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1987 - Comp. Annual Financial Report I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD Shorewood, MN AUDDITOR'S REPORT December 31, 1987 JAMES MAISER, CPA I I I I I I I I I I I I I I I I I I I Robert Rascop Barbara Brancel Robert Gagne, Jr. Jan Haugen Kristi Stover CITY OF SHOREWOOD Shorewood, Minnesota ORGANIZATION Council Mayor Councilmember Councilmember Councilmember Councilmember Term Expires 1988 1990 1988 1990 1988 I I I I I I I I I I I I I I I I I I I CITY OF SlIlRm<<XD Shorewood, Minnesota TABLE OF OONTENTS December, 31,1987 GENERAL RJREUm FINANCIAL STATIHNl'S Accountant's Opinion 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 - Budget and Actual, General and Special Revenue Fund Types Combined Statement of Revenue, Expenses and Changes in Retained Earnings - Change in Financial Position - Proprietary Fund Types Notes to Financial Statements <XH3INING AND INDIVIDUAL FUND STAT>>tENTS Supplementary Infonnation General Fund Balance Sheet - Change in Fund Balance Statement of Revenue - Estimated and Actual Statement of Expenditures - Estimated and Actual Special Revenue Funds Combining Balance Sheet Combining Statement of Revenue and Expenditures and Changes in Fund Balance Debt Service Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and Changes in Fund Balance Capi tal Project Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and Changes in Fund Balance Enterprise Funds - Water and Sewer Combining, Comparative, Balance Sheet Combining, Comparative Statement of Revenue, Expenses and changes in Retained Earning Combining, Comparative Statement of Changes in Financial Position Liquor Fund Comparative Balance Sheet Comparative Statement of Change in Financial Position Comparative Statement of Revenues Expenses and Change in Retained Earnings ~~ 1 2 3-4 5 6 7-13 14 15 16 17 18 18 19 20 21 22 23 24 25 26 26 27 I 1 I I I I I I I I I I I I I I I I I JAMES MAISER, CPA May 18, 1988 The Honorable Mayor and the Honorable City Council City of Shorewood Shorewood, Minnesota I have examined the financial statements of the City of Shorewood, Minnesota, as of and for the year ended December 31, 1987, as listed in the table of contents. My examination was made in accordance with generally accepted auditing standards; the provisions of the Legal Compliance Audit Guide promulgated by the Legal Compliance Task Force pursuant to Minnesota Statutes Sec. 6.65. Accordingly included such tests of the accounting records and such other auditing procedures as I 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 1978 have not been recorded. This is a departure from generally accepted accounting principles. Since January 1, 1978, the City has recorded property, plant and equipment acquisitions in the Sanitary Sewer and Water Operating Funds and the General Fixed Asset Group of accounts and well as the Liquor Fund, and has made provisions for depreciation, which conforms to generally accepted accounting principles applicable to governmental units. In my opinion, except for the omission noted in the preceding paragraph, the general purpose financial statements referred to above present fairly the financial position of the City of Shorewood, MN at December 31, 1987, and the results of its operations and the changes in financial position of the proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year after giving retroactive effect to the change, with which I concur, in accounting for special assessments as described in note 4 to the financial statements. My examination was made for the purpose of forming an opInIon on the combined financial statements taken as a whole. The combining, individual fund, and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of Shorewood, MN. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in my opinion, is fairly stated in all material respects in relation to the combined statements taken as a whole. ~~ 44 WEST FIRST ST. WACONIA. MN 55387 612-442-4958 - - - - - ASSETS Cash and Investments Accrued Interest Account s Recei vabl e Taxes Receivable - Current Due fro. Other Funds Special Assessment Current Prepai ds Unamortized Bond Discount Inventory Fixed Assets - Net of Depreciation General Fi xed Assets Amount Avai I abl e for LT Debt Amount to be provi ded LT Debt Total Assets LIABILITIES AND FUND EQmTY Accounts Payable Due Ot her Funds Contracts Payable Bonds Payable, General Obligation Ot ber Long Ter. Debt Investment in General Fixed Assets Contri buted Capi tal Retained Earnings Fund Balance Total Li abi I i ti es and and Fund Equi t y - - - SPECI AL REVENUE --------- --------- - - - - CITY OF SHOREWOOD COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1987 GOVERNMENTAL FUND TYPES DEBT SERVl CE 50 12,000,826 30,970 GENERAL 5823,852 13,108 32,407 10,837 1880,204 195,953 98,207 686,044 1880,204 5,701 50 52,037,497 --------- --------- 10 o 2,037,497 10 12,037,497 The accompanying notes are an integral part of these financial statements. CAPITAL PROJECTS 1778,591 12,473 PROPRI E- TORY ENTER- PRI SE 1297,931 4,841 127,952 104'35~ 16,826 142,225 989,519 - - - ACCOUNT GROUPS GENERAL GENERAL FI XED LONG ASSETS TERM DEBT - - - - 1,286,738 10 $2,037,497 2,840,040 TOTALS (MEMORANDUM ONLY) DECEMBER 31 DECEMBER 31 1987 1986 10 13,901,200 61,392 160,359 10,837 l!!hmq .< 5,701 16,826 o $3,775,007 40,321 162,290 230 20,000 28,087 29,723 2,680 130,129 1,026,173 966,816 1,855,991 2,627,169 5791,064 11,683,653 51,286,738 14,877,537 511,556,693 110,664,616 10 58,125 1,400 781,539 $791,064 -2- 569,994 105,000 6,137 1,285,350 217,172 $1,683,653 --------- --------- 1,286,738 11,286,738 --------- -------.-- 10 4,870,000 7,537 142,225 989,519 1,286,738 2,037,497 2,840,040 --------- --------- 50 1174,072 98,207 o 4,975,000 15,074 1115,439 o 211,435 4,500,000 8,857 966,816 1,285,350 152,033 3,404,686 $4,877,537 511,556,693 110,644,616 1,286,738 1,285,350 217,172 3,505,080 ------------------- CITY OF SHOREW<XID camINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES AlL GOVERNMENTAL FUND TYPES DECEMBER 31, 1987 TOTALS GOVERNMENTAL FUND TYPES (~ ONLY) Year Ended SPECIAL DEBT CAPITAL DECEMBER 31 DECH1BER 31 GENERAL REVENUE SERVICE PROJECT 1987 1986 REVENUES : ------- ------- ------- ------- ------- ------- Taxes $993,086 $0 $69,399 $0 $1,062,485 $1,093,817 Special Assessments 1,082,952 1,082,952 1,488,568 Licenses and Permits 282,100 282,100 117,050 Intergovernmental Revenue 0 Federal 390 390 20,098 State 364,022 9,159 373,181 365,675 Charges for Services 26,104 26,104 37,067 Fines 103,785 103,785 70,678 Interest on Investments 33,577 152 91,381 48,772 173,882 142,892 Miscellaneous Revenue 6,925 $47,618 128,279 182,822 67,621 --------- --------- --------- --------- --------- --------- Total Revenues $1,809,599 $542 $1,300,509 $177,051 $3,287,701 $3,403,466 --------- --------- --------- --------- --------- --------- OTHER SOORCES Transfer from Other Funds $27,457 $0 $91,369 $0 $118,826 $25,000 Sale of Bonds 1,397,440 1,397,440 --------- --------- --------- --------- --------- --------- $27,457 $0 $91,369 $1,397,440 $1,516,266 $25,000 Total Revenues --------- --------- --------- --------- --------- --------- and Other Sources $1,837,056 $542 $1,391,878 $1,574,491 $4,803,967 $3,428,466 --------- --------- --------- --------- --------- --------- The accompanying notes are an integral part of this financial statement. -3- ------------------- EXPENDITURES : Current General Goverrunent Public Safety Police Fire Other Street and Highways Maintenance Street Lighting Parks and Recreation Capi tal Outlay Debt Service Total Expenditures 0'llIER USES Transfer to Other F\mds Total Expenditures and. Other Uses CITY OF SHOREWOOD cct1BINED STATEMENTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES DECEMBER 31, 1987, 1986 GENERAL GOVERNMENTAL FUND TYPES TOTALS (~UM ONLY) Year Ended DECEMBER 31 DECEMBER 31 1987 1986 SPECIAL REVENUE CAPITAL PROJECT DEBT SERVICE $413,550 $0 $0 $0 $413,550 $419,658 331,438 56,517 92,241 387,938 12,325 68,324 289,594 $1,651,927 $1,651,927 Net Increase (Decrease) in Fund Balance During the Year $185,129 FUND BALANCE - January 1 FUND BALANCE - December 31 $500,915 $686,044 --------- --------- 331,438 56,517 92 , 241 309,439 48,889 51 ,688 $0 387,938 512,358 12,325 9,708 3,274 71 , 598 52,289 1,496,248 1,785,842 337,733 $1,455,372 1,455,372 872,298 --------- --------- --------- --------- --------- $0 $1,455,372 $1,499,522 $4,606,821 $2,614,060 --------- --------- --------- --------- --------- $8,657 $91,369 $100,026 $20,000 --------- --------- --------- --------- --------- $8,657 $1,455,372 $1,590,891 $4,706,847 $2,634,060 --------- --------- --------- --------- --------- ($8,115) ($63,494) ($13,126) $100,394 $794,406 --------- --------- --------- --------- --------- $8,115 $2,100,991 $794,665 $3,404,686 $2,610,280 --------- --------- --------- --------- --------- $0 $2,037,497 $781,539 $3,505,080 $3,404,686 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- The accompanying notes are an integral part of this financial statement. -4- - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES. EXPENDITURES. AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL AND SPECIAL REFUND FUND TYPES For tbe Year Ended December 31, 1987 GENERAL FUND VARIANCE FAVORABLE BUDGET ACTUAL ( UNFAVORABLE) REVENUES: ----------- Taxes $999,649 8993,086 (86,563) Li censes and Perlllits 248,972 282,100 33,128 I ntergovernlDent al Revenues 353,868 364,022 10,154 cbarges for Servi ces 32,900 26.104 ( 6,796) Fi Des and Forfei ts 49,000 103,785 54,785 Hi scell aneous Revenues 4,000 40,502 36.502 ---------- ---------- -------- Total Revenues 81,688,389 81,809,599 8121,210 ---------- ---------- -------- EXPENDITURES Current: General GovernlDent Publ i c Saf et y Highways and Streets Culture and Recreation 8553,887 8569,098 ($15,211) 488,793 481,603 7,190 597,490 532,902 64,588 67.759 68,324 ( 565) ---------- ---------- -------- 81,707,929 81,651,927 856,002 ---------- ---------- -------- Tot al Expendi t ures Excess of Revenues over (under) Expenditures ($19,540) 8157.672 $177,212 Ot her Fi nanci nlf Sources (Uses) operatinlf Transfers 18,800 27,457 (8,657) Excess of Revenues over (under) Expendi t ures and Ot ber Uses (8740) 8185,129 8185,869 FUND BALANCE - January 1 8500,915 8500,915 10 FUND BALANCE - December 31 1500,175 1686,044 1185,869 -------- -------- -------- -------- SPECIAL REVENUE FUNDS TOTALS (MEMORANDUM ONLY) VARIANCE VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL ( UNFAVORABLE) BUDGET ACTUAL ( UNFAVORABLE) -------- ----------- so so SO S999,649 1993,086 (S6, 563) 248,972 282,100 33,128 390 390 354,258 364,412 10,154 32,900 26,104 (6,796) 49,000 103,785 54,785 152 152 4,152 40,654 36,502 -------- -------- -------- ---------- ---------- -------- 1542 8542 SO 81.688,931 11,810,141 8121.210 .------- -------- -------- ---------- ---------- -------- SO 8553,887 8569,098 ($15,211) 488,793 481,603 7,190 597, 490 532,902 64,588 67,759 68,324 ( 565) ---------- ---------- -------- 81,707,929 81,651,927 856,002 ---------- ---------- -------- ($18,998) $158,214 $1 77, 21'2 10,143 18,800 (18,657) ---------- ---------- -------- (88,855) 1177,014 8185,869 ---------- -------- -------- 1256,348 1256,348 10 ---------- -------- -------- S247,493 1686,044 S 185,869 ---------- -------- -------- ---------- -------- -------- 80 SO 80 80 80 S542 8542 80 (8,657) (8.657) o (18,115) (18,115) SO S8,115 18,115 10 80 SO 80 The accompanying notes are an integral part of these financial state~~~. - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED STATEMENTS, ALL PROPRIETARY FUND TYPE For tbe Years Ended DeceJDber 31, 1987, 1986 STATEMENT OF REVENUE, EXPENSES AND CHANGES RETAI NED EARNI NGS SALES AND COST OF SALES Sal es Cost of Sal es Gross Profi t OPERATING REVENUE Water & Sewer Usage Total Gross Profit and Operating Revenue OPERATING EXPENSES OPERATING INCOME OTHER REVEHUE General Property Taxes Homestead Credi t Perllli ts & Connecti on Fees, Hi sc. Interest on Invest.-nts Total Otber Revenue OTHER EXPENSES Meters and MWCC I nt erest Total Other Expenses NET INCOME (LOSS) TO RETAINED EARNINGS OTHER FI NANCI NG SOURCES (USES) Operating Transfers RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Totals - Memorandu. Only 1987 1986 51,039,951 5980,930 8:li3,491 786,360 -------- -------- 5216,460 5194,570 -------- -------- 5409,868 5334,674 -------- -------- 5626,328 5519,244 -------- -------- 5608,998 5563,046 -------- .------- 517,330 (533,802) -------- -------- 516,127 517,533 2,936 3,092 138,681 53,790 18,838 16,260 -------- -------- $176,582 "0,675 .------- -------- $100,037 $35,222 9,936 11,846 -------- -------- $109,973 $47,068 -------- -------- 583,939 59,805 -------- -------- (18,800) (5,000) 5152,033 $152,803 S217,172 S157,608 --------- --------- Tbe accolllPanying notes are an integral part of tbis linancial stateaent. - - - - STATEMENT OF CHANGES IN FINANCIAL POSITION SOURCE OF FINANCIAL RESOURCES Operati ons Net Incoae for the Year Add: ItelDS not requiring current outlay of resources Depreci ati on Total Resources Provided USES OF FINANCIAL RESOURCES Operati ons Net Loss for the Year Reducti on in Long Ter. Debt Acquisition of Fixed Assets Tot al Uses of Fi nancl al Resources NET INCREASE (DECREASE) IN WORKING CAPITAL COMPONENT ELEMENT OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Investments Accounts Receivable Accrued Interest Prepaid and Others Due Fro. Ot her Funda I nventori es Accounts Pa)'.bl e Accrued Li abi I i ti es Current Porti on Long Tenll Debt Net Illcrease (Decrease) in Worki ng Capi tal -6- Totals - Memorandu.Onl)' 1987 1986 so 65,139 36,654 48,283 S101,793 S48,283 0 770 16,131 15,800 0 3,393 ------- ------- S16,137 $19,963 ------- ------- S85,656 S28,320 ------- ------- ------- ------- (16,278) 51,254 8,391 12,442 2,585 ( 2, 625) (6,745) (35,978) 98,207 12,096 6,161 (20,556) ( 824) 8, at4 ( 1. 794) ( 338) ( 316) ------- ------- S85,656 S28,320 ::3===== ------- ------- ------------------- CITY OF SHORBWOOD NOTES TO FINAllCIAL ST A TEIlIlNTS December 31, 1987 CITY OF SHORBWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 funds and Agency funds are accounted for on a spending or "financial 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 "available spendable resources." Governmental fund operating statements present increases and decreases in net current assets. Accordingly, they are said to present a suuary of sources and uses of "available 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 illllovable and 0 f value only to the City. No depreciation has been provided on general fixed assets. Long-term liabilities expected to be financed froll governlental funds are accounted .for in the General Long-Term Debt Account Group, not in the governaental funds. Proprietary funds are accounted for on a cost of service or "capital maintenance" measurement focus. This means that all assets, including 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. The City does not maintain a sewage treatment facility and as a result the Sewer Operation Fund has no investment in capital equipment. The investlent in capital equipment for the water fund is limited. The depreciation for the proprietary funds would be immaterial. Note 1 - s.),!g~f.I....Q.U.i.1Qi.U&@j;...A9.QQ!!!lt..i.1.l1191i..c.k~ 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 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 leans by which spending activities are controlled. The various funds are grouped, in the financial statellents in this report, into eight generic fund types and three broad fund categories as follows: GOVERNMENTAL FUNDS General fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted. for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of certain specific revenue sources that are legally restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the palllent of, general long-terll principal, interest, and related costs. Capi tal Projects Funds - Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of Ilajor capital facilities other than those financed by proprietary funds. 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. C. Basis of Accounting Governmental funds and Agency funds are accounted for using the llOdified accrual basis of accounting. Their revenues are recognized when they becole lIeasurable and available. Substantially all sources of revenue are accrued. 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-terl 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. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations that are financed and operated in laDDer similar to private business enterprises - where the intent is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. 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. Governllental D. Budgets and Budgetary Accounting The city follows these procedures in establishing the budgetary data reflected in the financial statements. -7- ------------------- CITY OF SHORRWOOD NOTES TO FINANCIAL STATBKBNTS December 31, 1987 1. The City Administrator sub.i ts to the City Council a proposed operating budget for the fiscal year cOllllencing the following January 1. The operating budget includes proposed expenditures and means of financing them. 2. The budget is legally enacted through passage of a resolution. 3. The City Council may authorize transfer of budgeted aIIOunts between departments within any fund. 4. Formal budgetary integration is ellployed as a management control device during the year for the General Fund and Special Revenue Funds. FOl'llal budgetary integration is not ellployed for Debt Service Funds because effective budgetary control is alternatively achieved through general obligation bond indenture provisions. Budgetary control for Capital Projects Funds is accoaplished 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 cOlpliance with City Charter requirements. Also inherent in this controlling function is the management philosophy that the existence of a particular i tea 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 dellonstrated, adjustment can be lllIde within the department budget by the City Council. Therefore, there is a constant review process and expenditures are not approved until it has been detmined that (1) adequate funds were appropriated; (2) the expenditure is still necessary; and (3) funds are available. CITY OF SHORRWOOD NOTES TO FINANCIAL STATEMENTS Decellber 31, 1987 At Decellber 31, 1987 the carrying aIIOunt of the City's demand deposits was $127,062, with a bank certificate of deposit of $1,049,370. The first $100,000 was covered by federal depository insurance and $1,070,132 was covered by collateral held in the pledging banks trust department in the City's name. The City's investments at Deceaber 31, 1987, are categorized in the following table to give an indication of the level of risk assUled by the City at year end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's nale. Category 2 includes uninsured and IlDregistered investments for which the securities are held by the broker's or dealer's trust department or agent in the City's name. Category 3 includes uninsured and IlDregistered investllents for which the securities are held by the broker or dealer, or by its trust department or agent, but not in the City's name. QA'rnOO!iY. J CARRYING J!J9illIT HARKET YALW Bank, demand accollDts,savings and Certificates of deposits $2,726,924 $2,726,924 $2,726,924 --------- ---------- ---------- --------- ---------- ---------- Budgeted amollDts are as originally adopted or as amended by the City Council. Budgeted expenditure appropriations lapse at year end. Per City Council resolution $120,000 in 1987 capital budget will be carried over to 1988. F. AccUlulated Unpaid Vacation and Sick Pay Vacation pay is charged to expense in the year paid. Vacation carried over to subsequent years is liaited to 2 weeks per ellployee, with the elCception to liquor store employees where the carryover is liaited to 1 week. Vacation carried over to 1988 is not Ilaterial. Sick Leave laY be accUlulated up to 120 days and is charged to elCpense in the year paid. AccUlulated sick leave as of Decellber 31, 1987 totaled $ 37,626. Co.pensating time as of year-end totaled $1,748. R. Cash and Te.porary Cash Investments Cash balances froll all funds are cOllbined and invested to the elCtent available in short tel'll certificates of deposit. Investments are carried at cost. Ilarket value at December 31, 1987 is the sue as cost. Earnings fro. such investments are allocated to the respective funds on the basis of applicable cash balance participation by each fund. All bank accounts and investllents were fully collateralizes at December 31, 1987 and throughout the year. In accordance with Kinnesota Statures, the City ointains deposits at those depository banks authorized by the Finance Director. Statutes require that all City deposits be protected by insurance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds (140% in the case of mortgage notes pledgedl. G. Severance Pay Ellployees are entitled to received payment for one half of unused accUlulated sick leave in elCcess of 100 days upon severance of ellployment with the City. Payment is based on the employee's hourly rate at the tile of severance tiles the nUlber of hours in elCcess of 100 days. AccUllulated liability as of December 31, 1987 is $5,868. -8- ------------------- CITY OF SHOREIfOOD NOTES TO FINANCIAL STATEHElI'l'S Decellber 31, 1987 NOTES TO FINANCIAL STATEMENTS Decellber 31, 1987 H. Defined Benefit Pension Plans - Statewide - Plan Description All full-tille and certain part-tile ellployees of the City are covered by defined benefit pensions plans adllinistered by the Public Elployees Re~irellent ~ssociation ,of Minnesota (PERA). The PERA adllinisters the Public Elployees PolIce and Fue Fund which are cost-sharing lultiple-ellployer public ellployee retirelent systels. The payroll for employees covered by PERA plans for the year ended Decellber 31, 1987 was $384,257; the City's total payroll was $417,960. . . . , All full-tile ellployees and certain part-tile ellployees are elIg1ble to partlClpate in the PERA plans, Public Ellployees Retirement Fund lelbers belong to. either ~he Coordinated Fund or the Basic Fund. Coordinated IIellbers are covered by SOClal Secmty and Basic Ilelbers are not. The PERA plans provide pension benefits, deferred annuity, and death and disability benefits. Benefits are established by State statute. Survivor (Death) Benefits: (11 Death of mellber or former member before retirellent and no survivor benefits payable. Designated beneficiary is entitled to a refund of the decedent's balance with interest cOllpounded annually. If no designated beneficiary survives, refund is due the surviving spouse; or, if none, the legal representative of the estate of the deceased. (2) Death of lIember before retirellent or upon death of disabled lIellber receiving disability benefits. Basic lIellber: Surviving spouse will receive 5~ of leiber's average salary over the last six full months of service preceding death, for life or until remarriage. Each dependent child, 10% of the above salary. FllIilYIIUillum is $1000 per lonth. Retirellent benefits for mellbers of the Basic and Coordinated Funds are as follows: (al When age plus years of service equal 90, the full unproduced normal annuity is payable. , ' (b) When age plus years of service equal 85, the full unproduced normal annu~ ty 1S payable. Hinilua age is 55. To retire under the Rule of 85, a lelber lust qualIfy by Decellber 31, 1986, and lust retire by June 30, 1987. (c) As early as age 55 with at least 5 years of paid service credit; annuity reduced 1m for each IlOnth under age 62. (d) Any age with at least 30 years, reduced by 1/4% for each lonth un~er age,62. . (e) Age 65 or older with at least one but less than 5 years of pa1d semce cred1t (proportionate annuity). Hust terminate service at age 65 or older. . (f) Age 55 with at least 5 years of paid service credit or any age With at least 30 years representing PERA service cOllbined with other fund coverage. Pension provisions include a deferred annuity. A IIellber who terlinates public service with 5 or lore years of credited allowable service may leave his or her aIIount in the fund to qualify for an annuity at retirellent age. The annuity as determined under the forllula will be increased froll the first of the 1I0nth following date of terllination at prescribed interest rates. The forller lIember may accept a refund at any tile prior to the date retirement annuity begins. Pension provisions include death and disability benefits, whereby the disabled ellployee or surviving spouse is entitled to receive aIIounts determined as follows: Coordinated mellber: No surviving spouse benefits are provided. These benefits are provided under the Social Security Act. Surviving spouse optional annuity, death of retired annuitant, deceased lIellber with no children, death of .old Law' retiree, and death of retiree who is receiving optional annuity provisions are also provided for. Disability Benefits: Basic Hellbers: Disability benefit is equal to the nOrlal annuity payable to a Ilellber who has reached age 65 with the same number of years of allowable service and the same average salary, plus a monthly supplellent, depending upon age when disabled. If death occurs before age 65, surviving spouse would receive a benefit aaounting to 5~ of average salary over the last sil full lonths disability was ellployed in public service and each dependent child would receive 1~ of such average salary, but the laxilua flllily benefit is lillited to $1,000 per lonth. Coordinated Mellbers: Disability benefit is equal to the normal annuity payable to a member who has reached age 65 with the salle number of years of allowable service and saae average salary. If death occurs before age 65, a refund of any balance in account would be paid to designated beneficiary. No survivor benefits payable. - Contributions Required and Hade Covered employees are required by State statute to contribute fixed percentages of their gross earnings to the pensions plans. The City lakes annual contributions to the pension plans equal to the amount required by state statutes. Current contribution rates for the plans are as follows: -9- ------------------- CITY OF SHORBIfilOD NOTES TO FINANCIAL STATEIlKNTS December 31, 1987 Md.i.t..~!!.~l E!!I!.l.Qlli....lll11tQ.Y.~_t._..E!!I!lQy!r. Public Employees Retirement Fund: Basic Fund 8S Coordinat.ed Fund 4S 8S 4S 2 InS 1/41 CITY OF SHORRWOOD NOTES TO FINANCIAL STATEIlKNTS December 31, 1987 Ten-year historical trend information is presented in PERA's State PERS Comprehensive Annual Financial Report for the year ended June 30, 1987. This information is useful in assessing the pension plan's accUllulation of sufficient assets to pay pension benefits as they become due. Total contributions made during fiscal year 1987 aIIounted to $31,701 of which $16,331 was made by the City and $15,370 was made by employees. These contributions represented 4.25S (city) and 4,001 (employees) of the covered payroll, - Related Party Investments - During 1987 and as of June 30, 1987 PERA held no securities issued by the City or other related parties. - Funding status and Progress The "pension benefits obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date, The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess the PERA's funding status on a going-concern basis, assess progress made in accUllulation sufficient assets to pay benefits when due, and make comparisons aIIong Public Ellployee Retirement Systels and employers. The PERA does not make separate measurements of assets and pension benefit obligation for indi vidual employers, Tbe pension benefit obligations of the PERA as of June 30, 1987, were as H. Total Columns on Combined Statements Total columns on the combined statements are captioned MemorandUl 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 positions in conformity with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of the data. $ 731 1. Property Taxes Property taxes are set by the City Council and certified to the County Auditor, who acts as collecting agent, on October 10 of the year prior to collection, Minnesota cities operate under a levy limitation law which generally li.its the annual increase in taxes per capita. Levies for bonded indebtedness are not covered by this law. Property tax revenue includes amounts collected by the Count, during the year and remitted to the city, Portions of the tax levy paid by the state in the fori of Homestead and Reduced assessment Credits are included in intergovernlental revenue. Onl, that portion collected directly from property owners is reflected in tax revenue. Delinquent Property taxes are recorded as revenue when received. Delinquent taxes as of December 31, 1981 by fund are, $60,615 and Delinquent Special Assessllents are $133,206. follows: Total pension benefit obligations Net assets available for benefits, at market Unfunded pension benefit obligation Public Raployees Retirellent Fund (Ilillions) $ 3,189 2,458 The actuarial calculations of annual contributions include 810untS that would be required to achieve full (100S) funding by the year 2009, The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1987. Net assets available to pay pension benefits were valued as of June 30, 1987, The City's contribution for the year ended June 30, 1987 to PERA plans represented 0,011 of total contributions required of all participating entities, J. Financial Reporting Entity In accordance with National Council on Governlental Accounting Statellent No, 3 p_~n_ID._I}!J.h~_.gg_v..~r.!\I~p..~L~l191.U!\'...R!l1i.t.I, for financial reporting purposes, the City's financial statements include all funds and account groups over which the City exercises oversight responsibility. Oversight responsibility includes such aspects as appointment of governing body members, the ability to significantly influence operations, and accountability for fiscal matters, -10- ------------------- CITY OF SHORBWOOD NOTBS TO FINANCIAL STATBMENTS December 31, 1981 CITY OF SHORBWOOD NOTES TO FINANCIAL STATBMRNTS December 31, 1987 K. Budgetary Data The City Council adopts an annual budget. During the budget year, supplemental appropriations are authorized by the council. The amounts shown in the financial statements as "budgeted" represent the original budgeted amount and all revisions made during the year. p.~l!.r.gQi.l!,t..i.9.!l 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 1981 for the Water Fund was '24,625, Sewer Fund, $10,781 and Liquor Fund $1,248. Note 2 - gg!!.~ral....F.iJ.gt~gt..~ 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. 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 lay be sUllllarized as follows. Note 3 - L9.P.i:r.grl..p'~gt. 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 Balance l::J.:ll...___..M.4it..ion.L........Pl.q!!~..!<j.Q!!.l..........U.:.3.lJl Land l Buildings $ 620,114 $ m,510 $ 741,624 Machinery and Equipment 346,102 19Z,m 539,114 $ 960,816 $ 319,m $1,286,138 --------- --------- -------- ---------- --------- --------- ------..--- Water Revenue Bonds - are recorded as a liability in the Water Operating Fund. The bonds are backed by the full faith and credit of the City. If water revenues are not sufficient to meet the debt service requirelents an ad valorem tax is levied. The Long Term Debt may be summarized as follows: Balance JSS\I8 1:.1:87 Mg,HiQ!!~ A sUllaly of Proprietary Fund Type fixed assets at Decelber 31, 1981 follows:. "A!;~r ~..L~g~r Fqnlii.gj!Ql.J2mLJ.Qt.1!.1 Fixtures and Bquipment $ 13,303 $ 19,m $ 29,088 $ 61,825 Leasehold Improvements 3,955 3,955 Contributed Assets 931,810 353,540 1,285,350 --------- --------- --------- Sub-Total Less: Accumulated $ 945,113 , 353,540 $ 33,043 $1,351,130 --------- --------- --------- Depreciation 'Z1Z,m $ 118,944 $ 30,119 $ 361,611 ..-------- ----..--...- --------- Net Assets $ 132,565 $ 254,030 $ 2,m $ 989,519 --------.. --------- --------- --------- --------- -----..--- -...------- --------- -11- 11 Sewer Ilprovelents $ 125,000 n Sewer Ilprovements 780,000 n Sewer Improvements 540,000 73 Sewer Ilproveaents 25 , 000 74 Sewer Improvements 410, 000 81 Sewer Illprovements 210,000 84 Sewer Improvements 1,250,000 86 Sewer Ilprovements 985,000 87 Refund Issue $ 815,000 87 Shorewood Oaks 1,450,000 --------- Total $4,385,000 $2,325,000 --------- p.~!!Qt.i9Jlj .l.~..31-81 $ 25,000 $ 100,000 130,000 650,000 90,000 450,000 5,000 20,000 70,000 340,000 210,000 0 1,250,000 0 985,000 875,000 1,450,000 $1,840,000 $4,810,000 ------------------- CITY OF SHORRIXlD NOrns TO FINANCIAL STATRKRNTS Decellber 31, 1981 CITY OF SHORllWOOD NOTES TO FINANCIAL STATEMllNTS Decellber 31, 1981 Other Long Term Debt Park Contract $ 2,800 $ $ 1,400 $ 1,400 Sewer Deferred Contract 11,936 5,199 6,137 Building Contract 98,160 98,160 0 Total $112,896 $ 0 $105,359 $ 1,537 Water Revenue Bonds $ 115,000 $ 0 $ 10,000 $105,000 Note 4 - Special Assessments, Change in Accounting The City has illpleaented the provisions of State1lellt No.6 of the Goverlllental Accounting Standards Board, Accounting and Financial Reporting for special Assessments. In the past, special assessments projects and related debt were accounted for in special assesmnt funds in a separate fund type. Statelent No.6 provides that such projects are to be accounted for in capital projects funps, and the general obligation debt account group and related debt service funds. The change in accounting for special assessllents has been applied retroactively in the accoapanying financial statements. The effect of the change was to elillinate the special assessment funds, increase the January I, 1987 fund balance in the debt service fund type and capital projects fund type by $3,645,906 and $739,094, respectively, and transfer the special assessment bonds outstanding of $4,385,000 at January I, 1981, to the general long-term debt account group. The debt service requirement for the next 5 years is suuarized below: General Obligation Revenue Bonds Other Debt Xm ~rjnc.il!.l.g .rnt~re~1 ~r.inciP.~ .t!lt.m.~t. P.r.i.!l.9jpJ.~ .t!.l.t~_rn.~1 1988 $ 435,000 $ 214,516 $10,000 $ 8,700 $ 7,535 $ 100 1989 455,000 251,338 10,000 7,925 1990 1,905,000 226,978 10,000 7,125 1991 445,000 125,313 10,000 6,m 1992 m,ooo 100,078 10,000 5,500 Thereafter 1,205,000 406,601 55,000 12,m --------- Total $4,810,000 1,384,890 $110,000 $41,900 $ 7,535 $ 100 Individual fund balances were restated as follows: As Previously Fund Reported As Restated Special Assessment Funds 71, n Sewer Improvements 73 Sewer Improvements 74 Sewer Ilprovements 80 Sewer rlprovelents 81 Sewer Illprovelents 84 Improvelents South East Water Shorewood Oaks On April 29, 1987 the City issued general obligation refunding bonds in the alIount of $875,000 to advance refund $1,250,000 outstanding 1984 general Obligation bonds. '!'be proceeds of the refunding issue plus additional cash frol the debt service has been placed in an irrevocable escrow account and have been invested in U,S. Government obligations. the maturities of these investllents coincide with the principle and interest payaent dates of the refunded bonds and have been certified to be sufficient to pay all principal and interest on the refunded bonds when due, as required by applicable laws. Accordingly, the original refunded bonds have been reloved frol and the new advance refunding bonds added to the appropriate financial statements and schedules. The City remains contingently liable in the rellote possibility that the escrow account is insufficient to pay the refunded bonds. Capital Project Fund Park Improvements 84 Improvements South East Water Shorewood Oaks -12- ($ 11,3391 ( 29,6181 ( 436,5341 9,675 ( 431,0241 ( 513,8291 ( 109,6401 ( 22,6061 55,571 $1,008,461 ( 4,6181 ( 26,5341 9,675 264,1701 661,868 181,963 o 55,571 74,303 687,391 ( 22,6061 ------------------- CITY OF SHORR*lOD NOTES TO FINANCIAL STATllHENTS December 31, 1981 Additional, as a result of this change, the excess of revenues and other sources over expenditures and other uses for the debt service fund t~ecreased) $610,000 in 1981, and for the capital project fund type $309,091 in 1981. Individual funds were affected as follows: E!ID~ Special Assessment Funds 11,12 Sewer Improvements 13 Sewer Improvements 14 Sewer Improvellents 80 Sewer Improvements 81 Sewer Improvements 84 Improvements .I!l.(m:~~! ~\ID..4 l!!.m~.~g Capital Project Funds 84 IlIprovellents $ (14,303) South Bast Water 198,966 ShorellOod Oaks 184,428 $ 245,000 5,000 10,000 o 210,000 80,000 . NOTE 5 - S.e.O!1!lLtn.f.9.mliQ!\ The City lIl1intains three enterprise funds, the water and sewer utilities. Segment information for the year ended December 31,1981 was as follows: Liquor Utility Funds Total Enter- ..F.ll!ld l~t.~I S.~_~I P.I.i..~~J~ynJi Operating Revenues $ 216,460 $ 88,623 $ 321,245 $ 626,328 Operating Expenses 186,169 106,261 316,562 608,998 Operating Income 30,291 (11,6441 4,683 11,330 Other Incole 11,834 38,836 125,912 116,582 Other Bxpenses (19,219) (90,694) (109,913) Transfers (18,800) ( 18,8001 Net Incolle $ 23,325 $ 1,913 $ 39,901 $ 83,939 Retained Earnings $ 182,852 $(218,631) $ 312,951 $ 211,112 Property, Plant l Equipllent, Net 2,924 m,565 254,030 989,519 Total Assets $ 238,165 $ 165,021 $ 680,461 1,683,653 Contributed Assets 0 931,810 353,540 1,285,350 Bonds Payable 0 105,000 0 105,000 NOTE 6 - ~~..aI!J@'9..t.Q~flc..it.!! The following fund had a fund balance deficits at Decellber 31, 1981. 13 Improvellent Fund $ 6,829 -13- ------------------- SUPPLEMENTARY INFORMATION My examination was make for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the examination of the basic financial statements, and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ------------------- CITY OF SHOREWOOD GENERAL FUND BALANCE SHEET December 31, 1987 CITY OF SHOREWOOD GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1987 ASSETS Cash and Investments Accrued Interest Taxes Receivable - Current Accmmts Receivable $823,852 13,108 10,837 32,407 Revenues and other Sources $1,837,056 Expendi tures and other Uses 1,651,927 NET INCREASE (DECREASE) IN FUND BALANCE $185,129 Total Assets $880,204 -------- -------- FUND BALANCE, January 1 500,915 FUND BALANCE, December 31 $686,044 --------- --------- LIABILITIES AND FUND BALANCE Liabilities Accounts Payable Accrued Salaries Payable Due other Funds $82,798 13,155 98,207 Total Liabilities $194,160 Fund Balance $686,044 Total Liabilities and Fund B $880,204 -------- -------- -15- ------------------- CITY OF SHOREWOOD GENERAL FUND STATEMENT OF REVENUES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1987 Estimated Actual Variance Estimated Actual Variance --------- ------ -------- --------- ------ -------- TAXES CHARGES FOR SERVICES General Property General Government $27,600 $19,559 ($8,041) Current $951,780 $895,822 ($55,958) Highway and Streets 1,800 1,800 0 Delinquent 30,200 30,200 Sanitation Charges 3,500 3,170 (330) Penalties and Interest 17,815 17,815 Park and Recreation 0 1,575 1,575 Fiscal Disparities 47,869 47,869 0 -------- -------- -------- other 1,380 1,380 Total Charges $32,900 $26,104 ($6,796) -------- -------- -------- -------- -------- -------- Total Taxes $999,649 $993,086 ($6,563) -------- -------- -------- FINES $49,000 $103,785 $54,785 LICENSES AND PERMITS -------- -------- -------- Business Licenses $8,506 $8,890 $384 MISCELLANEOUS REVENUES Non-Business Licenses 2,600 4,312 1,712 Interest Income $3,200 $33,577 $30,377 Building Fermi ts 237,866 268,898 31,032 Miscellaneous 800 6,925 6,125 -------- -------- -------- -------- -------- -------- Total Licenses $248,972 $282,100 $33,128 Total Miscellaneous $4,000 $40,502 $36,502 -------- -------- -------- -------- -------- -------- INTERGOVERNMENTAL REVENUE TRANSFERS State Grants Revenue Sharing $0 $8,657 $8,657 Local Government Aid $160,297 $160,090 ($207) Liquor Fund 18,800 18,800 0 Homestead Credit 172,571 172,571 0 -------- -------- -------- ColIDty Road Aid 18,500 18,477 (23) Total Transfers $18,800 $27,457 $8,657 CDoo 6,666 6,666 -------- -------- -------- State Bldg Surcharge 2,500 6,218 3,718 -------- -------- -------- Total Revenues and Total Intergovernmental $353,868 $364,022 $10,154 Transfers 1,707,189 1,837,056 129,867 -------- -------- -------- -------- -------- -------- -------- -------- -------- -16- ------------------- CITY OF SHOREWOOD GENERAL FUND STATEMENT OF EXPENDITURES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1987 Estimated Actual Variance Estimated Actual Variance --------- ------ -------- --------- ----- -------- GENERAL GOVERNMENT STREETS AND HIGHWAYS Mayor and CotmCil Public Works Current Expenditures $86,022 $23,997 $62,025 Current Expenditures $109,693 $100,538 $9,155 Administrator Garage Current Expenditures 50,073 50,073 0 Current Expenditures 9,950 8,987 963 Finance Traffic Control Current Expenditures 74,831 69,738 5,093 Current Expenditures 9,808 7,258 2,550 Planning and Zoning Sani tation and Weed Removal Current Expenditures 42,705 41,406 1,299 Current Expenditures 16,615 18,759 (2,144) General Government Streets and Roads Current Expenditures 64,669 54,628 10,041 Current Expenditures 257,247 230,147 27,100 Professional Services Snow and Ice Removal Current Expenditures 100,050 94,051 5,999 Current Expenditures 27,648 11 ,023 16,625 Municipal Buildings Street Lighting Current Expenditures 87,952 79,657 8,295 Current Expenditures 11 ,000 12,325 (1 , 325 ) ------- ------- ------- Tree Maintenance Total General Govern $506,302 $413,550 $92,752 Current Expenditures 22,890 11 , 226 11 ,664 ------- ------- ------- ------- ------- ------- PUBLIC SAFETY Total Streets and Hi $464,851 $400,263 $64,588 Police Protection ------- ------- ------- Current Expenditures $338,018 $331,438 $6,580 PARK AND RECREATION Fire Protection Park & Recreation Activities Current Expenditures 57,413 56,517 896 Current Expenditures $67,759 $68,324 ($565) Protective Inspection ------- ------- ------- Current Expenditures 92,017 92,241 (224) CAPITAL ITEMS ------- ------- ------- General Government $7,030 $6,283 $747 Total Public Safety $487,448 $480,196 $7,252 Finance 13,705 14,791 (1,086) ------- ------- ------- Government Buildings 26,850 134,474 (107,624) Protective Inspections 1,345 1,407 (62) Public Works 132,639 132,639 0 ------- ------- ------- Total Capital Items $181,569 $289,594 ($108,025) Total Expenditures and ------- ------- ------- Transfers $1,707,929 $1,651,927 $56,002 --------- --------- --------- -17- --------- --------- --------- ------------------- CITY OF SHOREWOOD SPECIAL REVENUE FUNDS ~INING BALANCE SHEFI' December 31, 1987 <n1BINING STATEMENT OF REVENUE, EXPENDITURES For the Year Ended December 31, 1987 ASSETS Federal Revenue Sharing REVENUE Federal Revenue Sharing Cash and Investments Accrued Interest $0 Federal Grants Interest $390 152 Total Assets Total Revenue $542 $0 ------- ------- EXPENDITURES LIABILITIES AND FUND BALANCE Transfer to Other Funds $8,657 Liabilities $0 o Total Expenditures $8,657 ------- ------- Fund Balance - Unappropriated CHANGE IN FUND BALANCE Total Liabilities and Fund Balances $0 ------- ------- Net Increase (Decrease) in Fund Balance ($8,115) Fund Balance, January 1 $8,115 Fund Balance, December 31 $0 ------- ------- -18- - - - - - - - - - - - - - - - - - - - CITY OF SBOREWOOD DEBT SERVICE FUNDS COMBINING BALANCE SHEET December 31, 1987 1971 & 1972 1973 1974 1980 1981 1984 Sout he ast ShorelllOo d I mprovellll!nts /Improvellll!nt I mprovellll!nt I I8Provellll!nt I IIIProvellll!nt > I I8Provellll!nt Water Oaks Tot al ----------- ----------- ----------- ----------- ----------- ----------- ------- ------- ASSETS Cash and Investllll!nts 51,069,269 (56,723) 539,316 50 S2,680 5501,126 5385,018 510,140 52,000,826 Accrued Interest 17,108 (106) 629 7,009 6,168 162 30,970 Speci al Assessllll!nt s Receivable-Current 4,216 I, 262 223 5,701 --------- -------- -------- -------- -------- -------- -------- -------- -------- Tot al Assets 51,090,593 (56,829) S41,207 SO 52,680 5508,135 S391,409 510,302 52,037,497 ---------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- -------- -------- -------- LI ABI LI TI ES AND FUND BALANCES Li abil i U es Accounts Payable 50 50 50 50 50 SO 50 50 50 Fund Balance 51,090,593 (56,829) 541,207 50 52,680 5508,135 5391,409. 510,302 52,037,497 Total Li abi I i U es and Fund Balances 51,090,593 . (S6, 829) 541,207 50 52,680 5508,135 5391,40. 510,302 52,037,497 ---------- ---------- -------- -------- -------- ---------- -------- ---------- -19- - - - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD DEBT SERVI CE FUNDS COMBI NI NG STATEMENT OF REVENUE, EXPENDI TUftES AND CHANGES IN FUND BALANCE For tbe Year Ended Decelllber 31, 1987 (!..~'Y-'7' 1971 & 1972 1973 1974 1980 1981 1984 Sout beast Sborewood IlDProve.nts I IDProve_nt I IDProve.nt I IDProve_nt I IDPrOVe_Dt I IDProve_nt Project Oaks Tot al ------------ ----------- ----------- ----------- ----------- ----------- ------- --------- REVENUE Speci al Assess.nts Current '163,015 '3,136 '53,601 '6,196 '30,173 '116,800 '144,239 .0 '517,160 Del i nquent 23,593 299 3,666 1,225 28,783 Ho.stead Credi t 9,159 9,159 General Pro pert 'Y Talles 69,399 69,399 Prepai ds 150,275 1,010 4,442 2,400 265,002 113,880 537,009 I aterest 65,339 ( 319) ( 200) 579 (10,100) 20,540 14,433 1,109 91,381 HI scell aneous 47,618 47,618 --------- -------- -------- -------- -------- -------- -------- -------- -------- Tot al Revenue $402,222 '4,126 '140,067 '10,400 '20,073 '402,342 5272,552 '48,727 '1,300,509 --------- -------- -------- -------- -------- -------- -------- -------- -------- EXPENDI TURES ------------ Pri nci pal on BODds '245,000 '5,000 '70,000 .0 '270,000 '80,000 .0 .0 '670,000 IDterest OD Bonds 75,096 1,337 22,401 11,563 55,781 69,106 38,425 273,709 Bond Ref undi D. 511,663 511,663 --------- -------- -------- -------- ------- -------- -------- -------- -------- Total EllPeDdi t ures '320,096 '6,337 '92,401 .0 '281,563 5647,444 '69,106 '38,425 '1,455,372 --------- -------- -------- -------- -------- -------- -------- -------- -------- TRANSFER, IN ( OUT) 50 .0 '20,075 (120,075) .0 591,369 .0 .0 '91,369 --------- --------- --------- --------- --------- --------- --------- --------- --------- Net Increase ( Decrease) in Fund Balance 582,126 (12,211) '67,741 ('9,675) ($261,490) ($153,733) 5203,446 '10,302 ('63,494) FUDd BalaDce - JaDuary 1 1,008,467 (4,618) (26,534) 9,675 -------- -------- -------- ('6,829) $41,207 .0 -------- -------- -------- -------- -------- -------- 264,170 661,868 187,963 $0 2,100,991 Fund Balance - December 31 51,090,593 52,680 '508,135 '391,409 '10,302 $2,037,497 ---------- ---------- ---------- ---------- ---------- ---------- -20- ------------------- CITY OF SHORE\'K)D CAPITAL PROJECT FUNDS BALANCE SHEET December 31, 1987 Capital 1984 Southeast Shorewood Park Improvement Water Oaks Total ------ ----------- ------- ------- ASSETS ------ Cash and Investments $130,761 $0 $485,402 $162,428 $778,591 Accrued Interest 2,093 7,782 2,598 12,473 -------- -------- -------- -------- --------- Total Assets $132,854 $0 $493,184 $165,026 $791,064 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- LIABILITIES AND FUND BALANCES --------------- Liabilities AccOlmts Payable $168 $0 $4,753 $3,204 $8,125 Contracts Payable 1,400 1,400 Fund Balance 131,286 0 488,431 $161,822 781,539 -------- -------- -------- ------- ---------- Total Liabilities and Fund Balances $132,854 $0 $493,184 $165,026 $791,064 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- -21- ------------------- CITY OF SHQREW(X)D CAPITAL PROJECT FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Year Ended December 31, 1987 Capi tal 1984 Southeast Shorewood. Park Improvement Project Oaks Total ------ ----------- ------- --------- REVENUE ------ Interest $5,765 $5,044 $30,164 $7,799 $48, 772 Division Fees 98,828 98,828 Donations 131 131 Sale of Bonds 1,397,440 1,397,440 Miscellaneous 1,320 28,000 29,320 -------- -------- -------- -------- --------- Total Revenue $106,044 $5,044 $30,164 $1,433,239 $1,574,491 -------- -------- -------- -------- --------- EXPENDITURES ------------ Major Construction $25,496 ($12,022) $137,702 $1,085,131 $1,236,307 Temporary Connection 46,441 46,441 Engineering Fees 731 32,029 143,293 176,053 Equipnent 2,502 2,502 Miscellaneous 1,600 12,958 20,387 34,945 -------- -------- -------- -------- -------- Total Expenditures $30,329 ($12,022) $229,130 $1,248,811 $1,496,248 -------- -------- -------- -------- -------- TRANSFERS -ooT $0 $91,369 $0 $0 $91,369 -------- -------- -------- -------- -------- Net Increase (Decrease) in Fund Balance $75,715 ($74,303) ($198,966) $184,428 ($13,126) Fund Balance - January 1 55,571 74,303 687,397 ($22,606) $794,665 -------- -------- ---------- ---------- ---------- FUnd Balance - December 31 $131,286 $0 $488,431 $161,822 $781,539 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -22- ------------------- CITY OF SHOREWCOD WATER AND SEWER tll'ILITY FUNDS - <Xt1PARATIVE BALANCE SHEET December 31, 1987, 1986 ASSETS ------ CURRENT ASSETS Cash and Investments Accounts Receivable Accrued Interest Pre~ids and Other Due From other F\mds Total Current Assets FIXED ASSETS (Note 1) Equipnent ASsets Contributed Less Allowance for Depreciation Total Fixed Assets Total Assets LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts Payable Accrued Liabilities Current Portion Long Term Debt Total Current Liabilities LONG TERM LIABILITIES Bonds Payable - Non Current Portion RETAINED EARNINGS Contributed Assets Retained Earnings (Deficit) Total Fund Equity Total Liabilities and Equity WATER 1987 $2,097 24,126 87 6,152 -------- $32,462 $13,303 931 810 (212:548) -------- $732,565 -------- $765,027 -------- -------- $6,711 137 10,000 -------- $16,848 $95,000 $931 810 (278:631) -------- $653,179 -------- $765,027 -------- -------- 1986 SEWER 1987 ($11,358) 19,723 230 4,749 $212,899 103,387 3,483 8,455 98,207 -------- $426,431 $13,344 $13,303 931 810 (187: 923 ) -------- $757,190 -------- $770,534 $19,434 353 540 (118: 944) -------- $254,030 -------- $680,461 -------- -------- -------- -------- $4,245 23 10,000 -------- $14,268 $6,665 1,168 6,137 -------- $13,970 $105,000 $0 $931 810 (280:544) -------- $651,266 -------- $770,534 $353,540 312,951 -------- $666,491 -------- $680,461 -------- -------- -------- -------- -23- 1986 $271,139 99,563 2 026 10:029 $382,757 $19,434 353,540 (108,163) -------- $264,811 -------- $647,568 -------- -------- $8,970 72 5,799 -------- $14,841 $6,137 $353,540 273,050 -------- $626,590 -------- $647,568 -------- -------- TOTAL SEWER and WATER 1987 1986 $214,996 127,513 3,570 8,455 104,359 -------- $458,893 $32,737 1~285,350 \331,492) -------- $986,595 -------- $1,445,488 -------- -------- $13,376 1 305 16:137 -------- $30,818 $95,000 $1,285,350 34,320 -------- $1,319,670 -------- $1,445,488 -------- -------- $259,781 119,286 2 256 14:778 o $396,101 $32 737 1 285'350 t296:086) -------- $1,022,001 -------- $1,418,102 -------- -------- $13,215 95 15,799 -------- $29,109 $111,137 $1,285,350 (7,494) -------- $1,277,856 -------- $1,418,102 -------- -------- ------------------- CITY OF SHOREW<X>D WATER AND SEWER urILITY FUND m1PARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 1987, 1986 OPERATING REVENUE Metered Sales, Usage Less: Qperating Expenses Salaries ~loyee Benefits General Administrative Exp Insurance Maintenance General Supplies Contracted Services Purchases, Water, MWCC Utilities Sales Tax Miscellaneous Depreciation Total Operating Expenses OPERATING INca1E (LOSS) ADD NON OPERATING REVENUE General Property Taxes Homestead Credit Fiscal Disparities Meters, Connections, other Interest Total Non Operating Revenue LESS NON OPERATING EXPENSES Interest - Interfund Loan Interest on Bonds Meters, MWCC Total Non Operating Expenses NET INca1E (LOSS) TO RETAINED EARNINGS RETAINED EARNINGS, January 1 RETAINED EARNINGS, December 31 WATER 1987 1986 $88,623 $49,413 SEWER 1987 1986 $321,245 $285,261 $2,656 563 1,324 3,800 8,583 2 451 22:336 25,222 13,778 330 599 24,625 -------- $106,267 -------- ($17,644) $15,308 2,936 819 19,420 353 $38,836 $358 9,578 9,343 -------- $19,279 $1,913 (280,544) -------- ($278,631) -------- -------- $2,259 316 1,187 4,983 3,396 2 456 20:174 10,563 8,690 232 302 28,303 -------- $82,861 -------- ($33,448) $14,007 2,659 2,584 4,359 8,375 406 27 764 239:607 5,344 676 10,781 -------- $316,562 -------- $4,683 $16,798 3,092 735 4,280 4,737 -------- $29,642 $0 111,709 14,203 -------- $125,912 $1,322 10,524 4,537 -------- $16,383 $0 90,694 -------- $90,694 ($20,189) (260,355) -------- ($280,544) $39,901 273,050 -------- $312,951 -------- -------- -------- -------- -24- $7,917 1 , 077 2,912 5 555 14 : 243 1 294 24:032 224,930 4,970 520 18,732 -------- $306,182 -------- ($20,921) $0 44,773 14,807 -------- $59,580 $0 35,224 -------- $35,224 $3,435 269,615 -------- $273,050 -------- -------- TOTAL WATER and SEWER 1987 1986 $409,868 $334,674 $16,663 3,222 3,908 8 159 16:958 2 857 50: 100 264,829 19,122 330 1,275 35,406 -------- $422,829 -------- ($12,961) $15,308 2,93.6 819 131,129 14,556 -------- $164,748 $358 9,578 100,037 -------- $109,973 $41,814 ($7,494) -------- $34,320 -------- -------- $10,176 1,393 4 099 10: 538 17,639 3 750 44'206 235:493 13,660 232 822 47,035 -------- $389,043 -------- ($54,369) $16,798 3,092 735 49,053 19,544 -------- $89,222 $1,322 10 524 39:761 -------- $51,607 ($16,754) $9,260 -------- ($7,494) -------- -------- ------------------- CITY OF ~ WATER AND SEWER UTILITY FUNDS <n1PARATIVE STATEMENT OF CHANGES IN FINANCIAL fQSITION For the Years Ended December 31, 1987, 1986 WATER SEWER WATER and SEWER 1987 1986 1987 1986 1987 1986 SOURCES OF FINANCIAL RESOURCES Operations Net Income for the Year $1,913 ($20,189) $39,901 $3,435 $41,814 ($16,754) Add: Expenses not requiring current outlay of resources Depreciation 24,625 28,303 10,781 18,732 35,406 47,035 ------- ------- ------- ------- ------- ------- Total Resources Provided $26,538 $8, 114 $50,682 $22,167 $77 , 220 $30,281 ------- ------- ------- ------- ------- ------- USES OF FINANCIAL RESOURCES Reduction of Long Term Debt $10,000 $10,000 $6,137 $5,800 $16,137 $15,800 ------- ------- ------- ------- ------- ------- Total Uses of Financial Resources $10,000 $10,000 $6,137 $5,800 $16,137 $15,800 ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Financial Resources $16,538 ($1,886) $44,545 $16,367 $61,083 $14,481 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ca1roNENT ELEMENTS OF INCREASE (DECREASE ) IN WORKING CAPITAL Cash and Temporary Investments $13,455 ($5,873) ($58,240) $57,767 ($44,785) $51,894 Accounts Receivable 4,403 9,145 3,824 (730) 8,227 8,415 Accrued Interest (143) 1,457 (1,034) 1,314 (1,034 ) Prepaids and others 1,403 (4,071) (1,574) (33,498) (171) (37,569) Due From other Funds 98,207 98,207 0 Accounts Payable (2,466) (1 , 297 ) 2,305 (5,750) (161 ) (7,047) Accrued Liabilities (114 ) 210 (1 , 096 ) (72) (1,210) 138 Current Portion Long Term Debt (338) (316) (338) (316) ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Working Capital $16,538 ($1,886) $44,545 $16,367 $61,083 $14,481 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -25- ------------------- BALANCE SHEET ASSETS CURRENT ASSETS Cash and Investments Accounts Receivable Accrued Interest Inventory Liquor Wine Beer Miscellaneous Prepaids Total Current Assets FIXED ASSETS Furni ture and Fixtures Leasehold Improvements Less Allowance for Depreciation Total Fixed Assets Total Assets LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable Accrued Liabilities Total Current Liabilities RETAINED EARNINGS Total Liabilities and Equity CITY OF SHOREWCX)I) LIQ{X)R FUND - <:n1PARATIVE STATEMENTS December 31, 1987 1987 1986 $82,935 $54,428 439 275 1 ,271 65,532 63,343 48,496 43,448 20,576 18,893 7,621 4,445 8,371 14,945 ------- ------- $235,241 $199,777 ------- ------- $29,088 $29,088 3,955 3,955 (30,119 ) (28,871) ------- ------- $2,924 $4,172 ------- ------- $238,165 $203,949 ------- ------- ------- ------- $51,651 $31,256 3,662 13,166 $55,313 $44,422 $182,852 $159,527 $238,165 $203,949 ------- ------- ------- ------- CHANGE IN FINANCIAL POSITION 1987 SOURCES OF FINANCIAL RESOURCES Net Income for the Year $23,325 Add: Items not requiring current outlay of resources Depreciation 1,248 Total Resources Provided $24,573 USES OF FINANCIAL RESOURCES Net Loss for Year $0 Purchase of Equipnent -------- Total Use of Financial Res $0 -------- Net Increase (Decrease) in Working Capital $24,573 ------- ------- <Xl1PONENT ELEMENTS OF INCREASE (DECREASE ) IN l<<)RKING CAPITAL Cash and Investments $28,507 Accounts Receivable 164 Accrued Interest 1 , 271 Prepaids and others (6,574) Inventories 12,096 Accounts Payable (20,395) Accrued Liabilities 9,504 -------- Net Increase (Decrease) in Working Capital $24,573 -------- ----.---- -26- 1986 $15,984 1,248 $17,232 $0 3,393 $3,393 $13,839 ------- ------- ($640) 4,027 6,161 6,223 0,932) $13,839 -------- -------- ------------------- CITY OF SHOREWCOD - LlQOOR FUND <XMPARATIVE STATEMENT OF REVENUE, EXPENSES For the Years Ended December 31, 1987, 1986 1'1~ "\ :'" I I I I I I I I I I I I I I I I . Memo To: From: Re: Date: '"",.iI or \)0' r'\HP~ ~ \ , / .' . U{\ \ SJ( .1. ~~. ,"{l{t:' ct MAYOR Robert Rascop COUNCI L Jan Haugen Kristi Stover Robert Gagne Barb Brancel ADMINISTRATOR Daniel J. Vogt CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD. MINNESOTA 55331 . (612) 474.3236 Mayor Rascop and Counci1members Haugen, Stover, Gagne and Brance1 Ev Beck-Finance Director Motion Required to commit excess Special Assessment Revenues To Deficit Special Assessment Funds 12-8-87 In doing an analysis of Special Assessment Funds earlier in the year I determined that excess revenues are now and will be available in certain special assessment funds. I therefore recommended that these excess special assessment revenues be committed to the deficit special assessment fund, the "1974 Sewer Improvement Bonds (1,250,000)" and that taxing of $62,200 per year through 1993 be discontinued for now. The 1988 adopted budget reflects this change. The motion will require th~ following specifics: That excess cash and revenues from the following levy numbers be committed to the "1974 Sewer Improvement Bonds (l,250,000Y' Levy 18331 of Fund 55 Levy #8332 of Fund 55 Levy #8024 of Fund 56 Levy #8056 of Fund 56 The debt obligation in Funds 55, "1980 Improvement Bonds" and 56, "1981 Improvement Bond" is paid in full and will now be closed. CC: Dan Vogt . Audit File r;. I I I I I I I Liquor store funds in the amount of $18,800.00 will be transferred I .~~~ the ~e~e_ral Fund. _______ /]'5s Special Assessment Fund Transfer - --- I ~I !.~ Recommendation was made to transfer excess special assessmen ~ d . funds, to pay bonds for the 1974 Sewer Improvement Project and discontinue taxing for these bond funds at this time. I --- Budget Amendments I I I I I I I I M 1 N U'l'J:;t) MONDAY, DECEMBER 14, 1987 PAGE TWO PARK COMMISSION REPORT - CONTINUED Tbe use. Commission would like thlS barricaded to prohlbit the vehicle Brancel moved, Department to addition site. seconded by Stover, to authorize tbe Public Works barricade the easement with rocks from the City Hall Motion carr led - 5 ayes. CONSENT AGENDA Consent Agenda Amendment Haugen moved, seconded by Gagne, to remove item C - Mileage Expense from the Consent Agenda. Union Agreement Radification RESOLUTION NO.159-87 A new Union Agreement acceptance for 1987-1988. has been submitted the to Council for Fund Transfer Budget amendments were recommended in the amount of $263,866.00. All amendments were listed in a report dated 12/8/87. Covington Vine Ridge - Acceptance of Improvements RESOLUTION NO.160-87 Engineer Norton has inspected the utilities and streets in Covington Vine Ridge and recommends acceptance of those streets and utilities with a one year warranty period from the acceptance date. S.E. Area Pumphouse - Proiect 86-1C - Pavment Voucher Engineer Norton lecommended payment $51,450.14 to A & K Construction, Inc. Voucher #3 In the amount of Towne Addition - Reduction of Letter of Credit RESOLUTION NO.161-87 Staff has recommended a reduction of his letter of credit to $30,000 to cover 150% of the remaining work to be done on the utilities on the Towne Addition by Resolution. -2- \ ,,!/'v 1""" I n v~\ t r~,\'JV) 1 \~ I I I I I I I ~l\ I (J J:i fI\ tC, \\\\, :0~", 4' 1)<__ \ ,/ The Revenue offset will be building permit fees. I I I I I I CITY OF SHOREWOOD MAYOR Robert Ra~:op COUNel L Jan Haugsn Kristi Stay(" Robert Gao',[ Barb B,ar~Ct:! 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOT A 55331 Memo To: Mayor Rascop and Counci1members Stover, Gagne and Branee1 Ev Beek, Finance Director Budget Amendments-87 12/8/87 Haugen, From: Re: Date: ADMINISTRJ.TOR Dapj~ J. Ved;" Following are authorized non-budgeted expenditures for 1987 which require budget amendments: Equipment purchased-Public Works Contract Mowing-Parks Increased Salary Expense-B1dg/P1anning Bldg. Inspection Contract Increased-Bldg. Recycling Agreement-City Hall Office Expansion-City Hall Audio System-Council Increased Salary Expense-City Clerk's Dept. Computer Equipment-All Departments Total to interest income, fines and $ 92,639\ 6,080 1:' " 955- 36,848 4,61V 105,000 3,330 2,000 12 ,400~ $263,866"" $263,866 R.pv lVi0W",iLd t I"~ '0 J Pt uVl^'\ , l2~ ;/ I (.,J'1 15'h '{(.b f'fP7 141.' '3 (.. ";> ~o ? ,J () I q v () /5&,;6& A motion will be required to authorize 1987 salary increases to come from the working capital fund. A motion will also be required Salt Storage Lot Office Expansion cc: Dan Vogt / 1987 Financial, Audit Files 1988 F~.nci.l. Budge' File. ' I ---1 '1J. i pj' k"': i't , ;' I r { """"IIIl I ,~ {J I ''1 O!-S)D N(,l)O()J_ ar-:t$ls.$.P~.'1 tall -lito. ~~. 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('Y) ~~ 'i-\;,:/ ~I 7$ ~IJ~ .(~ \ /.. .----~~ ~Ch OI4S' t_~(' ~~~""".-.r ~",. 0-'4;'" 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 Accounts Receivable Taxes Receivable - Current Due from Other Funds Special Assessment Current Prepai ds Unamortized Bond Discount Inventory Fixed Assets - Net of Depreciation General Fi xed Assets Amount Avai I abl e for LT Debt Amount to be provi ded LT Debt Total Assets LI ABI LI TI ES AND FUND EQUI TY Accounts Payable Due Ot her Funds Contracts Payable Bonds Payable, General obligation Other Long Term Debt Investment in General Fi xed Assets Cont ri buted Capi tal Ret ai ned Earni ngs Fund Balance Tot al Li abi I i ti es and and Fund Equity - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED BALANCE SHEET ~ ALL FUND TYPES AND ACCOUNT GROUPS / DECEMBER 31, 1987 'V GOVERNMENTAL FUND TYPES PROPRIE- ACCOUNT GROUPS TOTALS TORY GENERAL GENERAL (MEMORANDUM ONLY) SPECI AL DEBT CAPITAL ENTER- n XED LONG DECEMBER 31 DECEMBER 31 GENERAL REVENUE SERVICE PROJECTS PRI SE ASSETS TERM DEBT 1987 1986 ------- ------- ------- -------- ------- ------- --------- -------- ------- $823,852 SO $2,000,826 $778,591 $297,931 $0 $0 $3,901,200 $3,775,007 13,108 30,970 12,473 4,841 61,392 40,321 32,407 127,952 160,359 162,290 10,837 10,837 230 104,359 104,359 20,000 5,701 5,701 28,087 16,826 16,826 29,723 0 2,680 142,225 142,225 130,129 989,519 989,519 1,026,173 1,286,738 1,286,738 966,816 $2,037,497 2,037,497 1,855,991 2,910,040 2,910,040 2,627,169 --------- --------- --------- --------- --------- --------- --------- --------- --------- $880,204 $0 $2,037,497 s791,064 SI,683,653 SI,286,738 $4,947,537 SII,626,693 $10,664,616 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- S95,953 SO SO S8,125 S69,994 SO SO S174,072 S115,439 98,207 98,207 0 'II''! ~w\) 0 211,435 105,000 ~0,000 5,045,000 4,500,000 1,400 6,137 7,537 15,074 8,857 1,286,738 1,286,738 966,816 1,285,350 1,285,350 1,285,350 217,172 217,172 152,033 686,044 0 2,037,497 781,539 3,505,080 3,404,686 --------- --------- --------- --------- --------- --------- --------- --------- --------- S880,204 SO S2, 037, 497 S791,064 SI,683,653 SI,286,738 $4,947,537 SII,626,693 S10,644,616 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- The accompanying notes are an integral part of these financial statements. ------------------- CITY OF SHOREWOOD ca1BINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES DECEMBER 31, 1987 TOTALS GOVERNMENTAL FUND TYPES (MEMJRANDUM ONLY) Year Ended SPECIAL DEBT CAPITAL DE<>>1BER 31 DE<>>1BER 31 GENERAL REVENUE SERVICE PROJECT 1987 1986 REVENUES: ------- ------- ------- ------- ------- ------- Taxes $993,086 $0 $69,399 $0 $1,062,485 $1,093,817 Special Assessments 1,082,952 1,082,952 1,488,568 Licenses and Permits 282,100 282,100 117,050 Intergovernmental Revenue 0 Federal 390 390 20,098 State 364,022 9,159 373,181 365,675 Charges for Services 26,104 26,104 37,067 Fines I 103,785 103,785 70,678 Interest on Investments 33,577 152 91,381 48 , 772 173,882 142,892 Miscellaneous Revenue 6,925 $47,618 128,279 182,822 67,621 --------- --------- --------- --------- --------- --------- Total Revenues $1,809,599 $542 $1,300,509 $177,051 $3,287,701 $3,403,466 --------- --------- --------- --------- --------- --------- arHER SOURCES Transfer from Other Funds $27,457 $0 $91,369 $0 $118,826 $25,000 Sale of Bonds 1,397,440 1,397,440 --------- --------- --------- --------- --------- --------- $27,457 $0 $91,369 $1,397,440 $1,516,266 $25,000 Total Revenues --------- --------- --------- --------- --------- --------- and Other Sources $1,837,056 $542 $1,391,878 $1,574,491 $4,803,967 $3,428,466 --------- --------- --------- --------- --------- --------- The accompanying notes are an integral part of this financial statement. ------------------- EXPENDITURES : Current General Government Public Safety Police Fire Other Street and Highways Maintenance Street Lighting Parks and Recreation Capi tal Outlay Debt Service Total Expenditures OTHER USES Transfer to Other Funds Total Expenditures and Other Uses CITY OF SHOREWOOD <Xt1BINED STATEMENTSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES DECEMBER 31, 1987, 1986 GENERAL GOVERNMENTAL FUND TYPES TCYI'ALS (MEM)RANl)UM ONLY) Year Ended DECEMBER 31 DECEMBER 31 1987 1986 SPECIAL REVENUE CAPITAL PROJECT DEBT SERVICE $0 $413,550 $419,658 $413,550 $0 331,438 56,517 92,241 387,938 12,325 68,324 289,594 $1,651,927 $1,651,927 Net Increase (Decrease) in Fund Balance During the Year $185,129 FUND BALANCE - January 1 FUND BALANCE - December 31 $500,915 $686,044 --------- --------- $0 331,438 56,517 92,241 309,439 48,889 51,688 $0 387,938 512,358 12,325 9,708 3,274 71 , 598 52,289 1,496,248 1,785,842 337,733 $1,455,372 1,455,372 872,298 --------- --------- --------- --------- --------- $0 $1,455,372 $1,499,522 $4,606,821 $2,614,060 --------- --------- --------- --------- --------- $8,657 $91,369 $100,026 $20,000 --------- --------- --------- --------- --------- $8,657 $1,455,372 $1,590,891 $4,706,847 $2,634,060 --------- --------- --------- --------- --------- ($8,115) ($63,494) ($13,126) $100,394 $794,406 --------- --------- --------- --------- --------- $8, 115 $2,100,991 $794,665 $3,404,686 $2,610,280 --------- --------- --------- --------- --------- $0 $2,037,497 $781,539 $3,505,080 $3,404,686 --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- The accompanying notes are an integral Part of this financial statement. - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL GENERAL AND SPECIAL REFUND FUND TYPES For tbe Year Ended December 31, 1987 REVENUES: Taxes LI censes and Perlli ts Intergovernmental Revenues cbarges for Services Fines and Forfeits Hi scell aneous Revenues Tot al Revenues EXPENDITURES Current: General Govern_nt Publ I c Safet y Hlgbways and Streets Culture and Recreation Tot al Expend! t ures Excess of Revenues over (under) Expend! t ures Ot ber FI nancl ng Sources (Uses) Operating Transfers GENERAL FUND BUDGET V ARI ANCE FAVORABLE ( UNFAVORABLE) ACTUAL '999,649 248,972 353,868 32,900 49,000 4,000 '993,086 282,100 364,022 26,104 103,785 40,502 (56,563) 33,128 10,154 (6,796) 54,785 36,502 '1,688,389 '1,809,599 '121,210 '553,887 '569,098 ('15,211) 488,793 481,603 7,190 597,490 532,902 64,588 67,759 68,324 ( 565) ---------- ---------- -------- '1,707,929 '1,651,927 856,002 ---------- ---------- -------- (819,540)' 8157,672 $177,212 18,800 27,457 (8,657) Excess of Revenues over ( under) Expendl t ures and Ot ber Uses (5740) '185,129 '185,869 -------- -------- -------- FUND BALANCE - January 1 '500,915 '500,915 SO -------- -------- -------- FUND BALANCE - December 31 S500,175 '686,044 '185,869 -------- -------- -------- -------- -------- -------- SPECIAL REVENUE FUNDS TOTALS (MEMORANDUM ONLY) V ARI ANCE VARIANCE FAVORABLE FAVORABLE BUDGET ACTUAL ( UNFAVORABLE) BUDGET ACTUAL ( UNFAVORABLE) -------- ----------- .0 .0 .0 '999,649 '993,086 ($6, 563) 248,972 282,100 33, 128 390 390 354,258 364,412 10,154 32,900 26,104 (6,798) 49,000 103,785 54,785 152 152 4,152 40,654 36,502 -------- -------- -------- ---------- ---------- -------- .542 .542 .0 '1,688,931 SI, 810,141 '121,210 -------- -------- -------- ---------- ---------- -------- .0 '553,887 $569,098 (Sl5,211) 488,793 481,603 7,190 597,490 532,902 64,588 67,759 68,324 ( 565) ---------- ---------- -------- '1,707,929 $1,651,927 '56,002 ---------- ---------- -------- (Sl8,998) '158,214 S177,212 10,143 18,800 (S8,657) ---------- ---------- -------- ('8,855) S177,014 '185,869 ---------- -------- -------- '256,348 S256,348 .0 ---------- -------- -------- '247,493 S686,044 '185,869 ---------- -------- -------- ---------- -------- -------- 80 so .0 .0 .0 .5U .5U .0 (8,657) (8,657) o ('8,115) (S8,115) .0 S8,l15 S8,115 SO SO SO 80 -------- -------- -------- -------- -------- -------- Tbe accolllpanyl ng notes are an I ntegral part of t bese fl nancl al state_nts. - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD COMBINED STATEMENTS, ALL PROPRIETARY FUND TYPE For the Years Ended DecelBber 31. 1987. 1986 STATEMENT OF REVENUE, EXPENSES AND CHANGES RETAI NED EARNI NGS SALES AND COST OF SALES Sal es Cost of Sal es Gross Profit OPERATING REVENUE Water & Sewer Usage Total Gross Profit and Operating Revenue OPERATING EXPENSES OPERATI NG INCOME OTHER REVENUE General Property Taxes Ho_stead Credi t Perllli t s & Connecti on Fees. Hi sc. Interest on Invest_nts Total Other Revenue OTHER EXPENSES Meters and MWCC Interest Total Other Expenses NET INCOME (LOSS) TO RETAINED EARNINGS OTHER FI NANCI NG SOURCES (USES) Operating Transfers RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS. DECEMBER 31 Totals - Memorandum Only 1987 1986 Sl.039.951 S980,930 823,491 786,360 -------- -------- S216.460 S194,570 -------- -------- S409.868 S334,674 -------- -------- S626,328 S529.244 -------- -------- S608.998 S563.046 -------- -------- S17. 330 (S33.802) -------- -------- S16.127 S17.533 2.936 3.092 138.681 53,790 18,838 16.260 -------- -------- S176.582 S90.675 -------- -------- 1100.037 S35.222 9.936 11.846 -------- -------- S109.973 S47,068 -------- -------- S83,939 S9.805 -------- -------- (18,800) (5,000) -------- -------- S152.033 S152,803 -------- -------- S217.172 S157,608 --------- --------- --------- --------- The accompanying notes are an integral part of this financial statement. - - - - STATEMENT OF CHANGES IN FI NANCI AL POSI TI ON SOURCE OF FINANCIAL RESOURCES Operati ons Net Income for the Year Add: Items not requi ri ng current outlay of resources Depreci ati on Total Resources Provided USES OF FINANCIAL RESOURCES Operati ons Net Loss for the Year Reducti on in Long Term Debt Acquisition of Fixed Assets Total Uses of Fi nanci al Resources NET INCREASE (DECREASE) IN WORKING CAPITAL COMPONENT ELEMENT OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Investments Accounts Receivahle Accrued Interest Prepaid and Others Due From Ot her Funds I nventori es Accounts Payabl e Accrued Li abi I i ti es Current Portion Long Term Debt Net Increase (Decrease) in Worki ng Capi tal Totals - Memorandum onl7 1987 1986 so 65,139 36,654 48,283 S101,793 S48.283 0 770 16.137 15.800 0 3,393 ------- ------- S16.137 119,9&3 ------- ------- S85,656 S28.320 ------- ------- ------- ------- (16.278) 51.254 8,391 12,442 2.585 (2,625) (6.745) (35.978) 98,207 12,096 6,161 (20,556) ( 824) 8,294 (1,794) ( 338) ( 316) ------- ----.-- 585,656 528,320 =::::=== ------- ------- ------------------- CITY OF SHOREWOOD .. GENERAL FUND BALANCE SHEET December 31, 1987 ASSETS Cash and Investments Accrued Interest Taxes Receivable - Current Accounts Receivable Total Assets LIABILITIES AND FUND BALANCE Liabilities Accounts Payable Accrued Salaries Payable Due Other Funds Total Liabilities Fund Balance CITY OF SHORE'\\U)D GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1987 c $823,852 13.108 J 10~837 32,407 Expendi tures and Other Uses NET INCREASE (DECREASE) IN FUND BALANCE $185,129 1,651,927 Revenues and Other Sources $880,204 -------- -------- FUND BALANCE, January 1 FUND BALANCE, December 31 $82,798 13,155 98,207 $194,160 $686,044 Total Liabilities and Fund B $880,204 -------- -------- $1,837,056 500,915 $686,044 --------- --------- ------------------- CITY OF SHOREW<X>D GENERAL FUND STATEMENT OF REVENUES - ESTIMATED AND ACTUAL For the Year Ended December 31, 1987 Estimated Actual Variance Estimated Actual Variance --------- ------ -------- --------- ------ -------- TAXES CHARGES FOR SERVICES General Property General Government $27,600 $19,559 ($8,041) Current $951,780 $895,822 ($55,958) Highway and Streets 1,800 1,800 0 Delinquent 30,200 30,200 Sanitation Charges 3,500 3,170 (330) Penalties and Interest 17,815 17,815 Park and Recreation 0 1,575 1,575 Fiscal Disparities 47,869 47,869 0 -------- -------- -------- Other 1,380 1,380 Total Charges $32,900 $26,104 ($6,796) -------- -------- -------- -------- -------- -------- Total Taxes $999,649 $993,086 ($6,563) -------- -------- -------- FINES $49,000 $103,785 $54,785 LICENSES AND PERMITS -------- -------- -------- Business Licenses $8,506 $8,890 $384 MISCELLANEOUS REVENUES Non-Business Licenses 2,600 4,312 1,712 Interest Income $3,200 $33,577 $30,377 Building Permits 237,866 268,898 31,032 Miscellaneous 800 6,925 6,125 -------- -------- -------- -------- -------- -------- Total Licenses $248,972 $282,100 $33,128 Total Miscellaneous $4,000 $40,502 $36,502 -------- -------- -------- -------- -------- -------- INTERGOVERNMENTAL REVENUE TRANSFERS State Grants Revenue Sharing $0 $8,657 $8,657 Local Government Aid $160,297 $160,090 ($207) Liquor Fund 18,800 18,800 0 Homestead Credit 172,571 172,571 0 -------- -------- -------- County Road Aid 18,500 18,477 (23) Total Transfers $18,800 $27,457 $8,657 CDBG 6,666 6,666 -------- -------- -------- State Bldg Surcharge 2,500 6,218 3,718 -------- -------- -------- Total Revenues and Total Intergovernmental $353,868 $364,022 $10,154 Transfers 1,707,189 1,837,056 129,867 -------- -------- -------- -------- -------- -------- -------- -------- -------- ------------------- CITY OF SHOREWOOD GENERAL FUND STATEMENT OF EXPENDITURES - ESTIMATED AND ACIUAL For the Year Ended December 31, 1987 Estimated Actual Variance Estimated Actual Variance --------- ------ -------- --------- ------ -------- GENERAL GOVERNMENT STREETS AND HIGHWAYS Mayor and Council Public Works CUrrent Expenditures $86,022 $23,997 $62,025 CUrrent Expenditures $109,693 $100,538 $9,155 Administrator Garage CUrrent Expenditures 50,073 50,073 0 CUrrent Expenditures 9,950 8,987 963 Finance Traffic Control CUrrent Expenditures 74,831 69,738 5,093 CUrrent Expenditures 9,808 7,258 2,550 Planning and Zoning Sanitation and Weed Removal CUrrent Expenditures 42,705 41,406 1,299 CUrrent Expenditures 16,615 18,759 (2,144) General Government Streets and Roads CUrrent Expenditures 64,669 54,628 10,041 CUrrent Expenditures 257,247 230,147 27,100 Professional Services Snow and Ice Removal CUrrent Expenditures 100,050 94,051 5,999 CUrrent Expenditures 27,648 11 ,023 16,625 Municipal Buildings Street Lighting CUrrent Expenditures 87,952 79,657 8,295 CUrrent Expenditures 11 ,000 12,325 (1,325 ) ------- ------- ------- Tree Maintenance Total General Govern $506,302 $413,550 $92,752 CUrrent Expenditures 22,890 11 , 226 11 , 664 ------- ------- ------- ------- ------- ------- PUBLIC SAFETY Total Streets and Hi $464,851 $400,263 $64,588 Police Protection ------- ------- ------- CUrrent Expenditures $338,018 $331,438 $6,580 PARK AND RECREATION Fire Protection Park & Recreation Activities CUrrent Expenditures 57,413 56,517 896 CUrrent Expenditures $67,759 $68,324 ($565) Protective Inspection ------- ------- ------- CUrrent Expenditures 92,017 92,241 (224) CAPITAL ITEMS ------- ------- ------- General Goverrunent $7,030 $6,283 $747 Total Public Safety $487,448 $480,196 $7,252 Finance 13,705 14,791 (1 , 086 ) ------- ------- ------- Government Buildings ~6 .850_ 134.474 (107,624) Protective Inspections 1,345 1,407 (62) Public Works 132,639 132,639 0 ------- ------- ------- Total Capital Items $181,569 $289,594 ($108,025) Total Expenditures and ------- ------- ------- Transfers $1,707,929 $1,651,927 $56,002 --------- --------- --------- --------- --------- --------- ------------------- CITY OF SHOREWOOD SPECIAL REVENUE FUNDS CXl1BINING BALANCE SHEET December 31, 1987 CXl1BINING STATEMENT OF REVENUE, EXPENDITURES For the Year Ended December 31, 1987 ASSETS Federal Revenue Sharing REVENUE Federal Revenue Sharing Cash and Investments Accrued Interest $0 Federal Grants Interest $390 152 Total Assets Total Revenue $542 $0 ------- ------- EXPENDITURES LIABILITIES AND FUND BALANCE Transfer to Other Funds $8,657 Liabilities $0 o Total Expenditures $8,657 ------- ------- Fund Balance - Unappropriated CHANGE IN FUND BALANCE Total Liabilities and Fund Balances $0 ------- ------- Net Increase (Decrease) in Fund Balance ($8,115) Fund Balance, January 1 $8,115 Fund Balance, December 31 $0 ------.- ------- - - - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD DEBT SERVICE FUNDS COMBINING BALANCE SHEET December 31, 1987 1971 & 1972 1973 1974 1980 1981 1984 Sout beast Sbornlood Improvements Improvement Improvement I IIIProvement I IIIProvement I IIIProvement Water Oaks Tot al ----------- ----------- ----------- ----------- ----------- ----------- ------- ------- ASSETS Casb and I Dvestments 81,069,269 (86,723) 839,316 80 82,680 8501,126 8385,018 810,140 82,000,826 Accrued I nt erest 17, 108 (106) 629 7,009 6,168 162 30,970 Speci al Assessment s Receivable-Current 4,216 1.262 223 5,701 --------- -------- -------- -------- -------- -------- -------- -------- -------- Tot al Assets 81,090,593 (86,829) 841,207 $0 $2,680 8508,135 $391,409 810,302 82,037.497 ---------- -------- -------- -------- -------- -------- -------- -------- -------- ---------- -------- -------- -------- -------- -------- -------- -------- -------- LI ABI LI TI ES AND FUND BALANCES Li abi Ii U es Accounts Payable 80 80 80 80 80 80 80 80 80 Fund BalaDce 81,090,593 '( 86,829) 841,207 80 82,680 8508,135 8391,409 810,302 82,037,497 Total Ll abi I i U es aDd Fund Balances 81,090,593 (86,829) 841,207 80 82,680 8508,135 8391,409 $10,302 $2,037,497 ---------- ---------- -------- -------- - - - - - - - - - - - - - - - - - - - CITY OF SHOREWOOD DEBT SERVl CE FUNDS COMBI NI NG STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For tbe Year Ended DeceJBber 31, 1987 1971 & 1972 1973 1974 1980 1981 1984 Sout beast Sborewood I IDProvements I IDProve_nt I IIIProveme nt I IDProvement I IIIProvement I IIIProvement Project Oaks Tot al ------------ ----------- ----------- ----------- ----------- ----------- ------- --------- REVENUE Speci al Assessments Current 1163,015 13,136 153,601 16,196 130,173 1116,800 1144,239 10 1517,160 Del i nquent 23,593 299 3,666 1,225 28,783 Homestead Credit 9,159 9,159 General Propeft y Taxes 69,399 69,399 Prepai ds 150,275 1,010 4,442 2,400 265,002 113,880 537,009 Interest 65,339 ( 319) (200) 579 (10,100) 20,540 14,433 1,109 91,381 Hi scel I aneous 47,618 47,618 --------- -------- -------- -------- -------- -------- -------- -------- -------- Total Revenue 1402,222 14,126 1140,067 110,400 120,073 1402,342 1272,552 148,717 11,300,509 --------- -------- -------- -------- -------- -------- -------- -------- -------- EXPENDl TURES ------------ Pri nci pal on Bonds 1245,000 15,000 170,000 10 1270,000 180,000 10 10 1670,000 Interest on Bonds 75,096 1,337 22,401 11,563 55,781 69,106 38,425 273,709 Bond Refunding 511,663 511,663 --------- -------- -------- -------- -------- -------- -------- -------- -------- Total Expendi t ures 1320,096 16,337 192,401 10 1281,563 1647,444 169,106 138,425 11,455,372 --------- -------- -------- -------- -------- -------- -------- -------- -------- TRANSFER, IN ( OUT) 10 10 120,075 (120,075) 10 191,369 10 50 191,369 --------- --------- --------- --------- --------- --------- --------- --------- --------- Net Increase ( Decrease) in Fund Bal ance 582,126 (12,211) 167,741 (19,675) (1261,490) (1153,733) 5203,446 110,302 (163,494) Fund Bal ance - January 1 1,008,467 (4,618) (26,534) 9,675 264,170 661,868 187,963 10 2,100,991 --------- -------- -------- -------- -------- -------- ---------- ---------- ---------- Fund Bal ance - December 31 51,090,593 (56,829) 541,207 10 52,680 1508,135 5391,409 510,302 12,037,497 --------- -------- -------- -------- -------- ---------- ---------- ---------- ---------- --------- -------- -------- -------- -------- ---------- ---------- ---------- ---------- ------------------- CITY OF SHOREWOD CAPITAL PROJECT FUNDS BALANCE SHEET December 31, 1987 Capital 1984 Southeast Shorewood Park Improvement Water Oaks Total ------ ----------- ------- ------- ASSETS ------ Cash and Investments $130,761 $0 $485,402 $162,428 $778,591 Accrued Interest 2,093 7,782 2,598 12,473 -------- -------- -------- -------- ---------- Total Assets $132,854 $0 $493,184 $165,026 $791,064 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- LIABILITIES AND FUND BALANCES --------------- Liabilities Accounts Payable $168 $0 $4,753 $3,204 $8,125 Contracts Payable 1,400 1,400 Fund Balance 131,286 0 488,431 $161,822 781,539 -------- -------- -------- -------- ---------- Total Liabilities. and Fund Balances $132,854 $0 $493,184 $165,026 $791,064 -------- -------- -------- -------- ---------- -------- -------- --------- -------- ---------- ------------------- CITY OF SHOREW(X)D CAPITAL PROJECT FUND STATEMENT OF REVENUE, EXPENDI'IURES AND CHANGES IN FUND BALANCE For the Year Ended December 31, 1987 . Capi tal 1984 Southeast Shorewood Park Improvement Project Oaks Total ------ ----------- ------- --------- REVENUE ------ Interest $5,765 $5,044 $30,164 $7,799 $48,772 Division Fees 98,828 98,828 Donations 131 131 Sale of Bonds 1,397,440 1,397,440 Miscellaneous 1,320 28,000 29,320 -------- -------- -------- -------- --------- Total Revenue $106,044 $5,044 $30,164 $1,433,239 $1,574,491 -------- -------- -------- -------- --------- EXPENDITURES ------------ Major Construction $25,496 ($12,022) $137,702 $1,085,131 $1,236,307 Temporary Connection 46,441 46,441 Engineering Fees 731 32,029 143,293 176,053 Equipnent 2,502 2,502 Miscellaneous 1,600 12,958 20,387 34,945 -------- -------- -------- -------- -------- Total Expenditures $30,329 ($12,022) $229,130 $1,248,811 $1,496,248 -------- -------- -------- -------- -------- TRANSFERS -our $0 $91,369 $0 $0 $91,369 -------- -------- -------- -------- -------- Net Increase (Decrease) in Fund Balance $75,715 ($74,303) ($198,966) $184,428 ($13,126) Fund Balance - January 1 55,571 74,303 687,397 ($22,606) $794,665 -------- -------- ---------- ---------- ---------- Fund Balance - December 31 $131,286 $0 $488,431 $161,822 $781,539 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ------------------- CITY OF SHOREWOOD WATER AND SEWER UTILITY FUNDS - <Xl1PARATIVE BALANCE SHEET December 31, 1987, 1986 ASSEI'S CURRENT ASSEI'S Cash and Investments Accounts Receivable Accrued Interest Prep:l.ids and Other Due From Other Funds Total Current Assets FIXED ASSEI'S (Note 1) Equipment ASsets Contributed Less Allowance for Depreciation Total Fixed Assets Total Assets LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts Pa~ble Accrued Liabilities Current Portion Long Term Debt Total Current Liabilities LONG TERM LIABILITIES Bonds Payable - Non Current Portion REI'AINED EARNINGS Contributed Assets Retained Earnings (Deficit) Total Fund Equity Total Liabilities and Equity WATER 1987 1986 $2,097 24,126 87 6,152 -------- $32,462 $13,303 931 810 (212:548) -------- $732,565 -------- $765,027 -------- -------- $6 , 711 137 10 , 000 -------- $16,848 $95,000 $931 810 (278:631) -------- $653,179 -------- $765,027 -------- -------- ($11,358) 19,723 230 4,749 $13,344 $13,303 931 810 (187:923) -------- $757,190 -------- $770,534 -------- -------- $4,245 23 10,000 -------- $14,268 $105,000 $931 810 (280:544) -------- $651,266 -------- $770,534 -------- -------- SEWER 1987 1986 $212,899 103,387 3,483 8 455 98:207 -------- $426,431 $19,434 353 540 (118: 944) -------- $254,030 -------- $680,461 -------- -------- $6,665 1,168 6,137 -------- $13,970 $0 $353,540 312,951 -------- $666,491 -------- $680,461 -------- -------- $271 , 139 99,563 2 026 10: 029 $382,757 $19,434 353,540 (108,163 ) -------- $264,811 -------- $647,568 -------- -------- $8,970 72 5,799 -------- $14,841 $6,137 $353,540 273,050 -------- $626,590 -------- $647,568 -------- -------- TOTAL SEWER and WATER 1987 1986 $214,996 127,513 3,570 8 455 104:359 -------- $458,893 $32,737 1,285,350 (331,492) -------- $986,595 -------- $1,445,488 -------- -------- $13,376 1,305 16,137 -------- $30,818 $95,000 $1,285,350 34,320 -------- $1,319,670 -------- $1,445,488 -------- -------- $259,781 119,286 2 256 14:778 o -------- $396,101 $32 737 1 285'350 t296:086) -------- $1,022,001 -------- $1,418,102 -------- -------- $13,215 95 15,799 -------- $29,109 $111,137 $1,285,350 (7,494) -------- $1,277,856 -------- $1,418,102 -------- -------- ------------------- CITY OF SHOREWOOD WATER AND SEWER UTILITY FUND o:xvtPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 1987, 1986 OPERATING REVENUE Metered Sales, Usage Less: Qperating Expenses Salaries Employee Benefits General Administrative Exp Insurance Maintenance General S\!pplies Contracted Services Purchases, Water, MWCC Utilities Sales Tax Miscellaneous Depreciation Total Operating Expenses OPERATING IN<n1E (LOSS) ADD NON OPERATING REVENUE General .Property Taxes Homestead Credit Fiscal Disparities Meters, Connections, Other Interest Total Non Operating Revenue LESS NON OPERATING EXPENSES Interest - Interfund Loan Interest on Bonds Meters, MWCC Total Non Operating Expenses NET INca1E (LOSS) TO RETAINED EARNINGS RETAINED EARNINGS, January 1 RETAINED EARNINGS, December 31 WATER 1987 1986 $88,623 $49,413 $2,656 563 1,324 3,800 8,583 2 451 22:336 25,222 13,778 330 599 24,625 -------- $106,267 -------- ($17,644) $15,308 2,936 819 19,420 353 $38,836 $358 9,578 9,343 -------- $19,279 $1,913 (280,544) -------- ($278,631) -------- -------- $2,259 316 1,187 4,983 3,396 2 456 20:174 10,563 8,690 232 302 28,303 -------- $82,861 -------- ($33,448) $16,798 3,092 735 4,280 4,737 -------- $29,642 $1,322 10,524 4,537 -------- $16,383 ($20,189) (260,355) -------- ($280,544) -------- -------- SEWER 1987 1986 $321,245 $285,261 $14,007 2,659 2,584 4,359 8,375 406 27,764 239,607 5,344 676 10,781 -------- $316,562 -------- $4,683 $0 111,709 14,203 -------- $125,912 $0 90,694 -------- $90,694 $39,901 273,050 -------- $312,951 -------- -------- $7,917 1 ,077 2,912 5 555 14:243 1 294 24:032 224,930 4,970 520 18,732 -------- $306 , 182 -------- ($20,921) $0 44,773 14,807 -------- $59,580 $0 35,224 -------- $35,224 ---...;---- $3,435 269,615 -------- $273,050 -------- -------- TOTAL WATER and SEWER 1987 1986 $409,868 $334,674 $16,663 3,222 3 ,908 8 159 16:958 2 857 50: 100 264,829 19,122 330 1,275 35,406 -------- $422,829 -------- ($12,961) $15,308 2,936 819 131,129 14,556 -------- $164,748 $358 9,578 100,037 -------- $109,973 $41,814 ($7,494) -------- $34,320 -------- -------- $10,176 1,393 4 099 10:538 17,639 3 750 44'206 235:493 13,660 232 822 47,035 -------- $389,043 -------- ($54,369) $16,798 3,092 735 49,053 19,544 -------- $89,222 $1,322 10,524 39,761 -------- $51,607 ($16,754) $9,260 -------- ($7,494) -------- -------- ------------------- CITY OF SHOREWOOD WATER AND SEWER llI'ILITY FUNDS CCMPARATIVE STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended December 31, 1987, 1986 WATER SEWER WATER and SEWER 1987 1986 1987 1986 1987 1986 SOURCES OF FINANCIAL RESOURCES Operations Net Income for the Year $1,913 ($20,189) $39,901 $3,435 $41,814 ($16,754) Add: Expenses not requiring current outlay of resources Depreciation 24,625 28,303 10,781 18,732 35,406 47,035 ------- ------- ------- ------- ------- ------- Total Resources Provided $26,538 $8,114 $50,682 $22,167 $77,220 $30,281 ------- ------- ------- ------- ------- ------- USES OF FINANCIAL RESOURCES Reduction of Long Tenn Debt $10,000 $10,000 $6,137 $5,800 $16,137 $15,800 ------- ------- ------- ------- ------- ------- Total Uses of Financial Resources $10,000 $10,000 $6,137 $5,800 $16,137 $15,800 ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Financial Resources $16,538 ($1,886) $44,545 $16,367 $61,083 $14,481 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- <XXiEUNENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Temporary Investments $13,455 ($5,873) ($58,240) $57,767 ($44,785) $51,894 Accounts Receivable 4,403 9,145 3,824 (730) 8,227 8,415 Accrued Interest (143) 1,457 (1 ,034 ) 1,314 (1,034 ) Prepaids and Others 1,403 (4,071) (1,574) (33,498) (171) (37,569) Due From Other Funds 98,207 98,207 0 Accounts Payable (2,466) (1 , 297 ) 2,305 (5,750) (161) (7,047) Accrued Liabilities (114 ) 210 (1 , 096 ) (72) (1,210) 138 Current Portion Long Tenn Debt (338) (316) (338) (316) ------- ------- ------- ------- ------- ------- Net Increase (Decrease) in Working Capital $16,538 ($1,886) $44,545 $16,367 $61,083 $14,481 ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------------------- BALANCE SHEET ASSETS CURRENT ASSETS Cash and Investments Accounts Receivable Accrued Interest Inventory Liquor Wine Beer Miscellaneous Prepaids Total Current Assets FIXED ASSETS Furni ture and Fixtures Leasehold Improvements Less Allowance for Depreciation Total Fixed Assets Total Assets LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts Payable Accrued Liabilities Total Current Liabilities RETAINED EARNINGS Total Liabilities and Equity CITY OF SOOREWOOD LIQOOR FUND - <n1PARATIVE STATEMENTS December 31, 1987 1987 1986 $82,935 $54,428 439 275 1,271 65,532 63,343 48,496 43,448 20,576 18,893 7,621 4,445 8,371 14,945 ------- ------- $235,241 $199,777 ------- ------- $29,088 $29,088 3,955 3,955 (30,119) (28,871) ------- ------- $2,924 $4,172 ------- ------- $238,165 $203,949 ------- ------- ------- ------- $51,651 $31,256 3,662 13,166 $55,313 $44,422 $182,852 $159,527 $238,165 $203,949 ------- ------- ------- ------- CHANGE IN FINANCIAL POSITION 1987 SOURCES OF FINANCIAL RESOURCES Net Income for the Year $23,325 Add: Items not requiring current outlay of resources Depreciation 1,248 Total Resources Provided $24,573 USES OF FINANCIAL RESOURCES Net Loss for Year $0 Purchase of Equipnent -------- Total Use of Financial Res $0 -------- Net Increase (Decrease) in Working Capital $24,573 ------- ------- CXJ1PONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL Cash and Investments $28,507 Accounts Receivable 164 Accrued Interest 1, 271 Prepaids and others (6,574) Inventories 12,096 Accounts Payable (20,395) Accrued Liabilities 9,504 -------- Net Increase (Decrease) in Working Capital $24,573 -------- -------- 1986 $15,984 1,248 $17,232 $0 3,393 $3,393 $13,839 ------- ------- ($640) 4,027 6, 161 6,223 0,932) $13,839 -------- -------- ------------------- CITY OF SHOREWOOD - LIQUOR FUND ca1PARATIVE STATEMENT OF REVENUE, EXPENSES For the YearsuEnded December 31, 1987, 1986 Year Ended December 31 1987 % 1986 % SALES AND <X>ST OF SALES Sales $1,039,951 100.00% $980,930 100.00% Cost of Sales 823,491 79.19% 786,360 80 . 16% -------- -------- Gross Profit $216,460 20.81% $194,570 19.84% -------- -------- GENERAL AND ADMINISTRATIVE EXPENSE Salaries, Regular $52,461 5.04% $46,766 4.77% Salaries, Part Time 38,286 3.68% 41,035 4. 18% Employee Benefits 12,046 1.16% 10,727 1.09% Supplies 5,605 0.54% 3,725 0.38% Professional Services 3,231 0.31% 2,904 0.30% Contractual 2,784 0.27% 3,622 0.37% Meetings, Miles, Dues 356 0.03% 317 0.03% Utilities 10,673 1.03% 10 , 808 1.10% Insurance 15,801 1.52% 11,812 1.20% Miscellaneous 1,125 0.11% 1,086 0.11% Bookkeeping 3,396 0.33% 2,892 0.29% Rent 34,238 3.29% 32,739 3.34% Advertising & Promotions 4,919 0.47% 5,358 0.55% Depreciation 1,248 0.12% 1,248 0.13% -------- -------- Total General and Administrat $186,169 17.90% $175,039 17.84% -------- -------- Net Operating Income (Loss) $30,291 2.91% $19,531 1.99% -------- -------- OTHER IN<n1E, EXPENSES Interest $4,282 0.41% $1,453 0.15% Miscellaneous 7,552 0.73% o . 00% Transfers to other Funds (18,800) -1.81% (5,000) -0.51% -------- -------- Total other Income Expenses ($6,966) -0.67% ($3,547) -0.36% -------- -------- Net Income (Loss) $23,325 2.24% $15,984 1.63% RETAINED EARNINGS, January 1 159,527 143,543 -------- -------- RETAINED EARNINGS, December 31 $182,852 $159,527 -------- -------- -------- -------- ~ \:)D e~ ~ ~ "----J ---- ----- _C/'w -- ,~ \\ ) ".r,.,.,~ en >- :z: UJ :Ii:: UJ g~to ~~~ ~q! :X::~r:; en c.:> :z: l- LL. <X: '" = =""" ....... 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OJ >- '" :::> ...... 0.. lD lD 0'> = - "" (:lUii; ~ ~ ;> ",,_0 (f) ]g >- '- ~~~ "" :::> '" ~ 8 :: I- o:S 0 CJ') lD = '" ....0 W .-.....:> l- E eE ("Q Q) a) ('(S Q) ::::- Etn'"O("($ (t') '- -0 ro Q) .n -= E <> ID ro = f.D '- .~ (,') 0"') ro '" -"= co Co -= 3: - - I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 each dependent child would receive 10% of such average salary, but the maximum family benefit is limited to $1,000 per month. Coordinated Members: Disability benefit is equal to the normal annuity payable to a member who has reached age 65 with the same number of years of allowable service and same average salary. If death occurs before age 65, a refund of any balance in account would be paid to designated beneficiary. No survivor benefits payable. - Contributions Required and Made I I I I I I I I I I I I I I I Covered employees are required by State statute to contribute fixed percentages of their gross earnings to the pensions plans. The City makes annual contributions to the pension plans equal to the amount required by state statutes. Current contribution rates for the plans are as follows: Bgg.Hj.9.D.~l ~ffip.19.y'~~."...gffiP.1Qy'~[..,Jmp.1Qy'?'[ Public Employees Retirement Fund: Basic Fund 8% Coordinated Fund 4% 8% 4'" '. 2 1/2% 1/4~; Total contributions made during fiscal year 1987 amounted to $ of which was !$ was made by the City and $, was made by employees. These contributions represented 4.25% (city) and 4.00% (employees) of the covered payroll. - Funding status and Progress The "pension benefits obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step-rate benefits, estimated to be payable in the future as a result of employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended to help users assess the PERA's funding status on a going-concern basis, assess progress made in accumulation sufficient assets to pay benefits when due, and make comparisons among Public Employee Retirement Systems and employers. The PERA does not make separate measurements of assets and pension benefit obligation for individual employers. The pension benefit obligations of the PERA as of June 30, 1987, were as follows: Public Employees Retirement Fund (Millions) Total pension benefit obligations Net assets available for benefits, at market Unfunded pension benefit Obligation $ 3,189 2,458 $ 731 The actuarial calculations of annual contributions include amounts that would be required to achieve full (100%) funding by the year 2009. The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1987. Net assets available to pay pension benefits were valued as of June 30, 1987. The City's contribution for the year ended June 30, 1987 to PERA plans represented 0.01% of total contributions required of all partlcipating entities. Ten-year historical trend information is presented in PERA's State PERS Comprehensive Annual Financial Report for the year ended June 30, 1987, This information - = = = ;:;>:: U-J 0= = OJ U-- = >- I- ...... "-" CO I- :z: U-J = U-J I- r- <I: 0:> t;;~ -' :=; "-" :z: ..... <I: Q) :z: .0 ~~ = a:> I- = U':) U-J I- = :z: c:: o ...... '" c:: cu a.. >- '" a.. o +" '" +" cu '" ,,~ '" +> c:: .~ .~ ..... ..... :::l '" - V> ..... <> c o ...... .0-> '" ~ 5 o no '" '= ~ <:L c:: .~ '" c: a> a.. . Q) Q) :::l ..c: -0 +> (1) en E c:: 0 ...... 0 '" (1) ,,~ .C> (1) to >- '" (1) '" ..c: +> .::: -,-4 0"') '" .-. :::l '" ..... ~ ro ...... if) ..... =' Q) c:: .~1 ~ - - '" ~ ...... ..... :::l o cu '" o c: ~ Q) = <I: 0= U-J CL r- 0:> ~ = V> Q) c:: :::l ...., ..... 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Q) <Il no CL' = ..c:..c:: (1)01- .~ 5 ...... <:L to ..... ~-> <:> c: :::> Q) 0 e <-> -M <..) ~ <J: '" - '" '- Q) C 0) "'" w ....., <:> = - ro en c:: 2! <-> - r--: 0Ct~ ...-11 ,....~:. ~! -I (nE 5~ ~i =':: ,'" all =1 v'')! c:: 0:: :~i -0:: '"0:: ro =1 o c ::::: <<l 0:> r-i co: I: ..-i! ~i - -~.,.. C'-I -.0 r- ..,. r- ~ ~ -~ ~ er- V> en - s: ...~ t- S:l S:l .... C'-I ~ .... :::; - =~ ('_I --0 C'-, = r- -0 ..". ...., - u, 0' .S "g ~'" .C~ =' 0:> "'" >- c~ ro .5 ..::: "0 c..;:. c::: '" rt] Y.:: -' -'-' c: ro E .~ :::> e;- LLl - - I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 $ 966,816 $ 319,922 $1,286,738 -....-............ ..--...---..... ................... --......-...-- --......-...- ..------...-- -~-..._-"'.. -~...-.._--~- A summary of Proprietary Fund Type fixed assets at December 31, 1987 follows;, W~,t~Lf.~D.~.."..j~~~r....f~D.g....JJ.9~QLf~D.~....,.JQ.t~J Fixtures and Equipment $ 13,303 $ 19,434 $ 29,088 $ 61,825 Leasehold Improvements 3,955 3,955 Contributed Assets 931,810 353 ,540 1,285,350 --------- --------- ----...-,..-- Sub-Total Less: Accumu 1 a ted $ 945,113 $ 353,540 $ 33 , 043 $1,351,130 --.-----.-- --------- _.... _.- - ---- Depreciation $ 212,548 $ 118,944 $ 30,119 $ 361,611 --------- --------- --...--- _._- Ne t Asse ts $ 732,565 $ 254,030 $ 2,924 $ 989,519 -......... ........ .....---..--- .......---........ -.. --............ ---...--....... --..-............ ..------..... ---...--.....- p.~p.r.~9.,i,1ttjgD. 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 1987 for the Water Fund was $24,625, Sewer Fund, $10,781 and Liquor Fund $1,248. 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. No te 3 - !.QD9J~r.ffi..,P.~P.t. General Obligation Bonds - are recorded in the General Loog-Term Debt Group of Accounts and are backed by the full faith and credit of the City Water Revenue Bonds - are recorded as a liability in the Water Operating fund. The bonds are backed by the full faith and credit of the City. If water revenues are not sufficient to meet the debt service requirements an ad val oem tax is levied. The Long Term Debt may be summarized as follows: Balance 1~~V.~ l:l:~I A~qlt.iQD? P'~gM~t.i9.D.? If:~l:~I ""~--""""''''''''''''''-^ $ 25,000 130,000 90,000 5,000 70,000 "270;'000" . 1,250,000 $ 100,000 650,000 450,000 ~."f~Q~-", 340 000 ) ...J .".,.....".,..,. . o o 985,000 875,000 1,450,000 71 Sewer Improvements $ 125,000 72 Sewer Improvements 780,000 72 Sewer Improvements 540,000 73~:.~,~~J~PT.~v.~~~~~~",_.."_~5 ,000... <::]I~~wer 11N2r.QY~ID~Dl~.^,,,,_,jtQ~QQq 81 Sewer Improvements 270,000 84 Sewer Improvements 1,250,000 86 Sewer Improvements 985,000 87 Refund Issue 87 Shorewood Oaks $ 875,000 1,450,000 Total $4,385,000 $2,325,000 $1,840,000 $4,870,000 at.$> I cL/a;re. . '. 1:5 clC-t 15 . ~ () r;'t\~:r-- 1'fv<1,t." Ie' J .J 11./~ o ,;,,/ (t--A:! I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 -----...--... Other Long Term Debt Park Contract $ 2,800 $ $ 1,400 $ 1,400 Sewer Deferred Contract 11 ,936 5,799 6,137 Building Contract 98,160 98,160 0 Total $112,896 $ 0 $105,359 $ 7,537 Water Revenue Bonds $ 115,000 $ 0 $ 10,000 $105,000 The debt service requirement for the next 5 years is summarized below: General Obligation Revenue Bonds Other Debt Y..~~r p.r..t09.,i.p.lg IDt.~r.~?t. P.LiD9..!p.l~ lD.t.gm.t. P.r.i09.ip.lg lot.~r.~?t. 1988 $ 435,000 $ 274,516 $10,000 $ 8,700 $ 7,535 $ 100 1989 455,000 251,338 10,000 7,925 1990 1,905,000 226,978 10,000 7,125 1991 445,000 125,373 10,000 6,325 1992 425,000 100,078 10,000 5,500 Thereafter 1,205,000 406,607 55 , 000 12,325 ....--....----- Total $4,870,000 1,384,890 $110,000 $47,900 $ 7,535 $ 100 On April 29, 1987 the City issued general obligation refunding bonds in the amount of $875,000 to advance refund $1,250,000 outstanding 1984 general Obligation bonds. The proceeds of the refunding issue plus additional cash from the debt service has been placed in an irrevocable escrow account and have been invested in U.S. Government obligations, the maturities of these investments coincide with the principle and interest payment dates of the refunded bonds and have been certified to be sufficient to pay all principal and interest on the refunded bonds when due, as required by applicable laws. Accordingly, the original refunded bonds have been removed from and the ne~j advance refunding bonds added to the appropriate financial statements and schedules. The City remains contingently liable in the remote pOSSibility that the escrow account is insufficient to pay the refunded bonds. Note 4 - Special Assessments, Change in Accounting The Ci ty has implemented the provisions of Statement No.6 of the Governmental Accounting Standards Board, Accounting and Financial Reporting for special Assessments. In the past, special assessments projects and related debt were accounted for in special assessment funds in a separate fund type. Statement No.6 provides that such projects are to be accounted for in capital projects funds, and the general obligation debt account group and related debt service funds. The change in accounting for special assessments has been applied retroactively in the accompanying financial statements. The effect of the change was to eliminate the special assessment funds, increase the January 1, 1987 fund balance in the debt service fund type and capital projects fund type by $3,645,906 and $739,094, respectively, and transfer the I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 special assessment bonds outstanding of $4,385,000 at January 1, 1987, to the general long-term debt account group. Individual fund balances were restated as follows: As Previously Fund Reported As Res ta ted ---....------... Special Assessment Funds 71,72 Sewer Improvements ($ 11,339) $1,008) 467 73 Sewer Improvements ( 29,618) ( 4,618) 74 Sewer Improvements ( 436,534) ( 26,534) 80 Sewer Improvements 9,675 9,675 81 Sewer Improvements ( 431,024) 264,170 ) 84 Improvements ( 513,829) 661,868 South East Water ( 109,640) 187,963 Shorewood Oaks ( 22,606) 0 Capital Project Fund Park Improvements 55,571 55,571 84 Improvements 74,303 South East Water 687,397 Shorewood Oaks ( 22,606) Addi tional, as a result of this change, the excess of revenues and other sources over expenditures and other uses for the debt service fund type (increased/decreased) $670,000 in 1987, and for the capital project fund type $309,091 in 1987. Individual funds were affected as follows: Fund Special Assessment Funds 71,72 Sewer Improvements 73 Sewer Improvements 74 Sewer Improvements 80 Sewer Improvements 81 Sewer Improvements 84 Improvements Capital Project Fund 84 Improvements South East Water Shorewood Oaks NOTE 5 - $.~9m~D..t.JD.f.9.r.m~t..i.9.D. Increase $ 245,000 5,000 70,000 o 270,000 80,000 (74,303) 198,966 184,428 The City maintains three enterprise funds, the water and sewer utilities. Segment information for the year ended December 31,1987 was as follows: Li quor ...f~D.g Utili t'1 Funds W~t~r. $.~~~r Total Enter- pr..i.~!?...f.~D.g~ I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD NOTES TO FINANCIAL STATEMENTS December 31, 1987 Operating Revenues $ 216,460 $ 88,623 $ 321,245 Operating Expenses 186,169 106,267 316,562 Operating Income 30,291 (17 ,644) 4,683 Other Income 11,834 38 , 836 125,912 Other Expenses (19,279) (90,694) Transfers (18,800) Ne t I neome $ 23,325 $ 1,913 $ 39,901 Retained Earnings $ 182,852 $(278,631) $312,951 Property, Plant & Equipment, Net 2,924 732,565 254,030 Total Assets $ 238,165 $ 765,027 $ 680,461 Contributed Assets 0 931,810 353,540 Bonds Payable 0 105,000 0 NOTE 6 - f.MmjjglgD9.~.".Q~f..i.9.H? The follO\~in9 fund had a fund balance defiei ts at December 31, 1987. 73 Improvement Fund $ 6,829