HomeMy WebLinkAbout1987 CAFR
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CITY OF ANDOVER. MINNF.SOta
FINANCIAL STATEMENT~
DECEMBER 11. 19RZ
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CITY OF ANDOVER. MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 11. 1987
Term of office
expires first
business day
of January
Elected
Mayor
Jerry Windschitl
1989
Counc i1
Maynard Apel
Kenneth Orttel
James Elling
Michael Knight
1989 *
1989
1991
1991
Appointed
James E. Schrantz - Administrator
Shirley Clinton - Treasurer
Vicki Volk - Clerk
* Appointed to fill unexpired term of Theodore Lachinski
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CITY OF ANDOVER. MINNESOTA
TABLE OF CONTENTS
SECTION I
INTRODUCTORY SECTION
Comments
SECTION II
FINANCIAL SECTION
Accountants' review report
II-A. General Purpose Financial Statements (Combined Financial Statements)
Combined balance sheet - all fund types and account groups
Combined statement of revenue, expenditures and fund balance -
All governmental fund types and expendable trust fund
Combined statement of revenue, expenditures and fund balance
Budget and actual - General and special revenue fund types
Combined statement of revenue, expense and retained earnings
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 Groups
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 sheet
Combining statement of revenue, expenditures and fund balance
Revenue Sharing Fund
Statement of revenue, expenditures and fund balance
LRRWMO Fund
Balance sheets
Statement of revenue, expenditures and fund balance
Drainage and Mapping Fund
Balance sheets
Statement of revenue, expenditures and fund balance
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CITY OF ANDOVER. MINNESOTA
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TABLE OF CONTENTS (CONTINUED)
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II-B. Combinini and Individual Fund Statements and Account Groups
(Continued)
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Debt service funds
Combining balance sheet
Combining statement of revenue, expenditures and fund balance
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Capital projects funds
Combining balance sheet
Combining statement of revenue, expenditures and fund balance
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Special assessment funds
Combining balance sheet
Combining statement of revenue, expenditures and fund balance
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Enterprise funds
Combining balance sheet
Combining statement of revenue, expense and retained earnings
Combining statement of changes in financial position
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Water Fund
Balance sheets
Statements of revenue, expense and retained earnings
Statements of changes in financial position
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Sewer Fund
Balance sheets
Statements of revenue, expense and retained earnings
Statements of changes in financial position
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Fiduciary funds
Combining balance sheet
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Expendable Trust Fund
Statements of revenue, expenditures and fund balance
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Agency Fund
Statement of changes in assets and liabilities
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Statements of general fixed assets
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Statements of general long-term debt
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CITY OF ANDOVER. MINNESOTA
TABLE OF CONTENTS (CONTINUED)
II-C. Supplemental Information
Schedule of cash, temporary investments and security for deposits
Combined schedule of indebtedness
Schedule of bonds payable
Debt service requirements
Schedules of sources and uses of public funds - tax increment districts
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
SECTION IV
OTHER
Auditors' report on legal compliance
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SECTION I
INTRODUCTORY SECTION
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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 activities 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.
The fund balance increased $180,809 during the year to $809,680. $14,838 of the
fund balance has been designated for subsequent year's expenditures leaving an
undesignated fund balance of $794,842. A condensed summary of revenue and
expenditures for the years ended December 31,1987 and 1986 is shown below:
1986
Budiet
Actual
Budiet
Revenue and other sources
Taxes
Licenses and permits
Intergovernmental revenue
Charges for services
Fines and forfeits
Other revenue
Transfers from other funds
$ 601,232 $ 601,682 $ 525,592 $ 546,472
175,424 268,983 96,624 173,777
503,681 526,058 474,151 506,727
23,470 46 ,821 11,645 25,474
14,000 33,496 14,000 23,174
53 ,100 143,543 51,100 39,537
97.009 107.992 ~3 . ~21 6 8 .23 1
S1 .467.916 S1.728.~7~ Sl.226.633 $1.181.192
Expenditures and other uses
General government
Public safety
Public works
Sanitation
Park and recreation
Unallocated
Transfers to other funds
$ 328,131
408,573
207,965
13,742
166,579
33,500
78.943
SI.237.433
$ 394,042
382,012
155,273
17,548
210,326
23 ,746
66.067
SI .249.014
$ 413,950
491,433
267 ,445
19,293
220,647
42,175
103.613
Sl.5~8 .~~6
$ 469,866
413,466
234,814
10,124
212,863
104,272
102.361
$1.547.766
Increase (decrease) in
fund balance
S (90 .640) $ 180 .809
S OO.ROO) S 134.378
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SDecial 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 1987 was $780. During
1987, $796 was transferred to the General Fund. There was no fund balance at
December 31,1987. The program has been discontinued.
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,
1987 the fund balance was $3,931.
Drainage and Mapping Fund - This fund was established to accumulate money to cover
the expenses for City-wide drainage and mapping. At December 31,1987, the fund
balance was $30,252.
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. Property taxes, transfers from the General 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
Tax Increment Bonds
S ta te-aid Bonds
Capital 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 $20,378 at December 31, 1987.
1987 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 $15,726 at December 31,1987.
Tax Increment Fund - This fund was established to account for the proceeds of tax
increment bonds to be used for the acquisition and/or improvement of land which is
to be developed. The fund balance was $105,187 at December 31,1987. $17,000 of
the fund balance has been reserved for debt service leaving an undesignated fund
balance of $88,187.
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Capital Proiects Funds (Continued)
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 $58,099 at December 31, 1987.
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 $161,866 at December 31,1987.
Special 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 31,1987 fund balance (deficit) of the various special assessment
funds were as follows:
Reserved for Unreserved
Debt
E!.!.Iui Encumbrances Service Desi~nated Undes iina ted Total
1976A & B $144,664 $ 144,664
1 97 7 A $ (307 ,539) (307,539)
1977B 35,003 35,003
1978 (65,033) (65,033)
1979 (55,279) (55,279)
1980A (111,151) (111 ,151)
1980B 8,990 8,990
1980C 49,300 49,300
1985A (21,605) (21,605)
1985B (1,329,723) (1,329,723)
1986A $ 459,839 (1 ,032 ,906) (573,067)
1986A Refunding (51,930) (51,930)
1986B 28,679 149,496 (2,076,135) (1,897,960)
1986C Refunding (1,485,420) (1,485,420)
1987 A 1,517,126 333,404 (4,856,313) (3,005,783)
1987B 504,281 452,973 (1,715,906) (758,652)
Unfinanced (58,469) (58,469)
Water trunk 345,922 345,922
Sewer trunk 26 8 .049 268.049
$2.0 ~o .086 8237.957 81.395.712 $(I2.~~3 .438) 8 ( 8.869.683)
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.
The unreserved-designated portion of the fund balance represents the balance of
available construction financing.
III
Soecial Assessment Funds (Continued)
If the assessments receivable were recorded as revenues when assessed, the fund
balances (deficits) would be as follows:
Reserved for Unreserved
Debt
[Y.Ud Encumbrances Service Desiinated Undes ig-na ted Total
1 97 6A & B $ 379,535 $ 129,759 $ 509,294
1 977 A 48,026 48,026
1977B 173,300 56,354 229,654
1978 37,637 37,637
1979 27,789 27,789
1980A 20,997 20,997
1980B 25,480 25,480
1980C 49,300 49,300
1985A 131,171 131,171
1985B (12 ,940 ) (12 ,940 )
1986A $ 459,839 (427,272) 32,567
1986A Refunding 25,110 27,504 52,614
1986B $ 28,679 149,496 (1,278,165) (1,099,990)
1986C Refunding 323,040 323,040
1987 A 1,517,126 333,404 (3,336,555) (1,486,025)
1987B 504,281 452,973 (1,471,535) (514,281)
Unfinanced (58,469) (58,469)
Water trunk 359,242 359,242
Sewer trunk 285,049 285.049
S2.0~0.086 Sl .241 .385 Sl .39~.712 S(5.727.028) SO .019.845)
Enterprise Funds
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:
1987
1986
1985
Operating revenue
Operating expense (excluding depreciation)
$113,506
86.881
$ 26,625
(82.131)
$(55,506)
$ 59,508
61.5~9
$ (2,051)
(61.047)
$(63,098)
$ 39,679
46.509
$ (6,830)
(39.218)
$(46 ,048)
Depreciation
Operating income (loss)
Other income (expense) - Net
(194)
237
98
Net loss before operating transfers
$(55,700)
$(45,950)
$(62,861)
Operating transfers - Net
(1.349)
(1 .101)
Net loss
$(57.049) $(63.964) S(4~.q50)
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Enterprise Funds (Continued)
A condensed summary of Sewer Fund operations for the last three years is as follows:
Operating revenue
Operating expense (excluding depreciation)
1987 1986
$ 135,194 $164,892
119.016 114.603
$ 16,178 $ 50,289
(132.402) 004.204)
$(116,224) $(53,915)
599 4.';71
$(115,625) $(49,344)
(84 .6~8) 9
$(200.283) S( 49.335)
Depreciation
Operating loss
Other income (expense) - Net
Net loss before operating transfers
Operating transfers - Net
Net loss
Fiducia~ Funds
1985
$136,296
105.289
$ 31,007
(94.144)
$(63,137)
501
$(62,636)
$(62.636)
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 $271,505
at December 31, 1987.
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 31,1987. the general fixed assets of the City amounted to $1,955,250.
v
General Loni-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 31,1987 is as follows:
Original
amount
1978 G. O. Bonds
1983 Certificates of Indebtedness
1984 State Aid Street Improvement Bonds
1985 Certificates of Indebtedness
1986 Certificates of Indebtedness
1987 Certificate of Indebtedness
G.O. Tax Increment Bonds of 1987A
G.O. Tax Increment Bonds of 1987B
Assessments on City property
Equipment purchase
Long-term payable - Metropolitan Waste
Control Commission
Vacation payable - Governmental funds
$ 430,000
30,000
510,000
100,000
95 ,000
170,000
1 ,065,000
205,000
102,741
10,267
43,018
VI
Outstanding
December 31. 1987
$ 105,000
6,000
360,000
60,000
76,000
170,000
1 ,065,000
205,000
81,589
10,267
13,959
31.640
$2.184.455
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SECTION II
FINANCIAL SECTION
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GMHCo
GEORGE M. HANSEN COMPANY, P.A.
A ProfesJional Corporation of Certified PuNic Accountants
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, 1987, 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 op~n~on, the general purpose financial statements referred to above present
fairly the financial position of the City of Andover, Minnesota at December 31,
1987, 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
preced ing 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.
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1433 UTICA AVENUE SOUTH. SUITE 175
MINNEAPOLIS. MINNESOTA 55416
612/546-2566
General
Governmental Fnnd
Special Debt Capital
Rp-v~nue Service Projects
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CITY OF ANDOVER. MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
DECEMBER 31. 1987
ASSETS
Petty cash
Cash and temporary investments
Accrued interest receivable
Taxes receivable
Unremitted
Delinquent
Accounts receivable
Prepaid expense
Special assessments receivable
Unremit ted
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 expenses
Contracts payable
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
$ 350
795,546 $32,684 $298,623 $265,630
3,567 186 2,144 1,754
89,024 440 1,161
25,055 3,606
758 205,000
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1 ,313
343
2,945
$301,207 $ 17,000
$ 14,838
794.842 $34.183 344.2~6
8809.680 834.183 8301 .207 8361.256
8917 .24~ 834.~26 $304.811 8471.~45
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I I Account Grou.ps
.. Tvpes Proprietary General General Total
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JI Special Fund Type Fixed Long-term (Mf'morandum Onlv)
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. I Assessment Enternrise Fiduciary Asse ts Debt 1987 1986
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i $ 350 $ 300
,;
j I $11 ,006 ,472 $ 21,894 $ 945 ,446 13,366,295 12,183,605
1 62,990 129 1,143 71 ,913 101 ,621
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~ 90,625 79,254
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28,661 30,427
) 31,000 68,439 305,197 58,878
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J 14 ,869 16,182 281,379
147,080 147,423 78,627
~ I 7,682,758 7,682,758 8,173,878
. 371 ,280 7,398 381 ,623 55,183
:i 5,529 5,529 5,539
I 10,503 ,467 $1,955,250 12,458,717 9,421 ,195
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" $ 301,207 301,207 133,715
1 . BB3 .24a 1.883.248 77~.029
- I 819.316.449 810.606.!.~~ 8946.589 81.955.250 82.184.455 836.739.728 S31.378.6;lll
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$ 49,160 $ 135,680 $ 51 ,696
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~ 83,932 $ 3,356 $ 81,589 249,282 179,044
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~ I 3,069 31,640 51 ,309 36,956
- 635,402 10,267 650,405 133,254
- 13,959 20,497 24,917
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I $675,084 675,084 658,075
- 7,829,838 7 ,858 ,842 8,282,932
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- 19.~87.800 2.047.000 21.634.800 17.793.~00
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= I S28 .186.132 S 6.425 8675.084 82.184.455 811.275.899 827.160.374
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- $10,497,095 $10,497,095 $ 7,695,047
$1,955,250 1,955,250 1,719,360
- I 7,219 7,219 89,579
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96,117 96,117 58,159
- I $ 2,288,043 2,606,250 455,840
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= 1,395,712 1,410,550 1,799,126
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- I (I2.'5~3.4::\il) 8271.'50~ (11.108.652) (7.598.855)
8( 8.869 .68::\) 810.600.411 8271.505 81.955.250 8 '5.463.829 8 4.218.2~6
I 819.::\16.449 810.606.856 $946.589 SI.955.250 82 .184 .4~~ 836.739.728 811.378.630
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CITY OF ANDOVER. MINNESOTA
COMBINED STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUND
YEAR ENDED DECEMBER 31. 1987
Governmental F11nd
Special Debt
Gener:ll Revenue Spl:"vice
Revenue
Taxes $ 601,682 $ 45,681
Licenses and permits 268,983
Intergovernmental revenue 526,058 $ 780 102,125
Special assessments 1,401
Charges for services 46,821
Fines and forfei ts 33,496
Interest 37,936 1,880 19,079
Other 105,607
Park dedication fees
Total revenue $1,620,583 $ 4,061 $166,885
Other sources
Bond proceeds
Transfers from other funds 107.992 10.825 261.986
Total revenue and other sources 81.728 .~75 8 14.886 $428.871
Expenditures
General government $ 46 9 ,866 $ 4,165
Pub lic safety 413,466
Pub lic works 234,814
Sanitation 10,124
Recreation 212,863
Other unallocated 104,272
Capital projects
Debt service 8261 .379
Total expenditures $1 ,445,405 $ 4,165 $261,379
Other uses
Transfers to other funds 102.361 796
Total expenditures and other uses 81.547.766 $ 4.961 8261.379
Increase (decrease) in fund balance $ 180,809 $ 9,925 $167,492
Fund balance (deficit) January 1 628.871 24.258 133.715
Fund balance (deficit) December 31 8 809.680 8 34.183 8301 .207
See accompanying notes to financial statements.
4
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Tvnes Total
Capital Special Expendable (Memorandum onlv)
Proiects Asses sment Trust 1987 1986
$ 2,030 $ 649,393 $ 596,722
268,983 173,777
221,384 $ 371 ,2.80 1,221,627 654,798
3,252,273 3,253,674 1,805,257
197,489 244,310 25,474
33,496 23,174
22,147 545,873 $ 11 ,402 638,317 622,711
3,308 11,406 120,321 18,926
26 .26 ~ 26 .265 40 . ~~ 0
$ 275,134 $ 4,378,321 $ 11 ,402 $ 6,456,386 $ 3,961,369
1,419,126 1,419,126 95,000
187.143 1.494,280 111 .442 2.173.668 2.783.694
SI.881.403 $ 5.872.601 S122.844 SI0.049.180 S 6.840.063
$ 474,031 $ 404,549
413,466 382,012
234,814 155,273
10,124 17,548
212,863 210,326
$ 11 ,000 $ 2,143 117,415 85,222
1,361,626 5,539,928 6,901,554 3,705,514
14.079 1.069.7~7 1.34~.215 1.082.677
$1,386,705 $ 6,611,828 $ 9,709,482 $ 6,043,121
247.038 1 .703.321 S 34.145 2.087.661 2.782.600
Sl .631. 74~ $ 8.31~.149 S 14 .14~ S11 .797.143 S 8.825.721
$ 247,660 $(2,442,548) $ 88,699 $(1,747,963) $(1,985 ,658)
111.596 (6.427.135) 182.806 (5.343 .889) (3.3~8.231)
$ 361.256 $ ( 8 .869 .683) S271.~05 SO .091 .8~2) S( '; .343.889)
5
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. 1987
Revenue
Taxes
Licenses and permits
Assessments
Intergovernmental revenue
Charges for services
Fines and forfeits
Other
Total revenue
Other sources
Transfers from other funds
Total revenue and other sources
Expend i tures
General government
Public safety
Pub lic works
Sanitation
Recreation
Other unallocated
Total expenditures
Other uses
Transfers to other funds
Total expenditures and other uses
Increase (decrease) ~n fund balance
Fund balance January 1
Fund balance December 31
See accompany~ng notes to financial statements.
6
General Fund
Blldiet Actual
$ 601,232
175,424
503,681
23,470
14,000
~3 .100
$1,370,907
97.009
S1.467.916
$ 413,950
491 ,433
267 ,445
19,293
220,647
42 .1 7 ~
$1,454,943
$ 601,682
268,983
526 ,058
46,821
33 ,496
143 . ~41
$1 ,620,583
107 .992
S1.728.575
$ 469,866
413,466
234,814
10,124
212,863
104.272
$1,445,405
103.613 102.361
SI.558.556 ~1 .';47.766
$ (90 ,640) $ 180 ,809
628.871 628.871
$ ';3 8 .23 1 $ 809.680
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'II I Sl'ecial Revenue Funds (Mp.morandum onlv)
] Bud~et Actual Budiet Actual
I $ 601,232 $ 601,682
175,424 268,983
$ 1.401 1,401
j I $ 800 780 504,481 526,838
~ 23,470 46,821
~ 14,000 33,496
I 50 1.800 ~3 .150 145.423
~ $ 850 $ 4,061 $1,371,757 $1,624,644
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S 8.850 S 14.886 S1.476.766 SI.743.461
j I $ 4,165 $ 413,950 $ 474,031
- 491,433 413,466
I 267,445 234,814
- 19,293 10 ,1 24
- 220,647 212,863
I S 8 .O~O 50.225 104.272
- $ 8.050 $ 4,165 $1,462,993 $1,449,570
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I 800 796 104.411 103 .1 57
S 8.850 S 4.961 SI.567.406 Sl .~~2 .727
- I $ -0- $ 9 ,925 $ (90,640) $ 190,734
-
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- I 24.258 24.258 653.129 6~3 .129
- 24.258 S 843.R6.:i
S 34.183 S 562 .489 S
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CITY OF ANDOVER. MINNESOTA
COMB INED STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31. 1987
Operating revenue
User charges
Connection charges
Meters
Permit fees
Penalties
Other
Operating expense (excluding depreciation)
Personal services
Supplies
Meters, etc.
Other services and charges
Disposal charges
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
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1987 1986
$ 205,344 $ 173,256
25,176
26 ,420 13,720
12,045 6,755
4,662 3,844
229 1.649
S 248.700 $ 224.400
$ 57,306 $ 44,628
11 ,693 13 ,177
21,479 23,708
21,898 14,076
93.521 RO.~73
$ 20~.897 $ 176.162
$ 42.803 $ 48.238
$ 1.603 $ 1,083
212.930 164.168
$ 214.533 $ 165.251
$(171.730) $(117.013)
$ 1,026 $ 5.443
( 621) ( 635)
$ 405 $ 4.808
$(171 ,325) $(112,205)
( 86 .007) (1.094)
$(2~7 .112) $(111.29Q)
$(257,332) $(113 ,299)
212.930 164.168
$ (44,402) $ SO ,869
147.738 96.869
$ 103.336 $ 147.718
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CITY OF ANDOVER. MINNESOTA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31.1987
1987
Sources of working capital
Operations
Net loss
Item not requ~r~ng working capital
Depreciation
Total provided by operations
$ (257,332)
214 .531
$ (42,799)
Decrease in other assets
Contribution of property
18,647
3.014.978
82.990 .826
Uses of working capital
Acquisition of property and equipment
Decrease in deferred revenue
$3,016,165
1 8 . 83 5
$3.035.000
Increase (decrease) in working capital
S (44.174)
Totals
1986
$ (113,299)
165.251
$ 51,952
2,433
1.343.945
SI .398.330
$1,348,270
2.387
S1 .350.657
S
47.673
Elements of change in working capital
Cash and temporary investments $ (44,299) $ 19,901
Accrued interest receivable (735) 392
Accounts receivable 13 ,902 16,003
Special assessment receivable (4,148) 3,988
Due from other governmental units ( 8 ,306) 4,436
Inventory (10) 1 ,3 94
Accounts payable (1,316) 3,976
Accrued expenses 738 (2.417)
Increase (decrease) in working capital S (44.174) S 47.673
See accompanying notes to financial statements.
9
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31. 1987
Note 1 - Summarv of Siinificant Accountini Policies
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
pub lic
and
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. Reporting Entity
The City has implemented National Council on Governmental Accounting
Statement No.3, Definin~ the Governmental Entitv. In accordance with
Statement 3, for financial reporting purposes the City's financial
statements include all funds, account groups, departments, agencies,
boards, commissions and other organizations over which City officials
exercise oversight responsibility.
Oversight responsibility includes such aspects as appointment of
governing body members, budget review, approval of property tax levies,
outstanding debt secured by the City's full faith and credit or revenues
and responsibility for funding deficits.
As a result of applying criteria of Statement No.3 certain
organizations have been excluded from City's financial statements as
follows:
Excluded -
Firemen's Relief Association.
This Association is organized as a non-profit organization by its
members to provide pension and other benefits to members in
accordance with Minnesota statutes. The Board of Directors is
elected by the members. All funding is conducted in accordance with
Minnesota statutes, whereby state aids flow to the Association, and
tax levies are determined by the Association. The Association pays
benefits directly to its members. The Association may certify tax
levies to the County directly if the City does not carry out this
function. Because the Association is able to fund its program
independently of the City, it is excluded from the reporting entity.
Independent School District Nos. 11 and 15 (Anoka and St. Francis
schools).
The Districts, like all school districts in Minnesota, are completely
independent of any other governmental entity. Each has its own
elected Board of Education, levies its own taxes and prepares its own
financial reports.
10
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 1 - Summarv of Si?nificant Accountini Policies (Continued)
B. 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:
GOVERNMENTAL FUNDS
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 f07 in another fund.
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.
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.
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.
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.
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.
11
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED}
DECEMBER 31. 1987
Note 1 - Summarv of Si~nificant Accountin~ Policies (Continued)
B. Fund Accounting (Continued)
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.
C. 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.
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.
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.
12
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 1 - Summary of Siinificant Accountin~ Policies (Continued)
C. Measurement Focus (Continued)
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.
D. Basis of Accounting
Basis of accounting refers to when revenue and expenditures/expenses 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.
Governmental funds and trust and agency funds are accounted for using
the modified accrual basis of accounting. Their revenues are recognized
when they become measureable and available. Substantially all sources
of revenue are accrued.
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.
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.
E. 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
principles.
Budgeted amounts are as originally adopted, or as amended.
Budget appropriations lapse at year end.
13
CITY OF ANDOVER, MINNESOTA
[J
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
c
Note 1 - Summarv of Siinificant Accountin~ Policies (Continued)
c
F. 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.
c
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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.
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The County spreads the levies over all taxable property in the
City. Such taxes become receivables of the City as of January 1.
c
Property taxes are payable in equal installments by property owners
to the County as follows:
Personal property - February 28 and June 30
c
Real property - May 15 and October 15
c
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.
c
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.
c
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.
c
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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.
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 1 - Summarv of Siinificant Accountin~ Policies (Continued)
F. Assets and Liabilities (Continued)
Special assessments receivable include the following components:
Unremit ted
- amounts collected by Anoka County and not remitted to
the City.
amounts billed to property owners but not paid.
assessment installments which will be billed to
property owners in future years.
Delinquent
Deferred
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.
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.
G. Revenue, Expenditures and Expense
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 delinquent taxes.
15
tJ
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 11. 1987
c
Note 1 - Summarv of Si~nificant Aecountini Policies (Continued)
c
G. Revenue, Expenditures and Expenses (Continued)
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.
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3. Interest on investments is recorded as revenue in the period earned.
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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.
c
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.
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7. Utility service charges are recognized when earned. Unbilled
utility service charges are included in receivables at year-end.
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.
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H. Accrued Vacation, Severance and Sick Pay
Vacation pay earned but not paid is recorded as an accrued liability at
year end. In the governmental fund types the expenditure is recorded
when paid; the accrued liability is recorded in the General Long-Term
Account Group. The proprietary fund types expense vacation pay as
accrued and the liability is recorded in the respective fund.
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All employees are entitled to severance pay for a portion of their
allowable accumulated sick leave based, at separation with a minimum of
10 years service. The liability for severance pay is accounted for the
same as accrued vacation pay.
c
Sick pay other than the portion that is vested as severance pay is not
recorded as a liability in the financial statements. City employees are
entitled to accrue sick leave to a maximum number of hours. The expense
for sick leave, for all funds, is recorded when paid.
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
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Note 1 - Summa~ of Siinificant Accountini Policies (Continued)
I. Encumbrances
Encumbrances recorded in the special assessment funds represent the
uncompleted portion of contracts. Encumbrances outstanding at year end
are reported as reservations of fund balance since they do not
constitute expenditures or liabilities.
J. Total Columns on Combined Statements
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.
Note 2 - Fund Deficits
Special Assessment Funds
The December 31, 1987 fund balances (deficits) of the various special assessment
funds were as follows:
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Reserved for Unrpserved
Debt
E.l.1wi Encumbrances Service Desiinated Undes iina ted Total
1976A & B $144,664 $ 144,664
1 977 A $ (307,539) (307,539)
1977B 35,003 35,003
1978 (65,033) (65,033)
1979 (55,279) (55,279)
1980A (111 ,151) (111,151)
1980B 8,990 8,990
1980C 49,300 49,300
1985A (21,605) (21,605)
1985B (1,329,723) (1,329,723 )
1986A $ 459,839 (1,032,906) ( 573,067)
1986A Refunding (51 ,930) (51,930)
1986B 28.679 149,496 (2,076,135) (1,897,960)
1986C Refunding (1,485,420) (1,485 ,420)
1987 A 1 ,517 ,126 333,404 (4,856,313) (3,005,783)
1987B 504,281 452,973 0,715,906) 058,652)
Unfinanced (58,469) (58,469)
Water trunk 345.922 345,922
Sewer trunk 268.049 268.049
82.0'50.086 8237.957 81.39'5.712 8(I2.'5~3 .418) 8(8.869.683)
17
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 2 - Fund Deficits (Continued)
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 and
connection charges. Property taxes will be levied if necessary.
Note 3 - Cash and Temnorarv Investments
Cash surpluses are pooled and invested in certificates of deposit, U.S. government
securities, 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
S 2.161.356
Investments
U.S. government securities
Commercial paper
$ 1,822,088
9.247.171
S11.069.259
SI3.230.615
Classification per financial statements
Cash and temporary investments
Cash deficits
$13,366,295
(11~.680)
SI3.230.61~
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,
repurchase agreements and commercial paper.
18
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 3 - Cash and TemDora~ Investments (Continued)
The carrying value, market value and credit risk of the City's investments at
year-end is as follows:
Cate~orv Carrying Market
1 2 3 amount value
U. S. government
obligations $1,822,088 $ 1,822,088 $ 1,787,432
Commercial paper 4.104.643 85.142.528 9.247.171 9.288.389
$ -0- S'I.926.711 S~.142.528 Sl1.069.259 SI1.07~.821
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 4 - Special A~sessments
The payment of certain special assessments has been postponed in accordance with
applicable City Council policy or State statutes. These assessments in the amount
of $701,366 are included with the deferred special assessments receivable of the
special assessment funds as of December 31,1987. These assessments will become
collectible when the conditions set forth by Council policy or in the State
statutes occur. It is impossible to determine when these conditions will occur.
These assessments receivable are fully offset by deferred revenue.
Note 5 - Due from Other Governmental Units
The amounts due from other governmental units at December 31,1987 is composed of
the following:
General Fund
Anoka County - court fines
Special Assessment Funds
1987A Fund - Anoka County share of costs
Enterprise Funds
Sewer Fund - Metropolitan Waste Control Commission
$ 2,945
371 ,280
7.198
8181.623
19
CITY OF ANDOVER. MINNESOTA
[j
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
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Note 6 - Proorietarv Fund Tvn~s Proner~v and Eouinment
Water
Spwe.r
Total
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A summary of proprietary fund types property and equipment at December 31. 1987
follows:
Less accumulated depreciation
$ 4.368
524,515
3.485.919
$4,014,802
242.603
$ 7,140
$ 11 ,508
524,515
11.082.952
$11 ,618,975
1 .115.508
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Furniture and equipment
Machinery
Collection and distribution systems
7.597.033
$7,604,173
872 .90 5
83.772.199
86.731.268 810.503.467
Note 7 - Chan~es in General Fixed Assets
A summary of changes in general fixed assets during the year follows:
Land and improvements
Buildings and improvements
Furniture and equipment
Machinery and automotive
equipment
Balance Balance
Januarv 1 Additions Disposals December 31
$ 288,553 $131,430 $ 419,983
581,838 581.838
86,153 14 ,917 101,070
762.816 89 . ~43 852.359
81.719.360 8235.890 8 -0- 81.955.250
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Bonds payable December 31
General Special
oblil1:ation as ses sment Total
$ 782,000 $17 ,011 ,500 $17 ,793 ,500
1,440,000 6,550,000 7,990 .000
(175.000) (3.973.700) (4.148.700)
82.047.000 819.~87.800 821.634.800
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Note 8 - Bonds Payable
The following is a summary of bond transactions of the City for the year ended
December 31, 1987:
Bonds payable January 1
Issued
Retired
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 8 - Bonds Pavable (Continued)
Bonds payable at December 31, 1987 are comprised of the following individual issues:
General obligation bonds:
$430,000 Improvement Bonds of 1978 (11/1/78) due in varying annual
installments through February 1, 1989; interest at 5.55% to 5.60%
$30,000 Certificates of Indebtedness (10/1/83) due in annual
installments of $6,000 through October 1. 1988; interest at 7.50%
$510,000 State Aid Street Bonds (9/10/84) due in annual
installments of $50,000/$60,000 through September 1, 1994;
interest at 7.50% to 9.00%
$100,000 Certificates of Indebtedness (11/1/85) due in annual
installments of $20,000 through May 1, 1990; interest at 7.5%
$95,000 Certificates of Indebtedness (6/1/86) due in annual
installments of $19,000 through June 1, 1991; interest
at 7.00% to 7.60%
$170,000 Certificates of Indebtedness (2/1/87) due in annual
installments of $34,000 through February 1, 1992;
interest at 5.75% to 6.20%
$1,065,000 Tax Increment Bonds of 1987A (5/1/87) due in
varying annual installments through August 1, 2005; interest
at 8.25% to 9.90%
$205,000 Tax Increment Bonds of 1987B (12/1/87) due
December 1. 1990; interest at 8.10%
Special assessment bonds
$1,635,000 General Obligation Improvement Bonds of 1976 (8/1/76)
due in varying annual installments through February 1,1997;
interest at 6.30% to 6.80%
$56,000 General Obligation Improvement Bonds of 1976B (11/1/76)
due in annual installments of $2,800 through November 1, 1996;
interest at 6.25% to 6.75%
$1,215,0000 General Obligation Improvement Bonds of 1977A (3/1/77)
due in varying annual installments through January 1, 2006;
interest at 5.00%
$780,000 General Obligation Improvement Bonds of 1977B (10/1/77)
due in varying annual installments through February 1. 1998;
interest at 5.25% to 5.50%
21
$
105,000
6,000
360,000
60,000
76,000
170,000
1,065,000
20 ~ .000
$ 2.047.000
$ 1,035,000
25,200
975,000
535,000
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note R - Bonds Pavable (Continued)
Special assessment bonds (continued)
$270,000 General Obligation Improvement Bonds of 1978 (ll/1/78)
due in varying annual installments through February 1, 1999;
interest at 5.50% to 6.00%
$270,000 General Obligation Improvement Bonds of 1979 (11/1/79)
due in varying annual installments through February I, 1995;
interest at 6.50%
$430,000 General Obligation Improvement Bonds of 1980A (6/1/80)
due in varying annual installments through February 1, 1991;
interest at 6.60% to 6.90%
$98,000 General Obligation Bonds of 1980B (8/1/80) due in annual
installments of $4,900 through February 1, 2001;
interest at 7.00%
$4,365,000 General Obligation Improvement Bonds of 1980C (10/1/80)
due in varying annual installments through February 1,1990,
interest at 8.50%
$300,000 General Obligation Improvement Bonds of 1985A (8/1/85)
due in varying annual installments through February I, 2000;
interest at 8.86% to 9.60%
$2,350,000 General Obligation Improvement Bonds of 1985B (8/1/85)
due in varying annual installments through August 1, 2000;
interest at 8.04% to 9.00%
$1,795,000 General Obligation Improvement Bonds of 1986A (7/1/86)
due in varying annual installments through August 1, 2001;
interest at 5.25% to 7.90%
$180,000 General Obligation Refunding Improvement Bonds of 1986A
(8/1/86) due in annual installments of $36,000 through
August 1, 1991; interest at 6.50% - 7.25%
$2,600,000 General Obligation Improvement Bonds of 1986B (10/1/86)
due in varying annual installments through October 1, 1996;
interest at 5.00% - 6.30%
$2,485,000 General Obligation Improvement Refunding Bonds of
1986C (8/1/86) due in varying annual installments through
August 1, 2002; interest at 6.00% - 7.40%
$5,000,000 General Obligation Improvement Bonds of 1987A (8/1/87)
due August 1, 1990; interest at 5.25%
$1,550,000 General Obligation Improvement Bonds of 1987B (12/1/87)
due December 1,1990; interest at 6.00%
22
$
195,000
180,000
225,000
68,600
520,000
270,000
2,250,000
1,720,000
144,000
2,410,000
2,485 ,000
5,000,000
1.'5'50.000
F9.'587.800
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 8 - Bonds Pavable (Continued)
The annual requirements to amortize all. debt outstanding as of December 31,1987,
including interest payments of $8,849,227 are as follows:
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Special General
as ses sment ohliiation Total
1988 $ 2,099,418 $ 355,591 $ 2,455,009
1989 2,132,976 332,628 2,465,604
1990 8,679,096 492,434 9,171 ,530
1991 1,777,605 259,904 2,037,509
1992 1,639,137 236,016 1,875,153
1993 - 1997 7,328,005 800,145 8,128,150
1998 - 2002 3,040,740 675,737 3,716,477
2003 - 2005 231.000 403.~95 6~4.595
$26.927.977 S3 .556 .050 S30 .484 .027
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$301,207 is available in the Debt Service Funds to service the General Obligation
Bonds.
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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.
Note 9 - Lon~-term P~vables
Included in the General Long-term Debt Account Group are the following long-term
payables:
1. Special assessments on City property of $81,589 are payable in varying
amounts at annual interest rates of 6.25% to 10.7% through 2001.
2. Installment contract of $10,267 for equipment purchase with interest at
11.5% per annum. -,
Principal Interest Total
1988 $ 1,612 $1 ,097 $ 2,709
1989 1,808 901 2,709
1990 2,027 682 2,709
1991 2,272 437 2,709
1992 2.548 161 2.709
S10.267 S~ .278 S13.545
23
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 9 - Lon~-term Pavables (Continued)
3. Payable of $13,959 to the Metropolitan Waste Control Commission, with
interest at 5.36% per annum.
Princinal Int~rest Total
1988 $ 3,550 $ 750 $ 4,300
1989 3 ,742 558 4,300
1990 3 ,943 357 4,300
1991 2.724 148 2.872
S13.959 Sl.813 S15.772
Note 10 - Chanfes in G~neral Loni-term D~bt
Changes in General Long-term Debt during the year were:
Balance
Balance
December 31
J:lnuary 1
Additions
Delp-tions
Bonds and certificate of
indebtedness
Assessments on City property
Contract payable
Equipment purchase
Due to Metropolitan Waste
Control Commission
Accrued vacation pay
Governmental funds
$ 782,000 $1,440,000
86,501
$175,000
4,912
$2,047,000
81,589
524
10,267
524 10,267
17 ,329
3,370
13,959
31.640
22 .390 9 .2 ~o
S 908.744 S1.459.517
S183.806 S2.184.455
Note 11 - Defined Benefit Pension Plan - Stat~wide
A. Plan Description
All full-time and certain part-time employees of the City are covered by a
defined benefit pension plan administered by the Public Employees Retirement
Association of Minnesota (PERA). PERA administers the Public Employees
Retirement Fund which is a cost-sharing multiple-employer public employee
retirement system. The payroll for employees covered by the PERA plan for the
year ended December 31,1987, was $387,860; the City's total payroll was
$41 0 ,7 SO .
All full-time employees and certain part-time employees are eligible to
participate in the plan. Public Employees Retirement Fund members belong to
either the Coordinated Fund or the Basic Fund. Coordinated members are covered
by Social Security and Basic members are not. The PERA plan provide pension
benefits, deferred annuity, and death and disability benefits. Benefits are
established by State statute.
24
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 11 - Dp-fined Banefit Pp-nsion Plan - S~atp-wide (Continued)
A. Plan Description (Continued)
Retirement benefits for members of the Basic and Coordinated Funds are as
follows:
(a) When age plus years of service equal 90, the full unreduced normal annuity
is payable.
(b) As early as age 55 with at least 5 years of paid service credit; annuity
reduced 1/4 percent for each month under age 65.
(c) Any age with at least 30 years, reduced by 1/4 percent for each month
under age 62.
(d) Age 65 or older with at least one but less than 5 years of paid service
credit (proportionate annuity). Must terminate service at age 65 or older.
(e) Age 55 with at least 5 years of paid service credit or any age with at
least 30 years representing PERA service combined with other fund coverage.
A member who terminates public service with five or more years of credited
allowable service may leave his or her amount in the fund to qualify for an
annuity at retirement age. The annuity as determined under the formula will be
increased from the first of the month following date of termination at
prescribed interest rates. The former member may accept a refund at any time
prior to the date retirement annuity begins.
The funds also provide various death and disability benefits. whereby the
disabled employee or surviving spouse is entitled to receive amounts determined
as defined by the funds.
B. Contributions Required and Made
Covered employees are required by State statute to contribute fixed percentages
of their gross earnings to the pension plan. The City makes annual
contributions to the pension plan in the amount required by state statutes.
Current contribution rates for the plans are as follows:
EmDIQvee
Additional
e~lover
Emplover
Public Employees Retirement Fund
Basic Fund
Coordinated Fund
8%
4%
~
4%
2-1/2%
1/4%
Total contributions made during 1987 were $31,998, of which $16,484 was made by
the City and $15,514 was made by employees. These contributions represented 52
percent (City) and 48 percent (employees) of the covered payroll.
25
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 11 - Defined Benefit Pension Plan - Statewide - (Continued)
C. Funding Status and Progress
The "pension benefit obligation" is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected salary
increases and step-rate benefits, estimated to be payable in the future as a
result of employee service to date. The measure. which is the actuarial
present value of credited projected benefits, is intended to help users assess
the PERA's funding status on a going-concern basis, assess progress made in
accumulating sufficient assets to pay benefits when due, and make comparisons
among Public Employees Retirement Systems and employers. PERA does not make
separate measurements of assets and pension benefit obligation for individual
employers.
The pension benefit obligations of PERA as of June 30, 1987, were as follows:
Public Employees
Retirement Fund
(in millions)
Total pension benefit obligations
Net assets available for benefits,
at market
$ 2,839
2.609
Unfunded pension benefit obligation
~
230
The actuarial calculations of annual contributions include amounts that would
be required to achieve full (100 percent) funding by the year 2009.
The measurement of the pension benefit obligation is based on an actuarial
valuation as of June 30. 1987. Net assets available to pay pension benefits
were valued as of June 30,1987.
The City's contribution for the year to the PERA plan represented .02 percent
of total contributions required of all participating entities.
Ten-year historical trend information is presented in PERA's Comprehensive
Annual Financial Report for the year ended June 30. 1987. This information is
useful in assessing the pension plan's accumulation of sufficient assets to pay
pension benefits as they become due.
D. Related Party Investments
During 1987 and as of June 30,1987, PERA held no securities issued by the City
or other related parties.
E. The City's contributions for Federal Social Security (FICA) and Medicare plans
for the year were $28,251.
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 12 - Fund EQuitv
A. The December 31, 1987 reservations of fund equity are:
Governmental Fund Types
Debt service funds
Debt service
Capital project funds
Debt service
Special assessment funds
Debt service
Encumbrances
8 301 .207
8 17.000
$ 237,957
2.0'50.086
82.288.043
Total
82.606.2 '50
Proprietary Fund Type
Enterprise funds - Water Fund - equipment
8 7.219
B. The December 31,1987 designations of fund equity are:
Governmental Fund Types
General Fund
Subsequent year's expenditures
Special assessment funds
Construction
$ 14,838
1.39'5.712
Total
81.410.~50
Note 13 - Seiment Information for Enternrise Funds
Segment information for the City's two enterprise funds for the year ended
December 31, 1987 is as follows:
Water Sewer Total
Operating revenue $ 113,506 $ 135,194 $ 248,700
Depreciation 82,131 132 ,402 214,533
Operating loss 55,506 116,224 171 ,730
Operating transfers - Out 1,349 84,658 86,007
Net loss 57,049 200,283 257,332
Property, plant and equipment
Additions 961,890 2,054,275 3,016,165
Working capital 27,003 69,961 96,964
Contributions of plant and equipment 961,297 2,053,681 3,014,978
Total assets 3,803,508 6,803,348 10,606,856
Equity
Contributed 3 ,769,877 6,727,218 10,497,095
Retained earnings
Reserved 7 .219 7,219
Unreserved 22,106 74,011 96,117
27
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1987
Note 14 - Defined Contribution Pension Plan - Firefi~hters
All firefighters are members of the Andover Firefighter's Relief Association. The
Association provides pension, disability and funeral benefits to its members.
Payments to members are for their individual account balances.
The City's contribution under the plan is $250 per member per year. During 1987,
the City contributed $5,250 to the Association.
Note 15 - Contin~ent Liabilities
The City participated in federally assisted grant programs, principal of which were
the General Revenue Sharing and Community Development Block Grant programs. These
programs are subject to program compliance audits by the grantors or their
representatives. The audits of these programs for 1987 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.
28
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CITY OF ANDOVER. MINNESOTA
GENERAL FUND
BALANCE SHEETS
DECEMBER 11.1987 AND 1986
AS SE TS
Petty cash
Cash and temporary investments
Accrued interest receivable
Taxes receivable
Unremit ted
Delinquent
Accounts receivable
Due from other governmental units
Total asse ts
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Accrued expenses
Due to other governmental units
Deferred revenue
Total liabilities
Fund balance
Unreserved
Designated for subsequent year's expenditures
Undesignated
Total liabilities and fund balance
29
1987 1986
$ 350 $ 300
795,546 606,762
3,567 3,790
89,024 70,352
25,055 27 ,770
758 1,783
2.945 2.129
8917.245 8712.8a6
$ 59,372 $ 37,898
16,600 10,759
6,538 7,588
25.055 27 .770
S107.565 S 84.01~
$ 14,838
794.842
8809.680
$ 40,000
588.871
8628.871
8917.245
8712.886
CITY OF ANDOVER. MINNESOTA
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GENERAL FUND
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amounts for the year ended December 31,1986)
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Bud~et
Revenue
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Other
1987
Actual
1986
Actual
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$ 601,232 $ 601,682 $ 546,472
175,424 268,983 173,777
503,681 526,058 506,727
23,470 46.821 25,474
14,000 33,496 23 ,174
53 .100 143.543 39.'i37
$1,370,907 $1,620,583 $1,315,161
103.613 102.361 66.067
SI . 5 ~8 . ~ ~6 SI.~47.766 SI.249.014
$ (90,640) $ 180,809 $ 134,378
628.871 628.871 494.493
S ~3 8 .23 1 S 809 680 S 1'>28.871
Total revenue
Other sources
Transfers from other funds
Total revenue and other sources
97.009
SI.467.916
Expenditures
General government
Public safety
Public works
Sanitation
Parks and recreation
Unallocated
Total expenditures
$ 413,950
491,433
267,445
19,293
220,647
42 .1 7 ~
$1,454,943
Other uses
Transfers to other funds
Total expenditures and other uses
Increase (decrease) in
fund balance
Fund balance January 1
Fund balance December 31
30
107.992
Sl.728 .~75
$ 469,866
413,466
234,814
10,124
212,863
104.272
$1,445,405
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S1.381.392
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$ 394,042
382 ,012
155,273
17,548
210,326
23.746
$1,182,947
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CITY OF ANDOVER. MINNESOTA
GENERAL FUND
SCHEDULE OF REVENUE - BUDGET AND ACTUAL
YEAR ENDED DECEMB ER 31. 1987
(with comparative actual amounts for the year ended December 31,1986)
1987 1986
Budll'et Actual Actual
Taxes
General property taxes $ 580,232 $ 582,141 $ 513,960
Penalties and interest 21 .000 19.541 32 .512
S 601.232 S 601 .682 S 546.472
Licenses and permits
Business $ 14,334 $ 14,414 $ 15,647
Non-busines s 161 .090 254.569 158.130
S 175.424 S 268.983 S 173.777
Intergovernmental
Local governmental aid $ 230,653 $ 230,355 $ 218,020
Homestead credit 235,668 235,668 222,373
CDBG 18,474 23,299
State highway aid 22,360 22,260 25,297
Insurance premium tax 15.000 19.301 17.738
S ~03.681 S 526.058 S ~06.727
Charges for services
General government $ 14,970 $ 41 ,468 $ 21,335
Public safe ty 2,200 1,446 1,784
Utility funds 6.300 3.907 2 .~~ I)
S 23.470 S 46.821 S 25.474
Fines and forfeits S 14.000 S 33.496 S 23.174
Other
Interest $ 20,000 $ 37,936 $ 25,644
Sale of land (school site) 49,835
Reimbursement from improvement projects 29,000 21,263
Miscellaneous 1 ,100 5 ,06 8 7 ,323
Refunds and reimbursements 3.000 29.441 6.570
S 53 .1 00 S 143 . ~43 S 39.537
Total revenue SI.370.907 SI .620.583 S1.31~ .161
Other sources - Transfers from other funds
Revenue Sharing Fund $ 800 $ 796 $ 40 ,873
1987 Equipment Fund 45,842
Park Fund 27,209 27,209
Administrative Trust Fund 69.000 14.145 27.3~8
S 97.009 S 107.992 S 68.231
Total revenue and other sources Sl.467.916 Sl.728.575 SI.383.39l
31
CITY OF ANDOVER. MINNESOTA [J
GENERAL FUND E~
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amoun ts for the year ended December 31, 1986) El
1987 1986 EJ
Budiet Actual Actual
General government ~
Counc il
Personal services $ 21,097 $ 16,398 $ 16,690
Supplies 26 204 E~
Other services and charges 8.080 7.4l1 7.420
$ 29.177 $ 23 . 83 ~ $ 24.314
Mayor ~
Personal services $ 3,860 $ 3,857 $ 3,215
Other services and charges 400 140 177
$ 4.260 $ 3.997 $ 1.392 ~
Committees
Personal services $ 500 C
Operating expenses 650 $ 181
$ 1 .1 ~o $ 181
Elections C
Personal services $ 7,321
Supplies 449
Other services and charges 125 C
Capital outlay
$ -0- $ -0- $ 7.895
Newsletter C
Personal services $ 1,200 $ 996
Operating expenses 3.600 3.430
$ 4.800 $ 4.426 C
Administration
Personal services $ 47,083 $ 65,583 $ 63,459 ~
Supplies 1 ,300 3,455 2,258
Other services and charges 1,780 2,312 2,822
Capital outlay 1.000 1.815 2.182 C
$ 51 .161 $ 73 .16~ $ 70.721
Financial administration
Personal services $ 6,948 $ 10,763 $ 6,985 C
Supplies 100 80 57
Other services and charges 200 82 355
Capital outlay 400 107 C
$ 7.648 $ 11.032 $ 7.397
C
32 C
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CITY OF ANDOVER. MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amounts for the year ended December 31,1986)
1987
Budiet A~tual
General government (continued)
Accounting
Personal services
Supplies
Other services and charges
Capital outlay
$ 27 ,190
4,000
750
600
$ 32.540
Assessing
Other services and charges
S 17.700
Consulting staff
Auditing
Legal
$ 9,200
27 . ~08
$ 36.708
Planning and zoning
Personal services
Supplies
Other services and charges
Capital outlay
Other
$ 20,914
2,200
1,780
1 ,000
1.000
$ 26.894
Buildings (included in total general gov.)
Administration building
Personal services
Supplies
Other services and charges
Capital outlay
$ 2,184
4,500
13 ,700
66.500
$ 86.884
Fire department building
Supplies
Other services and charges
Capital outlay
$ 6,500
9,900
2.300
$ 18.700
Public works building
Personal services
Supplies
Other services and charges
Capital outlay
$ 250
6,150
8 ,760
3.000
$ 1 8.160
33
$ 43,158
1,843
2,244
1.373
$ 48.618
$ 18.4~6
$ 6,500
39.914
$ 46.414
$ 29,139
2,392
2,376
1,541
317
$ 35.76~
$ 2,502
5,201
11 ,325
85 .433
Sl04.46l
$ 2,320
5,659
3.349
$ 11 .328
$ 9,691
2,132
5,098
6.721
S 23.642
1986
Art:ual
$ 30,828
1,004
390
'58
$ 12.280
$ 16.994
$ 9,400
47.234
$ ~6.634
$ 10,324
1,829
1,457
1,264
7'5
$ 14.949
$ 3,052
4,438
12,752
15.830
$ 36.072
$ 3 ,393
8,262
666
$ 12.321
$ 15,195
4,393
8,876
7.336
$ 3~ .800
CITY OF ANDOVER. MINNESOTA
[J
1986
Actual
C
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GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31. 1987
comparative actual amounts for the year ended December 31, 1986)
$ 936 $ 470 $ 697
2,700 1,141 1,160
4,800 3,794 4,905
600
S 9.036 S ~ .405 S 6.762
$ 300 $ 31
850
1.700 1.115
S 2.850 $ 1.146
S135.630 SI45.982 S 90.955
$ 56,080 $ 45,091 $ 47,029
2,500 3,134 3 ,940
4,100 4,801 2,691
1.200 2.100 2.982
S 63.880 ~ 55.126 S 56.642
S 2.400 8 2.869 S 11.869
8413.950 S469.866 S394.042
(with
1987
Budiet Actual
General government (continued)
Buildings (continued)
Senior citizen center
Personal services
Supplies
Other services and charges
Capital outlay
Storage building
Supplies
Other services and charges
Capital outlay
Total buildings
Engineering - staff
Personal services
Supplies
Other services and charges
Capital outlay
Engineering - consultant
Other services and charges
Total general government
Public safety
Police protection
Other services and charges
Capital outlay
$192,331
$232,142
100
8232.242
$192.131
Fire protection
Personal services
Supplies
Other services and charges
Relief Association
Capital outlay
$ 53 ,342
9,900
46,230
20,500
23.700
Sl ~3 .672
$ 40 .562
8,194
12,370
24.551
21.156
S106.813
34
~
$188,276
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S188,276
$ 33,431
8,227
31,133
24.488
15.177
S112.656
-
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!! CITY OF ANDOVER. MINNESOTA
""
I I GENERAL FUND
~ SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL ( CONTINUED)
~ YEAR ENDED DECEMBER 31 . 1987
l
j I ( wi th comparative actual amounts for the year ended December 31, 1986)
j
I
j I 1987 1986
J
J Budil~t A"tual Artual
!
I Public safety (continued)
j Rescue service
1 I Personal services $ 11 ,50S $ 12,758 $ 9,807
; Supplies 2,670 1,807 1,071
Other services and charges 12,150 3,145 5,003
!! I Capital outlay 1.000 1.148 1.891
j
I 8 27 .32 ~ 8 18.858 8 17.772
i I Protective inspection
Personal services $ 48,894 $ 64,474 $ 38,832
- Supplies 4,100 4,047 4,854
I Other services and charges 14,900 15,072 10,165
Capital outlay 1,000 2,990 1,007
- Other 1.000
- 8 69.894 8 86.583 $ 54.858
c
. I Civil defense
Other services and charges 8 1.800 8 740 8 381
I Anima 1 control
- Personal services $ 88
- Supplies $ 100 $ 232
I Other services and charges 6.400 B.01' 7.817
- 8 6.500 8 8.121 8 8.069.
~ I Total pub lic safety 8491.433 8413.466 8382.012
-
- Pub lic works
I Streets and highways
Personal services $ 39,635 $ 47,304 $ 37,180
- Supplies 19,0 SO 15,033 18,297
- Other services and charges 17,300 10,291 22,348
- I Capital outlay 93.545 79.027 7.498
- 8169 . 53 0 8151.655 8 85.323
-
- Snow and ice removal
- I
- Personal services $ 27,220 $ 21,099 $ 22,650
Supplies 29,675 21,095 22,022
Other services and charges 12,320 3,847 11,113
I Capital outlay 9.980 15 .250 65~
8 79 .19~ 8 61 .291 8 56.440
- I Street signs
Personal services $ 3,675 $ 9,354 $ 6,266
Supplies 2,950 2,733 4,842
I Other services and charges 250 128 415
Capital outlay 2.645 3.659 792
8 9.~20 8 15.874 8 12 .315
I 35
CITY OF ANDOVER. MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amounts for the year ended December 31, 1986)
1987
Bud~et Actual
Public works (continued)
Street lighting
Other services and charges
S 9.200
Total public works
S 267.445
Sanitation
Storm sewers
Personal services
Supplies
Other services and charges
Capital outlay
$ 10,359
4,000
2,700
750
S 17.809
Trees and weed control
Personal services
Supplies
Other services and charges
Capital outlay
$ 644
460
280
100
S 1.484
Total sanitation
S 19.293
Parks and recreation
Personal services
Supplies
Other services and charges
Community education programs
Assessments
Capital outlay
$ 54 .3 85
15,200
9,035
27 ,340
32.478
82.209
S 220.647
Unallocated
CDBG
Metropolitan Waste Control Commission
Insurance
Improvement projects
Misc e llane ous
Tax increment financing
$ 4,300
17 ,350
5,875
14,650
S 42.175
Total expenditures
Sl .4~4.943
Other uses
Transfers to other funds
Certificates of Indebtedness Fund
LR~MO
1986 Equipment
$ 95,613
8,000
S 103.613
Total expenditures and other uses
SI.~58.556
36
S '5.994
S 234.814
$ 5,609
1,301
759
S 7.669
$ 2,186
158
111
S 2.4'55
S 10.124
$ 60,292
17 ,536
2,462
27 ,340
12,854
92 .379
S 212.863
$ 25,546
4,300
63,131
6,000
5,295
S 104.272
Sl .44'5 40 ~
$ 91,598
10,675
88
S 102.361
SI.'547.766
1986
A"tua1
S 1 .19~
S 15'5.273
$ 6,522
4,429
3,100
2 .61~
S 16.666
$ 550
164
168
S 882
S 17 .~48
$ 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
SI.IH2,947
$ 66,067
S 66.067
SI .249.014
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CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 11.1987
(with comparative totals for December 31,1986)
Drainage
and Totals
LRRWMO Mappini 1987 1986
ASSETS
Cash and temporary investments $ 3 ,910 $28,774 $32,684 $24,627
Accrued interest receivable 21 165 186 163
Taxes receivable
Unremitted 2,786
Delinquent 192
Special assessment receivable
Unremitted 1,313 1,313 2,144
Delinquent 343 343 1.794
Total as se ts 8 3.931 830 .~9~ 834.526 831.706
LIABILITIES AND FUND BALANCE
Liabilities
Cash deficit
Deferred revenue
Total liabilities
$ 5,462
8 343 8 343 1.986
$ 343 $ 343 $ 7,448
8 3.931 30.252 34.181 24.258
8 3.931 830.595 814.526 831.706
Fund balance
Unreserved-Undesignated
Total liabilities and
fund balance
37
CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31 . 1987
(with comparative actual amounts for year ended December 31, 1986)
Drainage
Revenue and Totals
Sharine- LRRWMO M~ppinf 1987 1986
Revenue
Taxes $ 5,388
Homestead credit 2,426
Federal grant $ 780 $ 780 40,159
Special assessments $ 1,401 1,401
Interest 28 8 85 1.767 1.880 731
Total revenue $ 808 $ 85 $ 3,168 $ 4,061 $48,704
Other sources
Transfers from other funds 10.67'5 1 '50 10.825 826.934
Total revenue and
other sources 8 808 $1 0 .7 60 8 ~ .318 814.886 87~.638
Expenditures
Other services and charges 8 12 8 4.1 "3 S 4.165 SlO."07
Other uses
Transfer to General Fund ~ 796 8 796 840 .873
Total expenditures and
other uses $ 808 $ 4.1'53 8 4.961 $'51.380
Inc rease (decrease) in
fund balance $ -0- $ 6,607 $ 3 ,318 $ 9 ,925 $24,258
Fund balance (deficit) January 1 -0- $(2.676) 826 .934 S24.258 -0-
Fund balance ( deficit) December 31 8 -0- 8 3.931 830.2 '52 8~4 .183 824.258
38
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CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUND - REVENUE SHARING FUND
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amounts for year ended December 31,1986)
Rpvenl1e
Feder'!l ~r"nt
Interest
1987 1986
_~.Il..e_~ Actual Actual
$ 800 $ 780 $ 40,159
50 28 714
$ 850 $ 808 $ 40.873
Expenditures
Other services and charges
$
$
so
12
Other uses
Transfer to General Fund
Total expenditures and other uses
$
796
808
$ 40.873
$ 40 .873
800
850
$
Increase (decrease) in fund balance
$
$
$
-0-
-0-
-0-
Fund balance January 1
-0-
-0-
-0-
Fund balance December 31
$
$
$
-0-
-0-
-0-
39
CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUND - LRRWMO FUND
BALANCE SHEETS
DECEMBER 31. 1987 AND 1986
AS SE TS
1987 1986
$ 3 ,910
21
$ 2,786
192
$ 3.910 $ 2.978
Cash and temporary investments
Accrued interest receivable
Taxes receivable
Unremitted
Delinquent
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Cash deficit
Deferred revenue
Total liabilities
$ 5,462
192
$ 5.654
$ 3.910 (2.676)
s 1.910 S 2.978
Fund balance (deficit)
Unreserved - Undesignated
Total liabilities and fund balance
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amount for year ended December 31,1986)
1987 1986
Budiet Actual Actu:tl
Revenue
General property taxes $ 5,388
Homestead credit 2,426
Interest $ 85 17
Total revenue $ -0- $ 85 $ 7 ,831
Other sources
Transfer from General Fund $ 8.000 $ 10.67~
Total revenue and other sources $ 8.000 $ 10.760 S 7.811
Expenditures
Other services and charges $ 8.000 S 4.153 S 10 . ~07
Increase (decrease) in fund balance $ -0- $ 6,607 $ (2,676)
Fund balance (deficit) January 1 (2.676) (2.676) -0-
Fund balance (d.eficit) December 31 $ (2.676) $ 3.931 $ (2.676)
40
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CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUND - DRAINAGE AND MAPPING FUND
BALANCE SHEETS
DECEMBER 31. 1987 AND 1986
1987
1986
ASSETS
Cash and temporary investments
Accrued interest receivable
Special assessment receivable
Unremitted
Delinquent
$ 28,774 $ 24,627
165 163
1,313 2,144
343 1.794
$ 30.'595 $ 28.728
Total assets
LIABILITY AND FUND BALANCE
Liab il i ty
Deferred revenue
$
343
$ 1,7 94
Fund balance
Unreserved
Undesignated
30.252
26.934
Total liability and fund balance
$ 30.595
$ 28.728
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1987
(with comparative actual amount for year ended December 31, 1986)
1987 1986
Budl!et Actual Actual
Revenue
Special assessments $ 1,401
Interest 1.767
$ 3,168
Other sources
Transfers from special assessment funds 150 $ 26.934
Total revenue and other sources $ -0- $ 3.318 $ 26 .934
Increase in fund balance $ -0- $ 3,318 $ 26,934
Fund balance January 1 26.934 26 .934 -0-
Fund balance December 31 $ 26 .934 $ 30.252 $ 26 .934
41
THIS PAGE LEFT
BLANK INTENTIONALLY
42
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CITY OF ANDOVER. MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER ~1. 1987
(with comparative totals for December
31,1986)
~
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LIAB ILITIES AND FUND BALANCE
Liabilities
Cash deficit
Deferred revenue
Total liabilities
$ 3.606
$ 3,606
$ ~.606
$ 3,606
$ 36,850
2.465
$ 39,315
Fund balance - Reserved
for debt service 146.403 $ 133 $154.671 301 .207 113.7l~
Total liabilities
and fund balance $1'50.009 $ 133 $154.671 $304.813 $173.030
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CITY OF ANDOVER. MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31. 1987
(with comparative totals for year ended December 31.1986
1978 G.O.
Bonds
Certificates
of Indebtedness
Revenue
General property taxes
State aid
Homestead credit
Interest
Total revenue
$ 45,681
18,501
5.983
$ 70 .165
Other sources
Transfers from other funds
General Fund $ 91,598
Capital project funds
Enterprise funds 3.221
Total other sources $ 94 .81 9
Total revenue and other sources S 70.165 $ 94.819
Expenditures
Redemption of bonds $ 50,000 $ 75,000
Interest and service charges 7.477 19.819
Total expenditures $ ~7 .477 $ 94.819
Increase in fund balance $ 12,688 $ -0-
Fund balance January 1 133.715 -0-
Fund balance December 31 $146.403 $ -0-
44
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i I State Aid Increment Totals
I Bonds Bonds 1987 1986
I
I
~ $ 45,681 $ 44,862
J $ 83 ,624 83 ,624 86,850
.
18,501 18,636
I 409 $ 12.798 19.079 3.853
$ 83 .922 $ 12.798 $166.885 $1~4.201
-
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i $ 91 ,598 $ 66,067
$167,167 167,167
I 3.221 2.758
~ S167.167 S261.986 $ 68 . 82 ~
~
I $ 83.922 $179.965 $428.871 $223.026
~
$ SO ,000 $175,000 $151.000
- I 11.789 $ 2 ~.2 94 86.379 ~ 9. 7 8~
- $ 83 .789 $ 2<; .294 $261.379 $210.785
-
-
- $ 133 $154,671 $167,492 $ 12 ,241
- I
~
-0- -0- 133.715 121.474
- I
$ 113 Sl ~4.671 $301.207 $133.715
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CITY OF ANDOVER. MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1987
(with comparative totals for December 31,1986)
AS SE TS
Cash and temporary investments
Accrued interest receivable
Taxes receivable - unremitted
Accounts receivable - bond proceeds
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Cash deficit
Accounts payable
Contracts payable
Total liabilities
Fund balance
Reserved for debt service
Unreserved - Undesignated
Total liabilities and fund balance
46
Eauipment
$ 20,256
122
$ 20.378
$ 20.378
$ 20.378
$ 20.378
1987
Eouipment
$ 15,633
93
$ 15.736
$ 15.726
$ 15.726
$ 15.726
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Tax State Totals
Increm~nt Park Aid 1987 1986
$ 57,610 $172,131 $265,630 $114,847
489 1,050 1,754 711
$ 1,161 1,161
20'5.000 205.000
$206.161 S 58.099 S173.181 S473.545 $115.558
$ 86,520 $ 86,520 $ 108
14,454 $ 6,579 21,033 1,854
4.736 4.736
$100.974 S 11.31~ Sl12.289 $ 1.962
$ 17 ,000 $ 17 .000
88.187 $ 58.099 S161.866 344.2 '56 S113.'596
$ 1 0'5 .1 87 S 58.099 $161.866 S361.2~6 $113.596
$206.161 S 58.099 $173.181 $473.~4~ $115.558
47
CITY OF ANDOVER. MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31. 1987
(with comparative totals for year ended December 31,1986)
Revenue
General property taxes
State aid and credits
Park dedication fees
Interest
Other
Total revenue
Other sources
Bond proceeds
Transfers from other funds
General Fund
Special assessment funds
Total revenue and other sources
Expenditures
Capital outlay
Reimbursements to other funds
Interest and service charges
Total expenditures
Other uses - Transfers to other funds
General Fund
Debt service funds
Administrative trust fund
Total expenditures and other uses
Increase (decrease) in fund balance
Fund balance January 1
Fund balance December 31
48
Eouir->ment
$ 1,133
$ 1,133
$ 1 .133
$ 1.133
19.24~
$ 20.378
1987
Equinment
$ 6,072
1.500
$ 7,572
170,000
$177 .572
$116,004
$116,004
45,842
$161.846
$ 15,726
-0-
$ 15.726
--.......-
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I 1986 Tax State Tota.ls
I I Equipment Increment Park Aid 1987 1986
;;
.I
I
$ 2,030 $ 2,030
;; I 187 $221,197 221 ,384
~
j
.! $ 26,265 26.265 $ 40,530
:;; 1 ,686 4.717 8,53 9 22,147 6,325
I 1.808 3.308 ~.016
j $ 3,903 $ 30,982 $231,544 $ 275,134 $ 51,871
! I 1 .249,126 1,419,126 95,000
$ 88 88
~ I 187.05'5 187 .05~
~ $ 88 $1.253.029 $ 30.982 $418.'599 S1 .881.403 $146.871
I $ 962 ,793 $ 236 $282,593 $1 ,361 .626 $ 99,000
- 11 ,000 11,000
- 6.882 7.197 14.079 3.884
- I $ 980,675 $ 236 $289,790 $1,386,705 $102,884
-
-
- I 27,209 73.051
- 167.167 167,167
=
-
- 6.820 6.820
-
~
= I $1.147.842 S 27 .445 $296.610 $1.633.743 $102.884
- $ 88 $ 105,187 $ 3,537 $121,989 $ 247,660 $ 43 ,987
-
- I ( 88) -0- 54.'562 39.877 113.596 69.609
-
-
$ -0- $ 105.187 $ 58.099 $161.866 $ 361.256 $ 113 .596
- I
= I
=
- I
-
- I
-
I 49
-
-
CITY OF ANDOVER. MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1987
(with comparative totals for December 31,
1986)
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Deferred revenue
Bonds payable
Total liabilities
$ 364,630
1.060.200
81.424.830
$ 355,565
975.000
81.330.'565
$ 194,651
'i3 ~ .000
$ 729 .6~1
$102,670
19~ .000
8297.670
Fund balance (deficit)
Reserved for debt service $ 144,664 $ 35,003
Unreserved
Designated for construction
Undes igna ted $ (307. 'i3 9) (65.033)
Total fund balance 8 144.664 $ (307.539) 8 35.003 $(6'i.033)
Total liabilities and
fund balance Sl.'569.494 81.023 .026 ~ 764.654 $232.637
50
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I I 1979 1980A ] gAOB 1980C 1985A 1985B 1986A
,
~
i $124,031 $ 112,725 $ 77 ,144 $566,488 $244,660 $ 915,396 $1,141,0894
I 690 590 446 2,956 1 ,366 4,876 6,300
, 534 2,369 5
.!
~ 2,523 5,866 407 775 27,830 45,992
! I
J 80.545 126.282 16.083 152.001 1.288.953 559.642
~
,
I 8207.789 $ 245.997 S 94.080 8569.444 $401.171 $ 2.237.060 81.753.018
- I
~
~ I $ 144 $ 451
- $ 83 ,068 $ 132,148 $ 16,490 $152,776 $ 1,316,783 60S ,634
180 .000 225.000 68.600 520.000 270.000 2.250.000 1 .720.000
- 8263.068 8 ~~7 .148 $ 85.090 $~20.144 8422.776 S 1 .566.783 82 .326 .08~
~
- I
- $ 8,990 $ 49,300
~
-
- I $ 459,839
-
- S(5~.279) $011 .151) 8( 21 .60 ~) 80.329.723) o .032 .906)
I $(~~.279) $011.1~1) 8 8.990 8 49.300 $(21.605) 80.329.723) $ (573.067)
~
- S207.789 8 245.997 8 94.080 8569.444 8401.171 8 2.237.060 81 .753 .01 8
- I
-
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-
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- I
- I
-
=
- I
I 51
-
CITY OF ANDOVER. MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET (CONTINUED)
DECEMBER 31. 1987
(with comparative totals for December 31,1986)
$ 140
4,576
$104,544 797,970 $ 1,808,460
144.000 2.410.000 2.485.000
$248. ~44 $ 3.212.686 $ 4.293.460
$ 28,679
149,496
$(~1.930) (2.076.115) $0.485.420)
S(~1.930) $(1.897.960) $0.485.420)
S196.614 $ 1 .314.726 ~ 2.808.040
1986A
Refundini
ASSETS
Cash and temporary investments
Accrued interest receivable
Accounts receivable
Due from other governments
Special assessments receivable
Unremitted
Delinquent
Deferred
$ 90,093
467
1,510
5,013
99. '531
Total asse ts
$196.614
LIABILITIES AND FUND BALANCE
Liabilities
Cash deficit
Accounts payable
Contracts payable
Deferred revenue
Bonds payab le
Total liabilities
Fund balance (deficit)
Reserved for encumbrances
Reserved for debt service
Unreserved
Designated for construction
Undesignated
Total fund balance
Total liabilities and fund balance
52
1986B
1986C
Refundini
$ 514,124
2,632
$ 985 ,032
5 ,221
4,621
793.349
9,327
44,281
1 .764 .17 9
$ 1.314.726
82.808.040
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Water Sewer Totals
1987 A 1987B Unf inane ed trunk ....tl~ 1987 198/1
$ 2,215,629 $ 853,622 $343,894 $266,481 $11.006,472 $10,396,063
15,735 3,013 2,028 1,568 62,990 93 ,450
31,000 31,000
371 ,280 371 ,280 500
14,869 277,833
226 147,080 76,645
1 .151 q. 71)8 244.371 13.120 16.774 7.682.758 8.1~5.2~1
S 4.122.402 S 1 .112 .006 S -0- S3~9.242 S285.049 S19.316.449 SI8.999.722
$ 49,160 $ 49,160
$ 41.629 $ 32,259 9,309 83,932 $ 50 ,751
566,798 64,028 635,402 132,730
1,519,758 244,371 $ 13,320 $ 17 ,000 7,829,838 8,231 ,876
5.000.000 1.550.000 19.587.800 17.011.500
S 7.128.185. S 1.890.658 $ ~8.469 S 1~ .320 S 17 .000 S28.186.132 S2~.426.8~7
$ 1 ,517 ,126
$ 504,281
$ 2,050,086 $ 87,846
237,957 234,279
333,404
(4.856.313)
S(3 .005 .783)
452,973
(1.71~.906)
S 058.652)
S( 58 .469)
S( ~8 .469)
1,395,712 1,759,126
S~45.922 S268.049 02.553.438) (8.508.386)
S345.922 $268.049 $(8.869.633) S(6.427.135)
$ 4.122.402
S 1.132.00/1
$ -0-
$359.242 S28~.049 SI9.316.449 S18.999.722
53
CITY OF ANDOVER. MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMB ER 31. 1987
(with comparative totals for year ended December 31,1986)
S 7'5.653 $ 50.2'50 S 29 . ~17 S 11.678
$100,947 $ 55,952 $ 44,476 $ 21 ,175
43 .717 (363.491) (9.473) (81\ .208)
S144.664 S007.'539) S 35.003 S(6~.033)
1976MB
1 977 A
Revenue
Other governmental units
Special assessments
Unit connection charges
Interest
Other
$109,102
$ 65,481
67,498
40,721
Total revenue
$176,600
$ 106,202
Other sources
Transfers from other funds
Special assessment funds
Sewer Fund
Total revenue and
other sources
S17 6.600
$ 106.202
Expenditures
Construction costs
Interest and fiscal charges
Other
$ 73,520
2.133
S 75.653
$ SO ,250
S 50.2~O
Total expenditures
Other uses
Transfers to other funds
Drainage and Mapping Fund
Special Assessment Funds
Sewer Fund
Administrative Trust Fund
Total other uses
Total expenditures
and other uses
Increase (decrease) in
fund balance
Fund balance (deficit) January 1
Fund balance (deficit) December 31
54
1977B
$ 41,753
32,240
$ 73,993
$ 73.993
$ 29,517
S 29.~17
1978
$ 26.163
6,690
$ 32,853
S ~2.853
$ 11,678
S 11.678
---=-----....----
01
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t 1979 1980A 1980B 1980C 1985A 198~B 1986A
j; I
1
i $ 30,654 $ 52,185 $ 8,029 $ 141,777 $ 570,846 $ 806,484
I I 6,359 4,868 4,372 $ 2,728 10,645 40,684 47,317
I
I 637
1 I $ 37,013 $ 57,053 $ 12,401 $ 2,728 $ 152,422 $ 612,167 $ 853,801
i
I
.
J I 65,000
~
~ I $ 37.013 $ 57.053 $ 12.401 $ 67.728 $ 152.422 $ 612.167 $ 853.801
I
- $ 12,085 $ 97 $ 22,335
~
! I $ 12,388 $ 16,706 $ 4,973 195,333 24,731 $ 185,094 135,570
~ 10
- $ 12.388 $ 16.706 $ 4.973 $ 207.428 $ 24.828 $ 185.094 $ 157.905
. I
I
-
-
- I
=
-
I $ 12.388 $ 16.706 $ 4.973 $ 207.428 $ 24.828 $ 185 .094 $ 157.905
=
-
=
-
- $ 24,625 $ 40,347 $ 7,428 $(139,700) $ 127,594 $ 427,073 $ 695,896
-
- I
(79.904) (1 ~1 .498) 1.562 189.000 (149.199) ( 1 .7 56 .7 96 ) ( 1.268.963)
- I $(5~.279) $011.151) $ 8.990 $ 49.300 $ (21.605) $0.329.723) $ ( 573 .067)
- I
-
- I
- I 55
CITY OF ANDOVER. MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE (CONTINUED)
YEAR ENDED DECEMBER 31. 1987
(with comparative totals for year ended December 31,1986)
1986A 1986C
Refundini 1986B Refundin~
Revenue
Other governmental units
Special assessments $ 46,316 $ 603,004 $ 583 ,531
Unit connection charges
Interest 5,172 24.395 34,537
Other 3.097
Total revenue $ 51 ,488 $ 627.399 $ 621,165
Other sources
Transfers from other funds
Special Assessment Funds
Sewer Fund
Total revenue and other sources $ 51.488 $ 627.399 $ 621.165
Expenditures
Construction costs $ 90 .056
Interest and fiscal charges $ 12,150 148,357 $ 169,490
Other
Total expenditures S 12.150 $ 238.413 S 169.490
Other uses
Transfers to other funds
Drainage and Mapping Fund
S ta te Aid Fund
Special Assessment Funds $ 1,124,563 $ 65,000
Sewer Fund
Administrative Trust Fund 1.240
Total other uses $ 1.125.803 $ 1i5.000
Total expenditures and other uses $ 12.150 $ 1.364..216 $ 234.490
Increase (decrease) in fund balance $ 39,338 $ (736,817) $ 386,675
Fund balance (deficit) January 1 (91.268) (1 .161 .143) (I .872 .095)
Fund balance (deficit) December 31 $(51.930) SO .897.960) SO .485.420)
56
-->-
01
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I I Water Sewer Totals
1987 A 1987B Unfinanced trunk trunk 1987 1986
J
J I $ 371 ,280 $ 371 ,280
147 ,755 $ 15,335 $ 3,858 3,252,273 $ 1,773,657
:I
. $161,004 36,485 197,489 31,600
!!
! I 163,339 19,235 18,830 16,243 545,873 574,130
co S 7.672 11.406
J
$ 682.374 $ 34,570 $ 7,672 $179,834 $ 56,586 $ 4,378,321 $ 2 ,379,387
I I
~
~
I
1 ,246 ,494 100,000 1.411 ,494
I 82 t 7 86 82.786 2 . ~41 .209
~ S 1 .92 8 , 86 8 S 134.570 S 7.672 S179.834 SI39.372 S 5.872 .601 S 4.920.'596
~
co
1 I $ 4,834,340 $ 581,015 $ 5,539,928 $ 3,606,514
1,069,757 868.008
2.143 61 .476
I S 4.834.340 S '581 .01 '5 S 6.611.828 S 4.~3~.998
i
I $ 150 $ 150 $ 26,934
187,055 187.055
- 121 ,931 $100,000 1 ,411 ,494 2,541 ,209
I 1,664
- S 100 .311 3.071 104.622 78.495
-
S 100.311 S 312.207 S100.000 S 1 .703.321 S 2.648.302
- I S 4.934.6'51 S 893.222 S100.000 S 8.31'5.149 S 7.184.300
-
0 $(3,005,783) $(758,652) $( 92.328) $17 9 ,834 $139,372 $(2,442,548) $(2.263,704)
~ I
-
-
- -0- -0- 33.8'59 166.088 128.677 (6.427.13~) (4.163.431)
0
-
I $(1.00'5.781) S(7~8 .6~2) $( '58 .469) S34'5.922 S268.049 S( 8.869.683) S(6 .427 .13~)
I
- I
I 57
Totals
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CITY OF ANDOVER. MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1987
(with comparative totals for December 31,1986)
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 equi ty
Contributed
Retained earnings
Reserved for equipment
Reserved for system improvements
Unreserved - Undesignated
Total fund equity
Total liabilities
and fund equi ty
Water
Spwer
1987
1986
$ 8,888 $ 13,006
43 86
16,849 51 ,590
7,398
5.529
S 11.309 8 72.080
$
21,894 $ 75,469
129 864
68,439 54,537
4,148
7 ,398 15,704
5.529 ~ .539
103.389 8 156 .261
8
$ 4,368 $ 7,140 $ 11 ,508 $ 10,321
524,515 524,515 190 ,832
3 .48~ .919 7.~97.033 11 .082.952 8.40l.6~7
$4,014,802 $7,604,173 $11,618,975 $8,602,810
(242.603) (872 .905) (I .115 .508) (900.975)
83.772.199 86.731.268 810.503.467 87.701.835
8 18.647
83 .803 .~08 86.803.348 810.606.856 87.876.743
$ 9,276
$ 2,696 $ 660 $ 3,356 2 ,040
1.610 1.4~9 3.069 3.807
8 4.306 8 2.119 8 6.42~ $ 15.123
8
18.835
83.769.877
86.727.218
810.497.095
$7 .69~ .047
$ 7,219
$ 7 ,219
$ 6,792
82 ,787
~8.159
$ 147.738
S7 .842 .785
22.106
8 29.325
81.799.202
74.011
S 74.011
86.801.229
96 .117
8 103.336
810.600.431
81.80'L~08
86.803.348
810.606.856
S7.876.743
58
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CITY OF ANDOVER. MINNESOTA
ENTERPRISE FUNDS
CO}ffiINING STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS
YEAR ENDED DECEMB ER 31. 1 987
(with comparative totals for year ended December 31, 1986)
Operating revenue
User charges
Connection charges
Meters
Permit fees
Penalties
Other
Operating expense (excluding
depreciation)
Personal services
Supplies
Meters, etc.
Other services and charges
Disposal charges
Operating income (loss)
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 of
depreciation to contributions
in aid to construction
Income (loss) transferred
to retained earnings
Retained earnings January 1
Retained earnings December 31
Watp-r
$ 73,405
26,420
12,045
1 ,437
199
S111.506
$ 38,168
8,828
21.479
18,406
$ 86.881
$ 26 .62 ~
$ 604
81.527
$ 82.131
Sewer
$ 131,939
3,225
30
S 135.194
$ 19,138
2,865
3,492
93.521
$ 119.016
$ 16.178
$ 999
131.403
S 132.402
Totals
1987 1986
$ 205,344
$ 173,256
25,176
13,720
6,755
3,844
1.649
$ 224.400
26 ,420
12,045
4,662
229
$ 248.700
$ 57,306
11 ,693
21 ,479
21,898
93.521
$ 205.897
$ 44,628
13,177
23,708
14,076
80 .571
$ 176.162
$ 42.803 $ 48.23R
$ 1,603
$ 1,083
212.930
$ 214.53 3
164.168
S 165.251
$(55.506) $(116.224) $(171.730) $(117.013)
$
427 $
( 621)
(1 94 ) $
$
599 $
599 $
1,026 $
(621)
405 $
5 ,443
(61~)
4.808
(1.349)
$(55,700) $(115,625) $(171,325) $(112,205)
(84 .6~8)
( 86.007)
(1.094)
$(57.049) $(200.283) S(257.3~) S(113.299)
$(57,049) $(200,283) $(257,332) $(113,299)
R1.~27 131.403 212.930 164.16R
$ 24,478 $ (68,880) $ (44,402) $ 50,869
4.847
S 29.32~
59
142.891
$ 74.011
147.738
96.869
$ 103.336 $ 147.738
CITY OF ANDOVER. MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31. 1987
(with comparative totals for year ended December 31.1986)
Sources of working capital
Operations
Net loss
Item not requiring working
capital - Depreciation
Decrease in other assets
Contribution of property
Uses of working capital
Acquisition of property and
equipment
Decrease in deferred revenue
Increase (decrease) in
working capital
Totals
W;:lt~r
Sp-wer
] 987
1986
$( 57,049) $ (200,283) $ (257,332) $ (113,299)
82 .131. 132.402 214.'533 165.251
$ 25,082 $ (67,881) $ (42,799) $ 51,952
18,647 18,647 2,433
961.297 2.0~3 .681 3.014.978 1 .343 .945
8986.379 S2.on4.447 82.990 .826 81 .398.330
$961,890
$2.054,275
1 8 . 83 5
S2 ..073 ..110
$1,348,270
2.387
Sl ..350..657
$3,016,165
18.835
S3..035.000
8961.890
8 24.489
8 (68.663) 8 (44.174) 8
47.673
Elements of change in working
capital
Cash and temporary investments $ 18,164 $ (62,463) $ (44,299) $ 19,901
Accrued interest receivable (18) (717) (735) 392
Accounts receivable 6,722 7,180 13 ,902 16,003
Due from other governmental units (8,306) (8,306) 4,436
Special assessments receivable (4,148) (4.148) 3,988
Inventory (10) (10) 1 ,394
Accounts payable (1,013) (303) (1,316) 3,976
Accrued expenses 644 94 738 (2.417)
Increase (decrease) l.n
working capital 8 24.489 8 (68.661) 8 (44.174) 8 47.673
60
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CITY OF A~DOVER. MINNESOTA
WATER FUND
BALANCE SHEETS
DECEMBER 31. 1987 AND 1986
ASSETS
~
.j
jj
i
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 as se ts
LIABILITIES AND FUND EQUITY
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
61
1987
1986
$ 8,888
43 $ 61
16,849 10,127
'5.'529 '5. ~3 9
8 31.309 8 15.727
$ 4,368
524,515
3.485.919
$4,014,802
(242.603)
83.772.199
83.803.'508
$ 3,775
190,832
2.858,30'5
$3,052,912
(160.472)
82.892.440
82.908.167
$ 9,276
$ 2,696 1,683
1.610 2.2 ~4
8 4.306 8 13.213
~3 .769.877
$ 7,219
22 . 1 06
8 29.32~
83.799.202
83 .801.~08
82.890.107
$ 6,792
(1 . 94 ~)
8 4.847
82.894,Q'54
82.908.167
CITY OF ANDOVER. MINNESOTA
WATER FUND
STATEMENTS OF REVENUE. EXPENSE AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31. 1987 AND 1986
1987 1986
Operating revenue
User charges $ 73,405 $ 38,191
Meters 26 ,420 13,720
Permit fees 12,045 6,755
Penalties 1 ,437 842
Other 199
S113.506 $ 59.'508
Operating expense (excluding depreciation)
Personal services
Supp lies
Meters, etc.
Other services and charges
$ 38,168
8,828
21,479
18.406
S 86.881
$ 28.546
7.662
11 ,275
14.076
S 61.~59
Operating income (loss) before depreciation
S 26 .625 S (?O~l)
$ 604 $ 441
81.~27 60.606
$ 82.131 S 61.047
~(~'5.~06) S(63.098)
$ 427 $ 448
( 621) (211)
S (I94) $ 237
$(55,700) $(62,861)
(I .349) (1.103)
$('57.049) S(61.694)
$(57.049) $(63,964)
81.~27 60.606
$ 24,478 $ (3,358)
4.847 8.205
S 29.325 S 4.847
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 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 earnings
Retained earnings January 1
Retained earnings December 31
62
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CITY OF ANDOVER. MINNESOTA
WATER FUND
STATEMENTS OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31.1987 AND 1986
1987
1986
Sources of working capital
Operations
Net loss
Item not requ~r~ng working capital
Depreciation
$(57,049) $(63,964)
82.131 61.047
$ 25,082 $ (2,917)
961.297 610.298
8986.379 8607 .381
$961.890 8611 .444
8 24.489 8 (4.063)
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
$ 18,164
(18)
6,722
(10)
(1,013)
644
$(12,786)
12
5,188
1 ,394
2,993
( 864)
Increase (decrease) in working capital
8 24.489
8 (4.063)
63
CITY OF ANDOVER, MINNESOTA
SEWER FUND
BALANCE SHEETS
DECEMBER 3]. 1987 AND 1986
ASSETS
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
Accounts payable
Accrued expenses
Total current liabilities
Other liab il i ty
Deferred revenue - Connection charges
Fund equity
Contributed
Retained earnings
Reserved for system improvements
Unreserved - Undesignated
Total fund equity
Total liabilities and fund equity
64
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1987
$ 13,006
86
51,590
7,398
8 72 .080
$ 7,140
7.~97.033
$7,604,173
(872 .905)
86.731.268
86.803.348
1986
$ 75,469
803
44,410
15,704
4.148
s 140 .~34
$ 6,546
'5.543.352
$5,549,898
(740 .~03)
84.809.39'5
S 18.647
~4 .968 . ~ 76
$ 660 $ 357
1.459 1 . ~53
8 2.119 8 1.910
8 18 .835
86.727.218
8 74.011
8 74.011
86.801.229
86.803.348
84.804.940
$ 82 ,787
60 .1 04
8 142.891
84.947.831
84.968.~76
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CITY OF ANDOVER. MINNESOTA
SEWER FUND
STATEMENTS OF REVENUE. EXPENSE AND RETAINED EARNINGS
YEARS ENDED DECEMBER 31. 1987 AND 1986
Operating revenue
User charges
Connection charges
Penalties
Other
Operating expense (excluding depreciation)
Personal services
Supplies
Other services and charges
Disposal charges
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
65
1987 1986
$ 131,939 $135,065
25,176
3,225 3,002
30 1.649
$ 135.194 $164.892
$ 19,138 $ 16,082
2,865 5,515
3,492 12,433
93 . ~ 21 80 .~71
$ 119.016 $114.603
$ 16.178 $ ~o .289
$ 999 $ 642
111.403 103.'562
~ 132.402 $104.204
$016.224) $(~3.91'5)
$ 599 $ 4,995
( 424)
$ ~99 $ 4.'571
$(115,625) $(49,344)
1,664
(84 .6~8) (1 .6~~)
$(200.281) $( 49.335)
$(200,283) $(49,335)
131.403 103 . ~62
$ (68,880) $ 54,227
142.891 88.664
$ 74.011 $142.891
CITY OF ANDOVER. MINNESOTA
SEWER FUND
STATEMENTS OF CHANGES IN FINANCIAL POSITION
YEARS ENDED DECEMBER 31. 1987 AND 1986
1987
198fi
Sources of working capital
Operations
Net loss
Item not requ~r~ng working capital
Depreciation
$ (200,283 ) $(49,335)
132.402 104.204
$ (67,881) $ 54,869
18,647 2,433
2.053.681 733.647
82.004.447 $790 .949
$2,054,275 $733,647
3,179
18.83'5 2.387
$2.073.110 8739.213
8 (68.663) 8 '51.736
Decrease in other assets
Contribution of property
Uses of working capital
Acquisition of property and equipment
Increase in other assets
Decrease in deferred revenue
Increase (decrease) in working capital
Elements of change in working capital
Cash and temporary investments
Accrued interest receivable
Accounts receivable
Due from other governmental units
Special assessments receivable
Accounts payable
Accrued expenses
$ (62,463) $ 32,687
(717) 380
7,180 10 ,815
( 8,306 ) 4,436
(4,148) 3,988
(303) 983
94 (l . ~ 53 )
8 (68.663) $ 51.736
Increase (decrease) in working capital
66
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CITY OF ANDOVER. MINNESOTA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1987
(with comparative totals for December 31, 1986)
AS SE TS
Cash
Accrued interest receivable
Total assets
LIABILITY AND FUND BALANCE
Liability
Deposits payable
Fund balance
Unreserved-Undesignated
Total liability and
fund balance
Expendable
Trust Fund
Administrative
Trust Fund
$270,362
1.143
8271 .505
8271.50~
8271.50'5
67
A~ency Fund
Escrow
Fund
$675,084
$675.084
$675,084
8675.084
Totals
1987 1986
$945,446
1.143
$946.589
$675,084
271 .~0'5
$946 . ~89
$839,234
1.647
$840.881
$658,075
182.806
8840.881
CITY OF ANDOVER. MINNESOTA
EXPENDABLE TRUST FUND
ADMINISTRATIVE TRUST FUND
STATEMENTS OF REVENUE. EXPENDITURES AND FUND BALANCE
YEARS ENDED DECEMB ER 31. 1987 AND 1986
1987
198(;
Revenue
Interest earnings
$ 11,402
$ 12,045
Other sources
Transfers from other funds
Capital projects funds
Special assessment funds
6,820
104.622 78..495
$122.844 S 90.540
$ 34.145 $ 27.358
$ 88,699 $ 63,182
182.806 119.624
$271.505 $182.806
Other uses
Transfers to General Fund
Increase in fund balance
Fund balance January 1
Fund balance December 31
AGENCY FUND
ESCROW FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
YEAR ENDED DECEMB ER 31. 1987
Balance Balance
Januarv 1 Additions Deductions December 31
Cash S658 .075 S168.905 $1~1.82~ $67~.084
Deposits payable $(;58.075 $168.905 $151.896 ~(;75 .084
68
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CITY OF ANDOVER. MINNESOTA
STATEMENTS OF GENERAL FIXED ASSETS
DECEMBER 31. 1987 AND 1986
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
69
1987
$ 419,983
581,838
101,070
852.359
$1.955.250
$1.95~.2~0
1986
$ 288,553
581,838
86,153
762.8] 6
$1.719.360
~1.719.360
CITY OF ANDOVER. MINNESOTA
STATEMENTS OF GENERAL LONG-TERM DEBT
DECEMBER 31.1987 AND 1986
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
Total
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
1987 Certificates of Indebtedness
G.O. Tax Increment Bonds of 1987A
G.O. Tax Increment Bonds of 1987B
Accounts payable - Assessments on City property
Contracts payable - Equipment purchase
Due to other governmental units
Metropolitan Waste Control Commission
Accrued expenses - Vacation pay - Governmental funds
Total
70
1987
$ 301,207
1 .883 .248
82.184.4'55
$ 105,000
6,000
360,000
60,000
76,000
170,000
1,065.000
205.000
$2,047,000
81,589
10,267
13,959
31.640
82.184.455
1986
$ 133.715
775.029
8908.744
$ 155,000
30,000
12,000
410,000
80 ,000
95 ,000
$ 782,000
86,501
524
17 ,329
22.390
8 908.744
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF CASH. TEMPORARY INVESTMENTS AND SECURITY FOR DEPOSITS
DECEMBER 31. 1987
First National Bank of Anoka
Checking accounts
Money market accounts
Certificates of deposit
St. Anthony National Bank
Money market account
Certificate of deposit
Total cash
Investments
Marquette Bank
Commercial paper
Piper, Jaffrey and Hopwood
U.S. Government obligations
Commercial paper
Total investments
Total cash and investments
$ 900,469
152,738
823 .314
8 1.876.~21
$ 73,742
211.093
$ 284.81~
$ 2.161.356
8 4.104.643
$ 1,822,088
'5.142.'528
$ 6.964.616
$11.069.2'59
$13.230.615,
Face amount
as securities
pledged as
collateral
bv depository
82. '51 0.000
8 350.000
Additional security of $100,000 each for demand deposits and time deposits is
provided at each depository by the Federal Deposit Insurance Corporation.
Summary cash balances
Cash and temporary investments
Cash deficits
71
$13.366,295
(J1~ .680)
813.230 .61 ~
CITY OF ANDOVER. MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
DECEMBER 31. 1987
Interest
ratps
Issue
date
Final
maturity
date
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Bonded indebtedness
Special assessment bonds
General Obligation Improvement Bonds of 1976A 6.20-6.80 08/01/76 02/01/97
General Obligation Improvement Bonds of 1 97 6B 5.00-6.75 11/01/76 11/01/96
General Obligation Improvement Bonds of 1 977 A 5.00 03/01/77 01/01/06
General Obligation Improvement Bonds of 1 977B 5.25-5.50 10/01/77 02/01/98
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 02/01/90
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 1986A 5.00-7.90 07/01/86 08/01/01
General Obligation Refunding Improvement
Bonds 1986A 6.25-7.25 08/01/86 08/01/91
General Obligation Improvement Bonds 1986B 4.75-6.30 10/01/86 10/01/96
General Obligation Refunding Improvement
Bonds 1986C 6.00-7.40 08/01/86 08/01/02
General Obligation Improvement Bonds 1987A 5.60 08/01/87 08/01/90
General Obligation Improvement Bonds 1987B 6.35 12/01/87 12/01/90
General obligation bonds
General Obligation Improvement Bonds
of 1978 (building and equipment)
1983 Certificates of Indebtedness
General Obligation State Aid Street Bonds of 1984
1985 Certificates of Indebtedness
1986 Certificates of Indebtedness
1987 Certificates of Indebtedness
General Obligation Tax Increment Bonds of 1987A
General Obligation Tax Increment Bonds of 1987B
5.55-5.70
7.50
6.75-9.00
7.50
6.80-7.60
6.00
8.25-9.90
8.10
Total Bonded Indebtedness
Long-term payables
Metropolitan Waste Control Commission
Special assessments on City owned property
Equipment purchase
5.369
6.25-10.70
11.5
Total Indebtedness
72
11/01/78
10/01/83
09/01/84
11/01/85
06/01/86
02/01/87
05/01/87
12/01/87
1971
Various
1987
02/01/89
10/01/88
09/01/94
05/01/90
06/01/91
02/01/92
08/01/05
12/01/90
1991
2001
1992
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. Indebtednes s Due in 1988
~ Authorized
I and issued Redep..med Otltstandin~ Princ ipal Interest
i
I $ 1,635.000 $ 600.000 $ 1.035,000 $ 85 .000 $ 66,322
56,000 30,800 25,200 2.800 1,645
1,215,000 240 ,000 975,000 35,000 48,750
I 780,000 245,000 535,000 35,000 27,636
270,000 75,000 195,000 10,000 11.112
270,000 90 ,000 180 ,000 20,000 11,050
I 430,000 205,000 225,000 50,000 13,565
98,000 29,400 68,600 4,900 4.631
- 4,365,000 3,845,000 520,000 160,000 37,400
- I 300,000 30,000 270,000 15,000 23 ,494
2,350,000 100,000 2,250,000 135,000 180,960
- 1,795,000 75,000 1,720,000 75,000 120 ,978
~ I 180,000 36,000 144,000 36,000 9.900
j 2,600,000 190.000 2,410,000 215,000 138.795
I 2,485,000 2.485 ,000 168.980
! 5,000,000 5,000,000 262,500
1 .550.000 1.550.000 93 .000
- 825.379.000 85.791.200 819.587.800 8 878.700 SI.220.7l8
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- I $ 430,000 $ 325,000 $ 105.000 $ 55,000 $ 4.326
- 30,000 24,000 6,000 6,000 450
510,000 150,000 360,000 50,000 29,725
- 100,000 40 ,000 60,000 20,000 3 ,750
- I
95,000 19,000 76,000 19,000 4,883
- 170,000 170,000 34.000 9,222
~
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~ 1,065,000 1.065,000 101,175
~
- I 205.000 205.000 18.060
-
- S 2 .60 ~ .000 8 5~8.000 8 2.047.000 8 1 84.000 8 171.591
-
-
c I S27.984.000 86.349.200 821.634.800 8 1.062.700 81 .392.309
-
-
-
$ 43,018 $ 29,059 $ 13,959 $ 3,550 $ 750
= I 102,741 21,152 81,589 5,363 7,490
-
10.267 10.267 1.612 1.097
8 156.026 8 50.211 S 105.815 S 10.525 8 9.337
- I 828.140.026 86.399.411 821.740.61~ 81.071.22~ Sl.401.646
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE
DECEMBER 41 1987
I
f
Annual
Issue Maturity Interest serial j
date date rats_ Da=gnts
Special assessment bonds
General Obligation Improvement
Bonds of 1976A 08/01/76
February 1, 1988 02/01/88 6.30 $ 85
February 1, 1989 02/01/89 6.40 90
February 1, 1990 02/01/90 6.50 95,000
February 1, 1991 02/01/91 6.60 100
February 1, 1992 02/01/92 6.70 110
February 1, 1993 02/01/93 6.80 95,000
February 1 1994 02/01/94 6.80 105,000
February 1, 1995 02/01/95 6.80 110,000
February 1, 1996 02/01/96 6.80 120
February 1 1997 02/01/97 6.80 _125_,000
$1.035,000
General Obligation Improvement
Bonds of 1976A 11/01/76
$2,800 per year 11/01/88 -91 6.25 $ 11
$2,800 per year 11/01/92 -96 6.75 14,00
S 25.200
General Obligation Improvement
Bonds of 1977A 03/01/77
$35 per year 01/01/89 -90 5.00 $ 70,000
$40,000 per year 01/01/91 -92 5.00 80,000
$45,000 per year 01/01/93 -94 5.00 90
$50,000 per year 01/01/95 -96 5.00 100,000
$55,000 per year 01/01/97 -98 5.00 110
$60 per year 01/01/99 -2000 5.00 120
$65,000 per year 01/01/01 -03 5.00 195,000
$70,000 per year 01/01/04 -06 5.00 210.000
S 975.000
General Obligation Improvement
Bonds of 1977B 10/01/77
February 1, 1988 02/01/88 5.2: $ 35,000
$40,000 per year 02/01/89 -90 5.25 80,000
February 1, 1991 02/01/91 5.25 45,000
February 1 1992 02/01/92 5.20 45
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
$60,000 per year 02/01/97 -98 5.50 120,000
535,000
74
CITY OF ANDOVER. MINNESOTA
' SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31. 1987
' Annual
Issue Maturity Interest serial
date date rate — RAxMW
7 , Special assessment bonds (continued)
General Obligation Improvement
Bonds of 1978 01/01/78
February 1 1988 02/01/88 5.50 $ 10
February 1, 1989 02/01/89 5.50 15
February 1, 1990 02/01/90 5.60 15,000
' February 1, 1991 02/01/91 5.70 15
February 1, 1992 02/01/92 5.75 15
February 1 1993 02/01/93 5.80 15
' February 1, 1994 02/01/94 5.90 15
February 1, 1995 02/01/95 6.00 15,000
$20,000 per year 02/01/96 -99 6.00 80,000
$ 195,000
- General Obligation Improvement
Bonds of 1979 11/01/79
' $20,000 per year 02/01/88 -91 6.50 $ 80,000
$25,000 per year 02/01/92 -95 6.50 100,000
180,000
General Obligation Improvement
Bonds of 1980A 06/01/80
February 1, 1988 02/01/88 6.60 $ 50,000
' February 1, 1989 02/01/89 6.70 50
February 1, 1990 02/01/90 6.80 60
February 1, 1991 02/01/91 6.90 65,000
S,_ 225.000
General Obligation Bonds
of 1980B 08 /01 /80
' $4,900 per year 02/01/88 -2001 7.00 S 68.600
General Obligation Improvement
Bonds of 1980C 10 /01 /80
February 1, 1988 02/01/88 8.50 $ 160,000
February 1, 1989 02/01/89 8.50 170
' February 1, 1990 02/01/90 8.50 190,000
s 520,000
General Obligation Improvement
' Bonds of 1985A 08/01/85
$15,000 per year 02/01/88 -90 8.86 $ 45,000
$20,000 per year 02/01/91 -95 9.07 100
$25 per year 02/01/96 -00 9.60 125,000
S 27__000
75
CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31. 1987
Annual
Issue Maturity Interest serial
date d~t:e rate. payments
Special assessment bonds (continued)
General Obligation Improvement
Bonds of 1985B 08/01/85
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
82.250.000
General Obligation Improvement
Bonds of 1986A 07/01/86
August 1, 1988 08/01/88 5.25 $ 75,000
August 1, 1989 08/01/89 5.75 100,000
August 1, 1990 08/01/90 6.10 100,000
August 1, 1991 08/01/91 6.40 125.000
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 7.00 125,000
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 7.60 150.000
August 1. 1999 08/01/99 7.70 145,000
August 1, 2000 08/01/2000 7.80 125,000
August 1, 2001 08/01/2001 7.90 12~.000
$1.720.000
General Obligation Refunding
Improvement Bonds of 1986A 08/01/86
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 36,000
August 1, 1991 08/01/91 7.25 36.000
8 144.000
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31. 1987
Annual
Issue Maturity Interest serial
date date ra.t~ p~vm.ents
Special assessment bonds (continued)
General Obligation Improvement
Bonds of 1986B 10/01/86
October 1, 1988 10/01/88 5.00 $ 215,000
October 1. 1989 10/01/89 5.20 240 ,000
October 1, 1990 10/01/90 5.40 240 ,000
October 1, 1991 10/01/91 5.60 240 ,000
October 1, 1992 10/01/92 5.75 240,000
October 1, 1993 10/01/93 5.90 265,000
October 1, 1994 10/01/94 6.00 290,000
October 1, 1995 10/01/95 6.15 340,000
October I, 1996 10/01/96 6.30 340.000
$ 2.410.000
General Obligation Improvement
Bonds of 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 I, 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 16~.000
$ 2.485.000
General Obligation Improvement
Bonds of 1987A 08/01/87
August 1, 1990 08/01/90 5.25 $ 5 .oon fono
General Obligation Improvement
Bonds of 1987B 12/01/87
December 1, 1990 12/01/90 6.00 $ 1.550.000
Total special assessment bonds $19.587.800
77
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED) C
DECEMBER 31. 1987
Annual C
Issue Maturity Interest serial
date date r.A"tp payment:s C
General obligation bonds
General Obligation Improvement C
Bonds of 1978 (building and
equipment) 11/01/78
February 1. 1988 02/01/88 5.55 $ 55,000
February 1, 1989 02/01/89 5.60 50.000 C
$ 101) .000
1983 Certificates of C
Indebtedness 10/01/83
October 1, 1988 10/01/87-88 7.50 $ 6.000
General Obligation State Aid C
Street Bonds of 1984
September 1, 1988 09/01/88 7.50 $ 50,000
September 1, 1989 09/01/89 7.75 50,000 C
September 1, 1990 09/01/90 8.00 50,000
September 1. 1991 09/01/91 8.20 50.000
September 1, 1992 09/01/92 8.50 50,000 C
September 1, 1993 09/01/93 8.70 SO ,000
September 1, 1994 09/01/94 9.00 60.000
S 360.000
1985 Certificates of C
Indeb tednes s 08/01/85
$20,000 per year 05/01/88-90 7.50 $ 60,000 C
1986 Certificates of
Indeb tednes s 06/01/86 C
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 C
$ 76.000
1987 Certificate of C
Indebtedness 02/01/87
February 1, 1988 02/01/88 5.75 $ 34,000
February 1, 1989 02/01/89 5.95 34,000
February 1, 1990 02/01/90 6.00 34,000 C
February 1, 1991 02/01/91 6.10 34,000
February 1, 1991 02/01/92 6.20 34,000
S 170.000 C
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 11. 1 987
Annual
Issue Maturity Interest serial
date date ratp paymen ts
General obligation bonds (continued)
General Obligation Tax Increment
Bonds of 1987A 05/01/87
August 1, 1990 08/01/90 8.25 $ 15.000
August 1, 1991 08/01/91 8.50 35,000
August 1, 1992 08/01/92 8.75 40 ,000
August 1, 1993 08/01/93 8.85 45,000
August 1, 1994 08/01/94 9.00 45.000
August 1, 1995 08/01/95 9.15 SO ,000
August 1. 1996 08/01/96 9.25 55,000
August 1. 1997 08/01/97 9.35 55,000
August 1, 1998 08/01/98 9.45 65,000
August 1, 1999 08/01/99 9.55 70.000
August 1, 2000 08/01/00 9.65 75,000
August 1, 2001 08/01/01 9.75 85,000
August 1, 2002 08/01/02 9.75 95,000
August 1, 2003 08/01/03 9.80 100,000
August 1, 2004 08/01/04 9.85 110,000
August 1, 2005 08/01/05 9.90 121).000
$ 1 .06 I) .000
General Obligation Tax Increment
Bonds of 1987B 12/01/87
December 1, 1990 12/01/90 8.10 $ 205,000
Total general obligation bonds $ 2.047.000
Total bonds payable $21.634.800
Note - January l, 1988 maturities are considered matured December 31,1987.
79
CITY OF ANDOVER. MINNESOTA
DEBT SERVICE REOUIREMENTS
DECEMBER ~ 1.. 1 QR7
Svp-cial assessment bonds General obliiation bonds
kn Princinal Interp-st Total Principal Interp-st Total
1988 $ 878,700 $1,220,718 $ 2,099,418 $ 184,000 $ 171,591 $ 355,591
1989 968,700 1,164,276 2,132,976 173,000 159,628 332,628
1990 7,578,700 1 ,100,396 8,679,096 343,000 149,434 492,434
1991 1,093,700 683,905 1,777,605 138,000 121,904 259,904
1992 1,022,700 616,437 1,639,137 124,000 112,016 236,016
1993 1,047,700 551,281 1,598,981 95,000 103,212 198,212
1994 1,117,700 482,374 1,600,074 105,000 94,880 199,880
1995 1,177,700 407,310 1,585,010 SO ,000 85,430 135,430
1996 1,137,700 327,446 1,465,146 55,000 80 ,855 135,855
1997 829,900 248,894 1,078,794 55,000 75,768 130,768
1998 694,900 193,496 888,396 65,000 70,625 135,625
1999 624,900 143,822 768,722 70,000 64,482 134,482
2000 559,900 96,795 656,695 75,000 57,798 132,798
2001 404,900 55,326 460,226 85,000 50,560 135,560
2002 240,000 26,701 266,701 95,000 42,272 137,272
2003 70,000 10,500 80 ,500 100,000 33,010 133,010
2004 70,000 7,000 77,000 110,000 23,210 133,210
2005 70.000 ~.'500 73.'500 12'5.000 12.37'5 137.375
819.'587.800 87.340.177 826.927.977 82.047.000 SI.'509.050 81.556.0'50
Note - January 1 maturities are considered matured December 31,
of the preceding year.
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$169,643 $169,643
11 ,000 11 ,000
';.528 5.';28
8 -0- 8186.171 8186.171
8 -0- 8 21.046 $ 21.046
CITY OF ANDOVER. MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC
FOR TAX INCREMENT FINANCING DISTRICT
DECEMBER 31. 1987
FUNDS
1-1
Accounted
for in
prior vears
Current
year
Sources of funds
Tax increments received
Bond proceeds
$ 2,217
205.000
8207.217
8 -0-
Uses of funds
Capital outlay
Administrative costs and other
Interest and service charges
District balance
SUPPLEMENTAL INFORMATION
Name of District
Tax Increment District - Development
District No. 1-1
Redevelopment District established in
1986 under Section 472 Minnesota
Statutes for a duration of 20 years
from receipt of first increment.
Type of District and
authorizing statutes
Assessed valuation
Original
Current
$340,365
382.361
Captured
8 41.998
Financing
Total bonds issued
General Obligation TAx
Increment Bonds of 1987B
Outstanding bonds at
December 31, 1987
$205,000
$205,000
81
Total
$ 2,217
205.000
8207.217
CITY OF ANDOVER. MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICT 1-2
DECEMBER 31. 1987
Sources of funds
Bond proceeds
Interest
Accounted
for in Current
orior vearll year Total
$1.044.126 $1.044.126
14.484 14.484
S -0- SI.058.610 SI.058.610
$ 763,329 $ 763,329
29.821 29.821
26.648 26.648
S -o- S 819.798 S 819.798
S -o- S 238.81 2 S 238.812
Uses of funds
Capital outlay
Administrative costs and other
Interest and service charges
District balance
SUPPLEMENTAL INFORMATION
Name of District
Tax Increment District - Development
District No. 1-2
Redevelopment District established in
1986 under Section 472 Minnesota
Statutes for a duration of 20 years
from receipt of first increment.
Type of District and
authorizing statutes
Assessed valuation
Original
Current
$ 134.240
134.240
Captured
S -0-
Financing
Total bonds issued
General Obligation TAx
Increment Bonds of 1987A
Outstanding bonds at
December 31, 1987
$1.065,000
$1.065,000
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SECTION III
STATISTICAL SECTION
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CITY OF ANDOVER. MINNESOTA
I TAX LEVIES AND COLLECTIONS
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1 I Percentage
Collection Percentage Collection of total
.. Total of current of levy of prior Total collections
]I
I ~ levy vear's levy collected , levy co112~tions to levy
'I I vears
j 1981 $460.600 $443 ,597 96 .31% $ 12.030 $455,627 98.92%
" I 1982 496.388 450,271 90.71 21 ,859 472 .130 95.11
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jj 1983 570,009 548.667 96.26 18.286 566.953 99.46
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. 1984 645.466 621,184 96.23 16,627 637,811 98.81
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1985 689,698 671,021 97 .29 11,222 682 ,243 98.92
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1986 802,877 784,514 97.71 18,558 803,072 100.02
- 1987 880 ,048 862,018 97.95 19,185 881 ,203 100.13
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. I SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
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~ I Percentage
~ Collection Percentage Collection of total
Total of current of levy of prior Total collections
I ~ levy yea.r' s levy collected years' levy collections to levv
- 1981 $339,487 $310,834 91.56% $ 8,577 $319,411 94.09%
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i 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
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- I 1984 673,732 583,244 86.57 60 ,445 643,689 95.54
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- 1985 725,828 660,741 91 .03 70 ,394 731.135 100 .73
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- 1986 700.636 662.322 94.53 84 ,548 746.870 106.46
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CITY OF ANDOVER. MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31. 1987
Assessed value
~52 .441.741
Debt limit 7.33% of assessed value (B)
$ 3.843.980
Amount of debt applicable to debt limit:
Total bonded debt
Deductions:
Debt Service Fund - Cash and temporary
investments (1978 G.O. Bonds)
Special assessment bonds
Tax increment bonds
State aid bonds
$21,634,800
$ 145,229
19.587.800
1.270.000
360.000 21.363.029
Total amount of debt applicable to
debt limit 271.771
Legal debt margin $ 3.572.209
The assessed value reflects a deduction of $2,000,729 contributed to the
"Fiscal Disparity" area-wide tax base.
84
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CITY OF ANDOVER, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED)
DECEMBER 31. 1987
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 rema1n1ng 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."
85
CITY OF ANDOVER. MINNESOTA
ASSESSED VALUATIONS. TAX LEVIES AND MILL RATES
(shown by year of tax collectibility)
Assessed valuations
Increment valuation
Contribution to fiscal
disparities pool
Distribution from fiscal
disparities pool
1985 1986 1987 1988
$43.752.681 $46,379,188 $54,400.472 $60.605.381
(41.998) (597,956)
(1.696,653) 0.736,037) (2,000.729) (2.186.565)
8.285.364 8.492.419 10.411.278 12.696.861
$50.341 .392 $53.135.570 $62.769.023 $70.517.721
Taxable valuation
Tax levies
Revenue
General obligation debt
664.930 $
137.903
742.563
135.598
$
860.689
1 34 .902
$
590.596 $
100.661
$
691 .257 $
802.833 $
878.161
$
995.591
Mill rates
Revenue
General obligation debt
11 .068
1 .887
11.997
2 .488
11.747
2.145
12.248
1.920
12.955
14.485
13 .892
14.168
86
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SECTION IV
QIll.a
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GMHCo
GEORGE M. HANSEN COMPANY, P.A.
A Professional Corporalion a/Certified Public Accountants
AUDITORS' REPORT ON LEGAL COMPLIANCE
City Council
City of Andover
We have examined the general purpose financial statements of the City of Andover,
Minnesota as of and for the year ended December 31,1987. and have issued our
report thereon dated June 23, 1988. Our examination was made in accordance with
generally accepted auditing standards; the provisions of the Leial Compliance Audit
Guide promulgated by the Legal Compliance Task Force pursuant to Minnesota Statutes
Sec. 6.65. Accordingly, the examination included such tests of the accounting
records and such other auditing procedures as we considered necessary.
The L~(7al CQmDlianc~ Audit Guide covers five main categories of compliance to be
tested: contracting and bidding, deposits and investments, conflicts of interest.
public indebtedness, and claims and disbursements. Our study included all of the
listed categories. The results of our tests indicate that for the items tested,
the City of Andover complied with the material terms and conditions of applicable
legal provisions. Further, for the items not tested, based on our examination and
the procedures referred to above. nothing came to our attention to indicate that
the City had not complied with such legal provisions.
This report is intended solely for the use of the City of Andover. Minnesota and
should not be used for any other purpose. This restriction is not intended to
limit the distribution of this report. which is a matter of public record.
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June 23, 1988
87
1433 UTICA AVENUE SOUTH. SUITE 175
MINNEAPOLIS. MINNESOTA 55416
612/546-2566
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