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Q, ~ <:::J .. .. ) I- I I I I I I I I I I I I I r I I I I I CITY OF SHOREWOOD Shorewood, Minnesota AUDITOR IS REPORT December 31, 1985 I I I I I I I I I I I I I II JI I I I I CITY OF SHOREWOOD Shorewood, Minnesota OFFICIALS Robert Rascop Jan Haugen Tad Shaw Kri sti Stover Robert Gagne ~'ayor Counci 1 person Council person Counci 1 person Council person 12-31-1986 12-31-1986 12-31-1986 12-31-1988 12-31-1988 in 6 - 7 8 9 - 16 17 18 19 20 - 21 22 23 24 25 26 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD Shorewood, Minnesota INDEX December 31, 1985 Accountant's 0pinion Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Revenue, Expenditures and Changes in Fund Balances - All Governmental Fund Types Combined Statement of Revenue, Expenditures and Changes in Fund Balances - General and Special Revenue Fund Proprietary Fund Types Combined Statement of Revenue, Expenses and Changes Retained Earnings Combined Statement of Changes in Financial Position Notes to Financial statements Supplementary Information General Fund Balance Sheet Statement of Revenue - Estimated and Actual Statement of Expenditures - Estimated and Actual Statement of Change in Fund Balance Special Revenue Funds Combining Balance Sheet Combining Statement of Revenue and Expenditures Capital Project Fund Combining Balance Sheet Statement of Revenue, Expenditures and Changes in Fund Balances Page 1 2 3 - 4 5 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD Shorewoodt Minnesota INDEX December 31t 1985 Special Assessment Funds Combining Balance Sheet Combining Statement of Revenuet Expenditures and Changes in Fund Balances Water Utility Fund Comparative Balance Sheet Comparative Statement of Revenuet Expenses and Changes in Retained Earnings Comparative Statement of Changes in Financial Position Sanitary Sewer Utility Fund Comparative Balance Sheet Comparative Statement of Revenuet Expenses and Changes in Retained Earnings Comparative Statement of Changes in Financial Position Liquor Fund Comparative Balance Sheet Comparative Statement of Revenuet Expenses and Changes in Retained Earnings Comparative Statement of Changes in Financial Position Page 27 28 29 30 31 32 33 34 35 36 37 I I I I I I I I I I I I I I I I I I I MATTHIAS. ROEBKE 8c MAISER CERTIFIED PUBLIC ACCOUNTANTS 540 EAST FIRST P. O. BOX 65 WACON!A. MINNESOTA 55387 AREA CODE 612 LOCAL 442-4408 METRO 446-1 1 92 ALAN W. MATTHIAS JOHN M. ROEBKE JAMES J. MAISER DUANE A. EBERT DEAN R. DALEN TAMMY J. GRAFFT April 4, 1986 NORWOOD OFFICE CITIZENS STATE BANK BLDG. CHASKA OFFICE HAZELTINE GATES BLDG. The Honorable Mayor and the Honorable City Council City of Shorewood Shorewood, Minnesota We have examined the financial statements of the City of Shorewood, Minnesota, as of and for the year ended December 31, 1985, as 1 isted 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, a complete historical record of costs for the City's investment in property, plant and equipment does not exist, 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 Operati ng Funds and the Genera 1 Fi xed Assets Account Group as we 11 as the Liquor Fund, and has made provision for depreciation, which conforms to genera 11 y accepted accounti ng pri nci p 1 es app 1 i cab 1 e to governmenta 1 uni ts. I n our opi ni on, excep t for the a forementi oned paragraph, the fi nanci a 1 statements present fairly the financial position of the various funds and account groups of the City of Shorewood at December 31, 1985, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with the prior year. Our examination was made for the purpose of forming an oplnlon 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 appl ied in the examination of the combined financia 1 statements and, in our opinion, is fairly stated in all material respects in relation to the combined statements taken as a whol e. ~~/~~ ~/;J1~ - - - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1985 TOTALS GOVERNMENTAL FUND TYPES PROPRIE- ACCOUNT GROUPS (MEMORANDUM ONLY) SPECIAL TORY GENERAL GENERAL SPECIAL DEBT CAP !TAL ASSESS- ENTER- FIXED LONG DECEMBER 31 DECEI~BER 31 ASSETS GENERAL REVENUE SERVICE PROJECTS 11ENTS PRISE ASSETS TERM DEBT 1985 1984 ------- ------- -------- ------- --------- ------- Cash and Investments $253,854 $6,894 $0 $14,913 $1,416,791 $262,955 $0 $0 $1,955,407 $2,537,771 Accrued Interest 0 91 0 140 15,249 3,060 0 0 18,540 15,171 Accounts Receivable 3,686 0 0 0 0 112,701 0 0 116,387 112,013 Taxes Receivable - Current 34,312 0 0 0 0 2,855 0 0 37,167 12,590 Due from Other Funds 0 0 0 0 0 20,000 0 0 20,000 0 Special Assessment Current 0 0 0 0 17 , 316 0 0 0 17 ,316 41,037 ?repaids 0 0 0 0 0 39,085 0 0 39,085 9,779 unamortized Bond Discount 0 0 0 0 5,360 0 0 0 5,360 8,206 Inventory 0 0 0 0 0 123,968 0 0 123,968 106,193 Fixed Assets - Net of 0 DepreCiation 0 0 0 0 0 1,071,063 0 0 1,071,063 1,118,700 General Fixed Assets 0 0 0 0 0 0 739,450 0 789,450 700,475 -------- -------- -------- ------- ---------- ---------- -----_._--- -------- ---------- ---------- Tota 1 Assets $291,852 $6,985 $0 $15,053 $1,454,716 $1,635,687 $789,450 $0 $4,193,743 $4,661,935 =====z== ======== ======== ======= ========== ========== ---------- -------- ========== ========:= ---------- -------- LIABILITIES AND FUND EQUITY --------------------------- Accounts Payable S42,489 SO SO $1,088 S2,423 S70,597 SO $0 S116,597 S355,127 Due Other Funds S20,OOO 20,000 0 Contracts Payable 0 14,000 Special Assessments Bonds Payable 3,990,000 3,990,000 4,600,000 General Ob 11 ga ti on Bonds Payable 115,000 115,000 130,000 Other Long Term Debt 4,079 87,468 11,937 103,484 556,125 Investment in Genera 1 Fixed Assets 789,450 789,450 700,475 Contributed Capital 1,285,350 1,285,350 1,285,350 Retained Earnings 152,803 152,803 133,020 Fund Balance 249,363 6,985 o (10,114) (2,625,175) (2,378,941) (3,112,162) -------- -------- -------- ------- ---------- -------- ---------- -------- ---------- ---------- '"0 Total Liabil i ties and 01 \D and Fund Equity $291,852 S6,985 SO $15,053 S1,454,716 $1,635,687 $789,450 $0 S4,193,743 S4,661,935 (1) ======== ======:: ======== ==:~=== ========== ========== ---------- ======== =========- =:&::::====::= N ---------- ------------------- CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES DECEMBER 31, 1985 TOTALS GOVERNt.1ENT AL FUND TYPES (MEMORANDUM ONLY) Year Ended SPECIAL DEBT CAP IT Al SPECIAL DECEMBER 31DECEMBER 31 GENERAL REVENUE SERVICE PROJECT ASSESSMENTS 1985 1984 REVENUES: ------- ------- ------- ------- ----------- ------- ------ Taxes $929,199 $0 $0 $0 '$66,359 $995,558 $864,319 Special Assessments 695,602 695,602 502,656 li censes and Permits 71,146 71,146 49,030 Intergovernmental Revenue Federa 1 21,397 21,397 19,571 State 318,676 9,108 327,784 313,018 Charges for Services 28,631 28,631 25,674 Fines 57,682 57,682 64,354 Interest on Investments 1,034 1,5~2 148,552 151,178 153,737 ~1i sce 11 aneous Revenue 4,657 44,527 49,184 28,627 ---------- -------- -------- ------- ------------------ ---------- Tota 1 Revenues $1,409,991 $22,431 $0 $46,119 $919,621 $2,398,162 $2,020,986 ---------- -------- -------- ------- -------- ---------- ----------- OTHER SOURCES Transfer from Other Funds $29,000 $0 $0 $0 $0 $29,000 $21,600 -------- -------- --------- ------- -------- -------- -------- Tota 1 Revenues and Other Sources $1,438,991 $22,431 $0 $46,119 $919,621 $2,427,162 $2,042,586 ---------- -------- -------- ------- --------- ---------- ---------- ." l:>> \Q (l) W 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 DECEMBER 31, 1985 GOVERNMENTAL FUND TYPES TOTALS (MEMORANDUM ONLY) Year Ended CAPITAL SPECIAL DECEMBER 31 DECEMBER 31 PROJECT ASSESSMENTS 1985 1984 ------- ----------- ------- ---....--- $0 $0 $402,626 $346,048 291,646 262,536 46,505 41,257 29,577 25,303 437,155 479,387 102,753 / 6,619 6,384 11, 284 v' 155,231 68,035 11,284 1,184,082 GENERAL SPECIAL REVENUE DEBT SERVICE EXPENDITURES: Current General Government Public Safety Police Fire Other Street and Highways Maintenance Street Lighting Parks and Recreation Capital Outlay Debt Servi ce Interest and Fiscal Charges Total Expenditures ------- ------- ------.... $402,626 $0 $0 291,646 ./ 46,505 29,577 437,155 6,619 . 52,478 v OTHER USES Transfer to Other Funds ---------- -------- -------- ------_. $1,266,606 $0 $0 $102,753 ---------- -------- -------- ------- $0 $31,000 ---------- -------- -------- ------- $1,266,606 $31,000 $0 $102,753 ---------- -------- -------- ------- Total Expenditures and Other Uses Net Increase (Decrease) in Fund Balance During the Year $172,385 ($8.569) $0 ($56,634) ---------- -------- --..----- ------- FUND BALANCE - January 1 $76,978 $15,554 $0 $46,520 ---------- -------- -------- ------- FUND BALANCE - December 31 $249,363 $6,985 $0 ($10,114) ========= ======== ======== ======== The accompanying notes are an integral part of this financial sta tement. 282,298 v 282,298 266,169 -------~ ---------- ---------- $293,582 $1,662,941 $2,679,201 -------- ---------- ---------- $31,000 $21,600 -------- ---------- ---------- $293,582 $1,693,941 $2,700,801 -------- ---------- ---------- $626,039 $733,221 ($658,215) -------- -------- -------- ($3,251,214)($3,112,162)($2,453,947) " Q/ \.0 CD ~ ---------- -------- ($2,625,175)($2,378,941)($3,112,162) ========== ========== ========== - - - - - - - - - - - - - .- - - - - - CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL AND SPECIAL REFUND FUND TYPES For the Year Ended December 31, 1985 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 Cul ture and Recreation Total Expenditures GENERAL FUND ------------------------------ VARIANCE FAVORABLE BUDGET ACTUAL (UNFAVORABLE) ------ ------ ----------- $912,343 $929,199 $16,856 - 49,260 71, 146 21,886 317 ,827 318,676 849 19,400 28,631 9,231 43,000 57,682 14,682 4,657 4,657 ---------- ---------- -------- $1,341,830 $1,409,991 $68,161 ---------- ---------- -------- $494,233 367,234 464,165 45,198 $402,626 361,728 443,714 52,478 $91,607 (494) 20,391 (7,280 ) ---------- ------~--- -------- $1,370,830 $1,266,606 $104,224 $0 ---------- ---------- -------- Excess of Revenues over (under) Expenditures ($29,000) $143,385 $172,385 Other Financing Sources (Uses) Operating Transfers 29,000 29,000 o ---------- ---------- -------- Excess of Revenues over (under) Expenditures and Other Uses $0 $172,385 $172,385 -------- -------- -------- FUND BALANCE - January 1 $76,978 $76,978 $0 -------- -------- -------- FUND BALANCE - December 31 $76,978 $249,363 $172,385 ======== ======== ======== SPECIAL REVENUE FUNDS TOTALS (MEMORANDUM ONLY) --------------------- ------------------------------ VARIANCE FAVORABLE BUDGET ACTUAL BUDGET ACTUAL (UNFAVORABLE) ------ ------ ------ ------ ----------- $0 $0 $912,343 $929,199 $16,856 0 0 49,260 71,146 21,886 21,397 21,397 339,224 340,073 849 0 0 19,400 28,631 9,231 43,000 57,682 14,682 1,034 1,034 1,034 5,691 4,657 -------- -------- ---------- ---------- -------- $22,431 $22,431 $1,364,261 $1,432,422 $68,161 -------- -------- ---------- ---------- -------- $0 $0 $494,233 $402,626 $91,607 0 0 367,234 367,728 (494) 0 0 464,165 443,714 20,391 0 0 45,198 52,478 (7,280 ) -------~ -------- ---------- ---------- -------- $0 $0 $0 $1,370,830 $1,266,606 $104,224 -----~-- -------- ---------- ---------- ---_._--- $22,431 $22,431 ($6,569) $165,816 $172,385 (31,000) (31,000) (2,000) (2,000) 0 -------- -------- ---------- ---------- -------- ($8,569) ($8,569) ($8,569) $163,816 $172,385 -------- -------- -------- -------- -------- $15,554 $15,554 $92,532 $92,532 $0 ." QI -------- -------- -------.- -------- -------- ~ $6,985 $6,985 $83,963 $256,348 $172,385 U'I -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- The accompanying notes are an integral part of these financial statements. I I I I I I I I I I I I I I I I I I I Page 6 CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 1985 (Totals - Memorandum Only) 1985 1984 SALES AND COST OF SALES Sales $859,981 $708,283 688,192 563,918 -------- -------- $171,789 $144,365 -------- -------- $292,109 $274,857 33,790 26,922 -------- -------- $325,899 $301,779 -------- -------- $497,688 $446,144 -------- -------- $84,964 $117,359 6,914 20,344 32,173 33,991 23,512 21,750 8,294 7,271 4,745 1,844 48,187 48,163 58,875 24,782 3,200 2,167 1,961 7,539 1,483 1,649 5,587 23,876 650 908 245,748 243,386 9,001 6,173 2,195 625 5,165 4,857 -------- -------- $542,654 $566,684 -------- -------- ($44,966) ($120,540 ) ---..---- -------- Gross Profit OPERATING REVENUE Sewer Service Charges Water Sales Total Operating Revenues Total Gross Profit and Operating Revenue OPERATING EXPENSES Salaries and Wages Employee Benefits Rent Uti 11 ties Insurance Advertising Depreciation Professional Services City Buildings Exp. Allocation Supplies Office Expense Repairs and Maintenance Dues, Subscriptions, Ed. Sewer Use Charge - MWCC Purchases - Water Purchases of Water Meters Miscellaneous Total Operating Expenses OPERATING INCOME The accompanying notes are an integral part of this financial statement. I I I I I I I I I I I I I I I I I I I Page 7 CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES For the Year Ended December 31, 1985 (Totals - Memorandum Only) 1985 1984 OTHER REVENUE General Property Taxes Homestead Credit Permits & Connection Fees Interest on Investments Other Income $34,673 $118,658 5,952 21,110 29,690 13,999 20,657 37,305 2,026 3,650 --..----- -------- $92,998 $194,722 -------- -------- $18,513 $12,203 11 , 005 12,855 731 15,391 -------- -------- $30,249 $40,449 -------- ---.----- $17,783 $33,733 2,000 ------.-- -------- $19,783 $33,733 -------- -------- $133,020 $99,287 -------- -------- $152,803 $133,020 ========= ========= Total Other Revenue OTHER EXPENSES Metro Sewer SAC Charges Interest Interest on Interfund Loans Total Other Expenses NET INCOME (LOSS) TO RETAINED EARNINGS OTHER FINANCING SOURCES (USES) Operating Transfers RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 The accompanying notes are an integral part of this financial statement. I I I I I I I I I I I I I I I I I I I Page 8 CITY OF SHOREWOOO COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES For the Years Ended December 31, 1985, 1984 (Totals - Memorandum Only) 1985 1984 SOURCES OF FINANCIAL RESOURCES Operations Net Income for the Year Add: Items not requiring current outlay of resources Depreciation $35,598 $53,920 48,187 48,163 Total Sources Provided $83,785 $102,083 USE OF FINANCIAL RESOURCES Opera ti on s Net Loss for the Year Reduction of Long Term Debt Acquisition of Fixed Assets $15,815 $20,187 15,483 10,185 550 0 -------- -------- $31,848 $30,372 -------- -------- $51,937 $71,711 ======== ======= Total Uses of Financial Resources NET INCREASE (DECREASE) IN WORKING CAPITAL COMPONENT ELEMENT OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Investments Accounts Receivable Taxes Receivable Other Accrued Interest Inventories Prepaid Expenses Accounts Payable Accrued Liabilities Current Portion Long-Term Indebtedness Net Increase (Decrease) in Working Capital ($56,118 ) $39,448 16,297 57,741 2,855 0 19,319 9,026 (122 ) 1,091 17,775 (9,042) 37,817 0 17 , 346 (23,248) 2,066 (3,023) (5,298) (282) -------- -------- $51,937 $71,711 ........ ....... The accompanying notes are an integral part of this financial statement. I I I I I I I I I I I I I I I I I I I Page 9 CITY OF SHOREWOOO NOTES TO FINANCIAL STATEMENTS December 31, 1985 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 accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into eight generic fund types and three broad fund categories as follows: GOVERNMENTAL FUNDS Genera 1 Fund - The Genera 1 Fund is the genera 1 opera ti ng 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 certa in spec i fi c re venue sources tha tare 1 ega 11 y restricted to expenditures for specified purposes. Debt Serv i ce Funds - Debt Serv i ce Funds are used to account for the accumulation of resources for, and the payment of, general long-term principal, interest, and related costs. Capi ta 1 Projects Funds - Capi tal Projects Funds are used to account 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 to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. PROPRIETARY FUNDS 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 publ ic on a continuing basis be financed or recovered primarily through user charges. FIDUCIARY FUNDS Agency Funds - Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or other funds. The City does not have any Agency Funds. I I I I I I I I I I I I I I I I I I I Page 10 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 1 - Continued B. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund is determined by its measurement focus. Governmental funds and Agency funds are accounted for on a spending or "financia1 flow" 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 "availab1e spendable resources." Governmental fund operating statements present increases and decreases in net current assets. Accordingly, they are said to present a summary of sources and uses of "avai1able spendable resources" during a period. Fixed assets used in governmental fund type operations are recorded at historical cost and accounted for in the General Fixed Assets Account Group. Public domain general fixed assets consisting of roads. bridges, curbs and gutters, streets and sidewalks, 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 liabilities 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 accounted for in Special Assessment Funds. Proprietary funds are accounted for on a cost of servi ce or "capi ta 1 ma i ntenance" measurement focus. This means that all assets,i ne 1 udi n9 fixed assets, and all liabilities, including long-term liabilities, associated with their activity are included on their balance sheets. Their reported fund equity is segregated into contributed capital and retained earnings components. Fixed assets of proprietary funds are recorded therein at historical cost. Depreciation is charged as an expense against operations and accumulated deprecation is reported on proprietary fund balance sheets. Depreci a ti on has been prov i ded over the es tima ted usefu 1 lives using the straight-line method. The estimated useful lives are ft~om 10 to 50 yea r s. Donated fixed assets are valued at the fair market value as of the da te received. C. Basis of Accounting Goiernmenta1 funds and Agency funds are accounted for using the modified accrua 1 basi s of accounting. Their revenues are recognized when they become measurable and available. Substantially all sources of revenue are accrued except interest on spech 1 assessments receivable, which is recognized when due. I I I I I I I I I I I I I I I I I I I Page 11 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 1 - Continued Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred, except for principal and interest on general long-term debt which is recognized when due. Proprietary funds are accounted for using the accrua 1 basis of accounting. Revenues are recognized when they are earned, and expenses are recognized when they are incurred. Unbil led 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 fi nancing them. 2. The budget is legally enacted through passage of a resolution. 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 budgetary control is alternatively achieved through general obligation bond indenture provisions. Budgetary control for Capital Projects and Special Assessment 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 accounting principles. 6. Budgetary control is maintained at the object of expenditure category level within each activity, and in compliance with City Charter requirements. Also inherent in this controlling function is the management phi losophy that the exi stence of a parti cu 1 ar item or appropriation in the approved 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 wi thi n the department budget by the City Counci 1. Therefore, there is a constant review process and expendi tures are not approved until it has been determi ned tha t (1) adequate funds were appropriated; (2) the expenditure is still necessary; and (3) funds are available. Budgeted amounts ~re as originaly adopted or as amended by the Ci ty Council. Budgeted expendi tura appropriations 1 aps,(! at year- end. I I I I I I I I I I I I I I I I I I I Page 12 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 1 - Continued 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 repurchase agreement. Investments are carried at cost. Market value at December 31, 1985 is the same as cost. Earnings from such investments are allocated to the respecti ve 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 that can be carried over is limited to ten days for all city employees with the exception of liquor store employees where a maximum of five days can be carried over. Vacation carried over to 1986 rrepresents a liability to the city of $7,260. Unpaid sick leave as of December 31, 1985 represents a contingent liability for the city of $46,519. 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 conformity with generally accepted accounting pri nc i p 1 es. I nterfund e 1 im; na ti ons ha ve not been made 'j n the aggrega ti on of thi s da ta. I. Property Taxes Property taxe s are set by the Ci ty Counc i 1 and certi fi ed 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 limits the annual increase in taxes per capi ta. 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. Portions of the tax l~vy paid by the state in the form of Homestead and Reduced Assessment Credits are included in intergovernmental revenue. Only that portion collected directly from property owners is reflected in tax revenue. Delinquent Property Taxes are recorded as revenue when received. Delinquent taxes and delinquent special assessments as of December 31, 1985 are: ~' 'YO. M5 vi' General Fund ~.\t~. '0 r $66.TIr, q H p~J 4{..s ~ Spech'l Assessments Fund (0; S- . $256, 894 . ~;j5'" '1/' i ~. .I,:l.l h~\ ~1 t \~ "" {}a>>t.vJ, \ Q.'f I . ~u't\ P c:>I <l () ,L I ".Q(I'</' I I I I I I I I I I I I I I I I I I I Page 13 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 1 - Continued 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 Ci ty of Shorewood. NOTE 2 - General 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: Land & Buildings $ 496,114 Machinery and Equipment 204,361 $ $ Balance 12-31-85 $ 496,114 293,336 Balance 1-1-85 Additions Deductions 89,475 500 $ 700,475 $89,475 $ 500 $ 789,450 ---------- ---------- ======= ========= ---------- --------.:-- Depreci a ti on 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 1985 for the Hater Fund was $28,303, Sewer Fund $18,732 and Liquor Fund $1,152. Special Assessment and Trust and agency Funds No depreciation has been provided on the fixed assets. General Fixed Assets No depreciation has been provided on general fixed assets. Budgetary Da ta The City Council adopts an annual budget. During the budget year, supplemental appropriations are authorized by the council. The amounts shown in the financial statements as "Budgetedll represent the original budgeted amount and all revisions made during the year. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES 10 FINANCIAL STATEMENTS December 31, 1985 NOTE 3 - Long-Term Debt Page 14 General Obligation Bonds: General Obligation Bonds are recorded in the General Long-Term Debt Group of accounts and are backed by the full faith and credit of the City. Special Assessment Bonds: These bonds are recorded as a liability in the Special Assessment Fund. The bonds are payable primarily from special assessments to be levied and collected for local improvements, and are backed by the full faith and credit of the city. Water Revenue Bonds: The Water Revenue Bonds are recorded as a 1 iabil ity in the Water Operating Fund. These bond$ 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 valoem tax is levied to meet the debt servi ce requirements. The Long Term Debt may be summarized as follows: ISSUE Balance 1-1-85 General Obligation $ -0" --.""-----.. _...~..__._--- Special Assessment Bonds: 71 Sewer Improvements 72 Sewer Improvements 72 Sewer Improvements B 73 Water Improvements 74 Sewer Improvements 80 Improvements 81 Improvements 84 Improvements $ 175,000 1,040,000 720,000 35,000 550,000 20,000 810,000 1,250,000 Tota 1 $4.000,000 -.......... "'""..-- ..,..,...........-- _.. - "'0" ".. ~'",'_""""_''''''''- Water Revenue Bonds $ 130,000 ----..--.,.-.-.- ...~. - '0",. _ ",'. _ ,...... _ ~",.,-," Sa lance 1-1-lJ5 Other Long Term Debt Park-Contract Sewer-Deferred Contract Sewer Construction .$ 5,438 22,605 5;;:8,082 <& f156, 1?5 - .~. .",,'.... ."". --..... ~.. .~.... ',"" ........,...,^._<'... u. ",......,"',~...'".. Additions Deductions $ $ -0- ========== ------.- ------- $ $ 25,000 130,000 90,000 5,000 70,000 20,000 270,000 -0- $ $610,000 ::IC::::=::'=== ======== $ $ 5,000 ===18===::== ======""= I\dditions Oeductions $ $ 1,359 5,185 443,430 2,816 $ 2,816 $449,974 ==:=:::==== ------_..... ---.---.-- Bala.nce 12. -31-85M~turi ty $ -0- ---.---..-- --_._---- $ lS0~000 910,000 630,000 30,000 480,000 -0- 540,000 1,250,000 $3,990,000 ===::==:=:=== $ 125,000 =""==..==="',= Balance 12-31-85 $ 4,079 17,420 87,468 $ 108,967 ....--------- -".,.-------- 1991 1992 1992 1991 1993 1985 1987 2001 Ma turi ty 1988 1988 I I I I I I I I I I I I I I I I I I I Page 15 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 3 - Continued , The debt service requirement for the next five years is summarized below: Year Special Assessments Principal Interest 1986 1987 1988 1989 1990 Therea fter $ 590,000 $260,612 670,000 218,153 405,000 183,633 400,000 162,127 405,000 136,444 1,520,000 523,433 NOTE 4 - Fund Balance Deficits Revenue Bonds Principal Interest Other Debt Principal Interest $10,000 10 , 000 10,000 10,000 10,000 75,000 $6,842 7,158 7,499 $1,165 795 406 $10,250 9,475 8,700 7,925 7,125 28,650 ~ ,.0 ~ e >'" I !? The fo1 lowing funds had fund balance deficits at December 31, 1985. The balance of special assessments levied but not received are shown for the Special Assessments funds. \~ 't~'" .? /,// ~ 'V;, (), J n '(. "r I) I.e;r '; 'J All City employees \.Jith the exception of the City Ad," istrator and part tim,.'! students must belong to the state-wide Public -f..mployees Retirement Association (PERA). SPECIAL ASSESSMENTS FUNDS 1971 & 1972 Improvements 1973 Improvements 1974 Improvements 1980 Improvements 1981 Improvements 1984 Improvements South East Water CAPITAL PROJECT FUNDS Park Improvements ENTERPRISE FUNDS Wa ter Uti l'i ty Fund NOTE 5 - Pension Plans Fund Balance $ 322,520 33,883 510,331 5,063 652,016 1,093,732 7,761 $ 10,114 Assessments Levied But Not Received $ 555,012 34,255 610,393 22,839 524,961 1, 115, 531/ .. (7~. ,,;,' , ~ $ 260,355 the Public Employees The Public Employees Ret'irement Assoc a ion is state-wide and an individual unit's portion of unfunded reserves is not available. I I I I I I I I I I I I I I I I I I I Page 16 CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1985 NOTE 6 - Segment Information The City maintains three enterprise funds which account for water and sewer uti 1 i ty systems and the 1 i Quor stores opera ti ons. Segment information for the year ended December 31.1985 was as follows: Li quor Fund Utility Funds Total Enter- Sewer Water prise Funds Operating Reserves $171.789 $292.109 $ 33,790 $497,688 Operating Expenses $154.092 $307,108 $ 81,454 $542,654 ________0 ________ Operating Income $ 17.697 ($ 14,999) ($ 47,664) ($ 44,966) Other Income (Expense) $ 1.169 ($ 816) $ 64,396 $ 64,749 Net Income $ 18.866 ($ 15.815) $ 16.732 $ 19.783 Retained Earnings $143.543 $269.615 ($260,355) $152,803 -----.-,.-- -----,-.....-- ======== .-------- -------- -------- -------- I I I I I I I I I I I I I I I I I I I ~ SUPPLEMENTARY INFORMATION 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 rquired 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. Page 17 I I I I I I I I I I I I I I I I I I I ASSETS Cash and Investments Taxes Receivable - Current Accounts Receivable Tota 1 Assets LIABILITIES AND FUND BALANCE ---------------------------- Liabilities Accounts Payable Total Liabilities Fund Balance CITY OF SHOREWOOD GENERAL FUND BAL.ANCE SHEET December 31, 1985 $253,854 34,312 3,686 $291,852 -------- -------- $42,489 $42,489 $249,363 $291,852 Total Liabilities and Fund Balance -------- -------- Page 18 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GENERAL FUND STATEMENT OF REVENUES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1985 TAXES General Property Current Delinquent Penalties and Interest Fiscal Disparities Other Tota 1 Taxes LICENSES AND PERMITS Business Licenses and Permits Non-Business Licenses and Permits Building Permits Total Licenses and Permits INTERGOVERNMENTAL REVENUE State Grants Local Government Aid Homestead Credit & Machinery Aid County Road Ai d CDBG Other Estimated $871,901 40,442 $912,343 $9,060 5,200 35,000 $49,260 -------- $135,367 156,460 16,000 10,000 Total Intergovernmental Revenue $317,827 CHARGES FOR SERVICES General Government Highway and Streets Sanitation Charges Park and Recreation Total Charges for Services FINES MISCELLANEOUS REVENUES Interest Income Miscellaneous Total Miscellaneous Revenues TRANSFERS Federal Revenue Sharing $13,100 1,800 1,500 3,000 $19,400 $43,000 $29,000 Page 19 Favorable Actual (Unfavorable) ------ ----------- $832,501 23,616 29,370 40,442 3,270 $929,199 $9,283 6,507 55,356 $71,146 $135,278 156,460 17 ,013 7,602 2,323 $318,676 $24,729 1,800 1,715 387 $28,631 $57,682 $0 $499 4,158 $0 $4,657 $29,000 Total Revenues and Transfers $1,370,830 $1~438,991 .......... ==....==== ($39,400) (23,616) (29,370) o (3,270) $16,856 $223 1,307 20,356 $21,886 ($89) o 1,013 (2,398) 2,323 $849 $11,629 o 215 (2,613) $9,231 $14,682 $499 4,158 $4,657 $0 $68,161 ........ f. I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD GENERAL FUND STATEMENT or EXPENDITURES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1985 Estimated GENERAL GOVERNMENT Mayor and Council Current Expenditures Admi n i s tra tor Current Expenditures Finance Current Expenditures Planning and Zoning Current Expenditures General Government Current Expenditures Lega 1 Current Expenditures Municipal Current Expenditures $123,257 40,125 65,235 37,164 98,492 102,700 27,260 Total General Government $494,233 PUBLIC SAFETY Police Protection Current Expenditures Fire Protection Current Expenditures Protective Inspection Current Expenditures $295,159 46,505 25,570 Tota 1 Pub 1 i c Safety $367,234 Page 20 Fa vorab 1 e Actual (Unfavorable) $26,824 36,331 65,083 30,155 91,286 21,413 $402,626 $291,646 46,505 29,577 $367,728 ~ $96,433 3,794 152 7 , 009 (33,042) 11,414 5,847 $91,607 $3,513 o (4,00'7 ) ($494) I I I I I I I I I I I I I I I I I I I Page 21 CITY OF SHOREWOOD GENERAL FUND STATEMENT OF EXPENDITURES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1985 Total Streets and Highways Fa vorab 1 e Estimated Ac tua 1 (Unfavorable) --------- ------ ----------- $173,780 $154,022 $19,758 16,250 9,781 6,469 9,215 8,555 660 10,613 10,561 52 211,984 221,534 (9,550) 21,924 25,125 (3,201) 8,000 6,619 1,381 12,399 7,577 4,822 -------- -------- -------- $464,165 $443,774 $20,391 -------- -------- -------- STREETS AND HIGHWAYS Public Works Current Expenditures Garage Current Expenditures Traffi c Control Current Expenditures Sanitation and Weed Removal Current Expenditures Streets and Roads Current Expenditures Snow and Ice Removal Current Expenditures Street Lighting Current Expenditures Tree Maintenance Current Expenditures PARK AND RECREATION Park & Recreation Activities Current Expenditures $45,198 $52,478 ($7,280) Total Expenditures and Transfers $1,370,830 $1,266,606 $104,224 ========== ---------- ---------- -------- -------- Page 22 CITY OF SHOREWOOD GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31. 1985 Revenues and Other Sources $1.438.991 1.266.606 Expenditures and Other Uses NET INCREASE (DECREASE) IN FUND BALANCE $172.385 FUND BALANCE. January 1 76.978 FUND BALANCE. December 31 $249.363 -------- -------- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES For the Year Ended December 31, 1985 REVENUE INTERGOVERNMENTAL REVENUE Federa 1 Grants Federal Revenue Sharing Total Intergovernmental Revenue OTHER REVENUE Interest on Investments Total Other Revenue Tota 1 Revenue EXPENDITURES Transfer to Other Funds Total Expenditures CHANGE IN FUND BALANCE Net Increase (Decrease) in Fund Balance Fund Balance, January 1 Fund Balance, December 31 Page 24 Federal Revenue Sharing $21,397 $21,397 $1,034 $1,034 $22,431 ------- ------- $31,000 $31,000 ------- ------- ($8,569) $15,554 $6,985 ------- ------- I 'I I I I I I I I I I I I I I I I I I ASSETS Cash and Investments Accrued Interest Total Assets LIABILITIES AND FUND BALANCE Accounts Payable Due to Other Funds Contracts Payable Total Liabilities Fund Balance Total Liabilities and Fund Balance Page 25 CITY OF SHOREWOOD CAPITAL PROJECT FUND COMBINING BALANCE SHEET December 31. 1985 Capi ta 1 Park Improvement $14,913 140 $15.053 -------- -------- $1.088 20.000 4,079 $25.167 ($10.114) $15.053 -------- -------- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD CAPITAL PROJECT FUND STATEMENT OF REVENUE. EXPENDITURES AND CHANGES For the Year Ended December 31. REVENUE Division Fees Equipment Donations Century Club Donation Interest on Investments Miscellaneous Total Revenue EXPEND ITURES Capital Improvements Engineering Services Equipment Purchases Miscellaneous Park Acquisition Total Expenditures Net Increase (Decrease) in Fund Balance Fund Balance. January 1 Fund Balance. December 31 Page 26 IN FUND BALANCE 1985 Park Improvement $42.500 2 2.000 1.592 25 $46.119 $586 7.411 3.015 217 91.524 $102.753 ($56.634) 46.520 ($10.114) ------- ------- ------------------- CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET December 31, 1985 1971 & 1972 1973 1974 1980 1981 1984 Southeast Improvements Improvement Improvement Improvement Improvement Improvement Wa ter Tota 1 ----------- ----------- ----------- ----------- ----------- ----------- ------- ASSETS ------ Cash and Investments $1,347,657 ($3,826) ($33,814) ($6,124) ($120,827) $241,486 ($7,761) $1,416,791 Accrued Interest 12,641 158 2,450 15,249 Special Assessments Receivable-Current 7,192 2 3,325 1,173 5,624 17,316 Unamorti zed Bond Discount 5,360 5,360 ---------- -------- -------- -------- -------- -------- -------- ---------- Tota 1 Assets $1,367,490 ($3,824) ($30,331) ($4,951) ($109,843) $243,936 ($7,761) $1,454,716 ---------- -------- -------- -------- -------- -------- -------- ---------- ---------- -------- -------- -------- -------- -------- -------- ---------- LIABILITIES AND FUND BALANCES --------------- liabilities Accounts Payable $0 $59 $0 $112 $2,173 $0 $79 $2,423 Contracts Payable 87,468 87,468 Bonds Payable 1,690,000 30,000 480,000 540,000 1,250,000 0 3,990,000 Fund Balance (322,510) (33,883) (51O,331) (5,063) (652,016) (1,093,532) (7 , 840 ) (2,625,175) ---------- -------- -------- -------- -------- -------- -------- ---------- -0 Tota 1 Li abil i ti es QI 1O and Fund Balances $1,361,490 ($3,824) ($30,331) ($4,951) ($109,843) $243,936 ($7,761) $1,454,716 (l) ========== -------- -------- --------- -------- -------- -------- ---------- N -------- -------- -------- -------- -------- -------- ---------- ....... ------------------- CITY OF SHOREWOOD SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Year Ended December 31, 1985 1971 & 1972 1973 1974 1980 1981 1984 Southeast Improvements Improvement Improvement Improvement Improvement Improvement Project Total REVENUE ------------ ----------- ----------- ----------- ----------- ----------- ------- Special Assessments Current Delinquent Homestead Credit General Property Taxes Prepaids Interest Total Revenue EXPENDITURES In~rest on Bonds Construction Expenses Total Expenditures Net Increase (Decrease) in Fund Balance Fund Balance - January 1 $184,035 17,089 12,690 81,100 111,413 $406,327 $100,353 $100,353 $305,974 (628,484) $3,822 788 577 558 $5,745 $2,262 $2,262 $3,483 (37,366) $29,619 1,851 9, 108 53,092 7,304 $100,974 $30,180 $30,180 $70,794 (581,125) Fund Balance - December 31 ($322,510) ($33,883) ($510,331) --------- --------- -------- -------- -------- -------- 14,341 4,200 $18,541 $2,098 $2,098 $16,443 (21,506) $124,926 48,294 23,008 $196,228 $72,520 $72,520 $123,708 o 154,667 37,139 $191,806 $74,524 3,805 $78,329 $113,477 (775,724) (1,207,009) -------- -------- ($5,063) ($652,016)($1,093,532) -------- ---------- -------- ---------- $361 7,479 $7,840 ($7,840) $0 $356,743 68,022 9,108 66,359 270,837 148,552 $0 $919,621 $282,298 11 , 284 $293,582 $626,039 ~ to (l) (3,251,214~ ________ co ($7,840)($2,625,175) -------- ---------- -------- ---------- I I I I I I I I I I I I I I I I I I I Page 29 CITY OF SHOREWOOD vlATER lJiILITY FUND COMPAP-ATIVE BALANCE SHEET De(;(~mber 31. 1985. 1984 Year Ended December 31 1985 1984 ASSETS CURRENT ASSETS Cash and Investments Accounts Receivable Taxes Receivable - Current Prepaids Other Tota 1 Assets ($5.485) ($44.857) 10.578 18.606 2.855 0 4.365 0 1.830 2.511 -------- -------- $14.143 ($23.740) -------- -------- -------- -------- $13.303 $13,303 931,810 931,810 (159, 620 ) (131,317) -------- -------- $785,493 $813,796 -------- -------- $799.636 $790,056 -------- -------- -------- -------- 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 Accrued Liabilities Current Portion Long Term Debt Tota 1 Current Li abil i ties LONG TERM LIABILITIES Bonds Payable - Non Current Portion $2,948 $3.091 233 2,242 10,000 5,000 -------- -------- $13,181 $10,333 -------- -------- $115,000 $125,000 -------- -------- RETAINED EARNINGS Contributions Retained Earnings (Deficit) Total Liabilities and Fund Equity $931.810 $931,810 (260,355) (277,087) -------- -------- $671,455 $654,723 -------- ...------- $799,636 $790,056 -------- -------- -------- -------- Total Fund [qui ty I I I I I I I I I I I I I I I I I I I Page 30 CITY OF SHOREWOOD WATER UTILITY FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 1985, 1984 Year Ended December 31 1985 1984 OPERATING REVENUE Metered Water Sales $33,790 Less: Operating Expenses Salaries Employee Benefits Insurance Office Expenses Supplies, Motor Fuel Sma 11 Tools City Buildings Expense Allocation El ectri city Contracted Se~vices Ed uca ti on Independent Audit purchases - Water Pur'chase of Wa tel" Meters Equipment Maintenance ~l"i see llaneous Deprecia tion $986 1,582 165 296 57 o 3,200 7,589 24,129 4.0 4i'O 9~OOl 2,195 1,596 1,835 - 28,303 Total Operating Expenses $81,454 $26,922 $19,015 4,935 908 242 4,040 256 2,167 6,685 6,224 85 470 6,173 625 6,496 1,156 28,303 $87,780 OPERATING INCOME (LOSS) ($47,664) ($60,858) ADD NON OPERATING REVENUE Genera 1 Property Taxes Homestead Credit Fiscal Disparities Sa le of ~1eters Connection Charges Other Transfer from Other Funds $33,137 5,952 1,536 2,390 3,000 675 29,442 Total Non Operat"ing Revenue $76,132 LESS NON OPERATING EXPENSES In terest - Interfund Loan Interest on Bonds $838 - 10,898 Total Non Operating Expenses $11,736 $116,273 21,110 2,385 1,224 450 o o $141,442 $15,391 11,273 $26,664 NET INCOME (LOSS) TO RETAINED EARNINGS $16,732 $53,920 (277,087) (331,007) RETAINED EARNINGS, January 1 --------- -------- ($260,355) ($277,087) ---...---.- --~.._~_._-- RETAINED EARNINGS, December 31 I I I I I I I I I I -I I I I I I I I I CITY OF SHOREWOOD WATER UTILITY FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended December 31, 1985, 1984 Year Ended December 31 1985 1984 SOURCES OF FINANCIAL RESOURCES Operations Net Income for the Year Add: Expenses not requiring current outlay of resources Depreciation $16,732 $53,920 28,303 28,303 Total Resources Provided $45,035 $82,223 USES OF FINANCIAL RESOURCES Reduction of Long Term Debt $10,000 $5,000 -------- -------- $10,000 $5,000 -------- -------- $35,035 $77,223 ------- ------- ------- ------- Total Uses of Financial Resources Net Increase (Decrease) in Financial Resources COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Temporary Investments Accounts Receivable Taxes Receivable - Current Prepaids Other Accounts Payable Accrued Liabilities Current Porti on Lo,ng Term Debt $39,372 $63,823 (8,028) 11 , 886 2,855 0 4,365 0 (681) 1,924 143 1,406 2,009 (1,816) (5,000) 0 -------- -------- $35,035 $77 , 223 -------- -....------ -------- -------- Net Increase (Decrease) in Working Capital Page 31 I I I I I I I I I I I I I I I I I I I Page 32 CITY OF SHORE WOOD SANITARY SEWER UTILITY FUND COMPARATIVE BALANCE SHEET December 31, 1985, 1984 Year Ended December 31 1985 1984 ASSETS CURRENT ASSETS Cash and Temporary Invesunents Accounts Receivable Due from Other Funds Accrued Interest Prepaids Other Total Fixed Assets $213,372 $292,347 100,293 75,968 20,000 0 3,060 3,182 23,527 0 0 1,268 -------- -------- $360,252 $372,765 -------- -------- $19,434 $19,434 353,540 353,540 (89,431) (70,699 ) -------- -------- $283,543 $302,275 -------- -------- $643,795 $675,040 -------- -------- -------- -------- Total Current Assets FIXED ASSETS - Note 1 Equipment Construction in Progress Less Allowance for Depreciation Total Assets - LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable Accrued Liabilities Current Portion Long-Term Indebtedness - Note 3 $3,220 o 5,483 $13,044 421 5,185 Total Current Liabilities $8,703 $18,650 LONG TERM INDEBTEDNESS Contracts Payable - Note 3 $11,937 $17,420 FUND EQU ITY Contributions in Aid to Construction Retained Earnings - Unreserved Total Fund Equity $353,540 $353,540 269,615 285,430 -------- -------- $623,155 $638,970 -------- -------- $643,795 $675,040 -----....-- -------- -------- -------- Total Liabilities and Fund Equi ty I I I I I I I I I I I I I I I I I I I Page 33 CITY OF SHOREWOOD SANITARY SEWER UTILITY FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 1985, 1984 Year Ended December 31 1985 1984 OPERATING REVENUE Sewer Usage Total Other Expenses $292,109 $274,857 -------- -------- $4,392 $14,356 539 3,650 2,665 2,448 1,012 632 1,502 2,754 0 93 4, 14B 4,182 22,724 5,622 202 120 hl~05 0 245,748 243,386 18,73;! 18,732 2,029 16,894 210 417 1 , 000 0 -------- -------- $307,108 $313,286 -------- -------.- ($14,999) ($38,429) -------- ....------- $3,900 $2,100 500 70 851 3,580 20,400 10,225 19,488 33,770 1,500 0 -------- -------- $46,639 $49,745 -------- -------- $28,942 $1,582 18,513 12,203 -------- -------- $47,4.55 $13,785 ---....---- -------- ($15,315) ($2,469) 285,430 287,899 -------- -------- $269,615 $285,430 lIt:tIl'lClOUt :l:1Ie ==::zf::t:::==::t Less: Operating Expenses Salaries and Wages Employee Benefits Insurance Office Expense Supplies, Motor Fuels Small Tools Electricity -,Lift Stations Contracted Services Educa ti on Independent Audit Sewer Use Charge - Metro Waste Control Commission Deprecia ti on Equipment Maintenance Miscellaneous Financial Total Operating Expenses OPERATING INCOME (LOSS) ADD NON OPERATING REVENUE Sewer Permits Disposal Fees Refunds - Reimbursements Metro Sewer SAC Charges Interest on Investments Transfer from Other Funds Total Non Operating Revenue OTHER EXPENSES Transfer to Water Fund Metro Sewer SAC Charges NET INCOME TO RETAINED EARNINGS RETAINED EARNINGS, January 1 RETAINED EARNINGS, December 31 I I I I I I I I I I I I I I I I I I I Page 34 CITY OF SHOREWOOD SANITARY SEWER UTILITY FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended December 31, 1985, 1984 Year Ended December 31 1985 1984 SOURCES OF FINANCIAL RESOURCES Add: Items not requiring current outlay of resources Depreciation Net Increase (Decrease) in Working Capital $18,732 $18,732 -------- -------- $18,732 $18,732 -------- -------- $15,815 $2,469 5,483 5,185 -------- -------- $21,298 $7,654 -------- -------- ($2,566) $11,078 ------- ------- ------- ------- Total Resources Provided USES OF FINANCIAL RESOURCES Net Loss for Year Retirement of Long Term Debt Total Use of Financial Resources COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Net Increase (Decrease) in Working Capital ($78,975) ($41,236) 24,325 51,835 42,259 7,102 (122 ) 1,091 9,824 (7,011) 421 (421) (298 ) (282) -------- -------- ($2,566) $11 ,078 -------- -------- -------- -------- Cash and Temporary Investments Accounts Receivable Other Accrued Interest Accounts Payable Accrued Liabilities Current Portion Long-Term Indebtedness I I I I I I I I I I I I I I I I I I I Page 35 CITY OF SHOREWOOD LIQUOR FUND COMPARATIVE BALANCE SHEET December 31, 1985, 1984 Year Ended December 31 1985 1984 ASSETS CURRENT ASSETS Cash and Investments Accounts Receivable Inventory Liquor Wine Beer Mi sce 11 aneous Prepaids Total Current Assets $55,068 $71,583 0 0 63,774 55,696 38,230 29,768 15,314 15,805 6,650 4,924 11,193 0 -------- -------- $190,229 $177,776 -------- -------- FIXED ASSETS Furniture and Fixtures Leasehold Improvements Less Allowance for Depreciation Total Fixed Assets $25,695 $25,145 3,955 3,955 (27,623) (26,471 ) ---.----- -------- $2,027 $2,629 -------- -------- $192,256 $180,405 -------- -------- -------- -------- Tota 1 Assets LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable Accrued Liabilities Total Current Liabilities $37,479 $44,858 11,234 10,870 -------- -------- $48,713 $55,728 -------- -------- $143,543 $124,677 -------- -------- $192,256 $180,405 -------- -------- -------- -------- RETAINED EARNINGS Total Liabilities and Equity I I I I I I I I I I I I I I I I I I I Page 36 CITY OF SHORE WOOD LIQUOR FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 1985, 1984 Gross Profit Year Ended December 31 1985 1984 f'NY'T1l-""'/ $859,981 $708,283 @vo""o5 688,192 563,918 -------- -------- $171,789 $144,365 -------- -------- SALES AND COST OF SALES Sales Cost of Sales GENERAL AND ADMINISTRATIVE EXPENSE Salaries, Regular Salaries, Part Time Employee Benefits Supplies, Office Supplies, R & M Supplies, General Professional Services Audit Contractua 1 Meetings, Schools & Miles Utilities Insurance Miscellaneous Bookkeeping Rent Dues & Subscriptions Advertising & Promotions Depreciation Net Operating Income (Loss) $42,835 $63,609 36,751 20,379 4,793 11,759 175 775 1,162 486 392 745 ~ 2,385 . '~1l00 . 1,250 " 3,189~/ 4,401 -"'~-,~~--- 233 183 11,775 10,883 5,464 3,915 2,120 2,935 3,658 4,430 32,173 33,991 175 520 4,745 1,844 1,152 1,128 -------- -------- $154,092 $165,618 -------- ---_._--- $17 ,697 ($21,253 ) -------- -------- $1,169 $3,535 -------- -------- $18,866 ($17,718 ) 124,617 142,395 -------- -------- $143,543 $124,677 -------- -------- -------- -------- Total General and Administrative OTHER INCOME Interest Net Income (Loss) RETAINED EARNINGS, January 1 RETAINED EARNINGS, December 31 I I I I I I I I I I I I I I I I I I I Page 37 CITY OF SHOREWOOD LIQUOR FUND COMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended December 31, 1985, 1984 , Total Resources Provided Year Ended December 31 1985 1984 $18.866 $0 1,152 1,128 -------- -------- $20,018 $1,128 -------- -------- SOURCES OF FINANCIAL RESOURCES Net Income for the Year Add: Items not requiring current outlay of resources Deprecia ti on USES OF FINANCIAL RESOURCES Net Loss for Year Purchase of Equipment Net Increase (Decrease) in Working Capital $0 $17,718 550 0 -------- -------- $550 $17,718 -------- -------- $19,468 ($16,590) ------- ------- ------- ------- Total Use of Financial Resources COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Net Increase (Decrease) in Working Capital ($16,515) $16,861 11,193 (5,980) 17,775 (9,042) 7,379 (17 , 643 ) (364) (786) -------- -------- $19,468 ($16,590 ) -------- -------- -------- -------- Cash and Investments Receivables and Prepaids Inventories Accounts Payable Accrued Liabilities I I I I I I I I I I I I I I I I I I I AL.AN W, MATTHIAS JOHN M. ROEBKE JAMES J. MAISER DUANE A.EBERT DEAN R. DAL.EN TAMMY J. GRAFFT MATTHIAS. ROEBKE Be MAISER CERTIFIED PUBLIC ACCOUNTANTS 540 EAST FIRST P. O. BOX 65 WACONIA. MINNESOTA 553137 AREA CODE e 1 :l L.OCAL. 44;.!.440tl METRO 446-1192 January 31, 1986 NORWOOD OFFICE CITIZENS STATE BANK BLDG. CHASKA OFFICE HAZELTINE GATES BLDG. Ci ty of Shorewood Li quor Store s Excelsior, MN 55331 We have compiled the accompanying balance sheet of Shorewood Liquors as of December 31, 1985, and the related statements of income 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 representa ti on of management. We ha ve not audi ted or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures required, and a statement of changes in financial position required by generally accepted accounti ng pri nci p 1 es. If the omi tted di sc 1 osures were included in the financial statements, they might infl uence the user's concl usions about the City's financial position, results of operations, and changes in financial position. Accordingly, these financial s ta tements are not. desi gned for those who are not informed about such matters. #/~ /~~,pq/~ -I -I 1 1 I I J J -I -I 1 1 I I CITY OF SHOREWOOD LIQUOR STORES SHORENOOD MINNESOTA BALANCE SHEET AS OF 12/31/85 DEPARTMENT I 62 LIOUDft 11 ASSETS CURRENT ASSETS CASH IN BANK PETTY CASH/CASH ON HAND NSF CHECKS INV/LIQUOR INV/WINE INV/BEER INV/CIGS INV/POP INV MISC PREPD INS PREPD OTHER t ~lf, 112 600 332 18,739 11 ,730 6,079 1,537 1,099 163 4,491 235 TOTAL CURRENT ASSETS s 7'1, 117 FIXED ASSETS ALLOW FOR DEPR BLDG &.STRUCTURES ALLOW FOR DEPR EQUIP FURN & FIXTURES ALLOW FOR DEPR FURN & FIX SIGNS ALLOW FOR DEPR SIGNS s (282) <2,127) 24,367 <21J179) 550 (55) TOTAL FIXED ASSETS TOTAL ASSETS s 1,274 LXABXLXTXES & EQUXTY CURRENT LIABILITIES ACCOUNTS PAYABLE SALES TAX PAYABLE SALARIES PAYABLE $ TOTAL CURRENT LIABILITIES . 24,978 -I . RETAINED EARNINGS -I YTDEARNINGS -I 1 FUND EQUITY $ TOTAL FUND EQUITY $ TOTAL LIABILITYES & EQUITY S 80,391 -----..--.----- ---_._------- 20,718 2,81, 1,380 56,863 ( 1.452) 55, 411 S 80,389 ---.-.-------- --.--.-.------- SEE ACCOUNTANT'S COMPILATION REPORT MATTHIAS, ROEBKE & MAISER CPA'S -I -I 1 1 I I I J -I -I 1 1 I I CITY OF SHORE WOOD LIQUOR STORES SHOREWOOD MINNESOTA BALANCE SHEET DEPARTMENT 1 63 LIQUOR 12 ASSETS CURRENT ASSETS CASH IN BANK PETTY CASH/CASH ON HAND NSF CHECKS INV/UQUOR INV/WINE INV/BEER INV/CIGS INV/POP INV tUSC PREPD INS PREPD OTHER TOTAL CURRENT ASSETS FIXED ASSETS ALLOW FOR DEPR BLDG & STRUCTURES ALLOW FOR DEPR EQUIP FURN & FIXTURES ALLOW FOR DEPR FURN & FIX LEASEHOLD IMPROVEMENTS TOTAL FIXED ASSETS TOTAL ASSETS AS OF 12/31/85 $ $ $ $ LXABXLXTXES & EQUZTY CURRENT LIABILITIES ACCOUNTS PAYABLE SALES TAX PAYABLE SALARIES PAYABLE J -I -I 1 FUND EQUITY RETAINED EARNINGS YTD EARNINGS TOTAL FUND EQUITY TOTAL UABILITYES I EQUITY --_._-------- ---------_._- $ 19,228 600 196 45,035 26,500 9,235 lJ 140 2 , 179 532 4,641 1,8.26 111,111 (282) <1 , 257 ) 178 (3,036) 3,955 l~B 16,451 5,143 1,832 $ ..., 2 $ $ 67,813 20,026 87,839 SEEACCOUNTANT'SCOMPILATIO~ REPORT MATTHIAS, ROEBKE I MAISER CPA'S $ 111,269 ============ $ 111,271 -I -I 1 1 I I I CITY OF SHOREWOOD LIQUOR STORES SHORfWOOD MINNfSOTA STATEMENT OF REVENUE I EXPENSE 10/ 1/85 TO 12/31/85 DEPARTMENT I 62 LIgUOR 11 CURRENT PERIOD 1/ 1/85 TO DATE % OF SALES J:NCOME 4201 LIQUOR SALES 4202 WINE SALES 4203 BEER SALES 4204 CIGARETTE SALES 4205 POP SALES 4206 BOTTLf DfPOSITS 4201 MISC SALES TOTAL SUPPLIES t 28,510. . 98,498. 28.0 n 17,820. 51,922. 16.4 r'1 39,5~9. 165,341. 46.9 /& 4,040. 18,036. 5.1 ,').-~ 2,434. 11,429. 3.2 <73 . ) (24.) (0.0) 325. 1,043. 0.3 --.-.------- ------_._-- ---.--- $ 92,596. $ 352,250. 100.0 25,820. 81,852. 23.2 14 ,253. 44,116. 12.5 ;i ~'''f - 33,090. 139,239. 39.5 :: "') ." . 3 9 6 4.0 ,.,. 960. 4,964. 1.4 if 116. 4,628. 1.3 ------.--.-- ----_._---- -----.- $ 18,521. $ 288,794. 82.0 ---------- ---------- ~ . 14,074. $ 63,456. / 18.0 '~ 6,493. 19,836. 5.6 4,466. 15,017. 4.3 657. 651. 0.2 296. 1,056. 0.3 119. 635. 0.2 571. 2,311. 0.7 ---------- -------.-.--. ------ $ 12,661. $ 39,513. 11.2 108. 0.0 16. 0.0 81- 0.0 -.....-.--....---- --.---.- . 205. 0.1 75. 575. 0.2 1.000. 0.3 TOTAL SALES COST OF SALES 4381 LIQUOR PURCHASES 4382 WINE PURCHASES 4383 BEER PURCHASES 4384 AET P R HASE 4385 POP PURCHASES' 4381 MISC PURCHASES TOTAL COST OF SALES GROSS PROFIT 1 I I J -I -I -t 1 - PERSONAL SERVICES - 6001 SALARIES 6003 PART TIME 6005 MN UC FUND 6006 UNALLOCATED FICA 6007 UNALLOCATED PERA 6008 UNALLOCATED INSURANCE TOTAL PERSONAL SERVICES - SUPP~IfS - 6020 OFFICE EXPS/POSTAGE 6023 REPAIRS AND MAINT 6026 SUPPLIES-GENERAL - OTHER CHARGES - 6031 FINANCIAL PROF SVCS Aon AIIDTT PRnF' gur.~ SEE ACCOUNTANT'S COMPILATION REPORT MATTHIAS. ROfBKf ,.,AISfR CPA'S -I -I 1 1 I I J -I I -I 1 1 I I J -I -I -I 1 CITY OF SHOREWOOD LIQUOR STORES SHQREWOOD MINNESOTA STATEMENT OF REVENUE I EXPENSE 10/ 1/85 TO 12/31/B5 DEPARTMENT t 62 LIQUOR t1 . CURRENT PERIon 1/ 1/B5 TO DATE 6035 CONTRACTUAL 6037 HTas SCHOOLS MILEAGE 6039 UTILITIES 6041 INSURANCE EXPENSE 6044 LIpUOR STORE ,KKP 6045 BADllEB1EXPS 6050 RENT 6052 LICIT AXES 6053 DUES I SUBS 6057 AllVERTISIHG 1 SALES PROMOTION 6058 DEPRECIATION EXP $ 441. $ 1,525. 58. 164. 1. 369 . 4,.J-OBS . 351- 1,101. 486. 1,152. 350. 350. 1,954. 10,779. 575. 581. 62. 1. 771. 2,276. 764. J,046. ---------.- -....--.-.----- $ 8,193. $ 25,899. --------.-- ------_._-.- $ 20,854. $ 65,616., ---------.- ---------- t ( 6 J 780 . )t (2,160.) 136. 678. 61. 30. ----_._---- ---------- $ 197. $ 70B. ---------- ---------- $ (6,583. )$ (1,452.) TOTAL OTHER CHARGES TOTAL GENERAL & ADMIN EXPENSES NET INCOME FROM OPERATIONS OTHER INCOME 8002 INTEREST INCOME 8005 CASH SHORT/OVER TOTAL OTHER INCOME TOTAL REVENUE/EXPENDITURES % OF SAl ES 0.4 0.0 1.3 0.3 0.5 0.1 3.1 0.2 0.0 0.6 0.3 7.4 18.6 (0.6) ~~F' ACCOUNTANT'~ cnMPTl ATTnN RF"pnRT MATTHIAS,. ROEBKE I "AISER CPA'S -I -I 1 1 I I I J COiTO' SALES -I 4381 LIQUOR PURCHASES 4382 WINE PURCHASES 4383 BEER PURCHASES 43 4 GA TTPUR HASES 4385 POP PURCHASES 4387 MISCPURCHASES CITY OF SHOREWOOD LIQUOR STORES SHOREwoon MINNESOTA STATEMENT OF REVENUE & EXPENSE 10/ 1/85 TO 12/31/85 DEPARTMENT t 63 lIOIIOR t? CURRENT PERIOD 11 1/85 TO DATE %OF SALES e INCOME 4201 LIQUOR SALES 4202 WINE SALES 4203 BEER SALES 4204 CIGARETTE SALES 4205 POP SALES 4104 IOTT~E DEPOSITS 4201 luse SALES TOTAL PERSONAL SERVICES $ 58,445. $ 200,669. 39.5 :;-1 4b493. 126,512. 24.9 ?'t 39,484. 157,664. 31.1 -,. r (,~ 1,255. 5,338. 1.1 3 i 3,699. 14,188. 2.9 cuu.) (JU . ) (0.0 939. 3,042. 0.6 ---------- ----------. --_._-- $ 145,133. S 507,731. 190.0 37,186. 158,044. 31.1 30,666. 89,883. 11.7 36,260. 136,577. 26.9 882. 3,283. 0.6 184. 5,583. 1.1 2.267. 6,028. 1.2 -.------.-.-- -.-.------.-- ------ S 108,645. $ 399,398. 78.7 ---------'- ---------- ------ $ 36,488. S 108,333. 21.3 7,301. 22,999. 4.5 6,843. 21,734. 4.3 609. If B08 . 0.4 570. b294. 0.3 226. 920. 0.2 ---------- --_._------ ------ S 15.550. S 48.756. 9.6 67. 0.0 b146. 0.2 132. 311. 0.1 ---------- ----.------ ------ . 132. $ 1.525. 0.3 .2.(; 'I 'it;, 't )~. tf {,:l . ~ ~~. I TOTAL SALES TOTAL COST OF SALES 1 I I J -I -I -I 1 GROSS PROFIT - PERSONAL SERVICES - 6001 SALARIES 6003 PART TIHE 6006 UNALLOCATED FICA 6007 UNALLOCATED PERA 6008 UNALLOCATED INSURANCE - SUPPLIES. - 6020 OFFICE EXPS/POSTAGE 6023 REPMRSAND HAINT 6026.. SUPPLIES-GENERAL TOTAL SUPPLIES - QTHER CHA~GES- 6031 FINANCIAL PROF SYCS 6032 AUDIT PROF SYCS !..O:t5 CONTr:lACTIIAI 75. 575. b 000. if 664 . 0.1 0.2 0.3 38L SEE ACCOUNTANT'S COMPILATION REPORT MATTHIAS. ROElKE I MAISER CPA'S -I -I 1 1 I I J CITY OF SHOREWOOD LIQUOR STORES SHpRfWOOD MINNfSOTA STATEMENT OF REVENUE I EXPENSE 10/ 1/85 TO 12/31/85 DfPARTMENT 1 63 LIQUOR 12 CURRENT PfRIOD 1/ lI85 TO DATE 6037 MTGS SCHOOLS MILEAGE 6039 UTILITIfS 6041 INSURANCE EXPENSE 6043 MISC EXPENSE 6044 LIQUOR STOREBKKP 6045 BAD DEBT EXPS 6050 RENT 6052 LIC!TAXfS 6053 DUES & SUIS 6057 ADVERTISING I SALES PROMOTION 6058 DEPRECIATION.EXP . 20. $ 69. t, 917. 7,087. 382. 1J 132 . o. 486. 1,752. 57. 57. 3,430. 20,.737. 11 126. 11 132. 113. <216.) 2,469. 419. 701. ----.--.--.-- ---------- . 8,075. $ 38,488. -.------.--- ---------- $ 23,.758. $ 88J768. ---------- ---------- t 17,731 . t 19,5AS. 136. 678. <93. ) (218.) ---------- -----.---.--. . 42. $ 460. -.------.--- ----_._---- $ 12,773. $ 20,026. -I -I 1 1 I I J J -I -I 1 TOTAL OTHER CHARGES TOTAL GENERAL I ADMIN EXPENSES NET INCOME FROM OPE~ATIONS OTHER INCOME 8002 INTE~EST INCOMf 8005 CASH SHORT/OVER lOTAL OTHER INCOME TOTAL REVENUE/EXPENDITURES % OF SAlfS 0.0 1.4 0.2 0.3 0.0 4.1 0.2 0.0 0.5 0.1 7.6 17.5 :L9 SEE: ACCOUNT A~T ' S COMP IlATI ON REfl'ORT MATTHIAS, ROEBKEt HAISER CPA.'S -I -I 1 1 I I I J CITY OF SHOREWOOD LI QUOR STORES SHORE WOOD MINNESOTA STATEMENT OF REVENUE & EXPENSE 10/ 1/85 TO 12/31/85 CIIRRrNT PERIOD 1/ 1 /R~ TO DATE 'l nf:' SALES :INCOME 4201 L!QUOR SALES 4202 JUNE SALES 4203 BEER SALES 4204 CIGARETTE SALES 4205 POP SALES 4206 BOTTLE DEPOSITS 4201 MISC SALES GROSS PROF IT t 86,955. t 299,161. 34.8 59,313. 184,494. 21.5 19,023. 323,011. 31.6 5,295. 23,314. 2.1 6,132. 26,218. 3.0 ( 254 d ( 368 d (0.0) If 264. 4,085. 0.5 ----.------. --------.-- ------ t 231,129. t 859,982. 100.0 63,605. 239,896. 21.9 44,919. 134,059. 15.6 69,351. 215,816. 32.1 4,164 . 11,219. 2.0 If 145. 10,541. 1.2 3,383. 10,656. 1.2 ---------- ---------- ------ $ 181,166. $ 688,193. 80.0 ---------- ---------- .------ $ 50,562. $ 111,189. 20.0 13,193. 42,835. <./ 5.0 I1f310. 36,152-. ..,/ 4.3 651. 651. 0.1 905. 2,865......- 0.3 149. if 929.v' 0.2 191. 3,~31. 0.4 -----.----.- -_._----_._- -.----- $ 28, 211 . $ 88,269. 10.3 0.0 132. 0.0 ---------- --.-----_.-.-- ----:-- t 132. . 1,129. 0.2 TOTAL SALES COST OF SALe:S 4381 LIQUOR PURCHASES 4382 WINE PURCHASES 4383 BEER PURCHASES 4384 CIGARETTE PURCHASES 4385 POP PURCHASES 4387 MISC PURCHASES TOTAL COST OF SALES 1 1 I I - PERSONAL SERVICES - 6001 SALARIES 6003 PART TIllE 6005 I'IN UC FUND 6006 UNALLOCATEDFICA 6001 UN ALLOCATED PERA 6008 UNALLOCATED INSURANCE TOTAL PERSONAL SERVICES - SUPPLIES - 6020 OFFICE EXPS/PoSTAGE 6026 SUPPLIES-GENERAL J -I -I 1 TOTAL SUPl"qES - OTHER CHARGES - "031 FINANr.tA~ PROF sues 6032 AUDIT PROF SVC.S 6035 CONTRACTUAL 6037 "TGS SCHOOLS tfIlEASE 150. V;sO t ' 1 50. T 2,000.. ./ /' 3,189. ",/ 233. 0.1 0.2 0.4 0.0 821. 7S. SEE ACCOUNTANT'S COMPILATION REPORT MATTHIAS, ROEBKE' HAISER CPA'S -I -I 1 1 I I CITY OF SHOREWOOD LIQUOR STORES SHORfWOOD M~NNfSOTA STATEMENT OF REVENUE & EXPENSE 10/ 1/85 TO 12/31/85 CURRENT PERIOD 1/ 1/85 TO DATE % OF SALES NET INCOKE FROM PPERATIONS S 3,286. S 11 ,775. .....--/ 1.4 733. 2, 233.L--/ 0.3 O. 971. ~ 0.4 3J~QS. 407. 407./ 0.0 :h 384 . 31JS16. 3.7 1 .701 . 1 ,71 ~. , 0.1 175./ 0.0 1t 554 . 4'744.~ 0.6 ---------- ..--------- ------ $ 16,269. $ 64,386. 7.5 -----.---.--. ----.----..-- ------ S 44,612. $ 154,384. 18.0 ------.---.- ---------- ------ S 5,950. $ 17,405. 2.0 272. 1,356. (32 .) (188 .) ---_.-.----- ---------- t '39. t 1 .169. -.-..----.---- -.-----.---- S 6,190. $ 18,574. 6039 UTILITIES 6041 INSURANCE EXPENSE 6043 MISC EXPENSE 6044 LIQUO~ STORE BKKP 6045 BAD DEBT EXPS 6050 RENT !.OS' I TCITAXFS 6053 DUES I SUBS 6057 ADVERTISING & SALES PROMOTION J -I I 1 1 I I J -I -I -I 1 TOTAL OTHER CHARGES TOTAL GENERAL & ADHINEXPENSES OTHER INCOME 8002 INTEREST INCOME 8005 CASH SHORT/OVER TOTAL OTHFR INCOMF TOTAL REVENUE/EXPENDITURES $Ef ~CCOUNT~NT'SCOMPILATION REPORT MATTHIAS, ROEBKE & MAISER CPA'S