1997 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, 1997
DEPARTMENT OF FINANCE
Lori Yager, Finance Director
MEMBER OF GOVERNMENT FINANCE OFFICERS' ASSOCIATION
OF THE UNITED STATES AND CANADA
TELEPHONE: (612) 935-8474
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1996
TABLE OF CONTENTS
Exhibit Page
I. INTRODUCTORY SECTION 1
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 18
Independent Auditors' Report 19
A. General Purpose Financial Statements 21
_ 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 31
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1997 _
Exhibit Page _
SECTION IIB
Combining Individual Funds and Account Groups _
Statements and Schedules 49
General Fund 50 _
Balance Sheet B 51
Statement of Revenues, Expenditures, and Changes _
in Fund Balance - Budget and Actual B-1 52
Schedule of Revenues - Budget and Actual B-2 53
Schedule of Expenditures - Budget and Actual B-3 54 _
Special Revenue Funds 61
Combining Balance Sheet C 62
Combining Balance Sheet-Tax Increment Ca 64
Combining Statement of Revenues, Expenditures, and _
Changes in Fund Balances C-1 66
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances - Tax Increment C-la 68 _
Statements of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual:
Equipment Replacement Fund C-2 70 _
Economic Development Fund C-3 71
Real Estate Purchases and Sales Fund C-4 72
Tax Increment 1.1 Fund C-5 73 _
Tax Increment 1.2 Fund -Art Facility C-6 74
Tax Increment 2.1 Fund C-7 75
Tax Increment 2.9 Fund C-8 76 _
Para-Transit Fund C-9 77
Housing Rehab Fund C-10 78
Parking Fund C-11 79 _
Cable TV Fund C-12 80
Debt Service Funds 81
Combining Balance Sheet D 82
Combining Statement of Revenues, Expenditures, _
and Changes in Fund Balance D-1 84
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1997
Exhibit Pace
Capital Projects Funds 87
Combining Balance Sheet E 88
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balance E-1 89
Enterprise Funds 91
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
Trust Funds 99
Balance Sheet G 100
Statement of Revenues, Expenditures, and
Changes in Fund Balance G-1 101
Account Groups 103
Schedule of General Fixed Assets H 104
Schedule of General Fixed Assets by Function
and Activity H-1 105
Schedule of Changes in General Fixed Assets
by Function and Activity H-2 106
Statement of General Long-Term Debt I 107
Schedule Page
SECTION IIC
Supplemental Financial Schedules 109
Schedule of Bonds Payable 1 110
Schedule of Debt Service Requirements- All Funds 2 118
Schedule of Funding Available and Funds Required
for Debt Service 3 119
Schedule of Insurance in Force 4 120
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1997
Table Pale
SECTION III
STATISTICAL SECTION 121
Governmental Fund Types - Expenditures by Function I 123
Governmental Fund Types -Revenues by Source II 124
Property Tax Levies and Collections III 125
Tax Capacity Value and Market Value of All
Taxable Property IV 126
Property Tax Rates - Direct and Overlapping Governments V 127
Special Assessments Billings and Collections VI 128
Ratio of Net Bonded Debt to Tax Capacity Value _
and Net Bonded Debt Per Capita VII 130
Computation of Legal Debt Margin VIII 132
Computation of Direct and Overlapping Debt
Including Debt Ratios IX 133
Ratio of Annual Debt Service Expenditures for General
Bonded Debt to Total General Expenditures X 134
Revenue Bond Coverage - Water, Sewer and Storm Sewer
Revenue Bonds XI 135
Demographic Statistics XII 136
Construction and Property Value XIII 137
Principal Taxpayers XIV 138
Miscellaneous Statistical Facts XV 139
i
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THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 1997
CITY OFFICIALS
December 31, 1997 —
CITY COUNCIL
Term —
Expires
Charles D. Redepenning, Mayor 12-31-99 —
Frances Hesch Councilmember 12-31-01
Eugene Maxwell Councilmember 12-31-01
Karen Jensen Councilmember 12-31-99 —
Diane Johnson Councilmember 12-31-99
CITY MANAGER —
Steven C. Mielke
FINANCE DIRECTOR —
Lori Yager
2
CITIZENS
_ Boards & CITY
Commissions COUNCIL City Attorney
Communications City Manager City of
Minnetonka
Community Finance Fire Police Recreation
Services
Assessing Accounting Emergency Patrol/ Activity Center
Preparedness Investigation
—]
Payroll Public Service/
EnCommunications
City Clerk/
lectios
Inspections Utility Billing Prevention
Planning &
Economic Public Works
Development
Building Maint. &
Economic Equipment
Development Services
Housing Center for the Arts
Pavilion/Ice Arena
Planning &
Zoning Engineering
Parks & Forestry
Street/Traffic/
Refuse
Water& Sewer
3
07101197
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4 -
_ City of Yopkins
1010 First Street South • 91opkins, XV 55343-7573 • Thone. 612-935-8474 • Eat 612-935-1834
May 21, 1998
-' 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, 1997 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 and
low income rental housing. 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
An Equa[Cppo unity Employer
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 50% single family residential and 50% commercial-
industrial and apartments. The last ten years have shown a stabilization of the population 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 recovering economy in place, the past four years have shown increased economic and
redevelopment within the City of Hopkins. The valuation of new construction in 1996 was $18.4
million dollars and was $20.9 million dollars in 1997. 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 1997 include the following:
Activity Valuation
Commercial Additions/Alterations: _
o Oaks of Mainstreet 8,700,000
o Raspberry Woods 6,000,000
o Arts Facility 4,400,000
o Taits Super Valu 1,800,000
Efforts are being made for continued development and growth for 1998 and beyond. It is
anticipated that approximately $40,250,000 of construction will also take place in the City of
Hopkins during 1998/1999.
6
Some anticipated projects during this period include the following:
Project Valuation
o Nine Mile Cove $18,000,000
o Super Valu $15,000,000
o Benshoff& Assoc. Office Complex $ 2,250,000
o Westbrooke Patio Homes $ 2,000,000
o Walgreens/White Castle Complex $ 4,000,000
o Hopkins House Hotel remodeling $ 1,000,000
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/redevelopment efforts through-
out the City. Several projects are anticipated.
A major emphasis will be placed on guiding the redevelopment of the Hennepin County Public
Works site. This 42 acre site will be available for development by the fall of 1998 due to the
facilities anticipated relocation to Medina.
In 1998, projects to be constructed include the redevelopment of the Westbrooke Patio Homes
(townhouses), the Hopkins House Hotel, the Walgreens and White Castle development and a new
office complex on Excelsior Boulevard. 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.
Finally, over the next four years major improvements will be made to County Road 3 along its
entire length in Hopkins. The first phase of improvements are anticipated to occur in 1998
between Shady Oak Road and 11th avenue South and from Highway 169 to Blake Road.
Major Initiatives
For the Year
For 1997, the staff, following specific directives of the council and the manager, have 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.
The council, in conjunction with the City of Minnetonka, identified a need for improving the
beach at Shady Oak Lake. The renovation was started in 1997 and will be complete early in
1998. There was a need for repairing two streets in 1997. The costs of the projects totaled $802
thousand, and were completed in 1997. The projects included replacing infrastructure, roadway
surface, and curb and gutters. Lift station #5 was reconstructed in 1997 and the storm sewer
system under 2"d St. North was reconstructed.
7
For the Future
A systematic city wide sidewalk rehab program was initiated in 1992. Each year one quadrant is —
inspected and necessary repairs made.
The City has formally requested that Hennepin County include in its five year CIP an improve-
ment project relating to County Road 3 extending through the entire City of Hopkins. Possible
improvements include street surface, widening, lighting, landscaping, sidewalks, and trails. It is _
anticipated that these improvements would take place during 1998-2000,
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 of Hopkins is on a mission of upgrading its' computer systems. In 1998, the Geographic
Information System (GIS) will be implemented. This system combines separate departmental —
data bases into one and allows for the expansion of the City's informational capabilities. The
other major computer upgrade is in the police department. 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.
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.
8
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
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 $44,339. This was a direct result of a change in accounting practice in
the allocation of interest revenues. This shortfall of interest revenues will be eliminated with the
adjustment of budgeted interest revenues in the future. One other significant change in revenue
_ is an increase in intergovernmental revenues. This increase can be attributed to the efforts of
various staff members applying for grants from several agencies.
The following table presents a comparative analysis of general fund revenues and other sources:
1996 Actual 1997 Actual
%of %of
Function Amount Total Amount Total
Property taxes $3,303,941 53% $3,352,709 54%
Licenses& permits 352,362 4 371,739 5
Intergovernmental 1,994,782 33 2,194,089 35
Fines and forfeitures 66,682 1 91,879 1
Program income 110,762 2 107,496 2
Interest 389,184 6 126,273 2
Other revenues 52,051 1 61,276 1
Total $6,269,764 100% $6,305,461 100%
Total net tax capacity of the City for taxes collected in 1997 (including the Fiscal Disparities tax
capacity distribution) was $15,190,269. This 1997 tax base reflects a net increase of $463,562,
3.1% increase over 1996. The total tax capacity value figure is also net of the tax capacity
pledged to tax increment projects, which amounted to $1,113,904, 7.0%of the gross tax base.
Current property tax collections were 98.75%of the tax levy in the year 1997.
General Fund expenditures totaled $6,329,523 in 1997, an overall increase of approximately 5.3%
from the comparable figure for 1996. The general cause for this increase was the Shady Oak
_ Beach renovation project which is being paid out of general fund - fund balance. The total actual
expenditures were below budgeted amounts by $9,077.
9
The following table presents a comparative analysis of general fund expenditures and other uses:
1996 Actual 1997 Actual —
%of %of
Function Amount Total Amount Total
General Government $ 959,906 15.7% $ 969,142 15.2%
Public Safety 2,727,150 44.5 2,806,655 44.3 _
Community Development 558,808 9.1 694,367 11.0
Public Works 1,587,449 25.9 1,518,274 24.0
Recreation 146,329 2.4 317,499 5.0
Other 29,201 .5 23,586 .4
Transfers 117,262 1.9 8,479 .1
Total $6,126,105 100% $6,338,002 100%
Liquidily —
The following table shows previous year-end General Fund equities, as compared to the adopted
expenditure budget for the following year: —
Original Fund Equity
General Fund Beginning of Year % of —
Budget Amount Bud et
1994 $ 6,309,800 $ 3,202,282 50.8
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 6,975,000 2,940,139 42.2
The City's financial position remained strong during 1997. Cash and investments balances at
year end totaled $12,696,184 which will provide 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 July and December of each year, to provide funds for —
unknown events and emergencies which could have an adverse effect on the fund.
Special Revenue Funds —
Equipment Replacement
This fund purchases city equipment based on a replacement schedule which is approved annually
by the city council. The source of revenue for this fund is property tax levy, interest earnings and —
proceeds from sales of assets. The fund balance is currently $940,036 and is designated for
purchasing a variety of equipment.
10
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
Hopkins. The fund balance is currently $3,364,445.
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
$55,072.
Tax Increment Funds
The City has established several tax increment financing districts which have assisted with the
redevelopment of its town. 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 $2,847,283 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 and only receives enough revenue to cover its' expenditures.
HousingR� ehab
This fund receives some money primarily from the Community Development Block Grant
program, special assessments and loan interest. This fund accounts for housing rehabilitation
activities in the City of Hopkins. The fund balance is currently $1,305,091.
Parking
This fund records and accounts for parking fees and assessments charged to users of the parking
facilities. The fund balance is currently $442,585.
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 $266,104.
11
Debt Administration
Outstanding bonds as of December 31, 1997, totaled $23,418,543 of which $9,013,543 are
redevelopment issues - the last bond matures August 1, 2016; $3,795,000 are general obligation
revenue bonds issued for the Oaks of Mainstreet project—the last bond matures February 1, 2002; _
$2,110,000 are park and recreational bonds - due August 1, 2011; $2,350,000 are sewer revenue
bonds - due August 1, 2010; $1,970,000 are Oaks of Mainstreet revenue bonds —due February 1,
1998 and $4,180,000 are special assessment bonds - due February 1, 2018. 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 A-1 rating from Moody's Investors Service on all issues for several
years. At December 31, 1997, only $6,223,162 of general obligation debt was applicable to the
legal debt limit of$13,284,452. —
Capital Project Funds
The proceeds of general obligation bond issues, federal, state and local grants, and other local
funds for capital projects are accounted for in Capital Project Funds until the particular projects
are completed.
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 fund balance is currently at $3,175,871 and $2,694,876 is designated for the --
County Road 3 construction project.
Enterprise Funds —
Water Utility Fund -- The City maintains a complete water delivery system from wells through
filtration plants to the tap. Over all net income increased by $52,043 from 1996. The funds net '
working capital position is currently $724,747 which is up from 1996 by $163,765. Construction
projects which have been planned but delayed have caused a short term increase in working _
capital.
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,which had continued to increase each of the last several years
until 1992. Working capital had fallen to a low point, but with a rate increase early in 1991 and —
another increase early in 1992 the trend has been reversed and been maintained. The current
working capital balance for this fund is $1,636,212 an increase over 1996 of $50,308. Net
income decreased in this fund by $70,890 primarily do to an accounting adjustment for accrued —
revenues.
Refuse Utility Fund -- City employees and equipment provide a fully automated refuse service —
and a recycling operation. The City assumed the refuse pickup function from a contractor in
1986. Increasing landfill costs and a lack of working capital had resulted in rate increases
12
annually. With the last increase in 1991, the rates have stabilized for now and no rate increase is
planned for the near future. This fund did incur a net loss in 1997 of $21,380. This also was
primarily do to an accounting adjustment for accrued revenues. The working capital balance for
this fund is $644,277, an increase over 1996 of$17,097.
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, and
1993. An additional increase is anticipated for 1998. The 1989 bonds were refinanced in 1993
which will reduce debt cost by $245,000 over the last 17 years of the bond issue. This fund had a
net income of $116,162 in 1997 but also has a negative working capital balance of -$539,486.
This fund incurs many capital project costs and therefore is cash poor. The increases in rates and
an internal loan planned for 1998 should help in bringing the working capital balance to a positive
amount.
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,
until this year. In 1997 the fund incurred a small loss of$3,006. This was directly attributed to
additional maintenance the arena required. The costs will be offset with a grant from the Mighty
Ducks association. The working capital balance for this fund is currently $23,878.
Art Center—This fund was established in 1997 to record operating revenues and expenditures for
the newly constructed art center. It was only in operation for the last two months in 1997. The
working capital balance for the fund is at$267,386, which is directly related to a transfer from the
Capital Projects Funds to provide funding for initial operations.
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.
Trust Funds
The City is the trustee for two deferred compensation plans created in accordance with Internal
Revenue Code Section 457 and offered to benefit earning employees. Employees and/or the City
make monthly deposits to the plans.
One plan is administered by Aetna Life Insurance and Annuity Company and the other plan by
ICMA Retirement Corporation. In the past, the plan's assets have been used only to pay benefits
and we believe this shall be true in the future.
Cash Managemen
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
13
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 annually allocated 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 73%. During 1997,
the City of Hopkins earned $908,610 as compared to 1996 earnings of$835,177, (excluding the
expendable trust fund). The slightly higher earnings are attributed to the interest earned on the —
Oaks of Mainstreet project with all interest earnings derived from the project either paying for the
project construction or to retire debt.
At year-end, the City's cash and investment resources (including restricted cash) were held as
follows:
Cost —
Cash .7% $ 113,088
Commercial Paper 56.5% 9,465,252 —
U.S. Government Agency Securities 41.6% 6,973,651
Contract for Deed .6% 97,000 _
Repurchase Agreement .6% 111,477
Total Unrestricted Investments $ 16,760,468 —
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.
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,
1997,the general fixed assets of the City amounted to $31,136,541 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 Peat
Marwick LLP has been retained for that purpose and their report has been included in the
financial section of this report.
14
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, 1996.
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,
Steven C. Mielke Lori K. Yager
City Manager Finance Director
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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, 1996
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.
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CUHPOURD President
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Executive Director
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KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis,MN 55402
Independent Auditors' Report
Honorable Mayor and Members of the City Council
City of Hopkins, Minnesota
We have audited the general purpose financial statements of the City of Hopkins, Minnesota, as of and for
the year ended December 31, 1997. These general purpose financial statements are the responsibility of the
City's management. Our responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government
Auditing Standards issued by the Comptroller General of the United States. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. 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 general purpose 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 positions of the City of Hopkins, Minnesota, as of December 31, 1997, and the
results of its operations and cash flows of its proprietary fund types for the year then ended in conformity
with generally accepted auditing principles.
As discussed in notes 4, 10 and 17 to the general purpose financial statements, the City changed its method
of accounting to include certain gross revenue bonds in the City's general purpose financial statements and
changed its method of accounting for deferred compensation plan to adopt the provisions of Governmental
Accounting Standards Board Statement No. 32,Accounting and Financial Reporting for Internal Revenue
Code Section 457 Deferred Compensation Plans.
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
listed 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 of Hopkins, Minnesota. 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 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.
Such information has not been subjected to the auditing procedures applied in the audit of the basic
financial statements and, accordingly, we express no opinion on it.
May 22, 1998
NINE Member Firm of KPMG Imernational 19
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20
CITY OF HOPKI NS, 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
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, 1997
With Comparative Totals for December 31, 1996
Governmental Fund Types
Special Debt Capital
General Revenue Service Projects
Assets: ASSETS AND OTHER DEBITS
Cash,cash equivalents,and investments $ 2,619,172 $ 3,256,030 $ 1,3679274 $ 2,685,033
Taxes receivable 75,893 20,745 7,474 -
Special assessments receivable - 273,430 - 2,201,321 _
Accounts receivable 36,805 218,493 - 1,027,233
Rehabilitation loans receivable - 19083,191 - -
Accrued interest receivable 35,626 339114 11,950 25,594
Due from other funds 1,210,000 4,508,972 -
Due from other governments 4,545 510,269 - 24,111
Inventory 74,900 - - -
Prepaid expenses _ - _ _
Other assets _ _ _
Restricted cash and investments - 39814,284 - -
Long term loans receivable - 2,150,000 - -
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 $ 4,056,941 $ 15,868,528 $ 1,386,698 $ 5,963,292
LIABILITIES.EQUITY AND OTHER CREDITS
Liabilities:
Accounts payable $ 388,495 $ 475,691 $ - $ 69,136
Accrued interest payable -
Compensated absences payable 532,267 10,517 - -
Due to other funds - 5,562,173 - 156,799
Due to other governments - 6,686 - -
Deferred revenue 184,982 483,019 4,860 2,561,486
Deposits payable 11,058 - - -
Long-term debt - - - -
Deferred compensation funds held for participants - - - -
Total Liabilities 1,116,802 6,538,086 4,860 2,787,421
Equity and Other Credits:
Contributed capital - - - -
Investment in general fixed assets - - - -
Retained earnings: _
Reserved - - - -
Unreserved - - - -
Fund balances:
Reserved 74,900 4,896,748 1,381,838 - _
Unreserved
Designated 2,6279400 2,088,299 - 2,694,876
Undesignated 237,839 2,345,395 - 480,995
Total Equity and Other Credits 2,940,139 9,330,442 1,381,838 3,175,871
Total Liabilities,Equity and Other Credits $ 4,056,941 $ 15,868,528 $ 1,386,698 $ 5,963,292
See accompanying Notes to Financial Statements. _
22
A
Proprietary Fiduciary Totals
Fund Type Fund Type Account Groups (Memorandum Only)
General General
Fixed Long-Term Restated
Enterprise Trust Assets Debt 1997 1996
$ 2,768,675 $ - $ - $ - $ 12,696,184 $ 10,830,063
104,112 46,742
2,474,751 2,267,262
420,339 - - - 1,702,870 1,853,626
1,083,191 975,553
28,636 - - - 134,920 70,100
430,000 - - - 6,148,972 3,900,132
11,387 - - - 550,312 205,340
26,949 - - - 101,849 85,719
8,146 - - - 8,146 4,976
76,209 2,408,315 - - 2,484,524 2,334,895
250,000 - - - 4,064,284 6,738,135
2,150,000 1,970,700
10,848,641 - 31,136,541 - 41,985,182 36,640,341
1,381,838 1,381,838 1,125,661
3,450,284 3,450,284 6,738,135
16,236,421 16,23 6,421 11,889,747
$ 14,868,982 $ 2,408,315 $ 31,136,541 _$_21,068,543 $ 96,757,840 $ 87,677,127
_ $ 166,073 $ - $ - $ - $ 1,099,395 $ 232,530
44,808 - - - 44,808 -
70,377 - - - 613,161 538,460
430,000 - - - 6,148,972 3,900,132
_ 3,613 - - - 10,299 5,532
76,209 - - - 3,310,556 2,606,581
- 11,058 11,003
2,350,000 - - 21,068,543 23,418,543 22,228,543
1,869,199
3,141,080 - - 21,068,543 34,656,792 31,391,980
472,684 - - - 472,684 472,684
- 31,136,541 - 31,136,541 25,965,428
250,000 - - - 250,000 1,868,699
11,005,218 - - - 11,005,218 8,889,384
2,408,315 - - 8,761,801 10,883,497
- - 7,410,575 3,850,527
- - - 3,064,229 4,354,928
11,727,902 2,408,315 31,136,541 - 62,101,048 56,285,147
$ 14,868,982 $ 2,408,315 $ 31,136,541 $ 21,068,543 $ 96,757,840 $ 87,677,127
23
CITY OF HOPKINS,MINNESOTA
COMBINED STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND _
BALANCES-ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Governmental Fund Types –'
Special Debt Capital
General Revenue Service Projects
Revenues: --
Property taxes $ 3,352,709 $ 1,856,048 $ 386,945 $ -
Special assessments - 98,498 - 437,925
Licenses and permits 371,739
Intergovernmental 2,194,089 631,456 161 1,329,246
Franchise fee - 165,129 - -
Fines and forfeitures 91,879 5,789 -
Program income 107,496 4,731,904 - -
Interest 126,273 487,227 34,150 115,777
Other 61,276 438,130 - 36,308
Total Revenues 6,305,461 8,414,181 421,256 1,919,256
Expenditures:
Current:
General government 969,142 285,490 - -
Public safety 2,806,655 - - -
Community development 694,367 840,329 -
Public works 1,518,274 - - -
Recreation 317,499 - - -
Other 23,586 - - -
Capital outlay - 10,717,148 - 1,205,014
Debt service:
Principal retirements - - 2,625,000 -
Interest,fiscal charges and issuance cost - - 1,118,864 -
Total Operating Expenditures 6,329,523 11,842,967 3,743,864 1,205,014
Excess(deficiency)of revenues over expenditures (24,062) (3,428,786) (3,322,608) 714,242 —
Other Financing Sources(Uses):
Proceeds of bond issued - 1,700,000 - 2,240,000 _
Operating transfers in - 1,914,754 3,535,248 116,000
Operating transfers out (8,479) (5,223,523) - (334,000)
Total Other Financing Sources(Uses) (8,479) (1,608,769) 3,535,248 2,022,000
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses (32,541) (5,037,555) 212,640 2,736,242
Fund Balances-January 1 3,013,865 14,166,260 1,169,198 739,629
Prior period adjustment (41,185) 201,737 - -
Residual equity transfer - - - (300,000)
Fund Balances-December 31 $ 2,940,139 $ 9,330,442 $ 1,381,838 $ 3,175,871
See accompanying Notes to Financial Statements.
24
A-1
Fiduciary Totals
Fund Types (Memorandum Only)
Expendable Restated
Trust 1997 1996
_ $ - $ 5,595,702 $ 5,519,639
- 536,423 610,361
- 371,739 352,362
- 4,154,952 3,017,664
- 165,129 61,343
- 97,668 82,668
- 4,839,400 635,602
-- 347,557 1,110,984 796,675
240,914 776,628 235,350
588,471 17,648,625 11,311,664
- 1,254,632 1,240,327
- 2,806,655 2,727,150
- 1,534,696 634,025
- 1,518,274 1,587,449
- 317,499 146,329
49,355 72,941 29,201
- 11,922,162 4,264,527
- 2,625,000 1,026,600
- 1,118,864 576,302
49,355 23,170,723 12,231,910
539,116 (5,522,098) (920,246)
3,940,000 8,770,000
5,566,002 2,604,589
(5,566,002) (2,604,624)
3,940,000 8,769,965
539,116 (1,582,098) 7,849,719
_ - 19,088,952 11,239,233
1,869,199 2,029,751 -
(300,000) -
$ 2,408,315 $ 19,236,605 $ 19,088,952
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, 1997
General Fund
Variance--
favorable
Budget Actual (unfavorable)
Revenues:
Property taxes $ 3,376,100 $ 3,352,709 $ (23,391)
Special assessments - - -
Licenses and permits 284,800 371,739 86,939 -
Intergovernmental 2,157,800 2,194,089 36,289
Franchise fee - - -
Fines and forfeitures 71,500 91,879 20,379 -
Program income 70,200 107,496 37,296
Interest 360,000 126,273 (233,727)
Other 29,400 61,276 31,876
Total Revenues 6,349,800 6,305,461 (44,339)
Expenditures: -
General government 980,000 969,142 10,858
Public safety 2,847,900 2,806,655 41,245
Community development 683,900 694,367 (10,467)
Public works 1,530,500 1,518,274 12,226
Recreation 250,300 317,499 (67,199)
Other 46,000 23,586 22,414 -
Capital outlay - - -
Total Expenditures 6,338,600 6,329,523 9,077
Excess(deficiency)of revenues over expenditures 11,200 (24,062) (35,262)
Other Financing Sources(Uses): .-
Proceeds of bonds issued - - -
Operating transfers in - - -
Operating transfers out (11,200) (8,479) 2,721 -
Total Other Financing Sources(Uses) (11,200) (8,479) 2,721
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses - (32,541) (32,541)
Fund Balances-January 1 3,013,865 3,013,865 -
Prior period adjustment - (41,185) (41,185)
Fund Balances- December 31 $ 3,013,865 $ 2,940,139 $ (73,726)
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)
$ 2,065,000 $ 1,732,099 $ (332,901) $ 5,441,100 $ 5,084,808 $ (356,292)
98,800 98,498 (302) 98,800 98,498 (302)
3,700 3,700 - 288,500 375,439 86,939
564,800 576,384 11,584 2,722,600 2,770,473 47,873
82,000 165,129 83,129 82,000 165,129 83,129
25,000 5,789 (19,211) 96,500 97,668 1,168
5,960,500 5,142,184 (818,316) 6,030,700 5,249,680 (781,020)
289,700 475,643 185,943 649,700 601,916 (47,784)
40,100 20,305 (19,795) 69,500 81,581 12,081
9,129,600 8,219,731 (909,869) 15,479,400 14,525,192 (954,208)
178,900 176,185 2,715 1,158,900 1,145,327 13,573
2,847,900 2,806,655 41,245
351,400 779,490 (428,090) 1,035,300 1,473,857 (438,557)
- 1,530,500 1,518,274 12,226
- 250,300 317,499 (67,199)
123,000 114,650 8,350 169,000 138,236 30,764
13,088,730 10,696,503 2,392,227 13,088,730 10,696,503 2,392,227
13,742,030 11,766,828 1,975,202 20,080,630 18,096,351 1,984,279
(4,612,430) (3,547,097) 1,065,333 (4,601,230) (3,571,159) 1,030,071
1,700,000 1,700,000 - 1,700,000 1,700,000 -
1,861,200 1,914,479 53,279 1,861,200 1,914,479 53,279
(5,088,700) (5,227,142) (138,442) (5,099,900) (5,235,621) (135,721)
(1,527,500) (1,612,663) (85,163) (1,538,700) (1,621,142) (82,442)
(6,139,930) (5,159,760) 980,170 (6,139,930) (5,192,301) 947,629
14,600,544 14,600,544 - 17,614,409 17,614,409 -
1,737 1,737 - (39,448) (39,448)
$ 8,460,614 $ 9,442,521 $ 981,907 $ 11,474,479 $ 12,382,660 $ 908,181
27
A-3
CITY OF HOPKINS,MINNESOTA
COMBINED STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN
RETAINED EARNINGS-ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Enterprise Funds
1997 1996 _
Operating revenues:
Sales and charges for services $ 3,757,644 $ 3,927,727
Other 84,159 140,390 _
Total Operating Revenues 3,841,803 4,068,117
Operating expenses(excluding depreciation):
Salaries and employee benefits 824,694 770,538
Materials, supplies and services 1,129,712 1,083,175
Disposal costs 1,036,858 998,983
Total Operating Expenses 2,991,264 2,852,696 —
Operating income before depreciation expense 850,539 1,215,421
Depreciation expense 419,942 357,748
Operating income 430,597 857,673
Nonoperating revenue(expense)
Interest income 145,183 38,502 _
Interest/fiscal agent expense (156,447) (118,838)
Intergovernmental grants 30,952 -
Other 100 157,284 _
Net Nonoperating Revenues(Expenses) 19,788 . 76,948
Net Income 450,385 934,621 —
Retained Earnings-January 1 10,758,083 9,823,462
Prior period adjustments (253,250)
Residual equity transfer in 300,000 -
Retained Earnings- December 31 $ 11,255,218 $ 10,758,083
See accompanying Notes to Financial Statements.
28 —
_ A-4
CITY OF HOPKINS, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Restated
1997 1996
Cash Flows from Operating Activities:
Operating income $ 430,597 $ 857,673
Adjustments to reconcile operating income to net cash
provided by operating activities:
Depreciation expense 419,942 357,748
(Increase)decrease in:
_ Accounts and accrued interest receivable 327,223 (231,422)
Due from other funds (14,500) 100,300
Due from other governments 34,524 (41,194)
Inventory (14,678) 30,081
Prepaid expense (3,170) (3,414)
Due from Metropolitan Waste Control Commission 23,467 22,564
Accounts,contracts and accrued interest payable 140,980 3,841
Due to other funds (8,000) (94,400)
Due to other governments 3,613 -
Deferred revenue (23,467) -
Cash Provided by Operating Activities 1,316,531 1,001,777
Cash Flows from Noncapital Financing Activities:
Intergovernmental grants 30,952 -
Residual equity transfer in 300,000 -
Other (3,150) 214,464
Cash Provided by Noncapital Financing Activities 327,802 214,464
Cash Flows from Capital and Related Financing Activities:
Purchases of property and equipment (599,846) (843,424)
Proceeds from sales of property and equipment 6,178 -
Interest and other payments (156,447) (118,838)
Bond payments (125,000) (120,000)
Cash Used in Capital and Related Financing Activities (875,115) (1,082,262)
Cash Provided by Investing Activities-interest received 145,183 38,502
Increase in Cash and Cash Equivalents 914,401 172,481
Cash and Cash Equivalents-January 1 2,104,274 1,931,793
Cash and Cash Equivalents-December 31 $ 3,018,675 $ 2,104,274
See accompanying Notes to Financial Statements
29
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30
City of Hopkins
NOTES TO FINANCIAL STATEMENTS
December 31, 1997
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 generally accepted accounting principles
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. Each 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 six 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, other than those financed by proprietary funds or special
revenue funds.
31
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997 _
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.
Fiduciary Funds ,
Trust Funds—Trust funds are used to account for assets held by the City in a trustee capacity or as an agent for
individuals, private organizations, other governments and/or funds. The City's trust fund is classified as
expendable trust fund and is accounted for in essentially the same manner as governmental funds.
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 an 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.
32
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
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. The budgets for the General Fund are prepared on a modified accrual basis of accounting, which is consistent
with generally accepted accounting principles (GAAP). 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 1.2—Entertainment Center, Tax Increment 2.3,Tax Increment
2.4,Tax Increment 2.5,Tax Increment 2.6,Tax Increment 2.7 and Tax Increment 2.8.
6. 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 are reported at cost or amortized cost.
The City accounts for its 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
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).
33
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
G. 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.
H. 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.
1. 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
J. COMPENSATED ABSENCES
The City compensates all employees upon termination for unused vacation. Vacation pay is accrued when _
incurred in the proprietary funds and reported as compensated absences payable. Vacation 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.
City employees are entitled to sick leave at the rate of 8 hours for each calendar month of full-time service. Sick
pay is expensed as paid. No liability is reported for unpaid accumulated sick leave.
Employees shall be entitled to severance pay, after completion of five years 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.
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, may retire and receive full single health
and life insurance coverage until age 65.
34
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
K. 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. Bond discounts are
presented as a reduction of the face amount of bonds payable, whereas issuance costs are recorded as deferred
charges.
L. 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).
M. 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.
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.
N. 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 generally accepted accounting principles. Interfund eliminations have not been
made in the aggregation of this data.
O. 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
35
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
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.
P. RECLASSIFICATIONS
Certain 1996 financial statement amounts have been reclassified to conform to the 1997 presentation.
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, 1997, there were 15
note/bond issues outstanding,with an aggregate principal amount payable of approximately$40.6 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.
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.
36
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
Balances at December 31, 1997,were as follows:
Carrying Bank
Category Amount Balances
1)Insured or collateralized by
securities held by the City or
its agent in the City's name $113,088 $175,678
2)Collateralized with securities
held by the pledging institution's
trust department or agent in the
City's name
3)Uncollateralized or
collateralized with securities held
by the pledging institution or by
its trust department or agent but
not in the City's name
Totals $113,088 $175,678
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.
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)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.
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
37
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997 --
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, 1997,were as follows:
Credit Risk Category Carrying Market
Securities Type 1 2 3 Amount Value —
U.S.Government $3,523,367 $3,450,284 $ - $6,973,651 $6,943,149
Agency Securities _
Commercial Paper 9,465,252 - - 9,465,252 9,465,252
Certificate of Deposit 97,000 - - 97,000 97,000
Repurchase Agreement - - 111,477 111,477 111,477
Total Investments $13,085,619 $3,450,284 $111,477 $16,647,380 $16,616,878
Total Deposits(See Note 2A) 113,088 -"
Total Investments and Deposits 16,760,468
Less Restricted Cash and Investments 4,064,284
Net Cash,Cash Equivalents and Investments $ 12,696,184
Other Assets-Investment Pools:
Deferred Compensation(See Note 10) $ 2,408,315 $ 2,408,315
3 FIXED ASSETS
Changes in the General Fixed Assets Account Group during 1997 were as follows:
Balance Balance
Jan 1, 1997 Additions Deletions Dec 31, 1997
Land $ 4,164,565 $ 32,414 $ 230,730 $ 3,966,249
Buildings 4,788,227 3,820,618 - 8,608,845
Other Improvements 11,659,412 1,151,556 - 12,810,968
Vehicles 2,341,173 88,147 - 2,429,320
Machinery&Equipment 2,853,009 295,594 30,491 3,118,112
Construction in Progress 159,042 150,000 105,995 203,047
Total $25,965,428 $5,538,329 $ 367,216 $31,136,541
The construction in progress amount consists of several projects for street reconstruction. _
38
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
Changes in proprietary fund type property and equipment during 1997 were as follows:
Balance Balance
Jan 1, 1997 Additions Deletions Dec 31, 1997
Land $ 21,597 $ - $ - $ 21,597
Buildings 347,213 - - 347,213
Other Improvements 14,428,100 1,283,728 421,067 15,290,761
Machinery&Equipment 929,611 80,487 73,504 936,594
Construction in Progress 800,652 16,787 781,155 36,284
Total $16,527,173 $1,381,002 $1,275,726 $16,632,449
Less: Accumulated depreciation 5,783,808
Net Fixed Assets $10,848,641
4 LONG-TERM DEBT
Changes in long-term debt during 1997 were as follows:
Balance Balance
Jan 1, 1997 Additions Deductions Dec 31, 1997
General Obligation Bonds $13,298,543 $3,940,000 $ 620,000 $16,618,543
Special Assessment Bonds 2,660,000 - 180,000 2,480,000
Total 15,958,543 3,940,000 800,000 19,098,543
Other General Gross
Revenue Bonds 3,795,000 - 1,825,000 1,970,000
Enterprise Revenue Bonds 2,475,000 - 125,000 2,350,000
Total $22,228,543 $3,940,000 $2,750,000 $23,418,543
The long-term debt obligations outstanding at year-end are summarized as follows:
Bonds Maturities Interest Rate Dec 31, 1997
General Obligation Bonds 1998-2016 3.30-8.10% $ 18,588,543
Special Assessment Bonds 1998-2008 4.35-8.00 2,480,000
Revenue Bonds 1998-2010 4.40-6.83 2,350,000
-- 39
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
Long-term debt maturities(including interest of$9,214,760)are as follows:
Year Ending . Special
December 31 General Revenue Assessment Total
1998 $ 5,511,226 $ 239,570 $ 348,095 $ 6,098,891
1999 2,305,233 238,450 342,304 2,885,987
2000 2,250,974 241,925 335,884 2,828,782
2001 1,808,719 244,870 323,980 2,377,570
2002 1,375,861 237,510 273,183 1,886,554
2003 1,418,381 235,035 268,356 1,921,772
2004 1,275,531 242,100 258,153 1,775,784
2005 1,330,761 238,705 252,573 1,822,039
2006 1,321,972 235,080 246,437 1,803,489
Thereafter 7,405,361 969,065 858,009 9,232,432
Less: Interest 7,415,476 772,310 1,026,974 9,214,760
$ 18,588,543 $ 2,350,000 $ 2,480,000 $ 23,418,543
There is $1,381,838 available in the Debt Service Funds to service the general obligation and tax increment bonds.
There is also restricted cash and investments of$3,450,284 in the Special Revenue Fund to service the revenue bonds
associated with the Oaks of Mainstreet project. 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 the revenues received from the proceeds of the lease or sale of the
Residence at the Oaks of Mainstreet. _
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 and the revenues received from the proceeds of the lease or sale of the Residence at the —
Oaks of Mainstreet.
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.
The City is subject to a statutory limit of bonded indebtedness equaling 2.0 percent of market value. At December
31, 1997, the debt limit for the City was $13,284,452 but only $6,223,162 of general obligation and revenue bonds
were applicable to the limit. The legal debt margin was$7,061,290.
In prior years, the City defeased certain general obligation and other bonds by placing the proceeds of new bonds in �-
an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account
assets and the liability for the defeased bonds are not included in the City's financial statements.
Guaranteed Indebtedness
The City issued$3,795,000 Gross Revenue Bonds(The Oaks of Mainstreet Project), Series 1996A (the 1996A bonds) _
and $3,795,000 Unlimited Tax General Obligation Bonds (The Oaks of Mainstreet Project), Taxable Series 1996B
(the 1996B bonds) in 1996. The proceeds of the bond were loaned to The Oaks of Mainstreet, LLC (the borrower)to
finance costs of acquiring, constructing and equipping 66 townhomes(the Residences)to be marketed for sale and on
a lease-to-own basis.
40
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
The borrower has pledged lease revenues and the proceeds from the sale of the Residences to pay the principal and
interest on the 1996A and 1996B bonds. The City has pledged its full faith and credit and unlimited taxing powers
and is required to levy a tax on all taxable property in the City without limitation as to rate or amount if necessary to
pay the principal of and interest on the Series 1996B bonds when due. As of the date of this report the 1996A bonds
have been fully retired and$1,000,000 of the 1996B bonds have also been retired.
In the 1996 comprehensive financial report, the City disclosed these gross revenue bonds as guaranteed debt in the
footnotes to the general purpose financial statements. During 1997, the City changed the accounting method for this
transaction by recording these gross revenue bonds and related activity on the City's general purpose financial
statements. In addition,the City restated the 1996 amounts to conform with the 1997 presentation, which resulted in
an increase in the City's total fund equity of$6,738,135 as of December 31, 1996.
-- 5 DESIGNATIONS AND RESERVES OF FUND EQUITY
Fund equity in the various funds has been reserved or designated at December 31, 1997 as follows:
Reserved
General Fund:
Inventories $ 74,900
Special Revenue Funds:
Loans receivable 1,082,464
Central Business District Redevelopment Plan 200,000
Oaks of Mainstreet debt 3,450,284
Patio Homes 164,000
Total 4,896,748
_ Debt Service Funds:
Debt service 1,381,838
Enterprise Funds:
Storm Sewer Utility Fund:
Bonds and Interest 250,000
Trust Fund:
Plan participants 2,408,315
Total Reserved $9,011,801
Designated
General Fund:
Pavilion Carpet $ 56,000
Downtown Stage 32,000
-' Working Capital 2,539,400
Total 2,627,400
Special Revenue Funds
Housing Rehab Fund 1,025,472
Equipment Replacement 940,036
Building Improvements 30,499
T.I.F.projects 92,292
Total 2,088,299
Capital Projects Funds:
Street Improvements 2,694,876
Total Designated $7,410,575
41
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997 -
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, 1997:
Interfund Interfund -
Fund Receivable Payable
General Fund $ 1,210,000 $ -
Special Revenue Funds:
Economic Development Fund 2,350,275 -
Tax Increment 1.1 Fund 1,968,879 1,600,000
Art Center T.I. 1.2 Fund - 1,200,000 -
Entertainment Center T.I. 1.2 Fund 2,190,000
Tax Increment 2.3 Fund 3,706 -
Tax Increment 2.4 Fund 463 300 _
Tax Increment 2.5 Fund - 575
Tax Increment 2.6 Fund - 528,879
Tax Increment 2.7 Fund 28,850 -
Tax Increment 2.8 Fund - 1,250 -
Tax Increment 2.9 Fund - 31,169
Parking Fund 156,799 -
Paratransit - 10,000 -
Capital Project Funds:
Permanent Improvement Revolving Fund - 156,799
Enterprise Funds: -
Sewer Utility Fund 430,000 -
Storm Sewer Utility Fund - 430,000
Total $6,148,972 $6,148,972
7 SEGMENT INFORMATION FOR ENTERPRISE FUNDS -
The City maintains seven Enterprise funds which account for water, sewer, refuse, storm sewer utility operations,
pavilion/ice arena operations,art center operations and low income housing rentals. Segment information for the year
ended December 31, 1997 is as follows: -
Storm
Water Sewer Refuse Sewer Pavilion/ Total
Utility Utility Utility Utility Ice Arena Art Housing Enterprise
Fund Fund Fund Fund Fund Center Authority Funds -
Operating Revenues $ 843,533 $ 1,549,098 $ 496,310 $ 469,938 $ 252,738 $ 32,316 $197,870 $ 3,841,803
Depreciation Expense 153,389 112,520 38,398 108,614 5,422 1,599 - 419,942
Operating Income(Loss) 88,124 186,769 (80,583) 272,609 (4,391) (31,676) (255) 430,597 -
Net Income(Loss) 120,219 259,219 (21,380) 116,162 (3,006) (21,700) 871 450,385
Property and Equipment:
Additions 111,401 324,916 - 148,268 2,748 12,513 - 599,846
Deletions 407,812 2,727 80,033 - 4,000 - - 494,572 -
Net Working Capital 724,747 1,636,212 644,277 (539,486) 23,878 267,386 87,247 2,844,261
Total Assets 4,315,911 4,439,173 1,053,494 4,566,802 85,758 301,780 106,064 14,868,982
Bonds Payable - - - 2,350,000 - - - 2,350,000
Residual Equity Transfer - - - - - 300,000 - 300,000
Total Equity $ 4,237,691 $ 4,319,546 $ 1,019,055 $ 1,734,861 $ 51,202 $ 278,300 $ 87,247 $ 11,727,902
42
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
8 CONTRIBUTED CAPITAL
During the year there were no changes to contributed capital.
9 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 who retires before July 1, 1997 is 2 percent
— of average salary for each of the first 10 years of service and 2.5 percent for each remaining year. The annuity
accrual rate for Basic members who retire on or after July 1, 1997 is 2.2 percent of average salary for each of the
first 10 years of service and 2.7 percent for each remaining year. For a Coordinated Plan member who retires
_ before July 1, 1997, the annuity accrual rate is 1 percent of average salary for each of the.first 10 years and 1.5
percent for each remaining year. For Coordinated members who retire on or after July 1, 1997, the annuity
accrual rates increase by 0.2 percent(to 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 2.5 percent of average salary for Basic Plan
members and 1.5 percent for Coordinated Plan members who retire before July 1, 1997. For PEPFF members,the
annuity accrual rate is 2.65 percent for each year of service for members retiring before July 1, 1997. Effective
July 1, 1997,the annuity accrual rate is increased to 3.0 percent. For all PEPFF members and for PERF members
whose annuity is calculated 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.
43
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997 —
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#200, St.
Paul,Minnesota,55102 or by calling(612)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 8.23% and 4.23%, respectively, of their annual covered salary. PEPFF members are required to
contribute 7.60% of their annual covered salary. The City of Hopkins is required to contribute the following —
percentages of annual covered payroll: 10.73%for Basic Plan PERF members,4.48%for Coordinated Plan PERF
members and 11.40%for PEPFF members. The City's contributions to the Public Employees Retirement Fund for
the years ending December 31, 1997, 1996, and 1995 were $135,795, $128,134, and$119,216, respectively. The
City's contributions to the Public Employees Police & Fire Fund for the years ending December 31, 1997, 1996,
and 1995 were $145,141, $146,653, and $135,537, 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 10 years. These benefit provisions and all other
requirements are consistent with enabling statutes.
Fundiniz 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: —
1997 Contributions: City $26,700
State $50,904
Actuarial valuation date: 12/31/97 —
Actuarial cost method: Entry age normal actuarial cost method
Assumed rate of return: 5%
Annual Pension Benefit Cost for Past Three Years
Annual Pension
Year Ended Cost(APC) —
12/31/97 $ -
12/31/96 $253,665
12/31/95 $119,000 —
44
City of Hopkins,Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
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)
12/31/97 1,744,232 1,483,054 261,178 118%
12/31/96 1,389,767 1,173,520 216,247 118%
12/31/95 1,422,593 1,273,424 149,169 112%
Covered payroll and excess as a percentage of covered payroll are not disclosed because the Hopkins Fire
Department is a volunteer organization and therefore does not have any covered payroll.
10 DEFERRED COMPENSATION
In 1997, the City implemented GASB No. 32, Accounting and Financial Reporting for Internal Revenue Code
Section 457 Deferred Compensation Plans, which requires deferred compensation plans that meet the criteria in
Internal Revenue Code Section 457(g)and are held in trustee capacity by the City to be reported in an expendable
trust fund.
The City offers its employees deferred compensation plans created in accordance with Internal Revenue Code
` Section 457. These plans, available to all City employees, permit participants to defer a portion of their salary
until future years. The deferred compensation is not available to participants until termination, retirement, death
or unforeseeable emergency.
In 1997, the City amended its deferred compensation plans and transferred all assets and income of the plans to
trusts established for the exclusive benefit of eligible participants and their beneficiaries in accordance with
Internal Revenue Code Section 457(g). Participants' rights under the plans are equal to the fair market value of
the deferred account of each participant. No part of the trusts shall revert to the City or be used for or diverted to
purposes other than the exclusive benefit of participants and their beneficiaries. The plans are managed by third-
party administrators other than the City.
The City is trustee for the plans and accordingly, the plan assets (recorded at market value) and fund balances are
recorded in an expendable trust fund. Plan assets were $2,408,315 and $1,869,199 at December 31, 1997 and
1996,respectively.
The City makes a monthly flat rate payment into a deferred compensation plan for each sworn police officer. The
cost to the City in 1997 for this plan was$6,800.
11 BUDGET INFORMATION
For the year ended December 31, 1997, actual expenditures exceeded the budgeted amount in the following funds:
Fund Budgeted Actual Variance
Equipment Replacement $ 295,013 $ 299,502 $ ( 4,489)
The unfavorable variance in the equipment replacement fund was funded by excess actual revenues over budgeted
revenues. 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 and funds that are established for a
45
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
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:
Community Development Block Grant, T.I.F. 1.2—Entertainment Center, T.I.F. 2.3, T.I.F. 2.4, T.I.F. 2.5, T.I.F. 2.6,
T.I.F. 2.7 and T.I.F.2.8.
Budgeted Non-budgeted Total Special
Funds Funds Revenue Funds _
Total Revenue $ 8,219,731 $ 194,450 $ 8,414,181
Total Expenditure $11,766,828 $ 76,139 $ 11,842,967
Total Other Financing Sources(Uses) $(1,612,663) $ 3,894 $ (1,608,769)
12 FUND BALANCE DEFICITS
At December 31, 1997,the following funds had deficit fund balances. These deficits will be corrected through future
tax levies or interfund transfers:
Tax Increment 1.2,Art Facility $ 895,293
Tax Increment 2.5 $ 539
Tax Increment 2.6 $ 521,460 _
Tax Increment 2.8 $ 1,207
13 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,
the Hennepin County CDBG and the Housing Rehab Funds. Loans become due in full upon sale of property. _
Rehabilitation loans receivable amounted to$1,082,464 December 31, 1997.
14 METROPOLITAN WASTE CONTROL COMMISSION
A. Interceptor Acquisition Contract
As of January 1, 1971, the Metropolitan Waste Control Commission (MWCC) assumed ownership of all existing _
interceptors and treatment works. Under the terms of the agreement with the MWCC,the City is to be reimbursed
for the value at the time of transfer of such facilities.
The current value receivable represents the value of the facilities acquired by the MWCC, and was determined to
be $493,732 at the date of takeover by the MWCC. This amount is being amortized through credits received
against annual sewer service billings from the MWCC over a thirty-year period with interest at 4%.
Prior to 1997, the City received credits against MWCC billings totaling $713,804 of which $394,056 was treated
as a reduction of principal. During 1997,the City received a credit of$27,454, of which$23,476 was a reduction
of principal. As of December 31, 1997,a balance of$76,209 remained to be collected over the next three years. _
46
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS-CONTINUED
December 31, 1997
15 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 $600,000 Public Official Liability
Insurance policy with public entity and employee endorsement.
16 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.
The public entity risk pool has purchased a reinsurance policy to guard against excessive losses.
17 PRIOR YEAR
As described in note 10, the City implemented GASB No. 32, Accounting and Financial Reporting for Internal
Revenue Code Section 457 Deferred Compensation Plans, during 1997. This statement requires the deferred
compensation plans to be reported in an expendable trust fund. Prior to 1997, the deferred compensation plans were
reported in an agency fund. The City's fund equity and other credits are restated as of January 1, 1997, to reflect this
change in accounting principle.
Fund equity and other credits, as previously reported $ -
Cumulative effect of change in accounting principle
For GASB No.32 $ 1,869,199
Fund equity and other credits,as restated $ 1,869,199
The City recorded a prior period adjustment to correct its liability for compensated absences payable, correct a
disbursement to a trust account,to restate fund equity in the Trust Fund for GASB No. 32 implementation.
These prior period adjustments are summarized as follows:
General Fund $ (41,185)
Special Revenue Funds 201,737
Enterprise Funds (253,250)
Trust Fund 1,869,199
Total $ 1,776,501
47
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48
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION IIB
COMBINING, INDIVIDUAL FUNDS AND
ACCOUNT GROUPS
STATEMENTS AND SCHEDULES
49
CITY OF HOPKI NS, 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.
50 _
_ B
CITY OF HOPKINS, MINNESOTA
_ GENERAL FUND
BALANCESHEET
December 31, 1997
With Comparative Amounts for December 31, 1996
1997 1996
ASSET
Cash and investments $ 2,619,172 $ 3,325,009
Taxes receivable 75,893 46,742
Accounts receivable 36,805 29,004
Accrued interest receivable 35,626 70,100
Due from other funds 1,210,000 22,500
Due from other governments 4,545 48,509
Inventories 74,900 73,448
Total Assets $ 4,056,941 $ 3,615,312
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 388,495 $ 56,571
Compensated absences payable 532,267 477,423
Deferred revenue 184,982 56,450
Deposits 11,058 11,003
Total Liabilities 1,116,802 601,447
Fund Balance:
Reserved:
Inventory 74,900 73,448
Unreserved:
Designated for downtown park stage 32,000 -
Designated for Pavilion Carpet 56,000 38,000
Designated for working capital 2,539,400 2,535,440
Undesignated 237,839 366,977
Total Fund Balance 2,940,139 3,013,865
Total Liabilities and Fund Balance $ 4,056,941 $ 3,615,312
51
B-1
CITY OF HOPKINS, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- 1996
favorable Actual
Budget Actual (unfavorable) Restated
Revenues:
Property taxes $ 3,376,100 $ 3,352,709 $ (23,391) $ 3,303,941
Licenses and permits 284,800 371,739 86,939 352,362 _
Intergovernmental 2,157,800 2,194,089 36,289 1,994,782
Fines and forfeitures 71,500 91,879 20,379 66,682
Program income 70,200 107,496 37,296 110,762
Interest 360,000 126,273 (233,727) 389,184
Other 29,400 61,276 31,876 52,051
Total Revenues 6,349,800 6,305,461 (44,339) 6,269,764
Expenditures:
General Government 980,000 969,142 10,858 959,906 _
Public Safety 2,847,900 2,806,655 41,245 2,727,150
Community Development 683,900 694,367 (10,467) 558,808
Public Works 1,530,500 1,518,274 12,226 1,587,449
Recreation 250,300 317,499 (67,199) 146,329
Other 46,000 23,586 22,414 . 29,201
Total Expenditures 6,338,600 6,329,523 9,077 6,008,843
Excess(deficiency)of revenues over expenditures 11,200 (24,062) (35,262) 260,921
Other Financing Uses:
Operating transfers out:
P.I.R. Fund - - - (103,384) _
Paratransit Fund (11,200) (8,479) 2,721 (13,878)
Total Other Financing Uses (11,200) (8,479) 2,721 (117,262)
Excess(deficiency)of revenues over expenditures
and other financing uses - (32,541) (32,541) 143,659
Fund Balance- January 1 3,013,865 3,013,865 - 2,870,206
Prior Period adjustment - (41,185) (41,185) -
Fund Balance-December 31 $ 3,013,865 $ 2,940,139 $ (73,726) $ 3,013,865
52
B-2
CITY OF HOPKINS,MINNESOTA
GENERAL FUND
SCHEDULE OF REVENUES-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
_
Variance-7 1996
favorable Actual
Budget Actual (unfavorable) Restated
_ Taxes
General property taxes $ 2,936,100 $ 2,893,506 $ (42,594) $ 2,847,000
Fiscal disparities 440,000 459,203 19,203 456,941
Total Taxes 3,376,100 3,352,709 (23,391) 3,303,941
Licenses and permits
Business 119,100 137,605 18,505 125,078
Non-business 165,700 234,134 68,434 227,284
Total Licenses and permits 284,800 371,739 86,939 352,362
Intergovernmental
Local government aids 851,800 851,790 (10) 804,922
Homestead credit 961,200 961,173 (27) 940,102
-' State grants 90,300 138,463 48,163 31,949
Insurance premium-police 165,000 132,668 (32,332) 148,315
Insurance premium-fire 60,000 50,904 (9,096) 52,670
Federal grants 29,500 59,091 29,591 16,824
Total Intergovernmental 2,157,800 2,194,089 36,289 1,994,782
- Fines and forfeitures
Court fines 70,000 90,524 20,524 65,467
Other 1,500 1,355 (145) 1,215
-- Total Fines and forfeitures 71,500 91,879 20,379 66,682
Program income
General government 53,600 81,868 28,268 89,922
Public safety 15,600 24,648 .9,048 20,223
Public works 1,000 980 (20) 617
Total Program income110,76T-
Other
Interest 360,000 126,273 (233,727) 389,184
Miscellaneous 29,400 61,276 31,876 52,051
Total Other389,400 -187,,57T 01,851)
Total Revenues $ 6,349,800 $ 6,305,461 $ (44,339) $ 6,269,764
53
B-3
CITY OF HOPKINS, MINNESOTA
GENERAL FUND -
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL
Year Ended December 31, 1997 -
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance 1996
favorable Actual -
Budget Actual (unfavorable) Restated
GENERAL GOVERNMENT
Mayor and Council
Salaries and employee benefits $ 23,200 $ 23,521 $ (321) $ 23,513
Materials, supplies and services 58,500 62,764 (4,264) 66,711
Total 81,700 86,285 (4,585) 90,224 -'
Health and Welfare
Salaries and employee benefits - - - 13,206
Materials, supplies and services 36,600 36,656 (56) 49,617
Total 36,600 36,656 (56) 62,823
City Manager
Salaries and employee benefits 231,700 227,072 4,628 196,193
Materials, supplies and services 23,500 29,278 (5,778) 33,070 -
Capital outlay 8,100 5,299 2,801 4,133
Total 263,300 261,649 1,651 233,396
Less expenditures charged to other activities (20,000) (20,000) - (19,550) -
Net 243,300 241,649 1,651 213,846
Finance
Salaries and employee benefits 224,100 207,266 16,834 194,657
Materials, supplies and services 28,000 28,938 (938) 18,643
Capital outlay 3,000 3,314 (314) - -
Total 255,100 239,518 15,582 213,300
Less expenditures charged to other activities (120,000) (121,000) 1,000 (115,050)
Net 135,100 118,518 16,582 98,250
Legal Services
Materials, supplies and services 121,000 119,293 1,707 107,385 -
Municipal Building
Salaries and employee benefits 98,800 95,230 3,570 96,275 -
Materials, supplies and services 138,200 144,519 (6,319) 120,326
Capital outlay - - - 1,592
Total 237,000 239,749 (2,749) 218,193
Less expenditures charged to other activities (100,500) (100,500) - (100,000)
Net 136,500 139,249 (2,749) 118,193
54 -
_ B-3
CITY OF HOPKINS,MINNESOTA
_ GENERAL FUND
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- 1996
favorable Actual
Budget Actual (unfavorable) Restated
GENERAL GOVERNMENT(continued)
Activity Center
Salaries and employee benefits $ 117,700 $ 126,994 $ (9,294) $ 129,189
Materials, supplies and services 55,900 52,447 3,453 39,345
Capital outlay 4,100 3,985 115 -
Total 177,700 183,426 (5,726) 168,534
Elections
Salaries and employee benefits 15,400 7,704 7,696 21,760
Materials, supplies and services 6,400 5,446 954 6,349
Total 21,800 13,150 8,650 28,109
City Clerk
Salaries and employee benefits 38,900 43,143 (4,243) 88,107
Materials, supplies and services 3,900 4,372 (472) 3,985
Capital outlay 3,500 3,401 99 -
Total 46,300 50,916 (4,616) 92,092
Less expenditures charged to other activities (20,000) (20,000) - (19,550)
Net 26,300 30,916 (4,616) 72,542
- TOTAL GENERAL GOVERNMENT $ 980,000 $ 969,142 $ 10,858 $ 959,906
PUBLIC SAFETY
Police
Police Administration
Salaries and employee benefits $ 230,000 $ 235,483 $ (5,483) $ 216,704
Materials, supplies and services 37,500 51,708 (14,208) 54,336
Capital outlay 3,600 3,342 258 4,136
Total 271,100 290,533 (19,433) 275,176
Police Patrol and Investigation
Salaries and employee benefits 1,371,400 1,336,117 35,283 1,318,920
Materials, supplies and services 156,700 188,821 (32,121) 163,832
Capital outlay 13,800 12,498 1,302 16,003
Total 1,541,900 1,537,436 4,464 1,498,755
55
B-3
CITY OF HOPKINS,MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- 1996
favorable Actual
Budget Actual (unfavorable) Restated
PUBLIC SAFETY(continued)
Police Services
Salaries and employee benefits $ 466,700 $ 472,732 $ (6,032) $ 452,835
Materials, supplies and services 75,300 71,623 3,677 70,028
Capital outlay 16,100 12,591 3,509 12,406
Total 558,100 556,946 1,154 535,269
Total Police 2,371,100 2,384,915 (13,815) 2,309,200 _
Fire
Salaries and employee benefits 315,800 267,765 48,035 192,432 _
Materials, supplies and services 149,300 142,723 6,577 215,850
Capital outlay 11,700 11,252 448 9,668
Total 476,800 421,740 55,060 417,950 _
TOTAL PUBLIC SAFETY $ 2,847,900 $ 2,806,655 $ 41,245 $ 2,727,150
COMMUNITY DEVELOPMENT
Administration
Salaries and employee benefits $ 71,700 $ 78,357 $ (6,657) $ 29,801
Materials, supplies and services 1,100 1,341 (241) 2,840
Capital outlay 1,000 663 337
Total 73,800 80,361 (6,561) 32,641 _
Planning and Economic Development
Salaries and employee benefits 117,100 121,168 (4,068) 78,291 _
Materials, supplies and services 15,600 16,870 (1,270) 9,558
Total 132,700 138,038 (5,338) 87,849
Assessing
Salaries and employee benefits 164,500 166,532 (2,032) 156,642
Materials, supplies and services 13,600 10,841 2,759 10,343 _
Capital outlay 1,500 2,860 (1,360) 1,621
Total 179,600 180,233 (633) 168,606
56
_ B-3
CITY OF HOPKINS,MINNESOTA
_ GENERALFUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- 1996
favorable Actual
Budget Actual (unfavorable) Restated
COMMUNITY DEVELOPMENT(continued)
Inspections
- Salaries and employee benefits $ 264,700 $ 266,567 $ (1,867) $ 247,060
Materials,supplies and services 25,100 21,389 3,711 19,986
Capital outlay 8,000 7,779 221 2,666
Total 297,800 295,735 2,065 269,712
TOTAL COMMUNITY DEVELOPMENT $ 683,900 $ 694,367 $ (10,467) $ 558,808
PUBLIC WORKS
Public Works Buildings
Salaries and employee benefits $ 13,100 $ 12,355 $ 745 $ 23,427
Materials, supplies and services 44,500 36,876 7,624 44,235
Total 57,600 49,231 8,369 67,662
Equipment Services
Salaries and employee benefits 136,300 137,573 (1,273) 146,152
Materials, supplies and services 9,200 6,692 2,508 7,980
Capital outlay 1,900 2,396 (496) 3,103
Total 147,400 146,661 739 157,235
Less expenditures charged to other activities (127,200) (112,088) (15,112) (92,441)
Net 20,200 34,573 (14,373) 64,794
Public Works Administration
Salaries and employee benefits 108,300 98,081 10,219 90,647
Materials, supplies and services 14,300 16,838 (2,538) 10,698
Total 122,600 114,919 7,681 101,345
Less expenditures charged to other activities (100,300) (100,300) - (96,850)
Net 22,300 14,619 7,681 4,495
Engineering:
Salaries and employee benefits 113,700 120,485 (6,785) 105,783
Materials, supplies and services 15,800 14,091 1,709 14,444
Capital outlay - 563 (563) 5,800
Total 129,500 135,139 (5,639) 126,027
Less expenditures charged to other activities (80,000) (66,674) (13,326) (41,685)
Net 49,500 68,465 (18,965) 84,342
57
B-3
CITY OF HOPKINS, MINNESOTA
GENERALFUND
SCHEDULE OF EXPENDITURES -BUDGET AND ACTUAL-CONTINUED
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- 1996 _
favorable Actual
Budget Actual (unfavorable) Restated
PUBLIC WORKS(continued) _
Streets and Alleys:
Salaries and employee benefits $ 189,800 $ 230,269 $ (40,469) $ 161,648
Materials, supplies and services 114,100 118,542 (4,442) 89,132 _
Total 303,900 348,811 (44,911) 250,780
Less expenditures charged to other activities (500) (1,522) 1,022 (615)
Net 303,400 347,289 (43,889) 250,165
Snow and Ice Removal:
Salaries and employee benefits 60,700 75,638 (14,938) 93,535 _
Materials, supplies and services 17,200 30,289 (13,089) 20,128
Total 77,900 105,927 (28,027) 113,663
Seal Coat Zone:
Salaries and employee benefits 24,900 5,095 19,805 14,109
Materials, supplies and services 88,000 54,782 33,218 86,814
Total 112,900 59,877 53,023 1003923
Sidewalk Repair:
Salaries and employee benefits 7,600 859 6,741 2,477
Materials, supplies and services 36,200 36,206 (6) 40,215
Total 43,800 37,065 6,735 42,692
Traffic Signs and Signals:
Salaries and employee benefits 63,200 65,705 (2,505) 55,643
Materials, supplies and services 68,900 68,021 879 71,389
Capital outlay 8,500 7,304 1,196 5,218
Total 140,600 141,030 (430) 132,250
Street Lighting:
Salaries and employee benefits 9,600 7,515 2,085 6,725
Materials, supplies and services 102,900 109,317 (6,417) 110,285
Total 112,500 116,832 (4,332) 117,010
58
B-3
CITY OF HOPKINS, MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES- BUDGET AND ACTUAL- CONTINUED
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance 1996
favorable Actual
Budget Actual (unfavorable) Restated
PUBLIC WORKS(continued)
Street Cleaning:
Salaries and employee benefits $ 37,000 $ 32,646 $ 4,354 $ 29,735
Materials, supplies and services 14,800 9,359 5,441 13,638
Total 51,800 42,005 9,795 43,373
Municipal Parks:
Salaries and employee benefits 293,800 285,627 8,173 288,630
Materials, supplies and services 108,700 102,786 5,914 140,099
Capital outlay 5,400 6,726 (1,326) 34,522
Total 407,900 395,139 12,761 463,251
Tree Service:
Salaries and employee benefits 98,400 69,239 29,161 75,110
Materials, supplies and services 30,100 35,174 (5,074) 27,719
Capital outlay 1,600 1,809 (209)
Total 130,100 106,222 23,878 102,829
TOTAL PUBLIC WORKS $ 1,530,500 $ 1,518,274 $ 12,226 $ 1,587,449
_ RECREATION:
Salaries and employee benefits $ 50,800 $ 56,069 $ (5,269) $ 43,658
Materials, supplies and services 99,500 111,430 (11,930) 102,671
Capital outlay 100,000 150,000 (50,000) -
TOTAL RECREATION $ 250,300 $ 317,499 $ (67,199) $ 146,329
UNALLOCATED:
Materials, supplies and services $ 46,000 $ 23,586 $ 22,414 $ 29,201
OTHER FINANCING USES
Transfer to other fund $ 11,200 $ 8,479 $ 2,721 $ 117,262
TOTAL EXPENDITURES $ 6,349,800 $ 6,338,002 $ 11,798 $ 6,126,105
59
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60
CITY OF HOPKINS, 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 admin-
istrative regulation for specified purposes.
Equipment Replacement Fund - This fund was established for the purpose of
funding replacement of equipment items that are expected to exceed $5000 in cost.
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.
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.
61
CITY OF HOPKINS,MINNESOTA
SPECIAL REVENUE FUNDS _
COMBINING BALANCE SHEET
December 31, 1997 _
With Comparative Totals for December 31, 1996
Real Estate Hennepin Tax Art _
Equipment Economic Purchases County Increment Facility
Replacement Development &Sales CDBG 1.1 T.I. 1.2
ASSETS _
Cash and investments $ 930,722 $ 348,756 $ 30,219 $ 5,611 $ 161,927 $ 44,465
Taxes receivable 8,755 - - - 10,991 -
Special assessments receivable -
Accounts receivable 2,034 30,315 - 9,386 - 142,824
Rehabilitation loans receivable - 832,446 - 135,126 - -
Accrued interest receivable 7,801 3,244 280 56 1,607
Due from other funds - 2,350,275 - - 1,968,879 -
Due from other governments - - - 672 - 500,000
Restricted cash and investments - - -
Long term loans receivable - - -
Other assets - - -
Total Assets $ 949,312 $ 3,565,036 $ 30,499 $ 150,851 $ 2,143,404 $ 687,289
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 521 $ 591 $ - $ 10,016 $ 340 $ 382,582
Compensated absences payable - - - - 3,346 -
Due to other funds - - - - 1,600,000 1,200,000 _
Due to other governments - - - 6,436 - -
Deferred revenue 8,755 200,000 - - -
Total Liabilities 9,276 200,591 - 16,452 1,603,686 1,582,582
Fund balances:
Reserved for loans receivable - 832,446 - 134,399 - -
Reserved for Patio Homes - - - - - -
Reserved for Oaks of Mainstreet debt - - - - - -
Reserved for Business Dist. Redevel. - - - - -
Unreserved:
Designated for Equipment 940,036 - - - -
Designated for Building Imprvmnts. - - 30,499 - -
Designated for T.I.F.projects - - - - 539,718 -
Designated for Housing Rehab - - - - - -
Undesignated - 2,531,999 - - - (895,293)
Total Fund Balances 940,036 3,364,445 30,499 134,399 539,718 (895,293)
Total Liabilities and Fund Balance $ 949,312 $ 3,565,036 $ 30,499 $ 150,851 $ 2,143,404 $ 687,289
62
C
Entertainment Tax Totals
Center Increment Housing Restated
T.I. 1.2 2.1-2.9 Para-Transit Rehab Parkine Cable TV 1997 1996
$ 1,662 $ 117,257 $ 5,714 $ 1,073,954 $ 293,332 $ 242,411 $ 3,256,030 $ 4,187,726
_ - 999 - - - - 20,745 -
- 273,430 - - 273,430 -
- 9,284 40 24,610 218,493 9,522
- 115,619 - - 1,083,191 975,553
1,500 1,589 - 12,408 2,375 2,254 33,114 -
33,019 - - 156,799 - 4,508,972 3,147,132
9,597 - - - 510,269 105,052
200,000 3,450,284 - 164,000 - - 3,814,284 6,694,598
2,150,000 - - - - - 2,150,000 1,970,700
116,020
$ 2,353,162 $ 3,603,148 $ 15,311 $ 1,648,695 $ 452,546 $ 269,275 $ 15,868,528 $ 17,206,303
$ 446 $ 833 $ 5,311 $ 67,121 ;3 7,007 $ 923 $ 475,691 $ 58,466
2,803 2,120 2,248 10,517 9,742
2,190,000 562,173 10,000 - - - 5,562,173 2,964,200
250 - - 6,686 5,532
_ - - - 273,430 _ 834 - 483,019 2,103
2,190,446 563,006 15,311 343,604 9,961 3,171 6,538,086 3,040,043
115,619 - - 1,082,464 2,946,253
164,000 - - 164,000 -
_ - 3,450,284 - - - - 3,450,284 6,694,598
200,000 - - - - - 200,000 -
_ - - - - - - 940,036 735,950
- - - 30,499 25,403
(37,284) (410,142) - - - - 92,292 (379,318)
_ - - - 1,025,472 - - 1,025,472 895,052
- - _ 442,585 266,104 2,345,395 3,248,322
162,716 3,040,142 - 1,305,091 442,585 266,104 9,330,442 14,166,260
$ 2,353,162 $ 3,603,148 $ 15,311 $ 1,648,695 9; 452,546 $ 269,275 $ 15,868,528 $ 17,206,303
63
CITY OF HOPKINS,MINNESOTA
TAX INCREMENT 2.1-2.9
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals for December 31, 1996
Tax Tax Tax
Increment Increment Increment
2.1 2.3 2.4
ASSETS
Cash and investments $ 30,523 $ 2,561 $ 40
Taxes receivable - 999 -
Accrued interest receivable 255 24
Due from other funds - 3,706 463
Due from other governments - - -
Restricted cash and investments -
Total Assets $ 30,778 $ 7,290 $ 503
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 833 $ - $ -
Due to other funds - - 300 _
Total Liabilities 833 - 300
Fund Balance(Deficit):
Reserved for Oaks of Mainstreet Project - - -
Unreserved:
Designated for T.I.F. projects 29,945 7,290 203
Total Fund Balance 29,945 7,290 203
Total Liabilities and Fund Balance $ 30,778 $ 7,290 $ 503
64
Ca
Tax Tax Tax Tax Tax Totals
_ Increment Increment Increment Increment Increment 1996
2.5 2.6 2.7 2.8 2.9 1997 Restated
_ $ 36 $ 7,088 $ 76,690 $ 43 $ 276 $ 117,257 $ 28,160
999 -
331 979 - - 1,589 -
- - 28,850 - - 33,019 -
_ 76,351
3,450,284 3,450,284 6,694,598
$ 36 $ 7,419 $ 106,519 $ 43 $ 3,450,560 $ 3,603,148 $ 6,799,109
$ - $ - $ - $ - $ - $ 833 $ -
575 528,879 - 1,250 31,169 562,173 677,200
575 528,879 - 1,250 31,169 5635006 677,200
- 3,450,284 3,450,284 6,694,598
(539) (521,460) 106,519 (1,207) (30,893) (410,142) (572,689)
(539) (521,460) 106,519 (1,207) 3,419,391 3,040,142 6,121,909
$ 36 $ 75419 $ 106,519 $ 43 $ 3,450,560 $ 3,6035148 $ 6,799,109
65
CITY OF HOPKINS,MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Real Estate Hennepin Tax Art
Equipment Economic Purchases County Increment Facility _
Replacement Development &Sales CDBG 1.1 T.I. 1.2
Revenues:
Taxes:
Property taxes $ 456,244 $ - $ - $ - $
Tax increment - - - - 1,004,679 -
Special assessments -
Intergovernmental:
Federal - - - 55,072 -
State of Minnesota - - - - - 500,000
Franchise fee -
Fines and forfeitures -
Interest on rehab loans - 41,113 - 3,845 - -
Charges for services - 81,875 3,700 - -
Interest 32,760 68,212 1,396 - 12,032
Other 14,584 2,000 - - - 417,825
Total Revenues 503,588 193,200 5,096 58,917 1,016,711 917,825
Expenditures:
Salaries and employee benefits - 15,170 - - 44,545 -
Materials,supplies and services 20,750 46,801 - 58,917 9,423 463,458
Capital outlay: _
Land acquisitions - - - - - -
Public improvements - - - - 1,141
Site improvements - - - - 226,441 3,029,810
Other equipment 278,752 - - - - -
Total Expenditures 299,502 61,971 - 58,917 281,550 3,493,268
Excess(deficiency)of revenues over expenditures 204,086 131,229 5,096 - 735,161 (2,575,443) _
Other Financing Sources(Uses):
Proceeds of bond issue - - - - - -
Operating transfers in - 275 - - 50,000 1,856,000
Operating transfers out - - - - (2,596,000) -
Total Other Financing Sources(Uses) - 275 - - (2,546,000) 1,856,000
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses 204,086 131,504 5,096 - (1,810,839) (719,443)
Fund Balance-January 1 735,950 3,232,941 25,403 134,399 2,348,877 (175,850)
Prior period adjustment - - 1,680 -
Fund Balance-December 31 $ 940,036 $ 3,364,445 $ 30,499 $ 134,399 $ 539,718 $ (895,293)
66
C-1
Entertainment Tax Totals
Center Increment Housing Restated
T.I. 1.2 2.1-2.9 Para-Transit Rehab Parking Cable TV 1997 1996
$ _ $ _ $ _ $ _ $ _ $ - $ 456,244 $ 450,000
395,125 - - - - 1,399,804 1,411,698
- 98,498 - - 98,498 97,956
_ - 43,256 - - 98,328 38,000
33,128 - - - 533,128 34,810
165,129 165,129 61,343
5,789 - 5,789 15,986
5,452 - - 50,410 159,780
4,022,041 18,347 525,401 29,995 135 4,681,494 365,060
7,611 255,564 35 86,057 13,223 10,337 487,227 200,771
3,721 - - 438,130 173,799
7,611 4,672,730 51,510 762,385 49,007 175,601 8,414,181 3,009,203
18,735 6,186 92,286 59,483 52,918 289,323 225,850
212 14,011 53,803 76,771 55,167 37,183 836,496 301,499
1,390,399
1,141 -
15,027 5,265,632 - 1,895,000 - - 10,431,910 1,126,952
5,345 284,097 362,704
15,239 5,298,378 59,989 2,064,057 114,650 95,446 11,842,967 3,407,404
(7,628) (625,648) (8,479) (1,301,672) (65,643) 80,155 (3,428,786) (398,201)
- 1,700,000 - - 1,700,000 8,770,000
- 8,479 - - - 1,914,754 213,878
- (2,456,119) - (171,404) - - (5,223,523) (2,304,162)
- (2,456,119) 8,479 1,528,596 - - (1,608,769) 6,679,716
(7,628) (3,081,767) - 226,924 (65,643) 80,155 (5,037,555) 6,281,515
(29,656) 6,121,909 - 1,078,126 508,240 185,921 14,166,260 7,884,745
200,000 - - 41 (12) 28 201,737 -
$ 162,716 $ 3,040,142 $ - $ 1,305,091 S 442,585 $ 266,104 $ 9,330,442 $ 14,166,260
67
CITY OF HOPKINS, MINNESOTA
TAX INCREMENT 2.1-2.9
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE
Year Ended December 31, 1997 —
With Comparative Totals for Year Ended December 31, 1996
Tax Tax Tax Tax
Increment Increment Increment Increment
2.1 2.3 2.4 2.5 —
Revenues:
Taxes:
Tax increment $ 271,176 $ 999 $ - $ -
Proceeds from sales - - - -
Interest 686 130 - -
Total Revenues 271,862 1,129 - - --
Expenditures:
Salaries and employee benefits 18,735 - - - —
Materials, supplies and services 18,801 348 260 264
Capital outlay:
Land acquisitions - - - - —
Site improvements 743 - - -
Park improvements - - - -
Total Expenditures 38,279 348 260 264 —
Excess(deficiency)of revenues over expenditures 233,583 781 (260) (264)
Other Financing Sources(Uses)
Proceeds of bond issue
Operating transfer from tax increment fund - 3,706 463 -
Operating transfer to debt service funds (203,200) - - (275)
Total Other Financing Sources(Uses) (203,200) 3,706 463 (275)
Excess(deficiency)of revenues over expenditures and
other financing uses 30,383 4,487 203 (539)
Fund balance(deficit)- January 1 (438) 2,803 - -
Fund balance(deficit)-December 31 $ 29,945 $ 7,290 $ 203 $ (539)
68
C-la
Tax Tax Tax Tax Totals
Increment Increment Increment Increment 1996
2.6 2.7 2.8 2.9 1997 Restated
$ 18,615 $ 104,335 $ - $ - $ 395,125 $ 284,576
- 4,022,041 4,022,041 300,000
1,382 2,461 - 250,905 255,564 57,824
19,997 106,796 - 4,272,946 4,672,730 642,400
18,735 -
268 277 293 (6,500) 14,011 236,448
1,390,399
- 273 5,264,616 5,265,632 634,722
268 277 566 5,258,116 5,298,378 2,261,569
19,729 106,519 (566) (985,170) (625,648) (1,619,169)
8,770,000
- (4,169) - -
_ - - - (2,252,644) (2,456,119) (1,233,627)
- (2,256,813) (2,456,119) 7,536,373
19,729 106,519 (566) (3,241,983) (3,081,767) 5,917,204
(541,189) - (641) 6,661,374 6,121,909 204,705
$ (521,460) $ 106,519 $ (1,207) $ 3,419,391 $ 3,040,142 $ 6,121,909
69
C-2
CITY OF HOPKINS, MINNESOTA
EQUIPMENT REPLACEMENT FUND
STATEMENT OF REVENUES, EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997 _
Variance--
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Taxes:
General property taxes $ 465,000 $ 406,860 $ (58,140) $ 450,000 _
Fiscal disparities - 49,384 49,384 -
Interest 11,100 32,760 21,660 19,000
Other 22,100 14,584 (7,516) 50,077 _
Total Revenues 498,200 503,588 5,388 519,077
Expenditures:
Materials, supplies and services 9,300 20,750 (11,450) 20,451
Capital outlay:
Vehicles 91,600 88,147 3,453 235,069 _
Office equipment 10,000 19,562 (9,562) 10,898
Other equipment 184,113 171,043 13,070 112,598
Total Expenditures 295,013 299,502 (4,489) 379,016
Excess of revenues over expenditures 203,187 204,086 899 140,061
Fund Balance-January 1 735,950 735,950 - 595,889
Fund Balance- December 31 $ 939,137 $ 940,036 $ 899 $ 735,950
70
_ C-3
CITY OF HOPKINS, MINNESOTA
_ ECONOMIC DEVELOPMENT FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Interest on rehabilitation loans $ 17,000 $ 41,113 $ 24,113 $ 26,847
Program income 20,000 81,875 61,875 15,220
Interest 65,000 68,212 3,212 96,947
Other 18,000 2,000 (16,000) 120,022
Total Revenues 120,000 193,200 73,200 259,036
Expenditures:
Salaries and employee benefits 14,600 15,170 (570) -
Materials, supplies and services 130,500 46,801 83,699 100,786
Loans in progress/write off - - - (188,381)
Land- deposit refund - - - (225,000)
Total Expenditures 145,100 61,971 83,129 (312,595)
Excess(deficiency)of revenues over expenditures (25,100) 131,229 156,329 571,631
Other Financing Sources:
Operating transfer from Tax Increment Fund - 275 275 -
Excess(deficiency)of revenues and other
financing sources over expenditures (25,100) 131,504 156,604 571,631
Fund Balance-January 1 3,232,941 3,232,941 - 2,661,310
Fund Balance-December 31 $ 3,207,841 $ 3,364,445 $ 156,604 $ 3,232,941
71
C-4
CITY OF HOPKINS,MINNESOTA
REAL ESTATE PURCHASES AND SALES FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance-- —
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Right-of-way fees $ 3,700 $ 3,700 $ - $ 3,700
Interest - 1,396 1,396 -
Total Revenues 3,700 5,096 1,396 3,700
Expenditures:
Excess of revenues over expenditures 3,700 5,096 1,396 3,700
Fund Balance-January 1 25,403 25,403 - 21,703
Fund Balance-December 31 $ 29,103 $ 30,499 $ 1,396 $ 25,403
72
_ C-5
CITY OF HOPKINS,MINNESOTA
TAX INCREMENT 1.1 FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance—
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Taxes:
Tax increment $ 1,300,000 $ 1,004,679 $ (295,321) $ 1,127,122
Interest - 12,032 12,032 -
Total Revenues 1,300,000 1,016,711 (283,289) 1,127,122
Expenditures:
Salaries and employee benefits 52,000 44,545 7,455 65,688
Materials, supplies and services 15,300 9,423 5,877 -
Capital outlay:
Public improvements 35,000 1,141 33,859 133,366
Grocery Store development 200,000 217,302 (17,302) -
Hopkins Plaza/Home Center - 9,139 (9,139) -
Total Expenditures 302,300 281,550 20,750 199,054
Excess(deficiency)of revenues over expenditures 997,700 735,161 (262,539) 928,068
Other Financing Sources(Uses):
Operating transfer to Bonds of 1993 - Refunding (1.80,000) (180,000) - (190,000)
Operating transfer to Bonds of 1993 - Refunding (200,000) (200,000) - (184,000)
Operating transfer to Bonds of 1990-Taxable (360,000) (360,000) - (360,000)
Operating transfer to Bonds of 1988 Redevelopment - - - (39,737)
Operating transfer to Tax Increment 1.2 Art Center (1,650,000) (1,856,000) (206,000) (200,000)
Operating transfer from Tax Increment 2.1 Fund - 50,000 50,000 -
Total Other Financing Sources(Uses) (2,390,000) (2,546,000) (156,000) (973,737)
Deficiency of revenues and other financing sources
over expenditures and other financing uses (1,392,300) (1,810,839) (418,539) (45,669)
Fund Balance- January 1 2,348,877 2,348,877 - 2,394,546
Prior period adjustment - 1,680 1,680
Fund Balance- December 31 $ 956,577 $ 539,718 $ (416,859) $ 2,348,877
73
C-6
CITY OF HOPKINS,MINNESOTA
TAX INCREMENT 1.2 FUND-ART FACILITY
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance--
favorable 1996
Budizet Actual (unfavorable) Actual
Revenues: —
Intergovernmental revenue
State grant $ 500,000 $ 500,000 $ - $
Other contributions 855,000 417,825 (437,175)
Total Revenues 1,355,000 917,825 (437,175) -
Expenditures:
Materials, supplies and services 207,290 463,458 (256,168) 175,850
Capital outlay:
Art Center 3,409,360 3,029,810 379,550 -
Total Expenditures 3,616,650 3,493,268 123,382 175,850
(Deficiency)of revenues over expenditures (2,261,650) (2,575,443) (313,793) (175,850) '
Other Financing Sources
Operating transfer from Tax Increment District 1-1 1,850,000 1,856,000 6,000 - —
Total Other Financing Sources 1,850,000 1,856,000 6,000 -
Deficiency of revenues and other financing
sources over expenditures (411,650) (719,443) (307,793) (175,850)
Fund Balance(deficit)-January 1 (175,850) (175,850) - - —
Fund Balance(deficit)- December 31 $ (587,500) $ (895,293) $ (307,793) $ (175,850)
74
C-7
CITY OF HOPKINS, MINNESOTA
_ TAX INCREMENT 2.1 FUND
STATEMENT OF REVENUES, EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance—
favorable 1996
Budget Actual (unfavorable Actual
Revenues:
Taxes:
Tax increment $ 300,000 $ 271,176 $ (28,824) $ 262,033
Interest - 686 686 -
Total Revenues 300,000 271,862 (28,138) 262,033
Expenditures:
Salaries and employee benefits 11,600 18,735 (7,135) -
Materials, supplies and services 2,200 18,801 (16,601) 19,415
Capital outlay:
Site improvements-R.L. Johnson - 743 (743) -
Street improvements-County Road 3 311,800 - 311,800 495
Total Expenditures 325,600 38,279 287,321 19,910
Excess(deficiency)of revenues over expenditures (25,600) 233,583 259,183 242,123
Other Financing Uses
Operating transfer to debt service, 1997- HRA (200,000) (203,200) (3,200) (215,004)
Operating transfer to P.I.R. Fund - - - (790,000)
Total Other Financing Uses (200,000) (203,200) (3,200) (1,005,004)
Excess(deficiency)of revenues over
expenditures and other financing uses (225,600) 30,383 255,983 (762,881)
Fund Balance(deficit)- January 1 (438) (438) - 762,443
Fund Balance(deficit)- December 31 $ (226,038) $ 29,945 $ 255,983 $ (438)
75
C-8
CITY OF HOPKINS,MINNESOTA
TAX INCREMENT 2.9 FUND
STATEMENT OF REVENUES, EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL _
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996 _
1997 _
Variance 1996
favorable Actual
Budget Actual (unfavorable) Restated
Revenues:
Taxes
Tax increment $ - $ - $ _ $ 734
Development fees 4,500,000 4,022,041 (477,959) 300,000
Interest 200,000 250,905 50,905 57,824
Total Revenues 4,700,000 4,272,946 (427,054) 358,558
Expenditures
Materials, supplies and services 10,000 (6,500) 16,500 216,117
Capital outlay:
Land acquisition - - - 1,390,399
Oaks of Mainstreet redevelopment project 6,829,257 5,264,616 1,564,641 634,227
Total Expenditures 6,839,257 5,258,116 1,581,141 2,240,743
Excess(deficiency)of revenues over expenditures (2,139,257) (985,170) 1,154,087 (1,882,185)
Other Financing Sources(Uses):
Bond sale proceeds - - - 8,770,000
Operating transfer out - (4,169) (4,169) -
Operating transfer out for debt service (2,400,000) (2,252,644) 147,356 (228,623)
Total Other Financing Sources(Uses) (2,400,000) (2,256,813) 143,187 8,541,377
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses (4,539,257) (3,241,983) 1,297,274 6,659,192
Fund Balance-January 1 6,661,374 6,661,374 - 2,182
Fund Balance- December 31 $ 2,122,117 $ 3,419,391 $ 1,297,274 $ 6,661,374
76
C-9
CITY OF HOPKINS,MINNESOTA
PARA-TRANSIT FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance--
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Intergovernmental:
State grant(Para-Transit) $ 34,800 $ 33,128 $ (1,672) $ 34,810
Program income 24,500 18,347 (6,153) 20,245
Interest - 35 35 -
Total Revenues 59,300 51,510 (7,790) 55,055
Expenditures:
Salaries and employee benefits 5,800 6,186 (386) 5,685
Materials, supplies and services 64,700 53,803 10,897 63,248
Total Expenditures 70,500 59,989 10,511 68,933
Excess(deficiency)of revenues over expenditures (11,200) (8,479) 2,721 (13,878)
Other Financing Sources:
Operating transfer from the General Fund 11,200 8,479 (2,721) 13,878
Excess(deficiency)of revenues and other financing
sources over expenditures - - - -
Fund Balance- January 1 - - - -
Fund Balance-December 31
77
C-10
CITY OF HOPKINS,MINNESOTA
HOUSING REHAB FUND -
STATEMENT OF REVENUES, EXPENDITURES,AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance---
favorable
ariance--favorable 1996
Budget Actual (unfavorable) Actual
Revenues: -
Special assessments $ 98,800 $ 98,498 $ (302) $ 97,956
Intergovernmental:
Federal- Section 8 30,000 43,256 13,256 38,000 '
Program income 500,000 525,401 25,401
Interest 6,200 86,057 79,857 17,000
Interest on rehabilitation loans 8,000 5,452 (2,548) 129,668 '
Other - 3,721 3,721 -
Total Revenues 643,000 762,385 119,385 282,624
Expenditures:
Salaries and employee benefits 88,700 92,286 (3,586) 80,209
Materials, supplies and services 26,500 76,771 (50,271) 10,712
Capital outlay:
Meadow Creek project 122,600 - 122,600 137,205
Patio Homes 1,895,000 1,895,000 - _ -
Total Expenditures 2,132,800 2,064,057 68,743 228,126
Excess(deficiency)of revenues over expenditures (1,489,800) (1,301,672) 188,128 54,498 -
Other Financing Sources(Uses):
Proceeds from bond issue 1,700,000 1,700,000 - _ -
Operating transfer to debt service, 1995 - Housing (98,700) (171,404) (72,704) (96,798)
Total Other Financing Sources(Uses) 1,601,300 1,528,596 (72,704) (96,798)
Excess(deficiency)of revenues and other financing
sources over expenditures and other financing uses 111,500 226,924 115,424 (42,300)
Fund Balance-January 1 1,078,126 1,078,126 - 1,120,426
Prior period adjustment - 41 41 -
Fund Balance-December 31 $ 1,189,626 $ 1,305,091 $ 115,465 $ 1,078,126
78
_ C-11
CITY OF HOPKINS,MINNESOTA
PARKING FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance—
favorable 1996
Budget Actual (unfavorable) Actual
Revenues:
Court fines $ 25,000 $ 5,789 $ (19,211) $ 15,986
Program income 36,000 29,995 (6,005) 29,595
Interest 5,000 13,223 8,223 5,000
Total Revenues 66,000 49,007 (16,993) 50,581
Expenditures:
Salaries and employee benefits 60,000 59,483 517 51,755
Materials, supplies and services 63,000 55,167 7,833 35,522
Total Expenditures 123,000 114,650 8,350 87,277
Deficiency of revenues over expenditures (57,000) (65,643) (8,643) (36,696)
Fund Balance- January 1 508,240 508,240 - 544,936
Prior period adjustment (12) (12)
Fund Balance-December 31 $ 451,240 $ 442,585 $ (8,655) $ 508,240
79
C-12
CITY OF HOPKINS,MINNESOTA
CABLE TV FUND
STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE- BUDGET AND ACTUAL
Year Ended December 31, 1997
With Comparative Actual Amounts for Year Ended December 31, 1996
1997
Variance--
favorable 1996
Budget Actual (unfavorable) Actual
Revenues: '-
Franchise fees $ 82,000 $ 165,129 $ 83,129 $ 61,343
Program income - 135 135 -
Interest 2,400 10,337 7,937 5,000
Total Revenues 84,400 175,601 91,201 66,343
Expenditures:
Salaries and employee benefits 49,600 52,918 (3,318) 22,513
Materials, supplies and services 48,500 37,183 11,317 77,108
Capital outlay 1,000 5,345 (4,345) 4,139
Total Expenditures 99,100 95,446 3,654 103,760
Excess(deficiency)of revenues over expenditures (14,700) 80,155 94,855 (37,417)
Fund Balance- January 1 185,921 185,921 - 223,338
Prior period adjustment - 28 28
Fund Balance- December 31 $ 171,221 $ 266,104 $ 94,883 $ 185,921
80
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.
81,
CITY OF HOPKINS,MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals for December 31, 1996
Taxable Taxable HRA
Improvement Redevelopment G.O. Revenue Taxable D Redevelopment
Revolving Refunding Bonds Bonds Redevelopment Refunding C Redevelopment
Bonds of Bonds of Series B Series A Bonds of Bonds of Bonds of
1990 1992 1996 1996 1996 1993 1996 _
ASSETS
Cash and investments $ 58,997 $ 182,588 $ - $ - $ 79,383 $ 112,187 $ 44,466
Taxes receivable 1,063
Accrued interest receivable 546 1,694 - - 737 1,041 413
Restricted cash and investments
Total Assets $ 60,606 $ 184,282 $ - $ - $ 80,120 $ 113,228 $ 44,879
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred revenue $ 847 $ - $ - $ - $ - $ _ $ _
Fund Balance:
Reserved for debt service 59,759 184,282 - - 80,120 113,228 44,879
Total Liabilities and Fund Balance $ 60,606 $ 184,282 $ - $ - $ 80,120 $ 113,228 $ 44,879
82
D
Park and Park and
Redevelopment Recreational Improvement Recreational
_ Refunding A Facilities Revolving Refunding D Housing Redevelopment Housing
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Totals
1993 1990 1992 1993 1995 1997 1997 1997 1996
$ 186,293 $ 145,096 $ 171,768 $ 74,565 $ 78,546 $ 140,982 $ 92,403 $ 1,367,274 $ 1,125,661
2,376 657 3,378 - - - 7,474 -
1,729 1,343 1,593 689 - 1,308 857 11,950 -
_ 43,537
$ 188,022 $ 148,815 $ 174,018 $ 78,632 $ 78,546 $ 142,290 $ 93,260 $ 1,386,698 $ 1,169,198
$ - $ 1,894 $ 524 $ 1,595 $ - $ - $ - $ 4,860 $ -
188,022 146,921 173,494 77,037 78,546 142,290 93,260 1,381,838 1,169,198
$ 188,022 $ 148,815 $ 174,018 $ 78,632 $ 78,546 $ 142,290 $ 93,260 $ 1,386,698 $ 1,169,198
83
CITY OF HOPKINS,MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND '
CHANGES IN FUND BALANCE
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Taxable Taxable HRA
Improvement Redevelopment G.O. Revenue Taxable D Redevelopment
Revolving Refunding Bonds Bonds Redevelopment Refunding C Redevelopment
Bonds of Bonds of Series B Series A Bonds of Bonds of Bonds of
1990 1992 1996 1996 1996 1993 1996 -
Revenues:
Taxes:
General property taxes $ 58,118 $ - $ - $ - $ _ $ _ $ _
Fiscal disparities 9,035
Intergovernmental:
State of Minnesota
Interest 1,287 2,295 293 318 3,999 1,854 2,242
Total Revenues 68,440 2,295 293 318 3,999 1,854 2,242
Expenditures:
Bonds matured 50,000 275,000 - 1,825,000 - 20,000 -
Interest on bonds 13,685 83,363 215,999 255,793 42,352 137,660 23,750 _
Fiscal agent charges 300 600 - - 38 779 38
Total Expenditures 63,985 358,963 215,999 2,080,793 42,390 158,439 23,788
Excess(deficiency)of revenues over
expenditures 4,455 (356,668) (215,706) (2,080,475) (38,391) (156,585) (21,546)
Other Financing Sources:
Operating transfer from P.I.R.Fund - -
Operating transfer from Tax Increment 1.1 - 360,000 - - - 180,000
Operating transfer from Tax Increment 2.1 - -
Operating transfer from Tax Increment 2.9 - - 194,809 2,057,835 - -
Operating transfer from Housing Rehab - -
Total Other Financing Sources - 360,000 194,809 2,057,835 - 180,000 -
Excess(deficiency)of revenues and other
financing sources over expenditures 4,455 3,332 (20,897) (22,640) (38,391) 23,415 (21,546)
Fund Balance-January 1 55,304 180,950 20,897 22,640 118,511 89,813 66,425
Fund Balance-December 31 $ 59,759 $ 184,282 $ - $ - $ 80,120 $ 113,228 $ 44,879
84
D-1
Park and Park and
Redevelopment Recreational Improvement Recreational
Refunding A Facilities Revolving Refunding D Housing Redevelopment Housing
Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Bonds of Totals
1993 1990 1992 1993 1995 1997 1997 1997 1996
$ - $ 129,909 $ 35,896 $ 111,202 $ - $ - $ - $ 335,125 $ 354,000
20,197 5,580 17,008 - - - 51,820
161 - - 161 -
5,472 3,330 5,414 1,165 347 2,578 3,556 34,150 35
5,472 153,436 46,890 129,536 347 2,578 3,556 421,256 354,035
160,000 140,000 130,000 25,000 - - - 2,625,000 1,026,600
36,573 13,370 77,608 90,790 61,328 63,400 - 1,115,671 572,741
_ 300 300 300 300 150 88 - 3,193 3,561
196,873 153,670 207,908 116,090 61,478 63,488 - 3,743,864 1,602,902
(191,401) (234) (161,018) 13,446 (61,131) (60,910) 3,556 (3,322,608) (1,248,867)
168,000 - - 168,000 183,200
200,000 - - - - 740,000 773,737
203,200 - 203,200 215,004
2,252,644 228,588
81,700 - 89,704 171,404 96,798
200,000 - 168,000 - 81,700 203,200 89,704 3,535,248 1,497,327
8,599 (234) 6,982 13,446 20,569 142,290 93,260 212,640 248,460
179,423 147,155 166,512 63,591 57,977 1,169,198 920,738
$ 188,022 $ 146,921 $ 173,494 $ 77,037 $ 78,546 $ 142,290 $ 93,260 $ 1,381,838 $ 1,169,198
85
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86
CITY OF HOPKINS, 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.
87
E
CITY OF HOPKINS,MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals for December 31, 1996
Municipal Permanent
Park State Aid Improvement Totals
Improvements Construction Revolving Im 9
ASSETS
Cash and investments $ 4,673 $ 1,495,047 $ 1,185,313 $ 2,685,033 $ 87,393
Special assessments receivable - - 2,201,321 2,201,321 2,267,262 —'
Accounts receivable - - 1,027,233 1,027,233 1,038,900
Accrued interest receivable 43 13,872 11,679 25,594 -
Due from other funds - - - - 315,000
Due from other governments - 24,111 - 24,111 5,868
Total Assets $ 4,716 $ 1,533,030 $ 4,425,546 $ 5,963,292 $ 3,714,423
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ - $ 523 $ 4,049 $ 4,572 $ 347 —
Contract-retained percentage - 820 63,744 64,564 28,163
Due to other funds - - 156,799 156,799 497,932
Deferred revenue - - 2,561,486 2,561,486 2,448,352 _
Total Liabilities - 1,343 2,786,078 2,787,421 2,974,794
Fund Balance: _
Unreserved:
Designated for street improvements - 1,055,408 1,639,468 2,694,876 -
Undesignated 4,716 476,279 - 480,995 739,629 _
Total Fund Balance 4,716 1,531,687 1,639,468 3,175,871 739,629
Total Liabilities and Fund Balance $ 4,716 $ 1,533,030 $ 4,425,546 $ 5,963,292 $ 3,714,423
88
E-1
CITY OF HOPKINS,MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND
CHANGES IN FUND BALANCE
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Municipal Permanent
Park State Aid Improvement Totals
Improvemerits Construction Revolving 1997 1996
Revenues:
Special assessments $ $ - $ 437,925 $ 437,925 $ 512,405
Intergovernmental:
State of Minnesota - 1,252,170 77,076 1,329,246 25,550
Watershed District - - - 910,564
School District 270 - - - 13,958
Interest earned 216 51,483 64,078 115,777 206,685
Other - 36,308 36,308 9,500
Total Revenues 216 1,303,653 615,387 1,919,256 1,678,662
Expenditures:
Projects - 53,837 23,861 77,698 1,212,761
Street improvements - 987,673 987,673 -
Landfill - 56,873 56,873 -
Alley reconstruction - - 82,770 82,770 -
Park improvement and development - - - -
Total Expenditures - 53,837 1,151,177 1,205,014 1,212,761
Excess(deficiency)of revenues over expenditures 216 1,249,816 (535,790) 714,242 465,901
Other Financing Sources(Uses)
Proceeds from bond issuance - - 2,240,000 2,240,000
Operating transfers from General Fund - - - - 103,384
Operating transfers from Tax Increment 2.1 Fund - - - 790,000
- Operating transfers from State Construction Fund - - 116,000 116,000 -
Operating transfers to P.I.R.Fund - (116,000) - (116,000) -
Operating transfers to Tax Increment 2.1 Fund - - (50,000) (50,000) -
Operating transfers to debt service- 1992 - - (168,000) (168,000) (183,200)
Total Other Financing Sources(Uses) - (116,000) 2,138,000 2,022,000 710,184
Excess of revenues and other financing sources
over expenditures and other financing uses 216 1,133,816 1,602,210 2,736,242 1,176,085
Fund Balance(deficit)-January 1 4,500 397,871 337,258 739,629 (436,456)
Residual equity transfer to Enterprise Fund - - (300,000) (300,000) -
Fund Balance-December 31 $ 4,716 $ 1,531,687 $ 1,639,468 $ 3,175,871 $ 739,629
89
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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
Housing Authority Fund
91
CITY OF HOPKINS,MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1997
With Comparative Totals for December 31, 1996
Water Sewer Refuse
ASSETS
Utility Utility Utility
-
Current assets:
Cash and cash equivalents $ 701,104 $ 1,089,740 $ 620,929
Accounts receivable 80,873 128,405 50,485
Accrued interest receivable 8,370 13,105 5,337
Due from other funds - 430,000
Due from other governments - 5,816 -
Inventories 12,620 12,564 1,765
Prepaid expenses - - 200 -
Total current assets 802,967 1,679,630 678,716
Property and equipment
Land and land improvements 16,447 5,150 - -
Buildings and structures 44,486 - 302,727
Distribution system 5,712,388 4,683,752 -
Water meters 100,150 - -
Machinery and equipment 221,797 206,296 342,685
Construction in progress 30,720 - -
Total property and equipment 6,125,988 4,895,198 645,412
Less accumulated depreciation 2,613,044 2,211,864 270,634
Net property and equipment 3,512,944 2,683,334 374,778
Other Assets:
Long-term receivable-Metro Waste Control Comm. - 76,209
Other asset - - -
Restricted cash-debt service - - -
Total other assets - 76,209 -
Total Assets -$ 1,053,494
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts payable $ 47,886 $ 19,827 $ 30,040
Compensated absences payable 27,079 23,591 4,389
Due to other funds - - -
Due to other governments 3,255 - 10
Accrued interest payable - - -
Bonds payable - - -
Total Current Liabilities 78,220 43,418 34,439
Long-term Liabilities: -
Deferred credit - 76,209 -
Bonds payable(net of current portion) - - -
Total Long-term Liabilities - 76,209 - -
Total Liabilities 78,220 119,627 34,439
Fund Equity:
Contributed capital-federal grant - 472,684 -
Retained Earnings:
Reserved for debt service - - -
Unreserved 4,237,691 3,846,862 1,019,055
Total Retained Earnings 4,237,691 3,846,862 1,019,055
Total Fund Equity 4,237,691 4,319,546 1,019,055
Total Liabilities and Fund Equity1,U)3,494
92
F
Storm Sewer Pavilion/ Housing Totals
Utility Ice Arena Art Center Authority 1997 1996
$ 4,058 $ 25,864 $ 286,941 $ 40,039 $ 2,768,675 $ 2,104,274
73,397 26,743 2,357 58,079 420,339 776,200
- 256 1,568 - 28,636 -
_ - - 430,000 415,500
5,571 - - 11,387 45,911
- - - 26,949 12,271
- - - 7,946 8,146 4,976
77,455 58,434 290,866 106,064 3,694,132 3,359,132
- - 21,597 21,597
- - - - 347,213 347,213
4,894,621 - - - 15,290,761 14,428,100
- - - - 100,150 86,894
- 53,153 12,513 - 836,444 842,717
_ 5,564 - - - 36,284 800,652
4,900,185 53,153 12,513 - 16,632,449 16,527,173
660,838 25,829 1,599 - 5,783,808 5,852,260
4,239,347 27,324 10,914 - 10,848,641 10,674,913
- - - - 76,209 99,676
- - - - - 250,000
250,000 - - - 250,000 -
250,6W - . - - 326,209
$ 7,133 $ 19,360 $ 23,010 $ 18,817 $ 166,073 $ 88,983
14,848 470 - 70,377 51,295
430,000 - - - 430,000 438,000
348 - - 3,613 -
44,808 - - - 44,808 -
_ 135,000 - - - 135,000 125,000
616,941 34,556 23,480 18,817 849,871 703,278
- - - 76,209 99,676
2,215,000 - - - 2,215,000 2,350,000
2,215,000 - - - 2,291,209 2,449,676
2,831,941 34,556 23,480 18,817 3,141,080 3,152,954-
- - 472,684 472,684
250,000 - - - 250,000 1,868,699
1,484,861 51,202 278,300 87,247 11,005,218 8,889,384
1,734,861 51,202 278,300 87,247 11,255,218 10,758,083
1,734,861 51,202 278,300 87,247 11,727,902 11,230,767
$ 4,566,= -$-14,.3-83,72T-
93
CITY OF HOPKINS,MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENSES,AND CHANGES IN RETAINED EARNINGS
Year Ended December 31, 1997
With Comparative Totals for Year Ended December 31, 1996
Water Sewer Refuse
Utility Utility Utility
Operating revenues:
Charges for services $ 815,340 $ 1,514,763 $ 407,744
Admissions and fees - - 88,162
Rental - -
Leases - - - -
Other 28,193 34,335 404
Total Operating Revenues 843,533 1,549,098 496,310
Operating expenses(excluding depreciation)
Salaries and employee benefits 248,664 148,840 178,253
Materials,supplies and services 353,356 204,990 219,363
Disposal costs - 895,979 140,879
Total Operating Expenses(excluding depreciation) 602,020 1,249,809 538,495
Operating income(loss)before depreciation expense 241,513 299,289 (42,185)
Depreciation expense 153,389 112,520 38,398 -
Operating income(loss) 88,124 186,769 (80,583)
Nonoperating revenue(expense) -
Interest income 32,095 72,450 28,151
Interest/fiscal agent expense - - -
Intergovernmental grants - - 30,952
Other - - 100
Net Nonoperating Revenues(Expenses) 32,095 72,450 59,203
Net Income(loss) 120,219 259,219 (21,380)
Retained Earnings-January 1 4,121,129 3,585,121 1,040,356 _
Prior period adjustments (3,657) 2,522 79
Residual equity transfer in from Capital - -
Retained Earnings-December 31 $ 4,237,691 $ 3,846,862 $ 1,019,055 -
94
F-1
Storm Sewer Pavilion/ Art Housing Totals
Utility Ice Arena Center Authority 1997 1996
$ 463,714 $ - $ - $ 193,281 $ 3,394,842 $ 3,927,727
43,889 - - 132,051 -
198,445 1,640 - 200,085 -
30,666 - 30,666 -
6,224 10,404 10 _ 4,589 84,159 140,390
469,938 252,738 32,316 197,870 3,841,803 4,068,117
26,439 148,776 33,408 40,314 824,694 770,538
62,276 102,931 28,985 157,811 1,129,712 1,083,175
1,036,858 998,983
88,715 251,707 62,393 198,125 2,991,264 2,852,696
381,223 1,031 (30,077) (255) 850,539 1,215,421
108,614 5,422 1,599 - 419,942 357,748
272,609 (4,391) (31,676) (255) 430,597 857,673
1,385 9,976 1,126 145,183 38,502
(156,447) - - - (156,447) (118,838)
- 30,952 -
- 100 157,284
(156,447) 1,385 9,976 1,126 19,788 76,948
116,162 (3,006) (21,700) 871 450,385 934,621
1,868,699 56,402 - _ 86,376 10,758,083 9,823,462
(250,000) (2,194) - - (253,250) -
300,000 - 300,000 -
$ 1,734,861 $ 51,202 $ 278,300 $ 87,247 $ 11,255,218 $ 10,758,083
95
CITY OF HOPKINS,MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
Year Ended December 31, 1997 _
With Comparative Totals for Year Ended December 31, 1996
Water Sewer Refuse
Utility Utility Utility
Cash Flows from Operating Activities:
Operating income(loss) $ 88,124 $ 186,769 $ (80,583)
Adjustments to reconcile operating income(loss)to net cash
provided by operating activities:
Depreciation expense 153,389 112,520 38,398
(Increase)decrease in:
Accounts and accrued interest receivable 2,288 (4,510) 60,978
Due from other funds - (14,500) -
Due from other governments - 35,711 -
Inventories (2,751) (12,140) 213
Prepaid expense - - (200)
Due from Metropolitan Waste Control Commission - 23,467 -
Accounts,contracts and accrued interest payable 9,995 22,245 11,249
Due to other funds - - -
Due to other governments 3,255 - 10
Deferred revenue - (23,467) -
Cash Provided by(used)Operating Activities 254,300 326,095 30,065
Cash Flows from Noncapital Financing Activities:
Intergovernmental grants - - 30,952
Residual equity transfer in - - -
Other (3,657) 2,522 179
Cash Provided by(used)Noncapital Financing Activities (3,657) 2,522 31,131
Cash Flows from Capital and Related Financing Activities:
Purchases of property and equipment (111,401) (324,916) -
Sale of property and equipment 5,215 963 -
Interest and other payments - - -
Bond payments - - -
Cash Used in Capital and Related Financing Activities (106,186) (323,953) -
Cash Provided by Investing Activities-interest received 32,095 72,450 28,151
Increase in Cash and Cash Equivalents 176,552 77,114 89,347
Cash and Cash Equivalents-January 1 524,552 1,012,626 531,582
Cash and Cash Equivalents-December 31 $ 701,104 $ 1,089,740 $ 620,929
96
F-2
Storm Sewer Pavilion/ Art Housing Totals
Utility Ice Arena Center Authority 1997
$ 272,609. $ (4,391) $ (31,676) $ (255) $ 430,597 $ 857,673
108,614 5,422 1,599 - 419,942 357,748
243,912 27,792 (3,925) 688 327,223 (231,422)
(14,500) 100,300
(1,187) - - 34,524 (41,194)
_ - - (14,678) 30,081
(2,970) (3,170) (3,414)
23,467 22,564
43,837 23,788 23,480 6,386 140,980 3,841
_ 14,500 (22,500) - - (8,000) (94,400)
348 - - 3,613 -
_ - (23,467) -
683,472 29,272 (10,522) 3,849 1,316,531 1,001,777
- 30,952 -
300,000 - 300,000 -
(2,194) - - (3,150) 214,464
(2,194) 300,000 - 327,802 214,464
(148,268) (2,748) (12,513) - (599,846) (843,424)
- 6,178 -
(156,447) - - - (156,447) (118,838)
_ (125,000) - - - (125,000) (120,000)
(429,715) (2,748) (12,513) - (875,115) (1,082,262)
1,385 9,976 1,126 145,183 38,502
253,757 25,715 286,941 4,975 914,401 172,481
301 149 - 35,064 2,104,274 1,931,793
$ 254,058 $ 25,864 $ 286,941 $ 40,039 $ 3,018,675 $ 2,104,274
97
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98
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TRUST FUNDS
Trust Funds are established to account for assets held by the City as a trustee for
others.
Deferred Compensation Plan - This fund accounts for employee payroll deferments
held by the City and for the liability for such deferments. It also accounts for
refunds received by the City on employee terminations and payments by the City to
former employees or employee heirs.
99
G
CITY OF HOPKINS,MINNESOTA
TRUST FUND
BALANCESHEET
December 31, 1997
With Comparative Totals for December 31, 1996
1997 1996
ASSETS
Other assets with plan administrators $ 2,408,315 $ 1,869,199
LIABILITIES AND FUND BALANCE
Liabilities:
Deferred compensation funds $ - $ 1,869,199
Fund Balance:
Reserved for plan participants 2,408,315 -
Total Liabilities and Fund Balance $ 2,408,315 $ 1,869,199
100
_ G-1
CITY OF HOPKINS, MINNESOTA
_ EXPENDABLE TRUST FUND
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCE
Year ended December 31, 1997
With Comparative Amounts for Year Ended December 31, 1996
1997 1996
Revenues:
Interest $ 347,557 $ -
Employee contributions 240,914 -
Total Revenues 588,471 -
Expenditures:
Distributions to plan participants 49,355 -
Excess of revenues over expenditures 539,116 -
Fund Balance-January I - -
Cummulative effect of adoption of GASB 32 1,869,199 -
Fund Balance-January 1 as Restated 1,869,199 -
Fund Balance-December 31 $ 2,408,315 $ -
101
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102
CITY OF HOPKINS, 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.
103
H
CITY OF HOPKINS, MINNESOTA
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS
December 31, 1997
With Comparative Amounts for December 31, 1996
1927 1996
GENERAL FIXED ASSETS:
Land $ 3,966,249 $ 4,164,565
Buildings 8,608,845 4,788,227
Improvements other than buildings 12,810,968 11,659,412
Vehicles 2,429,320 2,341,173
Machinery and equipment 3,118,112 2,853,009
Construction in progress 203,047 159,042
Total General Fixed Assets $ 31,136,541 $ 25,965,428
INVESTMENT IN GENERAL FIXED ASSETS:
Investments in assets acquired prior to January 1, 1981 $ 5,391,126 $ 5,414,594
Investments in assets acquired after January 1, 1981:
General Fund 1,828,186 1,724,534
Special Revenue Funds 12,355,310 8,492,356
Capital Projects Funds 6,922,707 6,084,204
Special Assessments 4,436,165 4,090,698
Construction in progress 203,047 159,042 _
Total Investment in General Fixed Assets $ 31,136,541 $ 25,965,428
104
H-1
CITY OF HOPKINS, MINNESOTA
GENERAL FIXED ASSETS ACCOUNT GROUP
SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY
December 31, 1997
Buildings Improvements Equipment
and Otherthan and
Function and Activity Total Land Structures Deductions Vehicles
Administration $ 1,870,421 $ 1,181,828 $ - $ 534,016 $ 154,577
Finance 70,404 - - - 70,404
Government buildings 983,350 - . 606,687 - 376,663
Community development 1,494,703 1,410,799 - - 83,904
Activity center 906,854 - 841,370 - 65,484
Police 1,407,050 - 20,649 11,470 1,374,931
Fire 1,354,418 -
Public works 13,469,374 285,104 788,748 11,071,048 1,324,474
Parks 3,193,036 1,088,5118 167,507 1,194,434 742,577
Pavilion/lee Arena 2,363,266 - 2,363,266 - -
Arts Center 3,820,618 - 3,820,618 -
Construction in progress 203,047 - - 203,047
Total $ 31,136,541 $ 3,966,249 $ 8,608,845 $ 13,014,015 $ 5,547,432
101i
H-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, 1997
General General
Fixed Assets Fixed Assets _
January 1, December 31,
Function and Actiy4 1997 Additions Deductions 1997
Administration $ 2,054,031 $ 47,120 $ 230,730 $ 1,870,421
Finance 74,131 3,314 7,041 70,404
Government buildings 809,096 186,842 12,588 983,350
Community development 1,481,651 13,052 - 1,494,703
Activity center 902,870 3,984 - 906,854
Police 1,341,277 68,683 2,910 1,407,050
Fire 1,349,061 11,252 5,895 1,354,418
Public works 12,259,659 1,209,715 - 13,469,374
Parks 3,171,344 23,749 2,057 3,193,036
Pavilion/Ice Arena 2,363,266 - - 2,363,266
Arts Center - 3,820,618 - 3,820,618
Construction in progress 159,042 150,000 105,995 203,047
Total $ 25,965,428 $ 5,538,329 $ 367,216 $ 31,136,541 _
106
I
CITY OF HOPKINS,MINNESOTA
GENERAL LONG-TERM DEBT ACCOUNT GROUP
— STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1997
With Comparative Amounts for December 31, 1996
Restated
— 1997 1996
AMOUNT AVAILABLE AND TO BE PROVIDED FOR
THE PAYMENT OF GENERAL LONG-TERM DEBT:
Amount available in debt service funds $ 1,381,838 $ 1,125,661
Amount available in special revenue funds 3,450,284 6,694,598
Amount to be provided by future tax levies, annual fees and
proceeds of real estate sales 16,236,421 11,933,284
— Total Available and to be Provided $ 21,068,543 $ 19,753,543
— GENERAL LONG-TERM DEBT PAYABLE:
General obligation redevelopment bonds payable $ 18,588,543 $ 17,093,543
Special assessment debt with governmental commitment 2,480,000 2,660,000
— Total General Long-Term Debt Payable $ 21,068,543 $ 19,753,543
107
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108
CITY OF HOPKI NS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION IIC
SUPPLEMENTAL FINANCIAL SCHEDULES
ol)
CITY OF HOPKINS,MINNESOTA
SCHEDULE OF BONDS PAYABLE
December 31, 1997
Final
Issue Maturity
Date Date Interest Rates&Dates
GENERAL OBLIGATION BONDS
1997A Tax Increment 1-01-97 02-01-12 4.15 - 5.25% (2/1; 8/1)
1997B Taxable Housing Improvement Area Bonds 05-15-97 02-01-18 6.45 - 7.85% (2/1; 8/1)
1996C Tax Increment 10-01-96 02-01-16 5.70% (2/1; 8/1)
110
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CITY OF HOPKINS,MINNESOTA
SCHEDULE OF BONDS PAYABLE
December 31, 1997
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)
1996B Unlimited Tax General Obligation Bonds 10-01-96 02-01-02 6.83% (2/1; 8/1)
1996A Gross Revenue General Obligation Bonds 10-01-96 02-01-98 6.83% (2/1; 8/1)
1993C Redevelopment Refunding 10-15-93 02-01-09 4.40-4.60% (2/1; 8/1) _
1993A Redevelopment Refunding 10-15-93 06-01-03 3.30 -4.20% (6/1; 12/1)
1992 Redevelopment Taxable Bonds 02-01-92 02-01-06 7.15 - 8.10% (2/1; 8/1)
1990 Park and Recreational Facilities Bonds 03-01-90 02-01-11 6.40% (2/1; 8/1)
112
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CITY OF HOPKINS,MINNESOTA
SCHEDULE OF BONDS PAYABLE _
December 31, 1997
Final
Issue Maturity
Date Date Interest Rates&Dates
1993C Park and Recreational Facilities Refunding 10-15-93 02-01-11 4.40-4.60% (2/1; 8/1)
TOTAL GENERAL OBLIGATION BONDS
SPECIAL ASSESSMENT BONDS:
General Obligation Improvement Bonds
1995 Housing Improvement Area Bonds 09-01-95 02-01-12 6.60- 8.00% (2/1; 8/1) _
1990 Improvement Revolving Bonds 03-01-90 02-01-01 6.40- 6.70% (2/1; 8/1)
1992 Improvement Revolving Bonds 08-01-92 02-01-08 4.35 - 5.60% (2/1; 8/1)
TOTAL SPECIAL ASSESSMENT BONDS
114
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CITY OF HOPKINS,MINNESOTA
SCHEDULE OF BONDS PAYABLE _
December 31, 1997
Final
Issue Maturity
Date Date Interest Rates&Dates _
PROPRIETARY FUNDS BONDS:
General Obligation Revenue Bonds:
1993 Storm Sewer Utility Refunding Bonds 10-15-93 02-01-10 4.40-4.60% (2/1; 8/1)
TOTAL REVENUE BONDS
TOTAL CITY BONDS
116
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Schedule 2
CITY OF HOPKINS,MINNESOTA
SCHEDULE OF DEBT SERVICE REQUIREMENTS -ALL FUNDS
December 31, 1997 _
Total General Obligation Bonds Revenue Bonds
Principal Interest Principal Interes Principal Interest -
1998 $ 4,840,000 $ 1,258,891 $ 4,705,000 $ 1,154,321 $ 135,000 $ 104,570
1999 1,950,000 935,987 1,810,000 837,537 140,000 98,450
2000 2,000,000 828,783 1,850,000 736,858 150,000 91,925 _
2001 1,475,847 901,722 1,315,847 816,852 160,000 84,870
2002 1,036,502 850,052 876,502 772,542 160,000 77,510
2003 1,103,138 818,634 938,138 748,599 165,000 70,035
2004 990,620 785,164 810,620 723,064 180,000 62,100
2005 1,126,152 695,887 941,152 642,182 185,000 53,705
2006 1,276,284 527,205 1,086,284 482,125 190,000 45,080
2007 1,480,000 393,715 1,275,000 357,720 205,000 35,995
2008 1,535,000 316,361 1,320,000 290,026 215,000 26,335 -
2009 1,475,000 238,882 1,250,000 222,667 225,000 16,215
2010 820,000 177,609 580,000 172,089 240,000 5,520
2011 610,000 135,269 610,000 135,269 _
2012 490,000 100,779 490,000 100,779
2013 205,000 78,462 205,000 78,462
2014 215,000 64,394 215,000 64,394
2015 230,000 49,324 230,000 49,324
2016 250,000 32,912 250,000 32,912
2017 150,000 18,448 150,000 18,448
2018 160,000 6,280 160,000 6,280
$ 23,418,543 $ 9,214,760 $ 21,068,543 $ 8,442,450 $ 2,350,000 $ 772,310
118
Schedule 3
CITY OF HOPKINS,MINNESOTA
SCHEDULE OF FUNDING AVAILABLE
AND FUNDS REQUIRED FOR DEBT SERVICE
December 3;1, 1997
Total
CASH AND INVESTMENTS $ 4,832,122
DEFERRED TAX LEVIES:
Levy/Payable Years:
1997/98 1,164,000
1998/99 1,430,000
1999/00 1,417,000
2000/01 1,420,000
2001/02 1,415,000
2002/03 1,379,000
2003/04 1,388,000
2004/05 1,481,000
2005/06 1,479,000
2006/07 1,364,000
2007/08 1,366,000
2008/09 565,000
2009/10 554,000
2010/11 395,000
2011/12 290,000
2012/13 291,000
2013/14 287,000
2014/15 292,000
2015/16 165,000
2016/17 168,000
2017/18 166,000 18,476,000
Special Assessment Receivable 2,462,451
Special Revenue Fund Sources(development fees) 4,750,000
FUND AVAILABLE 30,520,573
BONDS/FUTURE INTEREST PAYABLE
Bonds 21,068,543
Future interest 8,442,450
FUNDS REQUIRED 29,510,993
EXCESS FUNDING $ 1,009,580
119
Schedule 4
CITY OF HOPKINS,MINNESOTA
SCHEDULE OF INSURANCE IN FORCE
Effective January 1, 1997 through December 31, 1997 —
Kind Tyne of Coverage
All Perils Coverage All buildings,personal property,and $12,707,472
(Blanket Limit) property in the open as filed with the
($5,000 deductible) League of Minnesota Cities
Insurance Trust
Comprehensive Municipal Bodily Injury 600,000
Liability Insurance Coverage Property Damage 600,000
Including Public Officials Personal Injury 600,000
Business Auto Liability Liability 600,000
Personal Injury Protection Basic
Uninsured&Underinsured Motorist 600,000
(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 20,000
Reimbursement Agreement —
120 —
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122
Table I
CITY OF HOPKINS,MINNESOTA
GOVERNMENTAL FUND TYPES - EXPENDITURES BY FUNCTION
Years 1988 Through 1997
(Amounts expressed in thousands)
(Unaudited)
Fiscal General Public Community Public Capital
Year Government SafeZ Development Works; Recreation Other Outlay Total
1988 $ 1,295 $ 1,844 $ 637 $ 1,374 $ 112 $ 101 $ 5,457 $ 10,820
1989 1,315 1,949 576 1,555 117 162 5,815 11,489
1990 1,445 2,111 530 1,450 117 139 5,687 11,479
1991 1,370 2,242 750 1,534 144 388 6,452 12,880
1992 1,439 2,221 629 1,454 99 26 3,172 9,040
1993 1,517 2,325 741 1,536 132 43 2,599 8,893
1994 1,609 2,481 956 1,574 112 92 4,717 11,541
1995 1,794 2,572 1,707 1,559 127 35 2,335 10,129
1996 1,240 2,727 634 1,587 146 29 4,265 10,628
1997 1,255 2,807 1,535 1,518 317 24 11,922 19,378
Note:
Includes General, Special Revenue and Capital Projects Funds.
Interest, issuance costs and fiscal charges are not included.
123
Table I1
CITY OF HOPKINS, MINNESOTA
GOVERNMENTAL FUND TYPES-REVENUES BY SOURCE
Years 1988 Through 1997
(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
1988 $ 2,971 $ 3,609 $ 1,427 $ 508 $ 275 $ 201 $ 8,991
1989 4,065 2,167 759 932 263 158 8,344
1990 4,473 2,466 5,009 912 193 150 13,203
1991 4,873 3,326 1,105 721 185 137 10,347
1992 5,058 2,682 865 705 226 154 9,690
1993 5,353 2,395 937 985 226 129 10,025
1994 5,274 2,919 612 992 264 114 10,175
1995 6,078 2,528 800 736 320 102 10,564
1996 5,776 3,018 797 922 352 83 10,948
1997 5,745 4,155 729 (1) 5,540 (2) 372 98 16,639
Note:
Includes General, Special Revenue and Capital Projects Funds.
(1) Includes only interest earnings in 1997
(2) Includes franchise fees in 1997 and Oaks of Mainstreet real estate sales.
124
Table III
CITY OF HOPKINS,MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
Years 1988 Through 1997
(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
Collec Lev 1 Period Period Period Collections to Tax Levy
1988 $ 2,499,000 $ 2,466,852 98.7% $ 14,398 $ 2,481,250 99.3%
1989 2,343,745 2,283,875 97.4 20,261 2,304,136 98.3%
1990 3,082,194 2,945,642 95.6 6,047 2,951,689 95.8%
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%
(1)Tax levy is net of Homestead and Agricultural Credit Aid.
125
Table IV
CITY OF HOPKINS, MINNESOTA
TAX CAPACITY VALUE AND MARKET VALUE OF ALL TAXABLE PROPERTY
Levy Years 1988 Through 1997
(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
1988 $ 18,514 $ 568,006 $ 230 $ 4,390 $ 18,744 $ 572,396 3.3%
1989 16,239 592,880 238 4,711 16,477 597,591 2.8
1990 16,788 615,377 251 5,069 17,039 620,446 2.7
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
Tax capacity is stated after the effect of fiscal disparities.
126
Table V
CITY OF HOPKINS,MINNESOTA
_ PROPERTY TAX RATES -
DIRECT AND OVERLAPPING GOVERNMENTS
Years 1988 Through 1997
(Unaudited)
Payable
Fiscal Metro
Year 1 C School Coun Council Other 2 Total
1988 19.77 48.94 31.68 6.74 1.91 109.04
1989 15.64 41.72 27.10 . 5.80 1.57 91.83
1990 18.98 42.04 27.92 5.63 1.41 95.98
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
(1)Through 1988 tax rates are expressed in mills. Beginning with payable 1989,
the rate is expressed as a tax capacity rate.
(2)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. 3 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.
127
CITY OF HOPKINS,MINNESOTA
SPECIAL ASSESSMENT BILLINGS AND COLLECTIONS
Years 1988 Through 1997 —
(Unaudited)
Current Special Percentage of
Assessment Current Special Current Collected _
Fiscal Becoming Due Assessments During Fiscal
Period During Fiscal Period Collected Period
1988 $246,235 $241,313 98.0% —
1989 282,997 273,257 96.6
1990 264,004 252,879 95.8
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
128 —
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
$3,399 $9,920 $ 76,222 $ 1,735,332
3,814 15,846 32,862 1,551,279
4,327 22,644 77,676 1,626,361
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
129
CITY OF HOPKINS,MINNESOTA
RATIO OF NET BONDED DEBT
TO TAX CAPACITY VALUE AND NET BONDED DEBT PER CAPITA
Pay Years 1988 Through 1997
(Unaudited)
Assessed —
Value Gross Cash and
Population After Fiscal Bonded Investments
Year W Disparities Det U2 on Hand _
1988 15,240 $ 143,165,718 $ 4,500,000 $ 869,508
State law changed levy value basis from assessed to tax capacity.
Tax Capacity —
Value Gross Cash and
Population After Fiscal Bonded Investments
Year W Disparities Det U2 on Hand/Escrowed —
1989 16,111 $ 18,743,721 $ 8,020,000 $ 614,355
1990 16,534 14,834,976 13,595,000 628,704
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) 5,067,558
(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 as soon as —
possible 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 as soon as
possible from proceeds of Oaks of Mainstreet real estate sales.
130
Table VII
Debt Ratio of
Payable Net Bonded Net
From Net Debt to Bonded
Enterprise Bonded Assessed Debt per
Revenues Debt Value Capita
$ 90,000 $ 3,540,492 2.5% $ 232
Debt Payable Ratio of
From Net Bonded Net
Enterprise Net Debt to Bonded
and HRA Bonded Tax Capacity Debt per
Revenues Debt Value CalLita
$ 2,835,000 $ 4,570,645 24.40% $ 284
2,790,000 10,176,296 68.60 615
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
2,841,600 10,831,076 83.90 655
2,475,000 11,037,882 (a) 83.66 668
2,350,000 10,235,985 (a) 85.75 619
(a)excludes Oaks of Mainstreet debt to be paid from real estate sales.
131
Table VIII
CITY OF HOPKINS, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1997 —
(Unaudited)
MARKET VALUE $ 664,222,600
DEBT LIMIT 2%OF MARKET VALUE(Note A) $ 13,284,452 —
TOTAL BONDED DEBT $ 23,418,543
DEDUCTIONS (Note B):
Tax Increment Bonds $ 9,013,543
Revenue Bonds 2,350,000 —
Other Revenue Bonds 1,970,000
Special Assessment Bonds 2,480,000
15,813,543
Amount Available in Debt Service Funds 1,381,838
Total Deductions 17,195,381 --
TOTAL DEBT APPLICABLE TO DEBT LIMIT 6,223,162
LEGAL DEBT MARGIN $ 7,061,290
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.
132
-- Table IX
CITY OF HOPKINS,MINNESOTA
— COMPUTATION OF DIRECT AND OVERLAPPING DEBT
INCLUDING DEBT RATIOS
December 31, 1997
(Unaudited)
Net General Percentage
Obligation Applicable City Share
Debt iQL& of Debt
Direct Debt
City of Hopkins $ 10,157,982 100.00% $ 10,157,982
Overlapping Debt
Hennepin County 100,776,398 1.27 1,279,860
Independent School District#270(Hopkins) 49,272,166 15.37 7,573,132
— Independent School District#283 11,845,679 0.40 47,383
Hennepin Suburban Park District(1) 9,669,528 1.70 164,382
Metropolitan Council(2) 83,155,873 0.70 582,091
Total Overlapping Debt 9,646,848
Total Direct and Overlapping Debt $ 19,804,830
— Direct Overlapping Total
Debt Ratios Debt Debt Debt
Ratio of Debt Per Capita(16,665 Population) $610 $579 $1,189
Ratio of Debt to Tax Capacity Valuation 68.8% 65.4% 134.2%
(after fiscal disparities)of$14,753,843
Ratio of Debt to Estimated Market Valuation 1.5% 1.5% 3.0%
of$664,222,600
(1)The gross debt of the Hennepin Suburban Park District is exceeded by the amount in its sinking fund.
(2)The gross debt of the Metropolitan Council excludes bonds relating to the acquisition and improvement
of sewer systems in the seven-county metropolitan area. This debt is self-supportive from revenue
collected from area communities. Also excluded are Sports Facilities Revenue Bonds, Series 1979.
Source: County Auditor
133
Table X
CITY OF HOPKINS,MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR
GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Years 1988 Through 1997
(Unaudited)
Percentage
Total Total of Debt —
Debt General to General
rPrincipal Interes ServiceExpenditures(1) Expenditures
1990 $ - $ 77,327 $ 77,327 $ 11,478,693 0.7%
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 —
Note:
The City did not levy any tax for general bonded debt in the years 1988 through 1989.
Remaining bond issues were and are all repaid through tax increment,Enterprise Funds, —
special assessments or real estate sales sources.
(1)Includes all general government fund types expenditures except debt.
134 —
Table XI
CITY OF HOPKINS,MINNESOTA
REVENUE BONI)COVERAGE
WATER, SEWER AND STORM.SEWER REVENUE BONDS
Years 1988 Through 1997
(Unaudited)
Net
Fiscal Gross Operating Revenue Debt Service Coverage
Year Revenue Expenses(1) Available Principal Interest IQLal Rafig
1988 $ 1,732,154 $ 1,376,829 $ 355,325 1: 95,000 $ 10,825 $ 105,825 3.36 to 1
1989 1,921,126 1,710,973 210,436 45,000 5,850 50,850 4.14 to 1
_ 1990 2,039,769 2,186,191 (146,422) 45,000 127,354 172,354 -
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 1
1993 560,295 87,893 472,402 80,000 169,638 249,638 1.89 to 1
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 1
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
_ (1)Excludes depreciation and debt expense.
(2)Beginning in 1991 only Storm Sewer issue outstanding.
135
Table XII
CITY OF HOPKINS, MINNESOTA
DEMOGRAPHIC STATISTICS
Year 1988 Through 1997
(Unaudited)
(2) (3)
Fiscal (1) School Unemployment _
Year Population EnrollWent Rate*
1988 15,240 6,762 4.5%
1989 16,111 6,793 3.0
1990 16,534 7,060 4.6
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
Sources:
(1)Metropolitan Council
(2) School districts within Hopkins
(3)Minnesota Department of Labor and Industry
*Hennepin County
136
Table XIII
CITY OF HOPKINS, MINNESOTA
CONSTRUCTION AND PROPERTY VALUE
Years 1988 Through 1997
(Amounts expressed in thousands)
(Unaudited)
(1) (1)
Commercial Residential (2)
Construction Construction Property Value
Fiscal Number o
Year Value Units Value Commercial Residential Nontaxable
1988 $ 10,965 188 $ 7,438 $ 170,617 $ 397,390 $ 52,187
1989 17,128 150 4,224 180,279 405,707 52,187
1990 6,723 189 2,742 185,447 423,164 52,187
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
Sources:
-- (1)City Community Development Department
(2)City Assessor's Office
137
Table XIV
CITY OF HOPKINS, MINNESOTA
PRINCIPAL TAXPAYERS
December 31, 1997
(Unaudited)
Amount of
Percentage Estimated _
Tax of Total Tax Tax City
Taxpayer Type of Business Capacity Ca aci Receives
1. Super Valu Grocery Warehouses $ 1,009,690 6.84% $ 307,924
2. Duke Realty Office/Warehouses 535,229 3.63% 163,228
3. St. Therese Apartments 290,145 1.97% 88,485
4. Alliant Techsystems Office/Warehouse 289,485 1.96% 88,283
5. Ramsgate Apartments Apartments 246,024 1.67% 75,029
6. Westside Village Apartments 226,494 1.54% 69,073
7. Gateway Foods Office/Warehouse 201,890 1.37% 61,570
8. Christian Salvesen Warehouse 190,050 1.29% 57,959
9. Edco Products, Inc. Office/Warehouse 184,374 1.25% 56,228
10. Thermotech Office/Warehouse 171,730 1.16% 52,372
11. Greenfield(Phase 1) Apartments 162,689 1.10% 49,615
12. Greenfield(Phase 11) Apartments 154,595 1.05% 47,146
13. Oak Ridge Country Club Golf Course 137,246 .93% 41,855 '-
14. Auburn North Townhouses 135,708 .92% 41,386
15. Rosewood West Apartments 131,118 .89% 39,986
16. Creekwood Estates Apartments 129,824 .88% 39,592
17. Knollwood Towers West Apartments 111,412 .76% 33,977
18. Buffalo Associates Bank/Office 104,570 .71% 31,890
19. Reuter, Inc. Office/Warehouse 94,918 .64% 28,947 '-
20 Robert J. Lawrence Retail 90,640 .61% 27,642
(Knox Lumber)
Total 4,597,831 31.16% 1,402,187
Total City 1997/98 tax capacity= $ 14,753,843 100.00%
Notes:
1)Tax capacity is a percentage of total market value. For taxes payable in 1998 these class rates are
2.9% for apartments and 2.7%of first$150,000 with balance at 4%for commercial/industrial properties.
2)The City of Hopkins receives approximately 22.1%of the total estimated tax for 1998, not including
fiscal disparities and tax increment adjustments.
3)The estimated tax is based on the tax rates for payable 1998.
138
_ Table XV
CITY OF HOPKINS, MINNESOTA
MISCELLANEOUS STATISTICAL FACTS
December 31, 1997
(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:
1988 367
1989 340
1990 312
1991 329
1992 378
1993 304
1994 457
1995 390
1996 441
1997 886
Estimated Cost:
1988 $18,402,509
1989 21,352,633
1990 9,465,334
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
139
Table XV
CITY OF HOPKINS, MINNESOTA
MISCELLANEOUS STATISTICAL FACTS-CONTINUED
December 31, 1997 —
(Unaudited)
Fire Protection:
Number of Stations I
Number of Employees-Volunteer 38
Police Protection:
Number of Stations I —
Number of Employees 41
Parks: _
City Parks 12
Playgrounds I
Skating Rinks 18
Employees:
Regular 108
Part Time 5
Elections:
Registered Voters- last general election 9,803 —
Number of votes cast last general election 7,182
Percentage of registered voters voting 73%
Population:
1920 3,055
1930 3,834
1940 4,100
1950 7,595
1960 11,380
1970(census) 13,395 —
1980(census) 15,336
1990(census) 16,534
1991 16,534 _
1992 16,534
1993 16,534
1994 16,534 _
1995 16,534
1996 16,534
1997 16,665
140