Loading...
HomeMy WebLinkAboutVillage Audit Report-1955 HANLEY, ZIMMERMAN MOEN ACCOUNTANTS AND AUDITORS 24 SO�UTH SIXTH STREET MINNEAPOLIS 2, MINN. ATLANTIC 2394 Apri12, 1956 Mr. Russell Jones, Village Clerk Village of Braoklyn Center Hennepin County, Minnesota. Sir; We ha.ve examined the accounts and records of the Village of Brooklyn Center as of December 31, 1955 and for the year then ended. Qur examinatian was made in accordance with generally accepzed auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, with the exceptions stated below. For the purposes af this report, it was necessary to combine the special assessment funds, 1953 A and 1953 B. The tax settlement receipts during the 1954 relating thereto had not been praperly identified and the infornnation necessary for proper segregation has not been avail.able up to this date. Since a portion of the funds obtained for Civil Defense purposes consists of �voluntary contributions from individua.ls, and it was not feasible to obtain independent confirmation of such receipts, our examination relating to such funds was limited to a review of internal control over the amounts recorded in the accounts. In our opinion, with the exceptions stated above, the over all representations contained in the statements submitted in this report present fairly a summary of the financial transactions of the Village of Brooklyn Genter during the year 1955 and a report of its cash position as of December 31, I955 on a modified cash basis of accounting applied on a basis consistent with that of th.e previous year. As pertaining to the Village Municipal Liquor Store, the accompanying balance sheet and the statement of income and expense present fairly the financial con- dition of the Village of Brooklyn Center Municipal Liquar Store as of December 31, 1955 and the results of its operations for the year then ended, in conformity with generally accepted principles of acco-unting applied on a basis consistent with that of the preceding year. In the course of our exa.mination noth.ing came to our attention wh.ich would indicate that the accounts are not correct as stated and also we found no indications of any violation of public trust. Re spectfully submitted, HANLEY, ZIM RMAIV MOEN ��ti� i�,/,�, Luther Moen Certified Public Accountant RECUMMENDATIONS AND COMMENTS Recommendations Several instances were noted where th:e internal control procedures followed in the recording and transacting of Village business were inadequate and in need of improvement. 1. Cash on hand in the Village offices should be reconciled to a sumrnary of receipts at least weekly. This proceduxe would facilitate the loeation af errors shortly after they occur. 2. The faulty procedure for the handling of unissued licenses, permits and other forms which are issued upon the receipt of payment has not been corrected. We again recomrnend that all such books and forms not in use be inventoried immediately and that provision be made for their storage under lock and key in the custody af a designated responsible indi.vidual not charge:d with the duty of i�suing licenses and permits. New books should be issued by the custodian only upon the presentation of a complete-d or expired boQk properly filled out, with voided receipts, licenses and permits attached. Before filing the completed books away for future reference, the custodian should assure hirnself tha.t they are in order and that the voided items are properly defaced to pr�vent theix re 3. The intexnal control procedure in accounting for issuances of traffic violation tickets should be extended. �'he pre-numbered traffic ti.ckets presently in use are adequate in that they are in bound form and provide for an original and three carbon copies one of which remains attached. However, groper use is not being HANLEY, ZZMMERMAN d�v MOEN Page Two REGOMMENDATIONS AND C�MMENTS 3. Continued made of the copies. pne copy should be transmitted to the finamcial assista.nt y.n order that he may compare thern: with the Justice of Peace reports, to determine that proper di$position is being made of a11 tickets issued. 4. In 1955, the Village maintained seven separate bank accounts to handle the various special assessment funds. The procedure of having separate bank accounts of itself is satisfactory. It creates additional work, however, which can be reduced because the Village now has a full time accountant in .its employ. It is recommended, therefore, that the seven special assessment I bank accounts be consolidated into one special a.ssessment bank accaunt and that the segregation as to special assessment funds be:n�:aintained only on the baoks of the Village. 5. Since 1953, the Director of Civil Defense for the Village has been engaged i.n soliciting volunta:ry contributions fro.m the public in order to augment the civil defense program. The directox has stated that he deposited all such receipts in a checking account titled ���Tillage of Brooklyn Center Civil Defense" and that a11 checks drawn on this account were co-signed by hi.m and his assistant. In the opinion of IVIr. F`raser, your Village Attorney, the legal title to these funds is vested in the Village Gouncil. In accordance with this ruling, th� `Tillage Council therefore must exercise full control over the civil defense grogram rather tha.n nomina.I control HANLEY, ZTMMERMAN dz MO�N Page Three RECOMMENDATTONS AND COA�iMENTS 5. Continued as in the past. Instead of the bank account being under the control of the Director, it must be u.nder the direct control of the Gouncil. In other words, all receipts of the program must be deposited by the Treasurer and all checks drawn on the account must be in payment of duly authorized verified accounts and must be signed by the usua:l individua.ls charged with the responsibility of signin,g checks. It follows, also, that the Village must rnaintain a complete accounting record of the financial txansactions pertaining to the civil defense program i.n piace of the informal records previously maintained by the Director. 6. A discussion of procedures and comments pertaining to the operation of the Village Municipal Lzquor Store will be found under separate cover, "Vil.lage af Brooklyn Genter, Municipal I�iquor Store, Audit Report, F'or The Year Ended December 31, 1955j�, Comrnents Additional funds esta.blished during the year were: 1. 1955 A Special Assessment Fund -$497, 000 bond issue for special constructian, 2. Bond Fund A fund established to account for the issuance of Cextificates af Indebtedness and the expenditure of the proceeds for the purchase of street equipment. Certificates were issued in the amount of $5, 000. 00 face value. HANLEY, ZIMMERMAN MOEN Page Four RECC�MM�NI�ATIONS AND C�C3TvIMENTS 3. Certificates of Indebtedness Fund (9-1 -55 issue} a special revenue fund established to account for the payxnent of principal a:nd �nterest on certificates of indebtedness issued. The Village funds, with the exception of the Municipal Liquor Store Fund, axe presently maintained on a modified cash receipts and disbursements basis. The accounts of the Municipal Liquor Store are maintained an an accrual basis similar to commercial enterprises of the same nature. The Village acticities are rapidly expanding and the system of aceaunting should be gradua.IXy changed to the accrual basis for better accounting and budgetary control in line w2th the rapid exgansion. �j HANLEY, Z.iMMERMAN d� MOEN Village of Brooklyn Center TNDEX OF STATEMENTS SUBTvIITTED December 31, 1955 Exhibit Clne Combined Balance Sheet All Funds December 31, 1955 Exhibit Two General Fund Analysis of Changes In Unexpended Fund Balances Year Ended December 31, 1955 Exhibit Three General Fund Statement of R,evenue and Non-Revenue Receipts Yea�r Ended December 31, 1955 Exhibit Four General Fu.nd Statement of Disbursements and Expenditures Year Ended Decernber 31, 1955 Exhibit Five Working Capital Fund Statement of Receipts, Disbursements, Resources and Obligations Year Ended December 31, 19�5 Exhibit Six Municipal Liquor Store Fund Balance Sheet December 31, 1955 Exhibit Seven Municipal ,I,iquor Store Fund Income and Expense Statement Year Ended December 31, 1955 �xhibit Eight Municipal Liquor 5tore Fund Analysis of Surplus Changes Year 1955 Exhibit Nine Spe cial Revenu.e �'und s Staternent of Receipts, Expenditure and Une�ended Balances Year Ended December 31, 1955 Exhibit Ten Fire Department Relief Association (a trust fund� Statement of Receipts, Expenditures and Une�ended Balance Year 1955 Exhibit Eleven Bond Fund Receipts and Expenditures Year Ended December 31, 1955 HANLEY, ZIMMERMAN dc MOEN Page Two Village of Brooklyn Center IND�� 4F STATEMENTS SUBMITTED December 31, 1955 ��iibit Twelve Special Assessment Funds Construction Cornpleted Balance Sheet December 31, 1955 E�ibit Thirteen Special Assessment Funds Construction Completed Statement of Receipts, Expenditures and Fund Balances Year Ended Decernber 31, 1955 Exhibit Fourteen Special Assessment Funds Construction in Process Balance Sheet December 31, 1955 Exhibit Fifteen Special Assessment Funds Construction in Process Statement of Receipts, Expenditures and Fund Balanees f Year Ended December 31, 1955 e Exhibit Sixteen Sta.tement of General F�ed Assets December 31, 1955 Exhibit Seventeen Statement of Genexal Bonded Debt and Interest December 3I, 1955 HANLEY, ZIMMERMAN dc MOEN Exhibit C3ne Vil.lage of Brooklyn Genter CfJMBINED BALANCE SHEETS�-ALL FUNDS Dec-ember 31, 1955 Special �Voxking Municipal Special Trust Funds Assessment Funds General General General Capital Liquor Revenue Fire Dept. Work Work in Fixed Bonded Total Fund .F'und Funds Funds R.elief Assoc. Gompletad Prace�s Assets Debt ASSETS Cash on hand 9, 751, b6 327. 15 ?70. Q3 29. 20 1, 625. 28 Gash in bank 25Q, 38$. 73 6, 825. 49 66, lb 43, 506. 40 14, 617. 24 5, 598. 75 48, 577. 91 131, 19b. 78 Cash with County Treasurer 1, 215. 52 l, 215. 52 Certificates of deposit 8, 814. 9� 8� 81`.�• 9� Due from other funds 1, 755, 81 8, 50 69. 06 1, 678. 25 R.eceivable from oiling I assessments 1, b12, 09 1, 612. 09 Merchandise inventories 33, 691. 49 33 691 49 Receivables 66. 97 66. 97 Prepaid supplies and expenses 8b9 86 869 86 Buildings and improvements65, 676. 95 65, b76 95 I Machinery and equipment 78, 715. 41 1, 960. 00 76, 755. 41 Furniture and fixtures 8, 392. 60 4, 401. 49 3, 991, 11 To be provided for principal and/or interest in future year 926, 960. 00 297, 000. 00 599, 500. 00 $30, 460. 00 I.,and 1, 195. 85 1, 195. 85 Special assessment pro- jects complete 394, 988. �4 394, 98$. 74 Tota.ls $1, 7$4, 096. 58 $7, 1�1. 14 $1, 678. 25 $92, 266, 24 $15, 861. 96 $14, 413. 65 $345, 646. 9? $734, 000. 31 $542, 608. 06 $30, �60. OQ j LIABILITIES Accounts payable and deposits 7, 180, 55 1 Q. 00 7, 170. 55 Due employees 3b5. 87 76.37 289.50 Accrued taxes and pensions 2, 185. 79 1, 720. 23 465. 56 Due to other funds 1, 755. 81 69. O6 $1, 678. 25 8, 50 Accrued interest expense 779. 15 779. 15 Interest payable future years 3 960 00 3, 960, 00 Bonds payable 967, 000. 00 44, 000. 00 $297, 000. 00 $599, 500. 00 26, 500. 00 Liabilities 983, 227. 17 $1, $75. 66 $1, 678. 25 $52, ?13. 26 $297, 000. 00 $599, 500. 00 $30, 460. OQ FUND BALANCES AND SURPLUS Fund balances ?66, 5�.2,. 2? $5, 285. 48 $lb, 919. 24 $14, 413. 65 48, 646 97 $138, 678. 8? $542, 608. 06 Fund deficit 5, 235. $4) 1, 057. 28) 4, 178. 56) Surplus 29, 091. 06 $29, �91. 06 Surplus-Restricted 10, 461. 92 10, 461. 9Z Fund Balances, Surplus 8A0, 869. 41 $5, 285. 48 $39, 552, 98 $15, 861. 96 $14, 413. 65 $48, 646. 97 $134, 500. 31 $542, 608. 06 Totals $1, 784, 0�36. 58 $7, 161. 14 $1, 678. 25 $9Z, 266. 24 $15, 8b1. 96 $14, 413. 65 $345 646 97 $734, 000. 31 $542, b08. Ob $30, 460. 00 HANLEY, ZII�IMERMAN 8s MOEN E�iibit Two Village of Broo'klyn Center GET�tERAL FUND ANA�...YSLS C�F CHANGES IN UNEXPEND�D FUND BALANGES Year Ended December 31, 1955 Unexpended Fu.nd Balance, January l, 1955 8, 510. 53 Add: Adjustment of prior year's pension accruals 11. 34 Adjustment for transactionsof the civi� defense department not pxeviously recorded on the books of the Village 405. 97 Receipts per Exhibit Three 116., 220. 69 116, 638. 00 Total Balance and Additions $125, 148. 53 Deduct; Adjustment for payment of 195I withholding tax errors 117. 69 Disbursements per Exhibit F-our 119, 745. 36 119, 863. 05 Unexpended Fund 13alance Decembex 31, 1955 5, 285. 48 Ht1NLEY, ZTMMERMAN d� MOEN E�iibit Thr e e Village of Brooklyn Center G�NERAL FUND STATEMENT OF R.EVENUE AND NCJN RECEIPTS Year �nded Decernber 31, 1955 Taxes General property real and personal 61, 293. 62 Share of state liquor taxes 4, 455. 36 Share of state cigarette taxes 4, 026. 96 Total Receipts Taxes 69, ?75. 94 Licenses and Permits Building permits $11, 155.20 Plumbing permits 6, 385. 54 Sewage permits 6, 155. 00 Well permits 3, 7Z0. 00 Heating permits 3, 155. 00 Plumbing licenses 980. 00 Dog �icenses 571. 00 V1�e11 drillers licenses 520. 00 Heatzng licenses 500. 00 Cesspool installers licenses 340. 00 Gesspool cleaning permits 288. 00 Cigarette Licenses 286. 00 Dump licenses 125. 00 Off sale malt licenses 40. 00 C,arbage collectors 2Q. 00 Service station licenses 17. 00 Tota.l Receipts Licenses and Permits 34, 257. 70 Fine s Justice of Peace fines 1 963 55 Service Charges and Other Receipts Street work, etc. 946. 37 Assessm:ent searches 451. 00 Condemnation proceedings 171. 21 Miscellaneous (Filing fees, etc. 9. 83 Total R.eceipts Service 1, 578. 41 Non-Revenue Receipts Civil defense expenditures refunds (inspection fees and government refunds for equipment expenditures� 628.01 Adjustment on village road equipment repairs 500. 00 Insurance premium adjustments 363. 78 Sale of dirt 151. 50 Sale of street signs discarded 105. 00 Refunds received on office supplies purchases 37.50 Sale of maps 29• 75 Miscellaneous 21. 82 Total R.eceipts Non-Revenue 1, 837. 36 HANLEY, ZIMMERMAN 8c MOEN Exhibit Three Page Two Village of Brooklyn Center GENERAL FUND STATEMENT OF REVENUE AND NON-R�VENUE RECEIPTS Year Ended December 31, 1955 Fermanent Transfers and Contribufiions From Munici.pal Liquor Store Fund transfer 5, 307. 73 Pub�,ic contributians Civil Defense equipment purposes l, 5Q0. 00 Total Receipts Transfers and Contributions 6, 807. 73 Total Rev'enue and Non-Revenue Receipts Genera� Fund $l lb, 220. 69 �r HANLEY, ZIMMEI2MAN da MOEN Exhibit Four Page One Village of Brooklyn Center GENER.AL FUND STATEMENT OF DISBURSEMENTS AND �XPENDITUR.ES Year Ended December 31, 1955 General Government Mayor and Gouncil Salaries paid 1, 860. 00 Professional fees Financial Administrative Assista.nt 1, 710, 00 Dues and subscriptions 157. 00 Insurance (Includes workmen� s compensation insurance� 424. 20 Supplies 4, 41 4, 155. 61 Electians Election judges and clerks 241. 50 Supplie s 59. 65 Capital outlays election booths and boxes 475. 40 ?76. 55 Treasurer and Assessor Sa,laries and wages 4, 930. 30 Supplies 128. 30 Insurance 30. 00 5, 088. 60 Legal Services Fees and expense.s 3, 264. 75 Village Clerk Offices Salaries and wages 10, 018. 8.0 Professional services 25.00 Mileage and travel 249. 24 Telephone and telegraph 757. 69 Advertising and publishing 1, 377. 70 Repair s 17. 45 Printing, binding, stationery and office supplies l 679 34 Insurance 155. 05 Gapital outlays equipment 365. 8S 14, 646. 15 Justice af Peace Supplies 35, 43 Qrdinance enforcement 19. 0.0 Insurance 20. 00 74. 43 Audit Fees Auditor's fees and expenses 850, 00 City Hall Salaries and wages 1, 835. 00 Equipment rental 30, 00 Utiliti e s 7 6 2. 46 Suppli e s 49 7. 9 6 Fue1 746, 68 Insurance 545.46 Gapital outlays equipment 253. 4$ 4, 671. 04 Total General Government 33, 527. 13 HANLEY, ZIMMERMAN 8c MOEN Exhibit Four Page Two Village of Brooklyn Center GENERAL FUND STATEMENT OF DISBURSEMENTS AND EXPENDITURES Year Ended T3ecember 31, 1955 Public Safety and Protection Po2ice Protection Salaries and wages 6, 709. 06 Professional services 15. 00 Repairs 148. 51 Equipment operation and rental 878. 46 Supplie s 29. O1 Insuxance 2? 1. 34 Capital outlays equipment 1, 773. 33 9, 8Z4. 71 Fire Protection Salaries and wages paid 1, 692. 00 Mileage and travel 662. 23 Telephone 314. 03 Repairs 181. 34 Equipment operation and rental 251. 64 Supplie s 349. 72 Insurance 780. 48 Capital outlays equipment 1, 127. 31 5, 358. 75 Civil Defense Mileage and travel 250. 00 Telephone and telegraph 171. 00 Utiliti e� 3 0. 40 Suppli e s 7. 3 6 Training exgense 24. 58 Capital outlay equipment 2, 453. 17 2, 936. 51 Hea�,th and R.ecreational Programs Rural nursing services 1, 585. 08 Salaries parks and recreation 1, 602. 64 Supplies recreational 269. 37 Construction supplies and materials (ska.ting ponds� 538. 61 Insurance I7. 20 Capital outlays Buildings 2, 216. 76 Equipment 100. 00 2, 316. 76 fi, 329. 66 Inspectians and Pest Control Salaries, wages and fees plumbing inspectors 2, 950. 00 Heating inspectors 1, 492. 50 Dog catchers 833.46 Building inspsctor s 3, 397. 13 Weed inspectors 50. 00 8, 723. 09 Mileage and travel 144. 12 Supplies 51. 50 8, 918. 71 Total Public Safety and Protection 33, 368. 34 HANLEY, ZIMMERMAN da MOEN Exhibit Four Page Three Village of Brooklyn Center GENERAL FUND STATEMENT OF DISBURSEMENTS AND EXPENDITURES Year Ended Decembex 31, 1955 Engineering, Cvnstruction and Maintenance Engineering Salaries and wages 5, 302. 65 Mileage and travel 117. 84 Equipment rental and operations 54. 52 Suppli e s 29 6. 9 4 Insurance 68. 54 Capital outlays equiprnent 982. 20 6, 822. 69 Street, Sidewalk and Sewer Maintenance Salarie s and wage s 18, 403. 45 Mileage and travel 563. 61 Equipment use rental 5, 519. 50 Telephone and telegraph 136. 22 Supplie s 73 9. 08 Repairs 915. 50 Equipment operation 1, 424. 10 Fuel 524. 63 Materials construction and repair 2, 230. 42 Insurance Z, 425. 79 Construction charges to be assessed in the future 3, 958. 78 Capital outlays Buildings 690.35 Equipment 8, 495. 77 9, 186, 12 46, 027, 20 Total Engineering, Construction and Maintenance 52, $49. 89 Total Disbursements and Expenditures General Fund $119, 745. 36 HANLEY, ZIMMERMAN dc MOEN Exhibit Five Vi1].age of Brooklyn Center W ORI�ING �APITAL FUND STATEMENT 4F REC�IPT'S, DISBUR:SEMENTS, RESOURCES AND OBLIGATIflNS Year Ended December 31, 1955 It.e ceipts Fram collection of oiling assessm.ents receivable 6, 499. 79 From General Fund repayrnent of loan 137. 30 6, 637. 09 Disbursements Repayment of loa.n due 1953 B Fund 6, 800. 00 Repayment of loan due 1954 C Fund 728. 72 7, 528. 72 Excess of Disbursements Over Receipts 891. 63} Add; Cash on hand January 1, 1955 957. ?9 Balance of Cash in Bank, December 31, 1955 (see below) 66. 16 RESOURCES AND OBLIGATIONS Resources Cash in bank bb, 16 Qiling assessments receivable 1, 612. 09 Total Resources 1, 678. 25 Obli gation s Due 1953 B Fund 8, 478, 25 Repayments during 1955 b, $OD. 00 Balance Qwin•g 1953 B Fu.nd (A Special Asaessment Fund� 1,b78. 25 Total Qbligations 1, 678. 25 HANLEY, ZIMMERMAN dt MOEN Exhibit Six Village of Brooklyn Center MUNICIP�iL LIQUOR STORE FUND BALANCE 5HEET December 31, 1955 ASS�TS Current Assets Cash on hand and in bank $47, 491. 17 Merchandise inventories 33 691 49 Receivable returned checks (See Note 1, Exh. 7} 66, 97 Prepaid supplies and e�cpenses 869.86 Tota.l Current Assets $82, 119. 49 Fixed As s ets Furniture, fixtures and equipment 9, 040. 40 Less; Provision for depreciation 2� 67g, 91 Book Value of Fixed Assets 6, 361. 49 Restricted Assets Cash in bank-ret3�rement of revenue certificate and interest 3, 693. 34 Cash in bank Buildi.ng Improvement Fund 91. 92 3, 785. 26 Total Assets $92, 266. 24 LIABILITIES Current Liabilities Accounts payable 7 170. 55 Due ta Village General Fund 8. 50 Withheld income tax and pension fund contributions 465. 56 Accrued salaries and wages 289, 50 Current liabilities arising from issuance of revenue certificates; Certificates payable, due within one year (see belowj 6, 000. 00 Accrued interest on bonds to December 31, 1955 779. 15 6, 779. 15 Total Current Liabilities $14, 713. 26 Long 'Term Liabilities Revenue Certificates Payable Iasue date Augu�t 1, 1953 Intere�t rates at 5. 75�Jo per annum from August 1, 1953 through August 1, 1955 and then 4. 25°jo per annum until maturity. Gertificates mature serially, $6, 000, 00 per year, 1955 through 1960 and $7, 000. 00 each year in 1961 and 1962. All unmatured bonds at August 1, 1958 are subject to redemption prior to maturity at a p r emium of 3%. Certificates payable Decembex 31, 1955 $44, 000. 00 Less portion due within one year (see above) 6, 000. 00 38, 000. 00 Tota.l Liabilities $52, 713, 26 Surplus Restricted per terms of resolution directing issuance ofRevenue Certificates $10, 461. 92 Unre stricted surplus 29, 091. 06 Total Surplus 39, 552, 98 Total Liabilities and Surplus $92 266, 24 HANLEY, ZIMMERMAN 8z MOEN E�iibit Seven Village of Brooklyn Genter MUNICIPAL LIQUOR STOR� FUND INCOME AND EXPEN5E STATEMENT Year Ended December 31, 1955 Per Cent Amount to Sales Sales $224, 420. 10 100. 00°Ja Less; Cost of goods sold Inventory, 3anuaxy 1, 1955 32, 378, 53 Purcha.ses 183, 256. 39 Available for sale $215, 634. 92 Less; Inventory, 12-3I -55 33, 691. 49 Gost of Goods 6old 181, 943. 43 81. �7 Gross Profit 42, 476. 67 18. 93%a Operating Expenses Salaries 14, 395. 46 Accounting fees 1, 140. 00 Depreciation 869. 57 Utilitie s 7 39 02 Operating supplies 674. 82 Insurance 241. 20 Telephone 232. 54 Proteetion services 102, 00 Mileage and travel 90. 84 Laundry 76. 65 Cash short 59. 64 Bad checks (Note 1} 51. 5? Taxes and licenses 51. 00 Repairs and ma3ntenance 49. 02 Unclassified 20, 00 18, 793, 33 8, 37 Operating Income 23, b83. 34 10. 56°Jo Other Income Discounts earned and check cashing fees collected 6, 982. 68 3. 11 Net Profit on Operations 30, 66b 02 13, 67% Less: Revenue certificate chaxges: Interest expense on certificates 2, 473. 75 Net Inconze for Year 1955 28, 192. 27 Less; Transfer to Village General Fund 5, 307. 73 Balance of Net Income Transferred to Surplus �E�i. 8} 22, 884. 54 Note 1. In the opinion of the Attorney General for the State af Minnesota, under date of September 20, 1952, villages �r operating rnunicipal liquor stores are not authorized to extend credit or accept checks for liquor purposes. HANLEY, ZIMMERMAN dc MOEN Exhibit Eight Village of Brooklyn Center MUNICIPAL LIQUOR STOR,� FUND ANALYSIS OF SURPLUS CHANC�S Year 1955 Surplus, December 31, 19�4 $I5, 590, 09 Add: Income transferred to surplus year 7.955 �{See �xhibit Seven) 22, 884. 54 Adjustrnent: Correction of prior year errors as per audit 1, 078. 35 Tota.l Surplus December 31 1955 $39, 552. 98 HANLEY, ZIMMERMAN MOEN Exhibit Nine V'illa of Brooklyn Center SPECIAL. REV�NUE FUNDS STATEMENT OF REGEIPTS, EXPENDITUR.E� ANI? UNEXPENDED $ALANCES Year Ended December31,1955 Certificates Certifi.cates Sewer State of o£ Opexating Park Loan Indebtedness Indebtedness Poor Total Fund Fund Fund Prior Year Issue (9-1-55 issue) Fund Unexpended Balances, Janua.ry 1, 1955 5, 595. 67 $4, 446. 98 $1, 248. 75 $(2, 383. 31� $2, 283. 25 Add: Receipts General property tax, special levy 16, 057. 88 3, 402. 98 1, 761. 77 3, 572. 28 7, 320. 85 Relief grants and public 325. 12 325. 12 Bond proceeds in excess of equipment j cost 225.00 225.00 Custorner billing 6, 545. 65 $6, 545. 65 Tota1 Beginning Balance and Receipts $28, 749. 32 $6, 545. 65 $7� 849� 96 $3 010. 52 $l, 188. 97 225. QQ $9 929 22 Deduct; Expenditures Debt retirement 3, 300. 00 $1, 300, 00 $2, 000. 00 Interest and service charges 741. 25 495.00 246.25 Relief ordexs 4, 624. 41 $4, 624. 41 Rental and ageration costs 4, 221. 70 $4, 2�1. 70 LX Tota.l Expenditures $12, 887. 36 $4, 221. 70 $1, 795. 00 $2, 246. 25 $4, 624, 41 Unexpended Balances December 31, 1955 $16, 919. 24 $2, 323. 95 �7, 849. 96 $1, 215. 52 225. 00 $5, 304. 81 Deficit Decernber 31, 1955 1, 057. 28 $1, 057, 28 HANLEY, ZIMMERMAN 8c MOEN Exhibit T en Village of B r ooklyn C ente r FIRE DEPARTMENT RELIEF ASS�CIATION (A TRUST FUND) STAT`EM�NT OF RECEIPTS, EXPENDITURES AND UNEXPENDED BALANCES Year, 1955 Unexpended Balance, January 1, 1955 981• 91 Add; Receipts for the year General taxes special levy 4, 127. 62 Insurance premium tax 1, 073. 95 Interest income 230. 1? 5, 431. 74 Unexpended Balance, December 3I, 1955 $14, 413. 65 Unexpended Balance is Represented by; Cash in bank (eavings accountj 5, 598. 75 Certificates of deposit 8, 814. 90 Total $14, 413. 65 J HANLEY, ZIMMERMAN dc MOEN Exhibit Eleven Village of Brooklyn Genter BOND FUND RECELPTS AND EXP�NDiTURES Year Ended December 31, 1955 Receipts Proceeds from issuance of general indebtedness certificates in the face amount of $5, Q00. 00, dated September 1, 1955. Interest at 3% per annum, certificates to mature serially, $2, 000. 00 January 1, 1957, $2, 000. 00 January 1, 1958 and $1, 000. OQ Janua.ry 1, 1959 5, 000. 00 Purpose af issua.r�ce to purchase street equipment Expenditur e s Purchase of 9 wheel Tampco Roller 4, 550. 00 Bond printing and fees perta.ining to issuance of certificates 225. 00 Transfer of balance to Certificate of Indebtedness Fund (9-1-55 issue� (see Exhibit Nine�, a special revenue fund cha.rged with the obligation of principal and interest payments on certificates issued 225. 00 5, 000. 00 HANLEY, ZIMMERMAN 8c MOEN Exhibit Twelve Village of Brooklyn Center SPECIAL ASSESSMENT FUNDS-CONSTRUCTION COMPLETED BALANCE SHEET December 31, 1955 Storm Sewer Sanitary Sewer Number Qne Number pne Total ASSETS Cash on hand for retirement of principal and interest payments 38, 575. 10 10, 002. 81 48, 577. 91 Due from General Fund 69. 06 69 O6 To be provided for principal payments in future years 256, 000. 00 41, 000. 00 297, 000. 00 Tota.l Assets $294, 575. 10 51, 071. 87 �345, 646. 9? LIABTLITIE3 AND FUND BALANCES Bonds payable $256, 000, 00 41, 000, 00 $297, 000. 00 Unexpended balance principal and interest 3$, 575. 10 10, 071. 87 48 646 97 Tota.l Liabilities and Fund Balances $294, 575. 10 51, 071. 87 $345 646 97 HANLEY, ZIMMERMAN 8c MOEN Exhibit Thirteen Village of $rooklyn Center SPECIAL ASSESSMEIVT FUNDS-CONSTRUCTION COMPLETED STATEMENT OF RECEIPTS, EXPENDITIJRES AND FUND BALANCES Year Ended December 31, 1955 Storm Sewer Sanitary Sewer Number Qne Numb�er One Total Receipts Assessment payments received during the year 1955 $35, 494. 56 4, 393, lg $39, 887. 75 Adjustment prior years expenditures 69 06 69 06 Total Receipts $35, 494. 56 4, 462, 25 $39, 956. 81 Expenditure s Payment of principal $16, 000. 00 3, 000. 00 $19, 000. 00 Interest and service cha.rges paid 9, 563. 80 1, 373. 75 10, 937. 55 Tota.l Expenditures $25, 563. 80 4, 373. 75 $29, 937. 55 �xcess of Receipts pver Expend- itures 9, 930. 76 88, 50 $10, 019. 26 Add; Unexpended balance beginning of year 1955 28, 644, 34 9, 983. 37 38, 627. ?1 Unexp Balance December 31, 1955 (See Exhibit Twelve) $38, 575. 10 $10, 071. 87 $48 646 9� HANLEY, ZIMM�RMAN da MOEN Exhibit Fourteen Village of Brooklyn Center SPECIA,L ASSESSMEN'T FUNDS-CQNSTRUCTION IN PROCES5 �ALANCE SHEET i December 31, 1955 1953 A and 1953 B Fund I954 1954 1955 Note 1 A Fund C Fund A Fund Total ASSETS I Cash on hand construction purposes 295. 80 176. 58 7, 583, 77 $88, 125. 20 96, 181. 35 Cash on hand principal and interest 7, 044. 20 15, 8b7, 42 4, 178. 56) 17, q07. 65 36, 640, 71 Due from working capital fund 1, 678. 25 1, 678. 25 To be provi.ded for principal in future periods 59, 000. 00 33, 000. 00 10, 500. 00 497, 000. 00 599, 500, 00 Total Assets $6$, 018. 25 $49, 044. 00 $13, 905.21 603, 032, 85 $734, 000. 31 T.TA BILITIES AND FUND B�iLANGES Bonds payable $59, 000. 00 $33, 000. 00 $10, 50Q. 00 497, 000, 00 $599, 5d0, 00 Unexpended balance construction 1, 974. 05 176. 58 7, 583. 77 88, 1Z5. 20 97, 859, 60 Unexpended balance principal and interest 7, 044. 20 15, 8b7. 42 17, 907. 6� 40, 819. 27 Defieit 4, 17$. 56) 4, 178. 56) Tota1 Liabilities and Fund Balances $68, 018, 25 $49, 044, 00 $13, 905. 21 603, 032. 85 $734, 000. 3I Note 1. 1953 A and 1953 B Funds for sta.tement purposes have been combined because of incorrect allocations of receipts and expenditures as between the two funds during the year 19�4. The incorrect allocations arose from the fact that colle.ctzons of assessments and intexest were not properly allocated to the correct fund on the records of the tax collecting authorities. When the correct inforrnatian is received a correct segregation of the two funds will be made. HANLEY, ZIMMERMAN MOEN Exhib it F' f� Village of Brooklyn Center SPECI'AL A5SE5SMEIVZ' FUNDS-CONSTRUCTION TN .PROCESS i, STATEMENT 4F RECEZPTS, EXPENDITURES ANI� FUN3� BALANCES Year Ended December 31, 1955 1953Aand 1953 B Fund (Note 1- E�.. 14� 1954 A Fund 1954 C. Fund 1955 A Fund Total Receipts Proceeds of bond sales 498, 301. 20 498, 301. 20 Assessment pa.yments received during year 1955 19, 672. 15 $16, 888.-18 7, 278. 45 16 606 45 60, 445. 23 Total Receipts 19, 672, 15 $16, 888�18 7, 278. 45 514, 907. 65 558, 746. 43 Expenditure s For construetian $-9, 42$, 85 1, 682..86 111. 43 408, 874. $0 $,��428, 097. 94 Payment of principal 13, 000, 00 4, 000.:00 12, 000. 00 29, 000. QO Interest and service charges 2, 974. 65 I, 673. 78 ?93. 80 5, 442. 23 Total Expenditures 25, 403. 50 7, 356. 64 $20, 905. 23 408, $?4. $0 462, 540. 17 Excess Receipts Over Expenditures 9, 531::54 106, 032. 85 115, 564. 39 Excess Expenditures Qver Receipts 5, 731, 35 $13, 626. 78 19, 358. 13 i Une�ended Balance Beginning of Year 14, 749. 6.0 6, 512,.4b 17, 031. 99 38, 294. 05 Unexpended Balance, December 31, 1955 9, 018, 25 $16, 044..00 3, 405, 21 106, 032. 85 134, 500, 31 Unexpended Balance at December 31, 1955 is Segregated as Follows; Unexpended balance constructian 1, 974. 05 176. 5S 7, 583. 77 88, 125, 20 97, 859. 60 Unexpended balance principal and interest 7, 044. 20 15, 867. 42 4, 178, 56} 17, 907. 65 36, 640, 71 9, OI8. 25 $I6, 044. �0 3, 405. 21 106, 032. 85 134, 500. 31 HANI.It�Y, ZI1I�IERIVIAN Bc MOEN' Exhibit Sixteen Village of Brooklyn Genter STATEMENT OF GENERAL FIX�D .ASSETS December 31, 1955 Balanc e Balanc e January I, December 31, 1955 Additions Deductions 1955 Tnvestment Land 1, 195. 85 1, 195. 85 Buil ding s Municipal hall 60, 738. 70 158. 00 60, 896 70 Tool shed 2, 031. 14 690. 35 2, 721. 49 Fire protection equipment 13, 443. 80 l, 127. 31 14, 571. 11 Office equipment 2, 861. 05 l, I30. 06 3, 991 11 Street maintenance equipment 40, 810. 15 14, 776. 67 2 869 00 52, 717. 82 Police equipment 2, 144. 45 2, 223. 33 2, 144. 45 2, 223. 33 Civil defense equipment 1, 868. 23 5, 203. 42 7, 071. b5 Street oiling project-1953 24 996 O1 24 996 01 Storm sewer #1 pxoject completed 323, 328. 30 323, 328, 30 Sanitary s ewer 1 proj ect completed 46 664 43 46 664 43 Recreational equipment 13. 50 2, 216. 76 2, 230. 26 $520, 095. 61 $27, 525. 90 5, 013. 45 $542, 608. 06 Source of Investment General bonds and certificates State loan fund 24, 526. 46 24, 526. 46 Certificates of indebtedness 18, 175. 00 4, 550. 00 22, 725. 00 Liquor store revenue certi,ficates 44, 240. 93 44, 240. 93 General revenues 38, 1b4. 48 18, 544. 46 5, 013.45 51, 695. 49 Public contributions 4, 431. 44 4, 431. 44 Property owners share of assessment improvement costs 370, 664, 43 370, 6b4. 43 Municipality share of assessment improvement costs (from general revenues} 24, 324. 31 24, 324. 31 $520, 095. 61 $27, 525. 90 5, 013. 45 $542, 608. 06 HANLEY. ZIMMERMAN dc MOEN Exhibit Seventeen Village of Brooklyn Center STATEMENT OF GENERAL BONDED DEBT AND INTEREST December 31, 1955 Amount Available and to be Provided for the Payment of General Bonds and Interest; Bond Principal and Interest Amount available in special revenue funds; a. State loan fund 3, 010. 52 b, Certificates of indebtedness fund (9-1-55 issue� 225.00 c. Certificates af indebtedness fund (prior year issue) deficit 1, 057. 28} Net Amount Available 2, 178. 24 Amount to k�e provided in Future Periods For principal $24 321. 76 For interest 3, 960. 00 Amount to be Provided 28, 281, 76 Total Amount L�vailable and to be Provided $30, 460. 00 General Bonds and Interest to be Paid in Future Periods General Indebtedness State of Minnesota loan �18, 500. 00 Certificate of indebtedness 8, 000. 00 Total Genexal Indebtedness $26, 500. 00 Interest Payable in Future Years 3, 960. 00 Total General Bonds and Intereat Payable in Future Periods $30, 460. 00 r 1 HANLEY, ZIMMERMAN dc MOEN i