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1993 - 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, MINNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1993 JAMES c. HURM, CITY ADMINISTRATOR i REPORT PREPARED BY: DEPARTMENT OF FINANC;E ALAN J. ROLEK, FINANCE DIRECTOR/TREASURER MEMBER OF GOVERNMENT FINANCE OFFICERS ASSOCIATION OF THE UNITED STATES AND CANADA I CITY OF SHOREWOOD, MINNESOTA TABLE OF CONTENTS DECEMBER 31, 1993 I I I. INTRODUCTORY SECTION Elected and Appointed Officials Organizational Chart Letter of Transmittal Certificate of Achievement for Excellence in Financial Reporting I II. FINANCIAL SECTION I Independent Auditor's Report I General Purpose Financial Statements I Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Revenue, Expenditures and Changes in Fund Balance - All Governmental Fund Types statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual - General Fund Combined Statement of Revenue, Expenses and Changes in Retained Earnings - All Proprietary Fund Types Combined Statement of Cash Flows - All Proprietary Fund Types Notes to Financial Statements I I I Combinina and Individual Fund and Account Group Financial Statements and Schedules I General Fund comparative Balance Sheet Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual I Debt Service Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and Changes in Fund Balance I Capital Projects Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and changes in Fund Balance I I Enterprise Funds Combining Balance Sheet Combining Statement of Revenue, Expenses and Changes in Retained Earnings Combining Statement of Cash Flows I Water Fund Comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings Comparative Statement of Cash Flows I I Sewer Fund Comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings Comparative Statement of Cash Flows I Exhibit Paae No. I - IX 1 2 - 3 2 4 - 5 3 6 4 7 5 8 9 - 25 A-1 26 A-2 27 - 30 B-1 31 - 32 B-2 33 - 34 C-1 35 - 37 C-2 38 - 40 D-1 41 - 42 D-2 43 - 44 D-3 45 - 46 D-4 47 D-5 48 D-6 49 D-7 50 D-8 51 D-9 52 CITY OF SHOREWOOD, MINNESOTA TABLE OF CONTENTS DECEMBER 31, 1993 Recycling Fund Comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings Comparative Statement of Cash Flows Liquor Fund Comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings comparative Statement of Cash Flows Stormwater Management utility Fund Balance Sheet Statement of Revenue, Expenses and Changes in Retained Earnings Statement of Cash Flows Agency Funds Statement of changes in Assets and Liabilities General Fixed Asset Account Group Comparative Schedule of General Fixed Assets - by source Schedule of General Fixed Assets - by function and activity Schedule of Changes in General Fixed Assets - by function General Long-term Debt Account Group Comparative Statement of General Long-term Debt Schedule of Bonds Payable Schedule of Debt Service Requirements III. STATISTICAL SECTION General Fund Expenditures and other Uses by Function General Fund Revenue and Other Sources by Source Property Tax Levies and Collections Assessed Valuation, Tax Levies and Mill Rates Property Tax Mill Rates/Tax Capacity Rates - Direct and Overlapping Governments Principal Taxpayers Special Assessment Levies and Collections Computation of Legal Debt Margin Ratio of Net Bonded Debt to Assessed Value and Net Bonded Debt per Capita Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Computation of Direct and Overlapping Debt Revenue Bond Coverage Property Value, Construction and Bank Deposits Miscellaneous Statistics I I Exhibit Paqe No. D-10 53 D-11 54 D-12 55 D-13 56 D-14 57 D-15 58 D-16 59 D-17 60 D-18 61 E-l 62 I I I I I I F-l 63 F-2 64 F-3 65 G-1 66 H-1 67 - 68 I-I 69 - 70 I I I I 1 2 3 4 71 72 73 74 - 75 I 5 6 7 8 76 - 77 78 79 80 I 9 81 I 10 11 12 13 14 82 83 84 85 - 86 87 I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHO~WOOD, MINNESOTA SECTION I \ INTRODUCTORY SECTION I I I I Elected Officials I Barbara Brancel Bruce Benson Kristi stover Robert Daugherty Daniel Lewis I I Appointed Officials I James C. Hurm Alan J. Rolek I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31, 1993 Term Expires Mayor Council Member Council Member Council Member Council Member 1994 1996 1996 1994 1994 City Administrator Finance Director/Treasurer ------------------- ORGANIZATIONAL CHART - CITY OF SHOREWOOD VOTERS I CITY ATTORNEY t--- CITY COUNCIL BOARDS & COMMISSIONS " , CITY ADMINISTRATOR - PLANNING COMMISSION - PARK COMMISSION - SENIOR HOUSING & SERVICE TASK FORCE LIQUOR ENGINEERING FINANCE ADMINISTRATION PLANNING PUBLIC PUBLIC SAFETY (CONTRACT) & ZONING WORKS (CONTRACT) -Off-Sale -Engineering Svc. -Personnel -General Government -Planning -Building & Grounds - Police - 4 City Retail -Project Mgmt. -Accounting -Licensing -Zoning -Recycling (Contract) Joint Services. -Payroll -Elections -Inspection -Tree Maintenance - Patrol -Investments -Records -Property -Park Maintenance - Disaster Preparedness -Billing -Legal Publications Records -Street Maintenance - Investigation -Assessments -Public Information -Equipment Maintenance - Public Service -Budgeting -Recreation Programs -Stormwater System - Fire - Excelsiorl -Computer System -Park Planning -Street Lighting Mound -Purchasing (Contract) -Sanitation/Weeds - Fire prevention/ -Assessor (Contract) -Janitor Services firefighting -Cable TV - (Contract) - Animal Control - Joint Powers. -Utility Maintenance Chanhassen (Contract) · Mayor is City's representative on joint governing board. April, 1992 I I I I I I I I I I I I I I I I I I I MAYOR Barb Brancel COUNCI L Kristi Stover Rob Daugherty Daniel Lewis Bruce Benson CITY OF SHOREWOOD 5755 COUNTF:lY CLUB ROAD · SHOREWOOD,MINNESOTA 55331-8927 · (612) 474-3236 April 25, 1994 Honorable Mayor and M~mbers of the City Council city of Sborewoo~, Minnesota councilm~mbers: TheCo~prehensi",eApnual FinanciCil Report pf tlle City of, Shore'tood, Minnesota for ;the :f}scal year ended, December3~, \1.993 ,i,s hereby submitted. Responsibility for /both the acellr~cy of the data, and the cPlJiPletEmess and fairness ,of the pre~e.t1tation, inqluding ,all disclo~ures, restswitti'i theCi ty . To) the best of our knowledge and' belief, ,th~ enclosed data is accurate, in all material respects and is/reported in a manner designated to present, fairly the finanqial position and resultS of operati9ns pf/the va;ious funds ,and account groups of the, city. All disclosures necessary to ~nable the reader to gain an understanding of theCi:ty's financial ~ctivities have :peen included. The Comprehensive Annual Financial~eport is presented in three sections: " Intro(iuctory, '" Financi:al ,and statistical. The Iptroductory section inpludesthis transmittal letter, "the City's' qrgani~ational chart and., a list of city Ofticial~. The Financial section,incluc:ies the general purpose finan91a1 statements and the combining and individ,ual fund, and aC(j:ount ,group financial/ statements an<i,/ schedule~, alongwitl1'the /~udi~br' s \reportbn ,the f~nancial statements. '. 'the statistical section incl\ldes ,selected financial anddemog,r~phic informat.ion, generally presented ana 'mult.i-yearbc;iSis.' " / .. ., T:heorganizatJon,form and contents, of this ;J:'eport were prepared in accordance ~ith .t~e, standards presqribedpy the c:;overnmental 'Accounting., standar<is Board,1::heGovernmentFinan<:e, Offic7rs Association of the united st~tes and Canada, the. American Institute of certified Public Accountants, and the Minnesota state Auditor's " . . . c. . ,__ . \, . Office . \' / A Residential Qo"!rnunity on Lake Minnetonka.'s SOU(h Shore 'rn~. f~nds incl~ded in our Comprehensive Annual Financial Reporta:t~ tl10se considep:~d to be within the financial reporting entity.(;)f.,the city of . Shorewood (the,primary' governm~nt)as defined by Goyernmel')tal 'Ac,countipg Standards. ,The city does not have any compcment units to) be, included with this :teport.. The criteria used in ,'determinim~ the ,.reporting el')tity is consisten~ with 'those established. bY'.the Gbve}Z'nmental Accounting Standards "Boapp. . "Base~, on the,se criteria" all,., funds,and I account ;groups of the city are included in this ;report. ' /' ,,'" ",', 'I The cityprovi~es its re$idents and businesses with a, full range of municipal services cons1stil')gof police, fire, public works, parks , ,and genera~ administrative services. . The City also operate~' five enterprise~:! a water utility, sewer utility, recycling utility, sto:pnwater management utility and an! off~saleliquo:tr operation, c<m$ist.ing of two store: sites. ' ECONOMIC CONDITION, AND OUTLOOK The City of shorewood is a suburb of the city of Minneapolis pnd is };ocated 25 miles southwest of the, central business district on the southern shore; of Lake Minnetonka. The ci ty is predomin~htly a residential community with limited commercial businesses and one ,commercial'ishopping mall. The City is ,6 square miles in area and has an estimated population ofi 6,322. While the City has experienced an accelerated rate of growth in residential development during the 1980' s; the growth 'rate has slowed in the 1990's. The City will cont-inue to experience growth' il') it's residential base in,the future, but, because, of the limited availability of large tracts of land, thi~will come at a reduced ,rate and likely will be smaller developments than in the past. MAJOR INITIATIVES FINANCIAL AND MANAGEMENT EMPHASIS \ EMPHASIS ON GOVERNANCE The City Council in its ~eadership role is effectively establishing a focus for city governme~t in Shorewood. The Council has adopted a strong set of values by which decisions are to be made. It has adopted a statement of purpose and established overall goals and expectations for the City.,' It has identified issues facing ,the City and prioritized them so that the staff can efficiently and ef~ectively allocate time and resources. EMPHASIS ON SYSTEM IMPROVEMENTS The city council has adopted an open government policy and is implementing it by televising City Council meetings, by improving quarterly citizen newsletters and, by di:t:'ecting city staff to improve communication to those residents affected by projects and ~pecialassessments. . A . new, more" effecti va schedule of communication9 to citizens is being implemented. II I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I The City Council recognizes that its work consists of more than responding to citizen requests and adopting an annual budget. The City Council's calendar consists of three phases. The first phase is Planning, which includes employee and systems evaluations, review of the previous years work plan, review of the ci ty' s Comprehensive Plan Executive Summary, review of the Statements of Purpose and Values, and identification and prioritization of issues for the next twelve and twenty-four months. The City Planning Commission has been reviewing and revising the Comprehensive Plan throughout 1993. The second phase is that of Programming. Each year the five-year Capital Improvement Program is reviewed and updated based upon priorities established in phase one. In addition, any changes to the Comprehensive Plan are made based upon the phase one decisions. The third phase is Budgeting. The operating budget is established based on decisions made in the first two phases. A revised budget format was utilized for the last several budget processes which provides information and analytical data to the city Council and other readers. It defines departmental missions and sets objectives for the budget year. In addition, it measures services provided and identifies the net affect each departmental budget has on property taxes. A survey is conducted each year to measure citizen satisfaction with city services. The Capital Improvement Budget is established as year one of the five-year Capital Improvement Program. The city's five-year capital Improvement Program is a very important financial planning document as it projects the City's capital improvement needs and identifies financial resources to meet those needs. It clearly identifies areas where policies are lacking and where problems may arise in the future. EMPHASIS ON PUBLIC IMPROVEMENTS During 1993 the City, began to address storm water management problems by establishing the Stormwater Management utility. This utility was established as a funding mechanism for small drainage improvement projects and toward the City's share of major drainage projects. The fund had retained earnings of $37,889 at the end of 1993. The City Council directed financial resources toward a trail fund for the first time in 1993. City crews constructed a trail along Vine Hill Road from the City's southerly border to Manchester Street. This project was petitioned by residents in the McKinley Court area who could not safely get from their homes to the amenities in the area because a trail access was not available. Following the defeat of the Park Improvement Referendum on March 9, 1993, the Park Commission redrafted the Park Capital Improvement Program. The program calls for fewer improvements completed over a longer period of time, financial participation by sports organizations, and establishment of an independent Shorewood Parks Foundation to involve civic groups, businesses, and others in improving Shorewood's parks. Priorities were established to III emphasize the upgrade of playground equipment within the City's parks, complete improvements to Silverwood Park, and to make any improvements relating to park safety. Projects completed in 1993 were a shelter/warming house building and playground equipment upgrade in Manor Park, completion of grading in Silverwood Park, a bridge and short trail for Badger Park, and playground equipment and a concession storage building, which was donated and constructed by the Little League, in Freeman Park. The City's commitment to identifying inflow and infiltration in the sanitary sewer system continues. A sump pump inspection program was initiated in 1993 to be completed in the spring of 1994. Each building unit in Shorewood is inspected under this program to ensure clear water is not directed into the sanitary sewer system. The City continues its street maintenance efforts. street overlay projects totaling $80,000 were completed in 1993. Our sealcoating project was bid jointly with the City of Tonka Bay for efficiencies and economies of scale. A project was undertaken in 1993 to provide utility and street improvements for the Seasons Senior Housing development. These improvements will be completed during the first half of 1994. EMPHASIS ON EFFICIENTLY, EFFECTIVELY MEETING SERVICE NEEDS As one of fourteen Lake Minnetonka Area municipalities, the City of Shorewood is involved in many contractual arrangements with other jurisdictions and private enterprises, to deliver municipal services to residents of the City. The City of Shorewood is committed to working cooperatively with area governmental jurisdictions to carefully consider optional methods to effectively deliver public services as efficiently as possible. The Shorewood City Administrator is presently serving as Chair of the steering Committee of the Lake Minnetonka Area Cooperative cities Group. FINANCIAL INFORMATION INTERNAL CONTROLS Management of the City is responsible for establishing and maintaining an internal control structure in the accounting system designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that fair, reliable and accurate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: 1) the cost of a control should not exceed the benefits; 2) the valuation of costs and benefits requires estimates and judgments by management. As part of the City's annual audit, the internal control system is evaluated to the extent necessary for audit purposes and changes are recommended when needed. IV I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I BUDGETING CONTROLS The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of the General Fund are included in the annual appropriated budget. The level of budgetary control is established at the acti vi ty level, but management control is exercised at the line item level. As demonstrated by the statements and schedules included in the financial section of this report, the City continues to meet its responsibility for sound financial management. GENERAL GOVERNMENT FUNCTIONS The following schedule presents a summary of General Fund and Debt Service Fund revenues for the fiscal year ended December 31, 1993 and the amount of increases or decreases in relation to the prior year's revenues. INCREASE REVENUES AND OTHER (DECREASE) FINANCING SOURCES AMOUNT % OF TOTAL FROM 1992 General Property Taxes $1,521,600 48.84% $ (62,637) Licenses and permits 247,557 7.94 72,434 Intergovernmental 428,414 13.75 144,725 Charges for Services 5,197 .17 (4,622) Fines and Forfeitures 70,135 2.25 (19,825) Special Assessments 512,408 16.45 129,526 Interest on Investments 165,758 5.32 1,794 Miscellaneous 38,647 1.24 (12,787) Proceeds of Bond Issue 85,948 2.76 85,948 Operating Transfers In 40.000 1.28 5.000 Total $3.115.664 100.00% $ 339.556 In 1993 as in 1992, intergovernmental revenue represented the single largest increase in revenue. The state legislature changed the classification rates used to determine taxable value of properties which significantly reduced the total tax base of the City. To offset this tax base reduction and the tax impact, the legislature increased the allocation of Homestead and Agriculture Aid Credit for 1993. This also resulted in the reduction in general property taxes for the year. Falling interest rates during the year caused an increase in housing starts, thereby increasing license and permit revenue. The drop in interest rates also triggered the refinancing of home mortgages. This increased the prepaYments of special assessments for the year. As mentioned above, general property taxes reported a decrease from 1992. Although the tax levy was increased for 1993, the increase was offset by the increase in Homestead and Agriculture Aid Credit for the year. This helped to stabilize the City'S tax rate in 1993. The City Council has continued its plan to accumulate resources for future capital equipment and improvement projects. These amounts were transferred to various capital projects funds and will be applied to future equipment acquisitions and capital improvements. v VI I I I I I I I I I I I I I I I I I I I Fines and forfeitures revenue declined from the previous year. A grant received by the police department which allowed for extra manpower expired in 1992. This loss of manpower resulted in fewer citations being issued and reduced fine revenue. The following table presents a summary of General Fund and Debt Service Fund expenditures for the fiscal year ended December 31, 1993 and the amount of increases or decreases in relation to the prior year's expenditures. INCREASE EXPENDITURES AND (DECREASE) OTHER USES AMOUNT % OF TOTAL FROK 1992 CURRENT: General Government $ 668,410 25.57% $ 14,325 Public Safety 580,153 22.20 9,076 Public Works 436,224 16.69 2,209 Parks and Recreation 119,473 4.57 3,300 Operating Transfers Out 402,910 15.42 (123,690) DEBT SERVICE: Principal 264,500 10.12 (640,500) Interest 141. 889 5.43 (25.274) TOTAL $2.613.559 100.00% $(760.554) General government expenditures increased in 1993 due mainly to legal and engineering fees. Public safety expenditures also increased due to growth, with Shorewood responsible for a larger portion of police and fire contracts. Other areas of the budget increased marginally from the previous year. Debt service paYments were sharply lower in 1993 from 1992 due to a major bond refunding in 1992. Bonds were issued in 1991 to refund the 1986 Improvement Bonds, which were called in February, 1992. Operating transfers out were also significantly lower than the previous year. Transfers made in 1992 included amounts from prior years, inflating the amount of transfers for the year. GENERAL FUND BALANCE The fund balance of the General Fund increased by $245,650 in 1993, a difference of 19.53%. The fund balance as of December 31, 1993 is $1,503,282. Economic conditions during the year caused larger than expected revenues and lower expenditures, which brought about a larger than anticipated operating surplus. A portion of the fund balance is designated for working capital requirements through the first six months of the year. It is important for the City to maintain an adequate fund balance as a reserve to meet expenditures in the General Fund until property tax proceeds are received in July. As the fund balance designated for working capital now stands at 58% of the current year budget, further increases in fund balance will not be necessary in the near future. I I I I I I I I I I I I I I I I I I I ENTERPRISE OPERATION The City's enterprise fund activities for 1993 are summarized as follows: OPERATING OPERATING OPERATING REVENUES EXPENSES INCOME (LOSS) Water $172,624 $213,994 $(41,370) Sewer 667,157 684,618 (17,461) Recycling 79,023 67,721 11,302 Liquor - Store I 583,125 559,214 23,911 Store II 753,648 745,968 7,680 Stormwater 41,217 3,906 37,311 Generally accepted accounting principles require the depreciation of contributed assets, which results in net losses in some cases. However, past and present city financial practice does not include the recovery of such depreciation in the setting of utility rates, which, in effect, would recover that cost a second time. The City's utility rate setting is done with reference to the working capital of the fund and assumes continued customer contributions through special assessments. DEBT ADMINISTRATION As of December 31, 1993, the City's total debt outstanding totaled $3,466,500. Of this total, $2,475,000 were general obligation special assessment bonds issued to finance the construction of sanitary sewer, street, water and storm sewer improvements. A new bond issue in 1993 of $325,000 which is intended for new improvements and to refund the 1987 bond issue is also included in this total. The repaYment of these bonds is provided through the proceeds of special assessments levied against benefitted properties. Also included are $45,000 in general obligation water revenue bonds issued for improvements to the City water system, which will be repaid from Water Fund revenues. A general obligation storm sewer improvement bond issued for storm sewer improvements within a special storm drainage district has $26,500 outstanding at year end. The repaYment of these bonds will be provided through an ad valorem tax levied against properties within the storm drainage district. Tax increment revenue bonds of $920,000 were issued for construction of public improvements in the Waterford III development which will be repaid from tax increments. Because these revenue bonds are not backed by the full faith and credit of the City, in the absence of tax increments from Tax Increment Financing District No.1, the city has no obligation to repay the bonds. As of the end of this year, no increments have been available to retire this debt. The City's bond rating was upgraded during the year by Moody's Investor Service from "A" to "A1" on general obligation bond issues. Reasons cited by Moody's for the upgrade include the development and implementation of a five-year capital improvement plan, low outstanding debt, sound financial management, and anticipated maintenance of low debt ratios by the City. VII VIII I I I I I I I I I I I I I I I I I I I CASH MANAGEMENT The city of Shorewood subscribes to the "pooled cash" concept of inve~ting which means that all funds with cash balances participate in an investment pool. This permits some funds to be overdrawn and other funds to show positive cash balances, with the city overall maintaining a positive cash balance. This pooled cash concept provides for investing of greater amounts of money at more favorable rates. Interest earnings are then allocated to the participating funds. During 1993, the City of Shorewood earned $258,936 in interest revenue. RISK MANAGEMENT The city of Shorewood's worker's compensation insurance and its general property and liability coverage are provided through the League of Minnesota cities Insurance Trust (LMCIT). The LMCIT worker's compensation program is a joint self-insurance plan designed to lower and stabilize cities worker's compensation costs and to assure that cities have a source of coverage available. Each participating city deposits with the LMCIT its worker's compensation deposit premium for the policy year. The deposit premium is calculated using standard manual rates with the applicable volume discounts and experience modification factor. From these deposits, LMCIT purchases reinsurance to protect the program from catastrophic and abnormal payment claims. The balance of the deposits and reserves are invested, with the earnings accruing to the benefit of all participants. LMCIT's reserves and rates are reviewed annually by an actuary to help assure that the program remains financially strong. OTHER INFORMATION INDEPENDENT AUDIT Minnesota state statutes require an annual audit of the City's accounts by the Minnesota state Auditor or by independent certified public accountants. The auditor's report on the general purpose financial statements and schedules is included in the financial section of this report. CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING The Government Finance Officers Association of the united states and Canada (GFOA) awarded a certificate of Achievement for Excellence in Financial Reporting to the City of Shorewood for its comprehensive annual financial report for the fiscal year ended December 31, 1992. In order to be awarded the certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. I I I I I I I I I I I I I I I I I I I A certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to the certificate of Achievement program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. ACKNOWLEDGMENTS We would like to acknowledge the efforts of the city staff, especially the Finance Department staff, and the City's independent auditor, without whose assistance and cooperation the timely preparation of the Comprehensive Annual Financial Report would not have been possible. Respectfully Submitted, James C. Hurm City Administrator Alan J. Rolek Finance Director/Treasurer IX I I I I I I I I I I I I I I I I I I I Certificate of Achievement for Excellence in Financial Reporting Presented to City of Shorewood, Minnesota For its Comprehensive Annual Rnancial Report for the Rscal Year Ended December 31, 1992 A Certificate of Achievement for Excellence in Rnancial Reporting is presented by the Government Rnance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. ~~ President !#7/~ Executive Director I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, l\flNNESOTA SECTION II FINANCIAL SECTION 'i\ I I AffX) I I CERTIFIED PUBLIC ACCOUNTANTS AND CoNSULTANTS I INDEPENDENT AUDITOR'S REPORT I Honorable Mayor and City Council City of Shorewood, Minnesota I We have audited the accompanying general purpose financial statements of the City of Shorewood, Minnesota, for the year ended December 31, 1993 as listed in the table of contents. These financial statements are the responsibility of the City of Shorewood, Minnesota's management. Our responsibility is to express an opinion on these financial statements based on our audit. I I We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. I I I In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Shorewood, Minnesota at December 31, 1993 and the results of its operations and the cash flows of its Proprietary Fund Types for the year then ended, in conformity with generally accepted accounting principles. I Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying combining and individual fund and account group financial statements and schedules listed in the foregoing table of contents, which are also the responsibility of the City's management, are presented for purposes of additional analysis and are not a required part of the financial statements of the City. Such financial statements and schedules have been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the general purpose financial statements taken as a whole. I I ~,~ ~U I March 10, 1994 Minneapolis, Minnesota ABDO, ABDO & EICK Certified Public Accountants I I Member of American Institute of Certified Public Accountants Private Companies Practice Section I 115 EAST HICKORY STREET, SUITE 302 P.O. BOX 3166 MANKA TO, MINNESOTA 56002.3166 (507) 625.2727 FAX (507) 388-9139 204 EAST PEARL STREET P.O. BOX 345 OWATONNA, MINNESOTA 55060.0345 (507) 451.9136 FAX (507) 451.0794 1060 NOIU'HLAND PLAZA 3800 WEST 80TH STREET MINNEAPOLIS, MINNESOTA 55431 (612) 835.9090 FAX (612) 896-3620 I I I I I I I I I I I I I I I I I I I I' CITY OF SHOREWOOD, MINNESOTA GENERAL PURPOSE FINANCIAL STATEMENTS The general purpose financial statements and notes to the final1cial statements are intended to provide an overview and broad perspective of the City's financial position and operations. These statements present a summary set of inforl1}ation needed to control and analyze current operations to determine compliance with legal and budgetary limitations and to assist in financial planning. The following general purpose financial statements are presented: Combined Balance Sheet - All Fund Types 'and Account Groups, Combined Statement of Revenue, Expenditures an~ Changes in Fund Balat;lce/- All Governmental Fund Types . Combined Statement of Revenue, Expenditures and Changes in Ftind Balance ~Budget and Actual - Genera;! Fund Combined Statement of Revenue, Expenses and Changes in Retained Earnings - All Proprietary Fund Types Combined Statement of Cash Flows -. All Proprietary ,Fund Types I I I I I I I I I I I I I I I I I I I THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY CITY OF SHOREWOOD, MINNESOTA I COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS I DECEMBER 31, 1993 Governmental Fund Tvpes I Debt Capital General Service proiects ASSETS AND OTHER DEBITS I Cash and investments $1 525 855 $1 963 835 $1 117 387 Cash held in escrow 34 185 Receivables Taxes 55 007 262 I Accounts 51 806 Accrued interest 35 698 33 268 12 277 Contract 87 642 Special assessments 1 655 824 453 8 852 I Due from other funds 59 Inventories, at cost Prepaid items Property and equipment, net I Bond discount, net Investments for deferred compensation plans, at market Other debits I Amounts available Amounts to be provided for general long-term debt TOTAL ASSETS AND OTHER DEBITS $1 791 848 $2 821 818 $1 138 575 I LIABILITIES, EQUITY AND OTHER CREDITS I LIABILITIES Accounts and contracts payable $ 59 128 $ 294 $ 274 976 Salaries and compensated absences payable 11 965 I Refundable deposits payable 84 191 Deferred revenue 133 282 822 327 8 583 Due to other funds 59 Bonds payable I Deferred compensation funds held for participants TOTAL LIABILITIES 288 566 822 621 283 618 I EQUITY AND OTHER CREDITS Investment in general fixed assets Contributed capital I Retained earnings - unreserved Fund balance Reserved 34 185 1 999 197 Unreserved I Designated 1 469 097 916 226 Undesignated (61 269) TOTAL EQUITY AND OTHER CREDITS 1 503 282 1 999 197 854 957 I TOTAL LIABILITIES, EQUITY AND OTHER CREDITS $1 791 848 $2 821 818 $1 138 575 I See Notes to Financial Statements. I -2- I CITY OF SHOREWOOD, MINNESOTA COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES YEAR ENDED DECEMBER 31, 1993 General REVENUE General property taxes Licenses and permits Intergovernmental Charges for services Fines and forfeitures Miscellaneous Special assessments Interest on investments Other $1 515 633 247 557 426 102 5 197 70 135 265 86 374 38 647 TOTAL REVENUE 2 389 910 EXPENDITURES Current General government Public safety Public works Parks and recreation Capital outlay Debt service Principal Interest and service charges 668 410 580 153 436 224 119 473 TOTAL EXPENDITURES 1 804 260 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfers in Operating transfers out 585 650 40 000 (380 000) TOTAL OTHER FINANCING SOURCES (USES) (340 000) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 245 650 FUND BALANCE, JANUARY 1 1 257 632 FUND EQUITY TRANSFER IN FUND EQUITY TRANSFER (OUT) Debt Capital Service Pro;ects $ 5 967 $ 2 312 46 858 512 143 9 711 79 384 29 170 75 907 599 806 161 646 595 101 264 500 141 889 406 389 595 101 193 417 (433 455) 85 948 236 750 468 119 (22 910) (75 209) 63 038 629 660 256 455 196 205 1 745 029 656 465 2 287 (2 287) $1 503 282 $1 999 197 $854 957 FUND BALANCE, DECEMBER 31 See Notes to Financial Statements. -4- I I I I I I I I I I I I I I I I I I I I I Exhibit 2 Total I (Memorandum Only) 1993 1992 $1 521 600 $1 584 237 I 247 557 175 123 475 272 839 659 5 197 9 819 70 135 89 960 I 522 119 491 308 194 928 226 460 114 554 83 231 I 3 151 362 3 499 797 I 668 410 654 085 580 153 571 077 436 224 434 015 I 119 473 116 173 595 101 1 746 617 264 500 905 000 I 141 889 167 163 2 805 750 4 594 130 I 345 612 Cl 094 333) 322 698 I 508 119 1 311 600 (478 119) Cl 286 600) I 352 698 25 000 698 310 (1 069 333) I 3 659 126 4 728 459 2 287 620 291 I (2 287) (620 291) S4 357 436 S3 659 126 I I I I I -5- CITY OF SHOREWOOD, MINNESOTA Exhibit 3 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND YEAR ENDED DECEMBER 31, 1993 Variance - Favorable Budaet Actual (Unfavorable) REVENUE General property taxes $1 496 901 $1 515 633 $ 18 732 Licenses and permits 107 300 247 557 140 257 Intergovernmental 426 102 426 102 Charges for services 8 200 5 197 (3 003) Fines and forfeitures 95 000 70 135 (24 865) Miscellaneous Special assessments 265 265 Interest on investments 50 000 86 374 36 374 Other 110 500 38 647 (71 853) TOTAL REVENUE 2 294 003 2 389 910 95 907 EXPENDITURES General government 712 545 668 410 44 135 Public safety 594 531 580 153 14 378 Public works 431 773 436 224 (4 451) Parks and recreation 146 054 119 473 26 581 TOTAL EXPENDITURES 1 884 903 1 804 260 80 643 EXCESS REVENUE (EXPENDITURES) 409 100 585 650 176 550 OTHER FINANCING SOURCES (USES) Operating transfers in 40 000 40 000 Operating transfers out (471 600) (380 000) 91 600 TOTAL OTHER FINANCING SOURCES (USES) (431 600) (340 000) 91 600 EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (22 500) 245 650 $ 268 150 FUND BALANCE, JANUARY 1 1 257 632 FUND BALANCE, DECEMBER 31 $1 503 282 See Notes to Financial Statements. -6- I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit 4 COMBINED STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1993 OPERATING REVENUE Sales Less cost of sales $1 336 773 1 071 829 264 944 852 399 107 622 1 224 965 168 035 12 759 22 494 255 742 33 640 154 133 1 267 19 791 10 807 54 070 376 959 49 436 4 233 40 226 1 203 592 21 373 11 745 3 172 64 008 5 606 (4 860) 79 671 101 044 (30 000) 71 044 798 650 S 869 694 GROSS PROFIT Charges for services Permits and connection fees GROSS PROFIT AND REVENUE OPERATING EXPENSES Personal services Supplies Repairs and maintenance Depreciation Professional services Contracted services Communication Insurance Water purchases Utilities Metropolitan Waste control Commission disposal charges Rent Advertising Other TOTAL OPERATING EXPENSES OPERATING INCOME OTHER REVENUE (EXPENSES) General property taxes Property tax credits Interest on investments Other income Interest expense TOTAL OTHER REVENUE (EXPENSES) INCOME BEFORE TRANSFERS OPERATING TRANSFERS TO OTHER FUNDS NET INCOME RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See Notes to Financial Statements. -7- CITY OF SHOREWOOD, MINNESOTA COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1993 Exhibit 5 CASH FLOWS FROM OPERATING ACTIVITIES Operating income Other income related to operations Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization (Increase) decrease in assets - Taxes Accounts Accrued interest Special assessments Inventory prepaid items Increase (decrease) in liabilities - Accounts payable Salaries and compensated absences payable $ 21 373 5 606 255 742 583 (39 638) (5 847) (3 283) 19 072 (394) 41 097 817 295 128 (40 000) 10 000 (30 000) (10 000) (4 860) (93 605) 14 917 (93 548) 64 008 235 588 1 163 962 $1 399 550 CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds Operating transfers from other funds CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Property taxes levied for debt service CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Property and equipment acquired from other funds $ 33 750 See Notes to Financial Statements. -8- I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES I The financial statements of the City of Shorewood, Minnesota have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. I A. Reportina Entitv I The City of Shorewood is a statutory city operating in accordance with the Plan A form of government. As required by generally accepted accounting principles, the financial statements of the reporting entity include those of the City of Shorewood (the primary government) and its component units. The City of Shorewood does not have any component units requiring either a blended or discrete presentation. I I B. Fund Accountina I Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. I The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenue, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purpose for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into five generic fund types and three broad fund categories. The broad fund categories are governmental, proprietary and fiduciary. Governmental funds account for all or nearly all of a government's general activities, proprietary funds account for enterprise activities, and fiduciary funds are used to account for assets held on behalf of others. The fund types accounted for within each broad fund category follow: I I I GOVERNMENTAL FUNDS: I General Fund - The General Fund is the general operating fund of the City and accounts for all revenues and expenditures not required to be accounted for in another fund. I Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the payment of general long-term debt principal, interest and related costs. I Capital Projects Funds Capital Projects Funds are used to account for all resources used for the acquisition or construction of major capital facilities. I I I I -9- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED PROPRIETARY FUNDS: I Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the revenue earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. I I FIDUCIARY FUNDS: I Agency Funds - Agency Funds are used to account for assets held by the City on behalf of others as their agent. The governmental fund types previously discussed are designed to account for the financial flow of a particular fund; therefore, they generally include only current assets and current liabilities on their balance sheets. Their reported fund balance is considered a measure of available spendable resources. The City also maintains two account groups for noncurrent assets and liabilities. These account groups are concerned only with the measurement of financial position. They are as follows: I I General Fixed Assets Account Group - This separate account group contains the fixed assets used in the governmental fund type operations. They are assets of the City as a whole and not of individual funds. Public domain general fixed assets consisting of certain improvements other than buildings, including roads, curbs and gutters, streets and sidewalks, drainage systems, are not capitalized along with other general fixed assets. The assets are valued at estimated historical cost or appraised value and no depreciation has been provided on them. I I I General Long-term Debt Account Group - This separate account group contains the long-term liabilities of the City expected to be financed from governmental funds. They are liabilities of the City as a whole and not of individual funds. The exception to this rule is for proprietary fund type long-term debt which is accounted for in that fund type. I All proprietary funds are accounted for on a cost of services or capital maintenance measurement focus. Therefore, all assets and liabilities, both current and noncurrent, are included on their balance sheets. All fixed assets are stated at historical or estimated historical cost. I I C. Basis of Accountinq The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenue and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets. I I I I -10- I I I Note 1: I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (e.g., revenue) and decreases (e.g., expenses) in net total assets. The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. The government considers property taxes as available if they are collected within 60 days after year end. Special assessments are recognized as revenue as the principal amount is collected. Substantially all other sources of revenue are accrued. Expenditures are generally recorded when the related fund liability is incurred except principal and interest on general long-term debt which are recorded as fund liabilities when due. Proprietary funds are accounted for using the accrual basis of accounting. Their revenue is recognized when it is earned, and their expenses are recognized when they are incurred. Fixed assets are recorded in the proprietary funds at historical cost. Depreciation is charged as an expense against operations and accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: Furniture and equipment Distribution and collection systems 5 - 10 years 40 years D. Budoets Budgets are adopted on a basis consistent with generally accepted accounting principles. An annual appropriated budget is adopted for the general fund. All annual appropriations lapse at fiscal year end. Project-length financial plans are adopted for all capital projects funds. The City follows these procedures in establishing the budgetary data reflected in the financial statements: 1. Prior to January I, the budget is adopted by the City Council. 2. Formal budgetary integration is employed as a management control device during the year for the General Fund. Budgetary control is exercised by the Council at the activity level but management control is exercised at the line item level. 3. Reported budget amounts are as originally adopted or as amended by Council approved supplemental appropriations and budget transfers. Supplemental budgetary appropriations were not material in 1993 in relation to the original appropriation. -11- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED E. Cash and Investments I Cash and investments include demand deposits and short-term investments. The City invests cash balances from all funds, to the extent available, in certificates of deposit and other authorized investments. Investments are I carried at cost or amortized cost, except for investments in the deferred compensation agency fund which are reported at market value. F. Cash and Cash EQUivalents I For purposes of the statement of cash flows, the Enterprise Funds consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. II G. Inventories Inventories are valued at cost, which approximates market, using the first-injfirst-out (FIFO~ method. H. Prepaid Items Payments made to vendors for service that will benefit periods beyond December 31, 1993 are recorded as prepaid items. I I General fixed assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds, and the related assets are reported in the general fixed assets account group. All purchased fixed assets are valued at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated fixed assets are valued at their estimated fair market value on the date received. I I. Fixed Assets I I Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are not capitalized, as these assets are immovable and of value only to the government. I Assets in the general fixed assets account group are not depreciated. Depreciation of buildings, equipment and vehicles in the proprietary fund types is computed using the straight-line method. I The costs of normal maintenance and repairs in the proprietary fund types that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related fixed assets. I J. Compensated Absences I Vested accumulated vacation or sick leave that is expected to be liquidated with expendable available financial resources is reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts of vested or accumulated vacation leave that are not expected to be liquidated with expendable available financial resources are reported in the general long-term debt account group. No expenditure is reported for these amounts. Vested or accumulated vacation leave of proprietary fund types is recorded as an expense and liability of those funds as the benefits accrue to employees. In accordance with the provisions of Statement of Financial Accounting Standards No. 43, Accounting for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay benefits. I I I -12- I I I Note 1: I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED K. Lona-term Obliaations Long-term debt is recognized as a liability of a governmental fund when due, or when resources have been accumulated in the debt service fund for payment early in the following year. For other long-term obligations, only that portion expected to be financed from expendable available financial resources is reported as a fund liability of a governmental fund. Long-term liabilities expected to be financed from proprietary fund operations are accounted for in those funds. All long-term bonded debt, except the Tax Increment Revenue Bonds, issued by the City is backed by the full faith and credit of the city. The general obligation bonds include special assessment and revenue bonds, which are intended to be repaid from revenue sources other than general property taxes. L. Fund Equitv Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, customers or other funds. Reserves represent those portions of fund equity not appropriable for expenditure or legally segregated for a specific future use. Designated fund balances represent tentative plans for future use of financial resources. M. Interfund Transactions Quasi-external transactions are accounted for as revenue, expenditures or expenses. Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly applicable to another fund are recorded as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the fund that is reimbursed. All other interfund transactions, except quasi-external transactions and reimbursements, are reported as transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers. N. Memorandum Only - Total Columns Total columns on the general purpose financial statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations or changes in cash flows in conformity with generally accepted accounting principles. Neither are such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. O. Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the government's financial position and operations. However, comparative data have not been presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. -13- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 2: LEGAL COMPLIANCE - BUDGETS On or before the last Friday in August of each year, all agencies of the government submit requests for appropriation to the City's administrator so that a budget may be prepared. The annual appropriated General Fund budget is prepared by function and activity, and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. I I The proposed budget is presented to the government's council for review. The government's council holds public hearings and may add to, subtract from or change appropriations. Any changes in the annual appropriated General Fund budget must be within the revenues and reserves estimated as available or the revenue estimates must be changed by an affirmative vote of a majority of the government's council. I Formal budgetary integration is employed as a management control device during the year. Budget revisions between functions or activities are authorized by the City Council in accordance with the City policy at the request of the City Administrator. The legal level of budgetary control is therefore at the activity level. During the year, supplementary appropriations were not material. I I The City Administrator is authorized to approve transfers of appropriations between individual expenditure accounts within a departments budget. However, interdepartmental or interfund transfers of appropriations or increases in appropriations are required to be authorized by the City Council. I Note 3: DEPOSITS AND INVESTMENTS I Cash surpluses are pooled and invested in certificates of deposit and short-term government securities. Investment earnings are allocated to funds on the basis of average cash balances. Investments are stated at cost, which approximates market value, and are not identified with specific funds. I In accordance with Minnesota Statutes, the City maintains deposits at those depository banks authorized by the City Council, all of which are members of the Federal Reserve System. I Deposits Minnesota 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 pledged). I I Authorized collateral includes the legal investments described below, as well as certain first mortgage notes, and certain other state or local government obligations. Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City treasurer or in a financial institution other than that furnishing the collateral. I Bank Balances Carrying Amount I Balances at December 31, 1993: Insured or collateralized by securities held by the City or its agent in the City's name $2 806 035 $2 667 362 I I I -14- I I I Note 3: I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 DEPOSITS AND INVESTMENTS - CONTINUED Investments The City also invests idle funds, as authorized by Minnesota Statutes, in the following: a. Direct obligations or obligations guaranteed by the United States or its agencies. b. Shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are in securities described in (a) above. c. Bankers acceptances of United States Banks eligible for purchase by the Federal Reserve System. d. Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest quality, and maturing in 270 days or less. e. Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in u.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. Balances at December 31, 1993: Securities Credit Risk Cateaorv Carrying Market Type 1 2 3 Amount Value u.S. Government $1 964 827 $ $ $1 964 827 $1 999 007 Commercial Paper 1 408 623 1 408 623 1 408 623 Total investments $3 373 450 $ $ 3 373 450 3 407 630 Investment Pools Deferred compensation investments 111 681 111 681 Total Investments $3 485 131 $3 519 311 The City's investments are categorized to give an indication of the level of risk assumed 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 name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent but not in the City's name. The following is a summary of the cash and temporary investments reported on the combined balance sheet as of December 31: Deposits Investments $2 667 362 3 485 131 Total $6 152 493 -15- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 3: DEPOSITS AND INVESTMENTS - CONTINUED Classified on the combined balance sheet as: I Cash and investments Cash held in escrow Investments for deferred compensation plans, at market $5 815 615 225 197 111 681 I Total $6 152 493 I Note 4: RECEIVABLES A. Propertv Taxes The City Council annually adopts a tax levy by December 28 and certifies it to the County for collection the following year. The county is responsible for collecting all property taxes for the City. These taxes attach an enforceable lien on January 1 on taxable property and is payable in May and October each year. The taxes are collected by the County Treasurer and tax settlements are made to the City three times each year. I I Taxes payable on homestead property, as defined by State Statutes, are partially reduced by a homestead and agricultural credit aid. These credits are paid to the City by the State of Minnesota in lieu of taxes levied against homestead property. The State remits this credit in two equal installments in July and December each year. I Allowances are provided for the full amount of delinquent taxes except those collected by the County in November and December and remitted to the City within sixty days after year end. The allowance is reported on the balance sheet as deferred revenue. I I B. Accounts Receivable Accounts receivable include amounts billed for services provided before I year end. The balance, together with 10% interest, is receivable in monthly installments of $833 through February 18, 1994, at which time the balance of $87,642 is due. The receivable is offset by deferred revenue and the payments are recognized as revenue when received. I C. Contract Receivable I D. Special Assessments Special assessments receivable include the following components: I o Delinquent - includes amounts billed to property owners but not paid. I o Deferred - includes assessment installments which will be billed to property owners in future years. Special assessments are recognized as a receivable and deferred revenue II when the assessments are certified to the County for collection. Special assessments are recognized as revenue when received in cash. I E. Interfund Receivables and Pavables A cash advance of $59 was made from the Capital Improvements Capital Projects Fund to Silverwood Park Grading Capital Projects Fund. I -16- I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 5: FIXED ASSETS I The following is a summary of changes in the general fixed assets account group during the year: A summary of proprietary fund property and equipment at December 31, 1993 follows: Public Utilities Liauor Funds Water Sewer Store I Store II Total Furniture and equipment $ 24 148 $ 36 661 $ 24 917 $ 9 161 $ 94 887 Collection and distribution systems 2 925 813 7 247 679 10 173 492 Total 2 949 961 7 284 340 24 917 9 161 10 268 379 Less accumulated depreciation (597 759) (3 564 695) (24 917) (8 913) (4 196 284) Net property, plant and equipment 52 352 202 53 719 645 5 5 248 5 6 072 095 Note 6: LONG-TERM OBLIGATIONS Long-term Obligations - Bonds I Balance January 1, 1993 Additions Land $ 449 326 $ 7 500 Buildings and structures 1 251 870 75 203 Improvements other than buildings 704 181 69 486 Furniture and equip- ment 858 894 68 881 Total general fixed assets 53 264 271 5221 070 I I I I I I I I I Balance December 31, Retirements 1993 $ $ 456 826 1 327 073 773 667 30 500 897 275 5 30 500 53 454 841 The following is a summary of changes in long-term bonded debt of the City for the year ended December 31, 1993: I General Long-term Debt Account Group Special Tax Increment Assessment Revenue Bond I $2 441 000 325 000 (264 500) 52 501 500 $920 000 Payable January 1, 1993 Debt issued Debt retired I 5920 000 Payable December 31, 1993 I I I -17- Proprietary Funds Revenue Total $ 55 000 $3 416 000 325 000 (10 000) (274 500) 5 45 000 53 466 500 CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I I Note 6: LONG-TERM OBLIGATIONS - CONTINUED The long-term bonded debt obligations outstanding at December 31, 1993 are I summarized as follows: Types of Bonds Maturities Rate General obligation special assessment bonds Tax increment revenue bonds General obligation water revenue bonds 1994 - 2004 1994 - 1997 2.90 - 8.00% 9.00 1994 - 1996 8.50 Total Balance December 31, 1993 $2 501 500 920 000 45 000 $3 466 500 The annual requirements to amortize all bonded debt outstanding at December 31, 1993, including interest payments totaling $859,269 are as follows: Year Ending December 31. General Long-term Debt Proprietary Account Group Funds Special Tax Increment Assessment Revenue Bond Revenue 1994 1995 1996 1997 1998 1999 - 2003 2004 $ 390 431 410 928 391 415 371 235 348 085 1 226 145 20 480 $3 158 719 $ 278 300 284 850 279 150 272 100 $ 18 825 17 550 16 275 Total $1 114 400 $ 52 650 Long-term Obligations - other Total $ 687 556 713 328 686 840 643 335 348 085 1 226 145 20 480 $4 325 769 I I I I I I I I changes in long-term obligations other than bonds are summarized as follows: I Payable, January 1 Net change in compensated absences Payable, December 31 Note 7: OPERATING LEASES Compensated Absences Payable $ 19 454 2 550 $ 22 004 I I The City leases space for both liquor store operations. These leases are I considered, for accounting purposes, to be operating leases. The lease for liquor store #1 was terminated in January, 1994 as the operation will be moved to a new location. Lease expense for the year ended December 31, 1993 amounted to $49,436. Future minimum lease payments for the liquor store #2 I lease is as follows: Years Ending December 31. 1994 1995 1996 $ 29 177 30 174 23 192 Total $ 82 543 -18- I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 8: FUND EQUITY I The various components of fund equity are contributed capital, retained earnings, and fund balance. I Contributed Capital - The amount represents the value of assets contributed to the enterprise funds by other City funds. Additions during the year totalled $33,750. I Reserved Fund Balance - This represents the portion of fund balance which cannot be appropriated for future expenditures. The following reservations of fund equity have been made as of December 31, 1993: I General Fund $ 34 185 Debt Service Funds 1984 Improvement (1987 Refunding) 426 732 Shorewood Oaks 1 024 480 1974 Sewer Improvement 24 105 1991 Improvement and Refunding 433 987 Shady Hills Storm Sewer Improvement 3 945 1993 Improvement 85 948 Total Reserved Fund Balance $2 033 382 I I Designated Fund Balance - Designated amounts indicate tentative plans for future uses of financial resources. The following unreserved fund balances have been designated: I I General Fund Designated for projects Designated for working capital Capital Projects Funds Designated for capital projects Street reconstruction Capital Improvements Park Capital Improvement Waterford III Tax Increment Improvement Equipment Replacement MSA Construction City Hall Parking Lot Manor Park Warming House $ 75 000 1 394 097 I I 495 148 113 641 44 109 81 010 129 579 46 858 4 420 1 461 I Total Designated Fund Balance $2 385 323 I Unreserved and undesignated amounts are available to finance current and future years' expenditures. Note 9: LEGAL COMPLIANCE I Fund Deficits The following funds have a deficit fund balance or retained earnings as of December 31, 1993: I capital Projects Funds Silverwood Park Grading Seasons Improvements Enterprise Fund Water Fund $ 1 769 59 500 I 185 946 I The deficits in the Silverwood Park Grading, Seasons Improvements and Water Fund will be eliminated by future revenues. I -19- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 10: SEGMENT INFORMATION - PROPRIETARY FUNDS Water Sales less cost of sales of $460,246 and $611,583, respectively $ Charges for services 154 262 Permits and connection fees 18 362 Gross profit and revenue Expenses excluding depreciation Income before depreciation Depreciation Operating income (loss) Other revenue (expenses) General property taxes Property tax credits Interest on investments Other income (expense) Interest expense Total other revenue (expenses) Income (loss) before transfers Operating transfers to other funds, net Net income Net working capital Additions to property and equipment Bonds payable from operating revenues Total assets Total equity Sewer Liquor Store I and Recvclina Store II $ $ 577 897 79 023 172 624 139 490 33 134 74 504 (41 370) 11 745 3 172 10 645 7 200 (4 860) 27 902 (13 468) $ $ (13 468) $ 247 913 $ 10 470 45 000 2 622 572 2 570 664 Note 11: DEFERRED COMPENSATION PLAN 89 260 667 157 504 026 163 131 180 592 (17 461) 36 223 288 36 511 19 050 19 050 961 207 83 135 4 715 471 4 680 852 79 023 67 721 11 302 11 302 1 163 1 163 12 465 10 000 $ 22 465 $ 45 277 49 245 45 277 Storm Water Mgmt . utility I I Total I 41 217 3 906 37 311 37 311 37 889 $ 37 889 $ 37 889 37 952 37 889 I $264 944 $ $ 264 944 41 217 852 399 I 107 622 1 224 965 I 264 944 232 707 32 237 646 31 591 15 399 (1 882) 13 517 45 108 (40 000) $ 5 108 $428 909 509 208 429 157 947 850 277 115 255 742 I 21 373 I 578 11 745 I 3 172 64 008 I 5 606 (4 860) 578 79 671 I 101 044 ( 30 000) I $ 71 044 $1 721 195 I 93 605 I 45 000 7 934 448 I 7 763 839 I I The government offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, permits them to defer a portion of their salary until future years. Participation in the plan is optional. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. -20- I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 11: DEFERRED COMPENSATION PLAN - CONTINUED I All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the government in an amount equal to the fair market value of the deferred account for each participant. I I The City has no liability for losses under the plan but does have the duty of due care that would be required of an ordinary prudent investor. The City believes it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. I The plan assets are on deposit with and managed by trustees other than the City. Each employee has a choice of investment options within the plan. I Note 12: DEFINED BENEFIT PENSION PLANS - STATEWIDE A. Plan Description I All full-time and certain part-time employees of the City of Shorewood are covered by a defined benefit pension plan administered by the Public Employee Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) which is a cost-sharing multiple- employer retirement plans. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social Security and Basic members are not. All new members must participate in the Coordinated Plan. The payroll for employees covered by PERF for the year ended December 31, 1993, was $615,543; the City's total payroll was $729,249. I I I PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after three years of credited service. The defined retirement benefits are based on a member's average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for Coordinated and Basic members. The retiring member receives the higher of a step-rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members. For PEPFF members, the annuity accrual rate is 2.5 percent for each year of service. For PERF members whose annuity is calculated using Method 1, and for all PEPFF members, a full annuity is available when age plus years of service equal 90. I I I I I There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly normal annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, but before retirement benefits begin. I I I -21- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 12: DEFINED BENEFIT PENSION PLANS - STATEWIDE - CONTINUED B. contributions Reauired and contributions Made Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes annual contributions to the pension plans equal to the amount required by State Statutes. According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the PERF is the year 2020. As part of the annual actuarial valuation, PERA's actuary determines the sufficiency of the statutory contribution rates towards meeting the required full funding deadline. The actuary compares the actual contribution rate to a "required" contribution rate. Current combined statutory contribution rates and actuarially required contribution rates for the plans are as follows: Statutory Rates Employees Employer Required Rates PERF (Basic and Coordinated Plans) 4.39% 4.67% 9.95% Total contributions made by the City during fiscal year 1993 were: Amounts Employees Employer Percentage of Covered Payroll Employees Employer PERF $ 26 037 $ 27 576 4.48% 4.23% The City's contribution for the year ended June 30, 1993 to the PERF represented .02 percent of total contributions required of all participating entities. C. Fundinq Status and Proqress 1. Pension Benefit Obligations The "pension benefit 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 PERA's funding status on a going-concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among Public Employees Retirement Systems and among employers. PERA does not make separate measurements of assets and pension benefit obligations for individual employers. The pension benefit obligations as of June 30, 1993, are shown below: (In thousands) PERF $5 163 766 4 304 163 $ 859 603 based on an available to pay Total pension benefit obligations Net assets available for benefits, at cost (Market Values for PERF = $4,515,052;) Unfunded (assets in excess of) pension benefit obligation The measurement of the pension benefit obligation is actuarial valuation as of June 30, 1993. Net assets pension benefits were valued as of June 30, 1993. -22- I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 12: DEFINED BENEFIT PENSION PLAN - STATEWIDE - CONTINUED I 2. Changes in Benefit Provisions I Bills enacted during the 1993 legislative session improved benefits for many members without a material effect on the pension benefit obligation in the PERF or the PEPFF. The early retirement incentive bill permitted a public employer to offer PERA's Basic and Coordinated members an increase of one-fourth percent (.25%) in the formula multiplier for each year of service, up to the first 30 years, or health insurance coverage to age 65. AlSO, the survivor protection bill provided benefits to either a surviving spouse or children of PERF Coordinated Plan members who die before age 50. I I D. Ten-Year Historical Trend Information I Ten-year historical trend information is presented in PERA's Comprehensive Annual Financial Report for the year ended June 30, 1993. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. E. Related Partv Investments As of June 30, 1993, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. I I Note 13: ADVANCE REFUNDING AND DEFEASANCE OF DEBT Advance Refundina Issues - Prior Years I 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 have been placed in an irrevocable escrow account and have been invested in U.S. Government obligations. The maturities of these investments coincide with the principal 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 and the new advance refunding bonds are reported on the financial statements. The balance of the refunded bondS outstanding at December 31, 1993 to be paid from the escrow is $670,000. They were redeemed on February 1, 1994. I I I Advance Refundina Issue - Current Year I On October 11, 1993, the City issued general obligation improvement bonds in the amount of $325,000. A portion of the bond proceeds, along with funds available in the 1984 Improvement (1987 Refunding) Debt Service Fund, were used to call, on February 1, 1994, the remaining G.O. Improvement Bonds, Series 1987A. The net interest rate on the callable maturities of the 1987A Bonds is 6.36% while the net interest rate of the 1993 bond issue is 3.89%. The resulting savings to the City, net of all costs of issuance, discount and cash contributions, is approximately $85,000 and has a present value savings of approximately $31,000. I I I I I -23- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 I Note 14: TAX INCREMENT REVENUE BONDS During 1991, the City issued $920,000 Tax Increment Revenue Bonds. The proceeds of the issue will be used to pay for public improvements stipulated in the development agreements. The bond proceeds and related improvement costs are reported in the Water ford III Tax Increment Improvement Capital Projects Fund. The bonds were issued at par value not to exceed $920,000. The bonds are not a general obligation of the City and are not backed by the full faith and credit or taxing powers of the City. The bonds are payable solely from the tax increments from the City's Tax Increment Financing District No.1. In addition, upon completion of the project, all excess bond proceeds will be repaid to the holder of the bonds as principal reduction. Interest at a rate of nine percent will accrue from the date of issuance of the bonds but will not be payable until tax increment is available at which time the increment will first be applied to the accrued interest. I I I The bonds payable are reported as a liability in the General Long-term Debt Account Group in the financial statements even though: I . The bonds issued are tax increment revenue bonds. I . The bonds are not backed by the full faith and credit of the city. . The bonds will be repaid only to the extent that tax increments are generated from the Tax Increment Financing District. I The City of Shorewood participates in a joint powers agreement with the cities of Excelsior, Greenwood, and Tonka Bay which establishes the South Lake Minnetonka Public Safety Department for the purpose of providing police protection within the four communities. The agreement creates a coordinating committee, comprised of the mayors of each participating community, as the governing body, which meets quarterly. Each year the Coordinating committee adopts an operating budget, which is approved by all participating cities. The cost of the budget is divided between the participating cities based upon a five-year average demand for service in each city. The percentage contributed in 1993 by the City of Shorewood is 42.1%. Any budget shortfall is made up first from department reserves, with any excess shortfall assessed to each participating community according to the formula. The current agreement continues through December 31, 1997. I Note 15: JOINT POWERS AGREEMENT I I I The Department has accounts payable, and accrued payroll and compensated absences in the General Fund of $133,594, and deferred compensation benefits payable in the Agency Fund of $110,695 at year end. There is no other current or long-term debt outstanding as of December 31, 1993. The following is a summary of the Department's balance sheet as of December 31, 1993 and the statement of revenue, expenditures and changes in fund balance for the General Fund for the year ended December 31, 1993. This information is taken from the financial statements of the Department which may be obtained directly from them. I I I I I I -24- I I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1993 Note 15: JOINT POWERS AGREEMENTS - CONTINUED I SOUTH LAKE MINNETONKA PUBLIC SAFETY DEPARTMENT BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1993 General Totals General Agency Fixed (Memorandum Onlv) Fund Fund Assets 1993 1992 Total assets $227 706 $110 695 $292 224 $630 625 $597 984 Liabilities $133 594 $110 695 $ $244 289 $218 565 Fund equity 94 112 292 224 386 336 379 419 Total liabilities and fund equity $227 706 $110 695 $292 224 $630 625 $597 984 I I I I SOUTH LAKE MINNETONKA PUBLIC SAFETY DEPARTMENT SUMMARY STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - GENERAL FUND - BUDGET AND ACTUAL FOR THE YEAR ENDED DECEMBER 31, 1993 I I 1993 1992 Variance - Favorable Budaet Actual (Unfavorable) Actual Total revenue $1 030 672 $1 058 711 $ 28 039 $1 034 892 Total expenditures 1 050 672 1 061 502 no 830) 999 055 Excess of revenue over (under) expenditures $ (20 000) (2 791) $ 17 209 35 837 Fund balance, January 1 96 903 61 066 Fund balance, December 31 $ 94 112 S 96 903 Note 16: CASH HELD IN ESCROW I I I I The City is involved in the litigation of two issues and has set aside the cash in escrow accounts until such time as the issues are resolved. The General Fund escrow of $34,185 is held until the court rules on a condemnation proceeding. The second escrow of $191,012 is reported in the Sewer Enterprise Fund, and will be held until the court rules on the City's appeal of rate increases by the Metropolitan Waste Control Commission. The outcome of either of these cases cannot be determined at this time. I I Note 17: RELOCATION OF MUNICIPAL LIQUOR STORE #1 I In January, 1994, the City's liquor store #1 was closed because of reconstruction of the business intersection where it was located. The City is in the process of relocating this business. I I I -25- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA THE GENERAL FUND The General Fund is used.. to account for resources traditionally associated with government which are not required legally or by sound financial management to be accounted for in other funds. It normally receives a greater variety and number of taxes and other general revenues than any other fund. The majority of the current day-to-day operations will be financed from this fund. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit A-1 GENERAL FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1993 AND 1992 1993 1992 ASSETS Cash and investments $1 525 855 $1 256 778 Cash held in escrow 34 185 Receivables Taxes 55 007 107 095 Accounts 51 806 30 592 Accrued interest 35 698 29 695 Contract 87 642 92 229 Special assessments Delinquent 794 Deferred 861 957 TOTAL ASSETS 51 791 848 51 517 346 LIABILITIES AND FUND BALANCE LIABILITIES Accounts and contracts payable $ 59 128 $ 48 857 Salaries payable 11 965 10 102 Refundable deposits payable 84 191 25 825 Deferred revenue 133 282 174 930 TOTAL LIABILITIES 288 566 259 714 FUND BALANCE Reserved for cash held in escrow 34 185 Unreserved Designated for projects 75 000 Designated for working capital 1 394 097 1 257 632 TOTAL FUND BALANCE 1 503 282 1 257 632 TOTAL LIABILITIES AND FUND BALANCE 51 791 848 51 517 346 -26- CITY OF SHOREWOOD, MINNESOTA Exhibit A-2 I GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE I BUDGET AND ACTUAL YEAR ENDED DECEMBER 31, 1993 (With comparative amounts for the year ended December 31, 1992) 1993 1992 I Variance - Favorable I Budaet Actual (Unfavorable) Actual REVENUE General property taxes General property taxes $1 419 943 $1 437 163 $ 17 220 $1 493 111 I Fiscal disparities 76 958 76 958 82 085 Forfeit tax sales 1 512 1 512 929 Penalties and interest 33 Total 1 496 901 1 515 633 18 732 1 576 158 I Licenses and permits Business 9 700 10 150 450 11 100 I Nonbusiness 97 600 237 407 139 807 164 023 Total 107 300 247 557 140 257 175 123 Intergovernmental I State Property tax credits 412 352 412 352 264 934 Other 13 750 13 750 18 755 I Total 426 102 426 102 283 689 Charges for services I General government 7 500 4 868 (2 632) 9 311 Parks and recreation 700 329 (371) 508 Total 8 200 5 197 (3 003) 9 819 I Fines and forfeitures 95 000 70 135 (24 865) 89 960 Miscellaneous revenue I Special assessments 265 265 Interest on investments 50 000 86 374 36 374 86 206 Other 110 500 38 647 (71 853) 51 434 Total 160 500 125 286 (35 214) 137 640 I TOTAL REVENUE 2 294 003 2 389 910 95 907 2 272 389 I I I I I -27- Continued I I CITY OF SHOREWOOD, MINNESOTA Exhibit A-2 GENERAL FUND Continued I STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - CONTINUED YEAR ENDED DECEMBER 31, 1993 (With comparative amounts for the year ended December 31, 1992) I 1993 1992 Variance - I Favorable Budaet Actual (Unfavorable \ Actual EXPENDITURES General government I Mayor and Council Personal services $ 13 714 $ 13 621 $ 93 $ 10 628 Supplies 500 841 (341) 422 Other services and charges 37 289 32 302 4 987 37 036 I Contingency 57 074 57 074 Capital outlay 600 600 600 Total 109 177 46 764 62 413 48 686 I Administrative Personal services 85 004 83 789 1 215 81 724 Supplies 785 960 (175) 762 I Other services and charges 6 355 8 732 (2 377) 5 746 Capital outlay 1 496 Total 92 144 93 481 11 337) 89 728 I Finance Personal services 79 722 74 109 5 613 72 320 Supplies 3 360 2 794 566 3 864 Other services and charges 6 700 6 059 641 4 851 I Total 89 782 82 962 6 820 81 035 Professional services I Supplies 500 836 (336) 589 Other services and charges 143 076 181 940 (38 864) 167 823 Total 143 576 182 776 (39 200) 168 412 I Planning and zoning Personal services 80 433 86 769 (6 336) 79 828 Supplies 1 880 2 124 (244) 1 685 I Other services and charges 6 730 4 584 2 146 5 401 Capital outlay 7 518 Total 89 043 93 477 (4 434) 94 432 I Municipal building Supplies 8 420 7 316 1 104 6 581 Other services and charges 88 300 77 075 11 225 74 968 I Capital outlay 6 693 Total 96 720 84 391 12 329 88 242 I I I -28- Continued I CITY OF SHOREWOOD, MINNESOTA Exhibit A-2 I GENERAL FUND Continued STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE I BUDGET AND ACTUAL - CONTINUED YEAR ENDED DECEMBER 31, 1993 (With comparative amounts for the year ended December 31, 1992) 1993 1992 I Variance - Favorable I Budaet Actual (Unfavorable) Actual EXPENDITURES - CONTINUED General government other general government I services Personal services $ 64 093 $ 62 416 $ 1 677 $ 63 949 Supplies 13 880 11 610 2 270 12 020 Other services and charges 14 130 10 533 3 597 7 581 I Total 92 103 84 559 7 544 83 550 Total general government 712 545 668 410 44 135 654 085 I Public safety Police protection Supplies 500 500 430 I other services and charges 404 674 400 703 3 971 389 181 Total 405 174 400 703 4 471 389 611 Fire protection I Other services and charges 102 668 101 542 1 126 95 398 Protective inspection I Personal services 61 739 56 231 5 508 56 604 Supplies 1 775 1 775 1 884 Other services and charges 23 175 27 677 (4 502) 21 580 Capital outlay (6 000) 6 000 6 000 I Total 86 689 77 908 8 781 86 068 Total public safety 594 531 580 153 14 378 571 077 I Public works General maintenance Personal services 118 615 145 720 (27 105) 141 608 I Supplies 36 300 29 252 7 048 29 124 Other services and charges 15 500 17 220 (1 720) 13 476 Capital outlay 9 638 (9 638) 9 092 Total 170 415 201 830 (31 415) 193 300 I Streets and roadways Personal services 88 639 86 080 2 559 76 708 I Supplies 30 000 30 822 (822) 60 198 Other services and charges 37 100 33 953 3 147 2 248 Capital outlay 24 005 Total 155 739 150 855 4 884 163 159 I Snow and ice removal Personal services 23 723 16 213 7 510 12 971 I Supplies 14 000 11 366 2 634 12 882 Total 37 723 27 579 10 144 25 853 I -29- Continued I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit A-2 GENERAL FUND Continued STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL - CONTINUED YEAR ENDED DECEMBER 31, 1993 (With comparative amounts for the year ended December 31, 1992) 1993 Budaet Actual EXPENDITURES - CONTINUED Public works Traffic control Supplies Other services and charges $ 4 500 $ 3 055 28 000 28 911 Total 32 500 Sanitation and waste removal Personal services Other services and charges 611 5 500 Total 6111 Tree maintenance Personal services Supplies other services and charges 14 085 100 15 100 29 285 Total Total public works 431 773 Parks and recreation Personal services Supplies Other services and charges Capital outlay 88 404 22 650 28 450 6 550 Total parks and recreation 146 054 TOTAL EXPENDITURES 1 884 903 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out 409 100 40 000 (471 600) TOTAL OTHER FINANCING SOURCES (USES) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (431 600) $ (22 500) FUND BALANCE, JANUARY 1 FUND BALANCE, DECEMBER 31 -30- 31 966 484 2 507 2 991 5 524 15 479 21 003 436 224 75 092 17 029 24 099 3 253 119 473 1 804 260 585 650 40 000 (380 000) (340 000) 245 650 1 257 632 $1 503 282 1992 Variance - Favorable (Unfavorablel Actual $ 1 445 (911) 534 $ 3 505 23 916 27 421 127 2 993 2 886 3 174 3 120 6 060 8 561 100 (379) 8 282 (4 451) 6 315 11 907 18 222 434 015 13 312 5 621 4 351 3 297 64 610 20 120 25 344 6 099 26 581 116 173 80 643 1 775 350 176 550 497 039 91 600 35 000 (526 600) 91 600 (491 600) $ 268 150 5 439 1 252 193 $1 257 632 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA DEBT SERVICE FUNDS Debt service funds are used to account for the payment of interest and principal on long- term general obligation debt other than debt issued for and serviced primarily by ; enterprise funds. . 1984 Improvement (1987 Refundine) Fund -This fund was ~stablished to account for. the accumulation of resources for the payment of interest and principal on bonds issued for 1984 str.eet and utility improvements. Shorewood Oaks Fund - This. fund was establisl1ed to account for the accumulation of (resources for the payment of interest and principal on bonds issued for street and utility improveJTlents in the Shorewood Oaks development. 1971 and 1972 $ewer Improvement Fund - This fund was established to account for the accumulation of resources for the payment of interest and principal on bonds issued for 19?1 and 1972 sanitary sewer improvements. 1974 Sewer .lmprovement Fund - This fund was established. to account for the accumulation of resources for the payment of interest and principal on bonds issued for 1974 sanitary sewer improvements. 1991 Improvement and Refundine Fund - This fund was established to account for the accumulation of resources for the payment of interest and principal bn bonds issued for the SE water tr~tment plant, Pine Bend improvements, Church Road improvements, arid to refund the 1986 improvement bonds on the call date. Shady Hills Storm Sewer Improvement Fund - Thisfund was. established to account for the accumulatiQn of resources for payment of interest and principal on bonds issued for the Sh~dy Hills Storm Sewer Improvements. 1993 Improvement an~ RefundineFUlld - This fund was established to account for the accumulation of resources. for payment of interest and principal on bonds issu~ for ~he Season's development improvements1 and to refund the 1987 refunding bonds on the\call date. . \. . . \' I CITY OF SHOREWOOD, MINNESOTA DEBT SERVICE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 (With comparative totals as of December 31, 1992) I TOTAL ASSETS 1984 1971 and Improvement 1972 (1987 Sewer Refundina\ Shorewood Oaks Improvement $418 428 $1 005 541 $ 8 304 17 561 1 378 61 687 24 307 $488 419 $1 048 787 $ I ASSETS Cash and investments Receivables Taxes Accrued interest Special assessments Delinquent Deferred I I I LIABILITIES AND FUND BALANCE LIABILITIES Accounts payable Deferred revenue I $ $ $ I 61 687 24 307 TOTAL LIABILITIES 61 687 24 307 FUND BALANCE Reserved for debt service Unreserved - designated for fiscal fees 426 732 1 024 480 I TOTAL FUND BALANCE 426 732 1 024 480 I TOTAL LIABILITIES AND FUND BALANCE $488 419 $1 048 787 $ I I I I I I I I -31- I I I Exhibit B-1 I 1991 1974 Improvement Shady Hills Sewer and Storm Sewer 1993 Total I Improvement Refundina Improvement Improvement 1993 1992 $ 23 065 $427 020 $ 3 833 $ 85 948 $1 963 835 $1 705 382 I 262 262 95 859 6 544 33 268 29 436 587 3 450 5 415 44 606 I 12 938 495 106 225 000 819 038 1 008 087 S 37 449 S932 120 S 4 095 S310 948 S2 821 818 S2 787 606 I $ $ 294 $ $ $ 294 $ I 13 344 497 839 150 225 000 822 327 1 042 577 13 344 498 133 150 225 000 822 621 1 042 577 I 24 105 433 987 3 945 85 948 1 999 197 1 742 742 2 287 I 24 105 433 987 3 945 85 948 1 999 197 1 745 029 I S 37 449 S932 120 S 4 095 S310 948 S2 821 818 S2 787 606 I I I I I I I I -32- I CITY OF SHOREWOOD, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1993 (With comparative totals for the year ended December 31, 1992) I 1984 Improvement (1987 Refundinq) 1971 and 1972 Sewer Shorewood Oaks Improvement I REVENUE General property taxes Intergovernmental Property tax credits Miscellaneous Special assessments Interest on investments $ $ $ I 16 762 19 326 252 979 42 780 I TOTAL EXPENDITURES 97 784 85 000 54 671 139 671 I I TOTAL REVENUE 36 088 295 759 EXPENDITURES Debt Service Principal Interest and service charges 65 000 32 784 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfers out (61 696) 156 088 I I TOTAL OTHER FINANCING SOURCES (USES) I EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCE, JANUARY 1 (61 696) 488 428 156 088 I 868 392 2 287 FUND EQUITY TRANSFER (2 287) I FUND BALANCE, DECEMBER 31 $426 732 $1 024 480 $ I I I I I I -33- I I I Exhibit B-2 I 1991 1974 Improvement Shady Hills Sewer and Storm Sewer 1993 Total I Improvement Refundina Improvement Improvement 1993 1992 $ $ $ 5 967 $ $ 5 967 $ 8 079 I 2 312 .2 312 16 825 225 577 512 143 382 882 1 798 15 480 79 384 77 758 I 18 623 241 057 8 279 599 806 468 719 I 30 000 80 000 4 500 264 500 905 000 2 189 49 864 2 381 141 889 167 163 I 32 189 129 864 6 881 406 389 1 072 163 (13 566) 111 193 1 398 193 417 (603 444) I 85 948 85 948 (22 910) (22 910) I (22 910) 85 948 63 038 I (13 566) 88 283 1 398 85 948 256 455 (603 444) 37 671 345 704 2 547 1 745 029 2 314 486 I (2 287) 33 987 5 24 105 5433 987 5 3 945 5 85 948 51 999 197 51 745 029 I I I I I I I -34- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS Capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by enterprise funds. Street Reconstruction Fund - This fund was established for the purpose of funding the periodic reconstruction of City streets and roadways. Capital Improvements Fund - This fund was . established to account for various capital imp{ovement projects which may be financed without the need to issue bonds. Park. Ca.pital Improvement Fund - This. fund accounts for park land acquisition and other capital improvements in the City parks. Waterford UI Tax. Incr~ment Improvement Fund - This fund was established to a~count for proceeds of tax increment bonds sold for th~ construction of an intersection at State Trunk Highway 7 and Old Mark~t Road and accpmpanying improvements within Tax Increment District No.1. Equipment Replacement Fund - This fund was established for the purpose of funding the replacement qf capital equipment. Public W qrkS Facility Fund - This fund was established to account for the construction of a public works facility and salt-sand building, and accompanying site improvements. Church Road Improrement Fund -, This fund was established to ac~ount for the proceeds of bonds sold for the construction of Church Road improve91ents. ~i1verwood Park Gradin.: Fund - This fund was established to account for the construction of a pond and for site gr~ding in Silverwood Park. MSAConstruction Fund - This fund was established to account for the accumulation of Municipal State Aid (MSA) to fund the periodic reconstruct~on of'MSA designated roads. City Hall Parkin.: Lot... Fu~d) - This fund was es.tablished ...to account for the reconstruction Of t1)e City Hall Parking Lot. Seasons tmprovemeDts Fund - This fund was established 'to account for the construction of street and utility improvements for the Seasons Elderly lIousing Project. Manor Park\Warmin.: House Fund - This fund was established tpaccourtt for the . ~onstruction of ~ Warming house in ;Manor Park. CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 (With comparative totals as of December 31, 1992) Park Street capital Capital Reconstruction Improvements Improvement ASSETS Cash and investments Receivables Accounts Accrued interest Special assessments Delinquent Due from other funds $489 293 $110 420 $ 43 305 5 855 2 893 804 8 852 59 TOTAL ASSETS $495 148 $122 224 $ 44 109 LIABILITIES AND FUND BALANCE LIABILITIES Accounts and contracts payable Deferred revenue Due to other funds $ $ $ 8 583 TOTAL LIABILITIES 8 583 FUND BALANCE Unreserved Designated for capital projects Undesignated 113 641 44 109 495 148 TOTAL FUND BALANCE 495 148 113 641 44 109 TOTAL LIABILITIES AND FUND BALANCE $122 224 $ 44 109 $495 148 -35- I I I Water ford III Tax Increment Improvement I $ 79 572 1 438 I $ 81 010 I I $ I I 81 010 I 81 010 $ 81 010 I I I I I I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET - CONTINUED DECEMBER 31, 1993 (With comparative totals as of December 31, 1992) Exhibit C-1 continued Manor Park Warming Total House 1993 1992 ASSETS Cash and investments Receivables Accounts Accrued interest Special assessments Delinquent Due from other funds $ 2 749 $1 117 387 $781 909 52 810 12 277 15 070 8 852 25 038 59 TOTAL ASSETS S 2 749 Sl 138 575 S874 827 LIABILITIES AND FUND BALANCE LIABILITIES Accounts and contracts payable Deferred revenue Due to other funds $ 1 288 $ 274 976 $201 621 8 583 16 741 59 TOTAL LIABILITIES 1 288 283 618 218 362 FUND BALANCE Unreserved Designated for capital projects Undesignated 1 461 916 226 (61 269) 854 957 659 228 (2 763) 656 465 TOTAL FUND BALANCE 1 461 TOTAL LIABILITIES AND FUND BALANCE S 2 749 Sl 138 575 S874 827 -37- CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1993 (With comparative totals for the year ended December 31, 1992) Park Street Capital Capital Reconstruction Improvements Improvement Water ford III Tax Increment Improvement REVENUE Intergovernmental Miscellaneous Special assessments Interest on investments Other Park dedication fees Donations Other $ $ $ $ 9711 19 242 1 354 4 413 61 250 13 258 649 TOTAL REVENUE 19 242 10 360 4 413 75 862 EXPENDITURES Capital outlay Professional services Construction costs 56 094 61 096 16 052 7 038 TOTAL EXPENDITURES 56 094 61 096 23 090 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfers in Operating transfers out (36 852) 10 360 14 766 (18 677) 10 000 (50 209) 50 000 (25 000) 220 000 TOTAL OTHER FINANCING SOURCES (USES) 220 000 (40 209) 25 000 EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 39 766 (18 677) 99 687 183 148 (29 849) 141 203 4 343 FUND BALANCE, JANUARY 1 312 000 FUND EQUITY TRANSFER 2 287 FUND BALANCE, DECEMBER 31 $495 148 $ 44 109 $ 81 010 $113 641 -38- I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I Exhibit C-2 continued IN FUND BALANCE - CONTINUED CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES YEAR ENDED DECEMBER 31, 1993 (With comparative totals for the year ended December 31, 1992) Manor Park Warming House Total 1993 1992 REVENUE Intergovernmental Miscellaneous Special assessments Interest on investments Other Park dedication fees Donations Other $ $ 46 858 $ 555 970 9 711 29 170 61 250 13 258 1 399 TOTAL REVENUE 161 646 EXPENDITURES Capital outlay Professional services Construction costs 23 539 96 489 498 612 TOTAL EXPENDITURES 23 539 595 101 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfers in Operating transfers out (23 539) (433 455) 25 000 236 750 468 119 (75 209) TOTAL OTHER FINANCING SOURCES (USES) 25 000 629 660 EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES 1 461 196 205 FUND BALANCE, JANUARY 1 656 465 108 426 62 496 30 747 1 050 758 689 189 533 1 557 084 1 746 617 (987 928) 1 276 600 (760 000) 516 600 (471 328) 1 161 780 FUND BALANCE, DECEMBER 31 S 1 461 2 287 (33 987) $854 957 $ 656 465 FUND EQUITY TRANSFER -40- I I I I I I I I I I I I I I I I I I I CITY OFSHOREWOOD,MINNESOTA ENTERPRISE FUNDS I Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business, where the costs of providing services to the general ppblic are financed primarily through user charges. Wlrlter Fund - This fund is used to account for the activities of the <:;ity water system. Sew~r Fund -. This fund is used to~c~ount for the act~vities of the City san~tarysew~r ~y~tem. Recycline Fund - This fund is used tb account for the activities of the City recycling program. Liquor l1).lnd - This fund is used to account for the activities of the City's off-sale liquor operation. Th~ operation consists of two off-sale. liquor store sit~~. A portion of the net income from the operation i~ used to fund general fund activities. Stormwater Manaeement Vtility Fund -.This fund is used to account for the activities pf the City Stormwater Management system. CITY OF SHOREWOOD, MINNESOTA ENTERPRISE FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1993 (With comparative totals as of December 31, 1992) I I Water Sewer I ASSETS CURRENT ASSETS Cash and investments Cash held in escrow Receivables Taxes Accounts Accrued interest Special assessments Delinquent Deferred Inventories, at cost Prepaid items TOTAL ASSETS $ 217 388 $ 590 606 191 012 454 34 567 154 618 4 125 14 901 9 417 10 000 31 252 3 287 4 020 269 821 995 826 2 949 961 7 284 340 (597 759) (3 564 695) 2 352 202 3 719 645 549 52 622 572 54 715 471 I I TOTAL CURRENT ASSETS I I PROPERTY AND EQUIPMENT, AT COST LESS ACCUMULATED DEPRECIATION TOTAL PROPERTY AND EQUIPMENT I OTHER ASSETS Bond discount, net of amortization I LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts and contracts payable Salaries and compensated absences payable Current portion of long-term debt I TOTAL CURRENT LIABILITIES $ 6 783 $ 34 457 125 162 15 000 21 908 34 619 30 000 51 908 34 619 2 756 610 4 137 535 (185 946) 543 317 2 570 664 4 680 852 52 622 572 54 715 471 I I LONG-TERM LIABILITIES Bonds payable less current portion above TOTAL LIABILITIES I I FUND EQUITY Contributed capital Retained earnings (deficit) - unreserved TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY I I I I -41- I CITY OF SHOREWOOD, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1993 (With comparative totals for the year ended December 31, 1992) Water OPERATING REVENUE Sales Less cost of sales $ GROSS PROFIT Charges for services Permits and connection fees 154 262 18 362 172 624 7 545 5 515 15 929 74 504 688 45 544 1 146 4 940 10 807 35 287 GROSS PROFIT AND REVENUE OPERATING EXPENSES Personal services Supplies Repairs and maintenance Depreciation Professional services Contracted services Communication Insurance Water purchases Utilities Metropolitan Waste Control Commission disposal charges Rent Advertising Other 12 089 213 994 (41 370) 11 745 3 172 10 645 7 200 (4 860) 27 902 (13 468) TOTAL OPERATING EXPENSES OPERATING INCOME (LOSS) OTHER REVENUE (EXPENSES) General property taxes Property tax credits Interest on investments Other income (expense) Interest expense TOTAL OTHER REVENUE (EXPENSES) INCOME (LOSS) BEFORE TRANSFERS OPERATING TRANSFERS FROM (TO) OTHER FUNDS NET INCOME (LOSS) RETAINED EARNINGS (DEFICIT), JANUARY 1 RETAINED EARNINGS (DEFICIT), DECEMBER 31 (13 468) (172 478) $ (185 946) -43- I I Sewer I I $ 577 897 89 260 667 157 13 803 2 676 6 565 180 592 30 198 42 474 121 5 106 4 535 376 959 21 589 684 618 (17 461) I I I I I I I 36 223 288 I I I I 36 511 19 050 19 050 524 267 $543 317 I I I I CITY OF SHOREWOOD, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 1993 (With comparative totals for the year ended December CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) other income related to operations Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization (Increase) decrease in assets - Taxes Accounts Accrued interest Special assessments Inventory Prepaid items Increase (decrease) in liabilities - Accounts payable Salaries and compensated absences payable CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds Operating transfers from other funds CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Property taxes levied for debt service CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Property and equipment acquired from other funds -45- I I 31, 1992) Water Sewer $(41 370) $(17 461) 7 200 288 74 504 180 592 583 324 (12 058) (1 750) (2 602) 4 222 (6 664) 996 282 801 24 630 9 46 45 519 167 053 I I I I I I I (10 000) (4 860) (10 470) 14 917 (10 413) 10 645 45 751 171 637 $217 388 I (83 135) I (83 135) I 36 223 I 120 141 661 477 I $781 618 $ I $ 33 750 I I I I CITY OF SHOREWOOD, MINNESOTA WATER FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1993 AND 1992 ASSETS CURRENT ASSETS Cash and investments Receivables Taxes Accounts Accrued interest Special assessments Delinquent Deferred Prepaid items TOTAL CURRENT ASSETS PROPERTY AND EQUIPMENT, AT COST LESS ACCUMULATED DEPRECIATION TOTAL PROPERTY AND EQUIPMENT OTHER ASSETS Bond discount, net of amortization TOTAL ASSETS LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts and contracts payable Salaries and compensated absences payable Current portion of long-term debt TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES Bonds payable less current portion above TOTAL LIABILITIES FUND EQUITY Contributed capital Retained earnings (deficit) TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY -47- Exhibit D-4 I I 1993 1992 $ 217 388 $ 171 637 454 1 037 34 567 34 891 4 125 2 375 1 740 10 000 12 482 3 287 4 283 269 821 228 445 2 949 961 2 939 491 (597 759) (523 440) 2 352 202 2 416 051 549 734 $2 622 572 $2 645 230 I I I $ 6 783 $ 5 982 125 116 15 000 10 000 21 908 16 098 30 000 45 000 51 908 61 098 2 756 610 2 756 610 (185 946) (172 478) 2 570 664 2 584 132 $2 622 572 $2 645 230 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit D-5 WATER FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1993 AND 1992 1993 1992 OPERATING REVENUE Charges for services $ 154 262 $ 179 411 Permits and connection fees 18 362 20 480 TOTAL OPERATING REVENUE 172 624 199 891 OPERATING EXPENSES Personal services 7 545 7 688 Supplies 5 515 5 087 Repairs and maintenance 15 929 5 102 Depreciation and amortization 74 504 61 128 Professional services 688 640 Contracted services 45 544 47 861 Communication 1 146 1 017 Insurance 4 940 5 472 Water purchases 10 807 13 570 Utilities 35 287 31 470 Other 12 089 7 807 TOTAL OPERATING EXPENSES 213 994 186 842 OPERATING INCOME (LOSS) (41 370) 13 049 OTHER REVENUE (EXPENSES) General property taxes 11 745 13 630 Property tax credits 3 172 2 298 Interest on investments 10 645 7 616 Other income 7 200 7 829 Interest expense (4 860) (5 823) TOTAL OTHER REVENUE (EXPENSES) 27 902 25 550 NET INCOME (LOSS) (13 468) 38 599 RETAINED EARNINGS (DEFICIT) , JANUARY 1 1172 478) (211 077) RETAINED EARNINGS (DEFICIT) , DECEMBER 31 S(185 946) Sl172 478) -48- CITY OF SHOREWOOD, MINNESOTA WATER FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1993 AND 1992 CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) other income related to operations Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization (Increase) decrease in assets - Taxes Accounts Accrued interest Special assessments Prepaid items Increase (decrease) in liabilities - Accounts payable Salaries and compensated absences payable CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Property taxes levied for debt service CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Property and equipment acquired from other funds $ -49- Exhibit D-6 I I I I I I I I I I I I I I I I I I I 1993 1992 $(41 370) $ 13 049 7 200 7 829 74 504 61 128 583 76 324 (333) (1 750) (808) 4 222 1 012 996 332 801 (3 087) 9 (39) 45 519 79 159 (10 000) (10 000) (4 860) (5 823) (10 470) 14 917 15 928 (10 413) 105 10 645 7 616 45 751 86 880 171 637 84 757 $217 388 $171 637 $646 575 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA SEWER FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1993 AND 1992 ASSETS CURRENT ASSETS Cash and investments Cash held in escrow Receivables Accounts Accrued interest Special assessments Delinquent Deferred Prepaid items TOTAL CURRENT ASSETS PROPERTY AND EQUIPMENT, AT COST LESS ACCUMULATED DEPRECIATION TOTAL PROPERTY AND EQUIPMENT TOTAL ASSETS LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts and contracts payable Salaries and compensated absences payable TOTAL CURRENT LIABILITIES FUND EQUITY Contributed capital Retained earnings - unreserved TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY -50- Exhibit D-7 1993 1992 $ 590 606 $ 661 477 191 012 154 618 142 560 14 901 12 299 9 417 8 699 31 252 25 306 4 020 4 302 995 826 854 643 7 284 340 7 167 455 (3 564 695) (3 384 103) 3 719 645 3 783 352 54 715 471 54 637 995 $ 34 457 $ 9 827 162 116 34 619 9 943 4 137 535 4 103 785 543 317 524 267 4 680 852 4 628 052 54 715 471 54 637 995 CITY OF SHOREWOOD, MINNESOTA SEWER FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN YEARS ENDED DECEMBER 31, 1993 AND 1992 OPERATING REVENUE Charges for services Permits and connection fees TOTAL OPERATING REVENUE OPERATING EXPENSES Personal services Supplies Repairs and maintenance Depreciation Professional services Contracted services Communication Insurance Utilities MWCC charges Other TOTAL OPERATING EXPENSES OPERATING INCOME (LOSS) OTHER REVENUE (EXPENSES) Interest on investments other income TOTAL OTHER REVENUE (EXPENSES) NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 -51- Exhibit D-8 I I I I I I I I I I I I I I I I I I I RETAINED EARNINGS 1993 $577 897 89 260 667 157 13 803 2 676 6 565 180 592 30 198 42 474 121 5 106 4 535 376 959 21 589 684 618 (17 461) 36 223 288 36 511 19 050 524 267 $543 317 1992 $554 334 5 800 560 134 17 333 1 868 12 061 176 610 4 786 27 171 34 4 331 4 603 376 668 8 259 633 724 (73 590) 36 392 21 420 57 812 (15 778) 540 045 $524 267 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit 0-9 SEWER FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1993 AND 1992 CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) Other income related to operations Adjustments to reconcile operating income to net cash provided by operating activities Depreciation (Increase) decrease in assets - Accounts Accrued interest Special assessments Prepaid items Increase (decrease) in liabilities - Accounts payable Salaries and compensated absences payable 1993 1992 $(17 461) $(73 590) 288 21 420 180 592 176 610 (12 058) (14 140) (2 602) 419 (6 664) (479) 282 (831) 24 630 2 846 46 (38) 167 053 112 217 CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of property and equipment (83 135) (94 662) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 36 223 36 392 INCREASE IN CASH AND CASH EQUIVALENTS 120 141 53 947 CASH AND CASH EQUIVALENTS, JANUARY 1 661 477 607 530 CASH AND CASH EQUIVALENTS, DECEMBER 31 S781 618 S661 477 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES Property and equipment acquired from other funds S 33 750 S -52- CITY OF SHOREWOOD, MINNESOTA RECYCLING FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1993 AND 1992 ASSETS Cash and investments Receivables Accounts Accrued interest Special assessments Delinquent Deferred TOTAL ASSETS LIABILITIES AND FUND EQUITY LIABILITIES Accounts and contracts payable FUND EQUITY Retained earnings - unreserved TOTAL LIABILITIES AND FUND EQUITY -53- Exhibit D-10 I I I I I I I I I I I I I I I I I I I 1993 1992 $ 32 154 $ 25 933 16 100 140 343 110 51 538 365 S 49 245 S 26 489 $ 3 968 $ 3 677 45 277 22 812 S 49 245 S 26 489 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit 0-11 RECYCLING FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1993 AND 1992 1993 1992 OPERATING REVENUE Charges for services S 79 023 S 70 981 OPERATING EXPENSES Personal services 1 482 546 Supplies 3 550 Contracted services 64 485 58 015 other 1 754 1 325 TOTAL OPERATING EXPENSES 67 721 63 436 OPERATING INCOME 11 302 7 545 OTHER REVENUE (EXPENSES) Interest on investments 1 163 74 INCOME BEFORE TRANSFERS 12 465 7 619 OPERATING TRANSFERS FROM OTHER FUNDS 10 000 10 000 NET INCOME 22 465 17 619 RETAINED EARNINGS, JANUARY 1 22 812 5 193 RETAINED EARNINGS, DECEMBER 31 S 45 277 S 22 812 -54- CITY OF SHOREWOOD, MINNESOTA Exhibit 0-12 RECYCLING FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1993 AND 1992 1993 1992 CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 11 302 $ 7 545 Adjustments to reconcile operating income to net cash provided by operating activities - (Increase) decrease in assets - Accounts Accrued interest Special assessments Increase (decrease) in liabilities - Accounts payable CASH PROVIDED BY (FOR) OPERATING ACTIVITIES CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers from other funds (15 960) 176 (343) 97 (232) (159) 291 (468) (4 942) 7 191 10 000 10 000 1 163 74 6 221 17 265 25 933 8 668 S 32 154 S 25 933 CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 -55- I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit D-13 LIQUOR FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1993 AND 1992 Store I Store II 1993 1992 1993 1992 ASSETS CURRENT ASSETS Cash and investments $199 788 $166 849 $143 691 $138 066 Receivables Accounts 104 155 Accrued interest 3 756 3 100 2 915 2 648 Inventories, at cost 35 780 46 080 113 116 121 888 Prepaid items 2 612 3 390 7 302 4 852 TOTAL CURRENT ASSETS 241 936 219 523 267 024 267 609 PROPERTY AND EQUIPMENT, AT COST 24 917 24 917 9 161 9 161 LESS ACCUMULATED DEPRECIATION (24 917) (24 917) (8 913) (8 267) TOTAL PROPERTY AND EQUIPMENT 248 894 TOTAL ASSETS $241 936 $219 523 $267 272 $268 503 LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts and contracts payable $ 35 145 $ 28 450 $ 42 231 $ 33 551 Salaries and compensated absences payable 954 800 1 721 1 176 TOTAL CURRENT LIABILITIES 36 099 29 250 43 952 34 727 RETAINED EARNINGS Unreserved 205 837 190 273 223 320 233 776 TOTAL LIABILITIES AND RETAINED EARNINGS $241 936 $219 523 $267 272 $268 503 -56- I CITY OF SHOREWOOD, MINNESOTA Exhibit D-14 LIQUOR FUND I COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1993 AND 1992 Store I Store II I 1993 1992 1993 1992 OPERATING REVENUE Sales $583 125 $577 225 $753 648 $800 685 Less cost of sales 460 246 460 905 611 583 652 227 I GROSS PROFIT 122 879 116 320 142 065 148 458 OPERATING EXPENSES I Personal services 60 243 58 555 81 056 79 389 Supplies 1 078 1 518 3 490 3 208 Depreciation 646 695 Professional services 1 722 959 1 032 959 I Contracted services 1 336 1 200 294 427 Insurance 3 913 4 436 5 832 6 518 Utilities 5 674 5 181 8 574 7 114 Rent 20 302 17 904 29 134 27 255 I Advertising 2 094 3 640 2 139 3 576 Other 2 606 1 978 2 188 1 034 TOTAL OPERATING EXPENSES 98 968 95 371 134 385 130 175 I OPERATING INCOME 23 911 20 949 7 680 18 283 OTHER REVENUE (EXPENSES) I Interest on investments 8 772 9 239 6 627 7 898 Other income (expense) (1 119) (763) 1 116 TOTAL OTHER REVENUE I (EXPENSES) 7 653 9 239 5 864 9 014 INCOME BEFORE TRANSFERS 31 564 30 188 13 544 27 297 OPERATING TRANSFERS TO OTHER FUNDS (16 000) (14 000) (24 000) (21 000) I NET INCOME 15 564 16 188 (10 456) 6 297 RETAINED EARNINGS, JANUARY 1 190 273 174 085 233 776 227 479 I RETAINED EARNINGS, DECEMBER 31 $205 837 $190 273 $223 320 $233 776 I I I I I I -57- I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit D-15 LIQUOR FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1993 AND 1992 Store I Store II 1993 1992 1993 1992 CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 23 911 $ 20 949 $ 7 680 $ 18 283 Other income (expense) related to operations (1 119) (763) 1 116 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation 646 695 (Increase) decrease in assets - Accounts 104 (20) 155 (30) Accrued interest (656) (170) (267) (51) Inventory 10 300 1 140 8772 9 806 Prepaid items 778 (176) (2 450) (99) Increase (decrease) in liabilities - Accounts payable 6 695 (1 752) 8 680 (24 777) Salaries and compensated absences payable 154 (1 638) 545 (2 760) CASH PROVIDED BY OPERATING ACTIVITIES 40 167 18 333 22 998 2 183 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds (16 000) (14 000) (24 000) (21 000) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 8 772 9 239 6 627 7 898 INCREASE IN CASH AND CASH EQUIVALENTS 32 939 13 572 5 625 (10 919) CASH AND CASH EQUIVALENTS, JANUARY 1 166 849 153 277 138 066 148 985 CASH AND CASH EQUIVALENTS, DECEMBER 31 S199 788 S166 849 S143 691 S138 066 -58- -59- I Exhibit D-16 I I $ 24 911 I 12 203 229 609 I S 37 952 I $ 63 37 889 I S 37 952 I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA STORMWATER MANAGEMENT UTILITY FUND BALANCE SHEET DECEMBER 31, 1993 ASSETS CURRENT ASSETS Cash and investments Receivables Accounts Accrued interest Special assessments - deferred TOTAL ASSETS LIABILITIES AND RETAINED EARNINGS LIABILITIES Salaries payable RETAINED EARNINGS Unreserved TOTAL LIABILITIES AND RETAINED EARNINGS I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit D-17 STORMWATER MANAGEMENT UTILITY FUND STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1993 OPERATING REVENUE Charges for services $ 41 217 OPERATING EXPENSES Personal services 3 906 OPERATING INCOME 37 311 OTHER REVENUE Interest on investments 578 NET INCOME 37 889 RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 S 37 889 -60- CITY OF SHOREWOOD, MINNESOTA STORMWATER MANAGEMENT UTILITY FUND STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 1993 Exhibit D-18 I I CASH FLOWS FROM OPERATING ACTIVITIES Operating income Adjustments to reconcile operating income to net cash provided by operating activities (Increase) decrease in assets - Accounts Accrued interest Special assessments Increase (decrease) in liabilities - Salaries payable I $ 37 311 I (12 203) (229) (609) 63 I CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 578 I I CASH PROVIDED BY OPERATING ACTIVITIES 24 333 INCREASE IN CASH AND CASH EQUIVALENTS 24 911 CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 $ 24 911 I I I I I I I I I I I -61- I I I I I I I I I II I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA AGENCY FUNDS Agency funds are. established to account for assets held by the City as an agent for ~~. . Deferred Compensation Fund - This fund is used to account for employee payron deferments and the related liability, that are deposited wIth outside companies in accordance with the provisions of Internal Revenu~! Code Section 457. I I CITY OF SHOREWOOD, MINNESOTA DEFERRED COMPENSATION AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES YEAR ENDED DECEMBER 31, 1993 I I ASSETS Investments for deferred compensation plan, at market I LIABILITIES Deferred compensation funds held for participants I I I I I I I I I I I I I I Balance Januarv 1 5 86 476 5 86 476 -62- Additions Deductions 5 25 205 5 5 25 205 5 Exhibit E-1 Balance December 31 5111 681 5111 681 I I I I I I I I I I I I I I I I I I i I CITY OF SHOREWOOD, MINNESOTA GENERAL FIXED ASSETS ACCOUNT GROUP General fixed assets are those fixed assets of a governmental jurisdiction which are not accounted for in an enterprise fund. To be classified as a fixed asset in ~is category, a specific piece of property must meet three attribut~s: 1. Tangible nature 2. A life longer than the current fiscal year 3. A significant value I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit F-1 GENERAL FIXED ASSETS ACCOUNT GROUP COMPARATIVE SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE DECEMBER 31, 1993 AND 1992 1993 1992 GENERAL FIXED ASSETS Land $ 456 826 $ 449 326 Buildings and structures 1 327 073 1 251 870 Improvements other than buildings 773 667 704 181 Furniture and equipment 897 275 858 894 TOTAL GENERAL FIXED ASSETS $3 454 841 $3 264 271 INVESTMENT IN GENERAL FIXED ASSETS General fund $ 897 275 $ 858 894 Capital projects funds 2 557 566 2 405 377 TOTAL INVESTMENT IN GENERAL FIXED ASSETS $3 454 841 $3 264 271 -63- I CITY OF SHOREWOOD, MINNESOTA Exhibit F-2 GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY DECEMBER 31, 1993 Buildings Improvements Furniture and Other Than and Total Land Structures Buildinas Eauipment FUNCTION General government $ 505 255 $ $ 305 372 $ 16 167 $183 716 Public works 1 915 284 153 500 919 581 128 644 713 559 Parks 1 034 302 303 326 102 120 628 856 TOTAL GENERAL FIXED ASSETS 53 454 841 5456 826 51 327 073 5773 667 5897 275 I I I I I I I I I I I I I I I I I -64- I I I I I I SCHEDULE CITY OF SHOREWOOD, MINNESOTA Exhibit F-3 GENERAL FIXED ASSETS ACCOUNT GROUP OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION YEAR ENDED DECEMBER 31, 1993 General Fixed Assets January 1 Additions Deductions General Fixed Assets December 31 18 500 $ 505 255 1 915 284 1 034 302 Public works $ 482 539 1 865 326 $ 34 716 68 458 $ 12 000 General government Parks 916 406 117 896 I I I TOTAL GENERAL FIXED ASSETS 53 264 271 5221 070 5 30 500 53 454 841 I I I I I I I I I I I -65- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA GENERAL LONG-TERM DEBT ACCOUNT GROUP General obligation bonds and other forms of long-'term debt supported by general revenues ~e obligations of a governmental unit as a whole and not its individual conStituent funds. The amount of unmatured long~term indebtedness which is backed by the full faith and credit of the government (excluding enterprise fund debt) is recorded and accounted for in a separate self~balancing account group titled the "General Long~ Term Debt Account Group." Also, this debt group includes certain liabilities not expected to be liquidated with expendable available financial resdurces. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA GENERAL LONG-TERM DEBT ACCOUNT GROUP COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT DECEMBER 31, 1993 AND 1992 Exhibit G-1 1993 1992 AMOUNT AVAILABLE FOR DEBT SERVICE Debt service funds $1 999 197 $1 742 742 AMOUNTS TO BE PROVIDED Future tax levies, assessments and tax increments 1 444 307 $3 443 504 1 637 712 $3 380 454 TOTAL AMOUNT AVAILABLE AND TO BE PROVIDED GENERAL LONG-TERM DEBT PAYABLE Compensated absences payable $ 22 004 $ 19 454 General obligation special assessment bonds 2 501 500 2 441 000 Tax increment revenue bonds 920 000 920 000 TOTAL GENERAL LONG-TERM DEBT PAYABLE $3 443 504 $3 380 454 -66- CITY OF SHOREWOOD, MINNESOTA SCHEDULE OF BONDS PAYABLE DECEMBER 31, 1993 SPECIAL ASSESSMENT BONDS G.O Improvement refunding bonds of 1987 G.O Improvement bonds of 1989 G.O Improvement bonds of 1974 G.O Improvement bonds of 1991 G.O Improvement bonds of 1991 G.O Improvement bonds of 1993 Final Interest Issue Maturity Rates Date Date 5.60-6.60% 4/1/87 2/1/01 6.15-6.50 10/1/89 2/1/03 5.70 1/1/74 1/1/94 4.70-5.85 11/1/91 2/1/02 8.00 9/1/91 2/1/97 2.90-4.45 12/1/93 2/1/04 TOTAL TAX INCREMENT REVENUE BONDS Tax increment revenue bonds of 1991 9.00' 5/1/91 8/1/97 REVENUE BONDS G.O. Water Revenue bonds 8.50 9/1/80 9/1/96 TOTAL -67- I I I I I I I I I I I I I I I I I I I I I Exhibit H-1 I Bonds Authorized 12/31/93 and Issued Redeemed Outstandinq I $ 875 000 $ 65 000 $ 485 000 1 095 000 85 000 785 000 1 250 000 30 000 960 000 80 000 880 000 I 31 000 4 500 26 500 325 000 325 000 4 536 000 264 500 2 501 500 I 920 000 920 000 I 140 000 10 000 45 000 I $6 256 000 $ 274 500 $3 466 500 I I I I I I I I I I I -68- CITY OF SHOREWOOD, MINNESOTA SCHEDULE OF DEBT SERVICE REQUIREMENTS DECEMBER 31, 1993 Total G.O. Bonds Year Principal Interest 1994 $ 476 000 $ 211 556 1995 531 000 182 328 1996 542 000 144 840 1997 537 500 105 835 1998 275 000 73 085 1999 275 000 57 322 2000 265 000 41 560 2001 260 000 25 944 2002 190 000 12 451 2003 95 000 3 868 2004 20 000 480 Total S3 466 500 S 859 269 * Tax increment collections will be remitted to the bond holders and payments will be applied first to accrued interest. -69- I I I I I I I I I I I I I I I I I I I G.O. Water Revenue Bonds Principal Interest $ 15 000 $ 15 000 15 000 $ 45 000 $ 3 825 2 550 1 275 7 650 -70- Exhibit 1-1 Tax Increment Revenue Bonds* Principal Interest $200 000 225 000 240 000 255 000 $920 000 $ 78 300 59 850 39 150 17 100 $194 400 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA SECTION III STATISTICAL SECTION I I I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION LAST TEN FISCAL YEARS Table 1 Fiscal Total General Public Public Parks and Misc/ Year Expenditures Government Safetv Works Recreation Transfers 1984 $1 203 475 $346 048 $329 096 $485 771 $ 42 560 $ 1985 1 266 606 402 626 367 728 443 774 52 478 1986 1 400 755 419 658 410 016 522 066 49 015 1987 1 651 927 569 098 481 603 532 902 68 324 1988 1 898 594 646 923 523 717 669 990 57 964 1989 1 794 684 610 659 503 542 570 981 83 502 26 000 1990 2 065 011 616 929 532 658 799 543 115 881 1991 2 241 781 665 152 548 343 375 406 142 168 510 712 1992 2 301 950 654 085 571 077 434 015 116 173 526 600 1993 2 184 260 668 410 580 153 436 224 119 473 380 000 -71- CITY OF SHOREWOOD, MINNESOTA GENERAL FUND REVENUE AND OTHER SOURCES BY SOURCE LAST TEN FISCAL YEARS Total General Licenses Fiscal General Fund Property and Inter- Year Revenues Taxes Permits Governmental Fines Miscellaneous 1984 $1 269 836 $ 801 800 $ 49 030 $303 653 $ 64 354 $ 50 999 1985 1 438 991 929 199 71 146 318 676 57 682 62 288 1986 1 652 307 1 040 984 117 050 356 308 70 678 67 287 1987 1 837 056 993 086 282 100 364 022 103 785 94 063 1988 1 984 148 1 087 099 330 408 368 288 91 385 106 968 1989 1 976 961 1 118 886 207 129 405 022 105 244 140 680 1990 2 367 995 1 437 140 203 828 273 780 124 234 329 013 1991 2 237 115 1 627 874 168 560 153 681 101 200 185 800 1992 2 307 389 1 576 158 175 123 283 689 89 960 182 459 1993 2 429 910 1 515 633 247 557 426 102 70 135 170 483 -72- I I CITY OF SHOREWOOD, MINNESOTA Table 3 PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (1) Collection Collection Percentage of Current Percentage of Prior of Total Fiscal Total Year's of Levy Year's Total Collections Year Levv Levv Collected Levv Collections to Levv 1984 $1 134 014 $1 095 150 96.57% $ 18 968 $1 114 118 98.25% 1985 1 171 628 1 130 776 96.51 25 072 1 155 848 98.65 1986 1 209 261 1 168 941 96.67 42 690 1 211 631 100.20 1987 1 254 420 1 211 819 96.60 32 265 1 244 084 99.18 1988 1 293 689 1 236 536 95.58 27 898 1 264 434 97.74 1989 1 300 881 1 249 332 96.04 46 405 1 295 737 99.61 1990 1 684 576 1 602 385 95.12 48 448 1 650 833 98.00 1991 1 856 988 *1 793 402 96.58 41 801 1 835 203 98.83 1992 1 864 577 1 819 238 97.57 55 917 1 875 155 100.57 1993 1 932 454 1 908 428 98.76 51 464 1 959 892 101. 42 I I I I I I I I * Includes state paid property tax credits Includes $66,971 state aid reduction from the Homestead and Agricultural Credit Aid. (1) I I I I I I I I I -73- CITY OF SHOREWOOD, MINNESOTA ASSESSED VALUATION, TAX LEVIES AND MILL RATES (shown by year of tax collectibility) 1993 1992 1991 1990 (1) & (2) (1) & (2) (1) (1) Assessed valuation/ Tax capacity $7 092 917 $7 681 118 $7 909 001 $7 033 863 contribution to fiscal disparities pool (227 686) (212 697) (227 257) (209 164) Receivable from fiscal disparities pool 396 081 390 694 388 595 372 707 Taxable valuation/ Total tax capacity S7 261 312 S7 859 115 S8 070 339 S7 197 406 Tax levies General Debt service $1 909 253 $1 840 663 $1 840 663 $1 667 451 23 201 23 914 16 325 17 125 Sl 932 454 Sl 864 577 Sl 856 988 Sl 684 576 Total Mill rates/Tax Capacity Rate General Debt service 20.638 Rate 19.995 Rate 20.274 Rate 20.093 Rate .159 .169 .180 .206 Total 20.797 Rate 20.164 Rate 20.454 Rate 20.299 Rate (1) As a result of 1988 legislation assessed valuation has been replaced by tax capacity valuations. It is calculated based upon a state mandated computation from the estimated market value. The term, mill rate, has been replaced with the term, tax capacity rate, as a result of the 1988 legislation. 1984-1988 information is stated in terms of assessed valuation and mill rates. 1989-1993 information is stated in terms of tax capacity and tax capacity rates. (2) The debt service levy includes $8,526 and $8,414 for 1993 and 1992, respectively levied for the retirement of Storm Sewer District No. 2 improvement bonds. Storm Sewer District No. 2 was established by the City of Shorewood in 1991. This portion of the debt service tax levy is only levied within Storm Sewer District No. 2 to retire the $31,000 bond issue used to finance the improvements within the District and is not reflected in the tax rates above. Table 5 reports the tax rate of this District separately. -74- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA PROPERTY TAX MILL RATES/TAX CAPACITY RATES - DIRECT AND OVERLAPPING GOVERNMENTS (PER $1000 OF ASSESSED VALUE FOR YEARS 1983-1988 AND TAX CAPACITY IN 1989 - 1993) (1) (1) Year School School Watershed Watershed Taxes District District District District Payable city County No. 276 No. 277 No. 3 No. 4 Misc. 1984 24.179 29.689 58.686 54.352 .281 .289 5.318 1985 22.914 29.262 57.417 51. 239 .061 .399 4.391 1986 23.640 29.688 60.209 59.058 .089 .198 5.378 1987 23.643 29.356 62.968 54.982 .133 .474 5.459 1988 22.825 31. 667 65.440 58.550 .092 .570 5.988 1989 16.509 (2 ) 27.101 59.285 49.139 .075 .445 5.387 1990 20.299 (2) 27.916 53.658 43.434 .120 .436 5.121 1991 20.454 (2) 30.114 56.401 46.828 .131 .449 6.855 1992 20.164 (2) 34.327 64.530 56.643 .142 .490 5.481 1993 20.797 (2) 35.839 75.275 60.069 .668 .781 5.532 (1) Includes vocational school (2) Information for 1989-1993 is stated in terms of tax capacity rates due to 1988 legislative changes as explained in Table 4. -76- I I I I I I I I I I I I I I I I I I I I I I I Table 5 Totals School School School District School District District No. 276, District Storm No. 276, No. 276, Watershed No. 277, Sewer Watershed Watershed District No. 4, Watershed District District District Storm Sewer District No. 2 No. 3 No. 4 District No. 2 No. 3 118.153 118.161 118.161 113.819 114.045 114.383 114.383 107.867 119.004 119.113 119.113 117.853 121. 559 121. 900 121. 900 113.573 126.012 126.490 126.490 119.122 108.357 108.727 108.727 98.211 107.114 107.430 107.430 96.890 113.955 114.273 114.273 104.382 17.792 124.649 124.997 142.789 116.762 13.437 138.111 138.224. . 151.661 122.905 I I I I I I I I I I I I I I I -77- I CITY OF SHOREWOOD, MINNESOTA PRINCIPAL TAXPAYERS DECEMBER 31, 1993 Table 6 I I Percentage 1993 Tax of Total Taxpaver Tvpe of Business Capacity Tax Capacity Northern States Power Company utility $127 840 1. 76% Ryan Construction Company Shopping Center 89 300 1.23 Minnetonka Country Club Country Club 70 727 .98 Minnegasco utility 55 709 .77 Two S Properties Commercial 42 601 .59 Shorewood Yacht Club Yacht Club 29 226 .40 MFT, Inc. Commercial 24 186 .33 Burger King Commercial 23 157 .32 Fina Serve, Inc. Commercial 22 801 .31 Individual Residential 22 764 ~ Total 5508 311 7.00% I I I I I I I I I I I I I I I I -78- -79- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Table 7 SPECIAL ASSESSMENT LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Collection of Collection Percentage Current Percentage of Prior of Total Total Year's of Levy Year's Total Collections Year Levv Levv Collected Levv Collections To Levv 1984 $501 439 $412 661 82.30% $ 48 136 $460 797 91. 90% 1985 468 020 372 783 79.65 71 787 444 570 94.99 1986 678 919 563 150 82.95 216 131 779 281 114.78 1987 551 886 539 633 97.78 32 122 571 755 103.60 1988 644 367 637 874 98.99 33 724 671 598 104.23 1989 500 116 497 733 99.52 66 916 564 649 112.90 1990 457 384 444 080 97.09 53 452 497 532 108.78 1991 365 577 345 886 94.61 28 677 374 563 102.46 1992 362 352 317 103 87.51 19 461 336 564 92.88 1993 231 800 222 842 96.14 47 372 270 214 116.57 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31, 1993 Table 8 Market Value $402 364 900 $ 8 047 298 Debt Limit: 2.0% of market value (Note A) Amount of Debt Applicable to Debt Limit: Total Bonded Debt $ 3 466 500 Less: (Note B) Special Assessment Bonds (2 475 000) General Obligation Water Revenue Bonds (45 000) General Obligation Storm Sewer Bonds (26 500) Tax Increment Revenue Bonds (920 000) Total Debt Applicable to Debt Limit Legal Debt Margin $ 8 047 298 Note (A): M.S.A. Section 475.53 (Limit on Net Debt) "Subdivision 1. Generally. Except as otherwise provided in sections 475.51 to 475.75, no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of 2.0 percent of the market value of taxable property in the municipality." Note (B): M.S.A. Section 162.18 (Bond: Municipal State Aid) "Subdivision 2. Not included in net debt of municipality for purpose of any statutory or charter limitation. Obligations issued hereunder may be authorized by resolution of the governing body without authorization by the electors, and shall not be included in the net debt of the municipality for the purpose of any statutory or charter limitation on indebtedness." M.S.A. Section 475.51 (Definitions:) "Subdivision 4. 'Net Debt' means the amount remaining after deducting from its gross debt the aggregate of the principal of the following: (1) Obligations issued for improvements which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefitted thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. (2) Warrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue-producing conveniences. (4) Obligations issued to create or maintain a permanent improvement revolving fund. (5) Obligations issued for the acquisition and betterment of public water works systems, and public lighting, heating or power systems and of any combination thereof, or for any other public convenience from which a revenue is or may be derived. (6) Amount of all money and the face value of all securities held as a sinking fund for the extinguishment of obligations other than those deductible under this subdivision. (7) All other obligations, which under the provisions of the law authorizing their issuance, are not to be included in computing the net debt of the municipality." * After contribution and distribution from "fiscal disparity" legislation; Minnesota laws 1971, Extra Session, Chapter 24. -80- 1989 1990 1991 1992 1993 5815 5917 6000 6135 6322 7 833 998 7 197 406 8 070 339 7 859 115 7 261 312 2 990 000 2 720 000 3 411 000 2 496 000 2 546 500 1 510 303 1 902 837 2 311 859 1 742 742 1 999 197 1 479 697 817 163 1 099 141 753 258 547 303 .1889:1 .1135:1 .1362:1 .0958:1 .0754:1 254.46 138.10 183.19 122.78 86.57 I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Table 9 RATIO OF NET BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA Ratio of Net Net Bonded Debt Bonded Assessed (1) Less Amount to Assessed Debt Fiscal Estimated Value/Tax Gross Reserved for Net Values/ per Year Population Capacitv Bonded Debt Debt Service Bonded Debt Tax Capacitv Capita 1984 4750 $47 686 103 $4 730 000 $1 383 783 $3 346 217 .0702:1 704.47 1985 4750 51 027 723 4 115 000 1 523 958 2 591 042 .0508:1 545.48 1986 4788 51 214 623 4 500 000 3 054 867 1 445 133 .0282:1 301. 82 1987 4921 53 059 674 4 975 000 2 044 326 2 930 674 .0552:1 595.54 1988 5094 56 589 857 4 530 000 2 688 009 1 841 991 .0325:1 361. 60 (1) Gross bonded debt amounts in this Table are general obligation special assessment bonds and revenue bonds whose principal source of funding will be sources other than general property taxes. The $920,000 Tax Increment Revenue Bonds are not included in the gross bonded debt as they are not backed by the full faith and credit of the City. I -81- I I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Table 10 RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT (1) TO TOTAL GENERAL EXPENDITURES* Percent of Debt Service Fiscal Total Total General to General Year Principal Interest Debt Service Expenditures* Expenditures 1984 $ 605 000 $242 305 $ 847 305 $2 074 644 40.84% 1985 610 000 282 298 892 298 2 158 904 41.33 1986 590 000 268 077 858 077 2 258 832 37.99 1987 (2) 1 840 000 273 709 2 113 709 3 971 707 53.22 1988 435 000 274 636 709 636 2 608 230 27.21 1989 (3) 2 625 000 253 115 2 878 115 4 625 949 62.22 1990 260 000 175 098 435 098 2 500 109 17.40 1991 290 000 173 495 463 495 2 194 564 21.12 1992 905 000 167 163 1 072 163 2 847 513 37.65 1993 264 500 141 889 406 389 2 210 649 18.38 (1) Excludes G.O. Bonds reported in Enterprise Funds (2) Principal includes bonds refunded in 1987 (3) Principal included bonds defeased in 1989 * Includes General and Debt Service Funds I I I I I I I -82- I CITY OF SHOREWOOD, MINNESOTA COMPUTATION OF DIRECT AND OVERLAPPING DEBT DECEMBER 31, 1993 Table 11 I City of Percent of Shorewood Net Debt Debt Applicable Share Total Debt Outstandina to Citv of Debt Direct Debt* City of Shorewood $ 2 546 500 $ 547 303 100.00% $ 547 303 Overlapping Debt Hennepin County 234 400 000 90 343 730 .76 686 612 School District #276 20 380 000 19 358 246 21. 79 4 218 162 School District #277 1. 75 Vo-Tech District #287 1.20 Metropolitan Council 416 635 000 45 818 259 .41 187 855 Metropolitan Transit Commission 3 000 000 1 354 000 .44 5 958 I I I Total Over- lapping Debt 674 415 000 156 874 235 3.25 5 098 587 I I Total Direct and overlapping Debt $676 961 500 $157 421 538 3.59% $5 645 890 I * Direct debt includes all debt backed by the full faith and credit of the City even though it will be financed in part by special assessments or enterprise fund revenues. Tax increment revenue bonds supported only by the tax increments generated within the TIF District are excluded from this computation consistent with Table 9. I I I I I I I I I I -83- I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Table 12 REVENUE BOND COVERAGE LAST TEN FISCAL YEARS Net Ratio of Net Fiscal Gross (1) Revenue Debt Service Revenue to Year Revenue Expenses Available Principal Interest Total Debt Service 1984 $ 28 596 $ 59 477 $(30 881) $ 5 000 $ 11 273 $ 16 273 (1.898) to 1 1985 39 855 53 151 (13 296) 5 000 10 898 15 898 (.836) to 1 1986 58 430 59 095 (665) 10 000 10 524 20 524 ( .032 ) to 1 1987 108 043 81 642 26 401 10 000 9 578 19 578 1.349 to 1 1988 158 474 135 897 22 577 10 000 8 834 18 834 1.199 to 1 1989 176 719 110 987 65 732 10 000 8 125 18 125 3.627 to 1 1990 192 682 116 289 76 393 10 000 7 293 17 293 4.418 to 1 1991 172 569 126 614 45 955 10 000 6 493 16 493 2.786 to 1 1992 199 891 125 714 74 177 10 000 5 823 15 823 4.688 to 1 1993 172 624 139 490 33 134 10 000 4 860 14 860 2.230 to 1 (1) Excluding depreciation and interest on bonds -84- I CITY OF SHOREWOOD, MINNESOTA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS LAST TEN FISCAL YEARS I 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 (1) (1) Commercial Residential Construction Construction Number of Value Units Value $ 883 000 16 $ 2 975 396 35 6 529 612 85 686 80 15 779 286 163 23 397 136 401 004 157 29 040 667 89 16 949 136 20 000 82 16 252 990 69 14 044 120 55 10 899 687 102 17 941 776 I Fiscal Year I I I I Sources (1) City Planning and Inspection Department (2) county Assessor's Office I Bank deposits are not shown as no banks are located within the City limits. I I I I I I I I I I -85- I I I I I I I I I I I I I I I I I I I I Table 13 (2) Property Value Commercial Residential Total $ 8 552 700 $174 641 300 $183 194 000 9 095 600 186 399 000 195 494 600 9 171 300 190 679 600 199 850 900 10 317 900 197 382 800 207 700 700 11 167 900 217 337 000 228 504 900 11 351 300 253 363 500 264 714 800 11 820 800 299 565 500 311 386 300 11 997 100 341 843 200 353 840 300 12 081 200 370 575 700 382 656 900 11 307 900 391 057 000 402 364 900 -86- I CITY OF SHOREWOOD, MINNESOTA MISCELLANEOUS STATISTICS DECEMBER 31, 1993 I Year of incorporation I Form of government Fiscal year begins I Area of city I population 1992 Estimated 1990 Census 1980 Census 1970 Census I Miles of streets and alleys City streets Municipal state aid streets County roads State highway I I Sewer Lift stations Sewer rates - residential Miles of sewer lines I Number of street lights Building permits issued in 1993 Number of permits Value I Fire protection Contracted services with Mound and Excelsior I Police protection Contracted services with South Lake Minnetonka Police Department I Parks Number Acres I Water Number of connections Average daily consumption Miles of watermain Daily capacity Number of fire hydrants Water rate per thousand gallons I I Employees Regular Part-time/seasonal Total I Elections Registered voters last election Number of votes cast last election Percentage of registered voters voting I I II -87- Table 14 1956 Council-Administrator Adopted January 1, 1956 January 1 6.0 Square Miles 6,322 5,917 4,646 4,223 37.9 9.3 1.7 2.7 18 $59. 55/quarter 54.5 154 675 $22,844,600 5 79.9 824 217,900 gallons 14 4,680,OQO gallons 165 $1.45/1000 gallons 20 15 35 = 4,590 4,020 87.6%