2000 Audited Financial Statements
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
TABLE OF CONTENTS
ELECTED OFFICIALS AND ADMINISTRATION
INDEPENDENT AUDITORS' REPORT
GENERAL PURPOSE FINANCIAL STATEMENTS -
CombIned Balance Sheet - All Fund Types and Account Groups
CombIned Statement of Revenues, ExpendItures and Changes In Fund Balance -
All Governmental Fund Types
CombIned Statement of Revenues, ExpendItures and Changes In Fund Balance -
Budget and Actual - General and SpeCIal Revenue Fund Types
CombIned Statement of Revenues, Expenses and Changes In RetaIned Earmngs -
All Propnetary Fund Types
CombIned Statement of Cash Flows - All Propnetary Fund Types
Notes to the FInancIal Statements
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP FINANCIAL
STATEMENTS -
General Fund -
ComparatIve Balance Sheet
Statement of Revenues, ExpendItures and Changes In Fund Balance - Budget
and Actual
SpeCIal Revenue Funds -
CombInIng Balance Sheet
CombInIng Statement of Revenues, ExpendItures and Changes In Fund
Balance
Debt ServIce Funds
CombInIng Balance Sheet
CombInIng Statement of Revenues, ExpendItures, and Changes In Fund
Balance
CapItal Projects Funds -
CombInIng Balance Sheet
CombInIng Statement of Revenues, ExpendItures and Changes In Fund
Balance
Enterpnse Funds -
CombInIng Balance Sheet
CombInIng Statement of Revenues, Expenses, and Changes In RetaIned
EarnIngs
CombInIng 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
1
2
4
5
6
7
8
9
38
39
43
44
45
47
49
52
55
56
57
58
59
60
61
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Elected Officials
John Olson
Robert Gundersen*
John Vetsch
Gary McCormack
KeIth Franklm
Appomted
Lmda Goeb
CITY OF ALBERTVILLE, MINNESOTA
ELECTED OFFICIALS AND ADMINISTRATION
December 31, 2000
PosItIon
Term ExpIres
Mayor
CouncIl Member
CouncIl Member
CouncIl Member
CouncIl Member
December 31, 2000
December 31, 2002
December 31,2000
December 31, 2000
December 31, 2000
AdmImstrator
Indefimte
* Robert Gunderson resIgned December 31, 2000
1
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
~~ =1 Kern, OeWenter, Viere, Ltd.
.~--'" Cerltfted Public Accountants
INDEPENDENT AUDITORS' REPORT
August 2, 2001
Honorable Mayor and CIty CouncIl
CIty of AlbertvIlle
AlbertvIlle, MInnesota
We have audited the accompanymg general purpose financial statements of the CIty of
AlbertvIlle, MInnesota, as of and for the year ended December 31, 2000, as lIsted m the table of
contents These general purpose financial statements are the responsIbIlIty of the CIty'S
management Our responsIbIlIty IS to express an opInIon on these general purpose fmancIal
statements based on our audIt
Except as dIscussed m the folloWIng paragraph, we conducted our audit in accordance With
audItmg standards generally accepted m the Umted States of Amenca Those standards reqUIre
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 examImng, 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 sIgnIficant
estImates made by management, as well as evaluatIng the overall general purpose fmancIal
statement presentatIon We belIeve that our audit provIdes a reasonable basIS for our opImon
Because the CIty does not mamtam adequate mstoncal cost fixed asset accountIng records, It was
not practIcable to extend our auditIng procedures to enable us to express, and we do not express,
an opImon on the balance sheet of the general fixed asset account group as of December 31,
2000
In our opInIon, 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
fmancial statements referred to above present faIrly, m all matenal respects, the finanCIal
pOSItion of the CIty of AlbertvIlle, MInnesota, as of December 31,2000, and the results of ItS
operatIons and cash flows of ItS propnetary fund types for the year then ended m confOrmIty WIth
accountmg pnncIples generally accepted In the Umted States of Amenca
7100 Northland Circle No, SUite 119
Mmneapo!Js, MN 55428-1500
763-537-3011 · Fax 763-537-9682
220 Park Avenue South, PO Box 1304
St Cloud, MN 56302
320-251-7010 · Fax 320-251-1784
2
www kdv com
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Our audIt was performed for the purpose of formIng an OpInIOn on the general purpose financIal
statements taken as a whole The combImng and IndIVIdual fund financIal statements lIsted In
the table of contents are presented for purposes of addItional analysIs and are not a reqUired part
of the general purpose financIal statements of CIty of AlbertVIlle, MInnesota Such Information
has been subjected to the audItIng procedures applIed In the audIt ofthe general purpose
financIal statements and, In our OpInIOn, IS faIrly stated In all matenal respects In relatIOn to the
general purpose finanCIal statements taken as a whole
+(.t/l., I\.. I ~ M Jc-~, vi u-u I L-ft:.!
Kern, DeWenter, VIere, Ltd
St Cloud, MInnesota
3
CITY OF ALBERTVILLE, MINNESOTA
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 2000
Governmental Fund Types
Special Debt
ASSETS AND OTHER DEBITS General Revenue ServIce
Assets
Cash and Investments (Inc1udmg Cash
EqUIvalents) $ 1,215,241 $ 3,545,057 $ 915,291
Cash m Trust 0 0 2,342
RestrIcted Cash m Trust 0 0 82,027
Taxes ReceIvable -
DelInquent 19,369 0 2,875
SpecIal Assessments ReceIvable -
Deferred 0 0 1,131,027
DelInquent 0 0 264,560
Accounts ReceIvable 0 0 0
Interest ReceIvable 8,521 0 0
Due from Other Governmental Umts 4,487 0 1,955
Notes ReceIVable 0 124,373 0
FIxed Assets - Net 0 0 0
Other DebIts
Amount AvaIlable m Debt ServIce Funds 0 0 0
Amount to be ProvIded for RetIrement of
General Long-Term Debt 0 0 0
TOTAL ASSETS AND
OTHER DEBITS $ 1,247,618 $ 3,669,430 $ 2,400,077
LIABILITIES, EQUITY AND OTHER CREDITS
LiabIlItIes
Cash Overdraft
Accounts Payable
Contracts and Retamages Payable
Accrued Payroll Taxes and Benefits
Due to Other Governments
Deferred Revenue
Bonds Payable
Revenue Notes Payable
CapItal Leases Payable
Total LiabIlItIes
$ 0 $ 2,816 $ 183,954
576,649 1,040 0
0 0 0
9,856 0 0
22,586 0 0
19,369 124,373 1,398,462
0 0 0
0 0 0
0 0 0
628,460 128,229 1,582,416
0 0 0
0 0 0
0 0 0
0 0 0
0 0 851,110
700,000 234,364 150,415
(80,842) 3,306,837 (183,864)
619,158 3,541,201 817,661
$ 1,247,618 $ 3,669,430 $ 2,400,077
EqUIty and Other CredIts
Investment m General FIxed Assets
Contnbuted CapItal
Retamed Earnmgs -
Reserved
Unreserved
Fund Balance -
Reserved
Unreserved -
DeSIgnated
UndesIgnated
Total EqUIty and Other CredIts
TOTAL LIABILITIES, EQUITY
AND OTHER CREDITS
The notes to the financIal statements are an mtegral part of thIS statement
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I Propnetary
Fund Type Account Groups
General
I FIXed General Totals
CapItal Assets Long-Term (Memorandum Only)
Projects Enterpnse (UnaudIted) Debt 2000 1999
I $ 1,777,554 $ 840,579 $ 0 $ 0 $ 8,293,722 $ 4,644,972
817,972 0 0 0 820,314 779,076
I 0 0 0 0 82,027 77 ,904
0 0 0 0 22,244 21,929
I 12,000 0 0 0 1,143,027 1,809,596
0 0 0 0 264,560 30,878
0 174,845 0 0 174,845 225,420
0 0 0 0 8,521 7,710
I 0 124,926 0 0 131,368 130,157
0 0 0 0 124,373 137,676
0 5,023,920 1,098,083 0 6,122,003 4,700,900
I 0 0 0 817,661 817,661 371,218
0 0 0 5,087,816 5,087,816 3,078,782
I $ 2,607,526 $ 6,164,270 $ 1,098,083 $ 5,905,477 $ 23,092,481 $ 16,016,218
I $ 1,860,305 $ 123,980 $ 0 $ 0 $ 2,171,055 $ 1,365,961
65,914 4,917 0 0 648,520 533,942
I 217,505 0 0 0 217,505 271,273
0 0 0 0 9,856 6,271
0 231,940 0 0 254,526 0
I 12,000 0 0 0 1,554,204 2,000,079
0 0 0 5,810,000 5,810,000 3,450,000
0 1,111,623 0 0 1,111,623 1,173,113
0 0 0 95,477 95,477 0
I 2,155,724 1,472,460 0 5,905,477 11,872,766 8,800,639
0 0 1,098,083 0 1,098,083 962,893
I 0 3,752,497 0 0 3,752,497 2,353,519
0 0 0 0 0 97,894
I 0 939,313 0 0 939,313 487,361
0 0 0 0 851,110 436,948
I 1,557,346 0 0 0 2,642,125 1,377,588
(1,105,544) 0 0 0 1,936,587 1,499,376
451,802 4,691,810 1,098,083 0 11,219,715 7,215,579
I $ 2,607,526 $ 6,164,270 $ 1,098,083 $ 5,905,477 $ 23,092,481 $ 16,016,218
I 4
CITY OF ALBERTVILLE, MINNESOTA I
COMBINED STATEMENT OF REVENUES, EXPENDITURES, I
AND CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 2000
Governmental Fund Types I
SpecIal Debt
General Revenue ServIce I
REVENUES
Taxes $ 673,683 $ 0 $ 216,175
SpecIal Assessments 0 0 534,237
LIcenses and PermIts 166,352 0 0 I
Intergovernmental Revenues 258,476 7,529 0
Charges for ServIces 71,521 929,795 9,908
FInes 0 0 0 I
MIscellaneous Revenues 24,591 198,775 46,639
Total Revenues 1,194,623 1,136,099 806,959
EXPENDITURES I
Current -
General Government 480,339 0 0
PublIc Safety 219,975 0 0 I
PublIc Works 369,387 0 0
SamtatIon 22,861 0 0
Culture and RecreatIon 110,432 23,759 0
EconomIc Development 5,362 0 0 I
MIscellaneous 0 153 2,629
CapItal Outlay 0 0 0
Debt ServIce - I
PnncIpal 27,617 0 190,000
Interest and FIscal Charges 0 0 167,887
Total ExpendItures 1,235,973 23,912 360,516 I
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (41,350) 1,112,187 446,443
OTHER FINANCING SOURCES (USES) I
Sale of General FIxed Assets 3,056 0 0
CapItal Lease Proceeds 123,094 0 0 I
OperatIng Transfers In 144,996 0 0
OperatIng Transfers Out 0 (144,996) 0
Bond Proceeds 0 0 0
Total Other FInanCIng Sources (Uses) 271,146 (144,996) 0 I
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER) I
EXPENDITURES AND OTHER FINANCING USES 229,796 967,191 446,443
FUND BALANCE - January 1, (as prevIOusly stated) 389,362 2,574,010 371,218
I
PRIOR PERIOD ADmSTMENT 0 0 0
FUND BALANCE - January 1, (as restated) 389,362 2,574,010 371,218 I
RESIDUAL EQUITY TRANSFER 0 0 0
FUND BALANCE - December 31 $ 619,158 $ 3,541,201 $ 817,661 I
The notes to the finanCIal statements are an mtegra1 part of thIS statement
I
I
I
I Totals
CapItal (Memorandum Only)
I Projects 2000 1999
$ 68,792 $ 958,650 $ 763,388
3,120 537,357 160,254
I 0 166,352 121,839
0 266,005 329,773
13,250 1,024,474 707,925
I 0 0 152
45,134 315,139 369,237
130,296 3,267,977 2,452,568
I
0 480,339 249,895
I 0 219,975 343,922
0 369,387 188,412
0 22,861 18,573
0 134,191 252,807
I 0 5,362 75,924
41,246 44,028 91,349
2,166,570 2,166,570 2,638,914
I 0 217,617 265,000
0 167,887 56,793
I 2,207,816 3,828,217 4,181,589
(2,077,520) (560,240) (1,729,021)
I
0 3,056 501
I 0 123,094 0
0 144,996 0
0 (144,996) 0
2,550,000 2,550,000 2,595,387
I 2,550,000 2,676,150 2,595,888
I 472,480 2,115,910 866,867
(20,678) 3,313,912 2,815,847 ~
I
0 0 (200,334)
I (20,678) 3,313,912 2,615,513
0 0 (168,468)
I $ 451 ,802 $ 5,429,822 $ 3,313,912
5
I
CITY OF ALBERTVILLE, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL -
GENERAL AND SPECIAL REVENUE FUND TYPES
Year Ended December 31, 2000
Budget
REVENUES
Taxes
LIcenses and PermIts
Intergovernmental Revenues
Charges for ServIces
FInes
MIscellaneous Revenues
Total Revenues
$ 669,611
82,750
247,323
48,440
100
25,950
1,074,114
EXPENDITURES
Current -
General Government
PublIc Safety
PublIc Works
SamtatIon
Culture and RecreatIon
EconomIc Development
MIscellaneous
Debt ServIce -
PnncIpal
Total ExpendItures
264,595
261,147
273,622
20,540
135,170
5,300
o
o
960,374
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES
OTHER FINANCING SOURCES (USES)
Sale of General FIxed Assets
CapItal Lease Proceeds
OperatIng Transfers Out
OperatIng Transfers In
Total Other FInanCIng Sources (Uses)
113,800
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES
$ 113,800
FUND BALANCE - January 1
FUND BALANCE - December 31
The notes to the financIal statements are an Integral part of thIS statement
General Fund
Actual
$ 673,683
166,352
258,476
71,521
o
24,591
1,194,623
480,339
219,975
369,387
22,861
110,432
5,362
o
27,617
1,235,9~
(41,350)
o
o
o
o
o
3,056
123,094
o
144,996
271,146
229,796
389,362
$ 619,158
Over
(Under)
Budget
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
$ 4,072
83,602
11,153
23,081
(100)
(1,359)
120,449
215,744
(41,172)
95,765
2,321
(24,738)
62
o
27,617
275,599
(155,150)
3,056
123,094
o
144,996
271,146
$ 115,996
I
CITY OF ALBERTVILLE, MINNESOTA I
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
Year Ended December 31, 2000 I
WIth Comparative Totals for the Year Ended December 31, 1999
Totals I
2000 1999
OPERATING REVENUES I
Charges for ServIces $ 486,580 $ 331,687
Water Trunk Fees 77,055 0
Water AvaIlabIlIty Charges 84,000 36,431 I
Penalties 7,535 17,448
Total OperatIng Revenues 655,170 385,566
OPERATING EXPENSES I
Salanes and Benefits 55,507 1,642
RepaIrs and MaIntenance 13,538 18,060 I
EngIneer Fees 0 9,915
Legal Fees 0 165
SupplIes 62,296 7,319
ProfeSSIOnal ServIces 35,026 103,775 I
Insurance 8,368 3,944
UtilIties 19,047 0
DepreCIation 92,374 77,542 I
MIscellaneous 496 498
Total OperatIng Expenses 286,652 222,860
OPERATING INCOME 368,518 162,706 I
NON-OPERATING REVENUES (EXPENSES) I
Water Meter Sales 15,155 21,052
Interest Income 22,144 15,034
Interest Expense and FIscal Charges (38,441) (40,371) I
Water Meter Purchases (13,318) (7,164)
Total Non-OperatIng Revenues (Expenses) (14,460) (11,449)
NET INCOME 354,058 151,257 I
RETAINED EARNINGS - January 1 585,255 265,530
RESIDUAL EQUITY TRANSFER 0 168,468 I
RETAINED EARNINGS - December 31 $ 939,313 $ 585,255 I
I
The notes to the finanCIal statements are an Integral part OfthIS statement I
7
I
I
I CITY OF ALBERTVILLE, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRffiTARY FUND TYPES
I Year Ended December 31,2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
I Totals
2000 1999
I CASH FLOWS FROM OPERATING ACTIVITIES
Operatmg Income $ 368,518 $ 162,706
Adjustments to ReconcIle Operatmg Income to
I Net Cash ProvIded by Operatmg ActIvItIes
DepreCIatIOn 92,374 77,542
Change m Assets and LIabIlItIes
I (Increase) Decrease m Accounts ReceIvable (109,928) 26,503
(Increase) Decrease m Due from Other Governments 4,238 (45,831)
Increase m Accounts Payable (29,622) 24,760
Increase m Due to Other Governments 231,940 0
I Total Adjustments 189,002 82,974
Net Cash ProvIded by Operatmg ActIvItIes 557,520 245,680
I CASH FLOWS FROM NONCAPIT AL FINANCING ACTIVITIES
ResIdual EqUIty Transfers In 0 168,468
I CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
I PnncIpal Payments on Bonds (61,490) (59,559)
Interest and FIscal Charges PaId on Bonds (38,441) (40,371)
Proceeds from Sales of Water Meters 15,155 21,052
I AcqulSltIon of Water Meters (13,318) (7,164)
AcqUISItIon of FIxed Assets 20,691 (220,187)
Net Cash (Used) by CapItal and Related Fmancmg ActIVItIes (77,403) (306,229)
I CASH FLOWS FROM INVESTING ACTIVITIES
Investment Income ReceIved 22,144 15,034
I Net Increase m Cash and Cash EqUIvalents 502,261 122,953
Cash and Cash EqUIvalents, January 1 214,338 91,385
I Cash and Cash EqUIvalents, December 31 $ 716,599 $ 214,338
I
I
I The notes to the finanCIal statements are an mtegral part of thIS statement
8
I
9
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The CIty of AlbertvIlle, Mmnesota, has a mayor-councIl fornl of government A mayor and four
councIl members are elected by the voters ofthe CIty for two-year and four-year terms,
respectIvely
The accountmg polIcIes ofthe CIty conform to accountmg pnncIples generally accepted m the
Umted States of Amenca 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
applIed all applIcable Governmental Accountmg Standards Board (GASB) pronouncements as
well as FmancIal Accountmg Standards Board (FASB) pronouncements, Accountmg PnncIples
Board (APB) OpImons, Issued on or before November 30, 1989 unless those pronouncements
conflIct WIth or contradIct GASB pronouncements
A FmancIaI Reportmg EntIty
The financIal statements present the CIty and Its component unIts The CIty mcludes all
funds, account groups, organIzatIOns, mstItutIOns, agencIes, departments, and offices that are
not legally separate from such Component umts are legally separate organIzatIOns 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 orgamzatIon, 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 umt defimtIon cntena above, certam organIzatIOns are
presented m thIS report as follows
· Blended Component Umts - Reported as If they were part of the CIty
· DIscretely Presented Components Umts - EntaIls reportmg the component unIt
financIal data m a column separate from the financIal data ofthe CIty
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A FmancIaI Reportmg EntIty (Contmued)
· Related OrganIzatIOn - The relatIonshIp of the CIty WIth entIty IS dIsclosed
· Jomt Ventures and Jomtlv Governed OrganIzatIons - The relatIOnshIp ofthe 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 OrganIzatIOn
None
Jomt Ventures and Jomtly Governed OrganIzatIOns
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
AdmmIstratIOn (EDA) Water revenue bonds were Issued m the name ofthe 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 pnncIpal 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 ofSt 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 ofthe Jomt Powers Board
10
11
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
II
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A FmancIaI Reportmg Entity (Contmued)
Jomt Ventures and Jomtly Governed OrganIzations (Contmued)
Jomt Powers Board Water Fund (Contmued)
A summary ofthe financIal mformatIOn ofthe Jomt Powers Board Water Fund for the
year ended December 31, 1999 (2000 mformatIOn IS not avaIlable) IS
Total LIabIlIties and EqUIty
$ 11,001,738
$ 7,653,778
3,347,960
$ 11,001,738
Total Assets
Total LiabIlIties
Total EqUIty
Total Revenues
Operatmg Expenses
Other Income and Expenses
$
436,333
533,581
460,065
Net Income
$
362,817
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 a Jomt powers agreement wIth the
CIty of St MIchael and Independent School DIStrICt # 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 ofthe 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 ofthe 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-thud of any projected shortfall m
annual revenues aVailable for the operatIOn and mamtenance of the Ice arena
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
A FmancIaI Reportmg EntIty (Contmued)
Jomt Ventures and Jomtly Governed OrganIzatIOns (Contmued)
St Mlchael- AlbertvIlle Ice Arena (Contmued)
Dunng 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 2000 and 1999, the CIty
dId not make any contnbutIOns nor receIve any payments on the loan
A summary of the finanCIal mformatIon of the STMA Arena for the year ended
June 30, 1999 (2000 mformatIon IS not avaIlable) 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 orgarnzed on the baSIS of funds and account groups, each of
whIch 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 VarIOUS funds are
grouped, m the financIal statements m thIS report, mto five genenc fund types and two broad
fund categones, descnbed below
12
13
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
B Fund Accountmg (Contmued)
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 restrIcted to
expendItures for speCIfied purposes
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)
Propnetarv 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 penodIc 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
sanItary 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
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
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
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--wmch are certam Improvements other than
bUIldmgs, mcludmg roads, curbs and gutters, streets and sIdewalks, dramage systems, and
IIghtmg systems--are not capItalIzed by the CIty No deprecIation has been provIded on
general fixed assets
All fixed assets are valued at theIr hIstoncal cost or estimated hIstoncal cost If actual cost IS
not aVailable 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 recogmzed 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
ThIS 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 operatmg 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-Ime method The estimated useful lIves of the fixed assets range from five to
fifty years
14
15
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
D BasIs of Accountmg
BaSIS of accountmg refers to when revenues and expendItures or expenses are recognIzed m
the accounts and reported m the financIal statements B~IS of accountmg relates to the
tImmg of the measurement made, regardless ofthe measurement focus applIed
All governmental funds are accounted for usmg the modIfied accrual baSIS of accountmg, m
whIch revenues are recognIzed when they become measurable and aVaIlable as net current
assets
The CIty conSIders property taxes as avaIlable If they are collected wlthm 60 days after year
end A one-year avaIlabIlIty penod IS used for revenue recognItIon for all other
governmental fund revenues ExpendItures are recorded when the related fund lIabIlIty IS
mcurred 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 delmquencles
The CIty reports deferred revenue on the combmed balance sheet Deferred revenues anse
when a potentIal revenue does not meet both the "measurdble" and "aVaIlable" cntena for
recognItIon m the current penod Deferred revenues also anse 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 pnnclpal
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 recognIzed when they are mcurred
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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 establIshIng the budgetary data reflected m the financIal
statements
1 Budget requests are submItted by all department heads to the CIty Admlmstrator The
CIty Admmlstrator complIes the budget requests mto an overall prelImmary CIty budget
2 The CIty Admlmstrator 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 2000
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
prOVlSlons 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 accountmg
pnnclples generally accepted m the Umted States of Amenca AImual 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 31,2000, no outstandmg encumbrances eXIsted
G Cash and Investments (lnc1udmg Cash EQUIValents) (See Note 3)
Cash balances from all funds are combmed and mvested to the extent aVailable m authonzed
mvestments Earmngs from such mvestments are allocatee:. to the respective funds on the
baSIS of applIcable cash balance partIcIpation by each fund
Investments that have a remammg matunty of one year or less at the time of purchase are
stated at amortIzed cost Long-term mvestments are those that have a remammg matunty of
over one year at the tIme of purchase and are stated at fair value
16
17
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31,2000
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 of propnetary fund types, cash eqUIvalents are
defined as short-term, lughly lIqUId mvestments that are both
a readIly convertIble to known amounts of cash, or
b so near theIr matunty that they present mSIgnIficant 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 matuntIes of three months or less
H Taxes ReceIvable
Delmquent taxes receIvable represent the past SIX years of uncollected tax levIes
I SpecIal Assessments ReceIvable
Delmquent 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 2001 and years thereafter
J Loans ReceIvable
Loans receIvable represent loans made to local busmesses for the purpose of economIC
development
K Deferred Revenue
Deferred revenue represents delInquent taxes, delmquent and deferred assessments
receIvable, and loans receIvable ThIS revenue IS deferred untIl It IS measurable and aVaIlable
as net current assets
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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 maxrmum 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 begmmng 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 pen ods
- 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 WhICh IS aVaIlable
for budgetmg and expendmg m future pen ods
18
19
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (ContInued)
N Revenues. ExpendItures and Expenses
1 Revenues
Property taxes and specIal assessment pnncIpal and Interest are recognIzed as revenue
when measurable and avaIlable
Intergovernmental revenues are reported under the legal and contractual reqUIrements of
the IndIVIdual programs
LIcenses and permIts, charges for servIces, fines and forfeItures, and mIscellaneous
revenues (except Investment earnIngs) are recorded as revenues when measurable and
aVailable Investment earnIngs 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 collectIng agency for the levy and remIts the collections to the CIty
three times a year Taxes not collected as of December 31 each year are shown as
delInquent taxes receIvable
December 28 IS the last day the City can certIfy a tax levy to the County AudItor for
collection the follOWIng year Such taxes become a lIen on the follOWIng January 1
The County AudItor prepares the tax lIst for all taxable property In the CIty, applymg the
applIcable tax rate to the tax capaCIty of IndIVIdual propertIes, to amve at the actual tax
for each property The County AudItor also collects all speCIal assessments, except for
certaIn prepayments paid dIrectly to the City The County AudItor submIts a lIst oftaxes
to be collected on each parcel of property to the County Treasurer In January of each
year
The County Treasurer collects all taxes and IS requlled 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 reqUIred to pay one-half oftheIr real estate
taxes due by May 15 and the balance by October 15
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FrnANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTrnG POLICIES (Contmued)
N Revenues, ExpendItures and Expenses (Contmued)
2 Property Tax CollectIon Calendar (Contmued)
Iftaxes 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 paId by
October 15, a 2% penalty per month IS added to homesteaded property and 4% per month
to non-homesteaded property untIl January 1 If the 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
20
21
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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 ACCOUNT ABILITY
A Fund Balance DeficIts
The folloWing funds had deficIt fund balances at December 31, 2000
SpecIal Revenue Fund -
CMIF
Debt ServIce Funds -
1988 Refundmg Bonds
1996A G 0 TIF Bonds
CapItal Projects Funds -
TIF #6 - Fraser Steel
TIF #10 - Mold-Tech
TIF #11 - Land of Lakes TIle
Barthel IndustrIal Dnve & 52nd Street
North Frontage Road
Summerfield AddItion
NE Sewer and Water ExtenSIOn
CSAH 19/37 IntersectIOn
ParksIde 3rd AddItion
ParksIde 4th AddItion
Cottages of AlbertvIlle TIF # 7
$ 2,816
157,317
26,547
25
9,236
18,055
40,235
964
22,350
9,136
20,393
18,264
30,619
29,157
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 2 - STEWARDSHIP. COMPLIANCE AND ACCOUNTABILITY (Contmued)
A Fund Balance DeficIts (Contmued)
CapItal Projects Funds - (Contmued)
Cedar Creek IndustrIal Park
Cedar Creek North
Center Oaks 1st AddItIon
ParksIde CommercIal Park
Barthel Bus Garage TIF # 9
Karston Cove
Psyk's 7th AddItIon
AlbertVIlle Crossmgs
FIfe Hall
57th Street Improvement
CSAH 19 Improvement
AlbertvIlle VIllas
Mooney AddItIon
Traffic LIght
KollevIlle Estates
SW LIft StatIOn
Towne Lakes
$ 2,768
101,544
116,606
4,922
5,958
18,862
23,407
1,858
15,501
133,321
47,282
107,130
7,477
141,101
22,981
144,111
12,281
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, 2000
ExpendItures
AppropnatIOns
General Fund
SpeCIal Revenue Funds
Park Fund
CMIF Fund
$ 1,235,973
23,759
153
$ 960,374
o
o
22
Category Bank Carrymg
1 2 3 Balance Amount
CertIficates of
DeposIt $ 686,093 $ 0 $ 0 $ 686,093 $ 686,093
Bank Accounts 2,747,500 0 90,216 2,837,716 2,731,934
Total DeposIts $ 3,433,593 $ 0 $ 90,216 $ 3,523,809 $ 3,418,027
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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 VarIOUS mvestments authonzed by Mznnesota 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
a DeposIts - Mznnesota Statutes reqUIre that all deposIts wIth finanCIal mstItutIons must
be collateralIzed m an amount equal to 110% of deposIts m excess of Federal
DeposItory Insurance CorporatIOn (FDIC) msurance
Category 1 - DeposIts collateralIzed by FDIC and those deposIts collateralIzed WIth
secuntIes held by the CIty or by ItS agent m the CIty'S name
Category 2 - CollateralIzed wIth secuntIes held by the pledgmg financmg mstItutIOn's
trust department or agent m the CIty'S name
Category 3 - UncollateralIzed, mcludmg amounts WhICh are collateralIzed 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
collateralIzed but collateral not perfected
b Investments - Mznnesota Statutes authonze the CIty to mvest m oblIgatIOns of the
U S Treasury, agencIes and mstrumentalItIes, shares of mvestment compames whose
only mvestments are m the forementIOned secuntIes, oblIgatIons of the State of
Mmnesota or ItS mumcIpalItIes, bankers' acceptances, future contracts, repurchase
and reverse repurchase agreements, and commercIal paper of the hIghest qualIty 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
23
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
A Assets (Contmued)
1 Cash and Investments (Includmg Cash EQmvalents) (Contmued)
b Investments - (Contmued)
Category 2 - Umnsured and unregIstered, wIth secuntIes 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
U S Government
SecuntIes $ 338,884 $ 0
Mortgage Pools 706,675 0
NegotIable CD's 486,611 0
Commercial Paper 971,778 0
Money Market Account 200,379 0
Broker Cash 242 0
Total $ 2,704,569 $ 0
Cash m Trust
Restncted Cash m Trust
Total DeposIts (Note 3 A 1 a)
Petty Cash
Total Cash and Investments
(Includmg Cash Eqmvalents)
Carrymg
Amount!
Falr
3 Value
$ 0 $ 338,884
0 706,675
0 486,611
0 971,778
0 200,379
0 242
$ 0 2,704,569
820,314
82,027
3,418,027
71
$ 7,025,008
Category
1 2
ThIS amount IS classIfied on the combmed balance sheet as follows
Cash and Investments
(Includmg Cash Eqmvalents)
Cash m Trust
Restncted Cash m Trust
Cash Overdraft
Total
$ 8,293,722
820,314
82,027
(2,171,055)
$ 7,025,008
For the year ended December 31, 2000, mvestment revenue was $ 302,150
24
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31,2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (ContInued)
A Assets (ContInued)
2 Due From Other Governmental Vmts
The folloWIng IS a summary of due from other governmental umts at December 31, 2000
Ice Arena
Wnght Jomt
Fund County Powers Total
General $ 4,487 $ 0 $ 4,487
Debt ServIce 1,955 0 1,955
Enterpnse 41,593 83,333 124,926
Total $ 48,035 $ 83,333 $ 131 ,368
3 Notes ReceIvable
The notes receIvable In the RevolVIng Loan SpecIal Revenue Fund represent loans to area
busmesses for the purpose of economIC development The notes are due m monthly
Installments through Apn12010, Interest at 1 00 to 7 00 percent per annum The balances
at December 31,2000 totaled $ 124,373
4 FIxed Assets
The follOWIng IS a summary of changes In general fixed assets (unaudIted)
Balance Balance
1-1-00 AddItIons DIsposals 12-31-00
Land $ 35,566 $ 0 $ 0 $ 35,566
BUIldmgs 113,409 6,809 0 120,218
Improvements Other
than BUIldmgs 78,169 0 0 78,169
MachInery and EqUIpment 735,749 128,381 0 864,130
Total $ 962,893 $ 135,190 $ 0 $ 1 ,098,083
25
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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, 2000 IS as follows
SanItary
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
Eqmpment 100,143 13,532 113,675
ConstructIOn m Progress 1,569,248 41,220 1,610,468
Total FIxed Assets 5,600,768 351,015 5,951,783
Less Accumulated DepreCiation (918,201) (9,662) (927,863)
Net FIxed Assets $ 4,682,567 $ 341,353 $ 5,023,920
B LIabIhtIes
1 Defined Benefit PensIOn Plans - StatewIde
a Plan DescnptIon
All full-time and certam part-time employees of the CIty of AlbertvIlle, are covered
by defined benefit plans admmIstered by the Pubhc Employees Retirement
ASSOCiation ofMmnesota (PERA) PERA admInIsters the Pubhc Employees
RetIrement Fund (PERF) WhICh IS a cost-shanng, multiple-employer retirement plan
ThIS plan IS estabhshed and admmIstered m accordance WIth Mznnesota 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
26
27
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
II
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (ContInued)
B LIabIlItIes (ContInued)
1 Defined Benefit PenSIOn Plans - StateWIde (ContInued)
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 CoordInated 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 1, 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 remaInmg 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 remaInIng year Under Method 2, the
annUIty accrual rate IS 2 7 percent of average salary for BaSIC Plan members and 1 7
percent for CoordInated Plan members for each year of servIce For PERF members
whose annUIty IS calculated USIng 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 seekIng 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 VarIOUS types of Jomt and survIvor
annUIty optIons aVaIlable whIch WIll reduce the monthly normal annUIty amount,
because the annUIty IS payable over Jomt hves Members may also leave theIr
contnbutIons m the fund upon termmatIOn of publIc servIce m order to quahfy for a
deferred annUIty at retIrement age Refunds of contrIbutIons are aVaIlable at any tIme
to members who leave pubhc servIce, but before retIrement benefits begm
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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 of thIS 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 provlSlons 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, MInnesota, 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, oftheIr 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, 2000,
1999, and 1998 were $ 17,868, $ 6,649, and $ 4,905, 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 -
Delmquent $ 19,369 $ 0 $ 2,875 $ 0 $ 22,244
SpecIal Assessments
ReceIvable -
Deferred 0 0 1,131,027 12,000 1,143,027
Delmquent 0 0 264,560 0 264,560
Loans ReceIvable 0 124,373 0 0 124,373
Total $ 19,369 $ 124,373 $ 1,398,462 $ 12,000 $ 1 ,554,204
28
29
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
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, 2000
General
OblIgatIon
General SpecIal Tax CapItal
OblIgatIon Revenue Assessment Increment Lease Total
Balance - January I $ 100,000 $ 2,033,113 $ 2,235,000 $ 255,000 $ 0 $ 4,623,113
AddItIons 0 2,550,000 0 0 123,094 2,673,094
RetIrements (20,000) (61,490) (140,000) (30,000) (27,617) (279,107)
Balance - December 31 $ 80,000 $ 4,521,623 $ 2,095,000 $ 225,000 $ 95,477 $ 7,017,100
Outstandmg
December 31,2000
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 3 00 to
5 00 percent
$
80,000
Revenue Bonds
$ 1,454,514 General OblIgatIon Revenue Notes - PF A, due
to MInnesota PublIc FacIlItIes Authonty m semI-annual
mstallments of$ 19,707 to $ 49,965 through
August 20,2014, mterest at 332 percent
$
1,111,623
$ 860,000 PublIc FacIltIy 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
860,000
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LIabIlItIes (Contmued)
3 Long-Term Debt (Contmued)
Revenue Bonds (Contmued)
$ 2,550,000 General OblIgatIOn Sewer Revenue Bonds,
Senes 2000A, due m annual mstallments of $ 50,000
to $ 365,000 through February 1,2016, mterest at 450
to 5 25 percent
Outstandmg
December 31,2000
Total Revenue Bonds
$
$
2,550,000
4,521,623
General OblIgatIOn SpecIal Assessment Bonds
$ 215,000 Refundmg Bonds of 1989, due m annual
mstallments of$ 5,000 to $ 25,000 through September 1,
2003, mterest at 700 to 7 75 percent
$
40,000
$ 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
15,000
$ 350,000 General OblIgatIOn Improvement Bonds,
Senes 1992A, due m annual mstalhnents of$ 1 '5,000
to $ 35,000 through December 30, 2004, mterest at
5 70 percent
125,000
$ 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
155,000
$ 1,760,000 General OblIgatIon Improvement Bonds,
Senes I 999A, 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
1,760,000
2,095,000
$
30
31
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LiabIlItIes (Contmued)
3 Long-Term Debt (Contmued)
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 4 25
to 5 40 percent
Outstandmg
December 31, 2000
$
225,000
The annual reqUirements to amortIze all bonded debt outstandmg as of December 31,
2000, mcludmg mterest payments of$ 2,070,591 are
General
OblIgatIon
Year Endmg General SpecIal Tax
December 31 OblIgatIon Revenue Assessment Increment Total
2001 $ 23,450 $ 237,050 $ 567,840 $ 40,920 $ 869,260
2002 22,490 574,984 517,175 39,420 1,154,069
2003 21,500 609,497 487,035 37,920 1,155,952
2004 20,500 626,812 183,230 36,420 866,962
2005 0 417,603 140,860 29,995 588,458
Thereafter 0 3,693,441 577,322 86,750 4,357,513
Total $ 87,940 $ 6,159,387 $ 2,473,462 $ 271,425 $ 8,992,214
4 CaPItal Lease
The CIty entered mto a capItal lease agreement for the purpose of financmg a
tractor/loader The lease reqUires five annual payments of $ 27,617 begInnmg
November 28, 2000
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
B LIabIlItIes (Contmued)
4 CapItal Lease (Contmued)
MImmum future lease payments under the capItal lease wIth the present value of
mlmmum lease payments as of December 31,2000 follows
Year Ended December 31
2001
2002
2003
2004
Net MImmum Lease Payments
Less Amount Representmg Interest
Present Value ofMImmum Lease Payments
$ 27,617
27,617
27,617
27,617
110,468
(14,991)
$ 95,477
C Fund EqUItv
Fund eqUIty balances are classIfied as follows to reflect the lImItatIons and restnctIons ofthe
respectIve funds
1 Fund Balance -
Fund balance IS compnsed of the followmg components
SpeCIal Debt CapItal
General Revenue ServIce Projects Total
Reserved -
Reserved for Debt ServIce $ 0 $ 0 $ 851,110 $ 0 $ 851,110
Umeserved -
DeSIgnated for Operatmg
CapItal 700,000 0 0 0 700,000
DeSIgnated for Debt ServIce 0 0 150,415 0 150,415
DeSIgnated for CapItal Outlay 0 234,364 0 1,557,346 1,791,710
UndesIgnated (80,842) 3,306,837 (183,864) (1,105,544) 1,936,587
Total Fund Balance $ 619,158 $ 3,541,201 $ 817,661 $ 451,802 $ 5,429,822
32
33
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I '
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Contmued)
C Fund EQUIty (Contmued)
2 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 1,2000
Add Assets Contnbuted Dunng 2000
Contnbuted CapItal- December 31,2000
$ 2,353,519
1,398,978
$ 3,752,497
NOTE 4 - CONSTRUCTION COMMITMENTS
The CIty has entered mto contracts for the followmg Improvement projects
FundIProJect
ProJ ect
AuthonzatlOn
Expended
Through
12/31/00
CommItment
Barthel Dnve Improvements
CSAH 19 Improvements
Southwest LIft Statton Project
WWTF ExpanSIOn Project
$ 133,238
354,094
127,565
2,760,900
$ 54,363
321,922
116,103
959,403
$ 78,875
32,172
11 ,462
1,801,497
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
'I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 5 - SEGMENT INFORMATION
The CIty mamtams Water, Samtary Sewer, and Storm Water Enterpnse Funds Segment
mformatIon for the year ended December 31, 2000 IS as follows
SanItary Water Storm
Sewer Fund Water Total
Operatmg Revenues $ 303,304 $ 288,890 $ 62,976 $ 655,170
DepreCIatIon 83,034 9,340 0 92,374
Operatmg Income 97,643 216,783 54,092 368,518
Net Income 48,187 241,035 64,836 354,058
Net Workmg CapItal (96,298) 494,090 318,173 715,965
Total Assets 4,777,808 1,068,197 318,265 6,164,270
Debt Outstandmg 1,111,623 0 0 1,111,623
Total EqUIty 3,538,194 835,443 318,173 4,691,810
NOTE 6 - TAX INCREMENT FINANCING
The CIty of AlbertvIlle IS the admmIstenng authonty for the followmg tax mcrement financmg
dIstncts
Name ofDIstnct Tax Increment Fmancmg DIstnct # 7
Type ofDIstnct
Authonzmg Law
Housmg DIstnct
Mmnesota T I F Act, Chapter 469 174, Subd 11, and
469 1761
1997
107
25 years after the date of receIpt of the first mcrement
Year EstablIshed
County DIstnct Number
DuratIOn ofDIstnct
Ongmal Tax CapacIty
Current Tax CapacIty
Captured Tax CapacIty -
Retamed by CIty
$ 878
41,105
$ 40,227
Type of Notes Issued
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
34
EconomIC Development
Mmnesota T I F Act, Chapter 469 174, Subd 12
1997
108
EarlIer of 9 years after the date of receIpt ofthe first
mcrement, or 11 years after the date of approval of the
TIF plan
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 6 - TAX INCREMENT FINANCING (Contmued)
Name ofDIstnCt Tax Increment Fmancmg DIstnCt # 8
Type ofDIstnCt
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
$
312
7,082
6,770
$
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
Name ofDIstnCt Tax Increment Fmancmg DIstnct # 9
Type ofDIstnCt
Authonzmg Law
Year EstablIshed
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, Subd 12
1997
EarlIer of9 years after the date of receIpt ofthe first
mcrement, or 11 years after the date of approval of the
TIF Plan
$ 3,954
12,902
$ 8,948
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
35
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 6 - TAX INCREMENT FINANCING (Contmued)
Name ofDIstnCt Tax Increment Fmancmg DIstnCt # 10
Type ofDIstnCt
Authonzmg Law
Year EstablIshed
Duration ofDIstnCt
EconomIc Development
Mmnesota T I F Act, Chapter 469 174, Subd 12
1998
EarlIer of9 years after the date of receIpt ofthe 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
$
568
532
(36)
$
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 # 11
Type ofDIstnCt
Authonzmg Law
Year EstablIshed
DuratIOn ofDIstnct
EconomIC Development
Mmnesota T I F Act, Chapter 469 174, Subd 12
1999
EarlIer of9 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
$
o
o
o
$
Type of Notes Issued
"Pay as You Go" - The CIty pays the developer for tax
mcrements receIved m the current year
36
37
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
Year Ended December 31, 2000
NOTE 7 - RISK MANAGEMENT
The CIty IS exposed to VarIOUS 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 ofloss, the CIty purchases commercIal msurance through the League of
MInnesota 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 MInnesota CItIes
Insurance Trust IS self-sustammg through commercIal companIes for excess claIms The CIty IS
covered through the pool for any claIms 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, 2000, there were no sIgmficant reductIOns m msurance
coverage from the pnor year Settled claIms 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
salarIes for the year are known The final premIUm adjustment was recorded m the year the
adjustment was made
NOTE 8 - 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 thIrd 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 31,2000, the followmg Issues were outstandmg
Name Date ofIssue
Ongmal Outstandmg Balance
Amount December 31, 2000
$ 3,230,000 $ 3,230,000
85,000 65,000
425,000 425,000
Cottages of Albertvtlle - September 23, 1999
MultI Famtly Housmg
Revenue Bonds, Senes 1999A
Taxable MultI Fanuly Housmg
Revenue Bonds, Senes 1999B
Subordmated Multi Famtly
Housmg Revenue Bonds,
Senes 1999C
CITY OF ALBERTVILLE, MINNESOTA
THE GENERAL FUND
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
The General Fund accounts for all revenues and expendItures of a governmental urnt winch 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 earmngs 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 tills fund
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND
COMPARATIVE BALANCE SHEET
December 31, 2000 and 1999
ASSETS
Cash and Investments
Taxes ReceIvable -
Delmquent
Interest ReceIvable
Due from Other Governmental Umts
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIabIlItIes
Accounts Payable
Accrued Payroll Taxes and Benefits
Due to Other Governments
Deferred Revenue
Total LIabIlItIes
Fund Balance
Unreserved -
DesIgnated for Operatmg CapItal
UndesIgnated (DeficIt)
Total Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
Totals
2000 1999
$ 1,215,241 $ 830,162
19,369 18,655
8,521 7,710
4,487 823
$ 1,247,618 $ 857,350
$ 576,649
9,856
22,586
19,369
628,460
700,000
(80,842)
619,158
$ 1,247,618
$ 443,062
6,271
o
18,655
467,988
500,000
(110,638)
389,362
$ 857 ,350
38
CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
Over
(Under) 1999
Budget Actual Budget Actual
REVENUES
Taxes -
General Property Tax $ 669,611 $ 673,683 $ 4,072 $ 576,975
Excess Tax Increments 0 0 0 7,949
Total Taxes 669,611 673,683 4,072 584,924
LIcenses and PermIts -
LIquor and Beer LIcenses 13 ,400 11,400 (2,000) 11,629
BuIldmg PermIts 50,000 145,332 95,332 92,218
Busmess PermIts 15,000 6,425 (8,575) 14,887
SIgn PermIts 4,200 2,925 (1,275) 2,925
Other LIcenses 150 270 120 180
Total LIcenses and PermIts 82,750 166,352 83,602 121,839
Intergovernmental -
Local Government AId 84,109 84,109 0 118,533
HACA 138,157 138,157 0 138,150
Local Performance AId 0 0 0 3,008
FIre AId 12,257 14,476 2,219 13,446
PolIce AId 7,800 6,739 (1,061) 6,810
Other State and County AIds 5,000 14,995 9,995 7,355
Total Intergovernmental Revenue 247,323 258,476 11,153 287,302
Charges for ServIces -
FIre ProtectIOn Fees 43,940 48,573 4,633 24,714
SpeCIal Assessment Searches 1,000 660 (340) 1,680
Park Rental Fees 2,000 1,950 (50) 2,375
Other Charges for ServIces 1,500 20,338 18,838 17,730
Total Charges for ServIces 48,440 71,521 23,081 46,499
Fmes, ForfeItures and PenaltIes 100 0 (100) 152
MIscellaneous Revenue -
InvestInentIncome 25,000 15,243 (9,757) 22,545
Lease Payments 950 2,428 1,478 950
ContrIbutIons and DonatIons 0 0 0 12,532
Other Revenues 0 6,920 6,920 24,959
Total MIscellaneous 25,950 24,591 (1,359) 60,986
TOTAL REVENUES 1,074,174 1,194,623 120,449 1,101,702
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
39
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
'I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31,1999
(Contmued)
Over
(Under) 1999
Budget Actual Budget Actual
EXPENDITURES
General Government
Mayor and CouncIl -
Personal ServIces $ 12,472 $ 12,487 $ 15 $ 12,254
Supphes 500 241 (259) 187
Other ServIces and Charges 20,800 14,312 (6,488~ 17,711
Total Mayor and CouncIl 33,772 27,040 (6,732 30,152
CIty Clerk-Treasurer and CIty AdmmIstrator-
Personal ServIces 98,830 106,811 7,981 85,315
SupplIes 4,500 5,347 847 6,550
Other ServIces and Charges 18,800 21,264 2,464 15,803
CapItal Outlay 5,200 13,499 8,299 0
Total Clerk-Treasurer and CIty
AdmImstrator 127,330 146,921 19,591 107,668
ElectIons -
Other ServIces and Charges 5,000 3,631 (1,369) 0
Assessmg - 11,190 Se.
Other ServIces and Charges 10,000 1,190 9,058
Legal -
Other ServIces and Charges 15,000 22,889 Sc. 7,889 13,962
Engmeer - 86,042 $ c...
Other ServIces and Charges 25,000 61,042 50,216
Plannmg and Zomng -
Personal ServIces 17,993 1,180 (16,813) 1,284
SupplIes 700 239 (461) 170
Other ServIces and Charges 8,500 ~34,492 ~ 25,992 21,870
Total Plannmg and Zomng 27,193 35,911 8,718 23,324
General Government BuIldmgs -
SupplIes 1,200 1,510 310 775
Other ServIces and Charges 16,600 17,160 560 14,576
CapItal Outlay 3,500 128,045 124,545 164
Total General Government
BUIldmgs 21,300 146,715 125,415 15,515
Total General Government 264,595 480,339 215,744 249,895
40
I
CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND I
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE- I
BUDGET AND ACTUAL
Year Ended December 31, 2000
WIth Comparattve Totals for the Year Ended December 31, 1999
(Contmued) I
Over
(Under) 1999 I
EXPENDITURES Budget Actual Budget Actual
Pubhc Safety
Pohce Protectton - 111,996 ~ $...-
Other ServIces and Charges $ 111 ,690 $ 306 $ 107,310 I
FIre Protectton -
Personal ServIces 38,957 33,095 (5,862) 29,491 I
Supphes 8,300 9,385 1,085 14,292
Other ServIces and Charges 16,600 21,872 5,272 14,467
CapItal Outlay 82,600 41,719 (40,881) 175,686
Total FIre ProtectIOn 146,457 106,071 (40,386) 233,936 I
Arumal Control -
Other ServIces and Charges 3,000 1,908 ~C1 (1,092) 2,676
Total Pubhc Safety 261,147 219,975 (41,172) 343,922 I
Pubhc Works I
Streets and HIghways -
Personal ServIces 51,872 52,236 364 46,603
Supphes 15,750 13,337 (2,413) 7,328
Other ServIces and Charges 35,000 29,219 sC (5,781) 29,923 I
CapItal Outlay 139,000 236,203 97,203 64,543
Total Streets and HIghways 241,622 330,995 89,373 148,397
Ice and Snow Removal - I
Other ServIces and Charges 0 0 0 5,796
Street LIghtmg - I
Other ServIces and Charges 32,000 38,392 6,392 34,219
Total Pubhc Works 273,622 369,387 95,765 188,412
Samtatton I
Recychng -
Supphes 0 2,281 ~ 2,281 0
Other ServIces and Charges 20,540 20,580 40 18,573 I'
Total SanItatton 20,540 22,861 2,321 18,573
Culture and Recreatton
Parks - I
Personal ServIces 49,720 51 ,316 1,596 45,245
SupplIes 3,100 3,233 133 2,197
Other ServIces and Charges 18,150 18,140 (10) 21,344 I
CapItal Outlay 64,200 37,743 (26,457) 23,389
Total Culture and Recreatton 135,170 110,432 (24,738) 92,175
I
41
I
I
1
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
:1
CITY OF ALBERTVILLE, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE-
BUDGET AND ACTUAL
Year Ended December 31, 2000
WIth Comparattve Totals for the Year Ended December 31, 1999
(Contmued)
EXPENDITURES (Contmued)
EconomIc Development
Suppltes
Other ServIces and Charges
Total EconomIc Development
Over
(Under) 1999
Budget Actual Budget Actual
$ 200 $ 3,181 $ 2,981 $ 0
5,100 2,181 (2,919) 924
5,300 5,362 62 924
0 27,617 27,617 0
960,374 1,235,973 275,599 893,901
Debt ServIce
PnncIpal
TOTAL EXPENDITURES
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES
Sale of General FIxed Assets
CapItal Lease Proceeds
Operatmg Transfer In
Total Other Fmancmg Sources (Uses)
113,800 (41,350) (155,150) 207,801
0 3,056 3,056 501
0 123,094 123,094 0
0 144,996 144,996 0
0 271,146 271,146 501
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER EXPENDITURES
AND OTHER FINANCING USES
$ 113,800 229,796 $ 115,996 208,302
389,362 381,394
0 (200,334)
389,362 181,060
$ 619,158 $ 389,362
FUND BALANCE, January 1 (as prevIously stated)
PRIOR PERIOD ADJUSTMENT
FUND BALANCE, January 1 (as restated)
FUND BALANCE, December 31
42
CITY OF ALBERTVILLE, MINNESOTA
SPECIAL REVENUE FUNDS
COMB~GBALANCESHEET
December 31, 2000
WIth ComparatIve Totals for December 31, 1999
102 I ~ 201 I , 203
CapItal Revolvmg
Outlay Park Loan
Reserves Fund Fund
ASSETS
Cash and Investments $ 234,364 $ 388,109 $ 27,559
Notes ReceIvable 0 0 124,373
TOTAL ASSETS $ 234,364 $ 388,109 $ 151,932
LIABILITIES AND FUND BALANCE
Cash Overdraft $ 0 $ 0 $ 0
Accounts Payable 0 1,040 0
Deferred Revenue 0 0 124,373
Total LIabIlItIes 0 1,040 124,373
Fund Balance
Unreserved -
DeSIgnated for CapItal Outlay 234,364 0 0
UndesIgnated 0 387,069 27,559
Total Fund Balance (DefiCIt) 234,364 387,069 27,559
TOTAL LIABILITIES AND
FUND BALANCE $ 234,364 $ 388,109 $ 151,932
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
204 I ~ 205
I Totals
I SAC CMIF 2000 1999
$ 2,895,025 $ 0 $ 3,545,057 $ 2,576,673
I 0 0 124,373 137,676
$ 2,895,025 $ 0 $ 3,669,430 $ 2,714,349
I
$ 0 $ 2,816 $ 2,816 $ 2,663
I 0 0 1,040 0
0 0 124,373 137,676
0 2,816 128,229 140,339
I
I 0 0 234,364 358,717
2,895,025 (2,816) 3,306,837 2,215,293
2,895,025 (2,816) 3,541,201 2,574,010
I $ 2,895,025 $ 0 $ 3,669,430 $ 2,714,349
I
I
I
I
I
I
43
I
I
CITY OF ALBERTVILLE, MINNESOTA I
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES I
AND CHANGES IN FUND BALANCE
Year Ended December 31,2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
I
102 I , 201 I ~ 203
CapItal Revolvmg I
Outlay Park Loan
Reserves Fund Fund
REVENUES I
Intergovernmental Revenues -
State Grants $ 0 $ 7,529 $ 0
Charges for ServIces - I
Park DedIcatIon Fees 0 273,289 0
Sewer A vallabIhty Charges 0 0 0
Trunk Access Charges 0 0 0
MIscellaneous - I
Investment Income 20,643 12,366 1,089
DonatIOns 0 10,000 0
Loan Repayments and Other 0 0 15,785
Total Revenues 20,643 303,184 16,874 I
EXPENDITURES
Culture and RecreatIon - ~c... I
Plannmg Contract ServIces 0 8,851 0
ConstructIon ServIces 0 0 0
CapItal Outlay 0 14,908 0
EconomIC Development 0 0 0 I
MIscellaneous -
Interest 0 0 0
Total ExpendItures 0 23,759 0 I
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 20,643 279,425 16,874
OTHER FINANCING SOURCES (USES) I
Operatmg Transfers Out (144,996) 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES (124,353) 279,425 16,874
FUND BALANCE (DEFICIT) - January 1 358,717 107,644 10,685 I'
RESIDUAL EQUITY TRANSFER 0 0 0
FUND BALANCE (DEFICIT) - December 31 $ 234,364 $ 387,069 $ 27,559 I
I
I
I
I
I
I
I I J
204 205
I Totals
SAC CMIP 2000 1999
I $ 0 $ 0 $ 7,529 $ 42,471
I 0 0 273,289 141,306
557,040 0 557,040 477,700
99,466 0 99,466 33,570
I 138,892 0 172,990 100,823
0 0 10,000 2,500
0 0 15,785 5,769
I 795,398 0 1,136,099 804,139
I 0 0 8,851 9,787
0 0 0 83,094
0 0 14,908 67,751
I 0 0 0 75,000
0 153 153 111
I 0 153 23,912 235,743
795,398 (153) 1,112,187 568,396
I 0 0 (144,996) 0
I
795,398 (153) 967,191 568,396
I 2,099,627 (2,663) 2,574,010 2,174,082
0 0 0 (168,468)
I
$ 2,895,025 $ (2,816) $ 3,541,201 $ 2,574,010
I
I
44
I
I
CITY OF ALBERTVILLE, MINNESOTA I
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET I
December 31, 2000
WIth ComparatIve Totals for December 31, 1999
I I I I I I I
300 317 318 322
I
1992 I
Closed 1988 1989 Sewer
Bond Refundmg Refundmg Trunk
Issues Bonds Bonds Bonds
ASSETS I
Cash and Investments $ 150,236 $ 0 $ 41,919 $ 81,334
Cash m Trust 0 0 0 0
Restncted Cash m Trust 0 0 0 0 I
Taxes ReceIvable -
Delmquent 716 22 316 269
SpecIal Assessments ReceIVable - I
Deferred 23,686 10,504 0 41,396
Delmquent 0 0 901 0
Due from Other Governmental Umts 179 15 88 72
TOTAL ASSETS $ 174,817 $ 10,541 $ 43 ,224 $ 123,071 I
LIABILITIES AND FUND BALANCE I
LIabIlItIes
Cash Overdraft $ 0 $ 157,332 $ 0 $ 0 I
Deferred Revenue 24,402 10,526 1,217 41,665
Total LIabIlItIes 24,402 167,858 1,217 41,665
Fund Balance I
Reserved for Debt ServIce 0 0 42,007 81,406
Unreserved -
DeSIgnated for Debt ServIce 150,415 0 0 0 I
UndesIgnated 0 (157,317) 0 0
Total Fund Balance (DefiCIt) 150,415 (157,317) 42,007 81,406
TOTAL LIABILITIES I
AND FUND BALANCE $ 174,817 $ 10,541 $ 43,224 $ 123,071
I
I
I
I
I
I
I
I I I I ~ I I I I
323 324 341 353 354
I GO GO
I 1992 1993 1999
Refundmg Improvement CIty 1996A Lease
Improvement & Refundmg Hall G 0 TIF Revenue
Bonds Bonds Bonds Bonds Bonds
I $ 18,099 $ 174,050 $ 15,929 $ 0 $ 34,827
0 0 0 0 2,342
I 0 0 0 0 82,027
792 0
443 0 317
I 0 57,435 0 86,850 0
260 13,786 0 0 0
119 574 210 75 156
I $ 18,921 $ 245,845 $ 16,931 $ 87,242 $ 119,352
I
I $ 0 $ 0 $ 0 $ 26,622 $ 0
703 71,221 792 87,167 0
703 71,221 792 113,789 0
I 18,218 174,624 16,139 0 119,352
I 0 0 0 0 0
0 0 0 (26,547) 0
18,218 174,624 16,139 (26,547) 119,352
I
$ 18,921 $ 245,845 $ 16,931 $ 87 ,242 $ 119,352
I
I
I
45
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
COMBINING BALANCE SHEET
December 31, 2000
WIth ComparatIve Totals for December 31, 1999
(Contmued)
355
ASSETS
1999A
GO
Improvement Totals
Bonds 2000 1999
$ 398,897 $ 915,291 $ 465,849
0 2,342 2,224
0 82,027 77,904
0 2,875 3,274
911,156 1,131,027 1,795,596
249,613 264,560 30,878
467 1,955 170
$ 1,560,133 $ 2,400,077 $ 2,375,895
Cash and Investments
Cash m Trust
RestrIcted Cash m Trust
Taxes ReceIvable -
Delmquent
SpeCIal Assessments ReceIvable -
Deferred
Delmquent
Due from Other Governmental Uruts
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
LIabIlItIes
Cash Overdraft
Deferred Revenue
Total LIabIlItIes
$ 0 $ 183,954 $ 174,929
1,160,769 1,398,462 1,829,748
1,160,769 1,582,416 2,004,677
399,364 851,110 436,948
0 150,415 108,071
0 (183,864) (173,801)
399,364 817,661 371,218
$ 1,560.133 $ 2,400,077 $ 2,375,895
Fund Balance
Reserved for Debt ServIce
Umeserved -
DesIgnated for Debt ServIce
UndesIgnated
Total Fund Balance (DeficIt)
TOTAL LIABILITIES
AND FUND BALANCE
46
I
I
I
I
323 I I 324 I , 341 I I 353 I I 354
I
GO GO
I 1992 1993 1999
Refundmg Improvement CIty 1996A Lease
Improvement & Refundmg Hall GO TIF Revenue
Bonds Bonds Bonds Bonds Bonds
I $ 14,171 $ 0 $ 25,258 $ 11,061 $ 83,062
5,636 55,473 0 23,004 0
0 0 0 0 0
I 407 7,462 0 0 4,035
20,214 62,935 25,258 34,065 87,097
I
0 0 33 2,596 0
I 15,000 60,000 20,000 30,000 0
1,237 9,846 4,936 12,645 46,762
I 16,237 69,846 24,969 45,241 46,762
3,977 (6,911) 289 (11,176) 40,335
I 0 0 0 0 0
I
3,977 (6,911 ) 289 (11,176) 40,335
I 14,241 181,535 15,850 (15,371) 79,017
$ 18,218 $ 174,624 $ 16,139 $ (26,547) $ 119,352
I
I
I
I
47
I
REVENUES
General Property Taxes
SpecIal Assessments
Charges for ServIces
MIscellaneous -
Investment Income
Total Revenues
CITY OF ALBERTVILLE, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
(Contmued)
355
1999A
GO
Improvement
Bonds
$ 41,153
412,599
9,908
10,011
473,671
EXPENDITURES
MIscellaneous -
Interest
Debt ServIce -
Bond Pnnclpal
Bond Interest and FIscal Charges
Total ExpendItures
o
o
77 ,990
77,990
EXCESS OF REVENUES OYER (UNDER)
EXPENDITURES
395,681
OTHER FINANCING SOURCES (USES)
Bond Proceeds
o
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OYER (UNDER)
EXPENDITURES AND OTHER FINANCING USES
FUND BALANCE (DEFICIT) - January 1
FUND BALANCE (DEFICIT) - December 31
395,681
3,683
$ 399,364
$ 121,554
123,893
o
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
Totals
2000 1999
$ 216,175
534,237
9,908
46,639
806,959
2,629
190,000
167,887
360,516
446,443
446,443
371,218
$ 817,661
21,313
266,760
13,351
265,000
56,793
335,144
(68,384)
o
83,093
14,709
356,509
$ 371,218
48
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 2000
With ComparatIve Totals for December 31, 1999
400 I I 406 I , 407 I I 408 I 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 $ 173,291 $ 0 $ 26,731 $ 8,132 $ 10,914
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 $ 173,291 $ 0 $ 26,731 $ 8,132 $ 10,914
LIABILITIES AND FUND BALANCE
LiabIlitIes
Cash Overdraft $ 0 $ 25 $ 0 $ 0 $ 0
Accounts Payable 28,537 0 0 0 0
Contracts and Retamages Payable 0 0 0 0 0
Deferred Revenue 0 0 0 0 0
Total LIabIlItIes 28,537 25 0 0 0
Fund Balance
Unreserved -
DeSignated for CapItal Outlay 144,754 0 26,731 8,132 10,914
Undeslgnated 0 (25) 0 0 0
Total Fund Balance (DefiCIt) 144,754 (25) 26,731 8,132 10,914
TOTAL LIABILITIES AND
FUND BALANCE $ 173,291 $ 0 $ 26,73 I $ 8,132 $ 10,9 I 4
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I 410 411 421 426 427 428 429
I Barthel
TIF #11 Industna1 North NE Sewer CSAH
TIF # 10 Land of Dnve & Frontage Summerfield and Water 19/37
I Mold-Tech Lakes TIle 52nd Street Road AddItton ExtensIOn IntersectIon
$ 0 $ 0 $ 0 $ $ $ 0 $ 0
0 0
0 0 0 0 0 0 0
I 0 0 0 12,000 0 0 0
0 0 0 0 0 0 0
I $ 0 $ 0 $ 0 $ 12,000 $ 0 $ 0 $ 0
I $ 9,098 $ 18,055 $ 10,837 $ 964 $ 22,350 $ 9,136 $ 17,973
138 0 0 0 0 0 2,420
0 0 29,398 0 0 0 0
I 0 0 0 12,000 0 0 0
9,236 18,055 40,235 12,964 22,350 9,136 20,393
I 0 0 0 0 0 0 0
(9,236) (18,055) (40,235) (964) (22,350) (9,136) (20,393)
(9,236) (18,055) (40,235) (964) (22,350) (9,136) (20,393)
I $ 0 $ 0 $ 0 $ 12,000 $ 0 $ 0 $ 0
I
I
I
I
I
I
49
I
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMB~GBALANCESHEET
December 31, 2000
WIth ComparatIve Totals for December 31,1999
(Contmued)
430 I I 432 433 I I 435 I I 438
Cottages
ParksIde ParksIde of Cedar Creek
3rd 4th AlbertvIlle IndustrIal Cedar Creek
AddItIon AddItIon TIF #7 Park North
ASSETS
Cash and Investments $ 0 $ 0 $ 0 $ 0 $ 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 $ 0 $ 0 $ 0 $ 0 $ 0
LIABILITIES AND FUND BALANCE
LIabIlItIes
Cash Overdraft $ 18,264 $ 30,619 $ 29,157 $ 2,768 $ 100,002
Accounts Payable 0 0 0 0 1,542
Contracts and Retamages Payable 0 0 0 0 0
Deferred Revenue 0 0 0 0 0
Total LIabIlItIes 18,264 30,619 29,157 2,768 10 1,544
Fund Balance
Unreserved -
DeSIgnated for CapItal Outlay 0 0 0 0 0
UndesIgnated (18,264) (30,619) (29,157) (2,768) (101,544)
Total Fund Balance (DefiCIt) (18,264) (30,619) (29,157) (2,768) (101,544)
TOTAL LIABILITIES AND
FUND BALANCE $ 0 $ 0 $ 0 $ 0 $ 0
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I 439 I I 440 I I 442 443 I I 444 445 446
I Center ParksIde Barthe] Bus
Oaks ] st CommercIa] Garage Karston Psyk's A]bertvIl]e
I AddItIon Park TIP #9 Cove 7th AddItIon Crossmgs Fue Hall
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 0 0 0 0 817 ,972
I 0 0 0 0 0 0 0
0 0 0 0 0 0 0
I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 817,972
I $ ] ]6,166 $ 4,620 $ 5,958 $ ] 8,862 $ 23,]43 $ 1,858 $ 833,473
440 302 0 0 264 0 0
0 0 0 0 0 0 0
I 0 0 0 0 0 0 0
] ] 6,606 4,922 5,958 ] 8,862 23,407 ],858 833,473
I 0 0 0 0 0 0 0
(1] 6,606) (4,922) (5,958) (18,862) (23,407) (1,858) (15,50] )
(116,606) (4,922) (5,958) (18,862) (23,407) (1,858) (15,50])
I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 817,972
I
I
I
I
I
I
50
I
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMB~GBALANCESHEET
December 31, 2000
WIth ComparatIve Totals for December 31, 1999
(ContInued)
I I 448
I ,
447
I I
450
I I 451
449
57th Street CSAH 19 62nd Street AlbertvIlle Mooney
Improvement Improvement Improvement VIllas AddItIon
ASSETS
Cash and Investments $ 0 $ 0 $ 67,215 $ 0 $ 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 $ 0 $ 0 $ 67,215 $ 0 $ 0
LIABILITIES AND FUND BALANCE
LIabIlItIes
Cash Overdraft $ 133,321 $ 34,405 $ 0 $ 97,682 $ 6,900
Accounts Payable 0 0 0 9,448 577
Contracts and Retamages Payable 0 12,877 0 0 0
Deferred Revenue 0 0 0 0 0
Total LIabIlItIes 133,321 47,282 0 107,130 7,477
Fund Balance
Unreserved -
DeSIgnated for CapItal Outlay 0 0 67,215 0 0
UndesIgnated (133,321 ) (47,282) 0 (107,130) (7,477)
Total Fund Balance (DefiCIt) (133,321) (47,282) 67,215 (107,130) (7,477)
TOTAL LIABILITIES AND
FUND BALANCE $ 0 $ 0 $ 67,215 $ 0 $ 0
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I,
I
I
I
I 452 453 454 456 457 460
I
Traffic KoIlevllle SW LIft Towne Heunng WWTF Totals
I LIght Estates StatIOn Lakes Meadows ExpansIOn 2000 1999
$ 0 $ 0 $ 0 $ 0 $ 846 $ 1,490,425 $ 1,777,554 $ 365,358
0 0 0 0 0 0 817,972 776,852
I 0 0 0 0 0 0 12,000 14,000
0 0 0 0 0 0 0 160,503
I $ 0 $ 0 $ 0 $ 0 $ 846 $ 1 ,490,425 $ 2,607,526 $ 1,316,713
I $ 141,101 $ 22,981 $ 138,306 $ 12,281 $ 0 $ 0 $ 1,860,305 $ 995,777
0 0 0 0 782 21,464 65,914 56,341
0 0 5,805 0 0 169,425 217,505 271,273
I 0 0 0 0 0 0 12,000 14,000
141,101 22,981 144,111 12,281 782 190,889 2,155,724 1,337,391
I 0 0 0 0 64 1,299,536 1,557,346 410,800
(141,101) (22,981 ) (144,111) (12,281) 0 0 (1,105,544) (431,478)
(141,101) (22,981 ) (144,111) (12,281) 64 1,299,536 451,802 (20,678)
I $ 0 $ 0 $ 0 $ 0 $ 846 $ 1,490,425 $ 2,607,526 $ 1,316,713
I
I
I
I
I
I
51
I
I
I
I
I 410 411 421 426 427 428 429
I Barthel
TIF#l1 Industnal North NE Sewer CSAH
TIF#10 Land of Dnve & Frontage Summerfield & Water 19/37
I Mold- Tech Lakes TIle 52nd Street Road AddItIon ExtensIOn IntersectIOn
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 0 3,120 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 3,120 0 0 0
453 978 589 179 1,216 497 247
I 0 0 0 0 0 0 9,782
4,143 220 0 0 0 0 10,350
0 0 29,398 0 0 0 14
I 0 0 0 0 0 0 0
4,596 1,198 29,987 179 1,216 497 20,393
I (4,596) (1,198) (29,987) 2,941 (1,216) (497) (20,393)
0 0 0 0 0 0 0
I
(4,596) (1,198) (29,987) 2,941 (1,216) (497) (20,393)
I (4,640) (16,857) (10,248) (3,905) (21,134) (8,639) 0
$ (9,236) $ (18,055) $ (40,235) $ (964) $ (22,350) $ (9,136) $ (20,393)
I
I
I
I
I
52
I
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
(Contmued)
430
ParksIde
3rd
AddItIon
REVENUES
Property Taxes
SpecIal Assessments
Charges for ServIces
MIscellaneous Revenues -
Investment Income
Developer ReImbursements
Total Revenues
$
o
o
o
o
o
o
EXPENDITURES
Other
CapItal Outlay -
Engmeer Fees
Legal Fees
Other ProfeSSIOnal SerVIces
Land
Total ExpendItures
992
o
47
o
o
1,039
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES
Bond Proceeds
(1,039)
o
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES
(1,039)
(17,225)
$ (18,264)
FUND BALANCE (DEFICIT) - January 1
FUND BALANCE (DEFICIT) - December 31
, t
432
ParksIde
4th
AddItIon
$
1,666
o
o
o
o
1,666
(1,666)
(1,666)
(28,953)
$ (30,619)
I J
433
Cottages
of
AlbertvIlle
TIF #7
o
o
o
o
o
o
$
1,587
o
o
o
o
1,587
(1,587)
o
(1,587)
(27,570)
$ (29,157)
I I
435
Cedar Creek
Industnal
Park
o
o
o
$ 0
o
o
o
o
o
150
o
o
o
o
150
(150)
o
(150)
(2,618)
$ (2,768)
I
I
I I
I
I
I
I
I
I
438
Cedar Creek
North
$ 0
o
o
o
o
o
o
o
o
4,551
20,953
2,997
1,004
o
29,505
I
I
(29,505)
I
I
I
o
o
(29,505)
(72,039)
$ (101,544)
I
I
I
I
I'
I
I
I
I
I 439 440 442 443 444 445 446
I Center Parkslde Barthel Bus
Oaks 1st CommercIal Garage Karston Psyk's AlbertVIlle
I AddItIon Park TIF #9 Cove 7th Addltton Crossmgs FIre Hall
$ 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 1,468
0 0 0 0 0 0 0
I 0 0 0 0 0 0 1,468
6,266 224 324 1,019 1,069 87 0
I 2,469 0 0 503 4,308 836 9,652
82 1,127 0 0 1,155 0 1,127
0 1,024 0 0 14 0 147,996
I 0 0 0 0 0 0 0
8,817 2,375 324 1,522 6,546 923 158,775
I (8,817) (2,375) (324) (1,522) (6,546) (923) (157,307)
0 0 0 0 0 0 0
I
(8,817) (2,375) (324) (1,522) (6,546) (923) (157,307)
I (107,789) (2,547) (5,634) (17,340) (16,861) (935) 141,806
$ (116,606) $ (4,922) $ (5,958) $ (18,862) $ (23,407) $ (1,858) $ (15,501)
I
I
I
I
I
53
I
I
CITY OF ALBERTVILLE, MINNESOTA
CAPITAL PROJECTS FUNDS I
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE I
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31,1999
(Contmued)
447 I I 448 I , 449 I I 450 451 I
I
57th Street CSAH 19 62nd Street AlbertvIlle Mooney
Improvement Improvement Improvement VIllas AddItIon I
REVENUES
Property Taxes $ 0 $ 0 $ 0 $ 0 $ 0
SpecIal Assessments 0 0 0 0 0
Charges for ServIces 0 0 0 9,600 250 I
MIscellaneous Revenues -
Investment Income 6,878 6,693 13,833 0 0
Developer ReImbursements 0 0 0 0 0
Total Revenues 6,878 6,693 13,833 9,600 250 I
EXPENDITURES
Other 0 0 0 2,246 265
CapItal Outlay - I
Engmeer Fees 1,251 2,845 3,854 80,121 7
Legal Fees 0 0 0 13,511 3,685
Other ProfeSSIOnal ServIces 88,138 110,142 9,435 7,207 1,982
Land 0 0 0 0 0 I
Total ExpendItures 89,389 112,987 13,289 103,085 5,939
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (82,511) (106,294) 544 (93,485) (5,689) I
OTHER FINANCING SOURCES
Bond Proceeds 0 0 0 0 0
EXCESS OF REVENUES AND OTHER I
FINANCING SOURCES OVER (UNDER)
EXPENDITURES (82,511) (I 06,294) 544 (93,485) (5,689)
FUND BALANCE (DEFICIT) - January 1 (50,810) 59,012 66,671 (13,645) (1,788) I
FUND BALANCE (DEFICIT) - December 31 $ (133,321) $ (47,282) $ 67,215 $ (107,130) $ (7,477)
I
I
I
I
I
I
I
I
I
I 452 453
454 456 457 460
I
Traffic KollevIlle SW LIft Towne Heunng WWTF Totals
I LIght Estates Statton Lakes Meadows ExpansIon 2000 1999
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 68,792 $ 56,910
0 0 0 0 0 0 3,120 36,361
I 0 0 0 0 3,400 0 13,250 8,850
0 0 0 0 49 6,376 45,134 17,343
0 0 0 0 0 0 0 160,503
I 0 0 0 0 3,449 6,376 130,296 279,967
5,665 492 1,974 122 0 0 41,246 77 ,887
I 3,750 13,815 25,228 3,251 1,514 242,388 426,527 313,727
55 6,352 779 3,107 743 3,272 75,497 52,790
I 131,631 2,322 116,130 5,801 1,128 1,011,180 1,664,546 2,247,472
0 0 0 0 0 0 0 24,925
141,101 22,981 144,111 12,281 3,385 1,256,840 2,207,816 2,716,801
I (141,101 ) (22,981 ) (144,111) (12,281 ) 64 (1,250,464) (2,077 ,520) (2,436,834)
0 0 0 0 0 2,550,000 2,550,000 2,512,294
I
(141,101) (22,981 ) (144,111) (12,281) 64 1,299,536 472,480 75,460
I 0 0 0 0 0 0 (20,678) (96,138)
I $ (141,101) $ (22,981 ) $ (144,111) $ (12,281) $ 64 $ 1,299,536 $ 451,802 $ (20,678)
I
I
I
I
54
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
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 prOVlSlon of such
basIc servIces as water, electncIty, 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
I
CITY OF ALBERTVILLE, MINNESOTA I
ENTERPRISE FUNDS
COMBnITNGBALANCESHEET I
December 31, 2000
WIth ComparatIve Totals for December 31, 1999
I
601 I I 602 I ~ 604
SanItary Storm I
ASSETS Sewer Water Water
CURRENT ASSETS I
Cash and Cash EqUIvalents $ 0 $ 616,310 $ 224,269
Accounts ReceIvable 72,985 92,713 9,147
Due from Other Governments 22,256 17,821 84,849
Total Current Assets 95,241 726,844 318,265 I
FIXED ASSETS
Land 190,269 0 0 I
Sewer Plant and LInes 3,741,108 0 0
Water Mam 0 296,263 0
MachInery and EqUIpment 100,143 13,532 0 I
ConstructIon In Progress 1,569,248 41,220 0
Total Cost 5,600,768 351,015 0
Less Accumulated DepreCIatIOn (918,201) (9,662) 0 I
Net FIxed Assets 4,682,567 341,353 0
TOTAL ASSETS $ 4,777,808 $ 1,068,197 $ 318,265 I
LIABILITIES AND FUND EQUITY
CURRENT LIABILITIES
Cash Overdraft $ 123,980 $ 0 $ 0 I
Accounts Payable 4,011 814 92
Due to Other Governments 0 231,940 0
Current MatuntIes of Long-Term Debt 63,548 0 0 I
Total Current LIabIlItIes 191,539 232,754 92
LONG-TERM DEBT, LESS CURRENT PORTION I
G 0 Revenue Notes - PF A 1,048,075 0 0
Total LIabIlItIes 1,239,614 232,754 92 I
FUND EQUITY
Contnbuted CapItal 3,415,014 337,483 0 I
RetaIned Earmngs -
Reserved for OperatIng CapItal 0 0 0
Umeserved 123,180 497,960 318,173
Total Fund EqUIty 3,538,194 835,443 318,173 I
TOTAL LIABILITIES AND
FUND EQUITY $ 4,777 ,808 $ 1,068,197 $ 318,265 I
I
I
I
I
I
I Totals
2000 1999
I $ 840,579 $ 406,930
174,845 64,917
I 124,926 129,164
1,140,350 601,011
I 190,269 190,269
3,741,108 3,741,108
296,263 296,263
I 113,675 111,726
1,610,468 234,130
5,951,783 4,573,496
I (927,863) (835,489)
5,023,920 3,738,007
I $ 6,164,270 $ 4,339,018
I $ 123,980 $ 192,592
4,917 34,539
I 231,940 0
63,548 61,489
424,385 288,620
I 1,048,075 1,111,624
I 1,472,460 1,400,244
I 3,752,497 2,353,519
0 97,894
I 939,313 487,361
4,691,810 2,938,774
I $ 6,164,270 $ 4,339,018
55
I
I
CITY OF ALBERTVILLE, MINNESOTA I
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND I
CHANGES IN RETAINED EARNINGS
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31, 1999 I
601 I I 602 I ~ 604 I
Samtary Storm
Sewer Water Water I
OPERATING REVENUES
Charges for ServIces $ 297,883 $ 126,109 $ 62,588 I
Water Trunk Fees 0 77,055 0
Water AvaIlabIlIty Charges 0 84,000 0
PenaltIes 5,421 1,726 388
Total Operatmg Revenues 303,304 288,890 62,976 I
OPERATING EXPENSES
Salanes and Benefits 28,096 27,411 0 I
RepaIrs and Mamtenance 7,204 6,334 0
Engmeer Fees 0 0 0
Legal Fees 0 0 0 I
SupplIes 50,457 11,072 767
ProfeSSIOnal ServIces 13,327')L. 13,582 8,117
Insurance 4,184 4,184 0 I
UtIlItIes 19,047 0 0
DepreCIatIon 83,034 9,340 0
MIscellaneous 312 184 0
Total Operatmg Expenses 205,661 72,107 8,884 I
OPERATING INCOME 97,643 216,783 54,092
NON-OPERATING REVENUES I
(EXPENSES)
Water Meter Sales 0 15,155 0 I
Interest Income (Expense) (11,015) 22,415 10,744
Bond Interest Expense and FIscal Charges (38,441) 0 0
Water Meter Purchases 0 (13,318) 0 I
Total Non-Operatmg Revenues
(Expenses) (49,456) 24,252 10,744
NET INCOME 48,187 241,035 64,836 I
RETAINED EARNINGS - January 1 74,993 256,925 253,337 I
RESIDUAL EQUITY TRANSFER 0 0 0
RETAINED EARNINGS - December 31 $ 123,180 $ 497 ,960 $ 318,173 I
I
CITY OF ALBERTVILLE, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
Year Ended December 31, 2000
WIth ComparatIve Totals for the Year Ended December 31, 1999
601 , I 602 I ~ 604
Samtary Storm
Sewer Water Water
CASH FLOWS FROM OPERATING ACTIVITIES
Operatmg Income $ 97,643 $ 216,783 $ 54,092
Adjustments to ReconcIle Operatmg Income to
Net Cash ProvIded by Operatmg ActIvItIes
DeprecIatIOn 83,034 9,340 0
Change m Assets and LiabIlItIes
(Increase) Decrease m Accounts ReceIvable (15,013) (92,713) (2,202)
(Increase) Decrease m Due from Other Governments 12,641 (8,723) 320
Increase (Decrease) m Accounts Payable (19,438) (10,276) 92
Increase m Due to Other Governments 0 231,940 0
Total Adjustments 61,224 129,568 (1,790)
Net Cash ProvIded by Operatmg ActIvItIes 158,867 346,351 52,302
CASH FLOWS FROM NONCAPIT AL FINANCING ACTIVITIES
ResIdual EqUIty Transfers In 0 0 0
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
PnncIpal Payments on Bonds (61,490) 0 0
Interest and FIscal Charges PaId on Bonds (38,441) 0 0
Proceeds from Sales of Water Meters 0 15,155 0
AcqulSltIOn of Water Meters 0 (13,318) 0
AcqulSltIOn of FIxed Assets 20,691 0 0
Net Cash ProvIded (Used) by CapItal and Related Fmancmg ACtIVItI (79,240) 1,837 0
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on Investments (11,015) 22,415 10,744
Net Increase m Cash and Cash EqUIvalents 68,612 370,603 63,046
Cash and Cash EqUIvalents, January 1 (192,592) 245,707 161,223
Cash and Cash EqUIvalents, December 31 $ (123,980) $ 616,310 $ 224,269
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
GENERAL LONG-TERM DEBT
ACCOUNT GROUP
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
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 faIth 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 matunty of more than one year from date of Issuance
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 2000 and 1999
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
2000 1999
$ 817,661 $ 371,218
5,087,816 3,078,782
$ 5,905,477 $ 3,450,000
$ 0 $ 15,000
40,000 60,000
15,000 30,000
125,000 155,000
155,000 215,000
80,000 100,000
225,000 255,000
860,000 860,000
1,760,000 1,760,000
2,550,000 0
95,477 0
$ 5,905,477 $ 3,450,000
TOTAL AVAILABLE AND TO BE PROVIDED
GENERAL LONG-TERM DEBT
G 0 Advance Refundmg and Improvement Bond of 1988
GO 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
GO Improvement Bonds, Senes 1999A
G 0 Sewer Revenue Bonds, Senes 2000A
CapItal Lease Payable
TOTAL GENERAL LONG-TERM DEBT
59
60
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH MINNESOTA STATUTES
August 2, 2001
Honorable Mayor and CIty CouncIl
CIty of AlbertvIlle
AlbertvIlle, MInnesota
We have audIted the general purpose financIal statements ofthe CIty of AlbertvIlle as of and for
the year ended December 31, 2000, and have Issued our report thereon dated August 2, 2001
We conducted our audIt In accordance wIth audItIng standards generally accepted In the Umted
States of Amenca and the prOVISIons of the Mznnesota Legal Complzance Audzt Guzde for Local
Government, promulgated by the Legal ComplIance Task Force pursuant to Mznnesota Statute
Sec 6 65 AccordIngly, the audIt Included such tests ofthe accountIng records and such other
audItIng procedures as we consIdered necessary In the CIrcumstances
The Mznnesota Legal Complzance Audzt Guzde for Local Government covers five maIn
categones of complIance to be tested contractIng 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 pages
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 these specIfied partIes
~~I\..I i>Mn.-fLV, t/~I U-d.
Kern, DeWenter, VIere, Ltd
St Cloud, MInnesota
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
FINDINGS AND CORRECTIVE ACTION PLANS ON
COMPLIANCE WITH MINNESOTA STATUTES
Year Ended December 31, 2000
(ContInued)
CURRENT YEAR FINDING
Collateral
Mznnesota Statutes Sec 118A 01 and 118A 03, provIde that all deposIts wIth financIal
InstItutIOns must be collaterahzed In an amount equal to 110% of deposIts In excess of FDIC
Insurance The deposIts of the CIty at December 31, 2000, were unsecured as follows
110% of DeposIts In
Excess of FDIC at
December 31, 2000
Market Value
of Collateral at
December 31,2000
InsuffiCIent
Collateral
Secunty State Bank
$
3,011,487
$
2,912,250
$ 99,237
We recommend the CIty mom tor collateral levels to ensure proper collaterahzatIOn
CORRECTIVE ACTION TAKEN
1 ExplanatIon of DIsagreement wIth AudIt FIndIng
There IS no dIsagreement wIth the audIt findIng
2 ActIOns Planned In Response to FIndIng
The CIty WIll momtor collateral levels to ensure proper collaterahzatIOn
3 OffiCIal ResponsIble for Ensunng CAP
LInda Goeb, CIty AdmInIstrator, IS responsIble for ensunng the correctIve actIon of the
defiCIency
4 Planned CompletIOn Date for CAP
The planned completIon date for the CAP IS December 31, 2001
5 Plan to Momtor CompletIOn of CAP
John Olson, the Mayor, and the CIty CouncIl WIll be momtonng thIS correctIve actIOn
plan
61
62
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE, MINNESOTA
FINDINGS AND CORRECTIVE ACTION PLANS ON
COMPLIANCE WITH MINNESOTA STATUTES
Year Ended December 31,2000
(ContInued)
CURRENT YEAR FINDING
Performance Bonds
Mznnesota State Statute 574 26 reqUIres that contractors dOIng publIc work pledge a performance
bond In an amount not less than the contract pnce Ifthe contract IS more than $ 10,000 The CIty
dId not receIve a performance bond for the old CIty Hall reroofing project exceedIng $ 10,000 In
2000
To be In complIance wIth Mznnesota State Statute 574 26, we recommend the CIty obtaIn
contractor performance bonds on all contracts that exceed $ 10,000
CORRECTIVE ACTION PLAN (CAP)
1 ExplanatIOn of DIsagreement wIth AudIt FIndIng
There IS no dIsagreement wIth the audIt findIng
2 ActIOns Planned In Response to FIndIng
The CIty WIll obtaIn performance bonds on all contracts over $ 10,000
3 OffiCIal ResponSIble for EnSUrIng CAP
LInda Goeb, CIty AdmInIstrator, 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, 2001
5 Plan to Momtor CompletIon of CAP
John Olson, the Mayor, and the CIty CouncIl WIll be momtonng thIS correctIve actIon
plan
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CITY OF ALBERTVILLE MINNESOTA
FINDINGS AND CORRECTIVE ACTION PLANS ON
COMPLIANCE WITH MINNESOTA STATUTES
Year Ended December 31, 2000
PRIOR 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
Dunng 1999, the CIty'S collateral was not perfected
CORRECTIVE ACTION TAKEN
The CIty perfected ItS collateral
63