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1981 - 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~ 1981 and 1980 With Auditors I Report ~?UZ. g-~~~ a-nd ~icc<<vt6i', 9,Q;[ I I N D E X I Auditors' Report I Part I Exhibit "A" - Combined Balance Sheet - All Fund Types and Account Groups Exhibit "A-I" - Combined Statement of Revenues, Expenditures and Changes in Fund Balance, All Governmental Fund Types Exhibit "A-2" - Combining Balance Sheet - Enterprise Funds Exhibit "A-3" - Combining Statement of Revenues and Expenses - Enterprise Funds Exhibit "A-4" - Combining Statement of Changes in Retained Earnings/Fund Balance - Enterprise Funds Exhibit "A-5" - Combining Statement of Changes in Financial Position - Enterprise Funds Exhibit "A-6" - Combined Statement of Revenues and Expenditures - Budget and Actual - and Changes in Fund Balances - General and Special Revenue Funds Exhibit "A-7" - Combining Balance Sheet - Special Revenue Funds Exhibit "A-8" - Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Special Revenue Funds Exhibit "A-9" - Statement of Revenues and Expenditures - Budget and Actual - and Changes in Fund Balance - General Fund Exhibit "A-I0"- Combined Schedule of Indebtedness I I I I I I I Part II I General Fund Exhibit "B" - Balance Sheet Exhibit "B-1" Statement of Changes in Fund Balance Exhibit "B-2" - Statement of Revenues - Budget and Actual Exhibit "B-3" - Statement of Expenditures - Budget and Actual I I Federal Revenue Sharing Fund Exhibit "c" Exhibit "C-l" - Balance Sheet - Statement of Revenues and Expenditures - Budget and Actual - and Changes in Fund Balance Funds - Park Capital Improvment Fund - Balance Sheet - Park Capital Improvement Fund - Statement of Revenues, Expenditures, and Changes in Fund Balance I Capital Projects Exhibit "D" Exhibit "D-l" I I 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 I I I ~tZ. ~rw;;.e&r;~uz a??dJA~~W-rA'ffh~_ .C}l!pr;;<< Page 1 of 3 Page Number -- 5 7-8 9 10-11 12-13 14 15 16 17 18 19 20 22 23 24 25-27 28 29 30 31 32 33 34 35 I I I I I I I I I I I I I I I I I I I Special Assessment Funds (continued) 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 Funds - Balance Sheet Exhibit "E-7" - Construction Funds - Statement of Revenues, Expenditures ~nd Changes in Fund Balances Part II (continued) Enterprise Funds Page 2 of 3 I N D E X Page Number 36 37 38 39 Exhibit "F" - Liquor Fund - Balance Sheet 40 Exhibit "F-l" - Liquor Fund - Statement of Revenues, Expenses and Changes in Retained Earnings 41 Exhibit "F-2" - Liquor Fund - Statement of Changes in Financial Position 42 Exhibit "F-3" - Sanitary Sewer Operating Fund - Balance Sheet 43 Exhibit "F.....4" - Sanitary Sewer Operating Fund - Statement of Revenues and Expenses 44 Exhibit "F-5" - Sanitary Sewer Operating Fund - Statement of Changes in Retained Earnings 45 Exhibit "F-6" - Sanitary Sewer Operating Fund - Statement of Changes in Financial Position 46 - Water Operating Fund - Balance Sheet 47 - Water Operating Fund - Statement of Revenues, Expenses and Changes in Retained Earnings 48 - Water Operating Fund - Statement of Changes in Financial Position 49 ~ Water Revenue Bond Sinking Fund - Balance Sheet 50 - Water Revenue Bond Sinking Fund - Statement of Revenues, Expenditures and Changes in Fund Balance 51 Exhi bit "F-7" Exhibit "F- 8" Exhibit "F- 9" Exhibit "F-I0" Exhibit "F-ll" General Fixed Assets Account Group Exhibit "G" - Statement of General Fixed Assets 52 Exhibit "G-l" - Statement of Changes 53 Notes to Financial Statements 54-59 ~n4-, :F?COe~ cud~. 9erg I I I I I I I I Page 3 of 3 I N D E X Page Number Part III Schedule 1 - Schedule of Bond and Interest Maturities - Special Assessment Funds 61-62 Schedule 2 - Schedule of Bond and Interest Maturities - Revenue Bonds 63 Schedule 3 - Schedule of Changes in Bonded Indebtedness 64 Schedule 4 - Statement of Security for Bank Deposits Pledged by Official Depositories 65 Schedule 5 - Schedule of Insurance Coverage and Official Bonds - Unaudited 66 Schedule 6 - Elected and Appointed Officials - Unaudited 67 I I I I I I I I I I I ~lg/, !F~ ~ ~~kf. fY! d 1 1 /u _ G.~ ,....,4 - ~ Ci}J r-.4 =-L07?, :r~AknF and'~, ;:T: J.&". 1 ACCOUNTANTS AND AUDITORS TONKA BUILDING EXCELSIOR, MINNESOTA 55331 612/47.1-8826 1 City Council City of Shorewood Shorewood, Minnesota 1 -I 1 We have examined the financial statements of the various funds and account groups of the City of .8horewood, Minnesota, for the years ended December 31, 1981 and 1980, as listed in Part I and Part II in the fore- going 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. 1 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 acquisitions in the Sanitary Sewer and Water Operating Funds and the General Fixed Assets Account Group as well as the Liquor Fund, and has made provision for depreciation which conforms to generally accepted accounting principles applicable to governmental units. 1 1 1 1 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, 1981 and 1980, 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. 1 1 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. 1 1 LONG, FROEHLING AND ASSOCIATES, P.A. 1 By nt 1 . Excelsior, Minnesota June 2, 1982 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, 1981 and 1980 PART I ~, :F~ and ~c<<zh, 9 N I I I I I I I I I I I I I I I I I I I Assets Current assets: Cash Certificates of deposit Receivables Taxes - current delinquent Special assessments - current - delinq uent Less allowance for uncollectible accounts Accrued interest Local government aid Other 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 General Fund $ (132,490) 22,805 17,650 1, on 1,119 ( 9,384) 42,067 67 , 1 80 10,019 1 ,698 $ 11.717 CITY OF SHOREWOOD COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1981 and 1980 Governmental Special Revenue Funds Fund Types Capital Projects Fund s $ 5, 0 35 10,000 15,249 $15.249 $15,783 25,000 214 494 Special Assessment Fund s $ 135,914 1,524,000 1,218 37 315,457 12 ,568 ( 36,302) 24,658 1 ,788 16,942 2,056,280 2,201,658 $ 4,257,938 Proprietary Fund Types Enterprise Funds Account Groups General Fixed Assets ~/I .Y~~~~AI and'~. 9 sf 41,277 $41.277 $ 109,569 114,310 1,555 452 14,917 1 , 32 9 ( 890) 2,263 40 ,373 120,331 6,636 2,515 413,360 3,955 57,383 1,158,987 ( 71,479) $ 291,108 176,223 117,087 (103,241) 1,148,846 481,177 $ 1,562,206 $ 481.177 The notes to financial statements are an integral part of this statement. Part I Exhi bit "A" Page 1 of 2 (Total - Memorandum Only) 1981 $ 133,811 1,673,310 25,578 18,139 331,446 75,016 ( 46,576) 27,629 42 ,067 109,341 120,331 6,636 19,457 2,536,185 291,108 180,178 174,470 1,158,987 ( 174,720) 1,630,023 2,203,356 $ 6.369.564 1980 $ 322,414 1,000,000 36,291 280,278 ( 44,966) 7 ,731 73,470 115,625 6,003 2,687 1,799,533 286,841 172 , 148 149,678 124,817 ( 101,286) 632,198 1,847,650 $ 4.279,381 -7- I I I I I I I I I I I I I I I I I I I Part I Exhibit "A" CITY OF SHOREWOOD Page 2 of 2 COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS December 31, 1981 and 1980 Governmental Fund Types Proprietary Account Special Capi tal Special Fund Types Groups (Total - Memorandum Only) General Revenue Projects Assessment Enterprise General Fund Funds Funds Funds Funds Fixed Assets 1981 1980 Liabilities and fund equity Liabili ties Current liabilities Accounts payable $ 15,228 $ 41 , 900 $ 40,521 $ 97 ,649 $ 60 ,737 Retainages payable 35,005 35,005 3,945 Accrued liabilities 10,832 $ 558 125 9,090 20,605 19,619 Current portion long-term indebtedness 20,483 6 , 359 315,000 4,385 346,227 349,360 Escrow liability 1,025 1,025 5,000 Total current liabilities 46,543 6 , 917 392,030 55,021 500,511 438,661 Long-term indebtedness Contracts payable (Note 2) 17,811 15,656 32,145 65,612 236,715 Bonds payable (Note 3) 4,560,000 140,000 4,700,000 3,535,000 Total long-term liabilities 17 ,811 15,656 4,560,000 172 , 145 4,765,612 3,771,715 Total liabilities 64 , 35 4 22,573 4,952,030 227,166 5,266,123 4,210,376 Fund equity Contributions in aid to construction 1,123,812 1,123,812 121 ,697 Investment in general fixed assets $481,177 481 ,177 480,155 Retained earnings (deficit) Unreserved 344,771 344,771 250,968 Reserved 5,000 Fund balance (deficit) Appropriated ( 694,092) ( 694,092) ( 605,924) Unappropriated (52,637) $15,249 18,704 ( 133 ,543) ( 152,227) ( 182,891) Total fund equity (52,637) 15,249 18,704 ( 694,092) 1,335,040 481,177 1,103,441 69,005 Total liabilities and fund equity $ 11.717 $15.249 $iL1 . 277 $ 4.257.938 $1.562 ~206 $481 .177 $ 6.369.564 $ 4,279,381 The notes to financial statements are an integral part of this statement. -8- ~,:F~~~,fYd 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. 1981 and 1980 General Fund Governmental Special Revenue Funds Fund Types Capital Projects Funds Revenues Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeitures Miscellaneous revenues Bond proceeds Special assessments levied Special assessment interest $ 321,623 40,846 307,024 15 , 5 85 32 , 37 9 29,647 $20,665 2 , 80 8 $ 9,385 9,385 747,104 23,473 Total revenues Expenditures General government Public safety Public works Sanitation and waste removal Recreation Debt service Unallocated general expense Miscellaneous Interest on bonds Construction costs 155,712 283,686 148,555 50,622 30 , 2 30 28 ,603 22 ,340 18,548 19,025 5,465 19,025 4,448 10,801 5 ,465 3,920 14,784 Total expenditures Net increase (decrease) in fund balance Fund balance (deficit) January 1 Prior period adjustments (Note 6) (Note 6) (Note 6) (Note 6) Fund balance (deficit) January 1 (as restated) Transfer from liquor fund Reduction of deferred special assessments Bonds issued (net) Permanent transfer to city hall construction fund Fund balance (deficit) December 31 738,296 8 , 80 8 ( 85,010) ( 222) 3,787 ( 81,445) 20,000 10 , 80 1 14,784 $( 52.637) $15.249 $18.704 Special Assessment Funds $ 356,86l 1,321,240 768,383 134,814 2,581,298 601 313,456 1,034,169 1,348,226 1,233,072 ( 623,22 7) ( 36,428) 53,731 ( 605,924) (1,321,240) $ ( 694 ,092 ) The notes to financial statements are an integral part of this statement. ~,:F~~~,9d Part I Exhibit "A-i" (Total - Memorandum Only) 1981 1980 $ 321 ,623 $ 313,061 40,846 33,742 327,689 369,039 15,585 32,397 32 ,379 13.950 398.701 193,316 1 . 321 ,240 58 . 82 4 768,383 35 ,629 134.814 140.261 3,361,260 1,190,219 155,712 184,311 283.686 259,070 148,555 125,529 50,622 43,581 30 ,230 24 , 856 28,603 3,883 22.340 26.544 43,639 58 , 192 313,456 208,137 1,034.169 37 ,691 2,111.012 971 ,794 1,250,248 218,425 ( 682,652) ( 713,536) ( 222) 3, '7 87 ( 36,428) 53,731 ( 661.784 ) ( 713,536) 20,000 ( 91,450) (1,321,240) ( 58,824 ) ( 37,267) $( 712.776) $( 682.652) -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" CITY OF SHOREWOOD Page 1 of 2 COMBINING BALANCE SHEET ENTERPRISE FUNDS December 31, 1 981 and 1 980 Sani tary Water Water Revenue (Total - Memorandum Only) Liquor Sewer Operating Operating Bond Sinking Fund Fund Fund Fund 1981 1980 Assets Current assets Cash $ 56,028 $ 79,629 $( 29,459) $3,371 $ 109,569 $ 120,092 Certificates of deposit 114,310 114,310 35,000 Receivables Taxes - current 1,555 1,555 - delinquent 452 452 Special assessments - current 14,576 341 14,917 10 , 330 - delinquent 1 , 32 9 1 , 329 1,393 Less allowance for uncollectible accounts ( 890) ( 890) ( 696) Accrued interest 1 , 6 92 571 2,263 1 , 924 Other 7,991 28,446 3,936 40,373 29,086 Inventories - stores for resale (Note 1) 120,331 120,331 115,625 Prepaid expenses 6 , 636 6 , 636 6.003 Unamortized bond discount 2,515 2,515 2,687 Total current assets 1 90 , 986 241,099 ( 25, 1 82 ) 6,457 413,360 321 ,444 --....- Fixed assets (Note 1) Improvements other than buildings 3,955 3,955 3.955 Equipment 22,639 19,434 15,310 57,383 57,271 Construction in progress 317 ,998 840,989 1,158,987 12lf,817 Less allowance for depreciation ( 25, 909) ( 14,503) ( 31,067) ( 71 ,479) (~, 000) Total fixed assets 685 322,929 825,232 1,148,846 152,043 -- Total assets $ 191.671 $ 564,028 $ 800,050 $6.457 $ 1.562,206 $ 473.487 The notes to financial statements are an integral part of this statement. -10- ~, :F~ cud~, 9d I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD COMBINING BALANCE SHEET ENTERPRISE FUNDS December 31, 1981 and 1980 Water Operating Fund Sanitary Sewer Operating Fund Liquor Fund Li abi 1i ties Current liabilities Accounts payable $ 22,379 $ 13,279 $ 4,863 Accrued liabilities 7,642 984 464 Escrow liability 1,025 Current portion long-term indebtedness 4,385 Total current liabilities 30,021 18,648 6,352 Long-term indebtedness 2) Contracts payable (Note 32 , 145 Bonds payable (Note 3) Total long-term indebtedness 32 , 145 Total liabilities 30,021 50,793 6,352 Fund equity Contributions Contributions in aid to construction 309 ,7 96 814,016 Retained earnings Retained earnings (deficit) - unreserved 161,650 203,439 ( 20,318) Retained earnings (deficit) - unreserved - as restated (Note 6) Fund balance Total fund equity 161,650 513 , 2 35 793,698 Total liabilities and fund equity $191.671 $564.028 $ 800.050 The notes to financial statements are an integral part of this statement. ~. :F~ cud~. 9 sL Part I Exhibit "A-2" Page 2 of 2 Water Revenue Bond Sinking Fund (Total - Memorandum Only) 1981 1980 $ 40,521 $ 2 6 , 6 85 9,090 10,494 1,025 5,000 4,385 4 , 146 55,021 46,325 32 , 145 36,529 $ 140,000 140,000 140,000 140,000 172 , 145 176,529 140,000 227,166 222,854 1,123,812 121,697 344,771 144,148 111,820 (133,543) ( 133,543) (127,032) (133,543) 1,335,040 250,633 $ 6.457 $1.562.206 $473.481- -11- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD COMBINING STATEMENT OF REVENUES AND EXPENSES ENTERPRISE FUNDS For The Years Ended December 31, 1981 and 1980 Part 1 Exhibit "A-3" Page 1 of 2 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 Metro Waste SAC charges 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 Office expense Repairs and maintenance Dues and subscriptions Pos tage Laundry Rubbish hauling Employee reimbursements City buildings expense allocation Small tools Electricity Contracted services Education Service charge refunds Sanitary Water Water Revenue (Total - Memorandum Only) Liquor Sewer Operating Operating Bond Sinking Fund Fund Fund Fund 1981 1980 $845,874 $845,874 $849,549 645,377 645,377 656,133 200,497 200,497 193,416 $ 1,650 1,650 1 , 900 190 150 150 480 254,689 254,689 174,052 $13,465 13,465 14,242 910 910 975 3 , 354 3,354 8,075 8,075 5,250 200,497 264,564 17,729 282 ,293 197,089 200,497 264,564 17,729 482,790 390,505 77 , 820 35 ,297 17,801 130,918 118,452 6,690 6 ,690 11 , 938 4,051 4,051 9 , 2 36 37,985 37 ,985 37 ,342 8,088 8,088 6,877 1,578 1,578 979 11 ,881 286 12,167 13,886 642 642 909 459 459 650 7,254 7,254 6 ,850 736 736 978 73 73 29 1,833 2,261 1,688 5,782 2,570 421 740 215 1,376 4,354 2,772 2,772 1 , 732 125 125 125 616 616 360 456 456 506 606 606 548 471 471 324 5,100 5,100 9,630 470 97 567 2,048 4,288 1,839 6,127 3,124 8,931 970 9,901 12,986 109 222 331 820 2,262 2,262 408 The notes to financial statements are an integral part of this statement. -12- ~, :F~ and'~, 9d I I I I I I I I I I I Operating income (loss) Part I Exhibit "A-3" Page 2 of 2 CITY OF SHOREWOOD COMBINING STATEMENT OF REVENUES AND EXPENSES ENTERPRISE FUNDS For The Years Ended December 31, 1981 and 1980 Sanitary Water Water Revenue (Totals - Memorandum Only) Liquor Sewer Operating Operating Bond Sinking Fund Fund Fund Fund 1981 1980 $144,382 $ 144,382 $ 127,561 $ 450 450 2 ,450 7,169 7,169 7,310 7 ,970 7 , 970 6,559 2,726 9 ,285 19 273 292 29,536 29,536 972 972 127 127 100,317 ( 127) ( 127) ( 1 00 , 317) $164,557 248,210 34,422 447,189 384,982 35 , 940 16,354 (16,693) 35 ,601 5,523 912 125 1,037 1,562 22,197 $ 1,2 94 25,053 23,054 29,610 23,573 341 23,914 10,331 26,698 26,698 9,540 6 , 85 8 6 .858 1,562 80,238 466 1,294 83,560 72,535 I Operating expenses (continued) Sewer use charge - MWCC Connection fees Purchases - water Metro Waste SAC charges Equipment maintenance Equipment rental Inflow and infiltration study Purchases of water meters Capital outlay Less: capitalization fixed assets Total operating expenses Other revenues Special assessment interest Interest Property taxes Special assessments levied Refunds and reimbursements Homestead credit, reduced assessment Total other revenues I Other expenses Depreciation on assets acquired with own funds Depreciation on assets acquired from contributions in aid to construction Interest Interest on inter fund loans I I I I I I Total other expenses 1,944 3,021 4,965 4,983 8,076 23 , 97 9 32,055 942 3,029 7 ,805 10,834 6,413 1,070 1,070 13,049 28,070 7,805 48,924 12,338 $ 37.502 $ 83.543 $ (44 .297) $(6..511) $ 7 0 .2 37 $ 65 .720 Net income (loss) to retained earnings The notes to financial statements are an integral part of this statement. -13- ~.:F~~~,9d I I I I I I I I I I I I I I I I I I I Fund balance, January 1 Retained earnings, January 1 Prior period adjustment (Note 6) Prior period adjustment (Note 6) Prior period adjustment (Note 6) Prior period adjustment (Note 6) Prior period adjustment - permanent transfer from water utility fund to water revenue bond sinking fund (Note 6) Fund balance, January 1 (as restated) Retained earnings, January 1 (as restated) Net income for the year Add credit arising from transfer of depreciation to contributions in aid to construction account Transfer to city hall construction fund Transfer to general fund Retained earnings, December 31 Fund balance, December 31 Part 1 Exhibit "A-4" CITY OF SHOREWOOD COMBINING STATEMENT OF CHANGES IN RETAINED EARNINGS/FUND BALANCE ENTERPRISE FUNDS For The YeamEnded December 31, 1981 and 1980 Sanitary Water Water Revenue (Totals - Memorandum Only) Liquor Sewer Operating Operating Bond Sinking Fund Fund Fund Fund 1981 1980 $ 144,148 $ 127,951 $ 272 ,099 $ 330,437 ( 816) $ 2,994 2,178 ( 10,832) 11,079 $(141,105) (140 , 858) ( 696) ( 696) ( 3,787) ( 3,787) (14,073) 14,073 (127,032) (127,032) 144,148 111,820 255,968 330,437 37,502 83,543 (44,297) ( 6,511 ) 70,237 65 ,720 8,076 23 , 97 9 32,055 942 (125,000) ( 20,000) ( 20,000) $ 161. 650 $ 203.439 $(20.318) $ 344.771 $ 272 ,099 $033.543) $033.543} $ (127,032) The notes to financial statements are an integral part of this statement. ~.:F~~~,9d -14- I I I I I I I I I I I I I I I I I I I Part I Exhibit "A-S" CITY OF SHOREWOOD COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION ENTERPRISE FUNDS For The Years Ended December 31. 1981 and 1980 Liquor Fund Sanitary Sewer Operating Fund Water Operating Fund Water Revenue Bond Sinking Fund (Totals - Memorandum Only) 1981 1980 Sources of financial resources Operations Net income (loss) for the year $ 37.502 $ 83,543 $ 121.045 $ 65,720 Add: items not requiring current outlay of resources Depreciation 459 10,020 10.479 6,575 Total resources provided by operations 37 ,961 93.563 131,524 72,295 Increase in long-term debt 135 , 354 Total resources 37 ,961 93,563 131,524 208,149 Uses of financial resources Operations Net loss for the year Less: items not requiring current outlay of resources Depreciation Acquisition of fixed assets Transfer to city hall construction fund Total uses of financial resources $ 44,297 44,297 (27,000) ( 27,000) 112 112 100,317 125,000 17 , 409 $ 17 , 40 9 225,317 $ 37 .961 $ 93.563 $(17 .409) $ 114.115 $UJ~) Net increase (decrease) in working capital Component elements of increase (decrease) in working capital Cash Certificates of deposit Receivables Taxes - current - delinquent Special assessments - current - delinquent Allowance for uncollectible accounts Accrued interest Other Inventories Prepaid expenses Unamortized bond discount Accounts payable Accrued liabilities Escrow liability Current portion long-term indebtedness Contracts payable $ 34,621 ( 40,000) $ 45,026 $( 6,715) 79,310 $(19,264) $ 19,047 79,310 1,555 452 4,587 ( 64) ( 194) 900 11 ,285 4,707 633 ( 13,836) ( 2,387) 3., 975 ( 239) 4.,384 $ 114.115 -15- 10,330 ( 422) ( 156) ( 28,072) 5 ,370 ( 1,363) 2,687 10,117 ( 5,055) ( 5,000) ( 225) $( 17 .168) 1,555 452 5 ,496 ( 64) ( 1 94 ) 900 12,727 ( 909) 1,752 ( 3, 1 94 ) 4,707 633 ( 2,500) ( 463) 3, 975 ( 8,271) ( 940) ( 3,065) ( 984) ( 239) 4.,384 $ 93.563 $ $(17.409) $ 37.961 The notes to financial statements are an integral part of this statement. ~,:F~and~,9d I I I I I I I I I I I I I I I I I I I Part 1 Exhibit "A-6" CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - AND CHANGES IN FUND BALANCES GENERAL AND SPECIAL REVENUE FUNDS For The Year Ended December 31, 1981 General Fund Sped al Revenue Funds (Totals - Memorandum Only) Variance Variance Variance Favorable Favorable Favorable Bud get Actual (Unfavorable) Budget Actual (Unf avor able) Bud get Actual (Unfavorable) Revenues Taxes $376,564 $ 321,623 $(54,941) $376,564 $ 321 ,623 $(54,941) Licenses and permits 37,295 40,846 3,551 37 ,295 40,846 3,551 Intergovernmental revenue 251,045 307,024 55,979 $20,650 $20,665 $ 15 271,695 327,689 55,994 Charges for services 28,410 15 , 585 (12 , 825 ) 28,410 15,585 (12 , 825 ) Fines and forfeitures 10,200 32,379 22,179 10,200 32 ,379 22,179 Miscellaneous revenues 1,200 29,647 28,447 2,808 2,808 1,200 32,455 31,255 Total revenues 704,714 747,104 42,390 20,650 23,473 2 , 82 3 725,364 170,577 45 ,213 Expenditures General government 148,611 155,712 ( 7,101) 148,611 155,712 ( 7,101) Public safety 277 ,011 283,686 ( 6,675) 277 ,011 283,686 ( 6,675) Public works 132,054 148,555 (16,501) 132,054 148,555 (16,501) Sanitation and waste removal 43,370 50,622 ( 7,252) 43,370 50,622 ( 7,252) Recreation 37 ,350 30 ,230 7,120 37 ,350 30 ,230 7,120 Debt service 17,070 28,603 (11,533) 17,070 28,603 (11 ,533) Unallocated general expense 49,248 22,340 26,908 49,248 22,340 26,908 Miscellaneous 18,548 (18,548) 20,650 19,025 1,625 20,650 37,573 (16,923) Total expenditures 704,714 738,296 (33,582) 20,650 19,025 1,625 725,364 7 57 , 32 1 (31,957) Net increase (decrease) in fund balance $ 8,808 $ 8 . 80 8 $ 4,448 $ 4.448 $ 13,256 $ 13.256 Fund balance (deficit) January 1 ( 85 ,0 10 ) 10,801 ( 74,209) Prior period adjustments (Note 6) ( 222) ( 222) (Note 6) 3,787 3,787 Fund balance (deficit) January 1 (as restated) ( 81,445) 10,801 ( 7 0 , 644 ) Transfer from liquor fund 20,000 20,000 Fund balance (deficit) December 31 $( 52 .637) $15.249 $( 37.388) The notes to financial statements are an integral part of this statement. -16- 4,:T~and~,9d I I I I I I I I I I I I I I I I I I I Part I Exhibit "A-7" CITY OF SHOREWOOD COMBINING BALANCE SHEET SPECIAL REVENUE FUNDS December 31, 1981 and 1980 Federal Revenue Sharing Fund 1981 1980 Assets Current assets Cash Certificates of deposit Receivables Accrued interest $ 5,035 10,000 $10,603 214 198 $J2i-Zit2. H.(h.$O 1 Fund equity Fund balance Total fund equity $15,249 $].2.M2. $10, 80~ $10 . 80~ The notes to financial statements are an integral part of this statement. -17- ~, :F~/fd?t# Cb?ld~, 9 SJf I I Part I Exhibit "A-8" I I For The CITY OF SHOREWOOD STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FU1~ BALANCE SPECIAL REVENUE FUNDS Years Ended December 31, 1981 and 1980 Federal Revenue Sharing Fund cm-mINING 1981 1980 Revenues I I I I I I Federal revenue sharing Interest income $20,665 2,808 $ 24,940 3,559 Total revenue 23,473 28,499 Expenditures Capital outlay - general government 19,025 Total expenditures 19,025 Net increase in fund balance 4,448 28,499 Fund balance, January 1 10,801 19,569 Permanent transfer to city hall construction fund (37,267) $ 10. 801 Fund balance, December 31 $15.249 I I I I I I I I The notes to financial statements are an integral part of this statement. -18- I ~, g;-~ evnd sf~, 9sf I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - AND CHANGES IN FUND BALANCE GENERAL FUND For The Years Ended December 31. 1981 and 1980 Revenues Taxes Licenses and permits Intergovernmental revenues Charge for services Fines and forfeits Miscellaneous revenues Total revenues 1981 Variance Favorable Budget Actual (Unfavorable) $376,564 $ 321 , 62 3 $(54,941) 37 ,295 40,846 3,551 251,045 307,024 55,979 28,410 15,585 (12,825) 10,200 32,379 22 ,179 1,200 29,647 28,447 704,714 747,104 42,390 148,611 155,712 ( 7,101) 277 ,011 283,686 ( 6,675) 132,054 148,555 (16,50l) 43,370 50,622 ( 7,252) 37 , 350 30 ,230 7,120 17,070 28,603 (11,533) 49,248 22,340 26,908 18,548 (18,548) 704,714 7 38 ,2 96 (33,582) $ 8,808 $ 8.808 ( 85,010) ( 222) 3,787 ( 81,445) 20,000 $( 52.637) Expendi tures General government Public safety Public works Sanitation and waste removal Health Recreation Debt service Unallocated general expense Miscellaneous Total expenditures Net increase (decrease) in fund balance Fund balance (deficit) January 1 Prior period adjustments (Note 6) (Note 6) Fund balance (deficit) January 1 (as restated) Contract for deed Transfer from liquor fund Fund balance (deficit) December 31 Part I Exhibit lA_9" 1980 Variance Favorable Budget Actual (Unfavorable) $397,622 $. 313,061 $( 84,561) 39,725 33,742 ( 5,983) 178,255 344,099 165,844 41,520 32,397 ( 9,123) 8,000 13,950 5 ,950 2 , 900 19,691 16,791 668,022 756,940 88,918 131,448 184,311 ( 52,863) 25 9 , 7 32 259,070 662 154,788 125,529 29,259 47,336 43,581 3,755 1,600 1,600 19,074 24,856 ( 5 , 7 82 ) 2,640 3,883 ( 1,243) 28,400 26,544 1 , 85 6 41,012 ( 41,012) 645,018 708,786 ( 63,768) $ 23.004 48,154 $ 25.150 (150,664) (150,664) 17,500 $( 85.010) The notes to financial statements are an integral part of this statement. ~,:F~~~,9~ -19- I I I I I I I I -I I I I I I I I I I I Bonded indebtedness Authorized Issued Debt outstanding December 31, 1980 Retired Issued Debt outstanding December 31, 1981 Principal due in 1982 Interest due in 1982 CITY OF SHOREWOOD COMBINED SCHEDULE OF INDEBTEDNESS December 31, 1981 and 1980 Special Assessment Bonds General Obligation Water Revenue Bonds $2..045,000 $140.000 $5.705.000 $140.QOO $3,845,000 $140,000 310,000 1,340,000 $A.L87_~j)_Q. $l.4JLQQQ $-31LJlim $ 2 94 , 977 $ $-U, 375 The notes to financial statements are an integral part of this statement. -20- ~-?Ub. g;-?0e~4uz tZ?u/'~. 9 ~w Par t I Exhibit "A-lO" Total $7.185.000_ $5.845.000 $3,985,000 310 ,000 1,340,000 $5.015.000 $ 315.000 $ 306..ill I I I I I I I I I I I I I I I I I I I CITY OF SHORm.lOOD, MINNESOTA FINfu~CIAL STATEMENTS For The Years Ended December 31, 1981 and 1980 PART II _~//I _ o/i;/U7~L.:n/7' flA?d _~/J./'''nhA. .UlJ.o/ I I I I I I I I I I I I I I I I I I I Part II Exhibit "B" CITY OF SHOREWOOD GENERAL FUND BALANCE SHEET December 31, 1981 and 1980 Assets Current assets Cash Receivables Taxes - current - delinquent Special assessments - current - delinquent Less allowance for uncollectible accounts Local government aid Other Total current assets Other assets Deferred special assessments receivable Total assets Liabilities and fund equity Liabilities Current liabilities Accounts payable Accrued liabilities Certificate of indebtedness - current portion (Note 2) Notes payable - current portion (Note 2) Contracts payable - current portion (Note Total current liabilities Long-term liabilities Certificate of indebtedness (Note 2) Contracts payable (Note 2) Total long-term liabilities Total liabilities Fund equity Fund balance (deficit) unappropriated Total liabilities and fund equity 1981 1980 $ (132,490) $(64,529) 22,805 17,650 36,291 1 ,072 2,129 1,119 1 , 80 3 ( 9,384) ( 7,842) 42,067 67 , 180 42,586 10,019 10,438 1 , 6 98 1,631 $ -Li,717 $ ~06.2. $ 15,228 $ 18 ,694 10 ,832 7 ,795 15,000 15,000 7,104 2) 5,483 6,751 46 ,543 55,344 15,000 30,000 2,811 8,170 17,811 38,170 64,354 93,514 ( 52,637) (81,445) $ Jl...lXz. $ 12,069 -22- The notes to financial statements are an integral part of this statement. ~?', g;o~?l;?' tUtd S!/4do<:'~d, .9! J:xZ 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 STATEHENT OF CHANGES IN FUND BALANCE For The Years Ended December 31, 1981 and 1980 Revenues and other sources 1981 1980 $ 747,104 $ 756,940 738,296 708,786 8,808 48,154 ( 85,010) (150,664) ( 222) 3,787 ( 81,445) (150,664) 17,500 20,000 $(.52.637) $ ( 85 .01...Q) Expenditures and other uses Net increase (decrease) in fund balance Fund balance (deficit) January 1 Prior period adjustments (Note 6) (Note 6) Fund balance (deficit) January 1 (as restated) Contract for deed Transfer from liquor fund Fund balance (deficit) December 31 The notes to financial statements are an integral part of this statement. -23- ~. fF~M;/up cud N~. 9~~ 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 REVENUES - BUDGET AND ACTUAL - For The Years Ended December 31. 1981 and 1980 Part II Exhibit "B-2" 1981 1980 Variance Variance Favor able Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Taxes Property taxes $376.564 $321.623 $(54.941) $397.622 $313.061 $( 84.561) Licenses and permits Business licenses and permits 8 .7 95 8.808 13 8.925 9.557 632 Non-business licenses and permits 28.500 32 .038 3.538 30 ,800 2 4 , 185 ( 6.615) 37 ,295 40.846 3.551 39,725 33.742 ( 5,983) Intergovernmental revenue Federal grants Community development 9,705 15.732 6.027 31,559 31.559 State grants Local government aid 155,330 155.331 1 152,645 152,645 Homestead credit 53 .000 100.470 47,470 95,536 95,536 Tree disease 10,000 5.577 ( 4. 42 3 ) 8.000 43,256 35.256 Machinery aid 110 101 ( 9) 110 114 4 Reduced assessment 120 120 Planning 3,500 ( 3,500) Surcharge rebate 1.200 1 ,023 ( 177) Traffic control inventory 1.080 1,080 County grants Fiscal disparities 4,200 9.796 5 ,5 96 4,000 3,363 ( 637) Road aid 14,000 18,874 4,874 13 ,500 16,546 3,046 251,045 307,024 55 ,979 178,255 344,099 165,844 Charges for services General government 19,010 9 ,286 ( 9,724) 19,520 13,037 ( 6,483) Public works 6,800 4,671 ( 2,129) 8,000 13,167 5,167 Sanitation 1,400 396 ( 1,004) 14,000 5,675 ( 8,325) Recreation 1,200 1 ,2 32 32 518 518 28,410 15 ,585 (12,825) 41,520 32 , 397 ( 9,123) Fines and forfeits Fines 10,200 32 , 37 9 22,179 8,000 13,950 5 . 950 Miscellaneous revenues Reimbursement of indirect costs - construction 17,589 17,589 Rents 1,800 ( 1,800) Refunds and reimbursements 10,013 10,013 1,100 5 . 851 4,751 MWCC SAC charges 12 , 32 6 12,326 Building permit surcharge 2 , 0 35 2,035 1,514 1,514 Tree reforestation 1,200 ( 1,200) Contributions and donations 10 10 1,200 29,647 28,447 2 , 900 19,691 16,791 Total revenues $704.714 $ 747.104 $ 42 .390 $668.022 $756.940 $ 88.918 ~, :T~ cud~, 9~ The notes to financial statements are an integral part of this statement. -24- I I I I I I I I I I I I I I I I I I I The notes to financial statements are an integral part of this statement. -25- _k/h_ /F~ and'~, 9 d r..X(U_u...... Page 2 of 3 CITY OF SHORB.mOD GENERAL FUND STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL - For The Years Ended December 31. 1981 and 1980 I I I I I I I I I I I I I I I I Health Nursing services current expenditure 1,600 1,600 -26- The notes to financial statements are an integral part of this statement. La. :Y~ and~' g s:I. 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 - BUDGET AND ACTUAL - For The Years Ended December 31, 1981 and 1980 P.nt II Exhibi t "B-3" Page 3 of 3 26,000 2,400 1980 Variance Favorable Actual (Unfavorable) $ 12,429 $( 2,405) 67 2,933 1,698 ( 1,448) 8,762 ( 5,962) 1 , 900 1,100 2 4 ~ 85 6 ( 5,782) 3,883 ( 1,243) 3,883 ( 1,243) 6,500 ( 6,500) 5 ,944 ( 5,944) 6,738 (6,738) 5,159 20,841 1,410 990 793 ( 793) 26,544 1, 856 19,959 (19,959) 12,202 (12,202) 1,675 ( 1,675) 7,176 (7,176) 41,012 (41,012) $708.786 $(63.768) Unallocated general expense Payroll taxes PERA Health insurance General insurance Special assessments on city property Uniforms Intergovernmental service contingency 1981 Variance Favorable Budget Actual (Unfavorable) $ 17,450 $ 12,439 $ 5,011 2,200 3,756 ( 1,556) 12,700 8 , 186 4,514 5,000 5,849 ( 849) 37 ,350 30 ,2 30 7,120 17,070 3,130 13,940 25,473 (25,473) 17,070 28,603 (11 ,533) 8,010 5,083 2 , 927 6,438 2 , 892 3,546 11 ,600 2,707 8,893 20,000 8,980 11 ,020 2,600 1,594 1,006 600 930 ( 330) 154 ( 154) 49,248 22,340 26,908 Debt service Interest Interest - interfund loans Budget $ 10,024 3,000 250 2,800 3,000 19,074 2,640 2,640 Recreation Parks and playgrounds Current expenditure Capital outlay Beaches Current expenditure Skating rinks Current expenditure Community services Current expenditure 28,400 Miscellaneous Rehabilitation payments MWCC SAC charges Building permit surcharge Refunds, reimbursements and concessions Community development block grant expenditures Total expenditures 1 ,962 ( 1,962) 2,619 ( 2,619) 13,967 (13 , 967) 18,548 (18,548) $704.714 $738.2 96 $(33.582) $645.018 The notes to financial statements are an integral part of this statement. -27- ~, y-~ cud~, 9 sff 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, 1981 and 1980 1981 Assets Current Assets Cash Certificates of deposit Receivables Accrued interest $ 5,035 10,000 214 $lh2 4 9 Fund equity Fund balance $15,249 $J-.2.249 Total fund equity The notes to financial statements are an integral part of this statement. ~, ~eUWzfP and~, g: N Part II Exhibit "c" 1980 $10,603 198 $10.801 $10 ,80~ $10.80l -28- I I I I I I I I I I I I I I I I I I I Purt II Exhibit "e-l" CITY OF SHOREWOOD FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL - AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1981 and 1980 1981 1980 Variance Variance Favor able Favorable Budget Actual (Unfavorable) Budget Actual (Unf avor ab Ie) Revenues Federal revenue sharing $20,650 $20,665 $ 15 $24,135 $ 2 4 , 940 $ 805 Interest income 2 , 80 8 2 , 808 3,559 3,559 Total revenues 20,650 23,473 2 , 82 3 24 , 135 28,499 4,364 Expenditures Capital outlay - major equipment 10 ,000 19,025 ( 9,025) - gener al government 10,650 10,650 Total expenditures 20,650 19,025 1,625 Net increase in fund balance $ 4,448 $ 4.448 $24 .135 28,499 $4.364 Fund balance, January 1 10,801 19,569 Permanent transfer to city hall construction fund (37,267) Fund balance, December 31 $15.249 $ 10.801 The notes to financial statements are an integral part of this statement. -29- J~. !F~ and'~, 9d I I I I I I I I I I I I I I I I I I I Part II Exhibit "D" CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS PARK CAPITAL IMPROVEMENT FUND BALANCE SHEET December 31, 1981 and 1980 1981 1980 Assets Current assets Cash Certificates of deposit Receivables Accrued interest $15,783 25,000 $26,357 18,000 494 132 $lLL2lL $44.489 Liabilities and fund equity Liabilities Current liabilities Accrued liabilities $ Contract payable - current portion (Note 2) 558 6,359 $ 1, 330 ~59 7,689 Total current liabilities 6,917 Long-term liabilities Contract payable (Note 2) 15,656 22,016 Total liabilities 22,573 29,705 Fund eq uity Fund balance 18,704 14 ,784 Total liabilities and fund equity $41 .277 $A4.489 -30- The notes to financial statements are an integral part of this statement. L? a- ^ .4 _ur/f _ .4. ~ 7/)47/7, . ;yr~/6'~AU>', /7,,>>'/ _lvrZu/l/',,~hA r _CX'/ I I I I I I I I I I I I I I I I I I I Par t II Exhibit "D-1" CITY OF SHOREWOOD CAPITAL PROJECTS FUNDS PARK CAPITAL IHPROVEMENT FUND STATmlENT OF REVENUES, EXPENDITu~ES, AND Ca~GES IN FUND BALANCE For The Years Ended December 31, 1981 and 1980 1981 1980 Revenues Subdivision fees Donations Interest income $ 2, 900 6 , 485 $ 50, 100 80 2,128 Total revenues 9,385 52,308 -- Expenditures Interest Capital outlay 962 4,503 3,748 12,896 Total expenditures 5,465 16,644 -- Net increase (decrease) in fund balance 3,920 35,664 Fund balance, January 1 14 ,784 ( 3,380) (17,500) Contract payable Fund balance, December 31 $JJL.J04 $ 1-4.784 -31- The notes to financial statements are an integral part of this statement. ~~./Z_ ~ r'/0-(?-h'.k~./Z UA?d. ~/}I'A'Gh/L _ "C}9. or!' I I I I I I I I I I I I I I I I I I I Assets Current assets Cash Certificates of deposit Receivables Taxes - current - delinquent Special assessments - current - delinquent Less allowance for uncollectible taxes Accrued interest Other Unamortized bond discount Total current assets Other assets Deferred special assessment receivable Total assets Liabilities and fund equity CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31, 1981 and 1980 Debt Service $ 90,006 735,000 1,218 37 315,457 72 ,568 ( 36,302) 9,907 1,788 16, 942 1,206,621 2,201,658 $ 3 ,408 ,27 9 Liabilities Current liabilities Accounts payable Accrued liabilities Retainages payable Bonds payable - current portion (Note 3) $ 315,000 Total current liabilities 315,000 Long-term liabilities Bonds payable (Note 3) Total liabilities Fund equity Fund balance (deficit) 4,560,000 4,875,000 (1,466,721) Total liabilities and fund equity $ 2..d.08~75! Utility Improvement Contingency Construction $ 63,737 189,000 $ ( 17,829) $ 600,000 3,073 11 ,678 255,810 593,849 Part II Exhibit "E" (Total-Memorandum Only) 1981 135,914 1,524,000 1,218 37 315,457 72 ,568 ( 36,302) 24,658 1,788 16,942 2,056,280 2,201,658 1980 $ 229,891 947,000 165,054 99,569 ( 36,428) 5,477 700 1,097 1,412,360 1,846,019 $255.81Q $ 593,849 $ 4,257,93& $ 3,258,37~ $ 41,900 $ 125 35,005 77 ,030 77 ,030 255,810 41,900 $ 125 35,005 315,000 392,030 4,560,000 4,952,030 15,358 3,945 310,000 32 9, 303 3,535,000 3,864 , 303 516,819 ( 694,092) ( 605,924) $.?.2~..81-Q. $ 22.3,849 $ 4,257.938 $ 3 .258.379 The notes to financial statements are an integral part of this statement. -32- ~~, :F~~ and ~c~, f!l! d I I I I I I I I I I I I I I I I I I I Part II Exhibit fiE-I" COMBINING CITY OF SHOREWOOD SPECIAL ASSESSMENT FL~S STATEMENT OF REVENUES, EXPENDITURES fu~D CHANGES IN For The Years Ended December 31, 1981 and 1980 FUND BALANCES Utility (Total-Memorandum Only) Debt Improvement Revenues Service Contingency Construction 1981 1980 - - Special assessment interest $ 134,814. $ 134,814 $ 140,261 Special assessments levied 768 , 383 768,383 35 ,629 Taxes levied 18,047 18,047 Homestead credit 5,368 5,368 Reduced assessment 6 6 Interest on investments 136,166 $ 40,315 $ 153,205 329,686 92,739 Equalization fees 3,579 3,579 819 Sewer assessments 24 ,200 Bond proceeds 1 , 32 1 , 2 40 1,321,240 58 , 824 Miscellaneous 175 175 Total revenues 1,062,784 ~894 1,474,620 2,581,298 352,472 Expenditures Interest on bonds 313,456 313,456 208,137 Service charges 601 601 536 Bonding consultant's fees 13,268 13,268 Engineering fees 12 4 , 6 86 124,686 697 Construction contracts 847,739 847,739 35 ,677 Other construction costs 46,838 46,838 1,317 Interest expense on interfund loans 1,638 1,638 Total expenditures -n4,057 1,034,169 1,348,226 246,364 Net increase (decrease) in fund balance 748,727 43 , 8 94 440,451 1,233,072 106,108 Fund balance, (deficit) January 1 ( 873,357) 227,493 22,637 ( 623,227) (579,061) Prior period adj us tmen t s (Note 6) ( 36 , 42 8) ( 36,428) (Note 6) 53,731 53,731 Fund balance (defici t) January 1 (as restated) ( 909,785 ) 227,493 76,368 ( 605,924) (579,061) Reduction of deferred special assessments 15,577 ( 15,577) ( 91,450) Bonds issued (net) (1 , 321 , 2 40 ) (1 , 321 ,240) ( 58, 824 ) Fund. balance, (deficit) December 31 $ (L466 ,721 ) $255.810 $ 516.81~ $~1lJ)~2) $ (623 .227) -- The notes to financial statements are an integral part of this statement. -33- ~~, !7~ tZ?td ~~~, 9 srf I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SPECIAL ASSESSMENT FlThT]) - DEBT SERVICE FUND BALANCE SHEET December 31, 1981 and 1980 Assets Current assets Cash Certificates of deposit Receivables Taxes - current - delinquent Special assessments - current - delinquent Less allowance for uncollectible taxes Accrued interest Other Unamortized bond discount Total current assets Other assets Deferred special assessments receivable Total assets Liabilities and fund equity Liabili ties Current liabilities Bonds payable - current portion (Note3) $ Total current liabilities Long-term liabilities Bonds payable (Note 3) Total liabilities Fund balance Fund balance (deficit) Total liabilities and fund equity 1981 $ 90,006 735,000 1,218 37 315,457 72 ~568 ( 36,302) 9,907 1 ,788 16,942 1,206,621 2,201,658 $ 3.408.27 9 315,000 315,000 4,560,000 4,875,000 (1,466,721) $ 3, 40 8 ,2 7 9 The notes to financial statements are an integral part of this statement. Part II Exhibit "E-2" 1980 $ 97 , 113 758,000 165,054 99,569 4,091 700 1 ,097 1,125,624 1,846,019 $.2 .971.643. $ 310 ,000 310.000 3,535.000 3,845,000 ( 873,357) $L971.643 -34- ~, .g;-~4' tUZd'~~, 9d I I I I I I I I I I I I CITY OF SHOREV.JOOD SPECIAL ASSESSMENT FUND - DEBT SERVICE FUND STATEMENT OF REVENUES, EXPENDITURES, AND CH&~GES IN FUND For The Years Ended December 31, 1981 and 1980 Revenues Special assessment interest Special assessments levied Taxes levied Homestead credit Reduced assessment Interest on investments 1981 $ 134,814 768,383 18,047 5,368 6 136,166 1,062,784 313,456 601 314,057 748,727 ( 873,357) ( 36 , 42 8) ( 90 9 , 7 85 ) 15,577 (1 , 321 ,240) $(1.466.721) Total revenues Expenditures Interest on bonds Service charges Total expenditures Net increase (decrease) in fund balance Fund balance, (deficit) January 1 Prior period adjustment (Note 6) Fund balance, (deficit) January 1 (as restated) Reduction of deferred special assessments Bonds issued (net) I I I I I I I Fund balance, (deficit) December 31 The notes to financial statements are an integral part of this statement. ~, !F~C&Zd~, /!l!~Gf Part II Exhibit "E-3" BALANCE 1980 $ 140,261 35,629 67,843 243,733 208,137 536 208,673 35,060 (849,593) (849,593) ( 5 8 , 82 4 ) $(873.357) -35- I I I I I I I I I I I I I I I I I I I Part II Exhibit "E_4" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - UTILITY IMPROV&~ENT CONTINGENCY FUND BALANCE SHEET December 31, 1981 and 1980 1981 1980 Assets Current assets Cash Certificates of deposit Receivables Accrued interest $ 63,737 189,000 $ 37,107 189,000 3,073 1,386 Total assets $255.810 $127.493 Fund equity Fund balance $255,810 $227,493 Total fund equity $255.E:i1O $227_..lt21 The notes to financial statements are an integral part of this statement. -36- ~~,g-~~~,9d I I I I I I I I I I I I I I I I I I II l Part II Exhibit "E-5" CITY OF SHOREWOOD SPECIAL ASSESSMENT FUND - UTILITY IMPROVEHENT CONTINGENCY FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1981 and 1980 1981 1980 Revenues Equalization fees $ 3,579 $ 819 Interest on investments 40,315 2 3 , 392 Sewer assessments 24 ,200 Total revenues 43,894 48,411 Net increase in fund balance 43,894 48,411 Fund balance, January 1 227,493 270,532 Reduction of deferred special assessments ( 15,577) ( 91,450) Fund balance, December 31 $ 255.lilCt $ 227.493 The notes to financial statements are an integral part of this statement. -37- ~~, :F~ evnd ~dd, .9 ~ 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 FUNDS BALANCE SHEET December 31, 1981 and 1980 Bad ger Fie ld Project Boulder Bridge Farm Project Arnesbury West Project (Total - Memorandum Only) 1981 1980 Assets Current assets Cash Certificates of deposits Receivables Accrued interest $ ( 77,199) $( 10,726) 300,000 $ 70,096 300,000 $( 17,829) 600,000 $95 ~671 6,021 5,657 11 ,678 Total assets $ ( 77.199) $ 295.295 $375.753 $ 593,849 $95,(>71.: Liabilities and fund equity Liabilities Current liabilities Accounts payable Accrued liabilties Retainages payable Total liabilities and fund equity $ 223 $ 5,334 $ 36,343 $ 41,900 $15,358 125 125 4 , 930 20,482 9,593 35,005 3,945 5,278 25,816 45,936 77 ,030 1 9 , 30 3 ( 82, 477) 269,479 329,817 516,819 76,368 $ ( 77. 1 9~ $ 295.295 $375.753 $ 593,849 $.95.671 Total liabilities Fund equity Fund balance (deficit) The notes to financial statements are an integral part of this statement. -38- ~, :F~.rud~, /Yd I I I I I I I I I I I I I I I I I I I Part II CITY OF SHOREWOOD Exhibit "E-7" SPECIAL ASSESSMENT FUND - CONSTRUCTION FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1981 and 1980 Badger Boulder Amesbury (Total - Memorandum Only) Field Bridge Farm West Project Project Project 1981 1980 Revenues Bond proceeds $ 801,125 $ 520,115 $ 1,321,240 $58,824 Interest on investments 78,992 74,213 153,205 1,504 Miscellaneous 175 175 Total revenues 880,292 594,328 1,474,620 60,328 Expenditures Bonding consultant's fees 6,634 6,634 13,268 Engineering fees $ 1 ,2 90 61,249 62,147 124,686 697 Construction contracts 134 ,594 520,456 192,689 847,739 35 , 677 Other construction costs 26,370 17,652 2,816 46,838 1,317 Interest expense on interfund 10 ans 1,638 1,638 Total expenditures 163 , 8 92 605,991 264,286 1,034,169 37,691 Net increase (decrease) in fund balance (163,892 ) 274,301 330,042 440,451 22 ,637 Fund balance, January 1 27,684 ( 4,822) ( 225) 22,637 Prior period adjustment (Note 6) 53,731 53,731 Fund balance, January 1 (as restated) 81,415 ( 4 , 822 ) ( 225) 76,368 -- Fund balance, (deficit) December 31 $( 82 ,477) $ 269.479 $ 329.817 $ 516,819 $22~637 ~~ The notes to financial statements are an integral part of this statement. -39- // c;z- / /. / rv1' . .L _ CM rvf' I I I I I I I I I I I I I I I I I I I CITY OF SHORffivOOD LIQUOR FUND BALANCE SHEET December 31, 1981 and 1980 Assets Current assets Cash Receivables - other 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 Current liabilities Accounts payable Accrued liabilities Total liabilities Fund equity Retained earnings Unreserved Total liabilities and fund equity 1981 $ 56,028 7,991 120,331 6,636 190,986 3,955 22,639 26 ,5 94 ~909) 685 $ 19t....6l~ $ 22 ,379 7,642 30,021 161,650 $ .l.2.L-.-6ll.. The notes to financial statements are an integral part of this statement. 4, y~~ C742d N4&x~~, 9 d Part II Exhibit ifF" 1980 $ 31,002 11 , 184 115,625 6 ,003 163,814 3,955 22,639 26,594 ( 25,450) 1,144 $164.958 $ 14,108 6,702 20,810 144,148 $ 164.958 -40- 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, 1981 and 1980 1981 Sales and cost of sales Sales Cost of sales $ 845,874 645,377 Total gross profit 200,497 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 Rubbish hauling Employee reimbursements 77 ,820 6 , 6 90 4,051 37 , 985 8,088 1,578 11,881 642 459 7,254 736 73 1,833 421 2,772 125 616 456 606 471 Total operating expenses 164,557 Operating income 35 , 940 Other revenues Interest 1,562 Net income to retained earnings Transfer to city hall construction fund Transfer to general fund Retained earnings, January 1 37,502 ( 20,000) 144,148 Retained earnings, December 31 $ 161.650 The notes to financial statements are an integral part of this statement. Jlnr?" y~~ and~~, !!l!~ Part II Exhibit "F-1" 1980 $ 849,549 656,133 193,416 75,177 7,002 6 ,036 37 ,342 6 ,877 979 11 ,446 909 650 6,850 978 29 1,841 114 1 , 732 125 360 506 548 324 159,825 33,591 1,584 35 , 17 5 ( 75,000) 183 , 973 $ 144.148 -41- 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 Epded December 31, 1981 and 1980 Sources of financial resources 1981 Operations Net income for the year Add: Items not requiring current outlay of resources Depreciation Total resources provided by operations Uses of financial resources Transfer to city hall construction Transfer to general fund Net increase (decrease) in working capital Component elements of increase in working Cash Accounts receivable Inventories - stores for resale Prepaid expenses Accounts payable Accrued liabilities Net increase (decrease) in working capital $ 37,502 459 37,961 fund (20,000) $ 1.7 . 961 capital $ 25,026 ( 3,193) 4,706 633 ( 8,271) ( 940 ) $ <.1h9_Q.l) The notes to financial statements are an integral part of this statement. ~ng;". ~?T~ cud~, 9 N Part II Exhibit "F-2" 1980 $ 35, 17 5 650 35,825 (75,000 ) $ (39.175) $ (57,135) ( 584) 5,370 ( 1,363) 15,800 ( 1,263) $(J9.17~D -42- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SANITARY SEWER OPERATING FU1TD BALANCE SHEET December 31, 1981 and 1980 1981 Assets Current assets Cash Certificates of deposit Receivables Taxes ~ current - delinquent Special assessments - current - delinquent Less allowance for uncollectible accounts Accrued interest Other Total current assets $ 79,629 114,310 1,555 452 14,576 1 , 32 9 ( 890) 1,692 28,446 241,099 Fixed assets (Note 1) Equipment Construction in progress Less allowance for depreciation Total fixed assets 19,434 317,998 ( 14,503) 322,929 Total assets $ 564.028 Liabi li ties Current liabilities Accounts payable $ 13,279 Accrued liabilities 984 Current portion long-term indebtedness (NJte 2) 4,385 Total current liabilities 18,648 Long-term indebtedness Contracts payable (Note 2) Total liabilities 32,145 50,793 Fund equity Contributions Contributions in aid to construction 309,7 96 Retained earnings - unreserved Retained earnings - unreserved - as restated (Note 6) Total fund equity 203,439 51 3 , 2 35 Total liabilities and fund equity $ 564.028 The notes to financial statements are an -43- integral part of this statement. 4, ~~ cvd~/d, 9d Part II Exhibit "F-3" 1980 $ 86,344 35,000 9,080 1,393 ( 696) 792 15,719 147,632 19,434 5,046 ( 4,483) 19,997 $ 167.629 $ 10,214 4 , 146 14,360 36,529 50,889 4,920 111,820 116 , 7 40 $ 167.629. I I I I I I I I I I I I I I I I I I I Part II Exhibit "F-4" CITY OF SHOREWOOD SANITARY SEWER OPERATING FUND STATEMENT OF REVENUES AND EXPENSES For The Years Ended December 31, 1981 and 1980 1981 Operating revenues Sewer connection permits Water connection permits Disposal fees Sewer service charges Water sales Meter sales Metro Waste SAC charges 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 Metro Waste SAC charges Equipment maintenance Equipment rental Inflow and infiltration study Capital outlay Less: capitalization of fixed assets Total operating expenses Operating income (loss) Other revenues Special assessments levied Special assessment interest Homestead credit, reduced assessment 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 The notes to financial statements ~$. g;-?CCJ-e~<<Z' $ 1,650 150 254,689 8,075 264,564 35,297 286 740 2,261 470 5 , 100 4,288 8,931 109 2,262 144,382 7 , 970 6,559 19 29,536 248,210 16,354 23,573 912 6,858 22,197 26,698 80 ,2 38 1,944 1980 $ 1 , 900 190 480 174,052 14,242 975 5,250 197,089 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 21,470 29,610 9,540 70,951 4,983 8,076 942 3,029 6,413 13,049 12,338 $-1U.,53..:l $ 30.545 are an ~n~gra~ part o~th~saftatement. a~d' W~d. 9? ~W -44- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SANITARY SEWER OPERATING FUND STATEMENT OF CHANGES IN RETAINED EARNINGS For The Years Ended December 31, 1981 and 1980 1981 Retained earnings, January 1 Prior period adj ustment (Note 6) Prior period adjustment (Note 6) Prior period adjustment (Note 6) Prior period adjustment (Note 6) $ 127,951 ( ( ( ( 816) 10,832) 696) 3,787) Retained earnings, January 1 (as restated) Net income for the year Add credit arising from transfer of depreciation to contributions in aid to construction account Transfer to city hall construction fund 111,820 83,543 8,076 Retained earnings, December 31 $ 203.439 The notes to financial statements are an integral part of this statement. JtntZ. flkN/-bMMuz t:Z??d~~JAh/i-_ .CJq.cri' P art II Exhibit "F-5" 1980 $ 146,464 146,464 30 ,545 942 ( 50,000) $ ~95l -45- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SANITARY SEWER OPERATING FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1981 and 1980 1981 Sources of financial resources Operations Net income for the year Add: items not requiring current outlay of resources Depreciaion Total resources provided by operations Increase in long-term debt Total resources Uses of financial resources Acquisition of fixed assets Transfer to city hall construction fund Total uses of financial resources Net increase (decrease) in working capital Component elements of increase (decrease) in working capital Cash Certificates of deposit Receivables Taxes - current - delinquent Special assessments ~ current - delinquent Allowance for uncollectible accounts Accrued interest Other Unamortized bond discount Accounts payable Accrued liabilities Current portion long-term indebtedness Contracts payable Escrow liabilities Net increase (decrease) in working capital $ 83,543 10,02Q 93,563 93,563 $ 93.563 $ ( 6,715) 79,310 1,555 452 5 ,496 ( 64) ( 1 94 ) 900 12,727 ( 3,065) ( 984) ( 239) 4,384 $ 93.5..63 The notes to financial statements are an integral part of this statement. ~ /1~u7' . r;y;;/ALJ~L.;n/Y /YhU/ _ ~A/1-",,:n.h" /;;lJ . 07 Part II Exhibit "F-6" 1980 $ 30,545 5,925 36,470 135,854 172,324 100,317 50,000 150,317 $ 22.007 $ 91,756 ( 40,000) 10 ,330 ( 422) ( 156) ( 27,488) 2,687 ( 5,683) ( 3,792) ( 225) ( 5,000) $ 22.007 -46- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD WATER OPERATING FUND BALANCE SHEET December 31, 1981 and 1980 Assets Current assets Cash Receivables Special assessments - current Other Total current assets Fixed assets (Note 1) Equipment Construction in progress Less: allowance for depreciati.on Total fixed assets Total assets Liabilities Current liabilities Accounts payable Accrued liabilities Escrow liability Total liabilities Fund equity Contributions Contributions in aid to construction Retained earnings - (deficit) Total fund equity Total liabilities and fund equity Part II Exhibit "F-7" 1981 1980 $( 29,459) $( 10,195) 341 1,250 3,936 2,183 -- ( 25, 182 ) ( 6,762) 15,310 15,198 840,989 119,771 ( 31,067) ( 4,067) 825,232 1 30 , 902 $ 800-,-Q50 $ 124. L4Jl. $ 4 , 863 $ 2,363 464 1,025 5,000 6,352 7.363 814,016 116,777 ( 20,318) 793,698 116,777 $ 800.050 $ 124 . 140 The notes to the financial statements are an integral part of this statement. -47- ~W/. fF~tZ and~. /?l!.W I I CITY OF SHOREWOOD WATER OPERATING FUND STATEMENT OF REVENUES, EXPENSES AND C~~GES IN RETAINED For The Year Ended December 31, 1981 I I Operating revenues I I Water sales Meter sales Connection fees Total operating revenue Less: operating expenses Salaries and wages Office expense Supplies Small tools Equipment maintenance Electricity Contracted services Education Equipment rental Connection fees Purchases - water Purchase of water meters Capital outlay Less: capitalization of fixed assets Total operating expenses Operating income (loss) Other revenues Special assessments levied Special assessments interest Total other revenues Other expenses Depreciation on assets acquired with own funds Depreciation on assets acquired from contributions in aid to construction Interest on inter fund loans Total other expenses Net income to retained earnings Retained earnings, January 1 I I I I I I I I I Prior period adjustment (Note 6) Prior period adjustment - permanent Transfer to water revenue bond sinking fund (Note 6) Retained earnings, January 1 (as restated) Add credit arising from transfer of depreciation to contributions in aid to construction account Retained earnings, December 31 I I I 1981 $ 13,465 910 3,354 17,729 1 7 , 80 1 215 1,688 97 2,726 1,839 970 222 273 450 7,169 972 127 ( 127) 34,422 (16,693) 341 125 466 3,021 23,979 1,070 28,070 ( 44 ,2 97) 2,994 11,079 (14,073) 23,979 $ (20 .3JJD The notes to financial statements are an integral part of this statement. I Part II Exhibit "F-8" EARNINGS -48- ~. fF~~ <<4Zd'~. 9.f?L' I I CITY OF SHOREWOOD WATER OPERATING FUND STATEMENT OF CHANGES IN FIN~~CIAL POSITION For The Year Ended December 31. 1981 I I Sources of financial resources Operations Net income for the year Add: items not requiring current outlay of resources Depreciation I I Total resources provided by operations I Total sources of financial resources I Uses of financial resources Operations Net loss for the year Less: items not requiring current outlay of resources Depreciation Acquisition of fixed assets Total uses of financial resources Net increase (decrease) in working capital I I I I Component elements of increase (decrease) working capital Cash Accounts receivable Special assessments receivable Current Accounts payable Accrued liabilities Escrow liability I I I Net increase (decrease) in working capital I I 1981 $ 44.297 (27.000) 112 17,409 (17 .409) in (19,264) 1,752 ( 909) ( 2,500) ( 463) 3,975 $ Cl..L.A.O 9 ) The notes to financial statements are an integral part of this statement. I I Part II Exhibit "F-9" -49- ~hU7 . o/i:~'W/6'L.:-/7 /7AU/ _ ~A/1f'-'nhA _~ _ ~ I I I I I I I I I I I I I I I I I I I Part II Exhibit "F-10" CITY OF SHOREWOOD WATER REVENUE BOND SI~~ING Fm~D BALANCE SHEET December 31, 1981 and 1980 1981 1980 Assets Current assets Cash Receivables Accrued interest Unamortized bond discount Total assets $ 3,371 $ 12,941 571 1 , 132 2,515 2,687 6,457 16,760 $ ~!j57 $ _-1-6.760 Total current assets Liabilities and fund equity Liabilities Accrued liabilities Total liabilities and fund equity $ 3 , 7 92 3 . 7 92 $ 140,000 140,000 140,000 1 43 , 7 92 (133,543) (127,032) $ _~!ill. $ 16 .760 Total current liabilities Long-term liabilities Bonds payable (Note 3) Total liabilities Fund equity Fund balance The notes to financial statements are an integral part of this statement. -50- ~Hg/, !/'~kff <<~~, !!l! s:<< I I I I I I I I I I I I I I I I I I I Part II Exhibit "F-lllI CITY OF SHOREWOOD WATER REVENUE BOND SINKING FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1981 1981 Revenues Other revenues Interest on investments $ 1,294 Total revenues 1 ,2 94 Expendit ures Interest on bonds 7,805 Total expenditures 7,805 Net increase (decrease) in fund balance ( 6,511) Fund balance, January 1 Prior period adjustment (Note 6) Prior period adjustment - permanent transfer from water operating fund (Note 6) (141,105) 14,073 Fund balance, January 1 (as restated) (127,032) $(133.543) Fund balance, December 31 The notes to financial statements are an integral part of this statement. -51- ~~. :F~ cvnd ~~. 9 S!Z I I I I I I I I I I I I I I I I I I I Part II Exhibit "G" CITY OF SHOREWOOD GENERAL FIXED ASSETS ACCOUNT GROUP STATEMENT OF GENERAL FIXED ASSETS For The Years Ended December 31, 1981 and 1980 1981 1980 General fixed assets (Note 1) Buildings Improvements other than buildings Machinery and equipment Total general fixed assets $ 291,108 $ 286,841 176,223 168,193 117 ,087 92,407 584,418 547,441 (103,241) ( 67,286) $ 481.177 $ 480 .155 Less accumulated depreciation Investment in general fixed assets $ 481.177_ $ 480.155 The notes to financial statements are an integral part of this statement. -52- ~uz. Y?!O-Pht$/h O'-4?d,~~)zbd_ .~~Gi' I I I I I I I I I I I I I I I I I I I Part II Exhibit "G-l" CITY OF SHOREWOOD GENERAL FIXED ASSETS STATEMENT OF CHANGES For The Year Ended December 31, 1981 1981 1981 Balance Additions Retirements Balance January 1, 1981 And Transfers And Transfers December 31, 1981 General fixed assets Buildings $ 286,841 $ 4,267 $ 291,108 Improvements other than buildings 168,193 8 , 0 30 176,223 Eq ui pmen t 92 , 407 24,680 117,087 547,441 36 , 977 $ 584,418 Less accumulated depreciation ( 67,286) ( 35,955) (103,241) Total general fixed assets $ !l8..0 .155 $ 1.022 $ $ 481.1ll Sanitary sewer operating fund Eq ui pmen t 19,434 1 9 , Lf 34 Construction in progress 5,046 312,952 317 ,998 24,480 312,952 337,432 Less accumulated depreciation ( 4,483) ( 10,020) ( 14,503) Total sanitary sewer operating fund $ 19.997 $ 302.932 $ $ 322.929 Water operating fund Equipment $ 15 ,1 98 $ 112 $ 15,310 Construction in progress 119,771 721,218 840,989 1 34 , 96 9 721,330 856,299 Less allowance in depreciation ( 4,067) (...27,000) (~06 7) Total water operating fund $ 13Q..902 $ 1>94.330 $ $ 825 .232 -53- The notes to financial statements are an integral part of this statement. ~?UP' :?~ a?U~ N~. 9~Qf I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 I Note 1 - Summary of Significant Accounting Policies I The accounting policies of the City conform to generally accepted accounting principles applicable to governmental units. The following is a summary of the significant accounting policies of the City of Shorewood, Minnesota. I Funds - I 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. I I I Basis of Accounting - I The modified accrual basis of accounting is followed for the general, special revenue and debt service funds. Under this method of accounting, revenues are recognized when received in cash, except for material or available revenues which are accrued to reflect revenues earned and available to fund operations for that period. Expenditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred. I I I The accrual basis of accounting is followed for the capital projects, special assessment and enterprise funds. Under this method of accounting, revenues are recognized when earned, and expenses are recorded as liabilities when incurred. I Allowance for Uncollectible Receivables - I Allowances are provided for one-half or 50 percent of the amount of delinquent taxes and special assessments receivable. This has the effect of recognizing most property tax revenues at the time the cash is received because of the uncertainty of collection. This method is consistent with the method used in previous years to determine the allowance for uncollectible receivables. I Cash and Temporary Investments - I Cash balances from all funds are pooled and invested to the extent available in savings accounts and certificates of deposit. Earnings from such investments were allocated to the funds on the basis of applicable average cash balance participation by each of the funds. I I -54- I _~/Z "Y;-~~L,:n/f, n4?d .~/J./'''nhA, .~.erf' I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 I Note 1 - Summary of Significant Accounting Policies (continued) I Cash and Temporary Investments (continued) - I Deficit or overdrawn average cash balances in the general, water operating, and Badger Field construction funds resulted in these funds being charged with an interest expense for interfund borrowing of monies. These three funds were not allocated any portion of the interest earnings because of the deficit cash balance in each fund. I Inventories - I The City uses a modified retail method for valuing inventories. Property, Plant and Equipment (Fixed Assets) - I 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 Assets Account Group or the Sanitary Sewer and Water Operating Funds. I I Except in the Liquor Fund, as mentioned in the previous paragraph, no complete historical record exists of costs for the City's invest- ment 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 that 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 Assets Account Group. Fixed assets acquired for liquor and utility operations are capitalized at cost in the Enterprise Fund. I I I Depreciation - I 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. I Budget Information - I Budgetary information as presented in the financial statements represents the approved budget, as amended, prepared on a cash basis. I I I -55- . ~. g;-?V7E'~AZ tZHd'~4'A'GA>/I_ .~.W I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 Note 2 - Contracts Payable I Contracts payable, as summarized on Exhibit "A, is comprised of the following: I Certificates of Indebtedness - I I Certificates of indebtedness at December 31, 1981 consist of a certificate in the amount of $75,000 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. The principal balance remaining at December 31, 1981 is $30,000. I Contracts Payable - I Contracts payable at December 31, 1981 consist of five contracts as follows: I A first mortgage with a $7,426 principal balance payable in semi-annual installments of $3,000 which includes 8% interest, with final payment due in 1982. I A contract for deed with a $12,500 principal balance payable in semi-annual installments of $2,500 plus interest at 8% with final payment due in 1984. I A confession of judgment with a $9,515 principal balance payable in annual installments of $1,359 plus interest at 4% with final payment due in 1988. I An agreement with a principal balance of $868 to be paid in full, including 7% interest, in 1982. I A deferred payment contract with the Metropolitan Waste Control Commission with a $36,530 principal balance. Annual payments of $6,485, including interest, are due through 1988. I Note 3 - Bonds Payable I The bonded debt outstanding and related maturities and interest rates are summarized in the Combined Schedule of Indebtedness, Part I, Exhibit "A-10", and in Part III, Schedules 1 and 2, the Schedules of Bond and Interest Maturities. I All bonds payable shown on Part III, Schedule 1, 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. I I -56- I ~~, g;-~, cud ~~, 9 N I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 I Note 3 - Bonds Payable (continued) I The bonds payable shown on Part III, Schedule 2, are revenue bonds. These bonds are recorded as a liability in the Water Revenue Bond Sinking Fund. The bonds are payable primarily from revenue generated in the Water Operating Fund and are backed by the full faith and credit of the City. I I I Note 4 - Security for Bank Deposits Pledged by Official Depositories Securities pledged by the Minnetonka State Bank, Excelsior, Minnesota, had a market value of $976,765 at December 31, 1981 against demand deposits of $198,228 and time deposits on that date of $900,000. I The Midwest Federal Savings and Loan Association had pledged a first commercial mortgage with a market value of $1,254,993 at December 31, 1981 against time deposits on that date of $600,000. I The Farmers and Mechanics Savings Bank had no pledged collateral at December 31, 1981 against time deposits of $108,893 on that date. I Securities pledged by these depositories should equal 110% of the total City funds in each depository reduced by $100,000 on demand deposits and $100,000 on time deposits insured by the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation. Based on market value as opposed to cost or par value, it would appear the Minnetonka State Bank and the Farmers and Mechanics Savings Bank are just under the level of pledged collateral required to secure the deposits of the City. I I I Note 5 - Commitments and Contingencies Claims, Litigations and Judgments - I In connection with the normal conduct of its affairs, the City is involved in various claims, litigations and judgments. It is expected that the final settlement of these matters will not materially affect the financial statements of the City. I Future Bond Interest Payable - I As presented in Part III, Schedules 1 and 2, the City has future interest payable of $1,588.972 on the Special Assessment and Water Revenue Bonds. This future interest payable has not been recorded as a liability in accordance with generally accepted accounting principles. I Note 6 - Prior Period Adjustments I Adjustments were made to restate the fund balances/retained earnings of certain funds at December 31, 1980, as follows: I -57- I ~, ~r~n!7 and'~, 9 s;g I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 Note 6 - Prior Period Adjustments (continued) Fund Increase Decrease General Special Assessment - Debt Service Special Assessment - Construction Sanitary Sewer Operating $ 3,787 $ 222 36,428 53,731 816 10,832 696 3,787 14,073 Water Operating 2,994 1l,079 14,073 141,105 Water Revenue Bond Sinking At December 31, 1980, an account payable of the Sanitary Sewer Operating Fund for $3,787 was coded to the General Fund. At December 31, 1980, an allowance for uncollectible taxes was made but no provision was made for uncollectible special assessments. &~ allowance for uncollectible special assessments was set up de- creasing the fund balance/retained earnings as follows: General Special Assessment - Debt Service Sanitary Sewer Operating $ 222 36 ,428 696 The remaining adjustments are the result of the separation of the Sanitary Sewer Operating and the Water Operating Funds from a combined fund into separate funds effective September 1, 1980 and appropriately restating fund balances/retained earnings in the funds involved at December 31, 1980. Note 7 - Retirement Plans The City participates in a state-wide contributory pension plan under the Public Employees' Retirement Association, (PERA), which covers all employees except temporary and seasonal employees. The association has basic and coordinated plans. The coordinated plan is in conjunction with the Federal Insurance Contributions Act or Social Security. The City's contribution for pension costs, under the state-wide plan, was $23,983 for the year ended December 31, 1981. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State Legislature. An individual unit's portion of unfunded reserves is not available. -58- ~ng" SZ;-~g/ CU'd~, 9 ~ I CITY OF SHORB.lOOD NOTES TO FINANCIAL STATEMENTS December 31, 1981 I Note 7 - Retirement Plans (continued) I The City contracts for its fire services from the Cities of Excelsior and Mound. Pension contributions to the Fire Relief Associations are provided by the Cities of Excelsior and Mound. I The City contracts for its police services from the South Lake Minnetonka Public Safety Department. Pension contributions to the police relief association are provided by the South Lake Minnetonka Public Safety Department. I I Note 8 - Vacation, Severance and Sick Time Pay I Vacation pay is provided to all full-time employees of the City based on the length of employment. Employees may accrue ten days vacation leave which is the maximum which may be carried to the next year, and must be taken before retirement. Vacation pay is charged to expense in the year paid. The amount of accrued vacation leave at December 31, 1981 was not determined and was not recorded as a liability at December 31, 1981. I I Sick leave may be accumulated by an employee at the rate of eight hours per month with no maximum accumulation. Upon severance of employment, the employee is paid for accumulated sick leave based on one-half the excess over 100 days accumulated. Sick leave is charged to expense in the year paid. Accumulated sick leave was not determined and was not recorded as a liability at December 31, 1981. I I I I I I I I I -59- I ~, ~e/dYt~ ~~, 9s;g I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA SUPPLEMENTARY INFORMATION For The Years Ended December 31, 1981 and 1980 PART III J:~, :F~ ~ ~~, gs;g I I I I I I I I I I I I I I I I I I I Part III Schedule 1 Page 1 of 2 CITY OF SHOREWOOD SCHEDULE OF BOND AND INT~REST MATURITIES SPECIAL ASSESSMENT FUNDS December 31, 1981 1971 1972 1972-B 1973 Sewer Improvement Bonds Sewer Improvement Bonds Sewer Improvement Funds Water Improvement Bonds Year Principal Interest Principal Interest Principal Interest Principal Interest 1982 $ 25,000 $11,850 $ 125,000 $ 73,065 $ 90 ,000 $ 5 1 , 300 $ 5,000 $ 2,564 1983 25,000 10,750 130,000 66,690 90 ,000 46 ,980 5,000 2,301 1984 25,000 9,650 130,000 60,125 90 ,000 42,570 5,000 2,038 1985 25,000 8,525 130,000 53,430 90,000 38,070 5,000 1,772 1986 25,000 7,400 130,000 46,605 90,000 33,480 5,000 1,505 1987 25,000 6,200 130,000 39,650 90,000 28,800 5,000 1 , 2 35 1988 25,000 5,000 130,000 32,565 90,000 24,075 5,000 963 _ 1989 25,000 3,750 130,000 25,415 90 ,000 19,350 5,000 687 1990 25,000 2,500 1 30 ,000 18,200 90 ,000 14,580 5,000 412 1991 25,000 1,250 130 ,000 10,920 90,000 9,720 5,000 138 1992 130,000 3,640 90,000 4,860 $250.000 $66.875 $1.425.000 $430.305 $990.000 $ 313.7 85 $50.000 $13.615 Interest rates 4.00% - 5.00% 4. 10% - 5.60% 4.00% - 5.40% 5.25% - 5.50% Principal due dates December 1 June 1 November 1 January 1 and July 1 July 1 Interest due dates June 1 and December 1 June 1 and December 1 May 1 and November 1 -61- ~, g;-~ and~, 9d I I I I I I I I I I I I I I. I I I I I Part III Sched ule 1 Page 2 of 2 CITY OF SHOREWOOD SCHEDULE OF BOND AND INTEREST MATURITIES SPECIAL ASSESSMENT FUNDS December 31. 1981 1974 1980 1981 Sewer Improvement Bonds Improvement Bonds Improvement Bonds Total Year Principal Interest Principal Interest Principal Interest Principal Interest 1982 $ 70~000 $ 40,065 $ 4,500 $111 , 633 $ 315,000 $ 2 94 , 977 1983 70,000 36,565 $20,000 4,500 $ 265,000 100,768 605,000 268,554 1984 70,000 33,065 20,000 3,000 265,000 78 , 971 605,000 229,419 1985 70,000 29,565 20,000 1,500 270,000 56,835 610,000 -189,697 1986 70,000 25,995 270,000 34,290 590,000 149,275 1987 70,000 22,355 270,000 11,475 590,000 109,715 1988 70,000 1 8 , 680 320,000 81,283 1989 70,000 14 , 970 320,000 64,172 1990 70,000 11 , 1 90 320,000 46,882 1991 70,000 7 ,340 320,000 2 9 , 368 1992 30 ,000 3,420 250,000 11 , 920 1993 30,000 1,710 30,000 1,710 $760.000 $_244.920 $60.000 $13 .500 $1. 340 .000 $393.972 $4~875.000 $1. 476 . 972 Interest rates Interest due dates Principal due dates 4.75% - 5.70% January 1 and July 1 January 1 7.50% March 1 and September 1 September 1 8.2% - 8.5% January 1 and July 1 July 1 -62- J~. :F~ and~, !/1st: I I I I I I I I I I I I I I I I I I I Part III Schedule 2 CITY OF SHOREWOOD SCHEDULE OF BOND AND INTEREST MATURITIES REVENUE BONDS December 31, 1981 1980 Water Revenue Bonds Year Principal Interest 1982 $ 11,375 $ 5,000 11 ,375 5,000 11,000 5,000 10,625 10,000 10,250 10 ,000 9,475 10,000 8,700 10 ,000 7 , 925 10,000 7.125 10.000 6 . 325 10.000 5.500 10.000 4.675 15,000 3 . 825 15.000 2.550 15,000 1,275 $140.000 $112 .000 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 -63- ~~,y~ W/U~ ~d, fY J!Z I I I I I I I I I I I I I I I I I I I Special assessment funds Enterprise funds CITY OF SHORm~OOD SCHEDULE OF CHANGES IN BONDED INDEBTEDNESS For The Year Ended December 31, 1981 Bonds Outstanding January 1, 1981 Issued Retired $3,845,000 $1,340,000 $310,000 140,000 $3-,985 ,000 $ ~(LJ!'o_Q $J_LQ,QJill -- 4,$~#~~,9N Part III Schedule 3 Bonds Outstanding December 31, 1981 $4,875,000 140,000 $lJ)15.000 -64- I I I I I I I I I I I I I I I I I I I Part III Schedule 4 CITY OF SHOREWOOD STATEMENT OF SECURITY FOR Bk~K DEPOSITS PLEDGED BY OFFICIAL DEPOSITORIES December 31, 1981 Due Date Market Value Par Value Depository: Minnetonka State Bank In Safekeeping at Marquette National Bank Securities pledged: St. Paul HSG & Red. Auth. 6-01-93 $ 100,000 $ 44,434 United States Treasury Notes 7-31-82 200,000 195,062 Federal Farm Credit Banks 12-3-84 200,000 182,562 Federal Home Loan Banks 8-25-82 300,000 298,500 Federal National Mortgage Assn. 4-10-84 200,000 173,750 Mass. State College Bldg. Aut hority 12-01- 92 50,000 24,865 Vermont Muni Bond Bk Ser. 78 12-01-91 100,000 57 ,5 92 Total securities pledged by official depository $1 .150.000_ $.976 .765 Depository: Midwest Federal Savings & Loan In Safekeeping at Richfield Bank & Trust Co. Securities pledged: First Commercial Mortgage Normandale Tennis Clubs $1,379,113 $1,254,993 2001 -65- 4,g-~~~,9d 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 AND OFFICIAL BONDS December 31, 1981 UNAUDITED Multi-peril or package policy (effective August 1, 1981) 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) Incidental malpractice Host liquor liability 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 111 Store ft2 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, 1981) Liability Uninsured motorist Comprehensive Collision Workers' Compensation (effective August 1, 1981) Public official liability policy (effective August 1, 1981) Umbrella liability policy (effective August 1, 1981) Notary bond - Sandra Kennelly (effective August 14, 1979 - for seven years) Part III Schedule 5 $1,252,641 130,000 37 ,450 500,000 500,000 500,000 500,000 300,000 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 $150 deductible' 4,~d~cud~,9~ 100,000 1,000,000 3,000,000 2,000 -66- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD ELECTED AND APPOINTED OFFICIALS Part III Schedule 6 Unaudited Term of Office Expires December 31 Year Ended December 31, 1981 Elected and appointed (see footnote) City Council .Mayor - Robert Rascop (see footnote) Council: Jan Haugen Tad Shaw Bob Gagne (see footnote) Alex Leonardo 1982 1982 1982 1982 1984 Appointed Acting Mayor - Robert Rascop and Tad Shaw (see footnote) Administrator/Clerk/Treasurer - Elsa Wiltsey Administrator/Treasurer - Doug Uhrhammer Clerk - Sandra Kennelly Attorneys - Penberthy and Larson, Ltd. Engineer - Orr-Schelen-Mayeron and Associates, Inc. Year Ended December 31, 1982 Elected and appointed (see footnote) Ci ty Council Mayor - Robert Rascop (see footnote) Council: Jan Haugen Tad Shaw Bob Gagne (see footnote) Alex Leonardo 1982 1982 1982 1982 1984 Appointed Acting Mayor - Bob Gagne and Alex Leonardo (see footnote) Administrator/Treasurer - Doug Uhrhammer Clerk - Sandra Kennelly Attorneys - Penberthy and Larson, Ltd. Engineer - Orr-Schelen-Mayeron and Associates, Inc. Foo tno.te: John Baird, deceased 8-27-81, was elected Mayor with term of office expiring 12-31-82. Robert Rascop, elected to the City Council with term of office expiring 12-31-82, was appointed Mayor on 9-14-81 to fill the unexpired term of John Baird, deceased. Bob Gagne was appointed to the City Council on 10-13-81 to fill the unexpired term of Robert Rascop. Acting Mayor - (appointed for 6 month term) Tad Shaw was appointed Acting Mayor 9-14-81 to 12-31-81 to replace Robert Rascop. Bob Gagne was appointed Acting Mayor 1-1-82 to 6-30-82. Alex Leonardo was appointed Acting Mayor 7-1-82 to 12-31-82. -67- ~AZ. ~r~~~$AZ l74?d,~~j/xh/L. .~.W