2025 Annual Comprehensive Financial ReportAnnual Comprehensive
Financial Report
For the Year Ended December 31, 2025
City of Albertville, Minnesota
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CITY OF ALBERTVILLE, MINNESOTA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
DECEMBER 31, 2025
ADAM NAFSTAD - CITY ADMINISTRATOR
TINA LANNES - FINANCE DIRECTOR
PREPARED BY
DEPARTMENT OF FINANCE
Member of the Government Finance Officers’ 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, 2025
Page No.
Introductory Section
Letter of Transmittal from City Administrator and Finance Director 11
Certificate of Achievement of Excellence in Financial Reporting 15
Organizational Chart 16
Elected and Appointed Officials 17
Financial Section
Independent Auditor’s Report 21
Management’s Discussion and Analysis 25
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
Balances to the Statement of Activities 46
Proprietary Funds
Statement of Net Position 47
Statement of Revenues, Expenses and Changes in Net Position 48
Statement of Cash Flows 49
Fiduciary Funds
Statement of Fiduciary Net Position 50
Statement of Changes in Fiduciary Net Position 51
Notes to the Financial Statements 53
Required Supplementary Information
Schedule of Employer’s Share of Public Employees Retirement Association Net Pension Liability -
General Employees Retirement Fund 88
Schedule of Employer’s Public Employees Retirement Association Contributions -
General Employees Retirement Fund 88
Notes to the Required Supplementary Information - General Employees Retirement Fund 89
Schedule of Employer’s Share of Public Employees Retirement Association Net Pension Liability -
Public Employees Police and Fire Fund 91
Schedule of Employer’s Public Employees Retirement Association Contributions -
Public Employees Police and Fire Fund 91
Notes to the Required Supplementary Information - Public Employees Police and Fire Fund 92
Schedule of Changes in the Fire Relief Association’s Net Pension Liability (Asset) and Related Ratios 94
Schedule of Employer’s Fire Relief Association Contributions 95
Budgetary Comparison Schedule – General fund 96
Notes to the Required Supplemental Information – Budgetary Reporting 97
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City of Albertville, Minnesota
Annual Comprehensive Financial Report
Table of Contents (Continued)
For the Year Ended December 31, 2025
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 115
Statement of Cash Flows 117
General Fund
Schedule of Revenues, Expenditures and Changes in Fund Balances 118
Debt Service Funds
Combining Balance Sheet 122
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances 124
Fiduciary Funds
Combining Statement of Fiduciary Net Position 126
Combining Statement of Changes in Fiduciary Net Position 127
Table Page No.
Statistical Section (Unaudited)
Net Position by Component 1 132
Changes in Net Position 2 134
Fund Balances of Governmental Funds 3 138
Changes in Fund Balances of Governmental Funds 4 140
Tax Capacity, Market Value and Estimated Actual Value of Taxable Property 5 142
Property Tax Capacity Rates - Direct and Overlapping Governments 6 144
Principal Taxpayers 7 145
Property Tax Levies and Collections 8 146
Ratios of Outstanding Debt by Type 9 147
Ratios of General Bonded Debt Outstanding 10 148
Computation of Direct and Overlapping Debt 11 149
Legal Debt Margin Information 12 150
Pledged-Revenue Coverage 13 152
Demographic and Economic Statistics 14 153
Principal Employers 15 155
Full-time Equivalent City Government Employees by Function 16 156
Operating Indicators by Function 17 158
Capital Asset Statistics by Function 18 160
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INTRODUCTORY SECTION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
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April 13, 2026
Honorable Mayor and Members of the City Council
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, 2025.
This report consists of management’s representations concerning the finances of the City of
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.
The City of Albertville’s financial statements have been audited by the public accounting firm of 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, 2025, are free of any material
misstatements. Included within this report, Abdo. has issued an unqualified opinion on the City of
Albertville’s financial statements for the year ended December 31, 2025.
Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor’s
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 8,569.
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 member’s terms expire
in any one year.
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Albertville City Hall ● 5959 Main Avenue NE, PO Box 9 ● Albertville, MN 55301 ● (763) 497-3384
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 other general activities. The City contracts with the Wright
County Sheriff’s 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
The annual budget serves as the foundation for the City’s financial planning and control. Developing the
budget begins annually in June when the Finance Director prepares projected revenues and expenses for
the next year’s 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. The General Fund is appropriated annually based on the adopted budget.
The level of budgetary control (that is, the level at which expenditures cannot legally exceed the
appropriated amount) is established at the fund level. Expenditures for departments or divisions that
exceed appropriations are not authorized unless additional revenue sources or fund balance are identified
and available. Unused appropriated expenditures lapse at year-end.
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 Water Board (the City’s water operations, operated in conjunction with the cities of St. Michael
and Hanover).
Economic Condition and Outlook
Key factors affecting the City’s economic condition and financial outlook include:
•Based on permit activity, the local economy is strong and continues to grow. A total of 756
building permits were issued in 2025 with a total valuation of $47,601,037.
•The State of Minnesota continues its expansion of Interstate 94 through the City of Albertville.
•The Wright County Highway Department is expanding CR 37/137.
•The area school districts are highly desirable and driving new residential interest to the area.
•Housing demand remains high and property values continue to rise.
•Expansion of existing senior living facility (Engel Haus)
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Albertville City Hall ● 5959 Main Avenue NE, PO Box 9 ● Albertville, MN 55301 ● (763) 497-3384
Commercial, Industrial and Retail
The City of Albertville’s commercial activity remains steady and it is a priority of the City to stimulate new
commercial and industrial development. Currently, there are a number of commercial and industrial
projects underway, including:
•Albertville Plaza 3rd (commercial subdivision)
•Mold Tech (industrial expansion)
•Costco (located in Otsego, but driving strong growth in Albertville)
•New construction including: Toybox storage/car condos, Aldi, Mister Carwash
Major Initiatives
Maintenance and preservation of the City infrastructure and facilities is a priority for the City. In 2025, the
City completed multiple infrastructure improvements related to streets, utilities, trails and parks. Other
major initiatives include:
•The I-94 West Corridor Coalition
•Main Avenue NE reconstruction project
•Central Park improvements
•WTP Expansion
•WWTP Biosolids Dewatering Improvements
Long-term Financial Planning
The City of Albertville recognizes the importance of maintaining an appropriate level of fund balance.
Sound fiscal management of Albertville’s general fund operation budget is made more secure by
establishing City goals 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 fund balance (defined as the prior year’s known fund balance amount less the amount
designated for application to the current year budget) be allowed to be less than 35% of the next
year’s planned budget 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 50% of next year’s expenditures. If the fund balance level falls below the 35% due to
unexpected expenses, a replenishment plan will be developed.
2.Dependence. In building the next year’s budget, the percentage of total annual budget financing
that can 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.
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Albertville City Hall ● 5959 Main Avenue NE, PO Box 9 ● Albertville, MN 55301 ● (763) 497-3384
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, 2025. 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 auditors’ opinion on the City’s financial statements indicates that the auditors’
examination has disclosed no conditions which cause them to believe that the financial statements are
not fairly stated, in all material respects.
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, 2024. 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 the Certificate of Achievement’s requirements and we are again submitting it to the GFOA to
determine its 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, 2024
Executive Director/CEO
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City of Albertville Organizational Chart
City Attorney
City Planner
Contract Services
Sheriff's Department
Family Youth Collaborative
Assessor
Senior Program
Admin. Asst. Clerk II
(Building Tech)
Building - Planning and
Zoning
Volunteer Firemen
Fire ChiefUtility Employees Parks Employees
STMA Ice Arena
Voters
Committees
City Council
Fire Officers
Planning Commission
Economic Development
Authority
Consultants
Election Judges Finance Staff
City Administrator/Public
Works Director/City Engineer
Parks and Recreation
Committee STMA Arena Board
Finance DirectorCity Clerk Streets and ParksSewer Utility Dept
Public Works Committee Personnel Committee
Joint Powers Water
Board
Fire Department
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City of Albertville, Minnesota
Elected and Appointed Officials
For the Year Ended December 31, 2025
Name Title Term Expires
Jillian Hendrickson Mayor 12/31/26
Rob Olson Council Member 12/31/26
Aaron Cocking Council Member 12/31/28
Bob Zagorski Council Member 12/31/26
John Hayden Council Member 12/31/28
Name Title
Adam Nafstad City Administrator
Tina Lannes Finance Director
ELECTED
APPOINTED
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FINANCIAL SECTION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
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INDEPENDENT AUDITOR’S REPORT
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 December 31, 2025, and the related notes to the financial statements, which collectively comprise the City’s
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, 2025, and the respective changes in financial position and, where applicable,
cash flows thereof 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
the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
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’s Responsibility for the Financial Statements
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, and for 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 City’s ability to continue 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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Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
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
City’s internal control. Accordingly, 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
substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
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
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and
Analysis starting on page 21 and the Schedules of Employer’s Share of the Net Pension Liability, the Schedules of
Employer’s Contributions, the related note disclosures, the Schedule of Changes in Net Pension Liability (Asset), Related
Ratios, and the respective budgetary comparison schedules and related note disclosures, starting on page 88 be
presented to supplement the basic financial statements. Such information is the responsibility of management and,
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 comparing the information for consistency
with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during
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 an opinion on the financial statements that collectively comprise the
City’s basic financial statements. The accompanying combining and individual fund financial statements and schedules
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 our opinion, 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
introductory section and statistical section but does not include the basic financial statements and our auditor’s report
thereon. Our opinions on the basic financial statements 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 13, 2026, on our
consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely 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 effectiveness of the City’s 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 City’s internal control over financial reporting and compliance.
Abdo
Minneapolis, Minnesota
April 13, 2026
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Management’s Discussion and Analysis
As management of the City of Albertville, Minnesota, (the City), we offer readers of the City’s financial statements this
narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2025.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s
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
City’s Annual Financial Report
Management's
Discussion and
Analysis
Basic
Financial
Statements
Required
Supplementary
Information
Government-
wide Financial
Statements
Fund
Financial
Statements
Notes to the
Financial
Statements
Summary Detail
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Figure 2 summarizes the major features of the City’s financial statements, including the portion of the City government
they cover and the types of information they contain. The remainder of this overview section of management’s discussion
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
Statements
Governmental Funds Proprietary Funds
Scope Entire City government
(except fiduciary funds) and
the City’s component units
The activities of the City that
are not proprietary or
fiduciary, such as police, fire
and parks
Activities the City operates
similar to private
businesses, such as the
water and sewer system
Required financial
statements
•Statement of Net
Position
•Statement of Activities
•Balance Sheet
•Statement of Revenues,
Expenditures, and
Changes in Fund
Balances
•Statements of Net
Position
•Statements of Revenues,
Expenses and Changes
in Net Position
•Statements of Cash
Flows
Accounting basis and
measurement focus
Accrual accounting and
economic resources focus
Modified accrual accounting
and current financial
resources focus
Accrual accounting and
economic resources focus
Type of asset/liability
information
All assets and liabilities,
both financial and capital,
and short-term and long-
term
Only assets expected to be
used up and liabilities that
come due during the year or
soon thereafter; no capital
assets included
All assets and liabilities,
both financial and capital,
and short-term and long-
term
Type of deferred
outflows/inflows of
resources information
All deferred
outflows/inflows of
resources, regardless of
when cash is received or
paid
Only deferred outflows of
resources expected to be
used up and deferred
inflows of resources that
come due during the year or
soon thereafter; no capital
assets included
All deferred
outflows/inflows of
resources, regardless of
when cash is received or
paid
Type of in flow/out
flow information
All revenues and expenses
during the year, regardless
of when cash is received or
paid
Revenues for which cash is
received during or soon after
the end of the year;
expenditures when goods or
services have been received
and payment is due during
the year or soon thereafter
All revenues and expenses
during the year, regardless
of when cash is received or
paid
Government-wide Financial Statements. The Government-wide financial statements are designed to provide readers with
a broad overview of the City’s finances, in a manner similar to a private-sector business.
The statement of net position presents information on all of the City’s assets and deferred outflows of resources, and
liabilities and deferred inflows of resources, with the difference reported as net position. 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 statement of activities presents information showing how the City’s 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,
regardless of the timing of related cash flows. 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 (governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities). 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 fund 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.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as
governmental activities in the government-wide financial statements. However, unlike the government-wide financial
statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as
well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in
evaluating a government’s near-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 governmental funds with similar information presented for governmental
activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact
by the government’s 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 governmental funds and governmental activities.
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, Capital Outlay Reserve, Main Avenue Project, and Central Park Project 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 combining statements or schedules
elsewhere in this report.
The basic governmental fund financial statements start on page 42 of this report.
Proprietary Funds. The City maintains one type of proprietary fund. Enterprise funds are used to report the same functions
presented as business-type activities 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 47 of this report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the City.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are
not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for
proprietary funds.
The basic fiduciary fund financial statements are on page 50 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 53 of this report.
27
Supplementary Information. In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning the City’s progress in funding its obligation to provide
pension and other post-employment benefits to its employees. Required supplementary information can be found starting
on page 88 of 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.
Analysis of the City’s Finances
Increase Increase
2025 2024 (Decrease)2025 2024 (Decrease)
Current and Other Assets 25,857,352$ 16,761,360$ 9,095,992$ 19,324,136$ 17,749,235$ 1,574,901$
Capital Assets 26,178,115 23,504,525 2,673,590 26,950,879 26,820,444 130,435
Total Assets 52,035,467 40,265,885 11,769,582 46,275,015 44,569,679 1,705,336
Deferred Outflows of Resources 528,755 625,853 (97,098) 81,857 70,355 11,502
Long-term Liabilities Outstanding 9,882,907 2,744,064 7,138,843 15,467,534 15,110,256 357,278
Other Liabilities 680,332 411,133 269,199 390,771 405,675 (14,904)
Total Liabilities 10,563,239 3,155,197 7,408,042 15,858,305 15,515,931 342,374
Deferred Inflows of Resources 539,163 632,047 (92,884) 150,740 169,628 (18,888)
Net Position
Net investment in capital assets 20,977,236 21,559,851 (582,615) 14,509,401 13,952,765 556,636
Restricted 4,758,556 5,877,307 (1,118,751) - - -
Unrestricted 15,726,028 9,667,336 6,058,692 15,838,426 15,001,710 836,716
Total Net Position 41,461,820$ 37,104,494$ 4,357,326$ 30,347,827$ 28,954,475$ 1,393,352$
Net Position as a Percent of Total
Net investment in
capital assets 50.6 %58.1 %47.8 %48.2 %
Restricted 11.5 15.8 - -
Unrestricted 37.9 26.1 52.2 51.8
100.0 %100.0 %100.0 %100.0 %
Governmental Activities Business-type Activities
As shown in the table above, as of December 31, 2025, the City’s assets and deferred outflows of resources exceeded its
liabilities and deferred inflows of resources. The City’s total net position increased as a result of the financial
performance of the governmental activities. The following sections of the MD&A analyze the finances of the
governmental activities and business-type activities separately.
28
Governmental Activities. Governmental activities increased the City’s net position, as shown below.
City of Albertville’s Changes in Net Position
Increase Increase
2025 2024 (Decrease)2025 2024 (Decrease)
Revenues
Program Revenues
Charges for services 2,351,953$ 1,766,484$ 585,469$ 2,298,316$ 2,149,427$ 148,889$
Operating grants and contributions 2,516,176 793,051 1,723,125 11,271 102,826 (91,555)
Capital grants and contributions 28,356 78,896 (50,540) 641,006 1,096,687 (455,681)
General Revenues
Taxes
Property taxes 5,369,073 5,195,799 173,274 441,083 332,528 108,555
Tax increments 592,052 627,846 (35,794) - - -
Franchise fees 400,728 336,872 63,856 - - -
Grants and contributions
not restricted to
specific programs 271,171 259,035 12,136 128,927 129,624 (697)
Gain on sale of capital assets - 10,856 (10,856) - - -
Unrestricted investment earnings 652,299 539,135 113,164 906,045 769,495 136,550
Total Revenues 12,181,808 9,607,974 2,573,834 4,426,648 4,580,587 (153,939)
Expenses
General government 886,140 1,123,145 (237,005) - - -
Public safety 2,535,309 2,743,870 (208,561) - - -
Public works 2,061,492 2,261,304 (199,812) - - -
Culture and recreation 1,277,886 1,019,553 258,333 - - -
Economic development 717,656 467,423 250,233 - - -
Interest on long-term debt 345,999 81,151 264,848 - - -
Sewer - - - 1,855,391 1,700,097 155,294
Water - - - 698,131 501,642 196,489
Storm water - - - 310,499 334,065 (23,566)
Recycling - - - 169,275 164,830 4,445
Total Expenses 7,824,482 7,696,446 128,036 3,033,296 2,700,634 332,662
Change in Net Position 4,357,326 1,911,528 2,445,798 1,393,352 1,879,953 (486,601)
Net Position, January 1 37,104,494 35,192,966 1,911,528 28,954,475 27,074,522 1,879,953
Net Position, December 31 41,461,820$ 37,104,494$ 4,357,326$ 30,347,827$ 28,954,475$ 1,393,352$
Governmental Activities Business-type Activities
Key elements of this increase are as follows:
•Increased intergovernmental grant revenues from state and federal sources, including increased Municipal State
Aid Street funding.
•Growth in charges for services driven by building and housing permits, culture & recreation fees, and special fire
protection services.
•Stronger general revenues supported by increased property tax collections during the year.
•Improved investment earnings reflecting favorable economic conditions.
29
The following graph depicts various governmental activities and shows the revenue and expenses directly related to those
activities.
Expenses and Program Revenues - Governmental Activities
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
General
Government
Public Safety Public Works Culture and
Recreation
Economic
Development
Interest on Long-
term Debt
Expenses Program Revenues
Revenues by Source - Governmental Activities
19.3%, Charges for
Services
20.7%, Operating
Grants and
Contributions
0.2%, Capital Grants
and Contributions
52.2%, Taxes
2.2%, Grants and
Contributions
Unrestricted
5.4%, Unrestricted
Investment Earnings
Business-type Activities. Business-type activities increased the City’s net position as shown in the changes in net
position table.
Key elements of this increase are as follows:
•Growth in charges for services driven by ongoing utility operations.
•Increased property tax collections during the year.
•Improved investment earnings reflecting favorable economic conditions.
•Other grant awards related to capital and general unrestricted purposes.
30
Expenses and Program Revenues - Business-type Activities
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
Sewer Water Storm Water Recycling
Expenses Program Revenues
Revenues by Source - Business-type Activities
51.8%, Charges for
Services
0.3%, Operating
Grants and
Contributions,
14.5%, Capital
Grants and
Contributions
10.0%, Taxes
2.9%, Grants and
Contributions
Unrestricted
20.5%, Investment
Earnings
31
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental Funds: The focus of the City’s governmental funds is to provide information on near-term inflows, outflows
and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In
particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for
spending at the end of the fiscal year.
Capital Other
Outlay Main Avenue Central Park Governmental Prior Year Increase/
General Reserve Project Project Funds Total Total (Decrease)
Fund Balances
Nonspendable 148,743$ -$ -$ -$ -$ 148,743$ 191,320$ (42,577)$
Restricted - 349,995 3,409,353 793,569 3,478,277 8,031,194 4,732,741 3,298,453
Committed - - - - 176,621 176,621 167,272 9,349
Assigned - 9,256,086 - - - 9,256,086 5,986,659 3,269,427
Unassigned 3,175,458 - - - (983,629) 2,191,829 1,769,034 422,795
3,324,201$ 9,606,081$ 3,409,353$ 793,569$ 2,671,269$ 19,804,473$ 12,847,026$ 6,957,447$
The General Fund 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. As a measure of the General Fund’s liquidity, it may be useful to compare unassigned
fund balance to total fund expenditures. The total unassigned fund balance as a percentage of total fund expenditures is
shown in the chart below along with total fund balance as a percentage of total expenditures.
Current Year Prior Year Increase/
Ending Balance Ending Balance (Decrease)
General Fund Fund Balances
Nonspendable 148,743$ 191,320$ (42,577)$
Unassigned 3,175,458 2,647,909 527,549
Total Fund Balance 3,324,201$ 2,839,229$ 484,972$
General Fund expenditures 5,330,662$ 5,140,733$
Unassigned as a percent of expenditures 59.6%51.5%
Total Fund Balance as a percent of expenditures 62.4%55.2%
The fund balance of the City’s General fund increased during the current fiscal year as shown in the table above. The
change is mainly due to increased revenues such as interest earnings, building permits, licensing for business, and
licensing for non-business in excess of the budget.
Other major governmental fund analysis is shown below:
December 31,December 31,Increase
2025 2024 (Decrease)
Capital Outlay Reserve 9,606,081$ 6,336,654$ 3,269,427$
Fund balance increased as a result of the tax levy in excess of expenditures
as the city is building reserves for future capital projects
Main Avenue Project 3,409,353$ -$ 3,409,353$
Fund balance increased due to the cash received from the bond issuance of the Main Avenue Project.
The project will be continuing into 2026.
Central Park Project 793,569$ -$ 793,569$
Fund balance increased due to the cash received from the bond issuance of the Central Park Project
The project will be continuing into 2026.
32
Proprietary Funds: The City’s proprietary funds provide the same type of information found in the government-wide
financial statements, but in more detail.
Ending Ending
Net Position Net Position Increase/
2025 2024 (Decrease)
Sewer 24,216,678$ 23,045,706$ 1,170,972$
Increased net position can be attributed to capital contributions and revenues in excess of expenses
Water 3,716,632$ 3,569,790$ 146,842$
Increased net position is due to capital contributions and revenues in excess of expenses
Capital Asset and Debt Administration
Capital Assets: The City’s investment in capital assets for its governmental and business-type activities as of
December 31, 2025, is shown below in the 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 total increase in the City’s investment in capital assets for the current fiscal year for governmental and business-type
activities is due to:
•Central Park Improvements
•Main Avenue Improvements
•Wastewater Treatment Plant Construction
•Linwood Park Improvements
•Purchase of Public Works vehicles
Additional information on the City’s capital assets can be found in Note 3B starting on page 65 of this report.
City of Albertville’s Capital Assets
(Net of Depreciation)
Increase Increase
2025 2024 (Decrease)2025 2024 (Decrease)
Land 4,490,242$ 4,490,242$ -$ 351,834$ 351,834$ -$
Construction in Progress 4,897,537 1,254,646 3,642,891 10,973,483 10,591,635 381,848
Buildings 3,521,531 2,458,078 1,063,453 2,370,194 2,488,188 (117,994)
Infrastructure 9,391,670 11,312,186 (1,920,516) 12,604,223 13,066,058 (461,835)
Land Improvements 1,431,131 1,604,630 (173,499) - - -
Machinery and Equipment 781,935 871,332 (89,397) 508,457 198,121 310,336
Vehicles 1,664,069 1,513,411 150,658 142,688 124,608 18,080
Total 26,178,115$ 23,504,525$ 2,673,590$ 26,950,879$ 26,820,444$ 130,435$
Governmental Activities Business-type Activities
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 assessments, general obligation revenue bonds and revenue bonds. While
many of these bonds have their own revenue streams, they are backed by the full faith and credit of the City.
33
City of Albertville’s Outstanding Debt
Increase Increase
2025 2024 (Decrease)2025 2024 (Decrease)
General Obligation Special
Assessment Bonds 9,171,458$ 1,944,674$ 7,226,784$ -$ -$ -$
General Obligation
Revenue Bonds - - - 15,099,693 14,691,000 408,693
Total 9,171,458$ 1,944,674$ 7,226,784$ 15,099,693$ 14,691,000$ 408,693$
Governmental Activities Business-type Activities
The City’s total bonded debt increased during the current fiscal year. The increase was a result of issuance of general
obligation bonds, offset by decreases from scheduled debt service payments.
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’s applicable debt does
not exceed the limit set forth in statute.
Additional information on the City’s long-term debt can be found in Note 3D starting on page 67 of this report.
Currently Known Facts, Decisions, or Conditions
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
metropolitan areas, and strong residential markets in neighboring cities will continue to promote Albertville’s commercial
growth. The city had 2 commercial businesses added in 2025 plus 1 industrial expansion project.
Budgeted capital projects are generally targeted towards maintenance and preservation of the City’s infrastructure. The
City of Albertville budgets for future projects such as roads, equipment, other capital purchases rather than bond, loan or
certificate as those amounts individually doesn’t seem fiscal responsible to borrow for. The City follows a five year
capital project plan which is reviewed and updated annually.
Budgeted contract services are reviewed and adjusted annually. Contract services for the city are used for items where it
wouldn’t be fiscally responsible to have full-time staff and infrastructure. The largest contracted service is with the
Sherriff’s department.
State and/or Federal funds received due to the COVID 19 pandemic are expected to be used for economic development
and/or capital improvements. The City has used the funds for capital purchases such as water meters, equipment, lift
station upgrades, generators and vehicles. The $823,878 has all been used for the capital purchases and all projects are
completed.
Requests for Information
This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the
City’s finances. Questions concerning any of the information provided in this report or requests for additional financial
information should be addressed to the Finance Director, City of Albertville, 5959 Main Avenue, Albertville, Minnesota
55301.
34
GOVERNMENT-WIDE FINANCIAL STATEMENTS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
35
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BLANK INTENTIONALLY
36
City of Albertville, Minnesota
Statement of Net Position
December 31, 2025
Governmental Business-type
Activities Activities Total
Assets
Cash and temporary investments 19,405,348$ 18,931,122$ 38,336,470$
Receivables
Interest 93,373 - 93,373
Taxes 57,946 - 57,946
Accounts 173,863 246,024 419,887
Notes - due within one year 73,148 - 73,148
Notes - due in more than one year 438,890 - 438,890
Special assessments 422,566 96,505 519,071
Due from other governments 3,936,575 16,159 3,952,734
Prepaid items 97,743 34,326 132,069
Equity interest in joint venture 289,239 - 289,239
Net pension asset 327,287 - 327,287
Land held for resale 541,374 - 541,374
Capital assets
Land and construction in progress 9,387,779 11,325,317 20,713,096
Depreciable assets, net of accumulated depreciation 16,790,336 15,625,562 32,415,898
Total Assets 52,035,467 46,275,015 98,310,482
Deferred Outflows of Resources
Deferred pension resources 528,755 81,857 610,612
Liabilities
Accounts and contracts payable 365,430 34,670 400,100
Escrows payable 119,996 - 119,996
Due to other governments 32,102 123,201 155,303
Accrued interest payable 144,830 221,697 366,527
Accrued salaries payable 17,974 11,203 29,177
Noncurrent liabilities
Due within one year
Long-term liabilities 232,600 557,793 790,393
Due in more than one year
Long-term liabilities 9,082,994 14,662,380 23,745,374
Net pension liability 567,313 247,361 814,674
Total Liabilities 10,563,239 15,858,305 26,421,544
Deferred Inflows of Resources
Deferred pension resources 539,163 150,740 689,903
Net Position
Net investment in capital assets 20,977,236 14,509,401 35,486,637
Restricted for
Net pension asset 327,287 - 327,287
Public safety - charitable gambling 132,197 - 132,197
Debt service 2,156,589 - 2,156,589
Park improvements 1,417,408 - 1,417,408
Tax increment 375,080 - 375,080
Public safety aid 349,995 - 349,995
Unrestricted 15,726,028 15,838,426 31,564,454
Total Net Position 41,461,820$ 30,347,827$ 71,809,647$
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, 2025
Operating Capital Grants
Charges for Grants and and
Expenses Services Contributions Contributions
Governmental Activities
General government 886,140$ 716,193$ 116,508$ 16,341$
Public safety 2,535,309 715,085 384,751 -
Public works 2,061,492 115,820 1,984,727 15
Culture and recreation 1,277,886 804,855 21,351 12,000
Economic development 717,656 - 8,839 -
Interest on long-term debt 345,999 - --
Total Governmental Activities 7,824,482 2,351,953 2,516,176 28,356
Business-type Activities
Sewer 1,855,391 1,234,470 8,683 535,750
Water 698,131 579,156 - 105,256
Storm water 310,499 308,053 - -
Recycling 169,275 176,637 2,588 -
Total Business-type Activities 3,033,296 2,298,316 11,271 641,006
Total 10,857,778$ 4,650,269$ 2,527,447$ 669,362$
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
Total General Revenues
Change in Net Position
Net Position, January 1
Net Position, December 31
Program Revenues
Functions/Programs
The notes to the financial statements are an integral part of this statement.
38
Governmental Business-type
Activities Activities Total
(37,098)$ -$ (37,098)$
(1,435,473) - (1,435,473)
39,070 - 39,070
(439,680) - (439,680)
(708,817) - (708,817)
(345,999) - (345,999)
(2,927,997) - (2,927,997)
- (76,488) (76,488)
- (13,719) (13,719)
- (2,446) (2,446)
- 9,950 9,950
- (82,703) (82,703)
(2,927,997) (82,703) (3,010,700)
5,109,418 441,083 5,550,501
259,655 - 259,655
592,052 - 592,052
400,728 - 400,728
271,171 128,927 400,098
652,299 906,045 1,558,344
7,285,323 1,476,055 8,761,378
4,357,326 1,393,352 5,750,678
37,104,494 28,954,475 66,058,969
41,461,820$ 30,347,827$ 71,809,647$
and Changes in Net Position
Net (Expenses) Revenues
The notes to the financial statements are an integral part of this statement.
39
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BLANK INTENTIONALLY
40
FUND FINANCIAL STATEMENTS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
41
Capital Other Total
Outlay Main Avenue Central Park Governmental Governmental
General Reserve Project Project Funds Funds
Assets
Cash and temporary investments 3,080,008$ 8,229,608$ 3,496,463$ 938,802$ 3,660,467$ 19,405,348$
Receivables
Taxes 57,946 - - - - 57,946
Accounts 164,863 9,000 - - - 173,863
Special assessments 186,777 - - - 235,789 422,566
Interest 90,642 - - - 2,731 93,373
Notes - - - - 512,038 512,038
Advances to other funds - 991,929 - - - 991,929
Due from other governments - 936,575 3,000,000 - - 3,936,575
Prepaid items 97,743 - - - - 97,743
Land held for resale 51,000 490,374 - - - 541,374
Total Assets 3,728,979$ 10,657,486$ 6,496,463$ 938,802$ 4,411,025$ 26,232,755$
Liabilities
Accounts and contracts payable 27,477$ 105,610$ 87,110$ 145,233$ -$ 365,430$
Escrows payable 119,996 - - - - 119,996
Advances from other funds - - - - 991,929 991,929
Due to other governments 22,882 9,220 - - - 32,102
Accrued salaries payable 17,974 - - - - 17,974
Total Liabilities 188,329 114,830 87,110 145,233 991,929 1,527,431
Deferred Inflows of Resources
Unavailable revenue - property taxes 27,333 - - - - 27,333
Unavailable revenue - special assessments 189,116 - - - 235,789 424,905
Unavailable revenue - notes/intergovernmental - 936,575 3,000,000 - 512,038 4,448,613
Total Deferred Inflows of Resources 216,449 936,575 3,000,000 - 747,827 4,900,851
Fund Balances
Nonspendable 148,743 - - - - 148,743
Restricted - 349,995 3,409,353 793,569 3,478,277 8,031,194
Committed - - - - 176,621 176,621
Assigned - 9,256,086 - - - 9,256,086
Unassigned 3,175,458 - - - (983,629) 2,191,829
Total Fund Balances 3,324,201 9,606,081 3,409,353 793,569 2,671,269 19,804,473
Total Liabilities, Deferred Inflows
of Resources and Fund Balances 3,728,979$ 10,657,486$ 6,496,463$ 938,802$ 4,411,025$ 26,232,755$
City of Albertville, Minnesota
Balance Sheet
Governmental Funds
December 31, 2025
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, 2025
Amounts reported for the governmental activities in the statement of net position are different because
Total Fund Balances - Governmental 19,804,473$
Governmental funds do not report an asset for equity interest in the joint venture 289,239
Capital assets used in governmental activities are not financial
resources and therefore are not reported as assets in governmental funds.
Cost of capital assets 60,152,342
Less: accumulated depreciation (33,974,227)
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 (144,136)
Bond principal payable (9,171,458)
Net pension liability (567,313)
Some receivables are not available soon enough to pay for the current period's expenditures,
and therefore are deferred in the funds.
Special assessments 424,905
Taxes 27,333
Notes/intergovernmental 4,448,613
Governmental funds do not report long-term amounts related to pension.
Deferred outflows of pension resources 528,755
Deferred inflows of pension resources (539,163)
Net pension asset 327,287
Governmental funds do not report a liability for accrued interest until due and payable.(144,830)
Total Net Position - Governmental Activities 41,461,820$
The notes to the financial statements are an integral part of this statement.
43
Formerly
Major Fund Capital
Debt Outlay Main Avenue
General Service Reserve Project
Revenues
Taxes 3,113,128$ 2,344,018$ -$
Licenses and permits 463,552 - -
Intergovernmental 542,736 - -
Charges for services 1,260,962 - -
Fines and forfeitures 32,441 - -
Special assessments 67,044 15 - Investment earnings 148,654 384,243 -
Miscellaneous 187,117 177,375 -
Total Revenues 5,815,634 2,905,651 -
Expenditures
Current
General government 1,306,386 - -
Public safety 2,432,094 - -
Public works 713,381 - -
Culture and recreation 858,873 - -
Economic development 19,928 - -
Capital outlay
General government - 46,171 -
Public safety - 327,512 -
Public works - 233,077 2,070,100
Culture and recreation - 236,403 -
Economic development - 8,978 -
Debt service
Principal - - -
Interest and other - - -
Bond issuance costs - - 139,481
Total Expenditures 5,330,662 852,141 2,209,581
Excess (Deficiency) of Revenues
Over (Under) Expenditures 484,972 2,053,510 (2,209,581)
Other Financing Sources (Uses)
Transfers in - 1,229,935 -
Bond issuance - - 5,423,313
Premiums on bonds sold - - 195,621
Transfers out - (14,018) -
Total Other Financing Sources (Uses)- 1,215,917 5,618,934
Net Change in Fund Balances 484,972 3,269,427 3,409,353
Fund Balances, January 1, as previously stated 2,839,229 2,766,556 6,336,654 -
Change within financial reporting entity - (2,766,556) - -
Fund balance, January 1, as adjusted 2,839,229 - 6,336,654 -
Fund Balances, December 31 3,324,201$ -$9,606,081$ 3,409,353$
City of Albertville, Minnesota
Statement of Revenues, Expenditures and
Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2025
The notes to the financial statements are an integral part of this statement.
44
Other Total
Central Park Governmental Governmental
Project Funds Funds
-$906,095$ 6,363,241$
- - 463,552
- 1,551 544,287
- 354,109 1,615,071
- -32,441
- 42,523 109,582
- 119,402 652,299
- 202,534 567,026
- 1,626,214 10,347,499
- 1,200 1,307,586
- -2,432,094
- -713,381
13,459 - 872,332
- 688,750 708,678
- - 46,171
- - 327,512
- - 2,303,177
1,192,972 256,679 1,686,054
- - 8,978
- 593,000 593,000
- 36,895 36,895
41,571 - 181,052
1,248,002 1,576,524 11,216,910
(1,248,002) 49,690 (869,411)
- 1,128,207 2,358,142
1,940,334 166,353 7,530,000
101,237 - 296,858
- (2,344,124) (2,358,142)
2,041,571 (1,049,564) 7,826,858
793,569 (999,874) 6,957,447
- 904,587 12,847,026
- 2,766,556 -
- 3,671,143 12,847,026
793,569$ 2,671,269$ 19,804,473$
The notes to the financial statements are an integral part of this statement.
45
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, 2025
Amounts reported for governmental activities in the statement of activities are different because
Total Change in Fund Balances 6,957,447$
Governmental funds do not report income or loss in a joint venture.19,453
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 4,254,914
Depreciation expense (1,581,324)
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 593,000
Bonds issued (7,530,000)
Premium on debt issued (296,858)
Interest on long-term debt in the statement of activities differs from the amount reported in the
governmental funds 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.(128,052)
Long-term pension activity is not reported in governmental funds.
Pension expense 240,109
Pension revenue 587
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 13,781
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 (84,387)
Taxes (1,388)
Intergovernmental 1,900,044
Change in Net Position - Governmental Activities 4,357,326$
The notes to the financial statements are an integral part of this statement.
46
Sewer Water Nonmajor Total
Assets
Current Assets
Cash and temporary investments 13,408,025$ 4,177,177$ 1,345,920$ 18,931,122$
Receivables
Accounts 94,346 113,263 38,415 246,024
Delinquent special assessments - - 18 18
Special assessments, current portion 13,479 10,705 4,052 28,236
Due from other governments 16,159 - - 16,159
Prepaid items 19,522 12,953 1,851 34,326
Total Current Assets 13,551,531 4,314,098 1,390,256 19,255,885
Noncurrent Assets
Special assessments, net of current portion 57,963 10,288 - 68,251
Capital Assets
Land 205,722 - 146,112 351,834
Buildings 4,706,363 13,330 - 4,719,693
Infrastructure 16,976,383 1,401,010 1,509,297 19,886,690
Machinery and equipment 613,668 352,021 - 965,689
Vehicles 326,103 216,921 69,177 612,201
Construction in progress 10,973,483 - - 10,973,483
Less: Accumulated depreciation (8,967,453) (1,021,096) (570,162) (10,558,711)
Net Capital Assets 24,834,269 962,186 1,154,424 26,950,879
Total Noncurrent Assets 24,892,232 972,474 1,154,424 27,019,130
Total Assets 38,443,763 5,286,572 2,544,680 46,275,015
Deferred Outflows of Resources
Deferred pension resources 42,080 20,111 19,666 81,857
Liabilities
Current Liabilities
Accounts and contracts payable 6,728 9,257 18,685 34,670
Due to other governments - 113,201 10,000 123,201
Accrued interest payable 200,151 21,546 - 221,697
Accrued salaries payable 3,223 5,164 2,816 11,203
Compensated absences payable, current portion 11,894 18,732 7,167 37,793
Bonds payable, current portion 509,600 10,400 - 520,000
Total Current Liabilities 731,596 178,300 38,668 948,564
Noncurrent Liabilities
Compensated absences payable 26,552 40,494 15,641 82,687
Bonds payable 13,378,017 1,201,676 - 14,579,693
Net pension liability 58,085 128,952 60,324 247,361
Total Noncurrent Liabilities 13,462,654 1,371,122 75,965 14,909,741
Total Liabilities 14,194,250 1,549,422 114,633 15,858,305
Deferred Inflows of Resources
Deferred pension resources 74,915 40,629 35,196 150,740
Net Position
Net investment in capital assets 12,427,867 927,110 1,154,424 14,509,401
Unrestricted 11,788,811 2,789,522 1,260,093 15,838,426
Total Net Position 24,216,678$ 3,716,632$ 2,414,517$ 30,347,827$
City of Albertville, Minnesota
Statement of Net Position
Proprietary Funds
December 31, 2025
Business-type Activities - Enterprise Funds
The notes to the financial statements are an integral part of this statement.
47
Sewer Water Nonmajor Total
Operating Revenues
Charges for services 1,234,470$ 579,156$ 484,690$ 2,298,316$
Operating Expenses
Personal services 428,313 281,921 213,109 923,343
Supplies 67,325 36,068 186 103,579
Professional services 27,780 18,458 67,041 113,279
Utilities 119,681 42,506 - 162,187
Insurance 19,261 9,881 1,876 31,018
Repairs and maintenance 47,526 82,399 158 130,083
Depreciation 578,815 66,468 37,139 682,422
Other charges 101,217 113,952 160,265 375,434
Total Operating Expenses 1,389,918 651,653 479,774 2,521,345
Operating Income (Loss)(155,448) (72,497) 4,916 (223,029)
Nonoperating Revenues (Expenses)
Property taxes 441,083 - - 441,083
Interest income 677,450 160,561 68,034 906,045
Intergovernmental 128,927 - 2,588 131,515
Interest expense and other (465,473) (46,478) - (511,951)
Other income 8,683 - - 8,683
Total Nonoperating
Revenues (Expenses)790,670 114,083 70,622 975,375
Income (Loss) Before
Contributions 635,222 41,586 75,538 752,346
Contributions
Capital contributions 535,750 105,256 - 641,006
Change in Net Position 1,170,972 146,842 75,538 1,393,352
Net Position, January 1 23,045,706 3,569,790 2,338,979 28,954,475
Net Position, December 31 24,216,678$ 3,716,632$ 2,414,517$ 30,347,827$
Business-type Activities - Enterprise Funds
City of Albertville, Minnesota
Statement of Revenues, Expenses and
Changes in Net Position
Proprietary Funds
For the Year Ended December 31, 2025
The notes to the financial statements are an integral part of this statement.
48
Sewer Water Nonmajor Totals
Cash Flows from Operating Activities
Receipts from customers and users 1,247,986$ 571,207$ 466,701$ 2,285,894$
Payments to suppliers (432,960) (304,514) (203,472) (940,946)
Payments to employees (457,334) (305,516) (238,770) (1,001,620)
Net Cash Provided by (Used)
Operating Activities 357,692 (38,823) 24,459 343,328
Cash Flows from Noncapital Financing Activities
Advance to other funds - - 36,000 36,000
Intergovernmental receipts 128,927 - 2,588 131,515
Tax receipts 441,083 - -441,083
Net Cash Provided by
Noncapital Financing Activities 570,010 - 38,588 608,598
Cash Flows from Capital and
Related Financing Activities
Acquisition of capital assets (722,353) (90,504) - (812,857)
Capital contributions 524,956 122,702 - 647,658
Bond proceeds - 1,185,000 - 1,185,000
Premium on bonds issued - 17,016 - 17,016
Interest paid on bonds (496,884) (25,593) - (522,477)
Principal paid on bonds (759,600) (10,400) - (770,000)
Net Cash Provided (Used) by
Capital and Related Financing Activities (1,453,881) 1,198,221 - (255,660)
Cash Flows from Investing Activities
Interest received on investments 677,450 160,561 68,034 906,045
Net Increase (Decrease) in
Cash and Cash Equivalents 151,271 1,319,959 131,081 1,602,311
Cash and Cash Equivalents, January 1 13,256,754 2,857,218 1,214,839 17,328,811
Cash and Cash Equivalents, December 31 13,408,025$ 4,177,177$ 1,345,920$ 18,931,122$
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities
Operating income (loss)(155,448)$ (72,497)$ 4,916$ (223,029)$
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
Other income related to operations 8,683 - - 8,683
Depreciation 578,815 66,468 37,139 682,422
(Increase) decrease in assets/deferred outflows of resources
Accounts receivable 6,124 (7,949) (13,971) (15,796)
Prepaids 5,388 (2,567) 454 3,275
Due from other governments (1,291) - 2,588 1,297
Special assessments receivable - - (4,018) (4,018)
Deferred pension resources (2,881) (5,870) (2,751) (11,502)
Increase (decrease) in liabilities/deferred inflows of resources
Accounts payable (55,511) (48,841) 15,600 (88,752)
Due to other governments (47) 50,158 10,000 60,111
Accrued salaries payable 904 1,740 884 3,528
Unearned revenue - - (2,588) (2,588)
Compensated absences payable (10,062) (6,342) (15,868) (32,272)
Net pension liability (9,037) (6,193) (3,913) (19,143)
Deferred pension resources (7,945) (6,930) (4,013) (18,888)
Net Cash Provided (Used) by
Operating Activities 357,692$ (38,823)$ 24,459$ 343,328$
Schedule of Noncash Capital and
Financing Activities
Amortization of bond premiums 22,983$ 340$ -$ 23,323$
City of Albertville, Minnesota
Statement of Cash Flows
Proprietary Funds
For the Year Ended December 31, 2025
Business-type Activities - Enterprise Funds
The notes to the financial statements are an integral part of this statement.
49
Custodial
Funds
Assets
Cash and temporary investments 1,090,608$
Accounts receivable 107,224
Inventory 3,078
Prepaid items 13,383
Total Assets 1,214,293
Liabilities
Accounts payable 8,844
Net Position
Restricted for organizations and other governments 1,205,449$
City of Albertville, Minnesota
Statement of Fiduciary Net Position
Fiduciary Funds
December 31, 2025
The notes to the financial statements are an integral part of this statement.
50
Fiduciary Funds
Custodial
Funds
AdditionsContributions
Charges for services 830,744$
Donations 2,250
Concessions 91,226
Total Contributions 924,220
Investment earnings 48,309
Miscellaneous 58,436
Total Additions 1,030,965
Deductions
Professional services 401,938
Supplies 39,643
Utilities 246,653
Insurance 32,899
Repairs and maintenance 114,133
Capital outlay 33,513
Miscellaneous 26,684
Total Deductions 895,463
Net Increase (Decrease) in Fiduciary Net Position 135,502
Net Position, January 1 1,069,947
Net Position, December 31 1,205,449$
City of Albertville, Minnesota
Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2025
The notes to the financial statements are an integral part of this statement.
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52
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
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
which the nature and significance of their relationship with the City are such that exclusion would cause the City’s
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
of an organization’s governing body, and (1) the ability of the primary government to impose 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 legally separate entity created to carry out economic
development activities. The EDA is governed by five members, which consist 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 includes 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 is 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
economic resources measurement focus 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.
53
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
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, entitlements 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 City’s primary operating fund. It accounts for all financial resources of the City, except those
required to be accounted for in another fund.
The Capital Outlay Reserve Fund accounts for the accumulation of resources necessary to fund future capital
improvements and equipment purchases.
The Main Avenue Project Fund accounts for the financial resources used to plan, design, reconstruct, and improve
Main Avenue.
The Central Park Project Fund accounts for the accumulation and use of resources dedicated to the development and
improvement of Central Park facilities.
The City reports the following major proprietary funds:
The Sewer fund accounts for the activities of the City’s sewage collection utility.
The Water fund accounts for the activities of the City’s water utility.
54
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
Additionally, the City reports the following fund types:
Fiduciary Funds
Custodial funds are used to report fiduciary activities that are not required to be reported in pension (and other
employee benefit) trust funds, investment trust funds, or private-purpose trust funds. The City’s custodial fund
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 entity’s 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 accounts for the activities of the City’s Friendly City Days celebration.
As a general rule, the effect of interfund activity has been eliminated from government-wide financial statements.
Exceptions to this general rule are charges between the City’s water and sewer functions and various 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
fund’s principal ongoing operations. 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
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments
with original maturities of three months or less from the date of acquisition. The proprietary funds’ portion in the
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.
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 obligations of a state or local government with taxing powers rated “A” or better; revenue obligations
rated “AA” or better.
4. General obligations of the Minnesota Housing Finance Agency rated “A” or better.
55
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
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. Bankers’ 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
qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System
with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal
Reserve Bank of New York, or certain Minnesota securities broker-dealers.
9. Guaranteed Investment Contracts (GIC’s) 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, 2025:
• Brokered Certificates of Deposit are valued using quoted market prices (Level 2 inputs)
• Municipal Bonds are valued using a matrix pricing model (Level 2 inputs)
• Governmental Securities are valued using a matrix pricing model (Level 1 inputs)
• Mortgage Backed Securities are valued using a matrix pricing model (Level 1 inputs)
See investments disclosure in note 3 for additional information.
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 regulatory rules of the SEC. In accordance with GASB Statement No. 79, the City’s investment in
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 contacting the League of Minnesota Cities Finance Department at 145 University Avenue West. St. Paul,
Minnesota, 55103-2044 or call (651) 281-1200.
56
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
Investment Policy
The City’s investment policy incorporates Minnesota statutes as described above which reduces the City’s exposure to
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
credit risk. Minnesota statutes and the City’s investment policy limit the City’s investments to the list above.
• 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 investments or collateral
securities that are in the possession of an outside party. The City’s investments held by the broker-dealer were
insured by SIPC or other supplemental insurance as of December 31, 2025. However, each investment brokerage
firm may have a limit to their supplemental insurance and because of the size of the City’s portfolio in relation to
the brokerage firm’s excess SIPC coverage limits the portion of the supplemental policy applicable to the City’s
portfolio is unknown. The City’s investment policy does not 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
government's investment in a single issuer. In accordance with the City’s investment policy, the City diversifies its
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.
Delinquent taxes receivable include the past six years’ uncollected taxes. Delinquent taxes have been offset by a deferred
inflow of resources for taxes not received within 60 days after year end in the fund financial statements.
Accounts Receivable
Accounts receivable include amounts billed for services provided before year end. To the extent 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.
57
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
Interfund Receivables and Payables
All outstanding balances between funds are reported as “due to/from other funds” or “advances to/from other funds.” Any
residual balances outstanding between the governmental activities and business-type activities are reported in the
government-wide financial statements as “internal balances.”
Land Held for Resale
The City acquires properties for redevelopment purposes. These properties are reported at their net realizable value in the
financial statements. Any costs incurred that are above a property’s net realizable value are reported as expenditures of
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 based on whether certain criteria are met. The forgivable portion of the notes is offset by an
allowance for uncollectible accounts.
Inventories and Prepaid Items
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.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items.
The City uses the consumption method to account for all prepaid items.
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:
Category Cost
Land/Land Improvements 10,000$
Other Improvements 25,000
Infrastructure 100,000
Buildings 25,000
Building Improvements 25,000
Vehicles 5,000
Other Equipment 5,000
Intangible Assets 10,000
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 amounts.
58
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
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 spent
in relation to capital assets that do not increase the capacity or efficiency of the item or extend its useful life beyond 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
Assets in Years
Land Improvements 5 to 30
Infrastructure 15 to 50
Buildings 15 to 40
Vehicles 3 to 15
Other Equipment 3 to 20
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 one item that qualifies for reporting in this category. 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
to/deductions from PERA’s fiduciary net position have been determined on the same basis as they are reported by PERA
except that PERA’s fiscal year end is June 30. For this purpose, plan contributions are recognized as of employer payroll
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
the Albertville Firefighter’s Relief Association and additions to and deductions from the plan’s fiduciary net position have
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, PEPFF, PEDCP and the Fire Relief Association is as follows:
GERP PEPFF PEDCP FRA Total
City's proportionate share (15,377)$ 30,416$ 248$ 62,035$ 77,323$
Proportionate share of State's contribution (2,527) 2,207 - - (320)
Total pension expense (17,904)$ 32,623$ 248$ 62,035$ 77,003$
59
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
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. Compensated absences liability at year-end is shown in the chart below for governmental and business-type
activities.
Governmental Business-type
activities activities Total
Compensated absences 144,136$ 120,480$ 264,616$
Long-term Obligations
In the government-wide financial statements, 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 effective interest 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.
In the fund financial statements, governmental fund types recognize 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 receivables. 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.
60
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 1: Summary of Significant Accounting Policies (Continued)
Committed - Amounts constrained for specific purposes that are internally imposed by formal action (resolution) of
the City Council, which is the City’s highest level 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 are 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. The City’s policy is to maintain a minimum
unassigned fund balance of 35 percent of next year’s budgeted operating expenditures for cash-flow timing needs.
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 acquiring capital assets.
b. Restricted net position - Consists 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 - All other net position that does not meet the definition of “restricted” or “net investment
in capital assets”.
When both restricted and unrestricted resources are available for use, it is the City’s policy to 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’s department heads, with the approval of
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 2025.
61
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 2: Stewardship, Compliance and Accountability (Continued)
B. Deficit Fund Equity
The following funds had deficit fund balances as of December 31, 2025:
Amount
Nonmajor
TIF #12 Schultz & Schupp 420$
TIF #17 Old Castle 169,692
TIF #20 Scherer Brothers 540,196
Mold Tech 248,513
GA Engel House 14,569
TIF #21 Medart 10,239
Fund
The deficit fund balances will be eliminated with future tax increments.
C. Excess of Expenditures over Appropriations
For the year ended December 31, 2025 expenditures exceeded appropriations in the following fund:
Excess of
Expenditures
Final Over
Fund Budget Actual Appropriations
General 4,553,805$ 5,330,662$ 776,857$
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
Custodial credit risk for deposits and investments is the risk that in the event of a bank failure, the City’s deposits and
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;
62
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
• General obligation securities of any state or local government with taxing powers which is rated “A” or better by a
national bond rating service, or revenue obligation securities of any state or local government with taxing powers
which is rated “AA” or better by a national bond rating service;
• 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
written evidence that the bank’s public debt is rated “AA” or better by Moody’s Investors Service, Inc., or Standard
& Poor’s Corporation; and
• 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.
At year end, the City’s carrying amount of deposits, bank balance, FDIC coverage and pledged collateral are shown in the
chart below.
Carrying amount of deposits 1,658,854$
Bank balance 2,061,561$
Covered by FDIC (500,000)
Collateralized with securities pledged in City's name 1,561,561$
63
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
Investments
As of December 31, 2025, the City had the following investments:
Credit Segmented
Quality/Time
Ratings (1)Distribution (2)Amounts Level 1 Level 2 Level 3
Pooled Investments at Amortized Costs
4M Fund N/A Less than 1 year 4,398,782$ -$ -$ -$
Brokered Money Market Funds N/A Less than 1 year 14,827,628 - - -
Non-pooled Investments at Fair Value
Brokered Certificate of Deposit NA Less than 1 year 1,610,319 - 1,610,319 -
Brokered Certificate of Deposit NA 1 to 5 years 2,540,116 - 2,540,116 -
Municipal Bond AA-1 to 5 years 588,333 - 588,333 -
Municipal Bond AA 1 to 5 years 1,907,101 - 1,907,101 -
Municipal Bond AA+1 to 5 years 805,366 - 805,366 -
Municipal Bond AAA 1 to 5 years 932,726 - 932,726 -
Municipal Bond AA More than 5 years 454,505 - 454,505 -
Governmental Securities NA Less than 1 year 242,765 242,765 - -
Governmental Securities NA 1 to 5 years 2,290,420 2,290,420 - -
Governmental Securities NA More than 5 years 248,424 248,424 - -
Mortgage Backed Securities NA 1 to 5 years 3,258,406 3,258,406 - -
Mortgage Backed Securities NA More than 5 years 3,662,484 3,662,484 - -
Total Investments 37,767,375$ 9,702,499$ 8,838,466$ -$
Types of Investments
Fair Value Measurement Using
(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.
Cash and Investments Summary
A reconciliation of cash and temporary investments as shown on the financial statements for the City follows:
Carrying Amount of Deposits 1,658,854$
Investments 37,767,375
Cash on Hand 849
Total 39,427,078$
Cash and Investments
Statement of net position
Cash and temporary investments 38,336,470$
Statement of Fiduciary net position 1,090,608
Total 39,427,078$
64
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
B. Capital Assets
Capital asset activity for the year ended December 31, 2025 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities
Capital Assets not Being Depreciated
Land 4,490,242$ -$ -$ 4,490,242$
Construction in progress 1,254,646 3,642,891 4,897,537
Total Capital Assets not Being Depreciated 5,744,888 3,642,891 - 9,387,779
Capital Assets Being Depreciated
Buildings 6,584,444 111,363 - 6,695,807
Infrastructure 34,870,960 - - 34,870,960
Land improvements 3,523,936 69,866 - 3,593,802
Machinery and equipment 1,852,395 149,597 - 2,001,992
Vehicles 3,320,805 281,197 - 3,602,002
Total Capital Assets Being Depreciated 50,152,540 612,023 - 50,764,563
Less Accumulated Depreciation for
Buildings (3,008,870) (165,406) - (3,174,276)
Infrastructure (24,534,972) (944,318) - (25,479,290)
Land improvements (2,046,001) (116,670) - (2,162,671)
Machinery and equipment (1,070,469) (149,588) - (1,220,057)
Vehicles (1,732,591) (205,342) - (1,937,933)
Total Accumulated Depreciation (32,392,903) (1,581,324) - (33,974,227)
Total Capital Assets Being Depreciated, Net 17,759,637 (969,301) - 16,790,336
Governmental Activities Capital Assets, Net 23,504,525$ 2,673,590$ -$ 26,178,115$
65
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
Beginning Ending
Balance Increases Decreases Balance
Business-type Activities
Capital Assets not Being Depreciated
Land 351,834$ -$ -$ 351,834$
Construction in progress 10,591,635 381,848 - 10,973,483
Total Capital Assets not Being Depreciated 10,943,469 381,848 - 11,325,317
Capital Assets Being Depreciated
Buildings 4,719,693 - - 4,719,693
Infrastructure 19,886,690 - - 19,886,690
Machinery and equipment 571,255 394,434 - 965,689
Vehicles 575,626 36,575 - 612,201
Total Capital Assets Being Depreciated 25,753,264 431,009 - 26,184,273
Less Accumulated Depreciation for
Buildings (2,231,505) (117,994) - (2,349,499)
Infrastructure (6,820,632) (461,835) - (7,282,467)
Machinery and equipment (373,134) (84,098) - (457,232)
Vehicles (451,018) (18,495) - (469,513)
Total Accumulated Depreciation (9,876,289) (682,422) - (10,558,711)
Total Capital Assets Being Depreciated, Net 15,876,975 (251,413) - 15,625,562
Business-type Activities Capital Assets, Net 26,820,444$ 130,435$ -$ 26,950,879$
Depreciation expense was charged to functions/programs of the City as follows:
Governmental Activities
General government 152,608$
Public safety 197,645
Public works 1,125,065
Culture and recreation 106,006
Total Depreciation Expense - Governmental Activities 1,581,324$
Business-type Activities
Sewer 578,815$
Water 66,468
Storm water 37,139
Total Depreciation Expense - Business-type Activities 682,422$
C. Advances to/from other Funds and Transfers
The composition of interfund balances as of December 31, 2025 is as follows:
Amount
Capital Outlay Reserve Other Governmental Funds 991,929$
Payable FundReceivable Fund
The above interfund balance is to eliminate deficit cash balances and finance projects in multiple different funds.
66
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
The City made transfers during the year as shown and described below:
Capital Other
Outlay Governmental
Reserve Funds Total
Transfer Out
Capital Outlay Reserve -$ 14,018$ 14,018$
Other Governmental Funds 1,229,935 1,114,189 2,344,124
Total 1,229,935$ 1,128,207$ 2,358,142$
Fund
Transfer In
During the year ended December 31, 2025, the City made the following transfers:
•The City made a transfer in the current year to close out the TIF 16 Mold Tech fund. The Capital Outlay Reserve
fund transferred $14,018 into the fund.
•The City transferred $1,114,189 between debt service funds to reallocate cash balances to the 2025A G.O.
improvement fund. The other fund’s debt has matured.
•The City transferred ownership of interfund balances and assets held for resale, totaling $1,229,935, from the
debt service funds to the Capital Outlay Reserve fund.
D.Long-term Debt
General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities.
General obligation bonds have been issued for both governmental activities and business-type activities. These bonds are
reported in the proprietary funds if they are expected to be repaid from proprietary fund revenues.
General obligation bonds are direct obligations of the City and pledge the full faith and credit of the City.
General Obligation Special Assessment Bonds and Improvement Notes
The following bonds were issued to finance various improvement projects in the City and will be repaid with the collection
of special assessment levies.
Authorized Issue Maturity Balance at
and Issued Date Date Year End
G.O. Improvement
Note, Series 2012 4,113,700$ 1.28 %03/23/12 08/20/32 1,346,000$
G.O. Improvement
Bonds, Series 2025A 7,530,000 4.00 - 5.00 07/07/25 02/01/46 7,530,000
Total G.O. Special Assessment Bonds and Improvement Notes 8,876,000$
Rate
Interest
Description
67
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
Annual debt service requirements to maturity for general obligation special assessment bonds are as follows:
Year Ending
December 31,Principal Interest Total
2026 185,000$ 348,066$ 533,066$
2027 477,000 336,626 813,626
2028 500,000 319,238 819,238
2029 507,000 301,187 808,187
2030 535,000 282,360 817,360
2031 - 2035 2,362,000 1,105,424 3,467,424
2036 - 2040 2,415,000 627,500 3,042,500
2041 - 2045 1,605,000 198,100 1,803,100
2046 290,000 5,800 295,800
Total 8,876,000$ 3,524,301$ 12,400,301$
Governmental Activities
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, principal and interest payments, and the percentage of revenue required to cover principal and
interest payments are as follows:
Net Operating Revenues 1,234,470$ 579,156$
Principal and Interest 1,256,484 35,993
Percentage of Revenues 102 %6 %
Sewer Water
The components of the general obligation revenue bonds are as follows:
Authorized Issue Maturity Balance at
and Issued Date Date Year End
G.O. Utility Revenue
Bonds, Series 2011A 520,000$ 1.10 - 3.70 %04/21/11 02/01/26 40,000$
G.O. Sewer Revenue
Bonds, Series 2019A 5,720,000 2.00 - 3.00 09/24/19 02/01/39 4,225,000
G.O. Disposal System
Bonds, Series 2023A 9,400,000 4.00 - 5.00 06/13/23 02/01/49 9,190,000
G.O. Water Revenue
Bonds, Series 2025A 1,185,000 4.00 - 5.00 07/07/25 02/01/51 1,185,000
Total G.O. Revenue Bonds 14,640,000$
Rate
Interest
Description
68
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 3: Detailed Notes on All Funds (Continued)
Annual debt service requirements to maturity for general obligation revenue bonds are as follows:
Year Ending
December 31,Principal Interest Total
2026 520,000$ 521,650$ 1,041,650$
2027 525,000 500,803 1,025,803
2028 550,000 480,753 1,030,753
2029 565,000 461,203 1,026,203
2030 585,000 440,928 1,025,928
2031 - 2035 3,245,000 1,877,541 5,122,541
2036 - 2040 3,455,000 1,318,029 4,773,029
2041 - 2045 2,580,000 793,713 3,373,713
2046 - 2050 2,540,000 233,388 2,773,388
2051 75,000 1,591 76,591
Total 14,640,000$ 6,629,599$ 21,269,599$
Business-type Activities
Changes in Long-term Liabilities
Long-term liability activity for the year ended December 31, 2025 was as follows:
Beginning Ending Due Within
Balance Increases Decreases Balance One Year
Governmental Activities
Bonds Payable
G.O. Special
Assessment bonds 1,939,000$ 7,530,000$ (593,000)$ 8,876,000$ 185,000$
Unamortized premium 5,674 296,858 (7,074) 295,458 -
Total Bonds Payable 1,944,674 7,826,858 (600,074) 9,171,458 185,000
Compensated
Absences Payable*157,916 - (13,780) 144,136 47,600
Governmental Activity
Long-term Liabilities 2,102,590$ 7,826,858$ (613,854)$ 9,315,594$ 232,600$
Business-type Activities
Bonds Payable
G.O. Revenue bonds 14,225,000$ 1,185,000$ (770,000)$ 14,640,000$ 520,000$
Unamortized premium 466,000 17,016 (23,323) 459,693 -
Total Bonds Payable 14,691,000 1,202,016 (793,323) 15,099,693 520,000
Compensated
Absences Payable*152,752 - (32,272) 120,480 37,793
Business-type Activity
Long-term Liabilities 14,843,752$ 1,202,016$ (825,595)$ 15,220,173$ 557,793$
*Change in compensated absences is shown as net.
69
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
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, 2025, portions of the City’s fund balance are not available for appropriation due to not being in
spendable 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:
Purpose Amount
Nonspendable
General Land held for resale 51,000$
General Prepaid items 97,743
Total Nonspendable 148,743
Restricted
Debt Service Debt service 1,553,592
Capital Outlay Reserve Public safety 349,995
Main Avenue Project Capital projects 3,409,353
Central Park Project Capital projects 793,569
Other governmental funds Public safety - charitable gambling 132,197
Other governmental funds Park improvements 1,417,408
Other governmental funds Tax increment financing 375,080
Total Restricted 8,031,194
Committed
Other governmental funds Revolving loan 174,671
Other governmental funds Election resources 1,950
Total Committed 176,621
Assigned
Capital Outlay Reserve Future capital projects 9,256,086
Unassigned
General 3,175,458
Other governmental funds (983,629)
Total Unassigned 2,191,829
Total 19,804,473$
Fund
70
Note 4: Defined Benefit Pension Plans - Statewide
A. Plan Description
General Employees Retirement Plan (General Plan)
Public Employees Police and Fire Plan (Police and Fire Plan)
B. Benefits Provided
General Employee Plan Benefits
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
The City participates in the following cost-sharing multiple-employer defined benefit pension plans administered by the
Public Employees Retirement Association of Minnesota (PERA). These plan provisions are established and administered
according to Minnesota Statutes chapters 353, 353D, 353E, 353G, and 356. Minnesota Statutes chapter 356 defines
each plan’s financial reporting requirements. PERA’s defined benefit pension plans are tax qualified plans under Section
401(a) of the Internal Revenue Code.
Membership in the General Plan includes employees of counties, cities, townships, schools in non-certified
positions,and other governmental entities whose revenues are derived from taxation, fees, or assessments. Plan
membership is required for any employee who is expected to earn more than $425 in a month, unless the employee
meets exclusion criteria.
Membership in the Police and Fire Plan includes full-time, licensed police officers and firefighters who meet the
membership criteria defined in Minnesota Statutes section 353.64 and who are not earning service credit in any other
PERA retirement plan or a local relief association for the same service. Employers can provide Police and Fire Plan
coverage for part-time positions and certain other public safety positions by submitting a resolution adopted by the
entity’s governing body. The resolution must state that the position meets plan requirements.
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. When a
member is “vested,” they have earned enough service credit to receive a lifetime monthly benefit after leaving public
service and reaching an eligible retirement age. Members who retire at or over their Social Security full retirement age
with at least one year of service qualify for a retirement benefit.
General Employees Plan requires three years of service to vest. Benefits are based on a member’s highest average
salary for any five successive years of allowable service, age, and years of credit at termination of service. Two
methods are used to compute benefits for General Plan members. Members hired prior to July 1, 1989, receive the
higher of the Step or Level formulas. Only the Level formula is used for members hired after June 30, 1989. Under the
Step formula, General Plan members receive 1.2% of the highest average salary for each of the first 10 years of
service and 1.7% for each additional year. Under the Level formula, General Plan members receive 1.7% of highest
average salary for all years of service. For members hired prior to July 1, 1989 a full retirement benefit is available
when age plus years of service equal 90 and normal retirement age is 65. Members can receive a reduced
retirement benefit as early as age 55 if they have three or more years of service. Early retirement benefits are
reduced by .25% for each month under age 65. Members with 30 or more years of service can retire at any age with a
reduction of .25% for each month the member is younger than age 62. The Level formula allows General Plan
members to receive a full retirement benefit at age 65 if they were first hired before July 1, 1989 or at age 66 if they
were hired on or after July 1, 1989. Early retirement begins at age 55 with an actuarial reduction applied to the benefit.
71
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Police and Fire Plan Benefits
C. Contributions
General Employees Fund Contributions
Police and Fire Fund Contributions
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
Benefit increases are provided to benefit recipients each January. The postretirement increase is equal to 50% of the
cost-of-living adjustment (COLA) announced by the SSA, with a minimum increase of at least 1% and a maximum of
1.5%. The 2025 annual increase was 1.25%. 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 prorated increase.
Benefits for Police and Fire Plan members hired before July 1, 2010, are vested after three years of service. Members
hired on or after July 1, 2010, are 50% vested after five years of service and 100% vested after ten years. After five
years, vesting increase by 10% each full year of service until members are 100% vested after ten years. Police and
Fire Plan members receive 3% of highest average salary for all years of service. Police and Fire Plan members receive
a full retirement benefit when they are age 55 and vested, or when their age plus their years of service equals 90 or
greater if they were first hired before July 1, 1989. Early retirement starts at age 50, and early retirement benefits are
reduced by 0.417% each month members are younger than age 55.
Benefit increases are provided to benefit recipients each January. The postretirement increase is fixed at 1%.
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 prorated
increase.
Minnesota Statutes chapters 353, 353E, 353G, and 356 set the rates for employer and employee contributions.
Contribution rates can only be modified by the state Legislature.
General Plan members were required to contribute 6.50% of their annual covered salary in fiscal year 2025 and the City
was required to contribute 7.50% for General Plan members. The City’s contributions to the General Employees Fund for
the year ended December 31, 2025, were $148,265. The City's contributions were equal to the required contributions as
set by state statute.
Police and Fire Plan members were required to contribute 11.80% of their annual covered salary in fiscal year 2025 and
the City was required to contribute 17.70% for Police and Fire Plan members. The City’s contributions to the Police and
Fire Fund for the year ended December 31, 2025, were $30,823. The City’s contributions were equal to the required
contributions as set by state statute.
72
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
D. Pension Costs
General Employees Fund Pension Costs
City’s proportionate share of the net pension liability 683,074$
State of Minnesota's proportionate share of the net pension
liability associated with the City 16,478
Total 699,552$
Deferred Deferred
Outflows Inflows
of Resources of Resources
Differences between expected and actual economic experience 65,082$ -$
Changes in actuarial assumptions 16,458 157,173
Net difference between projected and actual investment earnings - 271,802
Changes in proportion 67,927 -
Employer contributions subsequent to the measurement date 82,305 -
Total 231,772$ 428,975$
At December 31, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
For the year ended December 31, 2025, the City recognized pension expense of negative $15,377 for its proportionate
share of the General Employees Plan’s pension expense. In addition, the City recognized an additional negative $2,527
as pension expense (and grant revenue) for its proportionate share of the State of Minnesota’s contribution of $16
million to the General Employees Fund.
At December 31, 2025, the City reported a liability of $683,074 for its proportionate share of the General Employees
Fund’s net pension liability. The City’s net pension liability reflected a reduction due to the State of Minnesota’s
contribution of $16 million. The State of Minnesota is considered a non-employer contributing entity and the state’s
contribution meets the definition of a special funding situation. The State of Minnesota’s proportionate share of the net
pension liability associated with the City totaled $16,478.
The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net
pension liability was determined by an actuarial valuation as of that date. The City’s proportion of the net pension liability
was based on the City’s contributions received by PERA during the measurement period for employer payroll paid dates
from July 1, 2024 through June 30, 2025, relative to the total employer contributions received from all of PERA’s
participating employers. The City’s proportionate share was 0.0206% at the end of the measurement period and 0.0204%
for the beginning of the period.
73
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
2026 (37,807)$
2027 (102,263)
2028 (90,883)
2029 (48,555)
Police and Fire Fund Pension Costs
City’s proportionate share of the net pension liability 131,600$
State of Minnesota's proportionate share of the net pension
liability associated with the City 4,562
Total 136,162$
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 because this contribution was not considered to meet
the definition of a special funding situation. The City recognized $1,011 for the year ended December 31, 2025 as
revenue and an offsetting reduction of net pension liability for its proportionate share of the State of Minnesota’s on-
behalf contributions to the Police and Fire Fund.
The $82,305 reported as deferred outflows of resources related to pensions resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended
December 31, 2026. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions
will be recognized in pension expense as follows:
The State of Minnesota contributed $18 million to the Police and Fire Fund in the plan fiscal year ended June 30, 2025.
The contribution consisted of $9 million in direct state aid that meets 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 aid was paid on October 1, 2024. The direct state aid payment will increase by $17.7 million which was paid on
October 1, 2025. Thereafter, by October 1 of each year, the state will pay $26.7 million to the Police and Fire Fund until
the fund is 110% funded for a minimum of three consecutive years (on an actuarial value of assets basis). The $9 million
in supplemental state aid will continue until the fund and the State Patrol Plan (administered by the Minnesota State
Retirement System) are 100% funded for three consecutive years (on an actuarial value of assets basis). The State of
Minnesota’s proportionate share of the net pension liability associated with the City totaled $4,562.
For the year ended December 31, 2025, the City recognized pension expense of $30,416 for its proportionate share of the
Police and Fire Plan’s pension expense. The City recognized $2,207 as grant revenue and pension expense for its
proportionate share of the State of Minnesota’s contribution of $9 million to the Police and Fire special funding situation.
At December 31, 2025, the City reported a liability of $131,600 for its proportionate share of the Police and Fire Fund’s
net pension liability. The net pension liability was measured as of June 30, 2025, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of that date. The City's proportionate share
of the net pension liability was based on the City’s contributions received by PERA during the measurement period for
employer payroll paid dates from July 1, 2024 through June 30, 2025, relative to the total employer contributions
received from all of PERA’s participating employers. The City’s proportionate share was 0.0112% at the end of the
measurement period and 0.0116% for the beginning of the period.
74
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
Deferred Deferred
Outflows Inflows
of Resources of Resources
Differences between expected and actual economic experience 60,804$ -$
Changes in actuarial assumptions 99,795 164,890
Net difference between projected and actual earnings on investments - 58,735
Changes in proportion 13,336 5,763
Employer contributions subsequent to the measurement date 16,691 -
Total 190,626$ 229,388$
2026 34,356$
2027 (26,557)
2028 (62,617)
2029 (2,928)
2030 2,293
E. Long-term Expected Return on Investment
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 %
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
Target Expected Return
Asset Class Allocation on Investment
At December 31, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to
pensions from the following sources:
The $16,691 reported as deferred outflows of resources related to pensions resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended
December 31, 2026. Other amounts reported as deferred outflows and inflows of resources related to pensions will be
recognized in pension expense as follows:
75
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
F. Actuarial Assumptions
The following changes in actuarial assumptions and plan provisions occurred in 2025:
General Employees Fund
Changes in Actuarial Assumptions:
Changes in Plan Provisions:
- The post-retirement benefit increase formula changed to 100% of the Social Security annual increase, between 1%
and 1.75%, beginning January 1, 2026. If the funded ratio (on a market value of assets basis) is less than 85% for
the last two consecutive annual valuations or is less than 80% in the most recent actuarial valuation, the
maximum is reduced to 1.5%. Previously, the benefit increase was 50% of the Social Security annual increase,
between 1% and 1.5%.
- The 1% additional employer contribution is eliminated when the plan reaches 98% funded status (on an actuarial
value of assets basis); this contribution was previously scheduled to stop when the plan reached 100% funded
status.
- The combined service annuity loading factors increased from 15% to 19% for vested, terminated members and
from 3% to 44% for non-vested, terminated members.
- The assumed post-retirement benefit increase changed from 1.25% to 1.5%.
The total pension liability for each of the cost-sharing defined benefit plans was determined by an actuarial valuation as
of June 30, 2025, using the entry age normal actuarial cost method. The long-term rate of return on pension plan
investments used to determine the total liability is 7%. The 7% assumption is based on a review of inflation and
investment return assumptions from a number of national investment consulting firms. The review provided a range
of investment return rates considered reasonable by the actuary. An investment return of 7% is within that range.
Actuarial assumptions for the General Employees Plan are reviewed every four years. The General Employees Plan was
last reviewed in 2022. The assumption changes were adopted by the board and became effective with the
July 1, 2023 actuarial valuation. The Police & Fire Plan was reviewed in 2024. The assumption
changes were adopted by the board and became effective with the July 1, 2025 actuarial valuation.
- Inflation is assumed to be 2.25% for the General Employees Plan, and Police & Fire Plan.
- Benefit increases after retirement are assumed to be 1.50% for the General Employees Plan and 1%
for the Police & Fire Plan
Salary growth assumptions in the General Employees Plan range in annual increments from 11.5% after one year of
service to 3% after 27 years of service. In the Police & Fire Plan, salary growth assumptions range in annual increments
from 10.75% after one year of service to 3% after 23 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 & Fire Plan are based on the Pub-2010 Public Safety Employee Mortality tables. The tables are
adjusted slightly to fit PERA’s experience.
76
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
Police and Fire Fund
Changes in Actuarial Assumptions:
Changes in Plan Provisions:
G. Discount Rate
- The period of time needed for benefit recipients to receive their first benefit increase was reduced by one year
(from 36 months to 24 months for a full increase).
- The January 1, 2026 benefit increase changed from 1% to 3%; subsequent January 1 increases will be 1%.
- The threshold to end the $9 million annual state aid contribution changed from the earlier of July 1, 2048 or 90%
funded for both PERA Police & Fire and MSRS State Patrol for three consecutive years to 100% funded for both
PERA Police & Fire and MSRS State Patrol for three consecutive years (on an actuarial value of assets basis).
- The threshold to end the additional $9 million annual state aid contribution changed from the earlier of July 1, 2024
or 100% funded for a minimum of three consecutive years to 110% funded for a minimum of three consecutive
years (on an actuarial value of assets basis).
- An additional $17.7 million in direct state aid will be paid annually each October 1 beginning October 1, 2025
through June 30, 2048.
- Joint and survivor actuarial equivalent factors were updated to reflect changes in assumptions.
The discount rate used to measure the total pension liability in 2025 was 7.00%. 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 Plans were projected to be available to make all projected future benefit payments of current plan members. 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.
- Assumed rates of salary increases were reduced slightly.
- Assumed rates of retirement were adjusted, resulting in an overall increase in unreduced (full) retirements and an
overall increase in reduced (early) retirements.
- Assumed rates of withdrawal were modified; the new rates will increase predicted terminations, especially in the
first few years of employment.
- Assumed rates of disabled retirement were significantly increased, especially for ages over age 30.
- Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit observed experience.
- Percent married assumption for female retirees lowered from 70% to 65%.
- Minor changes were made to form of payment assumptions for retirees.
- Minor changes were made to assumptions made with respect to missing participant data.
- The combined service annuity load changed from 33% to 13% for vested, terminated members and from 2% to 38%
for non-vested, terminated members.
77
Note 4: Defined Benefit Pension Plans - Statewide (Continued)
Notes to the Financial Statements
December 31, 2025
City of Albertville, Minnesota
H. Pension Liability Sensitivity
1 Percent 1 Percent
Decrease (6.00%)Current (7.00%)Increase (8.00%)
General Employees Fund 1,659,079$ 683,074$ (108,686)$
Police and Fire Fund 344,821 131,600 (43,487)
I. Pension Plan Fiduciary Net Position
Detailed information about each pension plan’s fiduciary net position is available in a separately issued PERA
financial report that includes financial statements and required supplementary information. That report may be obtained
on the Internet at www.mnpera.org.
The following presents the City’s proportionate share of the net pension liability for all plans it participates in, calculated
using the discount rate disclosed in the preceding paragraph, as well as what the City’s proportionate share of the net
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:
78
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 5: Public Employees Defined Contribution Plan (Defined Contribution Plan)
Elected Officials are covered by the Defined Contribution Plan, a multiple-employer deferred compensation plan
administered by PERA. The Defined Contribution Plan is a tax qualified plan under Section 401(a) of the Internal Revenue
Code and all contributions by or on behalf of employees are tax deferred until time of withdrawal.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative expenses.
Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and employer contribution rates
for those qualified personnel who elect to participate. An eligible elected official who decides to participate contributes
five percent of salary which is matched by the elected official's employer. Employer contributions for volunteer personnel
may be a unit value for each call or period of alert duty. Employees who are paid for their services may elect to make
member contributions in an amount not to exceed the employer share. Employer and employee contributions are
combined and used to purchase shares in one or more of the seven accounts of the Minnesota Supplemental Investment
Fund. For administering the plan, PERA receives 2.0 percent of employer contributions and twenty-five hundredths of 1.0
percent (0.25 percent) of the assets in each member's account annually.
Total contributions made by the City during the fiscal year 2025 was $248.
Note 6: Defined Benefit Pension Plans - Fire Relief Association
A.Plan Description
The Albertville Fire Department (the Department) participates in the Statewide Volunteer Firefighter Retirement Plan
(Volunteer Firefighter Plan accounted for in the Volunteer Firefighter Fund), an agent multiple-employer lumpsum [or
monthly] defined benefit pension plan administered by the Public Employees Retirement Association of Minnesota
(PERA). The Volunteer Firefighter Plan covers volunteer firefighters of municipal fire departments or independent
nonprofit firefighting corporations that have elected to join the plan. As of December 31, 2024, the plan covered 27 active
firefighters and 2 deferred members.
B.Benefits Provided
The Volunteer Firefighter Plan provides retirement, death, and supplemental benefits to covered firefighters and survivors.
Benefits are paid based on the number of years of service multiplied by a benefit level approved by the City. Members are
eligible for a lump-sum retirement benefit at 50 years of age with either five or ten years of service, depending on the
vesting schedule selected. Plan provisions include a pro-rated vesting schedule that increases from one of the following:
(1) 5 years at 40 percent through 20 years at 100 percent, (2) 5 years at 40 percent through 10 years at 100 percent, (3) 10
years at 40 percent through 20 years at 100 percent.
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 $162,670 in fire state aid to the plan
on behalf of the Albertville Fire Department for the year ended December 31, 2025, which was recorded as a revenue
within the City’s financial statements. Required employer contributions are calculated annually based on statutory
provisions. The City made no voluntary contributions to the plan in 2025.
79
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 6: Defined Benefit Pension Plans - Fire Relief Association (Continued)
D.Pension Costs
At December 31, 2025, the City reported a net pension liability (asset) of ($327,287) for the Volunteer Firefighter Fund.
The net pension asset was measured as of December 31, 2024. The total pension asset used to calculate the net pension
asset in accordance with GASB 68 was determined by PERA applying an actuarial formula to specific census data
certified by the Department. The following table presents the changes in net pension liability (asset) during the year.
Total Plan Net
Pension Fiduciary Pension
Liability Net Position Liability (Asset)
(a)(b)(a-b)
Beginning Balance January 1, 2025 913,545$ 1,070,084$ (156,539)$
Changes for the Year
Service cost 54,120 - 54,120
Interest cost 74,821 - 74,821
Projected investment earnings - 66,550 (66,550)
Employer Contributions - 39,324 (39,324)
Nonemployer Contributions - 162,670 (162,670)
Asset Gain or Loss - 39,425 (39,425)
Benefit payouts (109,000) (109,000) -
Administrative costs - (1,740) 1,740
Other - (6,540) 6,540
Total Net Changes 19,941 190,689 (170,748)
Ending Balance December 31, 2025 933,486$ 1,260,773$ (327,287)$
For the year ended December 31, 2025, the City recognized negative pension expense of $62,035.
At December 31, 2025, the City reported deferred inflows of resources and deferred outflows of resources, its
contributions subsequent to the measurement date, related to pension from the following sources:
Deferred Deferred
Outflows Inflows
of Resources of Resources
Net Difference Between Projected and
Actual Earnings on Plan Investments -$ 31,540$
Contributions to Plan Subsequent
to the Measurement Date 188,214 -
Total 188,214$ 31,540$
80
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 6: Defined Benefit Pension Plans - Fire Relief Association (Continued)
Deferred outflows of resources totaling $188,214 related to pensions resulting from the City’s contributions to the plan
subsequent to the measurement date will be recognized as a reduction of the net pension asset in the year ended
December 31, 2026. Other amounts reported as deferred outflows of resources related to the plan will be recognized in
pension expense as follows:
2025 (7,885)$
2026 (7,885)
2027 (7,885)
2028 (7,885)
E.Actuarial Assumptions
The total pension liability (asset) at December 31, 2025, was determined using the entry age normal actuarial cost
method and the following actuarial assumptions:
•Retirement eligibility at the later of age 50 or when fully vested
•Investment rate of return of 6.0 percent
There were no changes in actuarial assumptions in the 2024 plan year.
F.Discount Rate
The discount rate used to measure the total pension liability was 6.0 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 (asset).
G.Pension Liability Sensitivity
The following presents the City’s net pension liability (asset) for the plan, calculated using the discount rate disclosed in
the preceding paragraph, as well as what the City’s net pension liability (asset) would be if it were calculated using a
discount rate one percent lower or one percent higher than the current discount rate:
1 Percent 1 Percent
Decrease (5.0%)Current (6.0%)Increase (7.0%)
Defined Benefit Plan (285,206)$ (327,287)$ (367,708)$
H.Investment Policy
The Minnesota State Board of Investment (SBI) is established by Article XI of the Minnesota Constitution to invest all
state funds. Its membership as specified in the Constitution is comprised of the governor (who is designated as chair of
the Board), state auditor, secretary of state and state attorney general.
All investments undertaken by the SBI are governed by the prudent person rule and other standards codified in Minnesota
statutes, chapter 11a and chapter 353g.
81
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 6: Defined Benefit Pension Plans - Fire Relief Association (Continued)
Within the requirements defined by state law, the SBI, with assistance of the SBI staff and the Investment Advisory
Council, establishes investment policy for all funds under its control. These investments policies are tailored to the
particular needs of each fund and specify investment objectives, risk tolerance, asset allocation, investment management
structure and specific performance standards. Studies guide the on-going management of the funds and are updated
periodically.
To match the long-term nature of the pension obligations, the SBI maintains a strategic asset allocation for the Statewide
Volunteer Firefighter Retirement Plan (VOLP) that includes allocations to domestic equity, international equity, bonds and
cash equivalents. The long-term target asset allocation and long-term expected real rate of return is the following:
Asset Class
Domestic Stocks 33.5 %5.10 %
International Stocks 16.5 5.30
Fixed Income 25.0 0.75
Private Markets 25.0 5.90
Total 100.00 %
Long-term
Target Expected Real
Allocation Rate of Return
The six percent long-term expected rate of return on pension plan investments was determined using a building-block
method. Best estimates for expected future real rates of return (expected returns, net of inflation) were developed for
each asset class using both long-term historical returns and long-term capital market expectations from a number of
investment management and consulting organizations. The asset class estimates and the target allocations were then
combined to produce a geometric, long-term expected real rate of return for the portfolio. Inflation expectations were
applied to derive the nominal rate of return for the portfolio.
The SBI made no significant changes to their investment policy during calendar year 2024 for the Volunteer Firefighter
Fund.
I. Pension Plan Fiduciary Net Position
Detailed information about the Volunteer Firefighter Fund’s fiduciary net position as of December 31, 2024, is available in
a separately issued PERA financial report that includes financial statements and required supplementary information.
That report may be obtained at www.mnpera.org.
Note 7: 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 2024, the most recent available, are summarized below.
82
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 7: Joint Ventures (Continued)
Separate financial statements can be obtained by writing to the Joint Powers Water Board, 11100 50th Street NE,
Albertville, Minnesota 55301.
Joint Powers Water Board
Statement of Net Position
December 31, 2024
Assets and Deferred Outflows of Resources 37,952,430$
Liabilities 2,077,462$
Net Position 35,874,968
Total Liabilities and Net Position 37,952,430$
Joint Powers Water Board
Summary Statement of Activities
For the Year Ended December 31, 2024
Operating Revenues 2,918,049$
Operating Expenses 2,535,279
Operating Income 382,770
Net Nonoperating Revenues 2,352,349
Change in Net Position 2,735,119
Net Position, January 1 33,139,849
Net Position, December 31 35,874,968$
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 award 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.
The City has an ongoing one-sixth equity financial interest of $289,239 as of December 31, 2025.
Separate financial statements can be obtained by contacting Tina Lannes, Finance Director at Albertville City Hall.
83
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 7: Joint Ventures (Continued)
St. Michael - Albertville Ice Arena
Statement of Net Position
December 31, 2025
Assets 1,989,827$
Liabilities 8,844$
Net Position 1,980,983
Total Liabilities and Net Position 1,989,827$
St. Michael - Albertville Ice Arena
Summary Statement of Activities
December 31, 2025
Program Revenues 980,406$
Expenses (910,434)
Interest Revenue 42,294
Change in Net Position 112,266
Net Position, January 1 1,868,717
Net Position, December 31 1,980,983$
Note 8: 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. Settled claims have not exceeded the City’s coverage in any
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 $1,000,000. Liabilities, if any,
include an amount for claims that have been incurred but not reported (IBNRs). The City’s management is not aware of
any incurred but not reported claims.
B.Legal Debt Margin
In accordance with Minnesota statutes, the City may not incur or be subject to net debt in excess of three percent of the
market value of taxable property within the City. Net debt is payable solely from ad valorem taxes and, therefore, excludes
debt financed partially or entirely by special assessments, enterprise fund revenues or tax increments. The City’s
applicable debt does not exceed the limit.
84
City of Albertville, Minnesota
Notes to the Financial Statements
December 31, 2025
Note 8: Other Information (Continued)
C.Conduit Debt Obligations
Conduit debt obligations are certain limited-obligation revenue bonds or similar debt instruments issued for the express
purpose of providing capital financing for a specific third party. The City has issued revenue bonds to provide financial
assistance to private-sector entities for projects deemed to be in the public interest. Although these bonds bear the name
of the City, the City, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds.
Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
Authorized Balance at
and Issued Year End
Multifamily Housing Revenue Refunding Bonds, Series 2007 3,540,000$ 2,485,000$
Multifamily Housing Revenue Bonds, Series 2010 A 4,750,000 3,545,000
Total Conduit Debt 8,290,000$ 6,030,000$
Description
D.Tax Increment Financing Districts
The City’s tax increment districts are subject to review by the State of Minnesota Office 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’s net cost is split based on the pro rata share of population and market value.
85
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86
REQUIRED SUPPLEMENTARY INFORMATION
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
87
Schedule of Employer’s Share of PERA Net Pension Liability - General Employees Fund
State's
Proportionate
City's Share of
Proportionate the Net Pension
Share of Liability City's
Fiscal the Net Pension Associated with Covered
Year Liability the City Total Payroll
Ending (a)(b)(a+b)(c)
6/30/2025 0.0206 %683,074$ 16,478$ 699,552$ 1,866,822$ 36.6 %90.8 %
6/30/2024 0.0204 754,926 19,521 774,447 1,728,282 43.7 89.1
6/30/2023 0.0189 1,056,867 29,103 1,085,970 1,504,289 70.3 83.1
6/30/2022 0.0181 1,433,526 41,958 1,475,484 1,354,549 105.8 76.7
6/30/2021 0.0181 772,951 23,664 796,615 1,306,061 59.2 87.0
6/30/2020 0.0174 1,043,210 32,283 1,075,493 1,244,313 83.8 79.1
6/30/2019 0.0161 890,133 27,665 917,798 1,133,606 78.5 80.2
6/30/2018 0.0147 815,496 26,781 842,277 986,845 82.6 79.5
6/30/2017 0.0151 963,974 12,125 976,099 1,010,559 95.4 75.9
6/30/2016 0.0155 1,258,523 16,464 1,274,987 921,545 136.6 68.9
Schedule of Employer’s PERA Contributions - General Employees Fund
Contributions in
Relation to the Contributions as
Statutorily Statutorily Contribution City's a Percentage of
Required Required Deficiency Covered Covered
Year Contribution Contribution (Excess)Payroll Payroll
Ending (a)(b)(a-b)(c)(b/c)
12/31/2025 148,265$ 148,265$ -$ 1,976,866$ 7.50 %
12/31/2024 140,213 140,213 - 1,869,511 7.50
12/31/2023 122,281 122,281 - 1,630,410 7.50
12/31/2022 106,351 106,351 - 1,418,015 7.50
12/31/2021 99,408 99,408 - 1,325,438 7.50
12/31/2020 95,790 95,790 - 1,277,201 7.50
12/31/2019 90,361 90,361 - 1,204,809 7.50
12/31/2018 77,347 77,347 - 1,031,293 7.50
12/31/2017 72,910 72,910 - 972,129 7.50
12/31/2016 72,244 72,244 - 963,255 7.50
Proportion of
Percentage of
as a PercentageCovered
City's
Share of the
Net Pension
Plan FiduciaryLiability as a
Net Position
City of Albertville, Minnesota
Required Supplementary Information
For the Year Ended December 31, 2025
the Net Pension Payroll of the Total
Liability (a/c)Pension Liability
City's
Proportionate
88
Notes to the Required Supplementary Information - General Employee Retirement Fund
Changes in Actuarial Assumptions
2025 - The combined service annuity loading factors increased from 15% to 19% for vested terminated members and from 3% to 44% for non-
vested, terminated members. The assumed post-retirement benefit increase changed from 1.25% to 1.5%.
2024 - The following changes in assumptions are effective with the July 1, 2024 valuation, as recommended in the most recent experience
study (dated June 29, 2023): Rates of merit and seniority were adjusted, resulting in slightly higher rates. Assumed rates of retirement were
adjusted as follows: increase the rate of assumed unreduced retirements, slight adjustments to Rule of 90 retirement rates, and slight
adjustments to early retirement rates for Tier 1 and Tier 2 members. Minor increase in assumed withdrawals for males and females. Lower
rates of disability. Continued use of Pub-2010 general mortality table with slight rate adjustments as recommended in the most recent
experience study. Minor changes to form of payment assumptions for male and female retirees. Minor changes to assumptions made with
respect to missing participant data.
2023 - The investment return and single discount rates were changed from 6.5 percent to 7.0 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 mortality 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.
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
89
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Notes to the Required Supplementary Information - General Employee Retirement Fund (Continued)
Changes in Plan Provisions
2025 - The post-retirement benefit increase formula changed to 100% of the Social Security annual increase, between 1% and 1.75% , beginning
January 1, 2026. If the funded ratio (on a market value of assets basis) is less than 85% for the last two consecutive annual valuations or is less
than 80% in the most recent actuarial valuation, the maximum is reduced to 1.5%. Previously, the benefit increase was 50% of the Social
Security annual increase, between 1% and 1.5%.The 1% additional employer contribution is eliminated when the plan reaches 98% funded status
(on an actuarial value of assets basis); this contribution was previously scheduled to stop when the plan reached 100% funded status.
2024 - The workers’ compensation offset for disability benefits was eliminated. The actuarial equivalent factors updated to reflect the changes
in assumptions.
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 million per year. The state’s
special funding contribution was changed prospectively, requiring $16.0 million due per year 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 4.0 percent to 3.0 percent, beginning July 1, 2018.
Deferred augmentation was changed to 0.0 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 1.0 percent per year with a
provision to increase to 2.5 percent upon attainment of 90.0 percent funding ratio to 50.0 percent of the Social Security Cost of Living
Adjustment, not less than 1.0 percent and not more than 1.5 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 - The State’s contribution for the Minneapolis Employees Retirement Fund equals $16,000,000 in 2017 and 2018, and $6,000,000
thereafter. The Employer Supplemental Contribution for the Minneapolis Employees Retirement Fund changed from $21,000,000 to $31,000,000
in calendar years 2019 to 2031. The state’s contribution changed from $16,000,000 to $6,000,000 in calendar years 2019 to 2031.
2016 - There were no changes in plan provisions since the previous valuation.
90
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Schedule of Employer’s Share of PERA Net Pension Liability - Police and Fire Fund
State's
Proportionate
City's Share of
Proportionate the Net Pension
Share of Liability City's
Fiscal the Net Pension Associated with Covered
Year Liability the City Total Payroll
Ending (a)(b)(a+b)(c)
6/30/2025 0.0112 %131,600$ 4,562$ 136,162$ 170,464$ 77.2 %91.8 %
6/30/2024 0.0116 153,052 5,834 158,886 161,095 95.0 90.2
6/30/2023 0.0110 189,956 7,690 197,646 144,548 131.4 86.5
6/30/2022 0.0106 461,270 20,036 481,306 128,217 359.8 70.5
6/30/2021 0.0102 78,733 3,520 82,253 120,137 65.5 93.7
6/30/2020 0.0099 130,493 3,064 133,557 111,109 117.4 87.2
6/30/2019 0.0090 95,814 - 95,814 95,184 100.7 89.3
6/30/2018 0.0088 93,799 - 93,799 96,188 97.5 88.8
6/30/2017 0.0090 121,511 - 121,511 89,111 136.4 85.4
6/30/2016 0.0090 361,186 - 361,186 84,960 425.1 63.9
Schedule of Employer’s PERA Contributions - Police and Fire Fund
Contributions in
Relation to the Contributions as
Statutorily Statutorily Contribution City's a Percentage of
Required Required Deficiency Covered Covered
Year Contribution Contribution (Excess)Payroll Payroll
Ending (a)(b)(a-b)(c)(b/c)
12/31/2025 30,823$ 30,823$ -$ 174,144$ 17.70 %
12/31/2024 30,694 30,694 - 173,415 17.70
12/31/2023 27,424 27,424 - 154,936 17.70
12/31/2022 23,827 23,827 - 134,618 17.70
12/31/2021 21,738 21,738 - 122,814 17.70
12/31/2020 20,812 20,812 - 117,583 17.70
12/31/2019 17,055 17,055 - 100,617 16.95
12/31/2018 15,197 15,197 - 93,809 16.20
12/31/2017 14,820 14,820 - 91,482 16.20
12/31/2016 14,111 14,111 - 87,106 16.20
Proportionate
City's
of the Total
Share of the
Net Pension
Liability as a Plan Fiduciary
City's Percentage of Net Position
Liability (a/c)Pension Liability
Proportion of Covered as a Percentage
the Net Pension Payroll
91
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Notes to the Required Supplementary Information - Police and Fire Fund
Changes in Actuarial Assumptions
2025 - Assumed rates of salary increases were reduced slightly. Assumed rates of retirement were adjusted, resulting in an overall increase in
unreduced (full) retirements and an overall increase in reduced (early) retirements. Assumed rates of withdrawal were modified; the new rates
will increase predicted terminations, especially in the first few years of employment. Assumed rates of disabled retirement were significantly
increased, especially for ages over age 30. Continued used of Pub-2010 Public Safety Mortality Table with rates adjusted to better fit observed
experience. Percent married assumption for female retirees lowered from 70% to 65%. Minor changes were made to form of payment
assumptions for retirees. Minor changes were made to assumptions made with respect to missing participant data. The combined service
annuity load changed from 33% to 13% for vested, terminated members and from 2% to 38% for non-vested, terminated members.
2024 - There were no changes in actuarial assumptions since the previous valuation.
2023 - 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.
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 7.5 percent to 6.5 percent, for financial reporting purposes. The
inflation assumption was changed from 2.5 percent to 2.25 percent. The payroll growth assumption was changed from 3.25 percent to 3.0
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 60.0 percent to 70.0 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 mortality projection scale was changed from MP-2016 to MP-2017.
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 1.0 percent for all years to 1.0 percent
per year through 2064 and 2.5 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 2.5 percent for inflation.
92
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Notes to the Required Supplementary Information - Police and Fire Fund (Continued)
Changes in Plan Provisions
2025 - The period of time needed for benefit recipients to receive their first benefit increase was reduced by one year (from 36 months to 24
months for a full increase). The January 1, 2026 benefit increase changed from 1% to 3%; subsequent January 1 increases will be 1%.
The threshold to end the $9 million annual state aid contribution changed from the earlier of July 1, 2048 or 90% funded for both PERA Police &
Fire and MSRS State Patrol for three consecutive years to 100% funded for both PERA Police & Fire and MSRS State Patrol for three consecutive
years (on an actuarial value of assets basis). The threshold to end the additional $9 million annual state aid contribution changed from the
earlier of July 1, 20248 or 100% funded for a minimum of three consecutive years to 110% funded for a minimum of three consecutive years (on
an actuarial value of assets basis). An additional $17.7 million in direct state aid will be paid annually each October 1 beginning October 1, 2025
through June 30, 2048. Joint and survivor actuarial equivalent factors were updated to reflect changes in assumptions.
2024 - The State contribution of $9.0 million per year will continue until the earlier of 1) both the Police and Fire Plan and the State Patrol
Retirement Fund attain 90.0 percent funded status for three consecutive years (on an actuarial value of assets basis) or 2) July 1, 2048. The
contribution was previously due to expire after attaining a 90.0 percent funded status for one year. The additional $9.0 million contribution will
continue until the Police and Fire Plan is fully funded for a minimum of three consecutive years on an actuarial value of assets basis, or July 1,
2048, whichever is earlier. This contribution was previously due to expire upon attainment of fully funded status on an actuarial value of assets
basis for one year (or July 1, 2048 if earlier).
2023 - 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 psychological condition relating to the member’s occupation. The total and permanent duty
disability was 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 million state contribution.
New annual state aid will equal $4.5 million in fiscal years 2019 and 2020, and $9 million thereafter until the plan reaches 100 percent funding,
or July 1, 2048, if earlier. Member contributions were changed from 10.8 percent to 11.3 percent of pay, effective January 1, 2019 and 11.8
percent of pay, effective January 1, 2020. Employer contributions were changed from 16.2 percent to 16.95 percent of pay, effective January 1,
2019 and 17.7 percent of pay, effective January 1, 2020. Interest credited on member contributions decreased from 4.0 percent to 3.0 percent,
beginning July 1, 2018. Deferred augmentation was changed to 0.0 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 30.0 percent for vested and non-vested, deferred members. The CSA has been changed to 33.0 percent for
vested members and 2.0 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 65.0 percent to 60.0 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 1.0 percent for all years to 1.0 percent
per year through 2064 and 2.5 percent thereafter. The single discount rate was changed from 5.6 percent per annum to 7.5 percent per annum.
2016 - There were no changes in plan provisions since the previous valuation.
93
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Schedule of Changes in the Fire Relief Association’s Net Pension Liability (Asset) and Related Ratios
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total Pension Liability
Service cost 54,120$ 49,874$ 50,134$ 42,301$ 33,673$ 32,852$ 32,747$ 29,490$ 15,570$ 16,177$
Interest on pension liability (asset)74,821 40,601 37,634 33,394 33,067 34,839 31,217 27,065 30,956 32,273
Changes of benefit terms - 209,864 43,852 108,435 77,330 - 37,505 40,146 104,288 -
Gain or loss - - (19,589) - (3,488) - (5,308) - (40,750) -
Changes of assumptions - - (13,630) - 10,363 - (9,656) - (21,365) -
Benefit payments (109,000)(150,232)(75,000)(139,338)(46,480)(155,000) - (33,851) (41,296) (127,238)
Net Change in Total Pension Liability 19,941 150,107 23,401 44,792 104,465 (87,309) 86,505 62,850 47,403 (78,788)
Total Pension Liability - January 1 913,545 763,438 740,037 695,245 590,780 678,089 591,584 528,734 481,331 560,119
Total Pension Liability - December 31 (a)933,486$ 913,545$ 763,438$ 740,037$ 695,245$ 590,780$ 678,089$ 591,584$ 528,734$ 481,331$
Plan Fiduciary Net Position
Employer contributions 39,324$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Nonemployer contributions 162,670 134,452 111,566 95,777 88,875 79,430 67,699 65,732 69,454 65,940
Projected investment return 66,550 53,939 56,172 53,250 - 46,140 44,300 37,625 45,246 46,826
Asset Gain or Loss 39,425 44,081 (207,778)10,344 86,458 107,361 (85,101) 48,772 (15,836) (53,155)
Benefit payments (109,000) (150,232)(75,000)(139,338)(46,480)(155,000) - (33,851) (41,296) (127,238)
Administrative expenses (1,740) (1,528) (1,498) (1,810) (1,498) (2,513) (2,182) (3,204) (2,835) -
Other (6,540) - - - 6,966 - - - - -
Net Change in Plan Fiduciary Net Position 190,689 80,712 (116,538) 18,223 134,321 75,418 24,716 115,074 54,733 (67,627)
Plan Fiduciary Net Position - January 1 1,070,084 989,372 1,105,910 1,087,687 953,366 877,948 853,232 738,158 683,425 751,052
Plan Fiduciary Net Position - December 31 (b)1,260,773$ 1,070,084$ 989,372$ 1,105,910$ 1,087,687$ 953,366$ 877,948$ 853,232$ 738,158$ 683,425$
Fire Relief's Net Pension Liability (Asset) - December 31 (a-b)(327,287)$ (156,539)$ (225,934)$ (365,873)$ (392,442)$ (362,586)$ (199,859)$ (261,648)$ (209,424)$ (202,094)$
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability (b/a)135.06%117.14%129.59%149.44%156.45%161.37%129.47%144.23%139.61%141.99%
Covered-employee Payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
Fire Relief's Net Pension Liability (Asset) as a Percentage
of Covered-employee Payroll N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
.
94
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Schedule of Employer’s Fire Relief Association Contributions
Actuarial Actual Contribution
Determined Contributions Deficiency
Year Contribution Paid (Excess)
Ending (a)(b)(a-b)
12/31/25 188,214$ 188,214$ -$
12/31/24 162,670 162,670 -
12/31/23 131,452 131,452 -
12/31/22 110,566 110,566 -
12/31/21 91,777 91,777 -
12/31/20 92,750 92,750 -
12/31/19 93,326 93,326 -
12/31/18 65,732 65,732 -
12/31/17 64,732 64,732 -
12/31/16 47,401 47,401 -
95
City of Albertville, Minnesota
Budgetary Comparison Schedule
General Fund
For the Year Ended December 31, 2025
Actual Variance with
Original and Final Amounts Final Budget
Revenues
Taxes 3,073,994$ 3,113,128$ 39,134$
Licenses and permits 263,000 463,552 200,552
Intergovernmental 322,850 542,736 219,886
Charges for services 868,961 1,260,962 392,001
Fines and forfeitures -32,441 32,441
Special assessments -67,044 67,044 Investment earnings - 148,654 148,654
Miscellaneous 25,000 187,117 162,117
Total Revenues 4,553,805 5,815,634 1,261,829
Expenditures
Current
General government 1,039,704 1,306,386 (266,682)
Public safety 2,286,635 2,432,094 (145,459)
Public works 604,876 713,381 (108,505)
Culture and recreation 617,590 858,873 (241,283)
Economic development 5,000 19,928 (14,928)
Total Expenditures 4,553,805 5,330,662 (776,857)
Net Change in Fund Balances -484,972 484,972
Fund Balances, January 1 2,839,229 2,839,229 -
Fund Balances, December 31 2,839,229$ 3,324,201$ 484,972$
Budgeted Amounts
2025
The notes to the financial statements are an integral part of this statement.
96
City of Albertville, Minnesota
Required Supplementary Information (Continued)
For the Year Ended December 31, 2025
Notes to the Required Supplementary Information - Budgetary Reporting
A.Budgetary Comparison Schedule
The budgetary comparison schedule presents the comparison of the original and legally amended budget with actual
amounts on a departmental level for the General funds. The departmental level budgets are adopted on a basis consistent
with generally accepted accounting principles. The fund balance reports revenue in the period in which it becomes
measurable and available.
B.Excess of Expenditures Over Appropriations
For the year ended December 31, 2025, expenditures exceeded appropriations in the following funds:
Excess of
Expenditures
Final Over
Fund Budget Actual Appropriations
General 4,553,805$ 5,330,662$ 776,857$
These excess expenditures were funded by revenues in excess of budget.
C.Summary of Significant Budget Variances
The General fund revenues and expenditures varied significantly from final budget amounts as noted below:
Revenues
•Licenses and permits revenue exceeded final budgeted amounts due to more housing development revenue than
anticipated at the time of final budget approval.
•Intergovernmental revenue exceeded the final budgeted amounts due to the fire state aid received during the
year.
•Fines and forfeitures, special assessments and investment earnings are unbudgeted. These line items also
contributed to the positive revenue budget variance.
Expenditures
•General government expenditures were over the final budgeted amounts due to general engineering fees
associated with the city’s various projects being greater than anticipated.
•Public Safety expenditures were over final budgeted amounts due to the fire state aid pass-through payment
during the year.
D.Budgetary Compliance
There were no budgetary compliance violations for the fiscal year ending December 31, 2025.
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98
COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS AND SCHEDULES
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
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100
NONMAJOR GOVERNMENTAL FUNDS
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
101
City of Albertville, Minnesota
Nonmajor Governmental Funds
Combining Balance Sheet
December 31, 2025
Total
Special Capital Debt Nonmajor
Revenue Projects Service Funds
Assets
Cash and temporary investments 308,818$ 1,800,788$ 1,550,861$ 3,660,467$
Receivables
Special assessments - - 235,789 235,789
Interest - - 2,731 2,731
Notes - - 512,038 512,038
Total Assets 308,818$ 1,800,788$ 2,301,419$ 4,411,025$
Liabilities
Advances from other funds -$ 991,929$ -$ 991,929$
Deferred Inflows of Resources
Unavailable revenue - special assessments - 235,789 235,789
Unavailable revenue - notes - 512,038 512,038
Total Deferred Inflows of Resources - 747,827 747,827
Fund Balances
Restricted 132,197 1,792,488 1,553,592 3,478,277
Committed 176,621 - - 176,621
Unassigned - (983,629) - (983,629)
Total Fund Balances 308,818 808,859 1,553,592 2,671,269
Total Liabilities and Fund Balances 308,818$ 1,800,788$ 2,301,419$ 4,411,025$
102
City of Albertville, Minnesota
Nonmajor Governmental Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2025
Formerly
Major Fund Total
Special Capital Debt Nonmajor
Revenue Projects Service Funds
Revenues
Property taxes -$ -$ 314,043$ 314,043$
Tax increments - 592,052 - 592,052
Intergovernmental 1,551 - - 1,551
Charges for service - 354,109 - 354,109
Special assessments - 42,523 42,523 Investment earnings 8,998 68,386 42,018 119,402
Miscellaneous 129,386 - 73,148 202,534
Total Revenues 139,935 1,014,547 471,732 1,626,214
Expenditures
Current
General government 1,200 - - 1,200
Economic development - 688,750 - 688,750
Capital outlay
Culture and recreation 256,679 - - 256,679
Debt service
Principal - - 593,000 593,000
Interest - 8,781 28,114 36,895
Total Expenditures 257,879 697,531 621,114 1,576,524
Excess (Deficiency) of Revenues
Over (Under) Expenditures (117,944) 317,016 (149,382) 49,690
Other Financing Sources (Uses)
Transfers in - 14,018 1,114,189 1,128,207
Bond issuance - -166,353 166,353
Transfers out - -(2,344,124) (2,344,124)
Total Other Financing
Sources (Uses)14,018 (1,063,582) (1,049,564)
Special Item
Decrease in land held for resale - - - -
Net Change in Fund Balances (117,944) 331,034 (1,212,964) (999,874)
Fund Balances, January 1, as previously stated 426,762 477,825 - 904,587
Change within financial reporting entity - - 2,766,556 2,766,556
Fund balance, January 1, as adjusted 426,762 477,825 2,766,556 3,671,143
Fund Balances, December 31 308,818$ 808,859$ 1,553,592$ 2,671,269$
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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 regulations, Minnesota statute, City charter provisions, local ordinances, or
specific grant 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 that manage their own
absentee voting. Monies are received from the state annually based on the number of voters the city serves for
administration of absentee voting.
Charitable Gambling -This fund was created for the purposes of managing and directing funds to support public welfare
initiatives and community-based projects that align with the goals of promoting social good, health, education, and other
charitable endeavors within the city.
105
104 207 208
Economic
Development Election Charitable
Loan Fund Resources Gambling Total
Assets
Cash and temporary investments 174,671$ 1,950$ 132,197$ 308,818$
Fund Balances
Restricted - - 132,197 132,197
Committed 174,671 1,950 - 176,621
Total Fund Balances 174,671 1,950 132,197 308,818
Total Liabilities and Fund Balances 174,671$ 1,950$ 132,197$ 308,818$
City of Albertville, Minnesota
Nonmajor Special Revenue Funds
Combining Balance Sheet
December 31, 2025
106
104 207 208
Economic
Development Election Charitable
Loan Fund Resources Gambling Total
Revenues
Intergovernmental -$ 1,551$ -$ 1,551$ Investment earnings 8,998 - - 8,998
Miscellaneous - - 129,386 129,386
Total Revenues 8,998 1,551 129,386 139,935
Expenditures
Current
General government - 1,200 - 1,200
Capital outlay
Culture and recreation - - 256,679 256,679
Total Expenditures - 1,200 256,679 257,879
Net Change in Fund Balances 8,998 351 (127,293) (117,944)
Fund Balances, January 1 165,673 1,599 259,490 426,762
Fund Balances, December 31 174,671$ 1,950$ 132,197$ 308,818$
City of Albertville, Minnesota
Nonmajor Special Revenue Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2025
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 – This fund 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.
TIF #21 Medart – This fund was created to facilitate the Medart project within the city. This fund accounts for the
financial activity related to that project.
TIF #22 Mold Tech - This fund was created to facilitate the continued Mold Tech project within the City. This fund
accounts for the financial activity related to that project.
TIF #23 Guardian Angels Engel Haus - This fund was created to facilitate the Engel Haus project within the City. This fund
accounts for the financial activity related to that project.
109
201 407 412 415 416
TIF #7 TIF #12 TIF #15 TIF #16
Park Senior Schultz &Guardian Mold
Fund Housing Schupp Angels Tech
Assets
Cash and temporary investments 1,417,408$ 66,914$ -$ 115,787$ -$
Liabilities
Advances from other funds -$ -$ 420$ -$ -$
Fund Balances
Restricted 1,417,408 66,914 - 115,787 -
Unassigned - - (420) - -
Total Fund Balances 1,417,408 66,914 (420) 115,787 -
Total Liabilities and Fund Balances 1,417,408$ 66,914$ -$ 115,787$ -$
City of Albertville, Minnesota
Nonmajor Capital Projects Funds
Combining Balance Sheet
December 31, 2025
110
417 418 419 420 421 422 423
TIF #17 TIF #18 TIF #19 TIF #20 TIF #21 TIF #22 TIF #23
Old Scherer Mold Guardian Angels
Castle AVA Fehn Brothers Medart Tech Engel Haus Total
5,327$ 171,414$ 20,965$ 2,973$ -$ -$ -$ 1,800,788$
175,019$ -$ -$ 543,169$ 10,239$ 248,513$ 14,569$ 991,929$
- 171,414 20,965 - - - - 1,792,488
(169,692) - - (540,196) (10,239) (248,513) (14,569) (983,629)
(169,692) 171,414 20,965 (540,196) (10,239) (248,513) (14,569) 808,859
5,327$ 171,414$ 20,965$ 2,973$ -$ -$ -$ 1,800,788$
111
201 407 412 415 416
TIF #7 TIF #12 TIF #15 TIF #16
Park Senior Schultz &Guardian Mold
Fund Housing Schupp Angels Tech
Revenues
Tax increments -$-$-$105,131$ -$
Charges for services 354,109 - - - - Investment earnings 58,719 3,327 - 3,646 -
Total Revenues 412,828 3,327 - 108,777 -
Expenditures
Current
Economic development - 33,099 - 91,842 14,018
Debt service
Interest - - - - -
Total Expenditures - 33,099 - 91,842 14,018
Excess (Deficiency) of Revenues
Over (Under) Expenditures 412,828 (29,772) - 16,935 (14,018)
Other Financing Sources
Transfers in - - - - 14,018
Net Change in Fund Balances 412,828 (29,772) - 16,935 -
Fund Balances, January 1 1,004,580 96,686 (420) 98,852 -
Fund Balances, December 31 1,417,408$ 66,914$ (420)$ 115,787$ -$
City of Albertville, Minnesota
Nonmajor Capital Projects Funds
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2025
112
417 418 419 420 421 422 423
TIF #17 TIF #18 TIF #19 TIF #20 TIF #22 TIF #23
Old Scherer TIF #21 Mold Guardian Angels
Castle AVA Fehn Brothers Medart Tech Engel Haus Total
67,935$ 283,328$ 38,378$ 94,831$ 2,449$ -$-$592,052$
- - - - - 354,109
2,453 - - 241 - - - 68,386
70,388 283,328 38,378 95,072 2,449 - - 1,014,547
- 251,179 34,730 - 800 248,513 14,569 688,750
8,781 - - - - - - 8,781
8,781 251,179 34,730 - 800 248,513 14,569 697,531
61,607 32,149 3,648 95,072 1,649 (248,513) (14,569) 317,016
- - - - - - - 14,018
61,607 32,149 3,648 95,072 1,649 (248,513) (14,569) 331,034
(231,299) 139,265 17,317 (635,268) (11,888) - - 477,825
(169,692)$ 171,414$ 20,965$ (540,196)$ (10,239)$ (248,513)$ (14,569)$ 808,859$
113
Total
Nonmajor
Storm Water Recycling Funds
Assets
Current Assets
Cash and temporary investments 1,277,808$ 68,112$ 1,345,920$
Receivables
Accounts 24,557 13,858 38,415
Delinquent special assessments 18 - 18
Special assessments, current portion 2,831 1,221 4,052
Prepaid items 1,851 - 1,851
Total Current Assets 1,307,065 83,191 1,390,256
Capital Assets
Land 146,112 - 146,112
Infrastructure 1,509,297 - 1,509,297
Vehicles 69,177 - 69,177
Less: Accumulated depreciation (570,162) - (570,162)
Net Capital Assets 1,154,424 - 1,154,424
Total Noncurrent Assets 1,154,424 - 1,154,424
Total Assets 2,461,489 83,191 2,544,680
Deferred Outflows of Resources
Deferred pension resources 19,643 23 19,666
Liabilities
Current Liabilities
Accounts and contracts payable 5,648 13,037 18,685
Due to other governments 10,000 - 10,000
Accrued salaries payable 2,704 112 2,816
Compensated absences payable, current portion 7,167 - 7,167
Total Current Liabilities 25,519 13,149 38,668
Noncurrent Liabilities
Compensated absences payable 15,641 - 15,641
Net pension liability 59,116 1,208 60,324
Total Noncurrent Liabilities 74,757 1,208 75,965
Total Liabilities 100,276 14,357 114,633
Deferred Inflows of Resources
Deferred pension resources 35,161 35 35,196
Net Position
Investment in capital assets 1,154,424 - 1,154,424
Unrestricted 1,191,271 68,822 1,260,093
Total Net Position 2,345,695$ 68,822$ 2,414,517$
City of Albertville, Minnesota
Statement of Net Position
Nonmajor Proprietary Funds
December 31, 2025
Business-type Activities - Enterprise Funds
The notes to the financial statements are an integral part of this statement.
114
Total
Nonmajor
Storm Water Recycling Funds
Operating Revenues
Charges for services 308,053$ 176,637$ 484,690$
Operating Expenses
Personal services 202,428 10,681 213,109
Supplies 124 62 186
Professional services 62,303 4,738 67,041
Insurance 1,876 - 1,876
Repairs and maintenance 158 - 158
Depreciation 37,139 - 37,139
Other charges 6,471 153,794 160,265
Total Operating Expenses 310,499 169,275 479,774
Operating Income (Loss)(2,446) 7,362 4,916
Nonoperating Revenues (Expenses)
Interest income 64,205 3,829 68,034
Intergovernmental - 2,588 2,588
Total Nonoperating
Revenues (Expenses)64,205 6,417 70,622
Change in Net Position 61,759 13,779 75,538
Net Position, January 1 2,283,936 55,043 2,338,979
Net Position, December 31 2,345,695$ 68,822$ 2,414,517$
Business-type Activities - Enterprise Funds
City of Albertville, Minnesota
Statement of Revenues, Expenses and
Changes in Net Position
Nonmajor Proprietary Funds
For the Year Ended December 31, 2025
The notes to the financial statements are an integral part of this statement.
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116
Total
Nonmajor
Storm Water Recycling Funds
Cash Flows from Operating Activities
Receipts from customers and users 303,659$ 163,042$ 466,701$
Payments to suppliers (57,557) (145,915) (203,472)
Payments to employees (228,113) (10,657) (238,770)
Net Cash Provided by (Used)
Operating Activities 17,989 6,470 24,459
Cash Flows from Noncapital Financing Activities
Advance to other funds 36,000 - 36,000
Intergovernmental receipts - 2,588 2,588
Net Cash Provided by
Noncapital Financing Activities 36,000 2,588 38,588
Cash Flows from Investing Activities
Interest received on investments 64,205 3,829 68,034
Net Increase (Decrease) in
Cash and Cash Equivalents 118,194 12,887 131,081
Cash and Cash Equivalents, January 1 1,159,614 55,225 1,214,839
Cash and Cash Equivalents, December 31 1,277,808$ 68,112$ 1,345,920$
Reconciliation of Operating Income (Loss) to
Net Cash Provided by Operating Activities
Operating income (loss)(2,446)$ 7,362$ 4,916$
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities
Depreciation 37,139 - 37,139
(Increase) decrease in assets/deferred outflows of resources
Accounts receivable (1,581) (12,390) (13,971)
Prepaids 454 - 454
Due from other governments - 2,588 2,588
Special assessments receivable (2,813) (1,205) (4,018)
Deferred pension resources (2,751) - (2,751)
Increase (decrease) in liabilities/deferred inflows of resources
Accounts payable 2,921 12,679 15,600
Due to other governments 10,000 - 10,000
Accrued salaries payable 860 24 884
Unearned revenue - (2,588) (2,588)
Compensated absences payable (15,868) - (15,868)
Net pension liability (3,913) - (3,913)
Deferred pension resources (4,013) - (4,013)
Net Cash Provided (Used) by
Operating Activities 17,989$ 6,470$ 24,459$
City of Albertville, Minnesota
Statement of Cash Flows
Nonmajor Proprietary Funds
For the Year Ended December 31, 2025
Business-type Activities - Enterprise Funds
The notes to the financial statements are an integral part of this statement.
117
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, 2025
Actual Variance with
Original and Final Amounts Final Budget
Revenues
Taxes
General property taxes 2,721,294$ 2,712,400$ (8,894)$
Franchise fees 352,700 400,728 48,028
Total 3,073,994 3,113,128 39,134
Licenses and permits
Business 60,500 81,977 21,477
Non-business 202,500 381,575 179,075
Total licenses and permits 263,000 463,552 200,552
Intergovernmental
State
Local government aid 261,315 261,317 2
Property tax credits - 173 173
Other 61,535 281,246 219,711
Total intergovernmental 322,850 542,736 219,886
Charges for services
General government 137,463 223,127 85,664
Public safety 714,498 714,498 -
Culture and recreation 17,000 323,337 306,337
Total charges for services 868,961 1,260,962 392,001
Fines and forfeitures - 32,441 32,441
Special assessments - 67,044 67,044
Investment earnings - 148,654 148,654
Miscellaneous
Other 25,000 14,622 (10,378)
Refunds and reimbursements - 172,495 172,495
Total miscellaneous 25,000 187,117 162,117
Total Revenues 4,553,805 5,815,634 1,261,829
Budgeted Amounts
118
Actual Variance with
Final Amounts Final Budget
Expenditures
Current
General government
Legislative
Personal services 27,128$ 27,376$ (248)$
Supplies 2,500 475 2,025
Other services and charges 28,500 29,996 (1,496)
Total legislative 58,128 57,847 281
Administration
Personal services 184,349 183,950 399
Supplies 5,000 964 4,036
Other services and charges 19,600 19,753 (153)
Total administration 208,949 204,667 4,282
City clerk
Personal services 100,990 106,879 (5,889)
Supplies 12,100 9,613 2,487
Other services and charges 54,800 51,149 3,651
Total city clerk 167,890 167,641 249
Elections and voter registration
Other services and charges 27,000 2,549 24,451
Total elections and voter registration 27,000 2,549 24,451
Treasurer
Personal services 114,781 112,474 2,307
Supplies 8,600 3,384 5,216
Other services and charges 25,500 27,559 (2,059)
Total treasurer 148,881 143,417 5,464
Assessing
Other services and charges 50,000 46,281 3,719
Legal
Other services and charges 30,000 60,969 (30,969)
Budgeted Amounts
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, 2025
119
Actual Variance with
Final Amounts Final Budget
Budgeted Amounts
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, 2025
Expenditures (Continued)
Current (continued)
General government (continued)
Engineering
Other services and charges 35,000$ 210,082$ (175,082)$
Miscellaneous
Personal services 27,049 21,449 5,600
Supplies - 64 (64)
Other services and charges 286,807 391,420 (104,613)
Total miscellaneous 313,856 412,933 (99,077)
Total general government 1,039,704 1,306,386 (266,682)
Public safety
Police protection
Other services and charges 1,237,746 1,204,500 33,246
Fire protection
Personal services 533,616 723,113 (189,497)
Supplies 31,700 25,733 5,967
Other services and charges 160,085 162,129 (2,044)
Total fire protection 725,401 910,975 (185,574)
Protective inspection
Personal services 297,888 297,683 205
Supplies 3,500 1,345 2,155
Other services and charges 14,100 10,009 4,091
Total protective inspection 315,488 309,037 6,451
Animal control
Other services and charges 8,000 7,582 418
Total public safety 2,286,635 2,432,094 (145,459)
120
Actual Variance with
Final Amounts Final Budget
Budgeted Amounts
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, 2025
Expenditures (Continued)
Current (continued)
Public works
Streets
Personal services 372,386$ 325,502$ 46,884$
Supplies 37,000 51,839 (14,839)
Other services and charges 81,490 233,749 (152,259)
Total streets 490,876 611,090 (120,214)
Street lighting
Other services and charges 114,000 102,291 11,709
Total public works 604,876 713,381 (108,505)
Culture and recreation
Parks
Personal services 421,105 352,857 68,248
Supplies 36,750 34,538 2,212
Other services and charges 159,735 169,571 (9,836)
Total parks 617,590 556,966 60,624
Arena
Personal services -301,907 (301,907)
Total culture and recreation 617,590 858,873 (241,283)
Economic development
Other services and charges 5,000 19,928 (14,928)
Total Expenditures 4,553,805 5,330,662 (776,857)
Net Change in Fund Balances -484,972 484,972
Fund Balances, January 1 2,839,229 2,839,229 -
Fund Balances, December 31 2,839,229$ 3,324,201$ 484,972$
121
City of Albertville, Minnesota
Debt Service Fund
Combining Balance Sheet
December 31, 2025
357 358 359 360
CSAH 19
2003A 2011C 2012B 2012A
G.O.G.O. CIP G.O. CIP G.O. Improv.
Improvement Refunding Refunding Refunding
Assets
Cash and temporary investments -$ -$ -$ -$
Receivables
Special assessments - - - -
Interest - - - -
Notes - - - -
Total Assets -$ -$ -$ -$
Deferred Inflows of Resources
Unavailable revenue - special assessments -$ -$ -$ -$
Unavailable revenue - notes/intergovernmental - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances
Restricted
Debt service - - - -
Total Deferred Inflows
of Resources and Fund Balances -$ -$ -$ -$
122
361 362 363 468
Lachman Industrial
2012A 2012A 2025A
G.O. Improv.G.O. Improv.Debt CSAH 19
Refunding Refunding Service Interstate 94 Total
-$ -$ 1,280,542$ 270,319$ 1,550,861$
- - - 235,789 235,789
- - - 2,731 2,731
- - - 512,038 512,038
-$ -$ 1,280,542$ 1,020,877$ 2,301,419$
-$ -$ -$ 235,789$ 235,789$
- - - 512,038 512,038
- - - 747,827 747,827
- - 1,280,542 273,050 1,553,592
-$ -$ 1,280,542$ 1,020,877$ 2,301,419$
123
City of Albertville, Minnesota
Debt Service Fund
Combining Schedule of Revenues, Expenditures and
Changes in Fund Balances
For the Year Ended December 31, 2025
357 358 359 360
CSAH 19
2003A 2011C 2012B 2012A
G.O.G.O. CIP G.O. CIP G.O. Improv.
Improvement Refunding Refunding Refunding
Revenues
Property taxes -$ -$ 261,043$ -$
Special assessments - - - -
Investment earnings 2,093 1,521 6,940 1,086
Miscellaneous - - - -
Total Revenues 2,093 1,521 267,983 1,086
Expenditures
Debt service
Principal - 155,000 255,000 -
Interest and other - 2,596 5,993 -
Total Expenditures - 157,596 260,993 -
Excess (Deficiency) of Revenues
Over (Under) Expenditures 2,093 (156,075) 6,990 1,086
Other Financing Sources (Uses)
Transfers in - - - -
Bond issuance - - - -
Transfers out (853,822) (31,350) (37,157) (73,785)
Total Other Financing Sources (Uses)(853,822) (31,350) (37,157) (73,785)
Net Change in Fund Balances (851,729) (187,425) (30,167) (72,699)
Fund Balances, January 1 851,729 187,425 30,167 72,699
Fund Balances, December 31 -$ -$ -$ -$
124
361 362 363 468
Lachman Industrial
2012A 2012A 2025A
G.O. Improv.G.O. Improv.G.O.CSAH 19
Refunding Refunding Improvement Interstate 94 Total
-$ -$ -$ 53,000$ 314,043$
- - - 42,523 42,523
2,901 15,114 - 12,363 42,018
- - - 73,148 73,148
2,901 15,114 - 181,034 471,732
- - - 183,000 593,000
- - - 19,525 28,114
- - - 202,525 621,114
2,901 15,114 - (21,491) (149,382)
- - 1,114,189 - 1,114,189
- - 166,353 - 166,353
(197,025) (1,150,985) - - (2,344,124)
(197,025) (1,150,985) 1,280,542 - (1,063,582)
(194,124) (1,135,871) 1,280,542 (21,491) (1,212,964)
194,124 1,135,871 - 294,541 2,766,556
-$ -$ 1,280,542$ 273,050$ 1,553,592$
125
City of Albertville, Minnesota
Combining Statement of Fiduciary Net Position
Fiduciary Funds
December 31, 2025
Albertville Total
Friendly Albertville STMA Custodial
City Days Lions Ice Arena Funds
Assets
Cash and temporary investments 85,672$ 193,118$ 811,818$ 1,090,608$
Accounts receivable - - 107,224 107,224
Inventory - - 3,078 3,078
Prepaid items - - 13,383 13,383
Total Assets 85,672 193,118 935,503 1,214,293
Liabilities
Accounts payable - - 8,844 8,844
Net Position
Restricted for organizations and other governments 85,672$ 193,118$ 926,659$ 1,205,449$
126
Fiduciary Funds
Albertville Total
Friendly Albertville STMA Custodial
City Days Lions Ice Arena Funds
AdditionsContributions
Charges for services -$ -$ 830,744$ 830,744$
Donations - 2,250 - 2,250
Concessions - - 91,226 91,226
Total Contributions - 2,250 921,970 924,220
Investment earnings 4,414 1,601 42,294 48,309
Miscellaneous - - 58,436 58,436
Total Additions 4,414 3,851 1,022,700 1,030,965
Deductions
Professional services - 41,250 360,688 401,938
Supplies - - 39,643 39,643
Utilities - - 246,653 246,653
Insurance - - 32,899 32,899
Repairs and maintenance - - 114,133 114,133
Capital outlay - - 33,513 33,513
Miscellaneous - - 26,684 26,684
Total Deductions - 41,250 854,213 895,463
Net Increase (Decrease) in Fiduciary Net Position 4,414 (37,399) 168,487 135,502
Net Position, January 1 81,258 230,517 758,172 1,069,947
Net Position, December 31 85,672$ 193,118$ 926,659$ 1,205,449$
City of Albertville, Minnesota
Combining Statement of Changes in Fiduciary Net Position
For the Year Ended December 31, 2025
127
THIS PAGE IS LEFT
BLANK INTENTIONALLY
128
STATISTICAL SECTION (UNAUDITED)
CITY OF ALBERTVILLE
ALBERTVILLE, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2025
129
THIS PAGE IS LEFT
BLANK INTENTIONALLY
130
STATISTICAL SECTION
(Unaudited)
This part of the City of Albertville’s annual comprehensive financial report presents detailed information as a context for
understanding what the information in the financial statements, note disclosures, and required supplementary information
says about the government’s overall financial health.
Financial Trends
These schedules contain trend information to help the reader understand how the government’s financial performance
and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the government’s most significant local revenue source,
the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the government’s current levels of
outstanding debt and the government’s ability to issue 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 government’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the
government’s 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.
131
2016 2017 2018 2019
Governmental Activities
Net investment in capital assets 15,925,140$ 16,653,225$ 16,996,701$ 17,512,792$
Restricted 3,240,957 3,543,926 3,482,527 5,398,928
Unrestricted 8,260,766 8,191,522 8,651,739 7,289,708
Total Governmental Activities Net Position 27,426,863$ 28,388,673$ 29,130,967$ 30,201,428$
Business-type Activities
Net investment in capital assets 8,632,306$ 8,717,564$ 9,046,737$ 10,922,191$
Unrestricted 8,856,604 9,562,439 9,489,105 9,102,051
Total Business-type Activities Net Position 17,488,910$ 18,280,003$ 18,535,842$ 20,024,242$
Total Primary Government
Net investment in capital assets 24,557,446$ 25,370,789$ 26,043,438$ 28,434,983$
Restricted 3,240,957 3,543,926 3,482,527 5,398,928
Unrestricted 17,117,370 17,753,961 18,140,844 16,391,759
Total Primary Government 44,915,773$ 46,668,676$ 47,666,809$ 50,225,670$
City of Albertville, Minnesota
Statistical Section (Unaudited)
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
132
Table 1
2020 2021 2022 2023 2024 2025
18,587,524$ 18,777,874$ 19,783,680$ 20,273,389$ 21,559,851$ 20,977,236$
5,120,588 5,683,392 5,667,950 5,714,233 5,877,307 4,758,556
7,153,029 8,481,228 8,458,920 9,205,344 9,667,336 15,726,028
30,861,141$ 32,942,494$ 33,910,550$ 35,192,966$ 37,104,494$ 41,461,820$
10,788,055$ 11,001,276$ 11,189,927$ 11,419,846$ 13,952,765$ 14,509,401$
10,545,577 11,685,984 12,978,713 15,654,676 15,001,710 15,838,426
21,333,632$ 22,687,260$ 24,168,640$ 27,074,522$ 28,954,475$ 30,347,827$
29,375,579$ 29,779,150$ 30,973,607$ 31,693,235$ 35,512,616$ 35,486,637$
5,120,588 5,683,392 5,667,950 5,714,233 5,877,307 4,758,556
17,698,606 20,167,212 21,437,633 24,860,020 24,669,046 31,564,454
52,194,773$ 55,629,754$ 58,079,190$ 62,267,488$ 66,058,969$ 71,809,647$
Fiscal Year
133
2016 2017 2018 2019
Expenses
Governmental Activities
General government 858,450$ 822,891$ 737,375$ 767,343$
Public safety 1,602,075 1,548,674 1,529,785 1,877,457
Public works 1,631,343 1,385,420 1,757,764 1,195,560
Culture and recreation 617,041 788,338 611,258 1,069,989
Economic development 117,086 182,059 221,319 223,663
Interest on long-term debt 197,099 228,006 167,872 191,958
Total Governmental Activities Expenses 5,023,094 4,955,388 5,025,373 5,325,970
Business-type Activities
Sewer utility 846,349 805,318 818,418 1,102,919
Water utility 418,260 369,100 411,151 451,246
Storm water utility 187,029 265,436 272,024 252,627
Recycling 94,580 95,850 106,514 118,359
Total Business-type Activities Expenses 1,546,218 1,535,704 1,608,107 1,925,151
Total Expenses 6,569,312$ 6,491,092$ 6,633,480$ 7,251,121$
Program Revenues
Governmental Activities
Charges for services
General government 437,398$ 630,143$ 608,525$ 544,149$
Public safety 258,553 276,445 296,707 335,444
Public works 1,700 5,300 3,050 1,750
Culture and recreation 195,815 229,772 165,908 87,525
Operating grants and contributions 240,569 265,983 193,526 191,470
Capital grants and contributions 99,914 118,011 150,340 359,247
Total Governmental Activities Program Revenues 1,233,949 1,525,654 1,418,056 1,519,585
Business-type Activities
Charges for services
Sewer utility 786,153 848,544 868,052 866,602
Water utility 272,503 355,075 362,737 348,310
Storm water utility 222,630 213,666 211,420 209,206
Recycling 87,444 82,867 94,134 105,028
Operating grants and contributions 15,954 18,240 16,794 22,416
Capital grants and contributions 114,742 683,125 201,561 1,515,818
Total Business-Type Activities Program Revenues 1,499,426 2,201,517 1,754,698 3,067,380
Total Program Revenues 2,733,375$ 3,727,171$ 3,172,754$ 4,586,965$
Note: The City implemented GASB Statement No. 68 and GASB Statement No. 71 in 2015.
Years prior to 2015 have not been restated.
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Net Position (Continued on the Following Pages)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
134
Table 2
2020 2021 2022 2023 2024 2025
1,058,803$ 1,154,441$ 1,273,530$ 1,257,890$ 1,123,145$ 886,140$
1,941,340 1,879,989 1,989,621 2,242,841 2,743,870 2,535,309
3,185,369 1,689,856 1,598,677 2,245,612 2,261,304 2,061,492
882,232 871,722 988,150 1,147,360 1,019,553 1,277,886
237,902 227,972 1,354,800 265,896 467,423 717,656
149,493 130,847 112,596 95,580 81,151 345,999
7,455,139 5,954,827 7,317,374 7,255,179 7,696,446 7,824,482
1,111,727 1,067,137 1,348,974 1,692,252 1,700,097 1,855,391
417,826 414,208 465,093 526,850 501,642 698,131
290,418 225,386 265,392 297,395 334,065 310,499
117,364 118,432 145,939 157,099 164,830 169,275
1,937,335 1,825,163 2,225,398 2,673,596 2,700,634 3,033,296
9,392,474$ 7,779,990$ 9,542,772$ 9,928,775$ 10,397,080$ 10,857,778$
640,044$ 878,311$ 1,190,569$ 380,077$ 506,556$ 716,193$
458,866 435,005 471,179 521,278 616,941 715,085
4,350 4,250 2,125 1,450 4,250 115,820
301,435 1,193,567 315,636 355,279 638,737 804,855
852,421 403,935 380,209 1,071,298 793,051 2,516,176
1,324,103 677,714 1,606,812 11,930 78,896 28,356
3,581,219 3,592,782 3,966,530 2,341,312 2,638,431 4,896,485
1,072,549 1,147,984 1,010,675 1,106,098 1,181,900 1,234,470
411,854 452,529 493,578 496,765 539,850 579,156
222,281 281,058 300,772 249,451 280,350 308,053
95,461 116,919 135,717 141,778 147,327 176,637
22,273 17,930 19,637 18,581 102,826 11,271
1,203,165 1,129,841 1,818,198 2,426,134 1,096,687 641,006
3,027,583 3,146,261 3,778,577 4,438,807 3,348,940 2,950,593
6,608,802$ 6,739,043$ 7,745,107$ 6,780,119$ 5,987,371$ 7,847,078$
Fiscal Year
135
2016 2017 2018 2019
Net Revenues (Expenses)
Governmental activities (3,789,145)$ (3,429,734)$ (3,607,317)$ (3,806,385)$
Business-type activities (46,792) 665,813 146,591 1,142,229
Total Primary Government Revenues (Expenses)(3,835,937)$ (2,763,921)$ (3,460,726)$ (2,664,156)$
General Revenues and Other Changes in Net Position
General Revenues
Governmental Activities
Taxes
Property taxes, levied for general purpose 2,746,144$ 2,839,090$ 3,054,845$ 3,497,033$
Property taxes, levied for debt service 921,796 916,050 831,410 508,855
Tax increments 169,651 230,131 231,247 232,684
Franchise fees - - - -
Grants and contributions not restricted to specific programs 102,311 93,140 111,979 113,056
Unrestricted investment earnings (losses)103,541 138,248 120,130 384,339
Gain on sale of capital assets - 49,020 - 140,879
Miscellaneous 280,219 172,681 - -
Transfers - (46,816) - -
Total Governmental Activities General Revenues 4,323,662 4,391,544 4,349,611 4,876,846
Business-type Activities
Property taxes levied for general purposes - - - -
Grants and contributions not restricted to specific programs - - - -
Unrestricted investment earnings (losses)74,200 78,464 109,248 346,171
Transfers - 46,816 - -
Total Business-type Activities General Revenues 74,200 125,280 109,248 346,171
Total Primary Government 4,397,862$ 4,516,824$ 4,458,859$ 5,223,017$
Change in Net Position
Governmental activities 534,517$ 961,810$ 742,294$ 1,070,461$
Business-type activities 27,408 791,093 255,839 1,488,400
Total Primary Government 561,925$ 1,752,903$ 998,133$ 2,558,861$
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Net Position (Continued)
Last Ten Fiscal Years
(Accrual Basis of Accounting)
136
Table 2
2020 2021 2022 2023 2024 2025
(3,873,920)$ (2,362,045)$ (3,350,844)$ (4,913,867)$ (5,058,015)$ (2,927,997)$
1,090,248 1,321,098 1,553,179 1,765,211 648,306 (82,703)
(2,783,672)$ (1,040,947)$ (1,797,665)$ (3,148,656)$ (4,409,709)$ (3,010,700)$
3,469,449$ 3,614,097$ 3,852,811$ 4,143,704$ 4,831,192$ 5,109,418$
506,868 472,425 473,974 364,072 364,607 259,655
240,457 220,464 197,675 462,983 627,846 592,052
- - - 325,250 336,872 400,728
126,418 115,426 115,422 305,373 259,035 271,171
190,441 11,191 (320,982) 564,901 539,135 652,299
- - - 30,000 10,856 -
- 9,795 - - - -
- - - - - -
4,533,633 4,443,398 4,318,900 6,196,283 6,969,543 7,285,323
- - 222,934 220,624 332,528 441,083
- - 58,468 111,961 129,624 128,927
219,142 32,530 (353,201) 808,086 769,495 906,045
- - - - - -
219,142 32,530 (71,799) 1,140,671 1,231,647 1,476,055
4,752,775$ 4,475,928$ 4,247,101$ 7,336,954$ 8,201,190$ 8,761,378$
659,713$ 1,070,461$ 968,056$ 1,282,416$ 1,911,528$ 4,357,326$
1,309,390 1,488,400 1,481,380 2,905,882 1,879,953 1,393,352
1,969,103$ 2,558,861$ 2,449,436$ 4,188,298$ 3,791,481$ 5,750,678$
Fiscal Year
137
2016 2017 2018 2019
General Fund
Nonspendable 51,000$ 51,000$ 133,328$ 140,151$
Unassigned 1,887,922 2,258,988 2,252,982 2,477,774
Total General Fund 1,938,922$ 2,309,988$ 2,386,310$ 2,617,925$
All Other Governmental Funds
Nonspendable 1,614$ -$ -$ -$
Restricted 3,272,492 3,670,865 3,758,526 3,387,291
Committed - - - 152,836
Assigned 6,412,396 6,076,678 6,390,844 4,853,536
Unassigned (469,839) (514,315) (432,912) (425,086)
Total All Other Governmental Funds 9,216,663$ 9,233,228$ 9,716,458$ 7,968,577$
City of Albertville, Minnesota
Statistical Section (Unaudited)
Fund Balances of Governmental Funds
Last Ten Fiscal Years
Fiscal Year
138
Table 3
2020 2021 2022 2023 2024 2025
90,389$ 136,098$ 159,875$ 177,926$ 191,320$ 148,743$
3,200,223 2,178,219 2,433,060 2,554,745 2,647,909 3,175,458
3,290,612$ 2,314,317$ 2,592,935$ 2,732,671$ 2,839,229$ 3,324,201$
-$ -$ -$ 10,000$ -$ -$
3,388,480 4,090,889 4,074,312 4,396,743 4,732,741 8,031,194
156,143 155,950 151,451 159,322 167,272 176,621
3,965,154 5,634,162 6,062,374 6,187,137 5,986,659 9,256,086
(389,806) (353,483) (1,033,498) (999,190) (878,875) (983,629)
7,119,971$ 9,527,518$ 9,254,639$ 9,754,012$ 10,007,797$ 16,480,272$
Fiscal Year
139
City of Albertville, Minnesota
Statistical Section (Unaudited)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
2016 2017 2018 2019
Revenues
Taxes 3,840,259$ 4,018,573$ 4,109,257$ 4,233,810$
Licenses and permits 174,928 239,833 258,992 215,108
Intergovernmental 282,508 268,493 312,506 438,035
Charges for services 662,313 888,979 845,182 1,004,236
Fines and forfeitures - 200 1,500 500
Special assessments 246,350 196,021 291,412 259,787 Investment earnings (losses)103,541 138,248 120,130 384,339
Miscellaneous 537,803 385,472 175,104 138,771
Total Revenues 5,847,702 6,135,819 6,114,083 6,674,586
Expenditures
General government 738,974 735,742 894,542 791,250
Public safety 1,302,463 1,350,500 1,395,937 1,557,191
Public works 431,596 387,744 411,944 437,365
Culture and recreation 445,486 501,693 533,359 748,116
Economic development 76,875 141,632 175,193 178,507
Miscellaneous - 376 - -
Capital outlay 883,733 1,470,904 1,010,977 3,380,525
Debt service
Principal 963,240 962,822 992,000 939,000
Interest 170,635 198,979 140,579 165,017
Total Expenditures 5,013,002 5,750,392 5,554,531 8,196,971
Excess (Deficiency) of Revenues
Over (Under) Expenditures 834,700 385,427 559,552 (1,522,385)
Other Financing Sources (Uses)
Transfers in 295,133 323,424 50,068 151,390
Bond issuance - - - -
Premiums on bonds sold - - - -
Sale of capital assets - 49,020 - 6,119
Transfers out (295,133) (370,240) (50,068) (151,390)
Total Other Financing
Sources (Uses)- 2,204 - 6,119
Net Change in Fund Balances 834,700$ 387,631$ 559,552$ (1,516,266)$
Debt Service as a Percentage of
Noncapital Expenditures 25.2%26.4%24.5%20.6%
140
Table 4
2020 2021 2022 2023 2024 2025
4,221,332$ 4,323,838$ 4,517,340$ 5,280,839$ 6,168,490$ 6,363,241$
300,888 403,265 652,406 267,566 358,946 463,552
2,077,442 302,106 1,383,658 855,346 505,676 544,287
1,076,374 2,131,559 1,347,603 1,001,605 1,059,050 1,615,071
- 500 7,590 14,812 25,417 32,441
352,949 232,077 443,326 151,906 77,539 109,582
190,441 11,191 (320,982) 564,901 539,135 652,299
181,825 262,487 236,605 149,077 480,271 567,026
8,401,251 7,667,023 8,267,546 8,286,052 9,214,524 10,347,499
920,918 1,021,471 1,102,691 1,021,530 1,447,174 1,307,586
1,629,347 1,717,622 1,802,833 2,040,819 2,404,848 2,432,094
427,682 419,418 495,607 597,277 492,356 713,381
763,021 725,853 760,934 802,971 793,503 872,332
210,170 203,972 1,304,800 265,896 456,586 708,678
- - - - - -
3,646,864 1,178,706 1,832,598 2,036,547 2,626,399 4,371,892
856,000 864,000 876,000 813,000 581,000 593,000
123,168 104,729 86,344 68,903 52,315 217,947
8,577,170 6,235,771 8,261,807 7,646,943 8,854,181 11,216,910
(175,919) 1,431,252 5,739 639,109 360,343 (869,411)
- 1,803,693 271,670 - 1,516 2,358,142
- - - - - 7,530,000
- - - - - 296,858
- - - - - -
- (1,803,693) (271,670) - (1,516) (2,358,142)
- - - - - 7,826,858
(175,919)$ 1,431,252$ 5,739$ 639,109$ 360,343$ 6,957,447$
14.4%18.3%14.8%14.3%9.7%11.6%
Fiscal Year
141
Taxable Market Value
Personal property 5,442,200$ 6,101,100$ 6,101,100$ 6,389,500$
Real estate 567,786,000 656,054,200 656,054,200 707,392,300
Total Taxable Market Value 573,228,200$ 662,155,300$ 662,155,300$ 713,781,800$
Estimated Actual Value of Taxable Property 620,513,900$ 705,380,300$ 705,380,300$ 758,532,600$
Taxable Market Value as a Percentage of
Estimated Actual Value 92.38 %93.87 %93.87 %94.10 %
Tax Capacity
Personal property 106,630$ 111,611$ 119,863$ 125,822$
Real estate 7,026,956 7,384,373 7,961,892 8,513,031
Subtotal 7,133,586 7,495,984 8,081,755 8,638,853
Less: tax increment (123,377) (169,948) (171,863) (171,188)
Net Tax Capacity 7,010,209$ 7,326,036$ 7,909,892$ 8,467,665$
Tax levies
General 2,749,549$ 2,863,190$ 3,056,908$ 3,442,876$
Debt service 921,691 916,045 831,410 561,855
Total 3,671,240$ 3,779,235$ 3,888,318$ 4,004,731$
Tax capacity rate
General 39.222 %39.082 %38.647 %40.659
Debt service 13.148 12.504 10.511 6.635
Total 52.370 %51.586 %49.158 %47.294
Source: Wright County Auditor/Treasurer Department
City of Albertville, Minnesota
Statistical Section (Unaudited)
Tax Capacity, Market Value and Estimated Actual Value of Taxable Property
(Shown by Year of Tax Collectability)
2019201820172016
142
Table 5
7,128,500$ 5,738,000$ 6,110,500$ 6,154,000$ 6,464,600$ 6,581,400$
745,489,800 832,227,900 1,001,635,873 1,163,031,027 1,182,282,286 1,213,002,405
752,618,300$ 837,965,900$ 1,007,746,373$ 1,169,185,027$ 1,188,746,886$ 1,219,583,805$
804,315,050$ 853,083,000$ 1,044,060,600$ 1,044,060,600$ 1,192,720,900$ 1,232,748,800$
93.57 %98.23 %96.52 %111.98 %99.67 %98.93 %
140,544$ 155,457$ 120,132$ 122,330$ 127,542$ 129,878
8,952,664 9,255,718 9,810,351 11,702,153 14,007,478 14,519,569
9,093,208 9,411,175 9,930,483 11,824,483 14,135,020 14,649,447
(179,241) (186,700) (152,298) (421,581) (555,211) (589,603)
8,913,967$ 9,224,475$ 9,778,185$ 11,402,902$ 13,579,809$ 14,059,844$
3,414,096$ 3,572,049$ 3,782,812$ 4,121,198$ 4,772,914$ 5,065,312$
781,384 745,104 749,908 637,696 749,157 755,126
4,195,480$ 4,317,153$ 4,532,720$ 4,758,894$ 5,522,071$ 5,820,438$
38.301 %38.724 %38.686 %36.142 %35.147 %36.027 %
8.766 8.077 7.669 5.592 5.517 5.371
47.066 %46.801 %46.355 %41.734 %40.664 %41.398 %
202520242023202220212020
143
Table 6
Year
Taxes
Payable City County No. 885 No. 728
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
2024 33.733 41.954 32.274 26.605
2025 35.560 42.861 35.655 25.252
Source: Wright County Auditor/Treasurer Department
City of Albertville, Minnesota
Statistical Section (Unaudited)
Property Tax Capacity Rates - Direct and Overlapping Governments
(Per $1,000 of Tax Capacity)
Overlapping rates are those of local and county governments that apply to property owners within the City. Not all
overlapping rates apply to all City property owners (e.g. the rates for special districts apply only to the proportion of
the government's property owners whose property is located within the geographic boundaries of the special
district).
Overlapping Rates
School
District District
School
144
Table 7
Tax Tax
Taxpayer Capacity Rank Capacity Rank
CPS Partners, LP 1,118,990$ 1 7.96 %1,097,256$ 1 15.65 %
Kingston Crossing of Albertville LLP 500,252 2 3.56 - -
Advanced Volumetric Alliance 309,982 3 2.20 - -
Preserve at Albertville 272,196 4 1.94 - -
Albertville Station LLC 256,590 5 1.82 - -
M67 LP 166,416 6 1.18 - -
Carman's Bay Investments LLC 161,780 7 1.15 - -
Border States Industries, Inc.144,140 8 1.03 60,420 7 0.86
Bid Properties LLC 129,748 9 0.92 - -
Engel Haus LLC 106,387 10 0.76 - -
Fraser Building LP 104,880 9 0.75 77,254 4 1.10
HGP Architectural Glass, Inc - - 61,982 6 0.88
MSP Albertville Retail Building LLC - - 187,648 2 2.68
Albertville Medical Building, LLC - - 79,448 3 1.13
Mollie LLC - - 69,250 5 0.99
Evans Park Inc - - 60,000 8 0.86
Minnegasco Inc - - 51,148 9 0.73
Northern States Power Company - - 47,986 10 0.68
Totals 3,271,361$ 23.27 %1,792,392$ 25.56 %
Source: Wright County Auditor/Treasurer Department
City of Albertville, Minnesota
Statistical Section (Unaudited)
Principal Taxpayers
Current Year and Ten Years Ago
December 31, 2025
Tax Capacity Tax Capacity
2025 2016
Percent Percent
of Total of Total
145
Table 8City of Albertville, Minnesota
Statistical Section (Unaudited)
Property Tax Levies and Collections
Last Ten Fiscal Years
Percent
Collection Collection of Total
Fiscal Total of Current in Subsequent Total Collections
Year Levy Year's Levy Years Collections to Levy
2016 3,671,240$ 3,641,148$ 99.18 %30,092$ 3,652,339$ 99.49
2017 3,779,235 3,753,984 99.33 25,251 3,760,732 99.51
2018 3,888,318 3,864,947 99.40 23,371 3,869,048 99.50
2019 4,004,731 3,977,179 99.31 27,552 3,999,113 99.86
2020 4,195,480 4,177,746 99.58 17,734 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 17,442 4,518,797 99.69
2023 4,758,894 4,728,200 99.36 30,689 4,728,200 99.36
2024 5,522,071 5,463,963 99.48 54,670 5,493,350 99.48
2025 5,820,438 5,796,548 99.59 - 5,796,548 99.59
Source: Wright County Auditor/Treasurer Department
(1) Includes state paid property tax credits.
Collected
Percentage
of Levy
146
Table 9City of Albertville, Minnesota
Statistical Section (Unaudited)
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
General General General Total
Fiscal Obligation Obligation Obligation Primary Percentage of Per
Year Bonds Revenue Bonds Bonds Government Personal Income Capita
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
2024 1,944,674 14,691,000 - 16,635,674 2.99 1,948
2025 9,171,458 15,099,693 - 24,271,151 4.18 2,832
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.
Business-type ActivitiesGovernmental Activities
147
Table 10City of Albertville, Minnesota
Statistical Section (Unaudited)
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
Less
Amounts
General Available in Net
Fiscal Obligation Debt Service Bonded Per
Year Bonds Funds Debt Capita
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 0.59 563
2019 6,285,999 5,268,736 1,017,263 0.13 136
2020 5,346,960 4,979,787 367,173 0.04 49
2021 4,399,921 4,665,741 (265,820) (0.03) (35)
2022 3,436,515 4,246,523 (810,008) (0.09) (103)
2023 2,532,092 3,875,489 (1,343,397) (0.13) (163)
2024 1,944,674 3,754,583 (1,809,909) (0.15) (212)
2025 9,171,458 2,156,589 7,014,869 0.59 819
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.
Value of
Taxable Property
See the Schedule of Tax Capacity, Market Value and Estimated Actual Value of Taxable Property for property value data.
Percentage of
Estimated Actual
148
Table 11
Gross Amount
Bonded of
Debt Used Net Debt
For Net Debt Applicable
Calculation to District
Direct Debt
City of Albertville 9,171,458$ 100.00 %9,171,458$
School District #885 101,070,000 22.84 23,084,388
School District #728 280,715,000 9.30 26,106,495
Wright County 111,845,000 4.82 5,390,929
Total Overlapping Debt 493,630,000 11.06 54,581,812
Total Direct and Overlapping Debt 502,801,458$ 12.68 %63,753,270$
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.
District
Percentage
Applicable to
City of Albertville, Minnesota
Statistical Section (Unaudited)
Computation of Direct and Overlapping Debt
December 31, 2025
149
2016 2017 2018 2019
Debt Limit (1)17,196,846$ 19,864,659$ 19,864,659$ 21,413,454$
Total Net Debt Applicable to Limit - - - -
Total 17,196,846$ 19,864,659$ 19,864,659$ 21,413,454$
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.
Fiscal Year
City of Albertville, Minnesota
Statistical Section (Unaudited)
Legal Debt Margin Information
Last Ten Fiscal Years
150
Table 12
2020 2021 2022 2023 2024 2025
22,578,549$ 25,138,977$ 30,232,391$ 35,075,551$ 35,662,407$ 36,587,514
- - - - - -
22,578,549$ 25,138,977$ 30,232,391$ 35,075,551$ 35,662,407$ 36,587,514$
-$ -$ -$ -$ -$ -$
Legal Debt Margin Calculation for Fiscal Year 2020
Taxable Market Value 1,219,583,805$
Debt Limit (3% of Market Value)36,587,514$
Debt Applicable to Limit
General Obligation Bonds (2)-
Less: Amount Available in
Debt Service Funds -
Total Net Debt Applicable to Limit -
Legal Debt Margin 36,587,514$
Fiscal Year
151
Table 13City of Albertville, Minnesota
Statistical Section (Unaudited)
Pledged-Revenue Coverage
Last Ten Fiscal Years
(1)Net
Fiscal Gross (2)Revenue
Year Revenue Expenses Available Principal Interest Coverage
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
2024 2,446,159 1,127,837 1,318,322 550,000 570,972 1.18
2025 2,660,320 1,396,288 1,264,032 770,000 522,477 0.98
General Obligation Revenue Bonds
Debt Service
152
Table 14
Total Per Capita
Fiscal Number of Persons per Personal Personal Median School
Year Population (1)Households (2)Household (2)Income (3)Income (4)Age (5)Enrollment (6)
2016 7,317 2,476 2.96 331,057,665$ 45,245$ 34.6 6,083 3.7 %
2017 7,370 2,480 2.97 335,335,000 45,500 34.6 6,300 3.5
2018 7,412 2,491 2.98 352,640,724 47,577 34.6 6,300 3.5
2019 7,485 2,516 2.97 348,748,605 46,593 34.6 6,300 3.2
2020 7,519 2,527 2.98 388,048,071 51,609 36.6 6,300 3.7
2021 7,519 2,527 2.98 415,184,142 55,218 36.6 6,300 3.8
2022 7,896 2,654 2.98 436,001,328 58,756 36.6 6,500 2.8
2023 8,220 2,740 3.00 544,081,800 66,190 36.9 6,470 2.7
2024 8,542 2,909 2.94 557,288,622 65,241 37.4 6,890 3.3
2025 8,569 2,912 2.94 580,009,903 67,687 37.4 6,676 4.1
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 per capita 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.
City of Albertville, Minnesota
Demographic and Economic Statistics
Last Ten Fiscal Years
Note: The unemployment rate is for Wright County, the County of which the City is located. Unemployment data was not available for the City.
Unemployment
Rate (7)
153
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BLANK INTENTIONALLY
154
Table 15
Employees Rank Employees Rank
ISD No. 885, St. Michael-Albertville 949 1 18.98 %680 2 13.60 %
Outlets at Albertville 500 2 10.00 800 1 16.00
Coborn's 198 3 3.96 130 3 2.60
Advanced Volumetric Alliance, LLC 156 4 3.00 - -
Oldcastle Building Envelopes 150 5 3.00 113 4 2.26
Fehn Gravel and Excavating, Inc.80 6 1.60 35 9 0.70
Guardian Angels - Engel Haus 65 7 1.30 59 6 1.18
Mold-Tech, Inc.61 8 1.22 35 10 0.70
Don's Bus Service 50 9 1.00 -
Sherer Brothers Truss 48 10 0.96 55 7 1.10
Fraser Steel Co.- - 40 8 0.80
HGP Industries - - 75 5 1.50
Total 5,000 *45.02 %5,000 *40.44 %
Source: Northland Securities
* This is an estimation provided by the City.
City of Albertville, Minnesota
Principal Employers
Current Year and Ten Years Ago
Employer Employment Employment
2025 2016
Percentage Percentage
of Total City of Total City
155
2016 2017 2018 2019
General Government 6.3 6.3 6.7 6.7
Public Safety
Fire
Full Time Fire Chief 1 1 1 1.0
Civilians (1)31.0 29.0 32.0 32.0
Public Works
Engineering 0.3 0.3 0.3 0.3
Maintenance 2.0 2.0 2.0 2.0
Culture and Recreation
Parks 2.0 2.0 2.0 2.0
Water 1.5 1.5 1.5 1.5
Sewer 1.5 1.5 1.5 1.5
Total 45.6 43.6 47.0 47.0
Source: City of Albertville
(1) The fire department is made up entirely of volunteer civilians. They are used on an on-call basis only.
Function
City of Albertville, Minnesota
Full-time Equivalent City Government Employees by Function
Last Ten Fiscal Years
156
Table 16
2020 2021 2022 2023 2024 2025
6.7 6.7 6.7 7.7 7.7 7.7
1.0 1.0 1.0 1.0 1.0 1.0
30.0 30.0 28.0 28.0 27.0 27.0
0.3 0.3 0.3 0.3 0.3 0.3
2.5 2.5 2.5 2.5 2.5 2.5
2.5 2.5 2.5 2.5 2.5 2.5
1.5 1.5 1.5 1.5 1.5 2.0
1.5 1.5 1.5 1.5 1.5 2.0
46.0 46.0 44.0 45.0 44.0 45.0
157
2016 2017 2018 2019
256 276 366 418
10 6 195 40
542 477 468 494
123 115 67 98
387 210 364 610
692 663 829 925
24 20 24 25
3 3 3 2
474,000 502,000 484,000 511,000
Note: Indicators are not available for the general government function.
Public Works
Water
Equipment Repair (Hours)
Snowplowing (Hours)
Street Sweeping (Hours)
New Connections
Water Main Breaks
Sewer
Average Daily Treatment Flow (Thousands of Gallons)
Sources: City of Albertville
Inspections
Building/Engineering
Permits Issued
Fire Calls
City of Albertville, Minnesota
Operating Indicators By Function
Last Ten Fiscal Years
Function
Fire
158
Table 17
2020 2021 2022 2023 2024 2025
414 569 549 555 600 674
20 20 80 60 9 15
696 837 863 642 652 754
100 100 125 128 76 100
412 260 608 678 212 320
900 803 1,100 634 757 757
35 65 54 77 10 9
2 2 3 3 5 7
521,000 521,000 517,000 520,000 553,000 557,000
159
2016 2017 2018 2019
Public Safety
Fire stations
Stations 1 1 1 1
Public Works
Highways and streets
Streets (miles)38 38 38 39
Street lights 417 417 417 417
Traffic signals 7 7 7 7
Culture and Recreation
Parks division
Parks 11 11 11 11
Parks acreage 125 125 125 125
Arena/Civic Center 1 1 1 1
Baseball diamonds 4 4 4 4
Basketball courts 5 5 5 5
Bike trails (miles)5 5 5 5
Hockey rinks/outdoor 2 2 2 2
Softball diamonds 2 2 2 2
Tennis courts 5 5 5 5
Skate Park
Volleyball courts 1 1 1 1
Utilities
Water
Miles of water main 52 52 52 52
Consumers
Maximum daily capacity (gallons)
Sewer
Miles of sanitary sewer 37 37 37 37
Lift stations 10 10 10 10
Maximum daily treatment capacity (gallons)929,000 929,000 929,000 929,000
Storm sewer
Miles of storm sewer 35 35 35 35
Source: City of Albertville
Note: No capital asset indicators are available for the general government function.
Function
City of Albertville, Minnesota
Capital Asset Statistics by Function
Last Ten Fiscal Years
160
Table 18
2020 2021 2022 2023 2024 2025
1 1 1 1 1 1
39 39 39 39 39 39
430 430 432 432 432 432
7 7 7 8 8 8
12 12 12 12 12 12
131 131 131 131 131 131
1 1 1 1 1 1
4 4 4 4 4 4
5 5 5 5 55 55
5 5 5 5 5 5
2 2 2 2 2 2
2 2 2 2 2 2
5 5 5 5 5 5
1 1 1 1
1 1 - - - -
55 55 55 55 55 55
39 39 39 39 39 39
10 10 10 10 10 10
929,000 929,000 929,000 929,000 929,000 929,000
36 36 36 36 36 36
161