HomeMy WebLinkAbout20 - Fund Equity CITY OF BROOKLYN CENTER
SCHEDULE OF RESERVATIONS AND DESIGNATIONS OF FUND BALANCES
12/31/2006
Reserved Fund Balances
General
Reserved for prepaid expenses $ 500
Special Assessment Bonds
Reserved for debt service 3
Non Major Funds:
Debt Service Funds
Reserved for debt service 1,104, 749
Capital Project Funds
Reserved for advances to other funds 792
Reserved for committed contracts 181
Total Reserved Fund Balances $ 5,177,308
Designated Fund Balances
General
Designated for working capital purposes $ 7
TI F District No. 3
Designated for statutory housing obligation 2
Designated for bonding covenants 8
Non Major Funds
Special Revenue Funds
Designated for economic development 1
Capital Projects Funds
Designated for capital improvements 4
Total Designated Fund Balances $ 25,809,371
Undesignated Fund Balances
TI F District No. 3 9
Non Major Funds
Housing and Redevelopment Authority 1
Police Drug Forfeiture 48
Community Development Block Grant 1
City Initiatives Grant 161
Infrastructure Construction (697,457)
Total Undesignated Fund Balances $ 8,725,930
Total Governmental Fund Fund Balances $ 39,712,609
CITY OF BROOKLYN CENTER
SCHEDULE OF NET ASSETS
12/31/2006
Invested in capital assets, net of related debt:
MAJOR FUNDS:
Municipal Liquor $ 100
Golf Course 1,689, 892
Earle Brown Heritage Center 7
Water Utility 8
Sanitary Sewer Utility 9
Storm Drainage 11
Total MAJOR FUNDS 38,248,496
NONMAJOR FUNDS:
Central Garage Internal Service Fund 2,560,115
TOTAL INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 40,808,611
Unreserved:
MAJOR FUNDS:
Municipal Liquor $ 1
Golf Course (710,697)
Earle Brown Heritage Center 887
Water Utility 2
Sanitary Sewer Utility 2
Storm Drainage 1
8,507,778
NONMAJOR FUNDS:
Recycling and Refuse Enterprise Fund 65
Street Light Utility Enterprise Fund 156
Central Garage Internal Service Fund 4
EE Retirement Benefit (591,727)
EE Comp Absences -
4,598,771
TOTAL UNRESERVED 13,106,549
BUSINESS -TYPE ACTIVITIES
Invested in Capital Assets, net 38,248,496
Unrestricted-
Major Funds 8
Non -Major Funds 221
Internal Balances:
Compensated Absences (131,233)
Central Garage 14
EE Retirement (38,591)
Total Unrestricted 8,574,600
CITY OF BROOKLYN CENTER
NET ASSETS ALLOCATION
12/31/2005
Governmental Business -Type Government -
Activities Activities Wide
Net Assets: 55,594,493 45,505,503 101,099,996
Invested in Capital Assets, net of debt:
Capital Assets, net of depreciation 34 38 73
Debt:
GO 5 5
GO Improvement Bonds 3 4
GO TI F -
Less: unspent 2004D Bonds -
Discount/(Premium)
Deferred charges
Total debt 9 -
Invested in Capital Asssets, net of Related Debt 25,614,602 38,417,647 64,032,249
Restricted:
For TI F:
Ending Fund Balance 23
Adjustments to arrive at net assets in fund:
Deferred revenue 276
Restricted for tax increment 23,276,657 - 23,276,657
For Debt Service:
Ending Fund Balance 4
Adjustments to arrive at net assets in fund:
Deferred revenue 2
Interest payable (517, 827)
Restricted for Debt Service 6,050,271 - 6,050,271
Unrestricted Net Assets 652,963 7,087,856 7,740,819
CITY OF BROOKLYN CENTER
PRIOR PERIOD ADJUSTMENTS
12/31/2006
Fund Statements:
Prior Period Adjustments - Governmental Funds
TIF #3 60, 000.00
Total Governmental Funds 60
Prior Period Adjustments - Enterprise Funds:
Water Utility
Project 2004 -14 78
Sanitary Sewer Utility
Project 2004 -14 147
Storm Drainage
Project 2005 -05 202
Total Enterprise Funds 429
Government -Wide Statements:
Prior Period Adjustments - Governmental Activities
Capital Assets:
57th & Logan - CIP in 2005, removed (2
Project 2005 -01, street light transfer 35
TIF 3:
TIF receivable at 12/31/05 (235, 728.00)
EDA:
7000/6933 Brooklyn Blvd 37
Infastructure Construction:
prior unearned revenue recorded as revenue (36,360.00)
Total Governmental Activities (21578,476.34)
Page I of I
Chan Jordet
O o rn: Clara Hilger
Sent: Tuesday, March 1 , 2007 105 PM
To: Dan Jcrdet
Subject: TI 3 reserves
did y ou get a chance to update the TIF3 spreadsheets to determine what the 2006 reservations of
f und balance should be for housing and bond covenants
C(ar Jfir
Assistant Finance Director Ct
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312812007
Cit of Brookl Center
Tax Increment Financin District # 3 STATE AUDITOR REPORT DATA
Cash Flow Anal
1996 & Prior 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual
- Revenues
Tax Increments 137,600 402,545 816,475 1,565,399 1,999,665 2,502,000 2,067,009 2,308,605 2,880,586 3,570,569 1,609,994
Investment Earnin 244,797 197,410 223,965 71,801 46,093 253,494 150,386 81,399 139,426 611,024 881,312
Bond Proceeds 4,560,000 - - - - - - - 19,715,000 - -
Sale of Assets - - - - - - -
TOTAL REVENUES: 4,942,397 599,955 1,040,440 1,637,200 2,045,758 2,755,494 2,217,395 2,390,004 22,735,012 4,181,593 2,491,306
Expenditures
Personal Services - - - - - - 8,945 28,010 36,001 74,643 43,331
Contractual Services - - 573,466 - 61,630 71,235 108,212 193,794 117.868
Ac 1,148,808 305,913 157,336 1,753,901 - - - - 10,729 4,695,962 2,923,201
Miscellaneous Administrative 88,908 11,412 20,419 25,293 38,,682 55,039 83 7,178 2,612 966 8,444
PAYE Sunlite - 43.700 46,335 37,068 119,801 119,801 1119,801 - - -
PAYG TGI Frida - - - - - - - -
Interest on Overpa - - 49,215 -
Interest On Note - Twin Lakes - - 38,444 46,666 20,000 -
Bond Discount - - - - - 82,350 -
Project Costs, Hmon American Center 513,271
Project Costs- Olive Garden/Cracker Barrel 2,949,642
Project Costs- Da Inn 7,996
Housin Expenditures - - - - - - - - - -
TOTAL EXPENDITURES: 1,237.716 361,025 797,556 1,816,262 158,483 213,284 166,539 246,224 239,904 4,965,,365 6,563,753
Excess or (Deficienc of
Revenues over Expenditures 3,704,681 238,930 242,884 (179,062) 1,887,275 2,542,210 2,050,856 2,143,780 22,495,108 (783,772 (4,072,447)
Other Sources or (Uses) of Funds
Transfer to 1995 TI Bonds - - - - - 570,000 548,000 - -
Pa on 2004 TI Bonds - - - - - - - - 49,564 963,271 1,397,018
Debt Service Pa 224,246 298,995 298,995 517,245 542,479 589,398 - 544,552 2,907,091 490,786
Obli to GLOBAL (land ac - - - - - - - - 300,000 - -
Increment refund - 373,246 - -
Principal on Twin Lakes Note (TIF 4) - - 333,333 333,333 333,334 -
Annual Surplus or (Deficit) 3,480,435 (60,065) (56,111) (696,307) 1,344,796 1,619,479 774,277 1,262,446 21,600,992 (4,654,134) (5,960,251)
15% Housin Re 20,640 60,382 122,471 234,810 299,950 375,300 310,051 346,291 432,088 535,585 241,499
Annual Amount Available 3,459,795 (120,447) (178,582) (931.117) 1,044,846 1,244,179 464,226 916,155
21,168,904 (5,189,,719 (6,201,750)
31 December Available Balance 31459,795 3,339,348 3,160,766 2,229,649 3,274,495 4,518,674 4,982,900 5,899,055 27,067,959 21,878,240 15,676,490
Subtotal- Cumulative Housin Amount 20,640 81,022 203,493 438,303 738,253 1,113,553 1,423,604 1,769,895 2,201,983 2,737,568 2,979,067
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Cit of Brookl Center
Use of Bond Proceeds - 2004D G.O. Tax Increment
Bond Sale 2004 2005 2006
Document Actual Actual Actual
Bud Expenditure Expenditure Expenditure Remainder
Deposit to TIF # 3 Pro Account 17,000,000-00 - - 17,000,000-00
Opportunit Site 203,273.24 441007-60 (247,280-84
Northbrook/Hmon American Center 4,651,351-35 5741264.86 ( 5,225,616.21 )
Olive Garden/Cracker Barrel 21951 ,247.75 (2,951,247,75
Housin 12,110.38 - ( 12,110.38 )
Administrative Expenses 86,749.03 601398.15 ( 147,147.18 )
Subtotal 17,999,999.00 4,953,484.00 81416,5917-64
Allowance for Capitalized Interest - (18,671-39) 18,671.39 interim interest earned
Allowance for Discount 1891695.00 90,570-36 99,124.64
Allowance for Issuance Costs 55,305-00 52,443.96 2,861.04
TOTALS 17, 245, 000.00 124,342.93 4,953,484.00 8 E75 3 71254.71
TIF3Histor 41212007
City of Brooklyn Center
TI F # 3 Expenditures
for the 2006 fiscal year
Opportunity Northbrook alive Garden/
General Site Center Cracker Barrel Days Inn Debt Service TOTALS
Administrative Expenses
Personal Services 43,331.37. 43,331.37
Office Supplies 258.56 258.56
Operating Supplies 433.41 433.41
Springsted -
Damon Farber 40,785.54 7,700.50 48,486.04
Hennepin County Admin Fees 4,315.91 4,315.91
Kennedy & Graven 86.45 1,025.84 324.00 1,605.89 2,638.21 5,680.39
Briggs & Morgan 4,295.25 2,196.22 39,346.94 45,838.41
Parking & Mileage 36.75 36.75
Freight Charge -
Legal Notice Publication 75.08 75.08
Printing & Postage 7,640.45 7,640.45
Meals -
Appraisals & Testimony for Lawsuit 13,547.17 13,547.17
Hmong American Center (from SRF) -
TOTALS: Administrative Expenses 60,398.15 44,007.60 60,993.69 1,605.89 2,638.21 - 169,643.54
check total 169,643.54
Project Related Expenses
Briggs & Morgan -
Commercial Partners Title Company -
Wilson Development - relocation svcs 9,819.82 1,495.92 11,315.74
Various Appraisal Services 6,500.00 6,500.00
Angel Environmental 29,737.50 29,737.50
Barr Engineering -
Action Moving Services - estimates -
MN PCA 7,650.00 7,650.00
Security Monitoring 337.42 337.42
Safe Air System - environmental -
Tetra Tech - environmental 113,698.08 113,698.08
Absolute General Contracting - demo -
Wolf Protective Services -
Net cost of utilities vs. rents 8,462.59 9,232.45 17,695.04
United Rentals - barricades 2,130.00 2,130.00
Property Taxes paid on Acquisition 9,222.57 9,222.57
Insurance paid on Acquisition 5,731.00 5,731.00
Property Acquisitions 2,908,247.64 2,908,247.64
Asbestos & Environmental Control 8,533.20 8,533.20
Utility Disconnect and Removals 8,337.58 8,337.58
Demolition _
Lot Maintenance after demolition 8,049.00 8,049.00
Relocation Expenses 333,724.18 333,724.18
TOTALS: Project Based Expenses - - 513,271.17 2,949,641.86 7,995.92 - 3,470,908.95
check total 3,470,908.95
SUBTOTALS for PROJECTS 44,007.60 574,264.86 2,951,247.75
Debt Service
Transfers 1,887,804.24 1,887,804.24
Direct Payments .. _
TOTALS: Debt Service - - - - 1,887,804.24 1,887,804.24
check total 1,887,804.24
TOTALS: 2005 TIF # 3 60,398.15 44,007.60 574,264.86 2,951,247.75 10,634.13 1,887,804.24 5,528,356.73
check total 5,528,356.73
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City of Brooklyn Center
T1F # 3 Expenditures
for the 2005 fiscal year
Opportunity Northbrook
j General Site Center VOA Housin Debt Service TOTALS
Administrative Expenses
Personal Services 74,606.19 74
Office Supplies 22.77 22
Operating Supplies 43.98 43.98
Springsted 2,766.61 8 10, 964.49
Damon Farber 4 172 13,851.85 191,027.13
Hennepin County Admin Fees 4 4,447.06
Kennedy & Graven 13.30 13.34
Briggs & Morgan 30,048.00 30,048.00
Parking & Mileage 88.29 88.29
Freight Charge 26.68 26.68
Legal Notice Publication 85.80 85.80
Printing 472.56 472.86
Meals 225.45 225.45
Hmong American Center (from SRF) 21 1 787.41 21,787.41
TOTALS: Administrative Expenses 86,749.03 203,273.24 35,639.26 8,197.88 - 333,859.41
check total 333,859.41
Project Related Expenses
Briggs & Morgan 126 3,912.50 130
RLK- Kuusisto 6,196.11 6,195.11
Photographers 4,086.80 4,086.80
Commercial Partners Title Company 5 5,641.00
Wilson Development - relocation svcs 36 36,514.25
Various Appraisal Services 32 32
Angel Environmental 25,868.75 25,868.75
Barr Engineering 592.50 592.50
Action Moving Services - estimates 1,650.00 1
MN PCA 4,500-00 4
Northern Painting - graffiti 1,304.24 1,304.24
Safe Air System - environmental 5,389.67 5,389.67
Tetra Tech - environmental 35 35,834.58
Absolute General Contracting - demo 400.00 400.00
Wolf Protective Services 1 1
Net cost of utilities vs. rents 3 3,503-57
United Rentals - barricades 2,130.00 2
Property Taxes paid on Northbrook 113 997.86 113,997.86
Property Acquisitions - Northbrook 3 3,475,424.25
Asbestos & Environmental Control 155,990.88 155,990.88
Utility Disconnect and Removals 60,741.76 60,741.76
Demolition - Northbrook 169,156.00 169,156.00
Lot Maintenance after demolition 6,398.63 6,398.63
Relocation Expenses 340 340
TOTALS: Project Based Expenses - - 4 3 - 4,619,624.59
check total 4, 619, 624.59
SUBTOTALS for PROJECTS OJ S 203 4,551,351.35 12
Debt Service
Transfers 1 1
Direct Payments - -
TOTALS: Debt Service - - - - 1 1,420,627.82
check total 1
TOTALS: 2005 TIF # 3 86 7 749.03 203 4 1 651 1 351.35 12,110.38 1,420,627.82 6,374,111.82