1971 City of Hopkins, MN Annual Financial Report blew
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CITY OF HOPKINS, MINNESOTA
AUDITED FINANCIAL STATEMENTS
L. AND OTHER FINANCIAL INFORMATION
DECEMBER 31, 1971
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
1
INDEX
i I
� I
Page
L.. ACCOUNTANT' S REPORT ON AUDITED FINANCIAL STATEMENTS I
COMMENTS ON FINANCIAL STATEMENTS II
DESCRIPTION AND PURPOSE OF FUNDS AND RESERVES III
GENERAL AND SPECIAL REVENUE FUNDS
Balance sheet 2
Analysis of changes in fund balance
General 3
Beach concession 3
Revenue - general fund 4-5
Expenditures - general fund 6-13
Analysis of changes in reserves
Park bond construction 14
State aid street construction 15
Property purchases and sales 16
PERMANENT IMPROVEMENT REVOLVING FUND
Balance sheet 18
Analysis of changes in fund balance 19
Statement of appropriations , expenditures
and amounts assessed 20
Analysis of assessments receivable 21.
Analysis of bonds and interest payable 21
SPECIAL ASSESSMENT FUND
Balance sheet 23
Analysis of changes in fund balance 24
Analysis of special assessments receivable 24
Analysis of bonds and interest payable 24
�-- BOND RETIREMENT FUND
Balance sheet 26
Analysis of changes in fund balance 26
Analysis of bonds and interest payable 27
TRUST AND AGENCY FUNDS
Balance sheet 29
Statement of receipts and disbursements 29
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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�,. WATER UTILITY FUND
Balance sheet 31
{ Analysis of changes in retained earnings 32
'�-- Statement of revenue and expense 33
Fixed assets 34
SEWER UTILITY FUND
Balance sheet 36
Analysis of changes in retained earnings 37
Statement of revenue and expense 38
Fixed assets 39
GENERAL FIXED ASSETS
Statement of general fixed assets 41
COMBINED SECTION
Fund balance sheets 43-44
Investments 45
Analysis of bonds and interest payable 46
Bonds and interest payable 47
GENERAL
Security for deposits 49-50
Official bonds 51
Insurance in force 52
Organization 53-55
ROBERT 1. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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ROBERT J . LAPIC
Certified Public Accountant
32 Tenth Avenue South Hopkins, Minnesota 55343
Robert J. Lapic CPA
October 12, 1972
To the City Council
City of Hopkins , Minnesota
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I have examined the balance sheets of the various funds of the
City of Hopkins , Minnesota as of December 31, 1971, and the re-
lated statements of revenues and expenditures or revenue and
expense for the year then ended. My examination was made in
accordance with generally accepted auditing standards and accord-
ingly, included such tests of the accounting records and such
other auditing procedures as I considered necessary in the
circumstances .
In my opinion, the accompanying balance sheets and related
statements of revenues and expenditures , revenues and expense
and fund balances present fairly the financial position of the
various funds and balanced account groups for the City of Hopkins
Minnesota, at December 31, 1971 and the results of their opera-
;.., tions for the year then ended, in conformity with generally
accepted accounting principles applicable to governmental entities ,
applied on a basis consistent with that of the preceding year.
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Or
August 7, 1972
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CITY OF HOPKINS , MINNESOTA
COMMENTS ON FINANCIAL STATEMENTS
GENERAL FUND
During the year ended December 31, 1971, certain revenues were re-
corded by the City for reimbursement of expenditures , which consisted
primarily of salaries and other administrative costs , incurred for
the Hopkins Housing and Redevelopment Authority. Pursuant to require-
% ments of the Department of Housing and Urban Development, the Hopkins
iNnPr Housing and Redevelopment Authority must have a written agreement to
obtain professional and technical services from the City. At December
31, 1971, the City' s financial statements reflect these revenues , in
the amount of $57,858 .34, a portion of which exceeds the allowable
contract amount as follows :
Total cash receipts to December 31, 1971 $42, 782.45
Accounts receivable at December 31, 1971 15,075 .89
`- 57,858 . 34
Amount of the contract with the Hopkins
Housing and Redevelopment Authority
for Project R-46 22,179 .00
Total charges in excess of the amount
of the contract $35 ,679 .34
No reserve or encumbrance has been established to provide for repay-
ment by the City to the Hopkins Housing and Redevelopment Authority
if the Department of Housing and Urban Development determines that
these excess costs are ineligible for reimbursement.
II
ROBERT J LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
DESCRIPTION AND PURPOSE OF FUNDS AND RESERVES
GENERAL FUND
The general fund' s function is to account for all revenues and activi-
ties financed by the City which are not accounted for in some special
fund.
BEACH CONCESSION FUND
This fund was established to account for revenues and expenditures of
the concession located at Shady Oak Lake.
STATE AID STREET CONSTRUCTION RESERVE
This reserve accounts for gasoline and tax collections apportioned to
the City by the State of Minnesota for street construction.
PARK BOND CONSTRUCTION RESERVE
This reserve was established to account for the proceeds of the sale
of general obligation bonds of the City for the purpose of acquiring
land, construction of certain structures and other improvements of
Hopkins park, playground and recreation areas .
PROPERTY PURCHASES AND SALES RESERVE
This reserve was established to account for certain property purchase
and sales transactions , and for the purpose of improvements of certain
buildings on the property of the City.
PERMANENT IMPROVEMENT REVOLVING FUND
This fund accounts for construction costs incurred by the City. The
fund receives proceeds from the sale of permanent and temporary bonds
sold for construction or improvement purposes . Redemption of these
bonds is provided for by levies of special assessments on properties
benefited and payments from other sources . Costs include a percentage
charge in an amount sufficient to reimburse the City for costs of en-
gineering and clerical services properly assignable to various special
assessment projects .
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ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
ANN
CITY OF HOPKINS , MINNESOTA
DESCRIPTION AND PURPOSE OF FUNDS AND RESERVES
SPECIAL ASSESSMENT FUND
This fund was established, prior to the establishment of the Permanent
Improvement Revolving Fund, to account for special assessments levied
to finance improvements deemed to benefit the properties against which
assessments are levied. The fund accounts for collection of assessments
against benefited property owners , and disbursement of assessment col-
lections for the payment of bonds and interest. Since its inception,
the Permanent Improvement Revolving Fund now serves this purpose. It
is to be noted that cash has been deposited with fiscal agents in the
amount of matured bonds and interest payable .
BOND RETIREMENT FUND
This fund was established to account for the payment of general obliga-
tion bonds . Funds to be used for payment of bonds and interest are to
be received from other funds as required. As in the use of the Special
Assessment Fund, it is to be noted that cash has been deposited with
fiscal agents in the amount of matured bonds and interest payable .
TRUST AND AGENCY FUNDS
This fund was established to account for revenues and expenditures of
various activities of City agencies and departments not considered to
be a general fund activity.
WATER UTILITY FUND
This fund was established to account for the City owned and operated
water utility. The fund operates as a business entity.
IV
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
DESCRIPTION AND PURPOSE OF FUNDS AND RESERVES
SEWER UTILITY FUND
This fund was established to account for the City owned and operated
sewer utility. The fund operates as a business entity.
Effective January 1, 1971, the Metropolitan Sewer Board assumed con-
trol over the Minneapolis/St. Paul Sanitary Sewer District. The City
of Hopkins will receive a "current value credit" in thirty equal an-
nual installments of $27,454; including annual interest on the unpaid
balance for the City' s facilities acquired by the Metropolitan Sewer
Board as detailed below:
Principal Interest Total
Total current value credit
granted January 1, 1971 $493,732 $329,888 $823,620
1971 credit allowed 27,454 27,454
Balance, December 31, 1971 of
annual current value credit
to be received over the next
29 years $466,278 $329,888 $796, 166
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�"` ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
GENERAL AND SPECIAL
REVENUE FUNDS
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CITY OF HOPKINS, MINNESOTA
GENERAL AND SPECIAL REVENUE FUNDS
ANALYSIS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1971
Beach
Total General concession
Fund balance, January 1, 1971 $ 34,852 $ 21,914 $ 12,938
Additions :
Reserve for encumbrances
January 1, 1971 101,584 101,584
Revenue 1,597,969 1,588,576 9,393
1,699,553 1,690,160 9,393
66 Deductions :
Expenditures 1,688 ,912 1,680, 379 8,533
Reserve for encumbrances
December 31, 1971 92,477 92,477
1, 781,389 1,772,856 8,533
Fund balance (deficit)
December 31, 1971 $ (46,984) $ (60,782) $ 13, 798
3
a.. ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
GENERAL FUND
`' STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
YEAR ENDED DECEMBER 31, 1971
6
Actual
over
Revenue (under)
Estimated Actual estimated
`' General property taxes :
Current ad valorem $ 793,977 $ 770,160 $ (23,817)
Personal property replacement 116,076 109,289 (6, 787)
`- Delinquent ad valorem 4,000 6,328 2,328
Penalties and interest 2,000 3,977 1,977
916,053 889, 754 (26,299)
Licenses and permits :
Business 44,950 44,454 (496)
` Nonbusiness 31, 700 58,290 26,590
Street use 760 480 (280)
77,410 1031224 25,814
Fines and forfeitures :
Court fines 50,000 46, 769 (3,231)
` Forfeitures 400 (400)
50,400 46, 769 (3, 631)
` Use of money and property:
Interest-temporary idle funds 15 ,000 39, 783 24,783
Assessment interest 43,000 48 ,972 5,972
Rents 2,700 5,166 2,466
Commissions 100 76 (24)
60,800 93,997 33,197
Revenues from other agencies :
State shared taxes
Liquor 20,230 22,559 2,329
Cigarettes 25,100 27,528 2,428
Bank excise 3,000 12,730 9, 730
Mortgage registry 3,500 9,133 5,633
State aid-road maintenance 10,455 10,740 285
Mobile home 3,000 3,196 196
Per capita from sales tax 103,082 103,318 236
168, 367 189,204 20,837
4
ROBERT 1. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
.. CITY OF HOPKINS , MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE - ESTIMATED AND ACTUAL
YEAR ENDED DECEMBER 31, 1971
Actual
over
Revenue (under)
Estimated Actual estimated
Charges for current services :
General government $ 1,325 $ 2,329 $ 1,004
Public safety 8 ,660 1,521 (7,139)
Library 3,500 5,840 2, 340
Recreation 97,688 110,246 12,558
111,173 119,936 8 , 763
Transfers from other funds :
Parking 2, 300 1,233 (1,067)
Overhead transfer 32,000 102,093 70,093
Water utility 22,000 22,000
Sewer utility 20,250 20,250
76,550 145,576 69,026
Miscellaneous 3,228 116 (3,112)
Total $1,463,981 $1,588 ,576 $ 124,595
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CITY OF HOPKINS, MINNESOTA
PARK BOND CONSTRUCTION
ANALYSIS OF CHANGES IN RESERVE
YEAR ENDED DECEMBER 31, 1971
Balance, January 1, 1971 $111,477
Funds applied to :
1971 construction costs , v� r � ` 25 075
Balance, December 31, 1971 $ 86,402
1 4
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS , MINNESOTA
STATE AID STREET CONSTRUCTION
ANALYSIS OF CHANGES IN RESERVE
YEAR ENDED DECEMBER 31, 1971
Balance, January 1, 1971 $ 89,620
1971 allotment from State of Minnesota 76,481
166,101
Deduct funds applied to :
Street construction 113,084
Balance, December 31, 1971 $ 53,017
15
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS , MINNESOTA
PROPERTY PURCHASES AND SALES
ANALYSIS OF CHANGES IN RESERVE
YEAR ENDED DECEMBER 31, 1971
Balance, January 1 , 1971 $(41,219)
Funds received from:
Proceeds of mortgage receivable 146,000
104,781
Funds applied to :
6. Landfill improvement $ 26,000
Acquisition of property 35 ,363
Building construction 2,692 64,055
y' Balance, December 31, 1971 $ 40, 726
16
oft. ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
%N.
CITY OF HOPKINS, MINNESOTA
PERMANENT IMPROVEMENT
REVOLVING FUND
Air
tam
a..
17
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS , MINNESOTA
PERMANENT IMPROVEMENT REVOLVING FUND
BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Cash on deposit with fiscal agents $ 1, 379
Investments , at cost 720,000
Accrued interest receivable on investments 19, 218
Assessments receivable :
Deferred $1, 360,869
Unremitted from the county 396 1,361, 265
Authorized construction to be assessed 1, 645,244
To be provided for authorized construction 326,522
To be provided for debt retirement 61,000
Due from general fund 440,886
Due from special assessment fund 119
Due from bond retirement fund 3,677
$4,579, 310
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Matured funds and interest payable $ 1, 379
Accounts payable 4,273
Contracts payable 49,492
Interest payable 61,000
Bonds payable 800,000
Due to bond retirement fund 200,595
Due to water utility fund 6,000
Due to sewer utility fund 652,411
1, 775,150
Reserves
Unexpended authorizations 1,522, 250
Fund balance
Fund principal $ 830,000
Unappropriated 451,910 1!281,910
$4,579, 310
18
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
PERMANENT IMPROVEMENT REVOLVING FUND
ANALYSIS OF CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1971
UNAPPROPRIATED FUND BALANCE
Balance, January 1, 1971 $369,566
Additions :
Delinquent assessments collected $ 10, 684
Interest on 1971 assessments 163,595 174,279
543,845
Deductions :
'"' Uncollected 1971 assessments 20,514
Transfer to general fund of interest
collected on assessments 7,967
Bond interest payments 41,000
Fiscal agent fees 89
Interest loss on prepaid assessments 22,365 91,935
Balance, December 31, 1971 $451,910
19
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
PERMANENT IMPROVEMENT REVOLVING FUND
v` YEAR ENDED DECEMBER 31, 1971
v.
ANALYSIS OF ASSESSMENTS RECEIVABLE
v" Balance, January 1, 1971 $1,127,270
Additions :
v.
Assessed in 1971
Construction $343,299
Interest 163,595
v.
506,894
Less cost of improvements
of city owned property 41,363 465,531
v.
1,592,801
Deductions :
Current year' s receivables
Payments received $122, 622
Transferred to delinquent
assessments receivable 396 123,018
v.
Prepayments
Principal 66,035
Interest 22, 365 88,400
Delinquent assessments 20,514 231,932
Balance, December 31, 1971 $1, 360,869
ANALYSIS OF BONDS AND INTEREST PAYABLE
v
Bonds Interest
payable payable
Balance, January 1, 1971 $800,000 $ 102,000
_ „ Deductions :
Paid in 1971 41,000
v, Balance, December 31, 1971 $800,000 $ 61,000
v.
v.
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT 21
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CITY OF HOPKINS, MINNESOTA
SPECIAL ASSESSMENT FUND
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22
tel" ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
ate.
'` CITY OF HOPKINS, MINNESOTA
SPECIAL ASSESSMENT FUND
BALANCE SHEET
DECEMBER 31, 1971
ASSETS
Cash $ 1, 735
Cash on deposit with fiscal agents 579
Special assessments receivable
Deferred $ 12,566
Unremitted from the county 42 12,608
Due from general fund 6,326
$ 21,248
LIABILITIES AND FUND BALANCE
Liabilities
Matured bonds and interest payable $ 579
Interest payable 360
Bonds payable 6,000
Due to bond retirement fund 1,549
Due to water utility fund 4, 282
•
Due to permanent improvement
revolving fund 119
12,889
Fund balance
Unappropriated 8 , 359
$ 21,248
taw 23
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
SPECIAL ASSESSMENT FUND
DECEMBER 31, 1971
ANALYSIS OF CHANGES IN FUND BALANCE
UNAPPROPRIATED FUND BALANCE
Balance, January 1, 1971 $ 9,444
Additions :
Delinquent special assessments paid 365
9,809
Deductions :
Fiscal agent charges $ 25
Interest loss on prepaid special
assessments 136
Uncollected 1971 assessments 444
Adjustment to reconcile special
assessments receivable balance 845 1,450
Balance, December 31, 1971 $ 8, 359
ANALYSIS OF SPECIAL ASSESSMENTS RECEIVABLE
Balance, January 1, 1971 $ 21,023
Deductions :
Remitted from the county $ 6,990
Interest loss on prepaid special
assessments 136
Uncollected 1971 special assessments 444
Adjustment to reconcile special
assessments receivable balance 845
Transfer to delinquent special
assessments receivable 42 8,457
Balance, December 31, 1971 $ 12,566
ANALYSIS OF BONDS AND INTEREST PAYABLE
Bonds Interest
payable payable
Balance, January 1, 1971 $ 8,000 $ 600
Remitted to fiscal agents 2,000 240
Balance, December 31, 1971 $ 6,000 $ 360
24
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
BOND RETIREMENT FUND
I
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7 r)
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
i!s
CITY OF HOPKINS, MINNESOTA
BOND RETIREMENT FUND
DECEMBER 31, 1971
'. BALANCE SHEET
ASSETS
Cash on deposit with fiscal agent $ 72,540
Due from water utility fund 1,102,620
Due from general fund 11,435
Due from special assessments fund 1,549
To be provided for debt retirement 476,808
$1,664,952
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities
Matured bonds and interest payable $ 72,540
Bonds payable 1, 165,000
Interest payable 398 ,903
Due to permanent improvement revolving fund 3,677
1,640,120
Reserves
Retirement of bonds and interest 10,834
,r Fund balance
Unappropriated 13,998
.. $1,664,952
ANALYSIS OF CHANGES IN FUND BALANCE
UNAPPROPRIATED
ls. Balance, January 1, 1971 $ 14,055
Deductions :
Fiscal agents charges 57
Balance, December 31, 1971 $ 13,998
26
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
BOND RETIREMENT FUND
ANALYSIS OF BONDS AND INTEREST PAYABLE
DECEMBER 31, 1971
Bonds Interest
*" payable payable
Balance, January 1 , 1971 $1, 230,000 $ 454,648
Deductions :
Paid in 1971 65,000 55, 745
Balance, January 31, 1971 $1,165,000 $ 398 ,903
Park Water P.I .R.
7-1-70 6-1-67 4-1-64 Total
Funds to be provided for :
Bonds $ 190,000 $ 800,000 $ 175 ,000 $1,165,000
Interest 70,688 302,620 25,595 398,903
$ 260, 688 $1,102, 620 $ 200,595 $1,563,903
s.. I
Funds to be provided by:
Permanent improvement
revolving fund
(Note 1) $ $ $ 200,595 $ 200,595
Water utility fund 1,102,620 1, 102,620
General fund 260,688 260,688
$ 260,688 $1,102,620 $ 200,595 $1,563,903
Note 1 : Payments to be made as needed for the retirement
of bonds and interest.
a..
�" ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT 27
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CITY OF HOPKINS, MINNESOTA
TRUST AND AGENCY FUNDS
III
28
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
TRUST AND AGENCY FUNDS
BALANCE SHEET
DECEMBER 31, 1971
a.
ASSETS
Cash
$ 14,290
$ 14,290
a.
RESERVES
Police fund
$ 8, 385
Recreation
2,160
Libraryfund
722
Escrow 2,000
Other 1,023
6
$ 14,290
STATEMENT OF RECEIPTS AND DISBURSEMENTS
YEAR ENDED DECEMBER 31, 1971
Balance, January 1, 1971 $ 1, 191
Receipts :
Recreation $ 6,863
a.
Other 17,965
Police 7,922
Escrow 2,000 34, 750
35,941
Disbursements :
Personal services 1, 349
Contractual services 15,500
Commodities 3,510
Capital outlay 1,292 21, 651
Balance, December 31, 1971 $ 14, 290
29
4"" ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
WATER UTILITY FUND
6.
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ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
WATER UTILITY FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1971
CUSTOMER CONTRIBUTIONS AND INVESTMENT
IN FIXED ASSETS
Balance, January 1, 1971 $2 ,063,066
Additions :
Acquisition of fixed assets by
` bond retirement $ 27, 720
Acquisition of fixed assets
through current revenue 13,987
Customer contributions through
special assessments 128 , 340 170,047
2, 233,113
Deductions :
Depreciation 65 ,464
6.
Balance, December 31, 1971 $2,167,649
UNAPPROPRIATED
Balance, January 1, 1971 $ 110, 721
Additions :
Net income (loss) $ (30, 304)
Add back depreciation charged to
investment in fixed assets 65,464 35 ,160
•..
145,881
Deductions :
Transfer to general fund 22,000
Fixed assets purchased from revenue 13,987v
Revenue bonds retired 58 ,000
Fiscal agents charges 128 94,115
Balance, December 31, 1971 $ 51, 766
32
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
WATER UTILITY FUND
STATEMENT OF REVENUE AND EXPENSE
YEAR ENDED DECEMBER 31, 1971
REVENUE
Water sales $197,872
Less allocated to sewer fund 30,000
'' 167,872
Customer services 12,109
179,981
EXPENSES
Operating expenses
General and administrative
Personal services $ 9, 569
Contractual services 4,081
Commodities 3,032
Other charges 6,944
23,626
Pumps and wells
Personal services $ 15,403
Contractual services 34,833
Commodities 4,939 55 ,175
Distribution. system
Personal services 29, 301
Contractual services 942
Commodities 3, 218 33,461
112,262
Depreciation 65 ,464
Interest expense 38 ,390 216,116
OPERATING INCOME (LOSS) (36,135)
6-
INCOME CREDITS
Interest earned on investments 5,831
NET INCOME (LOSS) $(30, 304)
6
33
�.. ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
WATER UTILITY FUND
FIXED ASSETS
DECEMBER 31, 1971
Balance Balance
January 1, December 31,
1971 Additions Deductions 1971
FIXED ASSETS
Land $ 15,097 $ 1,150 $ $ 16, 247
Wells, tanks and
mains 2,684,660 128 ,575 2,813,235
Meters 28,046 9, 235 37,281
Equipment 35,416 3, 368 38 ,784
$2, 763,219 $142,328 $ $2,905,547
ACCUMULATED DEPRECIATION
Wells, tanks and
mains $ 516, 739 $ 58 ,079 $ $ 574,818
Meters 16,610 3, 224 19,834
Equipment 19,109 . 4 163 23,272
$ 552,458 $ 65 ,466 $ $ 617,924
r..
34
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
SEWER UTILITY FUND
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CITY OF HOPKINS, MINNESOTA
SEWER UTILITY FUND
ANALYSIS OF CHANGES IN RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1971
CUSTOMER CONTRIBUTIONS AND INVESTMENT
IN FIXED ASSETS
Balance, January 1, 1971 $1,221,398
Additions :
Acquisitions of fixed assets
through current revenue $ 1,112
Customer contributions through
special assessments 109,834 110,946
Deductions :
Property sold, net of accumulated
depreciation 148,272
Depreciation 50,637 198 ,909
Balance, December 31, 1971
$1, 133,435
UNAPPROPRIATED
Balance, January 1, 1971 $ 156,917
Additions :
Net income $ 11,502
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investment in fixed assets 50, 637 62,139
219,056
Deductions :
Transfer to general fund 20, 250
Fixed assets purchased from revenue 1,112
Revenue bonds retired 40,000
Fiscal agents charge 50 61,412
Balance, December 31, 1971 $ 157, 644
37
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
1•
CITY OF HOPKINS , MINNESOTA
SEWER UTILITY FUND
STATEMENT OF REVENUE AND EXPENSE
YEAR ENDED DECEMBER 31, 1971
REVENUE
Customer service charges $309,810
Water utility fund transfer 30,000
Connection charges 8 ,877
348 ,687
EXPENSES
Operating expense
General and administrative
Personal services $ 6,675
Contractual services 1, 359
Commodities 940
Other charges 5,762
14, 736
Lift stations
Personal services $ 14,993
Contractual services 18 , 392
Commodities 6,750 40,135
Mains and disposals
Personal services 4,566
Contractual services 166,030
Commodities 327 170,923
225 , 794
Depreciation 50,637
Interest expense 74, 301
Other charges 1,236 351,968
OPERATING INCOME (LOSS) (3, 281)
INCOME CREDITS
Interest earned on investments 14, 783
NET INCOME $ 11,502
38
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS , MINNESOTA
SEWER UTILITY FUND
FIXED ASSETS
DECEMBER 31, 1971
it
Balance Balance
January 1, December 31,
1971 Additions Deductions 1971
FIXED ASSETS
Land $ 5 ,150 $ 5 $ $ 5 ,155
Pumps , tanks and
mains 1, 754,428 110,906 273,409 1 ,591, 925
Equipment 36,569 34 36,603
$1, 796, 147 $110,945 $273,409 $1, 633, 683
— i
ACCUMULATED DEPRECIATION
Pumps , tanks and
mains $ 552, 173 $ 46,633 $125,137 $ 473,669
Equipment 22576 4,003 26,579
$ 574, 749 $ 50,636 $125 ,137 $ 500,248
ii
39
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
GENERAL FIXED ASSETS
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40
ROBERT J. LAPIC -- CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31, 1971
GENERAL FIXED ASSETS
Land $ 857,536
Structures 900,403
Other improvements 3,231, 718
Equipment 777,406
`- Joint assets held with City of Minnetonka 1,191
$5 , 768, 254
i
INVESTMENT IN GENERAL FIXED ASSETS
General government $ 786,913
Public safety 195,697
Engineering and streets 3,154,031
Sanitation and waste disposal 691,056
Libraries 350,144
Recreation and parks 589,222
Jointly held assets 1, 191
$5, 768 , 254
41
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS , MINNESOTA
INVESTMENTS
DECEMBER 31, 1971
Cost plus
Face accrued
Description Maturity amount discount
Certificate of deposit :
First National Bank of
Hopkins March 22, 1972 $200,000 $200,000
Northwestern National
Bank of Hopkins January 15 , 1972 150,000 150,000
Northwestern National
Bank of Hopkins March 6, 1972 300,000 300,000
650,000 650,000
BONDS :
Hopkins Housing and
Redevelopment Authority January 1, 1974 20,000 20,000
January 1, 1975 25 ,000 25 ,000
January 1, 1976 25 ,000 25,000
January 1, 1977 25,000 25,000
January 1 , 1978 25 ,000 25 ,000
January 1, 1979 25 ,000 25 ,000
January 1, 1980 25,000 25,000
January 1, 1981 25,000 25 ,000
January 1, 1982 25 ,000 25 ,000
January 1, 1983 25,000 25,000
January 1, 1984 25 ,000 25 ,000
270,000 270,000
$920,000 $920,000
ALLOCATION BY FUNDS :
General $200,000
Permanent improvement 720,000
$920,000
•- 45
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS , MINNESOTA
ANALYSIS OF BONDS AND INTEREST PAYABLE
DECEMBER 31, 1971
Balance Balance
January 1, December 31,
1971 Issued Retired 1971
BONDS PAYABLE
General bonds $1, 230,000 $ $ 65,000 $1,165,000
Permanent improvement
revolving 800,000 800,000
Special assessments 8 ,000 2,000 6 ,000
Water utility revenue 132,000 23,000 109,000
Sewer utility revenue 850,000 40,000 810,000
$3,020,000 $ $130,000 $2,890,000
INTEREST PAYABLE
General bonds $ 454, 648 $ $ 55 , 745 $ 398 ,903
Permanent improvement
revolving 102,000 41,000 61,000
Special assessments 600 240 360
Water utility revenue 15 , 694 4, 720 10,974
Sewer utility revenue 584,088 74, 288 509,800
$1,157,030 $ $175 ,993 $ 981,037
46
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
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CITY OF HOPKINS, MINNESOTA
OFFICIAL BONDS
DECEMBER 31, 1971
Bond
Surety, position and employee Amount Expires
Western Surety Company
Ya
Assessors
Joseph A. Hromadko $ 1,000 August 1, 1972
Clifford R. Peterson 1,000 August 1, 1972
Evelyn Kerber 1,000 January 27, 1972
General Insurance Company of America
City treasurer 40,000 January 2, 1972
Assistant city treasurer 25,000 January 2, 1972
City manager 10,000 January 2, 1972
City cashier 5,000 January 2, 1972
General Insurance Company of America
All city employees not otherwise
required by law to be specifically
bonded 2,500 January 2, 1972
•
51
ROBERT J. LAPIC — CERTIFIED PUBLIC ACCOUNTANT
Ii
CITY OF HOPKINS, MINNESOTA
INSURANCE IN FORCE
DECEMBER 31, 1971
PUBLIC AND INSTITUTIONAL PROPERTY FORM
Vandalism and malicious mischief
Fire and extended coverage
90% Co-insurance buildings and contents
$100 deductible for all perils except fire
Total value of buildings $1,465,900
Total value of contents $ 472,500
FLEET LIABILITY INSURANCE
Comprehensive automobile liability
Collision on cars - actual value less $150 deductible
Bodily injury $250,000/750,000
Property damage $ 30,000
WORKMEN' S COMPENSATION
Statutory coverage
BOILER EXPLOSION
Municipal building and public library
$250,000
VOLUNTEER FIREMEN' S ACCIDENT POLICY
Accident and indemity
$50 weekly benefit
$5 ,000 maximum
COMPREHENSIVE GENERAL LIABILITY INSURANCE
Construction
Premises
Bodily injury $250,000/750,000
Property damage $250,000/750,000
Operations
Bodily injury $250,000/750,000
Property damage $500,000/500,000
Sanitary landfill
Bodily injury $250,000/750,000
Property damage $500,000/500,000
52
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
ORGANIZATION
DECEMBER 31, 1971
Term
expires
June 30
Mayor Henry Pokorny 1973
` Councilmen: Robert J. McDonald 1975
Donald J. Milbert 1975
Paul R. Lund 1973
Jerre A. Miller 1973
City Manager and Treasurer Terry L. Novak
City Clerk and Deputy Treasurer Clifford R. Peterson
City Attorney Joseph C. Vesely
City Engineer and Director of
Public Works John J. Strojan
Assessor Clifford R. Peterson
Deputy Assessor Joseph H. Hromadko
Finance Officer Dennis M. Baldwin
Building Inspector and Zoning
Administrator Clinton K. Blomquist
Housing Inspector Firmus J. Opitz
Health Officer Dr . Herman E. Drill
Health Sanitation Robert A. Mood
Director, HRA Vacant
Police Superintendent William F. Proetz
Fire Chief Leroy A. Olson
Assistant Engineer and Civil
Defense Director Gordon P. Anderson
Street Superintendent Verlyn J. Sletten
Water and Sewer Superintendent John A. Brecka
Weed Inspector Robert G. Anderson
Electrical Inspector William C. Whitney
Librarian Mary J. Heiges
Recreation Director Richard L. Wilson
Operations Director Everett E. Beecher
53
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
1
CITY OF HOPKINS , MINNESOTA
ORGANIZATION
DECEMBER 31, 1971
Term
expires
June 30
(continued)
Omnibus Commission Donald J. Milbert,
Councilman 1972
Human Rights Dr. Herman E. Drill 1973
Housing Code Appeals Board Mrs . Floyd M. Alcott 1972
Health and Welfare Mrs . Martin N. Hagen 1973
Mrs . Wayne N. Hoganson 1972
Thomas A. Kilpatrick 1973
Fred C. Stalley 1972
Rev. Lasse J. Stohl 1973
Willis F. Street 1973
Library Board Mrs . William L. Sprague 1972
Mrs . Robert M. Geltman 1972
Waldo R. Peterson 1973
Joseph C. Vesely 1972
Mrs . Robert W. Sawyer 1973
Gerald J. Mashek 1973
Henry Pokorny, Mayor
Police Civil Service Commission John F . Hence
Howard S . Marker
Cecil M. Kloss
Recreation and Parks Jerre A. Miller,
Councilman 1972
Eugene F . Reilly 1972
James W. Murphy 1972
Albin V. Stang 1973
Mrs . H. M. Probert 1973
54
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT
CITY OF HOPKINS, MINNESOTA
ORGANIZATION
DECEMBER 31, 1971
v.
Term
expires
June 30
(continued)
Zoning and Planning Commission Dr. Paul G. Slaton 1973
Paul W. Lohmann 1973
James C. Shirley 1972
Dr. A. Ho Malerich, Jr. 1972
Stanley J. Sidla 1972
Clinton K. Blomquist)
Terry L. Novak )
John J. Strojan ) ex-officio
James W. Hawks ) members
it
Hopkins Housing and
Redevelopment Authority Terry L. Novak,
Acting Director
A. Go Larson
Svante H. Severson
Leonard C. Egge
John To Pegors
Steven E. Woolley
►� I
55
ROBERT J. LAPIC - CERTIFIED PUBLIC ACCOUNTANT