2000 City of Hopkins, MN Annual Report COMPREHENSIVE ANNUAL
FINANCIAL REPORT
of the
CITY OF HOPKINS
1010 FIRST STREET SOUTH
HOPKINS, MINNESOTA 55343
for the
Year Ended
December 31 , 2000
DEPARTMENT OF FINANCE
Lori Yager, Finance Director
MEMBER OF GOVERNMENT FINANCE OFFICERS' ASSOCIATION
OF THE UNITED STATES AND CANADA
TELEPHONE: (952) 935-8474
..
Y
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000
TABLE OF CONTENTS
Exhibit Page
I. INTRODUCTORY SECTION
City Officials 2
Administrative Organization Chart 3
Letter of Transmittal from the City Manager
and Finance Director 5
Certificate of Achievement for Excellence in
Financial Reporting 17
Il. FINANCIAL SECTION
Independent Auditors' Report 19
A. General Purpose Financial Statements
Combined Balance Sheet- All Fund Types and
Account Groups A 22
Combined Statement of Revenues, Expenditures,
and Changes in Fund Balances - All
Governmental Fund Types A-1 24
Combined Statement of Revenues, Expenditures,
._ and Changes in Fund Balances - Budget and
Actual - General and Special Revenue Fund Types A-2 26
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings - All
Proprietary Fund Types A-3 28
Combined Statement of Cash Flows - All
Proprietary Fund Types A-4 29
Notes to Financial Statements 30
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000 _
Exhibit Pav-e
B. Combining Individual Funds and Account
Groups Statements and Schedules
General Fund
Balance Sheet B 48
Statement of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual B-1 49
Schedule of Revenues - Budget and Actual B-2 50
Schedule of Expenditures - Budget and Actual B-3 51 _
Special Revenue Funds
Combining Balance Sheet C 58
Combining Balance Sheet - Tax Increment Ca 60
Combining Statement of Revenues, Expenditures, and _
Changes in Fund Balances C-1 62
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Tax Increment Ca-1 64 _
Statements of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual:
State Chemical Assessment Team Fund C-2 66 _
Economic Development Fund C-3 67
Real Estate Purchases and Sales Fund C-4 68
Para-Transit Fund C-5 69 _
Housing Rehab Fund C-6 70
Parking Fund C-7 71
Section 8 Housing Fund C-8 72 _
Cable TV Fund C-9 73
Depot Coffee House Fund C-10 74
Tax Increment 1.1 Fund C-11 75 _
Tax Increment 1.2 Fund C-12 76
Tax Increment 2.1 Fund C-13 77
Tax Increment 2.6 Fund C-14 78 _
Tax Increment 2.7 Fund C-15 79
Tax Increment 2.8 Fund C-16 80
Tax Increment 2.9 Fund C-17 81
Debt Service Funds
Combining Balance Sheet D 84
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance D-1 86
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000
Exhibit Page
Capital Projects Funds
Combining Balance Sheet E 89
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance E-1 90
Enterprise Funds
Combining Balance Sheet F 92
Combining Statement of Revenues, Expenses, and
Changes in Retained Earnings F-1 94
Combining Statement of Cash Flows F-2 96
Internal Service Fund
Balance Sheet G 99
Statement of Revenues, Expenses, and
Changes in Retained Earnings G-1 100
Statement of Cash Flows G-2 101
Agency Fund
Combining Statement of Changes in Assets and Liabilities H 103
Account Groups
Schedule of General Fixed Assets 1 105
Schedule of General Fixed Assets by Function
and Activity 1-1 106
— Schedule of Changes in General Fixed Assets
by Function and Activity 1-2 107
Statement of General Long-Term Debt 1 108
Schedule Page
SECTION IIC
Supplemental Financial Schedules
Schedule of Bonds Payable 1 110
Schedule of Debt Service Requirements -All Funds 2 122
Schedule of Funding Available and Funds Required
_ for Debt Service 3 123
Schedule of Insurance in Force 4 124
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000 _
Table Pate
III. STATISTICAL SECTION
Governmental Fund Types - Expenditures by Function I 127 _
Governmental Fund Types - Revenues by Source 11 128
Property Tax Levies and Collections III 129
Assessed Value/Tax Capacity Value and Market Value _
of All Taxable Property IV 130
Property Tax Rates - Direct and Overlapping Governments V 131 _
Special Assessments Billings and Collections VI 132
Ratio of Net Bonded Debt to Assessed Value/Tax
Capacity Value and Net Bonded Debt Per Capita VII 134
Computation of Legal Debt Margin VIII 136
Computation of Direct and Overlapping Debt _
Including Debt Ratios IX 137
Ratio of Annual Debt Service Expenditures for General _
Bonded Debt to Total General Expenditures X 138
Revenue Bond Coverage - Water, Sewer and Storm Sewer _
Revenue Bonds XI 139
Demographic Statistics XII 140
Construction and Property Value XIII 141
Principal Taxpayers XIV 142
Miscellaneous Statistical Facts XV 143
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VJLOSINNIW 'SNI)IdOH AO AID
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2000
CITY OFFICIALS
December 31, 2000 —
CITY COUNCIL
Term —
Expires
Eugene Maxwell, Mayor 12-31-01 —
Frances Hesch Councilmember 12-31-01
Karen Jensen Councilmember 12-31-03
Diane Johnson Councilmember 12-31-03
Rick Brausen Councilmember 12-31-01
CITY MANAGER
Steven C. Mielke
FINANCE DIRECTOR _
Lori Yager
2
CITIZENS
Boards & CITY
Commissions COUNCIL City Attorney
Administrative City Manager MIS
Services
City of
Minnetonka
i
i
i
W Community Planning &Services Finance Economic Fire Police Public Works Recreation
Development
• Assessing Economic Fire & Medical a Patrol Building Maint. &
• City Clerk Accounting Development Response 0 Investigation Equipment
• Elections Payroll Housing 0 Prevention 0 Communication Services
• Inspections Utility Billing Planning & Emergency 0 Crime Engineering
• Reception Zoning Preparedness Prevention Parks & Forestry
Public Housing Street/Traffic/
Refuse
• Water& Sewer
• Facilities Mgmt.
Activity Center
Center for the Arts
Depot
Pavilion/Ice Arena
(This page intentionally left blank)
4 '—
City of 9lopkins
1010 First Street South •Hopkins,MJF 55343-7573 • Phone:952-935-8474 • Fax952-935-1834
Web address:www.hopkinsmn.com
May 15, 2001
To the Honorable Mayor, members of the Hopkins City Council and the Citizens of the
City of Hopkins, Minnesota :
The Comprehensive Annual Financial Report (CAFR) of the City of Hopkins, Minnesota (the City)
— for the fiscal year ended December 31, 2000 is hereby submitted. This report was prepared by the
City's Finance Department. Responsibility for both the accuracy of the presented data and the
completeness and fairness of the presentation, including all disclosures, supporting schedules,
statistical tables, etc., rests with the City. We believe the data, as presented, is accurate in all
material respects; that it is presented in a manner designed to fairly set forth the financial position
and results of operations of the City as measured by the financial activity of its various funds; and
that all disclosures necessary to enable the reader to gain the maximum understanding of the City's
financial affairs have been included.
The organization, form and contents of this report were prepared in accordance with standards
prescribed by the Governmental Accounting Standards Board (GASB), the Government Finance
Officers Association of the United States and Canada, the American Institute of Certified Public
Accountants, the State Auditor's Office— State of Minnesota and the City Charter.
The CAFR is presented in three sections: introductory, financial and statistical. The introductory
section includes a list of principal officials, the organizational chart, the City Manager's letter and
this transmittal letter. The financial section includes the independent auditors' report on the
financial statements and schedules, the general-purpose financial statements and the combining and
individual funds and account group financial statements and schedules. The statistical section
contains selected financial and demographic information pertinent to the City and is generally
presented on a multiyear basis.
Reporting Entity Components
The report includes all funds and account groups of the City, including the city's Housing and
Redevelopment Authority (HRA). The City provides a full range of services including general
government, public safety, public works, community development and parks and recreation. In
addition to general municipal activities, the City provides water, sewer and refuse services. Low
_ income rental housing is a function of the HRA. The Hopkins Fire Relief Association has not met
the established criteria for inclusion in the reporting entity, and accordingly is excluded from this
report.
5
Partnering with the Community to Enhance the Quality of Life
•Inspire•Pducate•Involve•Communicate•
Governmental Structure
Background
Hopkins was first settled in 1853 and was incorporated as the Village of West Minneapolis in 1893.
The name was changed in 1928 to Hopkins after one of the early residents. The original territory of _
incorporation was three square miles, but successive annexation since 1946 has enlarged this area
by one-third. In 1947, the residents of the area adopted a City Charter with a Council/Manager form
of government. The governing council is responsible, among other things, for passing ordinances, _
adopting the budget, appointing committees and hiring the government's manager and the
government's attorney. The government's manager is responsible for carrying out the policies and
ordinances of the government, for overseeing day-to-day operations of the government and for
appointing the heads of the government's departments.
The City of Hopkins, consisting of 2,504 acres, is located in Hennepin County on the westerly _
fringe of the Minneapolis urban area. The City, as part of the Minneapolis-St. Paul metropolitan
complex, is readily accessible by the many highways and railways leading into the area. This easy _
access prompted steady growth for the City of Hopkins during its formative years. In response to
this growth the City developed goals of working towards a planned community, with its policies
directed toward sound ratios of residential, commercial and industrial components, with the current
tax base approximately 57% single family residential and apartments, and 43% commercial-
industrial. The city's population has stabilized due to the fact that the City is largely developed and
the national trend toward the lowering of persons per household. _
Economic Condition and Outlook
With a strong economy in place, the past few years have shown increased economic and
redevelopment within the City of Hopkins. The valuation of new construction in 2000 was $7.7
million dollars. This economic development increase has been the result of a good development '—
market in the Hopkins area along with successful redevelopment activities by the City.
Significant projects completed or begun in 2000 include the following:
Activity Valuation _
Commercial Additions/Alterations:
Chapel View $ 750,000 _
SuperValu addition $ 3,760,000
Stiele and Bakken Business Redevelopment $ 9,710,000
Excelsior Boulevard Reconstruction $ 670,000
Parkside Residential Project $ 8,000,000
DeCoy's Restaurant $ 225,000
Water Tower Painting $ 550,000
Mason Property Downtown $ 300,000
Efforts are being made for continued development and growth for 2001 and beyond. It is
anticipated that approximately $104,000,000 of construction will also take place in the City of
Hopkins during 2001/2002.
6
Some anticipated projects during this period include the following:
Project Valuation
Nine Mile Cove $10,000,000
Medica $70,000,000
Eastside Redevelopment $10,000,000
Excelsior Boulevard Reconstruction $ 6,000,000
Walgreens $ 2,000,000
The City of Hopkins has developed a strategic plan for economic development. As a part of this
_ plan, the City of Hopkins intends to pursue various development and redevelopment efforts
throughout the City. Several projects are anticipated.
In 2001, projects to be constructed include the redevelopment of the Hopkins House Hotel, the
redevelopment of Eastside downtown, phase II of the Nine Mile Cove housing project,
redevelopment of a restaurant and downtown parking improvements. These developments will have
major impacts on the community and its development. Specialized planning is taking place to
ensure that these developments occur so as to benefit the community and residential neighborhoods.
Over the course of about five years, major improvements will continue to be made to County Road
3 along its entire length in Hopkins. The first phase of improvements occurred in 1998 between
_ Shady Oak Road and 11 th avenue south. The second phase occurred in 1999 between Highway 169
to 11`h Avenue South. The third phase will occur in the year 2001 and 2002 between Highway 169
and Blake Road. The final phase runs from Blake Road to Meadowbroke Road and should occur in
2002 and 2003.
Major Initiatives
For the Year
For 2000, the staff, following specific directives of the council and the manager, has been involved
in a variety of projects throughout the year. These projects reflect the government's commitment to
ensuring that its citizens are able to live and work in a safe environment and that the needs for
services are met.
A Citizens Academy was held in 2000, which involved 45 weeks of citizen, council member and
_ employee participation. The academy informed citizens of different aspects of city services. The
activity was a huge success and will be continued either annually or bi-annually.
_ The council and city manager organized a large group of concerned partners to determine what the
Vision and the Mission of the City of Hopkins should be. Participation in this project was very high
and the resulting Vision and Mission are as follows:
— 7
Community Vision
Creating a Spirit of Unity—Hopkins will be a community where _
• People are treated with respect
• People participate in building culture, character and common bonds
• Business growth throughout the City is supported while maintaining a vibrant City center —
• People feel safe, support outstanding schools and celebrate cultural heritages
• People enjoy quality public services, parks and housing
City of Hopkins Mission
Partnering with the Community to enhance the quality of life,
— Inspire, Educate, Involve, Communicate —
In addition to the citizen projects we also accomplished our annual street repair and improvements
in 2000, at a cost of approximately $2,293,000. The projects included replacing infrastructure,
roadway surface, curb and gutters and alley reconstruction. The sump pump inspection program
was continued into 2000 at a cost of approximately $23,000. Storm Sewer reconstruction projects —
totaling $164,000, was done in 2000. The city constructed a Skate Park with donations and park
funds. The Skate Park is considered a huge success and will continue to operate into the future.
The City of Hopkins upgraded its' police computer systems. We are upgrading our Mobile Data
Transmission system to stay abreast of technological advances in this area. This will enhance the
speed and accuracy of the public safety departments data retrieval and transmission. —
For the Future
A systematic citywide sidewalk rehab program was initiated in 1992. Each year one quadrant is
inspected and necessary repairs made. A sidewalk/trail plan will be developed in 2001, which will
guide future improvements and connections to regional trails. —
Hennepin County has included in its five year CIP an improvement project relating to County Road
3 extending through the entire City of Hopkins. Improvements include street surface, widening, —
lighting, landscaping, sidewalks, and trails. These improvements will continue to take place during
2001-2003.
The City has established a street reconstruction and storm sewer program based on a street condition
survey and storm water management program. The streets found in poor condition and future —
problem streets will be systematically included for repairs in the five-year Capital Improvement
Plan.
The City has identified a need to repaint a water tower in the city and reconstruct a lift station. The
city will continue to replace its' old water meters with new radio read water meters.
8
-- Financial Information
The City's accounting records are maintained on the accrual, or modified accrual basis, as
appropriate. Budgetary control is maintained by Department Managers and an encumbrance system
whereby purchase orders are audited to ensure the adequacy of funds prior to their release to
vendors. The budget is adopted by, and can be amended by, the City Council. The expenditure
budget may not legally be exceeded at the level of control presented in Exhibit A-2. A contingency
appropriation is established for this purpose.
In developing and evaluating the City's accounting system, consideration is given to the adequacy
of internal accounting controls. These controls are designed to provide reasonable, but not absolute
assurance regarding (1) the safeguarding of assets against loss from unauthorized use or disposition;
and (2) the reliability of financial records for preparing financial statements and accountability for
assets. The concept of reasonable assurance recognizes that: (1) the cost of control should not
exceed the benefits likely to be derived, and (2) the evaluation of cost and benefits requires
estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's
internal accounting controls adequately safeguard assets and provide reasonable assurance of proper
recording of financial transactions.
Capital financing of the major City improvements is provided for the most part through the
Permanent Improvement Revolving (PIR) Fund financed by the issuance of improvement bonds.
Another source of capital financing is through general obligation bonds, tax increment bonds, or
revenue bonds.
Time lags in revenue collections in some of the funds may make it necessary to arrange short-term
operating loans between funds from time to time. These loans are most often arranged through the
General Fund, but at times may be arranged through other fund groups, such as Special Revenue,
Enterprise or Capital Projects groups.
General Government Functions
General municipal services are accounted for in the City's General Fund. Exhibit A-2 indicates the
transactions for this fund compared to the budgeted amounts. Actual revenues for the general fund
were under budget by $32,193. This was a result of a change in accounting practice in the
_ allocation of interest revenues. This shortfall of interest revenues will continue to be eliminated
with the adjustment of budgeted interest revenues in the future.
9
The following chart presents a comparative analysis of general fund revenues and other financing
sources:
General Fund Revenue and Other Financing Sources, 2000, 1999 and 1998 _
Actual
Other
Interest
Charges —
01998
Fines ■1999
Intergov't 2000
License& Permits
Taxes
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500
(in thousands) _
Total net tax capacity of the City for taxes collected in 2000 (including the fiscal disparities tax
capacity contribution and distribution) was $12,526,355. This 2000 tax base reflects a decrease of _
$976,467 over 1999 due to a further compression of the tax classification rates implemented by the
state legislature. The total tax capacity value figure is also net of the tax capacity pledged to tax
increment projects, which amounted to $1,670,794, which is 10.6% of the gross tax capacity base. —
Current property tax collections were 98.7% of the tax levy in the year 2000. Property taxes make
up 58% of the general fund revenue sources. The next largest source is intergovernmental revenues
at 29%. The intergovernmental revenues have remained constant over the last three years which has
prompted a need for increases in property taxes.
General Fund expenditures and transfers totaled $7,186,829 in 2000, an overall increase of —
approximately 1.2% from the comparable figure for 1999. This slight increase over 1999 is
primarily from an increase in salaries and benefits. Salaries and benefits represent 76% of general _
fund expenditures. Total expenditures were below budgeted amounts by $259,378. The general
government budget within the general fund was increased by $203,000 for a Fire station roof
replacement and reallocation of salary from community development. The roof was not replaced _
therefore expenditures were under budget considerably. The public safety budget was increased by
$135,000 to cover additional materials, supplies and services in the police area. A portion of the
community development budget was decreased by $95,000 and reallocated to the general —
government budget. The recreation budget was decreased by $33,000 due to the smaller payment
for Shady Oak Beach improvements. The public works budget increased only slightly.
10
The following chart presents a comparative analysis of general fund expenditures and other uses:
General Fund Expenditures and Other Financing Uses -2000, 1999 and 1998
$3,500 ;
$3,000
$2,500
$2,000
�2000
$1,500-1 ■1999
$1,000 1998
$500
$0
General Public Comm. Public Recreation Capital
Gov. Safety Dev. Works
�. Liquidity
The following table shows previous year-end General Fund equities, as compared to the adopted
appropriations for the following year:
Original Fund Equity
General Fund Beginning of Year % of
Budget Amount Budge
1995 6,400,000 2,906,149 45.4
1996 6,592,000 2,870,206 43.5
1997 6,791,100 3,013,865 44.4
1998 6,969,680 2,940,139 42.2
1999 7,158,664 2,834,758 39.6
2000 7,418,723 2,877,512 38.8
The City's financial position remained strong during 2000. Cash and investment balances at year-
end totaled $20,391,939, which provides the liquidity necessary to avoid short-term borrowing.
The unreserved General Fund balance is available to provide funding for working capital until tax
settlements and state aids are received in June and December of each year, to provide funds for
unknown events and emergencies, which could have an adverse effect on the fund. A strong fund
balance should be at least 50% of the "gross" General Fund property tax levy (before netting of
HACA and fiscal disparities distribution) for the following year. Through sound financial
management, the City has achieved this goal in 2000 as well as previous years.
In addition to the City's strong financial position in the General Fund, the other city fund groups
remained strong as well. The Special Revenue Fund groups have a fund balance of $8,451,174,
11
which is 276% of the expenditures and other financing uses incurred in 2000. The excess of Special
revenue funds are ear marked to be used on redevelopment projects for the city and early retirement _
of debt service in TIF districts. The capital project funds currently have $3,922,727 in fund balance,
which is to be spent in 2001 - 2003 primarily on the County Road 3 project. The Enterprise Funds
have a working capital balance in excess of$3,500,000, which will provide funds for the upcoming —
water, sewer and street projects. The Equipment Replacement - Internal Service Fund has a
working capital balance in excess of $1,400,000, which will provide funds for future capital
purchases. —
Special Revenue Funds
State Chemical Assessment Fund
This fund is established to record the activity of the Chemical Assessment Team. The source of
revenue for this fund is a State Chemical Assessment Grant which fully reimburses the City for its'
expenditures relating to chemical assessment team expense.
Economic Development
The development of the City is enhanced through this fund. Revenues received are designated for
development projects that are in line with strategic plans of the council and the community for the _
City of Hopkins. The fund balance is currently $3,789,612.
Real Estate Purchases& Sales
The proceeds of this fund are to be used to improve city buildings. The fund balance is currently
$48,624.
Community Development Block Grant
This revenue source continues to provide financial support and facilities for lower income areas and
individuals through housing rehabilitation grants and loans. Grant revenues to the City were _
$14,631.
Tax Increment Funds
The City has established several tax increment financing districts, which have assisted with the
redevelopment of its City. The positive impact of these districts can be seen in a variety of projects _
such as the Oaks of Mainstreet development and the Entertainment Center downtown. The
revenues generated in these funds are designated to pay for debt that was issued to help pay for the
projects or to finance the projects themselves. The total fund balance of all tax increment districts is —
currently $2,727,942 and is designated for debt service payments or for specific projects within each
district.
Para-Transit
This fund accounts for revenues received from the Metropolitan Council and from user fees to
provide for low cost transportation in Hopkins. This fund is partially funded through the general —
fund if necessary.
12
Housing Rehab
This fund receives money primarily from the Community Development Block Grant program,
housing fees and loan interest. This fund accounts for housing rehabilitation activities in the City of
Hopkins. The fund balance is currently $1,317,588.
Parking
This fund records and accounts for parking fees and operations, assessments charged to users and
maintenance of the parking facilities. The fund balance is currently $358,149.
Section 8 Housing
This fund administers the HUD Section 8 rental assistance program. Current fund balance is
$18,068.
Cable TV
This fund records and accounts for franchise fee revenue from a five-city joint venture cable TV
franchise administered under the Southwest Suburban Cable Commission. The fund balance is
currently $327,265.
Depot Coffee House
The Depot Coffee House is a student-run gathering place for students. Here the City records the
expense and revenue of retailing coffee and miscellaneous food products. The teen center, which is
part of the Depot Coffee House, is funded by grants and contribution from local supporters.
Debt Administration
Net bonded debt per capita and percentages of net debt to market value are useful indicators of a
city's debt position to municipal management, citizens, and investors. Total outstanding bonded
debt as of December 31, 2000, totaled $22,668,543 of which $7,223,543 are redevelopment issues -
the last bond matures August 1, 2016; $1,615,000 are park and recreational bonds - due August 1,
2011; $5,475,000 are revenue bonds - due August 1, 2015; $1,975,000 are special assessment bonds
- due February 1, 2010 and $6,380,000 are housing improvement bonds — due February 1, 2021.
Repayment plans for bonds and interest are well on course and no tax levy is anticipated for any
bonds except the park and recreation and the special assessment issues.
The City has maintained its Al rating from Moody's Investors Service on all issues for several
years. In 2000 the city received an upgrade in its rating from Standard and Poors from A+to a AA-.
_ The upgrade in rating is attributed to continued development of commercial and residential
properties, strong growth in market values, above average and increasing wealth levels, balanced
operations and solid fund balances and moderate debt levels. At December 31, 2000, only
$1,615,000 of general obligation debt was applicable to the legal debt limit of$17,695,160.
Capital Project Funds
The proceeds of general obligation bond issues, federal, state and local grants, special assessments
for capital projects and park dedication fees are accounted for in Capital Project Funds until the
particular projects are completed.
13
The City utilizes a five-year Capital Improvement Plan, outlining projected costs and probable
sources of funding for proposed various capital improvement projects. Any unreserved fund _
balances are used as proposed in the Capital Improvement Plan, when projects are ordered by the
city council. The designated fund balance is $3,796,820, which is primarily for the County Road 3-
construction project and miscellaneous road projects. _
Enterprise Funds
Water Utility Fund -- The City maintains a complete water delivery system from wells through
filtration plants to the tap. The net working capital position for the water utility fund is currently
$1,710,650. This fund issued bonds in the amount of$2,060,000 in 2000 to pay for future water —
fund projects. The fund experienced net income this year of$207,484. The water utility rate was
increased in 2000 to help pay the new debt issued for projects.
Sewer Utility Fund -- The City maintains a sewer collection system only, with the treatment
operation being performed by the Metropolitan Waste Control Commission. The City then pays a
treatment fee based on sewage flow. Working capital balance has remained very strong in this fund
over the last seven years prompting a rate decrease in 1999. The current working capital balance for
this fund is $1,108,181, a decrease of$345,000 over 1999. Net income this year is $324,778. —
Refuse Utility Fund -- City employees and equipment provides a fully automated refuse service and
a recycling operation. The City assumed the refuse pickup function from a contractor in 1986. The
refuse and recycling rates have remained stable since 1991 and no rate increase is planned for the
near future. This fund realized a net income of$9,634. The working capital balance for this fund is
$592,848, an increase of$12,000 over 1999. —
Storm Sewer Utility Fund -- This fund was created in 1989 to consolidate infrastructure replacement
activities. A storm sewer fee was added to all properties, based on acreage contribution of runoff. —
The initial fee was inadequate and has been increased in 1991, 1992, 1993, 1998 and most recently
in 1999. The city issued bonds in 1999 to pay for storm sewer projects in 1999 and 2000. The fund _
had also been dealing with a negative working capital balance. To resolve this, a substantial rate
change was implemented in 1999. The Storm Sewer fund incurs .nany capital project costs and
therefore was cash poor. The increased rates and the revenue bond issue had brought the working —
capital balance to a positive amount. In 2000 the working capital balance is still positive at
$70,160. The net income in the Storm Sewer fund is $230,394.
Pavilion/Ice Arena Fund -- This fund was established in 1991 to record operating revenues and
expenditures for the pavilion. Small operating profits have been generated each year since 1992.
The fund realizes net losses do to depreciation of the building and equipment. This year the net loss
is $(30,540). The working capital balance for this fund is currently $73,638, a large increase over
1999 of$23,131.
Art Center — This fund was established in 1997 to record operating revenues and expenditures for
the newly constructed art center facility. It has been in operation for three full years. The working _
capital balance for the fund is a negative ($115,269). This is a substantial decrease of($178,562)
over the 1999 working capital balance. The decreased working capital is a combination of operating
losses and the continued payback of a loan from the general fund. The Art Center operation is _
14
demonstrating an inability to meet its operating expenses. Socially, the Art Center is a success in
many aspects and the city is very happy to have constructed such a structure in its' downtown area.
The city will need to determine how to support this fund into the future.
Skate Park — This fund was established in 2000 to record operating revenues and expenditures for
the newly constructed skate park. This year was the first year of operations and it appears to be very
— successful. Net income was $49,522 but included a transfer from the Park fund for construction of
the skate park. Working capital balance is $22,179 and is anticipated to grow into the future.
Housing Authority -- The authority manages low-income rental units acquired through HUD. The
asset ownership remains with HUD until the bonds are retired, then the assets convert to City
ownership.
Cash Management
Cash temporarily available for short-term investment during the year was invested as authorized by
Minnesota Statutes Chapter 475 and the City's Investment Policy.
— The City of Hopkins subscribes to the "pooled cash" concept of investing which means that all
funds with cash balances participate in an investment pool. This permits some funds to be
overdrawn and others to show cash balances when, in fact, the City has a cash balance. This pooled
— cash concept provides for investing greater amounts of money at more favorable rates. Interest
earnings are then allocated on a monthly basis to the participating funds.
The City's primary investment policy goal is to minimize investment market risks while realizing a
competitive yield on its portfolio. The classification of the category of credit risk is shown in Note
_ 2 to the financial statements. The City has the ability and intent to hold its investments to maturity
and therefore intends to recover the full value of its investment portfolio upon maturity. The portion
of the City's investments, which mature in less than one year, is 80%. During 2000, the City of
— Hopkins earned $1,100,505 as compared to 1999 earnings of $725,216. The higher earnings are
attributed to the combined issuance of debt and a healthy economy in 2000.
At year-end, the City's cash and investment resources (including restricted cash) were held as
follows:
Cost
— Cash 1.2% $ 253,460
Money Market .4% 100,000
Commercial Paper 60.9% 12,424,461
U.S. Government Agency Securities 37.5% 7,614,018
Total Investments and Deposits $ 20,391,939
Risk Management
The City continues to maintain insurance coverage at state required levels for various types of
exposure - general and auto liability, worker's compensation, boiler, and employee bonds.
15
General Fixed Assets
The general fixed assets of the City are those fixed assets used in the performance of general
governmental functions and exclude the fixed assets of the enterprise funds. As of December 31,
2000, the general fixed assets of the City amounted to $25,603,584 based on original or estimated _
historical cost and is considerably less than the replacement value. Depreciation on general fixed
assets is not recognized in the City's accounting system or in these financial statements.
Independent Audit
Section 7.13 of the City Charter requires that the City Manager report to the City Council —
concerning the entire financial operations of the City. The City's entire financial operations are
audited each year(Charter Section 2.08)by independent auditors. The firm of KPMG LLP has been
retained for that purpose and their report has been included in the financial section of this report. —
Certificate of Achievement For
Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a _
Certificate of Achievement for Excellence in Financial reporting to the City of Hopkins for its
comprehensive annual finance report for the fiscal year ended December 31, 1999.
In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting, a —
governmental unit must publish an easily readable and efficiently organized comprehensive annual
financial report, whose contents conform to program standards. Such reports must satisfy both —
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current report —
meets the requirements of the Certificate of Achievement for Excellence in Financial Reporting
program, and we are submitting it to the Government Finance Officer's Association to determine its
eligibility for another certificate.
Acknowledgments
We wish to express our appreciation to the Mayor and City Council for their continued interest and
support in planning and conducting the financial operations of the City in a responsible and _
progressive manner. We also want to express our appreciation to Deborah Dahlheimer, Lee
Goodman and Pat Weigel of the Finance Department staff for their work in preparing this report.
Respectfully submitted,
`( f
Steven C. Mielke Lori K. Yager —
City Manager Finance Director
16
Certificate of
Achievement
for Excellence
_ in Financial
Reporting
Presented to
City of Hopkins,
Minnesota
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1999
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
_ Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
cE oFFi��
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h NRFOSTATFS 9
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i CANADA irsident
CORPORATgN
aF244 �c`Y
CNICO O`
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Executive Director
17
NOII:AS IVI:)NVN IA
II NOUDIS
INOdRl IVIDNVNIA IdflNNV 3AISNIHRIdNOD
- VIOSINNIW 'SNDIdOH JO Alli
4200 Wells Fargo Center
_ 90 South Seventh Street
Minneapolis,MN 55402
Independent Auditors' Report
The Honorable Mayor and Members of the City Council
City of Hopkins,MinneEota
We have audited the general-purpose financial statements of the City of Hopkins, Minnesota (the
City), as of and for the year ended December 31, 2000, as listed in the accompanying table of
contents. These general-purpose financial statements are the responsibility of the City's
management. Our responsibility is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America. 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.
An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the
general-purpose 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 as of December 31, 2000, and the results of its
operations and cash flows of its proprietary fund types for the year then ended, in conformity with
accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the general-purpose financial
statements taken as a whole. The combining, individual fund, and account group financial
statements and schedules in the accompanying table of contents are presented for purposes of
additional analysis and are not a required part of the general-purpose financial statements of the
City. Such information has been subjected to the auditing procedures applied in the audit of the
general-purpose financial statements and, in our opinion, is fairly stated, in all material respects, in
relation to the general-purpose financial statements taken as a whole.
The data designated as the statistical section and supplementary information listed in the
accompanying table of contents is presented for purposes of additional analysis and is not a required
part of the general-purpose financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the general-purpose financial statements and,
accordingly, we express no opinion on it.
0>mc, LrP
May 15, 2001
19
KPG LLP KPMG LLP a U.S.limited liability Partnership,Is
a -member of KPMG International,a Swiss association.
(This page intentionally left blank) �.
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20
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION IIA
GENERAL PURPOSE FINANCIAL STATEMENTS
_ The Combined Statements are intended to provide an overview and broad
perspective of the city's financial position and operations. These general purpose
financial statements are at a summary level by fund types and account groups and
include aggregate data to analyze current operations and to determine compliance
with legal and budgetary limitations and to assist in financial planning.
It is emphasized that the total figures contained in these statements are a
combination of unlike purpose groups. The total columns (labeled "Memorandum
Only") are not comparable to a consolidation because the same basis of accounting
is not used by all funds and interfund transactions and balances are not eliminated.
The following combined statements and schedules are presented:
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - All Governmental Fund Types and Expendable Trust Funds
Combined Statement of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual - General and Special Revenue Fund Types
Combined Statement of Revenues, Expenses, and Changes in Retained
Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows - All Proprietary Fund Types
21
CITY OF HOPKINS,MINNESOTA
COMBINED BALANCE SHEET-ALL FUND TYPES AND ACCOUNT GROUPS
December 31,2000
With Comparative Totals for December 31, 1999
Governmental Fund Types
Special Debt Capital
ASSETS AND OTHER DEBITS
General Revenue Service Projects
Assets:
Cash,cash equivalents, and investments $ 3,186,761 $ 5,532,791 $ 1,781,809 $ 3,462,349
Taxes receivable 131,353 - 8,863 -
Special assessments receivable - - 11,673,414 1,968,660
Accounts receivable 49,077 59,461 - 62,294
Rehabilitation loans receivable - 667,644 - -
Accrued interest receivable 53,462 77,897 25,612 43,872
Due from other funds 12,000 2,704,391 - 419,435
Due from other governments 39,300 32,016 - 321,819
Inventory 79,692
Prepaid items
Other assets
Restricted cash and investments - 364,000 - -
Advance to other funds 572,868 300,000 - -
Long term loans receivable - 2,110,630 - -
Property and equipment,net
Other debits:
Amount available in debt service funds
Amount available in special revenue funds restricted cash
and investments
Amount to be provided for retirement of general long-term debt - - -
Total Assets and Other Debits $ 4,124,513 $ 11,848,830 $ 13,489,698 $ 6,278,429
LIABILITIES.EQUITY AND OTHER CREDITS
Liabilities:
Accounts payable $ 255,800 $ 426,028 $ - $ 106,454
Accrued interest payable -
Compensated absences payable 534,977 40,826 - -
Due to other funds 26,037 2,716,391 - -
Due to other governments - 250 - -
Deferred revenue 173,182 214,161 11,670,538 2,249,248
Deposits payable 7,890 - -
Advance from other funds - -
Long-term debt - -
Total Liabilities 997,886 3,397,656 11,670,538 2,355,702
Equity and Other Credits:
Contributed capital - - -
Investment in general fixed assets - - - -
Retained earnings:
Reserved - - - -
Unreserved - - - -
Fund balances:
Reserved 652,560 3,504,264 1,819,160 -
Unreserved
Designated 2,446,396 105,403 - 3,796,820
Undesignated 27,671 4,841,507 - 125,907
Total Equity and Other Credits 3,126,627 8,451,174 1,819,160 3,922,727
Total Liabilities,Equity and Other Credits $ 4,124,513 $ 11,848,830 $ 13,489,698 $ 6,278,429
See accompanying Notes to Financial Statements. -
22
A
Proprietary Fudiciary
Fund Type Fund Type Account Groups
General General Totals
Internal Trust and Fixed Long-Term (Memorandum Only)
Enterprise Service Agency Assets Debt 2000 1999
$ 4,161,039 $ 1,478,190 $ 175,000 $ - $ - $ 19,777,939 $ 16,512,797
- 140,216 160,819
- 13,642,074 14,569,054
380,675 754 - - - 552,261 733,926
- 667,644 789,585
64,698 13,718 - - - 279,259 272,982
- 3,135,826 4,534,880
5,498 - - - - 398,633 324,842
24,693 - - - - 104,385 99,675
6,295 - - - - 6,295 10,939
26,421
250,000 - - - - 614,000 614,000
_ - - 872,868 894,347
- 2,110,630 2,150,000
20,426,031 1,736,634 - 25,603,584 - 47,766,249 45,276,987
_ - 1,819,160 1,819,160 1,625,660
- 15,374,383 15,374,383 16,287,883
$ 25,318,929 $ 3,229,296 $ 175,000 $ 25,603,584 $ 17,193,543 $ 107,261,822 $ 104,884,797
$ 361,711 $ 99 $ - $ - $ - $ 1,150,092 $ 897,757
44,808 - - - - 44,808 44,808
125,628 - - - - 701,431 649,464
393,398 - - - - 3,135,826 4,534,880
24,257 - 175,000 - - 199,507 40,000
151,474 - - - - 14,458,603 15,088,455
- - 7,890 7,470
872,868 - - - - 872,868 894,347
5,475,000 - - - 17,193,543 22,668,543 21,533,543
7,449,144 99 175,000 - 17,193,543 43,239,568 43,690,724
6,378,327 2,687,227 - - - 9,065,554 9,614,689
- 25,603,584 - 25,603,584 24,866,285
250,000 - - - - 250,000 250,000
11,241,458 541,970 - - - 11,783,428 11,126,225
- - 5,975,984 6,202,029
- - 6,348,619 5,786,950
- - 4,995,085 3,347,895
17,869,785 3,229,197 - 25,603,584 - 64,022,254 61,194,073
$ 25,318,929 $ 3,229,296 $ 175,000 $ 25,603,584 $ 17,193,543 $ 107,261,822 $ 104,884,797
23
CITY OF HOPKINS,MINNESOTA -
COMBINED STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND
BALANCES-ALL GOVERNMENTAL FUND TYPES -
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects -
Revenues:
Property taxes $ 4,327,792 $ 2,232,616 $ 328,176 $
Special assessments - 22,342 657,377 429,866 -
Intergovernmental 2,134,678 1,035,326 - 549,259
Licenses and permits 428,435
Franchise fee - 126,587 -
Fines and forfeitures 111,221 37,036 - -
Charges for services 218,832 318,143 - 139,315
Investment earnings 165,005 297,164 53,569 228,915
Other 49,981 60,898 - - -
Total Revenues 7,435,944 4,130,112 1,039,122 1,347,355
Expenditures:
Current:
General government 828,027 205,174 - -
Public safety 3,158,178 38,046 - - -
Community development 670,252 409,354 - -
Public works 1,500,689 90,987 - -
Recreation 460,528 198,439 - - _
Other 1,318 - -
Capital outlay 550,894 1,457,492 - 656,411
Debt service:
Principal payments - - 720,000 - -
Interest,fiscal charges and issuance cost - - 995,622 -
Total Operating Expenditures 7,169,886 2,399,492 1,715,622 656,411
Excess(deficiency)of revenues over expenditures 266,058 1,730,620 (676,500) 690,944
Other Financing Sources(Uses): -
Proceeds from bond issuance
Operating transfers in - 66,942 870,000 -
Operating transfers out (16,943) (656,999) - (291,308) _
Total Other Financing Sources(Uses) (16,943) (590,057) 870,000 (291,308)
Excess of revenues and other financing sources
over expenditures and other financing uses 249,115 1,140,563 193,500 399,636 -
Fund Balances-January 1 2,877,512 7,310,611 1,625,660 3,523,091
Fund Balances-December 31 $ 3,126,627 $ 8,451,174 $ 1,819,160 $ 3,922,727
See accompanying Notes to Financial Statements.
24
A-1
Totals
(Memorandum Only)
2000 1999
$ 6,888,584 $ 6,578,543
1,109,585 874,243
3,719,263 4,206,190
428,435 469,564
126,587 113,455
148,257 151,295
676,290 1,282,886
744,653 522,442
110,879 144,614
13,952,533 14,343,232
1,033,201 938,264
3,196,224 3,401,233
1,079,606 1,175,801
1,591,676 1,732,291
658,967 715,657
1,318 23,874
2,664,797 6,930,760
720,000 1,340,000
995,622 731,958
11,941,411 16,989,838
2,011,122 (2,646,606)
4,880,000
936,942 1,930,212
(965,250) (1,754,994)
(28,308) 5,055,218
1,982,814 2,408,612
15,3 36,874 12,928,262
$ 17,319,688 $ 15,336,874
25
CITY OF HOPKINS, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES _
BUDGET AND ACTUAL- GENERAL AND SPECIAL REVENUE FUND TYPES
Year Ended December 31, 2000 _
General Fund _
Variance--
favorable
Budget Actual (unfavorable)
Revenues:
Property taxes $ 4,364,756 $ 4,327,792 $ (36,964)
Special Assessments
Licenses and permits 357,400 428,435 71,035
Intergovernmental 2,119,288 2,134,678 15,390
Franchise fee
Fines and forfeitures 100,000 111,221 11,221
Charges for services 146,748 218,832 72,084
Investment earnings 297,089 165,005 (132,084)
Other 82,856 49,981 (32,875)
Total Revenues 7,468,137 7,435,944 (32,193)
Expenditures:
General government 851,136 828,027 23,109
Public safety 3,200,568 3,158,178 42,390
Community development 705,771 670,252 35,519
Public works 1,494,169 1,500,689 (6,520)
Recreation 484,467 460,528 23,939
Other 40,395 1,318 39,077
Capital outlay 652,758 550,894 101,864
Total Expenditures 7,429,264 7,169,886 259,378
Excess of revenues over expenditures 38,873 266,058 227,185
Other Financing Sources(Uses): -
Proceeds from bond issue
Operating transfers in 30,586 - (30,586)
Operating transfers out (18,859) (16,943) 1,916
Total Other Financing Sources(Uses) 11,727 (16,943) (28,670)
Excess of revenues and other financing sources over -
expenditures and other financing uses 50,600 249,115 198,515
Fund Balances-January 1 2,877,512 2,877,512 -
Fund Balances- December 31 $ 2,928,112 $ 3,126,627 $ 198,515
See accompanying Notes to Financial Statements
26
A-2
Total
Special Revenue Funds (Memorandum Only)
Variance-- Variance-
favorable favorable
Budget Actual (unfavorable) Budget Actual (unfavorable)
$ 2,024,208 $ 2,197,536 $ 173,328 $ 6,388,964 $ 6,525,328 $ 136,364
- 22,342 22,342 - 22,342 22,342
357,400 428,435 71,035
1,006,913 1,020,695 13,782 3,126,201 3,155,373 29,172
105,000 126,587 21,587 105,000 126,587 21,587
24,000 37,036 13,036 124,000 148,257 24,257
267,113 279,371 12,258 413,861 498,203 84,342
178,570 295,738 117,168 475,659 460,743 (14,916)
22,100 37,168 15,068 104,956 87,149 (17,807)
3,627,904 4,016,473 388,569 11,096,041 11,452,417 356,376
204,188 205,174 (986) 1,055,324 1,033,201 22,123
55,000 38,046 16,954 3,255,568 3,196,224 59,344
383,413 341,788 41,625 1,089,184 1,012,040 77,144
119,885 90,987 28,898 1,614,054 1,591,676 22,378
177,960 198,439 (20,479) 662,427 658,967 3,460
- 40,395 1,318 39,077
1,399,307 1,453,633 (54,326) 2,052,065 2,004,527 47,538
2,339,753 2,328,067 11,686 9,769,017 9,497,953 271,064
- 1,288,151 1,688,406 400,255 1,327,024 1,954,464 627,440
11,359 66,942 55,583 41,945 66,942 24,997
(611,600) (607,000) 4,600 (630,459) (623,943) 6,516
(600,241) (540,058) 60,183 (588,514) (557,001) 31,513
687,910 1,148,348 460,438 738,510 1,397,463 658,953
7,418,641 7,418,641 - 10,296,153 10,296,153 -
$ 8,106,551 $ 8,566,989 $ 460,438 $ 11,034,663 $ 11,693,616 $ 658,953
27
CITY OF HOPKINS,MINNESOTA A-3
COMBINED STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS-ALL PROPRIETARY FUND TYPES
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
Totals _
Internal (Memorandum Only)
Enterprise Service 2000 1999
Operating revenues: _
Charges for services $ 4,408,036 $ 487,945 $ 4,895,981 $ 4,651,834
Other 43,655 - 43,655 65,172
Total Operating Revenues 4,451,691 487,945 4,939,636 4,717,006 _
Operating expenses(excluding depreciation):
Salaries and employee benefits 1,140,275 - 1,140,275 1,031,549
Materials,supplies and services 1,639,881 19,996 1,659,877 1,433,375
Disposal costs 835,835 - 835,835 876,657
Total Operating Expenses 3,615,991 19,996 3,635,987 3,341,581
Operating income before depreciation expense 835,700 467,949 1,303,649 1,375,425
Depreciation expense 702,329 359,401 1,061,730 936,668
Operating income 133,371 108,548 241,919 438,757
Nonoperating revenue(expense):
Investment earnings 292,351 63,501 355,852 202,774
Interest/fiscal agent expense (186,841) - (186,841) (122,662) _
Intergovernmental grants 172,672 - 172,672 37,687
Bond issuance expense (41,375) - (41,375) (40,815)
Other 44,068 42,600 86,668 16,427
Total nonoperating revenues(expenses) 280,875 106,101 386,976 93,411
Income before other financing sources(uses) 414,246 214,649 628,895 532,168
Other financing sources(uses):
Operating transfers from another fund 28,308 - 28,308 2,500
Operating transfers to another fund - - - (177,718)
Total other financing sources(uses) 28,308 - 28,308 (175,218)
Net income 442,554 214,649 657,203 356,950
Fund equity:
Retained earnings-January 1 11,048,904 327,321 11,376,225 11,019,275 _
Retained earnings-December 31 $ 11,491,458 $ 541,970 $ 12,033,428 $ 11,376,225
See accompanying Notes to Financial Statements.
28
CITY OF HOPKINS, MINNESOTA A-4
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
-- Year Ended December 31, 2000
With Comparative Totals for Year Ended December 31, 1999
Totals
Internal (Memorandum Only)
Enterprise Service 2000 1999
Cash Flows from Operating Activities:
Operating income $ 133,371 $ 108,548 $ 241,919 $ 438,757
Adjustments to reconcile operating income to net cash
provided by operating activities:
Depreciation expense 702,329 359,401 1,061,730 936,668
(Increase)decrease in:
Accounts and accrued interest receivable 127,654 9,271 136,925 (163,746)
Due from other funds - - - 530,000
Due from other governments 9,887 - 9,887 24,089
Inventory 70 - 70 204
Prepaid expense (96) - (96) (76)
Due from Metropolitan Waste Control Commission 26,421 - 26,421 25,382
Accounts,compensated absences and accrued
interest payable 222,956 (2,262) 220,694 17,824
Due to other funds 194,201 - 194,201 (527,380)
Due to other governments (460) - (460) (53)
Deferred revenue 24,073 - 24,073 25,600
Other - - - -
Cash Provided by Operating Activities 1,440,406 474,958 1,915,364 1,307,269
Cash Flows from Noncapital Financing Activities:
Intergovernmental grants 172,672 - 172,672 37,687
Other contributions 4,326 - 4,326 -
Operating transfer in 28,308 - 28,308 2,500
Operating transfer out - - - (177,718)
Cash Provided By(Used in)Noncapital
Financing Activities 205,306 - 205,306 (137,531)
Cash Flows from Capital and Related Financing Activities:
_ Purchases of property and equipment (2,815,836) (546,993) (3,362,829) (1,170,450)
Proceeus from sales of property and equipment 39,742 42,600 82,342 16,427
Proceeds from issuance of bonds 2,060,000 - 2,060,000 1,504,185
Interest and other payments (228,216) - (228,216) (122,662)
Bond payments (205,000) - (205,000) (140,000)
Cash Provided By(Used in)Capital and
Related Financing Activities (1,149,310) (504,393) (1,653,703) 87,500
Cash Provided by Investing Activities- interest received 292,351 63,501 355,852 202,774
_ Increase in Cash and Cash Equivalents 788,753 34,066 822,819 1,460,012
Cash and Cash Equivalents-January 1 3,622,286 1,444,124 5,066,410 3,606,398
Cash and Cash Equivalents-December 31 $ 4,411,039 $ 1,478,190 $ 5,889,229 $ 5,066,410
Cash and Cash Equivalents Components:
Cash and Cash Equivalents 4,161,039 1,478,190 5,639,229 4,816,410
Restricted Cash and Cash Equivalents 250,000 - 250,000 250,000
Total Cash and Cash Equivalents $ 4,411,039 $ 1,478,190 $ 5,889,229 $ 5,066,410
See accompanying Notes to Financial Statements
29
City of Hopkins, Minnesota —
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000
1 SUMMARY OF SIGNIFICANT ACCOUNT POLICIES
The City of Hopkins, Minnesota (the City) is a charter city which was approved December 2, 1947. The City
operates pursuant to applicable Minnesota laws and statutes. The governing body of the City is a Council - Manager —
form of government.
The financial statements of the City have been prepared in conformity with accounting principles generally accepted
in the United States of America, as applied to governmental units by the Government Accounting Standards Board
(GASB). The more significant accounting policies of the City are described below.
A. REPORTING ENTITY
In accordance with GASB pronouncements, the City's financial statements include all funds, account groups, and
departments of the City and its component units, for which the City is considered to be financially accountable. —
Blended component units, although legally separate entities are, in substance, part of the City's operations and so
data from these units are combined with data of the primary government. The City's blended component unit has
a December 31 year-end. —
Blended Component Unit
Housing and Redevelopment Authority in and for the City of Hopkins(HRA)
The HRA was created by the City to carry out certain redevelopment projects and low income rental housing.
Individuals on the City Council represent the governing board of the HRA. The housing activity is self-sustaining —
for current operating expenses; however, HUD retains ownership of the housing units and funds the debt issued
for their purchase. The City provides development financing through tax increment. The HRA is included in the
City's enterprise funds. —
B. FUND ACCOUNTING
The accounts of the City are organized on the basis of funds and account groups, each of which is considered a —
separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing
accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses, as appropriate.
Government resources are allocated to and accounted for in individual funds based upon the purposes for which
they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in
the financial statements of this report, into seven generic fund types and three broad fund categories as follows:
Governmental Funds
General Fund-The general fund is the general operating fund of the City. It is used to account for all financial
resources except those required to be accounted for in another fund.
Special Revenue Funds - Special revenue funds are used to account for the proceeds of specific revenue
sources that are legally restricted to expenditures for specified purposes.
Debt Service Funds - Debt service funds are used to account for the accumulation of resources for, and the
payment of,general long-term debt principal, interest, and related costs. _
Capital Project Funds - Capital project funds are used to account for financial resources to be used for the
acquisition or construction of major capital facilities and infrastructure, other than those financed by
proprietary funds or special revenue funds. —
30
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31, 2000
Proprietary Funds
Enterprise Funds - Enterprise funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises, where the intent 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.
Internal Service Funds - Internal service funds are used to account for the financing of goods and services
provided by one department to other departments of the City on a cost-reimbursement basis.
C. BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is determined by its measurement focus. Governmental
funds and expendable trust 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.
Reported fund balance is considered a measure of"available spendable resources." Governmental fund operating
statements represent increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and
other financing uses)in net current assets.
Proprietary funds are accounted for on a flow of economic resources measurement focus. This means that all
assets, including fixed assets, and all liabilities, including long-term liabilities, associated with their activity are
included on their balance sheets. Their reported fund equity is segregated into contributed capital and retained
-' earnings components. Proprietary fund type operating statements present increases (i.e., revenues) and decreases
(i.e., expenses)in net total assets.
Governmental and fiduciary funds are accounted for using the modified accrual basis of accounting. Their
revenues are recognized when susceptible to accrual (i.e., when they become measurable and available).
"Measurable" means the amount of the transaction can be determined and "available" means collectible with the
current period or soon enough thereafter to be used to pay liabilities of the current period.
Major revenues that are susceptible to accrual include property taxes (excluding delinquent taxes received over
sixty days after year-end), special assessments, intergovernmental revenues, charges for services, and interest on
investments. Major revenues that are not susceptible to accrual include fees and miscellaneous revenues; such
revenues are recorded only as received because they are not measurable until collected.
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund
liability is incurred,except for principal and interest on general long-term debt which is recognized when due.
Proprietary funds are accounted for using the accrual basis of accounting. Revenues are recognized when earned,
and expenses are recorded at the time the liabilities are incurred. Unbilled utility service receivables are recorded
at year end.
The City reports deferred revenue on its combined balance sheet. Deferred revenues arise when a potential
revenue does not meet both the "measurable" and "available" criteria for recognition in the current period.
Deferred revenues also arise when resources are received by the City before it has a legal claim to them. In
— subsequent periods,when all revenue recognition criteria are met,the liability for deferred revenue is removed and
revenue is recognized.
- 31
City of Hopkins, Minnesota _
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 2000
D. BUDGETS AND BUDGETARY ACCOUNTING —
The City follows these procedures in establishing the budgetary data reflected in the financial statements and set
forth in Section 7.04 of the City Charter. _
1. The City Manager shall, at the first regular council meeting in September, submit to the Council a proposed
budget and an explanatory budget message in a form and manner as prescribed by the City Charter. _
2. The Council shall determine the plan and time of the public hearings on the budget to obtain taxpayer
comments.
3. The Council shall adopt the tax levy by resolution no later than a December date, which is annually established
by law for the county auditor to levy taxes. The budget shall set forth the total for each budgeted fund with such
segregation as to objects and purposes of expenditures as the Council deems necessary for purposes of budget _
control.
4. The City Manager is authorized to transfer budgeted amounts between departments within any fund; however, _
any revisions that alter the total expenditures of any fund must be approved by the City Council and are limited to
the amount revenues exceed the budgets or authorize the transfer of sums from unexpended balances to other
purposes. Budgeted expenditure appropriations lapse at year end. The level of legal control is at the fund level.
5. Supplemental budgetary appropriations were necessary during 2000. The effect of the supplemental
amendments are as follows:
Original Budget Budget adjustments Final Budget
General Fund $7,418,723 $ 29,400 $7,448,123
Economic Development $ 115,604 $ 733,255 $ 848,859 _
Para-Transit $ 74,159 $ 25,000 $ 99,159
Housing Rehab $ 95,968 $ 207,646 $ 303,614
Cable TV $ 118,694 $ 3,799 $ 122,493
Tax Increment 1-1 $ 352,750 $ 8,000 $ 360,750.
Tax Increment 2-1 $ 532,778 $ 22,000 $ 554,778
Tax Increment 2-7 $ 60,007 $ 3,500 $ 63,507
Tax Increment 2-9 $ 34,000 $ 23,000 $ 57,000
6. The budgets for the General Fund are prepared on a modified accrual basis of accounting, which is consistent
with accounting principles generally accepted in the United States of America. Certain Special Revenue Funds
are budgeted and those budgets are prepared on a modified accrual basis of accounting. The following Special
Revenue Funds are not budgeted;Community Block Grant,Tax Increment 2.11 and the Art Facility Construction.
7. A capital improvement program is reviewed annually by the City Council for the Capital Projects Funds,
certain Special Revenue Funds and Utility Funds. However, appropriations for major projects are not adopted
until the actual bid award of the improvement. The appropriations are not reflected in the financial statements.
E. CASH,CASH EQUIVALENTS AND INVESTMENTS
Cash balances from all funds are combined and invested to the extent available in authorized investments, (See _
Note 2). Earnings from such investments are allocated to the respective funds on the basis of applicable cash
balance participation by each fund. Investments in commercial paper with maturity date of less than one year at
the date of purchase, are reported at cost or amortized cost, which approximates fair value. Investments other than
commercial paper are reported at fair value,based on quoted market price.
32
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31, 2000
The City accounts for its cash, cash equivalents and investments in an entity-wide cash management pool, which
is used essentially as a demand deposit account. For purposes of the statement of cash flows, the proprietary
funds consider all investments to be cash equivalents. Restricted cash and investments are also included with cash
equivalents for purposes of the statement of cash flows.
F. SHORT TERM INTERFUND RECEIVABLES/PAYABLES
During the course of operations, numerous transactions occur between individual funds for goods provided or
r services rendered. These receivables and payables are classified as "due from other funds" and "due to other
funds",respectively on the balance sheet(See Note 6).
G. ADVANCE TO/FROM OTHER FUNDS
Noncurrent portions of long-term interfund loan receivables are reported as advances and are offset equally by a
fund balance reserve account which indicates that they do not constitute expendable available financial resources
and therefore are not available for appropriation.
H. INVENTORY
Inventory is valued at cost (FIFO basis) based on physical counts for the General, Water and Sewer Funds. The
cost of inventory is recorded as an expenditure/expense at the time of consumption.
1. RESTRICTED ASSETS
Certain proceeds of enterprise fund revenue bonds and special revenue fund revenue bonds, as well as certain
resources set aside for their repayment, are classified as restricted assets on the balance sheet because their use is
limited by applicable bond covenants or developer agreements.
J. FIXED ASSETS
Fixed assets used in governmental fund type operations (general fixed assets) are recorded at historical cost and
accounted for in the General Fixed Assets Account Group. Public domain("infrastructure")general fixed assets,
including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, are
capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets.
— Fixed assets used in proprietary funds are recorded at historical cost and accounted for in the enterprise funds.
Depreciation of all exhaustible fixed assets used by proprietary funds is charged as an expense against their
operations. 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:
Buildings 25 - 50 years
Mains and Lines 50- 100 years
Improvements 10- 20 years
Equipment 3 - 20 years
33
City of Hopkins,Minnesota _
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000
K. COMPENSATED ABSENCES _
The City compensates all employees upon termination for unused vacation or flex leave. Vacation and flex leave
pay is accrued when incurred in the proprietary funds and reported as compensated absences payable. Vacation _
and flex leave pay that is expected to be liquidated with expendable available financial resources is reported as an
expenditure,and compensated absences payable of the governmental fund that will pay it.
Employees hired prior to August 1, 1998 may opt to have sick leave,at the rate of 8 hours for each calendar month
of full-time service, instead of flex leave. Sick pay is expensed as paid. No liability is reported for unpaid
accumulated sick leave.
Employees hired prior to August 1, 1998, shall be entitled to severance pay, after completion of five years of
continuous City employment. Severance pay is calculated by multiplying the total number of continuous years in
the City employ and/or accumulated sick leave by the daily wage rate prevailing at date of severance, at one day
per year of such employment, to a maximum of 20 days. Such severance money shall be paid in case of
separation caused by death, eligible retirements, medically attested disability preventing an employee from
performing the major duties of the position or separation for non-disciplinary reasons. Severance pay is accrued
when incurred in the proprietary funds and reported as a compensated absences payable. Severance pay that is —'
expected to be liquidated with expendable available financial resources is reported as an expenditure and
compensated absences payable of the governmental fund that will pay it.
In addition to the pension benefits described in Note 8, the City provides post-retirement health care benefits to
employees who were hired prior to July 1, 1993 and have been with the City for at least ten years and are either
(1) age 60 years or older, or (2) eligible for full PERA retirement benefits. These employees may retire and
receive full single health and life insurance coverage until age 65. Currently 7 employees meet those eligibility
requirements. During the year expenditures of approximately $17,000 were incurred for post-retirement health
care benefits.
L. LONG-TERM OBLIGATIONS
Long-term obligations expected to be financed from governmental funds are accounted for in the general long-
term debt account group. 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 obligations expected to be financed from proprietary funds are accounted for in those funds.
In governmental fund types, bond discounts and issuance costs are recognized in the current period. Bond
discounts and issuance costs for proprietary fund types are deferred and amortized over the term of the bonds --
using the bonds-outstanding method,which approximates the effective interest method.
M. FUND EQUITY _
Contributed capital is recorded in proprietary funds that have received capital grants or contributions. 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(See Note 5).
N. INTERFUND TRANSACTIONS
Quasi-external transactions are accounted for as revenues and expenditures. Transactions that constitute
reimbursements to a fund for expenditures initially made from it that are properly applicable to another fund are
recorded as expenditures in the reimbursing fund and as reductions of expenditures in the fund that is reimbursed. _
34
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000
All other interfund transactions are reported as transfers. Non-recurring or non-routine permanent transfers of
equity are reported as residual equity transfers. All other interfund transfers are reported as operating transfers.
O. TOTAL COLUMNS ON COMBINED STATEMENTS
Total columns on the combined statements are captioned "Memorandum Only"to indicate that they are presented
only to facilitate financial analysis. Data in these columns do not present financial position, results of operations,
or cash flows in conformity with accounting principles generally accepted in the United States of America.
Interfund eliminations have not been made in the aggregation of this data.
P. PROPERTY TAXES
Property tax levies are set by the City Council in December of each year, and are certified to Hennepin County
(the County) for collection in the following year. In the State of Minnesota, counties act as collection agents for
all property taxes. The County spreads all levies over assessable property. Such taxes become a lien on January 1
and are recorded as receivables by the City at that date.
Real property taxes are payable by taxpayers in two equal installments, on May 15 and October 15. Personal
_ property taxes are also payable by taxpayers in two equal installments, on February 28 and June 30. The County
provides tax settlements to cities and other local governments three times a year, on or before January 25, July 6
and November 30.
Property taxes are accrued and recognized as revenue for collections within 60 days of year-end. Taxes that
remain unpaid at the County on December 31 are classified as delinquent taxes receivable, and are fully offset by
deferred revenues because they are not available to finance current expenditures. No allowance for uncollectible
taxes has been provided because such amounts are not expected to be material.
Q. CONDUIT DEBT OBLIGATIONS
From time to time, the City has issued Commercial Development Revenue Note/Bonds in accordance with the
Minnesota Municipal Industrial Development Act. These obligations are issued to provide financial assistance to
private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in
the public interest. The obligations are secured by the property financed and are payable solely from payments
received on the underlying mortgage loans. Upon repayment of the obligations, ownership of the acquired
facilities transfers to the private-sector entity served by the debt issuance. Neither the City, the State, nor any
political subdivision thereof is obligated in any manner for repayment of the obligations. Accordingly,the bonds
are not reported as liabilities in the accompanying financial statements. As of December 31, 2000,there were 16
note/bond issues outstanding, with an aggregate principal amount payable of approximately$52.9 million.
R. RECENTLY ISSUED ACCOUNTING STANDARD
In September 1993, the Government Account Standards Board (GASB) released GASB Statement No. 20
(Statement), Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That
Use Proprietary Fund Accounting. The Statement provides that proprietary and similar trust funds may apply all
GASB pronouncements, as well as all Financial Accounting Standards Board (FASB) Statements and
Interpretations, Accounting Principles Board (APB) Opinions and Accounting Research Bulletins (ARBs) to the
extent they do not conflict with GASB pronouncements.
The City's proprietary funds comply with all applicable GASB pronouncements. The City also applies all FASB
Statements and Interpretations, APB Opinions and ARBs issued on or before November 30, 1989, to the extent
they do not conflict with GASB pronouncements. The City has not elected to follow guidance of FASB
Statements and Interpretations,APB Opinions and ARBs issued after November 30, 1989.
35
City of Hopkins, Minnesota _
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31, 2000
S. USE OF ESTIMATES _
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America, requires management to make estimates and assumptions that affect the reported amounts of _
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
2 CASH,CASH EQUIVALENTS AND INVESTMENTS
A. DEPOSITS
In accordance with Minnesota Statues, the City maintains deposits at financial institutions within the state,
designated as official depositories by the City Council,all of which are members of the Federal Reserve System. _
Balances at December 31, 2000,were as follows:
Fair Value Bank Balance
$253,460 $238,105
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. At December 31, 2000 the City had no deposits that were uninsured or
uncollateralized. The deposits were insured or collateralized by securities held by the City's agent in the City's
name.
B. INVESTMENTS
The City is authorized by Minnesota Statutes to invest 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)General obligations in the State of Minnesota or any of its municipalities;
(d)Bankers' acceptances of United States banks eligible for purchase by the Federal Reserve System; _
(e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest quality,
and maturity in 270 days or less;and
(f)Guaranteed investment contracts issued or guaranteed by United States commercial banks or domestic branches
of foreign banks or United States insurance companies or their subsidiaries.
(g)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. _
36
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31,2000
The City's investments are categorized below 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 departments or agent in the City's name. Category 3 includes uninsured and
unregistered investments for which the securities are held by the counterparty, or by its trust department or agent,
but not in the City's name. The City has the ability and intent to hold its investments to maturity and therefore
intends to recover the full carrying value of its investment portfolio upon maturity.
Investment balances at December 31,2000,were as follows:
Credit Risk Category
Securities Type 1 2 3 Fair Value
U.S. Government
Agency Securities $ 7,614,018 $ - $ - $ 7,614,018
-- Commercial Paper 12,424,461 - - 12,424,461
Money Market 100,000 - - 100,000
Total Investments $20,138,479 $ - $ - $20,138,479
Total Deposits(See Note 2A) 253,460
Total Investments and Deposits 20,391,939
Less Restricted Cash and Investments 614,000
Net Cash,Cash Equivalents and Investments $ 19,777,939
In fiscal 2000, the city recorded an unrealized loss of$26,038 for certain investments. This loss is unlikely to occur
do to the fact that the city generally holds its investments until maturity.
3 FIXED ASSETS
Changes in the General Fixed Assets Account Group during 2000 were as follows:
Balance Transfers/ Balance
Jan 1,2000 Additions Deletions Dec 31,2000
Land $ 3,970,233 $ 133,852 $ - $ 4,104,085
Buildings 2,555,855 12,431 - 2,568,286
Other Improvements 16,545,533 652,162 - 17,197,695
Vehicles 288,719 - 78,268 210,451
Machinery&Equipment 1,505,945 50,112 32,990 1,523,067
Total $24,866,285 $ 848,557 $ 111,258 $25,603,584
37
City of Hopkins, Minnesota _
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 2000
Changes in proprietary fund type property and equipment during 2000 were as follows: —
Balance Balance
Jan 1,2000 Additions Deletions Dec 31, 2000 _
Land $ 321,597 $ 26,800 $ - $ 348,397
Buildings 6,531,097 30,381 - 6,561,478
Other Improvements 16,944,331 1,248,074 - 18,192,405
Machinery&Equipment 5,384,362 939,992 504,579 5,819,291
Construction in Progress 442,670 1,118,066 - 1,560,736
Total $29,624,057 $ 3,362,829 $ 504,579 $32,482,307
Less: Accumulated depreciation 10,319,642
Net Fixed Assets $22,162,665
4 LONG-TERM DEBT
Changes in long-term debt during 2000 were as follows:
Balance Balance
Jan 1, 2000 Additions Deductions Dec 31, 2000
General Obligation Bonds $15,758,543 $ - $ 540,000 $15,218,543
Special Assessment Bonds 2,155,000 - 180,000 1,975,000
Total 17,913,543 - 720,000 17,193,543
Enterprise Revenue Bonds 3,620,000 2,060,000 205,000 5,475,000
Total $21,533,543 $2,060,000 $ 925,000 $22,668,543
The long-term debt obligations outstanding at year-end are summarized as follows:
Bonds Maturities Interest Rate Dec 31,2000 —
General Obligation Bonds 2001-2021 3.80-8.10% $ 15,218,543
Special Assessment Bonds 2001-2010 4.00-6.70 1,975,000 —
Revenue Bonds 2001-2015 4.00-5.50 5,475,000
38
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000
Long-term debt maturities(including interest of$11,673,403)are as follows:
Year Ending Special
December 31 General Revenue Assessment Total
"- 2001 $ 1,765,332 $ 633,615 $ 341,423 $ 2,740,370
2002 1,845,207 574,145 285,398 2,704,750
2003 1,888,334 573,828 280,589 2,742,751
-- 2004 1,745,329 577,572 275,380 2,598,281
2005 1,799,555 575,325 264,833 2,639,713
2006 1,793,737 572,148 258,937 2,624,822
2007 1,866,624 577,819 252,597 2,697,040
2008 1,847,096 577,280 245,802 2,670,178
2009 1,848,638 575,675 107,415 2,531,728
Thereafter 8,042,216 2,242,577 107,520 10,392,313
Less: Interest 9,223,525 2,004,984 444,894 11,673,403
$ 15,218,543 $ 5,475,000 $ 1,975,000 $ 22,668,543
There is $1,819,160 available in the Debt Service Funds to service the general obligation and tax increment bonds.
There are a number of limitations and restrictions contained in the various bond indentures. The City is in
compliance with all significant limitations and restrictions.
General Obligation Bonds are backed by the full faith, credit and taxing power of the City, and are serviced by
General and Tax Increment levies and also by fees assessed against benefited properties.
Revenue Bonds are backed by the full faith,credit and taxing power of the City, and are serviced by the Storm Sewer
Utility Fund current revenues.
City Special Assessment Bonds are backed by the full faith, credit and taxing power of the City, and repayment
monies are generated by the collection of Special Assessments and General levies.
The City is subject to a statutory limit of bonded indebtedness equaling 2.0 percent of market value. At December
31, 2000, the debt limit for the City was $17,695,160 but only $1,615,000 of general obligation and revenue bonds
were applicable to the limit. The legal debt margin was$17,695,160.
39
City of Hopkins, Minnesota —
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000
5 DESIGNATIONS AND RESERVES OF FUND EQUITY ..-
Fund equity in the various funds has been reserved or designated at December 31, 2000 as follows:
Reserved
General Fund:
Inventories $ 79,692
Advance to other funds 572,868 '—
Total $ 652,560
Special Revenue Funds:
Loans receivable 667,644 —
Central Business District Redevelopment Plan 200,000
Long term receivables 2,410,630
Valley Park Condominiums 55,100 _
Patio Homes 170,890
Total 3,504,264
Debt Service Funds:
Debt service 1,819,160
Enterprise Funds:
Storm Sewer Utility Fund:
Bonds and Interest 250,000 —
Total Reserved $6,225,984
Designated —
General Fund:
Shady Oak Beach Development $ 136,830
New fund transfer 100,000 —
Downtown Stage 32,000
Budget Carryovers 26,600
Working Capital 2,150,966 —
Total 2,446,396
Special Revenue Funds
Housing Rehab 87,021
State Chemical Assessment 9,882 _
Cable TV equipment 8,500
Total 105,403
Capital Projects Funds: —
Street Improvements 3,796,820
Total Designated $6,348,619 _
40
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31,2000
6 INTERFUND RECEIVABLES AND PAYABLES
The following funds had amounts receivable from other funds,and the respective funds had equal amounts payable to
other funds at December 31, 2000:
Interfund Interfund
Fund Receivable Payable
General Fund $ 12,000 $ 26,037
Special Revenue Funds:
Economic Development Fund 1,893,587 -
Tax Increment 1.1 Fund 810,630 -
Art Facility Construction - 240,000
Tax Increment 1.2 Fund - 1,972,538
Paratransit Fund - 12,000
Housing Rehabilitation - 174
Section 8 Housing Fund 174 -
Tax Increment 2.6 Fund - 491,679
Capital Project Funds:
Permanent Improvement Revolving Fund 419,435 -
_ Enterprise Funds:
Storm Sewer Utility Fund - 393,398
Total $3,135,826 $ 3,135,826
7 SEGMENT INFORMATION FOR ENTERPRISE FUNDS
The City maintains eight Enterprise funds which account for water, sewer, refuse, storm sewer utility operations,
pavilion/ice arena operations, art center operations, skate park operations and low income housing rentals. Segment
information for the year ended December 31,2000 is as follows:
Storm
Water Sewer Refuse Sewer Total
Utility Utility Utility Utility Utility
Fund Fund Fund Fund Funds
Operating Revenues $ 1,065,766 $ 1,430,939 $ 564,190 $ 661,776 $ 3,722,671
Depreciation Expense 246,944 96,885 31,693 185,289 560,814
Operating Income(Loss) 139,747 195,733 (60,947) 353,405 627,938
Net Income(Loss) 207,484 324,778 9,634 230,394 772,290
_ Grants - - 29,602 - 29,602
Property and Equipment:
Additions 1,198,167 766,424 28,738 786,108 2,779,437
Deletions 77,574 75,061 126,885 - 280,014
Net Working Capital 1,710,650 1,108,181 592,848 70,160 3,481,839
Total Assets 6,579,250 4,637,364 1,118,422 6,862,174 19,197,210
Bonds Payable 2,060,000 - - 3,415,000 5,475,000
Contributed Assets - 472,684 - - 472,684
Total Equity $ 4,403,874 $ 4,432,683 $ 1,064,141 $ 2,984,259 $ 12,884,957
41
City of Hopkins, Minnesota —
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 2000
7 SEGMENT INFORMATION FOR ENTERPRISE FUNDS (continued) —
Pavilion/ Total
Ice Art Skate Housing All
Arena Center Park Authority Enterprise —
Fund Fund Fund Fund Funds
Operating Revenues $ 247,326 $ 199,255 $ 56,888 $ 225,551 $ 4,451,691
Depreciation Expense 58,174 80,306 3,038 - 702,329
Operating Income(Loss) (34,861) (221,634) 20,111 (258,183) 133,371
Operating Transfer In - - 28,308 - 28,308 —
Net Income(Loss) (30,540) (235,874) 49,522 (112,844) 442,554
Grants - - - 143,070 172,672
Property and Equipment:
Additions 4,503 1,515 30,381 - 2,815,836
Deletions - - - - 280,114
Net Working Capital 73,638 (115,269) 22,179 (12,265) 3,450,122
Total Assets 2,048,673 3,987,952 50,597 34,497 25,318,929 --
Bonds Payable/Advance - 872,868 - - 6,347,868
Contributed Assets 2,085,025 3,820,618 - - 6,378,327
Total Equity $ 2,026,936 $ 2,920,635 $ 49,522 $ (12,265) $ 17,869,785
8 PENSION PLANS
A. Defined Benefit Pension Plans-Statewide
1. Plan Description —
All full-time and certain part-time employees of the City of Hopkins are covered by defined benefit plans
administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the —
Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF), which are
cost sharing, multiple-employer retirement plans. These plans are established and administered in accordance
with Minnesota Statutes, Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are covered
by Social Security and Basic Plan members are not. All new members must participate in the Coordinated Plan.
All police officers,fire fighters and peace officers who qualify for membership by statute are covered by PEPFF. —
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 highest 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 PERF's Coordinated and Basic Plan 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 Plan member is 2.2 percent of average salary for each of
the first 10 years of service and 2.7 percent for each remaining year. The annuity accrual rate for a Coordinated —
Plan member is 1.2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining year.
Under Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan members and 1.7 percent
for Coordinated Plan members for each year of service. For PEPFF members, the annuity accrual rate is 3.0 —
percent for each year of service. For all PEPFF members and for PERF members whose annuity is calculated
42
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31, 2000
using Method 1, a full annuity is available when age plus years of service equal 90. A reduced retirement annuity
is also available to eligible members seeking early retirement.
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.
The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active
plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet are
bound by the provisions in effect at the time they last terminated their public service.
PERA issues a publicly available financial report that includes financial statements and required supplementary
information for PERF and PEPFF. That report may be obtained by writing to PERA, 514 St. Peter Street 4200, St.
Paul,Minnesota, 55102 or by calling(651)296-7460 or 1-800-652-9026.
2. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes are
established and amended by the state legislature. The City makes annual contributions to the pension plans equal
to the amount required by state statutes. PERF Basic Plan members and Coordinated Plan members are required
to contribute 8.75% and 4.75%, respectively, of their annual covered salary. PEPFF members are required to
contribute 6.20% of their annual covered salary. The City of Hopkins is required to contribute the following
percentages of annual covered payroll: 11.43%for Basic Plan PERF members, 5.18%for Coordinated Plan PERF
members and 9.3% for PEPFF members. The City's contributions to the Public Employees Retirement Fund for
the years ending December 31, 2000, 1999, and 1998 were$183,408, $172,443, and$164,242, respectively. The
_ City's contributions to the Public Employees Police & Fire Fund for the years ending December 31, 2000, 1999,
and 1998 were $135,288, $139,731, and $153,481, respectively. The City's contributions were equal to the
contractually required contributions for each year as set by state statute.
B. Hopkins Fire Relief Association(HFRA)
Plan Description
The City contributes to the Hopkins Fire Relief Association(Association); a single employer defined benefit plan.
The Association administers the plan and issues separate financial statements that can be obtained by contacting
the Association.
Volunteer firefighters of the City are members of the Association. The plan provides for permanent and short
term disability benefits, death benefits and pensions with a set value for the annual withdrawal amount. Full
vesting in the plan requires a member to have served for at least 5 years, to have reached the age of 50 years and
to have been a member of the Association for at least 20 years. These benefit provisions and all other
requirements are consistent with enabling statutes.
Funding Policy and Annual Pension Information
The governing board of the Association requests changes in benefit levels and contribution requirements that must
be approved by the City Council. The funding policy provides that contributions from the City and from the State
of Minnesota are in amounts sufficient to accumulate assets to pay benefits when due. The City passes through
state aids allocated to the plan, in accordance with state statutes. The annual pension information is as follows:
43
City of Hopkins,Minnesota _
NOTES TO FINANCIAL STATEMENTS -CONTINUED
December 31,2000 —
2000 Contributions: City $29,000 —
State $ 56,420
Actuarial valuation date: 12/31/00
Actuarial cost method: Entry age normal actuarial cost method
Assumed rate of return: 5% —
Actuarial valuation period Open
Annual Pension Benefit Cost for Past Three Years �-
Annual Pension %of Annual Pension Net Pension Obligation
Year Ended Cost(APC) Cost Contributed At Year Ended —
12/31/00 $ - 100% 2,436,824
12/31/99 $ - 100% 2,380,543
12/31/98 $ - 100% 1,723,374
12/31/97 $ - 100% 1,483,054 —
Actuarial Valuations
Actuarial Actuarial Accrued Excess of
Actuarial Value of Liability(AAL) Assets Funded
Valuation Assets Entry Age Over AAL Ratio —
Date (a) (b) (a-b) (a/b)
12/31/00 2,694,630 2,436,824 257,406 111%
12/31/99 2,540,500 2,380,543 159,950 107%
12/31/98 2,151,362 1,723,374 427,988 125% —
12/31/97 1,744,232 1,483,054 261,178 118%
The estimated accrued liability of$2,436,824 at December 31, 2000 was calculated using the State of Minnesota
Schedule I form for lump sum pension plans. This results in excess net assets available for benefits of$257,406
as of December 31, 2000. The Hopkins Fire Department is a volunteer organization and therefore does not have
payroll to disclose. _
9. BUDGET INFORMATION
For the year ended December 31, 2000, actual expenditures exceeded the budgeted amount in the Economic
Development fund and the Depot Coffee House fund.
Budgets are adopted for some special revenue fund types but not all. Excluded from the budget adoption process are
funds that are completely reimbursable from the federal government, Tax Increment District 2-11 and funds that are
established for a particular project and that project has been primarily completed. The following is a list of non-
budgeted funds and a reconcilement of budgeted and non-budgeted funds actual, revenues, expenditures and other _
financing sources(uses):
Community Development Block Grant,T.I.F. 2.11 and the Art Center Construction.
Budgeted Special Non-budgeted Total Special
Revenue Funds Funds Revenue Funds
Total Revenue $ 4,016,473 $ 113,639 $ 4,130,112
Total Expenditure $ 2,328,067 $ 71,425 $ 2,399,492
Total Other Financing Sources(Uses) $ (540,058) $ (49,999) $ (590,057) _
44
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 2000
10 FUND BALANCE AND RETAINED EARNINGS DEFICITS
At December 31, 2000, the following funds had deficit fund balances or retained earnings. These deficits will be
corrected through future tax levies,contributions or reimbursements:
Art Facility Construction $231,317
Tax Increment 2.6 $475,676
Pavilion/Ice Arena $ 58,089
_ Art Center $ 899,983
Housing Authority $ 12,265
11 REHABILITATION LOANS RECEIVABLE
The City makes rehabilitation loans to residential and commercial entities within the City. Residential loans are made
for 20 year periods at 3%interest. A mortgage against the property improved is required and City staff is responsible
to follow-up any delinquent accounts. Loan repayments are made to Developers Mortgage Corp., a loan service
bureau, which charges a fee of$5.95 per month per loan. Principal and interest are forwarded to the City monthly
with loan collection and loan status reports. Rehabilitation loan activity is a function of the Economic Development
_ Fund, the Hennepin County CDBG and the Housing Rehab Funds. Loans become due in full upon sale of property.
Rehabilitation loans receivable amounted to$677,644 at December 31,2000.
12 CLAIMS AND LITIGATION
The City had the usual and customary types of miscellaneous claims pending at year-end,which are of a minor nature
and usually all covered by insurance carried for that purpose. The City carries a$1,000,000 Public Official Liability
Insurance policy with public entity and employee endorsement.
13 SUBSEQUENT EVENTS
On March 29, 2001,the City purchased property with tax increment funds in the amount of$845,000. The property
is part of a redevelopment project in the East end of downtown.
14 RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and
omissions; injuries to employees; and natural disasters. The City participates in a public entity risk pool to mitigate
its exposure to these risks. Workers compensation and property and liability coverage's are provided through a
pooled self-insurance plan with other cities. Settled claims have not exceeded insurance coverage in any of the past
three fiscal years.
The city pays an annual premium based on prior claims history for its workers compensation coverage. The public
entity risk pool is responsible for the payment of all associated claims.
The City has a$5,000 deductible per occurrence for its property and liability coverage. The public entity risk pool is
responsible for all losses in excess of$5,000 per occurrence.
15 NEW FUNDS
The City created a new Skate Park Fund. The Skate Park Fund is an enterprise fund. The City took over
responsibility of administering the Northwest Metro Drug Task Force funds. This is a new agency fund, which had
no activity in 2000 other than receiving the confiscated funds.
45
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION IIB
COMBINING, INDIVIDUAL FUNDS AND
ACCOUNT GROUPS
STATEMENTS AND SCHEDULES
46
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
GENERAL FUND
The Home Rule Charter of the City of Hopkins provides in Section 7.11 "There shall
be maintained in the City Treasury a general fund for the payment of such expenses
as the Council may deem proper. Into this fund shall be paid all moneys levied for
this fund and all moneys not required to be placed in some other fund."
The General Fund is established to account for the revenue and expenditures to
carry out basic governmental activities of the city such as general government,
public safety, public works, community development and parks and recreation.
Revenue is recorded by source; i.e., taxes, licenses, and General Fund expenditures
are made primarily for current day-to-day operations and operating equipment and
are recorded by major functional classifications and by operating departments.
47
CITY OF HOPKINS, MINNESOTA B
GENERALFUND -
BALANCESHEET
December 31, 2000
With Comparative Amounts for December 31, 1999
2000 1999
ASSETS
Cash and investments $ 3,186,761 $ 2,934,132 -
Taxes receivable 131,353 134,144
Accounts receivable 49,077 66,582
Accrued interest receivable 53,462 46,916 _
Due from other funds 12,000 23,000
Due from other governments 39,300 13,320
Prepaid items - 4,740 _
Advance to other funds 572,868 594,347
Inventory 79,692 74,912
Total Assets $ 4,124,513 $ 3,892,093 _
LIABILITIES AND FUND BALANCE
Liabilities: _
Accounts payable $ 255,800 $ 312,056
Compensated absences payable 534,977 501,836
Due to other funds 26,037
Deferred revenue 173,182 193,219
Deposits payable 7,890 7,470
Total Liabilities 997,886 1,014,581 _
Fund Balance:
Reserved:
Inventory 79,692 74,912 _
Advance to other funds 572,868 594,347
Unreserved:
Designated for downtown park stage 32,000 32,000 _
Designated for Shady Oak Beach Development 136,830 75,000
Designated for budget carryovers 26,600 7,000
Designated for new fund transfer 100,000 -
Designated for working capital 2,150,966 2,088,634
Undesignated 27,671 5,619
Total Fund Balance 3,126,627 2,877,512 _
Total Liabilities and Fund Balance $ 4,124,513 $ 3,892,093
48
CITY OF HOPKINS, MINNESOTA B-1
GENERAL FUND
_ STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Property taxes $ 4,364,756 $ 4,327,792 $ (36,964) $ 4,049,173
Licenses and permits 357,400 428,435 71,035 469,564
- Intergovernmental 2,119,288 2,134,678 15,390 2,067,882
Fines and forfeitures 100,000 111,221 11,221 127,176
Charges for services 146,748 218,832 72,084 203,233
Investment earnings 297,089 165,005 (132,084) 160,942
Other 82,856 49,981 (32,875) 69,402
Total Revenues 7,468,137 7,435,944 (32,193) 7,147,372
Expenditures:
General government 851,136 828,027 23,109 775,108
Public safety 3,200,568 3,158,178 42,390 3,369,212
Community development 705,771 670,252 35,519 792,455
Public works 1,494,169 1,500,689 (6,520) 1,610,219
Recreation 484,467 460,528 23,939 530,647
Other 40,395 1,318 39,077 23,874
Capital outlay 652,758 550,894 101,864 -
Total Expenditures 7,429,264 7,169,886 259,378 7,101,515
Excess of revenues over expenditures 38,873 266,058 227,185 45,857
Other Financing Sources(Uses):
Operating transfers in: 30,586 - (30,586) -
- Operating transfers out: (18,859) (16,943) 1,916 (3,103)
Total Other Financing Sources(Uses) 11,727 (16,943) (28,670) (3,103)
Excess of revenues over expenditures
and other financing sources(uses) 50,600 249,115 198,515 42,754
Fund Balance- January l 2,877,512 2,877,512 - 2,834,758
Fund Balance- December 31 $ 2,928,112 $ 3,126,627 $ 198,515 $ 2,877,512
49
CITY OF HOPKINS, MINNESOTA B-2 -
GENERAL FUND
SCHEDULE OF REVENUES - BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
Adjusted favorable 1999 -
Budget Actual (unfavorable) Actual
Taxes
General property taxes $ 3,714,438 $ 3,735,932 $ 21,494 $ 3,491,748 -
Fiscal disparities 650,318 591,860 (58,458) 557,425
Total Taxes 4,364,756 4,327,792 (36,964) 4,049,173
Licenses and permits
Business 135,300 135,277 (23) 139,047
Non-business 222,100 293,158 71,058 330,517 _
Total Licenses and permits 357,400 428,435 71,035 469,564
Intergovernmental
Local government aids 844,880 838,916 (5,964) 867,140 -
Homestead credit 991,388 991,388 - 960,734
State grants 52,020 62,961 10,941 33,482
Insurance premium - police 135,700 143,123 7,423 135,862 -
Insurance premium - fire 55,000 56,480 1,480 54,494
Federal grants 35,800 37,376 1,576 11,397
Other grants 4,500 4,434 (66) 4,773
Total Intergovernmental 2,119,288 2,134,678 15,390 2,067,882
Fines and forfeitures _
Court fines 100,000 111,221 11,221 124,414
Other - - - 2,762
Total Fines and forfeitures 100,000 111,221 11,221 127,176 -
Charges for services
General government 7,998 4,282 (3,716) 5,155 _
Community Services 45,500 93,810 48,310 113,219
Public safety 24,550 47,200 22,650 25,999
Public works 5,700 3,699 (2,001) 6,173
Recreation 60,000 66,281 6,281 50,939 -
Community Development 3,000 3,560 560 1,748
Total Charges for services 146,748 218,832 72,084 203,233
Other
Investment earnings 297,089 165,005 (132,084) 160,942
Miscellaneous 82,856 49,981 (32,875) 69,402
Total Other 379,945 214,986 (164,959) 230,344
Other Financing Sources 30,586 - (30,586) - -
Total Revenues $ 7,498,723 $ 7,435,944 $ (62,779) $ 7,147,372
50 -
CITY OF HOPKINS, MINNESOTA B-3
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
Year Ended December 31, 2000
- With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance
favorable 1999
Budget Actual (unfavorable) Actual
GENERAL GOVERNMENT
Mayor and Council
_ Salaries and employee benefits $ 26,379 $ 25,886 $ 493 $ 23,424
Materials, supplies and services 86,817 86,713 104 66,043
Total 113,196 112,599 597 89,467
Administrative Services
Salaries and employee benefits 337,809 309,484 28,325 279,303
Materials, supplies and services 52,201 63,904 (11,703) 85,441
Capital outlay 6,248 5,748 500 13,403
Total 396,258 379,136 17,122 378,147
Less expenditures charged to other activities (59,712) (59,715) 3 (46,260)
Net 336,546 319,421 17,125 331,887
Finance
Salaries and employee benefits 232,025 228,778 3,247 223,588
Materials, supplies and services 39,595 44,695 (5,100) 36,341
Capital outlay 17,507 17,507 - 18,921
Total 289,127 290,980 (1,853) 278,850
Less expenditures charged to other activities (159,976) (-62,887) 2,911 (160,460)
Net 129,151 128,093 1,058 118,390
Legal Services
Materials, supplies and services 121,020 97,389 23,631 118,548
Municipal Building
Salaries and employee benefits 107,421 105,450 1,971 106,468
Materials, supplies and services 133,114 141,004 (7,890) 137,491
Capital outlay 105,498 6,077 99,421 11,611
Total 346,033 252,531 93,502 255,570
Less expenditures charged to other activities (180,000) (175,741) (4,259) (179,178)
Net 166,033 76,790 89,243 76,392
51
CITY OF HOPKINS, MINNESOTA B_3
GENERAL FUND -
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 2000 -
With Comparative Actual Amounts for Year Ended December 31, 1999
2000 -
Variance--
favorable 1999 _
GENERAL GOVERNMENT(continued) Budget Actual (unfavorable) Actual
Elections
Salaries and employee benefits 29,498 11,176 18,322 7,504 -
Materials, supplies and services 4,174 15,169 (10,995) 10,777
Capital outlay 2,000 2,000 - _
Total 35,672 28,345 7,327 18,281 -
City Clerk and Reception
Salaries and employee benefits $ 96,274 $ 111,648 $ (15,374) $ 133,523 -
Materials, supplies and services 7,997 8,573 (576) 9,845
Capital outlay 6,030 2,530 3,500 6,422 _
Total 110,301 122,751 (12,450) 149,790
Less expenditures charged to other activities (23,500) (23,499) (1) (21,960)
Net 86,801 99,252 (12,451) 127,830 -
TOTAL GENERAL GOVERNMENT 988,419 861,889 126,530 880,795
PUBLIC SAFETY
Police
Police Administration
Salaries and employee benefits 239,196 245,639 (6,443) 179,815
Materials, supplies and services 72,510 75,323 (2,813) 79,971
Capital outlay 54,592 56,809 (2,217) 56,064 -
Total 366,298 377,771 (11,473) 315,850
Less expenditures charged to other activities (354,298) (354,298) - (21,960)
Net 12,000 23,473 (11,473) 293,890
Police Patrol and Investigation
Salaries and employee benefits 1,591,277 1,507,044 84,233 1,455,771
Materials, supplies and services 500,189 492,013 8,176 262,451
Capital outlay 76,135 82,399 (6,264) 78,840 -
Total 2,167,601 2,081,456 86,145 1,797,062
52
- CITY OF HOPKINS, MINNESOTA B-3
GENERAL FUND
- SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
PUBLIC SAFETY(continued) Budget Actual (unfavorable) Actual
Police Services
Salaries and employee benefits 322,077 595,002 (272,925) 535,454
_ Materials, supplies and services 384,878 165,897 218,981 105,154
Capital outlay 50,227 50,629 (402) 35,903
Total 757,182 811,528 (54,346) 676,511
Total Police 2,936,783 2,916,457 20,326 2,789,423
Fire
Salaries and employee benefits 279,730 277,942 1,788 287,742
Materials, supplies and services 165,009 153,616 11,393 161,427
Capital outlay 127,632 127,632 - 130,620
Total 572,371 559,190 13,181 579,789
TOTAL PUBLIC SAFETY 3,509,154 3,475,647 33,507 3,369,212
COMMUNITY DEVELOPMENT
Planning and Economic Development
Salaries and employee benefits 112,313 108,192 4,121 105,629
_ Materials, supplies and services 27,990 27,540 450 41,157
Capital outlay 3,493 3,493 - 4,116
Total 143,796 139,225 4,571 150,902
Less expenditures charged to other activities (9,900) (9,860) (40) (9,860)
Net 133,896 129,365 4,531 141,042
Assessing
Salaries and employee benefits 197,959 188,600 9,359 172,293
Materials, supplies and services 21,938 21,077 861 20,415
Capital outlay 4,135 4,135 - 3,816
Total 224,032 213,812 10,220 196,524
53
CITY OF HOPKINS, MINNESOTA B-3
GENERAL FUND -
SCHEDULE OF EXPENDITURES -BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 2000 -
With Comparative Actual Amounts for Year Ended December 31, 1999
2000 -
Variance--
favorable 1999 _
COMMUNITY DEVELOPMENT(continued) Budget Actual (unfavorable) Actual
Inspections
Salaries and employee benefits 299,347 266,061 33,286 266,853 -
Materials, supplies and services 56,124 68,642 (12,518) 43,590
Capital outlay 6,843 6,843 - 38,759
Total 362,314 341,546 20,768 349,202 -
TOTAL COMMUNITY DEVELOPMENT 720,242 684,723 35,519 686,768
PUBLIC WORKS
Public Works Buildings&Equipment Services
Salaries and employee benefits 162,781 164,014 (1,233) 161,441 -
Materials, supplies and services 51,521 48,643 2,878 49,995
Capital outlay 7,892 10,012 (2,120) 1,680
Total 222,194 222,669 (475) 213,116
Less expenditures charged to other activities (189,953) (194,698) 4,745 (195,324)
Net 32,241 27,971 4,270 17,792 -
Public Works Administration and Engineering
Salaries and employee benefits $ 240,235 $ 240,023 $ 212 $ 231,565 -
Materials, supplies and services 40,736 36,342 4,394 46,336
Capital outlay 12,056 12,056 - 13,327
Total 293,027 288,421 4,606 291,228 -
Less expenditures charged to other activities (194,764) (168,727) (26,037) (146,344)
Net 98,263 119,694 (21,431) 144,884
Streets and Alleys:
Salaries and employee benefits 349,654 353,428 (3,774) 356,663
Materials, supplies and services 241,101 201,384 39,717 216,626 -
Capital outlay 81,836 81,620 216 81,655
Total 672,591 636,432 36,159 654,944 _
Less expenditures charged to other activities (93,000) (93,000) - (64,980)
Net 579,591 543,432 36,159 589,964
54 -
CITY OF HOPKINS, MINNESOTA B-3
GENERALFUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
PUBLIC WORKS(continued) Budget Actual (unfavorable) Actual
Sidewalk Repair and Mall Maintenance:
Salaries and employee benefits 4,921 11,484 (6,563) 4,867
_ Materials, supplies and services 34,120 30,850 3,270 27,598
Total 39,041 42,334 (3,293) 32,465
Signs, Signals and Lighting:
Salaries and employee benefits 70,244 68,793 1,451 68,007
Materials, supplies and services 191,673 186,232 5,441 177,428
Capital outlay 8,717 5,675 3,042 4,704
Total 270,634 260,700 9,934 250,139
Municipal Parks and Tree Service:
Salaries and employee benefits 427,976 454,384 (26,408) 392,977
Materials, supplies and services 156,924 161,537 (4,613) 148,905
Capital outlay 55,421 49,233 6,188 33,093
Total 640,321 665,154 (24,833) 574,975
TOTAL PUBLIC WORKS 1,660,091 1,659,285 806 1,610,219
RECREATION:
Activity Center
Salaries and employee benefits 165,451 155,814 9,637 149,323
Materials, supplies and services 106,916 103,777 3,139 90,091
Capital outlay 1,496 1,496 - 11,039
Total 273,863 261,087 12,776 250,453
Park and Recreation
Salaries and employee benefits 80,600 70,009 10,591 52,042
Materials, supplies and services 131,500 130,928 572 127,912
Capital outlay 25,000 25,000 - 100,240
Total 237,100 225,937 11,163 280,194
TOTAL RECREATION 510,963 487,024 23,939 530,647
55
CITY OF HOPKINS, MINNESOTA B-3
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
UNALLOCATED:
Materials, supplies and services 40,395 1,318 39,077 13,837
Capital outlay 10,037
TOTAL UNALLOCATED 40,395 1,318 39,077 23,874 _
TOTAL EXPENDITURES $ 7,429,264 $ 7,169,886 $ 259,378 $ 7,101,515
56
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues derived from specific taxes or
other earmarked revenue sources. Expenditures are restricted by law or administrative
regulation for specified purposes.
State Chemical Assessment Fund — This fund is entirely supported by state aid for the
purpose of chemical assessment training and activity for the State of Minnesota.
Economic Development Fund - This fund was established to fund development
opportunities. Sources of funds are derived from the administration of loans and rental
property acquired with bonds and grants.
Real Estate Purchases and Sales Fund - This fund records the acquisition and disposition of
various properties with the proceeds used to improve city buildings.
Hennepin County CDBG - This fund accounts for receipt for Community Development
Block Grant funds and the issuance of loans and grants for housing rehabilitation.
Tax Increment Funds - These funds were established to record the use of tax increment
receipts and bond proceeds as applied in various Tax Increment Districts.
Paratransit Fund - This fund was established to account for the receipt of grants and rider
fees and expenditures for transit service.
Housing Rehab Fund - This fund was established to account for funds received under the
Community Development Block Grant funds and Section 8.
Parking Fund - This fund acquired land, improves and maintains parking lots and a parking
ramp and collects monthly maintenance fees from users.
Section 8 Housing Fund — This fund administers the HUD Section 8 Rental Assistance
Program.
Cable TV Fund - This fund records the City's share of a five city joint venture cable TV
franchise administered under the Southwest Suburban Cable Commission.
Depot Coffee House Fund — This fund accounts for the operations of the coffee house
business and the teen center operations which are supported through grant funds.
57
CITY OF HOPKINS,MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31,2000
With Comparative Totals for December 31, 1999
State Real Estate Hennepin Art Tax
Chemical Economic Purchases County Facility Increment
Assessment Development &Sales CDBG Construction Districts
ASSETS
Cash and investments $ 10,343 $ 1,245,824 $ 47,960 $ 1,942 $ 8,683 $ 2,404,489 _
Taxes receivable _
Special assessments receivable -
Accounts receivable 1,270 12,611 - 736 - 10,463 _
Rehabilitation loans receivable - 568,896 - 80,273 - -
Accrued interest receivable - 9,460 664 79 - 40,691
Due from other funds - 1,893,587 - - - 810,630 _
Due from other governments 1,480 - - - - 834
Advance to other funds - 300,000
Long term loans receivable - - - - - 2,1 10,630
Restricted cash and investments - - - - - 200,000
Total Assets $ 13,093 $ 4,030,378 $ 48,624 $ 83,030 $ 8,683 $ 5,577,737
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 3,211 $ 9,023 $ - $ 736 $ - $ 385,578
Compensated absences payable - 29,242
Due to other funds - - - - 240,000 2,464,217
Due to other governments -
Deferred revenue - 202,501
Total Liabilities 3,211 240,766 - 736 240,000 2,849,795
Fund balances:
Reserved for loans receivable - 568,896 - 80,273 - -
Reserved for Patio Homes -
Reserved for Valley Park Condominiums
Reserved for Business District Plan - - - - - 200,000
Reserved for advance to other funds - 300,000 - - - 2,110,630
Unreserved:
Designated for Bldg.Imprvmnts. -
Designated for Equipment -
Designated for Parking lot -
Designated for State Chemical Assess. 9,882 - - - -
Designated for Housing Rehab - - - 2,021 - -
Undesignated - 2,920,716 48,624 - (231,317) 417,312
Total Fund Balances 9,882 3,789,612 48,624 82,294 (231,317) 2,727,942
Total Liabilities and Fund Balance $ 13,093 $ 4,030,378 $ 48,624 $ 83,030 $ 8,683 $ 5,577,737 -'
58
C
Depot
Housing Section 8 Coffee Totals
Para-Transit Rehab Parking Housing Cable TV House 2000 1999
$ 625 $ 1,124,436 $ 365,730 $ 12,849 $ 295,470 $ 14,440 $ 5,532,791 $ 4,158,701
- 16,489
_ _ _ _ _ - 1,313
1,000 (785) - 7 33,508 651 59,461 55,685
18,475 - - - - 667,644 789,585
18,070 4,776 - 4,157 - 77,897 68,711
- - 174 - - 2,704,391 4,334,162
17,311 - 4,065 8,326 - - 32,016 57,919
300,000 300,000
2,110,630 2,150,000
164,000 - - - - 364,000 364,000
$ 18,936 $ 1,324,196 $ 374,571 $ 21,356 $ 333,135 $ 15,091 $ 11,848,830 $ 12,296,565
$ 6,936 $ 2,518 $ 3,972 $ 1,816 $ 3,346 $ 8,892 $ 426,028 $ 365,224
3,666 790 1,472 2,524 3,132 40,826 38,280
12,000 174 - - - 2,716,391 4,357,162
250 - - - - 250 15,283
11,660 - - - 214,161 210,005
18,936 6,608 16,422 3,288 5,870 12,024 3,397,656 4,985,954
18,475 - - - - 667,644 789,585
170,890 - - - - 170,890 357,018
55,100 55,100 110,507
- 200,000 200,000
- 2,410,630 2,450,000
8,500 - 8,500 12,300
5,000
9,882 12,879
85,000 - - - - 87,021 66,247
988,123 358,149 18,068 318,765 3,067 4,841,507 3,307,075
1,317,588 358,149 18,068 327,265 3,067 8,451,174 7,310,611
$ 18,936 $ 1,324,196 $ 374,571 $ 21,356 $ 333,135 $ 15,091 $ 11,848,830 $ 12,296,565
59
CITY OF HOPKINS, MINNESOTA —
TAX INCREMENT FUNDS
COMBINING BALANCE SHEET
December 31, 2000
With Comparative Totals for December 31, 1999 —
Tax Tax Tax Tax —
Increment Increment Increment Increment
1.1 1.2 2.1 2.6
ASSETS
Cash and investments $ 1,393,756 $ 12,579 $ 530,611 $ 5,797
Taxes receivable _ _
Accounts receivable - - - 10,463
Accrued interest receivable 25,280 1,539 7,351 79
Due from other funds 810,630 - - _
Due from other governments - _ _
Long term loans receivable 2,110,630
Restricted cash and investments - 200,000 - -
Total Assets 2,324,748
LIABILITIES AND FUND BALANCE _
Liabilities:
Accounts payable $ 27,629 $ 382 $ 273,845 $ 336
Due to other funds - 1,972,538 - 491,679 —
Total Liabilities 277629 1,972,920 273,845 492,015
Fund Balance(Deficit): —
Reserved for Business District Redevop. - 200,000 - -
Reserved for long term loan receivable - 2,110,630 - -
Unreserved:
Undesignated 2,202,037 (1,958,802) 264,117 (475,676)
Total Fund Balance 2,202,037 351,828 264,117 (475,676) —
Total Liabilities and Fund Balance $ 2,229,666 $ 2,324,748 $ 537,962 $ 16,339
60
Ca
Tax Tax Tax Tax
Increment Increment Increment Increment Totals
2.7 2.8 2.9 2.11 2000 1999
$ 260,167 $ 62,562 $ 106,174 $ 32,843 $ 2,404,489 $ 1,562,237
- - 16,489
- 10,463 12,138
3,604 924 1,459 455 40,691 20,571
- - 810,630 1,906,501
- 834 - 834 -
2,110,630 2,150,000
- 200,000 200,000
,7 5,57 5,867,936
$ 51,776 $ 29,896 $ 1,624 $ 90 $ 385,578 $ 328,519
- 2,464,217 4,070,773
51,776 29,896 1,624 90 2,849,795 4,399,292
_ - - - - 200,000 200,000
- - 2,110,630 2,150,000
211,995 33,590 106,843 33,208 417,312 (881,356)
211,995 33,590 106,843 33,208 2,727,942 1,468,644
$ 263,771 $ 63,486 $ 108,467 $ 33,298 $ 5,577,737 $ 5,867,936
61
CITY OF HOPKINS,MINNESOTA
SPECIAL REVENUE FUNDS -
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
Year Ended December 31,2000 -
With Comparative Totals for Year Ended December 31, 1999
State Real Estate Hennepin Art Tax -
Chemical Economic Purchases County Facility Increment
Assessment Development &Sales CDBG Construction Districts
Revenues: _
Taxes:
Tax increment $ - $ - $ - $ - $ - $ 2,232,616
Special assessments - - - - _ _
Intergovernmental:
Federal - - - 14,631 -
State of Minnesota 35,049 807,348 - - _
Other - - - _ _
Franchise fee - - - - _ _
Fines and forfeitures - - - - _ _
Charges for services - 82,273 3,700 38,772 - 13,478 _
Investment earnings - 38,636 2,842 343 - 133,989
Other - - - - 23,730 10,463
Total Revenues 35,049 928,257 6,542 53,746 23,730 2,390,546
Expenditures:
Salaries and employee benefits 15,363 108,926
Materials,supplies and services 22,683 43,240 - 65,726 100 109,394 -
Capital outlay:
Office equipment&furnishing - - - - -
Land acquisitions - - - - - 5,929
Site improvements - 808,644 - - 3,859 408,925 -
Other equipment - 466 - - -
Total Expenditures 38,046 961,276 - 65,726 3,959 524,248
Less expenditures charged to other -
activities - (61,482) -
Net 38,046 899,794 - 65,726 3,959 524,248
Excess(deficiency)of revenues over
expenditures (2,997) 28,463 6,542 (11,980) 19,771 1,866,298
Other Financing Sources(Uses):
Proceeds from bond issuance - - - - - -
Operating transfers in - 49,999 - - -
Operating transfers out - - - (49,999) - (607,000) -
Total Other Financing Sources(Uses) - 49,999 - (49,999) - (607,000)
Excess(deficiency)of revenues and other
financing sources over expenditures and other
financing uses (2,997) 78,462 6,542 (61,979) 19,771 1,259,298
Fund Balance-January 1 12,879 3,711,150 42,082 144,273 (251,088) 1,468,644 -
Fund Balance-December 31 $ 9,882 $ 3,789,612 $ 48,624 $ 82,294 $ (231,317) $ 2,727,942
62
C-1
Depot
_ Housing Section 8 Coffee Totals
Para-Transit Rehab Parking Housing Cable TV House 2000 1999
$ _ $ _ $ _ $ _ $ - $ - $ 2,232,616 $ 2,203,348
22,342 - - 22,342 16,065
76,270 - - 90,901 90,631
62,217 3,860 - - - 35,951 944,425 826,425
178,371
126,587 - 126,587 113,455
37,036 - - - 37,036 24,119
20,960 843 23,264 - 15,009 119,844 318,143 1,073,453
83,099 20,726 - 17,529 - 297,164 222,631
1,000 1,110 - - - 24,595 60,898 75,212
84,177 88,912 103,368 76,270 159,125 180,390 4,130,112 4,823,710
6,890 64,446 56,534 46,772 54,007 76,325 429,263 428,680
89,230 24,043 34,453 8,189 55,047 122,114 574,219 519,685
3,344 - 3,344 - - 6,688 -
- 5,929 -
208,110 - - - - 1,429,538 5,757,106
1,500 - 13,371 - 15,337 28,377
96,120 299,943 92,487 58,305 122,425 198,439 2,460,974 6,733,848
_ (61,482) (62,760)
96,120 299,943 92,487 58,305 122,425 198,439 2,399,492 6,671,088
(11,943) (211,031) 10,881 17,965 36,700 (18,049) 1,730,620 (1,847,378)
4,030,000
11,943 - - - - 5,000 66,942 137,722
(656,999) (1,564,930)
11,943 - - - - 5,000 (590,057) 2,602,792
(211,031) 10,881 17,965 36,700 (13,049) 1,140,563 755,414
1,528,619 347,268 103 290,565 16,116 7,310,611 6,555,197
$ - $ 1,317,588 $ 358,149 $ 18,068 $ 327,265 $ 3,067 $ 8,451,174 $ 7,310,611
63
CITY OF HOPKINS, MINNESOTA
TAX INCREMENT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE
Year Ended December 31, 2000 _
With Comparative Totals for Year Ended December 31, 1999
Tax Tax Tax Tax
Increment Increment Increment Increment
1.1 1.2 2.1 2.6 _
Revenues:
Taxes:
Tax increment $ 1,278,921 $ 63,778 $ 569,055 $ 8,561
Charges for services 13,478 - - -
Investment earnings 87,742 5,974 19,891 -
Other - - - 10,463 _
Total Revenues 1,380,141 69,752 588,946 19,024
Expenditures:
Materials, supplies and services 6,741 4,155 56,593 1,675
Capital outlay:
Land acquisitions 5,929
Site improvements 3,605 47,243 273,020 -
Total Expenditures 16,275 51,398 329,613 1,675
Excess of revenues over 1,363,866 18,354 259,333 17,349
expenditures
Other Financing Sources(Uses)
Operating transfer in - - -
Operating transfer to debt service (348,000) - (225,000) -
Total Other Financing Sources(Uses) (348,000) - (225,000) - T
Excess of revenues over
expenditures and other financing uses 1,015,866 18,354 34,333 17,349
Fund balance(deficit)-January 1 1,186,171 333,474 229,784 (493,025)
Fund balance(deficit)- December 31 $ 2,202,037 $ 351,828 $ 264,117 $ (475,676)
64
C-la
Tax Tax Tax Tax
Increment Increment Increment Increment Totals
2.7 2.8 2.9 2.11 2000 1999
$ 105,075 $ 45,224 $ 126,922 $ 35,080 $ 2,232,616 $ 2,203,348
13,478 -
12,617 2,379 4,303 1,083 133,989 59,015
- - 10,463 12,138
117,692 47,603 131,225 36,163 2,390,546 2,274,501
12,275 1,783 24,432 1,740 109,394 108,354
5,929 -
51,358 33,699 - - 408,925 519,958
63,633 35,482 24,432 1,740 524,248 628,312
54,059 12,121 106,793 34,423 1,866,298 1,646,189
137,119
(34,000) - (607,000) (1,263,600)
- - (34,000) - (607,000) (1,126,481)
54,059 12,121 72,793 34,423 1,259,298 519,708
157,936 21,469 34,050 (1,215) 1,468,644 948,936
$ 211,995 $ 33,590 $ 106,843 $ 33,208 $ 2,727,942 $ 1,468,644
65
CITY OF HOPKINS, MINNESOTA C-2
STATE CHEMICAL ASSESSMENT TEAM FUND —
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance-- _
favorable 1999
Budget Actual (unfavorable) Actual
Revenues: _
Intergovernmental revenue:
State grant $ 55,000 $ 35,049 $ (19,951) $ 44,673
Investment earnings - - - 227 _
Total Revenues 55,000 35,049 (19,951) 44,900
Expenditures: _
Salaries and employee benefits 17,000 15,363 1,637 14,846
Materials, supplies and services 38,000 22,683 15,317 17,175
Total Expenditures 55,000 38,046 16,954 32,021
Excess(deficiency)of revenues over expenditures - (2,997) (2,997) 12,879
Fund Balance-January 1 12,879 12,879 - -
Fund Balance- December 31 $ 12,879 $ 9,882 $ (2,997) $ 12,879
66
CITY OF HOPKINS, MINNESOTA C-3
ECONOMIC DEVELOPMENT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Intergovernmental:
State grants $ 737,958 $ 807,348 $ 69,390 $ 695,663
Metropolitan Council Grant - - - 168,371
Charges for services 100,513 82,273 (18,240) 156,139
Investment earnings 32,000 38,636 6,636 37,979
Other 2,000 - (2,000) 11,728
Total Revenues 872,471 928,257 55,786 1,069,880
Expenditures:
Salaries and employee benefits 105,182 108,926 (3,744) 84,233
Materials, supplies and services 66,736 43,240 23,496 72,283
Capital outlay:
Site Improvements 737,958 808,644 (70,686) 868,000
Other equipment 466 466 - 468
_ Total 910,342 961,276 (50,934) 1,024,984
Less expenditures charged to other activities (61,483) (61,482) - (62,760)
Net 848,859 899,794 (50,934) 962,224
Excess of revenues over expenditures 23,612 28,463 4,852 107,656
Other Financing Sources(Uses):
Operating transfer from CDBG - 49,999 49,999 -
Operating transfer toTax Increment Funds - - - (13 7,119)
Total Other Financing Sources(Uses) - 49,999 49,999 (137,119)
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses 23,612 78,462 54,850 (29,463)
Fund Balance- January 1 3,711,150 3,711,150 - 3,740,613
Fund Balance- December 31 $ 3,734,762 $ 3,789,612 $ 54,850 $ 3,711,150
67
CITY OF HOPKINS, MINNESOTA C-4
REAL ESTATE PURCHASES AND SALES FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues: _
Charges for services $ 3,700 $ 3,700 $ - $ 3,700
Investment earnings 2,000 2,842 842 2,133
Total Revenues 5,700 6,542 842 5,833 _
Expenditures:
Excess of revenues over expenditures 5,700 6,542 842 5,833
Fund Balance-January 1 42,082 42,082 - 36,249
Fund Balance- December 31 $ 47,782 $ 48,624 $ 842 $ 42,08T-
68
CITY OF HOPKINS, MINNESOTA C-5
PARA-TRANSIT FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
_ Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Intergovernmental:
State grant(Para-Transit) $ 67,400 $ 62,217 $ (5,183) $ 39,640
Charges for services 20,400 20,960 560 18,764
Contributions - 1,000 1,000 -
Total Revenues 87,800 84,177 (3,623) 58,404
Expenditures:
Salaries and employee benefits 9,063 6,890 2,173 7,450
Materials, supplies and services 90,096 89,230 866 54,515
Total Expenditures 99,159 96,120 3,039 61,965
Deficiency of revenues over expenditures (11,359) (11,943) (584) (3,561)
Other Financing Sources:
Operating transfer from the General Fund 11,359 11,943 584 603
Deficiency of revenues and other financing
sources over expenditures - - - (2,958)
Fund Balance- January 1 - - - 2,958
Fund Balance-December 31 - - $ -
_ 69
CITY OF HOPKINS, MINNESOTA C-6
HOUSING REHAB FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999 _
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Intergovernmental:
State grants $ - $ 3,860 $ 3,860 $ 1,930
Charges for services 4,000 843 (3,157) 765,649 _
Investment earnings 75,000 83,099 8,099 94,181
Other - 1,110 1,110 890 _
Total Revenues 79,000 88,912 9,912 862,650
Expenditures:
Salaries and employee benefits 64,039 64,446 (407) 60,148
Materials, supplies and services 28,580 24,043 4,537 23,795
Capital outlay: _
Office equipment& furnishings 3,344 3,344 -
Other equipment - - - 5,856
Valley Park Condominiums 42,312 42,267 45 1,394,669 -
Patio Homes 165,339 165,843 (504) 2,974,479
Total Expenditures 303,614 299,943 3,671 4,458,947
Excess(deficiency)of revenues over expenditures (224,614) (211,031) 13,583 (3,596,297)
Other Financing Sources(Uses): -
Proceeds from bond issuance - - - 4,030,000
Operating transfer to debt service, 1999-Housing - - - (164,211)
Total Other Financing Sources(Uses) - - - 3,865,789
Excess (deficiency)of revenues and other financing _
sources over expenditures and other financing uses (224,614) (211,031) 13,583 269,492
Fund Balance-January 1 1,528,619 1,528,619 - 1,271,810 _
Residual equity transfer out - - - (12,683)
Fund Balance- December 31 $ 1,304,005 $ 1,317,588 $ 13,583 $ 1,528,619
70
C-7
CITY OF HOPKINS, MINNESOTA
PARKING FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
_ Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Special Assessments $ - $ 22,342 $ 22,342 $ 16,065
Court fines 24,000 37,036 13,036 24,119
-- Charges for services 33,500 23,264 (10,236) 19,218
Investment earnings 12,000 20,726 8,726 15,592
Total Revenues 69,500 103,368 33,868 74,994
Expenditures:
Salaries and employee benefits 59,853 56,534 3,319 65,154
Materials, supplies and services 60,032 34,453 25,579 56,918
Capital outlay:
_ Other equipment 1,500 1,500 - 1,296
Total Expenditures 121,385 92,487 28,898 123,368
Excess (deficiency)of revenues over expenditures (51,885) 10,881 62,766 (48,374)
Fund Balance-January 1 347,268 347,268 - 395,642
Fund Balance- December 31 $ 295,383 $ 358,149 $ 62,766 $ 347;268
_ 71
CITY OF HOPKINS, MINNESOTA C-8
SECTION 8 HOUSING FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999 _
2000 —
Variance--
favorable 1999
Budget Actual (unfavorable) Actual —
Revenues:
Intergovernmental:
Federal - Section 8 $ 75,000 $ 76,270 $ 1,270 $ 57,022
Investment earnings 1,000 - (1,000) -
Total Revenues 76,000 76,270 270 57,022
Expenditures:
Salaries and employee benefits 65,359 46,772 18,587 58,287 _
Materials, supplies and services 11,200 8,189 3,011 10,204
Capital outlay 3,344 3,344 - 1,111
Total Expenditures 79,903 58,305 21,598 69,602
Excess(deficiency)of revenues over expenditures (3,903) 17,965 21,868 (12,580)
Fund Balance-January 1 103 103 - -
Residual equity transfer in - - - 12,683
Fund Balance- December 31 $ (3,800) $ 18,068 $ 21,868 $ 103
72
- CITY OF HOPKINS, MINNESOTA C-9
CABLE TV FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
- Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
_ Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Franchise fees $ 105,000 $ 126,587 $ 21,587 $ 113,455
Charges for services - 15,009 15,009 -
Investment earnings 11,000 17,529 6,529 12,827
Total Revenues 116,000 159,125 43,125 126,282
Expenditures:
Salaries and employee benefits 50,906 54,007 (3,101) 49,574
Materials, supplies and services 54,123 55,047 (924) 51,617
Capital outlay 17,464 13,371 4,093 19,646
Total Expenditures 122,493 122,425 68 120,837
Excess(deficiency)of revenues over expenditures (6,493) 36,700 43,193 5,445
Fund Balance-January 1 290,565 290,565 - 285,120
Fund Balance-December 31 $ 284,072 $ 327,265 $ 43,193 $ 290,565
73
CITY OF HOPKINS, MINNESOTA C-10
DEPOT COFFEE HOUSE FUND
STATEMENT OF REVENUES, EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999 -
2000 -
Variance--
favorable 1999
Budget Actual (unfavorable) Actual -
Revenues:
Intergovernmental:
State grant $ 71,555 $ 35,951 $ (35,604) $ 44,519
Other miscellaneous - - - 10,000
Charges for services 105,000 119,844 14,844 106,104 _
Contributions 3,000 24,595 21,595 20,939
Other 500 - (500) 718
Total Revenues 180,055 180,390 335 182,280 -
Expenditures:
Salaries and employee benefits 75,124 76,325 (1,201) 88,988 -
Materials, supplies and services 102,836 122,114 (19,278) 96,022
Total Expenditures 177,960 198,439 (20,479) 185,010
Excess (deficiency)of revenues over expenditures 2,095 (18,049) (20,144) (2,730)
Other Financing Sources
Operating transfer from the general fund - 5,000 5,000 -
Excess(deficiency)of revenues and other financing -
sources over expenditures 2,095 (13,049) (15,144) -
Fund Balance- January 1 16,116 16,116 - 18,846
Fund Balance- December 31 $ 18,211 $ 3,067 $ (15,144) $ 16,116 -
74
— CITY OF HOPKINS,MINNESOTA C-11
TAX INCREMENT 1.1 FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31,2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Taxes:
Tax increment $ 1,184,059 $ 1,278,921 $ 94,862 $ 1,280,218
Investment earnings 23,000 87,742 64,742 33,779
Charges for services - 13,478 13,478 -
Total Revenues 1,207,059 1,380,141 159,604 1,313,997
Expenditures:
Salaries and employee benefits - - - -
Materials, supplies and services 2,750 6,741 (3,991) 6,273
Capital outlay:
Land acquisition - 5,929 (5,929) -
Construction 8,000 3,605 4,395 58,563
Total Expenditures 10,750 16,275 (5,525) 64,836
Excess of revenues over expenditures 1,196,309 1,363,866 167,557 1,249,161
Other Financing Uses:
Operating transfer to Bonds of 1993 - Refunding (150,000) (148,000) 2,000 (135,000)
Operating transfer to Bonds of 1993 - Refunding (200,000) (200,000) - (184,000)
Operating transfer to Bonds of 1990-Taxable - - - (690,000)
Total Other Financing Uses (350,000) (348,000) 2,000 (1,009,000)
Excess of revenues over expenditures and
other financing uses 846,309 1,015,866 169,557 240,161
Fund Balance- January 1 1,186,171 1,186,171 - 946,010
Fund Balance-December 31 $ 2,032,480 $ 2,202,037 $ 169,557 $ 1,186,171
75
CITY OF HOPKINS, MINNESOTA C-12
TAX INCREMENT 1.2 FUND-ENTERTAINMENT CENTER
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999 -
2000 -
Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Taxes:
Tax increment $ 58,973 $ 63,778 $ 4,805 $ 66,450
Investment earnings 3,400 5,974 2,574 1,523
Total Revenues 62,373 69,752 7,379 67,973
Expenditures:
Materials, supplies and services 2,500 4,155 (1,655) 4,306 -
Capital outlay:
Public improvements 57,997 47,243 10,754 105,227
Total Expenditures 60,497 51,398 9,099 109,533 -
Excess of revenues over expenditures 1,876 18,354 16,478 (41,560)
Other Financing Sources
Operating transfer in - - - 137,119
Excess of revenues and other financing sources
over expenditures 1,876 18,354 16,478 95,559
Fund Balance-January 1 333,474 333,474 - 237,915
Fund Balance- December 31 $ 335,350 $ 351,828 $ 16,478 $ 333,474
76
- CITY OF HOPKINS, MINNESOTA C-13
TAX INCREMENT 2.1 FUND
- STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
_ Variance--
favorable 1999
Budget Actual (unfavorable) Actual
Revenues:
Taxes:
Tax increment $ 506,168 $ 569,055 $ 62,887 $ 586,518
Investment earnings 8,500 19,891 11,391 14,185
Total Revenues 514,668 588,946 74,278 600,703
- Expenditures:
Salaries and employee benefits - - -
Materials,supplies and services 52,250 56,593 (4,343) 54,641
Capital outlay:
Site improvements-R.L. Johnson 274,928 273,020 1,908 271,108
Total Expenditures 327,178 329,613 (2,435) 325,749
Excess of revenues over expenditures 187,490 259,333 71,843 274,954
Other Financing Uses
Operating transfer to debt service, 1997 - HRA (227,600) (225,000) 2,600 (215,600)
Excess(deficiency)of revenues over
expenditures and other financing uses (40,110) 34,333 74,443 59,354
Fund Balance-January 1 229,784 229,784 - 170,430
Fund Balance- December 31 $ 189,674 $ 264,117 $ 74,443 $ 229,784
77
CITY OF HOPKINS, MINNESOTA C-14
TAX INCREMENT 2.6 FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999 _
2000 _
Variance--
favorable 1999
Budget Actual (unfavorable) Actual —
Revenues:
Taxes:
Tax increment $ 11,465 $ 8,561 $ (2,904) $ 6,886
Other 8,135 10,463 2,328 12,138
19,600 19,024 (576) 19,024
Expenditures:
Materials, supplies and services 1,000 1,675 (675) 10,692 _
Excess of revenues over expenditures 18,600 17,349 (1,251) 8,332
Fund balance(deficit)-January 1 (493,025) (493,025) - (501,357)
Fund balance(deficit)- December 31 $ (474,425) $ (475,676) $ (1,251) $ (493,025) —
78
CITY OF HOPKINS, MINNESOTA C-15
TAX INCREMENT 2.7 FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance-
favorable 1999
Budget Actual (unfavorable) Actual
_ Revenues:
Taxes:
Tax increment $ 103,500 $ 105,075 $ 1,575 $ 101,963
Investment earnings 8,135 12,617 4,482 8,178
Total Revenue 111,635 117,692 6,057 110,141
EXPENDITURES:
Materials, supplies and services 11,450 12,275 (825) 10,933
Capital outlay:
Site improvements 52,057 51,358 699 53,067
Total Expenditures 63,507 63,633 (126) 64,000
Excess of revenues over expenditures 48,128 54,059 6,183 46,141
Fund balance-January 1 157,936 157,936 - 111,795
Fund balance-December 31 206,064 211,995 6,183 157,936
79
CITY OF HOPKINS, MINNESOTA C-16
TAX INCREMENT 2.8 FUND -
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000 _
Variance--
favorable 1999
Budget Actual (unfavorable) Actual -
Revenues:
Taxes:
Tax increment $ 33,214 $ 45,224 $ 12,010 $ 45,534 -
Investment earnings 300 2,379 2,079 1,183
Total Revenues 33,514 47,603 14,089 46,717
Expenditures:
Materials, supplies and services 10,850 1,783 9,067 1,120
Site improvements 34,598 33,699 899 31,993 -
Total Expenditures 45,448 35,482 9,966 33,113
Excess (deficiency)of revenues over expenditures (11,934) 12,121 24,055 13,604
Fund balance- January 1 21,469 21,469 - 7,865
Fund balance- December 31 $ 9,535 $ 33,590 $ 24,055 $ 21,469
80
CITY OF HOPKINS, MINNESOTA C-17
TAX INCREMENT 2.9 FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 2000
With Comparative Actual Amounts for Year Ended December 31, 1999
2000
Variance
favorable 1999
Budget Actual (unfavorable) Actual
_ Revenues:
Taxes
Tax increment $ 126,829 $ 126,922 $ 93 $ 115,779
Investment earnings 3,000 4,303 1,303 167
Total Revenues 129,829 131,225 1,396 115,946
Expenditures
Materials, supplies and services 23,000 24,432 (1,432) 19,174
Excess of revenues over expenditures 106,829 106,793 (36) 96,772
Other Financing Uses:
Operating transfer out for debt service (34,000) (34,000) - (39,000)
Excess of revenues over expenditures
and other financing uses 72,829 72,793 (36) 57,772
_ Fund Balance- January 1 34,050 34,050 - (23,722)
Fund Balance- December 31 106,879 106,843 (36) 34,050
81
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82 _
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
DEBT SERVICE FUNDS
_ Debt Service Funds are established to finance and account for the payment of
interest and principal on all general obligation debt other than debt issued for and
serviced by a governmental enterprise. Provisions are made in the City's general
property tax levy for money sufficient to meet the general obligation debt.
83
CITY OF HOPKINS,MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31,2000 _
With Comparative Totals for December 31, 1999
Taxable
Improvement Redevelopment Taxable D Redevelopment Redevelopment Improvement
Revolving Refunding Redevelopment Refunding C Redevelopment Refunding A Revolving
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
1990 1992 1996 1993 1996 1993 1992
ASSETS
Cash and investments $ 45,525 $ 198,161 $ 49,815 $ 105,303 $ 45,415 $ 174,190 $ 200,082
Taxes receivable 1,097 - 1,748
Special assessments receivable - -
Accrued interest receivable 631 2,745 690 1,459 629 2,413 2,772
Total Assets $ 47,253 $ 200,906 $ 50,505 $ 106,762 $ 46,044 $ 176,603 $ 204,602
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred revenue $ 806 $ $ $ $ $ $ 1,607
Fund Balance:
Reserved for debt service 46,447 200,906 50,505 106,762 46,044 176,603 202,995
Total Liabilities and Fund Balance $ 47,253 $ 200,906 $ 50,505 $ 106,762 $ 46,044 $ 176,603 $ 204,602
84
D
Park and Taxable A Taxable B
Recreational Housing Housing Improvement
Refunding D Housing Redevelopment Housing Improvement Improvement Revolving
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Totals
1993 1995 1997 1997 1999 1999 1999 2000 1999
$ 184,143 $ 113,975 $ 184,505 $ 136,262 $ 85,110 $ 166,905 $ 92,418 $ 1,781,809 $ 1,589,959
5,966 52 8,863 10,186
- 1,088,813 2,978,830 2,734,848 4,870,923 11,673,414 12,324,115
2,551 1,569 2,556 1,897 1,179 3,241 1,280 25,612 27,041
$ 192,660 $ 1,204,357 $ 187,061 $ 3,116,989 $ 2,821,137 $ 5,041,069 $ 93,750 $ 13,489,698 $ 13,951,301
$ 4,983 $ 1,087,707 $ $ 2,976,320 $ 2,731,120 $ 4,867,995 $ $ 11,670,538 $ 12,325,641
187,677 116,650 187,061 140,669 90,017 173,074 93,750 1,819,160 1,625,660
$ 192,660 $ 1,204,357 $ 187,061 $ 3,116,989 $ 2,821,137 $ 5,041,069 $ 93,750 $ 13,489,698 $ 13,951,301
85
CITY OF HOPKINS,MINNESOTA
DEBT SERVICE FUNDS _
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
Taxable
Improvement Redevelopment Taxable D Redevelopment Redevelopment Improvement
Revolving Refunding Redevelopment Refunding C Redevelopment Refunding A Revolving
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of
1990 1992 1996 1993 1996 1993 1992
Revenues:
Taxes:
General property taxes $ 38,078 $ $ - $ $ - $ - $ 33,901
Fiscal disparities 6,065 - - - 5,451
Special assesments
Investment earnings 922 11,787 2,544 569 2,967 8,081 3,379
Total Revenues 45,065 11,787 2,544 569 2,967 8,081 42,731
Expenditures:
Principal payments 45,000 - - 30,000 - 155,000 135,000
Interest on bonds 4,500 - 50,822 134,765 28,500 20,635 59,906
Fiscal agent charges 300 600 150 300 150 300 300
Total Expenditures 49,800 600 50,972 165,065 28,650 175,935 195,206
Excess(deficiency)of revenues over
expenditures (4,735) 11,187 (48,428) (164,496) (25,683) (167,854) (152,475)
Other Financing Sources:
Operating transfer from P.I.R.Fund - - - - - 168,000
Operating transfer from Tax Increment 1.1 - - - 200,000 - 148,000 _
Operating transfer from Tax Increment 2.1 - - -
Operating transfer from Tax Increment 2.9 - - 30,000 - 4,000
Operating transfer from Housing Rehab - - -
Total Other Financing Sources - - 30,000 200,000 4,000 148,000 168,000
Excess(deficiency)of revenues and other _
financing sources over expenditures (4,735) 11,187 (18,428) 35,504 (21,683) (19,854) 15,525
Fund Balance-January 1 51,182 189,719 68,933 71,258 67,727 196,457 187,470
Fund Balance-December 31 $ 46,447 $ 200,906 $ 50,505 $ 106,762 $ 46,044 $ 176,603 $ 202,995
86
D-1
Park and Taxable A Taxable B
Recreational Housing Housing Improvement
Refunding D Housing Redevelopment Housing Improvement Improvement Revolving
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Totals
1993 1995 1997 1997 1999 1999 1999 2000 1999
$ 198,510 $ $ - $ - $ - $ - $ 12,713 $ 283,202 $ 281,068
31,414 - - 2,044 44,974 44,954
98,618 - 173,393 134,240 251,126 - 657,377 273,079
2,736 3,768 3,326 3,072 1,305 6,625 2,488 53,569 41,864
232,660 102,386 3,326 176,465 135,545 257,751 17,245 1,039,122 640,965
165,000 35,000 115,000 40,000 - - 720,000 1,340,000
78,003 56,477 97,926 122,558 121,531 178,749 37,923 992,295 728,941
_ 300 150 150 152 200 137 138 3,327 3,017
243,303 91,627 213,076 162,710 121,731 178,886 38,061 1,715,622 2,071,958
(10,643) 10,759 (209,750) 13,755 13,814 78,865 (20,816) (676,500) (1,430,993)
95,000 263,000 186,961
348,000 1,009,000
225,000 - 225,000 215,600
34,000 39,000
164,211
225,000 - - - 95,000 870,000 1,614,772
(10,643) 10,759 15,250 13,755 13,814 78,865 74,184 193,500 183,779
198,320 105,891 171,811 126,914 76,203 94,209 19,566 1,625,660 1,441,881
$ 187,677 $ 116,650 $ 187,061 $ 140,669 $ 90,017 $ 173,074 $ 93,750 $ 1,819,160 $ 1,625,660
87
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT -
CAPITAL PROJECTS FUNDS
Capital Projects Funds are established to account for the resources expended to
acquire assets of a relatively permanent nature. (Special revenue and enterprise
fund resources are not included in this category.) These funds evolve from the --
needs for special accounting for bond proceeds, grants and contributions for the
acquisition of capital assets.
Park Improvements Fund - This fund was established to record construction and
improvement costs for park facilities.
Municipal State Aid For Highway Construction Fund - This fund is used to account
for the City's allocation of the state collected highway user tax. The allocation is _
based on population and need for construction of designated state aid streets in the
City.
Permanent Improvement Revolving Fund - The Permanent Improvement Revolving
Fund is employed to finance and account for the construction and financing of
certain public improvements such as residential streets, sidewalks, or storm sewers
or the provision of services which are to be paid for wholly or in part from special
assessments levied against benefitted property. The fact that special assessment
improvements are paid for completely or in part by property owners in a limited —
geographical area deemed to be specially benefitted distinguishes them from
improvements which benefit the entire community and which are paid for out of
general revenues or through the issuance of general obligation bonds. —
The PIR Fund also accounts for the collection of special assessments and other _
revenues pledged for the payment of principal and interest on outstanding special
assessment bonds.
88 —
CITY OF HOPKINS, MINNESOTA E
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31,2000
With Comparative Totals for December 31, 1999
Municipal Permanent
Park State Aid Improvement Totals
Improvements Construction Revolving 2000 1999
- ASSETS
Cash and investments $ 124,187 $ 2,263,865 $ 1,074,297 $ 3,462,349 $ 3,013,595
Special assessments receivable - - 1,968,660 1,968,660 2,243,626
Accounts receivable - 1,043 61,251 62,294 95,182
Accrued interest receivable 1,720 31,777 10,375 43,872 50,022
Due from other funds - - 419,435 419,435 177,718
Due from other governments - 321,819 - 321,819 238,218
Total Assets $ 125,907 $ 2,618,504 $ 3,534,018 $ 6,278,429 $ 5,818,361
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ - $ 2,662 $ 79,529 $ 82,191 $ 8,867
Retainage payable - 3,838 20,425 24,263 54,214
Deferred revenue - 287,295 1,961,953 2,249,248 2,232,189
Total Liabilities - 293,795 2,061,907 2,355,702 2,295,270
Fund Balance:
_ Unreserved:
Designated for street improvements - 2,324,709 1,472,111 3,796,820 3,487,890
Undesignated 125,907 - - 125,907 35,201
_ Total Fund Balance 125,907 2,324,709 1,472,111 3,922,727 3,523,091
Total Liabilities and Fund Balance $ 125,907 $ 2,618,504 $ 3,534,018 $ 6,278,429 $ 5,818,361
89
CITY OF HOPKINS,MINNESOTA E-1 -
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND _
CHANGES IN FUND BALANCE
Year Ended December 31,2000 _
With Comparative Totals for Year Ended December 31, 1999
Municipal Permanent
Park State Aid Improvement Totals
Improvements Construction Revolving 2000 1999
Revenues: -
Special assessments $ - $ - $ 429,866 $ 429,866 $ 585,099
Intergovernmental:
State of Minnesota - 210,109 339,150 549,259 1,042,881
Charges for services 139,315 - - 139,315 6,200
Investment earnings 4,699 177,008 47,208 228,915 97,005
Total Revenues 144,014 387,117 816,224 1,347,355 1,731,185
Expenditures:
Projects 25,000 15,000 15,148 55,148 35,799
Street improvements - 143,396 336,538 479,934 1,034,037
Environmental - - 43,447 43,447 -
Alley reconstruction - - 77,882 77,882 75,441 --
Total Expenditures 25,000 158,396 473,015 656,411 1,145,277
Excess of revenues over expenditures 119,014 228,721 343,209 690,944 585,908
Other Financing Sources(Uses)
Proceeds from bond issuance - - - - 850,000 _
Operating transfers from Enterprise Funds - - - - 177,718
Operating transfers to Skate Park (28,308) - - (28,308) -
Operating transfers to Debt Service- 1992 - - (263,000) (263,000) (186,961) _
Total Other Financing Sources(Uses) (28,308) - (263,000) (291,308) 840,757
Excess of revenues and other financing sources _
over expenditures and other financing uses 90,706 228,721 80,209 399,636 1,426,665
Fund Balance-January 1 35,201 2,095,988 1,391,902 3,523,091 2,096,426
Fund Balance-December 31 $ 125,907 $ 2,324,709 $ 1,472,111 $ 3,922,727 $ 3,523,091
90
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
ENTERPRISE FUNDS
_ Enterprise Funds are established to account for the financing of self-supporting
activities of governmental units which render services to the general public on a
user charge basis. Records are maintained on the accrual basis of accounting.
The Authority for these types of funds is derived from Section 11 .01 of the City
Charter which allows for utility or other public service enterprise funds.
The City has seven Enterprise Funds:
Water Utility Fund
Sewer Utility Fund
Refuse Utility Fund
Storm Sewer Utility Fund
Pavilion/Ice Arena Fund
Art Center Fund
Skate Park Fund
Housing Authority Fund
91
CITY OF HOPKINS,MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31,2000
With Comparative Totals for December 31, 1999
Water Sewer Refuse Storm Sewer -
ASSETS Utility Utility Utility Utility
Current assets:
Cash and cash equivalents $ 1,766,193 $ 1,171,340 $ 589,822 $ 441,936 -
Accounts receivable 133,058 114,159 48,077 58,866
Accrued interest receivable 24,210 17,778 8,187 12,273
Due from other governments
Inventory 14,065 9,585 1,043 - -
Prepaid expenses
Total current assets 1,937,526 1,312,862 647,129 513,075
Property and equipment _
Land and land improvements 16,447 5,150 - 26,800
Buildings and structures 44,486 - 302,727 -
Distribution system 6,170,246 5,395,449 2,584 6,571,400
Water meters 309,318 -
Machinery and equipment 234,058 301,153 422,555 10,830
Construction in progress 975,635 - - 585,101
Total property and equipment 7,750,190 5,701,752 727,866 7,194,131
Less accumulated depreciation 3,108,466 2,377,250 256,573 1,095,032
Net property and equipment 4,641,724 3,324,502 471,293 6,099,099
Other Assets:
Long-term receivable-Metro Waste Control Comm. - - _ _
Restricted cash and cash equivalents-debt service - - - 250,000
Total other assets - - - 250,000
Total Assets $ 6,579,250 $ 4,637,364 $ 1,118,422 $ 6,862,174
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts payable $ 81,882 $ 139,900 $ 37,683 $ 20,679 -
Compensated absences payable 33,241 44,781 12,594 4,030
Due to other funds - - - 393,398
Due to other governments 253 20,000 4,004 -
Deferred revenue -
Accrued interest payable - - - 44,808
Bonds payable 111,500 - - 230,000
Total Current Liabilities 226,876 204,681 54,281 692,915
Long-term Liabilities:
Deferred revenue
Advance from other funds(net of current portion)
Bonds payable(net of current portion) 1,948,500 - - 3,185,000
Total Long-term Liabilities 1,948,500 - - 3,185,000
Total Liabilities 2,175,376 204,681 54,281 3,877,915
Fund Equity: -
Contributed capital-governmental grant - 472,684 -
Contributed capital
Retained Earnings: -
Reserved for debt service - - - 250,000
Unreserved 4,403,874 3,959,999 1,064,141 2,734,259
Total Retained Earnings 4,403,874 3,959,999 1,064,141 2,984,259 _
Total Fund Equity 4,403,874 4,432,683 1,064,141 2,984,259
Total Liabilities and Fund Equity $ 6,579,250 $ 4,637,364 $ 1,118,422 $ 6,862,174-
92 --
F
Pavilion/ Housing Totals
Ice Arena Art Center Skate Park Authority
$ 2000 r9,T97--
63,656 $ 77,708 $ 22,938 $ 27,446 $ 4,161,039 $ 3,372,286
25,350 409 - 756 380,675 516,020
871 1,063 316 - 64,698 57,006
5,498 - - - 5,498 15,385
- 24,693 24,763
6,295 6,295 6,199
95,375 79,180 23,254 34,497 4,642,898 3,991,659
300,000 - - 348,397 321,597
2,363,266 3,820,618 30,381 - 6,561,478 6,531,097
52,726 - - - 18,192,405 16,944,330
- - - - 309,318 159,402
66,913 27,985 - - 1,063,494 1,100,909
- - 1,560,736 442,671
2,482,905 4,148,603 30,381 - 28,035,828 25,500,006
529,607 239,831 3,038 - 7,609,797 7,187,481
1,953,298 3,908,772 27,343 - 20,426,031 18,312,525
26,421
250,000 250,000
250,000 276,421
$ 2,048,673 $ 3,987,952 $ 50,597 $ 34,497 $ 25,318,929 $ 22,580,605
$ 12,549 $ 21,530 $ 726 $ 46,762 $ 361,711 $ 155,035
8,208 22,425 349 - 125,628 109,348
- - 393,398 177,718
- - 24,257 24,717
980 150,494 - - 151,474 100,980
- - 44,808 44,808
- - 341,500 205,000
21,737 194,449 1,075 46,762 1,442,776 817,606
- - - 26,421
872,868 - - 872,868 894,347
- - - 5,133,500 3,415,000
872,868 - - 6,006,368 4,335,768
21,737 1,067,317 1,075 46,762 7,449,144 5,153,374
500,000 - - 972,684 972,684
2,085,025 3,320,618 - - 5,405,643 5,405,643
_ - - - - 250,000 250,000
(58,089) (899,983) 49,522 (12,265) 11,241,458 10,798,904
(58,089) (899,983) 49,522 (12,265) 11,491,458 11,048,904
2,026,936 2,920,635 49,522 (12,265) 17,869,785 17,427,231
$ 2,048,673 $ 3,987,952 $ 50,597 $ 34,497 $ 25,318,929 $ 22,580,605
93
CITY OF HOPKINS,MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENSES,AND CHANGES IN RETAINED EARNINGS
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
Water Sewer Refuse
Utility Utility Utility -
Operating revenues:
Charges for services $ 1,036,146 $ 1,418,782 $ 479,431
Admissions and fees - - 81,883 -
Rental
Leases 15,052 -
Other 14,568 12,157 2,876 _.
Total Operating Revenues 1,065,766 1,430,939 564,190
Operating expenses(excluding depreciation)
Salaries and employee benefits 300,300 174,439 191,998
Materials,supplies and services 378,775 235,072 294,421
Disposal costs - 728,810 107,025
Total Operating Expenses(excluding depreciation) 679,075 1,138,321 593,444
Operating income(loss)before depreciation expense 386,691 292,618 (29,254)
Depreciation expense 246,944 96,885 31,693
Operating income(loss) 139,747 195,733 (60,947)
Nonoperating revenue(expense)
Interest income 106,312 96,528 36,629
Interest/fiscal agent expense (75)
Intergovernmental grants - - 29,602
Bond issuance expense (41,375) - -
Other 2,875 32,517 4,350
Total nonoperating revenues(expenses) 67,737 129,045 70,581
Income before other financing sources(uses) 207,484 324,778 9,634
Other financing sources(uses)
Operating transfer from Park Dedication fund - - -
Operating transfer to PIR fund - -
Total other financing sources(uses) - -
Net income(loss) 207,484 324,778 9,634
Fund Equity
Retained Earnings-January 1 4,196,390 3,635,221 1,054,507
Retained Earnings-December 31 $ 4,403,874 $ 3,959,999 $ 1,064,141
94
F-1
Storm Sewer Pavilion/ Art Skate Housing Totals
Utility Ice Arena Center Park Authority 2000 1999
$ 660,340 $ - $ - $ - $ 222,322 $ 3,817,021 $ 3,603,707
33,171 9,562 56,818 - 181,434 176,453
205,625 45,306 - - 250,931 225,419
143,598 - - 158,650 160,855
1,436 8,530 789 70 3,229 43,655 65,172
661,776 247,326 199,255 56,888 225,551 4,451,691 4,231,606
23,991 144,360 227,637 25,352 52,198 1,140,275 1,031,549
_ 99,091 79,653 112,946 8,387 431,536 1,639,881 1,414,523
835,835 876,657
123,082 224,013 340,583 33,739 483,734 3,615,991 3,322,729
538,694 23,313 (141,328) 23,149 (258,183) 835,700 908,877
185,289 58,174 80,306 3,038 - 702,329 596,860
353,405 (34,861) (221,634) 20,111 (258,183) 133,371 312,017
39,981 4,321 5,208 1,103 2,269 292,351 159,355
(162,992) - (23,774) - - (186,841) (122,662)
143,070 172,672 37,687
(41,375) (40,815)
- 4,326 - - 44,068 1,750
(123,011) 4,321 (14,240) 1,103 145,339 280,875 35,315
230,394 (30,540) (235,874) 21,214 (112,844) 414,246 347,332
28,308 - 28,308 -
(177,718)
28,308 - 28,308 (177,718)
230,394 (30,540) (235,874) 49,522 (112,844) 442,554 169,614
2,753,865 (27,549) (664,109) - 100,579 11,048,904 10,879,290
$ 2,984,259 $ (58,089) $ (899,983) $ 49,522 $ (12,265) $ 11,491,458 $ 11,048,904
95
CITY OF HOPKINS, MINNESOTA _
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS _
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
Water Sewer Refuse
Utility Utility Utility
Cash Flows from Operating Activities: _
Operating income(loss) $ 139,747 $ 195,733 $ (60,947)
Adjustments to reconcile operating income(loss)to net cash
provided by operating activities:
Depreciation expense 246,944 96,885 31,693
(Increase)decrease in:
Accounts and accrued interest receivable (56,638) 56,133 48,132
Due from other funds --
Due from other governments -
Inventory (192) (2,061) 2,323
Prepaid expense - - 200 _
Due from Metropolitan Waste Control Commission - 26,421 -
Accounts,compensated absences and accrued interest payable 36,009 142,844 11,424
Due to other funds (95,606) (75,963) -
Due to other governments (357) - 37
Deferred revenue - (26,421) -
Cash Provided by(used)Operating Activities 269,907 413,571 32,862
Cash Flows from Noncapital Financing Activities:
Intergovernmental grants - - 29,602
Other contributions - _
Operating transfer in - _ _
Operating transfer out - _ _
Cash Provided by(used)Noncapital Financing Activities - - 29,602
Cash Flows from Capital and Related Financing Activities:
Purchases of property and equipment (1,198,167) (766,424) (28,738)
Sale of property and equipment 2,875 32,517 4,350
Proceeds from issuance of bonds 2,060,000 - -
Interest and other payments (41,450) - -
Bond payments - -
Cash Provided by(used)in Capital and Related Financing Activities 823,258 (733,907) (24,388) --
Cash Provided by Investing Activities-interest received 106,312 96,528 36,629
Increase(decrease)in Cash and Cash Equivalents 1,199,477 (223,808) 74,705
Cash and Cash Equivalents-January 1 566,716 1,395,148 515,117
Cash and Cash Equivalents-December 31 $ 1,766,193 $ 1,171,340 $ 589,822
Cash and Cash Equivalents Components:
Cash and Cash Equivalents 1,766,193 1,171,340 589,822 _
Restricted Cash and Cash Equivalents - - -
Total Cash and Cash Equivalents $ 1,766,193 $ 1,171,340 $ 589,822
96 '
F-2
Storm Sewer Pavilion/ Art Skate Housing Totals
Utility Ice Arena Center Park Authority
2000 1997-
$ 353,405 $ (34,861) $ (221,634) $ 20,111 $ (258,183) $ 133,371 $ 312,017
185,289 58,174 80,306 3,038 - 702,329 596,860
59,000 (17,103) 2,401 (316) 36,045 127,654 (150,273)
- 530,000
10,600 (713) - - - 9,887 24,089
_ _ - 70 204
(296) (96) (76)
- 26,421 25,382
(4,897) (1,959) 5,785 1,075 32,675 222,956 24,177
387,249 - (21,479) - - 194,201 (527,380)
(140) - - - (460) (53)
496 49,998 - - 24,073 25,600
990,646 3,894 (104,623) 23,908 (189,759) 1,440,406 860,547
- 143,070 172,672 37,687
4,326 - - 4,326
_ - - - 28,308 - 28,308 -
_ (177,718)
- 4,326 28,308 143,070 205,306 (140,031)
(786,108) (4,503) (1,515) (30,381) - (2,815,836) (967,666)
- - 39,742 1,750
- - 2,060,000 1,504,185
(162,992) - (23,774) - - (228,216) (122,662)
(205,000) - - - - (205,000) (140,000)
(1,154,100) (4,503) (25,289) (30,381) - (1,149,310) 275,607
- 39,981 4,321 5,208 1,103 2,269 292,351 159,355
(123,473) 3,712 (120,378) 22,938 (44,420) 788,753 1,155,478
815,409 59,944 198,086 - 71,866 3,622,286 2,466,808
$ 691,936 $ 63,656 $ 77,708 $ 22,938 $ 27,446 $ 4,411,039 $ 3,622,286
441,936 63,656 77,708 22,938 27,446 4,161,039 3,372,286
250,000 - - - - 250,000 250,000
$ 691,936 $ 63,656 $ 77,708 $ 22,938 $ 27,446 $ 4,411,039 $ 3,622,286
97
CITY OF HOPKINS, MINNESOTA -
COMPREHENSIVE ANNUAL FINANCIAL REPORT _
INTERNAL SERVICE FUND
Internal Service Funds are used to account for the financing of goods or services
provided by one department to other departments of the government, on a cost
reimbursement basis. Revenues and expenses are recognized on the accrual basis. —
Revenues are recognized in the accounting period in which they are earned and
become objectively measurable; expenses are recognized in the period incurred, if
objectively measurable. —
Equipment Replacement Fund — This fund accounts for the acquisition of machinery
and equipment. User charges are billed to the various City departments. —'
98 —
CITY OF HOPKINS, MINNESOTA G
INTERNAL SERVICE FUND
BALANCESHEET
December 31,2000
With Comparative Totals for December 31, 1999
2000 1999
_ Equipment Equipment
Replacement Replacement
ASSETS
Current assets:
Cash and cash equivalents $ 1,478,190 $ 1,444,124
Accounts receivable 754 457
Accrued interest receivable 13,718 23,286
Total current assets 1,492,662 1,467,867
Property and equipment
Machinery and equipment 4,446,479 4,124,051
Total property and equipment 4,446,479 4,124,051
Less accumulated depreciation (2,709,845) (2,025,874)
Net property and equipment 1,736,634 2,098,177
Total Assets $ 3,229,296 $ 3,566,044
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts payable $ 99 $ 2,361
Fund Equity:
Contributed capital 2,687,227 3,236,362
Retained Earnings:
Unreserved 541,970 327,321
Total Retained Earnings 541,970 327,321
Total Fund Equity 3,229,197 3,563,683
Total Liabilities and Fund Equity $ 3,229,296 $ 3,566,044
99
CITY OF HOPKINS, MINNESOTA G-1
INTERNAL SERVICE FUND _
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN RETAINED EARNINGS
Year Ended December 31, 2000
With Comparative Totals for December 31, 1999
2000 1999
Equipment Equipment
Replacement Replacement
Operating revenues:
Charges for services $ 487,945 $ 485,400
Operating expenses(excluding depreciation):
Materials, supplies and services 19,996 18,852
Operating income before depreciation 467,949 466,548
Depreciation expense 359,401 339,808
Operating income 108,548 126,740
Nonoperating revenue:
Investment earnings 63,501 43,419
Other 42,600 14,677
Total nonoperating revenues 106,101 58,096
Income before other financing sources 214,649 184,836
Operating transfer in - 2,500
Net Income 214,649 187,336
Fund Equity:
Retained earnings- January 1 327,321 139,985
Retained earnings - December 31 $ 541,970 $ 327,321
100
CITY OF HOPKINS, MINNESOTA G-2
INTERNAL SERVICE FUND
STATEMENT OF CASH FLOWS
Year Ended December 31,2000
With Comparative Totals for Year Ended December 31, 1999
2000 1999
Equipment Equipment
Replacement Replacement
Cash Flows from Operating Activities:
Operating income $ 108,548 $ 126,740
Adjustments to reconcile operating income(loss)to net cash
provided by operating activities:
_ Depreciation expense 359,401 339,808
(Increase)decrease in:
Accounts and accrued interest receivable 9,271 (13,473)
Accounts,compensated absences and accrued interest payable (2,262) (6,353)
Cash Provided by Operating Activities 474,958 446,722
Cash Flows from Noncapital Financing Activities:
Operating transfer in - 2,500
Cash Provided by Noncapital Financing Activities - 2,500
Cash Flows from Capital and Related Financing Activities:
Purchases of property and equipment (546,993) (202,784)
Sale of property and equipment 42,600 14,677
Cash(used in)Capital and Related Financing Activities (504,393) (188,107)
Cash Provided by Investing Activities-interest received 63,501 43,419
Increase in Cash and Cash Equivalents 34,066 304,534
Cash and Cash Equivalents-January 1 1,444,124 1,139,590
Cash and Cash Equivalents-December 31 $ 1,478,190 $ 1,444,124
101
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
AGENCY FUND
Agency Funds are established to account for custodial activities of assets held by the —
City as a custodian of the funds.
Northwest Metro Drug Task Force - This fund accounts for the federal portion of
funds confiscated by the Northwest Metro Drug Task Force.
102
H
CITY OF HOPKINS, MINNESOTA
NORTHWEST METRO DRUG TASK FORCE AGENCY FUND
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
Year Ended December 31, 2000
Balance Balance
January 1, December 31,
W Metro Drug Task Force Operating Fund 2000 Additions Deductions 2000
ASSETS
Cash and cash equivalents $ - $ 175,000 $ - $ 175,000
LIABILITIES
Due to NW Metro Drug Task Force $ - $ 175,000 $ - $ 175,000
103
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT _
ACCOUNT GROUPS
General Fixed Assets - Those fixed assets of a governmental jurisdiction which are
not accounted for in an Enterprise Fund. To be classified as a fixed asset in this
category, a specific piece of property must possess three attributes: (1) tangible —
nature; (2) a life longer than the current fiscal year; and (3) a significant value.
General Long-Term Debt - General obligation bonds and other forms of long-term
debt supported by general revenues are obligations of a governmental unit as a
whole and not its individual constituent funds. Moreover, the proceeds of such
debt may be spent on facilities which are utilized in the operations of several funds. '
For these reasons, the amount of unmatured, long-term debt indebtedness which is
backed by the full faith and credit of the government should be recorded and _
accounted for in a separate self-balancing group of accounts titled the "General
Long-Term Debt Account Group". This debt group will include, in addition to the
conventional general obligation bonds, time warrants and notes which have a _
maturity of more than one year from date of issuance. This account group does not
include general obligation water and sewer bonds, which are reflected in their
respective funds. _
104 —
I
CITY OF HOPKINS, MINNESOTA
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS
December 31, 2000
With Comparative Amounts for December 31, 1999
2000 1999
GENERAL FIXED ASSETS:
Land $ 4,104,085 $ 3,970,233
Buildings 2,568,286 2,555,855
Improvements other than buildings 17,197,695 16,545,533
Vehicles 210,451 288,719
Machinery and equipment 1,523,067 1,505,945
Total General Fixed Assets $ 25,603,584 $ 24,866,285
INVESTMENT IN GENERAL FIXED ASSETS:
Investments in assets acquired prior to January 1, 1981 $ 5,391,126 $ 5,391,126
Investments in assets acquired after January 1, 1981:
General Fund 1,942,454 2,377,923
Special Revenue Funds 4,692,857 4,659,150
Capital Projects Funds 6,680,217 6,459,413
Special Assessments 6,493,883 5,978,673
Construction in progress 403,047 -
Total Investment in General Fixed Assets $ 25,603,584 $ 24,866,285
105
I-]
CITY OF HOPKINS, MINNESOTA
GENERAL FIXED ASSETS ACCOUNT GROUP w
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
December 31, 2000
Buildings Improvements Equipment
and Otherthan and
Function and Activity Total Land Structures Buildines Vehicles
Administration $ 1,908,877 $ 1,181,828 $ - $ 544,054 $ 182,995
Finance 64,949 - - - 64,949
Government buildings 680,163 - 612,266 - 67,897
Community services 58,118 - - - 58,118
Community development 1,425,111 1,410,799 - - 14,312
Activity center 912,002 - 841,370 - 70,632
Police 450,442 - 20,649 11,470 418,323
Fire 82,504 - - - 82,504
Public works 17,055,562 422,940 788,748 15,406,052 437,822
Parks 2,940,856 1,088,518 305,253 1,211,119 335,966
Park Improvements 25,000 - - 25,000 -
Total $ 25,603,584 $ 4,104,085 $ 2,568,286 $ 17,197,695 $ 1,733,518
106
_ I-2
CITY OF HOPKINS, MINNESOTA
_ GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
Year Ended December 31,2000
General General
Fixed Assets Fixed Assets
January 1, December 31,
— Function and Activity 2000 Additions Deductions 2000
Administration $ 1,898,170 $ 10,707 $ - $ 1,908,877
Finance 64,949 - - 64,949
Government buildings 674,584 5,579 - 680,163
Community services 58,118 - - 58,118
Community development 1,425,111 - - 1,425,111
Activity center 912,002 - - 912,002
Police 476,857 26,783 53,198 450,442
Fire 96,262 - 13,758 82,504
Public works 16,351,228 748,636 44,302 17,055,562
Parks 2,909,004 31,852 - 2,940,856
Park Improvements - 25,000 - 25,000
Total $ 24,866,285 $ 848,557 $ 111,258 $ 25,603,584
107
J
CITY OF HOPKINS, MINNESOTA
GENERAL LONG-TERM DEBT ACCOUNT GROUP
STATEMENT OF GENERAL LONG-TERM DEBT
December 31,2000
With Comparative Amounts for December 31, 1999
2000 1999
AMOUNT AVAILABLE AND TO BE PROVIDED FOR
THE PAYMENT OF GENERAL LONG-TERM DEBT:
Amount available in debt service funds $ 1,819,160 $ 1,625,660
Amount available in special revenue funds
Amount to be provided by tax levies, tax increments, annual fees
and proceeds of real estate sales 15,374,383 16,287,883
Total Available and to be Provided $ 17,193,543 $ 17,913,543
GENERAL LONG-TERM DEBT PAYABLE:
General obligation redevelopment bonds payable $ 15,218,543 $ 15,758,543
Special assessment debt with governmental commitment 1,975,000 2,155,000
Total General Long-Term Debt Payable $ 17,193,543 $ 17,913,543
108 _
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CITY OF HOPKINS, MINNESOTA _
SCHEDULE OF BONDS PAYABLE
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates& Dates
GENERAL OBLIGATION BONDS
1999A Taxable Housing Improvement 5-01-99 02-01-21 5.75 - 7.10% (2/1; 8/1)
1999B Taxable Improvement Area Bonds 08-1-99 02-01-21 6.0 - 7.375% (2/1; 8/1)
110
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CITY OF HOPKINS, MINNESOTA
SCHEDULE OF BONDS PAYABLE —
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates& Dates
1997A Tax Increment 1-01-97 02-01-12 4.4 - 5.25% (2/1; 8/1)
1997B Taxable Housing Improvement Area Bonds 05-15-97 02-01-18 6.7 - 7.85% (2/1; 8/1)
1996C Tax Increment 10-01-96 02-01-16 5.70% (2/1; 8/1)
112
Schedule l
Authorized Principal
Annual and Due in
Serial Payments Issued Retired Outstanding 2001
120,000 (2001) $ 2,240,000 $ 310,000 $ 1,930,000 $ 120,000
125,000 (2002)
135,000 (2003)
1.40,000 (2004)
145,000 (2005)
155,000 (2006)
160,000 (2007)
170,000 (2008)
180,000 (2009)
190,000 (2010)
200,000 (2011)
210,000 (2012)
45,000 (2001) $ 1,700,000 $ 75,000 $ 1,625,000 $ 45,000
50,000 (2002-2003)
55,000 (2004)
_ 60,000 (2005)
65,000 (2006)
70,000 (2007)
75,000 (2008)
80,000 (2009)
85,000 (2010)
95,000 (2011)
100,000 (2012)
110,000 (2013)
115,000 (2014)
125,000 (2015)
135,000 (2016)
150,000 (2017)
160,000 (2018)
85,000 (2012) $ 500,000 $ - $ 500,000 $ -
95,000 (2013)
100,000 (2014)
105,000 (2015)
115,000 (2016)
113 CONTINUED
CITY OF HOPKINS, MINNESOTA
SCHEDULE OF BONDS PAYABLE
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates& Dates
1996D Taxable Tax Increment 10-01-96 02-01-11 7.00- 7.70% (2/1; 8/1)
1995 Housing Improvement Area Bonds 09-01-95 02-01-12 6.90 - 8.00% (2/1; 8/1)
1993C Redevelopment Refunding 10-15-93 02-01-09 4.60% (2/1; 8/1)
1993A Redevelopment Refunding 10-15-93 06-01-03 3.8 - 4.20% (6/1; 12/1)
114
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CITY OF HOPKINS, MINNESOTA
SCHEDULE OF BONDS PAYABLE —
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates & Dates
1992 Redevelopment Taxable Bonds 02-01-92 02-01-06 7.6 - 8.10% (2/1; 8/1)
1993D Park and Recreational Facilities Refunding 10-15-93 02-01-11 4.60% (2/1; 8/1)
TOTAL GENERAL OBLIGATION BONDS —
SPECIAL ASSESSMENT BONDS: —
General Obligation Improvement Bonds
1999D Improvement Revolving Bonds 08-01-99 02-01-10 4.00- 4.8% (2/1; 8/1)
1990 Improvement Revolving Bonds 03-01-90 02-01-01 6.7% (2/1; 8/1)
1992 Improvement Revolving Bonds 08-01-92 02-01-08 4.9 - 5.60% (2/1; 8/1)
TOTAL SPECIAL ASSESSMENT BONDS
116
Schedule 1
Authorized Principal
Annual and Due in
Serial Payments Issued Retired Outstanding 2001
180,847 (2001) $ 2,888,543 $ 2,135,000 $ 753,543 $ 180,847
161,502 (2002)
148,138 (2003)
135,620 (2004)
96,152 (2005)
31,284 (2006)
160,000 (2001) $ 2,065,000 $ 450,000 $ 1,615,000 $ 160,000
- 155,000 (2002-2003)
150,000 (2004-2006)
145,000 (2007-2008)
140,000 (2009)
135,000 (2010)
130,000 (2011)
$ 19,128,543 $ 3,910,000 $ 15,218,543 $ 745,847
70,000 (2001-2002) $ 850,000 $ - $ 850,000 $ 70,000
75,000 (2003)
80,000 (2004-2005)
85,000 (2006)
90,000 (2007)
95,000 (2008)
100,000 (2009)
105,000 (2010)
45,000 (2001) $ 485,000 $ 440,000 $ 45,000 $ 45,000
135,000 (2001-2008) $ 2,000,000 $ 920,000 $ 1,080,000 $ 135,000
$ 3,335,000 $ 1,360,000 $ 1,975,000 $ 250,000
117 CONTINUED
CITY OF HOPKINS, MINNESOTA
SCHEDULE OF BONDS PAYABLE —
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates&Dates
PROPRIETARY FUNDS BONDS: —
General Obligation Revenue Bonds:
2000 Water Revenue Bonds 4-1-00 02-01-15 4.2 - 5.5% (2/1; 8/1)
1999C Storm Sewer Revenue Bonds 8-1-99 02-01-15 4.0- 5.0% (2/1; 8/1)
118
Schedule 1
Authorized Principal
Annual and Due in
Serial Payments Issued Retired Outstanding 2001
115,000 (2001) $ 2,060,000 $ - $ 2,060,000 $ 115,000
100,000 (2002)
105,000 (2003)
110,000 (2004)
115,000 (2005)
120,000 (2006)
125,000 (2007)
130,000 (2008)
140,000 (2009)
145,000 (2010)
155,000 (2011)
160,000 (2012)
170,000 (2013)
180,000 (2014)
190,000 (2015)
70,000 (2001) $ 1,545,000 $ 55,000 $ 1,490,000 $ 70,000
75,000 (2002)
80,000 (2003-2004)
85,000 (2005)
90,000 (2006)
95,000 (2007)
100,000 (2008-2009)
105,000 (2010)
110,000 (2011)
115,000 (2012)
120,000 (2013)
130,000 (2014)
135,000 (2015)
119 CONTINUED
CITY OF HOPKINS, MINNESOTA
SCHEDULE OF BONDS PAYABLE
December 31, 2000
Final
Issue Maturity
Date Date Interest Rates &Dates
1993 Storm Sewer Utility Refunding Bonds 10-15-93 02-01-10 4.60% (2/1; 8/1)
TOTAL REVENUE BONDS
TOTAL CITY BONDS
120
Schedule 1
Authorized Principal
Annual and Due in
Serial Payments Issued Retired Outstanding 2001
160,000 (2001-2002) $ 2,445,000 $ 520,000 $ 1,925,000 $ 160,000
165,000 (2003)
180,000 (2004)
185,000 (2005)
190,000 (2006)
205,000 (2007)
215,000 (2008)
225,000 (2009)
240,000 (2010)
$ 6,050,000 $ 575,000 $ 5,475,000 $ 345,000
$ 28,513,543 $ 5,845,000 $ 22,668,543 $ 1,340,847
121
CITY OF HOPKINS,MINNESOTA Schedule 2
SCHEDULE OF DEBT SERVICE REQUIREMENTS -ALL FUNDS
December 31,2000
Total General Obligation Bonds Revenue Bonds
Principal Interest Princi al InterestPrincipal Interest
2001 1,340,847 1,399,523 995,847 1,110,908 345,000 288,615
2002 1,386,502 1,318,248 1,051,502 1,079,103 335,000 239,145 _
2003 1,473,138 1,269,613 1,123,138 1,045,785 350,000 223,828
2004 1,380,620 1,217,661 1,010,620 1,010,089 370,000 207,572
2005 1,531,152 1,108,561 1,146,152 918,236 385,000 190,325
2006 1,706,284 918,538 1,306,284 746,390 400,000 172,148
2007 1,935,000 762,040 1,510,000 609,221 425,000 152,819
2008 2,010,000 660,178 1,565,000 527,898 445,000 132,280
2009 1,975,000 556,728 1,510,000 446,053 465,000 110,675
2010 1,240,000 471,283 750,000 383,406 490,000 87,877 _
2011 1,165,000 401,649 900,000 332,289 265,000 69,360
2012 835,000 341,367 560,000 285,862 275,000 55,505
2013 820,000 291,004 530,000 250,079 290,000 40,925
2014 605,000 247,418 295,000 222,108 310,000 25,310
2015 930,000 199,635 605,000 191,035 325,000 8,600 --
2016 340,000 158,130 340,000 158,130
2017 575,000 125,229 575,000 125,229
2018 260,000 94,274 260,000 94,274
2019 485,000 66,807 485,000 66,807
2020 115,000 45,039 115,000 45,039
2021 560,000 20,478 560,000 20,478
$ 22,668,543 $ 11,673,403 $ 17,193,543 $ 9,668,419 $ 5,475,000 $ 2,004,984
122
Schedule 3
CITY OF HOPKINS, MINNESOTA
SCHEDULE OF FUNDING AVAILABLE
AND FUNDS REQUIRED FOR DEBT SERVICE
December 31, 2000
Total
CASH AND INVESTMENTS $ 2,031,809
DEFERRED TAX LEVIES:
Levy/Payable Years:
2000/01 342,000
2001/02 342,000
2002/03 348,000
2003/04 350,000
2004/05 241,000
2005/06 235,000
2006/07 221,000
2007/08 175,000
2008/09 154,000
2009/10 112,000
Total Deferred Tax Levies 2,520,000
Deferred Tax Increments 8,703,000
Special Assessment Receivable 13,642,074
Operating Revenues 7,479,984
FUND AVAILABLE 34,376,867
BONDS/FUTURE INTEREST PAYABLE
Bonds 22,668,543
Future interest 11,673,403
— FUNDS REQUIRED 34,341,946
EXCESS FUNDING $ 34,921
123
Schedule 4
CITY OF HOPKINS, MINNESOTA
SCHEDULE OF INSURANCE IN FORCE
Effective January 1, 2000 through December 31, 2000 —
Kind Type of Coverage
All Perils Coverage All buildings, personal property, and $20,688,176 —
(Blanket Limit) property in the open as filed with the
($5,000 deductible) League of Minnesota Cities
Insurance Trust —
Comprehensive Municipal Bodily Injury 1,000,000 —
Liability Insurance Coverage Property Damage 1,000,000
Including Public Officials Personal Injury 1,000,000
($5,000 deductible) —
Business Auto Liability Liability 1,000,000 —
Personal Injury Protection Basic
Uninsured& Underinsured Motorist 1,000,000
(Comprehensive and Collision - —
$5,000 Deductible)
Business Equipment Coverage All Risk, Subject to Company Forms —
($5,000 Deductible)
Workers' Compensation Employees Statutory _
Employer 100,000
Volunteer Firefighters AD &D Catastrophic Loss 12,670 _
Blanket Accident Coverage Weekly income 65
Boilers& Machinery Liability Limit($5,000 Deductible) 5,000,000
Public Employee Blanket Bond Faithful Performance 100,000
($5,000 Deductible) —
Open Meeting Law Defense Cost Per Lawsuit, Per Official 50,000
Reimbursement Agreement —
124
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126
Table I
CITY OF HOPKINS, MINNESOTA
GOVERNMENTAL FUND TYPES - EXPENDITURES BY FUNCTION
Years 1991 Through 2000
(Amounts expressed in thousands)
(Unaudited)
Fiscal General Public Community Public Debt and Capital
Year Government Safe1y Development Works Recreation Other Outlav Total
1991 $ 1,370 $ 2,242 $ 750 $ 1,534 $ 144 $ 1,907 $ 6,452 $ 14,399
1992 1,439 2,221 629 1,454 99 2,122 3,954 11,918
1993 1,517 2,325 741 1,536 132 1,277 2,599 10,127
1994 1,610 2,481 956 1,574 113 1,466 4,717 12,917
1995 1,794 2,572 1,707 1,559 127 1,420 2,335 11,514
1996 1,240 2,727 634 1,587 146 1,632 4,265 12,231
1997 1,255 2,807 1,535 1,518 317 3,767 11,922 23,121
1998 945 3,311 1,201 1,732 576 7,870 4,085 19,720
1999 938 3,401 1,176 1,732 716 2,096 6,931 16,990
2000 1,033 3,196 1,080 1,592 659 1,716 2,665 11,941
Note:
Includes General, Special Revenue, Debt Service and Capital Projects Funds.
127
Table II
CITY OF HOPKINS, MINNESOTA
GOVERNMENTAL FUND TYPES - REVENUES BY SOURCE
Years 1991 Through 2000 -
(Amounts expressed in thousands)
(Unaudited) -
Charges -
Taxes Use of For
and Money Services Licenses
Fiscal Special Intergovern- and and Other and Fines and
Year Assessments mental Propea Revenue Permits Forfeitures Total
1991 $ 5,358 $ 3,425 $ 1,105 $ 721 $ 185 $ 137 $ 10,931 -
1992 5,384 2,756 865 705 226 154 10,090
1993 5,707 2,481 937 985 226 129 10,465 -
1994 5,536 2,984 612 992 264 114 10,502
1995 6,383 2,606 800 736 320 102 10,947
1996 6,130 3,018 797 932 352 83 113312
1997 6,132 4,155 763 (1) 5,540 (2) 372 98 17,060
1998 7,026 2,424 608 (1) 5,090 (2) 337 134 15,618
1999 7,453 4,206 522 (1) 1,541 470 151 14,343
2000 7,998 3,719 745 (1) 914 428 148 13,952
Note: '
Includes General, Special Revenue, Debt Service and Capital Projects Funds.
(1) Includes only interest earnings
(2) Includes Oaks of Mainstreet real estate sales. "
128 -
Table III
CITY OF HOPKINS,MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
Years 1991 Through 2000
(Unaudited)
Collection Percentage Collection
of Current of Levy of Prior Percentage
Year's Taxes Collected Year's Taxes of Total
Year Total Tax During Fiscal During Fiscal During Fiscal Total Collections
Collect Lev 1 Period Period Period Collections to Tax Levy
1991 $ 3,807,298 $ 3,565,263 93.6 $ (25,880) $ 3,539,383 93.0%
1992 3,827,223 3,632,638 94.9 3,106 3,635,744 95.0%
1993 3,925,100 3,840,652 97.8 (10,395) 3,830,257 97.6%
1994 3,987,216 3,882,651 97.4 (36,765) 3,845,886 96.5%
1995 3,975,854 3,903,806 98.2 (43,761) 3,860,045 97.1%
1996 4,178,410 4,085,963 97.7 21,978 4,107,941 98.3%
1997 4,217,627 4,166,717 98.8 29,181 4,195,898 99.5%
1998 4,232,961 4,203,506 99.3 34,612 4,238,118 100.1%
1999 4,421,906 4,336,971 98.1 20,552 4,357,523 98.5%
2000 4,672,756 4,611,366 98.7 44,602 4,655,968 99.6%
(1)Tax levy is net of Homestead and Agricultural Credit Aid.
129
Table 1V
CITY OF HOPKINS, MINNESOTA
TAX CAPACITY VALUE AND MARKET VALUE OF ALL TAXABLE PROPERTY
Levy Years 1991 Through 2000
(Amounts expressed in thousands)
(Unaudited)
Real Property Personal Property Total Ratio of Total
Fiscal Tax Capacity Market Tax Capacity Market Tax Capacity Market Tax Capacity Value to _
Year Value Value Value Value Value Value Total Market Value
1991 $ 17,345 $ 609,292 $ 241 $ 5,066 $ 17,585 $ 614,358 2.9
1992 16,088 594,796 243 5,066 16,331 599,862 2.7
1993 16,034 593,160 243 5,066 16,277 598,226 2.7
1994 15,314 591,809 269 5,627 15,583 597,436 2.6
1995 15,350 602,136 278 6,044 15,628 608,180 2.6
1996 15,772 621,378 285 6,188 16,057 627,566 2.6
1997 14,734 662,246 250 6,254 14,984 668,500 2.2
1998 14,524 725,856 271 7,754 14,795 733,610 2.0
1999 15,507 787,397 264 7,784 15,771 795,182 2.0
2000 17,559 877,055 261 7,703 17,820 884,758 2.0
130
- Table V
CITY OF HOPKINS, MINNESOTA
PROPERTY TAX RATES -
DIRECT AND OVERLAPPING GOVERNMENTS
Years 1991 Through 2000
(Unaudited)
Payable
Fiscal Metro
Year C4 School Coun1y Council Other 1 Total
1991 22.72 53.66 30.11 7.37 1.08 114.94
1992 23.64 61.30 34.33 6.00 0.64 125.91
- 1993 26.36 65.18 35.84 6.04 1.59 135.01
1994 27.50 67.34 37.44 6.23 1.28 146.02
1995 27.19 75.08 37.45 6.36 2.33 148.41
1996 27.65 61.88 35.52 4.93 3.05 133.03
1997 30.46 61.06 38.39 5.65 2.50 138.06
1998 32.44 58.94 40.99 6.04 3.35 141.76
1999 32.19 56.56 39.66 6.04 3.04 137.49
2000 31.13 44.22 37.62 5.82 2.31 121.74
(1)The City is divided basically into Watershed Districts No. 1 and No. 3. The
difference in the tax capacity rates ranges from zero to less than 0.8%. In this
table, district No. 1 was used, as it is the higher rate. Also included in the "other"
column is the Vo-Tech School rate which is dropped after 1995. Beginning in
1996 the County Park tax rate is added.
131
CITY OF HOPKINS, MINNESOTA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Years 1991 Through 2000 '—
(Unaudited)
Current Special Percentage of
Assessment Current Special Current Collected
Fiscal Becoming Due Assessments During Fiscal
Period During Fiscal Period Collected Period
1991 274,155 242,454 88.4
1992 363,734 332,389 91.4 _
1993 412,221 345,557 83.8
1994 491,094 462,454 94.2
1995 555,611 506,417 91.2 _
1996 566,624 502,634 88.7
1997 523,252 424,691 81.2
1998 486,705 465,226 95.6
1999 569,282 530,137 93.1
2000 1,105,792 1,035,393 93.6
132 _
Table VI
Total Deferred Special Assessment
Delinquent Specials Special Assessments Collected Balance End
Collected During Delinquent at End Fiscal of Fiscal
Fiscal Period of Fiscal Period Period Period
537 53,809 211,599 2,042,067
7,927 77,227 118,871 2,308,524
48,647 78,188 244,961 2,802,907
6,924 78,909 86,859 3,081,957
15,839 111,438 406,675 2,535,709
83,738 36,057 115,715 2,231,205
12,829 137,002 127,083 2,253,656
6,742 36,136 45,676 6,931,540
9,733 73,870 146,916 14,550,745
33,701 111,264 87,383 13,513,832
133
CITY OF HOPKINS,MINNESOTA
RATIO OF NET BONDED DEBT
TO TAX CAPACITY VALUE AND NET BONDED DEBT PER CAPITA
Pay Years 1991 Through 2000
(Unaudited) —
Tax Capacity —
Value Gross Cash and
Population After Fiscal Bonded Investments
Year W Disparities Debt 2 on Hand/Escrowed —
1991 16,534 $ 15,098,819 $ 13,651,000 $ 1,074,837
1992 16,534 14,147,542 15,258,443 1,178,695
1993 16,534 13,100,726 15,622,343 (3) 1,302,870
1994 16,534 12,556,761 14,701,243 1,019,541
1995 16,534 12,910,496 14,605,143 932,467
1996 16,534 13,194,123 22,228,543 (4) 1,125,661
1997 16,665 11,936,742 23,418,543 (5) 1,617,274
1998 16,559 11,749,307 16,588,543 1,425,491 —
1999 16,887 12,526,355 21,533,543 1,625,660
2000 17,145 13,859,147 22,'68,543 1,781,809
(1) Source of population data: Metropolitan Council and Bureau of Census.
(2)Includes all long-term general obligation, special assessment and revenue bonded indebtedness
(3)The $8,720,000 of advance refunding bonds were escrowed to retire $7,750,000 bonds by
February 1, 1998.
(4)Includes $3,795,000 of GO bonds and $3,795,000 of GO revenue bonds to be retired in 1998
from proceeds of Oaks of Mainstreet real estate sales.
(5)Includes $3,795,000 of GO bonds and $1,970,000 of GO revenue bonds to be retired in 1998
from proceeds of Oaks of Mainstreet real estate sales. —
134
Table VII
Debt Payable Ratio of
From Net Bonded Net
Enterprise Net Debt to Bonded
and HRA Bonded Tax Capacity Debt per
Revenues Debt Value Capita
$ 3,131,000 $ 9,445,163 62.56 575
3,014,900 11,064,848 78.21 669
3,143,800 11,175,673 85.31 676
2,992,700 10,689,002 85.10 646
3,656,600 (b) 10,016,076 77.58 655
3,290,000 (b) 10,222,882 (a) 71.30 618
4,865,000 (b) 11,171,269 (a) 93.59 670
4,705,000 (b) 10,458,052 89.01 632
10,075,000 (b) 9,832,883 78.50 582
11,855,000 (b) 9,031,734 65.17 527
(a)excludes Oaks of Mainstreet debt to be paid from real estate sales.
(b) includes Housing Improvement debt to be paid from fees charged to the benefited
properties.
135
Table VIII
CITY OF HOPKINS, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 2000
(Unaudited)
MARKET VALUE $ 884,758,000
DEBT LIMIT 2%OF MARKET VALUE(Note A) $ 17,695,160
TOTAL BONDED DEBT $ 22,668,543
DEDUCTIONS (Note B):
Tax Increment Bonds $ 7,223,543
Revenue Bonds 5,475,000
Housing Improvement Bonds 6,380,000
Special Assessment Bonds 1,975,000
21,053,543
Amount Available in Debt Service Funds 1,819,160
Total Deductions 22,872,703
TOTAL DEBT APPLICABLE TO DEBT LIMIT 0
LEGAL DEBT MARGIN $ 17,695,160
Note(A):
M.S.S. Section 4753.53 (Limit on Net Debt)
"Subdivision 1. Generally. Except as otherwise provided in sections 475.51 to 475.75, no municipality
...shall incur or be subject to net debt in excess of two percent of the market value of taxable property in
the municipality."
Note(B):
M.S.S. Section 475.51 Definitions:
"Subdivision 4. "Net debt" means the amount remaining after deducting from its gross debt the amount
of current revenues which are applicable within the current fiscal year to the payment of any debt and
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 benefited thereby...
(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 work systems...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 debt service fund for the extinguish-
ment of obligations other than those deductible under this subdivision.
(7)All other obligations which under the provisions of law authorizing their issuance are not to be included
in computing the net debt of the municipality.
"Valuation before effect of"fiscal disparity" legislation; Minnesota laws 1971, Chapter 24. See Table IV.
136
Table IX
CITY OF HOPKINS, MINNESOTA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
INCLUDING DEBT RATIOS
December 31, 2000
(Unaudited)
Net General Percentage
Obligation Applicable City Share
Det 1 to Cijy of Debt
Direct Debt
City of Hopkins $ 7,897,011 100.00% $ 7,897,011
Overlapping Debt
Hennepin County 216,028,146 1.28 2,765,160
Independent School District#270(Hopkins) 41,330,781 14.98 6,191,351
Independent School District#283 (2) 12,033,074 0.41 49,336
Hennepin Suburban Park District 12,026,336 1.69 203,245
Metropolitan Council 115,003,645 0.64 736,023
Total Overlapping Debt 9,945,115
Total Direct and Overlapping Debt $ 17,842,126
_ Direct Overlapping Total
Debt Ratios Debt Det Debt
Ratio of Debt Per Capita(17,145 Population) $461 $580 $1,041
Ratio of Debt to Tax Capacity Valuation
(after fiscal disparities)of$12,495,527 (3) 63.20% 79.59% 142.79%
Ratio of Debt to Estimated Market Valuation
of$884,758,000 0.89% 1.12% 2.01%
(1)Excludes Revenue and Special Assessment Bonds
(2)ISD 283 Debt figures are as of 12/31/98. No report of Outstanding Indebtedness as of 12/31/00 submitted.
(3)Tax Capacity Values are based on payable 2000 figures.
Source: County Auditor
137
Table X
CITY OF HOPKINS, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Years 1991 Through 2000
(Unaudited) —
Percentage
Total Total of Debt
Debt General to General
Year Principal Interest Service Expenditures(1) Expenditures —
1991 $ - $ 185,585 $ 185,585 $ 12,879,877 1.5%
1992 195,000 210,317 405,317 9,040,470 4.4 —
1993 190,000 293,470 483,470 8,893,367 5.4
1994 345,000 229,346 574,346 11,541,044 4.9
1995 340,000 231,467 571,467 10,129,132 5.6
1996 315,000 213,706 528,706 8,817,705 6
1997 345,000 195,453 540,453 19,377,504 2.8
1998 345,000 176,616 521,616 11,922,576 4.4 —
1999 345,000 159,057 504,057 14,936,841 3.4
2000 345,000 180,332 525,332 10,225,789 5.1
Note: All remaining bond issues are paid through tax increments, enterprise funds or housing fees.
(1)Includes all governmental fund type expenditures except debt service.
138 —
_ Table XI
CITY OF HOPKINS, MINNESOTA
_ REVENUE BOND COVERAGE
WATER, SEWER AND STORM SEWER REVENUE BONDS
Years 1991 Through 2000
(Unaudited)
Net
Fiscal Gross Operating Revenue Debt Service Coverage
Year Revenue Expenses (1) Available Principal Interest Total Ratio
1991 (2) $ 340,952 $ (136,260) $ 477,212 $ 70,000 $ 178,415 $ 248,415 1.92 to 1
1992 433,475 122,200 311,275 75,000 174,191 249,191 1.79 to I
1993 560,295 87,893 472,402 80,000 169,638 249,638 1.89 to I
1994 517,325 67,007 450,318 110,000 108,058 218,058 2.06 to 1
1995 517,029 71,911 445,118 110,000 124,825 234,825 1.90 to I
1996 513,513 103,677 409,836 120,000 118,238 238,238 1.72 to 1
1997 469,938 88,715 381,223 125,000 155,973 280,973 1.36 to 1
1998 554,622 110,294 444,328 135,000 104,870 239,870 1.91 to 1
1999 643,303 84,280 559,023 140,000 98,750 238,750 2.34 to 1
2000 661,776 123,082 538,694 205,000 162,992 367,992 1.47 to 1
(1)Excludes depreciation and debt expense.
(2)Beginning in 1991 only Storm Sewer issue outstanding.
139
Table XII
CITY OF HOPKINS, MINNESOTA
DEMOGRAPHIC STATISTICS
Year 1991 Through 2000
(Unaudited)
(2) (3)
Fiscal (1) School Unemployment _
Year Population Enrollment Rate*
1991 16,534 7,373 5.8
1992 16,534 7,537 5.7
1993 16,534 7,980 3.0
1994 16,534 7,804 3.0
1995 16,534 7,942 2.9
1996 16,534 8,027 2.5
1997 16,665 8,036 2.4
1998 16,559 8,313 1.9
1999 16,887 8,367 2.8 —
2000 17,145 8,227 2.5
Sources:
(1)Metropolitan Council
(2) School districts within Hopkins —
(3)Minnesota Department of Labor and Industry
*Hennepin County —
140
Table XIII
CITY OF HOPKINS, MINNESOTA
CONSTRUCTION AND PROPERTY VALUE
Years 1991 Through 2000
(Amounts expressed in thousands)
(Unaudited)
(1) (1)
Commercial Residential (2)
Construction Construction Property Value
Fiscal Number of
Year Value Units Value Commercial Residential Nontaxable
1991 3,246 208 2,275 184,878 417,311 52,187
1992 4,753 285 2,502 170,090 423,461 78,897
1993 5,401 238 3,578 159,533 420,190 78,897
1994 7,967 380 3,320 162,499 429,955 78,897
1995 3,567 289 11,082 159,540 442,910 78,897
1996 12,499 344 5,893 163,722 459,066 78,897
1997 7,672 121 13,162 175,193 489,029 78,897
1998 7,478 371 4,214 187,238 542,793 85,491
1999 32,791 493 10,037 204,988 582,540 85,491
2000 6,818 227 10,234 236,557 640,831 85,491
Sources:
(1)City Community Development Department
(2)City Assessor's Office
141
Table XIV
CITY OF HOPKINS, MINNESOTA
PRINCIPAL TAXPAYERS
December 31, 2000 —
(Unaudited)
Amount of
Percentage Estimated _
Tax of Total Tax Tax City
Taxpayer Type of Business Ca aci Ca aci Receives
1. Super Valu Grocery Warehouses 1,300,571 7.41% $ 315,128 —
2. Duke Realty Office/Warehouses 526,342 3.00% 127,532
3. St. Therese Apartments 384,288 2.19% 119,628 _
4. Ramsgate Apartments Apartments 284,903 1.62% 88,690
5. Alliant Techsystems Office/Warehouse 243,297 1.39% 58,950
6. Westside Village Apartments 240,180 1.37% 74,768 _
7. Greenfield(Phase I) Apartments 214,800 1.22% 66,867
8. Greenfield(Phase II) Apartments 214,800 1.22% 66,867
9. Edco Products, Inc. Office/Warehouse 212,401 1.21% 51,464
10. Auburn North Townhouses 204,336 1.16% 63,609
11. Gateway Foods Office/Warehouse 191,280 1.09% 46,347
12. Christian Salvesen Warehouse 176,762 1.01% 42,829
13. Thermotech Office/Warehouse 169,282 0.96% 41,017 —
14. Rosewood West Apartments 162,048 0.92% 50,445
15. Buffalo Associates Bank/Office 150,038 0.85% 36,354
16. Creekwood Estates Apartments 143,736 0.82% 44,745 —
17. Knollwood Towers West Apartments 130,992 0.75% 40,777
18. Oak Ridge Country Club Golf Course 126,714 0.72% 30,702
19. Reuter, Inc. Office/Warehouse 100,500 0.57% 24,351 —
20. Robert J. Lawrence Retail 86,652 0.49% 20,995
(Knox Lumber)
Total 5,263,922 29.98% 1,412,065 —
Total City 2000/2001 tax capacity= 17,559,320 100.00% —
Notes:
1)Tax capacity is a percentage of total market value. For taxes payable in 2001 these class rates are
2.4% for apartments and 2.4%of first$150,000 with balance at 3.4% for commercial/industrial properties. —
2)The City of Hopkins receives approximately 24%of the total estimated tax for 2001, not including
fiscal disparities and tax increment adjustments.
3)The estimated tax is based on the tax rates for payable 2001.
142 —
_ Table XV
CITY OF HOPKINS, MINNESOTA
MISCELLANEOUS STATISTICAL FACTS
December 31, 2000
(Unaudited)
Dated of Incorporation November 27, 1893
Date of Adoption of City Charter December 2, 1947
Form of Government Council - Manager
Fiscal Year Begins January 1
Area of City 4.0 Square Miles
Miles of Streets and Alleys:
Trunk Highways 1.6
County 6.3
City Streets 55.0
Alleys 9.9
Miles of Sewers:
Storm Sewers 21.4
Sanitary Sewers 43.4
-- Miles of Watermains 52.6
Building Permits:
1991 329
1992 378
1993 304
1994 457
1995 390
1996 441
1997 886
1998 463
1999 587
2000 443
Estimated Cost:
1991 $5,520,526
1992 7,254,950
1993 8,979,218
1994 11,286,814
1995 14,648,615
—" 1996 18,391,797
1997 20,834,150
1998 11,692,315
1999 42,828,312
2000 17,051,981
143
Table XV
CITY OF HOPKINS,MINNESOTA
MISCELLANEOUS STATISTICAL FACTS - CONTINUED
December 31,2000
(Unaudited)
Fire Protection:
Number of Stations 1
Number of Employees- Volunteer 30 —
Police Protection:
Number of Stations 1 —
Number of Employees 39
Parks: _
City Parks 12
Playgrounds 1
Skating Rinks 18
Employees:
Regular 113
Part Time 4 —
Elections:
Registered Voters - last general election 8,812 —
Number of votes cast last general election 8,023
Election day registrations 2,435
Percentage of registered voters voting 71%
Population:
1920 3,055
1930 3,834
1940 4,100
1950 7,595
1960 11,380 —
1970(census) 13,395
1980(census) 15,336
1991 (census) 16,534 —
1992 16,534
1993 16,534
1994 16,534
1995 16,534 —
1996 16,534
1997 16,665
1998 16,559 —
1999 16,887
2000 17,145
144 —