1983 - Comp. Annual Financial Report
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City of Shorewood
Shorewood, Minnesota
AUD nOR I S REPORT
December 31, 1983
SCANNED
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Robert Rascop
Jan Haugen
Tad Shaw
Kristi Stover
Robert Gagne
City of Shorewood
Shorewood, Minnesota
OFFICIALS
1983
Mayor
Alderman
Alderman -
Alderman
Alderman -
J
frYl1
12-31-84 "
12-31-86
12-31-86
12-31-84
12-31-84
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City of Shorewood
Shorewood, Minnesota
INDEX
December 31, 1983
Combined Balance Sheet - All Fund Types and Account Groups
Page
1
2 - 3
Accountant's Opinion
Combined Statement of Revenue, Expenditures and Changes
in Fund Balance
4 - 5
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - General and Special Revenue Fund
Proprietary Fund Types
Combining Statement of Revenue, Expenses and Changes
in Retained Earnings
6
Combining Statement in Changes in Financial Position
7 - 8
9
10 - 18
19
20
21
22 - 23
24
25
26
Notes to Financial Statements
Supplementary Information
General Fund
Balance Sheet
Statement of Revenue - Budgeted - Actual
Statement of Expenditures - Budgeted - Actual, and
Change in Fund Balance
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenue and Expenditures
and Change in Fund Balance
Capital Project Fund
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes in
Fund Balance
Special Assessment Funds
Combining Balance Sheet
28
Combining Statement of Revenue, Expenditures and Changes in
Fund Balance
29
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City of Shorewood
Shorewood, Minnesota
INDEX
December 31, 1983
Page
Water Operating Fund
Comparative Balance Sheet
30
Comparative Statement of Revenue, Expenses and
Changes in Retained Earnings
Comparative Statement of Change in Financial Position
31
32
Sanitary Sewer Operating Fund
Comparative Balance Sheet
33
Comparative Statement of Revenue, Expenses and
Change in Retained Earnings
Comparative Change in Financial Position
34
35
Liquor Fund
Comparative Balance Sheet
36
Comparative Statement of Revenue, Expenses and Changes in
Retained Earnings
Comparative Statement of Changes in Financial Position
37
38
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MATTHIAS. ROEBKE a MAISER
CERTIFIED PUBLIC ACCOUNTANTS
~40 EAST FIRST
P. O. BOX e15
WACONIA. MINNESOTA ~15387
ALAN W. MATTHIAS
JOHN M. ROEBKE
JAMES J. MAISER
AREA CODE e 12
442-4408
METRO 448-15343
DUANE A. EBERT
May 5, 1984
NORWOOD OFFICE
CITIZENS STATE BANK BLDG.
The Honorable Mayor and the
Honorable City Council
City of Shorewood
Shorewood, Minnesota
We have examined the combined financial statements of the City
of Shorewood, Minnesota, as of and for the year ended December 31,
1983, as listed in the table of contents. 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.
As more fully described in the Notes to Financial Statements,
no complete historical record exists of costs for the City's in-
vestment in property, plant and equipment, except for the Liquor
Fund, because acquisitions 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.
In our opinion, the aforementioned financial statements present
fairly the financial position of the various funds and account groups of
the City of Shorewood at December 31, 1983, and the results of its opera-
tions for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with the prior year
except for the change, with which we concur, in the method of revenue
recognition for the special assessment funds and the reclassification of
Revenue Bonds from the Long Term Debt Group of Accounts to the Enterprise
Fund, as described in Notes to the Financial Statements.
Our examination was made for the purpose of forming an opinion
on the combined financial statements taken as a whole. The combining,
individual fund, and account group financial statements and schedules
listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the combined financial statements
of the City of Shorewood, Minnesota. The information has been subjected
to the auditing procedures applied in the examination of the combined
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the combined statements taken as a whole.
~~:~J~-r~
I"VI'ID.LIU:'U D/'\L/'\nl"l:. Jnl:.l:.1 - /'\LL rvnu 'Irl:.J /,\I'U /,\1" I" V V I' I UI\VUrJ
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December 31, 1983
Governmental Fund Types
Speci al
Genera 1 Revenue
ASSETS
Cash and Investments $ 23,359 $ 15,130
Accrued Interest 106
Accounts Receivable 4,535
Taxes Receivable - Current 11,544
Special Assessments-Current
Unamortized Bond Discount
Inventory
Fixed Assets - Net of
Depreciation
General Fixed Assets
Total Assets
$ 39,438 $ 15,236
51 ,289 $1,310,624 $ 279,625 $ $1,680,027
334 12,789 2,091 15,320
503 31 ,586 36,624
11 ,544
/97-,.MU~, 97,840
.! 11 ,11~) 11,118
,-------~- 115,235 115,235
1 ,166,863 1 ,166,863
628,787 628,787
$ 51 ,623 $1,432,874 $1,595,400 $628,787 $ -0- $3,763,358
Debt
Servi ce
/1,,'7
i A
Capital
Projects
Q(/
,/Ii''''''
.>,. ,$
:" >i7i'ij':;.AN,../' f)
Proprie-
tory
Special Enter-
Assessments prise
Account Groups
General General
Fixed Long-Term
Assets Debt
Totals Memorandum Only
December 31,
1983
The accompanying notes are an integral part of this financial statement.
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December 31, 1983
Proprie-
Governmental Fund Types tory Account Groups Totals Memorandum Only
General General
Sped a 1 Debt Capital Sped a 1 Enter- Fixed Long- Term December 31 ,
General Revenue Service Projects Assessments prise Assets Debt 1983
LIABILITIES AND
FUND EQU!TV
Accounts Payable $ 28,821 $ $ 9,297 $ $ 48,255 $ $ 86,373
Special Assessments
Bonds Payable 3,955,000 3,955,000
Revenue Bonds Payable 135,000 135,000
Other Long Term Debt 27 ,508 27 ,508
Investment in
General Fixed Assets 628,787 628,787
Contributed Capital 1,285,350 1 ,285,350
Retained Earnings 99,287 99,287
Fund Balance
Unappropriated 10,617 15,236 42,326 ( 2,522,126) ( 2,453 ,947)
Total Liabilities
And Fund Equity $ 39,438 $ 15,236 $ 51 ,623 $1,432,874 $1 ,595,400 $628,787 $ -0- $3,763,358
The accompanying notes are an integral part of this financial statement.
.. - - - ... --- ... - - - - -.
-- .. - -
City of Shorewood
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES
For the Year Ended December 31, 1983
Governmental Fund Types Totals Memorandum Only
Special Debt Capital Special December 31 December 31
General Revenue Servi ce Projects Assessments 1983 1982
REVENUES:
Taxes $414,856 $ $ $ 15,723 $ 430,579 $ 412,004
Special Assessments 690,673 690,673 562,353
Licenses and Permits 53,606 53,606 33,354
Intergovernmental Revenue ~! J Ii:) ~~ftJ
Federal 19, 155 C _-D fJ> ~ 19,155 20,030
State 259,326 13,992 3,509 276 ,827 322,258
Charges for Services 30,623 30,623 18,898
Fines 47,544 47,544 33,024
Interest on Investments 1 ,137 3,681 105,331 11 0 ,149
Miscellaneous Revenue 13,538 15,144 28,682 214,830
Tot a 1 Revenues $819,493 $ 34,284 $ 18,825 $815,236 $1,687,838 $1,616,751
OTHER SOURCES It,)
Transfer from Other Funds $ 33,206 ", .1>, " $ 7,200c $ 40,406 $ 16,655
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Tot a 1 Revenues and
Other Sources $852,699 $ 34,284,/ $ 26,025 $815,236 $1 ,728,244 $1,633,406
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The accompanying notes are an integral part of this financial statement.
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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, 1983
Governmental Fund Types
Spec i a 1 Debt
General Revenue Service
Capital Speci al
Projects Assessments
EXPENDITURES:
Current
General Government
Public Safety
Police
Fire
1, Other uJ
Street and Highways
Maintenance
Street Li ght i ng
Parks and Recreation
Other
Capital Outlay
Debt Service
Interest and Fiscal
Total Expenditures
$271 ,057 $
$ $
\l
240,341 j~
~4~, Zla"" '1 h I ~
19,593) ,
Ie
iD
ttll
,)
iJ}.. .'>" '1'''1
, {Jilt' tor
cl .~ (
! illS fJl' ,
182,312
6,108
34,219
2,626
17,469
3,311 14,286
855 272,275
$ 6,792 $286,561
Charges
$788,343 $ 17,469
OTHER USES:
Transfer to Other Funds
$ 20,407
Total Expenditures and
Other Uses
$788,343 $ 37,876
$ 6,792 $286,561
Net Increase (Decrease) in Fund
Balance During the Year
$ 64,356 ($ 3,592)
$ 19,233 $528,675
$ 23,093 ($694,092)
($2356,709)
$ 42,326($2522,126)
FUND BALANCE - January 1
PRIOR YEAR ADJUSTMENT
FUND BALANCE - December 31
($ 51,092) $ 18,828
($ 2,647)
$ 10,617 $ 15,236
The accompanying notes are an integral part of this financial statement.
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Totals Memorandum Only
December 31 December 31
1983 1982
$ 271,057 $ 195,936
318,006
240,341
34 ,713
19,593
190,180
182,312
~.._ 6 , 1 08
. 36,84S------ 23,319
106,539
35,066 126,363
273,130
$1 ,099,165
331,101
$1,291,444
$ 20,407 $ 16,655
$1,119,572 $1,308,099
$ 608,672 $
($ 703,263) ($
($2,359,356) ($
($2,453,947) ($
325,307
646,010)
29,653)
350,356)
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City of Shorewood
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
GENERAL AND SPECIAL REVENUE FUND TYPES
For the Year Ended December 31, 1983
Sped a1 Revenue
Funds
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Total Revenues
Expenditures:
Current:
General government
Public safety
Highways and streets
Other
Parks and recreation
Total Expenditures
Excess of Revenues
over (under)
Expenditures
Other Financing Sources(Uses):
Operating transfers
Excess of Revenues over
(under) Expenditures
and Other Uses
FUND BALANCE - January 1
PRIOR YEAR ADJUSTMENT
FUND BALANCE - December 31
General
Budget
$423,14g
33,330
274,380
24,400
33,000
9,000
$797,259
Actual
$414,856
53,606
259,326
30,623
47,544
13 ,538
$819,493
11 ,285
10,579)
2,369)
743)
2,406)
$ 19,828
8,000)
$ 52,528 $ 64,356 $ 11,828
($ 51 ,092) ($ 51 ,092)
($ 2,647) ($ 2,647)
$ 1,436 $ 10,617 $ 9,181
Actua 1
$
33,147
33,147
$282,342 $271,057 $
284,068 294,647 (
196,051 188,420 (
(
($
33,476 34,219
$785,937 $788,343
$ 11 ,322 $ 31,150
41 ,206
33,206" (
1 , 1 37 1 , 137
$ 34,284 $ 34,284
$
$
20,407
20,407
$ 20,407 $ 20,407
..- - - -
BUDGET AND ACTUAL
Tot a 1 s
(Memorandum Only)
Budget
$423,149
33,330
307 ,527
24,400
33,000
10 , 137
$831 ,543
$282,342
284,068
1 86 ,051
20,407
33,476
$806,344
Actual
$414,856
53,606
292,473
30,623
47,544
14,675
$853,777
$271 ,057
294,647
188,420
20,407
34,219
$808,750
$ 13,877 $ 13,877 $ 25,199 $ 45,027
($ 17,469)(
17 ,469)
Fund
Variance
Favorable
(Unfavorable) Budget
($ 8,293) ~?l5lo$
20,276
15,054)
6,223
14,544
4 ,538
$ 22,234
23 ,737
15,737
Variance
Favorable
(Unfavorable)
($ 8,293)
20,276
15,054)
6,223
14,544
4 ,538
$ 22,234
$ 11 ,285
( 10,579)
( 2,369)
( 743)
($ 2,406)
$ 19,828
8,000)
($ 3,592)($ 3,592) $ 48,936 $ 60,764 $ 11 ,828
$ 18,828 $ 18,828 ($ 32,264)($ 32,264)
($ 2,647) ($ 2,647)
$ 15,236 $ 15,236 $ 16,672 $ 25,853 $ 9,181
The accompanying notes are an integral part of this financial statement.
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City of Shorewood
COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1983, 1982
SALES AND COST OF SALES
Sales
Cost of Sales
Gross Profit
Enterprise Funds
(Total s - Memorandum Only)
1983 1982
$693,309 $767,320
528,705 587,099
$164,604 $180,221
$242,326 $219,419
23,172 19,592
$265,498 $239,011
$430,102 $419,232
$114 ,081 $114,]83'
20,198 18,934
41 ,698 39,157
21 ,143 21 ,084
12,366 15,421
699 1 ,149
48,163 65,141
17 ,361 15,680
371
8,060 4,115
7,202 8,597
15,570 4,917
1,201 458
189,316 159,271
8, 199 8,103
80 2,383
2,494
1 ,868 1,182
$507,205 $482,640
($ 77,103) ($ 63,408)
$ 40,791 $
9,080
19,028 6,750
20,073 27,075
9,651 17 ,000
$ 98,623 $ 50,825
OPERATING REVENUE
Sewer Service Charges
Water Sales
Total Operating Revenues
Total Gross Profit and
Operating Revenue
OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Rent
Ut il it i es
Insurance
Advert is i ng
Depreciation
Professional Services
Bad Debts
Supplies
Office Expense
Repairs and Maintenance
Dues, Subscriptions, Ed.
Sewer Use Charge - MWCC
Purchases - Water
Inflow and Infiltration Study
Purchases of Water Meters
Miscellaneous
Total Operating Expenses
Operating Income
OTHER REVENUE
General Property Taxes
Homestead Credit
Permits & Connection Fees
Interest on Investments
Other Income
Total Other Revenue
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Page 8
City of Shorewood
COMBINED STATEMENT OF REVENUES, EXPENSES AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1983, 1982
OTHER EXPENSES
Metro Sewer SAC Charges
Interest
Interest on Interfund Loans
Total Other Expenses
NET INCOME (LOSS) TO RETAINED EARNINGS
RETAINED EARNINGS, JANUARY 1
LESS: TRANSFERS
LESS: PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, DECEMBER 31
Enterprise Funds
(Totals - Memorandum Only)
1983 1982
$ 13,043
13,471
6,799
$ 33,313
($ 11 ,793)
$286,400
($ 20,000)
($155,320)
$ 99,287
$ 2,945
2,026
5,642
$ 10,613
($ 23,196)
$309,596
$286,400
The accompanying notes are an integral part of this financial statement.
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Page 9
City of Shorewood
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
For The Years Ended December 31, 1983, 1982
SOURCES OF FINANCIAL RESOURCES
Operations
Net Income for the Year
Add: Items not requi ri ng current
outlay of resources
Depreciation
Increase in Long-Term Debt
Total Resources Provided
USES OF FINANCIAL RESOURCES
Operations
Net Loss for the Year
Reduction of Long Term Debt
Transfers
Prior Year Adjustment
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
Receivables
Special Assessments
Accrued Interest
Inventories
Prepaid Expenses
Accounts Payable
Accrued Liabilities
Escrow Li abil ity
Current Portion Long-Term Indebted-
ness
Contracts Payable
Net Increase (Decrease) in
Worki ng Capital
Enterpri se Funds
(Totals - Memorandum Only)
1983 1982
$ 63,320
$ 59,127
48,163
130,000
$241 ,483
65,141
$124,268
$ 75,113
4,903
20,000
155,320
$255,336
$ 82,323
4,958
$ 87,281
($ 13,853)
$ 36,987
$ 41 ,466
( 23,207)
( 3,117)
1 ,813
( 7,218)
( 14,175)
( 4,149)
$ 17,651
( 8,803)
2,687
( 520)
2,122
( 1,240)
16,951
2,729
1 ,025
( 252)
4,637
$ 36,987
5,266)
($ 13,853)
The accompanying notes are an integral part of this financial statement.
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Page 10
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - Summary of Significant Accounting Policies
A. Fund Accounting
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 ac-
counted for in individual funds based upon the purposes for which
they are to be spent and the means by which spending activities
are controlled. The various funds are grouped, in the financial
statements in thi s report, i r:!~Q__~tght~g.eneric fund types and
three broad fund categori es-as follows:
GOVERNMENTAL FUNDS
I
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.
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.
~/
Debt Service Funds - Debt Service Funds are used to account for
the accumulation of resources for, and the payment of, general
long-term principal, interest, and related costs.
Capital Projects Funds - Capital Projects Funds are used to ac-
count for financial resources to be used for the acquisition or
construction of major capital facilities other than those financed
by proprietary funds or Special Assessment Funds.
Special Assessment Funds - Special Assessment Funds are used
I to account for the financing of public improvements or services
deemed to benefit the properties against which special assess-
ments are levied.
PROPRIETARY FUNDS
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Enterprise 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
of providing goods or services to the general public on a continu-
ing basis be financed or recovered primarily through user charges.
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Page 11
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31,1983
NOTE 1 - Continued
FIDUCIARY FUNDS
Agency Funds - Agency Funds are used to account for assets
held by the City as an agent for individuals, private organi-
zations, other governments, and/or other funds. The City does
not have any Agency Funds.
B. Measurement Focus
Fixed assets used in governmental fund type operations are re-
corded at historical cost and accounted for in the General Fixed
Assets Account Group. Public domain general fixed assets con-
sisting of roads, bridges, curbs and gutters, streets and side-
walks, drainage systems and lighting systems, are excluded from
general fixed assets as such items are immovable and of value only
to the City. No depreciation has been provided on general fixed
assets.
Long-term liabi1tiies expected to be financed from governmental
funds are accounted for in the General Long-Term Debt Account
Group, not in the governmental funds. The single exception to
this general rule is for special assessment bonds, which are ac-
counted for in Special Assessment Funds.
Proprietary funds are accounted for on a cost of service or
"capita1 maintenance" measurement focus. This means that all
assets, including fixed assets, and all liabilities, including
long-term liabilities, associated with their activity are in-
cluded on their balance sheets. Their reported fund equity is
segregated into contributed capital and retained earnings com-
ponents. Proprietary fund type operating statements present
increases and decreases in net total assets.
Fixed assets of proprietary funds are recorded therein at
historical cost. Depreciation is charged as an expense against
operations and accumulated depreciation is reported on proprie-
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Page 12
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
NOTE 1 - Continued
tary fund balance sheets. Depreciation has been provided
over the estimated useful lives using the straight-line
method. The estimated useful lives are from 10 to 50 years.
Donated fixed assets are valued at the fair market value
as of the date received.
C. Basis of Accounting
Governmental funds and Agency funds are accounted for using
the modified accrual basis of accounting. Their revenues
are recognized when they become measurable and available.
Substantially all sources of revenue are accrued except
interest on special assessments receivable, which is recog-
nized when due.
Expenditures are generally recognized under the modified ac-
crual basis of accounting when the related fund liability is in-
curred, except for principal and interest on general long-term
debt which is recognized when due.
Proprietary funds are accounted for using the accrual basis of
accounting. Revenues are recognized when they are earned, and
expenses are recognized when they are incurred. Unbilled utility
service receivables are recorded at year-end.
D. Budgets and Budgetary Accounting
The city follows these procedures in establishing the budgetary
data reflected in the financial statements:
1. The City Administrator submits to the City Council a
proposed operating budget for the fiscal year commencing
the following January 1. The operating budget includes
proposed expenditures and the means of financing them.
2. The budget is legally enacted through passage of a resolu-
tion.
3. The City Council may authorize transfer of budgeted
amounts between departments within any fund.
4. Formal budgetary integration is employed as a management
control device during the year for the General Fund and
Special Revenue Funds. Formal budgetary integration is
not employed for Debt Service Funds because effective
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Page 13
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
NOTE 1 - Continued
effective budgetary control is alternatively achieved
through general obligation bond indenture provisions
Budgetary control for Capital Projects and Special
Assessments Funds is accomplished through the use of
project controls.
5. Budgets for the General and Special Revenue Funds are
adopted on a basis consistent with generally accepted ac-
counting principles.
6. Budgetary control is maintained at the object of expendi-
ture category level within each activity, and in compliance
with City Charter requirements. Also inherent in this
controlling function is the management philosophy that the
existence of a particular item or appropriation in the ap-
proved budget does not automatically mean that it will be
spent. The budget process has flexibility in that, where need
has been properly demonstrated, an adjustment can be made
within the department budget by the City Council. Therefore,
there is a constant review process and expenditures are not
approved until it has been determined that (1) adequate
funds were appropriated; (2) the expenditure is still
necessary; and (3) funds are available.
Budgeted amounts are as originally adopted or as amended by
they City Council. Budgeted expenditure appropriations
lapse at year-end.
E. Cash and Temporary Cash Investments
Cash balances from all funds are combined and invested to the
extent available in short term certificates of deposit and re-
purchase agreement. Investments are carried at cost. Market
value at December 31, 1983 is the same as cost. Earnings from
such investments are allocated to the respective funds on the
basis of applicable cash balance participation by each fund.
F. Inventory
Inventories are stated at cost, on a first-in, first-out basis.
G. Accumulated Unpaid Vacation and Sick Pay
Vacation cannot be accumulated past year-end without Council
approval. Unpaid vacation pay approved by the City Council as
of December 31, 1983 is not material. Sick leave is expensed
as paid. Unpaid sick leave as of December 31,1983 represents
a contingent liability for the City of $3,543.1
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Page 14
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
NOTE 1 - Continued
H. Total Columns on Combined Statements
Total columns on the combined statements are captioned
Memorandum Only to indicate that they are presented only to
facilitate financial analysis. Data in these columns do not
present financial position; results of operations, or changes
in financial position in conformtiy with generally accepted
accounting principles. Interfund eliminations have not been
made in the aggregation of this data.
I. Property Taxes
Property taxes are set by the City Council and certified
to the County auditor, who acts as collecting agent, on
October 1 of the year prior to collection. Minnesota cities
operate under a levy limitation law which generally permits
an 8% annual increase in taxes per capita. Levies for bonded
indebtedness are not covered by this law.
Property tax revenue includes amounts collected by the County
during the year and remitted to the City. Delinquent property
taxes receivable are offset by an allowance for uncollectable
taxes. Portions of the tax levy paid by the state in the
form of Homestead and Reduced Assessment Credits are included in
intergovernmental revenue. Only that portion collected direct-
ly from property owners is reflected in tax revenue.
J. Financial Reporting Entity
The City of Shorewood, for financial reporting purposes, includes
all of the funds and account groups relevant to the operations
of the City of Shorewood. The Financial Statements presented
herein do not include agencies which have been formed under
applicable state laws as separate and distinct units of govern-
ment apart from the City of Shorewood.
Note 2 - Fixed Assets
General fixed asset purchases are recorded as expenditures in the
various funds at the time of purchase. Such assets are capitalized
at cost in the General Fixed Asset Group of Accounts. The change in
fixed assets may be summarized as follows:
Balance Balance
General Fixed Asset 1-1-83 Additions Deductions 12-31-83
Land & Buil di ngs
Machi nery and
Equipment
$494,162
117 , 156
$611 ,318
$
$
$494,162
17 ,469
$ 17 ,469
$
134,625
$628,787
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Page 15
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 2 - Fi xed Assets (Continued)
Balance Balance
Enterprise Fund 1-1-83 Additions Deductions 12-31-83
Sewer Fund $372,974 $ $ $372,974
Water Fund $945,113 $ $ $945,113
Liquor Fund $ 29, 1 00 $ $ $ 29,100
Depreciation
Enterprise Funds
Depreciation is determined using the straight-line method for the
estimated useful life of the asset, ranging from five to fifty years.
Depreciation expense for 1983 for the Water Fund was $28,300, Sewer
Fund $18,732 and Liquor Fund $1,128.
Special Assessment and Trust and Agency Funds -
No depreciation has been provided on the fixed assets.
General Fi xed Assets
No depreciation has been provided on general fixed assets.
Budgetary Data
The City Council adopts an annual budget. During the budget
year, supplemental appropriations are authorized by the council.
The amounts shown in the financial statements as "Budgeted"
represent the original budgeted amount and all revisions made
during the year.
Note 3 - Long-Term Debt
General Obligation Bonds:
The 1980 Water Revenue Bonds were reclassified from General Obligation
Bonds to Revenue Bonds in 1983. These are recorded as a liability in
the Water Operating Fund for 1983.
Special Assessment Bonds:
These bonds are recorded as a liability in the Special Assessment
Fund. The bonds are payable primarily from special assessments
to be levied and collected for local improvements, and are backed
by the full faith and credit of the city.
Water Revenue Bonds:
The Water Revenue Bonds are recorded as a liability in the Water
Operating Fund. These bonds are backed by the full faith and credit
of the City. If water revenues are not sufficient to meet the debt
service requirements an ad valorem tax will be levied to meet the
debt service requirements.
-T.::>
'I i.t Ir.( a.... MO't) VIt...........--. -::F,
of 't,d' t{,l, j'j ('41" Ju ~'a" ~ d
/V~ 1-<lt tJ 'j / tYJA'1 a ~
..A ..." L t) ,
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Page 16
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 3 - Long-Term Debt (Continued)
Balance
ISSUE 1-1-83
General Obligation
$ 140,000
Balance
Additions Deductions 12-31-83 Maturity
$140,000 $ -0-
$ 25,000 $ 200,000 1991
130,000 1,170,000 1992
90,000 810,000 1992
5,000 40,000 1991
70,000 620,000 1993
20,000 40,000 1985
265,000 1,075,000 1987
$ $605,000 $3,955,000
$140,000 $ 5,000 $ 135,000
Special Assessment
71 Sewer Imps.
72 Sewer Imps.
72 Sewer Imps. B
73 Water Imps.
74 Sewer Imps
80 Improvements
81 Improvements
Bonds
$ 225,000
1,300,000
900,000
45,000
690,000
60,000
1,340,000
$4,560,000
$
-0-
Water Revenue Bonds
Other Long Term Debt
Genera1-Certificatq $ $ 15,000
.-c Park-Contract8~~~:- 8,156
Park-Contract(7"v.l't' 7 ,500
Sewer-Deferred / ~ej
Contract lI4'!J t'}"~ 32,145
$ 62,801
$ 15,000
1 ,359
5,000
$ -0-
6,797' 1988.
2,500 1984
27 ,508 1988
$ 36 ,805
4,637
$ 25,996
The debt servi ce requi rement for the next five years is summarized below:
Special Assessments Revenue Bonds Othe r Debt
Year Principal Interest Principal Interest Principal Interest
1984 $605,000 $229,419 $ 5,000 $11,000 $8,762 $1,954
1985 610,000 189,697 5,000 10,625 6,544 1,518
1986 590,000 149,275 10,000 10,250 6,842 1 ,165
1987 590,000 109,715 10,000 9,475 7,158 795
1988 320,000 81,283 10,000 8,700 7,499 406
Note 4 - Fund Balance Deficits
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The following funds have fund balance deficits
Special Assessment Fund
Water Operating Fund
as of December 31, 1983:
($2,522,126)
($ 333,007)
{).~5 '-' rv': \f (J..J.v,
;ilf)~ ii
~RSI
i 1,.. So
f~,/fi ,:'; J I
pL
. f)-f>
Note 5 - Pension Plans .
City fire personnel must belong to their fire pension plan.
All other City employees with the exception of the City Administrator and
part time students must belong to the state-wide Public Employees Retirement
Association (PERA).
The City's contribution in 1983 for PERA was $31,483.
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Page 17
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 6 - Prior Period Adjustments
The revenue recognition for special assessment funds was changed from
accrual basis of accounting to the modified accrual basis according to NCGA
Statement #1. As a result of this change, special assessments are recognized
as revenue when received and not when assessed. As a result of this change,
special assessments receivable as reported in the December 31, 1983 audit
report were charged to Fund Balance. See effect on Fund Balance below.
General Obligation Bonds. The 1980 water revenues were reclassified
from the General Long Term Debt Group of Accounts to the Water Operating
Fund. The effect on Fund Balance is shown below.
General
Fund
Special Water
Assessments Operating
Sewer
Operating
Special Assessment
Receivable closed
to Fund Balance
($2,647)
($2,356,709) ($ 5,289) ($18,638)
Debt Service Fund
closed to Water
Operating Fund
3 ,6QL~
-"""""',
Transfer General
Obligation Bonds to
Water Operating Fund
\
135,000)
($2,356,709) ($136,682) ($18,638)
Net Change
($2,647)
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Page 18
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 7 - 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, 1983 is as
follows:
Tot a 1
Liquor Sewer Water Enterpri se
Fund Fund Fund Funds
Operating Reserves $164,604 $242,326 $ 23,172. $430,102
Operating Expenses $177 ,361 $242,227 $ 87,617 $507,205
Operating Income ($ 12,757) $ 99 ($ 64,445) ($ 77,103)
Other Income, (Expenses) 2,355 63,221 266) 65,310
Net Income ($ 10,402) $ 63,320 ($ 64,711) ($ 11 ,793)
Transfers ($ 20,000) ($ 20,000)
Fixed Assets Additions $ $ $ $
Retained Earnings $142,395 $287 ,899 ($331 ,007) $ 99,287
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Page 19
City of Shorewood
SUPPLEMENTARY INFORMATION
December 31, 1983
Our examination was made for the purpose of forming an
opinion on the basic financial statements taken as a whole.
The supplemental statements are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected
to the auditing procedures applied in the examination of
the basic financial statements, and, in our opinion, is
fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
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City of Shorewood
GENERAL FUND
BALANCE SHEET
December 31, 1983
ASSETS
Cash and Short Term Investments
Taxes Receivable, Current
Accounts Receivable
Total Assets
LIABILITIES AND FUND BALANCES
LIABILITIES
Accounts Payable
Accrued Expenses
Total Liabilities
FUND BALANCES
Unappropriated
Total Liabilities and
Fund Balances
Page 20
$ 23,359
11 ,544
4,535
$ 39,438
$ 18,290
10,531
$ 28,821
$ 10,617
$ 39,438
.
Page 21
City of Shorewood
.
GENERAL FUND
STATEMENT OF REVENUES - BUDGETED AND ACTUAL
For the Year Ended December 31, 1983
.
TAXES
General Property Taxes
Current
Delinquent
Penalties and Interest
Fiscal Disparities
Total Taxes
Budgeted Actual
Variance
Favorable
(Unfavorable)
.
.
LICENSES AND PERMITS
Business Licenses
Non Business Licenses
Building Permits
Total Licenses and Permits
$407,745 $367 ,643(( $ 40,102) .~
,<:
30,144 \ 30,144
)\ 1 ,665 D'
1 ,665 J( \
~'DV' "
15,404 15,404 - '~'
$423,149 $414,856 ($ 8,293) ~ol, '~'.'~
~\\~ <i'
co.
$ 13,470 $ 10,022 ($ 3,448)
4,860 2 , 144 ( 2,716)
15,000 41 ,440 26,440
$ 33,330 $ 53,606 X $ 20,276
INTERGOVERNMENTAL REVENUE $168,292 Y$
Loca 1 Governmental Aid $168,269 23 &)
. Homestead Credit 90,011 90,0111 \ lJ'
Attached Machinery Aid 100 145 :r' 45 f'J ,
Building Surcharge Rebate 1 ,000 878 ( 122) 1)\ ~ '. \
County Road Aid 15,000 - ( 15,000) " ''i'
Total Intergovernmental Revenue $274,380 $259,326 ($ 15,054) \
.
CHARGES FOR SERVICES If'o'f'
General Government $ 13,800 $ 23,783 "":$ 9,983 1, .' k~.(e!i/I"
Highway and streets 5,500 ,/j'
4,150 {' 1 ,350) VJ~\'~
Sanitation Charges 4,000 825 .., 3,175) pit
Park and Recreation 1,100 1 ,865./ 765
Tot a 1 Charges for Services $ 24,400 $ 30,623 $ 6,223 ~ I)
FINES $ 33,000 $ 47 ,544../$ 14,544 ) {~" I.!""C
'(\
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MISCELLANEOUS $ 9,000 $ 13,538/$ 4 , 5 38
Tot a 1 Revenues $797,259 $819,493 $ 22,234
TRANSFERS $ 20,000 '/$
From Li quor Fund $ 20,000
From CDBG Fund 8,000 - ( 8,000)
From Revenue Sharing 13,206 1 3 ,206 ./
Total Trans fers $ 41,206 $ 33,206 ($ 8,000)
Total Revenues and Trans fers $838,465 $852,699 $ 14,234
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Page 22
City of Shorewood
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL
For the Year Ended December 31, 1983
Variance
Favorable
Budgeted Actual (Unfavorable)
'><
$ 25,181 $ 22,160 $ 3,021 Xl
35,530 33,961 1,569 ~tf"
31 ,811 53,318 21 ,507)...:t; ~>tj
if Jj Lfo 0 (,.
114,365 91,733 22,632 I fA !}
36,304 27 ,094 9,210
33,450 37 ,084 ( 3 ,634), -
5,701 5,707 ( 6)
$282,342 $271 ,057 $ 11 ,285
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$231,100 $240,341 ($ 9,241 r ?'\ \ ~ *
34,668 34,713 ( 45)
18,300 19,593 ( 1,293) C,
$284,068 $294,647 ($ 10,579) :,)
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General Government
Mayor and Council
Current Expenditures
Administration
Current Expenditures
Finance
Current Expenditures
General Government
Current Expenditures
Planning and Zoning
Current Expenditures
Lega 1
Current Expenditures
Municipal Building
Current Expenditures
Total General Government
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Public Safety
Police Protection
Current Expenditures
Fi re Protect ion
Current Expenditures
Protective Inspection
Current Expenditures
Total Public Safety
Streets and Highways
Public Works
Current Expenditures
Garage
Current Expenditures
Streets and Roads
Current Expenditures
Snow and Ice
Current Expenditures
Traffic Control
Current Expenditures
Street Lighting
Current Expenditures
Sanitation and Weeds Removal
Current Expenditures
Tree Maintenance
Current Expenditures
Total Public Works
$ 67,074
6,425
58,098
17 ,212
8,003
7,300
8,310
13,629
$186,051
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Park and Recreation
Current Expenditures
$ 89,747
7,712
49,164
17,858
7,415
6 , 1 08
5,394
5,022-
$188,420'($
t
($ 22 ,673) ~ ~~(a~
.-
( 1,287) \2't~~
8,934
646)
588
1 , 192
2 ,91 6. d() V
r1.. $ · ..JL...
8,607 (JT5I' J '-rr .
2,369)~Q 700 .
Total Expenditures
$ 33,476 $ 34,219 ($ 743)
$785,937 $788,343 ($ 2,406)
.
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Page 23
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City of Shorewood
GENERAL FUND
STATEMENT OF CHANGE IN FUND BALANCE
For the Year Ended December 31, 1983
t
UNAPPROPRIATED
Budgeted Actual
Variance
Favorable
(Unfavorable)
Fund Balance, January 1
($ 51,092) ($ 51,092) $
Total Revenue and Transfers
838,465
785,937
852,699
14,234
.
Total Expenditures
788,343 2,406)
2,647) ( 2,647) "5.f-.
$ 1,436 $ 10,617 $ 9,181
Prior Year Adjustment
Fund Balance, December 31
.
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APPROPRIATED t ty) I
c: f
Fund Balance, January 1 $ 15,000 $ 15,000 '? QPIIJ
. Debt Service Reduction 15,000) 15,000)
Fund Balance, December 31 $ -0- $ -0-
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City of Shorewood
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SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1983
.
Federal
Revenue
Sharing
ASSETS
. Cash and Short Term Investments $ 15 , 130
Accrued Interest 106
Total Assets $ 15,236
.
LIABILITIES AND FUND BALANCES
Fund Balance $ 15,236
. Total Liabilities and Fund Balances $ 15,236
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Page 25
City of Shorewood
.
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
For the Year Ended December 31, 1983
.
Federal Community
Revenue Development
Sharing Grant Tot a 1
. REVENUE
Interest $ 1 , 137 $ $ 1 , 137
Local Government 13,992 13,992
Federal Entitlement 19,155 19,155
Total Revenue $ 20,292 $ 13,992 $ 34,284
. EXPENDITURES
Transfer $ 20,407 $ $ 20,407
Capital Expenditures 3,477 13,992 17 ,469
Total Expenditures $ 23,884 $ 13,992 $ 37 ,876
Excess Revenue over
. Expenditures ($ 3,592) $ -0- ($ 3,592)
Fund Balance 1-1-83 $ 18,828 $ -0- $ 18,828
Fund Balance 12-31-83 $ 15,236 $ -0- $ 15,236
.
SPECIAL REVENUE FUNDS
.
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City of Shorewood
.
CAPITAL PROJECT FUND
COMBINING BALANCE SHEET
December 31, 1983
.
.
ASSETS
Cash and Short Term Investments
Accrued Interest
Total Assets
.
LIABILITIES AND FUND BALANCE
.
Accounts Payable
Fund Balance
Total Liabilities and Fund Balance
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Page 26
Capital
Park
Improvement
$ 51,289
334
$ 51,623
$ 9,297
42,326.
$ 51,623
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Page 27
City of Shorewood
.
CAPITAL PROJECT FUND
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For the Year Ended December 31,1983
.
.
REVENUE
Division Fees
Equipment Donations
Century Club Donation
Interest
Miscellaneous
Transfers
Total Revenue
Park
Improvements
o~"~""
r;~ 9,600_)
"T~8T4
3 , 1 00
3,681
630
7,200/'
$ 26,025
.
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EXPENDITURES
Interest
Capital Improvements
Engineer Services
Annual Festival
Total Expenditures
$ 855
3,311
474
$ 2,152
6,792
$ 19,233
$ 23,093
$ 42,326
NET INCREASE (DECREASE) IN FUND BALANCE
.
FUND BALANCE - January 1
FUND BALANCE - December 31
.
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City of Shorewood
.
SPECIAL ASSESSMENTS FUNDS
COMBINING BALANCE SHEET
December 31, 1983
.
ASSETS
.
Cash and Short Term Investments
Debt Service
Accrued Interest
Accounts Receivable
Special Assessments Receivable, Current
Unamortized Bond Discount
.
Total Assets
LIABILITIES AND FUND BALANCE
.
L i abil iti es
Bonds Payable
Total Liabilities
Fund Balance
.
Total Liabilities and Fund Balance
.
.
.
.
Page 28
$1,310,624
12,789
503
97,840
11,118
$1,432,874
$3,955,000
$3,955,000
($2,522,126)
$1,432,874
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Page 29
City of Shorewood
.
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGE IN FUND BALANCE
For the Year Ended December 31, 1983
.
.
REVENUES
Special Assessments
Current $ 631 ,870
Oelinquent 49,123
Penalties and Interest 9,680
General Property Taxes 15,123
Homestead Credit 3,509
Fiscal Disparities 600
Interest on Investments 105,331
Total Revenue $ 815,236
EXPENDITURES
Interest on Bonds $ 272,167
Fiscal Agent Fees 108
Construction Costs 14,286
Total Expenditures $ 286,561
Net Increase (Decrease) in
Fund Balance $ 528,675
Fund Balance, January 1 ($ 694,092)
Prior Year Adjustment ($2,356,709)
Fund Balance, December 31 ($2,522,126)
.
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City of Shorewood
.
WATER OPERATING FUND
BALANCE SHEET
December 31, 1983, 1982
.
ASSETS
.
Current Assets
Cash and Temporary Investments
Accounts Receivable
Less: Allowance for Uncollectible
Accounts
Other
Special Assessments
Total Current Assets
.
Fixed Assets (Note 1)
Equipment
Assets, Contributed
Less: Allowance for Depreciation
Total Fixed Assets
Total Assets
.
LIABILITIES AND FUND EQUITY
.
Current Liabilities
Accounts Payable
Accrued Liabilities
Current Portion Long Term Debt
Total Current Liabilities
.
LONG TERM LIABILITIES
Bonds Payable - Non Current Portion
.
RETAINED EARNINGS
Contributions
Retained Earnings (Deficit)
Total Fund Equity
Total Liabilities and Fund Equity
.
.
1983
($108,680)
6, 7 20~
1,585)-
2,172
($101,373)
Page 30
1982
($ 71,150)
5,289
($ 65,861)
$ 13,303 $ 13,303
931 ,81 0 . ..____jJl.~SlD
( 103,014)/'-- ( 74,711)
$842,099 $870,402
$740,726
$ 4,497
426
5,000
$ 9,923
$130,000
$931,810
( 331 ,007)
$600,803
$740,726
$804,541
$ 2,282
63
$ 2,345
$931,810
( 1 29 ,61 4 )
$802,196
$804,541
OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Insurance
Office Expense
Supplies, Motor Fuel
Small Tool s
City Buildings Expense Allocation
Electricity
Contracted Services
Education
Postage
Independent Audit
Purchases - Water
Purchase of Water Meters a4ff ref io '1;'0?l.t
, Equipment Maintenance 12,711
'j Mi scell aneous 687
""T) r;,/7
Depreciation HI ;J /v28,3.Q3/ 45,651
Total Operating Expenses >~.~/~ttil ($ 87_!.~ll\ $ 98,628
~ q . . ~- 7"'."
Operating Income (LOSS)~'~ e~~~)/) ($ 79,036)
ADD: Non Operating Revenue 'J ,)
General Property Taxes
Homestead Credit
Fiscal Disparities
Sale of Meters
Connections Charges
Speci al Assessments IYl
Total Non Operating Revenue
.
City of Shorewood
.
WATER OPERATING FUND
"
STATEMENT OF REVENUES AND EXPENSES
For The Years Ended December 31, 1983, 1982
.
1983
$ 23,172
OPERATING REVENUES
Water Sales
.
$ 17 ,738
3,614
694
60
4,217
.
5,834
5,067
135
\.
.
358
8,199 '1.
.
.
$ 12,463
2,873
492
1,778
55~ ~
$ 18, 156 .
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LESS: Non Operating Expenses
Interest, Interfund Loan
Interest on Bonds
Total Non Operating Expenses
$ 6,799~' $
11,623 5,642
$ 18,422 $ 5,642
($129,614) ($ 47,291)
, j,s. J \
i V\ l'l~" ,.., ($136 ,682) ~~"".o?
v>()\t0p,.,v. ($331 ,007)f~~J~$129,614)
NET INCOME (LOSS) TO RETAINED EARNINGS
($ 64,711)
.
RETAINED EARNINGS, January
PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, December 31
.'
Page 31
1982
$ 19,592
$ 19,642
3,892
" 2,526
.- !.~~! 11 0
,'1\' V\~
tl{1t lv' 1 ,829
J,vJ,~v> 419
f 3,942
5,605
3,477
90
11
357
8,103
2,494 r/
480
1 , 135 ~
890
330
$ 2,355
($ 82,323)
.
City of Shorewood
.
WATER OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Years Ended December 31, 1983, 1982
.
.
SOURCES OF FINANCIAL RESOURCES
Operat ions
Add: Expenses not requiring current
outlay of resources
Depreciation
Increase in Long Term Debt
Total Resources Provided
.
USES OF FINANCIAL RESOURCES
Net Loss for the Year
Prior Year Adjustment
Total Uses of Financial Resources
.
Net Increase (Decrease) in
Worki ng Capital
COMPONENT ELEMENTS OF INCREASE (DECREASE)
IN WORKING CAPITAL
.
Cash and Temporary Investments
Accounts Receivable
Special Assessments Receivable
Accounts Payable
Accrued Liabilities
Escrow Liability
Current Portion Long Term Debt
Net Increase (Decrease) in
Worki ng Capital
.
.
.
.
f'I'J\IC
$ 28,303 ~ $ 45,651
130,000
1983
$158,303
$ 64,711
136,682
$201 ,393
($ 43,090) '\
\
($ 37,530)J
5,135
( 3,117)
( 2,215)
( 363)
( 5,000)
($ 43,090)
1982
111 "
$ 45,651
$ 82,323
$ 82,323
($ 36,672)
($ 41,691)
1 ,058
46)
2,581
401
1,025
($ 36,672)
Page 32
:1\ ,.~
~0:)
. It'J
t.' ".
'\ 'S
.
.
City of Shorewood
SANITARY SEWER OPERATING FUND
BALANCE SHEET
December 31, 1983, 1982
ASSETS
.
.
.
.
Total Assets
LIABILITIES AND FUND EQUITY
.
Current Liabilities
Accounts Payable
Accrued Liabilities
Current Portion Long-Term
Indebtedness (Note 3)
Total Current Liabilities
.
Long-Term Indebtedness
Contracts Payable (Note 3)
Total Liabilities
.
FUND EQUITY
Contributions in Aid to Construction
Retained Earnings - Unreserved -
as restated (Note 7)
Total Fund Equity
Total Liabilities and Fund Equity
.
.
Page 33
1983
1982
$252,165
805
16,694
1,944
2,166)
278
22,768
$292,488
$ 19,434
353,540
( 51,967)
$321 ,007
$ 19,434
353,540
( 33,235)
$339,739
$632,227
$674,980
$ 6,033 $ 2 ,709
616
4,903 4,637
$ 10,936 $ 7,962
$ 22,605 $ 27 ,508
$ 33,541 $ 35,470
$353,540 $353,540
287,899 243,217
$641 ,439 $596,757
$674,980 $632,227
.
.
City of Shorewood
SANITARY SEWER OPERATING FUND
STATEMENT OF REVENUES AND EXPENSES
For The Years Ended December 31, 1983, 1982
.
OPERATING REVENUE
Sewer Service Charges
1983
Page 34
1982
$242,326 ~ $219,419
.
OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Insurance
Offi ce Expense
Supplies, Motor Fuels ''If\tl~J,;>s. C'f,,:1 ~"n ~>
Small Tools
City Buildings Expense Allocation
Electricity - Lift Stations
Contracted Servi ces i...rl'lJw?s A...ci,4 ~ t. 11 J .
Education
Service Charge Refunds j
Sewer Use Charge - Metro Waste. . ' I\rt~~~(
Cont ro 1 Comm, ss, on ~ I 1)11'
,Of
-/
4,387 /
5,178 /
115;1
71
/
189,316 ~
$ 15,1 07 ~
2,999 ./
446
755 '
2,448 /
.
.
Independent Audit
Postage Y
Depreciation 18,732 ~
Equipment Maintenance 2,421 /'
Miscellaneous 172
Inflow and Infiltration Study 80/
Total Operating Expenses $242,227
Operating Income . tJt \\Qt\9~ $ 99
OTHER ~EVENlJE . t\i~ \'Jr,,,> eo/~
Spec, al Assessments .' DQ'JI. eltti.\\'4 ~'" $
General Property Taxes-/"- J LO~iI (}9'lJ."v'\ ~.\\" )
Hsomestepad ~redit ::;) 10'-' \~\'~ ~' }
ewer erm,ts (CP,"'"y'P
Di sposal Fees ..' ~,t"
Refunds - Reimbursements
Metro Sewer SAC Charges
Interest on Investments
Total Other Revenue
.
.
27 ,839~
6,207:/
3 ,1 00
785
8,866
13,600
17 ,718
$ 78,112
.
OTHER EXPENSES
Interest
Metro sewer SAC Charges
Total Other Expenses
~ <[ r I Y....1......'
G~. t.
,Ll- ~//. '
)/ "I
$ 1 ,848~
13,043
$ 14,891
$ 63,320
$243,217
($ 18,638)
$287,899
.
NET INCOME TO RETAINED EARNINGS
RETAINED EARNINGS, January 1
PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, December 31
.
$ 13 ,928
2,870
2,149
582
707
1 ,482
2,844
4,314
2,286
243
94
159,271
357
590
18,732
18
2,383
$212,850
$ 6,569
$ 14,664
900/
280 ~.
1,716
3,825
24,997
$ 46,382
$ 2,026
2,945
$ 4,971
$ 47,980
$195,237
$
$243,217
$ 82,052 $ 66,712
\ .~~)~;) \i
1)9 \ '\
$ 4,903 /~(:\)
18,638//
.
City of Shorewood
.
SANITARY SEWER OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Years Ended December 31,1983,1982
.
1983
SOURCES OF FINANCIAL RESOURCES
.
Operations
Net Income for the Year
Add: Items not requiring current
outlay of resources
$ 63,320
Depreciation
18,732
Total Resources Provided
by Operations
.
USES OF FINANCIAL RESOURCES
Retirement of Long Term Debt
Prior Year Adjustment
.
Total Use of Financial Resources
$ 23,541
Net Increase (Decrease) in
Work i ng Capital
$ 58,511
.
COMPONENT ELEMENTS OF INCREASE (DECREASE)
IN WORKING CAPITAL
.
Cash and Temporary Investments
Certificates of Deposit
Receivables
Other
Accrued Interest
Accounts Payable
Accrued Liabilities
Current Portion Long-Term Indebtedness
Contracts Payable
Net Increase (Decrease)
in Working Capital
$ 58,511
$ 81,418
1
21 ,746) \
1,813
3,324)
616
266)
.
.
.
Page 35
1982
$ 47,980
18,732
$
-0-
$ 66,712
$172,536 ,., L5'i,.,~(P
( 114,310).0
255
( 5,678)
( 1,414)
10,570
368
252)
4,637
$ 66,712
.
City of Shorewood
.
LIQUOR FUND
BALANCE SHEET
December 31, 1983, 1982
.
ASSETS
.
CURRENT ASSETS
Cash and Investments
Accounts Receivable
Inventory
Liquor
Wine
Beer
Miscellaneous
Total Current Assets
1983
$ 54,722
5,980
57,308
43,034
10,336
4,557
$175,937
.
FIXED ASSETS
Furniture and Fixtures
Leasehold Improvements
Less: Allowance For Depreciation
Total Fixed Assets
$ 25,145
3,955
( 25,343)
$ 3,757
$179,694
.
Total Assets
Page 36
1982
$ 57,144
12,576
58 ,511
46,653
11 ,254
6,035
$192,173
$ 25,145
3,955
( 24,215)
$ 4,885
$197,058
LIABILITIES AND EQUITY
. CURRENT LIABILITIES
Accounts Payable $ 27 ,215 $ 18,579
Accrued Liabilities 10,084 5,682
Total Current Liabilities $ 37,299 $ 24,261
RETAINED EARNINGS $142,395 $172,797
.
Total Liabilities and Equity $179,694 $197,058
.
.
.
.
City of Shorewood
Page 37
.
LIQUOR FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For the Years Ended December 31, 1983, 1982
.
1983
$693,309
528,705
$164,604
SALES AND COST OF SALES
Sales
Cost of Sales
Gross Profit
.
GENERAL AND ADMINISTRATIVE EXPENSE
Salaries, Regular
Salaries, Part Time
Employee Benefits
Supplies, Office
Supplies, R & M
Supplies, General
Professional Services
Audit
Contractual
Meetings, Schools & Miles
Util ities
Insurance
Miscellaneous
Bookkeeping
Rent
Dues & Subscriptions
Advertising & Promotions
Depreciation
Total General and Administrative
$ 67,845
13 ,391
13,585
3,289
438
1 ,395
750
2,886
3,122
422
10,922
11 ,226
938
3,098
41,698
529
699
1,128
$177 ,361
($ 12,757)
.
.
.
Net Operating Income (Loss)
.
OTHER INCOME
Interest
$ 2,355
($ 10,402)
172,797
($ 20,000)
$142,395
Net Income (Loss)
RETAINED EARNINGS, January 1
.
Less Transfers
RETAINED EARNINGS, December 31
.
.
1982
$767,320
587,099
$180,221
$ 80,613
12,172
518
2,518
2,865
9,203
9,879
1 0 ,746
1 ,459
39 ,1 57
125
1 , 149
758
$171,162
$ 9,059
$ 2,088
$ 11,147
161,650
$
$172,797
.
Page 38
City of Shorewood
.
LIQUOR FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Years Ended December 31, 1983, 1982
. 1983 1982
SOURCES OF FINANCIAL RESOURCES
Net Income for the Year $ $ 11,147
Add: Items not requiring current
outlay of resources De f'Y . 1 , 1 28 758
. Total Resources Provided $ 1 , 1 28 $ 11 ,905
USES OF FINANCIAL RESOURCES
Net Loss for the Year $ 10,402 $
Acquisition of Fixed Assets 4,958
Transfer to Other Funds 20,000
. $ 30,402 $ 4,958
Net Increase (Decrease) in
Worki ng Capital ($ 29,274) $ 6,947
.
COMPONENT ELEMENTS OF INCREASE (DECREASE)
OF WORKING CAPITAL
Cash and Investments ($ 2,422) $ 1,116
Receivables and Prepaids ( 6,596) ( 2,051)
. Inventories ( 7,218) 2,122
Accounts Payable ( 8,636 ) 3,800
Accrued Liabilities ( 4,402) 1,960
($ 29,274) $ 6,947
.
.
.
.