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CAFR-2000
COMPREHENSIVE FM3k FINANCIAL REPORT of the CITY OF BROOKLYN CENTER, MINNESOTA For The Year Ended December 31, 2000 Michael J. McCauley, City Manager Prepared by THE DEPARTMENT OF FINANCE (Member of Government Finance Officers Association of the United States and Canada) City of Brooklyn Center, Minnesota COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2000 TABLE OF CONTENTS 1. INTRODUCTORY SECTION Title Page Table of Contents City Officials Organization Chart City Manager's Letter Letter of Transmittal Certificate of Achievement 11. FINANCIAL SECTION Independent Auditors' Report A. General Purpose Financial Statements (Combined Statements Overview): Combined Balance Sheet Al Fund Types and Account Groups Combined Statement of Revenues, Expenditures and changes in Fund Balances --All Governmental Fund Types Combined Statement of Revenues, Expenditures and Changes in Fund Balances Budget And Actual General and Special Revenue Funds Combined Statement of Revenues, Expenses and Changes in Retained Earnings Proprietary Fund Types Combined Statement of Cash F oars Proprietary Fund Types Notes to Financial Statements Exhibit Page Number Number i ii vii 1 2 3 4 -15 16 17 W 1 19-20 2 21 3 22 4 23 5 24 25 -50 City of Brooklyn Center, Minnesota COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2000 TABLE OF CONTENTS B. Combining, Individual Fund and Account Group Financial Statements and Schedules: General Fund: Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Schedule of Revenues other Financing Sources Budget and Actual Schedule of Expenditures Other Financing Uses Budget and Actual Special Revenue Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Housing and Redevelopment Authority Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Economic Development Authority Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual E. Brown Tax Increment Financing district Fund Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Tax Increment District No. 3 Fund Statement/ Schedule Page Number Number A-1 52 A -2 53 S -1 54-55 S -2 56-60 B-1 62-63 B -2 64-65 B -3 55 B-4 57 0 City of Brooklyn Center, Minnesota COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2900 TABLE OF CONTENTS Statement/ Schedule Page Number Number Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Tax Increment District No. 4 Fund B -7 70 'Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Police Drug Forfeiture Fund B--8 71 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Community Development Block Grant Fund B -9 72 Statement of Revenues, Expenditures and Changes in Fund Balance Budget and Actual City Initiatives Grant Fund B--1 o 73 Debt Service Funds: Combining Balance Sheet C -'I 75 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C -2 70 Capital Projects Funds: Combining Balance Sheet D -1 78 Combining Statement of Revenues, Expenditures and Changes in Fund Balances D -2 79 Project Length Schedule of Construction Projects Capital Improvements Fund S-3 80 Project Length Schedule of Construction Projects Municipal State Aid for Construction Fund S -4 81 Project Length Schedule of Construction Projects Special Assessment Construction Fund S -5 82 Enterprise Funds: Combining Balance Sheet E -1 84-85 iv City of Brooklyn Center, Minnesota COMPREHENSIVE ANNUAL FINANC AL REPORT Year Ended December 31, 2009 TABLE OF CONTENTS Statement/ Schedule Page Number Number Combining Statement of Revenues, Expenses and Changes in Retained Earnings E -2 86-87 Combining Statement of Cash Flows E -3 88-89 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings Municipal Liquor Fund E -4 99 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings Golf Course Fund E -5 91 Comparative Statement of Revenues, Expenses and changes in Retained Earnings Earle Brown Heritage center Fund E -8 92 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings Recycling and Refuse Fund E -7 93 Comparative Statement of Revenues, Expenses and changes in Retained Earnings Water Utility Fund E -8 94 Comparative Statement of Revenues, Expenses and Changes in Retained Earnings Sanitary Sewer Fund E -9 95 Comparative Statement of Revenues, Expenses and changes in Retained Earnings Storm Drainage Fund E -10 95 Internal Service Funds: Combining Balance Sheet F -1 98 Combining Statement of Revenues, Expenses and Changes in Retained Earnings F-Z 99 u City of Brooklyn Center, Minnesota COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2000 TABLE OF CONTENTS vi Statement/ Schedule Page Number Number Combining Statement of Cash Flows F-3 100 Genera Fixed Asset Account Group: Schedule of Changes in General Fixed Assets by Source S -6 102 Schedu a of General Fixed Assets by Function and Activity S-7 103 Schedule of changes in General Fixed Assets by Function and Activity S -8 104 General Long -Term Debt Account Group: Comparative Statement of General Long -Term Debt G 106 Summary of Debt Service Requirements to Maturity H 107 111, STATISTICAL SECTION, Table Page Number Number General Governmental Expenditures by Function 1 109 General Governmental Revenues and other Financing Sources by Source 2 110 Tax Levies and Tax collections 3 111 Assessed Va ue and Estimated Market Value of All Taxable Property 4 112 Direct and overlapping Tax Rates and Tax Levies 5 113 Special Assessment Billings and collections 6 114 Ratio of Net Bonded debt to Assessed Value and Net Bonded Debt Per Capita 7 115 vi City of Brooklyn center, Minnesota COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended December 31, 2000 TABLE OF CONTENTS vii Table Page Number Number Computation of Legal Debt Margin 8 116 Computation of Direct and Overlapping Debt 9 117 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures 10 118 Schedule of Revenue Bond Coverage 11 119 Property Value and construction 12 120 Principal Taxpayers 13 121 Schedule of Insurance Coverage 14 122-123 Demographic Statistics 15 124 Miscellaneous Statistical Facts 16 125-126 vii City of Brooklyn Center CITY OFFICIALS For the Year Ended December 31, 2000 ELECTED OFFICIALS Mayor Myrna Kragness Councilmember Debra Hilstrom Councilmember Ed Nelson Councilmember Kay Lasman Councilmember Robert Peppe Term of Office Term Expires Four Years 12/31/2002 Four Years 12/31/2002 Four Years 12/31/2002 Four Years 12/31/2000 Four Years 12/3112000 APPOINTED OFFICIALS City Manager Asst. City Manager /H.R. Director City clerk City Treasurer City Attorney City Prosecutor Department Heads: Community Activities, Recreation Services Community Development Financial Services Fire /Emergency Preparedness Police Pub is Works Assessing City Engineer Civil Defense Coordinator Fire Marshall Health Officer Liquor Stores Public forks Superintendent Michael J. McCauley Jane Chambers Sharon Knutson Charles Hansen Kennedy Graven Carson Clelland James Glasoe Brad Hoffman Charles Hansen Ronald Boman Joel Downer Diane Spector Nancy Wojcik Todd Howard Ronald Boman Ronald Boman Duane Orn, M.D. Gerald Olson Dave Peterson O IFA ,N N 0) i N O (D O U� N O O m O U 0 0 co w U Z. W r i i i i v c.0 H L L.. Za m mo U w cm W 2 G N E E a0 F o❑ Q �WN r r r r in a, =0z -jLuZU 0 0 co w U Z. W r i i i i v c.0 H L L.. Za m mo U w cm W 2 CD,C- Q Q �WN r r r r W U LU W W W H N rn tn a H z E m QQ the Z CL a. [j a Q E Emo `a �W 0 00043 U L] U U C] U] W L.} w E d c 'c co U C 07 U ¢a=id w E E c cn o C a. W 0�7,Q rn�c U mE0 =u EEao- }caarn p� n. U U c a C Z W rn a C N w a a m L IL Co w a ,2 E W [1] 0] CM L Na U cum a n cu m mWag E e o� a Wcgr�au�U ar ca v ca 0 a N 'E w `3] 0 0 L� C L 0 C L ca ca r 0 cu E v 0 cu .0 0 C 0 cu N cu L 0 •i--r 0 Z W L.} w E d c 'c co U C 07 U ¢a=id w E E c cn o C a. W 0�7,Q rn�c U mE0 =u EEao- }caarn p� n. U U c a C Z W rn a C N w a a m L IL Co w a ,2 E W [1] 0] CM L Na U cum a n cu m mWag E e o� a Wcgr�au�U ar ca v ca 0 a N 'E w `3] 0 0 L� C L 0 C L ca ca r 0 cu E v 0 cu .0 0 C 0 cu N cu L 0 •i--r 0 Z C Z W rn a C N w a a m L IL Co w a ,2 E W [1] 0] CM L Na U cum a n cu m mWag E e o� a Wcgr�au�U ar ca v ca 0 a N 'E w `3] 0 0 L� C L 0 C L ca ca r 0 cu E v 0 cu .0 0 C 0 cu N cu L 0 •i--r 0 Z 3 City of Brooklyn Center AMillennium Community May 4, 2001 HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL CITY OF BROOKLYN CENTER I hereby transmit the Comprehensive Annual Financial Report of the City of Brooklyn Center for the fiscal year ended December 31, 2000. Minnesota Statutes and City Charter, Section 7.1 2, require that the financial statements of the City of Brooklyn center be audited by the State Auditor or a certified public accountant selected by the City council. This requirement has been complied with by the engagement of the firm of Deloitte Touche LLP and their report is included in the financial section of this report. This report has been prepared following the guidelines recommended by the Government Finance officers Association of the United States and Canada. The Government Finance Officers Association awards Certificates of Achievement for Bxce fence in Financial Reporting to those governments whose Comprehensive Annual Financial Reports are judged to conform substantially with high standards of public financial reporting, including generally accepted accounting principles promulgated by the Governmental Accounting Standards Board. our financial reports for the past fourteen years have received this award. It is my belief that the accompanying report meets program standards, and it will be submitted to the Government Finance Officers Association for review. 2 M City Manager 6301 Shingle Creek .Parkway Brooklyn Center, MN 55430-2199 City Hall TDD Number (763) 569 -3300 FAX (763) 569 -3494 Recreation and Community Center Phone TDD Number (763) 569 -3400 FAX (763) 569 -3434 3 17 City of Brooklyn Center AMillennium Community May 4, 2001 Mr. Michael J. McCauley City Manager City of Brooklyn Center Dear Mr. McCauley: The comprehensive annua financial report of the City of Brooklyn Center (the City) for the fiscal year ended December 31, 2000 is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data are accurate in all material respects and are reported in a manner designed to present fairly the financial position, results of operations, and cash flogs of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding of the government's financial activities have been included. The comprehensive annual financial report is presented in three sections: introductory, financial, and statistical. Included in the introductory section is this transmittal letter, the government's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements and the combining and individual fund and account group financial statements and schedules, as well as the independent auditors' report on the general purpose financial statements. The statistical section includes selected financial and demographic information, generally presented on a multi year basis. The City is required to comply with' the provisions of the Single Audit Act Amendments of 1996 and the U.S. Office of Management and Budget Circular A-1 33, "Audits of States, Loca Governments, and Non Profit Organizations." This requires a sing a audit when expenditures of federal grants exceed $300,000 in one year. Expenditures of federal grants were less than $300,000 during the year ended December 31, 2000; therefore, no single audit was required for the year ended December 31, 2000. REPORTING ENTITY The financial reporting entity includes a funds and account groups of the primary government (i.e., the City of Brooklyn Center as legally defined), as well as all of its component units. Component units are legally separate entities for which the primary government is financially accountable. e s 6301 'S'hingle Creek Parkway .recreation and Community Center Phone TDD Number Brooklyn Venter, MN 55430- -2199 (763) 569 -3400 City Mall TDD Number (763) 569-3300 FAX (763) 5693434 FAX (763) 569 -3494 ;i Blended component units, although legal y separate entities, are, in substance, part of the primary government's operations, and are included as part of the primary government. Accordingly, the Economic Development Authority and the Housing and Redevelopment Authority are reported as special revenue funds of the City of Brooklyn Center. The City provides a full range of municipal services including public safety (police and fire), streets, sanitation, social services, culture recreation, pub is improvements, p anning and zoning, and general administrative services. The City operates an off -sale liquor store, a public water, sewer and storm drainage utility, a golf course, and a convention center known as the Earle Brown Heritage Center. ECONOMIC CONDITION AND OUTLOOK The City of Brooklyn Center is a northern suburb of the Minneapolis /St. Paul metropolitan area, lying adjacent to the City of Minneapolis. The City iswhoI ywithin Hennepin County and encompasses an area of approximately 8.5 square miles. The Mississippi Riverforms the City's eastern boundary. The City experienced its most rapid growth from 1950 to 1970 when the City's population grew from 4,300 to its peak of 35,173. The 2000 Census count for the City is 29,172, a slight increase from the 1990 Census count of 28,887. The number of housing units has remained stab a at 1 1,550 units; there were 11 ,704 housing units in 1 990. There were 18 new housing units constructed in 2000. The estimated market value of property within the City increased 12.46% in 2000 over 1999 and it increased 7.21 in 1999 over 1998. The City Assessor reports that residential values are continuing to show increases in early 2001 although commercial /industrial values are less robust. Major transportation routes in and through the City, including Interstates 94 and 694, and State Highways 100 and 252, have provided a continued impetus for development of a strong commercial tax base in the City. Commercial and industrial property comprises 51.5% of the City's taxable net tax capacity. There are four major shopping centers located in the City. The largest commercia property in the City is Brookdale Ma I, a 1,000,000 square -foot regional shopping center anchored by Daytons, Sears, J.C. Penney's, and Mervyn's of California. The other three retail shopping centers in the City include Brookdale Square, a 125,000 square -foot strip center plus an 8- screen theater; Shingle Creek Center, a 157,000 square --foot building anchored by Target; and Brookview Plaza, a 70,000 square -foot center anchored by Best Buy. other free standing retail establishments include Kohl's Department Store, Cub Foods Supermarket, and Rainbow Supermarket. The Brookda a Corner retail development, with a Cub Foods Supermarket and small retail shops, has enhanced the area surrounding the Brookdale Ma The Rega Cinema Theater, an 85,000 square foot, 20 screen, stadium style theater opened in the summer of 2000. 5 New construction in 2000 includes the completion of the Regal cinema Theater for $2,390,000; the cub Foods Supermarket and Brookdale corner retail stores for $5,320,000; Motel 0 for $3,000,000; Brookpark Dental building shell for $279,200; SuperAmerica car gash for $200,000 and Brooklyn Center Pet Care for $150,000. other commercial and industrial remodeling projects included shingle creek Industrial for $000,000; Medtronic for $70,000; Schmitt Music for $100,000; J.C. Penney's remodeling for $'100,000 and Sears remodeling for $900,000. The convergence of highways in Brooklyn Center and the close proximity to downtown Minneapolis make the city an attractive site for hotels and motels. Establishments now operating in the City include Americlnn, Baymont Inn, Comfort Inn, Country Inn Suites, Extended StayAmerica, Hilton Hotel, Holiday Inn, Inn on the Farm, and Super 3 Motel. In addition, a Motel 0 opened in February 2001. MAJOR EVENTS OF 2000 Brooklyn Center is a mature, developed suburb which is working to revitalize itself. With its affordable housing, excellent schools, beautiful parks, and convenient access, it has the potential to continue to be a vibrant community for many years to come. The revitalization of Brooklyn Center is proceeding on three tracks: replacement and renewal of the commercial areas of the City; replacement and enhancement of its aged infrastructure, that is the streets, utilities, and parks; and the reinvigoration of neighborhoods. The City continued -its redevelopment effort in the Brooklyn Boulevard and 09th Avenue area with the purchase of additional property for future commercial development and roadway improvements. Road improvements and demolition of old structures are underway. As part of the planned replacement of the City's infrastructure, the city is in the process of completing several major street and utility improvements. These improvements were funded by general obligation specia assessment bonds sold during 2000, an operating transfer from the general fund, and funds from the capital projects funds and utility enterprise funds. About one twenty -fifth of the city's streets are reconstructed each year. It is expected that this will be a perpetual process, since at the end of twenty -five years, it wil be necessary to start over again with the streets that were done first. A side benefit of the street improvements has been a noticeab e effort by the residents in those neighborhoods to paint, landscape, and otherwise improve their houses. In November 1997, voters approved the issuance of $7,900,000 of general obligation bonds to be used toward the construction and remodeling of city police and fire facilities. Construction of these facilities began in 1998 and was completed in 2000. The project is accounted for in the Capital Improvements Fund. R In 1997, Equitable Real Estate sold Brookdale Mall to Talisman Brookdale, LLC. Talisman Brookdale, LLC announced a large scale remodeling and expansion plan for Brookdale Mall for 1 999 and 2000. The work has subsequently been deferred until 2001 and later. Final financing issues have delayed the project's progress. FINANCIAL INFORMATION Management of the city is responsible for establishing and maintaining internal controls designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. n addition, the City maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with lega provisions embodied in the annual budget appropriation approved by the City's governing body. Activities of the General Fund and special revenue funds are included in the annual appropriated budget. Project- length financial plans are adopted for the capital Projects Funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established by department for the General Fund and at the aggregate fund level for all other governmental funds that adopt annual budgets. Appropriations lapse at year -end and'generally are not re-- appropriated in the following year's budget. As demonstrated by the statements and schedules included in the financial section of this report, the city continues to meet its responsibility for sound financial management. 7 GENERAL FUND The following schedule presents a summary of genera fund budgeted revenues for 2001, and actual revenues for the fiscal year ended December 31, 2000 compared to 1999. General Fund Revenues and Other Financing Sources 2000 Increase Revenues and other financing sources for the General Fund totaled $14,648,366 in 2000, an increase of $614,568 from the previous year. From the table above, it is apparent that the major sources of revenue available for funding of general governmental functions are taxes and intergovernmental revenue, which, when combined, provide 87% of the total revenues. The principal sources of intergovernmental aid to the City are homestead and agricultural credit aid of $1,379,768 and Iocal government aid of $2,1 22,635. In response to potential property tax abatements, the City has established a tax abatement reserve in the General Fund. Since the early 1990's, City management has estimated the potential future abatements on arge commercial properties. The city decreased the reserve in the General Fund by $41,400 in 2000. The ba ance in the reserve in the General Fund was $208,833 and $250,233 on December 31, 2000 and 1999, respectively. City management estimates that potential tax abatements not covered by the reserve would not materially affect the finances of the City. The decline in Iicense and permit revenue is consistent with many other Minnesota suburban communities. The most like y cause for the decrease was relatively high interest rates during the peak construction season in 2000. 0 i 2001 2000 1999 (Decrease) Budget Actual Actual from 1999 Taxes $8 $8,703,772 $8,333,440 $370 Reserve for tax abatements 41,400 (113,949) 155,349 Licenses permits 551 632, 549 763,960 131,411) Intergovernmental revenue 4,149, 058 4 3 1 64 Charges for services 622,045 779 739 40 Court fines 185,000 180,676 205 (24,784) Investment and other Miscellaneous revenues 372,000 234,740 194 40,387 Total $14, 437, 943 $14 $14,033,798 $614,568 Revenues and other financing sources for the General Fund totaled $14,648,366 in 2000, an increase of $614,568 from the previous year. From the table above, it is apparent that the major sources of revenue available for funding of general governmental functions are taxes and intergovernmental revenue, which, when combined, provide 87% of the total revenues. The principal sources of intergovernmental aid to the City are homestead and agricultural credit aid of $1,379,768 and Iocal government aid of $2,1 22,635. In response to potential property tax abatements, the City has established a tax abatement reserve in the General Fund. Since the early 1990's, City management has estimated the potential future abatements on arge commercial properties. The city decreased the reserve in the General Fund by $41,400 in 2000. The ba ance in the reserve in the General Fund was $208,833 and $250,233 on December 31, 2000 and 1999, respectively. City management estimates that potential tax abatements not covered by the reserve would not materially affect the finances of the City. The decline in Iicense and permit revenue is consistent with many other Minnesota suburban communities. The most like y cause for the decrease was relatively high interest rates during the peak construction season in 2000. 0 i The following schedule presents a summary of general fund budgeted expenditures for 2001, and actual expenditures for the fiscal year ended December 31, 2000, compared to 1999. General Fund Expenditures and other Financing Uses Total expenditures and other financing uses in 2000 increased by a total of $461,939 over 1999, a 3.46% increase. Salaries and benefits account for $336,7'13 of the increase, primarily due to the 3% wage adjustment given to most employees. Additionally, snow and ice control expenses increased $46,574 over 1999 levels in 2000 due to the harsh winter weather. Police building maintenance expenses increased $63,636 as the new police building was operational for the entire year. The General Fund also transferred $394,197 to the Special Assessment Construction Fund for infrastructure replacement. This transfer allows the City to pay cash for street improvements instead of borrowing through a bond issue for the property tax portion of the projects. The City anticipates this transfer to continue in the future as part of the planned replacement of the City's aged infrastructure. The General Fund had an excess of revenues and other financing sources over expenditures and other financing uses of $823,336 in 2000; the excess in 1999 was $670,707. Collections of current and delinquent property taxes in 2000 were greater than anticipated; additionally, penalty and interest revenues on delinquent taxes were $57,894 higher than in 1999. Additionally, the reserve for tax abatements was decreased by $41,400 in 2000 compared to an increase in the reserve of $113,949 in 1999. Z 2000 Increase 2001 2000 1999 (Decrease) Budget Actual Actual from 1999 General Government $2,969,080 $2,421,762 $2 $163,805 Public Safety 5 5 5 1 00,738 Public Works 2 2 1 196 Community Service 106 95 83,295 11 1 853 Parks and Recreation 2 2 2 83,587 Economic Development 3421000 397 383,927 13,580 Non departmental 524 419 343,925 75 Admin, Services Reimb. (770,707) (795,737) (670,390) (125,347) Other Financing Uses 1 1,532,238 1 (58,801) Total $14,437,943 $13 $13 $461 Total expenditures and other financing uses in 2000 increased by a total of $461,939 over 1999, a 3.46% increase. Salaries and benefits account for $336,7'13 of the increase, primarily due to the 3% wage adjustment given to most employees. Additionally, snow and ice control expenses increased $46,574 over 1999 levels in 2000 due to the harsh winter weather. Police building maintenance expenses increased $63,636 as the new police building was operational for the entire year. The General Fund also transferred $394,197 to the Special Assessment Construction Fund for infrastructure replacement. This transfer allows the City to pay cash for street improvements instead of borrowing through a bond issue for the property tax portion of the projects. The City anticipates this transfer to continue in the future as part of the planned replacement of the City's aged infrastructure. The General Fund had an excess of revenues and other financing sources over expenditures and other financing uses of $823,336 in 2000; the excess in 1999 was $670,707. Collections of current and delinquent property taxes in 2000 were greater than anticipated; additionally, penalty and interest revenues on delinquent taxes were $57,894 higher than in 1999. Additionally, the reserve for tax abatements was decreased by $41,400 in 2000 compared to an increase in the reserve of $113,949 in 1999. Z GENERAL FUND BALANCE As of December 31, 2000, the fund balance of the General Fund totaled $7,452,043. This ending fund ba ance is the equivalent of approximately six months of expenditures for the 2001 budget. Property taxes and intergovernmental revenue represent 88% of the budgeted genera fund revenue for 2001. The State of Minnesota has structured city finances so most of these revenues are received in the second half of the fiscal year. Minnesota cities typica ly receive as itt a as 10% of their total revenues in the first six months of the year. In recognition of this fact, a major portion of the fund balance is being designated for working capital. The Financial Management Policies adopted by the City Council on June 8, '1992 establish a formula for determining a minimum level of fund balance to be maintained in the General Fundy Major elements of the formula include coverage of assets not readily convertible to cash and a provision for working capital equal to 45% of the next year's General Fund budget. The Financial Management Policies go on to state that no more that 50% of any year's surplus over the minimum level shall be committed to other uses in that year. Calculation of this formula on the fund balance in the General Fund as of December 31, 1 999 revealed a surplus of $1 ,372,588 above the minimum requirements which is available for other uses. This allowed the transfer of up to $888,344 to other funds. The City Council passed a resolution transferring $4'15,000 of surplus funds from the General Fund to the Capital Improvements Fund for future government building and park improvements and $255,000 to the Special Assessment Construction Fund for future street improvements. These appear in the financial statements as equity transfers since they relate to the prior year's surplus. EARLE BROWN FARM TAX INCREMENT DISTRICT This tax increment financing (TIF) district had a deficit fund balance as of December 31, 2000. t is caused by a series of reductions in property tax class rates made by the State of Minnesota, which have eroded the revenue base of TI F districts throughout Minnesota. Borrowing from other City funds is required in orderforthe districtto meet its ob igations. If the current situation continues, the district will experience annual deficits. The T F district will make its last transfer to the debt Service Funds in the year 2003. t has the authority to continue to exist and collect tax increments through the year 2008. Two years of tax col ections beyond 2003 shou d be sufficient to repay a internal borrowing. 10 ENTERPR SE OPERATIONS The city's enterprise operations are composed of seven separate and distinctive activities: Liquor store, Golf Course, Earle Brown Heritage Center, Recycling, Water utility, Sanitary Seger utility, and Storm Drainage utility. The liquor store operation has gradually been consolidated into one location. The remaining store operates in a leased facility adjacent to the new Cub Foods Supermarket. The City had operated three stores in the past. The past year was a transition year for the liquor operation; one City -owned ocation was sold to a oca school district, while a formerly leased store was vacated and moved to the new location. The operating results for 2000 reflect the transition. Center brook Go f course is a nine -hole, par three golf course owned and operated by the City. Green fees have been increasing each year to keep pace with inflation. The interfund loan, used to build the golf course, is being repaid over a planned schedule covering twenty years. The business is increasingly competitive; many new courses are being added within the immediate area. The Earle Brown Heritage Center is a pioneer farmstead which has been historically preserved and restored as a modern mu tipurpose facility. Its convention ,center can host conferences, trade shows, and concerts seating 1,000 people in either banquet or theater style. A new caterer began providing food services in the spring of 1999 and a major addition was completed in 2000. The City's policy for this enterprise is to set fees and user charges at a level that al ows the operation to break -even excluding depreciation on contributed assets. That standard was met in 2000; the new catering company and the addition of meeting space helped the facility to post its best financial performance to date. The first few months of 2001 have continued to be strong. The dwindling supply of landfill space for the disposa of garbage has become a major concern in Minnesota. State and county mandated goals for the diversion of garbage to recycling programs took effect in 1989. In response, the City opened a Recycling and Refuse Fund as an enterprise fund. Thus far, the City is on y operating a recycling program. Expansion into garbage collection will take place when there is clear advantage to be achieved by it. Goals for the recycling program are being met. The Water and Sanitary Sewer utilities are largely developed and already reach a I parts of the City. Rates for both water and sanitary surer are reviewed annually and are increased as needed to cover inflation and the need for new capita outlays. Three fourths of the sewer operating expenses are fees paid to the Metropolitan Council Environmental Services for sewage treatment. Planned rate increases should be sufficient to keep both funds profitable. Mains and customer service lines are being replaced as needed concurrent with the City's 25 -year program for reconstructing streets. 11 During the 1980's, the State of Minnesota passed egislation that requires cities to take greater responsibility for controlling storm water runoff. In response to this, the City created a Storm Drainage Utility Fund. Fees to property owners are based on the amount of water runoff from the properties; the fees vary according to the size and absorption characteristics of the respective properties. Construction of storm sewer Ines is being made concurrent with the City's 25 -year program for reconstructing streets. INTERNAL SERVICE FUNDS The Central Garage Fund was established to own and maintain a I operating equipment of the City valued over $10,000. At present, the fund maintains over 150 pieces of rolling and non rolling stock equipment with a net book value of$2,988,951. Equipment maintenance, repair, fuel, and replacement costs are provided from rental rates which the Central Garage Fund charges City operating departments for the use of the equipment. The Public Employees Retirement Fund was established to provide certain health care benefits for qualifying City employees who retire before age 55. The fund had assets of $1,423,349 at year -end. The iability of the City is analyzed on an annual basis. DEBT ADMINISTRATION At December 31, 2000, the City had thirteen debt issues outstanding. These issues include $8,750,000 of general obligation bonds, $5,120,000 of special assessment debt with government commitment, $1,U50,000 of general obligation revenue bonds and $9,140,000 of general obligation tax increment bonds. The City maintained its A -1 rating from Moody's Investors Service. The City issued $735,000 of bonds supported solely by specia assessments during 2000. The special assessment bond issue provided financing for various improvement projects in the City. CASH MANAGEMENT Tie Finance Department keeps abreast of current trends and procedures for cash management and forecasting so as to ensure efficient and profitable use of the City's cash resources. Cash is invested only in investments authorized by Minnesota Statutes Chapter 118A. 12 Interest earned during 2000 amounted to $1,1 23,714 compared to $953,842 during 1 999. Changes in the fair value of investments reduced 2000 earnings by $708,285; they decreased 1999 earnings by $839,273. The City has historically held a I investments to maturity. Therefore unless the city liquidates the investment(s) prior to maturity, it is expected that the change in fair market value is temporary and will be reversed in future periods. The main component of the decrease in the fair value of investments in 2000 was a commercial paper investment in PG &E Corporation; its market value was estimated to be 50% of its maturity value as of December 31, 2009. This valuation was derived by the city based on information gleaned from multiple traders in early 2001. The City could not find any broker wil ing to p ace a definitive value on the issue as of December 31 2000. The decrease in fair value of this investment was $'1,250,000; the increase in fair value of the rest of the portfolio was $541,707. The City purchased $2,500,000 face value of PG &E Corporation commercial paper on December 12, 2000 with a maturity date of January 24, 2001 based on the recommendation of one of its brokers. According to the broker, the commercial paper became impaired ater the same day; no bids were available for selling the issue. subsequent to December 12, 2000, the City independently discovered that the issue had been placed on credit watch for possible downgrade by one of the leading credit agencies on September 14, 2000. PG &E Corporation defau ted on the paper when it was due on January 24, 2001. The City had adequate reserves to preclude the need for outside borrowing despite the default. In March 2001, a corporate restructuring occurred within PG &E corporation resulting in the city receiving full payment of its investment, plus interest from the original maturity date through the actual payment date. The $1,250,000 decrease in fair value recorded in the December 31, 2000 financial statements wil be reversed in 2001. In light of this situation, the City has scrutinized its investment function. The PG &E purchase raises two separate issues which warranted attention: 1) the appropriate maximum investment in any single investment and 2) the propriety of individual investments. To address the first issue, the City and its Financial Commission will examine the City's current investment policy and determine if a "cap" should be placed on the amounts invested in individual securities. In the past, the City has relied on the training and experience of its Treasurer and reputation of its brokers; sound investment practice dictates diversification within a portfolio. t was not deemed necessary to formally recognize this fact in the City's investment policy. Due to a departmental reorganization within the city near year -end, different individuals are involved in the investment function. These individuals are cognizant of the diversification necessary in a portfolio; no large, individual issue investments will occur in the future. To address the second issue, the City and its Financial Commission will determine the appropriateness of commercial paper in its portfolio. Since the PG &E situation, the city has not invested in any individual commercial paper issues. Additionally, the City is examining its role in performing due diligence on individual investments. Relying on local, large experienced brokers to provide this oversight, as the City has done in the past, may not be sufficient to protect the city's interests. 13 The city adopted a written investment policy in 1999 and adopted an updated policy in 1997. The policy's objectives are to minimize credit and market risk, provide needed liquidity, and maintain a competitive yield on the portfolio. As referenced earlier, the policy wi I be reviewed in 2901. All deposits were either insured by federal depository insurance or collateralized. Investment securities are held in a custody arrangement with a bank trust department. All investments are listed in the lowest custodial credit risk category, Category 1. Cash and investment balances from all funds are combined and invested to the extent available in authorized investments. Earnings from securities are allocated to the various funds in proportion to their relative cash book balances. The city has not purchased any collateralized mortgage obligations, derivatives, or strip investments. The practice is to hold investments to maturity. In the recent past, the city has not needed to use any short -term debt and does not anticipate such a need in the future. Of the City's portfolio as of December 31, 2909, 41% matures within I year, another 22% in the second year, 22% in the third year, 3% in the fourth year, 3% in the fifth year, and the last 9% in the sixth through the tenth years. RISK The City insures all significant risk. A schedule of such insurance is included in the Statistical Section. INDEPENDENT AUDIT The City Charter and State Statutes require the Council to provide for an audit of the financial transactions of the City. Deloitte Touche LLP has been retained for that purpose and their unqualified opinion has been inc uded in this report. CERTIF CATE OF ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the city of Brooklyn Center for its comprehensive annual financial report for the fisca year ended December 31, 1999. The City of Brooklyn Center was first awarded a Certificate of Achievement for Excellence in Financia Reporting for its 1966 fisca year report and has received a total of 22 certificates, including 17 consecutive certificates for the years 1 983 through 1 999. 14 In order to be awarded a Certificate of Achievement for Excellence in Financial Reporting, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting prindiples and applicable legal requirements. A certificate of Achievement is valid for a period of one year only. We believe our current report continues to conform to Certificate of Achievement Program requirements, and we are submitting it to GFCA to determine its eligibility for another certificate. ACKNOWLEDGMENTS We want to express our appreciation to all City staff for the assistance provided during the audit. We also wish to express our appreciation to the members of the City Council, the Mayor, and the City Manager for their continued interest and support in planning and conducting the financial operations of the city in a responsible and progressive manner. Respectfully submitted, d Dou �as Sell Director of Fiscal &Support Services Robert Sundberg Assistant Director of Finance 15 Reporting Presented to City of Brooklyn Center, M.innesota For its Com Annual inancia: Report for the Fisca'- Year Ended December 3�, .999 A Certificate of Achievement for Exce-'-ence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public emp�oyee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. HE UNIT, STATES y AND N t CANADA resident CORPORATION ,a CmCA6 or aeoor Executive Director U Deloitte Touche LLP 400 one Financial Plaza 120 South Sixth Street Minneapolis, Minnesota 55402.1844 Tel: (612) 397 4000 Fax: (612) 397 4450 www.us.deloitte.com INDEPENDENT AUDITORS' REPORT The Honorable Mayor and Members of the City Council of the City of Brooklyn Center, Minnesota Delo*ltte &Touche We have audited the accompanying general purpose financial statements of the City of Brooklyn Center, Minnesota, as of December 31, 2000 and for the year then ended, listed in the foregoing table of contents. These general purpose financial statements are the responsibility of the management of the City of Brooklyn Center, Minnesota. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, such general purpose financial statements present fairly, in all material respects, the financial position of the City of Brooklyn Center, Minnesota at December 31, 2000, and the results of its operations and the cash flows of its proprietary fund types and nonexpendable trust funds for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules listed in the foregoing table of contents are presented for the purpose of additional analysis and are not a required part of the general purpose financial statements of the City of Brooklyn Center, Minnesota. These financial statements and schedules are also the responsibility of the management of the City of Brooklyn Center, Minnesota. Such additional information has been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the general purpose financial statements taken as a whole. The statistical data contained in Tables 1 through 15 are presented for the purpose of additional analysis and are not a required part of the general purpose financial statements of the City of Brooklyn Center, Minnesota. Such additional information has not been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, accordingly, we express no opinion on it. In accordance with Government Auditing Standards, we have also issued our report dated May 4, 2001 on our consideration of the City of Brooklyn Center's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. WE May 4, 2001 belo"itte Touche Tohmatsu City of Brooklyn center, Minnesota GENERAL PURPOSE FINANCIAL STATEMENTS The general purpose financial statements are intended to provide a financial overview of municipa operations. These reports are at a summary eve and include those data needed to control and analyze current operations to determine compliance with legal and budgetary limitations and to assist in the financial planning process. 18 City of Brooklyn Center All Fund Types and Account Groups COMBINED BALANCE SHEET December 31, 2000 Governmental Fund Types Special Debt Capital General Revenue Service Projects ASSETS AND OTHER DEBITS Assets: Cash and cash equivalents (Notes 1 F, 2) $1,887,383 $764,137 $3,480,432 $1,492,707 Investments (Notes IF, 2) 6 2 112593561 5 Receivables: Accounts 78,883 1 2,334 1,696 Delinquent taxes (Note 1J) 59,111 3,090 Special assessments 9 3 269,941 Due from other funds (Note 9) 139,293 Due from other governments 105,902 447,322 892,906 Inventories and supplies (Note 1G) Prepaid expenses Advances to other funds (Note 9) 105,074 1,593,069 Fixed assets (net of accum depr. where applicable) (Notes 1 C, 3) Other Debits: Amount available in Debt Service Funds Amount to be provided for General Long -Term Debt Total Assets and Other Debits $9,056,717 $4,135,868 $8,315,599 $9 LIABILITIES. EQUITY AND OTHER CREDITS Liabilities: Accounts payable $313,966 $483,213 $3 $373,191 Contracts payable 17,801 Due to other funds (Note 9) 139 Accrued salaries and wages 372,090 Accrued vacation sick pay (Note 1H) 641 17,704 Accrued health insurance Accrued interest payable Advances from other funds (Note 9) 698,143 Deferred revenue (Note 1J) 277,132 3,090 3 368,432 General obligation bonds payable (Note 6) Other long -term liabilities (Note 6) Special assessment bonds with governmental commitment (Note 6) Revenue bonds payable (Note 6) Total Liabilities 1 1,341,443 3 759,424 Equity and Other Credits: Contributed capital (Note 4) Investment in general fixed assets Retained earnings. (Notes 8 10) Reserved Unreserved Fund Balances: (Notes 8 10) Reserved 105,074 977,619 4,736,609 1 Unreserved: Designated 6 Undesignated 1 1 7,308,293 Total Equity and Other Credits 7 2 1 794,425 4 8 'T'otal Liabilities, Equity and Other Credits $9,056,717 $4,135 $8,315,599 $9,660,786 (See notes to financial statements) J 1 Proprietary Fund Types Internal Enterprise Service Account Groups General General Fixed Long -Term Assets Debt $824,809 $1,107,681 2,970,031 4 1 8 193,225 165 84,636 4,130, 535 163,991 562,236 397,281 11,273 122,818 453,914 46 2 $25,324,975 $4,736,609 19,304,211 $53,015,499 $8,130,828 $25,324,975 $24,040,820 $1,155 63,302 84,636 59,505 101,462 22,795 1 ,000 56,302 11050,000 3,593,594 $16,124 9,750 29 1 ,423,243 1,478,632 22,618, 597 U04,226 226 433,176 26, 370,132 3 $17,900,000 20,820 6,120,000 24,040,820. $25,324,975 49,421,905 602 25,324,975 $53,015,499 $8,130,828 $25,324,975 $24,040,820 20 Totals (Memorandum Only) December 31, 2000 1999 $9 9, 325,126 23 27 1 1,49'7,634 62,201 165 4 4,130, 535 223,929 562,236 1,610 521 408,554 453,914 122,818 125,143 1 1 75 70,964,202 4 5 19,304,211 21 ,625,834 $141,681,092 $144,536,847 $2,345,470 $2,174,838 81,103 240,491 223,929 562,236 441,345 450,020 790 765,075 1 1,369, 89'1 22,795 26,467 1 1 4 4 17 21 ,335,000 77,122 206,381 61120,000 5 1,050,000 1 ,230,000 36, 397, 577 40, 795, 577 25,622,823 26,108,306 25,324,975 23,361,414 433,176 409 30, 018,102 27, 831, 666 7 8,418,746 6,097,387 5,937 10, 374, 681 11, 874, 606 105,283,515 103,741,270 $141,681 $144,536,847 21 City of Brooklyn Center EXHIBIT 2 All Governmental Fund Types COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2400 Totals Special Debt Capital (Memorandum Only) avenues General Revenue Service Projects 2000 1999 Taxes and special assessments $8,745,172 $3,556,588 $994,839 $289,596 $13,586,195 $12,361,125 Licenses and permits 632,549 632,549 753,950 Intergovernmental 4,076,169 2,239,000 291,245 1,293,108 7,899,522 8,602,166 Charges for services 779,060 779,060 739,054 Court fines 180,676 it 180,676 205,460 Investment earnings 378,481 252,888 141,277 516,234 1,288,880 1,187,494 Change in fair value of investments (153,454) (113,679) (49,494) (174,024) (490,651) (577,615) Miscellaneous 9,713 105,299 10,000 125,012 168,050 Total Revenues 14,648,366 6,040,096 1,377,867 1,934,914 24,001,243 23,449,694 F,xawidit res Current: General government 2,421,762 7,434 2 2,260,415 Public safety 5,437,360 1 5,783 5,453,143 5,354,413 Public works 2,100,865 2,100,865 1,904,205 Community services 95,148 95,148 83,295 Parks and recreation 2,216,098 128 2,344,768 2,233,465 Economic development 397,507 2 2,763,028 2,664,904 Non departmental 419,789 419,789 343,925 Administrative Services Reimbursement (795,737) (795,737) (670,390) Capital outlay 1 5 7,275,675 13,838,702 Debt service: Principal retirement 3,970,000 3,970,000 2,085,000 Interest and fiscal charges 1,295,938 1,295,938 1 ,387,544 Total Expenditures 1 2 4,221,340 5,265,938 5,571 ,743 27,351,813 31 ,485,478 Excess or Deficiency(-} of Revenues Over Expenditures 2,355,574 1,818,756 (3,888,071) (3,636,829) (3,350,570) (8,035,784) Ober Financinm ,Us-W o Sources Proceeds from sale of bonds 735,000 735,000 1 ,585,000 Sale of fixed assets 194,491 194,491 2,411,987 Operating transfers in 401,884 4 569,197 5,479,120 3,655,433 Operating transfers out (1,532,238) (2,321,884) (1,550,000) (5,404,122) (3,704,790) Total Other Financing Uses( or Sources (1,532,238) (1,725,509) 2,958,039 1 1,004,489 3,947,630 Excess or Deficiency(-) of Revenues and Other Sources Over Expenditures and Other Uses 823 93,247 (930,032) (2,332,632) (2,346,081) (4,088,154) Fund Balances January 1 7,308,707 2,701,178 5,666,641 10 26,230,520 30,318,674 Equity Transfers (Out) In (680,000) 680,000 Fund Balances December 31 $7,452,043 $2,794,425 $4,736,609 $8,901,362 $23,884,439 $26,230,520 (See notes to financial statements) 21 ReverMa Taxes and special assessments Licenses and permits Intergovernmental Charges for services Court fines Investment earnings Change in fair value of investments Miscellaneous Total Revenues Exc enditures General government Public safety Public works Community services Parks and recreation Economic development Non departmental Admin. Services Reimbursement Total Expenditures Excess or Deficiency( of Revenues Over Expenditures Other a i o UsesQ.gr Sources Sale of fixed assets Operating transfers in Operating transfers out Total Other Financing Uses( or Sources Excess or Deficiency( of Revenues and Other Sources Over Expenditures and Other Uses Fund Balances January 1 Equity Transfer Out Fund Balances December 31 City of Brooklyn Center (1 General and Special Revenue Funds (1 3OMBINED STATEMENT OF REVENUES, EXPENDITURES, (54,634) JD CHANGES IN FUND BALANCES w BUDGET AND ACTUAL For the Year Ended December 31, 2000 7,308,707 182,888 General Fund (680,000) S $7,308,707 $7,452,043 Actual Over 7,434 7,434 83,224 Under( 128,670 Budget Actual Budget Budget $8,134,653 $8,745,172 $610,519 $3,582,012 512,050 632 120,499 4,067,577 4,076,169 8,592 2,248,417 779,750 779,060 (690) 200,000 180,576 (19,324) 324 378,481 54,481 70,000 (153,454) (153,454) 12,000 9,713 (2,287) 87,000 14,030,030 14,648,366 618,336 5,987,429 2,402,331 2,421 ,762 19,431 5,655,628 5,437,360 (218,268) 100,000 2,047,036 2,100,865 53,829 95,030 95,148 118 2,314,041 2,216,098 (97,943) 150,000 308,750 397,507 88,757 4,153,241 478,843 419,789 (59,054) (749,233) (795,737) (46,504) 12,552,426 12,292,792 (259,634) 4,403,241 1,477,604 2,355,574 877,970 1,584,188 (1 (1 (54,634) (1 (1,532,238) (54,634) $3,556,588 823,336 823,336 7,308,707 7,308,707 182,888 (113,679) (680,000) (680,004) $7,308,707 $7,452,043 $143,336 (See notes to financial statements) 405,474 (2,325,474) (1,920,000) (335,8"12) 2,701,178 pecial Revenue Funds EXHIBIT 4,221 ,340 1,818,756 (181,901) 234,568 194,49'1 401,884 (2 (1,725,509) 93,247 2,701,'178 194,491 (3,590) 3,590 1 94,491 429,059 $2,365,366 $2,794,425 $429,059 22 Actual Over Under( Actual Budget $3,556,588 ($25,424) 2,239,000 (9,417) 252,888 182,888 (113,679) (113,679) 105,299 18,299 6,040,096 52,667 7,434 7,434 83,224 (16,776) 128,670 (21 4,002,012 (151,229) 4,221 ,340 1,818,756 (181,901) 234,568 194,49'1 401,884 (2 (1,725,509) 93,247 2,701,'178 194,491 (3,590) 3,590 1 94,491 429,059 $2,365,366 $2,794,425 $429,059 22 (See notes to financial statements) 23 City of Brooklyn Center EXHIBIT 4 Proprietary Fund Types COMBINED STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2900 Internal Totals Enterprise p Service (Memorandum only) Ooeratinq Revenues Funds Funds 2000 1999 Sales and user fees $12,968,408 $1,133,877 $14 $13,393,181 Cost of sales 3 3 3 Net Operating Revenues 9 1 10,797 10,107,694 Qperating Expenses Personal services 3 351 ,535 3 3 Supplies 422,065 228 650 554 Other services 21785,912 62 2 2 Insurance 65 48 11 3,928 87 Utilities 333,052 3 336,257 325,621 Rent 193 1 93 236 Depreciation 1 684 1, 884 11571,707 Total operating Expenses 8 1 9 9 Operating Income (Loss) 1 (245 1 1 Nonoperating Revenues or Expenses Investment earnings 275 305,458 580,627 578 Change in fair value of investments (93,118) (124, 516) (217,634) (261,658) Special assessments 353 353 291,475 Intergovernmental 1 Other revenue 10,275 10 7 Interest and fiscal agent fees (83,507) (83,507) (90,904) Loss on sale of fixed assets (30,989) (30,989) Total Net Nonoperating Revenue 430 180 61 1,929 1 Income (Loss) Before Operating Transfers 2 (64,082) 1,976,160 2 Operating Transfers In 124 Operating Transfers out (75,000) (75,000) (75,000) Net Income (Loss) 1 (64,082) 1 2,711, 844 Depreciation on contributed assets that reduces contributed capital 338,788 179 509,088 464 1 247 Retained Earnings January 1 24 3 28,041,030 24 Retained Earnings December 31 $26,803,308 $3,647,970 $30,451,278 $28,041,030 (See notes to financial statements) 23 City of Brooklyn Center Proprietary Fund Types COMBINED STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 Cash flows from opera 'n activities: Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Depreciation Changes in assets and liabilities: Receivables I nventories Prepaid expenses Payables Accrued expenses Accrued interest payable Accrued health insurance liability Other nonoperating income Net cash provided by operating activities Cash, flows from noncapital fina activities: Proceeds from borrowings due to other funds Principal payments on long -term debt Principal payments on advance from other funds Interest paid on advance from other funds Interest paid on due to other funds Operating transfers in Operating transfers out Net cash (used for) provided by noncapital financing activities ,Cash flows from capital and related fin ancincL activities Capital contributions Acquisition and construction of capital assets Proceeds of sale of fixed assets Principal paid on revenue bonds Interest paid on revenue bonds Net cash used for capital and related financing activities Cash flows from restin act ivities: Investments purchased Investments sold or matured Investment earnings Net cash provided by investing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Non casl�tems: Change in fair value of investments EXI,I B IT 5 23,605 (3,769,812) 221 ,241 (180,000) (59,'144) (3,764,110) (2 42,741) 3 02,790 275J69 1 (86,134) 910, 943 $824,809 ($93,118) (See notes to financial statements) 24 (646,600) (646,600) (2 3 305,458 512,667 362,323 745 $1,107,681 ($124,516) 23,605 Internal Totals (5,767,036) Enterprise Service (Memorandum Only) Funds Funds 2000 1999 $1,609 ($245,024) $1 ,364,231 $1,045,024 1 684,448 1 1 ,571 ,707 (227,108) 1 3,481 (213,627) (97,053) 44,061 1 1 299 45 (91 ,656) 2,325 2 936 124,037 (13,062) 110,975 345,526 22,699 1 1 762 24,461 (38,745) (3, 675) (3, 675) (3, 364) 53,352 53,352 140,558 363,432. 363,432 1 3,135,130 496,256 3 t 386 4,264, 671 84,636 84,636 160,000 (56,302) (56,302) (56,302) (621 ,343) (621 ,343) (79,969) (515) (515) (2 (23,848) (23,848) (23,233) 124,357 (75,000) (75,000) (75,D00) {692,372} (692,372) 47,260 23,605 (3,769,812) 221 ,241 (180,000) (59,'144) (3,764,110) (2 42,741) 3 02,790 275J69 1 (86,134) 910, 943 $824,809 ($93,118) (See notes to financial statements) 24 (646,600) (646,600) (2 3 305,458 512,667 362,323 745 $1,107,681 ($124,516) 23,605 1 (4,41 6,412) (5,767,036) 221,241 (1 80,000) (1 70,000) (59,144) (65,078) {4,410,710} (4 (5,039,305) 6,206,563 580,627 1 ,747,885 276,189 1,656,301 $1 ,932,490 (4,93'1,476) 4,379,866 578,287 26,677 (428, 626) 2,084,927 $1,656,301 ($217 ($261,658) City of Brooklyn Center NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2000 Note 1: Summary of Significant Accounting Policies The City of Brooklyn Center, Minnesota (the City) was formed and operates pursuant to applicable Minnesota laws and statutes. The governing body consists of a mayor and four City Counci members elected at large to serve four -year staggered terms. A. Reporting Entity As required by accounting principles generally accepted in the United States of America, the City's financial statements include all funds and departments of the City and the City's component units. The component units discussed below are included in the City's reporting entity because of the significance of their operational or financial relationship with the City. BLENDED COMPONENT UNITS: Blended component units, although legally separate, are in substance, part of the government's operations; data from these units are combined with data of the primary government. Economic Development Authority (EDA) and Housing and Redevelopment Authority (HRA) in and for the City of Brooklyn Center: The governing board for each Authority is the City Council. The Council reviews and approves EDA and HRA tax levies, and the city provides major community development financing for EDA and HRA activities. Debts issued for EDA and HRA activities are City general obligations. Although the EDA and HRA are legally separate from the City, they are reported as part of the City because the governing boards are the same. Complete financial statements for the EDA and HRA may be obtained at the City offices located at 6301 Shingle Creek Parkway, Brooklyn Center, Minnesota 55430. JOINT VENTURES AND JOINTLY GOVERNED ORGANIZATIONS: The City has several agreements with other entities that provide reduced costs, better service, and additional benefits to the participants. The programs in 'which the City participates are listed below; amounts recorded within the current year's financial statements are disclosed. 25 Note 1 Summary of Silirlificant Accounting Policies (cont'd) Loca Government Information Systems Association (LOGIS): This consortium of approximately 24 government entities provides computerized data processing and support services to its members. LOGIS is legally separate; the City does not appoint a voting majority of its board, and the Consortium is fisca ly independent of the City. The total amount recorded within the 2000 financial statements of the City was $356,969 for services provided, which is allocated to the various funds based on applications. Complete financial statements may be obtained at the LOGIS offices orated at 5756 Duluth street, Golden Va ey, Minnesota 55422. LOGIS Insurance Group: This group provides cooperative purchasing of health and life insurance benefits for approximately 45 governmental entities. The total 2000 employee insurance benefits expense, including health and life insurance, recorded within the financial statements was $629,635. Complete financial statements may be obtained from DCA, Inc. located at 400 DCA Center, 13100 Wayzata Boulevard, Minnetonka, MN 55305 1340. OTHER: The Brooklyn Center Fire Department Relief Association (the Association): The Association is organized as a nonprofit organization, legal y separate from the City, by its members to provide pension and other benefits to such members in accordance with Minnesota Statutes. Its board of directors is appointed by the membership of the Association and not by the City council; the Association issues its own set of financial statements. All funding is conducted in accordance with applicable Minnesota Statutes, whereby state aids flow to the Association, tax levies are determined by the Association, and are only reviewed by the city. The Association pays benefits directly to its members. The Association may certify tax levies to Hennepin county directly if the City does not carry out this function. Because the Association is fiscally independent of the..City, the financial information of the Association has not been included within the City's financial statements. (See Note 15 for disclosures relating to the pension plan operated by the Association.) The City's portion of the costs of the Association's pension benefits is included in the General Fund under public safety. Comp ete financial statements for the Association may be obtained at the City offices located at 6301 Shingle Creek Parkway, Brook yn Center, Minnesota 55430. 26 Note 1: Summary of Significant Accounting Policies (cont'dl B. Fund Accountinq The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separato accounting entity. The operations of each fund are accounted for with a separate set of self balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into six generic fund types and two broad fund categories as follows: GOVERNMENTAL FUNDS: General Fund The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds Special Revenue Funds are used to account for the proceeds of certain specific revenue sources that are legally restricted to expenditures for specified purposes. Debt Service Funds Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long -term debt principal, interest, and related costs. Capital Projects Funds Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by proprietary funds. PROPRIETARY FUNDS; Enterprise Funds Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises -where the intent is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. Internal Service Funds Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the City on a cost reimbursement basis. 27 Note 1: Summary of Siqnificant Accountinq Po ivies (cont'd) C. Fixed Assets and Lonq -Term Liabilities The accounting and reporting of fixed assets and ong -term liabilities associated with a fund are determined by its measurement focus. All governmental funds are accounted for on a spending or "financial flow" measurement, which means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance is considered a measure of "available spendable resources." Governmental fund operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund type operations are accounted for in the General Fixed Assets Account Group, rather than in the governmental funds. Public domain general fixed assets consisting of certain improvements other than buildings, including roads, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems, have been excluded from general fixed assets, as such items are immovable and of value only to the City. No depreciation has been provided on general fixed assets. All fixed assets are valued at historical cost or estimated historica cost if historical cost is unavailable. Donated fixed assets are valued at their estimated market value as of the date donated. The fixed assets of the proprietary funds are depreciated using the straight -line method over the estimated usefu lives of the assets. The estimated useful lives are as follows: Water Sewer Mains Lines 100 years Buildings and Structures 20 -40 years Water We Is and Storage Tanks 15-50 years Sewer Lift Stations 15 -40 years Machinery and Equipment 5--20 years Furniture and Fixtures 5-20 years Public Utility assets financed by special assessments are recorded as contributions. Long-term iabi ities expected to be financed from governmenta funds are accounted for in the Genera Long -Term Debt Account Group, not in the governmental funds. 28 Note 1: Summary of Significant Accountinq Policies (cont'd) All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, al assets and all iabilities associated with the operations of these funds are included on the balance sheet. Fund equity (e.g., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund -type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in net total assets. D. Basis of Accountinq Governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Major revenues that are susceptible to accrual include taxes, special assessments, intergovernmental revenues, charges for services, and investment earnings. Major revenues that are not susceptible to accrual include licenses and permits, fees, and miscellaneous revenues; such revenues are recorded only as received because they are not measurable until collected. Interest on special assessments is recognized as revenue when due, net of delinquencies. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred, except for principal and interest on general long -term debt which is recognized when due. All proprietary funds are accounted for using the accrual basis of accounting. Their revenues are recognized when they are earned, and expenses are recognized when they are incurred. Unbilled Water and Seger Fund utility service receivables are recorded at year -end. The city applies all app icable Financial Accounting Standards Board TASB) pronouncements issued prior to November 30, 1989 in accounting for its proprietary operations. E. Budgets and Budgetary Accounting, The City follows these procedures establishing the budgetary data reflected in the financial statements: 1. n August, the City Manager submits to the City Council proposed operating budgets for the fiscal year commencing the following January. The operating budgets include expenditures and the means of financing them. 2. The County mails individual property tax notices showing the taxes that would result from the proposed budgets of all taxing units to each property in November. 29 Note 1: Summary of Significant Accounting Policies (cont'd) 3. Public hearings are conducted to obtain taxpayer comments. 4. The budgets are legally enacted through passage of a resolution by the City Council in the month of December. 6. The City council must authorize any transfer of budgeted amounts between departments within the General Fund. A transfer of budgeted amounts within individual departments must be authorized by the city manager. 6. Supplemental appropriations during the year may only be made by the City Council. These amounts must be financed by funds from the contingency reserve set up in the General Fund or by additional revenues. 7. All budget amounts lapse at the end of the year to the extent they have not been expended. 8. Formal budgetary integration is emp oyed as a management control device during the year for all governmental funds with the exception of Debt Service Funds and Capital Projects Funds. Formal budgetary integration is not emp oyed for Debt Service Funds because effective budgetary control is alternatively achieved through general ob igation bond indenture provisions. Budgetary control for Capital Projects Funds is accomplished through the use of project controls and project- length budgets. 9. Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. Annual appropriated budgets are adopted for all governmental funds except for Debt Service Funds and the project length capital Projects Funds. 10. Budgetary control is maintained at the department level for the Genera Fund and at the fund level for all other governmental funds that adopt annual budgets. 11. Budgeted amounts are as originally adopted, or as amended by the city Council. Individual and aggregate amendments were not material in relation to the original appropriations. F. Cash, cash Equiva ents and Investments Cash balances from all funds are combined and invested to the extent available in authorized investments (see Note 2 Earnings from such investments are allocated to the respective funds on the basis of applicable cash balance participation by each fund. Cash and investments are stated at fair value. Un ess individual investments become impaired, a commercial paper and certificates of deposit with 30 Note 1: Summary of Significant Accountinq Po icies (cont'd) a maturity of one year or less when purchased are stated at amortized cost which approximates market value. All highly liquid unrestricted investments with a maturity of three months or less when purchased are considered to be cash equivalents. O. Inventories_and Supplies Inventories in the proprietary funds are valued at cost, using the weighted average method in the Municipal Liquor Fund and the first-in/first-out (FIFO) method in the other proprietary funds. The costs of governmental fund type supplies are recorded as expenditures when purchased. H. Accrued Vacation and Sick Pav The City pays employees severance pay upon termination of employment based on accumulated sick leave and accrued vacation. Such pay is accrued as an expend iture/expense as it is earned. 1. Fund Equity Contributed capita is recorded in proprietary funds that have received capital grants or contributions from developers, customers, or other funds. Reserves represent those portions of fund equity not appropriab e for expenditure or legally segregated for a specific future use. Designated fund balance represents tentative plans for future use of financial resources. J. Pror)erty_Tax Property tax levies are set by the city council in December of each year, and are certified to Hennepin County for collection in the following year. In Minnesota, counties act as collection agents for all property taxes. The county spreads all levies over taxable property. Such taxes become a lien on January 1 and are recorded as receivables by the city at that date. Revenues are accrued and recognized in the year collectible, net of delinquencies. Real property taxes may be paid by taxpayers in two equal installments on May 15 and October 15. Personal property taxes may be paid on February 28 and June 30. The county provides tax settlements to cities and other taxing districts two times a year, in July and December. 31 Note 1: Summary of Significant Accountinq Policies (cont'dj Taxes that remain unpaid at December 31 are classified as delinquent taxes receivable and are fully offset by deferred revenue because they are not known to be available to finance current expenditures. In addition, at December 31, 2000, the city has recorded $208,833 in deferred revenue for the General Fund for estimated property tax abatements on properties whose value is under appeal that are anticipated to be repaid to the county in future years. K. Total Columns on Combined Statements Total columns on the combined Statements are captioned "Memorandum only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or cash flows in conformity with accounting principles genera y accepted in the United States of America. Interfund eliminations have not been made in the aggregation of this data. L. New Accounting Pronouncement In June 1999, the GASB issued Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments. This statement is effective for the City for the year ending December 31, 2003. Statement No. 34 will affect the presentation of the city's annual financial report. The statement also requires the city to utilize the economic resources measurement focus as well as the accrua basis of accounting. The City has not yet determined the effects Statement No. 34 wi I have on its financial statements. 32 Note 2: cash and Investments A. Deposits In accordance with Minnesota Statutes, the city maintains deposits at those depository banks authorized by the city Council, All such depositories are members of the Federal Reserve System. Minnesota Statutes require that all city deposits be protected by insurance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds. Authorized collateral includes the legal investments described below, as well as certain first mortgage notes, and certain other state or local government obligations. Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City Treasurer or in a financial institution other than that furnishing the collateral. At December 31, 2000 the carrying amount of the City's demand deposits was $(1,1 32,202) and the bank balance was $392,502. of the bank balance, $1 00,000 was covered by federal depository insurance (risk category A) and the remainder was covered by collateral held in the pledging bank's trust department in the city's name (risk category B). Risk Category A Insured or collateralized by securities held by the City or its agent in the City's name. B collateralized with securities held by the pledging institution's trust department in the City's name. C Uncollateralized or collateralized with securities held by the pledging institution's trust department or agent, but not in the city's name. 33 Note 2: Cash and Investments (cont'd) B. Investments The city may also invest idle funds as authorized by Minnesota Statutes, as follows: a Direct obligations or obligations guaranteed by the United States or its agencies. b Shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only investments are in securities described in (a) above. c General obligations of the State of Minnesota or any of its municipalities. d Banker's acceptances of United States banks eligible for purchase by the Federal Reserve System. e Commercial paper issued by United States corporations or their Canadian subsidiaries, of the highest quality, and maturing in 270 days or less. f Repurchase or reverse repurchase agreements with banks that are members of the Federa Reserve System with capitalization exceeding $10,000,000, a primary reporting dea er in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker dealers. g Future contracts sold under authority of Minnesota Statutes 471.55, subdivision 5. The city has not purchased any collateralized mortgage ob igations, derivatives, or strip investments. Investments are typically held to maturity. Of the city's portfolio as of December 31, 2000 41 matures within 1 year, another 22% in the second year, 22% in the third year, 3% in the fourth year, 3% in the fifth year, and the last 9% in the sixth through the tenth years. E Note 2: Cash and Investments (cont'd) The City's investments are categorized below to give an indication of the level of custodial credit risk assumed at year -end. Category 1 includes investments that are insured or registered or for which the securities are held by the city or its agent in the City's name. category 2 includes uninsured and unregistered investments for which the securities are held by the counter party's trust department or agent in the city's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counter party, or by its trust department or agent, but not in the City's name. In accordance with GASB Statement No. 3, investments in a money market fund are not categorized as to custodial credit risk. Balances at December 31, 2000.6 Securities Type Investments Categorized: U.S. Government Federal agencies Commercial paper Investments Not categorized Deposits Total Investments Cash in Bank and Change Funds Credit Risk category 1 2 3 $8,723,522 12,775,259 4 $25,703,424 Total Cash, Cash Equivalents, and Investments Carrying Amount/ Fair Value $8,723,522 12,775,259 4 25,703,424 8,208,059 33, 911,483 (1,118,508) $32,792,975 35 Note 2: Cash and Investments (cont'd) SUMMARY OF CASH AND INVESTMENTS Balances at December 31, 2000 Investments: Carrying Amount/ Investment Type Interest Rate Maturity Fair Value* U.S. Treasury notes 4.25-6.57% 2001 -2003 $8 Federal Home Loan Mortgage bonds 5.125-6.5% 2001-2008 8 Federal National Mortgage Association bonds 5.75-7.63% 200 1 -2009 4 Commercial paper Various 2001 4 Total Investments $25,703,424 Deposits: Minnesota Municipal Money Market Fund, Insight Investment Management, Minneapolis, Minnesota Dreyfus General Money Market Fund, Marquette Trust, Minneapolis, Minnesota Money Market Fund, Wells Fargo Bank, Minnesota Money Market Fund, US Bancorp, St. Paul, Minnesota Certificates of Deposit Total Deposits Cash: Marquette Bank Brookdale, Brooklyn Center, Minnesota Change funds Total Cash Total Cash, Cash Equivalents, and Investments 3 1 425,527 4,879 2 8 208, 059 (1 13,694 (1 $32 From Exhibit 1, COMBINED BALANCE SHEET Cash and cash equivalents $9 Investments 23, 235, 825 $32,792,975 The fair value for commercial paper reflects a 50% writedown ($1 ,250,000) of an issue (PGE Corp.) purchased by the City on December 12, 2001 and held by the City on December 31, 2000. This reflects the City's best estimate of its value on that date. The issue subsequently defaulted on its maturity date of January 24, 2001 and remained in default through March 9, 2001; the City received full payment for the issue, including interest from the original maturity date through the payoff date, on March 9, 2001 Note 3: Fixed Assts. Changes in the General Fixed Assets Account Group during 2400 were as follows: Balance The following is a summary of proprietary fund -type fixed assets at December 31, 2000: Jan. 1, 2000 Additions Disposals Land $2,473,864 $1,077,766 Funds Buildings Improvements 14 1 $107,484 Park Improvements 3 116,457 1 5,523 Furniture Fixtures 1 1 360,475 97,727 1 94,634 Departmental Equipment 1 1 84,565 272,976 TOTAL GENERAL FIXED 59,285,479 5 Less accumulated depreciation ASSETS $23 $2,554,178 $590,617 The following is a summary of proprietary fund -type fixed assets at December 31, 2000: Note 4: Contributed Caoital During 2000 contributed capital changed by the following amountsm. Internal Enterprise Service Funds Funds Additions: Improvement construction $23,605 Deductions: Depreciation on contributed assets (338,788) ($170,300) Net change (315,183) (170,300) Contributed capital, January 1, 2000 22, 933, 780 3, 1 74, 526 Contributed Capital, December 31, 2000 $22 $3,004,226 Balance Dec. 3'l 2000 $3,551 15,686,903 3,701,175 1 1,121,699 $25 37 Internal Enterprise Service Funds Funds Land $3,1 98,651 Land Improvements 491,078 Buildings Improvements 20,779,526 Mains Lines 33,344,939 Departmental Equipment 1 $5,727,814 Total 59,285,479 5 Less accumulated depreciation (12,392,023) (2 Net $46 $2,988,961 Note 4: Contributed Caoital During 2000 contributed capital changed by the following amountsm. Internal Enterprise Service Funds Funds Additions: Improvement construction $23,605 Deductions: Depreciation on contributed assets (338,788) ($170,300) Net change (315,183) (170,300) Contributed capital, January 1, 2000 22, 933, 780 3, 1 74, 526 Contributed Capital, December 31, 2000 $22 $3,004,226 Balance Dec. 3'l 2000 $3,551 15,686,903 3,701,175 1 1,121,699 $25 37 Note 5: Operating Leases During 2000, the City leased space for the operation of two of its three municipal liquor stores. One of these is a lease renewed on a year -by -year basis. This lease ended in March 2001 and was not renewed. The other was a non cancelable two year lease which ended in Ju y 2000. This lease was allowed to expire, as the store moved to a new location in August 2000. A ten -year lease, with an option of an additional ten years, has been signed for the new location. These leases provide for minimum rent payments, p us a pro rata share of common area expenses. n addition, the latter lease requires additional lease payments if agreed upon revenue thresholds are attained. Total rental expense under the lease agreements for the years ended December 31, 2000 and 1 999 was $117,659 and $69,922, respectively. Future minimum rent payments under non cancelable leases are as follows: Year End i nq 2001 2002 --2004 2005 2006 -2009 2010 Amount $98,169 91, 3501yr. 95 100,170/yr. 58,433 926.357 The Earle Brown Heritage Center Fund, which operates as an enterprise fund, leased space to two tenants in 2000. One lease is for a ten year period commencing January 1, 1999. Another tenant has signed two separate leases which are both renewable automatically for one year terms. The first lease began April 15, 1999 and is for $19,200 per year. The second lease period commenced January 1, 2000 and is for $3,600 per year. Payment from this tenant will be in the form of audio /visual equipment trade -out. This equipment will be used by the Heritage Center for client events. Rental revenues and expenditures under the lease agreements were as fo ows: Rental Revenues Rental Expenditures 2000 1999 60 51,538 22 32,338 Future minimum rentals to be received are as follows: YEAR 2001 2002 2003 2 �2005 x 2006� 20O7 2008 M CASH $39,637 $39,660 $39 $40,020 $41,200 $41,307 $42,488 $38,947 TRADE- $223800 OUT 38 Note 6: Lon Debj The City's long -term debt includes general obligation bonds, tax increment bonds, and special assessment improvement bonds, all of which are recorded in the General Long -Term Debt Account Group. In addition, the City issued storm sewer revenue bonds which are recorded as a liability in the Storm Drainage Fund. The following is a summary of bond transactions for the year ended December 31, 2000: The annual requirements to amortize all outstanding debt as of December 31, 2000, including interest of $6,145,189, are as follows,^ General General Tax Special Storm Sewer Obligation Increment Obligation Increment Assessment Revenue Bonds Bonds Bonds Bonds Bonds Bonds Total Bonds payable $4,1 94,573 2002 1 1 1 240,100 January 1 $10 $10 $5 $1,230,040 $28,485,000 Bonds issued 2 941 1 898 735,000 4 735,000 Bonds retired 2 1 535 180 4 Bonds payable 111596,105 $11,371,822 $11,336,018 $7,313 December 31 $8,760,000 $9,140,000 $6,1 20,000 $1 $25,070,000. The annual requirements to amortize all outstanding debt as of December 31, 2000, including interest of $6,145,189, are as follows,^ General Tax Special Storm Sewer Obligation Increment Assessment Revenue Bonds Bonds Bonds Bonds Total 2001 $1 $1 $952 $239 $4,1 94,573 2002 1 1 1 240,100 4 2003 1,027,356 1 982 239 4 2004 1 1 032,318 2 941 1 898 238 4 2005 1 531,123 905 236,210 2 2006 on 6 2 2 111596,105 $11,371,822 $11,336,018 $7,313 $1,194,050 $31,215,189 If special assessments are not adequate to retire the outstanding debt, the City's full faith and credit are pledged for their redemption. The general obligation, tax increment, and storm sewer revenue bonds are backed by the full faith and credit of the City. There are a number of financial covenants contained in the various bond indentures. The City is in compliance with these financial covenants, Q Note 6: Long Term Debt (cont'dj Long-term debt obligations outstanding at yearend are summarized as follows: Bond Payment Issue Maturity Rates Dates Date Date General obligation Bonds 04 -01 -06 Refunding State -Aid Street Bonds 3,55 40 4 -01 10 -01 Police and Fire Building Bonds 4�1 -4.9 2 -01 8 -01 Total 7 General obligation Tax Increment Bonds 1991 Tax Increment Bonds 4.7-&0 2 -01 8 -01 1992 Refunding Tax Increment 4�5 -&6 2••01 8 -01 1995 Taxable Tax Increment Bonds 6.0-6.75 2 -01 8 -01 Total 02 -01 -04 General obligation Special Assessment Bonds 1994 Street Improvement Bonds 4.1 -5.5 2 -01 8-01 1995 Street Improvement Bonds 4049 2 -01 8 -01 1996 Street Improvement Bonds 42 -5.1 2 -01 8 -01 1997 Street Improvement Bonds 40 -4.7 2 -01 8.01 1998 Street Improvement Bonds 3,44.2 2 -01 8 -01 1999 Street Improvement Bonds 4 -1 -5.0 2 -01 8 -01 2000 Street Improvement Bonds 4.349 2 -01 8 -01 Total 735 General obligation Revenue Bonds 1994 Storm Sewer Revenue Bonds 4.2 -&4 2 -01 8 -01 Total Authorized And Issued Retired Outstanding 12-01 -98 04 -01 -06 $1,585,000 $390,000 $1,585,000 12 -01 -97 02 -01 -13 7 $725,000 7 11 01-96 02 -07 $9,485,000 $725,000 $8,760,000 03-01 -91 02 -01 -04 $6,050,000 $3,225,000 $2,825,000 02 -01 -92 02 -01-03 4 2 2 11-01 -95 02-01.11 4 49O 4 $14,880,000 $5,740,000 $9,140,000 08-01 -94 02 -01.05 $835,000 $390,000 $445,000 11-01-95 02 -01 -06 780,000 285,000 495,000 11 01-96 02 -07 1,440,000 390,040 1 12-01 -97 02-01 -08 1 230 845,000 12 -01 -98 02 -01 -09 1 120,000 965,040 12-01-99 02 -01 -10 1 1 12 -01 -00 02-01 -11 735 735 $7,535,000 $1 $6,120,000 08-01 -94 02 -01 -05 $1,830,000 $780,000 $1,050,000 $1,830,400 $780,000 $1,050,000 W Note 6: Lona Term Debt,4cgit'dj In addition to the bonded debt listed above, the City of Brooklyn Center has two amounts recorded as "Other long term liabilities" These are loans extended to the city by Northern States Power for the purpose of promoting energy conservation improvements to city owned facilities. The first loan is recorded in the General Long -term Debt Group of Accounts and was used for installation of low energy lamps in traffic signals, It will be repaid by the General Fund in 41 monthly installments of $1,388 which commenced on November 4, 1998. The second loan is recorded in the Water Fund and was used for installation of controls on 'well pumps. It is payable in 51 monthly installments of $4,692 which commenced on October 2, 1 998. Other long term liabilities payable January I Liabilities retired Current portion Other long term liabilities payable December 31 Conduit dew oblige ions General Long -Term water Debt Fund Total $37 $168 $206 (16,656) (56, 302) (72, 958) (56,302) (56,302) $20 $56 $77,121 From time to time, the City has issued Housing Revenue Bonds and Industrial Revenue Bonds to provide assistance to private sector entities for the acquisition and construction of housing, industrial, and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issue. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2000, there were five series of Housing Revenue or Industrial Revenue Bonds outstanding, with an aggregate principal amount payable of approximately $21384010M OD Nt LO o N LO C\l LO r~ Cn It Liz 0 o LO 0 It 0 r- LO to rn o v N to 00 LC) t` Nr to CA 0 o (:6 Liz L6 Cr} M C3) mil• Liz N r N 00 N to� N 0 C to C r) C) d' Cry d' c r Ctil r d 'M' r o Cr) t7 CAD o CA o tD N N r r CD Qi 0 00 M C6 L6 Ld cq d d o �S U- a t-- t-� 0 o N v 0 CI] r r r o r D) Q b+4 r CO r CO *t N N M o U N CD Cr3 00 LC) to m r L M d DD N r N 0 LO CA N -r-- ti CD N 0 CCD co m CNI d' Lo m N m CC) C��1 C\l C cc U NN t-- r CI) ,N V- CO r Cf) o o LO o 11' N LO r- CO tD M LC) r• o to C\l coco N lt•vo9 cQm L (D 4, o CD I` LO o to (6 r" N L �t7 CD d U7 Q] 0 C*4 IT- C C r I` o LO 00 L iz Li." o cu U) mt oo Cry N o m 00 N CD o C) C I` C\l C r CD Liz N 0) co Cr) C) L 5 N Liz LS) r Cr} 00 d' to o I C) o M a) 0 N C7N CF) m LL CY) CNv c) W C CI] L- a) E o rI�N Nr MoCryco ow r-° M V) 0 r 1` 00 i` o N o o LC] co co I` Co r M U) o L(] C] C 0 M r s ti m d' LO o v o I� L- r r' L C) 0coo�LO cov°r° m L 2 70 00 o tD o LO lqf a CO I` r" nN V. C C 00 r Lt3 r CD Liz CO I� co Cr] r ,0 cu M E %I-- o N 0 (n 3 0 0 0 D] c'rf i C �r a) cu C v o C o 0 0^ 0 D x.. N cn L3 0� CL CD C= W C) J C� o C U L- C 0 D.. y C] N C A) 0 0 •M_ a,. N Rf C C p� Q N .[7 W a) C (Iy Q o ci] CL 0 o co D. o z cn 0a0 0z0CL z[— m Note 8: Reserved /Designated Fund Equity Fund balances and retained earnings in the various funds have been reserved or designated for the following purposes: Reserved Fund Equitv Retained Earnings: Enterprise Funds: Water Utility Fund Special Assessments Sanitary Sewer Fund Special Assessments Storm Drainage Fund Debt Service Special Assessments Total Reserved Retained Earnings Fund Balances; General Fund: Advances to Other Funds Special Revenue Funds Economic Development Authority Fund Bond Proceeds Debt Service Funds." General Obligation Bonds Debt Service Tax Increment Bonds Debt Service Special Assessment Bonds Debt Service Total Debt Service Funds Capital Projects Funds. Capital Improvements Fund Advances to Other Funds Municipal State Aid for Construction Fund Advances to Other Funds Total Capital Projects Funds Total Reserved Fund Balances Total Reserved Fund Equity Designated Fund Equity General Fund: Working Capital Total General Fund $154,254 4,022 239,950 24 433,175 105 977 775 1 1 4 1 999, 995 593,059 1 ,593,009 7 $7,845,547 $5,097,387 $6 im Note 9: lnterfund Receivab es and Pavables Due to /from ether funds are short --term receivableslpayab es which have interest rates of 0% to 6.5 Advances to /from other funds are considered longterm receivables /payables. Advances have interest rates of 0% to 7% with maturities extending through the year 2017. Advances between funds are offset by a fund balance reserve account and are not expendable or available financial resources. Due from Due to tither Funds Other Funds Special Revenue Funds: Tax Increment #3 Fund Earle Brown Farm Tax Increment Fund Tax Increment #4 Fund Enterprise Funds: Water Utility Fund Storm Sewer Fund Total General Fund Special Revenue Funds: Earle Brown Farm Tax Increment Fund Capital Projects Funds: Capital Improvements Fund Municipal State Aid construction Fund Enterprise Funds: Golf Course Fund Total 139,293 122,136 17,157 84,636 84,636 223,929 223 Advances to Advances from Other Funds Other Funds 1051074 698,'143 1,000,000 593,069 1 1 1 698,143 1 ,698,143 MI, Note 10: Individual_ Fund Disc osures Deficit fund balances exist at December 31, 2000 in the following funds: Special Revenue Funds: Earle Brown Tax Increment Financing District: Unreserved deficit fund balance $822,338 Tax Increment District No. 4 Unreserved deficit fund balance 20,995 These deficits are being funded through internal borrowing and will be repaid from future surplus tax increments. Excess of Expenditures over Appropriations: For the year ended December 31, 2000, expenditures exceeded budget at the fund level (i.e., the legal level of budgetary control) as follows: Special Revenue Funds: Excess Earle Brown Tax Increment District 19 Tax Increment District No. 4 $3 Note 11: Contingencies There are several lawsuits pending in which the City is involved. City management estimates that the potential claims against the City not covered by insurance resulting from such litigation would not materially affect the City's financial position. Note 12: Risk Management The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions and natural disasters for which the City carries commercial insurance policies. The City retains risk for the deductible portions of the insurance policies. The amount of these deductibles is considered immaterial to the financial statements. There were no significant reductions in insurance from the previous year or settlements in excess of insurance coverage for any of the past three years. 45 Note 13: Post- Emplovment Health care Benefits The City has provided post retirement health care benefits, as per the requirements of a City Counci resolution, for certain retirees and their dependents since 1986. Full time employees have the option of retaining membership in the City's health insurance plan for which the City will pay the single person premium until such time as the retiree is eligible for Medicare coverage or at age 55, whichever is sooner. f the retiree desires to continue fami y coverage, the additional cost for family coverage shall be paid by the retiree to the City. There are two methods whereby an employee can qualify under this program. First, the employee, on the date of his/her retirement, must meet eligibility requirements for a full retirement annuity under PERA (Note 14A) without reduction of benefits because of age, disability, or any other reason for reduction. In addition, the employee must have been employed full time by the City for the last ten consecutive years prior to the effective date of retirement. Additionally, emp oyees who are retiring after twenty -five years of consecutive service with the City and are eligib eto receive a pension from PERA shall have the option of retaining membership in the City's health insurance plan for which the employee will pay the premium until such time as the retiree is a igible to receive a full retirement annuity under PERA or PERA police. At that time, the City Will pay the single person premium until such time as the retiree is eligib e for Medicare coverage or at age 55, whichever is sooner. Employees participate in this .program on a voluntary basis. As of December 31, 2000, eight employees currently participate in this program. The cost of City paid health care premiums for the years ended December 31, 2000 and 1999 was $17,715 and $16,354, respective y. The $1,423,243 recorded as a liability reflects the City's current balance reserved for this obligation. The City's current analysis estimates that annual contributions of $59,900 per year will be required to fully fund this program. The liability will be analyzed on an ongoing basis. Note 14: Defined Benefit Pension Plans Statewide A. Plan Description All full-time and certain part -time employees of the City of Brooklyn Center are covered by defined benefit pension p ans administered by the Public Emp oyees Retirement Association of Minnesota (PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF), which are cost sharing, multiple- employer retirement plans. These plans are estab ished and administered in accordance with Minnesota Statutes, Chapters 353 and 355. Note 14: Defined Benefit Pension Plans Statewide (cont'd) PERF members belong to either the Coordinated Plan or the Basic Pan. Coordinated Plan members are covered by Social Security and Basic members are not. All new members must participate in the coordinated Plan. All police officers, fire fighters, and peace officers who qualify for membership by statute are covered by the PEPFF. PERA provides retirement benefits as we I as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State statute, and vest after three years of credited service. The defined retirement benefits are based on member's highest average salary for any five successive years of allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for PERF's coordinated and Basic members. The retiring member receives the higher of step rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan member is 2.2 percent of average salary for each of the first 10 years of service and 2.7 percent for each remaining year. The annuity accrual rate for a Coordinated Plan member is 1.2 percent of average salary for each of the first 10 years and 1.7 percent for each remaining year. Under Method 2, the annuity accrual rate is 2.7 percent of average salary for Basic Plan members and 1.7 percent for Coordinated Plan members for each year of service. For all PEPFF members and PERF members whose annuity is calculated using Method 1 a full annuity is available when age plus years of service equal 90. A reduced annuity is also availab a to eligible members seeping early retirement. There are different types of annuities avai able to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree no survivor annuity is payable. There are also various types of joint and survivor annuity options available which will reduce the monthly norms annuity amount, because the annuity is payable over joint lives. Members may also leave their contributions in the fund upon termination of public service in order to qualify for a deferred annuity at retirement age. Refunds of contributions are available at any time to members who leave public service, before retirement benefits begin. The benefit provisions stated in the previous paragraphs of this section are current provisions and apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving them yet, are bound by the provisions in effect at the time they last terminated their public service. PERA issues a publicly available financial report that includes financial statements and required supplementary information for PERF and PEPFF. That report may be obtained by writing to PERA, 514 St. Peter Street, #200, St. Paul, Minnesota, 55102 or by calling (651) 295 -7450 or 1 -800 -652 -9025. 47 Note 14: Defined Benefit Pension Plans Statewide (cont'd) B. Funding Policy Minnesota Statutes Chapter 353 sets the rate for employer and employee contributions. These statutes are established and amended by the State Legislature. The City makes annual contributions to the pension plans equal to the amount required by State statutes. PERF Basic Plan members and Coordinated Plan members are required to contribute 8.75% and 4.75 respectively, of their annual covered salary. PEPFF members are required to contribute 7.50% of their annual covered sa ary. The city of Brook yn Center is required to contribute the following percentages of annua covered payroll: 11.43% for Basic Plan PERF members, 5.18% for coordinated Plan PERF members, and 11.40% for PEPFF members. The City's contributions to the Public Employees Retirement Fund for the years ended December 31, 2000, 1999, and 1998 were $299,879, $285,779, and $277,551, respectively. The City's contributions to the Public Employees Police Fire Fund for the years ended December 31, 2000, 1999, and 1998 were $223,541, $254,859 and $259,796, respectively. The City's contributions were equal to the contractua ly required contributions for each year as set by State statute. Note 15: Pension Plan Brooklvn Center Fire Department Relief Association Plan Description The City contributes to the Brooklyn Center Fire Department Relief Association (the Association) which is the administrator of a single employer retirement system to provide a retirement plan (the Plan) to volunteer fire fighters of the City who are members of the Association. The Association issues a financial report which is available at city offices. Funding Poiicv and Annual Pension Cost The City levies property taxes at the direction of and for the benefit of the Plan and passes through state aids al ocated to the P an, a 1 in accordance with enab ing State statutes. The minimum tax evy obligation is the financia contribution requirement for the year less anticipated state aids. Contributions: Total contributions to the Plan in 2000 were $120,175, of which $28,020 was levied by the city of Brooklyn Center and $92,155 was from the State of Minnesota. The actuarially determined contribution based on an actuarial valuation performed at January 1, 1999 was $90,017, which represents funding for norma cost of $7'1,537 and administration of $25,080. Actual contributions have continued at higher levels to allow for a transition to a defined contribution plan in the future. 48 Note 15: Pension Plan Brooklvn center Fire Department Relief Association (cont'd) The information below is the most recent data available. Actuarial valuation date: Actuarial cost method: Amortization method: Remaining amortization period: Actuarial assumptions: Investment rate of return Projected salary increases Post retirement benefits 111100, updated from the base year actuarial study as of 111199. Entry age normal cost method. The Plan was fully funded as of 12131100. None. 7.5% compounded annually Not applicable None Three -vea r Trend Information ,Schedule of Funding Progress Actuarial Negative Annual Actuarial Value Net Year Pension APC Pension Ended Cost (APC) Contributed Obligation 1 2131197 $108,451 $1 23 $.352,882 12/31198 $95 $107,215 $438,538 12/31/99 $98,817 $118,570 $789,400 ,Schedule of Funding Progress (1) 1998 is based on an actuarial valuation as of 111199. 1997 and 1999 are based on an actuarial update of the 111197 and 111199 actuarial valuations_ respectively. (2) The Brooklyn Center Fire Department is a volunteer organization; thus no covered payroll exists. Related Partv Investments As of December 31, 2000, the Association held no securities issued by the City or other re ated parties. We Actuarial Excess of Actuarial Value Accrued Assets over Funded Fiscal of Assets Liability Liability Funded Ratio Year (A) (B) (A) -(B) A1B 1997 $21985,487 $2,503,805 $382,882 113.9% 1998 3 2 530 438,538 118.8% 1999 3 2 942 789 131.2% (1) 1998 is based on an actuarial valuation as of 111199. 1997 and 1999 are based on an actuarial update of the 111197 and 111199 actuarial valuations_ respectively. (2) The Brooklyn Center Fire Department is a volunteer organization; thus no covered payroll exists. Related Partv Investments As of December 31, 2000, the Association held no securities issued by the City or other re ated parties. We Note 15: Fund Changes The following fund was opened during 2000: Debt Service: GO Street Improvement Bonds of 2000 Fund No funds were closed during 2000. Note 17: Residual Equity Transfers The General Fund transferred $415,000 to the Capital Improvements Capital Projects Fund and $205,000 to the Specia Assessment Construction Capita Projects Fund. The transfers represent funds from the prior year's surplus of revenues over expenditures. The funds will be used for future park and street improvements. The amounts are not expected to be repaid and are reflected as residual equity transfers in the City's financial statements. 50 City of Brooklyn Center, Minnesota GENERAL FUND The City of Brooklyn Center Home Rule Charter provides in Section 7.11 that "there shall be maintained in the City Treasury a classification of Funds which shall provide for a General Fund for the payment of such expenses of the City as the Council may deem proper, and such other funds as may be required by statute, ordinance or resolution." The General Fund was established to account for all revenues and expenditures which are not required to be accounted for in other funds. t has more diverse revenue sources than other funds. These revenue sources include property taxes, licenses, permits, fines and forfeits, intergovernmental, service charges, and investment earnings. The Fund's resources finance a wide range of functions, includ -ing the current operations of general government, pub is safety, pub is works, hea th and welfare, recreation, and non- departmenta expenditures. This fund utilizes the modified accrual basis of accounting. Revenues are recognized in the accounting period in which they become available and measurable. Expenditures are recognized in the accounting period in which the related liability is incurred. 51 City of Brooklyn center General Fund COMPARATIVE BALANCE SHEET December 31, 2006 A -1 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable 2000 1999 ASSETS 372,090 374,450 Cash and cash equivalents $1 $1 ,218,275 1 nvestments 6 7,117, 958 Accounts receivable 78,883 66 Delinquent taxes receivable 58 165 Due from other funds 226 Due from other governments 105,962 149,859 Advance to other funds 195 195 TOTAL ASSETS $9 $9,635,485 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable $313 $360 Accrued salaries payable 372,090 374,450 Accrued vacation and sick pay 641 634,389 Deferred revenue delinquent taxes 68 165,999 Deferred revenue tax abatements 208 250 Total Liabilities 1 1 Fund Balance: Reserved for advances to other funds 105,074 105 Unreserved fund balance Designated: Working capital 5 5 Undesignated 1 1 Total Fund Balance 7 7 TOTAL LIABILITIES AND FUND BALANCE $9 $9 1 035 1 485 52 City of Brooklyn Center General Fund COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE w BUDGET AND ACTUAL For the Year Ended December 31, 2000 Revenues Property taxes Property tax abatements reserve Licenses and permits Intergovernmental Charges for services Court fines Investment earnings Change in fair value of investments Miscellaneous Total Revenues Expenditures General government Public safety Public works Community services Parks and recreation Economic development Non departmental Administrative Services Reimbursement Total Expenditures Excess of Revenues Over Expenditures Other Financina Uses Operating transfers out Total Other Financing Uses Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses Fund Balance January 1 Equity Transfers Out Fund Balance December 31 A-2 53 2000 Actual Over (Under) 1999 Budget Actual Budget Actual $8,1 34,653 $8,703,772 $569,119 $8,333,440 41,400 41,400 (113,949) 512,050 632,549 120,499 763,960 4,067,577 4 8 3 1 779,750 779,060 (690) 739,054 200,000 180 (19,324) 205,460 324,000 378,481 54,481 346,382 (153,454) (153,454) (158,708) 12,000 9 (2 6 14 14,648,366 618 14,033,798 2 2 19,431 2 5 5 (218,268) 5 2 2 53,829 1,904,205 95,030 95 118 83,295 2 4,041 2 (97,943) 2 308,750 397,507 88,757 383,927 478,843 419 (59,054) 343,925 (749 (795,737) (46,504) (670,390) 12,552,426 12,292 (259,634) 11,772,052 1 2 877,970 2 (1 (1 (54,634) (1,59'1 (1 (1 (54,634) (1,591,039) 823,336 823,336 6701707 7 7 7 (680,000) (680,000) (700,000) $7,308,707 $7,452 $143 $7,348,707 53 S -1 (Continued next page) City of Brooklyn center General Fund SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES BUDGET AND ACTUAL For the Year Ended December 31, 2000 54 2000 Actual Over (Under) 1999 Budget Actual Budget Actual �d VaLQLem Taxes Gross property taxes $7,484,653 $7,807,516 $322 $7,525,118 Penalties and interest 55,900 55,900 (1 Lodging tax 650,040 836 186,857 898 Special assessments 3 3 2 Total Taxes 8 34,653 8 569 8 Reserve for Property Tax Abatements Tax abatements under litigation 41 41 (113,949) Total Property Tax Abatements 41,400 41,406 (113,949) Licens es ard-Per r.�' s Liquor and beer 126 100 (25,425) 108,135 Building permits 240,000 353 113, 915 482 Mechanical permits 50 60 10 58 Sewer and water permits 1 1 73 1 Plumbing permits 26 31,204 5 45 Garbage licenses 3 3 81 2 Taxicab licenses 750 625 (125) 175 Mechanical licenses 4 5 1 4 Pawn shop licenses 8 12,000 4 12,750 Service station licenses 3 2 (1,050) 3 Vehicle dealer licenses 1 1 1 750 1 1 575 Bowling licenses 700 720 20 724 Cigarette licenses 3 3 (750) 3 Sign permits 2 4 1 2 Rental dwelling permits 30 40,715 10,715 19 Amusement licenses 2 2 7 Dog Iicenses 8 3,866 (4 5 Miscellaneous business license 2 3 1 2 Total Licenses and Permits 512,050 632 124 763 lnj grrpvern ental Federal g rants: Miscellaneous grants 5 4 (263) 5 Total Federal Grants $5,000 $4,737 ($263) $5,351 54 (Continued from prior page) City of Brooklyn center Genera Fund SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES BUDGET AND ACTUAL For the Year Ended December 31, 2000 W 2000 Actual Over (Under) 1999 Budget Actual Budget Actual 1 ntergovernmentaLL continued State grants: Local government aid $2 1 1221635 $21122 $2,069,744 Local performance aid 34 Homestead credit aid 1 1 1 Police pension aid 260 258 ($1,958) 248,748 PERA aid 34 34,365 34,365 Fireperson pension aid 87,036 92 5 89,484 Police training 13 16,326 2 14,156 E-911 phone service 16,000 19 3 17,019 Street maintenance aid 90 90 90,000 Love income housing aid 56,892 56 Miscellaneous grants 1 1 (161) 619 Total State Grants 4,062,577 4 8 3 Total Intergovernmental 4,067, 577 4 8 3 abarq_s for Service$ General government charges 23,600 51 27 28,058 Public safety charges 31 40 9 41,864 Recreation fees 725,150 687 (37, 542) 669,132 Total Charges for Services 779,750 779 (690) 739 Court Fines Fines 200 180,676 (19,324) 205,460 Total Court Fines 200,000 180 (19, 324) 205,460 MiscellareoL s Interest on investments 324,000 378 54 346,382 Change in fair value of investments (153,454) (153,454) (158,708) Other 12 91713 (2 6 Total Miscellaneous 336,000 234 (101,260) 194,353 Total Revenues $14,030,030. $14,648,366 $618,336 $14,033,798 W City of Brooklyn Center (Co next page) General Fund SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 Actual Over (Under) 1999 Budget Actual Budget Actual Ge neral S ov en1 Mayor and Council: Personal services $41,897 $40,899 ($998) $40,435 Supplies 1 2 1 1 Services and other charges 76,890 70,258 (6,542) 72,731 Total Mayor and Council 1 29,247 1 14 (6,198) 1 14,732 Administrative office: Personal services 366,353 369 2 337,409 Supplies 6 5 (1 4 Services and other charges 66,120 55 (10,312) 77 Capital outlay 2 5 2 1 Total Administrative Office 441 435 (5, 824) 420,973 Elections and Voter Registration: Personal services 70,923 72,167 1 44,271 Supplies 2 2 306 Services and other charges 8 1 (7 623 Total Elections and Voter Registration 82,373 76,606 (5 44,894 Assessor's Office= Personal services 230 229,049 (1 209,435 Supplies 2 3 674 2 Services and other charges 33,426 31,070 (2 30 Capital outlay 2 2,000 6 Total Assessor's Office 268,349 265 (3 248,347 Finance'. Personal services 398,248 377,983 (26,265) 368,311 Supplies 6 5 (896) 6,020 Services and other charges 8 8 (287) 6 Capital outlay 5 3 (1,023) 5 Total Finance 417,768 395 (22,471 386,275 Legal Services and other charges 220,000 276,384 66,384 268,388 Total Legal 220,000 276,384 56,384 268,388 Government Buildings: Personal services 237,591 228,584 (9 192,470 Supplies 78,050 65,398 (12,652) 74,567 Services and other charges 275,461 298,863 23 271 Capital outlay 13,000 19,387 6 23,929 Total Government Buildings $604,102 $612 $8,130 $562,908 56 S -2 57 City of Brooklyn Center (Continued next page) General Fund SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 Actual Over (Under) 1999 Budget Actual Budget Actual General GovemmmUconti Data Processing: Personal services $72,189 $72 ($130) $58 Supplies 10,000 10 409 7,692 Services and other charges 133,880 134,379 499 128 Capital outlay 32,000 29 (2 16 Total Data Processing 248 246,302 (1 211,440 Total General Government 2 2 19,431 2 Public Safety Police Protection: Personal services 3 3, 515, 848 (212, 672) 3 Supplies 711031 60 (10,862) 65,959 Services and other charges 700,394 694,170 (6 647,662 Capital outlay 34,100 48 14,459 27,686 Total Police Protection 4 4 (215,299) 4,325,721 Fire Protection: Personal services 388 391,744 3 360,714 Supplies 35 35 (226) 33,649 Services and other charges 182 170,365 (12,666) 147,816 Capital outlay 43,500 65,878 22,378 54,642 Total Fire Protection 549,273 663,061 13,788 596,821 Protective Inspection: Personal services 384,159 374 (9, 957) 333,041 Supplies 3 3,080 (120) 3 Services and other charges 37,136 34,924 (2 27 Capital outlay 7 Total Protective Inspection 424,495 412,206 (12,289) 37'1,569 Emergency Preparedness: Personal services 38,396 31,122 (7 32 Supplies 1 1 (239) 937 Services and other charges 7 10,564 3 8 Total Emergency Preparedness 47 43,347 (4,468) 42,511 Total Public Safety $5 $5,437,360 ($218,268) $5,336,622 57 58 S-2 City of Brooklyn Center (Continued next page) General Fund SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 Actual Over (Under) 1999 Budget Actual Budget Actual PublicWorka Engineering Department" Personal services $609,686 $516,271 $6,585 $578,709 Supplies 5 4 (847) 4 Services and other charges 23,764 23,444 (320) 21,574 Capital outlay 13,800 7 (5,968) 16,955 Total Engineering Department 652,300 651 (550) 622,270 Street Department'. Personal services 607,181 643 36,713 558 Supplies 168,500 182 14,310 132,860 Services and other charges 524,255 524,986 731 500,322 Capital outlay 94,800 97,425 2 89,829 Total Street Department 1 1 54,379 1,281,935 Total Public Works 2 2 53,829 1 Community n Social Services: Service and other charges 95,030 95,148 118 83,295 Total Community Services 95 95,148 118 83 P r s and Re Administration: Personal services 382,837 385,911 3 371,701 Supplies 16,600 15,808 (792) 12,856 Services and other charges 53,700 49,766 (3 43,947 Capital outlay 18,862 16,575 (2 21,924 Total Administration 471,999 468,060 (3,939) 450,428 Adult Programs: Personal services 79,933 65 (14,193) 74,065 Supplies 24,800 19,412 (5 28,182 Services and other charges 119 99,824 (19,926) 107,143 Total Adult Programs 224,483 184,976 (39,507) 209,390 Teen Programs'. Personal services 12,418 4 (7 2 Supplies 1 134 (1 1 265) 58 Services and other charges 1 (1 1 Total Teen Programs $15,318 $4,655 ($10,663) $4,343 58 Q 59 City of Brooklyn Center (Continued next page) General Fund SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 Actual Over (Under) 1999 Budget Actual Budget Actual parks a eation cor i R ed. Children's Programs: Personal services $92,823 $100 $7 $82,818 Supplies 1 1 13,269 1 13,170 Services and other charges 5 4 (682) 5 Total ChiIdren's Programs 110,198 118 8 101 General Programs: Personal services 22,907 30, 123 7 23 Supplies 200 122 (78) 4 Services and other charges 33,187 39,'177 5 31,198 Total General Programs 56,294 69,422 13,128 54,255 Community Center: Personal services 399,425 405 6 374,111 Supplies 48,200 53,099 4 50 Services and other charges 54,100 42 (11,638) 53,331 Capital outlay 4 Total Community Center 501,725 501,372 (353) 482,932 Park Maintenance Personal services 552,985 519 (33,323) 504,118 Supplies 64,250 51,831 (12,419) 47,986 Services and other charges 271,989 272,077 88 242,612 Capital outlay 44,800 25,242 (19,558) 34,590 Total Park Maintenance 934,024 868,812 (65,212) 829,306 Total Parks and Recreation 2 2 (97,943) 2 Economic Develo Convention Bureau: Services and other charges 308,750 397,507 88,757 383,927 Total Economic Development 308,750 397,507 88,757 383,927 a rt r� Expenditures not Charged to Departments: Personal services 49,785 34,219 (15,566) 40,986 Supplies 27,000 25,793 (1 1 207) 26276 Services and other charges 399 351 (48, 094) 258,840 Capital outlay 2 8 5 17,823 Total Nondepartmental $478,843 $419,789 ($59,054) $343,925 59 City of Brooklyn Center (Continued from prior page) General Fund SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL For the Year Ended December 31, 2000 Admini,gtrgtive Service Reimbu Charged to other funds Total Administrative Service Reimbursement -Qthe Financier Uses Operating transfers out° Special Assessment Construction Fund Earle Brown Heritage Center Fund Capital Project Fund Employee Retirement Fund Special Assessment Bonds Debt Service Fund Police Fire Building Debt Service Fund Total Other Financing Uses Total Expenditures and Other Financing Uses Budget ($749,233) (749,233) 394,197 100,000 237,681 745,726 1,477,644 $1 4,030,030 1 2000 Actual Over (Under) 1999 Actual Budget Actual ($795,737) ($46,504) ($670,390) (795,737) (46,504) (670,390) 394,197 424 4,357 100,000 120,000 258,488 20 262 779 33,827 779,491 1 54,634 1,591,039 $13,825,030 ($205,000) $131363,091 City of Brooklyn Center, Minnesota SPECIAL REVENUE FLINGS The Special Revenue Funds are established to account for revenues derived from taxes and/or other specific revenue sources. These resources are usually restricted by State statute or by City Charter or ordinance to finance specific City functions or activities. This fund type utilizes the modified accrual basis of accounting. Revenues are recognized in the accounting period in which they become available and measurable. Expenditures are recognized in the accounting period in which the related liability is incurred. Housinq and Redevelopment Authority Fund (H.R.A.}: This fund has authority to levy an ad valorem property tax for the purpose of conducting housing and redevelopment projects. These projects are accounted for in the E.D.A. Fund; all tax proceeds are transferred to that fund. Economic Development AuthoritlLFund (E.D.A.): This fund was established to account for the Economic Development Authority (E.D.A.) of Brooklyn Center. The E.D.A. carries out development activities; it has authority to operate an enterprise. The Earle Brown Heritage Center operates under this authority and a statement of its operations can be found in the enterprise fund section of this report. The E.D.A. also does redevelopment and housing projects, funded by an ad valorem property tax levy and transfers from the C.D.B.G. and H.R.A. funds. Earle Brown Farm Tax Increment Financing District Fund: This fund has the authority to collect tax increments which are used for the historic restoration of the Earle Brown Farm and for debt service payments of bonds which were issued for the same purpose. Tax Increment Districts No. 3 and No. 4 Funds: These funds have the authority to collect tax increments which are used for various redevelopment projects within the City and for debt service payments of bonds which were issued for the same purpose. Police Druq Forfeiture Fund This fund was established to account for property and/or cash seized by Police Department personnel. Community Development Block Grant Fund (C. D. B.G. The fund was established to account for funds received under Title I of the Housing and Community Development Act of 1974. Transfers are made from this fund to the Economic Development Authority Fund; projects are accounted for in the Economic Development Authority Fund. Citv Initiatives Grant Fund: Revenues and expenditures from grants received from outside entities are accounted for in this fund. Grant programs for 2009 include several public safety grants, an after school enrichment recreation grant and a local planning assistance grant. 61 City of Brooklyn center Special Revenue Funds COMBINING BALANCE SHEET December 31, 2000 Economic Earle Brown Tax Development Tax I ncr. Increment Authority Financing District Fund District No. 3 ASSETS Cash and cash equivalents $233,516 $503,356 Investments 846 11824,463 Accounts receivable 12 Delinquent taxes receivable 3 Due from other funds 139 Due from other governments 447 TOTAL ASSETS $1 $0 $2,467,112 LIABILITIES AND FUND BALANCES (DEFICITS) Liabilities: Accounts payable $473,739 $2,059 $2,943 Due to other funds 122,136 Accrued salaries payable Accrued vacation and sick pay 17 Advances from other funds 698 Deferred revenue 3 Total Liabilities 494 822 2 Fund Balances (Deficits Reserved: Bond proceeds 977 Unreserved 70,512 (822,338) 2 Total Fund Balances (Deficits) 1 1 048,131 (822,338) 2 TOTAL LIABILITIES AND FUND BALANCES (DEFICITS) $1 $0 $21467,112 B -1 Tax Increment District No. 4 Police Drug city Forfeiture initiatives Fund Grant Fund Totals 2000 1999 $8,265 $19 $764,137 $497 29 68 2 2 12,334 1 2,188 3 7 1 39 86,219 447 11991 $0 $38 $87,869 $4,135,868 $3,508,448 $3,838 $634 $483,213 17,157 139 17,704 698,'143 3,090 20,995 634 1 $59,436 17,236 6 18,390 698,'143 7,481 807,270 977,619 977,619 (20, 995) 37,589 $87,869 1 1 (20, 995) 37 87,869 2 2 $0 $38 $87 $4,135,868 $3,508,448 63 City of Brooklyn Center Special Revenue Funds COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For the Year Ended December 31, 2000 Housing and Economic Earle Brown Redevelopment Development Tax Increment Authority Authority Financing Fund Fund District Revenues Property taxes $149,892 $210,588 $1,1 86,908 Intergovernmental 19,684 1 $2,464,169 Investment earnings 134,209 1 8 Change in fair value of investments (49,279) (7 Miscellaneous 32 Total Revenues 169,576 2 40,702 1 Exoer�ures Personal services Supplies Services and other charges Capital outlay Interest Total Expenditures Excess (Deficiency) of Revenues Over Expenditures Other Fi,IIancin_ s 5ou Sale of fixed assets Operating transfers in Operating transfers out Total other Financing (Uses) Sources (Deficiency) Excess of Revenues and Other Financing Sources Over Expenditures and Other Financing Uses Fund Balances (Defi January 'I Fund Balances (Deficits) December 31 182 251 2 1 3,827,624 4,019 Tax Increment District No. 3 $1,999,665 96,804 (55,033) 2,041 ,436 157,30'1 4,019 157,301 169,576 (1,686,922) 1 1,884,135 1 94,491 401,884 (169, 576) (1 (560, 000) (169,576) 596,375 (1 (560,000) (1 2 $0 $1 (165,910) 1,324,135 (656,428) 1,140,034 ($822,338) $2,464,169 M Tax Police city Increment Drug Community initiatives District Forfeiture Development Grant Totals No. 4 Fund Block Grant Fund 2000 1999 $9,535 $3,556,588 $3,233,794 $232,308 $174,583 2 1,663,648 $2,078 1 1 433 252,888 200,873 (905) (1 (113,679) (97,456) 16,880 55,660 105,299 140,367 9 1 8,053 232,308 230,377 6 5,141 ,222 7 190 1 86,244 3 10 14 9. 12,857 2,611 126,948 2,312 2,205 67,441 1 3 211 211 337 13 6 212,919 4 5 (3, 533) 11 232,308 17,458 1 (783,106) 194,491 2 401,884 233,751 (232,308) (2 (2,113,751) (232,308) (1 531 (3, 533) 11 17,458 93,247 (251,119) (17, 462) 25,945 70 2 2 {$20,995} $37,589 $0 $87,869 $2,794 $2,701,178 65 City of Brooklyn center Housing and Redevelopment Authority Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 B -3 Excess (Deficiency} of Revenues Over Other Financing Uses Fund Balance January 1 Fund Balance December 31 $0 $0 $0 $0 Actual Over (Under) 1 999 Budget Actual Budget Actual Revenues Property taxes $144,482 $149,892 $5,41 $1 37,711 Intergovernmental 1 9 19 1 8,304 Total Revenues 1 64J 66 169,576 5 156,015 Other Financing Uses Operating transfers out (164,166) (169,576) (5 (156,015) Excess (Deficiency} of Revenues Over Other Financing Uses Fund Balance January 1 Fund Balance December 31 $0 $0 $0 $0 City of Brooklyn center Economic Development Authority Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 B -4 am Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Property taxes $202,240 $210,588 $5,348 $193,489 Intergovernmental 1 2,425 1 2,425 0 1 1 454,756 Investment earnings 30,000 1 34,249 1 04,209 140,557 Change in fair value of investments (49,279) (49,279) (73,789) Miscellaneous 1 2,000 32,759 20,759 87,148 Total Revenues 2 2,140, 702 84,037 1,802,161 Expenditures Personal services 183,758 182,426 332) 172,309 Supplies 1 1 900 251 (1 1 649) 583 Services and other charges 2 2 (180,217) 1,821,775 Capital outlays 1 1 80,917 3 Total Expenditures 3 3 (102,281) 5 (Deficiency) Excess of Revenues Over Expenditures (1 1 873,240) (1 1 686,922) 186 (3 Other Financin❑ Sources Sale of fixed assets 194,491 194,491 2,411,987 Operating transfers in 405 40'1,884 (3 233,751 Total Other Financing Sources 405,474 596,375 190,901 2 (Deficiency) Excess of Revenues and Other Financing Sources Over Expenditures (1 (1,090,547) 377,219 (1 Fund Balance January 1 2 2 3 Fund Balance December 31 $670,912 $1,048,131 $377,219 $2,1 38,678 am City of Brooklyn Center Earle Brown Farm Tax Increment District Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 B -5 68 Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Property taxes $1 $1,186,998 ($16 $1,337,199 Investment earnings 15,000 18,364 3 17,862 Change in fair value of investments (7 (7 (8 Total Revenues 1 8,500 1 (20,391) 1 Expenditurres Services and other charges 4 41019 19 1 1 898 'Total Expenditures 4 4 19 1 Excess (Deficiency) of Revenues Over Expenditures 1 1 (20,410) 1 Other Financing Uses Operating transfers out (1 (1,360,000) (1 Total Other Financing Uses (1 (1 (1 (Deficiency) Excess of Revenues Over Expenditures and Other Financing Uses (145,500) (165,910) (20,410) 15,009 Fund Balance (Deficit) January 1 (656,428) (656,428) (671,437) Fund Balance (Deficit) December 31 ($801,928) ($822,338) ($20,410) ($656,428) 68 City of Brooklyn Center Tax Increment District No. 3 Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2300 2000 B-6 Excess of Revenues Over Expenditures 1 1 ,884, 1 35 46,681 1 other Financing Uses Operating transfers out (560,000) (560 (550,000) Total Other Financing Uses (560,000) (560,000) (550,000) Excess of Revenues Over Expenditures and Other Financing Uses 1 1 46,681 772,108 Fund Balance January 1 11140,034 1 1 40,034 357,926 Fund Balance December 31 $2,417,488 $2,464,169 $46,681 $1,140,034 No Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Property taxes $2,022,255 $1,999,665 ($22,590) $1,565,400 Investment earnings 25 96,804 71,894 37 Change in fair value of investments (55,033) (55,033) (14, 174) Total Revenues 2 2 (5 1 1 589,058 Expenditures Services and other charges 209,801 157,301 (52,500) 266,950 Total Expenditures 209,801 157,301 (52,500) 266 Excess of Revenues Over Expenditures 1 1 ,884, 1 35 46,681 1 other Financing Uses Operating transfers out (560,000) (560 (550,000) Total Other Financing Uses (560,000) (560,000) (550,000) Excess of Revenues Over Expenditures and Other Financing Uses 1 1 46,681 772,108 Fund Balance January 1 11140,034 1 1 40,034 357,926 Fund Balance December 31 $2,417,488 $2,464,169 $46,681 $1,140,034 No City of Brooklyn Center Tax Increment District No. 4 Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 B-7 70 Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Property taxes $9,535 $9,535 Total Revenues 9 9 Expenditures Services and other charges 9 12 $3,322 $17,125 Interest 211 211 337 Total Expenditures 9 13 3 17,462 Deficiency of Revenues Over Expenditures (3 (3 (17 Fund Deficit January 1 (17,462) (17 Fund Deficit December 31 ($17,462) ($20,995) ($3 ($17,462) 70 City of Brooklyn Center Police Drug Forfeiture Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 2000 B -8 71 Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Forfeited drug money $20 $16 ($3 $20,008 Investment earnings 2 2 11714 Change in fair value of investments (905) (905) (634) Total Revenues 20 18,053 (1 21,088 Expenditures Supplies 8 3 (4 8 Services and other charges 2 2 611 2 Capital outlays 10,000 (10,000) 9 Total Expenditures 20,000 6 (13,591) 20,558 Excess of Revenues Over Expenditures 11 11,644 530 Fund Balance January 1 25,945 25,945 25,415 Fund Balance December 31 $25 $37,589 $11,644 $25,945 71 City of Brooklyn Center Community Development Block Grant Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 2909 B -9 Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Intergovernmental: Federal Grants $241 ,308 $232,308 ($9,000) $77,736 Total Revenues 241,308 232,308 (9 77,736 Other Financin❑ Uses Operating transfers out (241,808) (232,308) 9 (77,736) Excess (Deficiency) of Revenues over other Financing Uses Fund Balance January 1 Fund Balance December 31 $0 $0 $0 $0 72 City of Brooklyn Center City Initiatives Grant Fund STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL For the Year Ended December 31, 2000 B -19 73 Actual Over (Under) 1999 Budget Actual Budget Actual Revenues Intergovernmental $1 75,000 $1 74,583 ($417) $112,852 Investment earnings 1 1 2 Change in fair value of investments (1 1 299) (1 1 299) (714) Miscellaneous 55,000 55,660 660 33,211 Total Revenues 239,000 230,377 377 148,257 Expenditures Personal services 75,000 7 (67,036) 13,935 Supplies 10,566 10,566 294 Services and other charges 95,000 1 26, 948 31,948 95,612 Capital outlays 60,009 67,441 7,441 Total Expenditures 230,009 212 (1 7,081) 1 09,841 Excess of Revenues Over Expenditures 17,458 17,458 38 Fund Balance January 1 70,411 70,411 31,995 Fund Balance December 31 $70,411 $87,869 $17,458 $70,411 73 City of Brooklyn Center, Minnesota DEBT SERVICE FUNDS The Debt Service Funds were estab ished to account for the accumu ation of resources for and the payment of principal and interest on long -term general obligation debt other than revenue bonds and the City's liability for compensated absences. This fund type utilizes the modified accrual basis of accounting. Revenues are recognized in the accounting period in which they become available and measurable. Expenditures are recognized in the accounting period in which the principal and interest are due. The City's Debt Service Funds included in this section are: Genera obligation Bonds Fund: This fund is used to account for the accumulation of resources for payment of general obligation bonds and interest thereon. Tax Increment Bonds Fund: This fund is used to account for the accumulation of resources for payment of tax increment general obligation bonds and interest thereon. These bonds were sold to finance the purchase and redevelopment of the historic Earle Brown Farm and other various redevelopment projects within the City. Special Assessment Bonds Fund: This fund is used to account for the accumulation of resources for the payment of special assessment bonds. These bonds were sold to finance certain pub is improvements such as residentia streets and storm sewers or the provision of services which are to be paid for wholly or in part from special assessments levied against benefited property. 74 LIABILITIESAND FIND BALANCES City of Brooklyn Center Liabilities: Debt Service Funds Accounts Payable COMBINING BALANCE SHEET $750 $2,571 $3,384 December 31, 2000 Deferred revenue $1 0,619 General Tax Special 3 3 Total Liabilities Obligation Increment Assessment Totals 3 3 Bonds Bonds Bonds 2909 1999 AS SETS Cash and cash equivalents $622,661 $1,782,340 $1,075,431 $3,480,432 $4,544,919 Investments 153,313 189,246 917 1 1,123,361 Special assessments receivable: 1 4 5 Deferred 3,545,518 3 3 Delinquent 10,619 19,469 30,088 18,654 TOTAL ASSETS $786,593 $1,971,586 $5,557,420 $8,315,599 $9,139,464 LIABILITIESAND FIND BALANCES Liabilities: Accounts Payable $63 $750 $2,571 $3,384 $1 Deferred revenue $1 0,619 3 3 3 Total Liabilities 1 0,682 750 3 3 3 Fund Balances: Reserved for debt service 775,911 1 1 970,836 1 4 5 Total Fund Balances 775,911 1 1 4 5 TOTAL LIABILITIES AND FUND BALANCES $786,593 $1,971,586 $5,557,420 $8,315,599 $9,139,464 75 City of Brooklyn Center Debt Service Funds COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2000 C-2 W General Tax Special Obligation Increment Assessment Totals Bonds Bonds Bonds 2000 1999 Revenues Special assessments $994,839 $994,839 $690,538 Intergovernmental $291,245 291,245 308 Investment earnings 48 $21,126 71 141,277 137,511 Change in fair value of investments (8 (7 (33,245) {49,494} (32,598) Total Revenues 331,102 13,370 1,033,395 1,377,867 1 Expe Principal 2 55,000 1 535,040 3 2 Interest 454,986 595,554 231 1, 282, 512 1 Fiscal agent fees 1 1 10,127 13,426 13,930 Total Expenditures 2 1,877,487 777,099 5 3 (Deficiency) Excess of Revenues Over Expenditures (2 (1 256,296 (3 (2 Other Financina Sources (Used Operating transfers in 2 1 258,486 4 2,921,765 Operating transfers out (1 (1 Total Other Financing Sources 779 1 258,486 2,958,039 2 (Deficiency) Excess of Revenues and Other Sources Over Expenditures and Other Uses (1 55,883 514,782 (930,032) 552 Fund Balances January 1 2 1 1 ,475,080 5 5 Fund Balances December 31 $775,911 $1,970,836 $1,989,862 $4,736,609 $5,666,641 W City of Brooklyn center, Minnesota CAPITAL PROJECTS FUNDS The capital Projects Funds are established to account for all resources used for the construction or acquisition of capital facilities by the City except those financed by Enterprise Funds. This fund type utilizes the modified accrual basis of accounting. Revenues are recognized in the accounting period in Which they become available and measurable. Expenditures are recognized in the accounting period in which the related liability is incurred. The city's capital Projects Funds included in this section are: Capital Reserve Emergency Fund This fund was established in 1997 to account for monies held in reserve for catastrophic losses. Capital Improvements Fund: This fund was established in 1968 to provide funds, and to account for the expenditure of such funds, for major capital outlays including, but not imited to, construction or acquisition of major permanent facilities having a re ative y ong ife; and/or to reduce debt incurred for capital outlays. The financing sources of the fund include ad valorem taxation, transfers from other funds, issuance of bonds, federal and state grants, and investment earnings. Municipal State Aid for Construction Fund: This fund was established to account for the state allotment of gasoline tax collections used for transportation related construction projects. Special Assessment Construction Fund: This fund was established to account for the resources and expenditures required for the acquisition and construction of capital facilities or improvements financed wholly or in part by special assessments levied against benefitted properties, 77 ,ASSETS Cash and cash equivalents Investments Accounts receivable Special assessments Deferred Delinquent Due from other funds Due from other governments Advance to other funds TOTAL ASSETS City of Brooklyn Center Capital Projects Funds COMBINING BALANCE SHEET December 31, 2000 D -1 LIABILITIES &ND FUND BALAM Liabilities: Accounts payable Contracts payable Accrued salaries and wages Deferred revenue Total Liabilities Fund Balances: Reserved: Advances to other funds Unreserved $1,212,095 Total Fund Balances 1 TOTAL LIABILITIES AND FUND BALANCES $1,212,095 Totals 2000 1999 $1,492,707 $1,407,861 5,410,467 8,210,074 Municipal 2 Capital 392,727 State Aid Special Reserve Capital for Assessment Emergency Improvements Construction Construction Fund Fund Fund Fund $262,097 $868,843 $105,567 $256,200 949 3 382,639 928,622 1,696 232,599 37,342 607,291 285 1 593,069 $1,212,095 $5,018,051 $1,688,566 $1,742,074 LIABILITIES &ND FUND BALAM Liabilities: Accounts payable Contracts payable Accrued salaries and wages Deferred revenue Total Liabilities Fund Balances: Reserved: Advances to other funds Unreserved $1,212,095 Total Fund Balances 1 TOTAL LIABILITIES AND FUND BALANCES $1,212,095 Totals 2000 1999 $1,492,707 $1,407,861 5,410,467 8,210,074 1 2 232 392,727 37 8 4 255,895 892 364,251 1 1 $9,660,786 $12,390,099 $146 $8,249 $218,346 $373,191 $830,468 5 5 7 17,801 155,334 5,508 98,490 269,942 368,432 844,795 152,181 111,955 495,288 759,424 1 1 593,069 1,593,069 1,669,412 3 983,542 1 7,308,293 8 4 1 1 8 1 0,553,994 $5,018,051 $1,688,566 $1,742,074 $9,660,786 $12,390,099 78 D -Z 79 City of Brooklyn Center Capital Projects Funds COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES For the Year Ended December 31, 2000 Municipal Capital State Aid Special Reserve Capital for Assessment Emergency Improvements Construction Construction Totals Fund Fund Fund Fund 2000 1999 Reve Special assessments $289,596 $289 $217,306 Intergovernmental $1 1 293,108 1 2 Investment earnings $73 $247,490 134,476 60 516 502,728 Change in fair value of investments (30,801) (61,378) {55,333} (26,512) (174,024) (288,853) Sale of property Miscellaneous 10,000 10,000 21,004 Total Revenues 42,843 196,112 1 ,372,251 323,708 1 3,1 70,913 tu res Personal services 2 10,397 258,870 271,304 237,861 Supplies 214 296 510 11,869 Services and other charges 288,437 54,534 275,017 617 1 1 006 1 173 Capital outlay 970,818 2 1,477,577 4,681,941 9 Total Expenditures 1 2,298 2,01 1,760 5 10,316,554 Excess (Deficiency) of Revenues Over Expenditures 42,843 (1 (926,226) (1 (3 (7 Q]ther Finm2ciW Sources Proceeds from sale of bonds 735 735,000 1 Operating transfers in 175,000 394,197 569,197 499,917 Total other Financing Sources 175,000 1 1 ,304,E 97 2 Excess (Deficiency) of Revenues and other Financing Sources Over Expenditures 42,843 (890,394) (926,226) (558,855) (2 (5 Fund Balances January 1 1 5,341,264 2 1,540,641 10,553,994 14 Equity Transfers In 415,000 265,000 680,000 700,000 Fund Balances December 31 $'1,2'12,095 $4,865,870 $1,576,611 $1,246,786 $8,901,362 $10,553,994 79 co 1 CC CO Id- C3 w 0 w Z C.) 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CL. z 0 L) C CIO U) o 00 C Ul 0 %0- ca CD 0 L) w 00) 0 b� 01. �ao 0 C:) 0 ll CII). co a) ts� N Ca u lc w00 0 c CD co o V, CD '00 C'A U CIO LO 00' LO co U") c 0 0 uo- CaAl. C*41 CD C) 0'- 0 o 0 1 CD CD to o 00 CIO 0 U*) A 0 6 0 !E (D 0 Jc C CI 06 ::3 0 0) 0 CD S 0 0 o ul CO co CD ILO O`` 1` ODA to c o LO co 'fir 00 ire 0 C v"A r 'V/� rte' y. [o 0 Vol, co 00 N L t' U') to. rr 0 �•1 Cr) (0 r"" C UO 0 �+y ,.may .'r. (0 r, 0 LO to CIO 00 0 CIO U" o o ul CD CD C "Z5 1- o CD "0° 0- 0- c o (D m o W. o J p v Q C .0 Co W City of Brooklyn Center, Minnesota ENTERPRISE FUNDS The Enterprise Funds were established to account for the financing of self-supporting activities of the City which render services on a user charge basis to the general public. Revenues and expenses in these funds are recognized on the accrual basis of accounting. Revenues are recognized in the accounting period in which they are earned and become objectively measurable. Expenses are recognized in the period incurred, if objectively measurable. The City's Enterprise Funds included in this section are: Municipal Liquor Fund: This fund accounts for the operations of the City's municipal off -sa e liquor stores. Golf Course Fund: This fund accounts for operations of Centerbrook Golf Course, a g hole, par 3 course owned by the City. Earle_ Brown Heritage Center Fund: This fund accounts for the operation of a convention center. The Earle Brown Heritage Center is a pioneer farmstead that has been historically preserved and restored as a modern multipurpose facility. Its convention center can host conferences, trade shows, and concerts seating 1,000 people in either banquet or theater style. The facility hosts many meetings, parties, weddings and receptions. Recycling and Refuse_ Fund: This fund accounts for the operation of a state mandated recyc ing program. Expansion into refuse collection will take place on y when there is a clear advantage to be achieved by it. Water Utilitff und: This fund accounts for the provision of water to customers. Administration, wells, water storage, and distribution are included. Sanitary Sewer Fund: This fund accounts for the collection and pumping of sanitary sewage through a system of sewer lines and lift stations. Sewage is treated by the Metropolitan Council Environmental Services whose fees represent about 75% of this fund's expenses. Storm Drainage Fund: This fund accounts for the operations and improvements of the storm water drainage system. It incorporates not only the storm sewer system, but also water structures such as holding ponds and facilities to improve water qua ity. Fees are based upon the amount of water running off a property and vary with both size and absorption characteristics of the parcel. 83 City of Brooklyn Center Enterprise Funds COMBINING BALANCE SHEET December 31, 2000 E. Brown Municipal Golf Heritage Liquor Course Center ASSETS Fund Fund Fund Current Assets" Cash and cash equivalents $81 ,492 $29,975 $42,271 Investments 279,965 74 1 51,585 Accounts receivable net 1 339,366 Accrued revenue Special assessments receivable: Deferred Delinquent Due from other governments 163,991 Due from other funds Inventories 326,644 1 1,066 32,756 Prepaid expenses 12,244 3 Total Current Assets 864,511 106,435 569 Fixed Assets: Mains and fines Structures 222,598 31 7,090 11,318,307 Equipment 88,793 26,220 996,234 Land 1 1 Land improvements 77,450 388,985 311,391 1 14,196,826 Less: Accumulated, Depreciation 56,747 1 60,334 3 Total Net Fixed Assets 254,644 1 1 0,851 ,232 Total Assets $1,1 19,155 $1,758,573 $1 1,420,660 LIABILITIES AND FUND EQUITY Current Liabilities'. Accounts payable $119,211 $1,109 $749,797 Contracts payable Due to other funds Accrued salaries payable 15,708 1 1 586 22,638 Accrued vacation and sick pay 52,814 7 23,922 Accrued interest payable Current portion of long-term debt 50 Total Current Liabilities 187 60. 796,357 Long -Term Liabilities: Advances from other funds 950,000 Other long term liabilities Bonds payable Total Long -term Liabilities 950,000 Fund Equity: Contributions 643 10 Retained earnings Reserved: Debt service Special assessments Unreserved 931,422 1 04,801 179,331 Total Fund Equity 931 748 10,624,303 Total Liabilities and Fund Equity $1,119,155 $1,758,573 $11,420,660 84 -EA Recycling Water Sanitary Storm $1,155,592 $953,402 Refuse Utility Sewer Drainage Totals 85,157 Fund Fund Fund Fund 2000 1999 $12,563 $482,121 $185,387 293 $824,809 $910,943 45,538 '1,747,495 67'1,953 2 4 1 4,440 1 02,777 1 85,231 $73,238 716,127 761,604 26,288 155,105 318,577 149,155 649,125 634,099 1 142,477 4 24,898 171 156,420 21, 776 52 21,828 13,833 56,302 163,991 14 84,636 860,000 84,636 1,050,000 26,815 860,400 397,281 441,342 4 1 07,124 863,964 122 125,143 98,829 2,763,292 1 247,343 6 7 12,585,566 10,632,622 10,122,751 33,340,939 30,512,514 97,579 5 31156,489 7 20,779,526 20,400,437 97,579 149,314 202,826 1 1,898 1 1 475,285 1 23,093 3 287,158 3 3 1 3,857 10,786 491,078 501 1 8,536,872 1 3 1 0,432,593 59 56,190,224 5 3 397 1 2,392,023 11,61 4,245 13,204,208 10,895,662 '10,035,573 46,893,456 44,575,979 $98,829 $15,967,410 $1 2,367,956 $10,282,916 $53,01 5,499 $51 ,656,604 $1 $11 1,115 $1 30,817 $42,293 $1,155,592 $953,402 57,302 3 3 63,302 85,157 84,636 84 545,000 15 4 293 59,505 54,497 10,662 6 1 01 83,774 22,795 22,795 26,467 190 240,000 256,343 1 1 94,147 144,741 343,017 1,727,292 2,004,640 950 1 56,302 56,302 168,906 860,000 860 1,050,000 56 860,400 1 1 866,302 2,218 4 5,668,426 863,964 22,618,597 22,933,780 239,950 239,950 239,110 164,254 4 24,954 193,226 170,254 97,579 1 0,555,197 6 7 26,370,132 24,089,914 97,579 15,716 12,223,215 9 49 47,433,058 $98,829 $1 5,967,4'10 $12,367,956 $10,282,916 $53,015,499 $51,656,604 85 City of Brooklyn Center Enterprise Funds COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES N RETAINED EARNINGS For the Year Ended December 31, 2000 OperafLa Revenues Sales and user fees Cost of sales Gross Margin Operating Expenses Personal services Supplies Other services Insurance Utilities Rent Depreciation Total Operating Expenses Operating Income (Loss) NonQperatj.W ExpensesW or Revenues Investment earnings Change in fair value of investments Special assessments Intergovernmental Other revenue Interest and fiscal agent fees Loss on sale of fixed assets Total Nonoperating Expenses( or Revenues Income (Loss) Before Operating Transfers Operating Transfers In Operating Transfers Out Net Income (Loss) Depreciation on contributed assets that reduces contributed capital Retained Earnings (Deficits) Jan. 1 Retained Earnings Dec, 31 4,189 (515) (23,848) (30,989) (9 3 (23,848) 144 77 101,176 (75, 000) 69,557 77,704 1 01,176 338,788 861 27 (260,633) $931,422 $1 04,801 $179,331 86 E. Brown Municipal Golf Heritage Liquor Course center Fund Fund Fund $3 $359,511 $3,992,737 2 36,677 533,428 850,511 322 3 415,887 148,450 1 20 20 230,784 99 44 481,383 9 8 30 19 13 154 11 7 76 14,018 13 405 696 248,482 3 153,681 74,352 125 30 6, 555 (12,738) (3 4,189 (515) (23,848) (30,989) (9 3 (23,848) 144 77 101,176 (75, 000) 69,557 77,704 1 01,176 338,788 861 27 (260,633) $931,422 $1 04,801 $179,331 86 E--2 Recycling Water Sanitary Storm Refuse utility Sewer Drainage Totals Fund Fund Fund Fund 2000 1999 $210,168 $1,348,221 $2 $1 $12,968,408 $12 3 3 210,168 1 2 1 9,663, 985 9 314 120 1 00,000 3,054,611 2 1 38,493 11,128 475 422,065 363,390 214 348,149 1 51, 062 2 2 119 8 5 2 65 54 121 23 333 322,062 1 93 236,172 400,358 21 3,401 1 53 1 17065,311 214,889 1 1 307 8 7 (4, 72'1) 16,811 476,878 767,230 1 1,224, 207 4 142 90 275,169 298,676 (1 ,85'1) (39,259) (36,067) (93,118) (134,55'1) 39,775 314 313,068 353,157 291,475 1 6 10,275 7 (59,144) (83,507) (90 (30, 989) 2 149,422 54 253,924 430 1,464,959 (2, 016) 166,233 531,434 1 2 2 4 (75,000) (75,000) (2,016) 166,233 531,434 1,021,154 1 2 338,788 318,424 99,595 10,553,218 6 7 24,499,278 21,562,335 $97,579 $10 $6,554,789 $8,215,935 $26 $24,499,278 87 City of Brooklyn Center Enterprise Funds COMBINING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 Municipal Golf Liquor Course �I1flows f rom omrati activities: Fund Fund Operating income (loss) $153,681 $74 Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities'. Depreciation Changes in assets and liabilities: Receivables Inventories Prepaid expenses Payables Accrued expenses Accrued interest payable Other nonoperating income Net cash provided by (used for) operating activities Gash flows from noDcaWtaLfinan.!Jna Proceeds from borrowings due to other funds Principal repayments on long term debt Principal repayments on advance Interest paid on advance from other funds Interest paid on due to other funds Operating transfers in Operating transfers out Net cash (used for) provided by noncapital financing activities Cash fl ows f fom ca0al anc J related fnartcing 'v' 'e Capital contributions Acquisition and construction of capital assets Proceeds of sale of fixed assets Principal paid on revenue bonds Interest paid on revenue bonds Net cash used for capital and related financing activities -Q asllflow from .oves ivities Investments purchased Investments sold or matured Interest on investments Net cash provided by (used for) investing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year lei ca Change in fair value of investments 14,018 (1 62,876) 28,144 (6, 396) 18,732 13,943 13,837 4,189 63,435 (26, 343) (515) (75,000) (10'1,858) (253, 002) 221,241 (31,761) (201 ,333) 257,850 30,929 87,446 1 7,262 64,230 $81 ,492 ($12,738) 88 705 (6,399) 971 E. Brown Heritage Recycling Center Refuse Fund Fund $'l 25, 024 ($4 405,284 40,748 702 (895) 311,739 754 1 1 793 250 83,466 883,356 (2, 678) (50,000) (545,000) (23,848) (50, 000) (568, 848) (5, 313) (5, 313) (53,673) 30,207 6,555 (16,911) 11 ,242 9,733 $20,975 ($3,203) 23,505 (1 48,591) (124,986) (109, 362) (42, 224) (1 ,586) 3T936 4 $42,271 (32, 853) 35,037 4 6 4,062 8,50'1 $1 2,563 ($'1,851) Water Sanitary Storm utility Sewer Drainage Totals Fund Fund Fund 2000 1999 $1 6 $476,878 $767,230 $1 ,609,255 $1,224,207 400,358 21 3,401 153,206 1,200,104 1 311 (122,870) 12,978 3 (227,108) (82,357) 14,510 44 (83, 669) 9 2 936 (27, 653) 51 (224,177) 124,037 396 5 1 294 22,699 (40, 016) (3, 675) (3 (3, 364) 45,861 314 313,068 363,432 1 332 765,823 1 3,135,130 3 84 84,636 160,000 (56, 302) (56, 302) (56, 302) (621, 343) (79, 969) (515) (2 (23, 848) (23, 233) 4,357 (75,000) (75,000) (56,302) 84,636 (692,372) (72,740) 23,605 1 ,234,880 (972,460) (1 1 (3 812) (4 221 1 24'1 (180,000) (180,000) (170,000) (59 (59,144) (65, 078) (972,460) (1,295,282) (1 (3 (3 (1 (484,783) (2 {2 1 914,262 24,624 3 2,052 142,820 90,309 275,169 298,676 765,117 51 9 24 1 1 235, 2'18 (18,911) 69 (9 (215 (86,134) (2021788) 413,103 195, 058 215,983 910 943 11113,731 $482,121 $1 85,387 $0 $824,809 $910,943 ($39,259) ($36,067) ($93,118) ($134,551) 89 City of Brook yn Center Municipal Liquor Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2000 E-4 all 2000 '1999 Salp Liquor $1 68 $1 Wine 373,666 346,560 Beer 11841,592 1, 852, 088 Soft drinks 59,319 65,162 Other merchandise 141,258 159 Total Sales 3 3 Less. Cost of Sales 2 2 Gross Margin 850,511 865 Qperathg Expenses Personal services 415 387,264 Supplies 20 16,133 Other services 99 85 Insurance 9 8 Utilities 19 25 Rent 1 17,659 69 Depreciation 14 39 Total Operating Expenses 696 632 Operating Income 153 233 Nonoperating Revenues (Expensed Investment earnings 30,929 18 Change in fair value of investments (12,738) (7,266) Other revenue 4 6 Interest and fiscal agent fees (515) (2, 593) Loss on sale of fixed assets (30, 989) Total Nonoperating (Expenses) or Revenues (9 15 Operating Transfers to Other Funds 75,000 75,000 Net Income 69 174 Retained Earnings January 1 861 687,841 Retained Earnings December 31 $931 $861 all City of Brooklyn Center Golf Course Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2046 E -5 Ooera#bg Expenses Personal services 2006 '1999 Qerating Revenues 20 25,703 Green fees $272 $269 Rentals 12 12 Leagues 1 2,522 12,125 Golf lessons 5 2 Concessions 33 30,010 Merchandise 20,378 24,691 Pop machine 1 11599 Miscellaneous 1 1 664 1 1 747 Total Operating Revenues 359 355,534 Less: Cost of Sales 36 31,860 Gross Margin 322 323,674 Ooera#bg Expenses Personal services 148 145,159 Supplies 20 25,703 Other services 44 56,704 Insurance 8 6 Utilities 13,617 13,320 Depreciation 13,837 13,847 Total Operating Expenses 248,482 261,610 Operating Income 74,352 62,064 Nonooeraf= Revenues Investment earnings 6 4 Change in fair value of investments (3 (1 Total Nonoperating Revenues 3 2 Net Income 77,704 64,662 Retained Earnings (Deficit) January 1 27,097 (37,565) Retained Earnings December 31 $104,801 $27,097 j City of Brooklyn Center Earle Brown Heritage center Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN BETA NED EARNINGS For the Year Ended December 31, 2000 Operating Re venues Conventions Catering Inn on the Farm Office Rents Total Operating Revenues Less. Cost of Sales Gross Margin mat Expenses Personal services Supplies Other services Insurance Utilities Rent Depreciation Total Operating Expenses Operating Income (Loss) Nonoperating Expenses Interest and fiscal agent fees Total N o noperati ng Expenses Operating Transfers from Other Funds Net Income (Loss) Depreciation on contributed assets that reduces contributed capital Retained Earnings (Deficit) January 1 Retained Earnings (Deficit) December 31 2000 $1,022,997 2 207 60,'138 3,992,737 533,428 3,459,309 1,955,572 2.30,784 48'1,383 30,504 1 54,643 76,115 405,284 3,334,285 125 (23, 848) (23, 848) 101,176 338,788 (260,633) $179,331 E -Q 1999 $811,202 2,41 8,368 209,584 5'1,538 3,490,692 559,005 2,931,687 1 196,100 539,705 27,125 149,679 166,250 376,209 3,357,098 (425,411) (23,233) (23,233) 4 (444,287) 318,420 (134,766) ($260,633) 92 E City of Brooklyn center Recycling and Refuse Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES N RETAINED EARN NGS For the Year Ended December 31, 2000 Ocerating Revenues Recycling service fees Operating Expenses Other services Insurance Total Operating Expenses Operating Loss Nonoperatinq Revenues (Expensesj Investment earnings Change in fair value of investments Total Nonoperating Revenues Net Loss Retained Earnings January 1 Retained Earnings December 31 2090 1999 $210,168 $210,764 214 21 3 119 85 214 213 (4,721) (2,618) 4,550 (1,851) 2,795 (2,016) 99,595 $97,579 4,189 (1,918) 2,271 (347) 99,942 $99,595 93 E -8 City of Brooklyn center Water Utility Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2000 2000 '1999 Operating Revenues Service to customers $1 $1,211,746 Sa a of meters 2 25 Penalties 73 71 Rentals 52 45,475 Total Operating Revenues 1 1 Operating Expenses Personal services 314 291 Supplies 138 1 14,297 Contractual services 348 291 ,588 Insurance 8 5 Utilities 121 7 325 1 09 Depreciation 499 355,572 Total Operating Expenses 1 1 59 Operating Income 16 184,418 Nonoperating Revenues (Expense) Investment earnings 142 148295 Change in fair value of investments (39,259) (72,990) Special assessments (for hookups delinquencies) 39 22 Other 6 460 Total Nonoperating Revenues 149,422 98 Net Income 166 282,508 Retained Earnings January 1 10, 553,218 10 Retained Earnings December 31 $10,719,451 $101553,218 E -9 City of Brooklyn Center Sanitary Seger Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2000 2000 1999 Operating Revenues Service to customers $2,398,323 $2,384,106 Operating Expenses Personal services 120 110 Supplies 11,128 11,157 Contractual services 198,209 187,113 Metropolitan Council Environmental Services 1 7 348,709 1 7 799 Insurance 5,962 4 Utilities 23,985 24 Depreciation 213 203,019 Total Operating Expenses 1 1 Operating Income 475 404 Nonoperating Revenues (Expenses) Investment earnings 90 85,103 Change in fair value of investments (30,067) (38,885) Special assessments for hookups and delinquencies 314 338 Total Nonoperating Revenues 54,556 45,555 Net Income 531 451 Retained Earnings January 1 5 5 Retained Earnings December 31 $5,554,789 $6,023,355 95 EM1 g City of Brooklyn Center Storm Drainage Fund COMPARATIVE STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2000 2000 1999 Operating Revenues Service to customers $1,074,519 $999,807 Operating Expenses Persona services 100,000 99 Supplies 470 Contractual services 51,052 54 Insurance 2 1 Depreciation 153 75 Total Operating Expenses 307 232 Operating Income 757 757 Nonoperating Revenues (Expenses] Investment earnings 37 Change in fair value of investments (11,820) Special assessments 310,588 255 Special assessments interest 2 3, 095 Intergovernmental 1 1 092 7 809 Other revenue 374 Interest and fiscal agent fees (59,144) (55,078) Total Nonoperating Revenues 253,924 1 Net Income 1 2 Retained Earnings January 1 7 5 Retained Earnings December 31 $8,215,935 $7,194,781 i City of Brooklyn center, Minnesota INTERNAL SERVICE FUNDS Internal Service Funds are used to account, on a cost reimbursement basis, for the financing of goods or services provided by one department to other departments of the City. Revenues and expenses in these funds are recognized on the accrual basis of accounting. Revenues are recognized in the accounting period in which they are earned and become measurable. Expenditures are recognized in the accounting period in which they are incurred. The city's Internal Service Funds included in this section are: Pub is Emp ogees Retirement Fund: This fund provides certain health care insurance benefits for City employees who retire before age 65. Substantially al of the city's full --time police and fire employees and all other full --time employees hired before July 1, 1989 may be eligible for those benefits from the time they qualify for an unreduced PERA pension until they reach age 65 or become eligible for Medicare. In the event that future costs would exceed earnings, other funds would be charged for the costs associated with their emp oyees. Central Garage Fund: This fund was established to account for the acquisition and maintenance of all City vehicles and rolling stock equipment. Vehicle and equipment maintenance, repair, and replacement will be provided from rental rates which the Central Garage charges City operating departments for use of the equipment. 97 98 F -'1 City of Brooklyn Center Internal Service Funds COMBINING BALANCE SHEET December 31, 2000 Public Employees central Retirement Garage Totals ASSETS Fund Fund 2009 1999 Current Assets, Dash and cash equivalents $307,113 $800,568 $1,1 07,681 $745,358 Investments 1,11 3,163 21901 ,736 4,014,899 4 Accounts receivable 3 4,941 8 21,493 Inventories 11 ,273 11 ,273 1 2 Total Current Assets 1 3171 8,518 5 51126,049 Fixed Assets,* Equipment 5 5 5,583,067 Less: Accumulated depreciation 2 2 2 Total net fixed assets 2 2 3,026,809 TOTAL ASSETS $1 ,423,349 $6,707,479 $8,1 30,828 $8,1 52,858 LIABILITIES AND FUND EQUITY Current Liabilities', Accounts payable 106 $16 $16,124 $29,186 Accrued salaries payable 9 9 8 Accrued vacation and sick pay 29 29 28 Accrued health insurance liability 1 1 423,243 1 1 423,243 1 Total Current Liabilities 1 55 1 1 Fund Equity'. Contributions: General Fund 823 823,034 869,689 Debt Service Funds 11156,959 1, 1 56, 959 1 Capital Projects Funds 6 6 7 Enterprise Funds 509,678 509,678 538,570 General Fixed Asset Account Group 507,556 507,556 536,328 Total Contributions 3 3 3 Retained Earnings: Unreserved 3 3 3,541 ,752 Total Fund Equity 6 6 6 TOTAL LIABILITIES AND FUND EQUITY $1,423,349 $6,707,479 $8,130,828 $8,152,858 98 City of Brooklyn Center Internal Service Funds COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2000 Public Employees Central F -2 Retirement Garage Totals _Fund Fund 2000 1999 aperatinq Revenues Billings to departments Sales Total operating Revenues Q,peratg Expenses Personal services Supplies Other services Insurance Utilities Depreciation Total Operating Expenses Operating Loss Nonoperatino Revenues (Expenses) Investment earnings Change in fair value of investments Total Nonoperating Revenues Loss Before Operating Transfers Operating Transfers In Net (Lass) Income Depreciation on contributed assets that reduces contributed capital Retained Earnings January 1 Retained Earnings December 31 $71, 067 71,067 (71, 067) 87,115 (38,170) 48,945 (22,122) $1,063,756 70,121 1,133, 877 280,468 228,422 62,575 48,716 3,205 684,448 1 ,307, 834 (173,957) 218,343 (86, 346) 131,997 (41,960) (22,122) (41,960) 701121 170,300 22 3 $0 $3,647,970 99 $1,063,756 $967,480 701121 69 1 33,877 1 1 037,426 351 ,535 228,422 62 48,7'16 3,205 684,448 425,870 191,104 57,008 32,672 3,559 506 1 (245,024) 305,458 (124, 516) 180,942 (64, 082) (64,082) 170,300 3,54'1,752 $3 1,216,609 (179,183) 279,6'11 (127,107) 152,504 (26,679) 120 93,321 145,827 3,302,504 $3,541,752 F -3 City of Brooklyn Center Internal Service Funds COMBINING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 Employee Central Retirement Garage Totals Fund Fund 2000 1999 Cash flows from ODeratina activities: Operating loss ($71,067) ($173,957) ($245 ($179,183) Adjustments to reconcile operating loss to net cash (used for) provided by operating activities: Depreciation Changes in assets and liabilities: Accounts receivable Inventories Accounts payable Accrued salaries and leave Accrued health insurance liability Net cash (used for) provided by operating activities Cash flows from noncar)ital financina activities: Operating transfers in Net cash provided by noncapital financing activities Cash flows from capital and related financing activities: Acquisition of fixed assets Net cash used for capital and related financing activities Cash flows (used for) provided by investing activities: Investments purchased Investments sold or matured Interest on investments Net cash provided by investing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Non cash items: Change in fair value of investments 120 120 684,448 684,448 506,396 (1 1 748) 1 5 1 3,481 (14,696) (803, 096) 1 3 299 1 (7 (1 1 243) (11,819) (1 3,062) (51 ,035) 87,115 1 1 11271 53,352 388,613 53,352 140,558 (20,706) 516,952 496,256 395,324 120 120 ($38,170) 100 ($86,346) ($124,516) ($127,107) (646,600) (646,600) (786,750) (646,600) (646,600) (786,750) (803, 096) (2 (2 (2 840,035 2 3 2 87,115 21 8,343 305,458 279 1 24,054 388,613 512,667 45,588 103,348 258,975 362,323 (225, 838) 203,765 541 ,593 745,358 971,196 $307,113 $800,568 $1,1 07,681 $745,358 ($38,170) 100 ($86,346) ($124,516) ($127,107) City of Brooklyn Center, Minnesota GENERAL FIXED ASSET ACCOUNT GROUP The General Fixed Asset Account Croup was established to account for the City's fixed assets which are not accounted for in an enterprise fund, and which are tangible in nature, have a life longer than the current fiscal year, and have a significant value. Depreciation is not recorded on those assets. 101 I City of Brooklyn Center SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY SOURCE For the Year Ended December 31, 2000 January 1, 2000 Balance Acquisitions Disposals Investments in General Fixed Assets Land $2 $1 Buildings and improvements 14 1 1 077 1 553 $1 07,484 Park improvements 3 116 1 5,523 Furniture 1 97 194,634 Departmental equipment 1 1 84,555 272,976 Total Investments in General Fixed Assets $23 $2,554,178 $590,617 Sources of Investments General Indebtedness General fund revenues Liquor store income Contributions Capital projects funds Federal grants Total Sources of Investments $9 5,828,351 150,337 218,575 7,055,583 729,844 $1 875,334 70,Q00 31,892 781,251 33,421 $23,361,414 $2,554,178 S 5 December 31, 2000 Balance $3,551,530 15,686,903 3 1 11121,599 $25,324,975 $237,110 147,351 3,801 5 178,377 18 $590,617 $10,613,877 6 2'15,535 244 5,948,451 744,813 $25,324,975 102 S -7 City of Brooklyn Center SCHEDULE OF GENERAL FIXED ASSET'S BY FUNCTION AND ACTIVITY December 31, 2000 103 Buildings and Park Furniture and Function Land Improvements Improvements Equipment Total General government $1,077,766 $526,551 $1,604,317 Government buildings 406 $14,838,804 $367,466 432 16,045,095 Public safety 2 129 562 994,002 Public works 193,399 193,399 Recreation 13,821 220 233,979 Parks 2 705,099 3 150,081- 6 Totals $3,551,630 $15,686,903 $3,701,175 $2,385,267 $25 103 MEM Function City of Brooklyn Center SCI-iEDULE of CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY For the Year Ended December 31, 2000 General Fixed Assets January 1, 2000 General government Government buildings Public safety Public works Recreation Parks Totals $661 15, 665, 020 1 176,114 239,700 6 $23,36 1 General Fined Assets December 31, Additions Deductions 2000 $1,082,012 $139,373 1 41,039 1 44, 542 295, 966 19,453 21 168 25,282 31 261 8 1 968 $2,554,178 $1,604 1 6 994 193 233,979 6,254 $590 $25,324,975 104 City of Brooklyn center, Minnesota GENERAL LONG -TERM DEBT ACCOUNT GROUP The General Long -Term Debt Account Group was estab fished to account for the City's unmatured general obligation long -term debt that is secured by the full faith and credit of the City and is not the primary obligation of an Enterprise Fund of the city. 105 r� City of Brooklyn Center COMPARATIVE STATEMENT OF GENERAL LONG -TERM DEBT December 31, 2000 December 31, 2000 '1999 Amounts Available and to be Provided Amounts Availab a in Debt Service Funds $4,736,609 $5,666,641 Amounts to be Provided: From future property tax levies 6 6 From future gas tax allocations 1 1 From future tax increments 7 8 From future special assessments 4 4 Total Amounts Available and to be Provided $24,040,820 $27,292,475 General Long -Term Debt Payable General obligation bonds $8 $10,915,000 Other long term liabilities 20 37 Tax increment bonds 9 10 General obligation special assessment bonds with governmental commitment 6 5 Total General Long -Term Debt $24 $27,292,475 106 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 City of Brooklyn Center SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY December 31, 2000 General Obligation Bonds Principal Interest $655,000 $377,651 680,000 350,749 '705,000 322,356 740,000 292 775,000 260 810,000 226,412 540,004 196 565,000 171,219 595,000 1 44,1 00 625,000 115,274 655,000 84,710 690,000 52,257 725,000 17,762 $8,760,000 $2,611,822 Tax Increment Bonds Principal Interest $1 ,450,000 $51 9,409 1 433,892 1 340 1 237,302 360,000 171,123 360,000 147,362 385,000 122,585 385 96,694 400,000 70 41 5,000 42,694 425,000 14,344 $9,140,000 $2,196,018 $6,120 $1 ,193,299 Special Assessment Bonds Principal Interest $700,000 $252,563 780,000 231 785,000 197,309 780,000 161,897 780,000 125,773 680,000 91,717 590,000 62,115 425, 000 38 320 21,325 215,000 8 65 1 107 Ew Total Debt Service Requirements Principal Interest $2,805,000 $1,149,623 3 1,016,544 3,135, 000 860,078 3 691 1,91 5,000 557,270 1 465,491 1 381 ,340 1 306,458 1,31 5,000 235,625 1 166,511 1,1 45,000 1 00,663 690,000 52,257 725,000 17,762 $24,020,000 $6,001,139 City of Brooklyn Center, Minnesota STATISTICAL SECTION The statistical section presents comparative statistical data for the past ten years, and other pertinent information involving taxes, revenues, expenditures, bonded debt, property valuations, insurance coverage and miscellaneous statistics. 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Special Assessment Bonds 6 2. State Aid street Bonds 1 3. Tax Increment Bonds 0,140, 000 4. Utility Revenue Bonds 1 Total Deductions 17,895,000 Total debt Applicable to Debt Limit 7 Legal Debt Margin, December 31, 2000 $19,317,982 Source: City Finance and Assessing Department records 116 07 C7 C1Q 00 l'V r" Clo Cf) Cf) C m v 0C3 4-1 I` C) r- 0] Q3 l` Lt7 a7 Q v M Q R1 0 N LO U') Co N 07 a (U 00 Ch co q CD 06 C 07 N r 0o Ley 0 M C) CC) I� id N r c7 d• -v Tt- 0 M CC) M t It a3 a I` It LO 0o N rn Ctit N 4') m Q 69r E (o C V- C cv v r N r-- N 7 C3 U) co o v v o v v v C; C M M C) W LO a w a r Q a r N 6 6 N cq v m a r CD Liz 0 m co m ti I~ m I` v 'tit mot M to m p r r C) V m Liz C] (D r m a r OR r Cn C\1 cy) Lf} C6 00 (6 a7 00 co N LO N �t zt a N m v N N 0 IT co v C37 w CD N a Q a a Liz T- (6 6F} L LO Cfl r P- 0 Cr] Lid {Q N Ca 00 Ctit CA Ir- Ir r N C0 co 69 m W v LO ti a) a v �t �t as OD rn M N a N v a LO (D c1 [C) as LO N v v co CD cs3 N N V) a LL LLf.) (C) N C) 'fit" 00) a7 00 T CO C) r 00 CY) a C C1i Cfl 'd' M C6 m N Y LM 6} L W v U3 0 °v U c N V- N a a I` a s LO C> C) N N (0 Ca Cat as ce) 0 C) v LO v v qt o v o v N v� x G a U a) v y v v r Iti [0 Cl Lij ICT C7 v 0 [C) a Nt C) o i` Q a N co cr CD co =t I` CY7 V N r m It z- C6 N 0 m W E T M W rT L(] v 0 co Lt] M co as 4- iY 0 N r-_ a LO c e N r cei (6 V a7 L6 06 co LO d v N d' N C 2 U r r r cy t` 69k co CL 0 'rJ z U 2 0 D r F- CD CL D L cu C] C U3 C 0 3D C) C (n 0 .0 U a W ,a ca cu =1 v U U "L. a) CL CL 4 U CL N C N z C C: 0 a a) m U CD x E m a w n v v -a in 3: Y .�.2 .Q U C as •U CC^ C] a. a? C N m i Q 0 W C 0 L) o U r 07 [0 C O U 0 D C N 0 Q N r^ N N C 'fl. C �L7, C LL 0 0 0 c E a) CL a U 0. rn M 0 W U CD Q o 117 F U) 0 City of Brooklyn Center RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES Last Ten Fiscal Years (Unaudited) TABLE 10 118 Debt Service Total Total as a Percent Debt General Fund of General Year Principal Interest Service Expenditures Expenditures 1991 $940,000 $746,401 $1,686,401 $9 16.97% 1992 1 1 3 9 31.73% 1993 1 1 2 9,707, 525 29.84% 1994 780,000 1 1 9 18.71% 1995 825,000 1 1 10,559,497 18.00% 1996(1) 5 1,106,661 6 10,908,340 57.13% 1997 1 11017,128 2,152,128 11 18.33% 1998 1 1 2 12 1993% 1999 2 1 3 13,363,091 25.51% 2000 3 1 5,252, 512 13, 825, 030 37.99% Source: city Finance Department records (1) Amounts for 1996 are higher because of the defeasance of the Tax Increment Bonds of 1985. 118 r e� J m AM C) LO C) v CD v Q 0 0 v v CD Cn C'7 r7 M I W °C' r- r C p] a- W :3 v 06 6] Q Q Q Q Q Q C r r r r r r r- Z2ZZZzzZ Z (DO Cn Z W 1Z v W v z .SC Vi M �t LO 0 t� M M 0 D Z LL a� a�vva�vvva�vv LO �va�vvvaa�a�a3vv 119 CD v N 0 cv W c Nr CL x W AM C) LO C) v CD v Q 0 0 v v CD Cn C'7 r7 M I W °C' C p] a- W N v M� LO Nt r 1~ 1` t N� f` M M v 0 r r r M M Q C r r r r r r r- C) (DO Cn Z W 1Z v W v z .SC Vi M �t LO 0 t� M M 0 D Z LL a� a�vva�vvva�vv W cu m> �va�vvvaa�a�a3vv 119 W N N U p cv W c J CL x W W C] C) 0 C o 0 a 00 It Lf? M 0 LC] M M 1` 0 M r M 0 r DD r' M 0 r M C3] rl-- 0 w oo w N_ ao w It Ln tD r 0 to 1` I 't C33 C'7 to Cn LO O V- CO LD r' CA N to CO It U) (0 LC] (D CD LO 00 LO M 0 0 M t` r N r N N O C) M G M t� r 0 0 0 T-- 'd" 0 M t-- V-- r M M C) P�- N M O M 0 M 0 LO r 0 1* P-- CD tD 1 1~ P-- w w M MWLnWa1 -0 am V* O r tf) N v r 0 It 00 d- 0) 00 0) lqr M r V tD c cf G r- 07 Q M G CA rl M r LO CO LO CV 00 'r' LO to v C r ztC►) (D T t•- r r r- r- r- t^- e-' r C1i Z a N 0 0� V-- r r M to d v M M N N L7 0o to m CD N w v N Lo I` r r M M 1` LO 'I (d r' Ici N r 1` ci N C]] C37 r r 00 v 00 t,D M CaD d' M� M M Ri C'7 N N N t11 r' T- r- r r r r s-- M M CD C70 ui Z 2 Z ©0 ae M VMLnc v�d N CD M t` N r r M CA C�7 CN N N N vQvWLn0�ttimIt v N to M f` Eti! r r Q a tQ m F N Ici 4] M M w 1� 1� CO LO O o v v�� v L6 Ln a' 0 V M to t` CO r- r r r Ir-- Ci LO n r CAD 1` v t` m CD a�va mr*- -m I T- NLO r r Imo. 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U C) r3 r (D 0 Q I.L. W C Co 0 c m 0 cn r r C W IL (o 0 a CO o r CD r dt 00 C) 00 C) r N v L U Q? C37 00 tt 'r f.: L] r DD V' V- It 07 CD d° N 0 CD N Lo E mq X17 t� L6 G r CT d' 6 cy 0 0 C� co CD 0o u') (D 0 m co Lo u Cl 0 0 co 0 U N 0 co d" 0 m �t N co m U 00 v C) N 00 ov t• Nr N- oa co N N N �t E 00 f f} r r r co r r r co r co r co N d' d' cv CSI LOU CD C (n .=3 m m ti CN o o CD w oo m d' u7 Lo Co CD tD CSI r r r Z r C11 co D m T— r r m r CD T— CD qc— m m r- 0 N cn L 0 E Q CU N E CL 0 N v a E E 0 0 0 C] co cn N cn cn v c C t.L U 0 U) 120 Taxpayers Talisman Brookdale, LLC Medtronics Target Stores BCC Associates, LLCIReIiastar TLN LA NEL Hennepin County Hotel Association Brookdale Corner, LLC Sears Roebuck and Co_ GE Capital Twin Lakes 11, LLC City of Brooklyn Center PRINCIPAL TAXPAYERS December 31, 2000 (Unaudited) TABLE 1 TOTAL CITY MARKET VALUE $1,324,549,100 Source'. City Assessing Department records 121 Percentage 2000 of Total Market City Market Type of Business Valuation Value Shopping Center $37,170,000 2,81 Industrial 27,390,000 Z07% Retail 21 ,040, 000 1.59 Office 14,405,100 1 �09% Apartment 1 1,070,000 0.84% Hotel 10 0.80% Retail 8 0.67% Department Store 8 0.67% Industrial 8 0.67 Industrial 7 0.58% Total Market Value $1 55,990,100 11.78% TOTAL CITY MARKET VALUE $1,324,549,100 Source'. City Assessing Department records 121 City of Brooklyn Center Tab 14 SCHEDULE OF INSURANCE COVERAGE (Continued next page) Effective January 1, 2001 (Unaudited) Policy Period lyp-- of Coveraggand Details From To Liability Limits (1) 1. S tatutoru Liabil to E mplwes a. Workers' Compensation 04 -01 -01 04 -01-02 Statutory (participant in the League of Minnesota Cities Insurance Trust Self- Insured Workers' Compensation Program) ll Liability Publi a. 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 (e) Public Officials' liability (1) Bodily injury 04-01 --01 04 -01 -02 $1,000,000 combined single limit (2) Property damage 04 -01 -01 04 -01 -02 $1,000,000 combined single limit (3) Personal injury 04- 01-01 04 -01 -02 $1,000,000 combined single limit b. Automobile liability, comprehensive 04 -01 -01 04 -01-02 (1) Bodily injury $1,000,000 occurrence (2) Property damage $1,400,000 occurrence (3) Uninsured motorist $1 ,000,000 occurrence C. Liquor stores' dram shop 01- 01-01 01 -01 -02 $1,000,000 each common cause d. Golf Course and Central Park 01 -01 -01 01 -01 -02 $1,000,000 each common liquor liability cause e. Personal accident, Volunteers 01 -01 -01 01- 01-02 $100,000 accidental death $4001week short-term disability $1,000 medical (1) Final liability limits for 2001 have not been finalized. 122 City of Brooklyn Center SCHEDULE OF INSURANCE COVERAGE Effective January 1, 2001 (Unaudited) Policy Period Type of Coverage and Details From lll� Insurance on City Property 04-01 -01 a. Public and institutional property, all risk, blanket $36,142,440; $1,000 deductible replacement value on buildings. (1) Civic Center (2) East Fire Station (3) West Fire Station (4) Municipal Service Garage (5) Elevated Water Towers 3 locations (6) Park Shelter Buildings 17 locations (7) Pump Houses 10 locations (8) Lift Stations -10 locations (9) Meter Station (10) Storage Building (11) Outdoor lighting systems 7 locations (12) Humboldt Liquor Store (13) Leased Liquor Store (14) Leased Liquor Store 0 5) Pedestrian Bridge 2 locations (16) Picnic Shelter Earle Brown Heritage Center 0 8) Centerbrook Golf Course Club House 0 9) Centerbrook Golf Course Garage (20) Lions Park Concession Stand b� Boiler and machinery 04 -01 -01 C. Automotive physical damage 04-01-01 (1) Comprehensive (2) Collision IV. Criminal Acts a� Faithful performance blanket position b. Money and securities (broad form) C. Depositor's forgery To 04 -01 -02 04 -01 -02 04 -01 -02 Table 14 (Continued from prior page) Buildings, Structures, and Contents (Replacement Cost) $9,779,760 $1,463,325 $3,150,006 $3,085,500 $3,949,440 $1 ,517,750 $1,1 32,200 $1 ,266,840 $18,360 $480,420 $326,400 $455,940 $233,000 $240,720 $1,221,960 $'136,200 $11 $380,460 $46 $4'1,000 Liability Limits $5,000,000 per accident ACV $1,006 deductible ACV $1,000 deductible $500,000 per loss Various $'100,004 (1) Final liability limits for 2001 have not been finalized. 123 �1 City of Brooklyn Center DEMOGRAPHIC STATISTICS Last Ten Fiscal Years (Unaudited) TABLE j5 124 School Enrollments (4) City No. 286 Fiscal Unemployment Mpls- st.Paul No. 11 No. 279 No. 281 Earle Year Population (1) Rate (2) C.P.I. (3) Anoka Osseo Robbinsdale Brown 1991 28 1 810 4.6 2.3 807 1 521 1 1992 28 4.4% 1.4% 671 1 526 1 1993 28,533 4.3% 2.7 691 1 546 1 1994 28 26% 2.7% 661 1 577 1 1995 28,463 29% 2.8% 664 1 567 1 1996 28,542 40% 33% 670 1 549 1 1997 28 3.3% 2.3% 680 1 586 1 1998 28 2.5% 1.9% 731 1,756 778 1 1 999 28,535 2.2% 12% 776 1 800 1 2000 29 3.0% 4.2% 740 1 925 1 (1) Sources Metropolitan Council Source: Minnesota Department of Economic Security (3) Twin Cities metro area average for year (4) School enrollment data was supplied by the respective school districts; the numbers reflect the number of Brooklyn Center students enrolled in the respective districts. 124 TABLE '1G City of Brooklyn Center (Continued MISCELLANEOUS STATISTICAL FACTS next page) December 31, 2000 (Unaudited) Date of incorporation February 14, 1911 Date of adoption of City Charter November 8, '1955 Date City Charter effective December 8, 1966 Form of government Council Manager Fiscal year begins January rl Area of City 8 1/2 square miles Miles of streets. City 185855 County 5.49 State 1079 Miles of sidewalks 34.8 Miles of trails 112 Miles of storm sewers 84.02 Number of street lights: Owned by N.& P 915 Owned by City 172 City employees as of December 31, 2000 Authorized regular full -time 155 Temporary or part -time 200 Total 355 Fire protection: Number of stations 2 Number of full -time employees 1 Number of volunteer firefighters 28 Police protection: Number of stations 1 Number of sworn police officers 43 Number of other full-time employees 17 Number of part -time employees 8 125 City of Brooklyn Center TABLE 1L MISCELLANEOUS STATISTICAL FACTS (Continued from December 31, 2000 prior page) (Unaudited) Parks and Recreation: Park property totals 527 acres developed to serve a wide variety of recreational interests. Area include playlots, playgrounds, playfields, trails, nature areas and an arboretum. Playgrounds 19 Park shelters 12 Picnic shelters 7 Ice skating rinks 13 Hockey rinks 6 Softball diamonds 26 Baseball diamonds 4 Tennis courts 16 Basketball 1 volleyball courts 18 Municipal water plant'. Number of connections 8 Average daily consumption in gallons 3 Peak daily consumption in gallons 7 Plant capacity gallons per day 17 Miles of water mains 114 Number of fire hydrants 969 Number of wells 9 Number of elevated reservoirs 3 Storage capacity in gallons 3 Water rate per thousand gallons $094 Municipal sewer plant: Number of connections 8 Miles of sanitary sewer 105.51 Daily disposal capacity in gallons 10,938,240 Number of lift stations 10 Residential rate per quarter $47.50 Municipal liquor stores (Off-sale): Number of leased stores 2 2000 sales $3,584,828 Elections: Last general election November 7, 2000 Registered voters 17 Votes cast 13 Percentage of registered voters voting 72.88% Last municipal election November 7, 2000 Registered voters 17 Votes cast 1 3, 004 Percentage of registered voters voting 72.88% 126