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HomeMy WebLinkAboutAnnual Audited Financial Report-1976 ANNUAL AUDITED FINANCIAL REPORT of the CITY MANAGER of BROOKLYN CENTER, MINNESOTA For The Year Ended December 31, 1976 DONALD G. POSS, CITY MANAGER r Prepared by THE DEPARTMENT OF FINANCE Paul W. Holmlund, Director (Member of Municipal Finance Officers Association of the United States and Canada) City of Brooklyn Center ANNUAL FINANCTAL REPORT For the Year Ended December 31, 1976 TABLE OF CONTENTS Exhibit Page Number Number Listing of City Officials 1, 2 Organization Chart 3 Location of City Properties 4 Letters of Transmittal 5- 16 Financial Statements Section Auditor's Report 17 Combined Balance Sheet A11 Funds and Account Groups (Condensed Form) December 31, 1976 1 18, 19 Combined Statement of Revenues, Expenditures and Encumbrances, General and Sp2cial Revenue Funds 2 20 Combined Schedule of Taxes Receivable Schedule 1 21 Combined Schedule of Bonds Payable Scl�edule 2 22, 23 Combined Schedule of Investxnents Schedule 3 24 General Fund Statements Balance Sheet 3 25 Statement of Changes in Fund Balance 4 26 Statement of Revenues, Expenditures, Encumbrances and Transfers 5 27 City of Brooklyn Center ANNUAL FINANCIAL REPORT For the Year Ended December 31, 1976 TABLE OF CONTENTS Exhibit Page Number Number General Fund Statements, Cont'd Statement of Revenue Budget Actual Objective Classification Schedule 5-A 28 Statement of Expendi.tures and Encumbrances Budget and Actual Classified as to Activity, Character and Object Schedule 5-B 29 Special Revenue Funds Statements Combined Balance Sheet 6 30 Combined Statement of Revenue, Expenditures and Fund Balances 7 31 Debt Service Funds Combined Balance Sheet 8 32 Combined Statement of Revenues, Expenditures and Fund Balances 9 33 Capital Projects Funds Statements Combined Balance Sheet 10 34 Combined Statement of Appropriations, Expenditures and Fund Balances 11 35 City of Brooklyn Center ANNUAL FINANCIAL REPORT For the Year Ended December 31, 1976. I TABLE OF CONTENTS Exhibit Page Number Number Enterprise and Public Service Funds Statements Municipal Liquor Fund Statement of Financial Position 12 36 Statement of Operations and Retained Earnings 13 3? Statement of Changes in Financial Position 14 38 Public Utilities Fund Statement of Financial Position 15 39 Statement of Operations and Retained E arnings 16 �p Statement of Changes in Financial Position 17 41 Water Department Operating Expenses 18 42 Sewer Department Operating Expenses 19 43 Statement of Utility Plant in Service and Allowance for Depreciation 20 44 Trust and Agency Funds Statements Combined Balance Sheet 21 45 Combined Statement of Principals Balances 22 46 Combined Statement of Revenue, Expenditures and Fund Balances 23 47 City of Brooklyn Center ANNUAL FINANCIAL REPORT For the Year Ended December 31, 1976 TABLE OF CONTENTS Exhibit Page Number Number Investment Trust Fund Statements Balance Sheet 24 48 Statement of Earnings 25 49 Changes in Participating Funds' Balances 26 50 Special Assessment Funds Statements Combined Balance Sheet 27 51 Combined Statement of Revenue, Expenditures and Fund Balance 28 52 Statement of Construction Appropriations and Expenditures 29 53 Statement of Construction Expenditures Compared to Appropriations and Assessment of Benefits 30 54 General Fixed Assets and General Long-Term Debt Statement of General Fixed Assets 31 55 Statement of General Long-Term Debt and Interest 32 56 Schedule of General Long-Term Debt and Interest by Maturities 33 57 Notes to Financial Statements Note 1 All Funds 58 61 Note 2 A11 Funds 61 City of Brooklyn Center ANNUAL FINANCIAL REPORT For the Year Ended December 31, 1976 I TAB LE OF C ONTE NT S Exhibit Page Number Number Notes to Financial Statements Continued Note 3 Municipal Liquor Fund 61, 62 Note 4 Public Utilities Fund 62 64 Note 5 Public Utilities Fund 64, 65 Note 6 Special Assessment Funds and Statement of General Long- Term Debt and Interest 65 Note 7 Pension Plans and Pension Funds 65, 66 Note 8 Contingent Liabilities 67 Statistical Information Section Citv of Brooklvn Center LISTING OF CITY OFFICIALS For the Year Ended December 31 1976 Elected Officials Term of Office Term Expires Ma�or Philip Cohen Two Years 12-31-77 Councilman Maurice Britts Three Years 12-31-77 Councilman Bill Fignar Three Years 12-31-78 Councilman Tony Kuefler Three Years 12-31-78 Councilman Robert Jensen Three Years 12-31-76 Officials Not Elected City Manager ponald G. Poss City Clerk Allen S. Lindman City Treasurer Paul W. Holmlund City Attorney Richard Schieffer Administrative Assistant Ronald Warren Department Heads: Finance Paul W. Holmlund Public Works James Merila Police Thomas G. O'Hehir Fire Ronald Boman Planning and Inspection A. Blair Tremere Park and Recreation Eugene Hagel Assessment john Nordberg Liquor Stores Truman Nelson Street and Park Superintendent Henry Davis Public Utilities Superintentlent Frank Smith, Jr. Recreation Superintendent Arnold Mavis Health Officer R. I. Shragg, M.D. Fire Marshal Linus Manderfeld Sanitarian John Urbach Civil Defense Coordinator James Lindsay 1 r City of Brooklyn Center LISTING OF CITY OFFICIALS At April 30, 1977 Elected Officials Term of Office Term Expires Mayor Philip Cohen Two Years 12-31-77 Councilman Maurice Britts Three Years 12-31-77 Councilman Tony Kuefler Three Years 12-31-78 Councilman Bill Fignar Three Years 12-31-78 Councilman Gene Lhotka Three Years 12-31-79 Officials Not Elected City Manager ponald G. Poss City Clerk Al�en S. Lindman City Treasurer Paul W. Holmlund City Attorney Richard Schieffer Administrative Assistant Ronald Warren Administrative Assistant Brad Hoffman Department Heads: Finance Paul W. Holmlund Public Works James Merila Police Thomas G. O'Hehir Fire Ronald Boman Planning and Inspection A. Blair Tremere Parks and Recreation Eugene Hagel Assessment Peter Koole Liquor Stores Truman Nelson Street and Park Superintendent Henry Davis Public Utilities Superintendent Frank Smith, Jr. Recreation Superintendent Arnold Mavis Health Officer Duane Orn M. D. Fire Marshall Linus Manderfield Sanitarian John Urbach Civil Defense Coordinator James Lindsay 2 ORGANIZATION CHART COUNCIL MANAGER PLAN City of Brooklyn Center, Minnesota ADVISORY ELECTORATE CHARTER COMMISSION Capital Improvement Review Bd. ADVISORY Youth Advisory Commission ADVISORY CITY COUNCIL Housing Commission ADVISORY CITY ATTORNEY Conservation Commission ADVISORY City Manager Administrative Assistant W City Clerk Human Rights Commission Purchas ing Of f ice r ADVI SORY Parks and Recreation Commission s ADVISORY Administrative Assistants Planning Commission I Civil Defense I i 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 Departr*:ent Treasurer Department City Government Enqineer Buildings Y t Engineering Street Public Division Division ,Utilities_ City of Brooklyn Cente�� Location of City Properties December 31, 1976 l 7 If i t i �i �I H l `i G I i 1 i yj� 14 I l 4 i i o l 16� F ,G :j L f O M C l �_j i' 1 4�� r� ��'Q�l[ f' i f 3 I� I j i ,i"'�r ir` r� i f 7 LJ r t T I I t F. Y I L�� s i L7 rn� 4� �}l f l I 'I Park System Key 1. Willow Lane Park 2 Orchard Lane Park 3. Kylawn Park 4. Lak.eside Park ��t=.-°- T 5. Brooklane Park 6. Wangstad Park City General Pro�erties 7. Northport Park A. City Hall (Vacated 6-7-71) 8. Happy Hollow B. Water Tower 9. Palmer Lake Park C. West Fire Station Liquor Store #2 10. Garden City Park D. Library (Land Only-County Library) 11. Proposed Park E. Liquor Store #3 (located on leased 12. Lions Park property (Northport Shopping 13. Grandview Park Center) 1��. Evergreen park F. G. Vacant 15 BellvL�e Par): H. Well 16. Marlin P�rl: I. Garage 2 wells 1 water tank 17. Firehouse Park J. Liquor Store �#1 18. Riverdale p�r_k K. Con�n�unity Center Central Park 19. Freeway Park L. Municipal Service G�rage 20. River Ri.c7ge Park (Mis�.River} Nl. East Fire Station 4 (Stat_e owned) 2I Twin Lake �3each Park (Citv St��t� owned) 1 CITY OF B ROOK Y 6301 SHINGLE CREEK PARKWAY N BROOKLYN CENTER, M�NNESOTA 5�430 C ENTER TELEPHONE (612) 561-5440 April 27, 1977 i Mayor and City Council City of Brooklyn Center, Minnesota Gentlemen: Section 7.12 of the City Charter requires the City Manager to submit an annual audited report to the Council covering the entire financial system of the City for the past year. The annual audited financial report of the City for the year ended December 31 1976, prepared by the Department of Finance under my general supervision, is submitted for your consideration. ectfully s itted ��-,�C fi e•"Qr'�.d Donald G. Poss City Manager DP:ck I 5 ..S�et� rn� Apri125, 1977 Mr. Donald G. Poss City Manager Brooklyn Center, Min�esota Dear Mr. Poss: The Annual Financial Report of the City of Brooklyn Center, Minnesota, for the year ended December 31, 1976,. is submitted here- with. THE REPOR,T The organization, form and content of this report has been pre- pared using standards prescribed by the Municipal Finance Officers' Association of the United State and Canada, the National Council on Governmental Accounting, the American Institute of Certified Public Accountants, the Srate Auditor, State of Minnesota, and the Brooklyn Center City Charter. CERTIFICATE OF CONFO'3,MANCE On September 19, 1967, the Municipal Finance Officers' Assoc- iation of the United States and Canada (MFOA) ceri:ified that the Annual Audited Fin�.ncial Report of the City of Brooklyn Center for the year 1966 conformed to the principles and standards of public financial reporting as promulgated ��y the MF'OA and the National Council on Governmental Accounting. A Cer�ificate of Conformance is a•Narded by the MFOA only to the governmental unit whose financial repor is judged to conform sub- stantially to ±he high standards for financial reporting established by the Association. These standards are contained in publications of the National Council on Governmental Accounting. I believe the report herewith submitted continues to conform substantially to such standards. However, the MFOA has recently made changes to its certificate program whereby tlie validity of the certificate is limited to a period of three years. Therefore, since our certificate has expired, I intend to submit this report to MFOA for review and request a renewed Certificate of Conformance. ORGANIZATION Brooklyn Center was incorporated as a Village on February 14, 1911, and b�ca.me a City of the second class on December 8, 1966, thirty days from the adop±ion of the City Charter by a referendum vote of the people. 6 The form of overnment established b the Charter is the g Y ''Council-Manager Plan". The Council exercises the legislative power of the City and determines all matters of policy. The Council is com- posed of a Mayor and four Councilmen who are elected at large. Each Councilman 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 finances of 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 connec- tion with the keeping of the public records. The City Treasurer has duties in connection zvith 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 appoini ed by the City Manager. Appoint- ment or removal of departmen� h�ads are made final upon a majority vote of the Council. The City carries faithful performance blanket bond coverage in the amount of $20, 000 on a.11 City employees. GENERAL OPERATIONS The City, in addition to the usual activities such as: general government, public safety and welfare, highways, recreation and parks; operates three off-sale liquor stores and a public sswer and water utility. Net revenues produced in excess of working capital requirements by muni- cipal liquor store operations have been used toward financing current expense and capital outlay programs of the City General Fund. The net revenu�s of the sewer and water utility has been retained t within the Public Utilities Fund and employed for sewer and wa±er utility purposes. ACCOUNTING SYSTEM The accounting for all activites of the City is divided into various purpose groups or funds as required by statute and/or good accounting practice. Except for minor variances, all funds are maintained on an accrual basis and in conformity with gen�rally accep�ed accounting prin- ciples applicable to governmental entities as set for�h by the National Council On Governmental Accounting. 1 The accounts of the City are classified in conformance with classification pres�ribed by ±he State Auditor's Office. The account- ing system used for the Public Utilities Fund is adopted from a system specifically designed for municipally-owned utilities by the American Water Works Association. Accounting and bookkeeping for all City activities are cen- tralized under the Depar�tment o.f Finance. The res�onsibility for maintaining and pres �ribing all financial. records, establishing and maintaining internal control, and preparing financial and budgetary repor�s is delegated to this department. FINANCIAL CONTROL AND THE BUDGET The City Charter grants the City Council full authority over the financial af.fairs of the City. The Charter requires that all funds of the City except funds made up of proceeds of bond issues, public service enterprise funds, a.nd special assessments 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 adoptio.n of the annual budget resolution by the Council, it becomes the formal budget for City oper- ations. Afther the t�udget resolution is ado�±ed, the Council can increase the budget only if actual receipts exceed the estimates or from accumu- lated surplus in th� a�nount of an unexpended appropriation from the pre- vious fiscal year. Financial reports, which compa.re actual performance with the budget are prepared monthly and presented to the Council so the Council is able to review the finan�ial status and measure the effectiveness of the budgetary controls. overninental bud et rocedures are not used in connection with G g p the liquor stores or public utilities opLratio�s, because these operations are primarily of commercial nature and employ concepts peculiar to revenue producing en±ities. A summary of the budget document as originally adopted (prior to subs�quent amendments) for the calendar year 1976 follows: g Proposed Expenditures (Pu�lic Service Enterprise Excluded) City operations (General Fund) $3, 077, 995 Library Bond Red�mption Fund 14, 100 Park Bond Redemption Fund 25, 300 1969 Building and Improvement Bond Redemp- tion Fund 274, 600 Firemen's Relief Association 30, 580 Employees' Retirement Fund 123, 000 Policemen's Pension Fund 46, 108 Total Proposed Exp�nditures $3, 591, 683 Proposed Source of Financing Taxation (See summary of taxation pre- sented below) $1, 714, 897 Intergovernmental (State and Federal) Revenue 1, 218, 117 Tax penalties 25, 000 Local Revenues: General governm�nt services 298, 445 Permits and licenses 105, 000 Court fines 45, 000 1 Miscellaneous revenue 31, 124 Transfers-in: Liquor Fund 140, 000 Library Sale Fund 14, 100 Total Proposed Financing $3, 591, 683 d valorem tax levies for the current ear 1976 and for the two revious A y P years (1975 and 1974) are summarized and presented below: 1976 1975 1974 Mill Rate Amount Mi11 Rate Amount Mill Rate Amount Tax Levy City Operations 11. 260 $1, 263, 539 12. 52 $1, 248, 939 10. 35 $1, 000, 840 Debt Redemption Funds 2. 673 299, 900 3. O1 299, 200 3. 14 303, 400 Public Employees' Retirement Fund 1. 096 123, OOa 1. 15 115, 000 1. 07 103, 000 Policemen's Pen- sion Fund 222 24, 878 74 74, 126 75 72, 216 Firemen's Relief Association 032 3, 580 35 34, 815 40 38, 815 1 Total Levy 15. 283 $1, 714, 897 17. 77 $1, 772, 080 15. 71 $1, 518, 271 9 1976 1975 1974 Assessed Valuation Real Estate $109, 359, 171 97, 072, 593 94, 004, 953 Non-exempt personal property 2, 800, 885 2, 852, 992 2, 657, 185 Fiscal disparities adjustments 133, 422 460, 981 -0- Total Assessed Valuation $112, 293, 478 $100, 386, 566 96, 662, 138 The financial condition of each fund as of DLcember 31, 1976 and the results of each Fund's operations for the year, together with a com- parison of these results to budget estimates and a comparison to the pre- vious years' results, is presented within the financial statements section of this report. CITY'S FINANCIAL ACTIVITIES HIGHLIGHTS DURING 1976 The City's bo:�d rating was upgraded from a"Baal" by Moody's Investment Service to an "A". The City sold $98'J, OOD GeneraJ. Obligation Improvement Bonds on October 18, 1976 at a net interest rate of 5. 0396°fo. The City p�,id off $815, Oa0 principal of scheduled bond i :n aturitie s Total interest earnings of $592, 363 were distributed to the par��icipating funds of the Investment Trust Fund. The Departm�nt of Finance s?zccess.fully completed �:he con- versio:� of its accounting functions to the joint powers LOGIS (Local Governmental Information Systems) computer system. The Financial Co�trol System, the Payroll-Personnel System and the Utility Billina System are included in the system. The Depar�ment b�gain the process :�.f automating its Fixed Asset Control Systezn ':hrough LOGIS and that project is about 80% completed. GEN� FUND As of Decem�er 31, 1976, the fund balance of the General Fund which had not been appr. opriated ;o a specific exp2nditure purpose totalled $858, 464. This amount repres°nts the working capital that is available to finance general operations of the City. 10 I Considering the time lag relating to tax collections (approximately seven months) and based on the anticipated needs of the 1977 budget, the following is a summary of working capital needs, through July of 1977. Anticipated Exp�anditures (First 7 months) $1, 932, 000 Anticipated Revenue Available (First 7 months) 1, 078, 000 Working Capital Deficiency until Tax Settlement 854, 000 The working capital accumulation appears to be conservatively adequate without margin for down turn of revenues. It appears advise- able that the entire fund balance shouYd be dedicated �to the working cap- ital need �Nithout fur appropriation `o expenditure. Revenues received £or general government operations totalled $3, 199, 457 in 1976, an increase o.f $488, 85� over the previous year. The follozving table presents an analysis of the major revenue sources of the General Fun� for 1976 and its change from 1975: Increase of (Decrease) Revenue Source 1976 To±al 1975 From 1975 Taxes, ad valorem $1, 274, 322 39. 8% $1, 25J, 304 24, 018 Shared taxes 925, 058 28. 9% 645, 441 279, 617 Charges for services 292, 842 9. 2�J 262, 269 30, 573 Inter-fund charges 27, 762 9% 44, 088 16, 326) Licenses and permits 102, 339 3. 2�j 101, 380 959 Cour�t fines 48, 475 1. 5% 42, 940 5, 535 Other Income 177, 415 5. 5% 103, 298 74, 117 Transfers from other fu.nds 351, 244 11. 0% 257, 951 93, 293 Appropriations from fund balance 2, 936 2, 936) Tota1 Revenue $3, 199, 457 100. 0% $2, 710, 607 $488, 850 E enditures for eneral overnm�ntal o erations totalled g g P $2, 960, 282 in 1976, an increase of $38�4, 417 over the previous year. The following table presents a�1 analysis of the major expenditure functions of the General Fund for 1976 and its change from 1975: 11 Increase of (Decrease) Expenditure By Function 1976 Total 1975 From 1975 General Goverriinent 722, 116 24. 4% 628, 341 93, 775 Public Safety 849, 672 28. 7% 761, 670 88, 002 Public Works 692, 545 23. 4% 599, 314 93, 231 Community Health Ser�vice 62, 014 2. 1% 43, 269 18, 745 Parks a�d Recreation 633, 935 21.4% 543, 271 90, 664 Total Expenditures $2, 960, 282 100. 0% $2, 575, 8fi5 $384, 417 The complete reporting of the General Fund financial operations and position can be found in the General Fund Statements section of this report. LEVY LIMITATIO�VS Minnesota's Levy Limitation Law was first implemented in 1972 and has placed a limitatio� on the amount of increased property tax which a city can levy. The amount o.f increase is generally limited io 6% per capita per year. The following table summ�.rizes the City's compliance with the law for 1976 and 1975: 1976 1975 To±al tax levy $1, 714, 897 $1, ?72, 08fl Less special tax levies 486, 882 590, 5'J4 Limited levy $1, 228, 01,5 $1, 181, 576 Levy limitation 1, 6fl6, Oj0 l, 181, 576 Exc:ess or (Under) levy 378, 045) -0- FISCAL DISPARITIES t The State Legislature enacted a"Fiscal Disparity Law" in 1971 which was not implemented until taxes payable in 1975 due to a constitu- tional challenge. The law provides for the "pooli.ng" of 40% of all new commercial and industrial property valuation in the seven county metro- politan area. Valu:�tion from this "pool" is redistributed to taxing juris- dications according to specified criteria. Although it is impossible to determine the future impact of the dis- parity la�u on Brooklyn Center, the firs` three years of experience has shown the City to be near the break-even point. The fiscal disparities adjustments for the three years are shown as follows: 12 Year Assessed Assessed Value Net Gain Taxes Value Contri- Received or Payable buted to "Pool" from "Pool" (Loss) 1975 $2, 355, 241 2, 816, 222 $460, 981 1976 3, 746, 879 3, 880, 301 133, 422 1977 3, 726, 462 3, 525, 256 201, 206) Three year Total $9, 828, 582 $10, 221, 779 $393, 197 FEDERAL REVENUE SHARING The City was allocated $197, 2�5 in Federal Revenue Sharing funds during the calendar year 1976. During the year, the City Council authorized transfers of $219, 701 to the General Fund and $17, 000 to the Capital Projects Fund from the Federal Revenue Sharing Fund to finance approved revenue sharing appropriations. The complete reporting of the Federal Revenue Sharing Fund's financial operations and position can be found in the Special Revenue Funds Statements section of this report. DEBT ADMINISTRATION Outstanding general obligation bonds on December 31, 1976, totalled $7, 110, 000 of which $4, 350, 000 was issued to provide permanent financing for water, sanitary sewer, storm sewer and street assessments. The repayment of these bonds is provided from the proceeds of special assessments levied aginst the benefited property. Included also in the outstanding G. O, bonds were 875, 000 of G. O. State Aid Street Bonds which were issued to finance state aid projects and are repaid from state allotments. The remaining $1, 885, 000 is direct tax supported debt which is repaid by the proceeds of ad valorem tax levies. During the past year, $780, 000 of general obligations bonds were retired and $980, 000 of gen- eral obligation bonds were issued. The bonds were sold at a favorable effective interest rate of 5.0396%. Outstandin revenue bonds on December 31 1976 totaled 660 000. g These are bonds issued in 1963 for improvements to the water utility and are repaid from the pz�blic utilities revenues. During the past year, $35, 000 of revenue bonds were retired. The City's bond rating was improved during 1976 by Moody's Investors Service from Baal to A. 13 PUBLIC UTILITIES Comparative data for the City's Public Utilities operations for the past two fiscal years are shown in the following table; 1976 1975 Water Department operating revenues $547, 402 $449, 253 Sewer Department operating revenues 439, 754 446, 578 Water Department operating income 205, 684 180, 300 Sewer Department operating incozne or (loss) 101, 836) 10, 937) Combined utilities net income 356, 773 175, 732 Water customers at year end 7, 363 7, 199 Sewer customers at year end 8, 032 7, 967 The Water Department operating revenues .�re to be used to finance system maintenance and future system expansion and improve- ments. The present sewer rates have been in effect since 1971. At that time, rates were s�t to provide a five year level rate structure. It was projected that the sewer operation would show an operating income the first two years, break even the third year, show an oper- ating deficit the last two years, and an overall sl.ight operating income for the five year period. Those projections have been realized. A rate study is currently in progress and a rate increase is anticipated during the calendar year 1977. The complete reporting of the Pu�lic Utilities' financial opera- tions and position can be found in the Enterprise Funds Statements s�ction of this report. LIQUOR FUND The City's three municipal off-sale liquor stores earned a com bined net profit of $147, 143 for the calendar year ended December 31, 1976. The Liquor Fund transferred $140, 000 of these earnings during the year to the General Fund �o assist in the financing of City operating expenses. A condensed comparison of the stores' 1976 operations with those of 1975 follows: 1976 1975 Sales $1, 928, 717 $1, 954, 223 Cost of sales 1, 557, 212 1, 578, 193 Gross profit on sales 371, 505 375, 030 Operating expenses 229, 920 231, 741 Net operating income 141, 585 144, 289 Interest and other income 5, 558 6, 613 Net Income 147, 143 150, 902 14 1975 1975 Transfers to th� General Fund 140, 000 125, 000 The complete rep�rting of the Liquor Fund's financial operations and position can b2 found in the Enterprise Funds Statements section of this report. I INVESTMENT TRUST FUND The Investment Trust Fund was established to provide a uniform and consistent means for investing temporary surpluses of individual City Funds. The Investmen` Trust Fund, in turn, invested these temporary surpluses in obligations issued by the United States and its agencies, bank certificates of dep�sits, repurchase agreements, savings and loan assoc- iations' savings certificates and City of Brooklyn Center construction notes issued to provide temporary financing for construction in the special assessment funds. The average yield on investments during the year was 6. 87% and the Fund distributed $592, 363 �_n interest earnings to the participating funds. The complete reporiing of the Investment Trust Fund's financial operations and position can be found in the Trust and Agency Funds Statements section of this report. SPECIAL ASSESSMEITT FUNDS Special Assessment Funds are used to finance and account for the construction and financing of certain public improvements such as residential streets, storm sewers, sanitary sewers, and water mains which are to �e paid for wholly 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 pro- perty owners yvhich are usually paid in installments over a period of years. During 1976, the City assessed $131, 045 of benefits to property owners. The complete reporting of the Sp�cial Ass�ssment Fund's finan- cial operations and p�sition can be found in the Special Assessments Funds Statements s�ction of this report. t 15 GENERAL FIXED ASSETS The general fixed assets of the City are those fixed assets used in the p�rformance of general governmental functions and exclude the fixed assets of the Public Utilities Fund and the Liquor Fund. As of December 31, 1976, the general fixed assets of the City amount to $15, 289, 756, based on ��riginal cost. Depreciation of general fixed assets (other than for enterprise fund, i. e. Public Utilities and Liquor) is not recognized in the City's accounting system or in these financial statements. The Department is in the process of automating its fixed asset control system and that project is about 80% completed. The system will provide computations of depreciation for a11 depreciable fixed assets in such manner that information is readily available for management purposes. The complete rep�rting of the General Fixed Assets accounting can be found in the Gen�ral Fixed Asset Statemen* s�ction of this report. INDE �ENDE I�TT AUDIT Sectio,:i 7. 12 of the City Charter reqczires that the City Manager's annual report to the Council concerning the entire financial system of the City be audited. This requirement has been complied with and the auditor's opinio:� has been includ�d in this repor�t. Res ectfull submitted, P Y Q�.�.w. 1 Pa�.zl W Holmlurid Directo.r of Finance 16 MOEN AND PENTTILA CERTIFIED PUBLIC ACCOUNTANTS SUITE 203 VALLEY SOUTH BUILDING NE�.tBEa OF 6950 WAYZATA BOULEVARD 612 546•3306 AMERICAN INSTITUTE OF CERTIFIEO PUBLIC ACCOUNTANTS MINNEAPOLIS. MINNESOTA 55426 May 2, 1977 Honorable City Council City of Brooklyn Center, Minnesota We have examined the financial statements of the various funds and account groups of the City of Brooklyn Center for the year ended December 31, 1976 listed in the foregoing table of contents. Our exam- ination 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 circum- stances. In our opinion, the aforementioned financial statements present fairly the financial position of the various funds and account groups of the City of Brooklyn Center at December 31, 1976, and the results of operations of such funds and the changes in financial position of the Public Utility Fund and Municipal Liquor Fund for the year then ended, in confor.mity with generally accepted accounting principles applied on t a basis consistent with that of the preceding year. Respectfully submitted, Oiva Penttila Certified Public Accountant MOEN PENTTILA Field work completed April 22, 1977. Report signed May 2, 1977. 17 Exhibit 1 COMBINED BALANCE SHEET ALL FUNDS AND ACCOUNT GROUPS 1 (CONDENSED FORM) DECEMBER 31. 1976 1 1 1 1 1 1 1 i 1 1 City of Brooklyn Center Exhibit 1 COMBINED BALANCE SHEET ALL FUNDS AND ACCOUNT GROUPS (CONDENSED FORM) December 31, 1976 Special Debt Capital Public Enter- Trust and Special General General Total (Memo- General Revenue Service Projects prise Funds Agency Funds Assessment Fixed Debt randum only, Fund Funds Funds Funds (Exhibit 12 &(Exhibit 21 Funds Assets Group and Interest See Note 2) (E�chibit 3) (Exhibit 6) (Exhibit 8) (Exhibit 10) Eachibit 15) Eachibit 24) (Exhibit 27 (Exhibit 31 (Exhibit 32) Assets and Resources Cash on hand in depositories 103, 745 9. 170 9, 277 3, 700 81, 598 Temporary investments 8, 974, 117 696, 356 $469, 199 235, 064 $1, 983, 850 3, 549, 083 116, 372 $1, 924, 193 Accounts receivable 132, 057 24, 442 106, 181 1, 434 Taxes receivable (Schedule 1) 281, 897 203, 017 50, 120 53 28, 707 Due from other funds 174, 018 61, 420 76, 684 1, 038 34, 876 Due from other governmental units 466, 829 22, 353 50, 701 1 118, 535 268, 477 1, S90 4, 872 Inventories and supplies 170, 223 27, 591 957 141, 675 m Work orders/construction in progress 646 646 Accrued revenue 247 667 92 200 155 467 Special assessment receivables 4, 304, 634 151, 443 4, 153, 191 Securities held for investment (Schedule 3) 9, 738, 274 75, 000 9, 663, 274 Prepaid expenses and deferred charges 27, 713 1, 307 26, 406 Fixed assets (net of depreciation where applicable) 25, 425, 640 10, 135, 884 $15, 289, 756 Unassessed construction 17,000 17,000 Amount available general debt and interest 294, 462 294, 462 Amount to be provided general debt and interest 3, 970, 415 3, 970, 415 Totals $54, 329, 337 $1, 044, 995 $520, S57 $294, 462 $2, 102, 438 $14, 601, 634 $10, 048, 346 $6, 161, 972 $15, 289, 756 $4, 264, 877 r Liabilities Vouchers and accounts payable 149, 353 49, 277 1, 543 1, 266 68, 070 27, 301 1, 896 Accrued sales tax 9, 748 9, 748 Accrued expenses 886,398 80,644 45,835 746,233 13,686 Contracts payable 32,695 2,339 30,356 Assessments payable 233, 152 233, 152 Due to other funds 174, 018 2, 776 37, 567 12, 147 11, O61 110, 467 Temporary construction loans and advances 126, 000 126, 000 i Bonds payable (Schedule 2) 7, 770, 000 660, 000 4, 350, 000 2, 760, 000 Interest payable fn future years (general debt) 1, 271, 725 1, 271, 725 Due funds participating in investment trust fund 8, 974, 117 8, 974, 117 Customer and contractor deposits 26, 299 675 25, 624 Total Liabilities $19, 653, 505 132, 697 39, 110 15, 752 825, 745 9, 773, 275 $4, 602, 049 $4, 264, 877 Surplus, Reaerves and Fund Balances Surplus and reserves set aside 3, 908, 918 53, 834 $186, 833 $1, 401, 363 2, 255, 709 11, 179 Contributed surplus 9, 803, 872 9, 803, 872 Investment in general fixed assets 15, 289, 756 $15, 289, 756 Unexpended appropriations, authoriza- tions and balances 5, 673, 286 S5S, 464 294, 914 $294, 462 685, 323 1, 716, 308 275, 071 1, 548, 744 I Total Surplus, Reserves and Fund Balances $34, 675, 832 912, 298 $481, 747 $294, 462 $2, 086, 686 $13, 775, 889 275, 071 $1, 559, 923 $25, 289, 756 Totals $54, 329, 337 $1, 044, 995 $520, 857 $294, 462 $2, 102, 438 $14, 601, 634 $10, 048, 346 $6, 161, 972 $15, 289, 756 $4, 264, 877 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Exhibit 2 COMBINED STATEMENT OF REVENUE EXPENDITUR.ES AND ENCUMBRANCES General and Special Revenue Funds For the Year Ended December 31, 1976 Federal Park Revenue Eluninations General Concessions Sharing and Combined Statement Fund Fund Fund Total Adjustments 1976 1975 Revenues and Transfers Ad valorem taxes $1, 274, 322 $1, 274, 322 1, 274, 322 $1, 250, 304 Shared taxes 925, 058 $197, 205 1, 122, 263 1, 122, 263 822, 851 Charges for services 292, 842 3, 540 296, 382 296, 382 266, 990 Inter-fund charges 27, 762 27, 762 27, 762 44, 088 Licenses and permits 102,339 102,339 102,339 101,380 Court fines 48, 475 48, 475 48, 475 42, 940 Other income 177, 415 209 36, 466 214, 090 214, 090 132, 736 N O Transfers from other funds 351, 244 351, 244 $(211, 244) 140, 000 147, 262 Appropriation of fund balance 2, 936 Total $3, 199, 457 3, 749 $233, 671 $3, 436, 877 $(211, 244) $3, 225, 633 $2, 811, 487 Expenditures and Encumbrances General government 722, 116 722, 116 722, 116 628, 341 Public safety and welfare 849, 672 849, 672 849, 672 761, 670 Public works 692, 545 692, 545 692, 545 595, 314 Community health services 62, 014 62, 014 62, 014 43, 269 Parks and recreation 633, 935 3, fi48 637, 583 637, 583 550, 612 Other $228,244 228,244 $(211,244) 17,000 153,702 Total $2, 960, 282 3, 648 $228, 244 $3, 192, 174 $(211, 244) $2, 980, 930 $2, 736, 908 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. Schedule 1 City of Brooklyn Center COMBINED SCHEDULE OF TAXES RECEIVABLE BY FUNDS Debt Capital Trust General Service Projects and Agency 1976 1975 Taxes Receivable by Year Fund Funds Funds Funds Total Total 1970 30 14 9 53 189 1971 3, 583 840 53 777 5, 253 5, 814 1972 4, 566 1, 238 907 6, ?11 7, 455 1973 6, 726 2, 218 1, 201 10, 145 10, 929 1974 15, 584 4, 725 3, 336 23, 645 27, 448 1975 30, 029 7, 193 5, 388 42, 610 49, 977 1976 39, 343 9, 419 4, 713 53, 475 N Delinquent Taxes Receivable 99, 861 2 5, 647 53 16, 331 $141, 892 $101, 812 Current Taxes Receivable 103, 156 24, 473 12, 376 140, 005 42, 839 Taxes Receivable $203, 017 50, 120 53 28, 707 $281, 897 $144, 651 (E�ibit 3) (Exhibit 8) (Exhibit 10) (Exhibit 21) (E�ibit 1) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. Cit,y of Broolclyn Center Schedule 2 COMBINED SCHEDULE OF BONDS PAYABLE December 31, 1976 Date Date INTEREST of of B O N D S Rate Dates Issue Maturity Annual Payxnents Authorized Issued Retired Outstandin� General Obligation Bonds Park Bonds #1 4. OOqo 1/ 1 7/ 1 4/ 1/58 1/ 1/80 5, 000 (78-80) 100, 000 100, 000 85, 000 15, 000 ParkBonds #2 3.60% 1/1 7/1 7/1/58 1/1/80 5,000 (78-80) 100,000 100,000 85,000 15,000 Park Bonds #3 4.30"/0 1/1 7/1 7/1/59 1/1/81 5,000 (78-81) 100,000 100,000 80,000 20,000 Park Bonds #4 4.50% 1/1 7/1 4/1/BO 1/1/81 5,000 (78-80) 100,000 100,000 75,000 25,000 10,000 (81) 1969 Building Improvement Bonds 6.50% 1/1 7/1 7/ 1/69 1/1/90 130, 000 (78) 2, 280, 000 2, 280, 000 550, 000 1, 730, 000 135,000 (79) 125,000 (80) 115,000 (81) 120,000 (82) 125,Q00 (83j 130,000 (84) 135,000 (85-86) 140,000 (87-88) 150,000 (89-90) Library Bonds 3. 80% 1/1 7/ 1 1/ 1/66 1/1/85 10, 000 (78-85) 190, 000 190, 000 110, 000 S0, 000 G. O. State Aid Bonds 6. 00"Jo 3/ 1 9/ 1 1/ 1/70 3/ 1/91 55, 000 (77-79) 1, 050, 000 1, 050, 000 175, 000 875, 000 6.25% 55,000 (80-81) 60,000 (82) 6.30^fo 60, 000 (83) 6.40"Jo 60, 000 (84) 6. 50�Jo 60, 000 (85) 6. 60"/0 60, 000 (86) 6. 65% 60, 000 (87) N s. ��q0 s� ��0 �88� 6. 75% 60, 000 (89-91) Total General Obligation Bonds (Exhibit 31) 3, 920, 000 3, 920, 000 1, 160, 000 2, 760, 000 Public Utilities Revenue Bonds 3.90% 1/1 7/1 7/1/63 1/1/93 35,000 (78-81) 40,000 (82-85) 45,000 (86-93) Total Public Utilities Revenue Bonds (Exhibit 15) 1, 000, 000 1, 000, 000 340, 0 00 660, 000 Special Assessment Bonds 1958 A Improvement Bonds 4. 00% 1/ 1 7/ 1 4/ 1/58 1/ 1/79 25, 000 (78-79) 530, 000 530, 000 480, 000 50, 000 1958BImprovementBonds 3.60% 1/1 7/1 7/1/58 1/1/79 15,000 (78-79) 390,000 390,000 360,000 30,000 1959 A& B Improvement Bonds 4. 50% 1/1 7/1 4/ 1/60 1/1/81 30, 000 (78-79) 630, 000 630, 000 535, 000 95, 000 30,000 (80) 15,000 (81) 1960 AB Improvement Bonds 4, 20% 1/ 1 7/ 1 12/ 1/60 1/ 1/81 30, 000 (78) 1, 653, 000 1, 653, 000 1, 353, 000 300, 000 3. 00% 30, 000 (79-81) 4.20"fo 7/1/61 45,000 (78-81) 1961 AB Improvement Bonds 3. 75% 1/ 1 7/ 1 4/ 1/62 1/1/82 30, 000 (78-82) 1, 025, 000 1, 025, 000 735, 000 290, 000 s.sogb i/i/ss z/i/aa 20,00o t�s-�s) 3. 70Q/o 20, 000 (80-84) 1964 Improvement Bonds 3.40% 1/ 1 7/ 1 10/ 1/64 1/ 1/85 30, 000 (78) 636, 000 636, 000 451, 000 185, 000 3.50% 30,000 (79-80) 3.60"fo 20,000 (81-84) 15,000 (85) 1965ImprovementBonds 3.80% 1/1 7/1 1/1/66 1/1/86 15,000 (78) 345,000 345,000 250,000 95,000 10,000 (79-86) 1968 Improvement Bonds 4. 50% 1/ 1 7/ 1 4/ 1/68 1/ 1/88 25, 000 (78) 750, 000 750, 000 485, 000 265, 000 30,000 (79-81) 4.70°fo 30, 000 (82-83) 20,000 (84-85) 4.50°/ 20,000 (86-87) 10,000 (88) 1969ImprovementBonds 6.50°Jo 1�1 7/1 7/1/69 1/1/89 25,000 (78-85) 755,000 755,000 475,000 280,000 20,000 (86-89) 1970 A Improvement Bonds 6. 00"jo 1/ 1 7/ 1 7/ 1/70 1/ 1/ 90 165, 000 (78) 2, 290, 000 2, 290, 000 1, 045, 000 1, 245, 000 125,000 (79) 6.25% 125,000 (SO-82) 6.30�fo 125, 000 (83) 6.40% 125, 000 (84) 6. 50°Jo 125, 000 (85) 6. 60°Jo 125, 000 (86) 6.65Q/o 20, 000 (87) 6.70°fo 20, 000 (88) 6.75% 2�J�000 (89-90) 1975 Improvement Bonds 4. 50°fo 1/ 1 7/1 4/ 1/73 1/1/85 50, 000 (78) 745, 000 745, 000 210, 000 �35, 000 4. 55Q/o 50, 000 (79) 4. 60afo 50, 000 (80) 4.65% 50,000 (S1) 4.70"fo 50,000 (82) 4. 75% 50, 000 (83) 4. 80'jo 5Q 000 (84) 4. 875% 185, 000 (85) 1976 Improvement Bonds 4.50°jo 2/1 8/1 11/1/76 2/1/91 80, 000 (78-70) 980, 000 980, 000 980, 000 4.75% 80,000 (80-82) 5.00% 75,000 (83) 70,000 (84) 65,000 (85-87) 5. 10% 60, 000 (88) 5. 20�fo 60, 000 (89) 5. 30% 60, 000 (90) 5.40�fo 60, 000 (91) Total Special Assessment Bonds (Exhibit 26) $10, 729, 000 $10, 729, 000 6, 379, 000 4, 350, 000 N W Grand Total Bonds Payable (Exhibit 1) $15, 649, 000 $15, B49, 000 7, 879, 000 7, 770, 000 (See notes to Financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Schedule 3 SCHEDULE OF INVESTMENTS December 31, 1976 Receipt or Certification Interest Date of Par Unamortized Unamoritzed Book Number Rate Maturity Value Premium Discount Value Police Pension Fund U.S. Treasury Notes 129481 8.00% 2-15-83 30,000 30,000 Federal Land Bank Conslidated Bonds 181623M 7. 62% 7-21-80 100, 000 346 99, 654 Federal Land Bank Consolidated Bonds 183119M 8. 10% 7-22-55 100, 000 100, 000 Federal Home Loan Bank Notes 190583M 7. 75"jo 11-25-80 100, 000 100, 000 Federal Home Loan Bank Notes 126173 8. 625% 2-25-82 30, 000 30, 000 Federal Home Laan Bank Notes 127711 8. 10% 11-25-85 100, 000 100, 000 Federal Home Loan Bank Notes 5638M 7.79"Jo 2-25-80 25, 000 21 24, 979 Federal National Mortgage Association Debentures 140239 7. 13% 3-10-81 25, 000 66 24, 934 Federal National Mortgage Association Debentures 109559 7. 12% 6-10-92 30, 000 131 29, 869 Federal National Mortgage Association Debenturea 131567 8. 10"Jo 6-10-83 150, 000 150, 000 Federal National Mortgage Association Debentures 134279 6.45°jo 12-10-81 85, 000 85, 000 Federal National Mortgage Association Debentures 134375 6. 39% 12-11-78 35, 000 208 35. 208 Federal National Mortgage Association Debentures 130260 6. 55% 12-10-79 10, 000 10, 000 Federal National Mortgage Association Debentures N/A 6. 03% 6-10-82 35, 000 882 35, 882 Federal National Mortgage Association Debentures 134070 6. 90°/a 12-10-84 30, 000 186 30, 186 Total Investments (Exhibit 21) 885, 000 1, 276 564 885, 712 Public Utilities Fund U. S. Treasury Notes (Eshibit 15) 46387 4. 25% 8-15-92 75, 000 75, 000 Investment Trust Fund Certificate of Deposit Marquette National Bank N/A 5. 15% 1-17-77 300, 000 300, 000 Certificate of Deposit Marquette National Bank 134602 4. 70% 1-27-77 500, 000 500, 000 Certificate of Deposit Fidelity State Bank 12814 4.35% 1-28-77 200, 000 200, 000 Certificate of Deposit Fidelity State Bank 12799 5. 15% 2-17-77 1, 000, 000 1, 000, 000 Certificate of Deposit First Plyxnouth State Bank 1133 4. 85% 1-3-77 100, 000 100, 000 Ninety Day Demand Accounts, Twin City Federal 9227000374 5. 75% 5-6-77 100, 000 100, 000 A Ninety Day Demand Accounts Hennepin Federal 057-000337. 8 5. 50% 6-3-77 100, 000 100, 000 Ninety Day Demand Accounts Midwest Federal 10-106602-5 5.50% 6-3-77 100,000 100,000 U. S. Treasury Bills 133799 4. 862% 2-3-77 500, 000 2, 296 497, 704 U. S. Treasury Notes 129481 8.00% 2-15-83 120,000 120,000 Repurchase Agreement Marquette Bank N/A 4.40"/0 1-11-77 150, 000 150, 000 Federal Land Bank Bonds 186349M 8. 13% 1-20-82 325, 000 4, 119 320, 881 Federal Land Bank Bonds 183103M 8. 10% 7-22-85 200, 000 200, 000 Federal Intermediate Credit Bank Bonds 130936 5. 60% 2-1-77 200, 000 200, 000 Federal Intermediate Credit Bank Bonds 214363M 6. 34% 3-1-77 300, 000 41 299, 959 Federal Home Loan Bank Bonds 127710/ 190583M 7. 75% 11-25-80 435, 000 435, 000 Federal Home Loan Bank Bonds 126173 8.625% 2-25-82 230, 000 230, 000 Federal Home Loan Bank Bonds 127711 8. 10% 11-25-85 100, 000 100, 000 Ban�cs for Co-ops Bonds z26777M 5.20"Jo 6-1-77 350, 000 350, 000 Banks for Co-ops Bonds 126888 8. 55% 10-2-78 250, 000 250, 000 Federal National Mortgage Association Bonds 118697M 7. 20% 6-10-77 100, 000 100, 000 Federal National Mortgage Association Bonds 131565 7.45% 9-11-78 150, 000 150, 000 Federal National Mortgage Association Bonds 195232M 8. 72% 9-10-80 200, 000 185 200, 185 Federal National Mortgage Association Bonds 84426M 6. 60% 12-10-80 110, 000 110, 000 Federal National Mortgage Association Bonds 127967 8. 00"jo 12-10-80 200, 000 689 199, 311 Federal National Mortgage Association Bonds 131566 7. 95% 6-10-81 150, 000 150, 000 Federal National Mortgage Association Bonds 134279 6.45% 12-10-51 610, 000 610, 000 Federal National Mortgage Association Bonds 127260 8. 60% 10-11-82 250, 000 250, 000 Federal National Mortgage Association Bonds 131567 8. 10% 6-10-83 50, 000 50, 000 Federal National Mortgage Association Bonds 127968 8.07% 12-12-83 200, 000 611 199, 389 Federal National Mortgage Association Bonds 124776 8.00°jo 12-12-83 200, 000 108 199, 892 Federal National Mortgage Association Bonds 125330 8.20"Jo 7-10-84 500, 000 262 499, 738 Federal National Mortgage Association Bonds 125331 8.23% 7-10-84 380, 000 497 379, 503 City of Brooklyn Center Temporary Improvement Notes 6. 00% Various 126, 000 126, 000 Total Investments (Exhibit 23) $8, 786, 000 185 8, 623 $3, 777, 562 Grand Total Investments (Eachibit 1) $9, 746, 000 1, 461 9, 187 $9, 738, 274 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 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. e Exhibit 3 City of Brooklyn Center General Fund BALANCE SHEET December 31, ASSETS 1976 1975 Cash on hand and in depositories 9, 170 14, 514 Temporary investments (Exhibit 26) 696, 356 387, 666 Due from other £unds 61, 420 259, 634 Accounts receivable 24, 442 28, 367 Taxes receivable (Schedule 1) 203, 017 99, 886 Due from other governmental units 22, 353 12, 457 Inventory of supplies 27, 591 24, 136 Work orders in progress to be biZled 646 91 Expenditures chargeable against the 1976 budget 14, 986 Total $1, 044, 995 841, 737 LIABILITIES, RESERVES AND FUND BALANCE Liabilities Vouchers payable 49, 277 41, 119 Accrued salaries and withholdings 80, 644 64, 023 Due to other funds 2, 776 64, 995 Total Liabilities 132, 697 170, 137 Reserves Reserve for encumbrances 44, 019 42, 496 Total Reserves 44, 019 42, 496 Fund Balance Appropriated for 1977 and 1976 budgets 9, 815 10, 000 Available for appropriation 858, 464 619, 104 Total Fund Balance (Exhibit 4) 868, 279 629, 104 Total $1, 044, 995 841, 73? (Exhibit 1) (See notes to financial statements) This statement is an integral part of report dated April 22, 1�77. 25 E xhibit 4 City of Brooklyn Center General Fund STATEMENT OF CHANGES IN FUND BALANCE i 1976 1975 Fund Balance, January 1 629, 104 497, 298 Add: Revenue (E�ibit 5) $2, 848, 213 $2, 449, 720 Transfers-in (Exhibit 5) 351, 244 260, 887 Total Additions $3, 199, 457 $2, 710, 607 Deduct: Expenditures and encumbrances (Exhibit 5) $2, 960, 282 $2, 575, 865 Appropriated subsequent year budget 2, 936 Total Deductions $2, 960, 282 $2, 578, 801 Fund Balance December 31, (Exhibit 3) 868, 279 629, 104 (See notes to financial statements) This statement is an integral part of report dated Apri1 22, 1977. 26 Exhibit 5 City of Brooklyn Center General Fund STATEMENT OF REVENUES, APPROPRIATIONS FROM FUND BALANCE, EXPENDITURES, ENCUMBRANCES AND TRANSFERS 1976 Actual Amended Over (Under) 1975 Budget Actual Budget Actual Revenues (Schedule 5-A) Ad Valorem taxes $1, 288, 539 $1, 274, 322 14, 217) $1, 250, 304 Shared taxes 925, 058 925, 058 -0- 645, 441 Charges for services 282, 445 292, 842 10, 397 262, 269 Inter-fund charges 58, 624 27, 762 30, 862) 44, 088 Licenses and permits 105, 000 102, 33J 2, 661) 101, 380 Court fines 45, 000 48, 475 3, 475 42, 940 Other income 166, 751 177, 415 10, 664 103, 298 Total Revenues $2, 871, 417 $2, 848, 213 23, 204) $2, 449, 720 Transfers from other funds 359, 701 351, 244 8, 457) 257, 951 Appropriations from fund balance 2, 936 Total $3, 231, 118 $3, 99, 457 31, 661) $2, 710, 607 Exp�nditures and Encumbrances (S che dule 5 -B General government 782, 145 722, 116 60, 029) 628, 341 Public safety and welfare 872, 890 849, 672 23, 218) 761, 670 Public works 817, 101 692, 545 (124, 556) 599, 314 Community health services 63, 606 62, 014 1, 592) 43, 269 Parks and recreation 639, 625 633, 935 5, 690) 543, 271 Other 55, 751 55, 751) Tota1 $3, 231, 118 $2, 960, 282 $(270, 836) $2, 575, 865 Excess of revenues, trans- fers in and appropriations from fund balance over .expenditures, encumbrances and transfers-out -0- 239, 175 239, 175 134, 742) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 27 Schedule 5-A City of Brooklyn Center General Fund STATEMENT OF REVENUE BUDGET AND ACTUAL 06JECTIVE CLASSIFICAT�ON Actual Final Over (Under) Budget Actual Iiudget Ad Valorem Taxes Real estate taxes $1, 263, 539 $1, 263, 638 99 Penalties and interest on tax bills 25, 000 10, 684 14, 316) Total Ad Valorem Taxes $1, 288, 539 $1, 274, 322 14, 217) Shared Taxes Governmental aids per 1973 Minnesota legislature 925, 058 925, 058 -0- Charges for Services Recreation 273, 210 281, 128 7, 91$ Sale of maps 500 273 z27) Zoning and platting fees 2, 000 1, 886 114) Burglar and fire alarm service 3, 000 4. 301 1, 301 Weed cutting 1, 000 785 215) Assessment searches 1, 625 3, 035 1, 410 Other charges 1, 110 1, 434 324 Total Charges for Services 282, 445 292, 842 10, 397 Inter Fund Charges Engineering, clerical and labor 40,000 8,076 31,924) Public utilities (administration) 18, 624 19, 686 1, 062 Total Inter Fund Charges 58, 624 27, 762 30, 862) Licenses and Permits Liquor and beerlicenses 33,418 E3uilding permits 19, 822 Rental dwelling licenses 9, 174 Dog permits 5, 694 Electrical permits 8, 811 Heating permits 6, 872 Plumbing permits 3, 228 Foodlicenses 3.062 Sewer and water permits 2, 31� Bicycle licenses 1, 634 Vehicle licenses 1, 025 Heating licenses 1, 062 Cigarette licenses 756 Sign permits 1, 401 Swimming pool licenses 1, 025 Miscellaneous business licenses 730 Garbage 634 Service stations 754 Taxicab licenses 500 Bowling alleys 170 All other licenses and permits 252 Total Licenses and Permits 1�5, 000 102, 339 2, 661) Court Fines Costs and fees 45, 000 48, 475 3, 475 Other Income Rental of property 11, 000 9, 237 1, 763) Grants 141,672 135,351 6,321) Civil deFense reimbursements 9, 362 8, 546 i 816) Interest on temporary investments -0- 14, 421 14, 421 Miscellaneous 4, 484 9, 627 5, 143 Gifts 233 233 Total Other Income 166, 751 177, 415 10, 664 Transfers From Other Funds Federal revenue sharing fund (Exhibit 7) 219, 701 211, 244 8, 457) Liquor fund (Exhibit 13) 140, 000 140, 000 Total Transfers From Other Funds 359, 701 351, 244 8, 457) Total Revenues, Transfers and Appropriations (Exhibit 5) $3, 231, 118 $3, 199, 457 31, 661) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 28 City of Brooklyn Center Schedule 5-B General Fund STATEMENT OF EXPENDITURES AND ENCUMBRANCES BUDGET AND ACTUAL CLASSIFIED AS TO ACTIVITY, CHARACTER AND OBJECT 1976 1975 1976 Expenditures and Encumbrances Classified by Character and Object Amended Expenditures and Over (Under) Expenditures and Personal Contracted Capital Budget Encumbrances Bud�et Encumbrances Service Service Commodities Other Outlays General Government Mayor and council 37, 034 32, 436 4, 598) 32, 649 17, 345 5, 547 9, 544 Elections and voter registration 7, 822 7, 643 179) 4, 277 2, 676 4, 773 194 Administrative office 244, 466 220, 048 24, 418) 196, 906 136, 353 62, 7�7 12, 637 7, 374 977 Assessor's office 58, 197 52, 076 6, 121) 51, 557 48, 174 3, 470 233 199 I Accounting and internal audit 91, 134 90, 749 385) 83, 779 65, 100 25, 370 80 199 Independent audit 15,622 15,622 13,079 15,622 I Legal 72, 850 70, 389 2, 461) 50, 949 69, 411 978 Charter commission 1, 500 1, 273 2�7) 55 1, 166 107 General government building 253, 520 231, 880 21, 640) 195, 090 115, 198 92, 461 10, 892 57 13, 272 Total General Government 782, 145 722, 116 60, 029) 628, 341 384, 846 $280, 527 25, 041 17, 055 14, 647 i Public Safety and Welfare Police protection 708, 667 698, 834 9, 833) 627, 231 633, 243 12, 817 12, 525 15, 473 18, 776 Fire protection 50, 364 49, 379 985) 40, 776 33, 239 2, 443 2, 739 3, 348 7, 610 Protective inspection 81, 143 73, 121 8, 022) 61, 581 65, 051 7, 329 201 180 360 Civil defense 21, 466 19, 256 2, 210) 21, 294 14, 316 3, 160 81 31 1, 668 Animal control 10, 500 8, 457 2, 043) 10, 100 S, 457 Weed eradication 750 625 125) 688 625 Total Public Safet,y and Welfare 872, 890 849, 672 23, 218) 761, 670 751, 849 34, 831 15, 546 19, 032 28, 414 Public Works Engineering department 165, 822 138, 190 27, 632) 129, 382 135, 666 663 1, 510 181 170 Street department 405, 407 313, 621 91, 786) 315, 911 166, 628 886 97, 031 10 49, O66 Maintenance shop 163, 952 162, 682 1, 270) 83, 809 59, 483 18, 680 82. 835 1, 684 Street and traffic lighting 81, 920 78, 052 3, 868) 70, 212 78, 052 Total Public Works 817, 101 692, 545 $(124, 556) 599, 314 361, 777 98, 281 $181, 376 191 50, 920 Community Aealth Services Health regulation 20, 000 20, 823 823 19, 699 20, 823 Nursing service 18, 500 18, 477 23) 13, 717 18, 477 Detached worker program 25,106 22,714 2,392) 9,853 22,714 Total Community Health Services 63, 606 62, 014 1, 592) 43, 269 62, 014 Parks and Recreation Supervision ar.d recreation 103, 005 105, 838 2, 833 217, 186 91, 919 9, 874 3, 389 457 199 Adult programs 50, 100 48, 651 1, 449) 44, 516 1, 864 34, 293 12, 494 Teen programs 11, 240 11, 578 338 10, 906 6, 258 4, 498 822 Children's programs 50, 963 41, 486 9, 477) 44, 586 25, 710 8, 512 7, 264 General programs 35, 550 34, 194 1, 356) 37, 204 18, 777 14, 710 707 Community center 121, 935 133, 773 11, 838 116, 373 S1. 306 4, 578 22, 772 21,130 3, 987 Park maintenance and improvement program 266, 832 258. 415 8, 417) 72, 500 155, 004 20, 991 21, 048 61, 372 Total Parks and Recreation 639, 625 633, 935 5, 690) 543, 271 380, 838 97, 456 68, 496 21, 587 65, 558 Other I Contingency appropriation 55, 751 55, 751) Total Expenditures and Encumbrances $3, 231, 118 $2, 960, 282 $(270, 836) $2, 575, 865 $1, 879, 310 $573, 109 $290, 459 57, 865 $159, 539 (Exhibit 5) (See notes '.o financial statements) This statement is an integral part of report dated April 22, 1977. SP�CIAL 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 Exhibit 6 Special Revenue Funds COMBINED BALANCE SHEET Park Federal Combined Statement Concessions Revenue Sharing December 31, ASSETS Fund Fund 1976 1975 Temporary investments (Exhibit 26) 209 $468, 990 $469, 199 $450, 487 Due from other governmental units 50, 701 50, 701 47, 890 Inventory 957 957 Totals 1, 166 $519, 691 $520, 857 $498, 377 LIABILITIES AND FUND BALANCE Vouchers payable 1, 543 1, 543 71 w Due to other funds 769 36, ?98 37, 567 22, 087 0 Total Liabilities 2, 312 36, 798 39, 110 22, 158 Fund Balance Appropriated fund balance $186, 833 $186, 833 $174, 254 Fund balance (deficit) (Exhibit 1, 146) 296, O60 294, 914 301, 965 Total Fund Balance 1, 146) $482, 893 $481, 747 $476, 219 Totals 1, 166 $519, 691 $520, 857 $498, 377 (Exhibit 1) I (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Exhibit 7 Special Revenue Funds COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCES Park Federal Combined Statement Concessions Revenue Sharing December 31, Fund Fund 1976 1975 Revenues Federal revenue sharing grants $197, 205 $197, 205 $177, 410 Interest earnings 209 36, 466 36, 675 29, 328 Concession receipts 3, 540 3, 540 4, 721 Total Revenue 3, 749 $233, 671 $237, 420 $211, 459 Expenditures Purchases for resale 3, 648 3, 648 3, 329 Purchases of equipment 4, 012 Transfers to General Fund (Schedule 5A) $211, 244 211, 244 Transfers to Capital Projects Fund (Exhibit 10) 17, 000 17, 000 264, 391 Total Expenditures and Transfers 3, 648 $228, 244 $231, 892 $271, 732 Excess (Deficiency) of Revenue Over Expenditures and Transfers to Fund Balance 101 5, 427 5, 528 60, 273) Fund Balance (Deficit), January 1 1, 247) 303, 212 301, 965 434, 153 Appropriated by Council Resolution 12, 579) 12, 579) 71, 915) Fund Balance (Deficit) December 31 (Exhibit S) 1, 146) $296, 060 $294, 914 $301, 965 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. r i 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. I f I I City of Brooklyn Center Exhibit 8 Debt Servi.ce Funds I COMBINED BALANCE SHEET State Aid Improvement Combined Statement Park Library Street Building December 31, ASSETS Bonds Bonds Bonds Bonds 1976 1975 Cash on hand and in depositories 9, 277 9, 277 Temporary investments (Exhibit 26) 74, 533 $101, 862 1, 172 57, 49? 235, 064 $213, 876 Due from other funds 29, 362 Due from other governmental units 1 1 162 Taxes receivable (Schedule 1) 4, 428 45, 692 50, 120 2. 893 Totals 78,961 $101,862 1,173 $112,466 $2�4,462 $269,293 FUND 3ALANCE w N Fund balance (Exhibit 9) 78, 961 $101, 862 1, 173 $112, 466 $294, 462 $269, 293 Totals 78, 961 $101, 862 1, 173 $112, 466 $294, 462 $269, 293 (E xhibit 1) (See notes to t�e financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Exhibi.t 9 Debt Service Funds COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND FUND BALANCES St�ate Aid Improvement Park Library Street Building Combined Statement Bonds Bonds Bonds Bonds 1976 1975 Revenues and Transfers-in Real estate taxes 25, 266 $274, 670 $299, 936 $296, 111 Interest earnings 3, 041 7, 350 1, 172 3, 995 15, 558 7, 393 State aid allotment 26, 850 26, 850 25, 830 Transfer from municipal State Aid for construction (Exhibit 11) 86, 087 86, 087 168, 328 Sale of City property 9, 277 9, 277 Total Revenues and Transfers- In 28, 307 7, 350 $114, 109 $287, 942 $437, 708 $497, 662 Expenditures and Transfers-Out w Principal payments 20, 000 10, 000 55, 000 $140, 000 $225, 000 $185, 000 Interest payments 3, 945 3, 420 57, 815 121, 550 186, ?30 198, 708 Fiscal agent fees 95 22 214 478 809 768 Transfers-out 11, 839 Total Expenditures and Trans- fers-Out 24, 040 13, 442 $113, 029 $262, 028 $412, 539 $396, 315 Excess (Deficiency) of Revenues Over Expenditures 4, 267 6, 092) 1, 080 25, 914 25, 169 $101, 34? Fund Balance, January 1 74, 694 107, 954 93 86, 552 269, 293 167, 946 Fund Balance, December 31 (Exhibits 8 78, 961 $101, 862 1, 173 $112, 466 $294, 462 $269, 293 and 31) i (See notes to financial statements) I This statement is an integral part of report dated April 22, 1977. r r■ ■r w ■w r r i i.. l.: f i CAPITAL PROJECTS FUNDS CAPITAL PROJECTS FUNDS Captial Projects Funds are created to account for all resources used for the 4 acquisition of capital facilities by a governmental unit except those finan- ced by special assessment and enterprise funds. f t. i_ City of Brooklyn Center Exhibit 10 I I, Capital Projects Funds COMBINED BALANCE SHEET I Open-Space Capital Municipal Combined Statement Acquisition Projects State Aid for December 31, Fund Fund Construction 19?6 1975 ASSETS Temporary investments (Exhibit 26) 2, 766 $319, 242 $1, 661, $42 $1, 983, 850 $2, 119, 944 Due from other governmental agencies 32, 755 17, 000 68, 780 118, 535 114, 747 Taxes receivable (Schedule 1) 53 53 68 Due from other funds 619 Totals 35, 521 $336, 2�5 �1, 730, 622 $2, 102, 438 $2, 235, 3�78 I LIABILITIES .aND FUND BALANCE Liabilities Vouchers payable 1, 266 1, 266 Contracts payable 2, 339 2, 339 25, 213 Due to other funds 12, 147 12, 147 455, 116 Total Liabilities 12, 147 1, 266 2, 339 15, 752 480, 329 Fund Balance (Exhibit 11) 23, 374 335, 029 1, 728, 283 2, 086, 686 1, 755, 049 I Totals 35, 521 $336, 295 $1, 730, 622 $2, 102, 438 $2, 235, 378 (Exhibit 1) (See notes to financial statements) This statement is an inte ral art of re ort dated A ril 22 1977. g P P P City of Brooklyn Center Exhibit 11 Capital Projects Funds COMBINED STATEMENT OF APPROPRIATIONS, EXPENDITURES AND FUND BALANCES Open Space Capital Municipal Acquisition Projects State Aid for Combined Statement Fund Fund Construction 1976 1975 Amounts Appropriated or Available for Appropriation General Debt: General obligation bonds $2, 250, 000 $1, 030, 000 $3, 280, 000 $3, 530, 000 Certificates of indebtedness 53, 500 Ad valorem taxes 263, 362 263, 362 263, 362 Sale of property 37, 543 37, 543 37, 543 Grants from other governmental units: Hennepin County 22, 850 22, g50 22, 850 U. S. Government 146, 271 4, 000 150, 271 146, 271 State of Minnesota 74, 643 2, 209, 849 2, 284, 492 2, 010, 914 Local units 17, 000 17, 000 Transfers-In from other funds: General Fund 92, 997 3, 000 95, 997 95, 997 Special Assessment Funds 87, 000 87, 000 87, 000 Federal Revenue Sharing Fund 29, 747 29, 747 12, 747 Library Sales Fund 44, 042 44, 042 44, 042 Capital Indebtedness 11, 839 11, 839 11, 839 Bond Fund #1 4, 129 4, 129 4, 129 Dedicated funds appropriated 279, 000 279, 000 279, 000 Interest earned on investments 11, 151 288, 496 688, 768 988, 415 841, 154 Total Amounts Appropriated or Availabie for Appropriation $347, 912 $3, 319, 158 $3, 928, 617 $7, 595, 687 $7, 440, 348 w Less: Expenditures for authorized purposes: Total expenditures ttrcough December 31, prior year $321, 839 $2, 975, 810 $2, 081, 717 $5, 379, 366 $5, 599, 157 Current year expenditures: Debt Service (Exhibit 9) 86, 087 86, 087 58, 668 Street Construction 32, 530 32, 530 12, 929 Parks and Playgrounds 2,699 2,699 10,416 Building Improvements 8, 319 8, 319 Transferred to Capital Project Fund 4, 129 Tota1 Authorized Expenditures Throu�h December $324, 538 $2, 984, 129 $2, 200, 334 $5, 509, 001 $5, 685, 299 Fund Balance Uneacpended and (overexpended) appropriations 12, 223 122, 483 4, 002) 130, 704 102, 732 Balance restricted to state approved projects 1, 270, 659 1, 270, 659 1, 114, 438 Unappropriated Balance 11, 151 212, 546 461, 626 685, 323 537, 879 Fund Balance December (Exhibit 10) 23, 374 335, 029 $1, 728, 283 $2, 086, 686 $1, 755, 049 I (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. r-�� i r ENTERPRISE FUNDS Enterprise funds are established to accaunt 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 Exhibit 12 I Municipal Liquor Fund STATEMENT OF FINANCIAL POSITION December 31, December 31, ASSETS 1976 1975 LIABILITIES AND RETAINED EARNINGS 1976 1975 Current Assets Current Liabilities Cash on hand and in depositories 3, 700 3, 700 Accounts payable 59, 078 62, 799 Accounts receivable 1, 947 1, 361 Accrued sales tax payable 8, 000 7, 837 Temporary investments (Exhibit 26) 56, 756 45, 300 Accrued salaries and wages payable 6, 583 4, 957 Due from other funds 12 406 Due to other funds 1, 740 36, 895 i Merchandise inventory (Note 3) 132, 530 163, 712 Prepaid expenses 1, 307 60 Total Current Liabilities 75, 401 $112, 488 Total Current Assets $196, 252 $214, 539 Reserve for Restricted Assets Deferred gain arising from favorable settlement of lawsuit against liquor wholesalers (Note 3) 8, 314 11, 086 Other Accounts Receivable Account receivable arising from favorable settlement Retained Earnings of lawsuit against liquor wholesalers (Note 3) 8, 314 11, 086 Retainedearnin�s (E}chibit 12) $164,528 $157,385 Property, Plant and Equipment Fixtures and equipment 79, 019 78, 827 Land and leasehold improvements 33, 183 33, 183 Less: Accumulated altowance for amortization and depreciation 68, 525) 56, 676) Net Book Value of Properties 43, 677 55, 334 Total $248,243 $280,959 Total $248,243 $280,959 (See notes to financial statement5) This statement is an integral part of report dated April 22, 1977. I City of Brooklyn Center Exhibit 13 Municipal Liquor Fund STATEMENT OF OPERATIONS AND RETAINED EARNINGS Humboldt Square Brooklyn Boulevard Northbrook Combined Statement Store Store Store 1976 1975 Sales $473, 362 $648, 781 $806, 574 $1, 928, 717 $1, 954, 223 Cost of Sales 384, 689 520, 723 651, 800 1, 557, 212 1, 578, 193 Gross Mar�in on Sales 88, 673 $128, 058 $154, 774 371, 505 376, 030 Operating Expenses Salaries and wages 37, 649 46, 111 52, 982 136, 742 133, 188 Rent 16, 464 13, 661 30, 125 29, 991 Payroll taxes 3, 328 4, 667 4, 559 12, 554 13, 253 Utilities 5, 105 2, 563 4, 284 11, 952 11, 707 Depreciation and amortization 6, 738 807 4, 305 11, S50 12, 463 Insurance 1, 873 2, 227 2, 581 6, 681 7, 341 Supplies 1, 469 1, 723 2, 341 5, 533 5, 7a7 Repairs and maintenance 396 873 1, 181 2, 450 5, 399 Audit 779 778 778 2, 335 1, 961 Heating 404 964 664 2, 032 1, 826 Provision for uncollectible checks and cash short 670 559 678 1, 907 1, 227 Laundry 459 554 562 1, 575 2, 559 Protection services 439 437 534 1, 410 1, 631 Inventory variance and breakage 265 182 745 1, 192 1, 690 Telephone 302 301 303 906 927 Advertising 194 193 193 560 646 Taxes and licenses 20 20 20 Miscellaneous 4 12 20 36 165 Total Operating Expenses 76, 558 62, 971 90, 391 229, 920 231, 741 Net Operating Income 12, 115 65, 087 64, 383 141, 585 144, 289 Interest and other income 1, 161 1, 995 2, 402 5, 558 6, 613 Net Income 13, 276 67, 082 66, 785 147, 143 150, 902 Transfers to the General Fund (Schedule 5A) 140, 000) 125, 000) I Retained Earnings, January 1, 157, 385 131, 483 Retained Earnings, December 31, (Exhibit 12) 164, 528 157, 385 (See notes to financial statements) j This statement is an integral part of report dated April 22, 1977. S i t Cit of Brooklyn Ceni.er Exhibit 14 y Municipal Liquor Fund STATEMLNT OF CHANGES IN FINANCIAL POSITION 1976 1975 Sources of Funds Operati�ns: Net income for year (Exhibit 13 $147, 143 $150, 902 Add: Non working capital charges against net income: Depreciation and amortization (Exhibit 13) 11, 850 12, 463 Working capital provided by operations $158, 993 $163, 365 Increase in reserve for restricted assets 11, 086 Collection of other accounts receivable 2, 772 Total Source of Funds $161, 765 $174, 451 1 Application of Funds Purchase of properties 193 1, 786 Decrease in reserve for restricted assets 2, 772 Increase in other accounts receivable 11, 086 Increase in working capital 18, 800 36, 579 Transfers to General Fund (Exhibit 13) 140, 000 125, 000 Total Applications of Funds $161, 765 $174, 451 Anal sis of Chan es in Workin Ca ital Y g g p Working Capital Beginning End Increase of Year of Year (Decrease) 1976 Current Assets $214, 539 $196, 252 18, 287) Current Liabilities 112, 488 75, 401 37, 087 Working Capital $102, 051 $120, 851 18, 800 1975 Current Assets $236, 520 $214, 539 21,981) Current Liabilities 171, 048 112, 488 58, 560 Working Capital 65, 472 $102, 051 36, 579 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 38 City of Brookl,yn Center Exhibit 15 Public Utilities Fund STATEMENT OF FINANCLAL POSITION December 31, LIABILITIES, RESERVES AND December 31, ASSETS 1976 1975 RETAINED EARNINGS 1976 1975 Current Assets Current Liabilities Temporary investments 227, 058 50, 058 Current portion of long term debt 35, 000 35, 000 Due from other funds 76, 672 32, 213 Vouchers and accounts payable S, 992 26, 150 Accounts receivable 95, 920 78, 456 Notes and contracts payable 30, 356 2, 914 Accrued water and sewer revenues 90, 7S6 82, 176 Accrued salaries and expenses 39, 252 3, 553 Assessments receivable 3, 980 11, 891 Accrued sales taxes payable 1, 748 1, 355 Due from other governmental units 8, 410 22, 428 Due to other Funds 9, 321 117, 331 Prepaid expenses and supplies 9, 145 35, 929 Hydrant meter deposits 675 675 Total Current Assets 511, 971 313, 151 Total Current Liabilities 125, 344 186, 978 Restricted and Other Assets Long Term Liabilities Temporary investments 3, 143, 599 2, 989, 412 Revenue bonds (Schedule 2)(Note 4) 660, 000 695, 000 Metro Control Commission Receivable (Note 5) 260, 067 273, 555 Lesa; Current portion of bonds payable 35, 000) 35, 000) Debt Retirement Accounts (Schedule 3)(Note 4) 137, 154 138, 519 Assessments receivable 147, 463 151, 359 Total Long Term Liabilities 625, 000 660, 000 Construction Fund invested (Eachibit 26) (Note 4) 60, 930 61, 893 Total Restricted and Other Assets 3, 749, 213 3, 614, 738 Other Credits Deferred gain on sale of assets (Note 5) 78, 836 82, 121 Utility Plant in Service (Exhibit 20) Reserves Mains and lines $10, 224, 550 $10, 224, 550 Restricted for plant expansion 1, 690, 408 1, 690, 408 Structures 1, 620, 674 1, 613, 745 Metro Waste Control Commission (Note 5) 260, 067 273, 555 Equipment 250, 879 286, 209 Debt Retirement (Note 4) 137, 154 �138, 519 Land 23, 621 23, 621 Construction Funds (Note 4) 60, 930 61, 893 Working Capital 20, 000 20, 000 Total Utility Plant $12, 119, 724 $12, 148, 125 Less; Accumulated depreciation 2, 099, 663) 1, 957, 985) Total Reserves 2, 168, 559 2, 184, 375 Net Book Value of Utility Plant $10, 020, O61 $10, 190, 140 Contributions in aid of Construction Contributions from special assessments and developers 9, 803, 872 9, 841, 744 Construction in Progress 72, 146 16, 380 Retained earnings (Eachibit 16 1, 551, 780 1, 179, 191 Total $14, 353, 391 $14, 134, 409 Total E $14, 353, 391 $14, 134, 409 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. City of Rrooklyn Center �;xhibit 16 Public Utilities Fund STATEMENT OF OPERATIONS AND RETAINED EARNINGS i 1976 Combined Operations Water Sewer Statement Department Department 1976 1975 Operating Revenues Service to consumers $514, 140 $428, 155 $942, 295 $813, 385 Service hookup charges 19, 734 4, 407 24, 141 34, 661 Sale of water meters 7, 304 7, 304 13, 062 Penalties 1, 838 5, 106 6, 944 6, 180 Other 4, 386 2, 086 6, 472 21, 655 Operating Revenues $547, 402 $439, 754 $987, 156 $888, 943 Operating Expenses (Exhibits 18 19) Treatment and disposal $396, 396 $396, 396 $314, 109 Source of supply 84, 972 84, 972 61, 681 II Transmission and distribution 37, 123 37, 123 19, 051 Collection 12, 692 12, 692 15, 177 I� Administration 59, 124 47, 306 106, 430 96, 738 Customer accounting 58, 151 14, 898 73, 049 42, 929 Depreciation (Exhibit 16) 102, 348 70, 298 172, 646 169, 895 Operating Expenses $341, 718 $541, 590 $883, 308 $?19, 580 Operating Income (Loss) $205, 684 $(101, 836) $103, 848 $169, 363 Other Income and Expenses Interest income $248, 118 $212, 095 Other income 3, 243 27, 230 Gain on disposition of equipment 28, 782 Interest and fiscal agent fees 27, 218) 28, 383) Extraordinary depreciation related to change in depreciable life (204, 573) Net Income Transferred to Retained Earnings $356, 773 $175, 732 1 Retained Earnings, January 1 $1, 179, 191 986, 243 Transferred from the Reserves for; Metro Waste Control Commission 13, 488 12, 337 Debt Retirement 1, 365 10, 638 Construction Fund 5, 211 478 Transferred to the Reserves for Construction Fund 4, 248) 6, 237) Retained Earnings, December 31 (Exhibit 15) $1, 551, 780 $1, 179, 191 (See notes to fina.ncial statements) This statement is an integral part of report dated April 22, 1977. 40 City of Brooklyn Center Exhibit 17 Public Utilities Fund STATEMENT OF CHANGES IN FINANCIAL POSITION Sources 1976 1975 Operations: i Net income to retained earnings $356, 773 $175, 732 Add: Non working capital charges made to income Depr�ciation (Exhibit 20) 172, 646 374, 468 Metro Waste Control Commission receivable collected 13, 488 12, 337 Deduct: Non worki_ng capital credit made to income Amortization of deferred gain on sale of assets 3, 285) 3, 285) Gain on equipment retired 12, 403 527 219 9 252 Working Capital Provided by Operations $55 Contributions by developers and special assessments 15, 269 Debt reitrement account investment� sold 1, 365 10, 638 Collection of assessments receivable 3, 896 Construction fund investments sold 963 Working capital decrease 146, 931 Total $533, 443 $732, 090 Applications Investment in utility plant in service R3, 802 41, 469 Payments to retire bonds 35, ��0 35, 000 Increased investinents 154, 1L'? 641, 032 Increase in working capital 260, 45� Invested in construction funds 5, 759 Increase in assessments receivable 8, 830 Total $533, 443 $732, 090 Anal sis of Chan es in Workin Ca ital Y g g P Increase End of Beginr�ing (Decrease) Year of Year Working Capital 1976 Current Assets $511, 971 $313, 151 $198, &�J Current Liabilities 125, 344 186, 978 61, 63� Working Capital $386, 627 �126, 173 $260, 454 1975 Current Assets $313, 151 $570, 243 ${257, 092) Current Liabilities 186, 978 297, 139 10, 161) Working Capital $126, 173 $2 r;3, 104 $(146, 93 (See notes to financial statemeni:s) This statement is an integral part of report dated April 22, 1977. 41 City of Brooklyn Center Exhibit 18 Public Utilities Fund WATER DEPARTMENT OPERATING EXPENSES Classification by Function CombinedStatement Source Customer of Supply Transmission Administration Accounting 1976 1975 Labor 12, 400 14, 646 25, 493 22, 359 74, 898 68, 212 Electricity 49, 282 49, 282 33, 712 Repairs and maintenance 8, 254 20, 779 627 723 30, 383 7, 883 Meters for replacement 23, 189 23, 189 10, 297 Materials and supplies 13, 137 1, 306 2, 130 834 17, 407 15, 142 Rent and administration 13, 143 13, 143 10, 036 Equipment rental 154 392 3, 852 4, 774 9, 172 4, 615 Payroll taxes 8, 211 8, 211 4, 891 Postage 6, 106 6, 106 3, 739 Professional fees 430 1, 827 2, 257 870 A N Insurance 2, 024 2, 024 408 Employee benefits 1, 454 1, 454 i, 062 Fuel heating 1, 315 1, 315 i, 573 Printing 1 166 167 218 Schools and conferences 108 108 214 Uncollectible accounts 325) 325) Small tools and equipment 329 329 232 Dues and subscriptions 250 250 240 Totals (E�ibit 16) 84, 972 37, 123 59, 124 58, 151 $239, 370 ;1e3, 344 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. Exhibit 19 City of Brooklyn Center Public Utilities Fund SEWER DEPARTMENT OPERATIIVG EXPENSES Classification by Function CombinedStatement Disposal Customer Pumpin� Collection Administration Accountin� 1976 1975 Metro Waste Control Commission charge (Note 5) $379, 030 $379, 030 $296, 877 Labor 8, 414 11, 654 17, 943 8, 220 46, 231 46, 207 Rent and administration 13, 143 13, 143 9, 639 Equipment rental 11 3, 855 4, 773 S, 639 4. 330 Electricity 8, 118 8, 118 8, O11 Payroll taxes 5, 120 5, 120 4, 891 Repairs and maintenance 671 1, 472 611 2, 754 6, 479 Professional fees 1, 828 1, 828 4, 876 Posta e g 1, 814 1, 814 1, 237 Materials and supplies 445) 2, 086 91 1, 732 1, 662 Insurance 1,499 1,499 387 Employee benefits 944 944 1, 063 A Small tools and equipment 266 266 161 Printing 11 11 121 Fuel heating 163 163 191 Schools and conferences 150 Water used 59 Totals (Exhibit 16) $396, 396 12, 692 47, 306 14, 898 $471, 292 $388 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Exhibit 20 Public Utilities Fund STATEMENT OF UTILITY PLANT IN SERVICE AND ALLOWANCE FOR DEPRECIATION Utility Plant in Service Allowance for Depreciation 1/1/76 12/31/76 1/1/76 12/31/76 Depreciable Balance Additions Retirements Balance Balance Additions Retirements Balance Life (Years) Water Departxnent Mains and lines 5, 459, 715 5, 459, 715 526, 900 54, 597 581,497 100 I Structures I, 047, 485 1, 047, 485 221, 459 34, 916 256, 375 30 Equipment 276, 180 4, 727 40, 057 240, 850 156, 210 12, 835 30, 968 138, 077 5, 10, 20, 25 Land 23, 071 23, 071 Total Water Department 6, 806, 451 4, 727 40, 057 6, 771, 121 904, 569 $102, 348 30, 968 975, 949 Sewer Department Mains and lines 4, 764, 834 4, 764, 834 747, 972 47, 648 795, 620 100 Structures 566,260 6,929 573,189 295,414 22,650 318,064 23 Equipment 10, 030 10, 030 10, 030 10, 030 5, 10, 20, 25 Land 550 550 Total Sewer Department 5, 341, 674 6, 929 5, 348, 603 $1, 053, 416 70, 298 $1, 123 714 Totals $12, 148, 125 11, 656 40, 057 $12, 119, 724 $1, 95 7, 985 $172, 646 30, 968 $2, 099, 663 (Exhibit 15) (Exhibits 16 (Exhibit 15) and 17) I (See notes to financial etatements) I This statement is an integral part of report dated April 22, 1977. I 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 TRUST 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. i I i Cit,y of Brooklyn Center Exhibit 21 Trust and Agency Funds COMBINED BALANCE SHEET A� e n c y Truat Fire Public Housing and Department Employees Police Combined Statement Redevelopment Relief Retirement Pension December 31 Authority Association Association Fund 1976 1975 ASSETS Investments net of unamortized premiums and discounts (Schedule 3) $885, 712 885, 712 $785, 869 Temporary investments (Exhibit 26) 12, 858 1, 500 22, 525 79, 489 116, 372 95, 993 Accrued revenue 926 14,071 14,997 14,569 Due from other funds 1, 038 1, 038 3, 813 Due from other governmental units 1, 102 788 1, 890 150 Taxes receivable (Schedule 1) 2, 339 19, 519 6, 849 28, 707 18, 800 Total 13, 960 3, 839 43, 758 $987, 359 $1, 048, 716 $919, 194 A LIABILITIES AND FUND BALANCE Liabilities Accounts payable 13, 849 1, 420 11, 633 399 27, 301 42, 108 Due to other funds 6,483 Due to other governmental units 1, 102 Principals balances (Exhibit 22) 111 111 Accrued pension liabilities (Note 7) 746, 233 746, 233 675, 983 I Total Liabilities 13, 960 1, 420 11, 633 $746, 632 773, 645 $725, 676 Fund Balance (Exhibit 23) 2, 419 32, 125 240, 527 275, 071 193, 518 Total 13, 960 3, 839 43, 758 $987, 159 $1, 048, 716 $919, 194 (See notes to financial statements) I This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center Exhibit 22 Trust and Agency Funds COMBINED STATEMENT OF PRINCIPAL'S BALANCES Agency Housing and Redevelopment Authority 1976 1975 Principals Balance, January 1 -0- -0- Receipts for authorized purposes 35, 340 30, 536 Interest earnings 110 Disbursements to authorized principal 35, 339) 30, 536) Principals Balance, December 31 (Exhibit 21) 111 -0- (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 46 City of BrookTyn Center Exhibit 23 Trust and Agency Funds COMBINED STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCES Public Fir� Depart- Employees Police ment tZ-,elief Retirement Pension Combined Statement Revenues Association Association Fund 1976 1975 Ad valorem levies 3, 593 $123, 074 24, 929 $151, 596 $199, 252 Insurance premium rebate 32, 127 21, 521 53, 648 51, 215 Employee contribution 29, O10 29, O10 26, 044 Enterprise fund contributions 23, 353 23, 353 22, 394 Interest earnings 69 67, 130 67, 199 53, 958 Total Revenues 35, 789 $146, 427 $142, 590 $324, 806 $352, 863 Expenditures City's contribution to: Brooklyn Center Fire Relief Association 36, 614 36, 614 63, 540 Public Employees' Retirement Association $134, 857 134, 857 126, 301 Policemen's Pension 70, 250 70, 250 63, 067 Interest expense 1, 133 1, 133 Professional fees 399 399 1, 200 Total Expenditures 36, 614 $135, 990 70, 649 $243, 253 $254, 108 Excess (Deficiency of Revenues over Expenditures 825) 10, 437 71, 941 81, 553 98, 755 Fund Balance, January 1 3, 244 21, 688 168, 586 193, 518 94, 763 Fund Balance, December 31, (Exhibit 21) 2, 419 32, 125 $240, 527 $275, 071 $193, 518 (See notes to financial statements) This statement is an i.ntegral part of report dated April 22, 1977. City of Brooklyn Center Exhibit 2�4 t Investment Trust Fund BALANCE SHEET December 31, ASSETS 1976 1975 Cash on hand and in depositories 81, 598 92, 044 Accrued interest receivable 140, 470 314, 410 Investments (Schedule 3) 8, 777, 562 8, 218, 215 Total Assets $8, 999, 630 $8, 624, 669 LIABILITIE S Due contractors (performance deposits) 25, 461 22, 527 Unclaimed cash (law enforcement activities) 18 18 Due to other governmental units 34 34 Due participating funds (Exhibit 26) 8, 974, 117 8, 602, 090 Total Liabilities $8, 999, 630 $8, 624, 669 (Exhibit 1) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 48 City of Brooklyn Center Exhibit 25 Investment Trust Fund STATEMENT OF EARNINGS 1976 1975 Interest Income United States Government securities $462, 386 $418, 687 Construction loans 74, 313 80, 505 Bank savings certificates 56, 588 56, 501 Total Interest Income $593, 287 $555, 693 Expenses Audit 924 997 Total Expenses 924 99? Net Income Distributed to Participating Funds $592, 363 $554, 696 (E xhibit 2 6 Explanation The Investment Trust Fund was established in 1956 by Council action to prov9.de a uniform and consistent method of investing texnporary surpluses of cash. Net income of the Fund is distributed annually to each of the parti- cipating 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 1976 6. 86°�0 592, 363 1975 7. 15 554, 696 1974 7. 66 503, 710 1973 6. 63 391, 221 1972 6.30 318, 828 1971 6. 66 322, 365 1956 1970 2. 77 6. 30 1, 087, 186 Total Distributed Earnings for Years 1956-1976 $3, 770, 369 (See notes to financial statements) This statement is an integral part of report dated April 22, 19??. 49 City of Brooklyn Center Exhibit 26 Investment Trust Fund CHANGES IN PARTICIPATING FUNDS' BALANCES January 1, Net Fund 1976 December 31, 1976 Additions Income 1976 Participating Fund Balance (Withdrawals) Distribution Balance General Fund 387, 666 294, 334 14, 356 696, 356 Park Concessions Fund 3, 309 3, 309) 209 209 Federal Revenue Sharing Fund 447, 178 14, 654) 36, 466 468, 990 Park Bond Debt Service 42, 913 28, 579 3, 041 74, 533 Library Bond Debt Service 107, 954 13, 442) 7, 350 101, 862 State Aid Street Bond Debt Service 93 93 1, 172 1, 172 Improvement and Building Bond 62, 916 9, 414) 3, 995 57, 497 Open Space Acquisition Fund 41, 541 41, 541) 2, 766 2, 766 Capital Projects Fund 317, 598 20, 169) 21, 813 319, 242 State Aid Construction Fund 1, 760, 805 (224, 078) 125, 115 1, 661, 842 Municipal Liquor Fund 45, 300 10, 498 958 56, 756 Public Utilities Fund 3, 039, 470 116, 607 214, 580 3, 370, 657 Public Utilities Revenue Bond Account 62, 105 7, 927) 6, 562 60, 740 Public Utilities Construction Fund 61, 893 5, 211) 4, 248 60, 930 Fire Department Relief Association 13, 529 12, 099) 70 1, 500 Public Employees' Retirement Association 33, 092 9, 434) 1, 133) 22, 525 Police Pension Fund 36, 673 39, 256 3, 560 79, 489 Housing and Redevelopment Agency 12, 699 48 111 12, 858 Special Assessment Funds Bond Fund 1, 1955A, 1956B and 1957AB 86, 990 7, 867 6, 015 100, 872 1956 AC 117, 706 8, 319) 8, 157 117, 544 1958 A 120, 938 13, 656) 8, 370 115, 652 1958 B 107, 034 16, 624) 7, 367 97, 777 1959 AB 94, 281 20, 714) 6, 503 80, 070 1960 AB 330, 930 42, 9�2) 22, 988 310, 976 1961 AB 404, 013 9, 738) 28, 019 422, 294 1963 A 252, 882 2, 689) 17, 517 267, 710 1965 A 62, 848 6, 941 4, 517 74, 306 1966 A 136, 753 1, 608 9, 629 147, 990 1969 A 68, 337 1, 153 5, 018 74, 508 1970 16, 734 11, 420) 1, 352 6, 666 1973 274, 053 (246, 939) 16, 970 44, 084 1976 51, 857 8, 047) 4, 533 48, 343 197? -0- 15, 232 169 15, 401 Total $8, 602, 090 $(220, 336) $592, 363 $8, 974, 117 (Exhibit 25)(Exhibit 24) See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 50 I 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 improvements which benefit the entire community and which are paid for out of general revenues or through the issuance of general obligation bonds. I i: r r City of Brooklyn Center E�ibit 27 Special Assessment Funds COMBINED BALANCE SHEET Debt Service Current Activity (only) Construction Combined Statement ASSETS Funds Fund 1976 1975 Temporary investments (Exhibit 26) $1, 908, 792 15, 401 $1, 924, 193 $2, 125, 355 Accounts receivable and accrued interest 1, 434 1, 434 18, 255 Due from other funds 34, 876 34, 876 678, 837 Assessments receivable: Future installments (principal) 3, 302, 390 104 3, 302, 494 3, 835, 338 Current and delinquent assessments 606, 439 606, 439 314, 700 City General Fund (Note 6) 224, 325 8, 8�7 233, 152 254, 223 Tax forfeit land 11, 106 11, 106 11, 008 Authorization to assess for construction in progress 17, 000 17, 000 116, 790 Deferred interest charges 26, 406 26, 406 24, 630 Due from other governmental units 4, 872 4, 872 8, 245 Totals $6, 120, 640 41, 332 $6, 161, 972 $7, 387, 381 LIABILITIES Accounts payable 1, 742 154 1, 896 Contracts payable 17, 665 Accrued expenses and costs 13, 686 13, 686 178, 825 Due to other funds 80, 468 29, 999 110, 467 301, 977 Construction loan payable 126, 000 126, 000 l, 550, 600 Bonds payable (Schedule 2) 4, 350, 000 4, 350, 000 3, 925, 000 Total Liabilities $4, 571, 896 30, 153 $4, 602, 049 $5, 974, 067 Fund Balance debt service (Exhibit 28) 1, 548, 744 -0- 1, 548, 744 1, 384, 527 Unexpended appropriations for construction (Exhibit 29) 11, 179 11, 179 28, 787 Totals $6, 120, 640 41, 332 $6, 161, 972 7, 3 87, 3 81 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. City of Brooklyn Center E�ibit 28 Special Assessment Funds COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE Debt Service Current Activitiy (only) Construction Combined Statement Funds Fund 1976 1975 Revenue Interest assessments 281, 983 281, 983 285, ?98 Interest investment 147, 124 147, 124 169, 583 Other revenue 5, 253 5, 253 Revenue 434, 360 434, 360 455, 381 Expenditures Interest 267, 348 267, 348 318, 327 Agent charges 1, 054 1, 054 1, 347 Other expenditures 1, 741 1, 741 9, 092 Expenditures 270, 143 270, 143 328, 766 Excess of Revenues over Expenditures 164, 217 164, 217 126, 615 Fund Balance, January 1 1, 384, 527 1, 384, 527 1, 257, 912 Fund Balance Debt Service December 31 (Exhibit 27) $1, 548, 744 $1, 548, 744 $1, 384, 527 (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. r City of Brooklyn Center Exhibit 29 Special Assessment Funds STATEMENT OF CONSTRUCTION APPROPRIATIONS AND EXPENDITURES 1976 1975 Appropriations balance, January 1 120, 90 $1, 118, 150 Appropriations during year 41, 100 43, 790 Appropriations closed during the year (Exhibit 30) 144, 890) 1, 041, 150) A ro riations Balance, December 31 17 000 120 790 PP P Construction expenditures, January 1 92, 003 893, 740 Expended during year 44, 863 133, 589 Expenditures closed during year (Exhibit 30) 131, 045) 935, 326) Construction Expenditures, December 31 5, 821 92, 003 Unexpended Appropriations for Construction 11, 179 28, 787 (Exhibit 27) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 53 Cit� of Brooklyn Center Exhibit 30 Special Assessment Funds STATEMENT OF CONSTRUCTION EXPENDITURES COMPARED�TO APPROPRIATIONS AND ASSESSMENTS OF BENEFITS Project Expenditures Assessed to (Under Expended) Benefited Properties and Funds Over Expended Project Property Municipal Project Number Description Appropriation Appropriation Expenditures Share Properties Share 1976 �'und 74-16 Street 25, 000 171 25, 171 25, 171 74-20 Alley 9, 000 251 9, 251 9, 251 ?4-35 Street 22, 400 2, 174 24, 574 24, 574 75-01 �lley 9, 320 540) 8, 780 8, 780 75-02 Alley 8, 470 40) 8, 430 8, 430 ?5-03 Alley 12, 800 897) 11, 903 11, 903 75-04 Alley 8, 800 973) 7, 827 7, 827 95, 790 146 95, 936 95, 936 1977 Fund ?5-06 Storm Sewer 8, 000 3, 594) 4, 406 4, 406 76-01 Street 18, 300 921) 17, 379 17, 379 76-02 Street 18, 500 7, 119) 11, 381 3, 131 8, 250 76-03 Street 4, 300 2, 357) 1, 943 1, 366 577 49, 100 13, 991) 35, 109 26, 282 8, 82? Combined Totals $144, 890 13, 845) $131, 045 $122, 218 8, 827 (Exhibit 29) (Exhibit 29) (See notes to financial statements) This statement is ani ntegral part of report dated April 22, 1977. GENERAL FIXED ASSETS GROUP OF ACCOUNTS General Fixed Assets are those fixed assets of a governmental jurisdiction which are not aceounted for in an Enterprise, Working Capital, or Trust Fund. To be classified as a�xed asset in this category, a speci�c 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 i City of Brooklyn Center Exhibit 31 STATEMENT OF GENERAL FIXED ASSETS Balance Balance January 1, December 31, 1876 Acquisitions Disposals 1976 investment in Fixed Asaeta Land and land improvements 364, 749 2, 699 E 367, 448 Buildings and building improvements 2, 765, 554 11, 663 2. 777, 217 Park properties (including buildings) 1, 443, 305 29, 450 1, 472, 755 Furniture and fixtures 156, 950 5, 545 1fi2, 495 Departmental equipment 1, 117. O1B 102, 076 E 57, 850 1, 161, 242 Storm sewers and etreet projects 9, 332, 938 15, BB 1 9, 348, 599 Total Investmenta in Fised Asaete $15, 180, 512 =167, 094 j 57, 850 =15, 289, 756 Sources of Inveatmenta GeneralIndebtedness 600,491 a 600,491 General Fund revenuea (includes ad valorem levies) 1, 640, 402 a140, 415 57, 850 1, 722, 967 Liquor store revenue certificates 304, 571 304, 571 C�tributione received 320, 698 B, 689 327, 398 Special aesesament projecta; Ownera, contracts and city ahare 9, 149, 026 15, 661 9, 1B4, 687 Hennepin County 177, 180 177, 180 Capital Projecta Fund: General obligations bonds 2, 250, 000 2, 250, 000 Ad valorem tax levy 1968 and 1969 2fi5,243 265,243 Sale of land 38, 654 38, B54 Transfer of surplus from special assessmenta debt aervice funds 198, 386 198, 386 Tranafer from Mayor and Council's contingency account 3, 000 3, 000 Interest earnings on investments 207, 815 207, 615 Federal revenue sharing monies 25,245 4,319 29,564 Tot al Sourcea of Inve in Fiz A ase t s E15, I80, 512 $167, 094 a 57, 850 E15.289, 756 (See notes to financial atatements) This etatement is an integral part of report dated April 22, 1977. i 1 GENERAL LONG-TERM DEBT GROUP OF ACCOUNTS J 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 af such debt may be spent on .fac�lities 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 �J include, in addition to conventional general obligation bonds, time warrants h and notes which have a maturity of more than one year from date of issuance. u C '1 J i Exhibit 32 Citx of Brooklyn Center STATEMENT OF GENER,AL LONG-TERM DEBT AND INTEREST December 31, 1976 1975 Amounts Available and to be Provided Amounts available in debt service fund 294, 462 269, 293 (Exhibit 8) Amounts to be provided in future periods: General obligation bond interest 977, 263 1, 189, 162 General obligation bond principal 2, 760, 000 2, 985, 000 Special assessments levied on City owned properties 233, 152 254, 223 Total Amount Available and to be Provided $4, 264, 8?? $4, 697, 678 General Debt and Intereat to be Paid in Future Periods Principal portion of debt (Exhibit 33) $2, 993, 152 $3, 239, 223 Intereat payable future years (Exhibit 33) 1, 271, 725 1, 458, 455 Total General Debt and Interest to be Paid in Future Periods (Exhibit 33) $4, 264, 8?? $4, 697, 678 (Exhibit 1) (See notes to financial statements) This statement is an i ntegral part of report dated April 22, 1977. S6 City of Brooklyn Center Exhibit 33 SCHEDULE OF GENERAL LONG-TERM DEBT AND INTEREST BY MATURITIES December 31, 1976 General Debt Principal Portion Interest Payable Future Years Total Building State Aid Assessments Total Building State Aid Due Durin� Principal of Debt Park Bonds Librar,y Bonds Bonds Street Bonds General Fund Interest Park Bonds Library Bonds Bonds Street Bonds 1977 255, 700 20, 000 10, 000 130, 000 55, 000 40, 700 173, 130 3, 125 3, 040 $112, 450 54, 515 1978 260, 700 20, 000 10, 000 135, 000 55, 000 40, 700 160, 180 2, 305 2, 660 104, 000 51, 215 1979 250, 700 20, 000 10, 000 125, 000 55, 000 40, 700 146, 905 1, 485 2. 280 95, 225 47, 915 1980 235, 700 15, 000 10, 000 115, 000 55, 000 40, 700 134, 211 865 1, 900 87, 100 44, 546 1981 225, 700 10, 000 120, 000 55, 000 40, 700 122, 254 1, 520 79, 625 41, 109 1982 224, 652 10, 000 125, 000 60, 000 29, 652 110, 480 1, 140 71, 825 37, 515 1983 200, 000 10, 000 130, 000 60, 000 98, 210 760 63, 700 33, 750 1984 205, 000 10, 000 135, 000 60, 000 85, 570 380 55, 250 29, 940 1985 195, 000 135, 000 60, 000 72, 545 46, 475 26, 070 1986 200,000 140,000 60,000 59,840 37,700 22,140 1987 200, 000 140, 000 60, 000 46, 765 28, 600 18, 165 1988 210, 000 150, 000 60, 000 33, 660 19, 500 14, 160 1989 210, 000 150, 000 60, 000 19, 875 9, 750 10, 125 1990 60, 000 60, 000 6, 075 6, 075 1991 60, 000 60, 000 2, 025 2, 025 Totals $2, 993, 152 75, 000 80, 000 $1, 730, 000 575, 000 $233, 152 $1, 271, 725 7, 580 13, 680 $811, 200 $439. 265 (Exhibit 32) (Note 6) (E�chibit 32) (See notes to financial statements) This statement is an integral part of report dated April 22, 1977. 1 Cit of Brookl n Center y N OTES TO FINANCIAL STATEMENTS Year T976 Note 1: Summary of Significant Accounting Policies A. Funds The basic accounting and reporting entity of the City is a"fund". A. fund is defined as an independent fiscal and accounting entity with a self-balancing set of accounts recording cash and/or other resources together with all related liabilities, obligations, reserves and equities which are segregated for the purpose of carrying on specific activities or attaining certain objective in accord with special regulations, restrictions or limitations. B. Ba.ses of Accountin� Both the accrual basis and rnodified accrual basis of accounting are utilized by the City when recording the transactions i.n the various funds. Accrual accounting is defined as revenues being recorded at the time they are earned, and expenditures are recorded when the liability for them is incurred. The modified accrual basis is defined as that method of accounting in which expenditures, other than accrued interest on general long-term debt, are recorded at the time the liabilities are incurred, and revenues are received in cash, except for material or available revenues which should be accrued to reflect properly the taxes levied and the revenues earned. The basis of accounting by fund is: Fund Basis of Accounting General Fund Modified Accrual Special Revenue Funds Park Concessions Fund Accrual Federal Revenue Sharing Accrual S8 Cit,y of Brookl n Center NOTES TO FINA.NCIA.L STATEMENTS Year 1976 Note 1: Continued Fund Basis of A.ccounting Capital Projects Funds Open Space A:cquisition and Development A.ccrual Capital Projects A.ccrual Municipal State A.id Accrual Debt Service Funds A.ccrual Municipal Liquor Fund A.ccrual Public Utilities Fund A.ccrual Trust and A.gency Funds Brooklyn Center Fire Relief Accrual Brooklyn Center Public Employees' Retirement A.ssociation Accrual Brooklyn Center Housing and Redevelopment A.ccrual Brooklyn Center Police Pension Accrual Investrnent Trust Fund A.ccrual Special A.ssessrnent Funds A.ccrual General Fixed A.ssets Group A.ccrual Statement of General Long-Term Debt and Interest A.ccrual C. Fixed A.ssets and Depreciation Policies Enterprise and Public Service Funds: The fixed assets of the Enterprise and Public Service Fund are stated at cost. Depreciation has been provided using the straight line rnethod over the estimated useful lives of the assets. Public Utility assets financed by special assessrnents are recorded as contri- butions in aid of construction. 59 City of Brookl�n Center NOTES TO FINA.NCIAL STATEMENTS Year 1976 Note 1: Continued C. Fixed A.ssets and Depreciation Policies General Fixed A.ssets: The general fixed assets of the City, those assets not accounted for in other fund groups, are accounted for in a separate self-balancing group of accounts described as the General Fixed A.sset Group of A.ccounts. General Fixed Asset purchases are recorded as expenditures in the fund that finances the purchase. No depreciation is recorded on the assets included in the General Fixed A.sset Group of Accounts. D. General Long-Terrn Debt The general long-term liabilities, except for the Special A.ssessment Funds and the Public Utilities Fund are not carried as a liability of a particular fund but are set up in a separate self-balancing group of accounts known as the General Long-Terrn Debt Group of A.ccounts. E. Investments Investments are carried at cost which approx- imates market. Interest income is recorded as earned and is allocated annually to the respective funds on the basis of the participat- ing funds investment in the Investment Trust Fund. F. Budgets Financial control of spending for various governrnental activities is exercised through the use of budgetary procedures. Exclusive authority over all budget matters remains with the Council. The Council approves all budgets and any arnendments to those budgets also requires specific approval by the Council. Budgetary reporting is included in this report, in the following funds: General Fund, Open Space Acquisition and Developrnent Fund, Capital Projects Fund, Municipal State A.id for Construction Fund, and the Special Assessrnent Funds. 60 City of Brookl�n Center NOTES TO FINA.NCIA.L STA.TEMENTS Year 1976 Note 1: t Conti.nued G. Severance and Vacation Pay Policies The City pays employees severance pay upon termination of ernployment based on accumulated sick leave and accrued vacation. Severance, vacation and sick leave pay are recorded as an expenditure when paid. At Decernber 31, 1976. the City had a liability of $74, 392 for accrued vacation �ay and a liability of $86, 954 for accumulated sick leave. Note 2: All Funds The �Combined Balance Sheet A.11 Funds and A.ccount Groups (Condensed Form)" as shown on Exhibit 1 is presented as an information statement only. The reader is cautioned that the figures as shown under the "Combined Total" column are a combining of unlike purpose groups (funds) and cannot be con- strued as indicative of the overall financial position of the City. The fina.ncial position and results of operations of each fund should be ascerta.ined by ref�rence to individual exhibits as submitted for that fund within this report. Note 3: Municipal Liquor Fund During 1977 the City changed its method of pricing its merchandise inventories, as the result of a change in the sales and distribution policies of the liquor sholesalers. In prior years the City valued its merchandise i.nventories at the current wholesale prices and cash and promotional discounts received were credited directly to income. This method of valuation results in an overstatement of inventory above actual cost. The December 31, 1975 inventory was overstated by approx- imately $15, 000. During 1976 the Ci:ty changed its accounting procedures and accordingly, December 31, 1976 i�ventories are valued at cost (invoice price less discount). As a result of this change in method of valuing inventory, the current year's cost of goods sold is overstated by approximately $15, 000, which results in a corresponding understatement of grass profit and net income for the year 1976. 61 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS Year 1976 Note 3: Continued The other accounts receivable, in the amount of $8, 314, represents an amount due from a group of liquor wholesalers. Pursuant to terms of a court-ordered judgement the receivable wi11 be collected over a four-year period provided that the City makes purchases from these wholesalers. At each year end these wholesalers remit to the City amounts based on purchases made during the previous year. Because of the restrictive terms of the judgement, the gain attributable to this transaction has been credited to deferred income and is being amortized and recognized into income over the period of collection of the receivable. The Huznboldt Square Store occupies space in the Humboldt Square Shopping Center under terms of a lease which expires during 1978. The Brooklyn Boulevard Store is located on city- owned property. The Northbrook Store is located in the North- brook Shopping Center and is occupied pursuant to terms of a lease which expires November 30, 1981. Note 4: Public Utilities Fund Public Utilities 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 pay- able solely from the operations of the Public Utilities 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 protect- ing the bondholders' interest. Paragraph 8 of the resolution provides for the segregation of assets and the appropriation of retained earnings for debt retirement purposes and defines the manner of accounting for the activites of the Public Utilities Fund. As required by Paragraph 10e of the issuing resolution, an analysis af each account balance appears as follows: 1 62 Cit of Brookl Center Y 3'n NOTES TO FINANCIAL STATEMENTS Year 1976 Note 4: Continued Construction Account Proceeds of bond sale $1, 000, 000 Add: Investment earnings thru 1975 331, 618 1976 investment earnings 4, 248 Total Investment Earnings 335, 866 (Exhibit 15) Deduct: Construction expenditures thru 1975 $1, 269, 725 1976 construction expenditures 5, 211 Total Construction Expenditures $1, 274, 936 Construction Account Balance (Exhibit 1� 60, 930 1 Debt Retirement Account Accumulated amounts set aside to meet 1976 requirements for interest and principal Investments with accrued interest 62, 154 Reserve account invest- ments ?5, 000 Total Debt Retirement Account (Exhibit 15)$ 137, 154 A summary vvhich reconciles restric#ed assets with earnings and also compares appropriated earnings with restriction requirements as set forth by the resolution� authorizing the sale of revenue bonds is presented as follows: 63 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS Year 1976 Note 4; C ontinue d Revenue Construction Bond Reserve Account Account Account e e s 12 31 76 60 930 62 154 75, 000 R stricted Ass t Appropriated Earnings at 12/31/76 60, 930 62, 154 75, 000 All bonds which mature on January 1, 1982 or there- after are subject to redemption (call) on January 1, 1974, or any interest payment date thereafter in inverse numerical order, at par and accrued interest and premium as follows: 1. If rede emed January 1, 1977, or thereafter prior to Janua.ry 1, 1981, premium of 1 1/ 2%. 2. If redeemed January 1, 1981, or thereafter, no premium. Since 1963, the Public Utilities Fund has been accumulat- ing 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 exapnsion of the facilities has a cost estimate of $6, 184, 000. The plan includes capital outlays for the con- struction of water mains, a 1. 5 MG water tower and a 10 MG water treatment plant with completion estimated during 1978. To date, $3, 143, 599 has been accumulated and set aside for the purpose of partically meeting the financing requirements for the planned expansion. Note 5: Public Utilities Fund Metro Waste Control Commission Receivable and Reserves 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 imple- ment a comprehensive plan for the collection, treatment, and disposal of sewage i.n the seven county metropolitan area. 64 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS Year 197 6 Note 5: Public Utilities Fund Metro Waste Control Commission Cont'd Receivable and Reserves Under the terms of the Act, the Commi�sion is obligated to reimburse each local government for the cost of facilities acquired. This cost or purchase price of facilities is based on depreciated replacement cost value as of December 31, 1970 as determined by cost analysis and engineering studies. This current value receivable is 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°Jo. 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 1976 consisted of principal and interest and the amount of credit offset against 1976 sewer service billings totaled $8, 741, leaving a balance due over the next 24 years of $203, 940. (Exhibit 15) Note 6: Summary Statement of General Long-Term Debt and Interest Special assessments which relate to improvements bene- fiting City-owned properties total $233, 152 as of December 31, 1976. The payment for these improvements (with no interest charge) has been scheduled over a period extending through 1982. These assessments 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. The State Aid Street Bonds amounting to 875, 000 at December 31, 1976 are payable from the Minnesota State Aid Allotments. Note 7: Pension Plans and Pension Funds The City participates in three pension plans and pensian funds as follows: 1) All City employees with the exception of the sworn police officers and the volunteer firemen, are covered by the Public Employees' Retirement Plan. This plan is admizzistered by 65 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS Year 1976 Note 7; Continued 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 10. 5°Jo of its employees' salaries to this plan. During 1976 this contribution amounted to $134, 857 (Exhibit 23). 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 Minnesota 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. Act- uarial studies of retirement needs are made periodically to determine the contributions to the Association. Accord ing to a study dated December 31, 1974, the Association had an actuarial deficit of 83, 486. In order to maintain the current level of benefits and retire the deficit within 13 years, annual payments of $28, 180 are required. 19, 716 of the payment will maintain the current benefit level and 8, 464 of the payment was determined to fund the deficit over a 13 -year period. Since the actuarial study of 1974, the Brooklyn Center Fire Relief Association was paid $63, 540 during 1975 and 1 $36, 614 during 1976. The 1976 payment was financed by the state tax on fire insurance policies and an ad valorem levy as detailed in Exhibit 23 of the financial statements. The Police Pension Fund is administered b the City for Y the benefit of its sworn police officers. According to an actuarial study, dated December 31, 1974, the Fund had an accrued liability of $615, 123 and an actuarial deficit of $60, 605. Accordingly, annual payments of $66, 270 are needed to retire the deficit and maintai.n the current benefit levels. 66 City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS Year 1976 Note 8: Contingent Liabilities In addition to the long-term debt included in the General Long-Term Debt Group of Accounts, the City has a contingent liability relating to a pledge of full faith and credit on the special assessment bonds as recorded in the Special Assessment Funds. The general credit of the City is obligated only to the extent that liens foreclosed against properties involved in the special assessment dis- tricts are insufficient to retire outstanding bonds. 67 City of Brooklyn Center STATISTICAL INFORMATION SECTION TABLE OF CONTENTS 1 Schedule Page Number General Governmental Expenditures by Function I 1 Revenues Other Than Special Assessments II 2 Tax Levies and Tax Collections III 3 Assessed Valu�e and Market Value of All Taxable Property IV 4 Tax Rates and Tax Levies V 5 Notes to Tax Rates and Tax Levies VI 6 Special Assessment Collections VII 7 Ratio of Net Bonded Debt to Assessed Value and Net Bonded Debt Per Capita VIII 8 Computation of Direct and Overlapping Debt IX 9 Statement of Legal Debt Margin X 10, 11 Ratio of Annka.l Debt Service Expenditures for General Bonded Debt to Total General Expenditures XI 12 Schedule of Revenue Bond Coverage XII 13 Summary of Debt Service Requirements to Maturity XIII 14, 15 Schedule of Insurance Coverage XIV 16 Miscellaneous Statistical Facts XV 1? 19 City of Brooklyn Center Schedule I GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION Last Ten Fiscal Years Public C ommunity Fiscal General Safety and Public Health Parks and Debt Pension Year Government Welfare Works Services Recreation Service Expense 1967 $217, 138 $325, 504 $326, 357 12, 683 $235, 834 81, 680 50, 237 1968 244, O10 377, 528 359, 428 13, 866 235, 723 70, 604 151, 656 1969 250, 841 434, 168 484, 154 15, 258 238, O11 88, 608 198, 614 1970 279, 404 495, 132 407, 615 16, 330 337, 106 286, 621 176, 164 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, 927 214, 663 1973 494, 968 587, 443 500, 840 26, 912 466, 642 384, 101 195, 125 1974 546, 649 ?00, 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 r r i i Schedule II City of Brooklyn Center REVENUES OTHER THAN SPECIAL ASSESSMENTS 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 Taxes Other Revenue Permits Forfeitures Utilities Stores 1967 $812, 089 $226, 868 $129, 548 55, 005 20, 416 $125, 962 $125, 310 1968 876, 271 331, 845 170, 609 82, 098 31, 940 131, 280 146, 551 1969 1, 074, 532 307, 060 642, 245 77, 773 44, 031 161, 925 175, 884 1970 1, 122, 156 436, 030 211, 182 49, 859 57, 970 331, 351 172, 761 1971 1, 256, 531 522, 281 306, 699 67, 837 53, 638 276, 935 168, 406 1972 1, 212, 708 817, 139 326, 617 110, 455 37, 172 278, 089 133, 972 1973 1, 371, 366 971, 227 389, 632 96, 006 53, 862 527, 510 123, 316 1974 1, 542, 561 941, 074 479, 559 88, 922 38, 644 435, 931 134, 995 1975 1, 745, 667 951, 489 505, 165 101, 380 42, 940 381, 458 150, 902 1976 1, 725, 854 1, 288, 848 630, 268 102, 399 48, 475 103, 848 147, 143 Schedule III Cit,y of Brooklyn Center TAX LEVIES AND TAX COLLECTIONS Last Ten Years Collections Ratio of of Current Percentage Collections of Accumulated Year's Taxes Levy Collected Prior Year's Taxes Ratio of Totat Accumulated Delinquent Year Total During Fiscal During Fiscal During Fiscal Total Collections Delinquent Taxes to Current Collected Tax Levy Period Period Period Collections to Tax Levy Taxes Year Tax Levy 1967 799, 792 776, 663 97, il 7, 710 784, 373 9807:1 38, 737 04843:1 1968 868, 807 851, 452 98. 00 14, 205 865, 657 9964:1 45, O11 05181:1 1969 1, 068, 236 1, 036, 863 97. O6 16, 612 1, 053, 475 9862:1 59, 742 05593:1 1970 1, 112, O80 1, 086, 177 97. 6S 20, 620 1, 106, 797 9952:1 65, 026 05847:1 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 w 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, 715, 170 1, 521, 690 88. 72 56, 229 1, 577, 919 9200:1 281, 903 16436:1 Note: The City's taxes are the only ones included in this table. r i i i �■s r s r r■� i City of Brooklyn Center Schedule IV ASSESSED VALUE AND MARKET VALUE OF ALL TAXABLE PROPERTY Last Ten Years I 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 (1) (2) Population (==Actual) 31, 000 34, 306 34, 717 35, 173�= 36, 370 36, 908 37, 207 36, 954 37, 081 36, 116 Real Property Assessed Value (Limited); City: Homestead 10, 148, 539 11, 970, 877 12, 472, 359 6, 882, 636 15, 956, 478 52, 150, 596 53, 857, 283 55, 031, 870 62, 354, 181 69, 130, 468 Excess and non-homestead 5, 093, 781 7, 369, 710 8, 173, 952 19, 089, 306 10, 500, 479 36, 527, 538 40, 147, 670 42, SO1, 704 47, 138, 412 50, 356, 911 Area-wide allocation (net) 460, 981 133, 422 201, 206) Total Assessed Value 15, 242, 320 19, 340, 587 20, 646, 311 25, 971, 942 26, 456, 957 88, 678, 134 94, 004, 953 97, 994, 555 $109, 626, O15 $119, 286, 173 Estimated Market Value (Limited): $143, 587, 623 $174, 850, 146 $185, 389, 446 $226, 020, 864 $229, 923, 135 $249, 328, 665 $262, 535, 943 $270, 699, 261 $301, 639, 725 $329, 463, 243 Personal Property Assessed Value 1, 574, 574 1, 603, 159 1, 619, 077 1, 588, 260 1, 313, 422 2, 403, 743 2, 657, 185 2, 852, 992 2, 800, 885 3, 034, 703 Estimated Market Value 10, 230, 330 10, 530, 969 10, 644, 204 10, 394, 151 10, 730, 184 5, 590, 100 6, 179, 500 6, 634, 865 6, 505, 874 7, 059, 986 A Total Real and Personal Property Assessed Value 16, 816, 894 20, 943, 746 22, 265, 388 27, 560, 202 27, 770, 379 91, OS1, 877 96, 662, 138 $100, 846, 547 $112, 426, 900 $122, 320, E76 Estimated Market Value $153, 817, 953 $185, 381, 115 $196, 033, 650 $236, 415, 015 $240, 653, 319 $254, 918, 765 $268, 715, 443 $277, 334, 126 $308, 145, 599 $336, 523, 229 Ratio of Assessed Value to Estimated Market Value 10933:1 11298:1 11358:1 11658:1 11540:1 .35730:1 .35972:1 36363:1 36485:1 .36348:1 Per Capita Valuations Assessed Value 509.60 610.50 641.34 783.56 763.55 2,467.81 2,597.96 2,729.00 3,031.93 3,386.89 Estimated Market Value 4, 651. 15 5, 403. 75 5, 646. 61 6, 7'L1.49 6, 616.81 6, 906. 87 7, 222. 17 7, 504.85 8, 310.07 9, 317. 84 (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 inclade actual amount allocated parusant to Laws 1971, Extra Sessioa, Chapter 24, from area-wide "Pool". City of Brooklyn Center Schedule V TAX RATES AND TAX LEVIES Years 1958 Through 1977 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 Dist. #281 Dist. #11 Collectible City School (Earle Brown) (Osseo) (Robbinsdalel (Anoka) pistricts (7) N. H. S. H. S. (Earle Brown) (Osseo) (Robbinsdale) (Anoka) (1) (2) (3) (4) Tax Rates Mills Per $100 of Assessed Value 1958 46.47 126.91 119.51 108.64 90.15 38.13 12.62 6.01 224.13 216.73 205.86 187.37 1959 52.05 130.94 146.66 115.18 104.95 39.32 12.42 5.90 234.73 250.45 218.97 208.74 1960 51.00 167.56 157.64 120.10 114.70 40.14 14.32 8.10 273.02 263.10 225.56 220.16 1961 48.26 189.64 163.00 139.20 123.53 A1.46 13.85 6.84 293.21 266.57 242.77 227.10 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 8.22 345.93 309.95 270.41 255.18 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 18.32 352.92 325.68 280.70 275,93 1967 51.62 227.90 203.OQ 158.76 160.00 53.30 17.24 17.14 349.89 324.99 280.75 281.99 1968 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 70.00 388.35 374.00 306.29 386.23 1970 49.65 4.51 294.55 295.42 215.01 297.66 77.18 425.89 426.76 346.35 424.49 1971 44.11 7.96 250,31 216.00 204.90 257.09 77.02 379.40 345.09 333.99 378.22 1972 43.04 10.38 183.24 166.09 147.20 173.68 50.45 317.11 299.96 281.07 297.17 1973 14.718(5) 2.644(5) 55.786(5) 54.023(5) 44.727(5) 54.920(5) 27.014(5) 1Q0.162(5) 98.399(5) 389.103(5) 96.652{5) 1974 15.710(5) 3.084(5) 56.805(5) 54.634(5) 50.289(5) 54.845(5) 28.965(5) 104.564(5) 102.393(5) 98.048(5) 99.520(5) 1975 17.988(5)(6) 3.372(5) 61.074(5) 57.654(5) 50.787(5) 60.190(5) 33.142(5) 115.576(5) 112.156(5) 105.289(5) 111.320(5) 1976 15.607(5)(6) 2.759(5) 54.204(5) 53.435(5) 49.043(5) 55.270(5) 31.275(5) 103.845(5) 103.076(5) 98.684(5) 102.152(5) 1977 15.725(5)(6) 2.485(5) 52.663(5) 53.648(5) 49.875(5) 58.400(5) 34.063(5) 104.936(5) 105.921(5) 102.148(5) 108.188(5) Tax Levies on Property Within Brooklyn Center Area School District County Total City, Year Voc-Tech #286 #279 #281 #11 Total Special Schools, Coilectible School (Earle Brown) (Osseo) (Robbinsdale) (Anoka) School Districts (7) City State County State 1958 303, 466 134, 960 202, 292 24, 298 665, 016 309, 786 262, 840 48, 723 1, 286, 365 1959 327,629 237,021 228,907 30,387 823,954 252,434 333,000 54,601 1,463,989 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 665,961 976,585 614,756 140,923 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, OS9 1967 836, 669 i, 142, 570 790, 174 210, 428 2, 979, 841 828, 401 804, 858 268, 16S 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, 444, 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, 234, 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, 823, 341 1975 296, 212 1, 652, 565 1, 742, 105 1, 552, 542 754, 898 5, 998, 322 3, 370, 680 l, 805, 754(6) 11, 174, 756 1976 270, 428 1, 681, 797 1, 804, O10 1, 629, 635 789, 077 6 174, 947 3, 511, 979 1, 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 (1) Formerly #118 (2) Formerly #28 (3) Formerly #24 (4) Formerly #Z9, #220 (5) Due to determination of aasessed valuation calculation changed by state law enacted in 1971 (6) Includes tax levy for the Housing and Redevelopment Authority of Brooklyn Center, the resulting mill rate is approximately one-third as great as before the enactment of the (7) Includes Metro Council, Metro Transit Commission, Mosquito Control District, new law. Park Museutn. i i I City of Brooklyn Center Schedule VI NOTES TO TAX R.ATES AND TAX LEVIES Years 1958 Through 1967 Tax Limitation by Statute: City Tax Levy pursuant to limitations of Laws of Minnesota 1973, Chapter 650, Article IV, Sections 5, 6&?. Debt Service, certain special levies, and special assessments for local improvements not included in above limitation. Taxes Due Date: First Monday in January Taxes Delinquent Date: Personal Property March 1- amounts over $10. 00 first half March 1, second half July 1 Real Estate first half May 31; second half October 31 No discount allowed Penalties for Delinquency; (Amended, Laws 1974, Chapter 459) Personal Property 8% Homestead Real Estate June 3%, July 4%, August 5%, September 6%, October 7%, November and December 8°jo; after first Monday in January 10%. Non-Homestead Real Estate June 7%, July 8%, August 9%, September 10%, October 11%, November and December 12°jo; After first Monday in January 14%. Tax sale date second Monday in May Taxes are certified to Hennepin County and collected by the County Treasurer and remitted to the City. Tax collections are distributed in the proportion of the City levy to all levie s 6 City of Brooklyn Center Schedule VII SPECIAL ASSESSMENT COLLECTIONS Last Ten Years Current Special Total Current Assessments Amount and 17elinquent Current Installments Collected Ratio of Current Assessments Percentage Balance Fiscal Becoming Due During Currently During Collections to Uncollected Collected Uncollected Period the Fiscal Period the Fiscal Period Amount Due At Year End Through 12/31 Through 12/31 1967 $490, 397 $458, 324 9346:1 $128, 705 99. 75°�0 1, 204 1968 505, 409 466, 466 9229;1 142, 441 99. 72 1, 437 1969 538, 959 476, 727 8845:1 136, 043 98. 69 7, 049 1970 680, 198 605, 385 8900:1 165, 592 99. 37 4, 270 1971 844,. 933 660, 490 7817:1 232, 717 97. 83 18, 354 1972 807, 317 647, 695 8023:1 270, 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 ].976 736, 438 444, 699 6039:1 606, 439 60. 39 290, 511 City of Brooklyn Center Schedule VIII RATIO OF NET BONDED DEBT TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA Last Ten Years Less:Amount Ratio of Net Net Bonded Fiscal Estimated Assessed Gross In Debt Net Bonded Debt To Debt Per Period Population Value=�= Bonded Debt Service Funds Bonded Debt Assessed Values�� Capita 1967 31, 570 46, 775, 910 4, 784, 800 $1, 773, 834 $3, 010, 966 0644:1 95. 37 1968 33,�000 50, 450, 682 5, 068, 400 1, 986, 325 3, 082, 075 0611:1 9. 340 1969 34, 306 62, 831, 238 7, 626, 400 1, 534, 261 6, 092, 139 0970c 1 177. 58 1970 35, 173 66, 796, 164 10, 733, 000 1, 805, 385 8, 927, 615 1337;1 253. 82 I a 1971 36, 370 82, 680, 606 10, 005, 000 1, 793, 277 8, 211, 723 0993:1 225. ?8 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, 847, 547 7, 605, 000 2, 115, 984 5, 489, 016 0544:1 148. 03 1976 36, 116 112, 426, 900 7, 770, 000 2, 188, 250 5, 581, 750 0496:1 154. 55 �4Assessed value has been restated for years prior to 1972 so as to be on a basis comparable to 1972. Citv of Brooklvn Center Schedu�e IX COMPUTATION OF DIRECT AND OVERLAPPING DEBT December 31 1976 City of Brooklyn Center Gross Sinking Net Share Governmental Unit Debt Funds Debt Per Cent Amount Direct and Overlappina Debt Direct Debt: City of Brooklyn Center 7,770,000(1) 2,188,250 5,581,750 100.00% 5.581,750 Overlapping Debt: School Districts: No. 281 (Robbinsdale) 29,583,000 4,574,843 25,008,157 10.20% 2,550,832 No. 11 (Anoka) 42,081,780 3,263,408 38,818,372 5.90% 2,290,284 No. 279 (Osseo) 25,900,403 4,507,364 21,393,039 26.80% 5,733,334 No. 286 (Brooklyn Center) 1,920,000 162,128 1,757,872 100.00% 1,757,872 Area Voc Tech School No. 287 20,200,000 1,587,202 18,612,798 4.90% 456,014(2) Metro Transit 16,950,000 2,175,440 14,774,560 1.50% 221,618 Metro Council Revenue Supported 197 471 000 14 ,125 906 183 345 094 (3) (3) Metro Council Tax Supported 35,540,000 19,086,726 16,453,274 1.50% 246,799 Hennepin County 45,275,000 4,503,812 40,771,188 2.70% 1,100,822 Hennepin County Park District 9,600,000 827,439 8,772,561 2.70% 236,859 Total Overlapping Debt $424,521,183 54,814,268 $369,706,915 14,594,434 Total Direct and Overlapping Debt $432 291 ,183 5 7, 002 518 $375 2 88 665 2 0,176 ,184 (1) Includes $4,350,000 debt outstanding to be paid from special assessments, $875,000 debt outstanding on State Aid Street Bonds and $660 000 debt outstanding on revenue bonds (2) This debt is approximately 50% supported by State Aids and has been so reduced here. (3) This debt is paid by Metro area sewer service charges, including Brooklyn Center from its municipal sewer system. Direct Overlapping Comparative Net Debt Ratios CharQeable to Citv Total Debt Debt Debt to assessed value ($122 320, 876) 16. 49% 4.56% 11 93% Debt to market value ($329, 463 243) 6.12% 1.69% 4.43% Per capita debt (population 36,116) $558. 65 $154. 55 $404.10 i■■� I City of Brooklyn Center Schedule X STATEMENT OF LEGAL DEBT MARGIN December 31, 1976 Assessed Value, January 1, 1976 $122, 320, 876 Debt limit 6. 67°Jo of assessed value (See Note A) 8, 158, 802 Total bonded debt $7, 770, 000 Deductions (See Note B): A. Bonds 1. Special Assessment $4, 350, 000 Bonds 2. State Aid Street Bonds 875, 000 3. Utility Revenue Bonds 660, 000 $5, 885, 000 B. General Debt Service Fund 243, 169 6, 128, 169 Total Debt Applicable to Debt Limit 1, 641, 831 Legal Debt Margin, December 31, 1976 6, 516, 971 Note; (A) M. S. A. Section 475. 53 (See following page) ote• B M S A Section 475. 51 (See followin a e) N gP g 10 Schedule X City of Brooklyn Center (Cont'd) STATEMENT OF LEGAL DEBT MARGIN December 31, 1976 Note (A): M. S. A. Section 475. 53 et seq. Limit on Nebt Debt "Subdivision 1. 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 wholly 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 special assessments. (2) Warrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue- t producing conveniences. (4) Obligations issued to create or maintain a permanent improve- ment revolving fund. (5) Obligations issued for the acquisition, and betterment of public water-works systems, 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. 11 r City of Brooklyn Center Schedule XI RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL EXPENDITURES Last Ten Years Ratio of Debt Total Total General Service to General Year Principal Interest Debt Service Expenditures Expenditures (°jo) 1967 59, 400 22, 280 81, 680 $1, 185, 075 6. 89%0 1968 51, 000 19, 604 ?0, 604 1, 369, 842 5. 15°fo 1969 51, 000 37, 608 88, 608 1, 591, 987 5. 57�fo 1970 49, 600 164, 778 214, 378 1, 679, 129 12. 77°�0 1971 68, 800 228, 351 297, 151 2, 210, 671 13. 44%0 N 1972 90, 000 223, 927 313, 927 2, 219, 355 14. 14°jo 1973 165, 000 219, l0i 384, 101 2, 278, 020 16. 86�fo 1974 180, 000 209, 397 389, 397 2, 577, 758 15. l0�jo 1975 185, 000 198, 708 383, 708 2, 839, 621 13. 51% 1976 225, 000 186, ?30 411, 730 3, 224, 183 12. 76% City of Brooklyn Center Schedule XII SCHEDULE OF REVENUE BOND COVER,AGE Last Ten Years Net Ratio of Net Gross (1) Revenue Debt Service Revenue to Year Revenue Expenses Available Principal Interest Total Debt Service 1967 669, 098 $282, 528 $386, 570 38, 000 39, 816 77, 816 5. 0 to 1 1968 743, 316 292, 818 450, 498 38, 000 38, 350 76, 350 5. 9 to 1 1969 854, 367 360, 249 494, 118 40, 000 36, 775 76, 775 6. 4 to 1 1970 1, 060, 322 400, 824 659, 498 45, 000 35, 200 80, 200 8. 2 to 1 1971 1, 140, 730 558, 189 582, 541 45, 000 34, 300 79, 300 7. 3 to 1 w 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, 525 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 (1) Excludes depreciation and interest on bonds. 1971 and prior includes Liquor Store Revenue Bonds. r r Schedule XIII SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY December 31, 1976 City of Brooklyn Center Schedule XIII SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY December 31, 1976 Total Total Total Total Fiscal General G. O. Special State-Aid Total Debt Service Year Obligation Bonds Assessment Bonds Street Bonds Revenue Bonds Requirements 1977 278, 615 715, 006 109, 515 60, 740 1, 163, 876 1978 273, 965 740, 835 106, 215 59, 375 1, 180, 390 1979 253, 990 665, 530 102, 915 58, O10 1, 080, 445 1980 229, 665 626, 757 99, 546 56, 645 1, 012, 613 1981 211, 145 513, 435 96, 109 60, 231 880, 920 1982 207, 965 463, 472 97, 515 58, 720 827, 672 1983 204, 460 429, 665 93, 750 57, 160 785, 035 1984 200, 630 516, 529 89, 940 55, 600 662, 699 1985 181, 475 282, 325 86, 070 58, 991 608, 861 1986 177, 700 153, 185 82, 140 57, 285 470, 310 1987 168, 600 136, 345 78, 165 55, 530 438, 640 1988 169, 500 115, 070 74, 160 53, 775 412, 505 1989 159, 750 89, 330 70, 125 52, 020 371, 225 1990 64, 830 66, 075 50, 265 181, 170 1991 61, 620 62, 025 48, 510 172, 155 1992 46, 755 46, 755 Total $2, 717, 460 $5, 573, 934 $1, 314, 265 889, 612 $10, 495, 271 r City of Brooklyn Center Schedule XIII SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY Continued December 31, 1976 Total Fiscal General Obligation Bonds G. O. Special Assessment Bonds G. O. State-Aid Street Bonds Revenue Bonds Debt Service Requirements Year Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest 1977 160, 000 118, 615 505, 000 210, 006 55, OOQ 54, 515 35, 000 25, 740 755, 000 408, 876 1978 165, 000 108, 365 545, 000 195, 835 55, 000 51, 215 35, 000 24, 375 800, 000 380, 390 1979 155, 000 98, 990 495, 000 170, 530 55, 000 47, 915 35, 000 23, O10 740, 000 340, 445 1980 140, 000 89, 665 480, 000 146, 757 55, 000 44, 546 35, 000 21, 645 710, 000 302, 613 1981 130, 000 81, 145 390, 000 123, 435 55, 000 41, 109 40, 000 20, 231 615, 000 265, 920 1982 135, 000 72. 965 360, 000 103, 472 60, 000 37, 515 40, OOJ 18, 720 595, 000 232, 672 1983 140, 000 64, 460 345, 000 84, 665 60, 000 33, 750 40, 000 17, 160 585, 000 200, 035 1984 145, 000 55, 630 450, 000 66, 529 60, 000 29, 940 40, 000 15, 600 695, 000 167, 699 1985 135, 000 46, 475 240, 000 42, 325 60, 000 26, 070 45, 000 13, 991 480, 000 128. 861 1986 140, 000 37, 700 125, 000 28, 185 60, 000 22, 140 45, �00 12, 285 370, 000 100, 310 1987 140, 000 28, 600 115, 000 21, 345 60, 000 18, 165 45, 000 10, 530 360, 000 78, 640 1988 150, 000 19, 500 100, 000 15, 070 60, 000 14, 160 45, 000 S, 775 355, 000 57, 505 1989 150, 000 9, 750 80, 000 9, 330 60, 000 10, 125 45, 000 7, 020 335, 000 36, 225 1990 60, 000 4, 830 60, 000 6, 075 45, 000 5, 265 165, 000 16, 170 1991 60, 000 1, 620 60, 000 2, 025 45, 000 3, 510 165, 000 7, 155 1992 45, 000 1, 755 45, 000 1, 755 Total $1, 885, 000 832, 460 $4, 350, 000 $1, 223, 934 875, 000 439, 265 660, 000 229, 612 $7, 770, 000 $2, 725, 271 (Schedule XIII) City of Brooklyn Center $chedule XIV SCHEDULE OF INSURANCE COVERAGE December 31, 1976 Policy Period Type of Covera�e and Details From To Liat�ility Limits I. Statutory Liability to Employees a. Workers' Compensation 7-1-76 7-1-77 Statutory II. Liability to the Public a. �General Liability, Comprehensive 1-1-75 1-1-78 (1) Bodily Injury 300, 000 Combined Siny;le Limit (2) Property Damage 30Q 000 Combined Sin Limit (3) Personal Injury 300, 000 Combined Sin ;le Limit b. Automobile Liability, Comprehensive 1-1-76 1-1-77 (1) Bodily Injury 300,000 pccurrence (2) Property Damage 300,000 Occurrence (3) Uninsured Motorist 300,000 Occurrence c. Liquor Stores' Dram Shop 1-.1-75 1-1-75 30Q 000 Occurrence d. Umbrella Liability 1-1-75 1-1-78 5, 000, 000 Occ. /Agr. 10, 000 Retained Limit III. Loss of Income on City Enterprises a. Liquor Stores 1-1-75 1-1-78 50,000 Per Location b. PublicUtilities 1-1-75 1-1-78 300,000 Buildings and Structures Content:; (Replacement Cost (Actual Cash Value) IV. Insurance on City Property a. Public and Institutional Property, All Risk, $100 Deductible, 90°f Co-Inaurance 1-1-75 1-1-78 (1) Civic Center $2,060,000 $200,000 (2) East Fire Station 235, 000 10, 000 (3) Municipal Service Garage 445, 000 30, 000 (4) Elevated Water Towers 3 locations 1, 800, 000 (5) Park Shelter Buildinga 17 locations 406, 000 (6) Pump Houses 6 locations 189, 000 52, 000 (7) Lift Stations 9 locations 416, 000 Meter Station 25, 000 (9) Old City Hall (CEAP) 80, 000 (10) Storage Buildings 2 locations 49, 000 (11) Park Garage 15, 000 1, 000 (12) Outdoor Lighting Systems 6 locations 89, 000 (13) Liquor Store Fire Station 190,000 91,000 (14) Leased Liquor Stores 2 locations 210,000 (15) Movable Properties 109, 330 Liability Limits b. Boiler and Machinery 1-1-75 1-1-78 1, 000, 000 per Accident c. Automotive Physical Damage 1-1-76 1-1-77 (1) Comprehensive ACV No Deductible (Z) Collision ACV 500 Deductible V. Criminal Acts a. Fidelity and Faithful Performance 200, 000 Per Loss b. Money and Securities (broad form) Various c. Depositor's Forgery 50, 000 *The comprehensive general liability includes the following additional coverages: (a) All employees as additional insureds (b) Personal injury coverage to include false arrest, libel, slander, wrongful entry or eviction or invasion of right of privacy (c) Broad contractual liability (d) Products liability 16 City of Brooklyn Center Schedule XV MISCF:LLANEOUS STATISTICAL FAC`PS December 31, 1976 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 Year Begins January 1 Area of City 8 2 square miles Miles of Streets; City 99 State 12 C ounty 6 Miles of Storm Sewers 37 Number of street lights 879 Building Permits: Number of Permits Issued: 1976 568 1975 645 1974 423 1973 390 1972 708 t 1971 425 1970 404 1969 460 1968 544 1950-1967 inclusive 10, 930 Estimated Cost: 1976 3, 786, 638 1975 5, 972, 910 1974 6, 968, 172 1973 5, 110, 140 1972 19, 907, 041 1971 8, 487, 763 1970 7, 499, 386 1969 10, 441, 322 1968 13, 111, 654 1950-1967 inclusive 121, 592, 358 Fire Protection: Number of Stations 2 Number of Volunteer Firemen 31 Police Protection: Number of Stations 1 Number of Employees 41 Vehicle Patrol Units 10 17 City of Brooklyn Center Schedule XV MISCELLANEOUS STATISTICAL FACTS (Cont'd) December 31, 1976 Parks and Recreation: 288 acres developed for regular use. 200 additional acres of City-owned land designated for parks and playgrounds to be developed. Full-time employees 15 Part-time employees 300 (seasonal) Supervised playgrounds 17 Park shelters 17 Ice skating rinks 17 Hockey rinks 6 Softball diamonds 26 Baseball diamonds 5 Wading pools 2 Tennis courts 10 Basketball courts 6 E ducation: Public Schools: School Districts within Brooklyn Center (4) No. 11 No. 286 No. 281 No. 279 (Anoka (Earle Brown) (Robbinsdale) (Osseo) Total school buildings 34 2 26 17 School buildings within Brooklyn Center 1 2 1 3 Total students registered 32, 637 1, 848 23, 251 14, 450 Students from Brooklyn Center registered 1, 625 1, 848 1, 339 3, 914 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 1976 assessed valuation $322, 594, 941 $34, 279, 751 $404, 960, 156 $185, 637, 950 �=1976 assessed valuation in Brooklyn Center 15, 111, 068 $34, 279, 751 37, 173, 504 35, 957, 759 Parochial schools (1) St. Alphonsus School grades 4-8 Total students registered 356 ��Assessed valuation prior to fiscal disparities and tax increment calculations. 18 City of Brooklyn Center Schedule XV MISCELLANEOUS STATISTICAL FACTS (Continued) December 31, 1976 Municipal VVater Plant: Number of connections 7, 363 Average daily consumption 4, 070, 575 gallons Peak daily consumption 10, ?00, 000 gallons Plant capacity daily 12, 384, 000 gallons Miles of water mains 106 Number of fire hydrants 759 Number of wells 7 Number of elevated reservoirs 3 Storage capacity 3, 000, 000 gallons Water rate per thousand gallons 35� Municipal Sewer Plant; Number of connections 8, 032 Miles of sanitary sewer 97 Daily disposal capacity 7, 416, 000 gallons Number of life stations 9 Residential rate $8. 75 per quarter Municipal Liquor Stores (Off Sale) Number of owned stores 1 Number of leased stores 2 1976 sales $1, 928, 717 City Employees: As of December 31, 1976 Permanent or regular 117 Temporary or part-time 119 Total 236 Elections: General election 1976 23, 504 Number of votes cast in general election 16, 776 Percentage of registered voters voting 71. 4% Registered voters last state election 19, 664 Number of votes cast last state election 10, 851 Percentage of registered voters voting 55. 2°Jo Population: 1940 1, 870 1950 4, 284 1960 24, 356 1965 (special census) 30, 108 1970 35, 173 1975 36, 954 Estimated residential saturation point 49, 000 19