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1975 City of Hopkins, MN Annual Financial Report REPORT ON AUDIT As Of December 31, 1975 CITY OF HOPKINS Hopkins, Minnesota r/ STRAND & ROE City of Hopkins Hopkins, Minnesota ORGANIZATION 1975 Term Office Name Expires MAYOR Jerre A. Miller 6-30-77 COUNCILMEN Robert J. McDonald 6-30-79 Donald J. Milbert 6-30-79 James L. Vassar 6-30-77 Dr. Paul Slaton 6-30-77 CITY MANAGER & TREASURER Peter G. Cotton CITY CLERK & DEPUTY TREASURER Harold Richardson CITY ATTORNEY Joseph C . Vesely CITY ENGINEER & DIRECTOR OF PUBLIC WORKS John J. Strojan ASSESSOR Harold Richardson DEPUTY ASSESSOR Joseph H. Hromadko FINANCE OFFICER Chris P. Nielsen BUILDING INSPECTOR & ZONING ADMINISTRATOR Raymond Kohnen HOUSING INSPECTOR Firmus J. Opitz HEALTH OFFICER Dr. Herman E. Drill HEALTH SANITATION Robert A. Mood DIRECTOR, HRA Robert Drew POLICE SUPERINTENDENT Lt. Donald W. Bentley (Acting) FIRE CHIEF Edward Lundgren ASSISTANT ENGINEER & CIVIL DEFENSE DIRECTOR Gordon P. Anderson STREET SUPERINTENDENT Verlyn J. Sletten STRAND & ROE WATER & SEWER SUPERINTENDENT Tom Cedar 2-18-75 - 12-31-75 WEED INSPECTOR Robert G. Anderson ELECTRICAL INSPECTOR William C. Whitney PUBLIC WORKS OPERATION DIRECTOR Everett Beecher RECREATION DIRECTOR Richard L. Wilson City of Hopkins Hopkins, Minnesota ORGANIZATION (Cont'd) 1975 Term Office Name Expires ZONING & PLANNING COMMISSION Alfred Gaskell 6-30-77 David Arnold 6-30-77 James Hance 6-30-77 Virginia Moll 6-30-77 Stanley J. Sidla* Raymond Kohnen ) Peter G. Cotton) Ex-Officio John J. Strojan) Members John Bergly ) James L. Vassar, Councilman Rep. Harold Richardson HOPKINS HOUSING & REDEVELOP- MENT AUTHORITY Robert Drew - Director A. G. Larson, Chairman Svante H. Severson Leonard C . Egge* Grover Hagen Henry Pokorny Jerre Miller - Mayor - Council Rep. OMNIBUS COMMISSION: Human Rights Dr. Herman E. Drill Housing Code Appeals Board Mrs. Floyd M. Alcott Health & Welfare Mrs. Martin N. Hagen Mrs. John Frane Jack Noel Fred C . Stalley Rev. Lasse J. Stohl Willis F. Street POLICE CIVIL SERVICE COMMISSION John F. Hance Howard S . Marker Cecil M. Kloss RECREATION AND PARKS Donald Milbert - Councilman* Chris Christofilis James Justus Albin V. Stang Eugenia Arimond STRAND & ROE *Term Expired. Serving Until Successor Appointed. City of Hopkins Hopkins , Minnesota CONTENTS Page FINANCIAL STATEMENTS: Auditors' Opinion 1 EXHIBITS: A - Combined Balance Sheets - All Funds 2 B - Combined Statement of Revenues and Expenditures - Actual Compared to Estimated - General Fund 3 C - Combined Statement of Changes in Financial Position - Enterprise Funds 4 NOTES TO FINANCIAL STATEMENTS 5 - 7 RECOMMENDATIONS AND COMMENTS 8 SCHEDULES: A-1 - Combined Schedule of Investments - All Funds 9 A-2 - Due from Other Governmental Units 10 A-3 - Construction Work in Progress 11 A-4 - Bond and Interest Maturities, Means of Financing and Reserve for Uncollectible Taxes - Summary 12 FUND EXHIBITS: GENERAL FUND D - Balance Sheet 13 D-1 - Statement of Changes in Fund Balance 14 D-2 - Statement of Revenue - Actual Compared to Estimated 15 - 16 D-3 - Summary of Expenditures Compared with Authorizations 17 D-4 - Statement of Expenditures Compared with Authorizations 18 - 24 FEDERAL REVENUE SHARING FUND E - Balance Sheet 25 E-1 - Statement of Changes in Fund Balance 26 E-2 - Statement of Revenue and Expenditures 27 ko STRAND & ROE COMMUNITY DEVELOPMENT FUND F - Balance Sheet 28 F-1 - Statement of Changes in Fund Balance 29 F-2 - Statement of Revenue and Expenditures 30 BEACH CONCESSION FUND G - Balance Sheet 31 G-1 - Statement of Changes in Fund Balance 32 G-2 - Statement of Revenue and Expenditures 33 City of Hopkins Hopkins, Minnesota CONT E N T S (Cont'd) Page FUND EXHIBITS: (Cont'd) REAL ESTATE PURCHASES AND SALES FUND H - Balance Sheet 34 H-1 - Statement of Changes in Fund Balance 35 H-2 - Statement of Revenue and Expenditures 36 MUNICIPAL STATE AID CONSTRUCTION FUND I - Balance Sheet 37 I-1 - Statement of Changes in Fund Balance 38 I-2 - Statement of Revenue and Expenditures 39 STORM SEWER FUND J - Balance Sheet 40 J-1 - Statement of Changes in Fund Balance 41 J-2 - Statement of Revenue and Expenditures 42 BOND RETIREMENT FUND K - Balance Sheet 43 K-1 - Statement of Changes in Fund Balance 44 K-2 - Statement of Revenue and Expenditures 45 SPECIAL ASSESSMENT FUND L - Balance Sheet 46 L-1 - Statement of Changes in Fund Balance 47 PERMANENT IMPROVEMENT REVOLVING FUND M - Balance Sheet 48 M-1 - Statement of Changes in Fund Balance 49 M-2 - Statement of Cash Receipts and Disbursements 50 M-3 - Project Costs and Means of Financing 51 PARK CONSTRUCTION FUND STRAND & ROE N - Balance Sheet 52 N-1 - Statement of Changes in Fund Balance 53 N-2 - Statement of Revenue and Expenditures 54 WATER UTILITY FUND O - Balance Sheet 55 0-1 - Statement of Changes in Contributions/Retained Earnings 56 0-2 - Statement of Revenue and Expense 57 0-3 - Schedule of Operating Expenses 58 0-4 - Summary of Property, Plant and Equipment 59 City of Hopkins Hopkins , Minnesota CONTENTS (Cont'd) Page FUND EXHIBITS: (Cont'd) SEWER FUND P - Balance Sheet 60 P-1 - Statement of Changes in Contributions/Retained Earnings 61 P-2 - Statement of Revenue and Expense 62 P-3 - Schedule of Operating Expenses 63 P-4 - Summary of Property, Plant and Equipment 64 GENERAL FIXED ASSET GROUP OF ACCOUNTS Q - Statement of Changes in General Fixed Assets - By Class 65 Q-1 - Statement of Changes in General Fixed Assets - By Function 65 GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS R - Statement of General Long-Term Debt 66 SUPPLEMENTARY SCHEDULES: S-1 - Insurance and Bonds in Force and Prepaid Insurance and Bonds 67 S-2 - Assessed Valuations, Tax Levies and Mill Rates 68 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. JOSEPH A.KOWALCIK,C.P.A. THOMAS J.LENDT,C.P.A. STRAND & ROE Cetittt'ej /2E;c �¢ccakataHts 6301 WAYZATA BOULEVARD MINNEAPOLIS, MINNESOTA 55416 545 - 1651 • August 2, 1976 To the Mayor and Members of the City Council City of Hopkins Hopkins , Minnesota Gentlemen: We have examined the financial statements of the various funds and account groups of the CITY OF HOPKINS , for the year ended December 31, 1975 , listed in the foregoing table of contents. Our examination was made in accordance 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, the aforementioned financial statements present fairly the financial position of the various funds and account groups of the City of Hopkins at December 31, 1975, and the results of operations of such funds and the changes in financial position of the enterprise funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis con- vo sistent with that of the preceding year. STRAND & ROE Respectfully submitted, STRAND & ROE Certified Public Accountants Field Work Completed: June 23, 1976 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 SHEETS - ALL FUNDS As Of December 31, 1975 Total Memorandum Assets Only Cash $ 105 ,822 Cash with Fiscal Agents 334,761 Investments (At Cost) 1,407,000 Interest Receivable 22,771 Unremitted Taxes Collected by County 5 ,446 Rehabilitation Loans Receivable 1,595 Accounts Receivable 119,110 Special Assessments Receivable: (Including Future Interest) Current 264,410 Delinquent 40,629 Deferred 2,043,787 Due from Other Governmental Units 627,102 Prepaid Expenses 62,857 To be Provided for Authorized Construction 36,205 Authorized Construction to be Assessed 716,245 Due from Other Funds 4,514 Inventories - Supplies 35,188 Property, Plant and Equipment - Net 13,224,990 Construction in Progress 280,951 Amount Available for Retirement of Bonds 13,184 Amount to be Provided for Retirement of Bonds 1,411,816 Total Assets $20,758,383 Liabilities, Reserves and Fund Balances/Retained Earnings Matured Bonds and Interest Payable $ 334,761 Accounts Payable 161,576 Contracts Payable 61,656 Accrued Payroll 42,991 Accrued Payroll Taxes and Employee Deductions 10,427 Accrued Interest on Bonds 2,222 Prepaid Revenues 53,219 Advance from Municipality - Ge O. Bonds 1,290,000 Bonds Payable 3,190,000 Future Interest on Special Assessment Bonds 530,275 Due to Other Funds 4,514 Encumbrances Outstanding 10,619 Reserves: Petty Cash and Inventories 17,200 Trust Funds 3,382 Unexpended Project Authorizations 413,977 Extraordinary Repairs 35,000 Fund Balance: Appropriated - Principal Balance 830,000 Unappropriated 914,211 Contributions from Other Governmental Units 818,144 Contributions/Retained Earnings 3,451,616 Invested in General Fixed Assets 8,582,593 Total Liabilities, Reserves & Fund Balances/Retained Earnings $20,758,383 "The accompanying notes to the financial statements are an integral part of this report." -2- EXHIBIT A Special Debt Capital General General General Revenue Service Projects Enterprise Fixed Long-Term Fund Funds Funds Funds Funds Assets Debt $(93,740) $139,836 $13,081 $ 191,190 $ (144,545) $ $ 19,256 200,682 114,823 351,750 281,400 520,590 253,260 5,693 4,554 8,425 4,099 3,293 103 2,050 1,595 9,182 109,928 264,410 40,629 2,043,787 18,938 26 ,807 122,035 459,322 42,517 20,340 36,205 716,245 4,514 17,000 18,188 4,923,348 8,301,642 280,951 13,184 1,411,816 $354,633 $454,192 $32,440 $4,146,248 $5,763,277 $8,582,593 $1,425,000 $ $ $19,256 $ 200,682 $ 114,823 $ $ 120,171 13,613 3,358 24,434 44,984 16,672 38,880 553 3,558 10,427 2,222 53,219 1,290,000 1,745,000 20,000 1,425 ,000 530,275 4,514 4,200 3,019 3,400 STRAND 17,200 & ROE 3,302 80 413 ,977 35 ,000 830,000 62,250 437 ,007 13,184 401,770 818,144 3,451,616 8,582,593 $354,633 $454,192 $32,440 $4,146,248 $5 ,763,277 $8,582,593 $1 ,425,000 -3- EXHIBIT B City of Hopkins Hopkins, Minnesota GENERAL FUND COMBINED STATEMENT OF REVENUES AND EXPENDITURES - ACTUAL COMPARED TO ESTIMATED For the Year Ended December 31, 1975 Actual (Over) Under Revenues Actual Estimated Estimated General Property Taxes $1,021,086 $1,059,006 $ 37,920 Licenses and Permits 94,246 83,074 (11,172) Fines and Forfeitures 49,452 43,100 (6,352) Intergovernmental Revenue 724,056 657,159 (66,897) Departmental Fees and Service Charges 138,339 146,580 8,241 Use of Monies and Property 14,871 26 ,300 11,429 Miscellaneous 18,789 3,000 (15 ,789) Transfers from Other Funds 235,223 243,386 8,163 Total Revenues $2,296,062 $2,261,605 $ (34,457) Expenditures General Government $ 306,141 $ 326,306 $ 20,165 Public Safety 598,694 610,159 11,465 Public Works 644,564 672,547 27 ,983 Health and Welfare 12,754 13,737 983 Historical Society 1,912 3,545 1,633 Parks and Recreation 358,479 402,108 43,629 Employee Benefits 165 ,352 153,000 (12,352) Insurance 39 ,520 51,200 11,680 Non-Departmental 20,231 29,003 8,772 Transfers to Other Funds *654,641 - (654,641) Total Expenditures $2,802,288 $2,261,605 $(540,683) *With the exception of $172.00 these are transfers of appropriated general funds made STRAND & ROE to establish a separate fund for the specific function. "The accompanying notes to the financial statements are an integral part of this report." -4- City of Hopkins Hopkins, Minnesota ENTERPRISE FUNDS COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION For the Years Ended December 31, 1975 and 1974 Combined 1975 1974 WORKING CAPITAL PROVIDED FROM: Net Income (Loss) for the Period Before Extraordinary Income $(14,859) $(158,856) Add: Expenses Not Requiring Outlay of Working Capital in the Current Period: Depreciation 135 ,761 133,022 (Gain) Loss on Sale of Equipment (139) 205 Working Capital Provided from Operations for the Period, Exclusive of Extraordinary Items $120,763 $ (25,629) Reduction in Non-Current Portion of Due from Other Governmental Units 7 ,341 28,275 Proceeds from Sale of Equipment 1,036 679 Unbilled Portion of Prior Period Water & Sewer Usage 42,730 Total Working Capital Provided $171,870 $ 3,325 WORKING CAPITAL APPLIED TO: Outlays for Purchase of Long-Term Assets: Buildings and Structures $ 1,613 $ Wells, Tanks and Mains 26,380 2,424 Equipment 16,647 21,063 Share of P.I.R. Project Costs 8,318 Bonds Due Within One Year 100,000 100,000 Final Adjustment of 1973 Metro Waste Control Commission Cost Allocation 34,271 Increase in Funds Held in Trust 50 Total Working Capital Applied $144,690 $ 166,076 NET INCREASE (DECREASE) IN WORKING CAPITAL $ 27,180 $(162,751) NET CHANGES IN WORKING CAPITAL: INCREASE (DECREASE) IN CURRENT ASSETS: Cash ($294,917) $ 150,272 Due from Other Funds (1,128) (505,297) Due from Other Governmental Units 8,986 (9,313) Accounts Receivable 32,689 11,277 Prepaid Expenses (172) 6,834 Investments 253,260 Inventories 5 ,691 1,631 Interest Receivable 4,099 Net Changes in Current Assets $ 8,508 $(344,596) INCREASE (DECREASE) IN CURRENT LIABILITIES: Accounts Payable $ 13,920 $ (3,495) Bonds Payable (3,000) Accrued Liabilities 899 (1,039) Due Other Funds (207,802) Due Other Governmental Units (33,491) 33,491 Net Changes in Current Liabilities $(18,672) $(181,845) NET INCREASE (DECREASE) IN WORKING CAPITAL - AS ABOVE $ 27,180 $(162,751) "The accompanying notes to the financial statements are an integral part of this report." -4- EXHIBIT C Water Fund Sewer Fund 1975 1974 1975 1974 $ 35 ,083 $(68,263) $(49,942) $(90,593) 71,461 69,293 64,300 63,729 (139) 205 $106,405 $ 1,235 $ 14,358 $(26,864) 7,341 28,275 1,036 679 16,072 26,658 $123,513 $ 1,914 $ 48,357 $ 1,411 $ 1,613 $ $ $ 26,380 2,424 9,859 14,509 6,788 6,554 8,318 60,000 60,000 40,000 40,000 34,271 50 t $ 97,902 $ 85,251 $ 46,788 $ 80,825 S 25 ,611 $(83,337) $ 1,569 $(79,414) $(11,137) ($252,715) ($283,780) $402,987 (1,128) (49 ,046) (456,251) 1,023 7 ,963 (9,313) 32,689 11,277 (172) 6,834 kor 253,260 STRAND 7 ,136 2,400 (1,445) (769) & Roe 4,099 $ 28,583 ($288,084) $(20,075) $(56 ,512) $ 2,255 $ (2,999) $ 11,665 $ (496) (3,000) 717 (964) 182 (75) (197,784) (10,018) (33,491) 33,491 $ 2,972 ($204,747) $(21,644) $ 22,902 $ 25,611 $(83 ,337) $ 1,569 $(79 ,414) -5- City of Hopkins NOTES TO FINANCIAL STATEMENTS MOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Accounting policies relate to the recognition of revenues and the allocation of costs. (B) The modified accrual basis of accounting is used for the General Fund, Special Revenue Funds and Debt Service Funds . The accrual basis of accounting is used for all other funds, except for the operations of the Permanent Improvement Revolving Fund which is presented on the cash basis. (C) Investments are stated at cost. Interest is recognized when earned. (D) Supply inventories are valued at the lower of cost or market on the first-in, first-out basis . (E) Property, plant and equipment are valued principally at cost. De- preciation is provided over the estimated useful lives of the various properties of the enterprise funds on the straight-line basis . No de- preciation is provided on general fixed assets . Additions and improve- ments to properties are capitalized. Maintenance and repair costs are charged to operations . When properties of the enterprise funds are re- tired by sale, the net value is removed and the resulting gain or loss is reflected in income; if the retirement is by trade, the net book value is reflected in the valuation of the new fixed asset acquired. When general fixed assets are disposed of they are removed from Po the assets at their book value and no gain or loss is recorded. STRAND & ROE NOTE 2 - COLLATERAL SECURITY As of December 31, 1975 , the depository had pledged securities to safe- guard City funds on deposit as follows: -6- City of Hopkins Northwestern National Bank of Hopkins: State and Municipal Bonds $555 ,000 U. S . Treasury Notes 100,000 Federal Deposit Insurance Corporation *100,000 Total $755 ,000 First National Bank of Hopkins: State Bonds $400,000 U. S . Treasury Notes 126,000 Federal Deposit Insurance Corporation *100,000 Total $626,000 Minnesota Federal Savings & Loan of Hopkins: Federal Deposit Insurance Corporation *$100,000 *Regular F.D.I.C. coverage is $40,000, but savings and time deposits are covered up to $100,000. NOTE 3 - FUTURE INTEREST - PERMANENT IMPROVEMENT REVOLVING FUND These statements reflect the future interest receivable on special assessments and future interest payable on bonds of the Permanent Improvement Revolving Fund. Although this presentation is not in accordance with generally accepted accounting principles , it is consistent with prior years and clearly shows the,intended operation of the fund. NOTE 4 - CHANGES IN PRESENTATION In prior years the general long-term debt group of accounts reflected the deferred taxes receivable, reserve for uncollectible taxes and future interest payable on bonds in compliance with former audit guidelines. In order to conform with current generally accepted accounting principles, these items have been eliminated from the current balance sheet. vo Through December 31, 1974, general obligation bonds serviced by the STRAND & ROE Enterprise Funds were shown as liabilities of those specific funds only to the extent of bonds and interest payable within the next fiscal year. The Enterprise Funds have been adjusted to reflect the total bonds payable, which are being serviced by these funds, as advances from municipality in conformance with generally accepted accounting principles. -7- City of Hopkins NOTE 5 - CONTINGENT LIABILITIES There were no contingent liabilities disclosed by our examination. V STRAND & ROE -8- City of Hopkins RECOMMENDATIONS AND COMMENTS We offer the following recommendations and comments in connection with your operations : 1. A budget should be established for the Federal Revenue Sharing Fund and not be included in the General Fund budget. 2. Detail records of general fixed assets have not been maintained. Asset cards should be brought up to date and tied in with the general ledger. 3 . Separate funds have been established on the books and records as follows: Community Development Fund Federal Revenue Sharing Fund Beach Concession Fund Real Estate Purchases and Sales Fund Municipal State Aid Construction Fund Storm Sewer Fund Park Construction Fund We believe these should be authorized and approved by Council action. 4. If good internal control is to be maintained, accounting duties must be segregated and delegated to different employees . 5 . We suggest that the procedures followed for collecting and recording re- ceipts of the recreation department be reviewed by the finance and recreation departments with primary consideration being given to using some form of numbered receipt and/or a different type of cash register. V STRAND & ROE -9- SCHEDULE A-1 City of Hopkins Hopkins, Minnesota COMBINED SCHEDULE OF INVESTMENTS - ALL FUNDS As Of December 31, 1975 Date Maturity Interest Acquired Description Number Date Rate Amount Sale and Repurchase Agreements 12- 9-75 N. W. National Bank of Hopkins 191 2-18-76 5 .6% $ 200,000 12- 9-75 N. W. National Bank of Hopkins 192 3-17-76 67 400,000 Certificates of Deposit 11-17-75 N. W. National Bank of Hopkins 6045 1- 7-76 5 .35% 190,000 11-26-75 N. W. National Bank of Hopkins 6050 1-14-76 5 1/4% 267 ,000 Savings Account 12- 9-75 Minnesota Federal Savings 1-21-76 6% 100,000 & Loan - Hopkins Bonds 1971 Hopkins Housing & Redevelopment 1975-84 6 .99'/ 250,000 Authority Total Investments $1,407,000 Invested by Funds General Fund $ 351,750 Real Estate Purchases & Sales Fund 281,400 Permanent Improvement Revolving Fund 365,820 Park Construction Fund 154,770 Sewer Fund 253,260 V Total as Above $1,407 ,000 STRAND & ROE -10- SCHEDULE A-2 City of Hopkins Hopkins, Minnesota DUE FROM OTHER GOVERNMENTAL UNITS As Of December 31, 1975 Due From For Amount GENERAL FUND: Hopkins Housing & Redevelopment Authority Commodities & Services $ 2,877 Hennepin County C.E.T.A. 10,721 Hennepin County ASAP 198 Hennepin County Court Fines 3,415 State of Minnesota MSA - Maintenance 1,263 State of Minnesota Civil Defense 281 City of Deephaven 10 Eden Prairie Public Safety 173 Total General Fund $ 18,938 COMMUNITY DEVELOPMENT FUND: Department of Housing (Community Development & Urban Development (Block Grant Expenditures 23,788 MUNICIPAL STATE AID CONSTRUCTION FUND: State of Minnesota Funds Encumbered on 3,019 Approved Projects PERMANENT IMPROVEMENT REVOLVING FUND: Hopkins Housing & Tax Increment Financed Redevelopment Authority Projects 122,035 SEWER FUND: Metropolitan Waste Control Commission Current Value Credit $400,446 Metropolitan Waste Control Commission Deferred Charges 31,803 Metropolitan Waste Control Commission Cost Allocation Adjustment 24,218 Metropolitan Waste Control Commission Lift Station Rent 1,832 vo Total Sewer Fund 458,299 STRAND & ROE WATER FUND: Hennepin County C.E.T.A. 1,023 Total Due from Other Governmental Units $627,102 -11- SCHEDULE A-3 City of Hopkins Hopkins, Minnesota CONSTRUCTION WORK IN PROGRESS As Of December 31, 1975 GENERAL FIXED ASSETS Street Construction: Project No. 72-05 $ 2,942 Project No. 72-26A 15 ,136 $ 18,078 Storm Sewer: Project No. 72-26C 4,810 Street Lights: Project No. 601 719 Parking Lots: Project No. 608 $ 6,104 Project No. 724 37 ,175 Project No. 71-32 37 ,409 Project No. 72-16 71,157 Project No. 72-24 105 ,499 257,344 Total Construction Work in Progress $280,951 STRAND & ROE -12- City of Hopkins Hopkins , Minnesota BONDS AND INTEREST MATURITIES , MEANS OF FINANCING AND RESERVE FOR UNCOLLECTIBLE TAXES - SUMMARY As Of December 31, 1975 BONDS Total Final INTEREST to be Maturity Amount Rates Amount Paid GENERAL OBLIGATION BONDS: Water Revenue Bonds of 6-1-67 1988 $ 640,000 3 .9 - 4.2% $ 183,860 $ 823,860 Sewer Revenue Bonds of 7-1-70 1991 650,000 5 - 6.57. 331,800 981,800 Park Bonds of 7-1-70 1983 135,000 5 - 6% 32,275 167,275 Total Genii Obligation Bonds $1,425 ,000 $ 547,935 $1,972,935 PERMANENT IMPROVEMENT REVOLVING FUND: Issue of 4-1-64 1984 $ 95 ,000 2.9 - 3.2% $ 9 ,075 $ 104,075 Issue of 7-1-72 1992 1,650,000 4.1 - 5 .2% 521,200 2,171,200 Total P. I. R. Fund $1,745 ,000 $ 530,275 $2,275 ,275 WATER UTILITY FUND: Issue of 6-1-57 1976 $ 20,000 4.5% $ 450 $ 20,450 Total - All Funds $3,190,000 $1,078,660 $4,268,660 (1) Levy collectible in 1976 cancelled by Council action; it is anticipated that levies will be cancelled each year and payments made from water and sewer revenues . (2) Includes payments due January 1, 1977 since deposits will be made with fiscal agent in December of 1976. -12- SCHEDULE A-4 MEANS OF F INANC I NG General P.I.R. Reserve Taxes Current Water & Special for Uncol- to be Payments Funds & Sewer Assessment Deferred lectible Collected Due During 1976 Levy Revenues Funds Tax Levies Taxes in 1976 Principal Interest $ 65 ,760 $ 796,900 $38,800 (1) $ 40,000 $ 25,760 79,325 947 ,601 45 ,126 (1) (2) 40,000 39,325 $22,725 151,778 7 ,228 $23,224 (2) 15,000 7,725 $22,725 $145 ,085 $1,896,279 $91,154 $23,224 $ 95 ,000 $ 72,810 $ 104,075 $ 20,000 $ 2,970 2,171,200 (2)150,000 74,035 $2,275 ,275 $170,000 $ 77 ,005 $ 20,450 $ 20,000 $ 450 $22,725 $165 ,535 $2,275,275 $1,896,279 $91,154 $23,224 $285,000 $150,265 STRAND & ROE -13- EXHIBIT D City of Hopkins Hopkins, Minnesota GENERAL FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $ 200 Investments ( At Cost) 351,750 Accounts Receivable 9,182 Delinquent Taxes Receivable $58,932 Less: Reserve for Uncollectible Taxes 58,932 - Unremitted Taxes Collected by County 3,293 Interest Receivable 5,693 Due from Other Governmental Units 18,938 Prepaid Expenses 42,517 Inventories - Supplies 17,000 Total Assets $448,573 LIABILITIES , RESERVES AND FUND BALANCE Bank Overdraft $ 93,940 Accounts Payable 120,171 Contracts Payable 44,984 Accrued Payroll 38,880 Accrued Payroll Taxes and Employee Deductions 10,427 Prepaid Revenues 53,219 Encumbrances Outstanding 4,200 Reserves: Petty Cash and Inventories 17,200 Trust Funds 3,302 Fund Balance 62,250 Total Liabilities, Reserves and Fund Balance $448,573 -14- EXHIBIT D-1 City of Hopkins Hopkins , Minnesota STATEMENT OF CHANGES IN FUND BALANCES For the Year Ended December 31, 1975 Real Shady Oak Property Beach Park Con- Purchases Total Concession struction and Sales APPROPRIATED BALANCE - JANUARY 1, 1975 $ 585,865 $ 11,564 $214,675 $359,626 DEDUCT: Transfers Made to Establish Separate Funds 585 ,865 11,564 214,675 359,626 BALANCE - DECEMBER 31, 1975 $ - $ - $ - $ - UNAPPROPRIATED BALANCE - JANUARY 1, 1975 (DEFICIT) $(19,708) ADDITIONS: Appropriated Fund Balances Transferred to Separate Funds Through Expenditure Control: Shady Oak Beach Concession Fund $ 11,564 Real Estate Purchases and Sales Fund 359,626 Park Construction Fund 214,675 Total Balances Closed Out $585 ,865 Additional Amount Due from P.I.R. Fund on Post Office Site 500 Adjustment of Accrued Payroll - Library Employees 1,798 Void Old Checks 21 Total Additions 588,184 $568,476 DEDUCTIONS: Excess of Expenditures Over Revenues: Expenditures - Exhibit D-3 $2,802,288 V Revenues - Exhibit D-2 2,296,062 506,226 STRAND & ROE BALANCE - DECEMBER 31, 1975 $ 62,250 -15- EXHIBIT D-2 City of Hopkins Hopkins , Minnesota GENERAL FUND STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED For the Year Ended December 31, 1975 Actual (Over) REVENUE Under Actual Estimated Estimated GENERAL PROPERTY TAXES: Current Ad Valorem $ 988,700 $1,043,006 $ 54,306 Delinquent Ad Valorem 11,078 12,000 922 Penalties and Interest 4,143 4,000 (143) Fiscal Disparities 17,165 - (17,165) Total General Property Taxes $1,021,086 $1,059,006 $ 37,920 LICENSES AND PERMITS: Business $ 51,909 $ 48,574 $ (3,335) Non-Business 42,337 34,500 (7,837) Total Licenses and Permits $ 94,246 $ 83,074 $(11,172) FINES AND FORFEITURES $ 49,452 $ 43,100 $ (6,352) INTERGOVERNMENTAL REVENUES: State: Local Government Aid $ 429,784 $ 430,000 $ 216 Machinery Aid 8,455 8,455 - Homestead Credit 120,152 120,152 - Highways - Maintenance 12,630 13,000 370 Election Judges 600 - (600) Civil Defense 526 - (526) State Police Aid 11,913 13,000 1,087 Roadway Sign Grant 11,587 - (11,587) County: C.E.T.A. 61,464 - (61,464) Local: School Liaison 10,625 15,000 4,375 ASAP or DWI 2,335 12,000 9,665 City of Minnetonka 53,985 45,552 (8,433) Total Intergovernmental Revenues $ 724,056 $ 657,159 $(66,897) DEPARTMENTAL FEES AND SERVICE CHARGES: Po General Government $ 5 ,552 $ 875 $ (4,677) STRAND Public Safety 17 ,817 16,400 (1,417) & ROE Recreation 114,970 129,305 14,335 Total Departmental Fees & Service Charges $ 138,339 $ 146,580 $ 8,241 USE OF MONIES AND PROPERTY: Interest Earned $ 12,703 $ 25,000 $ 12,297 Rents 1,848 1,200 (648) Commissions 320 100 (220) Total Use of Monies and Property $ 14,871 $ 26,300 $ 11,429 F -16- EXHIBIT D-2 Page 2 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF REVENUES - ACTUAL COMPARED TO ESTIMATED For the Year Ended December 31, 1975 Actual (Over) REVENUE Under Actual Estimated Estimated MISCELLANEOUS: Refunds and Reimbursements $ 3,609 $ - $ (3,609) Sale of Equipment 1,960 - (1,960) Other 13,220 3,000 (10,220) Total Miscellaneous $ 18,789 $ 3,000 $(15 ,789) TRANSFERS FROM OTHER FUNDS: Federal Revenue Sharing Fund *$ 34,800 $ 52,386 $ 17,586 Municipal State Aid Construction Fund 28,685 - (28,685) P.I.R. Fund - Overhead 5 ,738 25,000 19,262 P.I.R. Fund - Assessment Interest 66,000 66,000 - Water Utility Fund 50,000 50,000 - Sewer Utility Fund 50,000 50,000 - Total Transfers from Other Funds $ 235,223 $ 243,386 $ 8,163 Total Revenues $2,296,062 $2,261,605 $(34,457) *All Revenue Sharing Fund disbursements were made directly from the new Revenue Sharing Fund except for the $34,800 which was encumbered in the General Fund at the end of 1974. STRAND & ROE -17- EXHIBIT D-3 City of Hopkins Hopkins, Minnesota GENERAL FUND SUMMARY OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under Mayor and Council $ 28,469 $ 26,400 $ (2,069) City Manager 38,821 44,713 5,892 City Clerk 23,137 25,410 2,273 Elections 3,864 3,950 86 Legal Services 27,495 25 ,250 (2,245) Court Services 2,490 7 ,000 4,510 Assessing 35 ,581 44,635 9 ,054 Zoning and Planning 12,412 16,205 3,793 Purchasing 6,625 8,097 1,472 Finance and Accounting 65,439 64,054 (1,385) Municipal Building Maintenance 61,808 60,592 (1,216) Police Protection 480,233 475 ,902 (4,331) Fire Protection 57 ,712 73,495 15 ,783 Inspection Service 58,687 58,612 (75) Civil Emergencies 127 650 523 Animal Control 1,935 1,500 (435) Engineering 89,162 75 ,965 (13,197) Street Administration 149,216 132,725 (16,491) Streets and Alleys 61,377 74,352 12,975 Snow and Ice Removal 39,028 33,725 (5,303) Municipal Garage 13,463 15 ,310 1,847 Traffic Signs and Signals 40,589 30,900 (9,689) Street Lighting and Tree Service 58,087 78,955 20,868 Storm Sewers, Street Cleaning and Weed Control 32,057 65 ,900 33,843 Refuse Collection and Disposal, Sanitation 161,585 164,715 3,130 Health and Welfare 12,754 13,737 983 Historical Society 1,912 3,545 1,633 Parks and Recreation: Administration 85 ,818 92,780 6,962 Classes 53,103 53,150 47 Activities - Adults 17 ,316 13,990 (3,326) Activities - Youth 11,117 13,646 2,529 Ice Rinks 9,153 10,351 1,198 Beaches 21,920 26,144 4,224 Swimming Instruction 17 ,952 18,700 748 Senior Citizens 4,428 11,027 6,599 Playgrounds and Day Camps 18,234 23,672 5,438 Municipal Parks 119,438 138,648 19,210 STRAND Employee Benefits 165 ,352 153,000 (12,352) & ROE Insurance Expense 39,520 51,200 11,680 Non-Departmental 20,231 29,003 8,772 Transfers 654,641 - (654,641) Total Expenditures $2,802,288 $2,261,605 $(540,683) -18- EXHIBIT D-4 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under GENERAL GOVERNMENT: Mayor and Council: Personal Services $ 12,984 $ 13,400 $ 416 Supplies 1,704 1,500 (204) Contractual Services 8,384 7 ,500 (884) Other Charges 5 ,397 4,000 (1,397) $ 28,469 $ 26,400 $ (2,069) City Manager: Personal Services $ 30,000 $ 35,138 $ 5 ,138 Supplies 1,808 2,275 467 Contractual Services 6,428 6,500 72 Other Charges 465 800 335 Capital Outlay 120 - (120) $ 38,821 $ 44,713 $ 5 ,892 City Clerk: Personal Services $ 21,340 $ 23,200 $ 1,860 Supplies 204 850 646 Contractual Services 1,011 1,300 289 Other Charges 357 60 (297) Capital Outlay 225 - (225) $ 23,137 $ 25 ,410 $ 2,273 Elections: Personal Services $ 3,091 $ 3,300 $ 209 Supplies 670 550 (120) Contractual Services 103 100 (3) $ 3,864 $ 3,950 $ 86 Legal Services: Personal Services $ 1,500 $ 1,800 $ 300 Supplies 66 50 (16) Contractual Services 25 ,621 23,200 (2,421) Other Charges 308 200 (108) $ 27 ,495 $ 25 ,250 $ (2,245) Court Services: Contractual Services $ 2,490 $ 7 ,000 $ 4,510 STRAND & ROE Assessing: Personal Services $ 33,164 $ 41,830 $ 8,666 Supplies 1,290 1,040 (250) Contractual Services 950 1,425 475 Other Charges 177 140 (37) Capital Outlay - 200 200 $ 35 ,581 $ 44,635 $ 9 ,054 -19- EXHIBIT D-4 Page 2 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under GENERAL GOVERNMENT: (Cont'd) Zoning and Planning: Personal Services $ 5 ,468 $ 5 ,405 $ (63) Supplies 818 750 (68) Contractual Services 6,126 10,050 3,924 $ 12,412 $ 16,205 $ 3,793 Purchasing: Personal Services $ 6,137 $ 7,037 $ 900 Supplies 316 655 339 Contractual Services 160 390 230 Capital Outlay 12 15 3 $ 6,625 $ 8,097 $ 1,472 Finance and Accounting: Personal Services $ 58,617 $ 55 ,264 $ (3,353) Supplies 3,737 3,325 (412) Contractual Services 2,738 4,890 2,152 Other Charges 122 75 (47) Capital Outlay 225 500 275 $ 65,439 $ 64,054 $ (1,385) Municipal Building Maintenance: Personal Services $ 28,140 $ 26,762 $ (1,378) Supplies 2,152 5 ,150 2,998 Contractual Services 29,158 26,300 (2,858) Capital Outlay 2,358 2,380 22 $ 61,808 $ 60,592 $ (1,216) Total General Government $ 306,141 $ 326,306 $ 20,165 PUBLIC SAFETY: Police Protection: Personal Services $ 416,239 $ 415 ,257 $ (982) Supplies 23,630 23,432 (198) Contractual Services 23,189 18,516 (4,673) Other Charges 1,839 2,407 568 V Capital Outlay 15,336 16,290 954 STRAND & ROE $ 480,233 $ 475 ,902 $ (4,331) Fire Protection: Personal Services $ 22,085 $ 35 ,756 $ 13,671 Supplies 5 ,590 8,450 2,860 Contractual Services 6,693 6,224 (469) Other Charges 18,154 16,600 (1,554) Capital Outlay 5 ,190 6,465 1,275 $ 57,712 $ 73,495 $ 15,783 -20- EXHIBIT D-4 Page 3 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under PUBLIC SAFETY: (Cont'd) Inspection Services: Personal Services $ 54,954 $ 55 ,422 $ 468 Supplies 727 750 23 Contractual Services 2,807 2,300 (507) Other Charges 199 140 (59) $ 58,687 $ 58,612 $ (75) Civil Emergencies: Personal Services $ 18 $ 300 $ 282 Contractual Services 109 350 241 $ 127 $ 650 $ 523 Animal Control: Contractual Services $ 1,935 $ 1,500 $ (435) Total Public Safety $ 598,694 $ 610,159 $ 11,465 PUBLIC WORKS: Engineering: Personal Services $ 58,056 $ 61,400 $ 3,344 Supplies 1,641 2,125 484 Contractual Services 29,235 12,240 (16,995) Other Charges 230 200 (30) $ 89,162 $ 75 ,965 $ (13,197) Municipal Garage: Supplies $ 5,548 $ 4,810 $ (738) Contractual Services 7 ,915 10,300 2,385 Capital Outlay - 200 200 $ 13,463 $ 15 ,310 $ 1,847 Street Administration: Personal Services $ 52,872 $ 65 ,000 $ 12,128 Supplies 64,530 34,900 (29,630) Contractual Services 1,270 1,500 230 Other Charges 14 250 236 ko Capital Outlay 30,530 31,075 545 STRAND $ 149,216 $ 132,725 $ (16,491) & ROE Streets and Alleys: Personal Services $ 20,109 $ 21,500 $ 1,391 Supplies 13,684 22,200 8,516 Contractual Services 26 ,672 25,652 (1,020) Capital Outlay 912 5,000 4,088 $ 61,377 $ 74,352 $ 12,975 -21- EXHIBIT D-4 Page 4 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under PUBLIC WORKS: (Cont'd) Snow and Ice Removal: Personal Services $ 30,630 $ 25 ,000 $ (5 ,630) Supplies 8,398 7 ,975 (423) Contractual Services - 750 750 $ 39,028 $ 33,725 $ (5,303) Traffic Signs and Signals: Personal Services $ 11,397 $ 12,500 $ 1,103 Supplies 8,932 5 ,600 (3,332) Contractual Services 16 ,671 10,200 (6,471) Capital Outlay 3,589 2,600 (989) $ 40,589 $ 30,900 $ (9 ,689) Street Lighting and Tree Service: Personal Services $ 17,258 $ 31,880 $ 14,622 Supplies 29 125 96 Contractual Services 40,800 46,950 6,150 $ 58,087 $ 78,955 $ 20,868 Storm Sewers, Street Cleaning & Weed Control: Personal Services $ 21,587 $ 25 ,000 $ 3,413 Supplies 76 900 824 Capital Outlay 10,394 40,000 29,606 $ 32,057 $ 65 ,900 $ 33,843 Refuse Collection & Disposal, Sanitation: Personal Services $ 137,499 $ 128,000 $ (9 ,499) Supplies 21,517 31,950 10,433 Contractual Services 2,069 4,265 2,196 Other Charges 500 500 - $ 161,585 $ 164,715 $ 3 ,130 Total Public Works $ 644,564 $ 672,547 $ 27 ,983 HEALTH AND WELFARE: Personal Services $ 5 ,517 $ 6,500 $ 983 V Contractual Services 7 ,237 7,237 - STRAND & ROE Total Health and Welfare $ 12,754 $ 13 ,737 $ 983 HISTORICAL SOCIETY: Personal Services $ 270 $ 600 $ 330 Supplies 57 485 428 Contractual Services 1,375 1,760 385 Other Charges - 200 200 Capital Outlay 210 500 290 Total Historical Society $ 1,912 $ 3 ,545 $ 1,633 -22- EXHIBIT D-4 Page 5 City of Hopkins Hopkins , Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under PARKS AND RECREATION: Administration: Personal Services $ 58,336 $ 66 ,485 $ 8,149 Supplies 7 ,597 3,700 (3 ,897) Contractual Services 6,578 7 ,645 1,067 Other Charges 9,165 11,250 2,085 Capital Outlay 4,142 3,700 (442) $ 85 ,818 $ 92,780 $ 6 ,962 Classes: Personal Services $ 52,316 $ 47 ,950 $ (4,366) Supplies 787 200 (587) Other Charges - 5 ,000 5 ,000 $ 53 ,103 $ 53,150 $ 47 Activities - Adults: Personal Services $ 12,439 $ 10,861 $ (1,578) Supplies 1,485 1,246 (239) Contractual Services 2,048 917 (1,131) Other Charges 1,344 966 (378) $ 17,316 $ 13,990 $ (3,326) Activities - Youth: Personal Services $ 8,284 $ 10,651 $ 2,367 Supplies 2,833 2,995 162 $ 11,117 $ 13,646 $ 2,529 Ice Rinks: Personal Services $ 8,763 $ 9 ,971 $ 1,208 Supplies 390 380 (10) $ 9,153 $ 10,351 $ 1,198 Beaches: Personal Services $ 19 ,238 $ 21,669 $ 2,431 Supplies 1,562 2,100 538 Contractual Services 1,120 2,375 1,255 $ 21,920 $ 26,144 $ 4,224 V STRAND Swimming Instruction: & ROE Personal Services $ 17 ,374 $ 18,000 $ 626 Supplies 578 700 122 $ 17 ,952 $ 18,700 $ 748 Senior Citizens: Personal Services $ 3 ,338 $ 6,061 $ 2,723 Supplies 619 2,208 1,589 Contractual Services 471 2,558 2,087 Other Charges - 200 200 $ 4,428 $ 11,027 $ 6 ,599 -23- EXHIBIT D-4 Page 6 City of Hopkins Hopkins , Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under PARKS AND RECREATION: (Cont'd) Playgrounds and Day Camps: Personal Services $ 12,729 $ 15 ,603 $ 2,874 Supplies 4,587 5 ,819 1,232 Contractual Services 918 2,250 1,332 $ 18,234 $ 23,672 $ 5 ,438 Municipal Parks: Personal Services $ 92,872 $ 80,748 $ (12,124) Supplies 14,944 20,800 5 ,856 Contractual Services 5 ,952 10,200 4,248 Debt Service - 24,000 24,000 Capital Outlay 5,670 2,900 (2,770) $ 119 ,438 $ 138,648 $ 19,210 Total Parks and Recreation $ 358,479 $ 402,108 $ 43 ,629 EMPLOYEE BENEFITS: POEOR .A: $ 99,858 $ 97 ,000 $ (2,858) F.I.0,A, 25 ,602 25 ,000 (602) Health Insurance 34,576 31,000 (3 ,576) M,B,.A. Insurance 5 ,316 - (5 ,316) Total Employee Benefits $ 165 ,352 $ 153 ,000 $ (12,352) INSURANCE EXPENSE: Workmen's Compensation $ 21,046 $ 27 ,000 $ 5 ,954 Fleet Liability 5 ,320 7,000 1,680 General Liability 11,032 10 ,050 (982) Fire and Extended Coverage 920 4,000 3,080 Volunteer Firemen's Accident 329 250 (79) Excess Umbrella Liability 296 2,500 2,204 Employee Bonds 577 400 (177) Total Insurance Expense $ 39 ,520 $ 51,200 $ 11,680 NON-DEPARTMENTAL: Contingencies $ 13,543 $ 29 ,003 $ 15 ,460 STRAND Capital Expenditures 6,688 - (6,688) & ROE Total Non-Departmental $ 20 ,231 $ 29,003 $ 8,772 TRANSFERS TO OTHER FUNDS: Transfers to Establish Separate Funds: Storm Sewer Fund $ 29,606 $ - $ (29,606) Revenue Sharing Fund 38,998 - (38,998) Beach Concession Fund 11,564 - (11,564) -24- EXHIBIT D-4 Page 7 City of Hopkins Hopkins, Minnesota GENERAL FUND STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS For the Year Ended December 31, 1975 Appropri- (Over) Description Expenditures ations Under TRANSFERS TO OTHER FUNDS: (Cont'd) Transfers to Establish Separate Funds: (Cont'd) Real Estate Purchases and Sales Fund $ 359,626 $ - $(359,626) Park Construction Fund 214,675 - (214,675) $ 654,469 $ - $(654,469) To Municipal State Aid Fund 172 - (172) Total Transfers to Other Funds $ 654,641 $ - $(654,641) Total Expenditures $2,802,288 $2,261,605 $(540,683) V STRAND & ROE -25- EXHIBIT E City of Hopkins Hopkins, Minnesota FEDERAL REVENUE SHARING FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $12,437 Total Assets $12,437 LIABILITIES AND FUND BALANCE Fund Balance $12,437 Total Liabilities and Fund Balance $12,437 v STRAND & ROE -26- EXHIBIT E-1 City of Hopkins Hopkins, Minnesota FEDERAL REVENUE SHARING FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenues $114,732 Expenditures 102,295 12,437 BALANCE - DECEMBER 31, 1975 $12,437 STRAND & ROE -27- EXHIBIT E-2 City of Hopkins Hopkins , Minnesota FEDERAL REVENUE SHARING FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUES Entitlement Payments $ 73 623 .00 Interest Earned 2,111.14 Total (Excluding Transfers) $ 75 ,734.14 TRANSFERS IN: From General Fund to Establish Separate Revenue Sharing Fund 38,997 .87 Total Revenues $114,732.01 EXPENDITURES Operating/Maintenance Expenditures: Public Safety $ 6,541.36 Environmental Protection 6 ,136 .66 Financial Administration 1,560.53 Total Operating/Maintenance Expenditures $ 14,238.55 Capital Expenditures: Public Safety: Radios , Monitors and Screen $ 1,302.42 Environment Protection: Compactor 34,800 .00 Financial and Administration: Computer $23 ,114.27 Computer Program 3 ,950.00 Initial Computer Supplies 3,699 .22 30,763 .49 Multipurpose and General Government: Election Computer 21,190 .70 Total $88,056 .61 Less: Previously Encumbered in General Fund 34,800.00 Total Capital Expenditures 53 ,256 .61 STRAND & ROE TRANSFERS OUT: To General Fund 34,800.00 Total Expenditures $102,295 .16 -28- EXHIBIT F City of Hopkins Hopkins , Minnesota COMMUNITY DEVELOPMENT FUND BALANCE SHEET As Of December 31, 1975 ASSETS Due from Other Governmental Units $23 ,788 Rehabilitation Loans Receivable 1,595 Total Assets $25 ,383 LIABILITIES AND FUND BALANCE Bank Overdraft $ 9,613 Accounts Payable 13,613 Accrued Payroll 553 Fund Balance 1,604 Total Liabilities and Fund Balance $25,383 V STRAND & ROE -29- EXHIBIT F-1 City of Hopkins Hopkins , Minnesota COMMUNITY DEVELOPMENT FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenues Over Expenditures: Revenues $51,455 Expenditures 51,446 $ 9 Loans Granted 1,600 1,609 Balance $1,609 DEDUCTED: Collections of Rehabilitation Loans - Principal 5 BALANCE - DECEMBER 31, 1975 $1,604 Po STRAND & ROE -30- EXHIBIT F-2 City of Hopkins Hopkins , Minnesota COMMUNITY DEVELOPMENT FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE Federal Grant $51,446 Rehabilitation Loans: Principal $ 5 Interest 4 9 Total Revenue $51,455 EXPENDITURES Housing Rehabilitation: Grants $ 1,637 Loans 1,600 Inspection 271 $ 3,508 Tree Disease and Reforestation: Tree Removal $ 300 Reforestation Equipment 10,899 11,199 Parks Development 60 Reroute Utilities 13,973 Administration: Salaries $14,112 Other 3 ,544 17,656 Planning and Management 5 ,050 Total Expenditures $51,446 ST RANC & ROE -31- EXHIBIT G City of Hopkins Hopkins, Minnesota BEACH CONCESSION FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $11,483 Total Assets $11,483 LIABILITIES AND FUND BALANCE Fund Balance $11,483 Total Liabilities and Fund Balance $11,483 P‘ STRANC & ROE -32- EXHIBIT G-1 City of Hopkins Hopkins , Minnesota BEACH CONCESSION FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenue $17 ,483 Expenditures 6,000 11,483 BALANCE - DECEMBER 31, 1975 $11,483 v STRAND & ROE -33- EXHIBIT G-2 City of Hopkins Hopkins , Minnesota BEACH CONCESSION FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE Concession Sales $ 5 ,919 TRANSFER IN: From General Fund to Establish Separate Fund 11,564 Total Revenue $17,483 EXPENDITURES Payroll $ 1,296 Concession Merchandise and Services 4,477 Sales Tax 227 Total Expenditures $ 6,000 STRAND & ROE -34- EXHIBIT H City of Hopkins Hopkins , Minnesota REAL ESTATE PURCHASES AND SALES FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $ 95 ,923 Investments (At Cost) 281,400 Accrued Interest Receivable 4,554 Total Assets $381,877 LIABILITIES AND FUND BALANCE Fund Balance $381,877 Total Liabilities and Fund Balance $381,877 po STRAND & ROE -35- EXHIBIT H-1 City of Hopkins Hopkins , Minnesota REAL ESTATE PURCHASES AND SALES FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenue $381,877 Expenditures - 381,877 BALANCE - DECEMBER 31, 1975 $381,877 STRAND & ROE -36- EXHIBIT H-2 City of Hopkins Hopkins , Minnesota REAL ESTATE PURCHASES AND SALES FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE Sale of Land: Right of Way for County Road 18 $ 10,400 Interest Earned 11,851 TRANSFER IN: From General Fund to Establish Separate Fund 359 ,626 Total Revenue $381,877 EXPENDITURES NONE v STRANC & ROE -37- EXHIBIT I City of Hopkins Hopkins , Minnesota MUNICIPAL STATE AID CONSTRUCTION FUND BALANCE SHEET As Of December 31, 1975 ASSETS Due from Other Governmental Units $3,019 Total Assets $3,019 LIABILITIES AND FUND BALANCE Encumbrances Outstanding $3 ,019 Total Liabilities and Fund Balance $3,019 V STRAND & ROE -38- EXHIBIT I-1 City of Hopkins Hopkins , Minnesota MUNICIPAL STATE AID CONSTRUCTION FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenue $61,143 Expenditures 61,143 - BALANCE - DECEMBER 31, 1975 $ - V STRAND & ROE -39- EXHIBIT I-2 City of Hopkins Hopkins , Minnesota MUNICIPAL STATE AID CONSTRUCTION FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE State Construction Aid $60,971 TRANSFER IN: From General Fund 172 Total Revenue $61,143 EXPENDITURES Construction: Signal Revisions - 7th Ave. and 12th Ave. $26,595 Asphalt Overlay - Jackson Ave. No. 4,224 Project 132-354-02 1,639 $32,458 TRANSFER OUT: To General Fund for Funds Expended on Project 132-354-02 28,685 Total Expenditures $61,143 V STRAND & ROE -40- EXHIBIT J City of Hopkins Hopkins , Minnesota STORM SEWER FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $29,606 Total Assets $29,606 LIABILITIES AND FUND BALANCE Fund Balance $29,606 Total Liabilities and Fund Balance $29,606 STRAND & ROE -41- EXHIBIT J-1 City of Hopkins Hopkins , Minnesota STORM SEWER FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenue $29,606 Expenditures - 29,606 BALANCE - DECEMBER 31, 1975 $29,606 V STRAND & ROE -42- EXHIBIT J-2 City of Hopkins Hopkins, Minnesota STORM SEWER FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE TRANSFER IN: From General Fund to Establish Separate Fund $29,606 Total Revenue $29,606 EXPENDITURES NONE STRAND & ROE -43- EXHIBIT K City of Hopkins Hopkins , Minnesota BOND RETIREMENT FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $ 4,812 Cash With Fiscal Agents 19,256 Unremitted Taxes Collected by County 68 Delinquent Taxes Receivable $1,354 Less: Reserve for Uncollectible Taxes 1,354 - Total Assets $24,136 LIABILITIES , RESERVES AND FUND BALANCE Matured Bonds and Interest Coupons $19,256 Fund Balance 4,880 Total Liabilities, Reserves and Fund Balance $24,136 V STRAND & ROE -44- EXHIBIT K-1 City of Hopkins Hopkins , Minnesota BOND RETIREMENT FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - DECEMBER 31, 1974 $ 5 ,717 ADD: Excess of Revenues Over Expenditures: Revenues $23 ,851 Expenditures 23,537 $ 314 Payment of Bonds and Interest Recorded as a Liability in Prior Period 23 ,513 23 ,827 $29,544 DEDUCT: Collection of Taxes Recorded as an Asset in Prior Period $23,506 Adjustment of Delinquent Taxes and Reserve for Unrealized Revenues 1,158 24,664 BALANCE - DECEMBER 31, 1975 $ 4,880 Po STRAND & ROE -45- EXHIBIT K-2 City of Hopkins Hopkins , Minnesota BOND RETIREMENT FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUES General Property Taxes: Current $23,181 Delinquent 311 Fiscal Disparities 359 Total Revenues $23 ,851 EXPENDITURES Debt Service: Bonds Redeemed $15 ,000 Interest on Bonds 8,512 Fiscal Agents' Fees 25 Total Expenditures $23,537 STRAND & ROE -46- EXHIBIT L City of Hopkins Hopkins , Minnesota SPECIAL ASSESSMENT FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $8,269 Unremitted Special Assessments Collected by County 35 Delinquent Special Assessments Receivable $ 33 Less: Reserve for Uncollectible Assessments 33 - Total Assets $8,304 LIABILITIES , RESERVES AND FUND BALANCE Fund Balance $8,304 Total Liabilities , Reserves and Fund Balance $8,304 V STRAND & ROE -47- EXHIBIT L-1 City of Hopkins Hopkins , Minnesota SPECIAL ASSESSMENT FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $8,298 ADD: Adjustment of Prior Year's Balance 6 BALANCE - DECEMBER 31, 1975 $8,304 V STRAND & ROE -48- EXHIBIT M City of Hopkins Hopkins, Minnesota PERMANENT IMPROVEMENT REVOLVING FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $ 135 ,744 Cash on Deposit With Fiscal Agents 200,682 Investments (At Cost) 365,820 Unremitted Taxes Collected by County 2,050 Interest Receivable 5 ,920 Special Assessments Receivable: (Includes Future Interest) Current $ 264,410 Delinquent 40,629 Deferred 2,043,787 2,348,826 Due from Other Governmental Units 122,035 Authorized Construction to be Assessed 716,245 To be Provided for Authorized Construction 36 ,205 Total Assets $3 ,933,527 LIABILITIES AND FUND BALANCE Matured Bonds and Interest Payable $ 200,682 Accounts Payable 30 Contracts Payable 16,672 Due to Other Funds 4,514 Bonds Payable 1,745 ,000 Future Interest on Bonds 530,275 Unexpended Project Authorizations 413,977 Fund Balance: Fund Principal $ 830,000 Unappropriated 192,377 1,022,377 Total Liabilities and Fund Balance $3,933,527 STRAND & ROE -49- EXHIBIT M-1 City of Hopkins Hopkins , Minnesota PERMANENT IMPROVEMENT REVOLVING FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 UNAPPROPRIATED BALANCE - JANUARY 1, 1975 $257,055 ADDITIONS: Interest on Special Assessments Levied in 1975 $13 ,809 Adjustment of Delinquent Assessments 901 Interest Earned on Investments 15 ,406 Reimbursement on Alley Construction 7 ,250 Other 27 Total Additions 37 ,393 $294,448 DEDUCTIONS: Interest Transferred to General Fund $66,000 Cancellation of Interest on Special Assessments 35,700 Fiscal Agents' Fees 371 Total Deductions 102,071 BALANCE - DECEMBER 31, 1975 $192,377 V STRAND & ROE -50- EXHIBIT M-2 City of Hopkins Hopkins , Minnesota PERMANENT IMPROVEMENT REVOLVING FUND STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 (DEFICIT) $ (436,347) RECEIPTS: Special Assessments Collected $ 392,992 Project Costs Collected from Other Sources 415 Collected on Projects Before Assessment 5 ,679 Collected from General Fund on City Property 8,498 Reimbursement - Beckman Construction 7 ,250 Interest on Investments 32,340 Total Receipts (Excluding Investments) $ 447 ,174 INVESTMENTS MATURED OR SOLD (AT COST) 1,100,000 Total Receipts 1,547 ,174 Balance $1,110,827 DISBURSEMENTS: Project Costs $ 147 ,499 Reimbursement of General Fund for Project Costs 75 ,405 Payment on Bonds: Principal $170,000 Interest 83,595 Fiscal Agents' Fees 166 253,761 Total Disbursements (Excluding Transfers and Investments Purchased) $ 476,665 INVESTMENTS PURCHASED 365 ,820 TRANSFERS OUT: To General Fund $131,500 To Water Fund 1,128 132,628 STRAND • & ROE Total Disbursements 975 ,113 BALANCE - DECEMBER 31, 1975 $ 135,714 -51- City of Hopkins Hopkins , Minnesota PERMANENT IMPROVEMENT REVOLVING FUND PROJECT COSTS AND MEANS OF FINANCING As Of December 31, 1975 PROJECT E X PEND I T U R E S Current Year Prior Construc- Over- Years tion head Total Street Construction $ 18,078 $ 11,838 $1,775 $ 31,691 Street Surfacing 225 7 ,079 976 8,280 Storm Sewer 4,810 11,959 16,769 Sanitary Sewer 9,099 1,364 10,463 Water Service 525 79 604 Street Lights 328,320 24,313 352,633 Parking Lots 226,991 30,353 257 ,344 Concrete Alley 8,026 13,908 1,663 23,597 Concrete Repair 6,918 (37) (70) 6,811 Curb and Gutters 373 37 (49) 361 Tree Removal 1,956 1,956 Totals $593,741 $111,030 $5 ,738 $710,509 -51- EXHIBIT M-3 COSTS MEANS OF FINANCING PROJECTS Cash Unexpended Received Paid By Assessed Assessed Authori- Before Other in in To Be To Be zations Total Assess . Funds 1975 1973 Assessed Provided Total $ 50,441 $ 82,132 $ $ $ $ $ 55 ,177 $26,955 $ 82,132 8,280 551 7,729 8,280 (2,855) 13,914 7 ,354 6,560 13,914 (2,526) 7 ,937 7 ,937 7 ,937 (254) 350 350 350 14,474 367 ,107 4,548 40,248 294,353 27,958 367 ,107 347 ,743 605 ,087 605 ,087 605 ,087 (408) 23,189 775 7,350 12,374 2,690 23,189 2,359 9 ,170 434 6,377 2,359 9 ,170 5 ,003 5 ,364 361 5 ,003 5 ,364 1,956 6 1,950 1,956 $413,977 $1,124,486 $4,548 $49,729 $23,406 $294,353 $716,245 $36,205 $1,124,486 v STRAND & ROE -52- EXHIBIT N City of Hopkins Hopkins , Minnesota PARK CONSTRUCTION FUND BALANCE SHEET As Of December 31, 1975 ASSETS Cash $ 55 ,446 Investments (At Cost) 154,770 Interest Receivable 2 ,505 Total Assets $212,721 LIABILITIES , RESERVES AND FUND BALANCE Accounts Payable $ 3,328 Fund Balance 209 ,393 Total Liabilities, Reserves and Fund Balance $212,721 V STRAND & ROE -53- EXHIBIT N-1 City of Hopkins Hopkins , Minnesota PARK CONSTRUCTION FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $ - ADD: Excess of Revenue Over Expenditures: Revenue $221,193 Expenditures 11,800 209,393 BALANCE - DECEMBER 31, 1975 $209,393 STRAND & ROE 1 -54- EXHIBIT N-2 City of Hopkins Hopkins , Minnesota PARK CONSTRUCTION FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1975 REVENUE Interest Earned $ 6,518 Transfer From General Fund to Establish Separate Fund 214,675 Total Revenue $221,193 EXPENDITURES New Facilities: Oaks Park: Warming House and Shelter $5 ,004 Fertilizer and Seed 2,683 7,687 Valley Park: Hockey Rink $1,540 Flood Lights 2,573 4,113 Total Expenditures $ 11,800 v STRAND & ROE -55- EXHIBIT 0 City of Hopkins Hopkins, Minnesota WATER UTILITY FUND BALANCE SHEETS As Of December 31, 1975 and 1974 Assets 12-31-75 12-31-74 CURRENT ASSETS: Cash on Hand $ - $ 100 Cash on Deposit with Fiscal Agents 54,110 900 Accounts Receivable 109,928 77,239 Due from Other Funds 4,514 5,642 Due from Other Governmental Units 1,023 - Inventory - Supplies 17,004 9,868 Total Current Assets $ 186,579 $ 93,749 PROPERTY , PLANT AND EQUIPMENT: Land $ 16,247 $ 16,247 Buildings and Structures 6,080 4,467 Wells, Tanks and Mains 3 ,220,896 3,209,516 Vehicles and Equipment 22,815 24,358 Water Meters 63,412 53,632 Sundry Equipment 6,032 6 ,032 Office Equipment 11,532 11,453 Total Cost $3,347,014 $3,325 ,705 Less: Accumulated Depreciation 892,397 822,282 Net Book Value $2,454,617 $2,503,423 Total Assets $2,641,196 $2,597 ,172 Liabilities, Reserves and Contributions/Retained Earnings CURRENT LIABILITIES: Bank Overdraft $ 263,752 $ 252,715 Matured Bonds and Interest Payable 54,110 900 Accounts Payable 11,105 8,850 Accrued Payroll 2,495 1,574 Accrued Interest on Bonds 2,222 2,426 Advance from Municipality - G. 0. Bonds 40,000 40,000 Bonds Payable 20,000 20,000 Total Current Liabilities $ 393 ,684 $ 326,465 1. LONG-TERM DEBT: STRAND Advance from Municipality - G. 0. Bonds - & ROE Due After One Year $ 600,000 $ - Bonds Payable - Due After One Year - 20,000 Future Interest on Bonds - 26,694 Net Long-Term Debt $ 600,000 $ 46,694 ENCUMBRANCES OUTSTANDING $ 700 $ 15 ,000 RESERVES: TRUST FUNDS $ 80 $ 130 CONTRIBUTIONS/RETAINED EARNINGS $1,646,732 $2,208,883 Total Liabilities , Encumbrances, Reserves and Contributions/Retained Earnings $2,641,196 $2,597,172 -56- EXHIBIT 0-1 City of Hopkins Hopkins , Minnesota WATER UTILITY FUND STATEMENT OF CHANGES IN CONTRIBUTIONS/RETAINED EARNINGS For the Year Ended December 31, 1975 BALANCE - JANUARY 1, 1975 $2,208,883 ADD: Net Income for the Year $ 51,155 Interest Paid on Bonds 28,670 Eliminate Balance of Future Interest Payable in 1976 on Water Revenue Bonds 375 Total Additions 80,200 $2,289,083 DEDUCT: General Obligation Water Revenue Bonds Classified as Liability of Water Utility Fund $640,000 Adjustment of Accrued Interest 2,351 Total Deductions 642,351 BALANCE - DECEMBER 31, 1975 $1,646,732 V STRAND & ROE -57- EXHIBIT 0-2 City of Hopkins Hopkins, Minnesota WATER UTILITY FUND STATEMENT OF REVENUE AND EXPENSE For the Years Ended December 31, 1975 and 1974 12-31-75 12-31-74 Budget Actual Actual OPERATING REVENUES: Customer Water Charges $341,509 $307 ,969 $195 ,909 Meters, Hookups and Penalties 5 ,000 7 ,681 10,111 Other 1,000 3,675 1,280 Total Operating Revenues $347,509 $319,325 $207 ,300 LESS: Operating Expenses Before Depreciation 201,999 184,287 175 ,074 Net Operating Income Before Depreciation $145 ,510 $135,038 $ 32,226 LESS: Depreciation - 71,461 69,293 Net Operating Income (Loss) $145 ,510 $ 63 ,577 $(37,067) ADD: Non-Operating Income: Gain on Sale of Equipment - 139 - $145 ,510 $ 63 ,716 $(37 ,067) LESS: Non-Operating Expenses: Interest Expense $ 26,010 $ 28,466 $ 30,812 Fiscal Agents' Fees 200 167 179 Loss on Sale of Equipment - - 205 Total Non-Operating Expenses $ 26,210 $ 28,633 $ 31,196 Net Income (Loss) Before Extraordinary Income $119 ,300 $ 35,083 $(68,263) ADD: Extraordinary Income: Unbilled Portion of Prior Period Water Usage - 16,072 - V STRAND Net Income (Loss) for the Year $119,300 $ 51,155 $(68,263) & ROE -58- EXHIBIT 0-3 City of Hopkins Hopkins , Minnesota WATER UTILITY FUND SCHEDULE OF OPERATING EXPENSES For the Years Ended December 31, 1975 and 1974 12-31-75 12-31-74 Budget Actual Actual ADMINISTRATION: Personal Services $ 13 ,600 $ 11,012 $ 24,191 Supplies 14,685 6 ,991 4,765 Contractual Services 3,350 2,953 2,475 Administrative Overhead 50,000 50,000 50,000 Other Charges 19,864 15 ,096 9,401 Total Administration $101,499 $ 86 ,052 $ 90,832 PUMPS AND WELLS: Personal Services $ 14,000 $ 18,626 $ 12,370 Contractual Services 42,500 37 ,690 36,316 Supplies 7,000 4,509 3,170 Total Pumps and Wells $ 63,500 $ 60,825 $ 51,856 DISTRIBUTION: Personal Services $ 31,000 $ 32,424 $ 28,125 Supplies 6,000 4,986 4,261 Total Distribution $ 37 ,000 $ 37,410 $ 32,386 Total Operating Expenses $201,999 $184,287 $175 ,074 V STRAND & ROE -59- City of Hopkins Hopkins , Minnesota WATER UTILITY FUND SUMMARY OF PROPERTY , PLANT AND EQUIPMENT As Of December 31, 1975 C Balance Description 1-1-75 Additions Land $ 16 ,247 $ Buildings and Structures 4,467 1,613 Wells , Tanks and Mains 3,209 ,516 11,380 Water Meters 53 ,632 9 ,780 Vehicles and Equipment 24,358 700 Office Equipment 11,453 79 Sundry Equipment 6 ,032 Totals $3 .325 ,705 $23,552 -59- EXHIBIT 0-4 S T ACCUMULATED DEPRECIATION Elimi- Balance Balance Elimi- Balance nations 12-31-75 1-1-75 Deprec . nations 12-31-75 $ $ 16 ,247 $ $ $ $ 6 ,080 3,220,896 762,676 65 ,087 827 ,763 63,412 28,467 4,193 32,660 2,243 22,815 14,670 2,003 1,346 15,327 11,532 10,945 99 11,044 6 ,032 5 ,524 79 5 ,603 $2 ,243 $3,347 .014 $822,282 $71,461 $1,346 $892,397 V STRAND & ROE -60- EXHIBIT P City of Hopkins Hopkins , Minnesota SEWER FUND BALANCE SHEETS As Of December 31, 1975 and 1974 Assets 12-31-75 12-31-74 CURRENT ASSETS: Cash $ 119,207 $ 402,987 Cash on Deposit with Fiscal Agents 60,713 63,990 Investments (At Cost) 253,260 - Due from Other Governmental Units 42,508 34,545 Accrued Interest Receivable 4,099 - Prepaid Expenses 20,340 20,512 Inventory - Supplies 1,184 2,629 Total Current Assets $ 501,311 $ 524,663 PROPERTY , PLANT AND EQUIPMENT: Land $ 5 ,159 $ 5 ,159 Pumps, Mains and Lifts 3,139,343 3 ,128,880 Vehicles and Equipment 57,101 47 ,753 Office Equipment 9,727 9 ,727 Other Equipment 1,127 987 Total Cost $3 ,212,457 $3 ,192,506 Less: Accumulated Depreciation 743,726 679,426 Net Book Value $2,468,731 $2,513 ,080 OTHER ASSETS: Due from Other Governmental Units $ 415 ,791 $ 720,032 Total Assets $3,385,833 $3,757,775 Liabilities, Reserves and Contributions/Retained Earnings CURRENT LIABILITIES : Matured Bonds and Interest Payable $ 60,713 $ 63 ,990 Accounts Payable 13,329 1,664 Accrued Payroll 1,063 881 Advance from Municipality - General Obligation Bonds 40,000 40,000 Due to Other Governmental Units - 33,491 Total Current Liabilities $ 115 ,105 $ 140,026 LONG-TERM DEBT: Advance from Municipality - General Obligation Bonds - Due After One Year $ 610,000 $ - Future Interest on Bonds - 41,425 °•Of STRAND Net Long-Term Debt $ 610,000 $ 41,425 & ROE ENCUMBRANCES OUTSTANDING $ 2,700 $ - RESERVES: Extraordinary Repairs $ 35 ,000 $ 32,756 CONTRIBUTIONS FROM OTHER GOVERNMENTAL UNITS $ 818,144 $1,148,032 CONTRIBUTIONS/RETAINED EARNINGS $1,804,884 $2,395 ,536 Total Liabilities , Encumbrances , Reserves and Contributions/Retained Earnings $3,385,833 $3,757,775 -61- EXHIBIT P-1 City of Hopkins Hopkins, Minnesota SEWER FUND STATEMENT OF CHANGES IN CONTRIBUTIONS/RETAINED EARNINGS For the Year Ended December 31, 1975 CONTRIBUTIONS FROM OTHER GOVERNMENTAL UNITS BALANCE - JANUARY 1, 1975 $1,148,032 DEDUCT: Eliminate Future Interest Collectible from Metropolitan Waste Control Commission Which was Included Originally in Contributed Equity 329,888 BALANCE - DECEMBER 31, 1975 $ 818,144 CONTRIBUTIONS/RETAINED EARNINGS BALANCE - JANUARY 1, 1975 $2,395,536 ADD: Interest Paid on Bonds $ 41,425 Fixed Assets Provided by P.I.R. Fund 10,463 Interest Portion of M.W.C.C . Current Value Payments for Prior Years 32,988 Total Additions 84,876 $2,480,412 DEDUCT: Net Loss for the Year $ 23 ,284 Transfer to Reserve for Repairs 2,244 General Obligation Sewer Revenue Bonds Reclassified as a Liability of the Sewer Fund 650,000 Pi Total Deductions 675 ,528 STRAND & ROE BALANCE - DECEMBER 31, 1975 $1,804,884 -62- EXHIBIT P-2 City of Hopkins Hopkins , Minnesota SEWER FUND STATEMENT OF REVENUE AND EXPENSE For the Years Ended December 31, 1975 and 1974 12-31-75 12-31-74 Budget Actual Actual OPERATING REVENUES: Customer Sewer Charges $436,909 $354,280 $318,034 Hookups and Permits 5 ,000 10,989 2,048 Demolition Credits and Administration Fees 5,000 569 10,263 Rentals - 7 ,328 9,050 Other Charges 1,000 - - Total Operating Revenues $447,909 $373,166 $339,395 LESS: Operating Expenses Before Depreciation 358,399 340,564 325,884 Net Operating Income Before Depreciation $ 89,510 $ 32,602 $ 13,511 DEPRECIATION - 64,300 63,729 Net Operating Loss $ 89,510 $(31,698) $(50,218) NON-OPERATING INCOME: Investment Income - 23,235 3,206 Total Income $ 89,510 $ (8,463) $(47,012) NON-OPERATING EXPENSES: Interest Expense $ 42,475 $ 41,425 $ 43,525 Fiscal Agents ' Fees 135 54 56 Total Non-Operating Expenses $ 42,610 $ 41,479 $ 43,581 Net Loss Before Extraordinary Income $ 46,900 $(49,942) $(90,593) EXTRAORDINARY INCOME: Unbilled Portion of Prior Period Sewer Usage - 26,658 - STRAND & ROE Net Loss for the Year $ 46,900 $(23,284) $(90,593) -63- EXHIBIT P-3 City of Hopkins Hopkins , Minnesota SEWER FUND SCHEDULE OF OPERATING EXPENSES For the Years Ended December 31, 1975 and 1974 12-31-75 12-31-74 Budget Actual Actual ADMINISTRATION: Personal Services $ 13 ,600 $ 17 ,439 $ 25 ,963 Supplies 6,285 5 ,182 3,110 Contractual Services 4,600 2,686 3,116 Administrative Overhead 50,000 50,000 50,000 Other Charges 17 ,814 14,651 10,549 Total Administration $ 92,299 $ 89,958 $ 92,738 LIFT STATIONS: Personal Services $ 16,000 $ 12,915 $ 2,237 Contractual Services 8,100 6,434 9,496 Total Lift Stations $ 24,100 $ 19,349 $ 11,733 DISPOSAL: Personal Services $ 12,000 $ 12,024 $ 10,925 Supplies 9 ,500 3,350 3,034 Contractual Services 220,500 215,883 207,454 Total Disposal $242,000 $231,257 $221,413 Total Operating Expenses $358,399 $340,564 $325 ,884 ►i STRAND & ROE -64- EXHIBIT P-4 City of Hopkins Hopkins , Minnesota SEWER FUND SUMMARY OF PROPERTY, PLANT AND EQUIPMENT For the Year Ended December 31, 1975 C OSTS ACCUMULATED DEPRECIATION Balance Balance Balance Balance Description 1-1-75 Additions 12-31-75 1-1-75 Deprec. 12-31-75 Land $ 5,159 $ $ 5 ,159 $ $ $ Pumps, Mains & Lifts 3,128,880 10,463 3,139,343 641,850 59,844 701,694 Vehicles & Equipment 47 ,753 9,348 57 ,101 28,768 3,561 32,329 Office Equipment 9,727 9 ,727 8,754 854 9,608 Sundry Equipment 987 140 1,127 54 41 95 Totals $3,192,506 $19,951 $3,212,457 $679,426 $64,300 $743,726 po STRAND & ROE -65- EXHIBIT Q City of Hopkins Hopkins , Minnesota GENERAL FIXED ASSET GROUP OF ACCOUNTS STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY CLASS For the Year Ended December 31, 1975 Balance Elimi- Balance Description 1-1-75 Additions nations 12-31-75 Land $ 925 ,227 $ 2,683 $ $ 927 ,910 Buildings and Structures 695 ,750 9 ,417 705 ,167 Other Improvements 5 ,124,934 447 ,770 5 ,572,704 Vehicles 636,392 53,674 690,066 Equipment 328,424 74,499 402,923 Jointly Held Assets 2,872 2,872 Construction Work in Progress 521,324 280,951 521,324 280,951 Totals $8,234,923 $868,994 $521,324 $8,582,593 EXHIBIT Q-1 STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION For the Year Ended December 31, 1975 Balance Elimi- Balance 1-1-75 Additions nations 12-31-75 General Government $ 804,288 $ 55 ,104 $ $ 859 ,392 Public Safety 340,488 21,828 362,316 Engineering and Streets 5 ,272,471 750,341 516,514 5,506 ,298 Sanitation and Waste Removal 1,033,320 19 ,809 4,810 1,048,319 Recreation and Parks 781,484 21,912 803,396 STRAND & ROE Jointly Held Assets 2,872 2,872 Totals $8,234,923 $868,994 $521,324 $8,582,593 "The City has not maintained an up-to-date record of its general fixed assets." -66- EXHIBIT R City of Hopkins Hopkins, Minnesota STATEMENT OF GENERAL LONG-TERM DEBT As Of December 31, 1975 AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT SERIAL BONDS: Amount Available in Debt Service Funds $ 13,184 Amount to be Provided 1,411,816 Total Available and to be Provided $1,425 ,000 GENERAL LONG-TERM DEBT PAYABLE SERIAL BONDS: Bonds Payable *$1,425 ,000 Total General Long-Term Debt Payable $1,425 ,000 *Includes $640,000 of General Obligation Water Revenue Bonds and $650 ,000 of General Obligation Sewer Revenue Bonds which are serviced by the Water and Sewer Funds. STRAND & ROE -67- City of Hopkins Hopkins , Minnesota INSURANCE AND BONDS IN FORCE AND PREPAID INSURANCE AND BONDS As Of December 31, 1975 Policy Date Date Number Company Kind Effect. Expires IST-8462521 The Home Insurance Company Institutional Policy 9-1-75 9-1-78 GA-9117053 The Home Indemnity Company General - Automobile 9-1-75 9-1-76 Liability PWC-9132471 The Home Insurance Company Workmen's Compensation 9-1-75 9-1-76 VP101714 The Hartford Ins. Group Volunteer Firemen's 9-1-75 9-1-78 Accident 2-U028535 Chicago Insurance Company Umbrella Liability 9-1-75 9-1-76 MN-8316886-01 The Hartford Steam Boiler Boiler 7-1-74 7-1-77 Inspection & Insurance Co. FID54734 General Ins . Co. of America Blanket Bond 7-1-75 7-1-76 2338651 Safeco Public Official Bond 7-1-75 7-1-76 2338662 Safeco Bonds 8-1-74 8-1-76 2338664 2338661 (A) Annual Premium. (B) Deposit Premium. (C) Three-Year Premium Paid. (D) Two-Year Premium Paid. (1) 9070 Co-Insurance After 9-1-76. (2) Additional Named Insured: The Housing and Redevelopment Authority, Excluding the Operation of Any Owned or Leased Real Property. -67- SCHEDULE S-1 Co- Coverage Amount Cost Prepaid Ins. All Real and Personal Property as per $2,686,320 (A) $20,568 $13,712.03 (1)90% Statement of Values on File with the Home Insurance Company Deductible for All Perils 100 General Liability: (2) Bodily Injury 250/500M Property Damage 100/300M Contractual Liability: Bodily Injury 250M Property Damage 100/300M Hopkins Public Landfill: Bodily Injury 250/750M Property Damage 500M Personal Injury 500M Bodily Injury 250/500M (A) 8,224 5 ,482.67 Property Damage 100M Uninsured Motorists 25/50M Comprehensive ACV Collision ACV Deductible 150 Employees Statutory Employer 100M (B) 28,893 19,262.00 Accident and Indemnity *$50.00 - Weekly (A) 198 132.00 *Maximum 104 Weeks $5 ,000.00 - Maximum Excess Liability 2 ,000 ,000 (A) 4,370 2,913.36 Boilers & Pressure Vessels 250M (C) 459 229.50 Other City Employees (Each) 2,500 (A) 226 113 .00 Finance Director 40M (A) 345 172.50 Manager/Treasurer 10M Clerk/Ass' t Cashier 10M City Engineer 5M Cashier 5M Ass't Cashier 5M Y, Assessors: H. E. Richardson 1,000 (D) 60 17 .50 STRAND& ROE Joseph Hromadko 1,000 E. Kerber 1,000 Total Prepaid Insurance $42,034.56 -68- SCHEDULE S-2 City of Hopkins Hopkins, Minnesota ASSESSED VALUATIONS , TAX LEVIES AND MILL RATES LEVIED IN 1975 1974 COLLECTIBLE IN 1976 1975 ASSESSED VALUATION: Real Property $71,931,108 $65 ,267 ,366 Personal Property 1,138,458 1,168,138 Totals $73,069,566 $66,435 ,504 Less: Fiscal Disparities Contribution (2,338,328) (1,768,632) Less: Increment Financing (1,027,516) (896,398) Plus Fiscal Disparities Distribution 1,318,693 968,672 Taxable Valuation $71,022,415 $64,739 ,146 TAX LEVY: General $ 1,332,878 $ 1,147 ,631 Debt Service 23,224 24,018 Totals $ 1,356,102 $ 1,171,649 MILL RATES: General 18.767 17 .727 Debt Service .327 .371 Totals 19 .094 18.098 V STRAND & ROE