1984 - Comp. Annual Financial Report
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C1 ty of Shore.wood
Shorewood, Minnesota
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AUDITOR1 S REPORT
December 31, 1984
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Robert Rascop
Jan Haugen
Tad Shaw
Kri sti Stover
Robert Gagne
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City of Shorewood
Shorewood, Minnesota
OFFICIALS
1984
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12-31-84
12-31-86'
12-31-86.
12-31-84
12-31-84
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City of Shorewood
Sho rewood, Mi nnesot a
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INDEX
Decanber 31, 1984
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Accountant's Opinion
Page
1
2 - 3
Combi ned Balance Sheet - All Fund Types and Account Groups
Combi ned Statanent of Revenue, Expendi tures and Changes
in Fund Balance
4 - 5
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Combined Statanent of Revenue, Expenditures and Changes in
Fund Balance - General and Special Revenue Fund
Proprietary Fund Types
Combi ni ng Statanent of Revenue, Expenses and Changes
in Retained Earnings
Combining Statanent in Changes in Financial Position
Notes to Fi nanci a1 Statanent s
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Statanent of Revenue - Budgeted - Actual
7 - 8
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10 - 17
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19
20
21 - 22
23
24
25
26
27
28
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Supp1 ementary Information
General Fund
Balance Sheet
Statanent of Expendi tures - Budgeted - Actual, and
Change in Fund Balance
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Special Revenue Funds
Combining Balance Sheet
Combi ni ng Statanent of Revenue and Expendi tures
and Change in Fund Balance
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Capital Project Fund
Combining Balance Sheet
Combi ni ng Statanent of Revenue, Expendi tures and Changes in
Fund Balance
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Special Assessment Funds
Combining Balance Sheet
Combining Statanent of Revenue, Expenditures and Changes in
Fund Bal ance
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City of Shorewood
Shorewood, Minnesota
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INDEX
December 31, 19~ 1
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Water Operating Fund
Comparative Balance Sheet
Comparative Statement of Revenue, Expenses and
Changes in Retained Earnings
Comparative Statement of Change in Fi nanci a1 Pos i tion
Sanitary Sewer Operating Fund
Comparative Balance Sheet
Comparative Statement of Revenue, Expenses and
Change in Retained Earnings
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Comparative Change in Financial Position
Li quor Fund
Comparative Balance Sheet
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Compa rat ive Statement of Revenue, Expenses and Changes in
Retained Earnings
Comparative Statement of Changes in Financial Position
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MATTHIAS. ROEBKE 8c MAISER
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CERTIFIED PUBLIC ACCOUNTANTS
1540 EAST FIRST
P. O. BOX 615
WACONIA. MINNESOTA 1515387
AREA CODE 61 2
LOCAL 442.440B
METRO 446.1 1 92
ALAN W. MATTHIAS
.JOHN M. ROEBKE
.JAMES J. MAISER
DUANE A. EBERT
DEAN R. DALEN
TAMMY J. GRAFFT
May 10, 1985
NORWOOD OFFICE
CITIZENS STATE BANK BLDG.
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CHASKA OFFICE
HAZELTINE GATES BLDG.
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The Honorable Mayor and the
Honorable City Council
City of Shorewood
Shorewood, Minnesota
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We have examined the canbined financial statements of the City
of Shorewood, Minnesota, as of and for the year ended December 31,
1984, as 1 i sted in the table of contents. Our exami nation 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 ci rcumstances.
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As more fully desc ri bed in the Notes to Fi nanci al Statement s, no
complete historical record exists of costs for the City's investment
in property, plant and equipment, except for the Liquor Fund, because
acquisitions prior to January 1,1978 have not been recorded. This is a
departure fran generally accepted accounting pri nci pl es. Si nce Janua ry 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 provi sion for
depreciation, which confonns to generally accepted accounting principles
appl icable to goverrmental units.
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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, 1984, and the resul ts of its opera-
tions for the year then ended, in confonnity wi th 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 speci al assessment funds and the reclassification of
Revenue Bonds fran the Long Tenn Debt Group of Accounts to the Enterpri se
Fund, as described in Notes to the Fi nanci al Statements.
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Our examination was made for the purpose of fonning an opinion
on the canbined financial statements taken as a whole. The canbining,
individual fund, and account group financi al statements and schedules
listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the canbined financial statements
of the City of Shorewood, Minnesota. The infonnation has been slbjected
to the auditing procedures applied in the examination of the canbined
financial statements and, in our opinion, is fairly stated in all ITBterial
respects in relation to the canbined statements taken as a whole.
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City of Shorewood
COMBI NED BALANCE SHEET - ALL fUND lYPES ~D ACCOUNT GROUPS
December 31. 1984
Governnental Fund Types
Propri e-
tary
Account Groups
General General
Fhed Long-Tem
Assets Debt
Totals Memorandum Only
Decembe r 31. Decenbe r 31,
1984 1983
General
Speci al Debt Capi tal Speci al Enter-
Revenue Service Projects Assessments ~
ASSETS
Cash and Investments $170.933 $ 15.371 $ 51 .463 $1.980.931 $ 319.073 $ $2.537,771 $1,680.027
Accrued I nteres t 183 495 11.311 3.182 15.171 1 5 .320
Accounts Receivable 13,660 98,353 112,013 36,624
Taxes Receivable - Current 12,590 12,590 11 ,544
Special Assessments-Current 41 .037 41 ,037 97,840
Prepaids 9,779 9,779
Unamort i zed Bond Di scount 8,206 8,206 11,118
Inventory 106,193 106 ,193 115,235
Fixed Assets - Net of
Depreciation 1,118,700 1.118,700 1.166,863
General Fixed Assets 700,475 700,475 628 ,787
Total Assets $206,962 $ 15,554 $ 51 ,958 $2,041 ,485 $1 ,645 ,SOl $700,475 $ -0- $4,661 ,935 $3 ,763,358
The accompanying notes are an integral part of this financial statenent.
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LIABILITIES AND
FUND EQUITY
Accounts Payable
Contracts Payable
Special Assessments
Bonds Payable
Revenue Bonds Payable
Other long Tenn Debt
Investment in
General Fixed Assets
Contributed Capi tal
Retained Earnings
Fund Bal ance
Unappropri ated
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City of Shorewood
COMBINED BALANCE SHEET - All FUND TYPES NlD ACCOUNT GROUPS
December 31, 1984
Governmental Fund Types
Speci al Debt Capi tal
Revenue Service Projects
Propri e-
tary
Speci al Enter-
Assessments ~
General
$115,984 $
14 ,000
76,978
Account Groo ps
General General
Fixed Long-Tenn
Assets Debt
Totals Memorandum Only
December 31, December 31,
1984 1983
15,554
$ $ 164,617 $ 74,526 $ $ 355,127 $ 86,373
14,000
4,600,000 4,600,000 3,955,000
130,000 130,000 135,000
5,438 528 ,082 22,605 556,125 27,508
700,475 700,475 628 ,787
1 ,285,350 1,285,350 1 ,28 5,350
133,020 133,020 99,287
46,520 ( 3,251,214) 3 ,112,162) 2 ,453 ,947)
$ 51 ,958 $2,041 ,485 $1,645,501 $700,475 $ -0- $4,661,935 $3 ,763 ,358
Total Liabilities
And Fund Equity $206,962 $ 15,554
The accanpanying notes are an integral part of this financial statement.
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City of Shorewood
STATEMENT (F REVENUES, EXPENDIllIRE5.,_-AND CHANGES
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I(~LL GOVE_R~FUND_"TYPES_~~)
For 1:~r Ended December 31, 1984
COMBINED
REVENUES:
Taxes
Speci al Assessments
licenses and Pennits
Intergoverrmental Revenue
Federal
State
Charges for Services
Fines
Interest on Investments
Miscellaneous Revenue
Total Revenues
OTHER SOURCES
Transfer from Other Funds
Total Revenues and
Other Sources
Governnental Fund Types
Speci al Debt
General Revenue Servi ce
I N FUND BALANCES
Capital
Proj ect s
Total s Memorandum Only
Speci al December 31 December 31
Asses9TIents .. 198: 1983
. . {et/k fl~v
$(~~".:?19-~ f"1864 ,319 ~$ 430,579
502,656 502,656 690,673
49,030~ 53,606
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$ 801 ,800 $
49,030 /
19,571/
303,653
25,674 /
64,354
6,325
$1,250,836 $ 21,918
2,347
$
/"~'. 19 ,571_~ 1 9,155
/l9..365J 313,018, 276 ,827
25,674 / 30,623
64,354 47,544
6,582 144,808 153,737./ 110,149
20,487 1 ,815 28 ,627 28,682
$ 27 ,069 $721,163 $2 ,020,986 $1 ,687 ,838
$ 2,600 $ 21 ,600 $ 40,406
$ 29,669 $721,163 $2 ,042,586 $1,728,244
$ 19,000
$1,269,836 $ 21,918
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The accompanying notes are an integral part of this financial stat8l1ent.
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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, 1984
GovernTIental Fund Types
Speci al Debt
General Revenue Servi ce
Total Memo randum Only
Capi tal Speci al December 31 December 31
Projects Assessments 1984 1983
EXPENDITURES:
Current
General Government $
Public Safety
Police
Fire
Ot he r
Street and Highways
Maintenance
Street Lighting
Parks and Recreation
Capi tal Outl ay
Debt Service
Interest and Fiscal Charges
Total Expenditures $1,203,475 $
OTHER USES:
Transfer to Other Funds
346,048 $
262,536
41 ,257
25,303
479,387
6,384
42,560
$ $
$ 346 ,048 $ 271,057
262,536 240,341
41 ,257 34,713
25,303 19,593
479,387 182,312
6,384 6 ,1 08
68,035 36,845
1 ,184,082 35,066
266,169 273,130
$2,679,201 $1 ,09 9 , 1 65
$ 21 ,600 $ 20,407
25,475
1 ,184,082
26 6 ,1 69
$ 25,475 $1,450,251
$ 21 ,600
Total Expendi tures and
Other Uses $1,203,475 $ 21 ,600
Net Increase (Decrease) i n Fund
Balance During the Year $ 66,361 $ 318 $ 4,194 ($ 729,088) ($ 658,215) $ 608 ,672
FUND BALANCE - January 1 $ 10,617 $ 15,236 $ 42,326 ($2,522,126) ($2,453,947) ($ 703,263)
PRIOR YEAR ADJUSTMENT ($2,359,356)
FUND BALANCE - December 31 $ 76,978 $ 15 ,554 $ 46,520 ($3,251,214) ($3,112,162) ($2,453,947)
$ 25,475 $1,450,251 $2,700,801 $1,119,572
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The accompanying notes are an integral part of this financial statement.
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City of Shorewood
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -
GENERAL AND SPECIAL REVENUE FUND TYPES
For the Year Ended December 31, 1984
Speci a1 Revenue
General Fund Funds
COMBINED STATEMENT OF
Vari ance
Favorable
Bud get Actual (Unfavorab le) Budget Actual
$ 791 ,449 $ 801 ,800 $ 10,351 $ $
36,900 49,030 12 ,130
283,536 303,653 20 , 117 19,571 19,571
22,000 25,674 3,674
40,000 64,354 24,354
10,000 6,325 ( 3,675) 2,347 2,347
$1,183,885 $1,250,836 $ 66,951 $ 21 ,918 $ 21,918
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Miscellaneous revenues
Total Revenues
Expenditures:
Current:
General government
Pub 1 i c safety
Highways and streets
$ 338,968 $ 346,048 ($ 7,080)
336,885 329,096 7,789
511,024 485,771 25,253
Parks and recreation 44,008 42,560 1,448
Total Expenditures $1,230,885 $1,203,475 $ 27,410
Excess of Revenues
over (unde r)
Expendi tures ($ 47,000)$ 47,361 $ 94,361
Other Financing Sources(Uses):
Operating transfers 47,000 19,000 ( 28,000)
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BUDGET AND ACTUAL
Totals
(Memorandum Only)
Budget
Actua 1
Variance
Favorable
(Unfavorable)
$ 10,351
1 2 ,130
20 ,11 7
3,674
24,354
( 3,675)
$ 66,951
$ 338,968 $ 346,048 ($ 7,080)
336,885 329 ,096 7,789
511,024 485,771 25,253
1 ,448
$ 27,410
$ 21 ,918 $ 21,918 ($ 25,082)$ 69,279 $ 94,361
$ 791 ,449 $ 80,1 ,800
36,900 49,030
303,107 323,224
22,000 25,674
40,000 64,354
12,347 8,672
$1,205,803 $1,272,754
$
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44,008 42,560
- $1,230,885 $1,203,475
25,400(
2,600) ( 28,000)
Excess of Revenues over
(under) Expenditures $
and Other Uses $ -0- $ 66,361 66,361 $ 318 $ 318 $ 318 $ 66,679 $ 66,361
FUND BALANCE - January 1 $ 10,617 $ 10,617 $ $ 15,236 $ 1 5 ,236 $ 25,853 $ 25,853 $
FUND BALANCE - December 31 $ 10 ,617 $ 76,978 $ 66,361 $ 15,554 $ 15,554 $ 26 , 171 $ 92 ,532 $ 66,361 ""0
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21 ,600) ( 21 ,600)
The accanpanyi n9 notes are an integral part of this financi a1 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, 1984, 1983
Enterpri se Funds
(Total s - Memorandum Only)
1984 1983
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SALES AND COST OF SALES
Sales
Cost of Sal es
Gross Profit
$708,283
563,918
$144,365
$693 ,309
528,705
$164,604
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OPERATING REVENUE
Sewer Servi ce Charges
Water Sales
Total Operating Revenues
Total Gross Profit and
Operating Revenue
$274,857
26 ,922
$301 ,779
$242,326
23 ,172
$265,498
$446,144
$430,102
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OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Rent
Ut i 1 it ies
Insurance
Ad ve rt i sing
Depreciation
Professional Services
City Bldgs. Exp. Allocation
Suppl i es
Office Expense
Repai rs and Mai ntenance
Dues, Subscriptions, Ed.
Sewer Use Charge - MWCC
Purchases - Water
Inflow and Infiltration Study
Purchases of Water Meters
Mi scellaneous
Total Ope rat i ng Expenses
Operating Income
$117,359
20,344
33,991
21 ,750
7,271
1 ,844
48 , 1 6 3
24,782
2,167
7,539
1 ,649
23,876
908
243,386
6,173
$114,081
20,198
41 ,698
21 ,143
12,366
699
48,163
17 ,361
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8,060
7,202
15,570
1 ,201
189,316
8,199
80
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625
4 ,857
$566 ,684
($120,540)
1,868
$507,205
($ 77,103)
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OTHER REVENUE
General Property Taxes
Homestead Credit
Permits & Connection Fees
Interest on Investments
Other Income
Total Other Revenue
$118,658
21 ,110
13,999
37 ,305
3 ,650
$194,722
$ 40,791
9,080
19,028
20,073
9 ,651
$ 98,623
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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, EXPENSES AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES
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For The Years Ended December 31, 1984, 1983
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OTHER EXPENSES
Metro Sewer SAC Charges
Interest
Interest on Interfund Loans
Total Other Expenses
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NET INCOME (LOSS) TO RETAINED EARNINGS
RETAINED EARNINGS, JANUARY 1
LESS: TRANSFERS
LESS: PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, DECEMBER 31
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Enterprise Funds
(Totals - Memorandum Only)
1984 1983
$ 12,203
12,855
15,391
$ 40,449
$33,733
$ 99,287
$ 13,043
13,471
6,799
$ 33,313
($ 11 ,793)
$286,400
($ 20,000)
($155,320)
$ 99,287
$133,020
The acccmpanying notes are an integral part of this financial statanent.
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City of Shorewood
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COMBINED STATEMENT CF OiANGES IN FINANCIAL POSITION
ALL PROPRI ETARY FUND TV PES
For The Years Ended December 31, 1984, 1983
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Enterprise Funds
(Totals - Memorandum Only)
1984 1983
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SOURCES OF FINANCIAL RESOURCES
Ope rat ions
Net Income for the Year
Add: Items not requi ri ng current
outlay of resources
Depreciation
Increase in Long-Term Debt
Total Resources Provided
$ 53,920
$ 63,320
48 , 16 3
$102,083
48,163
130,000
$241 ,483
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USES OF FINANCIAL RESOURCES
Ope rat ions
Net Loss for the Year
Reduction of Long Term Debt
Transfers
Prior Year Adjustment
Acquisition of Fixed Assets
Total Uses of Fi nanci a1 Resources
$ 20,187
:10~,lB5
$ 30,372
$ 75,113
4,903
20,000
155,320
$255,336
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Net Increase (Decrease) in
Worki ng Capital
$ 71 ,711
($ 13,853)
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COMPONENT ELEMENTS OF INCREASE (DECREASE)
IN WORKING CAPITAL
Cash and Temporary Investments $ 39,448 $ 41 ,466
Receivables 57,741 ( 23,207)
Speci a1 Assessments ( 3,117)
Ot he r 9,026 -0-
Accrued Interest 1 ,091 1 ,813
Inventori es ( 9,042) ( 7,218)
Prepa id Expenses
Accounts Payable ( 23,248 ) ( 14,175)
Accrued Liabilities ( 3,023) ( 4,149)
Current Port ion Long-Term Indebted-
ness ( 282) ( 5,266)
Net Increase (Decrease) in
Worki ng Capi tal $ 71,711 ($ 13 ,853)
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The accompanying notes are an integral part of this financial statanent.
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City of Shorewood
NOTES TO FINANCIAL STATEMENTS
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December 31, 1984
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Note 1 - Summary of Significant Accounting Policies
A. Fund Account i ng
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The accounts of the City a re organized on the bas is of funds and
account groups, each of which is considered a separate accoonting
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 appropri ate. Goverrment 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 wtlich spendi ng act ivities
are controlled. The various funds are grouped, in the financial
statanents in this report, into eight generic fund types and
three broad fund ca tegori es as fo 11 ows:
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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 financi al resources
except those requi red to be accounted for in another fund.
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Speci al Revenue Funds - Speci al Revenue Funds are used to accoont
for the proceeds of certai n speci fic 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, genera'l
long-tenn pri nci pal, interest, and related costs.
Capital Projects Funds - Capital Projects Funds are used to ac-
count for financi al resources to be used for the acqui sition or
construction of major capital facilities other than those financed
by propri etary funds or Sped al Assessment Funds.
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Speci al Assessment Funds - Sped al Assessment Funds are used
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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City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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NOTE 1 - Continued
FIDUCIARY FUNDS
a Agency Funds - Agency Funds are used to account for assets
held by the City as an agent for individuals, private organi-
zations, other goverrments, and/or other funds. The City does
not have any Agency Funds.
B. Measurement Focus
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The accounting and reporting treatment applied to the fixed
assets and long-tenn liabilities associated with a fund is deter-
mined by its measurement focus. Goverrmental funds and
Agency funds are accounted fo r on a spendi ng or .. fi nanci al f1 ow"
measurement focus. This means that only current assets and
current liabilities are generally included on their balance sheets.
Their reported fund balance is considered a measure of lIavail-
able spendable resources." Goverrmental fund operating state-
ments present increases and decreases in net current assets.
Accordingly, they are said to present a summary of sources and
uses of lIavailable spendable resources" during a period.
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Fixed assets used in goverrmental 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 systans and lighting systans, are excluded from
general fixed assets as such itans are immovable and of value only
to the City. No depreciation has been provided on general fixed
assets.
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Long-tenn liabiltiies expected to be financed from goverrmental
funds are accounted for in the General Long- Tenn Debt Account
Group, not in the goverrmental funds. The single exception to
this general rule is for special assessment bonds, W1ich are ac-
counted for in Speci al Asses sment Funds.
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Proprietary funds are accounted for on a cost of service or
"capi tal maintenance" measurement focus. Thi s means that all
assets, including fixed assets, and all liabilities, including
long-tenn liabilities, associated with their activity are in-
cluded on their balance sheets. Their reported fund equity is
segregated into contributed capi tal and retai ned earni ngs can-
ponents. Proprietary fund type operating statanents present
increases and decreases in net total assets.
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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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City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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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 fran 10 to 50 years.
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Donated fixed assets are valued at the fair market value
as of the date received.
C.
Basis of Accounting
Goverrmental funds and Agency funds are accounted for using
the modified accrual basis of accounting. Their revenues
are recognized when they becane measurable and available.
Substantially all sources of revenue are accrued except
interest on special assessments receivable, W1ich is recog-
nized when due.
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Expenditures are generally recognized under the modified ac-
crual basis of accounting when the related fund liability is in-
curred, except for pri nci pal and interest on general 10ng-tenn
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.
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D. Budgets and Budgetary Account i ng
The city follows these procedures in establishing the budgetary
data reflected in the financial statanents:
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1. The City Administrator submits to the City Council a
proposed operating budget for the fiscal year canmenci ng
the following January 1. The operating budget includes
proposed expenditures and t he means of fi nanci ng than.
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 anployed as a management
control devi ce duri ng the year for the General Fund and
Speci al Revenue Funds . Formal budgetary i ntegrat ion is
not anployed for Debt Service Funds because effective
.
.
~
Page 13
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
t
NOTE 1 - Continued
.
~ budgetary control is alternatively achieved
through general obligation bond indenture provisions
Budgetary control for Capital Projects and Speci al
Assessments Funds is accanpl i shed through the use of
proj ect cant ro 1 s .
.
5. Budgets for the General and Speci al Revenue Funds are
adopted on a basis consistent with generally accepted ac-
count i ng pri nci p1 es.
6. Budgetary control is maintained at the object of expendi-
ture category level within each activity, and in canp1iance
with City Charter requi renents. Also inherent in this
controlling function is the management philosophy that the
existence of a particular iten or appropriation in the ap-
proved budget does not automatically mean that it will be
spent. The budget process has flexibility in that, W1ere need
has been properly demonstrated, an adjustment can be made
within the department budget by the City Council. Therefore,
there is a constant revi ew proces sand expendi tures are not
approved until it has been detennined that (1) adequate
funds were appropriated; (2) the expenditure is still
necessary; and (3) funds are available.
Budgeted amounts are as origi na11y adopted or as anended by
the City Council. Budgeted expendi ture appropri ations
1 apse at year-end.
E. Cash and Temporary Cash Investments
Cash ba1 ances fran all funds are canbi ned and invested to the
extent available in short tenn certifica~es of deposit a!1d re-
purchase agreenent. Investments are carried at cost. Market
value at December 31,1984 is the sane as cost. Earnings fran
such investments are allocated to the respective funds on the
basis of applicable cash balance participation by each fund.
.
.
.
.
F. Invento ry
.
Inventories are stated at cost, on a first-in, first-out basis.
)'
ii'
'~
\
.
G. Accumulated Unpaid Vacation and Sick Pay
Vacat ion cannot be accumu1 ated past year-end wi thout Council
approval. Unpaid vacation pay approved by the City Council as
of December 31 , 1984 is not materi a1. Sick 1 eave is expensed
as paid. Unpaid sick leave as of Decem~~~,~~4 \epre37nts
a contingent liability for the Cityc,( $30,333. ./.,y1O .,
\ t'''':'; \,
~_._....... .... eN'
,'j ~(:;
~/~'~~
.
.
Page 14
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
.
NOTE 1 - Continued
H. Total Columns on Combi ned Statanents
.
Total columns on the combined statanents 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 conformity 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 cert ifi ed
to the County auditor, who acts as collecting agent, on
J J.,IV October 1 of the year prior to collection. Minnesota cities
(!(\f:"s UMJ V' operate under a levy limitation law \'k1ich generally pennits
aO ~.cr 7' an 8% annual increase in taxes pe r capita. Levi es fo r bonded
;: GdL~,\fL/ . ~~e not covered by this~. -- -
llft^J. Property tax revenue includes anounts collected by the County
duri ng the year and ranitted to the City. Del i nquent property
taxes receivable are offset by an allowance for uncollectable
taxes. Portions of the tax levy paid by the state in the
fonn of Homestead and Reduced Assessment Credits are included in
intergovernmental revenue. ,...only that portion collected direct-
1 from prope rty 0 ed in tax r nue.
J. Fi nanci al Report i ng 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 Fi nanci al Statanents presented
herein do not include agencies which have been fonned under
applicable state laws as separate and distinct units of govern-
ment apart from the Ci ty 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 1-1-84 Additions Deductions 12-31-84
. Land & Buildings $494,162 $ 1 ,952 $ $496,114
Mach i nery and
Equipment 134,625 73,953 4,217 204,361
$628,787 $ 75,905 $ 4,217 $700,475
.
Page 15
.
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
t
.
Note 2 - Fixed Assets ( Cont i nued)
Balance Balance
Enterpri se Fund 1-1-84 Addi t ions Deduct ions 12-31-84
Sewe r Fund $372 ,974 $ $ $372,974
Water Fund $ 94 5 , 11 3 $ $ $ 94 5 ,11 3
Liquor Fund $ 29,100 $ $ $ 29,100
.
Depreciation
Enterprise Funds
Depreciation is detennined using the straight-line method for the
estimated useful li fe of the asset, rangi ng fran five to fifty years.
Depreciation expense for 1984 for the Water Fund was $28,300, Sewer
Fund $18,732 and Liquor Fund $1,128.
Speci al Assessment and Trust and Agency Funds -
No depreciation has been provided on the fixed assets.
General Fixed 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 anounts shown in the financial statanents as IIBudgetedll
represent the origi nal budgeted amount and all revi sions made
during the year.
Note 3 - Contract s Payable
The City has entered into a purchase
that will be developed into a pub 1 i c
balance of $14,000 is due by June 1,
.
I
.
.
Note 4 - Long-Term Debt
General Obligation Bonds:
General Obligation Bonds are recorded in the Geneeral Long-Tenn Debt
of Accounts and are backed by the full faith and credit of the City.
agreanent for the purchase of land
road and utilities. ...{The ranaining
1985. 1/ IJ.)N"
,J~ \. ~.
),,,^ !>' V ~
Grou p
.
Speci al Assessment Bonds:
These bonds are recorded as a liability in the Special Assessment
Fund. The bonds are payable primarily fran speci al assessments
to be levied and collected for local improvements, and are backed
by t he full faith and c redi t of the ci ty .
.
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 Ci ty. If water revenues are not suffici ent to meet the debt
service requirements an ad valoran tax will be levied to meet the
debt service requi rements.
.
.
. Ci ty of Sho rewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 4 - Long-Term Debt (Continued)
Balance
ISSUE 1-1-84 Additions
General Obligation $ -0-
.
.
Speci al Assessment Bonds
71 Sewer Imps. $ 200,000
72 Sewer Imps. 1,170,000
72 Sewer Imps. B 810,000
73 Water Imps. 40,000
74 Sewer Imps 620,000
80 Improvements 40,000
81 Improvements 1 ,075,000
84 Improvements -0-
Total $3,955,000
.
.
Water Revenue Bonds
$ 135,000
.
Other Long Term Debt
Park-Contract
Park-Contract
Sewer-Deferred
Contract
Sewer Construction
Contract
$ 6,797
2,500
27 ,508
"$ 36,805
Page 16
Balance
Deductions 12-31-84
$
$
$ 25,000
130,000
90,000
5,000
70,000
20,000
265,000
-0-
$605,000
Maturi ty
$ 175,000 1991
1 ,040,000 1992
720,000 1992
35,000 ' 1991
550,000 1993
20,000 1985
810,000 1987
1 ,250,000 2001
$4 ,600,000
$ 130,000 J.'
-l t,
,&~
$ 5 ,438/1'988 ~o ,'..
-0- 1984 / l~lv ~!1i~\
22,605 1988 Y .,\ ~
. 'I1't ...J;
<' ~.!fJ-Jnr IJ~
528 ,08t ' :,
$ 556,125
The de bt servi ce requi renent fo r the next five years is SlJllma ri zed bel (IN:
Speci al Assessments Reve nue Bonds Other Debt
Year Pri nci pal Interest Principal Interest Pri nci pa 1 Interest
1985 $610,000 $263,922 $ 5,000 $10,625 $6,544 $1,518
1986 590,000 260,612 10,000 10,250 6,842 1 ,165
1987 670,000 218,153 10,000 9,475 7,158 795
1988 405,000 183,633 10,000 8 ,7 00 7,499 406
1989 400,000 162,127 10,000 7 ,925
.
.
Note 5 - Fund Balance Deficits
I
1 ,250 ,000
$1,250,000
$ - $ 5,000
$
$ 1 ,359
2,500
4,903
528 ,082
$ 528,082 $ 8,76~
The following funds have fund balance deficits
Speci al Assessment Fund
Water Operating Fund
vJ>4
as of December 31, 1984: nJ\f". \
,.{. r-' ),.tt
($3,251 ,214) 3''\ () -f".rl'
($ 277,087) -::: \'\
Note 6 - 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 Retirenent
Association (PERA). also /J/:f .JihJ e,V) i.l: :5'
The City's contribution in 1984 for PERA was $15,993.
.
.
.
Page 17
City of Shorewood
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
a
.
Note 7 - City Improvement Project
In 1984 the City issued bonds totaling $1,250,000 to finance all or
a port ion of the cost of local improvements. The total estimated costs of
this project is $1,256,533. The balance of the project will be financed
through investment earnings.
.
Note 8 - 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, 1984 is as follows:
.
Tot a 1
Li q uo r Sewer Water Enterpri se
Fund Fund Fund Funds
Operating Reserves $144,365 $274 ,857 $ 26,922 $446,144
Ope rat i ng Expenses $165,618 $313,286 $ 87,780 $566 ,684
Ope rat i ng Incane ($ 21,253) ($ 38,429) ($ 60,858) ($120,540)
Other Incane, (Expenses) 3,535 35,960 114,778 154,273
Net Incane ($ 17,718) ($ 2 ,469) $ 53,920 $ 33,733
Retained Earnings $124,677 $285 ,430 ($277 ,087) $133,020
.
.
t
t
.
.
.
Page 18
.
City of Shorewood
SUPPLEMENTARY INFORMATION
.
December 31, 1984
.
.
.
Our exami nat i on was made fo r the purpose of fo nni ng 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
fi nanci al statements. Such i nfonnat ion has been subjected
to the auditing procedures applied in the examination of
the basic financial statements, and, in our opinion, is
fai rly stated in all materi al respects in relation to the
basic financial statements taken as a whole.
.
.
.
.
.
.
City of Shorewood
.
GENERAL FUND
BALANCE SHEET
December 31, 1984
.
ASSETS
It
Cash and Short Tenn Investments
Taxes Receivable, Current
Accounts Receivable
Prepaids
Total Assets
It
LIABILITIES AND FUND BALANCES
It
LIABI LITIES
Accounts Payable
Accrued Expenses
Contract Payable
Tot a 1 Li ab il i ties
It
FUND BALANCES
Unappropri ated
Total L i abil it i es and
Fund Ba1 ances
It
It
.
It
$170,933
12,590
13,660
9,779
$206,962
$ 95,107
20,877
14~000 t;,
$129 ,984 ,~~
$ 76.978/
~J,
,,,",'
$206,962 \-,~
Page 19
ii'
vvt
...,\
./
i'h
\...
~
.
City of Shorewood
Page 20
.
GENERAL FUND
STATEMENT OF REVENUES - BUDGETED AND ACTUAL
For the Year Ended December 31, 1984
.
.
TAXES
General Property Taxes
Current
Del i nquent
Penalties and Interest
Fiscal Disparities
Total Taxes
.
LICENSES AND PERMITS
Business Licenses
Non Business Licenses
Building Pennits
Total Li censes and Penni ts
.
INTERGOVERNMENTAL REVENUE
Local Goverrmental Aid
Homestead Credit
Attached Machinery Aid
County Road Aid
Total Intergoverrmental Revenue
.
CHARGES FOR SERVICES
General Goverrment
Highway and Streets
Sanitation Charges
Park and Recreation
Total Charges fo r Servi ces
.
FINES
MISCELLANEOUS
Total Revenues
.
TRANSFERS
From Liquor Fund
From CDBG Fund
Fran Revenue Sharing
Total Transfers
.
Budgeted Actual
Va ri ance
Favo rab le
(Unfavorab le)
$775,552 $728,348 ($ 47,204) () U'ji'J
(,
32,805 32,805
24,854 24,854
15,897 1 5 ,7 93 ( 104)
$791,449 $801 ,800 $ 10,351
$ 8 ,7 00 $ 9,382 $ 682
1,600 2,688 1,088
26,600 36,960 360 'ill! ) '" 0
$ 36,900 $ 49,030 $ 12,130
$127,705
140,731
100
15,000
$283,536
$ 15,000 $ 20,579 $
3,000 1,800 (
2,OeO'l< ...... .... ..850. {
2,000 .'''t" "''2:A4'5' .
$ 22,000 $ 25,674 $
5,579
1 ,200)
1 ,150)
44S
3,674
$ 40,000 $ 64,354 $ 24,354
$ 10,000 $ 6,325 ($ 3,675)
$1,183,885 $1,250,836 $ 66,951
$
20,000 $
8,000
19 000
4~$
- ($ 20,000)
- ( 8,000)
19,000 -
19,000 ($ 28,000}
$
Total Revenues and Transfers $1,230,885 $1,269,836 $ 38,951
.
(tt .;.....>
._.~.
Page 21
.
City of Shorewood
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL
For the Year Ended December 31, 1984
~~
~/' '7
(ete' Actual
.
Variance
F
(Unfavorable)
General Governnent
Mayor and Council
Current Expenditures
Administration
Current Expenditures
Finance
Current Expenditures
General Governnent
Current Expenditures
Pl anni ng and Zoni ng
Current Expenditures
Legal
Current Expenditures
Municipal Building
Current Expenditures
Total General Governnent
\
tJ.
~'
5,101) {to \
4,988) ~~~V'l ~
22 .82 3(t" ~
761)
$ 23,684 ($
43,428 (
62.042 (
136.247 (
37 .268 /
36.753
$ 22,923
.
38 ,327
57.054
113.424
42.330
58,000
6.910
$338.968
.
~r'"'
5.062>
21 .247
6.626 284/
$346,048 ($ 7,080)
.
Pub 1 i c Safety
Police Protection
Current Expenditures
Fire Protection
Current Expenditures
Protect ive Ins pect i on
Current Expenditures
Total Public Safety
$262.536 $ 8,211
41.257 315
25,303 ( 737)
$329 ,09 6 $ 7.7 89
$270,747
41 .572
24,566
$336,885
.
Streets and Highways
Pub 1 i c Works
Current Expenditures
Ga rage
Current Expenditures
Streets and Roads
Current Expenditures
Snow and Ice
Current Expenditures
Traffic Control
Current Expenditures
Street Li ght i ng
Current Expenditures
Sanitation and Weeds Removal
Current Expenditures
Tree Maintenance
Current Expenditures
Total Public Works
.
$157.466 $ 32,798'
$190,264
1.662
10.188
11.850
257.870
17 ,061
10.003
4.454)
262,324
15.981
.
1.080
5 .326
1.116
4.235
4.677
6,384
5.778
7.500
10.013
.
22,973 ( 16,510)
$485 .771 $ 25,253,
6.463
$511,024
.
Park and Recreation
Current Expenditures
Total Expendi tures
$ 44.008 $ 42.560 $ 1,448
$1.230.885 $1,203.475 $ 27 ,410
.
.
Page 22
.
City of Shorewood
GENERAL FUND
STATEMENT OF CHANGE I N FUND BALANCE
For the Year Ended December 31, 1984
UNAPPROPRIATED
Budgeted Actual
Variance
Favorable
(Unfavorable)
.
Fund Bal ance, Janua ry 1
$ 10,617 $ 10,617
1,230,885 1,269,836
1 ,230,885
$ 10,(?17
$
.
Total Revenue and Transfers
38,951
Total Expenditures
Fund Bal ance, December 31
27 ,~l&-'""
/~ "
/".-;/ \
$/66,36] )
J
//
/'
~",../
__He<
.
$
I'
'4
.
(, J\ '; ;, !~\"
" d '"
r:Jt sv.. rr ' ' ~~,~ \
f!"\ ~\,./'
-i; "J~
.
.
.
.
.
.
City of Shorewood
.
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1984
.
ASSETS
.
Cash and Short Tenn Investments
Accrued Interest
Total Assets
.
LIABILITIES AND FUND BALANCES
Fund Balance
.
Total Liabilities and Fund Balances
.
.
.
.
.
Page 23
Federal
Revenue
Shari ng
$ 15,371
183
$ 15,554
$ 15,554
$ 15,554
.
City of Shorewood
Page 24
.
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES
.or the Year Ended December 31,1984
.
Fede ral
Revenue
Sharing
.
REVENUE
Interest
Federal Entitlement
Total Revenue
$ 2,347
19,571.
$ 21,918
.
EXPENDITURES
Transfer
Total Expenditures
$ 21 ,600
$ 21 ,600
Excess Revenue over
Expenditures
$ 318
$ 15,236
$ 15,554
.
Fund Balance 1-1-84
Fund Balance 12-31-84
.
.
.
.
.
I \
&tV' ~
4<> t I~
1'\ ,0" ""v P
".J
?'
.
Ci ty of Shorewood
.
CAPITAL PROJECT FUND
COMBINING BALANCE SHEET
December 31, 1984
.
ASSETS
.
Cash and Short Tenn Investments
Accrued Interest
Total Assets
.
LIABILITIES AND FUND BALANCE
Contracts Payable
Total Liabilities
.
Fund Ba1 ance
Total Liabilities and Fund Balance
.
.
.
.
.
Cap; tal
Park
Improvement
$ 51 ,463-
495
$ 51 ,958
$ 5,438
$ 5,438
$ 46,520
$ 51 ,958
Page 25
~
ff . t. _Q'7 /) ,../
,0 , f r;I
// ff1' 11 f1"
~~J.
.
Page 26
City of Shorewood
.
CAP ITAL PROJECT FUND
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For the Year Ended December 31, 1984
.
.
REVENUE
Division Fees
Equipment Donations
Century Club Donation
Interest
Transfers
Total Revenue
Park
Improvement s
$ 18,175
112
2,200
6,582
2,600
$ 29,669
JII. .,;;~--"../
-7 ~v~ {\Lv. '" /.
,." ':f-.rJ.t- 0
~.ev
.
EXPENDITURES
Interest
Capital Improvements
Engineer Services
Annual Festival
Equipment Purchases
Mi sce11aneous
Total Expendi tures
$ 100
14,855
500
401
9 ,370
249
$ 25,475
e y v-~ >/
.
NET INCREASE (DECREASE) IN FUND BALANCE
$ 4,194
$ 42,326
$ 46,520
.
FUND BALANCE - Janua ry 1
FUND BALANCE - December 31
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
City of Shorewood
SPECIAL ASSESSMENTS FUNDS
COMBINING BALANCE SHEET
December 31, 1984
ASSETS
Cash & Short Tenn Investments
Debt Serv ice
Construction
Accrued Interest
Accounts Receivable
Special Asses~ents
Receivable - Current
Unamortized Bond Discount
1971 & 1972 1973 1974 1980 1981 1984
Improvement s Improvement s Improvements Improvements Improvements Improvement s TOT.6L
$1,286,857 ($ 2,504) ($ 33,501) ($ 1 ,506) ($ 4,105) $ $1,245,241
735,690 735,690
1 0 ,749 562 11 ,311
8,910
138
2,376
29 ,613
8,206
41 ,037
8,206
$2 ,041 ,485
Total Assets ;!>::~~ vI~.~ _~ 31,125) J~ ~6) 1~ $ 34,276 1,;;35,690
LIABILITIES & FUND BALANCf ~ . t"el ~. (] tlJIV"~,,'$,,;~JJ ~ fA
LIABILITIES \.. P "W~--"- OtJlV'l, ~ f, or--'",l ~t""
Accounts Payable $'$ $ ~ $ ~~1 r $
Contracts Payable
Bonds Payable 1,935,000 35,000 550,000 20,000 810,000
Total Liabilities $1,935,000 $ 35,000 $550,000 $ 20,000 $810,000
$ 164,617
528 ,082
1,250,000
$1,942,699
$ 164,617
528 ,082
4,600,000
$5,292,699
FUND BALANCE
($ 628,484) ($ 37,366) ($581,125) ($ 21,506) ($775,724) ($1,207,009) ($3,251,214)
Total Liabilities
and Fund Bal ance
$1,306,516 ($ 2,366) ($ 31,125) ($ 1,506) $ 34,276 $ 735,690 $2,041,485
~
r:>>
1.0
(I)
N
.....
.
.
.
.
.
.
.
.
.
.
.
City of Shorewood
$ 7,455
739
$ 8 , 1 94
$ 2,492
$ 2,492
SPECIAL ASSESSMENT FUNDS
(1.- MBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGE IN FUND BALANCE
Fund Balance, January 1
Fund Ba1 ance, December 31
For the Year Ended ;~(er 31,1984
1971 & 1972 1973 1974 1980 1981 1984
Improvement s Improveme nt s Improveme nt s Improveme nt s Improveme nt s Improveme nt s TOTN..
$236,293
23,296
135,770
$395,359
EXPENDITURES
Interest on Bonds $115,401
Fiscal Agent Fees
Construction Costs
Total Expenditures $115,401
Net Increase (Decrease) i n~" .~'
Fund Balance ~.. . $279,958
($908,442)
$ 31 ,278 $ 15,189 $159,075 $ $ 449 ,290 ~
3,817 77 25,377 53,366 ,./
1 ,815 1,815'.....-'
60,343 60,343
9,365 9 ,365
2,176 2,176
$108,854 $ 7,104 $ 1 ,934 $ 144 ,808
15 ,266 $191,556 1,934 721,163
$ 38,063 $ 3,333 $ 82 ,019 $ 997 $ 242,305
23,864 23,864
$ 38,063 $ $ 82,019 1 ,184 ,082 1 ,184 ,082
3,333 $1,208,943 $1,450,251
$ 5,702 $ 70,791 $ 11,933
($ 43,068) ($651,916) ($ 33,439)
$ 1 09 , 5 37
($885,261)
($1 ,207 ,009) ($ 729,088)
($2,522,126)
REVENUE S
Sped a1 Assessments
Current
Del; nquent
Equalization
General Property Taxes
Homestead Credi t
Fiscal Disparities
Interest on Investments
Total Revenue
($628,484) ($ 37,366) ($581,125) ($ 21,506) ($175,724) ($1,207,009) ($3,251,214)
"'0
Ql
10
tll
N
ex>
.
Page 29
City of Shorewood
.
WATER CPERATI NG FUND
BALANCE SHEET
December 31, 1984, 1983
1984
1983
.
ASSETS
.
Current Assets
Cash and Temporary Invest~ents
Accounts Receivable
Less: Allowance for Uncollectible
Accounts
.
Total Assets
($ 44,857) ($108,680)
18,606 6,720
( 1,585)
2,511 2,172
($ 23,740) ($101,373)
$ 13,303 $ 13,303
931,810 931 ,810
( 131 ,317)" ( 103,014)
$813,796 $842,099
$790,056 $740,726
Other
Speci al Assessments
Total Current Assets
.
Fixed Assets (Note 1)
Equipment
Assets, Contributed
Less: Allowance for Depreciation
Total Fixed Assets
LIABILITIES AND FUND EQUITY
. Current Liabilities
Accounts Payable $ 3,091 $ 4,497
Accrued Liabilities 2,242 426
Current Port; on Long Tenn Debt 5,000 5,000
Total Cur rent Li abil i ties $ 10,333 $ 9 ,92 3
. LONG TERM LIABILITIES
Bonds Payable - Non Current Portion $125,000 $130,000
RETAINED EARNINGS
Contributions $931 ,810 $931 ,810
Retained Earnings (Deficit) ( 277 ,087) ( 331 ,007)
. Tot a 1 Fund Equi ty $654 ,723 $600,803
Total Liabilities and Fund Equi ty $790,056 $740,726
.
.
.
City of Shorewood
I
WATER CPERATING FUND
STATEMENT OF REVENUES AND EXPENSES
For The Years Ended December 31, 1984, 1983
I
1984
$ 26,922
OPERATING REVENUES
Water Sales
I
OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Insurance
Office Expense
Supplies, Motor Fuel
Small Tools
City Buildings Expense Allocation
Electricity
Contracted Servi ces
Education
Independent Audit
Purchases - Water
,Purchase of Water Meters
Equipment Maintenance
Mi scellaneous
Depreciation
Total Ope rat i ng Expenses
Operating Income (Loss)
ADD: Non Operating Revenue
General Property Taxes
Homestead Credit
Fiscal Disparities
Sal e of Meters
Connect ions Charges,
Total Non Operating Revenue
LESS: Non Operating Expenses
Interest, Interfund Loan
Interest on Bonds
Total Non Ope rat i ng Expenses
$ 1 5 ,391
11 ,273
$ 26,664
$ 53,920
($331 ,(07)
$
($277 ,087)
.
$ 19,015
4,935
~'-::::9-rr8
242
4,040
256
2,167
6,685
6,224
85
470
6,173
625
6,496
1 ,156
28,303
$ 87,780
.
.
:: $ 60,858)
.
$116 ,273
21 ,110
2 ,385
1,224
450
$141,442
.
.
NET INCOME (LOSS) TO RETAINED EARNINGS
RETAI NED EARN I NGS, Janua ry 1
PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, December 31
.
Page 30
1983
$ 23,172
$ 17,738
3,614
694
60
4,217
5,834
5,067
135
358
8,199
12,711
687
28,303
$ 87,617
($ 64,445)
$ 12,463
2,873
492
1,778
550
$ 18,156
$ 6,799
11 ,623
$ 18,422
($ 64,711)
($129,614)
~$136 ,682)
($331 ,007)
.
Page 31
City of Shorewood
.
WATER CPERATl NG FUND
STATEMENT OF mANGES IN FINANCIAL POSITION
For The Years Ended December 31, 1984, 1983
1984
1983
.
SOURCES OF FINANCIAL RESOURCES
Operations
Net Income for Year
Add: Expenses not requi ri ng current
outlay of resources
Depreciation
Increase in Long Tenn Debt
$ 53,920
$
Total Resources Provided
28,303
\i\/~'
v
)')\~
f"1/'~\ ~ $ 82,223
\j .'i~'
\<e"
28,303
130,000
$158,303
.
.
USES OF FINANCIAL RESOURCES
Net Loss for the Year
Reduction of Long Tenn Debt
Prior Year Adjustment
Total Uses of Fi nanci al
$
$ 64,711
136,682
$201 ,393
Resources
5,000
$ 5,000
.
Net Increase (Decrease) in
Worki ng Capital
$ 77 ,223
($ 43,090)
.
COMPONENT ELEMENTS OF INCREASE (DECREASE)
IN WORKING CAPITAL
Cash and Temporary Investments $ 63,823 ($ 37 ,530)
Accounts Receivable 11 ,886 5,135
Special Assessments Receivable ( 3,117)
Other 1,924
Accounts Payable 1 ,406 ( 2,215)
Accrued Liabilities 1 ,816) ( 363)
Current Port ion Long Tenn Debt ( 5 ,000)
Net Increase (Decrease) in
Worki ng Capital $ 77 ,223 ($ 43,090)
.
.
.
.
.
.
City of Shorewood
SANITARY SEWER CFERATING FUND
BALANCE SHEET
December 31, 1984, 1983
ASSETS
.
.
Current Assets
Cash and Temporary Investments
Accounts Receivable
Less Allowance for Uncollectible Accounts
Accrued Interest
Other
Total Current Assets
.
Fixed Assets (Note 1)
Equipment
Construction in Progress
Less Allowance For Depreciation
Total Fixed Assets
Total Assets
II
LIABILITIES AND FUND EQUITY
.
Current Liabilities
Accounts Payable
Accrued Liabilities
Current Port ion 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 8)
Total Fund Equi ty
Total L i abi 1 it i es and Fund Equi ty
.
.
1984
$292,347
7 5 ,968
3,182
1 ,268
$372 ,765
$ 19,434
353,540
( 70,699)
$302,275
$675,040
$ 13 ,044
421
5,185
$ 18,650
$ 17 ,420
$ 36,070
$353,540
285,430
$638 ,970
$675,040
Page 32
1983
$333,583
24,133
5,834 )
2,091
$353,973
$ 19,434
353,540
( 51 ,967)
$321 ,007
$674,980
$ 6,033
4,903
$ 10,936
$ 22,605
$ 33,541
$353,540
28 7 ,899
$641 ,439
$674,980
.
City of Shorewood
SANITARY SEWER CPERATING FUND
STATEMENT OF REVENUES AND EXPENSES
.
Page 33
,,,,;)
'b ~\! \
.. '(0
liJI.o
t.I' It
-..,. \
\ ~
1984 ,,\1> Lrf 1983
~ -
$274,857 $242,326
For The Years Ended December 31, 1984, 1983
.
OPERATING REVENUE
Sewer Service Charges
.
OPERATING EXPENSES
Salaries and Wages
Employee Benefits
Insurance
Office Expense
Supplies, Motor Fuels
Small Tools
Electricity - Lift Stations
Contracted Servi ces
Education
Servi ce Charge Refunds
Sewer Use Charge - Metro Waste
Control Commission
.
.
Depreciation
Equipment Maintenance-
Mi scel1aneous
Inflow and Infiltration Study
Total Operating Expenses
Operating Income (Loss)
OTHER REVENUE
General Property Taxes
Homestead Credi t
Sewer Permi ts
Di sposal Fees
Refunds - Reimbursements
Metro Sewer SAC Charges
Interest on Investments
Total Other Revenue
.
.
OTHER EXPENSES
Interest
Metro sewer SAC Charges
Total Other Expenses
.
NET INCOME TO RETAINED EARNINGS
RETAI NED EARN I NGS, Janua ry 1
PRIOR YEAR ADJUSTMENT
RETAINED EARNINGS, December 31
.
.
II
l" l"
(}/f ~
$ 14'3~6 {~o $ 15,107'
3,650 2,99
2,4 446
632 755
2,754 2,448
93
4,182
5,622
120
243,386
18,732
16,894
417
$~13,28Q
//($ 38,429)
$
2,100
70
~80.
.~
33,770
$ 49,745
$/1..~82
(12,2Q2:),
$~
/ ($ 2,469).
$287 ,8'99
$285,430
4,387
5,178
115
71 . ,I-ell'S
G;.~5AQI( '{'
'113'-;712
2,421
172
80
$242,227
$ 99
$ 27,836
6,207
3,100
785
8,866
13,600
17,718
$ 78,112
$ 1,848
13,043
$ 14,891
, $ 63,320
$243,217
($ 18,638)
$287,899
. Page 34
City of Shorewood
SAN ITARY SEWER CPERATI NG FUND
. STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Years Ended December 31, 1984, 1983
. 1984 1983
SOURCES OF FINANCIAL RESOURCES
Operations
Net Income for the Year $ $ 63,320
Add: Items not requi ri ng current
. outlay of resources
Depreciation 18,732 18,732
Total Resources Provided
by Ope rat ions $ 18,732 $ 82,052
. USES OF FINANCIAL RESOURCES
-='-'--
Net Loss for Year ( 2 ,46~=~~> $
Reti rement of Long Tenn Debt ~'--5-;t8 5 4,903
Prior Year Adjustment 18 ,638
. Total Use of Financial Resources $ 7,654 $ 23,541
Net Increase (Decrease) in
Work; ng Capi tal $ 11 ,078 $ 58,511
. COMPONENT ELEMENTS OF INCREASE (DECREASE)
IN WORKING CAPITAL
Cash and Temporary I nves tment s ($ 41 ,236) $ 81,418
Receivables 51 ,835 ( 21 ,746)
Other 7 ,102
. Accrued Interest 1 ,091 1 ,813
Accounts Payable 7,011 ) ( 3,324)
Accrued Liabilities 421) 616
Current Portion Long-Tenn Indebtedness 282) ( 266)
Net Increase (Decrease)
. in Working Capital $ 11 ,078 $ 58 ,511
.
.
.
Page 35
City of Shorewood
.
LIQUOR FUND
BALANCE SHEET
December 31, 1984, 1983
. ASSETS
1984 1983
CURRENT ASSETS
Cash and Investments $ 71 ,583 $ 54,722
Accounts Receivable 5,980
. Inventory
L i quo r 55,696 57 ,308
Wine 29 ,768 43,034
Beer 15,805 10,336
Mi scellaneous 4,924 4,557
Total Current Assets $177,776 $175,937
. FIXED ASSETS
Furniture and Fixtures $ 25,145 $ 25,145
Leasehold Improvements 3,955 3,955
Less: Allowance For Depreciation ( 26,471 ) ( 25,343)
Tot a 1 Fi xed As set s $ 2,629 $ 3,757
. Total Assets $180,405 $179,694
LIABI LITIES AND EQU I1Y
.
CURRENT LIABILITIES
Accounts Payable $ 44,858 $ 27,215
Accrued Liabilities 10,870 10,084
Total Current Liabilities $ 55,728 $ 37 t299
. RETAINED EARNINGS $124 ,677 $142 ,395
Total Liabil ities and Equi ty $180,405 $179,694
.
.
.
.
City of Shorewood
Page 36
.
LIQUOR FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For the Years Ended December 31, 1984, 1983
.
1984
$ 708,283
563,918
$144,365
SALES AND COST OF SALES
Sales
Cost of Sales
Gross Profit
.
GENERAL AND ADMINISTRATIVE EXPENSE
Sal ari es, Regul ar
Salaries, Part Time
Employee Benefits
Supplies, Office
Suppl i es, R & M
Suppl i es, General
Profession~ Services
Aud i t
Contractual
Meetings, Schools & Miles
Ut i 1 i ties
Insurance
Mi sce11aneous
Bookkeeping
Rent
Dues & Subscriptions
Adve rt is i ng & Pranot ions
Depreci at ion
Total General and Admi ni strative
$ 63,609
20,379
11 ,7 59
775
486
745
2,385
1,250
4,401
183
..~~
~,.
,
4,430
33,991
520
.1~g4..4..
(/', , 1 28 )
. , ...
$165,618
.
.
.
Net Operating Income (Loss)
1983
$693,309
528 ,705
$164,604
$ 67,845
13 ,391
13,585
3,289
438
1 , 39 5
750
2,886
3,122
422
10,922
11 ,226
938
3 ,098
41 ,698
529
699
1 , 1 28
$1 77 ,361
($ 21,253) ($ 12,757)
.
OTHER INCOME
Interest
$ 3,535
($ 17,718) ($ 10,402)
$ 2,355
Net Income (Loss)
RETAINED EARNINGS, January 1
142,395 172,797
.
Less Transfers
RETAINED EARNINGS, December 31
$124,677
.
.
($ 20,000)
$1 42 ,39 5
.
Page 37
City of Shorewood
.
LIQUOR RJND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For the Years Ended December 31,1984,1983
.
1984
1983
SOURCES OF FINANCIAL RESOURCES
.
Add: Itans not requiring current
outlay of resources
Depreciation
Total Resources Provided
Net Increase (Decrease) in
Worki ng Capital
$ 1 , 1 28 $ 1 , 1 28
$ 1 , 1 28 $ 1 , 1 28
$ 17,718 $ 10,402
20,000
$ 17,718 $ 30,402
($ 16,590) ($ 29,274)
USES OF FINANCIAL RESOURCES
Net Loss fo r the Year
Transfer to Other Funds
.
.
.
COMPONENT ELEMENTS OF INCREASE (DECREASE)
OF WORKING CAPITAL
Cash and Investments
Receivables and Prepaids
Inventori es
Accounts Payable
Accrued Liabilities
$ 16,861
( 5,980)
( 9,042)
( 17 ,643)
( 786)
($ 16,590)
($ 2,422)
( 6,596)
( 7,218)
( 8 ,636 )
( 4,402)
($ 29, 27 4 )
.
.
.
.
-.
/yo'l D i!;
r.Jo O~~l I
MATTHIAS. ROEBKE Be MAISER
CERTIFIED PUBLIC ACCOUNTANTS
540 EAST FIRST
ALAN W. MATTHIAS
JOHN M. ROEBKE
JAMES J. MAISER
P. O. BOX 65
WACONIA, MINNESOTA 55387
AREA CODE 61 2
LOCAL 442-4408
METRO 446-1 192
/'
DUANE A. EBERT
DEAN R. DALEN
TAMMY J. GRAFFT
May 22, 1985
NORWOOD OFFICE
CITIZENS STATE BANK BLDG.
CHASKA OFFICE
HAZELTINE GATES BLDG.
Honorable Mayor and
Honorable City Council
City of Shorewood
Shorewood, MN 55331
We have examined the financial statements of the City of Shorewood
for the year ended December 31, 1984, and have issued our report thereon
dated May 10, 1985. As part of our examination, we made study and evalua-
tion of the City's system of internal accounting control to the extent we
cons idered necessary to eval uate the system as requi red by generally
accepted government auditing standards. The purpose of our study and
evaluation was to determine the nature, timing, and extent of the auditing
procedures necessary for expressing an opi nion on the City' s financi al
statements. Our study and evaluation was more limited than would be
necessary to express an opinion on the system of internal accounting con-
trol taken as a whole.
Internal accounting controls sur roundi ng the fo 11 owi ng significant
classes of transaction activities were found in the City of Shorewood.
Property Tax Levy - levy sufficient to cover current operating
expense and debt servi ceo
Cash Receipts
Cash Disbursements
Payro 11
The administration of the City of Shorewood is responsible for
establishing and maintaining a system of internal accounting control. In
fulfill i ng thi s res pons ibil i ty, estimates and judgments by management are
requi red to assess the expected benefits and related costs of control pro-
cedures. The objectives of a system are to provide the Council with reason-
able, but not absolute, assurance that assets are safeguarded against loss
from unauthori zed use or di spas it i on, and that transact ions are executed
in accordance with Council authorization and recorded properly to permit
the preparation of financial statements in accordance with generally
accepted accounting principles.
.J
City of Shorewood
-2-
May 22, 1985
Because of inherent limitations in any systan of internal accounting
control, errors or irregularities may nevertheless occur and not be detected.
Our study and evaluation made for the limited purpose described in
the fi rst paragraph woul d not necessarily di scl ose all materi al weaknesses
in the system. Accordingly, we do not express an opinion on the systan of
internal accounting control of the City of Shore-wod taken as a whole. However,
our study and evaluation disclosed no condition that we believed to be a
material weakness.
.,,?7A~.~ t??'~ ~
Matthi as, Roebke & Ma i ser
J M/ 1 g
. ,
;:;. /i ~ /<'
"'-"--'G. c/ "~
Apri 1 26, 1985
Matthias, Roebke & Maiser
Certified Public Accountants
540 East First Street, Box 65
Waconia, Minnesota 55387
h. wel
011
.J
Dear Si rs :
In connection with your examination of the balance sheets of all the
funds and account groups and the related statement receipts and dis-
bursements, and changes in cash of the City of orwoo for the years ended
December 31,1983 and 1982, for the purpose of e essing an opinion as to
whether the financial statements present fairly the financial position,
receipts and disbursements, and changes in cash balance of the City of
JDW~gr'^'QQd- in conformi ty wi th generally accepted account i ng pri nci pl es, \'.e
confirm to the best of our knowledge and belief, the following representations
made to you during your examination.
1. We are responsible for the fair presentation in the
fi nanci al statements of receipts and di sbursements,
and changes in cash.
2. We have made available to you all -
a. Financi al records and related data.
b. Minutes of the meetings of the City Council, or
summaries of actions of recent meetings for which
mi nutes have not yet been prepa red .
3. There have been no -
a. Irregularities involving management or employees
who have significant roles in the system of internal
control.
b. Irregularities involving other employees that could
have a materi al effect on the financi al statements.
c. Communications fran regulatory agencies concerning
noncanpliance with, or deficiencies in financial
reporting practices that could have a material
effect on the fi nanci al statement s.
3~'
. ,
Matthias, Roebke & Maiser
-2-
Apri 1 26, 1985
4. We have no plans or intentions that may materially affect
the carrying value or classification of assets and liabilities.
5. There are no -
a. Violations or possible violations of laws or regu-
lations whof effects should be considered for
disclosure in the financial statenents or as a
basis for recording a loss contingency.
b. Other material liabiltiies or gain or loss con-
t i ngenci es that are req ui red to be accrued or
di sc 1 osed by statenent of Financi al Account i ng
Standa rds No.5.
6. There are no unasserted claims or assessments that our
lawyer has advised us are probable of assertion and must
be di sclosed in accordance with State of Financi al
Accounting Standards No.5.
7. There are no materi al transact ions that have not been
properly recorded in the accounting records unde rlyi ng
the fi nanci al statenents.
8. The City has satisfactory title to all owned assets,
and there are no liens or encumbrances on such assets
nor has any asset been pl edged.
9. We have coopl i ed with all aspects of contractual agreenents
that would have a material effect on the financial statenents
in the event of noncoopl i ance.
10. No events have occurred subsequent to the balance sheet date
that would require adjustment to, or disclosure in, the
fi nanci al statenents.
Very truly yours,
g;.A y /de.e
--..
{.:.
''I
-'7 r4 n-r
~ It o~ If () 1:,,, t(I J-I b / ~ ! , f f 141
" Il' (?'1 -vtq ,'t~ lit Is;../I >/ '111
!A7;r!;<r IfIJ 'f11/f-/;;;"'/ 5( f"P no
/ 0 -'U' I4A IY ty;, ,. (1/.1> r /Nt iJ ~ 1'lt!J
-;6 71 It(;(/''f;;,fl ''I //' (?J ., Wf)
/ -'! · JJ 1? n t'f (] ." f, Y .M.'. J
.,) 'Iff ut-Q() ~.{ v '.'J.~
'!""/U;/b-jS
...,~,,17 hJ(}/ 4}$ ""h. T~ Tf~AfJ
Ibu:f AhQ), ''l~ 'jfiD f uij' J>lJl'lo'
?.J ~lftt: - >>rei a?f :WO~H
""'/D,!J "'8' 4"'~S ''I~.'~ - ~;!f,lWUACV /fq.,,~t :01
_<;~/4o/&' :31VO :OW3W
aOO&nIOHS
.
MATTHIAS. ROEBKE a: MAISER
CERTIFIED PUBLIC ACCOUNTANTS
540 EAST FIRST
.
P. O. BOX 65
WACONIA. MINNESOTA 553B7
ALAN W. MATTHIAS
JOHN M. ROEBKE
JAMES J. MAISER
AREA CODE 612
LOCAL 442-440B
METRO 446-1 1 92
.
DUANE A. EBERT
DEAN R. DALEN
TAMMY J. GRAFFT
March 25, 1985
NORWOOD OFFICE
CITIZENS STATE BANK BLDG.
CHASKA OFFICE
HAZELTINE GATES BLDG.
.
City of Shorewood
Shorewood Liquors
Shorewood, MN 55331
.
We have canpiled the accanpanying balance sheet of
Shorewood Liquors as of December 31,1984, and the related
statements of incane for the period then ended, in accordance
with standards established by the American Institute of
Certified Public Accountants.
.
.
A compilation is limited to presenting in the form of
financial statements information that is the representation
of management. We have not audited or revi ewed the accanpany-
ing financial statements and, accordingly, do not express an
opinion or any other form of assurance on them.
.
Management has elected to anit substantially all of the
disclosures required, and a statement of changes in financial
position required by generally accepted accounting principles.
If the anitted disclosures were included in the financial
statements, they might influence the user's conclusions about
the City's financial position, results of operations, and
changes in financial position. Accordingly, these financial
statements are not designed for those who are not informed
about such matters.
.
!K~ IP~~~
.
.
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.-
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---
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-
.
CITY OF SHORE WOOD
LIQUOR STORES
SHORE WOOD MINNESOTA
STATEMENT OF REVENUE & EXPENSE
.
101 1/84 TO 12/31/84
DEPARTMENT t 62
LIQUOR t1
CURRENT
PERIOD
t
.
INCOME
4201 LIQUOR SALES
4202 WINE SALES
4203 BEER SALES
4204 CIGARETTE SALES
4205 POP SALES
4206 BOTTLE DEPOSITS
4207 MISC SALES
25,356. $
15,939.
34,949.
4, 739 .
2,353.
50.
266.
$
11 1/84
TO DATE
88,307.
49,758.
137,930.
18,210.
9,701.
228.
1,066.
i. OF
SALES
28.9
16.3
45.2
6.0
3.2
0.1
0.3
TOTAL SALES
$ 83,653. $ 305,199. 100.0
.
.
COST OF SALES
4381 LIQUOR PURCHASES
4382 WINE PURCHASES
4383 BEER PURCHASES
4384 CIGARETTE PURCHASES
4385 POP PURCHASES
4386 BOTTLE DEPOSITS
4387 MISC PURCHASES
4388 INVENTORY CHANGE
29,018.
11 ,906.
28,775.
2,699.
939.
1 d 62.
631.
<10,207.)
69,014.
32,749.
111 ,806.
15,818.
4,399.
1 d62.
2,831.
TOTAL COST OF SALES
$ 64,923. $ 237,779.
t
22.6
10.7
36.6
5.2
1.4
0.4
0.9
77 .9
$ 18,729. $ 67,419. 22.1
GROSS PROFIT
t
- PERSONAL SERVICES -
6001 SALARIES
6003 PART TIME
6006 UN ALLOCATED FICA
6007 UNALLOCATED PERA
6008 UN ALLOCATED INSURANCE
6 d 58.
2,894.
(51.)
155.
575.
TOTAL PERSONAL SERVICES
28 d50.
10,041.
b 317.
1,601.
3,011.
$
9,731. $ 44,121.
a
- SUPPLIES -
6020 OFFICE EXPS/POSTAGE
6023 REPAIRS AND MAINT
6026 SUPPLIES-GENERAL
72.
164.
TOTAL SUPPLIES
$
236. $
a
- OTHER CHARGES -
6031 FINANCIAL PROF SVCS
280.
SEE ACCOUNTANT'S COMPILATION REPORT
MATTHIAS, ROEBKE & MAISER CPA'S
~
328.
82.
306.
717.
1,193.
9.2
3.3
0.4
0.5
1.0
14.5
0.1
0.0
0.1
0.2
0.4
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CITY OF SHOREWOOD
LIQUOR STORES
SHOREWOOD MINNESOTA
STATEMENT OF REVENUE & EXPENSE
10/ 1/84 TO 12/31/84
DEPARTMENT t 62
LIQUOR Ii
CURRENT 1/ 1/84 7. OF
PERIOD TO DATE SALES
6032 AUDIT PROF SVCS $ (75. )$ 625. o "
....
6035 CONTRACTUAL 687. 2,426. 0.8
6037 MTGS SCHOOLS MILEAGE 66. 134. O.()
6039 UTILITIES 1,518. 4,611. 1.5
6041 INSURANCE EXPENSE 804. 1,970. 0.6
6043 MISC EXPENSE 150. 0.0
6044 LIQUOR STORE BKKP 1,358. 2,215. 0.7
6050 RENT 3,138. 11,672. 3.8
6052 LIC/TAXES 17. 0.0
6053 DUES & SUBS 62. 0.0
6057 ADVERTISING & SALES PROMOTION 292. 674. 0.2
6058 DEPRECIATION EXP 709. 709. 0.2
---------- ---------- ------
TOTAL OTHER CHARGES $ 8,777 . $ 26,458. 8.7
---------- ---------- ------
TOTAL GENERAL & ADMIN EXPENSES $ 18,744. $ 71,295. 23.4
---------- ---------- ------
NET INCOME FROM OPERATIONS $ <15.)$ (3,876.) <1.3)
OTHER INCOME
8002 INTEREST INCOME 293. 794.
8003 MISCELLANEOUS INCOME 759.
8005 CASH SHORT/OVER <11.) 57.
---------- ----------
TOTAL OTHER INCOME $ 282. $ 1,610.
---------- ----------
TOTAL REVENUE/EXPENDITURES $ 267. $ (2,267.)
SEE ACCOUNTANT'S COMPILATION REPORT
MATTHIAS, ROEBKE & MAISER CPA'S
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~.
CITY OF SHORE WOOD
LIQUOR STORES
SHOREWOOD MINNESOTA
STATEMENT OF REVENUE & EXPENSE
10/ 1/84 TO 12/31/84
DEPARTMENT 1 63
LIQUOR 12
CURRENT 1/ 1/84 I. OF
PERIOD TO DATE SALES
6032 AUDIT PROF SVCS $ ( 75. ) $ 625. o .'1
......
6035 CONTRACTUAL 386. 1,975. 0.5
6037 MTGS SCHOOLS MILEAGE 48. 0.0
6039 UTILITIES 2,231. 6,272 . 1.6
6040 IMPROVEMENTS 645. 2,580. 0.6
6041 INSURANCE EXPENSE 800. 1,945. 0.5
6043 MISC EXPENSE 20. 170. 0.0
6044 LIQUOR STORE BKKP 1,358. 2,215. 0.5
6050 RENT 4,500. 22,319. 5.5
6052 LIC/TAXES 17. 0.0
6053 DUES & SUBS 458. 0.1
6057 ADVERTISING & SALES PROMOTION 773. 1,170. 0.3
6058 DEPRECIATION EXP 419. 419. 0.1
---------- ---------- ------
TOTAL OTHER CHARGES $ 11 ,338. $ 41,406. 10.3
---------- ---------- ------
TOTAL GENERAL & ADMIN EXPENSES $ 24,230. $ 94,321. 23.4
---------- ---------- ------
NET INCOME FROM OPERATIONS $ 11,723. $ <18,235.) (4.5)
OTHER INCOME
8002 INTEREST INCOME 293. 794.
8003 MISCELLANEOUS INCOME 1.143.
8005 CASH SHORT/OVER 3. (12. )
---------- ----------
TOTAL OTHER INCOME $ 297. $ 1,925.
---------- ----------
TOTAL REVENUE/EXPENDITURES $ 12,020. $ (16,310.)
SEE ACCOUNTANT'S COMPILATION REPORT
MATTHIAS, ROEBKE & MAISER CPA'S
~ CITY OF SHOREWOOD
LIQUOR STORES
SHOREWOOD MINNESOTA
STATEMENT OF REVENUE & EXPENSE
. 101 1184 TO 12/31/84
CURRENT 11 1/84 i. OF
PERIOD TO [lATE SALES
. INCOME
4201 LIQUOR SALES $ 74,489. $ 242,145. 34.2
4202 WINE SALES 53,909. 159,826. 22.6
4203 BEER SALES 67,349. 261,598. 36.9
4204 CIGARETTE SALES 5,889. 22,742. 3.2
4205 POP SALES 4,571. 17,816. 2.5
. 4206 BOTTLE DEPOSITS 13. 13. 0.0
4207 MISC SALES 1,491. 4,144. 0.6
---------- ---------- ------
TOTAL SALES $ 207,711. $ 708,283. 100.0
COST OF SALES
. 4381 LIQUOR PURCHASES 64,332. 197,407. 27.9
4382 WINE PURCHASES 51,590. 123,355. 17.4
4383 BEER PURCHASES 47,695. 207,653. 29.3
4384 CIGARETTE PURCHASES 2,883. 17,931. 2.5
4385 POP PURCHASES 864. 7,200. 1.0
4386 BOTTLE DEPOSITS 3,212. 3,212. 0.5
. 4387 MISC PURCHASES 1,939. 8,020. 1.1
4388 INVENTORY CHANGE (19,486.)
---------- ---------- ------
TOTAL COST OF SALES $ 153,029. $ 564,778. 79.7
---------- ---------- ------
GF~OSS PROF I T $ 54,683. $ 143,505. 20.3
. - PERSONAL SERVICES -
6001 SALARIES 14,649. 63,609. 9.0
6003 PART TIME 6,408. 20,379. 2.9
6006 UNALLOCATED FICA 184. 2,921. 0.4
6007 UNALLOCATED PER A 384. 3,751. o c:
....
. 6008 UNALLOCATED INSURANCE 817. 5,087. 0.7
---------- ---------- ------
TOTAL PERSONAL SERVICES $ 22,442. $ 95,747. 13.5
- SUPPLIES -
6020 OFFICE EXPSIPOSTAGE 328. 775. 0.1
. 6023 REPAIRS AND MAINT 486. 0.1
6026 SUPPLIES-GENERAL 89. 745. 0.1
---------- ---------- ------
TOTAL SUPPLIES $ 416. $ 2,006. 0.3
- OTHER CHARGES -
~ 6031 FINANCIAL PROF SVCS 560. 2,385. 0.3
6032 AUDIT PROF SVCS (150.) 1,250. 0.2
6035 CONTRACTUAL 1,074. 4,401. 0.6
SEE ACCOUNTANT'S COMPILATION REPORT
MATTHIAS, ROEBKE & MAISER CPA'S
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