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1940 City of Hopkins, MN Annual Financial Report 4., r # • �gg gg H } VILLAGE OF HOPKINS,MINNESOTA REPORT ON EXAMINATION } OF ACCOUNTS AND RECORDS FOR YEAR ENDED DECEIDER 31,1940 3 3 Li E. E. NOREEN & CO. i t Municipal Accountants and Auditors RAND TOWER :: MINNEAPOLIS • 1 Village of Hopkins, Minnesota EXHIBIT " A" BALANCE SHEET at December 31, 1940 ASSETS CASH IN BANYS- NET General Fund 2,879.21 Water Fund 3, 557.32 Road and Bridge Fund ( Overdraft) 3.05 Special Assessment Bond and Interest Fund 805.26 Sewage Disposal Fund(Savings Account) 3,834.35 Water Fund- Water Collector' s Account 476.42 11, 549.51 ACCOUNTS RECEIVABLE Water Consumers 569.35 ASSESSMENTS RECEIVABLE Upon instructions from the Village Council our examination did not include the verification of receipts from Special Assessments, hence the amount of. Assessments Keceiva_ble could not be computed. FIXED ASSETS Village Hall, Equipment and Land 22,648.23 Parks, Playgrounds and Equipment 9,286.98 Fire Department Equipment 17,360.00 Road Equipment 13, 316.40 fewer System 77,137.01 Sidewalks, Curbs and Gutters 34,289.87 Streets, Crossings, Paving and Roads 65, 507.60 Ornamental Lights 10,827.38 Water Plant and System 78,850.81 Ford Truck 537.00 Gas Plant 13,432.82 k Garbage Truck 1,592.50 344,786.60 TOTAL ASSETS c'S 356,905.46 LIABILITIES 130NDS AND IMPROVEMENT WARRANTS OUTSTANDING (Schedules "A-1" and "A-2" ) 62,016.22 SURPLUS(CURRENT AND FIXED) 294,889.24 (Difference between Assets and. Liabilities Shown hereon) TOTAL LIABILITIES $ 356, 905.46 Village of Hopkins,Minnesota EXHIBIT "B" SUMMARY OF FUND BALANCES AT BEGINIING-RECEIPTS AND DISBURSEMENTS During Year and Fund Balances at F nd of Year Fund Di s- Fund Balances Receipts bursements Balances 1-1-1940 1940 Total 1940 12-31-1940 General Fund General Revenue r. 14,430.57 $21, 524.64 '- 35, 955.21 ` 24,459.74 '11,495.47 Park 2, 426.82 2,012.51 4, 439,33 3,242.16 1,197.17 Music 1,058.52 1,605.29 546.77 1,200.00 653.23 .Fire 2,896.08 3, 679.22 6, 575.30 3,595.13 2,980.17 Poor 13,242.08 12,221.71 1,020.37 9,255.55 10,275.92 Library 48.77 1,602.70 1,651.47 1, 595.54 55.93 Garbage, Collection 123.71 1865.92 1,742.21 3, 662.59 1,920.38 Total General Fund 5,377.93 44,511.99 49,889.92 47,010.71 2,879.21- Water Fund. 5,264.18 10, 363.39 15, 627. 57 12,070.25 3,557.32 Road and Bridge Fund 37.89 15,801.67 15,839.56 15,842.61 3.03 Special Assessment and Bond & Interest Fund 4,620.66 23,834.88 28, 455.54 27, 650.28 805.26 Sewage Disposal Fund -0- 3,834.35 3,834.35 -0- 3,834.35 Total- All Funds- $ 15,300.66$ 98,346.28 ;p113,646.94 $102, 573.85 $11,073.09 RECONCILIPTION OF RECORDER' S FUND BALANCES WITH TREASURER'S FUND BALANCES As At December 31, 1940 l - Treasurer' s Recorder' s Fund Outstanding Fund Balances Warrants Balances General Fund 'p 3,733.66* $ 854.45 $ 2,879.21 Water Fund 3,806.06 248.74 3,557.32 Road and Bridge Fund 629.70 632.75 3.05 Special Assessment & Bond & Interest Fund 870.12 64.86 805.26 Sewage Disposal Fund(Savings) 3,834.35 -0- 3,834.35 Totals vJ 12,873.89 (;1,800.80 $ 11,073.09 * Includes post dated check of A.O. Neider, deposited in Deceber 1940, charged back by bank; however, redeposited on January 3,1941. Note; Water Collector' s Cash in Bank amounted. to X476.42 as at December 31,1940. This was deposited in the Regular Tater Fund Account and Sewage Disposal Fund Savings Account in January of 1941. Village of Hopkins, Minnesota EXHIBIT "C" GENERAL REVENUE FUND Page 1 STATEMENT OF RECORD] 'D RECEIPT' S AND DISBURSEMNTS For Year Ended December 31 1940 Receiats Taxes f5 10,039.40 Licenses 6,464.10 Permits 355.25 Dog -ax 111.45 Fines 874.50 Filing Fees- Candidates 12.00 E- Broken Lamp Posts 147.50 U.E.R & M. Workers 117.00 Electric Motor- S. Gottstein 40.00 Miscellaneous 3.44 j Transfer from Water Fund 360.00 " " S.A.B.I . Fund 3,000.00 524.64 Total Receipts ` 21, 524.64 Disbursements Salaries: Recorder ci; 900.00 Attorney 360.00 Treasurer 250.00 Assessor and Deputy 617.50 i Health Officer and Milk Inspector 225.00 Mayor 480.00 Trustees(3) 1,080.00 3,912,50 Lighting of Streets and Buildings 6,145.78 Insurance and Bond Premiums 1,018.41 Labor 1,162.59 Supplies, Materials and Miscellaneous •765.51 Stationery, Printing and Publishing 425.91 Killing Dogs 95.00 , Telephone 120.24 Legal Services 396.14 Gas 20.79 Justice Fees 8.00 Convention Expense 71.03 Dues- League of Minnesota Municipalities 50.00 Audit 100.50 Election Expense 627 .65 Refund of Milk Licenses 2.00 Refund of Pin Ball Machine License 50.00 Donation- Hennepin County Agricultural Association 75.00 Annual Appraisal 26.00 Fuel 333.64 Totals(Forwafded) $ 15,405,69 21,524.64 Village of Hopkins,Minnesota EXHIBIT "0" GENERAL REVENUE FUND Page 2 STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31 1940 Total Aeceipts(Brou ght Forward) 21,524.64 Total Disbursements (Brought Forward) 4 15,405.69 Disbursements (Continued) Christmas Lighting 101.49 Refund of Filing Fee 1.00 Purchase of Lot 75.00 Purchase of Typewriter 40.00/ Purchase of Checkwriter 27.50 Transfer to Road and Bridge Fund 4,154.94 Total l ,805.62 Less: Transfers(Corrections of 1939) Fire Fund w 62.50 Garbage Fund 66.67 129.17 19,676.45 Police Department Salaries- Policemen 3, 508.69 40440, 1.01 Salaries- Special Police 981.O0k Alarm Service 225.80 Police Matron 14.50 Car Expense 37.66 Laundry- Jail 5.64 Supplies and Miscellaneous 10.00 4,783.29 Total Disbursements 24,459.74 Excess of Disbursements over Receipts 2,935.10 FUND RECONCILIATION Balance in -blind, January 1, 1940 14,430.57 Deduct: Excess of Disbursements over Receipts 2, 935.10 Balance in Fund, December 31, 1940 $ 11,495.47 < 4 Village of Hopkins, Minnesota EXHIBIT "D" PARK FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 314 1940 Receipts Taxes 1,412. 51 Rent- Dow House 600.00 2,012.51 Disbursements Lights for Tennis Court 495.00 Labor, Materials and Supplies at Parks and Skating Rinks 2, 747.16 Total Disbursements 3,242.16 Excess of Disbursements over Receipts 1,229.65 FUND RECONCILIATION Balance in Fund, January 1, 1940 $ 2,426.82 Deduct:Excess of Disbursements over Receipts 1,229.65 Balance in Fund- December 31 1940 1,197.17 MUSIC FUND EXHIBIT "E" STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts Taxes 1,605.29 Total Receipts 1,605.29 j Disbursements Hopkins Municipal Band- Concerts 1,000.00 rr n rr rr Advance 200.00 Total Disbursements 1,200.00 Excess of Receipts over Disbursements 4 405.29 FUND RECONCILIATION Balance in Fund, January 1, 1940(Overdraft) $ 1,058.52 Deduct: Excess of Receipts over Disbursements 405.29 Balance in Fund December 31 1940 S 653.25 Village of Hopkins,Minnesota EXHIBIT "F" FIRE FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts Taxes p 2,936.72 Fire Calls 742.50 Total Receipts 3,679.22 Disbursements Salary- Despatcher 225.00 Salary- Steward 180.00 Salary- Warden 250.00 Firemens Services and Telephones 1,536.00 Excelsior Fire Dept. Moline Fire 270.00 Telephone 106.14 Convention Expense 100.00 ISnsurance on Trucks 16.00 Oas,0il,Supplies and Miscellaneous 200.99 Fire Hose 610.00 Coats and Boots 38.50 Total Disbursements- 1940 3,532.63 Add: Correction of Error in 1939 62.50 . 3, 595.13 Excess of Receipts over Disbursements 84.09 FUND RECONCILIATION Balance in Fund January 1, 1940 2,896.08 Add: Excess of Receipts over Disbursements 84.09 Balance in Fund, December 31,1940 $ 2,980.17 POOR FUND EXHIBIT "G" STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts Taxes $ 10, 683.17 Hennepin County & State Relief 1,248.39 Payments on Contract-itudy Dupsiaff 70.15 Refund of Kokesh Relief 220.00 Total Receipts j 12,221.71 Disbursements Suburban Hennepin County Relief Board 7,270.54 Hennepin County Board of Poor Relief 1,098.00 Rural Hennepin County Surplus L'ommodities 539.34 Other Poor Relief .Expenditures 47.92 Sewing Project 283.75 Recreation Office Expense 16.00 Total Disbursements 9,255.55 Excess of Receipts over Disbursements 2,966 .16 FUND RECONCILIATION Balance in k'und, January 1, 1940 (Overdraft) $ 13,24?.0 E Add: Excess of Receipts over Disbursements 2,966.16 Balance in Fund, December 31, 1940(Overdraft) $ 10,275.92 1 i Village of Hoppkins,Minnesota EXHIBIT "H"� LIBRARY FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended recember 31 1940 Receipts Taxes 1,602.70 Total Receipts "? 1,602.70 Disbursements Salary- Librarian 900.00 Salary- Substitute Librarian 15.00 Books, Magazines, Supplie s,et c. 680.54 Total Disbursements 1, 595.54 Excess of Receipts over Disbursements 7.16 FUND RECONCILIATION Balance in Fund- January 1, 1940 0 48.77 Add: Excess of Receipts over Disbursements 7.16 Balance in Fund- December 31 1940 55.93 EXHIBIT "I" GARBAGE COLLECTION FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year 2inded December 31, 1940 Receipts Taxes 1,865.92 Total Receipts $ 1,865.92 Disbursements Garbage Collection 1,872.62 Truck Expense 29.50 Insurance - Truck 62.60 Coveralls- Garbage Collector 16.50 Printing and Specifications for New Truck 22.20 • Purchase of New Truck 1,592.50 Total Disbursements 3, 595.92 Add: Correction of error- 1939 66.67 3, 662.59 Excess of Disbursements over Receipts $ 1,796.67 FUND RECONCILIATION Balance in Fund, January 1, 1940(Overdraft) 4 123.71 Deduct: Excess of Disbursements over Receipts 1,796.67 Balance in. Fund, December 31, 194O(Overd.raft) $ 1,920.38 Village of Hopkins,Minnesota EXHIBIT "J" WATER FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts * Collections on Tater Bills 9,223.12 Sale of Water Meters 595.40 S.A.B.I . Fund- Material for 10th Ave. No. 100.20 Refund on W.P.A.Material- U.S. Treasury 100.37 Water Permits 112.75 / Payments on Hydrants 178.95 School District- Water on W.P.A. Project 50.00 Sale of Water- Tanks 3.00 Total Receipts $ 10,363.39 Disbursements Salary- Superintendent 1,800.00 ✓ Salary- Assistant 1, 380.00 Labor 89.25 Power 2,065.00 .- Supplies 158.23 Repair- Water Tank 410.00 - Repairs- 10.00 ,Repairs- Other 24.44 - Meters 536.06 ./ I Stationery, Printing and Postage 48.40 .- Insurance 45.90 Drayage 10.00d Gas and Kerosene 12.38 -' W.P .A. Expense 36.00 Expense- Water School 8.00 l Miscellaneous 21.82`" 0Al Purchase of Adding Machine -- 239.70 ' Hydrants _ 256.32 ,0•"" Payment of Bonds 2,500.00 'v Interest Paid on Bonds 68.754' Transfer to Sewage Disposal 2,000.00✓ Transfer to General Fund 360.00' Total Disbursements 12070.25 Excess of Disbursements over Receipts 1,706.86 I FUND RECONCILIATION Balance in Fund, January 1, 1940 45 5,264.18 Deduct: Excess of Disbursements over Receipts 1,706.86 Balance in Fund- December 31, 1940 n� 31557.32 This amount represents the total water collections for January 1940 and 80% of Water collections for the months of February to December inclusive. Village of Hopkin_s,Minnesota EXHIBIT "K" ROAD AND BRIDGE FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31 1940 Receipts Taxes 10, 788.87 Repair on Roads 349.00 Hennepin County- Village Aid 145.00 Sale of Old Plans 15.00 Sewer Permits 12.00 Advance from J. Tasperson 336.86 Transfer from General Fund 4,154.94 Total Receipts .;n 15,801.67 Disbursements Commissioner' s Salary 1,620.00 Street Labor 2,631.01 Team Labor 156.00 Gravel 637.72 Road Tar 691.75 -Oiling 916.45 Grading 1,945.43 Snow Removal 5,210.46 Gas and Oil 793.87 Repairs 238.61 Traffic Signals-Maintenance and Purchases 492.05 Insurance- Truck 59.18 Engineering 39.00 Supplies, Materials and Miscellaneous 411.08 Total Disbursements 15,842.61 Excess of Disbursements over Receipts 40.94 FUND RECONCILIATION Balance in Fund, January 1, 1940 $ 37.89 Deduct: Excess of Disbursements over Receipts 40.94 Balance in Fund, December 31, 1940 (Overdraft) 3,0 ; Village of Hopkins, Minnesota EXHIBIT "L" SPECIAL ASSESSMENT, BOND AND INTEREST FUND Page 1 STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts Taxes- Special 1-1ssessments from County yp 11,877.73 Proceeds from Sale of Bonds 2,169.23 It n It tt It 5,940.10 " n tt It It 2,466.63 Assessments Collected by Recorder: M.B. Hagen & Engler Bros. 5th Ave. Water Assn.tt 484.29 Mpls. Moline-Water & Tar Oil Assessment 684.75 Frank Smykal- Water Assessment 36.20 C .M. & St. P & P. Ry- Assessment 175.95 Total Receipts $ 23,834.88 Disbursements Sewer Warrants- Redeemed 800.00 If It tt 541.00 n if It 896.00 Water Main Warrants- Redeemed 173.20 It It tt II 912.00 II It It It 356.50 It It It It 608.40 It II ti It 894.00 It It It It 135.00 tt n Extension n 284.00 It It II It 185.00 It IT Bonds If 77.00 Sidewalk & Curb Warrants Redeemed 960.00 It It II It It 304.00 n II tt It It 378.00 tt II It It It 118.82 Tarvia Treatment Bonds Redeemed 739.33 rt It tt it 382.00 It It It It 351.74 n tt II tt 600.00 It It It 11 155.00 Sanitary Sewer Extension Bonds Redeemed 113.74 Sewer Bonds Redeemed 92.16 Water Bonds 1t 853.60 Park- Dow Bonds Redeemed 1,000.00 Total Bonds and Warrants Redeemed $ 11,910.49 (Forwarded- to Page 2 ) I i EXHIBIT UL" Village of Hopkins,Minnesota Pale 2 SPECIAL ASSESSMENT, BOND AND INTEREST FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSE 'iENTS For Year Ended December 31, 1940 Total Receipts(Brought Forward) 4 23,834.88 Total Disbursements(Brought Forward) $ 11,910.49 Interest Paid on Bonds and Warrants 1,998.79 13th Avenue Sewer- Costs ,2,225.06 � Storm Sewer Costs ?1,006.85 � , '` `` 13th, 14th, 15th Ave. No. '`3ater Costs 1,320.59✓ t 15th Ave. No. Sewer Costs ' 207.28 17th Ave. No. Sidewalk Costs 1,081.45-- '' :' 5th Ave. Sewer Costs ' , 372.64 tijAiuW 16th, 17th and 7th Sewer Costs > 1,573.91 11,2, 16th Ave. No. Water Costs 9.00 Hobby Acres- Water Costs 9.00-" ` Miscellaneous Sidewalk Costs 12.00- 1) 1940 Tar Treatment Costs 2, 459.37 - Hopkins Water Fund- Materials, etc. 100.20 Refund of Assessment to WM. H. Arlt 21.06 Publishing, Advertising, Engineering, Fees, Miscellaneous, etc. 342.59 Transfers to General Fund 3,000.00 Total Disbursements 27, 650.28 Excess of Disbursements over Receipts 3,815,40 FUND RECONCILIATION Balance in Fund- January 1, 19404, 620.66 Deduct: Excess of Disbursements over Receipts 3,815.40 I I Balance in Fund, December 31, 1940 4 805.26 I Village of Hopkins, Iiinnesota EXHIBIT "M" SEWAGE DISPOSAL FUND STATEMENT OF RECORDED RECEIPTS AND DISBURSEMENTS For Year Ended December 31, 1940 Receipts Collections (20of Water Collections Beginning in February 1940) dt 1,810.54 Transfer from Water Fund 2,000.00. Interest Received- Savings Account 23.81' Total Receipts 3,834. 5 Disbursements -0- Excess of Receipts over Disbursements 3,834.35 FUND RECONCILIATION Balance in Fund, January 1., 1940 -0- - Add: Excess of Receipts over Disbursements 3,834.35 Balance in Fund, December 31, 1940 3,834.35 i 1 t ..4.-4 M 4 CI 004c-+z0>400U1(2CAUa�9'V�V�[l+ C1l4 �.�___� _. . 0000 0 0 0 o m m o 0 0 O o o w o m p o o m m m m O.Z 0 0 m o 0 P ct d d ct ct ct444 HW 0 ct-c+004,0Hctctro,0'0'oW rororo 4ro0 • • • • • • • • • '4 • • • 0 • • ct• • • ct ct ct ct• • fi cc• ct• 0 HHH H H H H H H H HH HH• HH• HH• H• H P' Cn Cnw w w .. F,w w Hu w w w H. w O`w w r H H H. 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H o c 0 H cim i II11101 It I1111111111111111111t ,01 ▪ O m 0 � �� 41, 0. to o �cn 1 1 1 1 1 . 1 II II �c W x o.. N H W N H W `0 H N 3D H� H O Cn-304014.01 WIP IPWCIIO0NWI014OO(00)NCa0W1.(OC H `. O1CWH(0OH 0J Hm0OHO4,40(0004,W4,WNONHH 0 r- m 4,00014.0100 Ma IP WI.0NOHHCn IPOa01100NHO0to* Ic(' #> • • o • m 1 N NOWIP 4.m0 ON IP W N 000()0 0 0 0 0 0 0 O Cn O 00003 H N CO 00000100 OW ON(71000N00000000000000 4 VILLAGE OF HOPKINS, MINNESOTA REPORT ON EXAMINATION OF ACCOUNTS AND RECORDS FOR YEAR ENDED DECEMBER 31, 1940 1 Village of Hopkins, Minnesota INDEX Exhibit "A" - Balance Sheet as at December 31, 1940. Exhibit "B" - Summary of Fund Balances- December 31, 1940. Exhibit "C" - General Revenue Fund- Statement of Recorded Receipts and Disbursements. Exhibit "D" - Park Fund- Statement of Recorded Receipts and Disbursements. Exhibit "E" - Music Fund- Statement of Recorded Receipts and Disbursements. Exhibit "F" - Fire Fund- Statement of Recorded Receipts and Disbursements. Exhibit "G" - Poor Fund- Statement of Recorded Receipts and Disbursements. Exhibit "H" - Library Fund- Statement of Recorded Receipts and Dis- bursements. Exhibit "I" - Garbage Collection Fund- Statement of Recorded Receipts and Disbursements. Exhibit "J" - Water Fund- Statement of Recorded Receipts and Disburse- ments. Exhibit "K" - Road and Bridge Fund- Statement of Recorded Receipts and Disbursements . Exhibit "L" - Special Assessment, Bond and Interest Fund- Statement of Recorded Receipts and Disbursements. Exhibit "M" - Sewage Disposal Fund- Statement of Recorded Receipts and Disbursements. Schedule "A-1" - Bonded Indebtedness. Schedule "A-2" - Bonded Indebtedness showing Annual Maturities. EDOUARD E. NOREEN, CERTIFIED PUBLIC ACCOUNTANT MEMBER MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS ADMITTED TO PRACTICE BEFORE THE TREASURY DEPARTMENT ADMITTED TO PRACTICE BEFORE U,S. BOARD OF TAX APPEALS E. E. NOREEN & Co. RAND TOWER Municipal Accountants and Auditors MINNEAPOLIS,MINN. March 29, 1941 To The Honorable Mayor and Members of the Village Council, Hopkins, Minnesota Gentlemen: In accordance with your instructions, we have made an examination of the books and accounts of the Village of Hopkins, Minnesota for the year ended December 31, 1940 and herewith submit our report thereon, together with the attached Exhibits and Schedules as enumerated in the preceding index. We did not examine the Special Assessments Records upon specific instructions of the Village Council. REPORT The following comments will have reference to the items appearing on the Balance Sheet, Exhibit "A" . CASH IN BANKS- 11,549.51 The balances in the various funds maintained on deposit in the Security National Bank and the First National Bank of Hopkins are shown on the Balance Sheet and comprise the above amount. We checked the canceled warrants returned by the banks for the year ended December 31, 1940 to the Clerk' s dis- bursement record. The recorded receipts were traced to the banks as deposits by comparing the entries in the records with the deposits appearing on the bank statements. The bank balances in the various funds as shown by the Record- er' s ecord- ers books were reconciled with the balances in the respective funds as shown b • the bank statements, after giving effect to warrants outstanding. The balances in the various funds indicated by the records of the Treasurer were also re- conciled with the Recorder' s balances as at December 31, 1940. In Exhibit "B" OUR REPORTS AND CERTIFICATES ARE ISSUED WITH THE UNDERSTANDING THAT,IF PUBLISHED,EITHER T:iEY MUST BE REPRODUCED IN THEIR ENTIRETY,OR SHOULD IT BE DESIRED TO PUBLISH ANY REFERENCES TO OR EXTRACTS FROM THEM,THAT SUCH SHALL BE SUBMITTED FOR OUR APPROVAL 1 I Village of Hopkins,Minn. Report- Continued Page 2 we show a summary of the fund balances and also a reconciliation of the Recorder' s fund balances with the Treasurer' s fund balances as at December 31, 1940. ACCOUNTS RECEIVABLE- $569.35 The above amount is composed of water consumers' accounts outstanding as at December 31, 1940. These balances are in accordance with the records maintained by the Water Collector. ASSESSMENTS RECEIVABLE Upon instructions from the Village Council, our examination did not include the verification of receipts from. Special Assessments, hence the amount of Assessments Receivable could not be computed. FIXED A":SETS- 044,786.60 The various classes of fixed assets are shown on the Balance Sheet and are in accordance with the amounts appearing on our report for the year ended December 31, 1939 to which have been added capital expenditures made during the year 1940. BONDS AND IMPROVEMENT WARRANTS OUTSTANDING- 41,62,016.22 1 We submit in Schedules "A-1" and "A-2" details of the above liability In Schedule "A-i" we show the details on each issue and in Schedule "A-2" is shown the amounts fallang due in future years . We sighted all the canceled bonds and improvement warrants which had been paid during the period under review. SURPLUS- y 294,889.24 This amount represents the difference between the total assets and the total liabilities shown on the Balance Sheet, Exhibit "A" . Assessments Receivable are not included es assets for reasons previously stated. GENERAL We present in Exhibit "C" a statement of the receipts and disburse- ments of the General Revenue Fund for the year ended December 31, 1940. 1 Village of Hopkins,Minn. Report- Continued Page 3 In Exhibit "P" we show the Park Fund receipts and disbursements for I the above mentioned period. The Music Fund receipts and disbursements are shown in Exhibit "E" . The receipts and disbursements of the Fire Fund are presented in Exhibit "F" . In r;xhibit "G" we submit the receipts and disbursements of the Poor Fund. The receipts and disbursements of the Library Blind are shown in Exhibit "H" . The receipts and disbursements of the Garbage Collection Fund are shown in Exhibit "I" . The receipts and disbursements of the Water Fund are set forth in Exhibit "J" . In Exhibit "K" we show the receipts and disbursements of the Road and Bridge Fund. The receipts and disbursements of the Special Assessment, Bond and I Interest Fund are shown in Exhibit "L" . In Exhibit "M" we show the receipts and disbursements of the Sewage Disposal Fund. The above statements of recorded receipts and disbursements were com-1 piled from the records maintained by the Village Recorder. It was necessary for us to sub-analyze all receipts and all disburse- ments in order to prepare the aforementioned statements. The receipts of moneys from Hennepin County for taxes received during the year were checked with the remittance forms submitted by the County Treasurer. We verified the receipts from licenses, permits, etc. by checking the stubs against the Clerk ' s receipts record. Moneys received from dog licenses were verified by reference to the detailed record of dog tags issued. Village of Hopkins,Min_n. Report- Continued Page 4 We verified the moneys received from fines by checking the dockets maintained by Justice of Peace Foley. Filing fees paid by candidates filing for offices were also verified by reference to the stubs. The disbursements were test checked with the verified claims and/ or with the authorizations appearing in the minute records. No permits of any kind should be issued unless the fees therefor are collected at the time of issuance. Water meters should also be collected for at the time of sale. We found a few instances where receipts had been credited to the wrong funds. These have been corrected by us in establishing the proper fund balances at the end of the year. We sighted the insurance policies in force and found that fire and tornado insurance are being carried on the Village Hall, Library and Contents. The Water Tower is also covered by fire and tornado insurance. The fire trucks are covered by fire and tornado insurance. Trucks are covered by fire, theft, property damage and liability insurance. We found that workmen' s compensation insurance is also in force. Mr. J. Russell Carroll, Village Recorder, is covered by a fidelity bond in the amount of ":;1,000.00, and Yr. A.W. Elmquist, Village Treasurer, is also covered by a fidelity bond in the amount of 4a5,000.00. Herman A.Olson, Water Collector and Utility Man, is also covered by a fidelity bond in the amount of $1,000.00. The Village Council had designated the First National Bank and the Security National Bank, both of Hopkins, Minnesota, as depositories for Village funds. The collateral security provided by the banks is as follows: Village of Hopkins, Minn. Report- Continued Page 5 SECURITY NATIONAL BANK-HOPKINS ( a) Village of Hopkins- 4%- Sewer Warrants, dated 8-1-35; Nos. 6-8-10; due 1-1-1942,1944, 1946 respectively, 9th and 10th Ave. North Projects; 3 at $270.50 $ 811.50 ( a) Village of Hopkins- 4% Certificates of Indebtedness; dated 8-1-35; Nos. 6-8; due 1-1-1942, 1944 respectively; ?'Fater Project, 9th and 10th Ave. North; 2 at 1304.20 608.40 ( a) Village of Hopkins- Sewer Warrants; dated 9-1-1935; Nos. 6 to 10 inti; due 1-1-1940 to 1946 incl.respectively; Project No. 5; 5 at 448.00 2,240.00 1 (b) City of LaCrosse, Wisc. 1-3/4% Sewage Disposal Bonds; Due 9-1-1942; 3 at x;1,000.00 ' 3,000.00 (r) Ida County,Iowa- Road Bonds-2-1/4%; Due 5-1-1944; 2 at $1,000.00 k 2,000.00 ( c) Home Owners' Loan Corporation- 2-1/4% Series G; !, Due 7-1-1944 7,000.00- (d) Village of Hopkins- Certificate of Indebtedness-Water Main; v dated -Sept .1, 36; No. - 6; Due 1-1-43; 1 at $447.00 447.00- (d) 47.00-(d) Village of Hopkins- Certificate of Indebtedness-Water Main; dated July 1039; No. -4; Due 1-1-44; 1 at 0853.60 ,-- 853.60 Total h 16,960.50 Deposits not to exceed :;18,000.00 Federal Reserve Bank,Minneapolis . ( a) Receipt dated March P0, 1936. (b) Receipt dated October 26,1940 (c) Receipt dated January 29, 1937, (d) Receipt dated November 1, 1939 Above augmented by $5,000.00 Federal Deposit Insurance Corporation Insurance. FIRST NATIONAL BANK- HOPKINS ( a) U.S. Treasury Bonds of 1944- 1946; 3-1/4% Due 4-15-1946 7,000.00 (b) City of East Grand Forks,Water Works Plant Bond 2-1/2%; Due 10-1-1946; 3 at $1,000.00 3,000.00 Total $ 10,000.00 Deposits not to Exceed x$15,000.00 Federal Reserve Bank, Minneapolis ( a) Receipt dated April 13, 1936 (b) Receipt dated January 11, 1941 Above augmented by X5,000.00 Federal De ,osit Insurance Corporation Insurance. Villsge of Hopkins,rTinn. Report- Continued Page_ 6 No entries had been made to the General Ledger accounts during the past nine years except that as bonds and certificates of indebtedness had been issued and paid, entries had been made to these accounts. In conclusion, we wish to express our appreciation for the facilities and courtesies extended to us during the course of our examination. Respectfully submitted, E. E. NOREEN & CO. By _ I Certified Pub c Accountant