HomeMy WebLinkAbout2017 05-08 CCP Regular SessionCITY COUNCIL MEETING
City of Brooklyn Center
May 8, 2017 AGENDA
1. Informal Open Forum with City Council – 6:45 p.m.
–provides an opportunity for the public to address the Council on items which are not on
the agenda. Open Forum will be limited to 15 minutes, it is not televised, and it may not
be used to make personal attacks, to air personality grievances, to make political
endorsements, or for political campaign purposes. Council Members will not enter into a
dialogue with citizens. Questions from the Council will be for clarification only. Open
Forum will not be used as a time for problem solving or reacting to the comments made
but, rather, for hearing the citizen for informational purposes only.
2. Invocation – 7 p.m.
3. Call to Order Regular Business Meeting
–The City Council requests that attendees turn off cell phones and pagers during the
meeting. A copy of the full City Council packet is available to the public. The packet
ring binder is located at the podium.
4. Roll Call
5. Pledge of Allegiance
6. Approval of Agenda and Consent Agenda
–The following items are considered to be routine by the City Council and will be
enacted by one motion. There will be no separate discussion of these items unless a
Councilmember so requests, in which event the item will be removed from the consent
agenda and considered at the end of Council Consideration Items.
a. Approval of Minutes
1. April 17, 2017 – Board of Appeal and Equalization
2. April 24, 2017 – Study/Work Session
3. April 24, 2017 – Regular Session
4. April 24, 2017 – Work Session
b. Licenses
c. Resolution Establishing Improvement Project Nos. 2018-01, 02, 03 and 04,
Firehouse Park Area Street and Utility Improvements
d. Resolution Establishing Improvement Project No. 2018-06, 51st Avenue/Frontage
Road Improvements
CITY COUNCIL AGENDA -2- May 8, 2017
e. Resolution Approving Amendment to the Professional Services Agreement with
SRF Consulting Group, Inc. for the Brooklyn Boulevard Corridor Project Phase 1
to Include the 51st Avenue/Frontage Road Project, Improvement Project No.
2018-06
f. Resolution Authorizing Proposed Use of Auto Theft Prevention Grant
g. Meeting Schedule for 2018-2019 Budget
7. Presentations/Proclamations/Recognitions/Donations
a. Resolution Recognizing May 14 Through May 20, 2017, as Police Week and
May 15, 2017, as Police Officers Memorial Day
Requested Council Action:
–Motion to adopt resolution
8. Public Hearings
–None.
9. Planning Commission Items
–None.
10. Council Consideration Items
a. Resolution Awarding the Sale of $8,360,000 General Obligation Improvement
and Utility Revenue Bonds, Series 2017A, Fixing Their Form and Specifications;
Directing Their Execution and Delivery; and Providing for Their Payment
Requested Council Action:
–Motion to adopt resolution
11. Council Report
12. Adjournment
Property Address
Dwelling
Type
Renewal
or Initial Owner
Property
Code
Violations
License
Type
Police
CFS *
Final
License
Type **
Previous
License
Type ***
Unpaid
Utilities
Unpaid
Taxes
4708 Twin Lake Ave Two Family (1)Initial Michael Mohs 2 II N/A II OK OK
4225 66th Ave N Single Family Initial Sesan Ogunniran 6 III N/A III OK OK
7101 France Ave N Single Family Initial Becky Kienzle 2 II N/A II OK OK
5240 Drew Ave N
1 Bldg
10 Units Renewal Bradley J. Schumacher
9
(.9/Unit)II
1
(.1/Unit)II IV OK OK
4013 65th Ave N Single Family Renewal Sam Yen Liew/Local Agent 2 II 0 II IV OK OK
2833 67th Ln N Single Family Renewal
Konrad Wagner c/o Phil
Beaumia 0 I 0 I IV OK OK
6116 Aldrich Ave N Single Family Renewal Marc Silverstein 4 II 0 II III OK OK
5111 Drew Ave N Single Family Renewal
Kin Chew
(Missing 2 ARM meetings)8 III 0 III III OK OK
5547 Humboldt Ave N Single Family Renewal
Steven Sapourn
(Missing cpted follow-up)4 II 0 III III OK OK
5636 Humboldt Ave N Single Family Renewal Sam Yen Liew/Local Agent 3 II 0 II IV OK OK
5713 Humboldt Ave N Single Family Renewal Janice Biorn 4 II 0 II III OK OK
5442 James Ave N Single Family Renewal Gerard Stigsell 2 II 0 II II OK OK
5819 Knox Ave N Single Family Renewal Crystal Brummer 5 III 0 III II OK OK
7225 Major Ave N Single Family Renewal
Kin Chew
(Missing 2 ARM meetings)8 III 0 III III OK OK
7019 Morgan Ave N Single Family Renewal
Candlewood Home Buyers,
Inc.6 III 0 III II OK OK
3613 Violet Ave Single Family Renewal Sam Yen Liew/Local Agent 1 I 0 I II OK OK
807 Woodbine La Single Family Renewal Jonathan Green 2 II 0 II III OK OK
* CFS = Calls For Service for Renewal Licenses Only (Initial Licenses are not applicable to calls for service and will be listed N/A.)
** License Type Being Issued Type I = 3 Year Type II = 2 Year Type III = 1 Year
*** Initial licenses will not show a previous license type
All properties are current on City utilities and property taxes
Rental Licenses for Council Approval on May 8, 2017
____________________________
* Preliminary; subject to change.
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PRELIMINARY OFFICIAL STATEMENT DATED APRIL 18, 2017 NEW ISSUE S&P Rating: Requested
BANK QUALIFIED In the opinion of Kennedy & Graven, Chartered, Bond Counsel for the Bonds, based on present federal and Minnesota laws, regulations, rulings and decisions (which excludes any
pending legislation which may have a retroactive effect), and assuming compliance with certain covenants, interest to be paid on the Bonds is excluded from gross income for federal
income tax purposes and, to the same extent, from taxable net income of individuals, estates and trusts for Minnesota income purposes, and is not a preference item for purposes of
computing the federal alternative minimum tax or the Minnesota alternative minimum tax imposed on individuals, trusts, and estates. Such interest is taken into account in determining
adjusted current earnings for the purpose of computing the federal alternative minimum tax imposed on certain corporations and is subject to Minnesota franchise taxes on corporations
(including financial institutions) measured by income. No opinion will be expressed by Kennedy & Graven regarding other state or federal tax consequences caused by the receipt or
accrual of interest on the Bonds or arising with respect to ownership of the Bonds. The Bonds will be designated as "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of
the Internal Revenue Code of 1986, as amended, relating to the ability of financial institutions to deduct from income for federal income tax purposes, interest expense that is allocable to
carrying and acquiring tax-exempt Bonds. See "TAX EXEMPTION" and "OTHER FEDERAL AND STATE TAX CONSIDERATIONS" herein. $8,830,000* City of Brooklyn Center, Minnesota General Obligation Improvement and Utility Revenue Bonds, Series 2017A (the “Bonds”) (Book Entry Only) Dated Date: Date of Delivery Interest Due: Each February 1 and August 1, commencing February 1, 2018 The Bonds will mature February 1 in the years and amounts* as follows:
2019 $840,000
2020 $835,000
2021 $845,000
2022 $860,000
2023 $875,000
2024 $885,000
2025 $900,000
2026 $915,000
2027 $930,000
2028 $945,000 Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and term
bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus accrued interest
to the date of redemption scheduled to conform to the maturity schedule set forth above. The City may elect on February 1, 2026, and on any day thereafter, to redeem Bonds due on or after February 1, 2027 at a price of par plus accrued interest. The Bonds are general obligations of the City for which the City pledges its full faith and credit and power to levy
direct general ad valorem taxes. In addition, the City will pledge special assessments against benefited properties
and net revenues of the City’s water, storm drainage, and sanitary sewer utility funds for repayment of the Bonds.
The proceeds of the Bonds will be used to finance street and utility improvements within the City. See
“SECURITY AND FINANCING” herein for additional discussion regarding repayment sources for the Bonds. Proposals shall be for not less than $8,759,360 plus accrued interest, if any, on the total principal amount of the
Bonds. Proposals shall specify rates in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for
each maturity must be 98.0% or greater. Following receipt of proposals, a good faith deposit will be required to be
delivered to the City by the lowest bidder as described in the “Terms of Proposal” herein. Award of the Bonds will
be made on the basis of True Interest Cost (TIC). The City will designate the Bonds as “qualified tax-exempt obligations” pursuant to Section 265(b)(3) of the
Internal Revenue Code of 1986, as amended, and the Bonds will not be subject to the alternative minimum tax for
individuals. The Bonds will be issued as fully registered bonds without coupons and, when issued, will be registered in the
name of Cede & Co., as nominee of The Depository Trust Company (“DTC”). DTC will act as securities
depository for the Bonds. Individual purchases may be made in book entry form only, in the principal amount of
$5,000 and integral multiples thereof. Investors will not receive physical certificates representing their interest in
the Bonds purchased. (See “Book Entry System” herein.) U.S. Bank National Association, St. Paul, Minnesota
will serve as registrar (the “Registrar”) for the Bonds. The Bonds will be available for delivery at DTC on or about
June 8, 2016. PROPOSALS RECEIVED: May 8, 2017 (Monday) until 10:30 A.M., Central Time AWARD: May 8, 2017 (Monday) at 7:00 P.M., Central Time
Further information may be obtained from SPRINGSTED Incorporated,
Municipal Advisor to the City, 380 Jackson Street, Suite 300, Saint Paul,
Minnesota 55101-2887 (651) 223-3000.
CITY OF BROOKLYN CENTER, MINNESOTA
CITY COUNCIL
Tim Willson Mayor
Marquita Butler Council Member
April Graves Council Member
Kris Lawrence-Anderson Council Member
Dan Ryan Council Member
CITY MANAGER
Cornelius L. Boganey
FINANCE DIRECTOR
Nathan Reinhardt
MUNICIPAL ADVISOR
Springsted Incorporated
St. Paul, Minnesota
BOND COUNSEL
Kennedy & Graven, Chartered
Minneapolis, Minnesota
For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this
document, as the same may be supplemented or corrected by the City from time to time, may be treated as
a Preliminary Official Statement with respect to the Bonds described herein that is deemed final as of the
date hereof (or of any such supplement or correction) by the City.
By awarding the Bonds to any underwriter or underwriting syndicate submitting a Proposal therefor, the
City agrees that, no more than seven business days after the date of such award, it shall provide without
cost to the senior managing underwriter of the syndicate to which the Bonds are awarded copies of the
Final Official Statement in the amount specified in the Terms of Proposal.
No dealer, broker, salesman or other person has been authorized by the City to give any information or to
make any representations with respect to the Bonds, other than as contained in the Preliminary Official
Statement or the Final Official Statement, and if given or made, such other information or representations
must not be relied upon as having been authorized by the City.
Certain information contained in the Preliminary Official Statement or the Final Official Statement may
have been obtained from sources other than records of the City and, while believed to be reliable, is not
guaranteed as to completeness or accuracy. THE INFORMATION AND EXPRESSIONS OF OPINION
IN THE PRELIMINARY OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE
SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE PRELIMINARY OFFICIAL
STATEMENT NOR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER
EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO
CHANGE IN THE AFFAIRS OF THE CITY SINCE THE RESPECTIVE DATE THEREOF.
References herein to laws, rules, regulations, resolutions, agreements, reports and other documents do not
purport to be comprehensive or definitive. All references to such documents are qualified in their entirety
by reference to the particular document, the full text of which may contain qualifications of and
exceptions to statements made herein. Where full texts have not been included as appendices to the
Preliminary Official Statement or the Final Official Statement, they will be furnished upon request.
Any CUSIP numbers for the Bonds included in the Final Official Statement are provided for convenience
of the owners and prospective investors. The CUSIP numbers for the Bonds are assigned by an
organization unaffiliated with the City. The City is not responsible for the selection of the CUSIP
numbers and makes no representation as to the accuracy thereof as printed on the Bonds or as set forth in
the Final Official Statement. No assurance can be given by the City that the CUSIP numbers for the
Bonds will remain the same after the delivery of the Final Official Statement or the date of issuance and
delivery of the Bonds.
TABLE OF CONTENTS
Page(s)
Terms of Proposal .............................................................................................................................. i-iv
Introductory Statement ....................................................................................................................... 1
Continuing Disclosure ....................................................................................................................... 1
The Bonds .......................................................................................................................................... 2
Authority and Purpose ....................................................................................................................... 4
Sources and Uses of Funds ................................................................................................................ 4
Security and Financing ...................................................................................................................... 5
Future Financing ................................................................................................................................ 5
Litigation ............................................................................................................................................ 5
Legality .............................................................................................................................................. 5
Tax Exemption ................................................................................................................................... 6
Other Federal and State Tax Considerations ...................................................................................... 6
Qualified Tax-Exempt Obligations .................................................................................................... 7
Rating ................................................................................................................................................. 7
Municipal Advisor ............................................................................................................................. 8
Certification ....................................................................................................................................... 8
City Property Values .......................................................................................................................... 9
City Indebtedness ............................................................................................................................... 10
City Tax Rates, Levies and Collections ............................................................................................. 14
Funds on Hand ................................................................................................................................... 15
Investments ........................................................................................................................................ 15
General Information Concerning the City ......................................................................................... 16
Governmental Organization and Services .......................................................................................... 22
Proposed Form of Legal Opinion ............................................................................................ Appendix I
Continuing Disclosure Certificate ........................................................................................... Appendix II
Summary of Tax Levies, Payment Provisions, and
Minnesota Real Property Valuation ..................................................................................... Appendix III
Excerpt of 2015 Comprehensive Annual Financial Report .................................................... Appendix IV
________________________________
* Preliminary; subject to change.
- i -
THE CITY HAS AUTHORIZED SPRINGSTED INCORPORATED TO NEGOTIATE THIS ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS:
TERMS OF PROPOSAL
$8,830,000* CITY OF BROOKLYN CENTER, MINNESOTA GENERAL OBLIGATION IMPROVEMENT AND UTILITY REVENUE BONDS, SERIES 2017A
(BOOK ENTRY ONLY)
Proposals for the above-referenced obligations (the “Bonds”) will be received by the City of
Brooklyn Center, Minnesota (the “City”) on Monday, May 8, 2017, (the “Sale Date”) until 10:30 A.M.,
Central Time at the offices of Springsted Incorporated (“Springsted”), 380 Jackson Street, Suite 300,
Saint Paul, Minnesota, 55101, after which time proposals will be opened and tabulated. Consideration for
award of the Bonds will be by the City Council at 7:00 P.M., Central Time, of the same day.
SUBMISSION OF PROPOSALS
Springsted will assume no liability for the inability of a bidder to reach Springsted prior to the time of sale
specified above. All bidders are advised that each proposal shall be deemed to constitute a contract
between the bidder and the City to purchase the Bonds regardless of the manner in which the proposal is
submitted.
(a) Sealed Bidding. Proposals may be submitted in a sealed envelope or by fax (651) 223-3046 to
Springsted. Signed proposals, without final price or coupons, may be submitted to Springsted prior to the
time of sale. The bidder shall be responsible for submitting to Springsted the final proposal price and
coupons, by telephone (651) 223-3000 or fax (651) 223-3046 for inclusion in the submitted proposal.
OR
(b) Electronic Bidding. Notice is hereby given that electronic proposals will be received via PARITY®.
For purposes of the electronic bidding process, the time as maintained by PARITY® shall constitute the
official time with respect to all proposals submitted to PARITY®. Each bidder shall be solely responsible
for making necessary arrangements to access PARITY® for purposes of submitting its electronic proposal
in a timely manner and in compliance with the requirements of the Terms of Proposal. Neither the City,
its agents, nor PARITY® shall have any duty or obligation to undertake registration to bid for any
prospective bidder or to provide or ensure electronic access to any qualified prospective bidder, and
neither the City, its agents, nor PARITY® shall be responsible for a bidder’s failure to register to bid or
for any failure in the proper operation of, or have any liability for any delays or interruptions of or any
damages caused by the services of PARITY®. The City is using the services of PARITY® solely as a
communication mechanism to conduct the electronic bidding for the Bonds, and PARITY® is not an agent
of the City.
If any provisions of this Terms of Proposal conflict with information provided by PARITY®, this Terms
of Proposal shall control. Further information about PARITY®, including any fee charged, may be
obtained from:
PARITY®, 1359 Broadway, 2nd Floor, New York, New York 10018
Customer Support: (212) 849-5000
- ii -
DETAILS OF THE BONDS
The Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and
August 1 of each year, commencing February 1, 2018. Interest will be computed on the basis of a 360-
day year of twelve 30-day months.
The Bonds will mature February 1 in the years and amounts* as follows:
2019 $840,000
2020 $835,000
2021 $845,000
2022 $860,000
2023 $875,000
2024 $885,000
2025 $900,000
2026 $915,000
2027 $930,000
2028 $945,000
* The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Bonds or the amount of any maturity in multiples of $5,000. In the event the amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per $1,000 of Bonds as that of the original proposal. Gross spread is the differential between the price paid to the City for the new issue and the prices at which the securities are initially offered to the investing public.
Proposals for the Bonds may contain a maturity schedule providing for a combination of serial bonds and
term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus
accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth above.
In order to designate term bonds, the proposal must specify “Years of Term Maturities” in the spaces
provided on the proposal form.
BOOK ENTRY SYSTEM
The Bonds will be issued by means of a book entry system with no physical distribution of Bonds made
to the public. The Bonds will be issued in fully registered form and one Bond, representing the aggregate
principal amount of the Bonds maturing in each year, will be registered in the name of Cede & Co. as
nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities
depository for the Bonds. Individual purchases of the Bonds may be made in the principal amount of
$5,000 or any multiple thereof of a single maturity through book entries made on the books and records of
DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as
registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be
the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants
will be the responsibility of such participants and other nominees of beneficial owners. The purchaser, as
a condition of delivery of the Bonds, will be required to deposit the Bonds with DTC.
REGISTRAR
The City will name the registrar which shall be subject to applicable regulations of the Securities and
Exchange Commission. The City will pay for the services of the registrar.
OPTIONAL REDEMPTION
The City may elect on February 1, 2026, and on any day thereafter, to redeem Bonds due on or after
February 1, 2027. Redemption may be in whole or in part and if in part at the option of the City and in
such manner as the City shall determine. If less than all Bonds of a maturity are called for redemption,
the City will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine
by lot the amount of each participant's interest in such maturity to be redeemed and each participant will
then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions
shall be at a price of par plus accrued interest.
- iii -
SECURITY AND PURPOSE
The Bonds will be general obligations of the City for which the City will pledge its full faith and credit
and power to levy direct general ad valorem taxes. In addition, the City will pledge special assessments
against benefited properties and net revenues of the City’s water, storm drainage, and sanitary sewer
utility funds for repayment of the Bonds. The proceeds will be used to finance street and utility
improvements within the City.
BIDDING PARAMETERS
Proposals shall be for not less than $8,759,360 plus accrued interest, if any, on the total principal amount
of the Bonds. No proposal can be withdrawn or amended after the time set for receiving proposals on the
Sale Date unless the meeting of the City scheduled for award of the Bonds is adjourned, recessed, or
continued to another date without award of the Bonds having been made. Rates shall be in integral
multiples of 1/100 or 1/8 of 1%. The initial price to the public for each maturity must be 98.0% or
greater. Bonds of the same maturity shall bear a single rate from the date of the Bonds to the date of
maturity. No conditional proposals will be accepted.
GOOD FAITH DEPOSIT
To have its proposal considered for award, the lowest bidder is required to submit a good faith deposit to
the City in the amount of $88,300 (the “Deposit”) no later than 1:30 P.M., Central Time on the Sale Date.
The Deposit may be delivered as described herein in the form of either (i) a certified or cashier’s check
payable to the City; or (ii) a wire transfer. The lowest bidder shall be solely responsible for the timely
delivery of its Deposit whether by check or wire transfer. Neither the City nor Springsted have any
liability for delays in the receipt of the Deposit. If the Deposit is not received by the specified time, the
City may, at its sole discretion, reject the proposal of the lowest bidder, direct the second lowest bidder to
submit a Deposit, and thereafter award the sale to such bidder.
Certified or Cashier’s Check. A Deposit made by certified or cashier’s check will be considered timely
delivered to the City if it is made payable to the City and delivered to Springsted Incorporated,
380 Jackson Street, Suite 300, St. Paul, Minnesota 55101 by the time specified above.
Wire Transfer. A Deposit made by wire will be considered timely delivered to the City upon submission
of a federal wire reference number by the specified time. Wire transfer instructions will be available from
Springsted following the receipt and tabulation of proposals. The successful bidder must send an e-mail
including the following information: (i) the federal reference number and time released; (ii) the amount of
the wire transfer; and (iii) the issue to which it applies.
Once an award has been made, the Deposit received from the lowest bidder (the “Purchaser”) will be
retained by the City and no interest will accrue to the Purchaser. The amount of the Deposit will be
deducted at settlement from the purchase price. In the event the Purchaser fails to comply with the
accepted proposal, said amount will be retained by the City.
AWARD
The Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost
(TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation
of the interest rate of each proposal, in accordance with customary practice, will be controlling.
The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters
relating to the receipt of proposals and award of the Bonds, (ii) reject all proposals without cause, and
(iii) reject any proposal that the City determines to have failed to comply with the terms herein.
- iv -
BOND INSURANCE AT PURCHASER'S OPTION The City has not applied for or pre-approved a commitment for any policy of municipal bond insurance
with respect to the Bonds. If the Bonds qualify for municipal bond insurance and a bidder desires to
purchase a policy, such indication, the maturities to be insured, and the name of the desired insurer must
be set forth on the bidder’s proposal. The City specifically reserves the right to reject any bid specifying
municipal bond insurance, even though such bid may result in the lowest TIC to the City. All costs
associated with the issuance and administration of such policy and associated ratings and expenses (other
than any independent rating requested by the City) shall be paid by the successful bidder. Failure of the
municipal bond insurer to issue the policy after the award of the Bonds shall not constitute cause for
failure or refusal by the successful bidder to accept delivery of the Bonds.
CUSIP NUMBERS If the Bonds qualify for assignment of CUSIP numbers such numbers will be printed on the Bonds, but
neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute
cause for failure or refusal by the purchaser to accept delivery of the Bonds. The CUSIP Service Bureau
charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser.
SETTLEMENT On or about June 8, 2017, the Bonds will be delivered without cost to the Purchaser through DTC in New
York, New York. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of
Kennedy & Graven, Chartered of Minneapolis, Minnesota, and of customary closing papers, including a
no-litigation certificate. On the date of settlement, payment for the Bonds shall be made in federal, or
equivalent, funds that shall be received at the offices of the City or its designee not later than 12:00 Noon,
Central Time. Unless compliance with the terms of payment for the Bonds has been made impossible by
action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City
by reason of the Purchaser's non-compliance with said terms for payment.
CONTINUING DISCLOSURE In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding
sale of the Bonds, to provide annual reports and notices of certain events. A description of this
undertaking is set forth in the Official Statement. The Purchaser's obligation to purchase the Bonds will
be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Bonds.
OFFICIAL STATEMENT The City has authorized the preparation of a Preliminary Official Statement containing pertinent
information relative to the Bonds, and said Preliminary Official Statement will serve as a near -final
Official Statement within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For
copies of the Preliminary Official Statement or for any additional information prior to sale, any
prospective purchaser is referred to the Municipal Advisor to the City, Springsted Incorporated, 380
Jackson Street, Suite 300, Saint Paul, Minnesota 55101, telephone (651) 223-3000. A Final Official Statement (as that term is defined in Rule 15c2 -12) will be prepared, specifying the
maturity dates, principal amounts, and interest rates of the Bonds, together with any other information
required by law. By awarding the Bonds to the Purchaser, the City agrees that, no more than seven
business days after the date of such award, it shall provide without cost to the Purchaser up to 25 copies
of the Final Official Statement. The City designates the Purchaser as its agent for purposes of distributing
copies of the Final Official Statement to each syndicate member, if applicable. The Purchaser agrees that
if its proposal is accepted by the City, (i) it shall accept designation and (ii) it shall enter into a contractual
relationship with its syndicate members for purposes of assuring the receipt of the Final Official
Statement by each such syndicate member. Dated April 10, 2017 BY ORDER OF THE CITY COUNCIL /s/ Sharon Knutson
City Clerk
____________________________
* Preliminary; subject to change.
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OFFICIAL STATEMENT $8,830,000* CITY OF BROOKLYN CENTER, MINNESOTA GENERAL OBLIGATION IMPROVEMENT AND UTILITY REVENUE BONDS, SERIES 2017A (BOOK ENTRY ONLY)
INTRODUCTORY STATEMENT
This Official Statement contains certain information relating to the City of Brooklyn Center, Minnesota
(the “City”) and its issuance of $8,830,000* General Obligation Improvement and Utility Revenue
Bonds, Series 2017A (the “Bonds”). The Bonds are general obligations of the City for which it pledges
its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will
pledge special assessments against benefited properties and net revenues of the City’s water, storm
drainage, and sanitary sewer utility funds for repayment of the Bonds. See “SECURITY AND
FINANCING” herein for additional discussion regarding repayment sources for the Bonds.
Inquiries may be directed to Mr. Nathan Reinhardt, Finance Director, City of Brooklyn Center,
6301 Shingle Creek Parkway, Brooklyn Center, Minnesota 55430, by telephoning (763) 569-3320, or by
e-mailing nreinhardt@ci.brooklyn-center.mn.us. Inquiries may also be made to Springsted Incorporated,
380 Jackson Street, Suite 300, St. Paul, Minnesota 55101-2887, by telephoning (651) 223-3000, or by
e-mailing bond_services@springsted.com.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with SEC Rule 15c2-12 (the “Rule”), pursuant to the
Awarding Resolution, the City has covenanted to comply with the continuing disclosure undertaking (the
“Undertaking”) for the benefit of holders or beneficial owners of the Bonds to provide certain financial
information and operating data relating to the City to the Municipal Securities Rulemaking Board annually,
and to provide notices of the occurrence of certain events enumerated in the Rule to the Municipal Securities
Rulemaking Board and to any state information depository. The specific nature of the Undertaking, as well
as the information to be contained in the annual report or the notices of material events, is set forth in the
Undertaking in substantially the form attached hereto as Appendix II, subject to such modifications thereof
or additions thereto as: (i) consistent with requirements under the Rule, (ii) required by the purchaser of the
Bonds from the City, and (iii) acceptable to the Mayor and the Manager of the City.
The City has complied for the past five years in all material respects in accordance with the terms of its
previous continuing disclosure undertakings entered into pursuant to the Rule, except as follows:
The City’s General Obligation Improvement Bonds, Series 2008B (CUSIP 113835) were
originally insured by Assured Guarantee Corp (AGC). AGC’s Moody’s rating was downgraded
from Aa3 to A3 on January 17, 2013. The material event and notices of failure to timely file
related to this rating change were filed with the MSRB through EMMA on April 6, 2017.
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A failure by the City to comply with the Undertaking will not constitute an event of default on the Bonds
(although holders or other beneficial owners of the Bonds will have the sole remedy of bringing an action
for specific performance). Nevertheless, such a failure must be reported in accordance with the Rule and
must be considered by any broker, dealer or municipal securities dealer before recommending the purchase
or sale of the Bonds in the secondary market. Consequently, such a failure may adversely affect the
transferability and liquidity of the Bonds and their market price.
THE BONDS
General Description
The Bonds are dated as of the date of delivery and will mature annually on February 1 as set forth on the
front cover of this Official Statement. The Bonds are issued in book entry form. Interest on the Bonds is
payable on February 1 and August 1 of each year, commencing February 1, 2018. Interest will be payable
to the holder (initially Cede & Co.) registered on the books of the Registrar as of the fifteenth day of the
calendar month next preceding such interest payment date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Principal of and interest on the Bonds will be paid as described in
the section herein entitled “Book Entry System.” U.S. Bank National Association, St. Paul, Minnesota will
serve as Registrar for the Bonds, and the City will pay for registrar services.
Redemption Provisions
Twenty days’ written notice of redemption shall be given to the registered owner(s) of the Bonds in
accordance with the City’s agreement to comply with DTC’s rules with respect to notices to DTC .
Failure to give such written notice to any registered owner of the Bonds or any defect therein shall not
affect the validity of any proceedings for the redemption of the Bonds. All Bonds or portions thereof
called for redemption will cease to bear interest after the specified redemption date, provided funds for
their redemption are on deposit at the place of payment.
Optional Redemption
The City may elect on February 1, 2026, and on any day thereafter, to redeem Bonds due on or after
February 1, 2027. Redemption may be in whole or in part and if in part at the option of the City and in
such manner as the City shall determine. If less than all the Bonds of a maturity are called for
redemption, the City will notify DTC of the particular amount of such maturity to be prepaid. DTC will
determine by lot the amount of each participant’s interest in such maturity to be redeemed and each
participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All
redemptions shall be at a price of par plus accrued interest.
Book Entry System
The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the
Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co.
(DTC’s partnership nominee) or such other name as may be requested by an authorized representative of
DTC. One fully-registered certificate will be issued for each maturity of the Bonds, each in the aggregate
principal amount of such maturity, and will be deposited with DTC.
DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking
organization” within the meaning of the New York Banking Law, a member of the Federal Reserve
System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a
“clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of
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1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity
issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that
DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post -trade
settlement among Direct Participants of sales and other securities transactions in deposited securities
through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts.
This eliminates the need for physical movement of securities certificates. Direct Participants include both
U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and
certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing
Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing
Corporation, and Fixed Income Clearing Corporation all of which are registered clearing agencies.
DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to
others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing
corporations that clear through or maintain a custodial relationship with a Direct Participant, either
directly or indirectly (“Indirect Participants”). The DTC Rules applicable to its Participants are on file
with the Securities and Exchange Commission. More information about DTC can be found at
www.dtcc.com.
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will
receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each
Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participa nts’ records.
Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners
are, however, expected to receive written confirmations providing details of the transaction, as well as
periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial
Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished
by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners.
Beneficial Owners will not receive certificates representing their ownership interests in the Bonds, except
in the event that use of the book-entry system for the Bonds is discontinued.
To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in
the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an
authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of
Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no
knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the
Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial
Owners. The Direct and Indirect Participants will remain responsible for keeping account of their
holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to
Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be
governed by arrangements among them, subject to any statutory or regulatory requirements as may be in
effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the
transmission to them of notices of significant events with respect to the Bonds, such as redemptions,
tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of
the Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain
and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide
their names and addresses to the registrar and request that copies of notices be provided directly to them.
Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are being
redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in
such maturity to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the
Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its
usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The
Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose
accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).
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Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co. or
such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to
credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information
from the City or its agent on the payable date in accordance with their respective holdings shown on
DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions
and customary practices, as is the case with securities held for the accounts of customers in bearer form or
registered in “street name,” and will be the responsibility of such Participant and not of DTC or the City,
subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of
redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may
be requested by an authorized representative of DTC) is the responsibility of the City or its agent,
disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement
of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving
reasonable notice to City or its agent. Under such circumstances, in the event that a successor depository
is not obtained, certificates are required to be printed and delivered.
The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a
successor securities depository). In that event, certificates will be printed and delivered to DTC.
The information in this section concerning DTC and DTC’s book-entry system has been obtained from
sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
AUTHORITY AND PURPOSE
The Bonds are being issued pursuant to Minnesota Statutes, Chapters 429, 444, and 475. The proceeds of
the Bonds, along with other City funds, will be used to finance street improvements (the “Improvement
Portion”) and utility improvements (the “Utility Portion”) within the City.
SOURCES AND USES OF FUNDS
The composition of the Bonds is estimated to be as follows:
Improvement Utility
Portion Portion Total
Sources of Funds:
Principal Amount $3,950,000 $4,880,000 $8,830,000
Other City Funds 812,307 0 812,307
Total Sources of Funds $4,762,307 $4,880,000 $9,642,307
Uses of Funds:
Deposit to Project Funds $4,697,655 $4,804,267 $9,501,922
Costs of Issuance 33,052 36,693 69,745
Allowance for Discount Bidding 31,600 39,040 70,640
Total Uses of Funds $4,762,307 $4,880,000 $9,642,307
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SECURITY AND FINANCING
The Bonds will be general obligations of the City for which the City will pledge its full faith and credit
and power to levy direct general ad valorem taxes. Additional sources of security for the Bonds are
discussed below. Improvement Portion The City pledges special assessments against benefited properties for repayment of the Improvement
Portion of the Bonds. Special assessments in the principal amount of approximately $1,422,897 are
expected to be filed in 2017 for first collection in 2018. Assessments will be filed over a term of ten years
with equal annual payments of principal. Interest on the unpaid balance will be charged at an interest rate
of 3.50%. The City will also levy taxes for repayment of a portion of the Improvement Portion of the Bonds, and
will make its first levy in 2017 for collection in 2018. The City will make the February 1, 2018 interest
payment from available City funds. Thereafter, each year’s collection of taxes and special assessments, if
collected in full, will be sufficient to pay 105% of the interest payment due August 1 of the collection
year and the principal and interest payment due February 1 of the following year. Utility Portion Pursuant to Minnesota Statutes, Chapter 444, and the resolution awarding the sale of the Bonds, the City
will covenant to impose and collect charges for the service, use, availability and connection to the water,
storm drainage, and sanitary sewer utilities (the “Utilities”) to produce net revenues in amounts sufficient
to support the operation of the Utilities and to pay 105% of debt service on obligations to which it has
pledged the net revenues of the Utilities, including the Utility Portion of the Bonds. The City is required
to annually review the budget of the Utilities to determine whether current rates and charges are sufficient
and to adjust such rates and charges as necessary. The City does not anticipate the need to levy taxes for
repayment of the Utility Portion of the Bonds.
FUTURE FINANCING
The City does not anticipate issuing any additional long-term general obligation debt within the next
90 days.
LITIGATION
The City is not aware of any threatened or pending litigation affecting the validity of the Bonds or the
City's ability to meet its financial obligations.
LEGALITY
The Bonds are subject to approval as to certain matters by Kennedy & Graven, Chartered, of
Minneapolis, Minnesota, as Bond Counsel. Bond Counsel has not participated in the preparation of this
Official Statement and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel has
not examined nor attempted to examine or verify any of the financial or statistical statements or data
contained in this Official Statement and will express no opinion with respect thereto. A legal opinion in
substantially the form set out in Appendix I herein will be delivered at closing.
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TAX EXEMPTION
At closing Kennedy & Graven, Chartered, of Minneapolis, Minnesota, Bond Counsel for the Bonds, will
render an opinion that, at the time of their issuance and delivery to the original purchaser, under present
federal and State of Minnesota laws, regulations, rulings and decisions (which excludes any pending
legislation which may have a retroactive effect), the interest on the Bonds is excluded from gross income
for purposes of United States income tax and is excluded, to the same extent, from taxable net income of
individuals, estates and trusts for Minnesota income purposes, and is not a preference item for purposes of
computing the federal alternative minimum tax or the Minnesota alternative minimum tax imposed on
individuals, trusts, and estates. Such interest is taken into account in determining adjusted current
earnings for the purpose of computing the federal alternative minimum tax imposed on certain
corporations and is subject to Minnesota franchise taxes on corporations (including financial institutions)
measured by income. No opinion will be expressed by Kennedy & Graven regarding other federal or
state tax consequences caused by the receipt or accrual of interest on the Bonds or arising with respect to
ownership of the Bonds. Preservation of the exclusion of interest on the Bonds from federal gross income
and state gross and taxable net income, however, depends upon compliance by the City with all
requirements of the Internal Revenue Code of 1986, as amended, (the “Code”) that must be satisfied
subsequent to the issuance of the Bonds in order that interest thereon be (or continue to be) excluded from
federal gross income and state gross and taxable net income.
The City will covenant to comply with requirements necessary under the Code to establish and maintain
the Bonds as tax-exempt under Section 103 thereof, including without limitation, requirements relating to
temporary periods for investments and limitations on amounts invested at a yield greater than the yield on
the Bonds.
OTHER FEDERAL AND STATE TAX CONSIDERATIONS
Property and Casualty Insurance Companies
Property and casualty insurance companies are required to reduce the amount of their loss reserve
deduction by 15% of the amount of tax-exempt interest received or accrued during the taxable year on
certain Bonds, including interest on the Bonds.
Foreign Insurance Companies
Foreign companies carrying on an insurance business in the United States are subject to a tax on income
which is effectively connected with their conduct of any trade or business in the United States, including
“net investment income.” Net investment income includes tax-exempt interest such as interest on the
Bonds.
Branch Profits Tax
A foreign corporation is subject to a branch profits tax equal to 30% of the “dividend equivalent amount”
for the taxable year. The “dividend equivalent amount” is the foreign corporation's “effectively
connected earnings and profits” adjusted for increase or decrease in “U.S. net equity.” A branch's
earnings and profits may include tax-exempt municipal bond interest, such as interest on the Bonds.
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Passive Investment Income of S Corporations
Passive investment income, including interest on the Bonds, may be subject to federal income taxation
under Section 1375 of the Code for an S corporation that has Subchapter C earnings and profits at the
close of the taxable year if more than 25% of the gross receipts of such S corporation is passive
investment income.
Financial Institutions
Financial institutions are generally not entitled to a deduction for interest expenses allocable to the owners
of tax-exempt obligations purchased after August 7, 1986. The City will designate the Bonds as qualified
tax-exempt obligations pursuant to Section 265(b)(3) of the Code. General
The preceding is not a comprehensive list of all federal or State tax consequences which may arise from
the receipt or accrual of interest on the Bonds. The receipt or accrual of interest on the Bonds may
otherwise affect the federal income tax (or Minnesota income tax or franchise tax) liability of the
recipient based on the particular taxes to which the recipient is subject and the particular tax status of
other items of income or deductions. All prospective purchasers of the Bonds are advised to consult their
own tax advisors as to the tax consequences of, or tax considerations for, purchasing or holding the
Bonds.
QUALIFIED TAX-EXEMPT OBLIGATIONS
The City will designate the Bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3)
of the Code, relating to the ability of financial institutions to deduct from income for federal income tax
purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
RATING
Application for a rating of the Bonds has been made to S&P Global Ratings (“S&P”), 55 Water Street,
New York, New York. If a rating is assigned, it will reflect only the opinion of S&P. Any explanation of
the significance of the rating may be obtained only from S&P.
There is no assurance that a rating, if assigned, will continue for any given period of time, or that such
rating will not be revised, suspended or withdrawn, if, in the judgment of S&P, circumstances so warrant.
A revision, suspension or withdrawal of a rating may have an adverse effect on the market price of the
Bonds.
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MUNICIPAL ADVISOR
The City has retained Springsted Incorporated, Public Sector Advisors, of St. Paul, Minnesota
(“Springsted”), as municipal advisor in connection with certain aspects of the issuance of the Bonds. In
preparing this Official Statement, Springsted has relied upon governmental officials, and other sources,
who have access to relevant data to provide accurate information for this Official Statement, and
Springsted has not been engaged, nor has it undertaken, to independently verify the accuracy of such
information. Springsted is not a public accounting firm and has not been engaged by the City to compile,
review, examine or audit any information in this Official Statement in accordance with accounting
standards. Springsted is an independent advisory firm, registered as a municipal advisor, and is not
engaged in the business of underwriting, trading or distributing municipal securities or other public
securities.
Springsted is under common ownership with Springsted Investment Advisors, Inc. (“SIA”), an investment
adviser registered in the states where services are provided. SIA may provide investment advisory
services to the City from time to time in connection with the investment of proceeds from the Bonds as
well as advice with respect to portfolio management and investment policies for the City. SIA pays
Springsted, as municipal advisor, a referral fee from the fees paid to SIA by the City.
CERTIFICATION
The City has authorized the distribution of the Preliminary Official Statement for use in connection with
the initial sale of the Bonds and a Final Official Statement following award of the Bonds. The Purchaser
will be furnished with a certificate signed by the appropriate officers of the City stating that the City
examined each document and that, as of the respective date of each and the date of such certificate, each
document did not and does not contain any untrue statement of material fact or omit to state a material
fact necessary, in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading.
(The Balance of This Page Has Been Intentionally Left Blank)
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CITY PROPERTY VALUES
Trend of Values(a)
Assessment/ Assessor’s Market Value Adjusted
Collection Estimated Sales Economic Homestead Taxable Taxable Net
Year Market Value Ratio(b) Market Value(c) Exclusion Market Value Tax Capacity
2016/17(d) $1,870,150,101 N/A N/A N/A $1,699,535,316 $22,841,269
2015/16 1,778,802,900 93.7% $1,898,823,284 $166,968,111 1,605,660,789 21,570,419
2014/15 1,667,663,500 83.0 2,008,478,171 173,160,024 1,489,548,076 20,703,061
2013/14 1,515,999,000 91.5 1,656,700,488 179,157,923 1,329,268,428 19,665,833
2012/13 1,524,919,100 100.2 1,646,174,750 180,200,766 1,338,405,415 19,827,575
2011/12 1,649,467,100 104.3 1,627,809,108 179,157,923 1,468,159,885 21,320,986
(a) For a description of the Minnesota property tax system, see Appendix III. (b) Sales Ratio Study for the year of assessment as posted by the Minnesota Department of Revenue,
http://www.revenue.state.mn.us/propertytax/Pages/statistics-imv.aspx. (c) Economic market values for the year of assessment as posted by the Minnesota Departm ent of Revenue,
http://www.revenue.state.mn.us/propertytax/Pages/statistics-imv.aspx. (d) 2016/17 valuations are preliminary and are subject to change as provided by Hennepin County, Minnesota,
http://www.hennepin.us/residents/property/taxing-district-info.
Source: Hennepin County, Minnesota, April 2016, except as otherwise noted.
2015/16 Adjusted Taxable Net Tax Capacity: $21,570,419
Real Estate:
Residential Homestead $ 9,817,812 47.7%
Commercial/Industrial, Railroad,
and Public Utility 8,010,524 38.9
Residential Non-Homestead 2,263,263 11.0
Agricultural and Seasonal Recreational 94,046 0.5
Personal Property 398,267 1.9
2015/16 Net Tax Capacity $20,583,912 100.0%
Less: Captured Tax Increment (2,884,208)
Contribution to Fiscal Disparities (2,635,082)
Plus: Distribution from Fiscal Disparities 6,505,797
2015/16 Adjusted Taxable Net Tax Capacity $21,570,419
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Ten of the Largest Taxpayers in the City
2015/16 Net
Taxpayer Type of Property Tax Capacity
The Luther Company LLC Car Dealer $ 609,560
The Molasky Group of COS FBI Regional Headquarters 461,250
Wal-Mart Stores Inc. Retail 333,590
AX RER L.P. Real Estate 319,950
TLN Lanel Ltd Partnership Apartments 205,425
Medtronic Inc. Industrial 197,890
Lake Point Apartments LLC Apartments 194,613
Brookdale Corner LLC Retail 191,310
G B Homes LLC Custom Home Builders 181,975
Brooklyn Hotel Partners Hotel 155,370
Total $2,850,933*
* Represents 13.2% of the City's 2015/16 adjusted taxable net tax capacity.
CITY INDEBTEDNESS
Legal Debt Limit and Debt Margin*
Legal Debt Limit (3% of 2016/17 Preliminary Estimated Market Value) $56,104,503
Less: Outstanding Debt Subject to Limit 0
Legal Debt Margin as of June 8, 2017 $56,104,503
* The legal debt margin is referred to statutorily as the “Net Debt Limit” and may be increased by debt service
funds and current revenues which are applicable to the payment of debt in the current fiscal year.
NOTES: Certain types of debt are not subject to the legal debt limit. See Appendix III – Debt Limitations.
General Obligation Special Assessment Debt
Est. Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6-8-17
12-15-08 $2,390,000 Improvements 2-1-2019 $ 390,000
12-19-13 4,920,000 Improvements 2-1-2024 3,080,000
7-9-15 5,240,000 Improvements 2-1-2026 4,730,000
10-13-16 1,820,000 Street Improvements 2-1-2027 1,820,000
6-8-17 3,950,000 Street Improvements
(the Improvement Portion of the Bonds) 2-1-2028 3,950,000
Total $13,970,000
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General Obligation Tax Increment Debt Est. Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6-8-17 6-1-08 $4,335,000 Taxable Tax Increment 2-1-2018 $ 125,000
12-19-13 6,040,000 Taxable Tax Increment 2-1-2022 5,265,000
7-9-15 6,600,000 Taxable Tax Increment Refunding 2-1-2020 5,030,000
12-8-16 2,075,000 Tax Increment Refunding 2-1-2029 2,075,000
12-8-16 1,725,000 Taxable Tax Increment Refunding 2-1-2023 1,725,000 Total $14,220,000 General Obligation Utility Revenue Debt Est. Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6-8-17 7-9-15 $1,660,000 Utility Revenue Refunding 2-1-2025 $1,355,000
10-13-16 3,605,000 Utility Revenue 2-1-2027 3,605,000
6-8-17 4,880,000 Utility Revenue (the Utility Portion
of the Bonds) 2-1-2028 4,880,000 Total $9,840,000
Revenue Debt Est. Principal
Date Original Final Outstanding
of Issue Amount Purpose Maturity As of 6-8-17 1-20-15 $19,662,352 Taxable GO PFA Water Loan 8-20-2034 $18,703,000 Estimated Calendar Year Debt Service Payments Including the Bonds G.O. Special Assessment Debt G.O. Tax Increment Debt
Principal Principal
Year Principal & Interest(a) Principal & Interest 2017 (at 6-8) (Paid) $ 134,199 (Paid) $ 213,995
2018 $ 1,405,000 1,730,155 $ 2,275,000 2,644,433
2019 1,760,000 2,032,320 2,295,000 2,597,195
2020 1,610,000 1,843,046 2,350,000 2,585,345
2021 1,615,000 1,811,434 2,430,000 2,596,520
2022 1,630,000 1,788,850 2,490,000 2,582,680
2023 1,320,000 1,445,210 305,000 355,333
2024 1,335,000 1,430,055 330,000 373,525
2025 1,135,000 1,201,055 335,000 371,875
2026 1,145,000 1,183,918 340,000 369,700
2027 605,000 623,029 350,000 371,938
2028 410,000 415,433 355,000 368,563
2029 365,000 369,563 Total $13,970,000(b) $15,638,704 $14,220,000(c) $15,800,665
(a) Includes the Improvement Portion of the Bonds at an assumed average annual interest rate of 2.32%. (b) 97.1% of this debt will be retired within ten years. (c) 94.9% of this debt will be retired within ten years.
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Estimated Calendar Year Debt Service Payments Including the Bonds (Continued)
G.O. Utility Revenue Debt Revenue Debt
Principal Principal
Year Principal & Interest(a) Principal & Interest
2017 (at 6-8) (Paid) $ 71,874 $ 954,000 $ 1,047,515
2018 $ 470,000 687,313 963,000 1,140,490
2019 950,000 1,138,530 973,000 1,140,860
2020 965,000 1,136,180 982,000 1,140,130
2021 975,000 1,127,913 992,000 1,140,310
2022 1,010,000 1,143,290 1,002,000 1,140,390
2023 1,025,000 1,137,459 1,012,000 1,140,370
2024 1,040,000 1,130,614 1,022,000 1,140,250
2025 1,050,000 1,117,583 1,033,000 1,141,030
2026 900,000 945,624 1,043,000 1,140,700
2027 920,000 944,821 1,053,000 1,140,270
2028 535,000 542,089 1,064,000 1,140,740
2029 1,075,000 1,141,100
2030 1,085,000 1,140,350
2031 1,096,000 1,140,500
2032 1,107,000 1,140,540
2033 1,118,000 1,140,470
2034 1,129,000 1,140,290
Total $9,840,000(b) $11,132,290 $18,703,000(c) $20,436,305
(a) Includes the Utility Portion of the Bonds at an assumed average annual interest rate of 2.33%. (b) 94.6% of this debt will be retired within ten years. (c) 53.3% of this debt will be retired within ten years.
Other Debt Obligations
Operating Leases
The City has entered into two operating leases for its municipal liquor stores. Rent expenses for the fiscal
year ended December 31, 2016 were $310,553. The following is a schedule by years of future minimum
rental payments required under these operating leases as of December 31, 2016:
Year Ending December 31
2017 $ 234,888
2018 234,888
2019 234,888
2020 164,124
2021-2023 280,080
Total $1,148,868
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The City has leased a portion of its police second floor expansion area to the Local Government
Information Systems Association as a backup computer facility. The lease commenced on January 12,
2016, has a term of ten years, and calls for monthly lease payments based on square-footage. Lease
revenue for the year ended December 31, 2016 was $12,100. Future lease revenues under the current
agreement is as follows:
Year Ending December 31 2017 $ 12,000
2018 12,000
2019 12,000
2020 12,000
2021-2025 60,000 Total $108,000
The City is the lessor in an operating lease for a building used for a sit-down restaurant. The lease was
originally signed in 2011 with a ten-year term, with an option to extend the lease for an additional five
years. For the year ended December 31, 2016, the City received $76,441 in rental revenue. Future
minimum base rent revenues under the current agreement is as follows:
Year Ending December 31 2017 $ 84,378
2018 92,816
2019 102,942
2020 112,048
2021 96,190 Total $488,374
Overlapping Debt 2015/16 Debt Applicable to
Adjusted Taxable Est. G.O. Debt Tax Capacity in City
Taxing Unit(a) Net Tax Capacity As of 6-8-17(b) Percent Amount Hennepin County $1,602,471,674 $853,180,000 1.4% $11,944,520
Hennepin County
Regional Railroad 1,602,471,674 33,145,000 1.4 464,030
Three Rivers Park District 1,147,830,415 52,530,000 1.9 998,070
I.S.D. No. 11
(Anoka-Hennepin) 43,193,866 43,790,000 6.7 2,933,930
I.S.D. No. 279 (Osseo) 156,333,069 148,925,000 4.4 6,552,700
I.S.D. No. 281 (Robbinsdale) 93,317,239 190,380,000 5.2 9,899,760
I.S.D. No. 286
(Brooklyn Center) 6,994,194 23,010,000 100.0 23,010,000
Metropolitan Council 3,475,846,085 10,910,000(c) 0.6 65,460
Metropolitan Transit 2,767,556,165 141,535,000 0.8 1,132,280 Total $57,000,750
(a) Only those units with outstanding general obligation debt are shown here. (b) Excludes general obligation tax and aid anticipation certificates and revenue-supported debt. (c) Excludes general obligation debt supported by wastewater revenues and housing rental payments. Includes
certificates of participation.
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Debt Ratios*
G.O. G.O. Direct &
Direct Debt Overlapping Debt
To 2016/17 Preliminary Estimated Market Value
($1,870,150,101) 1.51% 4.56%
Per Capita - (30,864 - 2015 MN Demographer Estimate) $913 $2,760
* Excludes general obligation revenue debt, revenue debt, and other debt obligations.
CITY TAX RATES, LEVIES AND COLLECTIONS
Tax Capacity Rates for a Resident in Independent School District No. 286 (Brooklyn Center)
2012/13 2013/14 2014/15 2015/16 2016/17
Hennepin County 49.461% 49.959% 46.398% 45.356% 44.087%
City of Brooklyn Center 72.202 75.742 71.256 73.292 70.498
I.S.D. No. 286
(Brooklyn Center)(a) 56.031 54.422 52.984 54.573 40.438
Special Districts(b) 9.611 10.047 9.314 9.091 8.822
Total 187.305% 190.170% 179.952% 182.312% 163.845%
(a) In addition, Independent School District No. 286 (Brooklyn Center) has a 201 6/17 market value tax rate of
0.12136% spread across the market value of property in support of an excess operating levy. (b) Special districts include Metropolitan Council, Metropolitan Transit, Metropolitan Mosquito Control,
Hennepin Park Museum, Hennepin County Regional Rail Authority, and Three Rivers Park District.
NOTE: This table includes only net tax capacity-based rates. Certain other tax rates are based on market value.
See Appendix III.
Tax Levies and Collections
Collected During Collected and/or Abated
Net Collection Year as of 12-31-15
Levy/Collect Levy* Amount Percent Amount Percent
2015/16 $15,676,933 (Not Yet Available)
2014/15 14,988,762 $14,770,223 98.5% $14,770,223 98.5%
2013/14 14,643,347 14,470,227 98.8 14,618,974 99.8
2012/13 14,590,560 14,444,534 99.0 14,590,560 100.0
2011/12 14,219,162 13,942,766 98.1 14,188,825 99.8
* The net levy excludes state aid for property tax relief and fiscal disparities, if applicable. Th e net levy is the
basis for computing tax capacity rates. See Appendix III.
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FUNDS ON HAND As of February 28, 2017
General Fund $ 9,016,141
Special Revenue Funds 2,875,689
Debt Service Funds 636,382
Capital Project Funds 11,246,227
Enterprise Fund 14,675,162
Internal Service 6,335,915
Total Cash and Investments $44,785,516 INVESTMENTS
The City’s investment policy, last revised in April 2016, has the objectives of preserving safety of
principal, retaining sufficient liquidity, providing a market rate of return, and yielding stable earnings on
invested City funds.
Investments of the City shall be undertaken in a manner that seeks to ensure the preservation of capital in
the overall portfolio. Safety of principal is the foremost objective.
Liquidity and yield are also important considerations. It is essential that the investment portfolio remain
sufficiently liquid to meet all operating requirements that may be reasonably anticipated.
The investment portfolio of the City shall be designed to attain a market -average rate of return during
budgetary and economic cycles, taking into account the City’s investment risk constraints and liquidity
needs. Return on investment is of least importance compared to the objectives for safety and liquidity.
Securities shall be held to maturity with the exceptions of meeting the liquidity needs of the portfolio and
minimizing loss of principal for a security of declining credit.
Minnesota Statutes, Chapter 118A, authorizes and defines an investment program for municipal
governments. The City may invest in the following instruments allowed by Minnesota Statutes:
a. United States Securities: including bonds, notes, bills or other securities which are direct
obligations of the United States, its agencies, its instrumentalities, or organizations created by an
act of Congress, which carry the full faith and credit of the United States.
b. Commercial paper issued by U.S. corporations or their Canadian subsidiaries that is rated i n the
highest quality by at least two nationally recognized rating agencies and matures in 90 days or
less.
c. Certificates of Deposit (Time Deposits) that are fully insured by the Federal Deposit Insurance
Corporation.
d. Repurchase agreements and reverse repurchase agreements may be entered into with financial
institutions identified by Minnesota Statutes, Chapter 118A. Reverse repurchase agreements may
only be entered into for a period of 90 days or less and only to meet short-term cash flow needs.
e. Securities lending agreements may be entered into with financial institutions identified by
Minnesota Statutes, Chapter 118A.
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f. Minnesota joint powers investment trusts may be entered into with trusts identified by Minnesota
Statutes, Chapter 118A
g. Money market mutual funds regulated by the Securities and Exchange Commission and whose
portfolios consist only of short-term securities permitted by Minnesota Statutes, Chapter 118A.
h. Bonds of the City of Brooklyn Center issued in prior years may be redeemed at current market
price, which may include a premium, prior to maturity using surplus funds of the debt service
fund set up for that issue. Such repurchased bonds shall be canceled and removed from the
obligation of the fund.
i. General obligation bonds of state or local governments rated A or better by a national bond rating
services.
j. Revenue obligations of state or local governments rated AA or better by a national bond rating
agency.
k. The Minnesota Municipal Money Market Fund (4M) that was established by th e League of
Minnesota Cities to address the investment needs of the Minnesota cities.
Authority to manage the investment program is vested in the City Manager, City Treasurer, and Assistant
Finance Director, with the City Treasurer responsible for establi shing and maintaining an internal control
structure to provide reasonable assurance that the objectives of the investment policy are met.
As of February 28, 2017, the City had $44,347,109 (par value) invested, with a market value of
$44,368,774 (100% of the original cost to the City plus amortized premium). The City’s investments
include the following: $15,172,298 (34.21%) in government agency securities; $19,043,208 (42.94%) in
certificates of deposit; $7,631,284 (17.21%) in money market accounts and $2,500,319 (5.64%) in
municipal bonds. All of the investments in the City’s portfolio mature within 72 months or less. The
longest investment held by the City is currently scheduled to mature in October of 2022.
GENERAL INFORMATION CONCERNING THE CITY
The City is a northern suburb of the Minneapolis/Saint Paul metropolitan area, adjacent to the City of
Minneapolis. The City is wholly within Hennepin County and encompasses an area of approximately
8.5 square miles (5,440 acres). The Mississippi River forms the City’s eastern boundary.
Population
The City’s population trend is shown below.
Percent
Population Change
2015 MN Demographer Estimate 30,864 2.5%
2010 U.S. Census 30,104 3.2
2000 U.S. Census 29,172 1.0
1990 U.S. Census 28,887 (7.5)
1980 U.S. Census 31,230 --
Sources: Minnesota State Demographic Center, mn.gov/admin/demography and
United States Census Bureau, http://www.census.gov/.
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The City’s population by age group for the past four years is as follows:
Data Year/
Report Year 0-17 18-34 35-64 65 and Over
2016/17 8,956 7,650 11,255 3,879
2015/16 8,906 7,664 11,211 3,847
2014/15 8,786 7,734 11,171 3,811
2013/14 8,696 7,621 11,042 3,763
Source: Claritas, Inc. and The Nielsen Company.
Transportation
Major transportation routes in and through the City, including Interstate Highways 94 and 694 and State
Highways 100 and 252, have provided a continued impetus for the development of the City's commercial
tax base.
Major Employers
Approximate
Number
Employer Product/Service of Employees
Hennepin County Government 8,500
Promeon, Inc. (a division of Medtronic) Medical devices 1,100
Independent School District No. 286
(Brooklyn Center) Education 425
Luther Auto Group (three locations) Automobile dealership 341
City of Brooklyn Center Government 299*
Walmart Retail 294*
Caribou Coffee (Headquarters) Coffee retailer 225
University of Minnesota Physicians Healthcare 212
Maranatha Care Center,
Presbyterian Homes Continuing care/retirement community 200*
TCR Corporation Metal components 150
Cub Foods Grocery 130
Target Retail 120
Cass Screw Machine Products Screw machine parts 112
Health Partners-Brooklyn Center Medical and dental clinic 97
Sears Retail 46
* Includes full-time and part-time employees.
Source: This does not purport to be a comprehensive list and is based on an April 2017 best efforts telephone
survey of individual employers. Some employers do not respond to inquiries.
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Labor Force Data
Annual Average February
2013 2014 2015 2016 2017
Labor Force:
City of Brooklyn Center 15,322 15,190 15,319 15,353 15,189
Hennepin County 669,800 674,658 679,549 683,629 678,413
Minneapolis-St. Paul
Metro Area 1,909,871 1,923,003 1,938,857 1,952,204 1,942,461
State of Minnesota 2,955,266 2,961,331 2,975,533 3,001,131 2,999,305
Unemployment Rate:
City of Brooklyn Center 6.1% 4.8% 4.4% 4.1% 4.9%
Hennepin County 4.6 3.8 3.3 3.3 3.7
Minneapolis-St. Paul
Metro Area 4.7 3.9 3.4 3.5 4.2
State of Minnesota 5.0 4.2 3.7 3.9 4.8
Source: Minnesota Department of Employment and Economic Development,
https://apps.deed.state.mn.us/lmi/laus. 2017 data are preliminary. Retail Sales and Effective Buying Income (EBI)
City of Brooklyn Center
Data Year/ Total Retail Total Median
Report Year Sales ($000) EBI ($000) Household EBI
2016/17 $623,655 $545,667 $40,885
2015/16 561,219 550,267 41,469
2014/15 505,332 531,155 40,188
2013/14 596,059 512,550 39,878
2012/13 703,490 483,895 37,788
Hennepin County
Data Year/ Total Retail Total Median
Report Year Sales ($000) EBI ($000) Household EBI
2016/17 $33,502,543 $40,956,757 $57,190
2015/16 26,004,909 38,495,032 55,756
2014/15 21,713,206 36,578,500 52,644
2013/14 21,457,980 34,013,567 50,131
2012/13 23,055,734 32,511,237 47,033
The 2016/17 Median Household EBI for the State of Minnesota was $54,485. The 201 6/17 Median
Household EBI for the United States was $48,043.
Source: Claritas, Inc. and The Nielsen Company.
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Permits Issued by the City
Total Permits Commercial Permits Residential Permits
Year Number Value Number Value Number Value
2017 (to 2-28) 107 $ 1,330,245 25 $ 615,625 82 $ 714,620
2016 807 42,389,415 96 35,961,472 711 6,427,943
2015 798 25,173,241 112 18,348,998 686 6,824,243
2014 849 47,990,030 156 41,458,102 693 6,531,928
2013 1,867 34,866,050 217 21,857,116 1,650 13,008,934
2012 929 24,766,964 132 19,029,921 797 5,737,043
2011 752 54,499,418 105 50,193,835 647 4,305,583
2010 772 55,631,100 146 50,688,194 626 4,942,906
2009 773 15,201,903 153 10,497,326 620 4,704,577
Source: City of Brooklyn Center. Growth and Development
Successful redevelopment continues to be the key to commercial and industrial tax base growth within the
City, including the following:
Shingle Creek Crossing. Shingle Creek Crossing is an 80-acre planned unit development that includes
the redevelopment of the former Brookdale Mall. In 2011, a significant portion of Brookdale Mall w as
removed and the City planned for redevelopment of a shopping center in this space. The initial phase,
completed in 2012, included the partial daylighting of Shingle Creek and the infrastructure improvements
for a Walmart store, 15 new building pads, and the renovation of the former Brookdale Mall. The second
phase, completed in 2013, included construction of a LA Fitness building, and three retail buildings
providing for new commercial tenant space. In 2014, demolition of the food court building occur red, as
well as construction of additional retail buildings, a multi-tenant building, and a multi-tenant
retail/restaurant building. Site plans were also approved for the remaining four lots within the former
food court lot. In 2015, construction was completed on a Discount Tire Store, a Kid’s Foot Locker, Rue
21 and Villa; a lease was signed with Caribou Coffee and Bruegger’s Bagels; and an amendment was
approved to add an additional 9,400 square-foot retail building to the former Kohl’s site. Business
activity in 2016 included Wing Stop, Five Below, Nail & Spa, Rainbow Apparel and a P.U.D. application
by HOM furniture to renovate the former Kohl’s building with a 24,000 square -foot medical office
building.
Opportunity Site. The southern portion of the 80-acre Opportunity Site comprises 46 acres planned for a
mixed use commercial, office and residential. A housing market study was completed by the McCombs
Group and the architectural firm of ESG was retained to prepare a mixed use concept plan for this site.
On December 20, 2013, the City’s Economic Development Authority (the “EDA”) acquired the 23.2 acre
Brookdale Square shopping center site, which adjoins the EDA’s 8.4 acre former Brookdale Ford
dealership property. In 2014, the EDA acquired an additional 1.6 acre site and discussed future
redevelopment plans with the four remaining businesses and/or property owner along John Martin Drive
(the northern portion of this redevelopment area). In 2015, the EDA adopted the necessary findings of
blighted building conditions that would qualify this area as a future Tax Increment Redevelopment
District or a Renewal and Renovation District. The demolition of the buildings was completed in the fall
of 2015.
In 2016, the City Council approved the creation of a 25-year tax increment redevelopment district and
completed the soil corrections and final demolition of the former Brookdale Ford building, floor lifts and
underground LP tank. A new development concept which includes market rate apartments, senior
independent and care apartments, town homes and a brew pub-restaurant was proposed by the Devean
George Group and is currently being considered.
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Luther Auto Group. Luther Auto Group has completed a major portion of their redevelopment plans for
the 39 acres located on the north side of the I-694 and Brooklyn Boulevard interchange. In 2013, the City
received approvals for the construction of a 42,360 square-foot Volkswagen dealership and a 2.8 acre
expansion of the Honda Dealership’s sales lot to open up space for a sixth dealership along I-694. In
2014, Luther demolished the old Honda dealership buildings, began construction of the new Volkswagen
dealership, and completed the expansion of Honda sales lot. The Volkswagen dealership opened in 2015.
Additionally, Luther’s master plans for this area include an additional dealership with frontage along
I-694. One of the two buildings that occupied this future dealership site, Atlantic Pool, was demolished
in 2015.
Industrial Redevelopment. In 2014, the Minnesota Department of Agriculture and the Minnesota
Pollution Control Agency approved a Soils Investigation and Remediation Action Plan for the former
Howe Fertilizer Site and adjoining railroad property. The City received environmental cleanup funds
from Hennepin County, the Minnesota Department of Employment and Economic Development and the
Metropolitan Council. The three grants funded a $1.5 million cleanup action and enabled the developer to
proceed with the development of a 61,000 square-foot building, which was completed in 2015.
Additional Development.
The EDA acquired the former Chrysler Auto Dealership, also known as Cars with Heart, a 5 -acre
commercial site located at 6121 Brooklyn Boulevard. The buildings have been demolished and the EDA
has approved plans and entered into a development agreement for the construction of a 156-unit senior
apartment building that will provide affordable assisted care opportunities for senior citizens. In 2016,
City Council established a tax increment housing district, approved a tax increment development
agreement, and provided the necessary zoning and site development approvals for the Sanctuary at
Brooklyn Center. Construction began in November 2016 and is scheduled to be completed by December
2017 and ready for occupancy by late spring 2018.
The Northport Elementary School completed the 5th phase of their building renovation plans, which
included the expansion of their parking lot, a parent drop off zone, a separate bus unloading area that also
provides 38 parking stalls for park use, and new playfields which complements the Northport Community
Park.
The Three River Park District provided funding for a realignment of Twin Lakes Regional Trail Corridor
within the eastern portion of the planned renovation of the Lake Pointe Apartments. Additionally,
planning for the 2016/17 construction of an extension of this regional trail along 57th Avenue, east of
State Highway 100, to connect to the Mississippi Regional Corridor has begun.
The Brooklyn Boulevard bridge and trail improvements over State Highway 100 were completed and a
cooperative grant application with Hennepin County has received favorable scoring for the federal
funding of the reconstruction of the southern portion of the Brooklyn Boulevard Corridor Study (southern
border of the City to County Road 10/Bass Lake Road). Construction is planned for 2018.
In 2015, construction of the New Millennium Academy, a 550 student capacity Charter School,
completed on the former Malmborg’s Nursery site and opened in the fall of 2016.
In 2016, construction began on Phase II of the Maranatha Senior Campus (34 independent living senior
apartment units). Occupancy is scheduled for the summer of 2017.
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Financial Institutions*
City residents are served by branch facilities of Wells Fargo Bank, National Association; Bremer Bank,
National Association; and TCF National Bank, as well as numerous credit unions.
* This does not purport to be a comprehensive list.
Source: Federal Deposit Insurance Corporation, https://research.fdic.gov/bankfind/.
Health Care Services
The following is a summary of inpatient health care facilities located in and around the City:
Facility Location No. of Beds
Maranatha Care Center City of Brooklyn Center 97 Nursing Home
Living Well Lyndale City of Brooklyn Center 8 Supervised Living
Brooklyn Center Outreach Home City of Brooklyn Center 6 Supervised Living
North Memorial Medical Center City of Robbinsdale 518 Hospital
42 Infant Bassinets
Unity Hospital City of Fridley 275 Hospital
Source: Minnesota Department of Health, http://www.health.state.mn.us/.
Education
Public Education
The following districts serve the residents of the City:
2016/17
School Location Grades Enrollment
ISD No. 11 (Anoka-Hennepin) City of Anoka K-12 38,739
ISD No. 279 (Osseo) City of Osseo K-12 20,847
ISD No. 281 (Robbinsdale) City of Robbinsdale K-12 12,553
ISD No. 286 (Brooklyn Center) City of Brooklyn Center K-12 2,415
Source: Minnesota Department of Education, www.education.state.mn.us.
The City’s taxable net tax capacity is attributable to each of the four school districts as follows:
Portion of 2015/16 Taxable Net Tax
Capacity Located in the City % of Total
ISD No. 286 (Brooklyn Center)* $ 6,994,194 32.4%
ISD No. 279 (Osseo) 6,828,607 31.7
ISD No. 281 (Robbinsdale) 4,832,955 22.4
ISD No. 11 (Anoka-Hennepin) 2,914,663 13.5
Total $21,570,419 100.0%
* Independent School District No. 286 is located entirely within the City of Brooklyn Center.
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Non-Public Education
City residents are also served by the following private schools:
2016/17
School Location Grades Enrollment
Sacred Heart Catholic School City of Robbinsdale K-8 179
King of Grace Lutheran School City of Golden Valley K-8 173
St. Raphael Catholic School City of Crystal K-8 147
St. Alphonsus City of Brooklyn Center K-8 138
RiverTree School City of Crystal K-12 110
Holy Trinity Lutheran School City of New Hope K-8 62
Future Leaders Learning City of Brooklyn Center K-7 9
Source: Minnesota Department of Education, www.education.state.mn.us.
Post-Secondary Education
City residents have access to various colleges and universities located throughout the
Minneapolis/St. Paul metropolitan area. GOVERNMENTAL ORGANIZATION AND SERVICES
Organization
The City has been a municipal corporation since 1911 and is governed under a Home Rule Charter
adopted in 1966 and subsequently amended. The City has a Council-Manager form of government and
the Mayor and four Council Members are elected to serve overlapping four-year terms. The following
individuals comprise the current City Council:
Expiration of Term
Tim Willson Mayor December 31, 2018
Marquita Butler Council Member December 31, 2020
April Graves Council Member December 31, 2018
Kris Lawrence-Anderson Council Member December 31, 2020
Dan Ryan Council Member December 31, 2018
The City Manager, Mr. Cornelius L. Boganey, is responsible for the administration of Council policy and
the daily management of the City. The Manager is appointed by the Council and serves at its discretion.
Mr. Boganey has served the City in this position since June 2006. Prior to that, Mr. Boganey served as
the City's Assistant Manager since March 2003. He has also served as City Manager in the cities of
Brooklyn Park, Minnesota and Port Arthur, Texas, and as Assistant City Manager in the City of
Kalamazoo, Michigan.
The Finance Director, Mr. Nathan Reinhardt, is responsible for directing the City’s financial operations,
including preparation of the comprehensive annual financial report and interim reports, and the
investment of City funds. Mr. Reinhardt has served as the City’s Finance Director since November 2013.
Previously, Mr. Reinhardt served as Finance Director for the City of Waseca, Minnesota.
The City has 159 regular full-time and 140 seasonal full- and part-time employees.
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Services
Forty-nine full-time sworn police officers and a support staff of 9 provide protective services in the City.
Fire protection is provided by one full-time Chief, one full-time Deputy Chief, one full-time fire
inspector/educator, and a 29-member volunteer force. The City has 2 fire stations and a class 4 insurance
rating.
All areas of the City are serviced by municipal water and sewer systems, with exception to one property
located at 5306 Perry Avenue North. Water is supplied by nine wells and storage is provided by three
elevated tanks with a combined total capacity of 3.0 million gallons. The municipal water system has a
pumping capacity of 16.4 million gallons per day (mgd). In 2016, the City brought a new water treatment
plant online, capable of filtering 10 mgd. When combined with the capacity of 1.7 mdg from Well #2, the
City now has a total finished water capacity of 11.7 mgd. The average daily water demand is estimated to
be 3.4 mgd and peak demand is estimated to be 9.7 mgd. Water connections totaled 8,933 as of
February 13, 2017.
Although the City owns and maintains its own sanitary and storm sewer collection systems, wastewater
treatment facilities are owned and operated by the Metropolitan Council Environmental Services
(MCES). The City is billed an annual service charge by MCES, which is adjusted each year based on the
prior years’ actual usage. The City had 8,788 sewer connections as of February 13, 2017.
The City owns and operates the Earle Brown Heritage Center, a convention center with catering se rvices
and commercial office rentals. The Earle Brown Heritage Center is a unique and spacious event center
located on the site of an historic estate in Brooklyn Center. Awarded the WeddingWire Couples’ Choice
in 2015, the venue boasts more than 40,000 square feet of space, with intimate meeting rooms hosting
groups in size from 6 to 1,200. The Earle Brown Heritage Center hosts approximately 500 events
annually and includes a full staff of event specialists, an in-house Executive Chef, audio visual and free
onsite parking.
City offices are located in the City's Civic Center, which also includes community facilities such as
exercise and game rooms, classrooms, craft rooms, a 300-seat hall, and a 50-meter indoor swimming
pool. The City maintains 520 acres of parkland, much of which is located along Shingle Creek forming a
“green way” north to south through the City. Recreational facilities include a par 3 nine-hole golf course,
20 playgrounds, softball and baseball diamonds, basketball courts, tennis courts, hockey and skating
rinks, nature areas, trails, and an arboretum.
Labor Contracts
The status of labor contracts in the City are as follows:
Expiration Date
Bargaining Unit No. of Employees of Current Contract
IUOE Local 49 25 December 31, 2018
LELS Local 82 39 December 31, 2017
LELS Local 86 9 December 31, 2018 Subtotal 73
Non-unionized employees 226 Total employees 299
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Employee Pensions
All full-time employees and certain part-time employees of the City are covered by defined benefit
pension plans administered by the Public Employees Retirement Association of Minnesota (PERA).
PERA administers the General Employees Retirement Fund (GERF) and the Public Employees Police
and Fire Fund (PEPFF), which are cost-sharing multiple-employer retirement plans. GERF members
belong to either the Coordinated Plan or the Basic Plan. Coordinated 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
PEPFF. The City’s contributions to GERF and PEPFF are equal to the contractually required
contributions for each year as set by State Statute, and are as follows for the past five years:
GERF PEPFF
2016 (unaudited) $550,846 $694,601
2015 564,168 687,935
2014 531,385 600,402
2013 521,512 560,053
2012 498,832 544,497
For more information regarding the liability of the City with respect to its employees, please reference
“Note 4. Defined Benefit Pension Plan – City Employees” of the City’s Comprehensive Annual Financial
Report for fiscal year ended December 31, 2015, an excerpt of which is included as Appendix IV of this
Official Statement. (The City’s Comprehensive Annual Financial Report for the fiscal year ended
December 31, 2016 is not yet available.)
Multiple-Employer Defined Benefit Pension
City employees belonging to the International Union of Operating Engineers (IUOE) are participants in a
multiple-employer defined benefit pension plan, the Central Pension Fund of the International Union of
Operating Engineers and Participating Employers (CPF), administered by the Board of Trustees of the
Central Pension Fund. The plan is a cost-sharing pension plan that is not a state or local governmental
pension plan, is used to provide defined benefit pensions to employers that are not state or local
governmental employers, and has no predominate state or local government employer. The plan issues a
publicly available financial report located on their website at www.cpfiuoe.org.
The City has 22 employees who are covered by this pension plan. The plan provides benefits such as
monthly retirement income, special and early retirement benefits, post-retirement surviving spouse
benefits, pre-retirement surviving spouse benefits, and disability benefits.
The City’s contributions to the plan are pursuant to a collective bargaining agreement with the IUOE
which expires December 31, 2018. The required contribution rate is $0.96 per hour, which is applied to
all compensated hours, and capped at $5,000 per year. With regards to withdrawal from the pension plan,
the parties agree that the amount that would otherwise be paid in salary or wages will be contributed
instead to the CPF as pre-tax employer contributions.
The City’s contributions to IOUE for the past five years are as follows:
IUOE
2016 (unaudited) $51,410
2015 51,699
2014 51,868
2013 52,046
2012 51,636
- 25 -
For more information regarding the liability of the City with respect to its employees, please reference
“Note 6. Multiple-Employer Defined Benefit Pension Plan” of the City’s Comprehensive Annual
Financial Report for fiscal year ended December 31, 2015, an excerpt of which is included as
Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for the
fiscal year ended December 31, 2016 is not yet available.)
PEDCP
Five Council members of the City are covered by the Public Employees Defined Contribution Plan
(PEDCP), a multiple-employer deferred compensation plan administered by PERA. The PEDCP is a tax-
qualified plan under Section 401(a) of the Internal Revenue Code and all contributions by or on behalf of
employees are tax deferred until the time of withdrawal. Plan benefits depend solely on the amounts
contributed to the plan plus investment earnings less administrative expenses. An eligible elected official
who chooses to participate in the plan contributes 5% of their salary, which is matched by the elected
official’s employer. PERA receives 2% of employer contributions and 0.025% of the assets in each
member’s account annually for administering the plan.
The City’s contributions to PEDCP for the past four years are as follows:
PEDCP
2016 (unaudited) $907
2015 907
2014 907
2013 880
For more information regarding the liability of the City with respect to its employees, please reference
“Note 7. Defined Contribution Plan” of the City’s Comprehensive Annual Financial Report for fiscal year
ended December 31, 2015, an excerpt of which is included as Appendix IV of this Official Statement.
(The City’s Comprehensive Annual Financial Report for the fiscal year ended December 31, 2016 is not
yet available.)
City Firefighter’s Association
The City contributes to the Brooklyn Center Fire Department Relief Association (the “Association”),
which is the administrator of a single employer, public employee defined benefit retirement system to
provide a retirement plan (the “Plan”) to volunteer firefighters of the City who are members of the
Association. The Association is organized and operates under the provisions of the Minnesota State
Statutes 424A, and provides benefits in accordance with those statutes.
The Association provides retirement benefits to members and survivors upon death of eligible members.
Benefits are established by the Association and approved by the City Council under the applicable
statutes. The defined retirement benefits are based on a member’s years of service. Vesting begins after
the tenth year of service with a 60% benefit increasing to 100% after the 20th year of service.
Full benefits are available to members after 20 years of service and having attained the age of 50. The
current benefit available is a lump sum distribution of $7,600 per year of service. Vested, terminated
members who are entitled to benefits but are not yet receiving them are bound by the provisions in effect
at the time of termination of membership.
The City levies property taxes at the direction of and for the benefit of this plan and passes through state
aids allocated to the plan, all in accordance with State statutes. The minimum tax levy obligation is th e
financial contribution requirement for the year less anticipated state aids.
- 26 -
The City’s contributions to the Firefighter’s Association for the past five years are as follows:
Annual Percentage Net
Year Pension of APC Pension
Ending Cost (APC) Contributed Obligation
December 31, 2016 (unaudited) $101,453 141% $0
December 31, 2015 101,453 156 -0-
December 31, 2014 108,883 129 -0-
December 31, 2013 100,728 147 -0-
December 31, 2012 105,244 144 -0-
Funded status of the Association as reported to-date:
Assets in
Actuarial Excess of
Actuarial Actuarial Value Accrued Unfunded Accrued Funded
Valuation Date of Assets Liability Liability Ratio January 1, 2015 $3,508,210 $3,084,717 $ 423,493 113.7%
January 1, 2013 3,282,317 3,279,231 3,086 100.1
January 1, 2011 3,303,595 3,253,686 49,909 101.5
January 1, 2009 2,654,832 3,240,590 (585,758) 81.9
January 1, 2007 4,024,987 3,713,292 311,695 108.4
For more information regarding the liability of the City with respect to its employees, please refe rence
“Note 5. Defined Benefit Pension Plan – Single Employer – Fire Relief Association” of the City’s
Comprehensive Annual Financial Report for fiscal year ended December 31, 2015, an excerpt of which is
included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report
for the fiscal year ended December 31, 2016 is not yet available.)
Sources: City’s Comprehensive Annual Financial Reports.
GASB 68 The Government Accounting Standards Board (GASB) has issued Statement No. 68, Accounting and
Financial Reporting for Pensions (GASB 68) and related GASB Statement No. 71, Pension Transition for
Contributions Made Subsequent to the Measurement Date-an amendment to GASB 68, which revised
existing standards for measuring and reporting pension liabilities for pension plans provided to City
employees and require recognition of a liability equal to the City’s proportionate share of net pension
liability, which is measured as the total pension liability less the amount of the pension plan's fiduciary
net position.
The City’s proportionate shares of the pension costs and the City’s net pension liability for GERF and
PEPFF for the past two years are as follows:
Proportionate Net Proportionate Net
Share of Pension Share of Pension
Pension Costs Liability Pension Costs Liability
2016 (unaudited) 0.1172% $9,516,059 0.4290% $17,216,516
2015 0.1243 6,441,872 0.4460 5,067,604
For more information regarding GASB 68 with respect to the City, please reference “Note 4. Defined
Benefit Pension Plan” of the City’s Comprehensive Annual Financial Report for fiscal year ended
December 31, 2015, an excerpt of which is included as Appendix IV of this Official Statement. (The
City’s Comprehensive Annual Financial Report for the fiscal year ended December 31, 2016 is not yet
available.)
- 27 -
Additional and detailed information about GERF’s net position is available in a separately-issued PERA
financial report, which may be obtained at www.mnpera.org; by writing to PERA at 60 Empire Drive
#200, St. Paul, Minnesota, 55103-2088; or by calling 1-800-652-9026.
Sources: City’s Comprehensive Annual Financial Reports.
Other Post-Employment Benefits
The City provides continued health insurance coverage for retired City employees who, on the date of
their retirement, meet PERA or PEPFF eligibility requirements for a full retirement annuity, without
reduction of benefits because of age, disability, or any other reason. This coverage does not extend to the
retiree’s family, except that if the retiree desires to continue additional coverage, the cost in excess of the
single premium must be paid by the retiree. This benefit began in 1986 and was subsequently
discontinued for employees hired after January 31, 1992.
As of December 31, 2016, the City had 166 eligible participants. The City currently finances the plan on
a pay-as-you-go basis. During 2016, the City expended $162,392 for these benefits.
With the advent of GASB Statement 45, the City has engaged actuaries to provide biennial actuarial
valuation reports. Under GASB 45 such costs must be accounted for on an accrual basis. The City must
report an annual OPEB cost based on actuarially determined amounts that, if paid on an ongoing basis,
will provide sufficient resources to pay these benefits. The most recent actuarial report is dated
January 1, 2016, for a valuation date of December 31, 2016. Components of the City’s annual OPEB
cost, the amount actually contributed to the plan, and the changes in the City’s net OPEB obligation to the
plan for the fiscal year ended December 31, 2016 (unaudited) are as follows:
Annual required contribution $ 172,350
Interest on net OPEB obligation 31,977
Adjustment to annual required contribution (27,739)
Annual OPEB cost (expense) $176,588
Contributions made:
Direct $169,896
Indirect Implicit Rate Subsidy (7,504)
Increase in net OPEB obligation $ 14,196
Net OPEB obligation – beginning of year 710,605
Net OPEB obligation – end of year $724,801
Funded status of the City’s OPEB as reported in the actuarial reports received to-date:
Unfunded UAAL as a
Actuarial Actuarial Percentage of
Actuarial Accrued Accrued Covered Covered
Valuation Date Liability (AAL) Liability (UAAL) Payroll Payroll
January 1, 2016 $2,620,367 $2,620,367 $9,472,237 27.66%
January 1, 2014 2,574,529 2,574,529 9,934,960 25.91
January 1, 2012 2,620,367 2,620,367 9,472,237 27.66
- 28 -
Required contributions as reported in the actuarial reports received to-date:
Annual Net
Fiscal OPEB Employer % of Annual OPEB OPEB
Year Ended Cost Contributions Cost Contributed Obligation December 31, 2016* $176,587 $162,392 91.96% $724,800
December 31, 2015 229,237 148,626 64.84 710,605
December 31, 2014 226,724 182,756 80.61 629,994
December 31, 2013 238,744 140,071 58.67 586,026
December 31, 2012 235,915 159,375 67.56 487,353
* Unaudited.
For more information regarding the liability of the City with respect to its employees, please reference
“Note 8. Other Post-Employment Benefits” of the City’s Comprehensive Annual Financial Report for
fiscal year ended December 31, 2015, an excerpt of which is included as Appendix IV of this Official
Statement. (The City’s Comprehensive Annual Financial Report for the fiscal year ended December 31,
2016 is not yet available.)
Sources: City’s Comprehensive Annual Financial Reports.
General Fund Budget Summary
2016 Budget 2016 Estimated 2017 Budget January 1 Fund Balance $11,170,917 $11,170,917 $11,440,897 Revenues:
Taxes $16,003,749 $16,128,373 $16,708,667
Licenses and Permits 806,850 932,051 728,555
Intergovernmental 1,386,437 1,466,341 1,430,253
Charges for Services 813,397 765,831 834,095
Fines & Forfeits 301,500 211,712 262,500
Special Assessments 130,000 122,988 130,000
Investment Earnings 74,526 66,355 77,990
Transfers In 150,000 134,605 150,000
Miscellaneous 116,700 298,154 125,950 Total Revenues $19,783,159 $20,126,410 $20,448,010 Expenditures:
General Government $ 3,757,001 $ 3,019,888 $ 3,897,533
Public Safety 10,569,024 10,067,963 10,918,534
Public Works 3,735,795 1,918,330 3,786,811
CARS 1,627,484 2,627,958 1,668,962
Non-Departmental 953,643 1,214,940 1,031,654
Transfers Out (856,788)* 1,007,351 (855,484)* Total Expenditures $19,786,159 $19,856,430 $20,448,010 December 31 Fund Balance $11,167,917 $11,440,897 $11,440,897
* Budgeted transfers out include reimbursements of administrative expenses from other funds.
Sources: City’s Comprehensive Annual Financial Reports and 2017 Budget.
- 29 -
Major General Fund Revenue Sources
Revenue 2011 2012 2013 2014 2015
Taxes $13,253,417 $14,266,612 $15,017,242 $14,991,781 $15,532,039
Intergovernmental 934,948 966,479 1,086,162 1,401,447 1,410,695
Licenses and Permits 961,947 858,593 1,084,003 1,021,410 859,534
Charges for Services 1,098,334 1,046,626 990,123 810,597 749,569
Fines & Forfeits 340,356 336,740 160,755 312,130 268,116
Sources: City’s Comprehensive Annual Financial Reports.
APPENDIX I
____________________________
* Preliminary; subject to change.
I-1
PROPOSED FORM OF LEGAL OPINION
$8,830,000*
General Obligation Improvement and Utility Revenue Bonds, Series 2017A
City of Brooklyn Center
Hennepin, Minnesota
We have acted as bond counsel to the City of Brooklyn Center, Hennepin, Minnesota (the
“Issuer”) in connection with the issuance by the Issuer of its General Obligation Improvement and Utility
Revenue Bonds, Series 2017A (the “Bonds”), originally dated the date hereof and issued in the original
aggregate principal amount of $8,830,000*. In such capacity and for the purpose of rendering this
opinion we have examined certified copies of certain proceedings, certifications and other documents, and
applicable laws as we have deemed necessary. Regarding questions of fact material to this opinion, we
have relied on certified proceedings and other certifications of public officials and other documents
furnished to us without undertaking to verify the same by independent investigation. Under existing laws,
regulations, rulings and decisions in effect on the date hereof, and based on the foregoing we are of the
opinion that:
1. The Bonds have been duly authorized and executed, and are valid and binding general
obligations of the Issuer, enforceable in accordance with their terms.
2. The principal of and interest on the Bonds are payable primarily from special assessments
levied or to be levied on property specially benefited by local improvements and revenues of the water,
storm drainage and sanitary sewer utility systems of the Issuer, but if necessary for the payment thereof ad
valorem taxes are required by law to be levied on all taxable property of the Issuer, whi ch taxes are not
subject to any limitation as to rate or amount.
3. Interest on the Bonds is excludable from gross income of the recipient for federal income
tax purposes and, to the same extent, is excludable from taxable net income of individuals, trusts, and
estates for Minnesota income tax purposes, and is not a preference item for purposes of the computation
of the federal alternative minimum tax, or the computation of the Minnesota alternative minimum tax
imposed on individuals, trusts and estates. However, such interest is taken into account in determining
adjusted current earnings for the purpose of computing the federal alternative minimum tax imposed on
certain corporations and is subject to Minnesota franchise taxes on corporations (including financial
institutions) measured by income. The opinion set forth in this paragraph is subject to the condition that
the Issuer comply with all requirements of the Internal Revenue Code of 1986, as amended, that must be
satisfied subsequent to the issuance of the Bonds in order that interest thereon be, or continue to be,
excludable from gross income for federal income tax purposes and from taxable net income for
Minnesota income tax purposes. The Issuer has covenanted to comply with all such requirements.
Failure to comply with certain of such requirements may cause interest on the Bonds to be included in
gross income for federal income tax purposes and taxable net income for Minnesota income tax purposes
retroactively to the date of issuance of the Bonds. We express no opinion regarding tax consequences
arising with respect to the Bonds other than as expressly set forth herein.
4. The rights of the owners of the Bonds and the enforceability of the Bonds may be limited
by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting creditor’s rights
generally and by equitable principles, whether considered at law or in equity.
We have not been asked and have not undertaken to review the accuracy, completeness or
sufficiency of the Official Statement or other offering material relating to the Bonds, and accordingly we
express no opinion with respect thereto.
I-2
This opinion is given as of the date hereof and we assume no obligation to update, revise, or
supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or
any changes in law that may hereafter occur.
Dated __________, 2017 at Minneapolis, Minnesota.
APPENDIX II
____________________________
* Preliminary; subject to change.
II-1
CONTINUING DISCLOSURE CERTIFICATE
$8,830,000*
City of Brooklyn Center, Minnesota
General Obligation Improvement and Utility Revenue Bonds,
Series 2017A
___________, 2017
This Continuing Disclosure Certificate (the “Disclosure Certificate”) is executed and delivered by the
City of Brooklyn Center, Minnesota (the “Issuer”) in connection with the issuance of its General Obligation
Improvement and Utility Revenue Bonds, Series 2017A, (the “Bonds”) in the original aggregate principal
amount of $8,830,000*. The Bonds are being issued pursuant to resolutions adopted by the City Council of
the Issuer (the “Resolutions”). The Bonds are being delivered to __________________________________
in _____________, _____________ (the “Purchaser”) on the date hereof. Pursuant to the Resolutions, the
Issuer has covenanted and agreed to provide continuing disclosure of certain financial information and
operating data and timely notices of the occurrence of certain events. The Issuer hereby covenants and agrees
as follows:
Section 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed
and delivered by the Issuer for the benefit of the Holders (as defined herein) of the Bonds in order to provide
for the public availability of such information and assist the Participating Underwriter(s) (defined herein) in
complying with the Rule (as defined herein). This Disclosure Certificate, together with the Resolutions,
constitutes the written agreement or contract for the benefit of the Holders of the Bonds that is required by the
Rule.
Section 2. Definitions. In addition to the defined terms set forth in the Resolutions, which
apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the
following capitalized terms shall have the following meanings:
“Annual Report” means any annual report provided by the Issuer pursuant to, and as described in,
Sections 3 and 4 of this Disclosure Certificate.
“Audited Financial Statements” means the Issuer’s annual financial statements, prepared in
accordance with generally accepted accounting principles (“GAAP”) for Governmental Units as Prescribed
by the Governmental Accounting Standards Board (“GASB”).
“Bonds” means the General Obligation Improvement and Utility Revenue Bonds, Series 2017A,
issued by the Issuer in the original aggregate principal amount of $8,830,000.
“Disclosure Certificate” means this Continuing Disclosure Certificate.
“EMMA” means the Electronic Municipal Market Access system operated by the MSRB and
designated as a nationally recognized municipal securities information repository and the exclusive portal for
complying with the continuing disclosure requirements of the Rule.
“Final Official Statement” means the deemed final official statement dated ________, 2017, which
constitutes the final official statement delivered in connection with the Bonds, which is available from the
MSRB.
II-2
“Fiscal Year” means the fiscal year of the Issuer.
“Holder” means the person in whose name a security is registered or a beneficial owner of such a
security.
“Issuer” means the City of Brooklyn Center, Minnesota, which is the obligated person with respect to
the Bonds.
“Material Event” means any of the events listed in Section 5(a) of this Disclosure Certificate.
“MSRB” means the Municipal Securities Rulemaking Board located at 1300 I Street NW, Suite
1000, Washington, DC 20005.
“Participating Underwriter” means any of the original underwriter(s) of the Bonds (including the
Purchaser) required to comply with the Rule in connection with the offering of the Bonds.
“Purchaser” means _____________________, ___________, _____________.
“Repository” means EMMA, or any successor thereto designated by the SEC.
“Rule” means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the Securities Exchange Act
of 1934, as the same may be amended from time to time, and including written interpretations thereof by the
SEC.
“SEC” means the Securities and Exchange Commission.
Section 3. Provision of Annual Financial Information and Audited Financial Statements.
(a) The Issuer shall provide, as soon as available, but not later than 12 months after the end of
the Fiscal Year commencing with the year that ends December 31, 2016, the Repository
with an Annual Report which is consistent with the requirements of Section 4 of this
Disclosure Certificate. The Annual Report may be submitted as a single document or as
separate documents comprising a package, and may cross-reference other information as
provided in Section 4 of this Disclosure Certificate; provided that the Audited Financial
Statements of the Issuer may be submitted separately from the balance of the Annual Report
and will be submitted as soon as available.
(b) If the Issuer is unable or fails to provide to the Repository an Annual Report by the date
required in subsection (a), the Issuer shall send a notice of that fact to the Repository and the
MSRB.
(c) The Issuer shall determine each year prior to the date for providing the Annual Report the
name and address of each Repository.
Section 4. Content of Annual Reports. The Issuer’s Annual Report shall contain or incorporate
by reference the following sections of the Final Official Statement:
1. City Property Values
2. City Indebtedness
3. City Tax Rates, Levies and Collections
In addition to the items listed above, the Annual Report shall include Audited Financial Statements
submitted in accordance with Section 3 of this Disclosure Certificate.
II-3
Any or all of the items listed above may be incorporated by reference from other documents,
including official statements of debt issues of the Issuer or related public entities, which have been submitted
to the Repository or the SEC. If the document incorporated by reference is a final official statement, it must
also be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated
by reference.
Section 5. Reporting of Material Events.
(a) This Section 5 shall govern the giving of notice of the occurrence of any of the following
events (“Material Events”) with respect to the Bonds:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults, if material;
3. Unscheduled draws on debt service reserves reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;
5. Substitution of credit or liquidity providers, or their failure to perform;
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final
determinations of taxability, Notices of Proposed Issue (IRS Form 5701–TEB) or other
material notices or determinations with respect to the tax status of the securit y, or other
material events affecting the tax status of the security;
7. Modifications to rights of security holders, if material;
8. Bond calls, if material, and tender offers;
9. Defeasances;
10. Release, substitution, or sale of property securing repayment of the securities, if material;
11. Rating changes;
12. Bankruptcy, insolvency, receivership or similar event of the obligated person;
13. The consummation of a merger, consolidation, or acquisition involving an obligated
person or the sale of all or substantially all of the assets of the obligated person, other
than in the ordinary course of business, the entry into a definitive agreement to undertake
such an action or the termination of a definitive agreement relating to any such actions,
other than pursuant to its terms, if material;
14. Appointment of a successor or additional trustee or the change of name of a trustee, if
material; and
15. Failure of an issuer or obligated person to provide annual financial information as
required.
(b) The Issuer shall file a notice of such occurrence with the Repository or with the MSRB
within 10 business days of the occurrence of the Material Event.
II-4
(c) Unless otherwise required by law and subject to technical and economic feasibility, the
Issuer shall employ such methods of information transmission as shall be requested or
recommended by the designated recipients of the Issuer’s information.
Section 6. EMMA. The SEC has designated EMMA as a nationally recognized municipal
securities information repository and the exclusive portal for complying with the continuing disclosure
requirements of the Rule. Until the EMMA system is amended or altered by the MSRB and the SEC, the
Issuer shall make all filings required under this Disclosure Certificate solely with EMMA.
Section 7. Termination of Reporting Obligation. The Issuer’s obligations under the
Resolutions and this Disclosure Certificate shall terminate upon the legal defeasance, or upon the redemption
or payment in full of all the Bonds.
Section 8. Agent. The Issuer may, from time to time, appoint or engage a dissemination agent
to assist it in carrying out its obligations under the Resolutions and this Disclosure Certificate, and may
discharge any such agent, with or without appointing a successor dissemination agent.
Section 9. Amendment; Waiver. Notwithstanding any other provision of the Resolutions or
this Disclosure Certificate, the Issuer may amend this Disclosure Certificate, and any provision of this
Disclosure Certificate may be waived, if such amendment or waiver is supported by an opinion of nationally
recognized bond counsel to the effect that such amendment or waiver would not, in and of itself, cause a
violation of the Rule. The provisions of the Resolutions constituting the undertaking and this Disclosure
Certificate, or any provision hereof, shall be null and void in the event that the Issuer delivers to the
Repository an opinion of nationally recognized bond counsel to the effect that those portions of the Rule
which require the Resolutions and this Disclosure Certificate are invalid, have been repealed retroactively or
otherwise do not apply to the Bonds. The provisions of the Resolutions and this Disclosure Certificate may
be amended without the consent of the Holders of the Bonds, but only upon the delivery by the Issuer to the
Repository of the proposed amendment and an opinion of nationally recognized bond counsel to the effect
that such amendment, and giving effect thereto, will not adversely affect the compliance of the Resolutions
and this Disclosure Certificate and by the Issuer with the Rule.
Section 10. Additional Information. Nothing in this Disclosure Certificate shall be deemed to
prevent the Issuer from disseminating any other information, using the means of dissemination set forth in
this Disclosure Certificate or any other means of communication, or including any other information in any
Annual Report or notice of occurrence of a Material Event, in addition to that which is required by this
Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of
occurrence of a Material Event in addition to that which is specifically required by this Disclosure Certificate,
the Issuer shall have no obligation under this Disclosure Certificate to update such information or include it in
any future Annual Report or notice of occurrence of a Material Event.
Section 11. Default. In the event of a failure of the Issuer to comply with any provision of this
Disclosure Certificate any Holder of the Bonds may take such actions as may be necessary and appropriate,
including seeking mandamus or specific performance by court order, to cause the Issuer to comply with its
obligations under the Resolutions and this Disclosure Certificate. A default under this Disclosure Certificate
shall not be deemed an event of default with respect to the Bonds and the sole remedy under this Disclosure
Certificate in the event of any failure of the Issuer to comply with this Disclosure Certificate shall be an
action to compel performance.
Section 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the
Issuer, the Participating Underwriters and Holders from time to time of the Bonds, and shall create no rights
in any other person or entity.
II-5
IN WITNESS WHEREOF, we have executed this Disclosure Certificate in our official capacities
effective as of the date and year first written above.
CITY OF BROOKLYN CENTER, MINNESOTA
By __________________________________________
Its Mayor
By _________________________________________
Its Manager
APPENDIX III
III-1
SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND MINNESOTA REAL PROPERTY VALUATION
Following is a summary of certain statutory provisions relative to tax levy procedures, tax payment and
credit procedures, and the mechanics of real property valuation. The summary does not purport to be
inclusive of all such provisions or of the specific provisions discussed, and is qualified by reference to the
complete text of applicable statutes, rules and regulations of the State of Minnesota.
Property Valuations (Chapter 273, Minnesota Statutes)
Assessor's Estimated Market Value. Each parcel of real property subject to taxation must, by statute, be
appraised at least once every five years as of January 2 of the year of appraisal. With certain exceptions,
all property is valued at its market value, which is the value the assessor determines to be the price the
property to be fairly worth, and which is referred to as the “Estimated Market Value.” The 2013
Minnesota Legislature established the Estimated Market Value as the value used to calculate a
municipality’s legal debt limit.
Economic Market Value. The Economic Market Value is the value of locally assessed real property
(Assessor’s Estimated Market Value) divided by the sales ratio as provided by the State of Minnesota
Department of Revenue plus the estimated market value of personal property, utilities, railroad, and
minerals.
Taxable Market Value. The Taxable Market Value is the value that Net Tax Capacity is based on, after
all reductions, limitations, exemptions and deferrals.
Net Tax Capacity. The Net Tax Capacity is the value upon which net taxes are levied, extended and
collected. The Net Tax Capacity is computed by applying the class rate percentages specific to each type
of property classification against the Taxable Market Value. Class rate percentages vary depending on
the type of property as shown on the last page of this Appendix. The formulas and class rates for
converting Taxable Market Value to Net Tax Capacity represent a basic element of the State's property
tax relief system and are subject to annual revisions by the Sta te Legislature. Property taxes are the sum
of the amounts determined by (i) multiplying the Net Tax Capacity by the tax capacity rate, and
(ii) multiplying the referendum market value by the market value rate.
Market Value Homestead Exclusion. In 2011, the Market Value Homestead Exclusion Program (MVHE)
was implemented to offset the elimination of the Market Value Homestead Credit Program that provided
relief to certain homesteads. The MVHE reduces the taxable market value of a homestead with an
Assessor’s Estimated Market Value up to $413,800 in an attempt to result in a property tax similar to the
effective property tax prior to the elimination of the homestead credit. The MVHE applies to property
classified as Class 1a or 1b and Class 2a, and causes a decrease in the City’s aggregate Taxable Market
Value, even if the Assessor’s Estimated Market Value on the same properties did not decline.
Property Tax Payments and Delinquencies (Chapters 275, 276, 277, 279-282 and 549, Minnesota Statutes)
Ad valorem property taxes levied by local governments in Minnesota are extended and collected by the
various counties within the State. Each taxing jurisdiction is required to certify the annual tax levy to the
county auditor within five (5) working days after December 20 of the year preceding the collection year.
A listing of property taxes due is prepared by the county auditor and turned over to the county treasurer
on or before the first business day in March.
III-2
The county treasurer is responsible for collecting all property taxes within the county. Real estate and
personal property tax statements are mailed out by March 31. One-half (1/2) of the taxes on real property
is due on or before May 15. The remainder is due on or before October 15. Real property taxes not paid
by their due date are assessed a penalty on homestead property of 2% until May 31 and increased to 4%
on June 1. The penalty on nonhomestead property is assessed at a rate of 4% until May 31 and increased
to 8% on June 1. Thereafter, an additional 1% penalty shall accrue each month through October 1 of the
collection year for unpaid real property taxes. In the case of the second installment of real property taxes
due October 15, a penalty of 2% on homestead property and 4% on nonhomestead property is assessed.
The penalty for homestead property increases to 6% on November 1 and again to 8% on December 1.
The penalty for nonhomestead property increases to 8% on November 1 and again to 12% on
December 1. Personal property taxes remaining unpaid on May 16 are deemed to be delinquent and a
penalty of 8% attaches to the unpaid tax. However, personal property that is owned by a tax -exempt
entity, but is treated as taxable by virtue of a lease agreement, is subject to the same delinquent property
tax penalties as real property.
On the first business day of January of the year following collection all delinquencies are subject to an
additional 2% penalty, and those delinquencies outstanding as of February 15 are filed for a tax lien
judgment with the district court. By March 20 the county auditor files a publication of legal action and a
mailing of notice of action to delinquent parties. Those property interests not responding to this notice
have judgment entered for the amount of the delinquency and associated penalties. The amount of the
judgment is subject to a variable interest determined annually by the Department of Revenue, and equal to
the adjusted prime rate charged by banks but in no event is the rate less than 10% or more than 14%.
Property owners subject to a tax lien judgment generally have three years (3) to redeem the property.
After expiration of the redemption period, unredeemed properties are declared tax forfeit with title held in
trust by the State of Minnesota for the respective taxing districts. The county auditor, or equivalent
thereof, then sells those properties not claimed for a public purpose at auction. The net proceeds of the
sale are first dedicated to the satisfaction of outstanding special assessments on the parcel, with any
remaining balance in most cases being divided on the following basis: county - 40%; town or city - 20%;
and school district - 40%.
Property Tax Credits (Chapter 273, Minnesota Statutes)
In addition to adjusting the taxable value for various property types, primary elements of Minnesota's
property tax relief system are: property tax levy reduction aids; the homestead credit refund and the
renter’s property tax refund, which relate property taxes to income and provide relief on a sliding income
scale; and targeted tax relief, which is aimed primarily at easing the effect of significant tax increases.
The homestead credit refund, the renter’s property tax refund, and targeted credits are reimbursed to the
taxpayer upon application by the taxpayer. Property tax levy reduction aid includes educational aids,
local governmental aid, equalization aid, county program aid and disparity reduction aid.
Debt Limitations
All Minnesota municipalities (counties, cities, towns and school districts) are subject to statutory “net
debt” limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is defined as the
amount remaining after deducting from gross debt the amount of current revenues that are applicable
within the current fiscal year to the payment of any debt and the aggregate of the principal of the
following:
1. Obligations issued for improvements that are payable wholly or partially from the proceeds of
special assessments levied upon benefited property.
2. Warrants or orders having no definite or fixed maturity.
3. Obligations payable wholly from the income from revenue producing conveniences.
III-3
4. Obligations issued to create or maintain a permanent improvement revolving fund.
5. Obligations issued for the acquisition and betterment of public waterworks systems, and public
lighting, heating or power systems, and any combination thereof, or for any other public
convenience from which revenue is or may be derived.
6. Certain debt service loans and capital loans made to school districts.
7. Certain obligations to repay loans.
8. Obligations specifically excluded under the provisions of law authorizing their issuance.
9. Certain obligations to pay pension fund liabilities.
10. Debt service funds for the payment of principal and interest on obligations other than those
described above.
11. Obligations issued to pay judgments against the municipality.
Levies for General Obligation Debt (Sections 475.61 and 475.74, Minnesota Statutes)
Any municipality that issues general obligation debt must, at the time of issuance, certify levies to the
county auditor of the county(ies) within which the municipality is situated. Such levies shall be in an
amount that if collected in full will, together with estimates of other revenues pledged for payment of the
obligations, produce at least five percent in excess of the amount needed to pay principal and interest
when due. Notwithstanding any other limitations upon the ability of a taxing unit to levy taxes, its ability
to levy taxes for a deficiency in prior levies for payment of general obligation indebtedness is without
limitation as to rate or amount.
Metropolitan Revenue Distribution (Chapter 473F, Minnesota Statutes) “Fiscal Disparities Law”
The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as “Fiscal
Disparities,” was first implemented for taxes payable in 1975. Forty percent of the increase in
commercial-industrial (including public utility and railroad) net tax capacity valuation since 1971 in each
assessment district in the Minneapolis/St. Paul seven-county metropolitan area (Anoka, Carver, Dakota,
excluding the City of Northfield, Hennepin, Ramsey, Scott, excluding the City of New Prague, and
Washington Counties) is contributed to an area-wide tax base. A distribution index, based on the factors
of population and real property market value per capita, is employed in determining what proportion of
the net tax capacity value in the area-wide tax base shall be distributed back to each assessment district.
III-4
STATUTORY FORMULAE: CONVERSION OF TAXABLE MARKET VALUE (TMV) TO NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS Local Tax
Payable
Local Tax
Payable
Property Type 2013-2014 2015-2017
Residential Homestead (1a)
Up to $500,000 1.00% 1.00%
Over $500,000 1.25% 1.25%
Residential Non-homestead
Single Unit (4bb1)
Up to $500,000 1.00% 1.00%
Over $500,000 1.25% 1.25%
1-3 unit and undeveloped land (4b1) 1.25% 1.25%
Market Rate Apartments
Regular (4a) 1.25% 1.25%
Low-Income (4d) 0.75%
Up to $115,000(c) 0.75%
Over $115,000(c) 0.25%
Commercial/Industrial/Public Utility (3a)
Up to $150,000 1.50%(a) 1.50%(a)
Over $150,000 2.00%(a) 2.00%(a)
Electric Generation Machinery 2.00% 2.00%
Commercial Seasonal Residential
Homestead Resorts (1c)
Up to $600,000 0.55% 0.50%
$600,000 - $2,300,000 1.00% 1.00%
Over $2,300,000 1.25%(a) 1.25%(a)
Seasonal Resorts (4c)
Up to $500,000 1.00%(a) 1.00%(a)
Over $500,000 1.25%(a) 1.25%(a)
Non-Commercial (4c12)
Up to $500,000 1.00%(a)(b) 1.00%(a)(b)
Over $500,000 1.25%(a)(b) 1.25%(a)(b)
Disabled Homestead (1b)
Up to $50,000 0.45% 0.45%
Agricultural Land & Buildings
Homestead (2a)
Up to $500,000 1.00% 1.00%
Over $500,000 1.25% 1.25%
Remainder of Farm
Up to $2,050,000(d) 0.50%(b) 0.50%(b)
Over $2,050,000(d) 1.00%(b) 1.00%(b)
Non-homestead (2b) 1.00%(b) 1.00%(b) (a) State tax is applicable to these classifications.
(b) Exempt from referendum market value based taxes.
(c) Legislative increases, payable 2017. Historical valuations are: Payable 2016 - $106,000 and Payable 2015 - $100,000.
(d) Legislative increases, payable 2017. Historical valuations are: Payable 2016 - $2,140,000; Payable 2015 - $1,900,000; Payable 2014 - $1,500,000; and Payable 2013 - $1,290,000.
NOTE: For purposes of the State general property tax only, the net tax capacity of non-commercial class 4c(1) seasonal residential recreational property has the following class rate structure: First $76,000 – 0.40%; $76,000 to $500,000 – 1.00%; and over $500,000 – 1.25%. In addition to the State tax base exemptions referenced by property classification, airport property exempt from city and school district property taxes under M.S. 473.625 is exempt from the State general property tax (MSP International Airport and Holman Field in St. Paul are exempt under this provision).
APPENDIX IV
IV -1
EXCERPT OF 2015 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Data on the following pages was extracted from the City’s Comprehensive Annual Financial Report for
fiscal year ended December 31, 2015. (The City’s Comprehensive Annual Financial Report for the fiscal
year ended December 31, 2016 is not yet available.) The reader should be aware that the complete
financial statements may contain additional information which may interpret, explain or modify the data
presented here.
The City’s comprehensive annual financial reports for the years ending 1966 through 2015 were awarded
the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance
Officers Association of the United States and Canada (GFOA). The Certificate of Achievement is the
highest form of recognition for excellence in state and local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable
and efficiently organized comprehensive annual financial report (CAFR), whose contents conform to
program standards. Such CAFR must satisfy both generally accepted accounting principles and
applicable legal requirements. A Certificate of Achievement is valid for a period of one year only.
IV-2
Financial
Section
IV-3
INDEPENDENT AUDITQR'S REPQRT
To the City Council and Management
City of Brooklyn Center, Minnesota
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Brooklyn Center,
Minnesota (the City) as of and for the year ended December 31, 2015, and the related notes to the
financial statements, which collectively comprise the City's basic financial statements as listed in the
table of contents.
,MANAGEMENT'S REsPONSmiLITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of these fmancial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
AUDITOR'S RESPONSWILITY
Our responsibility is to express opinions on these 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 perfonn the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk asse&sments, the auditor considers internal control relevant to the City's preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
OPINIONS
In our opinion, the financial statements referred to on the previous page present fairly, in all material
respects, the respective financial position of the governmental activities, the business~type activities, each
m~or fund, and the aggregate remaining fund information of the City as of December 31, 2015, and the
respective changes in financial position and, where applicable, cash flows thereof, and the budgetary
comparison for the General Fund and budgeted major special revenue funds for the year then ended, in
accordance with accounting principles generally accepted in the United States of America.
EMPHASIS OF MATTER
As described in Note 1 of the notes to basic financial statements, the City has implemented Govermnental
Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for
Pensions--an amendment ofGASB Statement No. 27, and GASB Statement No. 71, Pension Transition
for Contributions Made Subsequent to the Measurement Date-an amendment ofGASB Statement No. 68,
during the year ended December 31, 2015. Our opinion is not modified with respect to this matter.
OTHER MATTERS
Required Sopplemeutary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis and the required supplementary information (RSI), as listed in the table of
contents, be presented to supplement the basic financial statements. Such infonnat:ion, although not a part
of the basic financial statements, is required by the GASB, who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the RSI in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the infonnation and comparing the information for
consistency with management's responses to our inquiries, the basic fmancial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the infonnation because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Informatjon
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual fund
statements and schedules, and statistical section, as listed in the table of contents, are presented for
purposes of additional analysis and are not required parts of the basic financial statements.
The combining and individual fund statements and schedules are the responsibility of management and
were derived from and relate directly to the underlying accounting and other records used to prepare the
basic fmancial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the Wlderlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In 01U' opinion,
the combining and individual fund statements and schedules are fairly stated, in all material respects, in
relation to the basic flnancial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
OTHER REPoRTING REQUIRED BY GovERNMENT AUDITING STANDARDS
In accordance with Government Auditing Standards, we have also issued our report dated May 23, 2016
on our consideration of the City's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control over financial
reporting and compliance.
Minneapolis, Minnesota
May 23,2016
IV-4
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%
)
fr
o
m
1h
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
at
ye
a
r
en
d
is
$1
0
,
2
8
7
,
2
4
3
,
wh
i
c
h
re
p
r
e
s
e
n
t
s
52
%
o
f
lh
e
fo
l
l
o
w
i
n
g
ye
a
r
s
bu
d
g
e
t
.
Th
e
re
m
a
i
n
i
n
g
pc
r
t
i
o
n
of
lh
e
fu
n
d
ba
l
a
n
c
e
is
no
n
s
p
e
n
d
a
b
l
e
or
as
s
i
g
n
e
d
(f
o
r
1h
e
ca
p
i
t
a
l
im
p
r
o
v
e
m
e
n
t
fu
n
d
i
n
g
pl
a
n
)
.
Th
e
Ci
t
y
'
s
to
t
a
l
ou
t
s
t
a
n
d
i
n
g
bu
u
d
e
d
de
b
t
in
c
r
e
a
s
e
d
by
$2
6
,
2
2
0
,
1
5
8
du
r
i
n
g
1h
e
cu
r
r
e
n
t
fi
a
c
a
l
ye
a
r
,
fr
o
m
$2
4
,
2
8
5
,
0
0
0
to
$5
0
,
5
0
5
,
1
5
8
.
Th
e
Ci
t
y
re
t
i
r
e
d
$3
,
1
8
0
,
3
5
2
in
pr
i
n
c
i
p
a
l
,
re
f
u
n
d
e
d
$8
,
2
6
0
,
0
0
0
in
pr
i
n
c
i
p
a
l
(i
n
c
l
u
d
i
n
g
a
cr
o
a
s
o
v
e
r
ad
v
a
n
c
e
d
re
f
u
n
d
i
n
g
o
f
$6
,
6
0
0
,
0
0
0
)
,
an
d
ia
s
u
e
d
$2
2
,
8
0
0
,
5
1
0
in
co
m
b
i
n
e
d
ne
w
de
b
t
fo
r
lh
e
co
n
s
t
t
u
c
t
i
o
n
o
f
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
an
d
in
f
r
a
s
t
t
u
c
t
u
r
e
im
p
r
o
v
e
m
e
n
t
s
.
Th
e
ne
t
pc
s
i
t
i
o
n
of
l
h
e
Ci
t
y
wa
s
ne
g
a
t
i
v
e
l
y
im
p
a
c
t
e
d
du
e
to
th
e
re
q
u
i
r
e
d
im
p
l
e
m
e
n
t
a
t
i
o
n
of
GA
S
B
St
a
t
e
m
e
n
t
No
.
68
,
wh
i
c
h
re
l
a
t
e
d
to
1h
e
ac
c
o
u
n
t
i
n
g
tr
e
a
t
m
e
n
t
o
f
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
s
,
sp
e
c
i
f
i
c
a
l
l
y
lh
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
Aa
s
o
c
i
a
t
i
o
n
o
f
Mi
n
n
e
s
o
t
a
(P
E
R
A
)
an
d
1h
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
.
Th
i
s
is
a
re
s
u
l
t
o
f
a
ch
a
n
g
e
in
an
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
an
d
do
e
s
no
t
af
f
e
c
t
1h
e
Ci
t
y
'
s
ob
l
i
g
a
t
i
o
n
re
q
u
i
r
e
m
e
n
t
s
as
se
t
by
Mi
n
n
e
s
o
t
a
st
a
t
o
t
e
.
Th
i
s
is
mo
r
e
fu
l
l
y
de
s
c
r
i
b
e
d
in
1h
e
no
t
e
s
to
lh
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Wh
i
l
e
lh
e
ac
c
o
u
n
t
i
n
g
st
a
n
d
a
r
d
ch
a
n
g
e
d
,
1h
e
Ci
t
y
wi
l
l
co
n
t
i
n
u
e
to
fu
n
d
lh
e
pe
n
s
i
o
n
pl
a
n
ba
s
e
d
on
1h
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
as
se
t
by
Mi
n
n
e
s
o
t
a
st
a
t
u
t
e
.
Ov
e
r
v
i
e
w
o
f
th
e
Fi
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
Th
e
di
s
c
u
s
s
i
o
n
an
d
an
a
l
y
s
i
s
ar
e
in
t
e
n
d
e
d
to
se
r
v
e
as
an
in
t
r
o
d
u
c
t
i
o
n
to
lh
e
Ci
t
y
'
s
ba
s
i
c
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
Ci
t
y
'
s
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
c
l
u
d
e
lh
r
e
e
co
m
p
c
n
e
n
t
s
:
1)
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
2)
fu
n
d
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
an
d
3)
no
t
e
s
to
1h
e
fi
n
a
n
c
i
a
l
st
s
t
e
m
e
n
t
s
.
Th
i
s
CA
F
R
al
s
o
co
n
t
a
i
n
s
o1
h
e
r
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
in
ad
d
i
t
i
o
n
to
lh
e
ba
s
i
c
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
th
e
m
s
e
l
v
e
s
.
Go
v
e
r
n
m
e
n
t
-
Wi
d
e
Fl
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
:
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
or
e
de
s
i
g
n
e
d
to
pr
o
v
i
d
e
re
a
d
e
r
s
wi
l
h
a
br
o
a
d
ov
e
r
v
i
e
w
o
f
th
e
Ci
t
y
'
s
fi
n
a
n
c
e
s
,
in
a
ma
n
n
e
r
si
m
i
l
a
r
to
a
pr
i
v
a
t
e
-
-
s
e
c
t
o
r
bu
s
i
n
e
s
s
.
Th
e
st
a
t
e
m
e
n
t
o
f
ne
t
pc
s
i
t
i
o
n
pr
e
s
e
n
t
s
in
f
o
r
m
a
t
i
o
n
on
al
l
o
f
lh
e
Ci
t
y
'
s
as
s
e
t
s
,
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
li
a
b
i
l
i
t
i
e
s
,
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
wi
t
h
th
e
di
f
f
e
r
e
n
c
e
re
p
o
r
t
e
d
as
ne
t
po
s
i
t
i
o
n
.
Ov
e
r
ti
m
e
,
in
c
r
e
a
s
e
s
or
de
c
r
e
a
s
e
s
in
ne
t
po
s
i
t
i
o
n
ma
y
se
r
v
e
as
a
us
e
f
u
l
in
d
i
c
a
t
o
r
o
f
wh
e
1
h
e
r
lh
e
fi
n
a
n
c
i
a
l
pc
s
i
t
i
o
n
o
f
1h
e
Ci
t
y
is
im
p
r
o
v
i
n
g
or
de
t
e
r
i
o
r
a
t
i
n
g
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
3
I,
20
1
5
Th
e
st
a
t
e
m
e
n
t
o
f
ac
t
i
v
i
t
i
e
s
pr
e
s
e
n
t
s
in
f
o
r
m
a
t
i
o
n
sh
o
w
i
n
g
ho
w
th
e
City's net pcsition changed during 1he most recent fiscal year.
Al
l
ch
a
n
g
e
s
in
ne
t
pc
s
i
t
i
o
n
or
e
re
p
c
r
t
e
d
as
so
o
n
as
1
h
e
un
d
e
r
l
y
i
n
g
event giving rise to 1he change occurs, regardless of lhe timing of
lh
e
re
l
a
t
e
d
ca
s
h
fl
o
w
s
.
Th
u
s
,
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
or
e
re
p
c
r
t
e
d
in this ststement for some items 1hat will only result in cssh
fl
o
w
s
in
fu
t
u
r
e
fi
s
c
a
l
pe
r
i
o
d
s
(e
.
g
.
lU
l
c
o
l
l
e
c
t
e
d
ta
s
e
s
an
d
co
r
n
e
d
bu
t
unused vscation leave).
Bo
l
h
o
f
lh
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
di
s
t
i
n
g
u
i
s
h
fu
n
c
t
i
o
n
s
of lhe City lhat are principally supported by tases and
in
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
re
v
e
n
u
e
s
(g
o
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
)
fr
o
m
ol
h
e
r
functions 1hat are intended to recover all or a significant pcrtion
of
1
h
e
i
r
co
s
t
s
lh
r
o
u
g
h
us
e
r
fe
e
s
an
d
ch
a
r
g
e
s
(b
u
s
i
n
e
a
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
)
.
The governmental activities oflhe City include: general
go
v
e
r
n
m
e
n
t
,
pu
b
l
i
c
as
f
e
t
y
,
pu
b
l
i
c
wo
r
k
s
,
co
m
n
n
m
i
t
y
se
r
v
i
c
e
s
,
pa
t
k
s
& recreation, economic development, and interest on
lo
n
g
-
t
e
r
m
de
b
t
.
Th
e
bu
s
i
n
e
s
s
-
ty
p
e
ac
t
i
v
i
t
i
e
s
o
f
1h
e
Ci
t
y
in
c
l
u
d
e
:
municipal liquor, golf course, Earle Brown Heritage Center,
wa
t
e
r
ut
i
l
i
t
y
,
sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
,
st
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
,
st
r
e
e
t
li
g
h
t
utility, and lhe recycling utility.
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
c
l
u
d
e
no
t
on
l
y
1h
e
Ci
t
y
itself (known aslhe primary government), but also a legally
se
p
a
r
a
t
e
Ho
u
s
i
n
g
an
d
Re
d
e
v
e
l
o
p
m
e
n
t
Au
l
h
o
r
i
t
y
an
d
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Authority, for which lhe City is fmancially
ac
c
o
u
n
t
a
b
l
e
.
Al
l
h
o
u
g
h
le
g
a
l
l
y
se
p
a
r
a
t
e
,
lh
e
s
e
co
m
p
c
n
e
n
t
un
i
t
s
,
fu
n
c
t
i
o
n
for all practical purpcses as a department oflhe City, and
lh
e
r
e
f
o
r
e
ha
v
e
be
e
n
in
c
l
u
d
e
d
as
an
in
t
e
g
r
a
l
pa
r
t
of
lh
e
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
29 lhrough 31 of lhis CAFR.
Fn
n
d
Fl
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
:
A
fu
n
d
is
a
gr
o
u
p
i
n
g
o
f
re
l
a
t
e
d
ac
c
o
u
n
t
s
1hat is used to maintain control over resources
1h
a
t
ha
v
e
be
e
n
se
g
r
e
g
a
t
e
d
fo
r
sp
e
c
i
f
i
c
ac
t
i
v
i
t
i
e
s
or
ob
j
e
c
t
i
v
e
s
.
Th
e
City, like state and local goveroments, uses fund accounting to
en
s
u
r
e
an
d
de
m
o
n
s
t
r
a
t
e
co
m
p
l
i
a
n
c
e
wi
l
h
fi
n
a
n
c
e
-
r
e
l
a
t
e
d
le
g
a
l
re
q
u
i
r
e
m
e
n
t
s
.
All of lhe funds of lhe City can be divided into two
ca
t
e
g
o
r
i
e
s
:
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
an
d
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
.
Go
v
e
r
n
m
e
n
t
a
l
Fn
n
d
s
:
Go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
ar
e
us
e
d
to
ac
c
o
u
n
t
for essentially 1he same functions reported as governmental
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ho
w
e
v
e
r
,
lmlike the government-wide financial statements, governmental
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
c
u
s
on
ne
a
r
-
t
e
r
m
in
f
l
o
w
s
an
d
ou
t
f
l
o
w
s
of spendable resources, as well as on balances of spendable
re
s
o
u
r
c
e
s
av
a
i
l
a
b
l
e
at
lh
e
en
d
o
f
lh
e
fi
s
c
a
l
ye
a
r
.
Su
c
h
in
f
o
r
m
a
t
i
o
n
may he useful in evaluating a government's near-term fmancial
re
q
u
i
r
e
m
e
n
t
s
.
Be
c
a
u
s
e
th
e
fo
c
u
s
of
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
is
na
r
r
o
w
e
r
th
a
n
th
a
t
of
the government-wide financial statements, it is useful to
co
m
p
a
r
e
1h
e
in
f
o
r
m
a
t
i
o
n
pr
e
s
e
n
t
e
d
fo
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
wi
l
h
si
m
i
l
a
r
information presented for governmental activities in lhe
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
.
By
do
i
n
g
so
,
re
a
d
e
r
s
ma
y
better understand lhe long-term impact of lhe City's near-term
fm
a
n
c
i
a
l
de
c
i
s
i
o
n
s
.
Bo
l
h
lh
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
ba
l
a
n
c
e
sh
e
e
t
an
d
governmental fund ststement of revenues, expenditures, and
ch
a
n
g
e
s
in
fu
n
d
ba
l
a
n
c
e
s
pr
o
v
i
d
e
a
re
c
o
n
c
i
l
i
a
t
i
o
n
to
fa
c
i
l
i
t
s
t
e
th
i
s
comparison between governmental funds and governmental
ac
t
i
v
i
t
i
e
s
.
Th
e
Ci
t
y
ma
i
n
t
a
i
n
s
18
in
d
i
v
i
d
u
a
l
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
In
f
o
r
m
a
t
i
o
n
is presented separately in lhe governmental fund balance sheet
an
d
in
1h
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
st
s
t
e
m
e
n
t
o
f
re
v
e
n
u
e
s
,
ex
p
e
n
d
i
t
u
r
e
s
,
and changes in fund balances for lhe following: General fund,
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
3
,
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
,
De
b
t
Service, Cspital Improvements, Municipal State Aid for
Co
n
s
t
t
u
c
t
i
o
n
,
an
d
lh
e
In
f
r
a
s
t
t
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
fu
n
d
,
wh
i
c
h
or
e
considered to be major funds. Data from lhe olher II
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
or
e
co
m
b
i
n
e
d
in
t
o
a
si
n
g
l
e
,
ag
g
r
e
g
a
t
e
d
pr
e
s
e
n
t
a
t
i
o
n
.
Individual fund data for each oflhese nonmajor
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
is
pr
o
v
i
d
e
d
in
1h
e
fo
r
m
o
f
co
m
b
i
n
i
n
g
st
a
t
e
m
e
n
t
s
or schedules, elsewhere in this CAFR.
IV-5
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Th
e
Ci
t
y
ad
o
p
t
s
an
an
n
u
a
l
ap
p
r
o
p
r
i
a
t
e
d
bu
d
g
e
t
fo
r
ne
a
r
l
y
al
l
fu
n
d
a
pr
e
s
e
n
t
e
d
in
th
i
s
CA
F
R
.
A
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
ha
s
be
e
n
pr
o
v
i
d
e
d
in
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
r
th
e
Ge
n
e
r
a
l
fu
n
d
,
th
e
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
3
fu
n
d
an
d
th
e
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
fu
n
d
.
Th
e
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
s
fo
r
an
y
no
n
m
a
j
o
r
fu
n
d
s
ar
e
pr
o
v
i
d
e
d
el
s
e
w
h
e
r
e
in
th
i
s
CA
F
R
.
Th
e
ba
s
i
c
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
32
th
r
o
u
g
h
41
of
th
i
s
CA
F
R
.
Pr
o
p
r
i
e
t
a
r
y
Fu
n
d
s
:
Pr
o
p
r
i
e
t
a
r
y
fu
n
d
a
pr
o
v
i
d
e
si
m
i
l
a
r
in
f
o
r
m
a
t
i
o
n
to
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
bu
t
in
mo
r
e
de
t
a
i
l
.
Th
e
Ci
t
y
ma
i
n
t
a
i
n
s
tw
o
di
f
f
e
r
e
n
t
ty
p
e
s
o
f
pr
o
p
r
i
e
t
a
r
y
fu
n
d
a
.
En
t
e
r
p
r
i
s
e
fu
n
d
a
ar
e
us
e
d
to
re
p
o
r
t
!h
e
sa
m
e
fu
n
c
t
i
o
n
s
pr
e
s
e
n
t
e
d
as
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
Ci
t
y
us
e
s
en
t
e
r
p
r
i
s
e
fu
n
d
s
to
ac
c
o
u
n
t
fo
r
it
s
:
mu
n
i
c
i
p
a
l
li
q
u
o
r
,
go
l
f
co
u
r
s
e
,
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
,
wa
t
e
r
ut
i
l
i
t
y
,
sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
,
st
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
,
st
r
e
e
t
li
g
h
t
ut
i
l
i
t
y
,
an
d
re
c
y
c
l
i
n
g
ut
i
l
i
t
y
.
Al
l
o
f
!h
e
Ci
t
y
'
s
en
t
e
r
p
r
i
s
e
fu
n
d
a
ar
e
co
n
s
i
d
e
r
e
d
to
be
ma
j
o
r
fu
n
d
s
,
an
d
se
p
a
r
a
t
e
in
f
o
r
m
a
t
i
o
n
is
pr
o
v
i
d
e
d
fo
r
ea
c
h
o
f
!h
e
m
in
!h
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
In
t
e
r
n
a
l
se
r
v
i
c
e
fo
n
d
s
ar
e
an
ac
c
o
u
n
t
i
n
g
de
v
i
c
e
to
ac
c
u
m
u
l
a
t
e
an
d
al
l
o
c
a
t
e
co
s
t
s
in
t
e
r
n
a
l
l
y
am
o
n
g
!h
e
Ci
t
y
'
s
va
r
i
o
u
s
fu
n
c
t
i
o
n
s
.
Th
e
Ci
t
y
us
e
s
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
to
ac
c
o
u
n
t
fo
r
it
s
:
ce
n
t
r
a
l
ga
r
a
g
e
,
em
p
l
o
y
e
e
re
t
i
r
e
m
e
n
t
,
pe
n
s
i
o
n
-
co
o
r
d
i
n
a
t
e
d
,
pe
n
s
i
o
n
-
po
l
i
c
e
an
d
ft
r
e
,
an
d
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
ac
c
u
m
u
l
a
t
i
o
n
s
.
Al
l
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
ar
e
co
m
b
i
n
e
d
in
t
o
a
si
n
g
l
e
,
ag
g
r
e
g
a
t
e
d
pr
e
s
e
n
t
a
t
i
o
n
in
th
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
In
d
i
v
i
d
u
a
l
da
t
a
fo
r
!h
e
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
is
pr
o
v
i
d
e
d
in
!h
e
fo
r
m
o
f
co
m
b
i
n
i
n
g
st
a
t
e
m
e
n
t
s
el
s
e
w
h
e
r
e
in
th
i
s
CA
F
R
.
Be
c
a
u
s
e
al
l
o
f
1h
e
s
e
se
r
v
i
c
e
s
pr
e
d
o
m
i
n
a
t
e
l
y
be
n
e
f
i
t
go
v
e
r
n
m
e
n
t
a
l
ra
l
h
e
r
1h
a
n
bu
s
i
n
e
s
s
-
t
y
p
e
fu
n
c
t
i
o
n
s
,
!h
e
y
ha
v
e
be
e
n
in
c
l
u
d
e
d
as
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
ba
s
i
c
pr
o
p
r
i
e
t
a
r
y
fu
n
d
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
42
th
r
o
u
g
h
47
of
th
i
s
CA
F
R
.
No
t
e
s
to
th
o
Fi
n
a
n
c
i
a
l
St
a
t
e
m
e
n
t
s
:
Th
e
no
t
e
s
pr
o
v
i
d
e
ad
d
i
t
i
o
n
a
l
in
f
o
r
m
a
t
i
o
n
!h
a
t
is
es
s
e
n
t
i
a
l
to
a
fu
l
l
uo
d
e
r
s
t
a
n
d
i
n
g
o
f
!h
e
de
t
a
pr
o
v
i
d
e
d
in
!h
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
no
t
e
s
to
!h
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
49
th
r
o
u
g
h
90
o
f
th
i
s
CA
F
R
.
O
t
h
e
r
In
f
o
r
m
a
t
i
o
n
:
In
ad
d
i
t
i
o
n
to
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
ac
c
o
m
p
a
n
y
i
n
g
no
t
e
s
,
th
i
s
re
p
o
r
t
al
s
o
pr
e
s
e
n
t
s
ce
r
t
a
i
n
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
,
fo
r
ot
h
e
r
po
s
t
-
e
m
p
l
o
y
m
e
n
t
be
n
e
f
i
t
s
(O
P
E
B
)
an
d
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
s
.
Th
e
sc
h
e
d
u
l
e
s
o
f
fu
n
d
i
n
g
pr
o
g
r
e
s
s
,
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
,
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
of
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
,
an
d
sc
h
e
d
u
l
e
o
f
ch
a
n
g
e
s
in
Ne
t
Pe
n
s
i
o
n
As
s
e
t
ca
n
be
fo
u
n
d
on
pa
g
e
s
91
th
r
o
u
g
h
98
o
f
th
i
s
CA
F
R
.
Th
e
co
m
b
i
n
i
n
g
an
d
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
s
re
f
e
r
r
e
d
to
ea
r
l
i
e
r
in
co
n
n
e
c
t
i
o
n
wi
l
h
no
n
m
a
j
o
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
a
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
ar
e
pr
e
s
e
n
t
e
d
in
u
n
e
d
i
a
t
e
l
y
fo
l
l
o
w
i
n
g
th
e
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
.
Co
m
b
i
n
i
n
g
an
d
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
r
o
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
I
02
th
r
o
u
g
h
14
8
o
f
!h
i
s
CA
F
R
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Go
v
e
r
n
m
e
n
t
-
w
i
d
e
Fi
n
u
c
W
An
a
l
y
s
i
s
As
no
t
e
d
ea
r
l
i
e
r
,
ne
t
po
s
i
t
i
o
n
ma
y
se
r
v
e
ov
e
r
ti
m
e
as
a
us
e
f
u
l
in
d
i
c
t
o
r
of a governmenfs financial position. In the case of the City,
as
s
e
t
s
an
d
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
of
re
s
o
u
r
c
e
s
ex
c
e
e
d
e
d
li
a
b
i
l
i
t
i
e
s
an
d
deferred inflows of resources by $134,910,426 at the close of the
mo
s
t
re
c
e
n
t
fi
s
c
a
l
ye
a
r
.
Th
e
la
r
g
e
s
t
po
r
t
i
o
n
o
f
th
e
Ci
t
y
'
s
ne
t
po
s
i
t
i
o
n
($
9
5
,
1
4
3
,
0
3
9
or
70
.
5
2
%
)
reflects its investment in capital assets, which includes: land
in
f
r
a
s
t
r
u
c
t
u
r
e
,
bu
i
l
d
i
n
g
s
,
an
d
ma
c
h
i
n
e
r
y
&
eq
u
i
p
m
e
n
t
,
le
s
s
an
y
re
l
a
t
e
d
debt used to acquire those assets that is still outstanding.
Th
e
Ci
t
y
us
e
s
th
e
s
e
ca
p
i
t
a
l
as
s
e
t
s
to
pr
o
v
i
d
e
se
r
v
i
c
e
s
to
ci
t
i
z
e
n
s
;
consequently, these assets are not available for futore spending.
Al
t
h
o
u
g
h
th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
it
s
ca
p
i
t
a
l
as
s
e
t
s
is
re
p
o
r
t
e
d
ne
t
of related debt, it should be noted that the resources needed to
re
p
a
y
th
i
s
de
b
t
mu
s
t
be
pr
o
v
i
d
e
d
fr
o
m
ot
h
e
r
so
u
r
c
e
s
,
si
n
c
e
th
e
ca
p
i
t
a
l
assets themselves cannot be used to liquidate !hose
li
a
b
i
l
i
t
i
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
C
E
N
T
E
R
-
SUMMARY OF NET POSITION
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
Business-I~ Activities Total
20
1
5
20
1
4
2015 2014 2015 2014
Cu
r
r
e
n
t
an
d
ol
h
e
r
as
s
e
t
s
$
67
,
4
5
6
,
6
0
1
$
60
,
4
6
4
,
7
0
1
$ 13,392,970 $ J1,047,209 $ 80,849,571 $ 71,5Jl,910
Ca
p
i
t
a
l
As
s
e
t
s
56
,
5
3
3
,
0
4
8
49
,
3
9
2
,
5
7
7
66,570,149 48,537,132 123,103,197 97,929,709
To
t
a
l
as
s
e
t
s
12
3
,
9
8
9
,
6
4
9
10
9
,
8
5
7
,
2
7
8
79,963,J19 59,584,341 203,952,768 169,441,619
De
f
e
r
r
e
d
ou
t
f
l
o
w
s
of
re
s
o
u
r
c
e
s
2,
4
3
6
,
6
8
8
2,436,688
Lo
n
g
-
t
e
r
m
li
a
b
i
l
i
t
i
e
s
ou
t
s
t
a
n
d
i
n
g
33
,
4
3
5
,
6
9
5
21
,
2
4
3
,
8
7
8
19,944,910 1,660,000 53,380,605 22,903,878
01
h
e
r
li
a
b
i
l
i
t
i
e
s
J1
,
9
3
0
,
0
6
9
5,
2
4
6
,
6
5
0
4,364,340 2,567,444 16,294,409 7,814,094
T ot
a
l
l
i
a
b
i
l
i
t
i
e
s
45
,
3
6
5
,
7
6
4
26
,
4
9
0
,
5
2
8
24,309,250 4,227,444 69,675,014 30,717,972
De
f
e
r
r
e
d
in
f
l
o
w
s
of
re
s
o
u
r
c
e
s
1,
8
0
4
,
0
1
6
1,804,016
Ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
47
,
9
4
1
,
8
0
0
42
,
9
4
7
,
5
7
7
4
7
,
2
0
1
,
2
3
9
4
8
,
5
3
7
,
1
3
2
95,143,039 91,484,709
Re
s
t
r
i
c
t
e
d
36
,
8
1
0
,
5
9
3
28
,
0
6
1
,
9
7
7
36,810,593 28,061,977
Un
r
e
s
t
r
i
c
t
e
d
(5
,
4
9
5
,
8
3
6
)
12
,
3
5
7
,
1
9
6
8,452,630 6,819,765 2,956,794 19,176,961
To
t
a
l
Ne
t
Po
s
i
t
i
o
n
$
79
,
2
5
6
,
5
5
7
j_
8
3
,
3
6
6
,
7
5
_
(
)
_
_$ 5.5,653,869 $ 55,356,897 $ 134,910,426 s 138,723,647
At
!h
e
en
d
o
f
!h
e
cu
r
r
e
n
t
fi
s
c
a
l
ye
a
r
,
th
e
Ci
t
y
is
ab
l
e
to
re
p
o
r
t
po
s
i
t
i
v
e
balances in all three categories of net position, bolh for !he
go
v
e
r
n
m
e
n
t
as
a
wh
o
l
e
,
as
we
l
l
as
fo
r
it
s
se
p
a
r
a
t
e
go
v
e
r
n
m
e
n
t
a
l
an
d
business-type activities wilh !he exception of unrestricted
ne
t
po
s
i
t
i
o
n
in
th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
.
A
po
r
t
i
o
n
o
f
th
e
Ci
t
y
'
s
ne
t
po
s
i
t
i
o
n
(2
7
.
2
9
%
)
re
p
t
e
s
e
n
t
s
re
s
o
u
r
c
e
s
!hat are subject to external restrictions on how !hey may be
us
e
d
.
Th
e
re
m
a
i
n
i
n
g
po
r
t
i
o
n
(2
.
1
9
%
)
ma
y
be
us
e
d
to
me
e
t
!h
e
Ci
t
y
'
s
ongoing obligations.
Th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
ha
v
e
a
si
g
n
i
f
i
c
a
n
t
in
c
r
e
a
s
e
in
cu
r
r
e
n
t
assets from the previous year. The largest factor in this increase
is
wi
l
h
!h
e
ca
s
h
wi
l
h
ft
s
c
a
l
ag
e
n
t
s
.
At
th
e
en
d
of
2
0
1
5
,
th
e
Ci
t
y
ha
d
$6,782,081 in escrow as part of a crossover advanced refunding.
Th
e
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
ha
d
la
r
g
e
in
c
r
e
a
s
e
s
in
ca
p
i
t
a
l
as
s
e
t
s
an
d
long-term liabilities. These increases are primarily dne to
!h
e
Ci
t
y
'
s
co
n
s
t
r
n
c
t
i
o
n
of
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
,
wh
i
c
h
is
be
i
n
g
funded wilh debt proceeda from !he Minnesota Public
Fa
c
i
l
i
t
i
e
s
Au
l
h
o
r
i
t
y
(P
F
A
)
lo
a
n
pr
o
g
r
a
m
.
Th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
,
al
s
o
ha
d
a
si
g
n
i
f
i
c
a
n
t
in
c
r
e
a
s
e
in
!h
e
amount of deferred outflows of resources, long-term liabilities,
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
fr
o
m
!h
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
pr
i
m
a
r
y
reason for 1he increase was the implementation ofGASB
St
a
t
e
m
e
n
t
No
.
68
in
wh
i
c
h
!h
e
Ci
t
y
is
re
q
u
i
r
e
d
to
re
p
o
r
t
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
share of !he Minnesota Public Employees Retirement
As
s
o
c
i
a
t
i
o
n
(P
E
R
A
)
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
i
e
s
.
Re
c
o
r
d
i
n
g
th
e
li
a
b
i
l
i
t
y
does not change the City's future contibution requirements or
ob
l
i
g
a
t
i
o
n
s
un
d
e
r
th
e
pl
a
n
s
,
wh
i
c
h
ar
e
de
t
e
r
m
i
n
e
d
by
Mi
n
n
e
s
o
t
a
statutes.
IV-8
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
fu
n
d
ha
s
an
en
d
i
n
g
de
f
i
c
i
t
fu
n
d
ba
l
a
n
c
e
of
$
1
8
3
,
1
4
5
a
in
c
r
e
a
s
e
of
$
2
8
0
,
0
4
8
(6
0
.
4
6
%
)
fr
o
m
th
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
fu
n
d
in
c
u
r
r
e
d
$1
,
4
5
5
,
1
2
8
of
ca
p
i
t
a
l
ex
p
e
n
d
i
t
u
r
e
s
du
r
i
n
g
th
e
ye
a
r
fo
r
th
e
Fr
e
e
w
a
y
Pa
r
k
Ar
e
a
an
d
63
r
d
Av
e
n
u
e
ne
i
g
h
b
o
r
h
o
o
d
re
-
c
o
n
s
t
r
u
c
t
i
o
n
pr
o
j
e
c
t
s
.
Pr
o
p
r
i
e
t
a
r
y
Fu
n
d
s
:
Th
e
Ci
t
y
'
s
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
pr
o
v
i
d
e
th
e
sa
m
e
ty
p
e
of
in
f
o
r
m
a
t
i
o
n
pr
e
s
e
n
t
e
d
as
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
fo
u
n
d
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
bu
t
in
mo
r
e
de
t
a
i
l
.
Th
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
ha
v
e
a
co
m
b
i
n
e
d
en
d
i
n
g
ne
t
p
o
s
i
t
i
o
n
o
f
$
5
7
,
6
4
0
,
2
1
0
,
of
wh
i
c
h
$1
0
,
4
3
8
,
9
7
1
(1
8
.
1
1
%
)
is
un
r
e
s
t
r
i
c
t
e
d
an
d
ca
n
be
us
e
d
to
me
e
t
th
e
op
e
r
a
t
i
o
n
s
.
As
a
me
a
s
u
r
e
of
th
e
li
q
u
i
d
i
t
y
of
th
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
,
it
ma
y
be
us
e
f
u
l
to
co
m
p
a
r
e
th
e
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
to
th
e
op
e
m
t
i
n
g
ex
p
e
n
s
e
s
.
Fo
r
th
e
cu
r
r
e
n
t
ye
a
r
,
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
is
83
.
9
2
%
of
th
e
cu
r
r
e
n
t
ye
a
r
op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
.
Ot
h
e
r
fa
c
t
o
r
s
co
n
c
e
r
n
i
n
g
th
e
fi
n
a
n
c
e
s
of
th
e
s
e
fu
n
d
s
ha
v
e
al
r
e
a
d
y
be
e
n
ad
d
r
e
s
s
e
d
in
th
e
di
s
c
u
s
s
i
o
n
of
th
e
Ci
t
y
'
s
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
.
Ge
a
e
r
a
l
Fu
a
d
Bu
d
g
e
t
a
r
v
H!
g
h
H
g
b
t
s
Du
r
i
n
g
th
e
ye
a
r
,
th
e
r
e
we
r
e
no
am
e
n
d
m
e
n
t
s
to
th
e
Ge
n
e
r
a
l
Fu
n
d
bu
d
g
e
t
.
Ac
t
u
a
l
re
v
e
n
u
e
s
an
d
ot
h
e
r
fm
a
o
c
i
n
g
so
u
r
c
e
s
we
r
e
un
d
e
r
th
e
ad
o
p
t
e
d
bu
d
g
e
t
by
$2
7
,
6
5
4
.
Th
e
ma
j
o
r
co
n
t
r
i
b
u
t
o
r
to
th
i
s
de
c
r
e
a
s
e
wa
s
in
de
l
i
n
q
u
e
n
t
pr
o
p
e
r
t
y
ta
x
co
l
l
e
c
t
i
o
n
s
,
th
e
Ci
t
y
ha
d
a
ne
g
a
t
i
v
e
$4
8
,
6
7
2
as
a
re
s
u
l
t
of
ta
x
re
f
u
n
d
s
an
d
wa
s
un
d
e
r
bu
d
g
e
t
fo
r
ex
c
e
s
s
ta
x
re
v
e
n
u
e
s
by
$1
4
1
,
3
2
0
.
Ac
t
u
a
l
ex
p
e
n
d
i
t
u
r
e
s
an
d
ot
h
e
r
fi
n
a
n
c
i
n
g
us
e
s
we
r
e
lo
w
e
r
th
a
n
th
e
f"
m
a
l
bu
d
g
e
t
fo
r
th
e
ye
a
r
by
$1
7
8
,
4
9
0
.
Th
i
s
wa
s
th
e
re
s
u
l
t
of
a
no
n
-
b
u
d
g
e
t
e
d
tr
a
n
s
f
e
r
of
$9
0
8
,
7
6
1
to
th
e
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
Fu
n
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Ci
t
y
po
l
i
c
y
to
tr
a
n
s
f
e
r
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
of
th
e
Ge
n
e
r
a
l
Fu
n
d
th
a
t
ex
c
e
e
d
s
52
%
of
Ge
n
e
r
a
l
Fu
n
d
bu
d
g
e
t
e
d
ex
p
e
n
d
i
t
u
r
e
s
fo
l
l
o
w
i
n
g
th
e
co
m
p
l
e
t
i
o
n
of
th
e
an
n
u
a
l
au
d
i
t
.
Th
e
re
d
u
c
t
i
o
n
in
fu
n
d
ba
l
a
n
c
e
fr
o
m
th
e
tr
a
n
s
f
e
r
wa
s
of
f
s
e
t
by
sa
v
i
n
g
s
fr
o
m
se
v
e
r
a
l
st
a
f
f
po
s
i
t
i
o
n
s
be
i
n
g
le
f
t
un
f
i
l
l
e
d
du
r
i
n
g
a
po
r
t
i
o
n
of
2
0
1
5
,
in
th
e
Po
l
i
c
e
an
d
Pu
b
l
i
c
Wo
r
k
s
de
p
a
r
t
m
e
n
t
s
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Ca
p
i
t
a
l
As
s
e
t
an
d
De
b
t
Ad
m
i
a
i
s
t
r
a
t
i
o
a
Ca
p
i
t
a
l
As
s
e
t
s
:
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
fo
r
it
s
go
v
e
r
n
m
e
n
t
a
l
and business-type activities at the end of the
cu
r
r
e
n
t
ye
a
r
,
am
o
u
n
t
s
to
$1
2
3
,
1
0
3
,
1
9
7
(n
e
t
of
ac
c
u
m
u
l
a
t
e
d
de
p
r
e
c
i
a
t
i
o
n
)
.
This investment in capital assets includes: land,
bu
i
l
d
i
n
g
s
,
in
f
r
a
s
t
r
u
c
t
u
r
e
,
ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
an
d
co
n
s
t
r
u
c
t
i
o
n
in progress. The City's investment in capital assets
in
c
r
e
a
a
e
d
$2
5
,
1
7
3
,
4
8
8
(2
5
.
7
1
%
)
fr
o
m
th
e
pr
e
v
i
o
u
s
ye
a
r
.
Ma
j
o
r
ca
p
i
t
a
l
as
s
e
t
ev
e
n
t
s
du
r
i
n
g
th
e
cu
r
r
e
n
t
ye
a
r
in
c
l
u
d
e
d
th
e
fo
l
l
o
w
i
n
g
:
Th
e
Fr
e
e
w
a
y
Pa
r
k
Ar
e
a
Ne
i
g
h
b
o
r
h
o
o
d
in
f
r
a
s
t
r
u
c
t
u
r
e
re
c
o
n
s
t
r
u
c
t
i
o
n
project is near completion, with $8,791,044 of
ad
d
i
t
i
o
n
s
to
co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
.
Th
i
s
am
o
u
n
t
in
c
l
u
d
e
s
work on streets, as well as water, sewer and storm utilities.
Th
e
63
r
d
Av
e
n
u
e
Ne
i
g
h
b
o
r
h
o
o
d
in
f
r
a
s
t
r
u
c
t
u
r
e
re
c
o
n
s
t
r
u
c
t
i
o
n
project is near completion, with $4,676,392 of additions to
co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
.
Th
i
s
am
o
t
m
t
in
c
l
u
d
e
s
wo
r
k
on
str
e
e
t
s
~
as well as water, sewer and storm utilities.
Th
e
Ci
t
y
co
n
t
i
n
u
e
d
co
n
s
t
r
u
c
t
i
o
n
of
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
At the end of 2015, the City had completed $19,371,703 of the
$1
9
,
6
6
2
,
3
5
2
pr
o
j
e
c
t
.
Th
e
pr
o
j
e
c
t
is
be
i
n
g
fu
n
d
e
d
th
r
o
u
g
h
a low interest loan (1%) with the Minnesota Public Facilities
Au
t
h
o
r
i
t
y
.
Th
e
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
be
c
a
m
e
op
e
r
a
t
i
o
n
a
l
in
January 2016.
Th
e
co
n
s
t
r
u
c
t
i
o
n
of
a
Co
m
m
u
n
i
t
y
Am
p
h
i
t
h
e
a
t
e
r
is
ne
a
r
co
m
p
l
e
t
i
o
n
,
with $632,925 of additions to construction in progress.
Th
e
Am
p
h
i
t
h
e
s
t
e
r
wa
s
pr
i
m
a
r
i
l
y
fu
n
d
e
d
th
r
o
u
g
h
do
n
a
t
i
o
n
s
.
Th
e
Ci
t
y
is
ne
a
r
co
m
p
l
e
t
i
o
n
wi
t
h
a
Ci
t
y
Ha
l
V
C
o
m
m
u
n
i
t
y
Ce
n
t
e
r
reroudel, with $3,519,011 of additions to construction
in
pr
o
g
r
e
s
s
.
Th
e
pr
o
j
e
c
t
in
c
l
u
d
e
d
ro
o
f
re
p
l
a
c
e
m
e
n
t
an
d
me
c
h
a
n
i
c
a
l
and electrical upgrades.
Th
e
Ce
n
t
r
a
l
Ga
r
a
g
e
re
p
l
a
c
e
d
17
pi
e
c
e
s
of
ma
c
h
i
n
e
r
y
&
eq
u
i
p
m
e
n
t
during the year. The total outlay for machinery and
eq
u
i
p
m
e
n
t
du
r
i
n
g
th
e
ye
a
r
wa
s
$1
,
0
3
9
,
5
3
0
.
Th
e
ad
d
i
t
i
o
n
s
in
c
l
u
d
e
,
but are not limited to: mowers, police vehicles,
a
pu
b
l
i
c
wo
r
k
s
tr
u
c
k
an
d
a
st
r
e
e
t
sw
e
e
p
e
r
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
-
CAPITAL ASSETS
(n
e
t
o
f
de
p
r
e
c
i
a
t
i
o
n
)
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
Business-!l,Ee Activities Total
20
1
5
20
1
4
2015 2014 2015 2014
La
n
d
$
3,
5
3
7
,
4
7
3
$
3,
5
3
7
,
4
7
3
$ 3,194,983 $ 3,194,983 $ 6,732,456 $ 6,732,456
Ea
s
e
m
e
n
t
s
90
,
5
9
4
95
,
1
3
2
11,976 16,039 102,570 111,171
Co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
9,
0
1
1
,
1
3
8
3,
2
7
6
,
2
1
3
25,636,604 8,425,511 34,647,742 11,701,724
La
n
d
im
p
r
o
v
e
m
e
n
t
s
179,944 196,571 179,944 196,571
Ot
h
e
r
pa
r
k
im
p
r
o
v
e
m
e
n
t
s
5,
7
2
8
,
4
9
6
5,
9
5
5
,
8
8
9
5,728,496 5,955,889
Bu
i
l
d
i
n
g
s
an
d
st
r
u
c
t
u
r
e
s
7,
6
2
6
,
6
8
1
7,
7
1
8
,
9
3
0
2,723,125 3,307,370 10,349,806 11,026,300
Ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
3,
9
6
3
,
1
6
8
3,
7
6
3
,
0
0
3
273,538 297,976 4,236,706 4,060,979
St
r
e
e
t
s
26
,
5
7
5
,
4
9
8
25
,
0
4
5
,
9
3
8
26,575,498 25,045,938
St
r
e
e
t
li
g
h
t
sy
s
t
e
m
s
634,678 630,342 634,678 630,342
Ma
i
n
s
an
d
li
n
e
s
33,915,301 32,468,340 33,915,301 32,468,340
To
t
a
l
$
56
,
5
3
3
,
0
4
8
$
49
,
3
9
2
,
5
7
8
$ 66,570,149 $ 48,537,132 $ 123,103,197 $ 97,929,710
Ad
d
i
t
i
o
n
a
l
in
f
o
r
m
a
t
i
o
n
on
th
e
Ci
t
y
'
s
ca
p
i
t
a
l
as
s
e
t
s
ca
n
be
fo
u
n
d
in
Note 3 (C) on psges 64 through 65 of this CAFR.
IV-9
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Lo
n
g
-
T
e
r
m
De
b
t
:
At
th
e
en
d
of
th
e
cu
r
r
e
n
t
ye
a
r
,
th
e
Ci
t
y
ha
d
ou
t
s
t
a
n
d
i
n
g
lo
n
g
-
t
e
m
1
bo
n
d
e
d
de
b
t
o
f
$5
0
,
5
0
5
,
1
5
8
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
-
OU
T
S
T
A
N
D
I
N
G
DE
B
T
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
Bu
s
i
n
e
s
s
-
!
l
:
E
e
Ac
t
i
v
i
t
i
e
s
To
t
a
l
20
1
5
20
1
4
20
1
5
20
1
4
20
1
5
Ge
n
e
r
a
l
ob
l
i
g
a
t
i
o
n
ta
x
in
c
r
e
m
e
n
t
bo
n
d
s
$
20
,
8
8
5
,
0
0
0
$
16
,
0
4
0
,
0
0
0
20
,
8
8
5
,
0
0
0
$
Ge
n
e
r
a
l
ob
l
i
g
a
t
i
o
n
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n
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(F
)
on
pa
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s
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h
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1
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fi
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r
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e
m
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c
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a
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o
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r
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t
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1
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to
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a
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s
(1
1
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%
)
.
•
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t
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ta
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th
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v
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n
t
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Sh
i
n
g
l
e
Cr
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s
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si
t
e
,
th
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s
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e
s
s
ac
t
i
v
i
t
y
in
20
1
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in
c
l
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e
d
th
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m
p
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t
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s
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t
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r
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o
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,
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d
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s
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c
k
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r
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Ru
e
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l
l
a
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r
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d
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r
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g
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h
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s
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p
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9
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u
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r
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o
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.
•
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r
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A
pu
r
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h
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d
a
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r
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o
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wh
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ED
A'
s
8.
4
ac
r
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r
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r
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r
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ha
s
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t
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r
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t
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n
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s
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pr
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v
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d
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g
74
8
ma
r
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t
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s
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r
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d
fo
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to
d
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s
ap
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m
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f
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th
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Me
t
r
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a
.
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e
in
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ph
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30
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i
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ce
n
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r
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re
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r
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a
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g
,
po
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d
pa
t
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o
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e
a
s
.
CI
T
Y
OF
BR
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N
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c
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r
31
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0
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n
n
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p
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n
Co
u
n
t
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Mi
n
n
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s
o
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De
p
a
r
t
m
e
n
t
of
Em
p
l
o
y
m
e
n
t
an
d
Economic Development (DEED), and the Metropolitan Council
ap
p
r
o
v
e
d
th
r
e
e
gr
a
n
t
ap
p
l
i
c
a
t
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s
to
t
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l
i
n
g
$1
.
5
mi
l
l
i
o
n
to
co
m
p
l
e
t
e
a soils investigation and remediation action plan for the
fo
r
m
e
r
Ho
w
e
Fe
r
t
i
l
i
z
e
r
Si
t
e
.
Th
i
s
en
a
b
l
e
d
a
de
v
e
l
o
p
e
r
to
pr
o
c
e
e
d
with the development of a 61,000 square foot building that
wa
s
co
m
p
l
e
t
e
d
an
d
le
a
s
e
d
in
20
1
5
.
Th
e
ED
A
ac
q
u
i
r
e
d
th
e
fo
r
m
e
r
Ch
r
y
s
l
e
r
Au
t
o
De
a
l
e
r
s
h
i
p
,
al
s
o
known as Cars with Heart, a five acre commercial site at
61
2
1
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
.
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e
bu
i
l
d
i
n
g
s
ha
v
e
be
e
n
de
m
o
l
i
s
h
e
d
and the EDA has approved plans and entered into a
de
v
e
l
o
p
m
e
n
t
ag
r
e
e
m
e
n
t
fo
r
th
e
co
n
s
t
r
u
c
t
i
o
n
o
f
a
15
6
un
i
t
se
n
i
o
r
apartment building that provides affordable assisted care
op
p
o
r
t
u
n
i
t
i
e
s
fo
r
se
n
i
o
r
ci
t
i
z
e
n
s
.
Th
e
Th
r
e
e
Ri
v
e
r
s
Pa
r
k
Di
s
t
r
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c
t
pr
o
v
i
d
e
d
fu
n
d
i
n
g
fo
r
a
re
a
l
i
g
n
m
e
n
t
of the Twin Lakes Regional Trail Corridor within the
ea
s
t
e
r
n
po
r
t
i
o
n
o
f
th
e
pl
a
n
n
e
d
re
n
o
v
a
t
i
o
n
o
f
th
e
La
k
e
Po
i
n
t
e
Ap
a
r
t
m
e
n
t
s
.
Planning for the 2016-17 construction of an
ex
t
e
n
s
i
o
n
o
f
th
i
s
re
g
i
o
n
a
l
tr
a
i
l
al
o
n
g
57
t
h
A ve
n
u
e
ea
s
t
of
Hi
g
h
w
a
y
100, to connect the Mississippi Regional Corridor is
un
d
e
r
w
a
y
.
Th
e
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
br
i
d
g
e
an
d
tr
a
i
l
im
p
r
o
v
e
m
e
n
t
s
ov
e
r
State Highway 100 were completed and a cooperative grant
ap
p
l
i
c
a
t
i
o
n
wi
t
h
He
n
n
e
p
i
n
Co
u
n
t
y
ha
s
re
c
e
i
v
e
d
fa
v
o
r
a
b
l
e
sc
o
r
i
n
g
for Federal funding of the reconstruction of the southern
po
r
t
i
o
n
o
f
th
e
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
Co
r
r
i
d
o
r
St
u
d
y
(s
o
u
t
h
e
r
n
bo
r
d
e
r
ofthe City to County Road 10/Bass Lake Road).
Co
n
s
t
r
u
c
t
i
o
n
is
pl
a
r
m
e
d
fo
r
20
1
8
.
In
20
1
5
,
co
n
s
t
r
u
c
t
i
o
n
o
f
th
e
Ne
w
Mi
l
l
e
n
n
i
u
m
Ac
a
d
e
m
y
,
a
55
0
student charter school commenced on the former Malmborg's
Nu
r
s
e
r
y
si
t
e
an
d
is
sc
h
e
d
u
l
e
d
to
op
e
n
in
th
e
fa
l
l
of
20
1
6
.
•
Th
e
Ci
t
y
'
s
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
is
fu
l
l
y
op
e
r
a
t
i
o
n
a
l
be
g
i
n
n
i
n
g
in January 2016, which reduced the level of manganese from
ou
r
wa
t
e
r
su
p
p
l
y
.
Th
e
es
t
i
m
a
t
e
d
to
t
a
l
co
s
t
fo
r
th
e
wa
t
e
r
tr
e
a
t
m
e
n
t
plant is $19.66 million. Financing is being provided
th
r
o
u
g
h
a
lo
w
in
t
e
r
e
s
t
lo
a
n
un
d
e
r
th
e
Dr
i
n
k
i
n
g
Wa
t
e
r
Re
v
o
l
v
i
n
g
Fund through the Minnesota Public Facilities (PFA) loan
pr
o
g
r
a
m
.
Th
e
lo
a
n
wi
l
l
be
re
p
a
i
d
ov
e
r
tw
e
n
t
y
ye
a
r
s
at
an
in
t
e
r
e
s
t
rate of one percent.
•
Ut
i
l
i
t
y
ra
t
e
s
ha
v
e
be
e
n
pr
o
j
e
c
t
e
d
in
t
o
a
ro
l
l
i
n
g
15
ye
a
r
mo
d
e
l
to
allow for funding of system maintenance, technology changes
an
d
ca
p
i
t
a
l
re
p
a
i
r
an
d
re
p
l
a
c
e
m
e
n
t
s
wh
i
l
e
mo
d
e
r
a
t
i
n
g
an
n
u
a
l
ra
t
e
adjustments. On January 1, 2016 the sanitary sewer utility
qu
a
r
t
e
r
l
y
ba
s
e
ch
a
r
g
e
in
c
r
e
a
s
e
d
fr
o
m
$7
8
.
4
5
to
$8
0
.
0
2
.
Th
e
wa
t
e
r
utility rates increased for both base and consumption
ch
a
r
g
e
s
.
Th
e
qu
a
r
t
e
r
l
y
ba
s
e
ch
a
r
g
e
of
$
1
0
.
0
0
pe
r
re
s
i
d
e
n
t
i
a
l
an
d
commercial irrigation meter increased to $12.20 per
me
t
e
r
.
Th
e
co
n
s
u
m
p
t
i
o
n
ch
a
r
g
e
of
$
1
.
6
6
pe
r
1,
0
0
0
ga
l
l
o
n
s
(u
p
to 30,000 gallons per quarter), increased by $0.37 per 1,000
ga
l
l
o
n
s
.
Mu
l
t
i
-
f
a
m
i
l
y
,
co
m
m
e
r
c
i
a
l
an
d
in
d
u
s
t
r
i
a
l
pr
o
p
e
r
t
i
e
s
pa
y
a quarterly base charge depending on the size of the meters
an
d
a
co
n
s
m
n
p
t
i
o
n
ra
t
e
pe
r
1,
0
0
0
ga
l
l
o
n
s
.
Th
e
co
n
s
u
n
1
p
t
i
o
n
ra
t
e
increased $0.56 to $2.53 per 1,000 gallons.
Th
e
Ci
t
y
'
s
po
l
i
c
y
is
to
ma
i
n
t
a
i
n
a
Ge
n
e
r
a
l
fu
n
d
un
a
s
s
i
g
n
e
d
fu
n
d
balance of 50% -52% of the ensuing year's budgeted General
fu
n
d
op
e
r
a
t
i
o
n
s
.
Ad
d
i
t
i
o
n
a
l
l
y
th
e
Ci
t
y
'
s
ca
p
i
t
a
l
pr
o
j
e
c
t
fu
n
d
i
n
g
po
l
i
c
y
that transfers the amount of fund balance exceeding 52%
to
th
e
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
fu
n
d
fo
l
l
o
w
i
n
g
th
e
co
m
p
l
e
t
e
d
au
d
i
t
of the City's CAFR The City transferred $908,761 for Capital
Im
p
r
o
v
e
m
e
n
t
s
fr
o
m
th
e
Ge
n
e
r
a
l
Fu
n
d
.
Th
e
Ci
t
y
ha
s
as
s
i
g
n
e
d
$8
0
4
,
8
1
5
(the amount exceeding 52%) for capital improvements
wi
t
h
i
n
th
e
Ge
n
e
r
a
l
Fu
n
d
.
To
t
a
l
un
a
s
s
i
g
n
e
d
an
d
as
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
at the end of 2015 was $11,092,058 (56.07%) of the
ad
o
p
t
e
d
20
1
6
bu
d
g
e
t
e
d
ex
p
e
n
d
i
t
u
r
e
s
.
Re
q
u
e
s
t
s
fo
r
In
f
o
r
m
a
t
i
o
n
Th
i
s
fm
a
n
c
i
a
l
re
p
o
r
t
is
de
s
i
g
n
e
d
to
pr
o
v
i
d
e
a
ge
n
e
r
a
l
ov
e
r
v
i
e
w
of
the City of Brooklyn Center's finances for all those with an
in
t
e
r
e
s
t
in
th
e
go
v
e
r
n
m
e
n
t
'
s
fi
n
a
n
c
e
s
.
Qu
e
s
t
i
o
n
s
co
n
c
e
r
n
i
n
g
an
y
o
f
the information provided in this report or requests for additional
fm
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
sh
o
u
l
d
be
ad
d
r
e
s
s
e
d
to
th
e
Fi
n
a
n
c
e
Di
r
e
c
t
o
r
,
6301 Shingle Creek Parkway, Brooklyn Center, MN 55430.
IV-10
Basic Financial
Statements
IV-12
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
ST
A
T
E
M
E
N
T
OF
AC
T
I
V
I
T
I
E
S
Fo
r
th
e
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
FU
N
C
T
I
O
N
_
S
L
P
R
O
G
R
A
M
§
Go
v
e
r
n
m
e
n
t
ac
t
i
v
i
t
i
e
s
:
Ge
n
e
r
a
l
go
v
e
r
n
m
e
n
t
Pu
b
l
i
c
sa
f
e
t
y
Pu
b
l
i
c
wo
r
k
s
Co
m
m
u
n
i
t
y
se
r
v
i
c
e
s
Pa
r
k
s
an
d
re
c
r
e
a
t
i
o
n
Ec
o
n
o
m
i
c
de
v
e
l
o
p
m
e
n
t
In
t
e
r
e
s
t
on
lo
n
g
-
t
e
r
m
de
b
t
To
t
a
l
go
v
e
r
n
m
e
n
t
ac
t
i
v
i
t
i
e
s
Bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
:
Mu
n
i
c
i
p
a
l
li
q
u
o
r
Go
l
f
co
u
r
s
e
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Wa
t
e
r
ut
i
l
i
t
y
Sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
St
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
St
r
e
e
t
li
g
h
t
ut
i
l
i
t
y
Re
c
y
c
l
i
n
g
ut
i
l
i
t
y
To
t
a
l
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
To
t
a
l
~
e
n
s
e
s
$
3,
5
2
7
,
3
2
3
10
,
7
0
7
,
6
0
2
3,
8
6
7
,
4
0
6
13
5
,
6
0
4
3,
0
5
3
,
3
2
8
5,
4
1
9
,
3
0
4
72
3
,
0
0
0
27
,
4
3
3
,
5
6
7
5,
8
1
6
,
3
6
3
27
0
,
3
0
7
4,
7
3
9
,
5
4
3
2,
1
7
9
,
8
9
2
3,
6
9
4
,
8
8
0
1,
8
8
3
,
1
5
4
28
1
,
6
6
1
29
2
,
2
8
2
19
,
1
5
8
,
0
8
2
$
46
,
5
9
1
,
6
4
9
Th
e
no
t
e
s
to
th
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
an
in
t
e
g
r
a
l
pa
r
t
o
f
th
i
s
st
a
t
e
m
e
n
t
.
Ch
a
r
g
e
s
Fo
r
Se
r
v
i
c
e
s
$
65
3
,
5
3
5
54
8
,
6
6
9
22
6
,
6
4
5
56
4
,
2
1
7
22
5
,
0
5
7
-
2,
2
1
8
,
1
2
3
6,
0
6
1
,
6
8
0
20
8
,
3
4
6
4,
6
4
9
,
1
6
2
2,
6
4
0
,
6
6
5
4,
0
9
5
,
0
1
7
1,
6
3
5
,
6
5
5
46
4
,
2
5
8
31
5
,
4
3
4
20
,
0
7
0
,
2
1
7
$
22
,
2
8
8
,
3
4
0
Pr
o
s
r
a
m
Re
v
e
n
u
e
s
Op
e
r
a
t
i
n
g
Ca
p
i
t
a
l
Gr
a
n
t
s
an
d
Gr
a
n
t
s
an
d
Co
n
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r
i
b
u
t
i
o
n
s
C
o
n
t
r
i
b
u
t
i
o
n
s
$
-
$
-
1,
1
9
8
,
5
4
4
-
11
0
,
0
0
0
5,
1
5
1
,
3
0
6
98
,
6
9
4
33
,
0
7
5
1,
1
9
8
,
2
3
9
-
-
-
2,
6
0
5
,
4
7
7
5,
1
8
4
,
3
8
1
6,
7
4
6
--
17
,
8
3
2
5,
9
4
4
-
-
-
-
30
2
2
2
$
2,
6
3
5
,
9
9
9
$
5,
1
8
4
,
3
8
1
Ge
n
e
r
a
l
re
v
e
n
u
e
s
:
Pr
o
p
e
r
t
y
ta
x
e
s
Ta
x
in
c
r
e
m
e
n
t
s
Lo
d
g
i
n
g
ta
x
e
s
Gr
a
n
t
s
an
d
co
n
t
n
o
u
t
i
o
n
s
no
t
re
s
t
r
i
c
t
e
d
to
sp
e
c
i
f
i
c
pr
o
g
r
a
m
s
Un
r
e
s
t
r
i
c
t
e
d
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
Ga
i
n
on
di
s
p
o
s
a
l
o
f
ca
p
i
t
a
l
as
s
e
t
Tr
a
n
s
f
e
r
s
Tr
a
n
s
f
e
r
s
-
ca
p
i
t
a
l
as
s
e
t
s
To
t
a
l
ge
n
e
r
a
l
re
v
e
n
u
e
s
an
d
tr
a
n
s
f
e
r
s
Ch
a
n
g
e
in
ne
t
po
s
i
t
i
o
n
Ne
t
po
s
i
t
i
o
n
-
Ja
n
u
a
r
y
1
Ch
a
n
g
e
in
Ac
c
o
u
n
t
i
n
g
Pr
i
n
c
i
p
l
e
-
Pe
n
s
i
o
n
Ne
t
po
s
i
t
i
o
n
-
Ja
n
u
a
r
y
1,
re
s
t
a
t
e
d
Ne
t
po
s
i
t
i
o
n
-
De
c
e
m
b
e
r
31
Ne
t
!E!I!!:!!sel Revenue and Chanses in Net Position
Go
v
e
r
n
m
e
n
t
a
l
Business-Type
Ac
t
i
v
i
t
i
e
s
Activities Total
$
(2
,
8
7
3
,
788) $ $ (2,873,788)
(8
,
9
6
0
,
3
8
9
)
(8,960,389)
1,
6
2
0
,
5
4
5
1,620,545 (135,604) -(135,604)
(2
,
3
5
7
,342) (2,357 ,342)
(3
,
9
9
6
,
0
0
8
)
(3,996,008) (723,000) -(723,000)
(1
7
,425,586) -(17 ,425,586) 245,317 245,317 -(55,215) (55,215) -(90,381) (90,381) 478,605 478,605 -406,081 406,081 (247,499) (247,499) 182,597 182,597 23,152 23,152 -942 657 942 657
(1
7
,
4
2
5
,
5
8
6
~
942,657 __ (16,482,929)
15
,
3
2
0
,
9
9
8
-15,320,998
3,
8
0
5
,
3
6
7
3,805,367
1,
0
7
5
,
4
2
5
-1,075,425
1,
6
7
0
,
9
2
8
-1,670,928 254,366 127,686 382,052 27,800 -27,800 236,312 (236,312)
!1
,
0
3
4
,
5
7
4
l
1 034 574
21
,
3
5
6
,
6
2
2
925,948 --22,282,570
3,
9
3
1
,
0
3
6
1,868,605 5,799,641
83
,
3
6
6
,
7
5
0
55,356,897 138,723,647
!8
,
0
4
1
J
2
9
l
!1,571,633l !9,612,862l
75
,
3
2
5
,
5
2
1
53,785J64 129,110,785
$
79
,
2
5
6
,
5
5
7
$ 55,653,869 $ 134,910,426
IV-13
CI
T
Y
OF
BR
O
O
K
L
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IV-19
CITY OF BROOKLYN CENTER, MINNESOTA
TAX INCREMENT DISTRICT NO. 5
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31, 2015
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Oris!nal Final Amounts (Neaative~
REVENUES
Tax increments $ 435,437 $ 435,437 $ 353,417 $ (82,020)
Investment earnings (net of market value adjustment) 816 816 458 ~358~
Total revenues 436,253 436,253 353,875 ~82,378~
EXPENDITURES
Current:
Economic development:
Services and other charges 400,469 400,469 1,295,482 ~895,013~
Excess (deficiency) of revenues
over(under)expenditures 35,784 35,784 (941,607) (977,391)
OTHER FINANCING SOURCES (USES)
Transfers out ~34,968l ~34,968~ 34,968
Net change in fund balance 816 816 (941,607) (942,423)
Fund balance-January 1 ~1,299,859l p,299,859l p,299,859l
Fund balance -December 31 $ (1,299,043l $ (1,299,043l $ (2,241,466l $ (942,423)
The notes to the financial statements are an integral part of this statement.
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m
b
e
r
31
,
2
0
1
5
Governmental
Bu
s
i
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e
s
s
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]
!
Ac
t
i
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s
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e
s
s
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Ac
t
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t
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e
s
Activities-
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l
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Br
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o
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Dr
a
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r
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t
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t
Recycling Total lnlcrnal
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g
u
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r
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CA
S
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W
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M
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T
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S
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o
m
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s
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o
m
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n
an
d
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e
r
s
$
6,
0
5
5
,
8
5
8
$
20
8
,
2
2
5
s
4,
4
5
8
,
7
1
0
s
2,
4
1
1
,
0
6
4
$
4,
0
6
3
,
2
4
0
$
1,
6
3
7
,
8
3
8
$
45
6
,
6
0
0
$ 318,513 $ 19,610,048
Re
c
e
i
p
t
s
fr
o
m
in
t
e
r
f
u
n
d
se
r
v
i
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e
s
pr
o
v
i
d
e
d
2,986,442
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h
e
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e
r
a
t
i
n
g
re
c
e
i
p
t
s
5,
0
1
2
5,
6
8
1
16
1
,
9
0
2
27
,
2
8
5
1,
2
9
2
!0
0
8,
9
0
0
210,172 40,121
Pa
y
m
e
n
t
s
to
su
p
p
l
i
e
n
(5
,
1
1
6
,
8
5
8
)
(1
1
1
,
6
9
5
)
(3
,
0
0
1
,
8
5
8
)
(6
5
3
,
8
4
8
)
(2
,
7
1
7
,
2
3
3
)
(4
8
2
,
2
4
0
)
(2
0
6
,
0
6
6
)
(292,585) (12,582,383) (538,525)
Pa
y
m
e
n
t
s
to
em
p
l
o
y
e
e
s
!6
7
4
,
0
4
3
!
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4
0
,
1
2
9
!
!1
,
0
5
5
,
6
3
9
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3
6
,
8
7
6
!
!2
0
5
,
1
1
9
!
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9
9
,
3
0
8
!
!2,811,114! !1,923,169!
Ne
t
ca
s
h
fl
o
w
s
pr
o
v
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d
e
d
(u
s
e
d
)
by
op
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a
t
i
n
g
ac
t
i
v
i
t
i
e
s
26
9
,
9
6
9
(3
7
,
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1
8
!
56
3
11
5
1,
2
4
7
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6
2
5
1,
1
4
2
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1
8
0
95
6
,
3
9
0
25
9
43
4
25,928 4 426,723 ~869
CA
S
H
FL
O
W
S
FR
O
M
N
O
N
C
A
P
I
T
A
L
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N
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T
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40
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l
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t
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g
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(8
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8
2
8
)
(8,828)
Sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
50
,
5
6
5
50,565
In
t
e
r
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v
e
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m
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l
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n
t
s
6,
7
4
6
6,746 8,606
Tr
a
n
s
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t
!2
1
6
,
4
5
5
!
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4
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8
5
7
!
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5
,
0
0
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)
!276,312!
Ne
t
ca
s
h
fl
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w
s
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v
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d
(u
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l
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n
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t
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1
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37
9
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8
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4
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8
5
7
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50
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;
!
6
5
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5
,
0
0
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!
!187 829! 8 606
CA
S
H
FL
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O
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CA
P
I
T
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L
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N
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q
u
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d
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n
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l
r
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c
t
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o
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of
ca
p
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t
a
l
as
s
e
t
s
(1
0
,
0
5
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)
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1
1
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8
3
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6
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3
7
5
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9
9
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6
4
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4
6
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5
9
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1
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3
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8
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(19,770,533) (1,082,843)
In
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
gr
a
n
t
s
17
,
8
3
2
5,
9
4
4
23,776
In
t
e
r
f
u
n
d
pa
y
a
b
l
e
(c
a
p
i
t
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l
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(3
,
5
4
2
,
7
6
9
)
(3,542,769)
Tr
a
n
s
f
e
r
s
in
(c
a
p
i
t
a
l
)
7,389
Pr
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n
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l
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d
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re
v
e
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u
e
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n
d
s
(1
,
3
5
0
,
0
0
0
)
(4
5
0
,
0
0
0
)
(1,800,000)
Pr
i
n
c
i
p
a
l
pa
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d
on
re
v
e
n
u
e
no
t
e
s
(1
5
,
3
5
2
)
(15,352)
In
t
e
r
e
s
t
pa
i
d
on
ca
p
i
t
a
l
de
b
t
(1
0
8
,
3
7
7
)
(4
9
,
7
1
7
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(158,094)
Pr
o
c
e
e
d
s
fr
o
m
g.
o
.
re
v
e
n
u
e
no
t
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s
17
,
5
6
0
,
5
1
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17,560,510
Pr
o
c
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e
d
s
fr
o
m
g.
o
.
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v
e
n
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n
d
s
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t
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1,
8
5
2
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6
7
6
1,852,676
Pr
o
c
e
e
d
s
fr
o
m
re
f
u
n
d
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n
g
bo
n
d
s
is
s
u
e
d
(n
e
t
)
1,
2
4
5
,
0
0
0
42
1
,
3
5
3
1,666,353
Pr
o
c
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e
d
s
fr
o
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sa
l
e
of
as
s
e
t
s
33 978
Ne
t
ca
s
h
fl
o
w
s
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v
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d
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d
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ca
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d
re
l
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n
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t
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l
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5
6
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4
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5
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CA
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IN
V
E
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T
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N
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T
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In
t
e
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e
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t
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v
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t
m
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n
t
s
15
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6
16
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9
30
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2
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8
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305 127,686 51,194
Ne
t
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c
r
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s
e
(d
e
c
r
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a
s
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ca
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d
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h
eq
u
i
v
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l
e
n
t
s
58
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4
7
0
45
4
,
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4
(1
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5
3
3
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3
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5
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6
6
2
(6
4
9
,
5
7
1
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22
8
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8
8
2
26,233 183,147 (416,807)
Ca
s
h
an
d
ca
s
h
eq
u
i
v
a
l
e
n
t
s
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Ja
n
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r
y
1
1,
8
5
8
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3
1
1,
9
5
1
,
6
7
6
2,
5
0
5
,
7
2
7
1,
7
5
5
,
4
5
8
3
98
7
40
3
17
6
,
2
2
1
15,187 12,249,703 6,647,462
Ca
s
h
an
d
ca
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h
eq
u
i
v
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l
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n
t
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De
c
e
m
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e
r
31
s
1,
9
1
6
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5
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1
$
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2,
4
0
5
,
6
8
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s
1,
2
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,
1
2
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$
3,
3
3
7
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8
3
2
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(
)
5
"
1
0
3
$ 41,420 $ 12,432,850 $ 6,230,655
RE
C
O
N
C
I
L
I
A
T
I
O
N
OF
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E
R
A
T
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G
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C
O
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E
(L
O
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TO
NE
T
CA
S
H
FL
O
W
S
PR
O
V
I
D
E
D
(U
S
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D
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OP
E
R
A
T
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N
G
AC
T
I
V
I
T
I
E
S
Op
e
r
a
t
i
n
g
in
c
o
m
e
(l
o
s
s
)
s
25
8
,
1
1
7
$
(5
9
,
4
0
2
)
$
(2
3
5
,
9
2
7
)
$
56
5
,
1
6
0
$
43
6
,
7
3
1
$
(2
4
0
,
2
6
9
)
$
17
3
,
6
9
7
$ 23,152 $ 921,259 $ (641,157)
Ad
j
u
s
t
m
e
n
t
s
to
re
c
o
n
c
i
l
e
op
e
r
a
t
i
n
g
in
c
o
m
e
(l
o
s
s
)
to
ne
t
ca
s
h
fl
o
w
s
pr
o
v
i
d
e
d
(u
s
e
d
)
by
op
e
r
a
t
i
n
g
ac
t
i
v
i
t
i
e
s
:
De
p
r
e
c
i
a
t
i
o
n
16
,
9
6
6
18
,
7
3
7
62
0
,
2
4
9
70
3
,
9
3
3
78
3
,
5
0
0
1,
1
0
6
,
2
7
6
53
,
5
6
7
3,303,228 761,629
Ot
h
e
r
in
c
o
m
e
(e
x
p
e
n
s
e
)
re
l
a
t
e
d
to
op
e
r
a
t
i
o
n
s
5,
0
1
2
12
1
16
1
,
9
0
2
27
,
2
8
5
1,
2
9
2
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0
8,
9
0
0
204,612 80,261
(I
n
c
r
e
a
s
e
)
de
c
r
e
a
s
e
in
as
s
e
t
s
:
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c
o
u
n
t
s
re
c
e
i
v
a
b
l
e
(1
,
5
0
0
)
(2
8
,
5
5
0
)
(1
5
1
,
6
4
6
)
(3
0
,
4
8
5
)
2,
2
8
3
1,
2
4
2
3,079 (205,577) (36,509)
Du
e
:f
r
o
m
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r
go
v
e
r
n
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e
n
t
s
5,
5
6
0
5,560
Pr
e
p
a
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d
it
e
m
s
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2
9
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,
2
8
5
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(
1
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8
3
4
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0
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4
6
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(20,894)
In
v
e
n
t
o
r
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e
s
(3
1
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1
5
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(3
4
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4
0
0
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n
c
r
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a
s
e
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c
r
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s
e
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f
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r
r
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t
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re
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o
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r
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e
s
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f
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t
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t
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r
pe
n
s
i
o
n
(2,207,122)
In
c
r
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a
s
e
(d
e
c
r
e
a
s
e
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in
li
a
b
i
l
i
t
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e
s
Ac
c
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u
n
t
s
pa
y
a
b
l
e
43
,
0
5
6
(1
4
3
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84
,
5
7
2
14
0
,
3
9
2
(3
7
,
0
5
8
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93
,
5
1
3
22
,
0
2
8
(303) 346,057 77,961
Ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
818,354
Ac
c
r
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e
d
sa
l
a
r
i
e
s
an
d
wa
g
e
s
(2
0
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4
9
0
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,
4
5
0
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9
,
7
6
4
)
(
1
5
,
4
8
2
)
(1
,
7
5
4
)
(5
,
5
1
3
)
(75,453) 43,754
Un
e
a
r
n
e
d
re
v
e
n
u
e
69
0
(1
0
,
7
8
3
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(10,093)
(I
n
c
r
e
a
s
e
)
de
c
r
e
a
s
e
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de
f
e
r
r
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d
in
f
l
o
w
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of
re
s
o
u
r
c
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s
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De
f
e
r
r
e
d
pe
n
s
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o
n
re
s
o
u
r
c
e
s
1,660,956
Ne
t
ca
s
h
fl
o
w
s
pr
o
v
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e
d
(u
s
e
d
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by
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e
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a
t
i
n
g
ac
t
i
v
i
t
i
e
s
s
26
9
,
9
6
9
$
(3
7
,
9
1
8
)
$
56
3
,
1
1
5
s
1,
2
4
7
,
6
2
5
$
1,
1
4
2
,
1
8
0
s
95
6
,
3
9
0
s
25
9
,
4
3
4
$ 25,928 s 4,426,723 s 564,869
NO
N
C
A
S
H
FI
N
A
N
C
I
N
G
AC
T
I
V
I
T
I
E
S
Ac
q
u
i
s
i
t
i
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n
s
of
ca
p
i
t
a
l
as
s
e
t
s
on
ac
c
o
u
n
t
$
$
$
$
1,
6
5
9
,
5
0
3
$
18
~
6
4
$
23
58
4
$
$ $ I 701451 $ 38 670
Ca
p
i
t
a
l
as
s
e
t
s
co
n
t
r
i
b
u
t
e
d
fr
o
m
ot
h
e
r
fb
n
d
s
$
$
$
s
s
$
1,
0
3
4
,
5
7
4
s
$ $ 1,034,574 $
Ca
p
i
t
a
l
as
s
e
t
tr
a
d
e
-
i
n
s
$
$
$
s
$
$
s
$ $ $ !24,353!
Gr
a
n
t
s
de
p
o
s
i
t
e
d
wi
t
h
pe
n
s
i
o
n
pl
a
n
$
$
$
$
$
$
$
$ $ $ 40,140
Ch
a
n
g
e
in
Ac
c
o
u
n
t
i
n
g
Pr
i
n
c
i
p
l
e
fo
r
pe
n
s
i
o
n
s
$
s
$
-
-
-
-
$
s
$
$
$ $ $ (10,691,122)
'l
'
h
t
t
no
t
e
s
to
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
an
in
t
e
g
r
a
l
pa
r
t
of
th
i
s
st
a
t
e
m
e
n
t
.
IV-23
Notes to
Financial Statements
IV-24
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
Ci
t
y
of
Br
o
o
k
l
y
n
Ce
n
t
e
r
wa
s
in
c
o
r
p
o
r
a
t
e
d
in
19
1
1
an
d
ha
s
op
e
r
a
t
e
d
un
d
e
r
a
Co
u
n
c
i
l
/
M
a
n
a
g
e
r
fo
r
m
of
go
v
e
r
n
m
e
n
t
si
n
c
e
th
e
ad
o
p
t
i
o
n
of
th
e
Ci
t
y
ch
a
r
t
e
r
in
19
6
6
.
Th
e
go
v
e
r
n
i
n
g
bo
d
y
co
n
s
i
s
t
s
of
a
Ma
y
o
r
an
d
fo
u
r
Ci
t
y
Co
u
n
c
i
l
me
m
b
e
r
s
.
el
e
c
t
e
d
at
-
l
a
r
g
e
to
se
t
V
e
fo
u
r
-
y
e
a
r
st
a
g
g
e
r
e
d
te
r
m
s
.
Th
e
Ci
t
y
pr
o
v
i
d
e
s
a
fu
l
l
ra
n
g
e
of
mu
n
i
c
i
p
a
l
se
r
v
i
c
e
s
to
it
s
ci
t
i
z
e
n
s
,
in
c
l
u
d
i
n
g
pu
b
l
i
c
sa
f
e
t
y
(p
o
l
i
c
e
an
d
fi
r
e
pr
o
t
e
c
t
i
o
n
)
,
hi
g
h
w
a
y
s
an
d
st
r
e
e
t
s
,
pa
r
k
s
an
d
re
c
r
e
a
t
i
o
n
,
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
,
pl
a
n
n
i
n
g
an
d
in
s
p
e
c
t
i
o
n
s
,
ec
o
n
o
m
i
c
d
e
v
e
l
o
p
m
e
n
t
,
sa
n
i
t
a
r
y
an
d
st
o
r
m
se
w
e
r
,
wa
t
e
r
,
an
d
go
n
e
r
s
!
ad
m
i
n
i
s
t
r
a
t
i
v
e
se
t
V
i
c
e
s
.
No
t
e
1
SU
M
M
A
R
Y
OF
SI
G
N
I
F
l
C
A
N
T
AC
C
O
U
N
T
I
N
G
PO
L
I
C
I
E
S
Th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
of
th
e
Ci
t
y
ha
v
e
be
e
n
pr
e
p
a
r
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
s
ge
n
e
r
a
l
l
y
ac
c
e
p
t
e
d
in
th
e
Un
i
t
e
d
St
a
t
e
s
of
Am
e
r
i
c
a
(G
A
A
P
)
,
as
ap
p
l
i
e
d
to
go
v
e
r
n
m
e
n
t
a
l
un
i
t
s
by
th
e
Go
v
e
r
n
m
e
n
t
a
l
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
(G
A
S
B
)
.
Th
e
Ci
t
y
'
s
si
g
n
i
f
i
c
a
n
t
ac
c
o
u
n
t
i
n
g
po
l
i
c
i
e
s
ar
e
de
s
c
r
i
b
e
d
be
l
o
w
.
A.
RE
P
O
R
T
I
N
G
EN
T
I
T
Y
Th
e
Ci
t
y
in
c
l
u
d
e
s
al
l
fu
n
d
s
,
or
g
a
n
i
z
a
t
i
o
n
s
,
in
s
t
i
t
u
t
i
o
n
s
,
ag
e
n
c
i
e
s
,
de
p
a
r
t
m
e
n
t
s
,
bo
a
r
d
s
,
an
d
of
f
i
c
e
s
th
a
t
ar
e
no
t
le
g
a
l
l
y
se
p
a
r
a
t
e
fr
o
m
th
e
Ci
t
y
.
Co
m
p
o
n
e
n
t
un
i
t
s
ar
e
le
g
a
l
l
y
se
p
a
r
a
t
e
or
g
a
n
i
z
a
t
i
o
n
s
fo
r
wh
i
c
h
th
e
el
e
c
t
e
d
of
f
i
c
i
a
l
s
of
th
e
Ci
t
y
ar
e
fi
n
a
n
c
i
a
l
l
y
ac
c
o
u
n
t
a
b
l
e
an
d
ar
e
in
c
l
u
d
e
d
wi
t
h
i
n
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
of
th
e
Ci
t
y
be
c
a
u
s
e
of
th
e
si
g
n
i
f
i
c
a
n
c
e
of
th
e
i
r
op
e
r
s
t
i
o
n
a
l
or
fi
n
a
n
c
i
a
l
re
l
a
t
i
o
n
s
h
i
p
s
wi
t
h
th
e
Ci
t
y
.
Th
e
Ci
t
y
is
co
n
s
i
d
e
r
e
d
fi
n
a
n
c
i
a
l
l
y
ac
c
o
u
n
t
a
b
l
e
fo
r
a
co
m
p
o
n
e
n
t
un
i
t
if
it
ap
p
o
i
n
t
s
a
vo
t
i
n
g
ma
j
o
r
i
t
y
of
th
e
or
g
a
n
i
z
a
t
i
o
n
'
s
go
v
e
r
n
i
n
g
bo
d
y
an
d
is
ab
l
e
to
im
p
o
s
e
it
s
wi
l
l
on
th
e
or
g
l
l
n
i
z
a
t
i
o
n
by
si
g
n
i
f
i
c
a
n
t
l
y
in
f
l
u
e
n
c
i
n
g
th
e
pr
o
g
r
a
m
s
,
pr
o
j
e
c
t
s
,
ac
t
i
v
i
t
i
e
s
,
or
le
v
e
l
of
se
r
v
i
c
e
s
pe
r
f
o
r
m
e
d
or
pr
o
v
i
d
e
d
by
th
e
or
g
l
l
n
i
z
a
t
i
o
n
,
or
th
e
r
e
is
a
po
t
e
n
t
i
a
l
fo
r
th
e
or
g
l
l
n
i
z
a
t
i
o
n
to
pr
o
v
i
d
e
sp
e
c
i
f
i
c
fi
n
a
n
c
i
a
l
be
n
e
f
i
t
s
to
,
or
im
p
o
s
e
sp
e
c
i
f
i
c
fi
n
a
n
c
i
a
l
bu
r
d
e
n
s
on
,
th
e
Ci
t
y
.
Bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
s
,
al
t
h
o
u
g
h
le
g
a
l
l
y
se
p
a
r
a
t
e
,
ar
e
,
in
su
b
s
t
a
n
c
e
,
pa
r
t
of
th
e
go
v
e
r
n
m
e
n
t
'
s
op
e
r
a
t
i
o
n
s
.
A
bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
is
re
p
o
r
t
e
d
as
if
it
we
r
e
a
fu
n
d
of
th
e
Ci
t
y
th
r
o
u
g
h
o
u
t
th
e
ye
a
r
.
It
is
in
c
l
u
d
e
d
at
bo
t
h
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
re
p
o
r
t
i
n
g
le
v
e
l
s
.
A
de
s
c
r
i
p
t
i
o
n
of
th
e
Ci
t
y
'
s
bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
s
fo
l
l
o
w
s
:
Ci
t
y
of
B
r
o
o
k
l
y
n
Ce
n
t
e
r
Ho
u
s
i
n
g
an
d
Re
d
e
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
(l
i
R
A
)
-
Th
e
Ci
t
y
Co
u
n
c
i
l
se
r
v
e
s
as
th
e
Bo
a
r
d
of
Di
r
e
c
t
o
r
s
fo
r
th
e
HR
A
,
wi
t
h
th
e
po
w
e
r
to
le
v
y
ta
x
e
s
an
d
en
t
e
r
in
t
o
co
n
t
r
a
c
t
s
.
Th
e
Co
u
n
c
i
l
re
v
i
e
w
s
an
d
ap
p
r
o
v
e
s
th
e
t
a
x
le
v
y
an
d
al
l
ex
p
e
n
d
i
t
u
r
e
s
fo
r
th
e
HR
A
.
Th
e
HR
A
is
re
p
o
r
t
e
d
as
a
Sp
e
c
i
a
l
Re
v
e
n
u
e
fu
n
d
.
Th
e
HR
A
do
e
s
no
t
is
s
u
e
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Fi
n
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
ma
y
be
ob
t
a
i
n
e
d
at
th
e
Ci
t
y
'
s
of
f
i
c
e
s
.
Ci
t
y
of
Br
o
o
k
l
y
n
Ce
n
t
e
r
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
(E
D
A
)
-
Th
e
go
v
e
r
n
i
n
g
bo
a
r
d
fo
r
th
e
ED
A
is
th
e
Ci
t
y
Co
u
n
c
i
l
,
wi
t
h
th
e
po
w
e
r
to
is
s
u
e
bo
n
d
s
an
d
en
t
e
r
in
t
o
co
n
t
r
a
c
t
s
.
Th
e
co
u
n
c
i
l
re
v
i
e
w
s
an
d
ap
p
r
o
v
e
s
ma
j
o
r
co
m
m
u
n
i
t
y
de
v
e
l
o
p
m
e
n
t
im
p
r
o
v
e
m
e
n
t
ac
t
i
v
i
t
i
e
s
.
Ci
t
y
ge
n
e
r
a
l
ob
l
i
g
a
t
i
o
n
ta
x
in
c
r
e
m
e
n
t
fi
n
a
n
c
i
n
g
bo
n
d
s
ar
e
ia
s
u
e
d
to
fi
n
a
n
c
e
ED
A
ac
t
i
v
i
t
i
e
s
.
Th
e
ED
A
is
re
p
o
r
t
e
d
as
a
Sp
e
c
i
a
l
Re
v
e
n
u
e
fu
n
d
.
Th
e
ED
A
do
e
s
no
t
is
s
u
e
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Fi
n
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
ma
y
be
ob
t
a
i
n
e
d
at
th
e
Ci
t
y
'
s
of
f
i
c
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
3
1
,
2
0
1
5
B.
GO
V
E
R
N
M
E
N
T
-
W
I
D
E
AN
D
FU
N
D
FI
N
A
N
C
I
A
L
STATEMENTS
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
(i
.
e
.
,
th
e
st
a
t
e
m
e
n
t
of net position and the statement of activities) report information
on
al
l
ac
t
i
v
i
t
i
e
s
of
th
e
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
an
d
it
s
co
m
p
o
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e
n
t
units. Governmental activities, which normally are supported by
ta
x
e
s
an
d
in
t
e
r
g
o
v
e
r
n
m
e
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t
a
l
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s
,
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e
re
p
o
r
t
e
d
se
p
a
r
a
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e
l
y
from business-type activities, which rely to a significant extent
on
fe
e
s
an
d
ch
a
r
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e
s
fo
r
su
p
p
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.
Th
e
st
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t
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m
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o
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s
t
r
a
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s
th
e
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g
r
e
e
to
wh
i
c
h
the direct expenses of a given function or segment are offset by
pr
o
g
r
a
m
re
v
e
n
u
e
s
.
Di
r
e
c
t
ex
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e
s
ar
e
th
o
s
e
th
a
t
ar
e
cl
e
a
r
l
y
identifiable with a specific function or segment. Program
re
v
e
n
u
e
s
in
c
l
u
d
e
I)
ch
a
r
g
e
s
to
cu
s
t
o
m
e
r
s
or
ap
p
l
i
c
a
n
t
s
wh
o
purchase, use, or directly benefit from goods, services, or
pr
i
v
i
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e
g
e
s
pr
o
v
i
d
e
d
by
a
gi
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or
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s
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s
s
-
t
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p
e
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v
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y
and 2) grants and contributions that are restricted to meeting
th
e
op
e
r
a
t
i
o
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a
l
or
ca
p
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a
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re
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s
of
a
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c
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or business-type activity. Taxes and other items not included
am
o
n
g
pr
o
g
r
a
m
re
v
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s
ar
e
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p
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in
s
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a
d
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e
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u
e
s
.
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p
a
r
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t
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n
a
n
c
i
a
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o
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d
fo
r
go
v
e
r
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m
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n
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a
l
funds and proprietsry funds. Major individual governmental funds
an
d
ma
j
o
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in
d
i
v
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u
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p
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s
ar
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re
p
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d
as
se
p
a
r
a
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columns in the fund financial statements.
C.
ME
A
S
U
R
E
M
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FO
C
U
S
,
BA
S
I
S
O
F
AC
C
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U
N
T
I
N
G
,
AND FINANCIAL STATEMENT
PR
E
S
E
N
T
A
T
I
O
N
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
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fi
n
a
n
c
i
a
l
st
a
t
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m
e
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t
s
ar
e
re
p
o
r
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d
us
i
n
g
the economic resources measurement focus and the accrual
ba
s
i
s
o
f
ac
c
o
u
n
t
i
n
g
,
as
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e
th
e
pr
o
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t
s
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y
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
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m
e
n
t
s
.
Revenues are recorded when eamed and expenses are
re
c
o
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e
d
wh
e
n
a
li
a
b
i
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y
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in
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d
,
re
g
a
r
d
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s
s
of
th
e
ti
m
i
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g
of related caab flows. Property taxes and special assessments
ar
e
re
c
o
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n
i
z
e
d
as
re
v
e
n
u
e
s
in
th
e
ye
a
r
fm
wh
i
c
h
th
e
y
ar
e
le
v
i
e
d
.
Grants and similar items are recognized as revenue as soon
as
al
l
el
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g
t
"
b
i
l
i
t
y
re
q
u
i
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m
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s
im
p
o
s
e
d
by
th
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pr
o
v
i
d
e
r
ha
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e
been met.
Go
v
e
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n
m
e
n
t
a
l
fu
n
d
fi
n
a
n
c
i
a
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m
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t
s
ar
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re
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e
current financial resources messurement focus and the
mo
d
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d
ac
c
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ba
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o
f
ac
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i
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g
.
Re
v
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u
e
s
ar
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re
c
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i
z
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d
as soon as they are both measurable and available.
Re
v
e
n
u
e
s
ar
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co
n
s
i
d
e
r
e
d
to
be
av
a
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a
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wh
e
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y
ar
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l
l
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c
t
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within the current period or soon enough thereafter to pay
li
a
b
i
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i
t
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s
of
th
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cu
r
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n
t
pe
r
i
o
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th
i
s
pu
r
p
o
s
e
,
th
e
Ci
t
y
co
n
s
i
d
e
r
s
all revenues, except reimbursement grants, to be available
if
th
e
y
ar
e
co
l
l
e
c
t
e
d
wi
t
h
i
n
60
da
y
s
of
th
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en
d
of
th
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cu
r
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n
t
fiscal year. Reimbursement grants are considered available if
th
e
y
ar
e
co
l
l
e
c
t
e
d
wi
t
h
i
n
on
e
ye
a
r
of
th
e
en
d
of
th
e
cu
r
r
e
n
t
fi
s
c
a
l
year. Expenditures generslly are recorded when a liability is
in
c
u
r
r
e
d
,
as
un
d
e
r
ac
c
r
u
a
l
ac
c
o
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n
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i
n
g
.
Ho
w
e
v
e
r
,
de
b
t
se
r
v
i
c
e
expenditures, as well as expenditures related to claims and
ju
d
g
m
e
n
t
s
,
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
,
ne
t
pe
n
s
i
o
n
li
s
b
i
l
i
t
i
e
s
,
an
d
OPEB are recorded only when payment is due.
Pr
o
p
e
r
t
y
ta
x
e
s
,
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
,
in
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
re
v
e
n
u
e
s
,
charges for sexvices and interest associated with the current
fi
s
c
a
l
ye
a
r
ar
e
al
l
co
n
s
i
d
e
r
e
d
to
be
su
s
c
e
p
t
i
b
l
e
to
ac
c
r
u
a
l
an
d
so have been recognized as revenues of the current fiscal year.
Oa
l
y
th
e
po
r
t
i
o
n
of
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
re
c
e
i
v
a
b
l
e
du
e
wi
t
h
i
n
the current fiscal year is considered to be susceptible to accrual
as
re
v
e
n
u
e
of
th
e
cu
r
r
e
n
t
pe
r
i
o
d
.
Al
l
ot
h
e
r
re
v
e
n
u
e
it
e
m
s
ar
e
considered to be measurable and available only when cash is
re
c
e
i
v
e
d
by
th
e
go
v
e
r
n
m
e
n
t
.
IV-25
CI
T
Y
O
F
BR
O
O
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L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
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A
NO
T
E
S
TO
TH
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FI
N
A
N
C
I
A
L
ST
A
T
E
M
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N
T
S
De
c
e
n
l
b
e
r
31
,
20
1
5
Th
e
Ci
t
y
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
ma
j
o
r
go
v
e
r
n
m
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n
t
a
l
fu
n
d
s
:
Ge
n
e
r
a
l
Fu
n
d
Th
i
s
is
th
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Ci
t
y
'
s
pr
i
m
a
r
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op
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fu
n
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.
It
ac
c
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fo
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eX
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:
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p
t
th
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q
u
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to
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c
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fo
r
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an
o
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fi
n
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o
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d
.
Ta
x
In
c
r
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m
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Di
s
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r
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c
t
No
.
3
Sp
e
c
i
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Re
v
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Fu
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fo
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th
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co
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c
t
i
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in
c
r
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m
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n
e
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t
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v
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n
u
e
s
fo
r
pa
r
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l
s
wi
t
h
i
n
th
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Di
s
t
r
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c
t
.
Th
e
s
e
fu
n
d
s
ar
e
us
e
d
to
fi
n
a
n
c
e
th
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va
r
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s
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d
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v
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Ci
t
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s
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r
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to
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p
a
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th
e
de
b
t
se
r
v
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c
e
on
bo
n
d
s
is
s
u
e
d
to
fi
n
a
n
c
e
th
e
s
e
re
d
e
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l
o
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m
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n
t
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t
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v
i
t
i
e
s
.
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x
In
c
r
e
m
e
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t
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s
t
r
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c
t
No
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5
Sp
e
c
i
a
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Re
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u
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Fu
n
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Th
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s
fu
n
d
wa
s
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t
a
b
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e
d
to
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c
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fo
r
th
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c
t
i
o
n
o
f
ta
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in
c
r
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m
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ge
n
e
r
a
t
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d
re
v
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n
u
e
s
fo
r
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r
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l
s
wi
t
h
i
n
th
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Di
s
1
r
i
c
t
.
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e
s
e
fu
n
d
s
ar
e
us
e
d
to
fi
n
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n
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e
th
e
va
r
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o
u
s
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d
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v
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l
o
p
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t
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t
i
v
i
t
i
e
s
wi
t
h
i
n
th
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Di
s
t
r
i
c
t
,
wh
i
c
h
co
o
s
i
s
t
e
d
o
f
th
e
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d
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v
e
l
o
p
m
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n
t
o
f
th
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fo
r
m
e
r
Br
o
o
k
d
a
l
e
ma
l
l
si
t
e
,
wh
i
c
h
is
no
w
ca
l
l
e
d
Sh
i
n
g
l
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Cr
e
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k
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o
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b
t
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r
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Fu
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n
d
is
us
e
d
to
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c
o
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t
fo
r
th
e
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l
l
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c
t
i
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of
pr
o
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s
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as
s
e
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s
m
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an
d
ot
h
e
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re
s
o
u
r
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s
wh
i
c
h
ar
e
us
e
d
to
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p
a
y
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e
pt
i
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c
i
p
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d
in
t
e
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e
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t
on
de
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t
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s
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e
d
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r
va
r
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p
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m
e
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t
s
in
th
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Ci
t
y
.
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n
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c
i
p
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a
t
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A
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r
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p
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Pr
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t
Fu
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fu
n
d
wa
s
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a
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d
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c
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t
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l
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o
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co
n
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r
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c
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a
n
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d
.
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so
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r
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e
o
f
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St
a
t
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n
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pr
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fo
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r
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l
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t
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o
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o
f
ga
s
o
l
i
n
e
ta
x
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s
.
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e
fu
n
d
s
ac
c
u
m
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l
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d
mu
s
t
be
us
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a
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Jll
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'
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i
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c
t
s
.
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p
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p
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Pr
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Fu
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e
fu
n
d
s
an
d
to
ac
c
o
u
n
t
fo
r
th
e
ex
p
e
n
d
i
t
u
r
e
o
f
su
c
h
fu
n
d
s
,
fo
r
ma
j
o
r
ca
p
i
t
a
l
ou
t
l
a
y
s
.
Th
e
ac
c
u
m
u
l
a
t
i
o
n
o
f
fu
n
d
s
to
pr
o
v
i
d
e
fo
r
su
c
h
ou
t
l
a
y
s
is
an
at
t
e
m
p
t
to
re
d
u
c
e
fu
t
u
r
e
de
b
t
is
s
u
a
n
c
e
.
Th
e
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
o
f
th
e
fu
n
d
pr
i
m
a
r
i
l
y
co
n
s
i
s
t
o
f
tr
a
n
s
f
e
r
s
fr
o
m
ot
h
e
r
fu
n
d
s
.
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
ac
c
o
u
n
t
fo
r
th
e
re
s
o
u
r
c
e
s
an
d
ex
p
e
n
d
i
t
u
r
e
s
re
q
u
i
r
e
d
fo
r
th
e
ac
q
u
i
s
i
t
i
o
n
an
d
co
o
s
t
r
u
c
t
i
o
n
o
f
ca
p
i
t
a
l
fa
c
i
l
i
t
i
e
s
or
im
p
r
o
v
e
m
e
n
t
s
fi
n
a
n
c
e
d
wh
o
l
l
y
or
in
pa
r
t
by
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
le
v
i
e
d
ag
a
i
n
s
t
be
n
e
f
i
t
e
d
pr
o
p
e
r
t
i
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
go
v
e
r
n
m
e
n
t
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
ma
j
o
r
en
t
e
r
p
r
i
s
e
fu
n
d
s
:
Mu
n
i
c
i
p
a
l
Li
q
u
o
r
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
op
e
r
a
t
i
o
n
s
o
f
th
e
City's municipal off-sale liquor stores.
Go
!
[
Co
u
r
s
e
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
op
e
r
a
t
i
o
o
s
o
f
C.
.
.
t
e
r
b
r
o
o
k
Golf Course, a 9 hole executive golf course owned by
th
e
Ci
t
y
.
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Fu
n
d
Th
e
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
is
a
pi
o
n
e
e
r
farmstead that has been historically preserved and restored
as
a
mo
d
e
m
mu
l
t
i
p
u
r
p
o
s
e
fa
c
i
l
i
t
y
.
It
s
co
o
v
m
t
i
o
n
center can host conferences, trade shows and coocerts.
Wa
t
e
r
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
pu
m
p
i
n
g
,
tr
e
a
t
m
e
n
t
and distribution of water to customers. Administration, wells,
wa
t
e
r
st
o
r
a
g
e
,
an
d
di
s
t
r
i
b
u
t
i
o
n
ar
e
in
c
l
u
d
e
d
.
Sa
n
i
t
a
r
y
Se
w
e
r
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
l
l
e
c
t
i
o
n
an
d
pu
m
p
i
n
g
of sanitary sewage through a system of sewer lines and lift
st
a
t
i
o
n
s
.
Se
w
a
g
e
is
tr
e
a
t
e
d
by
th
e
Me
t
r
o
p
o
l
i
t
a
n
Council Euvironmental Services whose fees represent about
60
%
o
f
th
i
s
fu
n
d
'
s
op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
.
St
o
r
m
Dr
a
i
n
a
g
e
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
l
l
e
c
t
i
o
n
an
d
tr
e
a
t
m
e
n
t
of surface runoff water that does not require sanitary
wa
s
t
e
w
a
t
e
r
tr
e
a
t
m
e
n
t
.
It
in
c
o
r
p
o
r
a
t
e
s
no
t
on
l
y
the storm sewer collection system, but also structures such as
ho
l
d
i
n
g
po
n
d
s
an
d
fa
c
i
l
i
t
i
e
s
to
im
p
r
o
v
e
wa
t
e
r
quality. Fees are based upon the quantity of water running off a
pr
o
p
e
r
t
y
an
d
va
r
y
wi
t
h
bo
t
h
si
z
e
an
d
ab
S
O
!
p
l
i
o
n
characteristics of the parcel.
St
r
e
e
t
Li
g
h
t
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
el
e
c
1
r
i
c
a
l
se
r
v
i
c
e
,
maintenance, repair and replacement of lights owned by the City
as
we
l
l
as
th
o
s
e
li
g
h
t
s
ow
n
e
d
by
Xc
e
l
Eu
e
r
g
y
.
Re
c
y
c
l
i
n
g
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
n
t
r
a
c
t
e
d
se
r
v
i
c
e
s
to provide a City wide recycling program.
Ad
d
i
t
i
o
n
a
l
l
y
,
th
e
Ci
t
y
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
fu
n
d
ty
p
e
:
In
t
e
r
n
a
l
Se
r
v
i
c
e
Fu
n
d
s
Ac
c
o
u
n
t
fo
r
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
,
he
a
l
t
h
care insurance benefits for retired employees, pension liabilities,
an
d
ce
n
t
r
a
l
ga
r
a
g
e
se
r
v
i
c
e
s
pr
o
v
i
d
e
d
to
ot
h
e
r
departments of the City on a cost reimbursement basis.
As
a
ge
n
e
r
a
l
ru
l
e
,
th
e
ef
f
e
c
t
of
in
t
e
r
f
u
n
d
ac
t
i
v
i
t
y
ha
s
be
e
n
el
i
m
i
n
a
t
e
d
from the government-wide financial statements.
EX
<
:
e
p
t
i
o
n
s
to
th
i
s
ge
n
e
r
a
l
ru
l
e
ar
e
tr
a
n
s
a
c
t
i
o
n
s
th
a
t
wo
u
l
d
be treated as revenues, expenditures or expenses if they involved
ex
t
e
r
n
a
l
or
g
a
n
i
z
a
t
i
o
n
s
,
su
c
h
as
bu
y
i
n
g
go
u
d
s
an
d
se
r
v
i
c
e
s
or payments in lieu of taxes. Elimination of these charges would
di
s
t
o
r
t
th
e
di
r
e
c
t
co
s
t
s
an
d
pr
o
g
r
a
m
re
v
e
n
u
e
s
re
p
o
r
t
e
d
fo
r
th
e
various functions concerned.
IV-26
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
di
s
t
i
n
g
u
i
s
h
op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
fr
o
m
no
n
-
o
p
e
r
a
t
i
n
g
it
e
m
s
.
Op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
ge
n
e
r
a
l
l
y
re
s
u
l
t
fr
o
m
pr
o
v
i
d
i
n
g
se
r
v
i
c
e
s
an
d
pr
o
d
u
c
i
n
g
an
d
de
l
i
v
e
r
i
n
g
go
o
d
s
in
co
n
n
e
c
t
i
o
o
wi
1
h
a
pr
o
p
r
i
e
t
a
r
y
fu
n
d
'
s
pr
i
n
c
i
p
a
l
on
g
o
i
n
g
op
e
r
a
t
i
o
o
s
.
Th
e
pr
i
n
c
i
p
a
l
op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
of
1h
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
s
ar
e
c!
w
g
e
s
to
cu
s
t
o
m
e
r
s
fo
r
sa
l
e
s
an
d
se
r
v
i
c
e
s
.
Op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
fo
r
en
t
e
r
p
r
i
s
e
fu
n
d
s
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
s
in
c
l
u
d
e
1h
e
co
s
t
of
sa
l
e
s
an
d
se
i
V
i
.
c
e
s
,
ad
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
,
an
d
de
p
r
e
c
i
a
t
i
o
n
on
ca
p
i
t
a
l
as
s
e
t
s
.
Al
l
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
no
t
me
e
t
i
n
g
th
i
s
de
f
i
n
i
t
i
o
n
ar
e
re
p
o
r
t
e
d
as
no
n
o
p
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
.
D.
CA
S
H
AN
D
IN
V
E
S
T
M
E
N
T
S
Th
e
Ci
t
y
co
n
s
i
d
e
r
s
al
l
hi
g
h
l
y
li
q
u
i
d
in
v
e
s
b
n
e
n
t
s
wi
1
h
a
ma
t
u
r
i
t
y
of
1
h
r
e
e
mo
n
1
h
s
or
le
s
s
wh
e
n
pu
r
c
h
a
s
e
d
to
be
ca
s
h
eq
u
i
v
a
l
e
n
t
s
.
Al
l
o
f
!h
e
ca
s
h
an
d
in
v
e
s
1
m
e
n
t
s
al
l
o
c
a
t
e
d
to
1h
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
ha
v
e
or
i
g
i
n
a
l
ma
t
u
r
i
t
i
e
s
of
90
da
y
s
or
le
s
s
.
Ca
s
h
ba
l
a
n
c
e
s
fr
o
m
al
l
fu
n
d
s
ar
e
po
o
l
e
d
an
d
in
v
e
s
t
e
d
,
to
1h
e
ex
t
e
n
t
av
a
i
l
a
b
l
e
,
in
ce
r
t
i
f
i
c
a
t
e
s
o
f
de
p
o
s
i
t
an
d
o1
h
e
r
au
1
h
o
r
i
z
e
d
in
v
e
s
b
n
e
n
t
s
.
Ea
r
n
i
n
g
s
fr
o
m
su
c
h
in
v
e
s
b
n
e
n
t
s
ar
e
al
l
o
c
a
t
e
d
on
1h
e
ba
s
i
s
of
ap
p
l
i
c
a
b
l
e
pa
r
t
i
c
i
p
a
t
i
o
n
by
ea
c
h
of
1h
e
fu
n
d
s
.
Th
e
Ci
t
y
'
s
in
v
e
s
b
n
e
n
t
po
l
i
c
y
au
1
h
o
r
i
z
e
s
1h
e
Ci
t
y
to
in
v
e
s
t
in
1h
e
fo
l
l
o
w
i
n
g
:
a)
Se
c
n
r
i
t
i
e
s
wh
i
c
h
ar
e
di
r
e
c
t
ob
l
i
g
a
t
i
o
n
s
or
ar
e
gu
a
r
a
n
t
e
e
d
or
in
s
u
r
e
d
is
s
u
e
s
of
1
h
e
Un
i
t
e
d
St
a
t
e
s
,
it
s
ag
e
n
c
i
e
s
,
it
s
in
s
t
r
u
m
e
n
t
a
l
i
t
i
e
s
,
or
or
g
a
n
i
z
a
t
i
o
n
s
cr
e
a
t
e
d
by
an
ac
t
o
f
Co
n
g
r
e
s
s
,
in
c
l
u
d
i
n
g
go
v
e
r
n
m
e
n
t
a
l
bo
n
d
s
,
no
t
e
s
,
bi
l
l
s
,
mo
r
t
g
a
g
e
s
(e
x
c
l
u
d
i
n
g
hi
g
h
-
r
i
s
k
mo
r
t
g
a
g
e
-
b
a
c
k
e
d
se
c
o
r
i
t
i
e
s
)
,
an
d
ot
h
e
r
se
c
n
r
i
t
i
e
s
.
b)
Co
m
m
e
r
c
i
a
l
pa
p
e
r
is
s
u
e
d
by
U.
S
.
co
r
p
o
r
a
t
i
o
n
s
or
1h
e
i
r
Ca
n
a
d
i
a
n
su
b
s
i
d
i
a
r
i
e
s
1h
a
t
is
ra
t
e
d
in
1h
e
hi
g
h
e
s
t
qu
a
l
i
t
y
by
at
le
a
s
t
tw
o
na
t
i
o
n
a
l
l
y
re
c
o
g
n
i
z
e
d
ra
t
i
n
g
ag
e
n
c
i
e
s
an
d
ma
t
u
r
e
s
in
27
0
da
y
s
or
le
s
s
.
c)
Ti
m
e
de
p
o
s
i
t
s
1h
a
t
ar
e
fu
l
l
y
in
a
u
r
e
d
b
y
1h
e
Fe
d
e
r
a
l
De
p
o
s
i
t
In
s
u
r
a
n
c
e
Co
r
p
o
r
a
t
i
o
n
or
ba
n
k
e
r
s
ac
c
e
p
t
a
n
c
e
s
of
U
.
S
.
ba
n
k
s
.
d)
Re
p
u
r
c
h
a
a
e
ag
r
e
e
m
e
n
t
s
an
d
re
v
e
r
s
e
re
p
u
r
c
h
a
s
e
ag
r
e
e
m
e
n
t
s
wi
1
h
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
s
id
e
n
t
i
f
i
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
e)
Se
c
n
r
i
t
i
e
s
le
n
d
i
n
g
ag
r
e
e
m
e
n
t
s
ma
y
be
en
t
e
r
e
d
in
t
o
wi
1
h
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
o
s
id
e
n
t
i
f
i
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
f)
Mi
n
n
e
s
o
t
a
jo
i
n
t
po
w
e
r
s
in
v
e
s
b
n
e
n
t
tr
u
s
t
s
ma
y
be
en
t
e
r
e
d
in
t
o
wi
1
h
tr
u
s
t
s
id
e
n
t
i
f
i
e
d
by
Mi
n
a
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
g)
Mo
n
e
y
ma
r
k
e
t
mu
t
u
a
l
fu
n
d
s
re
g
u
l
a
t
e
d
by
1h
e
Se
c
u
r
i
t
i
e
s
an
d
Ex
c
h
a
n
g
e
Co
m
m
i
s
s
i
o
n
an
d
wh
o
s
e
po
r
t
f
o
l
i
o
s
co
n
s
i
s
t
on
l
y
of
sh
o
r
t
te
r
m
se
c
u
r
i
t
i
e
s
pe
r
m
i
t
t
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
li
S
A
.
h)
Bo
n
d
s
of
1h
e
Ci
t
y
o
f
Br
o
o
k
l
y
n
Ce
n
t
e
r
is
s
u
e
d
in
pr
i
o
r
ye
a
r
s
,
ma
y
be
re
d
e
e
m
e
d
at
cu
r
r
e
n
t
ma
r
k
e
t
pr
i
c
e
,
wh
i
c
h
ma
y
in
c
l
u
d
e
a
pr
e
m
i
u
m
,
pr
i
o
r
to
ma
t
u
r
i
n
g
us
i
n
g
su
r
p
l
u
s
fu
n
d
s
of
1h
e
de
b
t
se
r
v
i
c
e
fu
n
d
se
t
up
fo
r
1h
a
t
is
s
u
e
.
Ce
r
t
a
i
n
pr
o
c
e
e
d
s
of
th
e
Ci
t
y
'
s
20
1
5
B
Ta
x
In
c
r
e
m
e
n
t
Re
f
u
n
d
i
n
g
Bo
n
d
s
,
ar
e
cl
a
s
s
i
f
i
e
d
as
ca
s
h
wi
1
h
fi
s
c
a
l
ag
e
n
t
on
1h
e
ba
l
a
n
c
e
sh
e
e
t
be
c
a
u
s
e
!h
e
y
ar
e
ma
i
n
t
a
i
n
e
d
in
se
p
a
r
a
t
e
ba
n
k
ac
c
o
u
n
t
s
an
d
1h
c
i
r
us
e
is
li
m
i
t
e
d
by
ap
p
l
i
c
a
b
l
e
ho
o
d
co
v
e
n
a
n
t
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
ln
v
e
s
b
n
e
n
t
s
ar
e
re
p
o
r
t
e
d
at
fa
i
r
va
l
u
e
,
ba
s
e
d
on
qu
o
t
e
d
ma
r
k
e
t
prices as of 1he balance sheet date, eX<:eJ>t for invesbnents in
2a
7
-
l
i
k
e
ex
t
e
r
n
a
l
in
v
e
s
b
n
e
n
t
po
o
l
s
,
wh
i
c
h
ar
e
st
a
t
e
d
at
am
o
r
t
i
z
e
d
cost. Adjusbnents necessary to record invesbnents at fair
va
l
u
e
ar
e
re
c
o
r
d
e
d
in
1h
e
op
e
r
a
t
i
n
g
st
a
t
e
m
e
n
t
as
in
c
r
e
a
s
e
s
or
decreases in inves1ment earnings. lnvesbnent income oo
co
m
m
i
n
g
l
e
d
fu
n
d
s
is
al
l
o
c
a
t
e
d
mo
o
t
h
l
y
,
ba
s
e
d
oo
mo
o
1
h
-
e
n
d
balances.
E.
RE
C
E
I
V
A
B
L
E
S
A
N
D
P
A
Y
A
B
L
E
S
Do
r
i
n
g
1h
e
co
u
r
s
e
of
op
e
r
a
t
i
o
n
s
,
nu
m
e
r
o
u
s
tr
a
n
s
a
c
t
i
o
n
s
oc
c
u
r
between individual funds for goods provided or services
re
n
d
e
r
e
d
.
Sh
o
r
t
-
t
e
r
m
in
t
e
r
f
u
n
d
lo
a
n
s
ar
e
cl
a
s
s
i
f
i
e
d
as
"d
u
e
to
/
f
r
o
m
other funds." All short-term interfund receivables and
pa
y
a
b
l
e
s
at
De
c
e
m
b
e
r
31
,
2
0
1
5
ar
e
pl
a
n
n
e
d
to
be
el
i
m
i
n
a
t
e
d
in 2016. Long-term interfund loans are classified as "advances
to
/
f
r
o
m
ot
h
e
r
fu
n
d
s
.
"
An
y
re
s
i
d
u
a
l
ba
l
a
n
c
e
s
ou
t
s
t
a
n
d
i
n
g
be
t
w
e
e
n
1he governmental activities and business-type activities are
re
p
o
r
t
e
d
in
th
e
go
v
e
m
m
e
n
t
~
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
as
"i
n
t
e
r
n
a
l
balances".
Ad
v
a
n
c
e
s
be
t
w
e
e
n
fu
n
d
s
,
as
re
p
o
r
t
e
d
in
1h
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
are offset by restricted or committed fund balance in
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Th
i
s
cl
a
s
s
i
f
i
c
a
t
i
o
n
is
ba
s
e
d
on 1he restraint 1hat will be placed on 1he advanced funds when
1h
e
y
ar
e
re
t
u
r
n
e
d
to
1h
e
le
n
d
i
n
g
fu
n
d
.
AU
mi
s
c
e
l
l
a
n
e
o
u
s
ac
c
o
u
n
t
s
re
c
e
i
v
a
b
l
e
an
d
tr
a
d
e
re
c
e
i
v
a
b
l
e
s
,
other 1han utilities, are presented net of an allowance for doubtful
ac
c
o
u
n
t
s
.
AU
ut
i
l
i
t
y
tr
a
d
e
re
c
e
i
v
a
b
l
e
s
ar
e
re
p
o
r
t
e
d
at
gr
o
s
s
because it is 1he City's policy to certify delinquent account
ba
l
a
n
c
e
s
as
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
.
Th
e
Ci
t
y
ex
p
e
c
t
s
to
ma
k
e
fu
l
l
collection of all property tax and special assessment
re
c
e
i
v
a
b
l
e
s
,
so
no
al
l
o
w
a
n
c
e
is
co
n
s
i
d
e
r
e
d
ne
c
e
s
s
a
t
y
.
Pr
o
p
e
r
t
y
ta
x
le
v
i
e
s
ar
e
au
b
m
i
t
t
e
d
to
1h
e
Co
u
n
t
y
in
De
c
e
m
b
e
r
each year. The County allocates 1hese levies across taxable
pr
o
p
e
r
t
i
e
s
in
1h
e
Ci
t
y
ba
s
e
d
on
va
l
u
a
t
i
o
n
s
ce
r
t
i
f
i
e
d
in
1h
e
pr
i
o
r
year. The County collects 1heae levies and distributes 1he City's
pr
o
c
e
e
d
s
in
Ju
n
e
an
d
De
c
e
m
b
e
r
of
1h
e
fi
s
c
a
l
ye
a
r
.
Th
e
s
e
ta
x
e
s
are reported as general revenues in 1he government-wide
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
1h
e
ye
a
r
le
v
i
e
d
.
Un
p
a
i
d
ta
x
e
s
at
De
c
e
m
b
e
r
31 become liens on 1he respective property and are
cl
a
s
s
i
f
i
e
d
as
de
l
i
n
q
u
e
n
t
re
c
e
i
v
a
b
l
e
s
an
d
ar
e
fu
l
l
y
of
f
s
e
t
by
a
deferred inflow of resources in 1he fund financial statements.
De
l
i
n
q
u
e
n
t
ta
x
e
s
re
c
e
i
v
a
b
l
e
in
c
l
u
d
e
s
1h
e
pa
s
t
si
x
ye
a
r
s
of
un
c
o
l
l
e
c
t
e
d
taxes.
Sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
re
p
r
e
s
e
n
t
1h
e
fi
n
a
n
c
i
n
g
fo
r
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
paid for by benefiting property owners. These
as
s
e
s
s
m
e
n
t
s
ar
e
re
c
o
r
d
e
d
as
re
c
e
i
v
a
b
l
e
s
up
m
ce
r
t
i
f
i
c
a
t
i
o
n
to
the County. Governmental special assessments have been offset
by
a
de
f
e
r
r
e
d
in
f
l
o
w
of
re
s
o
u
r
c
e
s
fo
r
co
l
l
e
c
t
i
o
n
s
no
t
re
c
e
i
v
e
d
wi1hin 60 days after year end in 1he fund financial statements.
IV-27
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
F.
IN
V
E
N
T
O
R
I
E
S
AN
D
PR
E
P
A
I
D
IT
E
M
S
In
v
e
n
t
o
r
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
ar
e
re
p
o
r
t
e
d
ua
i
n
g
th
e
co
n
s
u
m
p
t
i
o
n
me
t
h
o
d
an
d
va
l
u
e
d
at
co
s
t
,
ua
i
n
g
th
e
fi
r
s
t
in
/
f
i
r
s
t
ou
t
(F
I
F
O
)
me
t
h
o
d
.
In
v
e
n
t
o
r
i
e
s
in
th
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
ar
e
va
l
u
e
d
at
co
s
t
,
us
i
n
g
th
e
we
i
g
h
t
e
d
av
e
r
a
g
e
me
t
h
o
d
in
th
e
Mu
n
i
c
i
p
a
l
Li
q
u
o
r
an
d
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Fu
n
d
s
an
d
th
e
FI
F
O
me
t
h
o
d
in
al
l
ot
h
e
r
fu
n
d
s
.
Ce
r
t
a
i
n
pa
y
m
e
n
t
s
to
ve
n
d
o
r
s
re
f
l
e
c
t
co
s
t
s
ap
p
l
i
c
a
b
l
e
to
fu
t
u
r
e
ae
c
o
u
n
t
i
n
g
pe
r
i
o
d
s
an
d
ar
e
re
c
o
r
d
e
d
as
pr
e
p
a
i
d
it
e
m
s
in
bo
t
h
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Pr
e
p
a
i
d
it
e
m
s
ar
e
re
p
o
r
t
e
d
us
i
n
g
th
e
co
n
s
u
m
p
t
i
o
n
me
t
h
o
d
an
d
re
c
o
r
d
e
d
as
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
at
th
e
ti
m
e
o
f
co
n
s
o
m
p
t
i
o
n
.
G.
AS
S
E
T
S
HE
L
D
FO
R
RE
S
A
L
E
As
s
e
t
s
he
l
d
fo
r
re
s
a
l
e
re
p
r
e
s
e
n
t
va
r
i
o
u
s
pr
o
p
e
r
t
y
pu
r
c
h
a
s
e
s
ma
d
e
by
th
e
Ci
t
y
wi
t
h
th
e
in
t
t
m
t
to
se
l
l
in
or
d
e
r
to
in
c
r
e
a
s
e
ta
x
ba
s
e
or
to
at
t
r
a
c
t
ne
w
bo
s
i
n
e
s
s
e
s
.
Th
e
s
e
as
s
e
t
s
ar
e
st
a
t
e
d
at
th
e
lo
w
e
r
o
f
co
s
t
or
ne
t
re
a
l
i
z
a
b
l
e
v
a
l
u
e
.
Du
r
i
n
g
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
ma
n
a
g
e
m
e
n
t
ha
s
re
v
i
e
w
e
d
th
e
co
s
t
va
l
u
e
re
p
o
r
t
e
d
fo
r
th
e
s
e
as
s
e
t
s
an
d
ha
s
in
d
i
c
a
t
e
d
th
e
pr
o
p
e
r
t
i
e
s
ar
e
fa
i
r
l
y
pr
e
s
e
n
t
e
d
fo
r
fi
n
n
n
c
i
a
l
re
p
o
r
t
i
n
g
pw
p
o
s
e
s
.
H.
CA
P
I
T
A
L
AS
S
E
T
S
Ca
p
i
t
a
l
as
s
e
t
s
,
wh
i
c
h
in
c
l
u
d
e
pr
o
p
e
r
t
y
,
pl
a
n
t
,
eq
u
i
p
m
e
n
t
,
in
f
r
a
s
t
r
u
c
t
u
r
e
as
s
e
t
s
(e
.
g
.
,
ro
a
d
s
,
br
i
d
g
e
s
,
si
d
e
w
a
l
k
s
,
an
d
si
m
i
l
a
r
it
e
m
s
)
,
an
d
in
t
a
n
g
i
b
l
e
as
s
e
t
s
su
c
h
as
ea
s
e
m
e
n
t
s
an
d
co
m
p
u
t
e
r
so
f
t
w
a
r
e
,
ar
e
re
p
o
r
t
e
d
in
th
e
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
or
bu
a
i
n
e
s
s
-
t
y
p
e
nc
t
i
v
i
t
i
e
s
co
l
u
m
n
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ca
p
i
t
a
l
as
s
e
t
s
ar
e
de
f
i
n
e
d
by
th
e
Ci
t
y
as
as
s
e
t
s
wi
t
h
an
in
i
t
i
a
l
,
in
d
i
v
i
d
u
a
l
co
s
t
in
ex
c
e
s
s
o
f
th
e
am
o
u
n
t
s
in
th
e
ta
b
l
e
be
l
o
w
an
d
an
es
t
i
m
a
t
e
d
us
e
f
u
l
li
f
e
in
ex
c
e
s
s
o
f
on
e
ye
a
r
.
Su
c
h
as
s
e
t
s
ar
e
re
c
o
r
d
e
d
at
hi
s
t
o
r
i
c
a
l
co
s
t
or
es
t
i
m
a
t
e
d
hi
s
t
o
r
i
c
a
l
co
s
t
i
f
pu
r
c
h
a
s
e
d
or
co
n
s
t
r
u
c
t
e
d
.
Do
n
a
t
e
d
ca
p
i
t
a
l
as
s
e
t
s
ar
e
re
c
o
r
d
e
d
at
es
t
i
m
a
t
e
d
fa
i
r
ma
r
k
e
t
va
l
u
e
at
th
e
da
t
e
o
f
do
n
a
t
i
o
n
.
In
f
r
a
s
t
r
u
c
t
u
r
e
Bu
i
l
d
i
n
g
s
an
d
Bu
i
l
d
i
n
g
Im
p
r
o
v
e
m
e
n
t
s
La
n
d
Im
p
r
o
v
e
m
e
n
t
s
He
a
v
y
Eq
u
i
p
m
e
n
t
Fu
r
n
i
t
u
r
e
an
d
fu
r
n
i
s
h
i
n
g
s
Mo
t
o
r
i
z
e
d
ve
h
i
c
l
e
s
Te
c
h
n
o
l
o
g
y
eq
u
i
p
m
e
n
t
$
25
0
,
0
0
0
50
,
0
0
0
25
,
0
0
0
25
,
0
0
0
10
,
0
0
0
10
,
0
0
0
10
,
0
0
0
Th
e
co
s
t
s
o
f
no
r
m
a
l
ma
i
n
t
e
n
a
n
c
e
an
d
re
p
a
i
r
s
th
a
t
do
no
t
ad
d
to
th
e
va
l
u
e
o
f
th
e
as
s
e
t
or
ma
t
e
r
i
a
l
l
y
ex
t
e
n
d
as
s
e
t
s
li
v
e
s
ar
e
no
t
ca
p
i
t
a
l
i
z
e
d
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Ml
\
i
o
r
ou
t
l
a
y
s
fo
r
ca
p
i
t
a
l
as
s
e
t
s
an
d
im
p
r
o
v
e
m
e
n
t
s
ar
e
ca
p
i
t
a
l
i
z
e
d
as projects are constructed. Interest incurred during the
co
n
s
t
r
u
c
t
i
o
n
ph
a
s
e
o
f
ca
p
i
t
a
l
as
s
e
t
s
of
b
u
a
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
is included as part of the capitalized value of the assets
co
n
s
t
r
u
c
t
e
d
.
Fo
r
th
e
ye
a
r
tm
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
no
in
t
e
r
e
s
t
was capitalized in connection with construction in progress.
Ca
p
i
t
a
l
as
s
e
t
s
o
f
th
e
Ci
t
y
,
as
we
l
l
as
th
e
co
m
p
o
n
e
n
t
un
i
t
s
,
ar
e
depreciated using the ~gbt line method over the following
es
t
i
m
a
t
e
d
us
e
f
u
l
li
v
e
s
:
Ea
s
e
m
e
n
t
s
-
te
m
p
o
r
a
r
y
La
n
d
im
p
r
o
v
e
m
e
n
t
s
Bu
i
l
d
i
n
g
s
an
d
st
r
u
c
t
u
r
e
s
Wa
t
e
r
an
d
se
w
e
r
ma
i
n
s
an
d
li
n
e
s
,
wells and storage
ta
n
k
s
,
se
w
e
r
li
f
t
st
a
t
i
o
n
s
In
f
r
a
s
t
r
u
c
t
u
r
e
St
r
e
e
t
li
g
h
t
sy
s
t
e
m
s
Ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
I.
DE
F
E
R
R
E
D
OU
T
F
L
O
W
S
O
F
RE
S
O
U
R
C
E
S
5 years 25 years 25 years 25 years 25 years 15 years 3-15 years
In
ad
d
i
t
i
o
n
to
as
s
e
t
s
,
th
e
st
a
t
e
m
e
n
t
o
f
fi
n
a
n
c
i
a
l
po
a
i
t
i
o
n
wi
l
l
sometimes report a separate section for deferted outllows of
re
s
o
u
r
c
e
s
.
Th
i
s
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
el
e
m
e
n
t
,
de
f
e
r
t
e
d
outflows of resources, represents a consumption of net
po
s
i
t
i
o
n
th
a
t
ap
p
l
i
e
s
to
a
fu
t
o
r
e
pe
r
i
o
d
(
s
)
an
d
so
wi
l
l
no
t
be
recognized as an outllow of resources (expense/expenditure) until
th
e
n
.
Th
e
Ci
t
y
ha
s
oo
l
y
on
e
it
e
m
th
a
t
qu
a
l
i
f
i
e
s
fo
r
re
p
o
r
t
i
n
g
in the category. Aecordingly, the item, deferted pension
re
s
o
u
r
c
e
s
,
is
re
p
o
r
t
e
d
on
l
y
in
th
e
st
a
t
e
m
e
n
t
s
o
f
ne
t
po
s
i
t
i
o
n
.
This item results from actoarial calculations and current year
pe
n
s
i
o
n
co
n
t
r
i
b
u
t
i
o
n
s
ma
d
e
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
date.
J.
PE
N
S
I
O
N
S
Fo
r
pw
p
o
s
e
s
o
f
me
s
s
u
r
i
n
g
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
/
a
s
s
e
t
,
de
f
e
r
t
e
d
outllows of resources, deferred inflows of resources, and
pe
n
s
i
o
n
ex
p
e
n
s
e
,
in
f
o
r
m
a
t
i
o
n
ab
o
u
t
th
e
fi
d
o
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
of the applicable pension and additions to or dedoctioos from
th
e
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
ha
v
e
be
e
n
de
t
e
r
m
i
n
e
d
oo the same basis as they are reported by the plan except that
PE
R
A
'
s
fi
a
c
a
l
ye
a
r
en
d
is
Ju
n
e
30
.
Fo
r
th
i
s
pu
t
p
O
S
e
,
pl
a
n
co
n
t
r
i
b
u
t
i
o
n
s
are recognized as of employer payroll paid dates and
be
n
e
f
i
t
pa
y
m
e
n
t
s
an
d
re
f
u
n
d
s
ar
e
re
c
o
g
n
i
z
e
d
wh
e
n
do
e
an
d
payable in accordance with the benefit terms. Investments are
re
p
o
r
t
e
d
at
fa
i
r
va
l
u
e
.
K.
DE
F
E
R
R
E
D
IN
F
L
O
W
S
O
F
RE
S
O
U
R
C
E
S
In
ad
d
i
t
i
m
to
li
a
b
i
l
i
t
i
e
s
,
st
a
t
e
m
e
n
t
s
o
f
fi
n
a
n
c
i
a
l
po
s
i
t
i
o
n
or
balance sheets will soroetimes report a separate section for deferred
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
.
Th
i
s
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
el
e
m
e
n
t
represents an acquisition of net position that applies to futore
pe
r
i
o
d
s
an
d
so
wi
l
l
no
t
be
re
c
o
g
n
i
z
e
d
as
an
in
f
l
o
w
o
f
re
s
o
u
r
c
e
s
(revenue) until that time. The City has two types of items,
wh
i
c
h
ar
i
s
e
un
d
e
r
a
mo
d
i
f
i
e
d
ac
c
r
u
a
l
ba
s
i
s
o
f
ac
c
o
u
n
t
i
n
g
,
wh
i
c
h
qualifY for reporting in this category. One item, unavailable
re
v
e
n
u
e
,
is
re
p
o
r
t
e
d
on
l
y
in
th
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
Ba
l
a
n
c
e
Sheet. The governmental funds report unavailable revenue from
so
u
r
c
e
s
su
c
h
as
:
pr
o
p
e
r
t
y
ta
x
e
s
,
ta
x
in
c
r
e
m
e
n
t
s
,
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
and other receivables not collected within 60 days of
ye
&
l
'
-
e
n
d
.
Th
e
s
e
am
o
u
n
t
s
ar
e
de
f
e
r
t
e
d
an
d
re
c
o
g
n
i
z
e
d
as
an
in
f
l
o
w
of resources in the period the amounts become available.
Th
e
ot
h
e
r
it
e
m
re
s
u
l
t
s
fr
o
m
ac
t
o
a
r
i
a
l
ca
l
c
u
l
a
t
i
o
n
s
re
l
a
t
e
d
to
th
e
City's pension obligations.
IV-28
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
L.
CO
M
P
E
N
S
A
T
E
D
AB
S
E
N
C
E
S
It
is
th
e
Ci
t
y
'
s
po
l
i
c
y
to
pe
r
m
i
t
em
p
l
o
y
e
e
s
to
~~£
C
U
m
u
l
a
t
e
ea
r
n
e
d
bu
t
un
u
s
e
d
va
c
a
t
i
o
n
an
d
si
c
k
pa
y
be
n
e
f
i
t
s
.
Al
l
va
c
a
t
i
o
n
an
d
ve
s
t
e
d
si
c
k
le
a
v
e
pa
y
is
ac
c
r
u
e
d
in
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Co
m
p
e
n
s
a
t
e
d
Ab
s
e
n
c
e
s
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
.
In
ac
c
o
r
d
a
n
c
e
wi
t
h
th
e
pr
o
v
i
s
i
o
n
s
of
S
t
a
t
e
r
n
e
n
t
o
f
Go
v
e
r
n
m
e
n
t
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
No
.
16
,
Ac
c
o
u
n
t
i
n
g
fo
r
Co
m
p
e
n
s
a
t
e
d
Ab
s
e
n
c
e
s
,
a
li
a
b
i
l
i
t
y
is
re
c
o
g
n
i
z
e
d
fo
r
th
a
t
po
r
t
i
o
n
o
f
ac
c
u
m
u
l
a
t
i
n
g
si
c
k
le
a
v
e
be
n
e
f
i
t
s
th
a
t
is
ve
s
t
e
d
.
M.
PO
S
T
E
M
P
L
O
Y
M
E
N
T
BE
N
E
F
I
T
S
OT
H
E
R
TH
A
N
PE
N
S
I
O
N
S
Un
d
e
r
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
47
1
.
6
1
,
su
b
d
i
v
i
s
i
o
n
2(
b
)
,
pu
b
l
i
c
em
p
l
o
y
e
r
s
mu
s
t
al
l
o
w
re
t
i
r
e
e
s
an
d
th
e
i
r
de
p
e
n
d
e
n
t
s
to
co
n
t
i
n
u
e
co
v
e
r
a
g
e
in
d
e
f
i
n
i
t
e
l
y
in
an
em
p
l
o
y
e
r
-
s
p
o
n
s
o
r
e
d
he
a
l
t
h
ca
r
e
pl
a
n
,
un
d
e
r
th
e
fo
l
l
o
w
i
n
g
co
n
d
i
t
i
o
n
s
:
I)
re
t
i
r
e
e
s
mu
s
t
be
re
c
e
i
v
i
n
g
(o
r
el
i
g
i
b
l
e
to
re
c
e
i
v
e
)
an
an
n
u
i
t
y
fr
o
m
a
Mi
n
n
e
s
o
t
a
pu
b
l
i
c
pe
n
s
i
o
n
pl
a
n
;
2)
co
v
e
r
a
g
e
mu
s
t
co
n
t
i
n
u
e
in
gr
o
u
p
pl
a
n
un
t
i
l
ag
e
65
an
d
pa
y
no
mo
r
e
th
a
n
th
e
gr
o
u
p
pr
e
m
i
u
m
;
an
d
3)
re
t
i
r
e
e
s
ma
y
ob
t
a
i
n
de
p
e
n
d
e
n
t
co
v
e
r
a
g
e
in
n
n
e
d
i
a
t
e
l
y
be
f
o
r
e
re
t
i
r
e
m
e
n
t
.
Al
l
pr
e
m
i
u
m
s
ar
e
fu
n
d
e
d
on
a
pa
y
-
a
s
-
y
o
u
-
g
o
ba
s
i
s
.
Th
e
li
a
b
i
l
i
t
y
wa
s
ac
t
u
a
r
i
a
l
l
y
de
t
e
r
m
i
n
e
d
,
in
ac
c
o
r
d
a
n
c
e
wi
t
h
GA
S
B
St
a
t
e
m
e
n
t
45
,
at
Ja
n
u
a
r
y
I,
20
1
4
.
Th
e
li
a
b
i
l
i
t
y
is
ac
c
r
u
e
d
in
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
.
N.
LO
N
G
T
E
R
M
O
B
L
I
G
A
T
I
O
N
S
In
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
pr
o
p
r
i
e
t
a
r
y
fu
n
d
ty
p
e
s
in
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
lo
n
g
-
t
e
r
m
de
b
t
an
d
ot
h
e
r
lo
n
g
-
t
e
r
m
ob
l
i
g
a
t
i
o
n
s
ar
e
re
p
o
r
t
e
d
as
li
a
b
i
l
i
t
i
e
s
in
th
e
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
,
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
,
or
pr
o
p
r
i
e
t
a
r
y
fu
n
d
ty
p
e
st
a
t
e
m
e
n
t
o
f
ne
t
po
s
i
t
i
o
n
.
Bo
n
d
pr
e
m
i
u
m
s
an
d
di
s
c
o
u
n
t
s
,
as
we
l
l
as
is
s
u
a
n
c
e
co
s
t
s
,
ar
e
im
m
a
t
e
r
i
a
l
an
d
ar
e
ex
p
e
n
s
e
d
in
th
e
ye
a
r
o
f
bo
n
d
is
s
u
a
n
c
e
.
In
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
ty
p
e
s
re
c
o
g
n
i
z
e
bo
n
d
pr
e
m
i
u
m
s
an
d
di
s
c
o
u
n
t
s
,
as
we
l
l
as
bo
n
d
is
s
u
a
n
c
e
co
s
t
s
,
du
r
i
n
g
th
e
cu
r
r
e
n
t
pe
r
i
o
d
.
Th
e
fa
c
e
am
o
u
n
t
o
f
de
b
t
is
s
u
e
d
is
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
.
Pr
e
m
i
u
m
s
re
c
e
i
v
e
d
on
de
b
t
is
s
u
a
n
c
e
s
ar
e
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
wh
i
l
e
di
s
c
o
u
n
t
s
on
de
b
t
is
s
u
a
n
c
e
s
ar
e
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
us
e
s
.
Is
s
u
a
n
c
e
co
s
t
s
,
wh
e
t
h
e
r
or
no
t
wi
t
h
h
e
l
d
fr
o
m
th
e
ac
t
u
a
l
de
b
t
pr
o
c
e
e
d
s
re
c
e
i
v
e
d
,
ar
e
re
p
o
r
t
e
d
as
de
b
t
se
r
v
i
c
e
ex
p
e
n
d
i
t
u
r
e
s
.
0
.
FU
N
D
EQ
U
I
T
Y
Fu
n
d
eq
u
i
t
y
in
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
is
cl
a
s
s
i
f
i
e
d
as
fu
n
d
ba
l
a
n
c
e
fo
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
an
d
ne
t
po
s
i
t
i
o
n
fo
r
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
.
Fu
n
d
eq
u
i
t
y
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
is
cl
a
s
s
i
f
i
e
d
as
ne
t
po
s
i
t
i
o
n
fo
r
bo
t
h
go
v
e
r
n
m
e
n
t
a
l
an
d
bu
s
i
n
e
s
s
-
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
.
FI
U
I
I
I
Ba
l
a
n
c
e
-
I
n
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
re
p
o
r
t
fu
n
d
ba
l
a
n
c
e
in
cl
a
s
s
i
f
i
c
a
t
i
o
n
s
th
a
t
di
s
c
l
o
s
e
re
s
t
r
a
i
n
t
s
fo
r
wh
i
c
h
am
o
u
n
t
s
in
th
o
s
e
fu
n
d
s
ca
n
be
sp
e
n
t
.
Th
e
s
e
cl
a
s
s
i
f
i
c
a
t
i
o
n
s
ar
e
as
fo
l
l
o
w
s
:
No
n
s
p
e
n
d
a
b
l
e
-
co
n
s
i
s
t
s
o
f
am
o
u
n
t
s
th
a
t
ar
e
no
t
in
sp
e
n
d
a
b
l
e
fo
r
m
or
ar
e
re
q
u
i
r
e
d
to
be
ma
i
n
t
a
i
n
e
d
in
t
a
c
t
.
Re
s
t
r
i
c
t
e
d
-
co
n
s
i
s
t
s
o
f
am
o
u
n
t
s
re
l
a
t
e
d
to
ex
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
es
t
a
b
l
i
s
h
e
d
by
cr
e
d
i
t
o
r
s
,
gr
a
n
t
o
r
s
or
co
n
t
r
i
b
u
t
o
r
s
;
or
co
n
s
t
r
a
i
n
t
s
im
p
o
s
e
d
by
st
a
t
e
st
a
t
u
t
o
r
y
pr
o
v
i
s
i
o
n
s
.
Co
m
m
U
t
e
d
-
co
n
s
i
s
t
s
o
f
in
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
ar
e
im
p
o
s
e
d
by
fo
r
m
a
l
ac
t
i
o
n
(r
e
s
o
l
u
t
i
o
n
)
of
th
e
Ci
t
y
Co
u
n
c
i
l
,
wh
i
c
h
is
th
e
hi
g
h
e
s
t
le
v
e
l
o
f
de
c
i
s
i
o
n
ma
k
i
n
g
au
t
h
o
r
i
t
y
.
As
s
i
g
n
e
d
-
co
n
s
i
s
t
s
o
f
in
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
re
f
l
e
c
t
th
e
sp
e
c
i
f
i
c
pu
r
p
o
s
e
fo
r
wh
i
c
h
it
is
th
e
Ci
t
y
'
s
in
t
e
n
d
e
d
us
e
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
ar
e
es
t
a
b
l
i
s
h
e
d
by
th
e
Ci
t
y
Co
u
n
c
i
l
or
,
pu
r
s
u
a
n
t
to
co
u
n
c
i
l
re
s
o
l
u
t
i
o
n
,
th
e
Ci
t
y
Ma
n
a
g
e
r
or
th
e
Di
r
e
c
t
o
r
o
f
Fi
n
a
n
c
e
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Un
a
s
s
i
g
n
e
d
-
is
th
e
re
s
i
d
u
a
l
cl
a
s
s
i
f
i
c
a
t
i
o
n
fo
r
th
e
ge
n
e
r
a
l
fund and also reflects negative residual amounts in other
fu
n
d
s
.
Wh
e
n
bo
t
h
re
s
t
r
i
c
t
e
d
an
d
un
r
e
s
t
r
i
c
t
e
d
fu
n
d
ba
l
a
n
c
e
s
ar
e
av
a
i
l
a
b
l
e
for an allowable use, it is the City's policy to use restricted
re
s
o
u
r
c
e
s
fi
r
s
t
,
th
e
n
un
r
e
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
as
th
e
y
ar
e
ne
e
d
e
d
.
When committed, assigned, or unassigned resources are
av
a
i
l
a
b
l
e
fo
r
an
al
l
o
w
a
b
l
e
us
e
,
it
is
th
e
Ci
t
y
'
s
po
l
i
c
y
to
us
e
resources in the following order; I) committed, 2) assigned, and 3)
un
a
s
s
i
g
n
e
d
.
Th
e
Ci
t
y
ha
s
fo
r
m
a
l
l
y
ad
o
p
t
e
d
a
fu
n
d
ba
l
a
n
c
e
po
l
i
c
y
fo
r
th
e
General Fund. The policy establishes a year-end target
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
am
o
u
n
t
o
f
50
-
5
2
%
o
f
th
e
ne
x
t
ye
a
r
'
s
operating budget for csah flow needs (working capital). At
De
c
e
m
b
e
r
31
,
20
1
5
th
e
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
o
f
th
e
Ge
n
e
r
a
l
fund was 52% of the subsequent year's budgeted
ex
p
e
n
d
i
t
u
r
e
s
.
Ne
t
Po
s
i
t
i
o
n
-
Ne
t
po
s
i
t
i
o
n
re
p
r
e
s
e
n
t
s
th
e
di
f
f
e
r
e
n
c
e
be
t
w
e
e
n
assets, deferred outflows of resources, deferred inflows of
re
s
o
u
r
c
e
s
,
an
d
li
a
b
i
l
i
t
i
e
s
.
Ne
t
po
s
i
t
i
o
n
,
ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
assets, consists of capital assets, net of accumulated
de
p
r
e
c
i
a
t
i
o
n
,
re
d
u
c
e
d
by
th
e
ou
t
s
t
a
n
d
i
n
g
ba
l
a
n
c
e
s
o
f
an
y
bo
n
d
s
used for the acquisition, construction, or improvement of
th
o
s
e
as
s
e
t
s
.
Ne
t
po
s
i
t
i
o
n
is
re
p
o
r
t
e
d
as
re
s
t
r
i
c
t
e
d
wh
e
n
th
e
r
e
are limitations imposed on their use either through
co
n
a
t
i
t
u
t
i
o
n
a
l
pr
o
v
i
s
i
o
n
s
or
en
a
b
l
i
n
g
le
g
i
s
l
a
t
i
o
n
,
or
th
r
o
u
g
h
external restrictions imposed by creditors, grantors, or laws or
re
g
n
l
a
t
i
o
n
s
o
f
ot
h
e
r
go
v
e
r
n
m
e
n
t
s
.
Al
l
re
m
a
i
n
i
n
g
no
t
po
s
i
t
i
o
n
is reported as unrestricted.
Wh
e
n
bo
t
h
re
s
t
r
i
c
t
e
d
an
d
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
ar
e
av
a
i
l
a
b
l
e
for an allowable use, it is the government's policy to use
re
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
fi
r
s
t
,
th
e
n
un
r
e
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
as
th
e
y
are needed.
P.
IN
T
E
R
F
U
N
D
TR
A
N
S
A
C
T
I
O
N
S
ln
t
e
r
f
u
n
d
se
r
v
i
c
e
s
pr
o
v
i
d
e
d
an
d
us
e
d
ar
e
ac
c
o
u
n
t
e
d
fo
r
as
re
v
e
n
u
e
s
and expenditures or expenses. Transactions that
co
n
s
t
i
t
u
t
e
re
i
m
b
u
r
s
e
m
e
n
t
s
to
a
fu
n
d
fo
r
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
initially made from it that are properly applicable to another
fu
n
d
,
ar
e
re
c
o
r
d
e
d
as
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
in
th
e
re
i
m
b
u
r
s
i
n
g
fund and as reductions of expenditures/expenses in the fund
th
a
t
is
re
i
m
b
u
r
s
e
d
.
Al
l
ot
h
e
r
in
t
e
r
f
u
n
d
tr
a
n
s
a
c
t
i
o
n
s
ar
e
re
p
o
r
t
e
d
as transfers.
Q.
US
E
OF
ES
T
I
M
A
T
E
S
Th
e
pr
e
p
a
r
a
t
i
o
n
o
f
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
co
n
f
o
r
m
i
t
y
wi
t
h
GAAP requires management to make estimates and assumptions
th
a
t
af
f
e
c
t
am
o
u
n
t
s
re
p
o
r
t
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
accompanying notes. Actual results could differ from such
es
t
i
m
a
t
e
s
.
R.
NE
W
AC
C
O
U
N
T
I
N
G
PR
O
N
O
U
N
C
E
M
E
N
T
S
Th
e
Go
v
e
r
n
m
e
n
t
a
l
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
re
c
e
n
t
l
y
ap
p
r
o
v
e
d
the following statemcmts which were not implemented in
th
e
s
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
ef
f
e
c
t
th
e
s
e
st
a
n
d
a
r
d
s
ma
y
ha
v
e
on future financial statements has not been determined at
th
i
s
ti
m
e
.
St
a
t
e
m
e
n
t
No
.
72
,
Fa
i
r
Va
l
u
e
Me
a
s
u
r
e
m
e
n
t
an
d
Ap
p
l
i
c
a
t
i
o
n
. The primary objective of this statement is to enhance the
co
m
p
a
r
a
b
i
l
i
t
y
o
f
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
am
o
n
g
go
v
e
r
n
m
e
n
t
s
by
requiring measurement of certain assets and liabilities at fair
va
l
u
e
us
i
n
g
a
mo
r
e
de
t
a
i
l
e
d
de
f
i
n
i
t
i
o
n
o
f
fa
i
r
va
l
u
e
an
d
ac
c
e
p
t
e
d
valuation techniques. The provisions of this statement are
ef
f
e
c
t
i
v
e
fo
r
pe
r
i
o
d
s
be
g
i
n
n
i
n
g
af
t
e
r
Ju
n
e
15
,
2
0
1
5
.
IV-29
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
S.
CH
A
N
G
E
IN
AC
C
O
U
N
T
I
N
G
PR
I
N
C
I
P
L
E
S
Do
r
i
n
g
fi
s
c
a
l
ye
a
r
20
1
5
,
th
e
Ci
t
y
im
p
l
e
m
e
n
t
e
d
se
v
e
r
a
l
ne
w
ac
c
o
u
n
t
i
n
g
pr
o
n
o
u
n
c
e
m
e
n
t
s
is
s
u
e
d
by
th
e
Go
v
e
r
n
m
e
n
t
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
(G
A
S
B
)
,
in
c
l
u
d
i
n
g
St
a
t
e
m
e
n
t
No
.
68
,
Ac
c
o
u
n
t
i
n
g
an
d
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
i
n
g
fo
r
Pe
n
s
i
o
n
s
-
an
Am
e
n
d
m
e
n
t
o
f
GA
S
B
St
a
t
e
m
e
n
t
No
.
27
an
d
St
a
t
e
m
e
n
t
No
.
71
,
Pe
n
s
i
o
n
Tr
a
n
s
i
t
i
o
n
fo
r
Co
n
t
r
i
b
u
t
i
o
n
s
Ma
d
e
Su
b
s
e
q
u
e
n
t
to
th
e
Me
a
s
u
r
e
m
e
n
t
Da
t
e
-
an
A
m
e
n
d
m
e
n
t
o
f
O
A
S
B
St
a
t
e
m
e
n
t
No
.
68
,
fo
r
t
h
e
y
e
a
r
e
n
d
e
d
D
e
c
e
m
b
e
r
31
,
2
0
1
5
.
Th
e
s
e
st
a
n
d
a
r
d
s
re
q
u
i
r
e
d
a
re
t
r
o
a
c
t
i
v
e
im
p
l
e
m
e
n
t
a
t
i
o
n
wh
i
c
h
re
s
u
l
t
e
d
in
th
e
re
s
t
a
t
e
m
e
n
t
o
f
be
g
i
n
n
i
n
g
ba
l
a
n
c
e
s
in
th
e
De
c
e
m
b
e
r
31
,
20
1
4
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ch
a
n
g
e
s
re
l
a
t
e
d
to
th
e
s
e
st
a
n
d
a
r
d
s
ar
e
re
f
l
e
c
t
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
sc
h
e
d
u
l
e
s
an
d
re
l
a
t
e
d
di
s
c
l
o
s
u
r
e
s
ar
e
in
c
l
u
d
e
d
in
No
t
e
4
an
d
5.
As
a
re
s
u
l
t
o
f
th
e
re
s
t
a
t
e
m
e
n
t
o
f
be
g
i
n
n
i
n
g
ba
l
a
n
c
e
s
,
th
e
fo
l
l
o
w
i
n
g
sc
h
e
d
u
l
e
re
c
o
n
c
i
l
e
s
th
e
pr
e
v
i
o
o
s
l
y
re
p
o
r
t
e
d
De
c
e
m
b
e
r
31
,
20
1
4
ba
l
a
n
c
e
s
to
th
e
De
c
e
m
b
e
r
31
,
20
1
5
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
:
Ne
t
Po
s
i
t
i
o
n
-
be
g
i
n
n
i
n
g
.
as
pr
e
v
i
o
u
a
l
y
re
p
o
r
t
e
d
Ch
a
n
g
e
in
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
Ne
t
Pe
n
s
i
o
n
As
s
e
t
D
e
f
=
e
d
ou
t
f
l
o
w
s
re
l
n
t
e
d
to
pe
n
s
i
o
n
s
De
f
C
!
T
e
d
in
f
l
o
w
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
Ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
To
t
a
l
Ne
t
Po
s
i
t
i
o
n
-
be
g
i
n
n
i
n
g
.
re
s
t
a
t
e
d
Go
v
e
r
n
m
e
n
t
a
l
Bu
s
i
n
e
s
s
-
t
y
p
e
In
t
e
r
n
a
l
Ac
t
i
v
i
t
i
e
s
Ac
t
i
v
i
t
i
e
s
Se
r
v
i
c
e
Fu
n
d
s
$
83
,
3
6
6
,
7
5
0
$
55
,
3
5
6
,
8
9
7
$
8,
4
0
1
,
8
9
6
1,
0
5
8
,
4
6
2
65
6
,
6
6
3
66
,
1
6
6
56
4
,
2
8
6
(1
3
8
,
7
4
5
)
(9
,
6
1
7
,
6
0
9
)
(
1
,
6
3
7
,
7
9
9
)
(1
1
,
2
5
5
,
4
0
8
)
(8
,
0
4
1
,
2
2
9
)
(1
,
5
7
1
,
6
3
3
)
(1
0
,
6
9
1
,
1
2
2
)
$
75
,
3
2
5
,
5
2
1
$
53
,
7
8
5
,
2
6
4
$
(2
,
2
8
9
,
2
2
6
)
No
t
e
l
ST
E
W
AR
D
S
B
I
P
.
CO
M
P
L
I
A
N
C
E
.
AN
D
AC
C
O
U
N
T
A
B
I
L
I
T
Y
A.
BU
D
G
E
T
A
R
Y
IN
F
O
R
M
A
T
I
O
N
Au
n
u
a
l
bu
d
g
e
t
s
ar
e
ad
o
p
t
e
d
on
a
ba
s
i
s
co
n
s
i
s
t
e
n
t
wi
t
h
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
s
ge
n
e
r
a
l
l
y
ac
c
e
p
t
e
d
in
th
e
Un
i
t
e
d
St
a
t
e
s
fo
r
al
l
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Al
l
an
n
u
a
l
ap
p
r
o
p
r
i
a
t
i
o
n
s
la
p
s
e
at
fi
s
c
a
l
ye
s
r
en
d
.
In
Se
p
t
e
m
b
e
r
,
th
e
Ci
t
y
Ma
n
a
g
e
r
su
b
m
i
t
s
to
th
e
Ci
t
y
Co
u
n
c
i
l
pr
o
p
o
s
e
d
op
e
r
a
t
i
n
g
bu
d
g
e
t
s
fa
r
th
e
fi
s
c
a
l
ye
a
r
co
m
m
e
n
c
i
n
g
th
e
fo
l
l
o
w
i
n
g
Ja
n
u
a
r
y
.
Th
e
pr
o
p
o
s
e
d
ge
n
e
r
a
l
fu
n
d
bu
d
g
e
t
an
d
pr
e
l
i
m
i
n
a
r
y
ta
x
le
v
y
mu
s
t
be
ce
r
t
i
f
i
e
d
to
th
e
Co
u
n
t
y
pr
i
m
:
to
Se
p
t
e
m
b
e
r
30
.
Th
e
Co
u
n
c
i
l
ho
l
d
s
pu
b
l
i
c
he
s
r
i
n
g
s
on
th
e
ce
r
t
i
f
i
e
d
bu
d
g
e
t
an
d
le
v
y
an
d
mu
s
t
su
b
m
i
t
a
fi
n
a
l
le
v
y
to
th
e
Co
u
n
t
y
pr
i
o
r
to
th
e
en
d
of
D
e
c
e
r
n
b
e
r
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
ap
p
r
o
p
r
i
a
t
e
d
bu
d
g
e
t
is
pr
e
p
a
r
e
d
by
fu
n
d
an
d
de
p
o
r
t
m
e
n
t
.
The City Council must authorize any transfer of budgeted
am
o
u
n
t
s
be
t
w
e
e
n
de
p
a
r
t
m
e
n
t
s
ar
fu
n
d
s
.
Tr
a
n
s
f
e
r
s
of
bu
d
g
e
t
e
d
amounts within departments in the General Fund must be
au
t
h
o
r
i
z
e
d
by
th
e
Ci
t
y
Ma
n
s
g
e
r
.
Th
e
le
g
a
l
le
v
e
l
of
b
u
d
g
e
t
s
r
y
control is the deportment level fur the Gtmeral Fund and the
fu
n
d
le
v
e
l
fo
r
al
l
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Th
e
r
e
we
r
e
no
supplemental budgetsry appropriations or amendments
do
r
i
n
g
th
e
ye
a
r
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
ex
p
e
n
d
i
t
u
r
e
s
an
d
tr
a
n
s
f
e
r
s
out exceeded appropriations in the following General
Fu
n
d
de
p
a
r
t
m
e
n
t
s
an
d
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
:
Final Excess of Budset Actual Appropriations
Ma
j
o
r
Fu
n
d
s
:
Ge
n
e
r
a
l
Fu
n
d
:
Ma
y
o
r
an
d
co
u
n
c
i
l
$ 122,010 $ 123,085 $ (1,075)
As
s
e
s
s
i
n
g
201,100 202,443 (1,343)
Pa
r
k
an
d
re
c
r
e
a
t
i
o
n
ad
m
i
n
i
s
t
r
a
t
i
o
n
219,626 221,922 (2,296)
Co
n
v
e
n
t
i
o
n
bu
r
e
a
u
418,000 510,827 (92,827)
No
n
d
e
p
a
r
t
m
e
n
t
a
l
404,253 450,129 (45,876)
Tr
a
n
s
f
e
r
s
ou
t
187,389 1,176,313 (988,924)
Ma
j
o
r
Fu
n
d
s
:
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
3
2,505,331 3,879,458 (1,374,127)
Ta
x
ln
c
r
e
m
t
m
t
Di
s
t
r
i
c
t
No
.
5
435,437 1,295,482 (860,045)
De
b
t
Se
r
v
i
c
e
Fu
n
d
3,861,553 3,931,993 (70,440)
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
s
:
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
956,000 4,127,671 (3,171,671)
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
fo
r
Co
n
s
t
t
u
c
t
i
o
n
2,670,000 2,693,830 (23,830)
ln
f
r
a
s
l
r
u
c
t
u
r
e
Cm
s
t
t
u
c
t
i
o
n
1,371,595 1,517,830 (146,235)
No
n
m
a
j
o
r
Fu
n
d
s
:
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
s
:
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
436,983 1,137,307 (700,324)
Co
m
m
u
n
i
t
y
De
v
e
l
o
p
m
e
n
t
Bl
o
c
k
Gr
a
n
t
150,000 368,841 (218,841)
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
2
21,655 (21,655)
Ta
x
In
c
r
e
m
e
n
t
Di
s
1
r
i
c
t
No
.
4
464,683 640,137 (175,454)
Ce
n
t
e
n
n
i
a
l
Am
p
h
i
t
h
e
a
t
e
r
588,500 632,925 (44,425)
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
s
:
St
t
e
e
t
Re
c
o
n
s
t
t
u
c
t
i
o
n
2,150,000 2,270,487 (120,487)
IV-30
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
B.
DE
F
l
C
I
T
FU
N
D
EQ
f
f
i
T
Y
De
f
i
c
i
t
fu
n
d
eq
u
i
t
y
ex
i
s
t
s
at
De
c
e
m
b
e
r
31
,
2
0
1
5
in
th
e
fo
l
l
o
w
i
n
g
fu
n
d
s
:
Un
a
s
s
i
g
n
e
d
de
f
i
c
i
t
fu
n
d
ba
l
a
n
c
e
Ma
j
o
r
Fu
n
d
s
:
Ta
x
l
n
c
r
e
m
e
n
t
D
i
s
t
r
i
c
t
N
o
.
5
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
No
n
m
a
j
o
r
Fu
n
d
s
:
Co
m
m
u
n
i
t
y
De
v
e
l
o
p
m
e
n
t
Bl
o
c
k
Gr
a
n
t
Un
r
e
s
t
r
i
c
t
e
d
de
f
i
c
i
t
ne
t
po
s
i
t
i
o
n
Ma
j
o
r
Fu
n
d
s
:
Go
l
f
Co
u
r
s
e
Wa
t
e
r
Ut
i
l
i
t
y
In
t
e
r
n
a
l
Se
r
v
i
c
e
Fu
n
d
s
:
EE
Re
t
i
r
e
m
e
n
t
Be
n
e
f
i
t
Pe
n
s
i
m
-
GE
R
F
Pe
n
s
i
o
n
-
PE
P
F
F
2,
2
4
1
,
4
6
6
18
3
,
1
4
5
45
3
93
7
,
3
5
5
91
2
,
1
6
8
14
4
,
8
7
5
6,
3
8
2
,
1
1
8
4,
5
8
1
,
1
9
2
Th
e
de
f
i
c
i
t
s
ar
e
be
i
n
g
fu
n
d
e
d
th
r
o
u
g
h
in
t
e
r
n
a
l
bo
r
r
o
w
i
n
g
an
d
wi
l
l
be
re
p
a
i
d
fr
o
m
fu
t
u
r
e
co
l
l
e
c
t
i
o
n
s
of
ta
x
in
c
r
e
m
e
n
t
,
fu
t
u
r
e
co
l
l
e
c
t
i
o
n
s
of
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
,
in
t
e
r
n
a
l
tr
a
n
s
f
e
r
s
,
an
d
fu
t
u
r
e
bo
n
d
is
s
u
a
n
c
e
.
Th
e
In
t
e
r
n
a
l
se
r
v
i
c
e
de
f
i
c
i
t
s
wi
l
l
be
fu
n
d
e
d
th
r
o
u
g
h
fu
t
u
r
e
in
t
e
r
f
u
n
d
ch
a
r
g
e
s
,
st
a
t
e
gr
a
n
t
re
v
e
n
u
e
s
,
an
d
em
p
l
o
y
e
e
wi
t
h
o
l
d
i
n
g
s
.
No
t
e
3
DE
T
A
I
L
E
D
NO
T
E
S
ON
AL
L
FU
N
D
S
A.
DE
P
O
S
I
T
S
AN
D
IN
V
E
S
T
M
E
N
T
S
In
ac
c
o
r
d
a
n
c
e
wi
t
h
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
th
e
Ci
t
y
ma
i
n
t
a
i
n
s
de
p
o
s
i
t
s
at
on
l
y
th
o
s
e
de
p
o
s
i
t
o
r
y
ba
n
k
s
au
t
h
o
r
i
z
e
d
by
th
e
Ci
t
y
Co
u
n
c
i
l
.
Al
l
su
c
h
de
p
o
s
i
t
o
r
i
e
s
ar
e
me
m
b
e
r
s
o
f
th
e
Fe
d
e
r
a
l
Re
s
e
r
v
e
Sy
s
t
e
m
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
r
e
q
u
i
r
e
th
a
t
al
l
Ci
t
y
de
p
o
s
i
t
s
be
pr
o
t
e
c
t
e
d
by
in
s
u
r
a
n
c
e
,
su
r
e
t
y
bo
n
d
,
or
co
l
l
a
t
e
r
a
l
.
Th
e
ma
r
k
e
t
va
l
u
e
of
co
l
l
a
t
e
r
a
l
pl
e
d
g
e
d
mu
s
t
eq
u
a
l
I
I
0'
/
o
o
f
th
e
de
p
o
s
i
t
s
no
t
co
v
e
r
e
d
by
in
s
u
r
a
n
c
e
or
bo
n
d
s
.
Au
t
h
o
r
i
z
e
d
co
l
l
a
t
e
r
a
l
in
c
l
u
d
e
s
th
e
le
g
s
!
in
v
e
s
t
m
e
n
t
s
de
s
c
r
i
b
e
d
in
No
t
e
I
.D
.
,
as
we
l
l
as
ce
r
t
a
i
n
fi
r
s
t
mo
r
t
g
n
g
e
no
t
e
s
,
an
d
ce
r
t
a
i
n
ot
h
e
r
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
ob
l
i
g
s
t
i
o
n
s
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
re
q
u
i
r
e
th
a
t
se
c
o
r
i
t
i
e
s
pl
e
d
g
e
d
as
co
l
l
a
t
e
r
a
l
be
pl
a
c
e
d
in
aa
f
e
k
e
e
p
i
n
g
in
a
re
s
t
r
i
c
t
e
d
ac
c
o
u
n
t
a
t
th
e
Fe
d
e
r
a
l
Re
s
e
r
v
e
ba
n
k
,
or
in
an
ac
c
o
u
n
t
at
a
tr
u
s
t
de
p
a
r
t
m
e
n
t
o
f
a
co
m
m
e
r
c
i
a
l
ha
n
k
or
ot
h
e
r
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
th
a
t
is
no
t
ow
n
e
d
or
co
n
t
r
o
l
l
e
d
by
th
e
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
fu
m
i
s
h
i
n
g
th
e
co
l
l
a
t
e
r
a
l
.
At
ye
a
r
-
e
n
d
,
th
e
Ci
t
y
'
s
ca
r
r
y
i
n
g
va
l
u
e
am
o
u
n
t
o
f
de
p
o
s
i
t
s
wa
s
$6
,
7
8
2
,
0
8
1
co
m
p
o
s
e
d
o
f
ba
n
k
ba
l
a
n
c
e
s
o
f
$6
,
7
8
2
,
0
8
1
.
A
s
of
D
e
c
e
m
b
e
r
31
,
20
1
5
th
e
Ci
t
y
ha
d
th
e
fo
l
l
o
w
i
n
g
in
v
e
s
t
m
e
n
t
s
an
d
ma
t
u
r
i
t
i
e
s
:
In
v
e
s
t
m
e
n
t
~
Fa
i
r
Va
l
u
e
No
ma
t
u
r
i
t
y
Ne
g
o
t
i
a
b
l
e
ce
r
t
i
f
i
c
a
t
e
s
of
de
p
o
s
i
t
$
13
,
0
4
6
,
4
2
7
$
Fe
d
e
r
a
l
ag
e
n
c
y
no
t
e
s
14
,
0
5
6
,
2
7
7
Ex
t
e
r
n
a
l
in
v
e
s
t
m
e
n
t
po
o
l
-
4M
Fu
n
d
14
,
1
3
4
,
8
1
6
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4
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Mo
n
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y
ma
r
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e
t
2,
0
6
9
,
1
1
6
2,
0
6
9
,
1
1
6
To
t
a
l
In
v
e
s
t
m
e
n
t
s
$
43
,
3
0
6
,
6
3
6
$
16
,
2
0
3
,
9
3
2
In
v
e
s
t
m
e
n
t
Ma
t
u
r
i
t
i
e
s
(i
n
ye
a
r
s
)
<
I
1
-
3
2,
9
3
9
,
9
3
0
$
5,
2
2
2
,
8
0
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1,
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4
,
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5
4
11
,
0
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1
,
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7
5
3
-
5
4,
8
8
3
,
6
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2,
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1
9
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4
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3,
9
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,
2
5
4
,
6
7
5
$
6,
9
0
3
,
1
4
5
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
T
H
E
F
I
N
A
N
C
I
A
L
S
T
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
As
of
D
e
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
ba
d
th
e
fo
l
l
o
w
i
n
g
SU
I
D
l
D
l
l
l
Y
of investments related to the credit risk, par values and fair
va
l
u
e
s
of
se
c
u
r
i
t
i
e
s
:
ID
V
e
s
t
m
e
n
t
1y
P
e
Cm
l
i
t
Ri
s
k
(
*
)
Ne
g
o
t
i
a
b
l
e
ce
r
l
i
:
r
u
:
-
of
de
p
o
s
i
t
Fe
d
e
r
a
l
ag
m
c
y
no
t
e
s
Ex
t
e
m
a
l
in
v
e
s
t
m
e
n
t
po
o
l
·
4M
Fu
n
d
Mo
n
e
y
ma
r
k
e
t
To
t
a
l
l
n
v
e
s
t
m
c
n
1
S
n/
a
AA
n/
a
AA
A
Par 13,067,000 14,018,115 Fair Value 13,046,427 14,056,277 14,057,174 14,134,816 2,441,867 2,069,116 43,584,156 __ L 43,306,636 % oftotal Portfolio 30.13% 32.46% 32.64% 4.77% 100.00%
(
0
)
Th
e
cr
e
d
i
t
ri
s
k
fo
r
th
e
Fe
d
e
r
a
l
Ag
e
n
c
y
No
t
e
s
an
d
Mo
n
e
y
Market ratings are provided by S&P.
Ca
s
b
an
d
in
v
e
s
t
m
e
n
t
s
at
ye
a
r
-
e
n
d
co
n
s
i
s
t
o
f
th
e
fo
l
l
o
w
i
n
g
:
In
v
e
s
t
m
e
n
t
s
De
p
o
s
i
t
s
Pe
t
t
y
ca
s
h
an
d
ch
a
n
g
e
fu
n
d
s
To
t
a
l
ca
s
h
,
ca
s
h
eq
u
i
v
a
l
e
n
t
s
,
an
d
in
v
e
s
t
m
e
n
t
s
Th
e
de
p
o
s
i
t
s
an
d
in
v
e
s
t
m
e
n
t
s
o
f
th
e
Ci
t
y
ar
e
pr
e
s
e
n
t
e
d
in
th
e
financial statements as follows:
St
a
t
e
m
e
n
t
of
N
e
t
Po
s
i
t
i
o
n
Ca
s
h
an
d
in
v
e
s
t
m
e
n
t
s
Ca
s
h
wi
t
h
fi
s
c
a
l
ag
e
n
t
s
To
t
a
l
$ 43,306,636 6,782,081 13,805 50,102,522 43,320,441 6,782,081 $ 50,102,522
In
t
e
r
e
s
t
ra
t
e
ri
s
k
-
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
s
in
t
e
r
e
s
t
earnings remain stable and predictable through at least the
ne
x
t
bu
d
g
e
t
cy
c
l
e
an
d
th
a
t
at
le
a
s
t
50
'
/
o
o
f
th
e
in
v
e
s
t
m
e
n
t
po
r
t
f
o
l
i
o
remain for two or more years with known interest rates.
Th
e
po
l
i
c
y
al
s
o
st
a
t
e
s
th
a
t
th
e
po
r
t
f
o
l
i
o
sh
a
l
l
re
m
s
i
n
su
f
f
i
c
i
e
n
t
l
y
liquid to meet all operating requirements that may be
re
a
s
o
n
a
b
l
y
ex
p
e
c
t
e
d
.
Cr
e
d
i
t
ri
s
k
-
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
s
t
r
i
c
t
s
in
v
e
s
t
m
e
n
t
instruments to those authorized by Minnesota Statutes § 118A as
li
s
t
e
d
in
No
t
e
I
.D
.
Th
e
po
l
i
c
y
al
s
o
re
q
u
i
r
e
s
th
a
t
an
y
co
u
n
t
e
r
p
a
r
t
y
in investment tranaactions be pro-qualified and approved by
th
e
Ci
t
y
Co
u
n
c
i
l
an
d
th
a
t
th
e
po
r
t
f
o
l
i
o
be
di
v
e
r
s
i
f
i
e
d
to
li
m
i
t
potential losses on individual securities. As of December 31, 2015
th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
FH
L
M
C
,
FN
M
A
,
FH
L
B
an
d
FF
C
B
federal agency notes were rated AA by Standsrd & Poors
(S
&
P
)
.
Th
e
Ci
t
y
'
s
ex
t
e
r
n
a
l
in
v
e
s
t
m
e
n
t
po
o
l
is
wi
t
h
th
e
Mi
n
n
e
s
o
t
a
Municipal Money Market Fund which is regulated by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
an
d
th
e
Bo
a
r
d
o
f
Di
r
e
c
t
o
r
s
o
f
th
e
Le
a
g
u
e
of Minnesota Cities. The 4M fund is a 2a7-like pool and is based
on
an
am
o
r
t
i
z
e
d
co
s
t
me
t
h
o
d
th
a
t
ap
p
r
o
x
i
m
a
t
e
s
fa
i
r
va
l
u
e
.
IV-31
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Co
n
c
e
n
t
r
a
t
i
o
n
o
f
cr
e
d
i
t
ri
s
k
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
s
th
a
t
th
e
in
v
e
s
t
m
e
n
t
po
r
t
f
o
l
i
o
be
di
v
e
r
s
i
f
i
e
d
to
mi
n
i
m
i
z
e
po
t
e
n
t
i
a
l
lo
s
s
e
s
on
in
d
i
v
i
d
u
a
l
se
c
u
r
i
t
i
e
s
.
As
of
y
e
s
r
en
d
,
th
e
Ci
t
y
hs
d
po
r
t
f
o
l
i
o
co
n
c
e
n
t
r
a
t
i
o
n
s
in
ex
c
e
s
s
o
f
fi
v
e
pe
r
c
e
n
t
(e
x
c
l
u
d
i
n
g
ex
t
e
r
n
a
l
in
v
e
s
t
m
<
m
t
p
o
o
l
s
)
in
th
e
fo
l
l
o
w
i
n
g
fe
d
e
r
a
l
ag
e
n
c
i
e
s
:
Fe
d
e
r
a
l
Ho
m
e
Lo
a
n
Mo
r
t
g
a
g
e
Co
r
p
o
r
a
t
i
o
n
(1
0
.
4
%
)
,
Fe
d
e
r
a
l
Na
t
i
o
u
a
l
Mo
r
t
g
a
g
e
As
s
o
c
i
a
t
i
o
n
(1
3
.
9
"
/
o
)
Fe
d
e
r
a
l
Fa
r
m
Cr
e
d
i
t
Ba
n
k
(4
.
7
%
)
an
d
Fe
d
e
r
a
l
Ho
m
e
Le
a
n
Ba
n
k
(3
.
5
%
)
.
Cu
s
t
o
d
i
a
l
cr
e
d
i
t
ri
s
k
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
a
th
a
t
se
c
u
r
i
t
i
e
s
pu
r
c
h
a
s
e
d
fr
o
m
an
y
ba
n
k
or
de
a
l
e
r
be
pl
a
c
e
d
wi
t
h
an
in
d
e
p
e
a
d
e
n
t
th
i
r
d
pa
r
t
y
fo
r
cu
s
t
o
d
i
a
l
sa
f
e
k
e
e
p
i
n
g
.
la
v
e
s
t
m
e
a
t
s
in
in
v
e
s
t
m
e
n
t
po
o
l
s
an
d
mo
n
e
y
ma
r
k
e
t
s
ar
e
no
t
ev
i
d
e
n
c
e
d
by
se
c
u
r
i
t
i
e
s
th
a
t
ex
i
s
t
in
ph
y
s
i
c
a
l
or
bo
o
k
en
t
r
y
fo
r
m
,
an
d
th
e
r
e
f
o
r
e
ar
e
no
t
su
b
j
e
c
t
to
cu
s
t
o
d
i
a
l
cr
e
d
i
t
ri
s
k
di
s
c
l
o
s
u
r
e
s
.
Al
l
of
th
e
Ci
t
y
'
s
re
m
a
i
n
i
n
g
in
v
e
s
t
m
e
n
t
s
we
r
e
he
l
d
in
an
in
s
t
i
t
u
t
i
o
n
a
l
tr
u
s
t
un
d
e
r
co
n
t
r
a
c
t
wi
t
h
th
e
Ci
t
y
fo
r
sa
f
e
k
e
e
p
i
n
g
se
r
v
i
c
e
s
.
B.
RE
C
E
I
V
A
B
L
E
S
Si
g
n
i
f
i
c
a
n
t
re
c
e
i
v
a
b
l
e
ba
l
a
n
c
e
s
no
t
ex
p
e
c
t
e
d
to
be
co
l
l
e
c
t
e
d
wi
t
h
i
n
on
e
ye
a
r
o
f
De
c
e
m
b
e
r
31
,
20
1
5
ar
e
as
fo
l
l
o
w
s
:
De
l
i
n
q
u
e
a
t
De
l
i
n
q
u
e
n
t
Pr
o
p
e
r
t
y
Ta
x
Sp
e
c
i
a
l
Mu
n
i
c
i
p
a
l
No
t
e
s
Ta
x
e
s
la
c
r
e
m
e
n
t
s
As
s
e
s
s
m
e
n
t
s
St
a
t
e
>
-
Ai
d
__
_
_
.
Re
c
e
i
v
a
b
l
e
Ma
j
o
r
Fu
n
d
s
:
Ge
n
e
r
a
l
$
26
8
,
5
8
6
$
$
12
9
,
3
5
9
$
Ta
x
l
n
c
r
e
m
e
n
t
D
i
s
t
r
i
c
t
N
o
.
3
89
,
8
0
6
Ta
x
la
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
5
11
0
,
4
9
3
27
9
,
4
0
0
De
b
t
Se
r
v
i
c
e
2,
9
1
8
,
8
8
8
Ca
p
i
t
a
l
i
m
p
r
o
v
e
m
e
n
t
s
9,
4
4
2
2,
0
3
6
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
fo
r
Co
n
s
t
r
u
c
t
i
o
n
2,
6
9
9
,
3
2
2
la
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
1,
4
3
4
,
7
6
8
No
n
m
a
j
o
r
F
u
n
d
s
Ho
u
s
i
n
g
an
d
Re
d
e
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
6,
6
6
3
To
t
a
l
$
28
4
,
6
9
1
$
20
0
,
2
!
1
_
!
1
_
_
$
4,
_
4
8
5
,
0
5
1
$
2,
6
9
9
,
3
2
2
$
27
9
,
4
0
0
Th
e
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
(E
D
A
)
of
f
e
r
s
a
dc
w
n
pa
y
m
e
n
t
aa
d
cl
o
s
i
n
g
co
s
t
as
s
i
s
t
a
n
c
e
pr
o
g
r
a
m
to
ho
m
e
bu
y
e
r
s
pu
r
c
h
a
s
i
n
g
fo
r
e
c
l
o
s
e
d
or
va
c
a
a
t
pr
o
p
e
r
t
i
e
s
as
th
e
i
r
pr
i
n
c
i
p
a
l
re
s
i
d
e
n
c
e
.
Th
e
pr
o
g
r
a
m
of
f
e
r
s
up
to
a
$1
0
,
0
0
0
,
no
-
i
n
t
e
r
e
s
t
de
f
e
r
r
e
d
lo
a
n
th
a
t
is
fo
r
g
i
v
a
b
l
e
i
f
th
e
bo
r
r
o
w
e
r
re
s
i
d
e
s
in
th
e
pr
o
p
e
r
t
y
fo
r
fi
v
e
co
n
s
e
c
u
t
i
v
e
ye
a
r
s
.
As
of
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
ba
l
a
n
c
e
o
f
th
e
s
e
lo
a
n
s
is
$5
1
3
,
7
5
0
.
Th
e
r
e
ha
s
be
e
n
an
al
l
o
w
a
n
c
e
fo
r
dc
u
b
t
f
u
l
ac
c
o
u
n
t
s
re
c
o
r
d
e
d
fo
r
th
e
sa
m
e
am
o
u
a
t
,
as
it
is
fu
l
l
y
ex
p
e
c
t
e
d
th
a
t
th
e
s
e
lo
a
n
s
wi
l
l
be
fo
r
g
i
v
e
n
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
C.
CA
P
I
T
A
L
AS
S
E
T
S
Ca
p
i
t
a
l
as
s
e
t
ac
t
i
v
i
t
y
fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
was as follows:
Go
v
e
r
n
n
u
m
t
a
l
ac
t
i
v
i
t
i
e
s
:
Ca
p
i
t
a
l
as
s
e
t
s
,
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Beginaing Balance $ 3,537,473 88,704 3,276,213 6,902,390 Increases 8,829,037 8,829,037 Decreases (3,094,112) (3,094,112) Ending Balance 3,537,473 88,704 9,011,138 12,637,315 22,715 22,715 19,566,900 632,925 (280,291) 19,919,534 10,500,244 10,500,244 9,246,814 1,066,068 (658,634) 9,654,248 42,009,818 3,036,991 45,046,809 81,346,491 4,735,984 (938,925) 85,143,550 16,287 11,847,970 4,544,355 5,483,811 16,963,881 38,856,304 4,538 725,174 227,393 786,681 1,507,430 3,251,216 20,825 (280,291) 12,292,853 4,771,748 (579,412) 5,691,080 18,471,311 (859,703) 41,247,817 42,490,187 1,484,768 (79,222) 43,895,733 $ 49,392,577 $ 10,313,805 $ (3,173,334) $ 56,533,048
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Fu
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Due from Due to Oilier Funds Oilier Funds 144,982 $ 706,834 851,816 655,248 51,586 144,982 851,816 Contract Amount 6,768,387 4,310,875 3,702,259 18,066,121 32,8'47,642' Remaining Commitment 478,149 209,131 91,500 247,439 1,026,219
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t
y
ow
n
e
r
s
,
an
d
re
c
e
i
p
t
of
M
u
n
i
c
i
p
a
l
State Aid funds.
In
d
i
v
i
d
u
a
l
fu
n
d
ad
v
a
n
c
e
s
to
an
d
ad
v
a
n
c
e
s
fr
o
m
ot
h
e
r
fu
n
d
s
at December 31, 2015 are as follows: Advances to Advances From
Fu
n
d
Oilier Funds Oilier Funds
Ma
j
o
r
Fu
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
$ $ 2,463,683
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
792,488
Go
l
f
Co
u
r
s
e
792,488
No
n
m
a
j
o
r
F
u
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
2
2,463,683 3,256,171 $ 3,256,171
IV-33
CI
T
Y
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F
BR
O
O
K
L
Y
N
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N
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N
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r
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IS
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fo
l
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v
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20
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$2
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to
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p
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s
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p
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Pr
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Fu
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y
.
CI
T
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OF
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L
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N
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MI
N
N
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N
A
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A
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M
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N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
E.
OP
E
R
A
T
I
N
G
LE
A
S
E
S
Th
e
Ci
t
y
hn
a
le
n
a
e
d
a
po
r
t
i
o
n
o
f
th
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l
i
c
e
se
c
o
n
d
fl
o
o
r
ex
p
a
n
s
i
o
n
area to the Local Government Information Systems
As
s
o
c
i
a
t
i
o
n
(L
O
G
IS
)
as
a
ba
c
k
u
p
co
m
p
u
t
e
r
fa
c
i
l
i
t
y
.
Th
e
le
a
s
e
hna a term of five yesrs, commencing on August I, 2011 and
ca
l
l
s
fo
r
mo
n
t
h
l
y
le
a
s
e
pa
y
m
e
n
t
s
ba
s
e
d
on
sq
U
I
I
l
'
e
-
f
o
o
t
a
g
e
.
Lease revenue for the year ended December 31, 2015 was
$1
3
,
2
0
0
.
Fu
t
u
r
e
mi
n
i
m
u
m
le
a
s
e
re
v
e
n
u
e
s
un
d
e
r
th
e
cu
r
r
e
n
t
agreement is as follows: Year Ending 2016 Total Minimum Rents $ 7,700
Th
e
Ci
t
y
Je
s
s
e
s
sp
a
c
e
fo
r
it
s
mu
n
i
c
i
p
a
l
li
q
u
o
r
st
o
r
e
s
.
Th
e
le
a
s
e
s
are leu-year leases and began in 2010 and 2013. The leases
pr
o
v
i
d
e
fo
r
a
mi
n
i
m
u
m
mo
n
t
h
l
y
ba
s
e
re
n
t
pa
y
m
e
n
t
,
pl
u
s
a
pr
o
-
r
a
t
a
shnre of common area expenaes. Additionallesae payments
ar
e
re
q
u
i
r
e
d
if
ag
r
e
e
d
-
u
p
o
n
re
v
e
n
u
e
th
r
e
s
h
o
l
d
s
ar
e
at
t
a
i
n
e
d
.
These leases may be cancelled at the City's oprion if the City
ce
a
s
e
s
li
q
u
o
r
op
e
r
a
t
i
o
n
s
.
To
t
a
l
re
n
t
a
l
ex
p
e
n
s
e
un
d
e
r
th
e
le
s
a
e
agreements for the year ended December 31, 2015 was
$3
1
1
,
5
5
3
.
Fu
t
u
r
e
mi
n
i
m
u
m
ba
s
e
re
n
t
pa
y
m
e
n
t
s
un
d
e
r
th
e
cu
r
r
e
n
t
agreemcmts are as follows: Year Ending 2016 2017 2018 2019 2020 2021-2023 Total Minimum Rents $ 234,888 234,888 234,888 234,888 164,124 280,080 1,383,756
Th
e
Ci
t
y
is
th
e
le
s
s
o
r
in
an
op
e
r
a
t
i
n
g
l
e
a
s
e
fo
r
a
bu
i
l
d
i
n
g
be
i
n
g
used for a sit-down restaurant. The lease was originally signed
in
20
1
1
wi
t
h
a
te
n
ye
a
r
te
r
m
wi
t
h
an
op
r
i
o
n
to
ex
t
e
n
d
fo
r
an
additional five years. For the year ended 2015, the City received
$1
7
7
,
2
1
3
in
re
n
t
a
l
re
v
e
n
u
e
.
Fu
t
u
r
e
mi
n
i
m
u
m
ba
s
e
re
n
t
re
v
e
n
u
e
s
under the current agreement are as follows: Yesr Total Endins Minimum Rents 2016 $ 67,838 2017 84,378 2018 92,816 2019 102,942 2020 112,048 2021 96,190 $ 556,212
IV-34
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
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R
,
MI
N
N
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S
O
T
A
NO
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S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
F.
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in
f
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.
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e
bo
n
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ar
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p
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in
th
e
go
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t
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.
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CI
T
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OF
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De
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,
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r
31, 2015 is backed by the full faith and credit of the City, including
im
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governmental activities will be retired by future property tsx levies,
ts
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d
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debt services funds. In the event thet a deficiency exists
be
c
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s
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f
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p
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or
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at the time a debt service payment is due, the City must provide
re
s
o
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r
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s
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th
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re
s
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e
s
ar
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av
a
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l
a
b
l
e
.
At the end of the current year, there are $11,753,632 of
as
s
e
t
s
ac
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u
m
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l
a
t
e
d
in
th
e
de
b
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se
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v
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e
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d
s
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r
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t
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e
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t
service. Included within those accumulated assets, there was
$6
,
7
8
2
,
0
8
1
he
l
d
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s
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ag
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t
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d
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s
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co
m
b
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n
e
d
$2,923,530 of delinquent property tsxes and special assessments
re
c
e
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v
a
b
l
e
.
An
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l
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y
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go
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n
m
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t
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l
activities long-term debt are as follows:
BU
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TY
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E
AC
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M
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5
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2
6
To
t
a
l
Governmental Activities G.O. Tax Increment Bonds G.O. lmprovema1t Bonds Principal Interest Principal Interest 8,505,000 $ 601,388 $ 885,000 $ 228,423 1,960,000 350,475 1,152,497 191,921 2,005,000 289,450 1,075,978 159,029 2,015,000 227,713 1,022,497 128,522 2,065,000 166,513 870,757 102,464 4,335,000 139,106 3,225,943 213,923 358,576 4,482 $ 20,885,000 $ 1,774,645 $ 8,591,2<1l!_$ 1,028,764
Th
e
Ci
t
y
is
s
u
e
d
ge
n
e
r
a
l
ob
l
i
g
a
t
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o
n
re
v
e
n
u
e
bo
n
d
s
to
fi
n
a
n
c
e
the metering of all City connected water and sewer utility services
in
20
1
0
wh
i
c
h
we
r
e
re
f
u
n
d
e
d
in
20
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5
.
Th
e
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t
y
al
s
o
is
s
u
e
d
general obligatim revenue bonds in 2015 for utility portims of
in
f
r
a
s
t
r
n
c
t
u
r
e
im
p
r
o
v
e
m
e
n
t
pr
o
j
e
c
t
s
an
d
a
Re
v
e
n
u
e
No
t
e
fi
n
a
n
c
e
d
by the MN Public Facilities Authority Drinking Water State
Re
v
o
l
v
i
n
g
Fu
n
d
fo
r
th
e
co
n
s
t
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u
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t
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o
n
o
f
a
ne
w
wa
t
e
r
tr
e
a
t
m
e
n
t
plant authorized in the amount of $19,662,352. As of December
31
,
20
1
5
,
on
l
y
$1
7
,
5
6
0
,
5
1
0
o
f
th
e
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v
e
n
u
e
No
t
e
ha
s
be
e
n
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a
w
n
down. These bonds are reported in the business-type
ac
t
i
v
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t
i
e
s
o
f
th
e
Ci
t
y
.
Final
In
t
e
r
e
s
t
Maturity Original Payable
Ra
t
e
s
Date Date Issue 12/31/2015
Ge
n
e
r
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l
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l
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g
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t
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2.
0
0
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>
07/09/2015 02/01/2026 $ 1,823,752 $ 1,823,752
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07/09/2015 02/01/2026 1,660,000 1,660000
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01/20/2015 08/20/2034 17,560,510 17,545,158
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De
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r
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,
20
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CU
R
R
E
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T
RE
F
U
N
D
I
N
G
On
Ju
l
y
9,
20
1
5
,
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e
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t
y
is
s
u
e
d
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6
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,
0
0
0
o
f
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Revenue Refunding Bonds, Series 2015A, bearing an
av
e
r
a
g
e
co
u
p
o
n
ra
t
e
of
2
.
1
4
pe
r
o
e
n
t
,
tc
pr
o
v
i
d
e
Cl
l
l
T
C
i
l
t
re
f
u
n
d
i
n
g
of$1,660,000 in principal on the City's Taxable General
Ob
l
i
g
a
t
i
o
n
Ut
i
l
i
t
y
Re
v
e
n
u
e
Bo
n
d
s
,
Se
r
i
e
s
20
1
OA
re
l
a
t
i
n
g
to
the 2016 tc 2025 maturities. As a result of the refunding, the City
wi
l
l
ac
h
i
e
v
e
an
ec
o
n
o
m
i
c
ga
i
n
of
$
7
0
,
4
5
0
(t
h
e
pr
e
s
e
n
t
va
l
u
e
of the difference between the old and the new debt service).
CR
O
S
S
O
V
E
R
RE
F
U
N
D
I
N
G
On
Ju
l
y
9,
20
1
5
,
th
e
Ci
t
y
is
s
u
e
d
$6
,
6
0
0
,
0
0
0
o
f
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Tax Increment Refunding Bonds, Series 2015B, bearing an
av
e
r
a
g
e
co
u
p
o
n
ra
t
e
of
3.
0
0
pe
r
c
e
n
t
,
tc
pr
o
v
i
d
e
ad
v
a
n
c
e
cr
o
s
s
o
v
e
r
refunding on February I, 2016, of the 2017 through 2020
ma
t
u
r
i
t
i
e
s
o
f
th
e
Ci
t
y
'
s
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Ta
x
In
c
r
e
m
e
n
t
Bo
n
d
s
,
Series 2004D tctslling $6,670,000 in principal. The proceeds
o
f
th
e
cr
o
s
s
o
v
e
r
bo
n
d
we
r
e
pl
a
c
e
d
in
t
o
an
es
c
r
o
w
ac
c
o
u
n
t
pe
n
d
i
n
g
the call date. The escrow account bears interest rates that
wi
l
l
pr
o
v
i
d
e
su
f
f
i
c
i
e
n
t
fu
n
d
s
tc
re
f
u
n
d
th
e
ol
d
bo
n
d
s
on
Fe
b
r
u
a
r
y
I, 2016. The old bonds are not considered defensed until the
cr
o
s
s
o
v
e
r
da
t
e
,
an
d
th
e
r
e
f
o
r
e
wi
l
l
no
t
be
re
m
o
v
e
d
as
a
li
a
b
i
l
i
t
y
until then. As a result of the refunding, the City will achieve an
ec
o
n
o
m
i
c
ga
i
n
of
$4
2
4
,
0
5
9
(t
h
e
pr
e
s
e
n
t
va
l
u
e
o
f
th
e
di
f
f
e
r
e
n
c
e
between the old and the new debt service).
CO
N
P
U
I
T
DE
B
T
OB
L
I
Q
A
T
I
O
N
S
Fr
o
m
ti
m
e
tc
ti
m
e
,
th
e
Ci
t
y
ha
s
is
s
u
e
d
Ho
u
s
i
n
g
Re
v
e
n
u
e
Bo
n
d
s
and Industrial Revenue Bonds or Notes to provide assistance
to
qu
a
l
i
f
i
e
d
pr
i
v
a
t
e
se
c
t
o
r
en
t
i
t
i
e
s
fo
r
th
e
ac
q
u
i
s
i
t
i
o
n
an
d
cm
s
t
r
u
c
t
i
o
n
of housing, industrial, or commercial facilities deemed to
be
in
th
e
pu
b
l
i
c
in
t
e
r
e
s
t
.
Th
e
bo
n
d
s
or
no
t
e
s
ar
e
se
c
u
r
e
d
by
the property financed and are payable solely from payments
re
c
e
i
v
e
d
on
th
e
un
d
e
r
l
y
i
n
g
mo
r
t
g
a
g
e
lo
a
n
s
.
Th
e
Ci
t
y
ha
s
no
obligation of its assets or of its general tax base for the repayment
o
f
an
y
o
f
th
e
s
e
bo
n
d
s
or
no
t
e
s
.
Ac
c
o
r
d
i
n
g
l
y
,
th
e
bo
n
d
s
or
no
t
e
s
are not reported as liabilities in the accompanying financial
st
a
t
e
m
e
n
t
s
.
Up
o
n
fi
n
a
l
re
d
e
m
p
t
i
o
n
o
f
th
e
bo
n
d
s
or
no
t
e
s
,
ow
n
e
r
s
h
i
p
of the property transfers tc the private sectcr entity
se
r
v
e
d
by
th
e
bo
n
d
or
no
t
e
is
s
u
e
.
As
o
f
De
c
e
m
b
e
r
31
,
20
1
5
th
e
r
e
we
r
e
tw
o
se
r
i
e
s
o
f
fi
x
e
d
ra
t
e
Multifamily Housing Revenue Refunding bonds, one Housing
Re
v
e
n
u
e
De
v
e
l
o
p
m
e
n
t
Re
f
i
n
a
n
c
i
n
g
No
t
e
,
tw
o
He
a
l
t
h
c
a
r
e
Re
v
e
n
u
e
Notes, four Senior Housing Developmmt Revenue Notes,
an
d
tw
o
Ch
a
r
t
e
r
Sc
h
o
o
l
Le
a
s
e
Re
v
e
n
u
e
bo
n
d
s
ou
t
s
t
a
n
d
i
n
g
.
The aggregate amount of conduit debt as ofDecember 31, 2015 is
$2
1
,
3
6
5
,
9
0
8
.
G.
FU
N
D
EQ
U
I
T
Y
Ne
t
po
s
i
t
i
o
n
re
p
o
r
t
e
d
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
st
a
t
e
m
e
n
t
o
f
ne
t
position at December 31, 2015 include the following:
Go
v
e
n
m
o
.
t
a
l
ac
t
i
v
i
t
i
e
s
Ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
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ou
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To
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ca
p
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assets
Re
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d
:
St
a
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o
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ho
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Ta
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in
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fi
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Ec
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La
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De
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Pe
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To
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n
$ 97.780,865 (41,247,817) (8,591,248) 47,941,800 556,470 19,328,012 1,522,267 83,686 11,218,383 1,178,922 2,922,853 36,8f0,593 (5,495,836) $ 79,256,557
Re
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p
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s
$8,591,248 in G.O. Improvement Bonds which was the amount
is
s
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e
d
to
fi
n
a
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st
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IV-36
CI
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F
BR
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Y
N
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N
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,
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Bu
s
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$
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CI
T
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OF
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O
O
K
L
Y
N
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N
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R
,
MI
N
N
E
S
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T
A
NO
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E
S
TO
TH
E
FI
N
A
N
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I
A
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M
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N
T
S
De
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r
31
,
2
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No
t
e
4
DE
F
I
N
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D
BE
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F
1
T
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N
S
I
O
N
PL
A
N
-
CI
T
Y
EM
P
L
O
Y
E
E
S
A.
PL
A
N
DE
S
C
R
I
P
I
I
O
N
Th
e
Ci
t
y
pa
r
t
i
c
i
p
a
t
e
s
in
th
e
fo
l
l
o
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g
co
s
t
-
s
h
a
r
i
n
g
mu
l
t
i
p
l
<
>
-
e
m
p
l
o
y
e
r
defined btmefit ptmsion plans administered by the Public
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
As
s
o
c
i
a
t
i
o
n
of
M
i
n
n
e
s
c
t
a
(P
E
R
A
)
.
PERA's defined benefit ptmsion plans are established and
ad
m
i
n
i
s
t
e
r
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
Ch
a
p
t
e
r
s
353 and 356. PERA's defined benefit ptmsion plans are tax
qu
a
l
i
f
i
e
d
pl
a
n
s
un
d
e
r
Se
c
t
i
o
n
40
l
(
a
)
o
f
th
e
In
t
e
r
n
a
l
Re
v
e
n
u
e
Code.
1.
GE
N
E
R
A
L
EM
P
L
O
Y
E
E
S
RE
T
I
R
E
M
E
N
T
Fl
J
N
D
(GERF)
Al
l
fu
l
l
-
t
i
m
e
an
d
ce
r
t
a
i
n
pa
r
t
-
t
i
m
e
em
p
l
o
y
e
e
s
o
f
th
e
Ci
t
y
are covered by the GERF. GERF members belong to either the
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
or
th
e
Ba
s
i
c
Pl
a
n
.
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
are covered by Social Security and Basic Plan members
ar
e
no
t
.
Th
e
Ba
s
i
c
Pl
a
n
wa
s
cl
o
s
e
d
to
ne
w
me
m
b
e
r
s
in
1967. All new members must participate in the Coordinated Plan.
2.
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
PO
L
I
C
E
AN
D
FI
R
E
FU
N
D
(PEPFF)
Th
e
PE
P
F
F
,
or
i
g
i
n
a
l
l
y
es
t
a
b
l
i
s
h
e
d
fo
r
po
l
i
c
e
of
f
i
c
e
r
s
an
d
firefighters not covered by a local relief association, now covers
al
l
po
l
i
c
e
of
f
i
c
e
r
s
an
d
fi
r
e
f
i
g
h
t
e
r
s
hi
r
e
d
si
n
c
e
19
8
0
.
Ef
f
e
c
t
i
v
e
July I, 1999, the PEPFF also covers police officers and
fi
r
e
f
i
g
h
t
e
r
s
be
l
o
n
g
i
n
g
to
a
lo
c
a
l
fi
r
e
re
l
i
e
f
as
s
o
c
i
a
t
i
o
n
th
a
t
elected to merge with and 1ransfer assets and adminis1ration to
PE
R
A
.
B.
BE
N
E
F
1
T
S
PR
O
V
I
D
E
D
PE
R
A
pr
o
v
i
d
e
s
re
t
i
r
e
m
e
n
t
,
di
s
a
b
i
l
i
t
y
,
an
d
de
a
t
h
be
n
e
f
i
t
s
.
Benefit provisions are established by state statute and can only
be
mo
d
i
f
i
e
d
by
th
e
st
a
t
e
le
g
i
s
l
a
t
u
r
e
.
Be
n
e
f
i
t
in
c
r
e
a
s
e
s
ar
e
pr
o
v
i
d
e
d
to
be
n
e
f
i
t
re
c
i
p
i
e
n
t
s
es
c
h
Ja
n
u
a
r
y
.
Increases are related to the funding ratio of the plan.
Me
m
b
e
r
s
in
pl
a
n
s
th
a
t
ar
e
at
le
a
s
t
90
pe
r
c
e
n
t
fu
n
d
e
d
fu
r
tw
o
consecutive years are given 2.5 percent increases. Members in
pl
a
n
s
th
a
t
ha
v
e
no
t
ex
c
e
e
d
e
d
90
pe
r
c
e
n
t
fu
n
d
e
d
,
or
ha
v
e
fu
l
l
e
n
below 80 percent, are given I percent increases.
Th
e
be
n
e
f
i
t
pr
o
v
i
s
i
o
n
s
st
a
t
e
d
in
th
e
fo
l
l
o
w
i
n
g
pa
r
a
g
r
a
p
h
s
o
f
this section are current provisions and apply tu active plan
pa
r
t
i
c
i
p
a
n
t
s
.
Ve
s
t
e
d
,
te
r
m
i
n
a
t
e
d
em
p
l
o
y
e
e
s
wh
o
ar
e
en
t
i
t
l
e
d
to benefits but are not receiving them yet are bound by the
pr
o
v
i
s
i
o
n
s
in
ef
f
e
c
t
at
th
e
ti
m
e
th
e
y
la
s
t
te
r
m
i
n
a
t
e
d
th
e
i
r
pu
b
l
i
c
service.
1.
GE
R
F
BE
N
E
F
1
T
S
Be
n
e
f
i
t
s
ar
e
ba
s
e
d
on
a
me
m
b
e
r
'
s
h
i
g
h
e
s
t
av
e
r
a
g
e
sa
l
a
r
y
for any five successive years of allowable service, age, and
ye
a
r
s
of
cr
e
d
i
t
at
te
r
m
i
n
a
t
i
o
n
or
se
r
v
i
c
e
.
Tw
o
me
t
h
o
d
s
ar
e
used to compute benefits for PERA's Coordinated and Basic
Pl
a
n
me
m
b
e
r
s
.
Th
e
re
t
i
r
i
n
g
me
m
b
e
r
re
c
e
i
v
e
s
th
e
hi
g
h
e
r
of a step-rate benefit accrual formula (Method I) or level accrual
fo
r
m
u
l
a
(M
e
t
h
o
d
2)
.
Un
d
e
r
Me
t
h
o
d
1,
th
e
an
n
u
i
t
y
ac
c
r
u
a
l
rate far a Basic Plan member is 2.2 percent of average salary
fo
r
ea
c
h
o
f
th
e
fi
r
s
t
te
n
ye
a
r
s
o
f
se
r
v
i
c
e
,
an
d
2.
7
pe
r
c
~
m
t
fur esch remaining yesr. The annuity accrual rate for a
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
is
1.
2
pe
n
:
e
n
t
o
f
av
e
r
a
g
e
sa
l
a
r
y
for esch of the first ten years and I. 7 percent for each
re
m
a
i
n
i
n
g
ye
a
r
.
Un
d
e
r
Me
t
h
o
d
2,
th
e
an
n
u
i
t
y
ac
c
r
u
a
l
ra
t
e
is 2. 7 percent of average salary for Basic Plan members and I. 7
pe
r
c
e
n
t
fo
r
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
fo
r
es
c
h
ye
a
r
o
f
service. For members hired prior to July I, 1989, a full annuity is
av
a
i
l
a
b
l
e
wh
e
n
ag
e
pl
u
s
ye
a
r
s
o
f
se
r
v
i
c
e
eq
u
a
l
9
0
an
d
no
r
m
a
l
retirement age is 65. For members hired on or after July I,
19
8
9
,
no
r
m
a
l
re
t
i
r
e
m
e
n
t
ag
e
is
th
e
ag
e
fo
r
un
r
e
d
u
c
e
d
So
c
i
a
l
Security benefits capped at 66. Disability benefits are available
fo
r
ve
s
t
e
d
me
m
b
e
r
s
an
d
ar
e
ba
s
e
d
up
c
n
ye
a
r
s
o
f
se
r
v
i
c
e
and average high-five salary.
IV-37
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
2.
PE
P
F
F
BE
N
E
F
I
T
S
Be
n
e
f
i
t
s
fo
r
th
e
PE
P
F
F
me
m
b
e
r
s
fu
s
t
h
i
r
e
d
af
t
e
r
Ju
n
e
30
,
2
0
1
0
,
bu
t
h
e
f
o
r
e
J
u
l
y
I,
20
1
4
,
ve
s
t
on
a
pr
o
r
a
t
e
d
ba
s
i
s
fr
o
m
50
pe
r
c
e
n
t
af
t
e
r
fi
v
e
ye
a
r
s
up
to
10
0
pe
r
c
e
n
t
af
t
e
r
te
n
ye
a
r
s
o
f
cr
e
d
i
t
e
d
se
r
v
i
c
e
.
Be
n
e
f
i
t
s
fo
r
PE
P
F
F
me
m
b
e
r
s
fu
s
t
hi
r
e
d
af
t
e
r
Ju
n
e
30
,
20
1
4
,
ve
s
t
on
a
pr
o
r
a
t
e
d
ba
s
i
s
fr
o
m
50
pe
r
c
e
n
t
af
t
e
r
te
n
ye
a
r
s
o
f
se
r
v
i
c
e
up
to
10
0
pe
r
c
e
n
t
af
t
e
r
tw
e
n
t
y
ye
a
r
s
o
f
cr
e
d
i
t
e
d
se
r
v
i
c
e
.
Th
e
an
n
u
i
t
y
ac
c
r
u
a
l
mt
e
is
3
pe
r
c
e
n
t
o
f
av
e
r
a
g
e
sa
l
a
r
y
fo
r
ea
c
h
ye
a
r
o
f
se
r
v
i
c
e
.
Fo
r
PE
P
F
F
wh
o
we
r
e
fi
r
s
t
hi
r
e
d
pr
i
o
r
to
Ju
l
y
I,
19
8
9
,
a
fu
l
l
an
n
u
i
t
y
is
av
a
i
l
a
b
l
e
wh
e
n
ag
e
pl
u
s
ye
a
r
s
o
f
se
r
v
i
c
e
eq
u
a
l
at
le
a
s
t
90
.
C.
CO
N
T
R
I
B
U
T
I
O
N
S
Mi
n
n
e
s
o
t
s
St
a
t
u
t
e
s
Ch
a
p
t
e
r
35
3
se
t
s
th
e
mt
e
s
fo
r
em
p
l
o
y
e
r
an
d
em
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
.
Co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
ca
n
on
l
y
be
mo
d
i
f
i
e
d
by
th
e
st
a
t
e
le
g
i
s
l
a
t
u
r
e
.
1.
GE
R
F
CO
N
T
R
I
B
U
T
I
O
N
S
Ba
s
i
c
Pl
a
n
me
m
b
e
r
s
an
d
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
we
r
e
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
9.
1
pe
r
c
e
n
t
an
d
6.
5
pe
r
c
e
n
t
,
re
s
p
e
c
t
i
v
e
l
y
,
of
t
h
e
i
r
an
n
u
a
l
co
v
e
r
e
d
sa
l
a
r
y
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
wa
s
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
11
.
7
8
pe
r
c
e
n
t
of
pa
y
fo
r
Ba
s
i
c
Pl
a
n
me
m
b
e
r
s
an
d
7.
5
pe
r
c
e
n
t
fo
r
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
GE
R
F
fo
r
ye
a
r
s
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
,
2
0
1
4
an
d
20
1
3
we
r
e
$5
6
4
,
1
6
8
,
$
5
3
1
,
3
8
5
,
an
d
$5
2
1
,
5
1
2
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
we
r
e
eq
u
a
l
to
th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
s
as
se
t
by
st
a
t
e
st
a
t
u
t
e
.
2.
PE
P
F
F
CO
N
T
R
I
B
U
T
I
O
N
S
Pl
a
n
me
m
b
e
r
s
we
r
e
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
10
.
8
pe
r
c
e
n
t
o
f
th
e
i
r
an
n
u
a
l
co
v
e
r
e
d
sa
l
a
r
y
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
wa
s
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
16
.
2
pe
r
c
e
n
t
o
f
pa
y
fo
r
PE
P
F
F
me
m
b
e
r
s
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
PE
P
F
F
fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
,
2
0
1
4
an
d
20
1
3
we
r
e
$6
8
7
,
9
3
5
,
$6
0
0
,
4
0
2
,
an
d
$5
6
0
,
0
5
3
re
s
p
e
c
t
i
v
e
l
y
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
we
r
e
eq
u
a
l
to
th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
s
as
se
t
by
st
a
t
e
st
a
t
u
t
e
.
D.
PE
N
S
I
O
N
CO
S
T
S
1.
GE
R
F
PE
N
S
I
O
N
CO
S
T
S
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
a
li
a
b
i
l
i
t
y
o
f
$6
,
4
4
1
,
8
7
2
fo
r
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
GE
R
F
'
s
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
5
,
an
d
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
us
e
d
to
ca
l
c
u
l
a
t
e
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
de
t
e
r
m
i
n
e
d
by
an
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
as
o
f
th
a
t
da
t
e
.
Th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
o
f
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
ba
s
e
d
on
th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
r
e
c
e
i
v
e
d
by
PE
R
A
du
r
i
n
g
th
e
me
a
s
u
r
e
m
e
n
t
pe
r
i
o
d
fo
r
em
p
l
o
y
e
r
pa
y
r
o
l
l
pa
i
d
da
t
e
s
fr
o
m
Ju
l
y
I,
20
1
4
th
r
o
u
g
h
Ju
n
e
30
,
2
0
1
5
,
re
l
a
t
i
v
e
to
th
e
to
t
a
l
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
re
c
e
i
v
e
d
fr
o
m
al
l
of
P
E
R
A
'
s
pa
r
t
i
c
i
p
a
t
i
n
g
em
p
l
o
y
e
r
s
.
At
Ju
n
e
30
,
20
1
5
,
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
wa
s
0.
1
2
4
3
pe
r
c
e
n
t
wh
i
c
h
wa
s
a
de
c
r
e
a
s
e
of
0
.
0
1
4
6
pe
r
c
e
n
t
fr
o
m
it
s
pr
o
p
o
r
t
i
o
n
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
4
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
c
o
g
n
i
z
e
d
pe
n
s
i
o
n
ex
p
e
n
s
e
of
$
6
8
5
,
0
6
0
fo
r
it
s
pr
o
p
o
r
t
i
o
n
n
t
e
sh
a
r
e
of
th
e
OE
R
F
'
s
pe
n
s
i
o
n
ex
p
e
n
s
e
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
At
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
share of the GERF's de:ferred outflows of resources and
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
fr
o
m
th
e
following sources:
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
ex
p
e
c
t
e
d
an
d
ac
t
u
a
l
ec
o
n
o
m
i
c
ex
p
e
r
i
e
n
c
e
Ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
pr
o
j
e
c
t
e
d
an
d
ac
t
u
a
l
in
v
e
s
t
m
e
n
t
es
m
i
n
g
s
Ch
a
n
g
e
s
in
pr
o
p
o
r
t
i
o
n
GE
R
F
co
n
t
r
i
b
u
t
i
o
n
s
pa
i
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
date
To
t
a
l
s
Deferred Outflows of Resources $ 609,822 289,088 898,910 Deferred Inflows of Resources $ 324,780 514,376 $ 839,156
$2
8
9
,
0
8
8
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to pensions resulting from City conttibutions subsequent to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
n
i
z
e
d
as
a
re
d
u
c
t
i
o
n
of the net pension liability in the yesr ended December 31, 2016.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
an
d
de
f
e
r
r
e
d
inflows of resources related to pensions will be recognized
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
2.
PE
P
F
F
PE
N
S
I
O
N
CO
S
T
S
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31,
20
1
6
20
1
7
20
1
8
20
1
9
To
t
a
l
Pension Expense Amount (127,263) (127,263) (127,263) 152,455 (229,334)
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
a
li
a
b
i
l
i
t
y
of
$
5
,
0
6
7
,
6
0
4
for its proportionate share of the PEPFF's net pension
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30, 2015, and the total pension liability used to calculate the net
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
de
t
e
r
m
i
n
e
d
by
an
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
as of that date. The City's proportion of the net pension liability
wa
s
ba
s
e
d
on
th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
re
c
e
i
v
e
d
by
PE
R
A
during the measurement period for employer payroll paid dates
fr
o
m
Ju
l
y
I,
20
1
4
th
r
o
u
g
h
Ju
n
e
30
,
20
1
5
,
re
l
a
t
i
v
e
to
th
e
total employer contributions received from all ofPERA's
pa
r
t
i
c
i
p
a
t
i
n
g
em
p
l
o
y
e
r
s
.
At
Ju
n
e
30
,
2
0
1
5
,
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
was 0.446 percent which was an increase of0.008
pe
r
c
e
n
t
fr
o
m
it
s
pr
o
p
o
r
t
i
o
n
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
4
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
c
o
g
n
i
z
e
d
pension expense of$887,890 for its proportionate share of
th
e
PE
P
F
F
'
s
pe
n
s
i
o
n
ex
p
e
n
s
e
.
Th
e
Ci
t
y
al
s
o
re
c
o
g
n
i
z
e
d
$40,140 for the year ended December 31, 2015, as pension
ex
p
e
n
s
e
(a
n
d
gr
a
n
t
re
v
e
n
u
e
)
fo
r
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
of the State of Minnesota's on-behalf contributions to the PEPFF.
Le
g
i
s
l
a
t
i
o
n
pa
s
s
e
d
in
20
1
3
re
q
u
i
r
e
d
th
e
St
a
t
e
of
M
i
n
n
e
s
o
t
s
to begin contributing $9 million to the PEPFF each year,
st
a
r
t
i
n
g
in
fi
s
c
a
l
ye
a
r
20
1
4
.
IV-38
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
PE
P
F
F
'
s
de
f
e
r
r
e
d
ou
t
f
i
o
w
s
of
re
s
o
u
r
c
e
s
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
fr
o
m
th
e
fo
l
l
o
w
i
n
g
so
u
r
c
e
s
:
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
ex
p
e
c
t
e
d
an
d
ac
t
u
a
l
ec
o
n
o
m
i
c
ex
p
e
r
i
e
n
c
e
Ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
pr
o
j
e
c
t
e
d
an
d
ac
t
u
a
l
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
Ch
a
n
g
e
s
in
pr
o
p
o
r
t
i
o
n
PE
P
F
F
co
n
t
r
i
b
u
t
i
o
n
s
pa
i
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
To
t
a
l
s
De
f
e
r
r
e
d
Ou
t
f
l
o
w
s
of
Re
a
o
u
r
c
e
s
88
2
,
9
4
5
72
,
0
0
3
35
3
,
2
6
3
$
1,
3
0
8
,
2
1
1
De
f
e
r
r
e
d
In
f
l
o
w
s
o
f
Re
s
o
u
r
c
e
s
82
1
,
7
9
9
$
82
1
,
7
9
9
$3
5
3
,
2
6
3
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
re
s
u
l
t
i
n
g
fr
o
m
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
u
i
z
e
d
as
a
re
d
u
c
t
i
o
n
o
f
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
i
o
w
s
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
wi
l
l
be
re
c
o
g
u
i
z
e
d
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
E.
AC
T
U
A
R
I
A
L
AS
S
U
M
P
T
I
O
N
S
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
To
t
a
l
Pe
n
s
i
o
n
EJ
q
~
e
n
s
e
Am
o
u
n
t
70
,
7
7
7
70
,
7
7
7
70
,
7
7
7
70
,
7
7
7
(1
4
9
,
9
5
9
)
13
3
,
1
4
9
Th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
Ju
n
e
30
,
20
1
5
,
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
wa
s
de
t
e
r
m
i
n
e
d
us
i
n
g
th
e
fo
l
l
o
w
i
n
g
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
:
In
f
l
a
t
i
o
n
Ac
t
i
v
e
Me
m
b
e
r
Pa
y
r
o
l
l
Gr
o
w
t
h
In
v
e
s
t
m
e
n
t
Ra
t
e
o
f
Re
t
u
r
n
2.
7
5
%
p
e
r
y
e
s
r
3.
5
0
'
/
o
pe
r
ye
s
r
7.
9
0
'
/
o
Sa
l
a
r
y
in
c
r
e
a
s
e
s
we
r
e
ba
s
e
d
on
a
se
r
v
i
c
e
-
r
e
l
a
t
e
d
ta
b
l
e
.
Mo
r
t
a
l
i
t
y
ra
t
e
s
fo
r
ac
t
i
v
e
me
m
b
e
r
s
,
re
t
i
r
e
e
s
,
su
r
v
i
v
o
r
s
an
d
di
s
a
b
i
l
i
t
a
n
t
s
we
r
e
ba
s
e
d
on
th
e
RP
-
2
0
0
0
ta
b
l
e
s
fo
r
ma
l
e
s
or
fe
m
a
l
e
s
,
as
ap
p
r
o
p
r
i
a
t
e
,
wi
t
h
sl
i
g
h
t
ad
j
u
s
t
m
e
n
t
s
.
Co
s
t
of
l
i
v
i
n
g
be
n
e
f
i
t
in
c
r
e
a
s
e
s
fo
r
re
t
i
r
e
e
s
ar
e
as
s
u
m
e
d
to
be
:
1
pe
r
c
e
n
t
ef
f
e
c
t
i
v
e
Ja
n
u
a
r
y
1s
t
un
t
i
l
2
0
3
4
,
th
e
n
2.
5
pe
r
c
e
n
t
th
e
r
e
s
f
l
e
r
.
Ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
us
e
d
in
th
e
Ju
n
e
30
,
20
1
5
,
va
l
u
a
t
i
o
n
we
r
e
ba
s
e
d
on
th
e
re
s
u
l
t
s
of
ac
t
u
a
r
i
a
l
el
q
l
e
r
i
e
n
c
e
st
u
d
i
e
s
.
Th
e
el
q
l
e
r
i
e
n
c
e
st
u
d
y
in
th
e
GE
R
F
wa
s
fo
r
th
e
pe
r
i
o
d
Ju
l
y
1,
20
0
4
,
th
r
o
u
g
h
Ju
n
e
30
,
20
0
8
,
wi
t
h
an
up
d
a
t
e
o
f
ec
o
n
o
m
i
c
as
s
u
m
p
t
i
o
n
s
in
20
1
4
.
Th
e
el
q
l
e
r
i
e
n
c
e
st
u
d
y
fo
r
PE
P
F
F
wa
s
fo
r
th
e
pe
r
i
o
d
Ju
l
y
1,
20
0
4
,
th
r
o
u
g
h
Ju
n
e
30
,
2
0
0
9
.
Th
e
r
e
we
r
e
no
ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
in
20
1
5
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
i
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
lo
n
g
-
t
e
r
m
ex
p
e
c
t
e
d
ra
t
e
o
f
re
t
u
r
n
on
pe
n
s
i
o
n
pl
a
n
in
v
e
s
t
m
e
n
t
s
is 7.9 percent. The State Board of Investment, which
ma
n
a
g
e
s
th
e
in
v
e
s
t
m
e
n
t
s
of
P
E
R
A
,
pr
e
p
a
r
e
s
an
an
a
l
y
s
i
s
of
the reasonableness of the long-term expected rate of return on a
re
g
u
l
a
r
ba
s
i
s
us
i
n
g
a
bu
i
l
d
i
n
g
-
b
l
o
c
k
me
t
h
o
d
in
wh
i
c
h
be
s
t
-
e
s
t
i
m
a
t
e
ranges of expected future rates of return are developed for
ea
c
h
m~
o
r
as
s
e
t
cl
a
s
s
.
Th
e
s
e
ra
n
g
e
s
ar
e
co
m
b
i
n
e
d
to
pr
o
d
u
c
e
an eJq~ected long-term rate of return by weighting the
ex
p
e
c
t
e
d
fu
t
u
r
e
ra
t
e
s
o
f
re
t
u
r
n
by
th
e
ta
r
g
e
t
as
s
e
t
al
l
o
c
a
t
i
o
n
percentages. The target allocation and best estimates of
ar
i
t
h
m
e
t
i
c
re
a
l
mt
e
s
o
f
re
t
u
r
n
.
fo
r
ea
c
h
ma
j
o
r
as
s
e
t
cl
a
s
s
ar
e
summarized in the following table:
As
s
e
t
Cl
a
s
s
Do
m
e
s
t
i
c
St
o
c
k
s
In
t
e
r
n
a
t
i
o
n
a
l
St
o
c
k
s
Bo
n
d
s
Al
t
e
r
n
a
t
i
v
e
As
s
e
t
s
Ca
s
h
F.
DI
S
C
O
U
N
T
RA
T
E
Target Allocation 45.000/o 15.00% 18.00'/o 20.00'/o 2.00% Long-Term ElqlCCted Real Rate of Return 5.50% 6.00'/o 1.45% 6.40% 0.50'/o
Th
e
di
s
c
o
u
n
t
ra
t
e
us
e
d
to
me
s
s
u
r
e
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
was 7.9 percent. The prqjection of cash flows used to determine
th
e
di
s
c
o
u
n
t
ra
t
e
as
s
u
m
e
d
th
a
t
em
p
l
o
y
e
e
an
d
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
will be made at the rate specified in statute. Based on
th
a
t
as
s
u
m
p
t
i
o
n
,
ea
c
h
o
f
th
e
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
was prqjected to be avsilable to make all projected future
be
n
e
f
i
t
pa
y
m
e
n
t
s
of
cu
r
r
e
n
t
ac
t
i
v
e
an
d
in
a
c
t
i
v
e
em
p
l
o
y
e
e
s
.
Therefore, the long-term expected rate of return on pension plan
in
v
e
s
t
m
e
n
t
s
wa
s
ap
p
l
i
e
d
to
al
l
pe
r
i
o
d
s
of
p
r
q
j
e
c
t
e
d
be
n
e
f
i
t
payments to deterutine the total pension liability.
G.
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
SE
N
S
I
T
I
V
I
T
Y
Th
e
fo
l
l
o
w
i
n
g
pr
e
s
e
n
t
s
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
net pension liability for all plans it participates in, calculated using
th
e
di
s
c
o
u
n
t
ra
t
e
di
s
c
l
o
s
e
d
in
th
e
pr
e
c
e
d
i
n
g
pa
r
a
g
r
a
p
h
,
as
we
l
l
as what the City's proportionate share of the net pension
li
a
b
i
l
i
t
y
wo
u
l
d
be
i
f
it
we
r
e
ca
l
c
u
l
a
t
e
d
us
i
n
g
a
di
s
c
o
u
n
t
ra
t
e
1 percentage point lower or 1 percentage point higher than the
cu
r
r
e
n
t
di
s
c
o
u
n
t
ra
t
e
:
GE
R
F
PE
P
F
F
To
t
a
l
Ci
t
y
'
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
a
r
e
o
f
th
e
Ne
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
6.90% One Point Decrease 10,128,911 9,876,813 7.90% Current Rate 6,441,872 5,067,604 8.90'/o One Point Increase 3,396,942 1,Q9~,359 $ 20,005,724 $ 11,509,476 $ 4,491,301
IV-39
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
H.
PE
N
S
I
O
N
PL
A
N
FI
D
U
C
I
A
R
Y
NE
T
PO
S
I
T
I
O
N
De
t
a
i
l
e
d
in
f
o
r
m
a
t
i
o
n
ab
o
u
t
ea
c
h
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
is
av
a
i
l
a
b
l
e
in
a
se
p
m
a
t
e
l
y
is
s
u
e
d
PE
R
A
fi
n
a
n
c
i
a
l
re
p
o
r
t
th
a
t
in
c
l
u
d
e
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
o
.
Th
a
t
re
p
o
r
t
ma
y
be
ob
t
s
i
n
e
d
by
:
In
t
e
r
n
e
t
:
Ph
o
n
e
:
Ma
i
l
:
ww
w
.
m
n
p
e
r
a
.
o
r
g
(6
5
1
)
29
6
-
7
4
6
0
60
Em
p
i
r
e
Dr
i
v
e
,
#2
0
0
St
.
Pa
u
l
,
MN
55
1
0
3
-
2
0
8
8
No
t
e
5
DE
F
I
N
E
D
BE
N
E
F
I
T
PE
N
S
I
O
N
PL
A
N
-
SI
N
G
L
E
E
M
P
W
Y
E
R
-
FI
R
E
RE
L
I
E
F
AS
S
O
C
I
A
T
I
O
N
A.
PL
A
N
DE
S
C
R
I
P
I
1
0
N
Th
e
Ci
t
y
co
n
t
r
i
b
u
t
e
s
tc
th
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
De
p
a
r
t
m
e
n
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
(t
h
e
As
s
o
c
i
a
t
i
o
n
)
wh
i
c
h
is
th
e
ad
m
i
n
i
s
t
r
a
t
o
r
o
f
a
si
n
g
l
e
em
p
l
o
y
e
r
,
pu
b
l
i
c
em
p
l
o
y
e
e
de
f
i
n
e
d
be
n
e
f
i
t
re
t
i
r
e
m
e
n
t
sy
s
t
e
m
tc
pr
o
v
i
d
e
a
re
t
i
r
e
m
e
n
t
pl
a
n
(t
h
e
Pl
a
n
)
tc
vo
l
u
n
t
e
e
r
fi
r
e
f
i
g
h
t
e
r
s
o
f
th
e
Ci
t
y
wh
o
ar
e
me
m
b
e
r
s
of
th
e
As
s
o
c
i
a
t
i
o
n
.
Th
e
As
s
o
c
i
a
t
i
o
n
is
or
g
a
n
i
z
e
d
an
d
op
e
r
a
t
e
s
un
d
e
r
th
e
pr
o
v
i
s
i
o
n
s
o
f
Mi
n
n
e
s
o
t
a
St
a
t
e
St
a
t
u
t
e
s
42
4
A
,
an
d
pr
o
v
i
d
e
s
be
n
e
f
i
t
s
in
ac
c
o
r
d
a
n
c
e
wi
t
h
th
o
s
e
st
a
t
u
t
e
s
.
At
De
c
e
m
b
e
r
31
,
20
1
4
,
th
e
me
m
b
e
r
s
h
i
p
o
f
th
e
As
s
o
c
i
a
t
i
o
n
co
n
s
i
a
t
e
d
of
:
Re
t
i
r
e
e
s
an
d
be
n
e
f
i
c
i
a
r
i
e
s
cu
r
r
e
n
t
l
y
re
c
e
i
v
i
n
g
be
n
e
f
i
t
s
Te
r
m
i
n
a
t
e
d
em
p
l
o
y
e
e
s
en
t
i
t
l
e
d
tc
be
n
e
f
i
t
s
bu
t
no
t
ye
t
re
c
e
i
v
i
n
g
th
e
m
Ac
t
i
v
e
pl
a
n
pa
r
t
i
c
i
p
a
n
t
s
-
ve
s
t
e
d
Ac
t
i
v
e
pl
a
n
pa
r
t
i
c
i
p
a
n
t
s
-
no
n
-
v
e
s
t
e
d
To
t
s
!
21
6
16
18
61
Th
e
As
s
o
c
i
a
t
i
o
n
is
s
u
e
s
a
fi
n
a
n
c
i
a
l
re
p
o
r
t
th
a
t
in
c
l
u
d
e
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
fo
r
th
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
De
p
a
r
t
m
e
n
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
.
Th
a
t
re
p
o
r
t
is
av
a
i
l
a
b
l
e
at
th
e
Ci
t
y
of
B
r
o
c
k
l
y
n
Ce
n
t
e
r
Ci
t
y
of
f
i
c
e
s
.
B.
BE
N
E
F
I
T
S
PR
O
V
I
D
E
D
Ba
s
i
c
Se
r
v
i
c
e
Pe
n
s
i
o
n
fo
r
Re
t
i
r
e
d
Me
m
b
e
r
s
-U
p
o
n
re
t
i
r
e
m
e
n
t
ea
c
h
in
d
i
v
i
d
u
a
l
wi
l
l
re
c
e
i
v
e
a
lu
m
p
su
m
di
s
t
r
i
b
u
t
i
o
n
of
$
7
,
5
0
0
pe
r
ye
a
r
o
f
se
r
v
i
c
e
.
Th
i
a
be
n
e
f
i
t
le
v
e
l
wa
s
pl
a
c
e
d
in
t
c
ef
f
e
c
t
on
Ja
n
u
a
r
y
I,
20
0
6
.
Pr
i
o
r
to
19
9
8
,
a
mo
n
t
h
l
y
be
n
e
f
i
t
le
v
e
l
o
f
$2
6
.
5
0
wa
s
av
a
i
l
a
b
l
e
fo
r
re
t
i
r
e
e
s
.
Th
e
mo
n
t
h
l
y
be
n
e
f
i
t
is
no
lo
n
g
e
r
an
op
t
i
o
n
fo
r
re
t
i
r
i
n
g
me
m
b
e
r
s
.
Ve
s
t
e
d
,
te
r
u
t
i
n
a
t
e
d
me
m
b
e
r
s
,
wh
o
ar
e
en
t
i
t
l
e
d
to
be
n
e
f
i
t
s
bu
t
ar
e
no
t
ye
t
re
c
e
i
v
i
n
g
th
e
m
,
ar
e
bo
u
n
d
by
th
e
pr
o
v
i
s
i
o
n
s
in
ef
f
e
c
t
at
th
e
ti
m
e
o
f
te
r
m
i
n
a
t
i
o
n
fr
o
m
me
r
o
b
e
r
s
h
i
p
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Ba
s
i
c
Se
n
r
i
c
e
Pe
n
s
i
o
n
fo
r
De
f
e
r
r
e
d
Pe
n
s
i
o
n
e
r
-
A
me
m
b
e
r
who is otheiWi.se qualified for a service pension but who bas not
re
a
c
h
e
d
th
e
ag
e
o
f
50
ye
s
r
s
ma
y
re
t
i
r
e
fr
o
m
th
e
Fi
r
e
De
p
a
r
t
m
e
n
t
without forfeiting the members right to such pension. Upon
ap
p
r
o
v
a
l
o
f
an
ap
p
l
i
c
a
t
i
o
n
th
e
r
e
f
o
r
e
,
th
e
de
f
e
r
r
e
d
pe
n
s
i
o
n
e
r
shall receive a pension baaed on the benefit level at that time
mu
l
t
i
p
l
i
e
d
by
su
c
h
pe
r
s
o
n
'
s
ye
s
r
s
o
f
ac
t
i
v
e
se
r
v
i
c
e
wi
t
h
th
e
Fire Department and further multiplied by the decimal equivalent
o
f
th
e
ap
p
l
i
c
a
b
l
e
pe
r
c
e
u
t
s
g
e
de
t
e
r
m
i
n
e
d
fr
o
m
th
e
fu
l
l
ow
i
n
g
table:
Ye
a
r
s
o
f
Se
r
v
i
c
e
10
11
12
13
14
15
16
17
18
19
20
an
d
be
y
o
n
d
C.
FU
N
D
I
N
G
PO
L
I
C
Y
Applicable Percentage 60% 64 68 72 76 80 84 88 92 96 100
Th
e
Ci
t
y
le
v
i
e
s
pr
o
p
e
r
t
y
ta
x
e
s
at
th
e
di
r
e
c
t
i
o
o
o
f
an
d
fo
r
th
e
benefit of the Plan and passes through stare aids allocated to the
Pl
a
n
,
al
l
in
ac
c
o
r
d
a
n
c
e
wi
t
h
en
a
b
l
i
n
g
St
a
t
e
st
a
t
u
t
e
s
.
Th
e
mi
n
i
m
u
m
tax levy obligation is the financial contribution requirement
fo
r
th
e
ye
a
r
le
s
s
an
t
i
c
i
p
a
t
e
d
st
a
t
e
ai
d
s
.
D.
CO
N
T
R
I
B
U
T
I
O
N
S
Au
t
h
o
r
i
t
y
fu
r
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
pe
n
s
i
o
o
pl
a
n
is
es
t
a
b
l
i
s
h
e
d
by Minn. Stat. § 69.77 and may be amended only by the
Mi
n
n
e
s
o
t
s
St
a
t
e
Le
g
i
s
l
a
t
u
r
e
.
Se
e
20
1
3
Mi
n
n
.
La
w
s
,
ch
.
11
1
,
art. 5, §§ 31 to 42 and 80. There are no employee contributions.
Th
e
Ci
t
y
pr
o
v
i
d
e
d
st
a
t
u
t
o
r
y
co
n
t
r
i
b
u
t
i
o
n
s
in
20
1
5
.
Th
e
ac
t
u
a
r
y
compares the actual statutory contribution rate tc a "required"
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
.
Th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
co
n
s
i
s
t
s
of
:
(a) normal costs baaed on entry age normal cost methods, (b) a
su
p
p
l
e
m
e
n
t
a
l
co
n
t
r
i
b
u
t
i
o
n
fo
r
am
o
r
t
i
z
i
n
g
an
y
un
f
u
n
d
e
d
ac
t
u
a
r
i
a
l
accrued liability, and (c) an allowance for administrative
ex
p
e
n
s
e
s
.
E.
PE
N
S
I
O
N
CO
S
T
S
At
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
an
as
s
e
t
of
$
1
,
0
9
2
,
4
1
6
for the difference b-een the Fire Relief Plan Fiduciary net
po
s
i
t
i
o
n
an
d
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
was measured as of December 31, 2014, and the total pension
li
a
b
i
l
i
t
y
us
e
d
tc
ca
l
c
u
l
a
t
e
th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
wa
s
de
t
e
r
m
i
n
e
d
by an actuarial valuation as of that date.
IV-40
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Ch
a
n
g
e
s
in
Ne
t
Pe
n
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i
o
n
As
s
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t
Ba
l
a
n
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e
at
12
/
3
1
1
1
4
Ch
a
n
g
e
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fo
r
th
e
Ye
a
r
Se
r
v
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In
t
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r
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n
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st
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In
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l
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at
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In
c
r
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a
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e
(D
e
c
r
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a
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e
)
To
t
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l
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i
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a
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{A
s
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t
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$
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85
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At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
de
f
e
r
r
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d
ou
t
f
l
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w
s
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re
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s
,
an
d
de
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r
r
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d
in
f
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w
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o
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re
s
o
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r
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s
,
it
s
co
n
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i
b
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i
o
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s
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
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r
e
m
e
n
t
da
t
e
,
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
fr
o
m
th
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fo
l
l
o
w
i
n
g
so
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r
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s
:
Di
f
f
e
r
e
n
c
e
s
be
t
w
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e
n
pr
o
j
e
c
t
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d
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t
u
a
l
in
v
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t
m
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To
t
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De
f
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r
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d
Ou
t
f
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w
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o
f
R
e
s
o
~
81
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5
0
6
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0
6
1
$
22
9
,
5
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7
De
f
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In
f
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of
Re
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s
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as
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l
a
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to
pe
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o
m
Ci
t
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a
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t
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th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
.
De
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
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e
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t
a
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l
i
n
g
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4
3
,
0
6
1
re
l
a
t
e
d
to
st
a
t
e
ai
d
re
c
e
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v
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su
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s
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q
u
e
n
t
to
th
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me
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s
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r
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m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
n
i
z
e
d
fo
r
it
s
im
p
a
c
t
on
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
ye
a
r
m
d
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d
De
c
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m
b
e
r
31
,
2
0
1
6
.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
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r
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d
ou
t
f
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s
an
d
de
f
e
r
r
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d
in
f
l
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s
o
f
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l
a
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e
d
to
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n
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i
o
n
s
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l
l
be
re
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o
g
n
i
z
e
d
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
Ye
a
r
Pe
n
s
i
o
n
En
d
e
d
Ex
p
e
n
s
e
De
c
e
m
b
e
r
31
,
_
Am
o
u
n
t
20
1
6
$
20
,
3
7
7
20
1
7
20
,
3
7
7
20
1
8
20
,
3
7
7
20
1
9
20
,
3
7
5
To
t
a
l
$
81
,
5
0
6
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
F.
AC
T
U
A
R
I
A
L
AS
S
U
M
P
T
I
O
N
S
Th
e
As
s
o
c
i
a
t
i
o
n
is
fu
n
d
e
d
wi
t
h
co
n
t
r
i
b
u
t
i
o
n
s
fr
o
m
th
e
Ci
t
y
of Brooklyn Center. The actuarially determined contributions in the
Sc
h
e
d
u
l
e
o
f
Co
n
t
r
i
b
u
t
i
o
n
s
ar
e
ca
l
c
u
l
a
t
e
d
as
o
f
th
e
be
g
i
n
n
i
n
g
of the fiscal year in which contributioos were reported.
Th
e
fo
l
l
o
w
i
n
g
me
t
h
o
d
s
an
d
as
s
u
m
p
t
i
o
n
s
we
r
e
us
e
d
to
ca
l
c
u
l
a
t
e
the actuarially determined contributions reported in the most
re
c
e
u
t
fi
s
c
a
l
ye
a
r
en
d
.
•
Th
e
mo
s
t
re
c
e
n
t
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
da
t
e
is
January 1, 2015.
•
Ac
t
u
a
r
i
a
l
co
s
t
is
de
t
e
r
m
i
n
e
d
us
i
n
g
th
e
En
t
r
y
Age Normal Cost Method.
•
Th
e
ac
t
u
a
r
i
a
l
va
l
u
e
o
f
as
s
e
t
s
is
ma
r
k
e
t
va
l
u
e
.
•
Th
e
un
f
u
n
d
e
d
ac
c
r
u
e
d
li
a
b
i
l
i
t
y
is
am
o
r
t
i
z
e
d
using a 20-year rolling end date.
•
In
v
e
s
t
m
e
n
t
ra
t
e
o
f
re
t
u
m
is
7.
0
0
pe
r
c
e
n
t
.
•
Th
e
in
f
l
a
t
i
o
n
ra
t
e
as
s
u
m
p
t
i
o
n
is
2.
7
5
pe
r
c
e
n
t
.
•
Mo
r
t
a
l
i
t
y
as
s
u
m
p
t
i
o
n
s
fo
r
pr
e
-
r
e
t
i
r
e
m
e
n
t
,
post-retirement, and post-disability are:
Pr
e
-
r
e
t
i
r
e
m
e
n
t
:
R
P
20
0
0
No
n
-
a
n
n
u
i
t
a
n
t
Table with white collar adjustment,
ge
n
e
r
a
t
i
o
o
a
l
l
y
projected using Scale AA, and set back two
ye
a
r
s
fu
r
ma
l
e
s
and feroales.
Po
s
t
-
r
e
t
i
r
e
m
e
n
t
:
Po
s
t
-
d
i
s
a
b
i
l
i
t
y
:
RP
20
0
0
An
n
u
i
t
a
n
t
Mortality Table with white collar
ad
j
u
s
t
m
e
n
t
,
generatiooally projected uaing Scale AA for males
an
d
fe
m
a
l
e
s
.
RP
20
0
0
An
n
u
i
t
a
n
t
Mortality Table with white collar
ad
j
u
s
t
m
e
n
t
,
set forward eight years for males and feroales.
Th
e
r
e
we
r
e
no
ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
in
20
1
5
.
Th
e
be
s
t
es
t
i
m
a
t
e
ra
n
g
e
fo
r
th
e
lo
n
g
-
t
e
r
m
ex
p
e
c
t
e
d
ra
t
e
o
f
re
t
u
m
is determined by adding expected inflation to expected
lo
n
g
-
t
e
r
m
re
a
l
re
t
u
m
s
an
d
re
f
l
e
e
t
i
n
g
ex
p
e
c
t
e
d
vo
l
a
t
i
l
i
t
y
an
d
correlation. The capital market assumptions are per the actuary's
in
v
e
s
t
m
e
n
t
co
n
s
u
l
t
i
n
g
pr
a
c
t
i
c
e
as
o
f
Ja
n
u
a
r
y
I,
20
1
5
Long-Term Target Expected Real
As
s
e
t
Cl
a
s
s
Allocation Rate of Return
Do
m
e
s
t
i
c
an
d
In
t
e
r
n
a
t
i
o
n
a
l
Eq
u
i
t
i
e
s
50.00'/, 5.00'/o
Fi
x
e
d
In
c
o
m
e
45.00'/o 1.75%
Ca
s
h
an
d
eq
u
i
v
a
l
e
n
t
s
5.ooo;, 0.25%
G.
DI
S
C
O
U
N
T
RA
T
E
Th
e
di
s
c
o
u
n
t
ra
t
e
us
e
d
to
me
a
s
u
r
e
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
was 7.00 percent. The ~ection of cash flows used to determine
th
e
di
s
c
o
u
n
t
ra
t
e
as
s
u
m
e
d
th
a
t
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
wi
l
l
be
ma
d
e
at the acmal statutory contribution rate. Based on those
as
s
u
m
p
t
i
o
a
s
,
th
e
As
s
o
c
i
a
t
i
o
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
wa
s
pr
o
j
e
c
t
e
d
to be available to make all projected future benefit
pa
y
m
e
n
t
s
o
f
th
e
cu
r
r
e
n
t
pl
a
n
me
m
b
e
r
s
.
Th
e
r
e
f
o
r
e
,
th
e
lo
a
g
-
t
e
r
m
expected rate of retum on peasion plaa investments was
ap
p
l
i
e
d
to
al
l
pe
r
i
o
d
s
o
f
pr
o
j
e
c
t
e
d
be
n
e
f
i
t
pa
y
m
e
n
t
s
to
de
t
e
r
m
i
n
e
the total pension liability.
IV-41
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
f
f
i
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
H.
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
(A
S
S
E
T
)
SE
N
S
I
T
I
V
I
T
Y
Th
e
fo
l
l
o
w
i
n
g
pr
e
s
e
n
t
s
th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
ca
l
c
u
l
a
t
e
d
us
i
n
g
th
e
di
s
c
o
u
n
t
mt
e
o
f
7.
0
0
pe
r
c
e
n
t
,
as
we
l
l
as
wh
a
t
th
e
ne
t
pe
n
s
i
o
n
(a
s
s
e
t
)
/
l
i
a
b
i
l
i
t
y
wo
u
l
d
be
i
f
it
we
r
e
ca
l
c
u
l
a
t
e
d
us
i
n
g
a
di
s
c
o
u
n
t
mt
e
th
a
t
is
on
.
,
.
p
e
r
c
e
n
t
s
g
e
-
p
o
i
n
t
lo
w
e
r
(6
.
0
0
pe
r
c
e
n
t
)
or
on
e
pe
r
c
e
n
t
s
g
.
,
.
po
i
n
t
hi
g
h
e
r
(8
.
0
0
pe
r
c
e
n
t
)
th
a
n
th
e
CU
I
T
e
l
l
t
mt
e
:
Ci
t
y
'
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
a
r
e
o
f
th
e
N
e
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
Ne
t
Pe
n
s
i
o
n
(A
s
s
e
t
)
/
L
i
a
b
i
l
i
t
y
6.
0
0
"
/
o
On
e
Po
i
n
t
De
c
r
e
a
s
e
(9
7
4
,
7
7
0
)
No
t
e
6
MU
L
T
I
P
L
E
-
E
M
P
L
O
Y
E
R
DE
F
I
N
E
D
BE
N
E
F
I
T
PE
N
S
I
O
N
PL
A
N
7.
0
0
%
Cu
r
r
e
n
t
Ra
t
e
8.
0
0
"
/
o
On
e
Po
i
n
t
In
c
r
e
a
s
e
(1
,
0
9
2
,
4
1
6
)
$
(1
,
1
9
5
,
4
8
4
)
Ci
t
y
er
o
p
l
o
y
e
e
s
be
l
o
n
g
i
n
g
to
In
t
e
r
n
a
t
i
o
n
a
l
Un
i
o
n
o
f
Op
e
r
a
t
i
n
g
En
g
i
n
e
e
r
s
(I
U
O
E
)
ar
e
pa
r
t
i
c
i
p
a
n
t
s
in
a
mu
l
t
i
p
l
.
,
.
e
m
p
l
o
y
e
r
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
Ce
n
t
r
a
l
Pe
n
s
i
o
n
Fu
n
d
o
f
th
e
In
t
e
r
n
a
t
i
o
n
a
l
Un
i
o
n
o
f
Op
e
r
a
t
i
n
g
En
g
i
n
e
e
r
s
an
d
Pa
r
t
i
c
i
p
a
t
i
n
g
Em
p
l
o
y
e
r
s
(C
P
F
)
ad
m
i
n
i
s
t
e
r
e
d
by
th
e
Bo
a
r
d
o
f
Tr
u
s
t
e
e
s
o
f
th
e
Ce
n
t
r
a
l
Pe
n
s
i
o
n
Fu
n
d
.
Th
e
pl
a
n
is
a
co
s
t
-
s
h
a
r
i
n
g
pe
n
s
i
o
n
pl
a
n
th
a
t
is
no
t
a
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
a
l
pe
n
s
i
o
n
pl
a
n
,
is
us
e
d
to
pr
o
v
i
d
e
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
s
bo
t
h
to
em
p
l
o
y
e
r
s
th
a
t
ar
e
no
t
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
a
l
em
p
l
o
y
e
r
s
,
an
d
ha
s
no
pr
e
d
o
m
i
n
a
n
t
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
er
o
p
l
o
y
e
r
.
Th
e
Pl
a
n
is
s
u
e
s
a
pu
b
l
i
c
l
y
av
a
i
l
a
b
l
e
fi
n
a
n
c
i
a
l
re
p
o
r
t
lo
c
a
t
e
d
on
th
e
i
r
we
b
s
i
t
e
at
ww
w
.
c
p
f
i
u
o
e
.
o
r
g
.
Th
e
Ci
t
y
ha
s
22
em
p
l
o
y
e
e
s
wh
o
ar
e
co
v
e
r
e
d
by
th
i
s
pe
n
s
i
o
n
pl
a
n
.
Th
e
pl
a
n
pr
o
v
i
d
e
s
be
n
e
f
i
t
s
su
c
h
as
mo
n
t
h
l
y
re
t
i
r
e
m
e
n
t
in
c
o
m
e
,
sp
e
c
i
a
l
an
d
ea
r
l
y
re
t
i
r
e
m
e
n
t
be
n
e
f
i
t
s
,
po
s
t
-
r
e
t
i
n
:
m
e
n
t
su
r
v
i
v
i
n
g
sp
o
u
s
e
be
n
e
f
i
t
s
,
Pf
"
'
r
e
t
i
r
e
m
e
n
t
su
r
v
i
v
i
n
g
sp
o
u
s
e
be
n
e
f
i
t
s
,
an
d
di
s
a
b
i
l
i
t
y
be
n
e
f
i
t
s
.
Th
e
CP
F
is
a
su
p
p
l
e
m
e
n
t
a
l
Pe
n
s
i
o
n
Fu
n
d
au
t
h
o
r
i
z
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
35
6
.
2
4
,
su
b
d
i
v
i
s
i
o
n
1(
9
)
.
Th
e
CP
F
Pl
a
n
o
f
Be
n
e
f
i
t
s
an
d
th
e
Ag
r
e
e
m
e
n
t
an
d
De
c
l
a
r
a
t
i
o
n
o
f
Tr
u
s
t
wi
l
l
se
r
v
e
as
th
e
go
v
e
r
n
i
n
g
do
c
u
m
e
n
t
s
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
pl
a
n
ar
e
pu
r
s
u
a
n
t
to
a
co
l
l
e
c
t
i
v
e
ba
r
g
a
i
n
i
n
g
ag
r
e
e
m
e
n
t
wi
t
h
th
e
IU
O
E
wh
i
c
h
ex
p
i
r
e
s
De
c
e
m
b
e
r
31
,
2
0
1
6
.
Th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
mt
e
is
$0
.
9
6
pe
r
ho
u
r
,
wh
i
c
h
is
ap
p
l
i
e
d
to
al
l
co
m
p
e
n
s
a
t
e
d
ho
u
r
s
,
an
d
ca
p
p
e
d
at
$5
,
0
0
0
pe
r
ye
a
r
.
To
t
a
l
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
we
r
e
$5
1
,
6
9
9
.
Wi
t
h
re
g
a
r
d
to
wi
t
h
d
m
w
a
l
fr
o
m
th
e
pe
n
s
i
o
n
pl
a
n
,
th
e
pa
r
t
i
e
s
ag
r
e
e
th
a
t
th
e
am
o
u
n
t
th
a
t
wo
u
l
d
ot
h
e
r
w
i
s
e
be
pa
i
d
in
sa
l
a
r
y
or
wa
g
e
s
wi
l
l
be
co
n
t
r
i
b
u
t
e
d
in
s
t
e
s
d
to
th
e
CP
F
as
Pf
"
'
t
a
x
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
.
No
t
e
7
DE
F
I
N
E
D
CO
N
T
R
I
B
U
T
I
O
N
PL
A
N
Th
e
r
e
ar
e
fi
v
e
Ci
t
y
Co
u
n
c
i
l
me
m
b
e
r
s
o
f
th
e
Ci
t
y
ar
e
co
v
e
r
e
d
by
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
De
f
i
n
e
d
Co
n
t
r
i
b
u
t
i
o
n
Pl
a
n
(P
E
D
C
P
)
,
a
mu
l
t
i
p
l
.
,
.
e
r
o
p
l
o
y
e
r
de
f
e
r
r
e
d
co
m
p
e
n
s
a
t
i
o
n
pl
a
n
ad
m
i
n
i
s
t
e
r
e
d
by
PE
R
A
.
Th
e
PE
D
C
P
is
a
ta
x
qu
a
l
i
f
i
e
d
pl
a
n
un
d
e
r
Se
c
t
i
o
n
40
1
(
a
)
o
f
th
e
In
t
e
r
n
a
l
Re
v
e
n
u
e
Co
d
e
an
d
al
l
co
n
t
r
i
b
u
t
i
o
n
s
by
or
on
be
h
a
l
f
o
f
er
o
p
l
o
y
e
e
s
ar
e
ta
x
de
f
e
r
r
e
d
un
t
i
l
ti
m
e
of
wi
t
h
d
m
w
a
l
.
Pl
a
n
be
n
e
f
i
t
s
de
p
e
n
d
so
l
e
l
y
on
am
o
u
n
t
s
oo
n
t
r
i
b
u
t
e
d
to
th
e
pl
a
n
pl
u
s
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
,
le
s
s
ad
m
i
n
i
s
t
m
t
i
v
e
es
p
e
n
s
e
s
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
Ch
a
p
t
e
r
35
3
(
0
.
0
3
)
,
sp
e
c
i
f
i
e
s
pl
a
n
pr
o
v
i
s
i
o
n
s
,
in
c
l
u
d
i
n
g
th
e
em
p
l
o
y
e
e
an
d
er
o
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
fo
r
th
o
s
e
qu
a
l
i
f
i
e
d
pe
r
s
o
n
n
e
l
wh
o
el
e
c
t
to
pa
r
t
i
c
i
p
a
t
e
.
An
el
i
g
i
b
l
e
el
e
c
t
e
d
of
f
i
c
i
a
l
wh
o
de
c
i
d
e
s
to
pa
r
t
i
c
i
p
a
t
e
co
n
t
r
i
b
u
t
e
s
5
pe
r
c
e
n
t
o
f
sa
l
a
r
y
wh
i
c
h
is
ma
t
c
h
e
d
by
th
e
el
e
c
t
e
d
of
f
i
c
i
a
l
'
s
er
o
p
l
o
y
e
r
.
Em
p
l
o
y
e
r
an
d
er
o
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
ar
e
co
m
b
i
n
e
d
an
d
us
e
d
to
pu
r
c
h
a
s
e
sh
a
r
e
s
in
on
e
or
mo
r
e
o
f
th
e
se
v
e
n
ac
c
o
u
n
t
s
o
f
th
e
Mi
n
n
e
s
o
t
a
Su
p
p
l
e
m
e
n
t
a
l
In
v
e
s
t
m
e
n
t
Fu
n
d
.
Fo
r
ad
m
i
n
i
s
t
e
t
i
u
g
th
e
pl
a
n
,
PE
R
A
re
c
e
i
v
e
s
2
pe
r
c
e
n
t
o
f
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
an
d
tw
e
n
t
y
-
f
i
v
e
hu
n
d
r
e
d
t
h
s
o
f
I
pe
r
c
e
n
t
(.
0
0
2
5
%
)
o
f
th
e
as
s
e
t
s
in
ea
c
h
me
m
b
e
r
s
ac
c
o
u
n
t
an
n
u
a
l
l
y
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
f
f
i
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
To
t
a
l
co
n
t
r
i
b
u
t
i
o
n
s
ma
d
e
by
th
e
Ci
t
y
fo
r
th
e
la
s
t
th
r
e
e
fi
s
c
a
l
years were: Required Rate for Employees &
Co
n
t
r
i
b
u
t
i
o
n
Am
o
u
n
t
Percentaj!e of Covered Payroll Employers
Fo
r
th
e
Ye
a
r
En
d
e
d
:
Em
p
l
o
y
e
e
Em
p
l
o
y
e
r
Employee Employer Employee Employer
De
c
e
m
b
e
r
31
,
20
1
5
De
c
e
m
b
e
r
31
,
20
1
4
De
c
e
m
b
e
r
31
,
2
0
1
3
$
90
7
90
7
88
0
No
t
e
8
OT
H
E
R
PO
S
T
-
E
M
P
L
O
X
M
E
N
T
BE
N
E
F
I
T
S
A.
PL
A
N
DE
S
C
R
I
P
T
I
O
N
90
7
90
7
88
0
5.0"/o 5.0% 5.0"/o 5.0°/o 5.0% 5.0% 5.0"/o 5.0"/o 5.0"/o 5.0% 5.0% 5.0"/o
In
ad
d
i
t
i
o
n
to
pr
o
v
i
d
i
n
g
th
e
pe
n
s
i
o
n
be
n
e
f
i
t
s
de
s
c
r
i
b
e
d
in
Note 4.B., the City provides postemployment health care benefits for
re
t
i
r
e
d
em
p
l
o
y
e
e
s
an
d
po
l
i
c
e
di
s
a
b
l
e
d
in
th
e
li
n
e
o
f
du
t
y
,
th
r
o
u
g
h
a singl~ployer defined benefit plan administered by the
Ci
t
y
.
Th
e
au
t
h
o
r
i
t
y
to
pr
o
v
i
d
e
th
e
s
e
be
n
e
f
i
t
s
is
es
t
a
b
l
i
s
h
e
d
in Minnesota Statutes Sections 471.61 subd 2a. and 299A.465.
Th
e
be
n
e
f
i
t
s
,
be
n
e
f
i
t
le
v
e
l
s
,
em
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
an
d
em
p
l
o
y
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r
contributions are governed by the City and can be amended
by
th
e
Ci
t
y
th
r
o
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g
h
it
s
pe
r
s
o
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d
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agreements with employee groups. The Plan is not
ac
c
o
u
n
t
e
d
fo
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as
a
tr
u
s
t
fu
n
d
,
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ir
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s
t
ha
s
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t
been established to account for the Plan. The Plan does not
is
s
u
e
a
se
p
a
r
a
t
e
re
p
o
r
t
.
B.
BE
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n
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e
participation in the City's group health insumnce plan if the
in
d
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u
a
l
te
r
m
i
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t
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retirement or disability retirement. Former employees who are
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c
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i
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g
.
or
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o
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i
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e
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to
receive. an annuity from a Minnesota public pension plan and
th
o
s
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u
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y
eligible to participate in this Plan. Retirees may obtain
de
p
e
n
d
e
n
t
co
v
e
r
a
g
e
i
f
th
e
em
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e
n
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e
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t
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e
r
a
g
e
immediately before leaving employmmt. Covered spouses
ma
y
co
n
t
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n
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e
co
v
e
r
a
g
e
af
t
e
r
th
e
de
a
t
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o
f
a
re
t
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e
.
In
ad
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i
t
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o
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,
the surviving spouse of an active employee may continue
co
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in
th
e
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o
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s
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e
pl
a
n
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t
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r
th
e
em
p
l
o
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e
'
s
death.
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e
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r
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is
pr
o
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e
d
th
r
u
u
g
h
th
e
Ci
t
y
'
s
gr
o
u
p
health insumnce plans. The retiree is reqnired to pay the
pr
e
m
i
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m
as
de
s
c
r
i
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d
be
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:
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employment
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requirement for a full retin:ment annuity under PERA or
PE
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disability, or any other reason for reduction shall be eligible for the
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time as the retiree is eligible for Medicare or at age 65, whichever
is
so
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in
eJ
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of single coverage, the additional cost for the coverage shall
be
pa
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to
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by
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on
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$
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6
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0
(2
5
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)
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r
f
o
r
m
e
d
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r
th
e
pl
a
n
as ofJanuacy I, 2014 to determine the funded status of the plan as
o
f
th
a
t
da
t
e
as
we
l
l
as
th
e
er
u
p
l
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y
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r
'
s
AR
C
fo
r
th
e
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s
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l
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r
ended December 31, 2015. The City's annual OPEB cost, the
pe
r
c
e
n
t
a
g
e
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f
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l
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,
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d
the net OPEB obligation for the past three years were as
fo
l
l
o
w
s
:
Percentage of
Fi
s
c
a
l
An
n
u
a
l
Annual Net
Ye
a
r
OP
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B
Employer OPEBCost OPEB
En
d
e
d
Co
s
t
Contributions Contributed Oblisation
12
1
3
1
/
2
0
1
3
$
23
8
,
7
4
4
$ 140,071 58.67% $ 586,026
12
/
3
1
/
2
0
1
4
22
6
,
7
2
4
182,756 80.61% 629,994
12
/
3
1
/
2
0
1
5
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148,626 64.84% 710,605
IV-43
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S
De
c
e
m
b
e
r
31
,
2
0
1
5
In
th
e
Ja
n
u
a
r
y
I
,
20
1
4
ac
t
u
a
r
i
a
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u
a
t
i
o
n
,
th
e
Pr
o
j
e
c
t
e
d
Un
i
t
Credit actuarial cost was used. The actuarial assumptions
in
c
l
u
d
e
d
a
4.
5
%
in
v
e
s
b
n
e
n
t
ra
t
e
o
f
re
t
u
r
n
(n
e
t
o
f
ad
m
i
n
i
s
t
r
a
t
i
v
e
expenses) and an initial annual health care cost trend rate of
9.
0
%
re
d
u
c
e
d
by
0.
3
3
%
ea
c
h
ye
a
r
to
ar
r
i
v
e
at
an
ul
t
i
m
a
t
e
health care cost trend rate of 5.0%. Both rates include a 3.0%
in
f
l
a
t
i
o
n
as
s
u
m
p
t
i
o
n
.
Th
e
ac
t
u
a
r
i
a
l
va
l
u
e
o
f
as
s
e
t
s
is
$0
,
ho
w
e
v
e
r
the City does have $565,856 of funds accumulated in an
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
.
Th
e
pl
a
n
s
'
un
f
u
n
d
e
d
ac
t
u
a
r
i
a
l
ac
c
r
u
e
d
liability is being amortized as of the valuation date with a payroll
gr
o
w
t
h
ra
t
e
of
3
.
7
5
%
ov
e
r
30
ye
a
r
s
on
an
op
e
n
ba
s
i
s
.
No
t
e
9
O
T
I
I
E
R
IN
F
O
R
M
A
T
I
O
N
A.
R
I
S
K
MA
N
A
G
E
M
E
N
T
Th
e
Ci
t
y
is
ex
p
o
s
e
d
to
va
r
i
o
u
s
ri
s
k
s
o
f
lo
s
s
re
l
a
t
e
d
to
to
r
t
s
;
th
e
f
t
of, damage to and destruction of assets; errors and
om
i
s
s
i
o
n
s
an
d
na
t
u
r
a
l
di
s
a
s
t
e
r
s
.
Pr
o
p
e
r
t
y
an
d
ca
s
u
a
l
t
y
in
s
u
r
a
n
c
e
is
pr
o
v
i
d
e
d
th
r
o
u
g
h
th
e
Le
a
g
u
e
ofMinnescta Cities Insurance Trust (LMCIT), a public entity
ri
s
k
po
o
l
cu
r
r
e
n
t
l
y
op
e
r
a
t
i
n
g
as
a
co
m
m
o
n
ri
s
k
ma
n
a
g
e
m
e
n
t
and insurance program for Minnesota cities: general liability,
pr
o
p
e
r
t
y
,
au
t
o
m
o
b
i
l
e
,
mo
b
i
l
e
pr
o
p
e
r
t
y
an
d
ma
r
i
n
e
,
cr
i
m
e
,
em
p
l
o
y
e
e
dishonesty, boiler, and open meeting law. The City pays an
an
n
u
a
l
in
s
u
r
a
n
c
e
pr
e
m
i
u
m
to
th
e
LM
C
l
T
fo
r
it
s
in
s
u
r
a
n
c
e
co
v
e
r
a
g
e
.
The City is subject to supplemental assessments if
de
e
m
e
d
ne
c
e
s
s
a
r
y
by
th
e
LM
C
I
T
.
Cu
r
r
e
n
t
l
y
,
th
e
LM
C
I
T
is
self-sustaining through member premiums and reinsures through
co
m
m
e
r
c
i
a
l
co
m
p
a
n
i
e
s
fo
r
cl
a
i
m
s
in
ex
c
e
s
s
of
va
r
i
o
u
s
am
o
u
n
t
s
.
The City retains risk for the deductible portions of the
in
s
u
r
a
n
c
e
pu
l
i
c
i
e
s
.
Th
e
am
o
u
n
t
o
f
th
e
s
e
de
d
u
c
t
i
b
l
e
&
is
co
n
s
i
d
e
r
e
d
immaterial to the financial statements.
W or
l
c
e
r
s
'
co
m
p
e
n
s
a
t
i
o
n
co
v
e
r
a
g
e
is
pr
o
v
i
d
e
d
th
r
o
u
g
h
a
po
o
l
e
d
self-insurance program through the LMClT. The City pays an
au
n
u
a
l
pr
e
m
i
u
m
to
th
e
LM
C
I
T
.
Th
e
Ci
t
y
is
su
b
j
e
c
t
to
su
p
p
l
e
m
e
n
t
a
l
assessments if deemed necessary by the LMCIT. The
LM
C
I
T
re
i
n
s
u
r
e
s
th
r
o
u
g
h
Wo
r
k
e
r
s
'
Co
m
p
e
n
s
a
t
i
o
n
Re
i
n
s
u
r
a
n
c
e
Association (WCRA) as required by law. For worlcers'
co
m
p
e
n
a
a
t
i
c
m
.
,
th
e
Ci
t
y
is
no
t
su
b
j
e
c
t
to
a
de
d
u
c
t
i
b
l
e
.
Th
e
City's worlcers' compensation is retroactively rated With this type
o
f
co
v
e
r
a
g
e
,
fi
n
a
l
pr
e
m
i
u
m
s
ar
e
de
t
e
r
m
i
n
e
d
af
t
e
r
lo
s
s
ex
p
e
r
i
e
n
c
e
is known. The amount of premium adjustment, if any, is
co
n
s
i
d
e
r
e
d
im
m
a
t
e
r
i
a
l
an
d
no
t
re
c
o
r
d
e
d
un
t
i
l
re
c
e
i
v
e
d
or
pa
i
d
.
Th
e
r
e
we
r
e
no
si
g
n
i
f
i
c
a
n
t
re
d
u
c
t
i
o
n
s
in
in
s
u
r
a
n
c
e
fr
o
m
th
e
previous year or settlements in excess of insurance coverage for
an
y
o
f
th
e
pa
s
t
th
r
e
e
ye
a
r
a
.
B.
AR
B
I
T
R
A
G
E
R
E
B
A
T
E
Th
e
T
a
x
Re
f
o
r
m
Ac
t
o
f
19
8
6
re
q
u
i
r
e
s
go
v
e
r
n
m
e
n
t
a
l
en
t
i
t
i
e
s
to pay to the federal government income earned on the proceeds
fr
o
m
th
e
is
s
u
a
n
c
e
o
f
de
b
t
in
ex
c
e
s
s
o
f
in
t
e
r
e
s
t
co
s
t
s
,
pe
n
d
i
n
g
the expenditure of the borrowed funds. This rebate of interest
in
c
o
m
e
(k
n
o
w
n
as
ar
b
i
t
r
a
g
e
)
ap
p
l
i
e
s
to
go
v
e
r
n
m
e
n
t
a
l
de
b
t
is
s
u
e
d
after Augnst 31, 1986. The City issued greater than $5 million
o
f
bo
n
d
s
in
20
0
4
an
d
th
e
r
e
f
o
r
e
is
re
q
u
i
r
e
d
to
re
b
a
t
e
ex
c
e
s
s
in
v
e
s
b
n
e
n
t
income relating to these issues to the federal
go
v
e
r
n
m
e
n
t
.
Th
e
ex
t
e
n
t
o
f
th
e
Ci
t
y
'
s
li
a
b
i
l
i
t
y
fo
r
ar
b
i
t
r
a
g
e
re
b
a
t
e
s
on the remaining bond issues is not determinable at this
ti
m
e
.
Ho
w
e
v
e
r
,
in
th
e
op
i
n
i
o
n
o
f
ma
n
a
g
e
m
e
n
t
,
an
y
su
c
h
li
a
b
i
l
i
t
y
would be innuaterial.
IV-44
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
C.
LI
T
I
G
A
T
I
O
N
Th
e
Ci
t
y
is
su
b
j
e
c
t
to
ce
r
t
a
i
n
le
g
a
l
cl
a
i
m
s
in
th
e
no
r
m
a
l
cc
u
r
s
e
o
f
bu
s
i
n
e
s
s
.
Ma
n
a
g
e
m
e
n
t
do
e
s
no
t
ex
p
e
c
t
th
e
re
s
c
l
u
t
i
o
n
of
t
h
e
s
e
cl
a
i
m
s
wi
l
l
ha
v
e
a
ma
t
e
r
i
a
l
im
p
a
c
t
on
th
e
Ci
t
y
'
s
fi
n
a
n
c
i
a
l
co
n
d
i
t
i
o
n
or
re
s
u
l
t
s
o
f
op
e
r
a
t
i
o
n
s
.
D.
CO
N
T
I
N
G
E
N
T
LI
A
B
I
L
I
T
I
E
S
Ta
x
In
c
r
e
m
e
n
t
No
t
e
s
In
Ma
y
20
0
2
,
th
e
Ci
t
y
en
t
e
r
e
d
in
t
o
tw
o
li
m
i
t
e
d
ta
x
in
c
r
e
m
e
n
t
no
t
e
s
wi
t
h
de
v
e
l
o
p
e
r
s
wh
e
r
e
b
y
th
e
Ci
t
y
wi
l
l
pa
y
th
e
de
v
e
l
o
p
e
r
s
a
pe
r
c
e
n
t
a
g
e
o
f
th
e
av
a
i
l
a
b
l
e
ta
x
in
c
r
e
m
e
n
t
.
Wh
e
t
h
e
r
pa
y
m
e
n
t
s
wi
l
l
oc
c
u
r
an
d
th
e
am
o
u
n
t
o
f
th
e
pa
y
m
e
n
t
s
is
un
p
r
e
d
i
c
t
a
b
l
e
si
n
c
e
al
l
pa
y
m
e
n
t
s
ar
e
de
p
e
n
d
e
n
t
on
th
e
Ci
t
y
re
c
e
i
v
i
n
g
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
s
fr
o
m
th
e
de
v
e
l
o
p
e
r
'
s
pr
o
j
e
c
t
.
As
su
c
h
,
th
i
s
li
a
b
i
l
i
t
y
ha
s
no
t
be
e
n
re
c
o
r
d
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
An
y
po
t
e
n
t
i
a
l
li
a
b
i
l
i
t
y
en
d
s
wi
t
h
th
e
de
c
e
r
t
i
f
i
c
s
t
i
o
n
o
f
th
e
ta
x
in
c
r
e
m
e
n
t
di
s
t
r
i
c
t
.
In
De
c
e
m
b
e
r
20
1
2
,
th
e
Ci
t
y
en
t
e
r
e
d
in
t
o
a
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
no
t
e
wi
t
h
a
de
v
e
l
o
p
e
r
wh
e
r
e
b
y
th
e
Ci
t
y
wi
l
l
pa
y
th
e
de
v
e
l
o
p
e
r
th
e
av
a
i
l
a
b
l
e
ta
x
in
c
r
e
m
e
n
t
s
as
de
f
i
n
e
d
in
th
e
Ta
x
In
c
r
e
m
e
n
t
De
v
e
l
o
p
m
e
n
t
Ag
r
e
e
m
e
n
t
.
Wh
e
t
h
e
r
pa
y
m
e
n
t
s
wi
l
l
oc
c
u
r
an
d
th
e
am
o
u
n
t
o
f
th
e
pa
y
m
e
n
t
s
is
un
p
r
e
d
i
c
t
a
b
l
e
si
n
c
e
al
l
pa
y
m
e
n
t
s
ar
e
de
p
e
n
d
e
n
t
on
th
e
Ci
t
y
re
c
e
i
v
i
n
g
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
s
fr
o
m
th
e
de
v
e
l
o
p
e
r
'
s
pr
o
j
e
c
t
.
As
su
c
h
,
th
i
s
li
a
b
i
l
i
t
y
ha
s
no
t
be
e
n
re
c
o
r
d
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
An
y
po
t
e
n
t
i
a
l
li
a
b
i
l
i
t
y
en
d
s
wi
t
h
th
e
de
c
e
r
t
i
f
i
c
s
t
i
o
n
o
f
th
e
ta
x
in
c
r
e
m
e
n
t
di
s
t
r
i
c
t
.
A
sc
h
e
d
u
l
e
o
f
th
o
no
t
e
s
ou
t
s
t
a
n
d
i
n
g
at
De
c
e
m
b
e
r
31
,
2
0
1
5
is
as
fo
l
l
o
w
s
:
Am
e
n
d
e
d
or
Or
i
g
i
n
a
l
12
1
3
1
/
2
0
1
5
In
t
e
r
e
s
t
Ma
t
u
r
i
t
y
No
t
e
Pr
i
n
c
i
J
!
!
!
!
Ba
l
a
n
c
e
Ra
t
e
Da
t
e
Tw
i
n
La
k
e
s
Bu
s
i
n
e
s
s
Pa
r
k
$
2,
4
2
4
,
1
9
9
$
35
1
,
2
7
4
8.
0
0
0
/
o
01
1
3
1
/
2
0
2
1
Sh
i
n
g
l
e
Cr
e
e
k
Cr
o
s
s
i
n
g
Pr
o
j
e
c
t
2,
3
0
0
,
0
0
0
2,
1
8
4
,
9
1
2
6.
0
0
%
02
1
0
1
/
2
0
2
8
E.
JO
I
N
T
VE
N
T
U
R
E
S
AN
D
JO
I
N
T
L
Y
GO
V
E
R
N
E
D
OR
G
A
N
I
Z
A
T
I
O
N
S
Th
e
Ci
t
y
ha
s
se
v
e
r
a
l
ag
r
e
e
m
e
n
t
s
wi
t
h
ot
h
e
r
en
t
i
t
i
e
s
th
a
t
pr
o
v
i
d
e
re
d
u
c
e
d
co
s
t
s
,
be
t
t
e
r
se
r
v
i
c
e
,
an
d
ad
d
i
t
i
o
n
a
l
be
n
e
f
i
t
s
to
th
e
pa
r
t
i
c
i
p
a
n
t
s
.
Th
e
pr
o
g
r
a
m
s
in
wh
i
c
h
th
e
Ci
t
y
pa
r
t
i
c
i
p
a
t
e
s
ar
e
li
s
t
e
d
be
l
o
w
an
d
am
o
u
n
t
s
re
c
o
r
d
e
d
wi
t
h
i
n
th
e
cu
r
r
e
n
t
yo
n
r
'
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
di
s
c
l
o
s
e
d
.
Lo
c
a
l
Go
v
e
r
n
m
e
n
t
In
f
u
r
m
a
t
i
o
n
Sy
s
t
e
m
s
As
s
o
c
i
a
t
i
o
n
(L
O
O
!
S
l
Th
i
s
co
n
s
o
r
t
i
u
m
o
f
ap
p
r
o
x
i
m
a
t
e
l
y
30
go
v
e
r
n
m
e
n
t
en
t
i
t
i
e
s
pr
o
v
i
d
e
s
cc
m
p
u
t
e
r
i
z
e
d
da
t
a
pr
o
c
e
s
s
i
n
g
an
d
su
p
p
o
r
t
se
r
v
i
c
e
s
to
it
s
me
m
b
e
r
s
.
LO
G
IS
is
le
g
a
l
l
y
se
p
a
r
a
t
e
;
th
e
Ci
t
y
do
e
s
no
t
ap
p
o
i
n
t
a
vo
t
i
n
g
ma
j
o
r
i
t
y
of
i
t
s
bo
a
r
d
,
an
d
th
e
Co
n
s
o
r
t
i
u
m
is
fi
s
c
a
l
l
y
in
d
e
p
e
n
d
e
n
t
o
f
th
e
Ci
t
y
.
Th
e
to
t
a
l
am
o
u
n
t
re
c
o
r
d
e
d
wi
t
h
i
n
th
e
20
1
5
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
o
f
th
e
Ci
t
y
is
$5
4
9
,
1
5
1
fo
r
ge
n
e
r
a
l
se
r
v
i
c
e
s
an
d
ap
p
l
i
c
a
t
i
o
n
up
g
r
a
d
e
s
pr
o
v
i
d
e
d
.
Co
s
t
s
we
r
e
al
l
o
c
a
t
e
d
to
th
e
va
r
i
o
u
s
fu
n
d
s
ba
s
e
d
on
ap
p
l
i
c
s
t
i
o
n
s
an
d
/
o
r
us
e
o
f
se
r
v
i
c
e
s
.
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
r
LO
O
I
S
ma
y
be
ob
t
a
i
n
e
d
at
th
e
LO
G
IS
of
f
i
c
e
s
lo
c
a
t
e
d
at
57
5
0
Du
l
u
t
h
St
r
e
e
t
,
Go
l
d
e
n
Va
l
l
e
y
,
Mi
n
n
e
s
o
t
a
55
4
2
2
.
LO
G
IS
In
s
u
r
a
n
c
e
Gr
o
u
p
Th
i
s
gr
o
u
p
pr
o
v
i
d
e
s
co
o
p
e
r
a
t
i
v
e
pu
r
c
h
a
s
i
n
g
o
f
he
a
l
t
h
an
d
li
f
e
in
s
u
r
a
n
c
e
be
n
e
f
i
t
s
fo
r
ap
p
r
o
x
i
m
a
t
e
l
y
45
go
v
e
r
n
m
e
n
t
a
l
en
t
i
t
i
e
s
.
Th
e
to
t
a
l
o
f
20
1
5
he
a
l
t
h
an
d
li
f
e
in
s
u
r
a
n
c
e
co
s
t
s
pa
i
d
by
th
o
Ci
t
y
wa
s
$
!
,4
0
0
,
9
4
1
.
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ma
y
be
ob
t
a
i
n
e
d
fr
o
m
Ga
l
l
a
g
h
e
r
Be
n
e
f
i
t
se
r
v
i
c
e
s
,
In
c
.
lo
c
a
t
e
d
at
36
0
0
Am
e
r
i
c
a
n
Bl
v
d
We
s
t
,
Bl
o
o
m
i
n
g
t
o
n
,
MN
55
4
3
1
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
Br
o
o
k
l
v
n
Ce
n
t
e
r
Fi
r
e
Pe
o
a
r
t
m
m
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
(t
h
e
Association)
Th
e
As
s
o
c
i
a
t
i
o
n
is
or
g
a
n
i
z
e
d
as
a
no
n
p
r
o
f
i
t
or
g
a
n
i
z
a
t
i
o
n
,
le
g
a
l
l
y
separate from the City, by its members to provide
pe
n
s
i
o
n
an
d
ot
h
e
r
be
n
e
f
i
t
s
to
me
m
b
e
r
s
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Minnesota Statutes. Its board of directors is elected by the
me
m
b
e
r
s
h
i
p
o
f
th
e
As
s
o
c
i
a
t
i
o
n
an
d
no
t
by
th
e
Ci
t
y
Co
o
n
c
i
l
.
The Association issues its own set of financial statements.
Al
l
fu
n
d
i
n
g
is
co
n
d
u
c
t
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
ap
p
l
i
c
s
b
l
e
Mi
n
n
e
s
o
t
a
Statutes, whareby state aids flow to the Association,
ta
x
le
v
i
e
s
ar
e
de
t
e
r
m
i
n
e
d
by
th
e
As
s
o
c
i
a
t
i
o
n
an
d
ar
e
on
l
y
re
v
i
e
w
e
d
by tho City. The Association pays benefits directly
to
it
s
me
m
b
e
r
s
.
Th
e
As
s
o
c
i
a
t
i
o
n
ma
y
ce
r
t
i
f
y
ta
x
le
v
i
e
s
to
He
n
n
e
p
i
n
County directly if the City does not COlT)' out this
fu
n
c
t
i
o
n
.
Be
c
a
u
s
e
th
e
As
s
o
c
i
a
t
i
o
n
is
fi
s
c
a
l
l
y
in
d
e
p
e
n
d
e
n
t
o
f
the City, the financial information of the Association has
no
t
be
e
n
in
c
l
u
d
e
d
wi
t
h
i
n
th
e
Ci
t
y
'
s
fi
n
a
n
c
i
a
l
s
t
a
t
e
m
m
t
s
.
(S
e
e
Note 5 for disclosures relating to the pension plan
op
e
r
a
t
e
d
by
th
e
As
s
o
c
i
a
t
i
o
n
.
)
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
for the Association may be ob¥:ned at the City offices
lo
c
a
t
e
d
at
63
0
1
Sh
i
n
g
l
e
Cr
e
e
k
Pa
r
k
w
a
y
,
Br
o
o
k
l
y
n
Ce
n
t
e
r
,
Minnesota 55430.
IV-45
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
RE
Q
U
I
R
E
D
SU
P
P
L
E
M
E
N
T
A
R
Y
IN
F
O
R
M
A
T
I
O
N
SC
H
E
D
U
L
E
OF
FU
N
D
I
N
G
PR
O
G
R
E
S
S
-
OT
H
E
R
PO
S
T
E
M
P
L
O
Y
M
E
N
T
BENEFITS
Fo
r
th
e
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
Un
f
u
n
d
e
d
Ac
t
u
a
r
i
a
l
Ac
t
u
a
r
i
a
l
Ac
t
u
a
r
i
a
l
A
c
t
u
a
r
i
a
l
Va
l
u
a
t
i
o
n
V
a
l
n
e
o
f
Ac
c
r
u
e
d
A
c
c
r
u
e
d
Fnnded
Da
t
e
As
s
e
t
s
Li
a
b
i
l
i
t
y
(A
A
L
)
Li
a
b
i
l
i
t
y
(U
A
A
L
)
Ratio
Ja
n
n
a
r
y
I,
20
1
0
$
$
3,
0
1
2
,
3
8
3
$
3,
0
1
2
,
3
8
3
0.00%
Ja
n
n
a
r
y
I,
20
1
2
2,
6
2
0
,
3
6
7
2,
6
2
0
,
3
6
7
0.00%
Ja
n
n
a
r
y
I,
20
1
4
2,
5
7
4
,
5
2
9
2
,
5
7
4
,
5
2
9
0.00% UAALasa Covered Percentage of Pa~roll Covered P~roll $ 9,143,276 32.95% 9,472,237 27.66% 9,934,960 25.91%
IV-46
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
CO
N
T
R
I
B
U
T
I
O
N
S
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
GE
N
E
R
A
L
EM
P
L
O
Y
E
E
S
RE
T
I
R
E
M
E
N
T
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
(L
a
s
t
Te
n
Ye
a
r
s
*
)
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Fi
s
c
a
l
Ye
a
r
En
d
i
n
g
Co
n
l
r
i
b
u
t
i
o
n
s
(a
)
De
c
e
m
b
e
r
31
,
20
1
5
56
4
,
1
6
8
Co
n
1
r
i
b
n
t
i
o
n
s
in
Re
l
a
t
i
o
n
to
th
e
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Co
n
t
r
i
b
u
t
i
o
n
s
(b
)
56
4
,
1
6
8
Co
n
t
r
i
b
u
t
i
o
n
De
f
i
c
i
e
n
c
y
(E
x
c
e
s
s
)
(
a-
b
)
Co
v
e
r
e
d
Pa
y
r
o
l
l
*
*
(d
)
7,
5
2
2
,
2
0
6
•
Th
i
s
sc
h
e
d
u
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
c
t
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
1
h
1h
e
fi
s
c
a
l
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
.
•
•
Fo
r
pu
r
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
l
l
is
de
f
m
e
d
as
11
pe
n
s
i
o
n
a
b
l
e
wa
g
e
s
11
•
Co
n
t
r
i
b
u
t
i
o
n
s
as
a
Pe
r
c
e
n
t
a
g
e
o
f
Co
v
e
r
e
d
Pa
y
r
o
l
l
(b
i
d
)
7.
5
0
'
/
o
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
'
S
PR
O
P
O
R
T
I
O
N
A
T
E
SH
A
R
E
OF
NE
T
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
PU
B
L
I
C
EM
P
W
Y
E
E
S
GE
N
E
R
A
L
EM
P
W
Y
E
E
S
RE
T
I
R
E
M
E
N
T
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
s
t
i
o
n
(L
a
s
t
Te
n
Y e
l
l
l
!
!
0
)
Em
p
l
o
y
e
r
s
Pr
o
p
o
r
t
i
o
n
(P
e
r
c
e
n
t
a
g
e
)
o
f
th
e
Ne
t
Pe
n
s
i
o
n
Fi
s
c
a
l
Ye
a
r
En
d
i
n
g
Li
a
b
i
l
i
t
y
(A
s
s
e
t
)
Ju
n
e
30
,
20
1
5
0.
1
2
4
3
%
Em
p
l
o
y
e
r
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
l
l
r
e
(A
m
o
u
n
t
)
of
th
e
Ne
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
(A
s
s
e
t
s
)
(a
)
6,
4
4
1
,
8
7
2
Employers Covered ~ $7,303,595
•
Th
i
s
sc
b
e
d
n
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
c
1
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
t
h
th
e
fi
s
c
a
l
ye
a
r
en
d
e
d
December 31, 2015.
"'
"
'
F
o
r
pm
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
l
l
is
de
f
i
n
e
d
as
"p
e
n
s
i
o
n
a
b
l
e
wa
g
e
s
"
.
Employers Proportionate Share of the Net Pension Lisbility (Asset) ••• Percentage of its Covered Payroll (alb) 88.20"/o Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 78.20"/o
IV-47
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
CO
N
T
R
I
B
m
i
O
N
S
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
PO
L
I
C
E
AN
D
FI
R
E
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
(L
a
s
t
Te
n
Ye
a
r
s
*
)
St
a
t
u
t
o
r
i
l
y
Co
n
t
r
i
b
u
t
i
o
n
s
in
Re
l
a
t
i
o
n
Re
q
u
i
r
e
d
to
th
e
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Fi
s
c
a
l
Ye
B
t
En
d
i
1
1
1
1
Co
n
t
r
i
b
u
t
i
o
n
s
(•
)
Co
n
t
r
i
b
u
t
i
o
n
s
(2
)
De
c
e
m
b
e
r
31
,
20
1
5
$
68
7
,
9
3
5
$
68
7
,
9
3
5
Co
n
t
r
i
b
u
t
i
o
n
De
f
i
c
i
e
n
c
y
Co
v
e
r
e
d
@x
c
e
s
s
l
(
a
-b
)
Pa
)
!
!
!
l
l
*
*
(d
)
$
$
4,
2
4
6
,
5
1
1
*
Th
i
s
sc
h
e
d
u
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
c
t
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
t
h
th
e
fi
s
c
a
l
ye
B
t
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
.
•
•
Fo
r
pu
r
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
l
l
is
de
f
i
n
e
d
as
"p
e
n
s
i
o
n
a
b
l
e
wa
g
e
s
"
.
Co
n
t
r
i
b
u
t
i
o
n
s
as
a
Pe
r
c
e
n
t
a
g
e
o
f
Co
v
e
r
e
d
Pa~
r
o
l
l
(b
i
d
)
16
.
2
0
%
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
'
S
PR
O
P
O
R
T
I
O
N
A
T
E
SH
A
R
E
OF
NE
T
PE
N
S
I
O
N
LI
A
B
I
U
f
Y
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
PO
L
I
C
E
&
FI
R
E
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
(L
s
s
t
Te
n
Ye
a
r
s
*
)
Em
p
l
o
y
e
r
'
s
Pr
o
p
o
r
t
i
o
n
(P
e
r
c
e
n
t
a
g
e
)
of
th
e
Ne
t
Pe
n
s
i
o
n
Fi
s
c
a
l
Ye
a
r
Eu
d
i
n
g
Li
a
b
i
l
i
t
y
(A
s
s
e
t
)
Ju
n
e
30
,
20
1
5
0.
4
4
6
0
'
,
1
,
Em
p
l
o
y
e
i
'
s
Pr
o
p
o
r
t
i
o
n
s
t
e
Sh
a
r
e
(A
m
m
m
t
)
of
th
e
Ne
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
(A
s
s
e
t
s
)
(
a
)
.
5,
0
6
7
,
6
0
4
Employer's Cuvered ~ 4,031,138
•
Th
i
s
sc
h
e
d
u
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
e
1
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
t
h
th
e
fi
s
c
a
l
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31, 2015.
••
Fo
r
pu
r
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
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"
.
Employei's Proportionate Share of the Net Pension Uability (Asset) as a Percentage of its Cuvered Payroll (a/b) 125.71% Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 86.60%
IV-48
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2014 $ 101,453 158,545 (57,092) n/a n/a 2013 2012 _2Q!! $ 111,463 $ 111,463 $ 135,929 134,340 151,503 101,119 (22,877) (40,040) 34,810 n/a n/a n/a n/a n/a n/a
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"
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tbe fiscal year ended December 31, 2015.
*
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t
IV-2
Financial
Section
IV-3
INDEPENDENT AUDITQR'S REPQRT
To the City Council and Management
City of Brooklyn Center, Minnesota
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Brooklyn Center,
Minnesota (the City) as of and for the year ended December 31, 2015, and the related notes to the
financial statements, which collectively comprise the City's basic financial statements as listed in the
table of contents.
,MANAGEMENT'S REsPONSmiLITY FOR THE FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of these fmancial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
AUDITOR'S RESPONSWILITY
Our responsibility is to express opinions on these 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 perfonn the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk asse&sments, the auditor considers internal control relevant to the City's preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
OPINIONS
In our opinion, the financial statements referred to on the previous page present fairly, in all material
respects, the respective financial position of the governmental activities, the business~type activities, each
m~or fund, and the aggregate remaining fund information of the City as of December 31, 2015, and the
respective changes in financial position and, where applicable, cash flows thereof, and the budgetary
comparison for the General Fund and budgeted major special revenue funds for the year then ended, in
accordance with accounting principles generally accepted in the United States of America.
EMPHASIS OF MATTER
As described in Note 1 of the notes to basic financial statements, the City has implemented Govermnental
Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for
Pensions--an amendment ofGASB Statement No. 27, and GASB Statement No. 71, Pension Transition
for Contributions Made Subsequent to the Measurement Date-an amendment ofGASB Statement No. 68,
during the year ended December 31, 2015. Our opinion is not modified with respect to this matter.
OTHER MATTERS
Required Sopplemeutary Information
Accounting principles generally accepted in the United States of America require that the Management's
Discussion and Analysis and the required supplementary information (RSI), as listed in the table of
contents, be presented to supplement the basic financial statements. Such infonnat:ion, although not a part
of the basic financial statements, is required by the GASB, who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the RSI in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the infonnation and comparing the information for
consistency with management's responses to our inquiries, the basic fmancial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the infonnation because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other Informatjon
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The introductory section, combining and individual fund
statements and schedules, and statistical section, as listed in the table of contents, are presented for
purposes of additional analysis and are not required parts of the basic financial statements.
The combining and individual fund statements and schedules are the responsibility of management and
were derived from and relate directly to the underlying accounting and other records used to prepare the
basic fmancial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the Wlderlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In 01U' opinion,
the combining and individual fund statements and schedules are fairly stated, in all material respects, in
relation to the basic flnancial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements and, accordingly, we do not express an opinion or provide any
assurance on them.
OTHER REPoRTING REQUIRED BY GovERNMENT AUDITING STANDARDS
In accordance with Government Auditing Standards, we have also issued our report dated May 23, 2016
on our consideration of the City's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on internal control
over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control over financial
reporting and compliance.
Minneapolis, Minnesota
May 23,2016
IV-4
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)
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we
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e
s
t
r
i
c
t
e
d
ne
t
pc
s
i
t
i
o
n
)
ma
y
be
us
e
d
to
me
e
t
th
e
Ci
t
y
'
s
on
g
o
i
n
g
ob
l
i
g
a
t
i
o
n
s
to
ci
t
i
z
e
n
s
an
d
cr
e
d
i
t
o
r
s
.
Th
e
Ci
t
y
'
s
to
t
a
l
ne
t
pc
s
i
t
i
o
n
in
c
r
e
a
s
e
d
by
$5
,
7
9
9
,
6
4
1
( 4.
4
9
"
/
o
)
fr
o
m
lh
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
in
c
r
e
a
s
e
ca
n
be
pr
i
m
a
r
i
l
y
at
t
r
i
b
u
t
e
d
to
ca
p
i
t
a
l
gr
a
n
t
s
fo
r
pu
b
l
i
c
wo
r
k
s
wh
i
c
h
in
c
l
u
d
e
s
fu
n
d
s
sp
e
n
t
on
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
St
r
e
e
t
Im
p
r
o
v
e
m
e
n
t
s
in
20
1
5
,
ne
w
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
le
v
i
e
s
,
an
d
o1
h
e
r
fu
n
d
i
n
g
re
l
a
t
e
d
to
co
n
s
t
r
u
c
t
i
o
n
of
Ci
t
y
in
f
r
a
s
t
t
u
c
t
u
r
e
.
As
o
f
l
h
e
cl
o
s
e
of
1
h
e
cu
r
r
e
n
t
fi
s
c
a
l
ye
a
r
,
1
h
e
Ci
t
y
'
s
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
re
p
c
r
t
e
d
co
m
b
i
n
e
d
en
d
i
n
g
fu
n
d
ba
l
a
n
c
e
s
o
f
$4
8
,
4
1
8
,
9
8
8
,
wh
i
c
h
is
an
in
c
r
e
a
s
e
of
$
2
,
2
1
3
,
8
0
0
(4
.
7
9
"
/
o
)
fr
o
m
1h
e
pr
e
v
i
o
u
s
ye
a
r
.
Of
1
h
e
to
t
a
l
fu
n
d
ba
l
a
n
c
e
,
$7
,
8
6
2
,
1
7
9
(1
6
.
2
4
%
)
is
un
a
s
s
i
g
n
e
d
,
wh
i
c
h
is
fr
e
e
fr
o
m
an
y
in
t
e
r
n
a
l
or
ex
t
e
r
n
a
l
co
n
s
t
r
a
i
n
t
s
o
f
it
s
us
e
.
Th
e
Ge
n
e
r
a
l
fu
n
d
ha
s
a
fu
n
d
ba
l
a
n
c
e
of
$
1
1
,
1
7
0
,
9
1
7
at
lh
e
cl
o
s
e
of
1
h
e
cu
r
r
e
n
t
fi
s
c
a
l
ye
a
r
.
Du
r
i
n
g
20
1
5
,
lh
e
fu
n
d
ba
l
a
n
c
e
in
c
r
e
a
s
e
d
$1
5
0
,
8
3
6
(1
.
3
7
%
)
fr
o
m
1h
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
at
ye
a
r
en
d
is
$1
0
,
2
8
7
,
2
4
3
,
wh
i
c
h
re
p
r
e
s
e
n
t
s
52
%
o
f
lh
e
fo
l
l
o
w
i
n
g
ye
a
r
s
bu
d
g
e
t
.
Th
e
re
m
a
i
n
i
n
g
pc
r
t
i
o
n
of
lh
e
fu
n
d
ba
l
a
n
c
e
is
no
n
s
p
e
n
d
a
b
l
e
or
as
s
i
g
n
e
d
(f
o
r
1h
e
ca
p
i
t
a
l
im
p
r
o
v
e
m
e
n
t
fu
n
d
i
n
g
pl
a
n
)
.
Th
e
Ci
t
y
'
s
to
t
a
l
ou
t
s
t
a
n
d
i
n
g
bu
u
d
e
d
de
b
t
in
c
r
e
a
s
e
d
by
$2
6
,
2
2
0
,
1
5
8
du
r
i
n
g
1h
e
cu
r
r
e
n
t
fi
a
c
a
l
ye
a
r
,
fr
o
m
$2
4
,
2
8
5
,
0
0
0
to
$5
0
,
5
0
5
,
1
5
8
.
Th
e
Ci
t
y
re
t
i
r
e
d
$3
,
1
8
0
,
3
5
2
in
pr
i
n
c
i
p
a
l
,
re
f
u
n
d
e
d
$8
,
2
6
0
,
0
0
0
in
pr
i
n
c
i
p
a
l
(i
n
c
l
u
d
i
n
g
a
cr
o
a
s
o
v
e
r
ad
v
a
n
c
e
d
re
f
u
n
d
i
n
g
o
f
$6
,
6
0
0
,
0
0
0
)
,
an
d
ia
s
u
e
d
$2
2
,
8
0
0
,
5
1
0
in
co
m
b
i
n
e
d
ne
w
de
b
t
fo
r
lh
e
co
n
s
t
t
u
c
t
i
o
n
o
f
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
an
d
in
f
r
a
s
t
t
u
c
t
u
r
e
im
p
r
o
v
e
m
e
n
t
s
.
Th
e
ne
t
pc
s
i
t
i
o
n
of
l
h
e
Ci
t
y
wa
s
ne
g
a
t
i
v
e
l
y
im
p
a
c
t
e
d
du
e
to
th
e
re
q
u
i
r
e
d
im
p
l
e
m
e
n
t
a
t
i
o
n
of
GA
S
B
St
a
t
e
m
e
n
t
No
.
68
,
wh
i
c
h
re
l
a
t
e
d
to
1h
e
ac
c
o
u
n
t
i
n
g
tr
e
a
t
m
e
n
t
o
f
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
s
,
sp
e
c
i
f
i
c
a
l
l
y
lh
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
Aa
s
o
c
i
a
t
i
o
n
o
f
Mi
n
n
e
s
o
t
a
(P
E
R
A
)
an
d
1h
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
.
Th
i
s
is
a
re
s
u
l
t
o
f
a
ch
a
n
g
e
in
an
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
an
d
do
e
s
no
t
af
f
e
c
t
1h
e
Ci
t
y
'
s
ob
l
i
g
a
t
i
o
n
re
q
u
i
r
e
m
e
n
t
s
as
se
t
by
Mi
n
n
e
s
o
t
a
st
a
t
o
t
e
.
Th
i
s
is
mo
r
e
fu
l
l
y
de
s
c
r
i
b
e
d
in
1h
e
no
t
e
s
to
lh
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Wh
i
l
e
lh
e
ac
c
o
u
n
t
i
n
g
st
a
n
d
a
r
d
ch
a
n
g
e
d
,
1h
e
Ci
t
y
wi
l
l
co
n
t
i
n
u
e
to
fu
n
d
lh
e
pe
n
s
i
o
n
pl
a
n
ba
s
e
d
on
1h
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
as
se
t
by
Mi
n
n
e
s
o
t
a
st
a
t
u
t
e
.
Ov
e
r
v
i
e
w
o
f
th
e
Fi
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
Th
e
di
s
c
u
s
s
i
o
n
an
d
an
a
l
y
s
i
s
ar
e
in
t
e
n
d
e
d
to
se
r
v
e
as
an
in
t
r
o
d
u
c
t
i
o
n
to
lh
e
Ci
t
y
'
s
ba
s
i
c
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
Ci
t
y
'
s
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
c
l
u
d
e
lh
r
e
e
co
m
p
c
n
e
n
t
s
:
1)
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
2)
fu
n
d
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
an
d
3)
no
t
e
s
to
1h
e
fi
n
a
n
c
i
a
l
st
s
t
e
m
e
n
t
s
.
Th
i
s
CA
F
R
al
s
o
co
n
t
a
i
n
s
o1
h
e
r
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
in
ad
d
i
t
i
o
n
to
lh
e
ba
s
i
c
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
th
e
m
s
e
l
v
e
s
.
Go
v
e
r
n
m
e
n
t
-
Wi
d
e
Fl
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
:
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
or
e
de
s
i
g
n
e
d
to
pr
o
v
i
d
e
re
a
d
e
r
s
wi
l
h
a
br
o
a
d
ov
e
r
v
i
e
w
o
f
th
e
Ci
t
y
'
s
fi
n
a
n
c
e
s
,
in
a
ma
n
n
e
r
si
m
i
l
a
r
to
a
pr
i
v
a
t
e
-
-
s
e
c
t
o
r
bu
s
i
n
e
s
s
.
Th
e
st
a
t
e
m
e
n
t
o
f
ne
t
pc
s
i
t
i
o
n
pr
e
s
e
n
t
s
in
f
o
r
m
a
t
i
o
n
on
al
l
o
f
lh
e
Ci
t
y
'
s
as
s
e
t
s
,
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
li
a
b
i
l
i
t
i
e
s
,
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
wi
t
h
th
e
di
f
f
e
r
e
n
c
e
re
p
o
r
t
e
d
as
ne
t
po
s
i
t
i
o
n
.
Ov
e
r
ti
m
e
,
in
c
r
e
a
s
e
s
or
de
c
r
e
a
s
e
s
in
ne
t
po
s
i
t
i
o
n
ma
y
se
r
v
e
as
a
us
e
f
u
l
in
d
i
c
a
t
o
r
o
f
wh
e
1
h
e
r
lh
e
fi
n
a
n
c
i
a
l
pc
s
i
t
i
o
n
o
f
1h
e
Ci
t
y
is
im
p
r
o
v
i
n
g
or
de
t
e
r
i
o
r
a
t
i
n
g
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
3
I,
20
1
5
Th
e
st
a
t
e
m
e
n
t
o
f
ac
t
i
v
i
t
i
e
s
pr
e
s
e
n
t
s
in
f
o
r
m
a
t
i
o
n
sh
o
w
i
n
g
ho
w
th
e
City's net pcsition changed during 1he most recent fiscal year.
Al
l
ch
a
n
g
e
s
in
ne
t
pc
s
i
t
i
o
n
or
e
re
p
c
r
t
e
d
as
so
o
n
as
1
h
e
un
d
e
r
l
y
i
n
g
event giving rise to 1he change occurs, regardless of lhe timing of
lh
e
re
l
a
t
e
d
ca
s
h
fl
o
w
s
.
Th
u
s
,
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
or
e
re
p
c
r
t
e
d
in this ststement for some items 1hat will only result in cssh
fl
o
w
s
in
fu
t
u
r
e
fi
s
c
a
l
pe
r
i
o
d
s
(e
.
g
.
lU
l
c
o
l
l
e
c
t
e
d
ta
s
e
s
an
d
co
r
n
e
d
bu
t
unused vscation leave).
Bo
l
h
o
f
lh
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
di
s
t
i
n
g
u
i
s
h
fu
n
c
t
i
o
n
s
of lhe City lhat are principally supported by tases and
in
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
re
v
e
n
u
e
s
(g
o
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
)
fr
o
m
ol
h
e
r
functions 1hat are intended to recover all or a significant pcrtion
of
1
h
e
i
r
co
s
t
s
lh
r
o
u
g
h
us
e
r
fe
e
s
an
d
ch
a
r
g
e
s
(b
u
s
i
n
e
a
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
)
.
The governmental activities oflhe City include: general
go
v
e
r
n
m
e
n
t
,
pu
b
l
i
c
as
f
e
t
y
,
pu
b
l
i
c
wo
r
k
s
,
co
m
n
n
m
i
t
y
se
r
v
i
c
e
s
,
pa
t
k
s
& recreation, economic development, and interest on
lo
n
g
-
t
e
r
m
de
b
t
.
Th
e
bu
s
i
n
e
s
s
-
ty
p
e
ac
t
i
v
i
t
i
e
s
o
f
1h
e
Ci
t
y
in
c
l
u
d
e
:
municipal liquor, golf course, Earle Brown Heritage Center,
wa
t
e
r
ut
i
l
i
t
y
,
sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
,
st
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
,
st
r
e
e
t
li
g
h
t
utility, and lhe recycling utility.
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
c
l
u
d
e
no
t
on
l
y
1h
e
Ci
t
y
itself (known aslhe primary government), but also a legally
se
p
a
r
a
t
e
Ho
u
s
i
n
g
an
d
Re
d
e
v
e
l
o
p
m
e
n
t
Au
l
h
o
r
i
t
y
an
d
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Authority, for which lhe City is fmancially
ac
c
o
u
n
t
a
b
l
e
.
Al
l
h
o
u
g
h
le
g
a
l
l
y
se
p
a
r
a
t
e
,
lh
e
s
e
co
m
p
c
n
e
n
t
un
i
t
s
,
fu
n
c
t
i
o
n
for all practical purpcses as a department oflhe City, and
lh
e
r
e
f
o
r
e
ha
v
e
be
e
n
in
c
l
u
d
e
d
as
an
in
t
e
g
r
a
l
pa
r
t
of
lh
e
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
29 lhrough 31 of lhis CAFR.
Fn
n
d
Fl
n
a
n
d
a
l
St
a
t
e
m
e
n
t
s
:
A
fu
n
d
is
a
gr
o
u
p
i
n
g
o
f
re
l
a
t
e
d
ac
c
o
u
n
t
s
1hat is used to maintain control over resources
1h
a
t
ha
v
e
be
e
n
se
g
r
e
g
a
t
e
d
fo
r
sp
e
c
i
f
i
c
ac
t
i
v
i
t
i
e
s
or
ob
j
e
c
t
i
v
e
s
.
Th
e
City, like state and local goveroments, uses fund accounting to
en
s
u
r
e
an
d
de
m
o
n
s
t
r
a
t
e
co
m
p
l
i
a
n
c
e
wi
l
h
fi
n
a
n
c
e
-
r
e
l
a
t
e
d
le
g
a
l
re
q
u
i
r
e
m
e
n
t
s
.
All of lhe funds of lhe City can be divided into two
ca
t
e
g
o
r
i
e
s
:
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
an
d
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
.
Go
v
e
r
n
m
e
n
t
a
l
Fn
n
d
s
:
Go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
ar
e
us
e
d
to
ac
c
o
u
n
t
for essentially 1he same functions reported as governmental
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ho
w
e
v
e
r
,
lmlike the government-wide financial statements, governmental
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
c
u
s
on
ne
a
r
-
t
e
r
m
in
f
l
o
w
s
an
d
ou
t
f
l
o
w
s
of spendable resources, as well as on balances of spendable
re
s
o
u
r
c
e
s
av
a
i
l
a
b
l
e
at
lh
e
en
d
o
f
lh
e
fi
s
c
a
l
ye
a
r
.
Su
c
h
in
f
o
r
m
a
t
i
o
n
may he useful in evaluating a government's near-term fmancial
re
q
u
i
r
e
m
e
n
t
s
.
Be
c
a
u
s
e
th
e
fo
c
u
s
of
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
is
na
r
r
o
w
e
r
th
a
n
th
a
t
of
the government-wide financial statements, it is useful to
co
m
p
a
r
e
1h
e
in
f
o
r
m
a
t
i
o
n
pr
e
s
e
n
t
e
d
fo
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
wi
l
h
si
m
i
l
a
r
information presented for governmental activities in lhe
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fu
u
m
c
i
a
l
st
a
t
e
m
e
n
t
s
.
By
do
i
n
g
so
,
re
a
d
e
r
s
ma
y
better understand lhe long-term impact of lhe City's near-term
fm
a
n
c
i
a
l
de
c
i
s
i
o
n
s
.
Bo
l
h
lh
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
ba
l
a
n
c
e
sh
e
e
t
an
d
governmental fund ststement of revenues, expenditures, and
ch
a
n
g
e
s
in
fu
n
d
ba
l
a
n
c
e
s
pr
o
v
i
d
e
a
re
c
o
n
c
i
l
i
a
t
i
o
n
to
fa
c
i
l
i
t
s
t
e
th
i
s
comparison between governmental funds and governmental
ac
t
i
v
i
t
i
e
s
.
Th
e
Ci
t
y
ma
i
n
t
a
i
n
s
18
in
d
i
v
i
d
u
a
l
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
In
f
o
r
m
a
t
i
o
n
is presented separately in lhe governmental fund balance sheet
an
d
in
1h
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
st
s
t
e
m
e
n
t
o
f
re
v
e
n
u
e
s
,
ex
p
e
n
d
i
t
u
r
e
s
,
and changes in fund balances for lhe following: General fund,
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
3
,
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
,
De
b
t
Service, Cspital Improvements, Municipal State Aid for
Co
n
s
t
t
u
c
t
i
o
n
,
an
d
lh
e
In
f
r
a
s
t
t
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
fu
n
d
,
wh
i
c
h
or
e
considered to be major funds. Data from lhe olher II
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
or
e
co
m
b
i
n
e
d
in
t
o
a
si
n
g
l
e
,
ag
g
r
e
g
a
t
e
d
pr
e
s
e
n
t
a
t
i
o
n
.
Individual fund data for each oflhese nonmajor
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
is
pr
o
v
i
d
e
d
in
1h
e
fo
r
m
o
f
co
m
b
i
n
i
n
g
st
a
t
e
m
e
n
t
s
or schedules, elsewhere in this CAFR.
IV-5
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Th
e
Ci
t
y
ad
o
p
t
s
an
an
n
u
a
l
ap
p
r
o
p
r
i
a
t
e
d
bu
d
g
e
t
fo
r
ne
a
r
l
y
al
l
fu
n
d
a
pr
e
s
e
n
t
e
d
in
th
i
s
CA
F
R
.
A
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
ha
s
be
e
n
pr
o
v
i
d
e
d
in
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
r
th
e
Ge
n
e
r
a
l
fu
n
d
,
th
e
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
3
fu
n
d
an
d
th
e
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
fu
n
d
.
Th
e
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
s
fo
r
an
y
no
n
m
a
j
o
r
fu
n
d
s
ar
e
pr
o
v
i
d
e
d
el
s
e
w
h
e
r
e
in
th
i
s
CA
F
R
.
Th
e
ba
s
i
c
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
32
th
r
o
u
g
h
41
of
th
i
s
CA
F
R
.
Pr
o
p
r
i
e
t
a
r
y
Fu
n
d
s
:
Pr
o
p
r
i
e
t
a
r
y
fu
n
d
a
pr
o
v
i
d
e
si
m
i
l
a
r
in
f
o
r
m
a
t
i
o
n
to
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
bu
t
in
mo
r
e
de
t
a
i
l
.
Th
e
Ci
t
y
ma
i
n
t
a
i
n
s
tw
o
di
f
f
e
r
e
n
t
ty
p
e
s
o
f
pr
o
p
r
i
e
t
a
r
y
fu
n
d
a
.
En
t
e
r
p
r
i
s
e
fu
n
d
a
ar
e
us
e
d
to
re
p
o
r
t
!h
e
sa
m
e
fu
n
c
t
i
o
n
s
pr
e
s
e
n
t
e
d
as
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
Ci
t
y
us
e
s
en
t
e
r
p
r
i
s
e
fu
n
d
s
to
ac
c
o
u
n
t
fo
r
it
s
:
mu
n
i
c
i
p
a
l
li
q
u
o
r
,
go
l
f
co
u
r
s
e
,
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
,
wa
t
e
r
ut
i
l
i
t
y
,
sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
,
st
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
,
st
r
e
e
t
li
g
h
t
ut
i
l
i
t
y
,
an
d
re
c
y
c
l
i
n
g
ut
i
l
i
t
y
.
Al
l
o
f
!h
e
Ci
t
y
'
s
en
t
e
r
p
r
i
s
e
fu
n
d
a
ar
e
co
n
s
i
d
e
r
e
d
to
be
ma
j
o
r
fu
n
d
s
,
an
d
se
p
a
r
a
t
e
in
f
o
r
m
a
t
i
o
n
is
pr
o
v
i
d
e
d
fo
r
ea
c
h
o
f
!h
e
m
in
!h
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
In
t
e
r
n
a
l
se
r
v
i
c
e
fo
n
d
s
ar
e
an
ac
c
o
u
n
t
i
n
g
de
v
i
c
e
to
ac
c
u
m
u
l
a
t
e
an
d
al
l
o
c
a
t
e
co
s
t
s
in
t
e
r
n
a
l
l
y
am
o
n
g
!h
e
Ci
t
y
'
s
va
r
i
o
u
s
fu
n
c
t
i
o
n
s
.
Th
e
Ci
t
y
us
e
s
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
to
ac
c
o
u
n
t
fo
r
it
s
:
ce
n
t
r
a
l
ga
r
a
g
e
,
em
p
l
o
y
e
e
re
t
i
r
e
m
e
n
t
,
pe
n
s
i
o
n
-
co
o
r
d
i
n
a
t
e
d
,
pe
n
s
i
o
n
-
po
l
i
c
e
an
d
ft
r
e
,
an
d
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
ac
c
u
m
u
l
a
t
i
o
n
s
.
Al
l
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
ar
e
co
m
b
i
n
e
d
in
t
o
a
si
n
g
l
e
,
ag
g
r
e
g
a
t
e
d
pr
e
s
e
n
t
a
t
i
o
n
in
th
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
In
d
i
v
i
d
u
a
l
da
t
a
fo
r
!h
e
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
is
pr
o
v
i
d
e
d
in
!h
e
fo
r
m
o
f
co
m
b
i
n
i
n
g
st
a
t
e
m
e
n
t
s
el
s
e
w
h
e
r
e
in
th
i
s
CA
F
R
.
Be
c
a
u
s
e
al
l
o
f
1h
e
s
e
se
r
v
i
c
e
s
pr
e
d
o
m
i
n
a
t
e
l
y
be
n
e
f
i
t
go
v
e
r
n
m
e
n
t
a
l
ra
l
h
e
r
1h
a
n
bu
s
i
n
e
s
s
-
t
y
p
e
fu
n
c
t
i
o
n
s
,
!h
e
y
ha
v
e
be
e
n
in
c
l
u
d
e
d
as
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
ba
s
i
c
pr
o
p
r
i
e
t
a
r
y
fu
n
d
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
42
th
r
o
u
g
h
47
of
th
i
s
CA
F
R
.
No
t
e
s
to
th
o
Fi
n
a
n
c
i
a
l
St
a
t
e
m
e
n
t
s
:
Th
e
no
t
e
s
pr
o
v
i
d
e
ad
d
i
t
i
o
n
a
l
in
f
o
r
m
a
t
i
o
n
!h
a
t
is
es
s
e
n
t
i
a
l
to
a
fu
l
l
uo
d
e
r
s
t
a
n
d
i
n
g
o
f
!h
e
de
t
a
pr
o
v
i
d
e
d
in
!h
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
no
t
e
s
to
!h
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
49
th
r
o
u
g
h
90
o
f
th
i
s
CA
F
R
.
O
t
h
e
r
In
f
o
r
m
a
t
i
o
n
:
In
ad
d
i
t
i
o
n
to
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
ac
c
o
m
p
a
n
y
i
n
g
no
t
e
s
,
th
i
s
re
p
o
r
t
al
s
o
pr
e
s
e
n
t
s
ce
r
t
a
i
n
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
,
fo
r
ot
h
e
r
po
s
t
-
e
m
p
l
o
y
m
e
n
t
be
n
e
f
i
t
s
(O
P
E
B
)
an
d
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
s
.
Th
e
sc
h
e
d
u
l
e
s
o
f
fu
n
d
i
n
g
pr
o
g
r
e
s
s
,
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
,
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
of
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
,
an
d
sc
h
e
d
u
l
e
o
f
ch
a
n
g
e
s
in
Ne
t
Pe
n
s
i
o
n
As
s
e
t
ca
n
be
fo
u
n
d
on
pa
g
e
s
91
th
r
o
u
g
h
98
o
f
th
i
s
CA
F
R
.
Th
e
co
m
b
i
n
i
n
g
an
d
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
m
e
n
t
s
re
f
e
r
r
e
d
to
ea
r
l
i
e
r
in
co
n
n
e
c
t
i
o
n
wi
l
h
no
n
m
a
j
o
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
a
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
a
ar
e
pr
e
s
e
n
t
e
d
in
u
n
e
d
i
a
t
e
l
y
fo
l
l
o
w
i
n
g
th
e
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
.
Co
m
b
i
n
i
n
g
an
d
bu
d
g
e
t
a
r
y
co
m
p
a
r
i
s
o
n
st
a
t
e
r
o
e
n
t
s
ca
n
be
fo
u
n
d
on
pa
g
e
s
I
02
th
r
o
u
g
h
14
8
o
f
!h
i
s
CA
F
R
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Go
v
e
r
n
m
e
n
t
-
w
i
d
e
Fi
n
u
c
W
An
a
l
y
s
i
s
As
no
t
e
d
ea
r
l
i
e
r
,
ne
t
po
s
i
t
i
o
n
ma
y
se
r
v
e
ov
e
r
ti
m
e
as
a
us
e
f
u
l
in
d
i
c
t
o
r
of a governmenfs financial position. In the case of the City,
as
s
e
t
s
an
d
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
of
re
s
o
u
r
c
e
s
ex
c
e
e
d
e
d
li
a
b
i
l
i
t
i
e
s
an
d
deferred inflows of resources by $134,910,426 at the close of the
mo
s
t
re
c
e
n
t
fi
s
c
a
l
ye
a
r
.
Th
e
la
r
g
e
s
t
po
r
t
i
o
n
o
f
th
e
Ci
t
y
'
s
ne
t
po
s
i
t
i
o
n
($
9
5
,
1
4
3
,
0
3
9
or
70
.
5
2
%
)
reflects its investment in capital assets, which includes: land
in
f
r
a
s
t
r
u
c
t
u
r
e
,
bu
i
l
d
i
n
g
s
,
an
d
ma
c
h
i
n
e
r
y
&
eq
u
i
p
m
e
n
t
,
le
s
s
an
y
re
l
a
t
e
d
debt used to acquire those assets that is still outstanding.
Th
e
Ci
t
y
us
e
s
th
e
s
e
ca
p
i
t
a
l
as
s
e
t
s
to
pr
o
v
i
d
e
se
r
v
i
c
e
s
to
ci
t
i
z
e
n
s
;
consequently, these assets are not available for futore spending.
Al
t
h
o
u
g
h
th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
it
s
ca
p
i
t
a
l
as
s
e
t
s
is
re
p
o
r
t
e
d
ne
t
of related debt, it should be noted that the resources needed to
re
p
a
y
th
i
s
de
b
t
mu
s
t
be
pr
o
v
i
d
e
d
fr
o
m
ot
h
e
r
so
u
r
c
e
s
,
si
n
c
e
th
e
ca
p
i
t
a
l
assets themselves cannot be used to liquidate !hose
li
a
b
i
l
i
t
i
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
C
E
N
T
E
R
-
SUMMARY OF NET POSITION
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
Business-I~ Activities Total
20
1
5
20
1
4
2015 2014 2015 2014
Cu
r
r
e
n
t
an
d
ol
h
e
r
as
s
e
t
s
$
67
,
4
5
6
,
6
0
1
$
60
,
4
6
4
,
7
0
1
$ 13,392,970 $ J1,047,209 $ 80,849,571 $ 71,5Jl,910
Ca
p
i
t
a
l
As
s
e
t
s
56
,
5
3
3
,
0
4
8
49
,
3
9
2
,
5
7
7
66,570,149 48,537,132 123,103,197 97,929,709
To
t
a
l
as
s
e
t
s
12
3
,
9
8
9
,
6
4
9
10
9
,
8
5
7
,
2
7
8
79,963,J19 59,584,341 203,952,768 169,441,619
De
f
e
r
r
e
d
ou
t
f
l
o
w
s
of
re
s
o
u
r
c
e
s
2,
4
3
6
,
6
8
8
2,436,688
Lo
n
g
-
t
e
r
m
li
a
b
i
l
i
t
i
e
s
ou
t
s
t
a
n
d
i
n
g
33
,
4
3
5
,
6
9
5
21
,
2
4
3
,
8
7
8
19,944,910 1,660,000 53,380,605 22,903,878
01
h
e
r
li
a
b
i
l
i
t
i
e
s
J1
,
9
3
0
,
0
6
9
5,
2
4
6
,
6
5
0
4,364,340 2,567,444 16,294,409 7,814,094
T ot
a
l
l
i
a
b
i
l
i
t
i
e
s
45
,
3
6
5
,
7
6
4
26
,
4
9
0
,
5
2
8
24,309,250 4,227,444 69,675,014 30,717,972
De
f
e
r
r
e
d
in
f
l
o
w
s
of
re
s
o
u
r
c
e
s
1,
8
0
4
,
0
1
6
1,804,016
Ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
47
,
9
4
1
,
8
0
0
42
,
9
4
7
,
5
7
7
4
7
,
2
0
1
,
2
3
9
4
8
,
5
3
7
,
1
3
2
95,143,039 91,484,709
Re
s
t
r
i
c
t
e
d
36
,
8
1
0
,
5
9
3
28
,
0
6
1
,
9
7
7
36,810,593 28,061,977
Un
r
e
s
t
r
i
c
t
e
d
(5
,
4
9
5
,
8
3
6
)
12
,
3
5
7
,
1
9
6
8,452,630 6,819,765 2,956,794 19,176,961
To
t
a
l
Ne
t
Po
s
i
t
i
o
n
$
79
,
2
5
6
,
5
5
7
j_
8
3
,
3
6
6
,
7
5
_
(
)
_
_$ 5.5,653,869 $ 55,356,897 $ 134,910,426 s 138,723,647
At
!h
e
en
d
o
f
!h
e
cu
r
r
e
n
t
fi
s
c
a
l
ye
a
r
,
th
e
Ci
t
y
is
ab
l
e
to
re
p
o
r
t
po
s
i
t
i
v
e
balances in all three categories of net position, bolh for !he
go
v
e
r
n
m
e
n
t
as
a
wh
o
l
e
,
as
we
l
l
as
fo
r
it
s
se
p
a
r
a
t
e
go
v
e
r
n
m
e
n
t
a
l
an
d
business-type activities wilh !he exception of unrestricted
ne
t
po
s
i
t
i
o
n
in
th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
.
A
po
r
t
i
o
n
o
f
th
e
Ci
t
y
'
s
ne
t
po
s
i
t
i
o
n
(2
7
.
2
9
%
)
re
p
t
e
s
e
n
t
s
re
s
o
u
r
c
e
s
!hat are subject to external restrictions on how !hey may be
us
e
d
.
Th
e
re
m
a
i
n
i
n
g
po
r
t
i
o
n
(2
.
1
9
%
)
ma
y
be
us
e
d
to
me
e
t
!h
e
Ci
t
y
'
s
ongoing obligations.
Th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
ha
v
e
a
si
g
n
i
f
i
c
a
n
t
in
c
r
e
a
s
e
in
cu
r
r
e
n
t
assets from the previous year. The largest factor in this increase
is
wi
l
h
!h
e
ca
s
h
wi
l
h
ft
s
c
a
l
ag
e
n
t
s
.
At
th
e
en
d
of
2
0
1
5
,
th
e
Ci
t
y
ha
d
$6,782,081 in escrow as part of a crossover advanced refunding.
Th
e
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
ha
d
la
r
g
e
in
c
r
e
a
s
e
s
in
ca
p
i
t
a
l
as
s
e
t
s
an
d
long-term liabilities. These increases are primarily dne to
!h
e
Ci
t
y
'
s
co
n
s
t
r
n
c
t
i
o
n
of
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
,
wh
i
c
h
is
be
i
n
g
funded wilh debt proceeda from !he Minnesota Public
Fa
c
i
l
i
t
i
e
s
Au
l
h
o
r
i
t
y
(P
F
A
)
lo
a
n
pr
o
g
r
a
m
.
Th
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
,
al
s
o
ha
d
a
si
g
n
i
f
i
c
a
n
t
in
c
r
e
a
s
e
in
!h
e
amount of deferred outflows of resources, long-term liabilities,
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
fr
o
m
!h
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
pr
i
m
a
r
y
reason for 1he increase was the implementation ofGASB
St
a
t
e
m
e
n
t
No
.
68
in
wh
i
c
h
!h
e
Ci
t
y
is
re
q
u
i
r
e
d
to
re
p
o
r
t
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
share of !he Minnesota Public Employees Retirement
As
s
o
c
i
a
t
i
o
n
(P
E
R
A
)
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
i
e
s
.
Re
c
o
r
d
i
n
g
th
e
li
a
b
i
l
i
t
y
does not change the City's future contibution requirements or
ob
l
i
g
a
t
i
o
n
s
un
d
e
r
th
e
pl
a
n
s
,
wh
i
c
h
ar
e
de
t
e
r
m
i
n
e
d
by
Mi
n
n
e
s
o
t
a
statutes.
IV-8
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
fu
n
d
ha
s
an
en
d
i
n
g
de
f
i
c
i
t
fu
n
d
ba
l
a
n
c
e
of
$
1
8
3
,
1
4
5
a
in
c
r
e
a
s
e
of
$
2
8
0
,
0
4
8
(6
0
.
4
6
%
)
fr
o
m
th
e
pr
e
v
i
o
u
s
ye
a
r
.
Th
e
fu
n
d
in
c
u
r
r
e
d
$1
,
4
5
5
,
1
2
8
of
ca
p
i
t
a
l
ex
p
e
n
d
i
t
u
r
e
s
du
r
i
n
g
th
e
ye
a
r
fo
r
th
e
Fr
e
e
w
a
y
Pa
r
k
Ar
e
a
an
d
63
r
d
Av
e
n
u
e
ne
i
g
h
b
o
r
h
o
o
d
re
-
c
o
n
s
t
r
u
c
t
i
o
n
pr
o
j
e
c
t
s
.
Pr
o
p
r
i
e
t
a
r
y
Fu
n
d
s
:
Th
e
Ci
t
y
'
s
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
pr
o
v
i
d
e
th
e
sa
m
e
ty
p
e
of
in
f
o
r
m
a
t
i
o
n
pr
e
s
e
n
t
e
d
as
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
fo
u
n
d
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
bu
t
in
mo
r
e
de
t
a
i
l
.
Th
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
ha
v
e
a
co
m
b
i
n
e
d
en
d
i
n
g
ne
t
p
o
s
i
t
i
o
n
o
f
$
5
7
,
6
4
0
,
2
1
0
,
of
wh
i
c
h
$1
0
,
4
3
8
,
9
7
1
(1
8
.
1
1
%
)
is
un
r
e
s
t
r
i
c
t
e
d
an
d
ca
n
be
us
e
d
to
me
e
t
th
e
op
e
r
a
t
i
o
n
s
.
As
a
me
a
s
u
r
e
of
th
e
li
q
u
i
d
i
t
y
of
th
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
,
it
ma
y
be
us
e
f
u
l
to
co
m
p
a
r
e
th
e
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
to
th
e
op
e
m
t
i
n
g
ex
p
e
n
s
e
s
.
Fo
r
th
e
cu
r
r
e
n
t
ye
a
r
,
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
is
83
.
9
2
%
of
th
e
cu
r
r
e
n
t
ye
a
r
op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
.
Ot
h
e
r
fa
c
t
o
r
s
co
n
c
e
r
n
i
n
g
th
e
fi
n
a
n
c
e
s
of
th
e
s
e
fu
n
d
s
ha
v
e
al
r
e
a
d
y
be
e
n
ad
d
r
e
s
s
e
d
in
th
e
di
s
c
u
s
s
i
o
n
of
th
e
Ci
t
y
'
s
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
.
Ge
a
e
r
a
l
Fu
a
d
Bu
d
g
e
t
a
r
v
H!
g
h
H
g
b
t
s
Du
r
i
n
g
th
e
ye
a
r
,
th
e
r
e
we
r
e
no
am
e
n
d
m
e
n
t
s
to
th
e
Ge
n
e
r
a
l
Fu
n
d
bu
d
g
e
t
.
Ac
t
u
a
l
re
v
e
n
u
e
s
an
d
ot
h
e
r
fm
a
o
c
i
n
g
so
u
r
c
e
s
we
r
e
un
d
e
r
th
e
ad
o
p
t
e
d
bu
d
g
e
t
by
$2
7
,
6
5
4
.
Th
e
ma
j
o
r
co
n
t
r
i
b
u
t
o
r
to
th
i
s
de
c
r
e
a
s
e
wa
s
in
de
l
i
n
q
u
e
n
t
pr
o
p
e
r
t
y
ta
x
co
l
l
e
c
t
i
o
n
s
,
th
e
Ci
t
y
ha
d
a
ne
g
a
t
i
v
e
$4
8
,
6
7
2
as
a
re
s
u
l
t
of
ta
x
re
f
u
n
d
s
an
d
wa
s
un
d
e
r
bu
d
g
e
t
fo
r
ex
c
e
s
s
ta
x
re
v
e
n
u
e
s
by
$1
4
1
,
3
2
0
.
Ac
t
u
a
l
ex
p
e
n
d
i
t
u
r
e
s
an
d
ot
h
e
r
fi
n
a
n
c
i
n
g
us
e
s
we
r
e
lo
w
e
r
th
a
n
th
e
f"
m
a
l
bu
d
g
e
t
fo
r
th
e
ye
a
r
by
$1
7
8
,
4
9
0
.
Th
i
s
wa
s
th
e
re
s
u
l
t
of
a
no
n
-
b
u
d
g
e
t
e
d
tr
a
n
s
f
e
r
of
$9
0
8
,
7
6
1
to
th
e
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
Fu
n
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Ci
t
y
po
l
i
c
y
to
tr
a
n
s
f
e
r
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
of
th
e
Ge
n
e
r
a
l
Fu
n
d
th
a
t
ex
c
e
e
d
s
52
%
of
Ge
n
e
r
a
l
Fu
n
d
bu
d
g
e
t
e
d
ex
p
e
n
d
i
t
u
r
e
s
fo
l
l
o
w
i
n
g
th
e
co
m
p
l
e
t
i
o
n
of
th
e
an
n
u
a
l
au
d
i
t
.
Th
e
re
d
u
c
t
i
o
n
in
fu
n
d
ba
l
a
n
c
e
fr
o
m
th
e
tr
a
n
s
f
e
r
wa
s
of
f
s
e
t
by
sa
v
i
n
g
s
fr
o
m
se
v
e
r
a
l
st
a
f
f
po
s
i
t
i
o
n
s
be
i
n
g
le
f
t
un
f
i
l
l
e
d
du
r
i
n
g
a
po
r
t
i
o
n
of
2
0
1
5
,
in
th
e
Po
l
i
c
e
an
d
Pu
b
l
i
c
Wo
r
k
s
de
p
a
r
t
m
e
n
t
s
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
20
1
5
Ca
p
i
t
a
l
As
s
e
t
an
d
De
b
t
Ad
m
i
a
i
s
t
r
a
t
i
o
a
Ca
p
i
t
a
l
As
s
e
t
s
:
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
fo
r
it
s
go
v
e
r
n
m
e
n
t
a
l
and business-type activities at the end of the
cu
r
r
e
n
t
ye
a
r
,
am
o
u
n
t
s
to
$1
2
3
,
1
0
3
,
1
9
7
(n
e
t
of
ac
c
u
m
u
l
a
t
e
d
de
p
r
e
c
i
a
t
i
o
n
)
.
This investment in capital assets includes: land,
bu
i
l
d
i
n
g
s
,
in
f
r
a
s
t
r
u
c
t
u
r
e
,
ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
an
d
co
n
s
t
r
u
c
t
i
o
n
in progress. The City's investment in capital assets
in
c
r
e
a
a
e
d
$2
5
,
1
7
3
,
4
8
8
(2
5
.
7
1
%
)
fr
o
m
th
e
pr
e
v
i
o
u
s
ye
a
r
.
Ma
j
o
r
ca
p
i
t
a
l
as
s
e
t
ev
e
n
t
s
du
r
i
n
g
th
e
cu
r
r
e
n
t
ye
a
r
in
c
l
u
d
e
d
th
e
fo
l
l
o
w
i
n
g
:
Th
e
Fr
e
e
w
a
y
Pa
r
k
Ar
e
a
Ne
i
g
h
b
o
r
h
o
o
d
in
f
r
a
s
t
r
u
c
t
u
r
e
re
c
o
n
s
t
r
u
c
t
i
o
n
project is near completion, with $8,791,044 of
ad
d
i
t
i
o
n
s
to
co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
.
Th
i
s
am
o
u
n
t
in
c
l
u
d
e
s
work on streets, as well as water, sewer and storm utilities.
Th
e
63
r
d
Av
e
n
u
e
Ne
i
g
h
b
o
r
h
o
o
d
in
f
r
a
s
t
r
u
c
t
u
r
e
re
c
o
n
s
t
r
u
c
t
i
o
n
project is near completion, with $4,676,392 of additions to
co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
.
Th
i
s
am
o
t
m
t
in
c
l
u
d
e
s
wo
r
k
on
str
e
e
t
s
~
as well as water, sewer and storm utilities.
Th
e
Ci
t
y
co
n
t
i
n
u
e
d
co
n
s
t
r
u
c
t
i
o
n
of
a
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
At the end of 2015, the City had completed $19,371,703 of the
$1
9
,
6
6
2
,
3
5
2
pr
o
j
e
c
t
.
Th
e
pr
o
j
e
c
t
is
be
i
n
g
fu
n
d
e
d
th
r
o
u
g
h
a low interest loan (1%) with the Minnesota Public Facilities
Au
t
h
o
r
i
t
y
.
Th
e
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
be
c
a
m
e
op
e
r
a
t
i
o
n
a
l
in
January 2016.
Th
e
co
n
s
t
r
u
c
t
i
o
n
of
a
Co
m
m
u
n
i
t
y
Am
p
h
i
t
h
e
a
t
e
r
is
ne
a
r
co
m
p
l
e
t
i
o
n
,
with $632,925 of additions to construction in progress.
Th
e
Am
p
h
i
t
h
e
s
t
e
r
wa
s
pr
i
m
a
r
i
l
y
fu
n
d
e
d
th
r
o
u
g
h
do
n
a
t
i
o
n
s
.
Th
e
Ci
t
y
is
ne
a
r
co
m
p
l
e
t
i
o
n
wi
t
h
a
Ci
t
y
Ha
l
V
C
o
m
m
u
n
i
t
y
Ce
n
t
e
r
reroudel, with $3,519,011 of additions to construction
in
pr
o
g
r
e
s
s
.
Th
e
pr
o
j
e
c
t
in
c
l
u
d
e
d
ro
o
f
re
p
l
a
c
e
m
e
n
t
an
d
me
c
h
a
n
i
c
a
l
and electrical upgrades.
Th
e
Ce
n
t
r
a
l
Ga
r
a
g
e
re
p
l
a
c
e
d
17
pi
e
c
e
s
of
ma
c
h
i
n
e
r
y
&
eq
u
i
p
m
e
n
t
during the year. The total outlay for machinery and
eq
u
i
p
m
e
n
t
du
r
i
n
g
th
e
ye
a
r
wa
s
$1
,
0
3
9
,
5
3
0
.
Th
e
ad
d
i
t
i
o
n
s
in
c
l
u
d
e
,
but are not limited to: mowers, police vehicles,
a
pu
b
l
i
c
wo
r
k
s
tr
u
c
k
an
d
a
st
r
e
e
t
sw
e
e
p
e
r
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
-
CAPITAL ASSETS
(n
e
t
o
f
de
p
r
e
c
i
a
t
i
o
n
)
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
Business-!l,Ee Activities Total
20
1
5
20
1
4
2015 2014 2015 2014
La
n
d
$
3,
5
3
7
,
4
7
3
$
3,
5
3
7
,
4
7
3
$ 3,194,983 $ 3,194,983 $ 6,732,456 $ 6,732,456
Ea
s
e
m
e
n
t
s
90
,
5
9
4
95
,
1
3
2
11,976 16,039 102,570 111,171
Co
n
s
t
r
u
c
t
i
o
n
in
pr
o
g
r
e
s
s
9,
0
1
1
,
1
3
8
3,
2
7
6
,
2
1
3
25,636,604 8,425,511 34,647,742 11,701,724
La
n
d
im
p
r
o
v
e
m
e
n
t
s
179,944 196,571 179,944 196,571
Ot
h
e
r
pa
r
k
im
p
r
o
v
e
m
e
n
t
s
5,
7
2
8
,
4
9
6
5,
9
5
5
,
8
8
9
5,728,496 5,955,889
Bu
i
l
d
i
n
g
s
an
d
st
r
u
c
t
u
r
e
s
7,
6
2
6
,
6
8
1
7,
7
1
8
,
9
3
0
2,723,125 3,307,370 10,349,806 11,026,300
Ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
3,
9
6
3
,
1
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7
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3
,
0
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3
273,538 297,976 4,236,706 4,060,979
St
r
e
e
t
s
26
,
5
7
5
,
4
9
8
25
,
0
4
5
,
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3
8
26,575,498 25,045,938
St
r
e
e
t
li
g
h
t
sy
s
t
e
m
s
634,678 630,342 634,678 630,342
Ma
i
n
s
an
d
li
n
e
s
33,915,301 32,468,340 33,915,301 32,468,340
To
t
a
l
$
56
,
5
3
3
,
0
4
8
$
49
,
3
9
2
,
5
7
8
$ 66,570,149 $ 48,537,132 $ 123,103,197 $ 97,929,710
Ad
d
i
t
i
o
n
a
l
in
f
o
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m
a
t
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o
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on
th
e
Ci
t
y
'
s
ca
p
i
t
a
l
as
s
e
t
s
ca
n
be
fo
u
n
d
in
Note 3 (C) on psges 64 through 65 of this CAFR.
IV-9
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
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A
MA
N
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G
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'
S
DI
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AN
D
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De
c
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m
b
e
r
31
,
2
0
1
5
Lo
n
g
-
T
e
r
m
De
b
t
:
At
th
e
en
d
of
th
e
cu
r
r
e
n
t
ye
a
r
,
th
e
Ci
t
y
ha
d
ou
t
s
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a
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n
g
lo
n
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-
t
e
m
1
bo
n
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e
d
de
b
t
o
f
$5
0
,
5
0
5
,
1
5
8
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
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N
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R
-
OU
T
S
T
A
N
D
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DE
B
T
Go
v
e
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n
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t
a
l
Ac
t
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t
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s
Bu
s
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s
-
!
l
:
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e
Ac
t
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v
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e
s
To
t
a
l
20
1
5
20
1
4
20
1
5
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1
4
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1
5
Ge
n
e
r
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l
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g
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ta
x
in
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n
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s
$
20
,
8
8
5
,
0
0
0
$
16
,
0
4
0
,
0
0
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20
,
8
8
5
,
0
0
0
$
Ge
n
e
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s
8,
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1
,
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6,
4
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0
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Ge
n
e
r
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l
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re
v
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s
3,
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8
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Ge
n
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e
no
t
e
s
17
,
5
4
5
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1
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,
5
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1
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m
p
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a
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s
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e
s
1,
2
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1
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t
pe
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11
,
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t
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71
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t
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l
$
42
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24
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21
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1,
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63
,
9
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,
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e
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6
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5
8
(1
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7
.
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%
)
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o
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t
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d
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in
pr
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of
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2
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ne
w
de
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n
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r
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o
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of
a
wa
t
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a
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s
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s
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a
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o
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n
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t
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s
u
e
to
3%
of
to
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,
6
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6
,
4
4
2
.
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e
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t
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do
e
s
no
t
cu
r
r
e
n
t
l
y
ha
v
e
an
y
de
b
t
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t
s
t
a
n
d
i
n
g
th
a
t
is
ap
p
l
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c
a
b
l
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to
th
e
li
m
i
t
.
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d
i
t
i
o
n
a
l
in
f
o
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m
a
t
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o
n
on
th
e
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t
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'
s
lo
n
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t
e
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b
t
ca
n
be
fo
u
n
d
in
No
t
e
3
(F
)
on
pa
g
e
s
69
th
r
o
u
g
h
72
of
th
i
s
CA
F
R
Ec
o
n
o
m
i
c
Fa
c
t
o
r
s
an
d
Ne
x
t
Ye
a
r
'
s
Bu
d
g
e
t
an
d
Ra
t
e
s
Al
l
o
f
th
e
s
e
fa
c
t
o
r
s
we
r
e
co
n
s
i
d
e
r
e
d
in
th
e
pr
e
p
a
r
a
t
i
o
n
of
th
e
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t
y
'
s
bu
d
g
e
t
fo
r
th
e
20
1
6
fi
s
c
a
l
ye
a
r
.
•
Th
e
un
e
m
p
l
o
y
m
e
n
t
ra
t
e
fo
r
th
e
Ci
t
y
is
4.
0
0
%
at
th
e
en
d
of
th
e
20
1
5
fi
s
c
a
l
ye
a
r
,
wh
i
c
h
is
a
in
c
r
e
a
s
e
fr
o
m
th
e
ra
t
e
of
3
.
6
0
%
a
ye
a
r
ag
o
.
Th
i
s
co
m
p
a
r
e
s
to
th
e
St
a
t
e
'
s
av
e
r
a
g
e
un
e
m
p
l
o
y
m
e
n
t
ra
t
e
o
f
3.
70
%
an
d
th
e
na
t
i
o
n
a
l
av
e
r
a
g
e
of
4.
8
0
%
.
•
An
in
c
r
e
a
s
e
in
es
t
i
m
a
t
e
d
ta
x
a
b
l
e
ma
r
k
e
t
va
l
u
e
o
f
6.
4
pe
r
c
e
n
t
fr
o
m
ta
x
e
s
pa
y
a
b
l
e
20
1
5
to
20
1
6
.
Th
e
ta
x
a
b
l
e
ma
r
k
e
t
va
l
u
e
in
c
r
e
a
s
e
wa
s
dr
i
v
e
n
by
si
g
n
i
f
i
c
a
n
t
in
c
r
e
a
s
e
s
in
re
s
i
d
e
n
t
i
a
l
pr
o
p
e
r
t
y
va
l
u
e
s
(1
1
.
4
%
)
.
•
Co
n
t
i
n
u
i
n
g
re
d
e
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o
p
m
e
n
t
th
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g
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o
u
t
th
e
Ci
t
y
wi
l
l
yi
e
l
d
ne
t
gr
o
w
t
h
in
ta
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ba
s
e
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d
st
a
b
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ta
x
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s
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o
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t
h
pr
o
v
i
d
i
n
g
jo
b
gr
o
w
t
h
in
th
e
Ci
t
y
.
•
De
v
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t
ac
t
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t
y
co
n
t
i
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u
e
s
at
th
e
Sh
i
n
g
l
e
Cr
e
e
k
Cr
o
s
s
i
n
g
si
t
e
,
th
e
bu
s
i
n
e
s
s
ac
t
i
v
i
t
y
in
20
1
5
in
c
l
u
d
e
d
th
e
co
m
p
l
e
t
i
o
n
o
f
th
e
Di
s
c
o
u
n
t
Ti
r
e
St
o
r
e
,
Ki
d
'
s
Fo
o
t
Lo
c
k
e
r
,
Ru
e
21
,
Vi
l
l
a
,
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a
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wi
t
h
Ca
r
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d
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u
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Ba
g
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D
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t
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s
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p
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sq
u
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In
De
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pu
r
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h
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a
23
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r
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r
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ac
r
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r
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g
,
po
o
l
an
d
pa
t
i
o
ar
e
a
s
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
MA
N
A
G
E
M
E
N
T
'
S
DI
S
C
U
S
S
I
O
N
AN
D
AN
A
L
Y
S
I
S
De
c
e
m
b
e
r
31
,
2
0
1
5
He
n
n
e
p
i
n
Co
u
n
t
y
,
Mi
n
n
e
s
o
t
a
De
p
a
r
t
m
e
n
t
of
Em
p
l
o
y
m
e
n
t
an
d
Economic Development (DEED), and the Metropolitan Council
ap
p
r
o
v
e
d
th
r
e
e
gr
a
n
t
ap
p
l
i
c
a
t
i
o
n
s
to
t
a
l
i
n
g
$1
.
5
mi
l
l
i
o
n
to
co
m
p
l
e
t
e
a soils investigation and remediation action plan for the
fo
r
m
e
r
Ho
w
e
Fe
r
t
i
l
i
z
e
r
Si
t
e
.
Th
i
s
en
a
b
l
e
d
a
de
v
e
l
o
p
e
r
to
pr
o
c
e
e
d
with the development of a 61,000 square foot building that
wa
s
co
m
p
l
e
t
e
d
an
d
le
a
s
e
d
in
20
1
5
.
Th
e
ED
A
ac
q
u
i
r
e
d
th
e
fo
r
m
e
r
Ch
r
y
s
l
e
r
Au
t
o
De
a
l
e
r
s
h
i
p
,
al
s
o
known as Cars with Heart, a five acre commercial site at
61
2
1
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
.
Th
e
bu
i
l
d
i
n
g
s
ha
v
e
be
e
n
de
m
o
l
i
s
h
e
d
and the EDA has approved plans and entered into a
de
v
e
l
o
p
m
e
n
t
ag
r
e
e
m
e
n
t
fo
r
th
e
co
n
s
t
r
u
c
t
i
o
n
o
f
a
15
6
un
i
t
se
n
i
o
r
apartment building that provides affordable assisted care
op
p
o
r
t
u
n
i
t
i
e
s
fo
r
se
n
i
o
r
ci
t
i
z
e
n
s
.
Th
e
Th
r
e
e
Ri
v
e
r
s
Pa
r
k
Di
s
t
r
i
c
t
pr
o
v
i
d
e
d
fu
n
d
i
n
g
fo
r
a
re
a
l
i
g
n
m
e
n
t
of the Twin Lakes Regional Trail Corridor within the
ea
s
t
e
r
n
po
r
t
i
o
n
o
f
th
e
pl
a
n
n
e
d
re
n
o
v
a
t
i
o
n
o
f
th
e
La
k
e
Po
i
n
t
e
Ap
a
r
t
m
e
n
t
s
.
Planning for the 2016-17 construction of an
ex
t
e
n
s
i
o
n
o
f
th
i
s
re
g
i
o
n
a
l
tr
a
i
l
al
o
n
g
57
t
h
A ve
n
u
e
ea
s
t
of
Hi
g
h
w
a
y
100, to connect the Mississippi Regional Corridor is
un
d
e
r
w
a
y
.
Th
e
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
br
i
d
g
e
an
d
tr
a
i
l
im
p
r
o
v
e
m
e
n
t
s
ov
e
r
State Highway 100 were completed and a cooperative grant
ap
p
l
i
c
a
t
i
o
n
wi
t
h
He
n
n
e
p
i
n
Co
u
n
t
y
ha
s
re
c
e
i
v
e
d
fa
v
o
r
a
b
l
e
sc
o
r
i
n
g
for Federal funding of the reconstruction of the southern
po
r
t
i
o
n
o
f
th
e
Br
o
o
k
l
y
n
Bo
u
l
e
v
a
r
d
Co
r
r
i
d
o
r
St
u
d
y
(s
o
u
t
h
e
r
n
bo
r
d
e
r
ofthe City to County Road 10/Bass Lake Road).
Co
n
s
t
r
u
c
t
i
o
n
is
pl
a
r
m
e
d
fo
r
20
1
8
.
In
20
1
5
,
co
n
s
t
r
u
c
t
i
o
n
o
f
th
e
Ne
w
Mi
l
l
e
n
n
i
u
m
Ac
a
d
e
m
y
,
a
55
0
student charter school commenced on the former Malmborg's
Nu
r
s
e
r
y
si
t
e
an
d
is
sc
h
e
d
u
l
e
d
to
op
e
n
in
th
e
fa
l
l
of
20
1
6
.
•
Th
e
Ci
t
y
'
s
wa
t
e
r
tr
e
a
t
m
e
n
t
pl
a
n
t
is
fu
l
l
y
op
e
r
a
t
i
o
n
a
l
be
g
i
n
n
i
n
g
in January 2016, which reduced the level of manganese from
ou
r
wa
t
e
r
su
p
p
l
y
.
Th
e
es
t
i
m
a
t
e
d
to
t
a
l
co
s
t
fo
r
th
e
wa
t
e
r
tr
e
a
t
m
e
n
t
plant is $19.66 million. Financing is being provided
th
r
o
u
g
h
a
lo
w
in
t
e
r
e
s
t
lo
a
n
un
d
e
r
th
e
Dr
i
n
k
i
n
g
Wa
t
e
r
Re
v
o
l
v
i
n
g
Fund through the Minnesota Public Facilities (PFA) loan
pr
o
g
r
a
m
.
Th
e
lo
a
n
wi
l
l
be
re
p
a
i
d
ov
e
r
tw
e
n
t
y
ye
a
r
s
at
an
in
t
e
r
e
s
t
rate of one percent.
•
Ut
i
l
i
t
y
ra
t
e
s
ha
v
e
be
e
n
pr
o
j
e
c
t
e
d
in
t
o
a
ro
l
l
i
n
g
15
ye
a
r
mo
d
e
l
to
allow for funding of system maintenance, technology changes
an
d
ca
p
i
t
a
l
re
p
a
i
r
an
d
re
p
l
a
c
e
m
e
n
t
s
wh
i
l
e
mo
d
e
r
a
t
i
n
g
an
n
u
a
l
ra
t
e
adjustments. On January 1, 2016 the sanitary sewer utility
qu
a
r
t
e
r
l
y
ba
s
e
ch
a
r
g
e
in
c
r
e
a
s
e
d
fr
o
m
$7
8
.
4
5
to
$8
0
.
0
2
.
Th
e
wa
t
e
r
utility rates increased for both base and consumption
ch
a
r
g
e
s
.
Th
e
qu
a
r
t
e
r
l
y
ba
s
e
ch
a
r
g
e
of
$
1
0
.
0
0
pe
r
re
s
i
d
e
n
t
i
a
l
an
d
commercial irrigation meter increased to $12.20 per
me
t
e
r
.
Th
e
co
n
s
u
m
p
t
i
o
n
ch
a
r
g
e
of
$
1
.
6
6
pe
r
1,
0
0
0
ga
l
l
o
n
s
(u
p
to 30,000 gallons per quarter), increased by $0.37 per 1,000
ga
l
l
o
n
s
.
Mu
l
t
i
-
f
a
m
i
l
y
,
co
m
m
e
r
c
i
a
l
an
d
in
d
u
s
t
r
i
a
l
pr
o
p
e
r
t
i
e
s
pa
y
a quarterly base charge depending on the size of the meters
an
d
a
co
n
s
m
n
p
t
i
o
n
ra
t
e
pe
r
1,
0
0
0
ga
l
l
o
n
s
.
Th
e
co
n
s
u
n
1
p
t
i
o
n
ra
t
e
increased $0.56 to $2.53 per 1,000 gallons.
Th
e
Ci
t
y
'
s
po
l
i
c
y
is
to
ma
i
n
t
a
i
n
a
Ge
n
e
r
a
l
fu
n
d
un
a
s
s
i
g
n
e
d
fu
n
d
balance of 50% -52% of the ensuing year's budgeted General
fu
n
d
op
e
r
a
t
i
o
n
s
.
Ad
d
i
t
i
o
n
a
l
l
y
th
e
Ci
t
y
'
s
ca
p
i
t
a
l
pr
o
j
e
c
t
fu
n
d
i
n
g
po
l
i
c
y
that transfers the amount of fund balance exceeding 52%
to
th
e
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
fu
n
d
fo
l
l
o
w
i
n
g
th
e
co
m
p
l
e
t
e
d
au
d
i
t
of the City's CAFR The City transferred $908,761 for Capital
Im
p
r
o
v
e
m
e
n
t
s
fr
o
m
th
e
Ge
n
e
r
a
l
Fu
n
d
.
Th
e
Ci
t
y
ha
s
as
s
i
g
n
e
d
$8
0
4
,
8
1
5
(the amount exceeding 52%) for capital improvements
wi
t
h
i
n
th
e
Ge
n
e
r
a
l
Fu
n
d
.
To
t
a
l
un
a
s
s
i
g
n
e
d
an
d
as
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
at the end of 2015 was $11,092,058 (56.07%) of the
ad
o
p
t
e
d
20
1
6
bu
d
g
e
t
e
d
ex
p
e
n
d
i
t
u
r
e
s
.
Re
q
u
e
s
t
s
fo
r
In
f
o
r
m
a
t
i
o
n
Th
i
s
fm
a
n
c
i
a
l
re
p
o
r
t
is
de
s
i
g
n
e
d
to
pr
o
v
i
d
e
a
ge
n
e
r
a
l
ov
e
r
v
i
e
w
of
the City of Brooklyn Center's finances for all those with an
in
t
e
r
e
s
t
in
th
e
go
v
e
r
n
m
e
n
t
'
s
fi
n
a
n
c
e
s
.
Qu
e
s
t
i
o
n
s
co
n
c
e
r
n
i
n
g
an
y
o
f
the information provided in this report or requests for additional
fm
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
sh
o
u
l
d
be
ad
d
r
e
s
s
e
d
to
th
e
Fi
n
a
n
c
e
Di
r
e
c
t
o
r
,
6301 Shingle Creek Parkway, Brooklyn Center, MN 55430.
IV-10
Basic Financial
Statements
IV-12
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
ST
A
T
E
M
E
N
T
OF
AC
T
I
V
I
T
I
E
S
Fo
r
th
e
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
FU
N
C
T
I
O
N
_
S
L
P
R
O
G
R
A
M
§
Go
v
e
r
n
m
e
n
t
ac
t
i
v
i
t
i
e
s
:
Ge
n
e
r
a
l
go
v
e
r
n
m
e
n
t
Pu
b
l
i
c
sa
f
e
t
y
Pu
b
l
i
c
wo
r
k
s
Co
m
m
u
n
i
t
y
se
r
v
i
c
e
s
Pa
r
k
s
an
d
re
c
r
e
a
t
i
o
n
Ec
o
n
o
m
i
c
de
v
e
l
o
p
m
e
n
t
In
t
e
r
e
s
t
on
lo
n
g
-
t
e
r
m
de
b
t
To
t
a
l
go
v
e
r
n
m
e
n
t
ac
t
i
v
i
t
i
e
s
Bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
:
Mu
n
i
c
i
p
a
l
li
q
u
o
r
Go
l
f
co
u
r
s
e
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Wa
t
e
r
ut
i
l
i
t
y
Sa
n
i
t
a
r
y
se
w
e
r
ut
i
l
i
t
y
St
o
r
m
dr
a
i
n
a
g
e
ut
i
l
i
t
y
St
r
e
e
t
li
g
h
t
ut
i
l
i
t
y
Re
c
y
c
l
i
n
g
ut
i
l
i
t
y
To
t
a
l
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
To
t
a
l
~
e
n
s
e
s
$
3,
5
2
7
,
3
2
3
10
,
7
0
7
,
6
0
2
3,
8
6
7
,
4
0
6
13
5
,
6
0
4
3,
0
5
3
,
3
2
8
5,
4
1
9
,
3
0
4
72
3
,
0
0
0
27
,
4
3
3
,
5
6
7
5,
8
1
6
,
3
6
3
27
0
,
3
0
7
4,
7
3
9
,
5
4
3
2,
1
7
9
,
8
9
2
3,
6
9
4
,
8
8
0
1,
8
8
3
,
1
5
4
28
1
,
6
6
1
29
2
,
2
8
2
19
,
1
5
8
,
0
8
2
$
46
,
5
9
1
,
6
4
9
Th
e
no
t
e
s
to
th
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
an
in
t
e
g
r
a
l
pa
r
t
o
f
th
i
s
st
a
t
e
m
e
n
t
.
Ch
a
r
g
e
s
Fo
r
Se
r
v
i
c
e
s
$
65
3
,
5
3
5
54
8
,
6
6
9
22
6
,
6
4
5
56
4
,
2
1
7
22
5
,
0
5
7
-
2,
2
1
8
,
1
2
3
6,
0
6
1
,
6
8
0
20
8
,
3
4
6
4,
6
4
9
,
1
6
2
2,
6
4
0
,
6
6
5
4,
0
9
5
,
0
1
7
1,
6
3
5
,
6
5
5
46
4
,
2
5
8
31
5
,
4
3
4
20
,
0
7
0
,
2
1
7
$
22
,
2
8
8
,
3
4
0
Pr
o
s
r
a
m
Re
v
e
n
u
e
s
Op
e
r
a
t
i
n
g
Ca
p
i
t
a
l
Gr
a
n
t
s
an
d
Gr
a
n
t
s
an
d
Co
n
t
r
i
b
u
t
i
o
n
s
C
o
n
t
r
i
b
u
t
i
o
n
s
$
-
$
-
1,
1
9
8
,
5
4
4
-
11
0
,
0
0
0
5,
1
5
1
,
3
0
6
98
,
6
9
4
33
,
0
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5
1,
1
9
8
,
2
3
9
-
-
-
2,
6
0
5
,
4
7
7
5,
1
8
4
,
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7
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$
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4
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3
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5
5
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153,295 3,776,932
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-
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1,500 36,315
79
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4
8
8
-
-
2,463,683 3,256,171
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537 000 16,115,075
4,
7
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2
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0
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6
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5
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5
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1,512,442 9,496,929 61,246,084
12
1
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0
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151,393 353,568 1,163,380
18
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5,269 160,270
-
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5
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30
1
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9
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0
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9,
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1,434,768 4,485,051
-
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6
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3
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$
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5
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5
5
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$
1,512,442 $ 9,496,929 $ 61,246,084
IV-15
C
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Fund Governmental Governmental
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Pr
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s
$
14
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4
5
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1
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$
$
$
38
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7
0
5
$
(5
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2
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6
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$
$ 274,058 $ 15,115,171
Ta
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c
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m
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2,
9
5
3
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2
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362,053 3,669,198
Fr
a
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s
653,648 653,648
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.
IV-19
CITY OF BROOKLYN CENTER, MINNESOTA
TAX INCREMENT DISTRICT NO. 5
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE-BUDGET AND ACTUAL
For the Year Ended December 31, 2015
Variance with
Final Budget -
Budgeted Amounts Actual Positive
Oris!nal Final Amounts (Neaative~
REVENUES
Tax increments $ 435,437 $ 435,437 $ 353,417 $ (82,020)
Investment earnings (net of market value adjustment) 816 816 458 ~358~
Total revenues 436,253 436,253 353,875 ~82,378~
EXPENDITURES
Current:
Economic development:
Services and other charges 400,469 400,469 1,295,482 ~895,013~
Excess (deficiency) of revenues
over(under)expenditures 35,784 35,784 (941,607) (977,391)
OTHER FINANCING SOURCES (USES)
Transfers out ~34,968l ~34,968~ 34,968
Net change in fund balance 816 816 (941,607) (942,423)
Fund balance-January 1 ~1,299,859l p,299,859l p,299,859l
Fund balance -December 31 $ (1,299,043l $ (1,299,043l $ (2,241,466l $ (942,423)
The notes to the financial statements are an integral part of this statement.
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204,612 80,261
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3,079 (205,577) (36,509)
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Pr
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(303) 346,057 77,961
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Un
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1,660,956
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9
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56
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$ 25,928 s 4,426,723 s 564,869
NO
N
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FI
N
A
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C
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AC
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$ $ I 701451 $ 38 670
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$ $ $ !24,353!
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p
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t
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pe
n
s
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o
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pl
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n
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$
$
$
$
$
$
$ $ $ 40,140
Ch
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Ac
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g
Pr
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p
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s
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-
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s
$
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$ $ $ (10,691,122)
'l
'
h
t
t
no
t
e
s
to
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
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t
s
ar
e
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in
t
e
g
r
a
l
pa
r
t
of
th
i
s
st
a
t
e
m
e
n
t
.
IV-23
Notes to
Financial Statements
IV-24
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
Ci
t
y
of
Br
o
o
k
l
y
n
Ce
n
t
e
r
wa
s
in
c
o
r
p
o
r
a
t
e
d
in
19
1
1
an
d
ha
s
op
e
r
a
t
e
d
un
d
e
r
a
Co
u
n
c
i
l
/
M
a
n
a
g
e
r
fo
r
m
of
go
v
e
r
n
m
e
n
t
si
n
c
e
th
e
ad
o
p
t
i
o
n
of
th
e
Ci
t
y
ch
a
r
t
e
r
in
19
6
6
.
Th
e
go
v
e
r
n
i
n
g
bo
d
y
co
n
s
i
s
t
s
of
a
Ma
y
o
r
an
d
fo
u
r
Ci
t
y
Co
u
n
c
i
l
me
m
b
e
r
s
.
el
e
c
t
e
d
at
-
l
a
r
g
e
to
se
t
V
e
fo
u
r
-
y
e
a
r
st
a
g
g
e
r
e
d
te
r
m
s
.
Th
e
Ci
t
y
pr
o
v
i
d
e
s
a
fu
l
l
ra
n
g
e
of
mu
n
i
c
i
p
a
l
se
r
v
i
c
e
s
to
it
s
ci
t
i
z
e
n
s
,
in
c
l
u
d
i
n
g
pu
b
l
i
c
sa
f
e
t
y
(p
o
l
i
c
e
an
d
fi
r
e
pr
o
t
e
c
t
i
o
n
)
,
hi
g
h
w
a
y
s
an
d
st
r
e
e
t
s
,
pa
r
k
s
an
d
re
c
r
e
a
t
i
o
n
,
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
,
pl
a
n
n
i
n
g
an
d
in
s
p
e
c
t
i
o
n
s
,
ec
o
n
o
m
i
c
d
e
v
e
l
o
p
m
e
n
t
,
sa
n
i
t
a
r
y
an
d
st
o
r
m
se
w
e
r
,
wa
t
e
r
,
an
d
go
n
e
r
s
!
ad
m
i
n
i
s
t
r
a
t
i
v
e
se
t
V
i
c
e
s
.
No
t
e
1
SU
M
M
A
R
Y
OF
SI
G
N
I
F
l
C
A
N
T
AC
C
O
U
N
T
I
N
G
PO
L
I
C
I
E
S
Th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
of
th
e
Ci
t
y
ha
v
e
be
e
n
pr
e
p
a
r
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
s
ge
n
e
r
a
l
l
y
ac
c
e
p
t
e
d
in
th
e
Un
i
t
e
d
St
a
t
e
s
of
Am
e
r
i
c
a
(G
A
A
P
)
,
as
ap
p
l
i
e
d
to
go
v
e
r
n
m
e
n
t
a
l
un
i
t
s
by
th
e
Go
v
e
r
n
m
e
n
t
a
l
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
(G
A
S
B
)
.
Th
e
Ci
t
y
'
s
si
g
n
i
f
i
c
a
n
t
ac
c
o
u
n
t
i
n
g
po
l
i
c
i
e
s
ar
e
de
s
c
r
i
b
e
d
be
l
o
w
.
A.
RE
P
O
R
T
I
N
G
EN
T
I
T
Y
Th
e
Ci
t
y
in
c
l
u
d
e
s
al
l
fu
n
d
s
,
or
g
a
n
i
z
a
t
i
o
n
s
,
in
s
t
i
t
u
t
i
o
n
s
,
ag
e
n
c
i
e
s
,
de
p
a
r
t
m
e
n
t
s
,
bo
a
r
d
s
,
an
d
of
f
i
c
e
s
th
a
t
ar
e
no
t
le
g
a
l
l
y
se
p
a
r
a
t
e
fr
o
m
th
e
Ci
t
y
.
Co
m
p
o
n
e
n
t
un
i
t
s
ar
e
le
g
a
l
l
y
se
p
a
r
a
t
e
or
g
a
n
i
z
a
t
i
o
n
s
fo
r
wh
i
c
h
th
e
el
e
c
t
e
d
of
f
i
c
i
a
l
s
of
th
e
Ci
t
y
ar
e
fi
n
a
n
c
i
a
l
l
y
ac
c
o
u
n
t
a
b
l
e
an
d
ar
e
in
c
l
u
d
e
d
wi
t
h
i
n
th
e
ba
s
i
c
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
of
th
e
Ci
t
y
be
c
a
u
s
e
of
th
e
si
g
n
i
f
i
c
a
n
c
e
of
th
e
i
r
op
e
r
s
t
i
o
n
a
l
or
fi
n
a
n
c
i
a
l
re
l
a
t
i
o
n
s
h
i
p
s
wi
t
h
th
e
Ci
t
y
.
Th
e
Ci
t
y
is
co
n
s
i
d
e
r
e
d
fi
n
a
n
c
i
a
l
l
y
ac
c
o
u
n
t
a
b
l
e
fo
r
a
co
m
p
o
n
e
n
t
un
i
t
if
it
ap
p
o
i
n
t
s
a
vo
t
i
n
g
ma
j
o
r
i
t
y
of
th
e
or
g
a
n
i
z
a
t
i
o
n
'
s
go
v
e
r
n
i
n
g
bo
d
y
an
d
is
ab
l
e
to
im
p
o
s
e
it
s
wi
l
l
on
th
e
or
g
l
l
n
i
z
a
t
i
o
n
by
si
g
n
i
f
i
c
a
n
t
l
y
in
f
l
u
e
n
c
i
n
g
th
e
pr
o
g
r
a
m
s
,
pr
o
j
e
c
t
s
,
ac
t
i
v
i
t
i
e
s
,
or
le
v
e
l
of
se
r
v
i
c
e
s
pe
r
f
o
r
m
e
d
or
pr
o
v
i
d
e
d
by
th
e
or
g
l
l
n
i
z
a
t
i
o
n
,
or
th
e
r
e
is
a
po
t
e
n
t
i
a
l
fo
r
th
e
or
g
l
l
n
i
z
a
t
i
o
n
to
pr
o
v
i
d
e
sp
e
c
i
f
i
c
fi
n
a
n
c
i
a
l
be
n
e
f
i
t
s
to
,
or
im
p
o
s
e
sp
e
c
i
f
i
c
fi
n
a
n
c
i
a
l
bu
r
d
e
n
s
on
,
th
e
Ci
t
y
.
Bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
s
,
al
t
h
o
u
g
h
le
g
a
l
l
y
se
p
a
r
a
t
e
,
ar
e
,
in
su
b
s
t
a
n
c
e
,
pa
r
t
of
th
e
go
v
e
r
n
m
e
n
t
'
s
op
e
r
a
t
i
o
n
s
.
A
bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
is
re
p
o
r
t
e
d
as
if
it
we
r
e
a
fu
n
d
of
th
e
Ci
t
y
th
r
o
u
g
h
o
u
t
th
e
ye
a
r
.
It
is
in
c
l
u
d
e
d
at
bo
t
h
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
re
p
o
r
t
i
n
g
le
v
e
l
s
.
A
de
s
c
r
i
p
t
i
o
n
of
th
e
Ci
t
y
'
s
bl
e
n
d
e
d
co
m
p
o
n
e
n
t
un
i
t
s
fo
l
l
o
w
s
:
Ci
t
y
of
B
r
o
o
k
l
y
n
Ce
n
t
e
r
Ho
u
s
i
n
g
an
d
Re
d
e
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
(l
i
R
A
)
-
Th
e
Ci
t
y
Co
u
n
c
i
l
se
r
v
e
s
as
th
e
Bo
a
r
d
of
Di
r
e
c
t
o
r
s
fo
r
th
e
HR
A
,
wi
t
h
th
e
po
w
e
r
to
le
v
y
ta
x
e
s
an
d
en
t
e
r
in
t
o
co
n
t
r
a
c
t
s
.
Th
e
Co
u
n
c
i
l
re
v
i
e
w
s
an
d
ap
p
r
o
v
e
s
th
e
t
a
x
le
v
y
an
d
al
l
ex
p
e
n
d
i
t
u
r
e
s
fo
r
th
e
HR
A
.
Th
e
HR
A
is
re
p
o
r
t
e
d
as
a
Sp
e
c
i
a
l
Re
v
e
n
u
e
fu
n
d
.
Th
e
HR
A
do
e
s
no
t
is
s
u
e
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Fi
n
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
ma
y
be
ob
t
a
i
n
e
d
at
th
e
Ci
t
y
'
s
of
f
i
c
e
s
.
Ci
t
y
of
Br
o
o
k
l
y
n
Ce
n
t
e
r
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
(E
D
A
)
-
Th
e
go
v
e
r
n
i
n
g
bo
a
r
d
fo
r
th
e
ED
A
is
th
e
Ci
t
y
Co
u
n
c
i
l
,
wi
t
h
th
e
po
w
e
r
to
is
s
u
e
bo
n
d
s
an
d
en
t
e
r
in
t
o
co
n
t
r
a
c
t
s
.
Th
e
co
u
n
c
i
l
re
v
i
e
w
s
an
d
ap
p
r
o
v
e
s
ma
j
o
r
co
m
m
u
n
i
t
y
de
v
e
l
o
p
m
e
n
t
im
p
r
o
v
e
m
e
n
t
ac
t
i
v
i
t
i
e
s
.
Ci
t
y
ge
n
e
r
a
l
ob
l
i
g
a
t
i
o
n
ta
x
in
c
r
e
m
e
n
t
fi
n
a
n
c
i
n
g
bo
n
d
s
ar
e
ia
s
u
e
d
to
fi
n
a
n
c
e
ED
A
ac
t
i
v
i
t
i
e
s
.
Th
e
ED
A
is
re
p
o
r
t
e
d
as
a
Sp
e
c
i
a
l
Re
v
e
n
u
e
fu
n
d
.
Th
e
ED
A
do
e
s
no
t
is
s
u
e
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Fi
n
a
n
c
i
a
l
in
f
o
r
m
a
t
i
o
n
ma
y
be
ob
t
a
i
n
e
d
at
th
e
Ci
t
y
'
s
of
f
i
c
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
3
1
,
2
0
1
5
B.
GO
V
E
R
N
M
E
N
T
-
W
I
D
E
AN
D
FU
N
D
FI
N
A
N
C
I
A
L
STATEMENTS
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
(i
.
e
.
,
th
e
st
a
t
e
m
e
n
t
of net position and the statement of activities) report information
on
al
l
ac
t
i
v
i
t
i
e
s
of
th
e
pr
i
m
a
r
y
go
v
e
r
n
m
e
n
t
an
d
it
s
co
m
p
o
n
e
n
t
units. Governmental activities, which normally are supported by
ta
x
e
s
an
d
in
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
re
v
e
n
u
e
s
,
ar
e
re
p
o
r
t
e
d
se
p
a
r
a
t
e
l
y
from business-type activities, which rely to a significant extent
on
fe
e
s
an
d
ch
a
r
g
e
s
fo
r
su
p
p
o
r
t
.
Th
e
st
a
t
e
m
e
n
t
of
ac
t
i
v
i
t
i
e
s
de
m
o
n
s
t
r
a
t
e
s
th
e
de
g
r
e
e
to
wh
i
c
h
the direct expenses of a given function or segment are offset by
pr
o
g
r
a
m
re
v
e
n
u
e
s
.
Di
r
e
c
t
ex
p
e
n
s
e
s
ar
e
th
o
s
e
th
a
t
ar
e
cl
e
a
r
l
y
identifiable with a specific function or segment. Program
re
v
e
n
u
e
s
in
c
l
u
d
e
I)
ch
a
r
g
e
s
to
cu
s
t
o
m
e
r
s
or
ap
p
l
i
c
a
n
t
s
wh
o
purchase, use, or directly benefit from goods, services, or
pr
i
v
i
l
e
g
e
s
pr
o
v
i
d
e
d
by
a
gi
v
e
n
fu
n
c
t
i
o
n
or
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
y
and 2) grants and contributions that are restricted to meeting
th
e
op
e
r
a
t
i
o
n
a
l
or
ca
p
i
t
a
l
re
q
u
i
r
e
m
e
n
t
s
of
a
pa
r
t
i
c
u
l
a
r
fu
n
c
t
i
o
n
or business-type activity. Taxes and other items not included
am
o
n
g
pr
o
g
r
a
m
re
v
e
n
u
e
s
ar
e
re
p
o
r
t
e
d
in
s
t
e
a
d
as
ge
n
e
r
a
l
re
v
e
n
u
e
s
.
Se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
pr
o
v
i
d
e
d
fo
r
go
v
e
r
n
m
e
n
t
a
l
funds and proprietsry funds. Major individual governmental funds
an
d
ma
j
o
r
in
d
i
v
i
d
u
a
l
en
t
e
r
p
r
i
s
e
fu
n
d
s
ar
e
re
p
o
r
t
e
d
as
se
p
a
r
a
t
e
columns in the fund financial statements.
C.
ME
A
S
U
R
E
M
E
N
T
FO
C
U
S
,
BA
S
I
S
O
F
AC
C
O
U
N
T
I
N
G
,
AND FINANCIAL STATEMENT
PR
E
S
E
N
T
A
T
I
O
N
Th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
re
p
o
r
t
e
d
us
i
n
g
the economic resources measurement focus and the accrual
ba
s
i
s
o
f
ac
c
o
u
n
t
i
n
g
,
as
ar
e
th
e
pr
o
p
r
i
e
t
s
r
y
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Revenues are recorded when eamed and expenses are
re
c
o
r
d
e
d
wh
e
n
a
li
a
b
i
l
i
t
y
is
in
c
u
r
r
e
d
,
re
g
a
r
d
l
e
s
s
of
th
e
ti
m
i
n
g
of related caab flows. Property taxes and special assessments
ar
e
re
c
o
g
n
i
z
e
d
as
re
v
e
n
u
e
s
in
th
e
ye
a
r
fm
wh
i
c
h
th
e
y
ar
e
le
v
i
e
d
.
Grants and similar items are recognized as revenue as soon
as
al
l
el
i
g
t
"
b
i
l
i
t
y
re
q
u
i
r
e
m
e
n
t
s
im
p
o
s
e
d
by
th
e
pr
o
v
i
d
e
r
ha
v
e
been met.
Go
v
e
r
n
m
e
n
t
a
l
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
re
p
o
r
t
e
d
us
i
n
g
th
e
current financial resources messurement focus and the
mo
d
i
f
i
e
d
ac
c
r
u
a
l
ba
s
i
s
o
f
ac
c
o
u
n
t
i
n
g
.
Re
v
e
n
u
e
s
ar
e
re
c
o
g
n
i
z
e
d
as soon as they are both measurable and available.
Re
v
e
n
u
e
s
ar
e
co
n
s
i
d
e
r
e
d
to
be
av
a
i
l
a
b
l
e
wh
e
n
th
e
y
ar
e
co
l
l
e
c
t
i
b
l
e
within the current period or soon enough thereafter to pay
li
a
b
i
l
i
t
i
e
s
of
th
e
cu
r
r
e
n
t
pe
r
i
o
d
.
Fo
r
th
i
s
pu
r
p
o
s
e
,
th
e
Ci
t
y
co
n
s
i
d
e
r
s
all revenues, except reimbursement grants, to be available
if
th
e
y
ar
e
co
l
l
e
c
t
e
d
wi
t
h
i
n
60
da
y
s
of
th
e
en
d
of
th
e
cu
r
r
e
n
t
fiscal year. Reimbursement grants are considered available if
th
e
y
ar
e
co
l
l
e
c
t
e
d
wi
t
h
i
n
on
e
ye
a
r
of
th
e
en
d
of
th
e
cu
r
r
e
n
t
fi
s
c
a
l
year. Expenditures generslly are recorded when a liability is
in
c
u
r
r
e
d
,
as
un
d
e
r
ac
c
r
u
a
l
ac
c
o
u
n
t
i
n
g
.
Ho
w
e
v
e
r
,
de
b
t
se
r
v
i
c
e
expenditures, as well as expenditures related to claims and
ju
d
g
m
e
n
t
s
,
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
,
ne
t
pe
n
s
i
o
n
li
s
b
i
l
i
t
i
e
s
,
an
d
OPEB are recorded only when payment is due.
Pr
o
p
e
r
t
y
ta
x
e
s
,
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
,
in
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
re
v
e
n
u
e
s
,
charges for sexvices and interest associated with the current
fi
s
c
a
l
ye
a
r
ar
e
al
l
co
n
s
i
d
e
r
e
d
to
be
su
s
c
e
p
t
i
b
l
e
to
ac
c
r
u
a
l
an
d
so have been recognized as revenues of the current fiscal year.
Oa
l
y
th
e
po
r
t
i
o
n
of
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
re
c
e
i
v
a
b
l
e
du
e
wi
t
h
i
n
the current fiscal year is considered to be susceptible to accrual
as
re
v
e
n
u
e
of
th
e
cu
r
r
e
n
t
pe
r
i
o
d
.
Al
l
ot
h
e
r
re
v
e
n
u
e
it
e
m
s
ar
e
considered to be measurable and available only when cash is
re
c
e
i
v
e
d
by
th
e
go
v
e
r
n
m
e
n
t
.
IV-25
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
n
l
b
e
r
31
,
20
1
5
Th
e
Ci
t
y
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
ma
j
o
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
:
Ge
n
e
r
a
l
Fu
n
d
Th
i
s
is
th
e
Ci
t
y
'
s
pr
i
m
a
r
y
op
e
r
a
t
i
n
g
fu
n
d
.
It
ac
c
o
u
n
t
s
fo
r
al
l
fi
n
a
n
c
i
a
l
re
s
o
u
r
c
e
s
o
f
th
e
ge
n
e
r
a
l
go
v
e
r
n
m
e
n
t
,
eX
<
:
e
p
t
th
o
s
e
re
q
u
i
r
e
d
to
be
ac
c
o
u
n
t
e
d
fo
r
in
an
o
t
h
e
r
fu
n
d
.
Mo
s
t
o
f
th
e
cu
r
r
e
n
t
ds
y
-
t
o
-
d
s
y
op
e
r
a
t
i
o
n
s
o
f
th
e
go
v
e
r
n
m
e
n
t
a
l
un
i
t
s
ar
e
fi
n
a
n
c
e
d
fr
o
m
th
i
s
fu
n
d
.
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
3
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
ac
c
o
u
n
t
fo
r
th
e
co
l
l
e
c
t
i
o
n
o
f
ta
x
in
c
r
e
m
e
n
t
ge
n
e
r
a
t
e
d
re
v
e
n
u
e
s
fo
r
pa
r
c
e
l
s
wi
t
h
i
n
th
e
Di
s
t
r
i
c
t
.
Th
e
s
e
fu
n
d
s
ar
e
us
e
d
to
fi
n
a
n
c
e
th
e
va
r
i
o
u
s
re
d
e
v
e
l
o
p
m
m
t
ac
t
i
v
i
t
i
e
s
th
r
o
u
g
h
o
u
t
th
e
Ci
t
y
.
Th
i
s
fu
n
d
al
s
o
pr
o
v
i
d
e
s
th
e
re
s
o
u
r
c
e
s
to
re
p
a
y
th
e
de
b
t
se
r
v
i
c
e
on
bo
n
d
s
is
s
u
e
d
to
fi
n
a
n
c
e
th
e
s
e
re
d
e
v
e
l
o
p
m
e
n
t
ac
t
i
v
i
t
i
e
s
.
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
ac
c
o
u
n
t
fo
r
th
e
co
l
l
e
c
t
i
o
n
o
f
ta
x
in
c
r
e
m
e
n
t
ge
n
e
r
a
t
e
d
re
v
e
n
u
e
s
fo
r
pa
r
c
e
l
s
wi
t
h
i
n
th
e
Di
s
1
r
i
c
t
.
Th
e
s
e
fu
n
d
s
ar
e
us
e
d
to
fi
n
a
n
c
e
th
e
va
r
i
o
u
s
re
d
e
v
e
l
o
p
m
e
n
t
ac
t
i
v
i
t
i
e
s
wi
t
h
i
n
th
e
Di
s
t
r
i
c
t
,
wh
i
c
h
co
o
s
i
s
t
e
d
o
f
th
e
re
d
e
v
e
l
o
p
m
e
n
t
o
f
th
e
fo
r
m
e
r
Br
o
o
k
d
a
l
e
ma
l
l
si
t
e
,
wh
i
c
h
is
no
w
ca
l
l
e
d
Sh
i
n
g
l
e
Cr
e
e
k
Cr
o
s
s
i
n
g
.
De
b
t
Se
r
v
i
c
e
Fu
n
d
Th
i
s
fu
n
d
is
us
e
d
to
ac
c
o
u
n
t
fo
r
th
e
co
l
l
e
c
t
i
o
n
of
pr
o
p
e
r
t
y
ta
x
e
s
,
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
an
d
ot
h
e
r
re
s
o
u
r
c
e
s
wh
i
c
h
ar
e
us
e
d
to
re
p
a
y
th
e
pt
i
n
c
i
p
a
l
an
d
in
t
e
r
e
s
t
on
de
b
t
is
s
u
e
d
fo
r
va
r
i
o
u
s
im
p
r
o
v
e
m
e
n
t
s
in
th
e
Ci
t
y
.
Mu
n
i
c
i
p
a
l
St
a
t
e
-
A
i
d
fo
r
Co
n
s
t
r
u
c
t
i
o
n
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
ac
c
o
u
n
t
fo
r
th
e
st
a
t
e
al
l
o
t
m
e
n
t
o
f
co
n
s
t
r
u
c
t
i
o
n
an
d
ma
i
n
t
e
n
a
n
c
e
ai
d
.
Th
e
so
u
r
c
e
o
f
th
e
St
a
t
e
fu
n
d
i
n
g
is
pr
o
v
i
d
e
d
fo
r
th
r
o
u
g
h
th
e
co
l
l
e
c
t
i
o
n
o
f
ga
s
o
l
i
n
e
ta
x
e
s
.
Th
e
fu
n
d
s
ac
c
u
m
u
l
a
t
e
d
mu
s
t
be
us
e
d
on
tr
a
n
s
p
o
r
t
a
t
i
o
n
re
l
a
t
e
d
co
n
s
t
r
u
c
t
i
o
n
an
d
ma
i
n
t
e
n
a
n
c
e
Jll
"
'
!
i
e
c
t
s
.
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
pr
o
v
i
d
e
fu
n
d
s
an
d
to
ac
c
o
u
n
t
fo
r
th
e
ex
p
e
n
d
i
t
u
r
e
o
f
su
c
h
fu
n
d
s
,
fo
r
ma
j
o
r
ca
p
i
t
a
l
ou
t
l
a
y
s
.
Th
e
ac
c
u
m
u
l
a
t
i
o
n
o
f
fu
n
d
s
to
pr
o
v
i
d
e
fo
r
su
c
h
ou
t
l
a
y
s
is
an
at
t
e
m
p
t
to
re
d
u
c
e
fu
t
u
r
e
de
b
t
is
s
u
a
n
c
e
.
Th
e
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
o
f
th
e
fu
n
d
pr
i
m
a
r
i
l
y
co
n
s
i
s
t
o
f
tr
a
n
s
f
e
r
s
fr
o
m
ot
h
e
r
fu
n
d
s
.
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
Th
i
s
fu
n
d
wa
s
es
t
a
b
l
i
s
h
e
d
to
ac
c
o
u
n
t
fo
r
th
e
re
s
o
u
r
c
e
s
an
d
ex
p
e
n
d
i
t
u
r
e
s
re
q
u
i
r
e
d
fo
r
th
e
ac
q
u
i
s
i
t
i
o
n
an
d
co
o
s
t
r
u
c
t
i
o
n
o
f
ca
p
i
t
a
l
fa
c
i
l
i
t
i
e
s
or
im
p
r
o
v
e
m
e
n
t
s
fi
n
a
n
c
e
d
wh
o
l
l
y
or
in
pa
r
t
by
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
le
v
i
e
d
ag
a
i
n
s
t
be
n
e
f
i
t
e
d
pr
o
p
e
r
t
i
e
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
go
v
e
r
n
m
e
n
t
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
ma
j
o
r
en
t
e
r
p
r
i
s
e
fu
n
d
s
:
Mu
n
i
c
i
p
a
l
Li
q
u
o
r
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
op
e
r
a
t
i
o
n
s
o
f
th
e
City's municipal off-sale liquor stores.
Go
!
[
Co
u
r
s
e
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
op
e
r
a
t
i
o
o
s
o
f
C.
.
.
t
e
r
b
r
o
o
k
Golf Course, a 9 hole executive golf course owned by
th
e
Ci
t
y
.
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Fu
n
d
Th
e
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
is
a
pi
o
n
e
e
r
farmstead that has been historically preserved and restored
as
a
mo
d
e
m
mu
l
t
i
p
u
r
p
o
s
e
fa
c
i
l
i
t
y
.
It
s
co
o
v
m
t
i
o
n
center can host conferences, trade shows and coocerts.
Wa
t
e
r
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
pu
m
p
i
n
g
,
tr
e
a
t
m
e
n
t
and distribution of water to customers. Administration, wells,
wa
t
e
r
st
o
r
a
g
e
,
an
d
di
s
t
r
i
b
u
t
i
o
n
ar
e
in
c
l
u
d
e
d
.
Sa
n
i
t
a
r
y
Se
w
e
r
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
l
l
e
c
t
i
o
n
an
d
pu
m
p
i
n
g
of sanitary sewage through a system of sewer lines and lift
st
a
t
i
o
n
s
.
Se
w
a
g
e
is
tr
e
a
t
e
d
by
th
e
Me
t
r
o
p
o
l
i
t
a
n
Council Euvironmental Services whose fees represent about
60
%
o
f
th
i
s
fu
n
d
'
s
op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
.
St
o
r
m
Dr
a
i
n
a
g
e
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
l
l
e
c
t
i
o
n
an
d
tr
e
a
t
m
e
n
t
of surface runoff water that does not require sanitary
wa
s
t
e
w
a
t
e
r
tr
e
a
t
m
e
n
t
.
It
in
c
o
r
p
o
r
a
t
e
s
no
t
on
l
y
the storm sewer collection system, but also structures such as
ho
l
d
i
n
g
po
n
d
s
an
d
fa
c
i
l
i
t
i
e
s
to
im
p
r
o
v
e
wa
t
e
r
quality. Fees are based upon the quantity of water running off a
pr
o
p
e
r
t
y
an
d
va
r
y
wi
t
h
bo
t
h
si
z
e
an
d
ab
S
O
!
p
l
i
o
n
characteristics of the parcel.
St
r
e
e
t
Li
g
h
t
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
el
e
c
1
r
i
c
a
l
se
r
v
i
c
e
,
maintenance, repair and replacement of lights owned by the City
as
we
l
l
as
th
o
s
e
li
g
h
t
s
ow
n
e
d
by
Xc
e
l
Eu
e
r
g
y
.
Re
c
y
c
l
i
n
g
Ut
i
l
i
t
y
Fu
n
d
Th
e
fu
n
d
ac
c
o
u
n
t
s
fo
r
th
e
co
n
t
r
a
c
t
e
d
se
r
v
i
c
e
s
to provide a City wide recycling program.
Ad
d
i
t
i
o
n
a
l
l
y
,
th
e
Ci
t
y
re
p
o
r
t
s
th
e
fo
l
l
o
w
i
n
g
fu
n
d
ty
p
e
:
In
t
e
r
n
a
l
Se
r
v
i
c
e
Fu
n
d
s
Ac
c
o
u
n
t
fo
r
co
m
p
e
n
s
a
t
e
d
ab
s
e
n
c
e
s
,
he
a
l
t
h
care insurance benefits for retired employees, pension liabilities,
an
d
ce
n
t
r
a
l
ga
r
a
g
e
se
r
v
i
c
e
s
pr
o
v
i
d
e
d
to
ot
h
e
r
departments of the City on a cost reimbursement basis.
As
a
ge
n
e
r
a
l
ru
l
e
,
th
e
ef
f
e
c
t
of
in
t
e
r
f
u
n
d
ac
t
i
v
i
t
y
ha
s
be
e
n
el
i
m
i
n
a
t
e
d
from the government-wide financial statements.
EX
<
:
e
p
t
i
o
n
s
to
th
i
s
ge
n
e
r
a
l
ru
l
e
ar
e
tr
a
n
s
a
c
t
i
o
n
s
th
a
t
wo
u
l
d
be treated as revenues, expenditures or expenses if they involved
ex
t
e
r
n
a
l
or
g
a
n
i
z
a
t
i
o
n
s
,
su
c
h
as
bu
y
i
n
g
go
u
d
s
an
d
se
r
v
i
c
e
s
or payments in lieu of taxes. Elimination of these charges would
di
s
t
o
r
t
th
e
di
r
e
c
t
co
s
t
s
an
d
pr
o
g
r
a
m
re
v
e
n
u
e
s
re
p
o
r
t
e
d
fo
r
th
e
various functions concerned.
IV-26
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
di
s
t
i
n
g
u
i
s
h
op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
fr
o
m
no
n
-
o
p
e
r
a
t
i
n
g
it
e
m
s
.
Op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
ge
n
e
r
a
l
l
y
re
s
u
l
t
fr
o
m
pr
o
v
i
d
i
n
g
se
r
v
i
c
e
s
an
d
pr
o
d
u
c
i
n
g
an
d
de
l
i
v
e
r
i
n
g
go
o
d
s
in
co
n
n
e
c
t
i
o
o
wi
1
h
a
pr
o
p
r
i
e
t
a
r
y
fu
n
d
'
s
pr
i
n
c
i
p
a
l
on
g
o
i
n
g
op
e
r
a
t
i
o
o
s
.
Th
e
pr
i
n
c
i
p
a
l
op
e
r
a
t
i
n
g
re
v
e
n
u
e
s
of
1h
e
en
t
e
r
p
r
i
s
e
fu
n
d
s
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
s
ar
e
c!
w
g
e
s
to
cu
s
t
o
m
e
r
s
fo
r
sa
l
e
s
an
d
se
r
v
i
c
e
s
.
Op
e
r
a
t
i
n
g
ex
p
e
n
s
e
s
fo
r
en
t
e
r
p
r
i
s
e
fu
n
d
s
an
d
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
s
in
c
l
u
d
e
1h
e
co
s
t
of
sa
l
e
s
an
d
se
i
V
i
.
c
e
s
,
ad
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
,
an
d
de
p
r
e
c
i
a
t
i
o
n
on
ca
p
i
t
a
l
as
s
e
t
s
.
Al
l
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
no
t
me
e
t
i
n
g
th
i
s
de
f
i
n
i
t
i
o
n
ar
e
re
p
o
r
t
e
d
as
no
n
o
p
e
r
a
t
i
n
g
re
v
e
n
u
e
s
an
d
ex
p
e
n
s
e
s
.
D.
CA
S
H
AN
D
IN
V
E
S
T
M
E
N
T
S
Th
e
Ci
t
y
co
n
s
i
d
e
r
s
al
l
hi
g
h
l
y
li
q
u
i
d
in
v
e
s
b
n
e
n
t
s
wi
1
h
a
ma
t
u
r
i
t
y
of
1
h
r
e
e
mo
n
1
h
s
or
le
s
s
wh
e
n
pu
r
c
h
a
s
e
d
to
be
ca
s
h
eq
u
i
v
a
l
e
n
t
s
.
Al
l
o
f
!h
e
ca
s
h
an
d
in
v
e
s
1
m
e
n
t
s
al
l
o
c
a
t
e
d
to
1h
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
ha
v
e
or
i
g
i
n
a
l
ma
t
u
r
i
t
i
e
s
of
90
da
y
s
or
le
s
s
.
Ca
s
h
ba
l
a
n
c
e
s
fr
o
m
al
l
fu
n
d
s
ar
e
po
o
l
e
d
an
d
in
v
e
s
t
e
d
,
to
1h
e
ex
t
e
n
t
av
a
i
l
a
b
l
e
,
in
ce
r
t
i
f
i
c
a
t
e
s
o
f
de
p
o
s
i
t
an
d
o1
h
e
r
au
1
h
o
r
i
z
e
d
in
v
e
s
b
n
e
n
t
s
.
Ea
r
n
i
n
g
s
fr
o
m
su
c
h
in
v
e
s
b
n
e
n
t
s
ar
e
al
l
o
c
a
t
e
d
on
1h
e
ba
s
i
s
of
ap
p
l
i
c
a
b
l
e
pa
r
t
i
c
i
p
a
t
i
o
n
by
ea
c
h
of
1h
e
fu
n
d
s
.
Th
e
Ci
t
y
'
s
in
v
e
s
b
n
e
n
t
po
l
i
c
y
au
1
h
o
r
i
z
e
s
1h
e
Ci
t
y
to
in
v
e
s
t
in
1h
e
fo
l
l
o
w
i
n
g
:
a)
Se
c
n
r
i
t
i
e
s
wh
i
c
h
ar
e
di
r
e
c
t
ob
l
i
g
a
t
i
o
n
s
or
ar
e
gu
a
r
a
n
t
e
e
d
or
in
s
u
r
e
d
is
s
u
e
s
of
1
h
e
Un
i
t
e
d
St
a
t
e
s
,
it
s
ag
e
n
c
i
e
s
,
it
s
in
s
t
r
u
m
e
n
t
a
l
i
t
i
e
s
,
or
or
g
a
n
i
z
a
t
i
o
n
s
cr
e
a
t
e
d
by
an
ac
t
o
f
Co
n
g
r
e
s
s
,
in
c
l
u
d
i
n
g
go
v
e
r
n
m
e
n
t
a
l
bo
n
d
s
,
no
t
e
s
,
bi
l
l
s
,
mo
r
t
g
a
g
e
s
(e
x
c
l
u
d
i
n
g
hi
g
h
-
r
i
s
k
mo
r
t
g
a
g
e
-
b
a
c
k
e
d
se
c
o
r
i
t
i
e
s
)
,
an
d
ot
h
e
r
se
c
n
r
i
t
i
e
s
.
b)
Co
m
m
e
r
c
i
a
l
pa
p
e
r
is
s
u
e
d
by
U.
S
.
co
r
p
o
r
a
t
i
o
n
s
or
1h
e
i
r
Ca
n
a
d
i
a
n
su
b
s
i
d
i
a
r
i
e
s
1h
a
t
is
ra
t
e
d
in
1h
e
hi
g
h
e
s
t
qu
a
l
i
t
y
by
at
le
a
s
t
tw
o
na
t
i
o
n
a
l
l
y
re
c
o
g
n
i
z
e
d
ra
t
i
n
g
ag
e
n
c
i
e
s
an
d
ma
t
u
r
e
s
in
27
0
da
y
s
or
le
s
s
.
c)
Ti
m
e
de
p
o
s
i
t
s
1h
a
t
ar
e
fu
l
l
y
in
a
u
r
e
d
b
y
1h
e
Fe
d
e
r
a
l
De
p
o
s
i
t
In
s
u
r
a
n
c
e
Co
r
p
o
r
a
t
i
o
n
or
ba
n
k
e
r
s
ac
c
e
p
t
a
n
c
e
s
of
U
.
S
.
ba
n
k
s
.
d)
Re
p
u
r
c
h
a
a
e
ag
r
e
e
m
e
n
t
s
an
d
re
v
e
r
s
e
re
p
u
r
c
h
a
s
e
ag
r
e
e
m
e
n
t
s
wi
1
h
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
s
id
e
n
t
i
f
i
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
e)
Se
c
n
r
i
t
i
e
s
le
n
d
i
n
g
ag
r
e
e
m
e
n
t
s
ma
y
be
en
t
e
r
e
d
in
t
o
wi
1
h
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
o
s
id
e
n
t
i
f
i
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
f)
Mi
n
n
e
s
o
t
a
jo
i
n
t
po
w
e
r
s
in
v
e
s
b
n
e
n
t
tr
u
s
t
s
ma
y
be
en
t
e
r
e
d
in
t
o
wi
1
h
tr
u
s
t
s
id
e
n
t
i
f
i
e
d
by
Mi
n
a
e
s
o
t
a
St
a
t
u
t
e
s
Ch
a
p
t
e
r
li
S
A
.
g)
Mo
n
e
y
ma
r
k
e
t
mu
t
u
a
l
fu
n
d
s
re
g
u
l
a
t
e
d
by
1h
e
Se
c
u
r
i
t
i
e
s
an
d
Ex
c
h
a
n
g
e
Co
m
m
i
s
s
i
o
n
an
d
wh
o
s
e
po
r
t
f
o
l
i
o
s
co
n
s
i
s
t
on
l
y
of
sh
o
r
t
te
r
m
se
c
u
r
i
t
i
e
s
pe
r
m
i
t
t
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
li
S
A
.
h)
Bo
n
d
s
of
1h
e
Ci
t
y
o
f
Br
o
o
k
l
y
n
Ce
n
t
e
r
is
s
u
e
d
in
pr
i
o
r
ye
a
r
s
,
ma
y
be
re
d
e
e
m
e
d
at
cu
r
r
e
n
t
ma
r
k
e
t
pr
i
c
e
,
wh
i
c
h
ma
y
in
c
l
u
d
e
a
pr
e
m
i
u
m
,
pr
i
o
r
to
ma
t
u
r
i
n
g
us
i
n
g
su
r
p
l
u
s
fu
n
d
s
of
1h
e
de
b
t
se
r
v
i
c
e
fu
n
d
se
t
up
fo
r
1h
a
t
is
s
u
e
.
Ce
r
t
a
i
n
pr
o
c
e
e
d
s
of
th
e
Ci
t
y
'
s
20
1
5
B
Ta
x
In
c
r
e
m
e
n
t
Re
f
u
n
d
i
n
g
Bo
n
d
s
,
ar
e
cl
a
s
s
i
f
i
e
d
as
ca
s
h
wi
1
h
fi
s
c
a
l
ag
e
n
t
on
1h
e
ba
l
a
n
c
e
sh
e
e
t
be
c
a
u
s
e
!h
e
y
ar
e
ma
i
n
t
a
i
n
e
d
in
se
p
a
r
a
t
e
ba
n
k
ac
c
o
u
n
t
s
an
d
1h
c
i
r
us
e
is
li
m
i
t
e
d
by
ap
p
l
i
c
a
b
l
e
ho
o
d
co
v
e
n
a
n
t
s
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
ln
v
e
s
b
n
e
n
t
s
ar
e
re
p
o
r
t
e
d
at
fa
i
r
va
l
u
e
,
ba
s
e
d
on
qu
o
t
e
d
ma
r
k
e
t
prices as of 1he balance sheet date, eX<:eJ>t for invesbnents in
2a
7
-
l
i
k
e
ex
t
e
r
n
a
l
in
v
e
s
b
n
e
n
t
po
o
l
s
,
wh
i
c
h
ar
e
st
a
t
e
d
at
am
o
r
t
i
z
e
d
cost. Adjusbnents necessary to record invesbnents at fair
va
l
u
e
ar
e
re
c
o
r
d
e
d
in
1h
e
op
e
r
a
t
i
n
g
st
a
t
e
m
e
n
t
as
in
c
r
e
a
s
e
s
or
decreases in inves1ment earnings. lnvesbnent income oo
co
m
m
i
n
g
l
e
d
fu
n
d
s
is
al
l
o
c
a
t
e
d
mo
o
t
h
l
y
,
ba
s
e
d
oo
mo
o
1
h
-
e
n
d
balances.
E.
RE
C
E
I
V
A
B
L
E
S
A
N
D
P
A
Y
A
B
L
E
S
Do
r
i
n
g
1h
e
co
u
r
s
e
of
op
e
r
a
t
i
o
n
s
,
nu
m
e
r
o
u
s
tr
a
n
s
a
c
t
i
o
n
s
oc
c
u
r
between individual funds for goods provided or services
re
n
d
e
r
e
d
.
Sh
o
r
t
-
t
e
r
m
in
t
e
r
f
u
n
d
lo
a
n
s
ar
e
cl
a
s
s
i
f
i
e
d
as
"d
u
e
to
/
f
r
o
m
other funds." All short-term interfund receivables and
pa
y
a
b
l
e
s
at
De
c
e
m
b
e
r
31
,
2
0
1
5
ar
e
pl
a
n
n
e
d
to
be
el
i
m
i
n
a
t
e
d
in 2016. Long-term interfund loans are classified as "advances
to
/
f
r
o
m
ot
h
e
r
fu
n
d
s
.
"
An
y
re
s
i
d
u
a
l
ba
l
a
n
c
e
s
ou
t
s
t
a
n
d
i
n
g
be
t
w
e
e
n
1he governmental activities and business-type activities are
re
p
o
r
t
e
d
in
th
e
go
v
e
m
m
e
n
t
~
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
as
"i
n
t
e
r
n
a
l
balances".
Ad
v
a
n
c
e
s
be
t
w
e
e
n
fu
n
d
s
,
as
re
p
o
r
t
e
d
in
1h
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
are offset by restricted or committed fund balance in
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Th
i
s
cl
a
s
s
i
f
i
c
a
t
i
o
n
is
ba
s
e
d
on 1he restraint 1hat will be placed on 1he advanced funds when
1h
e
y
ar
e
re
t
u
r
n
e
d
to
1h
e
le
n
d
i
n
g
fu
n
d
.
AU
mi
s
c
e
l
l
a
n
e
o
u
s
ac
c
o
u
n
t
s
re
c
e
i
v
a
b
l
e
an
d
tr
a
d
e
re
c
e
i
v
a
b
l
e
s
,
other 1han utilities, are presented net of an allowance for doubtful
ac
c
o
u
n
t
s
.
AU
ut
i
l
i
t
y
tr
a
d
e
re
c
e
i
v
a
b
l
e
s
ar
e
re
p
o
r
t
e
d
at
gr
o
s
s
because it is 1he City's policy to certify delinquent account
ba
l
a
n
c
e
s
as
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
.
Th
e
Ci
t
y
ex
p
e
c
t
s
to
ma
k
e
fu
l
l
collection of all property tax and special assessment
re
c
e
i
v
a
b
l
e
s
,
so
no
al
l
o
w
a
n
c
e
is
co
n
s
i
d
e
r
e
d
ne
c
e
s
s
a
t
y
.
Pr
o
p
e
r
t
y
ta
x
le
v
i
e
s
ar
e
au
b
m
i
t
t
e
d
to
1h
e
Co
u
n
t
y
in
De
c
e
m
b
e
r
each year. The County allocates 1hese levies across taxable
pr
o
p
e
r
t
i
e
s
in
1h
e
Ci
t
y
ba
s
e
d
on
va
l
u
a
t
i
o
n
s
ce
r
t
i
f
i
e
d
in
1h
e
pr
i
o
r
year. The County collects 1heae levies and distributes 1he City's
pr
o
c
e
e
d
s
in
Ju
n
e
an
d
De
c
e
m
b
e
r
of
1h
e
fi
s
c
a
l
ye
a
r
.
Th
e
s
e
ta
x
e
s
are reported as general revenues in 1he government-wide
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
1h
e
ye
a
r
le
v
i
e
d
.
Un
p
a
i
d
ta
x
e
s
at
De
c
e
m
b
e
r
31 become liens on 1he respective property and are
cl
a
s
s
i
f
i
e
d
as
de
l
i
n
q
u
e
n
t
re
c
e
i
v
a
b
l
e
s
an
d
ar
e
fu
l
l
y
of
f
s
e
t
by
a
deferred inflow of resources in 1he fund financial statements.
De
l
i
n
q
u
e
n
t
ta
x
e
s
re
c
e
i
v
a
b
l
e
in
c
l
u
d
e
s
1h
e
pa
s
t
si
x
ye
a
r
s
of
un
c
o
l
l
e
c
t
e
d
taxes.
Sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
re
p
r
e
s
e
n
t
1h
e
fi
n
a
n
c
i
n
g
fo
r
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
paid for by benefiting property owners. These
as
s
e
s
s
m
e
n
t
s
ar
e
re
c
o
r
d
e
d
as
re
c
e
i
v
a
b
l
e
s
up
m
ce
r
t
i
f
i
c
a
t
i
o
n
to
the County. Governmental special assessments have been offset
by
a
de
f
e
r
r
e
d
in
f
l
o
w
of
re
s
o
u
r
c
e
s
fo
r
co
l
l
e
c
t
i
o
n
s
no
t
re
c
e
i
v
e
d
wi1hin 60 days after year end in 1he fund financial statements.
IV-27
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
F.
IN
V
E
N
T
O
R
I
E
S
AN
D
PR
E
P
A
I
D
IT
E
M
S
In
v
e
n
t
o
r
i
e
s
in
th
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
ar
e
re
p
o
r
t
e
d
ua
i
n
g
th
e
co
n
s
u
m
p
t
i
o
n
me
t
h
o
d
an
d
va
l
u
e
d
at
co
s
t
,
ua
i
n
g
th
e
fi
r
s
t
in
/
f
i
r
s
t
ou
t
(F
I
F
O
)
me
t
h
o
d
.
In
v
e
n
t
o
r
i
e
s
in
th
e
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
ar
e
va
l
u
e
d
at
co
s
t
,
us
i
n
g
th
e
we
i
g
h
t
e
d
av
e
r
a
g
e
me
t
h
o
d
in
th
e
Mu
n
i
c
i
p
a
l
Li
q
u
o
r
an
d
Ea
r
l
e
Br
o
w
n
He
r
i
t
a
g
e
Ce
n
t
e
r
Fu
n
d
s
an
d
th
e
FI
F
O
me
t
h
o
d
in
al
l
ot
h
e
r
fu
n
d
s
.
Ce
r
t
a
i
n
pa
y
m
e
n
t
s
to
ve
n
d
o
r
s
re
f
l
e
c
t
co
s
t
s
ap
p
l
i
c
a
b
l
e
to
fu
t
u
r
e
ae
c
o
u
n
t
i
n
g
pe
r
i
o
d
s
an
d
ar
e
re
c
o
r
d
e
d
as
pr
e
p
a
i
d
it
e
m
s
in
bo
t
h
go
v
e
r
n
m
e
n
t
-
w
i
d
e
an
d
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Pr
e
p
a
i
d
it
e
m
s
ar
e
re
p
o
r
t
e
d
us
i
n
g
th
e
co
n
s
u
m
p
t
i
o
n
me
t
h
o
d
an
d
re
c
o
r
d
e
d
as
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
at
th
e
ti
m
e
o
f
co
n
s
o
m
p
t
i
o
n
.
G.
AS
S
E
T
S
HE
L
D
FO
R
RE
S
A
L
E
As
s
e
t
s
he
l
d
fo
r
re
s
a
l
e
re
p
r
e
s
e
n
t
va
r
i
o
u
s
pr
o
p
e
r
t
y
pu
r
c
h
a
s
e
s
ma
d
e
by
th
e
Ci
t
y
wi
t
h
th
e
in
t
t
m
t
to
se
l
l
in
or
d
e
r
to
in
c
r
e
a
s
e
ta
x
ba
s
e
or
to
at
t
r
a
c
t
ne
w
bo
s
i
n
e
s
s
e
s
.
Th
e
s
e
as
s
e
t
s
ar
e
st
a
t
e
d
at
th
e
lo
w
e
r
o
f
co
s
t
or
ne
t
re
a
l
i
z
a
b
l
e
v
a
l
u
e
.
Du
r
i
n
g
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
ma
n
a
g
e
m
e
n
t
ha
s
re
v
i
e
w
e
d
th
e
co
s
t
va
l
u
e
re
p
o
r
t
e
d
fo
r
th
e
s
e
as
s
e
t
s
an
d
ha
s
in
d
i
c
a
t
e
d
th
e
pr
o
p
e
r
t
i
e
s
ar
e
fa
i
r
l
y
pr
e
s
e
n
t
e
d
fo
r
fi
n
n
n
c
i
a
l
re
p
o
r
t
i
n
g
pw
p
o
s
e
s
.
H.
CA
P
I
T
A
L
AS
S
E
T
S
Ca
p
i
t
a
l
as
s
e
t
s
,
wh
i
c
h
in
c
l
u
d
e
pr
o
p
e
r
t
y
,
pl
a
n
t
,
eq
u
i
p
m
e
n
t
,
in
f
r
a
s
t
r
u
c
t
u
r
e
as
s
e
t
s
(e
.
g
.
,
ro
a
d
s
,
br
i
d
g
e
s
,
si
d
e
w
a
l
k
s
,
an
d
si
m
i
l
a
r
it
e
m
s
)
,
an
d
in
t
a
n
g
i
b
l
e
as
s
e
t
s
su
c
h
as
ea
s
e
m
e
n
t
s
an
d
co
m
p
u
t
e
r
so
f
t
w
a
r
e
,
ar
e
re
p
o
r
t
e
d
in
th
e
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
or
bu
a
i
n
e
s
s
-
t
y
p
e
nc
t
i
v
i
t
i
e
s
co
l
u
m
n
s
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fm
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ca
p
i
t
a
l
as
s
e
t
s
ar
e
de
f
i
n
e
d
by
th
e
Ci
t
y
as
as
s
e
t
s
wi
t
h
an
in
i
t
i
a
l
,
in
d
i
v
i
d
u
a
l
co
s
t
in
ex
c
e
s
s
o
f
th
e
am
o
u
n
t
s
in
th
e
ta
b
l
e
be
l
o
w
an
d
an
es
t
i
m
a
t
e
d
us
e
f
u
l
li
f
e
in
ex
c
e
s
s
o
f
on
e
ye
a
r
.
Su
c
h
as
s
e
t
s
ar
e
re
c
o
r
d
e
d
at
hi
s
t
o
r
i
c
a
l
co
s
t
or
es
t
i
m
a
t
e
d
hi
s
t
o
r
i
c
a
l
co
s
t
i
f
pu
r
c
h
a
s
e
d
or
co
n
s
t
r
u
c
t
e
d
.
Do
n
a
t
e
d
ca
p
i
t
a
l
as
s
e
t
s
ar
e
re
c
o
r
d
e
d
at
es
t
i
m
a
t
e
d
fa
i
r
ma
r
k
e
t
va
l
u
e
at
th
e
da
t
e
o
f
do
n
a
t
i
o
n
.
In
f
r
a
s
t
r
u
c
t
u
r
e
Bu
i
l
d
i
n
g
s
an
d
Bu
i
l
d
i
n
g
Im
p
r
o
v
e
m
e
n
t
s
La
n
d
Im
p
r
o
v
e
m
e
n
t
s
He
a
v
y
Eq
u
i
p
m
e
n
t
Fu
r
n
i
t
u
r
e
an
d
fu
r
n
i
s
h
i
n
g
s
Mo
t
o
r
i
z
e
d
ve
h
i
c
l
e
s
Te
c
h
n
o
l
o
g
y
eq
u
i
p
m
e
n
t
$
25
0
,
0
0
0
50
,
0
0
0
25
,
0
0
0
25
,
0
0
0
10
,
0
0
0
10
,
0
0
0
10
,
0
0
0
Th
e
co
s
t
s
o
f
no
r
m
a
l
ma
i
n
t
e
n
a
n
c
e
an
d
re
p
a
i
r
s
th
a
t
do
no
t
ad
d
to
th
e
va
l
u
e
o
f
th
e
as
s
e
t
or
ma
t
e
r
i
a
l
l
y
ex
t
e
n
d
as
s
e
t
s
li
v
e
s
ar
e
no
t
ca
p
i
t
a
l
i
z
e
d
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Ml
\
i
o
r
ou
t
l
a
y
s
fo
r
ca
p
i
t
a
l
as
s
e
t
s
an
d
im
p
r
o
v
e
m
e
n
t
s
ar
e
ca
p
i
t
a
l
i
z
e
d
as projects are constructed. Interest incurred during the
co
n
s
t
r
u
c
t
i
o
n
ph
a
s
e
o
f
ca
p
i
t
a
l
as
s
e
t
s
of
b
u
a
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
is included as part of the capitalized value of the assets
co
n
s
t
r
u
c
t
e
d
.
Fo
r
th
e
ye
a
r
tm
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
no
in
t
e
r
e
s
t
was capitalized in connection with construction in progress.
Ca
p
i
t
a
l
as
s
e
t
s
o
f
th
e
Ci
t
y
,
as
we
l
l
as
th
e
co
m
p
o
n
e
n
t
un
i
t
s
,
ar
e
depreciated using the ~gbt line method over the following
es
t
i
m
a
t
e
d
us
e
f
u
l
li
v
e
s
:
Ea
s
e
m
e
n
t
s
-
te
m
p
o
r
a
r
y
La
n
d
im
p
r
o
v
e
m
e
n
t
s
Bu
i
l
d
i
n
g
s
an
d
st
r
u
c
t
u
r
e
s
Wa
t
e
r
an
d
se
w
e
r
ma
i
n
s
an
d
li
n
e
s
,
wells and storage
ta
n
k
s
,
se
w
e
r
li
f
t
st
a
t
i
o
n
s
In
f
r
a
s
t
r
u
c
t
u
r
e
St
r
e
e
t
li
g
h
t
sy
s
t
e
m
s
Ma
c
h
i
n
e
r
y
an
d
eq
u
i
p
m
e
n
t
I.
DE
F
E
R
R
E
D
OU
T
F
L
O
W
S
O
F
RE
S
O
U
R
C
E
S
5 years 25 years 25 years 25 years 25 years 15 years 3-15 years
In
ad
d
i
t
i
o
n
to
as
s
e
t
s
,
th
e
st
a
t
e
m
e
n
t
o
f
fi
n
a
n
c
i
a
l
po
a
i
t
i
o
n
wi
l
l
sometimes report a separate section for deferted outllows of
re
s
o
u
r
c
e
s
.
Th
i
s
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
el
e
m
e
n
t
,
de
f
e
r
t
e
d
outflows of resources, represents a consumption of net
po
s
i
t
i
o
n
th
a
t
ap
p
l
i
e
s
to
a
fu
t
o
r
e
pe
r
i
o
d
(
s
)
an
d
so
wi
l
l
no
t
be
recognized as an outllow of resources (expense/expenditure) until
th
e
n
.
Th
e
Ci
t
y
ha
s
oo
l
y
on
e
it
e
m
th
a
t
qu
a
l
i
f
i
e
s
fo
r
re
p
o
r
t
i
n
g
in the category. Aecordingly, the item, deferted pension
re
s
o
u
r
c
e
s
,
is
re
p
o
r
t
e
d
on
l
y
in
th
e
st
a
t
e
m
e
n
t
s
o
f
ne
t
po
s
i
t
i
o
n
.
This item results from actoarial calculations and current year
pe
n
s
i
o
n
co
n
t
r
i
b
u
t
i
o
n
s
ma
d
e
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
date.
J.
PE
N
S
I
O
N
S
Fo
r
pw
p
o
s
e
s
o
f
me
s
s
u
r
i
n
g
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
/
a
s
s
e
t
,
de
f
e
r
t
e
d
outllows of resources, deferred inflows of resources, and
pe
n
s
i
o
n
ex
p
e
n
s
e
,
in
f
o
r
m
a
t
i
o
n
ab
o
u
t
th
e
fi
d
o
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
of the applicable pension and additions to or dedoctioos from
th
e
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
ha
v
e
be
e
n
de
t
e
r
m
i
n
e
d
oo the same basis as they are reported by the plan except that
PE
R
A
'
s
fi
a
c
a
l
ye
a
r
en
d
is
Ju
n
e
30
.
Fo
r
th
i
s
pu
t
p
O
S
e
,
pl
a
n
co
n
t
r
i
b
u
t
i
o
n
s
are recognized as of employer payroll paid dates and
be
n
e
f
i
t
pa
y
m
e
n
t
s
an
d
re
f
u
n
d
s
ar
e
re
c
o
g
n
i
z
e
d
wh
e
n
do
e
an
d
payable in accordance with the benefit terms. Investments are
re
p
o
r
t
e
d
at
fa
i
r
va
l
u
e
.
K.
DE
F
E
R
R
E
D
IN
F
L
O
W
S
O
F
RE
S
O
U
R
C
E
S
In
ad
d
i
t
i
m
to
li
a
b
i
l
i
t
i
e
s
,
st
a
t
e
m
e
n
t
s
o
f
fi
n
a
n
c
i
a
l
po
s
i
t
i
o
n
or
balance sheets will soroetimes report a separate section for deferred
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
.
Th
i
s
se
p
a
r
a
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
el
e
m
e
n
t
represents an acquisition of net position that applies to futore
pe
r
i
o
d
s
an
d
so
wi
l
l
no
t
be
re
c
o
g
n
i
z
e
d
as
an
in
f
l
o
w
o
f
re
s
o
u
r
c
e
s
(revenue) until that time. The City has two types of items,
wh
i
c
h
ar
i
s
e
un
d
e
r
a
mo
d
i
f
i
e
d
ac
c
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ba
s
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s
o
f
ac
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o
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,
wh
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c
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qualifY for reporting in this category. One item, unavailable
re
v
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e
,
is
re
p
o
r
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on
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v
e
r
n
m
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n
t
a
l
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n
d
s
Ba
l
a
n
c
e
Sheet. The governmental funds report unavailable revenue from
so
u
r
c
e
s
su
c
h
as
:
pr
o
p
e
r
t
y
ta
x
e
s
,
ta
x
in
c
r
e
m
e
n
t
s
,
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
and other receivables not collected within 60 days of
ye
&
l
'
-
e
n
d
.
Th
e
s
e
am
o
u
n
t
s
ar
e
de
f
e
r
t
e
d
an
d
re
c
o
g
n
i
z
e
d
as
an
in
f
l
o
w
of resources in the period the amounts become available.
Th
e
ot
h
e
r
it
e
m
re
s
u
l
t
s
fr
o
m
ac
t
o
a
r
i
a
l
ca
l
c
u
l
a
t
i
o
n
s
re
l
a
t
e
d
to
th
e
City's pension obligations.
IV-28
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
L.
CO
M
P
E
N
S
A
T
E
D
AB
S
E
N
C
E
S
It
is
th
e
Ci
t
y
'
s
po
l
i
c
y
to
pe
r
m
i
t
em
p
l
o
y
e
e
s
to
~~£
C
U
m
u
l
a
t
e
ea
r
n
e
d
bu
t
un
u
s
e
d
va
c
a
t
i
o
n
an
d
si
c
k
pa
y
be
n
e
f
i
t
s
.
Al
l
va
c
a
t
i
o
n
an
d
ve
s
t
e
d
si
c
k
le
a
v
e
pa
y
is
ac
c
r
u
e
d
in
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Co
m
p
e
n
s
a
t
e
d
Ab
s
e
n
c
e
s
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
.
In
ac
c
o
r
d
a
n
c
e
wi
t
h
th
e
pr
o
v
i
s
i
o
n
s
of
S
t
a
t
e
r
n
e
n
t
o
f
Go
v
e
r
n
m
e
n
t
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
No
.
16
,
Ac
c
o
u
n
t
i
n
g
fo
r
Co
m
p
e
n
s
a
t
e
d
Ab
s
e
n
c
e
s
,
a
li
a
b
i
l
i
t
y
is
re
c
o
g
n
i
z
e
d
fo
r
th
a
t
po
r
t
i
o
n
o
f
ac
c
u
m
u
l
a
t
i
n
g
si
c
k
le
a
v
e
be
n
e
f
i
t
s
th
a
t
is
ve
s
t
e
d
.
M.
PO
S
T
E
M
P
L
O
Y
M
E
N
T
BE
N
E
F
I
T
S
OT
H
E
R
TH
A
N
PE
N
S
I
O
N
S
Un
d
e
r
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
47
1
.
6
1
,
su
b
d
i
v
i
s
i
o
n
2(
b
)
,
pu
b
l
i
c
em
p
l
o
y
e
r
s
mu
s
t
al
l
o
w
re
t
i
r
e
e
s
an
d
th
e
i
r
de
p
e
n
d
e
n
t
s
to
co
n
t
i
n
u
e
co
v
e
r
a
g
e
in
d
e
f
i
n
i
t
e
l
y
in
an
em
p
l
o
y
e
r
-
s
p
o
n
s
o
r
e
d
he
a
l
t
h
ca
r
e
pl
a
n
,
un
d
e
r
th
e
fo
l
l
o
w
i
n
g
co
n
d
i
t
i
o
n
s
:
I)
re
t
i
r
e
e
s
mu
s
t
be
re
c
e
i
v
i
n
g
(o
r
el
i
g
i
b
l
e
to
re
c
e
i
v
e
)
an
an
n
u
i
t
y
fr
o
m
a
Mi
n
n
e
s
o
t
a
pu
b
l
i
c
pe
n
s
i
o
n
pl
a
n
;
2)
co
v
e
r
a
g
e
mu
s
t
co
n
t
i
n
u
e
in
gr
o
u
p
pl
a
n
un
t
i
l
ag
e
65
an
d
pa
y
no
mo
r
e
th
a
n
th
e
gr
o
u
p
pr
e
m
i
u
m
;
an
d
3)
re
t
i
r
e
e
s
ma
y
ob
t
a
i
n
de
p
e
n
d
e
n
t
co
v
e
r
a
g
e
in
n
n
e
d
i
a
t
e
l
y
be
f
o
r
e
re
t
i
r
e
m
e
n
t
.
Al
l
pr
e
m
i
u
m
s
ar
e
fu
n
d
e
d
on
a
pa
y
-
a
s
-
y
o
u
-
g
o
ba
s
i
s
.
Th
e
li
a
b
i
l
i
t
y
wa
s
ac
t
u
a
r
i
a
l
l
y
de
t
e
r
m
i
n
e
d
,
in
ac
c
o
r
d
a
n
c
e
wi
t
h
GA
S
B
St
a
t
e
m
e
n
t
45
,
at
Ja
n
u
a
r
y
I,
20
1
4
.
Th
e
li
a
b
i
l
i
t
y
is
ac
c
r
u
e
d
in
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
in
t
e
r
n
a
l
se
r
v
i
c
e
fu
n
d
.
N.
LO
N
G
T
E
R
M
O
B
L
I
G
A
T
I
O
N
S
In
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
pr
o
p
r
i
e
t
a
r
y
fu
n
d
ty
p
e
s
in
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
lo
n
g
-
t
e
r
m
de
b
t
an
d
ot
h
e
r
lo
n
g
-
t
e
r
m
ob
l
i
g
a
t
i
o
n
s
ar
e
re
p
o
r
t
e
d
as
li
a
b
i
l
i
t
i
e
s
in
th
e
ap
p
l
i
c
a
b
l
e
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
,
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
,
or
pr
o
p
r
i
e
t
a
r
y
fu
n
d
ty
p
e
st
a
t
e
m
e
n
t
o
f
ne
t
po
s
i
t
i
o
n
.
Bo
n
d
pr
e
m
i
u
m
s
an
d
di
s
c
o
u
n
t
s
,
as
we
l
l
as
is
s
u
a
n
c
e
co
s
t
s
,
ar
e
im
m
a
t
e
r
i
a
l
an
d
ar
e
ex
p
e
n
s
e
d
in
th
e
ye
a
r
o
f
bo
n
d
is
s
u
a
n
c
e
.
In
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
ty
p
e
s
re
c
o
g
n
i
z
e
bo
n
d
pr
e
m
i
u
m
s
an
d
di
s
c
o
u
n
t
s
,
as
we
l
l
as
bo
n
d
is
s
u
a
n
c
e
co
s
t
s
,
du
r
i
n
g
th
e
cu
r
r
e
n
t
pe
r
i
o
d
.
Th
e
fa
c
e
am
o
u
n
t
o
f
de
b
t
is
s
u
e
d
is
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
.
Pr
e
m
i
u
m
s
re
c
e
i
v
e
d
on
de
b
t
is
s
u
a
n
c
e
s
ar
e
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
so
u
r
c
e
s
wh
i
l
e
di
s
c
o
u
n
t
s
on
de
b
t
is
s
u
a
n
c
e
s
ar
e
re
p
o
r
t
e
d
as
ot
h
e
r
fi
n
a
n
c
i
n
g
us
e
s
.
Is
s
u
a
n
c
e
co
s
t
s
,
wh
e
t
h
e
r
or
no
t
wi
t
h
h
e
l
d
fr
o
m
th
e
ac
t
u
a
l
de
b
t
pr
o
c
e
e
d
s
re
c
e
i
v
e
d
,
ar
e
re
p
o
r
t
e
d
as
de
b
t
se
r
v
i
c
e
ex
p
e
n
d
i
t
u
r
e
s
.
0
.
FU
N
D
EQ
U
I
T
Y
Fu
n
d
eq
u
i
t
y
in
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
is
cl
a
s
s
i
f
i
e
d
as
fu
n
d
ba
l
a
n
c
e
fo
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
an
d
ne
t
po
s
i
t
i
o
n
fo
r
pr
o
p
r
i
e
t
a
r
y
fu
n
d
s
.
Fu
n
d
eq
u
i
t
y
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
is
cl
a
s
s
i
f
i
e
d
as
ne
t
po
s
i
t
i
o
n
fo
r
bo
t
h
go
v
e
r
n
m
e
n
t
a
l
an
d
bu
s
i
n
e
s
s
-
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
.
FI
U
I
I
I
Ba
l
a
n
c
e
-
I
n
th
e
fu
n
d
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
,
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
re
p
o
r
t
fu
n
d
ba
l
a
n
c
e
in
cl
a
s
s
i
f
i
c
a
t
i
o
n
s
th
a
t
di
s
c
l
o
s
e
re
s
t
r
a
i
n
t
s
fo
r
wh
i
c
h
am
o
u
n
t
s
in
th
o
s
e
fu
n
d
s
ca
n
be
sp
e
n
t
.
Th
e
s
e
cl
a
s
s
i
f
i
c
a
t
i
o
n
s
ar
e
as
fo
l
l
o
w
s
:
No
n
s
p
e
n
d
a
b
l
e
-
co
n
s
i
s
t
s
o
f
am
o
u
n
t
s
th
a
t
ar
e
no
t
in
sp
e
n
d
a
b
l
e
fo
r
m
or
ar
e
re
q
u
i
r
e
d
to
be
ma
i
n
t
a
i
n
e
d
in
t
a
c
t
.
Re
s
t
r
i
c
t
e
d
-
co
n
s
i
s
t
s
o
f
am
o
u
n
t
s
re
l
a
t
e
d
to
ex
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
es
t
a
b
l
i
s
h
e
d
by
cr
e
d
i
t
o
r
s
,
gr
a
n
t
o
r
s
or
co
n
t
r
i
b
u
t
o
r
s
;
or
co
n
s
t
r
a
i
n
t
s
im
p
o
s
e
d
by
st
a
t
e
st
a
t
u
t
o
r
y
pr
o
v
i
s
i
o
n
s
.
Co
m
m
U
t
e
d
-
co
n
s
i
s
t
s
o
f
in
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
ar
e
im
p
o
s
e
d
by
fo
r
m
a
l
ac
t
i
o
n
(r
e
s
o
l
u
t
i
o
n
)
of
th
e
Ci
t
y
Co
u
n
c
i
l
,
wh
i
c
h
is
th
e
hi
g
h
e
s
t
le
v
e
l
o
f
de
c
i
s
i
o
n
ma
k
i
n
g
au
t
h
o
r
i
t
y
.
As
s
i
g
n
e
d
-
co
n
s
i
s
t
s
o
f
in
t
e
r
n
a
l
l
y
im
p
o
s
e
d
co
n
s
t
r
a
i
n
t
s
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
re
f
l
e
c
t
th
e
sp
e
c
i
f
i
c
pu
r
p
o
s
e
fo
r
wh
i
c
h
it
is
th
e
Ci
t
y
'
s
in
t
e
n
d
e
d
us
e
.
Th
e
s
e
co
n
s
t
r
a
i
n
t
s
ar
e
es
t
a
b
l
i
s
h
e
d
by
th
e
Ci
t
y
Co
u
n
c
i
l
or
,
pu
r
s
u
a
n
t
to
co
u
n
c
i
l
re
s
o
l
u
t
i
o
n
,
th
e
Ci
t
y
Ma
n
a
g
e
r
or
th
e
Di
r
e
c
t
o
r
o
f
Fi
n
a
n
c
e
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Un
a
s
s
i
g
n
e
d
-
is
th
e
re
s
i
d
u
a
l
cl
a
s
s
i
f
i
c
a
t
i
o
n
fo
r
th
e
ge
n
e
r
a
l
fund and also reflects negative residual amounts in other
fu
n
d
s
.
Wh
e
n
bo
t
h
re
s
t
r
i
c
t
e
d
an
d
un
r
e
s
t
r
i
c
t
e
d
fu
n
d
ba
l
a
n
c
e
s
ar
e
av
a
i
l
a
b
l
e
for an allowable use, it is the City's policy to use restricted
re
s
o
u
r
c
e
s
fi
r
s
t
,
th
e
n
un
r
e
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
as
th
e
y
ar
e
ne
e
d
e
d
.
When committed, assigned, or unassigned resources are
av
a
i
l
a
b
l
e
fo
r
an
al
l
o
w
a
b
l
e
us
e
,
it
is
th
e
Ci
t
y
'
s
po
l
i
c
y
to
us
e
resources in the following order; I) committed, 2) assigned, and 3)
un
a
s
s
i
g
n
e
d
.
Th
e
Ci
t
y
ha
s
fo
r
m
a
l
l
y
ad
o
p
t
e
d
a
fu
n
d
ba
l
a
n
c
e
po
l
i
c
y
fo
r
th
e
General Fund. The policy establishes a year-end target
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
am
o
u
n
t
o
f
50
-
5
2
%
o
f
th
e
ne
x
t
ye
a
r
'
s
operating budget for csah flow needs (working capital). At
De
c
e
m
b
e
r
31
,
20
1
5
th
e
un
a
s
s
i
g
n
e
d
fu
n
d
ba
l
a
n
c
e
o
f
th
e
Ge
n
e
r
a
l
fund was 52% of the subsequent year's budgeted
ex
p
e
n
d
i
t
u
r
e
s
.
Ne
t
Po
s
i
t
i
o
n
-
Ne
t
po
s
i
t
i
o
n
re
p
r
e
s
e
n
t
s
th
e
di
f
f
e
r
e
n
c
e
be
t
w
e
e
n
assets, deferred outflows of resources, deferred inflows of
re
s
o
u
r
c
e
s
,
an
d
li
a
b
i
l
i
t
i
e
s
.
Ne
t
po
s
i
t
i
o
n
,
ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
assets, consists of capital assets, net of accumulated
de
p
r
e
c
i
a
t
i
o
n
,
re
d
u
c
e
d
by
th
e
ou
t
s
t
a
n
d
i
n
g
ba
l
a
n
c
e
s
o
f
an
y
bo
n
d
s
used for the acquisition, construction, or improvement of
th
o
s
e
as
s
e
t
s
.
Ne
t
po
s
i
t
i
o
n
is
re
p
o
r
t
e
d
as
re
s
t
r
i
c
t
e
d
wh
e
n
th
e
r
e
are limitations imposed on their use either through
co
n
a
t
i
t
u
t
i
o
n
a
l
pr
o
v
i
s
i
o
n
s
or
en
a
b
l
i
n
g
le
g
i
s
l
a
t
i
o
n
,
or
th
r
o
u
g
h
external restrictions imposed by creditors, grantors, or laws or
re
g
n
l
a
t
i
o
n
s
o
f
ot
h
e
r
go
v
e
r
n
m
e
n
t
s
.
Al
l
re
m
a
i
n
i
n
g
no
t
po
s
i
t
i
o
n
is reported as unrestricted.
Wh
e
n
bo
t
h
re
s
t
r
i
c
t
e
d
an
d
un
r
e
s
t
r
i
c
t
e
d
ne
t
po
s
i
t
i
o
n
ar
e
av
a
i
l
a
b
l
e
for an allowable use, it is the government's policy to use
re
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
fi
r
s
t
,
th
e
n
un
r
e
s
t
r
i
c
t
e
d
re
s
o
u
r
c
e
s
as
th
e
y
are needed.
P.
IN
T
E
R
F
U
N
D
TR
A
N
S
A
C
T
I
O
N
S
ln
t
e
r
f
u
n
d
se
r
v
i
c
e
s
pr
o
v
i
d
e
d
an
d
us
e
d
ar
e
ac
c
o
u
n
t
e
d
fo
r
as
re
v
e
n
u
e
s
and expenditures or expenses. Transactions that
co
n
s
t
i
t
u
t
e
re
i
m
b
u
r
s
e
m
e
n
t
s
to
a
fu
n
d
fo
r
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
initially made from it that are properly applicable to another
fu
n
d
,
ar
e
re
c
o
r
d
e
d
as
ex
p
e
n
d
i
t
u
r
e
s
/
e
x
p
e
n
s
e
s
in
th
e
re
i
m
b
u
r
s
i
n
g
fund and as reductions of expenditures/expenses in the fund
th
a
t
is
re
i
m
b
u
r
s
e
d
.
Al
l
ot
h
e
r
in
t
e
r
f
u
n
d
tr
a
n
s
a
c
t
i
o
n
s
ar
e
re
p
o
r
t
e
d
as transfers.
Q.
US
E
OF
ES
T
I
M
A
T
E
S
Th
e
pr
e
p
a
r
a
t
i
o
n
o
f
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
in
co
n
f
o
r
m
i
t
y
wi
t
h
GAAP requires management to make estimates and assumptions
th
a
t
af
f
e
c
t
am
o
u
n
t
s
re
p
o
r
t
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
accompanying notes. Actual results could differ from such
es
t
i
m
a
t
e
s
.
R.
NE
W
AC
C
O
U
N
T
I
N
G
PR
O
N
O
U
N
C
E
M
E
N
T
S
Th
e
Go
v
e
r
n
m
e
n
t
a
l
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
re
c
e
n
t
l
y
ap
p
r
o
v
e
d
the following statemcmts which were not implemented in
th
e
s
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Th
e
ef
f
e
c
t
th
e
s
e
st
a
n
d
a
r
d
s
ma
y
ha
v
e
on future financial statements has not been determined at
th
i
s
ti
m
e
.
St
a
t
e
m
e
n
t
No
.
72
,
Fa
i
r
Va
l
u
e
Me
a
s
u
r
e
m
e
n
t
an
d
Ap
p
l
i
c
a
t
i
o
n
. The primary objective of this statement is to enhance the
co
m
p
a
r
a
b
i
l
i
t
y
o
f
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
am
o
n
g
go
v
e
r
n
m
e
n
t
s
by
requiring measurement of certain assets and liabilities at fair
va
l
u
e
us
i
n
g
a
mo
r
e
de
t
a
i
l
e
d
de
f
i
n
i
t
i
o
n
o
f
fa
i
r
va
l
u
e
an
d
ac
c
e
p
t
e
d
valuation techniques. The provisions of this statement are
ef
f
e
c
t
i
v
e
fo
r
pe
r
i
o
d
s
be
g
i
n
n
i
n
g
af
t
e
r
Ju
n
e
15
,
2
0
1
5
.
IV-29
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
S.
CH
A
N
G
E
IN
AC
C
O
U
N
T
I
N
G
PR
I
N
C
I
P
L
E
S
Do
r
i
n
g
fi
s
c
a
l
ye
a
r
20
1
5
,
th
e
Ci
t
y
im
p
l
e
m
e
n
t
e
d
se
v
e
r
a
l
ne
w
ac
c
o
u
n
t
i
n
g
pr
o
n
o
u
n
c
e
m
e
n
t
s
is
s
u
e
d
by
th
e
Go
v
e
r
n
m
e
n
t
Ac
c
o
u
n
t
i
n
g
St
a
n
d
a
r
d
s
Bo
a
r
d
(G
A
S
B
)
,
in
c
l
u
d
i
n
g
St
a
t
e
m
e
n
t
No
.
68
,
Ac
c
o
u
n
t
i
n
g
an
d
Fi
n
a
n
c
i
a
l
Re
p
o
r
t
i
n
g
fo
r
Pe
n
s
i
o
n
s
-
an
Am
e
n
d
m
e
n
t
o
f
GA
S
B
St
a
t
e
m
e
n
t
No
.
27
an
d
St
a
t
e
m
e
n
t
No
.
71
,
Pe
n
s
i
o
n
Tr
a
n
s
i
t
i
o
n
fo
r
Co
n
t
r
i
b
u
t
i
o
n
s
Ma
d
e
Su
b
s
e
q
u
e
n
t
to
th
e
Me
a
s
u
r
e
m
e
n
t
Da
t
e
-
an
A
m
e
n
d
m
e
n
t
o
f
O
A
S
B
St
a
t
e
m
e
n
t
No
.
68
,
fo
r
t
h
e
y
e
a
r
e
n
d
e
d
D
e
c
e
m
b
e
r
31
,
2
0
1
5
.
Th
e
s
e
st
a
n
d
a
r
d
s
re
q
u
i
r
e
d
a
re
t
r
o
a
c
t
i
v
e
im
p
l
e
m
e
n
t
a
t
i
o
n
wh
i
c
h
re
s
u
l
t
e
d
in
th
e
re
s
t
a
t
e
m
e
n
t
o
f
be
g
i
n
n
i
n
g
ba
l
a
n
c
e
s
in
th
e
De
c
e
m
b
e
r
31
,
20
1
4
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
Ch
a
n
g
e
s
re
l
a
t
e
d
to
th
e
s
e
st
a
n
d
a
r
d
s
ar
e
re
f
l
e
c
t
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
sc
h
e
d
u
l
e
s
an
d
re
l
a
t
e
d
di
s
c
l
o
s
u
r
e
s
ar
e
in
c
l
u
d
e
d
in
No
t
e
4
an
d
5.
As
a
re
s
u
l
t
o
f
th
e
re
s
t
a
t
e
m
e
n
t
o
f
be
g
i
n
n
i
n
g
ba
l
a
n
c
e
s
,
th
e
fo
l
l
o
w
i
n
g
sc
h
e
d
u
l
e
re
c
o
n
c
i
l
e
s
th
e
pr
e
v
i
o
o
s
l
y
re
p
o
r
t
e
d
De
c
e
m
b
e
r
31
,
20
1
4
ba
l
a
n
c
e
s
to
th
e
De
c
e
m
b
e
r
31
,
20
1
5
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
:
Ne
t
Po
s
i
t
i
o
n
-
be
g
i
n
n
i
n
g
.
as
pr
e
v
i
o
u
a
l
y
re
p
o
r
t
e
d
Ch
a
n
g
e
in
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
Ne
t
Pe
n
s
i
o
n
As
s
e
t
D
e
f
=
e
d
ou
t
f
l
o
w
s
re
l
n
t
e
d
to
pe
n
s
i
o
n
s
De
f
C
!
T
e
d
in
f
l
o
w
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
Ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
To
t
a
l
Ne
t
Po
s
i
t
i
o
n
-
be
g
i
n
n
i
n
g
.
re
s
t
a
t
e
d
Go
v
e
r
n
m
e
n
t
a
l
Bu
s
i
n
e
s
s
-
t
y
p
e
In
t
e
r
n
a
l
Ac
t
i
v
i
t
i
e
s
Ac
t
i
v
i
t
i
e
s
Se
r
v
i
c
e
Fu
n
d
s
$
83
,
3
6
6
,
7
5
0
$
55
,
3
5
6
,
8
9
7
$
8,
4
0
1
,
8
9
6
1,
0
5
8
,
4
6
2
65
6
,
6
6
3
66
,
1
6
6
56
4
,
2
8
6
(1
3
8
,
7
4
5
)
(9
,
6
1
7
,
6
0
9
)
(
1
,
6
3
7
,
7
9
9
)
(1
1
,
2
5
5
,
4
0
8
)
(8
,
0
4
1
,
2
2
9
)
(1
,
5
7
1
,
6
3
3
)
(1
0
,
6
9
1
,
1
2
2
)
$
75
,
3
2
5
,
5
2
1
$
53
,
7
8
5
,
2
6
4
$
(2
,
2
8
9
,
2
2
6
)
No
t
e
l
ST
E
W
AR
D
S
B
I
P
.
CO
M
P
L
I
A
N
C
E
.
AN
D
AC
C
O
U
N
T
A
B
I
L
I
T
Y
A.
BU
D
G
E
T
A
R
Y
IN
F
O
R
M
A
T
I
O
N
Au
n
u
a
l
bu
d
g
e
t
s
ar
e
ad
o
p
t
e
d
on
a
ba
s
i
s
co
n
s
i
s
t
e
n
t
wi
t
h
ac
c
o
u
n
t
i
n
g
pr
i
n
c
i
p
l
e
s
ge
n
e
r
a
l
l
y
ac
c
e
p
t
e
d
in
th
e
Un
i
t
e
d
St
a
t
e
s
fo
r
al
l
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Al
l
an
n
u
a
l
ap
p
r
o
p
r
i
a
t
i
o
n
s
la
p
s
e
at
fi
s
c
a
l
ye
s
r
en
d
.
In
Se
p
t
e
m
b
e
r
,
th
e
Ci
t
y
Ma
n
a
g
e
r
su
b
m
i
t
s
to
th
e
Ci
t
y
Co
u
n
c
i
l
pr
o
p
o
s
e
d
op
e
r
a
t
i
n
g
bu
d
g
e
t
s
fa
r
th
e
fi
s
c
a
l
ye
a
r
co
m
m
e
n
c
i
n
g
th
e
fo
l
l
o
w
i
n
g
Ja
n
u
a
r
y
.
Th
e
pr
o
p
o
s
e
d
ge
n
e
r
a
l
fu
n
d
bu
d
g
e
t
an
d
pr
e
l
i
m
i
n
a
r
y
ta
x
le
v
y
mu
s
t
be
ce
r
t
i
f
i
e
d
to
th
e
Co
u
n
t
y
pr
i
m
:
to
Se
p
t
e
m
b
e
r
30
.
Th
e
Co
u
n
c
i
l
ho
l
d
s
pu
b
l
i
c
he
s
r
i
n
g
s
on
th
e
ce
r
t
i
f
i
e
d
bu
d
g
e
t
an
d
le
v
y
an
d
mu
s
t
su
b
m
i
t
a
fi
n
a
l
le
v
y
to
th
e
Co
u
n
t
y
pr
i
o
r
to
th
e
en
d
of
D
e
c
e
r
n
b
e
r
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
ap
p
r
o
p
r
i
a
t
e
d
bu
d
g
e
t
is
pr
e
p
a
r
e
d
by
fu
n
d
an
d
de
p
o
r
t
m
e
n
t
.
The City Council must authorize any transfer of budgeted
am
o
u
n
t
s
be
t
w
e
e
n
de
p
a
r
t
m
e
n
t
s
ar
fu
n
d
s
.
Tr
a
n
s
f
e
r
s
of
bu
d
g
e
t
e
d
amounts within departments in the General Fund must be
au
t
h
o
r
i
z
e
d
by
th
e
Ci
t
y
Ma
n
s
g
e
r
.
Th
e
le
g
a
l
le
v
e
l
of
b
u
d
g
e
t
s
r
y
control is the deportment level fur the Gtmeral Fund and the
fu
n
d
le
v
e
l
fo
r
al
l
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
.
Th
e
r
e
we
r
e
no
supplemental budgetsry appropriations or amendments
do
r
i
n
g
th
e
ye
a
r
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
ex
p
e
n
d
i
t
u
r
e
s
an
d
tr
a
n
s
f
e
r
s
out exceeded appropriations in the following General
Fu
n
d
de
p
a
r
t
m
e
n
t
s
an
d
ot
h
e
r
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
:
Final Excess of Budset Actual Appropriations
Ma
j
o
r
Fu
n
d
s
:
Ge
n
e
r
a
l
Fu
n
d
:
Ma
y
o
r
an
d
co
u
n
c
i
l
$ 122,010 $ 123,085 $ (1,075)
As
s
e
s
s
i
n
g
201,100 202,443 (1,343)
Pa
r
k
an
d
re
c
r
e
a
t
i
o
n
ad
m
i
n
i
s
t
r
a
t
i
o
n
219,626 221,922 (2,296)
Co
n
v
e
n
t
i
o
n
bu
r
e
a
u
418,000 510,827 (92,827)
No
n
d
e
p
a
r
t
m
e
n
t
a
l
404,253 450,129 (45,876)
Tr
a
n
s
f
e
r
s
ou
t
187,389 1,176,313 (988,924)
Ma
j
o
r
Fu
n
d
s
:
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
3
2,505,331 3,879,458 (1,374,127)
Ta
x
ln
c
r
e
m
t
m
t
Di
s
t
r
i
c
t
No
.
5
435,437 1,295,482 (860,045)
De
b
t
Se
r
v
i
c
e
Fu
n
d
3,861,553 3,931,993 (70,440)
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
s
:
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
956,000 4,127,671 (3,171,671)
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
fo
r
Co
n
s
t
t
u
c
t
i
o
n
2,670,000 2,693,830 (23,830)
ln
f
r
a
s
l
r
u
c
t
u
r
e
Cm
s
t
t
u
c
t
i
o
n
1,371,595 1,517,830 (146,235)
No
n
m
a
j
o
r
Fu
n
d
s
:
Sp
e
c
i
a
l
Re
v
e
n
u
e
Fu
n
d
s
:
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
Au
t
h
o
r
i
t
y
436,983 1,137,307 (700,324)
Co
m
m
u
n
i
t
y
De
v
e
l
o
p
m
e
n
t
Bl
o
c
k
Gr
a
n
t
150,000 368,841 (218,841)
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
2
21,655 (21,655)
Ta
x
In
c
r
e
m
e
n
t
Di
s
1
r
i
c
t
No
.
4
464,683 640,137 (175,454)
Ce
n
t
e
n
n
i
a
l
Am
p
h
i
t
h
e
a
t
e
r
588,500 632,925 (44,425)
Ca
p
i
t
a
l
Pr
o
j
e
c
t
Fu
n
d
s
:
St
t
e
e
t
Re
c
o
n
s
t
t
u
c
t
i
o
n
2,150,000 2,270,487 (120,487)
IV-30
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
B.
DE
F
l
C
I
T
FU
N
D
EQ
f
f
i
T
Y
De
f
i
c
i
t
fu
n
d
eq
u
i
t
y
ex
i
s
t
s
at
De
c
e
m
b
e
r
31
,
2
0
1
5
in
th
e
fo
l
l
o
w
i
n
g
fu
n
d
s
:
Un
a
s
s
i
g
n
e
d
de
f
i
c
i
t
fu
n
d
ba
l
a
n
c
e
Ma
j
o
r
Fu
n
d
s
:
Ta
x
l
n
c
r
e
m
e
n
t
D
i
s
t
r
i
c
t
N
o
.
5
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
No
n
m
a
j
o
r
Fu
n
d
s
:
Co
m
m
u
n
i
t
y
De
v
e
l
o
p
m
e
n
t
Bl
o
c
k
Gr
a
n
t
Un
r
e
s
t
r
i
c
t
e
d
de
f
i
c
i
t
ne
t
po
s
i
t
i
o
n
Ma
j
o
r
Fu
n
d
s
:
Go
l
f
Co
u
r
s
e
Wa
t
e
r
Ut
i
l
i
t
y
In
t
e
r
n
a
l
Se
r
v
i
c
e
Fu
n
d
s
:
EE
Re
t
i
r
e
m
e
n
t
Be
n
e
f
i
t
Pe
n
s
i
m
-
GE
R
F
Pe
n
s
i
o
n
-
PE
P
F
F
2,
2
4
1
,
4
6
6
18
3
,
1
4
5
45
3
93
7
,
3
5
5
91
2
,
1
6
8
14
4
,
8
7
5
6,
3
8
2
,
1
1
8
4,
5
8
1
,
1
9
2
Th
e
de
f
i
c
i
t
s
ar
e
be
i
n
g
fu
n
d
e
d
th
r
o
u
g
h
in
t
e
r
n
a
l
bo
r
r
o
w
i
n
g
an
d
wi
l
l
be
re
p
a
i
d
fr
o
m
fu
t
u
r
e
co
l
l
e
c
t
i
o
n
s
of
ta
x
in
c
r
e
m
e
n
t
,
fu
t
u
r
e
co
l
l
e
c
t
i
o
n
s
of
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
,
in
t
e
r
n
a
l
tr
a
n
s
f
e
r
s
,
an
d
fu
t
u
r
e
bo
n
d
is
s
u
a
n
c
e
.
Th
e
In
t
e
r
n
a
l
se
r
v
i
c
e
de
f
i
c
i
t
s
wi
l
l
be
fu
n
d
e
d
th
r
o
u
g
h
fu
t
u
r
e
in
t
e
r
f
u
n
d
ch
a
r
g
e
s
,
st
a
t
e
gr
a
n
t
re
v
e
n
u
e
s
,
an
d
em
p
l
o
y
e
e
wi
t
h
o
l
d
i
n
g
s
.
No
t
e
3
DE
T
A
I
L
E
D
NO
T
E
S
ON
AL
L
FU
N
D
S
A.
DE
P
O
S
I
T
S
AN
D
IN
V
E
S
T
M
E
N
T
S
In
ac
c
o
r
d
a
n
c
e
wi
t
h
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
th
e
Ci
t
y
ma
i
n
t
a
i
n
s
de
p
o
s
i
t
s
at
on
l
y
th
o
s
e
de
p
o
s
i
t
o
r
y
ba
n
k
s
au
t
h
o
r
i
z
e
d
by
th
e
Ci
t
y
Co
u
n
c
i
l
.
Al
l
su
c
h
de
p
o
s
i
t
o
r
i
e
s
ar
e
me
m
b
e
r
s
o
f
th
e
Fe
d
e
r
a
l
Re
s
e
r
v
e
Sy
s
t
e
m
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
r
e
q
u
i
r
e
th
a
t
al
l
Ci
t
y
de
p
o
s
i
t
s
be
pr
o
t
e
c
t
e
d
by
in
s
u
r
a
n
c
e
,
su
r
e
t
y
bo
n
d
,
or
co
l
l
a
t
e
r
a
l
.
Th
e
ma
r
k
e
t
va
l
u
e
of
co
l
l
a
t
e
r
a
l
pl
e
d
g
e
d
mu
s
t
eq
u
a
l
I
I
0'
/
o
o
f
th
e
de
p
o
s
i
t
s
no
t
co
v
e
r
e
d
by
in
s
u
r
a
n
c
e
or
bo
n
d
s
.
Au
t
h
o
r
i
z
e
d
co
l
l
a
t
e
r
a
l
in
c
l
u
d
e
s
th
e
le
g
s
!
in
v
e
s
t
m
e
n
t
s
de
s
c
r
i
b
e
d
in
No
t
e
I
.D
.
,
as
we
l
l
as
ce
r
t
a
i
n
fi
r
s
t
mo
r
t
g
n
g
e
no
t
e
s
,
an
d
ce
r
t
a
i
n
ot
h
e
r
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
ob
l
i
g
s
t
i
o
n
s
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
re
q
u
i
r
e
th
a
t
se
c
o
r
i
t
i
e
s
pl
e
d
g
e
d
as
co
l
l
a
t
e
r
a
l
be
pl
a
c
e
d
in
aa
f
e
k
e
e
p
i
n
g
in
a
re
s
t
r
i
c
t
e
d
ac
c
o
u
n
t
a
t
th
e
Fe
d
e
r
a
l
Re
s
e
r
v
e
ba
n
k
,
or
in
an
ac
c
o
u
n
t
at
a
tr
u
s
t
de
p
a
r
t
m
e
n
t
o
f
a
co
m
m
e
r
c
i
a
l
ha
n
k
or
ot
h
e
r
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
th
a
t
is
no
t
ow
n
e
d
or
co
n
t
r
o
l
l
e
d
by
th
e
fi
n
a
n
c
i
a
l
in
s
t
i
t
u
t
i
o
n
fu
m
i
s
h
i
n
g
th
e
co
l
l
a
t
e
r
a
l
.
At
ye
a
r
-
e
n
d
,
th
e
Ci
t
y
'
s
ca
r
r
y
i
n
g
va
l
u
e
am
o
u
n
t
o
f
de
p
o
s
i
t
s
wa
s
$6
,
7
8
2
,
0
8
1
co
m
p
o
s
e
d
o
f
ba
n
k
ba
l
a
n
c
e
s
o
f
$6
,
7
8
2
,
0
8
1
.
A
s
of
D
e
c
e
m
b
e
r
31
,
20
1
5
th
e
Ci
t
y
ha
d
th
e
fo
l
l
o
w
i
n
g
in
v
e
s
t
m
e
n
t
s
an
d
ma
t
u
r
i
t
i
e
s
:
In
v
e
s
t
m
e
n
t
~
Fa
i
r
Va
l
u
e
No
ma
t
u
r
i
t
y
Ne
g
o
t
i
a
b
l
e
ce
r
t
i
f
i
c
a
t
e
s
of
de
p
o
s
i
t
$
13
,
0
4
6
,
4
2
7
$
Fe
d
e
r
a
l
ag
e
n
c
y
no
t
e
s
14
,
0
5
6
,
2
7
7
Ex
t
e
r
n
a
l
in
v
e
s
t
m
e
n
t
po
o
l
-
4M
Fu
n
d
14
,
1
3
4
,
8
1
6
1
4
,
1
3
4
,
8
1
6
Mo
n
e
y
ma
r
k
e
t
2,
0
6
9
,
1
1
6
2,
0
6
9
,
1
1
6
To
t
a
l
In
v
e
s
t
m
e
n
t
s
$
43
,
3
0
6
,
6
3
6
$
16
,
2
0
3
,
9
3
2
In
v
e
s
t
m
e
n
t
Ma
t
u
r
i
t
i
e
s
(i
n
ye
a
r
s
)
<
I
1
-
3
2,
9
3
9
,
9
3
0
$
5,
2
2
2
,
8
0
0
1,
0
0
4
,
9
5
4
11
,
0
3
1
,
8
7
5
3
-
5
4,
8
8
3
,
6
9
7
2,
0
1
9
,
4
4
8
3,
9
4
4
,
8
8
4
16
,
2
5
4
,
6
7
5
$
6,
9
0
3
,
1
4
5
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
T
H
E
F
I
N
A
N
C
I
A
L
S
T
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
As
of
D
e
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
ba
d
th
e
fo
l
l
o
w
i
n
g
SU
I
D
l
D
l
l
l
Y
of investments related to the credit risk, par values and fair
va
l
u
e
s
of
se
c
u
r
i
t
i
e
s
:
ID
V
e
s
t
m
e
n
t
1y
P
e
Cm
l
i
t
Ri
s
k
(
*
)
Ne
g
o
t
i
a
b
l
e
ce
r
l
i
:
r
u
:
-
of
de
p
o
s
i
t
Fe
d
e
r
a
l
ag
m
c
y
no
t
e
s
Ex
t
e
m
a
l
in
v
e
s
t
m
e
n
t
po
o
l
·
4M
Fu
n
d
Mo
n
e
y
ma
r
k
e
t
To
t
a
l
l
n
v
e
s
t
m
c
n
1
S
n/
a
AA
n/
a
AA
A
Par 13,067,000 14,018,115 Fair Value 13,046,427 14,056,277 14,057,174 14,134,816 2,441,867 2,069,116 43,584,156 __ L 43,306,636 % oftotal Portfolio 30.13% 32.46% 32.64% 4.77% 100.00%
(
0
)
Th
e
cr
e
d
i
t
ri
s
k
fo
r
th
e
Fe
d
e
r
a
l
Ag
e
n
c
y
No
t
e
s
an
d
Mo
n
e
y
Market ratings are provided by S&P.
Ca
s
b
an
d
in
v
e
s
t
m
e
n
t
s
at
ye
a
r
-
e
n
d
co
n
s
i
s
t
o
f
th
e
fo
l
l
o
w
i
n
g
:
In
v
e
s
t
m
e
n
t
s
De
p
o
s
i
t
s
Pe
t
t
y
ca
s
h
an
d
ch
a
n
g
e
fu
n
d
s
To
t
a
l
ca
s
h
,
ca
s
h
eq
u
i
v
a
l
e
n
t
s
,
an
d
in
v
e
s
t
m
e
n
t
s
Th
e
de
p
o
s
i
t
s
an
d
in
v
e
s
t
m
e
n
t
s
o
f
th
e
Ci
t
y
ar
e
pr
e
s
e
n
t
e
d
in
th
e
financial statements as follows:
St
a
t
e
m
e
n
t
of
N
e
t
Po
s
i
t
i
o
n
Ca
s
h
an
d
in
v
e
s
t
m
e
n
t
s
Ca
s
h
wi
t
h
fi
s
c
a
l
ag
e
n
t
s
To
t
a
l
$ 43,306,636 6,782,081 13,805 50,102,522 43,320,441 6,782,081 $ 50,102,522
In
t
e
r
e
s
t
ra
t
e
ri
s
k
-
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
s
in
t
e
r
e
s
t
earnings remain stable and predictable through at least the
ne
x
t
bu
d
g
e
t
cy
c
l
e
an
d
th
a
t
at
le
a
s
t
50
'
/
o
o
f
th
e
in
v
e
s
t
m
e
n
t
po
r
t
f
o
l
i
o
remain for two or more years with known interest rates.
Th
e
po
l
i
c
y
al
s
o
st
a
t
e
s
th
a
t
th
e
po
r
t
f
o
l
i
o
sh
a
l
l
re
m
s
i
n
su
f
f
i
c
i
e
n
t
l
y
liquid to meet all operating requirements that may be
re
a
s
o
n
a
b
l
y
ex
p
e
c
t
e
d
.
Cr
e
d
i
t
ri
s
k
-
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
s
t
r
i
c
t
s
in
v
e
s
t
m
e
n
t
instruments to those authorized by Minnesota Statutes § 118A as
li
s
t
e
d
in
No
t
e
I
.D
.
Th
e
po
l
i
c
y
al
s
o
re
q
u
i
r
e
s
th
a
t
an
y
co
u
n
t
e
r
p
a
r
t
y
in investment tranaactions be pro-qualified and approved by
th
e
Ci
t
y
Co
u
n
c
i
l
an
d
th
a
t
th
e
po
r
t
f
o
l
i
o
be
di
v
e
r
s
i
f
i
e
d
to
li
m
i
t
potential losses on individual securities. As of December 31, 2015
th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
in
FH
L
M
C
,
FN
M
A
,
FH
L
B
an
d
FF
C
B
federal agency notes were rated AA by Standsrd & Poors
(S
&
P
)
.
Th
e
Ci
t
y
'
s
ex
t
e
r
n
a
l
in
v
e
s
t
m
e
n
t
po
o
l
is
wi
t
h
th
e
Mi
n
n
e
s
o
t
a
Municipal Money Market Fund which is regulated by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
an
d
th
e
Bo
a
r
d
o
f
Di
r
e
c
t
o
r
s
o
f
th
e
Le
a
g
u
e
of Minnesota Cities. The 4M fund is a 2a7-like pool and is based
on
an
am
o
r
t
i
z
e
d
co
s
t
me
t
h
o
d
th
a
t
ap
p
r
o
x
i
m
a
t
e
s
fa
i
r
va
l
u
e
.
IV-31
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Co
n
c
e
n
t
r
a
t
i
o
n
o
f
cr
e
d
i
t
ri
s
k
-
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
s
th
a
t
th
e
in
v
e
s
t
m
e
n
t
po
r
t
f
o
l
i
o
be
di
v
e
r
s
i
f
i
e
d
to
mi
n
i
m
i
z
e
po
t
e
n
t
i
a
l
lo
s
s
e
s
on
in
d
i
v
i
d
u
a
l
se
c
u
r
i
t
i
e
s
.
As
of
y
e
s
r
en
d
,
th
e
Ci
t
y
hs
d
po
r
t
f
o
l
i
o
co
n
c
e
n
t
r
a
t
i
o
n
s
in
ex
c
e
s
s
o
f
fi
v
e
pe
r
c
e
n
t
(e
x
c
l
u
d
i
n
g
ex
t
e
r
n
a
l
in
v
e
s
t
m
<
m
t
p
o
o
l
s
)
in
th
e
fo
l
l
o
w
i
n
g
fe
d
e
r
a
l
ag
e
n
c
i
e
s
:
Fe
d
e
r
a
l
Ho
m
e
Lo
a
n
Mo
r
t
g
a
g
e
Co
r
p
o
r
a
t
i
o
n
(1
0
.
4
%
)
,
Fe
d
e
r
a
l
Na
t
i
o
u
a
l
Mo
r
t
g
a
g
e
As
s
o
c
i
a
t
i
o
n
(1
3
.
9
"
/
o
)
Fe
d
e
r
a
l
Fa
r
m
Cr
e
d
i
t
Ba
n
k
(4
.
7
%
)
an
d
Fe
d
e
r
a
l
Ho
m
e
Le
a
n
Ba
n
k
(3
.
5
%
)
.
Cu
s
t
o
d
i
a
l
cr
e
d
i
t
ri
s
k
Th
e
Ci
t
y
'
s
in
v
e
s
t
m
e
n
t
po
l
i
c
y
re
q
u
i
r
e
a
th
a
t
se
c
u
r
i
t
i
e
s
pu
r
c
h
a
s
e
d
fr
o
m
an
y
ba
n
k
or
de
a
l
e
r
be
pl
a
c
e
d
wi
t
h
an
in
d
e
p
e
a
d
e
n
t
th
i
r
d
pa
r
t
y
fo
r
cu
s
t
o
d
i
a
l
sa
f
e
k
e
e
p
i
n
g
.
la
v
e
s
t
m
e
a
t
s
in
in
v
e
s
t
m
e
n
t
po
o
l
s
an
d
mo
n
e
y
ma
r
k
e
t
s
ar
e
no
t
ev
i
d
e
n
c
e
d
by
se
c
u
r
i
t
i
e
s
th
a
t
ex
i
s
t
in
ph
y
s
i
c
a
l
or
bo
o
k
en
t
r
y
fo
r
m
,
an
d
th
e
r
e
f
o
r
e
ar
e
no
t
su
b
j
e
c
t
to
cu
s
t
o
d
i
a
l
cr
e
d
i
t
ri
s
k
di
s
c
l
o
s
u
r
e
s
.
Al
l
of
th
e
Ci
t
y
'
s
re
m
a
i
n
i
n
g
in
v
e
s
t
m
e
n
t
s
we
r
e
he
l
d
in
an
in
s
t
i
t
u
t
i
o
n
a
l
tr
u
s
t
un
d
e
r
co
n
t
r
a
c
t
wi
t
h
th
e
Ci
t
y
fo
r
sa
f
e
k
e
e
p
i
n
g
se
r
v
i
c
e
s
.
B.
RE
C
E
I
V
A
B
L
E
S
Si
g
n
i
f
i
c
a
n
t
re
c
e
i
v
a
b
l
e
ba
l
a
n
c
e
s
no
t
ex
p
e
c
t
e
d
to
be
co
l
l
e
c
t
e
d
wi
t
h
i
n
on
e
ye
a
r
o
f
De
c
e
m
b
e
r
31
,
20
1
5
ar
e
as
fo
l
l
o
w
s
:
De
l
i
n
q
u
e
a
t
De
l
i
n
q
u
e
n
t
Pr
o
p
e
r
t
y
Ta
x
Sp
e
c
i
a
l
Mu
n
i
c
i
p
a
l
No
t
e
s
Ta
x
e
s
la
c
r
e
m
e
n
t
s
As
s
e
s
s
m
e
n
t
s
St
a
t
e
>
-
Ai
d
__
_
_
.
Re
c
e
i
v
a
b
l
e
Ma
j
o
r
Fu
n
d
s
:
Ge
n
e
r
a
l
$
26
8
,
5
8
6
$
$
12
9
,
3
5
9
$
Ta
x
l
n
c
r
e
m
e
n
t
D
i
s
t
r
i
c
t
N
o
.
3
89
,
8
0
6
Ta
x
la
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
N
o
.
5
11
0
,
4
9
3
27
9
,
4
0
0
De
b
t
Se
r
v
i
c
e
2,
9
1
8
,
8
8
8
Ca
p
i
t
a
l
i
m
p
r
o
v
e
m
e
n
t
s
9,
4
4
2
2,
0
3
6
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
fo
r
Co
n
s
t
r
u
c
t
i
o
n
2,
6
9
9
,
3
2
2
la
f
r
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20
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2
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De
c
e
m
b
e
r
31
,
20
1
5
was as follows:
Go
v
e
r
n
n
u
m
t
a
l
ac
t
i
v
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t
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e
s
:
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p
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s
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s
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de
p
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n
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d
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-
ne
t
Beginaing Balance $ 3,537,473 88,704 3,276,213 6,902,390 Increases 8,829,037 8,829,037 Decreases (3,094,112) (3,094,112) Ending Balance 3,537,473 88,704 9,011,138 12,637,315 22,715 22,715 19,566,900 632,925 (280,291) 19,919,534 10,500,244 10,500,244 9,246,814 1,066,068 (658,634) 9,654,248 42,009,818 3,036,991 45,046,809 81,346,491 4,735,984 (938,925) 85,143,550 16,287 11,847,970 4,544,355 5,483,811 16,963,881 38,856,304 4,538 725,174 227,393 786,681 1,507,430 3,251,216 20,825 (280,291) 12,292,853 4,771,748 (579,412) 5,691,080 18,471,311 (859,703) 41,247,817 42,490,187 1,484,768 (79,222) 43,895,733 $ 49,392,577 $ 10,313,805 $ (3,173,334) $ 56,533,048
De
p
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d
to
fu
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c
t
i
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n
s
/
p
r
o
g
r
a
m
s
o
f
the City as follows:
Go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
:
Ge
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b
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r
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p
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by
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Ci
t
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'
s
in
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ba
s
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d
on
th
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i
r
us
a
g
e
of the assets
To
t
a
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de
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c
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s
71,389 397,011 1,779,286 241,901 761,629 3,251,216
IV-32
CI
T
Y
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F
BR
O
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K
L
Y
N
CE
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R
,
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N
N
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S
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N
A
N
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I
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L
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De
c
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m
b
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r
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,
20
1
5
Bu
s
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s
s
-
t
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p
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t
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v
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t
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s
:
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no
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n
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de
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To
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no
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Ca
p
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l
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s
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s
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be
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p
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c
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d
:
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m
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La
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d
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c
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ex
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wa
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to
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c
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a
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1h
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Ci
t
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as
fo
l
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w
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s
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s
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t
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N
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N
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De
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e
m
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r
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,
20
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e
r
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pr
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in progress. The commitments related to remaining
co
n
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r
a
c
t
ba
l
a
n
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e
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ar
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su
m
m
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p
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r
a
m
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j
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t
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e
a
t
m
e
n
t
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a
n
t
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t
a
l
D.
IN
T
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R
F
U
N
D
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L
A
N
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S
AN
D
TR
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N
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F
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e
co
m
p
o
s
i
t
i
o
n
o
f
du
e
to
/
f
r
o
m
ot
h
e
r
fu
n
d
ba
l
a
n
c
e
s
at
De
c
e
m
b
e
r
31, 2015 are as follows:
Fu
n
d
Ma
j
(
)
f
Fu
n
d
S
:
Ge
n
e
r
a
l
Ca
p
i
t
a
l
Im
p
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o
v
e
m
e
n
t
s
Mu
n
i
c
i
p
a
l
St
a
t
e
Ai
d
fo
r
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n
s
t
r
u
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t
i
o
n
In
f
r
a
s
t
r
u
c
t
u
r
e
Co
n
s
t
r
u
c
t
i
o
n
Go
l
f
Co
u
r
s
e
To
t
a
l
Due from Due to Oilier Funds Oilier Funds 144,982 $ 706,834 851,816 655,248 51,586 144,982 851,816 Contract Amount 6,768,387 4,310,875 3,702,259 18,066,121 32,8'47,642' Remaining Commitment 478,149 209,131 91,500 247,439 1,026,219
ln
t
e
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f
u
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du
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to
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arrangements to cover deficit cash balances at 1he end
of
1
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ye
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r
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1
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e
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revenues and/or interfund transfers, collections of special
as
s
e
s
s
m
e
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e
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g
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o
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y
ow
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e
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s
,
an
d
re
c
e
i
p
t
of
M
u
n
i
c
i
p
a
l
State Aid funds.
In
d
i
v
i
d
u
a
l
fu
n
d
ad
v
a
n
c
e
s
to
an
d
ad
v
a
n
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e
s
fr
o
m
ot
h
e
r
fu
n
d
s
at December 31, 2015 are as follows: Advances to Advances From
Fu
n
d
Oilier Funds Oilier Funds
Ma
j
o
r
Fu
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
5
$ $ 2,463,683
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
792,488
Go
l
f
Co
u
r
s
e
792,488
No
n
m
a
j
o
r
F
u
n
d
s
:
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
2
2,463,683 3,256,171 $ 3,256,171
IV-33
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
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A
NO
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TO
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E
FI
N
A
N
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I
A
L
ST
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M
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De
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m
b
e
r
31
,
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ad
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No
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p
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20
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as
of
De
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r
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,
20
IS
ar
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as
fo
l
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o
w
s
:
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v
e
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n
m
e
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t
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l
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s
:
M.
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u
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:
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:
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20
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to
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Pr
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y
.
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OF
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N
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N
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De
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m
b
e
r
31
,
20
1
5
E.
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t
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p
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area to the Local Government Information Systems
As
s
o
c
i
a
t
i
o
n
(L
O
G
IS
)
as
a
ba
c
k
u
p
co
m
p
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t
e
r
fa
c
i
l
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t
y
.
Th
e
le
a
s
e
hna a term of five yesrs, commencing on August I, 2011 and
ca
l
l
s
fo
r
mo
n
t
h
l
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le
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s
e
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on
sq
U
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-
f
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t
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e
.
Lease revenue for the year ended December 31, 2015 was
$1
3
,
2
0
0
.
Fu
t
u
r
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mi
n
i
m
u
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le
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n
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e
s
un
d
e
r
th
e
cu
r
r
e
n
t
agreement is as follows: Year Ending 2016 Total Minimum Rents $ 7,700
Th
e
Ci
t
y
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s
s
e
s
sp
a
c
e
fo
r
it
s
mu
n
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p
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l
li
q
u
o
r
st
o
r
e
s
.
Th
e
le
a
s
e
s
are leu-year leases and began in 2010 and 2013. The leases
pr
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fo
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n
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pl
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s
a
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-
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t
a
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re
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r
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d
if
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e
d
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p
o
n
re
v
e
n
u
e
th
r
e
s
h
o
l
d
s
ar
e
at
t
a
i
n
e
d
.
These leases may be cancelled at the City's oprion if the City
ce
a
s
e
s
li
q
u
o
r
op
e
r
a
t
i
o
n
s
.
To
t
a
l
re
n
t
a
l
ex
p
e
n
s
e
un
d
e
r
th
e
le
s
a
e
agreements for the year ended December 31, 2015 was
$3
1
1
,
5
5
3
.
Fu
t
u
r
e
mi
n
i
m
u
m
ba
s
e
re
n
t
pa
y
m
e
n
t
s
un
d
e
r
th
e
cu
r
r
e
n
t
agreemcmts are as follows: Year Ending 2016 2017 2018 2019 2020 2021-2023 Total Minimum Rents $ 234,888 234,888 234,888 234,888 164,124 280,080 1,383,756
Th
e
Ci
t
y
is
th
e
le
s
s
o
r
in
an
op
e
r
a
t
i
n
g
l
e
a
s
e
fo
r
a
bu
i
l
d
i
n
g
be
i
n
g
used for a sit-down restaurant. The lease was originally signed
in
20
1
1
wi
t
h
a
te
n
ye
a
r
te
r
m
wi
t
h
an
op
r
i
o
n
to
ex
t
e
n
d
fo
r
an
additional five years. For the year ended 2015, the City received
$1
7
7
,
2
1
3
in
re
n
t
a
l
re
v
e
n
u
e
.
Fu
t
u
r
e
mi
n
i
m
u
m
ba
s
e
re
n
t
re
v
e
n
u
e
s
under the current agreement are as follows: Yesr Total Endins Minimum Rents 2016 $ 67,838 2017 84,378 2018 92,816 2019 102,942 2020 112,048 2021 96,190 $ 556,212
IV-34
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CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Al
l
lo
n
g
-
t
e
r
m
bo
n
d
e
d
in
d
e
b
t
e
d
n
e
s
s
ou
t
s
t
a
n
d
i
n
g
at
De
c
e
m
b
e
r
31, 2015 is backed by the full faith and credit of the City, including
im
p
r
o
v
e
m
e
n
t
an
d
ts
x
in
c
r
e
m
e
n
t
bo
n
d
is
s
u
e
s
.
Bo
n
d
s
in
th
e
governmental activities will be retired by future property tsx levies,
ts
x
in
c
r
e
m
e
n
t
s
or
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
ac
c
u
m
u
l
a
t
e
d
in
th
e
sp
e
c
i
f
i
c
debt services funds. In the event thet a deficiency exists
be
c
a
n
s
e
o
f
un
p
a
i
d
or
de
l
i
n
q
u
e
n
t
ts
x
e
s
or
sp
e
c
i
a
l
as
s
e
s
s
m
e
n
t
s
at the time a debt service payment is due, the City must provide
re
s
o
u
r
c
e
s
tc
co
v
e
r
th
e
de
f
i
c
i
e
n
c
y
un
t
i
l
ot
h
e
r
re
s
o
u
r
c
e
s
ar
e
av
a
i
l
a
b
l
e
.
At the end of the current year, there are $11,753,632 of
as
s
e
t
s
ac
c
u
m
u
l
a
t
e
d
in
th
e
de
b
t
se
r
v
i
c
e
fu
n
d
s
fo
r
fu
t
u
r
e
de
b
t
service. Included within those accumulated assets, there was
$6
,
7
8
2
,
0
8
1
he
l
d
by
a
fi
s
c
a
l
ag
e
n
t
an
d
th
e
r
e
wa
s
a
co
m
b
i
n
e
d
$2,923,530 of delinquent property tsxes and special assessments
re
c
e
i
v
a
b
l
e
.
An
n
u
a
l
de
b
t
se
r
v
i
c
e
re
q
u
i
r
e
m
e
n
t
s
tc
ma
t
u
r
i
t
y
fo
r
go
v
e
r
n
m
e
n
t
a
l
activities long-term debt are as follows:
BU
S
I
N
E
S
S
-
TY
P
E
AC
T
M
T
I
E
S
Ye
a
r
En
d
i
n
g
De
c
e
m
b
e
r
3
1
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
20
2
1
-
2
0
2
5
20
2
6
To
t
a
l
Governmental Activities G.O. Tax Increment Bonds G.O. lmprovema1t Bonds Principal Interest Principal Interest 8,505,000 $ 601,388 $ 885,000 $ 228,423 1,960,000 350,475 1,152,497 191,921 2,005,000 289,450 1,075,978 159,029 2,015,000 227,713 1,022,497 128,522 2,065,000 166,513 870,757 102,464 4,335,000 139,106 3,225,943 213,923 358,576 4,482 $ 20,885,000 $ 1,774,645 $ 8,591,2<1l!_$ 1,028,764
Th
e
Ci
t
y
is
s
u
e
d
ge
n
e
r
a
l
ob
l
i
g
a
t
i
o
n
re
v
e
n
u
e
bo
n
d
s
to
fi
n
a
n
c
e
the metering of all City connected water and sewer utility services
in
20
1
0
wh
i
c
h
we
r
e
re
f
u
n
d
e
d
in
20
1
5
.
Th
e
Ci
t
y
al
s
o
is
s
u
e
d
general obligatim revenue bonds in 2015 for utility portims of
in
f
r
a
s
t
r
n
c
t
u
r
e
im
p
r
o
v
e
m
e
n
t
pr
o
j
e
c
t
s
an
d
a
Re
v
e
n
u
e
No
t
e
fi
n
a
n
c
e
d
by the MN Public Facilities Authority Drinking Water State
Re
v
o
l
v
i
n
g
Fu
n
d
fo
r
th
e
co
n
s
t
r
u
c
t
i
o
n
o
f
a
ne
w
wa
t
e
r
tr
e
a
t
m
e
n
t
plant authorized in the amount of $19,662,352. As of December
31
,
20
1
5
,
on
l
y
$1
7
,
5
6
0
,
5
1
0
o
f
th
e
Re
v
e
n
u
e
No
t
e
ha
s
be
e
n
dr
a
w
n
down. These bonds are reported in the business-type
ac
t
i
v
i
t
i
e
s
o
f
th
e
Ci
t
y
.
Final
In
t
e
r
e
s
t
Maturity Original Payable
Ra
t
e
s
Date Date Issue 12/31/2015
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Ta
x
a
b
l
e
Ut
i
l
i
t
y
Re
v
e
n
u
e
Bo
n
d
s
:
Re
v
e
n
u
e
Bo
n
d
s
o
f
20
1
5
A
2.
0
0
-
2.
5
0
'
4
>
07/09/2015 02/01/2026 $ 1,823,752 $ 1,823,752
Re
v
e
n
u
e
Re
f
u
n
d
i
n
g
Bo
n
d
s
of
20
1
5
A
2.
0
0
-
2.
5
0
'
/
o
07/09/2015 02/01/2026 1,660,000 1,660000
To
t
a
l
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Ta
x
a
b
l
e
Ut
i
l
i
t
y
Re
v
e
n
u
e
Bo
n
d
s
3,483,752 3,483,752
Ge
n
e
r
a
l
Ob
l
i
g
a
t
i
o
n
Ta
x
a
b
l
e
Ut
i
l
i
t
y
Re
v
e
n
u
e
No
t
e
s
:
PF
A
Re
v
e
n
u
e
No
t
e
of
2
0
1
5
1.
0
0
'
4
>
01/20/2015 08/20/2034 17,560,510 17,545,158
T
ot
a
1
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
_j;_ 21,044,262 $ 21,028,910
IV-35
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
f
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o
r
e
wi
l
l
no
t
be
re
m
o
v
e
d
as
a
li
a
b
i
l
i
t
y
until then. As a result of the refunding, the City will achieve an
ec
o
n
o
m
i
c
ga
i
n
of
$4
2
4
,
0
5
9
(t
h
e
pr
e
s
e
n
t
va
l
u
e
o
f
th
e
di
f
f
e
r
e
n
c
e
between the old and the new debt service).
CO
N
P
U
I
T
DE
B
T
OB
L
I
Q
A
T
I
O
N
S
Fr
o
m
ti
m
e
tc
ti
m
e
,
th
e
Ci
t
y
ha
s
is
s
u
e
d
Ho
u
s
i
n
g
Re
v
e
n
u
e
Bo
n
d
s
and Industrial Revenue Bonds or Notes to provide assistance
to
qu
a
l
i
f
i
e
d
pr
i
v
a
t
e
se
c
t
o
r
en
t
i
t
i
e
s
fo
r
th
e
ac
q
u
i
s
i
t
i
o
n
an
d
cm
s
t
r
u
c
t
i
o
n
of housing, industrial, or commercial facilities deemed to
be
in
th
e
pu
b
l
i
c
in
t
e
r
e
s
t
.
Th
e
bo
n
d
s
or
no
t
e
s
ar
e
se
c
u
r
e
d
by
the property financed and are payable solely from payments
re
c
e
i
v
e
d
on
th
e
un
d
e
r
l
y
i
n
g
mo
r
t
g
a
g
e
lo
a
n
s
.
Th
e
Ci
t
y
ha
s
no
obligation of its assets or of its general tax base for the repayment
o
f
an
y
o
f
th
e
s
e
bo
n
d
s
or
no
t
e
s
.
Ac
c
o
r
d
i
n
g
l
y
,
th
e
bo
n
d
s
or
no
t
e
s
are not reported as liabilities in the accompanying financial
st
a
t
e
m
e
n
t
s
.
Up
o
n
fi
n
a
l
re
d
e
m
p
t
i
o
n
o
f
th
e
bo
n
d
s
or
no
t
e
s
,
ow
n
e
r
s
h
i
p
of the property transfers tc the private sectcr entity
se
r
v
e
d
by
th
e
bo
n
d
or
no
t
e
is
s
u
e
.
As
o
f
De
c
e
m
b
e
r
31
,
20
1
5
th
e
r
e
we
r
e
tw
o
se
r
i
e
s
o
f
fi
x
e
d
ra
t
e
Multifamily Housing Revenue Refunding bonds, one Housing
Re
v
e
n
u
e
De
v
e
l
o
p
m
e
n
t
Re
f
i
n
a
n
c
i
n
g
No
t
e
,
tw
o
He
a
l
t
h
c
a
r
e
Re
v
e
n
u
e
Notes, four Senior Housing Developmmt Revenue Notes,
an
d
tw
o
Ch
a
r
t
e
r
Sc
h
o
o
l
Le
a
s
e
Re
v
e
n
u
e
bo
n
d
s
ou
t
s
t
a
n
d
i
n
g
.
The aggregate amount of conduit debt as ofDecember 31, 2015 is
$2
1
,
3
6
5
,
9
0
8
.
G.
FU
N
D
EQ
U
I
T
Y
Ne
t
po
s
i
t
i
o
n
re
p
o
r
t
e
d
in
th
e
go
v
e
r
n
m
e
n
t
-
w
i
d
e
st
a
t
e
m
e
n
t
o
f
ne
t
position at December 31, 2015 include the following:
Go
v
e
n
m
o
.
t
a
l
ac
t
i
v
i
t
i
e
s
Ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
:
Co
s
t
o
f
ca
p
i
t
a
l
as
s
e
t
s
Le
s
s
:
ac
c
u
m
u
l
a
t
e
d
de
p
r
e
c
i
a
t
i
o
n
Le
s
s
:
re
l
a
t
e
d
lo
n
g
-
t
e
r
m
de
b
t
ou
t
s
t
a
n
d
i
n
g
To
t
a
l
ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
assets
Re
s
t
r
i
c
t
e
d
:
St
a
t
c
t
o
r
y
ho
u
s
i
n
g
ob
l
i
g
a
t
i
o
n
s
Ta
x
in
c
r
e
m
e
n
t
fi
n
a
n
c
i
n
g
Ec
o
n
o
m
i
c
de
v
e
l
o
p
m
e
n
t
La
w
en
f
o
r
c
e
m
e
n
t
en
h
a
n
c
e
m
e
n
t
s
De
b
t
se
r
v
i
c
e
Pe
n
s
i
o
n
be
n
e
f
i
t
s
St
a
t
e
-
A
i
d
st
r
e
e
t
sy
s
t
e
m
s
To
t
a
l
re
s
t
r
i
c
t
e
d
Un
r
e
s
t
r
i
c
t
e
d
To
t
a
l
go
v
e
r
n
m
m
t
a
l
ac
t
i
v
i
t
i
e
s
ne
t
po
s
i
t
i
o
n
$ 97.780,865 (41,247,817) (8,591,248) 47,941,800 556,470 19,328,012 1,522,267 83,686 11,218,383 1,178,922 2,922,853 36,8f0,593 (5,495,836) $ 79,256,557
Re
l
a
t
e
d
de
b
t
fo
r
go
v
e
r
n
m
e
n
t
a
l
ac
t
i
v
i
t
i
e
s
ca
p
i
t
a
l
as
s
e
t
s
in
c
l
u
d
e
s
$8,591,248 in G.O. Improvement Bonds which was the amount
is
s
u
e
d
to
fi
n
a
n
c
e
th
e
st
r
e
e
t
po
r
t
i
o
n
o
f
co
n
s
t
r
u
c
t
i
o
n
pr
o
j
e
c
t
s
.
IV-36
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
Ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
:
Co
s
t
of
ca
p
i
t
a
l
as
s
e
t
s
Le
s
s
:
ac
c
u
m
u
l
a
t
e
d
de
p
r
e
c
i
a
t
i
o
n
Le
s
s
:
re
l
a
t
e
d
lo
n
g
-
t
e
r
m
de
b
t
ou
t
s
t
a
n
d
i
n
g
To
t
a
l
ne
t
in
v
e
s
t
m
e
n
t
in
ca
p
i
t
a
l
as
s
e
t
s
Un
r
e
s
t
r
i
c
t
e
d
To
t
a
l
bu
s
i
n
e
s
s
-
t
y
p
e
ac
t
i
v
i
t
i
e
s
ne
t
po
s
i
t
i
o
n
$
12
1
,
8
9
2
,
0
4
7
(5
5
,
3
2
1
,
8
9
8
)
(1
9
,
3
6
8
,
9
1
0
)
47
,
2
0
1
,
2
3
9
8,
4
5
2
,
6
3
0
$
55
,
6
5
3
,
8
6
9
Ag
g
r
e
g
a
t
e
d
fu
n
d
s
ba
l
a
n
c
e
s
re
p
o
r
t
e
d
in
th
e
go
v
e
r
n
m
e
n
t
a
l
fu
n
d
s
ba
l
a
n
c
e
sh
e
e
t
at
De
c
e
m
b
e
r
31
,
20
1
5
in
c
l
u
d
e
th
e
fo
l
l
o
w
i
n
g
:
Go
v
e
n
m
e
u
t
a
l
fu
n
d
s
No
n
s
~
d
a
b
l
e
Re
s
t
r
i
c
t
e
d
Co
m
m
i
t
t
e
d
Aa
s
i
i
!
!
!
e
d
Ge
n
e
r
a
l
In
v
e
n
t
o
r
i
e
s
$
44
,
0
4
4
Pr
e
p
a
i
d
It
e
m
s
34
,
8
1
5
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
80
4
,
8
1
5
Ta
x
In
c
r
e
m
e
n
t
Di
s
t
r
i
c
t
No
.
3
St
a
t
u
t
m
y
Ho
u
s
i
n
g
Ob
l
i
g
a
t
i
o
n
55
6
,
4
7
0
Ta
x
In
c
r
e
m
e
n
t
Fi
n
a
n
c
i
n
g
16
,
6
4
0
,
2
8
9
De
b
t
Se
r
v
i
c
e
De
b
t
Se
r
v
i
c
e
8,
7
4
7
,
9
1
4
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
4,
4
0
8
,
8
7
9
Mu
n
i
c
i
p
a
l
St
a
t
<
>
-
A
i
d
fo
r
Co
n
s
t
r
u
c
t
i
o
n
St
a
t
<
>
-
Ai
d
St
r
e
e
t
Sy
s
t
e
m
s
22
3
,
5
3
1
No
n
m
a
j
o
r
Fu
n
d
s
Ta
x
In
c
r
e
m
e
n
t
Fi
n
a
n
c
i
n
g
2,
5
9
7
,
9
1
7
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
1,
5
0
0
1,
5
1
5
,
6
0
4
La
w
En
f
o
r
c
e
m
e
n
t
En
h
a
n
c
e
m
e
n
t
s
83
,
6
8
6
Pu
b
l
i
c
Sa
f
e
t
y
86
,
8
9
1
Ca
b
l
e
Co
m
m
u
n
i
c
a
t
i
o
n
s
28
1
,
8
2
1
Co
m
m
u
n
i
t
y
Re
c
r
e
a
t
i
o
n
55
,
5
0
1
Em
e
r
g
e
n
c
y
Ca
p
i
t
a
l
Im
p
r
o
v
e
m
e
n
t
s
1,
0
7
4
,
6
2
2
St
r
e
e
t
Im
p
r
o
v
e
m
e
n
t
s
3,
1
8
3
,
7
5
4
Te
c
h
n
o
l
o
g
y
Im
p
r
o
v
e
m
e
n
t
s
21
4
,
7
5
6
To
t
a
l
fu
n
d
ba
l
a
n
c
e
s
$
80
,
3
5
9
$
30
,
3
6
5
,
4
1
1
$
9,
3
0
6
,
2
2
4
$
80
4
,
8
1
5
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
No
t
e
4
DE
F
I
N
E
D
BE
N
E
F
1
T
PE
N
S
I
O
N
PL
A
N
-
CI
T
Y
EM
P
L
O
Y
E
E
S
A.
PL
A
N
DE
S
C
R
I
P
I
I
O
N
Th
e
Ci
t
y
pa
r
t
i
c
i
p
a
t
e
s
in
th
e
fo
l
l
o
w
i
n
g
co
s
t
-
s
h
a
r
i
n
g
mu
l
t
i
p
l
<
>
-
e
m
p
l
o
y
e
r
defined btmefit ptmsion plans administered by the Public
Em
p
l
o
y
e
e
s
Re
t
i
r
e
m
e
n
t
As
s
o
c
i
a
t
i
o
n
of
M
i
n
n
e
s
c
t
a
(P
E
R
A
)
.
PERA's defined benefit ptmsion plans are established and
ad
m
i
n
i
s
t
e
r
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
Ch
a
p
t
e
r
s
353 and 356. PERA's defined benefit ptmsion plans are tax
qu
a
l
i
f
i
e
d
pl
a
n
s
un
d
e
r
Se
c
t
i
o
n
40
l
(
a
)
o
f
th
e
In
t
e
r
n
a
l
Re
v
e
n
u
e
Code.
1.
GE
N
E
R
A
L
EM
P
L
O
Y
E
E
S
RE
T
I
R
E
M
E
N
T
Fl
J
N
D
(GERF)
Al
l
fu
l
l
-
t
i
m
e
an
d
ce
r
t
a
i
n
pa
r
t
-
t
i
m
e
em
p
l
o
y
e
e
s
o
f
th
e
Ci
t
y
are covered by the GERF. GERF members belong to either the
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
or
th
e
Ba
s
i
c
Pl
a
n
.
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
are covered by Social Security and Basic Plan members
ar
e
no
t
.
Th
e
Ba
s
i
c
Pl
a
n
wa
s
cl
o
s
e
d
to
ne
w
me
m
b
e
r
s
in
1967. All new members must participate in the Coordinated Plan.
2.
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
PO
L
I
C
E
AN
D
FI
R
E
FU
N
D
(PEPFF)
Th
e
PE
P
F
F
,
or
i
g
i
n
a
l
l
y
es
t
a
b
l
i
s
h
e
d
fo
r
po
l
i
c
e
of
f
i
c
e
r
s
an
d
firefighters not covered by a local relief association, now covers
al
l
po
l
i
c
e
of
f
i
c
e
r
s
an
d
fi
r
e
f
i
g
h
t
e
r
s
hi
r
e
d
si
n
c
e
19
8
0
.
Ef
f
e
c
t
i
v
e
July I, 1999, the PEPFF also covers police officers and
fi
r
e
f
i
g
h
t
e
r
s
be
l
o
n
g
i
n
g
to
a
lo
c
a
l
fi
r
e
re
l
i
e
f
as
s
o
c
i
a
t
i
o
n
th
a
t
elected to merge with and 1ransfer assets and adminis1ration to
PE
R
A
.
B.
BE
N
E
F
1
T
S
PR
O
V
I
D
E
D
PE
R
A
pr
o
v
i
d
e
s
re
t
i
r
e
m
e
n
t
,
di
s
a
b
i
l
i
t
y
,
an
d
de
a
t
h
be
n
e
f
i
t
s
.
Benefit provisions are established by state statute and can only
be
mo
d
i
f
i
e
d
by
th
e
st
a
t
e
le
g
i
s
l
a
t
u
r
e
.
Be
n
e
f
i
t
in
c
r
e
a
s
e
s
ar
e
pr
o
v
i
d
e
d
to
be
n
e
f
i
t
re
c
i
p
i
e
n
t
s
es
c
h
Ja
n
u
a
r
y
.
Increases are related to the funding ratio of the plan.
Me
m
b
e
r
s
in
pl
a
n
s
th
a
t
ar
e
at
le
a
s
t
90
pe
r
c
e
n
t
fu
n
d
e
d
fu
r
tw
o
consecutive years are given 2.5 percent increases. Members in
pl
a
n
s
th
a
t
ha
v
e
no
t
ex
c
e
e
d
e
d
90
pe
r
c
e
n
t
fu
n
d
e
d
,
or
ha
v
e
fu
l
l
e
n
below 80 percent, are given I percent increases.
Th
e
be
n
e
f
i
t
pr
o
v
i
s
i
o
n
s
st
a
t
e
d
in
th
e
fo
l
l
o
w
i
n
g
pa
r
a
g
r
a
p
h
s
o
f
this section are current provisions and apply tu active plan
pa
r
t
i
c
i
p
a
n
t
s
.
Ve
s
t
e
d
,
te
r
m
i
n
a
t
e
d
em
p
l
o
y
e
e
s
wh
o
ar
e
en
t
i
t
l
e
d
to benefits but are not receiving them yet are bound by the
pr
o
v
i
s
i
o
n
s
in
ef
f
e
c
t
at
th
e
ti
m
e
th
e
y
la
s
t
te
r
m
i
n
a
t
e
d
th
e
i
r
pu
b
l
i
c
service.
1.
GE
R
F
BE
N
E
F
1
T
S
Be
n
e
f
i
t
s
ar
e
ba
s
e
d
on
a
me
m
b
e
r
'
s
h
i
g
h
e
s
t
av
e
r
a
g
e
sa
l
a
r
y
for any five successive years of allowable service, age, and
ye
a
r
s
of
cr
e
d
i
t
at
te
r
m
i
n
a
t
i
o
n
or
se
r
v
i
c
e
.
Tw
o
me
t
h
o
d
s
ar
e
used to compute benefits for PERA's Coordinated and Basic
Pl
a
n
me
m
b
e
r
s
.
Th
e
re
t
i
r
i
n
g
me
m
b
e
r
re
c
e
i
v
e
s
th
e
hi
g
h
e
r
of a step-rate benefit accrual formula (Method I) or level accrual
fo
r
m
u
l
a
(M
e
t
h
o
d
2)
.
Un
d
e
r
Me
t
h
o
d
1,
th
e
an
n
u
i
t
y
ac
c
r
u
a
l
rate far a Basic Plan member is 2.2 percent of average salary
fo
r
ea
c
h
o
f
th
e
fi
r
s
t
te
n
ye
a
r
s
o
f
se
r
v
i
c
e
,
an
d
2.
7
pe
r
c
~
m
t
fur esch remaining yesr. The annuity accrual rate for a
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
is
1.
2
pe
n
:
e
n
t
o
f
av
e
r
a
g
e
sa
l
a
r
y
for esch of the first ten years and I. 7 percent for each
re
m
a
i
n
i
n
g
ye
a
r
.
Un
d
e
r
Me
t
h
o
d
2,
th
e
an
n
u
i
t
y
ac
c
r
u
a
l
ra
t
e
is 2. 7 percent of average salary for Basic Plan members and I. 7
pe
r
c
e
n
t
fo
r
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
fo
r
es
c
h
ye
a
r
o
f
service. For members hired prior to July I, 1989, a full annuity is
av
a
i
l
a
b
l
e
wh
e
n
ag
e
pl
u
s
ye
a
r
s
o
f
se
r
v
i
c
e
eq
u
a
l
9
0
an
d
no
r
m
a
l
retirement age is 65. For members hired on or after July I,
19
8
9
,
no
r
m
a
l
re
t
i
r
e
m
e
n
t
ag
e
is
th
e
ag
e
fo
r
un
r
e
d
u
c
e
d
So
c
i
a
l
Security benefits capped at 66. Disability benefits are available
fo
r
ve
s
t
e
d
me
m
b
e
r
s
an
d
ar
e
ba
s
e
d
up
c
n
ye
a
r
s
o
f
se
r
v
i
c
e
and average high-five salary.
IV-37
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
2.
PE
P
F
F
BE
N
E
F
I
T
S
Be
n
e
f
i
t
s
fo
r
th
e
PE
P
F
F
me
m
b
e
r
s
fu
s
t
h
i
r
e
d
af
t
e
r
Ju
n
e
30
,
2
0
1
0
,
bu
t
h
e
f
o
r
e
J
u
l
y
I,
20
1
4
,
ve
s
t
on
a
pr
o
r
a
t
e
d
ba
s
i
s
fr
o
m
50
pe
r
c
e
n
t
af
t
e
r
fi
v
e
ye
a
r
s
up
to
10
0
pe
r
c
e
n
t
af
t
e
r
te
n
ye
a
r
s
o
f
cr
e
d
i
t
e
d
se
r
v
i
c
e
.
Be
n
e
f
i
t
s
fo
r
PE
P
F
F
me
m
b
e
r
s
fu
s
t
hi
r
e
d
af
t
e
r
Ju
n
e
30
,
20
1
4
,
ve
s
t
on
a
pr
o
r
a
t
e
d
ba
s
i
s
fr
o
m
50
pe
r
c
e
n
t
af
t
e
r
te
n
ye
a
r
s
o
f
se
r
v
i
c
e
up
to
10
0
pe
r
c
e
n
t
af
t
e
r
tw
e
n
t
y
ye
a
r
s
o
f
cr
e
d
i
t
e
d
se
r
v
i
c
e
.
Th
e
an
n
u
i
t
y
ac
c
r
u
a
l
mt
e
is
3
pe
r
c
e
n
t
o
f
av
e
r
a
g
e
sa
l
a
r
y
fo
r
ea
c
h
ye
a
r
o
f
se
r
v
i
c
e
.
Fo
r
PE
P
F
F
wh
o
we
r
e
fi
r
s
t
hi
r
e
d
pr
i
o
r
to
Ju
l
y
I,
19
8
9
,
a
fu
l
l
an
n
u
i
t
y
is
av
a
i
l
a
b
l
e
wh
e
n
ag
e
pl
u
s
ye
a
r
s
o
f
se
r
v
i
c
e
eq
u
a
l
at
le
a
s
t
90
.
C.
CO
N
T
R
I
B
U
T
I
O
N
S
Mi
n
n
e
s
o
t
s
St
a
t
u
t
e
s
Ch
a
p
t
e
r
35
3
se
t
s
th
e
mt
e
s
fo
r
em
p
l
o
y
e
r
an
d
em
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
.
Co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
ca
n
on
l
y
be
mo
d
i
f
i
e
d
by
th
e
st
a
t
e
le
g
i
s
l
a
t
u
r
e
.
1.
GE
R
F
CO
N
T
R
I
B
U
T
I
O
N
S
Ba
s
i
c
Pl
a
n
me
m
b
e
r
s
an
d
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
we
r
e
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
9.
1
pe
r
c
e
n
t
an
d
6.
5
pe
r
c
e
n
t
,
re
s
p
e
c
t
i
v
e
l
y
,
of
t
h
e
i
r
an
n
u
a
l
co
v
e
r
e
d
sa
l
a
r
y
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
wa
s
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
11
.
7
8
pe
r
c
e
n
t
of
pa
y
fo
r
Ba
s
i
c
Pl
a
n
me
m
b
e
r
s
an
d
7.
5
pe
r
c
e
n
t
fo
r
Co
o
r
d
i
n
a
t
e
d
Pl
a
n
me
m
b
e
r
s
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
GE
R
F
fo
r
ye
a
r
s
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
,
2
0
1
4
an
d
20
1
3
we
r
e
$5
6
4
,
1
6
8
,
$
5
3
1
,
3
8
5
,
an
d
$5
2
1
,
5
1
2
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
we
r
e
eq
u
a
l
to
th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
s
as
se
t
by
st
a
t
e
st
a
t
u
t
e
.
2.
PE
P
F
F
CO
N
T
R
I
B
U
T
I
O
N
S
Pl
a
n
me
m
b
e
r
s
we
r
e
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
10
.
8
pe
r
c
e
n
t
o
f
th
e
i
r
an
n
u
a
l
co
v
e
r
e
d
sa
l
a
r
y
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
wa
s
re
q
u
i
r
e
d
to
co
n
t
r
i
b
u
t
e
16
.
2
pe
r
c
e
n
t
o
f
pa
y
fo
r
PE
P
F
F
me
m
b
e
r
s
in
ca
l
e
n
d
a
r
ye
a
r
20
1
5
.
Th
e
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
PE
P
F
F
fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
,
2
0
1
4
an
d
20
1
3
we
r
e
$6
8
7
,
9
3
5
,
$6
0
0
,
4
0
2
,
an
d
$5
6
0
,
0
5
3
re
s
p
e
c
t
i
v
e
l
y
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
we
r
e
eq
u
a
l
to
th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
s
as
se
t
by
st
a
t
e
st
a
t
u
t
e
.
D.
PE
N
S
I
O
N
CO
S
T
S
1.
GE
R
F
PE
N
S
I
O
N
CO
S
T
S
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
a
li
a
b
i
l
i
t
y
o
f
$6
,
4
4
1
,
8
7
2
fo
r
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
GE
R
F
'
s
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
5
,
an
d
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
us
e
d
to
ca
l
c
u
l
a
t
e
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
de
t
e
r
m
i
n
e
d
by
an
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
as
o
f
th
a
t
da
t
e
.
Th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
o
f
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
ba
s
e
d
on
th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
r
e
c
e
i
v
e
d
by
PE
R
A
du
r
i
n
g
th
e
me
a
s
u
r
e
m
e
n
t
pe
r
i
o
d
fo
r
em
p
l
o
y
e
r
pa
y
r
o
l
l
pa
i
d
da
t
e
s
fr
o
m
Ju
l
y
I,
20
1
4
th
r
o
u
g
h
Ju
n
e
30
,
2
0
1
5
,
re
l
a
t
i
v
e
to
th
e
to
t
a
l
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
re
c
e
i
v
e
d
fr
o
m
al
l
of
P
E
R
A
'
s
pa
r
t
i
c
i
p
a
t
i
n
g
em
p
l
o
y
e
r
s
.
At
Ju
n
e
30
,
20
1
5
,
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
wa
s
0.
1
2
4
3
pe
r
c
e
n
t
wh
i
c
h
wa
s
a
de
c
r
e
a
s
e
of
0
.
0
1
4
6
pe
r
c
e
n
t
fr
o
m
it
s
pr
o
p
o
r
t
i
o
n
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
4
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
c
o
g
n
i
z
e
d
pe
n
s
i
o
n
ex
p
e
n
s
e
of
$
6
8
5
,
0
6
0
fo
r
it
s
pr
o
p
o
r
t
i
o
n
n
t
e
sh
a
r
e
of
th
e
OE
R
F
'
s
pe
n
s
i
o
n
ex
p
e
n
s
e
.
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
At
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
share of the GERF's de:ferred outflows of resources and
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
fr
o
m
th
e
following sources:
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
ex
p
e
c
t
e
d
an
d
ac
t
u
a
l
ec
o
n
o
m
i
c
ex
p
e
r
i
e
n
c
e
Ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
pr
o
j
e
c
t
e
d
an
d
ac
t
u
a
l
in
v
e
s
t
m
e
n
t
es
m
i
n
g
s
Ch
a
n
g
e
s
in
pr
o
p
o
r
t
i
o
n
GE
R
F
co
n
t
r
i
b
u
t
i
o
n
s
pa
i
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
date
To
t
a
l
s
Deferred Outflows of Resources $ 609,822 289,088 898,910 Deferred Inflows of Resources $ 324,780 514,376 $ 839,156
$2
8
9
,
0
8
8
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to pensions resulting from City conttibutions subsequent to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
n
i
z
e
d
as
a
re
d
u
c
t
i
o
n
of the net pension liability in the yesr ended December 31, 2016.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
an
d
de
f
e
r
r
e
d
inflows of resources related to pensions will be recognized
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
2.
PE
P
F
F
PE
N
S
I
O
N
CO
S
T
S
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31,
20
1
6
20
1
7
20
1
8
20
1
9
To
t
a
l
Pension Expense Amount (127,263) (127,263) (127,263) 152,455 (229,334)
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
a
li
a
b
i
l
i
t
y
of
$
5
,
0
6
7
,
6
0
4
for its proportionate share of the PEPFF's net pension
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30, 2015, and the total pension liability used to calculate the net
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
wa
s
de
t
e
r
m
i
n
e
d
by
an
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
as of that date. The City's proportion of the net pension liability
wa
s
ba
s
e
d
on
th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
re
c
e
i
v
e
d
by
PE
R
A
during the measurement period for employer payroll paid dates
fr
o
m
Ju
l
y
I,
20
1
4
th
r
o
u
g
h
Ju
n
e
30
,
20
1
5
,
re
l
a
t
i
v
e
to
th
e
total employer contributions received from all ofPERA's
pa
r
t
i
c
i
p
a
t
i
n
g
em
p
l
o
y
e
r
s
.
At
Ju
n
e
30
,
2
0
1
5
,
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
was 0.446 percent which was an increase of0.008
pe
r
c
e
n
t
fr
o
m
it
s
pr
o
p
o
r
t
i
o
n
me
a
s
u
r
e
d
as
o
f
Ju
n
e
30
,
20
1
4
.
Fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
c
o
g
n
i
z
e
d
pension expense of$887,890 for its proportionate share of
th
e
PE
P
F
F
'
s
pe
n
s
i
o
n
ex
p
e
n
s
e
.
Th
e
Ci
t
y
al
s
o
re
c
o
g
n
i
z
e
d
$40,140 for the year ended December 31, 2015, as pension
ex
p
e
n
s
e
(a
n
d
gr
a
n
t
re
v
e
n
u
e
)
fo
r
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
of the State of Minnesota's on-behalf contributions to the PEPFF.
Le
g
i
s
l
a
t
i
o
n
pa
s
s
e
d
in
20
1
3
re
q
u
i
r
e
d
th
e
St
a
t
e
of
M
i
n
n
e
s
o
t
s
to begin contributing $9 million to the PEPFF each year,
st
a
r
t
i
n
g
in
fi
s
c
a
l
ye
a
r
20
1
4
.
IV-38
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
it
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
PE
P
F
F
'
s
de
f
e
r
r
e
d
ou
t
f
i
o
w
s
of
re
s
o
u
r
c
e
s
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
fr
o
m
th
e
fo
l
l
o
w
i
n
g
so
u
r
c
e
s
:
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
ex
p
e
c
t
e
d
an
d
ac
t
u
a
l
ec
o
n
o
m
i
c
ex
p
e
r
i
e
n
c
e
Ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
pr
o
j
e
c
t
e
d
an
d
ac
t
u
a
l
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
Ch
a
n
g
e
s
in
pr
o
p
o
r
t
i
o
n
PE
P
F
F
co
n
t
r
i
b
u
t
i
o
n
s
pa
i
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
To
t
a
l
s
De
f
e
r
r
e
d
Ou
t
f
l
o
w
s
of
Re
a
o
u
r
c
e
s
88
2
,
9
4
5
72
,
0
0
3
35
3
,
2
6
3
$
1,
3
0
8
,
2
1
1
De
f
e
r
r
e
d
In
f
l
o
w
s
o
f
Re
s
o
u
r
c
e
s
82
1
,
7
9
9
$
82
1
,
7
9
9
$3
5
3
,
2
6
3
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
re
s
u
l
t
i
n
g
fr
o
m
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
u
i
z
e
d
as
a
re
d
u
c
t
i
o
n
o
f
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
i
o
w
s
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
wi
l
l
be
re
c
o
g
u
i
z
e
d
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
E.
AC
T
U
A
R
I
A
L
AS
S
U
M
P
T
I
O
N
S
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
20
1
7
20
1
8
20
1
9
20
2
0
To
t
a
l
Pe
n
s
i
o
n
EJ
q
~
e
n
s
e
Am
o
u
n
t
70
,
7
7
7
70
,
7
7
7
70
,
7
7
7
70
,
7
7
7
(1
4
9
,
9
5
9
)
13
3
,
1
4
9
Th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
Ju
n
e
30
,
20
1
5
,
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
wa
s
de
t
e
r
m
i
n
e
d
us
i
n
g
th
e
fo
l
l
o
w
i
n
g
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
:
In
f
l
a
t
i
o
n
Ac
t
i
v
e
Me
m
b
e
r
Pa
y
r
o
l
l
Gr
o
w
t
h
In
v
e
s
t
m
e
n
t
Ra
t
e
o
f
Re
t
u
r
n
2.
7
5
%
p
e
r
y
e
s
r
3.
5
0
'
/
o
pe
r
ye
s
r
7.
9
0
'
/
o
Sa
l
a
r
y
in
c
r
e
a
s
e
s
we
r
e
ba
s
e
d
on
a
se
r
v
i
c
e
-
r
e
l
a
t
e
d
ta
b
l
e
.
Mo
r
t
a
l
i
t
y
ra
t
e
s
fo
r
ac
t
i
v
e
me
m
b
e
r
s
,
re
t
i
r
e
e
s
,
su
r
v
i
v
o
r
s
an
d
di
s
a
b
i
l
i
t
a
n
t
s
we
r
e
ba
s
e
d
on
th
e
RP
-
2
0
0
0
ta
b
l
e
s
fo
r
ma
l
e
s
or
fe
m
a
l
e
s
,
as
ap
p
r
o
p
r
i
a
t
e
,
wi
t
h
sl
i
g
h
t
ad
j
u
s
t
m
e
n
t
s
.
Co
s
t
of
l
i
v
i
n
g
be
n
e
f
i
t
in
c
r
e
a
s
e
s
fo
r
re
t
i
r
e
e
s
ar
e
as
s
u
m
e
d
to
be
:
1
pe
r
c
e
n
t
ef
f
e
c
t
i
v
e
Ja
n
u
a
r
y
1s
t
un
t
i
l
2
0
3
4
,
th
e
n
2.
5
pe
r
c
e
n
t
th
e
r
e
s
f
l
e
r
.
Ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
us
e
d
in
th
e
Ju
n
e
30
,
20
1
5
,
va
l
u
a
t
i
o
n
we
r
e
ba
s
e
d
on
th
e
re
s
u
l
t
s
of
ac
t
u
a
r
i
a
l
el
q
l
e
r
i
e
n
c
e
st
u
d
i
e
s
.
Th
e
el
q
l
e
r
i
e
n
c
e
st
u
d
y
in
th
e
GE
R
F
wa
s
fo
r
th
e
pe
r
i
o
d
Ju
l
y
1,
20
0
4
,
th
r
o
u
g
h
Ju
n
e
30
,
20
0
8
,
wi
t
h
an
up
d
a
t
e
o
f
ec
o
n
o
m
i
c
as
s
u
m
p
t
i
o
n
s
in
20
1
4
.
Th
e
el
q
l
e
r
i
e
n
c
e
st
u
d
y
fo
r
PE
P
F
F
wa
s
fo
r
th
e
pe
r
i
o
d
Ju
l
y
1,
20
0
4
,
th
r
o
u
g
h
Ju
n
e
30
,
2
0
0
9
.
Th
e
r
e
we
r
e
no
ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
in
20
1
5
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
Ti
l
E
FI
N
A
N
C
i
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
lo
n
g
-
t
e
r
m
ex
p
e
c
t
e
d
ra
t
e
o
f
re
t
u
r
n
on
pe
n
s
i
o
n
pl
a
n
in
v
e
s
t
m
e
n
t
s
is 7.9 percent. The State Board of Investment, which
ma
n
a
g
e
s
th
e
in
v
e
s
t
m
e
n
t
s
of
P
E
R
A
,
pr
e
p
a
r
e
s
an
an
a
l
y
s
i
s
of
the reasonableness of the long-term expected rate of return on a
re
g
u
l
a
r
ba
s
i
s
us
i
n
g
a
bu
i
l
d
i
n
g
-
b
l
o
c
k
me
t
h
o
d
in
wh
i
c
h
be
s
t
-
e
s
t
i
m
a
t
e
ranges of expected future rates of return are developed for
ea
c
h
m~
o
r
as
s
e
t
cl
a
s
s
.
Th
e
s
e
ra
n
g
e
s
ar
e
co
m
b
i
n
e
d
to
pr
o
d
u
c
e
an eJq~ected long-term rate of return by weighting the
ex
p
e
c
t
e
d
fu
t
u
r
e
ra
t
e
s
o
f
re
t
u
r
n
by
th
e
ta
r
g
e
t
as
s
e
t
al
l
o
c
a
t
i
o
n
percentages. The target allocation and best estimates of
ar
i
t
h
m
e
t
i
c
re
a
l
mt
e
s
o
f
re
t
u
r
n
.
fo
r
ea
c
h
ma
j
o
r
as
s
e
t
cl
a
s
s
ar
e
summarized in the following table:
As
s
e
t
Cl
a
s
s
Do
m
e
s
t
i
c
St
o
c
k
s
In
t
e
r
n
a
t
i
o
n
a
l
St
o
c
k
s
Bo
n
d
s
Al
t
e
r
n
a
t
i
v
e
As
s
e
t
s
Ca
s
h
F.
DI
S
C
O
U
N
T
RA
T
E
Target Allocation 45.000/o 15.00% 18.00'/o 20.00'/o 2.00% Long-Term ElqlCCted Real Rate of Return 5.50% 6.00'/o 1.45% 6.40% 0.50'/o
Th
e
di
s
c
o
u
n
t
ra
t
e
us
e
d
to
me
s
s
u
r
e
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
was 7.9 percent. The prqjection of cash flows used to determine
th
e
di
s
c
o
u
n
t
ra
t
e
as
s
u
m
e
d
th
a
t
em
p
l
o
y
e
e
an
d
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
will be made at the rate specified in statute. Based on
th
a
t
as
s
u
m
p
t
i
o
n
,
ea
c
h
o
f
th
e
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
was prqjected to be avsilable to make all projected future
be
n
e
f
i
t
pa
y
m
e
n
t
s
of
cu
r
r
e
n
t
ac
t
i
v
e
an
d
in
a
c
t
i
v
e
em
p
l
o
y
e
e
s
.
Therefore, the long-term expected rate of return on pension plan
in
v
e
s
t
m
e
n
t
s
wa
s
ap
p
l
i
e
d
to
al
l
pe
r
i
o
d
s
of
p
r
q
j
e
c
t
e
d
be
n
e
f
i
t
payments to deterutine the total pension liability.
G.
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
SE
N
S
I
T
I
V
I
T
Y
Th
e
fo
l
l
o
w
i
n
g
pr
e
s
e
n
t
s
th
e
Ci
t
y
'
s
pr
o
p
o
r
t
i
o
n
a
t
e
sh
a
r
e
o
f
th
e
net pension liability for all plans it participates in, calculated using
th
e
di
s
c
o
u
n
t
ra
t
e
di
s
c
l
o
s
e
d
in
th
e
pr
e
c
e
d
i
n
g
pa
r
a
g
r
a
p
h
,
as
we
l
l
as what the City's proportionate share of the net pension
li
a
b
i
l
i
t
y
wo
u
l
d
be
i
f
it
we
r
e
ca
l
c
u
l
a
t
e
d
us
i
n
g
a
di
s
c
o
u
n
t
ra
t
e
1 percentage point lower or 1 percentage point higher than the
cu
r
r
e
n
t
di
s
c
o
u
n
t
ra
t
e
:
GE
R
F
PE
P
F
F
To
t
a
l
Ci
t
y
'
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
a
r
e
o
f
th
e
Ne
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
6.90% One Point Decrease 10,128,911 9,876,813 7.90% Current Rate 6,441,872 5,067,604 8.90'/o One Point Increase 3,396,942 1,Q9~,359 $ 20,005,724 $ 11,509,476 $ 4,491,301
IV-39
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
H.
PE
N
S
I
O
N
PL
A
N
FI
D
U
C
I
A
R
Y
NE
T
PO
S
I
T
I
O
N
De
t
a
i
l
e
d
in
f
o
r
m
a
t
i
o
n
ab
o
u
t
ea
c
h
pe
n
s
i
o
n
pl
a
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
is
av
a
i
l
a
b
l
e
in
a
se
p
m
a
t
e
l
y
is
s
u
e
d
PE
R
A
fi
n
a
n
c
i
a
l
re
p
o
r
t
th
a
t
in
c
l
u
d
e
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
o
.
Th
a
t
re
p
o
r
t
ma
y
be
ob
t
s
i
n
e
d
by
:
In
t
e
r
n
e
t
:
Ph
o
n
e
:
Ma
i
l
:
ww
w
.
m
n
p
e
r
a
.
o
r
g
(6
5
1
)
29
6
-
7
4
6
0
60
Em
p
i
r
e
Dr
i
v
e
,
#2
0
0
St
.
Pa
u
l
,
MN
55
1
0
3
-
2
0
8
8
No
t
e
5
DE
F
I
N
E
D
BE
N
E
F
I
T
PE
N
S
I
O
N
PL
A
N
-
SI
N
G
L
E
E
M
P
W
Y
E
R
-
FI
R
E
RE
L
I
E
F
AS
S
O
C
I
A
T
I
O
N
A.
PL
A
N
DE
S
C
R
I
P
I
1
0
N
Th
e
Ci
t
y
co
n
t
r
i
b
u
t
e
s
tc
th
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
De
p
a
r
t
m
e
n
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
(t
h
e
As
s
o
c
i
a
t
i
o
n
)
wh
i
c
h
is
th
e
ad
m
i
n
i
s
t
r
a
t
o
r
o
f
a
si
n
g
l
e
em
p
l
o
y
e
r
,
pu
b
l
i
c
em
p
l
o
y
e
e
de
f
i
n
e
d
be
n
e
f
i
t
re
t
i
r
e
m
e
n
t
sy
s
t
e
m
tc
pr
o
v
i
d
e
a
re
t
i
r
e
m
e
n
t
pl
a
n
(t
h
e
Pl
a
n
)
tc
vo
l
u
n
t
e
e
r
fi
r
e
f
i
g
h
t
e
r
s
o
f
th
e
Ci
t
y
wh
o
ar
e
me
m
b
e
r
s
of
th
e
As
s
o
c
i
a
t
i
o
n
.
Th
e
As
s
o
c
i
a
t
i
o
n
is
or
g
a
n
i
z
e
d
an
d
op
e
r
a
t
e
s
un
d
e
r
th
e
pr
o
v
i
s
i
o
n
s
o
f
Mi
n
n
e
s
o
t
a
St
a
t
e
St
a
t
u
t
e
s
42
4
A
,
an
d
pr
o
v
i
d
e
s
be
n
e
f
i
t
s
in
ac
c
o
r
d
a
n
c
e
wi
t
h
th
o
s
e
st
a
t
u
t
e
s
.
At
De
c
e
m
b
e
r
31
,
20
1
4
,
th
e
me
m
b
e
r
s
h
i
p
o
f
th
e
As
s
o
c
i
a
t
i
o
n
co
n
s
i
a
t
e
d
of
:
Re
t
i
r
e
e
s
an
d
be
n
e
f
i
c
i
a
r
i
e
s
cu
r
r
e
n
t
l
y
re
c
e
i
v
i
n
g
be
n
e
f
i
t
s
Te
r
m
i
n
a
t
e
d
em
p
l
o
y
e
e
s
en
t
i
t
l
e
d
tc
be
n
e
f
i
t
s
bu
t
no
t
ye
t
re
c
e
i
v
i
n
g
th
e
m
Ac
t
i
v
e
pl
a
n
pa
r
t
i
c
i
p
a
n
t
s
-
ve
s
t
e
d
Ac
t
i
v
e
pl
a
n
pa
r
t
i
c
i
p
a
n
t
s
-
no
n
-
v
e
s
t
e
d
To
t
s
!
21
6
16
18
61
Th
e
As
s
o
c
i
a
t
i
o
n
is
s
u
e
s
a
fi
n
a
n
c
i
a
l
re
p
o
r
t
th
a
t
in
c
l
u
d
e
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
an
d
re
q
u
i
r
e
d
su
p
p
l
e
m
e
n
t
a
r
y
in
f
o
r
m
a
t
i
o
n
fo
r
th
e
Br
o
o
k
l
y
n
Ce
n
t
e
r
Fi
r
e
De
p
a
r
t
m
e
n
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
.
Th
a
t
re
p
o
r
t
is
av
a
i
l
a
b
l
e
at
th
e
Ci
t
y
of
B
r
o
c
k
l
y
n
Ce
n
t
e
r
Ci
t
y
of
f
i
c
e
s
.
B.
BE
N
E
F
I
T
S
PR
O
V
I
D
E
D
Ba
s
i
c
Se
r
v
i
c
e
Pe
n
s
i
o
n
fo
r
Re
t
i
r
e
d
Me
m
b
e
r
s
-U
p
o
n
re
t
i
r
e
m
e
n
t
ea
c
h
in
d
i
v
i
d
u
a
l
wi
l
l
re
c
e
i
v
e
a
lu
m
p
su
m
di
s
t
r
i
b
u
t
i
o
n
of
$
7
,
5
0
0
pe
r
ye
a
r
o
f
se
r
v
i
c
e
.
Th
i
a
be
n
e
f
i
t
le
v
e
l
wa
s
pl
a
c
e
d
in
t
c
ef
f
e
c
t
on
Ja
n
u
a
r
y
I,
20
0
6
.
Pr
i
o
r
to
19
9
8
,
a
mo
n
t
h
l
y
be
n
e
f
i
t
le
v
e
l
o
f
$2
6
.
5
0
wa
s
av
a
i
l
a
b
l
e
fo
r
re
t
i
r
e
e
s
.
Th
e
mo
n
t
h
l
y
be
n
e
f
i
t
is
no
lo
n
g
e
r
an
op
t
i
o
n
fo
r
re
t
i
r
i
n
g
me
m
b
e
r
s
.
Ve
s
t
e
d
,
te
r
u
t
i
n
a
t
e
d
me
m
b
e
r
s
,
wh
o
ar
e
en
t
i
t
l
e
d
to
be
n
e
f
i
t
s
bu
t
ar
e
no
t
ye
t
re
c
e
i
v
i
n
g
th
e
m
,
ar
e
bo
u
n
d
by
th
e
pr
o
v
i
s
i
o
n
s
in
ef
f
e
c
t
at
th
e
ti
m
e
o
f
te
r
m
i
n
a
t
i
o
n
fr
o
m
me
r
o
b
e
r
s
h
i
p
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Ba
s
i
c
Se
n
r
i
c
e
Pe
n
s
i
o
n
fo
r
De
f
e
r
r
e
d
Pe
n
s
i
o
n
e
r
-
A
me
m
b
e
r
who is otheiWi.se qualified for a service pension but who bas not
re
a
c
h
e
d
th
e
ag
e
o
f
50
ye
s
r
s
ma
y
re
t
i
r
e
fr
o
m
th
e
Fi
r
e
De
p
a
r
t
m
e
n
t
without forfeiting the members right to such pension. Upon
ap
p
r
o
v
a
l
o
f
an
ap
p
l
i
c
a
t
i
o
n
th
e
r
e
f
o
r
e
,
th
e
de
f
e
r
r
e
d
pe
n
s
i
o
n
e
r
shall receive a pension baaed on the benefit level at that time
mu
l
t
i
p
l
i
e
d
by
su
c
h
pe
r
s
o
n
'
s
ye
s
r
s
o
f
ac
t
i
v
e
se
r
v
i
c
e
wi
t
h
th
e
Fire Department and further multiplied by the decimal equivalent
o
f
th
e
ap
p
l
i
c
a
b
l
e
pe
r
c
e
u
t
s
g
e
de
t
e
r
m
i
n
e
d
fr
o
m
th
e
fu
l
l
ow
i
n
g
table:
Ye
a
r
s
o
f
Se
r
v
i
c
e
10
11
12
13
14
15
16
17
18
19
20
an
d
be
y
o
n
d
C.
FU
N
D
I
N
G
PO
L
I
C
Y
Applicable Percentage 60% 64 68 72 76 80 84 88 92 96 100
Th
e
Ci
t
y
le
v
i
e
s
pr
o
p
e
r
t
y
ta
x
e
s
at
th
e
di
r
e
c
t
i
o
o
o
f
an
d
fo
r
th
e
benefit of the Plan and passes through stare aids allocated to the
Pl
a
n
,
al
l
in
ac
c
o
r
d
a
n
c
e
wi
t
h
en
a
b
l
i
n
g
St
a
t
e
st
a
t
u
t
e
s
.
Th
e
mi
n
i
m
u
m
tax levy obligation is the financial contribution requirement
fo
r
th
e
ye
a
r
le
s
s
an
t
i
c
i
p
a
t
e
d
st
a
t
e
ai
d
s
.
D.
CO
N
T
R
I
B
U
T
I
O
N
S
Au
t
h
o
r
i
t
y
fu
r
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
pe
n
s
i
o
o
pl
a
n
is
es
t
a
b
l
i
s
h
e
d
by Minn. Stat. § 69.77 and may be amended only by the
Mi
n
n
e
s
o
t
s
St
a
t
e
Le
g
i
s
l
a
t
u
r
e
.
Se
e
20
1
3
Mi
n
n
.
La
w
s
,
ch
.
11
1
,
art. 5, §§ 31 to 42 and 80. There are no employee contributions.
Th
e
Ci
t
y
pr
o
v
i
d
e
d
st
a
t
u
t
o
r
y
co
n
t
r
i
b
u
t
i
o
n
s
in
20
1
5
.
Th
e
ac
t
u
a
r
y
compares the actual statutory contribution rate tc a "required"
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
.
Th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
co
n
s
i
s
t
s
of
:
(a) normal costs baaed on entry age normal cost methods, (b) a
su
p
p
l
e
m
e
n
t
a
l
co
n
t
r
i
b
u
t
i
o
n
fo
r
am
o
r
t
i
z
i
n
g
an
y
un
f
u
n
d
e
d
ac
t
u
a
r
i
a
l
accrued liability, and (c) an allowance for administrative
ex
p
e
n
s
e
s
.
E.
PE
N
S
I
O
N
CO
S
T
S
At
De
c
e
m
b
e
r
31
,
2
0
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
an
as
s
e
t
of
$
1
,
0
9
2
,
4
1
6
for the difference b-een the Fire Relief Plan Fiduciary net
po
s
i
t
i
o
n
an
d
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
.
Th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
was measured as of December 31, 2014, and the total pension
li
a
b
i
l
i
t
y
us
e
d
tc
ca
l
c
u
l
a
t
e
th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
wa
s
de
t
e
r
m
i
n
e
d
by an actuarial valuation as of that date.
IV-40
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
T
O
Ti
l
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
Ch
a
n
g
e
s
in
Ne
t
Pe
n
s
i
o
n
As
s
e
t
Ba
l
a
n
c
e
at
12
/
3
1
1
1
4
Ch
a
n
g
e
s
fo
r
th
e
Ye
a
r
Se
r
v
i
c
e
Co
s
t
In
t
e
r
e
s
t
Co
n
t
r
i
b
u
t
i
o
o
s
-
st
a
t
e
an
d
lo
c
a
l
Ne
t
In
v
e
s
t
m
e
n
t
in
c
o
m
e
Be
n
e
f
i
t
Pa
y
m
e
n
t
s
Ad
m
i
n
i
s
t
r
a
t
i
v
e
Ex
p
e
n
s
e
s
Ne
t
Ch
a
n
g
e
s
Ba
l
a
n
c
e
at
12
/
3
1
/
1
5
In
c
r
e
a
s
e
(D
e
c
r
e
a
s
e
)
To
t
a
l
Pe
n
s
i
o
n
Pl
a
n
Fi
d
u
c
i
a
r
y
Ne
t
Pe
n
s
i
o
o
Li
a
b
i
l
i
t
y
N
e
t
Po
s
i
t
i
o
n
Li
a
b
i
l
i
t
y
{A
s
s
e
t
)
$
2,
7
6
9
,
1
8
9
$
3,
8
2
7
,
6
5
1
$
{1
,
0
5
8
,
4
6
2
)
85
,
9
0
4
17
8
,
2
4
2
(6
1
7
,
5
4
1
)
15
8
,
5
4
5
14
9
,
6
3
5
{6
1
7
,
5
4
1
)
85
,
9
0
4
17
8
,
2
4
2
{1
5
8
,
5
4
5
)
(1
4
9
,
6
3
5
)
{
I
0,
0
8
0
)
10
,
0
8
0
{3
5
3
,
3
9
5
)
{
3
1
9
,
4
4
1
)
{3
3
,
9
5
4
)
2,
4
1
5
,
7
9
4
$
3,
5
0
8
,
2
1
0
$
{1
,
0
9
2
,
4
1
6
)
At
De
c
e
m
b
e
r
31
,
20
1
5
,
th
e
Ci
t
y
re
p
o
r
t
e
d
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
,
it
s
co
n
t
r
i
b
u
t
i
o
o
s
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
,
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
fr
o
m
th
e
fo
l
l
o
w
i
n
g
so
u
r
c
e
s
:
Di
f
f
e
r
e
n
c
e
s
be
t
w
e
e
n
pr
o
j
e
c
t
e
d
an
d
ac
t
u
a
l
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
Co
n
t
r
i
b
u
t
i
o
o
s
pa
i
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
To
t
a
l
s
De
f
e
r
r
e
d
Ou
t
f
l
o
w
s
o
f
R
e
s
o
~
81
,
5
0
6
14
8
,
0
6
1
$
22
9
,
5
6
7
De
f
e
r
r
e
d
In
f
l
o
w
s
of
Re
s
o
u
r
c
e
s
14
3
,
0
6
1
$
14
3
,
0
6
1
$1
4
8
,
0
6
1
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
re
s
u
l
t
i
n
g
fr
o
m
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
n
i
z
e
d
as
a
re
d
u
c
t
i
o
n
o
f
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
6
.
De
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
to
t
a
l
l
i
n
g
$1
4
3
,
0
6
1
re
l
a
t
e
d
to
st
a
t
e
ai
d
re
c
e
i
v
e
d
su
b
s
e
q
u
e
n
t
to
th
e
me
a
s
u
r
e
m
e
n
t
da
t
e
wi
l
l
be
re
c
o
g
n
i
z
e
d
fo
r
it
s
im
p
a
c
t
on
th
e
ne
t
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
in
th
e
ye
a
r
m
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
6
.
Ot
h
e
r
am
o
u
n
t
s
re
p
o
r
t
e
d
as
de
f
e
r
r
e
d
ou
t
f
l
o
w
s
an
d
de
f
e
r
r
e
d
in
f
l
o
w
s
o
f
re
s
o
u
r
c
e
s
re
l
a
t
e
d
to
pe
n
s
i
o
n
s
wi
l
l
be
re
c
o
g
n
i
z
e
d
in
pe
n
s
i
o
n
ex
p
e
n
s
e
as
fo
l
l
o
w
s
:
Ye
a
r
Pe
n
s
i
o
n
En
d
e
d
Ex
p
e
n
s
e
De
c
e
m
b
e
r
31
,
_
Am
o
u
n
t
20
1
6
$
20
,
3
7
7
20
1
7
20
,
3
7
7
20
1
8
20
,
3
7
7
20
1
9
20
,
3
7
5
To
t
a
l
$
81
,
5
0
6
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
2
0
1
5
F.
AC
T
U
A
R
I
A
L
AS
S
U
M
P
T
I
O
N
S
Th
e
As
s
o
c
i
a
t
i
o
n
is
fu
n
d
e
d
wi
t
h
co
n
t
r
i
b
u
t
i
o
n
s
fr
o
m
th
e
Ci
t
y
of Brooklyn Center. The actuarially determined contributions in the
Sc
h
e
d
u
l
e
o
f
Co
n
t
r
i
b
u
t
i
o
n
s
ar
e
ca
l
c
u
l
a
t
e
d
as
o
f
th
e
be
g
i
n
n
i
n
g
of the fiscal year in which contributioos were reported.
Th
e
fo
l
l
o
w
i
n
g
me
t
h
o
d
s
an
d
as
s
u
m
p
t
i
o
n
s
we
r
e
us
e
d
to
ca
l
c
u
l
a
t
e
the actuarially determined contributions reported in the most
re
c
e
u
t
fi
s
c
a
l
ye
a
r
en
d
.
•
Th
e
mo
s
t
re
c
e
n
t
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
da
t
e
is
January 1, 2015.
•
Ac
t
u
a
r
i
a
l
co
s
t
is
de
t
e
r
m
i
n
e
d
us
i
n
g
th
e
En
t
r
y
Age Normal Cost Method.
•
Th
e
ac
t
u
a
r
i
a
l
va
l
u
e
o
f
as
s
e
t
s
is
ma
r
k
e
t
va
l
u
e
.
•
Th
e
un
f
u
n
d
e
d
ac
c
r
u
e
d
li
a
b
i
l
i
t
y
is
am
o
r
t
i
z
e
d
using a 20-year rolling end date.
•
In
v
e
s
t
m
e
n
t
ra
t
e
o
f
re
t
u
m
is
7.
0
0
pe
r
c
e
n
t
.
•
Th
e
in
f
l
a
t
i
o
n
ra
t
e
as
s
u
m
p
t
i
o
n
is
2.
7
5
pe
r
c
e
n
t
.
•
Mo
r
t
a
l
i
t
y
as
s
u
m
p
t
i
o
n
s
fo
r
pr
e
-
r
e
t
i
r
e
m
e
n
t
,
post-retirement, and post-disability are:
Pr
e
-
r
e
t
i
r
e
m
e
n
t
:
R
P
20
0
0
No
n
-
a
n
n
u
i
t
a
n
t
Table with white collar adjustment,
ge
n
e
r
a
t
i
o
o
a
l
l
y
projected using Scale AA, and set back two
ye
a
r
s
fu
r
ma
l
e
s
and feroales.
Po
s
t
-
r
e
t
i
r
e
m
e
n
t
:
Po
s
t
-
d
i
s
a
b
i
l
i
t
y
:
RP
20
0
0
An
n
u
i
t
a
n
t
Mortality Table with white collar
ad
j
u
s
t
m
e
n
t
,
generatiooally projected uaing Scale AA for males
an
d
fe
m
a
l
e
s
.
RP
20
0
0
An
n
u
i
t
a
n
t
Mortality Table with white collar
ad
j
u
s
t
m
e
n
t
,
set forward eight years for males and feroales.
Th
e
r
e
we
r
e
no
ch
a
n
g
e
s
in
ac
t
u
a
r
i
a
l
as
s
u
m
p
t
i
o
n
s
in
20
1
5
.
Th
e
be
s
t
es
t
i
m
a
t
e
ra
n
g
e
fo
r
th
e
lo
n
g
-
t
e
r
m
ex
p
e
c
t
e
d
ra
t
e
o
f
re
t
u
m
is determined by adding expected inflation to expected
lo
n
g
-
t
e
r
m
re
a
l
re
t
u
m
s
an
d
re
f
l
e
e
t
i
n
g
ex
p
e
c
t
e
d
vo
l
a
t
i
l
i
t
y
an
d
correlation. The capital market assumptions are per the actuary's
in
v
e
s
t
m
e
n
t
co
n
s
u
l
t
i
n
g
pr
a
c
t
i
c
e
as
o
f
Ja
n
u
a
r
y
I,
20
1
5
Long-Term Target Expected Real
As
s
e
t
Cl
a
s
s
Allocation Rate of Return
Do
m
e
s
t
i
c
an
d
In
t
e
r
n
a
t
i
o
n
a
l
Eq
u
i
t
i
e
s
50.00'/, 5.00'/o
Fi
x
e
d
In
c
o
m
e
45.00'/o 1.75%
Ca
s
h
an
d
eq
u
i
v
a
l
e
n
t
s
5.ooo;, 0.25%
G.
DI
S
C
O
U
N
T
RA
T
E
Th
e
di
s
c
o
u
n
t
ra
t
e
us
e
d
to
me
a
s
u
r
e
th
e
to
t
a
l
pe
n
s
i
o
n
li
a
b
i
l
i
t
y
was 7.00 percent. The ~ection of cash flows used to determine
th
e
di
s
c
o
u
n
t
ra
t
e
as
s
u
m
e
d
th
a
t
Ci
t
y
co
n
t
r
i
b
u
t
i
o
n
s
wi
l
l
be
ma
d
e
at the acmal statutory contribution rate. Based on those
as
s
u
m
p
t
i
o
a
s
,
th
e
As
s
o
c
i
a
t
i
o
n
'
s
fi
d
u
c
i
a
r
y
ne
t
po
s
i
t
i
o
n
wa
s
pr
o
j
e
c
t
e
d
to be available to make all projected future benefit
pa
y
m
e
n
t
s
o
f
th
e
cu
r
r
e
n
t
pl
a
n
me
m
b
e
r
s
.
Th
e
r
e
f
o
r
e
,
th
e
lo
a
g
-
t
e
r
m
expected rate of retum on peasion plaa investments was
ap
p
l
i
e
d
to
al
l
pe
r
i
o
d
s
o
f
pr
o
j
e
c
t
e
d
be
n
e
f
i
t
pa
y
m
e
n
t
s
to
de
t
e
r
m
i
n
e
the total pension liability.
IV-41
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
f
f
i
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
H.
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
(A
S
S
E
T
)
SE
N
S
I
T
I
V
I
T
Y
Th
e
fo
l
l
o
w
i
n
g
pr
e
s
e
n
t
s
th
e
ne
t
pe
n
s
i
o
n
as
s
e
t
ca
l
c
u
l
a
t
e
d
us
i
n
g
th
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s
c
o
u
n
t
mt
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o
f
7.
0
0
pe
r
c
e
n
t
,
as
we
l
l
as
wh
a
t
th
e
ne
t
pe
n
s
i
o
n
(a
s
s
e
t
)
/
l
i
a
b
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l
i
t
y
wo
u
l
d
be
i
f
it
we
r
e
ca
l
c
u
l
a
t
e
d
us
i
n
g
a
di
s
c
o
u
n
t
mt
e
th
a
t
is
on
.
,
.
p
e
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c
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n
t
s
g
e
-
p
o
i
n
t
lo
w
e
r
(6
.
0
0
pe
r
c
e
n
t
)
or
on
e
pe
r
c
e
n
t
s
g
.
,
.
po
i
n
t
hi
g
h
e
r
(8
.
0
0
pe
r
c
e
n
t
)
th
a
n
th
e
CU
I
T
e
l
l
t
mt
e
:
Ci
t
y
'
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
a
r
e
o
f
th
e
N
e
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
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y
Ne
t
Pe
n
s
i
o
n
(A
s
s
e
t
)
/
L
i
a
b
i
l
i
t
y
6.
0
0
"
/
o
On
e
Po
i
n
t
De
c
r
e
a
s
e
(9
7
4
,
7
7
0
)
No
t
e
6
MU
L
T
I
P
L
E
-
E
M
P
L
O
Y
E
R
DE
F
I
N
E
D
BE
N
E
F
I
T
PE
N
S
I
O
N
PL
A
N
7.
0
0
%
Cu
r
r
e
n
t
Ra
t
e
8.
0
0
"
/
o
On
e
Po
i
n
t
In
c
r
e
a
s
e
(1
,
0
9
2
,
4
1
6
)
$
(1
,
1
9
5
,
4
8
4
)
Ci
t
y
er
o
p
l
o
y
e
e
s
be
l
o
n
g
i
n
g
to
In
t
e
r
n
a
t
i
o
n
a
l
Un
i
o
n
o
f
Op
e
r
a
t
i
n
g
En
g
i
n
e
e
r
s
(I
U
O
E
)
ar
e
pa
r
t
i
c
i
p
a
n
t
s
in
a
mu
l
t
i
p
l
.
,
.
e
m
p
l
o
y
e
r
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
pl
a
n
Ce
n
t
r
a
l
Pe
n
s
i
o
n
Fu
n
d
o
f
th
e
In
t
e
r
n
a
t
i
o
n
a
l
Un
i
o
n
o
f
Op
e
r
a
t
i
n
g
En
g
i
n
e
e
r
s
an
d
Pa
r
t
i
c
i
p
a
t
i
n
g
Em
p
l
o
y
e
r
s
(C
P
F
)
ad
m
i
n
i
s
t
e
r
e
d
by
th
e
Bo
a
r
d
o
f
Tr
u
s
t
e
e
s
o
f
th
e
Ce
n
t
r
a
l
Pe
n
s
i
o
n
Fu
n
d
.
Th
e
pl
a
n
is
a
co
s
t
-
s
h
a
r
i
n
g
pe
n
s
i
o
n
pl
a
n
th
a
t
is
no
t
a
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
a
l
pe
n
s
i
o
n
pl
a
n
,
is
us
e
d
to
pr
o
v
i
d
e
de
f
i
n
e
d
be
n
e
f
i
t
pe
n
s
i
o
n
s
bo
t
h
to
em
p
l
o
y
e
r
s
th
a
t
ar
e
no
t
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
a
l
em
p
l
o
y
e
r
s
,
an
d
ha
s
no
pr
e
d
o
m
i
n
a
n
t
st
a
t
e
or
lo
c
a
l
go
v
e
r
n
m
e
n
t
er
o
p
l
o
y
e
r
.
Th
e
Pl
a
n
is
s
u
e
s
a
pu
b
l
i
c
l
y
av
a
i
l
a
b
l
e
fi
n
a
n
c
i
a
l
re
p
o
r
t
lo
c
a
t
e
d
on
th
e
i
r
we
b
s
i
t
e
at
ww
w
.
c
p
f
i
u
o
e
.
o
r
g
.
Th
e
Ci
t
y
ha
s
22
em
p
l
o
y
e
e
s
wh
o
ar
e
co
v
e
r
e
d
by
th
i
s
pe
n
s
i
o
n
pl
a
n
.
Th
e
pl
a
n
pr
o
v
i
d
e
s
be
n
e
f
i
t
s
su
c
h
as
mo
n
t
h
l
y
re
t
i
r
e
m
e
n
t
in
c
o
m
e
,
sp
e
c
i
a
l
an
d
ea
r
l
y
re
t
i
r
e
m
e
n
t
be
n
e
f
i
t
s
,
po
s
t
-
r
e
t
i
n
:
m
e
n
t
su
r
v
i
v
i
n
g
sp
o
u
s
e
be
n
e
f
i
t
s
,
Pf
"
'
r
e
t
i
r
e
m
e
n
t
su
r
v
i
v
i
n
g
sp
o
u
s
e
be
n
e
f
i
t
s
,
an
d
di
s
a
b
i
l
i
t
y
be
n
e
f
i
t
s
.
Th
e
CP
F
is
a
su
p
p
l
e
m
e
n
t
a
l
Pe
n
s
i
o
n
Fu
n
d
au
t
h
o
r
i
z
e
d
by
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
35
6
.
2
4
,
su
b
d
i
v
i
s
i
o
n
1(
9
)
.
Th
e
CP
F
Pl
a
n
o
f
Be
n
e
f
i
t
s
an
d
th
e
Ag
r
e
e
m
e
n
t
an
d
De
c
l
a
r
a
t
i
o
n
o
f
Tr
u
s
t
wi
l
l
se
r
v
e
as
th
e
go
v
e
r
n
i
n
g
do
c
u
m
e
n
t
s
.
Th
e
Ci
t
y
'
s
co
n
t
r
i
b
u
t
i
o
n
s
to
th
e
pl
a
n
ar
e
pu
r
s
u
a
n
t
to
a
co
l
l
e
c
t
i
v
e
ba
r
g
a
i
n
i
n
g
ag
r
e
e
m
e
n
t
wi
t
h
th
e
IU
O
E
wh
i
c
h
ex
p
i
r
e
s
De
c
e
m
b
e
r
31
,
2
0
1
6
.
Th
e
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
mt
e
is
$0
.
9
6
pe
r
ho
u
r
,
wh
i
c
h
is
ap
p
l
i
e
d
to
al
l
co
m
p
e
n
s
a
t
e
d
ho
u
r
s
,
an
d
ca
p
p
e
d
at
$5
,
0
0
0
pe
r
ye
a
r
.
To
t
a
l
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
fo
r
th
e
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
we
r
e
$5
1
,
6
9
9
.
Wi
t
h
re
g
a
r
d
to
wi
t
h
d
m
w
a
l
fr
o
m
th
e
pe
n
s
i
o
n
pl
a
n
,
th
e
pa
r
t
i
e
s
ag
r
e
e
th
a
t
th
e
am
o
u
n
t
th
a
t
wo
u
l
d
ot
h
e
r
w
i
s
e
be
pa
i
d
in
sa
l
a
r
y
or
wa
g
e
s
wi
l
l
be
co
n
t
r
i
b
u
t
e
d
in
s
t
e
s
d
to
th
e
CP
F
as
Pf
"
'
t
a
x
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
.
No
t
e
7
DE
F
I
N
E
D
CO
N
T
R
I
B
U
T
I
O
N
PL
A
N
Th
e
r
e
ar
e
fi
v
e
Ci
t
y
Co
u
n
c
i
l
me
m
b
e
r
s
o
f
th
e
Ci
t
y
ar
e
co
v
e
r
e
d
by
th
e
Pu
b
l
i
c
Em
p
l
o
y
e
e
s
De
f
i
n
e
d
Co
n
t
r
i
b
u
t
i
o
n
Pl
a
n
(P
E
D
C
P
)
,
a
mu
l
t
i
p
l
.
,
.
e
r
o
p
l
o
y
e
r
de
f
e
r
r
e
d
co
m
p
e
n
s
a
t
i
o
n
pl
a
n
ad
m
i
n
i
s
t
e
r
e
d
by
PE
R
A
.
Th
e
PE
D
C
P
is
a
ta
x
qu
a
l
i
f
i
e
d
pl
a
n
un
d
e
r
Se
c
t
i
o
n
40
1
(
a
)
o
f
th
e
In
t
e
r
n
a
l
Re
v
e
n
u
e
Co
d
e
an
d
al
l
co
n
t
r
i
b
u
t
i
o
n
s
by
or
on
be
h
a
l
f
o
f
er
o
p
l
o
y
e
e
s
ar
e
ta
x
de
f
e
r
r
e
d
un
t
i
l
ti
m
e
of
wi
t
h
d
m
w
a
l
.
Pl
a
n
be
n
e
f
i
t
s
de
p
e
n
d
so
l
e
l
y
on
am
o
u
n
t
s
oo
n
t
r
i
b
u
t
e
d
to
th
e
pl
a
n
pl
u
s
in
v
e
s
t
m
e
n
t
ea
r
n
i
n
g
s
,
le
s
s
ad
m
i
n
i
s
t
m
t
i
v
e
es
p
e
n
s
e
s
.
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
s
,
Ch
a
p
t
e
r
35
3
(
0
.
0
3
)
,
sp
e
c
i
f
i
e
s
pl
a
n
pr
o
v
i
s
i
o
n
s
,
in
c
l
u
d
i
n
g
th
e
em
p
l
o
y
e
e
an
d
er
o
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
ra
t
e
s
fo
r
th
o
s
e
qu
a
l
i
f
i
e
d
pe
r
s
o
n
n
e
l
wh
o
el
e
c
t
to
pa
r
t
i
c
i
p
a
t
e
.
An
el
i
g
i
b
l
e
el
e
c
t
e
d
of
f
i
c
i
a
l
wh
o
de
c
i
d
e
s
to
pa
r
t
i
c
i
p
a
t
e
co
n
t
r
i
b
u
t
e
s
5
pe
r
c
e
n
t
o
f
sa
l
a
r
y
wh
i
c
h
is
ma
t
c
h
e
d
by
th
e
el
e
c
t
e
d
of
f
i
c
i
a
l
'
s
er
o
p
l
o
y
e
r
.
Em
p
l
o
y
e
r
an
d
er
o
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
ar
e
co
m
b
i
n
e
d
an
d
us
e
d
to
pu
r
c
h
a
s
e
sh
a
r
e
s
in
on
e
or
mo
r
e
o
f
th
e
se
v
e
n
ac
c
o
u
n
t
s
o
f
th
e
Mi
n
n
e
s
o
t
a
Su
p
p
l
e
m
e
n
t
a
l
In
v
e
s
t
m
e
n
t
Fu
n
d
.
Fo
r
ad
m
i
n
i
s
t
e
t
i
u
g
th
e
pl
a
n
,
PE
R
A
re
c
e
i
v
e
s
2
pe
r
c
e
n
t
o
f
em
p
l
o
y
e
r
co
n
t
r
i
b
u
t
i
o
n
s
an
d
tw
e
n
t
y
-
f
i
v
e
hu
n
d
r
e
d
t
h
s
o
f
I
pe
r
c
e
n
t
(.
0
0
2
5
%
)
o
f
th
e
as
s
e
t
s
in
ea
c
h
me
m
b
e
r
s
ac
c
o
u
n
t
an
n
u
a
l
l
y
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
T
i
f
f
i
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
To
t
a
l
co
n
t
r
i
b
u
t
i
o
n
s
ma
d
e
by
th
e
Ci
t
y
fo
r
th
e
la
s
t
th
r
e
e
fi
s
c
a
l
years were: Required Rate for Employees &
Co
n
t
r
i
b
u
t
i
o
n
Am
o
u
n
t
Percentaj!e of Covered Payroll Employers
Fo
r
th
e
Ye
a
r
En
d
e
d
:
Em
p
l
o
y
e
e
Em
p
l
o
y
e
r
Employee Employer Employee Employer
De
c
e
m
b
e
r
31
,
20
1
5
De
c
e
m
b
e
r
31
,
20
1
4
De
c
e
m
b
e
r
31
,
2
0
1
3
$
90
7
90
7
88
0
No
t
e
8
OT
H
E
R
PO
S
T
-
E
M
P
L
O
X
M
E
N
T
BE
N
E
F
I
T
S
A.
PL
A
N
DE
S
C
R
I
P
T
I
O
N
90
7
90
7
88
0
5.0"/o 5.0% 5.0"/o 5.0°/o 5.0% 5.0% 5.0"/o 5.0"/o 5.0"/o 5.0% 5.0% 5.0"/o
In
ad
d
i
t
i
o
n
to
pr
o
v
i
d
i
n
g
th
e
pe
n
s
i
o
n
be
n
e
f
i
t
s
de
s
c
r
i
b
e
d
in
Note 4.B., the City provides postemployment health care benefits for
re
t
i
r
e
d
em
p
l
o
y
e
e
s
an
d
po
l
i
c
e
di
s
a
b
l
e
d
in
th
e
li
n
e
o
f
du
t
y
,
th
r
o
u
g
h
a singl~ployer defined benefit plan administered by the
Ci
t
y
.
Th
e
au
t
h
o
r
i
t
y
to
pr
o
v
i
d
e
th
e
s
e
be
n
e
f
i
t
s
is
es
t
a
b
l
i
s
h
e
d
in Minnesota Statutes Sections 471.61 subd 2a. and 299A.465.
Th
e
be
n
e
f
i
t
s
,
be
n
e
f
i
t
le
v
e
l
s
,
em
p
l
o
y
e
e
co
n
t
r
i
b
u
t
i
o
n
s
an
d
em
p
l
o
y
e
r
contributions are governed by the City and can be amended
by
th
e
Ci
t
y
th
r
o
u
g
h
it
s
pe
r
s
o
n
n
e
l
ma
n
u
a
l
an
d
co
l
l
e
c
t
i
v
e
ba
r
g
a
i
n
i
n
g
agreements with employee groups. The Plan is not
ac
c
o
u
n
t
e
d
fo
r
as
a
tr
u
s
t
fu
n
d
,
as
an
ir
r
e
v
o
c
a
b
l
e
tr
u
s
t
ha
s
no
t
been established to account for the Plan. The Plan does not
is
s
u
e
a
se
p
a
r
a
t
e
re
p
o
r
t
.
B.
BE
N
E
F
I
T
S
PR
O
V
I
D
E
D
Re
t
i
r
e
e
s
Th
e
Ci
t
y
is
re
q
n
i
r
e
d
by
St
a
t
e
St
a
t
u
t
e
to
al
l
o
w
re
t
i
r
e
e
s
to
co
n
t
i
n
u
e
participation in the City's group health insumnce plan if the
in
d
i
v
i
d
u
a
l
te
r
m
i
n
a
t
e
s
se
r
v
i
c
e
wi
t
h
th
e
Ci
t
y
th
r
u
u
g
h
se
r
v
i
c
e
retirement or disability retirement. Former employees who are
re
c
e
i
v
i
n
g
.
or
wh
o
ha
v
e
me
t
ag
e
an
d
se
r
v
i
c
e
re
q
u
i
r
e
m
e
n
t
s
to
receive. an annuity from a Minnesota public pension plan and
th
o
s
e
re
c
e
i
v
i
n
g
a
di
s
a
b
i
l
i
t
y
be
n
e
f
i
t
fr
o
m
su
c
h
a
pl
a
n
ar
e
in
u
u
e
d
i
a
t
e
l
y
eligible to participate in this Plan. Retirees may obtain
de
p
e
n
d
e
n
t
co
v
e
r
a
g
e
i
f
th
e
em
p
l
o
y
e
e
re
c
e
i
v
e
d
de
p
e
n
d
e
n
t
co
v
e
r
a
g
e
immediately before leaving employmmt. Covered spouses
ma
y
co
n
t
i
n
u
e
co
v
e
r
a
g
e
af
t
e
r
th
e
de
a
t
h
o
f
a
re
t
i
r
e
e
.
In
ad
d
i
t
i
o
n
,
the surviving spouse of an active employee may continue
co
v
e
r
a
g
e
in
th
e
gr
o
u
p
he
a
l
t
h
in
s
u
m
n
c
e
pl
a
n
af
t
e
r
th
e
em
p
l
o
y
e
e
'
s
death.
Al
l
he
a
l
t
h
ca
r
e
co
v
e
r
a
g
e
is
pr
o
v
i
d
e
d
th
r
u
u
g
h
th
e
Ci
t
y
'
s
gr
o
u
p
health insumnce plans. The retiree is reqnired to pay the
pr
e
m
i
u
m
as
de
s
c
r
i
b
e
d
be
l
o
w
:
Em
p
l
o
v
e
e
s
hi
r
e
d
be
f
o
r
e
Ja
n
u
a
c
y
I
19
9
2
wi
t
h
co
n
t
i
n
u
o
u
s
fu
l
l
-
t
i
m
e
employment
Em
p
l
o
y
e
e
s
wh
o
,
on
th
e
da
t
e
o
f
th
e
i
r
re
t
i
r
e
m
e
n
t
,
me
e
t
el
i
g
i
b
i
l
i
t
y
requirement for a full retin:ment annuity under PERA or
PE
R
A
Po
l
i
c
e
wi
t
h
o
u
t
re
d
u
c
t
i
o
n
o
f
be
n
e
f
i
t
s
be
c
a
u
s
e
o
f
ag
e
,
disability, or any other reason for reduction shall be eligible for the
Ci
t
y
to
pa
y
10
0
"
/
o
o
f
th
e
si
n
g
l
.
,
.
p
e
r
s
o
n
pr
e
m
i
u
m
un
t
i
l
su
c
h
time as the retiree is eligible for Medicare or at age 65, whichever
is
so
o
n
e
r
.
I
f
th
e
re
t
i
r
e
e
de
s
i
r
e
s
to
co
n
t
i
n
u
e
co
v
e
r
a
g
e
in
eJ
W
e
s
s
of single coverage, the additional cost for the coverage shall
be
pa
i
d
to
th
e
Ci
t
y
by
th
e
re
t
i
r
e
e
on
a
mo
n
t
h
l
y
ba
s
i
s
.
IV-42
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Em
p
l
o
y
e
e
s
hi
r
e
d
af
t
e
r
Ja
n
l
!
l
!
l
}
'
I
19
9
2
Th
e
re
t
i
r
e
e
is
re
q
u
i
r
e
d
to
pa
y
I
OO
"
A
>
o
f
th
e
i
r
pr
e
m
i
u
m
co
s
t
fo
r
th
e
Ci
t
y
-
s
p
o
n
s
o
r
e
d
gr
o
u
p
he
a
l
t
h
in
s
u
r
a
n
c
e
pl
a
n
in
wh
i
c
h
th
e
y
pa
r
t
i
c
i
p
a
t
e
.
Th
e
pr
e
m
i
u
m
is
a
bl
e
n
d
e
d
ra
t
e
de
t
e
r
m
i
n
e
d
on
th
e
en
t
i
r
e
ac
t
i
v
e
an
d
re
t
i
r
e
e
po
p
u
l
a
t
i
o
n
.
Si
n
c
e
th
e
pr
o
j
e
c
t
e
d
cl
a
i
m
s
co
s
t
s
fo
r
re
t
i
r
e
e
s
ex
c
e
e
d
th
e
bl
e
n
d
e
d
pr
e
m
i
u
m
pa
i
d
by
re
t
i
r
e
e
s
,
th
e
y
ar
e
re
c
e
i
v
i
n
g
an
im
p
l
i
c
i
t
ra
t
e
su
b
s
i
d
y
(b
e
n
e
f
i
t
)
.
Th
e
co
v
e
r
a
g
e
le
v
e
l
s
ar
e
th
e
sa
m
e
as
th
o
s
e
af
f
o
r
d
e
d
to
ac
t
i
v
e
em
p
l
o
y
e
e
s
.
Di
s
a
b
l
e
d
oo
l
i
c
e
an
d
fi
r
e
f
i
g
h
t
e
r
Th
e
Ci
t
y
is
re
q
u
i
r
e
d
to
co
n
t
i
n
u
e
to
pa
y
th
e
em
p
l
o
y
e
r
'
s
co
n
t
r
i
b
u
t
i
o
n
to
w
a
r
d
he
a
l
t
h
co
v
e
r
a
g
e
fo
r
po
l
i
c
e
or
fi
r
e
f
i
g
h
t
e
r
s
di
s
a
b
l
e
d
in
th
e
li
n
e
o
f
du
t
y
pe
r
Mi
n
n
e
s
o
t
a
St
a
t
u
t
e
29
9
A
.
4
6
5
,
un
t
i
l
ag
e
65
.
De
p
e
n
d
e
n
t
co
v
e
r
a
g
e
is
in
c
l
u
d
e
d
,
if
th
e
de
p
e
n
d
e
n
t
s
we
r
e
co
v
e
r
e
d
at
th
e
ti
m
e
o
f
th
e
di
s
a
b
i
l
i
t
y
.
PA
R
T
I
C
l
l
'
A
N
T
S
As
o
f
th
e
ac
t
u
a
r
i
a
l
va
l
u
a
t
i
o
n
da
t
e
d
Ja
n
u
a
r
y
I,
20
1
4
,
pa
r
t
i
c
i
p
a
n
t
s
co
n
s
i
s
t
e
d
of
:
C.
FU
N
D
I
N
G
PO
L
I
C
Y
Re
t
i
r
e
e
s
fo
r
wh
i
c
h
th
e
Ci
t
y
is
pa
y
i
n
g
th
e
si
n
g
l
e
pr
e
m
i
u
m
Re
t
i
r
e
e
s
an
d
be
n
e
f
i
c
i
a
r
i
e
s
cu
r
r
e
n
t
l
y
pu
r
c
h
a
s
i
n
g
he
a
l
t
h
in
s
u
r
a
n
c
e
th
r
o
u
g
h
th
e
Ci
t
y
Di
s
a
b
l
e
d
po
l
i
c
e
of
f
i
c
e
r
s
Ac
t
i
v
e
em
p
l
o
y
e
e
s
To
t
a
l
14
2
!5
1
16
8
Th
e
ad
d
i
t
i
o
n
a
l
co
s
t
o
f
us
i
n
g
a
bl
e
n
d
e
d
ra
t
e
fo
r
ac
t
i
v
e
s
an
d
re
t
i
r
e
e
s
is
cu
r
r
e
n
t
l
y
fu
n
d
e
d
on
a
pa
y
-
a
s
-
y
o
u
-
g
o
ba
s
i
s
.
Th
e
Ci
t
y
Co
o
n
c
i
l
ma
y
ch
a
n
g
e
th
e
fu
n
d
i
n
g
po
l
i
c
y
at
an
y
ti
m
e
.
D.
AN
N
U
A
L
OP
E
D
CO
S
T
S
AN
D
NE
T
OP
E
B
OB
L
I
G
A
T
I
O
N
Th
e
Ci
t
y
'
s
an
n
u
a
l
ot
h
e
r
pe
s
t
-
e
m
p
l
o
y
m
e
n
t
be
n
e
f
i
t
(O
P
E
B
)
co
s
t
is
ea
l
c
u
l
a
t
e
d
ba
s
e
d
on
th
e
an
n
u
a
l
re
q
u
i
r
e
d
co
n
t
r
i
b
u
t
i
o
n
(A
R
C
)
o
f
th
e
er
u
p
l
o
y
e
r
,
an
am
o
o
n
t
ac
t
u
a
r
i
a
l
l
y
de
t
e
r
m
i
n
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
th
e
pa
r
a
m
e
t
e
r
s
o
f
GA
S
B
St
a
t
e
m
e
n
t
No
.
45
.
Th
e
AR
C
re
p
r
e
s
e
n
t
s
a
le
v
e
l
o
f
fu
n
d
i
n
g
th
a
t
,
i
f
pa
i
d
on
an
on
g
o
i
n
g
ba
s
i
s
,
is
p~
e
c
t
e
d
to
co
v
e
r
th
e
no
r
m
a
l
co
s
t
ea
c
h
ye
a
r
an
d
am
o
r
t
i
z
e
an
y
un
f
u
n
d
e
d
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as ofJanuacy I, 2014 to determine the funded status of the plan as
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ended December 31, 2015. The City's annual OPEB cost, the
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the net OPEB obligation for the past three years were as
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12
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148,626 64.84% 710,605
IV-43
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Credit actuarial cost was used. The actuarial assumptions
in
c
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d
a
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5
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expenses) and an initial annual health care cost trend rate of
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health care cost trend rate of 5.0%. Both rates include a 3.0%
in
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l
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$0
,
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the City does have $565,856 of funds accumulated in an
in
t
e
r
n
a
l
se
r
v
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fu
n
d
.
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d
liability is being amortized as of the valuation date with a payroll
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e
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9
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E
R
IN
F
O
R
M
A
T
I
O
N
A.
R
I
S
K
MA
N
A
G
E
M
E
N
T
Th
e
Ci
t
y
is
ex
p
o
s
e
d
to
va
r
i
o
u
s
ri
s
k
s
o
f
lo
s
s
re
l
a
t
e
d
to
to
r
t
s
;
th
e
f
t
of, damage to and destruction of assets; errors and
om
i
s
s
i
o
n
s
an
d
na
t
u
r
a
l
di
s
a
s
t
e
r
s
.
Pr
o
p
e
r
t
y
an
d
ca
s
u
a
l
t
y
in
s
u
r
a
n
c
e
is
pr
o
v
i
d
e
d
th
r
o
u
g
h
th
e
Le
a
g
u
e
ofMinnescta Cities Insurance Trust (LMCIT), a public entity
ri
s
k
po
o
l
cu
r
r
e
n
t
l
y
op
e
r
a
t
i
n
g
as
a
co
m
m
o
n
ri
s
k
ma
n
a
g
e
m
e
n
t
and insurance program for Minnesota cities: general liability,
pr
o
p
e
r
t
y
,
au
t
o
m
o
b
i
l
e
,
mo
b
i
l
e
pr
o
p
e
r
t
y
an
d
ma
r
i
n
e
,
cr
i
m
e
,
em
p
l
o
y
e
e
dishonesty, boiler, and open meeting law. The City pays an
an
n
u
a
l
in
s
u
r
a
n
c
e
pr
e
m
i
u
m
to
th
e
LM
C
l
T
fo
r
it
s
in
s
u
r
a
n
c
e
co
v
e
r
a
g
e
.
The City is subject to supplemental assessments if
de
e
m
e
d
ne
c
e
s
s
a
r
y
by
th
e
LM
C
I
T
.
Cu
r
r
e
n
t
l
y
,
th
e
LM
C
I
T
is
self-sustaining through member premiums and reinsures through
co
m
m
e
r
c
i
a
l
co
m
p
a
n
i
e
s
fo
r
cl
a
i
m
s
in
ex
c
e
s
s
of
va
r
i
o
u
s
am
o
u
n
t
s
.
The City retains risk for the deductible portions of the
in
s
u
r
a
n
c
e
pu
l
i
c
i
e
s
.
Th
e
am
o
u
n
t
o
f
th
e
s
e
de
d
u
c
t
i
b
l
e
&
is
co
n
s
i
d
e
r
e
d
immaterial to the financial statements.
W or
l
c
e
r
s
'
co
m
p
e
n
s
a
t
i
o
n
co
v
e
r
a
g
e
is
pr
o
v
i
d
e
d
th
r
o
u
g
h
a
po
o
l
e
d
self-insurance program through the LMClT. The City pays an
au
n
u
a
l
pr
e
m
i
u
m
to
th
e
LM
C
I
T
.
Th
e
Ci
t
y
is
su
b
j
e
c
t
to
su
p
p
l
e
m
e
n
t
a
l
assessments if deemed necessary by the LMCIT. The
LM
C
I
T
re
i
n
s
u
r
e
s
th
r
o
u
g
h
Wo
r
k
e
r
s
'
Co
m
p
e
n
s
a
t
i
o
n
Re
i
n
s
u
r
a
n
c
e
Association (WCRA) as required by law. For worlcers'
co
m
p
e
n
a
a
t
i
c
m
.
,
th
e
Ci
t
y
is
no
t
su
b
j
e
c
t
to
a
de
d
u
c
t
i
b
l
e
.
Th
e
City's worlcers' compensation is retroactively rated With this type
o
f
co
v
e
r
a
g
e
,
fi
n
a
l
pr
e
m
i
u
m
s
ar
e
de
t
e
r
m
i
n
e
d
af
t
e
r
lo
s
s
ex
p
e
r
i
e
n
c
e
is known. The amount of premium adjustment, if any, is
co
n
s
i
d
e
r
e
d
im
m
a
t
e
r
i
a
l
an
d
no
t
re
c
o
r
d
e
d
un
t
i
l
re
c
e
i
v
e
d
or
pa
i
d
.
Th
e
r
e
we
r
e
no
si
g
n
i
f
i
c
a
n
t
re
d
u
c
t
i
o
n
s
in
in
s
u
r
a
n
c
e
fr
o
m
th
e
previous year or settlements in excess of insurance coverage for
an
y
o
f
th
e
pa
s
t
th
r
e
e
ye
a
r
a
.
B.
AR
B
I
T
R
A
G
E
R
E
B
A
T
E
Th
e
T
a
x
Re
f
o
r
m
Ac
t
o
f
19
8
6
re
q
u
i
r
e
s
go
v
e
r
n
m
e
n
t
a
l
en
t
i
t
i
e
s
to pay to the federal government income earned on the proceeds
fr
o
m
th
e
is
s
u
a
n
c
e
o
f
de
b
t
in
ex
c
e
s
s
o
f
in
t
e
r
e
s
t
co
s
t
s
,
pe
n
d
i
n
g
the expenditure of the borrowed funds. This rebate of interest
in
c
o
m
e
(k
n
o
w
n
as
ar
b
i
t
r
a
g
e
)
ap
p
l
i
e
s
to
go
v
e
r
n
m
e
n
t
a
l
de
b
t
is
s
u
e
d
after Augnst 31, 1986. The City issued greater than $5 million
o
f
bo
n
d
s
in
20
0
4
an
d
th
e
r
e
f
o
r
e
is
re
q
u
i
r
e
d
to
re
b
a
t
e
ex
c
e
s
s
in
v
e
s
b
n
e
n
t
income relating to these issues to the federal
go
v
e
r
n
m
e
n
t
.
Th
e
ex
t
e
n
t
o
f
th
e
Ci
t
y
'
s
li
a
b
i
l
i
t
y
fo
r
ar
b
i
t
r
a
g
e
re
b
a
t
e
s
on the remaining bond issues is not determinable at this
ti
m
e
.
Ho
w
e
v
e
r
,
in
th
e
op
i
n
i
o
n
o
f
ma
n
a
g
e
m
e
n
t
,
an
y
su
c
h
li
a
b
i
l
i
t
y
would be innuaterial.
IV-44
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
C.
LI
T
I
G
A
T
I
O
N
Th
e
Ci
t
y
is
su
b
j
e
c
t
to
ce
r
t
a
i
n
le
g
a
l
cl
a
i
m
s
in
th
e
no
r
m
a
l
cc
u
r
s
e
o
f
bu
s
i
n
e
s
s
.
Ma
n
a
g
e
m
e
n
t
do
e
s
no
t
ex
p
e
c
t
th
e
re
s
c
l
u
t
i
o
n
of
t
h
e
s
e
cl
a
i
m
s
wi
l
l
ha
v
e
a
ma
t
e
r
i
a
l
im
p
a
c
t
on
th
e
Ci
t
y
'
s
fi
n
a
n
c
i
a
l
co
n
d
i
t
i
o
n
or
re
s
u
l
t
s
o
f
op
e
r
a
t
i
o
n
s
.
D.
CO
N
T
I
N
G
E
N
T
LI
A
B
I
L
I
T
I
E
S
Ta
x
In
c
r
e
m
e
n
t
No
t
e
s
In
Ma
y
20
0
2
,
th
e
Ci
t
y
en
t
e
r
e
d
in
t
o
tw
o
li
m
i
t
e
d
ta
x
in
c
r
e
m
e
n
t
no
t
e
s
wi
t
h
de
v
e
l
o
p
e
r
s
wh
e
r
e
b
y
th
e
Ci
t
y
wi
l
l
pa
y
th
e
de
v
e
l
o
p
e
r
s
a
pe
r
c
e
n
t
a
g
e
o
f
th
e
av
a
i
l
a
b
l
e
ta
x
in
c
r
e
m
e
n
t
.
Wh
e
t
h
e
r
pa
y
m
e
n
t
s
wi
l
l
oc
c
u
r
an
d
th
e
am
o
u
n
t
o
f
th
e
pa
y
m
e
n
t
s
is
un
p
r
e
d
i
c
t
a
b
l
e
si
n
c
e
al
l
pa
y
m
e
n
t
s
ar
e
de
p
e
n
d
e
n
t
on
th
e
Ci
t
y
re
c
e
i
v
i
n
g
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
s
fr
o
m
th
e
de
v
e
l
o
p
e
r
'
s
pr
o
j
e
c
t
.
As
su
c
h
,
th
i
s
li
a
b
i
l
i
t
y
ha
s
no
t
be
e
n
re
c
o
r
d
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
An
y
po
t
e
n
t
i
a
l
li
a
b
i
l
i
t
y
en
d
s
wi
t
h
th
e
de
c
e
r
t
i
f
i
c
s
t
i
o
n
o
f
th
e
ta
x
in
c
r
e
m
e
n
t
di
s
t
r
i
c
t
.
In
De
c
e
m
b
e
r
20
1
2
,
th
e
Ci
t
y
en
t
e
r
e
d
in
t
o
a
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
no
t
e
wi
t
h
a
de
v
e
l
o
p
e
r
wh
e
r
e
b
y
th
e
Ci
t
y
wi
l
l
pa
y
th
e
de
v
e
l
o
p
e
r
th
e
av
a
i
l
a
b
l
e
ta
x
in
c
r
e
m
e
n
t
s
as
de
f
i
n
e
d
in
th
e
Ta
x
In
c
r
e
m
e
n
t
De
v
e
l
o
p
m
e
n
t
Ag
r
e
e
m
e
n
t
.
Wh
e
t
h
e
r
pa
y
m
e
n
t
s
wi
l
l
oc
c
u
r
an
d
th
e
am
o
u
n
t
o
f
th
e
pa
y
m
e
n
t
s
is
un
p
r
e
d
i
c
t
a
b
l
e
si
n
c
e
al
l
pa
y
m
e
n
t
s
ar
e
de
p
e
n
d
e
n
t
on
th
e
Ci
t
y
re
c
e
i
v
i
n
g
ta
x
in
c
r
e
m
e
n
t
re
v
e
n
u
e
s
fr
o
m
th
e
de
v
e
l
o
p
e
r
'
s
pr
o
j
e
c
t
.
As
su
c
h
,
th
i
s
li
a
b
i
l
i
t
y
ha
s
no
t
be
e
n
re
c
o
r
d
e
d
in
th
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
.
An
y
po
t
e
n
t
i
a
l
li
a
b
i
l
i
t
y
en
d
s
wi
t
h
th
e
de
c
e
r
t
i
f
i
c
s
t
i
o
n
o
f
th
e
ta
x
in
c
r
e
m
e
n
t
di
s
t
r
i
c
t
.
A
sc
h
e
d
u
l
e
o
f
th
o
no
t
e
s
ou
t
s
t
a
n
d
i
n
g
at
De
c
e
m
b
e
r
31
,
2
0
1
5
is
as
fo
l
l
o
w
s
:
Am
e
n
d
e
d
or
Or
i
g
i
n
a
l
12
1
3
1
/
2
0
1
5
In
t
e
r
e
s
t
Ma
t
u
r
i
t
y
No
t
e
Pr
i
n
c
i
J
!
!
!
!
Ba
l
a
n
c
e
Ra
t
e
Da
t
e
Tw
i
n
La
k
e
s
Bu
s
i
n
e
s
s
Pa
r
k
$
2,
4
2
4
,
1
9
9
$
35
1
,
2
7
4
8.
0
0
0
/
o
01
1
3
1
/
2
0
2
1
Sh
i
n
g
l
e
Cr
e
e
k
Cr
o
s
s
i
n
g
Pr
o
j
e
c
t
2,
3
0
0
,
0
0
0
2,
1
8
4
,
9
1
2
6.
0
0
%
02
1
0
1
/
2
0
2
8
E.
JO
I
N
T
VE
N
T
U
R
E
S
AN
D
JO
I
N
T
L
Y
GO
V
E
R
N
E
D
OR
G
A
N
I
Z
A
T
I
O
N
S
Th
e
Ci
t
y
ha
s
se
v
e
r
a
l
ag
r
e
e
m
e
n
t
s
wi
t
h
ot
h
e
r
en
t
i
t
i
e
s
th
a
t
pr
o
v
i
d
e
re
d
u
c
e
d
co
s
t
s
,
be
t
t
e
r
se
r
v
i
c
e
,
an
d
ad
d
i
t
i
o
n
a
l
be
n
e
f
i
t
s
to
th
e
pa
r
t
i
c
i
p
a
n
t
s
.
Th
e
pr
o
g
r
a
m
s
in
wh
i
c
h
th
e
Ci
t
y
pa
r
t
i
c
i
p
a
t
e
s
ar
e
li
s
t
e
d
be
l
o
w
an
d
am
o
u
n
t
s
re
c
o
r
d
e
d
wi
t
h
i
n
th
e
cu
r
r
e
n
t
yo
n
r
'
s
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ar
e
di
s
c
l
o
s
e
d
.
Lo
c
a
l
Go
v
e
r
n
m
e
n
t
In
f
u
r
m
a
t
i
o
n
Sy
s
t
e
m
s
As
s
o
c
i
a
t
i
o
n
(L
O
O
!
S
l
Th
i
s
co
n
s
o
r
t
i
u
m
o
f
ap
p
r
o
x
i
m
a
t
e
l
y
30
go
v
e
r
n
m
e
n
t
en
t
i
t
i
e
s
pr
o
v
i
d
e
s
cc
m
p
u
t
e
r
i
z
e
d
da
t
a
pr
o
c
e
s
s
i
n
g
an
d
su
p
p
o
r
t
se
r
v
i
c
e
s
to
it
s
me
m
b
e
r
s
.
LO
G
IS
is
le
g
a
l
l
y
se
p
a
r
a
t
e
;
th
e
Ci
t
y
do
e
s
no
t
ap
p
o
i
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t
a
vo
t
i
n
g
ma
j
o
r
i
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y
of
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t
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bo
a
r
d
,
an
d
th
e
Co
n
s
o
r
t
i
u
m
is
fi
s
c
a
l
l
y
in
d
e
p
e
n
d
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n
t
o
f
th
e
Ci
t
y
.
Th
e
to
t
a
l
am
o
u
n
t
re
c
o
r
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e
d
wi
t
h
i
n
th
e
20
1
5
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
o
f
th
e
Ci
t
y
is
$5
4
9
,
1
5
1
fo
r
ge
n
e
r
a
l
se
r
v
i
c
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s
an
d
ap
p
l
i
c
a
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i
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up
g
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pr
o
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i
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.
Co
s
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we
r
e
al
l
o
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d
to
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va
r
i
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s
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n
d
s
ba
s
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d
on
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p
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i
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s
an
d
/
o
r
us
e
o
f
se
r
v
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c
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s
.
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
fo
r
LO
O
I
S
ma
y
be
ob
t
a
i
n
e
d
at
th
e
LO
G
IS
of
f
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c
e
s
lo
c
a
t
e
d
at
57
5
0
Du
l
u
t
h
St
r
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e
t
,
Go
l
d
e
n
Va
l
l
e
y
,
Mi
n
n
e
s
o
t
a
55
4
2
2
.
LO
G
IS
In
s
u
r
a
n
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e
Gr
o
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Th
i
s
gr
o
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co
o
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r
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an
d
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f
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in
s
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r
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n
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e
be
n
e
f
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s
fo
r
ap
p
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x
i
m
a
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e
l
y
45
go
v
e
r
n
m
e
n
t
a
l
en
t
i
t
i
e
s
.
Th
e
to
t
a
l
o
f
20
1
5
he
a
l
t
h
an
d
li
f
e
in
s
u
r
a
n
c
e
co
s
t
s
pa
i
d
by
th
o
Ci
t
y
wa
s
$
!
,4
0
0
,
9
4
1
.
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
ma
y
be
ob
t
a
i
n
e
d
fr
o
m
Ga
l
l
a
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h
e
r
Be
n
e
f
i
t
se
r
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i
c
e
s
,
In
c
.
lo
c
a
t
e
d
at
36
0
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Am
e
r
i
c
a
n
Bl
v
d
We
s
t
,
Bl
o
o
m
i
n
g
t
o
n
,
MN
55
4
3
1
.
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
NO
T
E
S
TO
TH
E
FI
N
A
N
C
I
A
L
ST
A
T
E
M
E
N
T
S
De
c
e
m
b
e
r
31
,
20
1
5
Th
e
Br
o
o
k
l
v
n
Ce
n
t
e
r
Fi
r
e
Pe
o
a
r
t
m
m
t
Re
l
i
e
f
As
s
o
c
i
a
t
i
o
n
(t
h
e
Association)
Th
e
As
s
o
c
i
a
t
i
o
n
is
or
g
a
n
i
z
e
d
as
a
no
n
p
r
o
f
i
t
or
g
a
n
i
z
a
t
i
o
n
,
le
g
a
l
l
y
separate from the City, by its members to provide
pe
n
s
i
o
n
an
d
ot
h
e
r
be
n
e
f
i
t
s
to
me
m
b
e
r
s
in
ac
c
o
r
d
a
n
c
e
wi
t
h
Minnesota Statutes. Its board of directors is elected by the
me
m
b
e
r
s
h
i
p
o
f
th
e
As
s
o
c
i
a
t
i
o
n
an
d
no
t
by
th
e
Ci
t
y
Co
o
n
c
i
l
.
The Association issues its own set of financial statements.
Al
l
fu
n
d
i
n
g
is
co
n
d
u
c
t
e
d
in
ac
c
o
r
d
a
n
c
e
wi
t
h
ap
p
l
i
c
s
b
l
e
Mi
n
n
e
s
o
t
a
Statutes, whareby state aids flow to the Association,
ta
x
le
v
i
e
s
ar
e
de
t
e
r
m
i
n
e
d
by
th
e
As
s
o
c
i
a
t
i
o
n
an
d
ar
e
on
l
y
re
v
i
e
w
e
d
by tho City. The Association pays benefits directly
to
it
s
me
m
b
e
r
s
.
Th
e
As
s
o
c
i
a
t
i
o
n
ma
y
ce
r
t
i
f
y
ta
x
le
v
i
e
s
to
He
n
n
e
p
i
n
County directly if the City does not COlT)' out this
fu
n
c
t
i
o
n
.
Be
c
a
u
s
e
th
e
As
s
o
c
i
a
t
i
o
n
is
fi
s
c
a
l
l
y
in
d
e
p
e
n
d
e
n
t
o
f
the City, the financial information of the Association has
no
t
be
e
n
in
c
l
u
d
e
d
wi
t
h
i
n
th
e
Ci
t
y
'
s
fi
n
a
n
c
i
a
l
s
t
a
t
e
m
m
t
s
.
(S
e
e
Note 5 for disclosures relating to the pension plan
op
e
r
a
t
e
d
by
th
e
As
s
o
c
i
a
t
i
o
n
.
)
Co
m
p
l
e
t
e
fi
n
a
n
c
i
a
l
st
a
t
e
m
e
n
t
s
for the Association may be ob¥:ned at the City offices
lo
c
a
t
e
d
at
63
0
1
Sh
i
n
g
l
e
Cr
e
e
k
Pa
r
k
w
a
y
,
Br
o
o
k
l
y
n
Ce
n
t
e
r
,
Minnesota 55430.
IV-45
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
RE
Q
U
I
R
E
D
SU
P
P
L
E
M
E
N
T
A
R
Y
IN
F
O
R
M
A
T
I
O
N
SC
H
E
D
U
L
E
OF
FU
N
D
I
N
G
PR
O
G
R
E
S
S
-
OT
H
E
R
PO
S
T
E
M
P
L
O
Y
M
E
N
T
BENEFITS
Fo
r
th
e
Ye
a
r
En
d
e
d
De
c
e
m
b
e
r
31
,
2
0
1
5
Un
f
u
n
d
e
d
Ac
t
u
a
r
i
a
l
Ac
t
u
a
r
i
a
l
Ac
t
u
a
r
i
a
l
A
c
t
u
a
r
i
a
l
Va
l
u
a
t
i
o
n
V
a
l
n
e
o
f
Ac
c
r
u
e
d
A
c
c
r
u
e
d
Fnnded
Da
t
e
As
s
e
t
s
Li
a
b
i
l
i
t
y
(A
A
L
)
Li
a
b
i
l
i
t
y
(U
A
A
L
)
Ratio
Ja
n
n
a
r
y
I,
20
1
0
$
$
3,
0
1
2
,
3
8
3
$
3,
0
1
2
,
3
8
3
0.00%
Ja
n
n
a
r
y
I,
20
1
2
2,
6
2
0
,
3
6
7
2,
6
2
0
,
3
6
7
0.00%
Ja
n
n
a
r
y
I,
20
1
4
2,
5
7
4
,
5
2
9
2
,
5
7
4
,
5
2
9
0.00% UAALasa Covered Percentage of Pa~roll Covered P~roll $ 9,143,276 32.95% 9,472,237 27.66% 9,934,960 25.91%
IV-46
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
CO
N
T
R
I
B
U
T
I
O
N
S
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
GE
N
E
R
A
L
EM
P
L
O
Y
E
E
S
RE
T
I
R
E
M
E
N
T
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
(L
a
s
t
Te
n
Ye
a
r
s
*
)
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Fi
s
c
a
l
Ye
a
r
En
d
i
n
g
Co
n
l
r
i
b
u
t
i
o
n
s
(a
)
De
c
e
m
b
e
r
31
,
20
1
5
56
4
,
1
6
8
Co
n
1
r
i
b
n
t
i
o
n
s
in
Re
l
a
t
i
o
n
to
th
e
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Co
n
t
r
i
b
u
t
i
o
n
s
(b
)
56
4
,
1
6
8
Co
n
t
r
i
b
u
t
i
o
n
De
f
i
c
i
e
n
c
y
(E
x
c
e
s
s
)
(
a-
b
)
Co
v
e
r
e
d
Pa
y
r
o
l
l
*
*
(d
)
7,
5
2
2
,
2
0
6
•
Th
i
s
sc
h
e
d
u
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
c
t
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
1
h
1h
e
fi
s
c
a
l
ye
a
r
en
d
e
d
De
c
e
m
b
e
r
31
,
20
1
5
.
•
•
Fo
r
pu
r
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
l
l
is
de
f
m
e
d
as
11
pe
n
s
i
o
n
a
b
l
e
wa
g
e
s
11
•
Co
n
t
r
i
b
u
t
i
o
n
s
as
a
Pe
r
c
e
n
t
a
g
e
o
f
Co
v
e
r
e
d
Pa
y
r
o
l
l
(b
i
d
)
7.
5
0
'
/
o
CI
T
Y
O
F
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
'
S
PR
O
P
O
R
T
I
O
N
A
T
E
SH
A
R
E
OF
NE
T
PE
N
S
I
O
N
LI
A
B
I
L
I
T
Y
PU
B
L
I
C
EM
P
W
Y
E
E
S
GE
N
E
R
A
L
EM
P
W
Y
E
E
S
RE
T
I
R
E
M
E
N
T
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
s
t
i
o
n
(L
a
s
t
Te
n
Y e
l
l
l
!
!
0
)
Em
p
l
o
y
e
r
s
Pr
o
p
o
r
t
i
o
n
(P
e
r
c
e
n
t
a
g
e
)
o
f
th
e
Ne
t
Pe
n
s
i
o
n
Fi
s
c
a
l
Ye
a
r
En
d
i
n
g
Li
a
b
i
l
i
t
y
(A
s
s
e
t
)
Ju
n
e
30
,
20
1
5
0.
1
2
4
3
%
Em
p
l
o
y
e
r
s
Pr
o
p
o
r
t
i
o
n
a
t
e
Sh
l
l
r
e
(A
m
o
u
n
t
)
of
th
e
Ne
t
Pe
n
s
i
o
n
Li
a
b
i
l
i
t
y
(A
s
s
e
t
s
)
(a
)
6,
4
4
1
,
8
7
2
Employers Covered ~ $7,303,595
•
Th
i
s
sc
b
e
d
n
l
e
is
pr
e
s
e
n
t
e
d
pr
o
s
p
e
c
1
i
v
e
l
y
be
g
i
n
n
i
n
g
wi
t
h
th
e
fi
s
c
a
l
ye
a
r
en
d
e
d
December 31, 2015.
"'
"
'
F
o
r
pm
p
o
s
e
s
of
th
i
s
sc
h
e
d
u
l
e
,
co
v
e
r
e
d
pa
y
r
o
l
l
is
de
f
i
n
e
d
as
"p
e
n
s
i
o
n
a
b
l
e
wa
g
e
s
"
.
Employers Proportionate Share of the Net Pension Lisbility (Asset) ••• Percentage of its Covered Payroll (alb) 88.20"/o Plan Fiduciary Net Position as a Percentage of the Total Pension Liability 78.20"/o
IV-47
CI
T
Y
OF
BR
O
O
K
L
Y
N
CE
N
T
E
R
,
MI
N
N
E
S
O
T
A
SC
H
E
D
U
L
E
OF
CI
T
Y
CO
N
T
R
I
B
m
i
O
N
S
PU
B
L
I
C
EM
P
L
O
Y
E
E
S
PO
L
I
C
E
AN
D
FI
R
E
FU
N
D
Re
q
u
i
r
e
d
Su
p
p
l
e
m
e
n
t
a
r
y
In
f
o
r
m
a
t
i
o
n
(L
a
s
t
Te
n
Ye
a
r
s
*
)
St
a
t
u
t
o
r
i
l
y
Co
n
t
r
i
b
u
t
i
o
n
s
in
Re
l
a
t
i
o
n
Re
q
u
i
r
e
d
to
th
e
St
a
t
u
t
o
r
i
l
y
Re
q
u
i
r
e
d
Fi
s
c
a
l
Ye
B
t
En
d
i
1
1
1
1
Co
n
t
r
i
b
u
t
i
o
n
s
(•
)
Co
n
t
r
i
b
u
t
i
o
n
s
(2
)
De
c
e
m
b
e
r
31
,
20
1
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PROPOSAL SALE DATE: May 8, 2017
________________________________ Phone: 651-223-3000 * Preliminary; subject to change. Fax: 651-223-3046
Email: bond_services@springsted.com
Website: www.springsted.com
City of Brooklyn Center, Minnesota $8,830,000* General Obligation Improvement and Utility Revenue Bonds, Series 2017
For the Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of
$_________________ (which may not be less than $8,759,360) plus accrued interest, if any, to the date of delivery.
Year
Interest
Rate (%)
Yield (%)
Dollar
Price
Year
Interest
Rate (%)
Yield (%)
Dollar
Price
2019 % % % 2024 % % %
2020 % % % 2025 % % %
2021 % % % 2026 % % %
2022 % % % 2027 % % %
2023 % % % 2028 % % %
Designation of Term Maturities
Years of Term Maturities
In making this offer on the sale date of May 8, 2017 we accept all of the terms and conditions of the Terms of Proposal
published in the Preliminary Official Statement dated April 18, 2017 including the City’s right to modify the principal
amount of the Bonds. (See “Terms of Proposal” herein.) In the event of failure to deliver these Bonds in accordance with
said Terms of Proposal, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be
immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission.
Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verificatio n of the offer, we
have made the following computations:
NET INTEREST COST: $____________________________
TRUE INTEREST RATE: ______________ %
The Bidder will not will purchase municipal bond insurance from .
Account Members
______________________________
Account Manager
By: ___________________________
Phone: ________________________
...........................................................................................................................................................................................................................
The foregoing proposal has been accepted by the City.
Attest: _______________________________ Date: ________________________________
...........................................................................................................................................................................................................................
$8,830,000 General Obligation Improvement and Utility Revenue Bonds, Series 2017A
Nate Reinhardt, Finance Director May 8, 2017
2
Palmer Lake West Area Project Summary
Amount proposed in Bond (By Repayment Source):
Property Tax Levy $2,500,000
Special Assessments $1,450,000
Water Charges $3,410,000
Sanitary Sewer Charges $1,470,000
Total Proposed Bond Issue $8,830,000*
•Provides the funding for the Evergreen Park Area Improvements
(street and utility) and Water Tower No. 3 Reconditioning
•Project Costs
•Evergreen Park Area Improvements - $9,882,457
•Water Tower No. 3 Reconditioning - $1,482,000
*Includes costs of issuance of $65,397
Background
Sale Summary
•Bids received at 10am (9 bids received)
•Stifel, Nicolaus & Co., Inc. (lowest bidder)
Terms
•Repaid over 10 years
•Interest rate of 1.96%
•Average maturity of 6.3 years
•Adjusted principal amount from $8,830,000 to $8,360,000
Required 2018 debt service property tax levy of $280,962
3
Standard & Poor’s Credit Rating
•Assigned/Affirmed “AA long-tern rating on City debt
•Long-term rating reflects the following factors:
•Adequate economy
•Market value per capita of $60,276
•Per capita effective buying income at 72.5%
•Benefits from access to a broad and diverse metropolitan area
•Very strong management
•Strong financial policies (investment, debt management, fund balance)
•Two year budget, 15-year capital improvement plan, monthly financial
reporting
•Strong budgetary performance
•Positive operating surpluses in General Fund/Governmental Fund
4
Standard & Poor’s Credit Rating
•Long-term rating reflects the following factors
(continued):
•Very strong budgetary flexibility
•Available fund balance of 70% of operating expenditures
•Very strong liquidity
•Total governmental fund cash is 80.4% of total expenditures
and 6.7 times governmental debt service
•Adequate debt and contingent liability position
•Low debt in comparison with revenue
•78.4% of debt scheduled to be retired in 10 years
•Strong institutional framework
•Minnesota city with a population greater than 2,500 5
6
Brooklyn Center
Bond Sale Process
Doug Green
Springsted Incorporated
Brooklyn Center’s Financial Advisor
7
City of Brooklyn Center City Council
May 8, 2017
Presenter: Doug Green, Springsted Incorporated
PRESENTATION TO
Bond Sale Participants
Engineer Bond Counsel Financial Advisor
Credit Enhancement Provider
Paying Agent and Registrar
Rating Agency
Primary
Participants
Issuer
Investor
Underwriter
1
Bond Sale Process
Step 2:
MA prepares pre-sale
report and Bond
Counsel prepares
Authorizing
Resolution.
Step 1:
Financing team
works out
details of sale.
Step 3: City
Council
authorizes
bond sale.
Step 4:
Preliminary Official
Statement (OS) and
credit rating review.
Step 5:
Take bids from
underwriters. Elected
body considers sale.
Step 6:
MA and Bond Counsel
prepare closing legal
documents.
Step 7:
Issuer receives
bond proceeds.
Goals of the Financing Team -
Lead by the Finance Department
•Legal and Reasonable
–Is there authority to finance the projects?
–Does it align with established policies?
•Efficient
–What financing method is most cost effective?
–Finance Department cash flow modelling
•Sustainable
–Is the plan structurally balanced into the future?
–Is the plan affordable to the city, residents, and
businesses?
Authority to Issue Debt:
The authority to issue debt is granted in federal
and state law.
•Federal Law
–Tax-Exempt
–Taxable
–Bank Qualification
–Continuing Disclosure
–Advance Refundings
–Arbitrage
•State Law
–Voter Approval
–Eligible projects
–Security
–Method of Sale
–Debt Limits
–Process
Municipal Securities Rulemaking Board:
Electronic Municipal Market Access (EMMA)
5
Holders of Municipal Debt
6
Source: Securities Industry and Financial Markets Association (SIFMA)
7
U.S. Financial Markets
Federal
Agencies
Corporate
Debt
Government
Securities
__T-Bills_
__Notes_
__Bonds_
__GNMA_
__FNMA_
__FHLMC
__Commercial Paper_
__Corporate Bonds__
Mortgage Related_
Asset-Backed____
Equity Markets Debt Markets
Taxable Debt Tax Free Debt
(Municipal Bonds)
Commodity
Markets
Foreign
Exchange
Markets
Federal Reserve
System (Banks)
Money Market Funds
Time Deposits
__CD’s_
Bank
Securities
2016 Bond Issuance ($ in Billions)
8
Source: Securities Industry and Financial Markets Association (SIFMA)