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HomeMy WebLinkAboutAnnual Audited Financial Report-1980 ANNUAI AUDiTED FINANCIAL REPORT of the CITY MANAGER of BROOKIYN CENTER, MINNESOTA For The Year Ended December 31, 1880 GERALD G. SPLINTER CITY MANAGER Prepared by THE DEPARTMENT OF FINANCE Paul W. Holmlund, Director (Member of Municipal Finance Office�s Association of the United States and Canada) I Of B rookl n en Crty y C ter COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1980 Exhibit Schedule Page Number Number Introductory Section Title Page Table of Contents Listing of City Officials 1- 2 Organization Chart 3 Location Map of City Properties 4 City b7anager's Letter 5- 6 Finance �irector's Letter 7 15 Certificate of Conformance in Financial �Reporting 16 Financial Section Auditor's Opinion 17 Combined Statements Overview: Combined Balance Sheet All Fund Types and Account Groups 1 18 Combined Statement of Revenues, Expenditures and Changes in Fund Balances A11 Governmental Fund Types 2 19 Combined Statements of ftevenues, Expenditures and Changes in Fund Balances Actual (GAAP Basis) Budgetary Basis and Budget- General Fund 3 20 Combined Statement of ftevenues, Expenses and Changes in Retained Earnings/Fund Balances All Proprietary Fund Types and Nonexpendable Trust 4 21 Combined Statement of Changes in Financial Position All Proprietary Fund Types 5 22 Notes to Financial Statements 23 37 Finaneial Statements of Individual Funds: General Fund: Comparative Balance Sheet 6 38 Statement of Revenues, Expenditures and Changes in Fund Balance Actual (GAAP Basis) and Comparison of Budgetary Basis to Budget (Non-GAAP) 7 39 Statement of Revenues Compared to Bud et 8 40 41 g Statement of Budgetary Basis Expenditures and Budget 9 42 MOEN 8 PENTTILA, LTD. C ity Of B rooklyn C enter CONiPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER, 31, 1980 i E xhib it Schedule Page Number Number Financial Statements of Individual Funds (cont'd) Special Revenue Funds: Combining Balance Sheet 10 43 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 11 44 Debt Service Funds: Combining Balance Sheet 12 45 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 13 46 Capital Projects Funds: Combining Balance Sheet 14 47 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 15 48 Project-Length Schedule of Construction Projects- Capital Projects Fund S-1 49 Project-Length Schedule of Construction Projects- Municipal State Aid Construction Fund S-2 50 Special Assessment Funds: Combining Balance Sheet 16 51 52 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 17 53 Project-Length Schedule of Construction Projects- All Special Assessment Funds S-3 54 Construction Fund Revenue and Expenditures S-4 55 Enterprise Funds: Combining Balance Sheet 18 56 Combining Statement of Operations and Retained Earnings 19 57 Statement of Operating Expenses- Municipal Liquor Fund 20 58 Statement of Water Operating Expenses 21 59 Statement of Sewer Operating Expenses 22 60 Combining Statement of Changes in Financial Position 23 61 MOEN 8 PENTTILA, LTD. C ity Of B rooklyn C enter COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1980 i Exhibit Schedule Page Number Number Financial Statements of Individual Funds (cont'd) Fiduciary �'unds: Combining Balance Sheet 24 62 Combining Statement of Revenues, Expenses and Changes in Fund Balances 25 63 Statement of General Fixed Assets By Sources 26 64 Comparative Statement of General Long-Term Debt 27 65 �tatistical Section General Governmental Expenditures By Function Table 1 66 Revenue Other Than Special Assessments Table 2 67 Tax Levies and Tax Collections Table 3 68 Assessed Va1ue and Market Value Of All Taxable Property Table 4 69 Tax Rates and Tax Levies Table 5 70 Special Assessment Collections Table 6 71 Ratio of Net Bonded Debt to Assessed Value and Net Bonded Debt Per Capita Table 7 72 Statement of Legal Debt iViargin Table 8 73 74 Computation of Direct and Overlapping Debt Table 9 75 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Expenditures Table 10 76 Schedule of Revenue Bond Coverage Table 11 77 Property Value and Construction Table 12 78 Principal Taxpayers Table 13 79 Summary of Debt Service Requirements to 1�laturity Table 14 80 1 Miscellaneous Statistical Facts 81 83 1 MOEN PENTTILA, LTD. City of Brookl�n Center LISTING OF CITY OFFICIALS For the Year Er�ded December 31, 1980 ELECTED OFFICIALS Term of Office Term Expires Mayor Dean Nyquist Two Years 12-31-81 Councilman Bill Fignar Three Years 12-31-81 Councilman Tony Keufler Three Years 12-31-81 Councilman Gene Lhotka Three Years 12-31-82 Councilwoman Cecilia Scott Three Years 12-31-83 OFFICIALS NOT ELECTED City Manager Gerald G. Splinter City Clerk Allen S. Lindman City Treasuer Paul W. Holmlund City Attorney Richard Schieffer Administrative Assistant Thomas Bublitz Administrative Assistant Brad Hoffman Department Heads: Finance Paul W Holmlund Public Works Sy Knapp Police James Lindsay Fire Ronald Boman Planning and Inspecition Ronald Warren Park and Recreation Eugene Hagel Assessment Peter Koole Liquor Stores Truman Nelson Assistant City Engineer James Grube Street and Park Superintendent Henry Davis Public Utilities Superintendent Frank Smith, Jr. Recreation Superintendent Arnold Mavis Health Officer Duane Orn M.D Fire Marshall Gerald Pedlar Sanitarian Thomas Heenan Civil Defen�e Coordinator James Lindsay -1- MOEN PENTTILA, LTD. City of Brookl�n Center LISTING OF CITY OFFICIALS At May 31, 1981 ELECTED OFFICIALS Term of Office Term Expires Mayor Dean Nyquist Two Years 12-31-81 Councilman Tony Kuefler Three Years 12-31-81 Councilman Bill Fignar Three Years 12-31-81 Councilman Gene Lhotka Three Years 12-31-82 Councilwoman Cecilia Scott Three Years 12-31-83 OFFICIALS NOT ELECTED City Manager Gerald G. Splinter City Clerk Allen S. Lindman City Treasurer Paul W. Holmlund City Attorney Richard Schieffer Administrative Assistant Thomas Bublitz Administrative Assistant Brad Hoffman Department Heads: Finance Paul W Holmlund Public Works Sy Knapp Police James Lindsay Fire Ronald B oman Planning and Inspection Ronald Warren Parks and Recreation Eugene Hagel Assessment Peter Koole Liquor Stores Truman Nelson Assistant City Engineer James Grube Street and Park Superintendent Henry Davis Public Utilities Superintendent Frank Smith, Jr. Recreation Superintendent Arnold Mavis Health Officer Duane Orn M. D. Fire Marshall Gerald Pedlar Sanitarian Thomas Heenan Civil Defense Coordinator James Lindsay 2- MOEN 8 PENTTILA, LTD. ORGANI ZATION C�-U1RT COUNCIL MANAGER PLAN City of Brooklyn Center, Minnesota ADVISORY ELECTORATE CHARTER COMMISSION Capital Improvement Review Bd. ADVISORY Youth Ad��isory Commission ADVISORY CITY COUNCIL Housing Commission ADVISORY CITY ATTORNEY i' Conservation Commission ADVISORY City Manager Administrative Assistant City Clerk Hw�,an Rights Commi ssion Purchasing Officer ADVI SORY Parks and Recreation Commission =s Administrative .�lssistants ADVISORY r Planning Commission Civil Defense I I k I t 1 I I DIRECTOR DIRECTOR CHIEF DIRECTOR DIRECTOR CHIEF MANAGER DIRECTOR ASSESSOR Planning Finance Police of Parks and Volunteer Liquor Public Tax and Department Department Environmental Recreation Fire Store Works Assessmen� Inspection City Health Department Department Department Department Depart��ent Treasurer Department City Enc�ineer G�vernment Buildinqs t Engineering Street Public Division Division Utilities_ City of Brookiyn Center Location of City Properties Dece�ber 31, 1980 I l i 1 rI I G i i s-� 1 �p a .M ,A `+5.-, 1,:� :li g 1�' ��j f S� 16 `-f ,�i M 0 ,L �at acr p A -�k f' '1� M •l. i M �b.� L_ o I t v i)^ M. M M M. L r •1M.« �"1 r t r-.�� T 1 f N d _,l N�� A A' I k M r N M I I M 1 „n �J I 1 3 N R N p r� t z i 1 r+� I I �\1 i� I� 1i:1 i� �t�, y r-: 1 �,�r I' 1 M �E:.� 'L�,�; S�� 4 �'r'.�c '�-j�• I i a E F _:l�r K J M� j N M I 1 r ^1 �ia t il J i� j i G y e ��I i: I M R E, i f 1 j++ c'- 'I� e Park S,ystem Key 1. Willow Lane Park 2. Orchard Lane Park f 6 C:' 3�� f N 3. Kylawn Park T= 4. Lakeside Park �;T�=-� 5. Brooklane Park 6. Wangstad Park -i 7 N orthport Park 8. Happy Hollow City General Properties g, Paimer Lake Park A. Vacant 10. Garden City Park B. Water Tower 11. Proposed Park C. West Fire Station Liquor Store #2 12. Lions Park D. Library (Land Only-County Library) 13. Grandview Park E. Liquor Store #3 (located on leased 14. Evergreen Park property}(Northport Shopping Center) 15. Bellvue Park F. Vacant 16. Marlin Park G. Vacant 17. Firehouse Park H. Well 18 Riverdale Park I. Garage 2 wells 1 water tank 19. Freeway Park J. Liquor Store #1 20. River Ridge Park (Miss. River) K. Community Center Central Park State Owned) L. Municipal Service Garage 21. Twin Lake Beach Park NI. East Fire Station -4- (City State Owned) CITY OF 6301 SHING�E CREEK PARKWAY B ROO�LYN BROOKLYN CENTER, MINNESOTA 55430 TELEPHONE 561-5440 N T ER EMEAGENCY-POLICE-FIRE 561-5720 June 17, 1981 HONORABLE MRYOR AND MEMBERS OF CITY COUNCIL CITY OF BROOKLYN CENTER In accordance with State Statutes and Section 7.12 of the City Charter, I hereby transmit the Annual Audited Financial Report of the City of Brooklyn Center as of December 31, 1980 and for the fiscal year then ended. Respon- sibility for both the accuracy of the presented data and the completeness and fairness of the presentation, includinq all disclosures, rests with the City. Management believes that the data as presented, is accurate in all material aspects; that it is presented in a manner desiqned to fairly s.et forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understand- inq of the City's f.inancial affairs have been included. In developing and evaluating the City's accounting system, consideration is qiven to the adequacy of internal accounting controls. Internal accountinq controls are discussed by the finance director in his accompanying letter of transmittal, and within that framework, I believe that the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of prop�r recording of financial transactions. This report has been prepared followinq the _quidelines recommended by the Municipal Finance O£ficers Association of the United States and Canada. The Municinal Finance Officers Association awards Certificates of Conformance to those qovernments whose Annual Financial Reports are judged to conform sub- stantially with high standards of public .financial reporting, including qenerally accepted accountinq principles promulqated by the National Council on Governmental Rccountin_q. The City of Brooklyn Center was awarded a Certificate of Conformance for its Annual Financial Report for fiscal year 1979. It is my belief that the accompanying fiscal year 1980 Financial Report continues to meet proqram standards and it will be submitted to the Municipal Finance Officers Association for review. Tn accordance with the above mentioned guidelines, the accompanying report consists of three barts: (1) Introductory Section, including the finance director's letter of transmittal; (2) Financial Section, includinq the financial statements and supplemental data of the government accompanied by our inde auditor's opinion; (3) Statistical Section, includinq a number of tables of unaudited data depictinq the financial history of the aovernment for the past ten years, inforn►ation on overlapping qovernments, and other miscellaneous inf_ormation. 5_ So.�etlucg 7'1Z�c HOPdORABLE MAYOR MEMBERS OF CITY COUNCIL -2- June 17, 1981 State 1aw and the City Charter require that the financial statements of the City of Brooklyn Center be audited by a certified public accountant selected by the City Council. This requirement has been complied with, and our auditor's opinion is inclu�ed in the financial section of this report. Re u s mitted, �Gerald plinter City Mana -6- CITY p� 6301 SHINGLE CREEK PARKWAY B ROO� LY N BROOKLYN CENTER, MINNESOTA 55430 TELEPHONE 561-5440 C E N T ER EMERGENCY-POLICE-FIRE 561-5720 June 15, 1981 Mr. Gerald G. Splinter City Manager City of Brooklyn Center Dear Mr. Splinter: The Comprehensive Annual Audited Financial Report of the City of Brooklyn Center, Minnesota for the year ended December 31, 1980 is submitted here- with. I believe the data, as presented is accurate in all material aspects; that it is presented in a manner designed to fairly set forth the financial position and results of operations of the City as measured by the financial activity of its various funds; and that all disclosures necessary to enable the reader to gain the maximum understanding of the City's financial affairs have been included. THE REPORT The organization, fonr� and content of this report has been prepared using standards prescribed by the Municipal Finance Officers' Association of the United States and Canada, the National Council on Governmental Accounting, the American Institute of Certified Public Accountants, the Minnesota State Auditor, and the Brooklyn Center City Charter. ORGANIZATION Brooklyn Center was incorporated as a Village on February 14, 1911, and became a City of the second class on December 8, 1966, thirty days from the adoption of the City Charter by a referendum vote of the people. The form of government established by the Charter is the "Council Manager Plan." The Council exercises the legislative power of the City and determines all matters of policy. The Council is composed of a Mayor and four Council- persons who are elected at large. Each Councilperson serves a term of three years and the Mayor serves a term of two years. The City Manager is the head of the Administrative branch of the City Government and is responsible to the Council for the proper administration of all affairs relating to the City. The City Manager is the chief accounting officer of the City and must provide such information about the City as the Council may require. The offices of City Clerk and City Treasurer are subordinate to, and appointed by, the City Manager. The City Clerk has duties in connection with the -7- so.,�� m Mr. Splinter -2- June 15, 1981 keeping of the public records. The City Treasurer has duties in connection with the receipt, disbursement and custody of public funds. The City Attorney is appointed by the Council. All other officers and employees of the City are appointed by the City Manager. Appointment or removal of department heads are made final upon a majority vote of the Council. ACCOUNTING SYSTEM AND BUDGETARY CONTROL In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The �oncept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. I believe that the City's internal accounting controls adequately safeguard f fi ia assets and rovide reasonable assurance of proper recording o nanc 1 P transactions. A summary of significant accounting policies is contained in Note 1 of the Notes to Financial Statements which can be found in the Financial Section of this report. Accounting for all the City's activities are centralized under the Department of Finance. The responsibility for maintaining and prescribing all financial records, establishing and main- taining internal control, and preparing financial and budgetary reports is delegated to this department. The Cit Charter rants the Cit Council full authorit over the financial Y 9 Y Y affairs of the City. The Charter requires that all funds of the City, except funds made up of proceeds of bond issues, public service enter- prise funds, and special assessment funds, be budgeted. The City Manager is charged with the responsibility of preparing the estimates of the annual budget and the enforcement of the provisions of the budget as specified in the budget resolution. Upon adoption of the annual budget resolution by the Council, it becomes the formal budget for City operations. After the budget resolution is adopted, the Council can increase the budget only if actual receipts exceed the estimates or from accumulated surplus in the amount of an unexpended appropriation from the previous fiscal year. Financial reports, which compare actual performance with the budget, are prepared monthly and presented to the Council so the Council is able to review the rinancial status and measure the effectiveness of the budgetary controls. Budget control is maintained by recording encumbrances as ��urchase orders are written. Open encumbrances are reported as reservations of fund balance at December 31, 1980. THE CITY AND ITS SERVICES This report includes all of the funds and account groups of the City. It includes all activities considered by the U. S. Bureau of Census to be part of (controlled by or dependent on) the City. The Housing and Redevel- opment Authority (HRA), although governed by Commission members who are i Mr. Splinter -3- June 15, 1981 also City Council members, is considered by Census to be a separate govern- ment because: it is an organized entity; (2) it has governmental character; and (3) it is substantially autonomous. However, audited financial statements for the HRA are included in this report since the City receives and disburses funds for the HRA. Independent School District Nos. 286 (Earle Brown), 279 (Osseo), 281 (Robbinsdale), and 11 (Anokaj are totally or partially located in Brooklyn Center and provide secondary education services to students within the corporate limits of Brooklyn Center. These independent school districts are governed by their respective school boards, tlierefore financial data applicable to them has been excluded from this report. Independent School District No. 287 (Suburban Hennepin County Area Vocational Technical Institute) financial data has also been excluded for the same reason. State Aid insurance premium tax in the amount of $52,521 was receipted in by the City and disbursed to the Volunteer Firemen's Relief Association with the City acting in an agency capacity. This report includes all other activities considered to be a part of, and controlled by, the City of Brooklyn Center. The City provides the full range of municipal services contemplated by statute or character. This includes public safety (police and fire), streets, sanitation, health and social services, culture recreation, public improvements, planning and zoning, and general administrative services. The City also operates three off-sale liquor stores and a public water and sewer utility. Net revenue produced in excess of working capital requirements by the municipal liquor stores operations have been used toward financing current expense and capital outlay programs of the General Fund. The financial condition of each of the City's funds as of December 31, 1980 and the results of each funds operations for the year, together with a comparison of these results to budget estimates and a comparison to the previous years' results, is presented within the financial statements section of this report. GENERAL GOVERNMENTAL FUNCTIONS A summary of the City budget for governmental functions as orginally adopted (prior to subsequent amendments) for the calendar year 1980 follows: Proposed Expenditures City operations (General Fund) $4,935,558 Debt redemption Park bonds 16,500 1969 Building and improvement bonds 212,200 Total Proposed Expenditures $5,164,258 Proposed Source of Financing: Taxation (See summary of taxation presented below) $2,350,734 Intergovernmental (State and Federal revenuel 1,846,543 Tax penalties 25,000 -9- Mr. Splinter -4- June 15, 1981 Proposed Source of Financing: (continued) Local revenue: General government services 414,264 Permits and license 168,000 Court Fines 90,000 Miscellaneous revenue 133,000 Transfers-in: Liquor fund 125,000 Fund balance 11,717 Total Proposed Financing $5,164,258 Ad valorem tax levies for the current year 1980 and for the two previous years are summarized and presented below: 1980 1979 1978 Mill Mill Mill Tax Lev� Rate Amount Rate Amount Rate Amount City operations 14.013 $1,910,190 14.150 $1,831,293 13.001 $1,609,474 Debt redemption 1.678 228,700 1.962 254,000 2.219 274,600 Public Employee's retirement 1,554 221,844 1.453 188,002 1.089 134,658 Total Levy 17.245 $2,350,734 17.565 $2,273,295 16.313 $2,018,732 Assessed Valuation 1980 1979 1978 Real estate $134,112,276 $126,968,242 $121,617,308 Non-exempt personal property 3,816,766 4,389,397 3,537,911 Fiscal disparities adjustment (1,832,196) (1,464,192) (1,190,083) Total Assessed Valuation $136,096,846 $129,893,447 $123,965,136 Minnesota's Levy Li.mitation Law was first implemented in 1972. The law placed a limitation on the amount of increased property tax which a city can levy. The amount of increase is generally limited to 8� of the prior year's levy. The law also provides certain mechanisms by which a munici- pality may adopt levies outside the levy limitations. The following table summarizes the City's compliance with the law for the years 1977 through 1980: 1980 1979 1978 1977 Total tax levy $2,350,734 $2,273,295 $2,018,732 $1,881,960 Less special tax levies 538,041 494,033 449,581 473,028 Limited levy $1,812,693 $1,779,262 $1,569,151 $1,408,932 Levy limitation 1,819,897 1,858,367 1,821,608 1,649,898 Under levy limitation 7,204 79,105 252,457 240,966 The State legislature enacted a"Fiscal Disparity Law" in 1971 which was not implemented until taxes payable in 1975 due to a constitutional challenge. The law provides for the "pooling" of 40$ of all new commercial and industrial property valuation in the seven county metropolitan area. Valuation from this "pool" is redistributed to taxing jurisdictions according to specified criteria. The impact of the disparity law on the City is shown below. The City has, since the inception of the law seven years ago contributed $5,774,101 in assessed valuation. The fiscal disparities adjustments for the seven years are as follows: �0- I 1 Mr. Splinter -5- June 15, 1981 Year Assessed Assessed Value Net Received Taxes Value Contri- Received Or Payable buted to "Pool" From "Pool° (Contributed) 1975 2,355,241 2,816,222 460,981 I976 3,746,879 3,880 133,422 1977 3,726,462 3,525,256 (201,206) 1978 4,856,260 3,666,177 (1,190,083) 1979 6,172,992 4,708,800 (1,464,192) 1980 8,086,801 6,254,605 (1,832,196) 1981 9,523,651 7,842,824 (1,680,827) 7 Year Total $38,468,286 $32,694,185 (5,774,101) As of December 31, 1980, the fund balance of the General Fund, which had not been appropriated to a specific expenditure purpose, totaled $2,626,856. This amount represents the working capital that is available to finance the general operations of the City. During 1980, the Council transferred $490,000 from the General Fund balance to the Capital Project Fund. The Council also adopted a method of determining an adequate fund balance for working capital and contingencies. Revenue received to be used for general governmental operations totaled $5,190,441 in 1980, an increase of 207,345 over the previous year. The t following table presents an analysis of the major revenue sources (budgetary basis) of the General Fund for 1980 and compares them to 1979: Increase of (Decrease) Revenue Source 1980 Tratal 1979 From 1979 Taxes, Ad valorem $2,188,218 42.2� $2,131,443 56,775 Intergovernmental revenue 1,496,924 28.8 1,298,545 198,379 Charges for services 556,316 10.7 465,885 90,431 Licenses and permits 195,931 3.8 186,464 9,467 Court Fines 111,382 2.1 82,466 28,916 Miscellaneous revenue 195,710 3.8 135,889 59,821 Other sources 434,243 8.4 682,404 (248,161) Appropriations from fund balance 11,717 .2 -0- 11,717 Total Revenue $5,190,441 100.0� $4,983,096 $207,345 Expenditures for general government operations totaled $4,600,079 in 1980, an increase of $361,566 over the previous year. The following table presents an analysis of the major expenditure functions (budgetary basis) of the General Fund for 1980 and compares them to 1979: t Increase of (Decrease) Expenditure By Function 1980 Total 1979 From 1979 General Government 840,311 18.3� 688,539 $151,772 Public Safety 1,446,132 31.4 1,521,159 (75,027) Public Works 1,103,334 24.0 892,470 210,864 Community Health 43,521 1.0 48,576 (5,055) Parks and Recreation 925,312 20.1 860,283 65,029 Other uses 241,469 5.2 227.486 13,983 Total Expenditures $4,600,079 100.0� $4,238,513 $361,566 t -11- I Mr. Splinter -6- June 15, 1981 The complete reporting of the General Fund financial operations and positian can be found in the General Fund section of this report. DEBT ADMINISTRATION The ratio of net bonded debt to assessed valuation and the amount of bonded debt per capita are useful indicators of the City's debt position to municipal management, citizens, and investors. These data for the City at December 31, 1980 were as follows: Ratio of Debt to Ratio of Debt to Assessed Value Present Debt Per Amount of Present Max'ket Market Value Capita Net direct bonded debt $3,745,933 2.75$ .81� $120.19 I Outstanding general obligation bonds at December 31, 1980 totaled $5,745,000 of which $2,325,000 was issued to provide permanent financing for water, sanitary sewer, storm sewer and streets. The repayment of these bonds is provided from the proceeds of special assessments levied against the benefited property. Included also in the outstanding G. O. Bonds were $655,000 of G. O. State Aid Street Bonds which were issued to finance state aid projects and are repaid from state allotments. The remaining $2,765,000 is direct tax supported debt which is repaid by the proceeds of ad valorem tax levies. Park Improvement Bonds, in the amount of $1,500,000 and having an average maturity of 9.5 years, were sold on August 25, 1980 at a net interest rate of 7.5266�. During the past year, $675,000 of general obli ation bonds were retired. 5 Outstandin revenue bonds on December 31, 1980 totaled $520,000. These are g bonds issued in 1963 for improvements to the water utility and are repaid from the public utilities revenues. During the past year, $35,Q00 of revenue bonds were retired. The City has a current Moody's Investors Service bond rating of "A-1." More detailed information about the debt position of the City can be found in the statistical section of this report. CASH MANAGEMENT The Investment Trust Fund was established to provide a uniform and consistent means for inuesting temporary surpluses of individual City Funds. Each �I individual City Fund invests in the Investment Trust Fund and that Fund, in turn, invests these temporary surpluses in obligations issued by the United States and its agencies, bank certificates of deposits, repurchase agree- ments, savings and loan associations' savings certificates and City of Brooklyn Center Construction ncites issued to provide temporary financing for construction in the special assessment funds. The average yield on investments during the year was 8.87� and the Fund distributed $1,156,460 in interest earnings to the participating funds. The complete reporting of the Investment Trust Fund's financial operations and position can be found in the Trust and Agency Funds Statements section of this report. -12- Mr. Splinter -7- June 15, 1981 CAPITAL PROJECTS FUNDS The Capital Projects Funds of the City include the following: Lawcon Fund: Established to account for federal and state land and water conservation grants expended on developing certain park lands. Open Space Land Acquisition Fund: Established to account for federal and state grants expended on the acquisition of public open space lands within the community. Community Development Block Grant Fund: Established to account for grants received from the Department of Housing and Urban Development expended on projects for low and moderate income individuals in the manner as set forth in the Community Development Block Grant Guidelines. Capital Projects Fund: Established to account for monies received from various sources (including the Lawcon and Community Development Funds, G. O. bond funds, and other Fund transfers) expended on certain major, permanent facilities. A listing of current capital projects can be found in Schedule S-l. Municipal State Aid for Construction Fund: Established to account for monies received from the Minnesota Department of Transportation expended on State Aid approved projects. The reporting of these funds financial operations and position can be found in the Capital Projects Funds Statements section of this report. I PUBLIC UTILITIES FUND Comparative data for the City's Public Utilities operations for the past two fiscal years are shown in the following table: 1980 1979 Water Department operating revenue $531,258 $400,308 Sewer Department operating revenue 948,644 789,591 Water Department operating income 123,431 51,493 Sewer Department operating income 230,053 136,170 Combined utilities net income 353,484 187,663 Water customers at year end 8,119 7,932 Sewer customers at year end 8,371 8,263 The �ublic Utilities operating revenues are to be used to finance system maintenance and future expansion and improvements. The complete reporting of the Public Utilities' financial operations and position can be found in the Enterprise Funds Statements section of this report. LIQUOR STORES FUND The City's three municipal off-sale liquor stores earned a combined net profit of $142,456 for the calendar year ended December 31, 1980. The Liquor Fund transferred $125,000 during the year to the General Fund to assist in the financing of City operating expenses. A condensed comparison of the stores' 1980 operations with those of 1979 follows: 1980 1979 Sales $2,404,379 $2,289,874 Cost of sales 1,940,294 1,839,003 Gross profit on sales 464,085 450,871 -13- Mr. S linter -8- Jun 1 p e 5, 1981 1980 1979 Operating expenses 330,200 302,360 Net operating income 133,885 148,511 Interest and other income 8,571 13,983 Net Income 142,456 161,994 Transfers to the General Fund 125,000 $.125,000 The Department began the installation of an on-line automated inventory control and management system during 1980 which will be completed in 1981. The s�stem features point of sale terminals and automatic daily polling of these terminals by the computer through telephone access. SPECIAL ASSESSMENT FUNDS Special Assessment Funds are used to finance and account for the construction of certain public improvements such as residential streets, storm sewers, sanitary sewers and water mains which are to be paid for who],ly or in part from special assessments levied against benefited property. The Special Assessment Funds are also used to account for assessments levied against the individual property owners which are usually paid in installments over a period of years. The compl•ete reporting of the Special Assessment Fund's financial operations and position can be found in the Special Assessments Funds Statements section of this report. GENERAL FIXED ASSETS The general fixed assets of the City are those fixed assets used in the performance of general government functions and exclude the fixed assets of the Enterprise Funds (Public Utilities and Liquor.) As of December 31, 1980, the general fixed assets of the City amounted to $19,463,637. This amount represents the original cost of the assets and is considerably less than their present value. Depreciation of general fixed assets is not recognized in the City's accounting system. The Department has an automated fixed asset control system. The system provides computations of depreciation for all depreciable fixed assets in such manner that information is readily available for management purposes. The complete reporting of the General Fixed Assets accountirrg can be found in the General Fixed Asset Statement section of this report. INDEPENDENT AUDIT Section 7.12 of the City Charter requires that the City Manager's annual report to the Council concerning the entire financial operations of the City be audited. This requirement has been complied with and the auditor's opinion has been included in this report. CERTIFICATE OF CONFORMANCE The Municipal Finance Officers Association of the United States and Canada (MFOA) awarded a Certificate of Conformance in Financial R.eporting to the City of Brooklyn Center for its comprehensive annual audited financial report for the fiscal year ended December 31, 1979. -14- Mr. Splinter -9- June 15, 1981 In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Conformance is valid for a period of one year only. We believe our current report continues to conform to Certificate of Conformance Program requirements, and we are submitting it to MFOA to determine its eligibility for another certificate. ACKNOWLEDGEMENTS The preparation of this report on a timely basis could not be accomplished without the efficient and dedicated services of the entire staff of the Department of Finance. I should like to express my appreciation to all members of the Department. I should also like to thank the Mayor, Council members, and the City Manager for their interest and support in planning and conducting the financial operations of the City in a responsible and progressive manner and the independent auditors for their valuable and willing assistance. Respectfully submitted, C�� W Paul W. Holmlund Director of Finance PWH:pap y -15- Certificate 1 of 1 onformanc C e 1 in Financial Ae ortin 1 n g Presented to City of Brooklyn Center, Minnesota For its Comprehensive Annual Financial Report for the Fiscal Year Ended December 31, 1979 A Certificate of Conformance in Financial Reporting is presented by the Municipal Finance Officers Association of the United Sta`es and Canada to governmental units and public employee retirement systems whose comprehensive annual financial reports (CAFR's► are judged to substantially conform to program standards. aGE OFF/� �P o� r� qs ��UNtiEO STATES y ``r u,o y President c i CANAOA y WRPORAiroN h n J �y���ti WCMiC�4 Executive Director -16- I MOEN AND PENTTILA, LTD. GERTIFIED PUBLIC ACCOUNTANTS SUITE 203 VALLEY SOUTH BUILDING ME�teHA oF 6950 WAVZATA BOULEVARD (812) 546-3306 AMERICAN INSTITUTE OF CERTIFIEDPUBLICACCOUNTANTS MINNEAPOLIS. MINNESO7A 55426 June 3, 1981 Honorable 1Vlayor, Members of the City Council, and City Manager City of Brooklyn Center, Minnesota We have examined the combined financial statements of the City of Brooklyn Center and its combining and individual fund financial statements as of and for the year ended December 31, 1980 and 1979, as listed in the 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 combined financial statements referred to above present fairly the financial position of the City of Brooklyn Center at December 31, 1980 and 1979, and the results of its operations and the changes in finan- cial position of its proprietary fund types and similar Trust Funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, Also, in our opinion, the combining and individual fund financial statements referred to above present fairly the financia.l position of the individual proprietary funds for the pear then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpase of forming an opinion on the combined financial statements taken as a whole and on the combining and individual fund financial statements. The accompanying financial information listed as supporting schedules in the table of contents is presented for pur- poses of additional analysis and is not a required part of the combined financial statements of the City of Brooklyn Center. The information has been subjected to the auditing procedures applied in the examinatiori of the combined, combining, and individual fund financial statements and, in our opinion, is fairly stated in a11 material respects in relation to the combined financial stateme t taken as a whole. �,.���:c..�aJ �!✓"�v, MOEN PEN TTILA LTD Certified Public Accountants Field work completed May 15, 1981 Report signed June 3, 1981 -17- City Of Brooklyn Center All Fund Tyues and Account Groups COMBINED BALANCE SHEET EXHIBIT 1 December 31, 1980 Proprietary Fiduciary Governmental Fund Types Fund Types Fund Tvves Account Groupa Totals-Memorandum Only Special Debt Capital Special Trust and General General Long- December 31, General Revenue Service Projects Assessments Enterprise A�ency Fixed Asaets Term Debt 1980 1979 ASSETS Cash on hand and in banks 475 3,900 639,231 638,606 274,789 Investments (at cost)(N ote lE) 2,682,686 459,936 388>563 3,379,778 2,904>603 1,673,454 531,869 12,020,949 9,842,999 Receivables (net of uncollectible): Taxes 114,653 15,165 6,135 135,953 146,042 Accounts 14,077 2,199 32,987 104,644 153,857 167,183 Special assessments 7,695 1,927,646 10,125 1,945,666 2,440,160 Accrued revenue 144>375 412,771 557,146 435,517 City share of impmvements(Note 5) 159,092 159,092 189,741 Due from other funds 88,249 5,670 1>088,566 223,163 966 51,536 1,958,150 746,605 Due from other governments 74,914 57>990 816,77¢ 46,475 51,359 1,047,512 2,009,474 Inventories and supplies (Note 1F) 48,578 278,fi55 327,233 304,818 Prepaid expenses and deferred charges 4,125 15,191 52,080 71,396 60,930 Investments held for other funds (Note 71 14,141,928 14,141,928 13,521,185 Restricted investments and other assets (Notes 3,4) 4,349,050 9,349,050 4,182,153 Property, plant and equipment (Note 19` 12,928,350 19,463,637 32,391,987 30,270,121 Less: Accumulated depreciation (2>899,916) (2,899,918) (2,713,170) Authorization to assess for construction in progress 1,546,860 1,546,860 2,072,300 A mount available in Debt Service Funds 403,728 403,728 363,471 A monnt to be provided for General Long-Term Debt 3,175,364 3,175,364 1,884,111 Total Assets 3,027,757 533,500 403,728 5,265,118 6,856,217 16,697,040 15,778.470 19,463,637 3.579,092 71,624,559 66,198,429 LIABILITIES AND FUND EQUITY Liabilities Accounts payable S 122,616 13 60,018 24,743 156,830 26,455 390,675 586,955 Contracts payable 11,118 526,800 245,228 783,146 694,905 Due to other funds 133,500 35,342 1,178,926 109,200 1,182 1,958,150 746,605 Accrued expenses 125,619 152,824 26,233 304,661 250,504 Construction loans payable 1,929,423 1,929,423 811,000 Assessments payable on City groperty(Note 51 159,092 159,092 133,168 Special assessment bonda payable 2,325,000 2,325,000 2,805,000 Revenue bonds payable 520,000 520>000 555,000 General obligation bonds payable 3,420,000 3,420,000 2>115,000 Due to funde perticipating 'v� Investment Trust Fund (Note 7) 14,973,482 14,973,482 13,576,304 Customer and contractor depoeits 900 •140,396 140,746 136,120 Deferred credits (Notes 3,4) Due to other governments 48,233 311,939 360,172 323,571 Total Liabilities 381,730 46,473 -0- 1,813,977 4>766,408 1>016,589 15,140,283 -0- 3,579,C92 26,764,547 22,734,132 Fund E uit Contributed capital 10,101,350 10,101,350 10,021,676 Invested in general fixed assets 19,963,637 19,963,637 17,477,725 Retained earnings: Reserved for debt retirement 131,485 131,485 132,B50 Reserved for construction 82>982 82,982 76,230 Reserved for working capital 20,000 20,000 20,000 Designated for plant expaneion 3,777>213 3,777,213 3,601,017 Undesignated 1,567,426 1,567,926 936,211 Fund $alancea: Reserved for encumbrances (Note 1G 19,171 19,171 220,420 Reserved for debt services 2,291,377 2,291,377 3,332,639 Appropriated 182,268 403,728 2,099,704 (221,568) 2,459,132 1,214,379 Unappropriated 2.626,856 304,759 1,376,437 638,187 4,946,239 6,430,950 Total Fund Equity 2.646,027 487,027 403,728 3,971>141 2,069,809 15,G80.956 638>187 19,463,637 -0- 44,860,012 43,464,29? Total Liabilities and Fund Equity 3.027,757 533,500 403.726 5,285,118 6,856>217 16.697,040 15,778,470 19,463 3,579,092 71,624,559 66,198,429 (See notes to financiiil statements) This statements is an integral part of report dated May 15, 1961 MOENBPENTTIIA.ITD. I i I City Of Brooklyn Center All Governmental Fund Types EXHIBIT 2 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES December 31, 1980 Memorandnm Oniy (GAAP Basis) Special Debt Capital Special Totals General Revenue Service Projects Asseas[pents 1980 1979 Revenues Taxes and special assessments levied 2,188,218 228,755 32,109 2,449,082 2 Licenses and permits 195,931 195,931 186,464 Intergovernmental revenue 1,486,924 246,313 988,374 516,229 3,247,840 3,024,121 Charges for services 451,688 19,044 970,732 485,818 Fines and forfeits 111,382 111,382 82,466 Interest 40,324 244,736 412,399 697,459 678,297 Miscellaneous 300,338 70,955 45,732 417,025 140,769 Total Revenues 4,744,481 336,312 269,079 1,233,110 1,006,469 7 6,983,378 Expenditures General government 839,307 839,307 888,539 Public safety 1,942,619 1,492,619 1,521,159 I Streets and high ways 1,103,1fi6 1,103,166 892,470 I Community Health services 37,336 37,336 48,576 'l Parks and recreation 917,224 917,224 893,109 Other 50,220 2,411 8,932 61,563 252,905 Capital ouUay 3,209,544 1,962,230 5,171,774 638,094 Debt service: 195,000 195,000 210,000 Principal retirement Interest and fiscal charges 134,728 142,449 277,177 325,444 Total Expenditures 4,339,652 50,220 332,139 3,209,544 2>113,611 10,045,166 5,470,296 Excess of Revenues Over (U nder) Expenditures 404,829 286,092 (63,060) (1,976,434) (1,107,142) (2 1,513,082 Other Financing Soumes (Uses) Sale af bonds 1, 500, 000 1, 500, 000 Transfers in from other fun ds 434,243 103,317 490,000 207,783 1,235,343 896,538 Transfers out to other funds (490,000) (2b6,721) (599,896) (1,346,617) (700,189) Insurance and other (241,256) 67,100 (179,156) 648,948 Tatal Other Financin Sources (Usea) (297,013) (256,721) 103,317 1,457,204 207,783 1,214,570 845,303 Excess of Revenues and Other Sourcea Over (Under)Expenditures and Other �aes 107,816 29,371 40,257 (519,230) (899,359) (1,241,145) S 2,358,385 Fund B alances January 1 2,538,211 457,656 363,471 3,990,371 2,969,168 10,318,877 7,960,492 Fund B alances December 31 2,646,027 487,027 403,728 3,471,141 2,069,809 9,077,732 10,318,877 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA. LTD. i City Of Brooklyn Center General Fund STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE EXHIBIT 3 ACTUAL (GAAP BASIS) AND COMPARISON OF BUDGETARY BASIS TO BUDGET (NON-GAAP) For the Year 1980 With 1979 Actual (GAAP Basis) for Comoarison of Actual Year 1980 Adjustment Budgetary Basis Actuffi To Budgetary Budgetary Over (Under) 1979 Actual (GAAP Basis) Basis Basis Bud¢et BudQet (GAAP Basis) Revenue Ad valorem taxes 2,188,218' 2,188,218 2,147,034 41,184 2,131,443 License and permits 195,931 195,931 168,000 27,931 186,464 Intergovernmental revenue 1,496,924 1,496,924 1,508,466 (11,542) 1,298,545 Charges for services 451,688 556,316 553,264 3,052 465,885 Court fines 111,382 111,382 90,000 21,382 82,466 Miscellaneous 300>338 195,710 32,000 163,710 135,889 Total Revenue 4,744>481 -0- 4,744,481 4,498,769. 245,717 4,300,692 Expenditures General government 839,307 1,004 840,311 910,042 (69,731) 688,539 Public safety 1,442,619 3,513 1,446,132 1,510,9�2 (64,840) 1,317.,938 Streets and highways 1,103,166 168 1,103,334 1,200,280 (96,946) 883,870 Community health servicea 37,336 6,185 43,521 45,000 (1,479) 48,576 Parks and recreation 917,224 8,088 925,312 973,977 (48,665) 851,684 Total Expenditures 4,339,652 16,958 4,358,610 9.B40 (281,661) 3,79Q.607 Excess (Deficiency) of Revenue Over Expen ditures 404,829 (18,958) 385,871 (141,507) 527 510,085 N O Other FinancinQ Soumes (Uses) Appropriated General Fund fund balance 11, 717 11, 717 11, 717 Operating tranafers in 434,243 434,243 472,189 (37,946) 650,527 Insurance and other unallocated expenditurea (241,256) (213) (241,469) (342,399) 100,930 (227,486) Transfer to Capital Projects Fund (490,000) (490,000) (990,000) Totai Other FinancinR Sourcea (Uses) (297,013) 21,504 (Z85,509) 141,507 (427,016) 423,041 Excess (DeY'iciency) of Revenues Over Expen ditures and Other Sources (Uaes) 107,816 (7,454) 100,362 100,362 979,433 l Fund Balance At Beqrinning of Year 2,758,631 2,758,631 2,758,631 1,825,505 Fund balance appropriated to budget (11, 717) (11, 717) (11, 717) Decrease in reserve Yor encumbrances (220.420) 19,171 (201,249) (220,420) 19,171 (46,307) Fund Balance At End Of Year 2.646,027 -0- 2.646,027 2,526,494 119,533 2,75 8,631 (See notes to financial ststements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LT0. i City Of Brookiyn Center All Proprietary Fund Tyoes and Nonexoendable Trust SXHIBIT 4 COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES For the Year Ended December 31. 1980 With Comparative Totals for the Year Ended Lecember 31, 1979 Fiduciary Pronrietary Fund Tynes Fund Types Public Investment Totals UUlities Liauor Trust 19s0 1979 Revenues Charges for services 1,479,902 1,479,902 1,150,775 Gross margin on product sales 464,085 464,085 450,871 Interest 458,806 6.265 1,158,134 1,623.205 1,368,757 Other revenue 11,632 2,306 13,938 45,732 Total Revenues 1,950,340 472,656 1,158>134 3 3,016,135 E�enses 148,171 172,022 320,193 332,437 Personal services Contractual services I84,650 55,526 1,674 241,850 184,811 Supplies and materials 32,686 9>364 31,938 28,582 Insurance 9,613 22,325 Rent and administration 68,030 60,412 128,492 Interest an d fiacal agent fees 21,710 21,710 23,078 Depreciation 160 10,551 190,989 186,600 Earnings distributed to participating funds 1,156,460 1,156,460 978,181 Metropolitan Waste Contrad Commission-service charges 502,830 502,830 970,334 Other 6,870 6,870 90 Total Expenses E 1 330,200 1,158,134 2.643,332 2,307,211 Excess Of Revenues Over (Under) Expenses 795,392 142,456 -0- 937,798 708,924 Other Financine Sources (Usea) Tranafers to General Fund (125>000) (125,000) (125,000) Transfers from other funds 7,964 Total Other Financin¢ Sources (Uses) -0- (125,000) -0- (125,000) (117>036) Exceas of Rev�ues and Other Sdureea Over (Under) Exoenses and Other bses 795,342 17,456 -0- 812,798 591,886 Retained Earnings/Fund Balances Januarv 1 4,5T3,409 192,899 4,766,308 4,174,420 Retained Earnin �s/Fund Balance December 31 5. 368, 75 1 210, 355 -0- 5, 579,106 4, 766.308 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA. LTD. C ity Of B rooklyn C enter Proprietary Funds (Note 12) COMBINED STATEIVlENfi OF CHANGES IN �INANCIAL POSITION EXHIBIT 5 For the Year Ended December 31, 1980 With Comparative Totals for the Year Ended December 31, 1979 Municipal Public Liquor Utilities Totals Fund Fund 1980 a 1979 Sources of Financial Resources Operations Net income for year 142, 456 795, 342 937, 798 708, 924 Add: Items not. requiring current outlay of resources: Depreciation 10, 552 180, 438 190, 990 187, 600 Total Resources Provided By Operations 153, 008 975, 780 1,128, ?88 895, 524 Collections of other receivables 1, 864 Debt retirement investments sold 1, 365 1, 365 1, 574 Contributions toward construction 79, 474 79, 474 9, 085 Decrease in assessments receivable-deferred 4,936 4,936 1,967 Decrease in M. W. C. C. receivable 8, 348 8, 348 7, 964 I Decrease in settlement receivable 1, 402 1, 402 Totals 154,410 1,069,903 1,224,313 917,978 Uses of Financial Resources Purchase of properties 416 139,780 140,196 70,075 Payments to retire bonds 35, 000 35, 000 35, 000 Decrease in lawsuit deferred credit 3, 266 Increase in working capital 28, 994 700, 543 729, 537 538, 268 Increase in restricted investments 176,196 176,196 137,152 Transfers to General Fund 125, 000 125, 000 125, 000 I Amortization of deferred gain on sale of assets 3, 284 3, 284 3, 285 Construction funds invested 6, 752 6, 752 5, 932 Amortization of Metro Waste Control Commission deferred credit 8, 348 8, 348 Totals 154,410 1,069,903 1,224,313 917,978 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 Cit� of Brookl�n Center NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1: Summary of Significant Accountin� Policies A Fund Accountin� The accounts of the City are organized on a basis of funds and account groups each of which is considered a separate accounting entity The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate. Government re- sources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. B. Fu�ed Assets and Long-Term Liabilities The accounting and reporting of fixed assets and Iong-term Iia.bilities associated with a fund are determined by its measurement focus. A11 governmental funds are accounted for on a spending or "financial flow" measurement, which means that only current assets and current liabiiities are generally in- cluded on their balance sheets. Their reported fund balance is considered a mea�ure of "available spendable resources" Governmental fund operating statements present increases (re- venues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group, rather than in the governmental funds. Public domain general fixed assets consisting of certain improvements other than buil- dings, including roa.ds, curbs and gutters, streets and sidewalks drainage systems, and lighting systems, are capitalized along with other general fixed assets. No depreciation has been provided on general fixed asset� All fixed assets are valued at historical cost or estim- ated historical cost if historical cost is unavailable. Donated fixed assets are valued at their estimated fair value on the date donated. The fixed assets of the Liquor and Public Utilities Funds are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lifes are as follows: Public Utilitie� Water Sewer Liquor Mains/Lines 100 yrs. 100 yrs. Structures/improvements 30 yrs. 25 yrs. 3-10 yrs. Equipment 5-25 yrs. 3-10 yrs. Public Utility assets financed by special assessments are recorded as contributions in aid of construction MOEN PENTTILA, LTD. -23- Cit� of Brooklyn Center NOTES TO FINANC�AL STATEMENTS December 31, 1980 Note 1: Summary of Significant Accounting Policies (cont'd) B. Fixed Assets and Long-Term Liab�ities (cont'd) Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-Term Debt Group, not in the governmental funds. The single exception to this rule is for special assessment bonds, which are accounted for in' 5pecial Assessment Funds. The two account groups differ from "funds" in that they are not involved with measurement of results of operations. They are concerned anly with the measurement of financial posi- tion. Because of their spending measurement focus, expendi- ture recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term accounts are not recog- nized as governmental type expenditures or fund liabilities 4 They are instead reported as liabilities in the General Long-Term Debt Account Group C Basis of Accounting Basis of accounting refers to when revenues and ex- penditures or expenses are recognized in fihe accounts and re- port�d in the financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measure- ment focus applied. All governmen#al �unds are accounted for using the modified accrual basis of accounting. This means that their revenues are recognized when they becorne measurable and avail- able as net current assets. Specia� assessments and property ta.xes are considered "measurable" when in the hands of inter- mediary collecting gQVernments a�d are recognized as revenue at that time. Anticipated refunds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems certain. Expenditures are genera7.ly recognized under the modified accrual basis of aecounting when the related fund liabilitiy is incurred. Exceptions to this general rule include: (1) accumulated unpaid vacation, sick pay, and other employee amounts which are not accrued; and 2) principal on general long-term debt which is recognized when due. All proprietary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and their expenses are recognized when they are incurred. Unbilled Water and Sewer Fund ut�ity service receivables are recorded at year end. MOEN 8 PENTTILA, LTD. 24- C ity of B rooklyn C enter NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1: Summary of Significant Accounting Policies (cont'd) D. Budgets and Bud�etary Accountin� Financial control of spending for various governmental activities is exercised through the use of budgetary procedures. Exclusive authority over all budget matters remains with the Council. The Council adopts ail budgets, and any amendments to those budgets also require specific approval by the Counc�. Departmental budgets may not exceed amounts set by the Council al- though legally gross expenditures may not exceed gross revenues and other souxces. Budgetary reporting is included in fhis report in the General Fund. Formal annual budgets are not employed for Special Revenue Funds, Capital Projects Funds, Special Asses� sment Funds or Debt Service Funds. Effective budgetary control is alternatively achieved in these funds by Council approval of individual projects and expenditures. Supplemental appropriations dux�ing the year were not material in amount. Appropriations which are not encumbered at year end lapse. E Investments Investments are stated at cost, which approximates market. Cash balances from all funds are pooled and invested to the extent available in authorized investments. Interest in- come on such investments is recorded as earned, and allocated to the respective funds on the basis of the participating funds investment F Invento rY Inventories within the Water and Sewer Fund and the Municipal Liquor Stores Fund are valued at the lower of cost (first-in, first-out) or market, Inventory quantities are deter- mined by utilizing physical counts. G Encumbrances Encumbrances accounting, under which purchase orders, contracts, and other committmenfis fox the expenditure of monies are recorded in order to reserve that portion of the appiicable appropriation, is employed. Encumbrances outstanding at year end are reported as reservations of fund balances, since they do not consititute expenditures or liabilities. H Comparative Data Comparative totals for the prior year have been presented �'I in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative (i.e. presentation of prior year totals by individual funds)data have not been presented in each of the statements sinc�,e their inclu�ion would make the statements unduly complex and difficult to rea d MOEN PENTTILA, LTD. 25- City of Brooklyn Center NOTES TO FINANCIAL STATEMENT5 December 31, 1980 Note 1: Summa of Si ificant Accountin Policies (cont'd) Y`Y I. Tota.l Columns on Combined Statements Total columns on the Combined Statements are captioned Memorandum Only to indicate that they are presented only to fac�litate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data J Property Tax The City Council annually adopts a tax levy and cer- tifies it to the County for billing and collection. The County is responsible for billing and collecting all property taxes for itsel€, the City, the local School District and other taxing auth- orities. These taxes are payable (by property owners) by May 31 and October 31 of each calendar year. These taxes are col- x' atel 1 and r m' ed to the Cit b a ro im ected by the County e rtt y y pp Y each subsequent July 15 and December 15. Additionally, delin- a se ement. quent collections are remitted to tk�e City with e ch ttl ihe City has no ability to enforce payment of property taxes by property owners. The County possesses this authority. Taxes payable on homestead property (as defined by State Statutes) are partially reduced by a homestead credit. This credit is paid to the City by the State in lieu of taxes levied against homestead property The 5tate remits this credit in two e ual installments in Jul and December each i q Y year. The city recognizes property tax revenue when it becomes both measurable and available to finance expenditures of the current period. K Special Assessments Special assessments are �evied against the benefited properties for the assessable costs of special assessment impro- vement projects in accordance with State Statutes. The City usually adopts the assessment rolls when the individual projects are complete or substantially complete. The assessments are collectible over a term of years generally consistent with the term of years of the related bond issue. Collection of annual installments (including interest) is handled by the County in the same manner as property taxes. Property owners are al- lowed to prepay total future installments without interest or pre-payment penalties. MOEN PENTTILA, LTD. 26 C ity of B rooklyn C enter NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 1: Summary of Significant Accounting Policies (cont'd) K Special Assessments (cont'd) The City recognizes special assessment revenue when ifi becomes both measurable and available to finance bonded debt. In practice, special assessment principal is recognized as revenue in the year when assessment rolls are tabulated and adopted by the City Council, and when it is available to finance the reg- ulated bond issue principal. 5pecial assessment interest is re- cognized as revenue in the year due, which generally corres- ponds to the period it is actually earned. Once a specia.l assessment roll is adopted, the amount attributed to each parcel is a lien upon that property until full payment is made or the amount is determined to be excessive by City Gouncil or court action. If special assessments are de- linquent for a State Statute-determined number of yea.rs, the property is subject to tax-forfeit sale and the first proceeds of that sale (after cost, penalties, and expenses of sale) are remitted to the City in payment of delinquent special assessments. Gen- erally the City will collect the full amount of its special assess- ments if not adjusted by City Council or court action. Accordingly, no allowance for potentially uncollectible assessments has been provided L Local Government Aid Local government aid is provided to the City by the State as a shared tax based upon a statutory formula and with- aut spending restrictions. Payment from the State is generally received during each calendar year for that calendar year. The City recognizes iocal government aid revenue when it becomes both measurable and available to finance curresit operations. 1 M. Grants The City receiu�es various Federal, State and other grants, the purpose of which is to fund specific City expen- ditures The City also receives Federal Revenue Sharing and other general purpose grants These grants are recognized as revenue in the period to which the grant applies. N. Severance and Vacation Pay Policies The City pays employees severance pay upon termination of employment based on accumulated sick leave and accrued vac- ation. Severance, vacation and sick leave pay are recorded as an expenditure when paid. At December 31, 1980, the City had a liability of $110, 426 for accrued vacation pay and a liab�lity of $106 445 for accumulated sick leave MOEN 8 PENTTILA, LTD. 27- Cit� of Brooklyn Center NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 2: Changes in Long-Term Debt The following is a summary of bond transactions of the City for the year ended December 31, 1980: General Special Obli�ation Revenue Assessment Total B on ds payable- January 1 $2,115,000 555,000 $2,805,000 $5,475,000 Bonds retired (195, 000) 35, OOU) 480, 000) 710, 000) Bonds sold 1, 500, 000 1, 500, 000 Bonds Payable- �ecemQer :3`1 $3, 420, 000 520, 000 $2, 325, 000 $6, 265, U00 $403, 728 is available in Debt Service Funds for payment of General Obligation Bond principal and interest. General Obligation Bonds General Obligation Bonds are recorded in the General t Long-Term Debt Group of Accounts and are backed by the full faith and credit of the City. Special Assessment Bonds These bonds are recorded as a liability in the Special Assessment Funds and are payable primarily from special asses- sments levied and collected for 1oca1 improvements. The City has a contingent liability relating to a pledge of full faith and credit on the Special Assessment Bonds, The general credit of the City is obligated only to the extent that liens foreclosed against properties involved in the special assessment districts are insuf- ficient to retire outstanding bonds. Note 3: Public Utilities Fund Public Utalities Revenue bonds were issued during 1963 to finance an addition to the water works system. These bonds, together with related interest and service charges, are payable solely from the operations of the Public Ut�ities Fund and are not a general obligation of the City, The resolution authorizing and directing the issuance of these bonds contain covenants and restrictions enacted for the purpose of protecting the bondholders' interest. Paragraph 8 of the resolution provides for the segregation of assets and the appropriation of retained earnings for debt retire- ment purposes and defines the manner of accounting for the activities of the Public Utilities Fund. 28- MOEN 8 PENTTILA, LTD. 1 C ity of B rooklyn C enter NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 3: Public Utilities Fund (cont'd) As required by Paragraph l0e of the issuing resolution, an analysis of each account balance appears as follows: Construction Account Proceeds of bond sale $1, 000, 000 Add: Investment earnings thru 1979 351,166 1980 Investment earnings 6, 752 Total Investment Earnings 357, 918 Deduct: Construction expenditures thru 1979 $1, 274, 936 1980 construction expenditures -0- Total Construction Expenditures $1, 274, 936 Construction Account Balance 82, 982 Debt Retirement Account Accumulated amounts set aside to meet 1980 requirements for interest and principal: Investments with accrued interest 56, 485 Reserve account investments 75, 000 Total Debt Retirement Account 131, 485 A summary which reconciles restricted assets with ea.rnings and also compares appropriated earnings with restriction requirements as set froth by the resolution authorizing the sale of revenue bonds is presented as follows: Revenue Construction Bond Reserve Account Account Account Restricted Assets 12/31/ 1980 $82, 982 $56, 485 $75, 000 Anprovriated Earnin�s at 12/31/1980 $82,982 $56,485 $75.000 All bonds which mature on January 1, 1982 or thereafter are subject to redemption (call) on January 1, 1974, or any interest payment due thereafter in inverse numerical order at par and accrued interest and premium as follows: 1. If redeemed January 1, 1977, or thereafter prior to January 1, 1981, premium of 1� o. 2. If redeemed January 1, 1981, or therafter no premium 29- i' MOEN 8 PENTTILA, LTD. n er Ci of Brookl 'n Ce t tY Y NOTES TO FINANCIAL STATEMENTS December 31, 1980 N:�te 3: Public Utilities Fund (cont'd) Since 1963, the Public Utilities Fund has been accumulating cash for the purpose of expanding the investment in plant and equipment to supply water to the residents of the City. The present plans for expansion of the fac�.ities has a cost estimate I of $6,184, 000. The plan includes capital outlays for the con- struction of water mains, a 1.5MG water ground storage and a lOMG water treatment plant. To date, $3, 777, 213 has been ac- cumulated and set aside for the purpose of partially meeting the financing requirement for the planned expansion. Nate 4: Public Utilities Fund b7etro Waste Control Commission Receivables and R.eserves Pursuant to enacted legislation (Metropolitan Sewer Act- Chapter 449 Session Laws) the Metropolitan Waste Control Commission as of January 1, 1971, assumed ownership of all existing interceptors and treatment works needed to implement a comprehensive plan for the collection, treatment, and disposal of sewage in the seven county metropolitan area. Under the terms of the Act, the Commission is obligated to reimburse each local government for the cost of facilities acquired. This cost or purchase price of facilities is based on depreciated re- lacement cost value as of December 31 1970 as determined b cost P y Il i anal sis and en ineerin studies. This current value receivable is Y g g to be paid by the Metropolitan Waste Control Commission over a period of 30 years and the amount will earn interest at an annual rate of 4$. The method of payment will be by right of offset. The City will apply each annual installment against sewer service charges as billed by the Metropolitan Waste Control Commission annually. The installment credit for 1980 consisted of principal and interest and the amount of credit offset against 1979 sewer service billings totaled $6, 398, leaving a balance due over the next 20 years of $193 ,169 as adjusted by the M. W. C. C. Note 5: Special Assessment Funds Special assessments which relate to improvements benefit- ing City-owned properties total $159, 092 as of December 31, 1980. The gayment for these improvements (with no interest charge) has been scheduled over a period extending through 1985. These as- sessments are obligations of the general fund and payment is planned under normal budget procedures, whereby the needed monies will be appropriated during the years as each installment becomes due. -30- MOEN PENTTILA, LTD. ,I City of Brooklyn Center NO�ES TO FINANCIAL STAT�MENTS December 31, 1980 Note 6: Pension Plans and Pension Funds The City participates in two pension plans as follows: 1. All City employees, with the exception of volunteer fire- men, who have a separate plan, are covered by the Public Employees' Retirement Plan This plan is administered by an independent agency of the State of Minnesota and is the central plan for employees of governmental units within the State of Minnesota. The City contributes, on behalf, of its employees, 5.5� to 12$ ($203,849 for 1980) of its employees' salaries to this plan, and part of that contribution covers previously unfunded amounts. The City contributed $79,901 for 1980 to the Public Employees' Retirement Plan for FICA Actuarial Valuations of Plan Benefits are as follows: (Per PERA report of 6/30/80) a. 1Vlinnesota Statutes, Section 356.215, Subd. 4, provides that actuarlal valuations of plan benefits shall be computed in accordar�c:e with the entry age normal cost (level normal cost) method. In the calculation of normal cost and accrued liabilities of the benefit plan, the actuary uses a 5 percent interest rate assumption and assumes an annual growth rate of 3Z percent in member's salary b. The unfunded accrued liabilities of $343, 094, 559. 37 in the Public Employees' Retirement Fund and $18,427,622.93 in the Police and Fire Fund as of June 30, 1980, are the amounts by which reserves required to fund plan benefits exceed the assets of the funds. In addition to the level normal cost, the actuarial calculations included the amount of additional annual contribution which would be required to retire the current unfunded accrued liability by June 30, 2009. c. Pension benefits are funded from member and employer contributions and income from investment of fund assets. Public Employees Betirement Fund members belong to either the Basic or Coordinated Plan. Coordinated members are covered by Social Security and Basic members are not. All new members of the Public Employees Retirement Fund must participate i� the Coordinated Plan. Current contribu- tion rates for the funds are as follows: Unfund�d A dditional Employee Employer Employer Public Employees Retirement Fund: Basic Plan 8 2 Coordinated Plan 4$ 4$ 1�$ Police and Fire Fund 8% 12$ -31- MOEN 8 PENTT(LA, LTD. PUBLIC EMPLOYEES RETIREMENT FUND �,��a ASSETS OBLIGATION FOR SERVICE RENDERED TO DATE 1�13� i,o23 93� 8i6 9 5 725 6F5 812 6u 702 1 411 511 451 F'illions s65 of �+"�7 Doliars 350 261 r 7 19'/1 1972 1973 1974 1975 1976 19'T7 1978 19'T9 19a� FtR�IDING 63� 67� 69°F 71p T3< RnTio 72�,5 73a 57'� 5`� ASSh^.'S UNFiR1DED OHLIGA'"IGN POLICE AND FIRE FUND ASSETS OBLIGATION FOR SERVICE 1 RENDERED TO DATE 139 u9 i 1 8, ASSETS ILL� uNFUrmED 67 OBLICATION 59 51 1 1 28 Millions of Dollars �5/ 1� 38 56 67 1 98� 120' 1� 1971 1972 1973 1974 1975 1976 1977 1978 1979 19� �Tio G 89� 91�£ 74� 79� 83`� 77� 79`� BE�b �`b -32- City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS December 31, 1980 r Note 6: Pension Plans and Pension Funds (cont d) 2. The City contributes to the Brooklyn Center Firemen's Relief Association, an independently administered retirement plan for the City's volunteer firemen The benefits of this plan are established by the 1�linnesota Legislature and the financing of the plan is provided for by a state tax on fire insurance premiums and the City's ad valorem tax. Acturial studies of retirement needs are made periodically to determine the contributions to the Association, According to a study dated December 31, 1978, the Association had an unfunded accrued liability of $6, 842. In order to maintain the current level of benefits, annual payments of $25, 937 are required. Currently no ad valorem tax is necessary. Note 7: Investment Trust Fund The Investment Trust Fund was established in 1965 by Council action to provide a uniform and consistent method of investing temporary surpluses of cash. Net income of the Fund is distributed annually to each of the participating funds on the basis of the average yearly investment maintained by each fund. The net income and the effective rate of return on average invest- ment by participating funds is shown below by years. Rate of Net Year Return Income 1980 8.87$ $1,156,460 1979 8.450 978,180 1978 7.66$ ?66,349 1977 7.11$ 637,855 1976 6.86� 592,363 1975 7.15$ 554,696 1974 7.66% 503,710 1973 6.63s 391,221 1956-1972 2.77�- 6.66$ 1,728,379 Total Distributed Earnin s 1956 1980 $7, 309, 213 Note 8: Trust and A�ency Funds The Brooklyn Center Housing and ftedevelopment Auth- ority is a separate entity from the City. The City receives an ad valorem tax which is remitted to the Authority 1 33- MOEN 8 PENTTILA, LTD. Cit� of Brooklyn Center NOTES TO FINANCIAL STATEMENTS t December 31, 1980 Note 9: Interfund Receivables and Payables Individual interfund receivable and payable balances at December 31, 1980 were as follows: Inter-Fund Inter-Fund Fund Receivables Payables General Fund 88, 249 133, 500 Federal Revenue Sharing Fund 30, 457 Diseased Tree Removal Fund 5, 670 4, 885 Lawcon Fund 4, 359 704, 855 Capital Projects Fund 896,619 98,370 Community Development Block Grant Fund 248, 745 RZunicipal State Aid for Construction Fund 187, 588 126, 956 Special Assessments Construction Fund 223,163 109, 200 Municipal Liquor Fund 64 39 Public Utilities Fund 902 1,143 H.R.A. Fund 51,536 $1,458,150 $1,458,150 Note 10: Special Revenue Funds Federal Revenue Sharing grants for the year ended December 31, 1980, by the entitlement period are as follows: Entitlement Period/Quarter Amount 11 2,3,4 $163,159 12 1 51,420 Total $214, 579 N ote 11: Liti�ation The City Attorney has indicated that existing and pending lawsuits, claims, and other action in which the City is a defendant are not material. Note 12: Proprietary Fund Financial Position The Investment Trust Fund was not included in the statement of changes in financial position because all net earnings of the fund are distributed and fund balance is always zero. -34- MOEN 8 PENTTILA, LTD. City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 13: Contingent Liabilities The City participates in a number of federally assisted grant programs, principal of which are the General Revenue Sharing, Community Development Block Grant, Comprehensive Employment Training Act, and Local Public Works programs. These programs are subject to program compliance audits by the grantors or their representatives. The audits of these programs for or including the year ended December 31, 1980 have not yet been conducted. Accordingly, the City's compliance with applic- able grant requirements wi11 be established at some future date. The amount, if any, o� expenditures which may be disallowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial. Note 14; Changes in Fixed Assets General Fixed Assets B alanc e B alanc e January 1, December 31, 1980 Ac uisitions Disposals 1980 Land 406, 817 161, 645 568, 462 Buildings 2, 911, 479 227, 201 3,138, 680 Park properties 1, 560, 792 998, 509 2, 559, 301 Furniture 203,406 154,103 1,146 356,363 Departmental equipment 1, 725, 613 298, 596 51, ?38 1, 972, 471 Storm sewers and streets 10, 669, 618 198, 742 10, 868, 360 Total Geneial Fi�ced Assets $17, 477, 725 $2, 038, 796 $52, $84 $19, 463, 637 Utilitv Plant in Service Balance Transfers Balance January 1, and December 31, 1980 Additions Disposais 1980 t Water Department Nlains and lines 5, 606, 518 132, 369 5, 738, 887 Structures 1,339,275 446 1,339,721 Equipment 256, 459 8, 568 247, 891 Land 23, 071 23, 071 Total Water Department 7,225,323 132,815 8,568 7,349,570 Sewer Department Mains and lines 4, 846, 358 4, 846, 358 Structures 574,360 574,360 Equipment Land 550 1,195 1,745 Total Sewer Department 5, 421, 268 1,195 5, 422, 463 Construction in Progress 10, 096 10, 096 To#als $12,646,591 144,106 8,568 $12,782,129 -35- MOEN PENTTILA, LTD. City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS December 31, 1980 Note 14: Chan�es in Fixed Assets (cont'd) Liquor Fund Fixed Assets B alance B alanc e January 1, December 31, 1980 Additions Disposals 1980 Land 5, 898 5, 898 Equipment 111,108 416 111, 524 Leasehold 28 799 28 799 Totals 145,805 416 146,221 Note 15: Schedule of Long-Term Debt to Nlaturity (Including Interest) Special General Assessments Revenue Year Total Obligation Bo�ds Bonds Bonds 1981 985,072 411,406 513,435 60,231 19$2 941,292 419,100 463,472 58,720 1s83 937,055 450,230 429,665 57,160 1984 1,021,119 448,990 516,529 55,600 1985 772,881 431,565 282,325 58,991 1986 639,130 428,660 153,185 57,285 1987 611,460 419,585 136,345 55,530 1988 588,525 419,680 115,070 53,775 lggg 550,145 408,795 89,330 52,020 1990 372,270 257,175 64,830 50,265 1991 508,575 398,445 61,620 48,510 1992 381,565 334,810 46,755 1993 321,780 321,780 Totals $8,630,869 $5,150,221 $2,825,806 654,842 Note 16: Additional Se�ment Information Public Municipal Utilities Liquor Fund Fund Total Net working capital 1, 227, 764 142, 612 1, 370, 376 Total equity 15,470,101 210,355 15,680,456 Current capital-contribution 79, 474 79, 474 Note 17: Fund Deficits One individual fund, the Special Assessments Construc- tion Fund, had a deficit of $189,285 which was caused by expen- ditures exceeding appropriations in the amount of $221, 568. It is expected that this situation will be rectified in 1981 when ad- ditional appropriations are made from resources already available. 36- MOEN 8 PENTTILA, LTD. 1 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS i� December 31, 1980 Note 18: Industrial Development ftevenue (IDR) Bonds Industrial Development Revenue Bonds are payable solely from payments derived from a revenue agreement between the City, as obligee, and a contracting party, as obligor, and are not obliga- tions of the issuing municipality within the meaning of any constitu- tional or statutory provision, do not give rise to any pecuniary liability of the City or its officers, and are not a charge against the City's general credit and/or taxing powers. The City of Brooklyn Center has issued the following Industrial Development Revenue Bonds: A mount Company Year Issued Issued Medtronics, Inc 1979 $1, 000, 000 Cass Screw Machine Products 1980 750, 000 Commercial Partners/Brookdale 1980 6, 200, 000 Minnesota Municipal Leasing Corporation 1979 800, 000 (LOGIS) The following Industrial Development Revenue Bonds have been approved but not yet issued: Brookdale Office Park Partners $8, 000, 000 S. S. Real Estate Swenson's Carriage House) 750, 000 Shingle Creek Eleven Project 1, 600, 000 Federal Lumber 1, 500, 000 Brookdale Corporate Center 7, 550, 000 -37- MOEN 8 PENTTILA, LTD. THE GENERAL FUND The General Fund accounts for all revenues and expenditures of a govern- mental unit which are not accounted for in other funds, and it is usually the largest and most important accounting acitivity for state and local governments. It normally receives a greater variety and number of taxes and other general revenues than any other fund. This fund has flowing into it such revenues as general property taxes, licenses and permits, fines and penalties, rents, charges for current services, state-shared taxes, and interest earnings. The fund's resources also finance a wider range of activities than any other fund. Most of the current operations of governmental units will be financed from this fund. C ity of B rooklyn C enter General Fund COMPARATIVE BALANCE SHEET EXHIBIT 6 December 31, 1980 and 1979 I� 1980 1979 ASSETS Cash 475 32, 953 Tem ora investments 2 682 686 2 524 8 1 II P Y"Y 7 Taxes receivable 114, 653 ill, 885 Accounts receivable $19,691 Less: Estimated uncollectible account 5, 614 14, 077 26, 682 Due from other funds 88, 249 400, 188 Due from other governments 74, 914 81,167 Inventory of supplies 48, 578 59, 043 Prepaid insurance 4,125 1, 684 Total Assets 3, 027, 757 3, 238, 473 LIABILITIES AND FUND BALANCE Liabilities Vouchers payable 122, 616 126, 259 Due to other funds 133, 500 231, 408 Accrued salaries payable 125, 614 122,175 Total Liabilities 381, 730 479, 842 I �,i Fund Balance Reserve for encumbrances 19,171 220, 420 Unappropriated fund balance 2, 626, 856 2, 538 211 Total Fund Balance 2, 646, 027 2, ?58, 631 Total Liabilities and Fund Balance 3, 027, 757 3, 238, 473 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 'I -38- MOEN 8 PENTTILA, LTD. City of Braoklyn Center General Fund EXHIBIT 7 STATEMENT OF REVENUES, EXPENDITUR�;S AND CHANGES IN FUND BALANCE ACTUAL (GAAP BASIS) AND COMPARISON OF BUDGETARY BASIS TO BUDGfiT (NON-GAAP) For the Year 1980 With 1979 Actual (GAAP Basis) for Comnarison oY Actual Y�r 198Q Adjustment Budgetary Basis Actual To Budgetary Budgetary Over (Under) 1979 Acfual (GAAP Basis) Basis Besis Budget Bud�et (GAAP Bsaie) Revenue Ad valorem taxes 2,188,218 2,188,218 2,147,034 41,184 2,131,443 License and permits 195, 931 195, 931 1fi8, 000 27, 931 186, 464 Intergovernmental revenue 1,496,924 1,496,924 1;508,4'66 (11,542) 1,298,595 Charges for services 451,688 556,316 553,264 3,052 465,885 111 382 111,382 90,OU0 21,382 82,466 Court fines Miseellaneous 300,338 i95,710 32.000 163,710 135,889 Total Revenue 4,744,481 -0- 4,744,481 E 4,498,764 245,717 4,300,682 Expenditures Generai government 839,307 1,004 840,311 91D,042 (69,731) 688,539 I Public safetv 1,442,619 3,513 1,446,132 1,510,972 (64,840) 1,317,98H Streets and high ways 1,103,166 168 1,103,334 1,200,280 (96,946) 883,870 Community health aervices 37, 336 6,185 43, 521 45,000 (1, 479) 48, 576 Parks and reereation 917>224 8,088 925,312 973,977 (48,665) 851,684 Total Expenditures 4,339,652 18>958 4,358,610 4,640,271 (281,661) 3,790,607 Excess (Deficiency) of Reves►ue Over Exoenditures 404,829 (18,958) 385,871 (141,507) 527,378 510,085 Other Financin� Sources (Usea) Appropriated Generai Fund fund balance 11, 917 E 11, 717 11, 717 Operating transfers in 434,243 434,243 472,189 (37 650,527 Insurance and other unffilocated expenditures (241,256) (213) (241,469) (342,399) 100,930 (227,486) Tranafer to Capital Prajects Fund (490.000) (490,000) (490,000) Total Other Financina Sources (Usea) (287,013) S 11,504 (285,508) 141,507 427,016 923,041 Excess (Deficiencv) of Rev�►ues Uver Bxpenditures and Other Sources (Usea) S 107,816 (7 100,362 100,362 879,433 Fund Balance At Be�ir►nin�t of Year 2,758,631 2,758,631 2 1,825,505 Fund balance appropriated to budget (11, 717) (11, 717) 11, 717) Decrease in reserve for encumbrances C220>420) 19.171 (201,249) (220>420) 19.171 (46,307) Fund Balance At End Of Year 2,646,027 E -0- 2.646,027 2,526,499 119,533 2,758,631 (See notes to financiai statements) This statement is an integral part of report dated May 15, 1981 �MOEN 8 PENttILA. LTD. City Of Brooklyn Center General Fund STATEMENT OF REVERII� Bf�bGET AND ACTUAL EXHIBIT 8 OBJECTIVE CLASSIFICATION For the Year 1980 With Comparative Actual For the Year 1979 1980 Actual Over 1979 Actual Bud�et (Under) Bud�et Actual Ad Valorem Taxes Real estate taxes 2,122,206 2,122,034 172 2,018,323 Penalties and interest 66, 012 25, 000 41, 012 113,120 Total Ad Valorem Taxes 2,188, 218 2,147, 034 41,184 2,131, 443 Licenses and Permits Liquor and beer 54,110 68,450 (14,340)$ 54,237 Building permits 45, 893 28, 000 17, 893 43, 226 Mechanical permits 28,066 15,000 13,066 22,946 Electrical permits 14,782 9,000 5,782 13,381 Food licenses 11, 223 11, 000 223 11,151 Plumbing permits 8, 833 7, 000 1, 833 10, 410 Rental dwelling licenses 10, 681 10, 000 681 7, 588 Sewer and water permits 2, 527 3, 000 473) 5, 379 Dog licenses 3, 826 4, 000 (174) 3, 852 Swimming pool licenses 2, 773 2, 500 273 2, 573 Service station licenses 2,159 1,400 759 2, 068 Mechanical licenses 2, 715 1, 800 915 2, 065 Miscellaneous business licenses 2, 655 800 1, 855 1, 549 Garbage licenses 1, 260 1, 500 240) 1, 433 Vehicle dealer licenses 900 1, 000 (100) 998 Cigarette licenses 1, 053 1,100 47) 915 Sign permits 259 500 (241) 535 Taxicab licenses 450 500 50) 450 Bowling alley licenses 600 700 (100) 700 Lodge establishments 537 200 33? 308 All other licenses and permits 629 550 79 700 Total Licenses and Permits 195 931 168 000 27 931 186 464 Court Fines Costs and fees 111, 382 90, 000 21, 382 82, 466 Intergovernmental Revenue Federal grants: Civil defense 10,149 14,057 (3,908)$ 12,670 C.E.T.A. 33,696 A.S.A.P. 299 Total Federal Grants 10,149 14, 057 3, 908) 46, 665 State grants: Shade tree disease control 14, 560 30, 000 (15, 440) 12, 216 Other grants 3,337 3,33� 9,399 Bureau of criminal apprehension 570 1, 000 430) 1, 305 Environmental help 2, 919 2, 919 2, 919 Total State Grants 21,386 31,000 (9,614)$ 25,839 (continued on next page) MOEN 8 PENTTILA, LTD. -40- City of Brooklyn Center General Fund STATEMENT OF REVENUE BUDGET AND ACTUAL EXHIBIT 8 OBJECTIVE CLASSIFICATION (cont'd) For the Year 1980 With Comparative Actual For the Year 1979 1980 Actual Over 1979 Actual Budget (Under) Bud�et Actual Intergovernmental Revenue (Continued) State shared taxes: Local government aid 1,393,909 1,393,909 1,161,591 Fixed machinery tax replacement 1,442 1,500 �58) 1,467 Police pension aid ?0, 038 68, 000 2, 038 62, 983 Total State Shared T�es 1, 465, 389 1, 463, 409 1, 980 1, 226, 041 Total Intergovernmental Revenue 1, 496, 924 1, 508, 466 (11, 542)$ 1, 298, 545 Char�es For Services Inter-Fund charges- administration Public Utility Fund 80, 340 76, 000 4, 340 25, 238 Other Funds 25,838 28,000 (2,162) 1,320 Engineering and Clerical: Special Assessments Fund and Public Ut�ity Fund 45,168 40, 000 5,168 99, 690 General government charges 26,622 16,000 10,622 15,114 Public safety charges 6,735 5,700 1,035 5,474 ftecreation fees 371,358 387,364 (16,006) 318,868 Other services 255 200 55 181 Total Char�es for Services 556, 316 553, 264 3, 052 465, 885 Miscellaneous Revenue Rent 17,883 10,000 ?,883 11,686 Interest earned on invest- ments 170,799 20,000 150,799 102,245 Other 7,028 2,000 5,028 21,958 Total Miscellaneous Revenue 195, 710 32, 000 163, 710 135, 889 Other Sources Transfers from other funds: Federal ftevenue Sharing Fund 256, 722 295,189 38, 467)$ 476, 364 Liquor Fund 125, 000 125, 000 125, 000 Fire Relief Association Fund 52, 521 52, 000 521 49,163 Total Other Sources 434,243 472,189 (37,946)$ 650,527 Total Revenue and Other Sources 5.178,724° 4.970,953 207.771 4.951,219 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 -41- MOEN PENTTILA, LTD. City of Brooklyn Center General Fund STATEMENT OF BUDGETARY-BASIS EXI'ENDITURES AND BUDGET EXHIBI'f 9 CLASSIFIED AS TO ACTIVITY CHARACTER AND OBJECT For the Year Ended December 31, 1980 With Comparative Expenditures for Year 1979 1980 1980 Classified By Character and Object 1979 Expenditures Over (Under) Personal Contracted Capital Expenditures Eneumbrances Budget Bud�et Services Services Commodities Other OuUays Encumbrances General Government Mayor and council 42,174 49,265 (7,091) 17,353 5,854 18,967 42,803 Charter commission 198 1, 500 (1, 302) 198 431 Administrative office 176, 716 188, 839 (12,123) 165, 902 9, 368 1, 146 300 171, 782 Elections and voter registration 12,443 12,065 378 3,906 6,842 1,695 4,667 Assessor's office 104,763 109,883 (5,120) 95,813 409 1,006 6,269 1,266 90>143 Accounting and internal audit 147,362 152,557 (5,195) 146,015 240 382 725 85,358 Independent audit 18,514 18,600 (86) 18,514 14,563 Legal 100,995 97,200 3,795 100,995 69,523 General government buildings 237,146 280 (42,987) 122,842 69,422 14,983 29,899 209,269 Total General Govern ment 840,311 910,042 (69,731) 551,831 2ll,842 15,989 28,459 32 688,539 Public Safety Police protection 1,070,520 1,120,076 (49,556) 997,465 14,822 14,865 36,751 6,617 1,017,946 Fire protection 197,241 205,544 (8,303) 109,057 8,147 7,893 9,103 63,041 332,206 Protective inspection 140,267 140,282 (15) 119,182 20,313 403 369 129,588 E mergency preparedness 27 32 (4,486) 21,918 4,623 53 19 976 28,366 Animal control 10,520 13,000 (2,480) 10>520 11,419 Total Public Safety 1,446,132 1,510,972 (64,840) 1,247,622 58,425 23,214 46,237 70>634 1,519,525 I Public Works Engineering department 276,684 261,355 15,529 243,883 13,351 3,611 477 15,562 184,356 Street Department 481,570 570,933 (89,363) 297,412 3,558 133,161 55 97,384 403,374 Maintenance shop 246,346 266,742 (20,396) 84,956 27,964 133,426 218,263 Street lights, traffic signals and weed control 98,534 101,250 (2,716) 98,534 88>111 N Total Public Works 1,103,334 1,200,280 (96,946) 576,251 143,407 270,198 53i 112,946 894,104 Community Health Services Health regulation 30,695 31,000 (305) 30,695 26,732 Detached worker program 12,826 14,000 (1,174) 12,826 21,894 Total Community Health Services 43,521 45,000 Q1,479) -0- 43,521 -0- -0- -0 48,576 Parks and Recreation Supervision and recreation 145,448 149,131 (3,683) 119,476 18,835 6.6G3 474 128,536 A dult programs 89,755 86,125 3,630 1,739 47,078 34,823 6,115 79,236 Teen programs 6,696 11,979 (5,283) 2,266 1,876 1,414 12,904 Children programs 97,467 46,325 1,142 18,092 19,052 8,69G 1,627 41,093 i, G eneral programs 48,207 48,853 (646) 23,485 23,537 1,1R5 39,531 Community Center 282,383 274,685 7,698 148,346 61,775 32,549 27,500 12,213 278,754 Park maintenance and improvements 305,356 356>879 (51,523) 202,318 23,031 26,468 8,726 94,813 280,279 Total Parks an d Recreation 925,312 973,977 {48,665) 515,722 195,184 111,529 45,856 57,026 860,283 hliscellaneous Expenditures not allxated to departments 241,469 342,399 (100,930) 196,238 23,322 21,909 227,486 Total Nliscellaneous 241,469 342>399 (100,930) -0- 196,238 23,322 21,909 -0- 2'17,486 Totals 4,600,079 9 (382,591) 2,891,426 848,617 444,297 I42,993 272,796 4,238,513 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LTD. SPECIAL REVENUE FUNDS SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for revenues derived from specific taxes or other earmarked revenue sources. They are usually re- quired by statute, charter provision, or local ordinance to finance parti- cular functions or activities of government. i City Of Brooklyn Center Special Revenue Funds EXHIBIT 10 COIVIBINING BALANCE SHEET December 31, 1980 With Comparative Totals for December 31; 1979 Federal Anti-Recession Diseased Revenue Sharing Fiscal Aid Tree Removal Totals Fund Fund Eund 1980 1979 ASSETS Temporary investments 450,483 1,823 7,690 459,996 670,078 Accounts receivable 2,149 2,149 3,143 Taxes receivable: Special assessments: Deferred 7,695 7,695 Due from other funds 5,670 5,670 6,300 D ue from other govern ments 51,420 6,570 57,990 73,061 Total Assets 501,903 1,823 29,774 533,500 752,582 LIABILITIES AND FUND BALANCE I Liabilities Vouchers payable 13 13 341 Contracts payable 11,118 11,118 5,400 Due to other funds 30>457 4,885 35,342 289,185 Total Liab�lities 30,457 -0- 16,016 46,473 294,926 w Fund Balances Appropriated 182,268 182,268 286,077 Unappropriated 289,178 1,823 13,758 304,759 171,579 Total Fund Balances 471,446 1,823 13,758 487,027 457,656 Total Liabilities and Fund Balance 501,903 1,823 29,774 533,500 752,582 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LTD. City Of BrooklYn Center Special Revenue Funds EXHIBIT 11 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Year Ended December 31, 1980 With Comnarative Total For Year 1979 Federal Anti-Recession Diseased Revenue Fiscal Aid Tree Removal Totals Sharin� Fund Fur_d Fund 1980 1979 Inter�overnmental Revenue Federal grants: Federal Revenue Sharing 214,579 214,579 219,671 State grants: Department of Agriculture 31,734 31,734 24,448 Total Inter�overnmental Revenue 214, 579 -0- 31, 734 246, 313 244,119 Char�es for Services Diseased tree removal fees 17,494 17,494 18,613 Administrative charges 1, 550 1, 550 1, 320 Total Charges for Services -0- -0- 19,044 19,044 19,933 Miscellaneous Revenue Interest on investments 63,213 148 1>315 64,676 66,537 Special assessments ordered 6,279 6.279 Total Miscellaneous Revenue 63,213 148 7,594 70>955 66,537 Total Revenue 277,792 148 58,372 336,312 300,589 Expenditures C ontracted services 376 35,874 36,250 28,710 Refunds 13>970 13,970 4,116 Total Expenditures 376 -0- 49,844 50,220 32,826 Excess (Deficit) of Revenue Over Exnenditures 277.416 148 8, 528 286, 092 297, 763 Other Financing Sources (Uses) Transfers to General Fund (256,721) (256,721) (488,200) Transfers from General Fund 5,400 Excess (Deficit) of Revenues Over Exnenditures and Other U ses 20,695 148 8,528 29,371 (185,037) Fund Balance January 1 450,751 1,675 5,230 457,656 642,693 Fund Balances December 31 471,446 1,823 13,458 487 457,656 APpropriated 182,268 182,z68 286,077 U nappropriated 298,178 1,823 13,758 304,759 171,579 (See notes to financiai statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LTD. DEBT SERVICE FUNDS DEBT SERVICE FUNDS Debt Service Funds are created to account for the payment of interest and principal on long-term, general obligation debt other than that payable from special assessments and debt issued for and serviced primarily by a governmental enterprise. Cit,y Of Brooklyn Center Debt Service Funds EXHIBIT 12 COMBINING BALANCE SHEET December 31, 1980 With Comparative Totals for December 31, 1979 State Aid Improvement Fark Bonds Park Library Street and Building of Totals Bonds Bonds Bonds $onds 1980 1980 1979 ASSETS Temporary Investments 111,512 81,519 2,774 185,983 6,775 388,563 341,885 Due from other funds qzg Ta�ces receivable 1,248 13,917 15,165 21,15? Total A sse!s 112,760 81,519 2,774 199,900 6,775 403,728 363,471 LIABILITIES AND FUND BALANCE Fund balances 112,760 81,519 2,774 199,900 6,775 903,728 363,471 Total Liabilities and Fund Balances 112,760 81,519 2,774 199,900 6,775 403,728 363,471 i I I c I (See notes fio financial statements) This statement is an integral part of report dated May 15, 1981 i MOEN 8 PENTTILA, LTD. I City Of Brooklyn Center Debt Service Funds EXHIBIT 13 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND $ALANCES Year Ended December 3i, 1980 With Comparative Totals for Year Ended December 31, 1979 State Aid Improvement Park Bonds Park Library Street and Building of Totals B�ds Bo�ds Bands Bonds 1980 1980 1979 Revenues General property taxes 16,504 212,251 228,755 254,000 Interest on investments 9,318 7.563 16,668 6,775 90 28,774 Total Revenue 25,822 7,563 -0- 228,919 6,775 269,079 282,774 Expenditures Principal pay ments 15,000 10,000 55,000 115,000 195,000 210,000 Interest paid 665 1,900 44,546 87,100 134,211 146,905 I Fiscal agent fees 100 21 144 252 517 593 I Other 141 853 1,417 2,411 309 Total Expenditures 15,906 11,921 100 203,769 -0- 332,139 357,807 Excess (Deficit) of Revenues O ver Expenditures 9,916 <4,358) (100,543) 25,150 6,775 (63,060) (75,033) Other Financin� Sources (Uses) Permanent transfer from Municipal State Aid Fund 103, 317 103, 317 103, 689 Excess (Deficit) of Revenue and Other Sources Over Expenditures and Other Uses 9>916 (4,358) 2 25,150 6,775 40,257 28,656 Fund Balance January 1 102,844 85,877 179,750 363,471 334,815 Fund B alance December 31 112,760 81,519 2,774 199,900 6,775 403,728 363,471 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LT0. CAPITAL PROJECTS FUNDS CAPITAL PROJECTS FUNDS Captial Projects Funds are created to account for all resources used for the acquisition of capital fac�lities by a governmental unit except those finan- ced by special assessment and enterprise funds. City Of Brooklyn Center EXHIBIT 14 Capital Projects Funds COMBINING BALANCE SHEET December 31, 1980 With Comoarative Totals for December 31, 1979 Open-Space Capital Community Municipal Lawcon Acquisition Projects Development State Aid for Totals Fund Fund Fund Block Grant Construction 1980 1979 ASSETS Temporary investments 469,330 2,104 989,990 10,931 1,907,423 3,379,778 2,584,875 Due from other fun ds 4,359 896,619 187,588 1,088,566 95,060 D ue from other govern ments 251,657 282,264 282,853 816,774 1,788,940 Total Assets 725,346 2,104 1,886,609 293,195 2,377,864 5,285,118 4,468,875 LIABILITIES AND FUND BALANCE Liabilities Accounts payable 45,805 14,213 60,018 41,705 Contracts payable 516,055 10,745 526,800 341,222 Due to other funds 704,855 9,370 248,745 126,956 1,178,926 94,827 I D ue to other govern ments 45,233 48,233 Accrued salaries payable 164 Temporary loan 586 Total Liabilities 704,855 -0- 660,230 248,745 200,147 1,813,977 478,504 Fund Balance Unexpended appropriations 697,213 113 810,840 928,302 B alance restricted to State-approved projects 1,283,864 1,283,864 1,853,875 I U nappropriated balances 20,491 2,104 529,166 44,450 780,226 1,376,437 1,208,194 Total Fund Balance 20,491 2,104 1,226,379 44,450 2,177,717 3,471,141 3,990,371 Total Liabilities and Fun d Balances 725,346 2,104 1,886,609 293,195 2,377,864 5,285,118 4,468,875 I (See notes to financial statements) i I This statements is an integral part of report dated May 15, 1961 MOEN 8 PENTTILA, ITD. City Of Brooklyn Center Capital Prnjects Funds EXHIBIT 15 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES Year Ended December 31, 1980 With Comparative Totals For Year Ended December 31, 1979 Open-Space Capital Community Municipal Lawcon Acquisition Projects Development State Aid For Totals Fund Fund Fund Block Grant Construction 1980 1979 Revenuea Intergovernmental: County grant 25,929 Federffi grants 366,028 366,028 936,736 State shared gasoline taaces 388,211 388,211 365,368 State grants 234,135 234,135 126,574 Interest on investments 10,935 171 52,107 163 181,360 244,736 210,796 Other 4,880 I Total Revenues 611,098 171 52,107 163 569,571 1,233,110 1,670,283 Expenditures Personal services 66,250 7,641 475 74,366 Commodities 65, 835 241 66, 076 Contracted services 544,536 33,897 34,968 612,901 I Capital ouUays 1,399,937 331 1,055,933 2,456,201 638,234 I Total Expenditures -0- -0- (2,076,558) 42,110 1,090,876 3,209,544 638,234 Excess of Revenues Over (Under) Expenditures 611,098 171 (2,024,451) (91,947) (521,305) (1,976,434) 1,032,049 Other Financin� Sources (Uses) Transfer to State Aid B onds Debt Service (76,467) (76,467) (76,839) Transfers Lawcon Fund (600>162) 600,162 (43,250) Transfers Community Development Fund 193, 000 (193, 000) 40, 000 Transfer in General Fund 990, 000 490, 000 Sale of bon ds 1,500,000 1,500,000 Sale of assets 67.,100 67,100 Unexpended appropriations transferred to other funds (523,429) (523,429) Totffi Other Financing Sources (Uses) 1,123,591 -0- 2,850,262 (193,000) (76,467) 1,457,204 (80,089) i Exceas of Revenues Over (Under) Expenditurns and Other FinancinQ Sources (U ses) (512,493) 171 825,811 (234,947) 97,772) (519,230) 951,960 I I Fund Balence January 1 532,98A 1,933 400,568 279,397 2,775,489 3,990,371 3,038,411 Fund B alance December 31 20,991 2,104 1,226,379 44,450 2,197,717 3,471,141 3,990,371 n x ed Aonron�.__tiona 69Z 213 113.627 510. $g0 9�8.302 Restricted B alance ��.2R3.869 1.283.864 1.853.875 Unanoroot7 Batance S 20.491 2 .104 529.166 44.450 S 78 0.226 1.376.437 S 842.870 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, LTD. I i City Of Brooklyn Center Capital Pmjects Fund SCHEDULE S-1 PROJECT-LENGTH SCHEDULE OF CONSTRUCTION PROJECTS Frnm Be�innin� To December 31, 1980 Sources of Fundin� Comaunity Project Bond Lawcon Development Appropriated Project Authorization Proceeds Grants Grants Fund Balance Other Total Expenditures Palmer Lake Basin 102,500 102,500 102,500 Park bonding cost 51,838 51,838 51,838 17,305 Municipal garage service entry 4,960 4,960 4,960 4,960 Central Park III 489,802 404,802 85,000 489,802 9,300 A rboretum 210,000 210,000 210,000 173,977 CEAP services 144,000 144,000 144,000 144,000 City hall elevator 65,000 65,000 65,000 52,480 Garden city park shelter building 59,000 24,00� 35,000 59,000 66,475 Neighborhood parks 818,560 730,560 88,000 818,560 679,215 Shingle creek tra�lway II 197,20(i 300 177,210 19,690 197,200 Central Park II 191,257 95,628 40,000 7,815 47,814 191,257 283,316 B rooklane park shelter 25,OOU 25,000 25,000 47,902 Salt storage building 58,000 58,000 58,000 71,643 Shingle creek relocation 70,000 70,000 70,000 30,974 Shingle creek trailways 143,900 129,510 14,390 143,900 146,675 Central park I 200,000 150,000 50,000 200,000 239,216 Civic center access 160,029 Traffic signal -#252 73rd Ave. No. 110,377 110,377 110,377 116,714 Swimming pool deck tiling 30, 540 30, 540 30, 540 30, 540 1,500,000 552,348 193,000 533,395 193,191 2,971,934 2,279,721 *Project authorized, amount not stated. Total Appropriations 2,971,934 Less: Expenditures 2,274,721 Onexpended AQpropriations 697, 213 MOEN 8 PENTTILA, LT0. 1 City Of Brooklyn Center Municipal State Aid Construction Fund SCHEDULE S-2 PRQJECT-LENGTH SCHEDULE OF CONSTRUCTION PROJECTS From Beginning To December 31, 1980 Project Number A ropriation Expenditures Traffic signals T.H .#152 589-29 4, 372 Traffic signals T. H. #152 592- 71 15, 981 12, 689 Pedestrian bicycle bridge over T, H.100 77-10 350, 024 361, 314 Storm sewer-53rd Ave. No. 79- 02 63, 660 57, 415 Curb, gutter sidewalk-53rd Ave. No. 78-39 122,548 122,548 Sidewalk bituminous 79- 09 10, 841 12, 968 Street 78-06 216,450 216,450 Street ?8-38 231,602 231,602 Street 78-44 11,203 11,203 Street 78-45 116,761 117,013 Street 78-46 91,470 356 Street ?9-05 81,163 81,163 Street 79-10 88,840 89,081 Sidewalk-Summit Drive 80-03 38,170 29,621 Improvements 80-07 7,311 G6,460 Sidewalk-Irving Lane 80-14 5, 432 3, 641 Sidewalk-John Martin Drive 80-15 13, 000 7, 428 Channelize interfection-T H #152 65th Avenue No. 600-97 3, 038 2, 916 Pedestrian bridge over T. H. 100-Design 80- 06 23 300 4, 364 Traffic light-T H. 100 65th Ave No. 600-42 41, 870 Traffic light- T. H. 100 France Ave 598- 78 4, 823 Totals 1, 54Z, 859 1, 428, 232 Total Appropriations 1, 541, 859 Less Expenditures 1, 428, 232 Unexpended Appropriation 113, 627 1 50-. MOEN PENTTILA, LTD. SPECIAL ASSESSMENT FUNDS Special Assessment Funds are employed to finance and account for the construction and financing of certain public improvements such as resident- ial streets, sidewalks, or storm sewers or the provision of services which are to be paid for wholly or in part from special assessments levied against benefited property. The fact that special assessment improvements are paid for completely or in part by property owners in a limited geographical area deemed to be specially benefited distinguishes them from irtiprovements which benefit the entire community and which are paid for out of general revenues or through the issuance of general obligation bonds. Ci Of Brookl n Center ty y Special Assessment Funds COMBINING BALANCE SHEET December 31, 1980 With Comparative Totals for December 31, 19 9 Bond #1 1955A 1956AC 1956B 1957AB 1958A 1958B 1959AB ASSETS Temporary investments 2, 553 87, 022 170, 434 18, 068 43, 475 130,109 108, 389 39, 052 Accounts receivable Special assessments receivable: Delinquent 357 73 88 353 l, 863 7, 554 Deferred Tax forfeit land 74 70 8 344 City share of improvements Due from other funds Due from other governments 497 Bond discounts Authorization to assess for construction in progress Total Assets 2, 627 87, 379 170, 577 18, 068 43, 563 130, 470 110, 609 47, 478 I LIABILITIES AND FUND BALANCES Liabilities I Accounts payable Contracts payable Due to other funds Construction loans payable I Accrued interest payable Bonds payable �I Total Liabilities 0- 0- 0- 0- 0- 0- 0- 0- Fund Balances Debt Service 2,627 87,379 170,577 18,068 43,563 130,470 110,609 47,478 Unex ended a ro riations P PP P Total Fund Balances 2, 627 87, 379 170, 577 18, 068 43, 563 130, 470 110, 609 47, 478 Total Liabilities and Fund Balance 2, 627 87, 379 170, 577 18, 068 43, 563 130, 470 110, 609 47, 478 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 -51- MOEN PENTTILA, LTD. EXHIBIT 16 Construction Totals 1960A 1961AB 1963A 1965A 1966A 1969A 1970 1973 1976 Fund 1980 1979 263,606 420,045 320,705 91,083 143,655 93,423 377,898 158,474 436,612 2,904,603 2,677,240 32,987 32,987 37,549 9,250 1,353 948 1,017 2,040 1,214 85,986 32,421 41,899 12,421 189,808 345,775 10,334 18,655 27,726 28,959 74,566 122,455 495,973 221,638 500,726 224,746 1,735,195 2,075,093 158 402 798 989 2,843 2,843 28,145 78,786 39,383 12,778 159,092 189,741 223,163 223,163 15,380 290 651 45,037 46,475 1,439 12,314 2,877 15,191 17,805 1,546,860 1,546,860 2,072,300 283,638 441,106 349,379 121,059 221,059 217,092 1,000,316 495,185 1,018,620 2,097,992 6,856,217 7,435,165 24,743 24,743 285,219 245,228 245,228 348,283 109,200 109,200 113,499 t 126,000 1,803,423 1,929,423 811,000 48,131 104,683 152,814 102,996 90,000 75,000 50,000 150,000 180,000 705,000 335,000 740,000 2,325,000 2,805,000 -0- 90,000 75,000 50,000 150,000 180,000 705,000 335,000 914,131 2,287,277 4,786,408 4,465,997 283,638 351,106 274,379 71,059 71,059 37,092 295,316 160,185 104,489 32,283 2,291,377 2,022,278 (221,568) (221,568) 946,890 283,638 351,106 274,379 71,059 71,059 37,092 295,316 160,815 104,489 (189,285) 2,069,809 2,969,168 283,638 441,106 349,379 121,059 221,059 217,092 1,000,316 495,185 1,018,620 2,097,992 6,856,217 7,435,165 MOEN PENTTILA, LTD. 52 City Of Brooklyn Center Special Assessment Funds EXHIBIT 17 COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year Ended December 31, 1980 Excess Of Revenues Expenditures Revenues Fund Fund Balance Interest On Interest On Bond Paying Taxes Over (Under) Balance December 31, Fund Total Assessments Investments Other Total Interest Agent Fees Written Off Other Expenditures January 1 1980 Bond Fund #1 208 208 9 9 199 2,428 2,627 1955A 7,067 7,067 29 29 7,038 80,341 87,379 1956A C 13,808 2 13,806 225 225 13,583 156,994 170,577 1956B 1,470 1,470 1,470 16,598 18,068 1957AB 3,506 3,506 65 65 3,441 40,122 43,563 1958A 10,574 10>574 62 62 10,512 119,958 130,470 1958B 8,920 169 8,751 8 101,689 110,609 1959AB 4,789 648 4,141 747 675 72 4,042 43,436 47,478 1960AB 28,330 2,784 25,546 3,490 2,790 180 520 24,840 258,798 283,638 1961AB 39,562 1,979 37,583 6,054 5,210 175 669 33,508 317,598 351,106 1963A 29,492 2,133 27,359 3,554 3,400 32 122 25,938 248,441 274,379 1965A 9,534 1,874 7,660 2,302 2,280 22 7,232 63,827 71,059 1966A 18,050 4>643 13,407 9,646 8,950 39 1,157 8 62,655 71,059 1969A 18,801 10,274 8,527 15,328 13,325 58 1,945 3,473 33,619 37,092 1970 82,192 98,789 33,403 56,378 53>245 208 741 2,184 25,814 269,502 295,316 1973 34,567 19,529 15,038 19,697 18,469 39 759 430 14,870 145,315 160,185 1976 77,327 96,555 30,772 33,795 33,709 71 15 43,532 60,957 104,489 Conetruction 826,055 24,202 801,853 1,962,230 1,962,230 (1,136,175) 946,890 (189,285) (Schedule S-4) Totals 1980 1,214,252 163,581 298,818 801,853 2 141,553 896 6,303 1,964,859 (899,359) 2,969,168 2.069,809 w Totals 1979 372,190 176,118 196,072 202,916 176,552 945 3,900 21,519 169,274 2,119.068 2,969,168 I I II I i (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 i I i I i MOEN 8 PENTTILA, LTD. City Of Brooklyn Center Special Aaseasment Funds SCHEDULE S-3 PROJECT-LENGTH SCHEDULE OF CONSTROCTION PROJECTS Be�inning of Projects to December 31, 1980 Sources Project Approved-Source Type of Project Number Appropriated Not Stated Total Expenditures Curb and gutter 78-02 7,500 2>529 10,029 10,029 Water main 78-03 8,500 53 8,553 8,553 Shingle creek bridge 78-06 721,500 721,500 701,192 Curb and gutter 78-44 65,690 15,301 80,991 80,991 Street 78-33 17,600 17,600 13,363 C urb and gutter 78-34 13,000 13,000 12,373 Street 78-36 29,100 24,100 15,120 Curb an d gutter 78-37 35,500 35,500 28,252 Street surface 78-38 505,224 505,224 991,181 C urb, gutter an d sidewalk 78-39 208,393 208 201,400 Street, curb, gutter and sidewalk 78-45-46 517,600 449,566 967,166 967,166 Water main improvement 79-01 33,064 640 33,704 33,704 Storm sewer 79-OS 144,800 144,800 130,987 Storm sewer 79-02 112,151 19,278 131,429 131,429 Street improvement 79-06 80,700 24,185 24,185 I Street surface 79-08 24,185 Street 80-01 58,400 58,400 Curb and gutter 80-02 31,500 29,431 60,931 60,931 Storm sewer 80-24 280,850 280,850 10,000 U nallocated 92,898 92,898 92,898 2,866,072 633,881 3,499,953 3,087,640 I Appropriations 2,866,072 Expenditures 3, 087, 640 Unexpended Appropriations S t Zzl, 568) MOEN 8 VENTTILA, lTQ i City Of Brooklyn Center Construction Fund Revenue and Ex�enditures SCHEDULE S-4 Year Ended December 31, 1980 Revenues Debt Service: Interest on assessments 24,202 Other 8,081 Total Debt Service 32, 283 C onstruction Assessments levied 32,109 Reimbursements: Other cities 447, 912 Developers 68, 317 Other 37,651 585,989 Other Sources; Transfers from other funds 207, 783 Total Construction 793, 772 Tota1 Revenue 826, 055 Expenditures Streets 1,633,682 Storm sewers 140,153 Water ,assets 33, 704 Bridges 42, 079 Unallocated 112, 612 Total Expenditures 1, 962, 230 t 1 -55- MOEN 8 PENTTILA, LTD. ENTERPRISE FUNDS Enterprise funds are established to account for the financing of self-sup- porting activities of governmental units which render services on a user charge basis to the general public. The most universal type of government enterprise is the public utility engaged in the provision of such basic serv- ices as water, electricity, and natural gas. Sanitary sewer systems financed by user charges have also assumed the status of public utility operations in many urban areas, and many cities have combined water and sewer systems under the same management. Another type of government enter- prise in Minnesota is the Municipal Liquor operation. City Of Brooklyn Center Enterprise Funds CONIBINING BALANCE SHEET EXHIBIT 18 December 31, 1980 With Comparative Totals for December 31, 1979 Municipal Public Municipal Public Liquor Utilities Totals Liquor Utilities To#als Fund Fund 1980 1979 Fund Fund 1980 1979 ASSETS LIABILITIES CONTRIBUTIONS Current Assets AND RETAINED EARNINGS Cash on hand 3,900 3,900 3,700 Curreart L3apurties Temporary investments 37,499 1,635,955 1,673,454 952,296 Accounts payable 117,659 39,171 156,830 108,1$2 Accounts receivable 2,451 106,344 108,795 105,653 Due to other funds 39 1,143 1,182 13,846 Less: Allowance for estitnated Accrued liabilities 19,399 6,834 26,233 25,169 uncollectible (2,014) (2,137) (4,151) (7,528) Current portion of long-term debt 35,000 35,000 35,U00 Assessments receivable 10,125 10,125 16,949 Hydrant deposits 400 400 Due from other fun ds 64 902 966 586 Due from other governments 51,359 5I,359 60,888 Total Current Liabilities 137,097 82,548 219,645 182,197 Inventories: Materials and supplies 17, 470 17, 470 19, 594 Loa�g-Term Liab�lities Merchandise for resale 261,185 261,185 226,181 Revenue bonds (N ote 3) 520,000 520,000 555,000 r ex enses 0 35 000 35 000 P epaid p Less: C urrent portion 35,00 M.W.C.C. charges 46,462 46,462 39,893 Memberships 200 Totsl Lon�-Term Liabilities -0- 485,000 485,000 520,000 Rent 3,032 3,032 3,032 Insurance 32 32 Maintenance 2, 554 2, 554 Contributions Taward Construction Accrued water sewer revenue 144,375 144,375 131,629 Special assessments and 10,101,350 10,101,350 10,021,876 developers Total C urrent Assets 308,703 2,010,855 2,319,558 1>552,573 Total Contributions $.-0- 10,101,350 10,101,350 10,021,876 Aestricted Assets Deferred Credits Lawsuit Setflement receivable 1,402 Ga9n on sale oi assets(N ote 9) 65,697 65,697 68,981 Temporary investments (N otelE 3,777,213 3,777,213 3,601,017 Metro Waste Control C ommission llue from other governments (N ote 4) 246,242 246,242 254,590 M.W.C.C. (Note 4) 246,242 246,242 254,590 Debt retirement account Total Deferred Credits -0- 311,939 311 323,571 I (Note 3) 131,485 131,485 132,850 I A ssessments receivable-deferred 111,128 111,128 116,064 Retained Earnings I Construction funds invested 82,982 82,982 76>230 Reserved: I Total Restricted Assets -0- 4,349,050 4,349,050 4,182,153 Debt retirement 131,485 131,485 132,850 Construction Funds (Note 3) 82 82,982 76,230 Working capital 20, 000 20, 000 20, 000 Fixed Assets Unreserved: Mains and lines 30,562,673 10,562,673 10,452,875 Designated for plant expansion 3,777,213 3,777,213 3,601,017 S4ructures 1,914,081 1,914,081 1,913,636 Undesignated 210,355 1,357,071 1,567,426 936,211 Equipment 111,524 270,463 381,987 367,567 Land 24,816 24,816 23,621 Land imprnvements 5,898 5,898 5,898 Total Retained Earnin �s 210,355 5,368,751 5,579,106 4,766,308 Leasehold improvements 28,799 z8�799 Z$ Construction work in process 10, 096 10, 096 146,221 12,782,129 12,928,350 12,792,396 Less: Allowance for depreciation 107,472 2,792,446 2,899,918 2,713,170 Total Fixed Assets 38,749 9,989,683 10,028,432 10,079,226 Tpt&1S 347.452 16.349.588 16,697,040 15,813,952 Totals 347,452 16,349,588 16,697,040 15,813,952 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 i MOEN 8 PENTTILA, LTD. �I� CitY Of Brooklyn Center Enterprise Funds EXHIBIT 19 COMBINING STATEMENT OF OPERATIONS AND RETAINED EARNINGS For th� Year Ended December 31, 1980 With Comparative Totals for the Year Ended December 31, 1979 Municinal Liquor Fund Public Utiliries Fund B rooklyn Humboldt Boulevard Northbrook Water Sewer Total Square Store Store Siore Total Department Department Total 1950 1979 Sales and Cost of Goods Sold Sales 667,949 819,803 916,627 2,404.379 2,404>379 2,289,879• Less: Cost of sales 544,090 675,421 S 749,753 y 1,969,26A 1,969,264 1,867,249 Trade discounts (6,895) (10,145) (ll,930) (28,970) (28,970) (28.246) 537,195 665,276 737,823 1,940,284 1,940,294 1,839,003 Gross Mar�in 130,754 154,529 178,809 464,085 464,085 450,871 Operating Revenue Service to consumers 507,431 941,180 1,448,611 1 1,150,775 Service hookup charges 25,974 3,228 29,202 25,974 22,795 Sale of water meters (3,744) (3,744) (3,744) (5,404) Penalties 1,333 1>333 1,333 6,844 Other 264 4,236 4,500 4,500 14,889 Total Operatinp Revenue 531,258 948,644 1,479,902 1,979 1,189,899 I Operatin� Expenses I Total Operating Expenaes 104,359 97,829 128,012 330,200 407,827 718,591 1,126>418 1,456,618 1,304>596 Operatin� Income (Losa) 26,395 56,698 50,792 133,B85 123,431 230,053 353,484 487>369 336,174 Other Revenue Interest earned: 6,265 6,265 Investments 434,851 434,851 357,155 Special assessments 9,020 9,020 16,135 Metro Waste Control Commission 8,183 8,183 10,088 Construction funds 6,752 6,752 5,932 Miscellaneous 2,306 11,632 13,938 6,608 Total Other Revenue 8 470,438 479,009 398.918 Other Exnenses Interest and fiscal agent fees 21,710 21,7�0 23,078 Miscellaneous 6,870 6,870 90 Total Other Expenses 28,580 28,580 23,168 N et Income to Retained Earnings 142,456 795,342 937,798 ?08,924 Retained Earnin�s January 1 192,899 4,573,409 4,766,308 4,174.420 Transfers To General Fund (125, 000) (125, 000) (125, 000) From Metro Waste Contrd Commission Reserves 7,964 Total Transfers (125,000) (125„000) (117,036) n s December 31 210,355 5,368,751 5,579,106 4,766>308 $.��1 '}ie.d._Fa�_R' (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENiTILA, LiD. City Of Brooklyn Center Municipal Liquor Eund EXHIBIT 20 COMPARATIVE STATEMENT OF LIQUOR OPERATING EXPENSES Humboldt Brooklyn For the Year Ended Square Boulevard Northbrook December 31, Store Store Store 1980 1979 Operating Expenses Salaries and wages 49,137 58, 755 64,130 172, 022 173, �70 Rent 18, 437 17, 686 36,123 35, 984 Payroll taxes 5,498 5,348 5,425 16,271 14,051 Utilities 4, 871 2, 957 5, 451 13, 279 11, 027 Depreciation and amortization 4, 048 1, 585 4, 918 10, 551 8, 781 Insurance 6,284 7,927 8,114 22,325 21,330 Supplies 2,210 3,206 3,948 9,364 8,174 Equipment rent 10,103 Repairs and maintenace 2, 525 1, 033 956 4, 514 4, 748 Professional services 913 913 913 2, 739 3, 322 Heating 1, 016 1, 361 1, 444 3, 821 4, 034 Provision for uncollectible checks and cash short 483 325 308 1,116 2, O11 o Laundry 391 502 530 1, 423 1, 282 Protection services 522 579 759 1,860 1,746 Inventory variances and breakage (1, 475) 1,150 525 200 1, 388 Telephone 366 375 374 1,115 733 Advertising 214 189 190 593 295 Miscellaneous 108 148 90 346 112 Taxes and licenses 23 18 18 59 69 Administrative services 6, 558 8, 744 8, 987 24, 289 Other contracted services 812 842 864 2,518 Data processing 1,418 1,872 2,382 5,672 Total Liquor Operating Expenses 104, 359 97, 829 128, 012 330, 200 302, 360 I (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 City Of Brooklyn Center Public Utilities Fund EXHTBIT 21 COMPARATIVE STATEMENT OF WATEft OPEftATING EXPENSES Classification by Funetion For the Year Ended Source of Customer December 31, Supply Transmission Administration Accounting 1980 1979 Depreciation 52,935 56,065 109,000 106,41? Labor 21,192 28,521 39,983 19,254 108,950 106,964 Electricity 63, 276 63, 276 4 i, 586 Repairs and maintenace 4, 402 2, 874 520 281 8, 077 5, 985 Materials and supplies 15, 853 7, 634 3, 729 829 28, 045 22, 305 Rent and administration 34, 015 34, 015 16, 054 Equipment rentals 16, 313 16, 313 7, 399 Payroll taxes 7, 854 7, 854 10, 743 Postage 78 7, 672 7, 750 8,170 Professional fees 13,491 13,491 1,162 Insurance 2,308 2,308 4,122 Employee benefits 3, 972 3, 972 3, 740 Fuel-Heating 3, 009 3, 009 4, 483 Printing 341 Schools and conferences 150 150 223 Small tools and equipment 332 332 1, 500 Miscellaneous 1, 285 1, 285 1, 621 157,658 95,426 126,707 28,036 407,827 348,815 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 C ity Of B rooklyn C enter Public Utilities Fund EXHIBIT 22 CONIPARATIVE STATEMENT OF SEWEft OPERATING EXPENSES Classification By Funetion For the Year Ended Disposal and Customer December 31, Pumpin� Transmission Administration Accountin� 1980 1979 Depreciation 22, 975 48, 463 71, 438 71, 402 tVletro Waste Control Commission Charge (Note 4) 502, 830 502, 830 470, 334 Labor 11,755 13,311 14,092 63 39,221 52,303 Rent and administration 34, 015 34, 015 16, 054 Equipment rental 16, 358 16, 358 7, 365 Electricity 9,484 9,484 8,017 Payroll taxes 7, 854 7, 854 6, 766 Repairs and maintenance 360 412 368 1,140 3, 415 Professional fees 3, 668 1, 583 5, 251 1,149 Postage 1,790 1,790 2,176 Materials and supplies 35 1,122 3, 391 93 4, 641 4, 527 Insurance 7,305 7,305 3,130 I Employee benefits 2, 670 2, 670 2, 791 a Small tools and equipment 200 200 2, 008 I, Fuel-heating 237 237 366 Miscellaneous 76 201 222 499 1, 618 Payments to other cities for services 13,658 13,658 i Total Sewer Operatin� Expenses 565, 078 63, 709 87, 858 1, 946 718, 591 653, 421 I (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 City Of Brooklyn Center Enterprise Funds COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION EXHIBIT 23 For the Year Ended December 31, 1980 With Comparative Totals for the Year Ended December 31, 1979 Municipal Public Liquor Utilities Totals Fund Fund 1980 1979 Sources of Financial Resources Operations Net income for year 142, 456 795, 342 937, 798 708, 924 Add: Items not requiring curren# outlay of resources Depreciation 10, 552 180, 438 190, 990 187, 600 Total Resources Provided By Operations 153, 008 975, 780 1,128, 788 895, 524 Collections of other receivables 1,864 Debt retirement investments sold 1, 365 1, 365 1, 574 Contributions toward construction 79, 474 79,474 9, 085 Decrease in assessments receivable-deferred 4, 936 4, 936 1, 967 Decrease in M. W. C. C. receivable 8, 348 8, 348 964 j Decrease in settlement receivable 1, 402 1, 402 Totals 154,410 1,069,903 1,224,313 917,978 U ses of Financial Resources Purchase of properties 416 139, 780 140,196 70, 075 Payments to retire bonds 35, 000 35, 000 35, 000 Decrease in lawsuit deferred credit 3, 266 Increase in working capital 28, 994 700, 543 729, 537 538, 268 Increase in restricted investments 176,196 176,196 137,152 Transfers to General Fund 125, 000 125, 000 125, 000 Amortization of deferred gain on sale of assets 3, 284 3, 284 3, 285 Construction funds invested 6, 752 6, 752 5, 932 Amortization of Metro Waste Control Commission deferred credit 8, 348 8, 348 Totals 154,410 1,069,903 1,224,313 917,978 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 TRUST AND AGENCY FUNDS Trust and Agency Funds account for assets held by the City as a trustee or agent for individuals, private organizations, and other governmental units. INVESTMENT TRUS_T FUND Investment Trust Fund provides for the "pooling" or a centralized system for investing temporary surpluses of cash by merging cash balances from all other funds. The fund essentially is an inventory control over all invest- ments and investment income. Earnings are distributed annually on a pro rata participation basis. City Of Brooklyn Center Fiduciary Funds EXHIBIT 24 COMBINING BALANCE SHEET December 31, 1980 With Comparative Totals for December 31, 1979 Nonexpendable Agency Funds Trust Fund Housing and Public Employees investment Redevelopment Fire Department Retirement Totals Trust Fund Authority Relief Association Association 1980 1979 ASSETS Cash in banks 561,845 72,386 634,231 238,136 Investments 85,687 761 445,421 531,869 91,759 Accrued interest 410,055 85 2,631 412,771 303,888 Due from other funds 51,536 51,536 228,662 Taxes receivable 1,468 238 4,429 6,135 13,000 Due frnm other governments 3, 979 Securities investments for other funds (at cost, which approximates market) 14,141,928 14,141,928 13,521,185 Total Assets 15,1 13,828 211,162 999 452,981 15,778,470 14,400,604 LIABILITIES AND FUND BALANCES Liabilities Accounts payable 26,455 26,455 25,249 Performance an d other deposits 140,346 140,346 136,120 Due to other funds 3,840 Due to funds participating in Investment Trust Fund 14,973,482 14,973,482 13,576,304 o N Total Liabilities 15,113,828 26,455 -0- -0- 15,140,283 13,741,513 Fund Balances Expendable 184,707 999 452,481 638,187 659,091 Total Fund Balances -0- 184,707 999 452,481 638,187 659,091 Total Liabilities and Fund Balances 15,113,828 211,162 999 4 52,481 15,7 78,470 14,400,604 (See notes to financial atatements) This statement is an integral part of report dated May 15, 1981 MOEN 8 PENTTILA, ITD. CiYy Of Brooklyn Center Fiduciary Funds EXHdBIT 25 COMBINING STATEMENT OF REVENUES; EXPENSES AND CHANGES IN FUND BALANCES I For ihe Year Ended December 31, 1980 'i With Comparative Totals for the Year Ended December 31, 1979 Nonexpendable A¢ency Funds Trust Fund Housing and Public Employees Investment Redevelopment Fire Department Ret4rement Totals Trust Fund Authority Relief Association Association 1980 1979 Revenues intergovernmental Revenue: State insurance premium rebate 52,521 52,521 49,163 Interest on investments 1,158,134 19,314 38 20,142 1,197,628 1,019,155 Transfer in-Community Development Fund 79,983 79,983 Ad valorem levies 43, 255 Contributions City funds 27, 751 Totai Revenues 1,158,134 89,297 52,559 20,142 1,330,132 1,139,324 Expen�es Earnings distributed to participating funds 1,156,460 1,156,460 978,181 Professional feea 1,674 1,000 2 2,041 Repair of buildinga 138,854 138,854 Other 278 27 222 527 206 Paid to agency units 52,521 52,521 73,724 Total Expenses 1,158,134 140,132 52,548 222 1,351,036 1,054,152 o, N et Income (Loss) -0- (40,835) 11 19,920 (20,904) 65,172 w Fund Balance January 1 -0- 225,542 988 432,561 659,091 573,919 Fund B alanc December 31 -0-� 184,707 999 452,481 638,187 659,091 (See notes to financisl statements) n is an inte ral aM of re ort dated Ma 15, 1981 This stateme t g p P Y MOEN 8 PENTTIIA, LTD. GENERAL FIXED ASSETS �ROUP OF ACCOUNTS General Fixed Assets are those fixed assets of a governmental jurisdiction which are not accounted for in an Enterprise, Working Capital, or Trust Fund. To be classified as a fixed asset in this category, a specific piece of property must possess three attributes: (1) tangible nature; (2) a life longer than the current fiscal year; and (3) a significant value. i City of Brooklyn Center SCHEDULE OF GENERAL FIXED ASSETS BY SOURCES EXHIBIT 26 December 31, 1980 B alance B alance January 1, December 31, 1980 Acquisitions Disposals 1980 Investments in General Fixed Assets (at cost) Land and land improvements 406, 817 Z61, 645 568, 462 Buildings and building improvements 2, 911, 479 227, 201 3, 138,680 Park properties (including buildings) 1, 560, ?92 998, 509 2, 559, 301 Furniture 203,406 154,103 1,146 356,363 Departmental equipment 1, 725, 613 298, 596 51, 738 1, 972, 471 Storm sewers and street projects 10, 669, 618 198, 742 10, 868, 360 Total Investments in General Fixed Assets 17, 477, 725 2, 038, 796 52, 884 19, 463, 637 Sources of Investments General indebtedness 600, 491 600,491 General Fund revenues (includes ad valorem levies) 2, 458, 452 391, 383 52, 884 2, 796, 951 Liquor Fund revenue certificates 304, 571 304, 571 Contributions received 327, 398 327, 3,98 Special assessments 10,488,154 198,742 Z0,686,896 Capital Projects Funds: General obligation bonds 2, 250, 000 879, 798 3,129, 798 Ad valorem tax levies 265, 243 265 243 Sale of land 38, 654 38, 654 Transfers from debt service funds exeess after payment of debt 198,386 198,386 Transfers from contingent account 3, 000 3, 000 Interest earnings on investments 264, 343 264, 343 Federal grants 204,769 568,873 773,642 State grants 74,264 74,264 Total Sources of Investments 17, 477, 725 2, 038, 796 52, 884 19, 463, 637 (See notes to financial statements) This statement is an integral part of report dated May 15, 1981 I �ENERAL LONG-TERM DEBT GROUPOFACCOUNTS General obligation bonds and other forms of long-term debt supported by general revenues are obligations of a governmental unit as a whole and not its individual constituent funds. Moreover, the proceeds of such debt may be spent on facilities which are utilized in the operations of several funds. For these reasons, the amount of unmatured long-term indebtedness which is backed by the full faith and credit of the government should be recorded and accounted for in a separate self-balancing group of accounts titled the "General Long-Term Debt Group of Accounts". This debt group will include, in addition to conventional general obligation bonds, time warrants and notes which have a maturity of more than one year from date of issuance. C ity of B rookl n C enter C01�1PARATIVE STATEMENT OF GENERAL LONG-TERM DEBT EXHIBIT 2? December 31, 1980 1979 Amounts Available And To Be Provided Amounts available in Debt Service Funds(Exhibiti 403, 728 363, 471 Amounts to be provided in future periods: General obligation bond principal 3, 016, 272 1, 751, 529 Special assessments levied on city-owned properties 159, 092 132, 582 Total. Amount Available And To Be Provided 3, 579, 092 2, 247, 582 General Debt To Be Paid In Future Periods Principal portion of debt 3, 579, 092 2, 247, 582 Total General Debt To Be Paid In Future Periods 3, 579, 092 2, 247, 582 i S ee notes to the financial statements) This statement is an integral part of report dated May 15, 1981 -65- MOEN 8 PENTTILA, LTD. City of B rooklyn C enter GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION TABLE 1 Last Ten Fiscal Years Public Community Fiscal General Safety and Public Health Parks and Debt Pension Year Government Welfare Works Services Recreation Service Expense 1971 $444,061 624,455 452,245 23,694 $481,854 $295,302 $193,035 1972 496,377 561,100 490,831 27,507 478,385 313,92? 214,663 1973 494,968 587,443 500,840 26,912 466,642 384;101 195,125 1974 546,649 700,438 522,297 26,555 484,811 389,397 227,727 1975 628,341 761,670 599,314 43,269 543,271 383,708 202,704 1976 722,116 849,672 692,545 62,014 633,935 411,730 190,890 1977 764,921 961,851 761,542 50,973 639,315 388,130 258,837 1978 868,776* 1,151,480* 733,615 66,423* 795,116* 380,180 1979 688,539* 1,521,159* 892,470* 48,576* 860,283* 356,905 1980 839,907�` 1,442,619* 1,103,166* 37,336* 917,224* 332,139 *Pension expense is allocated to these functional expenditures City of Brooklyn Center REVENUE OTHER THAN SPECIAL ASSESSMENTS TABLE 2 Last Ten Fiscal Years Charges Revenues in Excess General for Current Licenses of Expenditures Fiscal Property Shared Services and and Fines and Public Liquor Year Taxes T�es Other Revenue Permits Forfeitures Utilities Stores 1971 $1,256,531 526,907 302,073 67,837 53,638 $276,935 $168,406 1972 1,212,708 824,105 319,65i 100,455 37,172 278,089 �.33,972 1973 1,371,366 922,477 368,382 96,006 53,862 527,510 123,316 1974 1,542,561 958,058 462,575 88,922 38,644 435,931 134,995 1975 1,745,66? 1,024,571 432,083 101,380 42,940 381,458 150,902 1976 1,725,854 1,432,745 486,371 102,399 48,475 103,848 147,143 1977 1,880,700 1,577,843 472,410 131,107 54,420 187,560 121,536 1978 1,883,745 1,604,452 494,772 179,062 68,281 351,732 134,841 1979 2,272,323 1,887,093 714,894 186,464 82,466 546,930 161,994 1980 2,416,973 2,731,611 1,127,085 195,931 111,382 937,798 142,456 City of Brooklyn Center TAX LEVIES AND TAX COLLECTIONS TABLE 3 Last Ten Years Ratio of Collections Percentage Collections Accumulated of Currer�t Levy of Prior Ratio of Delinquent Year's Taxes Collected Year's Taxes Total Accumulated Taxes to Year Total During Fiscal During During Fiscal Total Collections of Delinquent Current Year Collected Ta�c Levy Period Fiscal Period Period Collections Tax Levy Taxes Tax Levy 1971 $1,224,739 $1,112,685 90.85$ 22,252 $1,134,937 .9267:1 30,326 .02476:1 1972 1,195,237 1,163,912 97.38 96,219 1,260,131 1.0543:1 48,409 .04050:1 1973 1,353,452 1,302,941 96.27 19,480 1,322,421 .9771;1 42,173 ,03116:1 1974 1,518,271 1,442,873 95.03 34,450 1,477,323 .9730:1 89,357 .05885:1 1975 1,728,986 1,678,567 97.08 61,791 1,740,358 1,0066:1 144,641 .08366:1 1976 1,'j15,170 1,521,690 88.72 56,229 1,577,919 .9200:1 281,903 .16436:1 0 1977 1,880,700 1,694,382 90.09 198,250 1,892,632 1.0063:1 269,971 .14355:1 i 1978 2,060,012 1,995,621 96.87 163,701 2,159,322 1.0482:1 170,662 .08285:1 1979 2,316,550 2,277,597 98.32 58,083 2,335,680 1.0083:1 146,042 .06304:1 1980 2,350,734 2,3U6,803 98.13 62,371 2,369,174 1,0078:1 135,953 .05783:1 I City of Brooklyn Center ASSESSED VALUE AND MARKET VALUE OF ALL TAXABLE PROPERTY TABLE 4 Last Ten Years 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981(3) Population (*Actual) 36,370 36,908 37,207 36,954 37.081 36,116 34;110 33,700 32,950 31,167 Real ProPerty Assessed Value (Limited): City: Homestead 15,956,478 52,150,596 53>857,283 55,031,870 62,354,181 69,130,468 67,641,018 72,075,015 70,506,973 82,133,535 Excess and non-homestead 10,500,479 36,527,538 40,147,670 42,501,704 47,138 50,356,911 53 54,893,227 63,605,303 80,626,961 Area-wide allocation (net) 460,981 133,422 (201,206) (1,190,083) (1,464,192) (1,832,196) (1,680,827) Total Assessed Value 26,456,957 88,678,134 94,004,953 97,694,555 $1U9,626,015 $119,286,173 $120,427,225 $125,504,050 $132,280,U80 $161,079,669 Estimated Market Value i (Limited): $229,923,135 $249,328,665 $262,535,943 $270,699,26i $301,639,725 $329,463,243 $381,926,955 $396,811,532 $451,519,456 $604,637,366 Personal Property I A ssessed Value 1,313,422 2>403>743 2,657,185 2 2,800,885 3,034,703 3,537,911 4,389,397 3,816,766 4,027,036 I I rn Eatimated Market Value 10,730>184 5,590,100 6,179,500 6,634,865 6,505,874 7,059,986 8,227,700 10,207,900 8,876 9,365,200 Total Real and Personal Property Assessed Value 27,7 70,379 91,081,877 96,662,138 $100,846,547 $112,426,900 $122,320,876 $123,965,136 $129,893,447 $136,096,846 $165,106,705 Estimated Market Value $240,653>319 $254,918,765 $268,715,443 $277,334,126 $308,145,599 $336,523,229 $390,154,655 $407,019,432 $460,395,656 $614,002,566 Ratio of Assessed Value to Estimated Market Value .11540:1 .35730:1 .35972:1 .36363:1 .36485:1 .36348:1 .317733:1 .319133:1 .29561:1 .26890:1 Per Capita Valuations Assessed Vatue 763.55 2,467.81 2,597.96 2,729.00 3,031.93 3,386.89 3,634.�8 3,954.40 4,130.41 5,297.49 Estimated Market Value 6,616.81 6,906.87 7,222.17 7,504.85 8>310.07 9,317.84 11,438.13 12,077.73 13,972.55 19,700.41 (1) 1972 and subsequent valuations reflect changes as provided for in Laws 1971, Extra Session, Chapter 31, as amended. (2) 1975 property values and subsequent values include actual amount allocated pursuant to Laws 1971, Extra Session, Chapter 24 from area-wide "Pool". (3) 1981, limited market value abolished, all property assessed on estimated market value. MOEN 8 PENTTIIA, ITD. City of Brooklyn Center TAX RATES AND TAX LEVIES Y�rs 1960 Throu�h 1981 TABLE 5 Area School District County Total City, School, County and State N.H.S. Year Voc-Tech #286 #279 #281 #11 Special State Dist. #286 Dist. #279 Diat. #281 Dist. #11 Collectible City School (Earl Brown) (Osseo) (Robbinsdale) (Anoka) Districts (3) N.H.S. H.S. (Earl Brown) (Osseo) (Robbinsdale) (Anoka)(4) Tazc Rates M�lls Per $100 of Assessed Value 1960 51.0 167.56 157.64 12U.10 114.70 40.14 14.32 8.10 273.02 263.10 225.56• 220.16 i961 48.26 189.64 163.00 139.20 123.53 41.46 13.85 6.89 293.21 266.57 242.77 227.10 1962 48.54 211.59 179.99 158.69 134.00 45.40 15.51 6.39 321.04 289.44 268.14 243.45 1963 50:12 219.00 184.62 154.72 131.09 47.23 16.85 8.31 333.20 298.82 268.92 245.29 1964 50.68 225.60 189.62 150.08 134.85 52.51 17.14 8.22 345.93 309.55 270.41 255.18 1965 49.80 215.26 195.50 154.72 144.77 59.69 16.14 6.84 340.89 321.13 280.35 270.40 1966 41.62 227.22 199.98 155.00 153.23 55.66 18.42 18.32 352.92 325.68 280.70 278.93 196r 51.52 227.90 203.00 158.76 160.00 53.30 17.24 17.14 349.89 324.99 280.75 281.99 196E 51.34 236.29 211.80 163.56 188.32 64.77 352.40 327.91 279.67 304.43 1969 50.94 .78 266.63 252.28 184.57 265.29 70.00 386.35 374.00 306.29 386.23(8) 197C 49.65 4.51 294.55 295.42 215.01 297.66 77.18 425.89 426.76 346.35 424.49(8) 1971 44.11 7.96 250.31 216.00 204.90 257.09 77.02 379.40 345.09 333.99 378.22(8) 197� 43.04 10.38 183.24 166.09 147.20 173.68 80.45 317.11 299.96 281.07 297.17(8) 1973 14.718(1) 2.694(1) 55.786(1) 54.023(1) 44.727(1) 54.920(1) 27.014(1) 100.162(1) 98.399(1) 389.103(1) 96.652(1) 1974 15.710 3.084 56.805 54.634 50.289 54.845 28.965 104.564 102.393 98.048 99.520 1975 Y7.988(2) 3.372 62.074 57.654 50.787 60.190 33.142 115.576 112.155 105.289 111.320 1976 15.607(2) 2.759 54.204 53.435 49.043 55.270 31.275 103.895 103.076 98.684 102.152 1977 15.725(2) 2,485 52.663 53.648 49.875 58.400 34.063 104.936 105.921 102,148 108.168 1978 16.646(2) 2.132 58.537 52.434 49.690 55.840 35.086 107,401 106.298 103.554 107.572 197� 17.880 2.227 47.451 45.073 46.645 47.706 35.450 103.008 100.630 102.202 101.036 198U 17.245 1.681 42.981 39.345 41.973 43.212 34.580 96.487 92.851 94.979 95.037 1981 16.603 1.510 33.512 33.427 40.757 37.996 33.373 84.998 84.913 92.243 87.972 Tax Levies on Property Within Brooklyn Center Area School District County Total City, Year Voc-Tech #286 #279 #281 #11 Total Special Schools Cdlectible School (Eari Brown) (Osaeo) (Robbinsdale) (Anoka) School Districts (3) City State County State 1960 427,311 465,174 248,382 42,211 $1,183,078 479,907 404,905 84,515 2,152,405 1961 497,907 665,299 320,697 43,880 1,527,783 451,594 452,289 91,090 2,522,756 1962 551,349 771,611 367,691 59,153 1,749,804 440,294 470,746 98,108 2,758,952 1963 587,665 830,918 524,099 76,198 2,018,880 528,874 561,236 139,015 3,248,005 1964 622,578 883,842 526,189 100,102 2,132,711 615,335 593,890 147,785 3,489,721 1965 668,961 976,585 614,756 140,923 2>401,225 779,230 650,137 153,954 3,984,546 1966 728,353 1,003,287 623,412 171,926 2,526,978 744,231 690,212 245,668 4,207,089 1967 836,669 1,142,570 790,174 210,428 2,979,841 828,401 804,858 268,168 4,881,268 1968 888,684 1,200,483 901,846 295,160 3,286,173 1,069,364 847,632 5,203,169 1969 16,096 1,238,004 1,724,773 1,317,751 535,263 4,831,887 1,494,592 1,051,250 7,327,729 1970 99,033 1,375,490 2,071,747 1,689,434 719,896 5,955,600 1,694,770 1,090,248 8,740,618 1971 216,938 1,580,568 1,852,268 1,889,969 807,230 6,346,973 2,099,064 1,202,152 9,648,189 1972 255,036 1,190,094 1,436,342 1,387,686 555,856 4,825,014 2,239,127 1,195,237 8,254,378 1973 240,820 1,273,089 1,506,993 1,317,268 599,411 4,937,581 2,460,486 1,340,543 8,738,610 1974 298,106 1,466,912 1,571,708 1,535,659 632,575 5,504,960 2,799,819 1,518,562 9,832,341 1975 296,212 1,652,565 1,742,105 1,552,542 754,898 5,998,322 3,370,680 1,805,754(6) 11,174,756 1976• 270,428 1,681,797 1,804,010 1,629,635 789,077 6,174,947 3,511,979 ],752,564(6) 11,439,490 1977 265,953 1,786,278 1,834,979 1,800,122 910,670 6,598,002 4,156,788 1,849,989(6) 12,604,779 1978 231,488 1,853,423 1,865,301 1,841,345 889,060 6,680,617 4,345,690 2,060,012(6) 13,086,319 1979 252,099 1,763,457 1,711,981 1,805,864 ?94,944 6,328,345 4,603,009 2,316,684 13,249,038 1980 203,243 1,737,432 1,568,491 1,650,314 1,552,661 6,712,141 4,711,691 2,350,962 13,779,774 1981 237,607 1,939,916 1,636,937 2,058,195 766,972 6,639,577 5,925,084 2,947,717 15,512,378 I 1 Due to determination of assessed valuation calculation chan ed b state law 3 Includes Metro Council Metro Transit Commissio I O g y O n, Mosquito Control District, enacted in 1971 the resulting mill rate is approxunately one-third as great Park Museum. as before the enactment of the new law (4) Area Vo-Tech school tax rate is excluded. (2) Includes tax levy for the Housing and Redevelopment Authority of Brooklyn Center. City of Brooklyn Center SPECIAL ASSESSMENT COLLECTIONS TABLE 6 Last Ten Years Current Specia.l Total Assessments Amount Ratio of Current and Installments Collected Current Delinquent Becoming Due Currently Collections Assessments Currer�t Fiscal During the During the to Amount Un�ollected Percentage Balance Period Fiscal Period Fiscal Period Due At Year End Collected Uncollected 1971 $844,933 $660,490 .7817:1 $232,717 97.83$ 18,354 1972 807,317 647,695 a8023:1 270,543 97,19 22,717 1973 787,054 589,500 .7490:1 312,177 94,89 40,248 1974 742,130 634,434 .8549:1 202,970 85.49 107,696 1975 679,068 567,338 .8355:1 314,700 83.55 204,701 1976 736,438 444,699 .6039:1 606,439 60.39 290,511 r 1977 663,514 406,029 a6119:1 633,094 61.19 257,485 1978 607,046 407,224 .6?08;1 668,578 67.08 199,822 1979 585,105 461,550 .7888:1 361,906 78,88 123,555 1980 655,175 572,104 .8732:1 189,808 87.32 83,071 C ity of B rooklyn C enter RATIO OF NET BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA Last Ten Years TABLE 7 Ratio of Less: Amount Net Bonded Net Bonded Fiscal Estimated Assessed Gross In Debt Net Debt to Assessed Debt Per Period Population Value* Bonded Debt Service Funds Bonded Debt Values* Capita 1971 36,370 82,680,606 $10,005,000 $1,793,277 $8,211,723 .0993:1 $255.78 1972 36,908 83,311,137 9,291,000 1,774,258 7,516,742 .0902:1 203.66 1973 37,102 91,081,877 9,224,000 2,118,269 7,105,731 .0780:1 191.52 1974 36,954 96,662,138 8,407,000 1,874,002 6,532,998 .0675:1 176.79 1975 37,081 100,386,566 ?,605,000 2,115,984 5,489,016 .0547:1 148.02 1976 36,116 112,293,478 7,770,000 2,118,250 5,581,750 .0497:1 154.55 I 1977 34,110 122,320,876 7,015,000 2,193,710 4,821,290 .0394:1 141.35 1978 33,700 123,965,136 6,215,000 2,652,259 3,562,741 .02873:1 105.72 1979 32,950 129,893,44? 5,475,000 3,138,481 2,336,519 .01799:1 70.91 1980 31,167 136,096,846 6,265,000 2,519,067 3,745,933 .02752:1 120.19 *Assessed value has been restated for years prior to 1972 so as to be on a basis comparable to 1972. C ity of B rooklyn C enter STATEMENT OF LEGAL DEBT MARGIN TABLE 8 December 31, 1980 A ssessed Va1ue, January 1, 1980 $165,106,705 Debt limit 6.67s of assessed value (See Note A) 11,012,617 Total bonded debt $6, 265, 000 Deductions See N ote B): A Bonds 1. Special Assessment Bonds $2, 325, 000 2. State Aid Street Bonds 655, 000 3. Utility Revenue Bonds 520, 000 $3,50U,000 B. General Debt Service Fund 385, 788 3, 885, 788 Total Debt Applicable to Debt Limit 2, 379, 212 Le�al Debt Mar�in, December 31, 1980 8, 633, 405 Note: (A) M.S.A. Section 475.53 (See following page) Note: (B 1�9. S.A Section 475. 51 See following page) 73- C ity of B rooklyn C enter STATEMENT OF LEGAL DEBT MARGIN TABLE 8 December 31, 1980 Note (A): M.�.A. Section 475.53 et seq. Limit on Net Debt: "Subdivision l. Generally, except as otherwise provided in sections 475.51 no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of 6. 67 per cent of the assessed value Note (B): M.S.A. Section 475.51 Definitions: "Subdivision 4. 'Net Debt' means the amount remaining after deducting from its gross debt the amount of current revenues which are applicable within the current fiscal year to the pay- ment of any debt, and the aggregate of the principal of the following (1) Obligations issued for improvements which are payable wholy or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursements in whole or in part from the proceeds of the specia.l assessments 2) Warrants or orders having no definite or fixed maturity 3) Obligations payable wholly from the income from revenue- producing conveniences. 4) Obligations to create or maintain a permanent improvement revolving fund. 5) Obligations issued for the acquisition, and betterment of public water-works systen�s, and public lighting, heating or power systems, and of any combination thereof or for any other public convenience from which a revenue is or may be derived. (6) Amount of all money and the face value of all securities held as a sinking fund for the extinguishment of obligations other than those deductible under this subdivision. 7) All other obligations which under the provisions of the law authorizing their issuance are not to be included in computing the net debt of the municipality 74- C ity of B rooklyn C enter COMPUTATION OF DIRECT AND OVERLAPPING DEBT TABLE 9 December 31, 1980 City of Brooklyn Center Gross Sinking Share Governmental Unit Debt Funds Net Debt Per Cent Amount Direct and Overlapping Debt Direct Debt: City of Brooklyn Center (1)$ 6, 265, 000 2, 519, 067 3, 745, 933 100.00$ 3, 745, 933 Overlapping Debt: School Districts No. 281 (Robbinsdale) 21, 668, 000 5, 926, 761 15, 741, 239 10.20� 1, 605, 606 No. 11 (Anoka) 27, 520, 000 4, 037,182 23, 482, 818 5.90$ 1, 385, 486 5 910,223 2 053 071 26.800 No. 279 (Osseo) 2) 25, 025, 000 2, 971, 929 2 1 004 380 100.00$ 1,004,380 1 155 000 150,620 nter n Ce 286 B rookl No. Y Area Voc. Tech School: 616,126 N o. 287 (3) 15,000,000 2,425,996 12,574,004 4.90$ Metro T ransit 15,600,000 2,923,000 12,677,000 1.50$ 190,155 Metro Council (4) 34,990,000 22,396,728 12,593,272 1.50% 18��899 Metro Airport 5 H ennepin C ounty 38,000,000 5,241,000 32,759,000 2.70$ 884,493 Hennepin County Park District 2, 250, 000 859� 440 1, 390, 560 2. 70 a 37, 545 Total Overlapping Debt $181,208,000 46,932,656 $134,275,344 11,822,913 Total Direct 8� Overlapping Debt $187, 473, 000 49, 451, 723 $138, 021, 277 15, 568, 846 (1) Includes $2, 325, 000 debt outstanding to be paid from special assessments, $655, 000 debt outstanding on State Aid Street Bonds, and $520, 000 debt outstanding on revenue bonds. 2) Excludes $650, 000 capital construction loans from the State of Minnesota under provisions of Maximum Effort School Aid Loan Account, considered to be subordinate to publicly held bonds. (3) This debt is approximately 50o supported by State Aids and has been so reduced here, 4) Excludes $126, 577, 000 (less $14, 010, 472 in sinking funds) of the Metro Council issued G.O sewer bonds. These sewer bonds are supported from sewer service charges to government units (including Brooklyn Center) within the metro sewer system. 5) Excludes $117, 320, 000 (less $19, 600, 000 in sinking funds) of G.O. Airport bonds supported from airport user fees and rentals. Overlapping Comparative Net Debt Ratios Chargeable to City Total Direct Debt Debt Debt to assessed value ($165,106,705) 9.43$ 2.27$ 7.160 Debt to market value ($604, 637, 366) 2. 57% .62$ 1. 95% Per capita debt (population 31,167) $499. 53 $120.19 $379.34 I r I C ity of B rooklyn C enter RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL TABLE 10 BONDED DEBT TO TOTAL GENER.AL EXPENDITUftES Last Ten Years ftatio of Debt Tota1 Tota1 General Service to General Year Principal Interest Debt Service Expenditures Expenditures 1971 68,800 $228,35� $297,151 $2,210,67�, 13,440 1972 90,000 223,927 313,927 2,219,355 14.14 1973 165,000 219 101 3 4 8,101 2 278 020 1 6.86 1974 �80,000 209,397 389,397 2,577,758 15.10 1975 185,000 198,708 383,708 2,839,621 13.51 II 1976 225,000 186,730 411,730 3,244,183 12.76 1977 2].5,000 173,130 388,130 3,239,892 11.98 1978 220,000 160,180 380,180 4,146,063 9.17 I 1979 210,000 146,905 356,905 5,267,380 6.78 I I 1980 195,000 134,211 329,211 7,931,555 4.15 I City of Brooklyn Center SCHEDULE OF REVENUE BOND COVERAGE TABLE 11 Last Ten Years Net Ratio of Net Gross (1) Revenue Debt Service Revenue to Year Revenue Expenses Available Principal Interest Total Debt Service 1971 �1,1�0,730 $558,189 $582,541 $45,000 $34,300 $79,300 7.3 to 1 1972 863,111 447,567 321,106 30,000 31,767 61,767 5.2 to 1 1973 1,053,238 383,000 700,238 30,000 30,52b 60,525 11.6 to 1 1974 1,048,447 471,046 577,401 30,000 29,400 59,400 9.7 to 1 1975 1,107,926 556,573 551,353 30,000 28,275 58,275 9.5 to 1 1976 1,235,274 710,662 524,612 35,000 27,105 62,105 8.4 to 1 1977 1,145,563 761,542 384,021 35,000 25,740 60,740 6.3 to 1 1978 1,371,519 817,154 554,365 35,000 24,375 59,375 9.3 to 1 I I I 1979 1,572,244 824,417 747,827 35,000 23,010 58,01.0 12.9 to 1 I 1980 1,950,340 952,850 997,490 35,000 21,645 56,645 17.6 to 1 I (1) Excludes depreciation and interest on bonds *1971 and prior includes Liquor Store Revenue Bonds I C it of B rookl n C enter Y Y PROPERTY VALUE AND CONSTRUCTION TABLE 12 Last Ten Fiscal Years Commercial Residential construction construction Fiscal Number Property value� Year Value of Units Value Commercial Residential Nontaxable 1971 4,965,139 i87 2,781,640 74,359,335 $156,178,125 1972 6,261,236 808 12,612,280 74,206,200 155,716,935 1973 3,635,104 35 834,140 93,702,944 168,832,999 1974 5,742,259 2U 497,600 �7,725,427 204,701,794 50,386,615 1975 3,915,836 39 1,164,932 77,895,417 213,950,371 50,386,615 1976 1,757,755 65 1,919,500 82,820,196 251,332,282 50,386,615 1977 3,584,198 80 2,179,300 125,012,840 256,914,ll5 50,386,615 1978 5,247,131 239 6,861,300 140,651,752 285,436,500 50,386,615 1979 8,209,394 76 3,392,700 161,917,915 330,196,500 50,386,615 1980 12,554,300 43 3,061,000 215,536,256 392,096,600 52,828,091 E stimated market value Exempt assessment not available prior to 1974 -78- MOEN PENTTILA, LTD. City of Brooklyn Center PRINCIPAL TAXPAYERS TABLE 13 December 31, 1980 Percentage 1981 of total Market Market Taxpayer Type of Business Valuation Value Equitable Life Assurance Soc of America Brookdale Center $21, 521, 900 3. 2`0 Prudential Insurance Company of America Warehouses 16,148, 026 2.4$ Brooklyn Center Development Company Land 8, 916, 000 1. 3$ Brooklyn Center Industrial Park Inc Land 7, 571, 700 1.1$ Twin Lake North Apartments 5, 450, 700 .8$ Center Development Company Apartments 5, 412, 400 .8$ Eberhardt Inv. Inc. Land 5,151, 400 .8% Chippewa Park Properties Apartments 3, 940,100 .6 0 Howard E. Johnson Office /Warehouse 3, 744 000 6 0 N orthern States Power Company Utility 3, 647 606 5 0 $81,503,832 12.1$ 1 -?9- MOEN 8 PENTTILA, LTD. CitY Of Brooklyn Center SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY TABLE 14 December 31, 1980 Total Fiacal General Obligation Bonds G.O. Special Assessment Bonds G.O. State-Aid Street Bonds Water Revenue Bonds Debt Service Requirement Year Princival Interest Principal Interest Principal Interest Principal Interest Principal Interest• 1981 130,OD0 185,297 390,000 123,435 55,000 41,109 40,000 20,231 615,000 370,072 1982 135,000 186,585 360,000 103,472 60,000 37,515 40,000 18,720 595,000 346,292 17 4 345 000 84 665 60 000 33,750 40,000 17,160 625,000 312,055 1983 180,000 6, 80 1984 195,000 169,050 450,000 66,529 60,000 29,940 40,000 15,600 745,000 276,119 1985 195,000 150,495 240,000 42,325 60,000 26,070 45,000 13,991 540,000 232,881 1986 210,000 136,520 125,000 28,185 60,000 22,140 45,000 12,285 440,000 199,130 1987 220,000 121,420 115,000 21,345 60,000 18,165 45,000 10,530 440,000 171,460 1988 240,000 105,520 100,000 15,070 60,000 14,160 95,000 8,775 445,000 143,525 1969 250,000 88,670- B0,000 9,330 60,000 10,125 45,000 ?,020 435,000 115,145 I I I 1990 120,000 71,100 60,000 4,830 60,000 6,075 45,000 5,265 285,000 87,270 I 1991 280,000 56,420 60,000 1,620 60,000 2,025 45,000 3,510 445,000 63,575 II I ao I 1992 300,000 34,810 45,000 1,755 345,000 36,565 1993 310,000 11,780 310,000 11,780 T otal 2,765,000 1,489,197 2,325,000 500,806 655,000 241,079 520,000 134,842 265,000 2.385,869 I MOEN 8 PENTTILA, LTD. City of Brooklyn Center MISCELLANEOUS STATISTICAL FACTS December 31, 1980 1 Date of Incorporation February 14, 1911 Date of Adoption of City Charter November 8, 1966 Effective December 8, 1966 Form of Government Council-Manager Fiscal Y ear B egins January 1 Area of City 8 Z square miles Miles of Streets: City 102 S tate 12 C ounty 6 Miles of Storm Sewers 37 Number of Street Lights 903 Building Permits: Number of Permits Issued: 1980 563 1979 606 1978 818 1977 566 1976 568 1975 645 1974 423 1973 390 1 1972 708 I 1971 2 4 5 1970 404 I 1969 460 1950-1968 inclusive 11,474 Estimated Cost: 1980 17,454,690 1979 13,081,520 1977 13,578.901 1976 6,228,087 1975 3,786,638 1974 5,972,910 1973 6,968,172 1972 5,110,140 1971 19,907,041 1970 8,487,763 1969 10,441,322 1950-1968 inclusive 134,704,012 Fire Protection Number of stations 2 Number of Volunteer Firemen 32 -81- MOEN 8 PENTTILA, LTD. City of Brooklyn Center MISCELLANEOUS STATI5TICAL FACTS December 31, 1980 Polic Pro ection e t Number of Stations 1 Number of Employees 58 Vehicle Patrol Units 11 Parks and Recreation 288 acres developed for regular use. 226 additional acres of City-owned land designated for parks and playground to be developed. Full-time employees 16 Part-time employees 200 (Seasonal) Supervised playgrounds 17 Park shelters 17 Ice skating rinks 17 Hockey rinks 6 Softball diamonds 23 Baseball diamonds 5 Tennis courts 12 Basketball courts 6 E duc ation Public Schools School Districts within B rooklyn Center 4) No. 11 No. 286 No. 281 No. 279 (Anoka) (Earle BrownXRobbinsdale) (Osseo) Total school buildings 34 2 21 18 School buildings within Brooklyn Center 1 2 1 3 Total students registered 31, 420 1, 367 17, 329 15, 535 Students from Brooklyn Center registered 1, 337 1, 367 775 2, 649 Total square miles in school district 172 2.8 30 66.5 Square miles within Brooklyn Center 1.5 2.8 2.25 2.5 '�198U assessed valuation 477,993,650 53,089,175 520,549,394 348,123,663 *1980 assessed valuation in Brooklyn Center 19, 436, 823 63, 382, 985 52, 277, 667 48, 532, 993 Parochial schools (1) St. Alphonsus School grades 4-8 Total Students registered 334 *Assessed valuation prior to fiscal disparities and tax increment calculations -82- MOEN 8 PENTTILA, LTD. Cit� of Brooklyn Center MISCELLANEOUS STATISTICAL FACTS December 31, 1980 Municipal Water Plant: Number of connections 8,119 Average daily consumption 3,711,010 gallons Peak daily consumption 11,804,000 gallons Plant capacity daily 15, 264, 000 gallons Miles of water mains 108 miles Number of fire hydrants 776 Number of wells 7 Number of elevated reservoirs 3 Storage capacity 3, 000, 000 gallons Water rate per thousand gallons 35� Municipal Sewer Plant: t Number of connections 8, 371 Miles of sanitary sewer 98 Daily disposal capacity 7,416,000 gallons Number of life stations 9 Residential rate 20.00 per quarter Municipal Liquor Stores (Off Sale) t Number of owned stores 1 Number of leased stores 2 1980 sales $2,404,261 City Employees: As of December 31, 1980 Permanent or regular 126 Temporary or part-time 135 Tota1 261 Elections Registered voters City election 1980 22, 530 Number of votes cost in city election 16,533 Percentage of registered votes voting 73.4 0 Registered voters last state election 21, 066 Number of votes cast last state election 12,679 Percentage of registered voters voting 60.2$ Population 1940 1,870 1950 4,284 1960 24,356 1965 (special census) 30,108 1979 35,173 1980 31,167 -83- MOEN PENTTILA, LTD.