HomeMy WebLinkAbout1989 Audit Report
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CITY OF ST. JOSEPH, MINNESOTA
AUDITED FINANC~ STATEMENT
FOR TIlE YEAR ENDED
DECEMBER 31, 1989
"tUn ,. :Io«ãmønn
CERTD'lED PUBLIC ACCOUNTANT
WATKINS, IONNESOTA
CITY OF ST. JOSEPH, MINNESOTA
TABLE OF CONTENTS
December 31, 1989
Reference Page
I. INTRODUCTORY SECTION
City Officials 1
II. FINANCIAL SECTION
General Purpose Financial Statements:
Auditor's Report 2
Combined Balance Sheet-All Fund Types and Account
Groups Exhibit 1 3
Combined Statement of Revenues, Expenditures, and
Changes in Fund Balance-All Government Fund Types Exhibit 2 4
Combined Statement of Revenue, Expenditures, and
Changes in Fund Balance-Budget and Actual-
General, Special Revenue and Debt Service Funds Exhibit 3 5
Statement of Revenues, Expenses, and Changes in
Retained Earnings-Proprietary Fund Type Exhibit 4 6
Statement of Changes in Financial Position-
Proprietary Fund Type Exhibit 5 7
Notes To The Financial Statements 8
III. SUPPLEMENTAL INFORMATION
General Fund:
Balance Sheet Exhibit A-1 22
Statement of Revenues, Expenditures and Changes
in Fund Balances-Budget and Actual Exhibit A-2 23
Schedule of Revenues-Budget and Actual Exhibit A-3 24
Schedule of Expenditures-Budget and Actual Exhibit A-4 25
Special Revenue Fund:
Balance Sheet Exhibit B-1 27
Statement of Revenues, Expenditures, and Changes
in Fund Balance Exhibit B-2 28
Statement of Revenues, Expenditures, and Changes
in Fund Balances-Budget and Actual Exhibit B-3 29
Capital Projects Fund:
Balance Sheet Exhibit C-1 30
Statement of Revenues, Expenditures, and Changes
in Fund Balance Exhibit C-2 31
Debt Service Funds:
Combining Balance Sheet Exhibit D-1 32
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance Exhibit D-2 33
Comparative Statements of Revenues, Expenditures,
Changes in Fund Balance-Budget and Actual Exhibit D-3 34
Enterprise Funds:
Combining Balance Sheet Exhibit E-1 35
CITY OF ST. JOSEPH, MINNESOTA
TABLE OF CONTENTS
December 31, 1989
(Continued)
Reference Page
Combining Statement of Revenues, Expenses,
and Changes in Retained Earnings Exhibit E-2 36
Combining Statement of Changes in Financial
Position Exhibit E-3 37
General Fixed Asset Group of Accounts:
Statement of General Fixed Assets by Fund-By Source Exhibit F-1 38
General Long-Term Group of Accounts:
Statement of General Long-Term Debt Exhibit G-1 39
Combined Schedule of Indebtedness Exhibit G-2 40
IV. LEGAL COMPLIANCE REVIEW
Auditor's Report on Compliance With State Laws 41
CITY OF ST. JOSEPH, MINNESOTA
CITY OFFICIALS
For The Year Ended December 31, 1989
ELECTED OFFICIALS TERM OF OFFICE TERM EXPIRES
Mayor Michael Loso Two Years 12-31-90
Councilman Ross Rieke Four Years 12-31-92
Councilman Leo Sadlo Four Years 12-31-92
Councilman Steven Dehler Four Years 12-31-90
Councilman Donald Reber Four Years 12-31-90
OFFICIALS NOT ELECTED
City Clerk/Administrator
Rachel Stapleton
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CERTIFIED PUBLIC ACCOUNTANT
~r1in 1~ lIøtdU!luum "THE CONVENT"
WATKINS, MINNESOTA 55389
TEL. (612) 764-5822
INDEPENDENT AUDITOR'S REPORT
To The Honorable City Mayor and Members
of the City Council
City Of St. Joseph
St. Joseph, Minnesota 5637l¡
I have audited the accompanying general purpose financial statements of the
City of st. Joseph, St. Joseph, Minnesota, as of and for the year ended December 31,
1989, as listed in Section II of the Table of Contents. These financial state-
ments are the responsibility of the City of St. Joseph, st. Joseph, Minnesota's
management. My responsibility is to express an opinion on these financial state-
ments based on my audit.
Except as set forth in the following paragraph, I conducted my audit in accordance
with generally accepted auditing standards. Those standards require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit provides a reasonable
basis for my opinion.
Because of insufficient records generated during the installation of a new com-
puter accounting system, I was not able to examine sufficient evidence in support
of revenues and expenditures and I was unable to satisfy myself as to the revenues
and expenditures by means of other procedures.
Since I could not examine sufficient evidence to verify revenues and expenditures,
I do not express an opinion on the accompanying general purpose financial state-
ments referred to above.
My audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The accompanying financial information
listed as schedules in the Table of Contents, Section III, is presented for
purposes of additional analysis and is not a required part of the financial
statements of the City of st. Joseph, St. Joseph, Minnesota. The information in
these schedules has been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in my opinion, is fairly
stated in all material respects in relation to the financial statements of
each of the respective individual funds and account groups, taken as a whole.
Watkins, Minnesota /kfi--¿L'L5£¿L--.-
December 28, 1990 MARLIN J. BOECKMANN, C.P.A.
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I EXHIBIT 2
CITY OF ST. JOSEPH, MINNESOTA
I COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
ALL GOVERNMENT FUND TYPES
For The Year Ended December 31, 1989
I (With Comparative Totals For The Year Ended December 31, 1988)
Total
Governmental Fund Types (Memorandum Only)
I Special Capital Debt December December
General Revenue Projects Service 31, 1989 31, 1988
REVENUES:
I Taxes $ 89,390 $ $ $ 1,543 $ 90,933 $ l45,22l
Licenses/Permits 34,249 34,249 26,617
Intergovernmental
Revenue:
I Federal 20,393 20,393
State 435,077 143,064 578,141 42lJ,636
Charge for Services 8lJ,lOO 84,100 89,579
I Fines and Forfeits 32,931 32,931 28,285
Assessments 3,639 75 , 611 79,250 88,088
Other/Interest 87 , 29l 15,889 168,510 271,690 202,972
I TOTAL REVENUE $ 766,677 $15,889 $ $ 409,121 $l,l9l,687 $1,005,398
OTHER SOURCES:
Sale of Assets 1,581 1,581 2,198
I Transfers From Other
Funds 577,141 577,141
TOTAL REVENUES &
I OTHER SOURCES $ 768,258 $ 15,889 $ $ 986,262 $l,77O,409 $1,007,596
EXPENDITURES:
I General Government $ 136,382 $ $ $ $ 136,382 $ 142,934
Public Safety 239,358 239,358 242,471
Streets & Highways l3lJ,715 134,715 132,527
I Recreation 44,788 4lJ,788 39,491
Capital Outlay -
Equipment 43,507 43,507 23,308
Other - Interest 1,506 244 ,718 246,224 385,418
I TOTAL EXPENDITURES $ 556,749 $ 43,507 $ $ 2lJ4,718 $ 844,974 $ 966,149
OTHER USES:
I Transfers To Other
Funds $ 9,524 $ $ 577,141 $ $ 586,665 $ 13,725
I TOTAL EXPENDITURES
AND OTHER USES $ 566,273 $ 43,507 $ 577,l4l $ 244,718 $1,431,639 $ 979,874
I NET INCREASE (DE-
CREASE) IN FUND
BALANCE DURING THE
YEAR $ 201,985 $(27,618) $(577,141) $ 741,544 $ 338,770 $ 27,722
I FUND BALANCE
January 1 887,051 41,619 577,141 525,922 2,031,733 2,004,011
I FUND BALANCE
December 31 H,;~~~,;~~~ $ 14 001 ~-------º H,;~~¡,;~~~ *~,;~¡~,;~~~ *~,;~~h¡~~
====,;=== ---------
I The notes to the financial statements are an integral part of this statement.
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EXHIBIT 4
CITY OF ST. JOSEPH, MINNESOTA
STATEMENT OF REVENUES, EXPENSES, & CHANGES IN RETAINED EARNINGS
PROPRIETARY FUND TYPES
For The Year Ended December 31, 1989 and 1988
1989 1988
OPERATING REVENUE:
Water $ 89,226 $ 96,788
Plant Operation and Maintenance 111,243 105,472
Sanitation 81,216 67,541
TOTAL $ 281,685 $ 269,801
OPERATING EXPENSES:
Water $ 90,007 $ 75,511
Plant Operation and Maintenance 148,825 l38,289
Sanitation 90,740 64,755
TOTAL $ 329,572 $ 278,555
OPERATING INCOME (LOSS) $ (47,887) $ (8,754)
OTHER INCOME (EXPENSES):
Transfers From Other Funds $ 9,52lJ $ 13,725
Interest Income 9,320 l2,900
TOTAL OTHER INCOME $ 18,844 $ 26,625
NET INCOME (LOSS) $ (29,043) $ 17 , 87 1
PRIOR PERIOD ADJUSTMENTS <35,492)
RETAINED EARNINGS, (DEFICIT) January 1 (13,413) <31,284)
RETAINED EARNINGS, (DEFICIT) December 31 tJU?:~~~) ~--~!~.!.~!~)
----------
The notes to the financial statements are an integral part of this
statement.
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EXHIBIT 5
CITY OF ST. JOSEPH, MINNESOTA
STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1989 and 1988
1989 1988
RESOURCES PROVIDED:
Operations:
Net Income (Loss) $ (29,043) $ 17 , 871
Add (Deduct) Items Not Affecting Work-
ing Capital:
Depreciation 69,212 67,728
Loss on Disposal of Equipment 4,OlJ2 109
Total Funds Provided By Operations $ 44 , 211 $ 85,708
OTHER SOURCES OF FINANCIAL RESOURCES:
Contribution By Other Funds
TOTAL RESOURCES PROVIDED BY ALL SOURCES $ 4lJ , 211 $ 85,708
USES OF FUNDS:
Prior Period Adjustment $ 35,492 $
Additions To Plant & Equipment 14,251 131,423
TOTAL RESOURCES USED $ 49,743 $ 131,423
INCREASE (DECREASE) IN WORKING CAPITAL $ (5 532) L_~~2.!.E2)
======~=== ----------
REPRESENTED BY CHANGES IN:
Current Assets - Increase (Decrease):
Cash $ (888) $ (8,198)
Investments (4,963) (82,240)
Accounts Receivable 19,217 51,589
Interest Receivable 334 ( 445 )
Special Assessments Receivable (728) (623)
Due From Other Funds (1,114) ( 487 )
Due From Other Governmental Units 970 ( 375 )
TOTAL CURRENT ASSETS $ l2,828 $ ( 40, 779)
Current Liabilities - Increase (Decrease):
Accounts Payable $ (2,561) $ 6,603
Deferred Revenue <376 ) 623
Due To Other Funds (19,047) (758)
Deficit Cash Balance 3,793 (11 , 404 )
Due To Other Governmental Funds (169 )
TOTAL CURRENT LIABILITIES $ (18,360) $ (4,936)
INCREASE (DECREASE) IN WORKING CAPITAL t==~~~~~~) ~__ i~2.tE2)
----------
The notes to the financial statements are an integral part of this statement.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1989
~ru1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of St. Joseph conform to generally
accepted accounting principles applicable to governmental units. The Govern-
mental Accounting Standards Board (GAS IS) is the accepted standard-setting
body for establishing governmental accounting and financial reporting principles.
The following is a summary of the significant accounting policies.
A. REPORTING ENTITY
In evaluating how to define the government for financial reporting pur-
poses, management has considered all potential component units. The decision
to include a potential component unit in the reporting entity was made by
applying the criteria set forth in GAAP. The basic - but not the only -
criteria for including a potential component unit within the reporting entity
is the governing body's ability to exercise oversight responsibility. The
most significant manifes.tation of this ability is financial interdependency.
Other manifestations of the ability to exercise oversight responsibility
include, but are not limited to, the selection of governing authority, the
designation of management, the ability to significantly influence operations,
and accountability for fiscal matters. A second criterion used in evaluating
potential component units is the scope of public service. Application of
this criteria involves considering whether the activity benefits the govern-
ment and/or its citizens, or whether the activity is conducted within the
geographic boundaries of the government and is generally available to its
citizens. A third criteria used to evaluate potential component units for
inclusion or exclusion from the reporting entity is the existance of
special financing relationships, regardless of whether the government is
able to exercise oversight responsibilities. Based upon the application of
these criteria, the following is a brief review of each potential compon-
ent unit addressed in defining the government's reporting entity:
Excluded from the reporting entity -
No component units have been excluded from the reporting entity.
B. DESCRIPTION OF THE KINDS OF FINANCIAL ACTIVITY DESCRIBED IN THE VARIOUS
FUNDS - FUND ACCOUNTING
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity,
revenues, and expenditures, or expense, as appropriate. Government resources
are allocated to and accounted for in individual funds based upon the pur-
poses for which they are to be spent and the means by which spending activ-
ities are controlled. The various funds are grouped, in the financial
statements in this report into five generic fund types and two broad account
group categories as described in the remainder of B of this Note.
I. GOVERNMENTAL FUNDS:
-8-
General Fund - The General Fund is the general operating fund of the
City. It is used to account for all financial resources except those
required to be accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account for
the proceeds of certain revenue sources that are legally restricted
to expenditures for specified purposes.
Capital Projects Funds - The Capital Projects Fund is used to account
for financial resources to be used for the acquisition or construct-
ion of major capital facilities.
Debt Service Funds - Debt Service Funds account for the accumulation
of assets dedicated to future payment of existing long-term debt and
the interest on that debt.
PROPRIETARY FUNDS:
Enterprise Funds - Enterprise Funds are used to account for opera-
tions that are financed and operated in a manner similar to private
business enterprises where the intent is that the costs (expenses)
of providing goods and services to the general public on a continu-
ing basis be financed or recovered primarily through user charges.
II. TYPES OF ACCOUNT GROUPS:
Two different account groups are maintained. Account group classi-
fications are established to account for the City's general fixed
assets and general long-term indebtedness.
The general fixed asset account group is comprised of the accounts
maintained for the City's investment in land, buildings, improve-
ments other than buildings, machinery and equipment, office furni-
ture, vehicles and other equipment. These assets are recorded in
this account group at cost and not depreciated.
The general long-term debt account group is comprised of the accounts
maintained for outstanding bonds and loans payable.
An account group is not a fund, but rather comprises a self-balancing
group of accounts.
C. BASIS OF ACCOUNTING
The modified accrual basis of accounting is followed for the general,
capital projects, debt service, and special revenue funds. Under this
method of accounting, revenues are recognized when received in cash,
except for material or available revenues which are accrued to reflect
revenues earned and available to fund operations for that period. Expen-
ditures, other than accrued interest on general long-term debt, are
recorded at the time liabilities are incurred.
The accrual basis of accounting is followed in the proprietary funds.
Under this method of accounting, revenues are recognized when earned and
expenses are recorded as incurred.
-9-
D. BUDGETARY DATA
Annual budgets approved by the City Council are adopted for the City.
The budgets are adopted on a basis consistent with generally accepted
accounting principles. An object budget is used with emphasis on allo-
cations of resources to given city units for specific revenues and expen-
ditures. The budget is prepared on a basis consistent with the accounting
utilized in each fund. Budgetary comparisons are included in the approp-
riate financial statements in this report.
E. CASH AND TEMPORARY INVESTMENT
Cash balances from all funds are pooled and invested to the extent
available in certificate of deposit or treasury bills. Investments are
carried at cost. Earnings from such investments are allocated to the funds
on the basis of applicable cash balance participation by each of the funds.
F. RECOGNITION OF TAXES RECEIVABLE
Property taxes are set by the City Council with the levy certified to
the County, which acts as collection agent, in October prior to the year
collectible. Such taxes constitute a lien on the property on January 1
of the year collectible. The amount of uncollected property taxes for
the City are immaterial. The delinquent amounts are collectible, so
all delinquents are accrued at the end of each year.
G. GENERAL FIXED ASSETS GROUP OF ACCOUNTS
General fixed asset purchases are recorded as expenditures in the
various funds at the time of purchase. Such assets of $250 and over
are capitalized at cost, or at appraisal if cost is not available, in
the General Fixed Asset Group of Accounts. No depreciation is provided
on these assets. Public domain assets are not capitalized.
H. ENTERPRISE FUNDS FIXED ASSETS AND DEPRECIATION
Enterprise Funds fixed assets, including public domain type fixed assets,
of $250 and over are capitalized. The assets, other than land, are de-
preciated on a straight-line basis over lives of 5 to 50 years. Accumulated
Depreciation is recorded in the Enterprise Funds.
I. VACATION, SICK PAY AND POST-EMPLOYMENT BENEFITS
The City does not accrue for vacation and sick pay. The amount of the
accrual would not be material. The City has no post-employment benefits.
J. DEFERRED REVENUE
Certain receivables are recognized, before they are currently due,
at the time of levy. These receivables are offset by deferred revenue;
deferred revenue is reduced as the amounts receivable become measurable
and available.
K. LONG-TERM OBLIGATIONS
General long-term debt consists primarily of bonds payable incurred to
pay for construction on special assessment projects. Though the bonds
-10-
are the primary obligation of the benefitted assessees, the City's full
faith and credit are committed in case of their default, so the bonds
are recorded in the City's General Long-Term Debt Group of Accounts.
L. FUND EQUITY
Reserves represent those portions of fund equity not appropriable for
expenditure or legally segregated for a specific future use. Designated
fund balances represent tentative plans for future use of financial
resources.
M. INTERFUND TRANSACTIONS
Quasi-external transactions are accounted for as revenues or expendi-
tures. Transactions that constitute reimbursements to a fund for expendi-
tures initially made from it that are properly applicable to another fund,
are recorded as expenditures in the reimbursing fund and as reductions of
expenditures in the fund that is reimbursed.
All other interfund transactions, except quasi-external transactions and
reimbursements, are reported as transfers. Nonrecurring or nonroutine
permanent transfers of equity are reported as residual equity transfers.
All other interfund transfers are reported as operating transfers.
N. TOTAL COLUMNS AND COMBINED STATEMENTS
Total columns on the combined statements are captioned Memorandum Only
to indicate that they are presented only to facilitate financial analysis.
Data in these columns do not present financial position, results of
operations, or changes in financial position in conformity with generally
accepted accounting principles. Interfund eliminations have not been
made in the aggregation of this data.
O. COMPARATIVE DATA
Comparative total data for the prior year have been presented in the
accompanying financial statements in order to provide an understanding
of changes in the government's financial position and operations. However,
comparative data have not been presented in all statements because their
inclusion would make certain statements unduly complex and difficult to
understand.
NOTE 2 - RESERVED FUND EQUITY
The General Fund records as Reserved Funds money which has been received for
three specific purposes, but which at year end has not yet been expended for
those purposes. These activities are:
Joint Operating Fire - The fund receives its revenue from
the City of st. Joseph, St. Joseph Township, and St. Wendell
Township and funds are used for operating expenses for those
areas.
Special Police - This fund's revenues come only from state
aid and must be spent on policeman's retirement contributions
(PERA).
-11-
Street Maintenance - Street Maintenance records receipts and
spending for activities closely related to the Highways Division
of the General Fund. The expenditures are limited to street
maintenance, improvements, and the machinery and equipment
serving those purposes. Revenues for this reserve fund are a
special tax levy, contributions for snow removal, special assess-
ments #19 and interest.
The December 31, 1989 reserved balances for each of the funds are:
Joint Operating Fire · · · · · · · · · · · · · · · · · · .$143,974
Special Police . . . · · · · · · · · · · · · · · · · · · . (1,911)
Street Maintenance . · · · · · · · · · · · · · · · · · · . 30,104
Net Balance Reserved, General Fund · · · · · · · · · · · ·~!7~.!.!~7
--------
NOTE 3 - CASH AND INVESTMENTS
In accordance with Minnesota statutes, the City maintains deposits at those
depository banks authorized by the City Council. All such depositories are
members of the Federal Reserve.
Minnesota Statutes require that all City deposits be protected by insurance,
surety bond, or collateral. The market value of collateral pledged must equal
110% of the deposits not covered by insurance or bonds.
The carrying amount of the City's deposits with financial institutions was
$2,524,481 consisting of Certificates of Deposits and checking accounts and
the bank balance collateral was $2,894,314.
Collateral was categorized as follows:
Insurance by FDIC . . . . · · · · · · · · · · · · · · · · .$ 100,000
Collateral in Safekeeping · · · · · · · · · · · · · · · · . 2,794,314
Total Bank Collateral . . · · · · · · · · · · · · · · · · .*~,;~~~~~~~
NOTE 4 - TAXES RECEIVABLE
The delinquent taxes receivable represents the past six years of uncollected
tax levies.
NOTE 5 - SPECIAL ASSESSMENTS RECEIVABLE - ALLOWANCE FOR UNCOLLECTIBLE
ASSESSMENTS RECEIVABLE
Generally, delinquent assessments and taxes receivable have been immaterial in
amount and ultimately collectible. The delinquencies in the 1983 Bond Improve-
ment Debt Service Fund and its related debt, however, are $131,488 as of 12-31-89.
Though these receivables are supported by liens on the underlying property, ilie
liens are not excercisable for a number of years, and the City has decided to
make the conservative estimate of full allowance of the receivables as unco1lect-
able.
The county auditor's office has filed a judgment for the delinquent assessments.
-12-
If payments are not received, the property will be forfeited to the state
and will be placed up for sale in December, 1989. At that time the property
will either be regained by payment of the assessments and back taxes or would
be sold with proceeds going to satisfy the assessments and taxes. It cannot
be ascertained if proceeds will be adequate to satisfy the assessments and
taxes.
NOTE 5 - INTER FUND RECEIVABLES AND PAYABLES
Interfund receivables and payables represent short-term interfund financing
amount.
Schedule of Interfund Receivables and Payables at December 31, 1989:
Due To:
1972 Improvements · · · · · · · · · · · · · · · · · · · · · $ 20,000
Plant Operation and Maintenance . · · · · · · · · · · · · · 5,577
Total Interfund Receivables. · · · · · · · · · · · · · · *=~~,;n¡
Due From:
1986 Bond Fund. . · · · · · · · · · · · · · · · · · · · · · $ 5,577
Water Fund. . . . · · · · · · · · · · · · · · · · · · · · · 20,000
Total Interfund Payables . · · · · · · · · · · · · · · · *=~~,;n¡
NOTE 6 - DUE FROM OTHER GOVERNMENTS
Due from Other Government Units includes primarily amounts due from the
County.
NOTE 7 - CHANGES IN GENERAL FIXED ASSETS
The following is a summary of changes in the general fixed assets account
during the year:
Jan. 1 Addi- Retire- Dec. 31
1989 tions ments 1989
Land $ 49,479 $ $ $ 49,479
Buildings 241,442 3,742 245,184
Improvements Other Than
Buildings 7,684 42,676 50,360
Machinery & Equipment 202,35lJ 24,500 651 226,203
Office Furniture 27,936 15,056 700 42,292
Motor Vehicles 41,883 10,562 31,321
Other Equipment 112,769 7,224 6,450 113,543
Total General Fixed Assets ~§ª~~2~7 $ 93 198 L!ª~3§3 H~~=ª~~
----~---
-------- -------- --------
-13-
The following is a summary of changes in the enterprise funds fixed assets
account during the year:
Jan. 1 Addi- Retire- Deprec- Dec. 31
1989 tions ments iation 1989
WATER FUND:
Land $ 12,996 $ $ $ $ 12,996
Buildings 474,912 10,054 484,966
Less: Allow. for Depr. (128,578 ) 9,946 (138,524 )
Machinery & Equipment 35 , 841 1 , 2lJ 5 10,179 26,907
Less: Allow. for Depr. (15, l64 ) ( 6 , 136 ) 1,515 (10 , 543 )
Const. in Progress 2,614 2,6l4
TOTAL WATER FUND $ 380,007 $ 13,913 $ 4,043 $ 11 ,461 $ 378,4l6
PLANT OPERATION & MAINTENANCE
Land $ 4,940 $ $ $ $ 4,940
Buildings 517,983 517,983
Less: Allow. for Depr. <38,849) 25,899 (64,748)
Lines 1,412,466 9,302 1,403,164
Less: Allow. for Depr. (263,612) 26,324 (289,936)
Machinery & Equipment 109,806 338 110,144
Less: Allow. for Depr. (16 , 840) 5,528 (22,368)
TOTAL PLANT OPERATION AND
MAINTENANCE $1,725,894 $ 338 $ 9,302 $ 57,751 $1,659,179
ALL ENTERPRISE FUNDS-
TOTAL FIXED ASSETS *~,;~~~,;~~~ $ 14 251 $ 1 3 345 $ 69 212 H,;~n,;~~~
======,;=== ======,;=== ======,;===
-14-
NOTE 8 - LONG-TERM DEBT
The City issues general obligation bonds to provide funds for the
acquisition and construction of major capital facilities. General obli-
gations bonds are direct obligations and pledge the full faith and credit
of the city.
Changes in Bonds Payable are as follows:
Beginning Ending
Bond New Retirement Bond
Balance Bond of Balance
Bonds Payable 1-01-89 Issues Bon ds 12-31-89
1972 Water & Sewer Improve-
ments $ 30,000 $ $ 10,000 $ 20,000
1978 Improvement-East Side 100,000 15,000 85,000
1978A Street Improvement 22,000 3,000 19,000
1983 Improvement 2lJ5,ooO 60,000 185,000
1986 Improvement Construction 845,000 65 ,000 780,000
Total Bonds Payable H~~~~~~~~ *========= ~__!2;2~ººº *h~~~?:~~~
----------
-15-
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I NOTE 9 - PENSION PLANS
I Substantially all employees of the City are required by State law to belong
to pension plans, administered by Public Employees Retirement Association ( PERA ) ,
Volunteer Firefighter's Relief Association, or ICMA. Disclosures relating to
these plans follow:
I A. VOLUNTEER FIREMEN'S RELIEF ASSOCIATION
I The Volunteer Firemen's Fund is a pension plan financed by contributions
from the State, City and st. Joseph and st. Wendell Townships. The City
is obligated to contribute to the Fund according to a formula that com-
pares the growth in the estimated pension liability to the annual esti-
I mated state aid and interest earnings of the pension fund. In 1989, the
City accrued $8,367 for contributions to the fund.
I B. INTERNATIONAL CITY MANAGER ASSOCIATION (ICMA)
The City Clerk/Administrator is covered by a defined contribution plan
I administered by International City Manager Association (ICMA) . The plan
provides annual contributions by the employer of 4% of payroll and the
employee provides another 4% of the payroll. The City's payroll for this
plan for the year ended December 31, 1989 was $30,22l. Total contributions
I made during 1989 amounted to $2,476 of which $1,238 was made by the City and
$1,238 was made by the employee.
I C. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA)
l. Plan Description
I Employees, other than the City Clerk, are covered by defined benefit
pension plans administered by the Public Employee Retirement Assoc-
iation of Minnesota (PERA). PERA administers the Public Employees
I Retirement Fund which is a cost-sharing multiple-employer public
employee retirement system. The City's payroll for employees
covered by PERA plans for the year ended December 31, 1988, was
I $229,450; the City's total payroll was $280,518.
All employees are eligible to participate in the PERA plans. Public
Employees Retirement Fund members belong to either the Coordinated Fund
I or the Basic Fund. Coordinated members are covered by Social Security
and Basic members are not. PERA plans provide pension benefits, de-
ferred annuity, and death and disability benefits. Benefits are estab-
I lished by State statute.
PERA provides retirement benefits as well as disability benefits to
I members, and benefits to survivors upon death of eligible members.
Benefits are established by State Statute, and vest after five years of
credited service. The defined retirement benefits are based on member's
average salary for any five successive years of allowable service, age,
I and years of credit at termination of service. The annuity accrual
rates for a Basic member is 2 percent of average salary for each of the
first 10 years of service and 2.5 percent for each remaining year. For
I a Coordinated member, the annuity accrual rate is 1 percent for each of
the first ten years, and 1.5 percent for each remaining year. Members
are eligible for a full annuity when age plus years of service equal 90.
I -18-
I
There are different types of annuities available to members upon
I retirement. A normal annuity is a lifetime annuity that ceases upon
the death of the retiree. No survivor annuity is payable. There are
also various types of joint and survivor annuity options available which
I will reduce the monthly normal annuity amount, because the annuity is
payable over joint lives. Members may also leave their contributions
in the fund upon termination of public service, in order to qualify for a
deferred annuity at retirement age. Refunds of contributions are
I available at any time to members who leave public service, but before
retirement benefits begin.
I 2. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee
contributions. The City makes annual contributions to the pension plans
I equal to the amount required by state statutes. Minnesota Statutes
Chapter 356.215, subd. lJ(g) provides the formula for determining the
date of full funding for the PERA which is 2010.
I Statutory Rates
I Employees Employer
PERA
I Police and Fire 8% 12.00%
Basic Plan 8% 10.50%
Coordinated Plan 4% 4.25%
I Total contributions made during 1989 amounted to $38,419 of which
$25,248 was made by the City and $13,171 was made by employees. These
contributions represented 8.8 and 5.5 (employees) of the covered payroll.
I 3. Funding Status and Progress
I a. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure
measure of the present value of pension benefits, adjusted for
I the effect of projected salary increases and step-rate benefits,
estimated to be payable in the future as a result of employee
service to date. The measure, which is the acutarial present
I value of credited projected benefits, is intended to help users
assess PERA's funding status on a going-concern basis, assess
progress made in accumulating sufficient assets to pay benefits
I when due, and make comparisons among Public Employees Retirement
Systems and employers. PERA does not make separate measurements of
assets and pension benefit obligation for individual employers.
I The pension benefit obligations of the PERA as of June 30, 1988,
were as follows:
I Total pension benefit obligation $3,334,423,000
Net assets available for benefits at
cost (market value is $2,749,289,000) 2,610,913,000
I Unfunded pension benefit obligation $ 723 510 000
======~===?:===
I -19-
I
I The measurement of the pension benefit obligation is based on an
actuarial valuation as of June 30, 1988. Net assets available to
pay pension benefits were valued as of June 30, 1988.
I b. Change in Actuarial Methods
Prior to fiscal year 1988, the mortality table used was the UP-
I 1981J Unisex set forward one year for males and set back four years
for females. For fiscal year 1988, the PERA Board of Trustees
approved the use of the 1971 Group Annuity Mortality Table projected
I to 1984 for males and females. The change was made in order to re-
duce, if not eliminate, the series of large, annually recurring mortal-
ity losses that have been realized in the last four years. With the
adoption of the new mortality table, the projected benefit obligation
I increased $179,670,000 in the Public Employees Retirement Fund. The
change in actuarial methods dOes not affect the City's contribution
rate.
I 4. Trend Information
I Ten-year historical trend information is presented in PERA's State
PERS Comprehensive Annual Financial Report for the year ended June 30,
1988. This information is useful in assessing the pension plan's accum-
ulation of sufficient assets to pay pension benefits as they become due.
I 5. Related-Party Investments
I During fiscal 1988 and as of June 30, 1988, PER A held no securities
issued by the City or other related parties.
I NOTE 10 - FUND DEFICIENCIES/DEFICITS
Expenditures exceeded revenues in certain individual funds for the year ended
I December 31, 1989 as follows:
Special Revenue Fund:
I Revenue Sharing. . . . . . . . . . . . . . . . . . .$ 40,l70
Capital Projects . . · · · · · · · · · · · · · · · · · · 577,llJl
Debt Service Funds:
1972 Sewer. . . . · · · · · · · · · · · · · · · · · · 3,436
I 1983 Improvement. · · · · · · · · · · · · · · · · · · 23,274
Enterprise Funds:
I Plant Operations and Maintenance. · · · · · · · · · · 29,692
No funds have deficit fund balances at December 31, 1989. The Special Revenue
I Fund deficit operations represents the using up of Federal Revenue Sharing Funds.
Capital Projects deficit represent the closeout project fund balance to the
Debt Service Fund. Debt Service Funds represent cash flow temporary timing
differences except for the 1983 Improvement which probably will require a future
I transfer in. Plant Operations and Maintenance deficit operations will be
corrected with a continued user rate increase.
I NOTE 11 - SEGMENT INFORMATION
I -20-
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I NOTE 11 - SEGMENT INFORMATION
The City maintains three enterprise funds which provide water, sewer, and
sanitation services. Segment information for the year ended December 31, 1989
I is as follows:
I Plant
Operation Total
Sanitary Water and Enterprise
I Fund Fund Maintenance Funds
Operating Revenue $ 81,216 $ 89,226 $ 111,243 $ 281 , 685
Operating Expenses 90,740 90,007 148,825 329,572
I Operating Income (Loss) (9,524) (781 ) <37 ,582 ) (47,887)
Other Income (Expenses) 1,430 7,890 9,320
Net Income (Loss) 0 649 (29 ,692 ) (29,043)
I Transfer From Other Funds 9,524 9,524
Fixed Assets:
Additions 13,913 338 14 , 251
I Deletions 16,315 9,302 25,617
Net Working Capital 10,273 15,837 l57,662 l83,772
Total Assets 23,109 420,803 1,829,785 2,273,697
Total Equity lO,273 394,253 1,816,841 2,221,367
I
NOTE l2 - PRIOR PERIOD ADJUSTMENT
I The Prior Period Adjustment represents the correction of an error in calculating
the amount of Accounts Receivable at December 31, 1988.
I NOTE 13 - CONSTRUCTION IN PROGRESS
I Construction in Progress represents preliminary work on a new water tower.
I
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r
r EXHIBIT A-1
CITY OF ST. JOSEPH, MINNESOTA
r GENERAL FUND
BALANCE SHEET
December 31, 1989 and 1988
r
r 1989 1988
ASSETS
r Cash $ 9,765 $ 221,698
Investments l,12l,952 671 ,129
Taxes Receivable - Delinquent 12,661 9,766
r Interest Receivable 11 ,613 4,137
Special Assessments Receivable 18,200 20,670
Tax Levies Receivable 1,105 1,180
Due From Other Funds 2,723
if Due From Other Governmental Units 1,726 22 , 107
TOTAL ASSETS H~~n~~~~ $ 953 410
11- ======,;===
If LIABILITIES AND FUND BALANCE
Liabilities:
II Accounts Payable $ 25,250 $ 34,772
Due To Other Funds l,113
Due To Other Governmental Units 29,927
Deferred Revenue 19,185 21,851
Ir Advances 13,624 8,623
TOTAL LIABILITIES $ 87,986 $ 66,359
r~ Fund Balance:
Reserved $ 172,167 $ 140,073
II Unreserved 916,869 746,978
TOTAL FUND BALANCE $1,089,036 $ 887,05l
r- TOTAL LIABILITIES AND FUND BALANCE ~h~n?:~~~ t=~~~?:~~~
I r--
I f-
I¡- The notes to the financial statements are an integral part of this
statement.
I r- -22-
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I
CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE
For The Year Ended December 31, 1989 and 1988
1989
REVENUES:
General Property Tax
Licenses and Permits
Intergovernmental Revenue
Charges For Services
Fines and For~eits
Special Assessments
Other
$ 89,390
34,249
435,077
84,100
32,931
3,639
87,291
TOTAL REVENUE
$ 766,677
OTHER SOURCES:
Sale Of General Fund Assets
$ 1,581
$ 768,258
TOTAL REVENUES & OTHER SOURCES
EXPENDITURES:
General Government
Public Safety
Streets and Highways
Recreation
Other
$ 136,382
239,358
134,715
44,788
1,506
TOTAL EXPENDITURES
$ 556,749
OTHER USES:
Transfers To Other Funds
9,524
TOTAL EXPENDITURES & OTHER USES
$ 566,273
$ 201,985
NET INCREASE (DECREASE) IN FUND BALANCE
FUND BALANCE, January 1
887,051
FUND BALANCE, December 31
H!:~~~!:~~~
EXHIBIT A-2
1988
$ 143,649
26 , 617
351,273
74,879
28 ,285
9,172
62,684
$ 696,559
$ 2,198
$ 698,757
$ 142,934
242,471
132,527
39,491
$ 557,423
13,725
$ 571,148
$ 127,609
759,442
$ 887 051
======:!:===
The notes to the financial statements are an integral part of this
statement.
-23-
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I - EXHIBIT B-1
I r~ CITY OF ST. JOSEPH, MINNESOTA
SPECIAL REVENUE FUND
I, BALANCE SHEET
December 31, 1989 and 1988
Ir Recrea- Federal
tion Revenue Total
Center Sharing 1989 1988
Ir ASSETS
Cash $ $ $ $
Ir Investments 12,552 4,400 16,952 47,000
Interest Receivables 208
Ir TOTAL ASSETS tH?:~~~ t=~~~~~ $ 16 952 $ 47 208
====,;=== ====t:===
Ir LIABILITIES AND FUND BALANCE
Liabili ties:
Ir Cash Deficit $ $ 1,741 $ 1,741 $ 3,639
Accounts Payable 1,210 1,210
Due To Other Funds 1,950
r TOTAL LIABILITIES $ $ 2,951 $ 2,951 $ 5,589
Fund Balance 12,552 1,449 14,001 41,619
r TOTAL LIABILITIES AND FUND BALANCE *=~~t:~~~ ~--~.!.~ºº $ 16 952 ~_~L~ºª
-------- ====t:=== --------
r
r
r
..
r
I
The notes to the financial statements are an integral part of this
. statement.
-27-
II
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EXHIBIT B-2
CITY OF ST. JOSEPH, MINNESOTA
SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989 and 1988
Recrea-
tion
Center
REVENUES:
$ 12,442
no
Donations
Interest
$ 12,552
TOTAL REVENUES
EXPENDITURES:
$
Capital Outlay
Other
TOTAL EXPENDITURES
$
NET INCREASE (DECREASE) IN FUND
BALANCE DURING THE YEAR
$ 12,552
FUND BALANCE, January 1
FUND BALANCE, December 31
~_!~.!.22~
--------
Federal
Revenue
Sharing
Total
1989----19~
$
$ 12,442 $
3,447 4,171
$ 15,889 $ 4,171
3,337
$ 3,337
$ 43,507 $ 43,507 $ 23,308
24
----
$ 43,507 $ 43,507 $ 23,332
$(40,170) $(27,618) $(19,161 )
41,619 41,619 60,780
~__!.!.~~2 ~_!~.!.QQ! ~_~!.!.~!2
-------- -------- --------
-28-
The notes to the financial statements are an integral part of this
statement.
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r
r EXHIBIT C-1
r CITY OF ST. JOSEPH, MINNESOTA
CAPITAL PROJECTS FUND
BALANCE SHEET
r December 31, 1989 and 1988
r 1986 Sewer
1989 1988
---
ASSETS
r --
Cash $ $ 55,969
Investments 287,229
r Interest Receivable 3,689
Special Assessments Receivable-Current 18,386
Special Assessments Receivable -Noncurrent 214,368
r Due From Other Funds 231,382
Due From Other Governmental Units 4,902
-~-
TOTAL ASSETS *======~ *~~~~~~~
r
LIABILITIES AND FUND BALANCE
r -----
Due To Other Funds $ $ 6,030
Deferred Revenue 232,754
--
I TOTAL LIABILI1TES $ $238,784
I Fund Balance 577,141
TOTAL LIABILITIES AND FUND BALANCE *======~ ~ª!2â~2
--------
I
I
I
I
I
I The notes to the financi 21 statements are an integral part of this
statement.
-30-
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
EXHIBIT C-2
CITY OF ST. JOSEPH, MINNESOTA
CAPITAL PROJECTS FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989 and 1988
1986 Sewer
--ygs9 1988
REVENUES:
Federal Grant
State Grant
Hook-ups
Special Assessments
Interest - Special Assessments
Interest - Investments
$
$
73,363
14,700
32,938
20,910
22,086
$
$163,997
TOTAL REVENUES
OTHER USES:
Transfers To Other Funds
$577 ,141
TOTAL OTHER USES
$577,141
$
$
NET INCREASE (DECREASE) IN FUND BALANCE
($577 , 141)
FUND BALANCE, January 1
577,141
$163,997
413,144
FUND BALANCE, December 31
*======~
*nr~~~~
The notes to the financial statements are an integral part of this
statement.
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'-'
EXHIBIT E-1
CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1989
(With Comparative Totals For December 31, 1988)
Plant Opera-
tion and
Sanitary Water Maintenance Total
Fund Fund Fund 1989 1988
ASSETS
Current Assets:
Cash $ $ 641 $ $ 641 $ 1,529
Investments 22,7lJl 20,012 92,062 134,815 139,778
Accounts Receivable 19,173 72,567 9l,7lJO 72,523
Interest Receivable 700 33 733 399
Sp. Assessments Rec. 1,489 1,489 2,217
Due From Other Funds 5,576 5,576 6,690
Due From Other Govern-
mental Units 368 372 368 1,108 138
TOTAL CURRENT ASSETS $ 23,109 $ 42,387 $ 170,606 $ 236,102 $ 223,274
Fixed Assets:
Land $ $ 12,996 $ lJ,940 $ 17,936 $ 17,936
Building 517,983 517,983 517,983
Less: Allow. For Depr. (6lJ,748) (64,748) (38,849)
Treatment Plant/Lines 48lJ,966 1,403,164 1,888,130 1,887,378
Less: Allow. For Depr. (138, 52lJ) (289,936) (428,460) <392,190)
Machinery & Equipment 26,907 110,llJlJ 137,051 llJ5,6lJ7
Less: Allow. For Depr. (10,543) (22,368) (32,911) (32,004)
Construction in Progress 2,61lJ 2,614
TOTAL FIXED ASSETS $ $378,416 $1,659,179 $2,037,595 $2,105,901
TOTAL ASSETS *=~~~~~~ *~~~?:~~~ H~~~~,;¡~~ *~,;~¡~,;~~¡ *~,;~~~?:H~
LIABILITIES, CONTRIBUTIONS
AND RETAINED EARNINGS:
Current Liabilities:
Deficit Cash Balance $ 7,140 $ $ 471 $ 7,611 $ 11 , lJ04
Due To Other Funds 20,000 20,000 953
Accounts Payable 5,328 4,5lJ5 12,084 21,957 19,396
Due To Other Governmental
Units llJ8 21 169
Deferred Revenue 368 1,857 368 2,593 2,217
TOTAL LIABILITIES $ 12,836 $ 26,550 $ 12,944 $ 52,330 $ 33,970
Contributions From
Other Funds $ 3,725 $265,135 $2,030,lJ55 $2,299,315 $2,308,618
Ret. Earn./Unres. 6,5lJ8 129,118 (213,614) (77,948) 03,413)
Total Fund Equity $ 10,273 $39lJ,253 $1,816,841 $2,221,367 $2,295,205
TOTAL LIABILITIES, CON-
TRIBUTIONS & RETAINED
EARNINGS $ 23 109 *~~~~~~~ *h~~~,;¡~~ *~~~¡~,;~n *~,;~~~,;H~
====,;===
-35-
EXHIBIT E-2
CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUND
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1989
(With Comparative Totals For The Year Ended December 3l, 1988)
Plant Opera-
tion and
Sanitary Water Maintenance Total
Fund Fund Fund 1989 1988
REVENUES:
Sales & Rental Charges $ 81,216 $ 72,294 $ 107,443 $ 260,953 $ 255,123
Service & Permits 15,669 3,800 19,469 11 , 704
Miscellaneous l,263 1,263 2,974
TOTAL REVENUES $ 81,216 $ 89,226 $ 111,243 $ 281,685 $ 269,801
EXPENSES:
General & Administrative $ $ 43,095 $ 7,969 $ 51,064 $ 57,709
Waste Collection Cont. 90,7lJO 90,740 64,737
Pumping & Utilities 10,72lJ 10,724 l4,O04
Water Purification 4,992 4,992 7,639
Water Distribution 15,315 15,315 7,184
Sewage Treatment Plant 83,105 83,105 57,198
Depreciation 11,461 57,751 69,212 67,728
Miscellaneous 4,42Q 4,420 2,356
TOTAL EXPENSES $ 90,740 $ 90,007 $ 148,825 $ 329,572 $ 278,555
OPERATING INCOME (LOSS) $ (9,524) $ (781) $ <37,582) $ (47,887) $ (8,754)
OTHER INCOME (EXPENSES)
Transfer From Other Funds $ 9,52lJ $ $ $ 9,524 $ 13,725
Interest Income-Sp. Assess. 192
Interest Income-Investments 1,430 7,890 9,320 12,708
OTHER INCOME - NET $ 9,52lJ $ 1,430 $ 7,890 $ 18,844 $ 26,625
NET INCOME (LOSS) $ 0 $ 649 $ (29,692) $ (29,043) 17,871
PRIOR PERIOD ADJUSTMENT (11,2l7) (11 ,781) (12,494) <35,492)
RETAINED EARNINGS, (DEFICIT)
January 1 17 , 765 140,250 (171,428) 03,413) <31, 28lJ)
RETAINED EARNINGS, (DEFICIT)
December 31 t=~~~~~ H~~~ H~ $ (213,614) $ (77 948) $ (13,413)
========== ======,;=== ==========
The notes to the financial statements are an integral part of this statement.
-36-
EXHIBIT E-3
CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1989 and 1988
Plant Opera-
tion and
Sanitary Water Maintenance Total
Fund Fund Fund 1989 1988
SOURCES OF FINANCIAL RESOURCES:
Operations:
Net Income (Loss) For The
Year $ $ 6lJ9 $ (29,692) $ ( 29 , 043) $ 17 , 871
Add: Items Not Requiring
Current Outlay of Resources:
Depreciation 11,461 57,751 69,212 67,728
Loss on Disposal of Equip. 4,OlJ2 4,042 109
TOTAL RESOURCES PROVIDED BY
OPERATIONS $ $ 16,152 $ 28,059 $ 44,211 $ 85,708
USES OF FINANCIAL RESOURCES:
Prior Period Adjustment $ 11,217 $ 11,781 $ 12,494 $ 35,492 $
Acquisition of Fixed Assets 13,913 338 14,251 131,423
TOTAL USES OF FINANCIAL
RESOURCES $ 11, 2l 7 $ 25,694 $ 12,832 $ 49,743 $ 131,423
NET INCREASE (DECREASE) IN
WORKING CAPITAL $(11 217) $ (9 542) $ 15 227 $ (5 532) $ (45,715)
====,;=== ====,;=== ======,;=== ======?:=== ==========
COMPONENT ELEMENTS OF
INCREASE (DECREASE) IN
WORKING CAPITAL:
Cash $ $ 641 $ (1,529) $ ( 888) $ (8,198)
Investments (4,077) 7,012 (7,898) ( 4 , 963) (82,240)
Accounts Receivable (9,296) 28,513 19,217 5l,589
Interest Receivable 690 (356) 334 ( 445 )
Special Assessments
Receivable (728) (728 ) (623)
Due From Other Funds (1,114) (1,114) ( 487 )
Due From Other Govern-
mental Units 368 246 356 970 ( 375 )
Accounts Payable 1,196 <3,757) (2,561) 6,603
Deferred Revenue ( 368 ) 360 <368 ) ( 376 ) 623
Due To Other Funds (19,805) 758 (19,047) (758)
Deficit Cash Balance (7,llJO) 11 , lJ04 (471 ) 3,793 (11,404)
Due To Other Govern-
mental Funds (148 ) (21) (169)
NET INCREASE (DECREASE) IN
WORKING CAPITAL $(11 217) $ (9 542) $ 15,227 $ (5 532) $ (45 715)
====,;=== ====,;=== ========== ======~=== ======,;===
The notes to the financial statements are an integral part of this statement.
-37-
EXHIBIT F-1
CITY OF ST. JOSEPH, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS BY FUND - BY SOURCE
December 31, 1989 and 1988
1989 1988
-
GENERAL FIXED ASSETS:
Land $ lJ9,479 $ 49,479
Buildings 245,184 241,442
Improvements Other Than Buildings 50,360 7,684
Machinery and Equipment 226,203 202,354
Office Furniture 42,292 27,936
Motor Vehicles 3l,321 41,883
Other Equipment 113,5lJ3 ~2,769
TOTAL GENERAL FIXED ASSETS $ 758 382 $ 683 547
======,;=== ======,;===
INVESTMENT IN GENERAL FIXED ASSETS FROM:
General Revenue Fund $ 456,795 $ 414,205
Special Assessments 59,013 59,013
Revenue Sharing 241,380 209,l35
Capital Projects -~~ _-.J:,194
TOTAL INVESTMENT IN GENERAL FIXED
ASSETS ~__72ª.!.~ª~ $ 683 547
---------- ======,;===
The notes to the financial statements are an integral part of this
statement.
-38-
I
I EXHIBIT G-1
I CITY OF ST. JOSEPH, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1989 and 1988
I
1989 1988
I BOND PRINCIPAL
I Amount Available in Debt Service Fund $1,267,466 $ 523,095
Amount To Be Provided in Future Years (178,466) 718,905
I AMOUNT AVAILABLE AND TO BE PROVIDED
FOR THE PAYMENT OF GENERAL LONG-TERM
DEBT H:?:~~~,;~~~ H,;~~~:?:~~~
I
BONDS PA YABLE
I Bonds Payable - Current Portion $ 152,000 $ 153,000
Bonds Payable - Noncurrent Portion 937,000 1,089,000
I TOTAL BONDS PAYABLE ~!.!.ºª2.!.ººº H:?:~~~,;~~~
----------
I
I
I
I
I
I
I
I The notes to the financial statements are an integral part of this
statement.
I -39-
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"r
'r CERTIFIED PUBLIC ACCOUNTANT
~r1¡n 1~ lIøt,dUlutnn
"THE CONVENT"
,- WATKINS, MINNESOTA 5S389
TEL. (612) 764-5822
I' AUDITOR'S REPORT ON COMPLIANCE
WITH STATE LAWS
r Honorable City Mayor and Members
I of the City Council
City of St. Joseph
St. Joseph, Minnesota 56374
r I have examined the general purpose financial statements of the City of
St. Joseph, Minnesota, for the year ended December 31, 1989, and have
r issued my report thereon dated December 28, 1990. My examination was made in
accordance with generally accepted auditing standards and the standards for
financial and compliance audits contained in the provisions of the Legal
Compliance Audit Guide promulgated by the Legal Compliance Task Force
r pursuant to Minnesota Statute, Section 6.65, and accordingly included such
tests of the accounting records and such other auditing procedures as I con-
sidered necessary in the circumstances.
( The management of the City of St. Joseph is responsible for the City's com-
pliance with laws and regulations. In connection with my examination re-
I ferred to above, I selected and tested transactions and records to determine
the City's compliance with laws and regulations noncompliance with which
could have a material effect on the general purpose financial statements of
the City.
I The Minnesota Legal Compliance Audit Guide For Local Governments covers six
main categories of compliance to be tested: contracting and bidding, de-
I posits and investments, conflicts of interest, public indebtedness, claims
and disbursements, and Relief Associations. My study included all of the
listed categories. The results of my test indicate that for the items tested,
I the City of St. Joseph, Minnesota, complied with the material terms and
conditions of the legal provisions. Further, for the items not tested, based on
my examination and the procedures referred to above, nothing came to my atten-
tion to indicate that the City of st. Joseph had not complied with such legal
I provisions.
This report is intended solely for the use of management and the State of
I Minnesota Office of the State Auditor and should not be used for any other
purpose. This restriction is not intended to limit the distribution of
this report, which is a matter of public record.
I /¿-~_jL,- Þ:.---~-
I
Watkins, Minnesota
December 28, 1990 MARLIN J. BOECKMANN, C.P.A.
I -41-