HomeMy WebLinkAboutHRA Financial Report-1975 through 1977 .f;
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H�USI�T� A�NI� �:EDE VE L�PMENT A UT HC�RITY�
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�FZ�TA�TC:IA RE P�RT
I3ecemb�r 3I, 1.9`77, �.9?fi and 19`75
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CER7�F'IE❑ Pi1HLiC ACGaUNT'AIw!'r5
895❑ WAY2ATA B�[1LEVARO, SUITE Zv3
MINNEAP0�.35, MINNE50TA 554�8
Housin� and �,�developrra.ent Auth�rit�r o� Bro�k�lyn C�r�ter, 1Vli.nnesota
FII��NCIAI� RE P�RT
TA�B��F �`�NTENT�
Exhibi� �Turnbea� �'age Nurn��r
A uditor' s �pinion
Campara�ive �3alance �heets f�r �he Years
Er�ded December 31, 1�'l7, 197� and 1975 1 2
vr��ara� ive �ornk�ir�ed State�ne nt of Revenue s,
��p�nd�.tures and F�nd �3alance fo� the Years
Ended Decem�er 31, 197"l, 197� and 1g75 3
I� ate s�o inanc ial tat�ment s 4,
M��N PENTT[LA
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M�E� AI�D P�f�ITY'� L_A
CERTIFIED PUBLIC ACCQ[lNTAN1T5
S�J �TE 2�3 VAL.LEY SO�TH B�J �LDI �]G
MEMB�R aF 595Q WAYZATA BDUI..EVARO i fiZ Z] 54fi�33D6
AMERiCAM �N5TITL3TE QF CERT[FIEDP[!8l.ICA�C�L]NTAhI75 MINNEAPQLIS. MIhfNES�TA 55a25
July 6 9 7
Ho�.orable �mrn �s s Lvn
Hous i.ng ar�d Re d��relopmer�t Authorit�r
af �3rooklyri ��nte�, IIllir�r�esota
�][Te hav� examined the financial statern.�nts �as listed in the fore�
going �a�le of cor��ents for �he Hous ir�g and l�,e�evelapm�n� A uthar��.ty o�
�S �'o�klyn ente�, Minr�e sota for �h� �ears �nded I]ecem�� 31, 19 7 7,
197fi and 19?5. C7ur e�amina�ion v�ras mad� in accardar�ce �v�ri�h general.l�r
ac c� pte d audi�cing s�andards, and accvrdingly include d such �e sfics af th�
acc�un�cing recards and such othe� audit�.ng procedur�s as vcre considered
n�cessary iri �h� �ir�umsta,nces.
In aur opinio�., the �iz�ancial s�a�ements present fai�ly the financ�al
�aositio�. af th� Haus�.ng and Redevelvpmen� Au�h�ri�y af $ro�klyn �ent�r,
111Iinn�s�ta at �]���rn��r 31, 1�77, 1976 and 19?5 and the resu�.ts o�
�pera�ions �or �h� ��a�s then end�d, in cor��ormity �rith genera�.�.y accep��d
ac�our�tir�g principl�s appli�d �n a c�nsis�en� �asis�
Respectfull�r submi�ted,
I
M�E N� PE �TT'T ILA LT I3
�i�ld work �ornpl.et�d Jul� 1978.
R�por� sign�d
E�n�b�� i
��ous ing� and �e dev�lopme�.t �uth�rit�r a� �S r. �a�1�m C��te r, M inne s ata
aI11I PA R� T I�TE F3�.I.�AN�F SHF T
December 3
ASSETS 197'7 1�7� 19?5
��.sh on hand and �n d�pflsitories 3 I�. 9s 4, 43 S6 3�. fi 2
�nve stmen� s in t ime d� p�s i� and s a�ings
certifi�ates 13, 575. 7g S$4. �7 181. 51
.Accrued in�er�s� �eceivable '��4v 87
Ta�es receivable:
Current 3, 945, 59 1fi, 553. 87 �.3, 341e 6'7
D elinqu er�� l., 13 8�?. s�
Tota.ls 1 Y9, BD�. 3 D 74, D9 S. �2 33, 5�3. 8�
LIA}3I�IT IE S A1�D F'�tTNI] �A I..�AI��E
Due tv �the r gov�rnmen�al uni�s 1�.�4 9 91. 1.9
T�tal I1ia�b ilit ie s 2, D 1�.�4 9 91. 19
Fund �Salar�ce
Ta� le�ries �111, �21. �S 7�,'�31. 33, 383. D4
ITnallocated funds 37�. 3S 37�. 12 �.7�� ?6
'�`o�a�. Fund �alan�� �Exhib�.t 2} 1�7, 793. fi6 73, 14fi. 83 33, 5�3 v$D
To�als $1I9, 8�6. 3� 74, �95. 4� 33, 5�3.
�See not�s t� finan�ial statem.ents
Th�.s sta��r�en� is an ir�t gral part af repc�r� dated �uly 21, 19 7�.
M D��I �c P�rI�"T1 L,A
E xh ib �.t 2
��ous�.ng and Red��r�lopr�.er��c Authority Br.on�l�n C'en�er, Ill�inr�esota
�D�VIPARA�'IVE ��M�BINED ST�ATElVI��TT �F` RE�TENUES,
F��'�1�I3��'UR� S A�T D F`UNY7 �3AI.�AN�E
I��cemk�er 31,
19?7 197fi 1�75
R� e�renue s
Ta� levi�s 4�, fiB�Q 5'7 3?, 3�8. S7 33, 383. �4
I;r��cer�st �arnings 3, 998� s� 2fl9. �3 1�1. 51
Total Revenu�s 44, 658� 17 39, 5�8. �D 33, 564. 55
E �penditur� s
Supplie s 8 3
B ank ch a� s 1. 3 4 5. a 7 2. 41
'�'o�al �xpend.iture s 1. 3 4 a 5 7 1�. 5
�xcess Revenue �ver E���r�ditures 44, 68�. S3 39� 5�3. �3 3�, 553, g�
Fur�d Balance, �anua�y 73 ln�. 33, 553. 8� -�a
Fund $alance, I�ec�m�er 31 1l'l, 79�o fis 73, 1��v �3 33, 553. 8�
�See notes �inancial s�atemer�ts
This sta�ement is an in��gral pa�t of repor� da�ed July 1, 7�,
3
MC)E[y 8c PENT'T'�L�A
Hous�.ng and Red�velop�n��t Author�,t�� of, �ro�kl�rn �en��r, 1Vlinr�esfl�a
N�'T`E T �`INANC�A� STATE�VIE�TTS
Y�a� 19'l7
l�ate 1: flr�anizati.�n
Th� F3ousing� a�� Redeveloprnen� A�tthori��r of 13ro��l,yn
C enter, 111I ir�nesota �v�ras or�a�ized Ma�r U 19'l4, pursuan� ta
the Min�.es oica IIllur�icipal H�using and F�,e devel�pmen� i�a�nr of
111linnes ota, III�, S, A. S�ct�.on 4�2. 4�.1, �t. seq. and spe�ial la�r,
�a�rs 1 g 73, hapte� 6 5 9�Hous ��`i�.� 143
�isti�g c�� �ha.�.rman, Commissi�n��s and �ther yea� End�d
I3ec�m.�er 1�77
Ter�n af af�ice Terrn Expires
11lla�ror Philip �ahenwCYhairman T�cro �ears 1� 31- 77
Coun�ilman Mau�ic� ��it�s
��mn�.LS s ian�r Three Yea.�s �.2 31-- 7 7
oun c Llma n��.11 F i gr�a
Carnmissianer Three years 12--31--78
our�cilmar� Ton�r ��ufler
�orxlm.is�ioner Th�ee y. ea�s 1�-3 I.�.'.78
C ounci�man Ger�e �h�tl�a
om.r�is s iane r 'rhr�� Years 1�- 31-'l 9
�the r:
C",�era�d �plin�er
E xe cu� ive I�i�e ct v�
I�aul Ho�.ml.und
C i��r '�r�asur��
A t�un e 3 D, 1. 9 7 8
Term of �ffice Term E�pire�
Ill�a�ror I]ean N�quist
�hairman Two �ears 1�-31-�'9
��unc�lrr�.ar� Tany �uefler
ommis s ion� r '�`hre e Y� ar s 12 31-- 7 8
C aunc ilman i.11 F ig�na r-
amm.issi�ner Three Y�ars 1� --31-'l S
C ounc i�ma �i Ge n� L hot ka
Comrnissioner 'I`hree Years 1�--31--79
C ou�.c i��rornan ec i�.ia Sc ott
�ommissioner Three Year. s 12--3 l-$�
--4-�
Mo��v P�r�T�r��
Hous ir�g and Re dev�lopment Auth�r�.t� �f r�n�l.�rr� C` enter. M ir�n� s a�a
NCJTE S T� FINAN�`IA.L STATE MEN TS�
Y ea r 1. 9'7 7
�To�c� l:
C ont inu e d
t Jur�e 3 19 7 8
��hea�q
�-e�ald Splin�er
E��cutive Direct��
�'aul. V�T. I:�olmlu.nd
C i��r '�'reasurer
N o�e Sum.ma�� o� ��.gnifican� ccaunting Policies
.1�, �'ur� c�s
'3`he �asic accflun�ing and reporting en�ity is
a t 'f.ur�d" o A f,und is de�ined as an independen�
�iscal and �.�cour�ti�g en�i��r �ri�h a s�l�f--�alan�i�.g
se� of a�cour�ts rec��cdin� cash and f�r othe�
r�s��.�ces toge�he� �rith all r�lated liab�.li�ies,
��liga�ions, r. eserves and equi�i�s �rhich a.r.
s��reg�ated for �he puxpas� a�£ carr��.n� on
speci�ic activ�.ties attair��,ng cer�ain ��je�tive
in acr:ord �v�ri�h spe�ial. r, �gulat�,ons, res�ric�ians
v� limi�a�cio�s 4
�3, �asis of Ac�c�un�ing
The a��:rua1 �asis af accounti�.� is uti�.iz�d
when re�arding the �ransa�tian�. A�c�ual.
accoun.�ing� �.s defined as r�ver�ues ��i�.g� rec���.ed
at the tim� the�r are �arned, ar�� ��pendi�u�es
a�e rec�r. d�d wh�n th� liabil,i�� for them �.s incu�red.
Ma�N P�N7'7'ILA