1982 - Comp. Annual Financial Report
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CITY OF SHOREWOOD, MINNESOTA
FINANCIAL STATEMENTS
For The Year Ended December 31, 1982
With Auditors' Report
4, :!If:oe/d~ a:~d ~~CJ-c~ted, 9/01'
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I N D E X
Page 1 of 3
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Auditors' Report
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Part I
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Exhibit "A" - Combined Balance Sheet - All Fund Types
and Account Groups
Exhibit "A-I" - Combined Statement of Revenues,
Expenditures and Changes in Fund Balances -
All Governmental Fund Types
Exhibit "A-2" - Combined Statement of Revenues and
Expenditures - Budget and Actual -
and Changes in Fund Balances - General
and Special Revenue Funds
Exhibit "A-3" - Combined Statement of Revenues, Expenses
and Retained Earnings - All Proprietary
Fund Types
Exhibit "A-4" - Combined Statement of Changes in Financial
Position - All Proprietary Fund Types
Exhibit "A-5" - Combined Schedule of Indebtedness
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Part II
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General Fund
Exhibit "B"
Exhibit "B-1"
Exhibit "B-2" -
Exhibit "B-3" -
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- Balance. Sheet
Statement of Changes in Fund Balance
Statement of Revenues - Budget and Actual
Statement of Expenditures - Budget and Actual
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Federal Revenue Sharing Fund
Exhibit "c" - Balance Sheet
Exhibit "C-I" - Statement of Revenues and Expenditures - Budget
and Actual - and Changes in Fund Balance
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Capital Projects Funds
Exhibit "n" - Park Capital Improvement Fund - Balance Sheet
Exhibit "D-I" - Park Capital Improvement Fund - Statement of
Revenues, Expenditures and Changes in Fund Balance
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Debt Service Funds
Exhibit "E" - Water Revenue Bond Sinking Fund - Balance Sheet
Exhibit "E-I" - Water Revenue Bond Sinking Fund - Statement of
Revenues, Expenditures and Changes in
Fund Balance
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Special Assessment Funds
Exhibit "F" - Combining Balance Sheet
Exhibit "F-I" - Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Exhibit "F-2" - Debt Service Fund - Balance Sheet
Exhibit "F-3" - Debt Service Fund - Statement of Revenues,
Expenditures and Changes in Fund Balance
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Page
Number
5-6
8-9
10
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12-13
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20-22
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Part II (continued)
I N D E X
Special Assessment Funds (continued)
Exhibit "F-4" - Utility Improvement Contingency Fund -
Balance Sheet
Exhibit "F-5" - Utility Improvement Contingency Fund -
Statement of Revenues, Expenditures and
Changes in Fund Balance
Exhibit "F-6" - Construction Funds - Combining Balance Sheet
Exhibit "F-7" - Construction Funds - Combining Statement of
Revenues, Expenditures and Changes in Fund
Balances
Enterprise Funds
Exhibit "G" - Combining Balance Sheet - Enterprise Funds
Exhibit "G-l" - Combining Statement of Revenues and Expenses -
Enterprise Funds
Combining Statement of Changes in Retained
Earnings - Enterprise Funds
Combining Statement of Changes in Financial
Position - Enterprise Funds
- Liquor Fund - Balance Sheet
- Liquor Fund - Statement of Revenues, Expenses
and Changes in Retained Earnings
- Liquor Fund - Statement of Changes in
Financial Position
Exhibit "I" - Sanitary Sewer Operating Fund - Balance Sheet
Exhibit "I-I" - Sanitary Sewer Operating Fund - Statement of
Revenues and Expenses
Exhibit "1-2" Sanitary Sewer Operating Fund Statement of
Changes in Retained Earnings
Exhibit "1-3" - Sanitary Sewer Operating Fund - Statement of
Changes in Financial Position
- Water Operating Fund - Balance Sheet
- Water Operating Fuhd - Statement of Revenues
and Expenses
- Water Operating Fund - Statement of
Changes in Retained Earnings
- Water Operating Fund - Statement of Changes
in Financial Position
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Exhibit "G-2"
Exhibit "G- 3"
Exhibit "H"
Exhibit "H-l"
Exhibit "H-2"
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Exhibit "J"
Exhibit "J-l"
Exhibit "J-2"
Exhibit "J- 3"
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General Fixed Assets Account Group
Exhibit "K" - Statement of General Fixed Assets
Exhibit "K-l" - Statement of Changes
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General Long-Term Debt Account Group
Exhibit "L" - Statement of General Long-term debt
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Notes to Financial Statements
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c~n?, :r~e~H~ tZ/nc/ J~docUz/ted, /?l! s;g
Page 2 of 3
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Number
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37-38
39-40
41
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57-69
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I N D E X
Part III
Schedule 1 - Schedule of Bond and Interest Maturities -
Special Assessment Funds
Schedule 2 - Schedule of Bond and Interest Maturities -
Revenue Bonds
Schedule 3
Schedule of Changes in Bonded Indebtedness
Schedule 4 - Statement of Changes in Property, Plant and
Equipment - Enterprise Funds
Schedule 5 - Schedule of Investments and Certificates of Deposit
Schedule 6 - Statement of Security for Bank Deposits
Pledged by Official Depositories
Schedule 7 - Schedule of Insurance Coverage and Official
Bonds - Unaudited
Schedule 8 - Elected and Appointed Officials - Unaudited
4, ~e/~~ ~d ~uded', 9 e-Gf
Page 3 of 3
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ACCOUNTANTS AND AUDITORS
TONKA BUILDING
EXCELSIOR, MINNESOTA 55331
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612/474-8826
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City Council
City of Shorewood
5755 Country Club Road
Shorewood, Minnesota 55331
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We have examined the combined financial statements of the City of
Shorewood, Minnesota, and the combining, individual fund, and account
group financial statements of the City as of and for the year ended
December 31, 1982, as listed in the foregoing index. Our examination
was 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.
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As more fully described in the Notes to Financial Statements, no
complete historical record exists of costs for the City's investment in
property, plant and equipment, except for the Liquor Fund, because acqui-
sitions prior to January 1, 1978 have not been recorded. This is a
departure from generally accepted accounting principles. Since January 1,
1978, the City has recorded property, plant and equipment 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.
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In our opinion, except for the departure from generally accepted
accounting principles, as explained in the preceding paragraph, the
combined financial statements referred to above, as listed in Part I of
the aforementioned index, present fairly the financial position of the
City of Shorewood, Minnesota, at December 31, 1982, and the results of its
operations and the changes in financial position of its proprietary fund
types for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with that of the
preceding year. Also, in our opinion, except for the departure from
generally accepted accounting principles, as explained in the preceding
paragraph, the combining, individual fund, and account group financial
statements referred to above, as listed in Part II of the aforementioned
index, present fairly the financial position of the individual funds and
account groups of the City of Shorewood, Minnesota, at December 31, 1982,
and the results of operations of such funds and the changes in financial
position of individual proprietary funds for the year then ended, in
conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
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City Council
City of Shorewood
Page 2
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Our examination was made for the purpose of forming an oplnlon on
the combined financial statements taken as a whole and on the combining,
individual fund, and account group financial statements. The accompany-
ing financial information listed as supplementary information in Part III
of the aforementioned index and the column on the accompanying combined
balance sheets captioned "Total - Memorandum Only" are not necessary for
a fair presentation of the combined financial statements of the City
of Shorewood, Minnesota, but are presented for purposes of additional
analytical data. This supplementary information, except for the
statistical information indicated as unaudited in Part III, has been
subject to the tests and the auditing procedures applied in the examination
of the combined, combining, individual fund, and account group financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the combined financial statements taken as a whole.
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LONG, FROEHLING AND ASSOCIATES, P.A.
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Excelsior, Minnesota
May 4, 1983
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CITY OF SHOREWOOD, MINNESOTA
FINANCIAL STATEMENTS
For The Year Ended December 31, 1982
Part I
4, !F~~~ ~ M~~, 9~yf
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Part I
Exhibit "A"
Page 1 of 2
CITY OF SHOREWOOD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1982
Account
Governmental Fund Types Proprietary Groups (Totals - Memorandtnn Only)
Special Capital Debt Special Fund Types General ~ ~rJ'r
General Revenue Projects Service Assessment Enterprise General Long-Term
Fund Funds Funds Fund Funds Funds Fixed Assets Debt 1982 tr' \J1981
Assets / /5"'.)' -
Current assets $18,802 / t
Cash and temporary investments $ (65,657) / $39,077 $ 1,266 $ 906,716 $ 223,159 $ 1,123,363 $ 133,811
Certificates of deposit 600,000 15,000 615,000 1,673,310
Receivables
Taxes - current 32,918 !I L i ,~ 7-11 e 3 32,918 25,578
- delinquent 17,499 _COI(Jf"~~ 405 805 18,709 18,139
Special assessments - current 838 3,982 488,362 16,989 510,171 331,446
- delinquent 947 55,428 1,944 58,319 75,016
~~7 Less allowance for uncollectible
j~ ~ accounts ( 8,225) ( 54,167) ( 2,166) ( 64,558) ( 46,576)
,+~A l Accrued interest 26 46 4 2,092 1,172 3,340 27,629
6V' Local government aid 42,067
Other 7,765 34,048 41,813 109,341
Inventories (Note 1) 122,453 122,453 120,331
Prepaid expenses 5,396 5,396 6,636
Unamortized bond discount 2,344 14,030 16,374 19,457
Amount available for retirement
of debt $ 68,652 6 66,766
Amounts to be provided for retirement
of debt 102,004 133,543 /'
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Total current assets (13,915) 18,828 39,123 7 ,596 2,012,866 418,800 170,656 2,653,954 2,736,494
Fixed assets (Note 1)
Buildings $ 291,108 291,108 291,108
Improvements other than buildings 3,955 203,054 207,009 180,178
Equipment 57,882 117,156 175,038 174,470
Construction in progress 1,285,350 1,285,350 1,158,987
Leps: allowance for depreciation ( 132 , 161) (132,408) ( 264,569) ( 174,720)
Total fixed assets 1,215,026 478,910 1,693,936 1,630,023
Other assets
Deferred special assessments receivable 860 30,400 2,151,340 2,182,600 2,203,356
Total assets $ (13 .055) $18.828 $ J.2.......lli $37.996 $ iL.J64 .206 $ 1.633.826 $ AL8. 91jL $170.656 $ 6.530.490 $ 6.569.873
The notes to financial statements are an integral part of this statement.
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Part I
Exhibit "A"
Page 2 of 2
CITY OF SHOREWOOD
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1982
Account
Governmental Fund Types Proprietary Groups (Totals - Memorandum Only)
Special Capital Debt Special Fund Types General
General Revenue Projects Service Assessment Enterprise General Long-Term
Fund Funds Funds Fund Funds Funds Fixed Assets Debt 1982 1981
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable $ 18,451 $ 12,425 .$ 23,570 $ 54,446 $ 97,649
Retainages payable 1,512 1,512 35,005
Accrued liabilities 4,586 $ 374 106 6,361 11,427 20,605
Current portion long-term
indebtedness 605,000 4,637 $ 26,359 635,996 346,227
Escrow liability 1,025
Total current liabilities 23,037 374 619,043 34,568 26,359 703 , 381 500,511
Long-term indebtedness
Contracts payable (Note 2) 27,508 9,297 36,805 65,612
Bonds payab le (Note 2) 3,955,000 135 ~OOO 4,090,000 4,700,000
Total long-term liabilities 3,955,000 27,508 144,297 4,126,805 4,765,612
Total liabilities 23,037 374 4,574,043 62,076 170,656 4,830,186 5,266,123
Fund equity
Contributions in aid to construction 1,285,350 1,285,350 1,123,812
Investment in general fixed assets $478,910 478,910 481,177
Retained earnings (deficit)
Unreserved 286,400 286,400 344 ,771
Fund balance (defiCit) ""-
Appropriated 15,000) ( 409,837) ( 341,185) ( 627,326)
Unappropriated (51,092) $18,828 ( 9,171) ( 18,684)
Total fund equity (36,092) 18,828 38,749 37,996 ( 409,837) 1,571,750 478,910 1,700,304 1,303,750
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Total liabilities and
fund equity $ (13 .055) $18.828 $39.123 $37.996 $ 4.164.206 $1.633.826 $478.910 $170.656 $ ~~4!lQ. $ b569 .873
The notes to financial statements are an integral part of this statement.
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4, !F~ and'~, 9d
14,073
222)
3 ,787
36,428)
53,731
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/~ 553,416)
29,653).;: '~((, <IIdN.<r..../( 35,091)
l~'...l bi19(1 ,321 ,240)
$18.828 $ 38.749 $37.996 $(409.837) $( 350.356r/ ~,r~\g./$( 646.0lQ)
The notes to financial statements are an integral part of this statement. 10(1(;1 -10-
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CITY OF SHOREWOOD
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1982
Special
Revenue
Funds
Capital
Projects
Funds
Debt
Service
Fund
General
Fund
Revenue
Taxes
Licenses and permits
Intergovernmental revenue
Charges for services
Fines and forfeitures
Miscellaneous revenues
Bond proceeds
Special assessments levied
Special assessment interest
Total revenue
$ 412,004
33,354
322,258
18,898
33,024
6,704
$20,030
$ 5,169
$ 384
2,377
38,000
4,751
43,135
22,407
826,242
5,169
Other sources
Transfers from other funds
13,055
839,297
3,600
8,769
22,407
43,135
Total revenue and other sources
Expenditures
General government
Public safety
Public works
Sanitation and waste removal
Recreation
Debt service
Unallocated general expense
Miscellaneous
Interest on bonds
Construction costs
195,936
318,006
164,543
25,637
23,319
21,617
48,362
40,332
2,173
4,380
11 ,596
837,752
2,173
4,380
11 ,596
Total expenditures
Other uses
Transfers to other funds
Total expenditures and other uses
Net increase (decrease) in fund balance
16,655
18,828
3,579
15,249
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( 14,343)
4,380
4,389
40,719
11 ,596
31,539
6,457
(deficit) January 1
adjustments
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Fund balance
Prior period
(Note 6)
(Note 6)
(Note 6)
(Note 6)
(Note 6)
Fund balance (deficit) January 1 (as restated)
Principal payment on general long-term debt
Bonds issued (net)
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r.,f'".""'.-...... ;/
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( 23,294)/
( 6,359)
"""'${ 36.092)
4,:F~~~,9d
Fund balance (deficit) December 31
Special
Assessment
Funds
$ 200,196
311 ,411
208,191
719.798
719,798
11 ,292
297,888
126,363
435,543
435.543
284,255
(694,092)
Part I
Exhibit "A-I"
(Totals - Memorandum Only)
1982
$ 412,004
33,354
342,288
18,898
33,024
214,830
349,411
212,942
1,616,751
16,655
1,633,406
195 ,936
318,006
164,543
25,637
23,319
21,617
48,362
58,177
309,484
126,363
1,291,444
16,655
1,308,099
325,307
( 646,010)
1981
$ 321,623
40,846
327,689
15,585
32,379
399,995
1,321,240
768,383
134,814
3,362,554
20,000
3,382,554
155,712
283,686
148,555
50,622
30,230
22,340
22,340
43,639
321,261
1,034,169
2,118,817
2,118,817
1,263,737
(
588,357)
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Revenue
Taxes
Licenses and permits
Intergovernmental revenue
Charges for services
Fines and forfeitures
Miscellaneous revenues
Aid
Other sources
Transfers from other funds
Total revenues and other sources
Expenditures
General government
Public safety
Public works
Sanitation and waste removal
Recreation
Debt service
Unallocated general expense
Miscellaneous _'>u f~ ):::>
Other uses
Transfers to other funds
Total expenditures and other uses
Net increase (decrease) in fund balance
Fund balance (deficit) January 1
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Principal payment on general long-term debt
Fund balance (deficit) December 31
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, 1982
13 ,055
General Fund
Budget Actual
$525,923 $ 412,004
, ,(I v 40,800 33,354
153,715 322,258
16,600 18,898
16,000 33,024
6,704
753,038 826,242
753,038
839,297
'[JvJ
195,936
318,006
164,543
25,637
23,319
21,617
48,362
40,332 ~
145,881
309,557
159,348
23 , 7 30
27,740
17,250
51,124
734,630
837,752
734,630
837,752
$_ 18.408
1,545
Variance
Favorable
(Unfavorable)
~,
$(113,919)
r;( 7,446)
168,543
2,298
17,024
6,704
73,204
13,055
10 . 86 ,~59
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T>,J;"'d"<f~ I ,
,8( 50,055)
( 8,449)
( 5,195)
( 1 , 907)
4,421
( 4,367)
2,762
( 40,332)
(103,122)
(103,122)
$( 16.863)
( 14,343)
\ ,7 . \ ry
~~C>I,lAt 23,294) ~p~, ~jJJ
$( 36.092) }f' A ~\\
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tJl
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r~, 1(,
Special Revenue Funds
Variance
Favorable
Budget Actual (Unfavorable)
$20,655
20,655
20,655
.22,407
1,752
4,000 2,173
4,000 2,173
16,655 16,655
20,655 18,828
$ 3,579
15,249
1,827
1,827
$18.828
The notes to financial statements are an integral part of this statement.
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Part I
Exhibit "A-2"
(Totals - Memorandum Only)
Variance
Favorable
Budget Actual (Unfavorable)
773 ,6~
145,881
309,557
159,348
23 ,7 30
27,740
17,250
51,124
4,000
738,630
$525,923
40,800
$20,030 $( 625) 174,370
16,600
16,000
2,377 2,377
22,407 1,752 773,693
16,655 16,655
1,827 755,285 856,580 (101,295)
$ 3.579 $ 18.4..Qll 5,124 $ ( 13.284 )
906
( 23,294)
$( 17.264)
$ 412,004 $(113,919)
33,354 ( 7,446)
342,288 167,918
18,898 2,298
33,024 17,024
9,081 9,081
848,649 74,956
13,055 13 ,055
861,704 88,011
195,936 ( 50,055)
318,006 ( 8,449)
164,543 ( 5,195)
25,637 ( 1 ,907)
23,319 4,421
21,617 ( 4,367)
48,362 2,762
42,505 ( 38,505)
839,925 (101,295)
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Part I
Exhibit "A-3"
Part 1 of 2
CITY OF SHOREWOOD
COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1982
Enterprise Funds
(Totals - Memorandum Only)
1982 1981
Sales and cost of sales
Sales
Cost of sales
Gross profit
Operating revenue
Sewer 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 revenue
$767,320
587,099
180,221
900
280
219,419/
19,592
1,135
890
3,825
246,041
426,262
Operating expenses
Salaries and wages
Payroll taxes
Employee benefits
Rent
Utili ties
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
City buildings expense allocation
Small tools
Electricity
Contracted services
Education
Service charge refunds
114,183
12,158
6,776
39,157
8,286
1,593
15,421
1,149
758
9,917
269
102
4,115
886
2,518
125
925
627
659
1,088
6,786
1,901
9,919
5,763
333
94
$845,874
645,377
200,497
,~ 0
d~
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1,650
150
254,689
13 ,465
910
3,354
8,075
282,293
482,790
K
130,918
6,690
4,051
37,985
8,088
1,578
12,167
642
459
7,254
736
73
5,782
1,376
2,772
125
616
456
606
471
5,100
567
6,127
9,901
331
2,262
The notes to financial statements are an
integral part of this statement. -12-
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Part I
Exhibit "A-3"
Page 2 of 2
CITY OF SHOREWOOD
COMBINED STATEMENT OF REVENUES, EXPENSES A}ID RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1982
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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
Operating income
Other revenue
Special assessment interest
Interest
Special assessments levied
Refunds and reimbursements
Homestead credit, reduced assesSments
Total other revenue
Other expenses
Depreciation on assets acquired with
own funds
Depreciation on assets acquired from
contributions in aid to construction
Interest
Interest on interfund loans
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Total other expenses
Other uses
Transfer to other funds
Total other expenses and other uses
Net income
Retained earnings January 1
Prior period adjustments
Retained earnings as restated January 1
Add: credit arising from transfer of
depreciation to contributions in
aid to construction account
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Retained earnings December 31
Enterprise Funds
(Totals - Memorandum Only)
1982 1981
$ 159,271
8,103
2,945
498
2,383
2,494
421,202
5,060
1,311
27,075
13,683
1,716
43,795
$ 144,382
450
7,169
7,970
9,285
292
29,536
972
127
( 127)
447,189
35,601
1,037
23,759
23,914
26,698
6,858
82,266
,)
3,27 4 IP~e
iI\- .. P vJ
<it ' 1/
61 109/(lo'\^$'ho& ",.J. ,.\j~
2:026 .. 5f'~ -rO '-r
5,642
72 ,051
4,965
32,055
3,029
1,070
41,119
20,000
61,119
56,748
255,968
72,051
( 23,196)
344,771
( 35,175)
309,596
32,055
$ 344.771
The notes to financial statements are an
integral part of this statement.
-13-
4, 9'~/~ and ~k~, 9 s;<<
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CITY OF SHOREWOOD
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1982
Sources of financial resources
Operations
Net income for the year
Add: items not requring current outlay
of resources
Depreciation
Total resources provided by operations
Increase in long-term debt
Total resources
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Uses of financial resources
Ope rat ions
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 in working capital
Component elements of increase (decrease)
in working capital
Cash and temporary investments
Certificates of deposit
Receivables
Taxes - current
- delinquent
Special assessments - current
- delinquent
Allowance for uncollectible accounts
Accrued interest
Other
Inventories
Prepaid expenses
Accounts payable
Accrued liabilities
Escrow liability
Current portion long-term indebtedness
Contracts payable
Net increase in working capital
Part I
Exhibit "A-4"
Enterprise Funds
(Totals - Memorandum Only)
1982 1981
$ 59,127
19,490
78,617
78,617
82,323
( 45,651)
4,958
41,630
$ 36.987
$ 116,961
( 99,310)
(
1,555)
353
2,072
615
1,276)
520)
6 , 325 )
2,122
1,240)
16,951
2,729
1,025
252)
4,637
(
(
(
(
(
$ ----3Q.~
The notes to financial statements are an
integral part of this statement.
~~, :F~~<<41d~M<x~, 9d'
$ 101,045
10,479
111,524
III ,524
44,297
( 27,000)
112
17,409
$~.~
$( 953)
79,310
1,555
452
4,587
( 64)
( 194)
900
11 ,285
4,707
633
( 13,836)
( 2,387)
3,975
( 239)
4,384
$ 94.115
-14-
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The notes to financial statements are an integral part of this statement.
4,:F~and~,9N
-15-
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CITY OF SHOREWOOD, MINNESOTA
FINANCIAL STATEMENTS
For The Year Ended December 31, 1982
Part II
~~, !F~UMrf/ tZ/?ld ~~<<ded, 9 N
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Part II
Exhibit "B"
CITY OF SHOREHOOD
GENERAL FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
1981
Assets
Current assets
Cash and temporary investments
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
$ (65,657) $ (132,490)
32,918 22,805
17 ,499 17,650
838 1,072
947 1,119
( 8,225) /\ ( 9,384)
-" 42,067
7,765 67,180
(13,915) 10,019
860 1,698
$(13.055) $ 11.717_
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Total liabilities and fund equity
$ 18,451 $ 15,228
4,586 10,832
23,037 26,060
--
15,000/ 38 ,29~
(51,092) ( 52,637)
( 14,343)
$ 1l.71r
rj}~ i
}-,'t ,.
$:
~)';;;!. )/: I .p,5,
, :; , ''{itA{/> t, I
~ jJ U G 'r ,{;i)V~
.. yY1/~ r.> ~),F'
/5~:; ./ I ~f'rO tJ LfV .
15 if 7;)F v-l '
Total liabilities
Fund equity
Fund balance - appropriated
Fund balance (deficit) unappropriated
Total fund equity
The notes to financial statements are an
integral part of this statement. -17-
~~, ~CJeU~ tZ4zd s;./~eaCe&, ~9 d
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Part II
Exhibit "B-1"
CITY OF SHOREWOOD
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANGE
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
1981
Revenue and other sources
$ 839,297
$ 767,104
Expenditures and other uses
837,752.
738,296
Net increase (decrease) in
fund balance
1,545
28,808
Fund balance (deficit) January 1
( 14,343)
( 17,985)
Prior period adjustments
(Note 6)
(Note 6)
(
222) t,"
3,787 -Pj '/
Fund balance (deficit) January 1
(as restated)
( 14,420)
Principal payment.on general
long-term debt
( 23,294)
$ ( 36 .Q92)
( 28,731)
$l~4J)
Fund balance (deficit) December 31
The notes to financial statements are an
integral part of this statement.
-18-
~~, !k.e4~ cvnd ~W~t?d, !Y J!/
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Taxes
Property taxes
Licenses and permits
Business licenses and permits
Non-business licenses and permits
Intergovernmental revenue
Federal grants
Community development
State grants
Local government aid
Homestead credit
Tree disease
Machinery aid
Reduced assessment
Planning
Surcharge rebate
County grants
Fiscal disparities
Road aid
Charges for services
General government
Public works
Sanitation
Recreation
CITY OF SHOREWOOD
GENERAL FUND
STATEMENT OF REVENUES - BUDGET AND ACTUAL -
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
Budget
Variance
Favorable
(Unf avor ab Ie)
Actual
$525,923
$ 412,004
$(113,919~
8,800
32,000
40,800
9,225///
24,129/
33,354/
,
\
)
i
,
/
39,835 It!
~") !!)
19~7~3-7- 1,h-.
....98,488 ...... t.~
./ ^V
.- I}
\
(
(
425
7,871)
7,446)
39,835 ./
134,615
v/
145,352 /
98,488
98/
90/
1,895 v
126 ./
14,175 -/
22,199/
322,258
9,175
9,199
168,543
(
2)
90
1,895
874)
100
1,000
(
5,000
13,000
153,715
12,000
3,000
1,600
11 ,822 ./
./
6,579 .
( 199) ,/'
696 ./
18,898
( 178)
3,579
( 1,799)
696
2,298
16,600
Fines and forfeits
Fines 16,000
Total revenue 753,038
Other sources - transfers from other funds
Liquor fund
Revenue sharing fund
Total revenue and other sources
Miscellaneous revenue
Reimbursement of indirect costs - construction
Refunds and reimbursements
Building permit surcharge
Tree reforestation
Contributions and donations
33,024 //
17,024
5,501
1,203
5,501
1,203
6,704
826,242
6,704
73,204
$753.038
13 ,055
$ 839.297
13,055
$ 86.259
Part II
Exhibit "B-2"
1981
Budget
Variance
Favorable
(Unfavorable)
Actual
$376,564
$321,623
$(54,941)
8,795
28,500
37,295
8,808
32,038
40,846
13
3,538
3,551
9,705
15,732
6,027
155,330
53,000
10,000
110
155,331
100,470
5,577
101
120
1
47,470
( 4,423)
( 9)
120
( 3,500)
( 177)
3,500
1,200
1,023
4,200
14,000
251,045
9 ,796
18,874
307,024
5,596
4,874
55,979
19,010
6,800
1,400
1,200
28,410
9,286
4,671
396
1,232
15,585
( 9,724)
( 2,129)
( 1,004)
32
(12,825)
10,200
32,379
22,179
17 ,589
10 ,013
2,035
17,589
10,013
2,035
( 1,200)
10
28,447
1,200
1,200
10
29,647
747,104
42,390
704,714
20,000
20,000
$704.714
$767 .104
$ 62.390
-19-
The notes to financial statements are an integral part of this statement.
4, y-~ and~, 9 sd'
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CITY OF SHOREWOOD
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL -
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Part II
Exhibit "B-3"
Page 1 of 3
1982
1981
Budget
Actual
Variance
Favorable
(Unfavorable)
Budget
Actual
Variance
Favorable
(Unfavorable)
General government
Mayor and council
Current expenditure $ 16,440 $ 19,070 $( 2,630) $ 14,963 $ 16,806 $( 1,843)
Publications
Current expenditure 1,500 2,344 ( 844) 1,320 1,658 ( 338)
Elections and voter registration ~)
Current expenditure 5,000 9,601 ( 4,601) 1,920 3,138 ( 1,218)
Finance ?'? I~~
Administrative and clerical
Current expenditure 42,891 67,308 (24,417)---- ,~\tI~<' 44,788 49,805 ( 5,017)
Capital outlay 1,000 1,000 1,200 1,965 ( 765)
Assessor
Current expenditure 16,100 16,492 ( 392) 15,490 15,928 ( 438)
Independent accountants and auditors
Current expenditure 4,200 9,669 ( 5,469) 4,200 7,502 ( 3,302)
Planning and zoning
Current expenditure 24,300 25,993 ( 1,693) 17 ,230 24,095 ( 6,865)
Legal
Current expenditure 27,000 34,659 ( 7 ,659) 38,000 21,568 16,432
General government buildings
Current expenditure 7,450 10,800 ( 3,350) 7,500 12,206 ( 4,706)
Capital outlay 2,000 1,041 959
145,881 195,936 (50,055) 148,611 155 ,712 ( 7,101)
Public safety
Police protection
Current expenditure 257,600 266,238 ( 8,638) 230,450 232,656
Fire protection
Current expenditure 33,247 33,083 164 33,411 33,411
Protective inspection
Current expenditure 14,800 15,083 ( 283) 9,900 14,362
Animal control
Current expenditure 3,910 3,602 308 3,250 3,257
309,557 318,006 ( 8,449) 277 ,011 283,686
( 2,206)
( 4,462)
( 7)
( 6,675)
The notes to financial statements are an integral part of this statement.
-20-
4,!F~~~,9~
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Part II
Exhibit "B-3"
Page 2 of 3
CITY OF SHOREWOOD
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL -
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
Budget
Actual
Variance
Favorable
(Unfavorable)
1981
Budget
Actual
Variance
Favorable
(Unfavorable)
Public works
Engineering
Current expenditure $ 8,000 $ 13,785 $( 5,785) $ 20,000 $ 17,116 $ 2,884
Streets
Current expenditure 37,650 34,017 3,633 35,370 50 ,185 (14,815)
Capital outlay 30,000 26,198 3,802
.' //Snow and ice removal
Current expenditure 13,725 12,484 1,241 12,810 10,132 2,678
/8treet lighting
Current expenditure 4,400 5,525 ( 1,125) 4,000 5,936 ( 1,936)
Traffic signs, signals and markings
Current expenditure 5,050 7 ,300 ( 2,250) 4,620 4,819 ( 199)
Equipment maintenance
Current expenditure 30 ,213 40,880 (10,667) 21,884 43,462 (21,578)
Capital outlay 16,000 11 ,100 4 ,900 19,530 1,649 17,881
Public works buildings
Current expenditure 8,310 12,621 ( 4,311) 6,640 10,989 ( 4,349)
Capital outlay 6,000 633 5,367 7,200 4,267- 2,933
159,348 164,543 ( 5,195) 132,054 148,555 (16,50l)
Sanitation and waste removal
Street cleaning
Current expenditure
Rubbish pick-up
Current expenditure
Storm sewers
Current expenditure
Capital outlay
Weed control
Current expenditure
Tree disease control
Current expenditure
Capital outlay
4,249 ( 2,099) W 1,670 2,317 ( 647)
5,473 ( 5.473) 6f&l~; . 5,000 2,948 2,052
1l)'il1J> ' (
468 1,232 2,170 2,320 150)
800 500 1,000 ( 500)
2,792 ( 792) 2,030 1,939 91
12,655 625 29,000 36 ,571 ( 7,571)
3,800 3,000 3,527 ( 527)
25,637 ( 1 , 907) 43,370 50,622 ( 7,252)
2,150
1,700
800
2,000
13,280
3,800
23,730
The notes to financial statements are an integral part of this statement.
-21-
4,!F~~~,9d'
497 ( 497)
" '..;1- 39,835 ( 39,835)
~(); ",1'"
h"'I; (
.40,332 40,332)
$734.630 $837.752 $(103.122) $704.714
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~
CITY OF SHOREWOOD
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGET AND ACTUAL -
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
Variance
Favorable
Budget Actual (Unfavorable)
Recreation
Parks and playgrounds
Current expenditure $ 14,310 $ 14,488 $( 178)
Beaches
Current expenditure 2,280 1,147 1,133
Skating rinks
Current expenditure 7,950 5,594 2,356
Community services
Current expenditure 3,200 2,090 1,110
27,740 23,319 4,421
Debt service
Interest 17,250 1,286 15,964
Interest - interfund loans 20,331 ( 20,331)
17,250 21,617 ( 4,367)
Unallocated general expense
Payroll taxes 7,746 13 ,563 ( 5,817)
PERA 6,358 7,571 ( 1,213)
IRA 1,238 ( 1,238)
Unemployment insurance 4,602 2,873 1,729
Health insurance 8,768 10,353 ( 1,585)
General insurance 20,000 7,493 12,507
Special assessments on city property 2,800 4,058 ( 1,258)
Uniforms 850 1,067 ( 217)
Claims for damages 146 ( 146)
Intergovernmental service contingency
51,124 48,362 2,762
Miscellaneous
Building permit surcharge
Refunds, reimbursements and concessions
Community development block grant expenditures
Total expenditures
P art II
Exhibit "B-3"
Page 3 of 3
Budget
$ 17,450
2,200
12,700
5,000
37,350
17,070
17,070
8,010
6,438
11 ,600
20,000
2,600
600
1981
Variance
Favorable
Actual (Unfavorable)
$ 12,439 $ 5,011
3,756 ( 1,556)
8,186 4,514
5,849 ( 849)
30,230 7,120
3 , 130 13 , 940
25,473 (25,473)
28,603 ~. . (11 ,533)
5,083 W~l W' ~ 2,927
-~ ~$, ,
2,892 -;~red { .~ 3,546
f' 10 p (fr{;J v
t
2,707 8,893
8,980 11,020
1,594 1,006
930 ( 330)
154 ( 154)
22,340 26,908
1,962 ( 1,962)
2,619 ( 2,619)
13,967 J13,967)
.18,548 (18,548)
$]..,38 .296 $ (33 .582)
49,248
The notes to financial statements are an integral part of this statement.
-22-
4, :F~ ~~, !?l!d
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CITY OF SHOREWOOD
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
Assets
Current assets
Cash and temporary investments
Certificates of deposit
Receivables
Accrued interest
$18,802
26
Total assets
$J8.828
Fund equity
Fund balance
$18,828
$18.828
Total fund equity
The notes to financial statements are an
integral part of this statement.
4, g;-~~ tZ~c/J;~d~/J, 9J!:f
Part II
Exhibit "c"
1981
$ 5,035
10 ,000
214
$15.249_
$15,249
$15.24-.2.
-23-
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CITY OF SHOREWOOD
FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL -
AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Reven ue
Federal revenue sharing
Interest income
1982
Variance
Favor ab Ie
Budget Actual (Unfavorable)
$20,655 $20,030 $( 625)
2,377 2,377
20,655 22,407 1,752
4,000 ~1i '.. .r~ 3,082
~C---55 ) :)t:l)l \. )
(1,255)
4,000 C;U:J 1,827
13,055 13,055
3,600 3,600
16,655 16,655
20,655 18,828 1,827
$ 3,579 $ 3.579
15,249
$18.828
Total revenue
Expenditures
Capital outlay - major equipment
- general government
Total expenditures
Other uses - transfers to other funds
General fund
Park capital improvement fund
Total other uses
Total expenditures and other uses
Net increase in fund balance
Fund balance, January 1
Fund balance, December 31
The notes to financial statements are an integral part of this statement.
41:F~~~,Y!d
Part II
Exhibit "C-1"
1981
Variance
Favorable
Budget Actual (Unfavorable)
$20,650 $20,665 $ 15
2,808 2,808
20,650 23,473 2,823
10 , 000 19,025 ( 9,025)
10,650 10,650
20,650 19,025 1,625
$
4,448
$ 4.448
10.801
--
$15.249
-24-
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Part II
Exhibit "D"
CITY OF SHOREWOOD
CAPITAL PROJECTS FUNDS
PARK CAPITAL IMPROVEMENT FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
1981
Assets
Current assets
Cash and temporary investments
Certificates of deposit
Receivables
Accrued interest
$39,077
$15,783
25,000
46
494
Total assets
$39.1n
$41.277.
Liabilities and fund equity
Liabilities
Current liabilities
Accrued liabilities
Total liabilities
and fund equity
$ 374 $ 558
374 558
15,656. 22,015
23,093 18,704
38,749 40,719
$39-.J21 $=41 .277
Total liabilities
Fund equity
Fund balance - appropriated
Fund balance - unappropriated
Total fund equity
The notes to financial statements are an
integral part of this statement.
-25-
J%~" g:-~ and ~;0('~d', Y! s;<<
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Part II
Exhibit liD-I"
CITY OF SHOREWOOD
CAPITAL PROJECTS FUNDS
PARK CAPITAL IMPROVEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
1981
Revenue
r'
"
!
",,/~
)
Subdivision fees
Interest income
$' 1, OO(r/
4,169
',,','$
(
2,9qg/)
, 6~"Zi8 5
Total revenue
5,169
9,385
Other sources - transfers from other funds
Revenue sharing fund
3,600
Total revenue and other sources
8,769
9,385
Expenditures
Park plan
Interest
Capital outlay
Total expenditures
3,283
1,097 962
4,503
4,380 5,465
--
4,389 3,920
40,719 43 ,159
( 6,359) ( 6,360)
$ 38.749 $ Mhill
Net increase (decrease) in fund balance
Fund balance, January 1
Principal payment on general long-term debt
Fund balance, December 31
The notes to financial statements are an
integral part of this statement.
-26-
~~, :F~~ cuu/ ~<<d&t, 9J)~
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Part II
Exhibit "E"
CITY OF SHOREWOOD
DEBT SERVICE FUNDS
WATER REVENUE BOND SINKING FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
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Assets
Current assets
Cash and temporary investments
Receivables
Special assessments - current
Accrued interest
Unamortized bond discount
$ 1,266
3,982
4
2,344
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Total current assets
7,596
Other assets
Deferred special assessment receivable
30,400
Total assets
$37 .996
Liabilities and fund equity
Fund equity
Fund balance
$37,996
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Total liabilities and
fund equity
$2L396_
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The notes to financial statements are an
integral part of this statement.
I
~f' !T~~anc?~, /?/d'
-27-
1981
$3,371
571
2,515
6,457
$_6.457
$6,457
$6.457
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Part II
Exhibit "E-I"
CITY OF SHOREWOOD
DEBT SERVICE FUNDS
WATER REVENUE BOND SINKING FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31 ~ .11Es,
1982 ~\N' ~t(rJ 1981
Revenue ~1 /)~. ~~ \'
vJ'''t/! "
$38 ,000 J~ \ ~'/4 l
4 , 751 V \ ,S \ 1r~
384\;11--. ~" . $ 1 ,294
*} ,",J
, '\f
6~
Other revenue
Special assessments levied
Special assessment interest
Interest on investments
Total revenue
43 ,135
1,294
Expenditures
Interest on bonds
11 ,596
7,805
Total expenditures
11,596
7.805
Net increase (decrease) in fund balance
31,539
( 6,511)
Fund balance, January 1
Prior period adjustment (Note 6)
Prior period adjustment - permanent
transfer from water operating
fund (Note 6)
6,457
( 1,105)
Fund balance, January 1 (as restated)
14,073
12,968
Fund balance, December 31
$21..996.
$ ~ .457
The notes to financial statements are an
integral part of this statement. -28-
~1fP1 :F~~ and' J)/d&J</r~~, /?/! N
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Part II
Exhibit "F"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
Debt
Service
Assets
Current assets
Cash and temporary
investments $ 758,365
Certificates of deposit
Receivables
Taxes - current
- delinquent 405
Special assessments
- current 488,362
- delinquent ~,55,428
Less allowance for 't ~.
uncollectible taxes ( 54,167)
Accrued interest 984
Other
Unamortized bond
discount 14,030
Total current assets 1,263,407
Other assets
Deferred special assess-
ments receivable 2,151,340
Total assets
$ ),414_,747
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Retainages payable
Bonds payable -
current portion
(Note 2) $
Total current
liabilities
605,000
605,000
Long-term liabilities
Bonds payable
(Note 2)
Total liabilities
3,955,000
4,560,000
Fund equity
Fund balance (deficit)(1,145,253)
Total liabilities
and fund
equity $ J.AliL,l!!.I
Utility
Improvement
Contingency
(Totals-Memorandum Only)
Construction
1982
1981
$
135,914
1,524,000
$285,918 $(137,567) $
~\ }OO ,000
~}\J ~ 0
\J}\ \ t..{q, ~lO
~...\ /ll,
I ' '/'
906,716
600,000
405
488,362
55,428
1,218
37
315,457
72,568
( 36,302)
24,658
1,788
16,942
2,056,280
2,201,658
$2-86,256
$ A.6-1.l.03 $ _4,164.206 $ U57.938
$ 10,728 $ 1,697 $ 12,425 $ 41,900
106 106 125
1,512 1,512 35,005
605,000 315,000
10,728 3,315 619,043 392,030
3,955,000
4,574,043
(
54,167)
2,092
4,560,000
4,952,030
( 694,092)
$ 463.203 $ 5.JJi!l..2.ill!. $ f1-,237 .938
The notes to financial statements are an integral part of this statement.
~~, Y-~nf a?dS!0~~, 9 N -29-
338
770
14,030
2,012,866
286,256
463,203
2,151,340
10,728
3,315
275,528
459,888 ( 409,837)
$286,25Q
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Part II
Exhibit "F-l"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Ut ili ty
Improvement
Contingency
Debt
Service
Construction
Revenue
Special assessment interest $
Special assessments levied
Taxes levied
Forfeited tax sale
Homestead credit
Reduced assessment
Interest on investments
Equalization fees
Bond proceeds
Miscellaneous
Total revenue
208,191
311 ,411
751
10,971
88,596
$ 30,446
$ 69,432
30,446
619,920
69,432
Expenditures
Interest on bonds
Service charges
Assessments
Bonding consultant's fees
Engineering fees
Construction contracts
Other construction costs
Interest expense on
interfund loans
Total expenditures
297,888
564
10,728
23,052
92 ,356
1,534
10,728
9,421
126,363
298,452
Net increase (decrease) in
fund balance
321,468
19,718
( 56,931)
Fund balance, (defiCit)
January 1
(1,466,721)
255,810
516,819
Prior period adjustments
(Note 6)
(Note 6)
Fund balance (deficit)
January 1 (as restated)
Reduction of deferred
special assessments
Bonds issued (net)
Fund balance, (deficit)
December 31
$ ~45-,-2 5 3)
$275.5211
$45 9 ~ 888 $ (4D~8J~) $ (
-30-
694 .092)
The notes to financial statements are an
integral part of this statement.
~~, !F~~ 0/l-d sf~O?d, Y! W
(!otals-Memorandum Only
1982
$ 208,191
311 ,411
751
10,971
188,474
719,79'8
297,888
564
10,728
23,052
92,356
1 ,534
9,421
435,543
284,255
1981
$ 134,814
768,383
18,047
5,368
6
329,686
3,579
1,321,240
175
2,581,298
313,456
601
13,268
124,686
847,739
46,838
1,638
1,348,226
1,233,072
(694,092) ( 623,227)
( 36,428)
53,731
( 605,924)
(1,321,240)
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Part II
Exhibit "F-2"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - DEBT SERVICE FUND
BALANCE SHEET
December 31, 1982
0vith Comparative Totals For December 31, 1981)
1982 1981
Assets
Current assets
Cash and temporary investments $
Certificates of deposit
Receivables
Taxes - current
- delinquent
Special assessments - current
-- delinquent "
Less allowance for uncollectible
taxes (
Accrued interest
Other
Unamortized bond discount
758,365
$
90,006
735,000
405
488,362
55,428
1,218
37
315,457
72 ,568
54,167)
984
(
36,302)
9,907
1,788
16,942
14,030
Total current assets
1,263,407
1,206,621
Other assets
Deferred special
assessments receivable
2,151,340
2,201,658
Total assets
$ 3.414.747
$ 3-,408.2 7Jl.
Liabilities and fund equity
Liabilities
Current liabilities
Bonds payable - current
portion (Note 2)
$
605,000
$
315,000
Total current liabilities
605,000
315,000
Long-term liabilities
Bonds payable (Note 2)
Total liabilities
3,955,000
4,560,000
4,560,000
4,875,000
Fund equity
Fund balance (deficit)
Total liabilities and
fund equity
(1,145,253)
(1,466,721)
$ 3.414.ill
$ 3 .40Jt,27 9
-31-
The notes to financial statements are an
integral part of this statement.
~f' 9~~~ tZ~de-~g~ed, /??sd
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
(With Comparative Totals For, The ~ea\v13Ilfe~ December 31, 19~p
~ }7 \,.0\& tPJ ";. e
. , I. ...",' ~....\,,!I. " 1982 r .ilfl 1981
---' ~ \ ?. .... \ ,j. ')~..,J.\..........} -. fI~ ~'I ~
Revenue I PQC~~\~~ '<, IV
Special assessment interest 4 $ 208,191 / $
Special assessments levied 311,41 L'2
Taxes levied 751
Forfeited tax sale 10,971
Homestead credit rJQ'\)
Reduced assessment ~
Interest on investments
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88,596
Total revenue
619,920
Expendi tures
Interest on bonds
Service charges
297,888
564
Total expenditures
298,452
Net increase (decrease) in fund balance
321,468
Fund balance, (deficit) January 1
(1,466,721)
Prior period adjustment (Note 6)
Fund balance, (deficit) January 1
(as restated)
Reduction of deferred special
assessments
Bonds issued (net)
Fund balance, (deficit) December 31
$ 0.145.253)
Part II
Exhibit "F-3"
134,814
768,383
18,047
5,368
6
136,166
--.-
1,062,784
313 ,456
601
314,057
748,727
( 873,357)
( 36,428)
( 909 ,785 )
15,577
(1,321,240)
$ 0 .466 .721)
The notes to financial statements are an
integral part of this statement. -32-
4, Y~4 a?d ~d, 9d
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Part II
Exhibit "F-4"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - UTILITY IMPROVEMENT CONTINGENCY FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
1981
Assets
Current assets
Cash and temporary investments
Certificates of deposit
Receivables
Accrued interest
$285,918
$ 63,737
189,000
338
3,073
Total assets
$~8_6 .256_
$~55.81Q
Liabilities and fund equity
Liabili ties
Current liabilities
Accounts payable
$ 10,728
pj,
/It dV)1 ;I
"-ID
Fund equity
Fund balance
275,528
$255,810
Total liabilities and
fund equity
$286.256
$222.. 810
The notes to financial statements are an
integral part of this statement.
-33-
4, fF~ ~d sf~w, 9d
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Part II
Exhibit "F-5"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - UTILITY IMPROVEMENT CONTINGENCY FUND
STATEM~NT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
1981
Revenue
Equalization fees
Interest on investments
$ 30,446
$ 3,579
40,315
Total revenue
30,446
43,894
Expenditures
Assessments
10,728
Total expenditures
10,728
Net increase in fund balance
19,718
43,894
Fund balance, January 1
255,810
227,493
Reduction of deferred special
assessments
( 15,577)
$ 255.810
Fund balance, December 31
$ 21...b5 2 8
The notes to financial statements are an
integral part of this statement. -34-
4, !F~~ afU~ ~~~, 9 ~
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'I}
t);
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V')
Part II
Exhibit "F-6"
\,l
\\t
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - CONSTRUCTION FUNDS
COMBINING BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
Badger
Field
Project
Boulder
Bridge Farm
Project
Amesbury
West
Project
(Totals - Memorandum Onll)
1982
1981
Assets
Current assets
Cash and temporary investments
Certificates of deposits
Receivables
Accrued interest
$(100,006)
$( 23,767)
300,000
$ ( 13,7 94)
300,000
$ (137 ,567)
600,000
$( 17,829)
600,000
338
432
770
11,678
Total assets
$(100.006)
$ 276.571
$ 286.638.
$ 463.203
$ 593.849
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Retainages payable
Total liabilities
$ 1,697 $ 1,697 $ 41,900
$ 106 106 '125
1,512 1,512 ~005
106 3,209 3,315 77 ,030
(100,112) $ 276,571 283,429 459,888 516,819
$(100.006) $ 279.571 $ 28Q.6~8 $ .!lQ..34O..1 $ 593.849
Fund equity
Fund balance (deficit)
Total liabilities and
fund equity
The notes to financial statements are an integral part of this statement.
-35-
4, :Y~ and~, Y!N
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Part II
Exhibit "F-7"
CITY OF SHOREWOOD
SPECIAL ASSESSMENT - CONSTRUCTION FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Badger
Field
Project
Boulder
Bridge Farm
Project
Amesbury
West
Project
(Totals - Memorandum Only)
1982
1981
Revenue
Bond proceeds
Interest on investments
Miscellaneous
$ 30,483
$ 38,949
$69,432
$ 1,321,240
153,205
175
Total revenue
30,483
38,949
69,432
1,474,620
Expenditures
Bonding consultant's fees
Engin~ering fees
Construction contracts
Other construction costs
Interest expense on interfund loans
Total expenditures
13,268
$ 890 7,534 14,628 23,052 124,686
6,607 15,186 70,563 92,356 847,739
717 671 146 1,534 46,838
9,421 9,421 1,638
17,635 23,391 85,337 126,363 1,034,169
( 17,635) 7,092 ( 46,388) ( 56,930 440,451
( 82,477). 269,479 329,817 516,819 22,637
53,731
76,368
$~112) $276.571 $ 283.429 $ 459.888 $ 516.819
Net increase (decrease) in fund balance
Fund balance, January 1
Prior period adjustment (Note 6)
Fund balance, January 1 (as restated)
Fund balance, (deficit) December 31
The notes to financial statements are an integral part of this statement.
~
-36-
4, g-~ and~, fYd
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Part II
Exhibit "G"
Page 1 of 2
CITY OF SHOREWOOD
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
December 31, 1982
(With Comparative Totals For December 31, 1981)
Liquor
Fund
Sanitary
Sewer Operating
Fund
Water
Operating
Fund
(Totals - Memorandum Only)
1982
1981
Assets
Current assets
Cash and temporary investments $ 42,144 $ 252,165 $( 71.150) $ 223,159 $ 106.198
Certificates of deposit 15,000 15,000 114,310
Receivables
Taxes - current 1,555
- delinquent 805 805 452
Special assessments - current 16,694 295 16,989 14,917
- delinquent 1,944 1,944 1.329
Less allowance for uncollectible accounts ( 2.166) ( 2,166) ( 890)
Accrued interest 894 278 1,172 1,692
Other 6,286 22,768 4,994 34,048 40.373
Inventories - stores for resale (Note 1) 122,453 122,453 120.331
Prepaid expenses 5,396 5,396 6,636
Total current assets 192.173 292,488 ( 65,861) 418,800 406.903
Fixed assets (Note 1) , ,~" A(!f'
Improvements other than buildings 3,955 nO \. 3,955 3,955
Equipment 25,145 19,434 13.303 l 0 57,882 57,383
Construction in progress 353,540 931,810 ~~\ 1,285,350 1,158,987
Less allowance for depreciation ( 24,215) ( 33. 2 35 ) ( 74,711) , ,J} ( 132,161) ( 71,479)
\\ '\
Total fixed assets 4.885 339,739 870,402 , 1,215,026 1,148,846
Total assets $ 197 .058 $ 632.227 $ 804.541 $ h633.826 $ 1.555.749
The notes to financial statements are an integral part of this statement.
-37-
4, :F~ cud~, fY! d
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CITY OF SHOREWOOD
COMBINING BALANCE SHEET
ENTERPRISE FUNDS
December 31. 1982
(With Comparative Totals For December 31. 1981)
Liquor
Fund
Sanitary
Sewer Operating
Fund
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Escrow liability
Current portion long-term indebtedness
$ 18,579
5,682
$ 2,709
616
4,637
7,962
27,508
27,508
35,470
24,261
Total current liabilities
Long-term indebtedness
Contracts payable (Note 2)
Total loug-term indebtedness
24,261
Total liabilities
Fund eq uit y
Contributions
Contributions in aid to construction
Retained earnings
Retained earnings (deficit) -
unreserved
353,540
243,217
172 ,797
596,757
172 ,797
Total fund equity
$632.227
$197.058
Total liabilities and fund equity
Water
Operating
Fund
$
2,282
63
2 ,345
2 ,345
931,810
(129,614)
802 ,196
$ 804.541
The notes to financial statements are an integral part of this statement.
4,!F~cud~,9d
Part 1 I
Exhibit "G"
Page 2 0 f 2
(Totals - Memorandum Only)
1982
1981
$ 23,570 $ 40,521
6,361 9,090
1,025
4,637 4,385
34,568 55,021
27,508 32,145
27,508 32,145
62,076 87,166
1,285,350
1,123,812
286,400
344,771
1,571,750
1,468,583
$L.Q33.826
$1.555~
-38-
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Sales and cost of sales
Sales
Cost of sales
Gross pro fit
Operating revenue
Sewer connection permits
Disposal fees
Sewer service charges
Water sales
Meter sales
Connection fees
Metro Waste SAC charges
Total operating revenue
Total gross profit and
operat ing revenue
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
City buildings expense allocation
Small tools
Electricity
Contracted services
Education
Service charge refunds
CITY OF SHOREWOOD
COMBINING STATEMENT OF REVENUES AND EXPENSES
ENTERPRISE FUNDS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Liquor
Fund
Sanitary
Sewer Operating
Fund
Water
Operating
Fund
4,:F~and~,9d
$767,320
587,099
180,221
$ 900
280
219,419
$19,592
1,135
890
3,825
224,424 21 ,617
_224,424 21,617
13,928 19,642
1,862 2,472
1,008 1,420
180,221
80,613
7,824
4,348
39,157
8,286
1,593
10,746
1,149
758
9,203
269
102
1,579
194
2,518
125
324
627
__~~9_~
/ /1,088 )
\ .,.,,--~-".,.~_/
2,149
2,526
357
357
707
582
1,829
110
590
11
2,844
1,482
4,314
2,286
243
94
3,942
419
5,605
3,477
90
The notes to financial statements are an integral part of this statement.
Part II
Exhibit 1e-1"
Page ] of 2
(Totals - Memorandum Only)
1982 1981
$767,320 $845,874
587,099 645,377
180,221 200,497
900 1,650
280 150
219,419 254,689
19,592 13,465
1,135 910
890 3,354
3,825 8,075
246,041 282,293
1~26 ,262 482,790
114,183 1 30 , 918
12,158 6,690
6,776 4,051
39,157 37,985
8,286 8,088
1,593 1,578
15,421 12,167
1,149 642
758 459
9,917 7,254
269 736
102 73
4,115 5,782
886 1,376
2,518 2,772
125 125
925 616
627 456
659 606
1,088 471
6,786 5,100
1 , 90 1 567
9,919 6,127
5,763 9,901
333 331
94 2,262
-39-
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CITY OF SHOREWOOD
COMBINING STATEMENT OF REVENUES AND EXPENSES
ENTERPRISE FUNDS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
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 of fixed assets
I)
'1
Total operating expenses
Operating income (loss)
Other revenue
Special assessment interest
Interest
Special assessments levied
Refunds and reimbursements
Homestead credit, reduced assessment
Total other revenue
Other expenses
~ Depreciation on assets acquired with
own funds
Depreciation on assets acquired from
contributions in aid to construction
Interest
Interest on interfund loans
Total other expenses
Other uses
Transfer to other funds
Total other expenses and other uses
Net income (loss)
Liquor
Fund
Sanitary
Sewer Operating
Fund
Water
Operating
Fund
$159,271
$ 8,103
2,945
18
480
2,383
2,494
$171,162
9,059
197,063
52 ,977
27,361
(31,360)
2,088
1,276
24,997
13 ,388
1,716
295
35
2,088
41,377
330
1,944"""
/
,,,.,. \
//;' 1,330\
. (~44'321)
'~-.....-._- ~- .~._.-,"--./-
5,642
\ 16,788....)
---Z-;U26 ..j
20,758
51,293
20,758
51,293
$ 11.147
$ 47.980
$(82.323)
The notes to financial statements are an integral part of this statement.
4,g-~~~,Y!d
Part II
Exhibit "G-1"
Page 2 of 2
(Totals - Memorandum Only)
1982 1981
$ 159,271 $ 144,382
450
8,103 7,169
2 ,945 7 ,970
498 9,285
292
2,383 29,536
2,494 972
127
( 127)
421,202 447,189
5,060 35,601
1,311 1,037
27,085 23,759
13,683 23,914
1,716 26,698
6,858
43,795 82,266
3,274
4,965
32,055
3,029
1,070
41,119
20,000
61,119
$ 56.748
61,109
2,026
5,642
72,051
72,051
$( 23.196)
-40-
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Retained earnings, January 1
'Prior period adjustment (Note 6)
Prior period adjustment (Note 6)
Prior period adj ustment (Note 6)
Prior period adjustment (Note 6)
Prior period adjustment (Note 6)
Prior period adj ustment (Note 6)
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
Retained earnings, December 31
CITY OF SHOREWOOD
COMBINING STATEMENT OF CHANGES IN RETAINED EARNINGS
ENTERPRISE FUNDS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Liquor
Fund
Sanitary
Sewer Operating
Fund
Water
Operating
Fund
$161,650
$ 203,439
$( 20,318)
( 8,202)
( 26,973)
161,650 195,237
( 47,291)
( 82,323)
11 ,147
47,980
$172 .797
$243.217
$(]2.9.614)
The notes to financial statements are an integral part of this statement.
4,!T~a?d~,9~
Part II
Exhibit "G-211
(Totals - Memorandum Only)
1982
1981
$ 272,099
2,178
247
( 696)
( 3 ,787)
( 14,073)
255,968
56',748
32,055
$ 344.771
$ 344,771
( 35,175)
309,596
( 23, 196)
$ 286.400
-41,..
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CITY OF SHOREWOOD
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
ENTERPRISE FUNDS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Sanitary
Sewer Operating
Fund
Part II
Exhibit "G-3"
Water
Operating
Fund
(Totals - Memorandum Only)
$ 82,323 82,323 44,297
(45,651) ( 45,651) ( 27,000)
4,958 4,958 112
4,958 36,672 41,630 17,409
$ 6.947 $ 66.712 $ 06 . 672 } $ 36.987 $ 94 .11~
Liquor
Fund
1982
Sources of financial resources
Operations
Net income for the year
Add: items not requiring current outlay
of resources
Depreciation
$ 11,147
$ 47,980
$ 59.,127
758
18,732
19,490
Total resources provided by operations
11 ,905
66,712
78,617
Total resources
Uses of financial resources
Operations
Net loss for the year
Less: items not requiring current
outlay of resources
Depreciation
Acquisition of fixed assets
11 ,905
66,712
78,617
Total uses of financial resources
Net increase (decrease) in working capital
Component elements of increase (decrease) in
working capital
Cash and temporary investments
Certificates of deposit
Receivables
Taxes - current
- delinquent
Special assessments - current
- delinquent
Allowance for uncollectible accounts
Accrued interest
Other
Inventories
Prepaid expenses
Accounts payable
Accrued liabilities
Escrow liability.
Current portion long-term indebtedness
Contracts payable
$( 13 ,884)
15,000
$ 172,536
(114,310)
( 1,555)
353
2,118
615
( 1,276)
( 1,414)
( 5,678)
$ (41,691)
$ 116,961
( 99,310)
( 1,555)
353
2,072
615
( 1,276)
( 520)
( 6,325)
2,122
( 1,240)
16,951
2,729
1,025
( 252)
4,637
( 46)
894
( 1,705)
2,122
( 1,240)
3,800
1,960
1,058
10,570
368
2,581
401
1,025
( 252)
4,637
Net increase (decrease) in working capital
$ 6.947
$ 66.712
$06.672)
$ _ 36.987
The notes to financial st~ements are an integral part of this statement.
4,g-~cud~,9~
1981
$ 101,045
10,479
111 ,524
111 ,524
$( 953)
79,310
1,555
452
4,587
( 64)
( 194)
900
11 ,285
4,707
633
( 13,836)
( 2,387)
3 , 975
( 239)
4,384
$ 94.115
-42-
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Par t II
Exhibit "R"
CITY OF SROREWOOD
LIQUOR FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982 1981
Assets
Current assets
Cash and temporary investments $
Certificates of deposit
Receivables - other
- accrued interest
Inventories - stores for resale (Note 1)
Prepaid expenses
Total current assets
192,173
Fixed assets (Note 1)
Improvements other than buildings
Equipment
3,955
25,145
29, 100
( 24,215)
Less: Allowance for depreciation
Total fixed assets
~,885
$ .l.2l..&5 8
Total assets
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
$ 18,579
5,682
Total liabilities
24,261
Fund equity
Retained earnings
Unreserved
172,797
Total liabilities and
fund equity
$ .l.2l., 05Ji
The notes to financial statements are an
integral part of this statement.
$ 56.028
7.991
120.331
6.636
190,986
3.955
22.639
26.594
( 25.909)
685
$ l.9J~ 71
$ 22.379
7,642
30,021
161.650
$ J.9ULl
-43-
4, :F~ Cl/Hd' d~, 9 ~
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Part II
Exhibit "H-l"
CITY OF SHOREWOOD
LIQUOR FUND
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN RETAINED EARNINGS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Sales and costs of sales
Sales
Cost of sales
Total gross profit
Operating expenses
Salaries and wages
Payroll taxes
Employee benefits
Rent
Utilities
Telephone
Insurance
Advertising
Depreciation
Professional services
Bad debts
Cash variance
Supplies
Office expense
Repairs and maintenance
Dues and subscriptions
Pos tage
La undry
Rubbish hauling
Employee reimbursements
Total operating expenses
Operating income
Other revenue
Interest
Other uses
Transfer to general fund
Net income to retained earnings
Retained earnings, January
Retained earnings, December 31
1982
$767,320
587,099
180,221
/
(
"
/
80,613 /
/'
7 ,82Lf
__--4,348....-
39,157/
8.286 /"
1,593 ~
./
10,746 .-/
1,149
758
9,203
269
102/
1,579 /
194
2,518
125
324
627
659
1,088
1981
$845,874
645,377
200,497
77 ,820
6 ,690
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
164,557
35 ,940
1,562
( 20,000)
17,502
144,148
$ 161.65_0.
The notes to financial statements are an -44-
integral part of this statement.
171,162
9,059
2,088
11 ,147
161,650
$ 112.J..797
Jb71;Y, !}'r~dc:n~ cud ~~<ffite:t, 9s:r/
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Part II
Exhibit "H-2"
CITY OF SHOREWOOD
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
1981
Sources of financial resources
Operations
Net income for the year
Add: Items not requiring current outlay
of resources
Depreciation
$ 11 ,147
$ 17,502
758
459
Total resources provided by
operations
11 ,905
17,961
Uses of financial resources
Acquisition of fixed assets
4,958
Net increase (decrease) in
working capital
$ . 6.947
$ .:1.2...96 t
Component elements of increase in working capital
Cash and temporary investments
Certificate of deposit
Receivables - other
~ accrued interest
Inventories - stores for resale
Prepaid expenses
Accounts payable
Accrued liabilities
$(13,884)
15,000
( 1,705)
894
2,122
( 1,240)
3,800
1,960
$ 25,026
( 3,193)
4,706
633
( 8,271)
( 940)
Net increase (decrease) in
working capital
$ _~9!:tL
$ J 7 .96..1
The notes to financial statements are an
integral part of this statement.
-45-
4, g;-~<<~ ~ta, 9~
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CITY OF SHOREWOOD
SANITARY SEWER OPERATING FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
Assets
Current assets
Cash and temporary investments
Certificates of deposit
Receivables
Taxes - current
- delinquent
Special assessments - current
- delinquent
Less allowance for uncollectible
accounts
Accrued interest
Other
Total current assets
$ 252,165
805
16,694
1,944
( 2,166)
278
22,768
292,488
Fixed assets (Note 1)
Equipment
Construction in progress
Less allowance for depreciation
Total fixed assets
19,434
353,540
( 33,235)
339,739
Total assets
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Current portion long-term
indebtedness (Note 2)
Total current liabilities
$ 632.221
$ 2,709
616
4,637
7,962
Long-term indebtedness
Contracts payable (Note 2)
Total liabilities
1"1 ~H~J(,
P 1l'1'i'\'\ ~t ~
27,508
35,470
Fund equity
Contributions
Contributions in aid to construction
Retained earnings - unreserved -
as restated (Note 6)
Total fund equity
353,540
243,217
596,757
Total liabilities and
fund equity
$ 632.227
The notes to financial statements are an
integral part of this statement.
J1?Zfl/' g?t~ cud ~(/~t:e<t, 9 N
Part II
Exhibit "I"
1981
$ 79,629
114,310
1,555
452
14,576
1,329
( 890)
1,692
28,446
241,099
19,434
317,998
( 14,503)
322,929
$ 564 .028"
$ 13 ,279
984
4 ,385-
18,648
32,145
~793
309,796
203,439
513 ,235
$ 564.Q28
-46-
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Part II
Exhibit "I-I"
(With
CITY OF SHOREWOOD
SANITARY SEYlER OPERATING FUND
STATEHENT OF REVENUES AND EXPENSES
For The Year Ended December 31, 1982
Comparative Totals For The Year Ended December
31, 1981)
\ 1981
,>\-
, I &"
$ 900.>0'7 ti'} $ 1,650
280 (,\\~ '") A, 150
219,419'~,} '\'\\' \ 254,68~ 'J
3,825 V ' . 8,075 ;>
224,424 I:' 264,564 // j
(~13 ,-9??') (j~ ,2~i)
HT;189 ".
673
1,008
2,149
582
707
1,482
2,844
4,314
2,286
243
94
1982
q-'
Operating revenue
Sewer connection permits
Disposal fees
Sewer service charges
Metro Waste SAC charges
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
Independent audit
Postage
Metro Waste SAC charges
Equipment maintenance
Equipment rental
~nflow and infiltration study
( /.~ Tot.al operating expenses
Operating income (loss)
Other revenue
Special assessments levied
i Special assessment interest
\ Homestead credit, reduced assessment
, Interest
Refunds and reimbursements
Total other revenue
Other expenses
epreciation on assets acquired
with own funds
Depreciation on assets acquired from
contributions in aid to construction
Interest
Total other expenses
..~l
'~'l
,~{
, ,".."t. _.~
f' 110 y
'7~;o
286
740
2,261
470
5,100
4,288
8,931
109
2,262
159,271
357
590
2,945
18
144,382
7,970
6,559
19
29,536
248,210
16,354
2,383
197,063
27,361
--.
x:
/(
13,388
1,276
24,997/
1,716
41 ,377
23,573
912
6,858
22,,197
26,698
~~238
1,944
8,076
-2,029
13,049
Net income to retained earnings
$~J!.Q,
$ 83.541
The notes to financial statements are an
integral part of this statement.
-47-
_ L/ (I%' / /. / r'/:t: . ~_ I Q7J;-,4
J.LJ.?t;f!" J ~~ CU'Kb ~M-C-ct-:a~, ;y~ ~_\.dt.
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CITY OF SHOREWOOD
SANITARY SEWER OPERATING FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
For The Year Ended December 31. 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
$ 203.439
Retained earnings. January 1
Prior period adjustment (Note 6)
Prior per iod adjustment (Note 6)
Prior period adjustment (Note 6)
Prior period adj ustment (Note 6)
Prior period adjustment (Note 6)
( 8.202)
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
195,237
47.980
$ 243.217
Retained earnings. December 31
The notes to financial statements are an
integral part of this statement.
~~, ~oeA~~ and J(~MC~~4, .9 ~(;Y/
Part II
Exhibit "1-2"
1981
$ 127,951
(
(
(
(
816)
10.832)
696)
3,787)
111 ,820
83.543
8.076
$ 2..O.3....!L.l9.
-48-
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Part II
Exhibit "1-3"
CITY OF SHOREWOOD
SANITARY SEWER OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Sources of financial resources
Operations
Net income for the year
Add: items not requiring current
outlay of resources
Depreciation
Total resources provided
by operations
Net increase (decrease)
in working capital
Component elements of increase (decrease)
in working capital
Cash and temporary investments
Certificates of deposit
Receivables
Taxes - current
- delinquent
Special assessments - current
- delinquent
Allowance for uncollectible accounts
Accrued interest
Other
Accounts payable
Accrued liabilities
Current portion long-term indebtedness
Contracts payable
Net increase (decrease)
in working capital
1982
1981
$ 47,980
$ 83,543
18,732
10,020
66,712
93,563
$ 66.712
$ 93.563
$ 172,536
(114,310)
( 1,555)
353
2,118
615
( 1,276)
( 1,414)
( 5,678)
10,570
368
( 252)
4,637
$( 6,715)
79,310
1,555
452
5,496
( 64)
( 194)
900
12,727
( 3,065)
( 984)
( 239)
4,384
$ 66.712
$ 93.563
The notes to financial statements are an
integral part of this statement.
-49-
4, g;-~~ and eMW6Uda, 9d
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~
CITY OF SHOREWOOD
WATER OPERATING FUND
BALANCE SHEET
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
Assets
Current assets
Cash and temporary investments
Receivables
Special assessments - current
Other
$( 71,150)
295
4,994
Total current assets
( 65,861)
Fixed assets (Note 1)
Equipment
Construction in progress
Less: allowance for depreciation
13 ,303
931,810
( 74,711)
Total fixed assets
870,402
Total assets
$ 804.541
Liabilities and fund equity
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Escrow liability
$
2,282
63
Total liabilities
2,345
Fund equity
Contributions
Contributions in aid to construction
Retained earnings (deficit)
931,810
(129,614)
Total fund equity
802,196
Total liabilities and
fund equity
$ 804.541
The notes to the financial statements are an
integral part of this statement.
~~, g-~hlv?Zf' tV/U~ ~~ted, /Y S:f
Part II
Exhibit "J"
1981
$( 29,459)
341
3,936
( 25,182)
15,310
840,989
( 31,067)
825,232
$ 800--.050
$ 4,863
464
---1..., 025
6,352
814,016
( 20,318)
793,698
$ 800.050
-50-
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Part II
Exhibit "J-l"
CITY OF SHOREWOOD
WATER OPERATING FUND
STATEMENT OF REVENUES AND EXPENSES
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Operating revenues
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
Contracted services
Education
Postage
Independent audit
Connection fees
Purchases - water
Purchase of water meters
Equipmemt maintenance
Equipment rental
Capital outlay
Less: capitalization of fixed assets
Total operating expenses
Operating income (loss)
Other revenue
Special assessments levied
Special assessment interest
Total other revenue
Other expenses
Depreciation on assets acquired with
own funds
Depreciation on assets acquired
from contributions in aid to
constructon
Interest
Total other expenses
Net income to retained earnings
1982
1981
$ 13 ,465
910
3,354
17,729
17,801
$ 19,592
1,135
890
21,617
19,642v'
1,584--
, 888 v'
1,/,20 .-
2,526 1/
110/
1,829/
419 v'
3,9If2/ <
5,605 /"
3,477/
90/
11/
357/
V
8,103 /
2,494
480/
215
1,688
97
1,839
970
222
450
7,169
972
2 ,726
273
127
( 127)
34,422
(16,693)
q~~
5'/\
52,977
(31,36Q)
295
35
330
341
125
----
466
1,330
3,021
~'-"'.""---'
/'44'
<--- .-
---S---,-6tr2 -'
51,293
~"Ca:~ 32_1)
23,979
1 ,070
28,070
$ (!!3--->-Z..21.)
The notes to financial statements are an
integral part of this statement.
-51-
. L/ C--- 1'"\/1' ?l! ,//
~o~, Y;lCJeA,t.4~ tZ4td J4/-ddoc-t;r~t, ___lA. ~_Q1
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Part II
Exhibit "J-2"
CITY OF SHOREWOOD
WATER OPERATING FUND
STATEMENT OF CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
1982
1981
Retained earnings, January 1
Prior period adj ustment (Note 6)
Prior period adjustment (Not e 6)
Prior period adjustment (Note 6)
Prior period adjustment (Note 6)
$( 20,318)
$ 2,994
11 ,079
( 14,073)
Retained earnings, January 1 (as restated)
Net income (loss) for the year
Add credit arising from transfer of
depreciation to contributions in aid
to construction account
( 26,973)
( 47,291)
( 82,323)
( 44,297)
23,979
Retained earnings, December 31
$ 029.614)
$(~~)
The notes to financial statements are an
integral part of this statement.
-52-
~/~, $m~~ a~d ~<J-C~~, /Y N
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Part II
Exhibit "J-3"
CITY OF SHOREWOOD
WATER OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1982
(With Comparative Totals For The Year Ended December 31, 1981)
Sources of financial resources
Operations
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
Component elements of increase (decrease)
in working capital
Cash and temporary investments
Accounts receivable
Special assessments receivable -
Current
Accounts payable
Accrued liabilities
Escrow liability
Net increase (decrease)
in working capital
1982
1981
$ 82,323
$ 44,297
(45,651)
(27,000)
112
36,672
17,409
$0--6...,672)
$ <.1.h~0...v
$(41,691)
1,058
$(19,264)
1,752
( 46)
2,581
401
1,025
( 909)
( 2,500)
( [.63)
3,975
$(36 .672)
$(17.409)
The notes to financial statements are an
integral part of this statement.
-53-
~1?' $(7e~1? ~ ~~<<det, 9 sf
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CITY OF SHOREWOOD
GENERAL FIXED ASSETS ACCOUNT GROUP
STATEHENT OF GENERAL FIXED ASSETS
December 31, 1982
(With Comparative Totals For December 31, 1981)
1982
General fixed assets (Note 1) \ ~~ti
Bui ld ings ~. f;/ ()'~rJ . $
Improvements other than buildingsvVJV
Machinery and equipment f
291,108
203,054
117,156
611,318
Less accumulated depreciation
(132,408)
$ 478.910_
Total general fixed assets
Investment in general fixed assets
$ 478.910
>.11.0. !,pd
. 'J).P (' I'"
~5.t/s ~ ,/u7
61 -?
~4D vJ
o :1
Jo L(
(vS
f,~ pC)
The notes to financial statements are an
integral part of this statement.
~;?" $r~4 <<~e~?fiWzta, !!/! d
Part II
Exhibit "K"
1981
$ 291,108
176,223
117,087
584,418
(103,241)
$ 481.177
$ 481.177
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f !
.V. t q
CDV'
"'J
d~. I
~(}IAI .'~~
Q'
\/ (it.
-54-
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General fixed assets
Account group
Buildings
Improvements other
than buildings
Equipment
Less accumulated
depreciation
Total general
fixed assets
account group
CITY OF SHOREWOOD
GENERAL FIXED ASSETS ACCOUNT GROUP
STATENENT OF CHANGES
For The Year Ended December 31, 1982
Balance
January 1, 1982
1982
Additions
And Transfers'
1982
Retirements
And Transfers
Part II
Exhibit ilK-I"
Balance
December 31, 1982
$ 291,108 $ 291,108
176,223 $ 26,831 203,054
117,087 13,814 $13,745 117,156
584,418 40,6lf5 13 ,745 611 ,318
(103,241) ( 38,791) 9,624 (132,408)
$ 481.177
$ _--L~54
$~.121
The notes to financial statements are an
integral part of this statement.
4, !F~~W?f ff4U/ ~_~~~aced, 9 a!
$ 478.910
-55-
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CITY OF SHOREWOOD
GENERAL LONG-TEfu~ DEBT ACCOUNT GROUP
STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1982
(With Comparative Totals For December 31, 1981)
Amount Avp.ilable and to be Provided for the
Payment of General Long-Term Debt
1982
$ 68,652
Amount available for retirement of debt
Amount to be provided for retirement
of debt
102,004
Total available and to be provided
$170.656
General Long-Term Debt
$140,000
1980 Water Revenue Bonds
Contract payable - in kind rental
Contract for Deed - land and building
Certificate of indebtedness for purchase
of road maintenance and police
equipment
Contract payable - park land
Confession of judgment - park land
15,000
7,500
8,156
Total long-term debt
$170.65.Q
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The notes to financial statements are an
integral part of this statement.
II
~/tf' :F~u~~~&~, 9~w
Part II
Exhibit "L"
1981
$ 66,766
133,543
$200 .30~
$140,000
868
7,426
30,000
12,500
9,515
$200.309
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CITY OF SHOREWOOD
NOTES TO FINili~CIAL STATEMENTS
December 31, 1982
Note 1 - Summary of Significant Accounting Policies
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The accounting policies of the City conform to generally
accepted accounting principles applicable to governmental units.
The following is a summary of the significant policies.
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Fund Accounting
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The accounts of the City are organized on the basis of funds and
account groups, each of which is considered a separate accounting
entity. The operations of each fund are accounted for with a separate
set of self-balancing accounts that comprise its assets, liabilities,
fund equity, revenues, and expenditures, or expenses, as appropriate.
Government resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the
means by which spending activities are controlled.
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Governmental Funds
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General Fund - The General Fund is the general operating fund of the
City. It is used to account for all financial resources except those
required to be accounted for in another fund.
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Special Revenue Funds - Special Revenue Funds are used to account for
the proceeds of certain specific revenue sources that are legally
restricted to expenditures for specified purposes.
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Debt Service Funds - Debt Service Funds are used to account for the
accumulation of resources for, and the payment of, general long-term
debt principal, interest, and related costs.
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Capital Projects Funds - Capital Projects Funds are used to account
for financial resources to be used for the acquisition or construction
of capital assets other than those financed by proprietary funds
or Special Assessment Funds.
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Special Assessment Funds - Special Assessment Funds are used to account
for the financing of public improvements or services deemed to benefit
the properties against which special assessments are levied.
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Proprietary Funds
~terprise Funds - Enterprise Funds are used to account for operations
~that are financed and operated in a manner similar to private business
) enterprises - where the intent is that the costs (expenses, including
! depreciation) of providing goods or services to the general public on
\~Qntinuing basis be financed or recovered primarily through user charges.
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The City has three Enterprise Funds, accounting individually for its
sewer and water systems, and its municipal liquor stores.
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Page 2 of 13
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - Summary of Significant Accounting Policies (continued)
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Basis of Accounting -
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The modified accrual basis of accounting is followed for the
generals special revenue, general debt service, capital projects
and special assessment 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.
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The accrual basis of accounting is followed for the enterprise
funds. Uneler this method of accounting, revenues are recognized
when earned, and expenses are recorded as liabilities when incurred.
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Cash and Temporary Cash Investments -
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Cash balances from all funds are pooled and invested to the
extent available in savings accounts, certificates of deposit and
other authorized investments. Earnings from such investments are
allocated to the funds on the basis of applicable average fund balance
participation by each of the funds.
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Deficit or overdrawn average cash balances in the general, water
operatings 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.
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Allowance for Uncollectible Receivables -
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Effective with the year ended December 31, 1982, the allowance
for uncollectible receivables will be considered to be 100 percent of
the delinquent receivables with the exception of amounts due from
the county auditor for collections made in November and December and
distributed early in the following year. This is in accordance with
the National Council on Governmental Accounting (N.C.G.A.) Interpre-
tation 3, new property tax revenue recognition standard. This has
the effect of recognizing delinquent receivables as revenue when
received. If this method of determining the allowance for uncollectible
receivables had been used at December 31, 1981, the total allowance of
$46,576 would have changed an insignificant amount and for this reason
the unappropriated fund balances were not restated (increased or de-
creased) at December 31, 1981.
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Inventories -
The City uses a modified retail method for valuing inventories.
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~~, g-~~ and Jf~, 9 sf
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Page 3 of 13
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - Swnmary of Significant Accounting Policies (continued)
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Property, Plant and Equipment (Fixed Assets) -
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Acquisitions 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.
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Except in the Liquor Fund, as mentioned in the previous paragraph,
no complete historical record exists of costs for the City's investment
in property, plant and equipment. Subsequent to January 1, 1978,
accounting for fixed assets has been in accordance Hith generally
accepted accounting principles which require that fixed assets
~cquired for general City purposes are r~~2E?ed_~~&i~Ees_1E-
the Gener aI, Sp eel al1e~,~,~~,~.,;",,",~J?M~'~~C!:~' .~s e.,ll>>JI1~nlk-~E,~L~,f,t aL'!'I.2J~~S!.~,,,,
1'unds, al;cr-cap'i~a.1!'z~ecr' ~.t .so~~...i.ll_~..ii~J.l~,t:.g,J,.,,,,J::,:i.~g..Q.,~,A,g,s;~t sASC? unt. qrS'tlP'
FIXed assets acquireu"'Toi1Iqu;; and utility operation;"~~e"capit';;:'rt~ed
at cost in the Enterprise Fund.
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Depreciation -
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Enterprise Funds -
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Depreciation is provided for all fixed assets subsequent to
January 1, 1978 and is determined using the straight-line method fur
the estimated useful life of the asset.
General Fixed Assets -
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Depreciation is provided on general fixed assets using the
straight-line method for the estimated useful life of the asset.
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Budget Information -
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Budgetary information as presented in the financial statements
represents the approved budget, as amended, prepared on a cash basis.
Total Columns on Combined Statements -
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Total columns on the combined statements are captioned Memorandum
Only to indicate that they are presented only to facilitate financial
analysis. Data in these colwnns do not present financial position,
results of operations, or changes in financial position in conformity
with generally accepted accounting principles. Interfund eliminations
have not been made in the aggregation of this data.
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4, ~:'~k~ cud S;~doe0zted, 9 S:f
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Page 4 of 13
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
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Note 2 - Long-Term Debt
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The long-term debt obligations and related maturities and interest
rates are summarized in the Combined Schedule of Indebtedness, Part I,
Exhibit "A-S".
General Obligation Bonds -
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The General Obligation Water Bonds are recorded in the General
Long-Term Debt Account Group, are backed by the full faith and credit
of the City, and are payable from General Debt Service Funds Revenues,
which are primarily general property taxes and special assessments.
Special Assessment Bonds
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Special assessment bonds are recorded as a liability itl the
Special Assessment Fund. These bonds are payable primarily from
special assessments levied and to be collected for local improve-
ments, and are backed by the full faith and credit of the City.
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Contracts Payable -
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The contracts payable are recorded in the General Long-Term Debt
Account Group, are backed by the full faith and credit of the City,
and are payable primarily from general property taxes.
Certificates of Indebtedness -
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The certificates of indebtedness are recorded in the General
Long-Term Debt Account Group. The certificates of indebtedness are
payable from special levy general property tax revenues of the General
Fund, and are backed by the full faith and credit of the City.
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~~, 5;~~-4~ tVnd: ~~doc4~t&t, 9 d
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 2 - Long-Term Debt (continued)
Page 5 of 13
The long-term debt obligations outstanding at year-end are
summarized as follows:
Obligation
General Obligation Bonds
1980 Water Revenue Bonds
Maturities
1983-1996
Special Assessment Bonds
1971 Sewer Improvement Bonds 1983-1991
1972 Sewer Improvement Bonds 1983-1992
1972-B Sewer Improvement
Bonds
1973 Water Improvement Bonds
1974 Sewer Improvement Bonds
1980 Improvement Bonds
1981 Improvement Bonds
Contracts payable
Contract for Deed
Confession of Judgment
a'll fit~i~~q~.J Deferred Payment Contract
h~"lc':j<<
"r_~l "
f~ . Certificate of Indebtedness
Road maintenance certificate
of indebtedness
1983-1992
1983-1991
1983-1993
1983-1985
1983-1987
1983-1984
1983-1988
1983-1988
1983
Rate
c7.50%-8.50%
4.00%-5.00%
4.10%-5.60%
4.00%-5.40%
5.25%-5.50%
4.75%-5.70%
-7.50%
8.20%-8.50%
8.00%
4.00%
5.75%
4.20%-5.00%
Dec. 31, 1982
$ 140,000
225,000
1,300,000
900,000
45,000
690,000
60,000
1,340,000
(-Iwze/J'J.1~
7 ,500~."'d.1k
8 .156}
32 ,145 ;1l.,c.! ~oJ I,J..ful."
15,000
$4 .762 .80 t
-61-
~ZF' ~OOA~#I~ <<4U~ S~k/~, 9 ~w
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 2 - Long-Term Debt (continued)
Obligation
General Obligation Bonds
1980 Water Revenue Bonds
Special Assessment Bonds
1971 Sewer Improvement Bonds
1972 Sewer Improvement Bonds
1972-B Sewer Improvement Bonds
1973 Water Improvement Bonds
1974 Sewer Improvement Bonds
1980 Improvement Bonds
1981 Improvement Bonds
Contracts payable
Contract for Deed
Confession of Judgment
Deferred Payment Contract
First mortgage
In Kind Rental Agreement
Certificate of Indebtedness
Road maintenance certificate
of indebtedness
Total
Balance
Jan. 1, 1982
$ 140,000
250,000
1,425,000
990,000
50,000
760,000
60,000
1,340,000
~~500
9,515
36,529
7,426
868
30,000
$_~-,ltl_,JJ 3tl
Issued
Page 6 of 13
Retired
$ 25,000
125,000
90,000
5,000
70,000
5,000
1 ,359
4,384
7 ,426 --'-
868
15,000
_ -____ $349.037
-62-
/J c;;- r-.4 /j1J /F
J~I;?' ~oe:tt~? tU'd ~cffilCd, l-j-: evL
Dec. 31, 1982.
$ 140,000
225,000
1,300,000
900,000
45,000
690,000
60,600
1,340,000
7 ,500 __
8,156
32 ,145
15,000
$..fL. 7 62~Ql
1 Page 7 of 13
CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
1 December 31, 1982
Note 2 - Long-Term Debt (continued)
1 Long-term debt maturities are as follows:
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Bond Maturities:
1 Debt 1983 1984 1985 1986 1987 Subsequent Total
General Obligation
1 1980 $ 5,000 $ 5,000 $ 5,000 $ 10,000 $ 10,000 $ 105,000 $ 140,000
Special Assessment
I 1971 25,000 25,000 25,000 25,000 25,000 100,000 225,000
1972 130,000 130,000 130,000 130,000 . 130,000 650,000 1,300,000
1972-B 90,000 90,000 90,000 90,000 90,000 450,000 900,000
I 1973 5,000 5,000 5,000 5,000 5,000 20,000 45,000
1974 70,000 70,000 70,000 70,000 70,000 340,000 690,000
1980 20,000 20,000 20,000 60,000
1 1981 265,000 265,000 270,000 270,000 270,000 1;340,000
Contracts
/-
.pi(/./'
1 "
Contract for Deed '1r 5,000 2,500 7,500
Confession 1 ,359 1 ,35 9 1 ,359 1,359 1 , 35 9 1,361 8,156
Deferral 4,637 4,903 5,185 5,483 5,799 6,138 32,145
1 Certificate
1 Road maintenance 15,000 ---.!-1--,000
Total $635.996 $618.762- $621 .544 $60~842- $607.158 $) .672 .499 $_~Zg2_,.J1OJ~
I Interest Payable:
I. Debt 1983 1984 1985 1986 1987 Subs~.quent Total
--
General Obligation
1980 $ 11 ,375 $ 11,000 $ 10,625 $ 10,250 $ 9,475 $ 47,900 $ 100,625
1 Special Assessment
1971 10,750 9,650 8,525 7,400 6,200 12,500 55,025
1 1972 66,690 60,125 53,430 46,605 39,650 90,740 357,240
1972-B 46 ,980 42,570 38,070 33,480 28,800 72 ,585 262,485
1973 2,301 2,038 1 ,772 1,505 1,235 2,200 11 ,051
1 1974 36,565 33,065 29 ,565 25,995 22,355 57,310 204,855
1980 4,500 3,000 1,500 9,000
1981 100,768 78,971 56,835 34,290 11 ,475 282,339
Contracts '}'tt~YY~O
1 Contract for Deed 100 600
Confession 326 272 218 163 109 5/+ 1 , 11.2
Deferral 1,848 1,582 1,300 1,002 686 352 6,770
1 Certificate
Road maintenance 375 375
---- ---------
I Total $282 ._97 ~ $242_~lLl $201 ,840. $16(1.>-6 9Q $1.12-.L.2.1~2 $._2.a,1>-6_41 $.L.Z.2L5JlI.
~H~, ~~e/~ffl~ and' e~~-uded, 9 ~ ---- ------
e.. .~.. -63-
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Page 8 of 13
CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 3 - Property, Plant and Equipment
No complete historical record exists of costs of the City's
investment in property, plant and equipment because acquisitions prior
to January 1, 1978 have not been recorded in the General Fixed Assets
Account Group or the Sewer Operating and Water Operating Funds.
Commencing January 1, 1978, property, plant and equipment acquisitions
are recorded at cost in the General Fixed Assets Account Group and
the Sewer Operating and Water Operating Funds. Generally accepted
accounting principles require their inclusion in the financial statements.
Property, plant and equipment acquired in the Liquor Fund has been
properly capitalized at historical cost.
Provision for depreciation has been recorded in the Enterprise
Funds in accordance with generally accepted accounting principles.
Balance
January 1, 1982
1982
Additions
And Transfers
Balance
December 31, 1982
1982
Retirements
And Transfers
General fixed assets
Account group
Property, plant and
equipment
Bui ldings
Improvements
other than
buildings
Equipment
$291,108
$291,108
$26,831
13,814
176,223
117 ,087
203,054
117,156
$13,745
$13.745
$584 .41~
$40 .6_45
t611->..3l.8.
Accumulated depreciation
Buildings $ 30,508
Improvements
other than
buildings
Equipment
$ 9,773
$ 40,281
25,643
47 ,090
11 ,226
17,722
36,869
55,258
$9,624
$9.624
$)32AQ.8.
$103._241
$38.791
--
Enterprise Funds
Sewer operating fund
Property, plant and
eq uipment
Equipment $ 19,434
Construction in
progress 317,998
$ 19,434
$35,542
$_~,2..252
353,540
$337 .332
$ - =.-:
$372-----97 it:
-64-
// C-. 1'"\4. U/J 1'"\4
J~, Y'J!CeUy~ and ~~kd, J-: Jdt..
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 3 - Property, Plant and Equipment (continued)
Balance
January 1. 1982
1982
Additions
And Transfers
1982
Retirements
And Transfers
Enterprise Funds (continued)
Sewer operating fund (continued)
Accumulated depreciation
Equipment $ 6,301
Construction in
progress 8,202
$ 1,944
16,788
$14.503
$18.732
$--=---
Water operating fund
Property, plant
and equipment
Equipment
Construction in
progress
$ 15,310
840,989
$2,007
$90,821
$90.821
$2.002
$856~
Accumulated
depreciation
Equipment
Construction in
progress
$ 4,094
$ 1,330
$2,007
26,973
44,321
$--11.067
$45 ..p51
$ .L.J20.l.
Liquor Fund
Property, plant
and equipment
Leasehold
improvements
Equipment
$ 3,955
22,639
$5,096
$5.096
$2,590
$2 .590
$26 .594
Accumulated
depreciation
Leasehold
improvements
Equipment
$ 3,955
21,954
$758
$758
$2,452
$J.5.909
$2.452
~~, ~r~~ an~SJtd//cr~" ~9!e-W
Page 9 of 13
Balance
December 31, 1982
$ 8,245
24,990
$33.235
$ 13,303
931,810
$~45 .113
$ 3,417
Zl,294
$74.]11
$ 3,955
25,145
$ 2..2..s.lQ~-
$ 3,955
20,260
$2l. .215
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Page 10 of 13
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 4 - Security for Bank Deposits Pledged by Official Depositories
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Securities pledged by the Minnetonka State Bank, Excelsior,
Minnesota, had a market value of $1,099,524 at December 31, 1982
against demand deposits of $1,123,158 and time deposits on that
date of $15,000.
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The Midwest Federal Savings and Loan Association had pledged a
first commercial mortgage with a principal balance of $1,353,686 at
December 31, 1982 against time deposits on that date of $600,000.
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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 is just under the level of
pledged collateral required to secure the deposits of the City.
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Note 5 - Commitments and Contingencies
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Claims, Litigations and Judgments -
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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, with the exception there is
threatened and pending litigation which could involve a counterclaim
against the City in an amount exceeding $50,000, for which there would
be no insurance coverage. No provision is made in these financial
statements for this contingent liability.
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Future Bond Interest Payable -
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As presented in Note 2 and Part III, Schedules 1 and 2, the City
has future interest payable of $1,282,620 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.
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Note 6 - Prior Period Adjustments
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Adjustments were made to restate the fund balances/retained
earnings of certain funds at December 31, 1980 as follows:
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Fund
Increase
$ 3,787
Decrease
$ 222
36,428
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General
Special Assessment - Debt Service
Special Assessment - Construction
Sanitary Sewer Operating
53,731
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Water Operating
2,994
11 ,079
14 073
r\/~. 6,X ",,:4
and' J4/~ted" ~ ~~.
816
10 ,832
696
3,787
14,073
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Water Revenue Bond Sinking
~~, :F~vk~
1,105
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Page 11 of 13
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEHENTS
December 31, 1982
Note 6 - Prior Period Adjustments (continued)
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At December 31, 1980, an account payable of the Sanitary Sewer
Operating Fund for $3,787 was coded to the General Fund.
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At December 31,1980, an allowance for uncollectible taxes was
made but no provision was made for uncollectible special assessments.
An allowance for uncollectible special assessments was set up
decreasing the fund balance/retained earnings as follows:
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General
Special Assessment - Debt Service
Sanitary Sewer Operating
$ 222
36,428
696
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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.
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An additional prior period adjustment was made at December 31, 1981
to reverse credits to the Sanitary Sewer Operating Fund and Water
Operating Fund arising from a transfer of depreciation to Contributions
in Aid to Construction account. The adjustment to each of the funds
are calculated as follows:
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Increase
Decrease
$ 8,202
$26,973
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Sanitary Sewer Operating
Water Operating
Note 7 - Retirement Plans
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The City participates in a state-wide contributory pension plan
under the Public Employees' Retirement Association, (PERA), \vhich
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 contributions for pension costs, under the
state-wide plan, were $28,680 and $23,983 for the years ending December
31, 1982 and 1981 respectively. 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 deter-
mined from time to time by the State Legislature. An individual unit's
portion of unfunded reserves is not available.
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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.
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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 Hinnetonka Public Safety
Department. -67-
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4. /F~k? a/~u/ ~cat%, /Y! sr(
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CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Page 12 of 13
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Note 8 - Vacation, Severance and Sick Time Pay
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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, 1982 was not determined and was not recorded
as a liability at December 31, 1982.
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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 Deceruber 31, 1982.
Note 9 - Appropriated Fund Balances
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The following appropriations have been made of various fund balances
at December 31, 1982:
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General Fund
Certificate of indebtedness
Capital Projects Funds
Contracts payable
Debt Service Funds
Debt retirement
Special Assessment Funds
Debt Retirement
$:: 15,000
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15,656
37,996
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(409,837)
$(341.185)
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Note 10 -Deficit Fund Balances/Operating Deficiencies
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Fund Operating Deficiencies -
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Expenditures exceeded revenues in certain individual funds for the
year ended December 31, 1982 as follows:
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Enterprise Funds
Water Operating Fund
Special Assessment Funds
Badger Field Construction Fund
Amesbury Construction Fund
$82,323
17,635
46,388
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Fund Balance/Retained Earnings Deficits -
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A fund balance/retained earnings deficit existed in certain individual
funds at December 31, 1982 as follows:
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General Fund $ 51,092
Special Assessment Funds
Debt Service 1,145,253
Badger Field Construction Funds 100,112
Water Operating Fund 129,614
4-, ~e/4 U/7Ld~<<z~, 9 J$ -68-
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Page 13 of 13
CITY OF SHOREWOOD
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 11 - Segment Information
The City maintains three Enterprise Funds which account for
sewer and water utility systems and the liquor stores operations.
Segment information for the year ended December 31, 1982 is as
follows:
Operating revenues
Depreciation expense
Operating income
Net income less
budgeted transfers
Current capita;L
contributions -
City aid to
construction
Property, plant, and
equipment additions
Net working capital
Total equity
Total
Liquor Sewer Water Enterprise
Fund Fund Fund Funds
$180,221 $224,424 $ 21,617 $ 426,262
758 18,732 45,651 65,141
9,059 27,361 ( 31,360) 5,060
11 ,147 47,980 ( 82,323) ( 23,196)
35,542
90,821
126,363
5,096
167,912
172,797
284,526
596,757
( 68,206)
802,196
5,096
384,232
1,571,750
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CITY OF SHOREWOOD, MINNESOTA
SUPPLEMENTARY INFORMATION
For The Year Ended December 31, 1982
Part III
~?, :F~~ and JY~, 9 d
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CITY OF SHOREWOOD
SCHEDULE OF BOND AND INTEREST MATURITIES
SPECIAL ASSESSMENT FUNDS
December 31, 1982
1971 1972 1972-B 1973
Sewer Improvement Bonds Sewer Improvement Bonds Sewer Improvement Bonds Water Improvement Bonds
Year Principal Interest Principal Interest Principal Interest Principal Interest
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 1,235
1988 25,000 5,000 130,000 33.565 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 2,500 130,000 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
$225.000 $55.025 $.L.lQ.O....&QQ $357.240 $900.000 $262.485 $45.000 $J1.051
Part III
Schedule 1
Page 1 of 2
Interest rates
4.40% - 5.00%
5.00% - 5.60%
4.90% - 5.40%
5.25% - 5.50%
Interest due dates
June 1 and December 1
June 1 and December 1
May 1 and November 1
January 1 and July 1
Principal due dates
December 1
June 1
November 1
July 1
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Interest rates
Interest due dates
Principal due dates
5.00% - 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
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Part III
Schedule 2
CITY OF SHOREWOOD
SCHEDULE OF BOND AND INTEREST NATURITIES
REVENUE BONDS
December 31, 1982
1980
Water Revenue Bonds
Year Principal Interest
1983 $ 5,000 $ 11 ,375
1984 5,000 11 ,000
1985 5,000 10,625
1986 10,000 10 ,250
1987 10 ,000 9,475
1988 10 ,000 8,700
1989 10,000 7,925
1990 10,000 7,125
1991 10,000 6,325
1992 10,000 5,500
1993 10 ,000 4,675
1994 15,000 3,825
1995 15,000 2,550
1996 15,000 1,275
$l.4Q.,000. $100.625
Interest rates 7.50% - 8.50%
Interest due dates March 1 and September 1
Principal due dates September 1
-73-
JJ~, !!/;cdtv1Y and N~, .9 sf
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CITY OF SHOREWOOD
SCHEDULE OF CHANGES IN BONDED INDEBTEDNESS
For The Year Ended December 31, 1982
Bonds
Outstanding
January 1, 1982
Issued
Retired
Special
assessment funds
$4,875,000
$315,000
General long-term debt
140,000
$5.015.000
$315.000
k", !F~~ and' ~~, 9t9i'
Part III
Schedule 3
Bonds
Outstanding
December 31, 1982
$4,560,000
140,000
$4.700.000
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Part III
Schedule 4
CITY OF SHOREWOOD
ENTERPRISE FUNDS
STATEMENT OF CHANGES IN PROPERTY, PL~~T AND EQUIPMENT
For The Year Ended December 31, 1982
Water operating fund
Property, plant and
equipment
Equipment
Construction in progress
Accumulated depreciation
Equipment
Construction in progress
Sewer operating fund
Property, plant and
equipment
Equipment
Construction in progress
A~cumulated depreciation
Equipment
Construction in progress
Liquor fund
Property, plant and
equipment
Leasehold improvements
Equipment
Accumulated depreciation
Leasehold improvements
Equipment
Balance
January 1, 1982 Additions
Balance
Retirements December 31, 1982
$ 15,310
840,989
$90,821
$90,821
----
$2,007 $ 13,303
931,810
$_2,007_ $li5_,_1_L1 ,
--
$2,007 $ 3,417
71 ,294
$2.007 $ 74 .7 11
$lt5~.2~~
$ 4,094
26,973
$ 1,330
44 , 321 ..
$ 31,067
$45,651
$ 19,434
317,998
$ 19,434
$35,542 353,540
$35.542 $..3..~4
$ 1,944 $ 8,245
16,788 24,990
$llLl32 $ 33.235
$337 .432
$ 6 , 30 1
8,202
$-14.503.
$ 3,955
22,639
$ 26.594
$ 3,955
21,954
$~J)-2..
$ 3,955
25,145
$ 5,096
$---2.....0 96
$2,590
$,2.590
$~ .100
$ 3,955
20,260
$ 758
$2,452
$2.452
$.-2..42l.2
$
758
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Part II I
Schedule 5
CITY OF SHOREWOOD
SCHEDULE OF INVEST}ffiNTS AND CERTIFICATES OF DEPOSIT
December 31, 1982
Maturity
Date
Investments
at
Cost
Certificates
of
Deposit
Certificate of deposit
$300,000
1-18-83
Certificate of deposit
1-18-83
300,000
Certificate of deposit
1-17-83
15,000
$Ql5.00Q
,...76~
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Part III
Schedule 6
CITY OF SHOREWOOD
STATEMENT OF SECURITY FOR BANK DEPOSITS
PLEDGED BY OFFICIAL DEPOSITORIES
December 31, 1982
Due
Date
Par
Value
Market
Value
Depository: Minnetonka State Bank
In Safekeeping at Marquette National Bank
Securities pledged:
Eastern Lebanon County School 10-01-92 $ 100,000 $ 67,854
Federal National Mortgage Assn. 12-10-86 100,000 89,375
Oregon ST 60 Bonds 4-15-93 200,000 136,978
Federal Farm Credit Banks 84E 12-03-84 200,000 202,625
Federal Farm Credit Banks 83/04 4-04-83 300,000 300,562
Federal National Mortgage Assn. 4-10-84 200,000 194,875
Mass. State College Bldg.
Authority 12-01-92 50,000 32,955
Vermont Muni Bond Bk Ser. 78 12-01-91 100,000 74,300
Total securities pledged
by official depository $Ll.50 .000 $1.099.524
Depository: Midwest Federal Savings & Loan
In Safekeeping at Richfield Bank & Trust Co.
Securities pledged:
Outstanding Principal
First Commercial Mortgage
(assigned - Per Listing)
2001
$1,35],68~
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Part III
Schedule 7
CITY OF SHOREWOOD
SCHEDULE OF INSURANCE COVERAGE AND OFFICIAL BONDS
December 31, 1982
UNAUDITED
Multi-peril or package policy (effective August 1, 1982)
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 III
Store 112
Warehouse (5735 Country Club Road)
Village hall
Sewer department
Fire legal (at two locations)
Schedule equipment - all risk ($250 deductible)
Public employees blanket bond
(Honesty blanket position bond coverage)
Scheduled employee dishonesty endorsement - treasurer
$1,266,458
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
95,900
5,000
5,000
Vehicle fleet policy (effective August 1, 1982)
Liability
Uninsured motorist
Comprehensive
Collision
500,000
50,000
Actual cash value
$150 deductible
Workers' Compensation (effective August 1, 1982)
Statutory
Public official liability policy (effective August 1, 1982)
1,000,000
Umbrella liability policy (effective August 1, 1982)
3,000,000
Notary bond - Sandra Kennelly (effective August 14, 1979 -
for seven years)
2,000
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Part III
Schedule 8
CITY OF SHOREWOOD
ELECTED AND APPOINTED OFFICIALS
UNAUDITED
Term of
Office Expires
December 31
Year Ended December 31, 1982
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 - 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.
Year Ended December 31, 1983
Elected and appointed (see footnote)
1984
City Council
Mayor - Robert Rascop (see footnote)
Council:
Jan Haugen
Tad Shaw
Kristi Stover
A1ex~nardo
j.l v') 11 <fyi' (1
Appointed ~
Acting Mayor - Kristi Stover and Jan Haugen (see footnote)
Administrator/Treasurer - Doug Uhrharr@er
Clerk - Sandra Kennelly
Attorney - Gary Larson, P.A.
Engineer - Orr-Schelen-Mayeron and Associates, Inc.
1984
1986
1986
1984
1984
r:::;
Footnote:
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: 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.
Kristi Stover was appointed Acting Mayor 1-1-83 to 6-30-83.
Jan Haugen was appointed Acting Mayor 7-1-83 to 12-31-83.
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