HomeMy WebLinkAbout1989 CAFR
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CITY OF ANDOVER. MINNESOTA
FINANCIAL STATEMENTS
DECEMBER 31, 1989
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CITY OF ANDOVER, MINNESOTA
ELECTED AND APPOINTED OFFICIALS
DECEMBER 31, 1989
Term of office
expires first
busines s day
of January
Elected
Mayor
James Elling
1991
Council
Michael Knight
Marjorie Perry
Donald Jacobson
Kenneth Orttel
1991
1991
1993
1993
Appointed
James E. Schrantz - Administrator
Shirley Clinton - Treasurer
Victoria Volk - Clerk
Howard Koolick - Finance Director
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CITY OF ANDOVER, MINNESOTA
TABLE OF CONTENTS
SECTION I
INTRODUCTORY SECTION
Comments
SECTION II
FINANCIAL SECTION
Independent auditors' 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
Statement of revenue, expenditures and fund balance -
Budget and actual - General Fund and Certificates of Indebtedness
Debt Service Fund
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. Combining and Individual Fund Statements and Account Groups
General Fund
Balance sheet
Statement of revenue. expenditures and fund balance - Budget and actual
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
Debt service funds
Combining balance sheet
Combining statement of revenue, expenditures and fund balance
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CITY OF ANDOVER. MINNESOTA
TABLE OF CONTENTS (CONTINUED)
II-B. Combining and Individual Fund Statements and Account Groups
(Continued)
Capital projects funds
Combining balance sheet
Combining statement of revenue. expenditures and fund balance
Enterprise funds
Combining balance sheet
Combining statement of revenue, expense and retained earnings
Combining statement of changes in financial position
Water Fund
Balance sheet
Statement of revenue, expense and retained earnings
Statement of changes in financial position
Sewer Fund
Balance sheet
Statement of revenue, expense and retained earnings
Statement of changes in financial position
Fiduciary funds
Combining balance sheet
Expendable Trust Fund
Statement of revenue, expenditures and fund balance
Agency Fund
Statement of changes in assets and liabilities
Statement of general fixed assets
Statement of general long-term debt
II-C. Supplemental Information
Schedule of cash. temporary investments and security for deposits
Combined schedule of indebtedness
Schedule of bonds payable
Debt service requirements
Schedule of sources and uses of public funds - tax increment districts
Schedule of resources available for payment of G.O. Improvement
(special assessment) Bonds
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CITY OF ANDOVER, MINNESOTA
TABLE OF CONTENTS (CONTINUED)
Pag~
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
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SECTION IV
OTHER
Auditors' report on legal compliance
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SECTION I
INTRODUCTORY SECTION
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~ 01 ANDOVER
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 which are
not accounted for in a special fund. The principal sources of revenue are property
taxes. intergovernmental revenue and fees. Expenditures are for general
government, public safety, public works, recreation and other functions.
The fund balance decreased $117,097 during the year to $614.903. This decrease was
primarily a result of unanticipated expenditures for improvements to the City
offices and under-estimating expenditures for police protection and legal fees
related to prosecutions. A condensed summary of revenue and expenditures for the
years ended December 31. 1989 and 1988 is shown below:
Revenue and other sources
Property taxes
Licenses and permits
Intergovernmental revenue
Charges for services
Fines and forfeits
Other revenue
Transfers from other funds
1989 1988
Budget Actual Budget Actual
$ 670,726 $ 712,017 $ 841,000 $ 713.219
270,976 259.083 202,110 236,555
881,482 659.330 558,012 559,246
38,170 58,754 38,670 31.404
50,100 51,614 14,000 45.049
77 .700 73.909 74,100 84.680
70,000 70,545 76 ,900 94,738
$2.059,154 $1.885 ,252 $1,804,792 $1.764,891
$ 602,154 $ 645.521 $ 475.726 $ 521.775
778,875 705,415 635,425 496.710
377 ,496 296.275 315,610 333,978
29.366 18,658 26,196 12.030
207,859 218.571 182.451 240 .574
20,112
36,700 97,797 74.107 136,209
22,400 95,277 101,295
$2,054,850 $2.002,349 $1,804.792 $1,842,571
Expenditures and other uses
General government
Public safety
Public works
Sanitation
Park and recreation
Recycling
Unallocated
Transfers to other funds
Increase (decrease) in
fund balance
4,304 $ (117,097) $
-0- $ (77,680)
$
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Special Revenue Funds
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Special revenue funds are established to account for taxes and other revenue set
aside for a particular purpose.
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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,
1989 the fund balance was $4.527.
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Drainage and Mapping Fund - This fund was established to accumulate money for
expenditures related to City-wide drainage and mapping. At December 31, 1989. the
fund balance was $55,856.
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Debt Service Funds
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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. state aids, special assessments and interfund transfers
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.
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The funds included with the debt service funds are:
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1978 General Obligation Bonds
Certificates of Indebtedness
State-aid Street Bonds
Tax Increment Bonds
G. O. Improvement (special assessment) Bonds
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Capital Projects Funds
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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.
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Equipment Fund - This fund was established to accumulate resources to be used for
equipment acquisition. The fund balance was $23.522 at December 31. 1989.
c
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 $24,862 at December 31. 1989.
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Tax Increment Funds
tax increment bonds
is to be developed.
- These funds were established to account for the proceeds of
to be used for the acquisition and/or improvement of land which
The fund balance was $49.648 at December 31, 1989.
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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 $28,099 at December 31. 1989.
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State Aid Funds - These funds were established to account for aid received from the
State of Minnesota for construction of certain designated streets. The fund
balance was $98,812 at December 31. 1989.
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Capital Projects Funds (Continued)
Special Assessment Funds - Special assessment funds are established to account for
the costs of improvements or services deemed to benefit property against which the
assessments are levied. Primarily. the transactions accounted for are the receipt
of bond proceeds or other sources of financing and expenditure of such proceeds for
construction work done. The fund balance at December 31, 1989 was $3,591.037.
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.
A condensed summary of Water Fund operations for the last three years is as follows:
1989 1988 1987
Operating revenue $ 234.614 $ 171.897 $113.506
Operating expense (excluding depreciation) 132,138 102,574 86,881
$ 102,476 $ 69.323 $ 26.625
Depreciation (127,456) (110.385) (82,131)
Operating income (loss) $ (24.980) $ (41.062) $ (55.506)
Other income (expense) - Net 8,447 2,538 (194)
Loss before operating transfers $ (16,533) $ (38,524) $ (55.700)
Operating transfers - Net (3.393) (3.648) (1,349)
Net loss $ (19,926) $ (42.172) $ (57 ,049)
A condensed summary of Sewer Fund operations for the last three years is as follows:
1989
1988
1987
Operating revenue
Operating expense (excluding depreciation)
$ 195.773
218,772
$ (22.999)
(185,336)
$(208.335)
$ 164.512 $ 135.194
157,654 119.016
$ 6,858 $ 16.178
(168.083) (132.402)
$(161,225) $(116.224)
1.189 599
$(160,036) $ (115 .625)
(4,154) (84,658)
$(164,190) $(200,283)
Depreciation
Operating loss
Other income (expense) - Net
1,274
Loss before operating transfers
$(207,061)
Operating transfers - Net
(3,853)
Net loss
$(210,914)
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Fiduciary Funds
The Administrative Trust Fund was established to account for administrative fees
charged to assessable construction projects. Annual transfers are made to the
General Fund to reimburse administrative expenses. The fund balance was $414.377
at December 31. 1989.
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The Escrow Fund was established to account for monies held by the City as deposits
for developers and others. The deposits will be refunded upon compliance with
conditions set by Council.
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General Fixed Assets
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This account group is used to account for the general fixed assets of the City.
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. These assets are used in the performance of the general governmental
functions. As of December 31, 1989, the general fixed assets of the City amounted
to $2.435.926.
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General Long-term Debt
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General obligation bonds and other forms of long-term debt that are obligations of
the City as a whole and not its individual funds are accounted for in this self-
balancing account group. Long-term debt included in the account at December 31,
1989 is as follows:
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Original
amount
Outstanding
December 31, 1989
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Bonded debt
Certificates of Indebtedness
State Aid Street Improvement Bonds
G.O. Tax Increment Bonds
G.O. Improvement (special assessment)
Bonds
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$ 475,000
1.010,000
1.270,000
$ 270.000
710,000
1.270.000
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34.379,000
26,740,400
$28,990,400
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Total bonded debt
Long-term payable - Metropolitan Waste
Control Commission
Assessments on City property
Equipment purchases
Vacation payable - Governmental funds
43.018
295,324
23.991
6.668
252.951
15,267
54.363
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$29.319,649
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SECTION II
FINANCIAL SECTION
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1
GMHCo
GEORGE M. HANSEN COMPANY, P.A.
A Professional Corporation of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
The City Council of
Andover. Minnesota
We have audited the accompanying general purpose financial statements of the City
of Andover. Minnesota, as of December 31, 1989, and for the year then ended, listed
in the foregoing table of contents. These financial statements and the supplemental
statements and schedules discussed below are the responsibility of the City's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the general purpose financial statements are free of
material misstatement. An audit includes examining. on a test basis, evidence
supporting the amounts and disclosures in the general purpose financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management. as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, such general purpose financial statements present fairly. in all
material respects, the financial position of the City of Andover, Minnesota, at
December 31. 1989, and the results of its operations and changes in financial
position of its proprietary fund types for the year then ended. in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opl.nl.on on the general purpose
financial statements taken as a whole. The combining. individual fund and account
group financial statements and schedules and the supplemental information listed in
the foregoing table of contents are presented for purposes of additional analysis
and are not a required part of the general purpose financial statements. Such
information has been subjected to the auditing procedures applied in our audit of
the general purpose financial statements and, in our opinion. is fairly stated in
all material respects when considered in relation to the general purpose financial
statements taken as a whole. Our audit did not include the statistical information
listed in the table of contents.
);4-<- ~ /~ ~,~4.
May 16. 1990
1433 UTICA AVENUE SOUTH. SUITE 175
MINNEAPOLIS. MINNESOTA $5416
61 2/546~2S66
CITY OF ANDOVER, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROOPS
DECEMBER 31, 1989
ASSETS
Cash and temporary investments
Accrued interest receivable
Taxes receivable
Unremitted
Delinquent
Accounts receivable
Special assessments receivable
Unremitted
Delinquent
Deferred
Other
Due from other governmental units
Inventory
Property and equipment - Net
p~ount available in debt service funds
for payment of bond principal and interest
Amount to be provided by future revenues
Total assets
LIABILITIES AND EQUITY
Liabilities
Accounts payable
Accrued expenses
Contracts payable
Due to other governmental units
Deposits payable
Deferred revenue
Bonds payable
Total liabilities
Equity
Contributed
Invested in General Fixed Assets
Retained earnings
Unreserved-Undesignated
Fund balance
Reserved
Unreserved
Designated for subsequent year's expenditures
Undesignated
Total equity
Total liabilities and equity
See accompanying notes to financial statements.
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General
$699,361
5,507
13,065
35,251
16,622
27.356
$797,162
$ 59.274
27 .962
59,772
35 , 251
$182,259
$614,903
$614,903
$797,162
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Governmental Fund
Special Debt
Revenue Service
$ 59,441
942
$ 60,383
$ 60,383
$ 60,383
$ 60.383
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$12.145.713
211,69:1
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12,273
30,759
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27,850
303, 26~5
10,077.480
185,141
1,077 ,131
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$24.071,30S
$ 7.936
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11,673.776
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$11.681. 7l~
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$12,389.59:1
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$12,389,59:~
$24,071,30~~
' Account Group
Types Proprietary General General Total
' Capital Fund Type Fixed Long -term (Memorandum Only)
Projects Enterprise Fiduciary Assets Debt 1989 1988
' $3,927,603 $ 163,171 $1,065,093 $18,060,382 $14,038,392
67,109 2,841 25,844 313,936 73,981
25,338 19,561
66,010 41,502
100 120,699 137,421 100,705
27,850 53,383
303,265 163,725
10,077,480 11,240,368
t 185,141 335,617
1,104,487 757,652
5,460 - 5,460 2,976
' 13,257,065 $2,435,926 15,692,991 15,265,835
$12,389,593 12,389,593 9,796,336
16,930,056 16,930,056 17,381,877
$3,994,812 $13,549,236 $1,090,937 $2,435,926 $29,319,649 $75,319,410 $69,271,910
' $ 53,786 $ 5,119 $ 296 $ 252,951 $ 379,362 $ 407,147
9,546 54,363 91,871 62,262
125,046 15,267 140,313 354,793
37,086 6,668 103,526 31,890
676,264 676,264 843,741
11,709,027 12,039,229
28,990,400 28,990,400 26,872,100
' $ 178,832 $ 51,751 $ 676,560 $29,319,649 $42,090,763 $40,611,162
$13,244,907 $13,244,907 $13,087,172
$2,435,926 2,435,926 2,172,221
252,578 252,578 173,525
' $1,032,315 13,421,908 10,023,987
42,900
' 2,783,665 $ 414,377 3,873,328 3,160,943
$3,815,980 $13,497,485 $ 414,377 $2,435,926 $33,228,647 $28,660,748
$3,994,812 $13,549,236 $1,090,937 $2,435,926 $29,319,649 $75,319,410 $69,271,910
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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. 1989
Revenue
Property taxes
Licenses and permits
Intergovernmental revenue
Special assessments
Charges for services
Fines and forfeits
Interest
Other
Governmental Fund
Special Debt
General Revenue Service
$ 712,017 $ 412.073
259.083
659.330 247.605
$ 4 3.963,445
58.754
51,614
30.016 3,969 808.70B
43,893 47.83Q
$1,814.707 $ 3 . 973 $ 5.479.661
24.800
70.545 10.575 279. 06~~
$1,885 ,252 $14.548 $ 5,783,52e~
$ 645.521
705.415
296,275 $ 9.470
18.658
218.571
20.112
97.797
$ 18.03S
1,191.700
1,720,87::
$2.002.349 $ 9.470 $ 2.930,612
25 9 ,65i~
$2.002.349 $ 9.470 $ 3 ,190 ,26!~
$ (117,097) $ 5 .07 8 $ 2,593.25i'
732,000 55,305 9. 796 ,33/~
$ 614,903 $60,383 $12,389,59~~
Total revenue
Other sources
Bond proceeds
Transfers from other funds
Total revenue and other sources
Expenditures
General government
Public safety
Public works
Sanitation
Parks and recreation
Recycling
Unallocated
Capital proj ects
Redemption of bonds
Interest
Total expenditures
Other uses
Transfers to other funds
Total expenditures and other uses
Increase (decrease) in fund balance
Fund balance (deficit) January 1
Fund balance December 31
See accompanying notes to financial statements.
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Types Total
I Capital Expendable (Memorandum Only)
Proj ects Trust 1989 1988
I $ 1.124.090 $ 803,292
259,083 236,555
I $ 439.415 1.346.350 815.416
3,963,449 3,127,609
58.754 31,404
51. 614 45.049
I 384.690 $ 33.495 1. 260. 878 824.099
30.780 122,503 168,493
$ 854.885 $ 33.495 $ 8,186,721 $ 6.051,917
I 3.145.788 3,170.588 6,219,350
I 1.199,103 35,512 1,594,800 2.161.145
$5.199.776 $ 69,007 $12,952,109 $14.432,412
I $ 645.521 $ 521,775
705,415 496,710
305,745 333.978
I 18.658 12.030
218.571 240,574
20,112
97.797 142,623
I $2.320.604 2.338.639 7.300.597
1.191,700 1,062.700
34.114 1.754,991 1,436,201
I $2,354,718 $ 7.297.149 $11.547,188
I 1,257,352 $ 70,545 1.587.554 2,153,343
$3,612,070 $ 70.545 $ 8,884,703 $13,700,531
$1.587,706 $ 0.538) $ 4.067.406 $ 731,881
I 2.228.274 415,915 13.227,830 12.495,949
I $3,815.980 $414.377 $17,295.236 $13,227.830
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CITY OF ANDOVER, MINNESOTA
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
BUDGET AND ACTUAL - GENERAL FUND AND
CERTIFICATES OF INDEBTEDNESS DEBT SERVICE FUND
YEAR ENDED DECEMBER 31. 1989
General Fund
Budget Actual
Revenue
Property taxes
Licenses and permits
Intergovernmental revenue
Charges for services
Fines and forfeits
Interest
Other
$ 670,726
270,976
881.482
38.170
50,100
35,000
42.700
$1.989.154
Total revenue
Other sources
Transfers from other funds
70.000
Total revenue and other sources
$2,059,154
Expenditures
General government
Public safety
Public works
Sanitation
Recreation
Recycling
Un3.llocated
Redemption of bonds and interest
Total expenditures
$ 602,154
778.875
377.496
29,366
207,859
36,700
$2.032.450
Other uses
Transfers to other funds
22.400
Total expenditures and other uses
$2,054,850
Increase (decrease) in fund balance
$
4.304
Fund balance January 1
Fund balance December 31
See accompanying notes to financial statements.
6
$ 712.017
259.083
659.330
58.754
51,614
30.016
43.893
$1.814,707
70,545
$1,885 ,252
$ 645.521
705,415
296,275
18.658
218.571
20,112
97,797
$2.002,349
$2,002,349
$ (117.097)
732,000
$ 614,903
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I Certificates of
Indebtedness Total
I Debt Service Fund (Memorandum Only)
Budget Actual Budget Actual
I $ 72,674 $ 53,527 $ 743.400 $ 765.544
270.976 259.083
I 27,335 25.222 908,817 684,552
38,170 58.754
50,100 51,614
35,000 30.016
I 42.700 43,893
$ 100,009 $ 78.749 $2.089.163 $1,893.456
I 7,246 70,000 77,791
$ 100.009 $ 85.995 $2,159,163 $1.971,247
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$ 602.154 $ 645,521
I 778.875 705.415
377.496 296,275
29.366 18.658
I 207.859 218.571
20,112
36,700 97.797
$ 95,850 $ 85.995 95.850 85,995
I $ 95.850 $ 85.995 $2,128.300 $2.088,344
I 22,400
$ 95.850 $ 85,995 $2,15 O. 700 $2,088.344
I $ 4.159 -0- $ 8,463 $ (117.097)
-0- 732,000
I $ -0- $ 614,903
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CITY OF ANDOVER, MINNESOTA
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COMBINED STATEMENT OF REVENUE, EXPENSE AND RETAINED EARNINGS
ALL PROPRIETARY FUND TYPES - ENTERPRISE FUNDS
YEAR ENDED DECEMBER 31. 1989
Operating revenue
User charges
Meters
Permit fees
Penalties
Other
Operating expense (excluding
Personal services
Supplies
Meters, etc.
Other services and charges
Disposal charges
depreciation)
Operating income before depreciation
Less depreciation
On assets acquired with own funds
On assets acquired from contributions
Operating loss
Other income
Interest income
Loss before operating transfers
Operating transfers to other 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
See accompanying notes to financial statements.
8
1989
$ 374.008
29 .710
12,800
13.601
268
$ 430,387
$ 82,941
21,763
25 ,164
40 . 861
180.181
$ 35 O. 91 0
$ 79,477
$ 2,899
309.893
$ 312,792
$ (233.315)
9,721
$ (223 ,594)
(7.246)
$(230,840)
$(230,840)
309.893
$ 79.053
173.525
$ 252,578
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Totals
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1988
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$ 284.234
26.825
12.680
7.940
4.730
$ 336.409
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$ 61.705
17.706
20.923
33,331
126.563
$ 260.228
$ 76,181
$ 1. 917
276.551
$ 278,468
$ (202,287)
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3,727
$ (198,560)
(7.802)
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$(206,362)
$(206,362)
276.551
$ 70,189
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103,336
$ 173,525
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CITY OF ANDOVER, MINNESOTA
COMBINED STATEMENT OF CHANGES IN FINANCIAL
ALL PROPRIETARY FUND TYPES - ENTERPRISE
YEAR ENDED DECEMBER 31, 1989
POSITION
FUND S
Totals
1989 1988
Sources of working capital
Operations
Net loss
Item not requiring working capital
Depreciation
Total provided by operations
$ (230,840) $ (206 .362)
312.792 278,468
$ 81,952 $ 72 . 1 06
467.629 2,866.628
$ 549.581 $2,938.734
476.244 2,868.615
$ 73,337 $ 70,119
Contribution of property and equipment
Uses of working capital
Acquisition of property and equipment
Increase (decrease) in working capital
Elements of change in working capital
Cash and temporary investments $ 66,268 $ 75,009
Accrued interest receivable 2.282 430
Accounts receivable 28.860 23,400
Due from other governmental units (7.398)
Inventory 2.484 (2.553 )
Accounts payable (547) (1,215)
Due to other governmental units (23.425) (17.214)
Accrued expenses (2.585) (340 )
Inc rease (decrease) in working capital $ 73,337 $ 70,119
See accompanying notes to financial statements.
9
CITY OF ANDOVER, MINNESOTA
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NOTES TO FINANCIAL STATEMENTS
DECEMBER 31. 1989
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Note 1 - Summary of Significant Accounting Policies
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The City operates under "Optional Plan A" form of City government according
applicable State of Minnesota Statutes and provides the following services:
safety. public works, sanitation, recreation, public improvements, planning
zoning and general administrative services.
to
public
and
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The accounting policies of the City of Andover conform to generally accepted
accounting principles. The following is a summary of the more significant policies:
c
A. Reporting Entity
c
The City has implemented National Council on Governmental Accounting
Statement No.3. Defining the Governmental Entity. 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.
c
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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.
c
As a result of applying criteria of Statement No. 3 certain
organizations have been excluded from City's financial statements as
follows:
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Excluded
Firemen's Relief Association - The 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.
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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 and levies its own taxes.
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 1 - Summary of Significant Accounting 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 seven
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 for 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.
PROPRIETARY FUNDS
Enterprise funds - Enterprise funds are used to account for operations
that are (1) financed and operated in a manner similar to private
~usiness 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
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
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Note 1 - Summary of Significant Accounting Policies (Continued)
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B. Fund Accounting (Continued)
FIDUCIARY FUNDS
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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.
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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.
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C. Measurement Focus
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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.
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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.
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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.
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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.
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 1 - Summary of Significant Accounting 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 thei~
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 Fund and the
Certificates of Indebtedness Debt Service Fund. Formal
budgetary integration is not employed for other funds.
Budgets for the General Fund and the Certificates of
Indebtedness Debt Service Fund. 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. unless appropriated to
the subsequent year by Council action.
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CITY OF ANDOVER. MINNESOTA
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
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Note 1 - Summary of Significant Accounting Policies (Continued)
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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.
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2. Property taxes - Property tax levies are set by the City Council
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:
c
Personal property - February 28 and June 30
c
Real property - May 15 and October 15
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The County remits the collections to the City and other taxing
districts three times year, on or before January 25, 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.
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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 most annual installments
(including interest) is handled by the County in the same manner as
property taxes. Some annual installments are collected by the City.
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 (COlITINUED)
DECEMBER 31, 1989
Note 1 - Summary of Significant Accounting Policies (Continued)
F. Assets and Liabilities (Continued)
Special assessments receivable include the following components:
Unremitted
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.
assessment installments have been postponed in
accordance with City Council policy on State
Statutes.
Delinquent
Deferred
Other
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
No depreciation has been provided on general fixed assets.
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
CITY OF ANDOVER, MINNESOTA
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
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Note 1 - Summary of Significant Accounting Policies (Continued)
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G. Revenue. Expenditures and Expenses (Continued)
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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.
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5. 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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6. Utility service charges are recognized when earned. Unbilled
utility service charges are included in receivables at year-end.
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7. 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
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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
Debt Account Group. The proprietary fund types expense vacation pay as
accrued and the liability is recorded in the respective fund.
to
All employees are entitled to severance pay for a portion of their
allowable accumulated sick leave at separation with a minimum of 2 years
service. The liability for severance pay is accounted for the same as
accrued vacation pay.
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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. 1989
Note 1 - Summary of Significant Accounting Policies (Continued)
I. Encumbrances
Encumbrances 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. Data 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 - Cash and Temporary 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 consist of the following:
Bank deposits including non-negotiable certificates
of deposit with maturities within one year
$ 7.910.536
4M Fund
419.331
Investments
U.S. government obligations
Commercial paper
2.002,765
7 .727 . 1 00
Petty cash and change funds
650
$18.060,382
In accordance with applicable Minnesota statutes. the City maintains deposits at
depository banks authorized by the City Council.
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 2 - Cash and Temporary Investments (Continued)
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.
Minnesota Statutes authorize the City to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its
agencies.
(b) Shares of investment companies registered under the Federal Investment
Company Act of 1940 and whose only investments are in securities described
in (a) above.
(c) General obligations of the State of Minnesota or any of its municipalities.
Bankers acceptances of United States banks eligible for purchase by the
Federal Reserve System.
(d) Commercial paper issued by United States corporations or their Canadian
subsidiaries, of the highest quality. and maturing in 270 days or less.
(e) Repurchase or reverse repurchase agreements with banks that are members of
the Federal Reserve System with capitalization exceeding $10,000.000; a
primary reporting dealer in U.S. Government securities to the Federal
Reserve Bank of New York; certain Minnesota securities broker-dealers; or
a bank qualified as a depositor.
Statement 3 of the Governmental Accounting Standards Board defines three levels of
credit risk for securities:
(a) Securities that are insured or registered or for which the securities are
held by the City or its agent in the City's name;
(b) Securities that are uninsured and unregistered and are held by the counter-
party's trust department or agent in the City's name;
(c) Securities that are uninsured and unregistered and are helc by the counter-
party. or by its trust department or agent. but not in the City's name.
The City's investments are categorized as a Category C level of risk.
amount and related market values of the securities are as follows:
The carrying
Carrying
value
Market
value
U.S. Government Obligations
Commercial paper
$2,002,765
7,727 ,100
$2,004,600
7.824.000
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 3 - Special Assessments
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 $185.141 are shown as other special assessments receivable of the debt service
funds as of year end. 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 4 - Due from Other Governmental Units
The amounts due from other governmental units at year end are composed of the
following:
General Fund
Anoka County
Metropolitan Council
$
24,625
2,731
27,356
Debt service funds
Anoka County share of costs
$
1,077.131
$1.104,487
Note 5 - Proprietary Fund Types Property and Equipment
A summary of proprietary fund types property and equipment at year end follows:
Furniture and equipment
Machinery
Collection and distribution systems
Water Sewer Total
$ 14.918 $ 7,192 $ 22.110
524.515 524.515
5,093,673 9,323.536 14,417,209
$5.633.106 $9.330,728 $14.963.834
(480.445) (1,226.324) (1.706.769)
$5.152.661 $8.104,404 $13,257,065
Less accumulated depreciation
Note 6 - Changes 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
January 1 Additions Disposals December 31
$ 522.707 $165.072 $ 687.779
581,838 40.307 622.145
101,813 11,015 112.828
965,863 47,311 1,013.174
$2.172,221 $263,705 $ -0- $2,435,926
19
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 7 - Bonds Payable
The following is a summary of bond transactions of the City for the year:
Outstanding Outstanding
Type of Bond January 1 Issued Redeemed December 31
G.O. Improvement Bond of 1978 $ 50,000 $ 50.000
Certificates of Indebtedness 233,000 $110.000 73,000 $ 270.000
State Aid Street Bonds 810.000 100.000 710.000
G.O. Tax Increment Bonds 1.270.000 1.270,000
G.O. Improvement (special
assessment) Bonds 24.509,100 3,200.000 968,700 26.740,400
$26.872,100 $3,310.000 $1,191,700 $28.990.400
Bonds payable at year end are comprised of the following individual issues:
Certificates of Indebtedness
$100,000 Certificates of Indebtedness (11/1/85) due in annual
installments of $20,000 through May 1. 1990; interest at 7.50% $
20.000
$95,000 Certificates of Indebtedness (6/1/86) due in annual
installments of $19.000 through June 1, 1991; interest
at 7.20% to 7.60%
38.000
$170.000 Certificates of Indebtedness (2/1/87) due in annual
installments of $34,000 through February 1, 1992;
interest at 5.95% to 6.20%
102,000
$110.000 Certificates of Indebtedness (12/11/89) due in annual
installments of $22.000 through December 1, 1994;
interest at 6.15%
110,000
270,000
$
State Aid Street Bonds
$510,000 State Aid Street Bonds (9/1/84) due in annual
installments of $50,000/$60,000 through September 1. 1994;
interest at 7.75% to 9.00%
$
260,000
$500,000 State Aid Street Bonds (8/1/88) due in annual
installments of $50,000 per year through August 1, 1998;
interest at 5.60% to 6.80%
450,000
710.000
$
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 7 - Bonds Payable (Continued)
Tax Increment Bonds
$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%
G.O. Improvement (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 6.40% 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%
$270,000 General Obligation Improvement Bonds of 1978 (11/1/78)
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 1, 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 6.70% 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%
21
$ 1.065,000
205.000
$ 1,270.000
$ 860,000
19.600
905,000
460.000
170.000
140.000
125,000
58,800
190,000
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 7 - Bonds Payable (Continued)
G.O. Improvement (special assessments) Bonds (Continued)
$300.000 General Obligation Improvement Bonds of 1985A (8/1/85)
due in varying annual installments through February 1. 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 8.13% 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 5.75% 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 6.75% - 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 5.20% - 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%
$5,800.000 General Obligation Improvement Bonds of 1988 (8/1/88)
due August 1. 1991; interest at 6.00%
$3.200,000 General Obligation Improvement Bonds of 1989 (7/11/89)
due in varying annual installments through August 1. 2001;
interest at 6.75%
Total all bonds
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1,545,000
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1,550.000
5.800,000
3,200.000
$26,740.400
$28.990.400
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CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 7 - Bonds Payable (Continued)
The annual requirements to amortize all debt outstanding as of year end. including
interest payments of $8.519.769 are as follows:
G.O.
Certificates Improvement
of State Aid G. O. Tax (special
Indebtedness Street Increment assessment)
1990 $ 110.046 $ 150,800 $ 339.235 $ 9.411.517
1991 84.389 143,900 134.938 8.274,830
1992 61.212 136,800 136,962 2.029,137
1993 24,783 129.500 138,463 2.076.581
1994 23.397 132.025 134.480 2.118.774
1995 63.425 135 . 43 0 1,964.510
1996 - 2000 170.300 669.528 6.760.353
2001 - 2005 676,427 1.278.427
$ 303,827 $ 926.750 $2,365,463 $33,914,129
$12.389.593 is available in the debt service funds to service the general
obligation bonds.
There are a number of limitations and restrictions contained in the various bond
indentures. The City is in compliance with all significant limitations and
restrictions.
Note 8 - Long-term Payables
Included in the General Long-term Debt Account Group are the following long-term
pay abies:
1. Special assessments on City property of $252,951 are payable in varying
amounts at annual interest rates of 6.25% to 10.7% through 2001.
2. Installment contracts of $15.267 for equipment purchases with interest
at varying amounts.
Principal
Interest Total
$ 1.798 $ 7.273
926 7.214
195 3,699
$ 2,919 $18,186
Commis sion. with
Interest Total
$ 357 $ 4,300
148 2.873
$ 505 $ 7,173
1990
1991
1992
$ 5.475
6.288
3.504
$15,267
3. Payable of $6.668 to the Metropolitan Waste Control
interest at 5.36% per annum.
Principal
1990
1991
$ 3,943
2.725
$ 6,668
23
CITY OF ANDOVER. MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 9 - Changes in General Long-term Debt
Changes in General Long-term Debt during the year were:
Balance Balance
January 1 Additions Deletions December 31
Bonds and certificate of
indebtedness $26,872.100 $3,310.000 $1.191.700 $28.990,400
Assessments on City property 234,495 30.568 12.112 252.951
Contracts payable
Equipment purchases 20.012 4.745 15 . 26 7
Due to Metropolitan Waste
Control Commission 10.409 3.741 6,668
Accrued vacation pay
Governmental funds 41.197 13.166 54,363
$27,178,213 $3,353,734 $1,212,298 $29.319,649
Note 10 - Defined Benefit Pension Plans - Statewide
A. Plan Description
All full-time and certain part-time employees of the City of Andover are
covered by defined benefit pension plans administered by the Public Employees
Retirement Association of Minnesota (PERA). PERA administers the Public
Employees Retirement Fund (PEW) and the Public Employees Police and Fire Fund
(PEPFF) which are cost-sharing multiple-employer retirement plans. PERF
members belong to either the Coordinated Plan or the Basic Plan. Coordinated
members are covered by Social Security and Basic members are not. All new
members must participate in the Coordinated Plan. All police officers. fire
fighters and peace officers who qualify for membership by statute are covered
by the PEPFF. The payroll for employees covered by PERF for the year, was
$585.423. The City has no employees as members of PEPFF. The City's total
payroll was $$649.406.
PERA provides retirement benefits as well as disability benefits to members.
and benefits to survivor upon death of eligible members. Benefits are
established by State Statute. and vest after three years of credited service.
The defined retirement benefits are based on member's average salary for any
five successive years of allowable service, age. and years of credit at
termination of service. Two methods are used to compute benefits for
Coordinated and Basic members. The retiring member receives the higher of
step~rate benefit accrual formula (Method 1) or a level accrual formula (Method
2). Under Method 1, the annuity accrual rate for a Basic member is 2 percent
of average salary for each of the first 10 years of service and 2.5 percent for
each remaining year. For a Coordinated member, the annuity accrual rate is 1
percent of average salary for each of the first 10 years and 1.5 percent for
each remaining year. Using Method 2. the annuity accrual rate is 2.5 percent
of average salary for Basic members and 1.5 percent for Coordinated members.
For PEPFF members. the annuity accrual rate is 2.5 percent for each of the
members whose annuity is calculated using Method 1. and for all PEPFF members.
a full annuity is available when age plus years of service equal 90 .
24
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There are different types of annuities available to members upon retirement. A
normal annuity is a lifetime annuity that ceases upon the death of the
retiree. No survivor annuity is payable. There are also various types of
joint and survivor annuity options available which will reduce the monthly
normal annuity amount. because the annuity is payable over joint lives.
Members may also leave their contributions in the fund upon termination of
public service. in order to qualify for a deferred annuity at retirement age.
Refunds of contributions are available at any time to members who leave public
service. but before retirement benefits begin.
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 10 - Defined Benefit Pension Plans - Statewide
B.
Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee
contributions. The City makes annual contributions to the pension plans equal
to the amount required by state statutes. According to Minnesota Statutes
Chapter 356.215. Subd. 4(g) the date of full funding required for the PERF and
the PEPFF is the year 2020. As part of the annual actuarial valuation. PERA's
actuary determines the sufficiency of the statutory contribution rates towards
meeting the required full funding deadline. The actuary compares the actual
contribution rate to a "required" contribution rate. Current combined
statutory contribution rates and actuarially required contribution rates for
the plans are as follows:
Sta tutory rates
Employee Employer
Required
rates
PERF (Basic and Coordinated Plans)
PEPFF
4.67%
12.00%
9.42%
16.69%
4.27%
8.00%
Total contributions made by the City during the year were:
Amount
Employees Employer
Percentage of
covered payroll
Employees Employer
PERF
$ 24.065
$ 25,568
4.37
4.11
The City's contribution for the year to the PERF represented 0.03 percent of
total contributions required of all participating entities.
25
CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 10 - Defined Benefit Pension Plans - Statewide - (Continued)
C. Funding Status and Progress
1. Pension Benefit Obligation
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 the PERA as of June 30. 1989. are shown
below:
PERF PEPFF
(in thousands)
Total pension benefit obligation
Net assets available for benefits,
at cost (market values for
PERF = $3.801.129;
PEPFF = $ 694.227)
$ 582,299
$3,714.257
2.934.977
637,868
Unfunded (assets in excess of)
pension benefit obligation
$ 779.280
$ (55.569)
The measurement of the pension benefit obligation is based on an actuarial
valuation as of June 30. 1989. Net assets available to pay pension
benefits were valued as of June 30, 1989.
2. Changes in Actuarial Methods and Benefit Provisions
A number of benefit improvements became effective during fiscal year
1989. Some of the major improvements affecting each fund include a
reduction in the period required for vesting from five years to three
years; an option for members hired before July 1. 1989, to have their
annuity calculated under a level benefit accrual formula; the interest
rate credited on refunds of member contributions increased from 5 percent
to 6 percent; and the provision for an automatic bounce back feature for
all joint and survivor annuity options. In the PEPFF. age and/or service
requirements were reduced for eligibility for a normal retirement annuity.
and early retirement annuity, and for certain disability and survivor
benefits.
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
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Note 10 - Defined Benefit Pension Plans - Statewide - (Continued)
C.
Funding Status and Progress (Continued)
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2. Changes in Actuarial Methods and Benefit Provision (Continued)
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For each fund. there were changes in the actuarial assumptions used in the
annual actuarial valuation. Effective for all funds beginning in fiscal
year 1989. the pre-retirement interest rate assumption was increased from
8 percent to 8.5 percent. Additionally, for the PERF and the PEPFF, the
amortization target date has been changed to 2020. Shown below are the
effects on the pension benefit obligation of these changes in plan
benefits and actuarial assumptions.
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Increase (decrease) in pension benefit obligation due to:
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PERF PEPFF
(in thousands)
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Changes in plan benefits
Changes in actuarial assumptions
$127.472
(84,154)
$ 27.851
(25.963)
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Net increase in pension benefit
obligation
$ 43.318
$ 1,888
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D. Ten-Year Historical Trend Information
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Ten-year historical trend information is presented in PERA's Comprehensive
Annual Financial Report for the year ended June 30, 1989. This information is
useful in assessing the pension plan's accumulation of sufficient assets to pay
pension benefits as they become due.
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E. Related Party Investments
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As of June 30. 1989, and for the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
Note 11 - Fund Equity
I The year-end reservations of fund balance/retained earnings are:
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Governmental Fund Types
Debt service funds
Debt service
Capital proje9t funds
Encumbrances
$12.389,593
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1,032.315
Total
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$13.421,908
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1989
Note 12 - Segment Information for Enterprise Funds
Segment information for the City's two enterprise funds for the year is as follows:
Water Sewer Total
Operating revenue $ 234.614 $ 195,773 $ 430.387
Depreciation 127,456 185.336 312.792
Operating loss 24 . 9 80 208.335 233,315
Operating transfers - Out 3.393 3.853 7.246
Net loss 19.926 210.914 23 0, 840
Property. plant and equipment
Additions 258,515 217.729 476,244
Working capital 192.196 48.224 240.420
Contributions of plant and equipment 249.952 217.677 467.629
Total assets 5,355.526 8.193.710 13.549.239
Fund equity
Contributed 5.142.509 8.102.398 13.244,907
Retained earnings 202,348 50.230 252.578
Note 13 - Defined Contribution Pension Plan - Fire Relief Association
The Andover Fire Relief Association provides pension benefits for the members of
the City of Andover Volunteer Fire Department. Full pension benefits are paid to
retired members who are 50 years of age and have a minimum of 20 years service and
10 years of membership in the Association. Reduced benefits are paid to retiring
members with between 10 and 20 years of service.
The plan is a defined contribution plan. under which the net assets belong to the
members and are individually accounted for. In addition to internally generated
funds, the Association receives annual state aid, which in 1989 amounted to $22.692.
The City's contribution under the plan is $250 per member per year. During 1989.
the City contributed $7.500 to the Association.
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CITY OF ANDOVER, MINNESOTA
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31. 1989
Note 14 - Contingent Liabilities
The City participated in federally assisted grant programs. principal of which was
the Community Development Block Grant programs. These programs are subject to
program compliance audits by the grantors or their representatives. The audits of
these programs 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.
Note 15 - Subsequent Events
As of February 1. 1990, the City called for redemption of the following bond issues:
Issue
G.O. Improvement Bonds of 1976A. issued 8/1/76
G.O. Improvement Bonds of 1976B. issued 11/1/76
G.O. Improvement Bonds of 1977B. issued 10/1/77
G.O. Improvement Bonds of 1980B. issued 8/1/80
Bonds payable
December 31
$ 860,000
19.600
460,000
58,800
$1.398,400
Cash and investments of $1.861.573 was available at year-end in the respective debt
service accounts for payment of the debt called.
29
CITY OF ANDOVER. MINNESOTA
GENERAL FUND
BALANCE SHEET
DECEMBER 31. 1989
(with comparative amounts for December 31. 1988)
1989
ASSETS
Cash and temporary investments
Accrued interest receivable
Taxes receivable
Unremitted
Delinquent
Accounts receivable
Due from other governmental units
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$699.361 $803.843
5,507 3,034
13 .065 15.196
35,251 27.699
16.622 8.7 66
27.356 3,895
$797.162 $862.433
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Accrued expenses
Due to other governmental units
Deferred revenue
Total liabilities
$ 59.274
27.962
59,772
35,251
$182,259
Fund balance
Unreserved
Designated for subsequent year's expenditures
Undesignated
$614,903
$614.903
Total liabilities and fund balance
$797,162
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17,656
4.267
27,699
$130.433
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689.100
$732.000
$862.433
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CITY OF ANDOVER, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1989
(with comparative actual amounts for the year ended December 31. 1988)
Revenue
Property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Other
Total revenue
Other sources
Transfers from other funds
Total revenue and other sources
Expenditures
General government
Public safety
Public works
Sanitation
Parks and recreation
Recycling
Unallocated
Total expenditures
Other uses
Transfers to other funds
Total expenditures and other uses
Increase (decrease) in
fund balance
Fund balance January 1
Fund balance December 31
1989
Budget Actual
1988
Actual
$ 670,726 $ 712.017 $ 713,219
270.976 259.083 236,555
881,482 659.330 559.246
38,170 58.754 31, 404
50.100 51,614 45.049
77,700 73,909 84.680
$1.989.154 $1.814.707 $1.670.153
70.000 70,545 94.738
$2.059,154 $1,885 ,252 $1,764.891
$ 602,154 $ 645,521 $ 521,775
778,875 705.415 496,710
377,496 296.275 333.978
29,366 18.658 12,030
207.859 218.571 240 .574
20.112
36 .700 97,797 136.209
$2,032.450 $2.002.349 $1.741,276
22,400 101.295
$2,054.850 $2,002,349 $1,842,571
$ 4,304 $ (117.097) $ (77,680)
732,000 809,680
$ 614.903 $ 732.000
31
CITY OF ANDOVER, MINNESOTA
GENERAL FUND
SCHEDULE OF REVENUE - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31, 1989
(with comparative actual amounts for the year ended December
Property taxes
General property taxes
Penalties and interest
Licenses and permits
Business
Non-business
Intergovernmental
Local governmental aid
State credits
CDBG
State highway aid
Insurance premium tax
Recycling
Other
Charges for services
General government
Street lights
Utility funds
Fines and forfeits
Other
Interest
Sale of land
Reimbursement from improvement projects
Miscellaneous
Refunds and reimbursements
Total revenue
Other sources - Transfers from other funds
Park Fund
Administrative Trust Fund
Total revenue and other sources
Budget
$ 645.726
25.000
$ 670.726
$ 14,750
256.226
$ 270,976
$ 360,457
476.065
22.260
22,700
$ 881. 482
$ 32.670
5.500
$ 38,170
$ 50.100
$ 35.000
20.000
2.700
20.000
$ 77.700
$1.989,154
$
$
70.000
70.000
$2.059.154
32
1989
Actual
$ 691.851
20,166
$ 712.017
$ 15.647
243 ,43 6
$ 259,083
$ 350.045
228.414
16.441
22.260
22,692
14,940
4,538
$ 659.330
$ 20.808
33 ,971
3,975
$ 58,754
$ 51,614
$ 30,016
3.844
40,049
$ 73.909
$1.814.707
$
$
70,545
70,545
$1.885 ,252
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31, 1988)
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Actual
$ 686,469
26,750
$ 713,219
$ 17.030
219.525
$ 236,555
$ 230,352
251.104
34.600
22.260
20.930
$ 559,246
$ 19,084
8,225
4.095
$ 31,404
$ 45.049
$ 37.233
22,397
4.489
6,594
13,967
$ 84,680
$1,670,153
$ 40.446
54,292
$ 94,738
$1,764,891
I CITY OF ANDOVER, MINNESOTA
I GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1989
I (with comparative actual amounts for the year ended December 31, 1988)
1989 1988
Budget Actual Actual
I General government
Council
Personal services $ 26 . 821 $ 24.410 $ 17.252
I Supplies 200 743 739
Other services and charges 9.100 5,548 4.958
$ 36.121 $ 30,701 $ 22.949
I Mayor
Personal services $ 4.550 $ 4.200 $ 3.870
Other services and charges 500 2,273
I $ 5.050 $ 4.200 $ 6,143
Committees
I Personal services $ 500
Operating expenses 1.050 $ 61 $ 77
$ 1.550 $ 61 $ 77
I Elections
Personal services $ 7.411
Supplies 507
I Other services and charges $ 6 156
Capital outlay $ 5,000
$ 5.000 $ 6 $ 8,074
I Newsletter
Personal services $ 1.500 $ 935 $ 725
Operating expenses 4,650 7.975 5.541
I $ 6,150 $ 8,910 $ 6. 266
Administration
I Personal services $ 68.713 $ 74.716 $ 53,834
Supplies 4.190 2.553 2.489
Other services and charges 5.941 3.978
I Capital outlay 1,890 3,753 1,560
$ 74.793 $ 86,963 $ 61.861
Financial administration
I Personal services $ 50.830 $ 38.338 $ 9,092
Supplies 105 1,364 134
Other services and charges 210 2.409 115
I Capital outlay 525 1.158 260
$ 51.670 $ 43 , 26 9 $ 9,601
Accounting
I Personal services $ 62.727 $ 58.289 $ 51,337
Supplies 4.358 1.407 4.382
Other services and charges 736 1.117 583
I Capital outlay 1,680 502
$ 69.501 $ 60.808 $ 56,804
I 33
CITY OF ANDOVER. MINNESOTA U
GENERAL FUND U
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31. 1989
(with comparative actual amounts for the year ended December 31, 1988) C
1989 1988
Budget Actual Actual
General government (continued) C
Assessing
Other services and charges $ 23 , 1 00 $ 25.465 $ 21,790
Consulting staf f C
Auditing $ 11,000 $ 12.392 $ 11.095
Legal 49,300 84.320 57,390
$ 60,300 $ 96.712 $ 68,485 C
Planning and zoning
Personal services $ 72,664 $ 60.241 $ 51,450 C
Supplies 2. 80 0 3.355 3.028
Other services and charges 2,678 3.995 3.162
Capital outlay 1,600 2,951 2.432 C
Other 1. 050 130
$ 80,792 $ 70.542 $ 60.202
Buildings C
Administration building
Personal services $ 3,840 $ 4.237 $ 5,876
Supplies 6,090 5,432 6.420 C
Other services and charges 13 . 1 09 27 . 827 27.153
Capital outlay 17.960 34.822 40.597
$ 40,999 $ 72.318 $ 80,046
Fire department building C
Supplies $ 300 $ 2,324 $ 3.007
Other services and charges 15.294 9.876 6.086 C
Capital outlay 3,990 1,121 1,058
$ 19,584 $ 13.321 $ 10,151
Public works building C
Personal services $ 434 $ 6.145 $ 6.862
Supplies 5,466 2.83 8 5.382
Other services and charges 8.787 11.623 7.197 ~
Capital outlay 11,000 8,677 6,716
$ 25,687 $ 29.283 $ 26,157
Senior citizen center ~
Personal services $ 1.470 $ 1.788 $ 1.748
Supplies 2,495 402 1,392
Other services and charges 5.885 5,007 4.049 ~
Capital outlay 630
$ 10,480 $ 7,197 $ 7,189
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I CITY OF ANDOVER. MINNESOTA
I GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31, 1989
I (with comparative actual amounts for the year ended December 31. 1988)
1989 1988
Budget Actual Actual
I General government (continued)
Buildings ( continued)
Storage building
I Supplies $ 315 $ 628
Other services and charges 841 $ 183
Capital outlay 4.200 7.704 320
I $ 5.356 $ 7,887 $ 948
Total buildings $102.106 $130,006 $124,491
I Engineering
Personal services $ 72.717 $ 73.506 $ 60,334
Supplies 3.675 4.103 2.912
I Other services and charges 7,629 8. 1 05 5.331
Capital outlay 2.000 2,164 6,455
$ 86,021 $ 87 , 878 $ 75,032
I Total general government $602.154 $645.521 $521,775
Public safety
I Police protection
Other services and charges $345,823 $365,609 $206,846
Capital outlay 1,000 199
I $346,823 $365,609 $207,045
Fire protection
Personal services $104,718 $ 65 ,769 $ 58.052
I Supplies 15 .745 10.360 13.656
Other services and charges 49 .506 43.976 12.564
Relief Association 33.700 30,192 26,180
I Capital outlay 28,500 20,524 44,260
$232.169 $170,821 $154,712
I Rescue service
Personal services $ 14.550 $ 13.932 $ 13 .543
Supplies 2,965 1,718 1. 833
Other services and charges 13,526 7.813 4,488
I Capital outlay 2,000 1.334
$ 33,041 $ 23.463 $ 21.198
I Protective inspection
Personal services $105.776 $107,463 $ 76.841
Supplies 5,150 6.5 29 6,751
Other services and charges 14.656 3,210 14.426
I Capital outlay 15,625 15,310 4,133
Other 1,050 977 969
$142,257 $133,489 $103.120
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I 35
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Sanitation
Storm sewers
Personal services
Supplies
Other services and charges
Capital outlay
$ 17.671
4.200
2,760
1,050
$ 25.681
$ 13,666
896
429
200
$ 15,191
$ 7,116
997
364
59
$ 8.536
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CITY OF ANDOVER, MINNESOTA
GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL
YEAR ENDED DECEMBER 31. 1989
(with comparative actual amounts for the year ended
( CONT INUED)
December 31. 1988)
Total public safety
1989 1988
Budget Actual Actual
$ 2.485 $ 2.082 $ 1,105
10,000
$ 12,485 $ 2.082 $ 1,105
$ 212
$ 100 173
12,000 9.566 $ 9,530
$ 12,100 $ 9.951 $ 9.530
$778.875 $705.415 $496,710
Public safety (continued)
Civil defense
Other services and charges
Capital outlay
Animal control
Personal services
Supplies
Other services and charges
Public works
Streets and highways
Personal services
Supplies
Other services and charges
Capital outlay
Total public works
$ 84.784 $ 61, 9 88 $ 52.428
20,985 14.119 17,386
21 ,75 2 23 .133 9,727
117,000 31, 1 08 88,661
$244,521 $130,348 $168,202
$ 40,794 $ 41,471 $ 30,191
29.715 37.233 35,987
19,283 16.376 5,706
7,000 1.333 56.989
$ 96,792 $ 96,413 $128,873
$ 15 , 000 $ 20,340 $ 14,529
24.570
$ 15,000 $ 44,910 $ 14,529
$ 13.010 $ 15,203 $ 14.055
3 . 93 7 5.105 3.656
236 2.999 900
4,000 1,297 3 .763
$ 21.183 $ 24,604 $ 22,374
$377 ,496 $296,275 $333,978
Snow and ice removal
Personal services
Supplies
Other services and charges
Capital outlay
Street lighting
Other services and charges
City
Billable
Street signs/signals
Personal services
Supplies
Other services and charges
Capital outlay
36
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CITY OF ANDOVER, MINNESOTA
' GENERAL FUND
SCHEDULE OF EXPENDITURES - BUDGET AND ACTUAL (CONTINUED)
YEAR ENDED DECEMBER 31, 1989
' (with comparative actual amounts for the year ended December 31, 1988)
1989 1988
Budget Actual Actual
' Sanitation (Continued)
Trees and weed control
Personal services $ 2,270 $ 2,252 $ 3,082
Supplies 598 239 101
Other services and charges 317 976 25
Capital outlay 500 286
' $ 3,685 $ 3,467 $ 3,494
Total sanitation $ 29,366 $ 18,658 $ 12,030
' Parks and recreation
Personal services $ 50,725 $ 82,658 $ 65,939
Supplies 20,745 21,895 19,300
' Other services and charges 10,045 12,756 7,431
Community education programs 38,194 35,663 29,120
Assessments 26,000 17,792 12,854
Capital outlay 62,150 47,807 105,930
' $ 207,859 $ 218,571 $ 240,574
Recycling
Personal services $ 7,947
' Supplies 1,411
Other services and charges 3,638
Capital outlay 7,116
$ 1 0- $ 20,112 $ -0-
Unallocated
CDBG $ 45,540 $ 11,178
' Metropolitan Waste Control Commission $ 4,300 4,300 4,300
Insurance 23,000 31,959 74,997
LRRWMO 1 1,788 1,703
' Sidewalk 12,910
Improvement projects 2,000 3,838 6,549
Site Q 8,501 9,714
' Crooked Lake cleanup 1,600
Miscellaneous 1,871 7,358
Escrow refund 7,500
Tax increment financing 4,000
' $ 36,700 $ 97,797 $ 136,209
Total expenditures $2,032,450 $2,002,349 $1,741,276
' Other uses
Transfers to other funds
Certificates of Indebtedness Fund $ 22,400 $ 89,663
' Unfinanced Capital Projects Fund 11,632
$ 22,400 $ -0- $ 101,295
Total expenditures and other uses $2,054,850 $2,002,349 $1,842,571
37
CITY OF ANDOVER. MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1989
(with comparative totals for December 31.
ASSETS
Cash and temporary investments
Accrued interest receivable
Total assets
FUND BALANCE
Fund balance
Unreserved-Undesignated
Total fund balance
LRRWMO
$ 4.442
85
$ 4.527
$ 4.5 27
$ 4.5 27
38
Drainage
and
Mapping
$54.999
857
$55,856
$55.856
$55,856
1988)
Totals
1989 1988
$59.441
942
$60.383
$60.383
$60,383
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$55.078
227
$55,305
$55,305
$55.305
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CITY OF ANDOVER, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31, 1989
(with comparative totals for year ended December 31. 1988)
Drainage
and Totals
LRRWMO Mapping 1989 1988
Revenue
Special assessments $ 4 $ 4 $ 352
Interest $ 316 3,653 3.969 2,438
Total revenue $ 316 $ 3,657 $ 3.973 $ 2.790
Other sources
Transfers from other funds 10.575 10,575 18.332
Total revenue and
other sources $ 316 $14,232 $14,548 $21.122
Expenditures
Other services and charges $ -0- $ 9.470 $ 9.470 $ -0-
Increase in fund balance $ 316 $ 4,762 $ 5 . 07 8 $21,122
Fund balance January 1 4.211 51,094 55,305 34,183
Fund balance December 31 $ 4,527 $55,856 $60.383 $55,305
39
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I CITY OF ANDOVER, MINNESOTA
I DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1989
I (with comparative totals for December 31. 1988)
I 1978 State Tax Special
G.O. Aid Increment Assessment Totals
Bonds Bonds Bonds Bonds 1989 1988
I ASSETS
I Cash and temporary
investments $109.309 $13.939 $448.996 $11.573.469 $12.145.713 $ 9.695.826
Accrued interest
receivable 2.049 5,426 204.218 211.693 55.305
I Taxes receivable
Unremitted 12.273 12.273 4,365
Delinquent 30.759 30.759 13.803
I Special assessments
receivable
Unremitted 27 . 850 27.850 53.383
I Delinquent 303,265 303,265 163.725
Deferred 10,077 .480 10.077.480 10.702.893
Other 185,141 185,141 335.617
Due from other
I governmental units 1,077 , 131 1. 07 7 . 131 258,017
$111.358 $13.939 $497.454 $23,448,554 $24,071,305 $21.282,934
Total assets
I
LIABILITIES AND FUND BALANCE
I Liabilities
Accounts payable $ 7 . 936 $ 7,936 $ 12.543
I Deferred revenue $ 30,759 11.643.017 11,673,776 11.474.055
Total liabilities $ 30,759 $11.650.953 $11.681.712 $11.486,598
Fund balance -
I Reserved for
debt service $111,358 $13.939 466,695 11,797,601 12,389,593 9.796,336
I Total
liabilities
and fund
I balance $111.358 $13,939 $497,454 $23,448.554 $24,071,305 $21.282.934
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I
CITY OF ANDOVER. MINNESOTA
u
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
YElIR ENDED DECEMBER 31. 1989
(with comparative totals for year ended December 31. 1988)
u
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Bonds
Certificates
of Indebtedness
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Property taxes
State aid
State credits
Special assessments
Interest
Land sal es
Other
25.222
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$ 2,476
$ 53,5 27
7.728
Total revenue
$ 10,204
$ 78.749
Other sources
Bond proceeds
Transfers from other funds
General Fund
Debt service funds
Capital project funds
Enterprise funds
Total other sources
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$ 7,246
$ 7.246
$ 10,204 $ 85,995
$ 50,000 $ 73.000
1.400 12.995
229
$ 51.629 $ 85.995
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Redemption of bonds
Interest
Other
Fund balance January 1
152,783
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Other uses
Transfers to other funds
Debt service funds
Capital projects funds
Total other uses
Total expenditures and other uses
Increase (decrease) in fund balance
$ 51,629
$(41,425)
$ 85,995
$ -0-
Fund balance December 31
$111,358
$ -0-
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State Aid
Bonds
$171.825
$171,825
$171.825
$100,000
57.475
666
$158.141
$158,141
$ 13,684
255
$ 13,939
Tax
Increment
Bonds
$356.070
50.558
19.078
39.379
$465 .085
$465 .085
$119.235
781
$120.016
$120,016
$345.069
121,626
$466,695
Special
Assessment
Bonds
$ 3.963,445
781.902
8,451
$ 4.753, 798
$ 24.800
259,657
12.162
$ 296.619
$ 5,050,417
$ 968.700
1,529.772
16,359
$ 2.514,831
$ 259.657
$ 259,657
$ 2.774,488
$ 2.275.929
9.521,672
$11,797,601
43
1989
$ 412.073
171.825
75.780
3,963.445
808.708
39,379
8.451
$ 5.479,661
$ 24,800
259.657
12.162
7.246
$ 303 . 865
$ 5,783.526
$ 1.191,700
1,720.877
18.035
$ 2.930,612
$ 259.657
$ 259,657
$ 3.190,269
$ 2.593.257
9.796,336
$12.389.593
Totals
1988
$ 90,073
79,725
23.121
3.102.549
544.034
$3,839.502
$ 89,663
962.196
695.896
7,642
$1.755,397
$5,594,899
$1.062.700
1,405,214
6.414
$2,474.328
$ 962.196
7,628
$ 969,824
$3.444.152
$2,150,747
7.645,589
$9 , 796 .336
ClTY OF ANDOVER. MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1989
(with comparative totals for December 31.
ASSETS
Cash and temporary investments
Accrued interest receivable
Accounts receivable
Deferred special assessments receivable
Due from other governmental units
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Contracts payable
Deposit payable
Deferred revenue
Total liabilities
Fund balance
Reserved for debt service
Reserved for encumbrances
Unreserved - Undesignated
Total liabilities and fund balance
44
1988)
Equipment
$ 23.079
443
$ 23.522
$ 23.522
$ 23.5 22
$ 23,522
1987
Equipment
$ 24.394
468
$ 24.862
$ 24,862
$ 24,862
$ 24,862
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Tax State Special Totals
Increment Park Aid Assessment 1989 1988
$ 48.444 $ 30.878 $138,532 $3.662,276 $3.927,603 $2,127.713
1.204 965 6,623 57.406 67.109 7.729
100 100 100
537.475
495,740
$ 49,648 $ 31.843 $145.155 $3,719.782 $3.994.812 $3,168,757
$ 5.686
40.657
$ 48. 1 00
80.645
$ 53 , 7 86
125.046
$ 3 .744
$ 3.744
$ 46.343
$ 128.745
$ 178,832
$1.032.315
2,783,665
$3.815,980
$3.994,812
$ 11.511
87.301
$ 98.812
$145.155
$1.020.804
2,570,233
$3.591,037
$3,719,782
$ 28.099
$ 28.099
$ 31.843
$ 49.648
$ 49,648
$ 49.648
45
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$ 62,227
334.781
6.000
537,475
$ 940.483
$ 227,651
2,000.623
$2,228.274
$3.168,757
CITY OF ANDOVER. MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31. 1989
(with comparative totals for year ended December 31, 1988)
Revenue
Anoka County
State aid
City of Ham Lake
Park dedication fees
Interest
Special assessments
Sale of land
Other
Total revenue
Other sources
Bond proceeds
Transfers from other funds
General Fund
Debt service funds
Capital projects funds
Total other sources
Total revenue and other sources
Expenditures
Capital outlay
Interest
Total expenditures
Other uses - Transfers to other funds
General Fund
Special revenue funds
Debt service funds
Capital projects funds
Administrative Trust Fund
Total other uses
Total expenditures and other uses
Increase (decrease) in fund balance
Fund balance January 1
Fund balance December 31
46
Equipment
$ 1.703
$ 1, 703
$ 1.703
$ 1.703
21.819
$ 23,522
1987
Equipment
$ 1,801
6.000
$ 7.801
$ 7.801
$ 7,801
17,061
$ 24.862
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Tax State Special Totals
I Increment Park Aid Assessment 1989 1988
I $ 9.300
$ 439.415 $ 439,415 28.864
115.160
I $ 21.815 21,815 51,065
$ 2.031 4, 241 33.015 $ 341.899 384,690 220.685
24.708
70.081
I 2,965 8.965
$ 2,031 $ 26,056 $ 475.395 $ 341.899 $ 854.885 $ 519,863
I $3.145,788 $3,145.788 $ 6,219.350
11.632
I 7.628
1.199.103 1,199,103 94.325
$4.344.891 $4.344.891 $ 6,332,935
I $ 2.031 $ 26,056 $ 475.395 $4.686 , 790 $5,199,776 $ 6,852.798
I $ 57,822 $ 71.066 $ 726.405 $1.465.311 $2.320.604 $ 7.300.597
34.114 34.114 30.987
$ 57,822 $ 71,066 $ 726,405 $1.499,425 $2,354.718 $ 7.331,584
I
$ 40.446
I $ 10,575 $ 10.575 18,332
12.162 12.162 695.896
1.199.103 1,199.103 94.325
35,512 35,512 178,933
I $1.257,352 $1,257.352 $ 1,027.932
$ 57.822 $ 71.066 $ 726.405 $2,756,777 $3,612.070 $ 8,359,516
I $ (55.791) $(45.010) $(251.010) $1.930,013 $1.587.706 $(1.506,718)
I 105,439 73.109 349,822 1,661.024 2,228.274 3.734.992
$ 49.648 $ 28.099 $ 98,812 $3,591,037 $3,815.980 $ 2,228,274
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1989
1988
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ENTERPRISE FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1989
(with comparative totals for December 31.
1988)
Totals
Water
AS SETS
Current assets
Cash and temporary investments $ 146.653 $ 16.518 $ 163.171 $ 96.903
Accrued interest receivable 2,451 390 2,841 559
Accounts receivable 48.301 72,398 120.699 91. 839
Inventory 5.460 5.460 2,976
Total current assets $ 202.865 $ 89.306 $ 292,171 $ 192,277
Property and equipment
Furniture and equipment $ 14.918 $ 7.192 $ 22.110 $ 13,495
Machinery 524.515 524.515 524.515
Collection and distribution
systems 5.093,673 9.323,536 14,417.209 13.949,580
$5.633.106 $9.330.728 $14.963.834 $14,487,590
Less accumulated depreciation (480,445 ) (1.226 ,324) (1,706,769) (1,393,976)
Property and equipment-Net $5.152.661 $8,104.404 $13.257.065 $13.093,614
Total assets $5.355,526 $8.193,710 $13,549.236 $13.285,891
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Accrued expenses
Due to other governmental units
Total current liabilities
Total liabilities
and fund equity
$ 3,605 $ 1,514 $ 5,119 $ 4,571
6.180 3,366 9.546 3,409
884 36,202 37.086 17.214
$ 10.669 $ 41 ,082 $ 51,751 $ 25 , 194
$5.142.509 $8.102.398 $13.244.907 $13,087,172
202.348 50.230 252,578 173,525
$5.344.857 $8.152.628 $13,497.485 $13.260,697
$5.355,526 $8.193,710 $13.549.236 $13.285.891
Fund equity
Contributed
Retained earnings
Unreserved - Undesignated
Total fund equity
48
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ENTERPRI SE FUNDS
COMBINING STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31, 1989
(with comparative totals for year ended December 31. 1988)
Operating revenue
User 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
Interest income
Loss before
operating transfers
Operating transfers to other 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
Water
Sewer
$185.382
29.710
12.800
6.454
268
$234,614
$ 188.626
7.147
$ 195,773
$ 53.318
17.943
25.164
35,713
$132,138
$ 29.623
3.820
5,148
180.181
$ 218,772
Totals
1989 1988
$ 374.008
29 .71 0
12.800
13.601
268
$ 430,387
$ 82,941
21.763
25,164
40,861
180,181
$ 350.910
$ 284.234
26.825
12.680
7.940
4,730
$ 336.409
$ 61.705
17.706
20,923
33,331
126,563
$ 260.228
$102.476 $ (22,999) $ 79.477 $ 76.181
$ 1.857
$ 1.042
125,599
$127,456
184.294
$ 185,336
$ 2.899
309,893
$ 312,792
$ 1.917
276,551
$ 278.468
$(24,980) $(208,335) $(233,315) $(202.287)
$ 8,447 $ 1. 274 $ 9,721 $ 3,727
(3,393)
(3,853)
$(16.533) $(207.061) $(223 ,594) $(198.560)
(7.802)
(7,246)
$(19,926) $(210,914) $(230.840) $(206,362)
$(19.926) $(210,914) $(230,840) $(206.362)
125,599 184.294 309.893 276,551
$105.673 $(26,620) $ 79.053 $ 70,189
96,675 76,850 173,525 103,336
$202.348 $ 50,230 $ 252,578 $ 173,525
49
CITY OF ANDOVER. MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31, 1989
(with comparative totals for year ended December 31. 1988)
Totals
Wat er Sewer 1989 1988
Sources of working capital
Operations
Net loss $(19.926) $(210.914) $ (230.840) $ (206.362)
Item not requiring working
capital - Depreciation 127.456 185.336 312.792 278.468
$107.530 $ (25.578) $ 81.952 $ 72. 1 06
Contribution of property
and equipment 249.952 217,677 467,629 2,866,628
$357.482 $ 192.099 $ 549.581 $2.938.734
Uses of working capital
Acquisition of property and
equipment 258.515 217,729 476.244 2.868,615
Increase (decrease) in
working capital $ 98.967 $ (25,630) $ 73.337 $ 70.119
Elements of change in working capital
Cash and temporary investments $ 77.920 $ (11,652) $ 66.268 $ 75.009
Accrued interest receivable 2,070 212 2.282 430
Accounts receivable 21.702 7. 15 8 28.860 23,400
Due from other governmental units (7.398)
Inventory 2.484 2.484 (2.553)
Accounts payable 112 (659) (547) (1,215)
Due to other governmental units (4,437) (18,988) (23 .425) (17,214)
Accrued expenses (884 ) (1,701) (2.585) (340 )
Increase (decrease) in
working capital $ 98.967 $ (25,630) $ 73,377 $ 70,119
50
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CITY OF ANDOVER. MINNESOTA
WATER FUND
BALANCE SHEET
DECEMBER 31. 1989
(with comparative amounts for December 31. 1988)
1989
1988
ASSETS
Current assets
Cash and temporary investments
Accrued interest receivable
Accounts receivable
Inventory
Total current assets
$ 146.653 $ 68.733
2.451 381
48.301 26.599
5.460 2.976
$ 202,865 $ 98,689
$ 14,918 $ 6.355
524.515 524,515
5.093,673 4.843.721
$5.633.106 $5.374.591
(480,445 ) (352,988)
$5.152,661 $5.021,603
$5.355,526 $5,120.292
Property and equipment
Furniture and equipment
Machinery
Distribution system
Less accumulated depreciation
Property and equipment - Net
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Accrued expenses
Due to other governmental units
Total current liabilities
$ 3,604 $ 3.716
6,181 1.744
884
$ 10,669 $ 5,460
$5.142.509 $5.018.157
202,348 96.675
$5,344.857 $5.114,832
$5,355.526 $5,120,292
Fund equity
Contributed
Retained earnings
Unreserved - Undesignated
Total fund equity
Total liabilities and fund equity
51
CITY OF ANDOVER, MINNESOTA
WATER FUND
STATEMENT OF REVENUE. EXPENSE AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31. 1989
(with comparative amounts for year ended December 31. 1988)
Operating revenue
User charges
Meters
Permit fees
Penalties
Other
Operating expense (excluding depreciation)
Personal services
Supplies
Meters. etc.
Other services and charges
Operating income before depreciation
Less depreciation
On assets acquired with own funds
On assets acquired from contributions
Operating loss
Other income
Interest income
Loss before operating transfers
Transfers to other funds
Debt service funds
Administrative Trust Fund
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
52
1989
$185.382
29.710
12.800
6.454
268
$234.614
$ 53.318
17.943
25.164
35,713
$132,138
$102.476
$ 1,857
125,599
$127.456
$(24.980)
8,447
$ (16.533)
$ (3.393)
$ (3,393)
$(19,926)
$(19,926)
125,599
$105.673
96,675
$202,348
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1988 C
$126,594 C
26,825
12.680
3.791
2.007 C
$171,897
$ 39.732 C
14.519
20.923 C
27.400
$102.574
$ 69,323 C
$ 863 C
109,522
$110,385
$ (41.062) C
2,538 ~
$ (38.5 24)
$ (3.576) ~
(72)
$ (3.648) C
$(42,172)
$(42.172) C
109.522 m
$ 67,350
29.325 tj
$ 96.675
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CITY OF ANDOVER. MINNESOTA
WATER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31. 1989
(with comparative amounts for year ended December 31, 1988)
1989 1988
Sources of working capital
Operations
Net loss $ (19.926) $ (42.172)
Item not requiring working capital
Depreciation 127.456 110.385
$ 107.530 $ 68.213
Contribution of property and equipment 249,952 1,357.802
$ 357.482 $1.426.015
Uses of working capital
Acquisition of property and equipment 258.515 1.359.789
Increase (decrease) in working capital $ 98.967 $ 66,226
Elements of change in working capital
Cash and temporary investments $ 77.920 $ 59.845
Accrued interest receivable 2.070 338
Accounts receivable 21,702 9.750
Inventory 2.484 (2.553 )
Accounts payable 112 (1,020)
Due to other governmental units (884)
Accrued expenses (4.437) (134)
Increase (decrease) in working capital $ 99.967 $ 66,226
53
CITY OF ANDOVER. MINNESOTA
SEWER FUND
BALANCE SHEET
DECEMBER 31. 1989
(with comparative amounts for December 31. 1988)
1989
1988
ASSETS
Current assets
Cash and temporary investments
Accrued interest receivable
Accounts receivable
Total current assets
$ 16.518 $ 28, 17 0
390 178
72.398 65,240
$ 89.306 $ 93.588
$ 7,192 $ 7.140
9,323.536 9.105.859
$9,330,728 $9.112,999
(1.226.324) (1,040,988)
$8,104.404 $8,072.011
$8,193.710 $8.165.599
Property and equipment
Furniture and equipment
Collection system
Less accumulated depreciation
Property and equipment - Net
Total assets
LIABILITIES AND FUND EQUITY
Current liabilities
Accounts payable
Accrued expenses
Due to other governmental units
Total current liabilities
$ 1,514 $ 855
3.366 1.665
36,202 17 ,214
$ 41,082 $ 19.734
$8.102,398 $8.069,015
50 , 23 0 76.850
$8,152,628 $8.145,865
$8,193.710 $8,165.599
Fund equity
Contributed
Retained earnings
Unreserved - Undesignated
Total fund equity
Total liabilities and fund equity
54
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CITY OF ANDOVER. MINNESOTA
SEWER FUND
STATEMENT OF REVENUE, EXPENSE AND RETAINED EARNINGS
YEAR ENDED DECEMBER 31. 1989
(with comparative amounts for year ended December 31, 1988)
Operating revenue
User charges
Penalties
Other
Operating expense (excluding depreciation)
Personal services
Supplies
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
Interest income
Loss before operating transfers
Transfers to other funds
Debt service funds
Administrative Trust Fund
Net loss
Disposition of net income (loss)
Net income (loss)
Add credit from transfer of depreciation to
contribution in aid to construction
Income (loss) transferred to retained earnings
Retained earnings January 1
Retained earnings December 31
55
1989 1988
$ 188,626 $ 157,640
7.147 4.149
2,723
$ 195.773 $ 164,512
$ 29.623 $ 21,973
3,820 3 . 187
5,148 5 . 93 1
180.181 126.563
$ 218.772 $ 157.654
$ (22,999) $ 6. 858
$ 1,042 $ 1.054
184,294 167.029
$ 185.336 $ 168,083
$(208.335) $(161.225)
1,274 1,189
$(207.061) $(160,036)
$ (3,853 ) $ (4,066)
(88)
$ (3.853) $ (4,154)
$(210,914) $(164,190)
$ (210.914) $(164.190)
184.294 167.029
$ (26.620) $ 2,839
76,850 74.011
$ 50,230 $ 76,850
CITY OF ANDOVER, MINNESOTA
(with
SEWER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED DECEMBER 31. 1989
comparative amounts for year ended December 31.
1988)
1989 1988
Sources of working capital
Operations
Net loss $ (210.914) $ (164.190)
Item not requiring working capital
Depreciation 185 ,336 168,083
$ (25.578) $ 3.893
Contribution of property 217,677 1,508.826
$ 192.099 $1.512,719
Uses of working capital
Acquisition of property and equipment $ 217.729 $1.508,826
Inc rease (decrease) in working capital $ (25 ,630) $ 3,893
Elements of change in working capital
Cash and temporary investments $ (11.652) $ 15.164
Accrued interest receivable 212 92
Accounts receivable 7 . 15 8 13.650
Due from other governmental units (7,398)
Accounts payable (659) (195 )
Due to other governmental units (18.988) (17.214)
Accrued expenses (1.701) (206)
Increase (decrease) in working capital $ (25,630) $ 3.893
56
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CITY OF ANDOVER, MINNESOTA
FIDUCIARY FUNDS
COMBINING BALANCE SHEET
DECEMBER 31. 1989
(with comparative totals for December 31.
1988)
Expendable
Trust Fund Agency Fund
Administrative E sc row Totals
Trust Fund Fund 1989 1988
AS SETS
Cash $ 405,919 $ 659,174 $1.065.093 $1.259.029
Accrued interest receivable 8.458 17.386 25.844 7 . 1 27
Total assets $ 414.377 $ 676.560 $1.090,937 $1.266.156
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Deposits payable
Total liabilities
$ 296
676.264
$ 676,560
$ 12.500
837,741
$ 850.241
$ 296
676.264
$ 676.560
Fund balance
Unreserved-Undesignated
$ 414,377
414.377
415.915
Total liabilities
and fund balance
$1,266,156
$ 414.377
$ 676,560
$1,090.937
57
CITY OF ANDOVER. MINNESOTA
EXPENDABLE TRUST FUND
ADMINISTRATIVE TRUST FUND
STATEMENT OF REVENUE. EXPENDITURES AND FUND BALANCE
YEAR ENDED DECEMBER 31, 1989
(with comparative amounts for year ended December 31, 1988)
1989
1988
Revenue
Interest earnings
$ 33.495
$ 19,609
Other sources
Transfers from other funds
Capital projects funds
Enterprise funds
Total other sources
$ 35 ,512 $178,933
160
$ 35.512 $179,093
$ 69.007 $198,702
70.545 54,292
$ (1.538) $144.410
415,915 271,505
$414.377 $415,915
Total revenue and other sources
Other uses
Transfers to General Fund
Increase (decrease) in fund balance
Fund balance January 1
Fund balance December 31
AGENCY FUND
ESCRGl FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
YEAR ENDED DECEMBER 31, 1989
ASSETS
Balance Balance
January 1 Additions Deductions December 31
$844.906 $209.176 $394.909 $659.173
5,335 17.387 5,335 17,387
$850.241 $226.563 $400,244 $676.560
Cash
Accrued interest receivable
Total assets
LIABILITIES
Accounts payable
Deposits payable
$ 12.500
837.741
$850,241
$ 296
676,264
$676,560
$ 296
226 ,267
$ 12.500
387,744
$400,244
Total liabilities
$226,563
58
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CITY OF ANDOVER. MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
DECEMBER 31. 1989
(with comparative amounts for December 31, 1988)
General Fixed Assets
Land and improvements
Buildings and improvements
Furniture and equipment
Machinery and automotive equipment
1989 1988
$ 687.779 $ 522,707
622.145 581,838
112,828 101.813
1,013,174 965.863
$2.435,926 $2.172.221
Total General Fixed Assets
Investment in General Fixed Assets
$2.435,926
$2.172.221
59
1989
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CITY OF ANDOVER, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
DECEMBER 31. 1989
(with comparative amounts for December 31. 1988)
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
Certificates of Indebtedness
State Aid Street Bonds
G.O. Tax Increment Bonds
G.O. Improvement (special assessment) Bonds
Accounts payable - Assessments on City property
Contracts payable - Equipment purchase
Due to other governmental units
Metropolitan Waste Control Commission
Accrued expenses - Vacation pay - Governmental
Total
60
1988
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$12,389.593
16.930.056
$29.319,649
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$ 9,796,336
17.381,877
$27.178.213
$ 50.000
$ 270,000 233,000
710.000 810.000
1.270,000 1.270.000
26,740,400 24.509.100
$28,990.400 $26,872.100
25 2. 951 234,495
15.267 20,012
6.668 10,409
funds 54.363 41,197
$29,319,649 $27,178,213
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CITY OF ANDOVER, MINNESOTA
SCHEDULE OF CASH. TEMPORARY INVESTMENTS AND SECURITY FOR DEPOSITS
DECEMBER 31. 1989
First National Anoka
Checking accounts
Money market accounts
Certificates of deposit
St. Anthony National Bank
Money market account
4M Fund
Money market fund
Certificates of deposit
Marquette Bank
Twenty-nine (29) certificates of deposit
each maturing for $100.000 and each
certificate at a different financial
institution
U.S. Government obligations
Commercial paper
Petty cash and change funds
Total cash and investments
Face amount
as securities
pledged as
collateral
by depository
$ 32.428
259.032
1,247,004
$ 1.538,464
$2,025,000
$ 83,468
$ 419.331
3,600,000
$ 4,019,331
$ 2,688.604
2,002,765
7.727,100
$12,418,464
$
650
$18,060,382
Additional security of $100.000 each for demand deposits and time deposits is
provided at each depository by the Federal Deposit Insurance Corporation.
61
CITY OF ANDOVER. MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
DECEMBER 31, 1989
Bonded indebtedness
Certificate of Indebtedness
1985 Certificates of Indebtedness
1986 Certificates of Indebtedness
1987 Certificates of Indebtedness
1989 Certificates of Indebtedness
Int erest
rates
7.50
6.80-7.60
6.00
6.15
State Aid Street Bonds
General Obligation State Aid Street Bonds of 1984 6.75-9.00
General Obligation State Aid Street Bonds of 1988 5.60-6.80
Tax Increment Bonds
General Obligation Tax Increment Bonds of 1987A
General Obligation Tax Increment Bonds of 1987B
G.O. Improvement (special assessment) Bonds
General Obligation Improvement Bonds of 1976A
General Obligation Improvement Bonds of 1976B
General Obligation Improvement Bonds of 1977A
General Obligation Improvement Bonds of 1977B
General Obligation Improvement Bonds of 1978
General Obligation Improvement Bonds of 1979
General Obligation Improvement Bonds of 1980A
General Obligation Improvement Bonds of 1980B
General Obligation Improvement Bonds of 1980C
General Obligation Improvement Bonds of 1985A
General Obligation Improvement Bonds of 1985B
General Obligation Improvement Bonds 1986A
General Obligation Refunding Improvement
Bonds 1986A
General Obligation Improvement Bonds 1986B
General Obligation Refunding Improvement
Bonds 1986C
General Obligation Improvement Bonds 1987A
General Obligation Improvement Bonds 1987B
General Obligation Improvement Bonds 1988
General Obligation Improvement Bonds 1989
Total Bonded Indebtedness
Long-term pay abies
Metropolitan Waste Control Commission
Special assessments on City owned property
Equipment purchases
Total Indebtedness
62
8.25-9.90
8.10
6.20-6.80
5.00-6.75
5.00
5.25-5.50
5.25-6.00
6.50
6 . 1 0-6 . 90
7.00
8.50-9.10
8.86-9.60
7.96-9.00
5.00-7.90
6.25-7.25
4.75-6.30
6.00-7.40
5.60
6.35
6.00
6.75
5.369
6.25-10.70
Various
Issue
date
11/01/85
06/01/86
02/01/87
12/01/89
Final
maturity
date
05/01/90
06/01/91
02/01/92
12/01/94
09/01/84 09/01/94
08/01/88 08/01/98
05/01/87
12/01/87
08/01/76
11/01/76
03/01/77
10/01/77
11/01/78
11/01/79
06/01/80
08/01/80
10/01/80
08/01/85
08/01/85
07/01/86
08/01/86
10/01/86
08/01/86
08/01/87
12/01/87
08/01/88
07/01/89
1971
Various
Various
-----;=-r
08/01/05
12/01/90
02/01/97
11/01/96
01/01/06
02/01/98
02/01/99
02/01/95
02/01/91
02/01/01
02/01/90
02/01/00
08/01/00
08/01/01
08/01/91
10/01/96
08/01/02
08/01/90
12/01/90
08/01/91
08/01/01
1991
2001
1992
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t Indebtedness Due in 1990
Authorized
and issued Redeemed Outstanding Principal Interest
' $ 100,000 $ 80,000 $ 20,000 $ 20,000 $ 750
95,000 57,000 38,000 19,000 2,147
170,000 68,000 102,000 34,000 5,202
110,000 110,000 22,000 6,947
$ 475,000 $ 205,000 $ 270,000 $ 95,000 $ 15,046
$ 510,000 $ 250,000 $ 260,000 $ 50,000 $ 22,100
500,000 50,000 450,000 50,000 28,700
$ 1 $ 300,000 $ 710,000 $ 100,000 $ 50,800
' $ 1,065,000 $ 1,065,000 $ 15,000 $ 101,175
205,000 205,000 205,000 18,060
$ 1,270,000 $ -0- $ 1,270,000 $ 220,000 $ 119,235
$ 1,635,000 $ 775,000 $ 860,000 $ 95,000 $ 54,797
56,000 36,400 19,600 2,800 1,295
1,215,000 310,000 905,000 40,000 45,250
780,000 320,000 460,000 40,000 23,567
270,000 100,000 170,000 15,000 9,593
' 270,000 130,000 140,000 20,000 8,450
430,000 305,000 125,000 60,000 6,525
98,000 39,200 58,800 4,900 3,945
' 4,365,000 4,175,000 190,000 190,000 8,075
300,000 60,000 240,000 15,000 21,018
2,350,000 385,000 1,965,000 170,000 161,415
1,795,000 250,000 1,545,000 100,000 111,290
180,000 108,000 72,000 36,000 5,130
2,600,000 645,000 1,955,000 240,000 115,565
' 2,485,000 2,485,000 168,980
5,000,000 5,000,000 5,000,000 262,500
1,550,000 1,550,000 1,550,000 93,000
5,800,000 5,800,000 348,000
3,200,000 3,200,000 150,000 234,422
$34,379,000 $7,638,600 $26,740,400 $7,728,700 $1,682,817
' $37,134,000 $8,143,600 $28,990,400 $8,143,700 $1,867,898
$ 43,018 $ 36,350 $ 6,668 $ 3,943 $ 357
295,324 42,373 252,951 15,132 23,449
23,991 8,724 15,267 5,475 1,798
' $ 362,333 $ 87,447 $ 274,886 $ 24,550 $ 25,604
$37,496,333 $8,231,047 $29,265,286 $8,168,250 $1,893,502
63
Certificates of indebtedness
1985 Certificates of
Indebtedness
May 1. 1990
1986 Certificates of
Indebtedness
June 1. 1990
June 1. 1991
1987 Certificate of
Indebtedness
February 1. 1990
February 1. 1991
February 1. 1991
1989 Certificate of
Indebtedness
December 1. 1990
December 1. 1991
December 1. 1992
December 1. 1993
December 1. 1994
CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE
DECEMBER 31. 1989
Issue Maturity
date date
08/01/85
06/01/86
02/01/87
12/01/89
Total certificates of indebtedness
State aid street bonds
General Obligation State Aid
Street Bonds of 1984
September 1. 1990
September 1. 1991
September 1. 1992
September 1. 1993
September 1. 1994
09/01/84
64
05/01/90
06/01/90
06/01/91
02/01/90
02/01/91
02/01/92
12/01/90
12/01/91
12/01/92
12/01/93
12/01/94
09/01/90
09/01/91
09/01/92
09/01/93
09/01/94
6.15 $ 22.000
6.15 22.000
6.15 22.000
6.15 22,000
6.15 22,000
$ 110.000
$ 270,000
8.00 $ 50.000
8.20 50.000
8.50 50.000
8.70 50.000
9.00 60.000
$ 260,000
Interest
rate
7.50
7.40
7.60
6.00
6.10
6.20
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payments
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$ 20.000
$ 19,000
19.000
$ 38.000
$ 34.000
34.000
34.000
$ 102.000
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I CITY OF ANDOVER. MINNESOTA
I SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31, 1989
I Annual
Issue Maturity Interest se rial
I date date rate payments
State aid street bonds (continued)
I General Obligation State Aid
Street Bonds of 1988 08/01/88
August 1. 1990 09/01/90 5.80 $ 50,000
I August 1. 1991 09/01/91 6.00 50,000
August 1. 1992 09/01/92 6.10 50.000
August 1. 1993 09/01/93 6.25 50,000
August 1. 1994 09/01/94 6.40 50,000
I August 1, 1995 09/01/95 6.60 50.000
August 1, 1996 09/01/96 6.70 50.000
August 1, 1997 09/01/97 6.75 50,000
I August 1. 1998 09/01/98 6.80 50,000
$ 450,000
Total state aid street bonds $ 710,000
I Tax increment bonds
General Obligation Tax Increment
I 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
I 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 50.000
I 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
I 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
I 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 9.90 125,000
I $1.065.000
General Obligation Tax Increment
I Bonds of 1987B 12/01/87
December 1. 1990 12/01/90 8.10 $ 205.000
Total tax increment bonds $1.270.000
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CITY OF ANDOVER, MINNESOTA m
SCHEDULE OF BONDS PAYABLE (CONTINUED) U
DECEMBER 31. 1989
Annual C
Issue Maturity Interest se rial
date date rate payments C
G.O. Improvement (special assessment)
Bonds C
General Obligation Improvement
Bonds of 1976A 08/01/76
February 1. 1990 02/01/90 6.50 $ 95,000
February 1. 1991 02/01/91 6.60 100.000 C
February 1. 1992 02/01/92 6.70 110.000
February 1. 1993 02/01/93 6.80 95,000
February 1. 1994 02/01/94 6.80 105.000 C
February 1. 1995 02/01/95 6.80 110,000
February 1. 1996 02/01/96 6.80 120.000
February 1. 1997 02/01/97 6.80 125.000 C
$ 860,000
General Obligation Improvement
Bonds of 1976A 11/01/76 C
$2.800 per year 11/01/90 6.25 $ 5.600
$2.800 per year 11/01/91-96 6.75 14,000
$ 19,600 C
General Obligation Improvement
Bonds of 1977A 03/01/77
$40.000 per year 01/01/91-92 5.00 $ 80.000 ~
$45.000 per year 01/01/93-94 5.00 90.000
$50.000 per year 01/01/95-96 5.00 100.000
$55,000 per year 01/01/97-98 5.00 110.000 C
$60.000 per year 01/01/99-2000 5.00 120.000
$65.000 per year 01/01/01-03 5.00 195.000
$70,000 per year 01/01/04-06 5.00 210.000 m
$ 905,000
General Obligation Improvement
Bonds of 1977B 10/01/77 m
February 1. 1990 02/01/90 5.25 $ 40.000
February 1. 1991 02/01/91 5.25 45 ,000
February 1. 1992 02/01/92 5.20 45,000 C
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 C
$ 460,000
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I CITY OF ANDOVER. MINNESOTA
I SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31. 1989
I Annual
Issue Maturity Interest se rial
I date date rate payments
G.O. Improvement (special assessment)
I Bonds ( continued)
General Obligation Improvement
Bonds of 1978 01/01/78
I February 1. 1990 02/01/90 5.60 $ 15.000
February I, 1991 02/01/91 5.70 15,000
February 1. 1992 02/01/92 5.75 15.000
February 1. 1993 02/01/93 5.80 15.000
I February 1, 1994 02/01/94 5.90 15.000
February 1. 1995 02/01/95 6.00 15.000
$20.000 per year 02/01/96-99 6.00 80.000
I $ 170,000
General Obligation Improvement
Bonds of 1979 11/01/79
I $20.000 per year 02/01/90-91 6.50 $ 40.000
$25.000 per year 02/01/92-95 6.50 100.000
$ 140,000
I General Obligation Improvement
Bonds of 1980A 06/01/80
I February 1. 1990 02/01/90 6.80 $ 60.000
February 1. 1991 02/01/91 6.90 65 . 000
$ 125.000
I General Obligation Bonds
of 1980B 08/01/80
$4,900 per year 02/01/90-01 7.00 $ 58,800
I General Obligation Improvement
Bonds of 1980C 10/01/80
February 1. 1990 02/01/90 8.50 $ 190,000
I
General Obligation Improvement
Bonds of 1985A 08/01/85
I February 1. 1990 02/01/90 8.86 $ 15.000
$20.000 per year 02/01/91-95 9.07 100.000
$25.000 per year 02/01/96-00 9.60 125,000
I $ 240.000
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31, 1989
Issue
date
G.O. Improvement (special assessment)
Bonds (continued)
General Obligation Improvement
Bonds of 1985B 08/01/85
$170.000 per year
August 1. 1992
August 1, 1993
$220,000 per year
$180.000 per year
August 1. 1998
August 1. 1999
August 1. 2000
General Obligation Improvement
Bonds of 1986A
August 1, 1990
August 1. 1991
August 1. 1992
August 1. 1993
August 1. 1994
August 1. 1995
August 1. 1996
August 1, 1997
August 1. 1998
August 1. 1999
August 1, 2000
August 1. 2001
07/01/86
General Obligation Refunding
Improvement Bonds of 1986A
August 1. 1990
August 1. 1991
08/01/86
General Obligation Improvement
Bonds of 1986B
October 1. 1990
October 1, 1991
October 1. 1992
October 1. 1993
October 1. 1994
October 1. 1995
October 1. 1996
10/01/86
68
Maturity
date
08/01/90-91
08/01/92
08/01/93
08/01/94-95
08/01/96-97
08/01/98
08/01/99
08/01/00
08/01/90
08/01/91
08/01/92
08/01/93
08/01/94
08/01/95
08/01/96
08/01/97
08/01/98
08/01/99
08/01/2000
08/01/2001
08/01/90
08/01/91
10/01/90
10/01/91
10/01/92
10/01/93
10/01/94
10/01/95
10/01/96
Interest
rate
8.21
8.39
8.47
8.54
8.74
8.93
9.00
9.00
6.10
6.40
6.60
6.80
7.00
7.20
7.40
7.50
7.60
7.70
7.80
7.90
7.00
7.25
5.40
5.60
5.75
5.90
6.00
6.15
6.30
Annual
se rial
payments
$ 340.000
180.000
190.000
440.000
360.000
165.000
160.000
130,000
$1,965.000
$ 100,000
125.000
125,000
125,000
125.000
125.000
125.000
150,000
150,000
145,000
125.000
125.000
$1.545.000
$ 36.000
36.000
$ 72.000
$ 240.000
240.000
240,000
265.000
290,000
340.000
340,000
$1,955,000
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF BONDS PAYABLE (CONTINUED)
DECEMBER 31, 1989
Issue
date
Maturity
date
G.O. Improvement (special assessment)
Bonds (continued)
General Obligation Improvement
Bonds of 1986C 08/01/86
August 1. 1991
August 1. 1992
August 1. 1993
August 1. 1994
August 1. 1995
August 1. 1996
August 1. 1997
August 1. 1998
August 1. 1999
August 1. 2000
August 1. 2001
August 1. 2002
General Obligation Improvement
Bonds of 1987A
August 1. 1990
General Obligation Improvement
Bonds of 1987B
December 1. 1990
General Obligation Improvement
Bonds of 1988
August 1. 1991
General Obligation Improvement
Bonds of 1989A
August 1, 1990
August 1. 1991
August 1. 1992
$300.000 per year
Interest
rate
Annual
serial
payments
08/01/91 6.00 $ 210.000
08/01/92 6.10 210.000
08/01/93 6.25 215.000
08/01/94 6.50 210.000
08/01/95 6.70 210.000
08/01/96 6.90 210.000
08/01/97 7.00 210.000
08/01/98 7.10 210.000
08/01/99 7.20 210,000
08/01/00 7.25 210.000
08/01/01 7.30 215,000
08/01/02 7.40 165.000
$ 2.485.000
08/01/87
08/01/90
12/01/87
12/01/90
08/01/88
08/01/91
07/01/89
08/01/90
08/01/91
08/01/92
08/01/93-01
Total bonds payable
Total G.O. Improvement (special assessment) Bonds
5.25
6.00
6.00
6.75
6.75
6.75
6.75
$ 5,000.000
$ 1,550.000
$ 5,800,000
$ 150.000
150.000
200.000
2.700.000
$ 3.200.000
$26.740,400
$28.990.400
Note - January 1. 1990 maturities are considered matured December 31. 1989.
69
CITY OF ANDOVER. MINNESOTA
DEBT SERVICE REQUIREMENTS
DECEMBER 31. 1989
G.O. Improvement
(special assessment) Bonds Tax Increment Bonds
Year Principal Interest Total Principal Interest Total
1990 $ 7.728.700 $1.682.817 $ 9.411.517 $ 220,000 $ 119,235 $ 339,235
1991 7.043.700 1.231.130 8.274.830 35.000 99.938 134,938
1992 1.222.700 806.437 2.029.137 40.000 96.962 136.962
1993 1.347.700 728,881 2,076.581 45.000 93,463 138.463
1994 1,477,700 641.074 2,118.774 45.000 89.480 134,480
1995 1.417.700 546.810 1.964.510 50.000 85.430 135.430
1996 1.437.700 447,446 1.885.146 55.000 80.855 135.855
1997 1.129.900 349.394 1.479.294 55.000 75,768 130,768
1998 994.900 274.196 1.269.096 65.000 70.625 135,625
1999 924.900 204,572 1.129,472 70.000 64.482 134.482
2000 859.900 137.445 997.345 75.000 57.798 .132.798
2001 704.900 75.826 780.726 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 3,500 73.500 125,000 12,375 137.375
$26,740.400 $7.173.729 $33.914.129 $1,270,000 $1,095,463 $2.365,463
State Aid Street Bonds
Year Principal Interest Total
1990 $ 100.000 $ 50.800 $ 150.800
1991 100.000 43.900 143.900
1992 100.000 36.800 136.800
1993 100.000 29.500 129,500
1994 110.000 22.025 132.025
1995 50.000 13.425 63.425
1996 50.000 10.125 60. 125
1997 50,000 6.775 56,775
1998 50,000 3.400 53.400
$ 710,000 $ 216,750 $ 926 ,75 0
Certificates of Indebtedness
Principal Interest Total
$ 95.000 $ 15 . 046 $ 110.046
75.000 9.389 84.389
56.000 5.212 61.212
22.000 2.783 24.783
22,000 1.397 23.397
$ 270,000 $ 33,827 $ 303.827
Note - January 1 maturities are considered matured December 31 of the preceding year.
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICT 1-1
INCEPTION TO DECEMBER 31. 1989
Accounted
for in Current
prior years year Total
Sources of funds
Tax increments $ 51.601 $167.237 $218,838
State credits 5.839 50,558 56,397
Bond proceeds 205.000 205.000
Land sales 70.081 31.420 101.501
Interest 7,435 11.621 19.056
$339.956 $260,836 $600.792
Uses of funds
Capital outlay
Administrative costs and other
Interest and service charges
$222.967
11.000
23.588
$257.555
$ 82,401
$ 6,672
101
18,060
$ 24,833
$236.003
$229,639
11.101
41,648
$282,388
$318,404
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
Tax capacity
Original
Current
$ 45.660
307,387
Captured
$261.727
Financing
Total bonds issued
General Obligation TAx
Increment Bonds of 1987B
Outstanding bonds at
December 31. 1989
$205.000
$205,000
71
CITY OF ANDOVER, MINNESOTA
SCHEDULE OF SOURCES AND USES OF PUBLIC FUNDS
FOR TAX INCREMENT FINANCING DISTRICT 1-2
INCEPTION TO DECEMBER 31. 1989
Accounted
for in Current
prior years year Total
Sources of funds
Tax increments $ 188.833 $ 188,833
Bond proceeds $1.044.126 1.044.126
Land sales 7.959 7.959
Interest 24 .658 9.488 34.146
$1.068.784 $ 206 ,280 $1.275.064
Uses of funds
Capital outlay $ 763.329 $ 51.150 $ 814.479
Administrative costs and other 29.822 29.822
Interest and service charges 13 O. 969 101.855 232.824
$ 924.120 $ 153.005 $1.077.125
District balance $ 144,664 $ 53 .275 $ 197,939
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
Tax capacity
Original
Cur ren t
$ 29,891
284,917
Captured
$ 255,026
Financing
Total bonds issued
General Obligation Tax
Increment Bonds of 1987A
Outstanding bonds at
December 31. 1989
$1.065.000
$1.065.000
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CITY OF ANDOVER. MINNESOTA
SCHEDULE OF RESOURCES AVAILABLE FOR PAYMENT
G.O. IMPROVEMENT (SPECIAL ASSESSMENT) BONDS
Resources available Resources
Cash and over (under)
temporary Bonds bonds
Bond issue investments Receivables Total payable payable
1976A&B $ 1.187,040 $ 278.731 $ 1.465.771 $ 879.600 $ 586,171
1977A 687,499 314.010 1.001.509 905.000 96.509
1977B 595.667 146.300 741.967 460.000 281.967
1978 132.390 84.595 216,985 170.000 46.985
1979 114.254 56.365 170,619 140.000 30.619
1980A 90.418 53 .384 143.802 125,000 18.802
1980B 78.866 9.907 88.773 58.800 29.973
1980C 207.393 3.978 211.371 190,000 21.371
1985A 290.427 98.116 388.543 240 .000 148.543
1985B 1.298.036 841.933 2.139.969 1.965,000 174.969
1986A 1.509.066 103.295 1.612,361 1.545.000 67.361
1986A Refunding 80. 123 57.855 137.978 72.000 65.978
1986B 290.013 291.746 581.759 1.955.000 (1.373,241) (A)
1986C Refunding 1.633,692 1.401.556 3.035,248 2.485.000 550,248
1987A 1.257.214 2.608.331 3.865,545 5.000.000 (1.134,455) (B)
1987B (287.957) 830,112 542.155 1.550.000 (1.007,845) (C)
1988A (49,533) 3.744.439 3.694.906 5.800,000 (2,105.094) (D)
1989A 441.168 897.003 1.338,171 3.200.000 (1.861.829) (E)
Water trunk 1.139.269 26.369 1.165.638 1.165,638
Sewer trunk 878,424 27,060 905,484 905,484
$11,573,469 $11,875,085 $23.448.554 $26,740.400 $ (3 ,291,846)
Additional financing sources
(A) Water and sewer trunk funds
(B) Water and sewer trunk funds
(C) Tax increments on commercial park property
Water and sewer trunk funds
(D) proj ects to be assessed
Water and sewer trunk funds
City share of costs Crosstown Boulevard
(E) proj ects to be assessed
Water and sewer trunk funds
$ 1.370.000
1.130,000
$ 650.000
350,000 1.000.000
$ 1.315.000
790.000 2.105,000
$ 860.000
1.000.000 1.860.000
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SECTION III
STATISTICAL SECTION
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I CITY OF ANDOVER. MINNESOTA
I TAX LEVIES AND COLLECTIONS
I
Percentage
I Collection Percentage Collection of total
Total of current of levy of prior Total collections
Year levy year's levy collected years' levy collections to levy
I 1983 $ 570.009 $ 548.667 96.26 $ 18.286 $ 566.953 99.46
1984 645,466 621.184 96.23 16.627 637.811 98.81
I
1985 689.698 671.021 97.29 11.222 682.243 98.92
I 1986 802.877 784.514 97.71 18.558 803.072 100.02
1987 880.048 862.018 97.95 19,185 881.203 100.13
I 1988 995.590 978.595 98.29 16.832 995.427 99.98
1989 1.006,409 987.289 98.10 13.439 1,000.728 99.44
I
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
I Percentage
Collection Percentage Collection of total
I Total of current of levy of prior Total collections
Year levy year's levy collect ed years' levy collections to levy
I 1983 $ 724.655 $ 634.003 87.49 $ 77 .505 $ 711.508 98.19
1984 673,732 583.244 86.57 60.445 643,689 95.54
I 1985 725.828 660.741 91.03 70.394 731.135 100.73
1986 700.636 662.322 94.53 84.548 746,870 106.46
I 1987 989.102 903,856 91.38 28,728 932.584 94.29
I 1988 1.205.379 1.090,675 90.48 83.419 1.174.094 97.40
1989 1.178.982 1.097.880 93.12 57.987 1.155.864 98.04
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CITY OF ANDOVER. MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
DECEMBER 31. 1989
Market value of taxable property
Debt limit 2.00% of market value
Amount of debt applicable to debt limit:
Total bonded debt
Deductions:
Debt Service Fund - Cash and temporary
investments (1978 G.O. Bonds)
State aid bonds
Tax increment bonds
G.O. Improvement (special assessment)
Bonds
Total amount of debt applicable to
debt limit
Legal debt margin
76
$ 109.309
710,000
1.270.000
26.740.400
$355.383,000
$ 7,107.660
$ 28.990.400
28,829,709
$ 160,691
$ 6.946,969
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CITY OF ANDOVER. MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN (CONTINUED)
DECEMBER 31. 1989
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 2.00% of the taxable market value."
Definitions
M.S.A. Section 475.51
"Subdivision 4. 'Net Debt' means the amount rema~m.ng 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 prov~s~on of the law
authorizing their issuance are not to be included in computing the
net debt of the municipality."
77
CITY OF ANDOVER, MINNESOTA
MARKET VALUE. TAX CAPACITY. TAX LEVIES AND TAX CAPACITY RATES
(shown by year of tax collectibility)
1989
Estimated market value
Personal property
Real property
$ 8.877.400
346.505.600
$355,383.000
Gross tax capacity
Tax increment
Contribution to fiscal disparities pool
$ 9.214.934
(516.753)
(280,414)
Value used to calculate taxes
$ 8.417.767
Distribution valuation
$ 15.060,205
Tax levies
Revenue
General obligation debt
$
906.259
100.009
$ 1.006.268
Tax capacity rates
Revenue
General obligation debt
8.484
.937
9.421
78
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SECTION IV
OTHER
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GMHCo
GEORGE M. HANSEN COMPANY, P.A.
A Professional Corporation a/Certified Public Accountants
AUDITORS' REPORT ON LEGAL COMPLIANCE
City Council
City of Andover
We have audited the general purpose financial statements of the City of Andover,
M:innesota as of and for the year ended December 31. 1989. and have issued our
report thereon dated May 16. 1990. The financial statements are the responsibility
of the City's management. Our responsibility is to express an opinion on the
financial statements based on our audit. Our audit was made in accordance with
generally accepted auditing standards; the provisions of the Minnesota Legal
Compliance Audit Guide for Local Government promulgated by the Legal Compliance
Task Force pursuant to Minnesota Statutes Sec. 6.65. Accordingly. the audit
included such tests of the accounting records and such other auditing procedures as
we considered necessary.
The Minnesota Legal Compliance Audit Guide for Local Government 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 audit 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.
h~~ A 114'~ ~d' ~-II.
May 16. 1990
1433 UTICA AVENUE SOUTH. SUITE 17S
79
MINNEAPOLIS. MINNESOTA 55416
612/546-2566
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