1973 City of Hopkins, MN Annual Financial Report REPORT ON AUDIT
As Of December 31, 1973
CITY OF HOPKINS
Hopkins, Minnesota
V
STRAND
& ROE
City of Hopkins
Hopkins, Minnesota
ORGANIZATION
1973
Term
Office Name Expires
MAYOR Henry Pokorny 6-30-75
COUNCILMEN: Robert J. McDonald 6-30-75
Donald J. Milbert 6-30-75
James L. Vassar 6-30-77
Jerre A. Miller 6-30-77
CITY MANAGER & TREASURER Terry L. Novak
CITY CLERK & DEPUTY TREASURER Clifford R. Peterson - 1-1-73 - 8 -31-73
Harold Richardson - 9-1-73 - 12-31-73
CITY ATTORNEY Joseph C. Vesely
CITY ENGINEER & DIRECTOR OF
PUBLIC WORKS John J. Strojan
ASSESSOR Clifford R. Peterson - 1-1-73 - 8 -31-73
Harold Richardson - 9-1-73 - 12-31-73
DEPUTY ASSESSOR Joseph H. Hromadko
FINANCE OFFICER Dennis M. Baldwin
BUILDING INSPECTOR & ZONING
ADMINISTRATOR Raymond Kohnen
HOUSING INSPECTOR Firmus J. Opitz
HEALTH OFFICER Dr. Herman E. Drill
HEALTH SANITATION Robert A. Mood
DIRECTOR, HRA Philip Hagedorn
POLICE SUPERINTENDENT William F. Proetz
FIRE CHIEF Edward Lundgren
STRAND
& ROE
ASSISTANT ENGINEER & CIVIL
DEFENSE DIRECTOR Gordon P. Anderson
STREET SUPERINTENDENT Verlyn J. Sletten
WATER &SEWER SUPERINTENDENT John A. Brecka
City of Hopkins
Hopkins, Minnesota
ORGANIZATION (CONT'D)
1973
Term
Office Name Expires
WEED INSPECTOR Robert G. Anderson
ELECTRICAL INSPECTOR William C. Whitney
RECREATION DIRECTOR Richard L. Wilson
OPERATIONS DIRECTOR Everett E. Beecher
ZONING & PLANNING COMMISSION: Alfred Gaskell 6-30-74
David Arnold 6-30-75
James Hanse 6-30-75
Virginia Mall 6-30-75
James C. Shirley - Chairman 6-30-74
Stanley J. Sidla 6-30-74
Raymond Kohnen )
Terry L. Novak ) Ex-Officio
John J. Strojan) Members
John Bergly )
James L. Vassar, Councilman Rep.
HOPKINS HOUSING &
REDEVELOPMENT AUTHORITY: Philip Hagedorn - Director
A. G. Larson, Chairman 6-17-75
Svante H. Severson 6-17-76
Leonard C. Egge 6-17-74
Kenneth Skold 6-17-77
Grover Hagen 6-17-78
Henry Pokorny - Mayor - Council Rep.
OMNIBUS COMMISSION:
Human Rights Dr. Herman E. Drill 6-30-75
Housing Code Appeals Board Mrs. Floyd M. Alcott 6-30-75
Health and Welfare Mrs. Martin N. Hagen 6-30-75
Mrs. John Frane 6-30-75
Jack Noel 6-30-75 v
Fred C. Stalley 6-30-75 STRAND
Rev. Lasse J. Stohl 6-30-75 84 ROE
Willis F. Street 6-30-75
City of Hopkins
Hopkins , Minnesota
ORGANIZATION (CONT'D)
1973
Term
Office Name Expires
POLICE CIVIL SERVICE
COMMISSION: John F. Hence
Howard S. Marker
Cecil M. Kloss
RECREATION AND PARKS: Donald Milbert - Councilman 6-30-74
Chris Christofilis 6-30-75
James Justus 6-30-75
Albin V. Stang 6-30-75
Eugenia Arimond 6-30-75
V
STRAND
& ROE
City of Hopkins
Hopkins, Minnesota
CONTENTS
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 - 13
FUND EXHIBITS: GENERAL FUND
B - Balance Sheet 14
B-1 - Analysis of Changes in Fund Balance 15
B-2 - Statement of Revenues - Actual Compared to Estimated 16 - 17
B-3 - Summary of Expenditures Compared with Authorizations 18
B-4 - Statement of Expenditures Compared with Authorizations 19 - 24
PERMANENT IMPROVEMENT REVOLVING FUND
C - Balance Sheet 25
C-1 - Analysis of Changes in Fund Balance 26
C-2 - Project Costs and Means of Financing 27
SPECIAL ASSESSMENT FUND
D - Balance Sheet 28
D-1 - Analysis of Changes in Fund Balance 29
D-2 - Statement of Cash Receipts and Disbursements 30
BOND RETIREMENT FUND
E - Balance Sheet 31
E-1 - Analysis of Chanes in Fund Balance 32 STRAND
y g & ROE
E-2 - Statement of Cash Receipts and Disbursements 33
WATER UTILITY FUND
F - Balance Sheet 34
F-i - Analysis of Changes in Contributions/Retained Earnings 35
F-2 - Statement of Revenue and Expense - Actual and Budgeted 36
F-3 - Schedule of Operating Expenses - Actual and Budgeted 37
F-4 - Summary of Fixed Assets and Depreciation 38
City of Hopkins
Hopkins, Minnesota
C ONTENTS (CONT'D)
Page
FUND EXHIBITS: (CONT'D) SEWER FUND
G - Balance Sheet 39
G-1 - Analysis of Changes in Contributions/Retained Earnings 40
G-2 - Statement of Revenue and Expense - Actual and Budgeted 41
G-3 - Schedule of Operating Expenses - Actual and Budget 42
G-4 - Summary of Fixed Assets and Depreciation 43
GENERAL FIXED ASSET GROUP OF ACCOUNTS
H - Statement of Changes in General Fixed Assets - By Class 44
H-1 - Statement of Changes in General Fixed Assets - By Function 44
I - Statement of Changes in General Long-Term Debt 45
SUPPLEMENTARY SCHEDULES:
S-1 - Insurance and Bonds in Force and Prepaid
Insurance and Bonds 46
S-2 - Assessed Valuations, Tax Levies and Mill Rates 47
v
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. PAMELA M. MAGADANCE,C.P.A.
S T R A /2ll'
ND & R O E
Cetciittej cIccacckutan,L
6301 WAYZATA BOULEVARD
MINNEAPOLIS, MINNESOTA 55416
545 - 1651
410
To the Honorable Henry Pokorny, Mayor July 18, 1974
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, 1973. 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, 1973, and the operating results of each fund for the year
then ended, in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding year.
Respectfully submitted,
E' /� STRAND
& ROE
STRAND & ROE
Certified Public Accountants
Date Field Work Completed: May 8, 1974
Date Report Signed: a 9f) 779'
)";1-- '
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, 1973
Permanent
General Improvement
Assets Fund Fund
Cash $ 462,241 $
Cash with Fiscal Agents 6,448
Temporary Investments 168,600 1,095,000
Interest Receivable 5,139 4,024
Accounts Receivable 14,138
Taxes Receivable - Current 35,552
- Deferred
- Delinquent 67,591
Special Assessments Receivable - Current 310,952
- Deferred 2,598,903
- Delinquent 41,858
Due from Other Governmental Units 59,110
Hopkins Housing and Redevelopment Projects 3,310
Prepaid Expenses 36,214
To Be Provided for Authorized Construction 122,024
Authorized Construction To Be Assessed 864,180
Due from Other Funds 474,835 64,882
Inventories - Supplies 2,150
Property, Plant and Equipment - Net
Construction Work In Progress
Total Assets $1,325,570 $5,111,581
Liabilities, Reserves & Fund Balances/Retained Earnings
Matured Bonds & Interest Payable $ $ 6,448
Accounts Payable 87,115
Contracts Payable 48,912
Accrued Payroll 25,194
Sales Tax Payable
Accrued Payroll Taxes & Employee Deductions 31,309
Prepaid Revenues 17,792
Bonds Payable 2,235,000
Future Interest on Bonds 750,812
Due to Other Funds 380,393 474,835
Reserves - Petty Cash and Inventories 2,320
- Unrealized Revenue 67,591
- Trust Funds 4,013
- Unexpended Project Authorizations 526,260
- Uncollectible Taxes
- Extraordinary Repairs
Fund Balance - Appropriated:
Shady Oak Beach Concession 9,942
Park Construction 216,941
Real Property Purchases and Sales 359,626
HRA - 1973 Budget 10,000
Trail Funds 5,950
Principal Balance 830,000
Fund Balance - Unappropriated 107,384 239,314
Contributions from Other Governmental Units
Contributions/Retained Earnings
Invested in General Fixed Assets
Total Liabilities, Reserves & Fund
Balances/Retained Earnings $1.325,570 $5,111,581
-2- EXHIBIT A
Special Bond Water Sewer General General
Assessment Retirement Utility Utility Fixed Long-Term
Fund Fund Fund Fund Assets Debt
100 $ $ $
$ 2,060 $20,025 $ 1,320 62,763
65,962
2,253,417
• 969 25,569
473
1,752
792,165
13,678
.
8,943 3,431 54,688 456,251
7,468 3,398
2,542,915 2,570,255 7,360,148
500,220
$12.445 $50,777 $2,672,453 $3,898,510 $7,860,368 $2,253.417
$ 2,060 $20,025 $ 11,320 $ 62,763 $ $
1,407 956
1,174
2,000 15,000 103,000 40,000 1,520,000
60 9,300 32,900 43,525 625,192
197,784 10,018
s
130
1,215 108,225
23,706
8,325 5,237 1,148,032
2,323,220 2,567,350
7,860,368
$12,445 $50.777 $2,672,453 $3,898,510 $7,860,368 $2,253,417
-3- SCHEDULE A-1
City of Hopkins
Hopkins, Minnesota
TEMPORARY INVESTMENTS
As Of December 31, 1973
Date Due Int.
Acquired Description Number Date Rate Amount
GENERAL FUND
Sale of Repurchase Agreements:
7- 9-73 N. W. National Bank of Hopkins 20 1- 2-74 77 $ 70,000
7-11-73 N. W. National Bank of Hopkins 21 1- 9-74 7% 98,600
Total General Fund $ 168,600
PERMANENT IMPROVEMENT REVOLVING FUND
• Sale and Repurchase Agreements:
12-20-73 N. W. National Bank of Hopkins 46 1-18-74 9% $ 250,000
12-11-73 First National Bank of Hopkins 1- 3-74 97 200,000
12-20-73 First National Bank of Hopkins 1-16-74 97 200,000
Certificate of Deposit:
11-27-73 First National Bank of Hopkins 1598 1- 2-74 9 5/87 175,000
Bonds:
1971 Hopkins Housing & Redevelopment Authority 1974-84 6.997 270,000
Total Permanent Improvement Revolving Fund $1,095,000
Total Temporary Investments $1.263.600
r
-4- SCHEDULE A-2
r
City of Hopkins
Hopkins, Minnesota
DUE FROM OTHER GOVERNMENTAL UNITS
As Of December 31, 1973
Due From For Amount
•
GENERAL FUND:
City of Minnetonka Recreation Program $ 10,020
City of Minnetonka Water 866
Hopkins Housing & Commodities and
Redevelopment Authority Services 33,050
Hennepin County Fines 7,362
State of Minnesota Municipal State Aid - Roads 7,812
Total General Fund $ 59,110
r
SEWER FUND:
Metropolitan Sewer Board Deferred Charges $ 34,504
Metropolitan Sewer Board Fixed Assets 741,257
Metropolitan Sewer Board 1972 Cost Allocation
Adjustment 16,404
Total Sewer Fund792,165
Total Due from Other Governmental Units $851,275
wr
-5- SCHEDULE A-3
City of Hopkins
Hopkins, Minnesota
CONSTRUCTION WORK IN PROGRESS
As Of December 31, 1973
GENERAL FIXED ASSETS
Street Construction:
Project No. 72-05 $ 2,942
Project No. 72-26a 15,136 $ 18,078
Storm Sewers:
Project No. 72-26c 4,810
Street Lights:
• Project No. 601 $ 719
Project No. 71-15 315,114
Project No. 73-18 1,010 316,843
• Parking Lots:
Project No. 608 $ 6,105
Project No. 724 37,175
Project No. 71-32 37,409
Project No. 72-16 4,654
Project No. 72-24 75,146 160,489
Total Construction Work In Progress $500.220
•
-6-
City of Hopkins
Hopkins, Minnesota
BONDS AND INTEREST MATURITIES, MEANS OF FINANCING
AND RESERVE FOR UNCOLLECTIBLE TAXES - SUMMARY
As Of December 31, 1973
BONDS INTEREST
Final Total To
Maturity Amount Rates Amount Be Paid
PERMANENT IMPROVEMENT REVOLVING FUND
Issue of 4-1-64 1984 $ 135,000 2.9 - 3.27 $ 16,175 $ 151,175
Issue of 7-1-72 1992 2,100,000 4.1 - 5.2% 734,638 2,834,638
Total $2,235,000 $ 750,813 $2,985,813
SPECIAL ASSESSMENT FUND
Issue of 6-1-54 1974 $ 2,000 37 $ 60 $ 2,060
BOND RETIREMENT FUND
Park Bonds of 7-1-70 (1) $ 15,000 5.0 - 6.07 $ 9,300 $ 24,300
WATER UTILITY FUND
Issue of 6-1-54 1974 $ 13,000 3% $ 195 $ 13,195
Issue of 6-1-57 1976 50,000 4.5% 3,825 53,825
Water Revenue Bonds of 6-1-67 (2) 40,000 28,880 68,880
Total $ 103,000 $ 32,900 $ 135,900
SEWER UTILITY FUND
Sewer Revenue Bonds of 7-1-70 (3) $ 40,000 $ 43,525 $ 83,525
GENERAL LONG-TERM DEBT
Water Revenue Bonds of 6-1-67 1988 $ 720,000 3.9 - 4.27 $ 240,060 $ 960,060
Sewer Revenue Bonds of 7-1-70 1991 730,000 5 - 6.57 416,750 1,146,750
Park Bonds of 7-1-70 1983 165,000 5 - 67 50,087 215,087
Sub-Total $1,615,000 $ 706,897 $2,321,897
Less: Current Portion Payable by
Other Funds:
Park Bonds of 7-1-70 (1) (15,000) (9,300) (24,300)
Water Revenue Bonds of 6-1-67 (2) (40,000) (28,880) (68,880)
Sewer Revenue Bonds of 7-1-70 (3) (40,000) (43,525) (83,525)
Total $1,520,000 $ 625,192 $2,145,192
Total - All Funds $3,915,000 $1.461,790 $5.376,790
(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 1974 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, 1975 since deposit will be made with
fiscal agents in December of 1974.
-6- SCHEDULE A-4
MEANS OF FINANCING General
Reserve Taxes
Current Water & for Uncol- To Be Payments
Funds Sewer PIR & Special Deferred lectible Collected Due During 1974
&Levy Revenues Assess, Funds Tax Levies Taxes in 1973 Principal Interest
$ 151,175 $ 20,000 $ 3,840
2,834,638 (5) 300,000 133,103
$2,985,813 $320,000 $136,943
$ 2,060 $ 2,000 $ 60
• $24,300 $ 15,000 $ 9,300
$ 13,195 $ 13,000 $ 195
53,825 10,000 2,025
68,880 40,000 28,880
$135,900 $ 63,000 $ 31,100
$ 83,525 $ 40,000 $ 43,525
$ 68,880 $ 936,700 $ 45,520 (4) $ 40,000 $ 28,880
83,525 1,116,390 53,165 (4) (5) 40,000 43,525
$24,300 200,327 9,540 $24,975 (5) 15,000 9,300
$24,300 $152,405 $2,253,417 $108,225 $24,975 $ 95,000 $ 81,705
(24,300) (15,000) (9,300)
(68,880) (40,000) (28,880)
(83,525) (40,000) (43,525)
$ - $ - $2,253,417 $108,225 $24,975 $ - $ -
$24,300 $219,425 $2,987,873 $2,253,417 $108,225 $24,975 $440.000 $220,928
City of Hopkins
Hopkins, Minnesota
EXPLANATORY COMMENTS
w
w
-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 December 31, 1973. Cash in banks was verified
by testing the transactions, reconciliation and direct correspondence with the
• depositories. As of December 31, 1973 cash consisted of the following:
GENERAL FUND
CASH ON HAND
Petty Cash and Change Funds $ 170
Undeposited Receipts 204 $ 374
CASH IN BANKS
Northwestern National Bank of Hopkins:
General Checking Account $ 68,491
Payroll Account 738
Total Northwestern National Bank of Hopkins $ 69,229
First National Bank of Hopkins:
General Checking Account 392,638 461,867
Total General Fund WATER FUND $462,241
Petty Cash and Change Funds 100
Total Cash $462,341
-8-
City of Hopkins
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, 1973, the depositories had deposited collateral security
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 $1,076,000
Municipal Bonds 20,000
F.D.I.C. 20,000 1,116,000
Total $2,076,000
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 $86,168
First National Bank of Minneapolis 2,698
First National Bank of St. Paul 3,750
Total $92,616
TEMPORARY INVESTMENTS
Investments are detailed on Schedule A-1. 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 and Sewer Customers $65,962
GENERAL FUND:
Sundry Charges 14,138
Total $80,100
-9-
City of Hopkins
TAXES RECEIVABLE
General tax levies collectible in 1974 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 cancelled
and bond and interest payments will be made from revenues.
SPECIAL ASSESSMENTS RECEIVABLE
Special assessments collectible in 1974 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.
PREPAID EXPENSES
This item represents payments made which are chargeable to future operating
periods. A detail of insurance and bonds in force is given under Supplementary
Schedule S-1.
The following amounts were prepaid:
Insurance $33,928
Maintenance Contracts 2,286
Total General Fund $36,214
Sewer Fund:
Sewer Service Charges 13,678
Total $49,892
DUE FROM OTHER GOVERNMENT UNITS
Under Schedule A-2 a detail is given of the amounts due from other
governmental units.
-10-
City of Hopkins
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 water
and sewer funds are shown under Exhibits F-4 and G-4, 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, 1973. These
projects have been shown as assets of the funds which will use the completed assets.
A schedule of the projects under construction is given on Schedule A-3.
ACCOUNTS AND CONTRACTS PAYABLE
The accounts and contracts payable of the various funds were determined
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 1973 for 1974
licenses and permits.
BONDS AND INTEREST PAYABLE
We submit at Schedule A-4 a summary of the bond and interest maturities,
means of financing and reserve for uncollectible taxes.
Po
RESERVE FOR TRUST FUNDS STRAND
& ROE
A summary of the changes during the year in trust funds carried under the
General Fund was as follows:
-11-
City of Hopkins
Police Recre-
Total Fund ation Library Other
Balance - January 1, 1973 $ 4,173 $ 607 $1,991 $519 $ 1,056
Additions 23,148 1,050 7,695 30 14,373
$27,321 $1,657 $9,686 $549 $15,429
Disbursements and Transfers 23,308 1,000 8,067 549 13,692
Balance - December 31, 1973 $ 4.013 $ 657 $1,619 $ - $ 1.737
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 areto beplaced untilthebalance is equal to
la e in this reserve a
P4
$35,000.00. Proceeds of $9,050.00 were added to the reserve during 1973.
FUND BALANCE APPROPRIATED
Shady Oak Beach Concession:
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, 1973 $ 9,175
Receipts 2,023
$11,198
Disbursements 1,256
Balance - December 31, 1973 $ 9.942
Park Construction:
These are bond proceeds and federal grant funds which have been
reserved for park projects. A summary of changes during the year was as
follows:
is
Balance - January 1, 1973 $118,341 STRAND
Receipts 98,600 & ROE
$216,941
Disbursements -
Balance - December 31, 1973 $216,941
-12-
City of Hopkins
Real Property Purchases and Sales:
These are funds obtained from sales of real property which are to
be used for acquisition of new real property. Changes during the year are
summarized below:
Balance - January 1, 1973 $428,726
Receipts -
$428,726
Disbursements 69,100
Balance - December 31, 1973 $359.626
Principal Balance - PIR Fund:
This is the permanent balance established for the PIR fund which
may be used for any purpose for which General Obligation Bonds can be issued,
provided repayment is made by annual installments of not more than 30 years.
FUND BALANCE - UNAPPROPRIATED
This represents the City's equity in the various non-enterprise funds
which is available for general fund purposes.
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 segregated
from contributions. In order to do this it will be necessary to review the annual
financial statements and records from the inception of the City to date.
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.
OPERATIONS
v
Detailed statements showing the revenue and expenditures for the General, STRAND
& ROE
Special Assessment, and Bond Retirement Funds are given under the respective
sections of this report.
A statement setting forth project costs and means of financing projects
as of December 31, 1973 of the Permanent Improvement Revolving Fund is shown as
Exhibit C-2 under that section of the report.
-13-
City of Hopkins
Under Exhibits F-2 and G-2 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-3 respectively.
GENERAL
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 general ledger accounts should be reviewed monthly and compared
with details to determine the accuracy of the balances.
2. Bonds and coupons paid by fiscal agents should be checked out by
City employees as they are returned to the City.
3. Receipt and expenditure of federal revenue sharing funds should be
handled through a separate fund. Estimated expenditures of federal
revenue sharing funds should be determined in sufficient detail to
allow for proper identification of the actual expenditures as they
are made.
4. 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 (surplus)
account.
5. More care and supervision should be exercised in the coding of
receipts and disbursements.
y6. We have set up and left with the City employees a record to be
maintained of investments purchased and sold which will provide
information needed to tie up the details with the general ledger controls.
7. We suggest that the police department establish internal controls
which will account for tickets issued as to their correct
disposition.
N/ 8. The informal bid procedure on items costing up to $2,000.00 has not V
been adhered to in several instances.
STRAND
& ROE
9. Cards should be brought up to date on general fixed assets and
items no longer on hand eliminated.
10. Construction projects completed in the Permanent Improvement
Revolving Fund should be recorded in the fixed asset accounts
at year end.
i 11. 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.
-14- EXHIBIT B
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
Cash $ 462,241
Temporary Investments - At Cost 168,600
Accounts Receivable 14,138
Interest Receivable 5,139
Due from Other Governmental Units 59,110
Taxes Receivable - Collected by County in 1973 35,552
Taxes Receivable - Delinquent 67,591
Prepaid Expenses 36,214
Inventory - Office Supplies 2,150
Due from Other Funds 474,835
Total Assets $1,325,570
LIABILITIES, RESERVES AND FUND BALANCE
Accounts Payable $ 87,115
Accrued Payroll 25,194
Accrued Payroll Taxes and Employee Deductions 31,309
Prepaid Revenues 17,792
Due to Other Funds 380,393
Reserves:
Petty Cash and Inventories 2,320
Unrealized Revenues 67,591
Trust Funds 4,013
Fund Balance - Appropriated:
Shady Oak Beach Concession $ 9,942
Park Construction 216,941
Real Property Purchases and Sales 359,626
HRA - 1973 Budget 10,000
Trail Funds 5,950
V
Total Appropriated $602,459 STRAND
& ROE
Fund Balance - Unappropriated 107,384 709,843
Total Liabilities, Reserves and Fund Balance $1,325,570
-15-
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1973
Total
APPROPRIATED
BALANCE - JANUARY 1, 1973 $556,242
ADD:
Receipts:
Beach Concessions $ 2,023
State Grant - OAS-121 98,600
Unexpended 1973 Budget 10,000
Unexpended Trail Funds 5,950
Total Additions $116,573 „.
BALANCE $672,815
DEDUCT:
Disbursements:
Beach Concessions $ 1,256
Crestland Property 30,000
Burlington Northern Property 38,525
Shady Oak Structures Removed 575
Total Deductions $ 70,356 f„
BALANCE - DECEMBER 31, 1973 $602.459
UNAPPROPRIATED
BALANCE - JANUARY 1, 1973
ADDITIONS:
1973 Expenditures for Property Charged to Reserve
for Real Property Purchases and Sales
Eliminate Federal Revenue Sharing Reserve ..
Adjustment of Reserve for Municipal State Aid
Adjustment of Old Contract Balance
Eliminate Day Camp Balance
DEDUCTIONS:
Excess of Expenditures Over Revenues:
Expenditures - Exhibit B-3 $2,101,870 &ROE
' 1D
Revenues - Exhibit B-2 2,028,345
1973 HRA Budget Appropriated
Write Off of 1971 HRA Charges
Transfer Grant Funds to Park Reserve
Unexpended Trail Funds Appropriated
Write Off Old Accounts Receivable ..
BALANCE - DECEMBER 31, 1973 --
-15- EXHIBIT B-1
Real
Shady Oak Property HRA
Beach Park Purchases 1973 Trail
Concession Construction and Sales Budget Funds
$ 9,175 $118,341 $428,726 $ - $ -
$ 2,023 $ $ $ $
98,600
10,000
5,950
$ 2,023 $ 98,600 $ - $10,000 $5,950
$11,198 $216,941 $428,726 $10,000 $5,950
$ 1,256 $ $ $ $
30,000
38,525
575
$ 1,256 $ - $ 69,100 $ - $ -
$ 9.942 $216.941 $359.626 $10,000 $5.950
$156,001
$69,100
54,746
14,904
1,080
85 139,915
$295,916
v
STRANC
& ROE
$73,525
10,000
245
98,600
5,950
212 188,532
$107.384
- 1
-16- EXHIBIT B-2
I
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED
For the Year Ended December 31, 1973
Actual
Over
REVENUE (Under)
Actual Estimated Estimated
GENERAL PROPERTY TAXES:
Current Ad Valorem $ 762,038 $ 951,265 ($189,227)
Delinquent Ad Valorem 11,520 8,980 2,540
Penalties and Interest 4,087 2,000 2,087
$ 777,645 $ 962,245 ($184,600)
LICENSES AND PERMITS:
Business $ 78,838 $ 48,750 $ 30,088
Non-Business 41,255 49,000 (7,745)
Street Use 608 75 533
$ 120,701 $ 97,825 $ 22,876
FINES AND FORFEITURES:
Court Fines $ 42,286 $ 40,800 $ 1,486
Forfeitures 62 300 (238)
$ 42,348 $ 41,100 $ 1,248
USE OF MONEY AND PROPERTY:
Interest - Temporary Idle Funds $ 15,015 $ 12,000 $ 3,015
Rents 1,884 2,880 (996)
Commissions 119 50 69
Assessment Interest 66,000 66,000 -
$ 83,018 $ 80,930 $ 2,088
REVENUES FROM OTHER AGENCIES:
Shared Taxes:
Liquor $ 22,810 $ 22,022 $ 788
Cigarette 27,301 26,184 1,117
Bank Excise 8,518 1,100 7,418
Mortgage Registry 9,915 3,500 6,415
State Aid - Road Maintenance 10,920 11,370 (450)
State Aid - Road Construction 92,776 - 92,776
Mobile Home 1,077 1,254 (177)
35% Homestead Distribution Credit 83,720 - 83,720
Local Government Aid 215,001 215,000 1
Federal Revenue Sharing 45,801 60,000 (14,199)
Emergency Employment Act 7,324 - 7,324
Personal Property Replacement 58,661 - 58,661
V
$ 583,824 $ 340,430 $243,394 STRASVC
GRANTS: & Roe
Park Grant $ 98,600 $ - $ 98,600
CHARGES FOR CURRENT SERVICES:
General Government $ 2,421 $ 1,375 $ 1,046
Public Safety 36,922 23,700 13,222
Recreation 149,351 127,052 22,299
$ 188,694 $ 152,127 $ 36,567
-17- EXHIBIT B-2
Page 2
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED
For the Year Ended December 31, 1973
Actual
Over
REVENUE (Under)
Actual Estimated Estimated
MISCELLANEOUS:
Sale of Property and Equipment $ 13,752 $ - $ 13,752
Other 2,117 35,260 (33,143)
$ 15,869 $ 35,260 $(19,391)
Total (Other Than Transfers) $1,910,699 $1,709,917 $200,782
TRANSFERS FROM OTHER FUNDS:
Parking Fund $ - $ 2,300 $ (2,300)
P.I.R. Overhead Transfer 18,846 75,000 (56,154)
Water Utility Fund 40,000 40,000 -
Sewer Utility Fund 40,000 40,000 -
P.I.R. Investment 18,800 18,800 -
$ 117,646 $ 176,100 $(58,454)
Total Revenues $2,028,345 $1,886,017 $142,328
1,0
STRAND
& ROE
-18- EXHIBIT B-3
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
SUMMARY OF EXPENDITURES COMPARED WITH AUTHORIZATION
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
Council $ 22,005 $ 14,564 $ (7,441)
City Manager 46,917 45,535 (1,382)
City Clerk 26,013 19,380 (6,633)
Elections 1,725 3,570 1,845
Legal Services 21,630 24,925 3,295
Court Services 5,891 4,500 (1,391)
Assessing 34,309 35,778 1,469
Zoning and Planning 26,181 21,777 (4,404)
Purchasing 1,020 6,820 5,800
Finance and Accounting 57,404 45,905 (11,499)
Municipal Building 50,351 45,360 (4,991)
Police Protection 370,188 360,720 (9,468)
Fire Protection 41,957 49,050 7,093
Inspection Service 54,055 58,617 4,562
Civil Emergencies 656 638 (18)
Animal Control 1,442 1,000 (442)
Engineering 62,297 83,115 20,818
Street Administration 137,356 160,475 23,119
Streets and Alleys 224,231 68,375 (155,856)
Snow and Ice Removal 18,728 24,550 5,822
Traffic Signs and Signals 24,831 18,840 (5,991)
Street Lighting and Tree Service 68,239 72,995 4,756
Storm Sewers, Street Cleaning and Weed Control 65,410 59,700 (5,710)
Refuse Collection and Disposal 134,977 132,385 (2,592)
Health and Welfare 25,454 28,310 2,856
Library 488 - (488)
Parks and Recreation:
Administration $ 65,584 $ 70,430 $ 4,846
Classes 48,352 24,450 (23,902)
Activities - Adults 11,968 6,925 (5,043)
Activities - Youth 11,491 10,535 (956)
Ice Rinks 6,659 13,845 7,186
Beaches 21,128 26,345 5,217
Swimming Instruction 20,893 18,700 (2,193)
Playgrounds 15,269 16,805 1,536
Municipal Parks 188,718 116,705 (72,013) po
STRAND
& ROE
Total Parks and Recreation $ 390,062 $ 304,740 $(85,322)
Employee Benefits 118,146 119,672 1,526
Insurance Expense 33,037 37,911 4,874
Unallocated 11,138 900 (10,238)
Non-Departmental 25,732 35,350 9,618
Total Expenditures $2,101,870 $1,885,457 ($216,413)
-19- EXHIBIT B-4
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
GENERAL GOVERNMENT:
Mayor and Council: 1
Personal Services $ 10,220 $ 6,600 $ (3,620)
Contractual Services 9,560 5,290 (4,270)
Commodities 1,337 1,174 (163)
Other Charges 888 1,500 612
$ 22,005 $ 14,564 $ (7,441)
City Manager:
Personal Services $ 35,698 $ 35,785 $ 87
Contractual Services 6,414 7,350 936
Commodities 1,724 1,700 (24)
Other Charges 3,081 700 (2,381)
$ 46,917 $ 45,535 $ (1,382)
City Clerk:
Personal Services $ 21,543 $ 17,920 $ (3,623)
Contractual Services 3,060 1,100 (1,960)
Commodities 505 300 (205)
Other Charges 369 60 (309)
Capital Outlay 536 - (536)
$ 26,013 $ 19,380 $ (6,633)
Elections:
Personal Services $ 1,589 $ 2,970 $ 1,381
Contractual Services 109 300 191
Commodities 27 300 273
$ 1,725 $ 3,570 $ 1,845
Legal Services:
Personal Services $ 20,655 $ 24,000 $ 3,345
Contractual Services 665 575 (90)
Commodities 165 200 35
Other Charges 145 150 5
$ 21,630 $ 24,925 $ 3,295
Court Services:
Personal Services $ 1,299 $ - $ (1,299)
Contractual Services 4,592 4,500 (92)
$ 5,891 $ 4,500 $ (1,391) ✓
Assessing: STRAND
Personal Services $ 31,925 $ 31,968 $ 43 & ROE
Contractual Services 1,765 3,310 1,545
Commodities 476 500 24
Other Charges 143 - (143)
$ 34,309 $ 35,778 $ 1,469
-20- EXHIBIT B-4
Page 2
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
GENERAL GOVERNMENT: (CONT'D)
Zoning and Planning:
Personal Services $ 3,977 $ 9,952 $ 5,975
Contractual Services 21,570 11,400 (10,170)
Commodities 634 425 (209)
$ 26,181 $ 21,777 $ (4,404)
Purchasing:
Personal Services $ 209 $ 5,250 $ 5,041
Contractual Services 116 475 359
Commodities 345 175 (170)
Capital Outlay 350 920 570
$ 1,020 $ 6,820 $ 5,800
Finance and Accounting:
Personal Services $ 50,362 $ 42,540 $ (7,822)
Contractual Services 4,191 835 (3,356)
Commodities 2,750 1,200 (1,550)
Other Charges 101 75 (26)
Capital Outlay - 1,255 1,255
$ 57,404 $ 45,905 $(11,499)
Municipal Building:
Personal Services $ 25,034 $ 24,865 $ (169)
Contractual Services 19,984 13,600 (6,384)
Commodities 3,718 3,875 157
Capital Outlay 1,615 3,020 1,405
$ 50,351 $ 45,360 $ (4,991)
Total General Government $ 293,446 $ 268,114 $(25,332)
PUBLIC SAFETY:
Police Protection:
Personal Services $ 325,531 $ 323,890 $ (1,641)
Contractual Services 6,435 8,450 2,015
Commodities 19,131 14,300 (4,831)
Other Charges 1,079 2,500 1,421
Capital Outlay 18,012 11,580 (6,432)
$ 370,188 $ 360,720 $ (9,468) V
Fire Protection:
STRAND
Personal Services $ 23,302 $ 25,600 $ 2,298 & ROE
Contractual Services 4,970 6,500 1,530
Commodities 7,948 4,650 (3,298)
Other Charges 289 200 (89)
Capital Outlay - 10,000 10,000
Other Disbursements 5,448 2,100 (3,348)
$ 41,957 $ 49,050 $ 7,093
1
-21- EXHIBIT B-4
Page 3
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
PUBLIC SAFETY: (CONT'D)
Inspection Service:
Personal Services $ 49,472 $ 54,027 $ 4,555
Contractual Services 3,458 2,875 (583)
Commodities 639 900 261
Other Charges 287 625 338
Capital Outlay 199 190 (9)
$ 54,055 $ 58,617 $ 4,562
Civil Emergencies:
Personal Services $ 656 $ 300 $ (356)
Contractual Services - 338 338
$ 656 $ 638 $ (18)
Animal Control:
Contractual Services $ 1,442 $ 1,000 $ (442)
Total Public Safety $ 468,298 $ 470,025 $ 1,727
PUBLIC WORKS:
Engineering:
Personal Services $ 54,351 $ 45,940 $ (8,411)
Contractual Services 5,295 35,175 29,880
Commodities 1,285 1,450 165
Other Charges 295 200 (95)
Capital Outlay 1,071 350 (721)
$ 62,297 $ 83,115 $ 20,818
Street Administration:
Personal Services $ 67,002 $ 78,800 $ 11,798
Contractual Services 7,876 12,300 4,424
Commodities 39,135 25,825 (13,310)
Other Charges 22 250 228
Capital Outlay 23,321 43,300 19,979
$ 137,356 $ 160,475 $ 23,119
Streets and Alleys:
Personal Services $ 12,513 $ 32,625 $ 20,112
Contractual Services 19,925 19,250 (675)
Commodities 12,736 13,500 764
Capital Outlay 179,057 3,000 (176,057) ► 0
STRAND
$ 224,231 $ 68,375 ($155,856) & ROE
Snow and Ice Removal:
Personal Services $ 14,693 $ 16,800 $ 2,107
Contractual Services - 750 750
Commodities 4,035 7,000 2,965
$ 18,728 $ 24,550 $ 5,822
-22- EXHIBIT B-4
Page 4
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
PUBLIC WORKS: (CONT'D)
Traffic Signs and Signals:
Personal Services $ 4,193 $ 2,890 $ (1,303)
Contractual Services 12,014 9,500 (2,514)
Commodities 3,733 3,450 (283)
Capital Outlay 4,891 3,000 (1,891)
$ 24,831 $ 18,840 $ (5,991)
Street Lighting & Tree Service:
Personal Services $ 20,353 $ 40,495 $ 20,142
Contractual Services 34,777 27,000 (7,777)
Commodities 1,056 - (1,056)
Capital Outlay 12,053 5,500 (6,553)
$ 68,239 $ 72,995 $ 4,756
Total Public Works $ 535,682 $ 428,350 ($107,332)
SANITATION AND WASTE REMOVAL:
Storm Sewers, Street Cleaning & Weed Control:
Personal Services $ 22,464 $ 18,900 $ (3,564)
Commodities 73 800 727
Capital Outlay 42,873 40,000 (2,873)
$ 65,410 $ 59,700 $ (5,710)
Refuse Collection & Disposal:
Personal Services $ 116,058 $ 110,250 $ (5,808)
Contractual Services 2,133 2,300 167
Commodities 14,582 18,835 4,253
Other Charges 500 500
Capital Outlay 1,704 500 (1,204)
$ 134,977 $ 132,385 $ (2,592)
Total Sanitation & Waste Removal $ 200,387 $ 192,085 $ (8,302)
HEALTH AND WELFARE:
Personal Services $ 5,999 $ 5,775 $ (224)
Contractual Services 19,455 22,535 3,080
Total Health and Welfare $ 25,454 $ 28,310 $ 2,856
LIBRARY: V
Public Library: STRAND
Contractual Services $
224 $ - $ (224) aROE
Commodities 264 - (264)
Total Library $ 488 $ - $ (488)
-23- EXHIBIT B-4
Page 5
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
PARKS AND RECREATION:
Administration:
Personal Services $ 53,770 $ 53,395 $ (375)
Contractual Services 6,540 5,400 (1,140)
Commodities 2,426 1,200 (1,226)
Other Charges 210 7,885 7,675
Capital Outlay 2,638 2,550 (88)
$ 65,584 $ 70,430 $ 4,846
Classes:
Personal Services $ 48,246 $ 24,450 $(23,796)
Commodities 106 - (106)
$ 48,352 $ 24,450 $(23,902)
Activities - Adults:
Personal Services $ 8,564 $ 4,985 $ (3,579)
Contractual Services 860 565 (295)
Commodities 1,382 980 (402)
Other Charges 747 395 (352)
Capital Outlay 415 - (415)
$ 11,968 $ 6,925 $ (5,043)
Activities - Youth:
Personal Services $ 9,946 $ 9,485 $ (461)
Commodities 1,545 1,050 (495)
$ 11,491 $ 10,535 $ (956)
Ice Rinks:
Personal Services $ 6,538 $ 13,695 $ 7,157
Commodities 121 150 29
$ 6,659 $ 13,845 $ 7,186
Beaches:
Personal Services $ 18,515 $ 24,195 $ 5,680
Contractual Services 624 500 (124)
Commodities 1,989 1,650 (339)
$ 21,128 $ 26,345 $ 5,217
Swimming Instructions:
Personal Services $ 20,893 $ 18,000 $ (2,893)
Commodities - 700 700 V
$ 20,893 $ 18,700 $ (2,193) STRAND
Playgrounds:
Personal Services $ 11,078 $ 11,480 $ 402
Commodities 1,263 2,025 762
Other Charges 2,928 3,300 372
$ 15,269 $ 16,805 $ 1,536
-24- EXHIBIT B-4
Page 6
City of Hopkins
Hopkins, Minnesota
GENERAL FUND
STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS
For the Year Ended December 31, 1973
(Over)
Description Expenditures Appropriations Under
PARKS AND RECREATION: (CONT'D)
Municipal Parks:
Personal Services $ 51,488 $ 51,030 $ (458)
Contractual Services 4,838 4,800 (38)
Commodities 9,325 10,575 1,250
Capital Outlay 123,067 30,000 (93,067)
Debt Service - 20,300 20,300
$ 188,718 $ 116,705 $(72,013)
Total Parks and Recreation $ 390,062 $ 304,740 $(85,322)
EMPLOYEE BENEFITS:
P.E.R.A. $ 75,502 $ 78,857 $ 3,355
F.I.C.A. 23,408 19,082 (4,326)
Health Insurance 19,236 21,733 2,497
Total Employee Benefits $ 118,146 $ 119,672 $ 1,526
INSURANCE EXPENSE:
Fleet Liability $ 6,070 $ 6,669 $ 599
Workmen's Compensation 12,420 16,200 3,780
General Liability 8,841 9,050 209
Fire and Extended Coverage 2,818 3,348 530
Volunteer Firemen's Accident 225 225 -
Excess Umbrella Liability 2,125 2,125 -
Employee Bonds 538 294 (244)
Insurance Expense $ 33,037 $ 37,911 $ 4,874
UNALLOCATED:
Taxes - Rental Property $ 10,924 $ 400 $(10,524)
Maintenance of Property - 500 500
Interest 214 - (214)
Total Unallocated $ 11,138 $ 900 $(10,238)
NON-DEPARTMENTAL:
Office Machine Maintenance $ 4,772 $ 3,600 $ (1,172)
Minnehaha Creek Study - 1,250 1,250
Contingencies 2,540 30,500 27,960
City's Share of Project Costs 18,477 - (18,477) vf
Other Charges (57) - 57 STRAND
Total Non-Departmental $ 25,732 $ 35,350 $ 9,618 & ROE
Total Expenditures $2,101,870 $1.885.457 ($216.413)
-25- EXHIBIT C
City of Hopkins
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
Cash on Deposit with Fiscal Agents $ 6,448
Temporary Investments - At Cost 1,095,000
Interest Receivable 4,024
Special Assessments Receivable:
Current $ 310,952
Delinquent 41,858
Deferred 2,598,903 2,951,713
Authorized Construction to be Assessed 864,180
Hopkins Housing and Redevelopment Projects 3,310
To Be Provided for Authorized Construction 122,024
Due from Other Funds 64,882
Total Assets $5,111,581
LIABILITIES, RESERVES AND FUND BALANCE
Matured Bonds and Interest Payable $ 6,448
Contracts Payable 48,912
Bonds Payable 2,235,000
Future Interest on Bonds 750,812
Due to Other Funds 474,835
Reserves:
Unexpended Project Authorizations 526,260
Fund Balance:
Fund Principal $830,000
Unappropriated 239,314 1,069,314
STRAND
Total Liabilities, Reserves and Fund Balance $5,111,581 & ROE
-26- EXHIBIT C-1
City of Hopkins
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1973
UNAPPROPRIATED
BALANCE - JANUARY 1, 1973 ($362,115)
ADDITIONS:
Interest on Special Assessments Levied in 1973 $610,038
Interest on Investments 102,217
Cast Iron Pipe Anti-Trust Cases 586
Adjust Delinquent Tax Balance 274
Total Additions 713,115
$351,000
DEDUCTIONS:
Transfers to General Fund $ 84,800
Fiscal Agents' Fees 391
Interest to Firemen's Relief Ass'n. 400
Cancellation of Interest on Prepaid
Special Assessments 25,766
Engineering on Project 71-01 Adjusted 99
Refund of Special Assessment 230
Total Deductions 111,686
BALANCE - DECEMBER 31, 1973 $239,314
1
STRAND
& ROE
_27_
City of Hopkins ...
Hopkins, Minnesota
PERMANENT IMPROVEMENT REVOLVING FUND
PROJECT COSTS AND MEANS OF FINANCING ..
As Of December 31, 1973
PROJECT
E X P E N D I TURES
Prior Current Year
Years Construction Overhead Total
Concrete Alleys $ 3,875 $ 17,933 $ 2,641 $ 24,449
Concrete Curbs, Gutters & Sidewalks 23,889 2,802 26,691 ..
Street Construction 48,603 198,719 13,893 261,215
Street Surfacing 232,130 92,230 (3,258) 321,102
Water 235,930 28,838 (3,904) 260,864
Sewer 340,437 38,008 (115) 378,330
Storm Sewer 29,627 3,723 33,350
Street Lights 284,400 124,288 15,536 424,224
Parking Lots 47,001 107,585 5,903 160,489
Totals $1,192,376 $661,117 $37,221 $1,890,714
ST lLJD
& ROE
Imo
1�1
r
-27- EXHIBIT C-2
' COSTS MEANS OF FINANCING PROJECTS
Unexpended Paid By
Authori- Other Assessed To Be To Be
zations Total Funds In 1973 Assessed Provided Total
$ (116) $ 24,333 $ 900 $ 3,474 $ 16,569 $ 3,390 $ 24,333
14,852 41,543 5,212 7,953 28,378 41,543
(21,619) 239,596 49,553 62,806 53,229 74,008 239,596
34,514 355,616 122,156 145,722 87,738 355,616
(4,395) 256,469 54,864 173,982 20,720 6,903 256,469
7,089 385,419 10,018 352,148 23,253 385,419
4,891 38,241 518 37,723 38,241
46,446 470,670 50,384 391,598 28,688 470,670
444,598 605,087 605,087 605,087
$526,260 $2,416,974 $293,087 $1,137,683 $864,180 $122,024 $2,416,974
V
STRAND
& ROE
-28- EXHIBIT D
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
Deposits with Fiscal Agents $ 2,060
Special Assessments Receivable:
Current $969
Deferred 473 1,442
Due from Other Funds 8,943
Total Assets $12,445
LIABILITIES, RESERVES AND FUND BALANCE
Matured Bonds and Interest Coupons $ 2,060
Bonds Payable 2,000
Future Interest Payable 60
Fund Balance 8,325
Total Liabilities, Reserves and Fund Balance $12,445
V
STRAND
& ROE
-29- EXHIBIT D-1
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1973
BALANCE - JANUARY 1, 1973 $8,345
ADDITIONS:
Adjustment of Delinquent Taxes 13
$8,358
DEDUCTIONS:
Interest Cancelled on Prepaid Assessments $ 8
Fiscal Agents'Fees 25 33
BALANCE - DECEMBER 31, 1973 $8,325
V
STRAND
& ROE
-30- EXHIBIT D-2
City of Hopkins
Hopkins, Minnesota
SPECIAL ASSESSMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Year Ended December 31, 1973
DUE FROM OTHER FUNDS - JANUARY 1, 1973 $ 5,915
RECEIPTS:
Special Assessments:
Collected by City $ 277
Collected by County 4,896 5,173
$11,088
DISBURSEMENTS:
June 1, 1964 Bond Issue:
Principal $2,000
Interest 120
Fiscal Agents' Fees 25 2,145
DUE FROM OTHER FUNDS - DECEMBER 31, 1973 $ 8,943
SUMMARY
Due from General Fund $8.943
V
STRAND
& ROE
-31- EXHIBIT E
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
Cash on Deposit with Fiscal Agents $20,025
Taxes Receivable 27,321
Due from Other Funds 3,431
Total Assets $50,777
LIABILITIES, RESERVES AND FUND BALANCE
Matured Bonds and Interest Coupons $20,025
Bonds Payable 15,000
Interest Payable 9,300
Reserves:
Uncollectible Taxes 1,215
Fund Balance 5,237
Total Liabilities, Reserves and Fund Balance $50,777
V
STRAW
& ROE
-32- EXHIBIT E-1
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND
ANALYSIS OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1973
BALANCE - JANUARY 1, 1973 $3,117
ADDITIONS:
Taxes Collectible in 1974 $1,253
Adjust Balance Due on Taxes 892 2,145
$5,262
DEDUCTIONS:
Fiscal Agents' Fees 25
BALANCE - DECEMBER 31, 1973 $5,237
V
STRANC
& ROE
-33- EXHIBIT E-2
City of Hopkins
Hopkins, Minnesota
BOND RETIREMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Year Ended December 31, 1973
DUE FROM OTHER FUNDS - JANUARY 1, 1973 $ 9,817
RECEIPTS:
Taxes Collected by County 18,689
$28,506
DISBURSEMENTS:
Bond Issue of July 1, 1970 - Park Bond:
Principal $15,000
Interest 10,050
Fiscal Agents' Fees 25 25,075
DUE FROM OTHER FUNDS - DECEMBER 31, 1973 $ 3.431
SUMMARY
Due from General Fund $3.431
ST RANO
& ROE
r-
-34- EXHIBIT F
City of Hopkins
Hopkins, Minnesota
WATER UTILITY FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
CURRENT ASSETS:
Cash $ 100
Cash on Deposit with Fiscal Agents 1,320
Accounts Receivable 65,962
Due from Other Funds 54,688
Inventory - Supplies 7,468
Total Current Assets $ 129,538
PROPERTY, PLANT AND EQUIPMENT:
Land $ 20,714
Wells, Tanks and Mains 3,193,340
Vehicles 22,540
Water Meters 43,660
Sundry Equipment 6,032
Office Equipment 11,453
$3,297,739
Less: Accumulated Depreciation 754,824
Net Book Value - Property, Plant & Equipment 2,542,915
Total Assets $2,672,453
LIABILITIES, RESERVES AND
CONTRIBUTIONS/RETAINED EARNINGS
CURRENT LIABILITIES:
Matured Bonds and Interest Payable $ 1,320
Accounts Payable 11,518
Sales Tax Payable 1,174
Bonds Payable 63,000
Accrued Payroll 1,407
Accrued Interest on Bonds 2,714
Due to Other Funds 197,784
Total Current Liabilities $ 278,917
NON-CURRENT LIABILITIES:
Bonds Payable $ 40,000
Future Interest on Bonds $32,900
STRANC
Less: Accrued to Date 2,714 30,186 & ROE
Total Non-Current Liabilities 70,186
RESERVES:
Funds in Trust 130
CONTRIBUTIONS/RETAINED EARNINGS 2,323,220
Total Liabilities, Reserves and
Contributions/Retained Earnings $2,672,453
-35- EXHIBIT F-1
City of Hopkins
Hopkins, Minnesota
WATER FUND
ANALYSIS OF CHANGES IN CONTRIBUTIONS/RETAINED EARNINGS
For the Year Ended December 31, 1973
BALANCE - JANUARY 1, 1973 $2,444,654
ADD:
Fixed Assets Provided by P.I.R. Fund $206,001
Interest Paid on Bonds 33,500
Total Additions 239,501
$2,684,155
DEDUCT:
Net Loss for the Year $ 16,011
Decrease in Construction Work In Progress 235,931
Transfer to General Fund 40,000
Adjustment of Accrued Interest 113
General Obligation Bonds Payable in 1974 40,000
General Obligation Bond Interest Payable in 1974 28,880
Total Deductions 360,935
BALANCE - DECEMBER 31, 1973 $2,323.220
V
STRANC
& ROE
-36- EXHIBIT F-2
City of Hopkins
Hopkins, Minnesota
WATER FUND
STATEMENT OF REVENUE AND EXPENSE - ACTUAL AND BUDGETED
For the Year Ended December 31, 1973
Over
Actual Budget (Under)
OPERATING REVENUES:
Customer Water Charges $209,264 $204,000 $ 5,264
Penalties 3,278 - 3,278
Connection Permits 5,336 8,000 (2,664)
Other 1,030 - 1,030
Total Operating Revenues $218,908 $212,000 $ 6,908
LESS: Operating Expenses Before Depreciation 131,155 104,103 27,052
Net Operating Income Before Depreciation $87,753 $107,897 ($20,144)
LESS: Depreciation 70,178 - 70,178
Net Operating Income $ 17,575 $107,897 ($90,322)
NON-OPERATING INCOME:
Interest on Investments $ - $ 6,000 $(6,000)
Total Income $ 17,575 $113,897 ($96,322)
LESS: Non-Operating Expenses:
Interest Expense $ 33,387 $ 33,500 $ (113)
Fiscal Agent's Fees 199 400 (201)
Total Non-Operating Expenses $ 33,586 $ 33,900 $ (314)
Net (Loss) for the Year $(16,011) $ 79.997 ($96,008)
v
ST RANO
& ROE
-37- EXHIBIT F-3
City of Hopkins
Hopkins, Minnesota
WATER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGETED
For the Year Ended December 31, 1973
Over
Actual Budget (Under)
ADMINISTRATION:
Personal Services $ 16,067 $ 12,635 $ 3,432
Contractual Services 3,917 4,500 (583)
Commodities 2,337 4,290 (1,953)
Other Charges 7,844 8,877 (1,033)
Total Administration $ 30,165 $ 30,302 $ (137)
PUMPS AND WELLS:
Personal Services $ 18,739 $ 14,570 $ 4,169
Contractual Services 35,678 27,000 8,678
Commodities 6,153 5,200 953
Total Pumps and Wells $ 60,570 $ 46,770 $13,800
DISTRIBUTION:
Personal Services $ 27,668 $ 22,531 $ 5,137
Contractual Services 368 1,200 (832)
Commodities 1,767 3,300 (1,533)
Total Distribution $ 29,803 $ 27,031 $ 2,772
Total $120,538 $104,103 $16,435
ADD: ADJUSTMENT OF SUPPLY INVENTORY 10,617 - 10,617
Total Operating Expenses $131.155 $104,103 $27,052
STRAND
& ROE
-38- EXHIBIT F-4
City of Hopkins
Hopkins, Minnesota
WATER FUND
SUMMARY OF FIXED ASSETS AND DEPRECIATION
As Of December 31, 1973
C 0 S T ACCUMULATED DEPRECIATION
Balance Balance Balance Balance
Description 1-1-73 Additions 12-31-73 1-1-73 Deprec. 12-31-73
Land $ 20,714 $ $ 20,714 $ $ $
Wells, Tanks & Mains 2,927,397 265,943 3,193,340 635,180 63,770 698,950
Water Meters 39,839 3,821 43,660 22,219 2,895 25,114
Vehicles & Equipment 22,426 114 22,540 12,644 1,821 14,465
Office Equipment 11,339 114 11,453 9,235 1,614 10,849
Other Equipment 5,943 89 6,032 5,368 78 5,446
Totals $3,027,658 $270,081 $3,297.739 $684,646 $70,178 $754824
STRAND
& ROE
-39- EXHIBIT G
City of Hopkins
Hopkins, Minnesota
SEWER FUND
BALANCE SHEET
As Of December 31, 1973
ASSETS
CURRENT ASSETS:
Cash on Deposit with Fiscal Agents $ 62,763
Due from Other Governmental Units 43,858
Prepaid Expenses 13,678
Inventory - Supplies 3,398
Due from Other Funds 456,251
Total Current Assets $ 579,948
PROPERTY, PLANT AND EQUIPMENT:
Land $ 5,159
Pumps, Mains and Lifts 3,128,880
Vehicles and Equipment 41,227
Office Equipment 9,699
Other Equipment 987
$3,185,952
Less: Accumulated Depreciation 615,697
Net Book Value - Property, Plant & Equipment 2,570,255
NON-CURRENT ASSETS:
Due from Other Governmental Units 748,307
Total Assets $3,898,510
LIABILITIES, RESERVES AND
CONTRIBUTIONS/RETAINED EARNINGS
CURRENT LIABILITIES:
Matured Bonds and Interest Payable $ 62,763
Accounts Payable 2,160
Accrued Payroll 956
Bonds Payable 40,000
Due to Other Funds 10,018
Total Current Liabilities $ 115,897
NON-CURRENT LIABILITIES:
Future Interest on Bonds 43,525
V
RESERVES: STRAND
Extraordinary Repairs 23,706 a ROE
CONTRIBUTIONS FROM OTHER GOVERNMENTAL UNITS 1,148,032
CONTRIBUTIONS/RETAINED EARNINGS 2,567,350
Total Liabilities, Reserves and
Contributions/Retained Earnings $3,898,510
-40- EXHIBIT G-1
City of Hopkins
Hopkins, Minnesota
SEWER FUND
ANALYSIS OF CHANGES IN CONTRIBUTIONS/RETAINED EARNINGS
For the Year Ended December 31, 1973
BALANCE - JANUARY 1, 1973 $2,546,440
ADD:
Net Income for the Year $ 72,010
Fixed Assets Provided by P.I.R. Fund 368,311
Final Adjustment of 1972 Metro Sewer
Board Cost Allocation 16,404
Interest Paid on Bonds 45,525
Total Additions 502,250
$3,048,690
DEDUCT:
Decrease in Construction Work in Progress $340,437
Transfer to Reserve for Repairs 9,050
Transfer to General Fund 40,000
Eliminate Rent Receivable on Lift Station 7,328
Bonds and Interest Payable in 1974 83,525
Adjustment of Project W.S.M.N. 100 1,000
Total Deductions 481,340
BALANCE. - DECEMBER 31, 1973 $2.567.350
V
STRAND
& ROE
-41- EXHIBIT G-2
City of Hopkins
Hopkins, Minnesota
SEWER FUND
STATEMENT OF REVENUE AND EXPENSE - ACTUAL AND BUDGETED
For the Year Ended December 31, 1973
Over
Actual Budget (Under)
OPERATING REVENUES:
Customer Sewer Charges $330,816 $312,000 $18,816
Hookups and Permits 24,159 - 24,159
Demolition Credits and Admin. Fees 19,450 - 19,450
Rentals 9,050 - 9,050
Other Charges 387 7,000 (6,613)
Sewer Board Credits - 52,454 (52,454)
Total Operating Revenues $383,862 $371,454 $12,408
LESS: Operating Expenses - Before Depreciation 206,370 212,595 (6,225)
Net Operating Income Before Depreciation $177,492 $158,859 $18,633
Depreciation 59,899 - 59,899
Net Operating Income $117,593 $158,859 ($41,266)
NON-OPERATING INCOME AND CREDITS:
Investment Income - 4,000 (4,000)
Total Income $117,593 $162,859 ($45,266)
NON-OPERATING EXPENSES:
Interest Expense $ 45,525 $ 46,525 $(1,000)
Fiscal Agent's Fees 58 250 (192)
Total Non-Operating Expenses $ 45,583 $ 46,775 $(1,192)
Net Income for the Year $ 72.010 $116,084 ($44.074) ✓
STRAND
& ROE
-42- EXHIBIT G-3
City of Hopkins
Hopkins, Minnesota
SEWER FUND
SCHEDULE OF OPERATING EXPENSES - ACTUAL AND BUDGET
For the Year Ended December 31, 1973
Over
Actual Budget (Under)
ADMINISTRATION:
Personal Services $ 10,456 $ 8,811 $ 1,645
Contractual Services 1,745 2,260 (515)
Commodities 1,817 2,190 (373)
Other Charges 7,031 8,860 (1,829)
Total Administration $ 21,049 $ 22,121 $(1,072)
LIFT STATIONS:
Personal Services $ 16,380 $ 15,445 $ 935
Contractual Services 4,023 9,500 (5,477)
Commodities 5,041 7,100 (2,059)
Total Lift Stations $ 25,444 $ 32,045 $(6,601)
DISPOSAL:
Personal Services $ 14,278 $ 53,433 ($39,155)
Contractual Services 148,425 104,496 43,929
Commodities 40 500 (460)
Total Disposal $162 $158,429 $ 4,314
Total $209,236 $212,595 $(3,359)
LESS: Increase in Supply Inventory 2,866 - 2,866
Total Operating Expenses $206,370 $212,595 $(6,225)
STRAND
& ROE
-43- EXHIBIT G-4
City of Hopkins
Hopkins, Minnesota
SEWER FUND
SUMMARY OF FIXED ASSETS AND DEPRECIATION
As Of December 31, 1973
C 0 S T ACCUMULATED DEPRECIATION
Balance Balance Balance Balance
Description 1-1-73 Additions 12-31-73 1-1-73 Deprec. 12-31-73
Land $ 5,159 $ $ 5,159 $ $ $
Pumps, Mains & Lifts 2,750,550 378,330 3,128,880 525,946 56,060 582,006
Vehicles & Equipment 41,227 41,227 22,801 2,961 25,762
Office Equipment 9,699 9,699 7,051 851 7,902
Sundry Equipment 987 987 27 27
Totals $2,806,635 $379.317 $3.185.952 $555.798 $59,899 $615.697
po
STRAND
& ROE
-44- EXHIBIT H
City of Hopkins
Hopkins, Minnesota
1 GENERAL FIXED ASSET GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS BY CLASS
For the Year Ended December 31, 1973
Balance Elimi- Balance
Description 1-1-73 Additions nations 12-31-73
Land $ 833:812 $ 89,515 $ $ 923,327
Buildings and Structures 683,465 683,465
Other Improvements 3,877,297 978,625 7,748 4,848,174
Vehicles 554,362 42,858 5,456 591,764
Equipment 285,680 25,414 548 310,546
Jointly Held Assets 2,872 2,872
Construction Work in Progress 617,310 500,220 617,310 500,220
Totals $6,854,798 $1,636,632 $631,062 $7,860,368
EXHIBIT H-1
STATEMENT OF CHANGES IN GENERAL
FIXED ASSETS BY FUNCTION
For the Year Ended December 31, 1973
Balance Elimi- Balance
Description 1-1-73 Additions nations 12-31-73
General Government $ 799,400 $ 2,500 $ 758 $ 801,142
Public Safety 314,226 18,211 1,753 330,684 ✓
STRAND
Engineering and Streets 4,347,517 1,411,872 626,825 5,132,564 84 ROE
Sanitation and Waste Removal 778,122 77,928 856,050
Recreation and Parks 612,661 126,121 1,726 737,056
Jointly Held Assets 2,872 2,872
Totals $6,854,798 $1,636,632 $631,062 $7,860,368
-45- EXHIBIT I
City of Hopkins
Hopkins, Minnesota
STATEMENT OF CHANGES IN GENERAL LONG-TERM DEBT
For the Year Ended December 31, 1973
Transferred
Balance to Other Balance
Assets 1-1-73 Funds 12-31-73
TAXES RECEIVABLE - DEFERRED:
Park Bonds of July 1, 1970 $ 225,842 $ 25,515 $ 200,327
Water Revenue Bonds of June 1, 1967 1,009,100 72,400 936,700
Sanitary Sewer Bonds of July 1, 1970 1,204,091 87,701 1,116,390
Total Assets $2,439,033 $185,616 $2,253,417
Liabilities and Reserves
BONDS PAYABLE:
Park Bonds of July 1, 1970 $ 165,000 $ 15,000 $ 150,000
Water Revenue Bonds of June 1, 1967 720,000 40,000 680,000
Sanitary Sewer Bonds of July 1, 1970 730,000 40,000 690,000
Total Bonds Payable $1,615,000 $ 95,000 $1,520,000
FUTURE INTEREST PAYABLE:
Park Bonds of July 1, 1970 $ 50,088 $ 9,300 $ 40,788
Water Revenue Bonds of June 1, 1967 240,060 28,880 211,180
Sanitary Sewer Bonds of July 1, 1970 416,750 43,526 373,224
Total Future Interest Payable $ 706,898 $ 81,706 $ 625,192
RESERVE FOR UNCOLLECTIBLE TAXES:
Park Bonds of July 1, 1970 $ 10,754 $ 1,215 $ 9,539
Water Revenue Bonds of June 1, 1967 49,040 3,520 45,520
Sanitary Sewer Bonds of July 1, 1970 57,341 4,175 53,166
Total Reserve for Uncollectible Taxes $ 117,135 $ 8,910 $ 108,225
fro
Total Liabilities and Reserves $2,439,033 $185 ,616 $2,253,417 RO
S&TRAND
E
-46— {,
ftd
City of Hopkins
Hopkins, Minnesota
INSURANCE AND BONDS IN FORCE AND PREPAID INSURANCE AND BONDS
As Of December 31, 1973
Policy Effective
Number Company Kind Date
IST8045273 The Home Insurance Co. Public and Institutional 7- 1-72
Property Form
rod
..r
5689732 Gulf Insurance Co. Fleet Liability 7- 1-73 k
rd
37IMSP61 Aetna Insurance Fire Insurance 9-27-73
4876FCA
LI
WC53988 Westfield Insurance Co. Workmen's Compensation 7- 1-73
52527 American States Insurance Volunteer Firemen's Accident 7- 1-72 +nd
U11687 Employer's Reinsurance Corp. Umbrella 8- 1-72
MN-83168 Hartford Steam Boiler Boiler 12-16-73
86-00 Inspection & Ins. 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 s&�.vo
ROE
5083065
5179628
(1) Three-Year Premium Paid.
(2) Deposit Premium.
(A) Annual Premium.
-46- SCHEDULE S-1
Date Co-
Expires Coverage Amount Cost Prepaid Ins.
7- 1-75 Buildings $1,470,250 (1)$36,700 $18,405.50 90%
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- 1-74 Bodily Injury 100/300M (1) 6,410 3,205.00
Property Damage 50M
Comprehensive ACV
Collision $150.00 Ded.
9-27-74 Video Tape Recording &
Television Unit $1,000 30 20.00
7- 1-74 Employees Statutory (2) 15,713 7,856.50
Employer 100M
7- 1-75 Accident and Indemnity $50.00 Weekly (1) 675 337.50
$5,000.00 Maximum
8- 1-75 Excess Liability $2,000,000 (1) 6,375 3,364.50
12-16-76 Boilers and Pressure Vessels 250M (1) 441 440.00
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/Asset Cashier 10M
City Engineer 5M
Cashier 5M
Asset Cashier 5M
8- 1-75 Assessors: J. A. Hromadko $1,000 (1) 68 38.00 STRAND
& ROE
C. R. Peterson 1,000
E. Kerber 1,000
Total Prepaid Insurance $33.928.00
-47- SCHEDULE S-2
City of Hopkins
Hopkins, Minnesota
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
LEVIED IN 1972 1973
COLLECTIBLE IN 1973. 1974
ASSESSED VALUATION:
Real Property $60,727,573 $61,518,858
Personal Property 1,096,328 1,151,282
Total $61,823.901 $62,670,140
TAX LEVY:
General Taxes $ 873,572 $ 1,020,521
Debt Service 19,103 25,569
Total $ 892,675 $ 1,046,090
MILL RATES:
General Taxes 14. 130 16.284
Debt Service .309 .408
Total 14.439 16.692
V
STRAND
& ROE