The URL can be used to link to this page

Home My WebLink About1986 CAFR I I I I I - I I I I I I I I - I I I I - I I CITY OF ANDOVER. MINNESOTA FINANCIAL STATEHENTS DECEMBER 31. 19~6 10<;' 1-/;1 / .I~/ // /Yr' /" ? / .~ i.: c ~ ~ ~ c c c c c m m m m c c c c c c - ----------,--- - - - ---- ------ -, - I I I I I I I I I I I I I I I I I I I -, Elected Mayor Jerry Windschitl Counc i1 Theodore M. Lachinski Kenneth Orttel J ames Ell ing l-lichael K~~ght CITY OF ANDOVER. MINNESOTA ELECTED AND APPOINTED OFFICIALS DECEMBER 31. 1986 Term of office expires Hnt ~ business day g of JMUIR'FV ~~ ~ /"'>8'Z ~ 1'7'7)8 -l-%9- / <7' iT 51 1-9-91- / q q t? ~ /t?tf1o Appointed James E. Schrantz - Administrator Shirley Clinton - Treasurer Vicki Volk - Clerk c c c c o c c c c ~ ~ w ~ m m c c c c -------=.-j------ ---- I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA TABLE OF CONTENTS SECTION I INTRODUCTORY SECTION Comments SECTION II FINANCIAL SECTION Auditors' opinion II-A. General Puroose Financial Statements (Combined Financial Statements) r Combined balance sheet - all fund types and account groups Combined statement of revenue, expenditures and fund balance - All governmental fund types Combined statement of revenue, expenditures and fund balance - Budget ,end actual - General and special revenue fund types Combined Statement of revenue, expenses and fund equity - All proprietary fund types - Enterprise funds Combined Statement of changes in financial position - All proprietary fund types - Enterprise funds Notes to financial statements II-B. Combinini and Individual Fund Statements and Account Grouos General Fund Balance sheets Statement of revenue, expenditures and fund balance Schedule of revenue - Budget and actual Schedule of expenditures - Budget and actual Special revenue funds Combining balance sheets Combining statement of revenue, expenditures and fund balance Revenue Sharing Fund Balance sheets Statement of revenue, expenditures and fund balance LRRWMO Fund Balance sheet Statement of revenue, expenditures and fund balance Drainage and Mapping Fund Balance sheet Statement of revenue, expenditures and fund balance ~ I 1 2 4 6 8 9 10 25 26 27 28 33 34 35 35 36 36 37 37 CITY OF ANDOVER. MINNESOTA TABLE OF CONTENTS (CONTINUED) II-B. Combinin~ and Individual Fund Statements and Account Grouos ( Continued) Debt service funds Combining balance sheet Combining statement of revenue, expenditures and fund balance Capital projects funds Combining balance sheet Combining statement of revenue, expenditures and fund balance Special assessment funds Combining balance sheet Combing statement of revenue, expenditures and fund balance Enterprise funds Combining balance sheet Combining statement of revenue, expense and retained earnings Combining statement of changes in financial position Water Fund Balance sheets Statements of revenue, expense and retained earnings Statements of changes in financial position Sewer Fund Balance sheets Statements of revenue, expense and retained earnings Statements of changes in financial position Fiduciary funds Combining balance sheet Expendable Trust Fund Statement of revenue, expenditures and fund balance Agency Fund Statement of changes in assets and liabilities Statements of general fixed assets Statements of general long-term debt ~ 39 40 43 44 46 50 54 55 56 57 58 59 60 61 62 63 64 64 65 66 I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA TABLE OF CONTENTS (CONTINUED) ~ II-C. Suoo1ementa1 Information Schedule of cash, temrorary investments and security for deposits Combined schedule of indebtedness Scbedu1e of bonds payable Debt service requirements 67 68 70 76 SECTION III STATISTICAL SECTION Tax levies and collections Special assessment levies and collections Computation of legal debt margin Assessed valuations, tax levies and mill rates 77 77 78 81 r c c c c c c c c c ~ ~ ~ m c c c C' c c I I I I I I I I - I = I - I - I = I : I - I - I ~ I = I ~ I r'--- . SECTION I INTRODUCTORY SECTION " c c c c c c c ~ c ~ c c m c c c c c c I I I I I I I I I I I I I I I I I I I ~,~ Ir/1 ' 1[ ~ CITY of ANDOVER 1685 CROSSTOWN BOULEVARD NW, . ANDOVER, MINNESOTA 55304 . (612) 755-5100 COMMENTS The City of Andover, Minnesota operates under "Optional Plan A" as defined by State of Minnesota Statutes. Under this plan, the Council is elected by popular vote and consists of the mayor and four council members. Administrative personnel are appointed by the Council. General Fund The General Fund is used to account for all revenues and the act~v~t~es financed by them which are not accounted for in a special fund. The principal sources of revenue are property taxes and intergovernmental revenue. Expenditures are for general government, public safety, public works, recreation and other functions. r The fund balance increased $134,378 during the year to $628,871. $40,000 of the fund balance has been designated for subsequent year's expenditures leaving an undesignated fund balance of $588,871. A condensed summary of revenue and expenditures for the years ended December 31, 1986 and 1985 is shown below: 1986 Bud~et Actual 1985 Bud~et Actual Revenue and other sources Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeits Other revenue Transfers from other funds $ 525,592 $ 546,472 $ 457,294 $ 438,223 96,624 173,777 64,597 130,197 474,151 506,727 450,902 441,936 11 ,645 25,474 11,610 16,318 14,000 23,174 12,000 18,330 51,100 39,537 81,336 41,227 53.521 68.231 42.000 62.025 $1.226.633 $1.383.392 $1.119.739 $1.148.256 $ 328,131 $ 394,042 $ 295,280 $ 302,376 408,573 382,012 363,503 337,154 207,965 155,273 179,750 186 ,7 90 13,742 17,548 11,789 17 ,194 166,579 210,326 .139,802 153,190 33,500 23 ,746 47,071 39,710 78 . 943 66.067 85.644 53 .280 $1.237.433 $1.249.014 $1.1-22.839 $1.089.694 $ (I0.800) $ 134.378 $ (3.100) $ 58.562 Expenditures and other uses General government Public safety Public works Sanitation Park and recreation Unallocated Transfers to other funds Increase (decrease) in fund balance I Soecial Revenue Funds Special revenue funds are established to account for taxes and other revenue set aside for a particular purpose. Revenue Sharing Fund - This fund was established to account for revenue received from the Federal Government in accordance with the "State and Local Fiscal Assistance Act of 1972." The City's share of revenue for 1986 was $40,159. During 1986, $40,873 was transferred to the General Fund. There was no fund balance at December 31, 1986. LRRWMO Fund - This fund was established to account for the City's share of costs relating to the Lower Rum River Water Management Organization. At December 31, 1986 the fund had a deficit fund balance of $2,676. Drainage and Mapping Fund - This fund was established to accumulate money to cover the expenses for City-wide drainage and mapping. At December 31, 1986, the fund had a fund balance of $26,9~4. Debt Service Funds Debt service funds are used to account for the accumulation of resources for payment of general obligation bonds or other general indebtedness and interest thereon. General property taxes, transfers from the ~erieral Fund and State-aids provide the primary financing for debt retirement. The long-term liability (outstanding bond principal) from the issuance of general obligation bonds and other forms of long-term debt is recorded as a liability in the General Long-term Debt Account Group. The funds included with the debt service funds are: 1978 General Obligation bonds Certificates of Indebtedness 1984 State-aid Street Bonds Caoita1 Proiects Funds Capital projects funds are established to account for proceeds from the sale of bonds and other revenue to be used for the acquisition of capital improvements by the City. Following is a brief description of each. Equipment Fund - This fund was established to accumulate resources to be used for equipment acquisition. The fund balance was $19,244 at December 31, 1986. 1986 Equipment Fund - This fund was established to account for the proceeds of certificates of indebtedness issued to pay for the acquisition of warning sirens. The fund balance was a deficit balance of $87 at December 31, 1986. Park Fund - The Park Fund was established to account for revenue, primarily park dedication fees, to be used for the acquisition and improvement of parks. The fund balance was $54,562 at December 31, 1986. State Aid Fund - This fund was established to account for aid received from the State of Minnesota for construction of certain designated streets. The fund balance was $39,877 at December 31,1986. II c c c c ~ ~ c c ~ ~ ~ ~ ~ m m c c c -0 I I I I I I I I I I I I I I I I I I I Soecial Assessment Funds Special assessment funds are established to account for assessments levied to finance improvements or services deemed to benefit the properties against which the assessments are levied. Primarily, the transactions accounted for in the funds are the receipt of bond proceeds or other sources of financing and disbursement of such proceeds for construction work done and the collection of assessments against benefitted property owners and disbursements of assessment collections for the payment of bonds and interest. The December 31, 1986 fund balance (deficit) of the various special assessment funds were as follows: Reserved for Reserved for Unreserved E!m.s1 construction debt service undesi~nated I.o.U1. 1976A & B $ 43,71 7 $ 43 ,717 1 977 A $ (363,491 ) (363,491 ) 1977B (9,473) (9,473) 1978 (86,208) (86,208) 1979 ,--'--- (79,904) (79,904) 1980A (151,498) 051,498) 1980B 1,562 1,562 1980C 189,000 189,000 1985A 049,199) (149,199) 1985B 0,756,796) (1,756,796) 1986A $ 446,707 0,715,670) (1,268,963) 1986A Refunding (91,268) (91,268) 198GB 1,366,406 (2,527,549) 0,161,143) 1986C Refunding (1,872,095) 0,872,095) Unfinanced 33 ,85 9 33,859 Sewer trunk 128,677 128,677 Water trunk 166.088 166.088 $1.846.972 S234.279 S(8.508.386) S(6.427.135) The deficits arise primarily due to the accounting treatment of assessments receivable. Generally accepted accounting principles require that assessments receivable not be reflected as revenue until collected. III -~ ~_'1" Soecia1 Assessment Funds (Continued) If the assessments receivable were recorded as revenues when assessed, the fund balances (deficits) would be as follows: lu.n!i Reserved for construction Reserved for debt service 1976A & B 1 97 7 A 1977B 1978 1979 1980A 1980B 1980C 1985A 1985B 1986A 1986A Refunding 1986B 1986C Refunding ,---~ Unfinanced Sewer trunk Water trunk $ 452,855 31,155 202,774 34,211 25,869 20,266 24,328 189,000 114,828 $ 446,707 37,260 1,366,406 225,395 33 ,85 9 $1.846.972 $1.357.941 '- Enterorise Funds Unreserved undesi~nated $ 31,872 10,020 (25,410) (443,562) 7,501 0,275,358) 128,677 166.088 $(1.400.172) ~ $ 484,727 31,155 212,794 34,211 25,869 20,266 24,328 189,000 114,828 (25,410) 3,145 44,761 91,048 225,395 33,859 128,677 166.088 $ 1.804.741 Enterprise funds are established to account for the financing of self-supporting activities of governmental units which render services to the general public on a user charge basis. The Water fund was established during 1981; a condensed summary of operations for the last three years is as follows: Operating revenue Operating expense (excluding depreciation) Depreciation Operating income (loss) Other income (expense) - Net Net loss before operating transfers Operating transfers - Net Net loss IV 1986 1985 $ 59,508 61.559 $ (2,051) 61.047 $( 63,098) 237 $ 39,679 46.509 $ (6,830) 39.218 $(46,048) 98 $(62,861) $(45,950) (I.103) 1984 $ 47,189 37.091 00,098) 19.867 (9,769) (6.361) $(16,130) $(63.964) $(45.950) $(16.130) c c c c c c c c c ~ ~ ~ ~ m m m m m c I I I I I I I I I I I I I - I - I - I - - I - - - I ~ - I - - - "" Enterorise Funds (Continued) A condensed summary of Sewer Fund operations for the last three years is as follows: 1985 1984 1986 Operating revenue Operating expense (excluding depreciation) $164,892 114.603 $ 50,289 104.204 $(53,915) 4.571 Depreciation Operating loss Other income (expense) - Net Net loss before operating transfers $(49,344) Operating transfers - Net $136,296 105.289 $ 31,007 94.144 $(63,137) 501 $130,727 107.194 $ 23,533 87.671 $(64,138) 1.534 $(62,636) $(62,604) 9 Net loss $(49.335) $(62.636) $(62.604) Fidl1cuarv Funds The Administrative Trust Fund was established to account for administrative fees charged to assessable construction projects. Annual transfers are made to the General Fund to reimburse administrative expenses. The fund balance was $182,806 at December 31, 1986. The Escrow Fund was established to account for monies held by the City as deposits for developers and others. The deposits will be refunded when the conditions set by Council are complied with. General Fixed Assets This account group is used to show the general fixed assets of the City. These assets are used in the performance of the general governmental functions. As of December 31, 1986, the general fixed assets of the City amounted to $1,719,360. General Lon~-term Debt General Obligation bonds and other forms of long-term debt that are Obligations of the City as a whole and not its individual funds are accounted for in this self-balancing account group. Long-term debt included in the account at December 31, 1986 is as follows: Original amount 1978 G.O. Bonds 1982 Certificates of Indebtedness 1983 Certificates of Indebtedness 1984 State Aid Street Improvement Bonds 1985 Certificates of Indebtedness 1986 Certificates of Indebtedness Long-term payable - Metropolitan Waste Control Commission Assessments on City property Equipment purchase Vacation payable - Governmental funds $430,000 150,000 30,000 510,000 100,000 95,000 43,018 102,741 10,115 V Outstanding December 31. 1986 $155,000 30,000 12,000 410,000 80 ,000 95,000 17,329 86,501 524 22.390 $ 90 8 .744 c c c c ~ c c ~ c m m c c c c c c c c [--------- I I I I I I I I I I I - I - I - I - I ~ I ~ I ~ I ~ I SECTION II FINANCIAL SECTION ----- ~ ~___.J c c c c c c c ~ [tJ ~ ~ ~ c c c c c c c I I I I I I I I I I I I I I I I I I I GMHCo GEORGE M. HANSEN COMPANY. P.A. A Professional Corpora/ion of Ct'rtified Public Accounrants AUDITORS' OPINION The City Council of Andover, Minnesota We have examined the general purpose financial statements of the City of Andover, Minnesota as of and for the year ended December 31, 1986, as listed in the table of contents. 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. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the City of Andover, Minnesota at December 31, 1986, and the results of its operations and the changes in financial position of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an op~n~on on the general 'purpose financial statements taken as a whole. The combining, individual fund, account group financial statements and schedules and supplemental information listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Andover, Minnesota. Such information has been subjected to the auditing procedures applied in the examination of the general purpose financial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Our examination did not include the statistical information listed in the table of contents. ~I.- ht "Ih............. ~I T!' /I, June 25, 1987 1433 UTICA AVENUE SOUTH. SUITE 175 MINNEAPOLIS. MINNESOTA 55416 61 2/S46~2S66 CITY OF ANDOVER. MINNESOTA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS DECEMBER 31. 1986 AS SETS Petty cash Cash and temporary investments Accrued interest receivable Taxes receivable Unremit ted Delinquent Accounts receivable Prepaid expense Special assessments receivable Unremitted Delinquent Deferred Due from other governmental units Inventory Property and equipment - Net Amount available in debt service funds for payment of bond principal and interest Amount to be provided by future revenues Total assets LIABILITIES AND FUND Liabilities Cash deficits Accounts payable Accrued liabilities Contracts payable Due to other funds Due to other governmental Deposits payable Deferred revenue Bonds payable Total liabilities Fund equity Contributed Invested in General Fixed Assets Retained earnings Reserved Unreserved Fund balance Reserved Unreserved Designated Undesignated Total fund equity Total liabilities and fund equity See accompanying notes to financial statements. 2 General $ 300 606,762 3,790 Governmental Fund Special Debt Capital Rpvenue Service Proiects $24,627 163 70,352 2,786 27,770 192 1,783 2,144 1 ,7 94 2,129 $ 40,000 588.871 $628.871 $712.886 $126,603 996 6,116 2,465 36,850 $133,715 24.258 $24.258 $133.715 $31.706 $173.030 $114,847 711 $113.596 $113.596 $115.558 c c c c c c ~ C C C C w m c c c c c c I I Account Groul>s Tvoes Proprietary General General Total Special Fund Type Fixed Long-term (Memorandum On1v) I Assessment Fiduciarv Entp-rnrise Af;sets Debt 1986 1985 $ 300 $ 300 I $10,396,063 $839,234 $ 75,469 12,183,605 8,757,445 93 ,450 1,647 864 101,621 75,278 I 79,254 6,329 ~~~ 31 ,978 57,095 39,034 I 277 ,833 1,402 281,379 12,646 76,645 188 78,627 150,709 I 8,155,231 18,647 8,173,878 6,656,932 500 15,704 55,183 20,071 5,539 5,539 4,145 7,701,835 $1,719,360 9,421,195 8,074,443 I $133,715 133,715 121,474 775.029 775.029 863.406 I $18.999.722 $840.881 $7.876.743 $] .719.360 $908.744 $31.378.630 $24.814.190 I $ 9,276 $ 51,696 $ 134,905 $ 50,751 2,040 $ 86,501 179,044 219,659 I 3,807 22,390 36,956 27,825 132,730 524 133,254 39,926 -/ I 17,329 24,917 26,734 $658,075 658,075 286,705 8,231,876 18,835 8,282,932 6,839,601 I 17.011.500 782.000 17.793.500 12.429.300 $25.426.857 $658.075 $ 33.958 $908.744 $27.160.374 $20.124.279 $7.695,047 $ 7,695,047 $ 6,518,450 I $1,719,360 1,719,360 1,552,447 89,579 89,579 60,518 I 58,159 58,159 36,351 $ 2,081,251 2,214,966 1,447,313 - I ~'$1.712.;,O 40,000 10,800 ( 8.508.386) $182.806 (7.598.855) (4.816.344) $(6.427.135) $182.806 $ 4.218.256 $ 4.809.535 - I $18.999.722 $840.881 $7 .876. 74~ $1.719.360 $908.744 $~1.378.630 $24.814.190 - I - ~ - I 3 - ~ - , c c c c ~ ~ ~ ~ m ~, CITY OF ANDOVER. MINNESOTA COMBINED STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND YEAR ENDED DECEMBER 31. 1986 Governmental Fund' Special Debt Revenue Service General Revenue Taxes Licenses and permits Intergovernmental revenue Special assessments Charges for services Fines and forfeits Interest Other Park dedication fees Total revenue $ 546,472 173,777 506,727 $ 5,388 $ 44.862 42,585 105,486 25,474 23,174 25,644 13,893 714 17 3,853 $1,315,161 $48,704 $154,201 Other sources Bond proceeds Transfers from Total other funds revenue and other sources 68.231 $1 .383.392 26.934 $75.638 68.825 $223.026 Expenditures General government Public safety Public works Sanitation Recreation Other una110cated Capital projects Debt service Total expenditures /..-(1.(1."" \'<' Q $10,507 $ 394,042 382,012 155,273 17,548 210,326 23,746 ~vm oD1.';) \ <)\1~f1,1 m C $210.785 $ 12,241 C $1,182,947 $10,507 66.067 40.873 $1.249.014 $51 .380 $ 134,378 $24,258 494.493 -0- $ 628.871 $24.258 Other uses Transfers to other funds Total expenditures and other uses Increase (decrease) in fund balance Fund balance (deficit) January 1 121.474 C $B~. 715 Fund balance (deficit) December 31 c c c c See accompanying notes to financial statements. 4 CITY OF ANDOVER. MINNESOTA COMBINED STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE BUDGET AND ACTUAL - GENERAL AND SPECIAL REVENUE FUND TYPES YEAR ENDED DECEMBER 31. 1986 Revenue Taxes Licenses and permits Intergovernmental revenue Charges for services Fines and forfeits Other Total revenue Other sources Transfers from other funds Total revenue and other sources Expenditures General government Public safety Public works Sanitation Recreation Other una110cated Total expenditures Other uses -./ Transfers to other funds Total expenditures and other uses Increase (decrease) in fund balance Fund balance January 1 Fund balance December 31 See accompanying notes to financial statements. 6 General Fund Bud~et Actual $ 525,592 96,624 474,151 11 ,645 14,000 51.100 $1,173,112 53.521 $1.226.633 $ 328,131 408,573 207,965 13,742 166,579 33.500 $1,158,490 $ 546,472 173,777 506,727 25,474 23,174 39.537 $1,315.161 68.231 $1.383.392 $ 394,042 382,012 155,273 17,548 210,326 23.746 $1,182,947 78 . 943 66.067 $1.237.433 $1.249.014 $ (10,800) $ 134,378 494.493 494.493 $ 483.693 $ 628.871 c c c c ~ ~ ~ ~ ~ m m c c c c c c c c I I I I Stlecial Revenue Funds Bud~et Actual I $ 8,000 $ 5,388 42,000 42,585 I 731 I $50,000 $48,704 26 .934 I $50.000 $75.638 I $ 8,000 $10,507 ~- 'I I $ 8.000 $10.507 ~' I 42.000 40.873 $50.000 $51.380 I $ -0- $24,258 -0- -0- I $ -0- $24.258 - I I ~ I - ~ - I ~ - ~ I 7 - - , Total (Memorandum on1v) Bud~et Actual $ 533,592 96,624 516,151 11,645 14,000 51 .100 $1,223,112 53.521 $1.276.633 $ 336,131 408,573 207,965 13 ,742 166,579 33.500 $1.166.490 120.943 $] .287.433 $ (10,800) 494.493 $ 483.693 $ 551,860 173,777 549,312 25,474 23,174 40 .268 $1,363,865 95.165 $].459.030 $ 404,549 382,012 155,273 17 ,548 210.326 23 .746 $1,193,454 106 . 940 $] .300.394 $ 158,636 494.493 $ 653.129 CITY OF ANDOVER. MINNESOTA COMBINED STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS YEAR ENDED DECEMBER 31. 1986 Operating revenue User charges Connection charges Meters Permit fees Penalties Other Operating expense (excluding depreciation) Personal services Supplies Other services and charges Disposal charges Capital outlay Operating income before depreciation Less depreciation On assets acquired with own funds On assets acquired from contributions Operating loss Other income (expense) Interest income Interest expense Net loss before operating transfers Operating transfers - Net Net loss Disposition of net loss Net loss Add credit from transfer to depreciation to contributions in aid to construction Income transferred to retained earnings Retained earnings, January 1 Retained earnings, December 31 See accompanying notes to financial statements. 8 Totals 1986 1985 $ 173,256 $ 130,566 25,176 27,085 13 ,720 10,350 6,755 4,965 3,844 3,009 1 .649 $ 224.400 $ 175.975 $ 44,628 $ 31,669 13 ,177 9,760 23 ,708 20,680 14,076 78,815 80.573 10.874 $ 176.162 $ 151.790 $ 48.238 $ 24.177 $ 1.083 $ 650 164.168 132.712 $ 165.251 $ 133;362 $(}17.013) $(}09.185) $ 5,443 $ 3,376-/ (635) (2.777) $ 4.808 $ 599 $(112,205) $(108,586) (1.094) $(113.299) $108.586 ) $(113,299) $(108,586) 164.168 132.712 $ 50,869 $ 24,126 96 . 869 72 .743 $ 147.738 $ 96 .86 9 c c c c C D C C ~ ~ ~ m c c c c c c c I I I I I I I I I I I I I I I I I I I ,; . CITY OF ANDOVER. MINNESOTA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS YEAR ENDED DECEMB ER 31. 1 986 Totals 1986 1985 Sources of working capital Operations Net loss Item not requ~r~ng working capital Depreciation Total provided by operations $ (113,299) $ (108,586) 165.251 133.362 $ 51,952 $ 24,776 2,433 3,479 1 .343 .945 1.804.857 Sl .398.330 $1.833.112 $1,348,270 $1,804,857 2.387 3.554 $1.350.657 $1.808.411 $ (47.673) $ 24.701 Decrease in other assets Contribution of property Uses of working capital Acquisition of property and equipment Decrease in deferred revenue Increase in working capital Elements of change in working capital Cash and temporary investments $ 19,901 $ 36,116 Accrued interest receivable 392 ( 951 ) Accounts receivable 16,003 3,762 Special assessment receivable -/ 3,988 (115) Prepaid expenses (6,459) Due from other governmental units 4,436 (5,354) Inventory 1,394 1,444 Accounts payable 3,976 (2,768) Accrued expenses (2.417) ( 974) Increase in working capital $ 47.673 $ 24.701 See accompanying notes to financial statements. 9 c CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31.1986 c Note 1 - Sl1mmarv of SiQ'nificant Accountinf' Policies c The City operates under "Optional Plan A" form of City government according applicable State of Minnesota Statutes and provides the following services: safety. public works, sanitation, recreation, public improvements, planning zoning and general administrative services. to public and c Tbe financial statements included in the report cover all commissions, boards, authorities, and bodies that are dependent on or controlled by the City's executive and legislative branches. The criteria used to determine the financial reporting entity were in conformance with NCGA Statement 3, Definini the Governmental Renortin~ Entitv. c c The accounting policies of the City of Andover conform to generally accepted accounting principles. The following is a summary of the more significant policies: ~ A. Fund Accounting ~ The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into eight generic fund types and three broad fund categories as follows: ~ ~ m GOVERNMENTAL FUNDS c General Fund - The General Fund is the primary operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. m Special revenue funds - Special revenue funds are used to account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes. c Debt service funds - Debt service funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. c Capital projects funds - Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. c Special assessment funds - Special assessment funds are used to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. c c 10 c I I I I I I I I I I I I I I I I I - I = - I ~ CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMB ER 31. 1 986 Note 1 - Summarv of Si~nificant Accountin~ Policies (Continued) A. Fund Accounting (Continued) PROPRIETARY FUNDS Enterprise funds - Enterprise funds are used to account for operations that are (1) financed and operated in a manner similar to private business enterprises--where the intent of the governing body is that the costs (expenses. including depreciation) of providing goods or services to the general pUblic on a continuing basis be financed or recovered primarily through user charges; or (2) where the governing body has decided that periodic determination of revenues earned, expenses incurred. and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. FIDUCIARY FUNDS Expendable Trust Funds - The Expendable Trust Funds are used to account for funds held in trust by the City and are accounted for in essentially the same manner as governmental funds. Agency Funds - Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or other funds. Agency Funds disclose the changes in the government's custodial responsibilities. They do not involve measurement of results of operations with assets and liabilities being measured on the modified accrual basis. B. Measurement Focus The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a fund are determined by its measurement focus. All governmental and expendable trust funds are accounted for on a spending or "financial flow" measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance is considered a measure of "available spendable resources". Governmental and expendable trust funds operating statements present increases and decreases in net current assets. Accordingly, they are said to present a summary of sources and uses of "available spendable resources" during a period. Fixed assets used in governmental fund types operations (general fixed assets) are accounted for in the General Fixed Assets Account Group, rather than in governmental funds. Public domain general fixed assets consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems, are not capitalized along with other fixed assets. No depreciation has been provided on general fixed assets. 11 c CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 c Note 1 - Sl1mmarv of Sivnificant Accountinv Policies (Continued) c B. Measurement Focus (Continued) Long-term liabilities expected to be financed from governmental funds are accounted for in the General Long-term Debt Account Group, not in the governmental funds. The single exception to this general rule is for special assessment bonds, which are accounted for in special assessment funds. c c The account groups are not "funds". They are concerned only with the measurement of financial position. They are not involved with measurement of results of operations. c All proprietary funds are accounted for on a cost of services or "capital maintenance" measurement focus. This means that all assets and all liabilities associated with their activity are included on their balance sheets. Their reported fund equity is segregated into contributed capital and retained earnings components. Proprietary fund type operating statements present increases (revenue) and decreases (expenses) in net total assets. c c -Y-- ~ C. Basis of Accounting Basis of accounting refers to when revenue and expenditures/expense; are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus applied. c c Governmental funds and trust and agency funds are accounted for using --~ the modified accrual basis of accounting. Their revenues are recognized when they become measureab1e and available. Substantially all sources of revenue are accrued. c Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred, except principal and interest on general long-term debt which is recognized when due. c c All proprietary funds are accounted for using the accrual basis of accounting. Revenues are recognized when they are earned, and expenses are recognized when they are incurred. c c c c 12 c I I I I I I I I I I I I I I I I I - I - I = - - " CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STAT~mNTS (CONTINUED) _ DECEMBER 31. 1986 Note 1 - Summarv of Si~nificant Accountini Policies (Continued) -x-- D. Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: Prior to January 1, the budget is adopted by the City Council. Formal budgetary integration is employed as a management control device during the year for the General and Special Revenue Funds. Formal budgetary integration is not employed for other funds. Budgets for the General and Special Revenue Funds, are adopted on a basis consistent with generally accepted accounting princ iples. Budgeted amounts are as originally adopted, or as amended. Budget appropriations lapse at year end. E. Assets and Liabilities 1. Cash and temporary investments - Cash available, in excess of immediate needs, is invested temporarily in money market accounts, savings certificates and other investments authorized by State Statutes. Temporary investments are stated at cost, which approximates market. J 2. Property taxes - Property tax lEvies are set by the City Council in October each year and are certified to the County for collection the following year. In Minnesota, counties act as collection agents for all property taxes. The County spreads the levies over all taxable property in the City. Such taxes become receivables of the City as of January 1. Property taxes are payable in equal installments by property owners to the County as follows: Personal property - February 28 and June 30 Real property - May 15 and October 15 The County remits the collections to the City and other taxing districts four times year, on or before January 25, April 19, July 5, and December 4. 13 CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 1 - Slrnmarv of Si~nificant Accountini Policies (Continued) E. Assets and Liabilities (Continued) Unpaid taxes at December 31 become liens on the respective property and are classified in the financial statements as delinquent taxes receivable. The receivable is fully offset by deferred revenue as it is not available to finance current expenditures. Taxes payable on homestead property (as defined by State Statutes) are partially reduced by a homestead credit. This credit is paid to the City by the State in lieu of taxes levied against homestead property. The State remits this credit in two equal installments in July and December each year. - ---- 3. Assessments receivable - Special assessments are levied against the benefitted properties for the assessable costs of special assessment improvement projects in accordance with State Statutes. The City usually adopts the assessment rolls when the individual projects are complete or substantially complete. The assessments are collectible over a term of years generally consistent with the term of years of the related bond issue. Collection of annual installments (including interest) is handled by the County in the same manner as property taxes. Property owners are allowed to prepay total future installments without interest or prepayment penalties. Special assessments receivable include the following components: Unremitted - amounts collected by Anoka-County and not remitted to the City. Delinquent - amounts billed to property owners but not paid. Deferred - assessment installments which will be billed to property owners in future years. 4. Inventory - Inventory held by the proprietary funds is stated at cost, which is lower than market on a first-in, first-out basis. The cost of inventory is recognized as an expense at the time the items are sold or used (consumption method). 5. Fixed assets/property and equipment - Fixed assets/property and equipment are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated fixed assets are valued at their estimated fair value on the date donated. 14 c c c c c c ~ ~ ~ m m m c c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 1 - Summarv of Si~nificant Accountin~ Policies (Continued) E. Assets and Liabilities (Continued) Depreciation of exhaustible fixed assets used by proprietary funds is charged as expense against their operations to arrive at a net result from operations. Subsequently, depreciation on contributed property and equipment is transferred as a reduction of contributions. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: Collection and distribution systems Machinery Furniture and equipment 50 years 20 years 3-15 years 6. Accrued liabilities include unpaid vacation pay for all City employees. Expense is recognized when the liability is accrued in the proprietary fund types. The liability for the governmental funds is recorded in the General Long-term Debt Account Group. F. Revenue, Expenditures and Expenses 1. General property taxes - Revenue is recognized in the year collected, with amounts due from the County and received early in the following year included as revenue. This has the effect of recognizing general property taxes as revenue when cash is collected because of the unavailability of the-de~inquent taxes. 2. Special assessments - Revenue of the governmental funds is recognized in the year collected, with amounts due from the County and received early in the following year included as revenue. All delinquent assessments receivable are offset by a credit to deferred revenue. This has the effect of recognizing assessment revenue when cash is collected because of the unavailability of the delinquent assessments. 3. Interest on investments is recorded as revenue in the period earned. 4. State aids are recorded as revenue when allocations are made by a statutory formula. 5. Entitlements for General Revenue Sharing are recorded as revenue for the period of the allocation. 6. Grants - Certain grants received by the City require that eligible expenditures be made in order to earn the grant. Revenue for these grants is recorded in the period in which eligible expenditures are made. 15 c CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DBCEMBER 31. 1986 c c Note 1 - Summarv of Si~nificant Accountin~ Policies (Continued) F. Revenue, Expenditures and Expenses (Continued) c 7. Utility service charges are recognized when earned. Unbil1ed utility service charges are included in receivables at year-end. c 8. Interest on bonded indebtedness is recorded as an expenditure when paid in the governmental fund types and is recorded when accrued in the proprietary fund types. ~ G. Total Columns on Combined Statements c Total columns on the combined statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analysis. Date in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Interfund eliminations have not been made in the aggregation of this data. c c H. Comparative Date Comparative data for the prior year has been presented to provide an understanding of changes in the City's financial position and operations. Certain 1984 amounts have been reclassified to conform to the 1985 presentation. ~ ~ Note 2 - Exoenditures in Excess of AporoDriations m Expenditures by $11,581. $156,759. and other uses of the General Fund exceeded the budget of $1,237,433 Revenues and other sources were in excess of the budget estimate by m Expenditures and other uses of the Special Revenue Fund-LRRWMO Fund exceeded the ~ budget of $8,000 by $2,507. ~ c c c c 16 c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 3 - Fund Deficits Special Revenue Funds The LRRWMO Fund had a fund deficit of $2,676 at December 31, 1986. This deficit is intended to be estimated by a transfer from the General Fund during 1987. Capital Projects Funds The 1986 Equipment Fund had a fund deficit of $87 at December 31, 1986. This deficit is intended to be eliminated by a transfer from the General Fund during 1987. Special Assessment Funds The December 31, 1986 fund balances (deficits) of the various special assessment funds were as follows: ,-- Reserved for Reserved for Unreserved E!m.Q. construction debt service undesi2nated Total 1 97 6A & B $ 43,71 7 $ 43 ,717 1 977 A $ (363,491) (363,491) 1977B (9,473) (9,473) 1978 (86,208) (86,208) 1979 (79,904) (79,904) 1980A (151,498) (151,498) 1980B 1,562 1,562 1980C 189,000 189,000 1985A (149,199) (149,199) 1985B (1 ,756 ,7 96 ) (1,756,796) 1986A $ 446,707 (1,715,670) (1,268,963) 1986A Retunding (91,268) ( 91 ,268) 1986B 1,366,406 (2,527,549) (1,161,143) 1986C Refunding (1,872 ,095) (1,872,095) Unfinanced 33,859 33,859 Sewer trunk 128,677 128,677 Water trunk 166.088 166.088 $1.846.972 $214.279 $(8.508.386) $(6.427.135) The deficits arise primarily due to the accounting treatment of delinquent and deferred assessments receivable. Generally accepted accounting principles require that these assessments receivable not be reflected as revenue until collected. It is anticipated that the deficits will be eliminated by assessment collections. Property taxes will be levied if necessary. 17 CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 4 - Cash and Temnorarv Investments Cash surpluses are pooled and invested in certificates of deposit, repurchase agreements and commercial paper. Investment earnings are allocated to funds on the basis of average cash balances. Investments are stated at cost, which approximates market, and are not identified with specific funds. Cash and temporary investments at year-end consists of the following: Bank deposits including certificates of deposit with maturities within one year $ 2.784.778 Commercial paper Repurchase agreements 6,927,605 2.419.526 $ 9.347.131 $12.131.909 Classification per financial statements Cash and temporary investments Cash deficits $12,183,605 (51.696) $12.131. 909 In accordance with applicable Minnesota statutes, the City maintains deposits at depository banks authorized by the City Council. Minnesota statutes require that all deposits be protected by insurance, surety bond or collateral. If collateral is pledged as protection for the deposits, the market value of the collateral must at a minimum be 110% of the deposits not covered by insurance or bonds (140% in case of mortgage notes pledged). All funds on deposit at the depositories were fully insured and/or collateralized by collateral held in safekeeping by the City's agent in the City's name. State statutes authorize the City to invest in obligations issued by the u.s. Government or obligations guaranteed by the U.S. Government or its agencies. The carrying value, market value and credit risk of the repurchase agreements and commercial paper at year-end is as follows: Cate~orv Carrying Market 1 2 3 amount value Repurchase agreements $1,665,364 $ 754,162 $2,419,526 $2,419,526 Commercial paper 6.927.605 6.927.605 6.970.165 $1.665.364 $7.681.767 $9.347.131 $9.389.691 18 c c c ~ ~ c ~ m m m m m c c c c c c c I I I I I I I I I I I I I I I I I I I .. CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 4 - Cash and , Temoorarv Investments (Continued) The City's investments are categorized above to give an indication of the level of risk assumed at year-end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the broker's or dealer's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the broker or dealer, or by its trust department or agent but not in the City's name. Note 5 - Due from Other Governmental Units The amounts due from other governmental units at December 31, 1986 is composed of the following: General Fund Anoka County - court fines Debt Service Fund State aid bonds - Interest Special Assessment Fund Unfinanced improvements - City of Ham Lake Sewer Fund - Metropolitan Waste Control Commission Note 6 - Proorietarv Fund Tvoes Prooertv and Eauioment $ 2,129 36 , 850' , 500 15.704 $ 55.183 -./ A summary of proprietary fund types property and equipment at December 31, 1986 follows: Water Sewer Furniture and equipment Machinery Collection and distribution systems $ 3,775 190,832 2.858.305 $3,052,912 (}60.472) $ 6,546 Less accumulated depreciation 5.543.352 $5,549,898 (740.503) $2.892.440 $4.809.395 19 Total $ 10.321 190,832 8.401.657 $8.602,810 (900.975) $7.701.835 CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 7 - Chan~es in General Fixed Assets A summary of changes in general fixed assets during the year follows: Balance J anua. rv 1 Additions Di snosals Land and improvements Buildings and improvements Furniture and equipment Machinery and automotive equipment $ 288,553 581,838 82 ,720 $ 3,433 678.563 84 .2 53 $1.631.674 $87,686 $ Note 8 - Bonds oavab1e Balance December 31 $ 288,553 581,838 86,153 762.816 -0- $1.719.360 The following is a summary of bond transactions of the City for the year ended December 31, 1986: General obli~ation Special assessment Bonds payable January 1 New bonds issued Bonds retired $838,000 95,000 (IS1.000) $11,591,300 7,060,000 0.639.800) Bonds payable December 31 $782.000 $17 .011 .500 Total $12,429,300 7,155,000 0.790.800) $17.793.500 Bonds payable at December 31, 1986 are comprised of the following individual is sues: -_-/ General obligation bonds: $430,000 Improvement Bonds of 1978 due in varying annual installments through February 1, 1989; interest at 5.55% to 5.70% $ 155,000 $150,000 Certificates of Indebtedness due in annual installments of $30,000 through December 31, 1987; interest at 8.00% 30,000 $30,000 Certificates of Indebtedness due in annual installments of $6,000 through October 1, 1988; interest at 7.50% $510,000 State Aid Street Bonds due in annual installments of $50,000/$60,000 through September 1, 1994; interest at 7.00% to 9.00% $100,000 Certificates of Indebtedness due in annual installments of $20,000 through May 1, 1990; interest at 7.5% $95,000 Certificates of Indebtedness due in annual installments of $19,000 through June 1, 1991; interest at 6.80% to 7.60% 20 12,000 410,000 80 ,000 95.000 $ 782.000 c c c c c ~ ~ ~ m m c c c c c c c C D I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 8 - Bonds Pavab1e (Continued) Special assessment bonds $1,635,000 General Obligation Improvement Bonds of 1976 due in varying annual installments through February 1, 1997; interest at 6.25% to 6.80% $56,000 Improvement Bonds of 1976 due in annual installments of $2,800 through November 1, 1996; interest at 5.50% to 6.75% $1,215,0000 General Obligation Improvement Bonds of 1977 due in varying annual installments through January 1, 2006; interest at 5.00% $780,000 General Obligation Improvement Bonds of 1977 due in varying annual installments through February 1, 1998; interest at 5.25% to 5.50% $270,000 General Obligation Improvement Bonds of 1978 due in varying annual installments through February 1, 1999; interest at 5.50% to 6.00% $270,000 General Obligation Improvement Bonds of 1979 due in varying'annual installments through February 1, 1995; interest at 6.50% $430,000 General Obligation Improvement Bonds of 1980 due in varying annual installments through February 1, 1991; interest at 6.40% to-~~90% $98,000 General Obligation Bonds of 1980 due in annual installments of $4,900 through February 1,2001; interest at 7.00% $4,365,000 General Obligation Improvement Bonds of 1980 due in varying annual installments through February 1, 1990, interest at 8.50% to 9.10% $300,000 General Obligation Improvement Bonds of 1985 due in varying annual installments through February 1, 2000; interest at 8.86% to 9.60% $2,350,000 General Obligation Improvement Bonds of 1985 due in varying annual installments through August 1, 2000; interest at 7.96% to 9.00% 21 $1,115,000 28,000 1,005,000 $ 570,000 205,000 195,000 270,000 73,500 3,905,000 285,000 2,300,000 CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 8 - Bonds oavab1e (Continued) Special assessment bonds $1,795,000 General Obligation Improvement Bonds of 1986 due in varying annual installments through August 1, 2001; interest at 5.00% to 7.90% $180,000 General Obligation Refunding Improvement Bonds of 1986 due in annual installments of $36,000 through August 1, 1991; interest at 6.25% - 7.25% $2,600,000 General Obligation Improvement Bonds of 1986 due in varying annual installments through October 1, 1996; interest at 4.75% - 6.30% $2,485,000 General Obligation Refunding Bond of 1986 due in varying annual installments through August 1, 2002; interest at 6.00% - 7.40% $ 1,795,000 180 ,000 2,600,000 2.485.000 $17.011 .500 The annual requirements to amortize all debt outstanding as of December 31, 1986, including interest payments of $7,635,000 are as follows: -/ Special as ses sment General obli~ation 1987 1988 1989 1990 1991 1992 - 1996 1997 - 2001 2002 - 2005 $ 5,060,564 1,781,318 1,800,851 1,781,671 1,777,605 7,888,348 3,852,833 497.701 $230,847 193,634 172,159 113,997 87,822 189,150 $24.440.891 $987.609 Total $ 5.291,411 1,974,952 1,973,000 1,895,668 1,865,427 8,077,498 3,852,833 497.701 $25.428.500 $133,715 is available in the Debt Service Funds to service the General Obligation Bonds. There are a number of limitations and restrictions contained in the various bond indentures. The City is in compliance with all significant limitations and restrictions. 22 c c c c ~ ~ c c w c m c c c c c c c c I I I I I I I I I I I I I I I I I I I c; ). CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMB ER 31. 1 986 Note 9 - Lon~-term Pavab1es Included in the General Long-term Debt Account Group are the following long-term payab1es: 1. Special assessments on City property of $86,501 are payable in varying amounts at annual interest rates of 6.25% to 10.7% through 2001. 2. Installment contract of $524 for equipment purchase with interest at 18.57% per annum. Princioa1 Total Interest 1987 ~ ~ ~ 3. Payable of $17,329 to the Metropolitan Waste Control Commission, with interest at 5.36% per annum. Princioa1 Interest Total 1987 $ 3,370 $ 930 $ 4,300 1988 3,550 750 , 4,300 1989 3,742 558 , 4,300 1990 3 ,943 357 4,300 1991 2.724 148 2.872 $17.329 $2.743 $20.072 -./ Note 10 - Chan~es in General Loni-term Debt Changes in General Long-term Debt during the year were: Balance Januarv 1 Balance December 31 Additions Deletions Bonds and certificate of indebtedness $838,000 $95,000 $151,000 $782,000 Asses sments on City property 105,214 18,713 86,501 Contracts payable Equipment purchase 3,053 2,529 524 Land acquisition Due to Metropolitan Waste Control Commission 20,527 3,19& 17,329 Accrued vacation pay Governmental funds 18.086 4.304 22.390 $984.880 $99.304 $175.440 $908.744 23 CITY OF ANDOVER. MINNESOTA NOTES TO FINANCIAL STATEMENTS (CONTINUED) DECEMBER 31. 1986 Note 11 - Retirement Plan c c c c c c ~ c The City participates in a State-wide contributory pension plan under the Public Employees' Retirement Association, Minnesota Statutes Chapter 353, which covers all employees except certain temporary or seasonal employees. The City's contribution for pension costs, under the State-wide plan was $12,451 for the year ended December 31, 1986. Under existing Minnesota law, the City has no future contingent obligations or commitments to the plan or its participants except to make continuing contributions as determined from time to time by the State legislature. The City also participates in the Federal Social Security (FICA) pension plan and contributed $21,835 for the year ended December 31, 1986. Note 12 - Se~ent Information for Enterorise Funds Segment information for the City's two enterprise funds for the year ended December 31, 1986 is as follows: Operating revenue Depreciation Operating loss Net loss Property, plant and equipment Additions Net working capital Contributions of plant and equipment Total assets Equity Contributed Retained earnings Reserved Unreserved Note 13 - Continient Liabilities Water Sewer Total $ 59,508 $ 164,892 $ 224,400 61,047 104,204 165,251 (63,098) (53,915) 017,013) (63,964) (49,335) (113,299) 611,444 733,647---./ 1,345,091 2,514 138,624 141,138 610,298 730,467 1,340,765 2,898,891 4,968,576 7,867,467 2,890,107 4,804,940 7,695,047 6,792 82 ,787 89,579 0,945) 60,104 58,159 The City participates in federally assisted grant programs, principal of which is the General Revenue Sharing Grant. These programs are subject to program compliance audits by the grantors or their representatives. The Audits of these programs for or including the year ended December 31, 1986 have not been conducted. Accordingly, the City's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial. 24 ~ C ~ m m c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA GENERAL FUND BALANCE SHEETS DECEMBER 31. 1986 AND 1985 ASSETS Petty cash Cash and temporary investments Accrued interest receivable Taxes receivable Unremitted Delinquent Accounts receivable Due from other governmental units Total assets LIABILITIES AND FUND BALANCE Liabilities Accounts payable Accrued expenses Contracts payable Due to other governmental units Deposi ts payable Deferred revenue Total Liabilities 00<> Fund balance _ ~"" "" Unreserved JI' 550)00 a Undesignated ~ .7-.5-:9<<'7" o-(~~ Designated for subsequent year~ expend~tur~;-:;;: - ~ /<9'l7 ~ Total liabilities and fund balance 25 1986 1985 $ 300 $ 300 606,762 616,737 3,790 4,687 70,352 5 ,7 87 27,770 29,104 1,783 500 2.129 1.903 $712.886 $659.018 $ 37,898 $ 40,050 10,759 7,009 2,073 7,588 6,207 80,082 27.770 29.104 $ 84.015 $164.525 $588,871 40.000 $628.871 $483,693 10.800 $494.493 S71? RRfl Sfi'i(l.018 CITY OF ANDOVER. MINNESOTA GENERAL FUND STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 (with.. comparative actual amounts f or the year ended December 31, 1985) Revenue Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeits Other Total revenue Other sources Transfers from other funds Total revenue and other sources Expenditures General government Public safety Public works Sanitation Parks and recreation Una1located Total expenditures Other uses Transfers to other funds Total expenditures and other uses Increase (decrease) in fund balance Fund balance January 1 Fund balance December 31 1986 Bud2et Actual 1985 Actual $ 525,592 $ 546,472 $ 438,223 96 ;624 173,777 130,197 474,151 506,727 441,936 11 ,645 25,474 16 ,318 14,000 23,174 18,330 51 .100 39.537 41.227 $1,173,172 $1,315,161 $1,086,231 53.521 $1.226.633 68.231 $1 .383.392 62.025 $1.148.256 $ 328,131 408,573 207,965 13,742 166,579 33.500 $1,158,490 $ 394,042 382,012 155,273 17 ,548 210,326 23.746 $1,182,947 $ 302,376 337,154 186,790 17,194 153,190 39.710 $1,036,414 78.943 66.067 53.280 $1.237.433 $1.249.014 $1.089.694 $ (10,800) $ 134,378 $ 58,562 494.493 494.493 435.931 $ 483.693 $ 628.871 $ 494.493 26 c c c c ~ c c c c ~ m c m c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA GENERAL FUND SCHEDULE OF REVENUE - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 (with comparative actual amounts for the year ended December 31, 1985) 1986 1985 Bud~et Actual Actual Taxes General property taxes $ 514,592 $ 513,960 $ 422,530 Penalties and interest 11 .000 32 .512 15.693 S 525.592 $ 546.472 S 438.223 Licenses and permits Business $ 8,834 $ / 15,647 $ 12,243 Non-business 87 .790 , 158.130 117.954 $ 96.624 $ 173.777 $ 130.197 Intergovernmental Local governmental aid $ 218,220 $ ,...218,020""- $ 194,652 Homestead credit 220,045 / 222,373/ 188,008 CDBG /23,299/ 23 ,830 State highway aid 21,120 25,297/ 20,680 ./ Insurance premium tax 14.766 - 17.738./ 14.766 $ 474.151 $ 506.727 $ 441 .936 Charges for services General government $ 9,145 $ 21,335 $ 12,043 Pub lic safety 500 1,7841 1,725 Utility funds 2.000 2.355 2.550 S 11 .645 S 25.474 $ _~16.318 Fines and forfeits $ 14.000 $ 23.174 S 18.330 Other Interest $ 20,000 $ 25,644 $ 25,823 ! Reimbursement from improvement projects 20,000 4 030 502- :21 , >t!',f<<.-- Miscellaneous 1,100 7,323 1 ,811 Refunds and reimbursements 3,000 6,570 9,563 Escrow reimbursements ~ '1 7.000 \ $ 51 .1 00 $ 39.537 $ 41.227 Total revenue $1,173,112 $1,315,161 $1,086,231 Other sources - Transfers from other funds Revenue Sharing Fund 42,000 40,873/ 42 ,937 Administrative Trust Fund 11 .521 27.358 19.088 Total revenue and other sources $1.226.633 $1 .383 .392 $1.148.256 27 CITY OF ANDOVER. MINNESOTA GENERAL FUND SCHEDULE OF EXPENDITURES - BU1'>GET AND ACTUAL YEAR ENDED DECEMBER 3". 1986 (with comparative actual amounts for the year ended December 31, 1985) 1986 1985 Bud~et Actual Actual General government Council Personal services $ 14,990 $ 16,690 $ 13,014 Other services and charges 2,400 7,624 6,280 Capital outlay 7.000 $ ~.314 $ 24.390 $ 19.294 Mayor Personal services $ 3,213 $ 3,215 $ 3,031 Other services and charges 200 177 68 $ 3.413 $ /.:3.392 $ 3.099 Elections Personal services $ 7,500 $ 7 ,321 $ 50 Supplies 600 449 13 Other services and charges 100 125 Capital outlay 1.200 1 .085 $ , 9.400 $ /7.895 $ 1.148 Administrative Personal services $ 43,059 $ 63,459 $ 39,912 Supplies 1,260 2,258 1,808 Other services and charges 1 ,520' 2,822 1,616 Capital outlay 1.000 2.182 2.477 $ 46 . 83 9 $ 7-0.721 $ 45.813 / Financial administration Personal services $ 7,873 $ 6,985 $ 6,928 Supplies 60 57 26 Other services and charges 180 355 344 Capital outlay 200 $ 8.313 $ /" 7.397 $ 7.298 , Accounting Personal services $ 26 ,977 $ 30,828 $ 25,744 Supplies 1,300 1,004 2 ,7 81 Other services and charges 330 390 325 Capital outlay 5.000 58 1.564 $ 33.607 V32.280 $ 30.414 Assessing Other services and charges $ 14.000 $/16.994 $ 14.382 I 28 c c c c c c c c c c m m m c c c c c c -------- -------- " '- I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL ( CONTINUED) YEAR ENDED DECEMBER 31. 1986 (with comparative actual amounts for the year ended December 31, 1986 Budvet Actual General government (continued) Consulting staff Auditing Legal $ 7,875 26.450 $ 34.325 Planning and zoning Personal services Supplies Other serv~ces and charges Capital outlay Other $ 11,634 2,000 1,650 600 1.000 $ 16.884 Buildings Administration building Personal services Supplies Other services and charges Capital outlay $ 3,000 4,870 11 ,730 1.000 $ 20.600 - _~--Fire department building Supplies Other services and charges Capital outlay $ 5,960 7,190 2.575 $ 15.725 Public works building Personal services Supplies Other services and charges Capital outlay $ 3,341 6,240 7,630 9.400 S 26.611 Senior citizen center Personal services Supplies Other services and charges Capital outlay $ 500 2,540 4,158 500 $ 7.698 $ / 9,400 ,,47.234 $ 56.634 $ 10,324 1,829 1,457 1,264 75 $ 14.949 $ 3,052 4,438 12,752 15.830 $ 36 .072 $ 3 ,393 8,262 666 S 12.321 $ 15,195 4,393 8,876 7 .336 S 35.800 $ 697 1 ,160 4,905 $ 6 .7 62 Total buildings $ 70.634 $ 90.955 29 1985 ) 1985 Actual $ 7,500 26 .911 S 34.411 $ 10,139 2,062 1,184 1 ,435 87 S 14 .907 $ 2,143 4,894 10,163 1.098 $ 18.298 $ 3,926 4,837 2.220 $ 10.983 $ 5.580 2,891 4,704 19 .583 $ 32.758 $ 520 1,414 1 ,481 60 $ 3.475 $ 65.514 CITY OF ANDOVER. MINNESOTA GENERAL FUND . SCHEDULE OF EXPEN])ITURES - BUDGET AND ACTUAL (CONTINUED) YEAR ENDED DECEMBER 31. 1986 (with comparative'actual amounts for the year ended December 31, 1985) 1986 1985 Budvet Actual Actual General government (continued) Engineering - staff . Personal services $ 56,921 $ 47,029 $ 47,123 Supplies 3,600 3 ,940 3,369 Other services and charges 2,205 2,691 1,599 Capital outlay 1.200 2.982 11 .7 92 S 63.926 S ..86 .642 S 63.883 Engineering - consultant Other services and charges S 2.400 $ LY. 86 9 S 2.213 ,/ Total general government S328.13l r4.042 S302.376 Public saf ety Police protection Other services and charges $201,652 $188,276 $174,553 Capital outlay 100 ;$188.276 6.955 S201.752 S181.508 Fire protection Personal services $ 53,107 $ 33,431""'- $ 29,107 Supplies 10 ,231 8,227 8,090 Other services and charges 30,450 31,133 17,911 Relief Association 21,500 24,488V' 22,266 Capital outlay 16.460 Ai~:~~~ 10.2 7 6 S131.748 $ 87.650 Protective inspection Personal serv~ces $ 39,462 $ 38,832 $ 36,183 Supplies 4,100 4,854 3,745 Other services and charges 1,702 10,165 1,135 Capital outlay 1,000 1,007 654 Other 1.000 3.177 S 47.264 S 54.858 S 44.894 Rescue service Personal services $ 10,364 $ 9,807 $ 9,689 Supplies 2,530 1,071 1,136 Other services and charges 7,030 5,003 4,663 Capital outlay 1.735 fi'/1~ :~;~ 101 S 21.659 S 15.589 30 c c c c c c c ~ ~ ~ m m m c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED) YEAR ENDED DECEmER 31. 1986 (with comparative actual amounts for the year ended December 31, Bud2'et: Public safety (continued) Animal control Personal services Supplies Other services and charges $ 50 100 6.000 $ 6.150 Civil defense Other services and charges Total public safety $408.573 Public works Streets and highways Personal services Supplies Other services and charges Capital outlay $ 42,940 16,450 14,340 49.315 S123 .045 Snow and ice removal Personal services Supplies Other services and charges Capital outlay $ 26,875 26,450 9,640 1.840 $ 64.80'5 Street signs Personal services Supplies Other services and charges Capital outlay $ 10,036 2,400 154 5.645 S 18.235 Street lighting Other services and charges Capital outlay 1986 Actual $ 232 7 .837 ~Al.069 ~ ~ 381 ~2.012 I $ 37,180 18,297 22,348 7.498 S 85.323 $ 22,650 22,022 11,113 655 S 56 .440 $ 6,266 4 ,842 415 792 S 12.315 1985 ) 1985 Actual $ 150 7.363 S 7.513 $337.154 $ 37,787 25,043 9,449_ 33.118 S105.397 $ 27,897 29,080 8,724 439 $ 66.140 $ 4,560 2,183 558 7.252 S 14.553 $ 880 $ 1 ,195 $ 700 1.000 S 1.880 S 1.195 S 700 S207 .965 ~2i5.273 S]86.790 Total public works Sanitation Storm sewers Personal services Supplies Other services and charges Capital outlay $ 6,598 3,100 2,500 90 S 12.288 31 $ 6,522 4,429 3,100 2.615 S 16.666 $ 9,592 2,268 3,288 1.512 S 16.660 CITY OF ANDOVER. MINNESOTA GENERAL FUND SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 (with comparative actual amounts for the year ended Bud~et Sanitation (continued) Diseased trees Personal services Supplies Other services and charges Capital outlay $ 628 460 266 100 1.454 S Total sanitation S 13.742 Parks and recreation Personal services $ 31,778 Supplies 13,500 Other services and charges 7,880 Community education programs 25,914 Assessments '8''1 18,417 Capital ootlay ':f~~p~i' l:~:m Una110cated Senior citizen center Metropolitan Waste Control Commission ~o $ Workers' compensation and insurance 1/"'-7:.~:rq1-4" ~ Improvement projects Miscellaneous fl.;) ~ ' Tax increment financin~ n~q,,'" . ) IT'~~~J$ . --- .9-- '?ri>:.-u" Total expend~tures CyJyvv" ;';;;'cO;V1' Sl .158.490 ,v. ,,,. V---;t/ ~y(ort<<v 4,300 23 ,200 1,000 5,000 33.500 Other uses Transfers to other funds Certificates of Indebtedness Fund Other $ 68,304 10.639 98.943 $ Total expenditures and other uses Sl .237.433 32 ( CONTINUED) December 31, 1985) 1986 Actual $ 550 $ 164 168 S 882 S S 17.548 S $ 41 ,763 $ 11,473 6,649 25,914 12,853 111.674 S 210.326 $ $ 4,300 11,620"""- 4,086 3.740 S ,23.746 S S1.182.947 $ 66,067 $ 66.067 S] .249.014 1985 Actual c c c c ~ m ~ c c m m m m c c c c c c 161 334 39 534 17.194 34,730 16,764 10,298 25,285 12,853 53.260 153.190 $ 2,261 4,300 10,645 19,583 2,921 39.710 $1.036.414 $ 53,280 $ 53.280 S] .089.694 I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA (with SPECIAL REVENUE FUNDS COMBINING BALANCE SREET DECEMBER 31. 1986 comparative totals for December 31, 1985) ~ 0""./ .,p, #-,.~ 'r~...rJr 6,7 f;9;-. -( Dr :nage-tr- and Mappin~ Revenue Sharini LRRWMO Totals 1986 1985 AS SETS Cash and temporary investments $ -0- :$24,627 $24,627 $ -0- Accrued interest receivable 163 163 Taxes receivable Unremitted $ 2,786 2,786 Delinquent 192 192 Special assessment receivable Unremitted ~ 2,144 2,144 Delinquent 1.794 1 .794 Total as se ts $ -0- $ 2.978 $2t,728 $31.706 $ -0- LIABILITIES AND FUND BALANCE Liabilities Cash deficit $ 5,462 $ 5,462 Deferred revenue 192 $ 1.794 1.986 Total liabilities $ -0- $ 5,654 $ 1,794 $ 7,448 $ -0- ~ Fund balance (deficit) Unreserved-Undesignated -0... (2.676) 26.934 24.258 -0- Total liabilities and fund balance S -0- $ 2.978 $28.728 $31.706 $ -0::. 33 CITY OF ANDOVER. MINNESOTA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMB ER 31. 1 986 (with comparative actual amounts for year ended December 31, 1985) Revenue Taxes Homestead credit Federal grant Interest Other Total revenue Other sources Transfer from special assessment funds Total revenue and other sources Expenditures Other services and charges Other uses Transfer to General Fund Total expenditures and.---- other uses Increase (decrease) to fund balance Fund balance January 1 Fund balance (deficit) December 31 Drainage Revenue and Totals Sharin~ LRRWMO Maopin~ 1986 1985 $ 5,388 $ 5,388 2,426 2,426 $40,159 40,159 $42,456 714 714 481 17 17 $40,873 $ 7 ,831 $48,704 $42,937 S26 .934 S26 .934 S40.873 $ 7.831 $26 .934 S75.638 $42.937 S10.507 S10.507 S40.873 S40.873 S42.937 S40.873 S10.507 $51.380 S42.937 $ -0- $(2,676) $26 ,934 $24,258 $ -0- -0- -0- -0- -0- -O- S -0- S(2.676) S26 .934 S24.258 S -0- 34 ~ ~ ~ m c m m m ~ ~ m c c m m m c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA SPECIAL REVENUE FUND - REVENUE SHARING FUND BALANCE SHEETS DECEMBER 31. 1986 AND 1985 1986 1985 ASSETS Cash and temporary investments $ $ -0- -0- FUND BALANCE Fund balance Unreserved - Undesignated $ $ -0- -0- STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 (with comparative actual amounts for year ended December 31, 1985) 1986 1985 Bud~et Actual Actual Revenue Federal grant $ 42,000 $ 40,159 $ 42,456 Interest 714 481 $ 42.000 $ 40.873 $ 42 .937 Other uses Transfer to General Fund $ 42.000 $ 40.873 $ 42 . 93 7 Total expenditures and other uses $ 42.000 $ 40.873 $ 42.937 Increase (decrease) to fund balance $ -0- $ -0- $ -0- Fund balance January 1 -0- -0- -0- Fund balance December 31 $ -0- $ -0- $ -0- 35 I CITY OF ANDOVER. MINNESOTA SPECIAL REVENUE FUND - LRRWMO FUND BALANCE SHEET DECEMBER 31. 1986 AS SETS Taxes receivable Unremitted Delinquent Total assets LIABILITIES AND FUND BALANCE Liabil ities Cash deficit Deferred revenue Total liabilities Fund balance (deficit) Unreserved - Undesignated Total liabilities and fund balance $ 2,786 192 ~ C C C ~ C C C C C C C C C C C C C C $ 2.978 $ 5,462 192 $ 5,654 (2.676) S 2.978 STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 Revenue General property taxes Homestead credit Other Total revenue Expenditures Other services and charges Increase (decrease) to fund balance Fund balance January 1 Fund balance (deficit) December 31 \( 36 \ -./ Bud2'et Actual $ 8,000 $ 5 ,388 2,426 17 $ 8.000 $ 7.831 $ 8.000 ~:~: $ -0- -0- -0- $ $ (2.676) -0- I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA SPECIAL REVENUE FUND - DRAINAGE AND MAPPING FUND BALANCE SHEET DECEMBER 31. 1986 ASSETS Cash and temporary investments Accrued interest receivable Special assessment receivable Unremitted Delinquent Total assets LIABILITY AND FUND BALANCE Liability Deferred revenue Fund balance Unreserved - Undesignated Total liability and fund balance $24,627 163 2,144 1.794 $28.728 $ 1,794 26.934 ill,.ill. STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL YEAR ENDED DECEMBER 31. 1986 -/ Other sources Transfer from special assessment funds Increase (decrease) to fund balance Fund balance January 1 Fund balance December 31 37 Budvet Actual $ -0- $26 .934 -0- $26,934 -0- -0- -0- $26 .934 $ $ 38 c c c ~ ~ ~ ~ m m c m ~ c c c c c c c THIS PAGE LEFT BLANK INTENTIONALLY -/ --- - >-- - -- -;..-~~~. - I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA DEBT SERVICE FUNDS COMBINING BALANCE SHEET DECEMBER 31. 1986 (with comparative totals for December 31, 1985) 1978 G.O. Bonds 1984 State Aid 1985 AS SETS Cash and temporary investments Accrued interest receivable Due from other governmental units Taxes receivable Unremitted Delinquent $126,603 $126,603 $120,106 996 ~ 996 826 ~/:r6,850 36,850 6,116 6,116 542 2.465 2.465 2.874 S136.180 S 36.850 S173.030 S124.348 Total as se ts LIABILITIES AND FUND BALANCE Liabilities Cash deficit $ 36,850 $ 36,850 Deferred revenue S 2.465 2.465 $ 2.874 Total liabilities $ 2,465 $ 36,850 $ 39,315 $ 2,874 -./ Fund balance - Reserved for debt service 133.715 133.715 121.474 Total liabil ities and fund balance S136.180 S 36.850 S173.030 S124.348 39 /. c C YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985 Q/ y'tfp/tJ- C 1/ ~~() ~ (\'~~ x/ ill 1", (.1 CITY OF ANDOVER. MINNESOTA 1978 G.O. Bonds Certificates of Indebtedness Revenue General property taxes State aid Homestead credit Interest $ 44,862 18,636 3.853 S 67.351 Other sources Transfers from other funds General Fund Capital project funds Enterprise funds $ 66,067 2.758 S 68 . 82 5 S 67.351 $ 68.825 $ 45,000 $ 56,000 10.110 12.825 $ 55,110 $ 68,825 J Total revenue and other sources Expenditures Redemption of bonds Interest and service charges Other uses Transfer to capital project funds Total expenditures and other uses S 5'5.110 S 68.825 Increase (decrease) in fund balance $ 12,241 $ -0- Fund balance January 1 121.474 -0- Fund balance December 31 S133.715 $ -0- 40 c ~ C ~ ~ c m c m c c c c c c I I I I State Aid Totals I Bonds 1986 1985 I $ 44,862 $ 42,083 $ 86,850 86,850 90 ,225 18,636 17 ,531 I 3.853 7.859 S 86.850 S154.201 S157.698 I 66,067 53,280 3,700 I 2.758 S 68.825 S 56.980 I S 86.850 S223.026 S214.678 $ 50,000 $1~~:~~~1 $139,000 I 36.850 65.805 $86,850 $210,785 $204,805 J I 721 I S 86.850 $210.785 S205.526 $ -0- $ 12,241 $ 9,152 I -0- 121.474 112.322 S S133.715 S121.474 -0- I I - I I I 41 - 42 c c c c c c ~ ~ ~ ~ ~ m m c c c c c c THIS PAGE LEFT BLANK INTENTIONALLY -./ -- -- - --- -- - ------ ~ - --~-- I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA CAPITAL PROJECTS FUNDS COMB INING BALANCE SHEET DECEMBER 31. 1986 (with comparative totals for December 31, 1985) ~ 1986 State Totals Eouinm~nt Eauinment Park Aid 1986 1985 ASSETS Cash and temporary investments $19,194 $54,277 $41 ,386 $114,847 $ 70,319 Accrued interest receivable 60 $ 21 285 345 711 1,101 Due from other governmental units 6.900 Total assets S19.244 && S54.562 S41.731 S115.558 S 78.320 LIABILITIES AND FUND BALANCE Liabilities Cash deficit Accounts payable Total liabilities Fund balance (deficit) Unreserved - Undesignated S19.244 Total liabilities and fund balance S19.244 &~ y- $108 $ 108 S 1.854 1.854 S 8.711 ~ S 1.854 S 1 .962 S 8.711 llaZ) S54.562 S39.877 Sl-13 .596 $ 69.609 ~ $115.550 $ 78.320 43 CITY OF ANDOVER. MINNESOTA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985) Revenue State aid and grants Park dedication fees Interest Other Total revenue Other sources Bond proceeds Transfers from other funds Debt service funds Capital project funds Total revenue and other sources Expenditures Capital outlay Interest and service charges Total expenditures Other uses - Transfers to other funds Debt service funds Capital project funds Total expenditures and other uses -./ Increase (decrease) in fund balance Fund balance January 1 Fund balance December 31 44 Eauinment $ 664 $ 664 S 664 $ 664 18.580 S19.244 c c c c ~ C ~ ~ c m ~ m m c c c c c c ' 1986 State Totals Eauivment Park Aid 1986 1985 1 $220,988 ' $40,530 $ 40 22 $ 783 1 $ 3 6,325 9 5.016 5.016 $ 783 $41,593 $ 8 $ 51,871 $253,128 95 95,000 100,000 ' 721 11.529 ' X783 $41.593 S 8.831 S146,871 $365,378 '\ $92,450 $ 176 $ 6,374 $ 99,000 $388,443 3,420 464 , 3.884 $95,870 $ 176 $ 6,838 $102,884 $388,443 3,700 11,529 ' $95.870 S 176 S 6.838 $102.884 5403.672 41 98 $ (87) $41,7 $ 1,993 $ 43,7 $(38 ' 13,145 37.884 69.609 107.903 S (87) [t,, � 539.877 $113.596 S 69.609 1 1 45 CITY OF ANDOVER. MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET DECEMBER 31. 1986 (with comparative totals for December 31, 1985) v~0 ~?; 1976A&B 1977A 1977B AS SETS Cash and temporary investments $1,144,377 $ 627,777 $ 548,742 Accrued interest receivable if'" 10,538 6,463 4,786 Special assessments receivable ~ \)-: fJ Unremitted t1 DD 31,802 7,269 6,999 'IV\ X Delinquent 8,801 4,324 100 Deferred 432.209 390.322 222.167 Total as se ts Sl.627.727 S1.036.155 S 782 .7 94 LIABILITIES AND FUND BALANCE Liabilities Deferred revenue Bonds payable Total liabilities $ 441,010 $ 394,646 $ 222,267 1.143.000 1.005.000 570.000 Sl.584.010 Sl.399.646 S 792.267 $ 43 ,717 S (363.491) S (9.473) S 43 .717 S (363.491) $ (9.473) Sl.627.727 S1.036.155 S 7 82 .7 94 Fund balance (deficit) Reserved for debt service Unreserved - Undesignated Total fund balance Total liabilities and fund balance ~/J \' ,J'~ o \ ~ '\ ~ 0/) f~ <l, ,{J} \' ' ~^r j ?leg!/ #t? / oat) DI '{J ~" , ~ 46 ---- - ----- =-- -~ c c c c c c c c c c C D ~ C ~ ~ ~ ~ ~ I I I I I I I I I I I I I I I I I I I $120,419 $105,773 $ 171 ,764 $ 22,766' $ 264,027 205.000 195.000 270.000 73.500 $3.905.000 285.000 $325.419 $300.773 $ 441 .7 64 $ 96.266 $3.905.000 $ 549.027 $ 1,562 $ 189,000 $( 86.208) $(79.904) $(I51.498) $(149.199) $( 86.208) $(79.904) $051.498) $ 1.562 $ 189.000 $049.199) $239.211 $220.869 $ 290.266 $ Q7.828 $4.094.000 $ 399.828 . 47 SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET (CONTINUED) DECEMBER 31. 1986 (with comparative totals for December 31, 1985 ) c c c c c c c c c c ~ c c ~ ~ c c m ~' CITY OF ANDOVER. MINNESOTA _ LIABILITIES AND FUND BALANCE", Liabilities Cash deficit Accounts payable Contracts payable Due to other funds Deposits payable Deferred revenue Bonds payable Total liabilities J $ 1,137 $ 6,119 27,300 28,696 1,731,386 1,272,108 $136,029 2.300.000 1 .795.000 180 .000 $ 4.059.823 $ 3.101 .923 $316.029 $ 446,707 $(I.756.796) (I.715.670) $(91.268) $(I .756.796) $(1.268.963) $(91.268) $ 2.303.027 $ 1. 832.960 $224.761 Fund balance (deficit) Reserved for construction Reserved for debt service Unreserved - Undesignated Total fund balance Total liabilities and fund balance 48 I I I I I I I I I I I I I I I I I I I Imorovement bonds 1986C ] 98GB Refundin~ ( , ~K'~ ()~& {5./1 --jr'. ~,;/,fl1. Sewer~ater Unfinanced truak truak 1986 1985 Totals $ 1,495,022 $ 509,552 $ 81 ,317 $128,677 $166,643 $10,396,063 $ 7,784,182 11 ,951 1,020 345 93,450 68,192 500 500 105,588 277,833 12,646 38,065 76,645 150,709 1 .252 .1 91 2.059.425 8.155.231 6.635.692 $ 2.759.164 S 2.713.650 $ 81 .817 S] 28.677 S]66.988 S18.999.722 $14.651.421 $ 134,905 $ 22.784 $ 3,255 $ 16,556 $ 900 $ 50,751 60.823 45,332 31,402 132,730 34,800 J 206,623 1,252,191 2,097,490 8,231,876 6,786,401 2.600.000 2.485.000 17.011 .500 11.591.300 S 3.920.307 $ 4.585.745 $ 47.958 $ 900 S25.426.857 S] 8.814.852 $ 1,366,406 $ 33,859 $ 1,846,972 $ 1,325,540 234,279 299 (2.527.549) (1.872.095) $128.677 $166.088 ( 8.508.386) (5.489.270) $(I .161 .143) $0.872 .095) $ 33.859 $128.677 $166.088 $(6.427.135) $(4.163.430 .' $ 2.759.164 $ 2.713.650 $ 81 .817 $128.677 $166.988 S18.999.722 $14.651.421 49 $ 89,218 c c c c c c c c c ~ ~ c m c c c c c c CITY OF ANDOVER. MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985) 1975 197 6A&B 1977A Revenue Special assessments Unit connection charges Interest Other $ 3,488 $ 91 ,620 $ 45,498 1,256 72 ,647 43,720 Total revenue $ 4,744 $164,267 Other sources Transfers from assessment funds Total revenue and other sources $ 4.744 $164.267 s 89.218 Expenditures Construction costs Reimbursements to other funds Interest and fiscal charges Other $ 299 $ 78,483 Total expenditures $ 299 $ 78,483 $ $ 51,750 51,750 Other uses Transfers to other funds Drainage and Mapping Fund Special Assessment Funds Sewer Fund ./ Total expenditures and other uses 19,473 $ 19.772 $ 78.483 S 51 .750 $(15,028) $ 85 ,784 $ 37,468 15.028 $ (42.067) (400.959) $ -0- $ 43.717 $(363.491 ) Increase (decrease) in fund balance Fund balance (deficit) January 1 Fund balance (deficit) December 31 50 ~:;....:.=---.-- ' Tmprovement Bonds 1977B 1978 1979 1980A 1980B 1980C $ 47,883 $ 20,042 $ 39,048 $ 60,560 $ 5,918 $ 312,461 $ 264,170 33 6,806 6,134 5,073 4,641 218,002 45 $ 81 $ 26,848 $ 45,182 $ 65,633 $ 10,559 $ 530,463 $ 310,149 2.184.556 $ 81.586 S 26.848 S 45.182 S 65.633 S 10.559 S 2.715.019 S 310.149 $ 10,091 ' $ 31,357 $ 12,228 $ 13,288 $ 19,449 $ 5 348,383 $ 97,794 58.676 ' $ 31057 $ 12,228 $ 13,288 $ 19,449 $ 5,316 $ 417,150 $ 97,294 ' $ 100,000 1,664 ' S� 31,357 S 12,228 $ 13.288 S 19.449 S 5.316 S 518.814 S 97.794 $ 50,229 $ 14,620 $ 31,894 $ 46,184 $ 5,243 $ 2,196,205 $ 212,355 (59.702) (100,828 (111.798) (197.682) (3.681) (2. 007.205) (361.554) - ' 51 CITY OF ANDOVER. MINNESOTA SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE (CONTINUED) YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985) Revenue Special assessments Unit connection charges Interest Other Total revenue Other sources Transfers from assessment funds Total revenue and other sources Expenditures Construction costs Reimbursements to other funds Interest and fiscal charges Other Total expenditures Other uses Transfers to other funds Drainage and Mapping Fund Special Assessment Funds Sewer Fund Total expenditures and other uses Increase (decrease) in fund balance Fund balance (deficit) January 1 Fund balance (deficit) December 31 - ~----=- - 1986A 1985B 1986A Rl'!fundine- $ 297,647 $ 187,946 $ 46,558 54,240 34,075 4,538 $ 351 ,887 $ 222,021 $ 51,096 $ 351 .887 $ 222.021 $ 51.096 $ 1,307,029 $ 1,093,602 187 , 942 21 ,? 19 2.800 $1,494,971 $ 1,093,602 $ 24,519 189,796 $ 1.494.971 $ 1.283.398 $ 24.519 $(1,143,084) $(1,061,377) $ 26,577 (613.712) Cl65.763) (117.845) $ ( 1 .756 .7 96 ) $ Cl.227 .140) $ (91.268) 52 c c c c c c C D ~ C m m c c c c c c ~ I I I I Improvement bonds 1986C Sewer Water Totals I 1986B Refundinli Unfinanced trunk trunk 1986 1985 I $ 35,357 $ 312,461 $ 3,000 $ 1,773,657 $ 2,183,015 $ 31,600 31,600 70,158 42,195 1 ,121 574,130 481,135 I 3.028 $ 77 ,552 $ 312,461 $ 3,000 $ 32,721 $ 2,379,387 $ 2,737,336 I 100.000 $128.677 127.976 2.541.209 247.550 $ 77.552 $ 312.461 $103.000 $128.677 $160.697 $ 4.920.596 $ 2.984 .886 I $ 1,127,705 $ 68,087 $ 3,606,514 $ 1,296,358 71 ,385 760 ,760 I , 61.476 --- $ 1,127,705 $ 68,087 $ 4,535,998 $ 2,128,503 I 247,550 -./ 19,473 I 66,857 $ 2,184,556 2,541,209 1.664 $ 1 .194.562 $ 2.184.556 $ 68.087 $ 7.098.344 $ 2.376.053 I $0,117,010) $0,872,095) $ 34,913 $128,677 $160,697 $(2,177,748) $ 608,833 -0- -0- (1.054) -0- 5.391 (4.163.430 (4.772.264) I $(1.117.010) $0.872 .095) $ 33 .859 $128.677 $166.088 $(6.341.179) $(4.163.431) I I I I I 53 " CITY OF ANDOVER. MINNESOTA ENTERPRISE FUNDS COMBINING BALANCE SHEET DECEMBER 31. 1986 (with comparative totals for December 31, 1985) ASSETS Current assets Cash and temporary investments Accrued interest receivable Accounts receivable Special assessments receivable Due from other governmental units Inventory Total current assets Property and equipment Furniture and equipment Machinery Collection and distribution systems Less accumulated depreciation Property and equipment-Net Other asset Special assessments receivable Total assets LIABILITIES AND FUND EOUITY Current liabilities Cash deficit Accounts payable Accrued expenses Total current liabilities Other liability Deferred revenue - connection charges Fund equity Contributed Retained earnings Reserved for equipment $ Reserved for system improvements Unreserved - Undesignated Total fund equity Total liabilities and fund equity Water Sewer $ 75,469 $ 61 803 10,127 44,410 4,148 15,704 5.539 $ 15 .727 $ 140.534 $ 3,775 190,832 2.858.305 $3,052,912 (I60 .472) $2.892.440 $2.908.167 J $ 6,546 5.543.352 $5,549,898 (740.503) $4.809.395 $ 18.647 1986 $ 75,469 864 54,537 4,148 15,704 5.539 $ 156.261 $ 10,321 190 ,832 8.401.657 $8,602,810 ( 90 0 . 975 ) $7.701.835 $ 18.647 Totals w c c c c c c c c c m c c c ~ ~ c ~ c $4.968.576 $7.876.743 1985 $ 46,477 472 38,534 160 11 ,268 2.701 $ 101.056 $ 5,996 190,832 7.060.891 $7,257,719 (735.723) $6.521.996 $ 21.080 $6.644.132 $ 9,276 $ 9,276 1,683 $ 357 2,040 $ 4,861 2.254 1.553 3.807 2.730 $ 13.213 $ 1.910 $ 15.123 $ 7.591 $2.890.107 6,792 0.945) $ 4.847 $2.894.954 $2.908.167 54 $ 18.835 $4.804.940 $ 82 ,787 60.104 $ 142.891 $4.947.831 $4.968.576 $ 18.835 $7.695.047 $ 6,792 82 ,787 58.159 $ 147.738 $ 7 . 842 .785 $7.876.743 $ 21.222 $6.518.450 $ 6,361 54,157 36.351 $ 96.869 $6.615.319 $6.644.132 I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985) Totals Water Sewer 1986 ] 985 Operating revenue User charges $ 38,191 $135,065 $ 173,256 $ 130,566 Connection charges 25,176 25,176 27,085 Meters 13,720 13,720 10,350 Permit fees 6,755 6,755 4,965 Penalties 842 3,002 3,844 3,009 Other 1.649 1.649 $ 59.508 $164.892 $ 224.400 $ 17 5 .975 Operating expense (excluding depreciation) Personal services $ 28,546 $ 16,082 $ 44,628 $ 31,669 Supplies 7,662 5,515 13,177 9 ,760 Meters, etc. 11,275 12,433 23,708 10,874 Other services and charges 14,076 14,076 20,680 Disposal charges 80.573 80.573 7 8 . 815 $ 61.559 $114.603 $ 176.162 $ 151.798 Operating income (loss) before depreciation $ (2.051) $ 50.289 $ 48.238 $ 24.177 Less depreciation On assets acquired with own funds $ 441 $ 642 $ 1,083 $ 650 On assets acquired from contributions 60.606 103.562 164.168 132 .712 $ 61.047 $104.204 $ 165.251 $ 133.362 Operating loss $(63.098) $(53.915) $(]17.013) $(109.185) Other income ( expense) Interest income $ 448 $ 4,995 $ 5,443 $ 3,376 Interest expense (211 ) ( 424) (635) (2.777) $ 237 $ 4.571 $ 4.808 $ 599 Net loss before operating transfers $(62,861) $(49,344) $(112,205) $(108,586) Operating transfers - Net (I .1 03 ) 9 (1.094) Net loss $(63.964) $(49.335) $(I13.299) $108.586) Disposition of net loss q' 'I Net loss $ ( 63 ,.6-94) $(49,335) $(113,299) $(108,586) Add credit from transfer of depreciation to contributions in aid to construction 60.606 103.562 164.168 132.712 Income (loss) transferred to retained earnings $ (3,358) $ 54,227 $ 50,869 $ 24,126 Retained earnings January 1 8.205 88.664 96 .869 72 .743 Retained earnings December 31 $ 4.847 $] 42 .891 $ 147.738 $ 96.869 55 CITY OF ANDOVER. MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED DECEMBER 31. 1986 (with comparative totals for year ended December 31, 1985) Totals Water S,"wer 1986 1985 Sources of working capital Operations Net loss $(63,964) $(49,335) $ (113,299) $ (108,586) Item not requiring working capital - Depreciation 61.047 104.204 165.251 133.362 $ (2,917) $ 54,869 $ 51 ,952 $ 24,776 Decrease in other assets 2,433 2,433 3,479 Contribution of property 610.298 733.647 1.343 .945 1.804.857 S607.381 S790 .949 Sl.398.330 SI .833.112 Uses or working capital Acquisition of property and equipment $611 ,444 $736,826 $1,348,270 $1,804,857 Decrease in deferred revenue 2.387 2 .387 3.554 S611.444 S739.213 S1 .350.657 Sl.808.411 Increase (decrease) in working capital S (4.063) S 51.736 S 47.673 $ 24.701 Elements of change in working capital Cash and temporary investments $ (12,786) $ 32,687 $ 19,901 $ 36,116 Accrued interest receivable 12 380 392 ( 951) Accounts receivable 5,188 10,815 16,003 3 ,7 62 Special assessment receivable 3,988 3,988 (115) Prepaid expense (6,459) Due from other governmental units 4,436 4,436 (5,354) Inventory 1 ,394 1 ,394 1,444 Accounts payable 2,993 983 3,976 (2,768) Accrued expenses ( 864) 0.553) (2.417) ( 974) Increase (decrease) in working capital $ (4.063) S 51 .736 $ 47.673 S 24.701 56 c c c c c c c c ~ e- m c m m c c c c c ~ -------_._~ ---- -- -'-~ = -"'- I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA WATER FUND BALANCE SHEETS DECEMBER 31. 1986 AND 1985 AS SETS Current assets Cash and temporary investments Accrued interest receivable Accounts receivable Inventory Total current assets Property and equipment Furniture and equipment Machinery Distribution system Less accumulated depreciation Property and equipment - Net Total assets LIABILITIES AND FUND EOUITY Current liabilities Cash deficit Accounts payable Accrued expenses Total current liabilities ./ Fund equity Contributed Retained earnings Reserved for equipment Unreserved - Undesignated Total fund equity Total liabilities and fund equity 57 1986 1985 $ 3,510 $ 61 49 10,127 4,939 5.539 4.145 $ 15.727 $ 12.643 $ 3,775 190,832 2.858.305 $3,052,912 (160.472) $2.892.440 $2.908.167 $ 2,629 190,832 2.248.007 $2,441 ,468 (99.425) $2.342.043 $2.354.686 $ 9,276 1,683 $ 4,676 2.254 1.390 $ 13.213 $ 6.066 $2.890 .107 $ 6,792 0.945) $ 4.847 $2.894.954 $2.908.167 $2.340.415 $ 6,361 1.844 $ 8.205 $2.348.620 $2.354.686 I i I, I CITY OF ANDOVER. MINNESOTA 1986 1985 $ 38~191 $ 23,108 788 13 ;720 10,350 6,755 4,965 842 468 $ 59.508 $ 39.679 $ 28,546 $ 19,551 7,662 6,109 11,275 10,874 14.076 9.975 S 61.559 $ 46.509 S (2.051) $ (6.830) $ 441 $ 326 60.606 38.892 $ 61.047 $ 39.218 $(63.098) $(46.048) c c c c c c c c c c c c c c c c c c c WATER FUND STATEMENTS OF REVENUE. EXPENSE AND RETAINED EARNINGS YEARS ENDED DECEMBER 31. 1986 AND 1985 $(63,964) $(45,950) 60.606 38.892 earnings $ (3,358) $ (7,058) 8.205 15.263 $ 4.847 $ 8.205 Operating revenue User charges Connection charges Meters Permit fees Penalt~es Operating expense (excluding depreciation) Personal services Supplies Meters, etc. Other services and charges Operating income (loss) before depreciation Less depreciation On assets acquired with own~unds On assets acquired from contributions (~_'!<'k,'"ae.-.e) Operating loss Other income (expense) Interest income Interest expense Net loss before operating transfers Transfer to equipment funds Net loss Disposition of net loss Net loss Add credit from transfer of depreciation to contributions in aid to construction Income (loss) transferred to retained Retained earnings January 1 Retained earnings December 31 58 $ $ 181 ( 83) $ 98 $ 448 (211) (237) $(62,861) $(45,950) 1.103 $(63.694) $(45.950) I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA WATER FUND STATEMENTS OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31. 1986 AND 1985 1984 1985 Sources of working capital Operations Net loss Item not requiring working capital Depreciation $(63,964) $ (45,950) 61.047 39.218 $ (2,917) $ (6,732) 610.298 1.561.125 S607.387 Sl.554.393 $611.444 $1.561.125 S (4.063) $ (6.732) Contribution of property Uses of working capital Acquisition of property and equipment Increase (decrease) in working capital Elements of change in working capital Cash and temporary investments Accrued interest receivable Accounts receivable Inventory Accounts payable Accrued expenses $(12,786) 12 5,188 1 .394 2,993 ( 864) $ (4.063) $ (7,128) (596) 2,702 1,444 (2,583) ( 571) Increase (decrease) in working capital $ (6.732) 59 CITY OF ANDOVER. MINNESOTA SEWER FUND BALANCE SHEETS . DECEMBER 31. 1985 AND 1984 AS SETS Current assets Cash and temporary investments Accrued interest receivable Accounts receivable Due from other governmental units Special assessments receivable Total current assets Property and equipment Furniture and equipment Collection system Less accumulated depreciation Property and equipment - Net Other asset - less current portion above Special assessments receivable Total as se ts LIABILITIES AND FUND EOUITY Current liabilities Cash deficit Accounts payable Accrued expenses Total current liabilities Other liability Deferred revenue - Connection charges Fund equity Contributed Retained earnings Reserved for system improvements Unreserved - Undesignated Total fund equity Total liabilities and fund equity 60 1986 $ 75,469 803 44 ,41 0 15,704 4.148 $ 140.534 $ 6,546 5.543.352 $5,549,898 (740 .503) $4.809.395 $ 18.647 $4.968.576 1985 c c c c c c c c c c c c c c c c c c ~ $ 42,967 423 33,595 11,268 160 $ 88.413 $ 3,367 4.812.884 $4,816,251 (636.298) $4.179.953 $ 21.080 $4.289.446 $ 185 $ 357 1,340 1.553 $ 1.910 $ 1.525 $ 18.835 $4.804.940 $ 82 ,787 60.104 $ 142.891 $4 . 947 .831 $4.968.576 --- $ 21.222 $4.178.035 $ 54,157 34.507 $ 88.664 $4.266.699 $4.289.446 I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA SEWER FUND STATEMENTS OF REVENUE. EXPENSE AND RETAINED EARNINGS YEARS ENDED DECEMBER 31. 1986 AND 1985 1986 1985 $135,065 $107,458 25,176 - 26,297 3,002 2,541 1.649 $164.892 $136.296 $ 16,082 $ 12,118 5,515 3,651 12,433 10,705 _7 80.573 7 8 . 815 $114.603 $105.289 $ 50.289 $ 31 .007 $ 642 $ 324 103.562 93.820 $104.204 $ 94.144 $(53.915) $(63.137) $ 4,995 $ 3,195 ( 424) (2.694) $ 4.571 $ 501 $(49.344) $(62.636) $ 1,664 I (I .655) $(49.335) $(62.636) $( 49 ,335) $(62,636) 103.562 93.820 $ 54,227 $ 31,184 88.664 57.480 $142.891 $ 88.664 Operating revenue User charges Connection charges Penalties Other ,4 ~ c... :!> 7 .).:YI ... !J '7 .2 S I. I Operating expense (excluding Personal services Supplies Other services and charges Disposal charges depreciation) /S::<y3 , 5515 , g~ 00"1 Operating income before depreciation Less depreciation On assets acquired with own funds On assets acquired from contributions' " Operating loss Other income (expense) Interest income Interest expense -/ Net loss before operating transfers Transfers from other funds Transfers to other funds Net loss Disposition of net income (loss) Net income (loss) Add credit from transfer of depreciation to contribution in aid to construction Income transferred to retained earnings Retained earnings January 1 Retained earnings December 31 61 1986 1985 c c c c c c c ~ c c m m m c c c c c c CITY OF ANDOVER. MINNESOTA SEWER FUND STATEMENTS OF CHANGES IN FINANCIAL POSITION YEARS ENDED DECEMBER 31.1986 AND 1985 Sources of working capital Operations Net loss Item not requiring working capital Depreciation Increase in working capital $(49,335) $(62,636) 104.204 94.144 $ 54,869 $ 31,508 2,433 3,479 733.647 243.732 $790.949 $278.719 $733,647 $243,732 3,179 2.387 3.554 $739.213 $247.286 $ 51.736 $ 3] .433 Decrease in other assets Contribution of property Uses of working capital Acquisition of property and equipment Increase in other assets Decrease in deferred revenue Elements of change in working capital Cash and temporary investments Accrued interest receivable j Accounts receivable Special assessment receivable Prepaid expense Due from other governmental units Accounts payable Accrued expenses Increase in working capital $ 32,687 $ 43,244 380 (355) 10,815 1,060 3,988 (115) (6,459) 4,436 (5,354) 983 (185 ) (I.553) (403) $ 51 .736 $ 31.433 62 I I I I I I I I I I I I I I I I I I I LIABILITY AND FUND BALANCE Liability Deposits payable Fund balance Unreserved-Undesignated Total liability and fund balance CITY OF ANDOVER. MINNESOTA FIDUCIARY FUNDS COMB INING BALANCE SHEET DECEMBER 31. 1986 S1 82.806 S182.806 63 $658,075 -0- S658 .075 $658,075 182 .806 $840.881 CITY OF ANDOVER. MINNESOTA EXPENDABLE TRUST FUND ADMINISTRATIVE TRUST FUND STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE YEAR ENDED DECEMBER 31. 1986 Revenue Interest earnings $ 12,045 Other sources Transfers from special assessment funds 78.495 $ 90.540 Other uses Transfers to General Fund Total other financing uses $ 27.358 . ~ 27 '.358 $ 63,182 Increase in fund balance Fund balance January 1 119.624 Fund balance December 31 S182.806 AGENCY FUND ESCROW FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES YEAR ENDED DECEMBER 31. 1986 Balance Balance January 1, December 31, 1986 Additions Deductions 1986 Cash $ -0- $693.499 $35.424 $658.075 Deposits payable $ -0- $693.499 $~ 5 .424 S658.075 64 c c c c c c c ~ ~ C ~ m m c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA STATEMENTS OF GENERAL FIXED ASSETS DECEMBER 31. 1986 AND 1985 General Fixed Assets Land and improvements Buildings and improvements Furniture and equipment . Machinery and automotive equipment Total General Fixed Assets Investment in General Fixed Assets , .l--- (/ -\ .~' .'i , (; 65 1986 $ 288,553 581,838 86,153 762.816 S1. 719.360 S1. 719.360 -/ 1985 $ 288,553 581,838 82,720 678.563 Sl.631.674 Sl.631.674 CITY OF ANDOVER. MINNESOTA STATEMENTS OF GENERAL LONG-TERM DEBT DECEMBER 31. 1986 AND 1985 1986 1985 Amount available and to be provided for payment of general long-term debt Amount available in debt service funds Resources to be provided by future revenues $133,715 775.029 $121,474 863.406 Total $908.744 $984 .880 General long-term debt payable Bonds and Certificates of Indebtedness G.O. Improvement (Building and Equipment) Bonds of 1978 1982 Certificates of Indebtedness 1983 Certificates of Indebtedness 1984 State Aid Street Bonds 1985 Certificates of Indebtedness 1986 Certificates of Indebtedness $155,000 $200,000 30,000 60,000 12,000 18,000 410,000 460,000 80,000 100,000 95.000 $782,000 $838,000 86,501 105,214 524 3,053 17,329 20,527 funds 22 ..390 18.086 $908.744 $984 .880 Accounts payable - Assessments on City property Contracts payable Equipment purchase ~ Due to other governmental units Metropolitan Waste Control Commission Accrued liability - Vacation pay - Governmental Total 66 c c c c c c c c ~ ~ m ~ m c c c c c c I I I I I I I I I I ~I I I I I I I I I CITY OF ANDOVER. MINNESOTA SCHEDULE OF CASH. TEMPORARY INVESTMENTS AND SECURITY FOR DEPOSITS DECEMBER 31. 1986 First National Bank of Anoka Checking account Money market account Certificates of deposit Investments Dean Witter Commercial Paper Certificate of deposit Marquette Bank Commercial Paper Repurchase agreement Piper, Jaffrey and Hopwood Commercial Paper National City Bank Repurchase agreement $ 384,739 144,761 2.155.278 $ 2.684.778 $ 484,089 100.000 $ 584.089 $ 4,644,119 754.162 $ 5.398.281 $ 1 .799.397 $ 1.665.364 $12.131.909 Face amount as securities pledged as collateral bv deoositorv $5.722.022 Additional security of $100,000 each for demand deposits and time deposits is provided by the Federal Deposit Insurance Corporation. Summary cash balances Cash and temporary investments Cash deficits 67 $12,183,605 (51.696) $12.131.909 CITY OF ANDOVER. MINNESOTA COMBINED SCHEDULE OF INDEBTEDNESS DECEMBER 31. 1986 Final Interest Issue maturity rates da.te date Bonded indebtedness Special assessment bonds General Obligation Improvement Bonds of 1976A 6.20-6.80 08/01/76 02/01/97 Improvement Bonds of 1976B 5.00-6.75 11/01/76 11/01/96 General Obligation Improvement Bonds of 1977A 5.00 03/01/77 01/01/96 General Obligation Improvement Bonds of 1977B 5.25-5.50 10/01/77 02/01/99 General Obligation Improvement Bonds of 1978 5.25-6.00 11/01/78 02/01/99 General Obligation Improvement Bonds of 1979 6.50 11/01/79 02/01/95 General Obligation Improvement Bonds of 1980A 6.10-6.90 06/01/80 02/01/91 General Obligation Improvement Bonds of 1980B 7.00 08/01/80 02/01/01 General Obligation Improvement Bonds of 1980C 8.50-9.10 10/01/80 02/01/02 General Obligation Improvement Bonds of 19-52-,,,q,'ll 7.00 10/01/83 10/01/86 General Obligation Improvement Bonds of 1985A 8.86-9.60 08/01/85 02/01/00 General Obligation Improvement Bonds of 1985B 7.96-9.00 08/01/85 08/01/00 General Obligation Improvement Bonds Series 1986A 5.00-7.90 07/01/86 08/01/01 General Obligation Improvement Bonds Special Series 1986A .~ 6.25-7.25 08/01/86 08/01/91 General Obligation Improvement Bonds Series 1986B 4.75-6.30 10/01/86 10/01/96 General Obligation Refunding Bond Series 1986C 6.00-7.40 08/01/86 08/01/02 c c ~ Long-term payab1es Metropolitan Waste Control Commission Special assessments on City owned property Equipment purchase 5.369 6.25-10.70 18.57 1971 Various 1982 1991 2001 1987 c ~ C ~ C C C C C C C C C C C C General obligation bonds General Obligation Improvement Bonds of 1978 (building and equipment) 1981 Certificates of Indebtedness 1983 Certificates of Indebtedness General Obligation State Aid Street Bonds 1985 Certificates' of Indebtedness 1986 Certificates of Indebtedness 5.55-5.70 11/01/78 02/01/89 8.00 12/31/81 12/31/87 6.75-9.00 10/01/83 10/01/88 of 1984 6.75-9.00 09/01/84 09/01/94 7.50 11/01/85 05/01/90 6.80-7.60 06/01/86 06/01/91 Total Bonded Indebtedness Total Indebtedness 68 I I I I I I I I I I I I I I I I I I I lndebt~dnesg Due in 1987 Authorized and issued Redeemed Outstandin~ Princinal Interest $ 1,635,000, $ 520,000 $ 1,115,000 $ 80 ,000",\$ 71,500 ~" 56,0001 28,000 28,000 2,800r'" 1,820 --'t., 1,215,000' 210,000 1,005,000 30,OOOPh 50,250--- Ii 780,000' 210,000 570,000 35,000"- f\. 29,474~"l 270,000' '65,000 205,000 10,000/"-- 11,663 f' 270,000' 75,000 195,000 15,000 ""- 12,188/ VI 430,000' 160,000 270,000 45,000/"'- 16,678/ '\-p~ 98,000/ 24,500 73,500 4,900/)--. 4,974..-'-'1. ~ 4,365,0001 460,000 3,905,000 3,385,000/",-- ~-'._-- l,015,OOOY 1,015,000 - ;Z #-,10 a 300,000/ 15,000 285,000 15.000~ l~ 24,731/ '\, 2,350,000/ 50,000 2,300,000 50,000/ ,., 184,160/ 1,795,000/ 1,795,000 75,000' v', 135,121/ " 180,000 180,000 \( 36,000" ,~. 12,060/ 2.600,000, 2,600,000 190,000" '., 147,820"/" 2 .485 .000/ 2.485.000 X 168.98CV"--. S19.844.000 S2.832.500 S17 .011 .500 S3.973.700 S1.086.864 $ 430,000' $ 275,000 $ 155,0000/ $ 50,0001($ 7,278;--' 150,000/ 120,000 30,000/-. 30,OOO/"" 2 ,400--'" 30,000/ 18,000 12,000.... 6,000/" 90 0 ""-C 510,000' 100,000 410,OOOv 50 ,OOO~ 33,350/,>'- 100,000/ 20,000 80 ,000 v 20,000-'" 5,725/" ,4-(15;:<:<s.a 0 95.000/ 95.000./ 19.000~(' 6.1941" S 1.315.000 S 1)3~ .000 S 782.000 S 175.000 S 55.847 S21..159..000 S~ .365 .500 S17.793.500 S4.148.700 Sl.142.711 $ 43,018 $ 25.689 $ 17 ,329 $ 3,370 $ 930 102,741 16,240 86,501 4,912 7,942 . 10.115 9.591 524.,1 524 12 S 155.874 $ 51.520 S 104.354 S 8.806 S 8.884 S21.314.874 S3 .417 .020 S17 .897 .854 S4.157.506 S1 , 111.S95 1/ I 5/,5'<75 - 69 CITY OF ANDOVER. MINNESOTA SCHEDULE OF BONDS PAYABLE DECEMBER 31. 1986 General Obligation Improvement Bonds of 1976 February 1, 1987 February 1, 1988 February 1, 1989 February 1, 1990 February 1, 1991 February 1, 1992 February 1, 1993 February 1, 1994 February 1, 1995 February 1, 1996 February 1, 1997 Improvement Bonds of 1976 $2,800 per year $2,800 per year General Obligation Improvement Bonds of 1977 $30,000 per year $35,000 per year $40,000 per year $45,000 per year $50,000 per year $55,000 per year $60,000 per year $65,000 per year $70.000 per year Issue date 08/01/76 11/01/76 03/01/77 Maturity date 11/01/87-91 11/01/92-96 J 01/01/88 01/01/89-90 01/01/91-92 01/01/93-94 01/01/95-96 01/01/97-98 01/01/99-2000 01/01/01-03 01/01/04-06 70 Interest rat~ 6.25% 6.30 6.40 6.50 6.60 6.70 6.80 6.80 6.80 6.80 6.80 6.25 6.75 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 Annual serial c c c c c c c c c c c c c c c c c c c navments $ 80 ,000 85 ,000 90 ,000 95,000 100,000 110,000 95,000 105,000 110,000 120,000 125.000 $ 1.115.000 $ 14,000 14.000 $ 28.000 $ 30,000 70,000 80 .000 90 ,000 100,000 110,000 120,000 195,000 210.000 $ 1.005.000 ~ I CITY OF ANDOVER. MINNESOTA I SCHEDULE OF BONDS PAYABLE (CONTINUED) DECEMBER 31. 1986 I I Annual Issue Maturity Interest serial date date ra.te navments I Special assessment bonds (continued) General Obligation Improvement Bonds of 1977 10/01/77 I $35,000 per year 02/01/87 5.25% $ 70,000 $40,000 per year 02/01/89-90 5.25 80 ,000 February 1, 1991 02/01/91 5.25 45,000 I February 1, 1992 02/01/92 5.20 45,000 February 1, 1993 02/01/93 5.25 50,000 February 1, 1994 02/01/94 5.30 50.000 $55.000 per year 02/01/95-96 5.40 110,000 I $60,000 per year 02/01/97-98 5.50 120.000 $ 570.000 I General Obligation Improvement Bonds of 1978 01/01/78 $10,000 per year 02/01/87 5.50 $ 20,000 I February 1, 1989 02/01/89 5.50 15,000 February 1, 1990 02/01/90 5.60 15,000 February 1, 1991 02/01/91 5.70 15,000 February 1, 1992 02/01/92 5.75 15,000 I February 1, 1993 02/01/93 5.80 15,000 February 1, 1994 02/01/94 5.90 15,000 - ./ February 1, 1995 02/01/95 6.00 15.000 I $20,000 per year 02/01/96-99 6.00 80 .000 $ 20'5.000 I General Obligation Improvement Bonds of 1979 11/01/79 $15,000 per year 02/01/87 6.50 $ 15,000 $20,000 per year 02/01/88-91 6.50 80 ,000 I $25,000 per year 02/01/92-95 6.50 100.000 $ 195.000 I General Obligation Improvement Bonds of 1980 06/01/80 February 1, 1987 6.50 $ 45,000 February 1, 1988 6.60 50,000 I February 1, 1989 6.70 50,000 February 1, 1990 6.80 60,000 February 1, 1991 6.90 65.000 I $ 270.000 I I 71 CITY OF ANDOVER. MINNESOTA SCHEDULE OF BONDS PAYABLE (CONTINUED) DECEMBER 31. 1986 Annual Issue Maturity Interest serial dat@ date ratp navments Special assessment bonds (continued) General Obligation Bonds of 1980 08/01/80 $4,900 per year 02/01/87-2001 7.00% S 73.500 General Obligation Improvement Bonds of 1980 10/01/80 February 1, 1987 8.50 $ 3,385,000 February 1, 1988 8.50 160,000 February 1, 1989 8.50 170,000 February 1, 1990 8.50 190.000 $ 3.905.000 General Obligation Improvement Bonds of 1985 08/01/85 $15,000 per year 02/01/87-90 8.86% $ 60,000 $20,000 per year 02/01/91-95 9.07 100,000 $25,000 per year 02/01/96-00 9.60 125.000 S 285.000 Gener al Obligation Improvement Bonds of 1985 08/01/85 $50,000 per year 08/01/87 7.96 $ 50,000 August 1, 1988 08/01/88 8.04 135,000 August 1, 1989 08/01/89 8.13 150,000 $170,000 per year 08/01/90-91 8.21 340,000 August 1, 1992 08/01/92 8.39 180 ,000 August 1, 1993 08/01/93 8.47 190,000 $220,000 per year 08/01/94-95 8.54 440 ,000 $180,000 per year 08/01/96-97 8.74 360,000 August 1, 1998 08/01/98 8.93 165,000 August 1, 1999 08/01/99 9.00 160,000 August 1, 2000 08/01/00 9.00 130.000 $ 2.300.000 72 c c c c c c c c c c c ~ c c c c c c c -------- - ---~-- CITY OF [ANDOVER. MINNESOTA ' SCHEDULE OF BONDS PAYABLE (CONTnWED) DECEMBER x;,, 1986 ' Annual Issue Maturity Interest serial date date rate payments ' Special assessment bonds (continued) General Obligation Improvement Bonds Series 1986A 07/01/86 ' August 1, 1987 08/01/87 5.00% $ 75,000 August 1, 1988 08/01/88 5.25 75 August 1, 1989 08/01/89 5.75 100 August 1, 1990 08/01/90 6.10 100,000 August 1, 1991 08/01/91 6.40 125 August 1, 1992 08/01/92 6.60 125,000 August 1, 1993 08/01/93 6.80 125,000 ' August 1, 1994 08/01/94 7.00 125 August 1, 1995 08/01/95 7.20 125,000 August 1, 1996 08/01/96 7.40 125,000 ' August 1, 1997 08/01/97 7.50 150,000 August 1, 1998 08/01/98 7.60 150 August 1, 1999 08/01/99 7.70 145 ' August 1, 2000 08/01/2000 7.80 125,000 August 1, 2001 08/01/2001 7.90 125.000 S 1,795,000 General Obligation Refunding Improvement Bonds Series 1986A 08/01/86 August 1, 1987 08/01/87' 6.25 $ 36,000 ' August 1, 1988 08/01/88 6.50 36,000 August 1, 1989 08/01/89 6.75 36,000 August 1, 1990 08/01/90 7.00 36 August 1, 1991 08/01/91 7.25 36.000 S 180.000 General Obligation Improvement ' Bonds Series 1986B 10/01/86 October 1, 1987 10101/87 4.75 $ 190 October 1, 1988 10/01/88 5.00 215,000 ' October 1, 1989 10/01/89 5.20 240,000 October 1, 1990 10101/90 5.40 240,000 October 1, 1991 10101/91 5.60 240,000 October 1, 1992 10/01/92 5.75 240 October 1, 1993 10/01/93 5.90 265 October 1 1994 10/01/94 6.00 290,000 October 1, 1995 10/01/95 6.15 340,000 ' October 1, 1996 10/01/96 6.30 340.000 S 2.600.000 1 ' 73 CITY OF ANDOVER. MINNESOTA SCHEDULE OF BONDS PAYABLE (CONTINUED) DECEMBER 31. 1986 Annual Issue Maturity Interest serial date datp- rat@ Davm~nt.s Special assessment bonds (continued) General Obligation Improvement Bonds Series 1986C 08/01/86 August 1, 1991 08/01/91 6.00% $ 210,000 August 1, 1992 08/01/92 6.10 210,000 August 1, 1993 08/01/93 6.25 215,000 August 1, 1994 08/01/94 6.50 210,000 August 1, 1995 08/01/95 6.70 210,000 August 1, 1996 08/01/96 6.90 210,000 August 1. 1997 08/01/97 7.00 210,000 August 1, 1998 08/01/98 7.10 210.000 August 1, 1999 08/01/99 7.20 210,000 August 1. 2000 08/01/2000 7.25 210,000 August 1, 2001 08/01/2001 7.30 215,000 August 1, 2001 08/01/2002 7.40 165.000 $ 2.485 .000 Total special assessment bonds $17 .011 .500 -./ 74 c c c c c c c c c c c c c c c c c c c I CITY OF ANDOVER. MINNESOTA I SCHEDULE OF BONDS PAYABLE (CONTINUED) DECEMBER 31. 1986 I Annual Issue Maturity Interest serial I date date rat~ navments General obligation bonds General Obligation Improvement I Bonds of 1978 (building and equipment) 11/01/78 February 1, 1987 02/01/87 5.70% $ 50,000 February 1, 1988 02/01/88 5.55 55,000 I February 1, 1989 02/01/89 5.60 50.000 S 155.000 I 1982 Certificates of Indebtedness 12/31/82 $30,000 per year 12/31/87 8.00 $ 30.000 I 1983 Certificates of Indebtedness 10/01/83 $6,000 per year 10/01/87-88 7.50 $ 12.000 I General Obligation State Aid Street Bonds of 1984 I September 1, 1987 09/01/87 7.25 $ 50,000 September 1, 1988 09/01/88 7.50 50,000 September 1, 1989 09/01/89 7.75 50,000 September 1, 1990 09/01/90 8.00 50,000 I September 1, 1991 09/01/91 8.20 50,000 September 1, 1992 09/01/92 8.50 50,000 September 1, 1993 09/01/93 8.70 50,000 I September 1, 1994 09/01/94 9.00 60..000 $ 410.000 1985 Certificates of I Indebtedness 08/01/85 $20,000 per year 05/01/86-90 7.50 $ 80 .000 I 1986 Certificates of Indebtedness 06/01/86 June 1, 1987 06/01/87 6.80 $ 19,000 I June 1, 1988 06/01/88 7.00 19,000 June 1, 1989 06/01/89 7.20 19,000 June 1, 1990 06/01/90 7.40 19,000 June 1, 1991 06/01/91 7.60 19.000 I $ 95.000 Total general obligation bonds $ 782.000 I Total bonds payable S17.793.500 I Note - January 1, 1987 maturities are considered matured December 31, 1986. I 75 CITY OF ANDOVER. MINNESOTA DEBT SERVICE REOUIREMENTS DECEMBER 31. 1986 Special assessment bonds Xs:..lU:. Princioa1 Interest Total 1987 $ 3,973,700 $1,086,864 $ 5,060,564 1988 878,700 902,618 1 ,781 ,318 1989 968,700 832,151 1,800,851 1990 1,028,700 752,971 1,781,671 1991 1,093,700 683,905 1,777 ,605 1992 1,022,700 616,437 1,639,137 1993 1,047,700 551 ,281 1,598,981 1994 1,117,700 482,374 1,600,074 1995 1,177,700 407,310 1,585,010 1996 1,137,700 327,446 1,465,146 1997 829,900 248,894 1,078,794 1998 694,900 193,496 888,396 1999 624,900 143,822 768,722 2000 559,900 96,795 656,695 2001 404,900 55,326 460,226 2002 240,000 26,701 266,701 2003 70,000 10,500 80 ,500 2004 70,000 7,000 77,000 2005 70.000 3.500 73.500 S17 .011 .500 S7 .429.391 $24.440 .891 General ob1i~ation bonds Princinal Interest Total $175,000 150,000 139,000 89,000 69,000 50,000 50,000 60,000 S782.000 $ 55,847 43,634 33,159 24,997 18,822 14,000 9 ,750 5,400 S205.609 Note - January 1 maturities are considered matured December 31, of the preceding year. 76 $ 230,847 193,634 172,159 113,997 87.822 64,000 59,750 65,400 S 987.6Q9 c c c c c c c c c c c c c c c c c c c I I I I I I I I I I I I I I I I I I I SECTION III STATISTICAL SECTION -./ c c c c c c c c c c c c c c c c c c c """- ~-----=-----=----:--=- I CITY OF ANDOVER. MINNESOTA I TAX LEVIES AND COLLECTIONS I I Percentage Collection Percentage Collection of total Total of current of levy of prior Total collections I ~ levv year's levv collected vea.rs' levv collections to levv 1980 $356,000 $344,318 96.72% $ 8,922 $353,240 99.22% I 1981 460,600 443,597 96.31 12,030 455,627 98.92 1982 496,388 450,271 90.71 21,859 472,130 95.11 I 1983 570,009 548,667 96.26 18,286 566,953 99.46 I 1984 645,466 621,184 96.23 16,627 637,811 98.81 1985 689,698 671,021 97.29 11,222 682,243 98.92 I 1986 802,877 784,514 97.71 18,558 803,072 100.02 I SPECIAL ASSESSMENT LEVIES AND COLLECTIONS I Percentage Collection Percentage. 'Collection of total I Total of current of 1 evy of prior Total collections ~ levv year's levv collected vears' levv collections to 1evv I 1980 $225,305 $194,693 86.41% $16,982 $211,675 93.95% 1981 339,487 310,834 91.56 8,577 319,411 94.09 I 1982 793,693 666,979 84.03 60,010 726,989 91.60 1983 724,655 634,003 87.49 77,505 711,508 98.19 I 1984 673,732 583,244 86.57 60,445 643,689 95.54 I 1985 725,828 660,741 91.03 70,394 731,135 100.73 1986 700,636 662,322 94.53 84,548 746,870 106.46 I I I 77 CITY OF ANDOVER. MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN DECEMBER 31. 1986 Assessed value Debt limit 7.33% of assessed value (B) Amount of debt applicable to debt limit: Total bonded debt Deductions: Debt Service Fund - Cash and temporary investments Special assessment bonds State aid bonds $17 ,793,500 $ 126,603 17,011,500 410.000 17.548.103 Total amount of debt applicable to debt limit Legal debt margin The assessed value reflects a deduction of $1,736,037 contributed to the "Fiscal Disparity" area-wide tax base. 78 $44.643.151 $ 3,272 ,343 245.397 $ 3.026.946 c c c ~ ~ C C ~ ~ ~ m ~ m c c c c c c I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED) DECEMBER 31. 1986 Limit on Net Debt M.S.A. Section 475.53 "Subdivision 1. Generally. Except as otherwise provided in sections 475.51 no municipality, except a school district or a city of the first class, shall incur or be subject to a net debt in excess of 7.33% of the assessed value". Definitions M.S.A. Section 475.51 "Subdivision 4. 'Net Debt' means the amount remaining after deducting from its gross debt the amount of current revenues which 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 which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. (2) Warrants or orders having no definite or fixed maturity. (3) Obligations payable wholly from the income from revenue-producing conveniences. (4) Obligations issued to create or maintain a permanent improvement revolving fund. (5) Obligations issued for the acquisition and betterment of public water-works systems, and public lighting, heating or power systems, and of any combination thereof or for any other public convenience from which a revenue is or may be derived. (6) Not applicable. (7) Amount of all money and the face value of all securities held as a sinking fund for the extinguishment of obligations other than those deductible under this subdivision. (8) All other obligations which under the provision of the law authorizing their issuance are not to be included in computing the net debt of the municipality." 79 80 c c c C D ~ C C ~ ~ c m m m m m c c c THIS PAGE LEFT BLANK INTENTIONALLY I I I I I I I I I I I I I I I I I I I CITY OF ANDOVER. MINNESOTA ASSESSED VALUATIONS. TAX LEVIES AND MILL RATES (shown by year of tax collectibility) Assessed valuations Contribution to fiscal disparities pool Distribution from fiscal disparities pool Taxable valuation Tax. levies Revenue General Obligation debt Mill rates Revenue General obligation debt 1984- 1985 1986 1987 $43.692.054 $43.752,681 $46.379,188 $54.442.470 0,656.156) 0,696,653) 0.736.037) (2,000,729) 6.767.570 8.285.364 8.492.419 10.411.278 $48.803.468 $50.341.392 $53.135.570 $62.853.019 $ 530.144 $ 115.366 590.596 $ 100.661 $ 742.563 135.598 664,930 137.903 $ 691.257 $ $ 878.161 645.510 $ 802.833 11.038 2.402 11.068 1.887 11 .997 2.488 11.747 2.145 13.440 12.955 14.485 13.892 81 c c ~ ~ c c ~ ~ c c c c c c c c c c c