2007 City of Hopkins, MN Annual Report
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City of Hopkins, Minnesota
Comprehensive Annual Financial Report
for year ended December 31, 2007
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
of the
CITY OF HOPKINS
For The Year Ended
December 31/ 2007
Prepared by:
Department of Finance
Christine M. Harkess, Finance Director
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THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31,2007
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of Transmittal from the City Manager
and Finance Director
Certificate of Achievement for Excellence in
Financial Reporting
Administrative Organization Chart
City Officials
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.)
9
10
11
FINANCIAL SECTION
Independent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Assets
Statement of Activities
Fund Financial Statements:
Balance Sheet - Governmental Funds
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Assets
Statement of Revenues, Expenditures, and Changes in
Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Statement of Revenues, Expenditures, and Changes in
Fund Balances - Budget and Actual - General Fund
Statement of Revenues, Expenditures, and Changes in
Fund Balances - Budget and Actual - Tax Increment 2.11 -
Super Valu Special Revenue Fund
Statement of Net Assets - Proprietary Funds
Statement of Revenues, Expenses, and Changes in
Fund Net Assets - Proprietary Funds
Statement of Cash Flows - Proprietary Funds
Notes to Financial Statements
13
15
28
29
30
31
32
33
34
39
40
41
42
44
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31,2007
Page
Combining and Individual Nonmajor Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and Changes
in Fund Balances - Nonmajor Governmental Funds
Schedules of Revenues, Expenditures, and Changes in Fund
Balances - Budget and Actual:
Special Revenue Funds:
State Chemical Assessment
Economic Development
Real Estate Purchases and Sales
Para-Transit
Housing Rehab
Parking
Section 8 Housing
Cable TV
Depot Coffee House
Art Center
Tax Increment 1.2 - Entertainment Center
Tax Increment 2.1 - R.L. Johnson Company
Tax Increment 2.6 - Sonoma Project
Tax Increment 2.9 - Oaks of Main street
Tax Increment 2.10 - Business District
Tax Increment 1.3 - 5th Avenue Flats
Tax Increment 1.4 Marketplace & Main
Combining Statement of Net Assets - Nonmajor Enterprise Funds
Combining Statement of Revenues, Expenses and Changes in
Fund Net Assets - Nonmajor Enterprise Funds
Combining Statement of Cash Flows - Nonmajor Enterprise Funds
Combining Statement of Net Assets - Internal Service Funds
Combining Statement of Revenues, Expenses, and Changes in
Fund Net Assets - Internal Service Funds
Combining Statement of Cash Flows - Internal Service Funds
67
75
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
101
102
103
105
106
107
THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED DECEMBER 31,2007
STATISTICAL SECTION
Financial Trends
Net Assets by Component
Changes in Net Assets
Fund Balances, Governmental Funds
Changes in Fund Balances, Governmental Funds
Revenue Capacity
Assessed and Actual Value of Taxable Property
Direct and Overlapping Property Tax Rates
Principal Property Taxpayers
Property Tax Levies and Collections
Debt Capacity
Ratios of Outstanding Debt by Type
Ratios of Net General Bonded Debt Outstanding
Direct and Overlapping Governmental Activities Debt
Legal Debt Margin Information
Pledged-Revenue Coverage
Demographic and Economic Information
Demographic and Economic Statistics
Principal Employers
Operating Information
Full-time Equivalent Employees by Type
Operating Indicators by Function/Program
Capital Asset Statistics by Function/Program
Page
109
110
112
114
116
117
118
119
120
121
122
123
124
125
126
127
128
130
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CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION I
INTRODUCTORY SECTION
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City oj%pkins
1010 ~iTstStreetSout/i. . :J-{opl(jns, <JvfJ,[, 55343-7573 · pfione: 952-935.8474 . ~~ 952.935-1834
'Weo at.ft{ress: www.fwpl(jnsmn.com
June 26, 2008
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, 2007 is hereby submitted. This report was prepared in
accordance with U.S. generally accepted accounting principles (GAAP) as established by the
Governmental Accounting Standards Board (GASB) and meets the requirements of the State
Auditor's Office.
This report consists of management's representations concerning the finances of the City of
Hopkins. Consequently, management assumes full responsibility for both the completeness and
reliability of all of the information presented in this report. To provide a reasonable basis for
making these representations, management of the City of Hopkins has established a comprehensive
internal control framework that is designed both to protect the government's assets from loss, theft,
or misuse and to compile sufficient reliable information for the preparation of the City of Hopkins
financial statements in conformity with GAAP. Because the cost of internal controls should not
outweigh their benefits, the City of Hopkins comprehensive framework of internal controls has been
designed to provide reasonable rather than absolute assurance that the financial statements will be
free from material misstatement. As management, we assert that, to the best of our knowledge and
belief, this financial report is complete and reliable in all material respects.
The City of Hopkins financial statements have been audited by LarsonAllen LLP, a finn of licensed
certified public accountants. The goal of the independent audit was to provide reasonable assurance
that the financial statements of the City of Hopkins for the fiscal year ended December 31, 2007,
are free of material misstatement. The independent audit involved examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and evaluating the
overall financial statement presentation. The independent auditor concluded based upon the audit,
that there was a reasonable basis for rendering an unqualified opinion that the City of Hopkins
financial statements for the fiscal year ended December 31, 2007, are fairly presented in conformity
with GAAP. The independent auditor's report is presented as the first component of the financial
section of this repOli.
GAAP requires that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statements in the form of Management's Discussion and Analysis
(MD&A). This letter of transmittal is designed to complement the MD&A and should be read in
conjunction with it. The City's MD&A can be found in the financial section of this report
immediately following the report of the independent auditors.
Partnering witli tlie Community to 'Enliance tfie QJLaCity of Life
+ Inspire + 'Eaucate + Invo{ve + Communicate +
3
Profile of the Government
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 repOli 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, streets and highways, urban redevelopment and housing, parks and
recreation, and health and human services. In addition to general municipal activities, the City
provides water, sewer, storm sewer and refuse services. Low-income rental housing is a function of
the HRA. The Hopkins Fire Relief Association has not met the established criteria for inclusion in
the repOliing entity, and accordingly is excluded from this report.
The annual budget serves as the foundation for the City of Hopkins financial planning and control.
All departments of the City of Hopkins are required to submit requests for appropriation to the
finance director by August of each year. The Finance Director uses these requests as the starting
point for developing a proposed budget. The finance director then presents this proposed budget to
the Council for review prior to September 15th. The council is required to hold public hearings on
the proposed budget and to adopt a final budget no later than December 31, the close of the City of
Hopkins fiscal year.
The appropriated budget is prepared by fund and department. Department heads may make
transfers of appropriations within a department. Transfers of appropriations between funds require
approval of the City Council. Budget to actual comparisons are provided in this report for each
individual governmental fund for which an annual budget has been adopted. For the General Fund
this comparison is presented on pages 34-38 as part of the basic financial statements for the
governmental funds. For governmental funds, other than the general fund, with annual budgets, this
comparison is presented in the combining and individual fund statements and schedules subsection
of this report on pages 83-99.
Factors Affecting Financial Condition
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 76% single family residential and apartments, and 24% commercial-
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industrial. The city's population has stabilized due to the fact that the City is largely developed and
the national trend toward the lowering of persons per household.
The City Council and staff along with an organized group of concerned partners determined what
the Vision and the Mission of the City of Hopkins should be. Participation in this project was very
high and the resulting Vision and Mission are as follows:
Community Vision
Creating a Spirit of Unity - Hopkins will be a community where
. People are treated with respect
. People participate in building culture, character and common bonds
. Business growth throughout the City is supported while maintaining a vibrant City center
. People feel safe, support outstanding schools and celebrate cultural heritages
. People enjoy quality public services, parks and housing
City of Hopkins Mission
Partnering with the Community to enhance the quality of life,
- Inspire, Educate, Involve, Communicate
Economic Condition and Outlook
Hopkins continues to show strong economic and redevelopment activities within the city. The
valuation of new non-residential constmction in 2007 was $28 million dollars. This development
activity has been the result of a good development market in the Hopkins area along with successful
planning on the part of the city council and city staff.
Significant projects completed or begun in 2007 include the following:
Activity
Commercial Addi ti ons/ Al terati ons:
L.A. Fitness
Oakridge Lofts
10 10 Mainstreet
Walser Car Dealership Renovations
Excelsior Crossings Phase I
Valuation
$ 5,000,000
$ 4,600,000
$ 1,100,000
$ 1,000,000
$40,000,000
Efforts are being made for continued development and growth for 2008 and beyond. It is
anticipated that approximately $211,000,000 of constmction will also take place in the City of
Hopkins during the next several years.
Some anticipated projects for 2008-2011 include the following:
Proi ect
Atlas Site Redevelopment
Excelsior Crossing Phase II and III
Marketplace & Main Lofts
Valuation
$62,000,000
$80,000,000
$20,000,000
5
Fifth Avenue Flats
Oakridge Place II
Parker Office Condominiums
$40,000,000
$ 9,000,000
not available
Long-term financial planning
The City of Hopkins has developed a strategic plan for economic development. As a part of this
plan, the City of Hopkins intends to pursue various development and redevelopment efforts
throughout the City. Several projects are anticipated.
In 2008, projects to be constmcted include the redevelopment of Block 64 (Fifth Avenue Flats) as a
mixed-use retail/condominium project, phase II of Market Place Lofts condominiums and phase II
of Excelsior Crossing project which when completed will be a major corporate campus comprising
three office buildings each with seven stories. These developments will have major impacts on the
community. Specialized planning is taking place to ensure that these developments occur so as to
benefit the community and residential neighborhoods.
Major improvements continue to be made along the Hopkins section of Excelsior Boulevard
(County Road 3). The first phase of improvements occurred in 1998 - 2000 between Shady Oak
Road and 9th Avenue South. The second phase occurred in 2002 - 2004 between Highway 169 and
Blake Road. The third phase occurred in 2007 on the segment between Highway 169 and 8th
Avenue. The final phase is the section from Blake Road to Meadowbrook Road - this project has
provisional county funding and is tentatively scheduled for 2010 - 2011.
Significant improvements are in the planning for Shady Oak Road (County Road 61). This project
is a j oint effort between Hennepin County and the Cities of Minnetonka and Hopkins. A number of
neighborhood and town meetings have been held to gather input on this project that is projected to
re-align the road and facilitate re-development of the area. The timing of the project is dependent
on Hennepin County which has it placed in their road budget for 2011.
Major Initiatives
For 2007, the staff, following specific directives of the council and the manager, has been involved
in a variety of proj ects throughout the year. These proj ects 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.
In 2007 we accomplished our annual street repair and improvements, at a cost of approximately
$1,358,400. The projects included the Drillane neighborhood reconstmction, lih_16th Ave N
overlay, Blake Road overlay, replacing infrastmcture, roadway surface, curb and gutters, parking
lot surfaces and alley reconstmction.
The water department completed the wellhead protection program, and the sewer department
undertook significant emergency repairs to Lift Station #7 totaling $121,535. In 2007 the water,
sewer and storm sewer departments also completed in conjunction with the street improvements,
infrastmcture reconstruction projects totaling $402,000.
6
Other miscellaneous improvement projects in 2007 included improvements to Central Park ballfield
#2 at a cost of $22,000; reconstmction of the Park Valley shelter roof ($11,215); Hopkins Center
for the Arts interior renovations ($38,875); City Hall interior renovations and HV AC replacement
($231,800) and Pavilion Ice Arena improvements ($66,100).
Future projects
A systematic citywide sidewalk rehab program was initiated in 1992. Each year one quadrant is
inspected and necessary repairs made. A sidewalk/trail plan was developed and implemented in
2003, which guides future improvements and connections to regional trails.
The City has established a street reconstmction 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.
Cash management policies and practices
The City's financial position remained strong during 2007. Cash and investment balances at year-
end totaled $29,010,593, which provides the liquidity necessary to avoid short-term borrowing.
The unreserved General Fund balance is available to provide funding for working capital until tax
settlements are received in June and December of each year, to provide funds for unknown events
and emergencies, which could have an adverse effect on the fund. A strong fund balance should be
at least 50% of the "gross" General Fund property tax levy (before netting of fiscal disparities
distribution) for the following year. Through sound financial management, the City has achieved
this goal in 2007 as well as previous years.
Cash temporarily available for short-term investment during the year was invested as authorized by
Minnesota Statutes Chapter 475 and the City's Investment Policy.
The City of Hopkins subscribes to the "pooled cash" concept of investing which means that all
funds with cash balances participate in an investment pool. This permits some funds to be
overdrawn and others to show cash balances when, in fact, the City has a cash balance. This pooled
cash concept provides for investing greater amounts of money at more favorable rates. Interest
earnings are then allocated on a monthly basis to the participating funds.
The City's primary investment policy goal is to minimize investment market risks while realizing a
competitive yield on its portfolio. The classification of the category of credit risk is shown in Note
4 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 96%. During 2007, the
City of
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Hopkins earned $839,008 as compared to 2006 earnings of $892,567. The decreased earnings are
attributed to the change in market conditions leading to lower interest yields.
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.
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, 2006. 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.
This report must satisfy both U.S. generally accepted a~counting principles and applicable legal
requirements,
A Certificate of Achievement is valid for a period of one year only. We believe our current
comprehensive annual financial report continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA 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 the Finance Department staff for
. their work in preparing this report.
Respectfully submitted,
W~.
Richard B. Getschow
City Manager
~P?-~
Christine M, Harkess, CPA, CGFM
Finance Director
8
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 31,2006
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 iRgovernment accounting
and fmancial reportmg,
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THE CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
CITY OFFICIALS
December 31,2007
CITY COUNCIL
Eugene Maxwell
Kristi Halverson
Bmce Rowan
Rick Brausen
Cheryl Y ouakim
CITY MANAGER
Richard B. Getschow
FINANCE DIRECTOR
Christine M. Harkess
Term
Expires
Mayor 12-31-09
Councilmember 12-31-09
Councilmember 12-31-11
Councilmember 12-31-11
Councilmember 12-31-09
Appointed
Appointed
11
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION II
FINANCIAL SECTION
12
LarsenAlleri
LLP
CPAs, Consultants & Advisors
www.larsonallen.com
INDEPENDENT AUDITORS' REPORT
Honorable Mayor and
Members of the City Council
City of Hopkins, Minnesota
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Hopkins, Minnesota as of
and for the year ended December 31,2007, which collectively comprise the City's basic financial statements as
listed in the table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express opinions on these [mancial statements based on our audit.
We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards
applicable to financial audits contained in 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 financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the [mancial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position ofthe governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City of Hopkins, Minnesota as of December 31, 2007, and the respective changes in
financial position and cash flows, where applicable, thereof and the budgetary comparison for the general fund
and the special revenue fund for the year then ended in conformity with U.S. generally accepted accounting
principles.
As discussed in Note 14 to the financial statements, the City restated the December 31,2006 beginning net assets
to correct capital asset balances.
In accordance with Government Auditing Standards, we have also issued our report dated June 22, 2008, on our
consideration of the City of Hopkins, Minnesota's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards and should be considered in assessing the results of our audit.
III!m
INTERNATIONAL
13
LarsonAllen LLP is a member of Nexia International, a worldwide network of independent accounting and consulting firms,
Honorable Mayor and
Members of the City Council
The management's discussion and analysis as listed in the table of contents is not a required part of the basic
financial statements but is supplemental information required by U.S, generally accepted accounting principles,
We have applied certain limited procedures, which consisted principally of inquires of management regarding the
methods of measurement and presentation of the required supplementary information, However, we did not audit
the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City of Hopkins' basic financial statements, The introductory section, combining and individual
fund statements and schedules, the supplementary financial information and the statistical section are presented
for purposes of additional analysis and are not a required part of the basic financial statements, The combining
and individual fund statements and schedules and the supplementary financial information have been subjected to
the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as a whole, The introductory section and
statistical section have not been subjected to the audit procedures applied in the audit of the basic financial
statements and, accordingly, we express no opinion on them,
/~LL?
LarsonAllen LLP
Minneapolis, Minnesota
June 22, 2008
14
CITY OF HOPKINS, MINNESOTA
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
This section of the City's comprehensive annual financial report presents a discussion and analysis
of the City's financial activities during the fiscal year ended December 31, 2007. This discussion
and analysis should be read in conjunction with the letter of transmittal in the introductory section of
this report.
Financial Highlights
. The assets of the City of Hopkins exceeded liabilities by approximately $61 million. Of this
amount, (unrestricted net assets), approximately $2.7 million may be used to meet the City's
ongoing obligations to citizens and creditors.
. The City's total net assets increased by approximately $2.4 million.
. As of the close of the current fiscal year, the City of Hopkins governmental funds reported
combined ending fund balances of approximately $23.5 million, an increase of
approximately $7.4 million in comparison with the prior year. The increase was due
primarily to bonds sold, the proceeds of which are held in escrow for the repayment of the
2002 HRA Lease Revenue Bonds. Approximately $6.2 million of fund balance is available
for spending at the City's discretion (unreserved fund balance).
. As of December 31,2007, unreserved fund balance for the General Fund was approximately
$3.3 million, or 35% of total general fund expenditures.
. The City of Hopkins total debt increased by approximately $10 million during the current
fiscal year. The key factor for this increase was the sale of $9.92 million in capital
improvement bonds which will be used to retire the 2002 HRA lease revenue bonds and the
sale of $1. 955 million of improvement bonds for street improvement proj ects.
Overview of the Financial Statements
This discussion and analysis are intended to serve as an introduction to the City of Hopkins basic
financial statements. The City of Hopkins basic financial statements comprise three components: 1)
government-wide financial statements, 2) fund financial statements, and 3) notes to the financial
statements. This report also contains other supplementary information in addition to the basic
financial statements themselves.
Government-wide financial statements. The government-wide financial statements are designed
to provide readers with a broad overview of the City of Hopkins finances, in a manner similar to a
private-sector business.
The statement of net assets presents information on all of the City of Hopkins assets and liabilities,
with the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial position of the City of Hopkins is
improving or deteriorating.
The statement of activities presents information showing how the City net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving
rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
15
expenses are reported in this statement for some items that will only result in cash flows in future
fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City of Hopkins that
are principally suppOlied by taxes and intergovernmental revenues (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the City of Hopkins
include general, public safety, highways, streets, culture, recreation, urban redevelopment, housing,
health and welfare. The business-type activities of the City of Hopkins include water, sewer, refuse,
storm sewer utilities, an ice arena, and a housing and redevelopment authority.
The government-wide financial statements include the City of Hopkins itself, but also a legally
separate Hopkins Housing and Redevelopment Authority. Although the Hopkins Housing and
Redevelopment Authority is legally separate, it functions for all practical purposes as a department
of the City of Hopkins, and therefore has been included as an integral part of the primary
government.
The government-wide financial statements can be found on pages 28-29 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City of
Hopkins, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the City of Hopkins can be
divided in two categories: governmental funds and proprietary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike
the government-wide financial statements, governmental fund financial statements focus on near-
term inflows of spendable resources, as well as on balances of spendable resources available at the
end of the fiscal year. Such information may be useful in evaluating a City's near-term financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long-term impact of the City's near-term financing
decisions. Both the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
The City of Hopkins maintains forty individual governmental funds. Information is presented
separately in the governmental fund balance sheet and in the governmental fund statement of
revenues, expenditures, and changes in fund balances for the general fund, Tax Increment 2-11
Super Valu District, municipal state aid constmction fund, permanent improvement revolving fund,
1999-B taxable housing improvement bonds and 2002 HRA lease revenue bonds, all of which are
considered to be major funds. Data from the other thirty-four funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds is
provided in the form of combining statements elsewhere in this report.
16
The City of Hopkins adopts an annual appropriated budget for its general fund and all of its special
revenue funds except for the community development block grant fund. The budgetary comparison
statements have been provided for the general fund, and tax increment 2-11 Super Valu district fund
and schedules are provided for other funds to demonstrate compliance with the budget.
The basic governmental fund financial statements can be found on pages 30-39 of this report.
Proprietary funds. The City of Hopkins maintains two types of proprietary funds. Enterprise
funds are used to report the same functions presented as business-type activities in the government-
wide financial statements. The City of Hopkins uses enterprise funds to account for its water,
sewer, refuse, storm sewer utilities, the pavilion ice arena, and the housing and redevelopment
authority. Internal service funds are an accounting device used to accumulate and allocate costs
internally among the City of Hopkins various functions. The City of Hopkins uses internal service
funds to account for replacement of equipment, insurance deductibles and compensated absences.
Because all of these services predominantly benefit governmental rather than business-type
functions, they have been included within governmental activities in the government-wide financial
statements.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the water, sewer, and storm sewer operations, all of which are considered to be
maj or funds of the City of Hopkins. Data from the other three enterprise funds are combined into a
single, aggregated presentation. Individual fund data for each of these non-major proprietary funds
is provided in the form of combining statements elsewhere in this report. The internal service funds
are combined into a single, aggregated presentation in the proprietary fund financial statements.
Individual fund data for the internal service funds is also provided in the form of combining
statements elsewhere in this repOli.
The basic proprietary fund financial statements can be found on pages 40-43 of this report.
Notes to the financial statements. The notes provide additional information that is essential to a
full understanding of the data provided in the government-wide and fund financial statements. The
notes to the financial statements can be found on pages 44-64 of this report.
Other information. The combining statements referred to earlier in connection with non-major
governmental funds, non-major proprietary funds and internal service funds are presented
immediately following the notes to the financial statements. Combining and individual fund
statements and schedules can be found on pages 65-107 of this report.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government's financial
position. In the case of the City of Hopkins, assets exceeded liabilities by $61,249,087 at the close
of the most recent fiscal year.
Almost three quarters (73%) of the City of Hopkins net assets are reflected in its investment in
capital assets (e.g., land, buildings, machinery and equipment), less any related debt used to acquire
those assets that are still outstanding. The City of Hopkins uses these capital assets to provide
17
services to cItIzens. The net capital assets are not available for future spending. Although the City
of Hopkins investment in its capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources.
City of Hopkins Net Assets
December 31
Governmental Activities Business- T~l)e Activities Total
2007 2006 2007 2006 2007 2006
Assets
Current and other $ 41.678.777 $ 29.430.758 $ 1.952.823 $ 2.322.206 $ 43.631.600 $ 31.752.964
assets
Capital assets 45.761.120 40.049.743 19.470.160 18.992.000 65.231.280 59.041.743
Total assets 87.439.897 69.480.501 21.422.983 21.314.206 108.862.880 90.794.707
Liabilities
Other liabilities 8.220.618 2.891.807 1.096.271 405.135 9.316,889 3.296,942
Long-term liabilities
outstanding 34.391.904 24.235.000 3.905.000 4.380.000 38.296.904 28.615.000
Total 42.612.522 27.126.807 5.001.271 4.785.135 47.613.793 31.911.942
Net Assets
Invested in capital
assets. net of related
debt 28.941.120 25.315.084 15.688.414 14.612.000 44.629.534 39.927.084
Restricted 13.879.837 6.189.025 0 0 13.879.837 6.189.025
Unrestricted 2.006.418 10.849.585 733.298 1.917.071 2.739.716 12.766.656
Total net $ 44.827.375 $ 42.353.694 $ 16.421.712 $ 16.529.071 $ 61.249.087 $ 58.882.765
A portion of the City of Hopkins net assets represent resources that are subject to external
restrictions on how they may be used. The remaining balance of unrestricted net assets
($2,739,716) may be used to meet the government's ongoing obligations to citizens and editors.
At the end of the current fiscal year, the City of Hopkins is able to report positive balances in all
three categories of net assets, both for the government as a whole, as well as for its governmental
and business-type activities. The City's net assets increased by $1,055,495 during the current fiscal
year.
Governmental and business-type activities. Governmental actIvItIes increased the City of
Hopkins net assets by $1,162,854 and business-type activities decreased net assets by $107,359.
Key elements of the increases and decreases are as follows:
18
City of Hopkins Changes in Net Assets
For the Year Ended December 31
Governmental Activities Business- Type Activities Total
2007 2006 2007 2006 2007 2006
Revenues:
Program revenues:
Charges for services $ 759,728 $ 659A33 $ 4,693,030 $ 5,069,348 $ 5,452)58 $ 5,728)81
Operating grants and
contributions 2J23A38 1,421,575 299,126 209,533 2,422,564 1,632,108
Capital grants and
contributions 1,671,841 687,552 1,850 1,671,841 689,402
General revenues:
Property taxes 8,732,711 8200,725 8,732,711 8200,725
Tax increments 1,050,60 I 990,776 1,050,60 I 990,776
Grants and contributions
not restricted 564,396 579A40 564,396 579A40
Invesunentem1IllIgs 754,338 790,079 84,670 102A88 839,008 892,567
Gain on sale of capital assets 9,456 8,460 3,300 12)56 8A60
Total revenues 15,672,509 13,339,040 5,080,126 5383219 20,752,635 18,722259
Expenses:
General Government 1,679,630 1,402,448 1,679,630 1,402,448
Public Safety 5,665A19 5,039235 5,665A19 5,039235
Health mId welfare 188,483 176275 188A83 176275
Highways mId Su'eets 2,870,426 2,380252 H70A26 2,380252
Urban Redevelopment mId
HOUSllIg 1,903295 1,022,476 1,903295 1,022,476
Culhlre mId recreation 1,277,539 1,123,334 1271,539 U23,334
Interest on long-telm debt 1,069,863 1,282,328 1,069,863 1282,328
Water 1240,760 U 17,037 1240,760 U 17,037
Sewer 1)84,001 1,608,116 1)84,001 1,608,1 16
Stonn Sewer 416,479 408252 416A79 408252
Refuse 732239 714,389 732239 714,389
Pavilion/Ice Arena 385,062 371,845 385,062 371,845
Housing and Redevelopment
Authoritv 483,944 525,588 483,944 525,588
Total expenses 14,654,655 12A26,348 5,042A85 4,745227 19,697,140 17,1 7L575
Increase in net assets betlxe transfers
1,017,854 912,692 31,641 631,992 L055A95 1,550,684
Transfers 145,000 145,000 (145,000) (145,000)
Increase in net assets U6H54 1,051,692 (107,359) 492,992 1,055,495 1,550,684
Net assets - Janumv I 42,353,694 41296,002 16,529,071 16,036,079 58,882,765 57,332,081
Prior Period Adjustment 1)10,827 1)10,827
Net assets - December 31 $ 44,827,375 $ 42,353,694 $ 16A2Ul2 $ 16,529,071 $ 61249,087 $ 58,882,765
19
Governmental activities: Propeliy taxes increased in 2007 as a result of debt service levies and
increased operating costs. The city received a number of program grants for specific programs in
addition to state municipal aid for a major street improvement project.
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
Revenues by Source - Governmental Activities
Gain on sale of capital
assets
0%
Investment earnings
5%
Charges for services
5%
Tax increments
7%
Capital grants and
contributions
11%
Grants and contributions
not restricted
4%
Operating grants and
contributions
13%
Property taxes
55%
Expenses and Program Revenues - Governmental Activities
o Program revenues
. Expenses
$0
General
Government
Public Safety
Highways and
Streets
Urban
Redevelopment
and Housing
Culture and
recreation
Health and
welfare
Interest on long-
term debt
20
Business-type activities. Business-type activities had a decrease in net assets due to a decrease in
charges for services as a result of lower consumption of water resulting in lower water and sewer
revenues and a decrease in grants for the Housing and Redevelopment Authority (HRA). Since
HRA grants are program specific, funding fluctuates from year to year depending on program needs.
Revenues by Source - Business-type Activities
Capital grants and
contributions
0%
Operating grants
and contributions
6%
vestment earnings
2%
Charges for services
92%
Expenses and Program Revenues - Business-type Activities
$2,000,000
$1,750,000
$1,500,000
$1,250,000
$1,000,000
$750,000
$500,000
$250,000
$0
Water
o Program revenues
. Expenses
Sewer
Storm Sewer
Refuse
Pavilion/Ice
Arena
Housing
Authority
21
Financial Analysis of the City's Funds
As noted earlier, the City of Hopkins uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental funds. The focus of the City of Hopkins governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such information
is useful in assessing the City of Hopkins financing requirements. In particular, unreserved fund
balance may serve as a useful measure of a City's net resources available for spending at the end of
the fiscal year.
As of the end of the current fiscal year, the City of Hopkins governmental funds reported combined
ending fund balances of $23,460,745, an increase of $7,405,187 in comparison with the prior year.
The key factor of the increase are bond funds received and held in escrow for the 2002 HRA Lease
Revenue bonds which will be called in full in 2013. Approximately 26% of fund balance
($6,183,667) constitutes unreserved fund balance, which is available for spending at the City's
discretion. The remainder of fund balance is reserved to indicate that it is not available for new
spending because it has already been committed 1) to pay debt service, 2) to pay for tax increment
projects and debt, 3) to provide for future rehabilitation loans, and 4) to provide for long-term
receivables that are not available or spendable resources.
The general fund is the chief operating fund of the City of Hopkins. At the end of the current fiscal
year, unreserved fund balance of the general fund was $3,304,729. This represents 74% of the
general fund's total fund balance. As a measure of the general fund's liquidity, it may be useful to
compare both unreserved fund balance and total fund balance to total fund expenditures.
Unreserved fund balance represents approximately 35% of total general fund expenditures while
total fund balance represents approximately 48% of that same amount.
The fund balance of the City of Hopkins general fund increased by $141,748 during the current
fiscal year. Revenues exceeded expenditures by $160,000 before transfers. Key factors in the
increase are an increase in tax revenues ($325,675), increase in fees, licenses and permit that are due
primarily to permit fees for commercial redevelopment ($234,328) and increases in charges for
services ($99,164) which are also due primarily to plan review fees on commercial development.
These increases are offset by an increase in expenditures that are a result of inflationary increases.
The tax increment 2-11 Super Valu district fund has a total fund balance of $362,085, which is
reserved for tax increment projects. The fund balance decreased by $2,432,637 with transfers out as
a result of planned tax increment project expenses.
The municipal state aid constmction fund has a total fund balance of $57,079 which is unreserved.
The fund balance decreased by $163, III with transfers in as constmction projects were completed.
Revenues in this fund are derived from the State of Minnesota municipal state aid fund annual
allotments. Funds remain in our account until an eligible project occurs at which time funding is
drawn down from Hopkins' account.
The permanent improvement revolving fund has a total fund balance of $1,123,299, all of which is
designated for future street improvement projects. The increase in fund balance during the current
year in the permanent improvement revolving fund was $359,383. The increase was due to the
bonds sold the proceeds of which will be used for projects in 2007 and 2008.
22
The 1999B Taxable Housing Improvement bond fund has a total fund balance of $360,810, all of
which is reserved for the payment of debt service. The fund balance increased by $17,835 as tax
revenues exceeded current debt payment requirements.
The 2002 Taxable HRA Lease Revenue Bonds has a total fund balance of $9,785,120 all of which is
reserved for payment of debt service. The fund balance increased by $9,210,267 as a result of bond
proceeds from the 2007 A Capital Improvement Bonds which were sold to refund the 2002 HRA
bonds. Bond proceeds are invested with an escrow agent who pays the current principal and interest
payments until 2013 at which time the bonds will be called in full.
Proprietary funds. The City of Hopkins proprietary funds provide the same type of information
found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the Water fund at the end of the year amounted to $36,343. The
unrestricted net assets are used to offset operating losses and pay for infrastmcture improvements.
The decline in net assets amounted to $134,561 and is due to operating costs exceeding operating
revenues. A utility master plan was prepared in 2007 to address the funding shortage and prepare a
rate stmcture that will sustain the water fund in addition to providing for future capital expenditures.
The new rate stmcture which calls for modest annual increases in water rates was implemented in
2008.
Unrestricted net assets of the Sewer fund at the end of the year amounted to ($8,415). The
unrestricted net assets are used to pay for infrastmcture improvements. The decline in net assets
amounted to $395,119 and is due to operating costs exceeding operating revenues. A utility master
plan was prepared in 2007 to address the funding shortage and prepare a rate structure that will
sustain the sewer fund in addition to providing for future capital expenditures. The new rate
stmcture which calls for modest annual increases in sewer rates was implemented in 2008.
Unrestricted net assets of the Storm Sewer fund at the end of the year amounted to $598,454. The
unrestricted net assets are used to pay for infrastmcture improvements. The growth in net assets
amounted to $323,470 and is due to operating revenues exceeding operating costs.
General Fund Budgetary Highlights
The difference between the general fund original budget and the final amended budget resulted in a
budgeted increase of $15,500. The reason for the amendments was a decision by the City council to
reallocate contingency funds to specific departments and to increase the Activity Center budget for a
program that was not completed in the previous year. The budget changes can be summarized as
follows:
. Net increase of $15,500 for the Activity Center marketing mailing project.
. Net increase of $7,732 in expenditures for general government activities funded with
contingency funds.
During the year revenues exceeded budgetary estimates by $228,972 and expenditures exceeded the
budget by $68,460 the net effect being a net budgetary increase in fund balance of $157,248 after
transfers which eliminated the need to draw upon existing fund balance.
23
Capital Asset and Debt Administration
Capital assets. The City of Hopkins investment in capital assets for its governmental and business
type activities as of December 31,2007, amounts to $65,231,280 (net of accumulated depreciation).
This investment in capital assets includes land, buildings, improvements, machinery and equipment,
park facilities, roads, highways, bridges and distribution systems.
Major capital asset events during the current fiscal year included the following:
. Constmction in progress additions totaled $2,062,971 for infrastmcture projects.
. $4.5 million of assets were transferred from constmction in progress to other improvements
as infrastmcture projects were completed and put into service.
. Vehicle and equipment purchases totaled $368,681. Major purchases included public works
equipment, public safety vehicles and equipment
City of Hopkins Capital Assets
(net of depreciation)
December 31
Land
Buildings
Infrastmcture
Improvements
Vehicles
Equipment
Constmction in progress
Governmental Activities Business-Type Acth'ities Total
2007 2006 2007 2006 2007 2006
$ 5.805.711 $ 5.772.023 $ 162...1-81 $ 224...1-05 $ 5.968.192 $ 5.996...1-28
17.033...1-41 17.249.560 3.609.900 3.738.632 20.643.341 20.988.192
0 0 9.208...1-41 9,640.509 9.208.441 9,640,509
16,121,352 8.065.422 4.524.188 3.890...1-51 20.645.540 11.955.873
1.256.140 1.226.795 445...1-01 416.363 1.701.541 1.643.158
1.766.903 2.073.607 279.019 328.544 2.045.922 2...1-02.151
3.777.573 6.973.163 1.240.730 753.096 5.018.303 7.726.259
$ 45.761.120 $ 41,360.570 $ 19...1-70.160 $ 18.992.000 $ 65.231.280 $ 60.352.570
Additional information on the City of Hopkins capital assets can be found in note 5 on pages 54-55
of this report.
Long-term debt. At the end of the current fiscal year, the City of Hopkins had total bonded debt
outstanding of $34,500,000. Of this amount, $12,235,000 comprises housing and redevelopment
authority lease revenue debt, $3,935,000 comprises tax increment redevelopment debt, and
$13,460,000 comprises general obligation and special assessment debt, all of which is backed by the
full faith and credit of the government. Another $4,870,000 is special fees debt for which the
government is liable in the event of default by the propeliy owners subject to the fees. The
remainder of the City of Hopkins debt, $3,905,000, represents bonds secured solely by specified
revenue sources (i.e., revenue bonds).
24
HRA lease revenue bonds
G.O. Tax increment bonds
G.O. Housing fee bonds
G.O. Redevelopment bonds
G.O. Capital improvement bonds
G.O. Special assessment bonds
Revenue bonds
City of Hopkins Outstanding Debt
General Obligation and Revenue Bonds
December 31
Governmental Activities Business- Type Activities Total
2007 2006 2007 2006 2007 2006
$ 12,235,000 $ 12,770,000 $ - $ - $ 12,235,000 $ 12,770,000
3,935,000 4,270,000 3,935,000 4,270,000
4,870,000 5,150,000 4,870,000 5,150,000
530,000 675,000 530,000 675,000
9,920,000 9,920,000
3,010,000 1,370,000 3,010,000 1,370,000
3,905,000 4,380,000 3,905,000 4,380,000
$ 34,500,000 $ 24,235,000 $ 3,905,000 $ 4,380,000 $ 38,405,000 $ 28,615,000
The City of Hopkins total debt increased by $9,790,000 or 34% during the current fiscal year. The
increase is comprised of two factors, the sale of 9,920,000 of Capital Improvement bonds the
proceeds of which are being used to refund the 2002 HRA Lease Revenue bonds and the sale of
$1,955,000 in Improvement bonds the proceeds of which are used for street improvement projects.
General Obligation Bonds are backed by the full faith, credit and taxing power of the City, and are
serviced by General and Tax Increment levies and also by fees assessed against benefited properties.
Revenue Bonds are backed by the full faith, credit and taxing power of the City, and are serviced by
the Water and Storm Sewer Utility Funds current revenues.
City Special Assessment Bonds are backed by the full faith, credit and taxing power of the City, and
repayment monies are generated by the collection of special assessments and general levies.
Housing and Redevelopment Authority bonds are backed by the full faith, credit and taxing power
of the HRA, and repayment monies are generated by annual lease appropriations from the City.
The City is subject to a statutory limit of bonded indebtedness equaling 2.0 percent of estimated
property market value within the City during 2007. At December 31, 2007, the debt limit for the
City is $33,252,114. Of the total debt, $12,309,809 of general obligation and revenue bonds is
applicable to the limit. The legal debt margin is $20,942,305.
The City of Hopkins maintains an "AA-" rating from Standard & Poor's and an "AI" rating from
Moody's.
Additional information on the City of Hopkins long-term debt can be found in note 8 on pages 57-
60 of this report.
25
Economic Factors and Next Year's Budgets and Rates
A number of factors were taken into consideration when preparing the City of Hopkins 2008 budget.
Utility charges were reviewed and as a result of the utility master plan rates for the water and sewer
will be increased modest amounts annually at least through 2017. The tax capacity rate decreased
for the third straight year as a result of the redevelopment effOlis by the city, which increased the
city's tax base allowing the taxes to increase with minimal impact on property owners.
Constmction projects within the city totaling approximately $28,000,000 were to be completed in
2007 thus adding to the city's tax base. The City's population would remain constant. The City
anticipated inflationary increases of about 2.5% over the modified 2007 budget.
During the current fiscal year, unreserved fund balance in the general fund decreased to $3,304,729
or 35% of general fund expenditures. The Office of the State Auditor recommends unreserved fund
balances not exceed 50% of general fund expenditures. The City is within that recommendation for
the general fund. The unreserved fund balance is used to pay for the City's general fund obligations
until it receives its property tax levy revenues in June.
Requests for Information
This financial repOli is designed to provide a general overview of the City of Hopkins finances for
all those with an interest in the government's finances. Questions concerning any of the information
provided in this report or requests for additional financial information should be addressed to the
Finance Director, City of Hopkins, 1010 First Street South, Hopkins, MN 55343.
26
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
BASIC FINANCIAL STATEMENTS
27
City of Hopkins
Statement of Net Assets
December 31, 2007
Primary Government
Governmental Business-type
Activities Activities Total
Assets
Cash and investments $ 27,305,392 $ 1,705,201 $ 29,010,593
Taxes receivable 231,294 231,294
Special assessments receivable 8,227,955 8,227,955
Accounts receivable 460,808 369,502 830,310
Intergovernmental receivable 3,284,596 3,284,596
Interest receivable 63,749 6,168 69,917
Internal balances 484,698 ( 484,698)
Inventories 102,241 27,080 129,321
Prepaid items 16,944 16,944
Deferred charges - issuance costs 146,163 146,163
Long-term receivables 1,371,881 189,372 1,561,253
Land held for resale 123,254 123,254
Capital assets, non depreciable 9,583,284 1,403,211 10,986,495
Capital assets, net of accumulated depreciation 36,177,836 18,066,949 54,244,785
Total assets 87,439,897 21,422,983 108,862,880
Liabilities
Accounts payable 4,746,046 870,028 5,616,074
Salaries payable 177,339 21,101 198,440
Due to other governments 641 18,637 19,278
Accrued interest payable 455,593 71,570 527,163
Compensated absences due within one year 682,159 114,935 797,094
Unearned revenue 2,158,840 2,158,840
Bonds due within one year 2,060,000 495,000 2,555,000
Non current liabilities:
Bonds due in more than one year 32,331,904 3,410,000 35,741,904
Total liabilities 42,612,522 5,001,271 47,613,793
Net Assets
Invested in capital assets, net of related debt 28,941,120 15,688,414 44,629,534
Restricted for:
Economic development 897,214 897,214
Debt service 12,982,623 12,982,623
Unrestricted 2,006,418 733,298 2,739,716
Total net assets $ 44,827,375 $ 16,421,712 $ 61,249,087
The notes to the financial statements are an integral pm"t of this statement.
28
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City of Hopkins, Mumesota
101'5
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General FlUId
For the Year Ended December 31,2007
Variance with
final budget
Budget positive
Origuull Final Actual (negative)
Revenues
Taxes
General property taxes $ 6,733,528 $ 6,478,546 $ 6,400,135 $ (78,411)
Fiscal dispm'ities 824230 824230 809,184 (15,046)
Total Taxes 7,557,758 7,302,776 7209,319 (93,457)
Licenses and permits
Busuless 134,000 134,000 192,763 58,763
Non-business 362,700 362,700 461,078 98,378
Total Licenses mld permits 496,700 496,700 653,841 157,141
Intergovenunental
Mm'ket value aid credit 254,982 254,982
State grants 167,510 167,S1O 172,058 4,548
Insurance premium - police 164,C)00 164,000 172,471 8,471
Insurance premium - fire 99,500 99,500 91,987 (7,513)
Federal grants LOOO LOOO 3,170 2,170
Other grants 6,000 6,C)00 (6,000)
Total Intergovernmental 438,010 692,992 694,668 1,676
F ules and Il1l'feitures
Comi fines 147,800 147,800 196,559 48,759
Chm'ges for services
General government 13,150 13,150 34,895 21,745
Public safetv 136,500 136,S00 219,121 82,621
Public works 4,650 4,650 L476 (3,174)
Recreation 60,000 60,000 42,843 (17,157)
Total Chm'ges Il)!, services 214,300 214,300 298,335 84,035
Other
Investment earnings 109,949 109,949 129,696 19,747
Frmlchise fees 290,C)00 290,000 288,904 (1,096)
Miscellmleous 15250 15,250 27,417 12,167
Total Other 415,199 415,199 446,017 30,818
Total Revenues $ 9269,767 $ 9269,767 $ 9,498,739 $ 228,972
Expenditures
General Government:
Mavor and council
Salm'ies mId employee benefits $ 26,497 $ 26,497 $ 26,479 $ 18
Materials, supplies and services 64,135 69,135 62,458 6,677
Total 90,632 95,632 88,937 6,695
34
City of Hopkins, Mumesota
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General FlUId
For the Year Ended December 31,2007
Budget
OriguuI1
Final
Actual
Expenditures, (continued)
General Government, (continued):
AdmuIistrative services
Sa1m'ies mId employee benefits 455,759 455,759 447,119
Materials, supplies and services 56,366 56,366 68,086
Total 512,125 512,125 515,205
Less expenditures charged to other activities (99,000) (99,000) (99,000)
Net 413,125 413,125 416,205
FinmIce
Sa1m'ies mId employee benefits 310,792 310,792 317,079
Materials, supplies and services 54,434 54,434 63,038
Total 365226 365226 380,1 17
Less expenditures charged to other activities ( 198,000) ( 198,000) (197,587)
Net 167226 167226 182,530
Legal Services
Materials, supplies and services 126,625 126,625 146,567
Municipal Bui1duIg
Sa1m'ies mId employee benefits 113,1 99 113,1 99 127,722
Materials, supplies and services 222,161 222,1 61 190,523
Capital outlay 7,600 7,600 5225
Total 342,960 342,960 323,470
Less expenditures charged to other activities (38,000) (38,000) (38,000)
Net 304,960 304,960 285,470
Elections
Sa1m'ies mId employee benefits 25,419 25,419 23,903
Materials, supplies and services 12,457 12,457 14,415
Capital outlay 1,652 8,026
Total 37,876 39,528 46,344
City Clerk and Reception
Sa1m'ies mId employee benefits 125,933 122,711 109,127
Materials, supplies and services 20,426 20,426 18,947
Capital outlay 3,222 3,222
Total 146,359 146,359 131296
Less expenditures chm'ged to other activities (36,500) (36,500) (36,500)
Net 109,859 109,859 94,796
AssessuIg
Sa1m'ies mId employee benefits 67,932 67,932 70,016
Materials, supplies and services 92,687 92,687 94,638
Total 160,619 160,619 164,654
Less expendihIres chm'ged to other activities (22,000) (22,000) (22,000)
Net 138,619 138,619 142,654
35
201'5
Variance with
final budget
positive
(negative)
8,640
(11,720)
(3,080)
(3,080)
(6287)
(8,604 )
(14,891)
(413)
(15,304)
(19,942)
(14,523)
31,638
2,375
19,490
19,490
1,516
( 1,958)
(6,374)
(6,816)
13,584
1,479
15,063
15,063
(2,084)
(1,951 )
(4,035)
(4,035)
City of Hopkins, Mumesota
301'5
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General FlUId
For the Year Ended December 31,2007
OriguuIl
Final
Actual
Variance with
final budget
positive
(negative)
Budget
Expenditures, (continued)
General Government, (continued):
Plmmulg and economic development
Salm'ies mId employee benefits
Materials, supplies and services
Total
Less expendihlres chm'ged to other activities
Net
98,918 98,918 97,500 1,418
37,946 37,946 31,331 6,615
136,864 136,864 128,831 8,033
(19,000) (19,000) (19,000)
117,864 117,864 109,831 8,033
1,506,786 1,513,438 1,513,334 104
Total General Government
Public Safety:
Police
Police AdmuIistration
Salaries and employee benefits
Materials, supplies and services
Net
334,799 334,799 377,064 (42,265)
105,723 105,723 99,415 6,308
440,522 440,522 476,479 ( 35,957)
2,128,230 2,128,230 2,154,991 (26,761)
309,207 309,207 314,932 (5,725)
4,365 4,365 4,364 1
2,441,802 2,441,802 2,474,287 (32,485)
801,845 801,845 814,421 (12,576)
196,155 197,235 179,784 17,451
3,024 3,()24 3,036 (12)
1,001,024 1,002,1 04 997,241 4,863
3,883,348 3,884,428 3,948,007 (63,579)
453,496 453,496 511,484 (57,988)
279,401 279,401 313,875 (34,474)
732,897 732,897 825,359 (92,462)
350,629 350,629 337,130 13,499
81,608 81,608 68,376 13,232
432,237 432,237 405,506 26,731
5,048,482 5,049,562 5,1 78,872 (129,310)
Police Patrol mId Investigation
Salaries and employee benefits
Materials, supplies and services
Capital outlay
Total
Police Services
Salaries and employee benetits
Materials, supplies and services
Capital outlay
Total
Total Police
Fire
Salm'ies mId employee benefits
Materials, supplies and services
Total
Inspections
Salm'ies mId employee benefits
Materials, supplies and services
Total
Total Public safety
36
City of Hopkins, Mumesota
401'5
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General FlUId
For the Year Ended December 31,2007
Expenditures, (continued)
Health and Welfare:
Inspections
Salm'ies (md employee benefits
Materials, supplies and services
Total
Total Health and welfare
Highways and Streets:
Public works buildulgs mId equipment services
Salm'ies (md employee benefits
Materials, supplies and services
Total
Less expenditures chm'ged to other activities
Net
Public Works AdmuIistration mId Engineering
Salm'ies (md employee benefits
Materials, supplies and services
Total
Less expenditures chm'ged to other activities
Net
Streets and Alleys
Salaries and employee benefits
Materials, supplies and services
Capital outlay
Total
Less expendihrres chm'ged to other activities
Net
Snow mrd Ice Removal
Salmies and employee benefits
Materials, supplies and services
Total
Municipal parks and tree service:
Salaries and employee benefits
Materials, supplies and services
Capital outlay
Total
Total Highways and Streets
Budget
Variance with
final budget
positive
(negative)
Origural
Final
Achml
46,868 46,868 46,651 217
21,833 21,833 21,554 279
68,701 68,701 68,205 496
68,701 68,701 68205 496
205,080 205,080 203,408 1,672
92,799 92,799 77,391 15,408
297,879 297,879 280,799 17,080
(210,000) (210,000) (252,725) 42,725
87,879 87,879 28,074 59,805
302219 302219 299204 3,015
53,944 53,944 40,808 13,136
356,163 356,163 340,012 16,151
(212,000) (212,000) ( 178,406) (33,594 )
144,163 144,163 161,606 (17,443)
362,1 95 362,1 95 374263 (12,068)
528,054 528,054 648,687 (120,633)
l6J)00 16,000 5,405 lO,595
906249 906249 1,028,355 (122,106)
(1lOJ)OO) (110,000) (110,000)
796249 796249 918,355 (122,106)
82,764 82,764 106,780 (24,016)
58297 58,297 69,192 (10,895)
141,061 141,061 175,972 (34,911)
507,584 507,584 517,756 (10,172)
274,670 274,670 259,435 15235
2,000 2,000 1,372 628
784254 784254 778,563 5,691
1,953,606 1,953,606 2,062,570 ( 108,964)
37
Expenditures, (continued)
Culture and Recreation:
Activitv center
Salm'ies (md employee benefits
Materials, supplies and services
Capital outlay
Total
Park and Recreation
Salaries and employee benefits
Materials, supplies and services
Total
Total Culture and Recreation
Unallocated
Materials, supplies and services
Total Expenditures
Other Financing Sources (D ses):
Tnmsfers out:
Net change in fund balance
Fund Balance - Jmmarv 1
Fund Balance - December 31
City of Hopkins, Mitmesota
501'5
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General FlUId
For the Yem' Ended December 31,2007
Budget
Variance with
final budget
positive
(negative)
Origitull
Final
Actual
192,959 192,959 204,093 (11,134)
103,823 111,323 97,571 13,752
8,840 16,840 9,680 7,160
305,622 321,122 311,344 9,778
61,831 61,831 39,665 22,166
158,739 158,739 157,014 1,725
220,570 220,570 196,679 23,891
526,1 92 541,692 508,023 33,669
151,000 143,268 7,735 135,533
$ 9,254,767 $ 9,270,267 $ 9,338,739 $ (68,472)
(15,000)
4,320,123
(15,000) (18,252)
(15,500) 141,748
4,320,123 4,320,123
4,304,623 $ 4,461,871 $
157,248
(3,252)
157,248
$
$
4,320,123
The notes to the financial statements are an itltegral part of this statement.
38
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 2.11- SUPERVALU SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Taxes:
Tax Increments $ 350.000 $ 351,330 $ 1,330
Investment earnings 40.000 120.580 80,580
Other 60.000 45.248 (14.752)
450.000 517.158 67.158
Expenditures:
Materials. supplies and services 94.153 163.530 (69.377)
Capital outlay:
Site Improvements 2.688.000 2.098.265 589.735
Total Expendihlres 2.782.153 2.261.795 520.358
Other Financing Sources (Uses):
Transfer out for debt service (188,000) (188,000)
Transfer out for tax increment (500.000) (500.000)
Total Other Financing Sources (Uses) (688,000) (688.000)
Net change in fund balance (2.332.153) (2.432.637) (100.484)
Fund Balance - Janumy 1 2.794.722 2.794.722
Fund Balance - December 31 $ 462.569 $ 362.085 $ (100.484 )
The notes to the financial statements m'e ml integral pmi of this statement.
39
CITY OF HOP1:JNS. MINNESOTA
STATEl\IENT OF NET ASSETS
PROPRIETARY FUNDS
December 31. 2007
Business-type Activities-Enterprise Funds
Governmental
Non-major Activities
Water Sewer StoHn Sewer Proprietary Intemal
Utility Utility Utility Funds Totals Service Funds
ASSETS
ClllTent assets
Cash and investments $ 290.698 $ $ 899.357 $ 515.146 $ 1.705.201 $ 2.343.218
Accounts receivable 116.193 164.390 21.210 67.709 369.502
Accrued interest receivable U28 221 3.728 1.091 6.168 8,430
Advances to other fimds 137.609
Loan receivable 189.372 189.372
Inventory 16.076 9.3 71 1.633 27.080
Prepaid expenses 16.944 16.944
Total CUlTent assets 424.095 173.982 924.295 791.895 2.314.267 2,489.257
Noncurrent assets
Land held I,x resale 123.254 123.254
Capital Assets. non depreciable
Land 16,447 5.150 26.800 114.084 162,481
Construction in progress 121,319 278.009 567.689 273,713 1.240.730
Capital Assets. depreciable
Buildings and structures 44.486 6.710.767 6.755.253
Distribution system 8.883.529 5.974.206 8.656.759 2.584 23.517.078
Machinery and equipment 384,224 374.865 21.876 740.849 1.521.814 5.583.693
Less accumulated depreciation ( 4.698.807) (3.216.191) (2,332,933) (3.479.265) (13,727.196) (3.130,581)
Net nonCUlTent assets 4.75U98 3,416.039 6.940.191 4.485.986 19.593,414 2,453.112
Total Assets 5.175,293 3.590.021 7.864,486 5,277,881 21.907.681 4.942.369
LIABILITIES
ClllTent Liabilities:
Accounts payable 316,333 64.625 276.286 212,784 870.028 2.756
Salaries payable 6.722 4.780 604 8.995 2UOI
Due to other funds 62.883 284.206 347.089
Due to other governments 909 12.900 4.828 18.637
Compensated absences payable 36.096 37.209 5.073 36.557 114,935 682.159
Accrued interest payable 27 ,692 43.878 71.570
Advance Ii'om other fi.mds 137.609 137.609
Revenue bonds - current 130.000 365.000 495.000
Total ClllTent Liabilities 517.752 182,397 690.841 684.979 2,075.969 684,915
Noncurrent Liabilities:
Revenue bonds payable 1,140,000 2,270,000 3,410,000
Total noncurrent liabilities U40.000 2.270.000 3,410.000
Total Liabilities 1.657.752 182.397 2.960.841 684,979 5,485.969 684.915
NET ASSETS
Invested in capital assets.
net of related debt 3.48U98 3.416.039 4.305.191 4,485.986 15.688,414 2,453.112
Unrestricted 36.343 (8,415) 598,454 106,916 733.298 1.804.342
Total net assets $ 3,517,541 $ 3,407.624 $ 4.903,645 $ 4.592.902 $ 16,421,712 $ 4.257,454
The notes to the financial statements are an integral part of this statement.
40
CITY OF HOPKINS, MINNESOTA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For the Year Ended December 31.2007
Business-type Activities-Enterprise Funds
Govel1lmenta1
Non-major Activities
Water Sewer StOlm Sewer Proprietary Internal
Utility Utility Utility Funds Totals Service Funds
Operating revenues:
Charges for services $ 1.078,948 $ 1.409,056 $ 716,710 $ 1,361.410 $ 4,566,124 $ 320,932
Other 54,300 18,619 8,068 45,919 126,906
Total Operating Revenues 1,133248 1.427,675 724,778 1,407,329 4,693,030 320,932
Operating expenses:
Cost of sales and service 803,026 1,372,590 56,795 1,142,749 3,375,160 81.618
Administration 163,643 236,553 70,1 19 178,396 648,711
Depreciation 206,364 174,858 183245 257,072 821,539 496,960
Total Operating Expenses 1,173,033 1,784,001 310,159 1,578,217 4,845,410 578,578
Operating income (loss) (39,785) (356,326) 414,619 (170,888) (152,380) (257,646)
Nonoperating revenues (expenses):
Investment earnings 14,651 1 1207 40,1 71 18,641 84,670 115,542
Interest/fiscal agent expense (67,727) (106,320) (174,047)
Intergovel1llnenta1 grants 299,126 299,126
Gain on sale of assets 3,300 3,300 9,456
Loss on disposal of assets (23,028) (23,028)
Total nonoperating revenues
( expenses) (49,776) 11207 (66,149) 294,739 190,021 124,998
Income (loss) before transfers (89,561) (345,119) 348,4 70 123,851 37,641 (132,648 )
Tnmsfers in (out) ( 45,000) (50,000) (25,()00) (25,000) (145,000) (50,000)
Change in net assets (134,561 ) (395,119) 323,470 98,851 (107,359) (182,648)
Total net assets - beginning 3,652,102 3,802,743 4,580,1 75 4,494,051 16,529,071 4,440,102
Total net assets - ending $ 3,517,541 $ 3,407,624 $ 4,903,645 $ 4,592,902 $ 16,421,712 $ 4,257,454
The notes to the financial statements are an integral part of this statement.
41
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City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS
December 3 L 2007
SUMMARY OF SIGNIFICANT ACCOUNT POLICIES
The City of Hopkins, Minnesota (the City) is a charter City, which was apprmed December 2, 1947. The City
operates pursuant to applicable Minnesota laws and statutes. The gmuning body of the City is a Council - Manager
form of gOyenllnent.
The financial statements of the City haye been prepared in conformity with U.S. generally accepted accounting
principles as applied to goyernmental units by the Goyernment 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 and depmiments of
the City and its component units entities, for which the City is considered to be financially accountable. A
blended component unit, although legally separate entity is, in substance, part of the City's operations and so data
from this unit is combined with data of the primary goyernment. The City's blended component unit has a March
31 year-end, howeyer when blended with the City it is shown with 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 celiain redeyelopment projects and low-income rental housing.
Indiyiduals on the City Council represent the gmuning board of the HRA. The housing actiyity is supported in
part by federal subsidies. There is an extensiye trust agreement between the HRA and HUD regarding the facility.
The HRA is included in the City's enterprise funds. Separate financials are not prepared.
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The goyenllnent-wide financial statements (i.e., statement of net assets and the statement of changes in net assets)
repOli information on all actiyities of the primary gOyenllnent and its component units. The intelfund selTices
proyided and used are not eliminated in the process of consolidation. Goyernmental actiyities, which nonnally are
supported by taxes and intergoyernmental reyenues, are repOlied separately from business-type actiyities, which
rely to a significant extent on fees and charges for support.
The statement of actiyities demonstrates the degree to which the direct expenses of a giyen function or segment is
offset by program reyenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program reyenues include 1) charges to customers or applicants who purchase, use, or directly benefit
from goods, selTices, or priyileges proyided by a giyen function or segment and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program reyenues are reported instead as general reyenues.
Separate financial statements are proyided for goyenllnental funds and proprietary funds. Major indiyidual
goyenllnental funds and major indiyidual enterprise funds are reported as separate columns in the fund financial
statements.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
The goyernment-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund financial statements. Reyenues are recorded when earned
and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as reyenues in the year for which they are leyied. Grants and similar items are recognized as
44
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
reyenue as soon as all eligibility requirements haye been met. Unbilled utility selyice receiyables are recorded at
year end.
Goyenullental funds are accounted for using the current financial resources measurement focus and the modified
accrual basis of accounting. Their reyenues are recognized when susceptible to accrual (i.e., when they become
measurable and m-ailable). "Measurable" means the amount of the transaction can be determined and "ayailable"
means collectible with the current period or within sixty days thereafter to be used to pay liabilities of the current
period.
Major reyenues that are susceptible to accrual include property taxes, special assessments, intergoyernmental
reyenues, charges for selyices, and illYestment earnings. Major reyenues that are not susceptible to accrual
include fees and miscellaneous reyenues; such reyenues are recorded only as receiyed because they are not
measurable until collected.
Expenditures are generally recognized under the modified accrual basis of accounting when the related fund
liability is incurred, except for principal and interest on generallong-tellll debt and compensated absences that are
recognized when due and payable.
The City repOlis the following major goyernmental funds:
The general jilJ1d is the primary operating fund of the City. It is used to account for all financial resources
except those required to be accounted for in another fund.
The tax increment 2-11 Super Valu districtjzlI1d accounts for resources accumulated for the repayment of debt
on the re-deyelopment district tax increment project.
The municipal state aid construction jilJ1d accounts for resources accumulated and payments made for street
improyements funded with State of Minnesota funding through the state aid construction program.
The permanent improvement revolvingjzlJ1d accounts for resources accumulated and payments made for street
improyements throughout the City.
The 1999B taxable housing improvement bondjilJ1d accounts for resources accumulated and payments made
for principal and interest on long-term debt issued to pay for Westbrook Patio Home improyements. The
owners of these town homes pay an annual fee, which in turn pays for the bond issue.
The HRA Lease Revenue Bonds of2002 accounts for resources accumulated and payments made for principal
and interest on long-term debt for improyements to the public works building and construction of a new fire
station. This issue was adYance refunded with the Capital Improyement Bonds of 2007 A and will be called
February 1. 2013 and paid in full.
The City repOlis the following major proprietary funds:
The water jZlI1d accounts for the operations of the City-owned water distribution system. The water bonds of
2000 are included as part of this fund since reyenues of the water fund are pledged to pay principal and interest
on this bond.
The sewerjilJ1d accounts for the operations of the City-owned sewer lift stations and disposal system.
The storm sewer jZlJ1d accounts for the operations and improyements of the storm water drainage system. The
storm water bond issues of 1999C, 2001. and 2003 are included as pati of this fund since reyenues of the storm
sewer fund are pledged to pay principal atId interest on these bonds.
45
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 3 L 2007
Additionally, the City repOlis the following fund types:
Special Reyenue 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 constlUction of major capital facilities and infrastlUcture, other than those financed by
proprietary funds or special revenue funds.
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 prm'iding goods or services to the general public on a continuing basis,
be financed or recovered primarily through user charges.
Internal Selyice Funds - Internal selyice funds are used to account for the financing of goods and selyices
provided by one depmiment to other depmiments of the City on a cost-reimbursement basis. Internal selyice
funds are used for equipment replacement, insurance deductions mId employee benefits.
Private-sector standm'ds of accounting mId finmIcial reporting issued prior to December 1, 1989, generally m'e
followed in both the government-wide mId proprietary fund financial statements to the extent that those stmIdm'ds
do not conflict with or contradict guidance of the GASB. GOyenllnents also have the option of following
subsequent private-sector guidance for their business-type activities mId enterprise funds, subject to this same
limitation. The gOyenllnent has elected not to follow subsequent private-sector guidance.
As a general lUle the effect of inteIfund activity has been eliminated from the government-wide finmIcial
statements, however intelfund services provided and used m'e not eliminated in the process of consolidation.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, selyices, or
privileges provided, 2) operating grants mId contributions, mId 3) capital grants and contributions, including
special assessments. Internally dedicated resources m'e reported as general revenues rather than as program
revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues mId expenses from non-operating items. Operating revenues and
expenses generally result from providing selyices and producing and delivering goods in connection with a
proprietary fund's principal ongoing operations. The principal operating revenues of the City enterprise funds mId
internal sen'ice funds m'e chm'ges to customers for sales and service. Operating expenses for enterprise funds mId
internal service funds include the cost of sales and services, administrative expenses and depreciation on capital
assets. All revenues mId expenses not meeting this definition are reported as non-operating revenues mId
expenses.
When both restricted mId unrestricted resources are available for use, it IS the City's policy to use restricted
resources first, and then use unrestricted resources as they are needed.
46
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 3 L 2007
D. CASH AND INVESTMENTS
Cash balances from all funds are combined and inyested to the extent m-ailable in authorized inyestments pursuant
to Minnesota Statutes (see note 4). Ealllings from such inyestments are allocated to the respectiye funds on the
basis of applicable cash balance participation by each fund. I1lYestments in commercial paper with maturity date
of less than one year at the date of purchase are reported at cost or amOliized cost which approximates fair yalue.
Inyestments other than commercial paper are reported at fair yalue, based on quoted market price.
The City accounts for its cash, cash equiyalents and inyestments 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 inyestments to be cash equiyalents. Restricted cash and illYestments are reported separately on
the financial statement.
E. INTERFUND RECEIV ABLES/PAY ABLES
Actiyity between funds that is representatiye of lending/borrowing arrangements and transactions between funds
that are outstanding at the end of the fiscal year are referred to "due to/from other funds" Any residual balances
outstanding between the gOyenllllental actiyities and business-type actiyities are reported in the gOyenllllent-wide
financial statements as "intelllal balances."
The non-current poliion of due to/from other funds is offset by a fund balance reserye account in applicable
goyelllmental funds to indicate that they are not ayailable for appropriation and are not expendable ayailable
financial resources.
F. INVENTORIES AND PREP AID ITEMS
All inyentories are Yalued at cost using the first-in/first-out (FIFO) method. Inyentories of gOyenllllental funds are
recorded as expenditures when consumed rather than when purchased.
Certain payments to yendors reflect costs applicable to future accounting periods and are recorded as prepaid
items in both gOyenllllent-wide and fund financial statements.
G. CAPITAL ASSETS
Capital assets, which include land, buildings, equipment and infrastructure assets (e.g., roads, bridges, curbs and
gutters, streets and sidewalks, drainage systems, lighting systems, and similar items), are repOlied in the applicable
goyenmlental or business-type actiyities columns in the gOyenllllent-wide financial statements and the proprietary
fund financial statements. The City defines capital assets as assets with an initial, indiyidual cost of more than
$1,000 and an estimated useful life in excess of three years. Such assets are recorded at historical cost. Donated
capital assets are recorded at estimated fair market yalue at the date of donation.
The cost of normal maintenance and repairs that do not add to the yalue of the asset or materially extend assets
liyes are not capitalized.
Assets not being depreciated include land and construction in progress. Buildings, equipment, and infrastructure
of the City and the HRA are depreciated using the straight-line method oyer the estimated usefulliyes as follows:
Buildings
Mains and Lines
Streets
Improyements
Vehicles
Equipment
30 - 40 years
40 - 50 years
20 - 25 years
10 - 20 years
3 - 30 years
3 - 20 years
47
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 3 L 2007
H. COMPENSATED ABSENCES
The City compensates all employees upon termination for unused yacation or flex leaye. Employees hired prior to
August 1, 1998 may opt to haye sick leaye, at the rate of 8 hours for each calendar month of full-time selTice,
instead of flex leaye.
Employees hired prior to August 1, 1998, that haye not opted for flex leaye, shall be entitled to seyerance pay,
after completion of fiye years of continuous City employment. Seyerance pay is calculated by multiplying the
total number of continuous years in the City employ and/or accumulated sick leaye by the daily wage rate
preyailing at date of seyerance, at one day per year of such employment, to a maximum of 20 days. Such
seyerance money shall be paid in case of separation caused by death, eligible retirements, or medically attested
disability preyenting an employee from pelfonning the major duties of the position or separation for non-
disciplinary reasons.
In addition to the pension benefits described in Note 9, the City proyides post-retirement health care benefits to
employees who were hired prior to July 1, 1993 and haye 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. Employees retiring by June 30,2007
will receiye full single health and life insurance coyerage until age 65: employees retiring between July L 2007
and December 31,2009 will receiye $500 per month towards the cost of single health and life insurance until age
65: and employees retiring after December 31,2009 will receiye $15 per month times years of selTice (maximum
of $500 per month) towards the cost of single health and life insurance until age 65. Currently 20 employees meet
those eligibility requirements. During the year expenditures of approximately $84,163 were incurred for post-
retirement health care benefits.
Accumulated yacation, flex and yested seyerance pay is reported as an expense and an accmed liability as the
benefits accme to employees in the goyenllnent-wide and proprietary fund financial statements. A liability for
these amounts is repOlied in the goyernmental funds only if benefits haye matured as a result of employee
resignations and retirements. The employee benefits internal selTice fund repOlis the goyernmental funds'
liability for compensated absences on the accmal basis.
I. LONG-TERM OBLIGATIONS
In the goyerrunent-wide financial statements, and proprietary fund financial statements, long-term debt and other
long-term obligations are reported as liabilities in the applicable goyenllnental actiyities, business-type actiyities,
or proprietary fund type statement of net assets. Bond premiums and discounts, as well as issuance costs are
deferred and amortized oyer the life of the bonds. Bonds payable are repOlied net of the applicable bond premium
or discount. Bond issuance costs are reported as deferred charges and amortized oyer the term of the related debt.
In the goyernmental fund financial statements bond premiums and discounts, as well as bond issuance costs are
recognized during the current period. The face amount of debt issued is repOlied as other financing sources.
Premiums receiyed on debt issuances are reported as other financing sources while discounts on debt issuances are
repOlied as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds receiyed,
are reported as debt selTice expenditures.
1. FUND EQUITY
In the fund financial statements, goyenllnental funds report reseryations of fund balance for amounts that are not
ayailable for appropriation or legally restricted by outside pmiies for use for a specific purpose. Designations of
fund balance represent tentatiye management plmls that m'e subject to chmlge.
48
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 3 L 2007
K. INTERFUND TRANSACTIONS
Inter-fund services provided and used 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.
L. PROPERTY TAXES
Property tax levies are set by the City Council in December of each year, and are celiified to Hennepin County
(the County) for collection in the following year. In the State of Minnesota, counties act as collection agents for
all propeliy taxes. The County spreads allleyies oyer 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 goyemments three times a year, on or before January 25, July 5
and December 3.
In the goyenunental fund financial statements 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 receiYable, and are fully offset by deferred revenues because they are not available to finance
current expenditures. No allowance for uncollectible taxes has been provided because such amounts are not
expected to be material.
M. CONDUIT DEBT OBLIGATIONS
From time to time, the City has issued Commercial Deyelopment Reyenue Note/Bonds in accordance with the
Minnesota Municipal Industrial Deyelopment 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 from the bond holder to the priYate-sector entity selTed 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, 2007, there were 10 note/bond issues outstanding, with an aggregate principal amount payable of
approximately $39.5 million.
N. USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles U.S. generally accepted
accounting principles requires management to make estimates and assumptions that affect the repOlied amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Actual results could differ from those
estimates.
49
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 31.2007
2. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
A. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND BALANCE
SHEET AND THE GOVERNMENT-WIDE STATEMENT OF NET ASSETS
The goyenlluental fund balance sheet includes a reconciliation between fund balance - total goyenlluental funds
and net assets - goyernmental actiyities as reported in the goyernment-wide statement of net assets. One element
of that reconciliation explains that long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported in the funds. Details of this difference are as follows:
Bonds payable
Accrued interest payable
Net adjustment to reduce fund balance - total goyenlluental
funds to arriye at net assets - goyernmental actiyities
$ 34,391,904
455.239
$ 34.847.143
B. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND STATEMENT
OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE AND THE GOVERNMENT-
WIDE STATEMENT OF ACTIVITIES
The goyenlluental fund statement of reyenues, expenditures, and changes in fund balances includes a
reconciliation between net changes in fund balances - total goyernmental funds and change in net assets of
goyenlluental actiyities as reported in the goyernment-wide statement of actiyities. One element of that
reconciliation explains, "Goyernmental funds report capital outlays as expenditures. Howeyer, in the statement of
actiyities the cost of those assets is allocated oyer their estimated useful liyes and reported as depreciation
expense." The details of this difference are as follows:
Capital outlay
Depreciation expense
Net adjustment to increase net changes in fund balances-
total goyenllnental funds to arriye at changes in net assets
of goyernmental actiyities
$ 5.754.681
(1.161.408)
$ 4.593.273
Another element of that reconciliation explains that, "the issuance of long-term debt proyides current financial
resources to goyernmental funds, while the repayment of the principal of long-term debt uses financial resources
of the goyernmental funds. Neither of these transactions has any effect on the net assets. Also, goyenlluental
funds report the effect of issuance costs. premiums, discounts and similar items when debt is first issued, whereas
these amounts are deferred and amortized in the statement of net changes." The details of these differences are as
follows:
Debt Issued:
Issuance of general obligation bonds
Issuance of special assessment bonds
Less discounts
Less deferred costs
Add premiums
Principal repayments
Amortization of deferred issuance costs
Prior year interest expense
Accrue interest expense for current year
Net adjustment to decrease net changes in fund balances-
total goyernmental funds to arriye at changes in net assets
of goyernmental actiyities
50
$ 9.920.000
1.955,000
(116,322)
(81,108)
7,520
(1,610,000)
15,991
(473,473)
455.239
$10.072.847
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 31.2007
3 STEWARDSHIP, COMPLIANCE AND ACCOUNTIBILITY
A. BUDGETS AND BUDGETARY ACCOUNTING
Annual budgets are adopted on a basis consistent with U.S. generally accepted accounting principles for all
goyernmental funds except the Hennepin County CDBG special reyenue fund, the debt selyice funds and the
capital projects funds, which are not budgeted. A capital improyement plan is reyiewed annually by the City
Council for the capital projects funds and utility funds. Howeyer, appropriations for major projects are not
adopted until the actual bid award of the improyement. The appropriations are not reflected in the financial
statements. All annual appropriations lapse at fiscal year end.
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 leyy by resolution no later than a December date, which is annually
established by law for the county auditor to leyy taxes. The budget shall set f01ih 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 depmiments within any fund: howeyer,
any reyisions that alter the total expenditures of any fund must be approyed by the City Council and are
limited to the amount reyenues exceed the budgets or authorize the transfer of sums from unexpended
balances to other purposes. Budgeted expenditure appropriations lapse at year-end. The leyel of legal control
is at the fund leyel.
5. The Council made seyeral supplemental budgetary appropriations throughout the year. The general fund
budgetary increase was $15,500, which is comprised of an increase in the Actiyity Center budget for items
that were budgeted in the prior year that were unable to be completed in addition to capital requests for two
departments with a corresponding reduction to the amount budgeted for contingencies.
B. EXCESS OF EXPENDITURES OVER APPROPRIATIONS
For the year ended December 31. 2007, actual expenditures exceeded the budgeted amounts in the following
funds: General by $68,460, State Chemical Assessment Team fund by $38,206, the Section 8 fund by $6,232, the
Depot Coffee House fund by $1.832, the Art Center fund by $94,645, Tax Increment District 2-1 by $15,292, Tax
Increment District 2-9 fund by $345 Tax Increment 2-10 by $4,752, and the Tax Increment District 1-4 fund by
$39,980.
These oyer expenditures were funded by greater than anticipated reyenues of the General fund, the Section 8 fund,
the Depot Coffee House fund, and the Tax Increment 2-1 fund, by ayailable fund balances in the, Tax Increment 2-
9 fund, Tax Increment 2-10 fund, and by future reyenues in the State Chemical Assessment Team fund, Art Center
fund, and Tax Increment 1-4 fund.
Budgets are adopted for some special reyenue fund types but not all. Excluded from the budget adoption process
are funds that are completely reimbursable from the federal goyernment. The Community Deyelopment Block
Grant is a non-budgeted fund.
51
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CONT.)
December 3 L 2007
C. FUND BALANCE DEFICITS
At December 3 L 2007, the following funds had deficit fund balances or net assets. These deficits will be
conected through future tax levies, contributions, grants, charges for services or developer payments:
State Chemical Assessment Team
Art Center
Tax Increment 1.2 Entertainment District
Tax Increment 2.1 R.L. Johnson District
Tax Increment 2.6 Sonoma District
Tax Increment District 1.3 5th Avenue Flats
$ 1 1.513
$ 884,477
$ 74,479
$ 68,277
$ 343,222
$ 39,530
D. NET ASSETS RESTRICTED BY ENABLING LEGISLATION
The govenllnent-wide statement of net assets reports $897,214 in restricted net assets for economic development,
of which $683,096 is restricted by enabling legislation.
4. DEPOSITS AND INVESTMENTS
As of December 31, 2007 the City had the following investments:
Investment Tvne
U.S. Government Agency Securities
Commercial paper
Money market
Deposits
Total fair value
Fair Value
$ 8,972.125
983,934
18,940,081
114,454
$29,010,593
Interest rate risk - Interest rate risk is the risk that the fair value of investments will be adversely affected by a
change in interest rates. In accordance with its illYestment policy, the city manages its exposure to declines in fair
values by holding long-term govenllnent investments to maturity and by investing in commercial paper with
maturity dates of 270 days or less.
At of December 31,2007 the City had the following investment maturities:
Fair
Value
Investment maturities (in years)
Less No
than one 1-5 maturity
Investment Type:
U,S, Agencies
Commercial paper
Money market accounts
Demand deposits
$ 8,972,125
983,934
18,940,081
114,454
$ 7,962,905
983,934
$1,009,220
$
18,940,081
114,454
$ 29,01 0,593 $ 8,946,839 $ 1,009,220 $ 19,054,535
Credit risk - Credit risk is the risk that an issuer or other counter party to an investment will not fulfill its
obligations. Credit risk is measured using credit quality ratings of investments in debt securities as described by
52
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
nationally recognized rating agencies such as Standard & Poor's and Moody's. According to the City's
inyestment policy commercial paper shall be restricted to issues, which mature in 270 days or less with a rating of
A-I (Moody's), P-l (Standard & Poor's) or F-l (Fitch) among at least two of the three rating agencies.
The City is authorized by Minnesota Statutes to inyest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(b) Shares of inyestment companies registered under the Federall1lYestment Company Act of 1940 and
whose only inyestments are in securities described in (a) aboye.
(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 ReselTe System
(e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest
quality, and maturity in 270 days or less: and
(f) Guaranteed inyestment contracts issued or guaranteed by United States commercial banks or domestic
branches of foreign banks or United States insurance companies or their subsidiaries.
(g) Repurchase or reyerse repurchase agreements with banks that are members of the Federal Reserye
System with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. Gmunment
securities to the Federal ReselTe Bank of New York, or certain Minnesota securities broker-dealers.
The following table lists the credit quality ratings per Moody's and/or Standard and Poor's and/or Fitch of the
City's inyestments at December 31. 2007.
Quality Ratings
Fair
Value AM A-1/P-1/F-1 Unrated
Investment Type:
U.S. Agencies $ 8,972,125 $8,972,125 $ $
Commercial paper 983,934 983,934
Money market accounts 18,940,081 18,940,081
Demand deposits 114,454 114,454
$ 29,01 0,593 $8,972,125 $ 983,934 $19,054,535
Custodial credit risk
Deposits_- For deposits, this is the risk that in the eyent of a bank failure, the City's deposits may not be
returned to it. Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or
collateral. The market nlue of collateral pledged must equal 110% of the deposits not coyered by
insurance or bonds (140% in the case of mOligage notes pledged). Authorized collateral includes the legal
inyestments described aboye, as well as certain first mortgage notes, and certain other state or local
gOyenUllent obligations. Minnesota Statutes require that securities pledged as collateral be held in
safekeeping by the City treasurer or in a financial institution other than that furnishing the collateral. At
December 31, 2007 the City had no deposits that were uninsured or uncollateralized. The deposits were
insured or collateralized by securities held by the City's agent in the City's name.
Inyestments - For an inyestment, this is the risk that, in the eyent of the failure of the counterpalty, the
City will not be able to recoyer the nlue of its inyestments or collateral securities that aloe in the
possession of an outside paliy. All inyestments held by the City aloe insured or registered or are held by
the City or its agent in the City's nallle. The City has the ability and intent to hold its inyestments to
maturity and therefore intends to recoyer the full carrying nlue of its inyestment portfolio upon maturity.
Concentration of credit risk - The City's inyestment policy does not specifically address the issue of concentration
of inyestments by issuer.
53
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
5. CAPITAL ASSETS
Capital asset actiyity for the year ended December 31,2007 were as follows:
Beginning Ending
Balance Increases Decreases T mnsters Balance
Govenmlenta1 activities:
Capital assets. not being depreciated
Lmd $ 5,772,023 $ $ $ 33,688 $ 5.805.711
Construction in Progress (1) 6,973,163 1,300,715 (835) (4,495,470) 3,777.573
Total not being depreciated 12,745,186 1,300,715 (835) (4,461,782) 9,583,284
Capital assets, being depreciated
Buildings 19.558.687 100,433 166.800 19.825.920
Other Improvements (1) 18.063.808 4,296,422 4.294.982 26.655,212
Vehicles 3,069,759 175,095 (175,697) 3.069.157
Machinery & Equipment 4,314,279 193,586 (8,973 ) 4.498.892
Total being depreciated $ 45,006,533 $ 4,765,536 $ (184,670) $ 4.461,782 $ 54,049.181
Less accumulated depreciation:
Buildings (2,309.127) (483,352) (2,792,4 79)
Other Improvements (9,998,386) (535,474) ( 10.533,860)
Vehicles (1,842,964) (139,252) 169.199 (1,813,017)
Machinery & Equipment (2,240,672 ) (500,290) 8.973 (2,731,989)
Total accumulated depreciation (16,391,149) (1,658,368 ) 178,172 (17,871,345)
Total capital assets. being
depreciated, net 28.615,384 3.107.168 (6,498) 4,461,782 36.177.836
Govemmenta1 activities capital
assets, net $ 41.360.570 $ 4,407,883 $ (7,333) $ $ 45.761.120
(1) See note 14 regarding restatement of beginning balances.
54
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
Beginning Ending
Balance Increases Decreases Tmnsters Balance
Business-type Activities:
Capital assets, not being depreciated
Land $ 224.405 $ $ (71,994) $ 10.070 $ 162.481
Construction in Progress 753,096 762,256 (274,622 ) 1,240,730
Total not being depreciated 977.501 762,256 (71.994) (264,552) 1,403,211
Capital assets, being depreciated
Buildings 6.855.541 (230,279) 77 ,265 6.702.527
Inti"astructure 18,307.839 2.758 (8,254 ) 18.302.343
Other Improvements 4,517,449 554,472 195,541 5,267.462
Vehicles 673.795 75,235 (19,478) 729.552
Machinery & Equipment 810,523 (18,262) 792,261
Total being depreciated $ 31.165,147 $ 632,465 $ (268,019) $ 264,552 $ 31,794.145
Less accumulated depreciation:
Buildings (3.116,909) (182,968) 207,250 (3.092,627)
Infrastmcture (8,667,330) (426,572) (9,093.902)
Other Improvements (626,998) (116,276) (743,274 )
Vehicles (257.432) (46,197) 19,4 78 (284,151 )
Machinery & Equipment (481,979) (49,526) 18,263 (513,242)
Total accumulated depreciation (13.150,648) (821.539) 244.991 (13,727,196)
Total capital assets. being
depreciated, net 18,014,499 (189,074) (23,028) 264,552 18.066,949
Business-type activities capital
assets, net $ 18.992.000 $ 573.182 $ (95.022) $ $ 19.470.160
Depreciation expense was chal'ged to City functions as follows:
GOyenllllental actiyities:
General gOyenllllent
Public safety
Highways alld streets
Urball redeyelopment alld housing
Culture alld recreation
Capital assets held by the goyernment's internal selTice funds are
chal'ged to the Yal'ious functions based on their usage of the assets
Total depreciation expense - gOyenllllental actiyities
$ 3 1,214
261,117
734,758
3,032
130,687
496,960
$1.658.368
55
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
Business-type activities:
Water
Sewer
Storm Sewer
Refuse
Pavilion/Ice arena
Housing and Redevelopment Authority
Total depreciation expense - business-type activities
$ 206,364
174,858
183,245
45,500
61.901
149,671
$ 821.539
Constmction commitments
The City has active constmction projects as of December 31,2007. The projects include street improvements. The
City's commitment with contractors related to these projects is $126,478.
6. INTERFUND RECEIVABLES AND PAY ABLES
The following funds had alllOunts receivable from other funds, and the respective funds had equal amounts payable to
other funds at December 31.2007:
Due from other funds
General
Non-major
Governmental
Total
Due to other funds:
Non-major governmental
Se'ver
Non-m(~ior proprietary
Total due to other funds
707.812
62.883
284.206
1.054.901
2.240.099
2.947.911
62.883
284.206
3.295.000
2.240.099
Advances from other funds
Internal
Service
Due to other funds:
Non-major proprietary
Total due to other funds
137.609
137.609
The inteIfund receivables alld payables allmv the City to borro" the resources of one fund to facilitate a project or
operations of another fund.
56
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
7. INTERFUND TRANSFERS
The following is a summal)' of transfers between funds as of December 31,2007:
Tmnsters in
Municipal Penmment HRA Lease
State Aid Improvement Revenue Non-major
Constmction Revolving Bonds 01'2002 governmental Total
Transters out:
Genem1 $ - $ - $ - $ 18,252 $ 18,252
Tax Increment District Super Va1u 688,000 688.000
Permanent Improvement Revolving 880.000 187.219 1,067,219
HRA Lease Revenue Bonds of 2002 92.136 92.136
Water 45,000 45.000
Sewer 50.000 50.000
Storm Sewer 25,000 25,000
Internal Service 50,000 50.000
Non-major govemmenta1 1,942.447 9,857.620 1,079,381 12.879.448
Non-major business-type 25,000 25.000
Total trmlSterS out $ 880.000 $ 1,942.447 $ 9.857.620 $ 2,259.988 $ 14.940.055
Intelfund transfers allow the City to allocate financial resources to debt service funds that al'e paying the general
obligation debt.
Non-routine transfers include the following:
1) Annual trallsfers from water, sewer and storm sewer for lease payments on new public works facility.
2) An allllual trallsfer, within non-major govenllllental funds, from the Economic Development and Cable TV
funds to the AIi Center Fund totaling $147,920 to pay the original debt for building the facility.
3) A trallsfer from the 2007 A G.O. Capital Improvement Bond Debt Service Fund to the HRA Lease Revenue
Bonds of 2002 fund for debt refunding, totaling $9,785,120.
4) A transfer from the 2007B G.O. Improvement Bond Fund to the Penllallent Improvement Revolving fund
for debt proceeds, totaling $1,942,447.
5) A transfer of $880,000 from the Penllallent Improvement Revolving fund to the Municipal State Aid
Constmction fund for the funds share of debt proceeds as reimbursement for project costs.
6) AIll1ual trallsfers from Tax Increment Special Revenue funds to Debt Service funds for debt payments.
7) A trallsfer of $400,000 from the Economic Development fund alld $500,000 from Tax Increment 2-11 fund
to Tax Increment 1-4 fund for eligible tax increment project costs.
8. LONG-TERM DEBT
The City issues general obligation bonds to provide funds for the acquisition and constmction of major capital
facilities. General obligation bonds have been issued for govenllllental activities.
General Obligation Bonds are backed by the full faith, credit and taxing power of the City, and are selTiced by
General and Tax Increment levies and also by fees assessed against benefited properties. These bonds generally are
issued as 20-year serial bonds. General obligation bonds currently outstanding are as follows:
Purpose
Govenllllental activities
Governmental activities - refunding
Interest Rates
2.00 - 8.0%
2.75 - 8.1%
57
Original Amount
$ 22,335,000
7,578,543
Current Amount
$15,655,000
3,600,000
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
AIll1ual debt service requirements to maturity for general obligation bonds are as follows:
Yeal' Ending
December 31
2008
2009
2010
2011
2012
2013-2017
2018-2022
2023-2024
Total
Govellllllental Activities
Principal
$ 1,195,000
1.310,000
1,245,000
1.505,000
1,200,000
5,910,000
5,865,000
1.025,000
$19,255,000
Interest
$ 869,914
831.770
776,602
714,582
652,752
2,450,164
964,775
23,016
$ 7,283,575
The City also has special assessment bonds, which al'e backed by the full faith, credit alld taxing power of the City,
and repayment monies are generated by the collection of special assessments and general levies. The bonds have a
stated rate of interest from 1.65% - 4.8% alld al'e payable over the next ten yeal's. The bonds originally issued at
$4,585,000 have a current balallce of$3,010,000.
AIlllUal debt service requirements to maturity for special assessment bonds al'e as follows:
Yeal' Ending
December 31
2008
2009
2010
2011
2012
2013-2017
2018
Total
Govenllllental Activities
Principal
$ 320,000
360,000
375,000
285,000
295,000
1,140,000
235,000
$ 3,010,000
Revenue bonds
Interest
$114,941
104,553
89,315
75,751
64,080
166,023
4,994
$ 619,657
The City also issues bonds where the govenllllent pledges income derived from the acquired or constmcted assets to
pay debt selTice. Revenue bonds outstallding at yeal'-end al'e as follows:
Purpose
Storm sewer constmction & replacement
Water tower painting, meter system replacement
Storm sewer - refunding
Interest Rates
2.0 - 5.0%
4.5 - 5.5%
2.75 - 3.65%
Original Amount
$ 2,810,000
2,060,000
1,610,000
Current Amount
$ 1,980,000
655,000
1,270,000
58
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
Revenue bond debt service requirements to maturity al'e as follows:
Yeal' Ending
December 31
2008
2009
2010
2011
2012
2013-2017
2018-2022
2023
Total
Principal
$ 495,000
505,000
530,000
320,000
330,000
1,245,000
390,000
90,000
$ 3,905,000
Public Facilitv Lease Revenue Bonds
Interest
$ 162)02
141,851
120,975
101,705
86,131
197,830
58,512
1,845
$ 871,051
The Housing and Redevelopment Authority in alld for the City of Hopkins, a blended component unit of the City, has
issued public facility lease revenue bonds for the constmction of public works facility, a fire station, and police
station improvements. The aggregate alllOunt of bonds issued totals $13,810,000. The Housing and Redevelopment
Authority has entered into ground leases with the City for the lease of the facilities to the City. The leases will remain
in effect until all principal and interest on the bonds hme been paid. So long as the leases are in effect, the City will
make SemiallllUal lease payments on each Febmal)' 1 and August 1, in amounts sufficient to pay all principal alld
interest on the bonds due on such payment date. The bonds are special obligations of the Housing and
Redevelopment Authority. The bonds do not constitute a general obligation of the Housing and Redevelopment
Authority or the City. It is the intent of the City to Ie,)! ad valorem taxes an alllOunt sufficient to make rental
payments required under the leases. In the event the annual appropriation is not made, the bond tmstees are entitled
to repossession alld the right to re-lease the buildings alld lalld. Public facility lease revenue bonds currently
outstallding al'e as follows:
Purpose
Public Works and Fire Station
Police Station improvements
Interest Rates
3.0 - 5.0%
2.0 - 4.35%
Original AIllount
$10,760,000
3,050,000
Current Amount
$9,550,000
2,685,000
AIlllUal debt service requirements to maturity are as follows:
Yeal' Ending
December 31
2008
2009
2010
2011
2012
2013-2017
2018-2023
2024
Total
Principal
$ 545,000
565,000
580,000
605,000
625,000
8,010,000
895,000
410,000
$12,235,000
Interest
$ 536.318
518,829
499,285
478,148
455.331
520,254
183,678
18,003
$ 3,209,846
59
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
In 2013 bonds totaling $7,405,000 will be called and paid with proceeds from the 2007A G.O. Capital Improvement
Bonds sold in 2007 and deposited with all escrow agent. Principal and interest on the 2002 HRA Lease Revenue
bonds with a current balallce of $9,550,000 al'e currently being paid with funds held by the escrow agent.
The City is subject to a statutOl)' limit of bonded indebtedness equaling 2.0 percent of mal'ket nlue. At December
31, 2007, the debt limit for the City is $33,252,114. Of the total debt, $12,309,809 of general obligation and revenue
bonds is applicable to the limit. The legal debt mal'gin is $20,942,305.
Adnnce Refunding
On August 14, 2007 the City issued $9,920,000 in General Obligation Capital Improvement Bonds, Series 2007 A for
the purpose of refunding the $10,760,000 HRA Lease Revenue Bonds, Series 2002A. Future debt service payments
will be reduced by $120.340 with a present nlue savings of $89,973.
ChallgeS in long-term liabilities
Long-term liability activity for the yeal' ended December 31, 2007, was as follows:
Beginning Ending Due Within
Balance Additions Deductions Balance One Year
Governmental Activities:
Bonds payable:
G.O. tax increment bonds $ 9.420.000 $ $ 615.000 $ 8.805.000 $ 510.000
General obligation bonds 675.000 9.920.000 145.000 10.450.000 595.000
Total general obligation bonds 10.095.000 9.920.000 760.000 19,255.000 1.105.000
Special assessment bonds 1.3 70.000 1.955.000 315,000 3,010,000 410,000
Public facility lease bonds 12.770.000 535.000 12.235.000 545.000
Less deferred amounts
For issuance discounts (116.322) 4.042 ( 112.280)
For issuance premiums 7.520 (221) 7.299
On refunding (3.634) 519 (3.115)
Total bonds payable 24.23 1.366 11.766.198 1.614.340 34.391.904 2.060.000
Compensated absences 758.077 408.406 484.324 682.159 682.159
Governmental activity
long-term liabilities $ 24.989.443 $ 12.174.604 $ 2.098.664 $ 35.074.063 $ 2.742.159
Business-t~l)e activities:
Bonds payable:
Revenue bonds $ 4.380.000 $ $ 475.000 $ 3.905.000 $ 495.000
Compensated absences 103.000 102.964 91.029 114.935 114.935
Business-type activity
long-term liabilities $ 4.483.000 $ 102.964 $ 566.029 $ 4.019.935 $ 609.935
For the govenllllental activities compensated absences al'e generally liquidated by the general and special revenue funds.
60
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
9. PENSION PLAN OBLIGATIONS
1. Defined Benefit Pension Plans - Statewide
A. Plall Description
All full-time alld certain pali-time employees of the City of Hopkins are covered by defined benefit plallS
administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the
Public Employees Retirement Fund (PERF) alld the Public Employees Police alld Fire Fund (PEPFF), which are
cost shal'ing, multiple-employer retirement plallS. These plallS al'e established and administered in accordance
with Minnesota Statutes, Chapters 353 alld 356.
PERF members belong to either the Coordinated Plall or the Basic Plan. Coordinated Plan members are covered
by Social Security alld Basic Plan members al'e not. All new members must paliicipate in the Coordinated Plall.
All police officers, fire fighters alld peace officers that 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 al'e established by State Statute, and vest after three yeal'S of credited service. The
defined retirement benefits al'e based on a member's highest average salmy for any five successive years of
allowable selTice, age, and yem's of credit at termination of selTice.
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 accmal formula (Method 1) or a level accmal formula (Method
2). Under Method 1, the mllluity accmal rate for a Basic Plan member is 2.2 percent of muage salm)! for each of
the first 10 years of service mld 2.7 percent for each remaining year. The mllluity accmal rate for a Coordinated
Plan member is 1.2 percent of average salmy for each of the first 10 years and 1.7 percent for each remaining year.
Under Method 2, the annuity accmal rate is 2.7 percent of average salalY for Basic Plallmembers alld 1.7 percent
for Coordinated Plan members for each yeal' of service. For PEPFF members, the annuity accmal rate is 3.0
percent for each yeal' of sen'ice. For all PEPFF members and PERF members hired prior to July 1, 1989 whose
mlllUity is calculated using Method 1, a full mlllUity is anilable when age plus yem's of service equal 90. Normal
retirement age is 55 for PEPFF members and 65 for Basic and Coordinated members hired prior to July 1, 1989.
Normal retirement age is the age for unreduced Social Security benefits capped at 66 for Coordinated members
hired on or after July 1, 1989. A reduced retirement allllUity is also anilable to eligible members seeking em-ly
retirement.
There are different types of alllluities m'ailable to members upon retirement. A single-life alllluity is a lifetime
mlllUity that ceases upon the death of the retiree--no survivor alllluity is payable. There m'e also vm'ious types of
joint mld survivor annuity options available ,,'hich will be payable over joint lives. Members may also leave their
contributions in the fund upon termination of public service in order to qualify for a defened mllluity at retirement
age. Refunds of contributions are m'ailable at any time to members who lem'e public service, but before
retirement benefits begin.
The benefit provisions stated in the previous paragraphs of this section al'e current prm'isions alld apply to active
plml pmiicipmlts. Vested, terminated employees who al'e entitled to benefits but al'e not receiving them yet m'e
bound by the provisions in effect at the time they last terminated their public service.
PERA issues a publicly m'ailable finallcial report that includes finallcial statements and required supplement my
information for PERF alld PEPFF. That repOli may be obtained on the web at mnpera.org, by writing to PERA,
60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by calling (651) 296-7460 or 1-800-652-9026.
B. Funding Policy
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These statutes m'e
established alld amended by the state legislature. The City makes annual contributions to the pension plans equal
61
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
to the amount required by state statutes. PERF Basic Plall members and Coordinated Plan members are required
to contribute 9.1% alld 5.75%, respectively, of their annual covered salm)! in 2007. Contribution rates in the
Coordinated Plan will increase in 2008 to 6.00%. PEPFF members are required to contribute 7.80% of their
allllUal covered salm)! in 2007. That rate will increase to 8.6% in 2008. The City of Hopkins is required to
contribute the following percentages of annual covered payroll: 11. 78% for Basic Plan PERF members, 6.25% for
Coordinated Plan PERF members mld 11.7% for PEPFF members. Employer contribution rates for the
Coordinated Plan and PEPFF will increase to 6.5% and 12.9% respectively, effective JmlUal)' 1,2008. The City's
contributions to the Public Employees Retirement Fund for the yem's ending December 31, 2007, 2006, and 2005
were $268,222, $246,903alld $220,860, respectively. The City's contributions to the Public Employees Police &
Fire Fund for the years ending December 31, 2007, 2006, alld 2005 were $222,191, $188,600 mld $169,159,
respectively. The City's contributions were equal to the contractually required contributions for each yeal' as set
by state statute.
2. 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 alld issues separate finmlcial statements that cml be obtained by contacting
the Association.
Volunteer firefighters of the City al'e members of the Association. The plan provides for permanent and short
term disability benefits, death benefits alld pensions with a set value for the mlllual withdrawal mllount. Full
vesting in the plml requires a member to have sen'ed for at least 5 years, to have reached the age of 50 years and
to have been a member of the Association for at least 20 yem's. These benefit provisions alld all other
requirements al'e consistent with enabling statutes.
Funding Policy and AIll1ual Pension Information
The governing bOal'd 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 plml, in accordmlce with state statutes. The annual pension information is as follows:
2007 Contributions:
City
State
12/31/06
Ently age normal actuarial cost method
5%
Open
Level dollm' - open
Ten years
None
Not applicable
$0 per year of service
$ 32,166
$ 91,987
Actum'ial valuation date:
Actual'ial cost method:
Assumed rate of return:
Actum'ial valuation period
AIllortization method
AIllortization period
Inflation rate
Projected salalY increases
Post retirement benefit increases
62
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
AIlllUal Pension Benefit Cost for Past Three Years (the most current available)
Year Ended
12/31/06
12/31/05
12/31/04
AIlllUal Pension
Cost (APC)
$ 32,166
$ 32,166
$ 31.535
% of Annual Pension
Cost Contributed
100%
100%
100%
Net Pension Obligation
At Yeal' Ended
$0
$0
$0
Schedule of Funding Progress (Required Supplemental Information) (unaudited) (the most current CfVoilable)
Actual'ial Actual'ial Accmed Excess (Under)
Actual'ial Value of Liability (AAL) Of Assets Funded
Valuation Assets Entrv A ere Over AAL Ratio
o b
Date (a) (b) (a-b) (a/b)
12/31/06 $2,91 1,631 $2,309,203 $602,428 126%
12/31/05 $3,054,594 $2,775,243 $279,351 110%
12/31/04 $3,198,102 $2,692,598 $505,504 119%
The estimated accmed liability of $2,309,203 at December 31, 2006 was calculated using the State of Minnesota
Schedule I fOllll for lump sum pension plans. This results in positive net assets m'ailable for benefits of $602,428 as
of December 31, 2006. The Hopkins Fire Department is a volunteer organization alld therefore does not have payroll
to disclose.
10. REHABILITATION LOANS RECEIVABLE
The City makes rehabilitation loans to residential and commercial entities within the City. Residential 10allS al'e
made for 20 yeal' periods at 3% interest. A mOligage against the propeliy improved is required and City staff is
responsible to follow-up any delinquent accounts. LOall repayments are made to Matrix Finallcial Sen'ices, a 10all
service bureau, which chal'ges a fee of $5.95 per month per loan. Principal alld interest al'e forwarded to the City
monthly with 10all collection and loan status reports. Rehabilitation loan activity is a function of the Economic
Development Fund, the Hennepin County CDBG and the Housing Rehab Funds. LOallS become due in full upon
sale of property. Rehabilitation loans receivable alllounted to $217.336 at December 31,2007.
11. CLAIMS AND LITIGATION
The City had the usual alld customal)' types of miscellalleous claims pending at year-end, which are of a minor
nature and usually all covered by insurallCe carried for that purpose. The City calTies a $1,000,000 Public Official
Liability InSUrallCe policy with public entity and employee endorsement.
12. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts: theft of, dalllage to, alld destmction of assets: errors and
omissions: injuries to employees; and natural disasters. The City paliicipates in a public entity risk pool to mitigate
its exposure to these risks. Workers compensation alld property alld liability coverage are provided through a pooled
self-insurallce plall with other cities. Settled claims have not exceeded inSUrallCe coverage in allY of the past three
fiscal yeal's. The City pays an annual premium based on prior claims histOl)! for its workers compensation coverage.
The public entity risk pool is responsible for the payment of all associated claims. The City has a $20,000 deductible
per occurrence with a maximum per year out of pocket of $40,000, for its property alld liability coverage. The
public entity risk pool is responsible for all losses in excess of $20,000 per occurrence and all losses occurring after
the $40,000 maximum City out of pocket costs.
63
City of Hopkins, Minnesota
NOTES TO FINANCIAL STATEMENTS, (CaNT.)
December 31.2007
13. NEW ACCOUNTING PRONOUNCEMENTS
In July 2004, the GASB issued Statement No. 45 Accounting and Financial Reporting by Employers fhr
Postemployment Benefit Plans other than Pension Plans. This Statement, which the City will be required to adopt in
the year ended December 31,2008, provides that postemployment benefits offered to employers al'e to be measured
alld recognized on the full accmal basis of accounting over a period that approximates an employee's yeal'S of
service. The City has not yet assessed the impact of the adoption of GASB No. 45 on its financial statements.
14. PRIOR PERIOD ADJUSTMENT
During 2007, adjustments to increase beginning net assets were made to reflect capital asset corrections. The
adjustment reflects an increase of $1,310,827 in infrastmcture assets which were omitted in the City's 2003 GASB
34 implementation.
The following is a summal)' of the related corrections:
Previously omitted construction in progress
Previously omitted other improvements
Govenlluenta1
Activities
$ 988,301
322,526
$ 1.310.827
64
CITY OF HOPKINS, MINNESOTA
NONMAJOR GOVERNMENTAL FUNDS STATEMENTS
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues derived from specific taxes or other
earmarked revenue sources. Expenditures are restricted by law or administrative regulation for
specified purposes.
State Chemical Assessment Fund - This fund is entirely supported by state aid for the purpose of
chemical assessment training and activity for the State of Minnesota.
Real Estate Purchases and Sales Fund - This fund records the acquisition and disposition of various
properties with the proceeds used to improve city bu ild ings.
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 - Th is fund was establ ished to account for the receipt of grants and rider fees and
expend itu res 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 month Iy mai ntenance fees from users.
Section 8 Housing Fund - This fund administers the HUD Section 8 Rental Assistance Program.
Cable TV Fund - This fund records the City's share of a five-city joint venture cable TV franchise
administered under the Southwest Suburban Cable Commission.
Depot Coffee House Fund - This fund accounts for the operations of the coffee house business and
the teen center operations that are supported through grant funds.
Art Center Fund - This fund accounts for the operations of the Hopkins Art Center which IS
supported through leases, state aids, contributions, sales and intergovernmental transfers.
65
DEBT SERVICE FUNDS
Debt Service Funds are established to finance and account for the payment of interest and
principal on all general obi igation 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.
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.
Capital Improvement Fund - This fund accounts for funds set aside for the construction and
improvement of City facility and infrastructure.
66
CITY OF HOPJ.:lNS. MINNESOTA
101'8
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Special Revenue Funds
State Real Estate Hennepin
Chemical Economic Purchases County Housing
Assessment Development & Sales CDBG Para-Transit Rehab
ASSETS
Cash and investments $ $ 770,833 $ 91.647 $ $ 1,703 $ 830,343
Taxes receivable 456
Special Assessments receivable
Accounts receivable 3,618
Rehabilitation loans receivable 120.354 96.982
Accrued interest receivable 2,688 329 2,970
Due Ii'om other n.mds 2.240,099
Due Ii'om other governments 25.141 13.992
Lont-tenll Receivable
Total Assets $ 25,141 $ 3,l38.048 $ 91.976 $ 96,982 $ 15,695 $ 833.313
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 3.770 $ 1.179 $ $ $ 15.337 $ 773
Salaries payable 629 2.728 355 1.091
Accrued interest payable 12
Due to other funds 32.255 3.206
Due to other governments
Unearned revenue 76.243
Total Liabilities 36,654 80,150 3.218 15,692 1.864
Fund balances:
Reserved Iix:
Reserved for Rehab loans receivable 120.354 93.764
Reserved for Tax Increment Districts
Reserved for advance to other n.mds 2.240,099
Reserved for debt service
Unreserved:
Designated Iix public safety (11.513)
Designated for economic development 85.000
Designated Iix construction projects
Undesignated 697,445 91.976 3 746,449
Total Fund Balances (11.513) 3.057,898 91.976 93,764 3 831,449
Total Liabilities and Fund Balance $ 25.141 $ 3.138.048 $ 91.976 $ 96.982 $ 15.695 $ 833.313
67
CITY OF HOPKINS. t-..IINNESOTA
201'8
COt-..IBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Special Revenue Funds
Depot
Section 8 CoHee A.rt
Parking Housing Cable TV House Center
ASSETS
Cash and investments $ 287,073 $ 103.538 $ 350,670 $ 134,997 $ 100
Taxes receivable
Special Assessments receivable
Accounts receivable 45,943 280 7,185
Rehabilitation loans receivable
Accrued interest receivable 1.033 368 1.265 484
Due li'om other n.mds
Due li'om other governments 1.670
Lont-tenll Receivable
Total Assets $ 289,776 $ 103,906 $ 397,878 $ 135.761 $ 7,285
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 1.336 $ 242 $ 2.833 $ 16.849 $ 9.790
Salaries payable 574 2.316 293 97 6.141
Accrued interest payable
Due to other funds 875.831
Due to other governments
Unearned revenue 37.072
Total Liabilities 38,982 2.558 3,126 16,946 891,762
Fund balances:
Reserved lix:
Reserved for Rehab loans receivable
Reserved for Tax Increment Districts
Reserved for advance to other n.mds
Reserved for debt service
Unreserved:
Designated Iix public salety
Designated for economic development
Designated Iix construction projects
Undesignated 250,794 101.348 394,752 118,815 (884.477)
Total Fund Balances 250.794 101.348 394,752 118,815 (884.477)
Total Liabilities and Fund Balance $ 289.776 $ 103,906 $ 397.878 $ 135.761 $ 7.285
68
CITY OF HOPKINS. MINNESOTA
301'8
COt\IBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Special Revenue Funds
Tax Tax
Increment Tax Tax Increment Tax
District Increment Increment District Increment
Entertainment District District Oaks of District
District R.L. Johnson Sonoma t\Iainstreet Business District
ASSETS
Cash and investments $ 136.934 $ $ 2,615 $ 293.754 $ 26.372
Taxes receivable
Special Assessments receivable
Accounts receivable 10,684
Rehabilitation loans receivable
Accrued interest receivable 363 10 1.059 96
Due Ii'om other n.mds
Due Ii'om other governments
Lont-tenll Receivable 1.371.881
Total Assets $ 1,509,178 $ $ 13.309 $ 294,813 $ 26,468
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 77 $ 5,442 $ 12 $ 248 $ 22
Salaries payable
Accrued interest payable 220
Due to other funds 1,583.580 62,615 356,519
Due to other governments
Unearned revenue
Total Liabilities 1,583.657 68,277 356,531 248 22
Fund balances:
Reserved I,x:
Reserved for Rehab loans receivable
Reserved for Tax Increment Districts 294.565 26,446
Reserved for advance to other n.mds
Reserved for debt service
Unreserved:
Designated Iix public safety
Designated for economic development
Designated Iix construction projects
Undesignated (74,479) (68,277) (343,222)
Total Fund Balances (74.479) (68,277) (343,222) 294.565 26,446
Total Liabilities and Fund Balance $ 1,509,178 $ $ 13.309 $ 294.813 $ 26,468
69
CITY OF HOPKINS. MINNESOTA
401'8
COt\IBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 3 L 2007
Special Revenue Funds
Tax
Tax Increment
Increment District
District Marketplace'
5th Ave Flats & Main Total
ASSETS
Cash and investments $ $ 5,130 $ 3.035,709
Taxes receivable 10 466
Special Assessments receivable
Accounts receivable 67.710
Rehabilitation loans receivable 217.336
Accrued interest receivable 18 10.683
Due Ii'om other n.mds 2.240.099
Due Ii'om other governments 40.803
Lont-tenll Receivable 1.3 71.881
Total Assets $ 10 $ 5,148 $ 6,984,687
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 5.513 $ 2 $ 63.425
Salaries payable 14224
Accrued interest payable 122 354
Due to other funds 33.905 2.947.911
Due to other governments
Unearned revenue 113.315
Total Liabilities 39.540 2 3,139.229
Fund balances:
Reserved Iix:
Reserved for Rehab loans receivable 214.118
Reserved for Tax Increment Districts 32L011
Reserved for advance to other n.mds 2.240.099
Reserved for debt service
Unreserved:
Designated Iix public safety (11.513)
Designated for economic development 85.000
Designated Iix construction projects
Undesignated (39.530) 5,146 996,743
Total Fund Balances (39.530) 5,146 3.845,458
Total Liabilities and Fund Balance $ 10 $ 5.148 $ 6.984.687
70
CITY OF HOPJ.:JNS. I\IINNESOTA
501'8
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Debt Service Funds
Improvement Park and
Revolving Recreational
Bonds of Ren.lllding D
Improvement Taxable 1992. Bonds of
Housing Revolving Housing Ren.lllding 1993, Ren.lllding
Bonds of Bonds of Improvement Bonds of Bonds of
1995 1999 1999A 2001 2001
ASSETS
Cash and investments $ 122,835 $ 120,952 $ 197.311 $ 134,436 $ 190,301
Taxes receivable 685 1.644 4.744
Special Assessments receivable 399.382 1.727.381
Accounts receivable
Rehabilitation loans receivable
Accrued interest receivable 442 570 710 581 685
Due Ii'om other n.lllds
Due Ii'om other governments
Lont-tenll Receivable
Total Assets $ 522,659 $ 122,207 $ 1.925,402 $ 136,661 $ 195.730
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 61 $ 71 $ 116 $ 70 $ 77
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Unearned revenue 398.573 607 1.725.841 1,457 4.215
Total Liabilities 398.634 678 1. 725.957 l,527 4,292
Fund balances:
Reserved Iix:
Reserved for Rehab loans receivable
Reserved for Tax Increment Districts
Reserved for advance to other n.lllds
Reserved for debt service 124.025 121.529 199,445 135.134 191,438
Unreserved:
Designated Iix public safety
Designated for economic development
Designated Iix construction projects
Undesignated
Total Fund Balances 124.025 121.529 199,445 135,134 191,438
Total Liabilities and Fund Balance $ 522.659 $ 122.207 $ 1.925,402 $ 136.661 $ 195.730
71
CITY OF HOPJ.:JNS. MINNESOTA
601'8
COMBINING BALANCE SHEET
NONI\IAJOR GOVERNMENTAL FUNDS
December 31. 2007
Debt Service Funds
Tax Tax
Increment Increment
Improvement Tax HRA Lease Bonds of 1996C Bonds of 1997
Revolving Increment Revemue Ren.lIlding Ren.lIlding
Bonds of Bonds of Bonds of Bonds of Bonds of
2002 2002 2003 2005A 2005A
ASSETS
Cash and investments $ 128.532 $ 165.625 $ 397.432 $ 32.480 $ 451,508
Taxes receivable 1,560 5.844
Special Assessments receivable
Accounts receivable
Rehabilitation loans receivable
Accrued interest receivable 567 596 511 117 1.625
Due Ii'om other n.lIlds
Due Ii'om other governments
Lont-tenll Receivable
Total Assets $ 130,659 $ 166,221 $ 403,787 $ 32,597 $ 453-133
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 66 $ 61 $ 20 $ 16 $ 284
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Unearned revenue 1.382 5.134
Total Liabilities 1.448 61 5J54 16 284
Fund balances:
Reserved Iix:
Reserved for Rehab loans receivable
Reserved for Tax Increment Districts
Reserved for advance to other n.lIlds
Reserved for debt service 129.211 166.160 398.633 32.581 452.849
Unreserved:
Designated Iix public safety
Designated for economic development
Designated Iix construction projects
Undesignated
Total Fund Balances 129.211 166,160 398.633 32.581 452.849
Total Liabilities and Fund Balance $ 130.659 $ 166.221 $ 403.787 $ 32.597 $ 453.133
72
CITY OF HOPJ.:lNS. MINNESOTA
701'8
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Debt Service Funds
Taxable Tax Taxable Tax
Increment Increment
Bonds of 1996D Bonds of 1997 Improvement
Ren.lllding Ren.lllding Capital Revolving
Bonds of Bonds of Improvement Bonds of
Bonds of
2005B 2005B 2007A 2007B Total
ASSETS
Cash and investments $ 108,391 $ 260,831 $ 487.200 $ 24.040 $ 2,821.874
Taxes receivable 15.583 30.060
Special Assessments receivable 1.759.467 3.886.230
Accounts receivable
Rehabilitation loans receivable
Accrued interest receivable 390 939 1.751 86 9,570
Due li'om other n.lllds
Due li'om other governments
Lont-tenll Receivable
Total Assets $ 108,781 $ 2.021.237 $ 504,534 $ 24,126 $ 6.747,734
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 40 $ 148 $ 46 $ 86 $ U62
Salaries payable
Accrued interest payable
Due to other funds
Due to other governments
Unearned revenue 1.759.051 13.619 3.909.879
Total Liabilities 40 1.759.199 13,665 86 3,911.041
Fund balances:
Reserved lix:
Reserved for Rehab loans receivable
Reserved for Tax Increment Districts
Reserved for advance to other n.lllds
Reserved for debt service 108.741 262.038 490.869 24.040 2.836.693
Unreserved:
Designated Iix public safety
Designated for economic development
Designated Iix construction projects
Undesignated
Total Fund Balances 108,741 262.038 490.869 24.040 2,836.693
Total Liabilities and Fund Balance $ 108.781 $ 2.021.237 $ 504.534 $ 24.126 $ 6.74 7. 734
73
CITY OF HOPJ.:.INS.I\IINNESOTA
801'8
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31. 2007
Capital Project Funds
Total
Capital Non-major
Park Improvement Governmental
Improvements Fund Total Funds
ASSETS
Cash and investments $ 432,880 $ 197.575 $ 630.455 $ 6.488,038
Taxes receivable 1.144 1.144 31.670
Special Assessments receivable 3.886.230
Accounts receivable 67.710
Rehabilitation loans receivable 217.336
Accrued interest receivable U64 841 2.405 22.658
Due Ii'om other n.mds 2.240.099
Due Ii'om other governments 40.803
Lont-tenll Receivable 1371.881
Total Assets $ 434.444 $ 199,560 $ 634,004 $ 14.366.425
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 328 $ 4.340 $ 4.668 $ 69.255
Salaries payable 14.224
Accrued interest payable 354
Due to other funds 2,947,911
Due to other governments
Unearned revenue 1.006 1.006 4.024.200
Total Liabilities 328 5.346 5,674 7,055.944
Fund balances:
Reserved Iix:
Reserved for Rehab loans receivable 214.118
Reserved for Tax Increment Districts 321.011
Reserved for advance to other n.mds 2.240.099
Reserved for debt service 2.836.693
Unreserved:
Designated Iix public safety (lU13)
Designated for economic development 85.000
Designated Iix constmction projects 194.214 194.214 194.214
Undesignated 434.1 16 434.1 16 1.430.859
Total Fund Balances 434,116 194.214 628.330 7310.481
Total Liabilities and Fund Balance $ 434.444 $ 199,560 $ 634.004 $ 14.366.425
74
CITY OF HOPKINS. MINNESOTA
101'8
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Special Revenue Funds
State Real Estate Hellllepin
Chemical Economic Purchases Countv
Assessment Development & Sales CDBG Pam- Tnmsit
Revenues
Property tax $ $ 19,745 $ $ $
Tax increment
Special assessments
Intergovemmenta1 revenue 77 ,866 5.000 13.677 83.793
Fees, licenses and pennits
Charges for services 3.700 13.866
Fines
Investment eamings 64,524 3,295
Other 18.865
Total Revenues 77 .866 108.134 6.995 13.677 97.659
Expenditures
CUlTent:
Genem1 govenllllent
Public safety 68,657
Health mId welfare 116.336
Highways mId streets
UrbmI redevelopment mId housing 183,967 18,015
Recreation
Capital outlay 14,549
Debt Service:
Principal retirement
Interest and fiscal tees 132
Bond issuance costs
Total Expendihlres 83,206 183.967 18,147 116.336
Excess (deficiency) of revenues over
(under) expenditures (5.340) (75.833) 6.995 (4,470) ( 18.677)
Other Financing Sources (Uses):
Tnmsters in 2.252 16.000
Tnmsters out (461,000)
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) 2.252 ( 461.000) 16.000
Net change in fund ba1mIces (3,088) (536.833) 6.995 (4,470) (2.677)
Fund Balance (Deticit) - January 1 (8,425) 3,594,731 84,981 98.234 2,680
Fund Balance (Deficit) - December 31 $ (11,513) $ 3.057.898 $ 91.976 $ 93.764 $ 3
75
CITY OF HOPKINS. MINNESOTA
201'8
COMBINING STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Yem' Ended December 31,2007
Special Revenue Funds
Depot
Housing Section 8 CoHee
Rehab Parking Housing Cable TV House
Revenues
Property tax $ $ $ $ $
Tax increment
Special assessments
Intergovemmenta1 revenue 118.152 1.200
Fees, licenses and pennits 226.602
Charges for services 58.315 61.151
Fines 18.492
Investment eamings 41,157 13.799 4,886 17.419 4.514
Other 64.225
Total Revenues 41.157 90.606 123.038 244.021 131,090
Expenditures
CUlTent:
Genem1 govenmlent 82.676
Public safety 50.673
Health mId welfare
Highways mId streets 31.254
UrbmI redevelopment mId housing 71,483 120,331
Recreation 93,923
Capital outlay 13.466 7,774
Debt Service:
Principal retirement
Interest and fiscal tees
Bond issuance costs
Total Expendihlres 71,483 95.393 120.331 82.676 10 1.697
Excess (deficiency) of revenues over
(under) expenditures (30.326) (4,787) 2.707 161.345 29.393
Other Financing Sources (Uses):
Tnmsters in
Tnmsters out (86,920)
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) (86,920)
Net change in fund ba1mIces (30.326) (4,787) 2.707 74.425 29.393
Fund Balance (Deticit) - January 1 861,775 255,581 98,641 320.327 89,422
Fund Balance (Deficit) - December 31 $ 831.449 $ 250.794 $ 10 1.348 $ 394.752 $ 118.815
76
CITY OF HOPKINS. MINNESOTA
301'8
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Special Revenue Funds
Tax Tax
Increment Tax Tax Increment
District Increment Increment District
Ali Entertainment District District Oaks of
Center District R.L. Jo1111son Sonoma Mainstreet
Revenues
Propeliy tax $ $ $ $ $
Tax increment 48,663 407.516 8.340 141,346
Special assessments
Intergovemmenta1 revenue 50,000 10,559
Fees, licenses and pennits
Charges for services 293.998
Fines
Investment eamings 838 3.968 660 13,099
Other 430 10.684
Total Revenues 345.266 52.631 407.516 19.684 165.004
Expenditures
CUlTent:
Genem1 govenllllent
Public safety
Health mId welfare
Highways mId streets
UrbmI redevelopment mId housing 1,195 204.274 943 4,301
Recreation 521,812
Capital outlay 1,525 75,000
Debt Service:
Principal retirement
Interest and fiscal tees 9,949 859
Bond issuance costs
Total Expendihlres 533,286 76.195 205,133 943 4.301
Excess (deficiency) of revenues over
(under) expenditures (188,020) (23.564) 202.383 18.741 160.703
Other Financing Sources (Uses):
Tnmsters in 147.920
Tnmsters out (215,000) ( 134,000)
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) 147.920 (215,000) (134,000)
Net change in fund ba1mIces (40,1 00) (23.564) (12,617) 18.741 26.703
Fund Balance (Deticit) - January 1 (844,377) (50,915) ( 55,660) (361,963 ) 267,862
Fund Balance (Deficit) - December 31 $ (884,4 77) $ (74.4 79) $ (68,277) $ (343.222 ) $ 294,565
77
CITY OF HOPKINS. MINNESOTA
401'8
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Special Revenue Funds
Tax Tax Tax
Increment Increment Increment
District 5th Avenue Marketplace
Business District Flats & Main Total
Revenues
Property tax $ $ $ $ 19,745
Tax increment 87,968 386 5,052 699.271
Special assessments
Intergovemmenta1 revenue 360.247
Fees, licenses and pennits 226.602
Charges for services 431,030
Fines 18.492
Investment eamings 1.082 114 169.355
Other 94.204
Total Revenues 89.050 386 5.166 2.018.946
Expenditures
CUlTent:
Genem1 govenmlent 82.676
Public safety 119.330
Health mId welfare 116.336
Highways mId streets 31.254
UrbmI redevelopment mId housing 84,702 34,370 900,020 1,623.601
Recreation 615.735
Capital outlay 112.314
Debt Service:
Principal retirement
Interest and fiscal tees 591 11.531
Bond issuance costs
Total Expendihlres 84,702 34,961 900.020 2,712,777
Excess (deficiency) of revenues over
(under) expenditures 4.348 (34,575) (894,854 ) (693.831 )
Other Financing Sources (Uses):
Tnmsters in 900,000 1,066.172
Tnmsters out (896,920)
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) 900.000 169.252
Net change in fund ba1mIces 4.348 (34.575) 5.146 (524,579)
Fund Balance (Deticit) - January 1 22.098 (4,955) 4.370,037
Fund Balance (Deficit) - December 31 $ 26.446 $ (39,530) $ 5.146 $ 3.845.458
78
CITY OF HOPKINS. MINNESOTA
501'8
COMBINING STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Yem' Ended December 31,2007
Debt Service Funds
Improvement Park and
Revolving Recreational
Bonds of Refunding D
Improvement Taxable 1992. Bonds of
Housing Revolving Housing Refunding 1993, Refunding
Bonds of Bonds of Improvement Bonds of Bonds of
1995 1999 1999A 2001 2001
Revenues
Property tax $ $ 25,719 $ $ 62.840 $ 173,097
Tax increment
Special assessments 97,466 141.060
Intergovemmenta1 revenue
Fees, licenses and pennits
Charges for services
Fines
Investment eamings 2,957 3.419 5,750 3.181 3.481
Other
Total Revenues 100.423 29.138 146.810 66.021 176.578
Expenditures
CUlTent:
Genem1 govenmlent 61 71 398 70 77
Public safety
Health mId welfare
Highways mId streets
UrbmI redevelopment mId housing
Recreation
Capital outlay
Debt Service:
Principal retirement 65.000 90.000 55.000 135.000 145.000
Interest and fiscal tees 29.358 16.925 83.165 9.860 20.464
Bond issuance costs
Total Expendihlres 94,419 106.996 138.563 144,930 165.541
Excess (deficiency) of revenues over
(under) expenditures 6.004 (77.858) 8.247 (78,909) 11.037
Other Financing Sources (Uses):
Tnmsters in 75.000 54.000
Tnmsters out
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) 75.000 54.000
Net change in fund ba1mIces 6.004 (2,858) 8,247 (24,909) 11,037
Fund Balance (Deticit) - January 1 118,021 124,387 191,198 160.043 180.401
Fund Balance (Deficit) - December 31 $ 124.025 $ 121.529 $ 199.445 $ 135.134 $ 191.438
79
CITY OF HOPKINS. MINNESOTA
601'8
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Debt Service Funds
Tax Tax
Increment Increment
Improvement Tax HRA Lease Bonds of 1996C Bonds of 1997
Revolving Increment Revenue Refunding Refunding
Bonds of Bonds of Bonds of Bonds of Bonds of
2002 2002 2003 2005A 2005A
Revenues
Property tax $ 58,358 $ $ 232.438 $ $
Tax increment
Special assessments
Intergovemmenta1 revenue
Fees, licenses and pennits
Charges for services
Fines
Investment eamings 3,095 2.035 533 3.494 19.343
Other
Total Revenues 61.453 2.035 232.971 3.494 19.343
Expenditures
CUlTent:
Genem1 govenmlent 66 61 20 16 284
Public safety
Health mId welfare
Highways mId streets
UrbmI redevelopment mId housing
Recreation
Capital outlay
Debt Service:
Principal retirement 90.000 90.000 120.000 165.000
Interest and fiscal tees 23.810 94.204 101.056 17.169 36.081
Bond issuance costs
Total Expendihlres 113,876 184.265 221,076 17,185 201.365
Excess (deficiency) of revenues over
(under) expenditures (52,423) (182.230) 11.895 (13,691) (182,022)
Other Financing Sources (Uses):
Tnmsters in 58.219 188.000 254,961 28.000 215.000
Tnmsters out
Refunding bonds issued
Improvement bonds issued
Discount on refunding debt
Premium on improvement debt
Total Other Financing Sources (Uses) 58.219 188.000 254.961 28.000 215.000
Net change in fund ba1mIces 5.796 5.770 266.856 14.309 32,978
Fund Balance (Deticit) - January 1 123,415 160,390 131,777 18.2 72 419.871
Fund Balance (Deficit) - December 31 $ 129.211 $ 166.160 $ 398.633 $ 32,581 $ 452.849
80
CITY OF HOPKINS, MINNESOTA
701'8
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31, 2007
Debt Service Funds
Taxable Tax Taxable Tax
Increment Increment
Bonds of 1996D Bonds of 1997 Improvement
Refunding Refunding Capital Revolving
Improvement
Bonds of Bonds of Bonds of Bonds of
2005B 2005B 2007A 2007B Total
Revenues
Property tax $ $ $ 321,085 $ $ 873,537
Tax increment
Special assessments 169.422 407,948
Intergovemmenta1 revenue
Fees, licenses and pennits
Charges for services
Fines
Investment eamings 4,609 14.1 0 1 4.455 24.506 94,959
Other
Total Revenues 4.609 183,523 325.540 24.506 1.376.444
Expenditures
CUlTent:
Genem1 govenllllent 40 580 46 266 2.056
Public safety
Health mId welfare
Highways mId streets
UrbmI redevelopment mId housing
Recreation
Capital outlay
Debt Service:
Principal retirement 80.000 70.000 1.105.000
Interest and fiscal tees 19.336 60.449 200 200 512.277
Bond issuance costs 61,036 20,073 81.109
Total Expendihlres 99.376 131.029 61.282 20.539 1,700,442
Excess (deficiency) of revenues over
(under) expenditures (94,767) 52.494 264.258 3.967 (323,998)
Other Financing Sources (Uses):
Tnmsters in 106,000 164.636 1.143.816
Tnmsters out (9,785,120) (1,942,447) (11,727,567)
Refunding bonds issued 9,920,000 9,920,000
Improvement bonds issued 1,955,000 1.955,000
Discount on refunding debt (72,905) (72,905)
Premium on improvement debt 7.520 7,520
Total Other Financing Sources (Uses) 106.000 226.611 20.073 1.225.864
Net change in fund ba1mIces 11.233 52.494 490,869 24.040 901.866
Fund Balance (Deticit) - January 1 97,508 209,544 1,934,827
Fund Balance (Deficit) - December 31 $ 108.741 $ 262.038 $ 490.869 $ 24.040 $ 2.836.693
81
CITY OF HOPKINS. MINNESOTA
801'8
COMBINING STATEMENT OF REVENUES. EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended December 31. 2007
Capital Project Funds
Total
Capital Non-major
Park Improvement Govenllnenta1
Improvements Fund Total Funds
Revenues
Property tax $ $ 49.083 $ 49,083 $ 942.365
Tax increment 699.271
Special assessments 407.948
Intergovenllnenta1 revenue 360.247
Fees, licenses and permits 226.602
Chm'ges for services 431.030
Fines 18.492
Investment earnings 16.854 26.765 43.619 307.933
Other 395.430 395.430 489.634
Total Revenues 412.284 75.848 488.132 3.883.522
Expenditmes
CUlTent:
Genem1 govenllnent 84.732
Public satetv 119.330
Health and welfare 116.336
Highways and streets 31.254
Urban redevelopment and housing 1.623,601
Recreation 8,813 8,813 624.548
Capital outlay 40.136 339.807 379.943 492.257
Debt Service:
Principal retirement 1.105.000
Interest mId fiscal tees 523.808
Bond issuance costs 81.109
Total Expenditmes 48,949 339,807 388,756 4.801,975
Excess (deficiency) of revenues over
(under) expenditures 363.335 (263,959) 99.376 (918.453)
Other Financing Sources (Uses):
T mnsters in 50.000 50.000 2,259,988
Tmnsters out (254,961 ) (254,961 ) (12,879.448)
Refunding bonds issued 9,920,000
Improvement bonds issued 1,955,000
Discount on refunding debt (72.905)
Premium on improvement debt 7,520
Total Other Financing Sources (Uses) (204,961 ) (204.961 ) 1.190.155
Net cllffiIge in fund balances 363.335 (468,920) (105.585) 271.702
Fund Ba1mIce (Deficit) - Jmmary 1 70.781 663.134 733.915 7,038,779
Fund Ba1mIce (Deficit) - December 31 $ 434.116 $ 194.214 $ 628.330 $ 7.310.481
82
CITY OF HOPKINS. MINNESOTA
STATE CHEMICAL ASSESSMENT TEAM FUND SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Intergovenlluenta1 revenue:
Federal grant $ $ 23,425 $ 23.425
State grant 45,000 54,441 9.441
45.000 77.866 32.866
Expenditures:
Salaries and employee benefits 23.167 45.706 (22.539)
Materials, supplies and services 18.833 22.951 (4.118)
Capital outlay 3.000 l4.549 01.549)
Total Expenditures 45.000 83.206 (38.206)
Other Financing Sources:
Transfer from the General Fund 2.252 2.252
Net change in fund balance (3.088) (3.088)
Fund Balance - January 1 (8.425) (8,425)
Fund Balance - December 31 $ (8.425) $ 01.513) $ (3.088)
83
CITY OF HOPKINS. MINNESOTA
ECONOMIC DEVELOPMENT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
General property taxes $ 15.000 $ 19.745 $ 4.745
Intergovenlluenta1 revenue:
County grant 5.000
Investment earnings 20.000 64.524 44.524
Other 5.000 18.865 13.865
Total Revenues 40.000 108.134 63.134
Expenditures:
Salaries and employee benefits 142.698 153.446 (10.748)
Materials, supplies and services 120.695 68.021 52.674
Total 263.393 221.467 41.926
Less expenditures charged to other activities (37.500) (37.500)
Net 225.893 183.967 41.926
Other Financing Sources (Uses):
Transfer to Tax Increment ( 400,000) (400,000)
Transfer to Ali Center Fund (61.000) (61.000)
Total Other Financing Sources (Uses) (461.000) (461.000)
Net change in fund balance (646,893) (536,833) 110.060
Fund Balance - January 1 3.594.731 3.594.731
Fund Balance - December 31 $ 2.947.838 $ 3.057.898 $ 110.060
84
CITY OF HOPKINS. MINNESOTA
REAL ESTATE PURCHASES AND SALES SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positiye
Budget Actual (negatiYe)
Revenues:
Charges for seryices $ 3.700 $ 3.700 $
Investment earnings 2.100 3.295 1.195
Total Revenues 5.800 6.995 1.195
Expenditures:
Net change in fund balance 5.800 6.995 1.195
Fund Balance - January 1 84.981 84.981
Fund Balance - December 31 $ 90.781 $ 91.976 $ 1.195
85
CITY OF HOPKINS. MINNESOTA
PARA-TRANSIT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Intergovernmental:
State grant (Para-Transit) $ 83.870 $ 83.793 $ (77)
Charges for services 12.000 13.866 1.866
Total Revenues 95.870 97.659 1.789
Expenditures:
Salaries and employee benefits 17.462 18.064 (602)
Materials. supplies and selvices 99.461 98.272 1.189
Total Expenditures 116.923 116.336 587
Other Financing Sources:
Transfer from the General Fund 21.053 16.000 (5.053)
Net change in fund balance (2.677) (2.677)
Fund Balance - January 1 2.680 2.680
Fund Balance - December 31 $ 2.680 $ 3 $ (2.677)
86
CITY OF HOPKINS. MINNESOTA
HOUSING REHAB SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Investment earnings $ 28.000 $ 41.157 $ 13.157
Other 100 (100)
Total Revenues 28.100 41.157 13.057
Expenditures:
Salaries and employee benefits 60.895 52.106 8.789
Materials. supplies and services 25.608 19.377 6.231
Total Expenditures 86.503 71.483 15.020
Net change in fund balance (58.403) (30.326) 28.077
Fund Balance - January 1 861.775 861.775
Fund Balance - December 31 $ 803.372 $ 831.449 $ 28.077
87
CITY OF HOPKINS. MINNESOTA
PARKING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Achla1 (negatiye)
Revenues:
C011l1 fines $ 40.000 $ 18.492 $ (21.508)
Charges for services 54.000 58.315 4.315
I1lYestment earnings 7.500 13.799 6.299
Total Reyenues 101.500 90.606 (10.894 )
Expendihlres:
Salaries and employee benefits 45.577 42.051 3.526
Materials. supplies and selvices 50.827 39.876 10.951
Capital outlay 11.600 13 .466 ( 1.866)
Total Expenditures 108.004 95.393 12.611
Net change in fund balance (6.504) (4,787) 1.717
Fund Balance - January 1 255.581 255.581
Fund Balance - December 31 $ 249.077 $ 250.794 $ 1.717
88
CITY OF HOPKINS. MINNESOTA
SECTION 8 HOUSING SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Intergovernmental:
Federal - Section 8 $ 108,000 $ 118.152 $ 10.152
Investment earnings 5.000 4.886 (114)
Total Revenues 113.000 123.038 10.038
Expenditures:
Salaries and employee benefits 87.868 102.955 (15.087)
Matelia1s. supplies and sen'ices 26.231 17.376 8.855
Capital outlay 900 900
Total Expendihlres 114.999 120.331 (6.232)
Net change in fund balance ( 1.999) 2.707 4.706
Fund Balance - January 1 98.641 98.641
Fund Balance - December 31 $ 96.642 $ 101.348 $ 4.706
89
CITY OF HOPKINS. MINNESOTA
CABLE TV SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Franchise fees $ 150.000 $ 226.602 $ 76.602
Investment earnings 6.500 17.419 10.919
Total Revenues 156.500 244.021 87.521
Expenditures:
Salaries and employee benefits 12.786 12.724 62
Materials. supplies and services 70.393 69.952 441
Capital outlay 5.000 5.000
Total Expenditures 88.179 82.676 5.503
Excess of revenues over expenditures 68,321 161.345 93.024
Other Financing Uses:
Transfer to A11 Center Fund (86.920) (86.920)
Net change in fund balance (18,599) 74.425 93.024
Fund Balance - January 1 320.327 320.327
Fund Balance - December 31 $ 301.728 $ 394.752 $ 93.024
90
CITY OF HOPKINS. MINNESOTA
DEPOT COFFEE HOUSE SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Intergovernmental:
Federal grant $ $ $
State grant 1,200 1,200
Charges for services 64.500 61.151 (3.349)
I1IYestment earnings 1,200 4.514 3.314
Contributions 42.000 64.225 22.225
Total Revenues 107.700 131.090 23.390
Expenditures:
Salaries and employee benefits 4.868 3,517 1.351
Materials, supplies and services 92,497 90,406 2.091
Capital outlay 2.500 7.774 (5.274)
Total Expendihlres 99.865 10 1.697 ( 1.832)
Net change in fund balance 7.835 29.393 21.558
Fund Balance - January 1 89.422 89.422
Fund Balance - December 31 $ 97.257 $ 118.815 $ 21.558
91
CITY OF HOPKINS. MINNESOTA
ART CENTER SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Intergovenlluenta1:
State grant $ 50.000 $ 50.000 $
Charges for services 287.370 293.998 6.628
Investment earnings 838
Other 430 430
Total Revenues 337.370 345.266 7.058
Expenditures:
Salaries and employee benefits 317.146 317.370 (224 )
Materials, supplies and services 110,021 204.442 (94,421)
Capital outlay 1.525
Debt service:
Interest 9.949 9.949
Total Expenditures 437.116 533.286 (94.645)
Other Financing Sources
Transfer from other funds 147.920 147.920
Net change in fund balance 48.174 (40,100) (88,274 )
Fund Balance - January 1 (844,377) (844.377)
Fund Balance - December 31 $ (796.203) $ (884.4 77) $ (88.274 )
92
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 1.2 - ENTERTAINMENT CENTER SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Original and
Final
Budget
Actual
Variance with
final budget
positive
(negative)
Revenues:
Taxes:
Tax increment $ 50.000 $ 48.663 $ (1,337)
Investment earnings 700 3.968 3.268
Total Revenues 50.700 52.631 1.931
Expenditures:
Materials, supplies and services 1,050 1.195 ( 145)
Debt service
Interest 26.431 26.431
Capital outlay:
Public improvements 75,000 75,000
Total Expenditures 102.481 76.195 26.286
Net change in fund balance (51,781) (23,564) 28.217
Fund Balance - January 1
(50,915)
(50,915)
Fund Balance - December 31
$
(102,696) $
(74,479) $
28.217
93
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 2.1 - R.L. JOHNSON COMPANY SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Taxes:
Tax increment $ 375,000 $ 407,516 $ 32.516
Investment earnings 3.000 (3.000)
Total Revenues 378.000 407.516 29.516
Expenditures:
Materials. supplies and services 19.253 19.526 (273)
Debt service:
Interest 859 (859)
Capital outlay:
Site improvements - R.L. Johnson 170.588 184.748 (14.160)
Total Expenditures 189.841 205.133 (15.292)
Other Financing Uses
Transfer to debt service. 1997 - HRA (215.000) (215.000)
Net change in fund balance (26,841) (12.617) 14.224
Fund Balance - January 1 (55.660) (55.660)
Fund Balance - December 31 $ (82.501) $ (68.277) $ 14.224
94
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 2.6 - SONOMA PROJECT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Taxes:
Tax increment $ 18.000 $ 8.340 $ (9,660)
I1IYestment earnings 500 660 160
Other 1.000 10.684 9.684
19.500 19.684 184
Expenditures:
Materials. supplies and services 1.050 943 107
Net change in fund balance 18.450 18.741 291
Fund Balance (Deficit) - January 1 (361.963) (361.963)
Fund Balance (Deficit) - December 31 $ (343.513) $ (343.222) $ 291
95
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 2.9 - OAKS OF MAINSTREET SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Taxes
Tax increment $ 150,000 $ 141.346 $ (8.654 )
Intergovenuuena1
Market value aid credit 12.000 10.559 (1.441)
I1IYestment earnings 4.000 13.099 9.099
Total Revenues 166.000 165.004 (996)
Expenditures
Materials, supplies and services 3,956 4.301 (345)
Other Financing Uses:
Transfer out for debt service (134.000) ( 134.000)
Net change in fund balance 28.044 26.703 (1.341 )
Fund Balance - January 1 267.862 267.862
Fund Balance - December 31 $ 295.906 $ 294.565 $ (1.341)
96
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 2.10 - BUSINESS DISTRICT SPECIAL REVENUE FUND
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Taxes:
Tax increment $ 92,000 $ 87,968 $ (4.032)
I1IYestment earnings 1.000 1.082 82
Total Revenues 93.000 89.050 (3.950)
Expenditures:
Materials. supplies and services 79.950 84.702 (4.752)
Net change in fund balance 13,050 4.348 (8.702)
Fund Balance - January 1 22.098 22.098
Fund Balance - December 31 $ 35.148 $ 26.446 $ (8.702)
97
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 1.3 - 5th A VENUE FLATS
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Tax increment $ $ 386 $ 386
I1IYestment earnings 200 (200)
Other 70.000 (70.000)
Total Revenues 70.200 386 (69.814)
Expenditures:
Materials. supplies and services 70.000 34.370 35.630
Capital outlay:
Land 2.000.000 2.000.000
Debt service:
Interest 591 (591)
Total Expenditures 2.070.000 34.961 2.035.039
Other Financing Sources (Uses):
Transfer in from tax increment 2.000.000 (2.000.000)
Net change in fund balance 200 (34.575) (34,775)
Fund Balance - January 1 ( 4.955) ( 4.955)
Fund Balance - December 31 $ (4.755) $ (39.530) $ (34.775)
98
CITY OF HOPKINS. MINNESOTA
TAX INCREMENT 1.4 - MARKETPLACE & MAIN
SCHEDULE OF REVENUES. EXPENDITURES. AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31. 2007
Variance with
Original and final budget
Final positive
Budget Actual (negative)
Revenues:
Tax increment $ $ 5.052 $ 5.052
I1IYestment earnings 114 114
Other 40.000 (40.000)
Total Revenues 40.000 5.166 (34.834 )
Expenditures:
Materials. supplies and services 40.000 20 39.980
Capital outlay:
Land 900.000 900.000
Total Expenditures 940.000 900.020 39.980
Other Financing Sources (Uses):
Transfer in from tax increment 900.000 900.000
Net change in fund balance 5.146 5.146
Fund Balance - January 1
Fund Balance - December 31 $ $ 5.146 $ 5.146
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
NONMAjOR PROPRIETARY 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 six Enterprise Funds, three of which are considered to be non-major, they are:
Refuse Utility Fund
Pavilion/Ice Arena Fund
Housing Authority Fund
100
CITY OF HOPKINS, MINNESOTA
COMBINING STATEMENT OF NET ASSETS
NONMAJOR ENTERPRISE FUNDS
December 31, 2007
Non Major Business-type Activities-Enterprise Funds
NOlllnajor
Refuse Payi1ion/ Housing Proprietm')' FlUIds
Utility Ice Arena Authority Total
ASSE TS
ClUTent assets
Cash and investments $ 240.345 $ 200 $ 274.601 $ 515.146
Accounts receivable 34.351 33.260 98 67.709
Accl1led interest receivable 1.091 1.091
Loan Receivable 189.372 189.372
Inventory 1.633 1.633
Prepaid expenses 16.944 16.944
Total ClUTent assets 277.420 222.832 291.643 791.895
NonclUTent assets
Capital Assets:
Land 114.084 114.084
Land held for resale 123.254 123.254
Buildings and stl1lctures 302.727 3.270.186 3.137.854 6.710.767
Distribution svstem 2.584 2.584
Machinery and equipment 614.961 90.116 35.772 740.849
Constl1lction in progress 273.713 273.713
Less accumulated depreciation (379.450) (931.093 ) (2.168.722) (3.4 79.265)
Total noncurrent assets 540.822 2.429.209 1.515.955 4.485.986
Total Assets 818.242 2.652.041 1.807.598 5.277.881
LIABILITIES
ClllTent Liabilities:
Accounts payable 22.175 16.266 174.343 212.784
Sa1m'ies payable 4.662 4.333 8.995
Due to other funds 264.105 20.101 284.206
Due to other govenmIents 4.557 271 4.828
Compensated absences payable 13.857 11.234 11.466 36.557
Total ClllTent Liabilities 45.251 296.209 205.910 547.370
NonClllTent Liabilities:
Advance ti'om other funds 137.609 137.609
Total Liabilities 45.251 433.818 205.910 684.979
NE T ASSETS
Invested in capital assets,
net of related debt 540.822 2.429.209 1.515.955 4.485.986
Umestricted 232.169 (210.986) 85.733 106.916
Total net assets $ 772.991 $ 2.218.223 $ 1.601.688 $ 4.592.902
101
CITY OF HOPKINS, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31. 2007
NOlllnajor Business-type Activities-Enterprise Funds
NOlllnajor
Refuse Pavi1ion/ Housing Proprietary Funds
Utilitv Ice Arena Authoritv Total
Opemting revenues:
Chm'ges for services $ 683.527 $ 451.269 $ 226,614 $ 1.361.410
Other 8.695 7.734 29.490 45.919
Total Opemting Revenues 692.222 459.003 256.104 1.407.329
Opemting expenses:
Cost of sales mId service 576,935 311.839 253,975 1,142,749
Administration 109.804 11,322 57,270 178.396
Depreciation 45.500 61.901 149.671 257.072
Total Operating Expenses 732.239 385.062 460.916 1.5 78.217
Opemting income (loss) (40,017) 73.941 (204,812) ( 170,888)
Nonopemting revenues (expenses):
Investment earnings 14.991 3.650 18.641
Intergovenllnenta1 gmnts 21,920 277,206 299.126
Loss on disposal of asset (23.028) (23.028)
Total nonoperating revenues
( expenses) 36.911 3.650 254.178 294.739
Income (loss) before trmIsters (3.106) 77.591 49.366 123.851
T mnsters in ( out) (25,000) (25,000)
Change in net assets (28,106) 77.591 49,366 98.851
Total net assets - beginning 801.097 2.140.632 1.552.322 4.494.051
Total net assets - ending $ 772.991 $ 2,218.223 $ 1.601.688 $ 4.592.902
102
CIn' OF HOPKINS, t-.HNNESOTA
COt-.IBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For the Year Ended December 31. 2007
Nonmajor Business-type Activities-Enterprise Funds
Nonmajor
Refuse Pavilion! Housing Proprietary Funds
Utilit~. Ice Arena Authority Total
Cash Flows from Operating Activities
Receipts from customers and users $ 694,133 $ 453.291 $ 259.731 $ 1.407.155
Intemal activity-payments to other funds (139.144) (139.144)
Payments to suppliers (319,901) (111.472) (142.604 ) (573.977)
Payments to employees (258.335) (194.803) (87.185 ) (540.323)
Payments for interfund selyices used (109.804) (11.322) (12 L126)
Net cash provided by (used) by operating activities 6,093 (3.450) 29.942 32,585
Cash Flows from Noncapital Financing Activities
Intergovenuuental grants 21.920 277.206 299,126
Transfers (to) Ii-om other funds (25.000) (25.000)
Net cash provided by noncapital and related financing activities (3,080) 277.206 274,126
Cash Flows from Capital and Related Financing Activities:
Purchases of capital assets (52,681) (52.681)
Construction of capital assets (299.980) (299,980)
Net cash used by capital and related financing activities (52,681) (299.980) (352,661)
Cash Flows From Investing Activities
Interest received 15.404 3,650 19,054
Net increase (decrease) in cash and investments (34,264) 200 7.168 (26.896)
Cash and Investments - January 1 274,609 261.433 542.042
Cash and Investments - December 31 $ 240,345 $ 200 $ 274,601 $ 515,146
240,345
Reconciliation of operating loss to net
cash provided by (used) by operating activities:
Operating loss $ (40.017) $ 73.941 $ (20-l.812) $ (170.888)
Adjustments to reconcile operating loss to net cash provided
by (used) by operating activities:
Depreciation expense 45.500 61.901 149.671 257.072
(Increase) decrease in:
Accounts receivable 1.911 (2.036) 3.627 3.502
Inventory (373) (373)
Prepaid expense (16.944) (16.944 )
Accounts. compensated absences and accrued interest payable (928) 5.564 78.299 82.935
Due to other funds (139.144) 20.101 (1l9.043 )
Unearned revenue (3.676) (3.676)
Net Cash Provided by (used) by Operating Activities $ 6,093 $ (3.450) $ 29,942 $ 32.585
103
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
INTERNAL SERVICE FUND
Internal Service Funds are used to account for the financing of goods or services provided
by one department to other departments of the government, on a cost reimbursement basis.
Revenues and expenses are recognized on the accrual basis. Revenues are recognized in
the accounting period in which they are earned and become objectively measurable;
expenses are recognized in the period incurred, if objectively measurable.
Equipment Replacement Fund - This fund accounts for the acquisition of machinery and
equipment. User charges are billed to the various City departments.
Insurance Risk Fund - This fund accounts for the dividends and deductibles relating to
property and casualty insurance coverage. Oeductibles are paid from past dividends.
Users are charged only if fund has a shortfall.
Employee Benefits Fund - This fund accounts for accrued employee benefits with the
governmental funds. User charges are billed to the various departments.
104
CITY OF HOPKINS. MINNESOTA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
December 3 L 2007
Equipment Insurance Employee Totals
Replacement Risk Benefits 2007
ASSETS
Current assets:
Cash and investments $ 1.369.304 $ 200.232 $ 773.682 $ 2.343.218
Advance to other funds 137.609 137,609
Accmed interest receivable 4.640 730 3.060 8.430
Total current assets 1.511.553 200.962 776.742 2.489.257
Property and equipment
Machinery and equipment 5.583.693 5.583.693
Total propel~' and equipment 5.583.693 5.583.693
Less accumulated depreciation (3,130.581) (3,130,581)
Net property and equipment 2,453.112 2,453,112
Total Assets 3.964.665 200.962 776,742 4.942.369
LIABILITIES
Current Liabilities:
Accounts payable 2.756 2.756
Compensated absences payable 682.159 682.159
Total Liabilities 2,756 682,159 684,915
NET ASSETS
Invested in capital assets 2.453.112 2.453.112
Unrestricted 1.508.797 200.962 94.583 1.804.342
Total net assets $ 3.961.909 $ 200.962 $ 94.583 $ 4.257.454
105
CITY OF HOPKINS. MINNESOTA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES. EXPENSES. AND
CHANGES IN FUND NET ASSETS
Year Ended December 31. 2007
Equipment Insurance Employee
Replacement Risk Benefits Total
Operating revenues:
Charges for sen'ices $ 287.125 $ 33.807 $ $ 320.932
Operating expenses (excluding depreciation):
Materials, supplies and services 56.121 25.497 81.618
Operating income before depreciation 231.004 8.310 239.314
Depreciation expense 496.960 496.960
Operating income (loss) (265.956) 8.310 (257.646)
Nonoperating revenue:
Investment earnings 66.984 8.860 39.698 115,542
Gain on sale of propel~' and equipment 9.456 9.456
Total nonoperating revenues 76.440 8.860 39.698 124.998
Net Income (189.516) 17.170 39.698 (132.648)
Transfer Out (50.000) (50.000)
Change in net assets (239.516) 17.170 39.698 (182.648)
Fund Equity:
Net assets - January 1 4.201.425 183.792 54.885 4.440.102
Net assets - December 31 $ 3.961.909 $ 200.962 $ 94.583 $ 4.257.454
106
CITY OF HOPKINS, MINNESOTA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31,2007
Equipment Insurance Employee
Replacement Risk Benefits Totals
Cash Flows from Opemting Activities
Receipts from customers and users $ $ 33.807 $ $ 33,807
Receipts from interfund services provided 402,931 402,931
Payments to suppliers (50,697) (45,741) (96,438)
Pavments for interfund services used (9.183) (75,918) (85,101)
Net cash provided by operating activities 343,051 (11,934) (75,918) 255.199
Cash Flows from Noncapita1 Financing Activities
TrmIsters (to) from other funds (50.000) (50.000)
Cash Flows ti'om Capital and Related FilUmcing Activities:
Purchases of capital assets (304,237) (304,237)
Proceeds ti"om Sales of capital assets 9.456 9.456
Net cash used by capital and related
tinancing activities (294,781 ) (294,781 )
Cash Flows From Investing Activities 68.099 9.197 40.667 117.963
Net increase (decrease) in cash and cash equivalents 66,369 (2,737) (35,251) 28.381
Cash and Cash Equivalents - Janumy 1 1.302,935 202,969 808,933 2.314.837
Cash and Cash Equivalents - December 31 $ 1.369.304 $ 200.232 $ 773.682 $ 2.343.218
Reconciliation of opemting income (loss) to net
cash provided (used) by operating activities:
Opemting income (loss) $ (265,956) $ 8.310 $ $ (257,646)
Adjustments to reconcile opemting income (loss) to
net cash provided by opemting activities:
Depreciation expense 496.960 496.960
(Increase) decrease in:
Accounts receivable
Due ti"om other funds 115.806 115.806
Accounts, compensated absences and accrued intereset
payable (3.759) (20.244) (75.918) (99.921)
Net Cash Provided by Opemting Activities $ 343.051 $ (11,934) $ (75,918) $ 255.199
107
CITY OF HOPKINS, MINNESOTA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SECTION III
STATISTICAL SECTION
This part of the City of Hopkins' comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and the required supplementary information says about the city's overall financial
health.
Contents
Financial Trends
These schedules contain trend information to help the reader understand how the
city's financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the factors affecting
the city's ability to generate its property and sales taxes.
Debt Capacity
These schedules present information to help the reader assess the affordability of the
city's current levels of outstanding debt and the city's ability to issue additional debt in
the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader
understand the environment within which the city's financial activities take place and
to help make comparisons over time and with other governments.
Operating Information
These schedules contain information about the city's operations and resources to
help the reader understand how the city's financial information relates to the services
the city provides and the activities it performs.
Sources: Unless otherwise notes, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year. The city implemented Statement
34 in 2003; schedules presenting government-wide information include information beginning
in that year.
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Z
CITY OF HOPKINS
FUND BALANCES, GOVERNMENTAL FUNDS,
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
Fiscal Year
1998 1999 2000
$ 686,708 $ 669,259 $ 652,560
2,148,050 2,208,253 2,4 7 4,067
$ 2,834,758 $ 2,877,512 $ 3,126,627
2001
General Fund
Reserved
Unreserved
Total general fund
$ 617,388
2,581,317
$ 3,198,705
All other Governmental Funds
Reserved reported in:
Special Revenue Funds $ 3,793,620 $ 3,907,110 $ 3,504,264 $ 4,816,824
Capital Projects Funds
Debt Service Funds 1,441,881 1,625,660 1,819,160 4,727,313
Unreserved reported in:
Special Revenue Funds 2,761,577 3,403,501 4,946,910 2,585,542
Capital Projects Funds 2,096,426 3,523,091 3,922,727 3,484,848
Debt Service Funds
Total all other governmental funds $ 10,093,504 $ 12,459,362 $ 14,193,061 $ 15,614,527
Total all funds $ 12,928,262 $ 15,336,874 $ 17,319,688 $ 18,813,232
112
Schedule 3
Fiscal Year
2002 2003 2004 2005 2006 2007
$ 580,462 $ 557,628 $ 97,740 $ 943,474 $ 974,517 $ 1,157,142
2,795,941 3,230,283 3,973,556 3,367,721 3,345,606 3,304,729
$ 3,376,403 $ 3,787,911 $ 4,071,296 $ 4,311,195 $ 4,320,123 $ 4,461,871
$ 4,989,862 $ 5,813,114 $ 4,326,291 $ 6,010,974 $ 5,625,355 $ 3,137,313
10,107,076 6,500,016 1,526,732
2,728,091 3,045,346 3,789,322 6,303,112 2,852,655 12,982,623
3,096,445 1,705,798 2,901,921 969,812 1,539,404 1,070,230
4,106,501 3,993,924 3,993,720 3,945,500 1,718,021 1,808,708
$ 25,027,975 $ 21,058,198 $ 16,537,986 $ 17,229,398 $ 11,735,435 $ 18,998,874
$ 28,404,378 $ 24,846,109 $ 20,609,282 $ 21,540,593 $ 16,055,558 $ 23,460,745
113
CITY OF HOPKINS
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS,
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
Fiscal Year
1998 1999 2000 2001
Revenues
Property Taxes $ 4,252,468 $ 4,375,195 $ 4,655,968 $ 5,087,313
Tax Increments 1,951,190 2,203,348 2,232,616 2,730,232
Special Assessments 822,648 874,243 1,109,585 1,253,592
Intergovernmental 2,423,834 4,206,190 3,719,263 3,096,853
Licenses and Permits 336,959 469,564 428,435 377,048
Charges for Services 4,276,749 1,282,886 676,290 471,515
Fines and Forfeits 133,4 72 151,295 148,257 167,252
Investment Earnings 607,564 522,442 744,653 627,909
Miscellaneous 813,704 258,069 237,466 338,543
Total revenues 15,618,588 14,343,232 13,952,533 14,150,257
Expenditures
Current:
General Government 945,062 938,264 1,033,201 1,043,394
Public Safety 3,310,911 3,401,233 3,196,224 3,398,981
Health and Welfare
Highways and Streets 1,732,412 1,732,291 1,591,676 1,693,361
Urban Redevelopment and Housing 1,200,605 1,175,801 1,079,606 1 ,141 ,409
Culture and Recreation 575,623 715,657 658,967 667,410
Other 72,981 23,874 1,318 34,290
Capital outlay 4,084,982 6,930,760 2,664,797 4,667,505
Debt Service
Principal 6,695,000 1,340,000 720,000 995,847
Interest and fiscal charges 1,102,916 731,958 995,622 1,116,134
Bond Issuance Costs 25,156
Total expenditures 19,720,492 16,989,838 11 ,941 ,411 14,783,487
Excess (deficiency) of revenues
over expenditures (4,101,904) (2,646,606) 2,011 , 122 (633,230)
Other Financing Sources (Uses)
Sale of Property
Proceeds from Issuance of Debt 4,880,000 2,125,000
Discount on Debt
Premium on Debt
Transfer In 8,645,165 1,930,212 936,942 2,092,153
Transfer Out (7,875,720) (1,754,994) (965,250) (2,090,379)
Total other financing sources (uses) 769,445 5,055,218 (28,308) 2,126,774
Net change in fund balances $ (3,332,459) $ 2,408,612 $ 1,982,814 $ 1,493,544
Debt service as a percentage of
noncapital expenditures 49.9% 20.6% 18.5% 21.1%
114
Schedule 4
Fiscal Year
2002 2003 2004 2005 2006 2007
$ 6,215,194 $ 6,877,331 $ 7,283,712 $ 7,788,557 $ 8,134,915 $ 8,473,516
2,003,743 2,214,835 2,177,518 970,846 $ 990,776 $ 1,050,601
1,363,167 1 ,460,464 1,441,885 1,368,262 1,288,437 1,172,977
2,830,806 2,850,337 1,758,573 1,177,016 1,036,645 2,115,670
468,312 777,997 686,933 643,811 540,120 880,443
898,896 797,233 792,280 1,017,343 631,655 729,365
148,112 181,893 197,337 207,454 203,830 215,051
584,238 327,959 339,883 358,336 705,591 638,796
460,422 224,320 700,012 558,575 692,649 851 ,203
14,972,890 15,712,369 15,378,133 14,090,200 14,224,618 16,127,622
1,061,960 1,259,121 1,094,526 1,332,796 1,366,246 1,597,503
3,690,368 4,433,499 4,695,803 4,848,336 4,994,273 5,290,802
185,893 180,314 176,552 176,502 184,541
1,652,143 1,674,836 1,681,484 1,812,403 1,824,658 2,091,043
1,157,960 1,595,927 937,849 911,005 944,577 1,787,131
1,027,243 1,044,948 1,074,587 1,093,699 997,987 1,122,891
93,508
4,480,058 9,030,629 6,651,109 2,489,137 3,055,815 5,830,516
3,991,502 1,407,647 1,644,908 2,306,152 4,926,284 1,610,000
1,345,811 1,688,138 1,780,620 1,535,171 1,418,311 1,131,514
41,906 81 ,109
18,500,553 22,320,638 19,741,200 16,547,157 19,704,653 20,727,050
(3,527,663) (6,608,269) (4,363,067) (2,456,957) (5,480,035) (4,599,428)
14,170,000 3,050,000 3,385,000 11,875,000
(4,240) (72,905)
7,520
2,355,193 2,042,771 2,594,787 1,625,994 5,273,592 14,940,055
(2,328,241 ) (2,602,175) (2,468,547) (1,618,486) (5,278,592) (14,745,055)
14,196,952 2,490,596 126,240 3,388,268 (5,000) 12,004,615
$ 10,669,289 $ (4,117,673) $ (4,236,827) $ 931,311 $ (5,485,035) $ 7,405,187
38.1% 23.3% 26.6% 27.8% 37.9% 18.9%
115
Schedule 5
CITY OF HOPKINS
ASSESSED AND ACTUAL VALUE OF TAXABLE PROPERTY,
LAST TEN FISCAL YEARS
(in thousands of dollars)
Less: Total Taxable
Payable Residential Apartment Commercial Industrial Other Tax-Exempt Market Total Direct
Year Property Property Property Property Property Property Value Tax Rate
1998 N/A N/A N/A N/A N/A 85,442 662,246 $ 30.460
1999 N/A N/A N/A N/A N/A 85,442 725,856 $ 32.440
2000 464,257 153,201 149,427 114,138 133 85,442 795,581 $ 32.190
2001 515,292 174,592 158,422 136,803 147 85,442 899,667 $ 31.130
2002 609,165 192,868 168,922 140,653 160 85,442 1,026,166 $ 54.790
2003 690,469 234,684 178,305 148,739 215 85,442 1,166,755 $ 56.100
2004 924,590 256,511 264,953 154,778 225 182,899 1,417,933 $ 56.660
2005 1,000,569 256,942 277,231 163,616 243 182,899 1,515,459 $ 48.940
2006 1,062,213 256,559 305,233 176,812 288 182,899 1,618,206 $ 48.262
2007 1,080,591 257,658 329,601 188,941 306 182,899 1,674,198 $ 45.862
Notes:
(1) The direct tax rate is applied to the tax capacity of the property which is calculated by applying a
statutory formula to the estimated market value of the property. The tax capacity is then multiplied by
the direct tax rate to determine the city taxes payable on a specific parcel.
(2) Tax exempt property is revalued on a six-year cycle. All other property is revalued on a three year cycle.
116
Schedule 6
CITY OF HOPKINS
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $1,000 of assessed value)
City Direct Rate Overlapping Rates
General Total Direct
Obligation and
Debt Total School Hennepin Metro Total Overlapping
Basic Rate Service Direct District County Council Other Overlapping Tax Rate
Fiscal
Year
1998 28.070 2.390 30.460 61.060 38.390 5.650 2.500 107.600 138.060
1999 30.020 2.420 32.440 58.940 40.990 6.040 3.350 109.320 141.760
2000 29.920 2.270 32.190 56.560 39.660 6.040 3.040 105.300 137.490
2001 28.916 2.124 31.040 44.220 37.620 5.820 2.310 89.970 121.010
2002 51.950 2.840 54.790 15.030 50.490 3.530 5.160 74.210 129.000
2003 49.190 6.910 56.100 20.590 50.610 3.830 6.010 81.040 137.140
2004 49.028 7.636 56.664 22.200 47.320 3.500 5.260 78.280 134.944
2005 44.049 4.895 48.944 19.176 44.172 3.304 5.243 71.895 120.839
2006 41.300 6.962 48.262 21.565 41.016 2.924 5.180 70.685 118.947
2007 39.574 6.288 45.862 19.019 39.110 2.671 5.746 66.546 112.408
Source: Hennepin County, Minnesota Taxpayer Services Department
Notes: The City's basic rate is determined by the city's annual budget requirements as set by the City Council.
Rates for debt service are based on each year's requirements.
117
Schedule 7
CITY OF HOPKINS
PRINCIPAL PROPERTY TAXPAYERS,
CURRENT YEAR AND TEN YEARS AGO
2007 1998
Percentage Percentage
of Total of Total
City City
Tax Tax Tax Tax
Capacity Capacity Capacity Capacity
Taxpayer Value Rank Value Value Rank Value
Super Value $ 1,254,050 1 7.33 % $ 940,835 1 6.47 %
Greenfield Apartments, LLP 274,375 2 1.60 365,856 3 2.52
Southwest Real Estate, Inc. 243,750 3 1.43
Hopkins Real Estate, LLC 229,250 4 1.34
Ramsgate Apartments LLC 225,000 5 1.32 243,640 6 1.68
Opus Northwest, LLC 213,250 6 1.25
Duke Realty Ltd Partnership 203,250 7 1.19 501,154 2 3.45
Auburn Limited Partnership 156,663 8 0.92
Oak Ridge Country Club 155,670 9 0.91
Hines Reit Mpls Ind LLC 139,350 10 0.81
St. Therese 293,925 4 2.02
Alliant Tech 261,676 5 1.80
Westside Village 204,782 7 1.41
Gateway Foods 183,918 8 1.26
Christian Salvesen 173,145 9 1.19
Edco Products, Inc. 173,104 10 1.19
Total $ 3,094,608 18.10 % $ 3,342,035 22.98 %
Total City 2007/1998 tax capacity $ 17,100,534
$ 14,543,901
Source: Hennepin County, Minnesota Assessor's Office
Notes:
1) Tax capacity is a percentage of total market value. For taxes payable in 2007 these class rates are
1.25% for apartments and 1.5% of first $150,000 with balance at 2.0% for commercial/industrial properties.
118
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Schedule 10
CITY OF HOPKINS
RA TIOS OF NET GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
General Bonded Debt Outstanding
Less: Amt Percentage of
General Available in Total Actual Taxable
Fiscal Obligation Debt Service Primary Value of Per
Year Bonds Funds Government Property Capita
1998 1,945,000 256,613 $ 1,688,387 0.255 1 01 .96
1999 1,780,000 260,270 $ 1,519,730 0.209 89.99
2000 1,615,000 184,143 $ 1,430,857 0.180 83.46
2001 2,760,000 1,479,638 $ 1,280,362 0.142 74.68
2002 12,065,000 301,342 $ 11,763,658 1.146 681.95
2003 14,955,000 498,383 $ 14,456,617 1.239 823.32
2004 14,795,000 979,296 $ 13,815,704 0.974 783.07
2005 14,120,000 716,119 $ 13,403,881 0.884 758.35
2006 13,445,000 950,596 $ 12,494,404 0.772 723.77
2007 22,685,000 10,879,698 $ 11,805,302 0.705 679.75
Notes:
Details regarding the city's outstanding debt can be found in note 8 of the notes to the
financial statements.
See the Assessed and Actual Value of Taxable Property schedule 5 for taxable market value
of property data
See the Demographic and Economic Statistics schedule 14 for population data
121
Schedule 11
CITY OF HOPKINS
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of December 31, 2007
Estimated
Estimated Share of
Net Debt Percentage Overlapping
Outstanding Applicable Debt
Overlapping:
Hennepin County $ 468,235,504 1.25% $ 5,852,944
Hopkins ISD 270 $ 103,257,789 17.25% $ 17,811,969
St. Louis Park ISD 283 $ 41,131,509 0.40% $ 164,526
Hennepin Suburban Park District $ 73,402,105 1.65% $ 1,211,135
Hennepin Regional RR Authority $ 44,577,469 1.25% $ 557,218
Metropolitan Council 118,428,506 0.56% $ 663,200
Total Overlapping 26,260,992
City of Hopkins Direct Debt $ 12,236,152 100% 12,236,152
Total Direct and Overlapping Debt: $ 38,497,144
Source: Hennepin County, Minnesota Taxpayer Services
Notes:
(1) Overlapping governments are those that coincide, at least in part, with the geographic boundaries of
the City. This schedule shows the portion of the outstanding debt of those overlapping governments that is
borne by the residents and businesses of the City. This process recognizes that, when considering the
City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and
businesses should be taken into account. However, this does not imply that every taxpayer is a resident,
and therefore responsible for repaying the debt, of each overlapping government.
(2) Net Debt Outstanding excludes revenue and special assessment debt and takes into consideration
any sinking funds obligated for the repayment of the bonds.
122
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Schedule 13
CITY OF HOPKINS
PLEDGED~EVENUECOVERAGE
LAST TEN FISCAL YEARS
Water Revenue Bonds Storm Sewer Revenue Bonds
Fiscal Debt Service Debt Service
Year Revenue Principal Interest Coverage Revenue Principal Interest Coverage
1998 $ $ $ $ 567,046 $ 135,000 $104,870 2.36
1999 681,323 140,000 98,750 2.85
2000 701,757 205,000 162,992 1.91
2001 1,053,414 115,000 181,049 3.56 723,825 230,000 176,596 1.78
2002 894,543 100,000 96,668 4.55 708,852 1,840,000 141,379 0.36
2003 967,389 105,000 84,079 5.12 690,367 250,000 113,178 1.90
2004 844,017 110,000 42,912 5.52 741,831 330,000 141,647 1.57
2005 998,129 115,000 79,532 5.13 682,497 325,000 130,213 1.50
2006 1,083,675 120,000 75,733 5.54 775,261 330,000 119,445 1.72
2007 1,133,248 125,000 69,699 5.82 724,778 350,000 111,605 1.57
Notes: Details regarding the City's outstanding debt can be found in Note 8 of the notes to the financial
statements.
Schedule 14
CITY OF HOPKINS
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN CALENDAR YEARS
Personal Per
Income Capita
Fiscal (thousands Personal School Unemployment
Year Population of dollars) Income Enrollment Rate
1998 16,559 95,327 33,046 11 ,082 2.1
1999 16,887 101,063 34,466 12,341 2.2
2000 17, 145 109,818 36,830 11,532 2.7
2001 17, 145 113,012 37,359 10,903 3.5
2002 17,250 115,607 37,834 10,948 4.4
2003 17,559 119,628 38,819 11 ,447 4.6
2004 17,643 127,551 40,998 11,416 4.3
2005 17,675 133,237 42,457 10,896 3.7
2006 17,263 140,320 44,237 10,828 3.9
2007 17,367 140,320 44,237 10,770 4.5
Notes:
Population estimates from Metropolitan Council, except for 2000 which is per the U.S. Census.
Personal income estimates based on U.S. Department of Commerce Bureau of Economic Analysis
data for the Minneapolis-St. Paul Statistical Area
Per-capita personal income data from U.S. Department of Commerce Bureau of Economic Analysis
data for the Minneapolis-St. Paul Statistical Area
School enrollment is from the Minnesota Department of Education and is for public and non-public
schools in Hopkins School District #270
Unemployment rate information from Minnesota Department of Employment and Economic
Development
Schedule 15
CITY OF HOPKINS
PRINCIPAL EMPLOYERS,
CURRENT YEAR AND SEVEN YEARS AGO
2007 2000 (1)
Percentage Percentage
of Total of Total
Taxpayer Employees Rank Employment Employees Rank Employment
ISD 270 Hopkins (2) 1,800 1 15.776 % 1 ,430 6 11.938 %
SuperValu 1,500 2 13.146 1,540 1 12.856
GE Water & Process Technologies 550 3 4.820
Augustana Chapel View Care Center 250 4 2.191 160
Thermotech 235 5 2.060 325 4 2.713
Oak Ridge Country Club 200 6 1.753 180 9 1.503
Rudy Luther's Hopkins Honda 200 7 1.753 102
City of Hopkins 135 8 1.183 177 10 1.478
Hopkins Care Center 125 9 1.096 140
Sungard Financial Systems 115 10 1.008 170
Alliant Techsystems 600 2 5.009
ADC Telecommunications 400 3 3.339
PGI Fulfillment, Inc. 301 5 2.513
Advance Circuits 207 7 1.728
Quality Assured Label, Inc. 185 8 1.544
Total $ 5,110 44.79 % $ 5,917 44.62 %
Source: Minnesota Department of Employment and Economic Development, Metropolitan Council and Minnesota State
Business Directory
Notes:
DNA - Historical data not available
(1) Most current available
(2) Includes employees working in school buildings located within the City.
Schedule 16
CITY OF HOPKINS
FULL-TIME EQUIVALENT CITY EMPLOYEES BY TYPE,
LAST TEN FISCAL YEARS
Full-time-Equivalent Employees as of December 31,
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
General Government
Administrative Services 3.50 3.50 4.65 4.53 5.11 5.11 3.53 5.55 5.55 5.15
Finance 4.00 4.00 3.95 4.00 4.00 4.00 4.30 4.60 4.60 4.60
Municipal Building 2.05 2.00 2.00 2.00 1.50 1.50 0.85 1.40 1.45 1.45
Community Services 10.20 10.20 10.10 10.30 10.30 10.30 9.74 8.90 8.90 9.48
Public Safety
Police 37.50 37.50 37.50 37.50 40.25 40.25 39.00 37.50 38.50 39.40
Fire 0.80 0.80 0.80 0.80 0.90 0.90 0.90 1.20 1.20 1.20
Public Works 22.75 22.75 23.50 22.67 23.05 23.05 20.00 19.50 18.60 18.59
Recreation
Activity Center 3.32 3.32 3.32 3.65 3.66 3.66 2.55 4.10 4.10 4.00
Skate Park 0.05
Planning & Zoning 2.10 2.10 1.85 1.85 1.28 1.28 1.20 1.20 1.20 1.20
Total General Government 86.22 86.17 87.67 87.30 90.05 90.05 82.07 83.95 84.10 85.12
Special Revenue Funds
Economic Development 1.50 1.50 1.80 1.80 2.37 2.37 2.40 1.60 1.60 1.60
Paratransit 0.15 0.15 0.15 0.15 0.15 0.15 0.20 0.20 0.20 0.20
Housing Rehabilitation 1.00 1.00 1.05 1.05 1.05 1.05 0.65 0.70 0.70 0.70
Parking 1.28 1.28 1.30 1.80 1.80 1.80 1.20 2.00 2.00 1.00
Section 8 0.80 1.30 1.30 1.20 1.20 1.20 1.40 1.40 1.40 1.35
Cable 1.05 1.05 1.05 1.05 0.58 0.58 0.07 0.05 0.05 0.10
Depot Coffee House 2.00 2.00 1.50 0.67 0.73 0.73 1.08 1.93 0.05
Art Center 3.92 3.72 4.22 4.05 4.05
Total Special Revenue Funds 7.78 8.28 8.15 7.72 7.88 11.80 10.72 12.10 10.00 9.05
Enterprise Funds
Water 3.60 3.60 3.82 3.82 4.18 4.18 3.56 3.24 3.25 3.25
Sanitary Sewer 3.50 3.50 3.81 3.71 3.35 3.35 3.23 3.55 3.56 3.56
Refuse 4.00 4.00 3.27 3.68 3.68 3.68 3.89 4.15 4.08 4.08
Storm Sewer 0.55 0.55 0.58 0.82 0.62 0.62 0.47 0.47 0.46 0.46
Pavilion/Ice Arena 2.25 2.92 2.82 2.82 2.37 2.37 2.44 2.44 2.90 2.72
Art Center 2.80 3.55 3.88 3.78 3.92
Skate Park 0.35 0.38 0.38
Housing and Redevelopment 1.90 1.90 1.90 1.90 1.90 1.90 1.90 1.90 2.40 2.45
Total General Government 18.60 20.02 20.08 20.88 20.40 16.48 15.49 15.75 16.65 16.52
Total 112.60 114.47 115.90 115.90 118.33 118.33 108.28 111.80 110.75 110.69
Source: City Finance Office
127
CITY OF HOPKINS
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Years
Fiscal
Function/Program 1998 1999 2000 2001 2002
General Government
Elections 2 1 2 1 2
Registered voters 8,810 8,810 8,812 9,101 9,138
Number of votes cast 6,767 1,785 8,023 2,390 6,629
Voter participation (registered) 76.8% 20.3% 91.1% 26.3% 72.5%
Public Safety
Police
Total Calls for Service 12,191 12,236 11,699 12,518 15,161
Sworn Officers 21 21 22 24 24
Arrests 1,414 1,216 1,123 992 1,201
911 Calls for Service N/A N/A N/A N/A 6,207
Traffic Stops N/A N/A N/A 4,025 2,005
Parking Citations N/A N/A N/A 2,219 1,939
Fire
Fires 44 38 48 51 43
False Alarm 102 99 117 117 132
Fire Runs 288 294 320 342 330
Medical Runs 159 192 189 216 213
Average Response Time (minutes) 6.1 5.2 5.2 5.0 5.1
Inspections
Building Permits 463 587 443 498 487
Value of Building Permits $11,692,315 $42,828,312 $17,051,981 $17,070,262 $34,562,884
Public Works
Miles of seal coating N/A N/A N/A N/A 4
Miles of crack sealing N/A N/A N/A N/A 3.25
Sidewalk repairs in square feet N/A N/A N/A N/A 2,875
Alley repairs in square yards N/A N/A N/A N/A 173
Culture and Recreation
Art Center
Bookings N/A N/A N/A N/A 2,928
Reserved Hours N/A N/A N/A N/A 15,369
Customer Visits for Events/Activities N/A N/A N/A N/A 156,400
Water
Gallons of water pumped (in millions) 847.4 835.5 1,031.2 954.9 936.8
Number of well house inspections 2,488 2,488 2,488 2,488 2,488
Number of hydrants flushed 100+ 100+ 100+ 100+ 100+
Water Rate $ 1.10 $ 1.10 $ 1.20 $ 1.20 $ 1.20
Sanitary Sewer
Sanitary sewage flow (in millions of gallons) 622.8 625.5 637.6 717.8 678.4
Miles of sewer lines jetted n/a n/a n/a n/a n/a
Number of manholes checked/cleaned 292 222 262 292 222
Lift Station Maintenance checks 4,374 4,374 4,374 4,374 4,374
Sewer Rate $ 2.50 $ 2.25 $ 2.25 $ 2.25 $ 2.25
Refuse
Number of refuse accounts 2,655 2,661 2.663 2,664 2,663
Tons of refuse collected 2,729 2,746 2,780 2,827 3,280
Tons of recycled material (residential) 1,136 1,176 1,219 1,289 1,082
Refuse rate $11.00-14.45 $11.00-14.45 $11.00-14.45 $11.00-14.45 $11.00-14.45
Recycling rate $ 2.25 $ 2.25 $ 2.25 $ 2.25 $ 2.75
Pavilion/Ice Arena
Ice time rental hours 1,510 1,530 1,463 1,478 1,479
Turf use hours 480 410 485 405 403
Mezzanine rental use 0 0 0 0 0
Source: Various City Departments
Notes:
(1) Information not available is labeled N/A..
128
Schedule 17
Year
2003 2004 2005 2006 2007
1 2 1 2 1
8,830 11,518 9,708 10,621 8,330
909 8,880 2,186 6,279 1,146
10.3% 77.1% 22.5% 59.1% 13.8%
17,114 19,648 19,049 18,567 19,137
24 25 26 26 26
1,229 1,232 1,272 1,199 1,216
7,192 5,513 4,908 4.547 4,588
2,813 3,044 2,916 3,321 4,287
2,705 1,506 1,122 841 747
52 48 76 59 70
113 103 107 101 70
329 326 337 297 350
148 113 121 68 59
5.1 5.3 5.3 5.3 4.3
498 542 365 494 377
$40,363,863 $34,316,423 $32,333,498 $14,272,117 $50,544,210
4 4 4 4 3.2
3.25 3.25 3.25 3.25 2.88
2,875 2,875 2,875 2,875 4,279
173 157 143 130 253
3,551 5,598 5,598 5,570 6,054
22,335 36,950 36,950 35,710 39,060
174,100 182,800 182,800 202,000 203,000
960.3 941.0 919.1 954.8 920.9
2,488 2,488 2,488 2,488 2,488
100+ 100+ 100+ 100+ 100+
$ 1.20 $ 1.40 $ 1.40 $ 1.40 $ 1.40
634.3 653.2 647.3 638.2 641.3
n/a 14.7 15.0 14.6 17.3
262 292 222 262 441
4,374 4,374 4,374 4,374 4,374
$ 2.25 $ 2.25 $ 2.25 $ 2.50 $ 2.50
2,695 2,670 2,673 2,766 2,670
2,624 2,671 2,643 2,549 2,448
1,305 1,248 1,185 1,118 1,138
$11.00-14.45 $11.00-14.45 $12.50-15.90 $12.50-15.90 $12.50-15.90
$ 2.75 $ 2.75 $ 2.75 $ 2.75 $ 2.75
1,487 1,521 1,433 1,443 1,458
450 464 362 407 442
0 162 351 339 345
129
Schedule 18
CITY OF HOPKINS
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Years
Fiscal Year
Function/Program 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
- -
Public Safety
Police
Stations 1 1 1 1 1 1 1 1 1 1
Patrol Units 9 9 9 10 10 10 10 10 11 11
Fire
Stations
Public Works
Highways (miles) 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57 3.57
County Highways 5.69 5.69 5.69 5.69 5.69 5.32 5.32 5.32 5.32 5.32
City Streets (miles) 47.13 47.13 47.13 47.13 47.13 47.50 47.50 47.50 47.50 47.50
Alleys (miles) 9.52 9.52 9.52 9.52 9.52 9.52 9.52 9.52 9.52 9.52
Streetlights 350 350 350 350 350 360 360 398 398 398
Traffic Signals 44 44 44 44 44 44 44 44 44 44
Refuse collection trucks 3 3 3 3 3 3 3 3 3 3
Culture & Recreation
Parks
Parks 16 16 16 16 16 16 16 16 16 16
Park Trails 3 3 3 3 3 3 4 4 4 4
Park Acres 99 99 99 99 102 102 104 104 104 104
Park Shelters 10 10 10 10 10 10 10 10 10 11
Playgrounds 11 11 11 11 11 11 11 11 11 11
Skateboard Parkllnline Skating 0 0 0 1 1 1 1 1 1 1
Skating Rinks 7 7 7 7 7 7 7 7 7 7
Hockey Rinks 6 6 6 6 6 6 6 6 5 5
Basketball Courts 6 6 6 6 6 6 6 6 6 6
Softball Fields 4 4 4 4 4 4 4 4 4 4
Swimming Beach 1 1 1 1 1 1 1 1 1 1
Tennis Courts 12 12 12 12 12 12 8 8 8 8
Volleyball Courts 2 2 2 2 2 2 2 2 2 2
Watermains
Distribution System (miles) 52.60 52.60 52.60 52.60 52.60 52.60 52.60 52.60 52.60 52.60
Fire Hydrants 560 560 560 560 560 560 560 560 560 560
Storage Capacity (gallons in tho us) 3,200 3,200 3.200 3,200 3,200 3,200 3,200 3,200 3,200 3,200
Water Connections 3,125 3,126 3,126 3,126 3,144 3,157 3,163 3,163 3,168 3,168
Sanitary Sewer
Collection System (miles) 45.46 45.46 45.46 45.46 45.46 45.46 45.46 45.46 45.46 45.46
Sewer Connections 3,050 3,050 3,050 3,050 3,064 3,077 3,081 3,081 3,086 3,086
Storm Sewer
Pipe (miles) 21.40 21.40 21.40 21.40 21.40 21.40 21.40 21.40 21.40 21.40
Parking
Parking Lots 7 7 7 7 7 7 7 7 7 7
Parking Ramp 1 1 1 1 1 1 1 1 1 1
Source: Various City Departments
130