1999 Audited Financial Statements
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CITY OF ALBERTVILLE, MINNESOTA
TABLE OF CONTENTS
ELECTED OFFICIALS AND ADMINISTRATION
INDEPENDENT AUDITORS' REPORT
GENERAL PURPOSE FINANCIAL STATEMENTS -
Combmed Balance Sheet - All Fund Types and Account Groups
Combmed Statement of Revenues, ExpendItures and Changes m Fund Balance -
All Governmental Fund Types
Combmed Statement of Revenues, ExpendItures and Changes m Fund Balance-
Budget and Actual - General and SpecIal Revenue Fund Types
Combmed Statement of Revenues, Expenses and Changes m Retamed Earnmgs-
All Propnetary Fund Types
Combmed Statement of Cash Flows - All Propnetary Fund Types
Notes to the FmancIal Statements
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS -
General Fund -
Comparative Balance Sheet
Statement of Revenues, ExpendItures and Changes m Fund Balance - Budget
and Actual
SpeCIal Revenue Funds -
Combmmg Balance Sheet
Combmmg Statement of Revenues, ExpendItures and Changes m Fund
Balance
Debt ServIce Funds
Combmmg Balance Sheet
Combmmg Statement of Revenues, ExpendItures, and Changes m Fund
Balance
CapItal Projects Funds -
Combmmg Balance Sheet
Combmmg Statement of Revenues, ExpendItures and Changes m Fund
Balance
Enterpnse Funds -
Combmmg Balance Sheet
CombImng Statement of Revenues, Expenses, and Changes m Retamed
Earnmgs
Combmmg Statement of Cash Flows
Statement of General FIxed Assets (UnaudIted)
Statement of General Long-Term Debt
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE WITH MINNESOTA
STATUTES
FINDINGS AND CORRECTIVE ACTION PLANS ON COMPLIANCE WITH
MINNESOTA STATUTES
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CITY OF ALBERTVILLE, MINNESOTA
ELECTED OFFICIALS AND ADMINISTRATION
December 31, 1999
Elected OffiCials
PosItion
Term ExpIres
John Olson
Duane Bemmg **
Robert Gunderson
Patncla Stalberger *
John Vetsch
Gary McCormack **
KeIth FranklIn *
Mayor
CouncIl Member
CouncIl Member
CouncIl Member
CouncIl Member
CouncIl Member
CouncIl Member
December 31,2000
December 31, 2000
December 31, 2002
December 31,2000
December 31, 2000
December 31, 2000
December 31,2000
Appomted
Lmda Goeb
Admmlstrator
Indefimte
* Pamcla Stalberger reSIgned December 31, 1999 KeIth Franklm was appomted to
fill her posItion, effective January 1, 2000
** Duane Bemmg reSIgned December 6, 1999 Gary McCormack was appomted to
fill hIS posItion, effective December 6, 1999
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.,.~ =1 Kern, DeWenler, Viere, Ltd.
.~&JV Cerlifled Public Accountants
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INDEPENDENT AUDITORS' REPORT
June 29, 2000
Honorable Mayor and CIty CouncIl
CIty of AlbertvIlle
AlbertvIlle, Mmnesota
We have audIted the accompanymg general purpose financial statements of the CIty of
AlbertvIlle, Mmnesota, as of and for the year ended December 31, 1999, as hsted m the table of
contents These general purpose financIal statements are the responsIbIhty of the CIty'S
management Our responsIbIhty IS to express an opmIOn on these general purpose financIal
statements based on our audIt
Except as dIscussed m the followmg paragraph, we conducted our audIt m accordance wIth
generally accepted audIting standards Those standards reqmre that we plan and perform the
audIt to obtam reasonable assurance about whether the general purpose financIal statements are
free of matenal mIsstatement An audIt mcludes exammmg, on a test basIS, eVIdence supportmg
the amounts and dIsclosures m the general purpose finanCial statements An audIt also mcludes
assessmg the accountmg pnncIples used and sIgmficant estimates made by management, as well
as evaluatmg the overall general purpose finanCIal statement presentation We beheve that our
audIt prOVides a reasonable basIS for our opmIOn
Because the CIty does not mamtam adequate hIstoncal cost fixed asset accountmg records, It was
not practicable to extend our audItmg procedures to enable us to express, and we do not express,
an opmIOn on the balance sheet of the general fixed asset account group as of December 31,
1999
In our opmIOn, except for the effects of such adjustment, If any, as mIght have been determmed
to be necessary had we audIted the general fixed asset account group, the general purpose
finanCial statements referred to above present faIrly, mall matenal respects, the finanCial
pOSItion of the CIty of AlbertvIlle, Mmnesota, as of December 31, 1999, and the results of ItS
operatIOns and cash flows of Its propnetary fund types for the year then ended m conformIty WIth
generally accepted accountmg pnncIples
7600 Bass Lake Roaci SUite 104
Mmneapolls, MN 55428
612-537-3011 · Fax 612-537-9682
220 Park Avenue South, PO Box 1304
St Cloud, MN 56302
320-251-7010 · Fax 320-251-1784
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www kdv com
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Our audIt was performed for the purpose of formmg an opmIOn on the general purpose financIal
statements taken as a whole The combmmg and mdIvIdual fund financIal statements lIsted m
the table of contents are presented for purposes of addItional analysIs and are not a reqUIred part
of the general purpose financIal statements of CIty of AlbertvIlle, Mmnesota Such mformatIon
has been subjected to the audItmg procedures applIed m the audIt ofthe general purpose
financIal statements and, m our opmIOn, IS faIrly stated m all matenal respects m relation to the
general purpose financIal statements taken as a whole
K-tA-I-1 1)~~ll-t~, V~I L+-d
Kern, DeWenter, VIere, Ltd
St Cloud, MInnesota
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CITY OF ALBERTVILLE, MINNESOTA I
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS I
December 31, 1999
Governmental Fund Types I
Special Debt I
ASSETS AND OTHER DEBITS General Revenue Service
Assets
Cash and Investments (Includmg Cash I
EqUivalents) $ 830,162 $ 2,576,673 $ 465,849
Cash m Trust 0 0 2,224
Restncted Cash m Trust 0 0 77 ,904
Taxes Receivable - I
Dehnquent 18,655 0 3,274
Special Assessments Receivable -
Deferred 0 0 1,795,596 I
Dehnquent 0 0 30,878
Accounts Receivable 0 0 0
Interest Receivable 7,710 0 0
Due from Other Governmental Umts 823 0 170 I
Notes Receivable 0 137,676 0
Fixed Assets - Net 0 0 0
Other Debits I
Amount Avatlable m Debt Service Funds 0 0 0
Amount to be Provided for Retirement of
General Long-Term Debt 0 0 0
TOTAL ASSETS AND I
OTHER DEBITS $ 857 ,350 $ 2,714,349 $ 2,375,895
LIABILITIES, EQUITY AND OTHER CREDITS I
Liabilities
Cash Overdraft $ 0 $ 2,663 $ 174,929
Accounts Payable 443,062 0 0 I
Contracts and Retamages Payable 0 0 0
Accrued Payroll Taxes and Benefits 6,271 0 0
Deferred Revenue 18,655 137,676 1,829,748
Bonds Payable 0 0 0 I
Revenue Notes Payable 0 0 0
Total Ltabihttes 467,988 140,339 2,004,677
EqUity and Other Credits I
Investment m General Fixed Assets 0 0 0
Contnbuted Capital 0 0 0
Retamed Eammgs - I
Reserved 0 0 0
Unreserved 0 0 0
Fund Balance -
Reserved 0 0 436,948 I
Unreserved -
DeSignated 500,000 358,717 108,071
Undesignated (110,638) 2,215,293 (173,801) I
Total EqUity and Other Credits 389,362 2,574,010 371,218
TOTAL LIABILITIES, EQUITY
AND OTHER CREDITS $ 857 ,350 $ 2,714,349 $ 2,375,895 I
The notes to the financial statements are an mtegral part of thiS statement
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I Propnetary
Fund Type Account Groups
General
I FIxed General Totals
CapItal Assets Long-Term (Memorandum Only)
Projects Enterpnse (UnaudIted) Debt 1999 1998
I $ 365,358 $ 406,930 $ 0 $ 0 $ 4,644,972 $ 3,583,585
776,852 0 0 0 779,076 0
0 0 0 0 77,904 0
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0 0 0 0 21,929 11,685
I 14,000 0 0 0 1,809,596 479,467
0 0 0 0 30,878 18,817
160,503 64,917 0 0 225,420 91,420
0 0 0 0 7,710 35,903
I 0 129,164 0 0 130,157 86,418
0 0 0 0 137,676 68,445
0 3,738,007 962,893 0 4,700,900 3,911,395
I 0 0 0 371,218 371,218 356,509
0 0 0 3,078,782 3,078,782 738,491
I $1,316,713 $ 4,339,018 $ 962,893 $ 3,450,000 $ 16,016,218 $ 9,382,135
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$ 995,777 $ 192,592 $ 0 $ 0 $ 1,365,961 $ 537,598
I 56,341 34,539 0 0 533,942 182,858
271 ,273 0 0 0 271,273 0
0 0 0 0 6,271 4,664
14,000 0 0 0 2,000,079 578,414
I 0 0 0 3,450,000 3,450,000 1,095,000
0 1,173,113 0 0 1,173,113 1,232,672
1,337,391 1,400,244 0 3,450,000 8,800,639 3,631,206
I 0 0 962,893 0 962,893 800,944
0 2,353,519 0 0 2,353,519 1,868,608
I 0 97,894 0 0 97,894 97,894
0 487,361 0 0 487,361 167,636
I 0 0 0 0 436,948 514,767
410,800 0 0 0 1,377,588 1,041,744
I (431,478) 0 0 0 1,499,376 1,259,336
(20,678) 2,938,774 962,893 0 7,215,579 5,750,929
I $1,316,713 $ 4,339,018 $ 962,893 $ 3,450,000 $ 16,016,218 $ 9,382,135
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CITY OF ALBERTVILLE, MINNESOTA I
COMBINED STATEMENT OF REVENUES, EXPENDITURES, I
AND CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1999
Governmental Fund Types I
SpecIal Debt
General Revenue ServIce
REVENUES I
Taxes $ 584,924 $ 0 $ 121,554
SpecIal Assessments 0 0 123,893
LIcenses and PermIts 121,839 0 0 I
Intergovernmental Revenues 287,302 42,471 0
Charges for ServIces 46,499 652,576 0
Fmes 152 0 0
MIscellaneous Revenues 60,986 109,092 21,313 I
Total Revenues 1,101,702 804,139 266,760
EXPENDITURES I
Current -
General Government 249,895 0 0
PublIc Safety 343,922 0 0 I
PublIc Works 188,412 0 0
SamtatIOn 18,573 0 0
Culture and RecreatIOn 92,175 160,632 0
EconomIc Development 924 75,000 0 I
MIscellaneous 0 111 13,351
CapItal Outlay 0 0 0
Debt ServIce - I
PnncIpal 0 0 265,000
Interest and FIscal Charges 0 0 56,793
Total ExpendItures 893,901 235,743 335,144 I
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 207,801 568,396 (68,384)
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OTHER FINANCING SOURCES (USES)
Sale of General FIxed Assets 501 0 0
Operatmg Transfers In 0 0 0 I
Operatmg Transfers Out 0 0 0
Bond Proceeds 0 0 83,093
Total Other Fmancmg Sources (Uses) 501 0 83,093 I
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 208,302 568,396 14,709 I
FUND BALANCE - January 1, (as prevIously stated) 381,394 2,174,082 356,509
PRIOR PERIOD ADJUSTMENT (200,334) 0 0 I
FUND BALANCE - January 1, (as restated) 181,060 2,174,082 356,509 I
RESIDUAL EQUITY TRANSFER 0 (168,468) 0
FUND BALANCE - December 31 $ 389,362 $ 2,574,010 $ 371,218 I
The notes to the finanCIal statements are an mtegral part of thIS statement
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CITY OF ALBERTVILLE, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND I
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUND TYPES I
Year Ended December 31, 1999
General Fund I
Over I
(Under)
Budget Actual Budget
REVENUES
Taxes $ 558,853 $ 584,924 $ 26,071 I
LIcenses and PermIts 55,550 121,839 66,289
Intergovernmental Revenues 282,556 287,302 4,746
Charges for ServIces 43,000 46,499 3,499 I
Fmes 100 152 52
MIscellaneous Revenues 25,950 60,986 35,036
Total Revenues 966,009 1,101,702 135,693 I
EXPENDITURES
Current - I
General Government 221,339 249,895 28,556
PublIc Safety 236,236 343,922 107,686
PublIc Works 234,102 188,412 (45,690) I
SanItatIOn 17,500 18,573 1,073
Culture and RecreatIOn 115,065 92,175 (22,890)
EconomIC Development 817 924 107 I
MIscellaneous 0 0 0
Total ExpendItures 825,059 893,901 68,842
EXCESS OF REVENUES OVER (UNDER) I
EXPENDITURES 140,950 207,801 66,851
OTHER FINANCING SOURCES (USES) I
Sale of General FIxed Assets 0 501 501
EXCESS OF REVENUES AND OTHER FINANCING I
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES $ 140,950 208,302 $ 67,352
FUND BALANCE - January 1, (as preVIously stated) 381,394 I
PRIOR PERIOD ADJUSTMENT (200,334) I
FUND BALANCE - January 1, (as restated) 181,060
RESIDUAL EQUITY TRANSFER 0 I
FUND BALANCE - December 31 $ 389,362
The notes to the finanCIal statements are an mtegral part of thIS statement I
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I Totals
SpecIal Revenue Funds (Memorandum Only)
I Over Over
(Under) (Under)
Budget Actual Budget Budget Actual Budget
I $ 0 $ 0 $ 0 $ 558,853 $ 584,924 $ 26,071
0 0 0 55,550 121,839 66,289
0 42,471 42,471 282,556 329,773 47,217
I 0 652,576 652,576 43,000 699,075 656,075
0 0 0 100 152 52
0 109,092 109,092 25,950 170,078 144,128
I 0 804,139 804,139 966,009 1,905,841 939,832
I 0 0 0 221,339 249,895 28,556
0 0 0 236,236 343,922 107,686
I 0 0 0 234,102 188,412 (45,690)
0 0 0 17,500 18,573 1,073
0 160,632 160,632 115,065 252,807 137,742
0 75,000 75,000 817 75,924 75,107
I 0 111 111 0 111 111
0 235,743 235,743 825,059 1,129,644 304,585
I 0 568,396 568,396 140,950 776,197 635,247
I 0 0 0 0 501 501
I $ 0 568,396 $ 568,396 $ 140,950 776,698 $ 635,748
I 2,174,082 2,555,476
0 (200,334)
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2,174,082 2,355,142
I (168,468) (168,468)
$ 2,574,010 $ 2,963,372
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CITY OF ALBERTVILLE, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENSES AND I
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
Year Ended December 31, 1999 I
WIth ComparatIve Totals for the Year Ended December 31, 1998
Totals I
1999 1998
OPERATING REVENUES
Charges for ServIces $ 331,687 $ 260,579 I
Water AvaIlabIlIty Charges 36,431 0
PenaltIes 17,448 3,450
Total Operatmg Revenues 385,566 264,029 I
OPERATING EXPENSES
Sa1anes and Benefits 1,642 7,073 I
RepaIrs and Mamtenance 18,060 16,439
Engmeer Fees 9,915 2,842
Legal Fees 165 605 I
SupplIes 7,319 4,183
ProfessIonal ServIces 103,775 114,422
Insurance 3,944 1,797 I
DeprecIatIOn 77,542 76,956
MIscellaneous 498 252
Total Operatmg Expenses 222,860 224,569 I
OPERATING INCOME 162,706 39,460
NON-OPERATING REVENUES (EXPENSES) I
Water Meter Sales 21,052 0
Interest Income 15,034 11,452
Interest Expense and FIscal Charges (40,371) (42,362) I
Water Meter Purchases (7,164) 0
Total Non-operatmg Revenues (Expenses) (11,449) (30,910)
NET INCOME 151,257 8,550 I
RETAINED EARNINGS - January 1 265,530 256,980 I
RESIDUAL EQUITY TRANSFER 168,468 0
RETAINED EARNINGS - December 31 $ 585,255 $ 265,530 I
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The notes to the finanCIal statements are an mtegral part of thIs statement I
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The CIty of AlbertvIlle, Mmnesota, has a mayor-councIl form of government A mayor and four
councIl members are elected by the voters of the CIty for two-year and four-year terms,
respectively
The accountmg polIcIes of the CIty conform to generally accepted accountmg pnncIples except
that the CIty has not mamtamed adequate fixed asset records for the General FIxed Asset
Account Group WIth respect to propnetary activIties, the CIty has adopted GASB No 20,
"Accountmg and FmancIal Reportmg for Propnetary Funds and Other Governmental Entities
that use Propnetary Fund Accountmg" The CIty has elected to apply all applIcable GASB
pronouncements as well as FmancIal Accountmg Standards Board (F ASB) pronouncements,
Accountmg PnncIples Board (APB) OpmIOns and Accountmg Research Bulletms (ARB), Issued
on or before November 30, 1989 unless those pronouncements conflIct WIth or contradIct GASB
pronouncements In addItion, the CIty has elected not to apply F ASBs, APBs and ARBs Issued
after November 30, 1989 The followmg IS a summary of the CIty'S more sIgmficant accountmg
polICIes
A FmancIal Reportmg Entity
In accordance WIth GASB Statement No 14, The Fznanczal Reportzng Entzty, the finanCIal
statements present the CIty and ItS component umts The CIty mcludes all funds, account
groups, organIzatIOns, mstItutIOns, agencies, departments, and offices that are not legally
separate from such Component unItS are legally separate orgamzatIOns for WhICh the elected
offiCIals of the CIty are finanCIally accountable and are mcluded wIthm the general purpose
finanCIal statements of the CIty because of the sIgmficance of theIr operatIOnal or finanCIal
relationshIps WIth the CIty
The CIty IS consIdered finanCIally accountable for a component umt If It appomts a votmg
maJonty of the organIzatIOn's governmg body and It IS able to Impose ItS wIll on the
organIzatIOn by sIgmficantly mfluencmg the programs, proJects, actiVIties, or level of
servIces performed or provIded by the organIzatIOn, or there IS a potential for the
orgamzatIOn to prOVIde speCIfic finanCIal benefits to, or Impose speCIfic finanCial burden on,
the CIty
As a result of applymg the component unIt defimtIOn cntena above, certam orgamzatIOns
have been defined m accordance WIth GASB Statement No 14 and are presented m tills
report as follows
. Blended Component Umts - Reported as If they were part of the CIty
. DIscretely Presented Components Umts - Entails reportmg the component umt
finanCIal data m a column separate from the finanCIal data of the CIty
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A FmancIa1 Reportmg EntIty (Contmued)
· Related OrgamzatIOn - The relatIOnshIp of the CIty WIth entIty IS dIsclosed
· Jomt Ventures and Jomtly Governed OrgamzatIOns - The relatIOnshIp of the CIty WIth
the entIty IS dIsclosed
For each ofthe categones above, the specIfic entItIes are IdentIfied as follows
Blended Component Umt
None
DIscretely Presented Component Umts
None
Related OrgamzatIOn
None
Jomt Ventures and Jomtly Governed OrgamzatIOns
Jomt Powers Board Water Fund
In 1977 the CIty of AlbertvIlle entered mto an agreement WIth the CItIes of St
MIchael and Hanover and Frankfort TownshIp to construct a water system under a
grant bond arrangement WIth the Umted States EconomIC Development
AdmmlstratIOn (EDA) Water revenue bonds were ISSUed m the name of the CIty of
AlbertvIlle and purchased by EDA The Jomt Powers Board remIts the annual bond
and mterest payment to the CIty of AlbertvIlle whIch m turn remIts the payment to
EDA
The Jomt powers agreement states m the event the Jomt Powers Board Water Fund
does not generate suffiCIent revenue to pay operatmg costs and pnnclpal and mterest
on bonds, the partICIpants agree to contnbute from theIr general fund an amount
suffiCIent to pay for such defiCIency At the tIme of the ongmal agreement, each CIty
and town was to contnbute 25% ofthe reqUIred amount In 1996, Frankfort
TownshIp was annexed mto the CItIes of St MIchael, AlbertvIlle, and Otsego and no
longer eXIsts as a tOwnshIP Therefore, the CIty of AlbertvIlle, IS now reqUIred to
contnbute one-thIrd of any potentIal defiCIencIes of the Jomt Powers Board
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A FmancIaI Reportmg EntIty (Contmued)
Jomt Ventures and Jomtly Governed OrgarnzatIOns (Contmued)
Jomt Powers Board Water Fund (Contmued)
A summary ofthe financIal mformatIon ofthe Jomt Powers Board Water Fund for the
year ended December 31, 1998 (1999 mformatIon IS not avaIlable) IS
Total Assets
$ 5,264,387
$ 2,279,244
2,985,143
$ 5,264,387
$ 593,372
553,823
86,266
$ 125,815
Total LIabIlItIes
Total EqUity
Total LIabIlItIes and EqUity
Total Revenues
Operatmg Expenses
Other Income and Expenses
Net Income
Fmanclal statements for the Jomt Powers Board Water Fund may be obtamed at
AlbertvIlle CIty Hall
St MIchael - AlbertVIlle Ice Arena (STMA Arena)
In 1996 and 1997, the CIty of AlbertvIlle entered m aJomt powers agreement WIth the
CIty of St MIchael and Independent School Dlstnct # 885 - St MIchael - AlbertvIlle,
for constructIOn and mamtenance of a qualIfied Ice arena In addItIon, the CIty
receIved notIce m 1996 ofbemg selected as a MIghty Ducks grant reCIpIent to help
fund the cost of the arena The arena was constructed WIth MIghty Ducks grant
funds, donatIOns, and contnbutIOns by the CItIes of St MIchael and AlbertvIlle, and
Independent School Dlstnct # 885
The Jomt powers agreement states the CIty of AlbertvIlle IS to execute a revenue note
m the amount of $ 133,333 whIch wIll be paId back WIth funds avaIlable from the
operatIon of the Ice arena The total amount of the revenue note IS to be $ 400,000, of
whIch each partICIpant IS one-thIrd responsIble If funds are defiCIent, the CIty must
pay one-thIrd of the amount necessary to make up the shortage In addItIon, the CIty
must allocate an amount suffiCIent to pay one-thIrd of any projected shortfall m
annual revenues avaIlable for the operatIon and mamtenance of the Ice arena
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A Fmanclal Reportmg EntItv (Contmued)
Jomt Ventures and Jomtly Governed OrgamzatIOns (Contmued)
St MIchael - AlbertvIlle Ice Arena (Contmued)
Duong 1998, the CIty of AlbertvIlle contnbuted the reqUIred $ 133,333 toward the Ice
arena In addition, m 1998 the CIty'S Storm Water Enterpnse Fund prOVIded the Ice
arena WIth a short-term loan m the amount of$ 83,333 In 1999, the CIty dId not
make any contnbutIOns nor receIve any payments on the loan
A summary ofthe financIal mformatIOn of the STMA Arena for the year ended
June 30, 1999 IS
Total Assets $ 993,260
Total LIabIlIties $ 687,291
Total EqUIty 305,969
Total LIabIlIties and EqUIty $ 993,260
Total Revenues $ 388,999
Operatmg Expenses 83,832
Other Income and Expenses 2,901
Net Income $ 308,068
Fmanclal statements for the STMA Arena may be obtamed at AlbertvIlle CIty Hall
B Fund Accountmg
The accounts of the CIty are orgamzed on the basIS offunds and account groups, each of
willch IS conSIdered a separate accountmg entity The operations of each fund are accounted
for wIth a separate set of self-balancmg accounts that compnse ItS assets, lIabIlIties, fund
eqUIty, revenues and expendItures or expenses, as appropnate Government resources are
allocated and accounted for m mdlvldual funds based upon the purposes for WhICh they are to
be spent and the means by whIch spendmg activIties are controlled The vanous funds are
grouped, m the financIal statements m tills report, mto five genenc fund types and two broad
fund categones, descnbed below
Governmental Funds
The General Fund IS the general operatmg fund of the CIty It IS used to account for all
finanCial resources except those reqUIred to be accounted for m another fund
SpeCial Revenue Funds are used to account for the proceeds of speCIfic revenue sources
(other than expendable trusts or major capItal projects) that are legally restncted to
expendItures for speCIfied purposes
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
B Fund Accountmg (Contmued)
Governmental Funds (Contmued)
Debt ServIce Funds are used to account for the accumulatIOn of resources for, and the
payment of pnncIpal, mterest, and related costs of general long-term debt
CapItal Prolects Funds are used to account for financial resources to be used for the
acqUIsItIon or constructIOn of major capItal faCIlItIes (other than those financed by
propnetary funds)
Pro-pnetarv Funds
Enterpnse Funds are used to account for operatIons (a) that are financed and operated m a
manner sImIlar to pnvate busmess enterpnses--where the mtent of the governmg body IS
that the costs (expenses, mcludmg deprecIatIOn) of provIdmg goods or servIces to the
general publIc on a contmumg basIs be financed or recovered pnmanly through user
charges, or (b) where the governmg body has deCIded that the pen OdIC determmatIOn of
revenues earned, expenses mcurred, or net mcome IS appropnate for capItal mamtenance,
publIc polIcy, management control, accountabIlIty, or other purposes The CIty mamtams
sarntary sewer, water, and storm water enterpnse funds
Account Groups
The General FIxed Assets Account Group (unaudIted) IS used to account for the CIty'S
fixed assets, other than those accounted for m propnetary funds
The General Long-Term Debt Account Group IS used to account for the CIty'S long-term
debt, other than that accounted for m propnetary funds
C Measurement Focus. FIxed Assets and Long-Term LiabIlItIes
The accountmg and reportmg treatment applIed to the fixed assets and long-term lIabIlItIes
assocIated WIth a fund are determmed by ItS measurement focus All governmental funds are
accounted for on a spendmg or "financial flow" measurement focus ThIS means that only
current assets and current lIabIlItIes are generally mcluded on theIr balance sheets TheIr
reported fund balance (net current assets) IS conSIdered a measure of avaIlable spendable
resources Governmental fund operatmg statements present mcreases (revenues and other
financmg sources) and decreases (expendItures and other financmg uses) m net current
assets Accordmgly, they are saId to present a summary of sources and uses of avaIlable
spendable resources dunng a penod
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
C Measurement Focus, FIxed Assets and Long-Term LiabIlIties (Contmued)
FIxed assets used m governmental fund type operatIOns (general fixed assets) are accounted
for m the General FIxed Assets Account Group, rather than m governmental funds PublIc
domam ("mfrastructure") general fixed assets--willch are certam Improvements other than
bUIldmgs, mcludmg roads, curbs and gutters, streets and sIdewalks, dramage systems, and
lIghtmg systems--are not capItalIzed by the CIty No depreCiation has been provIded on
general fixed assets
All fixed assets are valued at theIr illstoncal cost or estimated hIstoncal cost If actual cost IS
not aVallable Donated fixed assets are valued at theIr estimated faIr value on the date
donated
Because of theIr spendmg measurement focus, expendIture recogmtIOn for governmental
fund types IS lImIted to exclude amounts represented by noncurrent lIabIlIties Smce they do
not affect net current assets, such long-term amounts are not recognIzed as governmental
fund type expendItures or fund lIabIlIties They are mstead reported as lIabIlIties m the
General Long-Term Debt Account Group
The two account groups General FIxed Assets and General Long-Term Debt, are not "funds"
They are concerned only wIth the measurement of financIal posItion They are not mvolved
WIth measurement of results of operatIOns
All propnetary funds are accounted for on a flow of economIC resources measurement focus
Tills means that all assets and all lIabIlIties (whether current or noncurrent) assocIated wIth
the fund's activIty are mcluded on the balance sheet TheIr reported fund eqUity (net total
assets) IS segregated mto contnbuted capItal and retamed earnmgs components Propnetary
fund type operating statements present mcreases (revenues) and decreases (expenses) m net
total assets
DepreCiation of all exhaustible fixed assets used by propnetary funds IS charged as an
expense agamst operations Accumulated depreCIation IS reported on the propnetary fund
balance sheet DepreCIation has been prOVIded over the assets' estimated useful lIves usmg
the straIght-lIne method
The estimated useful lIves of the fixed assets range from five to fifty years
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
D BasIS of Accountmg
BasIS of accountmg refers to when revenues and expendItures or expenses are recogmzed m
the accounts and reported m the finanCIal statements BasIS of accountmg relates to the
tImmg of the measurement made, regardless of the measurement focus applIed
All governmental funds are accounted for usmg the modIfied accrual basIS of accountmg, m
wmch revenues are recogmzed when they become measurable and avaIlable as net current
assets
The CIty consIders property taxes as avaIlable If they are collected wIthm 60 days after year
end A one-year aVailabIlIty penod IS used for revenue recogmtIOn for all other
governmental fund revenues ExpendItures are recorded when the related fund lIabIlIty IS
Incurred Pnnclpal and mterest on general long-term debt are recorded as fund lIabIlIties
when due or when amounts have been accumulated m the debt servIce fund for payments to
be made early m the followmg year
Major revenues that are susceptible to accrual mclude property taxes, speCial assessments,
mtergovernmental revenues, charges for servIces, and mterest on mvestments Major
revenues that are not susceptible to accrual mclude lIcenses and permIts, fees and
mIscellaneous revenues, such revenues are recorded only as receIved because they are not
measurable untIl collected Interest on speCIal assessments IS recognIzed as revenue when
due, net of delmquencIes
The CIty reports deferred revenue on the combmed balance sheet Deferred revenues arIse
when a potential revenue does not meet both the "measurable" and "avaIlable" cntena for
reCOgnItIOn m the current penod Deferred revenues also arIse when resources are receIved
by the CIty before It has a legal claIm to them, or when grant momes are receIved pnor to the
mcurrence of qualIfymg expendItures In subsequent years, when both revenue recognItion
cntena are met, or when the CIty has a legal claIm to the resources, the lIabIlIty for deferred
revenue IS removed from the combmed balance sheet and the revenue IS recognIzed
ExpendItures are generally recogmzed under the modIfied accrual basIS of accountmg when
the related fund lIabIlIties are mcurred ExceptIOns to thIS rule mclude sIck pay and pnncIpal
and mterest on general long-term debt, WhICh are reCOgnIzed when due
All propnetary funds are accounted for usmg the accrual basIS of accountmg, revenues are
recognIzed when they are earned and expenses are recogmzed when they are mcurred
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
E Budgetary Data
The CIty CouncIl adopts an annual budget The amounts shown m the financIal statements as
"budget" represent the ongmal budgeted amount and all reVISIOns made dunng the year The
CIty follows these procedures m establIshmg the budgetary data reflected m the finanCIal
statements
I Budget requests are submItted by all department heads to the CIty Admmlstrator The
CIty Admlmstrator complIes the budget requests mto an overall prelImmary CIty budget
2 The CIty Admmlstrator presents the proposed budget to the CIty CounCIl The budget
resolutIOn adopted by the CIty CounCIl sets forth the budget at the function level for the
General Fund There were no budget amendments m 1999
3 Formal budgetary mtegratIon IS employed as a management control devIce dunng the
year for the General Fund No budgets are adopted for SpeCIal Revenue Funds Formal
budgetary mtegratIOn IS not employed for Debt ServIce Funds because effective
budgetary control IS alternatively achIeved through general oblIgatIOn bond mdenture
provIsIons Budgetary control for CapItal Projects Funds IS accomplIshed through the use
ofproJect controls
4 The budget for the General Fund IS adopted on a basIs conSIstent wIth generally accepted
accountmg pnnclples (GAAP) Annual appropnatIOns lapse at year end
F Encumbrances
Encumbrances outstandmg at year-end expIre and outstandmg purchase orders are cancelled
and not reported m the finanCIal statements
As of December 31, 1999, no outstandmg encumbrances eXIsted
G Cash and Investments (Includmg Cash EQUIValents) (See Note 3)
Cash balances from all funds are combmed and mvested to the extent avaIlable m authonzed
mvestments Earnmgs from such mvestments are allocated to the respective funds on the
basIS of applIcable cash balance partICIpatIOn by each fund
The CIty has Implemented Government Accountmg Standard Board (GASB) Statement No
31, whereby mvestments are generally reported at faIr value as of December 31, 1999
GASB Statement No 31 allows certam mvestments WIth remammg maturItIes at the time of
purchase of one year or less to be carned at amortIzed cost
16
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
G Cash and Investments (Includmg Cash EqUIvalents) (See Note 3) (Contmued)
For purposes of the Statement of Cash Flows ofpropnetary fund types, cash eqUIvalents are
defined as short-term, hIghly lIqUId mvestments that are both
a readIly convertIble to known amounts of cash, or
b so near theIr matunty that they present mSIgmficant nsk of changes m value because
of changes m mterest rates
The CIty'S polIcy consIders cash eqUIvalents to be those that meet the above cntena and have
ongmal matuntles of three months or less
H Taxes ReceIvable
DelInquent taxes receIvable represent the past SIX years of uncollected tax levIes
I SpecIal Assessments ReceIvable
DelInquent special assessments represent the past SIX years of uncollected special
assessments
Deferred specIal assessments represent the pnncIpal portIOn of those assessments to property
owners for Improvements made by the CIty and are to be paid m 2000 and years thereafter
J Loans ReceIvable
Loans receIvable represent a loan made to a local busmess for the purpose of economIC
development
K Deferred Revenue
Deferred revenue represents delInquent taxes, delInquent and deferred assessments
receIvable, and loans receIvable ThIS revenue IS deferred untllIt IS measurable and avaIlable
as net current assets
17
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
L VacatIon and SIck Leave
The CIty compensates employees who resIgn or retIre WIth due notIce for unused vacatIOn
and hohday pay Employees may not carry over vacatIOn tIme from one vacatIon year to
another vacatIOn year as estabhshed by the employee's annIversary date unless pnor approval
IS granted by the CIty CouncIl
The CIty has Implemented a sIck leave mcentIve program Full-tIme employees are entItled
to sIck leave at the rate of one day per month to a maxImum of 45 days or 360 hours Hours
accumulated m excess of the maxImum IS apphed to the sIck leave mcentIve program An
employee earns one-fourth day paid vacatIOn or one-fourth days' pay m heu of Said vacatIOn
at the employee's optIon ThIS optIOn IS only actIve and avaIlable when the begInnmg sIck
leave balance for each month IS 45 days The cash m heu optIon IS paId m December of each
year
VacatIon pay and sIck pay are conSIdered expendItures m the year due m the governmental
fund types, whIle m the propnetary fund types, vacatIOn and sIck pay are charged to expense
when earned
M Fund EqUIty
Fund eqUIty IS dIvIded mto sectIOns as follows
- Contnbuted capItal represents fixed assets purchased by other funds and contnbuted to the
enterpnse fund
- Retamed earnmgs of enterpnse funds are subdIVIded as follows
Reserved amounts are set aSIde by councIl resolutIon for speCIfic expenses m future
penods
The unreserved portIOn of retamed earnmgs IS aVailable for expendmg m future penods
- Fund balance accounts are subdIvIded as follows
Reserved accounts represent those portIOns of fund eqUIty not appropnable for
expendIture or legally separated for a future use
Unreserved, desIgnated accounts mdIcate the portIOn of fund balance WhICh has been
deSIgnated for a speCIfic purpose
The unreserved, undesIgnated account IS the portIOn of fund balance wmch IS aVailable
for budgetmg and expendmg m future penods
18
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
N Revenues. Expenditures and Expenses
1 Revenues
Property taxes and speCial assessment pnncipal and mterest are recogmzed as revenue
when measurable and aVailable
Intergovernmental revenues are reported under the legal and contractual reqmrements of
the mdividual programs
Licenses and permits, charges for services, fines and forfeitures, and miscellaneous
revenues (except mvestment earmngs) are recorded as revenues when measurable and
available Investment earnmgs are recorded when earned because they are measurable
and available
2 Property Tax CollectiOn Calendar
The City leVies its property tax for the subsequent year dunng the month of December
The property tax is recorded as revenue when it becomes measurable and aVailable
Wnght County is the collectmg agency for the levy and remits the collectiOns to the City
three hmes a year Taxes not collected as of December 31 each year are shown as
delmquent taxes receivable
December 28 is the last day the City can certify a tax levy to the County Auditor for
collectiOn the followmg year Such taxes become a lien on the followmg January 1
The County Auditor prepares the tax 11st for all taxable property m the City, applymg the
applicable tax rate to the tax capacity of mdividual properties, to arnve at the actual tax
for each property The County Auditor also collects all speCial assessments, except for
certam prepayments paid directly to the City The County Auditor submits a 11st of taxes
to be collected on each parcel of property to the County Treasurer m January of each
year
The County Treasurer collects all taxes and is reqmred to mail copies of all personal
property tax statements by February 15, and copies of all real estate tax statements by
Apn115, of each year Property owners are reqmred to pay one-half of their real estate
taxes due by May 15 and the balance by October 15
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
N Revenues. ExpendItures and Expenses (Contmued)
2 Property Tax Collection Calendar (Contmued)
If taxes due May 15 are not paId on time, a penalty of3% IS assessed on homesteaded
property and 7% on non-homesteaded property An addItional 1 % penalty IS added each
month the taxes remam unpaId, until October 15 If the taxes due May 15 are not prod by
October 15, a 2% penalty per month IS added to homesteaded property and 4% per month
to non-homesteaded property until January 1 Ifthe taxes are not paId by January 1,
further penalties are added Penalties and mterest apply to both taxes and speCial
assessments There are some exceptIOns to the above penaltIes, but they are not matenal
WIthm 30 days after the tax settlement date, the County Treasurer IS reqUired to pay 70%
of the estimated collections of taxes and speCIal assessments to the CIty Treasurer The
County Treasurer must pay the balance to the CIty Treasurer wIthm 60 days after
settlement, proVIded that after 45 days mterest accrues
3 ExpendItures
ExpendIture recogmtion for governmental fund types mcludes only amounts represented
by current liabIlities Smce noncurrent liabIlities do not affect net current assets, they are
not recognIzed as governmental fund expendItures or fund liabIlities They are reported
as liabIlities m the General Long-Term Debt Account Group
4 Expenses
Propnetary fund types recogmze expenses when they are mcurred
o Interfund Transactions
QuasI-external transactIOns are accounted for as revenues, expendItures or expenses
TransactIOns that constitute reImbursements to a fund for expendItures or expenses Imtially
made from It that are properly applicable to another fund are recorded as expendItures or
expenses m the fund that IS reImbursed
All other mterfund transactions, except quasI-external and reImbursements, are reported as
transfers Nonrecumng or nonroutme permanent transfers of eqUity are reported as reSIdual
eqUity transfers All other mterfund transfers are reported as operatmg transfers
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
P Total Columns on General Purpose Statements
Total columns on the general purpose financIal statements are captIOned "memorandum
only" to mdIcate that they are presented only to facIlItate financIal analysIs Data m these
columns do not present financIal posItIOn, results of operatIOns, or cash flows m conformIty
wIth generally accepted accountmg pnncIples Interfund elImmatIOns have not been made m
the aggregatIOn of thIS data
Q Comparative Data
Comparative total data for the pnor year have been presented m the accompanymg financIal
statements m order to provIde an understandmg of changes m the CIty'S financIal posItion
and operations However, pnor year totals by fund type have not been presented m each of
the statements smce theIr mclusIOn would make the statements unduly complex and dIfficult
to read
Comparative data have been restated to reflect reclassIfications
NOTE 2 - STEWARDSHIP. COMPLIANCE AND ACCOUNTABILITY
A Fund Balance DefiCIts
The followmg funds had defiCIt fund balances at December 31, 1999
SpecIal Revenue Fund -
CMIF
Debt ServIce Funds -
1988 Refundmg Bonds
1996A G 0 TIF Bonds
CapItal Projects Funds-
TIF #6 - Fraser Steel
TIF #7 - Semor Housmg
TIF #9 - Barthel Bus Garage
TIF #10 - Mold-Tech
TIF # 11 - Land of Lakes TIle
Barthel Industnal Dnve & 52nd St
North Frontage Road
Summerfield AddItion
NE Sewer and Water ExtensIOn
ParksIde 3rd AddItion
Parkslde 4th AddItion
Cottages of AlbertvIlle TIF # 7
$ 2,663
158,430
15,371
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95
4,640
16,857
10,248
3,905
21,134
8,639
17,225
28,953
27,570
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 2 - STEWARDSHIP. COMPLIANCE AND ACCOUNTABILITY (Contmued)
A Fund Balance DeficIts (Contmued)
CapItal Projects Funds - (Contmued)
Cedar Creek Industnal Park
Cedar Creek North
Center Oaks 1st AddItIOn
ParksIde CommercIal Park
Barthel Bus Garage TIF # 9
Karston Cove
Psyk's 7th AddItIon
AlbertvIlle Crossmgs
57th Street Improvement
AlbertvIlle VIllas
Mooney AddItIOn
$ 2,618
72,039
107,789
2,547
5,634
17,340
16,861
935
50,810
13,645
1,788
These deficIts wIll be elImmated by future leVIes, collectIOns of specIal assessments,
operatmg transfers, and developer reImbursements
B ExpendItures m Excess of AppropnatIOns
ExpendItures exceeded appropnatIons m the followmg funds for the year ended
December 31, 1999
ExpendItures
AppropnatIOns
General Fund
SpecIal Revenue Funds
Park Fund
Revolvmg Loan Fund
CMIF Fund
$
893,901
160,632
75,000
111
$ 825,059
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NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS
A Assets
1 Cash and Investments (Includmg Cash EqUIvalents)
Cash balances of the CIty'S funds are combmed (pooled) and mvested to the extent
avaIlable m vanous mvestments authonzed by Mmnesota Statutes Each fund's portIOn
of thIS pool (or pools) IS dIsplayed on the financIal statements as "cash and mvestments
(mcludmg cash eqUIvalents)" For purposes of IdentIfymg nsk of mvestmg publIc funds,
the balances and related restnctIons are summanzed below
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
A Assets (Contmued)
1 Cash and Investments (Includmg Cash EqUIvalents) (Contmued)
a DeposIts - Mmnesota Statutes reqUIre that all deposIts wIth financIal mstItutIOns must
be collaterahzed m an amount equal to 110% of deposIts m excess of FDIC
msurance
Category 1 - DeposIts collaterahzed by Federal DeposItory Insurance (FDIC) and
those deposIts collaterahzed wIth secuntIes held by the CIty or by ItS
agent m the CIty'S name
Category 2 - Collaterahzed wIth secuntIes held by the pledgmg financmg mstItutIOn's
trust department or agent m the CIty'S name
Category 3 - Uncollaterahzed, mcludmg amounts whIch are collaterahzed wIth
secuntIes held by the pledgmg financIal mstItutIOn, or by ItS trust
department or agent, but not m the CIty'S name, or deposIts WhICh are
collaterahzed but collateral not perfected
Category Bank Carrymg
1 2 3 Balance Amount
CertIficates of
DeposIt $ 579,022 $ 0 $ 94,321 $ 673,343 $ 673,343
Bank Accounts 1,364,818 0 114,980 1,479,798 1,298,612
Total DeposIts $ 1,943,840 $ 0 $ 209,301 $ 2,153,141 $ 1,971,955
b Investments - Mmnesota Statutes authonze the CIty to mvest m obhgatIOns of the
US Treasury, agencIes and mstrumentahtIes, shares ofmvestment companIes whose
only mvestments are m the forementIOned secuntIes, obhgatIOns of the State of
Mmnesota or ItS mumcIpahtIes, bankers' acceptances, future contracts, repurchase
and reverse repurchase agreements, and commercIal paper of the hIghest quahty wIth
a matunty of no longer than 270 days Investments held by the CIty at year end
claSSIfied as to credIt nsk are as follows
Category 1 - Insured or regIstered, wIth secuntIes held by the CIty'S agent m the
CIty'S name
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
A Assets (Contmued)
1 Cash and Investments (Includmg Cash EqUIvalents) (Contmued)
b Investments - (Contmued)
Category 2 - Umnsured and unregIstered, wIth seCUrItIes held by the counterparty's
trust department or agent m the CIty'S name
Category 3 - Umnsured and unregIstered, WIth secuntIes held by the counterparty, or
by ItS trust department or agent but not m the CIty'S name
Category
1 2
U S Government
SeCUrItIes $ 361,186 $ 0
Mortgage Pools 751,820 0
NegotIable CD's 194,000 0
Total $ 1,307,006 $ 0
Carrymg
Amount
FaIr
3 Value
$ 0 $ 361,186
o 751,820
o 194,000
$ 0
1,307,006
779,076
77,904
1,971,955
50
Cash m Trust
Restncted Cash m Trust
Total DeposIts (Note 3 A 1 a)
Petty Cash
Total Cash and Investments
(Includmg Cash EqUIvalents)
$ 4,135,991
ThIS amount IS classIfied on the combmed balance sheet as follows
Cash and Investments
(Includmg Cash EqUIvalents)
Cash m Trust
Restncted Cash m Trust
Cash Overdraft
Total
$ 4,644,972
779,076
77,904
(1,365,961)
$ 4,135,991
For the year ended December 31, 1999, mvestment revenue was $ 132,831
24
The followmg IS a summary of due from other governmental umts at December 31, 1999
Ice Arena
Wnght Jomt
Fund County Powers Total
General $ 823 $ 0 $ 823
Debt ServIce 170 0 170
Enterpnse 45,831 83,333 129,164
Total $ 46,824 $ 83,333 $ 130,157
3 Notes ReceIvable
The followmg IS a summary of changes m general fixed assets (unaudIted)
Balance Balance
1-1-99 Purchases DIsposals 12-31-99
Land $ 35,566 $ 0 $ 0 $ 35,566
BUIldmgs 113,409 0 0 113,409
Improvements Other
than BUIldmgs 78,169 0 0 78,169
Machmery and EqUIpment 573,800 161,949 0 735,749
Total $ 800,944 $ 161,949 $ 0 $ 962,893
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
A Assets (Contmued)
4 FIxed Assets (Contmued)
A summary of propnetary fund type fixed assets at December 31, 1999 IS as follows
Samtary
Sewer Water
Fund Fund Totals
Land $ 190,269 $ 0 $ 190,269
Sewer System 3,741,108 0 3,741,108
Water System 0 296,263 296,263
EqUIpment 98,194 13,532 111,726
Construction m Progress 234,130 0 234,130
Total FIxed Assets 4,263,701 309,795 4,573,496
Less Accumulated DepreCiation (835,167) (322) (835,489)
Net FIxed Assets $ 3,428,534 $ 309,473 $ 3,738,007
B LiabIlItIeS
1 Defined Benefit PenSIOn Plans - StatewIde
a Plan DescnptIOn
All full-time and certam part-time employees ofthe CIty of AlbertvIlle, are covered
by defined benefit plans admIffistered by the PublIc Employees Retirement
ASSOCIatIOn ofMmnesota (PERA) PERA admIffisters the PublIc Employees
Retirement Fund (PERF) whIch IS a cost-shanng, multiple-employer retirement plan
ThIs plan IS establIshed and admmIstered m accordance WIth Mmnesota Statutes,
Chapters 353 and 356
PERF members belong to eIther the Coordmated Plan or the BasIC Plan Coordmated
Plan members are covered by SOCIal Secunty and BaSIC Plan members are not All
new members must partICIpate m the Coordmated Plan
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LiabIlIties (Contmued)
1 Defined Benefit PensIOn Plans - StatewIde (Contmued)
a Plan DescnptIOn (Contmued)
PERA provIdes retirement benefits as well as dIsabIlIty benefits to members, and
benefits to survIvors 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 a member's hIghest average salary for any five succeSSIve years
of allowable servIce, age, and years of credIt at termmatIon of servIce
Two methods are used to compute benefits for PERF's Coordmated and BaSIC Plan
members The retmng member receIves the higher of a step-rate benefit accrual
formula (Method 1) or a level accrual formula (Method 2) Under Method I, the
annUIty accrual rate for a BasIC Plan member IS 2 2 percent of average salary for each
of the first 10 years of servIce and 2 7 percent for each remammg year The annUIty
accrual rate for a Coordmated Plan member IS 1 2 percent of average salary for each
of the first 10 years and 1 7 percent for each remammg year Under Method 2, the
annUIty accrual rate IS 2 7 percent of average salary for BaSIC Plan members and 1 7
percent for Coordmated Plan members for each year of servIce For PERF members
whose annUIty IS calculated usmg Method 1, a full annUIty IS aVailable when age plus
years of servIce equal 90 A reduced retirement annUIty IS also aVailable to elIgIble
members seekmg early retirement
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 vanous types of Jomt and survIvor
annUIty optIOns avaIlable WhICh wIll reduce the monthly normal annUIty amount,
because the annUIty IS payable over Jomt lIves Members may also leave theIr
contrIbutIOns m the fund upon termmatIOn of publIc servIce m 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 begm
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LIabIlIties (Contmued)
1 Defined Benefit PenSIOn Plans - StatewIde (Contmued)
a Plan DescnptIon (Contmued)
The benefit provIsIons stated m the prevIOUS paragraphs OfthIS sectIOn are current
prOVIsIons and apply to active plan partICIpants Vested, termmated employees who
are entitled to benefits but are not receIvmg them yet are bound by the provIsIons m
effect at the time they last termmated theIr publIc servIce
PERA Issues a publIcly avaIlable finanCIal report that mcludes finanCIal statements
and reqUIred supplementary mformatIOn for PERF That report may be obtamed by
wntmg to PERA, 514 St Peter Street #200, St Paul, Mmnesota, 55102 or by callIng
(651) 296-7460 or 1-800-652-9026
b Fundmg PolIcy
Mmnesota Statutes Chapter 353 sets the rates for employer and employee
contnbutIOns These statutes are establIshed and amended by the state legIslature
The CIty makes annual contnbutIons to the penSIOn plan equal to the amount reqUIred
by state statutes PERF BasIC Plan members and Coordmated Plan members are
reqUIred to contnbute 8 75 percent and 475 percent, respectively, of theIr annual
covered salary The CIty of AlbertvIlle IS reqUIred to contnbute the followmg
percentages of annual covered payroll 11 43 percent for BasIC Plan PERF members
and 5 18 percent for Coordmated Plan PERF members The CIty'S contnbutIOns to
the PublIc Employees Retirement Fund for the years endmg December 31, 1999,
1998, and 1997 were $ 6,649, $ 4,905, and $ 4,802, respectIvely The CIty does not
have polIce or fire employees The CIty'S contnbutIOns were equal to the
contractually reqUIred contnbutIOns for each year as set by state statute
2 Deferred Revenue
Special Debt CapItal
General Revenue ServIce Projects Total
Taxes ReceIvable -
DelInquent $ 18,655 $ 0 $ 3,274 $ 0 $ 21,929
Special Assessments
ReceIvable -
Deferred 0 0 1,795,596 14,000 1,809,596
Delmquent 0 0 30,878 0 30,878
Loans ReceIvable 0 137,676 0 0 137,676
Total $ 18,655 $ 137,676 $ 1,829,748 $ 14,000 $ 2,000.079
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LiabIlItIes (Contmued)
3 Long- Term Debt
The followmg IS a summary of long-term debt transactIOns for the year ended
December 31, 1999
General
ObhgatIOn
General Special Tax
ObhgatIOn Revenue Assessment Increment Total
Balance - January 1 $ 120,000 $ 1,232,672 $ 625,000 $ 350,000 $ 2,327,672
AdditIOns 0 860,000 1,760,000 0 2,620,000
Retirements (20,000) (59,559) (150,000) (95,000) (324,559)
Balance - December 31 $ 100,000 $ 2,033,113 $ 2,235,000 $ 255,000 $ 4,623,113
Outstandmg
December 31, 1999
General OblIgatIOn Bonds
$ 180,000 General OblIgatIOn Refundmg Bonds,
Senes 1993, due m annual mstallments of$ 15,000 to
$ 20,000 through March 1,2004, mterest at 300 to
5 00 percent
$
100,000
Revenue Debt
$ 1,454,514 General OblIgatIOn Revenue Notes - PFA, due
to Mmnesota PublIc FacIlItIes Authonty m semI-annual
mstallments of$ 19,707 to $ 49,965 through
August 20, 2014, mterest at 332 percent
$
1,173,113
$ 860,000 PublIc Facllby Lease Revenue Bonds,
Senes 1999, due m annual mstallments of$ 10,000 to
$ 70,000 through February 1,2019, mterest at 500
to 5 60 percent
Total Revenue Debt
860,000
2,033,113
$
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LIabIlItIes (Contmued)
3 Long-Term Debt (Contmued)
General OblIgatIOn SpecIal Assessment Bonds
$ 505,000 Advance Refundmg and Improvement Bond
of 1988, due m annual mstallments of$ 15,000 to $ 65,000
through February 1,2000, mterest at 635 to 725 percent
$ 215,000 Refundmg Bonds of 1989, due m annual
mstallments of$ 5,000 to $ 25,000 through September 1,
2003, mterest at 7 00 to 7 75 percent
$ 115,000 General OblIgatIOn Refundmg Improvement
Bonds of 1992, due m annual mstallments of$ 10,000
to $ 15,000 through February 1,2001, mterest at 550
percent
$ 350,000 General OblIgatIOn Improvement Bonds,
Senes 1992A, due m annual mstallments of$ 15,000
to $ 35,000 through December 30,2004, mterest at
570 percent
$ 675,000 General OblIgatIOn Improvement Refundmg
Bonds, Senes 1993A, due m annual mstallments of
$ 20,000 to $ 95,000 through February 1, 2006, mterest
at 3 40 to 5 75 percent
$ 1,760,000 General OblIgatIOn Improvement Bonds,
Senes 1999A, due m annual mstallments of$ 40,000 to
$ 385,000 through February 1, 2015, mterest at
4 10 to 5 20 percent
Total General OblIgatIOn SpecIal Assessment Bonds
General OblIgatIOn Tax Increment Bond
$ 400,000 General OblIgatIOn Tax Increment Bonds,
Senes 1996A, due m annual mstallments of$ 25,000
to $ 95,000 through February 1,2008, mterest at 425
to 5 40 percent
Outstandmg
December 31, 1999
$
15,000
60,000
30,000
155,000
215,000
$
1,760,000
2,235,000
$
255,000
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CITY OF ALBERTVILLE, MINNESOTA I
NOTES TO THE FINANCIAL STATEMENTS I
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued) I
B LIabIlIties (Contmued)
3 Long-Term Debt (Contmued) I
The annual reqUIrements to amortIze all bonded debt outstandmg as of December 31, I
1999, mcludmg mterest payments of$ 1,453,897 are
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Fund eqmty balances are claSSIfied as follows to reflect the lImItatIOns and restrIctions of the
respective funds I
1 Fund Balance -
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General
ObhgatIon
Year Endmg General SpeCIal Tax
December 31 ObhgatIon Revenue Assessment Increment Total
2000 $ 24,370 $ 146,606 $ 242,638 $ 42,420 $ 456,034
2001 23,450 156,355 567,840 40,920 788,565
2002 22,490 175,356 517,175 39,420 754,441
2003 21,500 173,818 487,035 37,920 720,273
2004 20,500 177,112 183,230 36,420 417,262
Thereafter 0 2,105,508 718,182 116,745 2,940,435
Total $ 112,310 $ 2,934,755 $ 2,716,100 $ 313,845 $ 6,077,010
C Fund EQmty
Fund balance IS compnsed of the followmg components
SpeCial Debt CapItal
General Revenue ServIce Projects Total
Reserved -
Reserved for Debt ServIce $ 0 $ 0 $ 436,948 $ 0 $ 436,948
Unreserved -
DeSIgnated for Operatmg
CapItal 500,000 0 0 0 500,000
DeSIgnated for Debt ServIce 0 0 108,071 0 108,071
DeSIgnated for CapItal Outlay 0 358,717 0 410,800 769,517
UndesIgnated (110,638) 2,215,293 (173,801) (431,478) 1,499,376
Total Fund Balance $ 389,362 $ 2,574,010 $ 371,218 $ (20,678) $ 3,313,912
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
C Fund EqUity (Contmued)
2 Retamed Earnmgs -
Reserved retamed earnmgs at December 31, 1999, IS as follows
Enterpnse
Reserved for Operatmg CapItal
$ 97 ,894
3 Contnbuted CapItal -
Contnbuted capItal m the enterpnse funds represents fixed assets whIch were purchased
by other funds and transferred to the enterpnse funds Changes m contnbuted capItal for
the year are as follows
Contnbuted CapItal- January 1, 1999
Add Assets Contnbuted Dunng 1999
Contnbuted CapItal- December 31, 1999
$ 1,868,608
484,911
$ 2,353,519
NOTE 4 - SEGMENT INFORMATION
The CIty mamtams Water, SanItary Sewer, and Storm Water Enterpnse Funds Segment
mformatIon for the year ended December 31, 1999 IS as follows
SanItary Water Storm
Sewer Fund Water Total
Operatmg Revenues $ 255,646 $ 75,181 $ 54,739 $ 385,566
DepreCiatIOn 77,220 322 0 77,542
Operatmg Income 60,149 63,569 38,988 162,706
Net Income (Loss) 17,596 88,457 45,204 151,257
Net W orkmg CapItal (184,661) 243,715 253,337 312,391
Total Assets 3,521,403 564,278 253,337 4,339,018
Debt Outstandmg 1,173,113 0 0 1,173,113
Total EqUity 2,132,249 553,188 253,337 2,938,774
32
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 5 - TAX INCREMENT FINANCING
The CIty of AlbertvIlle IS the admmIstenng authonty for the followmg tax mcrement financmg
dIstncts
Name ofDIstnct Tax Increment Fmancmg DIstnct # 5
Type ofDIstnct
Authonzmg Law
Year Established
County DIstnct Number
DuratIOn of DIStnCt
EconomIc Development
Mmnesota T I F Act, SectIOns 469 174 to 469 179
1989
47
10 years or no more than eIght years from the receIpt
ofthe first mcrement
Ongmal Net Tax CapacIty
Current Net Tax CapacIty
Captured Net Tax CapacIty -
Retamed by CIty
$ 100
47,978
$ 47,878
Type of Bonds Issued
Total Bonds Issued
Amounts Redeemed
General ObligatIOn Tax Increment
$ 670,000
415,000
$ 255,000
Outstandmg Bonds at December 31, 1999
Name ofDIstnct Tax Increment Fmancmg DIStnCt # 6
Type of DIstnct
Authonzmg Law
Year Established
County DIstnctNumber
DuratIOn ofDIstnct
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
Type of Notes Issued
EconomIC Development
Mmnesota T I F Act, Chapter 469 174
1989
48
10 years or no more than eIght years from the receIpt
of the first mcrement
$ 115
40,264
$ 40,149
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 5 - TAX INCREMENT FINANCING (Contmued)
Name ofDIstnct Tax Increment Fmancmg DIstnct # 7
Type ofDIstnct
Authonzmg Law
Year EstablIshed
County DIstnct Number
DuratIOn of DIstnCt
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
Type of Notes Issued
Housmg DIstnct
Mmnesota T I F Act, Chapter 469 174, Subd 11, and
469 1761
1997
107
25 years after the date of receIpt ofthe first mcrement
$
$
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
Name ofDIstnct Tax Increment Fmancmg DIstnct # 8
Type of DIstnct
Authonzmg Law
Year EstablIshed
County DIstnct Number
DuratIOn ofDIstnct
Ongmal Tax CapaCIty
Current Tax CapaCIty
Captured Tax CapaCIty -
Retamed by CIty
Type of Notes Issued
EconomIC Development
Mmnesota T I F Act, Chapter 469174, Subd 12
1997
108
EarlIer of 9 years after the date of receIpt of the first
mcrement, or 11 years after the date of approval of the
TIP plan
$
$
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
915
6,313
5,398
o
6,839
6,839
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 5 - TAX INCREMENT FINANCING (Contmued)
Name ofDIstnct Tax Increment Fmancmg DIstnct # 9
Type ofDIstnct
Authonzmg Law
Year Estabhshed
DuratIOn of DIstnct
EconomIC Development
Mmnesota T I F Act, Chapter 469 174, Subd 12
1997
Earher of 9 years after the date of receIpt of the first
mcrement, or 11 years after the date of approval of the
TIF Plan
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
$
$
Type of Notes Issued
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
Name ofDIstnCt Tax Increment Fmancmg DIstnct # 10
Type of DIstnct
Authonzmg Law
Year Estabhshed
DuratIOn ofDIstnct
EconomIC Development
Mmnesota T I F Act, Chapter 469 174, Subd 12
1998
Earher of9 years after the date of receIpt of the first
mcrement, or 11 years after the date of approval of the
TIP Plan
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
$
$
Type of Notes Issued
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 5 - TAX INCREMENT FINANCING (Contmued)
Name ofDIstnct Tax Increment Fmancmg DIstnct # 11
Type of DIstnct
Authonzmg Law
Year EstablIshed
DuratIOn ofDIStnCt
EconomIc Development
Mmnesota T I F Act, Chapter 469174, Subd 12
1999
EarlIer of9 years after the date of receIpt of the first
mcrement, or 11 years after the date of approval ofthe
TIP Plan
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
$
o
o
$
o
Type of Notes Issued
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
NOTE 6 - RISK MANAGEMENT
The CIty IS exposed to vanous nsk of loss related to torts, theft of, damage to and destruction of
assets, errors and omISSIons, mJunes to employees, and natural dIsasters In order to protect
agamst these nsks of loss, the CIty purchases commerCIal msurance through the League of
Mmnesota CIties Insurance Trust, a publIc entIty nsk pool ThIS pool currently operates
common nsk management and msurance programs for mumcIpal entities The CIty pays an
annual premIUm to the League for ItS msurance coverage The League of Mmnesota CIties
Insurance Trust IS self-sustarmng through commerCIal companies for excess claIms The CIty IS
covered through the pool for any clarms mcurred but unreported, however, retams nsk for the
deductible portIOn of ItS msurance polICIes The amounts ofthese deductIbles are consIdered
Immatenal to the finanCIal statements
Dunng the year ended December 31, 1999, there were no sIgmficant reductions m msurance
coverage from the pnor year Settled clarms have not exceeded the CIty'S commerCIal coverage
m any of the past three years
The CIty'S workers compensatIOn msurance polIcy IS retrospectively rated WIth thIS type of
polIcy, final premIUms are determmed after loss expenence, workers compensatIOn rates and
salanes for the year are known The final premIUm adJustlnent was recorded m the year the
adjustment was made
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CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 1999
NOTE 7 - CONDUIT DEBT OBLIGATIONS
CondUIt debt oblIgatIOns are certam lImIted-obligatIOn revenue bonds or sImIlar debt mstruments
Issued for the express purpose of provIdmg capItal financmg for a specIfic trurd party The CIty
has Issued Revenue Bonds to provIde fundmg to pnvate-sector entities for projects deemed to be
m the publIc mterest Although these bonds bear the name of the CIty, the CIty has no
oblIgations for such debt beyond the resources prOVIded by related leases or loans Accordmgly,
the bonds are not reported as lIabIlIties m the finanCial statements of the CIty
As of December 31, 1999, the followmg Issues were outstandmg
Name
Date of Issue
Ongmal Amount &
Outstandmg Balance
December 31, 1999
Cottages of AlbertvIlle - September 23, 1999
MUltI FamIly Housmg Revenue Bonds, Senes 1999A $
Taxable Multi FamIly Housmg Revenue Bonds, Senes 1999B $
Subordmated Multi FamIly Housmg Revenue Bonds, Senes 1999C $
3,230,000
85,000
425,000
NOTE 8 - PRIOR PERIOD ADJUSTMENT
A pnor penod adjustment was made to decrease begmnmg fund balance m the general fund to
record a lIabIlIty for bUIldmg mspectIOn contracted servIces rendered m years pnor to 1999
General Fund
BUIldmg InspectIOn Contracted ServIces
$ (200,334)
CITY OF ALBERTVILLE, MINNESOTA
THE GENERAL FUND
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The General Fund accounts for all revenues and expendItures of a governmental umt WhICh are
not accounted for m other funds, and It IS usually the largest and most Important accountmg
actiVIty for state and local governments It normally receIves a greater vanety and number of
taxes and other general revenues than any other fund ThIs fund has flowmg mto It such
revenues as general property taxes, lIcense and permIts, fines and penalties, rents, charges for
current servIces, state-shared taxes, and mterest earnmgs The fund's resources also finance a
WIder range of actiVIties than any other fund Most of the current operatIOns of governmental
umts WIll be financed from thIS fund
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CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND
COMPARATIVE BALANCE SHEET
December 31, 1999 and 1998
ASSETS
Cash and Investments
Taxes ReceIvable -
De1mquent
Interest ReceIvable
Due from Other Governmental Umts
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIabIlItIes
Accounts Payable
Accrued Payroll Taxes and Benefits
Deferred Revenue
Total LIabIlItIes
Fund Balance
Unreserved -
DesIgnated for Operatmg CapItal
UndesIgnated (DeficIt)
Total Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
Totals
1999 1998
$ 830,162 $ 477,388
18,655 9,691
7,710 35,903
823 2,616
$ 857,350 $ 525,598
$ 443,062
6,271
18,655
467,988
$ 129,849
4,664
9,691
144,204
500,000
(110,638)
389,362
$ 857,350
445,500
(64,106)
381,394
$ 525,598
38
CITY OF ALBERTVILLE, MINNESOTA I
GENERAL FUND I
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
Year Ended December 31, 1999 I
WIth Comparative Totals for the Year Ended December 31, 1998
Over I
(Under) 1998
Budget Actual Budget Actual
REVENUES I
Taxes -
General Property Tax $ 558,853 $ 576,975 $ 18,122 $ 497,188
Excess Tax Increments 0 7,949 7,949 6,122 I
Total Taxes 558,853 584,924 26,071 503,310
Licenses and PermIts - I
LIquor and Beer LIcenses 10,900 11,629 729 8,460
BUlldlllg PermIts 35,000 92,218 57,218 245,796
Busllless PermIts 5,350 14,887 9,537 6,662
SIgn PermIts 4,200 2,925 (1,275) 3,075 I
Other LIcenses 100 180 80 200
Total LIcenses and PermIts 55,550 121,839 66,289 264,193
Intergovernmental - I
Local Government AId 118,533 118,533 0 98,879
HACA 138,150 138,150 0 138,167
Local Performance AId 3,008 3,008 0 3,136 I
FIre AId 10,280 13,446 3,166 12,257
Pohce AId 7,785 6,810 (975) 4,197
Other State AIds 4,800 7,355 2,555 5,961 I
Total Intergovernmental Revenue 282,556 287,302 4,746 262,597
Charges for ServIces -
FIre ProtectlOn Fees 38,000 24,714 (13,286) 28,935 I
SpecIal Assessment Searches 1,000 1,680 680 1,390
Park Rental Fees 2,000 2,375 375 1,925
Other Charges for ServIces 2,000 17,730 15,730 19,810 I
Total Charges for ServIces 43,000 46,499 3,499 52,060
Fllles, ForfeItures and Penalties 100 152 52 304
MIscellaneous Revenue - I
Investment Income 25,000 22,545 (2,455) 21,559
Lease Payments 950 950 0 950
Contnbutions and DonatlOns 0 12,532 12,532 1,208 I
Other Revenues 0 24,959 24,959 7,460
Total MIscellaneous 25,950 60,986 35,036 31,177
TOTAL REVENUES 966,009 1,101,702 135,693 1,113,641 I
I
I
39
I
I CITY OF ALBERTVILLE, MINNESOTA
I GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE -
I BUDGET AND ACTUAL
Year Ended December 31, 1999
WIth ComparatIve Totals for the Year Ended December 31, 1998
(Contmued)
I
Over
I (Under) 1998
Budget Actual Budget Actual
EXPENDITURES
General Government
I Mayor and CounCIl -
Salanes and Benefits $ 12,472 $ 12,254 $ (218) $ 12,495
Other Insurance 5,355 4,361 (994) 2,297
I ProfeSSIOnal ServIces 5,000 0 (5,000) 4,818
Pnntmg and PubhcatIons 5,500 9,633 4,133 4,571
Travel 300 0 (300) 0
Supphes 400 187 (213) 403
I Dues and SubscnptIOns 3,000 2,646 (354) 2,203
MIscellaneous 0 1,071 1,071 3,932
Total Mayor and CouncIl 32,027 30,152 (1,875) 30,719
I CIty Clerk-Treasurer and City Adnumstrator -
Salanes and Benefits 88,389 85,315 (3,074) 95,326
AccountIng and AudItmg 9,500 8,336 (1,164) 10,184
I Contracted ServIces 1,000 727 (273) 637
RepaIrs and Mamtenance 500 232 (268) 93
EqUIpment Rental 1,000 1,423 423 1,089
Other Insurance 3,650 3,557 (93) 1,797
I Travel 1,250 173 (1,077) 690
Supphes 5,500 6,550 1,050 5,182
Dues and SubscnptIOns 150 1,355 1,205 30
I CapItal Outlay 4,700 0 (4,700) 10,938
Total Clerk-Treasurer and
AdmImstrator 115,639 107,668 (7,971) 125,966
I ElectIOns -
Salanes and Benefits 0 0 0 3,873
I Assessmg -
Contracted ServIces 8,500 9,058 558 7,891
Legal-
I Purchased ServIces 15,000 13,962 (1,038) 26,578
Engmeer -
I Purchased ServIces 20,000 50,216 30,216 45,003
Planmng and Zomng -
Salanes and Benefits 2,393 1,284 (1,109) 1,055
I Contracted ServIces 6,000 21,870 15,870 27,647
Travel 500 0 (500) 0
Supphes 700 170 (530) 0
Total Planmng and Zomng 9,593 23,324 13,731 28,702
I
I 40
CITY OF ALBERTVILLE, MINNESOTA I
GENERAL FUND I
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
Year Ended December 31, 1999 I
WIth Comparative Totals for the Year Ended December 31, 1998
(Contmued)
Over I
(Under) 1998
Budget Actual Budget Actual I
EXPENDITURES (Contmued)
General Government (Contmued)
General Government BUlldmgs - I
Refuse DIsposal $ 600 $ 716 $ 116 $ 568
RepaIrs and Mamtenance 4,500 3,562 (938) 22,502
Insurance 3,780 3,557 (223) 3,328
Telephone 2,500 3,092 592 2,931 I
Supphes 1,200 775 (425) 866
UtIhtIes 4,000 3,479 (521) 3,284
CapItal Outlay 3,500 164 (3,336) 1,066 I
MIscellaneous 500 170 (330) 126
Total General Government
BUlldmgs 20,580 15,515 (5,065) 34,671
Total General Government 221,339 249,895 28,556 303,403 I
Pubhc Safety I
Pohce Protection -
Contracted ServIces 107,310 107,310 0 103,806
Flfe Protection - I
Salanes and Benefits 13,950 13,552 (398) 9,274
PenslOn Fund ContnbutlOn 15,266 15,939 673 19,118
Trammg 17,350 11,694 (5,656) 7,365
PhysIcals 600 360 (240) 2,453 I
AudIt - FIre Rehef ASSOClatlOn 1,260 1,450 190 1,250
RepaIrs and Mamtenance 1,500 6,523 5,023 5,202
Travel 1,500 1,518 18 435 I
Insurance 0 269 269 100
Telephone 600 651 51 578
Supphes 3,000 2,598 (402) 4,323
UtIhtIes 3,100 3,034 (66) 2,326 I
Dues and SubscnptlOns 200 75 (125) 95
CapItal Outlay 67,600 175,686 108,086 102,754
MIscellaneous 0 587 587 0 I
Total FIre ProtectlOn 125,926 233,936 108,010 155,273
BUlldmg Inspection -
Contracted ServIces 0 0 0 139,779 I
Ammal Control -
Contracted ServIces 3,000 2,676 (324) 2,018
I
Total Pubhc Safety 236,236 343,922 107,686 400,876
I
41
I
I CITY OF ALBERTVILLE, MINNESOTA
I GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
I BUDGET AND ACTUAL
Year Ended December 31, 1999
WIth Comparative Totals for the Year Ended December 31, 1998
(ContInued)
I Over
I (Under) 1998
Budget Actual Budget Actual
EXPENDITURES (ContInued)
Pubhc Works
I Streets and HIghways -
SalarIes and Benefits $ 49,077 $ 46,603 $ (2,474) $ 41,379
RepaIrs and MaIntenance 26,000 24,403 (1,597) 15,146
EqUIpment Rental 0 975 975 0
I Sand and Gravel 700 587 (113) 171
Street SweepIng 3,500 2,825 (675) 2,679
Seal CoatIng 8,000 0 (8,000) 0
I Telephone 750 676 (74) 758
Travel 100 0 (100) 16
Supphes 3,550 3,916 366 2,693
UtIlIties 4,675 3,581 (1,094) 2,743
I Dues and SubSCrIptions 250 230 (20) 215
CapItal Outlay 98,000 64,543 (33,457) 154,725
Other 0 58 58 0
I Total Streets and HIghways 194,602 148,397 (46,205) 220,525
Ice and Snow Removal -
Contracted ServIces 9,500 5,796 (3,704) 2,636
I Street LightIng -
ElectrICIty 30,000 34,219 4,219 29,115
I Total Pubhc Works 234,102 188,412 (45,690) 252,276
SanItation
I RecyclIng -
Contracted ServIces 17,500 18,573 1,073 14,580
Culture and RecreatIOn
I Parks -
Salanes and Benefits 47,200 45,245 (1,955) 35,185
Refuse DIsposal 600 1,006 406 568
I RepaIrs and MaIntenance 4,000 2,312 (1,688) 4,607
EqUIpment Rental 2,500 2,044 (456) 1,463
Other Insurance 3,465 3,587 122 1,797
Telephone 700 761 61 739
I Travel 200 0 (200) 44
Supphes 2,200 2,197 (3) 3,818
UtIhtIes 4,450 3,220 (1,230) 2,324
I Dues and SUbSCrIptIOns 0 0 0 500
FrIendly CIty Days DonatIOns 4,250 3,050 (1,200) 6,200
Ice Arena 15,000 0 (15,000) 133,333
CapItal Outlay 30,500 23,389 (7,111) 147,436
I Other 0 5,364 5,364 0
Total Culture and RecreatIOn 115,065 92,175 (22,890) 338,014
I 42
CITY OF ALBERTVILLE, MINNESOTA I
GENERAL FUND I
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
Year Ended December 31, 1999 I
With Comparative Totals for the Year Ended December 31, 1998
(Contmued)
Over I
(Under) 1998
Budget Actual Budget Actual I
EXPENDITURES (Contmued)
EconomIc Development
Salanes and Benefits $ 517 $ 0 $ (517) $ 101 I
SupplIes 200 0 (200) 0
MIscellaneous 100 924 824 924
Total Econormc Development 817 924 107 1,025
Unallocated - I
Other 0 0 0 3,157
TOTAL EXPENDITURES 825,059 893,901 68,842 1,313,331 I
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 140,950 207,801 66,851 (199,690) I
OTHER FINANCING SOURCES (USES)
Sale of General FIxed Assets 0 501 501 2,090
Operatmg Transfer In 0 0 0 105,789 I
Total Other Fmancmg Sources (Uses) 0 501 501 107,879
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES $ 140,950 208,302 $ 67,352 (91,811)
FUND BALANCE, January 1 (as prevIously stated) 381,394 473,205 I
PRIOR PERIOD ADJUSTMENT (200,334) 0
FUND BALANCE, January 1 (as restated) 181,060 473,205 I
FUND BALANCE, December 31 $ 389,362 $ 381,394
I
I
I
I
I
43
I
Cash and Investments
Notes ReceIvable
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1999
WIth Comparative Totals for December 31, 1998
102 I J 201 I ~ 203
CapItal Revolvmg
Outlay Park Loan
Reserves Fund Fund
$ 358,717 $ 107,644 $ 10,685
0 0 137,676
$ 358,717 $ 107,644 $ 148,361
ASSETS
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
Cash Overdraft
Deferred Revenue
Total LIabIlIties
$
$
o
o
o
$ 0
137,676
137,676
o
o
o
Fund Balance
Unreserved -
DeSIgnated for CapItal Outlay
UndesIgnated
Total Fund Balance (DefiCIt)
358,717
o
358,717
o
107,644
107,644
o
10,685
10,685
TOTAL LIABILITIES AND
FUND BALANCE
$ 358,717
$ 107,644
$ 148,361
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
204 I I 205
Totals
SAC CMIF 1999 1998
$ 2,099,627 $ 0 $ 2,576,673 $ 2,176,634
0 0 137,676 68,445
$ 2,099,627 $ 0 $ 2,714,349 $ 2,245,079
$ 0
o
o
$ 2,663
o
2,663
$ 2,663
137,676
140,339
$ 2,552
68,445
70,997
o
2,099,627
2,099,627
o
(2,663)
(2,663)
358,717
2,215,293
2,574,010
342,657
1,831,425
2,174,082
$ 2,099,627
$ 0
$ 2,714,349
$ 2,245,079
44
I
CITY OF ALBERTVILLE, MINNESOTA
SPECIAL REVENUE FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE I
Year Ended December 31, 1999
WIth ComparatIve Totals for the Year Ended December 31, 1998
102 I I 201 I I 203 I
CapItal Revolvmg I
Outlay Park Loan
Reserves Fund Fund
REVENUES I
Intergovernmental Revenues -
State Grants $ 0 $ 42,471 $ 0
Charges for ServIces -
Park DedIcatton Fees 0 141,306 0 I
Water AvatlabtlIty Charges 0 0 0
Sewer A vatlabIhty Charges 0 0 0
Trunk Access Charges 0 0 0
MIscellaneous - I
Investment Income 16,060 3,138 3,662
DonatIons 0 2,500 0
Loan Repayments and Other 0 0 5,769 I
Total Revenues 16,060 189,415 9,431
EXPENDITURES
Culture and RecreatlOn - I
Planmng Contract ServIces 0 9,787 0
ConstructIon ServIces 0 83,094 0
CapItal Outlay 0 67,751 0 I
EconomIc Development 0 0 75,000
MIscellaneous -
Interest 0 0 0
Total ExpendItures 0 160,632 75,000 I
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 16,060 28,783 (65,569) I
OTHER FINANCING SOURCES (USES)
Operatmg Transfers Out 0 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 16,060 28,783 (65,569) I
FUND BALANCE (DEFICIT) - January 1 342,657 78,861 76,254
RESIDUAL EQUITY TRANSFER 0 0 0 I
FUND BALANCE (DEFICIT) - December 31 $ 358,717 $ 107 ,644 $ 10,685
I
I
I
I
I
I
I 204 I I 205 I I 206
I WAC Totals
SAC CMIF Fees 1999 1998
I $ 0 $ 0 $ 0 $ 42,471 $ 0
I 0 0 0 141,306 17,900
0 0 0 0 12,600
477,700 0 0 477,700 400,000
33,570 0 0 33,570 41,230
I 77 ,963 0 0 100,823 96,757
0 0 0 2,500 5,000
I 0 0 0 5,769 163,223
589,233 0 0 804,139 736,710
I 0 0 0 9,787 0
0 0 0 83,094 3,416
I 0 0 0 67,751 0
0 0 0 75,000 0
0 111 0 111 133
I 0 111 0 235,743 3,549
I 589,233 (111) 0 568,396 733,161
0 0 0 0 (105,789)
I
589,233 (111) 0 568,396 627,372
I 1,510,394 (2,552) 168,468 2,174,082 1,654,539
I 0 0 (168,468) (168,468) (107,829)
$ 2,099,627 $ (2,663) $ 0 $ 2,574,010 $ 2,174,082
I
I 45
I
I
CITY OF ALBERTVILLE, MINNESOTA
DEBT SERVICE FUNDS I
COMBINING BALANCE SHEET I
December 31, 1999
WIth Comparative Totals for December 31, 1998
300 I I 317 I I 318 I I 322 I
I
1992
Closed 1988 1989 Sewer I
Bond Refundmg Refundmg Trunk
Issues Bonds Bonds Bond Fund
ASSETS I
Cash and Investments $ 108,028 $ 0 $ 50,439 $ 92,148
Cash m Trust 0 0 0 0
RestrIcted Cash m Trust 0 0 0 0 I
Taxes ReceIvable -
Delmquent 786 98 354 304
SpeCial Assessments ReceIvable- I
Deferred 33,393 15,756 3,939 51,744
Delmquent 602 0 281 0
Due from Other Governmental Umts 43 5 19 16
TOTAL ASSETS $ 142,852 $ 15,859 $ 55,032 $ 144,212 I
LIABILITIES AND FUND BALANCE I
LiabIlIties
Cash Overdraft $ 0 $ 158,435 $ 0 $ 0 I
Deferred Revenue 34,781 15,854 4,574 52,048
Total LIabIlIties 34,781 174,289 4,574 52,048
Fund Balance I
Reserved for Debt ServIce 0 0 50,458 92,164
Unreserved -
DeSIgnated for Debt ServIce 108,071 0 0 0 I
UndesIgnated 0 (158,430) 0 0
Total Fund Balance (DefiCIt) 108,071 (158,430) 50,458 92,164
I
TOTAL LIABILITIES
AND FUND BALANCE $ 142,852 $ 15,859 $ 55,032 $ 144,212
I
I
I
I
I
I
I
I 323 I I 324 I I 341 I I 353 I ~ 354
I GO
GO 1993
1992 Improvement CIty 1999
I Refundmg & Refundmg Hall 1996A Lease
Improvement Bond Bond GO TIF Revenue
Fund Fund Fund Bond Fund Bonds
I $ 14,214 $ 181,535 $ 15,802 $ 0 $ 0
0 0 0 0 2,224
I 0 0 0 0 77,904
501 0 901 330 0
I 5,135 106,749 0 102,016 0
282 29,713 0 0 0
27 0 48 12 0
I $ 20,159 $ 317,997 $ 16,751 $ 102,358 $ 80,128
I
I $ 0 $ 0 $ 0 $ 15,383 $ 1,111
5,918 136,462 901 102,346 0
5,918 136,462 901 117,729 1,111
I 14,241 181,535 15,850 0 79,017
I 0 0 0 0 0
0 0 0 (15,371) 0
14,241 181,535 15,850 (15,371) 79,017
I
$ 20,159 $ 317,997 $ 16,751 $ 102,358 $ 80,128
I
I
I
46
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
DEBT SERVICE FUNDS
COMB~GBALANCESHEET
December 31, 1999
WIth Comparative Totals for December 31, 1998
(Contmued)
355
ASSETS
1999A
GO
Improvement Totals
Bonds 1999 1998
$ 3,683 $ 465,849 $ 555,575
0 2,224 0
0 77,904 0
0 3,274 1,994
1,476,864 1,795,596 433,067
0 30,878 18,817
0 170 469
$ 1,480,547 $ 2,375,895 $ 1,009,922
Cash and Investments
Cash m Trust
Restncted Cash m Trust
Taxes ReceIvable -
Delmquent
SpecIal Assessments ReceIvable -
Deferred
Delmquent
Due from Other Governmental Umts
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LlablhtIes
Cash Overdraft
Deferred Revenue
Total LIablhtIes
$ 0 $ 174,929 $ 199,535
1,476,864 1,829,748 453,878
1,476,864 2,004,677 653,413
3,683 436,948 514,767
0 108,071 36,511
0 (173,801) (194,769)
3,683 371,218 356,509
$ 1,480,547 $ 2,375,895 $ 1,009,922
Fund Balance
Reserved for Debt ServIce
Unreserved -
DesIgnated for Debt ServIce
Undeslgnated
Total Fund Balance (DefiCIt)
TOTAL LIABILITIES
AND FUND BALANCE
47
I
CITY OF ALBERTVILLE, MINNESOTA
DEBT SERVICE FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE I
Year Ended December 31, 1999
WIth Comparative Totals for the Year Ended December 31, 1998
I
300 I I 317 I I 318 I I 322
I
1992 I
Closed 1988 1989 Sewer
Bond Refundmg Refundmg Trunk
Issues Bonds Bonds Bond Fund
REVENUES I
General Property Taxes $ 23,380 $ 2,683 $ 10,346 $ 8,775
SpeCial Assessments 5,945 1,565 5,118 19,488
Charges for ServIces 0 0 0 0
MIscellaneous - I
Investment Income 1,933 0 2,233 4,545
Total Revenues 31,258 4,248 17,697 32,808
EXPENDITURES I
MIscellaneous -
Interest 0 6,711 0 0
Debt ServIce - I
Bond PnncIpal 0 15,000 25,000 30,000
Bond Interest and FIscal Charges 0 2,309 6,730 10,562
Total ExpendItures 0 24,020 31,730 40,562
I
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 31,258 (19,772) (14,033) (7,754)
OTHER FINANCING SOURCES (USES) I
Bond Proceeds 0 0 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 31,258 (19,772) (14,033) (7,754)
FUND BALANCE (DEFICIT) - January 1 36,511 (138,658) 64,491 99,918 I
RESIDUAL EQUITY TRANSFERS 40,302 0 0 0
FUND BALANCE (DEFICIT) - December 31 $ 108,071 $ (158,430) $ 50,458 $ 92,164 I
I
I
I
I
I
I
I
I
323 I I 324 I I 325 I I 327 I I 341 l J 351
I GO
GO 1993 GO
I 1992 Improvement 1993B Westwmd CIty Tax
Refundmg & Refundmg Improvement 3rd Hall Increment
Improvement Bond Bond UtIlItIes Bond Fmance
Fund Fund Fund Fund Fund Bonds
I $ 14,333 $ 0 $ 0 $ 0 $ 25,854 $ 0
10,069 58,231 0 0 0 0
0 0 0 0 0 0
I 0 5,921 904 776 0 206
24,402 64,152 904 776 25,854 206
I
150 0 0 0 90 0
I 15,000 65,000 0 0 20,000 0
2,062 12,704 0 0 5,793 0
I 17,212 77,704 0 0 25,883 0
7,190 (13,552) 904 776 (29) 206
I 0 0 0 0 0 0
I
7,190 (13,552) 904 776 (29) 206
I 7,051 195,087 20,779 17,843 15,879 4,719
0 0 (21,683) (18,619) 0 (4,925)
I $ 14,241 $ 181,535 $ 0 $ 0 $ 15,850 $ 0
I
I
I
48
I
I
CITY OF ALBERTVILLE, MINNESOTA
DEBT SERVICE FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES I
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1999
Wlth Comparative Totals for the Year Ended December 31, 1998
(Contmued) I
352 I I 353 I I 354 I I 355
I
1990 Tax 1999 1999A I
Increment 1996A Lease GO
Fmance G 0 TIF Revenue Improvement
Bonds Bond Fund Bonds Bonds
REVENUES I
General Property Taxes $ 24,940 $ 11 ,243 $ 0 $ 0
Special Assessments 0 23,477 0 0
Charges for Servlces 0 0 0 0
Miscellaneous - I
Investment Income 4,077 0 718 0
Total Revenues 29,017 34,720 718 0
EXPENDITURES I
Mlscellaneous -
Interest 0 6,389 11 0
Debt Service - I
Bond Pnnclpal 0 95,000 0 0
Bond Interest and FIscal Charges 0 15,533 1,100 0
Total ExpendItures 0 116,922 1,111 0 I
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 29,017 (82,202) (393) 0
OTHER FINANCING SOURCES (USES) I
Bond Proceeds 0 0 79,410 3,683
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES 29,017 (82,202) 79,017 3,683
FUND BALANCE (DEFICIT) - January 1 93,719 (60,830) 0 0 I
RESIDUAL EQUITY TRANSFERS (122,736) 127,661 0 0
FUND BALANCE (DEFICIT) - December 31 $ 0 $ (15,371) $ 79,017 $ 3,683 I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1999
WIth ComparatIve Totals for December 31, 1998
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
400 I I 406 I I 407 I I 408 l I 409
TIF #8 TIF #9
Closed TIF #6 TIF #7 Vetsch Barthel
CapItal Fraser Semor Custom Bus
Projects Steel Housmg Cabmets Garage
ASSETS
Cash and Investments $ 163,863 $ 20,888 $ 0 $ 7,985 $ 0
Cash m Trust 0 0 0 0 0
SpecIal Assessments ReceIvable -
Deferred 0 0 0 0 0
Accounts ReceIvable 0 0 0 0 0
TOTAL ASSETS $ 163,863 $ 20,888 $ 0 $ 7,985 $ 0
UABILITIES AND FUND BALANCE
LIabIlItIes
Cash Overdraft $ 0 $ 0 $ 181 $ 0 $ 95
Accounts Payable 28,537 20,913 0 0 0
Contracts and Retamages Payable 0 0 0 0 0
Deferred Revenue 0 0 0 0 0
Total LIabIlItIes 28,537 20,913 181 0 95
Fund Balance
Unreserved -
DesIgnated for CapItal Outlay 135,326 0 0 7,985 0
UndesIgnated 0 (25) (181) 0 (95)
Total Fund Balance (DeficIt) 135,326 (25) (181) 7,985 (95)
TOTAL LIABILITIES AND
FUND BALANCE $ 163,863 $ 20,888 $ 0 $ 7,985 $ 0
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I 410 I I 411 I I 421 I I 426 I I 427 I I 428 I I 430
I Barthel
TIF #11 Industnal North NE Sewer Parks ide
TIF #10 Land of Dnve & Frontage Summerfield and Water 3rd
I Mold-Tech Lakes Tile 52nd Street Road Addition ExtensiOn Addition
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
I 0 0 0 0 0 0 0
0 0 0 14,000 0 0 0
0 0 0 0 0 0 0
I $ 0 $ 0 $ 0 $ 14,000 $ 0 $ 0 $ 0
I $ 4,640 $ 16,857 $ 10,248 $ 3,905 $ 21,134 $ 8,639 $ 17,225
0 0 0 0 0 0 0
0 0 0 0 0 0 0
I 0 0 0 14,000 0 0 0
4,640 16,857 10,248 17,905 21,134 8,639 17,225
I 0 0 0 0 0 0 0
(4,640) (16,857) (10,248) (3,905) (21,134) (8,639) (17,225)
I (4,640) (16,857) (10,248) (3,905) (21,134) (8,639) (17,225)
$ 0 $ 0 $ 0 $ 14,000 $ 0 $ 0 $ 0
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50
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ASSETS
Cash and Investments
Cash m Trust
SpecIal Assessments ReceIvable -
Deferred
Accounts ReceIvable
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CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1999
WIth Comparative Totals for December 31, 1998
(Contmued)
I 432 & 434 I
ParksIde
4th
AddItion
$ 0
0
0
0
$ 0
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
Llablllues
Cash Overdraft
Accounts Payable
Contracts and Retamages Payable
Deferred Revenue
Total LIablllues
Fund Balance
Unreserved -
DeSIgnated for CapItal Outlay
Undeslgnated
Total Fund Balance (DefiCIt)
TOTAL LIABILITIES AND
FUND BALANCE
$ 28,953
o
o
o
28,953
o
"(28,953)
(28,953)
$
433 I I 435 I I 438
Cottages
of Cedar Creek
AlbertvIlle Industnal Cedar Creek
TIF #7 Park North
$ 0 $ 0 $ 0
0 0 0
0 0 0
0 0 0
$ 0 $ 0 $ 0
$ 27,570
o
o
o
27,570
$
2,618
o
o
o
2,618
$ 71,026
1,013
o
o
72,039
o
(27,570)
(27,570)
o
(2,618)
(2,618)
o
(72,039)
(72,039)
o
$
$
$ 0
o
o
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I 439 , I 440 I I 442 I I 443 I I 444 , I 445 I I 446
I
Center Parkslde Barthel Bus
I Oaks 1 st Commercial Garage Karston Psyk's AlbertvIlle
Addlt10n Park TIP #9 Cove 7th Addlt10n Crossmgs FIre Hall
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
I 0 0 0 0 0 0 776,852
0 0 0 0 0 0 0
0 0 0 0 0 0 0
I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 776,852
I $ 107,134 $ 2,547 $ 5,634 $ 17,340 $ 16,861 $ 660 $ 458,178
655 0 0 0 0 275 1,190
0 0 0 0 0 0 175,678
I 0 0 0 0 0 0 0
107,789 2,547 5,634 17,340 16,861 935 635,046
I 0 0 0 0 0 0 141,806
(107,789) (2,547) (5,634) (17,340) (16,861) (935) 0
I (107,789) (2,547) (5,634) (17,340) (16,861) (935) 141,806
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 776,852
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51
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447
I I
448
l I
449
I I
450
I I
451
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CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1999
WIth ComparatIve Totals for December 31, 1998
(Contmued)
57th Street CSAH 19 62nd Street AlbertvIlle Mooney
Improvement Improvement Improvement VIllas AddItIon
ASSETS
Cash and Investments $ 0 $ 59,012 $ 113,610 $ 0 $ 0
Cash m Trust 0 0 0 0 0
SpecIal Assessments ReceIvable -
Deferred 0 0 0 0 0
Accounts ReceIvable 160,503 0 0 0 0
TOTAL ASSETS $ 160,503 $ 59,012 $ 113,610 $ 0 $ 0
LIABILITIES AND FUND BALANCE
LIabIlItIes
Cash Overdraft $ 159,772 $ 0 $ 0 $ 12,772 $ 1,788
Accounts Payable 0 0 2,885 873 0
Contracts and Retamages Payable 51,541 0 44,054 0 0
Deferred Revenue 0 0 0 0 0
Total LIabIlItIes 211,313 0 46,939 13,645 1,788
Fund Balance
Unreserved -
DesIgnated for CapItal Outlay 0 59,012 66,671 0 0
UndesIgnated (50,810) 0 0 (13,645) (1,788)
Total Fund Balance (DefiCIt) (50,810) 59,012 66,671 (13,645) (1,788)
TOTAL LIABILITIES AND
FUND BALANCE $ 160,503 $ 59,012 $ 113,610 $ 0 $ 0
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CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1999 I
WIth ComparatIve Totals for the Year Ended December 31,1998
400 403 406 407 408 409 I
1989
AlbertvIlle TIF #8 TIF #9
Closed Dramage TIF #6 TIF #7 Vetsch Barthel I
CapItal Improvement Fraser Semor Custom Bus
Projects ProJect Steel Housmg Cabmets Garage
REVENUES
Property Taxes $ 0 $ 0 $ 41,826 $ 6,654 $ 8,430 $ 0
SpecIal Assessments 0 0 0 0 0 0 I
Charges for ServIces 0 0 0 0 0 0
MIscellaneous Revenues -
InvestrnentIncome 9,052 0 0 0 75 0
Developer ReImbursements 0 0 0 0 0 0 I
Total Revenues 9,052 0 41,826 6,654 8,505 0
EXPENDITURES
Other 0 1,406 41,826 3,031 0 0
CapItal Outlay - I
Engmeer Fees 0 0 0 0 0 0
Legal Fees 0 0 0 3,804 493 28
Other ProfessIonal ServIces 0 0 0 0 0 0
Land 0 0 0 0 0 0 I
Construction ServIces 0 38,130 0 0 0 0
Total ExpendItures 0 39,536 41,826 6,835 493 28
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 9,052 (39,536) 0 (181) 8,012 (28) I
OTHER FINANCING SOURCES
Bond Proceeds 0 0 0 0 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES 9,052 (39,536) 0 (181) 8,012 (28)
FUND BALANCE (DEFICIT) - January 1 208,035 5,814 (25) 0 0 0 I
RESIDUAL EQUITY TRANSFERS (81,761) 33,722 0 0 (27) (67)
FUND BALANCE (DEFICrn - December 31 $ 135,326 $ 0 $ (25) $ (81) $ 7,985 $ (95) I
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I 410 411 421 423 426 427 428 429 430
Barthel
I TIF#II Industnal Bnttany North NE Sewer CSAH Parkslde
TIF #10 Land of Dnve & Kay Frontage Summerfield & Water 19/37 3rd
Mold-Tech Lakes Tile 52nd Street Estates Road AddItIon ExtensIOn AddItIOn AdditIon
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
I 0 0 0 0 36,361 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 1,077 0
I 0 0 0 0 0 0 0 0 0
0 0 0 0 36,361 0 0 1,077 0
162 4,573 428 13 1,090 874 360 0 718
I 0 0 0 0 0 897 0 0 0
1,525 9,959 0 0 0 0 0 9,297 27
0 2,325 0 0 0 0 0 7,415 0
I 0 0 0 0 0 0 0 24,925 0
0 0 0 0 0 0 0 0 0
1,687 16,857 428 13 1,090 1,771 360 41,637 745
I (1,687) ( 16,857) (428) (13) 35,271 (1,771) (360) (40,560) (745)
0 0 0 0 0 0 0 0 0
I (1,687) (16,857) (428) (13) 35,271 (1,771) (360) (40,560) (745)
I (3,047) 0 (9,820) (318) (39,176) ( 19,363) (8,279) 3214 (16,480)
94 0 0 331 0 0 0 37,346 0
I $ (4,640) $ (16,857) $ (10,248) $ 0 $ (3,905) $ (21,134) $ (8,639) $ 0 $ (17,225)
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CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1999 I
With Comparative Totals for the Year Ended December 31 1998
(Contmued)
431 432 & 434 433 435 436 437 I
Vetsch Cottages
Custom Parkslde of Cedar Creek I
Cabmets 4th Albertville lndustnal Mamtenance
TlF #8 Addition TIF #7 Park BUlldmg The Meadow
REVENUES
Property Taxes $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
SpecIal Assessments 0 0 0 0 0 0 I
Charges for SeTVIces 0 0 0 0 0 0
MIscellaneous Revenues -
Investment Income 0 0 0 0 0 0
Developer ReImbursements 0 0 0 0 0 0 I
Total Revenues 0 0 0 0 0 0
EXPENDITURES
Other 269 1,207 1,102 109 61 0
CapItal Outlay - I
Engmeer Fees 0 46 1,905 0 0 0
Legal Fees 0 0 1,671 28 0 0
Other ProfeSSIonal ServIces 0 0 0 0 0 0
Land 0 0 0 0 0 0 I
ConstructIon ServIces 0 0 0 0 0 0
Total ExpendItures 269 1,253 4,678 137 61 0
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (269) (1,253) (4,678) (137) (61) 0 I
OTHER FINANCING SOURCES
Bond Proceeds 0 0 0 0 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES (269) (1,253) (4,678) (137) (61) 0
FUND BALANCE (DEFICIT) - January I (6,186) (27,700) (22,892) (2,481 ) (1,408) 13 I
RESIDUAL EQUITY TRANSFERS 6,455 0 0 0 1,469 (13)
FUND BALANCE (DEFICIT) - December 31 $ 0 $ (28,953) $ (27,570) $ (2.618) $ 0 $ 0 I
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- -- ---~
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I 438 439 440 441 442 443 444
I Center Parkslde Security Barthel Bus
Cedar Creek Oaks 1st CommercIal Bank of Garage Karston Psyk's
North AddItIOn Park Maple Lake TlF #9 Cove 7th AddItIOn
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
I 0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
I 0 0 0 0 0 0 0
0 0 0 0 0 0 0
2,359 3,890 106 102 235 683 544
I 23,166 19,432 0 0 0 2,583 8,802
2,063 3,080 0 0 0 220 137
720 500 0 0 0 0 0
I 0 0 0 0 0 0 0
0 0 0 0 0 0 0
28,308 26,902 106 102 235 3,486 9,483
I (28,308) (26,902) (106) (102) (235) (3,486) (9,483 )
0 0 0 0 0 0 0
I
(28,308) (26,902) (106) (102) (235) (3,486) (9,483)
I (43,731) (80,887) (2,441 ) (2,349) (5,399) (13,854) (7,378)
0 0 0 2,451 0 0 0
I $ (72,039) $ (107,789) $ (2.547) $ 0 $ (5,634) $ (17,340) $ (16.861)
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CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1999 I
With Comparative Totals for the Year Ended December 31 1998
(Contmued)
445 446 447 448 449 450 I
A1bertvl1\e 57th Street CSAH 19 62nd Street Albertvl1\e I
Crossmgs FIre Hall Improvement Improvemenl Improvement Villas
REVENUES
Property Taxes $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Special Assessments 0 0 0 0 0 0 I
Charges for Services 8,850 D 0 0 0 0
Miscellaneous Revenues -
Investment Income 181 6,958 0 0 0 0
Developer Reimbursements 0 0 160,503 0 0 0 I
Total Revenues 9,031 6,958 160,503 0 0 0
EXPENDITURES
Other 0 1,331 10,061 467 739 119
Capital Outlay - I
Engmeer Fees 300 45,299 97,039 57,222 51,580 5,456
Legal Fees 5,940 7,045 2,870 2,117 1,744 632
Other Professional Services 3,726 16,113 5,150 4,938 4,939 7,438
Land 0 0 0 0 0 0 I
Constructton Services 0 565,258 1,032,210 228,906 328,048 0
Total Expenditures 9,966 635,046 1,147,330 293,650 387,050 13,645
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (935) (628,088) (986,827) (293,650) (387,050) (13,645) I
OTHER FINANCING SOURCES
Bond Proceeds 0 769,894 936,017 352,662 453,721 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES (935) 141806 (50,810) 59,012 66,671 (13,645)
FUND BALANCE (DEFICIT) - January I 0 0 0 0 0 0 I
RESIDUAL EQUITY TRANSFERS 0 0 0 0 0 0
FUND BALANCE (DEFICIT) - December 31 $ (935) $ 141,806 $ (50,810) $ 59,012 $ 66,671 $ (13,645) I
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CITY OF ALBERTVILLE, MINNESOTA
ENTERPRISE FUNDS
Enterpnse Funds are establIshed to account for the financmg of self-supportmg activIties of
governmental umts whIch render servIces on a user charge basIs to the general publIc The most
umversal type of government enterpnse IS the publIc utilIty engaged m the prOVISIOn of such
basIc servIces as water, electnclty, and natural gas SanItary sewer systems financed by user
charges have also assumed the status of publIc utilIty operatIOns m many urban areas, and many
cIties have combmed water and sewer systems under the same management
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CITY OF ALBERTVILLE, MINNESOTA
ENTERPRISE FUNDS I
COMBINING BALANCE SHEET I
December 31, 1999
WIth ComparatIve Totals for December 31, 1998
601 I I 602 I I 604 I
Sarutary Storm I
ASSETS Sewer Water Water
CURRENT ASSETS
Cash and Cash EqUIvalents $ 0 $ 245,707 $ 161,223 I
Accounts ReceIvable 57,972 0 6,945
Due From Other Governments 34,897 9,098 85,169
Total Current Assets 92,869 254,805 253,337 I
FIXED ASSETS
Land 190,269 0 0 I
Sewer Plant and Lmes 3,741,108 0 0
Water Mam 0 296,263 0
Machmery and EqUIpment 98,194 13,532 0 I
ConstructIon In Progress 234,130 0 0
Total Cost 4,263,701 309,795 0
Less Accumulated DeprecIatIOn (835,167) (322) 0 I
Net FIxed Assets 3,428,534 309,473 0
TOTAL ASSETS $ 3,521,403 $ 564,278 $ 253,337
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LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Cash Overdraft $ 192,592 $ 0 $ 0 I
Accounts Payable 23,449 11,090 0
Current MaturItIes of Long-Term Debt 61,489 0 0
Total Current LIabIlItIes 277,530 11,090 0 I
LONG-TERM DEBT, LESS CURRENT PORTION
G 0 Revenue Notes - PF A 1,111,624 0 0 I
Total LiabIlItIes 1,389,154 11,090 0
FUND EQUITY I
Contnbuted CapItal 2,057,256 296,263 0
Retamed Earmngs - I
Reserved for Operatmg CapItal 97,894 0 0
Unreserved (22,90 I) 256,925 253,337
Total Fund EqUIty 2,132,249 553,188 253,337
TOTAL LIABILITIES AND I
FUND EQUITY $ 3,521,403 $ 564,278 $ 253,337
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I Totals
1999 1998
I $ 406,930 $ 126,725
64,917 91,420
129,164 83,333
I 601,011 301,478
I 190,269 190,269
3,741,108 3,552,460
296,263 0
I 111,726 84,663
234,130 41,006
4,573,496 3,868,398
I (835,489) (757,947)
3,738,007 3,110,451
I $ 4,339,018 $ 3,411,929
I $ 192,592 $ 35,340
34,539 9,779
61,489 59,496
I 288,620 104,615
I 1,111,624 1,173,176
1,400,244 1,277,791
I 2,353,519 1,868,608
I 97,894 97,894
487,361 167,636
2,938,774 2,134,138
I
$ 4,339,018 $ 3,411,929
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CITY OF ALBERTVILLE, MINNESOTA
ENTERPRISE FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENSES AND I
CHANGES IN RETAINED EARNINGS
Year Ended December 31, 1999
WIth Comparative Totals for the Year Ended December 31, 1998 I
601 I I 602 I l 604 I
Samtary Storm
Sewer Water Water
OPERATING REVENUES I
Charges for ServIces $ 239,248 $ 38,750 $ 53,689
Water AvaIlabIlIty Charges 0 36,431 0 I
Penalties 16,398 0 1,050
Total Operatmg Revenues 255,646 75,181 54,739
OPERATING EXPENSES I
SalarIes and Benefits 821 821 0
RepaIrs and Mamtenance 5,673 7,437 4,950 I
Engmeer Fees 0 0 9,915
Legal Fees 110 0 55
SupplIes 4,368 2,645 306 I
ProfessIonal ServIces 103,250 0 525
Insurance 3,557 387 0
DeprecIatIOn 77,220 322 0
MIscellaneous 498 0 0 I
Total Operatmg Expenses 195,497 11,612 15,751
OPERATING INCOME 60,149 63,569 38,988 I
NON-OPERATING REVENUES
(EXPENSES) I
Water Meter Sales 0 21,052 0
Interest Income (Expense) (2,182) 11,000 6,216
Bond Interest Expense and FIscal Charges (40,371) 0 0 I
Water Meter Purchases 0 (7,164) 0
Total Non-Operatmg Revenues
(Expenses) (42,553) 24,888 6,216 I
NET INCOME 17,596 88,457 45,204
RETAINED EARNINGS - January 1 57,397 0 208,133 I
RESIDUAL EQillTY TRANSFER 0 168,468 0
RETAINED EARNINGS - December 31 $ 74,993 $ 256,925 $ 253,337 I
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CITY OF ALBERTVILLE, MINNESOTA
ENTERPRISE FUNDS I
COMBINING STATEMENT OF CASH FLOWS I
Year Ended December 31, 1999
WIth ComparatIve Totals for the Year Ended December 31, 1998
601 I I 602 I I 603 I
Samtary Storm I
Sewer Water Water
CASH FLOWS FROM OPERATING ACTIVITIES
OperatIng Income $ 60,149 $ 63,569 $ 38,988
Adjustments to ReconcIle OperatIng Income to I
Net Cash ProvIded (Used) by OperatIng ActIvItIes
DeprecIatIon 77 ,220 322 0
Change In Assets and LIabIlItIes I
(Increase) Decrease In Accounts ReceIvable 25,676 0 827
(Increase) In Due From Other Governments (34,897) (9,098) (1,836)
Increase (Decrease) In Accounts Payable 23,367 11,090 (9,697) I
Total Adjustments 91,366 2,314 (10,706)
Net Cash PrOVIded by OperatIng ActIVItIes 151,515 65,883 28,282
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES I
ReSIdual EqUIty Transfers In 0 168,468 0
CASH FLOWS FROM CAPITAL AND RELATED FINANCING I
ACTIVITIES
PnncIpal Payments on Bonds (59,559) 0 0
Interest and FIscal Charges PaId on Bonds (40,371) 0 0 I
Proceeds from Sales of Water Meters 0 21,052 0
AcqUISItIon of Water Meters 0 (7,164) 0
AcqUISItIon of FIXed Assets (206,655) (13,532) 0 I
Net Cash (Used) by CapItal and Related FInancIng ActIVItIes (306,585) 356 0
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES I
Interest on Investments (2,182) 11 ,000 6,216
Net Increase (Decrease) In Cash and Cash EqUIvalents (157,252) 245,707 34,498
Cash and Cash EqUIvalents, January 1 (35,340) 0 126,725 I
Cash and Cash EqUIvalents, December 31 $ (192,592) $ 245.707 $ 161,223 I
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CITY OF ALBERTVILLE, MINNESOTA
GENERAL LONG-TERM DEBT
ACCOUNT GROUP
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General oblIgatIOn bonds and other forms oflong-term debt supported by general revenues are
oblIgatIons of a governmental umt as a whole and not Its mdIvIdual constItuent funds
Moreover, the proceeds of such debt may be spent on facIlItIes whIch are utIlIzed m the
operatIOns of several funds For these reasons the amount of unmatured, long-term mdebtedness
WhICh IS backed by the full froth and credIt of the government should be recorded and accounted
for m a separate self-balancmg group of accounts tItled the "General Long-Term Debt Group of
Accounts" ThIS debt group WIll mclude, m addItIon to conventIOnal general oblIgatIOn bonds,
tIme warrants and notes whIch have a maturIty of more than one year from date of Issuance
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CITY OF ALBERTVILLE, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1999 and 1998
1999 1998
$ 371,218 $ 356,509
3,078,782 738,491
$ 3,450,000 $ 1 ,095,000
$ 15,000 $ 30,000
60,000 85,000
30,000 45,000
155,000 185,000
215,000 280,000
100,000 120,000
255,000 350,000
860,000 0
1,760,000 0
$ 3,450,000 $ 1,095,000
AMOUNT AVAILABLE AND TO BE PROVIDED
FOR PAYMENT OF GENERAL LONG-TERM DEBT
Amount AvaIlable m Debt ServIce Funds
Amount to be ProvIded for Retirement of
General Long-Term Debt
TOTAL AVAILABLE AND TO BE PROVIDED
GENERAL LONG-TERM DEBT
G 0 Advance Refundmg and Improvement Bond of 1988
G 0 Refundmg Bond of 1989
G 0 Refundmg Improvement Bond of 1992
G 0 Improvement Bonds, Senes 1992A
G 0 Improvement Refundmg Bonds, Senes 1993A
G 0 Improvement Refundmg Bonds, Senes 1993C
G 0 Tax Increment Bonds, Senes 1996A
Lease Revenue Bonds - PublIc FacIlIty, 1999
G 0 Improvement Bonds, Senes 1999 A
TOTAL GENERAL LONG-TERM DEBT
60
61
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CITY OF ALBERTVILLE, MINNESOTA
INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH MINNESOTA STATUTES
June 29,2000
Honorable Mayor and CIty CouncIl
CIty of AlbertvIlle
AlbertvIlle, Mmnesota
We have audIted the general purpose finanCIal statements of the CIty of AlbertvIlle as of and for
the year ended December 31, 1999, and have Issued our report thereon dated March 16, 2000
We conducted our audIt m accordance wIth generally accepted audItmg standards and the
provIsIons of the Mznnesota Legal Complzance Audzt GUide for Local Government, promulgated
by the Legal ComplIance Task Force pursuant to Mznnesota Statute Sec 6 65 Accordmgly, the
audIt mcluded such tests ofthe accountmg records and such other audItmg procedures as we
conSIdered necessary m the CIrcumstances
The Mznnesota Legal Complzance Audlt Gulde for Local Government covers five mam
categones of complIance to be tested contractmg and bIddmg, depOSIts and mvestments,
conflIcts of mterest, publIc mdebtedness, and claims and dIsbursements Our study mcluded all
ofthe lIsted categones
The results of our tests mdIcate that for the Items tested the City complIed WIth the matenal
terms and condItions of applIcable legal provlSlons, except as descnbed on the followmg page
ThIS report IS mtended solely for the mformatIon and use of management, City CouncIl, and state
regulatory and oversIght agenCIes and IS not mtended to be, and should not be, used by anyone
other than those speCIfied partIes
~" I D~ W'.t,14-!,lA.J I t/ ~. i--I-d.
Kern, DeWenter, VIere, Ltd
St Cloud, MInnesota
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CITY OF ALBERTVILLE MINNESOTA
FINDINGS AND CORRECTIVE ACTION PLANS ON
COMPLIANCE WITH MINNESOTA STATUTES
Year Ended December 31, 1999
CURRENT YEAR FINDING
In 1992, the Federal Court Appeals stated three steps are reqUIred to perfect a secunty
mterest m the pledge of collateral under federal law
1 The assIgnment must be m wntmg
2 The deposItory's board of dIrectors or loan commIttee must have approved the
asSIgnment
3 The asSIgnment needs to have been contmuously, from the tIme of ItS executIon, an
offiCIal record of the deposItory
WIthout perfectIon, there IS a pOSSIbIlIty the assIgnment could be defeated If the deposItory
falls Currently, Mznnesota Statutes reqUIres the first perfectIOn step The second and thIrd
steps reqUIre a government entIty to obtam a certIficatIOn of adoptIOn of the depOSItory's loan
commIttee or board's resolutIon ThIs resolutIon states the detaIls ofthe pledge as speCIfied
m the asSIgnment and pledges the resolutIOn shall be an offiCIal record of the mstItutIon
ThIS certIficatIOn IS to be SIgned by the secretary and preSIdent or other officer of the
depOSItory
To ensure the CIty'S collateral IS perfected under federal law, we recommend the CIty obtam
mmutes from ItS officIal depOSItory or a board resolutIon outlmmg the collateral pledged to
the CIty
CORRECTIVE ACTION PLAN (CAP)
1 ExplanatIOn of DISagreement WIth AudIt Fmdmg
There IS no dIsagreement WIth the audIt findmg
2 ActIOns Planned m Response to Fmdmg
The CIty WIll perfect a secunty mterest m ItS pledged collateral
3 OfficIal ResponSIble for Ensunng CAP
Lmda Goeb, CIty AdmmIstrator, IS responSIble for ensunng the correctIve actIon ofthe
defiCIency
4 Planned CompletIon Date for CAP
The planned completIOn date for the CAP IS December 31, 2000
5 Plan to Momtor CompletIon of CAP
The John Olson, Mayor, and the CIty CounCIl WIll be momtonng thIS correctIve actIon
plan
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CITY OF ALBERTVILLE, MINNESOTA
FINDINGS AND CORRECTIVE ACTION PLANS ON
COMPLIANCE WITH MINNESOTA STATUTES
Year Ended December 31, 1999
(Contmued)
PRIOR YEAR FINDING
Collateral
Mmnesota Statutes Sec 11801 and 118 10, provIde that all deposIts wIth financIal
mstItutIOns must be collateralIzed m an amount equal to 110% of deposIts m excess of FDIC
msurance The deposIts of the CIty at December 31, 1998, were unsecured as follows
110% of DeposIts m
Excess of FDIC at
December 31, 1998
Market Value
of Collateral at
December 31, 1998
Unsecured
State Bank of Rogers
$
558,617
$
504,115
$ 54,502
CORRECTIVE ACTION TAKEN
The CIty obtamed adequate collateral