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042792 CC WS AgP CITY OF SHOREWOOD CITY COUNCIL WORK SESSION/MEETING MONDAY, APRIL 27, 1992 COUNCIL CHAMBERS 5755 COUNTRY CLUB ROAD 7:00 P.M. , " WORK SESSION AGENDA ", Please note that no action will be taken at the work session and that the regular City Council meeting will follow. 7:00 P.M. - CONVENE WORK SESSION - TO CONSIDER THE FIVE-YEAR CAPITAL IMPROVEMENT PROGRAM (Attachment) AGENDA 1. 9:00 P.M. - CONVENE TO THE REGULAR CITY COUNCIL MEETING A. Pledge of Allegiance B. Roll Call Lewis Mayor Brancel Gagne stover Daugherty C. Review Agenda D. Presentation to Planning Commissioner James Schultz 2. APPROVAL OF MINUTES A. city Council Meeting - April 13, 1992 (Att.No.2A-Minutes) 3 . CONSENT AGENDA - Motion to Approve Items on Consent Agenda and Adopt Resolutions Therein A. A Resolution Approving Preliminary Plat - Boulder Ridge Estates B. (Att.No.3A-proposed Resolution) A Resolution Approving C. U. P. for Accessory Space in Excess of 1200 Square Feet - william Bernstein (Att.No.3B-Proposed Resolution) l ". C. A Motion Approving a Revised Sign Plan Applicant: Location: Floors Plus (Rick Johnson) 5660 County Road 19 (Att.No.3C-planner's Report) CITY COUNCIL WORK SESSION/MEETING - APRIL 27, 1992 Page Two 3 . CONSENT AGENDA - Motion to Approve Items on Consent Aqenda and Adopt Resolutions Therein - continued . . D. A Motion Approving a Revised Sign Plan Applicant: (Vine Hill Office Building) Glenn Janson Location: 19285 State Highway 7 (Att.No. 3D-Planner' s Letter to Applicant) 4. COMMISSIONS A. Planning Commission B. Park Commission 1. Consideration of the width and design of covington Road and its effect on the design of Silverwood Park - city Engineer Presentation (with drawing) 2. Motion to Adopt a Resolution Approving Plans and Specifications and Ordering Advertisement for Bid for Grading and Excavation at Silverwood Park (Att.NO.4B-2-Resolution) 3. Request of Tonka Mens Club to Construct Dugouts at Freeman Field #3 . (Att.No.4B-3-Engineers Memo and Building Officials Memo) 5. A RESOLUTION AMENDING THE CAPITAL IMPROVEMENT BUDGET APPROPRIATING FUNDS FOR GRADING AND EXCAVATION AT SILVERWOOD PARK (Att.No.5-Resolution) 6. REPORT ON WATERFORD PHASE III, ESCROW AND TRAFFIC STUDY NEEDS (Report to be sent under separate cover) 7. ANNUAL AUDIT REPORT - ABDO, ABDO & EICK (Att.No.7-AUdit Report) 8. UPDATE REPORT ON APPEAL "NOTICE TO REMOVE"- A~pellant Allen McKinney, 4925 Rustic Way (Att.No.8-planner's Report) 9. MATTERS FROM THE FLOOR .. 10. STAFF REPORTS 11. COUNCIL REPORTS 12. ADJOURNMENT SUBJECT TO THE APPROVAL OF CLAIMS (Attachment Claims) JCH.al 4/23/92 MAYOR Barb Brancel COUNCI L Kristi Stover Bob Gagne Rob Daugherty Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 · (612) 474-3236 FROM: Anne P. Latter, Deputy /} (k'J I 1/ ,fj/C- Clerk ,j'4' MEMO TO: Mayor and City Council DATE: April 23, 1992 , \.ji RE: Council Work Session/Meeting - April 27, 1992 Please note that the work session will begin at 7:00 pm with a two hour session. The City Council meeting will follow at 9:00 pm. The minutes of the April 13, 1992 City Council meeting are not ready for the packet it will be completed for the next City Council meeting on May 11th. . . 1993 - 1997 CAPITAL IMPROVEMENT PROGRAM (CIP) WORK SESSION TIKB (estiaate) 7:00 PM 7:10 PM 7:20 PM 7:30 PM 7:40 PM 7:50 PM 8: 20 PM 8:40 PM 8:55 PM JCH.al 4/21/92 Financial Overview - James C. Hurm Equipment Needs - Don Zdrazil Parks - James C. Hurm Public Facilities - Brad Nielsen Sanitary Sewer - Joel Dresel Streets - Joel Dresel . MSA - routes/design . Need for a special assessment policy . Non-MSAstreets Surface Water Management Program - Joel Dresel Water - policy questions Set next work session. EXECUTIVE SUMMARY SHOREWOOD CITY COUNCIL WORKSESSION/MEETING AGENDA r MONDAY, APRIL 27, 1992 I. i t I i . i : . r There is a lot of work planned for the two hour work session on updating the Capital Improvement Program. We need to try to keep on the estimated time schedule. Should we find that more discussion is needed in a particular area a separate work session evening should be established. In order to keep the meeting moving please review the enclosed material carefully in advance. Finance - Immediately after the work session agenda sheet is a draft capital reserve fund plan. This shows us where revenues would be coming from to pay for capital improvements. The transfer from general fund line is taken from our current CIP document. The second section identifies uses for the funds. Remember these are just general fund expenditures. They do not include special assessment projects or MSA street projects. The City has certain capital improvement responsibilities and should be setting aside for those items each year. This document recommends amounts which could be set aside for certain uses. This sheet will be explained thoroughly at the meeting and should be the impetuous for very interesting discussion. i I I t '1 I .~) Equipment, Parks, Public Facilities, and Sanitary Sewer - Each of these areas will be discussed by staff. Any proposed updates or changes from our current CIP will be discussed with the City Council. Streets - This presentation and discussion can be broken down into three areas: MSA designations and street design, local street design, and a special assessment policy. The third page of the street memorandum is a proposed MSA project schedule. The first projects proposed are as follows: Eureka north of smithtown in 1993; Covington Road in 1994; Country Club 1995; Lake Linden 1996; and Yellowstone between Country Club and Lake Linden 1997. Proposed redesignation of MSA routes are explained on the chart, which is the fourth page of the street memorandum. The last page of the memorandum discusses the need for additional funding for streets 'in a form of special assessments. Surface Water Manaqement Proqram - I have drawn a chart which simply explains the issues and proposed funding for our stormwater management program. The first four steps are identified and recommended. CQuncil consensus and direction would be appropriate. Water Policy - General discussion is important on the issues identified in this memorandum before further study by the engineers and costs are incurred. At 9:00 pm sharp we will convene into the regular City council meeting. Following the review of the agenda we will have a presentation to Planning Commissioner Jim Schultz. AGENDA ITEM 3A This is the requested resolution granting preliminary plat approval for Boulder Ridge Estates with conditions specifically listed. AGENDA ITEM 3B - This is a resolution approving a conditional use permit for accessory space at 5920 Afton Road. It is subject to the planting a minimum of three, six-foot evergreens on the north side of the nonconforming pole barn. AGENDA ITEM 3C - This requires a motion approving a revised sign plan for 5660 County Road 19 for the new carpet business. It is recommended that the revised plan be approved. AGENDA ITEM 3D -This is a motion approving a revised sign plan the Vine Hill Office Building at 19285 State Highway 7. revised plan meets requirements and therefore is recommended approval. AGENDA ITEM 4B-1 & 2 - Cross-sections of covington Road taking into consideration wetlands within the right-of-way will be reviewed at the Council meeting by the Engineer. B2- Upon satisfaction that the proposed plans for Silverwood Park do not negatively affect potential plans on covington Road this updated resolution should be approved to order the advertisement for bid. for The for . AGENDA ITEM 4B-3- - Staff has met with representatives of Tonka Mens Club and the South Tonka Little League. It was determined that the new Field #3 should be the main field which would include the dugouts. The Mens Club and the Little League will jointly fund the dugouts for the field. The dugouts will meet Little League and code specifications with a span concrete roof of over six feet eight inches clearance. It is their intent to use decorative block for aesthetic reasons and to make it more difficult to climb and deface. The Park Commission has reviewed the dugout request and recommends acceptance. The motion would be to accept and approve the two dugouts for Field #3 which conform to the approved plans and to standards of the Little League organization. AGENDA ITEM 5 - This resolution makes appropriate fund transfers to establish a Silverwood Park improvement capital fund. AGENDA' ITEM 6 - The Council will review the work to date by the Planning Department and consider escrow needs for the Waterford Phase III proposed development. AGENDA ITEM 7 - Our auditors will take 20 - 30 minutes to review our 1991 Audit Report.. Please review the enclosed report carefully. It includes more relevant statistical historical information than previous documents. . AGENDA ITEM 8 - The Planner will give an updated report on the appeal of Allen McKinney, 4925 Rustic Way. SOURCES: PUB WORKS/GEN FUND RESERVE TRANSFER FROM GENERAL FUND PRE-1992 DEFEASANCE DEFEASANCE FUNDS RECVBLE HOUSE SALE MORTG BALLOON 1991 SALT/SAND STORAGE BAL INTEREST REVENUE @ 5.0.% TOTAL REVENUES e~FERS TO: EQUIPMENT REPLACEMENT FUND PARK CAPITAL IMP FUND (1) PUBLIC WORKS FACILITY FUND SALT/SAND & SITE DEVEL CITY HALL CAPITAL FUND OTHER PARK TRAILS FUND STREET REPLACEMENT FUND STORM DRAINAGE FUND TOTAL TRANSFERS RESERVE FUND YTD BAL RESERVE FUND ACCUM BAL . It .' ~ CITY OF SHOREWooD CAPITAL RESERVE FUND PLAN APRIL, 1992 DRAFT 1992 1993 1994 1995 1996 1997 263,0.0.0. 522,0.0.0. 384,950. 390.,0.49 395,30.0. 40.0.,70.9 40.6,0.0.0. 443,712 110.,0.0.0. 22,0.0.0. 91,60.0. 75,0.0.0. 50.,0.0.0. 2,474 3,822 4,860. 6,0.87 6,244 ------------------------------------------------------------ 1,463,712 50.1,0.24 393,871 40.0.,160. 40.6,796 412,244 0. 60.,0.0.0. 63,60.0. 67,40.0. 71 , 50.0. 75,80.0. a 50.,0.0.0. 50.,0.0.0. 50.,0.0.0. 50.,0.0.0. 50.,0.0.0. 898,490. 147,80.0. 45,0.0.0. 91,60.0. (2) 15,0.0.0. 15,0.0.0. 15,0.0.0. 15,0.0.0. 15,0.0.0. 312,0.0.0. 20.5,0.0.0. 210.,0.0.0. 215,0.0.0. 220.,0.0.0. 225,0.0.0. 38,40.0. 10.,20.0. 40.,0.0.0. ------------------------------------------------------------ 1,358,290. 50.5,0.0.0. 338,60.0. 357,60.0. 356,50.0. 40.5,80.0. 10.5,422 (3,976) 55,271 42,560. 50.,296 6,444 10.5,422 10.1,446 156,718 199,278 249,574 256,0.19 (3 ) (1) IF PARK REFERENDUM IS SUCCESSFUL, THIS AMOUNT COULD BE REDUCED TO $30.,0.0.0. IN 1993 AND $22,50.0. THEREAFTER (2) BALLOON PAYMENT ON SALE OF HOUSE - THESE FUNDS COULD BE DESIGNATED SPECIFICALLY FOR ITEMS IN 1993: - ADD TO CITY HALL AREA RENOVATION FUND - REMOVAL OF POLE BUILDINGS, INSTALL CURB ON NORTH SIDE AND AT PARK, ETC. - INITIATE TRAIL WORK - MANOR PARK PICNIC SHELTER/WARMING HOUSE - OFFICE COPIER REPLACEMENT (3) THESE RESERVED FUNDS ARE FOR "ADVANCING" MONEY TO PROJECTS, DEPRECIATION OF BUILDINGS, AND POTENTIAL UNFUNDED FUTURE PROJECTS: - SATELLITE FIRE STATION - COUNTY ROAD 19 - LOCAL SHARE - OTHER MAYOR Barb Brancel COUNCI L Krist; Stover Bob Gagne Rob DaughertY Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD.. SHOREWOOD, MINNESOTA 55331 . (612) 474-3236 1; ~ ..20n1\~ . d V February 4, 1992 To: Park Commission l- . From: James c. Hurm, City Administrator Re: Park Plan C - Draft I v Attached please find the first draft of what we'll call Park Plan C. referendum plan, and Plan B was the cutback "3-legged stool" plan. Plan A was the early . If accepted by the City Council, Plan C would require that $50,000 of General Fund money be set aside for park capital improvements, which could be done within current levy parameters. This would result in planned park improvements being completed over a twenty-t\~'o year period. The program would still count on $76,500 in donations from civic organizations, sporting groups and businesses. This is a reduction of $10,200 from Plau B which is the removal of the Manor Park pavilion from the Plan B donation list and adding it to Plan C in 1994 as a pavilionjwaIming house ($25,000). This would have several advantages: provide a warming house which meets city code, reduce the operating budget by the trailer rental costs, and provide a picnic shelter. - Please review the proposed improvement schedUle carefully. Projects~were chosen based on the following: . anticipated money available to be spent . _Park Commission priority assigned in 1990 (5 - high priority to 1 - low priority) . Logical progression of park development - building block appr~ach. If outs~de factors require the program to be stopped for several years, we wIll have a VIable park system until the program can be reinstated. The comment sheet gives a brief explanation of rational. A Residential Community on Lake Minnetonka's South Shore Park Plan C - Draft I February 4, 1992 - page two Finally, the Park Capital Improvement Fund - Plan C chart shows projected revenues by year. The Park Dedication fees and General Fund money from 1991 CIP columns were taken from our CIP. The additional General Fund money column shows the dollars over and above those identified in the CIP which would be required for Plan C. The donations column lists the amounts needed by year. The expenditure column is a list of annual expenditure totals from the Plan C chart. The final column shows what the year end fund balance would be. It should be noted that 1991 dollars are used here. 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N U') - J CO ~I ~l ~I ~I ~I cO ~ Q. 1992 1993 1994 1995 1996 . 1997 1998 1999 2000-2002 2003 2004 . 2005-2008 2009 2010 2011 2012 2013 NOTE: COMMENTS .r Base work at Silverwood - overdue Build on Silverwood base - active park. Manor pavilion - change to 40' x 20' combination warming house and picnic pavilion; Cathcart relocation done the year before the parking lot Cathcart parking lot; playground equipment in all parks - cost effective - involve neighborhood kids in designing their playground Freeman entrance work done - Highway 7 work is scheduled to be done in 1995/96; remaining Freeman work is all in one area. Donated landscaping work is put in the same year - cost effective? Donated picnic pavilions - 2nd of 2 strong "donation years" Finish off Silverwood Park - (except for building) Save up for entrance, street and parking lot paving in 2002 Miscellaneous Landscaping year - cost effective? Save up for multi-use building, sewer and water in Freeman in 2008 Cathcart multi-use building Silverwood multi-use building Badger multi-use building Manor multi-use building - upgrade 1994 building? Irrigation in Badger, Manor, and Cathcart - 1991 dollars used No trail work is included 2/4/92 r PARK CAPITAL IMPROVEMENT FUND P LAJ.'l C 2/4/92 -~ PARK GEN FUND $ ADDNL YEAR DED FROM 1991 GEN FUND DONATIONS TOTAL END YEAR FEES CIP $ REVENUES EXPENDS. BALANCE ------------------------------------------------------------------------------------- 1991 30,200 1 1992 25,000 0 0 0 25,000 55,200 0 2 1993 25,000 30,000 20,000 0 75,000 64,300 10,700 3 1994 22,500 22,500 27,500 3,000 75,500 64,000 22,200 4 1995 22,500 22,500 27,500 0 72,500 91,500 3,200 5 1996 17,500 22,500 27,500 5,300 72,800 59,400 16,600 6 1997 17,500 22,500 27,500 22,500 90,000 94,500 12,100 7 1998 17,500 22,500 27,500 21,200 88,700 73,200 27,600 8 1999 10,000 22,500 27,500 0 60,000 47,200 40,400 9 2000 10,000 22,500 27,500 11,000 71,000 11,000 100,400 10 2001 10,000 22,500 27,500 0 60,000 2,500 157,900 11 2002 10,000 22,500 27,500 0 60,000 204,000 13,900 12 2003 10,000 22,500 27,500 0 60,000 49,700 24,200 13 2004 10,000 22,500 27,500 0 60,000 64,125 20,075 14 2005 10,000 22,500 27,500 11,000 71,000 11,000 80,075 15 2006 10,000 22,500 27,500 2,500 62,500 2,500 140,075 16 2007 10,000 22,500 27,500 0 60,000 0 200,075 17 2008 10,000 22,500 27,500 0- 60,000 221,400 38,675 18 2009 10,000 22,500 27,500 0 60,000 63,600 35,075 . 19 2010 10,000 22,500 27,500 0 60,000 59,400 35,675 20 2011 10,000 22,500 27,500 0 60,000 52,000 43,675 21 2012 10,000 22,500 27,500 0 60,000 81,000 22,675 22 2013 10,000 22,500 27,500 0 60,000 60,000 22,675 -----------------------------------------~---------------------------------- 297,500 480,000 570,000 76,500 1,424,000 1,431,525 22,675 . ~ Orr Schelen Mayeron & Associates, Ine. 2021 East Hennepin Avenue Minneapolis, MN 55413 612-331-8660 FAX 331-3806 Engineers Architects Planners Surveyors ? ,., \99'2- W?" - L April 21, 1992 1~40re City of Shorewood 5755 Country Club Road Shorewood, Minnesota 55331 . Attn: Shorewood Mayor and City Council Members Re: Capital Improvement Program (CIP) Work Session Items OSM Project No. 4590.32 Attached are several documents intended as background information for the work session on April 27, 1992. Specifically, these documents include information necessary for an update to the Sanitary Sewer, Street, Storm Sewer, and Water portions of the CIP. . With regard to the Sanitary Sewer, we are still planning on upgrading two lift stations per year. The 1992 lift stations are currently being designed and will be constructed during July and August of this year. We have met with the Metropolitan Waste Control Commission (MWCC) to discuss current and proposed billing by the MWCC to the City. The MWCC's' current position is that Shorewood has a continuing inflow and infiltration problem and they can foresee potentially drastic cost increases in the near future. Because this could have a significant impact, we are having Munitech monitor the run times of those lift stations with counters. In addition, the MWCC is starting a program of flow monitoring in their trunk systems going through Shorewood. Some changes to the Municipal State Aid System (MSAS) are anticipated. Toward that end we have attached a brief discussion of the topics concerned along with a summary sheet giving street widths, expected traffic, etc. In addition, we have attached a sketch showing the differences between the various street sections proposed and a brief discussion on the need for a special assessment policy. The Surface Water Management Program is little changed from that which was discussed earlier, and we have simply enclosed a flow chart for clarification. At this time staff is proposing that we go forward with establishing an information program combined with the establishment of the overall' City-wide utility. Equal Opportunity Employer . . Shorewood Mayor and Council Members April 21, 1992 Page 2 The Water System in Shorewood is a special issue. Since it seems impossible to either completely stop the advancement of new water lines or to water the entire City, staff believes it is prudent to try to establish some guidelines for possible future watermain extensions. We have attached a brief discussion including some of the major concerns regarding water in Shorewood. Sincerely, ORR-SCHELEN-MAYERON ;g~::e Joel Dresel, P .E., L.S. City Engineer jme Enclosures . . r/-SO. . (Or MUNICIPAL STATE AID ROAD SYSTEM PROPOSED POLICY STATEMENT April, 1992 Attached is a summary sheet of the state Aid System changes staff has been researching. The summary shows existing and proposed street widths, estimated traffic volumes, existing and proposed roads on the system, and whether or not right of way acquisition is anticipated. STREET WIDTHS The proposed roadway width is 32 feet, consisting of 12 foot wide lanes with enough additional width to allow parking on one side if the Council sees fit, and a 6 foot concrete walk. This "section" should be eligible for state aid funds, with the following exceptions: 1) There is a limit of 5 feet for concrete walks; 2) State aid will not pay for city utilities (i.e. water, sewer, trunk storm sewer); 3) Some landscaping, and other miscellaneous items are also not eligible. The minimum width allowed by state aid is 28 feet (26 feet with a hardship). A 28 foot wide road does not, however, allow for any parking and leaves only two (2) feet on either side of the road for pedestrian or bicycle travel. The wider 32 foot roadway can still be posted for no parking (but keeps the option open), and allows a safer width of 4 feet for driver maneuverability for any pedestrian and bicycle traffic that may be on the road. Old Market Road was constructed to a 36 foot width by the original developer, and the 52 foot wide section next to Highway 7 includes turning lanes. Building Covington to a 32 foot width will not allow for the extension of the existing on street bike route along Old Market Road. A 36 foot wide street is minimum for on street bike routes. PROJECTED TRAFFIC Projected average daily traffic (ADT) is shown as tabulated in the MnDOT Needs inventory.. We have updated the ADT on Old Market Road to conform with projections given in the signal Justification report. The ADT shown for Country Club Road reflects actual traffic counts taken last fall. SYSTEM CHANGES . One potential change to the system includes adding Galpin Lake Road, Cathcart Road, and Vine Hill Road to the system. As we are limited to about 9.3 miles of MSA roadway, this would necessitate removing roadway from the current system. The addition of Vine Hill Road will likely require a joint powers agreement with Minnetonka due to the shared right-of-way. Candidates for system removal are Edgewood Road, Birch Bluff Road, and those portions of Yellowstone east of Lake Linden Road and west . of Country Club Road. These roads are more local in nature, but removing them from the state aid system may be difficult; they help form a "continuous" route as required by the current rules. Should the Council agree with the proposed route changes, a formal request will have to be made to MnDOT. COST ESTIMATES The preliminary cost estimates given are based on a total project cost of $135.00 per foot for the 32 foot sections anticipated. vine Hill Road was estimated at $235 per foot due to the potentially extensive grading that will have to be done to reduce the steep hills, and to extend the sight distances to state standards. . Right of way (R/W) costs have been computed using 1/2 the roadway length 30 feet wide at a rate of $1.00 per square foot. These costs are being provided to show the relative magnitude of costs involved, and should not be used for detailed budgeting purposes. It is especially important to understand that costs for anyone given roadway can differ significantly from these preliminary estimates. PROPOSED FIVE YEAR CIP CHART This chart is a recommended schedule of projects for the next five years. It breaks projects into three phases: R/W acquisitions, hearing/design' (10% of estimated project cost is used), and construction. The first project is recommended because it should be able to be done quickly. At the same time the City should be acquiring right-of-way, holding hearings and designing for the next projects which are recommended based on pavement condition. 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EXISTING TREES PROPOSED GRADE WITH CURB 8< GUTTER WITH SIDEWALK/BIKE TRAIL I l1Iiiii~II"J.......................................,.... ::~::ii5Il PROPOSED GRADE WITH DITCHES PROPOSED CURB AND BITUMINOUS SURF ACE PROPOSED GRAVEL BASE Drawn By: Drawing Title Comm. No. Date: ~/Z/~l- OSMaorr Schelen Wayeron 81 Associates, Inc. Engineers _ Architects _ Planners _ Surveyors 2021 East Hennepin Avenue _ Ilinneapolis. ilK 55413 _ 812.331.8880 ROAD SECTION COMP ARISON Sheet no. ASSESSMENT POLICY INFORMATION Staff has been considering the use of assessments to help pay for the reconstruction of roadways in Shorewood. Eligibility for state aid funds (MSA) will greatly help from a financial standpoint, with a current encumbrance of about $250,000 per year. When added to the current general fund allocation of $200,000, there is now about $450,000 available yearly for street reconstruction and overlays. Given this amount of funding, the question becomes one of how much, if any, should be assessed to benefitting residents. MSA ROADS . Reconstruction (and maintenance) along MSA routes are largely paid for through the state aid system that Shorewood is now a part of. However, MSA was never designed to cover the complete cost of building a road. Also, there are some -remainder items that the state will not pay for that need to be considered when the road is being built. These items include adjusting City-owned utilities (sanitary manholes, water valves, etc), any trunk drainage items placed in the roadway, and sidewalks over 5' in width. If no assessments are made, the cost for these items will have to be taken from other sources within the City. LOCAL ROADS Many cities eligible for state aid funds use assessments as a way of equalizing funding to all residents. Without an overall assessment policy in place, those residents along a state aid route would likely never need to pay for their road upgrade; those on local streets could expect to pay all or part of a reconstruction project in front of their home. Typically, a City will assess an equal amount along all reconstruction projects, with the excess collected along state aid routes used to help reconstruct local roads. . A similar argument can be made with regard to that portion of roadwork paid for by the general fund. Most of the roads in the newer subdivisions were paid for by residents in that area through the lot price. If the general fund is used to rebuild older roads, some residents could be paying for more than their share of the roadwork in the City. This argument becomes less important when one realizes that all roads will eventually liave to be rebuilt. Assuming that none of the $200,000 allocated from the general fund is used along state aid routes or used for overlays, the City would be able to rebuild about 1/4 to 1/2 mile of local roadway per year. With about 37 miles of local road in the city, this corresponds to a rebuild every 70 to 140 years. Obviously, a road section can not be expected to last that long. Assessing 1/2 the cost would allow a rebuild every 35 to 40 years. This is realistic provided that the roadway is given proper maintenance and periodic overlays. 4/21/92 E ~ Q.() Q ... ~ . ...... ::: ~ E ~ ~ ::: ~ ~ . ... ~ ...... ~ ;: E Q ...... ~ ~ Q Q ;: ~ Q ,.::: ~ ~ ~ >. @ ~.C ~.Eu 0 ta -5 ~.ra ::s 0..0 <: ~"O b.O CI)~~ s:: ..c:: . ~~ ~~E-< .es ta-5 CI) ~..... ~ @) "0 ~3 :g~ ~TS >.~ .t:: s:: u~ o ~ ~ ~ o ~ o ~ ~ @) .~ ~ s.ra ~ ~o~ ~i:::s >. ~ .go Cl)SV'l ~ ~r---. ~ b.O . .~ ~~ ~a'1r "O"'=='~ o,.,,:j ~ o~~ ~~>. e~3 os::.... ..c::1::~ Cl)o .... 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CI)~~ @ ~.20 4.pnt a s: ~ > ..... ~m ~s:: ta~ ~~ s~ oS ....0 Cl)U ~~ -5-5 ~ taS 6.$ e-a 0_ Ull. .$ i: "O~ a5 ~b.O ta~ "8. a ~:::E ~ . . 7'fJ)c WATER POLICY INFORMATION Staff has been working on trying to come up with a coherent policy regarding the future of water in the City of Shorewood. It appears that there is, quite simply, no one simple answer. It appears impossible to halt further extensions due to the demand, but the demand is insufficient to install a city-wide system. Therefore, we are forced to investigate some intermediate measures to keep the existing system viable and operating. Staff sees the following as some of the important issues that need to be looked at: 1) Definition of the probable limits of extensions to the existing systems. This would entail looking at the physical characteristics of the systems and placing'limits on pipe lengths, elevations, and locations. With this information, service areas can be drawn, outside of which no extensions will be allowed. 2) We have in the past required new extensions to comply with the Comprehensive Water Plan. This policy should perhaps be reconsidered. 3) Individual system changes have been suggested to extend the service life of some of the service areas involved. As a City-wide system is not imminent, perhaps other efficiencies can be found within individual areas. 4) Investigation of the interest of other cities taking over parts of our system can be looked at. 5) Most importantly, policies will have to be set regarding individual petitions and requests for system extensions, along with policies for providing for future water lines along proposed road construction routes. 4/22/92 RESOLUTION NO. A RESOLUTION GRANTING PRELIMINARY PLAT APPROVAL FOR BOULDER RIDGE ESTATES WHEREAS, L & M PROPERTIES, INC. (Applicant) has an interest in certain land within the City of Shorewood and has applied to the Council for preliminary approval of a plat to be known as Boulder Ridge Estates; and WHEREAS, Applicant's request has been reviewed by the City Planner and his recommendations have been duly set forth in a Memorandum to the Planning Commission dated 12 March 1992, which Memorandum is on file at City Hall; and . WHEREAS, Applicant's request has been reviewed by the City Engineer and his recommendations have been duly set forth in a letter to the City Planner, dated 13 March 1992, which letter is on file at City Hall; and WHEREAS, a Public Hearing was held by the Shorewood Planning Commission on 17 March 1992, for which notice was duly published and all adjacent property owners duly notified . NOW, THEREFORE, BE IT RESOL YED by the City Council of the City of Shorewood as follows: 1. That Applicant's request for preliminary plat approval of Boulder Ridge Estates is hereby granted. . 2. That such approval is subject to the recommendations set forth in the City Planner's Memorandum dated 17 March 1992, the City Engineer's recommendations set forth in his letter to the City Planner, dated 13 March 1992, and the terms and conditions contained in the minutes of the Planning Commission meeting of 17 March 1992 on file at City Hall. 3. That if issues raised regarding sanitary sewer service. and storm sewer service c3.!l not be resolved to the satisfaction of the City Engineer, some modification of the plat fuaYi be required. ,..:,.r;."" ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 27th day of April, 1992. BarbaraJ. Branccl, Mayor ATTEST: James C. Hurm City Administrator/Clerk 3A RESOLUTION NO. A RESOLUTION GRANTING A CONDITIONAL USE PERMIT FOR ADDITIONAL ACCESSORY SPACE TO WILLIAM BERNSTEIN WHEREAS, WILLIAM BERNSTEIN (Applicant) is the owner of real property located at 5920 Afton Road, in the City of Shorewood, County of Hennepin, legally described as: "Lot 2, Block 2, Afton Meadows". . WHEREAS, the Applicant has applied to the City for a Conditional Use Permit for the construction of an attached garage, the area of which, when added to the area of existing accessory space, will bring the accessory space up to 1647 square feet; and WHEREAS, the Shorewood City Code requires a Conditional Use Permit for the construction of accessory space exceeding 1200 square feet; and WHEREAS, the Applicant's request was reviewed by the City Planner, and his recommendations were duly set forth in a memorandum to the Planning Commission dated 13 March 1992, which memorandum is on file at City Hall; and WHEREAS, after required notice, a public hearing was held and the application was reviewed by the Planning Commission at their regular meeting on 17 March 1992, the minutes of which meeting are on file at City Hall; and . WHEREAS, the Applicant's request was considered by the City Council at their regular meeting on 13 April 1992, at which time the Planner's memorandum and the minutes of the Planning Commission were reviewed and comments were heard by the Council from the City staff. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shorewood as follows: FINDINGS OF FACT 1. That the total proposed accessory space (1647 square feet) does not exceed the floor area above grade of the principal structure (1652 square feet). 2. That the total area of accessory space does not exceed 10% of the minimum lot area for the R-1A Zoning District in which it is located (4,000 square feet). 38 . . 3. That the proposed garage is designed to be an integral part of the principal dwelling and is consistent with the architectural character of the existing home. 4. That a nonconforming pole barn located in the rear yard will be screened by the proposed addition plus required landscaping. 5. That the ratio of accessory space to principal dwelling is brought into conformance with the Code. 6. That the proposed garage complies with all setback requirements for the R -lA District. CONCLUSION 1. That the application of William Bernstein for a Conditional Use Permit as set forth hereinabove be and hereby is granted. 2. That this approval is subject to the applicant planting a minimum of three, six-foot evergreen trees on the north side of the nonconforming pole barn. 3. That the City Administrator/Clerk is hereby authorized and directed to provide a certified copy of this Resolution for filing with the Hennepin County Recorder or Registrar of Titles. ADOPTED BY THE CITY COUNCIL of the City of Shorewood this 27th day of April, 1992. Barbara J. Brancel, Mayor ATTEST: James C. Hurm City Administrator/Clerk . . Dated: April 27, 1992 STATE OF MINNESOTA ) ) ss COUNTY OF HENNEPIN ) CERTIFICATION I, James C. Hurm, duly appointed city Administrator/Clerk of the City of Shorewood, Hennepin County, Minnesota, do hereby certify that the foregoing resolution is a true and correct copy of a resolution adopted by the Council of the City of Shorewood and is so recorded in the minutes of a meeting held on the 27th day of April, 1992. James C. Hurm city Administrator/Clerk MAYOR Barb Brancel COUNCI L Krist; Stover Bob Gagne Rob Daugherty Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD. MINNESOTA 55331 . (612) 474-3236 MEMORANDUM TO: Mayor and City Council FROM: Brad Nielsen . DATE: 23 April 1992 RE: Revised Sign Plan - Floors Plus Store FILE NO. Property - 5660 County Road 19 -- Mr. Rick Johnson has submitted a revised signage plan for his new carpet business located at the above-referenced address. The light pole on which he previously intended to mount a freestanding sign is unable to support the sign so he now proposes a separate sign structure (see Exhibit A). The 4'x6' pylon sign plus a 30"x16' wall sign total 64 feet of sign area and are consistent with the requirements of the Zoning Ordinance. The readerboard style of the pylon sign will should eliminate the need for additional signs (e.g. window signs). . It is recommended that the revised plan be approved as presented. cc: Jim Hurm Rick Johnson A Residential Community on Lake Minnetonka's South Shore 3C . . II" , II 1(,' '- ' '--' ~ .. "I #. 'fl"'- 1 HIU- i)u.u~ I ~.;lII~ '1' i FLOOR'S, PLUS ~Ijf:~;~ r-- "'1 L_, ____....._ I C' PI/II.:', IJ.lwl\ r---.------.. I r- I --=-r 7' oouBLE SIDe Lj''l6'IN1H:IOe. ILLLt'i1fNATf"D SI611\J CABI t\lrr, MOuNTEDTWI t\1 POLE: PAN FO{2JY\!::f) U;XAN FA(fS, ISf S~V\VN L b-l2-r\Pr\IC)'w\"hr~ BAa-C;jQLVND -l.tJ~u.. QED LDl.:1() Bl~!Lq/lA-V -I2EAOE1LE0Af..O BElCIJ IN ILL HoL.-!) le" LE"TTEl2..S, t...\ uNS'> dr;= (JJPY ". AS~H^,.:r ~'<..~ :1 CCNc.2at- 5' ... r1 ~~ . :," FL . :;~ ,"&1' FLOOp\S PLUS STO KE Fi\ONT 5\C1Nk.GE e/ 1(.:,' 'i3 is PLUS z - 3o"~ '2,/ TO tv\f'l'LE 30"'!-16' SIN'-'lLE Fi'tr..E INl~(OJ;?.. Il..LUlo\.lNPrTEu wA-u..... MOJN1"" $\ <=tN. l="Of2.IYIEOAC..e"f u c... FALE"':> . VIYIV L.. ~ 1"2.:'rf)1\\C. 'S F\[2.s-r '5UQ.c::rLE. tope..;> iD ~ki) M..oO~S 'i:>U.J''5 (=) iUlTrt b,12..t=."'{ t. ~~Pl\F\~ \..CIl'ID.~" "=I"''''~G\D e.ETrti2J.)B:l~u 1D~of &lu.J)I~. .' MAYOR Barb Brancel COUNCI L Kristi Stover Bob Gagne Rob DaughertY Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 . (612) 474-3236 23 April 1992 Mr. Glenn Janson Vine Hill Properties 18934 Radford Street . :Minnetonka, ~IN 55345 Re: Revised Sign Plan - Vine Hill Office Building 19285 State Highway 7 Dear Mr. Janson: We are in receipt of your revised sign plan for the above-referenced property. The 6'x5' sign to be mounted on the front of the building is consistent with the requirements of Shorewood's sign regulations. Removal of the freestanding sign in front of the site will bring the property into compliance with the Code. Your plan will be placed on the consent agenda for the 27 April City Council meeting. I do not anticipate any problems in their approving the plan. May we assume that the work will . be completed by 1 June 19921 Please advise. Thank you for your cooperation in this matter. If you have any questions relative to this letter, please contact me at 474-3236. Sincerley, CITY OF SHOREWOOD /1 71';J ~act&~~ ,/. LWe ~ / / Bradley:. Nielsen. , ,- Planning Director cc: Jim Hurm Mayor and City Council A Residential Community on Lake Minnetonka's South Shore 3D Vine Hill Properties 18934 RADFORD STREET MINNETONKA. MN 55345 ,~pq 1 6 Ice? 474-4442 Mr. Brad Nielson, Planner City of Shorewood 5755 Country Club Road Shorewood, MN 55331 April 15, 1992 . . Dear Brad, I have received no reply to our attornies inquiry regarding the sign in front of our building. I wish to have the matter resolved and am enclosing an alternate plan to be presented to the city council. The proposed sign, with dimensions noted, will be attached directly to the front of the building and will be composed of strip inserts for each of the tenants. You have our previous sign application fee on account. me if you have any questions. Call . v~ry sin'\\~ty, \'\(\. '\ ~"\ '<:z\(;' \,~ ~ \--- .. :, '. \ '-' \, '- \:~~.\\: \\ \\j\}'__ , '\J.~ ~"'" . _, 'V \'-, '-, Glenn R. Jansori'~ - . i I I .1 I : I I ~ I I i ! I [--:;.1 ~."" ~ / I I I I .---- ; -. -- r j -, I I I I ! I I I __- I .. I I : ~._ . R ! _ hh____ .. ! ~-- i .. -'-"",::-.~-'- i I I -::-- .~.:--- II i I J I --=-~~ I! ----J..L I ~-'- I: .' ----- I I =-- .~ ... , f1.rU N I _.~} I ~~ ~ I I' __ -. _ "_'. i i . . ("'~j i~ : ~~---~-l ~i; --~-.r -~ i "--'-'.~ t !~-~- f I ~~- ---=- , "-=..,," -, I '~.",..,." I -- '~r ~c' '.,I;~:;';.~!..._..,; ~ !~-. ~_ --I i ~[~~i'~~~ - I i~'~", '-'Q. c,.. ~iC-j .'_~ l- t ~"..........~, ~ c.tl- '~ I ! .., . ~-- ' -...:;:... i .. -!: I ! ,- I- i I i -'1_ I j ------ - I I F ....'.-\ ..-:::::..:::::=:-.::: - ,---- ~-----, ~- - --. --'j ! i I r--..J \...- \\. -. \ '~ ~- - ,-j '-.- -,~ ./ <:::J -.J ~ --- .., " I, /- l- .=-d .~ r-: ---'- ('-' ~.- C_ i \ \ [' \~"-~ 1._"C___ ..--.c:.. -- ~, -N r- i ::-:::-::. --. ,....-...1 -- -----:- -!.... '0 ~ '" ." ,-- .-- ~ _. =< ~ --- t. 1 "- , \'-- J .....- '.../ r -::-:. '..... ---... ----:, ,---- ---: - ....-_... -.--;..::.. , \. /'\ ------ [', -'" ",-<..J .~-/ ~. ,-\ -, j -- ~ ./ '\ l__.... ./ ----" ''---~--' ..--......... """'--""'-" ----- .=:::::;: -.....:. "-' \.- ~ \~-) ~ ~ . \, RESOLUTION NO. -92 A RESOLUTION APPROVING PLANS AND SPECIFICATIONS AND ORDERING ADVERTISEMENT FOR BIDS FOR GRADING AND EXCAVATION AT SILVERWOOD PARK WHEREAS, the firm of VanDoren Hazard stallings Inc. under contract with the city council has prepared plans and specifications for grading and excavation at Silverwood Park; and WHEREAS, VanDoren Hazard stallings Inc. has presented such plans and specifications to the city council for approval; and . WHEREAS, the Shorewood Park commission has reviewed and recommended acceptance of said plans and specifications. NOW, THEREFORE BE IT RESOLVED by the City council of the city of Shorewood as follows: 1. That such plans and specifications, dated April 13, 1992 are hereby approved. . 2. That the City Clerk shall prepare and cause to be inserted in the official newspaper and in "Construction Bulletin" an advertisement for bids upon the making of such improvements under such approved plans and specifications. The advertisement shall be published for one day, shall specify the work to be done, shall state that bids will be received by the Clerk until 10:00 am, on May 20, 1992, at which time they will be publicly opened in the Council Chambers of the city Hall by the city Clerk, will then be tabulated, and will be considered by the council at 7: 00 pm, on May 26, 1992 in the Council Chambers, and that no bids will be considered unless sealed and filed with the Clerk and accompanied by a cash deposit, cashier's check, bid bond or certified check payable to the Clerk for five per cent (5%) of the amount of such bid. ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 27th day of April, 1992. Barbara J. Brancel, Mayor ATTEST: James C. Hurm City Administrator d .)~.. J ' '--- l. t.....;..,,/ .- ...___,.... \ I "" C(~~'''C'';j ':_"~""" "l"c Orr , '":. -,)', Schelen ;. "~ '.:' '~:' Mayer~:m& .,. ," ...~.- j... ASSOcIates, Inc. 2021 East Hennepin Avenue Minneapolis, MN 55413 612-331-8660 FAX 331-3806 Engineers Architects Planners Surveyors Memorandum APR 2 0 1992 DATE: James Hurm, City Administrator Joel Dresel, City Engineer forov April 17, 1992 1>( TO: FROM: SUBJECT: Little League Dugouts Freeman Park OSM 4590.00 . As discussed at our meeting Tuesday night, we are unable to approve of the concrete structures proposed for the Little League Dugouts in Freeman Park, unless they are designed and signed by a structural engineer. We have contacted Mr. Kurt Brieze of Minnetonka Parks, and he has confirmed that they have a similar requirement in Minnetonka. The structures referred to by the Tonka Bay Men's Club in Minnetonka are not in a City Park and are private structures. Minnetonka requires the six and one- half foot clearance that Mr. pazendak suggested, and a structural design. According to our Structural Department, the design detail necessary for these dugouts would cost approximately $750.00 to $1,000.00, which OSM is prepared to complete as a donation to the Shorewood Parks Department. It should be noted that our structural people suggest that the minimum head clearance be six and one-half feet for liability reasons. . Should you wish to proceed with this project, please contact me. '. 1td /J JI.iJ _ ,r) f.-/ -,,' MAYOR Barb Brancel COUNCI L Kristi Stover Bob Gagne Rob DaughertY Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 · (612) 474-3236 MEMORANDUM TO: James C. Hurm, City Administrator ~ FROM: Joe Pazandak, Building Official DATE: May 21, 1992 RE: Freeman Park Little League Dugouts BACKGROUND: Tony Studer of Tonka Mens Club proposes to construct two dugouts at the Freeman Park Little League baseball field, proposed construction plans attached. FINDINGS: The proposed dugouts appear to meet building codes. . RECOMMENDATIONS: If the proposed dugouts are to be constructed the construction should; 1. Conform to approved plans. 2. Be approved by the parks department. 3. The location of the dugouts and any recommended accessory structures (fences, guards or etc.) be in conformance with standards of a national recognized sports association. JCge- ft~. 1 tJV7u1ak Joseph E~ azandak ~ Buildin Official A Residential Community on Lake Minnetonka's South Shore I I I . i i i I i I I I 8~" low d.e. 4811 -:D ~ ~\AJ V!a..n /1-(7";/':)2. ("R.e vi S"ed iNSPCTOR!S COpy ~'r r 1 r , !c:-- c ~ nc re.1-e. -ri ( ed .-- .~ /1 __-:..~ b 5 pa.11 C r' e+-€ reef b.cdl d - bectrnb I OC. KjZ) Yz/I re r-a d -rr,ro utI, caf: d e C G Y' 0- -I-/v-€.. .b /0 c. k. ! :~ 3 JI X / b II X 'i I ( 2l HOUR i'IOTlCE ON A I I l"I,.........,i-.""'~u....~"~ r\i..-;..... I' ~~.-.=f....... ~ ~~t..~-~. ~ 3Ei'NEP; ;3:2Q ~.J. - J.:~O P.M. ..!. 7l..J285 ~........ ;-, . I 8u.' I d i ~-6--d'eW1~-';';-+-I'b'Y1-S----'--' -' - I ( 6 ; ZO I-Or)~ 7(Z,1 hfg h 5' Lfu w i:de. - _.._~._--_.-_. _.~_._._-~----_.-._----- l\Io+e: f<,cof +0 sf~f'e.. 2.1'.f'v-Of1l +r-olftr ~ ba..c.k. ') II I -; <::-": L/- C 0 r1 ere. -r e .5 ,~b I I- I ! I , , i , j ! j <: -IZI1" Ce/J7/ntJ/1 ctJr7crele. t5/Cc.J::: , . I ! ! gllx ZO'I CO/Jcrefe. ho!;-;/g. (2.) V2." S+eel reba.r --t-hroLl.ghs....+ Not TO $caJ e. ~. $~If = 1:;" ....! ,.-. -. -., ..-.:-.......... ....-.-.....'.. "".- o.....-~:_".: 0..- -.- 'V ,:'. .,.-.....:...... ...; RESOLUTION NO. -92 A RESOLUTION AMENDING RESOLUTION 125-91, ADOPTING A CAPITAL IMPROVEMENT BUDGET FOR THE YEAR 1992 WHEREAS, with Resolution 125-91 the City Council adopted a Capital Improvement Budget for the year 1992, which anticipated funding of $382,750 in park improvements during 1992 to come from bonds sold as a result of a referendum election; and . WHEREAS, a Park Referendum is not being held in time to construct said park improvements in 1992; and WHEREAS, it is anticipated that the Park fund balance will grow by $26,038 in 1992 from a January 1 balance of $29,162 to a December 31 balance of $55,200; and WHEREAS, the Park Commission has recommended that a grading and excavating project be undertaken in silverwood Park during 1992. NOW, THEREFORE BE IT RESOLVED that the 1992 Capital Improvement Budget is amended as follows: Budqet as Adopted Chanqe To . Revenues Park Referendum Park Fund $382,750 -0- -0- $55,200 Expenditures Various Referendum Improvements Silverwood Park Grading and Excavation $327,550 $ 55,200 -0- $55,200 BE IT FURTHER RESOLVED that said project budget shall be as follows: Engineering and Project Management Miscellaneous Costs and contingency Grading Excavation/Seeding $ 5,000 5,200 45.000 $55,200 7 f.../"-j I "C:/ BE IT FINALLY RESOLVED that should authorized expenditures for said proj ect occur before anticipated Park fund revenues, the general funds will be utilized until Park fund revenues are suff icient to repay the general fund. In such case no other expenditure may be made from the Park fund until the general fund has been reimbursed in full. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF SHOREWOOD this 27th day of April ,1992. Barbara J. Brancel, Mayor ATTEST: James C. Hurm City Administrator . . " " MAYOR Barb Brancel COUNCI L Kristi Stover Bob Gagne ROb Daugherty Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 . (612) 474-3236 MEMORANDUM TO: Mayor and City Council FROM: Brad Nielsen . DATE: 23 April 1992 RE: McKinney - Code Violations FILE NO. Property - 4925 Rustic Way Mr. McKinney appeared at the 13 April City Council meeting to appeal the Code violation notices he had received for the above-referenced property. He showed photographs suggesting that the property had been cleaned up and presented license plates for vehicles located on the site. The Council allowed Mr. McKinney one additional week to comply with City Codes. At the Council's direction the property was reinspected on Tuesday, 14 April to determine what violations remain on the property. . Although the Volvo which had been stored on the site and a large pile of rubbish located behind the house have been removed, the items listed in our letter to Mr. McKinney, dated 15 April 1992 (Exhibit A, attached), still remained on the site. Photographs were taken, documenting the violations. A subsequent inspection revealed that only the commercial sawhorses had been removed from the property by Wednesday, 22 April. Despite the additional time already granted to the applicant, the Attorney advises that staff wait until after the Council meeting on 27 April to take further action on the property. Unless directed otherwise by the Council, the site will then be cleaned up by the Public Works Department and any remaining zoning violations will be referred to the City Attorney for prosecution. If you have any questions relative to this matter, please do not hesitate to contact me prior to Monday night's meeting. .' cc: Jim Hurm Tim Keane Allen .McKinney Tracy Eichhorn-Hicks B A Residential Community on Lake Minnetonka's South Shore , , FILE COpy ~ J MAYOR Barb Brancel COUNCI L Kristi Stover BOb Gagne Rob DaughertY Daniel Lewis ""'\ CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD · SHOREWOOD, MINNESOTA 55331 . (612) 474.3236 15 April 1992 Mr. Allen McKinney 4925 Rustic Way Shorewood, MN 55331 . Re: , --. Code Violations - 4925 Rustic Way.- P .I.N. 26-117 ~2Yt4=eoog--- Mr. McKinney: Per the City Council's direction at their meeting on 13 April, we have reinspected your property and found the following items remain in violation of Section 501.01 (Offensive and Unhealthy Substances) and Chapter 1201 (Zoning) of the City Code: , Chapter 1201: e{ -Red Chevrolet truck (no license) -Red truck/trailer (no license) -Sawhorses (numerous, used in your renter's painting business~ Section 501: f -Red Chevrolet truck (no license) -Red truck/trailer (no license) -Large blue tank -Blue Chevrolet front end clip -Bel(r keg _ -Old weight bench -Steel tank (approximately 5'x5'x5') -Old barrels' - -Piping and construction materials -Miscellaneous auto parts -Appliances -Pile of aluminum cans -Scrap sheet metal A Residential Community on Lake Minnetonka's South Shore jr . . McKinney - Code Violations 15 April 1992 Page two f ~ S~ction 501 (continued): ~' -Bicycle frames and parts -Tires -Batteries -Inoperable lawn mower -Small engine -Old furnace -Large piles of logs and fallen trees The Council extended the deadline for complying with the City Code to Monday, 20 April 1992, after which any of the Section 501 violations will be corrected by the City, and any remaining violations of Chapter 1201 will be referred to the City Attorney for further legal action. Per your request at the meeting on Monday night, I am also forwarding the sections of the Code cited in our 4 April letter to you. If you have any questions relative to this matter, contact me at 474-3236. CITY OF SHOREWOOD ~f/l-~J Bradley J. Nielsen Planning Director " cc: Jim Hurm Tim Keane Tracy Eichhorn-Hicks Dave Herzog Mayor and City Council I' CK NO CHECK APPROVAL LIST FOR APRIL 27, 1992 COUNCIL MEETING TO WHOM ISSUED PURPOSE AMOUNT CHECKS ISSUED SINCE APRIL 9, 1992 8911 8912 8913 8914 8915 8916 8917 8918 8919 8920 8921 8922 8923 .924 925 8926 8927 8928 8929 8930 8931 8932 8933 8934 8935 8936 8937 8938 8939 ...940 "941 8942 8943 8944 8945 8946 8947 8948 8949 8950 8951 8952 8953 8954 8955 8956 8957 8958 8959 (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (G) (L) (L) (L) (L) (L) (L) (L) (L) (L) (L) (G) (G) (L) (L) (L) (L) (L) (L) (L) (L) (L) (L) (L) (G) (G) (G) (G) (G) Void First State Bank Commissioner of Rev. PERA lCMA Retirement Trust City cty Credit Union AFSCME Local #224 Child Support Enforcmt Anoka cty Support/ColI. Dempsey, Timothy/Vickie Deputy Registrar #59 Finaserve, Inc. Metro Waste Control MN State Treasurer Munici-pals Northern States Power PERA Superamerica US West Communications Bellboy Corporation Boyd Houser Candy/Tobac. East Side Beverage Co. Griggs, Cooper and Co. Johnson Brothers Liquor Mn Bar Supply North Star Ice Ed Phillips and Sons Quality Wine/Spirits Thorpe Distributing Co. Void Franklin Order Dept Joe Pazandak Bellboy Corporation Midwest Coca-Cola Btling Day Distributing Griggs, Cooper and Co. Honeywell Protection Johnson Brothers Liquor Mn Bar Supply National Guardian Sec. Ed Phillips and Sons Quality Wine/Spirits Schwaabs University of Mn Mn Department of Revenue Void Wendy Davis Patricia Helgesen Lightly Epicurean ~ONTINUED NEXT PAGE Payroll deductions Payroll deductions Payroll deductions Payroll deductions Payroll deductions Payroll deductions Payroll deductions Payroll deductions Recycling award Balance due on plates-new trk Gasoline purchases Mar SAC charges 1st qtr bldg surcharges 1992 membership dues utilities Payroll deductions Gasoline purchases Telephone services Liquor purchases Misc and supplies purchases Beer and misc purchases Liquor, wine, misc purchases Wine purchases Misc and supplies purchases Misc purchases Liquor and wine purchases Liquor and wine purchases Beer and misc purchases Office supplies Tuition reimbursement Liquor purchases Misc purchases Beer and misc purchases Liquor, wine, misc purchases security system charge Liquor and wine purchases Misc and supplies purchases Security system charge Liquor and wine purchases Liquor and wine purchases Check stampers Planning books March sales tax Section 125 reimbursement Section 125 reimbursement Planning comm dinner -1- 5,497.11 909.79 1,889.57 616.28 145.00 131. 60 89.10 110.59 50.00 60.00 361. 77 1,386.00 1,105.08 5.00 1,608.07 80.00 471.37 166.93 2,224.91 2,222.93 8,017.85 5,892.04 1,633.91 181. 06 196.80 1,188.22 1,484.66 14,096.55 142.55 107.25 1,962.79 448.10 4,246.75 2,992.14 84.25 1,271.00 341.01 294.84 1,072.42 768.90 78.95 42.00 8,436.25 66.67 437.00 59.74 CK NO CHECK APPROVAL LIST FOR APRIL 27, 1992 COUNCIL MEETING TO WHOM ISSUED PURPOSE AMOUNT CHECKS ISSUED SINCE APRIL 9, 1992 8960 (G) 8961 (G) 8962 (G) 8963 (G) 8964 (L) 8965 (L) 8966 (L) 8967 (L) 8968 (L) 8969 (L) 8970 (L) 8971 (L) 8972 (L) Minnegasco Bradley Nielsen Northern States Power Joseph Pazandak Bellboy Corporation Cash Register Sales Griggs, Cooper and Co. Johnson Brothers Liquor Mn victoria oil Co. Ed Phillips and Sons Quality Wine/Spirits Weekly News, Inc. Wine Merchants '. Utilities section 125 reimbursement Utilities Mileage and film/processing Liquor purchases Cash registers maint Liquor, wine, misc purchases Liquor and wine purchases Fuel oil Liquor and wine purchases Liquor and wine purchases Advertising Wine purchases 634.52 240.00 1,752.30 81. 02 2,154.57 92.90 4,445.55 2,606.97 38.50 267.24 1,547.10 128.00 69.00 . TOTAL GENERAL 18,246.31 TOTAL LIQUOR 71, 486.16 TOTAL CHECKS ISSUED 89.732.47 . -2- DATE 04/22/92 TIME 12:32 CITY OF SHOREWOOD COUNCIL REPORT PAGE 3 CHECK APPROVAL LIST FOR APRIL 28, 1992 MEETING CHECK~ VENDOR NAME DESCRIPTION DEPT. AMOUNT -------- ~------------------------ ------------------------ -------- ----------- 8974 NORWEST BANK MINNESOTA NA FEES ON 11/1/72 BOND -------- 200.00 8975 EARL F. ANDERSON & ASSOC. STREET SIGNS TRAF CON 55.62 8976 APPLIED ENGINEERING ENGINEERING SERVICES CITY GAR 330.00 ENGINEERING SERVICES CITY GAR 430.00 *** TOTAL FOR APPLIED ENGINEERING 760.00 8977 ARTWORKS PLANNING SUPPLIES PLANNING 13.50 8978 BRYAN ROCK PRODUCTS, INC. PW ROCK SUPPLIES CITY GAR 48.47 8979 CHANHASSEN-CITY OF MAR ANIMAL CONTROL SVCS PROT INS 8$2.00 . 8980 CHIPPEWA TOP SOIL PW SUPPLIES STREETS 295.00 8981 COMMERS CONDITIONED WATER WATER COOLER RENTAL 22.50 8982 HAROLD DIRCKS COUNCIL MEETING TAPING COUNCIL 90.00 8983 EOS ARCHITECTURE piN SITE SERVICES 14,054.66 8984 ERICKSON, ROLF E.A. MAY ASSESSING FEE ASSESSHIG FEE *** TOTAL FOR ERICKSON, ROLF E.A. PROF SER 2,950.00 PROF SER 2.63 2,952.63 8985 GOPHER STATE ONE-CALL, IN ONE CALL SERVICES ONE CALL SERVICES *** TOTAL FOR GOPHER STATE ONE-CAL WATER DE SEWER DE 10.00 5.00 5.00 . 8986 HART FORMS & SYSTEMS PAYROLL CHECKS FINANCE 234.90 8987 INGMAN LABORATORIES, INC. TESTING SERVICES 225.00 8988 KAR PRODUCTS SHOP SUPPLIES CITY GAR 110.63 8989 KNUTSON SERVICES, INC. RECYCLING SERVICES-MARCH -------- 4,167.10 *** TOTAL LEGAL FEES-GENERAL LEGAL FEES-GENERAL-WTRFD LEGAL FEES-CHURCH ROAD FOR LARKIN, HOFFMAN, DAL PROF SER 2,895.75 PROF SER 280.00 -------- 558.60 3,734.35 8990 LARKIN, HOFFMAN, DALY... 8991 MACQUEEN EQUIPMENT, INC. VEHICLE SUPPLIES 8992 MANN MADE PRODUCTS MAINT SUPPLIES CITY GAR 368.00 CITY GAR 8.00 8993 METRO WASTE CONTROL COMM. MAY CONTRACT PAYMENT SEWER DE 31,389.00 8994 MIDWEST BUSINESS PRODUCTS OFFICE SUPPLIES GEN GOVT 125.93 8995 MINNESOTA CONWAY-FIRE & S FIRE EXTINGUISHER MAINT PUB WKS 276.00 8996 MN SUBURBAN PUBLICATIONS PUBLISHING 58.96 DATE 04/22/92 TIME l2:32 CITY OF SHOREWOOD COUNCIL REPORT PAGE 4 CHECK APPROVAL LIST FOR APRIL 28, 1992 MEETING CHECK~ VENDOR NAME DESCRIPTION DEPT. AMOUNT -------- ------------------------- ------------------------ -------- ----------- PUBLISHING GEN GOVT l4.07 *** TOTAL FOR MN SUBURBAN PUBLICAT 73.03 8997 MUNITECH, INC. MAY CONTRACT PAYMENT MAY CONTRACT PAYMENT *** TOTAL FOR MUNITECH, INC. WATER DE 4,030.00 SEWER DE 2,l70.00 6,200.00 8998 POTTS, KENNETH N. PROSECUTING FEE-MARCH PROF SER .1,458.33 8999 SO LK MTKA PUB SAFETY DEP MAY CONTRACT PAYMENT JAN-MAR OT *** TOTAL FOR SO LK MTKA PUB SAFET POLICE P 31,398.81 POLICE P 946.33 32,345.14 9000 TECHNICAL REPRODUCTIONS MAP REDUCTIONS MAP REDUCTIONS *** TOTAL FOR TECHNICAL REPRODUCTI PLANNING 29.. PLANNING .1.1~. 141.27 9001 TONKA FORD VEHICLE MAINT SUPPLIES PUB WKS 7.l3 9002 TONKA PRINTING CO. PERMIT APPLICATION FORMS PLANNING 138.00 9003 TWIN CITY STAMP AND PRINT NAME PLATES MUN BLDG 9.10 9004 TWIN CITY WATER CLINIC MONTHLY WATER TESTING WATER DE 20.00 9005 VAN DOREN, HAZARD, STALLI PARK PLANNING SVCS PARKS & 2,965.20 , 9006 SCHWAAB FAX STAMP-OFFICE SUPPLY GEN GOVT 38.35 *** TOTAL FOR BANK 05 103,424.84 ~ *** GRAND TOTAL *** 193,157.37 CK NO CHECK APPROVAL LIST FOR APRIL 27, 1992 COUNCIL MEETING TO WHOM ISSUED HOURS AMOUNT CHECK REGISTER FOR APRIL 21, 1992 PAYROLL 206112 206113 206114 206115 206116 206117 206118 206119 206120 206121 206122 206123 .206124 06125 06126 206127 206128 206129 206130 206131 206132 206133 206134 206135 206136 206137 206138 206139 206140 .06141 06142 206143 206144 206145 206146 206147 206148 206149 206150 206151 206152 206153 206154 206155 206156 206157 206158 206159 206160 (G) (L) (G) (G) (G) (G) (G) (L) (L) (L) (G) (L) (G) (G) (G) (G) (L) (G) (L) (G) (G) (G) (L) (L) (L) (G) (G) (G) (L) (G) (L) (L) (L) (G) (G) (G) (G) (G) (G) (G) (G) (L) (G) (L) (G) (L) (G) void Dee Allar Scott Bartlett Edwin Boltman Charles Davis Wendy Davis Carment Doughty Jeanne Englund Kevin Foss Cory Frederick John Fruth Suzanne Grahn Jerry Harmsen Patricia Helgesen Joanne Hermann Norma Hogle Elvera Hoops Rachel Huppert James Hurm Brian Jakel Dennis Johnson Kay Johnson Linda Johnson Martin Jones William Josephson Mark Karsten Void Irene Kronholm Elaine Larson Anne Latter Susan Latterner Josephs Lugowski Robert Lynch Russell Marron Kelly McKasy Lawrence Niccum Susan Niccum Bradley Nielsen Joseph Pazandak Nancy Peterson Jeannine Picha Daniel Randall Mary Reutiman Brian Roerick Alan Rolek Brian Rosenberger Susan Ryan Christopher Schmid Mary Schmitt Election judge 22.0 reg hours Election judge 80.0 reg hours 80.0 reg hours Election judge Election judge 12.0 reg hours 43.0 reg hours 16.5 reg hours Election judge 3.5 reg hours 80.0 reg hours Election judge Election judge Election judge 9.75 reg hours 80.0 reg hours 51.0 reg hours 80.0 reg hours Election judge Election judge 20.75 reg hours 80.0 reg hours 17.0 reg hours Election judge Election judge 80.0 reg hours 34.75 reg hours 84.0 reg hours 8.0 reg hours 28.0 reg hours 9.0 reg hours 80.0 reg hours 80.0 reg hours-6 ot 80.0 reg hours 80.0 reg hours Election judge Election judge 80.0 reg hours Election judge 6.0 reg hours 80.0 reg hours 16.0 reg hours Election judge 80.0 reg hours Election judge CONTINUED NEXT PAGE -5- 5.20 121. 91 68.57 554.25 663.36 66.50 76.18 66.50 214.11 87.76 73.88 17.46 681. 78 115.44 66.50 78.50 48.63 1,493.60 243.81 735.24 58.18 55.07 103.48 597.68 89.89 65.46 68.57 793.34 180.29 751.38 42.11 147.91 41. 56 687.71 731.80 937.93 960.46 66.50 68.57 745.58 66.50 31. 58 1,060.03 74.23 37.40 385.04 35.33 CHECK APPROVAL LIST FOR APRIL 27, 1992 COUNCIL MEETING CK NO TO WHOM ISSUED HOURS AMOUNT CHECK REGISTER FOR APRIL 21. 1992 PAYROLL 206161 (G) Carmelita smith Election judge 68.57 206162 (G) Howard Stark 80.0 reg hours 638.67 206163 (L) John Stolley 18.0 reg hours 83.11 206164 (G) Beverly Von Feldt 80.0 reg hours 533.64 206165 (G) Ralph Wehle 80.0 reg hours 594.97 206166 (L) Dean Young 80.0 reg hours 588.59 206167 (G) Donald Zdrazil 80.0 reg hours 1,153.43 206168 (G) Mary Beth Knopik Election judge 107.35 TOTAL GENERAL 14,965.44 TOTAL LIQUOR 3.165.6. TOTAL PAYROLL 18.131. 09 " . -6- .- FilE COpy MAYOR Barb Brancel COUNCI L Kristi Stover Bob Gagne Rob DaughertY Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 · (612) 474-3236 MEMORANDUM TO: Mayar and City Cauncil FROM: Brad Nielsen DATE: 24 April 1992 RE: ~ - lalI -...- -~"-"--~'u":>o. Waterfard ill - Ryan Canstruction'~'"",,,, FILE NO. 405- (9202)--- ---,. At the Cauncil's directian staff has attempted ta estimate the amaunt .of escrow depasit which shauld be required if Ryan Canstructian decides ta pursue a revisian ta the Waterfard III P.U.D. Based an Ryan's propased review schedule the fallawing casts may be incurred by the City: -Legal review .of T.I.F. (C. Atty. and Springstead) -Traffic Study (independent cansultant) -Legal review .of Camp Plan amendment and P.U.D (C. Atty.) -Engineering review .of P.U.D. and Traffic Study $ 5000 5000-10000 2500-5000 5000 Tatal $17,500-25,000 Please nate that these casts anticipate expenses through the develapment stage .of the P.U.D. process (Le. preliminary plat). A reasanable initial escrow .of $12.000, in additian ta the normal zaning fees, shauld caver the initial review .of the T .I.F. issues and preparatian .of the traffic study. Depending an the autcame .of the T.I.F. review and traffic study, additianal escraw wauld be required. The City Attarney has farwarded a madel escrow agreement (Exhibit A} which can be used far this project. We have alsa sent aut a Request far Qualificatians far traffic engineering services ta the fallawing firms: Benshaaf Assaciates, Inc. Shart Elliat Hendricksan Bartan Aschman Assaciates, Inc. A Residential Community on Lake Minnetonka's South Shore / I \ .. -...~./ . ( (- Waterford ill - Ryan Proposal 24 April 1992 ~ The RFQ and their responses are enclosed for. your review. One last issue which was not addressed by the Council at the last meeting is the extent of notification desired fort4is project. As noted in our previous staff report, the requirement in our Code is to notify proPerty owners within 500 feet of the subject site.' However, in the ~ previous review of Waterford ill staff was directed to notify owners 500 feet north of .~ Highway 7 plus the entire southeast area of Shorewood (the area! bounded by Christmas Lake, Highway 7, Vine Hill Road and the Shorewood/Chanhassen border). If you have any questions relative to this matter, please do not hesitate to contact me prior to Monday nights meeting. ' cc: Jim Hurm Joel Dresel Tim Keane AI Rolek Bill McHale Dick Koppy -2- r- ( """" ~..:.., ...~' ........ ''''.' .. . ..~ '. ." : .. -. - ".' -. -.- - --;-- CITY OF SHOREWOOD \::lJ "('c,: i;.. ~.<.._ ,\ >~ . \; ',...' 1 :;-._. ~ ~~':'-';"~; ..\';-:~,f; I ~ :,:~ ........ ~~_...:.t-.~ .... '(,.11 ~~ DEVELOPMENT ESCROW AGREEMENT THIS AGREEMENT, made and entered into on the ____ day of , 1992, by and between the CITY OF SHOREWOOD, a municipal corporation organized under the laws of the State of Minnesota (the City), and RYAN CONSTRUCTION COMPANY (the Developer). WHEREAS, the Developer will be making applications to the City for approval of permits relating to a mixed use commercial development (the Application) located within the City; and WHEREAS, in conjunction with the review and processing of said Application, the City will incur certain costs including administrative and consulting costs 'involved in the processing of such application, and the City requires a guaranty that such costs will be paid by the Developer; and WHEREAS, under authority granted to it, including Minnesota Statutes Chapter 462, the City will process the Application on the condition that the Developer enter into this Development Escrow Agreement (the Agreement), which Agreement defines certain duties and responsibilities of the Developer and the ~"',b',t A :"",:\ "\,,:)/ City, and the Developer shall provide a deposit in an amount determined by the City providing for the securing to the City the payment of all such costs incurred by the City; and WHEREAS, the City shall account to the Developer for the expenditure of the escrow funds on a periodic basis; NOW, THEREFORE, the City and Developer agree as follows: 1. Application Escrow. It is understood that the City shall commence to process the Application at such time as this Agreement is executed by all appropriate parties and the escrow required hereunder is posted in a form acceptable to the City. _. Z~ Use of Escrow Funds. The City may draw upon the ~~ ., '''7-'',~ escrows to pay its costs necessarily related to the -', -'. _)Specific purpose for which the escrow was posted and the City shall determine all of its costs incurred, including both administrative and consulting services; at the rates normally charged by the City or its consultants, determined according to City standards. . ) ;- 3. Conditions of Escrow. The following conditions shall apply to the Application escrow contemplated under this Agreement: a. Payment shall be made to the City's services required to review this application, including but not limited to fiscal, engineering, legal and planning, in the amounts actually incurred by the City, according to the customary rates in effect at that time. Such services or costs shall reasonably and necessarily relate to the subject matter of the Application as determined by the 2. /'">-" <(~~. ~ .,~,:" " ~. 4. ",:~ ".''''--, City. The City agrees to provide the Developer with an accounting of the fees and expenses of the City together with projected future fees relating to processing the Application. b. The City shall not be responsible for paying any interest on the escrow accounts contemplated under this Agreement. c. In the event that there is an inadequate balance in the escrow account to cover the accrued costs incurred by the City in processing the Application, the Developer agrees to pay all amounts due on or before the date of final application approval Balances in Escrows. In the event that there are any balances in the escrow accounts upon completion of the development process, or in the event that the Application is withdrawn by the Developer, denied by the City or for any reason, is not completed, then the balances shall be refunded as follows: \. a. The City shall pay such balances to the Developer unless written instructions are submitted to the City and signed by the Developer prior to repayment by the City. b. In the event that the Developer desires to assign its interest in its escrow, then the Developer shall notify the City in writing of the assignment of its interest. c. In the event that the City fails to refund any balance in an escrow account contemplated under this Agreement, then the Developer may request 3 . ."'--...:. <Jr" .<.~ \~' -.". ." payment from the City and the refund shall be made by the City within thirty (30) days of written notice to the City that the Application has been terminated or at the next regular scheduled City Council meeting, and only after all costs covering the application or project have been paid in full. 5. Escrow Amounts. The escrow amounts contemplated for each of the purposes described under this Agreement which may be revised by the City from time to time shall be as follows: a. Preliminary the time of amount of $ Application Escrow. A cash escrow at submission of the Application in the as determined by the City. b. D~v~lopment Escrow. A ~ent escrow of approximately $114,00~er 10 acres has been suggested by the ne~loper. The actual development e ow will be determined if Applicatio approved. 'J -'. 6. Accountinq. The City will provide an accounting of all expenses charged against each escrow account when requested by the Developer, but in no event more often than monthly. 7. Terms of Breach. In the event of breach of any terms of this Agreement by the Developer, the City may, at its option, terminate further processing of the . Application and order the Developer to cease any further development or progress under the terms of this Agreement. 4. . 8. validity. If any portion, section, subsection, sentence, clause, paragraph or phrase of his Agreement is for any reason held to be invalid, such decision shall not affect the validity of the remaining portion of this Agreement. 9. Guaranty. In the event the costs and expenses incurred by the City pursuant to Section 2 exceed the Escrow balance, the Developer does hereby guaranty to pay the City those amounts within 10 days of demand by the City, together with all costs and expenses including reasonable attorneys' fees, incurred by the City in enforcing this Guaranty. 10. Bindinq Aqreement. The parties mutually recognize and agree that all terms and conditions of this Agreement shall run with the land herein described and shall be binding upon the heirs, successors, administrators and assigns of the Developer referenced in this Agreement. 11. Amendments. The terms of this Agreement shall not be amended without the written consent of all parties \'. hereto. IN WITNESS WHEREOF, we have hereunto set our hands and seals. CITY OF SHOREWOOD /~ ~'." .-~ ",< ~..:~~~:.::: > \. " "', ." ", ,.:~ ~. By: / r~" ". , (.. Its: 5 . . ~ /"" / \1~'~' , , ,- \,' , \\;;)/;. 'TJK:HR6s DEVELOPER: RYAN CONSTRUCTION COMPANY 'By: - ,5-,,;' .~<:.,.~~..,~ By: 6. ,', , ' \ '.0- '\ , ....' ,'\ "'~ Its: Its: \.. . ' ,,-. . ' MAYOR Barb Brancel COUNCI L Kristi Stover Bob, Gagne Rob Daugherty Daniel Lewis CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD . SHOREWOOD, MINNESOTA 55331 · (612) 474-3236 20 April 1992 Mr. James Benshoof Benshoof and Associates, Inc. 7901 Flying Cloud Drive Eden Prairie, MN 55344 Re: Request for Qualifications - Traffic Study Dear Mr. Benshoof: The City of Shorewood is considering conducting a traffic study in conjunction with its review of a proposed development located on State Highway 7, immediately east of the Old Market Road intersection (see Site Location map, attached). The property in question consists of 26 acres which has been approved for approximately eight acres of neighborhood commercial development and 54 twinhomes. A new developer now proposes to change the project, expanding the commercial portion to 17 acres and potentially eliminating the residential" portion of the project. The City has determined that a traffic study should be prepared as a first step to any further review of the new proposal. The study will address the following areas of concern: 1. Compare the trip generation (ADT and peak hour) of the project which has been approved to the proposed development. 2. Analyze the impact the proposed project will have on circulation patterns on neighborhood streets in the southeast area of Shorewood. 3. Recommend possible measures which might be employed by the City to mitigate any adverse traffic impacts on residential areas surrounding the subject property. We are not asking for proposals at this time. The brief description of the scope of the study is simply provided to determine your interest in the study. Also, if you are interested in this work, we would like some idea as to how much this type of study may cost and how long it would take to complete. Obviously, any cost or time estimate you provide at this time would not be binding. A Residential Community on Lake Minnetonka's South Shore .; . . lames Benshoof Benshoof and Associates, Inc. 20 April 1992 page two If your firm is interested in being considered for the study, please send us your qualifications, client list, list of similar projects and any other information which may help us to evaluate your firm. If your information is not easily reproducible (e.g. color brochures, etc.) you should provide 10 copies. Your response should be sent to: Bradley I. Nielsen, Planning Director City of Shore wood 5755 Country Club Road Shorewood, MN 55331 Please submit your response by noon on-Friday, 24 April. If you have any questions relative to this matter, please do not hesitate to contact me at 474-3236. Sincerely, CITY OF SHOREWOOD g.,dtL,- /f. ~lv-J Bradley J. Z?en Planning Director BJN:ph cc: Iim Hurm Ioel Dresel Tim Keane Dick Koppy Bill McHale Mayor and City Council ,~. ~-_..- I i I g Ii --~~- ... z :;; I I KINGSWOQO TER. -""" '1 ~' 1 - 1- SITE LOCATION Waterford ill - Ryan Construction Proposal ~ HiE CllPy CITY OF SHOREWOOD MINNESOT A APlX) March 11, 1992 CERTIAED PUBLIC ACCOUNTANTS AND Q)NSULTANTS Members of the City Council City of Shorewood Shorewood, Minnesota In planning and performing our audit of the general purpose financial statements of the City of Shorewood for the year ended December 31, 1991, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control structure. However, we noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the city's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. A material weakness is a reportable condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. However, we noted the following reportable condition that we believe to be material weaknesses. Member of American Institute of Certified Public Accountants Private Companies Practice Section 115 EAST HICKORY STREET, SUITE 302 PO. BOX 3166 MANKAlO, MINNESOTA 56002,3166 (501) 625-2727 FAX (507) J88.9119 104 USf PEARL STREET PO. BOX 345 OWAlONNA, MINNESOTA 55lJ6O.0145 (507) 451-9136 FAX (507) 451.()794 lO6O NOKIHLAND PLAZA J800 WEST 00Ili STREET MINNEAPOU5, MINNESOTA 55431 (6lZ) 835-9090 FAX (6lZl896-3620 City of Shorewood March 11, 1992 Page Two Seqreqation of Duties APIX) ~ CamAID PuBLIC AaxJuN-rANlS AND CoNsutTANlS Our study and evaluation disclosed that because of the limited size of your office staff, your organization has limited segregation of duties. A good internal control structure contemplates an adequate segregation of duties so that no one individual handles a transaction from inception to completion. While we recognize that your organization is not large enough to permit an adequate segregation of duties in all respects, it is important, however, that you be aware of this condition. Other Matters The following are areas that came to our attention during the audit that we feel should be reviewed: Financial position and Results of Operations General Fund All general governmental functions of the City which are not accounted for in separate funds are included in the General Fund. Revenues and transfers for the General Fund for 1991 totaled $2,237,115, a decrease of $130,880 or 5.53% over 1990. Revenue Source 1991 General Property Taxes Intergovernmental Revenue Charges for Services Licenses and Permits Fines Interest Other Revenue Transfers from Other Funds $1 627 874 153 681 3 635 168 560 101 200 101 333 55 832 25 000 Total Revenue and Transfers $2 237 115 Percent of Total Increase (Decrease) From 1990 1990 72.77% $1 437 140 $ 190 734 6.87 .16 7.54 4.52 4.53 2.50 273 780 9 943 203 828 124 234 91 685 32 385 (120 099) (6 308) (35 268) (23 034) 9 648 23 447 1.11 195 000 (170 000) 100.00% $2 367 995 $(130 880) A shift in state funding of local government eliminated the City's local government aid entirely in 1990. In 1991, the State's funding was reduced again eliminating $66,971 from the City's allocation of Homestead and Agricultural Credit Aid. For 1991, the State's funding of the General Fund totalled only $137,426 or 6.2% of total revenue. City of Shorewood March 11, 1992 Page Three APlX) ~ CElmAED PuBuc Aaxx.MrANTS AND CoNSULTANTS Expenditures and Transfers for the General Fund for 1991 totaled $2,241,781. This is an increase of 8.57% over the 1990 General Fund Expenditures and Transfers of $2,065,011. Percent Increase of (Decrease) Proaram 1991 Total 1990 From 1990 General Government $ 665 152 29.67% $ 616 929 $ 48 223 Public Safety Police 384 558 17.15 378 149 6 409 Fire 88 527 3.95 79 749 8 778 Other 75 258 3.36 74 760 498 Public Works 375 406 16.75 799 543 (424 137) Parks and Recreation 142 168 6.34 115 881 26 287 Operating Transfers to Other Funds 510 712 22.78 510 712 Total Expenditures and Transfers $2 241 781 100.00% $2 065 011 $176 770 Capital outlay expenditures in the public works department accounted for much of the 1990 increase in expenditures. In 1991, the funds earmarked for various pUblic works projects were transferred out of the General Fund to various capital projects funds. These separate funds have been established as part of the city's five year capital improvements planning. The 1991 transfers out also include $210,000 from 1990 which was designated also for projects. The fund balance in the General Fund designated for working capital is $1,126,793 which is an increase of $79,934 from the prior year. The amount designated for working capital is approximately 50% of the 1991 expenditures. A fund balance at year end in necessary to provide working capital to finance the subsequent year expenditures until major revenues are received five or six months into the year. The fund balance designated for working capital should be maintained at the 50% level. We recommend the City review its fund balance requirements and establish guidelines to determine its fund balance needs. Debt Service Funds In governmental accounting, the bonds to be paid from the resources of each debt service fund are not accounted for within the same fund. The following recap matches the assets of each debt service fund with the bonds payable at year end. city of Shorewood March 11, 1992 Page Four Al?iX) ~ CamAED PullUc Aa:oum-ANTS AND ~TANTS Fund Cash and Investments Total Assets Bonds Payable 1984 Improvement (1987 Refunding) Shorewood Oaks 1974 Sewer Improvement SE Water (1986 Improvement) 1991 Improvement and Refunding $536 717 $ 627 311 $615 000 816 534 1 225 987 955 000 39 463 86 768 60 000 568 311 731 375 725 000 301 900 785 458 960 000 In addition, a $31,000 improvement bond issue in 1991 will be financed through a ad valorem tax levied on the special taxing District #2. Proceeds of $271,000 from the 1991 Improvement and Refunding Bond issue will be used along with approximately $400,000 from the SE Water (1986 Improvement) to call the balance of the 1986 bonds on February 1, 1992. As the summary above indicates, each bond should have sufficient assets (cash and special assessments receivable) to finance the related bond issue. Capital Projects Funds During 1991, various capital projects funds were established in connection with the City's five year capital improvements plan. Each year the CIP should be updated to reflect actual balances available at year end and changes in the City's plans and priorities. Enterprise Funds Liquor Fund The gross profit margin in each store increased in 1991. A brief comparison with prior years is as follows: Store I Store II 1991 1990 1991 1990 Sales $606 845 $525 807 $848 487 $776 680 Gross profit 131 725 113 340 176 498 150 744 Gross profit percentage 21. 71% 21. 56% 20.80% 19.41% Operating income $ 39 675 $ 27 481 $ 47 833 $ 32 029 In addition to reporting good results, the Liquor Fund had a cash balance of $302,262 at year end. City of Shorewood March 11, 1992 Page Five APIX) ~ CamAED PuIlLlC AcrouNTANTS AND O:>NsuLTANTS Water Fund A comparison of operations with the prior year follows: 1991 1990 Charges for services $149 088 $156 069 Permits, connection fees 23 481 36 613 Total revenue 172 569 192 682 Operating expenses, excluding depreciation 126 614 116 289 Operating income before depreciation $ 45 955 $ 76 393 The cash deficit in the Water Fund was eliminated in 1990. The fund has increased to a positive balance of $84,757 at December 31, 1991. The City must continue to increase the cash balance of this fund to provide for the major maintenance expenses which will be required periodically. Sewer Fund A comparison of operations with the prior year follows: Charges for services Permits and connection fees 1991 1990 $474 451 $447 521 6 500 8 400 480 951 455 921 393 194 346 015 $ 87 757 $109 906 Total revenue Operating expenses, excluding depreciation Operating income before depreciation Other Items Certificate of Achievement The City will submit its 1991 financial report and participate in the Government Finance Officer's certificate of Achievement for Excellence in Financial Reporting. As is evident by the report, it has been significantly enhanced with the addition of the Introductory and statistical sections of the report. The City's staff involved with this project should be commended for their efforts on this project. .. ~ city of Shorewood March 11, 1992 Page six APlX) ~ CanlAED PuBuc AanuNrANTS AND O:lNsuLTANTS * * * * * This report is intended for the use of management and council. The comments and recommendations in the report are purely constructive in nature and should be read in this context. Our audit would not necessarily disclose all weaknesses in the system because it was based on selected tests of the accounting records and related data. If you have any questions or wish to discuss any of the items contained in this letter, please feel free to contact us at your convenience. We wish to thank you for the continued opportunity to be of service and for the courtesy and cooperation extended to us by your staff. Sincerely, ABDO, ABDO & EICK );,tifi;t Ji:::untants Ga:;tA. Groen, CPA Mi~~J~polis Office AEfX) ~ CamAED Pueuc AL:=uNTANTS AND ON;uu-ANTS INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE BASED ON AN AUDIT OF THE GENERAL PURPOSE FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Mayor and City Council City of Shorewood Shorewood, Minnesota We have audited the general purpose financial statements of the City of Shorewood, Minnesota for the year ended December 31, 1991, and have issued our report thereon dated March 11, 1992. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. Our audit was also conducted in accordance with the provisions of the Legal Compliance Audit Guide promulgated by the Legal Compliance Task Force pursuant to Minnesota Statutes. The Legal Compliance Audit Guide covers five main categories of compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, and claims and disbursements. OUr study included all of the listed categories. Compliance with laws, regulations, contracts and grants applicable to the City of Shorewood is the responsibility of the City's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the City's compliance with certain provisions of laws, regulations, contracts, and grants. However, our objective was not to provide an opinion on overall compliance with such provisions. The results of our tests indicate that, with respect to the items tested, the City of Shorewood complied, in all material respects, with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the city had not complied, in all material respects, with those provisions. This report is intended for the information of management and the State Auditor's Office. This restriction is not intended to limit the distribution of this report, which is a matter of public record. . ~I(JJJ.o(U March 11, 1992 Minneapolis, Minnesota ABDO, ABDO & EICK Certified Public Accountants AID) ~ CamRED Ptmuc Aa::ouNTANTS AND ChlsucrANTS INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL STRUCTURE BASED SOLELY ON A STUDY AND EVALUATION MADE AS A PART OF AN AUDIT OF THE GENERAL PURPOSE FINANCIAL STATEMENTS Honorable Mayor and City Council City of Shorewood Shorewood, Minnesota We have audited the general purpose financial statements of the City of Shorewood, Minnesota, as of and for the year ended December 31, 1991, and have issued our report thereon dated March 11, 1992. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of the City of Shorewood, Minnesota for the year ended December 31, 1991, we considered its internal control structure in order to determine our auditing procedures for the pUrPOse of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. The management of the City of Shorewood, Minnesota is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: . Cash receipts . Cash disbursements . Payroll . ., Page Two AJ?lX) ~ CamRm l\muc AcrouNTANTS AND OlNsuLTANTS For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk. We noted certain matters involving the internal control structure and its operation that we consider to be reportable conditions under standards established by the American Institute of Certified Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control structure that, in our judgment, could adversely affect the entity's ability to record, process, summarize and report financial data consistent with the assertions of management in the general purpose financial statements. Our study and evaluation disclosed that because of the limited size of your office staff, your organization has limited segregation of duties. A good system of internal control structure contemplates an adequate segregation of duties so that no one individual handles a transaction from inception to completion. While we recognize that your organization is not large enough to permit an adequate segregation of duties in all respects, it is important, however, that you be aware of this reportable condition. A material weakness is a reportable condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses as defined above. We believe that the reportable condition described above is a material weakness. We also noted other matters involving the internal control structure and its operation and we have reported to the management of the City of Shorewood in a separate letter dated March 11, 1992. This report is intended for the information of management and the state Auditor's office. This restriction is not intended to limit the distribution of this report, which is a matter of public record. (lbl" ~ t:U March 11, 1992 Minneapolis, Minnesota ABDO, ABDO & EICK Certified Public Accountants I I I I I I I I I I I I I I I I I I I CITY OF SHOREWQOD,lVIlNNESOTA COMPREHENSIVE ANNUAL FINANCIAL REPORt FOR THE YEAR ENDED DECEMBER 31,1991 ~ JAMES C. HURM, CITY ADMINISTRATOR REPORTPREPARED BY: DEPARTMENT OF FINANCE , " ALANJ. aotEK, FINANCE DIRECTOR/TRE. ASURER . c . MEMBEkQF GOVERNMENT FINANCE OFFICERS ASSOCIATION OF THE UNITED STATES AND CANAD~ I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA TABLE OF CONTENTS DECEMBER 31, 1991 I. INTRODUCTORY SECTION Elected and Appointed Officials Organizational Chart Letter of Transmittal II. FINANCIAL SECTION Independent Auditor's Report General Purpose Financial Statements 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 Combinina and Individual Fund and Account Group Financial Statements and Schedules General Fund Comparative Balance Sheet Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual Debt Service Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and Changes in Fund Balance Capital Projects Funds Combining Balance Sheet Combining Statement of Revenue, Expenditures and Changes in Fund Balance Enterprise Funds Combining Balance Sheet Combining Statement of Revenue, Expenses and Changes in Retained Earnings Combining Statement of Cash Flows Water Fund Comparative Balance Sheet Comparative statement of Revenue, Expenses and Changes in Retained Earnings Comparative Statement of Cash Flows Sewer Fund comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings Comparative Statement of Cash Flows Exhibit paae I II - IX 1 2 2 3 3 4 4 5 5 6 7 - 22 A-1 23 A-2 24 - 28 B-1 29 B-2 30 C-1 31 C-2 32 0-1 33 0-2 34 0-3 35 0-4 36 0-5 37 0-6 38 0-7 39 0-8 40 0-9 41 CITY OF SHOREWOOD, MINNESOTA TABLE OF CONTENTS DECEMBER 31, 1991 Liquor Fund Comparative Balance Sheet Comparative Statement of Revenue, Expenses and Changes in Retained Earnings Comparative 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 - All 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 Exhibit D-10 D-11 D-12 E-1 F-1 F-2 F-3 G-1 H-1 I-1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 I I Paae I 42 43 44 I I 45 46 I I 47 48 49 I , I I I 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 I I I I I I I CI I I I I, I I \1 /1 I il / , I I I I, I I I I CITY ,OF S}JOREWOOD, MINNESOTA ~ /-;/ (SECTION I INTRODUCTORY SECTION q!!l'Y . OF $HOREWOOD, MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEIolBE~ 31, 1991 Elected Officials Barbara Brancel Robert Gagne Jr. Kristi.Stover R9bertDaugherty D~niel Lewis Mayor COuncil Member Council rtelnber Council Member Council Member A~~ointed Officials James C. Hurm AlanJ! Rolek City ~dministrator Finance Director/Treasurer Term Expires 1992, 1992 1992 iJ 1994 1994 I ! 1/ I / Ii ,I 'I ,I I I 'I I I I ;1 ,1\ I 'I I I I I I , I I I I I I I I I I - I I I I c o o ~ w a: o J: en LL o > ... - (.) ... a: <t J: (.) ...J <t 2 o - ... <t N - 2 <t ~ a: o ICnI a: w .... o > L _I - I en Z o en(j) Cen a:- <(~ o~ mo u ~ - l- I .... I - U Z ::) o u > .... - u - - I I I 1_ 1"-- I > W .Z a: o .... .... <( > .... - L (.) I - Z w o U I - a: ~zclSf2 :!: Q~~ :!:enZen o~Cii<( u:!::)'- ~:!:~~ ~oa:> zUoa: Z~-w <(a:Zen ....I <( w Q.Q.en I . - I a: I o .... <C a: .... en - ,-- ~ ~ C <( > .... - U L / / , J ... 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"0 I:ou...... .- I: CD CD 0 I: .- 0. 0. a:l 1:1: en 00: ..!!!OI:O: '7 f':J I I en ... ... E U I: en I: co co CD 1:0'" ;:... Eo';:; 0 I: en I: ';:;coE!Ol 0 ~ ~ ~ECl..~ ~,~ > =OI:I:P...>o o .c-Ol:uol-Cl. ~Olen ;:'I:';:;..!!!coen -1:1:~Cl.-;:;~Cl.;:~~c ~ 'Vi .S! ... - :: ....:,t. I: en .c '0 CDI:_OCO.cU"'oenco-, I:CDUUO~CDCOUctu CD U~ CD CD Cl.0:Cl._ I I ~~L.I;l~-r I I I I I E CD ... en en > en ... en 01 ... 1:0"'1: - ~ I: CDE I: ~ 'Vi CD .;:; CD .;:; ~ co I: I: - E en CD o.or; l:~otl~~OlE~ ~8~CD=~-g0;:' ... U co ~ .- ct III U Cl. ~<(Cl.I'9, I I I I I I U > en'" OlE I: 01 .;: ~ CD... CD U I: CD '01"(5' I: ... WCl. I I CD iii::: en co I ... - CD 00: I I N en en .- .;: 0. <( - - "0 .... - co 0 .c 01 I: 'c .... CD > 0 0 - .~ !2. I: - 0 CD > ;:; co - I: CD CIl CD .... 0. CD .... J CIl -> - U J ,!2 .... 0 > co ~ ... 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 Bob Gagne Roh Daugherty Daniel Lewis CITY OF S..HQREWDOD 5755 COUNTRY CLUB ROAD . SHOREW000, MINNESOTA\p5331 '. (612)474-3236 April 8, ,1992 Honorable Mayor and Members of the City council City of Shorewood, Minnesota Councilmembers: The comprehEUlsiveAnnual FinanSial,Report of the City of Shorewood,- Minnesota for th~fiscal year ended December31,1~91, is herel:lY submitted. Responsibility for both the accuracy of the data, and the completeness ,and fairness of1;:hepresentation, including all disclosures, rests w,i th the City .,'1'0 the best of our" knowled-ge and belief, .the enclosed d.ata is accurate in all material respects and is reported in a manner designated tq pre~enffai~lyth~financip.l position and results.ofoperations of the various funds ~hd account groups ofth~ City. All disclos~+esnecessal:'Y to enabl~ the reader// to gain art understcmdingof the City' sf inancial acti"i ties h?lve( been includ-ed. . The Comprehensive Annual Financial Report is presented. in three., sections: Introductory, Financial and st,atistical. . The Introductory section includes this transmittal ietter,theCity's organizational chart and a list 'of City of/ficials. The F'inancial section. includes the general purpose financialstatementsa,.ndthe combining and individual fund and account group ", firiancial statements andsched-ules, along with the auditor's report on the financial statements. " The statistical sectioniIlcludes selected finans::ial and demographic information, generallyp:resented oI) ?l multi-year basis. ' The organization,forrq and contents of this report were.prepared in accordance ". with the standards prescribed .... by the GoverIlmental ! Accounting Standards Bo~rd,tJ;1e ,Government Financ~" orficers-,. Associat.ion of the united states and Canad-a,,-the American Inst~tute of certified Public Accotintants, and the Minnesota ,stateAud~tor's Office. ,I," _ _, _ _ - ,J, The funds included in our comprehensive Annual Financial Report are those considered- to be withintheoversightresponsibi!ity of the CityCounc:il. .Th(a cr~teriaused in determining the repo:r;tiIl9 entity ,is' consistent with thoseestabl~shedby /~he " Governmental Accounting Standards Board~ Based on these criteria, all funds and accoun~groups of the City are included in this repqrt. / II A Residentia/Community onLakeM~nrretonka'!YSouth Shore c\ 'the City provideS its residents and. businesses with a full range of municipal services consisting of police,/fire, public works, parks and general..aaministrative s~rviqes.,The city also operates four enterprises; a water utility;, sewer utility, reeyclin~'14tility and' an off-sale liquor operation, consisting of two store; sites. ECONOMIC ~~~XTION AND OUTLOOK, Theci.ty of Shorewood is.a suburb of the City of Minneapolis. and> is located t~ellty-tive, miles "southwest ", of' the / central ,business district, on~he southern shore of Lake MinnetoJlka. ,Th~,)Ci1:.Y is i :predominantlY a,' residential community with lim~ted 9,oinmercial b~sine~se~ and pne commercia~ shopping pial!:. i The CiFY i~ 6 squa7:7 mJ.les 'J.n area and has an estJ.m.ated populatJ.cm of 6(,000. . .While the City has experienced an accelerated rat;:e ,ot grpwth in residential development '" during the 1980' 1$, the growth. rate has. slowed in the 1990' s.. The City will contil:i\1e to experience gro~th in it '.s residential base in the future , but because. of the .litnited number of large tracts of l~nd available, thisi/'1ill ,qome ata reduced rate and likely ,will/be smaller developments /than in t,he ~ast. " .. MAJOR INITIATIVES FINANCIAL AND MANAGEMENT EMPSl\SIS EMPHASIS ON GOVERNANCE.,. T Th. e City C. oun. eil in.... its le.adersfiriprol.e is e...f. fect. ..ivel?, est....abliShin.g) a focus for city / government in Shorewood. F;~ch member of the', 'Council has signed a series of commitments'. of serVice and standards.;The/council has adopted a strong s,et of values by wl{iph decisions are to be made,. It/has adopt~d a statement(of :purp()se and est~blished overall goals' and expectaticms for the city. ". It, has iden:tified.issues facing the 'City "nd prioritized them.s}> that the sta.ff cian efficientlY and e;ffeqtively\ allocate; t,ime and resources. The City Council has further taken a leadership role .in di:r;ecting ,certain system improvements. ,. .... /.' .:/.... :,i " '. EMPHASIS ON/SYSTEM XMPROVEMENTS The city Council has adopted an open government l'oIicy /arld is( implementing it by televising City Council mE7tings, by iJ,l\Provin9 quarterly citizen riews17tters .... and by directing city /staff, tp improve cOllU'l}unication to those residents/affected by projects and special assessments. A new more" effective schedule of communications to ci,itizens will be . i1nplemented~ ,r":,,, ':: The City 'Council recognizes tttat itswor'k consIsts of more than respon4ing to citizen requests and, addptingan .annual' b~dget. The, City: council's calendar consists of three phases. The 'first phase III 1 , \1 I I I I' ,I \1 \1 I <I (I(~ I I; I .1 f I I I I I I I I I I I I I I I , I I I I I is Planning, which includes employee and systems evaluations, review of the previous years work plan, review of the City'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 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. The Capital Improvement Budget is established as year one of the five-year Capital Improvement Program. This 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 In July, 1991, the City, in conjunction with the State of Minnesota Department of Transportation, began construction of an intersection improvement on Highway 7 and Old Market Road. In addition to the intersection, the project includes improving the service road along Highway 7, the closure of five on-off ramps, storm sewer and retention ponds, and the extension of water and sanitary sewer utility lines. These improvements will be paid for with state Aid Funds and with funds provided by a tax increment financing district agreement with the developer. The project is scheduled to be completed in Spring, 1992. The City also began the construction of a water treatment plant which will benefit the residents in the southeast area of the City. This improvement is being financed through special assessments to benefitted properties. A new Public Works facility, including a salt storage building, is planned for construction in 1992. Funds for this project have been set aside in the capital Improvement Fund. The city is now setting aside funds for the demolition of the Public Works buildings at the current site adjacent to City Hall and Badger Park. Plans are being drawn to redevelop the former Public Works area to blend better with the city hall and park environment. The City plans to begin implementation of a surface water management program through the establishment of a surface water management utility and a number of drainage districts throughout the city. The Park Commission has been developing a park and trail capital improvement program. The program will involve a city-wide park and trail bonding referendum question to provide funding for the planned improvements. Donations from civic organizations, sporting groups, businesses and individuals, as well as developer park dedication fees, will also be used to finance the improvements. This will be a comprehensive park and trail improvement program. IV favorable rates. Interest earnings are then allocated to the participating funds. During 1991, the City of Shorewood earned $334,344 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. ACKNOWLEDGMENTS We would like to thank the city staff, especially Wendy Davis, Senior Accounting Clerk, and the ci ty' s independent audi tor, without whose assistance and cooperation the timely preparation of the .Comprehensive Annual Financial Report would not have been possible. spectfully SUbmitted, w 0LlIv~ L/ ~ ames C. Hurm ity Administrator lek irector/Treasurer IX I I I I I I I I I I ,I I I , I I I I I SECTION II I~ I I I I I I I I I I I: t, 1\- ~I: I I I I CITY OFSHQREWOOD, l\flNNESOTJ\f FINANCIAL SECTION I I AlIX) 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, 1991 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 and Government 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. 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, 1991 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. 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 I I I I I March 11, 1992 Minneapolis, Minnesota . ~/~itdJ 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.D. 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 NOKI'HLAND PLAZA 3800 WF.Sf 80TH STREET MINNEAPOLIS. MINNESOTA 55431 (612) 835.9090 FAX (612) 896-3620 I I I /1 vi 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 financial statements are intende<i t() provide an overview and broad perspective of the City's financial position and operations. These statements present a summaryset9f information needed to control and ,analyze cyrrent operations to determine compliance with legal and budgetary limitations and to a~sistin financial planning." . _ 'The following general purpose financial statements are presented: Combined Balance Sheet - AU Fund Typ~s and Acc;ountGroups Combined Statement of Revenue, Expenditures and Changes in F,un4 Balance - All Governmental Fund Types Statemeritof Revenue, Expenditures and Changes in Fund Balance - Budget aJ1d~Actual - General Fund , Combined Statement of Revenue, Expenses and Changes in Retained Earnings - All Proprietary Fund T}'3s Combined Statement .of Cash Flows - All Proprietary Fund Types I CITY OF SHOREWOOD, MINNESOTA COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31, 1991 ASSETS AND OTHER DEBITS Cash and investments Receivables Taxes Accounts Accrued interest Contract Special assessments Inventories, at cost Prepaid items Property and equipment, net Bond discount, net Investments for deferred compensation plans, at market Other debits Amounts available Amounts to be provided for general long-term debt TOTAL ASSETS AND OTHER DEBITS LIABILITIES, EQUITY AND OTHER CREDITS LIABILITIES Accounts and contracts payable Salaries and compensated absences payable Refundable deposits payable Deferred revenue Bonds payable Deferred compensation funds held for participants TOTAL LIABILITIES EQUITY AND OTHER CREDITS Investment in general fixed assets Contributed capital Retained earnings - unreserved Fund balance Reserved Unreserved TOTAL EQUITY AND OTHER CREDITS TOTAL LIABILITIES, EQUITY AND OTHER CREDITS See Notes to Financial Statements Governmental Fund Tvpes I I General Debt Service Capital Pro;ects $1 259 065 $2 265 477 $1 208 873 114 469 26 9 803 35 590 39 550 18 121 92 970 2 830 1 154 473 124 184 I I I I I 51 514 727 53 459 526 51 351 178 $ 32 667 $ $ 69 392 27 583 31 250 171 034 1 145 040 120 006 I I I I 262 534 1 145 040 189 398 1 252 193 2 311 859 2 627 I I 1 161 780 1 252 193 2 314 486 1 161 780 51 514 727 53 459 526 51 351 178 I I I 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, 1991 I TOTAL REVENUE 2 212 115 597 188 139 114 60 026 26 320 225 460 I I I I I I I I I I I I I I I I I I General Debt Service Capital Pro;ects REVENUE General property taxes Licenses and permits Intergovernmental charges for services Fines and forfeitures Miscellaneous Special assessments Interest on investments Other $1 627 874 $ 371 $ 168 560 153 681 3 635 101 200 4 336 484 617 101 333 112 200 51 496 EXPENDITURES Current General government Public safety Public works Parks and recreation Capital outlay Debt service Principal Interest and service charges 665 152 548 343 375 406 142 168 1 571 145 290 000 173 495 TOTAL EXPENDITURES 1 731 069 463 495 1 571 145 481 046 133 693 (1 345 685) EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfers in Operating transfers out 273 956 1 631 165 25 000 530 712 (510 712) TOTAL OTHER FINANCING SOURCES (USES) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES FUND BALANCE, JANUARY 1 FUND EQUITY TRANSFER IN FUND EQUITY TRANSFER (OUT) FUND BALANCE, DECEMBER 31 (485 712) 273 956 2 161 877 (4 666) 407 649 816 192 1 256 859 1 906 837 345 588 Sl 252 193 S2 314 486 Sl 161 780 See Notes to Financial Statements -3- CITY OF SHOREWOOD, MINNESOTA Exhibit 3 STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND YEAR ENDED DECEMBER 31, 1991 Variance Favorable Budaet Actual (Unfavorable) REVENUE General property taxes $1 636 270 $1 627 874 $ (8 396) Licenses and permits 17,2 500 168 560 (3 940) Intergovernmental 267 233 153 681 (113 552) Charges for services 20 000 3 635 (16 365) Fines 90 000 101 200 11 200 Miscellaneous Special assessments 4 336 4 336 Interest on investments 58 000 101 333 43 333 Other 33 593 51 496 17 903 TOTAL REVENUE 2 277 596 2 212 115 (65 481) EXPENDITURES General government 657 144 665 152 (8 008) Public safety 561 758 548 343 13 415 Public works 634 470 375 406 259 064 Parks and recreation 148 512 142 168 6 344 TOTAL EXPENDITURES 2 001 884 1 731 069 270 815 EXCESS REVENUE (EXPENDITURES) 275 712 481 046 205 334 OTHER FINANCING SOURCES (USES) Operating transfers in 25 000 25 000 Operating transfers out (300 712) (510 712) (210 000) TOTAL OTHER FINANCING SOURCES (USES) (275 712 ) (485 712 ) (210 000) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ (4 666) $ (4 666) FUND BALANCE, JANUARY 1 1 256 859 FUND BALANCE, DECEMBER 31 $1 252 193 I I I I I I I I I I I I I I I I -4- I I I See Notes to Financial Statements 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, 1991 OPERATING REVENUE Sales Less cost of sales $1 455 332 (1 147 109) 308 223 686 820 29 981 1 025 024 144 076 18 386 18 040 232 831 10 108 149 610 1 098 20 448 14 400 38 066 307 116 45 106 6 199 25 833 1 031 317 (6 293) 16 579 1 220 60 785 10 475 (6 493) 82 566 76 273 (45 000) 31 273 704 452 S 735 725 GROSS PROFIT Charges for services Permits and connection fees GROSS PROFIT AND REVENUE EXPENSES Personal services Supplies Repairs and maintenance Depreciation Professional services Contractual services Communication Insurance Water purchases Utilities Metropolitan Waste Control Commission disposal charges Rent Advertising Other TOTAL EXPENSES OPERATING INCOME (LOSS) 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 -5- CITY OF SHOREWOOD, MINNESOTA COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES YEAR ENDED DECEMBER 31, 1991 Exhibit 5 I INCREASE IN CASH AND CASH EQUIVALENTS 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 Deferred revenue I I $ (6 293) 10 475 I 232 831 (425) (3 872) (2 100) 11 311 (18 346) 834 I I CASH PROVIDED BY OPERATING ACTIVITIES 48 875 819 C1 200) 272 909 I I CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds (45 000) I CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Assets acquired from other funds Property taxes levied for debt service (10 000) (6 493) (204 696) 151 521 17 799 CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 60 785 I I I CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (51 869) INCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, JANUARY 1 CASH AND CASH EQUIVALENTS, DECEMBER 31 236 825 766 392 I I I $1 003 217 I See Notes to Financial Statements I I -6- I I I I Note 1: 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, 1991 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the City of Shorewood, Minnesota have been prepared in conformity with gen~rally 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. A. Reportina Entitv In accordance with GASB pronouncements, the City's financial statements include all funds, account groups, departments, agencies, boards, commissions, and other organizations over which City officials exercise oversight responsibility. Oversight responsibility includes such aspects as appointment of governing body members, budget review, approval of property tax levies, outstanding debt secured by the City's full faith and credit or revenues~ and responsibility for funding deficits. As a result of applying the entity definition criteria of the Governmental Accounting Standards Board, certain organizations have been included or excluded from the City's financial statements, as follows: Excluded from the reporting entity: Independent School District No. 276 and 277 (Minnetonka and Westonka Public Schools) The Districts, like all school districts in Minnesota, are completely independent of any other governmental entity. They have their own elected Board of Education, levy their own taxes and prepare their own financial reports. Accordingly, the Districts are excluded from the reporting entity. B. Fund Accountina Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. 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: -7- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED GOVERNMENTAL FUNDS: 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. 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. capital Projects Funds - Capital Projects Funds are used to account for all resources used for the acquisition or construction of major capital facilities. PROPRIETARY FUNDS: 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. FIDUCIARY FUNDS: 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: 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. 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. 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. -8- 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 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED C. Basis of Accountina 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. 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. Budaets 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 1, the budget is adopted by the City Council. -9- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED 2. Formal budgetary integration is employed as a management control device during the year for the General Fund. 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 1991 in relation to the original appropriation. E. Cash and Investments 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 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 Eauivalents I I I I I I I For purposes of the statement of cash flows, the Enterprise Funds consider I all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. 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, 1991 are recorded as prepaid items. I. Fixed Assets 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. 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. 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. The costs of normal maintenance and repairs in the proprietary fund types that do not add ~o 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. -10- 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 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED J. Compensated Absences 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. 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 issued by the City is backed by the full faith and credit of the City. This includes special assessment and revenue bonds, which are intended to be repaid from revenue sources other than general property taxes. L. Fund Eauitv 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 inter fund 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 i~terfund transfers are reported as operating transfers. -11- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED N. Memorandum Onlv - 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 financial position 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. Note 2: LEGAL COMPLIANCE - BUDGETS I I I I I I I I 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 budget is prepared by fund, function and I activity, and includes information on the past year, current year estimates and requested appropriations for the next fiscal year. The proposed budget is presented to the government's council for review. The I. government's council holds public hearings and may add to, subtract from or change appropriations. Any changes in the budget must be within the revenues and reserves estimated as available or the revenue estimates must be changed I by an affirmative vote of a majority of the government's council. Expenditures may not legally exceed budgeted appropriations at the fund level. During the year, supplementary appropriations were not material. 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 I on the basis of average cash balances. Investments are stated at cost, which approximates market value, and are not identified with specific funds. Deposits 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. 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). 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. -12- 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 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 3: DEPOSITS AND INVESTMENTS - CONTINUED Balances at December 31, 1991: Carrying Amount Bank Balances Insured or collateralized by securities held by the City or its agent in the City's name S3 228 274 S3 236 717 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, 1991: Securities Credit Risk Cateaorv Carrying Tvpe 1 2 3 Amount U.S. Government $907 852 $ $ $ 907 852 Commercial Paper 1 592 063 1 592 063 Total investments S907 852 S Sl 592 063 S2 499 915 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 $3 236 717 2 499 915 Total S5 736 632 -13- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 I A. Propertv Taxes I I Note 4: RECEIVABLES The City Council annually adopts a tax levy by December 28 and certifies I 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 I Treasurer and tax settlements are made to the City three times each year. Taxes payable on homestead property, as defined by State Statutes, are partially reduced by a homestead and agricultural credit aid. These I 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. 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 B. Accounts Receivable I Accounts receivable include amounts billed for services provided before year end. C. Contract Receivable I I The balance, together with 10\ interest, is receivable in monthly installments of $833 through April 1, 1993, at which time the balance of $91,898 is due. The receivable is offset by deferred revenue and the payments are recognized as revenue when received. I D. Special Assessments Special assessments receivable include the following components: 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. I Special assessments are recognized as a receivable and deferred revenue when the assessments are certified to the county for collection. Special I assessments are recognized as revenue when received in cash. I I I I -14- 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, 1991 Note 5: FIXED ASSETS The following is a summary of changes in the general fixed assets account group during the year: Balance Balance January 1, December 31, 1991 Additions Retirements 1991 Land $ 449 326 $ $ $ 449 326 Buildings and structures 454 000 50 781 504 781 Improvements other than buildings 492 187 61 980 554 167 Furniture and equip- ment 791 766 36 643 23 230 805 179 Total general fixed assets S2 187 279 S149 404 S 23 230 S2 313 453 A summary of proprietary fund property and equipment at December 31, 1991 follows: Public utilities Liquor Funds Water Sewer Store I Store II Total Furniture and equipment $ 24 178 $ 36 661 $ 24 917 $ 9 161 $ 94 917 Collection and distribution systems 2 268 738 7 036 132 9 304 870 Total 2 292 916 7 072 793 24 917 9 161 9 399 787 Less accumulated depreciation (462 497) (3 207 493) ( 24 917) C7 571) (3 702 478) Net property, plant and equipment Sl 830 419 S3 865 300 S S 1 590 S5 697 309 Note 6: LONG-TERM OBLIGATIONS Long-term Obligations - Bonds The following is a summary of changes in long-term bonded debt of the City for the year ended December 31, 1991: General Long- term Debt Proprietary Account Group Funds Special Assessment Revenue Total Payable January 1, 1991 $2 645 000 $ 75 000 $2 720 000 Debt issued 991 000 991 000 Debt retired (290 000) no 000) (300 000) Payable December 31, 1991 S3 346 000 S 65 000 S3 411 000 -15- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 6: LONG-TERM OBLIGATIONS - CONTINUED The long-term bonded debt obligations outstanding at December 31, 1991 are summarized as follows: Tvpes of Bonds Maturities General obligation special assessment bonds General obligation water revenue bonds 1992 - 2003 1992 - 1996 Total Rate Balance December 31, 1991 4.50 - 8.00% 8.25 - 8.50 $3 346 000 65 000 53 411 000 The annual requirements to amortize all bonded debt outstanding at December 31, 1991, including interest payments totaling $1,179,079 are as follows: General Long- term Debt Account Group Year Ending Special December 31. Assessment 1992 $ 436 796 1993 517 660 1994 489 284 1995 460 495 1996 437 564 1997 - 2001 1 840 359 2002 - 2003 325 096 Total 54 507 254 Long-term Obligations - Other Proprietary Funds Revenue Total $ 452 296 532 335 508 109 478 045 453 839 1 840 359 325 096 54 590 079 $ 15 500 14 675 18 825 17 550 16 275 5 82 825 Changes in long-term obligations other than bonds are summarized as follows: Payable, January 1 Net change in compensated absences Payable, December 31 Note 7: OPERATING LEASES Compensated Absences Pavable $ 16 798 112 5 16 910 The City leases space for the two off-sale liquor store operations. These leases are considered, for accounting purposes, to be operating leases. Lease expense for the year ended December 31, 1991 amounted to $45,106. Future minimum lease payments for these leases are as follows: Years Ending December 31. Liquor Store I 1992 1993 $ 6 256 -16- Liquor Store II $ 27 000 21 600 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, 1991 I I Note 8: FUND EQUITY 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 $151,521. 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, 1991: I Bond reserve 1984 Improvement (1987 Refunding) Shorewood Oaks 1974 Sewer Improvement Southeast Water (1986 Improvement) 1991 Improvement and Refunding I I Total Bond Reserve $ 547 998 831 963 49 245 579 640 303 013 52 311 859 I Designated Fund Balance - Designated amounts indicate tentative plans for future uses of financial resources. The following unreserved fund balances have been designated: I General Fund Designated for working capital Designated for equipment and improvements Debt Service Fund 1971 and 1972 Sewer Improvement - designated for fiscal fees Capital Projects Funds Designated for capital projects Capital Improvements Park Capital Improvement Water ford III Tax Increment Improvement Equipment Replacement Public Works Facility SE Water Treatment Plant Construction Pine Bend Improvement Church Road Improvement Shady Hills Storm Sewer Improvement I I I I $1 126 793 125 400 2 627 497 967 29 686 30 760 105 000 240 002 60 187 46 459 142 411 9 308 Unreserved and undesignated amounts are available to finance current and future years' expenditures. I Note 9: LEGAL COMPLIANCE Fund Deficits I The following fund has a deficit retained earnings as of December 31, 1991: I Proprietary Fund Water Fund 5211 077 The deficit in the Water Fund will be eliminated by future revenues. I I -17- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 10: SEGMENT INFORMATION - PROPRIETARY FUNDS Liquor Store II Water Sewer Liquor Recvclinq Store I Sales less cost of sales of $475,120 and $671,989, respectively $ $ $ Charges for services 149 088 474 451 63 281 Permits and connection fees 23 481 6 500 Gross profit and revenue Expenses excluding depreciation 172 569 480 951 393 194 63 281 58 580 126 614 Income before depreciation Depreciation 45 955 56 586 87 757 175 628 4 701 Operating income (loss) no 631) (87 871) 4 701 Other revenues less other expenses 22 629 38 396 492 Income (loss) before transfers Operating transfers to other funds 11 998 (49 475) 5 193 (20 000) Net income S (8 002) S (49 475) S 5 193 Net working capital S 122 621 S 778 530 S 5 193 Additions to property and equipment 85 162 118 659 Bonds payable from operating revenues 65 000 1 973 182 1 898 959 5 193 Total assets 4 650 965 9 338 Total equity 4 643 830 Note 11: DEFERRED COMPENSATION PLAN Total $131 725 $176 498 $ 308 223 686 820 29 981 131 725 176 498 1 025 024 92 050 128 048 798 486 39 675 48 450 226 538 617 232 831 39 675 47 833 (6 293) 12 366 8 683 82 566 52 041 56 516 76 273 (10 000) (15 000) (45 000) S 42 041 S 41 516 S 31 273 S174 085 S225 889 Sl 306 318 425 204 246 65 000 206 725 289 743 7 129 953 174 085 227 479 6 949 546 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. -18- 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 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 Note 11: DEFERRED COMPENSATION PLAN - CONTINUED 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. 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. 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. Note 12: DEFINED BENEFIT PENSION PLANS - STATEWIDE A. Plan Description 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 plan. 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, 1991, was $529,489; the City's total payroll was $632,888. 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 PERF members whose annuity is calculated using Method 1, a full annuity is available when age plus years of service equal 90. 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. -19- CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 I I Note 12: DEFINED BENEFIT PENSION PLANS - STATEWIDE - CONTINUED B. Contributions Required and Contributions Made I Minnesota Statutes Chapter 353 sets the rates for employer and employee I 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 I 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 I the plans are as follows: Statutorv Rates Employees Employer Required Rates I PERF (Basic and Coordinated Plans) 4. 44% 4.81% 10.04% Total contributions made by the City during fiscal year 1991 were: Percentage of Covered Payroll Employees Employer I Amounts . Employees Employer I PERF S 22 398 S 23 722 4.23% 4.48% I The City's contribution for the year ended June 30, 1991 to the PERF represented .022 percent of total contributions required of all participating entities. I C. Fundina Status and Proaress 1. Pension Benefit Obligations I 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. I I The pension benefit obligation as of June 30, 1991, is shown below: I (In thousands) PERF I Total pension benefit obligations Net assets available for benefits, at cost (Market Value for PERF = $3,662,769) $4 458 010 3 524 071 I Unfunded pension benefit obligation S 933 939 I -20- I I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 I I Note 12: DEFINED BENEFIT PENSION PLAN - STATEWIDE - CONTINUED I The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1991. Net assets available to pay pension benefits were valued as of June 30, 1991. 2. Changes in Benefit provisions I During the 1991 legislative session, benefit improvements were obtained for survivors of members in the Basic Plan and the Police and Fire Fund. In the Basic Plan, the maximum family death benefit was increased from $1,000 per month to 70 percent of the member's average salary. In the Police and Fire Fund, children's benefits were restored for families of disabled members who had chosen the joint and survivor annuity option before death. The effect of these changes increased the pension benefit obligation in the PERF by $4,016,869. 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, 1991. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. I E. Related Partv Investments As of June 30, 1991, and for the fiscal year then ended, PERA held no securities issued by the City or other related parties. II Note 13: ADVANCE REFUNDING AND DEFEASANCE OF DEBT Advance Refundina Issue - Current Year I I On November 1, 1991, the City issued $960,000 General Obligation Bonds, Series 1991A with a net interest rate of 5.6098 percent. The bonds were issued to finance improvements and for the refunding of all outstanding bonds from the General Obligation Improvement BondS, Series 1986A which are callable February 1, 1992. The bonds to be called February 1, 1992 carry a net interest rate of 7.65 percent. The bond proceeds of the November 1, 1991 issue earmarked to call the bonds totals $271,140. This amount plus approximately $397,109 sinking fund monies of the City will be used to call the $655,000 of bonds outstanding February 1, 1992. It is estimated the City will reduce its aggregate debt service payments by approximately $180,000 over the next ten years and obtained an economic gain (difference between the present values of the old and new debt service payments) of $32,000. I I 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 City remains contingently liable in the remote possibility that the escrow account is insufficient to pay the refunded bonds. The balance of the refunded bonds outstanding at December 31, 1991 to be paid from the escrow is $835,000. I I I -21- I CITY OF SHOREWOOD, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1991 I During 1989, the City defeased the following bond issues: I I Note 13: ADVANCE REFUNDING AND DEFEASANCE OF DEBT - CONTINUED $2,300,000 G.O. Sewer Improvement Bonds dated June I, 1972 I $1,600,000 G.O. Sewer Improvement Bonds dated November I, 1972 The City provided the cash from the debt service funds which was placed in an irrevocable escrow agreement and invested in U.S. Government Securities. The maturities of these investments coincide with the principal and interest payment dates of the defeased bond issues. Accordingly, the defeased bond issues are not reported as a liability of the City. The City does, however, remain contingently liable in the remote possibility that the escrow account is insufficient to pay the defeased bonds. The balance of the bonds to be paid from the escrow at December 31, 1991 is $220,000 which will all be paid in 1992. Note 14: TAX INCREMENT REVENUE BONDS I I I 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 have not been reported as a liability in the financial statements for the following reasons: 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 City has no obligation to pay these bonds under any circumstances. I . The bonds will be repaid only to the extent that tax increments are generated from the Tax Increment Financing District. I I I I I -22- I I I I I I I I I I I I I I I I I I I I CITY OF SHOREWQOD,>MlNNESOTA THE GENERAL FUMJ The General Fund is used to account for resources trtiditionally associat&l with govemme~t which are not required legally or by . sound financial m~agement to be accounted for in'other funds. It normally/rec~ives a greater variety and number of taxes! and other general revenues.than~y other fmid. The majority ofthe!~urrent day-to-day operations will be financed from this funci.. -) I I I I I I I I I I I I I I I I I I I -23- I CITY OF SHOREWOOD, MINNESOTA Exhibit A-2 I GENERAL FUND Continued STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL- CONTINUED YEAR ENDED DECEMBER 31, 1991 I (With comparative amounts for the year ended December 31, 1990) 1991 1990 I Variance Favorable Budoet Actual (Unfavorable) Actual I EXPENDITURES General government Mayor and Council Personal services $ 13 343 $ 10 065 $ 3 278 $ 10 168 I Supplies 300 1 481 (1 181) 368 Other services and charges 40 160 38 703 1 457 33 959 capital outlay 3 000 3 000 I Total 56 803 50 249 6 554 44 495 Administrator Personal services 80 739 78 796 1 943 56 083 I Supplies 1 235 743 492 426 Other services and charges 7 680 5 685 1 995 5 267 Capital outlay 1 470 I Total 89 654 85 224 4 430 63 246 Finance Personal services 71 729 69 083 2 646 59 986 I Supplies 3 600 2 629 971 1 949 Other services and charges 6 825 3 938 2 887 10 279 Capital outlay 500 299 201 I Total 82 654 75 949 6 705 72 214 Professional services Supplies 600 1 092 (492) 667 I Other services and charges 116 692 180 016 (63 324) 146 629 Total 117 292 181 108 (63 816) 147 296 I Planning and zoning Personal services 61 151 64 509 (3 358) 57 926 Supplies 1 150 917 233 565 Other services and charges 7 135 5 343 1 792 1 853 I Capital outlay 6 750 424 6 326 1 150 Total 76 186 71 193 4 993 61 494 I Municipal building Supplies 3 500 2 556 944 2 287 Other services and charges 91 400 88 394 3 006 84 394 capital outlay 14 500 4 695 9 805 48 770 I Total 109 400 95 645 13 755 135 451 I I I -25- 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, 1991 (With comparative amounts for the year ended December 31, 1990) I 1991 1990 Variance I Favorable Budaet Actual (Unfavorable) Actual EXPENDITURES - CONTINUED I Public works Streets and roadways Personal services $ 79 122 $ 67 983 $ 11 139 $ 75 048 Supplies 62 000 16 540 45 460 60 155 I Other services and charges 2 100 2 030 70 1 209 Capital outlay 132 400 6 980 125 420 198 961 Total 275 622 93 533 182 089 335 373 I Snow and ice removal Personal services 21 317 29 761 (8 444) 9 465 Supplies 13 000 12 350 650 9 415 I Total 34 317 42 111 (7 794) 18 880 Traffic control I Supplies 4 000 3 059 941 4 020 Other services and charges 30 500 22 841 7 659 25 893 Total 34 500 25 900 8 600 29 913 I Sanitation and waste removal Personal services 7 337 1 508 5 829 7 258 Other services and charges 90 300 4 007 86 293 66 028 I Total 97 637 5 515 92 122 73 286 Tree maintenance I Personal services 12 568 13 320 (752) 11 716 Other services and charges 10 200 11 352 C1 152) 6 711 Total 22 768 24 672 (1 904) 18 427 I Total public works 634 470 375 406 259 064 799 543 Parks and recreation I Personal services 77 762 78 141 (379 ) 68 812 Supplies 15 000 10 645 4 355 14 831 Other services and charges 30 545 25 732 4 813 32 238 Capital outlay 25 205 27 650 (2 445) I Total parks and recreation 148 512 142 168 6 344 115 881 I Total expenditures 2 001 884 1 731 069 270 815 2 065 011 I I I -27- 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, 1991 (With comparative amounts for the year ended December 31, 1990) EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Operating transfers in Operating transfers out 1991 1990 Variance Favorable Budaet Actual (Unfavorable) Actual S 275 712 S 481 046 S 205 334 S 107 984 25 000 25 000 195 000 (300 712) (510 712) (210 000) (275 712 ) (485 712) (210 000) 195 000 TOTAL OTHER FINANCING SOURCES (USES) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES S (4 666) 302 984 S (4 666) 1 256 859 FUND BALANCE, JANUARY ~ 953 875 FUND BALANCE, DECEMBER 31 S1 252 193 S1 256 859 -28- 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 .1, I I I I CITY OFSBOREWOOD,f MlNNESOTA DEnT SERVICE FUNDS Debt . service f9nds are u~ed to account for the payment of interest and rprine:ipal on long - term general 'obllgation' debt . other than debt issued for'and~erviced primarilYQY efiterpfisefunds;. '.' 1984 Improvement (1987 Rerundin~} Fund - This fund waS established to account for the accmb.ulation of resources ;for the payment of in~rest and ,principal on bonds' issued for 1984 street and utility improvements. Shorewood Oaks Fund -This fund \yas established to account for ti1e accumulationo{ resources for the payment of interest ~4 principal on bond$ issued for str~ atKlutility improvements in the Shore~ood Oaks' development. ~ -- ) 1971 and 1972 Sew~r Improvement Fuhd=-;This fund was established to) accoullt for the accumulation of res9urces for the payment of interest ~d prinqipal on Qonds issued fOf 1971 and 1972 sanitary sewer improvements. . 1974 Sewer Improvement Fund - This fund was established to account for the accumulation of reSOl.l.fces (for the payment of interest and principal on bo~di iss'!ed fof 1914 sanitary sewer improvements. ,. y- . Southeast Water (1986 IrI1provement) Fund - Tl,1is fund was established to acCount fQIj) the accumulation of resffifrce; for the payment of interest an4principal'on bonds issucil for 1986 water improvements in the. Southeast srrea of the City. 1991 ImpFovement and Refundine Fund- This fuhd was established ,to accountJor the accumulation of resources for the payment of interest and principal on;bonds i~sued for the SE water treatment plant, PilJ.e Bend improvem~n~s, Church Road infpr()y~ments,and to refund the 1986 impr()xemeht bo~ds ontbe call date. )/ ij . I CITY OF SHOREWOOD, MINNESOTA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1991 (With comparative totals for the year ended December 31, 1990) 1984 Improvement (1987 Refundinq) REVENUE General property taxes Miscellaneous Special assessments Interest on investments $ 18 726 32 348 51 074 TOTAL REVENUE EXPENDITURES Debt Service Principal Interest and service charges 65 000 38 712 TOTAL EXPENDITURES 103 712 EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES (USES) Proceeds of bonds issued Operating transfer out (52 638) TOTAL OTHER FINANCING SOURCES (USES) EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES (52 638) 600 636 FUND BALANCE, JANUARY 1 FUND EQUITY TRANSFER FUND BALANCE, DECEMBER 31 $547 998 -30- I I I 1971 and 1972 Sewer Shorewood Oaks Improvement $ 289 189 41 289 330 478 85 000 63 273 148 273 182 205 182 205 649 758 $831 963 $ 309 I I I I 309 1 682 1 682 (1 373) I I (1 373) 4 000 I $ 2 627 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 SBOREWOOD,MijNNESOTA CAPITAL PROJECTS ,FUNDS Capital projects funds ate used to account for the acquisiti9n ~d:Consttuction of major capital facilities ~ther tb'~ thO$e financed by enterprise funds. Capital Improvements Fund -}his fund was'establi~ped to,a~ount for various capital improvement projects which m~ybe financed without the need to)issue bonds,. ~', ./ ' '>'--/-" ) , ;,;~-,,--i' ~ '. ., ...>.> Park CapitallIpprovement Fund - This fund ac-counts for/park laJ1d )acquisition aI).d.'," other capital improvements in the City parks. \ ,_or Waterford ill Tax Increment Improvement F)Jbd - This fundw~s established to) account for proceeds of tax increment bonds sold for the construction of an inters~ction ~- "i",' ,'" ,'--' -' "j ',_', '; /'-->. ---j at State Trunk Highway 7~d Old Market Road and )accompanying improvements wIthin Tax Increment Djstrict No. 1. .' Equipment Replacement Fund- This fund was established for the purpose of funding the replacement ,of capital \;~uipment. ' j' PulPicWorks Facility Fund - Thisfund~as established to account forthe)co?st1"Uc~ion of a public wod<:s facility and salt-sand building, and accompanying site improV:ements. /_.,., . ,.,. . " . .,f ( ,< ' \..' (- SE Water Treatment Plant ConstructiolJ' Fund - This fund wasestabHshec.t to account fot the proceeds of bonds sold for the conStruction of a wa~r treatrrientplant in . the southeast area of th.e i City 0) " Pine Bend Improverrtent Fund - This fund was established to. account for thepro~s of bonds sold for theeonstI1jctionof Pine Bend improvements. " '\ \ i . ' " ' " "..--.,/ Church Road ImprovemeJlt Fund - This fund/was established to) accounf for' the prOCeeds of bonds sold for the con~tructionof Church.rRoad imp~ovemehts; -,',- .,' -/ Shady Hills Storm Sewer-Improvement Fund - This fund ~asestablisbed"'to accmlnt ' ~orthe/ proceedsof~nds sold for th~ c<('nStructio~~ pf Shady; Hj11s Storm Sewer Imp~bve~ents)~ CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET DECEMBER 31, 1991 (With comparative totals as of December 31, 1990) Water ford Park III Tax Capital Capital Increment Equipment Improvements Improvement Improvement Replacement ASSETS Cash and investments $485 473 $ 29 162 $ 64 073 $105 000 Receivables Accrued interest 8 316 524 8 650 Special assessments Delinquent 24 174 Deferred 100 010 TOTAL ASSETS S617 973 S 29 686 S 72 723 S105 000 LIABILITIES AND FUND BALANCE LIABILITIES Accounts and contracts payable $ $ $ 41 963 $ Deferred revenue 120 006 TOTAL LIABILITIES 120 006 41 963 FUND BALANCE Unreserved - designated for capital projects 497 967 29 686 30 760 105 000 TOTAL LIABILITIES AND FUND BALANCE S617 973 S 29 686 S 72 723 S105 000 I I I I I I I I I I I .1 I I I I I I -31- I I I Exhibit C-1 I SE Water Public Treatment Shady Hills Works Plant Pine Bend Church Road Storm Sewer Total I Facilitv Construction Improvement Improvement Improvement 1991 1990 $246 204 $ 76 496 $ 50 782 $141 833 $ 9 850 $1 208 873 $331 055 I 578 53 18 121 7 595 24 174 34 849 100 010 224 296 I S246 204 S 76 496 S 50 782 S142 411 S 9 903 Sl 351 178 S597 795 I $ 6 202 $ 16 309 $ 4 323 $ $ 595 $ 69 392 $ 5 710 I 120 006 246 497 6 202 16 309 4 323 595 189 398 252 207 I 240 002 60 187 46 459 142 411 9 308 1 161 780 345 588 I S246 204 S 76 496 S 50 782 S142 411 S 9 903 Sl 351 178 S597 795 I I I I I I I I I -31- Water ford III Tax Increment Improvement I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 1991 (With comparative totals for the year ended December 31, 1990) Capital Improvements Park capital Improvement REVENUE Miscellaneous Special assessments Interest on investments Other Park dedication fees Donations Other $139 114 25 141 $ 1 696 18 750 70 TOTAL REVENUE 164 255 20 516 EXPENDITURES Capital outlay Professional services Construction costs 2 706 2 706 TOTAL EXPENDITURES EXCESS REVENUE (EXPENDITURES) OTHER FINANCING SOURCES Proceeds of bonds issued Operating transfers in 164 255 17 810 TOTAL OTHER FINANCING SOURCES EXCESS REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES 164 255 333 712 17 810 11 876 FUND BALANCE, JANUARY 1 FUND EQUITY TRANSFER FUND BALANCE, DECEMBER 31 S497 967 S 29 686 -32- Equipment Replacement $ $ 31 320 7 500 38 820 238 051 702 009 940 060 (901 240) 920 000 12 000 105 000 932 000 105 000 30 760 105 000 S 30 760 S105 000 I I I I I I I I I I I cl I I I I I I Ij I I I CITY OF SHOREWOOD, l\fINNESOTA ENTERPRISE .lfUNDS Enterprise funds are used to account for operationslhat are f1ll;~Ce<landoperate~ m a manner similar to private business, where'the costs of providing servic~s 10 the.general public are financed primarily through user charges. ~.-,- . " ,. Water F\md- This fundi~ ustxi to account for .the activities of the City water:system; SewetFund - This funct.isus.~ to acc9unf for the a~tivities of th~ City ~itary s.e~er system. c .~ Recycline Fund - This fund is used to accounfforthe activities .of the Cityrecycl~ng. -program. Liquor Fund -This fu.nd is.used to accountfor theactiviti~s of the City's oft-sale liquor operation. The operation consists of two pff-saleJiquor store sites. .'4 portion. of the net mcome from.the operation is usefI to fund gene"ral fund activities: .,- CITY OF SHOREWOOD, MINNESOTA PROPRIETARY FUND TYPES COMBINING BALANCE SHEET DECEMBER 31, 1991 (With comparative totals as of December ASSETS CURRENT ASSETS Cash and investments Receivables Taxes Accounts Accrued interest Special assessments Delinquent Deferred Inventories, at cost 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 Deferred revenue 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) - unreserved and undesignated TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY -33- 31, 1990) I I I I Water Sewer $ 84 757 $ 607 530 1 113 34 558 1 567 128 420 12 718 I I I I I I I I I I I I 490 14 744 8 624 24 902 4 615 3471 141 844 785 665 2 292 916 7 072 793 ( 462 497) ( 3 207 493) 1 830 419 3 865 300 919 Sl 973 182 S4 650 965 $ 9 069 $ 154 10 000 6 981 154 19 223 7 135 55 000 74 223 7 135 2 110 036 4 103 785 (211 077) 540 045 1 898 959 4 643 830 Sl 973 182 S4 650 965 I I I I I Exhibit D-1 I Liauor Fund Total Recvclino Store I Store II 1991 1990 I $ 8 668 $153 277 $148 985 $1 003 217 $ 766 392 I 1 113 688 316 84 125 163 503 159 631 97 2 930 2 597 19 909 17 809 I 9 114 15 648 257 39 903 44 680 47 220 131 693 178 913 160 567 3 214 4 753 16 053 16 887 I 9 338 206 725 288 153 1 431 725 1 182 302 24 917 9 161 9 399 787 9 195 091 I (24 917) (7 571) (3 702 478) (3 469 832) 1 590 5 697 309 5 725 259 I 919 1 104 $ 9 338 $206 725 $6 908 665 $289 743 $7 129 953 I $ 4 145 $ 30 202 $ 58 328 $ 108 725 $ 59 850 I 2 438 3 936 6 682 5 863 1 200 10 000 10 000 I 4 145 32 640 62 264 125 407 76 913 55 000 65 000 I 4 145 32 640 62 264 180 407 141 913 I 6 213 821 6 062 300 5 193 174 085 227 479 735 725 704 452 5 193 174 085 227 479 6 949 546 6 766 752 I $ 9 338 $206 725 $289 743 $7 129 953 $6 908 665 I I I I -33- OPERATING REVENUE Sales Less cost of sales Water Sewer I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA PROPRIETARY FUND TYPES COMBINING STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1991 (With comparative totals for the year ended December 31, 1990) $ $ GROSS PROFIT TOTAL EXPENSES 149 088 474 451 23 481 6 500 172 569 480 951 5 242 12 230 11 728 1 633 13 206 4 834 56 586 175 628 702 7 166 51 166 37 464 1 098 4 811 3 546 14 400 23 315 4 054 307 116 946 15 151 183 200 568 822 no 631) (87 871) 16 579 1 220 4 723 38 396 6 600 (6 493) 22 629 38 396 11 998 (49 475) ( 20 000) (8 002) (49 475) (203 075) 589 520 S(211 077) S540 045 I I I Charges for services Permits and connection fees GROSS PROFIT AND REVENUE 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 OPERATING INCOME (LOSS) OTHER REVENUE (EXPENSES) General property taxes Property tax credits Interest on investments Other income Interest expense TOTAL OTHER REVENUE (EXPENSES) INCOME (LOSS) BEFORE TRANSFERS OPERATING TRANSFERS TO OTHER FUNDS NET INCOME (LOSS) RETAINED EARNINGS (DEFICIT), JANUARY 1 RETAINED EARNINGS (DEFICIT), DECEMBER 31 -34- I I I CITY OF SHOREWOOD, MINNESOTA PROPRIETARY FUND TYPES COMBINING STATEMENT OF CASH FLOWS YEAR ENDED DECEMBER 31, 1991 (With comparative totals for the year ended December 31, 1990) I Water Sewer I I INCREASE IN CASH AND CASH EQUIVALENTS 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 Deferred revenue CASH PROVIDED BY OPERATING ACTIVITIES $(10 631) $(87 871) 6 600 56 586 175 628 (425) (1 295) (2 052) (380) (355) 2 892 8 676 (977 ) (619) 3 616 (4 681) 41 (199) (456) (744) 55 571 87 783 ( 20 000) I I I I I CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (10 000) (6 493) (85 612) (118 659) 85 237 66 284 17 799 931 (52 375) 4 723 38 396 41 225 73 804 43 532 533 726 5 84 757 5607 530 I I I CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Assets acquired from other funds Property taxes levied for debt service INCREASE IN CASH AND CASH EQUIVALENTS I I CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments CASH AND CASH EQUIVALENTS, JANUARY 1 I I CASH AND CASH EQUIVALENTS, DECEMBER 31 I I I -35- I CITY OF SHOREWOOD, MINNESOTA WATER FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1991 AND 1990 Exhibit D-4 I I I I I I I I I I I I I I I I I I I 1991 1990 ASSETS CURRENT ASSETS Cash and investments $ 84 757 $ 43 532 Receivables Taxes 1 113 688 Accounts 34 558 33 263 Accrued interest 1 567 1 187 Special assessments Delinquent 490 2 128 Deferred 14 744 15 998 Prepaid items 4 615 3 638 TOTAL CURRENT ASSETS 141 844 100..434 PROPERTY AND EQUIPMENT, AT COST 2 292 916 2 207 304 LESS ACCUMULATED DEPRECIATION (462 497) (406 096) TOTAL PROPERTY AND EQUIPMENT 1 830 419 1 801 208 OTHER ASSETS Bond discount, net of amortization 919 1 104 TOTAL ASSETS 51 973 182 51 902 746 LIABILITIES AND FUND EQUITY CURRENT LIABILITIES Accounts and contracts payable $ 9 069 $ 5 453 Salaries and compensated absences payable 154 113 Deferred revenue 456 Current portion of long-term debt 10 000 10 000 TOTAL CURRENT LIABILITIES 19 223 16 022 LONG-TERM LIABILITIES Bonds payable less current portion above 55 000 65 000 TOTAL LIABILITIES 74 223 81 022 FUND EQUITY Contributed capital 2 110 036 2 024 799 Retained earnings (deficit) - unreserved and undesignated (211 077) (203 075) TOTAL FUND EQUITY 1 898 959 1 821 724 TOTAL LIABILITIES AND FUND EQUITY 51 973 182 51 902 746 -36- 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, 1991 AND 1990 OPERATING REVENUE Charges for services Permits and connection fees 1991 $ 149 088 23 481 TOTAL OPERATING REVENUE 172 569 EXPENSES Personal services Supplies Repairs and maintenance Depreciation and amortization Professional services Contracted services Communication Insurance Water purchases Utilities Other 5 242 11 728 13 206 56 586 702 51 166 1 098 4811 14 400 23 315 946 TOTAL EXPENSES 183 200 (10 631) OPERATING INCOME (LOSS) OTHER REVENUE (EXPENSES) General property taxes Property tax credits Interest on investments Other income Interest expense 16 579 1 220 4 723 6 600 (6 493) 22 629 TOTAL OTHER REVENUE (EXPENSES) INCOME BEFORE TRANSFERS 11 998 OPERATING TRANSFERS TO OTHER FUNDS (20 000) (8 002) (203 075) S(211 077) NET INCOME (LOSS) RETAINED EARNINGS (DEFICIT), JANUARY 1 RETAINED EARNINGS (DEFICIT), DECEMBER 31 I I I -37- 1990 $ 156 069 36 613 192 682 9 819 10 123 8 664 55 706 5 099 32 894 1 214 4 561 15 459 27 654 802 171 995 20 687 15 438 2 163 1 697 3 600 (7 293) 15 605 36 292 36 292 (239 367) S(203 075) CITY OF SHOREWOOD, MINNESOTA WATER FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1991 AND 1990 INCREASE IN CASH AND CASH EQUIVALENTS 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 Deferred revenue CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Bond principal paid Interest paid on revenue bonds Acquisition of property and equipment Assets acquired from other funds 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 -38- 1991 $(10 631) 6 600 56 586 (425) (1 295) (380) 2 892 (971 ) 3 616 41 (456) 55 571 l20 000) (10 000) (6 493) (85 612) 85 237 17 799 931 4 723 41 225 43 532 S 84 757 Exhibit D-6 I 1990 I I I I I I I I I I I I I I I $ 20 687 3 600 55 706 6 942 (1 187) 195 2 350 (108) 456 88 641 (10 000) (7 293) (85 194) 74 695 17 601 llO 191) 1 697 80 147 l36 615) S 43 532 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, 1991 AND 1990 ASSETS CURRENT ASSETS Cash and investments 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 Deferred revenue TOTAL CURRENT LIABILITIES FUND EQUITY contributed capital Retained earnings - unreserved and undesignated TOTAL FUND EQUITY TOTAL LIABILITIES AND FUND EQUITY I I I -39- Exhibit 0-7 1991 1990 $ 607 530 $ 533 726 128 420 126 368 12 718 12 363 8 624 13 520 24 902 28 682 3 471 2 852 785 665 717 511 7 072 793 6 954 134 (3 207 493) (3 031 865) 3 865 300 3 922 269 54 650 965 54 639 780 $ 6 981 $ 11 662 154 353 744 7 135 12 759 4 103 785 4 037 501 540 045 589 520 4 643 830 4 627 021 54 650 965 54 639 780 CITY OF SHOREWOOD, MINNESOTA SEWER FUND COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN YEARS ENDED DECEMBER 31, 1991 AND 1990 OPERATING REVENUE Charges for services Permits and connection fees TOTAL OPERATING REVENUE EXPENSES Personal services Supplies Repairs and maintenance Depreciation Professional services Contracted services Communication Insurance Utilities Metropolitan Waste Control Commission disposal charges Other TOTAL EXPENSES OPERATING INCOME (LOSS) OTHER REVENUE (EXPENSES) Interest on investments NET INCOME (LOSS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 -40- Exhibit D-8 I I I I I I I I I I I I I I I I RETAINED EARNINGS 1991 $474 451 6 500 480 951 12 230 1 633 4 834 175 628 7 166 37 464 3 546 4 054 307 116 15 151 568 822 (87 871) 38 396 (49 475) 589 520 5540 045 1990 $447 521 8 400 455 921 11 179 1 768 3 359 173 906 9 655 34 529 73 2 904 5 132 273 524 3 892 519 921 (64 000) 37 426 (26 574) 616 094 5589 520 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 SEWER FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1991 AND 1990 INCREASE IN CASH AND CASH EQUIVALENTS CASH FLOWS FROM OPERATING ACTIVITIES Operating income (loss) 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 Deferred revenue CASH PROVIDED BY OPERATING ACTIVITIES CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition of property and equipment Assets acquired from other funds 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 -41- 1991 $(87 871) 175 628 (2 052) (355) 8 676 (619) (4 681) (199) (744) 87 783 (118 659) 66 284 (52 375) 38 396 73 804 533 726 $607 530 Exhibit 0-9 1990 $(64 000) 173 906 (4 701) (3 615) (518) (8 887) 82 744 93 011 (94 859) 80 359 (14 500) 37 426 115 937 417 789 $533 726 -42- 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-10 LIQUOR FUND COMPARATIVE BALANCE SHEET DECEMBER 31, 1991 AND 1990 Store I Store II 1991 1990 1991 1990 ASSETS CURRENT ASSETS Cash and investments $153 277 $103 053 $148 985 $ 86 081 Receivables Accounts 84 125 Accrued interest 2 930 2 326 2 597 1 933 Inventories, at cost 47 220 43 507 131 693 117 060 Prepaid items 3 214 4 214 4 753 6 183 TOTAL CURRENT ASSETS 206 725 153 100 288 153 211 257 PROPERTY AND EQUIPMENT, AT COST 24 917 24 917 9 161 8 736 LESS ACCUMULATED DEPRECIATION (24 917) (24 917) (7 571) (6 954) TOTAL PROPERTY AND EQUIPMENT 1 590 1 782 TOTAL ASSETS S206 725 S153 100 S289 743 S213 039 LIABILITIES AND RETAINED EARNINGS CURRENT LIABILITIES Accounts and contracts payable $ 30 202 $ 18 439 $ 58 328 $ 24 296 Salaries and compensated absences payable 2 438 2 617 3 936 2 780 TOTAL CURRENT LIABILITIES 32 640 21 056 62 264 27 076 RETAINED EARNINGS Unreserved and undesignated 174 085 132 044 227 479 185 963 TOTAL LIABILITIES AND RETAINED EARNINGS S206 725 S153 100 S289 743 S213 039 I CITY OF SHOREWOOD, MINNESOTA Exhibit 0-11 LIQUOR FUND I COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS YEARS ENDED DECEMBER 31, 1991 AND 1990 I Store I Store II 1991 1990 1991 1990 OPERATING REVENUE Sales $606 845 $525 807 $848 487 $776 680 I Less cost of sales 475 120 412 467 671 989 625 936 GROSS PROFIT 131 725 113 340 176 498 150 744 I EXPENSES Personal services 51 130 51 421 75 474 70 090 Supplies 1 732 1 605 3 293 3 253 Depreciation 617 620 I Professional services 1 120 1 830 1 120 1 830 Contracted services 1 571 1 048 888 395 Insurance 4 907 4 351 7 184 6 510 Utilities 4 793 4 886 5 904 7 169 I Rent 19 726 16 456 25 380 24 803 Advertising 2 873 2 898 3 326 3 094 Other 4 198 1 364 5 479 951 I TOTAL EXPENSES 92 050 85 859 128 665 118 715 OPERATING INCOME 39 675 27 481 47 833 32 029 I OTHER REVENUE (EXPENSES) Interest on investments 9 127 6 952 8 047 6 707 Other income 3 239 1 088 636 2 344 I TOTAL OTHER REVENUE (EXPENSES) 12 366 8 040 8 683 9 051 INCOME BEFORE TRANSFERS 52 041 35 521 56 516 41 080 I OPERATING TRANSFERS TO OTHER FUNDS (10 000) (6 667) (15 000) (13 333) NET INCOME 42 041 28 854 41 516 27 747 I RETAINED EARNINGS, JANUARY 1 132 044 103 190 185 963 158 216 RETAINED EARNINGS, DECEMBER 31 5174 085 5132 044 5227 479 5185 963 I I I I I I I -43- -44- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit 0-12 LIQUOR FUND COMPARATIVE STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 1991 AND 1990 Store I Store II 1991 1990 1991 1990 INCREASE IN CASH AND CASH EQUIVALENTS CASH FLOWS FROM OPERATING ACTIVITIES Operating income $ 39 675 $ 27 481 $ 47 833 $ 32 029 Other income related to operations 3 239 1 088 636 2 344 Adjustments to reconcile operating income to net cash provided by operating activities Depreciation 617 620 (Increase) decrease in assets - Accounts (84) (125) Accrued interest (604) (568) (664) (217) Inventory (3 713) (7 336) (14 633) (15 334) Prepaid items 1 000 (726) 1 430 (1 260) Increase (decrease) in liabilities - Accounts payable 11 763 (3 428) 34 032 (8 229) Salaries and compensated absences payable (179) 555 1 156 (975) CASH PROVIDED BY OPERATING ACTIVITIES 51 097 17 066 70 282 8 978 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Operating transfers to other funds no 000) (6 667) (15 000) n3 333) CASH FLOWS FROM CAPITAL ~D RELATED FINANCING ACTIVITIES Acquisition of property and equipment (425) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments 9 127 6 952 8 047 6 707 INCREASE IN CASH AND CASH EQUIVALENTS 50 224 17 351 62 904 2 352. CASH AND CASH EQUIVALENTS, JANUARY 1 103 053 85 702 86 081 83 729 CASH AND CASH EQUIVALENTS, DECEMBER 31 5153 277 5103 053 5148 985 5 86 081 I 'I I .1 I I I I I /1 I I,' I I I I I I I CITY OF0 SBOREWOOD, MINNESOTA? Agency funds are established to account for assets held by the City as an agent for others. Deferred ~omPensation Fund- This fund. is used to .a.ccountfor employee payroll deferments' . and. the r~lated ,liability, that. are, 4epositeij with, '/outside compani~s in accordaq'Ce with the pr()visioo,s of Internal RevenueCod~ Section 457..' AGENCY FUNDS I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA DEFERRED COMPENSATION AGENCY FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES YEAR ENDED DECEMBER 31, 1991 ASSETS Investments for deferred compensation plan, at market LIABILITIES Deferred compensation funds held for participants Balance Januarv 1 S 43 386 S 43 386 -45- Additions S 24 582 S 24 582 Deductions s 674 s 674 Exhibit E-1 Balance December 31 S 67 294 S 67 294 I I I I I I I I I I I I' I I I I I I I '. ....' CITYQF SHOREWOOD, MINNESOTA GENERAt 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 inth~s category, a specific piece of property must meet three attributes: 1. Tangible, nature 2. A life longer than the curr~t 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 OFSHO!lliWOOl}, MINNESOTA c' GENERAL LONG-TERM DEBT ACCOUNT GROUP ---\ , ,," / /,) General Qb)igation bonds and other, forms of long-term debt, support~;by general revenues are oblig~tions ofa governmental unit.as a whole and "not its cJndivldllal constituent funds. The ~ount of unmatured long-te1"t1};indebte,d.n~ss which is backed by the full faith and credit of the government (excluding; enterprise fund debt) i~ recOl."ded\ and accounted for in a separate self-balancing account group titled the ~IGe,neraI Long., Term Debt Account Group. " Also, J'his debt group~clud7s certain IUJ.bjIities, not' expected to be liquidated with expendaBle /available financialr~sources. I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA Exhibit G-1 GENERAL LONG-TERM DEBT ACCOUNT GROUP COMPARATIVE STATEMENT OF GENERAL LONG-TERM DEBT DECEMBER 31, 1991 AND 1990 1991 1990 AMOUNT AVAILABLE FOR DEBT SERVICE Debt service funds $2 311 859 $1 902 837 AMOUNTS TO BE PROVIDED Future tax levies and assessments 1 051 051 758 961 TOTAL AMOUNT AVAILABLE AND TO BE PROVIDED 53 362 910 52 661 798 GENERAL LONG-TERM DEBT PAYABLE Compensated absences payable $ 16 910 $ 16 798 General obligation special assessment bonds 3 346 000 2 645 000 TOTAL GENERAL LONG-TERM DEBT PAYABLE 53 362 910 52 661 798 -49- REVENUE BONDS Water Revenue bonds 8.25-8.50 9/1/80 2/1/97 I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA SCHEDULE OF BONDS PAYABLE DECEMBER 31, 1991 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 1986 G.O Improvement bonds of 1991 G.O Improvement bonds of 1991 Final Interest Issue Maturity Rates Date Date 5.20-6.60% 4/1/87 2/1/01 6.00-6.50 10/1/89 2/1/03 5.70 1/1/74 1/1/94 6.50-7.90 8/1/86 2/1/02 4.50-5.85 11/1/91 2/1/02 8.00 9/1/91 2/1/97 TOTAL TOTAL -50- I I I I I I I I I I I I I I I I I I I Exhibit H-1 Bonds Authorized 12/31/91 and Issued Redeemed outstandina $ 875 000 $ 260 000 $ 615 000 1 095 000 140 000 955 000 1 250 000 1 190 000 60 000 985 000 260 000 725 000 960 000 960 000 31 000 31 000 5 196 000 1 850 000 3 346 000 140 000 S5 336 000 75 000 S1 925 000 65 000 S3 411 000 -50- -51- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA SCHEDULE OF DEBT SERVICE REQUIREMENTS DECEMBER 31, 1991 Totals Year Principal Interest 1992 $ 260 000 $ 192 296 1993 344 500 187 835 1994 341 000 167 109 1995 331 000 147 045 1996 327 000 126 839 1997 307 500 106 787 1998 300 000 87 780 1999 300 000 68 675 2000 295 000 49 458 2001 295 000 30 159 2002 235 000 12 659 2003 75 000 2 437 Total S3 411 000 Sl 179 079 Exhibit I-1 Revenue Bonds Principal Interest $ 10 000 $ 5 500 10 000 4 675 15 000 3 825 15 000 2 550 15 000 1 275 S 65 000 S 17 825 -51- 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 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 1982 $ 837 752 $195 936 $318 006 $190 180 $ 23 319 $110 311 1983 788 343 271 057 294 647 188 420 34 219 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 -52- CITY OF SHOREWOOD, MINNESOTA GENERAL FUND REVENUE AND OTHER SOURCES BY SOURCE LAST TEN FISCAL YEARS Table 2 Total General Licenses Fiscal General Fund Property and Inter- Year Revenues Taxes Permits Governmental Fines Miscellaneous 1982 $ 839 297 $ 412 004 $ 33 354 $322 258 $ 33 024 $ 38 657 1983 852 699 414 856 53 606 259 326 47 544 77 367 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 -53- 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 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 Levy Levy Collected Levy Collections to Levy 1982 $ 526 011 $ 501 143 95.27% $ 12 488 $ 513 631 97.65% 1983 584 959 561 533 96.00 23 007 584 540 99.93 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 (1 ) Includes state paid property tax credits Includes $66,971 state aid reduction from the Homestead and Agricultural Credit Aid. * -54- CITY OF SHOREWOOD, MINNESOTA ASSESSED VALUATION, TAX LEVIES AND MILL RATES (shown by year of tax collectibility) I 1991 1990 1989 1988 (1 ) (1 ) (1 ) Assessed valuation/ Tax capacity $7 909 001 $7 033 863 $7 705 314 $55 691 698 Contribution to fiscal disparities pool (227 257) (209 164) (218 604) (1 699 452) Receivable from fiscal disparities pool 388 595 372 707 347 288 2 597 611 Taxable valuation/ Total tax capacity 58 070 339 57 197 406 57 833 998 $56 589 857 Tax levies General $1 840 663 $1 667 451 $1 282 956 $ 1 274 189 Debt service 16 325 17 125 17 925 19 500 Total 51 856 988 51 684 576 51 300 881 $ 1 293 689 Mill rates/Tax Capacity Rate General 20 274 20.093 16.282 22.481 Mills Debt service .180 .206 .227 .344 Total 20.454 20.299 16.509 22.825 Mills I I I I I I I I I I (1) As a result of 1988 legislation assessed valuation has been replaced by tax I 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. 1982-1988 I information is stated in terms of assessed valuation and mill rates. 1989, 1990 and 1991 information is stated in terms of tax capacity and tax capacity rates. , I I I I I -55- I I I Table 4 I 1987 1986 1985 1984 1983 1982 I $52 274 820 $50 700 422 $50 464 722 $47 316 709 $45 876 016 $40 822 234 I (1 457 783) (1 420 050) (1 355 365) (1 274 399) (1 105 205) (905 163) 2 242 637 1 934 251 1 918 366 1 643 793 1 415 133 1 092 383 I 553 059 674 551 214 623 551 027 723 547 686 103 546 185 944 541 009 454 I $ 1 172 220 $ 1 126 436 $ 1 068 803 $ 932 180 $ 542 579 $ 526 011 82 200 82 825 102 825 201 834 42 380 I 5 1 254 420 5 1 209 261 5 1 171 628 5 1 134 014 5 584 959 5 526 011 I 22.093 Mills 22.020 Mills 20.903 Mills 19.875 Mills 11. 746 Mills 12.826 Mills I 1. 550 1. 620 2.011 4.304 .918 23.643 Mills 23.640 Mills 22.914 Mills 24.179 Mills 12.664 Mills 12.826 Mills I I I I I I I I I -55- CITY OF SHOREWOOD, MINNESOTA PROPERTY TAX MILL RATES/TAX CAPACITY RATES - ALL OVERLAPPING GOVERNMENTS (PER $1000 OF ASSESSED VALUE FOR YEARS 1982-1988 AND TAX CAPACITY IN 1989 - 1991) (1) (1 ) Year School School Watershed Watershed Taxes District District District District Payable City County No. 276 No. 277 No. 3 No. 4 Misc. 1982 12.826 29.183 51.316 48.850 .068 .449 4.384 1983 12.664 28.451 57.050 52.870 .086 .346 5.106 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 (1 ) Includes vocational school (2) Information for 1989-1991 is stated in terms of tax capacity rates due to 1988 legislative changes as explained in Table 4. -56- 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 School District No. 276, Watershed District No.3 97.777 103.357 118.153 114.045 119.004 121. 559 126.012 108.357 107.114 113.955 Totals School District No. 276, Watershed District No. 4 98.158 103.617 118.161 114.383 119.113 121. 900 126.490 108.727 107.430 114.273 Table 5 School District No. 277, Watershed District No. 3 95.311 99.177 113.819 107.867 117.853 113.573 119.122 98.211 96.890 104.382 -56- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA PRINCIPAL TAXPAYERS DECEMBER 31, 1991 Table 6 Percentage 1991 Tax of Total Taxpaver Tvpe of Business Capacitv Tax Capacitv Northern States Power Company utility $118 166 1. 49% Ryan Construction Company Shopping Center 94 050 1.19 Minnetonka Country Club Country Club 80 470 1.02 Minnegasco Utility 56 262 .71 Two S Properties Commercial 45 141 .57 Shorewood Yacht Club Yacht Club 38 449 .49 Individual Residential 35 522 .45 Individual Residential 35 226 .45 Welsh Companies Commercial Office 32 554 .41 Individual Residential 26 987 --:...ll. Total 5562 827 7.12% ==- -57- -58- 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 Levy Collected Levy Collections To Leyy 1982 $526 544 $377 798 71. 75% $ 25 942 $403 740 76.68% 1983 577 348 464 559 80.46 89 374 553 933 95.94 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 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, 1991 Table 8 Market Value 5353 840 300 $ 7 076 806 Debt Limit: 2.0% of market value (Note A) Amount of Debt Applicable to Debt Limit: Total Bonded Debt Less: (Note B) Special Assessment Bonds General Obligation Water Revenue Bonds General Obligation Storm Sewer Bonds $ 3 411 000 (3 315 000) (65 000) (31 000) Total Debt Applicable to Debt Limit Legal Debt Margin Note (A): M.S.A. Section 475.53 ,(Limit on Net Debt) 5 7 076 806 "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. -59- 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 1982 4710 $41 009 454 $4 700 000 $3 414 747 $1 285 253 .0313:1 $ 272.88 1983 4720 46 185 944 4 090 000 1 432 874 2 657 126 .0575:1 562.95 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 1989 1990 1991 1 479 697 817 163 1 099 141 .1889:1 .1135:1 .1362:1 254.46 138.10 183.19 5815 5917 6000 7 833 998 7 197 406 8 070 339 2 990 000 2 720 000 3 411 000 1 510 303 1 902 837 2 311 859 (1) Gross bonded debt amounts in this Table are primarily general obligation special assessment bonds and revenue bonds whose principal source of funding will be sources other than general property taxes. -60- 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 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 1982 $ 315 000 $297 888 $ 612 888 $1 765 701 34.71% 1983 605 000 272 167 877 167 1 683 087 52.12 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 (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 -61- Direct Debt* City of Shorewood Overlapping Debt Hennepin County School District #276 School District #277 Vo-Tech District #287 Metropolitan Council Metropolitan Transit Commission Total Over- lapping Debt Total Direct and Overlapping Debt CITY OF SHOREWOOD, MINNESOTA COMPUTATION OF DIRECT AND OVERLAPPING DEBT DECEMBER 31, 1991 Table 11 City of Percent of Shorewood Net Debt Debt Applicable Share Total Debt Outstandina to Citv of Debt S 3 411 000 S 1 099 141 100.00% Sl 099 141 117 025 000 82 556 000 .82 676 959 6 016 000 4 713 000 21.87 1 030 733 1.85 700 000 1.20 457 585 000 65 103 000 .43 279 943 7 550 000 4 343 000 .41 17 807 588 876 000 156 715 000 1.28 2 005 442 S592 287 000 S157 814 141 1.97% S3 104 583 * Direct debt includes all debt because it is 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. -62- 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 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 1982 $ 21 617 $ 52 977 $(31 360) $ $ 5 642 $ 5 642 (5.558) to 1 1983 25 500 59 314 (33 814) 5 000 11 623 16 623 (2.034) to 1 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 (1) Excluding depreciation and interest on bonds -63- CITY OF SHOREWOOD, MINNESOTA PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS LAST TEN FISCAL YEARS Fiscal Year (1 ) (1) Commercial Residential Construction Construction Number of Value Units Value $ 9 $ 1 336 000 258 449 26 3 259 626 883 000 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 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 Sources (1) City Planning and Inspection Department (2) County Assessor's Office Bank deposits are not shown as no banks are located within the City limits. -64- 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 Table 13 (2 ) Property Value Commercial Residential Total $ 7 123 374 $153 729 300 $160 852 674 7 956 000 170 185 200 178 141 200 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 -64- I I I I I I I I I I I I I I I I I I I CITY OF SHOREWOOD, MINNESOTA MISCELLANEOUS STATISTICS DECEMBER 31, 1991 Year of incorporation Form of government Fiscal year begins Area of city Miles of streets and alleys City streets Municipal state aid streets County roads State highway Sewer Lift stations Sewer rates - residential Miles of sewer lines Number of street lights Building permits issued in 1991 Number of permits Value Fire protection Contracted services with Mound and Excelsior Police protection Contracted services with South Lake Minnetonka Police Department Parks Number Acres Water Number of connections Average daily consumption Miles of watermain Daily capacity Number of fire hydrants Water rate per thousand gallons Employees Regu1 a,r Part-time/seasonal Total Elections Registered voters last election Number of votes cast last election Percentage of registered voters voting -65- Table 14 1956 Council-Administrator Adopted January 1, 1956 January 1 6.0 Square Miles 37.5 9.3 1.7 2.7 18 $49. 75/quarter 54 143 277 $15,710,361 5 79.7 . 744 234,000 gallons 14 4,680,000 gallons 160 $1.40/1000 gallons 20 14 34 3,919 1,754 44.8