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Home My WebLink About1990 Audit Report CITY OF ST. JOSEPH, MINNESOTA AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED DECEMBER 31,1990 :Øtatlht ,. ~Otctmann CERTIFIED PUBLIC ACCOUNTANT WATKINS, MINNESOTA I I I I I I !I I I I I I I CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1990 I. INTRODUCTORY SECTION City Officials II. FINANCIAL SECTION General Purpose Financial Statements: Auditor's Report Combined Balance Sheet-All Fund Types and Account Groups Combined Statement of Revenues, Expenditures, and Changes in Fund Balance-All Government Fund Type Combined Statement of Revenue, Expenditures, and Changes in Fund Balance-Budget and Actual- General, Special Revenue and Debt Service Funds Statement of Revenues, Expenses, and Changes in Retained Earnings-Proprietary Fund Type Statement of Changes in Financial Position- Proprietary Fund Type Notes To The Financial Statements III. SUPPLEMENTAL INFORMATION General Fund: Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual Schedule of Revenues-Budget and Actual Schedule of Expenditures-Budget and Actual Special Revenue Fund: Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual Debt Service Funds: Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balance Comparative Statements of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual Enterprise Funds: Combining Balance Sheet Combining Statement of Revenues, Expenses, and Changes in Retained Earnings Combining Statement of Changes in Financial Position I I I I I I Reference Page 1 2 Exhibit 1 3 Exhibi t 2 4 Exhibit 3 5 Exhibit 4 6 Exhibit 5 7 8 Exhibit A-1 24 Exhibit A-2 25 Exhibit A-3 26 Exhibit A-4 27 Exhibit B-1 29 Exhibit B-2 30 Exhibit B-3 31 Exhibit C-1 32 Exhibit C-2 33 Exhibit C-3 34 Exhibit D-1 35 Exhibit D-2 36 Exhibit D-3 37 CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1990 (Continued) Reference Page General Fixed Asset Group of Accounts: Statement of General Fixed Assets by Fund-By Source Exhibit E-l 38 General Long-Term Group of Accounts: Statement of General Long-Term Debt Exhibit F-l 39 Combined Schedule of Indebtedness Exhibit F-2 40 IV. LEGAL COMPLIANCE REVIEW Auditor's Report on Compliance With State Laws 41 I I CITY OF ST. JOSEPH, MINNESOTA I CITY OFFICIALS For The Year Ended December 31, 1990 I I ELECTED OFFICIALS TERM OF OFFICE TERM EXPIRES Mayor Michael Loso Two Years 12-31-90 I Councilman Ross Rieke Four Years 12-31-92 Councilman Leo Sadlo Four Years 12-31-92 I Councilman Steven Dehler Four Years 12-31-90 Councilman Donald Reber Four Years 12-31-90 I OFFICIALS NOT ELECTED I City Clerk/Administrator I Rachel Stapleton I I I I I I I I -1- I CERTIFIED PUBLIC ACCOUNTANT ~r1in )~ J:lItttJlmmrt1tu "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 56374 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, 1990, as listed in Section II of the Table of Contents. These financial statements 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- æents based on my audit. 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 œisstate- mente 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 manage- ment, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. In my opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of St. Joseph, St. Joseph, Minnesota, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles. My audit was œade for the rurpose 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 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 ~L~ April 15, 1991 MARLIN J. BOECKMANN, C.P.A. -2- ~ ~ ~ ~ H W ro ~ w ~ ~tJj ~ 3: ~H tJj~ ~~~~~~~WH~~H~~ ::s s:: .....·H 0 AJ ..a S::AJ ros::s::aaAJI-''O::SOAJ::SAJ~ o ~ ~ ~::O~H::S ~ ~~~tJj~~~~AJ~ ~ ::s~o~ro'O~"""::S~l-'rorooo><l-'roc-r-O><<:toW c-r- 00 s::roo::so. 0 roS::S::Oo.OOAJO'H 0 toro~roAJ"rol-'o.ro...... 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JOSEPH, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENT FUND TYPES For The Year Ended December 31, 1990 (With Comparative Totals For The Year Ended December 31, 1989) Total ______Gov~rnmental Fund Types (Memorandum Only) Special Debt December December General Revenue Service 31, 1990 31, 1989 - -- REVENUES: Taxes $ 83,447 $ $ 1,195 $ 84,642 $ 90,933 Licenses/Permits 25,084 25,084 34,249 Intergovernmental Revenue: Federal 20,393 State 464,035 464,035 578,141 Charge for Services 67,579 67,579 84,100 Fines and Forfeits 31,970 31,970 32,931 Assessments 26,214 51,815 78,029 79,250 Other/Interest 126,275 42,324 117,099 285,698 271,690 TOTAL REVENUE $ 824,604 $ 42,324 $ 170,109 $1,037,037 $1,191,687 OTHER SOURCES: Sale of Assets 1,581 Trans. From other Funds __ 57L141 TOTAL REVENUES & OTHER SOURCES $ 824,604 $ 42,324 $ 170,109 $1,037,037 $1,770,409 EXPENDITURES: General Government $ 174,188 $ $ $ 174,188 $ 136,382 Public Safety 293,621 293,621 239,358 Streets & Highways 243,394 243,394 134,715 Recreation 70,005 70,005 44,788 Capital Outlay- Equipment 1,449 1,449 43,507 Other-Interest 1,885 448 298,967 301,300 246,224 TOTAL EXPENDITURES $ 783,093 $ 1,897 $ 298,967 $1,083,957 $ 844,974 OTHER USES: Trans. To Other Funds $ 15,487 $ $ $ 15 , 487 $ 586,665 TOTAL EXPENDITURES AND OTHER USES $ 798,580 $ 1,897 $ 298,967 $1,099,444 $1,431,639 NET INCREASE (DECREASE) IN FUND BALANCE DURING THE YEAR $ 26,024 $ 40,427 $ (128,858) $ (62,407) $ 338,770 FUND BALANCE January 1 1,089,036 14,001 1,267,466 2,370,503 2,031,733 FUND BALANCE December 31 H:?:H~:?:~~~ $ 54 428 H:?:~~~!:~~~ H:?:~~~!:~2g ~~!:~¡~!:~~~ ======!:=== The notes to the financial statements are an integral part of this statement. -4- I I - - - - - - ~ ~ ~ tJjz 0 ~ 0 ::0 ~ e::: e::: ~~ ~ :>< ~ ~ ro Z Z ~~ ::r: '1:1 ::r: <: ~ ~ ~ ~ ~ ~ ~ O::OW'1:IQ ~ ~ W~ ~ ~ O~~ H~~ ~ ::s ZH 0 .. ::0 0 c-r-ro c-r-s:: ro Z 0 AJ .. ::0 0 c-r-...... ~ ::s ...... 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I-' IIVl Vl 0'\ 0'\ 0'\ I-' I-' N ~ '-" IIW W Vl Vl Vl \0 \0 0 I-' 0 II'" ~ ~ ~ ~ ~ ~ ~ ~ tp<: 110'\ 0'\ 0:> 0:> 0:> Vl Vl 0'\ 0 s:: ro II CO CO W W W N N I-' \0 A... 110'\ 0'\ CO 0:> 0:> ~ ~ ~ 0 ()q II ....., ro II c-r- . EXHIBIT 4 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF REVENUES, EXPENSES, & CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Year Ended December 31, 1990 and 1989 1990 1989 OPERATING REVENUE: Water $ 89,458 $ 89,226 Plant Operation and Maintenance 113,978 111,243 Sanitation 72,851 81,216 TOTAL $ 276,287 $ 281,685 OPERATING EXPENSES: Water $ 109,989 $ 90,007 Plant Operation and Maintenance 150,621 148,825 Sanitation 88,338 90,740 TOTAL $ 348,948 $ 329,572 OPERATING INCOME (LOSS) $ (72,661) $ (47,887) OTHER INCOME (EXPENSES): Transfers From Other Funds $ 15,487 $ 9,524 Interest Income 14,315 9,320 Loss on Property Disposal (7,325) TOTAL OTHER INCOME $ 22,477 $ 18,844 NET INCOME (LOSS) $ (50,184) $ (29,043) PRIOR PERIOD ADJUSTMENT (35,492) RETAINED EARNINGS, (DEFICIT) January 1 (77,948) (13,413) RETAINED EARNINGS, (DEFICIT) December 31 ~=H~~!~~~) $ (77 948) ======:?:=== The notes to the financial statements are an integral part of this statement. -6- EXHIBIT 5 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF CHANGES IN FINANCIAL POSITION - PROPRIETARY FUND TYPE For The Year Ended December 31, 1990 and 1989 1990 1989 --- RESOURCES PROVIDED: Operations: Net Income (Loss) $ (50,184) $ (29,043) Add (Deduct) Items Not affecting Working Capital: Depreciation 68,800 69 , 212 Loss on Disposal of Equipment 7,325 4,042 Total Funds Provided By Operations $ 25,941 $ 44,211 OTHER SOURCES OF FINANCIAL RESOURCES: Sale of Fixed ASßets 4,000 TOTAL RESOURCES PROVIDED BY ALL SOURCES $ 29,941 ~4,21~ USES OF FUNDS: Prior Period Adjustment $ $ 35,492 Additions To Plant & Equipment 4,773 14,251 TOTAL RESOURCES USED $ 4,773 $ 49,743 INCREASE (DECREASE) IN WORKING CAPITAL $ 25 168 $ (5 532) ======!:=== ======:?:=== REPRESENTED BY CHANGES IN: Current Assests - Increase (Decrease): Cash $ 89,395 $ (888) Investments (13,510) (4,963) Accounts Receivable (53,994) 19,217 Interest Receivable 5,780 334 Special Assessments Receivable (594) (728 ) Due From Other Funds (5,576) (1,114 ) Due From Other Governmental Units (373) 970 TOTAL CURRENT ASSETS ~1,128 $ 12,828 Current Liabilities - Increase (Decrease): Accounts Payable $ 1,694 $ (2,561) Accrued Liabilities (6,361) Deferred Revenue 963 (376) Due To Other Funds (19,047) Deficit Cash Balance 7,611 3,793 Due To Other Governmental Funds 133 (169 ) TOTAL CURRENT LIABILITIES $ 4,040 $ (18 ,360 ) INCREASE (DECREASE) IN WORKING CAPITAL $ 25,168 $ (5,532) ---------- ---------- ---------- ---------- The notes to the financial statements are an integral part of this statement. -7- CITY OF ST. JOSEPH, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS December 31, 1990 NOTE 1 - 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 fin- ancial statements of the City of st. Joseph have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the government's accounting policies are described below. A. REPORTING ENTITY In evaluating how to define the government for financial reporting pur- poses, management has considered all potential component units. The de- cision 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 re- porting entity is the governing body's ability to exercise oversight responsibility. The most significant manifestation 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 signifi- cantly 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 government 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 evalu- ate 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 component unit addressed in defining the govern- ment'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 se1f- balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures, or expense, as appropriate. Government re- -8- sources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities 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: 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 rBsources to be used for the acquisition or construction 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 accounting and financial reporting treatment applied to a fund is determined by its measurement forms. All governmental funds are accounted for using a current financial resources measurement forms. With this measurement forms, only current assets and current liabilities generally -9- are included on the balance sheet. Operating statements of these funds present increases (L e. , revenues and other financing sources) and de- creases (Le. , expenditures and other financing uses) in net current assets. The Modified Accrual basis of accounting is used by certain governmental fund types (General Fund, Capital Projects Fund, Special Revenue Funds, Debt Service Funds). Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they be- come both measureable and available). "Measureable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. 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. 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. Annual budgets are adopted for the general, special revenue, and debt service funds. Project-length financial plans are adopted for all capital projects funds. An object budget is used with emphasis on allocations of resources to given city units for specific revenues and expenditures. The budget is prepared on a basis consistent with the accounting utilized in each fund. Budgetary comparisons are included in the appropriate 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 $500 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 $500 and over are capitalized. The assets, other than land, are de- -10- 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 accrues for vacation and sick pay. 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 measureable 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 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. INTER FUND 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, -11- 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 AND DESIGNATED 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). 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, 1990 reserved balance for each of the funds are: Joint Operating Fire · · · · · · · · · · · · · · .$164,766 Special Police . . . · · · · · · · · · · · · · · . (2,327) Street Maintenance . · · · · · · · · · · · · · · . 38,149 Net Balance Reserved, General Fund · · · · · · · .~~~~!:~~~ Designated Fund Equity represents Council designated amounts for specific future City needs. 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 $2,508,292 consisting of Certificates of Deposits and checking accounts and the bank balance collateral was $3,052,954. Collateral was categorized as follows: -12- Insurance by FDIC. . . . . · · · · · · · · · · · .$1,900,000 Collateral in Safekeeping. · · · · · · · · · · · . 1,152,954 Total Bank Collateral. . . · · · · · · · · · · · '~~~~~~!:2~~ NOTE 4 TAXES RECEIVABLE The delinquent taxes receivable represents the past six years of uncollect- ed tax levies. NOTE 5 - SPECIAL ASSESSMENTS RECEIVABLE - ALLOWANCE FOR UNCOLLECTIBLE ASSESSMENTS RECEIVABLE Generally, delinquent assessments and taxes receivable have been im- material in amount and ultimately collectible. The delinquencies in the 1983 Bond Improvement Debt Service Fund and its related debt, however, are $129,728 as of 12-31-90. Though these receivables are supported by liens on the under- lying property, the City has decided to make the conservative estimate of full allowance of the receivables as uncollectab1e. The county auditor's office has filed a judgment for the delinquent assessments. The property was forfeited to the state and placed up for sale. The property is being sold with proceeds going to satisfy the assessments and taxes. It cannot be ascertained if proceeds will be adequate to satisfy the assessments and taxes. NOTE 6 - INTERFUND RECEIVABLES AND PAYABLES Interfund receivables and payables represent short-term interfund financing amount. Schedule of Interfund Receivables and Payables at December 31, 1990: Due To: 1972 Improvements . . . . · · · · · · · · · · · · · .$ 20,000 Total Interfund Receivables · · · · · · · · · · · · .~=~~!:~~~ Due From: Water Fund. . . . . . . . · · · · · · · · · · · · · .$ 20,000 Total Interfund Payables. · · · · · · · · · · · · · .~=~~~~~~ NOTE 7 - DUE FROM OTHER GOVERNMENTS Due from Other Government Units includes primarily amounts due from the County. -13- NOTE 8 - 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 1990 tions ments 1990 Land $ 49,479 $ 30,358 $ $ 79,837 Buildings 245,184 7,166 252,350 Improvements Other Than Buildings 50,360 7,610 57,970 Machinery and Equipment 226,203 9,616 235,819 Office Furniture 42,292 900 4,950 38 ,242 Motor Vehicles 31,321 28,214 4,200 55,335 Other Equipment 113,543 113,543 Total General Fixed Assets n~~!:~~~ $ 83 864 $ 9 150 *~~~!:~2~ ====:?:=== ====:?:=== -14- The following is a summary of changes in the enterprise funds fixed assets account during the year: Jan. 1 Addi- Retire- Depreci- Dec. 31 1990 tions ments ation 1990 WATER FUND: Land $ 12,996 $ $ $ $ 12,996 Buildings 484,966 3,378 488,344 Less: Allow. for Depr. (138,524 ) 9,981 (148,505 ) Machinery & Equipment 26,907 1 , 395 28,302 Less: Allow. for Depr. (10,543) 1,329 (11,872) Canst. In Progress 2,614 2,614 TOTAL WATER FUND $ 378,416 $ 4,773 $ $ 11,310 $ 371,879 PLANT OPERATION & MAINTENANCE: Land $ 4,940 $ $ $ $ 4,940 Buildings 517,983 517,983 Less: Allow. for Depr. (64,748) 25,899 (90,647) Lines 1,403,164 11,565 1,391,599 Less: Allow. for Depr. (289,936) (240) 26,046 (315,742) Machinery & Equipment 110,144 nO,144 Less: Allow. for Depr. (22,368) 5,545 (27,913) TOTAL PLANT OPERATION AND MAINTENANCE $1,659,179 $ $ 11, 325 $ 57,490 $1,590,364 ALL ENTERPRISE FUNDS- TOTAL FIXED ASSETS ~~:?:~n!:~2~ ~__~l.E~ $ 11 325 $ 68 800 H!:2~~!:~~~ -------- ====!:=== ====,;=== -15- NOTE 9 - LONG-TERM DEBT The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obli- gation bonds are direct obligations and pledge the full faith and credit of the City. The long term debt obligations and related maturities and interest rates are described in Supplementary Financial Information - Summary of Bonds Payable and the following schedules. Beginning Retirement Ending Bond of Bond Balance Bonds Balance 1-01-90 12-31-90 Bonds Payable 1972 Water & Sewer Improvements $ 20,000 $ 20,000 $ 0 1978 Improvement - East Side 85,000 15,000 70,000 1978A Street Improvement 19,000 19,000 0 1983 Improvement 185,000 60 ,000 125,000 1986 Improvement Construction 780,000 65,000 715,000 Total Bonds Payable H:?:~~2~~~~ ~__!I2Lººº $ 910 000 ---------- ======!:=== -16- Annual debt service requiremen s to maturity for general obligation bonds are as follows: BONDS PAYABLE 1978 1983 1986 EAST SIDE C INTON VILLAGE WASTEWATER IMPROVEMENTS ADDITION PROJECT TOTAL Princ. Interest Pr nc. Interest Princ. Interest Princ. Interest Payment during years(l) ending December 31 1991 $ 10,000 $ 4,040 $ ,000 $ 11,053 $ 65,000 $ 52,650 $100,000 $ 67,743 1992 10,000 3,480 ,000 8,952 65,000 48,360 100,000 60,792 1993 10,000 2,910 ,000 6,803 65,000 43,940 90,000 53,653 1994 10,000 2,340 l' ,000 5,482 65,000 39 ,390 90,000 47,212 1995 10,000 1,760 1 ,000 4,133 65,000 34,710 90,000 40,603 1996 10,000 1,180 1 ,000 2,767 65,000 29,900 90,000 33,847 1997 10,000 590 1 ,000 1,387 65,000 25,025 90,000 27,002 1998 65,000 20,085 65,000 20,085 1999 65,000 15,080 65,000 15,080 2000 65,000 10,075 65,000 10,075 2001 65,000 5,037 65,000 5,037 Total $ 70 000 ~_~§l.~ºº H~ ?:~~~ $ 40 577 ~E21.ººº ~~~~!:~~~ ~~~~!:~~~ ~~~hH~ ====!:=== -------- ====!:=== -------- (1) principal and one-half the interest is due on Though the annual payment 0 January 1 of each year, those 'nstallments are treated as paid as of each December 31 of the preceding year. -17- General obligation bonds currently outstanding are as follows: BONDS PAYABLE TOTAL 1978 East 1983 1986 Side Clinton Wastewater Improvement Vi1l. Add. Project Amount of Original Issue $ 310,000 $ 485,000 $1,400,000 $2,195,000(1) Date of Issue 5-04-78 9-08-83 8-15-86 Interest Rate 5.63% 8.479% 5.25%-7.75%(2) Annual Payments of Principal: Years Ending December 3~, 1991 $ 10,000 $ 25,000 $ 65,000 $ 100,000 1992 10,000 25,000 65,000 100,000 1993 10,000 15,000 65,000 90,000 1994 10,000 15,000 65,000 90,000 1995 10,000 15,000 65,000 90,000 1996 10,000 15,000 65,000 90,000 1997 10,000 15,000 65,000 90,000 1998 65,000 65,000 1999 65,000 65,000 2000 65,000 65,000 2001 65,000 65,000 Outstanding Balance December 31, 1990 $ 70 000 $ 125 000 ~==H~~~~~ *==~~~~~~~ ======!:=== ======!:=== (l)All debt authorized has been issued. (2)Interest rates range from 5.25% for the earliest maturity to 7.75% for the latest maturities. -18- NOTE 10 - PENSION PLANS 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: A. VOLUNTEER FIREMEN'S RELIEF ASSOCIATION 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- mated state aid and interest earnings of the pension fund. In 1990, the City accrued $7,078 for contributions to the fund. B. INTERNATIONAL CITY MANAGER ASSOCIATION (ICMA) The City Clerk/Administrator is covered by a defined contribution plan 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, 1990 was $32,568. Total contributions made during 1990 amounted to $2,756 of which $1,378 was made by the City and $1,378 was made by the employee. C. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA) l. Plan Description 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 Retirement Fund which is a cost-sharing multiple-employer public employee retirement system. The City's payroll for employees covered by PER A plans for the year ended December 31, 1990, was $239,586; the City's total payroll was $297,734. All employees are eligible to participate in the PER A plans. Public Employees Retirement Fund members belong to either the Coordinated Fund 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- lished by State statute. PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors upon death of eligible members. Benefits are established by State Statute, and vest after 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, 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 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. -19- There are different types of annuities available to members upon retirement. A normal annuity is a lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are also various types of joint and survivor annuity options available which 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 available at any time to members who leave public service, but before retirement benefits begin. 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 equal to the amount required by state statutes. Minnesota Statutes Chapter 356.215, subd. 4 (g) provides the formula for determining the date of full runding for the PERA which is 2020. As part of the annual actuarial valuation, PERA's actuary determines the sufficiency of the statuatory contribution rates towards meeting the required full funding deadline. The actuary compares the actual contribution rate to a "required" contribution rate. Current combined statuatory contribution rates and actuarially required contribution rates for the plans are as follows: Statuatory Rates Required Employees Employer Rates PERA Police & Fire 8.00% 12.00% 16.00% PERA Coordinated 4.23% 4.48% 8.71% Total contributions required and made by the City during the year ended December 31, 1990 were: PERA Amounts Employees Employer Total Contribution $ 14 037 $ 24 604 ====:?:=== ====:?:=== Total contributions made to PERA by all participating entities during the fiscal year ended June 30, 1990 are estimated to be approximately $84,289,000. The City's contributions to PERA for the year ended December 31, 1990 was an amount equal to approximately .046% of the estimated total contributions required of all participating entities. 3. Funding Status and Progress a. Pension Benefit Obligation The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects 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 actuarial present value of credited projected benefits, is intended to help users -20- assess PERA's funding status on a going-concern basis, assess pro- gress made in accumulating sufficient assets to pay benefits 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. The pension benefit obligations of the PERA - PERF - as of June 30, 1989, were as follows: Total pension benefit obligation $3,714,257,000 Net assets available for benefits, at cost (Market value is $3,801,129,000) 2,934,977,000 Unfunded pension benefit obligation $ 779 280 000 ======!:===!:=== The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1989. Net assets available to pay pension benefits were valued as of June 30, 1989. b. Changes in Actuarial Methods and Benefits Provision A number of benefit improvements became effective during fiscal year 1989. Some of the major improvements affecting each fund include a reduction in the period required for vesting from five years to three years; an option for members hired before July 1, 1989, to have their annuity calculated under a level benefit accrual formula; the interest rate credited on refunds of member contributions increased from 5 percent to 6 percent; and the provision for an automatic bounce back feature for all joint and survivor annuity options. In the PEPFF, age and/or service requirements were reduced for eligibility for a normal retirement annuity, and early retirement annuity, and for certain disability and survivor benefits. For each fund, there were changes in the actuarial assumptions used in the annual actuarial valuation. Effective for all funds beginning in fiscal year 1989, the preretirement interest rate assumption was increased from 8 percent to 8.5 percent. Additionally for the PERF and the PEPFF, the amortization target date has been changed to 2020. Shown below are the effects on the pension benefit obligation of these changes in plan benefits and actuarial assumptions. Increase (Decrease) in Pension Benefit Obligations Due To: (In Thousands) PERF PEPFF - Changes in plan benefits $127,472 $ 27,851 Changes in actuarial assumptions (84,154) (25,963) Net increase in pension benefit obligations $ 43 318 $ 1 888 ====!:=== ====:?:=== -21- 4. Trend Information Ten-year historical trend information is presented in PERA's State PERS Comprehensive Annual Financial Report for the year ended June 30, 1989. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. 5. Related-Party Investments During fiscal 1989 and as of June 30, 1989, PERA held no securities issued by the City or other related parties. NOTE 11 - FUND DEFICIENCIES/DEFICITS Expenditures exceeded revenues in certain individual funds for the year ended December 31, 1990 as follows: Special Revenue Fund: Revenue Sharing. · · · · · · · · · · · · · · · · · $ 1,449 Debt Service Fund: 1972 Sewer . · · · · · · · · · · · · · · · · · · · $ 14,427 1978A Street . · · · · · · · · · · · · · · · · · · 17,048 1983 Improvements. · · · · · · · · · · · · · · · · 48,097 1986 Sewer . · · · · · · · · · · · · · · · · · · · 65,666 Enterprise Fund: Water Fund . · · · · · · · · · · · · · · · · · · · $ 20,094 Plant Operation and Maintenance. · · · · · · · · · 30,090 Deficit fund balances at December 31, 1990 are as follows: Debt Service Fund: 1983 Improvement · · · · · · · · · · · · · · · · · $ 29,722 The Special Revenue Fund deficit operations represents the using up of Federal Revenue Sharing Funds. Debt Service Funds represent cash flow temporary timing differences except for the 1983 Improvement which probably will require a future transfer in. Plant Operations and Maintenance deficit operations will be corrected with a continued user rate increase. Note 12 continued on next page. -22- NOTE 12 - SEGMENT INFORMATION The City maintains three enterprise funds which provide water, sewer, and sanitation services. Segment information for the year ended December 31, 1990, is as follows: Plant Operation Total Sanitary Water and Enterprise Fund Fund Maintenance Funds Operating Revenue $ 72,851 $ 89,458 $ 113,978 $ 276,287 Operating Expenses 88,338 109,989 150,621 348,948 Operating Income (Loss) (15,487) (20,531) (36,643) (72,661) Other Income (Expenses) 437 6,553 6,990 Transfer From Other Funds 15,487 15,487 Net Income (Loss) 0 (20,094) (30,090) (50,184) Fixed Assets: Additions 4,773 4,773 Deletions 11 , 325 11 , 325 Net Working Capital 10,273 2,280 196,387 208,940 Total Assets 17,444 401,831 1,800,198 2,219,473 Total Equity 10,273 374,159 1,786,751 2,171,183 NOTE 13 - PRIOR PERIOD ADJUSTMENT The Prior Period Adjustment represents the correction of an error in calcu- lating the amount of Accounts Receivable at December 31, 1988. NOTE 14 - CONSTRUCTION IN PROGRESS Construction in Progress represents preliminary work on a new water tower. -23- EXHIBIT A-1 CITY OF ST. JOSEPH, MINNESOTA GENERAL FUND BALANCE SHEET December 31, 1990 and 1989 1990 1989 ASSETS Cash $ 7,666 $ 9,765 Investments 1,168,611 1,121,952 Taxes Receivable - Delinquent 2,975 12,661 Interest Receivable 41,656 11,613 Special Assessments Receivable - Current 4,878 2,687 Special Assessments Receivable - Deferred 51,094 15,513 Tax Levies Receivable 1,105 1,105 Due From Other Governmental Units 2,471 1,726 TOTAL ASSETS H:?:~~~!:~~g H!:~H:?:~~~ LIABILITIES AND FUND BALANCE Liabili ties: Accounts Payable $ 51,262 $ 25,250 Accrued Liabilities 32,005 Due To Other Governmental Units 12,405 29,927 Deferred Revenue 55,725 19,185 Advances 13,999 13,624 TOTAL LIABILITIES $ 165,396 $ 87,986 Fund Balance: Reserved $ 200,588 $ 172,167 Designated 830,000 Unreserved 84,472 916,869 TOTAL FUND BALANCE $1,115,060 $1,089,036 TOTAL LIABILITIES AND FUND BALANCE H~~~~!:~~g *hU¡~~~~ The notes to the financial statements are an integral part of this statement. -24- EXHIBIT A-2 CITY OF ST. JOSEPH, MINNESOTA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1990 and 1989 1990 1989 REVENUES: General Property Tax $ 83,447 $ 89,390 Licenses and Permits 25,084 34,249 Intergovernmental Revenue 464,035 435,077 Charges For Services 67,579 84,100 Fines and Forfeits 31,970 32,931 Special Assessments 26,214 3,639 Other 126,275 87,291 TOTAL REVENUE $ 824,604 $ 766,677 OTHER SOURCES: Sale of General Fund Assets 0 1,581 TOTAL REVENUES & OTHER SOURCES $ 824,604 $ 768,258 EXPENDITURES: General Government $ 174,188 $ 136,382 Public Safety 293,621 239,358 Streets and Highways 243,394 134,715 Recreation 70,005 44,788 Other 1,885 1,506 TOTAL EXPENDITURES $ 783,093 $ 556,749 OTHER USES: Transfers To Other Funds 15,487 9,524 TOTAL EXPENDITURES & OTHER USES $ 798,580 $ 566,273 NET INCREASE (DECREASE) IN FUND BALANCE $ 26,024 $ 201,985 FUND BALANCE, January 1 1,089,036 887,051 FUND BALANCE, December 31 *hH~!:~~~ H:?:~~~~~~~ The notes to the financial statements are an integral part of this statement. -25- - - - - ~ 0 0 ~ ~ H ~ ~ ~ ~ ~ H ::r:: Z H ~ ro ::r: ::r:: z ~ ~ ~ :>< W~ OWHH~ '1:1~~ O::o::r:~Q::O W~ Ztp~ Q~ 5 ¡u ::0 c-r-'O::s::s::o 0 o W c-r- ro ...... ...... ro Q c-r-::o o s:: Z ro W ~ ...... 1-:3 ~ ~ro c-r-c-r- ~ I-'S:: ~ ~O()q .. ::s ~ ~ O~'1:I::r:~P>Q 1-:3 ::s to W ~ ::s oo c-r- 0 ro W 0 0 ro 0 ro ro ::0 0 ...... ::s ~ 0 ro .. ::J ro ro W 0 c-r-.....·o 0 0 c-r- 0 0 I ...... ~ 0 ro ro ~ 0 ~ ~ .. ...... .. .. ~ ~ 0 c-r-z ~ .. ro :<: .. ~ ~"I-'Soro<: ~ tp::sw ~ .. to ~ o e::: ~ ~ ¡u ro ro <: ~ ro '<: ~ ~ ¡UP>'1:IP>~ ~ ro ro ...... ro P> ~ ~ s:: ro ~ ¡u ~ H¡::O ~ ~ ......CDto~ ~ ~ c-r-,<: "1-'0 ~ .. 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I-' --- --- --- ~~ s:: e::: 0 0 110'\ 0'\ N N ...... I-' --- 0:> ~ --- Vl W a. ::s <: c-r- IIN N W W I-' N N W \0 ~ Vl --:¡I-'Vl ()q a. ro s:: II'" ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ro ro .. AJ 110'\ 0'\ ~ ~ CO NNCO I-' W 0 0 CO VlO:>O c-r-.. ...... 110'\ 0'\ \0 \0 0:> Vl~\O 0\0 \0 0 0 -,,:]00'\ ....., 110 0 ~ ~ CO 0'\00 N 0'\ 0'\ N W 0'\ 0 -..:] '-" '-" '-" ....., '-" '-" ....., '-" '-" '-" '-" EXHIBIT B-1 CITY OF ST. JOSEPH, MINNESOTA SPECIAL REVENUE FUND BALANCE SHEET December 31, 1990 and 1989 Recrea- Federal tion Revenue Total Center Sharing 1990 1989 ASSETS Cash $ 557 $ $ 557 $ Investments 53,871 53,871 16,952 Interest Receivables TOTAL ASSETS ~_2~1.~~ª ~======~ ~_2~1.~~ª $ 16 952 -------- -- -- ---- ====!:=== LIABILITIES AND FUND BALANCE Liabili ties: Cash Deficit $ $ $ $ 1,741 Accounts Payable 1,210 Due To Other Funds TOTAL LIABILITIES $ 0 $ 0 $ 0 $ 2,951 Fund Balance 54,428 54,528 14,001 TOTAL LIABILITIES & FUND BALANCE *=~~!:~~~ *======~ $ 54 428 $ 16 952 ====!:=== ====:!:=== The notes to the financial statements are an integral part of this statement. -29- I I I I I I I I I I I I I I I I I I I 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, 1990 and 1989 Recrea- tion Center REVENUES: Donations Interest $ 39,688 2,636 $ 42,324 TOTAL REVENUES EXPENDITURES: Capital Outlay Other $ 448 TOTAL EXPENDITURES $ 448 NET INCREASE (DECREASE) IN FUND BALANCE DURING THE YEAR $ 41,876 FUND BALANCE, January 1 12,552 FUND BALANCE, December 31 $ 54 428 ====~=== Federal Revenue Sharing $ $ $ 1,449 $ 1,449 $ (l, 449 ) 1,449 ~======~ Total 1990 1989 $ 39,688 2,636 $ 42,324 $ 12,442 3,447 $ 15,889 $ 1,449 $ 43,507 448 $ 1,897 $ 43,507 $ 40,427 14,001 $ 54 428 ====~=== The notes to the financial statements are an integral part of this statement. -30- $(27,618) 41,619 ~_!~LQQ! -------- - - - - ~ ~ ~ ~z ~ ::0 ~ e::: e::: ::r:~ :>< ~ ro Z ê3 ~~ '1:1 <: ~ o~ ~ H~ ~ ::s ~!2! c-r-AJ Z ::s 0 z 0 tJj tJj ~ ~'O ~ ~ c-r-::s e::: c-r- ~ ~ ~~ 0 ro ...... 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(j) (j) '""'S III IIVl Vl I\) r\) -:J I\) OW O\\.OI\)-:J (1-'""'S I-' IIW W 0 0 W CO 0\\.0 I-' 1-'1-'.):::" 110 0 0\ 0\ 0\ I-'.):::"W I-' r\)-:JI\) I EXHIBIT D-1 CITY OF ST. JOSEPH, MINNESOTA I ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1990 I (With Comparative Totals For December 31, 1989) I Plant Opera- tion and Sanitary Water Maintenance Total Fund Fund Fund 1990 1989 I ASSETS Current Assets: Cash $ 1,769 $ $ 88,267 $ 90,036 $ 641 I Investments 13,813 92,062 105,875 134,815 Accounts Receivable 15,430 14,568 23,178 53,176 91,740 Interest Receivable 431 6,082 6,513 733 Sp. Assessments Receivable 895 895 1,489 I Due From Other Funds 5,576 Due From Other Governmental Units 245 245 245 735 1,108 I TOTAL CURRENT ASSETS $ 17, 444 $ 29,952 $ 209,834 $ 257,230 $ 236,102 Fixed Assets: I Land $ $ 12,996 $ 4,940 $ 17,936 $ 17,936 Building 517,983 517,983 517,983 Less: Allow. For Depr. (90,647) (90,647) (64,748) I Treatment Plant/Lines 488,344 1,391,599 1,879,943 1,888,130 Less: Allow. For Depr. (148,505 ) (315,742) ( 464 , 247) (428,460) Machinery & Equipment 28,302 110,144 138,446 137,051 Less: Allow. For Depr. (1l,872) (27,913) <39,785) (32,911) I Construction in Progress 2,614 2,614 2,614 TOTAL FIXED ASSETS $ $371,879 $1,590,364 $1,962,243 $2,037,595 I TOTAL ASSETS $ 17 444 ~~~~:?:~~~ ~h~~~!:H~ ~~:?:~~~!:~n ~~:?:~¡~:?:~n ====!:=== LIABILITIES, CONTRIBUTIONS I AND RETAINED EARNINGS: Current Liabilities: Deficit Cash Balance $ $ $ $ $ 7,611 I Due To Other Funds 20,000 20,000 20,000 Accounts Payable 6,926 2,700 10,637 20,263 21,957 Accrued Liabilities 3,796 2,565 6,361 Due To Other Governmental I Units 36 36 169 Deferred Revenue 245 1,140 245 1,630 2,593 TOTAL LIABILITIES $ 7,171 $ 27,672 $ 13,447 $ 48,290 $ 52,330 I Contributions From Other Funds $ 3,725 $265,135 $2,030,455 $2,299,315 $2,299,315 I Ret. Earn./Unreserved 6,548 109,024 (243,704 ) (128,132 ) (77,948) Total Fund Equity $ 10,273 $374,159 $1,786,751 $2,171,183 $2,221,367 I TOTAL LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS $ 17 444 ~~~h~~~ ~h~~~!:~2~ *~!:~~~!:~n *~:?:~n!:gn ====!:=== The notes to the financial statements are an integral part of this statement. I -35- · EXHIBIT D-2 I CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUND I COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1990 I (With Comparative Totals For The Year Ended December 31, 1989) Plant Opera- I tion and Sanitary Water Maintenance Total Fund Fund Fund 1990 1989 I REVENUES: Sales & Rental Charges $ 72,851 $ 75,353 $ 111,978 $ 260,182 $ 260,953 Service & Permits 13,336 2,000 15,336 19,469 I Miscellaneous 769 769 1,263 TOTAL REVENUES $ 72,851 $ 89,458 $ 113,978 $ 276,287 $ 281,685 I EXPENSES: General & Administrative $ $ 52,970 $ 9,165 $ 62,135 $ 51,064 Waste Collection 88,338 88,338 90,740 I Pumping & Utilities 11,366 11,366 10,724 Water Purification 24,264 24,264 4,992 Water Distribution 10,079 10,079 15,315 I Sewage Treatment Plant 83,966 83,966 83,105 Depreciation 11 , 310 57,490 68,800 69,212 Miscellaneous 4,420 I TOTAL EXPENSES $ 88,338 $109,989 $ 150,621 $ 348,948 $ 329,572 OPERATING INCOME (LOSS) $(15,487) $(20,531) $ <36,643) $ (72,661) $ (47,887) I OTHER INCOME (EXPENSES): Transfer From Other Funds $ 15,487 $ $ $ 15,487 $ 9,524 I Interest Income-Investments 437 13,878 14,315 9,320 Loss on Property Disposal (7,325) (7,325) I OTHER INCOME - NET $ 15,487 $ 437 $ 6,553 $ 22,477 $ 18,844 NET INCOME (LOSS) $ $(20,094) $ <30,090 ) $ (50,184) $ (29,043) I PRIOR PERIOD ADJUSTMENT <35,492) RETAINED EARNINGS, (DEFICIT) I January 1 6,548 129,118 (213,614 ) (77,948) (13,413) RETAINED EARNINGS, (DEFICIT) I December 31 $ 6 548 H~~â~~ t à~~~ !:Z~~) $ (128 132) $ (77 948) ====!:=== ======!:=== ======:?:=== I I The notes to the financial statements are an integral part of this statement. -36- EXHIBIT D-3 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended December 31, 1990 and 1989 Plant Opera- tion and Sanitary Water Maintenance Total Fund Fund Fund 1990 1989 SOURCES OF FINANCIAL RESOURCES: Operations: Net Income (Loss) For The Year $ $(20,094) $ (30,090 ) $ (50,184) $ (29,043) Add: Items Not Requiring Current Outlay of Resources: Depreciation 11 ,310 57,490 68,800 69,212 Loss on Disposal of Equip. 7,325 7,325 4,042 TOTAL RESOURCES PROVIDED BY OPERATIONS $ $ (8,784) $ 34,725 $ 25,941 $ 44,211 OTHER SOURCES OF FINANCIAL RESOURCES: Sale of Fixed Assets $ $ $ 4,000 $ 4,000 $ USES OF FINANCIAL RESOURCES: Prior Period Adjustment 35,492 Acquisition of Fixed Assets 4,773 4,773 14,251 TOTAL USES OF FINANCIAL RESOURCES $ $ 4,773 $ $ 4,773 $ 49,743 NET INCREASE (DECREASE) IN WORKING CAPITAL *======= $(13 557) $ 38 725 $ 25 168 $ (5 532) ====:?:=== ======!:=== ======:?:=== ======:?:=== COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL: Cash $ 1,769 $ (641) $ 88,267 $ 89,395 $ (888) Investments (7,311) (6,199) (13,510) (4,963) Accounts Receivable (4,605 ) (49,389) (53,994) 19,217 Interest Receivable (269) 6,049 5,780 334 Special Assessments Receiv. (594 ) (594) (728) Due From Other Funds (5,576) (5,576) (1,114) Due From Other Governmental Units (123) (127) (123 ) (373) 970 Accounts Payable (1,598) 1,845 1,447 1,694 ( 2, 561 ) Accrued Liabilities (3,796) (2,565) (6,361) Deferred Revenue 123 717 123 963 ( 37 6 ) Due To Other Funds (19,047) Deficit Cash Balance 7,140 471 7,611 3,793 Due To Other Governmental Funds 112 21 133 (169 ) NET INCREASE (DECREASE) IN WORKING CAPITAL ~======= $(13 557) $ 38,725 $ 25 168 $ (5 532) ====!:=== ========== ======!:=== ======!:=== The notes to the financial statements are an integral part of this statement. -37- EXHIBIT E-1 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF GENERAL FIXED ASSETS BY FUND - BY SOURCE December 31, 1990 and 1989 1990 1989 GENERAL FIXED ASSETS: Land $ 79,837 $ 49,479 Buildings 252,350 245,184 Improvements Other Than Buildings 57,970 50,360 Machinery and Equipment 235,819 226,203 Office Furniture 38 ,242 42,292 Motor Vehicles 55,335 31,321 Other Equipment 113,543 113,543 TOTAL GENERAL FIXED ASSETS ~__ªnl.º2§ ~__72ª1.~ª~ ---------- ---------- INVESTMENT IN GENERAL FIXED ASSETS FROM: General Revenue Fund $ 539,202 $ 456,795 Special Assessments 59,013 59,013 Revenue Sharing 233,687 241,380 Capital Projects 1,194 1,194 TOTAL INVESTMENT IN GENERAL FIXED ASSETS ~__ªnl.º2§ ~__72ª1.~ª~ ---------- ---------- The notes to the financial statements are an integral part of this statement. -38- - - - - - - - - - - - - - - - - - - I I I ~ --- IJ:I ~ ro I-' 0 ....., z ::s ~~ I-' I-' I-' ~ 0 ro ~ \0 \0 \0 W c-r- o 0 ~ CO CO --:¡ ro ro s:: 0 0'\ W CO '1:1 to S()q ~ ~ O'~ ~ H H H f-<: c-r- ro ~ S S S ~ 0 .. c-r- '0 '0 '0 IJ:I ~ IJ:I .. .. .. ~ g: wro 0 0 0 0 ~ I-' Z <: <: <: AJ ~ C1> ro ro ro o ::s w ¡: S S H¡ H¡::S ro ro ro s:: '1:1 ::s ::s ::s ...... c-r-AJ ~ c-r- c-r- c-r- ::s ~I-' f-<: AJ ro ~ , ::s '0 IJ:I 0 'ö P> ~ ~ ...... ~§ ~ AJ AJ to I-' o ro c-r- to ro ::s o.c-r- w c-r- ...... ...... AJ ::s 0 a. c-r- ~H¡ ro ro S '<:'0 ro ro .. ::s AJ ...... c-r- .. ::s to . 0 AJ ...... '0 .. AJ ro I-' AJ ::s ...... ~, ::s c-r- ro ~ .. AJ - ...... '0 AJ .. EXHIBIT F-1 c-r- ~ 0 H¡ c-r- CITY OF ST. JOSEPH, MINNESOTA ~ ...... STATEMENT OF GENERAL LONG-TERM DEBT to ~~ to December 31, 1990 and 1989 c-r- AJ c-r- ro r--_~ 1989 S 1990 ro ::s c-r- . BOND PRINCIPAL I $1,070,554 $1,267,466 ~ Amount Available in Debt Service Fund 0 I Amount To Be Provided in Future Years (160,554) (178,466) ~ AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT $ 910 000 H~~~2!:~~~ ======!:=== .-- BONDS PAYABLE ~ Bonds Payable - Current Portion $ 100,000 $ 152,000 Bonds Payable - Noncurrent Portion 810,000 937,000 ~ TOTAL BONDS PAYABLE ~__2!º1.ººº H!:~~2!:~~~ ---------- ~ - ~ ~ ~ ~ ~ ~ - The notes to the financial statements are an integral part of this statement. -39- - - - - - - - - - - - - - - - - - - - >-3 tJj ::> CD I-' 0 Z ::s 0 >-3 I-' I-' I-' 0 0 CD ::> \.0 \.0 \.0 CI.J ("t- () 0 >-3 CO CO -::J CD CD ~ 0 0\ W CO '1:1 CD S()q >-3 :c- cr::> ~ H H H K ("t- CD I:""' S S S :c- O ~ ("t- '0 '0 '0 tJj ::> tJj ~ ~ ~ I:""' g W CD 0 0 0 0 tr.l I-' Z <: <: <: CD ~ 0 ~ CD CD 0 ::s CI.J S S Hj Hj ::s CD CD CD ~ '1:1 ::s ::s ::s 1-" ("t- ~ ~ c1" c1" ("t- ::s ::> I-' K ~ CD :c- ::s '0 tJj () '0 ~ I:""' tr.l 1-'- ~ ~ tr.l ~ ~ CD CD I-' () CD ("t- CD CD ::s c1" 0.c1" CI.J ~ 1-'- 1-'- ::s 0 0. c1" ()q Hj CD CD S '<: '0 CD CD ~ ::s ~ 1-'- ("t- ~ ::s CD () ~ 1-'- '0 ~ ~ CD I-' ~ ~ ::s ::s 1-'- 0. ::s 0 ("t- ::s CD CD Vl H ()q ~ I --1 . 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I c.., CI.J cro -l::" ~ I:""'tJj~ '1:1 CD Cc.., 0 ::s CD'<:'O CD ~ 1:""'0 I ~ <: '0 ~ tr.lCI.J ~ 0 0 0 I-'-t-;lO () W tr.l ~ ~ ~ ~ CD ~ '"'S CD I-' 0'1:1 '<: tIJ >< c1"::S '"x:l::I: I-' CD c1" I-' ~ 0. \.0 ::s: 0 \.0 0 H Hj II-E:/T -E:/T :c- O tr.lZ III\) I-' ~ tJjZ CD It- c1" >-3tr.l ~ III-' .1= .1= W ::> tr.lCI.J () 11\.0 0 CO I-' 0 00 ::> IIVl 0 Vl 0 ~ Zt-;l It- 1-'- tr.l:c- '<: 110 0 0 0 N CI.J CD 110 0 0 0 CD CI.J ~ 110 0 0 0 0. ~ II-E:/T -E:/T ("t- Ill\) I-' ::> It- H 0 III-' .1= .1= W CD CD 11\.0 0 CO I-' tIJ CD IIVl 0 Vl 0 ~ It- CD 1-" 110 0 0 0 0. ::s 110 0 0 0 tIJ 110 0 0 0 ("t- ~ I-' II-E:/T -E:/T I-' III-' tr.l S It- ::0 :><: CD III\) 0\ W I\) CD ::I: ::s II CO CO 0\ -l::" ("t- H ("t- IIVl Vl 0 0 1-" tJj tIJ It- ~ H 110 0 0 0 CD t-;l ~ 110 0 0 0 0. ~ 110 0 0 0 '"x:l CD I ("t- II-E:/T -E:/T I\) 0 ~ II ~ CD II ("t- ~ 11\.0 --1 I-' tIJ ("t- Ill-' I-' I\) --1 ("t- CD 110 Vl Vl 0 ~ 0. It- ::s 110 0 0 0 0. ~ 110 0 0 0 1-" tIJ 110 0 0 0 ::s '0 ()q ~ 1-" II-E:/T -E:/T 0. II '1:1 II ~ ~ III-' 1-'- CD 110 0\ I\) I-' ::s 110 Vl Vl 0 () 0 It- 1-" 0 Hj 110 0 0 0 '0 ~ 110 0 0 0 ~ CD CD 110 0 0 0 I-' ~ 1-'- () ::s ::> II-E:/T -E:/T II HI-' II ::s \.0 II ("t- \.0 110\ Vl I-' CD 0 11--1 I\) I-' .1= ~ It- CD 11--1 0\ 0 0 tIJ 11.1= Vl VI .j:::" c1" IIW 0 W 0 CERTIFIED PUBLIC ACCOUNTANT ~dit1t 1~ J.ntt'kmmruu "THE CONVENT" WATKINS, MINNESOTA 55389 TEL. (612) 764-5822 AUDITOR'S REPORT ON COMPLIANCE WITH STATE LAWS Honorable City Mayor and Members of the City Council City of St. Joseph st. Joseph, Minnesota 56374 I have examined the general purpose financial statements of the City of st. Joseph, Minnesota, for the year ended December 31, 1990, and have issued my report thereon dated April 15, 1991. 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 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- 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. The Minnesota Legal Compliance Audit Guide For Local Governments covers six main categories of compliance to be tested: contracting and bidding, de- 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, the City of St. Joseph, Minnesota, complied with the material terms and conditions of the legal provisions. Further, for the items not tested, bas ed 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 provisions. This report is intended solely for the use of management and the State of 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. -~ ~ 'Æ /---- v~ ____.- - ~--' . Watkins, Minnesota April 15, 1991 MARLIN J. BOECKMANN, C.P.A. -41-