HomeMy WebLinkAbout1979 CAFR
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CITY OF ANDOVER, MINNESOTA
FINANCIAL STATEMENTS
TOGETHER WITH AUDITORS' REPORT
DECEMBER 31, 1979
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CITY OF ANDOVER, MINNESOTA
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CONTENTS
OFFICIALS
AUDITORS' REPORT
Page
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COMBINED FINANCIAL STATEMENTS:
Combined Balance Sheet - All Fund Types and
Account Groups
Combined Statement of Revenues, Expenditures and
Changes in Fund Balance - All Fund Types
1-2
3-4
GENERAL FUND:
Balance Sheet 5
Statement of Revenues, Expenditures and Changes in
Fund Balance 6-14
SPECIAL REVENUE FUNDS:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
15
16
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DEBT SERVICE FUND:
Balance Sheet
Statement of Revenues, Expenditures and
Fund Balance
17
18
CAPITAL PROJECTS FUNDS:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
19
20
SPECIAL ASSESSMENT FUNDS:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance
21
22-23
GENERAL FIXED ASSETS GROUP:
Statement of General Fixed Assets
24
GENERAL LONG-TERM DEBT GROUP:
Statement of General Long-Term Debt
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NOTES TO FINANCIAL STATEMENTS
SUPPLEMENTAL FINANCIAL INFORMATION:
Auditor's Opinion on Supplemental Financial Information
Combined Schedule of Investments
Combined Schedule of Bonds Payable
I nsurance in Force and Official Bonds
25
26-30
31
32
33-35
36
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CITY OF ANDOVER, MINNESOTA
Mayor -
Gerald Windschitl
Council -
Donald Jacobson
Theodore M Lachinski
Kenneth Orttel
Robert Peach
Clerk - Treasurer -
Patricia K. Lindquist
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OFFICIALS
Term of
Office Expires
December 31, 1980
December 31, 1982
December 31, 1980
December 31, 1980
December 31, 1982
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OLSEN. THIELEN & 00.. LTD.
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223 L'TTLE CANADA ROAD
ST. PAUL. MINNESOTA 55117
(612) 483-4521
Honorable Mayor and City Council
City of Andover, Minnesota
We have examined the balance sheets of the various funds and account
groups of the City of Andover as of December 31, 1979, and the related
statements of revenues, expenditures and changes in fund balances for the
year then ended. Our examination was made in accordance with generally
accepted auditing standards and, accordingly included such tests of the
accounting records and such other auditing procedures as we considered
necessary in the circumstances.
.
The City has not maintained detailed cost records of its General Fixed
Assets and accordingly we express no opinion on them.
I n our opinion, except for the above, the financial statements referred to
above present fairly the financial position of the City of Andover as of
December 31, 1979, and the results of its operations for the year then
ended, in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding year.
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CITY OF ANDOVER, MINNESOTA
GENERAL FUND
BALANCE SHEET
DECEMBER 31, 1979
ASSETS
TOTAL ASSETS
$116,366
175
80,000
6,202
3,541
894
47,116
$254.294
Cash
Imprest Cash
Investments
Delinquent Taxes Receivable
Accounts Receivable
Receivable from Other Governmental Units
Receivable from Other Funds
LIABILITIES AND FUND BALANCE
o
LIABI L1TI ES:
Accounts Payable
Planning and Zoning Escrow Deposits
Sewer Availability Charge Escrow Deposits
Deferred Payable to Metropolitan Waste
Control Commission
Payable To Other Funds
Total Liabilities
$ 75,990
9,500
24,475
46,381
12,413
168,759
FUND BALANCE:
Designated For Imprest Cash
Undesignated
Total Fund Balance
175
85,360
85,535
TOTAL LIABILITIES AND FUND BALANCE
$254.294
o
The accompanying notes are an integral part of the financial statements.
5
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Actual
REVENUES:
Property Taxes:
Current
Delinquent
Area Wide Apportionement
Penalties and Interest
Total Property Taxes
$136,203
4,965
3,171
1,406
145,745
.
~O
Licenses and Permits:
Business:
Cigarette
Contractor
Dog Kennel
Junk Yard
Nonintoxicating Malt Liquor
Landfill
Nonbusiness:
Building
Reports
Heating
Plumbing
Sewer
Sewer Connection
Sewer Pumping
Well
Certificate of Occupancy
Dog
Other
Total Licenses and Permits
36
5,600
50
825
120
3,710
26,882
69
2,219
4,602
3,615
1,564
376
2,040
452
643
404
53,207
1
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I ntergovernmental Revenue:
Federal Grants:
Comprehensive Employment Act
State Grants:
Homestead Credit
State Highway Aid
Local Government Aid
Agricultural Credit
Other Local Governments:
Planning Grant
Total Intergovernmental Revenue
4,726
167,282
3,746
51,648
17,445
89,717
o
Page 1 of 9
Budget
$141,863
4,725
1,750
148,338
36
6,000
75
750
140
2,520
34,250
50
2,325
6,200
4,000
625
400
2,475
620
1,000
375
61,841
7,200
48,750
17,415
89,717
1,680
5,000
169,762
The accompanying notes are an integral part of the financial statements.
6
.. -.'-..- .. .
----
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
o
REVENUES: - (Continued)
Charges for Services:
General Government:
Zerox Copies
Assessment Searches
Sale of Maps and Ordinances
Plat Fees
Special Use Variance
Public Safety:
Dog Impounding and Board
Sanitation:
Administrative Fees - Sewer Project
Total Charges for Services
Fines and Forfeits:
County Court Fines
Miscellaneous Revenues:
Rent
Interest on Time Deposits
Contributions for Park
Employee I nsurance Collections
Donation to Fire Department
Pop Vending Machine
Other
Revenue Collected for Other Agencies:
Sewer Availability Charges
Sewer Availability Charges, Surcharge
Planning and Zoning Escrow Deposits
Refunds and Reimbursements
Total Miscellaneous Revenues
Total Revenues
OTHER SOURCES:
Transfers From Other Fund:
Special Revenue Fund
Anti-Recessional
Total Other Sources
o
Total Revenues and Other Sources
Actual
Page 2 of 9
Budget
$ 61
971
112
2,817
900
$ 150
1,500
250
3,250
1 ,500
1,200
1,086
330
6,277
375
8,225
7,386
9,000
1,175
9,597
25,064
1,273
1,625
943
718
2,000
9,500
2,000
13,900
3,562
10,679
17,796
86,332
466,229
10,625
5,500
18,000
28,000
75,625
472,791
36,482
36,433
3,500
36,482
502,711
39,933
512,724
7
The accompanying notes are an integral part of the financial statements.
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Page 3 of 9
Budget
Actual
.
EXPENDITURES:
General Government:
Legislative:
Council:
Salaries
Employer Contributions
Miscellaneous
Membership Dues
Insurance
Publication of Ordinance and
Proceedings
Total Council
Executive:
Mayor:
Salary
Benefits
Transportation and Conferences
Total Mayor
Administration:
Salaries, Clerk Treasurer
Salaries, Engineer, Administrator
Salaries, Other
Employer Contributions:
Pension
Social Secu rity
Insurance
Office Supplies
Postage
Transportation
Printing
Surety Bond Premium
Repair and Maintenance
Copy Machine Rent
School Dues
Other
Capital Outlay:
Office Equipment
Total Administration
$ 10,897
665
2,127
1,967
$ 10,900
500
150
2,200
2,500
415
16,071
800
17,050
2,400
122
2,400
160
90
2,650
16, 827
15,000
14,650
1,730
1,904
1,273
810
1,400
200
1,200
100
1,000
900
250
600
57,844
2,522
18,250
15,584
1,868
2,074
1,419
619
652
192
446
284
23
1,116
312
768
43,607
~
o
The accompanying notes are an integral part of the financial statements.
8
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
EXPENDITURES: - (Continued)
General Covernment: (Continued)
Elections:
Supplies
Capital Outlay:
Voting Machines
Total Elections
Page 4 of 9
Budget
Actual
$ 14
$
1,294
1,308
1,300
1,300
Assessing:
Office Supplies
Transportation
School Dues
Contractual
Total Assessing
14
400
200
800
50
6,000
7,050
3,000
28,700
36,700
.
Auditing
Legal
Engineering
3,000
3,414
4,050
22,898
56,239
Personnel Administration:
Workmen's Compensation
Overtime/Part Time
Total Personnel Administration
2,734
3,500
3,000
6,500
2,734
~
j
~
~
.
~
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~
~
Planning and Zoning:
Salaries:
Members
Clerical
Employer Contributions:
Pension
Social Security
Insurance
Office Supplies
Professional Services:
Planners
Miscellaneous
Printing
Refunds
Postage
Xerox Rental
Capital Outlay:
Equipment
Total Planning and Zoning
2,530
4,916
3,060
5,262
255
298
160
513
289
318
210
900
3,875
176
409
2,865
646
1,116
5,000
300
900
2,000
1,050
1,600
150
21,039
t
;
10
i
17,759
i
]
.
1
~
I
The accompanying notes are an integral part of the financial statements.
9
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Page 5 of 9
.
EXPENDITURES: - (Continued)
General Government: (Continued)
Buildings:
Federal Building:
Salary of Custodian
Employer Contributions:
Pension
Social Security
Insurance
Supplies:
Office
Operating
Communication
Insurance
Public Utility Services
Repair and Maintenance
Miscellaneous
Capital Outlay:
Building Improvements
Total General Buildings
Budget
Actual
Public Works Building:
Heat and Electric
Operating Supplies
Small Tools
Telephone
Insurance
Mi scellaneous
Capital Outlay
Total Public Works Building
915 $ 2,683
147
26 174
11 108
400
1,004 1,100
2,354 2,000
2,287 6,000
4,256 2,500
651 800
22 250
333
11,859 16,162
3,915 1,050
119 400
100
367 280
308 2,000
200
4,709 4,030
978 550
346 200
100
186 280
335 1,500
374
200
2,219 2,830
18,787 23,022
189,389 204,855
$
Fire Department Building:
Heat and Electric
Operating Supplies
Small Rools
Telephone
Insurance
Miscellaneous
Total Fire Department Building
Total General Government Buildings
o
Total General Government
The accompanying notes are an integral part of the financial statements.
10
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Actual
EXPENDITURES: - (Continued)
Public Safety:
Police Protection
o
Fire Protection:
Salaries
Employer Contributions:
Pension
Social Security
Workmen's Compensation
Supplies
Small Tools and Equipment
Repairs and Maintenance
Transportation
Building Rental
Heating
Insurance
City of Anoka Fire Department
Surplus Fund Expenditures
Schools
Other
Relief Association
Capital Outlay:
Machinery and Equipment
Total Fire Protection
$ 83,258
3,249
18
27
2,751
4,742
699
1,281
295
380
779
5,208
12,631
707
1,610
2,500
1,500
38,377
18,806
1,042
1,101
1,192
469
542
215
292
8
68
433
252
Protective Inspection:
Salaries
Employer Contributions:
Pension
Social Security
Insurance
Supplies:
Office
Operating
Postage
Printing
Transportation
Repairs Maintenance
Insurance
Membership Dues
o
Page 6 of 9
Budget
$ 89,353
2,850
3,750
2,350
1,500
3,500
10,000
10,000
1,000
900
2,500
1,600
39,950
20,005
1,100
1,210
1,274
550
1,400
350
500
100
400
310
1,040
The accompanying notes are an integral part of the financial statements.
11
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
EXPENDITURES: - (Continued)
Public Safety: (Continued)
Protective Inspection: (Continued)
Xerox Rental
Miscellaneous
Building Permit Surcharge
Sewer Availability Charges
Capital Outlay:
Equipment
Total Protective Inspection
Actual
Page 7 of 9
Budget
Total Public Safety
$ 279 $ 400
30 1,000
3,156 5,280
20,611 1 0 , 500
2,006 350
50,502 45,769
46 80
390 650
184 200
117
3,500 5,500
4,237 6,430
176,374 181,502
o
Animal Control:
Salaries
Gopher Control
Operating Supplies
Miscellaneous
Contractual Services:
Dog Catcher
Total Animal Control
o
Streets and Highways:
Street and Alley:
Salaries
Employer Contributions:
Pension
Social Security
Insurance
Repai r and Maintenance
Printing
Insurance
Grading
Grading Projects
Repair Projects
Sweeping
Capital Outlay:
Equipment
Special Sealcoating
Snow and Ice Removal
Street Lighting
Street Signs
Total Highways and Streets
11,864 9,208
597 506
671 557
666 544
3,924 24,700
106
657 525
40,896 16,000
1,002
2,533 3,000
664 850
3,000
23,245 20,000
19,186 15,202
306 340
2,469 5,000
108,786 99,432
The accompanying notes are an integral part of the financial statements.
12
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Actual
Page 8 of 9
Budget
o
EXPENDITURES: - (Continued)
Sanitation:
Sewers:
Salaries
Employer Contributions:
Pension
Social Security
Insurance
Contractual Cleaning
Supplies
Diseased Trees:
Salaries
Employer Contributions:
Pension
Social Security
Insurance
Other
Total Sanitation
$ 2,773
148
158
138
377
$ 1 ,471
81
92
151
2,500
200
2,941
4,417
167
135
138
18
6,993
242
276
151
3,500
13,081
o
Recreation:
Administration:
Commission Salaries
Parks:
Park Areas:
Salaries
Employer Contributions:
Pension
Social Security
Insurance
Supplies:
Operating
Repair and Maintenance
Midwest Planning
Insurance
Postage
Summer School Program
Miscellaneous
Commission Schools
Capital Outlay:
Improvements
Equipment
Other
Total Parks
Total Recreation
535
700
7,499
6,316
348
424
413
292
321
229
2,258
450
559
549
1,300
1,200
1,000
525
350
6,392
6,144
10,800
6,392
10,662
10,005
24,088
69
63,716
64,251
10,000
8,500
53,369
54,069
The accompanying notes are an integral part of the financial statements.
13
o
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
YEAR ENDED DECEMBER 31, 1979
Total Expenditures
Page 9 of 9
Actual Budget
$ $ 4,300
892
4,125
5,922 5,000
120
11,059 9,300
556,852 $562.239
(54,141)
139,676
$ 85.535
EXPENDITURES: - (Continued)
Miscellaneous:
Metropolitan Waste Control
Pop for Machine
Miscellaneous
Improvement Projects
Refunds and Reimbursements
Total Miscellaneous
NET INCREASE (DECREASE) IN FUND
BALANCE
I
'0
j
FUND BALANCE at January 1
FUND BALANCE at December 31
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The accompanying notes are an integral part of the financial statements.
14
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CITY OF ANDOVER, MINNESOTA
DEBT SERVICE FUND
BALANCE SHEET
DECEMBER 31, 1979
1978 General
Obligation
Bond
ASSETS
Cash
Delinquent Taxes Receivable
Receivable from Other Funds
$34,696
2,102
8,862
$45,660
TOTAL ASSETS
FUND BALANCE
$45.660
o
o
The accompanying notes are an integral part of the financial statements.
17
o
CITY OF ANDOVER, MINNESOTA
DEBT SERVICE FUND
STATEMENT OF REVENUES, EXPENDITURES AND FUND BALANCE
DECEMBER 31, 1979
1978 General
Obligation
Bond
REVENUES:
Property Taxes:
Current
Aera Wide Apportionment
Total Property Taxes
I ntergovernmental Revenue:
State Homestead Credit
Other Revenues:
I nterest on Investments
$45,735
1,027
46,762
16,734
472
Total Revenues
63,968
EXPENDITURES:
Debt Service:
Interest
Service Charge
Total Debt Service
o
FUND BALANCE at December 31, 1979
18,283
25
18,308
$45.660
o
The accompanying notes are an integral part of the financial statements.
18
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o
CITY OF ANDOVER, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31, 1979
GENERAL FIXED ASSETS:
Land and Improvements
Building and Improvements
Furniture and Equipment
Machinery and Automotive Equipment
Other Improvements
TOTAL GENERAL FIXED ASSETS
INVESTMENT IN GENERAL FIXED ASSETS
o
$ 65,680
383,062
24,079
266,515
4,578,161
$5.317.497
$5.317.497
o
The accompanying notes are an integral part of the financial statements.
24
o
CITY OF ANDOVER, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
YEAR ENDED DECEMBER 31, 1979
AMOUNT TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT
BOND PRINCIPAL
City Serial Bonds
Amount Available in Debt Service Fund
Amount to be Provided - Note 6
Total
$ 45,660
469,340
$515.000
GENERAL LONG-TERM DEBT PAYABLE
GENERAL LONG-TERM DEBT
City Serial Bonds - Note 4
Certificates of Indebtedness
Total
$430,000
85,000
$515.000
o
o
The accompanying notes are an integral part of the financial statements.
25
o
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1979
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting Policies of the City of Andover conform to generally
accepted accounting principles applicable to governmental units. The
following is a summary of the significant policies.
A. DESCRIPTION OF FUNDS
The accompanying financial statements include the funds administered by
the City Council of the City of Andover.
Due to the diverse nature of governmental operations, the necessity of
complying with various legal provisions and compliance with reporting
requirements the accounts of the City are organized on the basis of funds
or groups of accounts; each of which is considered to be a separate ac-
counting entity. The operations of each fund are accounted for by pro-
viding a separate set of self-balancing accounts which comprise each
Fund's assets, liabilities, fund balance, revenues and expenditures, The
following is a description of the funds included in the accompanying
financial statements:
o
General Fund
The General Fund accounts for all revenues and expenditures of the
City which are not accounted for in the other funds, Revenues are
primarily derived from general property taxes, license permits and
fees and revenues from the State, Expenditures are for general
government services including police and fire protection, parks and
recreation and general administration.
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of
revenues derived from specific taxes or other earmarked revenue
sources, They may also be used to finance specified activities as
required by law or administrative regulation.
Debt Service Fund
Debt service funds account for revenues for, and the payment of,
interest and principal on general long-term debt.
Capital Projects Funds
o
Capital Projects Funds are used to account for all resources used for
the acquisition of major capital facilities or equipment by the City,
except those financed through special assessment or enterprise funds.
26
o
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1979
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
A. DESCRIPTION OF FUNDS (Continued)
Special Assessment Funds
Special Assessment Funds are used to finance and account for the
construction or purchase of improvements which are to be paid
partially or entirely from special assessments levied against the
benefiting properties.
General Fixed Assets Group of Accounts
The general fixed assets group of accounts includes City fixed assets
which are not accounted for in the enterprise funds.
o
General Long-Term Debt Group of Accounts
The general long-term debt group of accounts includes all general
obligation long-term debt of the City not accounted for elsewhere.
The fund balances of the debt service funds are dedicated for debt
retirement and, accordingly are recorded as an asset in this group of
accounts.
B.
BASES OF ACCOUNTING
The modified accrual basis, in which expenditures, other than
accrued interest on general long-term debt, are recorded at the time
liabilities are incurred and revenues are recorded when received in
cash, except for material or available revenues which are accrued to
properly reflect earned value, is utilized by the City in recording the
transactions of its funds.
Recognition of Property Tax Revenue
Taxes and special assessment principal are recorded as revenue when
levied.
Investments
Investments in all funds are recorded at cost which approximates
market value. Investment income is recorded when earned and
received.
o
I nterest I ncome on Special Assessments
Interest income is recognized on special assessments when payments
are received.
27
o
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1979
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. BASES OF ACCOUNTING (Continued)
Insurance Expense
Insurance costs are expensed in the period in which they are paid.
Prepaid insurance is not recorded for policies which extend beyond
year end,
I nventories of Materials and Supplies
Purchases of materials and supplies are recorded as expenditures at
the time purchased,
General Fixed Assets
General fixed assets purchases are recorded as expenditures in the
various funds at the time of purchase. These assets are capitalized
at cost in the general fixed asset group of accounts.
o
The City does not maintain detailed records of its general fixed
assets. The values of the general fixed assets presented in this
report are stated at the balances presented in December 31, 1976
financial report plus subsequent assets additions at cost,
Amount Available in Debt Service Funds
The fund balances of the debt service funds are dedicated for the
retirement of long-term bonded indebtedness of the City and are
recorded as an asset in the general long-term debt group of
accounts.
NOTE 2 - PENSIONS
Employees of the City are covered by the Public Employees Retirement
Association (PERA). Since PERA is managed by the State of Minnesota the
City has no responsibility for its administration.
PERA participants are enrolled in one of two plans, either the Basic or
Coordinated. The Basic Plan requires an employee contribution of 8% of
annual salary and an employer contribution of 10-1/2%. The Coordinated
Plan, in conjunction with Social Security, requires an employee contri-
bution of 4% of annual salary and an employer contribution of 5-1/2%.
o
In 1979 the City's contribution for PERA was $5,287 and for Social
Security was $6,443.
28
o
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1979
NOTE 3 - BONDS PAYABLE
As of December 31, 1979 the bonds payable of the City consisted of the
following:
Total
Due in 1980 Due After 1980
General Obligation Bonds
payable annually in varying
amounts through February 1,
1989 with interest of 5.5%
to 6.0%.
Special Assessment Bonds
payable annually in varying
amounts through February 1,
1999 with interest of 5.0%
to 6.8%,
$ 515,000
$ 47,000
$ 468,000
4,104,800
107,400
$154.400
3,997,400
$4.465.400
Total
$4.619.800
NOTE 4 - FUNDS ESTABLISHED DURING THE YEAR
Improvement No. 79
o
The City sold $270,000 of General Obligation Improvement Bonds of
1979 to finance the construction of street improvements, The bonds
are general obligations of the City for which its full faith and credit
and unlimited taxing power are pledged, in addition to special assess-
ments in the approximate amount of $259,000 filed against benefiting
properties and other future revenue sources as outlined in Note 6.
Prairie Road Bridge Approach
The Prairie Road Bridge Approach Fund was established to account
for all transactions resulting from the improvements to the Prairie
Road Bridge Approach. The project is reimbursable by the Municipal
State Aid Street Program,
Equipment
The city sold $85,000 of Certificates of I ndebtedness to finance the
purchase of street equipment,
1978 General Obligation Bond
The fund was established to provide for the debt service on the
$430,000 General Obligation Bonds issue of 1978,
Park
o
The Park Fund was established to account for the proceeds from park
dedication fees and the cost of park land acquisition.
29
o
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1979
NOTE 5 - AMOUNT TO BE PROVIDED
I n order to provide for the retirement of principal and payment of interest
of Bonds the City has provided for future revenues. The balance sheet
reflects on Iy the deferred special assessments. Revenues to be collected
for future payments are as follows:
Improvement No. 75-1:
1. Deferred Special Assesments.
2. Connection charges for future connections in the areas serviced
by this improvement which at the present time are undeveloped,
The charge will be $1,050 per connection.
3. Future ad valorem tax levies of $499,485.
Improvement No. 75-2 and Improvement No, 75-4:
1, Deferred Special Assessments.
2. Future ad valorem taxes levies of $1,646.
Improvement No. 76:
1.
2.
Deferred Special Assessments
Connection charges for future connections in the areas serviced
by this improvement which at the present time are undeveloped.
The charge will be $1,050 per connection.
Sale of aerial maps,
Reimbursements from future projects for savings on engineering
fees from the use of the aerial maps and comprehensive storm
drainage plan developed in connection with and paid for by this
improvement.
Future ad valorem tax levies of $254,110.
o
3.
4.
5.
Improvement No, 77:
1. Deferred Special Assessments.
2, Charges for future developments use of ponds constructed in
this improvement.
3. Future ad valorem tax levies,
Improvement No, 78-1:
1. Deferred Special Assessments.
2. Future ad valorem tax levies.
Improvement No. 79:
1. Deferred Special Assessments.
2. Future Ad Valorem tax levies.
General
1.
Long-Term Debt:
Future ad valorem tax levies of $625,615,
o
30
OLSEN. THIELEN & 00.. LTD.
o
223 LITTLE CANADA ROAD
ST. PAUL, MINNESOTA 55117
(612) 483-4521
Honorable Mayor and City Council
City of Andover I Minnesota
o
Our examination was made primarily for the purpose of formulating an
opinion on the basic financial statements taken as a whole. The following
supplemental information on pages 32 through 35 is not considered
necessary for a fair presentation of the financial statements, but is pre-
sented as additional analytical data. This information pertaining to the
year ended December 31, 1979, except for that information which is
statistical in nature, has been subjected to the audit procedures applied in
the examination of the basic financial statements and is, in our opinion,
fairly stated in all material respects in relation to the basic financial
statements, ta ken as a whole,
cf4 7Atdn -ral ~;~
,
February 14, 1980
o
31
0 CITY OF ANDOVER, MINNESOTA
COMBINED SCHEDULE OF INVESTMENTS
DECEMBER 31, 1979
Interest Maturity Book
Bank Rate Date Value
CERTI FICATES OF DEPOSIT:
First National Bank
in Anoka 6.25% 2/03/80 $ 90,000
First National Bank
in Anoka 7.00 8/03/81 180,000
First National Bank
in Anoka 7.25 8/03/83 130,000
Fi rst National Bank
in Anoka 12.4 1/4/80 195,000
First National Bank
in Anoka 12,6 1/15/80 150,000
First National Bank
in Anoka 13.2 2/18/80 110,000
First National Bank
in Anoka 12,6 1/22/80 150,000
First National Bank
in Anoka 13.35 3/25/80 200,000
0 First National Bank
in Anoka 12.6 1/26/80 145,000
First National Bank
in Anoka 12.6 1/26/80 165,000
Total Investments $1.515.000
.
32