2023 Annual Comprehensive Financial Report
Annual Comprehensive
Financial Report
For the Year Ended December 31, 2023
City of Albertville, Minnesota
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CITY OF ALBERTVILLE, MINNESOTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2023
ADAM NAFSTAD - CITY ADMINISTRATOR
TINA LANNES - FINANCE DIRECTOR
PREPARED BY
DEPARTMENT OF FINANCE
Association
of the United States and Canada
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City of Albertville, Minnesota
Annual Comprehensive Financial Report
Table of Contents
For the Year Ended December 31, 2023
Page No.
Introductory Section
Letter of Transmittal from City Administrator and Finance Director 9
Certificate of Achievement of Excellence in Financial Reporting 13
Organizational Chart 14
Elected and Appointed Officials 15
Financial Section
19
23
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position 37
Statement of Activities 38
Fund Financial Statements
Governmental Funds
Balance Sheet 42
Reconciliation of the Balance Sheet to the Statement of Net Position 43
Statement of Revenues, Expenditures and Changes in Fund Balances 44
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balancesto the Statement of Activities 45
General Fund
Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 47
Proprietary Funds
Statement of Net Position 48
Statement of Revenues, Expenses and Changes in Net Position 51
Statement of Cash Flows 52
Fiduciary Funds
Statement of Fiduciary Net Position 54
Statement of Changes in Fiduciary Net Position 55
Notes to the Financial Statements 57
Required Supplementary Information
-
General Employees Retirement Fund 90
-
General Employees Retirement Fund 90
Notes to the Required Supplementary Information - General Employee Retirement Fund 91
-
Public Employees Police and Fire Fund 93
-
Public Employees Police and Fire Fund 93
Notes to the Required Supplementary Information - Public Employees Police and Fire Fund 94
Schedule of (Asset) and Related Ratios 96
97
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City of Albertville, Minnesota
Annual Comprehensive Financial Report
Table of Contents (Continued)
For the Year Ended December 31, 2023
Page No.
Combining and Individual Fund Financial Statements and Schedules
Nonmajor Governmental Funds
Combining Balance Sheet 102
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 103
Nonmajor Special Revenue Funds
Combining Balance Sheet 106
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 107
Nonmajor Capital Projects Funds
Combining Balance Sheet 110
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 112
Nonmajor Proprietary Funds
Statement of Net Position 114
Statement of Revenues, Expenses and Changes in Net Position 117
Statement of Cash Flows 118
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 120
Debt Service Funds
Combining Balance Sheet 124
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances 126
Fiduciary Funds
Combining Statement of Fiduciary Net Position 128
Combining Statement of Changes in Fiduciary Net Position 129
Summary Financial Report
Revenues and Expenditures for General Operations - Governmental Funds 130
Table Page No.
Statistical Section (Unaudited)
Net Position by Component 1 134
Changes in Net Position 2 136
Fund Balances of Governmental Funds 3 140
Changes in Fund Balances of Governmental Funds 4 142
Tax Capacity, Market Value and Estimated Actual Value of Taxable Property 5 144
Property Tax Capacity Rates - Direct and Overlapping Governments 6 147
Principal Taxpayers 7 148
Property Tax Levies and Collections 8 150
Ratios of Outstanding Debt by Type 9 151
Ratios of General Bonded Debt Outstanding 10 152
Computation of Direct and Overlapping Debt 11 153
Legal Debt Margin Information 12 154
Pledged-Revenue Coverage 13 156
Demographic and Economic Statistics 14 157
Principal Employers 15 158
Full-time Equivalent City Government Employees by Function 16 161
Operating Indicators by Function 17 162
Capital Asset Statistics by Function 18 163
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INTRODUCTORY SECTION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
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April 16, 2024
Honorable Mayor, Members of the City Council and Citizens
City of Albertville, Minnesota
Minnesota statutes require the City to issue an annual report on its financial position and activity,
prepared in accordance with generally accepted accounting principles (GAAP), and audited in
accordance with generally accepted auditing standards by a firm of licensed certified public
accountants, or the Office of the State Auditor. Pursuant to that requirement, we hereby issue the
Annual Comprehensive Financial Report (ACFR) of the City of Albertville for the fiscal year ended
December 31, 2023.
Albertville. Management assumes full responsibility for the completeness and reliability of the
information contained in this report, based upon a comprehensive framework of internal control
standards that it has established for this purpose. Because the cost of internal control should
not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute
assurance that the financial statements are free of any material misstatements. As
management, we assert that, to the best of our knowledge and belief, this financial report is
complete and reliable in all material respects.
Abdo. The goal of the independent audit was to provide reasonable assurance that the financial
statements of the City of Albertville for the fiscal year ended December 31, 2023, are free of any
material misstatements. Included within this report, Abdo. has issued an unqualified opinion on
3.
report and provides a narrative introduction, overview, and analysis of the basic financial
statements. This letter of transmittal is designed to complement the MD&A and should be read
in conjunction with it.
Profile of the City of Albertville
The City of Albertville is located in the east central portion of Minnesota, approximately 35 miles
northwest of the Twin Cities, and approximately halfway between the metropolitan areas of
Minneapolis/St. Paul and St. Cloud. The City of Albertville is located in the northeastern portion
of Wright County, along the Interstate 94 corridor.
,
The City covers approximately 4.5 square miles. The current population is approximately 8,220.
The City of Albertville operates under the council/administrator form of government. The
governing body consists of the Mayor and four Council members, elected at large and on a non-
partisan basis. The Mayor is elected to a two-year term and four Council Members are elected to
a four-year term, with elections held in each even-numbered year. Not more than two Council
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The Mayor and Council appoint a full-time City Administrator, who is responsible for overall supervision of City
operations. The City Council is responsible for, among other things, passing ordinances, adopting the budget,
appointing committees, hiring the City Administrator, other staff and appointing consultants.
The City provides its residents and businesses with a full range of services, including fire protection, law
enforcement, public works, building inspection, planning and code enforcement, parks/trail improvements and
maintenance, curbside recycling and oth
Department for law enforcement. In addition, the City offers the following services to residents: water, sewer,
storm drainage, and recycling, which are operated as enterprises. The City also partners with neighboring
communities to provide library and senior center services. In addition, the governing body is financially
accountable for the Economic Development Authority and therefore, these activities are included in the reporting
entity.
Relevant Financial Policies
begins annually in June when the Finance Director prepares projected revenues and expenses for the
draft budget. Upon review and revisions by the Finance Director and City Administrator, the draft budget is
reviewed by the Department Heads. Department budget requests are compiled by the Finance Director and
reviewed by both the Finance Director and City Administrator. Integral to the budget process are staff meetings
to review the draft budget, which is then presented to the City Council. City Council and staff work on the budget
over the course of two to three budget workshops. Following Council direction and public input, the preliminary
budget is updated and brought back for City Council approval. City Council adopts the preliminary budget in
September and the Final Budget is adopted in December of each year. General Fund and Capital Funds are
appropriated annually based on the adopted budget.
If a need arises for a significant budget amendment during the year, it is brought to City Council for approval.
Also, available within, are notes pertaining to basic financial statements for information on the Joint Powers
Economic Condition and Outlook
Based on permit activity, the local economy is strong and continues to grow. A total of 593 building
permits were issued in 2023 with a total valuation of $27,145,418. The number of new housing units in
2023 was 3, with an average valuation of approximately $425,000 per home.
The State of Minnesota continues its expansion of Interstate 94 through the City of Albertville.
The City recently implemented a gas utility franchise fee.
The area school districts are highly desirable and driving new residential interest to the area.
A multi-family housing project including apartments and townhomes is under construction.
Commercial, Industrial and Retail
stimulate new
commercial and industrial development. Currently, there are a number of commercial and industrial projects
underway, including:
Medart Inc
Long Haul Trucking
Everbrook Daycare
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Major Initiatives
Maintenance and preservation of the City infrastructure and facilities is a priority for the City. In 2023, the City
completed multiple infrastructure improvements related to streets, utilities, trails and parks. Other major
initiatives include:
The I-94 West Corridor Coalition
2023 Street Improvements
WWTP Biosolids Dewatering Improvements
Long-term Financial Planning
The City of Albertville recognizes the importance of maintaining an appropriate level of fund balance. Sound
regarding the size and use of the annual general fund balances. This policy provides two goals and measures for
determining the appropriate fund balance. The security factor must be met before the dependence factor can be
applied. The City of Albertville will strive to meet these goals.
1.Security. Ensure that, at NO time during budget preparation, the amounts remaining in current year-end
application to the current year budget) be allowed to be less
for the General Fund as a minimum. As economic conditions warrant, an amount larger than this shall be
maintained. This will be applied to cash flow, revenue reserves and insurance, and liability needs, or be
available in the time of emergencies.
It is intended for the current fund balance to meet or exceed the 35% minimum and maintain a level of
expenses, a replenishment plan will be developed.
2.Dependence
come from fund balances will not exceed 5% of the planned budget.
Property Taxes
To sustain or expand City services, while keeping property taxes stable, the Council has diligently strived to
maintain a level tax rate. The property tax levy for the year divided by the city-wide total net tax capacity equals
the tax rate.
Independent Audit
The financial statements were audited by Abdo, Certified Public Accountants, and their opinion has been included
in this report. The scope of the audit included the basic financial statements of the City for the year ended
December 31, 2021. Their audit was made in accordance with auditing standards generally accepted in the
United States of America. The scope of the audit was sufficient to satisfy state and federal requirements. The
conditions which cause them to believe that the financial statements are not fairly stated, in all material respects.
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Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City for its ACFR for the fiscal year ended December 31,
2022. This is the fourteenth consecutive year the City has received this prestigious award. In order to be awarded
a Certificate of Achievement, a government must publish an easily readable and efficiently organized ACFR,
whose contents conforms to program standards. Such reports must satisfy both accounting principles generally
accepted in the United States of America and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe our current ACFR continues to meet
eligibility for another certificate.
Acknowledgments
I would like to commend Finance Director Lannes and the entire city staff for their hard work and dedication. I
would like to recognize the CPA firm Abdo for their professional assistance. Finally, thank you to the Mayor and
members of the City Council for your continued interest and support in planning and conducting the financial
operations of the City in a very responsible and professional manner.
Respectfully submitted,
Adam Nafstad
City Administrator/PWD/CE
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Albertville
Minnesota
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2022
Executive Director/CEO
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City of Albertville Organizational Chart
Voters
Consultants
City Attorney
City Council
City Planner
Committees
Contract Services
City Administrator/Public Works
Sheriff's Department Director/City Engineer
Family Youth Collaborative
Assessor
Joint Powers Water Economic Development Parks and Recreation
Senior Program
Public Works CommitteePersonnel CommitteeBoardPlanning CommissionAuthorityCommitteeSTMA Arena Board
Admin. Asst. Clerk II Building - Planning and
City ClerkFinance DirectorSTMA Ice ArenaFire Department
(Building Tech)ZoningSewer Utility DeptStreets and Parks
Election JudgesFinance StaffFire Chief
Utility EmployeesParks Employees
Fire Officers
Volunteer Firemen
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City of Albertville, Minnesota
Elected and Appointed Officials
For the Year Ended December 31, 2023
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FINANCIAL SECTION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
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Honorable Mayor and City Council
City of Albertville, Minnesota
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements of governmental activities, the business-type activities, each
major fund and the aggregate remaining fund information of the City of Albertville, Minnesota (the City), as of and for the
year ended December31, 2023
basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial
position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund
information of the City as of December 31, 2023, and the respective changes in financial position and, where applicable,
cash flows thereof and the respective budgetary comparison for the General fund for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of
Audit of the Financial Statements section of our report. We are required to be independent of the city and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Ccontinue as a going concern for twelve
months beyond the financial statement date, including any currently known information that may raise substantial doubt
shortly thereafter.
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Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial
likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on
the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
ly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the
audit.
Other Matters
Required Supplementary Information
Analysis starting on page 23and the SchedulesSchedulesof
the related note disclosures, the Schedule of Changes in Net Pension Liability (Asset) and
Related Ratios starting on page 92be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who
considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparingthe information for consistency
our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
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Supplementary Information
Our audit was conducted for the purpose of forming opinion on the financial statements that collectively comprise the
are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such
information is the responsibility of management and was derived from and related directly to the underlying accounting
and other records used to prepare the basic financial statements. The information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In ouropinion, the combining and individual fund
financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements
as a whole.
Other Information
Management is responsible for the other information in the annual report. The other information comprises the
thereon. Our opinions onthe basic financial statement do not cover the other information, and we do not express an
opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and
consider whether a material inconsistency exists between the other information and the basic financial statements,or the
other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an
uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 16, 2024, on our
provisions of laws, regulations, contracts, and grantagreements and other matters. The purpose of that report issolely to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the
Abdo
Minneapolis, Minnesota
April 16, 2024
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As management of the City of Albertville
narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2023.
Financial Highlights
The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of
resources at the close of the most recent fiscal year as shown in the summary of net position on the following
pages. The unrestricted amount of net position
and creditors.
increased as shown in the summary of changes in net position table on the following
pages. This increase is attributable to program revenues exceeding expenses during the year.
For the current fiscal year, the City's governmental funds fund balances are shown in the Financial Analysis of the
City's Funds section of the MD&A.
unds section
increased from the prior year due to revenues in excess of budget.
increased during the current fiscal year. The increase was due to the issuance of series
2023Ageneral obligation disposal system bonds to fund wastewater treatment facility as shown on the
outstanding debt table.
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Overview of the Financial Statements
financial statements.
basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial
statements, and 3) notes to the financial statements. This report also contains other supplemental information in addition
to the basic financial statements themselves.
The financial statements also include notes that explain some of the information in the financial statements and provide
more detailed data. The statements are followed by a section of combining and individual fund financial statements and
schedules which further explain and support the information in the financial statements.Figure 1 shows how the required
parts of this annual report are arranged and relate to one another. In addition to these required elements, we have
included a section with combining and individual fund financial statements and schedules that provide details about non-
major governmental funds, which are added together and presented in single columns in the basic financial statements.
Figure 1
Required Components of the
Management's
Basic Required
Discussion and
Financial Supplementary
Analysis
StatementsInformation
Government-FundNotes to the
wide Financial FinancialFinancial
StatementsStatementsStatements
SummarDetail
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including the portion of the City government
they cover and the types of information they contain.
and analysis explains the structure and contents of each of the statements.
Figure 2
Major Features of the Government-wide and Fund Financial Statements
Fund Financial Statements
Government-wide Governmental Funds Proprietary Funds
Statements
Scope Entire City government The activities of the City that Activities the City operates
(except fiduciary funds) and are not proprietary or similar to private
fiduciary, such as police, fire businesses, such as the
and parks water and sewer system
Required financial
Statement of Net Balance Sheet Statements of Net
statements
Position Position
Statement of Revenues,
Statement of Activities Expenditures, and Statements of Revenues,
Changes in Fund Expenses and Changes
Balances in Net Position
Statements of Cash
Flows
Accounting basis and Accrual accounting and Modified accrual accounting Accrual accounting and
measurement focus economic resources focus and current financial economic resources focus
resources focus
Type of asset/liability All assets and liabilities, Only assets expected to be All assets and liabilities,
information both financial and capital, used up and liabilities that both financial and capital,
and short-term and long-come due during the year or and short-term and long-
term soon thereafter; no capital term
assets included
Type of deferred All deferred Only deferred outflows of All deferred
outflows/inflows of outflows/inflows of resources expected to be outflows/inflows of
resources information resources, regardless of used up and deferred resources, regardless of
when cash is received or inflows of resources that when cash is received or
paid come due during the year or paid
soon thereafter; no capital
assets included
Type of in flow/out All revenues and expenses Revenues for which cash is All revenues and expenses
flow information during year, regardless of received during or soon after during the year, regardless
when cash is received or the end of the year; of when cash is received or
paid expenditures when goods or paid
services have been received
and payment is due during
the year or soon thereafter
Government-wide Financial Statements. The Hpwfsonfou.xjef!gjobodjbm!tubufnfout are designed to provide readers with
-sector business.
The tubufnfou!pg!ofu!qptjujpo presents informatand
liabilitiesand deferred inflows of resources, with the difference reported as ofu!qptjujpo. Over time, increases or
decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or
deteriorating.
The tubufnfou!pg!bdujwjujft net position changed during the most recent
fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs,
sfhbsemftt!pg!uif!ujnjoh!pg!sfmbufe!dbti!gmpxt. Thus, revenues and expenses are reported in this statement for some items
that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
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Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes
and intergovernmental revenue (hpwfsonfoubm!bdujwjujft) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (cvtjoftt.uzqf!bdujwjujft). The governmental activities of
the City include general government, public safety, public works, culture and recreation, economic development and
interest on long-term debt. The business-type activities of the City include sewer, water, storm water and recycling.
The government-wide financial statements start on page 37 of this report.
Fund Financial Statements. A gvoe is a grouping of related accounts that is used to maintain control over resources that
have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City can
be divided into three categories: governmental funds, proprietary funds and fiduciary funds.
Hpwfsonfoubm!Gvoet. Hpwfsonfoubm!gvoet are used to account for essentially the same functions reported as
hpwfsonfoubm!bdujwjujft in the government-wide financial statements. However, unlike the government-wide financial
statements, governmental fund financial statements focus on ofbs.ufsn!jogmpxt!boe!pvugmpxt!pg!tqfoebcmf!sftpvsdft, as
well as on cbmbodft!pg!tqfoebcmf!sftpvsdft available at the end of the fiscal year. Such information may be useful in
-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful
to compare the information presented for hpwfsonfoubm!gvoet with similar information presented for hpwfsonfoubm!
bdujwjujft in the government-wide financial statements. By doing so, readers may better understand the long-term impact
near-term financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison
between hpwfsonfoubm!gvoet and hpwfsonfoubm!bdujwjujft.
The City maintains several individual governmental funds. Information is presented separately in the governmental fund
balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the
General fund, Debt Service, and Capital Outlay Reserve funds - all of which are considered to be major funds. Data from
the other governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these
non-major governmental funds is provided in the form of dpncjojoh!tubufnfout!ps!tdifevmft elsewhere in this report.
The City adopts an annual appropriated budget for its General fund. A budgetary comparison statement has been
provided for the General fund to demonstrate compliance with this budget.
The basic governmental fund financial statements start on page 42 of this report.
Qspqsjfubsz!Gvoet. The City maintains one type of proprietary fund/!Foufsqsjtf!gvoet are used to report the same functions
presented as cvtjoftt.uzqf!bdujwjujft in the government-wide financial statements. The City uses enterprise funds to
account for its sewer, water, storm water and recycling operations.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail.
The proprietary fund financial statements provide separate information for each of the enterprise funds.
The basic proprietary fund financial statements start on page of this report.
Gjevdjbsz!Gvoet. Fiduciary funds are used to account for resources held for the benefit of parties outside the City.
Fiduciary funds are opu reflected in the government-wide financial statements because the resources of those funds are
not available to suThe accounting used for fiduciary funds is much like that used for
proprietary funds.
The basic fiduciary fund financial statements are on page 5 of this report.
Notes to the Financial Statements. The notes provide additional information that is essential to a full understanding of
the data provided in the government-wide and fund financial statements. The notes to the financial statements start on
page 5 of this report.
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Supplementary Information. In addition to the basic financial statements and accompanying notes, this report also
pension and other post-employment benefits to its employees. Required supplementary information can be found starting
on page 90of this report.
The combining statements referred to earlier in connection with non-major governmental funds are presented following
the notes to the financial statements. Combining and individual fund statements and schedules start on page 102 of this
report.
Government-wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a goIn the case of
the City, assets and deferred outflows of resources exceeded liabilities the close of the most recent fiscal year.
net position reflects its investment in capital assets (e.g., land, buildings, machinery
and equipment), less any related debt used to acquire those assets that is still outstanding. The City uses these capital
assets to provide services to citizens; consequently, these assets are not available for future spending.
investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this
debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these
liabilities.
City of AlbertvilleSummary of Net Position
Governmental ActivitiesBusiness-type Activities
IncreaseIncrease
20232022(Decrease)20232022(Decrease)
Current and Other Assets$ 16,484,333$ 16,312,131$ 172,202$ 19,879,502$ 13,694,727$ 6,184,775
Capital Assets 22,766,923 23,058,393 (291,470) 23,756,332 17,295,499 6,460,833
Total Assets 39,251,256 39,370,524 (119,268) 43,635,834 30,990,226 12,645,608
Deferred Outflows of Resources 787,411 8 10,043 (22,632) 103,186 160,116 (56,930)
Long-term Liabilities Outstanding 3,499,110 4,812,529 (1,313,419) 15,716,544 6,694,167 9,022,377
Other Liabilities 794,789 1,347,833 (553,044) 829,188 282,747 546,441
Total Liabilities 4,293,899 6,160,362 (1,866,463) 16,545,732 6,976,914 9,568,818
Deferred Inflows of Resources 551,802 109,655 442,147 118,766 4,788 113,978
Net Position
Net investment in capital assets 20,273,389 19,783,680 489,709 11,419,846 11,189,927 229,919
Restricted 5,714,233 5,667,95046,283 - - -
Unrestricted 9,205,344 8,458,920 746,424 15,654,676 12,978,713 2,675,963
Total Net Position$ 35,192,966$ 33,910,550$ 1,282,416$ 27,074,522$ 24,168,640$ 2,905,882
Net Position as a Percent of Total
Net investment in
capital assets 57.6% 58.4% 42.2% 46.3%
Restricted 16.2 16.7 - -
Unrestricted 26.2 24.9 57.8 53.7
100.0% 100.0% 100.0% 100.0%
`
27
net position represents resources that are subject to external restrictions on how they
may be used. The remaining balance of vosftusjdufe!ofu!qptjujpo
citizens and creditors.
At the end of the current fiscal year, the City is able to report positive balances in all three categories of net position, both
for the City as a whole, as well as for its separate governmental and business-type activities.
Governmental Activities. Governmental activities increased net position. Significant changes from the prior year
are noted below with a significant reason for the increase related to taxes and unrestricted investment earnings.
Business-
water treatment facility.
City of AlbertvilleChanges in Net Position
Governmental ActivitiesBusiness-type Activities
IncreaseIncrease
20232022(Decrease)20232022(Decrease)
Revenues
Program Revenues
Charges for services$ 1,258,084$ 1,979,509$ (721,425)$ 1,994,092$ 1,940,742$ 53,350
Operating grants and contributions 1,071,298 380,209 691,089 18,581 19,637 (1,056)
Capital grants and contributions 11,930 1,606,812 (1,594,882) 2,426,134 1,818,198 607,936
General Revenues
Taxes
Property taxes 4,507,776 4,326,785 180,991 220,624 222,934 (2,310)
Tax increments 462,983 197,675 265,308 - - -
Franchise fees 325,250 - 325,250 - - -
Grants and contributions
not restricted to
specific programs 305,373 115,422 189,951 111,961 58,468 53,493
Gain on sale of capital assets 30,000 - 30,000 - - -
Unrestricted investment earnings (loss) 564,901 (320,982) 885,883 808,086 (353,201) 1,161,287
Total Revenues 8,537,595 8,285,430 252,165 5,579,478 3,706,778 1,872,700
Expenses
General government 1,257,890 1,273,530 (15,640) - - -
Public safety 2,242,841 1,989,621 253,220 - - -
Public works 2,245,612 1,598,677 646,935 - - -
Culture and recreation 1,147,360 988,150 159,210 - - -
Economic development 265,896 1,354,800 (1,088,904) - - -
Interest on long-term debt 95,580 112,596 (17,016) - - -
Sewer - - - 1,692,252 1,348,974 343,278
Water - - - 526,850 465,093 61,757
Storm water - - - 297,395 265,392 32,003
Recycling - - - 157,099 145,939 11,160
Total Expenses 7,255,179 7,317,374 (62,195) 2,673,596 2,225,398 448,198
Change in Net Position 1,282,416 968,056 - 2,905,882 1,481,380 -
Net Position, January 1 33,910,550 32,942,494 968,056 24,168,640 22,687,260 1,481,380
Net Position, December 31$ 35,192,966$ 33,910,550$ 1,282,416$ 27,074,522$ 24,168,640$ 2,905,882
`
28
The following graph depicts various governmental activities and shows the revenue and expenses directly related to those
activities.
Expenses and Program Revenues-Governmental Activities
Revenuesby Source -Governmental Activities
For the most part, increases in expenses closely paralleled inflation and growth in the demand for services.
14.7%, Charges for
12.5%, Operating
6.6%
Services
Grants and
Unrestricted
Contributions
Investment
0.4%, Miscellaneous
3.6%, Grants and
Contributions
0.1%, Capital Grants
Unrestricted
and Contributions
62.0%, Taxes
`
29
Business-type Activities. Business-type activities increasednet positionmainly due to capitalgrants and
contributionsrelated to development activity.
Expenses and Program Revenues-Business-type Activities
Revenues by Source -Business-type Activities
0.3%, Operating
Grants and
Contributions,
35.7%, Charges for
Services
43.5%, Capital
Grants and
Contributions
14.5%, Investment
Earnings (Loss)
2.0%, Grants and
4.0%, Taxes
Contributions
Unrestricted
`
30
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Hpwfsonfoubm!Gvoet: hpwfsonfoubm!gvoet is to provide information on near-term inflows, outflows
and balances of tqfoebcmf resources. Such information is useful in assessing the In
particular, vobttjhofe!gvoe!cbmbodf
spending at the end of the fiscal year.
The Hfofsbm!gvoe is the chief operating fund of the City. At the end of the current year, the fund balance of the General
fund is shown in the table above.
fund balance to total fund expenditures. The total unassigned fund balance as a percent of total fund expenditures is
shown in the chart below along with total fund balance as a percent of total expenditures.
The
increase is mainly due to interest earnings increasing related to the improvement in the market as well as increased
franchise fees.
Other major governmental fund analysis is shown below:
December 31,December 31,Increase
20232022(Decrease)
Debt Service Fund$ 2,783,933$ 3,047,697$ (263,764)
Uif!Efcu!Tfswjdf!gvoe!efdsfbtf!jo!gvoe!cbmbodf!evsjoh!uif!zfbs!xbt!evf!up!tdifevmfe
qsjodjqbm!boe!joufsftu!qbznfout!nbef!po!cpoet!evsjoh!uif!zfbs/
Capital Outlay Reserve$ 6,547,132$ 6,062,374$ 484,758
Uif!Dbqjubm!Pvumbz!Sftfswf!gvoe!jodsfbtfe!nbjomz!evf!up!sfwfovf!bmmpdbujpot!gps!gvuvsf!qspkfdut/
`
31
Qspqsjfubsz!Gvoet; -wide
financial statements, but in more detail.
EndingEnding
Net PositionNet PositionIncrease/
20232022(Decrease)
Sewer$ 21,463,137$ 18,733,854$ 2,729,283
Uif!jodsfbtf!jt!qsjnbsjmz!buusjcvufe!up!uif!dbqjubm!dpousjcvujpot!evsjoh!uif!zfbs/
Water 3,261,663 3,088,449 173,214
Uif!jodsfbtf!jt!qsjnbsjmz!buusjcvufe!up!joufsftu!fbsojoht-!joufshpwfsnfoubm!sfwfovf!boe
!dbqjubm!dpousjcvujpot/
General Fund Budgetary Highlights
Final
BudgetedActualVariance with
AmountsAmountsFinal Budget
Revenues$ 3,893,184$ 4,598,309$ 705,125
Expenditures 4,013,430 4,458,573 (445,143)
Net Change in Fund Balances (120,246) 139,736 259,982
Fund Balances, January 1 2,592,935 2,592,935 -
Fund Balances, December 31$ 2,472,689$ 2,732,671$ 259,982
Actual revenues were over the final budget and expenditures were also over the final budget amounts as shown above.
Revenues came in above the final budget due to large favorable variances from budget related to charges for services and
investment earnings. Expenditures also came in over the final budget due to unfavorable variances from budget related to
general government, public safety, and culture and recreation expenditures.
`
32
Capital Asset and Debt Administration
Capital Assets: -type activities as of
December 31, 2023, is shown below in capital asset table (net of accumulated depreciation). This investment in capital
assets includes land, structures, improvements, machinery and equipment, vehicles, roads, highways and bridges. The
mental and business-type
activities is due to:
2022 Albertville Street Improvements
2023 Albertville Street Improvements
2023 Loader and Plow
Barthel Industrial Drive Improvements
B starting on page of this report.
City of AlbertvilleCapital Assets
(Net of Depreciation)
Long-term Debt: At the end of the current fiscal year, the City had total bonded debt outstanding indicated below. This
amount consists of general obligation special assessment, general obligation revenue bonds and revenue bonds. While
many of thesebonds have their own revenue streams, they are backed by the full faith and credit of the City.
City of AlbertvilleOutstanding Debt
Governmental ActivitiesBusiness-type Activities
IncreaseIncrease
20232022(Decrease)20232022(Decrease)
General Obligation
Special Assessment Bonds$ 2,532,092$ 3,351,510$ (819,418)$ - $ 85,005 $ (85,005)
G.O. Revenue Bonds - - - 15,263,991 6,020,567 9,243,424
Total$ 2,532,092$ 3,351,510$ (819,418)$ 15,263,991$ 6,105,572$ 9,158,419
Percent increase (decrease)-24.4%150.0%
increased during the current fiscal year. This increase is attributable to issuance of series 2023A
general obligation bond to fund the wastewater treatment facility.
`
33
Minnesota statutes limit the amount of net general obligation debt a City may issue to 3 percent of the market value of
taxable property within the City. Net debt is debt payable solely from ad valorem taxes. The City
exceed the limit set forth in statute.
-term debt can be found in Note 3D starting on page 7 of this report.
Residential property values continue to show stable growth and home improvement activity remains strong. New housing
starts will be limited as there is limited land zoned for new housing.
Commercial property values have increased and commercial interest is strong. The interstate highway, proximity to
growth.
Budgeted contract services are reviewed and adjusted annually.
State and/or Federal funds received due to the COVID 19 pandemic are expected to be used for economic development
and/or capital improvements.
Requests for Information
terest in the
Questions concerning any of the information provided in this report or requests for additional financial
information should be addressed to the Finance Director, City of Albertville, 5959 Main Avenue, Albertville, Minnesota
55301.
`
34
GOVERNMENT-WIDE FINANCIAL STATEMENTS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
35
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36
City of Albertville, Minnesota
Statement of Net Position
December 31, 2023
GovernmentalBusiness-type
ActivitiesActivitiesTotal
Assets
Cash and temporary investments$ 12,385,240 $ 19,024,222 $ 31,409,462
Receivables
Interest 102,835 - 102,835
Taxes 45,729 - 45,729
Accounts 54,846 196,050 250,896
Notes - due within one year 73,148 - 73,148
Notes - due in more than one year 1,035,188 - 1,035,188
Less allowance for uncollectible (450,000) - (450,000)
Special assessments 501,379 82,052 583,431
Internal balances (73,000) 73,000 -
Due from other governments 1,543,708 469,738 2,013,446
Prepaid items 136,926 34,440 171,366
Equity interest in joint venture 250,447 - 250,447
Net pension asset 225,934 - 225,934
Land held for resale 651,953 - 651,953
Capital assets
Land and construction in progress 5,197,065 7,490,234 12,687,299
Depreciable assets, net of accumulated depreciation 17,569,858 16,266,098 33,835,956
Total Assets 39,251,256 43,635,834 82,887,090
Deferred Outflows of Resources
Loss on refunding bonds 38,558 - 38,558
Deferred pension resources 748,853 103,186 852,039
Total Deferred Outflows of Resources 787,411 103,186 890,597
Liabilities
Accounts and contracts payable 277,135 490,267 767,402
Escrows payable 98,242 - 98,242
Due to other governments 16,411 49,030 65,441
Accrued interest payable 13,011 265,465 278,476
Accrued salaries payable 44,002 24,426 68,428
Unearned revenue 345,988 - 345,988
Noncurrent liabilities
Due within one year
Long-term liabilities 655,241 605,320 1,260,561
Due in more than one year
Long-term liabilities 1,975,839 14,732,431 16,708,270
Net pension liability 868,030 378,793 1,246,823
Total Liabilities 4,293,899 16,545,732 20,839,631
Deferred Inflows of Resources
Deferred pension resources 551,802 118,766 670,568
Net Position
Net investment in capital assets 20,273,389 11,419,846 31,693,235
Restricted for
Net pension asset 225,934 - 225,934
Debt service 3,875,489 - 3,875,489
Park dedication 969,612 - 969,612
Tax increment 293,203 - 293,203
Public safety aid 349,995 - 349,995
Unrestricted 9,205,344 15,654,676 24,860,020
Total Net Position$ 35,192,966 $ 27,074,522 $ 62,267,488
The notes to the financial statements are an integral part of this statement.
37
City of Albertville, Minnesota
Statement of Activities
For the Year Ended December 31, 2023
Program Revenues
OperatingCapital Grants
Charges forGrants andand
Functions/Programs
ExpensesServicesContributionsContributions
Governmental Activities
General government$ 1,257,890 $ 380,077 $ 104,279 $ 9,480
Public safety 2,242,841 521,278 530,558 -
Public works 2,245,612 1,450 407,506 2,450
Culture and recreation 1,147,360 355,279 18,086 -
Economic development 265,896 - 10,869 -
Interest on long-term debt 95,580 - - -
Total Governmental Activities 7,255,179 1,258,084 1,071,298 11,930
Business-type Activities
Sewer 1,692,252 1,106,098 9,869 2,389,744
Water 526,850 496,765 - 36,390
Storm water 297,395 249,451 - -
Recycling 157,099 141,778 8,712 -
Total Business-type Activities 2,673,596 1,994,092 18,581 2,426,134
Total$ 9,928,775 $ 3,252,176 $ 1,089,879 $ 2,438,064
General Revenues
Taxes
Property taxes levied for general purposes
Property taxes levied for debt service
Tax increments
Franchise fees
Grants and contributions not restricted to specific programs
Unrestricted investment earnings
Gain on sale of capital assets
Total General Revenues
Change in Net Position
Net Position, January 1
Net Position, December 31
The notes to the financial statements are an integral part of this statement.
38
Net (Expenses) Revenues
and Changes in Net Position
GovernmentalBusiness-type
ActivitiesActivitiesTotal
$ (764,054)$ -$ (764,054)
(1,191,005) - (1,191,005)
(1,834,206) - (1,834,206)
(773,995) - (773,995)
(255,027) - (255,027)
(95,580) - (95,580)
(4,913,867) - (4,913,867)
- 1,813,459 1,813,459
- 6,305 6,305
- (47,944) (47,944)
- (6,609) (6,609)
- 1,765,211 1,765,211
(4,913,867) 1,765,211 (3,148,656)
4,143,704 220,624 4,364,328
364,072 - 364,072
462,983 - 462,983
325,250 - 325,250
305,373 111,961 417,334
564,901 808,086 1,372,987
30,000 - 30,000
6,196,283 1,140,671 7,336,954
1,282,416 2,905,882 4,188,298
33,910,550 24,168,640 58,079,190
$ 35,192,966$ 27,074,522$ 62,267,488
The notes to the financial statements are an integral part of this statement.
39
THIS PAGE IS LEFT
BLANK INTENTIONALLY
40
FUND FINANCIAL STATEMENTS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
41
City of Albertville, Minnesota
Balance Sheet
Governmental Funds
December 31, 2023
CapitalOtherTotal
DebtOutlayGovernmentalGovernmental
GeneralServiceReserveFundsFunds
Assets
Cash and temporary investments$ 2,571,022$ 1,296,675$ 6,748,106$ 1,769,437$ 12,385,240
Receivables
Taxes 45,729 - - - 45,729
Accounts 54,846 - - - 54,846
Special assessments 39,190 446,231 15,958 - 501,379
Interest 99,324 3,511 - - 102,835
Notes - 658,336 - 450,000 1,108,336
Less allowance for uncollectible - - - (450,000) (450,000)
Advances to other funds 25,000 882,794 19,588 - 927,382
Due from other governments - - 1,543,708 - 1,543,708
Prepaid items 126,926 - 10,000 - 136,926
Land held for resale 51,000 600,953 - - 651,953
Total Assets$ 3,013,037$ 3,888,500$ 8,337,360$ 1,769,437$ 17,008,334
Liabilities
Accounts and contracts payable$ 46,453$ -$ 230,562 $ 120$ 277,135
Escrows payable 98,242 - - - 98,242
Advances from other funds - - - 1,000,382 1,000,382
Due to other governments 16,411 - - - 16,411
Accrued salaries payable 44,002 - - - 44,002
Unearned revenue - - - 345,988 345,988
Total Liabilities 205,108 - 230,562 1,346,490 1,782,160
Deferred Inflows of Resources
Unavailable revenue - property taxes 36,694 - - - 36,694
Unavailable revenue - special assessments 38,564 446,231 15,958 - 500,753
Unavailable revenue - notes/intergovernmental - 658,336 1,543,708 - 2,202,044
Total Deferred Inflows of Resources 75,258 1,104,567 1,559,666 - 2,739,491
Fund Balances
Nonspendable 177,926 - 10,000 - 187,926
Restricted - 2,783,933 349,995 1,262,815 4,396,743
Committed - - - 159,322 159,322
Assigned - - 6,187,137 - 6,187,137
Unassigned 2,554,745 - - (999,190) 1,555,555
Total Fund Balances 2,732,671 2,783,933 6,547,132 422,947 12,486,683
Total Liabilities, Deferred Inflows
of Resources and Fund Balances$ 3,013,037$ 3,888,500$ 8,337,360$ 1,769,437$ 17,008,334
The notes to the financial statements are an integral part of this statement.
42
City of Albertville, Minnesota
Reconciliation of the Balance Sheet
to the Statement of Net Position
December 31, 2023
Amounts reported for the governmental activities in the statement of net position are different because
Total Fund Balances - Governmental$ 12,486,683
Governmental funds do not report an asset for equity interest in the joint venture 250,447
Capital assets used in governmental activities are not financial
resources and therefore are not reported as assets in governmental funds.
Cost of capital assets 53,566,495
Less: accumulated depreciation (30,799,572)
Long-term liabilities, including bonds payable, are not due and payable in the
current period and therefore are not reported as liabilities in the funds.
Long-term liabilities at year-end consist of
Compensated absences payable (98,988)
Bond principal payable (2,532,092)
Net pension liability (868,030)
Deferred outflows of resources, loss on refunding bond38,558
Some receivables are not available soon enough to pay for the current period's expenditures,
and therefore are deferred in the funds.
Special assessments 500,753
Taxes 36,694
Notes/intergovernmental 2,202,044
Governmental funds do not report long-term amounts related to pension.
Deferred outflows of pension resources 748,853
Deferred inflows of pension resources (551,802)
Net pension asset 225,934
Governmental funds do not report a liability for accrued interest until due and payable. (13,011)
Total Net Position - Governmental Activities$ 35,192,966
The notes to the financial statements are an integral part of this statement.
43
City of Albertville, Minnesota
Statement of Revenues, Expenditures and
Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2023
CapitalOtherTotal
DebtOutlayGovernmentalGovernmental
GeneralServiceReserveFundsFunds
Revenues
Taxes$ 2,798,923$ 417,072$ 1,601,861$ 462,983$ 5,280,839
Licenses and permits 267,566 - - - 267,566
Intergovernmental 249,052 - 605,719 575 855,346
Charges for services 969,605 - - 32,000 1,001,605
Fines and forfeitures 14,812 - - - 14,812
Special assessments 80,394 50,313 21,199 - 151,906
Investment earnings
151,130 68,576 287,716 57,479 564,901
Miscellaneous 66,827 77,440 4,810 - 149,077
Total Revenues 4,598,309 613,401 2,521,305 553,037 8,286,052
Expenditures
Current
General government 1,021,530 - - - 1,021,530
Public safety 2,040,819 - - - 2,040,819
Public works 589,751 7,526 - - 597,277
Culture and recreation 802,971 - - - 802,971
Economic development 3,502 - - 262,394 265,896
Capital outlay
General government - - 214,872 - 214,872
Public safety - - 87,388 - 87,388
Public works - - 1,529,614 - 1,529,614
Culture and recreation - - 204,673 - 204,673
Debt service
Principal - 813,000 - - 813,000
Interest and other - 56,639 - 12,264 68,903
Total Expenditures 4,458,573 877,165 2,036,547 274,658 7,646,943
Net Change in Fund Balances 139,736 (263,764) 484,758 278,379 639,109
Fund Balances, January 1 2,592,935 3,047,697 6,062,374 144,568 11,847,574
Fund Balances, December 31$ 2,732,671$ 2,783,933$ 6,547,132$ 422,947$ 12,486,683
The notes to the financial statements are an integral part of this statement.
44
City of Albertville, Minnesota
Reconciliation of the Statement of Revenues, Expenditures and
Changes in Fund Balances to the Statement of Activities
Governmental Funds
For the Year Ended December 31, 2023
Amounts reported for governmental activities in the statement of activities are different because
Total Change Is Fund Balances$ 639,109
Governmental funds do not report income or loss in a joint venture. 23,643
Capital outlays are reported in governmental funds as expenditures. However, in the statement of
activities, the cost of those assets is allocated over the estimated useful lives as depreciation expense.
Capital outlays 1,482,945
Depreciation expense (1,804,415)
Gain on trade in of capital assets 30,000
The issuance of long-term debt provides current financial resources to governmental funds, while
the repayment of principal of long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. Also, governmental funds report
the effect of premiums, discounts and similar items when debt is first issued,
whereas these amounts are amortized in the statement of activities.
Principal repayments 813,000
Amortization of loss on refunding and premium (31,821)
Interest on long-term debt in the statement of activities differs from the amount reported in the
governmental fund because interest is recognized as an expenditure in the funds when it is due,
and thus requires the use of current financial resources. In the statement of activities, however,
interest expense is recognized as the interest accrues, regardless of when it is due. 5,144
Long-term pension activity is not reported in governmental funds.
Pension expense (63,924)
Pension revenue 611
Some expenses reported in the statement of activities do not require the use of current financial resources
and, therefore, are not reported as expenditures in the governmental funds.
Compensated absences (9,165)
Certain revenues are recognized as soon as they are earned. Under the modified accrual basis of accounting
certain revenues cannot be recognized until they are available to liquidate liabilities of the current period.
Special assessments (129,107)
Taxes 15,170
Intergovernmental 311,226
Change in Net Position - Governmental Activities$ 1,282,416
The notes to the financial statements are an integral part of this statement.
45
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BLANK INTENTIONALLY
46
City of Albertville, Minnesota
Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended December 31, 2023
General
Budgeted Amounts
ActualVariance with
OriginalFinalAmountsFinal Budget
Revenues
Taxes$ 2,707,337 $ 2,707,337 $ 2,798,923 $ 91,586
Licenses and permits 263,000 263,000 267,566 4,566
Intergovernmental 207,091 207,091 249,052 41,961
Charges for services 690,756 690,756 969,605 278,849
Fines and forfeitures - - 14,812 14,812
Special assessments - - 80,394 80,394
Investment earnings
10,000 10,000 151,130 141,130
Miscellaneous 15,000 15,000 66,827 51,827
Total Revenues 3,893,184 3,893,184 4,598,309 705,125
Expenditures
Current
General government 962,263 962,263 1,021,530 (59,267)
Public safety 1,977,031 1,977,031 2,040,819 (63,788)
Public works 524,899 524,899 589,751 (64,852)
Culture and recreation 524,237 524,237 802,971 (278,734)
Economic development 25,000 25,000 3,502 21,498
Total Expenditures 4,013,430 4,013,430 4,458,573 (445,143)
Net Change in Fund Balances (120,246) (120,246) 139,736 259,982
Fund Balances, January 1 2,592,935 2,592,935 2,592,935 -
Fund Balances, December 31$ 2,472,689 $ 2,472,689 $ 2,732,671 $ 259,982
The notes to the financial statements are an integral part of this statement.
47
City of Albertville, Minnesota
Statement of Net Position
Proprietary Funds
December 31, 2023
Business-type Activities - Enterprise Funds
SewerWaterNonmajorTotal
Assets
Current Assets
Cash and temporary investments$ 15,285,729$ 2,579,027$ 1,159,466$ 19,024,222
Receivables
Accounts 88,154 83,731 24,165 196,050
Delinquent special assessments 1,635 2,273 666 4,574
Special assessments, current portion 8,298 7,395 2,880 18,573
Due from other governments 467,738 - 2,000 469,738
Prepaid items 24,630 7,538 2,272 34,440
Total Current Assets 15,876,184 2,679,964 1,191,449 19,747,597
Noncurrent Assets
Special assessments, net of current portion 46,758 10,465 1,682 58,905
Advances to other funds 22,500 14,500 36,000 73,000
69,258 24,965 37,682 131,905
Capital Assets
Land 205,722 - 146,112 351,834
Buildings 4,706,359 13,330 - 4,719,689
Infrastructure 16,976,386 1,401,010 1,509,297 19,886,693
Machinery and equipment 218,515 174,081 - 392,596
Vehicles 237,686 216,921 69,177 523,784
Construction in progress 7,138,400 - - 7,138,400
Less: Accumulated depreciation (7,860,927) (899,853) (495,884) (9,256,664)
Net Capital Assets 21,622,141 905,489 1,228,702 23,756,332
Total Noncurrent Assets 21,691,399 930,454 1,266,384 23,888,237
Total Assets 37,567,583 3,610,418 2,457,833 43,635,834
Deferred Outflows of Resources
Deferred pension resources 50,078 28,382 24,726 103,186
The notes to the financial statements are an integral part of this statement.
48
City of Albertville, Minnesota
Statement of Net Position (Continued)
Proprietary Funds
December 31, 2023
Business-type Activities - Enterprise Funds
SewerWaterNonmajorTotal
Liabilities
Current Liabilities
Accounts and contracts payable$ 445,089$ 44,738$ 440$ 490,267
Due to other governments - 49,030 - 49,030
Accrued interest payable 264,984 481 - 265,465
Accrued salaries payable 7,305 10,981 6,140 24,426
Compensated absences payable, current portion 24,894 24,894 5,532 55,320
Bonds payable, current portion 539,600 10,400 - 550,000
Total Current Liabilities 1,281,872 140,524 12,112 1,434,508
Noncurrent Liabilities
Compensated absences payable 8,298 8,298 1,844 18,440
Bonds payable 14,693,191 20,800 - 14,713,991
Net pension liability 104,383 183,405 91,005 378,793
Total Noncurrent Liabilities 14,805,872 212,503 92,849 15,111,224
Total Liabilities 16,087,744 353,027 104,961 16,545,732
Deferred Inflows of Resources
Deferred pension resources 66,780 24,110 27,876 118,766
Net Position
Net investment in capital assets 9,316,855 874,289 1,228,702 11,419,846
Unrestricted 12,146,282 2,387,374 1,121,020 15,654,676
Total Net Position$ 21,463,137$ 3,261,663$ 2,349,722$ 27,074,522
The notes to the financial statements are an integral part of this statement.
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City of Albertville, Minnesota
Statement of Revenues, Expenses and
Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
SewerWaterNonmajorTotal
Operating Revenues
Charges for services$ 1,088,083 $ 479,410 $ 391,219 $ 1,958,712
Operating Expenses
Personal services 383,901 290,573 207,183 881,657
Supplies 37,06536,753 - 73,818
Professional services 56,675 18,141 55,968 130,784
Utilities 121,822 507 - 122,329
Insurance 16,663 8,414 1,645 26,722
Repairs and maintenance 16,636 72,710 3,992 93,338
Depreciation 524,492 41,353 37,139 602,984
Other charges 49,565 57,215 148,430 255,210
Total Operating Expenses 1,206,819 525,666 454,357 2,186,842
Operating Income (Loss) (118,736) (46,256) (63,138) (228,130)
Nonoperating Revenues (Expenses)
Property taxes 220,624 - - 220,624
Interest income 634,572 115,576 57,938 808,086
Intergovernmental 60,62851,3338,712 120,673
Interest expense and other (485,433) (1,184) (137) (486,754)
Other income 27,884 17,355 10 45,249
Total Nonoperating
Revenues (Expenses) 458,275 183,080 66,523 707,878
Income (Loss) Before
Contributions 339,539 136,824 3,385 479,748
Contributions
Capital contributions 2,389,744 36,390 - 2,426,134
Change in Net Position 2,729,283 173,214 3,385 2,905,882
Net Position, January 1 18,733,854 3,088,449 2,346,337 24,168,640
Net Position, December 31$ 21,463,137 $ 3,261,663 $ 2,349,722 $ 27,074,522
The notes to the financial statements are an integral part of this statement.
51
City of Albertville, Minnesota
Statement of Cash Flows
Proprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
SewerWaterNonmajorTotals
Cash Flows from Operating Activities
Receipts from customers and users$ 1,094,603$ 488,196$ 393,343$ 1,976,142
Other receipts and payments, net 27,884 17,355 10 45,249
Payments to suppliers (285,678) (208,593) (221,457) (715,728)
Payments to employees (372,421) (273,175) (198,859) (844,455)
Net Cash Provided by
Operating Activities 464,388 23,783 (26,963) 461,208
Cash Flows from Noncapital Financing Activities
Intergovernmental receipts 60,628 51,333 8,712 120,673
Tax receipts 220,624 - - 220,624
Net Cash Provided by
Noncapital Financing Activities 281,252 51,333 8,712 341,297
Cash Flows from Capital and
Related Financing Activities
Acquisition of capital assets (6,700,265) (31,200) - (6,731,465)
Capital contributions 1,939,610 34,567 - 1,974,177
Debt issuance proceeds 9,798,446 - - 9,798,446
Debt issuance costs (155,540) - - (155,540)
Interest paid on bonds (131,013) (1,331) (850) (133,194)
Principal paid on bonds (529,600) (10,400) (85,000) (625,000)
Net Cash Provided (Used) by
Capital and Related Financing Activities 4,221,638 (8,364) (85,850) 4,127,424
Cash Flows from Investing Activities
Interest received on investments 634,572 115,576 57,938 808,086
Net Increase (Decrease) in
Cash and Cash Equivalents 5,601,850 182,328 (46,163) 5,738,015
-
Cash and Cash Equivalents, January 1 9,683,879 2,396,699 1,205,629 13,286,207
Cash and Cash Equivalents, December 31$ 15,285,729$ 2,579,027$ 1,159,466$ 19,024,222
The notes to the financial statements are an integral part of this statement.
52
City of Albertville, Minnesota
Statement of Cash Flows (Continued)
Proprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
SewerWaterNonmajorTotals
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities
Operating income (loss)$ (118,736)$ (46,256)$ (63,138)$ (228,130)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
Other income related to operations 27,884 17,355 10 45,249
Depreciation 524,492 41,353 37,139 602,984
(Increase) decrease in assets/deferred outflows of resources
Accounts receivable 7,097 9,608 3,884 20,589
Prepaids (3,290) (885) (298) (4,473)
Due from other governments (10,395) - 2,635 (7,760)
Special assessments receivable (577) (822) (1,760) (3,159)
Deferred pension resources 20,153 24,558 12,219 56,930
Increase (decrease) in liabilities/deferred inflows of resources
Accounts payable 26,433 25,792 (13,759) 38,466
Due to other governments - (39,760) - (39,760)
Accrued salaries payable 471 1,271 594 2,336
Compensated absences payable 3,944 3,944 877 8,765
Net pension liability (48,111) (62,235) (34,461) (144,807)
Deferred pension resources 35,023 49,860 29,095 113,978
Net Cash Provided (Used) by
Operating Activities$ 464,388$ 23,783$ (26,963)$ 461,208
Schedule of Noncash Capital and
Financing Activities
Capital assets purchased on account$ 402,763$ -$ -$ 402,763
Amortization of bond premiums 15,022 - 5 15,027
The notes to the financial statements are an integral part of this statement.
53
City of Albertville, Minnesota
Statement of Fiduciary Net Position
Fiduciary Funds
December 31, 2023
Custodial
Funds
Assets
Cash and temporary investments$ 905,815
Accounts receivable 102,585
Inventory3,181
Prepaid items 8,355
Total Assets 1,019,936
Liabilities
Accounts payable28,953
Accrued wages 11,006
Total Liabilities 39,959
Net Position
Restricted for organizations and other governments$ 979,977
The notes to the financial statements are an integral part of this statement.
54
City of Albertville, Minnesota
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended December 31, 2023
Custodial
Funds
Additions
Contributions
Charges for services$ 833,075
Donations 135,000
Concessions 88,649
Total Contributions 1,056,724
Investment earnings32,304
Miscellaneous33,120
Total Additions 1,122,148
Deductions
Professional services319,130
Supplies 38,787
Utilties 244,703
Insurance 25,550
Repairs and maintenance111,308
Capital outlay 21,759
Miscellaneous26,795
Total Deductions 788,032
334,116
Net Increase (Decrease) in Fiduciary Net Position
645,861
Net Position, January 1
$ 979,977
Net Position, December 31
The notes to the financial statements are an integral part of this statement.
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56
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies
A.Reporting Entity
The City of Albertville, Minnesota (the City) operates under the "Optional Plan A" form of government as defined in the
State of Minnesota statutes. Under this plan, the government of the City is directed by a City Council composed of an
elected Mayor and four elected City Council members. The City Council exercises legislative authority and determines all
matters of policy. The City Council appoints personnel responsible for the proper administration of all affairs relating to
the City. The City has considered all potential units for which it is financially accountable, and other organizations for
financial statements to be misleading or incomplete. The Governmental Accounting Standards Board (GASB) has set
forth criteria to be considered in determining financial accountability. These criteria include appointing a voting majority
mpose its will on that organization
or (2) the potential for the organization to provide specific benefits to, or impose specific financial burdens on the primary
government.
Blended Component Unit
The Albertville Economic Development Authority (EDA) is a legal separate entity created to carry out economic
development activities. The EDA is governed by five members, which consists of the City Council and the operational
responsibility for the EDA rests with the management of the City. The criterion that results in the EDA being reported as a
blended component unit include 1) the five board members are members of the City Council and 2) the operational
responsibility of the EDA rests with the management of the City. The EDA does not issue separate financial statements
and are included in the financial section of this report.
B.Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report
information on all of the nonfiduciary activities of the City. Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on
fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are
offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment.
Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other
items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns in the fund
financial statements.
C.Measurement Focus, Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting, as are the proprietary fund financial statements. All fiduciary funds, including custodial funds,
use the accrual, rather than modified accrual, basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met.
57
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Governmental fund financial statements are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available.
Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to
pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within
60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and
claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be
susceptible to accrual and so have been recognized as revenues of the current fiscal period. Only the portion of special
assessments receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of the
current period. All other revenue items are considered to be measurable and available only when cash is received by the
City.
Revenue resulting from exchange transactions, in which each party gives and receives essentially equal value, is recorded
on the accrual basis when the exchange takes place. On a modified accrual basis, revenue is recorded in the year in which
the resources are measurable and become available.
Non-exchange transactions, in which the City receives value without directly giving equal value in return, include property
taxes, grants, entitlement and donations. On an accrual basis, revenue from property taxes is recognized in the year for
which the tax is levied. Revenue from grants, entitlements and donations is recognized in the year in which all eligibility
requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the
resources are required to be used or the year when use is first permitted, matching requirements, in which the City must
provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are
provided to the City on a reimbursement basis. On a modified accrual basis, revenue from non-exchange transactions
must also be available before it can be recognized.
Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and
entitlements received before eligibility requirements are met are also recorded as unearned revenue.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results could differ from those estimates.
The City reports the following major governmental funds:
The General fund is the It accounts for all financial resources of the City, except those
required to be accounted for in another fund.
The Debt Service fund accounts for the accumulation of resources and payment of bond principal and interest on
long-term general obligation debt of governmental funds.
The Capital Outlay Reserve fund accounts for the accumulation of resources necessary to fund future capital
improvements and equipment purchases.
58
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
The City reports the following major proprietary funds:
The Sewer fund sewage collection utility.
The Water fund water utility.
Additionally, the City reports the following fund types:
Fiduciary Funds
-
accounts for activities of St. Michael-Albertville Ice Arena, Albertville Lions and Friendly City Days. The City manages
the assets on behalf of these entities and administers the assets according to each entities guidance.
The STMA Arena fund accounts for the activities of the ice arena which is jointly owned by the City of St. Michael, the
City of Albertville and the Independent School District No. 885.
The Albertville Lions fund accounts for the activities of the Albertville Lions Club.
The Friendly City Days fund
As a general rule, the effect of interfund activity has been eliminated from government-wide financial statements.
us other functions of
the City. Elimination of these charges would distort the direct costs and program revenues reported for the various
functions concerned.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a proprietary
ons. The principal operating revenues of the City enterprise funds are charges to
customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as nonoperating revenues and expenses.
D.Assets, Deferred Outflows of Resources, Liabilities, Deferred Inflows of Resources and Net Position/Fund Balances
Deposits and Investments
-term investments
with original maturities of three months or less from the date of acquisition.
government-wide cash and temporary investments pool is considered to be cash and cash equivalents for purposes of
the statement of cash flows.
Cash balances from all funds are pooled and invested, to the extent available, in certificates of deposit and other
authorized investments. Earnings from such investments are allocated on the basis of applicable participation by each of
the funds.
59
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
The City may also invest idle funds as authorized by Minnesota statutes, as follows:
1.Direct obligations or obligations guaranteed by the United States or its agencies.
2.Shares of investment companies registered under the Federal Investment Company Act of 1940 and received the
highest credit rating, rated in one of the two highest rating categories by a statistical rating agency, and have a
final maturity of thirteen months or less.
3.General
4.General
5.Obligation of a school district with an original maturity not exceeding 13 months and (i) rated in the highest
category by a national bond rating service or (ii) enrolled in the credit enhancement program pursuant to statute
section 126C.55.
6. acceptances of United States banks eligible for purchase by the Federal Reserve System.
7.Commercial paper issued by United States banks corporations or their Canadian subsidiaries, of highest quality
category by at least two nationally recognized rating agencies, and maturing in 270 days or less.
8.Repurchase or reverse repurchase agreements and securities lending agreements with financial institutions
with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal
Reserve Bank of New York, or certain Minnesota securities broker-dealers.
9.Guaranteed Investment Cs) issued or guaranteed by a United States commercial bank, a domestic
branch of a foreign bank, a United States insurance company, or its Canadian subsidiary, whose similar debt
obligations were rated in one of the top two rating categories by a nationally recognized rating agency.
Broker money market funds operate in accordance with appropriate state laws and regulations. The reported value of the
pool is the same as the fair value of the shares.
The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted
accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1
inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level
3 inputs are significant unobservable inputs.
The City has the following recurring fair value measurements as of December 31, 2023:
Brokered Certificates of Deposit are valued using quoted market prices (Level 2 inputs)
Municipal Bonds are values using a matrix pricing model (Level 2 inputs)
Governmental Securities are values using a matrix pricing model (Level 1 inputs)
Mortgage Backed Securities are values using a matrix pricing model (Level 1 inputs)
See investments disclosure in note 3 for additional information.
60
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
The Minnesota Municipal Money Market Fund is regulated by Minnesota statutes and the Board of Directors of the
League of Minnesota Cities and is an external investment pool not registered with the Securities Exchange Commission
(SEC) that follows the regul
this pool is valued at amortized cost, which approximates fair value. There are no restrictions or limitations on
withdrawals from the 4M Liquid Asset Fund. Investments in the 4M Plus must be deposited for a minimum of 14 calendar
days. Withdrawals prior to the 14-day restriction period will be subject to a penalty equal to seven days interest on the
amount withdrawn. Seven days' notice of redemption is required for withdrawals of investments in the 4M Term Series
withdrawn prior to the maturity date of that series. A penalty could be assessed as necessary to recoup the Series for any
charges, losses, and other costs attributable to the early redemption. Financial statements of the 4M Fund can be
obtained by contracting RBC Global Management at 100 South Fifth Street, Suite 2300, Minneapolis, MN 55402-1240.
Investment Policy
credit, custodial credit and interest rate risks. Specific risk information for the City is as follows:
Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its
obligations. Ratings are provided by various credit rating agencies and where applicable, indicate associated
Custodial Credit Risk. The custodial credit risk for investments is the risk that, in the event of the failure of the
counterparty to a transaction, a government will not be able to recover the value of investment or collateral
securities that are in the possession of an outside party. -dealer were
insured by SIPC or other supplemental insurance as of December 31, 2023. However, each investment brokerage
portfolio is unknown. address custodial credit risk. The City accepts the
risk due to the controls in place at the broker-dealer.
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of a
investment portfolio to eliminate the risk of loss resulting from over-concentration of assets in a specific maturity,
a specific issuer or a specific class of securities. The maturities selected shall provide for stability of income and
reasonable liquidity.
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of
an investment. In accordance with its investment policy, the City will attempt to match its investments with
anticipated cash flow requirements. Unless matched to a specific cash flow, the City will not directly invest in
securities maturing more than an average expected life of ten years from the date of the purchase.
Property Taxes
The City Council annually adopts a tax levy in December and certifies it to the County for collection in the following year.
The County is responsible for collecting all property taxes for the City. These taxes attach an enforceable lien on taxable
property within the City on January 1 and are payable by the property owners in two installments. The taxes are collected
by the County Auditor and tax settlements are made to the City during January, June, and November each year.
d
inflow of resources for taxes not received within 60 days after year end in the fund financial statements.
61
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Accounts Receivable
Accounts receivable include amounts billed for services provided before year end. To the extent considered necessary,
the City annually certifies delinquent water, sewer and storm water accounts to the County for collection in the following
year. Therefore, there has been no allowance for doubtful accounts established.
Special Assessments
Special assessments represent the financing for public improvements paid for by benefiting property owners. These
assessments are recorded as receivables upon certification to the County. Special assessments are recognized as
revenue when they are received in cash or within 60 days after year end. All governmental fund special assessments
receivable are offset by a deferred inflow of resources in the fund financial statements.
Interfund Receivables and Payables
All outstanding balances between funds are repor
Any residual balances outstanding between the governmental activities and business-type activities are reported in the
government-
Land Held for Resale
The City acquires properties for redevelopment purposes. These properties are reported at their net realizable value in the
the current period. The balance of land held for resale is offset with nonspendable or restricted fund balance to indicate
that it is not available for appropriation.
Notes Receivable
Notes receivable include amounts paid by or loaned by the City that will be paid back by other entities. A portion of the
notes are forgivable base on if certain criteria is met. The forgivable portion of the notes are offset by an allowance for
uncollectible account.
Inventories
Inventories held for resale are stated at the lower of cost or market on the first-in, first-out (FIFO) method and inventories
of supplies are reported at cost. Inventories in governmental funds are recorded as expenditures when consumed rather
than when purchased.
62
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Capital Assets
Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks, and
similar items) are reported in the applicable governmental or business-type activities columns in the government-wide
financial statements. Capital assets are defined by the City as assets with an estimated useful life of more than one year
and an initial individual cost of more than the following:
The City reports infrastructure assets on a network and subsystem basis. Accordingly, the amounts spent for the
construction or acquisition of infrastructure assets are capitalized and reported in the government-wide financial
statements regardless of their amount.
In the case of initial capitalization of general infrastructure assets (i.e., those reported by governmental activities) the City
chose to include items dating back to June 30, 1980. The City was able to estimate the historical cost for the initial
reporting of these assets through back trending (i.e., estimating the current replacement cost of the infrastructure to be
capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition
year). As the City constructs or acquires capital assets each period, including infrastructure assets, they are capitalized
and reported at historical cost. The reported value excludes normal maintenance and repairs which are essentially
amounts spent in relation to capital assets that do not increase the capacity or efficiency of the item or extend its useful
lifebeyond the original estimate. In the case of donations, the City values these capital assets at the acquisition value of
the item at the date of its donation.
Property, plant and equipment will be depreciated using the straight-line method over the following estimated useful lives:
Useful Lives
Assetsin Years
Land Improvements5 to 30
Infrastructure15 to 50
Buildings15 to 40
Vehicles3 to 15
Other Equipment3 to 20
63
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Deferred Outflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of
resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net
assets that applies to future periods and so will not be recognized as an outflow of resources (expense/ expenditure) until
then. The City has two items that qualify for reporting in this category. The loss on refunding bonds reported in the
government-wide statement of net position. A loss on refunding results from the difference in the carrying value of
refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the
refunded or refunding debt. The item, deferred pension resources, is reported only in the statements of net position. This
item results from actuarial calculations and current year pension contributions made subsequent to the measurement
date.
Pensions
For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and pension expense,
information about the fiduciary net position of the Public Employees Retirement Association (PERA) and additions
uciary net position have been determined on the same basis as they are reported by PERA
paid dates and benefit payments and refunds are recognized when due and payable in accordance with the benefit terms.
Investments are reported at fair value. The General fund is typically used to liquidate the governmental net pension
liability. For purposes of measuring the net pension liability (asset) and deferred outflows of resources related to
pensions, and pension expense, information about the fiduciary net position of the defined benefit plan administered by
Relief Association and additions to and deductions from
been determined on the same basis as they are reported by the plan. Investments are reported at fair value.
The total pension expense for the GERP, PEPFP and the Albertville Fire Relief Association is as follows:
Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay benefits. All vacation
and sick pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for
these amounts is reported in governmental funds only if they have matured, for example, as a result of employee
resignations and retirements. The General fund is typically used to liquidate the governmental compensated absences
liability.
Long-term Obligations
In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt
and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type
activities, or proprietary fund type statement of net position. The recognition of bond premiums and discounts are
amortized over the life of the bonds using the straight line method. Bonds payable are reported net of the applicable bond
premium or discount. Bond issuance costs are reported as an expense in the period incurred.
64
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
In the fund financial statements, governmental fund types recognized bond premiums and discounts, as well as bond
issuance costs, during the current period. The face amount of debt issued is reported as other financing sources.
Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are
reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are
reported as debt service expenditures.
Deferred Inflows of Resources
In addition to liabilities, the statement of net position and fund financial statements will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources,
represents an acquisition of net assets that applies to future periods and so will not be recognized as an inflow of
resources (revenue) until that time. The City has only one type of item, which arises only under a modified accrual basis of
accounting that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the
governmental funds balance sheet. The governmental funds report unavailable revenues from three sources: property
taxes, special assessments and notes/intergovernmental receivable. These amounts are deferred and recognized as an
inflow of resources in the period that the amounts become available.
The City has an additional item which qualifies for reporting in this category. The item, deferred pension resources, is
reported only in the statements of net position and results from actuarial calculations.
Fund Balance
In the fund financial statements, fund balance is divided into five classifications based primarily on the extent to which the
City is bound to observe constraints imposed upon the use of resources reported in the governmental funds. These
classifications are defined as follows:
Nonspendable - Amounts that cannot be spent because they are not in spendable form, such as land held for resale.
Restricted - Amounts related to externally imposed constraints established by creditors, grantors or contributors; or
constraints imposed by state statutory provisions.
Committed - Amounts constrained for specific purposes that are internally imposed by formal action (resolution) of
the City Council of decision-making authority. Committed amounts cannot be used
for any other purpose unless the City Council modifies or rescinds the commitment by resolution.
Assigned - Amounts constrained for specific purposes that are internally imposed. In governmental funds other than
the General fund, assigned fund balance represents all remaining amounts that are not classified as nonspendable
and are neither restricted nor committed. In the General fund, assigned amounts represent intended uses established
by the City Council itself or by an official to which the governing body delegates the authority. The City Council has
adopted a fund balance policy which delegates the authority to assign amounts for specific purposes to the Finance
Director and/or City Administrator.
Unassigned -The residual classification for the General fund and also negative residual amounts in other funds.
The City considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available.
Additionally, the City would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund
balance when expenditures are made.
The City has formally adopted a fund balance policy for the General fund.
unassigned fund balance of 35 percent of budgeted operating expenditures for cash-flow timing needs.
65
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 1: Summary of Significant Accounting Policies (Continued)
Net Position
Net position represents the difference between assets and deferred outflows of resources and liabilities and deferred
inflows of resources. Net position is displayed in three components:
a.Net investment in capital assets - Consists of capital assets, net of accumulated depreciation reduced by any
outstanding debt attributable to acquire capital assets.
b.Restricted net position - Consist of net position restricted when there are limitations imposed on their use through
external restrictions imposed by creditors, grantors, laws or regulations of other governments.
c.Unrestricted net position -
use restricted resources
first, then unrestricted resources as they are needed.
Note 2: Stewardship, Compliance and Accountability
A.Budgetary Information
An annual budget is adopted on a basis consistent with accounting principles generally accepted in the United States of
America for the General fund. All annual appropriations lapse at fiscal year-end. The City does not use encumbrance
accounting.
In June of each year, all departments of the City submit requests for appropriations to the City Administrator so that a
budget may be prepared. Before September 30, the proposed budget is presented to the City Council for review. The City
Council holds public hearings and a final budget is prepared and adopted in early December.
The appropriated budget is prepared by fund, function and department.
the City Administrator, may make transfers of appropriations within a department. Transfers of appropriations between
departments require the approval of the City Council. The legal level of budgetary control is the department level.
Budgeted amounts are as originally adopted by the City Council. There were no budget amendments made in 2023.
B.Deficit Fund Equity
The following funds had deficit fund balances as of December 31, 2023:
Fund
Amount
Nonmajor
TIF #12 Schultz & Schupp$ 214
TIF #17 Old Castle 279,602
TIF #19 Fehn 214
TIF #20 Scherer Brothers 719,160
The deficit fund balances will be eliminated with transfers from other funds and future tax increments.
66
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 2: Stewardship, Compliance and Accountability
C.Excess of Expenditures over Appropriations
For the year ended December 31, 2023 expenditures exceed appropriations in the following fund:
The excess of expenditures over appropriations was funded by revenues in excess of budget.
Note 3: Detailed Notes on All Funds
A.Deposits and Investments
Deposits
investments may not be returned or the City will not be able to recover collateral securities in the possession of an outside
party. In accordance with Minnesota statutes and as authorized by the City Council, the City maintains deposits at those
depository banks, all of which are members of the Federal Reserve System.
Minnesota statutes require that all City deposits be protected by insurance, surety bond or collateral. The fair value of
collateral pledged must equal 110 percent of the deposits not covered by insurance or bonds, with the exception of
irrevocable standby letters of credit issued by Federal Home Loan Banks as this type of collateral only requires collateral
pledged equal to 100 percent of the deposits not covered by insurance or bonds.
Authorized collateral in lieu of a corporate surety bond includes:
United States government Treasury bills, Treasury notes, Treasury bonds;
Issues of United States government agencies and instrumentalities as quoted by a recognized industry quotation
service available to the government entity;
General obligation securities of any state or local government with taxing powers which is rated
national bond rating service, or revenue obligation securities of any state or local government with taxing powers
General obligation securities of a local government with taxing powers may be pledged as collateral against funds
deposited by that same local government entity;
Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality accompanied by
Time deposits that are fully insured by any federal agency.
Minnesota statutes require that all collateral shall be placed in safekeeping in a restricted account at a Federal Reserve
Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or
controlled by the financial institution furnishing the collateral. The selection should be approved by the government entity.
67
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
, bank balance, FDIC coverage and pledged collateral are shown in the
chart below.
Investments
As of December 31, 2023, the City had the following investments:
CreditSegmented
Fair Value Measurement Using
Quality/Time
Types of Investments
Ratings (1)Distribution (2)AmountsLevel 1Level 2Level 3
Pooled Investments at Amortized Costs
4M FundN/ALess than 1 year$ 3,274,361
Broker Money Market FundsN/ALess than 1 year 8,843,801
BankN/ALess than 1 year 195,100
Non-pooled Investments at Fair Value
Brokered Certificates of DepositNALess than 1 year 2,353,387$ -$ 2,353,387$ -
Brokered Certificates of DepositNA1 to 5 years 3,613,471 - 3,613,471 -
Municipal BondsAAALess than 1 year 96,207 - 96,207 -
1,638,805 - 1,638,805 -
Municipal BondsAAA1 to 5 years
Municipal BondsAAAMore than 5 years 387,328 - 387,328 -
Municipal BondsAA+1 to 5 years 998,182 - 998,182 -
Municipal BondsAALess than 1 year 243,313 - 243,313 -
Municipal BondsAA1 to 5 years 3,277,827 - 3,277,827 -
1,006,495 - 1,006,495 -
Municipal BondsAAMore than 5 years
Municipal BondsAA-1 to 5 years 326,238 - 326,238 -
Governmental SecuritiesNALess than 1 year 196,505 196,505 - -
Governmental SecuritiesNA1 to 5 years 1,460,475 1,460,475 - -
Governmental SecuritiesNAMore than 5 years 728,633 728,633 - -
737,940 737,940
Mortgage Backed SecuritiesNA1 to 5 years
Mortgage Backed SecuritiesNAMore than 5 years 486,520 486,520
Total Investments$ 29,864,588$ 3,610,073$ 13,941,253$ -
(1) Ratings are provided by various credit rating agencies where applicable to indicate associated credit risk.
(2) Interest rate risk is disclosed using the segmented time distribution method.
N/A Indicates not applicable or available.
68
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
Cash and Investments Summary
A reconciliation of cash and temporary investments as shown on the financial statements for the City follows:
B.Capital Assets
Capital asset activity for the year ended December 31, 2023 was as follows:
BeginningEnding
BalanceIncreasesDecreasesBalance
Governmental Activities
Capital Assets not Being Depreciated
Land$ 3,983,292$ -$ -$ 3,983,292
Construction in progress 2,555,736 970,297 (2,312,260) 1,213,773
Total Capital Assets not Being Depreciated 6,539,028 970,297 (2,312,260) 5,197,065
Capital Assets Being Depreciated
Buildings 6,543,862 - - 6,543,862
Infrastructure 31,297,501 2,312,260 - 33,609,761
Land improvements 3,523,937 - - 3,523,937
Machinery and equipment 1,394,266 286,591 (31,288) 1,649,569
Vehicles 2,786,244 256,057 - 3,042,301
Total Capital Assets Being Depreciated 45,545,810 2,854,908 (31,288) 48,369,430
Less Accumulated Depreciation for
Buildings (2,778,719) (1,187,303) - (3,966,022)
Infrastructure (22,420,401) (131,940) - (22,552,341)
Land improvements (1,787,368) - - (1,787,368)
Machinery and equipment (716,912) (86,687) 31,288 (772,311)
Vehicles (1,323,045) (398,485) - (1,721,530)
Total Accumulated Depreciation (29,026,445) (1,804,415) 31,288 (30,799,572)
Total Capital Assets Being Depreciated, Net 16,519,365 1,050,493 - 17,569,858
Governmental Activities Capital Assets, Net$ 23,058,393$ 2,020,790$ (2,312,260) $ 22,766,923
69
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
BeginningEnding
BalanceIncreasesDecreasesBalance
Business-type Activities
Capital Assets not Being Depreciated
Land$ 351,834$ -$ -$ 351,834
Construction in progress 157,106 6,981,294 - 7,138,400
Total Capital Assets not Being Depreciated 508,940 6,981,294 - 7,490,234
Capital Assets Being Depreciated
Buildings 4,719,693 - - 4,719,693
Infrastructure 19,886,690 - - 19,886,690
Machinery and equipment 361,395 31,200 - 392,595
Vehicles 472,461 51,323 - 523,784
Total Capital Assets Being Depreciated 25,440,239 82,523 - 25,522,762
Less Accumulated Depreciation for
Buildings (1,995,491) (117,992) - (2,113,483)
Infrastructure (5,895,578) (462,527) - (6,358,105)
Machinery and equipment (328,844) (17,922) - (346,766)
Vehicles (433,767) (4,543) - (438,310)
Total Accumulated Depreciation (8,653,680) (602,984) - (9,256,664)
Total Capital Assets Being Depreciated, Net 16,786,559 (520,461) - 16,266,098
Business-type Activities Capital Assets, Net$ 17,295,499$ 6,460,833$ -$ 23,756,332
Depreciation expense was charged to functions/programs of the City as follows:
Governmental Activities
General government$ 140,409
Public safety153,385
Public works1,399,678
Culture and recreation110,943
Total Depreciation Expense - Governmental Activities$ 1,804,415
Business-type Activities
Sewer$ 524,492
Water 41,353
Storm water 37,139
Total Depreciation Expense - Business-type Activities$ 602,984
70
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
C.Advances to/from other Funds and Transfers
The composition of interfund balances as of December 31, 2023 is as follows:
Receivable FundPayable Fund
Amount
Debt ServiceOther Governmental Funds$ 280,794
Debt ServiceOther Governmental Funds 602,000
Capital Outlay ReserveOther Governmental Funds 19,588
General Other Governmental Funds 25,000
Sewer Other Governmental Funds 22,500
Water Other Governmental Funds 14,500
Storm Water Other Governmental Funds 36,000
Total Interfund Balances$ 1,000,382
The above interfund balances are to eliminate deficit cash balances and finance projects.
D.Long-term Debt
General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities.
General obligation bonds have been issued for both governmental activities and business-type activities. These bonds are
reported in the proprietary funds if they are expected to be repaid from proprietary fund revenues.
General obligation bonds are direct obligations of the City and pledge the full faith and credit of the City.
General Obligation Special Assessment Bonds and Improvement Notes
The following bonds were issued to finance various improvement projects in the City and will be repaid with the collection
of special assessment levies.
Interest
IssueMaturityBalance at
DescriptionRate
AuthorizedIssuedDateDateYear End
G.O. Improvement
Refunding Bonds,
Series 2011C$ 1,825,000 $ 1,825,0002.00 - 3.35%08/25/1102/01/25$ 305,000
G.O. Improvement
Refunding Bonds,
Series 2012B 3,215,000 3,215,0000.50 - 2.3505/10/1212/01/25 505,000
General Obligation Improvement
Note, Series 2012 4,113,700 3,278,551 1.277 03/23/1208/20/32 1,710,000
Total G.O. Special Assessment Bonds and Improvement Notes$ 2,520,000
71
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
Annual debt service requirements to maturity for general obligation special assessment bonds are as follows:
General Obligation Revenue Bonds
The following bonds were issued to finance capital improvements in the enterprise funds. They will be repaid from future
net operating revenues and transfers in from the enterprise funds and are backed by the taxing power of the City. Annual
net operating revenues and transfers in, principal and interest payments, and the percentage of revenue required to cover
principal and interest payment are as follows:
The components of the general obligation revenues bonds are as follows:
Interest
AuthorizedIssueMaturityBalance at
DescriptionRate
and IssuedDateDateYear End
G.O. Utility Revenue
Bonds, Series 2011A$ 520,0001.10 - 3.70%04/21/1102/01/26$ 120,000
G.O. Sewer Revenue
Refunding Bonds,
Series 2013A 2,515,000.70 - 2.1001/24/1312/01/25 535,000
G.O. Sewer Revenue
Series 2019A 5,720,0002.00 - 3.0009/24/1902/01/39 4,720,000
General Obligation Disposal System
Bonds, Series 2023A 9,400,0004.00 - 5.0006/13/2302/01/49 9,400,000
Total G.O. Revenue Bonds$ 14,775,000
72
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
Annual debt service requirements to maturity for general obligation revenue bonds are as follows:
Changes in Long-term Liabilities
Long-term liability activity for the year ended December 31, 2023 was as follows:
BeginningEndingDue Within
BalanceIncreasesDecreasesBalanceOne Year
Governmental Activities
Bonds Payable
G.O. Special
Assessment bonds$ 3,333,000$ (813,000)-$ $ 2,520,000$ 581,000
Unamortized premium 18,510 - (6,418) 12,092 -
Total Bonds Payable 3,351,510 (819,418)- 2,532,092 581,000
Compensated
Absences Payable 89,823 89,153 (79,988) 98,988 74,241
Governmental Activity
Long-term Liabilities$ 3,441,333$ 89,153$ (899,406)$ 2,631,080$ 655,241
Business-type Activities
Bonds Payable
G.O. Revenue bonds$ 5,915,000$ 9,400,000$ (540,000)$ 14,775,000$ 550,000
Unamortized premium 105,567 398,446 (15,022) 488,991 -
G.O. Special
Assessment bonds 85,000 (85,000)- - -
Unamortized premium 5 - (5) - -
Total Bonds Payable 6,105,572 9,798,446 (640,027) 15,263,991 550,000
Compensated
Absences Payable 64,995 60,251 (51,486) 73,760 55,320
Business-type Activity
Long-term Liabilities$ 6,170,567$ 9,858,697$ (691,513)$ 15,337,751$ 605,320
73
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 3: Detailed Notes on All Funds (Continued)
In the event an employee of the City would retire or resign, in good standing, a portion of the governmental compensated
absences would mature. The portion applicable to that employee would be recorded as a liability and would be liquidated
through the General fund.
E.Components of Fund Balance
At December 31, 2023
form (Nonspendable), legal restrictions (Restricted), City Council action (Committed), policy and/or intent (Assigned). The
following is a summary of the components of fund balance:
Fund
PurposeAmount
Nonspendable
GeneralLand held for resale$ 51,000
GeneralPrepaid items 126,926
Capital Outlay ReservePrepaid items 10,000
Total Nonspendable 187,926
Restricted
Debt ServiceDebt Service 2,783,933
Capital Outlay ReservePublic safety aid 349,995
Other governmental fundsPark improvements 969,612
Other governmental fundsTax increment financing 293,203
Total Restricted 4,396,743
Commited
Other governmental fundsRevolving loan 158,747
Other governmental fundsElection Resources 575
Total Committed 159,322
Assigned
Capital Outlay ReserveFuture capital projects 6,187,137
Unassigned
General 2,554,745
Other governmental funds (999,190)
Total Unassigned 1,555,555
Total$ 12,486,683
74
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide
A. Plan Description
The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the
are tax qualified plans under Section 401(a) of the Internal Revenue Code.
General Employees Retirement Plan
All full-time and certain part-time employees of the City are covered by the General Employees Plan. General Employees
Plan members belong to the Coordinated Plan. Coordinated Plan members are covered by Social Security.
Public Employees Police and Fire Plan
The Police and Fire Plan, originally established for police officers and firefighters not covered by a local relief
association, now covers all police officers and firefighters hired since 1980. Effective July 1, 1999, the Police and Fire
Plan also covers police officers and firefighters belonging to a local relief association that elected to merge with and
transfer assets and administration to PERA.
B. Benefits Provided
PERA provides retirement, disability and death benefits. Benefit provisions are established by state statute and can only
be modified by the state Legislature. Vested, terminated employees who are entitled to benefits but are not receiving
them yet are bound by the provisions in effect at the time they last terminated their public service.
General Employee Plan Benefits
allowable service, age, and years of credit at termination of service. Two methods are used to compute benefits for
PERA's Coordinated Plan members. Members hired prior to July 1, 1989, receive the higher of Method 1 or Method 2
formulas. Only Method 2 is used for members hired after June 30, 1989. Under Method 1, the accrual rate for
Coordinated members is 1.2 percent of average salary for each of the first 10 years of service and 1.7 percent of
average salary for each additional year. Under Method 2, the accrual rate for Coordinated members is 1.7 percent for
average salary for all years of service. For members hired prior to July 1, 1989 a full annuity is available when age plus
years of service equal 90 and normal retirement age is 65. For members hired on or after July 1, 1989 normal retirement
age is the age for unreduced Social Security benefits capped at 66.
Benefit increases are provided to benefit recipients each January. The postretirement increase is equal to 50 percent of
the cost-of-living adjustment (COLA) announced by the SSA, with a minimum increase of at least 1 percent and a
maximum of 1.5 percent. Recipients that have been receiving the annuity or benefit for at least a full year as of the June
30 before the effective date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at
least one month but less than a full year as of the June 30 before the effective date of the increase will receive a reduced
prorated increase. In 2023, legislation repealed the statute delaying increases for members retiring before full retirement
age.
75
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
Police and Fire Plan Benefits
Benefits for Police and Fire Plan members first hired after June 30, 2010, but before July 1, 2014, vest on a prorated
basis from 50 percent after five years up to 100 percent after ten years of credited service. Benefits for Police and Fire
Plan members first hired after June 30, 2014 vest on a prorated basis from 50 percent after ten years up to 100 percent
after twenty years of credited service. The annuity accrual rate is 3 percent of average salary for each year of service. For
Police and Fire Plan members who were first hired prior to July 1, 1989, a full annuity is available when age plus years of
service equal at least 90.
Benefit increases are provided to benefit recipients each January. The postretirement increase is fixed at 1 percent.
Recipients that have been receiving the annuity or benefit for at least 36 months as of the June 30 before the effective
date of the increase will receive the full increase. Recipients receiving the annuity or benefit for at least 25 months but
less than 36 months as of the June 30 before the effective date of the increase will receive a reduced prorated increase.
C. Contributions
Minnesota statutes, chapter 353 sets the rates for employer and employee contributions. Contribution rates can only be
modified by the state Legislature.
General Employees Fund Contributions
Coordinated Plan members were required to contribute 6.50 percent of their annual covered salary in fiscal year 2023
General Employees Fund for the years ending December 31, 2023, 2022 and 2021 were $122,281, $106,351 and $99,408,
Police and Fire Fund Contributions
Police and Fire Plan members were required to contribute 11.80 percent of their annual covered salary in fiscal year
the Police and Fire Fund for the years ending December 31, 2023, 2022 and 2021 were $27,424, $23,827 and $21,738,
76
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
D. Pension Costs
General Employees Fund Pension Costs
At December 31, 2023, the City reported a liability of $1,056,867 for its proportionate share of the General Employees
pension liability associated with the City totaled $29,103. The net pension liability was measured as of June 30, 2023,
and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
PERA during the measurement period for employer payroll paid dates from July 1, 2022 through June 30, 2023 relative
was 0.0189 percent at the end of the measurement period and 0.0181 percent for the beginning of the period.
City Proportionate Share of the Net Pension Liability$ 1,056,867
State of Minnesota's Proportionate Share of the Net Pension
Liability Associated with the City 29,103
$ 1,085,970
Total
For the year ended December 31, 2023, the City recognized pension expense of $214,529 for its proportionate share of
Fund.
resources and deferred inflows of resources related to pensions from the following sources:
DeferredDeferred
OutflowsInflows
of Resourcesof Resources
Differences Between Expected and Actual Economic Experience$ 34,355 $ 6,972
Changes in Actuarial Assumptions 163,850 289,678
Net Difference Between Projected and Actual Investment Earnings - 42,746
Changes in Proportion 31,680 -
Contributions Paid to PERA Subsequent to the Measurement Date 63,459 -
Total$ 293,344 $ 339,396
77
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended
December 31, 2024. Other amounts reported as deferred outflows and inflows of resources related to pensions will be
2024
$ 35,009
2025
(140,539)
2026
18,945
2027
(22,927)
Police and Fire Fund Pension Costs
net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to
employer payroll paid dates from July 1, 2022 through June 30, 2023, relative to the total employer contributions
measurement period and 0.0106 percent for the beginning of the period.
The State of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year ended June 30, 2023.
The contribution consisted of $9 million in direct state aid that does meet the definition of a special funding situation
and $9 million in supplemental state aid that does not meet the definition of a special funding situation. The $9 million
direct state was paid on October 1, 2022. Thereafter, by October 1 of each year, the state will pay $9 million to the Police
and Fire Fund until full funding is reached or July 1, 2048, whichever is earlier. The $9 million in supplemental state aid
will continue until the fund is 90 percent funded, or until the State Patrol Plan (administered by the Minnesota State
Retirement System) is 90 percent funded, whichever occurs later.
The State of Minnesota is included as a non-employer contributing entity in the Police and Fire Retirement Plan Schedule
of Employer Allocations and Schedule of Pension Amounts by Employer, Current Reporting Period Only (pension
allocation schedules) for the $9 million in direct state aid. Police and Fire Plan employers need to recognize their
situation accounting and financial reporting requirements. For the year ended December 31, 2023, the City recognized
City recognized an additional -$463 as pension expense (grant revenue) for its proportionate share of the State of
The State of Minnesota is not included as a non-employer contributing entity in the Police and Fire Pension Plan pension
allocation schedules for the $9 million in supplemental state aid. The City recognized $990 for the year ended December
31, 2023 as revenue and an offsetting reduction of net pension liability for its proportionate share of the State of
78
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
resources and deferred inflows of resources from the following sources:
DeferredDeferred
OutflowsInflows
of Resourcesof Resources
Differences Between Expected and Actual Economic Experience$ 51,202 $ -
Changes in Actuarial Assumptions 209,689 266,922
Net Difference Between Projected and Actual Investment Earnings - 6,756
Changes in Proportion 20,120 -
Contributions Paid to PERA Subsequent to the Measurement Date 13,859 -
Total$ 294,870 $ 273,678
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended
December 31, 2024. Other amounts reported as deferred outflows and inflows of resources related to pensions will be
recognized in pension expense as follows:
2024
$ 13,426
2025
7,291
2026
44,982
2027
(11,238)
2028
(47,129)
E. Long-term Expected Return on Investment
The State Board of Investment, which manages the investments of PERA, prepares an analysis of the reasonableness on
a regular basis of the long-term expected rate of return using a building-block method in which best-estimate ranges of
expected future rates of return are developed for each major asset class. These ranges are combined to produce an
expected long-term rate of return by weighting the expected future rates of return by the target asset allocation
percentages. The target allocation and best estimates of geometric real rates of return for each major asset class are
summarized in the following table:
Long-term
TargetExpected Real
Asset ClassAllocationRate of Return
Domestic Equity 33.5 % 5.10 %
International Equity 16.5 5.30
Fixed Income 25.0 0.75
Private Markets 25.0 5.90
Total 100.0 %
79
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
F. Actuarial Assumptions
The total pension liability in the June 30, 2023, actuarial valuation was determined using an individual entry-age normal
actuarial cost method. The long-term rate of return on pension plan investments used in the determination of the total
liability is 7.0 percent. This assumption is based on a review of inflation and investments return assumptions from a
number of national investment consulting firms. The review provided a range of return investment return rates deemed
to be reasonable by the actuary. An investment return of 7.0 percent was deemed to be within that range of
reasonableness for financial reporting purposes.
Inflation is assumed to be 2.25 percent for the General Employees Plan and 2.25 percent for the Police and Fire Plan.
Benefit increases after retirement are assumed to be 1.25 percent for the General Employees Plan and 1.00 percent for
the the Police and Fire Plan.
Salary growth assumptions in the General Employees Plan range in annual increments from 10.25 percent after one year
of service to 3.0 percent after 27 years of service. In the Police and Fire Plan, salary growth assumptions range from
11.75 percent after one year of service to 3.0 percent after 24 years of service.
Mortality rates for the General Employees Plan are based on the Pub-2010 General Employee Mortality Table. Mortality
rates for the Police and Fire Plan is based on the Pub-2010 Public Safety Employee Mortality tables. The tables are
Actuarial assumptions for the General Employees Plan are reviewed every four years. The most recent four-year
experience study for the General Employees Plan was completed in 2022. The assumption changes were adopted by the
Board and became effective with the July 1, 2023 actuarial valuation. The most recent four-year experience study for the
Police and Fire Plan was adopted by the Board and became effective with the July 1, 2021 actuarial valuation.
The following changes in actuarial assumptions and plan provisions occurred in 2023:
General Employees Fund
Changes in Actuarial Assumptions
- The investment return assumption and single discount rate were changed from 6.5 percent to 7.0 percent.
Changes in Plan Provisions
- An additional one-time direct state aid contribution of $170.1 million will be contributed to the Plan on
October 1, 2023.
- The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to three
years of allowable service.
- The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.
- A one-time, non-compounding benefit increase of 2.5 percent minus the actual 2024 adjustment will be payable in a
lump sum for calendar year 2024 by March 31, 2024.
80
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 4:Defined Benefit Pension Plans - Statewide (Continued)
Police and Fire Fund
Changes in Actuarial Assumptions
- The investment return assumption was changed from 6.5 percent to 7.0 percent.
- The single discount rate changed from 5.4 percent to 7.0 percent.
Changes in Plan Provisions
- An additional one-time direct state aid contribution of $19.4 million will be contributed to the Plan on
October 1, 2023.
- The vesting requirement for new hires after June 30, 2014 was changed from a graded 20-year vesting schedule to a
graded 10-year vesting schedule, with 50 percent vesting after five years increasing incrementally to 100 percent after
10 years.
- A one-time, non-compounding benefit increase of 3.0 percent will be payable in a lump sum for calendar year 2024
by March 31, 2024.
- Psychological treatment is required effective July 1, 2023 prior to approval for a duty disability benefit for a
- The total and permanent duty disability benefit was increased, effective July 1, 2023.
G. Discount Rate
The discount rate used to measure the total pension liability in 2023 was 7.0 percent. The projection of cash flows used
to determine the discount rate assumed that contributions from plan members and employers will be made at rates set
in Minnesota statutes. Based on these assumptions, the fiduciary net position of the General Employees and Police and
Fire Funds were projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the total pension liability.
H. Pension Liability Sensitivity
pension liability would be if it were calculated using a discount rate one percentage point lower or one percentage point
higher than the current discount rate:
1 Percent1 Percent
Decrease (6.0%)Current (7.0%)Increase (8.0%)
General Employees Fund$ 1,869,682$ 1,056,867$ 388,295
Police and Fire Fund 376,895 189,956 36,267
I. Pension Plan Fiduciary Net Position
report that includes financial statements and required supplementary information. That report may be obtained on the
Internet at www.mnpera.org.
81
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 5: Defined Benefit Pension Plans - Fire Relief Association
A. Plan Description
All members of the Albertville Fire Department (the Department) are covered by a defined benefit plan administered by the
2023, the plan covered 25 active firefighters
and 4vested terminated fire fighters whose pension benefits are deferred. The plan is a single employer retirement plan
and is established and administered in accordance with Minnesota statute, chapter 69.
The Association maintains a separate Special fund to accumulate assets to fund the retirement benefits earned by the
the
509 of
Minnesota statutes 1980). Funds are also derived from investment income.
B. Benefits Provided
A firefighter who completes at least 20 years as an active member of the Department is entitled, after age 50, to a full
service pension upon retirement.
The bylaws of the Association also provide for an early vested service pension for a retiring member who has completed
fewer than 20 years of service. The reduced pension, available to members with 10 years of service, shall be equal to
60 percent of the pension as prescribed by the bylaws. This percentage increases 4 percent per year so that at 20 years of
service, the full amount prescribed is paid. Members who retire with less than 20 years of service and have reached the
age of 50 years and have completed at least 10 years of active membership are entitled to a reduced service pension not
to exceed the amount calculated by multiplying the member's service pension for the completed years of service times
the applicable non-forfeitable percentage of pension.
C. Contributions
Minnesota statutes, chapters 424 and 424A authorize pension benefits for volunteer fire relief associations. The plan is
funded by fire state aid, investment earnings and, if necessary, employer contributions as specified in Minnesota statutes
and voluntary City contributions (if applicable). The State of Minnesota contributed in fire state aid to the plan on behalf
of the Albertville Fire Department for the year ended December 31, 2022, which was recorded as a revenue. Required
employer contributions are calculated annually based on statutory provisions. The City made no voluntary contributions to
the plan. The firefighter has no obligation to contribute to the plan.
82
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 5: Defined Benefit Pension Plans - Fire Relief Association (Continued)
D. Pension Costs
At December 31, 2023, the City reported a net pension liability (asset) of ($225,934) for the Volunteer Firefighter Fund. The
net pension asset was measured as of December 31, 2023. The total pension asset used to calculate the net pension
asset in accordance with GASB 68 was determined by PERA applying an actuarial formula to specific census data
certified by the Department. The following table presents the changes in net pension liability (asset) during the year.
For the year ended December 31, 2023, the City recognized a pension expense of $94,001.
At December 31, 2023, the City reported deferred inflows of resources and deferred outflows of resources, its
contributions subsequent to the measurement date, related to pension from the following sources:
DeferredDeferred
OutflowsInflows
of Resourcesof Resources
Differences Between Expected and
Actual Experience$ - $ 34,531
Changes in Actuarial Assumptions 6,907 22,963
Investment Losses 125,466 -
Contributions to Plan Subsequent
to the Measurement Date 131,452 -
Total$ 263,825 $ 57,494
83
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 5: Defined Benefit Pension Plans - Fire Relief Association (Continued)
Deferred outflows of resources totaling $131,452
subsequent to the measurement date will be recognized as a reduction of the net pension asset in the year ended
December 31, 2024. Other amounts reported as deferred outflows of resources related to the plan will be recognized in
pension expense as follows:
E. Actuarial Assumptions
The total pension asset at December 31, 2023 was determined using the entry age normal actuarial cost method and the
following actuarial assumptions:
The investment rate of return changed from 5.00% to 5.50%.
The long-term expected rate of return on pension plan investments was determined using a building-block method in
which best estimates for expected future real rates of return (expected returns, net of inflation) were developed for each
asset class using t-term return expectations by asset class. Inflation
expectations were applied to derive the nominal rate of return for the portfolio.
The target allocation and best estimates of geometric real rates of return for each major asset class are summarized in
the following table:
Long-term
TargetExpected Real
AllocationRate of Return
Asset Class
Equities 54.00 % 8.00 %
Fixed Income 26.00 2.90
Other 1.00 6.00
Cash 19.00 2.00
Total 100.00 %
84
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 5: Defined Benefit Pension Plans - Fire Relief Association (Continued)
F.Discount Rate
The discount rate used to measure the total pension liability was 5.50 percent. The projection of cash flows used to
determine the discount rate assumed that contributions to the plan will be made as specified in statute. Based on that
assumption and considering the funding ratio of the plan, the fiduciary net position was projected to be available to make
all projected future benefit payments of current active and inactive members. Therefore, the long-term expected rate of
return on pension plan investments was applied to all periods of projected benefit payments to determine the total
pension liability.
G. PensionLiability Sensitivity
discount rate 1 percent lower or 1 percent higher than the current discount rate:
H. Pension Plan Fiduciary Net Position
The Association issues a publicly available financial report. The report may be obtained by writing to the Albertville
.
85
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 6: Joint Ventures
Joint Powers Water Board of Albertville, Hanover and St. Michael
The Joint Powers Water Board of Albertville, Hanover and St. Michael (the "JPWB") was established under a joint powers
agreement among the Cities of Albertville, Hanover and St. Michael to provide water service to the local area. The JPWB
operates as an enterprise and provides water service to the general public, with the majority of its costs being paid by
various fees and charges to users of the water system. The governing body consists of a six-member Board of
Commissioners (the "Board"). Two individuals, the Mayor and another City Council Member from each City, are appointed
by their respective City Council to serve on the Board. The JPWB does not have any component units.
The JPWB' s agreement states that charges billed and collected for water supply remain with the JPWB, while the charges
for distribution are billed by the JPWB but the collections are owned by each member City and will be remitted to them
upon collection. The financial statements from 2022, the most recent available, is summarized below.
th
Separate financial statements can be obtained by writing to the Joint Powers Water Board, 11100 50 Street NE,
Albertville, Minnesota 55301.
Joint Powers Water Board
Statement of Net Position
December 31, 2022
Assets and Deferred Outflow of Resources$ 33,897,001
Liabilities$ 2,844,265
Net Position 31,052,736
Total Liabilities and Net Position$ 33,897,001
Joint Powers Water Board
Summary Statement of Activities
For the Year Ended December 31, 2022
Operating Revenues$ 2,949,437
Operating Expenses 2,182,928
Operating Income 766,509
Net Nonoperating Revenues 1,283,494
Change in Net Position 2,050,003
Net Position, January 1 29,002,733
Net Position, December 31$ 31,052,736
St. Michael - Albertville Ice Arena
In 1996-97, the City entered into a Joint Powers Agreement with the City of St. Michael and the Independent School
District No. 885. The agreement was for the construction and maintenance of a qualified ice arena. During 2006, the City
was notified as being selected as Mighty Ducks Grant recipient to help fund the cost of the ice arena. The arena was
constructed with the grant reward and contributions and donations from the City of Albertville, the City of St. Michael and
the Independent School District No. 885. In 2019, a new ice sheet was opened by Independent School District No. 885
leading to an amended Joint Powers Agreement with the City of St. Michael and the Independent School District No. 885.
86
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 6: Joint Ventures (Continued)
The City has an ongoing one-sixth equity financial interest of $250,447 as of December 31, 2023.
Separate financial statements can be obtained by contacting Tina Lannes, Finance Director at Albertville City Hall.
St. Michael - Albertville Ice Arena
Statement of Net Position
December 31, 2023
St. Michael - Albertville Ice Arena
Summary Statement of Activities
December 31, 2023
Note 7: Other Information
A.Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and
omissions; injuries to employees; and natural disasters for which the City carries insurance. The City obtains insurance
through participation in the League of Minnesota Cities Insurance Trust (LMCIT), which is a risk sharing pool with
approximately 800 other governmental units. The City pays an annual premium to LMCIT for its workers compensation
and property and casualty insurance. The LMCIT is self-sustaining through member premiums and will reinsure for claims
above a prescribed dollar amount for each insurance event.
of the past three fiscal years.
Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably
estimated. An excess coverage insurance policy covers individual claims in excess of $1,000,000. Liabilities, if any,
include an amount for claims that have been incurred but not reported (IBNRs).
any incurred but not reported claims.
87
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2023
Note 7: Other Information (Continued)
B.Legal Debt Margin
In accordance with Minnesota statutes, the City may not incur or be subject to net debt in excess of three percent of the
market value of taxable property within the City. Net debt is payable solely from ad valorem taxes and, therefore, excludes
debt financed partially or entirely by special assessments, enterprise fund revenues or tax increments. The City
applicable debt does not exceed the limit.
C.Conduit Debt Obligations
Conduit debt obligations are certain limited-obligation revenue bonds or similar debt instruments issued for the express
purpose of providing capital financing for a specific third party. The City has issued revenue bonds to provide financial
assistance to private-sector entities for projects deemed to be in the public interest. Although these bonds bear the name
of the City, the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
AuthorizedBalance at
Description
and IssuedYear End
Multifamily Housing Revenue Refunding Bonds, Series 2007$ 3,540,000$ 2,650,000
Multifamily Housing Revenue Bonds, Series 2010 4,750,000 3,790,000
Total Conduit Debt$ 8,290,000$ 6,440,000
D.Tax Increment Financing Districts
of the State Auditor (OSA). Any
disallowed claims or misuse of tax increments could become a liability of the applicable fund. Management has indicated
that they are not aware of any instances of noncompliance which would have a material effect on the financial
statements.
E.Commitment Cost Sharing Agreement
The City has entered into a cost sharing agreement for the construction and maintenance of a library with the City of
St. Michael, Minnesota. The library net cost is split based on the pro rata average of population and market value.
88
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
89
City of Albertville, Minnesota
Required Supplementary Information
For the Year Ended December 31, 2023
Schedule of are of PERA Net Pension Liability - General Employees Fund
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
Schedule of EmplContributions - General Employees Fund
Contributions in
Relation to the
Contributions as
StatutorilyStatutorilyContributionCity's
a Percentage of
RequiredRequiredDeficiencyCovered
Covered Payroll
YearContributionContribution(Excess)Payroll
(b/c)
Ending(a)(b)(a-b)(c)
12/31/23$ 122,281$ 122,281$ -$ 1,630,4107.5%
12/31/22 106,351 106,351 -1,418,0157.5
12/31/2199,408 99,408 - 1,325,4387.5
12/31/2095,790 95,790 -1,277,2017.5
12/31/1990,361 90,361 -1,204,8097.5
12/31/1877,347 77,347 -1,031,2937.5
12/31/1772,91072,910 -972,1297.5
12/31/1672,24472,244 -963,2557.5
12/31/1566,92966,929 -892,3867.5
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
90
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Notes to the Required Supplementary Information - General Employee Fund
Changes in Actuarial Assumptions
2023-The investment return assumption and single discount rate were changed from 6.5 percent to 7.00 percent.
2022 - The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021.
2021 - The investment return and single discount rates were changed from 7.50 percent to 6.50 percent, for financial
reporting purposes. The mortality improvement scale was changed from Scale MP-2019 to Scale MP-2020.
2020 - The price inflation assumption was decreased from 2.50% to 2.25%. The payroll growth assumption was
decreased from 3.25% to 3.00%. Assumed salary increase rates were changed as recommended in the June 30, 2019
experience study. The net effect is assumed rates that average 0.25% less than previous rates. Assumed rates of
retirement were changed as recommended in the June 30, 2019 experience study. The changes result in more unreduced
(normal) retirements and slightly fewer Rule of 90 and early retirements. Assumed rates of termination were changed as
recommended in the June 30, 2019 experience study. The new rates are based on service and are generally lower than the
previous rates for years 2-5 and slightly higher thereafter. Assumed rates of disability were changed as recommended in
the June 30, 2019 experience study. The change results in fewer predicted disability retirements for males and females.
The base mortality table for healthy annuitants and employees was changed from the RP-2014 table to the Pub-2010
General Mortality table, with adjustments. The base mortality table for disabled annuitants was changed from the RP-
2014 disabled annuitant mortality table to the PUB-2010 General/Teacher disabled annuitant mortality table, with
adjustments. The mortality improvement scale was changed from Scale MP-2018 to Scale MP-2019. The assumed
spouse age difference was changed from two years older for females to one year older. The assumed number of married
male new retirees electing the 100% Joint & Survivor option changed from 35% to 45%. The assumed number of married
female new retirees electing the 100% Joint & Survivor option changed from 15% to 30%. The corresponding number of
married new retirees electing the Life annuity option was adjusted accordingly.
2019 - The mortality projection scale was changed from MP-2017 to MP-2018.
2018 - The morality projection scale was changed from MP-2015 to MP-2017. The assumed benefit increase was
changed from 1.00 percent per year through 2044 and 2.50 percent per year thereafter to 1.25 percent per year.
2017 - The Combined Service Annuity (CSA) loads were changed from 0.8 percent for active members and 60 percent for
vested and non-vested deferred members. The revised CSA loads are now 0.0 percent for active member liability, 15.0
percent for vested deferred member liability and 3.0 percent for non-vested deferred member liability. The assumed
post-retirement benefit increase rate was changed from 1.0 percent per year for all years to 1.0 percent per year through
2044 and 2.5 percent per year thereafter.
2016 - The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2035 and 2.5
percent per year thereafter to 1.0 percent per year for all future years. The assumed investment return was changed from
7.9 percent to 7.5 percent. The single discount rate was changed from 7.9 percent to 7.5 percent. Other assumptions
were changed pursuant to the experience study dated June 30, 2015. The assumed future salary increases, payroll
growth and inflation were decreased by 0.25 percent to 3.25 percent for payroll growth and 2.50 percent for inflation.
2015 - The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2030 and 2.5
percent per year thereafter to 1.0 percent per year through 2035 and 2.5 percent per year thereafter.
91
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Notes to the Required Supplementary Information - General Employee Fund (Continued)
Changes in Plan Provisions
2023 - An additional one-time direct state aid contribution of $170.1 million will be contributed to the Plan on
October 1, 2023. The vesting period of those hired after June 30, 2010, was changed from five years of allowable service to
three years of allowable service. The benefit increase delay for early retirements on or after January 1, 2024, was eliminated.
A one-time, non-compounding benefit increase of 2.5 percent minus the actual 2024 adjustment will be payable in a lump
sum for calendar year 2024 by March 31, 2024.
2022 - There were no changes in plan provisions since the previous valuation.
2021 - There were no changes in plan provisions since the previous valuation.
2020 - Augmentation for current privatized members was reduced to 2.0% for the period July 1, 2020 through
December 31, 2023 and 0.0% after. Augmentation was eliminated for privatizations occurring after June 30, 2020.
2019 - The employer supplemental contribution was changed prospectively, decreasing from $31.0 million to $21.0
through 2031.
2018 - The augmentation adjustment in early retirement factors is eliminated over a five-year period starting July 1, 2019,
resulting in actuarial equivalence after June 30, 2024. Interest credited on member contributions decreased from 4.00
percent to 3.00 percent, beginning July 1, 2018. Deferred augmentation was changed to 0.00 percent, effective
January 1, 2019. Augmentation that has already accrued for deferred members will still apply. Contribution stabilizer
provisions were repealed. Postretirement benefit increases were changed from 1.00 percent per year with a provision to
increase to 2.50 percent upon attainment of 90.00 percent funding ratio to 50.00 percent of the Social Security Cost of
Living Adjustment, not less than 1.00 percent and not more than 1.50 percent, beginning January 1, 2019. For retirements
on or after January 1, 2024, the first benefit increase is delayed until the retiree reaches normal retirement age; does not
apply to Rule of 90 retirees, disability benefit recipients, or survivors. Actuarial equivalent factors were updated to reflect
revised mortality and interest assumptions.
2017 -
and $6,000,000 thereafter. The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund
changed from $21,000,000 to $
$16,000,000 to $6,000,000 in calendar years 2019 to 2031.
2016 - No changes noted.
2015 - On January 1, 2015, the Minneapolis Employees Retirement Fund was merged into the General Employees Fund,
which increased the total pension liability by $1.1 billion and increased the fiduciary plan net position by $892 million.
Upon consolidation, state and employer contributions were revised.
92
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Schedule of are of PERA Net Pension Liability - Police and Fire Fund
City's
Proportionate
State's
Share of the
Proportionate
City'sNet Pension
Share of
Liability as aPlan Fiduciary
Proportionatethe Net Pension
City'sCity'sPercentage ofNet Position
Share ofLiability
Proportion ofCoveredas a Percentage
Fiscalthe Net PensionAssociated withCovered
the Net PensionPayrollof the Total
YearLiabilitythe CityTotalPayroll
Liability(a/c)Pension Liability
Ending(a)(b)(a+b)(c)
06/30/230.0110 %$ 189,956$ 7,690$ 197,646$ 144,548 %131.4 %86.5
06/30/220.0106 461,270 20,036 481,306 128,217 359.8 70.5
06/30/210.0102 78,733 3,520 82,253 120,137 65.5 93.7
06/30/200.0099 130,493 87,099 217,592 116,132 112.4 87.2
06/30/190.0090 95,814 - 95,814 95,184 100.7 89.3
06/30/180.0088 93,799 - 93,799 96,188 97.5 88.8
06/30/170.0090 121,511 - 121,511 89,111 136.4 85.4
06/30/160.0090 361,186 - 361,186 84,960 425.1 63.9
06/30/150.0090 102,261 - 102,261 61,377 166.6 86.6
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
Schedule of EmpContributions - Police and Fire Fund
Contributions in
Relation to the
Contributions as
StatutorilyStatutorilyContributionCity's
a Percentage of
RequiredRequiredDeficiencyCovered
Covered Payroll
YearContributionContribution(Excess)Payroll
(b/c)
Ending(a)(b)(a-b)(c)
12/31/23$ 27,424$ 27,424$ -$ 154,936 %17.70
12/31/22 23,827 23,827 - 134,618 17.70
12/31/21 21,738 21,738 - 122,814 17.70
12/31/20 20,812 20,812 - 122,785 17.70
12/31/19 17,055 17,055 - 105,275 16.95
12/31/18 15,197 15,197 - 93,809 16.20
12/31/17 14,820 14,820 - 91,482 16.20
12/31/16 14,111 14,111 - 87,106 16.20
12/31/15 9,943 9,943 - 61,378 16.20
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
93
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Notes to the Required Supplementary Information - Police and Fire Fund
Changes in Actuarial Assumptions
2023 - The investment return assumption was changed from 6.5 percent to 7.00 percent. The single discount rate
changed from 5.4 percent to 7.0 percent.
2022 - The mortality improvement scale was changed from Scale MP-2020 to Scale MP-2021. The single discount rate
changed from 6.50 percent to 5.40 percent.
2021 - The investment return and single discount rates were changed from 7.50 percent to 6.50 percent, for financial
reporting purposes. The inflation assumption was changed from 2.50 percent to 2.25 percent. The payroll growth
assumption was changed from 3.25 percent to 3.00 percent. The base mortality table for healthy annuitants and
employees was changed from the RP-2014 table to the Pub-2010 Public Safety Mortality table. The mortality improvement
scale was changed from MP-2019 to MN-2020. The base mortality table for disabled annuitants was changed from the
RP-2014 healthy annuitant mortality table (with future mortality improvement according to Scale MP-2019) to the Pub-
2010 Public Safety disabled annuitant mortality table (with future mortality improvement according to Scale MP-2020).
Assumed rates of salary increase were modified as recommended in the July 14, 2020 experience study. The overall
impact is a decrease in gross salary increase rates. Assumed rates of retirement were changed as recommended in the
July 14, 2020 experience study. The changes result in slightly more unreduced retirements and fewer assumed early
retirements. Assumed rates of withdrawal were changed from select and ultimate rates to service-based rates. The
changes result in more assumed terminations. Assumed rates of disability were increased for ages 25-44 and decreased
for ages over 49. Overall, proposed rates result in more projected disabilities. Assumed percent married for active female
members was changed from 60 percent to 70 percent. Minor changes to form of payment assumptions were applied.
2020 - The mortality projection scale was changed from MP-2018 to MP-2019.
2019 - The mortality projection scale was changed from MP-2017 to MP-2018.
2018 - The morality projection scale was changed from MP-2016 to MP-2017. As set by statute, the assumed post-
retirement benefit increase was changed from 1.0 percent per year through 2064 and 2.5 percent per year, thereafter, to
1.0 percent for all years, with no trigger.
2017 - Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The net effect is
proposed rates that average 0.34 percent lower than the previous rates. Assumed rates of retirement were changed,
resulting in fewer retirements. The Combined Service Annuity (CSA) load was 30 percent for vested and non-vested
deferred members. The CSA has been changed to 33 percent for vested members and 2 percent for non-vested
members. The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table to the
RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor of 0.96. The mortality
improvement scale was changed from Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was
changed from the RP-2000 disabled mortality table to the mortality tables assumed for healthy retirees. Assumed
termination rates were decreased to 3.0 percent for the first three years of service. Rates beyond the select period of
three years were adjusted, resulting in more expected terminations overall. Assumed percentage of married female
members was decreased from 65 percent to 60 percent. Assumed age difference was changed from separate
assumptions for male members (wives assumed to be three years younger) and female members (husbands assumed
to be four years older) to the assumption that males are two years older than females. The assumed percentage of
female members electing joint and survivor annuities was increased. The assumed post-retirement benefit increase rate
was changed from 1.00 percent for all years to 1.00 percent per year through 2064 and 2.50 percent thereafter. The
single discount rate was changed from 5.6 percent to 7.5 percent.
2016 - The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2037 and 2.5
percent per year thereafter to 1.0 percent per year for all future years. The assumed investment return was changed from
7.9 percent to 7.5 percent. The single discount rate was changed from 7.9 percent to 5.6 percent. The assumed future
salary increases, payroll growth and inflation were decreased by 0.25 percent to 3.25 percent for payroll growth and 2.50
percent for inflation.
94
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Notes to the Required Supplementary Information - Police and Fire Fund (Continued)
2015 - The assumed post-retirement benefit increase rate was changed from 1.0 percent per year through 2030 and 2.5
percent per year thereafter to 1.0 percent per year through 2037 and 2.5 percent per year thereafter.
Changes in Plan Provisions
2023 - Additional one-time direct state aid contribution of 19.4 million will be contributed to the Plan on October 1, 2023.
Vesting requirement for new hires after June 30, 2014, was changed from a graded 20-year vesting schedule to a graded
10-year vesting schedule, with 50 percent vesting after five years, increasing incrementally to 100% after 10 years. A one-
time, non-compounding benefit increase of 3.0 percent will be payable in a lump sum for calendar year 2024 by March 31,
2024. Psychological treatment is required effective July 1, 2023, prior to approval for a duty disability benefit for a
increased,
effective July 1, 2023.
2022 - There were no changes in plan provisions since the previous valuation.
2021 - There were no changes in plan provisions since the previous valuation.
2020 - There were no changes in plan provisions since the previous valuation.
2019 - There were no changes in plan provisions since the previous valuation.
2018 - As set by statute, the assumed post-retirement benefit increase was changed from 1.0 percent per year through
2064 and 2.5 percent per year, thereafter, to 1.0 percent for all years, with no trigger. An end date of July 1, 2048 was
added to the existing $9.0 million state contribution. New annual state aid will equal $4.5 million in fiscal years 2019 and
2020, and $9.0 million thereafter until the plan reaches 100 percent funding, or July 1, 2048, if earlier. Member
contributions were changed from 10.80 percent to 11.30 percent of pay, effective January 1, 2019 and 11.80 percent of
pay, effective January 1, 2020. Employer contributions were changed from 16.20 percent to 16.95 percent of pay,
effective January 1, 2019 and 17.70 percent of pay, effective January 1, 2020. Interest credited on member contributions
decreased from 4.00 percent to 3.00 percent, beginning July 1, 2018. Deferred augmentation was changed to 0.00
percent, effective January 1, 2019. Augmentation that has already accrued for deferred members will still apply.
Actuarial equivalent factors were updated to reflect revised mortality and interest assumptions.
2017 - Assumed salary increases were changed as recommended in the June 30, 2016 experience study. The net effect is
proposed rates that average 0.34 percent lower than the previous rates. Assumed rates of retirement were changed,
resulting in fewer retirements. The combined service annuity (CSA) load was 30.00 percent for vested and non-vested,
deferred members. The CSA has been changed to 33.00 percent for vested members and 2.00 percent for non-vested
members. The base mortality table for healthy annuitants was changed from the RP-2000 fully generational table to the
RP-2014 fully generational table (with a base year of 2006), with male rates adjusted by a factor of 0.96. The mortality
improvement scale was changed from Scale AA to Scale MP-2016. The base mortality table for disabled annuitants was
changed from the RP-2000 disabled mortality table to the mortality tables assumed for healthy retirees. Assumed
termination rates were decreased to 3.00 percent for the first three years of service. Rates beyond the select period of
three years were adjusted, resulting in more expected terminations overall. Assumed percentage of married female
members was decreased from 65.00 percent to 60.00 percent. Assumed age difference was changed from separate
assumptions for male members (wives assumed to be three years younger) and female members (husbands assumed to
be four years older) to the assumption that males are two years older than females. The assumed percentage of female
members electing joint and survivor annuities was increased. The assumed postretirement benefit increase rate was
changed from 1.00 percent for all years to 1.00 percent per year through 2064 and 2.50 percent thereafter. The single
discount rate was changed from 5.60 percent per annum to 7.50 percent per annum.
2016 - No changes noted.
2015 - The post-retirement benefit increase to be paid after attainment of the 90 percent funding threshold was changed,
from inflation up to 2.5 percent, to a fixed rate of 2.5 percent.
95
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Schedule of Cha Net Pension Liability (Asset) and Related Ratios
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
96
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2023
Note: Schedule is intended to show 10-year trend. Additional years will be reported as they become available.
97
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98
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
99
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100
NONMAJOR GOVERNMENTAL FUNDS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
101
City of Albertville, Minnesota
Nonmajor Governmental Funds
Combining Balance Sheet
December 31, 2023
Total
Special CapitalNonmajor
RevenueProjectsFunds
Assets
Cash and temporary investments$ 505,310 $ 1,264,127 $ 1,769,437
Notes receivable 450,000 - 450,000
Less allowance for uncollectible (450,000) - (450,000)
Total Assets$ 505,310 $ 1,264,127 $ 1,769,437
Liabilities
Accounts and contracts payable$ -$ 120$ 120
Advances from other funds - 1,000,382 1,000,382
Unearned revenue 345,988 - 345,988
Total Liabilities 345,988 1,000,502 1,346,490
Fund Balances
Restricted - 1,262,815 1,262,815
Committed 159,322 - 159,322
Unassigned - (999,190) (999,190)
Total Fund Balances 159,322 263,625 422,947
Total Liabilities and Fund Balances$ 505,310 $ 1,264,127 $ 1,769,437
102
City of Albertville, Minnesota
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2023
Total
Special CapitalNonmajor
RevenueProjectsFunds
Revenues
Tax increments$ -$ 462,983$ 462,983
Intergovernmental 575 - 575
Charges for service - 32,000 32,000
Investment earnings
8,051 49,428 57,479
Total Revenues 8,626 544,411 553,037
Expenditures
Current
Economic development - 262,394 262,394
Debt service
Interest - 12,264 12,264
Total Expenditures - 274,658 274,658
Net Change in Fund Balances 8,626 269,753 278,379
Fund Balances, January 1 150,696 (6,128) 144,568
Fund Balances, December 31$ 159,322$ 263,625$ 422,947
103
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104
NONMAJOR SPECIAL REVENUE FUNDS
Special revenue funds are established to account for specific revenue or other sources that are designated for financing
particular functions or activities as required by deferral regulations, Minnesota statue, City charter provisions, local
ordinances, or specific gran agreements. Most of the special revenue funds are related to specific Federal and State
housing programs or grants for specific activities.
Economic Development Loan - This fund accounts for the accumulation of resources and payments made for the
Economic Development Loan activity.
Election Resources - This fund accounts for funding some of the voter operations for cities who manage their own
absentee voting. Monies are received the state annually based on the number of voters the city serves for administration
of absentee voting.
ARPA - This fund accounts for the accumulation of resources and payments made related to the American Rescue Plan
Act.
Revolving Loan - This fund accounts for the accumulation of resources and payments made for loans made by the city.
105
City of Albertville, Minnesota
Nonmajor Special Revenue Funds
Combining Balance Sheet
December 31, 2023
Special
Revenue
215314316318
EconomicRevolving
DevelopmentLoan Election
Loan FundFund ARPAResourcesTotal
Assets
Cash and temporary investments$ 158,747 $ - $ 345,988 $ 575$ 505,310
Notes receivable -450,000 - - 450,000
Less allowance for uncollectible -(450,000) - - (450,000)
Total Assets$ 158,747 $ - $ 345,988 $ 575$ 505,310
Liabilities
Unearned revenue$ -$ -$ 345,988$ -$ 345,988
Fund Balances
Committed 158,747 - - 575 159,322
Total Liabilities and Fund Balances$ 158,747$ -$ 345,988$ 575$ 505,310
106
City of Albertville, Minnesota
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2023
Special
Revenue
215314316318
EconomicRevolving
DevelopmentLoan Election
Loan FundFund ARPAResourcesTotal
Revenues
Intergovernmental$ -$ - $ - $ 575$ 575
Investment earnings
7,296 - 755 - 8,051
Total Revenues 7,296 - 755 575 8,626
Fund Balances, January 1 151,451 - (755) - 150,696
Fund Balances, December 31$ 158,747$ -$ -$ 575$ 159,322
107
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108
NONMAJOR CAPITAL PROJECTS FUNDS
Capital projects funds are used to account for the acquisition and construction of major capital facilities other than those
financed by enterprise funds.
Park- accounts for the accumulation of resources and payments made for the construction of park improvements. Park
dedication fees, contributions and donations as well as interest are the main financing sources.
TIF #7 Senior Housing - This fund was created to facilitate the construction of the Senior Housing project within the City.
This fund accounts for the financial activity related to that project.
TIF #12 Schultz & Schupp - This fund was created to facilitate the Schultz & Schupp project within the City. This fund
accounts for the financial activity related to that project.
TIF #15 Guardian Angels - This fund was created to facilitate the Fraser Steel project within the City. This fund accounts
for the financial activity related to that project.
TIF #16 Mold Tech - This fund was created to facilitate the Mold Tech project within the City. This fund accounts for the
financial activity related to that project.
TIF #17 Old Castle - This fund accounts for the accumulation of resources and payments made for the Old Castle
project.
TIF #18 AVA This fund was created to facilitate the Advanced Volumetric Alliance project within the City. This fund
accounts for the financial activity related to that project.
TIF #19 Fehn - This fund was created to facilitate the Fehn project within the City. This fund accounts for the financial
activity related to that project.
TIF #20 Scherer Brothers This fund accounts for the accumulation of resources and payments made for the TIF #20
project.
109
City of Albertville, Minnesota
Nonmajor Capital Projects Funds
Combining Balance Sheet
December 31, 2023
312518523
TIF #7TIF #12
ParkSeniorSchultz &
FundHousingSchupp
Assets
Cash and temporary investments$ 969,612 $ 86,030$ -
Liabilities
Accounts and contracts payable$ -$ -$ -
Advances from other funds - - 214
Total Liabilities - - 214
Fund Balances
Restricted 969,612 86,030 -
Unassigned - - (214)
Total Fund Balances 969,612 86,030 (214)
Total Liabilities and Fund Balances$ 969,612$ 86,030$ -
110
52652752852952:531
TIF #15TIF #16TIF #17TIF #18TIF #19TIF #20
GuardianMoldOldScherer
AngelsTechCastleAVAFehnBrothersTotal
$ 79,610$ 2,395$ 1,192$ 125,288$ -$ -$ 1,264,127
$ -$ -$ -$ 120$ -$ -$ 120
- - 280,794 214 719,160 1,000,382
- - 280,794 120 214 719,160 1,000,502
79,610 2,395 - 125,168 - - 1,262,815
- - (279,602) - (214) (719,160) (999,190)
79,610 2,395 (279,602) 125,168 (214) (719,160) 263,625
$ 79,610$ 2,395$ 1,192$ 125,288$ -$ -$ 1,264,127
111
City of Albertville, Minnesota
Nonmajor Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2023
312518523
TIF #7TIF #12
ParkSeniorSchultz &
FundHousingSchupp
Revenues
Tax increments$ -$ 72,709$ -
Charges for services 32,000 - -
Investment earnings (loss)
44,085 2,229 -
Total Revenues 76,085 74,938 -
Expenditures
Current
Economic development - 51,231 214
Debt service
Interest - - -
Total Expenditures - 51,231 214
Net Change in Fund Balances 76,085 23,707 (214)
Fund Balances, January 1 893,527 62,323 -
Fund Balances, December 31$ 969,612$ 86,030$ (214)
112
52652752852952:531
TIF #15TIF #16TIF #17TIF #18TIF #19TIF #20
GuardianMoldOldScherer
AngelsTechCastleAVAFehnBrothersTotal
$ 83,297$ 19,595$ 46,710$ 240,672 $ -$ -$ 462,983
- - - - 32,000
2,473 42 1,191 - - (592) 49,428
85,770 19,637 47,901 240,672 - (592) 544,411
76,041 18,126 214 115,504 214 850 262,394
- - 12,264 - 12,264
76,041 18,126 12,478 115,504 214 850 274,658
9,729 1,511 35,423 125,168 (214) (1,442) 269,753
69,881 884 (315,025) - - (717,718) (6,128)
$ 79,610$ 2,395$ (279,602)$ 125,168$ (214)$ (719,160)$ 263,625
113
City of Albertville, Minnesota
Statement of Net Position
Nonmajor Proprietary Funds
December 31, 2023
Business-type Activities - Enterprise Funds
Total
Nonmajor
Storm WaterRecyclingFunds
Assets
Current Assets
Cash and temporary investments$ 1,101,615 $ 57,851$ 1,159,466
Receivables
Accounts 22,846 1,319 24,165
Delinquent special assessments 666 -666
Special assessments, current portion 2,016 8642 ,880
Due from other governments- 2 ,0002 ,000
Prepaid items2 ,272 -2 ,272
Total Current Assets 1,129,415 62,034 1,191,449
Noncurrent Assets
Special assessments, net of current portion 1,103 5791 ,682
Advances to other funds 36,000- 36,000
Total Noncurrent Assets 37,103 579 37,682
Capital Assets
Land 146,112 - 146,112
Infrastructure 1,509,297 - 1,509,297
Vehicles 69,177 - 69,177
Less: Accumulated depreciation (495,884) - (495,884)
Net Capital Assets 1,228,702 - 1,228,702
Total Noncurrent Assets 1,265,805 579 1,266,384
Total Assets 2,395,220 62,613 2,457,833
Deferred Outflows of Resources
Deferred pension resources 24,70323 24,726
114
City of Albertville, Minnesota
Statement of Net Position (Continued)
Nonmajor Proprietary Funds
December 31, 2023
Business-type Activities - Enterprise Funds
Total
Nonmajor
Storm WaterRecyclingFunds
Liabilities
Current Liabilities
Accounts and contracts payable$ 380$ 60$ 440
Accrued salaries payable 5,860 2806 ,140
Compensated absences payable, current portion 5,532 -5 ,532
Total Current Liabilities 11,772 340 12,112
Noncurrent Liabilities
Compensated absences payable 1,844 -1 ,844
Net pension liability 89,797 1,208 91,005
Total Noncurrent Liabilities 91,641 1,208 92,849
Total Liabilities 103,413 1,548 104,961
Deferred Inflows of Resources
Deferred pension resources 27,84135 27,876
Net Position
Investment in capital assets 1,228,702 - 1,228,702
Unrestricted 1,059,967 61,053 1,121,020
Total Net Position$ 2,288,669 $ 61,053$ 2,349,722
115
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116
City of Albertville, Minnesota
Statement of Revenues, Expenses and
Changes in Net Position
NonmajorProprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
Total
Nonmajor
Storm WaterRecyclingFunds
Operating Revenues
Charges for services$ 249,441 $ 141,778 $ 391,219
Operating Expenses
Personal services 196,884 10,299 207,183
Professional services 51,809 4,159 55,968
Insurance 1,645 -1 ,645
Repairs and maintenance 3,992 -3 ,992
Depreciation 37,139 - 37,139
Other charges 5,789 142,641 148,430
Total Operating Expenses 297,258 157,099 454,357
Operating Income (Loss) (47,817) (15,321) (63,138)
Nonoperating Revenues (Expenses)
Interest income 54,778 3,160 57,938
Intergovernmental - 8,7128 ,712
Interest expense and other (137) - (137)
Other income10 - 10
Total Nonoperating
Revenues (Expenses) 54,651 11,872 66,523
Change in Net Position 6,834 (3,449)3 ,385
Net Position, January 1 2,281,835 64,502 2,346,337
Net Position, December 31$ 2,288,669 $ 61,053$ 2,349,722
117
City of Albertville, Minnesota
Statement of Cash Flows
Nonmajor Proprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
Total
Nonmajor
Storm WaterRecyclingFunds
Cash Flows from Operating Activities
Receipts from customers and users$ 250,425 $ 142,918 $ 393,343
Other receipts and payments, net10 - 10
Payments to suppliers (65,478) (155,979) (221,457)
Payments to employees (189,103) ( 9,756) (198,859)
Net Cash Provided by
Operating Activities( 4,146) (22,817) (26,963)
Cash Flows from Noncapital Financing Activities
Intergovernmental receipts- 8,7128 ,712
Cash Flows from Capital and
Related Financing Activities
Interest paid on bonds( 850)- (850)
Principal paid on bonds (85,000) - (85,000)
Net Cash Provided (Used) by
Capital and Related Financing Activities (85,850) - ( 85,850)
Cash Flows from Investing Activities
Interest received on investments (loss)5 4,778 3,160 57,938
Net Increase (Decrease) in
Cash and Cash Equivalents (35,218) (10,945) (46,163)
Cash and Cash Equivalents, January 1 1,136,833 68,796 1,205,629
Cash and Cash Equivalents, December 31$ 1,101,615 $ 57,851 $ 1,159,466
118
City of Albertville, Minnesota
Statement of Cash Flows (Continued)
Proprietary Funds
For the Year Ended December 31, 2023
Business-type Activities - Enterprise Funds
Total
Nonmajor
Storm WaterRecyclingFunds
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities
Operating income (loss)$ (47,817) $ (15,321) $ (63,138)
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
Other income related to operations10 - 10
Depreciation 37,139 - 37,139
(Increase) decrease in assets/deferred outflows of resources
Accounts receivable 2,326 1,5583 ,884
Prepaids (298) - (298)
Due from other governments - 2,6352 ,635
Special assessments receivable (1,342) (418) (1,760)
Deferred pension resources 12,901 (682) 12,219
Increase (decrease) in liabilities/deferred inflows of resources
Accounts payable (1,945) (11,814) (13,759)
Accrued salaries payable 57618 594
Compensated absences payable 877 -877
Net pension liability (32,710) (1,751) (34,461)
Deferred pension resources 26,137 2,958 29,095
Net Cash Provided (Used) by
Operating Activities$ (4,146)$ (22,817) $ (26,963)
Schedule of Noncash Capital and
Financing Activities
Amortization of bond premiums$ 5 $ -$ 5
119
City of Albertville, Minnesota
General Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget to Actual (Continued on the Following Pages)
For the Year Ended December 31, 2023
(With Comparative Actual Amounts for the Year Ended December 31, 2022)
2023
2022
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues
Taxes
General property taxes$ 2,519,337 $ 2,519,337 $ 2,473,673 $ (45,664)$ 2,336,804
Franchise fees 188,000 188,000 325,250 137,250 192,470
Total 2,707,337 2,707,337 2,798,923 91,586 2,529,274
Licenses and permits
Business 60,500 60,500 62,063 1,563 60,023
Non-business 202,500 202,500 205,503 3,003 592,383
Total licenses and permits 263,000 263,000 267,566 4,566 652,406
Intergovernmental
Federal
ARPA - - - - 3,812
State
Local government aid 50,391 50,391 49,164 (1,227) 115,251
Property tax credits - - 153 153 171
Other 156,700 156,700 199,735 43,035 183,645
Total intergovernmental 207,091 207,091 249,052 41,961 302,879
Charges for services
General government 155,154 155,154 131,281 (23,873) 368,195
Public safety 520,602 520,602 520,602 - 468,761
Culture and recreation 15,000 15,000 317,722 302,722 295,306
Total charges for services 690,756 690,756 969,605 278,849 1,132,262
Fines and forfeitures - - 14,812 14,812 7,590
Special assessments - - 80,394 80,394 41,904
Investment earnings
10,000 10,000 151,130 141,130 (100,342)
Miscellaneous
Other 15,000 15,000 31,408 16,408 21,183
Refunds and reimbursements - - 35,419 35,419 54,064
Total miscellaneous 15,000 15,000 66,827 51,827 75,247
Total Revenues 3,893,184 3,893,184 4,598,309 705,125 4,641,220
120
City of Albertville, Minnesota
General Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual (Continued)
For the Year Ended December 31, 2023
(With Comparative Actual Amounts for the Year Ended December 31, 2022)
2023
2022
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures
Current
General government
Legislative
Personal services$ 27,128$ 27,128$ 26,697$ 431$ 20,669
Supplies 2,500 2,500 2,050 450 260
Other services and charges 27,800 27,800 28,710 (910) 28,382
Total legislative 57,428 57,428 57,457 (29) 49,311
Administration
Personal services 170,054 170,054 166,169 3,885 148,486
Supplies 5,000 5,000 1,450 3,550 2,212
Other services and charges 15,500 15,500 13,538 1,962 17,501
Total administration 190,554 190,554 181,157 9,397 168,199
City clerk
Personal services 92,161 92,161 93,423 (1,262) 85,762
Supplies 10,000 10,000 7,051 2,949 13,701
Other services and charges 50,900 50,900 48,189 2,711 36,792
Total city clerk 153,061 153,061 148,663 4,398 136,255
Elections and voter registration
Personal services - - - - 894
Other services and charges 27,000 27,000 2,464 24,536 15,362
Total elections and voter registration 27,000 27,000 2,464 24,536 16,256
Treasurer
Personal services 104,010 104,010 101,245 2,765 89,158
Supplies 8,600 8,600 4,630 3,970 4,220
Other services and charges 20,750 20,750 21,293 (543) 12,268
Total treasurer 133,360 133,360 127,168 6,192 105,646
Assessing
Other services and charges 48,000 48,000 50,055 (2,055) 45,250
Legal
Other services and charges 30,000 30,000 49,183 (19,183) 49,075
121
City of Albertville, Minnesota
General Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual (Continued)
For the Year Ended December 31, 2023
(With Comparative Actual Amounts for the Year Ended December 31, 2022)
2023
2022
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures (Continued)
Current (continued)
General government (continued)
Engineering
Other services and charges$ 35,000$ 35,000$ 76,854$ (41,854)$ 103,187
Miscellaneous
Personal services 29,506 29,506 28,478 1,028 23,563
Supplies 1,500 1,500 - 1,500 -
Other services and charges 256,854 256,854 300,051 (43,197) 355,778
Total miscellaneous 287,860 287,860 328,529 (40,669) 379,341
Total general government 962,263 962,263 1,021,530 (59,267) 1,052,520
Public safety
Police protection
Other services and charges 949,913 949,913 949,913 - 860,524
Fire protection
Personal services 570,739 570,739 620,092 (49,353) 515,016
Supplies 23,850 23,850 38,880 (15,030) 24,322
Other services and charges 125,935 125,935 147,694 (21,759) 125,598
Total fire protection 720,524 720,524 806,666 (86,142) 664,936
Protective inspection
Personal services 132,648 132,648 166,793 (34,145) 111,029
Supplies 1,450 1,450 3,324 (1,874) 2,706
Other services and charges 160,496 160,496 107,139 53,357 153,168
Total protective inspection 294,594 294,594 277,256 17,338 266,903
Animal control
Other services and charges 12,000 12,000 6,984 5,016 10,470
Total public safety 1,977,031 1,977,031 2,040,819 (63,788) 1,802,833
122
City of Albertville, Minnesota
General Fund
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual (Continued)
For the Year Ended December 31, 2023
(With Comparative Actual Amounts for the Year Ended December 31, 2022)
2023
2022
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures (Continued)
Current (continued)
Public works
Streets
Personal services$ 308,049$ 308,049$ 285,663$ 22,386$ 254,826
Supplies 36,000 36,000 47,771 (11,771) 38,355
Other services and charges 79,650 79,650 153,268 (73,618) 81,375
Total streets 423,699 423,699 486,702 (63,003) 374,556
Street lighting
Other services and charges 101,200 101,200 103,049 (1,849) 95,597
Total public works 524,899 524,899 589,751 (64,852) 470,153
Culture and recreation
Parks
Personal services 348,980 348,980 319,135 29,845 305,978
Supplies 26,750 26,750 34,146 (7,396) 28,885
Other services and charges 148,507 148,507 150,054 (1,547) 144,978
Total parks 524,237 524,237 503,335 20,902 479,841
Arena
Personal services - - 299,636 (299,636) 281,093
Total culture and recreation 524,237 524,237 802,971 (278,734) 760,934
Economic development
Other services and charges 25,000 25,000 3,502 21,498 4,492
Total Expenditures 4,013,430 4,013,430 4,458,573 (445,143) 4,090,932
Excess of Revenues
Over Expenditures (120,246) (120,246) 139,736 259,982 550,288
Other Financing Sources (Uses)
Transfers out - - - - (271,670)
Net Change in Fund Balances (120,246) (120,246) 139,736 259,982 278,618
Fund Balances, January 1 2,592,935 2,592,935 2,592,935 - 2,314,317
Fund Balances, December 31$ 2,472,689$ 2,472,689$ 2,732,671$ 259,982$ 2,592,935
123
City of Albertville, Minnesota
Debt Service Funds
Combining Balance Sheet
December 31, 2023
46846946:471
CSAH 19
2003A2011C2012B2012A
G.O.G.O. CIPG.O. CIPG.O. Improv.
ImprovementRefundingRefundingRefunding
Assets
Cash and temporary investments$ 67,109 $ 237,197$ 21,373 $ 68,761
Receivables
Special assessments 143,073 - - -
Interest - - - -
Notes - - - -
Advances to other funds 602,000 - - -
Land held for resale 180,434 - - -
Total Assets$ 992,616$ 237,197$ 21,373 $ 68,761
Deferred Inflows of Resources
Unavailable revenue - special assessments$ 143,073$ -$ -$ -
Unavailable revenue - notes/intergovernmental - - - -
Total Deferred Inflows of Resources 143,073 - - -
Fund Balances
Restricted
Debt service 849,543 237,197 21,373 68,761
Total Deferred Inflows
of Resources and Fund Balances$ 992,616$ 237,197$ 21,373 $ 68,761
124
472473579
LachmanIndustrial
2012A2012A
G.O. Improv.G.O. Improv.
RefundingRefundingInterstate 94Total
$ 185,731$ 411,923$ 304,581$ 1,296,675
- - 303,158 446,231
- - 3,511 3,511
- - 658,336 658,336
- 280,794 - 882,794
- 420,519 - 600,953
$ 185,731$ 1,113,236$ 1,269,586$ 3,888,500
$ -$ -$ 303,158$ 446,231
- - 658,336 658,336
- - 961,494 1,104,567
185,731 1,113,236 308,092 2,783,933
$ 185,731$ 1,113,236$ 1,269,586$ 3,888,500
125
City of Albertville, Minnesota
Debt Service Funds
Combining Schedule of Revenues, Expenditures And
Changes in Fund Balances
For the Year Ended December 31, 2023
46846946:471
CSAH 19
2003A2011C2012B2012A
G.O.G.O. CIPG.O. CIPG.O. Improv.
ImprovementRefundingRefundingRefunding
Revenues
Property taxes$ -$ 102,092$ 261,980$ -
Special assessments 5,580 - - -
Investment earnings
1,711 8,686 6,996 10,662
Miscellaneous - - - -
Total Revenues 7,291 110,778 268,976 10,662
Expenditures
Current
Public works - - - -
Debt service
Principal - 145,000 245,000 165,000
Interest and other - 12,699 17,380 1,650
Total Expenditures - 157,699 262,380 166,650
Net Change in Fund Balances 7,291 (46,921) 6,596 (155,988)
Fund Balances, January 1 842,252 284,118 14,777 224,749
Fund Balances, December 31$ 849,543$ 237,197$ 21,373 $ 68,761
126
472473
LachmanIndustrial 579
2012A2012A
G.O. Improv.G.O. Improv.
RefundingRefundingInterstate 94Total
$ -$ -$ 53,000 $ 417,072
- - 44,733 50,313
10,864 15,258 14,399 68,576
- - 77,440 77,440
10,864 15,258 189,572 613,401
- 7,526 - 7,526
50,000 30,000 178,000 813,000
500 300 24,110 56,639
50,500 37,826 202,110 877,165
(39,636) (22,568) (12,538) (263,764)
225,367 1,135,804 320,630 3,047,697
$ 185,731$ 1,113,236$ 308,092$ 2,783,933
127
City of Albertville, Minnesota
Combining Statement of Fiduciary Net Position
Fiduciary Funds
December 31, 2023
Albertville Total
Friendly Albertville STMACustodial
City Days LionsIce Arena Funds
Assets
Cash and temporary investments$ 72,906$ 264,171$ 568,738$ 905,815
Accounts receivable - - 102,585 102,585
Inventory - - 3,181 3,181
Prepaid items - - 8,355 8,355
Total Assets 72,906 264,171 682,859 1,019,936
Liabilities
Accounts payable - - 28,953 28,953
Accrued wages - - 11,006 11,006
Total Liabilities - - 39,959 39,959
Net Position
Restricted for organizations and other governments$ 72,906$ 264,171$ 642,900$ 979,977
128
City of Albertville, Minnesota
Combining Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended December 31, 2023
Albertville Total
Friendly Albertville STMACustodial
City Days LionsIce Arena Funds
Additions
Contributions
Charges for services$ -$ -$ 833,075 $ 833,075
Donations - 135,000 - 135,000
Concessions - - 88,649 88,649
Total Contributions - 135,000 921,724 1,056,724
Investment earnings 3,353 2,985 25,966 32,304
Miscellaneous - - 33,120 33,120
Total Additions 3,353 137,985 980,810 1,122,148
Deductions
Professional services - 558 318,572 319,130
Supplies - - 38,787 38,787
Utilties - - 244,703 244,703
Insurance - - 25,550 25,550
Repairs and maintenance - - 111,308 111,308
Capital outlay - - 21,759 21,759
Miscellaneous - - 26,795 26,795
Total Deductions - 558 787,474 788,032
3,353 137,427 193,336 334,116
Net Increase (Decrease) in Fiduciary Net Position
69,553 126,744 449,564 645,861
Net Position, January 1
$ 72,906$ 264,171 $ 642,900 $ 979,977
Net Position, December 31
129
City of Albertville, Minnesota
Summary Financial Report
Revenues and Expenditures For General Operations
Governmental Funds
For the Year Ended December 31, 2023
Percent
TotalIncrease
(Decrease)
20232022
Revenues
Taxes$ 5,280,839 $ 4,517,340 16.90 %
Special assessments 151,906 443,326 (65.73)
Licenses and permits 267,566 652,406 (58.99)
Intergovernmental 855,346 1,383,658 (38.18)
Charges for services 1,001,605 1,347,603 (25.68)
Fines and forfeitures 14,812 7,590 95.15
Investment earnings (losses)
564,901 (320,982) N/A
Miscellaneous 149,077 236,605 (36.99)
Total Revenues$ 8,286,052 $ 8,267,546 0.22%
Per Capita$ 1,008$ 1,034 (2.48) %
Expenditures
Current
General government$ 1,021,530 $ 1,102,691 (7.36) %
Public safety 2,040,819 1,802,833 13.20
Public works 597,277 495,607 20.51
Culture and recreation 802,971 760,934 5.52
Economic development 265,896 1,304,800 (79.62)
Capital outlay
General government 214,872 5,817 3,593.86
Public safety 87,388 19,252 353.92
Public works 1,529,614 1,633,552 (6.36)
Culture and recreation 204,673 123,977 65.09
Economic development - 50,000 (100.00)
Debt service
Principal 813,000 876,000 (7.19)
Interest and other 68,903 86,344 (20.20)
Total Expenditures$ 7,646,943 $ 8,261,807 (7.44) %
Per Capita$ 930$ 1,033 (9.94) %
Total Long-term Indebtedness$ 2,532,092 $ 3,351,510 (24.45)%
Per Capita 308 419 (26.49)
General Fund Balance - December 31$ 2,732,671 $ 2,592,935 5.39%
Per Capita 332 324 2.54
The purpose of this report is to provide a summary of financial information concerning the City of Albertville to interested
citizens. The complete financial statements may be examined at City Hall, 5959 Main Avenue, Albertville, MN 55301.
Questions about this report should be directed to Tina Lannes, Finance Director at (763) 497-3384.
130
STATISTICAL SECTION (UNAUDITED)
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2023
131
THIS PAGE IS LEFT
BLANK INTENTIONALLY
132
STATISTICAL SECTION
(Unaudited)
This part of the City of Albertvilleannual comprehensive financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary information
Financial Trends
and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess
the property tax.
Debt Capacity
These schedules present information to help the reader assess
out- additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within
which the
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the
financial report relates to the services the government provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the annual financial reports for the
relevant year.
133
City of Albertville, Minnesota
Statistical Section (Unaudited)
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2014201520162017
Governmental Activities
Net investment in capital assets$ 15,982,545$ 16,000,840$ 15,925,140$ 16,653,225
Restricted 4,359,358 6,603,871 3,240,957 3,543,926
Unrestricted 4,482,132 4,287,635 8,260,766 8,191,522
Total Governmental Activities Net Position$ 24,824,035$ 26,892,346$ 27,426,863$ 28,388,673
Business-type Activities
Net investment in capital assets$ 8,198,571$ 8,423,132$ 8,632,306$ 8,717,564
Unrestricted 9,559,515 9,038,370 8,856,604 9,562,439
Total Business-type Activities Net Position$ 17,758,086$ 17,461,502$ 17,488,910$ 18,280,003
Total Primary Government
Net investment in capital assets$ 24,181,116$ 24,423,972$ 24,557,446$ 25,370,789
Restricted 4,359,358 6,603,871 3,240,957 3,543,926
Unrestricted 14,041,647 13,326,005 17,117,370 17,753,961
Total Primary Government$ 42,582,121$ 44,353,848$ 44,915,773$ 46,668,676
Note: The City implemented GASB Statement No. 68 and GASB Statement No. 71 in 2015.
Years prior to 2015 have not been restated.
134
Ubcmf!2
Fiscal Year
201820192020202120222023
$ 16,996,701$ 17,512,792$ 18,587,524$ 18,777,874$ 19,783,680$ 20,273,389
3,482,527 5,398,928 5,120,588 5,683,3925,667,950 5,714,233
8,651,739 7,289,708 7,153,029 8,481,2288,458,920 9,205,344
$ 29,130,967$ 30,201,428$ 30,861,141$ 32,942,494$ 33,910,550$ 35,192,966
$ 9,046,737$ 10,922,191$ 10,788,055$ 11,001,276$ 11,189,927$ 11,419,846
9,489,105 9,102,051 10,545,577 11,685,984 12,978,713 15,654,676
$ 18,535,842$ 20,024,242$ 21,333,632$ 22,687,260$ 24,168,640$ 27,074,522
$ 26,043,438$ 28,434,983$ 29,375,579$ 29,779,150$ 30,973,607$ 31,693,235
3,482,527 5,398,928 5,120,588 5,683,3925,667,950 5,714,233
18,140,844 16,391,759 17,698,606 20,167,212 21,437,633 24,860,020
$ 47,666,809$ 50,225,670$ 52,194,773$ 55,629,754$ 58,079,190$ 62,267,488
135
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Net Position (Continued on the Following Pages)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2014201520162017
Fyqfotft
Governmental Activities
General government$ 923,711$ 715,779$ 858,450$ 822,891
Public safety 1,103,431 1,222,679 1,602,075 1,548,674
Public works 1,461,319 1,636,968 1,631,343 1,385,420
Culture and recreation 558,881 569,429 617,041 788,338
Economic development 137,930 229,167 117,086 182,059
Interest on long-term debt 295,924 255,379 197,099 228,006
Total Governmental Activities Expenses 4,481,196 4,629,401 5,023,094 4,955,388
Business-type Activities
Sewer utility 946,586 961,507 846,349 805,318
Water utility 1,108,449 399,813 418,260 369,100
Storm water utility 170,061 182,779 187,029 265,436
Recycling 81,024 81,689 94,580 95,850
Total Business-type Activities Expenses 2,306,120 1,625,788 1,546,218 1,535,704
Total Expenses$ 6,787,316$ 6,255,189$ 6,569,312$ 6,491,092
Qsphsbn!Sfwfovft
Governmental Activities
Charges for services
General government$ 574,438$ 489,742$ 437,398$ 630,143
Public safety 161,373 227,250 258,553 276,445
Public works 1,200 2,500 1,700 5,300
Culture and recreation 234,694 154,851 195,815 229,772
Operating grants and contributions 249,041 230,499 240,569 265,983
Capital grants and contributions 340,632 2,000,970 99,914 118,011
Total Governmental Activities Program Revenues 1,561,378 3,105,812 1,233,949 1,525,654
Business-type Activities
Charges for services
Sewer utility 728,308 752,094 786,153 848,544
Water utility 917,507 256,040 272,503 355,075
Storm water utility 228,659 251,960 222,630 213,666
Recycling 80,659 81,223 87,444 82,867
Operating grants and contributions 18,657 64,001 15,954 18,240
Capital grants and contributions 154,336 122,884 114,742 683,125
Total Business-Type Activities Program Revenues 2,128,126 1,528,202 1,499,426 2,201,517
Total Program Revenues$ 3,689,504$ 4,634,014$ 2,733,375$ 3,727,171
Note: The City implemented GASB Statement No. 68 and GASB Statement No. 71 in 2015.
Years prior to 2015 have not been restated.
136
Ubcmf!3
Fiscal Year
201820192020202120222023
$ 737,375$ 767,343$ 1,058,803$ 1,154,441$ 1,273,530$ 1,257,890
1,529,785 1,877,457 1,941,3401,879,9891,989,621 2,242,841
1,757,764 1,195,560 3,185,3691,689,8561,598,677 2,245,612
611,258 1,069,989 882,232871,722988,150 1,147,360
221,319 223,663 237,902227,9721,354,800 265,896
167,872 191,958 149,493130,847112,596 95,580
5,025,373 5,325,970 7,455,139 5,954,827 7,317,374 7,255,179
818,418 1,102,919 1,111,727 1,067,1371,348,974 1,692,252
411,151 451,246 417,826 414,208465,093 526,850
272,024 252,627 290,418 225,386265,392 297,395
106,514 118,359 117,364 118,432145,939 157,099
1,608,107 1,925,151 1,937,335 1,825,163 2,225,398 2,673,596
$ 6,633,480$ 7,251,121$ 9,392,474$ 7,779,990$ 9,542,772$ 9,928,775
$ 608,525$ 544,149$ 640,044$ 878,311$ 1,190,569$ 380,077
296,707 335,444 458,866 435,005471,179 521,278
3,050 1,750 4,350 4,2502,125 1,450
165,908 87,525 301,435 1,193,567315,636 355,279
193,526 191,470 852,421 403,935380,209 1,071,298
150,340 359,247 1,324,103 677,714 1,606,812 11,930
1,418,056 1,519,585 3,581,219 3,592,782 3,966,530 2,341,312
868,052 866,602 1,072,549 1,147,9841,010,675 1,106,098
362,737 348,310 411,854 452,529493,578 496,765
211,420 209,206 222,281 281,058300,772 249,451
94,134 105,028 95,461 116,919135,717 141,778
16,794 22,416 22,273 17,93019,637 18,581
201,561 1,515,818 1,203,165 1,129,841 1,818,198 2,426,134
1,754,698 3,067,380 3,027,583 3,146,261 3,778,577 4,438,807
$ 3,172,754$ 4,586,965$ 6,608,802$ 6,739,043$ 7,745,107$ 6,780,119
137
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2014201520162017
Ofu!Sfwfovft!)Fyqfotft*
Governmental activities$ (2,919,818) $ (1,523,589) $ (3,789,145) $ (3,429,734)
Business-type activities (177,994) (97,586) (46,792) 665,813
Total Primary Government Revenues (Expenses)$ (3,097,812) $ (1,621,175) $ (3,835,937) $ (2,763,921)
Hfofsbm!Sfwfovft!boe!Puifs!Dibohft!jo!Ofu!Qptjujpo
Hfofsbm!Sfwfovft
Governmental Activities
Taxes
Property taxes, levied for general purpose$ 2,478,224$ 2,606,772$ 2,746,144$ 2,839,090
Property taxes, levied for debt service 805,791 885,270 921,796 916,050
Tax increments 28,648 109,132 169,651 230,131
Franchise fees - - - -
Grants and contributions not restricted to specific programs 90,269 98,932 102,311 93,140
Unrestricted investment earnings (losses) 182,322 86,644 103,541 138,248
Gain on sale of capital assets - 3,450 - 49,020
Miscellaneous - 132,569 280,219 172,681
Transfers 330,236 - - (46,816)
Total Governmental Activities General Revenues 3,915,490 3,922,769 4,323,662 4,391,544
Business-type Activities
Property taxes levied for general purposes - - - -
Grants and contributions not restricted to specific programs - - - -
Unrestricted investment earnings (losses) 197,709 89,694 74,200 78,464
Transfers (330,236) - - 46,816
Total Business-type Activities General Revenues (132,527) 89,694 74,200 125,280
Total Primary Government$ 3,782,963$ 4,012,463$ 4,397,862$ 4,516,824
Dibohf!jo!Ofu!Qptjujpo
Governmental activities$ 995,672$ 2,399,180$ 534,517$ 961,810
Business-type activities (310,521) (7,892) 27,408 791,093
Total Primary Government$ 685,151$ 2,391,288$ 561,925$ 1,752,903
Note: The City implemented GASB Statement No. 68 and GASB Statement No. 71 in 2015.
Years prior to 2015 have not been restated.
138
Ubcmf!3
Fiscal Year
201820192020202120222023
$ (3,607,317)$ (3,806,385) $ (3,873,920) $ (2,362,045) $ (3,350,844) $ (4,913,867)
146,591 1,142,229 1,090,248 1,321,098 1,553,179 1,765,211
$ (3,460,726)$ (2,664,156) $ (2,783,672) $ (1,040,947) $ (1,797,665) $ (3,148,656)
$ 3,054,845$ 3,497,033$ 3,469,449$ 3,614,097$ 3,852,811$ 4,143,704
831,410 508,855 506,868 472,425 473,974 364,072
231,247 232,684 240,457 220,464 197,675 462,983
- - - - - 325,250
111,979 113,056 126,418 115,426 115,422 305,373
120,130 384,339 190,441 11,191 (320,982) 564,901
- 140,879 - - - 30,000
- - - 9,795 - -
- - - - - -
4,349,611 4,876,846 4,533,633 4,443,398 4,318,900 6,196,283
- - - - 222,934 220,624
- - - - 58,468 111,961
109,248 346,171 219,142 32,530 (353,201) 808,086
- - - - - -
109,248 346,171 219,142 32,530 (71,799) 1,140,671
$ 4,458,859$ 5,223,017$ 4,752,775$ 4,475,928$ 4,247,101$ 7,336,954
$ 742,294$ 1,070,461$ 659,713$ 1,070,461$ 968,056$ 1,282,416
255,839 1,488,400 1,309,390 1,488,4001,481,380 2,905,882
$ 998,133$ 2,558,861$ 1,969,103$ 2,558,861$ 2,449,436$ 4,188,298
139
City of Albertville, Minnesota
Statistical Section (Unaudited)
Fund Balances of Governmental Funds
Last Ten Fiscal Years
Fiscal Year
2014201520162017
General Fund
Nonspendable$ 51,000$ 51,000$ 51,000$ 51,000
Unassigned 1,798,358 1,876,186 1,887,922 2,258,988
Total General Fund$ 1,849,358 $ 1,927,186 $ 1,938,922 $ 2,309,988
All Other Governmental Funds
Nonspendable$ 13,184$ 2,695$ 1,614$ -
Restricted 5,276,492 3,263,871 3,272,492 3,670,865
Committed - - - -
Assigned 9,920,395 5,969,374 6,412,396 6,076,678
Unassigned (971,681) (842,241) (469,839) (514,315)
Total All Other Governmental Funds$ 14,238,390$ 8,393,699 $ 9,216,663 $ 9,233,228
140
Ubcmf!4
Fiscal Year
201820192020202120222023
$ 133,328 $ 140,151 $ 90,389$ 136,098 $ 159,875 $ 177,926
2,252,982 2,477,774 3,200,223 2,178,219 2,433,060 2,554,745
$ 2,386,310 $ 2,617,925 $ 3,290,612 $ 2,314,317 $ 2,592,935 $ 2,732,671
$ -$ -$ -$ -$ -$ 10,000
3,758,526 3,387,291 3,388,480 4,090,889 4,074,312 4,396,743
- 152,836 156,143 155,950 151,451 159,322
6,390,844 4,853,536 3,965,154 5,634,162 6,062,374 6,187,137
(432,912) (425,086) (389,806) (353,483) (1,033,498) (999,190)
$ 9,716,458 $ 7,968,577 $ 7,119,971 $ 9,527,518 $ 9,254,639 $ 9,754,012
141
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
Fiscal Year
2014201520162017
Revenues
Taxes$ 3,302,350 $ 3,596,744 $ 3,840,259 $ 4,018,573
Licenses and permits 167,584 197,878 174,928 239,833
Intergovernmental 209,667 1,958,201 282,508 268,493
Charges for services 857,837 648,359 662,313 888,979
Fines and forfeitures - 1,000 - 200
Special assessments 384,727 434,682 246,350 196,021
Investment earnings (losses)
282,344 86,644 103,541 138,248
Miscellaneous 214,302 358,035 537,803 385,472
Total Revenues 5,418,811 7,281,543 5,847,702 6,135,819
Expenditures
General government 748,364 606,158 738,974 735,742
Public safety 1,006,524 1,154,656 1,302,463 1,350,500
Public works 413,536 634,542 431,596 387,744
Culture and recreation 401,593 387,025 445,486 501,693
Economic development 96,866 203,626 76,875 141,632
Capital outlay 328,322 841,615 883,733 1,470,904
Debt service
Principal 918,000 3,191,851 963,240 962,822
Interest 288,757 234,925 170,635 198,979
Bond issuance costs 7,458 - - -
Total Expenditures 4,209,420 7,254,398 5,013,002 5,750,392
Excess (Deficiency) of Revenues
Over (Under) Expenditures 1,209,391 27,145 834,700 385,427
Other Financing Sources (Uses)
Transfers in 868,993 344,000 295,133 323,424
Bonds refunded 528,062 - - -
Bond issuance - 235,000 - -
Sale of capital assets - 3,450 - 49,020
Transfers out (1,062,688) (344,000) (295,133) (370,240)
Total Other Financing
Sources (Uses) 334,367 238,450 - 2,204
Net Change in Fund Balances$ 1,543,758 $ 265,595 $ 834,700 $ 387,631
Debt Service as a Percentage of
Noncapital Expenditures29.6%52.5%25.2%26.4%
142
Ubcmf!5
Fiscal Year
201820192020202120222023
$ 4,109,257 $ 4,233,810 $ 4,221,332 $ 4,323,838 $ 4,517,340 $ 5,280,839
258,992 215,108 300,888 403,265 652,406 267,566
312,506 438,035 2,077,442 302,106 1,383,658 855,346
845,182 1,004,236 1,076,374 2,131,559 1,347,603 1,001,605
1,500 500 - 500 7,590 14,812
291,412 259,787 352,949 232,077 443,326 151,906
120,130 384,339 190,441 11,191 (320,982) 564,901
175,104 138,771 181,825 262,487 236,605 149,077
6,114,083 6,674,586 8,401,251 7,667,023 8,267,546 8,286,052
894,542 791,250 920,918 1,021,471 1,102,691 1,021,530
1,395,937 1,557,191 1,629,347 1,717,622 1,802,833 2,040,819
411,944 437,365 427,682 419,418 495,607 597,277
533,359 748,116 763,021 725,853 760,934 802,971
175,193 178,507 210,170 203,972 1,304,800 265,896
1,010,977 3,380,525 3,646,864 1,178,706 1,832,598 2,036,547
992,000 939,000 856,000 864,000 876,000 813,000
140,579 165,017 123,168 104,729 86,344 68,903
- - - - - -
5,554,531 8,196,971 8,577,170 6,235,771 8,261,807 7,646,943
559,552 (1,522,385) (175,919) 1,431,252 5,739 639,109
50,068 151,390 - 1,803,693 271,670 -
- - - - - -
- - - - - -
- 6,119 - - - -
(50,068) (151,390) - (1,803,693) (271,670) -
- 6,119 - - - -
$ 559,552 $ (1,516,266)$ (175,919)$ 1,431,252 $ 5,739$ 639,109
24.5%20.6%14.4%18.3%14.8%14.3%
143
City of Albertville, Minnesota
Statistical Section (Unaudited)
Tax Capacity, Market Value and Estimated Actual Value of Taxable Property
(Shown by Year of Tax Collectability)
2014201520162017
Taxable Market Value
Personal property$ 5,239,900$ 5,279,500$ 5,442,200$ 6,101,100
Real estate 500,588,200 542,867,500 567,786,000 656,054,200
Total Taxable Market Value$ 505,828,100 $ 548,147,000 $ 573,228,200 $ 662,155,300
Estimated Actual Value of Taxable Property$ 556,863,100 $ 595,816,100 $ 620,513,900 $ 705,380,300
Taxable Market Value as a Percentage of
Estimated Actual Value 90.84 % 92.00 % 92.38 % 93.87 %
Tax Capacity
Personal property$ 102,426$ 103,325$ 106,630$ 111,611
Real estate 6,379,976 6,780,598 7,026,956 7,384,373
Subtotal 6,482,402 6,883,923 7,133,586 7,495,984
Less: tax increment (23,265) (79,615) (123,377) (169,948)
Net Tax Capacity$ 6,459,137 $ 6,804,308 $ 7,010,209 $ 7,326,036
Tax levies
General$ 2,397,983$ 2,547,180$ 2,749,549$ 2,863,190
Debt service 902,141 949,967 921,691 916,045
Total$ 3,300,124$ 3,497,147$ 3,671,240$ 3,779,235
Tax capacity rate
General 37.125% 37.435% 39.222% 39.082
Debt service 13.967 13.961 13.148 12.504
Total 51.092% 51.396% 52.370% 51.586
Source: Wright County Auditor/Treasurer Department
144
Ubcmf!6
201820192020202120222023
$ 6,101,100$ 6,389,500$ 7,128,500$ 5,738,000$ 6,110,500$ 6,154,000
656,054,200 707,392,300 745,489,800 832,227,900 1,001,635,873 1,163,031,027
$ 662,155,300 $ 713,781,800 $ 752,618,300 $ 837,965,900 $ 1,007,746,373 $ 1,169,185,027
$ 705,380,300 $ 758,532,600 $ 804,315,050 $ 853,083,000 $ 1,044,060,600 $ 1,044,060,600
93.87 % 94.10 % 93.57 % 98.23 % 96.52 % 111.98 %
$ 119,863$ 125,822$ 140,544$ 155,457$ 120,132$ 122,330
7,961,892 8,513,031 8,952,664 9,255,718 9,810,351 11,702,153
8,081,755 8,638,853 9,093,208 9,411,175 9,930,483 11,824,483
(171,863) (171,188) (179,241) (186,700) (152,298) (421,581)
$ 7,909,892 $ 8,467,665 $ 8,913,967 $ 9,224,475 $ 9,778,185$ 11,402,902
$ 3,056,908$ 3,442,876$ 3,414,096$ 3,572,049$ 3,782,812$ 4,121,198
831,410 561,855 781,384 745,104 749,908 637,696
$ 3,888,318$ 4,004,731$ 4,195,480$ 4,317,153$ 4,532,720$ 4,758,894
38.647% 40.659% 38.301% 38.724% 38.686 % 36.142 %
10.511 6.635 8.766 8.077 7.669 5.592
49.158% 47.294% 47.066% 46.801% 46.355 % 41.734 %
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Property Tax Capacity Rates - Direct and Overlapping Governments
(Per $1,000 of Tax Capacity)
Overlapping Rates
SchoolSchool
Year
DistrictDistrict
Taxes
PayableCityCountyNo. 885No. 728
2014 51.092 43.450 51.553 51.279%
2015 51.396 40.530 51.082 51.635
2016 52.370 39.970 49.102 39.266
2017 51.586 39.599 46.893 36.659
2018 49.158 39.946 47.950 36.137
2019 47.294 44.273 47.143 32.865
2020 47.066 44.421 45.280 34.371
2021 43.717 46.801 44.205 31.712
2022 43.749 46.355 42.428 30.884
2023 37.844 41.793 35.446 26.600
Source: Wright County Auditor/Treasurer Department
Overlapping rates are those of local and county governments that apply to property owners within the City. Not all
overlapping rates apply to all City property owners (e.g. the rates for special districts apply only to the proportion of
the government's property owners whose property is located within the geographic boundaries of the special district).
147
City of Albertville, Minnesota
Statistical Section (Unaudited)
Principal Taxpayers
Current Year and Ten Years Ago
December 31, 2023
2023
Percent
of Total
Tax
Tax Capacity
TaxpayerCapacityRank
CPG Partners, LP$ 1,109,278 1 9.73%
Advanced Volumetric Alliance 269,2202 2.36
Albertville Station LLC 240,4663 2.11
Preserve at Albertville 181,0554
Border States Industries, Inc. 125,5205 1.10
Scherer LP 101,2506 0.89
Centerpoint Energy 95,0327 0.83
Evans Park Inc 94,4858 0.83
Fraser Building LP 94,2669 0.83
GMR Albertville LLC 93,59610 0.82
EPK Family Fund LLC
Carman's Bay Investments LLC - -
CWB Albertville Crossing, LLC
US Bank NA - -
Albertville Medical Building, LLC - -
Mollie LLC - -
HGP Architectural Glass, Inc - -
Minnegasco, Inc - -
Albertville Plaza, LLC
Welcome Furniture and AppliancesTotals$ 2,404,168 19.50 %
Northern States Power
Source: Wright County Auditor/Treasurer Department
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2014
Percent
of Total
Tax
Tax Capacity
CapacityRank
$ 1,097,256 1 16.99%
- -
- -
60,4206 0.94
- -
- -
- -
- -
- -
191,2502 2.96
84,3383 1.31
69,2504 1.07
63,6825 0.99
48,7487 0.75
48,3528 0.75
46,9749 0.73
45,43410 0.70
$ 1,755,704 27.18%
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent
(1)
Percentageof Total
CollectionCollection
of LevyCollections
Fiscal Totalof Currentin SubsequentTotal
Collectedto Levy
YearLevyYear's LevyYearsCollections
2014$ 3,300,124$ 3,263,343 98.89%$ 36,781$ 3,300,124 100.00 %
2015 3,497,147 3,461,796 98.99 24,315 3,486,111 99.68
2016 3,671,240 3,641,148 99.18 11,191 3,652,339 99.49
2017 3,779,235 3,753,984 99.33 6,748 3,760,732 99.51
2018 3,888,318 3,864,947 99.40 4,101 3,869,048 99.50
2019 4,004,731 3,977,179 99.31 21,934 3,999,113 99.86
2020 4,195,480 4,177,746 99.58 12,514 4,190,260 99.88
2021 4,317,153 4,310,349 99.84 6,804 4,317,153 100.00
2022 4,532,720 4,515,278 99.62 3,519 4,518,797 99.69
2023 4,758,894 4,728,200 99.36 - 4,728,200 99.36
Source: Wright County Auditor/Treasurer Department
(1) Includes state paid property tax credits.
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental ActivitiesBusiness-type Activities
GeneralGeneralGeneralTotal
Percentage of
Fiscal ObligationObligationObligationPrimaryPer
Personal Income
YearBondsRevenue BondsBondsGovernmentCapita
2014$ 12,807,462$ 5,855,190$ 1,242,391$ 19,905,043 7.34 %$ 2,861
2015 9,845,317 3,120,172 606,085 13,571,574 6.75 2,747
2016 8,876,782 2,635,154 536,019 12,047,955 4.48 1,869
2017 7,908,666 2,365,136 466,535 10,740,337 3.73 1,647
2018 6,911,370 2,090,118 395,229 9,396,717 3.20 1,457
2019 5,967,076 7,656,726 318,923 13,942,725 2.66 1,268
2020 5,104,343 7,064,673 242,617 12,411,633 4.00 1,863
2021 4,233,610 6,547,620 166,311 10,947,541 2.51 1,386
2022 3,351,510 6,020,567 85,005 9,457,082 2.01 1,182
2023 2,532,092 15,263,991 - 17,796,083 3.27 2,165
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
See the Schedule of Demographic and Economic Statistics for personal income and population data.
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Less
Percentage of
Amounts
Estimated Actual
GeneralAvailable inNet
Value of
Fiscal ObligationDebt ServiceBondedPer
Taxable Property
YearBondsFundsDebtCapita
2014$ 14,049,853$ 3,970,721 $ 10,079,132 1.81%$ 1,391
2015 10,451,402 6,189,942 4,261,460 0.72 587
2016 9,412,801 2,942,019 6,470,782 1.04 884
2017 8,375,201 3,216,178 5,159,023 0.73 700
2018 7,306,599 3,133,185 4,173,414 0.55 563
2019 6,285,999 5,268,736 1,017,263 0.13 136
2020 5,346,960 4,979,787 367,173 0.05 49
2021 4,399,921 4,665,741 (265,820) (0.03) (35)
2022 3,436,515 4,246,523 (810,008) (0.08) (103)
2023 2,532,092 3,875,489 (1,343,397) (0.13) (163)
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
See the Schedule of Demographic and Economic Statistics for population data.
See the Schedule of Tax Capacity, Market Value and Estimated Actual Value of Taxable Property for property value data.
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Computation of Direct and Overlapping Debt
December 31, 2023
GrossAmount
Bondedof
Percentage
Debt UsedNet Debt
Applicable to
For Net DebtApplicable
District
Calculationto District
Direct Debt
City of Albertville$ 2,532,092 100.00 %$ 2,532,092
School District #885 126,585,000 22.26 28,177,821
School District #728 285,730,000 9.77 27,915,821
Wright County 133,535,000 4.77 6,369,620
Total Overlapping Debt 545,850,000 11.44 62,463,262
Total Direct and Overlapping Debt$ 548,382,092 11.85%$ 64,995,354
Sources : Market value data used to estimate applicable percentages provided by the Wright County
Auditor/Treasurer department. Debt outstanding data was provided from the same source.
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and
businesses of the City. This process recognized that, when considering the government's ability to issue and repay long-term
debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not
imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
* The percentage of overlapping debt applicable is estimated using taxable market property values. Applicable
percentages were estimated by determining the portion of the county's taxable market value that is within the City's
boundaries and dividing it by the county's total taxable market value.
153
City of Albertville, Minnesota
Statistical Section (Unaudited)
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2014201520162017
Debt Limit (1)$ 15,174,843$ 16,444,410$ 17,196,846$ 19,864,659
Total Net Debt Applicable to Limit - - - -
Total$ 15,174,843$ 16,444,410$ 17,196,846$ 19,864,659
Total Net Debt Applicable to the Limit
as a Percentage of Debt Limit$ -$ -$ -$ -
(1) The debt limit is 3 percent.
(2) All of the City's general obligation debt are paid from special assessments and not subject to the limit.
Note: Under state law, the City's outstanding general obligation debt should not exceed 3 percent of the market value of
taxable property. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for the
extinguishment of those obligations.
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Fiscal Year
201820192020202120222023
$ 19,864,659$ 21,413,454$ 22,578,549$ 25,138,977$ 30,232,391 35,075,551
- - - - - -
$ 19,864,659$ 21,413,454$ 22,578,549$ 25,138,977$ 30,232,391$ 35,075,551
$ -$ -$ -$ -$ -$ -
Legal Debt Margin Calculation for Fiscal Year 2020
Taxable Market Value$ 1,169,185,027
Debt Limit (3% of Market Value)$ 35,075,551
Debt Applicable to Limit
General Obligation Bonds (2) -
Less: Amount Available in
Debt Service Funds -
Total Net Debt Applicable to Limit -
Legal Debt Margin$ 35,075,551
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City of Albertville, Minnesota
Statistical Section (Unaudited)
Pledged-Revenue Coverage
Last Ten Fiscal Years
General Obligation Revenue Bonds
(1)Net
Debt Service
FiscalGross(2)Revenue
YearRevenueExpensesAvailablePrincipalInterestCoverage
2014$ 771,239$ 439,487$ 331,752$ 394,373$ 171,371 0.59
2015 915,048 473,470 441,578 2,727,200 159,973 0.15
2016 836,374 464,576 371,798 477,200 49,281 0.71
2017 904,445 425,770 478,675 262,200 43,730 1.56
2018 948,167 439,181 508,986 265,900 41,124 1.66
2019 1,109,813 565,587 544,226 270,900 37,421 1.77
2020 1,016,245 627,732 388,513 575,900 148,695 0.54
2021 1,373,515 937,245 436,270 510,000 159,795 0.65
2022 1,197,329 1,109,902 87,427 520,000 147,975 0.13
2023 2,362,880 1,166,640 1,196,240 540,000 132,344 1.78
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City of Albertville, Minnesota
Demographic and Economic Statistics
Last Ten Fiscal Years
TotalPer Capita
Unemployment
Fiscal Number ofPersons perPersonal Personal MedianSchool
Rate (7)
YearPopulation (1)Households (2)Household (2)Income (3)Income (4)Age (5)Enrollment (6)
2014 7,247 2,434 2.98$ 308,178,675$ 42,52534.6 5,725 3.9 %
2015 7,262 2,411 3.01 321,866,364 44,32234.6 5,900 2.8
2016 7,317 2,476 2.96 331,057,665 45,24534.6 6,083 3.7
2017 7,370 2,480 2.97 335,335,000 45,50034.6 6,300 3.5
2018 7,412 2,491 2.98 352,640,724 47,57734.6 6,300 3.5
2019 7,485 2,516 2.97 348,748,605 46,59334.6 6,300 3.2
2020 7,519 2,527 2.98 388,048,071 51,60936.6 6,300 3.7
2021 7,519 2,527 2.98 415,184,142 55,21836.6 6,300 3.8
2022 7,896 2,654 2.98 436,001,328 58,75636.6 6,500 2.8
2023 8,220 2,740 3.00 544,081,800 66,19036.9 6,470 2.7
Data Sources
(1) Minnesota Office of the State Demographer
(2) Minnesota Office of the State Demographer (2008-2016); Estimated (2017-2019)
(3) Calculated by the City.
(4) US Department of Commerce - Bureau of Economic Analysis (2008-2016); Estimated (2017)
(5) US Census Bureau
(6) Independent School District 885
(7) United States Department of Labor - Bureau of Labor Statistics
Note: Persons per household information was not available for 2018. The City estimated this year based on averages from data compiled for years 2009 - 2017.
Note: The unemployment rate is for Wright County, the County of which the City is located. Unemployment data was not available for the City.
Note: The per capital personal income is for Wright County, the County of which the City is located. Per capita personal income was not available for the City.
Note: School enrollment is for Independent School District 885. The School District also includes students from the City of St. Michael.
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City of Albertville, Minnesota
Principal Employers
Current Year and Ten Years Ago
2023
Percentage
of Total City
EmployerEmployment
EmployeesRank
ISD No. 885, St. Michael-Albertville 9491 18.98 %
Outlets at Albertville 5002 10.00
Coborn's 1983 3.96
Advanced Volumetric Alliance, LLC 1564 3.00
Oldcastle Building Envelopes 1505 3.00
Fehn Gravel and Excavating, Inc. 806 1.60
Guardian Angels - Engel Haus 657 1.30
Mold-Tech, Inc. 618 1.22
Don's Bus Service50 9 1.00
Sherer Brothers Truss 4810 0.96
Fraser Steel Co. - -
D J's Total Home Care Center- -
Total 5,000* 45.02%
Source: Northland Securities
*This is an estimation provided by the City.
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2014
Percentage
of Total City
Employment
EmployeesRank
6992 13.98 %
2,0001 40.00
1404 2.80
- -
1423 2.84
55 7 1.10
439 -
- -
59 6 1.18
4010 0.80
805 1.60
488 0.96
5,000* 65.26%
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City of Albertville, Minnesota
Full-time Equivalent City Government Employees by Function
Last Ten Fiscal Years
Function
2014201520162017201820192020202120222023
General Government 6.3 6.3 6.3 6.3 6.7 6.7 6.7 6.7 6.7 7.7
Public Safety
Fire
Full Time Fire Chief - - 1 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Civilians (1) 30.0 29.0 31.0 29.0 32.0 32.0 30.0 30.0 28.0 28.0
Public Works
Engineering 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Maintenance 1.5 1.5 2.0 2.0 2.0 2.0 2.5 2.5 2.5 2.5
Culture and Recreation
Parks 1.5 1.5 2.0 2.0 2.0 2.0 2.5 2.5 2.5 2.5
Water 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5
Sewer 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5 1.5
Total 42.5 41.6 45.6 43.6 47.0 47.0 46.0 46.0 44.0 45.0
Source: City of Albertville
(1)The fire department is made up entirely of volunteer civilians. They are used on an on-call basis only.
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City of Albertville, Minnesota
Operating Indicators By Function
Last Ten Fiscal Years
Function
2014201520162017201820192020202120222023
Fire
Fire Calls
229 254 256 276 366 418 414 569 549555
Inspections
212 211 10 6195 40 20 20 8060
Building/Engineering
Permits Issued
412 453 542 477 468 494 696 837 863642
Public Works
Street Sweeping (Hours)
74 80123 115 67 98100 100 125128
Snowplowing (Hours)
791 723 387 210 364 610 412 260 608678
Equipment Repair (Hours)
750 600 692 663 829 925 900 803 1,100634
Water
New Connections
21 22 24 20 24 25 35 65 5477
Water Mains Breaks
2 6 3 3 3 2 2 2 33
Sewer
Average Daily Treatment Flow (Thousands of Gallons)
475,000 510,000 474,000 502,000 484,000 511,000 521,000 521,000 517,000520,000
Sources: City of Albertville
Note: Indicators are not available for the general government function.
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City of Albertville, Minnesota Ubcmf!29
Capital Asset Statistics by Function
Last Ten Fiscal Years
Function
2014201520162017201820192020202120222023
Public Safety
Fire stations
Stations1 1 1 1 1 1 1 1 1 1
Public Works
Highways and streets
Streets (miles) 36 36 38 38 38 39 39 39 39 39
Street lights 417 417 417 417 417 417 430 430 432 432
Traffic signals6 7 7 7 7 7 7 7 7 8
Culture and Recreation
Parks division
Parks 11 11 11 11 11 11 12 12 12 12
Parks acreage 125 125 125 125 125 125 131 131 131 131
Arena/Civic Center1 1 1 1 1 1 1 1 1 1
Baseball diamonds4 4 4 4 4 4 4 4 4 4
Basketball courts5 5 5 5 5 5 5 5 5 5
Bike trails (miles)5 5 5 5 5 5 5 5 5 5
Hockey rinks/outdoor2 2 2 2 2 2 2 2 2 2
Softball diamonds2 2 2 2 2 2 2 2 2 2
Tennis courts5 5 5 5 5 5 5 5 5 5
Skate Park1 1
Volleyball courts1 1 1 1 1 1 1 1 - -
Utilities
Water
Miles of water main 52 52 52 52 52 52 55 55 55 55
Consumers
Maximum daily capacity (gallons)
Sewer
Miles of sanitary sewer 37 37 37 37 37 37 39 39 39 39
Lift stations 10 10 10 10 10 10 10 10 10 10
Maximum daily treatment capacity (gallons) 929,000 929,000 929,000 929,000 929,000 929,000 929,000 929,000 929,000 929,000
Storm sewer
Miles of storm sewer 35 35 35 35 35 35 36 36 36 36
Source: City of Albertville
Note: No capital asset indicators are available for the general government function.
163