1972 City of Hopkins, MN Annual Financial Report REPORT ON AUDIT
As Of December 31, 1972
CITY OF HOPKINS
Hopkins, Minnesota
JAI
STRAND
& ROE
City of Hopkins
Hopkins, Minnesota
ORGANIZATION
1972
Term
Office Name Expires
MAYOR Henry Pokorny 6-30-73
COUNCILMEN: Robert J. McDonald 6-30-75
Donald J. Milbert 6-30-75
Paul R. Lund 6-30_73
Jerre A. Miller 6-30-73
CITY MANAGER & TREASURER Terry L. Novak
CITY CLERK & DEPUTY TREASURER Clifford R. Peterson
CITY ATTORNEY Joseph C. Vesely
CITY ENGINEER & DIRECTOR OF
PUBLIC WORKS John J. Strojan
ASSESSOR Clifford R. Peterson
DEPUTY ASSESSOR Joseph H. Hromadko
FINANCE OFFICER Dennis Me Baldwin
BUILDING INSPECTOR & ZONING
ADMINISTRATOR Raymond Kohnen
HOUSING INSPECTOR Firmus J. Opitz
HEALTH OFFICER Dr. Herman Eo Drill
HEALTH SANITATION Robert A. Mood
DIRECTOR, HRA Philip Hagedorn
POLICE SUPERINTENDENT William Fs Proetz
FIRE CHIEF Edward Lundgren
ASSISTANT ENGINEER & CIVIL STRAND
DEFENSE DIRECTOR Gordon P. Anderson & ROE
STREET SUPERINTENDENT Verlyn J. Sletten
WATER & SEWER SUPERINTENDENT John A. Brecka
City of Hopkins
Hopkins, Minnesota
ORGANIZATION (CONT'D)
1972
Term
Office Name Expires
WEED INSPECTOR Robert G. Anderson
ELECTRICAL INSPECTOR William C. Whitney
LIBRARIAN Mary J. Heiges
RECREATION DIRECTOR Richard L. Wilson
OPERATIONS DIRECTOR Everett E. Beecher
ZONING & PLANNING COMMISSION: Alfred Gaskell 6-30-73
Harold Birkeland 6-30-73
Dr. Paul G. Slaton 6-30-73
Paul W. Lohmann 6-30-73
James C. Shirley - Chairman 6-30-72
Stanley J, Sidla 6-30-72
Raymond Kohnen )
Terry L. Novak ) ex-officio
John J. Strojan) members
John Bergly )
Jere Miller, Councilman Rep.
HOPKINS HOUSING &
REDEVELOPMENT AUTHORITY: Philip Hagedorn - Director
A. G. Larson
Svante H. Severson
Leonard C. Egge
Kenneth Skold
Grover Hagen
Henry Pokorny - Mayor - Council Rep.
OMNIBUS COMMISSION! Paul Lund - Councilman 6-30-73
Human Rights Dr. Herman E. Drill 6-30-73
Housing Code Appeals Board Mrs. Floyd M. Alcott 6-30-73
Health and Welfare Mrs. Martin N. Hagen 6-30-73
Mrs. John Frane 6-30-73 ✓
Jack Noel 6-30-73 STRAND
Fred C. Stalley 6-30-73 & ROE
Rev, Lasse J. Stohl 6-30-73
Willis Fe Street 6-30-73
City of Hopkins
Hopkins, Minnesota
ORGANIZATION (CONT"D)
1972
Term
Office Name Expires
LIBRARY BOARD: Mrs. William L. Sprague 6-30-73
Mrs. Robert M. Geltman 6-30-73
Waldo R. Peterson 6-30-73
Joseph C. Vesely 6-30-73
Mrs. Robert W. Sawyer 6-30-73
Gerald J. Mashek 6-30-73
Henry Pokorny - Mayor
POLICE CIVIL SERVICE
COMMISSION: John F. Hence
Howard S. Marker
Cecil M. Kloss
RECREATION AND PARKS: Donald Milbert - Councilman 6-30-73
Chris Christofilis 6-30-73
James Justus 6-30-73
Albin V. Stang 6-30-73
Mrs. H. M. Probert 6-30-73
V
STRAND
& ROE
City of Hopkins
Hopkins, Minnesota
C O 'N TENTS
Page
Auditors' Opinion 1
EXHIBITS:
A - Combined Balance Sheets - All Funds 2
SCHEDULES:
A-1 - Temporary Investments 3
A-2 - Due from Other Governmental Units 4
A-3 - Construction Work in Progress 5
A-4 - Bond and Interest Maturities, Means of Financing
and Reserve for Uncollectible Taxes 6
Explanatory Comments 7 - 14
FUND EXHIBITS: GENERAL FUND
B - Balance Sheet 15
B-1 - Analysis of Changes in Fund Balance 16
B-2 - Statement of Revenues - Actual Compared to Estimated 17 - 18
B-3 - Summary of Expenditures Compared with Authorizations 19
B-4 - Statement of Expenditures Compared with Authorizations 20 - 25
PERMANENT IMPROVEMENT REVOLVING FUND
C - Balance Sheet 26
C-1 - Analysis of Changes in Fund Balance 27
C-2 - Project Costs and Means of Financing 28
SPECIAL ASSESSMENT FUND
D - Balance Sheet 29
D-1 - Analysis of Changes in Fund Balance 30
D-2 - Statement of Cash Receipts and Disbursements 31
BOND RETIREMENT FUND
E - Balance Sheet 32
E-1 - Analysis of Changes in Fund Balance 33
E-2 - Statement of Cash Receipts and Disbursements 34
WATER UTILITY FUND Ydr
STRAND
F - Balance Sheet 35 & ROE
F-1 - Analysis of Changes in Contributions/Retained Earnings 36
F-2 - Statement of Revenue and Expense - Actual and Budgeted 37
F-3 - Schedule of Operating Expenses - Actual and Budgeted 38
F-4 - Summary of Fixed Assets and Depreciation 39
City of Hopkins
Hopkins, Minnesota
C ONTENTS (Continued)
Page
FUND EXHIBITS: (Continued)
SEWER FUND
G - Balance Sheet 40
G-1 - Analysis of Changes in Contributions from Other
Governmental Units 41
G-2 - Analysis of Changes in Contributions/Retained Earnings 42
G-3 - Statement of Revenue and Expense - Actual and Budgeted 43
G-4 - Schedule of Operating Expenses - Actual and Budget 44
G-5 - Summary of Fixed Assets and Depreciation 45
GENERAL FIXED ASSET GROUP OF ACCOUNTS
H - Statement of Changes in General Fixed Assets - By Class 46
H-1 - Statement of Changes in General Fixed Assets - By Function 46
I - Statement of Changes in General Long-Term Debt 47
SUPPLEMENTARY
SCHEDULES:
S-1 - Insurance and Bonds in Force and Prepaid Insurance and Bonds 48
S-2 - Assessed Valuations, Tax Levies and Mill Rates 49
Po
STRAND
& ROE
ROGER R.ROE,C.P.A. JOHN A.LARSEN.C.P.A. ROGER E.BUNKER.C.P.A.
JOE M.CROW,C.P.A. DENNIS M.JACKSON,C.P.A. ORION L.HANSON.C.P.A.
KEITH TOELLE,C.P.A. GEORGE A.KNUTSON,C.P.A.
STRAND & R O E
Cettt4ei /2u,4 tc cIcGOu d cu d
6301 WAYZATA BOULEVARD
MINNEAPOLIS, MINNESOTA 55416
545-1651
•
June 5, 1973
To the Honorable Henry Pokorny, Mayor
Members of the City Council
City of Hopkins
Hopkins, Minnesota
Gentlemen:
We have examined the financial statements of the various funds of the
CITY OF HOPKINS, Hopkins, Minnesota, for the year ended December 31, 1972. The
examination, a limited general audit, was made in accord with generally accepted
auditing standards and accordingly, included such tests of the accounting records
and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, subject to the comments that follow, the accompanying
balance sheets and related statements of revenues and expenditures, and fund bal-
ances present fairly the financial position of the various funds of the City of
Hopkins on December 31, 1972, and the operating results of each fund for the year
then ended, in conformity with generally accepted governmental accounting prin-
ciples applied on a basis consistent with that of the preceding year.
Respectfully submitted, po STRAND
STRAND & ROE & ROE
Certified Public Accountants
Date Field Work Completed: March 16, 1973
Date Report. Signed: -c.-- _ ) 1c,? / 9- 70
IF THIS REPORT IS PUBLISHED, IT MUST BE REPRODUCED IN ITS ENTIRETY. EXTRACTS MAY NOT BE PUBLISHED WITHOUT AUTHORIZATION.
-2-
City of Hopkins
Hopkins, Minnesota
COMBINED BALANCE SHEET - ALL FUNDS
As Of December 31, 1972
Permanent Special
Improve- Assess-
General ment ment
Assets Fund Fund Fund
Cash $ 742,172 $ $
Cash with Fiscal Agents 46,468
Temporary Investments 100,000 1,336,125
Accounts Receivable 7,157
Interest Receivable 2,493 29,041
Taxes Receivable:
Current 22,894
Deferred
Delinquent 50,372
Special Assessments Receivable:
Current 172,803 4,469
Deferred 1,248,996 1,928
Delinquent 40,901 213
Due from Other Governmental Units 92,764 207,793
Prepaid Expenses 49,068
To be Provided for Authorized Construction 314,349
Authorized Construction to be Assessed 1,936,180
Due from Other Funds 1,094,835 435,079 13,964
Inventories - Supplies 1,637
Property, Plant & Equipment - Net
Construction Work In Progress
Total Assets 2,163,392 $5,767,735 $20,574
Liabilities . Reserves & Fund Balances/Retained Earnings
Accounts Payable $ 64,188 $ $
Contracts Payable 12,211 77,557
Accrued Payroll 22,416
Accrued Payroll Taxes & Employee Deductions 18,776
Matured Bonds and Interest Payable 46,468
Sales Tax Payable
Prepaid Revenues 62,205
Due to Other Governmental Units 12,767
Bonds Payable 2,655,000 4,000
Future Interest on Bonds 821,700 180
Due to Other Funds 1,132,534 642,992 8,049
Reserves:
Petty Cash and Inventories 1,857
Unrealized Revenues 50,372
Trust Funds 4,173
Federal Revenue Sharing 54,746
Shady Oak Beach Concession Operations 9,175
Park Construction 118,341
Real Property Purchases & Sales 428,726
Unencumbered Municipal State Road Aid 14,904
Unexpended Project Authorizations 1,056,133
Uncollectible Taxes
Repairs
Fund Balance 156,001 467,885 8,345
Contributions from Other Governmental Units
Contributions/Retained Earnings
Invested in General Fixed Assets
Total Liabilities, Reserves & Fund
Balances/Retained Earnings $2,163,392 $5,767,735 $20,574
-2- EXHIBIT A
Bond
Retire- Water Sewer General General
ment Utility Utility Fixed Long-Term
Fund Fund Fund Assets Debt
$ $ 100 $ $ $
15,275 745 64,212
51,367
19,104
2,439,033
499
933,487
5,566
34,070 726,042 1,358,628
13,283 533
2,343,012 2,250,837 6,237,488
235,931 340,437 617,310
$68,948 $3,370.480 $4,953,700 $6,854,798 $2,439,033
$ $ $ $ $
15,275 745 64,212
1,451
15,000 126,000 40,000 1,615,000
' 10,050 37,520 45,525 706,898
24,253 759,955 1,094,835
155
v
STRAND
& ROE
1,253 117,135
14,656
3,117
1,148,032
2,444,654 29546,440
6,854,798
$68,948 $3,370,480 $4,953,700 $6,854,798 $2,439,033
-3- SCHEDULE A-1
City of Hopkins
Hopkins, Minnesota
TEMPORARY INVESTMENTS
As Of December 31, 1972
Date Due Interest
Acquired Description Number Date Rate Amount
GENERAL FUND
Certificates of Deposit:
7-1972 First National Bank of Hopkins 1263 1- 9-73 5 1/4% $ 100,000
PERMANENT IMPROVEMENT REVOLVING FUND
Certificates of Deposit.
10-17-72 First National Bank of Hopkins 1326 1-15-73 5 1/2'1 $ 150,000
10- 2-72 First National Bank of Hopkins 1314 1- 2-73 5 1/4% 200,000
10- 2-72 First National Bank of Hopkins 1315 1-30-73 5 3/8% 106,125
10-31-72 N. W. National of Hopkins 4511 4-30-73 5 3/41 400,000
12- 1-72 N. W. National of Hopkins 4534 1-30-73 5 1/4'1 210,000
Bonds:
1971 Hopkins Housing & Redevelop-
ment Authority 1974-84 6,991 270,000
Total Permanent Improvement
Revolving Fund $1,336,125
Total Temporary Investments $1,436,125
STRAND
& ROE
-4- SCHEDULE A-2
City of Hopkins
Hopkins, Minnesota
DUE FROM OTHER GOVERNMENTAL UNITS
As Of December 31, 1972
For Amount
GENERAL FUND:
Due from City of Minnetonka Water $ 2,812
Hopkins Housing & Redevelop-
ment Authority Commodities & Services 33,241
U. S. Government Federal Revenue Sharing 26,216
Hennepin County Fines 5,038
State of Minnesota Municipal Road Aid 25,457
Total General Fund $ 92,764
PERMANENT IMPROVEMENT REVOLVING FUND:
State of Minnesota Construction of Front-
age Road 207,793
SEWER FUND:
Metropolitan Sewer Board Deferred Charges $ 34,504
Metropolitan Sewer Board Fixed Assets 768,711
Metropolitan Sewer Board Lift Station Rent 7,328
Metropolitan Sewer Board 1971 Cost Allocation
Adjustment 50,260
U. S. Dept. of Housing &
Urban Development Project W/S Minn, 100 72,684
Total Sewer Fund 933,487
Total Due from Other Governmental Units $1,234,044
V
STRAND
& ROE
-5- SCHEDULE A-3
City of Hopkins
Hopkins, Minnesota
CONSTRUCTION WORK IN PROGRESS
As Of December 31, 1972
GENERAL FIXED ASSETS:
Concrete Alleys:
Project #72-17 $ 3,875
Street Construction:
Project #71-11 $ 1,580
Project #71-17 45,661
Project #72-03 440
Project #72-05 2,942 50,623
Street Surfacing:
Project #71-19 232,130
Street Lights:
Project #71-15 283,681
Parking Lots:
Project #608 $ 5,172
Project #724 37,175
Project #72-16 4,654 47,001
Total General Fixed Assets $ 617,310
WATER:
Project #71-07 235,931
SEWER:
Project #71-06 340,437
Total Construction Work in Progress $1,193,678
STRAND
& ROE
-6-
City of Hopkins
Hopkins, Minnesota
BOND AND INTEREST MATURITIES MEANS OF FINANCING
AND RESERVE FOR UNCOLLECTIBLE TAXES - SUMMARY
As Of December 31, 1972
B OND S
Final Current
Matu- INTEREST Total to Funds &
rity Amount Rates .Amount be Paid Levy
PERMANENT IMPROVEMENT REVOLVING FUND
Issue of 4-1-64 1984 $ 155,000 2.9 - 3.2% $ 20,595 $ 175,595
(Issue of 9-1-70 1973 400,000 5% 20,000 420,000
';Issue of 7-1-72 1992 2,100,000 4. 1 - 5.2% 781,105 2,881,105
Total $2,655,000 $ 821,700 $3,476,700
SPECIAL ASSESSMENT FUND
;Issue of 6-1-65 1974 $ 4,000 310 $ 180 $ 4,180
BOND RETIREMENT FUND
;Park Bonds of 7-1-70(1) $ 15,000 $ 10,050 $ 25,050 $25,050
WATER UTILITY FUND
jIssue of 6-1-64 1974 $ 26,000 3'%0 $ 780 $ 26,780
;Issue of 6-1-57 1976 60,000 4.5% 6,300 66,300
Water Revenue Bonds of
6-1-67(2) 40,000 30,440 70,440
Total $ 126,000 $ 37,520 $ 163,520
SEWER UTILITY FUND
Sewer Revenue Bonds of 7-1-70(3) $ 40,000 $ 45,525 $ 85,525
GENERAL LONG-TERM DEBT
;Water Revenue Bonds of
6-1-67 1988 $ 760,000 3.9 - 4.2% $ 270,500 $1,030,500
Sewer Revenue Bonds of
7-1-70 1991 770,000 5 - 6.5% 462,275 1,232,275
Park Bonds of 7-1-70 1983 180,000 5 - 6% 60,138 240,138 $25,050
Total $1,710,000 $ 792,913 $2,502,913 $25,050
Less: Current Portion Payable
by Other Funds:
(1) Park Bonds of 7-1-70 (15,000) (10,050) (25,050) (25,050)
(2) Water Revenue Bonds
of 6-1-67 (40,000) (30,440) (70,440)
(3) Sewer Revenue Bonds
of 7-1-70 (40,(200) (45,525) (85,525)
Total $1,615,000 $ 706,898 $2,321,898 $ -
Total - All Funds $4.455 000 $1,621,873 $6,076,873 $25,050
(1) Current portion of park bonds payable from Bond Retirement Fund.
(2) Current portion of 1967 water revenue bonds payable from Water Fund.
(3) Current portion of 1970 sewer revenue bonds payable from Sewer Fund.
(4) Levy collectible in 1973 cancelled by council action, it is anticipated
that levies will be cancelled each year and payments made from water
and sewer revenues.
(5) Includes payments due January 1, 1974 since deposit will be made with
fiscal agent in December, 1973.
-6-- SCHEDULE A-4
MEANS OF FINANCING
Reserve General
FIR & for Taxes
Water & Special Deferred Uncollect- to be Payments Due
Sewer Assess. Tax ible Collected During 1973
Revenues Funds Levies Taxes in 1973 Principal Interest
$ 175,595 $ 20,000 $ 4,420
420,000 400,000 20,000
2881,105 (5) 150,000 (5) 92,935
$3,476,700 $5709000 $117,355
$ 4,180 $ 2,000 $ 90
$ 15,000 $ 10,050
$ 26,780 $ 13,000 $ 585
66,300 10,000 2,475
70,440 40,000 30,440
$163,520 $ 63,000 $ 33,500
$ 85,525 $ 40,000 $ 45,525
$ 70,440 $1,009,100 $ 49,040(4) $ 40,000 $ 30,440
85,525 1,204,091 57,341(4) (5) 40,000 (5) 45,525
225,842 10,754 $25,515 (5) 15,000 (5) 10,050
$155,965 $2,439,033 $117,135 $25,515 $ 95,000 $ 86,015
(15,000) (10,050)
(70,440) (40,000) (30,440)'
(85,525) (40,000) (45,525)
V
$ - $2 439,033 $117,135 $25,515 $ - $ - STRAND
& ROE
$249,045 $3,480,880 $2 439,033 $1179135 $25,515 $6909000 $206.520
City of Hopkins
Hopkins, Minnesota
EXPLANATORY COMMENTS
V
STRAND
& ROE
-7-
City of Hopkins
HISTORY
The Village of West Minneapolis was incorporated on November 27, 1893.
The name was changed to the Village of Hopkins on July 7, 1928. On January 1, 1948,
the Village became a City of the fourth class and adopted the City Manager form of
government. As a result of the federal census of 1960, Hopkins became a City of
the third class on January 2, 1961.
The population of the City of Hopkins, as given in the last six official
federal census reports, was as follows:
Year Population
1920 3,055
1930. 3,834
1940 4,100
1950 7,595
1960 11,380
1970 13,395
COMMENTS ON BALANCE SHEET ITEMS
In the next several paragraphs, the more important assets, liabilities
and reserves of the City are explained, listed or described, as the case may be.
CASH
Cash on hand was counted on January 2, 1973. Cash in banks was veri-
fied by testing the transactions, reconciliation and direct correspondence with
the depositories. As of December 31, 1972 cash consisted of the following shown
on the next page:
V
STRAND
& ROE
-8-
City of Hopkins
General Water
Fund Fund Total
CASH ON HAND $ 220 $100 $ 320
Petty Cash - Undeposited Receipts 38,495 38,495
Cash on Hand $ 38,715 $100 $ 38,815
CASH IN BANKS:
Northwestern National Bank of Hopkins:
General Checking Account $ 37,617 $ 37,617
Payroll Account 744 744
Savings Account - General 309,474 309,474
Savings Account - Revenue Sharing 27,437 27,437
Total Northwestern $375,272 $375,272
First National Bank of Hopkins:
General Checking Account $ 45,627 $ 45,627
Savings Account 282,558 282,558
Total First National $328,185 $328,185
Total Cash in Banks $703,457 $703,457
Total Cash $742,172 $100 $742,272
Cash receipts and disbursements are handled through the general fund for
all funds. An entry is made charging or crediting due to and due from other funds
for transactions affecting these funds.
As of December 31, 1972, the depositories had deposited collateral se-
curity to safeguard City funds as follows:
Northwestern National Bank of Hopkins:
Municipal Bonds $ 940,000
F.D.I.C, 20,000 $ 960,000
First National Bank of Hopkins:
U. S. Bonds $1,481,000
Municipal Bonds 20,000
F.D.ILC, 20,000 1,521,000
Total $2,481,000
CASH WITH FISCAL AGENTS
Cash in the hands of fiscal agents for the retirement of matured bonds
and interest coupons is as follows:
Northwestern National Bank of Minneapolis $ 79,532
First National Bank of Minneapolis 46,468
American National Bank & Trust 700
Total $126,700
-9-
City of Hopkins
TEMPORARY INVESTMENTS
Investments are detailed on Schedule A-i, These were verified by direct
communication with the depositories or personally sighted,
ACCOUNTS RECEIVABLE
A summary of accounts receivable is presented below:
WATER FUND:
Water & Sewer Customers $51,367
GENERAL FUND:
Sundry Charges 79157
Total $58,524
TAXES RECEIVABLE
General tax levies collectible in 1973 and delinquent taxes were obtained
directly from the County Auditor. Taxes receivable - deferred represent the amount
of taxes certified to the County Auditor for collection in future years for payment
of bonds and interest. It is anticipated that each year the levies on the bond
issues of June 1, 1967 water revenue and July 1, 1970 sewer revenue will be can-
celled and bond and interest payments will be made from revenues.
SPECIAL ASSESSMENTS RECEIVABLE
Special assessments receivable in 1973 were confirmed directly with the
County Auditor and the delinquent special assessments were also obtained from the
County Auditor. The deferred special assessments receivable are the amounts which
have been levied against property owners and certified to the County Auditor for
collection in future years.
vo
PREPAID EXPENSES
STRAND
& ROE
This item represents payments made which are chargeable to future oper-
ating periods. A detail of insurance and bonds in force is given under Supple-
mentary Schedule S-1. •
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City of Hopkins
The following amounts were prepaid:
Insurance $47,491
Maintenance Contracts 1,577
Total General Fund $49,068
Sewer Fund:
Sewer Service Charges 5,566
Total $54,634
DUE FROM OTHER GOVERNMENT UNITS
Under Schedule A-2 a detail is given of the amounts due from other
governmental units. These items were confirmed by direct correspondence.
PROPERTY, PLANT AND EQUIPMENT
A summary of the changes in general fixed assets during the year under
review is given in Exhibits H and H-1. Fixed assets and depreciation of the wa-
ter and sewer funds are shown under Exhibits F-4 and G-5, respectively.
Depreciation has been provided on the assets of the revenue producing
funds as a means of determining net income on the accrual basis. No depreciation
has been provided on general fixed assets.
CONSTRUCTION WORK IN PROGRESS
This represents the costs incurred on uncompleted projects, handled
through the Permanent Improvement Revolving Fund, as of December 31, 1972. These
projects have been shown as assets of the funds which will use the completed as-
sets. A schedule of the projects under construction is given on Schedule A-3.
ACCOUNTS AND CONTRACTS PAYABLE po
STRAND
The accounts and contracts payable of the various funds were determined & ROE
by a review of disbursements, minutes and other data on file. Confirmations were
sent directly to vendors on selected accounts.
PREPAID REVENUES
Prepaid revenues consist primarily of payments received in 1972 for 1973
licenses and permits.
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City of Hopkins
DUE TO OTHER GOVERNMENTAL UNITS
This is the amount of taxes collected for the Firemen's Relief Associa-
tion by the General Fund and not yet remitted to them.
BONDS AND INTEREST PAYABLE
We submit on Schedule A-4 a summary of the bond and interest maturities,
means of financing and reserve for uncollectible taxes,
RESERVE FOR TRUST FUNDS
A summary of the changes during the year in trust funds carried under
the General Fund was as follows:
Police
Total Fund Recreation Library Escrow Other
Balance - January 1, 1972 $14,290 $8,385 $2,160 $722 $2,000 $1,023
Additions 1,712 1,188 524
$16,002 $8,385 $3,348 $722 $2,000 $1,547
Disbursements and
Transfers 11,829 7,778 1,357 203 2,000 491
Balance - December 31,
1972 $ 48173 $ 607 $1,991 $519 $ - $1,056
RESERVE FOR SHADY OAK BEACH CONCESSION OPERATIONS
This is operated and owned jointly with the Village of Minnetonka. A
summary of the changes during the year was as follows:
Balance - January 1, 1972 $13,798
Receipts 3 689
$17,487
Disbursements 8,312
Balance - December 31, 1972 $ 9,175
vo
RESERVE FOR PARK CONSTRUCTION STRAND
& ROE
This reserve was established to account for bond proceeds and federal
grants to be used for park projects. Changes in the reserve during the year were
as follows:
Balance - January 1, 1972 $ 86,402
Receipts:
Federal Grant - Proj. Minn. OSA-52 31,939
Balance - December 31, 1972 118 341
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City of Hopkins
RESERVE FOR REAL PROPERTY PURCHASES AND SATES
This reserve was established to account for real property purchases and
sales in the General Fund. Changes in the reserve during the year were as follows:
Balance - January 1, 1972 $ 40,726
Receipts:
Proceeds from Sale of Library 388,000
Balance - December 31, 1972 $428,726
RESERVE FOR REPAIRS - SEWER, FUND
This fund was established to provide for extraordinary repairs of sewer
facilities. Proceeds from rental of the sewer lift station to the Metropolitan
Sewer Board are to be placed in this reserve until the balance is equal to
$35,000.00. Proceeds of $7,328.00 were added to the reserve during 1972.
FUND BALANCES
The fund balance is the City equity in the various non-enterprise funds.
An analysis of the changes in the fund balances is given under the statements for
the respective funds,
CONTRIBUTIONS FROM OTHER GOVERNMENTAL UNITS
An analysis of the changes in this account during the year is given under
Exhibit G-1,
CONTRIBUTIONS/RETAINED EARNINGS
This represents the City's equity in the water and sewer funds other
than contributions from other government units. Retained earnings should be seg-
regated from contributions. In order to do this it will be necessary to review
V
the annual financial statements and records from the inception of the City to date. STRAND
& ROE
Contributions would be any amounts provided to the water and sewer funds
for the purchase of assets by sources other than operating revenues of these funds.
-13--
City of Hopkins
OPERATIONS
Detailed statements showing the revenue and expenditures for the General,
Special Assessment, and Bond Retirement Funds are given under the respective sec-
tions of this report.
A statement setting forth project costs and means of financing projects
as of December 31, 1972 of the Permanent Improvement Revolving Fund is shown as
Exhibit C-2 under that section of the report.
Under Exhibits F-2 and G-3 we present statements on the accrual basis
for the water and sewer utility funds. A schedule of operating expenses for the
water and sewer funds is given under Exhibits F-3 and G-4 respectively.
GENERAL
During the year under review the City issued $2,100,000000 of Permanent
Improvement Revolving Fund bonds to be redeemedby assessments to be levied and
earnings of the Permanent Improvement Revolving Fund.
Under an agreement dated July 13, 1972 the City sold its library facil-
ities to Hennepin County for $388,000.00.
During the course of our examination a number of items came to our
attention on which we offer the following comments and recommendations.
1. The fund principal of the Permanent Improvement Revolving Fund
has been established at $830,000.00. Due primarily to the
provision of $827,573.00 for future interest on the $2,100,000.00
bond issue of July 1, 1972, the fund balance has been reduced
to a balance of $467,885.00. No further transfers of earnings
should be made from this fund until the balance is restored to Po
$830,000.00. STRAND
& ROE
2. Bonds and coupons paid by fiscal agents should be checked out as
they are returned to the City.
-14-
City of Hopkins
3, We noted that verified claims were not used on checks during the
latter part of 1972. State law requires that a verified claim
be obtained for disbursements of funds. We understand that
checks are now being printed with a verified claim statement
on the endorsement. side.
4. More care should be exercised in the coding of revenues (receipts)
and expenditures (disbursements),
5. All revenues and expenditures of the General Fund should be
recorded in the operating accounts. If these affect an
asset or liability account a separate entry should be made
to record the increase or decrease with a corresponding
offset to the fund balance account,
6. Cards should be brought up to date on general fixed assets and
items no longer on hand eliminated.
7. Construction projects completed in the Permanent Improvement
Revolving Fund should be recorded in the fixed assets accounts
at year end before audit is begun.,
8. Collections on licenses and permits should be reconciled at
least monthly with the actual licenses and permits issued.
9. Interest earned on funds invested should be credited to the
various funds on a basis of excess funds available to be
invested by the respective funds.
v
STRAND
& ROE
-15- EXHIBIT B
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
BALANCE SHEET
As Of December 31, 1972
ASSETS
Cash $ 742,172
Temporary Investments - At Cost 100,000
Accounts Receivable 7,157
Interest Receivable 2,493
Due from Other Governmental Units 92,764
Taxes Receivable - Collected by County in 1972 22,894
Taxes Receivable - Delinquent 50,372
Prepaid Expenses 49,068
Inventory - Office Supplies 1,637
Due from Other Funds 1,094,835
Total Assets $2,163,392
LIABILITIES, RESERVES AND FUND BALANCE
Accounts Payable $ 64,188
Contracts Payable 12,211
Accrued Payroll 22,416
Accrued Payroll Taxes and Employee Deductions 18,776
Prepaid Revenues 62,205
Due to Other Governmental Units 12,767
Due to Other Funds 1,132,534
Reserves:
Petty Cash 220
Inventories 1,637
Unrealized Revenues 50,372
Trust Funds 4,173
Federal Revenue Sharing 54,746
Shady Oak Beach Concession Operations 9,175
Park Construction 118,341
Real Property Purchases and Sales 428,726
Unencumbered Municipal State Road Aid 14,904
Fund Balance 156,001
STRAND
Total Liabilities, Reserves and Fund Balance $2,163,392 & ROE
-16- EXHIBIT B-1
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1972
BALANCE - JANUARY 1, 1972 - (DEFICIT1 $(60,782)
ADDITIONS:
Excess of Revenues over Expenditures:
Revenues $2,405,265
Expenditures 1,893,534 $511,731
1971 School Police Liaison Receipts Transferred
from Trust Funds Payable 7,768
1971 - 35% Homestead Distribution 24,776
1971 County Tax Collections 9,842
Adjust Reserve for Municipal State Road Aid 45,998
Eliminate 1971 Reserve for Encumbrances 92,477
Adjustment of Petty Cash Balance 40
Adjustment of 1971 Fines Receivable 3,390
Total Additions 696,022
$635,240
DEDUCTIONS:
1971 Suburban Public Nursing Service $ 4,554
Increase in Reserves:
Federal Revenue Sharing 54,746
Real Property Purchases and Sales -
Proceeds from Sale of Library 388,000
Park Construction - Federal Grant Received 31,939
Total Deductions 479,239
BALANCE - DECEMBER 31, 1972 $156,001
STRAND
& ROE
-17- EXHIBIT B-2
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED
For the Year Ended December 31, 1972
Actual
Over
Revenue (Under)
Actual Estimated Estimated
GENERAL PROPERTY TAXES:
Current Ad Valorem $ 876,892 $ 860,569 $ 16,323
Delinquent Ad Valorem 14,315 4,100 10,215
Penalties and Interest 5,417 2,200 3,217
Delinquent Personal Property 68 - 68
$ 896,692 $ 866,869 $ 29,823
LICENSES AND PERMITS:
Business $ 48,222 $ 44,430 $ 3,792
Non-Business 44,116 32,400 11,716
Street Use 452 685 (233)
$ 92,790 $ 77,515 $ 15,275
FINES AND FORFEITURES:
Court Fines $ 44,597 $ 50,000 $ (5,403)
Forfeitures 730 300 430
$ 45,327 $ 50,300 $ (4,973)
USE OF MONEY AND PROPERTY:
Interest - Temporary Idle Funds $ 21,766 $ 11,800 $ 9,966
Rents 3,461 2,700 761
Commissions 86 - 86
$ 25,313 $ 14,500 $ 10,813
REVENUES FROM OTHER AGENCIES:
Shared Taxes:
Liquor $ 22,290 $ 23,400
$ (1,110)
Cigarette 25,110 25,100 10
Bank Excise 6,154 9,000 (2,846)
Mortgage Registry 6,212 3,300 2,912
State Aid - Road Maintenance 10,920 10,500 420
State Aid - Road Construction 87,126 - 87,126
Mobile Home 1,433 2,950 (1,517)
Per Capita Sales Tax 3,809 - 3,809
35% Homestead Distribution Credit 88,606 116,076 (27,470)
Local Government Aid 215,001 104,300 110,701
Federal Revenue Sharing 53,589 - 53,589 STRAND
Emergency Employment Act 11,546 - 11,546 & ROE
$ 531,796 $ 294,626 $237,170
GRANTS:
U. S. Government $ 31,939 $ - $ 31,939
-18- EXHIBIT B-2
Page 2
City of Hopkins
Hopkins, Minnesota
STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED
For the Year Ended December 31, 1972
Actual
Over
Revenue (Under)
Actual Estimated Estimated
CHARGES FOR CURRENT SERVICES:
General Government $ 1,451 $ 1,075 $ 376
Public Safety 24,480 22,460 2,020
Library 3,969 3,800 169
Recreation 123,052 109,448 13,604
$ 152,952 $ 136,783 $ 16,169
MISCELLANEOUS:
Sale of Library $ 388,000 $ - $388,000
Sale of Property and Equipment 3,008 - 3,008
State Grant - Crime Control 5,754 - 5,754
H.R.A. - Accounting Services 11,006 - 11,006
Refunds - Insurance Claims 3,168 - 3,168
Other 1,910 13,100 (11,190)
$ 412,846 $ 13,100 $399,746
Total (Other than Transfers) $2,189,655 $1,453,693 $735,962
TRANSFERS FROM OTHER FUNDS:
Parking Fund $ - $ 2,300 $ (2,300)
P.I.R. Overhead Transfer 80,519 140,000 (59,481)
Water Utility 25,145 25,145 -
Sewer Utility 25,146 25,146
P.I.R. Fund:
Special Assessment Interest 66,000 66,000 -
Investment Interest 18,800 18,800 -
$ 215,610 $ 277,391 $(61,781)
Grand Total $2,405,265 $1,731,084 $674,181
STRAND
& ROE
-19- EXHIBIT B-3
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
SUMMARY OF EXPENDITURES COMPARED WITH AUTHORIZATION
For the Year Ended December 31 1972
Appro- (Over)
Description Expenditures priations Under
Council 18,042 17,555 (487)
City Manager 39,648 42,660 3,012
City Clerk 19,295 18,451 (844)
Elections 7,050 4,710 (2,340)
Legal Services 22,423 24,350 1,927
Court Services 7,054 4,500 (2,554)
Assessing 28,591 28,670 79
Zoning and Planning 11,343 16,290 4,947
Finance and Accounting 51,582 32,415 (19,167)
Municipal Building 50,024 45,564 (4,460)
Police Protection 332,969 325,590 (7,379)
Fire Protection 143,507 43,290 (100,217)
Inspection Service 66,680 43,029 (23,651)
Civil Emergencies 23 500 477
Animal Control 1,165 3,000 1,835
Engineering 45,481 114,890 69,409
Street Administration 172,064 150,225 (21,839)
Streets and Alleys 64,900 41,117 (23,783)
Snow and Ice Removal 20,856 21,976 1,120
Traffic Signs and Signals 23,046 20,808 (2,238)
Street Lighting and Tree Service 34,858 32,163 (2,695)
Storm Sewers, Street Cleaning & Weed Control 69,084 60,889 (8,195)
Refuse Collection and Disposal 136,040 119,526 (16,514)
Health and Welfare 21,653 24,566 2,913
Library 97,709 89,498 (8,211)
Parks and Recreation:
Administration 56,516 65,633 9,117
Classes 33,275 16,400 (16,875)
Activities 16,091 14,745 (1,346)
Ice Rinks 5,296 6,475 1,179
Beaches 17,731 16,675 (1,056)
Swimming Instruction 17,497 18,700 1,203
Playgrounds 15,713 21,441 5,728
Municipal Parks 77,340 84,400 7,060Po
Unallocated 139,119 139,133 14 STRAND
Non-Departmental & ROE
p 29,869 24,000 (5,869)
Totals $1,893,534 $1,733,834 ($159,700)
-20- EXHIBIT B-4
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the. Year Ended December 31 1972
Appro- (Over)
Description Expenditures priations Under
GENERAL GOVERNMENT:
Mayor and Council:
Personal Services $ 8,860 $ 6,600 $ (2,260)
Contractual Services 6,469 8,700 2,231
Commodities 1,100 500 (600)
Other Charges 1,613 1,755 142
$ 18,042 $ 17,555 $ (487)
City Manager:
Personal Services $ 33,400 $ 37,860 $ 4,460
Contractual Services 3,131 3,350 219
Coumuodities 1,564 700 (864)
Other Charges 1,553 750 (803)
$ 39,648 $ 42,660 $ 3,012
City Clerk:
Personal Services $ 17,475 $ 17,111 $ (364)
Contractual Services 992 730 (262)
Commodities 429 300 (129)
Other Charges 229 50 (179)
Capital Outlay 170 260 90
$ 19,295 $ 18,451 $ (844)
Elections:
Personal Services $ 5,664 $ 3,600 $ (2,064)
Contractual Services 539 300 (239)
Commodities 343 300 (43)
Capital Outlay 504 510 6
$ 7,050 $ 4,710 $ (2,340)
Legal Services:
Personal Services $ 22,006 $ 24,000 $ 1,994
Contractual Services 156 100 (56)
Commodities 54 100 46
Other Charges 207 150 (57)
$ 22,423 $ 24,350 $ 1,927
Court Services:
Personal Services $ 1,319 $ - $ (1,319)
Contractual Services 4,746 4,500 (246)
Capital Outlay 989 - (989)
STRAND
$ 7,054 $ 4,500 $ (2,554) & ROE
Assessing:
Personal Services $ 24,316 $ 24,775 $ 459
Contractual Services 2,348 3,310 962
Commodities 806 500 (306)
Other Charges 123 85 (38)
Capital Outlay 998
$ 28,591 $ 28,670 $ 79
-21- EXHIBIT B-4
Page 2
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1972
Appro- (Over)
Description Expenditures priations Under
GENERAL GOVERNMENT: (CONT"D)
Zoning and Planning:
Personal Services $ 590 $ 9,590 $ 9,000
Contractual Services 10,303 6,400 (3,903)
Commodities 450 300 (150)
$ 11,343 $ 16,290 $ 4,947
Finance and Accounting:
Personal Services $ 40,920 $ 25,330 $(15,590)
Contractual Services 1,434 760 (674)
Commodities 2,166 1,200 (966)
Other Charges 180 125 (55)
Capital Outlay 6,882 5,000 (1,882)
$ 51,582 $ 32,415 $(19,167)
Municipal Building:
Personal Services $ 25,565 $ 22,414 $ (3,151)
Contractual Services 19,624 19,450 (174)
Commodities 1,891 2,240 349
Capital Outlay 2,944 1,460 (1,484)
$ 50,024 $ 45,564 $ (4460)
Total General Government $ 255,052 $ 235,165 $(19,887)
PUBLIC SAFETY:
Police Protection:
Personal Services $ 289,812 $ 288,200 $ (1,612)
Contractual Services 6,467 9,540 3,073
Commodities 19,210 16,050 (3,160)
Other Charges 1,115 2,400 1,285
Capital Outlay 16,365 9,400 (6,965)
$ 332,969 $ 325,590 $ (7,379)
Fire Protection:
Personal Services $ 23,513 $ 23,500 $ (13)
Contractual Services 4,749 5,900 1,151
Commodities 3,123 3,250 127
Other Charges 598 400 (198)
Capital Outlay 111,524 8,500 (103,024) V
Other Disbursements - 1,740 1,740
STRAND
$ 143,507 $ 43,290 ($100,217) & ROE
Inspection Service:
Personal Services $ 64,123 $ 40,469 $(23,654)
Contractual Services 1,743 1,550 (193)
Commodities 626 900 274
Other Charges 188 110 (78)
$ 66,680 $ 43,029 $(23,651)
-22-- EXHIBIT B-4
Page 3
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1972
Appro- (Over)
Description Expenditures priations Under
PUBLIC SAFETY: (CONT'D)
Civil Emergencies:
Personal Services $ 21 $ 300 $ 279
Contractual Services 2 200 198
$ 23 $ 500 $ 477
Animal Control:
Contractual Services $ 1165 $ 3,000 $ 1,835
Total Public Safety $ 544,344 $ 415,409 ($128,935)
PUBLIC WORKS:
Engineering:
Personal Services $ 41,120 $ 62,150 $ 21,030
Contractual Services 2,869 51,900 49,031
Commodities 1,347 700 (647)
Other Charges 145 140 (5)
$ 45,481 $ 114,890 $ 69,409
Street Administration:
Personal Services $ 65,933 $ 78,265 $ 12,332
Contractual Services 16,095 10,310 (5,785)
Commodities 36,549 22,000 (14,549)
Other Charges 196 150 (46)
Capital Outlay 53,291 39,500 (13,791)
$ 172,064 $ 150,225 $(21,839)
Streets and Alleys°
Personal Services $ 18,911 $ 10,017 $ (8,894)
Contractual Services 16,797 16,600 (197)
Commodities 23,403 11,500 (11,903)
Capital Outlay 5,789 3,000 (2,789)
$ 64,900 $ 41,117 $(23,783)
Snow and Ice Removal:
Personal Services $ 15,548 $ 17,726 $ 2,178
Contractual Services (86) 750 836
Commodities 5,394 3,500 (1,894)
$ 20,856 $ 21,976 $ 1,120
Traffic Signs and Signals:
Personal Services $ 4,872 $ 3,908 $ (964) po
Contractual Services 8,713 8,900 187 STRAND
Commodities
4,100 3,000 (1,100) & ROE
Capital Outlay 5,361 5,000 (361)
$ 23,046 $ 20,808 $ (2,238)
Street Lighting & Tree Service:
Personal Services $ 11,048 $ 6,063 $ (4,985)
Contractual Services 23,803 23,700 (103)
Commodities 7 _ (7)
Capital Outlay - 2,400 2,400
$ 34,858 $ 32,163 $ (2,695)
Total Public Works $ 361,205 $ 381,179 $ 19,974
--23-- EXHIBIT B-4
Page 4
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31,, 1972
Appro- (Over)
Description Expenditures priations Under
SANITATION AND WASTE REMOVAL:
Storm Sewers, Street Cleaning
and Weed Control:
Personal Services $ 16,850 $ 20,489 $ 3,639
Commodities 530 400 (130)
Capital Outlay 51,704 40,000 (11,704)
$ 69,084 $ 60,889 $ (8,195)
Refuse Collection and Disposal°
Personal Services $ 115,625 $ 106,226 $ (9,399)
Contractual Services 10,789 2,800 (7,989)
Commodities 5,497 9,000 3,503
Other Charges 1,000 1,500 500
Capital Outlay 3,129 - (3,129)
$ 136,040 $ 119,526 $(16,514)
Total Sanitation & Waste Removal $ 205,124 $ 180,415 $(24,709)
HEALTH AND WELFARE:
Personal Services $ 5,619 $ 5,000 $ (619)
Contractual Services 16,034 19,566 3,532
Total Health and Welfare $ 21,653 $ 24,566 $ 2,913
LIBRARY:
Public Library:
Personal Services $ 68,217 $ 58,253 $ (9,964)
Contractual Services 7,933 8,865 932
Commodities 20,402 22,000 1,598
Other Charges 127 125 (2)
Capital Outlay 1,030 255 (775)
Total Library $ 97,709 $ 89,498 $ (8,211)
PARKS AND RECREATION:
Administration:
Personal Services $ 49,177 $ 49,695 $ 518
Contractual Services 4,551 5,400 849
Commodities 2,521 1,200 (1,321)
Other Charges 213 6,838 6,625
Capital Outlay 54 2,500 2,446
$ 56,516 $ 65,633 $ 9,117 STRAND
& ROE
Classes°
Personal Services $ 33,221 $ 16,200 $(17,021)
Commodities 54 200 146
$ 33,275 $ 16,400 $(16,875)
-24- EXHIBIT B-4
Page 5
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1972
Appro- (Over)
Description Expenditures priations Under
PARKS AND RECREATION: (CONT'D)
Activities:
Personal Services $ 12,499 $ 12,055 $ (444)
Contractual Services 1,014 565 (449)
Commodities 2,118 1,730 (388)
Other Charges 460 395 (65)
$ 16,091 $ 14,745 $ (1,346)
Ice Rinks:
Personal Services $ 5,174 $ 6,400 $ 1,226
Commodities 122 75 (47)
$ 5,296 $ 6,475 $ 1,179
Beaches:
Personal Services $ 13,021 $ 16,275 $ 3,254
Contractual Services 574 100 (474)
Commodities 587 300 (287)
Capital Outlay 3,549 - (3,549)
$ 17,731 $ 16,675 $ (1,056)
Swimming Instructions:
Personal Services $ 17,188 $ 18,000 $ 812
Commodities 309 700 391
$ 17,497 $ 18,700 $ 1,203
Playgrounds:
Personal Services $ 11,208 $ 18,852 $ 7,644
Commodities 1,932 1,089 (843)
Other Charges 2,573 1,500 (1,073)
$ 15,713 $ 21,441 $ 5,728
Municipal Parks:
Personal Services $ 46,887 $ 49,800 $ 2,913
Contractual Services 5,754 4,200 (1,554)
Commodities 6,624 7,400 776
Capital Outlay 18,075 23,000 4,925
$ 77,340 $ 84,400 $ 7,060
Total Parks and Recreation $ 239,459 $ 244,469 $ 5,010
UNALLOCATED EXPENSES:
Retirement $ 103,948 $ 115,633 $ 11,685 STRAND
Insurance 30,801 22,600 (8,201) & ROE
Rental Properties 4,370 900 (3,470)
Total Unallocated Expenses $ 139,119 $ 139,133 $ 14
-25- EXHIBIT B-4
Page 6
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1972
Appro- (Over)
Description Expenditures priations Under
NON-DEPARTMENTAL:
Contractual Services $ 3,491 $ 4,500 $ 1,009
Other Charges 5,064 c (5,064)
Joint Study Commission 2,000 - (2,000)
City's Share of Project Costs 19,314 - (19,314)
Contingencies - 19,500 19,500
Total Non-Departmental $ 29,869 $ 24,000 $ (5,869)
Grand Totals $14893,534 $1,733,834 ($159,700)
V
STRAND
& ROE
-26- EXHIBIT C
City of Hopkins
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
BALANCE SHEET
As Of December 31, 1972
ASSETS
Cash on Deposit with Fiscal Agents $ 46,468
Temporary Investments - At Cost 1,336,125
Interest Receivable 29,041
Special Assessments Receivable:
Current $ 172,803
Delinquent 40,901
Deferred 1,248,996 1,462,700
Due from Other Governmental Units 207,793
Authorized Construction to be Assessed 1,936,180
To be Provided for Authorized Construction 314,349
Due from Other Funds 435,079
Total Assets $5,767,735
LIABILITIES, RESERVES AND FUND BALANCE
Matured Bonds and Interest Payable $ 46,468
Contracts Payable 77,557
Bonds Payable 2,655,000
Future Interest on Bonds 821,700
Due to Other Funds 642,992
Reserves:
Unexpended Project Authorizations 1,056,133
Fund Balance:
Fund Principal $ 830,000
Unappropriated (362,115) 467,885
Total Liabilities, Reserves and ✓
Fund Balance $5.767,735 STRAND
& ROE
-27- EXHIBIT C-1
City of Hopkins
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1972
UNAPPROPRIATED FUND BALANCE - JANUARY 1, 1972 $ 451,910
ADDITIONS:
Interest on 1972 Special Assessments Levied $ 90,728
Special Connection Fees 400
Interest on Investments 51,967
Adjustment of 1971 Contract Balances 8,586
Withheld from Contractor for Repair Work 125
Adjustment of Assessments Receivable 1,746
Adjustment of Delinquent Assessments Receivable 40,505
Overassessment on Project #914 409
Total Additions 194,466
$ 646,376
DEDUCTIONS:
Bond Issue Costs:
Bond Consultant $7,075
Bond Rating 600
Standard & Poors 675
Discount 2,173
Legal 1,300 $ 11,823
Interest on Prepaid Assessments Cancelled 22,978
Fiscal Agents Fees 271
Cancellation of Special Assessment 46
Elimination of Funds to be Provided
for Debt Retirement Account 61,000
Future Interest on Bond Issue - 7-1-72 827,573
Transfers to Other Funds:
General Fund 84,800
Total Deductions 1,008,491 ►A°
STRAND
UNAPPROPRIATED FUND BALANCE - DECEMBER 31, 1972 $ (362,115) a ROE
-28-
City of Hopkins
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
PROJECT, COSTS AND MEANS OF FINANCING
As Of December 31, 1972
PROJECT COSTS
EXPENDI TURE S Unexpended
Prior Current Year Authori-
Years Construction Overhead Total zations Total
Concrete Alleys $ - $ 33,033 $ 3,506 $ 36,539 $ 12,260 $ 48,799
Curbs, Gutters and
Driveways 2,359 14,904 2,235 19,498 29,524 49,022
Street Construction 188,516 209,337 17,349 415,202 195,012 610,214
Street Surfacing 1,442 201,536 30,357 233,335 29,403 262,738
Asphalt Patching - 192 - 192 - 192
Bituminous Alleys 482 511 76 1,069 - 1,069
Water 207,462 123,704 18,454 349,620 (32,947) 316,673
Sewer - 296,595 43,842 340,437 (90,059) 250,378
Sewer Connections - 1,700 - 1,700 - 1,700
Storm Sewer - 33,708 1,462 35,170 36,542 71,712
Street Lights 6,907 249,030 38,400 294,337 318,311 612,648
Parking Lots 42,347 49047 607 47,001 558,087 605,087
Totals $449,515 $1,168,297 $156,288 $1,774,100 $1,056.133 $2 830 .232
-28- EXHIBIT C-2
MEANS OF FINANCING PROJECTS
Over-
Assess-
ments
Paid by Trans-
Other Assessed fered To be To be Paid by
Funds in 1972 Out Assessed Provided State Total
$ 5,789 $ 26,875 $ - $ 13,459 $ 2,676 $ - $ 48,799
5,174 14,324 - 29,524 - - 49,022
41,410 115,376 - 56,889 188,746 207,793 610,214
- 1,205 - 181,533 80,000 - 262,738
- 192 - - - - 192
- 1,069 - - - - 1,069
89,224 45,397 (20,932) 196,081 6,903 - 316,673
- - - 250,378 - - 250,378
- 1,700 - - - - 1,700
23,944 11,226 - 518 36,024 - 71,712
- 10,346 (409) 602,711 - - 612,648
- - - 605,087 - - 605,087
$165,541 $227,710 ($21.341) $1,936,180 $314,349 $207,793 $2,830,232 S&TRANDROE
-29- EXHIBIT D
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
BALANCE SHEET
As of December 31 1972
ASSETS
Special Assessments Receivable
Current $4,469
Deferred 1,928
Delinquent 213 $ 6,610
Due from Other Funds 13,964
Total Assets $20,574
LIABILITIES, RESERVES AND FUND BALANCE
Bonds Payable $ 4,000
Future Interest Payable 180
Due to Other Funds 8,049
Fund Balance 8,345
Total Liabilities, Reserves and Fund Balance $20,574
STRAND
& ROE
-30- EXHIBIT D-1
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1972
BALANCE - JANUARY 1, 1972 $8,359
ADDITIONS:
Adjustment of Balance due on Delinquent
Assessments 171
$8,530
DEDUCTIONS:
Interest Cancelled on Prepaid Assessments $ 36
Fiscal Agents Fees 25
Adjust Assessments Receivable 124 185
BALANCE - DECEMBER 31, 1972 $8,345
STRAND
& ROE
-31- EXHIBIT D-2
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Year Ended December 31 1972
CASH ON HAND AND DUE FROM OTHER FUNDS - JANUARY 1, 1972 $ 2,111
RECEIPTS:
Special Assessments:
Collected by City $ 484
Collected by County 5,525
Total Receipts 6,009
$ 8,120
DISBURSEMENTS:
June 1, 1964 Bond Issue:
Principal $2,000
Interest 180
Fiscal Agents Fees 25
Total Disbursements 2,205
DUE FROM OTHER FUNDS - DECEMBER 31, 1972 $ 5,915
SUMMARY
Due from General Fund $13,964
Less: Due to Other Funds:
P.I.R. Fund $2,218
Bond Retirement Fund 1,549
Water Fund 4,282 8,049
Total As Above $ 5,915
v
STRAND
& ROE
-32- EXHIBIT E
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND - BALANCE SHEET
As Of December 31, 1972
ASSETS
Cash on Deposit with Fiscal Agents $15,275
Taxes Receivable:
Current $19,104
Delinquent 499 19,603
Due from Other Funds 349070
Total Assets $68,948
LIABILITIES, RESERVES AND FUND BALANCE
Matured Bonds and Interest Payable $15,275
Bonds Payable 15,000
Interest Payable 10,050
Due Other Funds 24,253
Reserves:
Uncollectible Taxes 1,253
Fund Balance 3,117
Total Liabilities, Reserves and Fund Balance $68,948
v
STRAND
& ROE
-33- EXHIBIT E-1
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1972
BALANCE - JANUARY 1, 1972 $13,998
ADDITIONS:
Delinquent Taxes Receivable $ 499
Close Out Reserve for Retirement
of Bonds and Interest 10,834
Eliminate 12-31-71 Reserve for
Uncollectible Taxes 1,028 12,361
$26,359
DEDUCTIONS:
Close Out Funds to be Provided Account $15,550
To Adjust Taxes Collectible in 1973
to Actual Levy:
Deferred Levy - Original $26,303
Actual Levy 19,104 7,199
Adjust Taxes Receivable to Actual 493 23,242
BALANCE - DECEMBER 31, 1972 $ 3,117
V
STRAND
ROE
-34- EXHIBIT E-2
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Year Ended December 31, 1972
DUE FROM OTHER FUNDS - JANUARY 1, 1972 $1,111,927
ELIMINATE BEGINNING BALANCE DUE FROM
WATER UTILITY FUND 1,102,620
Adjusted Balance $ 9,307
RECEIPTS:
Taxes Collected by County 21,085
$ 30,392
DISBURSEMENTS:
Bond Issue of 7-1-70 (Park Bond) :
Principal $10,000
Interest 10,550
Fiscal Agents Fees 25 20,575
DUE FROM OTHER FUNDS - DECEMBER 31, 1972 $ 9.817
SUMMARY
Due from Other Funds:
General Fund $32,521
Special Assessment Fund 1,549 $ 34,070
Due to Other Funds:
P.T.R. Fund $ 8,965
Sewer Fund 15,288 24,253
Due from Other Funds - As Above $ 9.817
STRAND
& ROE
-35- EXHIBIT F
City of Hopkins
Hopkins, Minnesota
WATER UTILITY FUND
BALANCE SHEET
As_ Of December 31, 1972
ASSETS
CURRENT ASSETS:
Cash $ 100
Cash on Deposit with Fiscal Agents 745
Accounts Receivable 51,367
Due from Other Funds 726,042
Inventory of Supplies 13,283
Total Current Assets $ 791,537
PROPERTY, PLANT AND EQUIPMENT:
Land $ 20,714
Wells, Tanks and Mains 2,927,397
Vehicles . 22,426
Water Meters 39,839
Sundry Equipment 5,943
Office Equipment 11,339
$3,027,658
Less: Accumulated Depreciation 684,646
Net Book Value - Property, Plant & Equip. 2,343,012
NON-CURRENT ASSETS:
Construction Work in Progress 235,931
Total Assets $3,370,480
LIABILITIES, RESERVES, CONTRIBUTIONS
AND RETAINED EARNINGS
CURRENT LIABILITIES:
Matured Bonds and Interest Payable $ 745
Sales Tax Payable 1,451
Bonds Payable 63,000
Accrued Interest on Bonds 2,827
Due to Other Funds 759,955
Total Current Liabilities $ 827,978
NON-CURRENT LIABILITIES:
Bonds Payable $ 63,000
Future Interest on Bonds $37,520
Less: Accrued to Date 2,827 34,693
Total Non-Current Liabilities 97,693
STRAND
RESERVES: & ROE
Funds in Trust 155
CONTRIBUTIONS/RETAINED EARNINGS 2,444,654
Total Liabilities, Reserves, Contributions
and Retained Earnings $3,370,480
-36- EXHIBIT F-1
City of Hopkins
Hopkins, Minnesota
WATER FUND
ANALYSIS OF CHANGES IN CONTRIBUTIONS/RETAINED EARNINGS
For the Year Ended December 31, 1972
BALANCE - JANUARY 1 1972 $2,219,415
ADD:
Fixed Assets Acquired:
From P,I,R, Fund $ 27,023
Increase in Construction Work in Process 235,931
Overassessment on Project #70-01 20,932
Eliminate Reserve for Petty Cash & Inventory 6,527
Interest Paid on Bonds 36,013
Eliminate 1-1-72 Liability for Bond Issue of 1967 74,200
Total Additions 400,626
DEDUCT: $2,620,041
Net Loss for the Year $ 32,618 -
General Obligation Bonds Payable in 1973 40,000
General Obligation Bond Interest Payable in 1973 30,440-
Adjustment of 12-31-71 Balance General
Obligation Bond and Interest Liability 72,120 -
Adjustment of Accrued Interest on Bonds 209 .
Total Deductions 175,387
BALANCE - DECEMBER 31 1972 $2,444,654
V
STRAND
& ROE
-37- EXHIBIT F-2
City of Hopkins
Hopkins, Minnesota
WATER FUND
STATEMENT OF REVENUE AND EXPENSE -
ACTUAL AND BUDGETED
For the Year Ended December 31, 1972
Over
Actual Budget (Under)
OPERATING REVENUES:
Customer Water Charges $195,921)
Penalties 3,527) $200,000 $ (552)
Connection Permits 1,525)
Other 435) 2,700 (740)
Total Operating Revenues $201,408 $202,700 $(1,292)
LESS: Transfer to Sewer Fund - 30,000 (30,000)
Balance of Operating Revenues 20 014 $201,408 $172,700 $28,708
LESS: Operating Expenses Before
Depreciation 13 /1 4 131,271 114,427 16,844
Net Operating Income Before
Depreciation g � �- $ 70,137 $ 58,273 $11,864
LESS: Depreciation 16, 711' 66,722 - (66,722)
Net Operating Income 2 ) 5'5'2 $ 3,415 $ 58,273 ($54,858)
NON-OPERATING INCOME:
Interest on Investments - 7,500 (7,500)
Total Income $ 3,415 $ 65,773 ($62,358)
LESS: Non-Operating Expenses:
Interest Expense $ 35,805 $ 36,015 $ (210)
Fiscal Agent's Fees 206 300 (94)
Charge for Assessment 22 - 22
V
Total Non-Operating Expenses 34/ D31 $ 36,033 $ 36,315 $ (282) STRAND
& ROE
Net (Loss) for the Year <f`i 3/ $(32,618) $ 29.458 ($62.076)
-38- EXHIBIT F-3
City of Hopkins
Hopkins, Minnesota
WATER FUND
SCHEDULE OF OPERATING EXPENSES -
ACTUAL AND BUDGETED
For the Year Ended December 31, 1972
Over
Actual Budget (Under)
ADMINISTRATION:
Salaries $ 9,796 $ 7,675 $ 2,121
Contractual Services 5,199 2,470 2,729
Commodities 2,572 1,415 1,157
Other Charges 8,969 9,848 (879)
General Administrative Overhead 5.1 UVI 25,145 25,145 -
Total Administration ------- $ 51,681 $ 46,553 $ 5,128
at� S31•
PUMPS AND WELLS:
Salaries $ 15,907 $ 10,724 $ 5,183
Contractual Services 27,792 29,000 (1,208)
Commodities 8,026 5,200 2,826
Total Pumps and Wells S/, 73' 5' $ 51,725 $ 44,924 $ 6,801
DISTRIBUTION:
Salaries $ 32,003 $ 18,150 $13,853
Contractual Services 1,666 1,800 (134)
Commodities 1,204 3,000 (1,796)
Total Distribution 3`1 "1 $ 34,873 $ 22,950 $11,923
Total ' / 3 ,VPI $138,279 $114,427 $23,852
LESS: Increase in Inventory of Supplies 7,008 - 7,008
Jodi
Total Operating Expenses $131,271 $114,427 $16,844
STRAND
5 ROE
-39- EXHIBIT F-4
City of Hopkins
Hopkins, Minnesota
WATER FUND
SUMMARY OF FIXED ASSETS AND DEPRECIATION
As Of December 31, 1972
C 0 S T ACCUMULATED DEPRECIATION
Balance Elimi- Balance Balance Balance
Description 1-1-72 Additions nations 12-31-72 1-1-72 Deprec. 12-31-72
Land $ 16,247 $ 4,467 $ - $ 20,714 $ - $ - $ -
Wells, Tanks & Mains 2,813,235 134,621 20,459 2,927,397 574,818 60,362 635,180
Water Meters 37,281 2,558 - 39,839 19,834 2,385 22,219
Vehicles & Equipment 21,737 689 - 22,426 10,869 1,775 12,644
Office Equipment 11,224 115 - 11,339 7,516 1,719 9,235
Other Equipment 5,823 120 - 5,943 4,887 481 5,368
Totals $2,905,547 $142,570 $20,459 $3,0274658 $617,924 $66,722 $684,646
STRAND
& ROE
-40- EXHIBIT G
City of Hopkins
Hopkins, Minnesota
SEWER FUND
BALANCE SHEET
As Of December 31, 1972
ASSETS
CURRENT ASSETS:
Cash on Deposit with Fiscal Agents $ 64,212
Due from Other Governmental Units 157,726
Prepaid Expenses 5,566
Inventory - Supplies 533
Due from Other Funds 1,358,628
•
Total Current Assets $1,586,665
PROPERTY, PLANT AND EQUIPMENT:
Land $ 5,159
Pumps, Mains and Lifts 2,750,551
Vehicles and Equipment 41,227
Office Equipment 9,698
$2,806,635
Less: Accumulated Depreciation 555,798
Net Book Value - Property, Plant & Equipment 2,250,837
NON-CURRENT ASSETS:
Due from Other Governmental Units $ 775,761
Construction - Work in Progress 340,437
Total Non-Current Assets 1,116,198
Total Assets $4,953,700
LIABILITIES, RESERVES AND
CONTRIBUTIONS/RETAINED EARNINGS
CURRENT LIABILITIES:
Matured Bonds and Interest Payable $ 64,212
Bonds Payable 40,000
Due to Other Funds 1,094,835
Total Current Liabilities $1,199,047
NON-CURRENT LIABILITIES:
Future Interest on Bonds 45,525
v
RESERVES: STRAND
Extraordinary Repairs 14,656 & ROE
CONTRIBUTIONS - FROM OTHER GOVERNMENTAL UNITS 1,148,032
CONTRIBUTIONS/RETAINED EARNINGS 2,546,440
Total Liabilities, Reserves and
Contributions/Retained Earnings $4,953,700
-41- EXHIBIT G-1
City of Hopkins
Hopkins, Minnesota
SEWER FUND
ANALYSIS OF CHANGES IN CONTRIBUTIONS
FROM OTHER GOVERNMENTAL UNITS
For the Year Ended December 31, 1972
BALANCE - JANUARY 1, 1972 $ -
ADDITIONS:
Metro Sewer Board:
Adjustment of 1971 Balance:
Credit Allowed on Assets Taken Over
by Metro Sewer Board $493,732
Interest Allowed 329,888
$823,620
Book Value of Assets Taken Over 148,272
Contributed by Metro Sewer Board 675,348
U. S. Dept. of Housing & Urban Development
Grant Project #105 Minn, 100:
Received Prior to 1-1-72 $400,000
Balance Due 72,684
Contributed by Housing & Urban Development 472,684
BALANCE - DECEMBER 31, 1972 $1,148,032
v
STRAND
& ROE
-42- EXHIBIT G-2
City of Hopkins
Hopkins, Minnesota
SEWER FUND
ANALYSIS OF CHANGES IN CONTRIBUTIONS/
RETAINED EARNINGS
For the Year Ended December 31, 1972
BALANCE - JANUARY 1, 1972 $1,291,079
ADD:
Fixed Assets Acquired Through P.I.R. Fund $ 59,432
Fixed Assets Acquired Through "Project W/S Minn. 100" 1,099,123
Increase in Construction in Process 340,437
Project W/S Minn, 100 Revenues in Excess of Costs 151,846
Adjustment of Metro Sewer Board Reserve 120,818
Balance due on Project Grant W/S Minn. 100 72,684
Interest Paid on Bonds 47,525
Adjustment of Metro Sewer Board Receivables:
Adjustment of 1971 Cost Allocation $50,260
Deferred Charges for 1971 23,012 73,272
Total Additions 1,965,137
$3,256,216
DEDUCT:
Net Loss for the Year $ 56,714
Transfer to Reserve for Repairs 7,328
General Obligation Bonds Payable in 1973 40,000
General Obligation Bond Interest Payable in 1973 45,525
Adjustment of 12-31-71 Balance of General Obli-
gation Bonds and Interest 87,525
To Transfer Hud Grant Funds to Contributions
Account 472,684
Total Deductions 709,776
BALANCE - DECEMBER 31, 1972 $2,546,440
v
STRAND
& ROE
-43- EXHIBIT G-3
City of Hopkins
Hopkins, Minnesota
SEWER FUND
STATEMENT OF REVENUE AND EXPENSE -
ACTUAL AND BUDGETED
For the Year Ended December 31, 1972
Over
Actual Budget (Under)
OPERATING REVENUES:
Customer Sewer Charges $324,585 $312,000 $12,585
Other Services 9,320 12,400 (3,080)
Rentals 7,328 - 7,328
Total Operating Revenues $341,233 $324,400 $16,833
ADD: Transfer from Water - 30,000 (30,000)
Balance of Operating Revenues $341,233 $354,400 ($13,167)
LESS: Operating Expenses - Before
Depreciation 294,811 297,716 (2,905)
Net Operating Income - Before
Depreciation $ 46,422 $ 56,684 ($10,262)
Depreciation 55,550 - 55,550
Net Operating (Loss) $ (9,128) $ 56,684 ($65,812)
NON-OPERATING INCOME:
Interest on Investments - 6,000 (6,000)
Total Operating (Loss) $ (9,128) $ 62,684 ($71,812)
NON-OPERATING EXPENSES:
Interest Expense $ 47,525 $ 48,525 $(1,000)
Fiscal Agent's Fees 61 250 (189) V
STRANDTotal Non-Operating Expenses $ 47,586 $ 48,775 $(1,189)
& ROE
Net (Loss) for the Year $(56,714) $ 13,909 ($70,623)
-44- EXHIBIT G-4
City of Hopkins
Hopkins, Minnesota
SEWER FUND
SCHEDULE OF OPERATING EXPENSES -
ACTUAL AND BUDGET
Over
Actual Budget (Under)
ADMINISTRATION:
Salaries $ 9,325 $ 9,000 $ 325
Contractual Services 3,695 2,620 1,075
Commodities 1,775 950 825
Other Charges 7,173 9,850 (2,677)
General Admin. Overhead 25,146 25,146 -
Total Administration $ 47,114 $ 47,566 $ (452)
LIFT STATIONS:
Salaries $ 15,296 $ 15,000 $ 296
Contractual Services 5,071 10,250 (5,179)
Commodities 8,764 4,800 3,964
Total Lift Stations $ 29,131 $ 30,050 $ (919)
DISPOSAL:
Salaries $ 12,539 $ 26,600 ($14,061)
Contractual Services 206,029 192,500 13,529
Commodities 531 1,000 (469)
Total Disposal $219,099 $220,100 $(1,001)
Total $295,344 $297,716 $(2,372)
LESS: Increase in Supply Inventory 533 - 533
Total Operating Expenses $294,811 $297,716 $(2,905)
v
STRAND
& ROE
-45- EXHIBIT G-5
City of Hopkins
Hopkins, Minnesota
SEWER FUND
SUMMARY OF FIXED ASSETS AND DEPRECIATION
As Of December 31, 1972
C 0 S T ACCUMULATED DEPRECIATION
Balance Balance Balance Balance
Description 1-1-72 Additions 12-31-72 1-1-72 Deprec. 12-31-72
Land $ 5,155 $ 4 $ 5,159 $ - $ - $ -
i
Pumps, Mains & Lifts 1,591,925 1,158,626 2,750,551 473,669 52,277 525,946
Vehicles & Equipment 26,905 14,322 41,227 20,370 2,431 22,801
Office Equipment 9,698 - 9,698 6,209 842 7,051
Totals $1,633,683 $1,172,952 $2.806,635 $500.248 $55,550 $555.798
V
STRAND
& ROE
-46- EXHIBIT H
City of Hopkins
Hopkins, Minnesota
GENERAL FIXED ASSET GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS BY CLASS
As Of December 31, 1972
Balance Elimi- Balance
Description 1-1-72 Additions nations 12-31-72
Land $ 857,536 $ 28,786 $ 52,510 $ 833,812
Buildings and Structures 900,403 441 217,379 683,465
Other Improvements 3,231,718 645,579 - 3,877,297
Vehicles 428,237 174,263 48,138 554,362
Equipment 349,169 18,238 81,727 285,680
Jointly Held Assets 1,191 1,681 - 2,872
Construction Work in Progress - 617,310 - 617,310
Totals $5.768,254 $1,486,298 $399,754 $6,854,798
EXHIBIT H-1
STATEMENT OF CHANGES IN GENERAL
FIXED ASSETS BY FUNCTION
For the Year Ended December 31, 1972
Balance Elimi- Balance
Description 1-1-72 Additions nations 12-31-72
General Government $ 786,913 $ 12,487 $ - $ 799,400
Public Safety 195,697 127,794 9,265 314,226
Engineering and Streets 3,154,031 1,224,085 30,599 4,347,517
Sanitation and Waste Disposal 691,056 94,663 7,597 778,122
STRAND
& ROE
Libraries 350,144 1,180 351,324 -
Recreation and Parks 589,222 24,408 969 612,661
Jointly Held Assets 1,191 1,681 - 2,872
Totals $5 ,768,254P$1�486,298 $399,754 $6,854,798
-47- EXHIBIT I
City of Hopkins
Hopkins, Minnesota
STATEMENT OF CHANGES IN GENERAL
LONG-TERM DEBT
For the Year Ended December 31. 1972
Trans-
ferred
Balance to Other Balance
1-1-72 Funds 12-31-72
ASSETS
TAXES RECEIVABLE - DEFERRED
Park Bonds of 7-1-70 $ 252,145 $ 26,303 $ 225,842
Water Revenue Bonds of 6-1-67 1,083,100 74,000 1,009,100
Sanitary Sewer Bonds of 7-1-70 1,293,892 89,801 1,204,091
Total Assets $2,629,137 $190,104 $2,439,033
LIABILITIES AND RESERVES
BONDS PAYABLE:
Park Bonds of 7-1-70 $ 180,000 $ 15,000 $ 165,000
Water Revenue Bonds of 6-1-67 760,000 40,000 720,000
Sanitary Sewer Bonds of 7-1-70 770,000 40,000 730,000
Total Bonds Payable $1,710,000 $ 95,000 $1,615,000
FUTURE INTEREST PAYABLE:
Park Bonds of 7-1-70 $ 60,138 $ 10,050 $ 50,088
Water Revenue Bonds of 6-1-67 270,500 30,440 240,060
Sanitary Sewer Bonds of 7-1-70 462,275 45,525 416,750
Total Future Interest Payable $ 792,913 $ 86,015 $ 706,898
RESERVE FOR UNCOLLECTIBLE TAXES:
Park Bonds of 7-1-70 $ 12,007 $ 1,253 $ 10,754
Water Revenue Bonds of 6-1-67 52,600 3,560 49,040
Sanitary Sewer Bonds of 7-1-70 61,617 4,276 574341
Pet
Total Reserve for Uncollectible
Taxes $ 126,224 $ 9,089
$ 117,135 STRAND
& ROE
Total Liabilities and Reserves $2,629,137 $190,104 $2,439,033
-48-
City of Hopkins
Hopkins, Minnesota
INSURANCE AND BONDS IN FORCE AND PREPAID INSURANCE AND BONDS
As Of December 31, 1972
Policy Effectiti
Number Company Kind Date
IST8045273 The Home Insurance Co. Public and Institutional 7- 1-72
Property Form
GA4316540 The Home Insurance Co. Fleet Liability 7- 1-72
37IMSP61 Aetna Insurance Fire Insurance 9- 2-72
4876FCA
W/C177O63 AID Insurance Services Workmen's Compensation 7- 1-72
52527 American States Ins. Volunteer Firemen's Accident 7- 1-72
U11687 Employer's Reinsurance Corp. Umbrella 8- 1-72
183-14294 Hartford Steam Boiler Inspection Boiler 12-16-70
& Insurance Co.
FID54734 General Ins. Co. of America Blanket Bond 7- 1-72
802759 General Ins. Co. of America Bonds 7- 1-72
5373435 Western Surety Bonds 8- 1-72
5083065
5179628
(1) Three-year premium paid.
(2) Deposit premium.
(A) Annual premium.
-48- SCHEDULE S-1
Date Co-
Expires Coverage Amount Cost Prepaid Ins.
7- 1-75 Buildings $1,470,250 (1)$36,591 $30,492.50 907.
Contents 379,250
Deductible for All Perils Except Fire 100
General Liability:
Bodily Injury 100/300M
Property Damage 100M
Personal Injury 100/300M
Landfill:
Bodily Injury 250/750M
Property Damage 500M
7- 1-73 Bodily Injury 100/300M (1) 6,870 3,435.00
Property Damage 100M
Comprehensive ACV
Collision $150.00 Ded.
9- 2-73 Video Tape Recording & Television Unit $1,000 30 20.00
7- 1-73 Employees Statutory (2) 14,053 7,026.50
Employer 100M
7- 1-75 Accident and Indemnity $50.00 Weekly (1) 675 562.50
$5,000.00 Maximum
8- 1-75 Excess Liability $2,000,000 (1) 6,375 5,489.50
12-16-73 Boilers and Pressure Vessels 250M (1) 450 150.00
7- 1-75 Other City Employees (Each) $2,500 (A) 177 88,50
7- 1-75 Finance Director 40M (A) 345 172.50
Manager/Treasurer 10M
Clerk/Ass' t Cashier 10M
City Engineer 5M
Cashier 5M
Ass't Cashier 5M
8- 1-74 Assessors: J. A. Hromadko $1,000 (1) 68 54.00
STRAND
C. R. Peterson 1,000 & ROE
E. Kerber 1,000
Total Prepaid Insurance $47.491.00
-49- SCHEDULE S-2
City of Hopkins
Hopkins, Minnesota
ASSESSED VALUATIONS TAX LEVIES AND MILL RATES
LEVIED IN 1972
COLLECTIBLE IN 1973
ASSESSED VALUATION:
Real Property $60,727,573
Personal Property 1,096,328
Total $61.823.901
TAX LEVY:
General Taxes $ 873,572
Debt Service 19,103
Total $ 892,675
MILL RATES:
General Taxes 14. 130
Debt Service .309
Total 14.439
v
STRAND
& ROE