cash variance Supplies Off ice expense Repairs and maintenance Dues and subscriptions Postage Laundry Security Rubbish hauling Employee reimbursements City buildings expense allocation Liquor Sanitary Sewer & Water . Operating Part II Exhibit ifF-I" Page 1 of 2 (Total - Memorandum Only) 1980 $849,549 656,133 193,416 1 , 900 190 480 174,052 14,242 975 5,250 197,089 390,505 118,452 11 , 938 9,236 37,342 6,877 979 13,886 909 650 6,850 978 29 2,570 4,354 1 , 732 125 360 506 548 324 9,630 The notes to the financial statements are an integral part of this statement. $849,549 656,133 193,416 $ 1 , 900 190 480 174,052 14,242 975 5,250 197,089 193,416 197,089 4. g;-~ cud ~~, !?l! sL 75,177 7,002 6,036 37 ,342 6,877 979 11 ,446 909 650 6,850 978 29 1,841 114 1 ,732 125 360 506 43,275 4,936 3,200 2,440 729 4,240 548 324 9,630 1979 $7 90 ,758 610,045 180,713 1,325 200 1,095 149,247 6,058 1,190 465 15 9 , 580 340,293 104,799 8,655 6,340 35,679 6,150 1,065 23,752 513 964 8,039 469 672 7,528 1,697 2,401 30 90 468 115 409 1,104 2,637 -37- I I I I I I I I I I I I I I I I I I I Part II Exhibit IF-1" Page 2 of 2 CITY OF SHOREWOOD ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1980 and 1979 Retained earnings, December 31 The notes to the financial statements are an integral part of this statement. 4, fF~ cvnc/~, PeW: Operating expenses (continued) Small tools Electricity - lift stations Contracted services Education Service charge refunds Sewer use charge - MWCC Connection fees Purchases - water Sales tax Capital outlay Less: capitalization fixed assets Total operating expenses Operating income (loss) Other revenues Interest Property taxes Special assessments levied Refunds and reimbursements Total other revenues Other expenses Depreciation on assets acquired with own funds Depreciation on assets acquired from contributions in aid to construction Interest Total other expenses Net income (loss) to retained earnings Retained earnings, January 1 Add credit arising from transfer of depreciation to contributions in aid to construction account Transfer to city hall construction fund Prior period adjustment (Note 8) Liquor Sanitary (Total - Memorandum Only) Sewer & Water Operating 1980 1979 $ 2,048 $ 2,048 $ 1,265 3,124 3,124 2,492 12,986 12,986 5,637 820 820 170 408 408 127,561 127,561 101,963 2,450 2,450 7,310 7,310 6,699 134 100,317 100,317 5,909 (100,317) (100,317) ( 5,909) 225,157 384,982 331,936 ( 28,068) 5,523 8,357 21,470 23,054 16,642 29,610 29,610 23 ,290 10 ,331 10,331 9,540 9,540 467 70,951 72 , 535 40,399 $ 159,825 33,591 1,584 1,584 4 , 983 4,983 942 942 6,413 6,413 12,338 12,338 35 , 1 7 5 30,545 65,720 183,973 146,464 330,437 1,848 1,848 46,908 363 , 125 942 942 ( 75,000) ( 50,000) (125,000) ( 35,000) ( 44,596) $ 1.MLtl~ $ 127.951 $ 27~ $ 330.437 -38- 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, 1980 and 1979 Liquor Sources of financial resources Operations Net income (loss) for the year $ 35,175 Transfer from sanitary sewer & water operating fund Add: items not requiring current outlay of resources Depreciation 650 Total resources provided by opera tions 35,825 Increase in long-term debt Total resources 35,825 Uses of financial resources Transfer to Metro Waste Control CommisSion fund Transfer to city hall construction fund Acquisition of fixed assets Prior period adjustment (Note 8) Total uses of financial resources Net increase (decrease) in working capital Component elements of increase (decrease) in working capital Cash Accrued interest receivable Accounts receivable Inventories - stores for resale Special assessments receivable Current Delinquent Investments Certificates of deposit Prepaid expenses Accounts payable Accrued liabilities Current portion long-term indebtedness Escrow liability Unamortized bond discount 75,000 75,000 $l39.172) $( 57,135) ( 584) 5,370 ( 1,363) 15,800 ( 1,263) Net increase (decrease) in working capi tal $l..l9~(5) Sanitary Sewer & Water Operating (Total - Memorandum Only) 1980 1979 $ 30,545 $ 65,720 $ 46,908 9,550 5,925 6,575 2,812 36,470 135,854 172,324 72 ,295 135,854 208,149 59,270 59,270 9,550 50,000 100,317 125,000 100,317 35,000 5,909 3,921 54,380 150,317 225,317 $ 22.007 $( 17 .168) $ ~a9Q $ 91,756 $ 34,621 $ 53,378 ( 156) ( 156) ( 6,385) ( 27,488) ( 28,072) 9,047 5,370 4,329 10 , 330 10, 330 ( 5 ,498) ( 422) ( 422) 287 ( 40,000) ( 40,000) ( 50,351) ( 1 , 36 3 ) 2,410 ( 5,683) 10,117 411 ( 3,792 ) ( 5,055) 1,183 ( 225) ( 225) ( 3, 921) ( 5,000) ( 5,000) 2,687 2,687 $ 22.007 $ UL..lii...ID $ _4.890 The notes to the financial statements are an integral part of this statement. -39- 4. g-~~;?/ana!~~M. 9N I I I I I I I I I I I I I I I I I I I Part II Exhibit "F-3" CITY OF SHORE\-lOOD LIQUOR FUND BALANCE SHEET December 31, 1980 and 1979 1980 1979 ASSETS Current assets Cash Accounts receivable Inventories - stores for resale (Note 1) Prepaid expenses $ 31.002 $ 88,136 11 .184 11,768 115,625 110,255 6,003 7,366 163,814 217,525 3,955 3,955 22,639 22,639 26,594 26,594 ( 25,450) ( 24,799) 1,144 1,795 $ lJ>4. 958 $ 219.320 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 $ 14,108 6,702 $ 29,908 5,439 35,347 183, 973 $ 219.320 Total liabilities 20,810 Retained earnings Unreserved 14~148 Total liabilities and retained earnings $ 164.95Jt The notes to the financial statements are an integral part of this statement. -40- ~~, g;;t/e~k# and~Uzh, !!l!~w 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 Years Ended December 31, 1980 and 1979 1980 Sales and cost of sales Sales Cost of sales $ 849,549 656,133 Total gross profit 193,416 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 75,177 7,002 6,036 37,342 6,877 979 11 ,446 909 650 6,850 978 29 1,841 114 1,732 125 360 506 548 324 Total operating expenses 159,825 Operating Income 33,591 Other revenues Interest 1,584 Net income to retained earnings Transfer to city hall construction fund Retained earnings, January 1 35 , 175 ( 75,000) 183,973 Retained earnings, December 31 $ 14~148 The notes to the financial statements are an integral part of this statement. J1nr?' ~&e~~' cutd ~//O<<ZCed. 9 J2i: Part II Exhibit "F-4" 1979 $ 790,758 11 610 ,045 180,713 "'2---3 73,534 5,015 3,340 35 ,679 6,150 1,065 19,815 513 964 8,039 469 672 1,715 169 2,401 30 90 468 115 409 1,104 161,756 ."cu~ 18,957 )-,,? 3,853 22,810 ( 10,000) 171,163 $ 183.973 -41- I I I I I I I I I I I I I I I I I I I Part II Exhibit "F-5" CITY OF SHOREWOOD LIQUOR FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1980 and 1979 1980 1979 Sources of financial resources Operations Net income for the year Add: Items not requiring current outlay of resources Depreciation $ 35 , 1 7 5 $ 22,810 650 964 35,825 23,774 75,000 10,000 $ ( 39.175) $ 13.774 $ ( 57,135) $ 26,053 ( 25,351) ( 584) 4,649 5,370 4 , 329 ( 1,363) 2,410 15,800 501 ( 1,263) 1,183 $'= 39.175) $ _1..1, 77 4 Total resources provided by operations Uses of financial resources Transfer to city hall construction fund Net increase (decrease) in working c<lpi tal Component elements of increase in working capital Cash Investments Accounts receivable Inventories - stores for resale Prepaid expenses Accounts payable Accrued liabilities Net increase (decrease) in working capital The notes to the financial statements are an integral part of this statement. -42- ~:?'~ ~~ff' tUtd ~~~ Y!/;J!' 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, 1980 and 1979 1980 Assets Current assets Cash Investments Certificates of deposit Accounts receivable Special assessments receivable Current Delinquent Interest receivable Unamortized bond discount Total current assets $ 142,821 35,000 17,903 10 , 330 1,393 1,924 2,687 212,058 Fixed assets Equipment . Construction in progress Less: allowance for depreciation Total fixed assets Total assets 3l. ,632 124,817 ( 8,550) T5o~ $ 36Z~ 7 Liabilities Current liabilities Accounts payable Accrued liabilities Current portion long-term indebtedness Escrow liability Total current liabilities Long-term indebtedness Total liabilities Contributions Contributions in aid to construction $ 8 , 7 90 3,792 4,146 5,000 21,728 176,529 198,257 36,749 Retained earnings Retained earnings - unreserved Retained earnings - reserved Total retained earnings Total liabilities, contributions and retained earnings 122,951 5,000 127,951 $ .3.62.952 The notes to the financial statements are an . integral part of this statement. k4. :F~~ a?td ~ti!d, .9 s&:' Part II Exhibit "F-6" 1979 $ 51,065 75,000 45,391 1,815 2,080 175,351 21,441 ( 2,625) 18,816 $lli.167 $ 3,107 3,921 7,028 40,675 47,703 146,464 146,464 $ j 94.167 -43- I I I I I I I I I I I I I I I I I I I Pa rt II CITY OF SHOREWOOD Exhibi t "F-7" SANITARY SEWER AND WATER OPERATING FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1980 and 1979 1980 Operating revenues Sewer connection permits Water connection permits Disposal fees Sewer service charges 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 City buildings expense allocation Electricity - lift stations Contracted services Education Service charge refunds Sewer use charge - Metro Waste Control Commission Connection fees Purchases - water Sales tax Capital outlay Less: capitalization of fixed assets Total operating expenses Operating income (loss) Other revenues Special assessments levied Interest Property taxes Refunds and reimbursements Total other revenues Other expenses Depreciation on assets acquired with own funds Depreciation on assets acquired from contributions in aid to construction Interest Total other expenses Net income to retained earnings Retained earnings, January 1 Add credit arising from transfer of depreciation to contributions in aid to construction account Transfer to Metro Waste Control Commission Fund Transfer to city hall construction fund Prior period adjustment (Note 8) Retained earnings, December 31 $ 1 , 900 190./ 48a 174,052/ 14,242.../ 975J ~,250 197,089 1979 $ 1,325 200 1,095 149.247 6,058 1,190 465 159,580 31,265 1,720 1 ,920 3,000/' 3,937 1,528 5,813 1,265 2,637 2 , 492 5,637 170 101,963 6,699 134 5,909 ( 5,909) 170,180 ( 10,600) 12,789 23,290 467 36,546 1,848 1 ,848 24,098 201,512 ( 9,550) ( 25,000) ( 44,596) $ t46.464 The notes to the financial statements are an integral part of this statement. -44- 43,275 2,602 2,334 3,200./ 2,440 4 ,240 729 2,048 9,630 3,124 12,986 820 408 127,561 2,450 7,310 100,317 (100,317) 225,157 ( 28,068) 10,331 v 21,470 29,610 9,540 70, 951 4,983 942 6,413 12,338 -- 30,545 146,464 942 ( 50,000) $ 127 .951 ~~, g;-~~ and' ~h, 9 d I I I I I I I I I I I I I I I I I ~I II CITY OF SHOREWOOD SANITARY SEWER AND WATER OPERATING FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1980 and 1979 Sources of financial resources Operations Net income for the year Add: items not requiring current outlay of resources Depreciation Total resources provided by operations Increase in long-term debt Total resources Uses of financial resources Acquisition of fixed assets Transfer to Metro Waste Control Commission Fund Transfer to city hall construction fund Prior period adjustment (Note 8) Total uses of financial resources Net increase (decrease) in working capital Component elements of increase (decrease) in working capital Cash Accounts receivable Special aSSessments receivable Current Delinquent Investments Certificates of deposit Accrued interest receivable Unamortized bond discount Accounts payable Accrued liabilities Current portion long-term indebtedness Escrow liability Net increase (decrease) in working capital 1980 $ 30,545 5,925 36,470 135,854 172 ,324 100,317 50,000 150,317 $ 22.007 $ 91,756 ( 27,488) 10,330 ( 422) ( 40,000) ( 156) 2,687 ( 5,683) ( 3,792) ( 225) ( 5,000) $ 22.007 The notes to the financial statements are an integral part of this statement. ~~,g;-~c?' <<4ed'~, .9 s;g Part II Exhibit IF-8" 1979 $ 24,098 1,848 25,946 25,946 5,909 9,550 25,000 3,921 44,380 $08.434) $ 17,775 4,398 ( 5,498) 287 (25,000) ( 6,385) ( 90) ( 3,921) $08.434) -45- I I I I I I I I I I I I I I I I I I I Part II Exhibi t "F- 9" CITY OF SHOREWOOD METROPOLITAN WASTE CONTROL COMMISSION FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1980 and 1979 1980 1979 Retained earnings, January 1 $( 9,550) Transfer from sanitary sewer and water operating fund 9,550 Retained earnings, December 31 The notes to the financial statements are an integral part of this statement. ~~, Sf~h'k?andN~, 9N $ -0- -46- I I I I I I I I I I I I I I I I I , j CITY OF SHOREWOOD METROPOLITAN WASTE CONTROL COMMISSION FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1980 and 1979 1980 Sources of financial resources Operations Transfer from sanitary sewer and water operating fund Total resources provided by operations Net increase (decrease) in working capital Component elements of increase (decrease) in working capital Cash - Regular Net increase (decrease) in working capital The notes to the financial statements are an integral part of this statement. 4, g;-~/lJP and ~d06~, fY!d Part II Exhibit "F-10" 1979 $ 9 . 5 50 9.550 $9.550 $9.550 $~O -47- I I I I I I I I I I I I I I I I I I , P art II Exhibit "G" CITY OF SHOREWOOD GENERAL FIXED ASSET GROUP OF ACCOUNTS STATEMENT OF GENERAL FIXED ASSETS For The Years Ended December 31, 1980 and 1979 1980 1979 General fixed assets Buildings Improvements other than buildings Machinery and equipment $ 286,841 $ 269,153 168,193 157,167 92,407 79,478 547,441 505 ,798 ( 67,286) ( 35,962) $ 480 .155 $ 469.836 $ 480 .155 $ 469.836 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. -48- 4, g-~<<~ sf~, .9sf I I I I I I I I I I I I I I I I I I I Note 1 - CITY OF SHOREWOOD NOTES TO THE FINANCIAL STATEMENTS December 31, 1980 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. -49- 4, !F~4 anc/ ~~, !!l! N I I I I I I I I I I I I I I I I: I . I Note 1 - Summary of Significant Account~ng 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 I, 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 I, 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, 1980 consist of a certificate in the amount of $45,000 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 June 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, 1980 consist of four contracts as follows: An agreement in the amount of $2,493 reduced annually by $1,800, including 7% interest, ending in 1982. A first mortgage for $12,428 payable in semi-annual installments of $3,000 which includes 8% interest, with final payment due in 1982. -50- 4, 5/r~~ t74t~ ~~~, !!l! sd 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 $17,500 payable in semi-annual installments of $2,500 plus interest at 8% with final payment due in 1984. A confession of judgment for $10,875 payable 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, 1980 consist of a note in the amount of $7,104 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 shown on Part III~ Schedule 2, are special assessment bonds. These bonds 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. The bonds payable shown on Part III, Schedule 3, are revenue bonds. These bonds are recorded as a liability in the Sanitary Sewer and Water Operating Fund. The bonds are payable primarily from revenue generated in the Sanitary Sewer and Water Operating Fund 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, 1980 totalled $1,322,414. Securities pledged by Minnetonka State Bank and held in safekeeping at Marquette National Bank of Minneapolis had a market value of $1,363,189 on December 31, 1980. It is our understanding that securities pledged by the depository bank should equal 110% of the total City funds in that depository reduced by $100,000 on demand deposits and $100,000 on time deposits insured by the Federal Deposit Insurance Corporation. 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 balance sheets. However, the City has future interest payable on the Special Assessment Bonds of $1,281,209 and $123,375 on the Revenue Bonds. -51- ~?l;?/, ~UW:?,-, and ~SJkwCcUM1-, ~9 ~Q/ I I I I I I I I I I I I I I I I I I I Note 8 - Restatement of 1979 Financial Statements The 1979 financial statements for the Sanitary Sewer and Water Operating Fund have been restated to record the principal remaining on the deferred payment contract with the Metropolitan Waste Control Commission. Annual payments of $6,485 are due through 1988. -52- 4, :F~~ cud ~" (j? ~~ 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. 1980 and 1979 PART III ~;?, !ft~UU?;?' and ~PU~~, 9 S!i' 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 Bk~K DEPOSITS PLEDGED BY OFFICIAL DEPOSITORY December 31, 1980 Depository: Minnetonka State Bank In Safekeeping at Marquette National Bank Securities pledged: United States Treasury Notes United States Treasury Bills Federal Farm Credit Banks Federal Home Loan Banks Federal National Mortgage Assn. Mass. State College Bldg. Authority Total securities pledged by official depository Due Date 2-15-82 12-31-81 12....,3-84 8-25-82 4-10-84 12-01-92 Par Value $ 400,000 300,000 200,000 300,000 200,000 50,000 $1.450.000 Part III Schedule 1 Market Value $ 374,250 300,000 185,750 300,375 171 ,000 31,814 $1. 363. 189 -54- 4,:F~~ a~d~, /Yd I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SCHEDULE OF BOND AND INTEREST MATURITIES SPECIAL ASSESSMENT FUNDS December 31, 1980 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 Principa~ Interest Principal Interest Principal Interest 1981 $ 310,000 $ 198,209 $ 25,000 $12,850 $ 125,000 $ 79,253 $ 90,000 $ 55,530 $ 5,000 $ 2,826 $ 65,000 $ 43,250 1982 315,000 183,344 25,000 11 ,850 125,000 73,065 90 ,000 51,300 5,000 2,564 70,000 40,065 1983 340,000 167,786 25,000 10,750 130,000 66,690 90,000 46 , 980 5,000 2,301 ;/,,'70,000 36,565 1984 340,000 150,448 25,000 9,650 130,000 60,125 90 ,000 42,570 5,000 2,038 r 70,000 33,065 :) ., 1985 340,000 132,862 25,000 8,525 130,000 53,430 90,000 38,070 5,000 1,772 ',~ 70,000 29,565 L, 1986 320,000 114,985 25,000 7,400 130,000 46,605 90,000 33,480 5,000 1,505 pO ,000 25,995 'J" 1987 320,000 98,240 25,000 6 , 200 130,000 39,650 90 , 000 28,800 5,000 1 , 2 35 ~70 ,000 22,355 ";; ~' 1988 320,000 81,283 25,000 5,000 130,000 32,565 90,000 24,075 5,000 963 170,000 18,680 ,i,fl" 1989 320,000 64,172 25,000 3,750 130,000 25,415 90,000 1 9, 350 5,000 687 \ 70,000 14,970 1990 320,000 46,882 25,000 2,500 130 ,000 18,200 90 ,000 14 , 5 80 5,000 412 ~70,000 11 ,190 1991 320,000 29,368 25,000 1,250 130,000 10,920 90,000 9,720 5,000 138 ~70 ,000 7,340 N 1992 250,000 11 , 920 130,000 3,640 90,000 4,860 130,000 3,420 .r:; 1993 30,000 1,710 .~ 30,000 1 ,710 ~ rk $.h8.45 .000 $1.....2J31 . 2 0 9 $275.000 $79.725 $.L550 .000 $509.558 $l.....980 .000 $JQ9~ $55.000 $16.441 $~5.000 $ 2 88--J..IQ. 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 ~?~" ~e~ti/~ a?u-~ e.~oc~ate&, !?l! N Part III Schedule 2 1980 Improvement Bonds Principal Interest $ 4,500 4,500 $20,000 20,000 20,000 4,500 3,000 1,500 $60.QOO $18.000 7.50% March 1 and September 1 September 1 -55- I I I I I I I I I I I I I I I I I I I Part III Schedule 3 CITY OF SHOREWOOD SCHEDULE OF BOND AND INTEREST MATURITIES REVENUE BONDS December 31, 1980 Year 1980 Water Revenue Bonds Principal Interest 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 Interest rates 7.50% - 8.50% Interest due dates March 1 and September 1 Principal due dates September 1 -56- 4.~ $t?e~c? a?lf~~~~gN ~ . I I I I I I I I I I I I I I I r r CITY OF SHOREWOOD SCHEDULE OF INSURANCE COVERAGE IN FORCE December 31, 1980 UNAUDITED Multi-peril or package policy (effective August I, 1980) 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 III Store 112 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 I, 1980) Liability Uninsured motorist Comprehensive Collision Actual $150 Workmen's Compensation (effective August I, 1980) Public official liability policy (effective August I, 1980) Umbrella liability policy (effective August I, 1980) Notary bond - Elsa Wiltsey (effective April 4, 1980 _ for seven years) Sandra Kennelly (effective August 14, 1979 _ for seven years) 4- ~~ and .w~_ .9!S1;( Part III Schedule 4 $ 598,843 130,000 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 cash value deductible 100,000 1,000,000 3,000,000 2,000 $ 2,000 -57-