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Home My WebLink About1991 Audit Report I I CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1991 I I I. INTRODUCTORY SECTION I City Officials I II. FINANCIAL SECTION I 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 Types 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 I I I I III. SUPPLEMENTAL INFORMATION I 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 I Reference Exhibit 1 Exhibit 2 Exhibit 3 Exhibit 4 Exhibit 5 Exhibit A-1 Exhibit A-2 Exhibit A-3 Exhibit A-4 Exhibit B-1 Exhibit B-2 Exhibit B-3 Exhibit C-1 Exhibit C-2 Exhibit C-3 Exhibit D-1 Exhibit D-2 Exhibit D-3 Page 1 2 3 4 5 6 7 8 24 25 26 27 29 30 31 32 33 34 35 36 37 I I CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1990 (Continued) I I I General Fixed Group of Accounts: statement of General Fixed Assets by Fund-By Source General Long-Term Group of Accounts Statement of General Long-Term Debt Combined Schedule of Indebtedness I I I I I I IV. LEGAL COMPLIANCE REVIEW Auditor's Report on Compliance With State Laws Findings and Recommendations-Legal Compliance Review I I I I I I I I Reference Date Exhibit E-1 38 Exhibit F-1 39 Exhibit F-2 40 41 42 I I I I I I I I CITY OF ST. JOSEPH, MINNESOTA CITY OFFICIALS For The Year Ended December 31, 1991 TERM OF OFFICE ELECTED OFFICIALS Mayor steven Dehler Two Years Councilman Ross Rieke Councilman Leo Sadlo Councilman Stephanie Hazen Councilman Bob Loso Four Years Four Years Four Years Four Years OFFICIALS NOT ELECTED I City Clerk/Administrator I I Rachel Stapleton I I I I I I I I -1- TERM EXPIRES 12-31-92 12-31-92 12-31-92 12-31-94 12-31-94 I I CERTIFIED PUBLIC ACCOUNTANT I Jftarliu 1. 1BJDltdunJmt "THE CONVENT" WATKINS. MINNESOTA SS389 TEL. (612) 764-5822 I INDEPENDENT AUDITOR'S REPORT I I To The Honorable City Mayor and Members of the City Council City of St. Joseph st. Joseph, Minnesota 56374 I 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, 1991, 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- ments based on my audit. I I 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 misstate- ment. 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. I I I 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. I 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 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. I I I I Watkins, Minnesota April 27, 1992 7~~4~. MARLIN J. BOECKMANN, C.P.A. I -2- I - 0-3 :J (I) ::s o <1" (I) Ul <1" o <1" :J (I) H.l t-'. ::s III ::s o t-'. 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JOSEPH, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES ALL GOVERNMENT FUND TYPES For The Year Ended December 31, 1991 (With Comparative Totals For The Year Ended December $ 765,002 $ 30,598 $ 218,630 $ 171,681 $ 322,976 145,159 63,365 $ 2,061 2,594 169,020 $ 705,242 $ 2,594 $ 169,020 $ $ $ $ 705,242 $ 2,594 $ 169,020 $ 59,760 $ 28,004 $ 49,610 1,115,060 54,428 1,138,608 ~!1.!I~1.~~2 ---------- $ 82 432 ======,;=== gl.!~~l~!~ ---------- -4- 2,308,096 gl.~~21.~I2 ---------- - - - - - ~ ::> CD ::l o c1" CD CIl c1" o c1" ::> CD HJ r-" ::l Pl ::l () r-" Pl I-' CIl c1" Pl c1" CD 8 CD ::l c1" CIl Pl '1 CD Pl ::l r-" ::l c1" CD Otl '""S Pl I-' I Ul I 'd Pl '1 c1" o HJ c1" ::> r-" CIl CIl ("1- Pl c1" CD 8 CD ::l c1" - "'J c:: Z o I:P ;I:> L' ;I:> Z o t"':! o CD () CD a rr CD '""S W I-' II-€IT III-' II'- III-' 1I.j::::" II CD II~ II CD 1I.j::::" II CD II-€IT III-' II~ III-' II.---:j 1I.j::::" 11- II CD III\) 110 II-€IT II II II III\) IIUl II'- 11-0 II-.:J III\) II-€IT II II II II---:j 11\0 II'- 1I.j::::" III\) II CD II-€IT II II II II CD II 1\.' 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JOSEPH, MINNESOTA STATEMENT OF REVENUES, EXPENSES, & CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Year Ended December 31, 1991 and 1990 1991 1990 OPERATING REVENUE: Water $ 93,620 $ 89,458 Plant Operation and Maintenance 143,410 113,978 Sanitation 67,085 72,851 TOTAL $ 304,115 $ 276,287 OPERATING EXPENSES: Water $ 91,162 $ 109,989 Plant Operation and Maintenance 161,299 150,621 Sanitation 62,260 88,338 TOTAL $ 314,721 $ 348,948 OPERA TING INCOME (LOSS) $ (10,606) $ (72,661) OTHER INCOME (EXPENSES) : Transfers From Other Funds $ $ 15,487 Interest Income 14,688 14,315 Loss On Property Disposal (7,325) TOTAL OTHER INCOME $ 14,688 $ 22,477 NET INCOME (LOSS) $ 4,082 $ (50,184) RETAINED EARNINGS, (DEFICIT) January 1 (128,132) (77,948) RETAINED EARNINGS, (DEFICIT) December 31 ~=H~~;~~~) L~!~~l.!J~) ---------- The notes to the financial statements are an integral part of this statement. -6- I I I I I I I I I I I I I I I I I EXHIBIT 5 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF CHANGES IN FINANCIAL POSITION - PROPRIETARY FUND TYPE For The Year Ended December 31, 1991 and 1990 RESOURCES PROVIDED: Operations: Net Income (Loss) Add (Deduct) Items Not Affecting Working Capital: Depreciation Loss on Disposal Of Equipment Total Funds Provided By Operations OTHER SOURCES OF FINANCIAL RESOURCES: Sale of Fixed Assets TOTAL RESOURCES PROVIDED BY ALL SOURCES USES OF FUNDS: Additions To Plant & Equipment TOTAL RESOURCES USED INCREASE (DECREASE) IN WORKING CAPITAL REPRESENTED BY CHANGES IN: Current Assets - Increase (Decrease) Cash Investments Accounts Receivable Interest Receivable Special Assessments Receivable Due From Other Funds Due From Other Governmental Units TOTAL CURRENT ASSETS Current Liabilities-Increase (Decrease) Accounts Payable Accrued Liabilities Deferred Revenue Deficit Cash Balance Due To Other Governmental Funds TOTAL CURRENT LIABILITIES INCREASE (DECREASE) IN WORKING CAPITAL I I 1991 $ 4,082 1990 $ (50,184) 68,800 7,325 $ 25,941 4,000 $ 29,941 68,882 $ 72,964 $ $ 4,773 4,773 $ 72,964 $ 25 168 ======:!:=== 89,395 (13,510) (53,994) 5,780 (594) (5,576) (373 ) 21,128 1,694 (6,361) 963 7,611 133 4,040 $ 25 168 ======:!:=== The notes to the financial statements are an integral part of this statement. -7- $ $ 4,584 4,584 $ 68 380 ======:!:=== $ 74,711 $ (3,441) (3,172) ( 567) 925 $ 68,456 $ $ 1,076 $ (1,188) 36 $ (76) $ $ 68 380 ======:!:=== I I CITY OF ST. JOSEPH, MINNESOTA NOTES TO THE FINANCIAL STATEMENTS December 31, 1991 I NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES I The City of St. Joseph is a municipality in the State of Minnesota. The City is located in Stearns County. The City provides the full range of municipal services including public safety, highways and streets, recreational, public improvements, planning and zoning, water and wastewater services, refuse pick-up, and general administrative services. I I I The accounting policies of the City of st. Joseph conform to generally accepted accounting principles applicable to governmental units. The financial state- ments 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. I A. REPORTING ENTITY I 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 the Governmental Accounting Standard's Board (GASB) Codification Section 2100. 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 responsibilites. 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: I I I I I I I Excluded from the reporting entity - I st. Joseph's Firefighters Relief Association is a separate legal entity authorized under statutes of the State of Minnesota. The City has no significant oversight responsibility. The Association pays benefits directly to its members. Funding comes from state aid collected by the City and remitted to the association. The association invests its own funds and retains interest accrued on them. I I -8- I I B. DESCRIPTION OF THE KINDS OF FINANCIAL ACTIVITY DESCRIBED IN THE VARIOUS FUNDS - FUND ACCOUNTING I 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 re- 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 I I I. GOVERNMENTAL FUNDS: I 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. I 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. I Capital Projects Funds - The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construction of major capital facilities. I 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. I PROPRIETARY FUNDS: I 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. I I II. TYPES OF ACCOUNT GROUPS: I 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. I 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. I I The general long-term debt account group is comprised of the accounts maintained for outstanding bonds and loans payable. I -9- I I An account group is not a fund, but rather comprises a self-balancing group of accounts. I C. BASIS OF ACCOUNTING I 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 are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and de- creases (i.e., expenditures and other financing uses) in net current assets. I I I 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. I I 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. I D. BUDGETARY DATA I 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. I I E. CASH AND TEMPORARY INVESTMENT I I 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. I F. RECOGNITION OF TAXES RECEIVABLE I 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. , I G. GENERAL FIXED ASSETS GROUP OF ACCOUNTS I -10- I I 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. I I H. ENTERPRISE FUNDS FIXED ASSETS AND DEPRECIATION - - I Enterprise Funds fixed assets, including public domain type fixed assets, of $500 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 I. VACATION, SICK PAY AND POST-EMPLOYMENT BENEFITS I The City accrues for vacation and sick pay. The City has no post- employment benefits. J. DEFERRED REVENUE I 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. I K. LONG-TERM OBLIGATIONS I I 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. I L. FUND EQUITY I 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. I M. INTERFUND TRANSACTIONS I 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. I I 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. I -11- I I I N. TOTAL COLUMNS AND COMBINED STATEMENTS I 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. I I O. COMPARATIVE DATA I 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. I I NOTE 2 - RESERVED AND DESIGNATED FUND EQUITY I 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: I 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. I Special Police - This fund's revenues come only from state aid and must be spent on policeman's retirement contributions (PERA) . I I 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. I I The December 31, 1991 reserved balance for each of the funds are: :v'/ 240,147. (3; 681) 38,852 Joint Operating Fire . Special Police . . Street Maintenance . . . . .$ I Net Balance Reserved, General Fund . . *= =~b~ ~~~~ oJ (,rUG ? ') I . . (ru~7iJ .Z.ZrLJ1TU I Designated Fund Equity represents Council designated amounts for specific future City needs. I -12- I I. I NOTE 3 - CASH AND INVESTMENTS I 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. I 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. I I The carrying amount of the City's deposits wi.th financial i.nstitutions was I $2,721,872 consisting of Certificates of Deposits and checking accounts and the bank balance collateral was $3,040,997. Although total deposits were covered by total collateral over 110% of deposits; our depository was $114,160 short of the required collateralization on $732,466 of deposits at 12-31-91. This condition has been rectified. I Collateral was categorized as follows: I Insurance by FDIC . Collateral in Safekeeping . . . $1,900,000 ~ 1422..297 Total Bank Collateral . . . . N,;~~~,;~n I NOTE 4 - TAXES RECEIVABLE I The delinquent taxes receivable represents the past six years of uncollect- ed tax levies. I NOTE 5 - SPECIAL ASSESSMENTS RECEIVABLE - ALLOWANCE FOR UNCOLLECTIBLE ASSESSMENTS RECEIVABLE I I 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 $75,770 as of 12-31-91. 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 uncollectable. I 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. I I NOTE 6 - INTERFUND RECEIVABLES AND PAYABLES I Interfund receivables and payables represent short-term interfund financing amount. Schedule of Interfund Receivables and Payables at December 31, 1991: I I -13- I I I I I I I I I I I I I I I I I Due To: 1972 Improvements . . . . . Total Interfund Receivables . . . . . . . . $ 20,000 . . . . . . *=~~;~~~ Due From: Total Interfund Payables. . $ 20,000 . . t~~;~~~ Water Fund. . . NOTE 7 - DUE FROM OTHER GOVERNMENTS Due from Other Government Units includes primarily amounts due rrom the County. 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 Ad di- Retire- Dec. 31 1991 tions ments 1991 --- Land $ 79,837 $ $ $ 79,837 Buildings 252,350 252,350 V' Improvements Other Than Buildings 57,970 57,970 v Machinery and Equipment 235,819 18,295 254,114 v Office Furniture 38,242 2,916 41,158v" Motor Vehicles 55,335 13,788 69,123'/ Other Equipment 113,543 31,706 14 5.L?!:!2 ./ ----- Total General Fixed Assets *~n;~~~ $ 66 705 ~------- ~~~~;~~~ ====;=== -------- I I -14- I I I I I I I I I I I I I I I I I I I The following is a summary of changes in the enterprise funds fixed assets account during the year: WATER FUND: Land Buildings & Lines Less: Allow. for Depr. Machinery & Equipment Less: Allow. for Depr. Canst. In Progress TOTAL WATER FUND PLANT OPERATION & MAINTENANCE Land Buildings Less: Allow. For Depr. Lines Less: Allow. For Depr. Machinery & Equipment Less: Allow, For Depr. TOTAL PLANT OPERATION AND MAINTENANCE ALL ENTERPRISE FUNDS - TOTAL FIXED ASSETS J an. 1 1991 Retire- Depreci- ments ation Dee. 31 1991 Addi- tions $ 12,996 $ $ 488,344 (148,505 ) 28,302 2,292 (11,872) 2,614 $ $ 12,996 488,344 9,947 (158,452) 30,594 1,444 (13,316) 2,614 $ 371,879 $ 2,292 $ $ 112291 $ 362,780 $ 4,940 $ $ 517,983 (90,647) 1,391,599 (315,742) 110,144 2,292 (27,913) $ $ 4,940 517,983 25,899 (116,546) 1,391,599 26,047 (341,789) 112,436 5,545 (33,458) $1,590,364 ~__2,292 $ $ 57,491:. $ 1,535,165 ~~~~~~!~~~ ~==~!~~~ $ 68 882 ====~=== $ 1 897 945 ===~===!=== ~------- -------- -15- I I NOTE 9 - LONG-TERM DEBT I 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. I 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. I I Beginning Bond Balance January 1 Retirement of Bonds Ending Bond Balance December 31 I I Bonds Payable 1978 Improvement - East Side $ 70,000 $ 10,000 $ 60,000 1983 Improvement 125,000 25,000 100,000 1986 Improvement Construction 715,000 65,000 650,000 Total Bonds Payable ~__2!Ql.QQQ $ 100 000 $ 810 000 ---------- ======~=== ======~=== I I I I I I I I I I I -16- I I I I I I I I I I I I I I I I I Annual debt service requirements to maturity for general obligation bonds are as follows: BONDS PAYABLE 1978 1983 1986 EAST SIDE CLINTON VILLAGE WASTEWATER IMPROVEMENTS ADDITION PROJECT TOTAL Princ. Interest Princ. Interest Prine. Interest Prine. Interest Payment (1) during years ending December 31 I 1992 $ 10,000 $ 3,480 $ 25,000 $ 8,952 $ 65,000 $ 48,360 $100,000 $ 60,792 1993 10,000 2,910 15,000 6,803 65,000 43,940 90,000 53,653 1994 10,000 2,340 15,000 5,482 65,000 39,390 90,000 47,212 1995 10,000 1,760 15,000 4,133 65,000 34,710 90,000 40,603 1996 10,000 1,180 15,000 2,767 65,000 29,900 90,000 33,847 1997 10,000 590 15,000 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 $ 60 000 $ 12 260 gQQ1.QQQ $ 29 524 ~~~~~~~~ ~~H~~~~ ~n~~~~~ ~~~~~~~~ ====~=== ====~=== -------- ====~=== (1)Though the annual payment of principal and one-half the interest is due on January 1 of each year, those installments are treated as paid as of each December 31 of the preceding year. I I -17- I I I I I I I I I I I I I I I I I I I General obligation bonds currently outstanding are as follows: 1978 East Side Improvement BONDS PAYABLE 1983 Clinton Vil1. Add. 1986 Wastewater Project TOTAL 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 31 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 $ $ $ 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 65,000 10,000 10,000 10,000 10,000 10,000 10,000 25,000 15,000 15,000 15,000 15,000 15,000 Outstanding Balance December 31, 1991 L__~QLQQQ ---------- $ 100 000 ======~=== L_~2QLQQQ ---------- (l)All debt authorized has been issued. $ 100,000 90,000 90,000 90,000 90,000 90,000 65,000 65,000 65,000 65,000 $ 810 000 ======~=== (2 ) Interest rates range from 5.25% for the earliest maturity to 7.75% for the latest maturities. -18- I I NOTE 10 - 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 1. Plan Description I I The Volunteer Firemen's Fund is a lump sum defined benefit 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 compares the growth in the estimated pension liability to the annual estimated state aid and interest earnings of the pension fund. I 2. Contributions Required and Contributed In 1991, the City accrued $6,350 for contributions to the fund as required. I 3. Funding Status and Progr'ess I Trend information for the three years ended December 31, 1988, 1989 and 1990, respectively is as follows: available assets were sufficient to fund 89 percent, 84 percent, and 84 percent of the pension benefit obli- gation respectively. I Unfunded pension benefit obligation for the three years ended December 31 is: Net Assets Available For Benefits Years Ended December 31 1990 1989 1988 $ 271,680 $ 247,072 $ 183,168 228,430 208,283 164,879 $ 43 250 $ 38 789 $ 18 289 ======;=== ======;=== ======;=== I I Total Pension Benefit Obligation I Unfunded Pension Benefit Obligation I The measurement of the pension benefit obligation is based on an actuarial valuation as of December 31 of the respective years presented. Net assets available to pay pension benefits were valued as of December 31 of the respective years presented. I 4. Trend Information I Ten year historical trend information is available in the st. Joseph Fire Department Relief Association reports. This information is useful in assessing the pension benefits as they come due. I 5. Related Party Investments I During fiscal 1991 and as of June 30, 1991, the Relief Association held no securities issued by the City or other related parties. -19- I I I B. INTERNATIONAL CITY MANAGER ASSOCIATION (ICMA) I 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, 1991 was $35,153. Total contributions made during 1991 amounted to $2,974 of which $1,487 was made by the City and $1,487 was made by the employee. I I C. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA) 1. 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 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, 1991, was $243,912; the City's total payroll was $323,419. I I I All employees are eligible to participate in the PERA plans. Public Employees Retirement fund members belong to either the Coordinated Fund or the Basic Fund. Coordinated members are covered by Social Security and the Basic members are not. PERA plans provide pension benefits, de- ferred annuity, and death and disability benefits. Benefits are estab- lished by State statute. I I 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. I I I 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. I I I 2. Contributions Required and Contributions Made I Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City makes annual contributions to the pension plans I -20- I I I 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 funding 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: I I statuatory Rates Employees Employer Required Rates I I PERA Police & Fire PERA Coordinated 8.00% 4.44% 12.00% 4.81% 17.56% 10.04% Total contributions required and made by the City during the year ended December 31, 1991 were: I PERA Amounts Employees Employer Total Contribution $ 15 792 ====!=== $ 27 361 ====!=== I The City's contributions to PERA for the year ended December 31, 1991 was an amount equal to approximately .04% of the estimated total contributions required of all participating entities. I I 3. Funding status and Progress a. Pension Benefit Obligation I 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 assess PERA's funding status on a going-concern basis, assess pro- gress made in accumulating sufficient aS8ets 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. I I I I The pension benefit obligations of the PERA - PERF - as of June 30, 1991, were as follows: Total pension benefit obligation $4,458,010,000 I Net assets available for benefits, at cost (Market value is $3,662,769,000) 3,524,071,000 I Unfunded pension benefit obligation $ 933 939 000 ======!===!=== I -21- I I The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1991. Net assets available to pay pension benefits ~re valued as of June 30, 1991. I The actuarial calculation of annual contributions include amounts that would be required to achieve full (100%) funding by the year 2020. 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, 1991. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. I I 5. Related-Party Investments During fiscal 1991 and as of June 30, 1991, PERA held no securities issued by the City or other related parties. I NOTE 11 FUND DEFICIENCIES/DEFICITS I Expenditures exceeded revenues in certain individual funds for the year ended December 31, 1991 as follows: Debt Service Fund: I 1986 Sewer. . . . . . . . . . . . . . . . . . $ 3,441 Enterprise Fund: I Plant Operation and Maintenance. . . . . . $ 4,402 I There were no deficit fund balances at December 31, 1991. Debt Service Fund deficit operations represents a cash flow temporary timing difference. Plant Operations and Maintenance deficit operations will be corrected with a continued user rate increase. I I I I I I -22- I I I I I I I I I I I I I I I I I I I I 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, 1991, is as follows: Plant Operation Total Sanitary Water and Enterprise Fund Fund Maintenance Funds ,Operating Revenue $ 67,085 $ 93,620 $ 143,410 $ 304 , 115 Operating Expenses 62,260 91,162 161,299 314,721 Operating Income (Loss) 4,825 2,458 07,889) (10,606) other Income (Expenses) 1,201 13,487 14,688 Net Income (Loss) 4,825 3,659 (4,402) 4,082 Fixed Assets: Additions 2,292 2,292 4,584 Deletions 0 Net Working Capital 15,098 15,038 247,184 277,320 Total Assets 20,922 405,170 1,797,539 2,223,631 Total Equity 15,098 377,818 1,782,349 2,175,265 NOTE 13 - CONSTRUCTION IN PROGRESS Construction in Progress represents preliminary work on a new water to we r . -23- I I I I I I I I I I I I I I I I I I I EXHIBIT A-1 CITY OF ST. JOSEPH, MINNESOTA GENERAL FUND BALANCE SHEET December 31, 1991 and 1990 ,ASSETS Cash Investments Taxes Receivable - Delinquent Interest Receivable Special Assessments Receivable - Current Special Assessments Receivable - Deferred Tax Levies Receivable Due From Other Governmental Units Accounts Receivable TOTAL ASSETS LIABILITIES AND FUND BALANCE Liabili ties: Accounts Payable Accrued Liabilities Due To Other Governmental Units Deferred Revenue Advances TOTAL LIABILITIES Fund Balance: Reserved Designated Unreserved TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE 1991 1990 $ 87,493 1,132,641 2,223 15,108 4,823 44,264 1,105 14,284 7,221 $ 7,666 1,168,611 2,975 41,656 4,878 51,094 1,105 2,471 H~~~~!:~~~ H!:~~~!:~~~ $ 37,248 $ 51,262 28,255 32,005 6,457 12,405 48,088 55,725 14,294 13,999 $ 134,342 $ 165,396 $ 275,318 $ 200,588 830,000 830,000 69 , 502 84,472 $1,174,820 $1,115,060 ~h~~~!:~~~ H!:~~~!:~~g The notes to the financial statements are an integral part of this statement. -24- I I I I I I I I I I I I I I I I I I I 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, 1991 and 1990 1991 1990 REVENUES: TOTAL REVENUE $ 100,374 $ 83,447 21,355 25,084 462,042 464,035 73,086 67,579 24,867 31,970 1,911 26,214 81,367 126,275 $ 765,002 $ 824,604 General Property Tax Licenses and Permits Intergovernmental Revenue Charges For Services Fines and Forfeits Special Assessments Other EXPENDITURES: TOTAL EXPENDITURES $ 171,681 $ 174,188 322,976 293,621 145,159 243,394 63,365 70,005 2,061 1,885 $ 705,242 $ 783,093 General Government Public Safety Streets and Highways Recreation Other OTHER USES: TOTAL EXPENDITURES & OTHER USES 15,487 $ 705,242 $ 798,580 $ 59,760 $ 26,024 1,115,060 1,089,036 H!H~!~~~ ~hH?!~~~ Transfers To Other Funds NET INCREASE (DECREASE) IN FUND BALANCE FUND BALANCE, January 1 FUND BALANCE, December 31 The notes to the financial statements are an integral part of this statement. -25- - >-3 :J CD ::s o e"t CD c.o e"t o e"t :J CD HJ 1-" ::s p.l ::s o I-'- p.l I-' c.o e"t p.l e"t CD S CD ::s e"t c.o p.l '"'S CD p.l ::s 1-" ::s e"t CD ()q '"'S p.l I-' I I\.) 0'\ I '0 p.l '"'S e"t o HJ cT :J 1-" c.o c.o cT p.l cT CD S CD ::s e"t - - >-3 o >-3 ~ r-' ::u t>:l <: t>:l Z c: t>:l II-Yr II II II-.:j II-l::" 1100 II-< 1100 IIUl 110'\ II-Yr II II I:~ 110'\ IIUl II-< 110 110 III\.) 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JOSEPH, MINNESOTA SPECIAL REVENUE FUND BALANCE SHEET December 31, 1991 and 1990 Total 1991 1990 Recreation Center ASSETS Cash Investments Interest Receivables $ 27,962 53,871 599 $ 27,962 $ 53,871 599 557 53,871 TOTAL ASSETS $ 82 432 ======!=== $ 82 432 ======!=== L__2~1.~~~ ---------- LIABILITIES AND FUND BALANCE Fund Balance $ 82,432 1-_82,432 $ 54 , 52~ TOTAL LIABILITIES & FUND BALANCE $ 82 432 ======!=== ~===~~!~~~ ~===~~!~~~ 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 2T. JOSEPH, MINNESOTA SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1991 and 1990 Recreation Total Center 1991 1990 REVENUES: Donations $ 26,932 $ 26,932 $ 39,688 Interest 3,666 3,666 2,636 TOTAL REVENUES $ 30,598 $ 30,598 ~_~324 EXPENDITURES: Capital Outlay $ $ $ 1,449 Other 2,594 2,594 448 TOTAL EXPENDITURES $ 2,594 $ 2,594 $ 1,897 NET INCREASE (DECREASE) IN FUND BALANCE DURING THE YEAR $ 28,004 $ 28,004 $ 40,427 FUND BALANCE, January 1 54,428 _2,428 14,001 FUND BALANCE, December 31 $ 82 432 $ 82 432 $ 54 428 ======~=== ======~=== ======~=== The notes to the financial statements are an integral part of this statement. -30- - - - - - - - - - - - - - - - - - - - t-3 '">:I '">:I t-3Z t:>:l ::0 ::r c: c::: ::r::t:>:l ?<: t:>:l CD Z Z t:>:lt-3 'U <: t::I t::I O() t:>:l H t::I t:>:l :::l K H (1'"PJ Z :::l 0 Z 0 to to t:>:l Z t-3 ::r'O t::I t-3 (1'" :::l c::: (1'" :I> :I> :I> () 0 CD 1-10 H 0 CD PJ t:>:l CD L' L' ::0 ::0 t-3 '1 (1'" t-3 t-3 '1 (1'" (f.J tIl :I> :I> t:>:l :I> PJ c::: :I> CD 1-" Z Z :I> L' f-J ::0 L' tIl 0 (1'" () () (f.J t:>:l (1'" :::l 0 t:>:l t:>:l t:>:l t:>:l 0 (f.J ::0 tIl ?<: C t:>:l (1'" 'U (1'" <: ::r t::I ~ t::I t:>:l f-J t:>:l CD CD PJ t:>:l Z PJ Z 0 :::l () t::I '< c::: H:l CD C ::0 H t:>:l 1-" 8 PJ t:>:l t-3 (f.J :::l CJ '1 :I> c::: PJ CD '< (f.J ::0 ::l '1 t:>:l t:>:l 0 f-J (f.J 1-" W PJ f-J H f-J Z tIl '">:I (1'" c: PJ Z (1'" t::I CD 8 to CD :I> :::l L' (1'" :I> tIl Z (f.J PJ () t-3 '1 t:>:l :I> CD t::I t-3 t:>:l PJ c: 3: ::0 t:>:l :::l H Z 1-" Z t-3 0 :::l '">:I 0 (1'" 0 CD '1 '">:I ()q ::0 ~ t-3 ::r i:'1 j..... 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()q (l) c1'" f-' \0 H '-0 Z o ~ c:: z o OJ ~ L' ~ Z o t'1 (JJ ~ 1.0 -!::' 1.0 -(;IT f-' --:] o f-' o 1.0 \J1CX>f-' f-'O:>f\)f-' f-' 0'1 f-' o o CX>\J1-!::'f-' f-' f-' 0:> \0 \J1CX>f-'\J1 ~ o c1'" ~ III f-' f:x:l :x: ::r:: H OJ H >--:J o I W -(;IT -(;IT -(;IT f-' f-' '-0 f\)0\f-'~ 0:> W f\) f-' f-' 0'1 f-' o o 0:> f\) -!::' 0 f-'f-'O:>\O \J10:>f-'0 f-' \0 \0 o OJ~ ~ ~C::OO 0. ::l <: c1'" ()qo.(l)~ (l) (l) '-s III c1'" '-s f-' f\) W W f-' --:] \J1 f-''-Of\) f\) \0 0 0f\)0 0\00 f-' f\) \0 -(;IT -(;IT I\) \0 CX> '-0 0'1 --:] f-' --:]--:]W I\)CX>\OCX> ... ... ... ... -!::'\OO\J1 CX>CX>OO f-'\J10f-' -(;IT -(;IT 0\ \J1 CX> W 0:> f\) W f-' --.:I CX> I\)\OO\J1 O:>-!::'OO f-'-!::'Of-' \J1 I\) ~ I. I I I I I I I I I I I I I I I I I I EXHIBIT D-1 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1991 (With Comparative Totals For December 31, 1990) Plant Opera- tion and Sanitary Water Maintenance Total Fund Fund Fund 1991 1990 ASSETS Current Assets: Cash $ 7,179 $ 13,366 $ 144,202 $ 164,747 $ 90,036 Investments 13,813 92,062 105,875 105,875 Accounts Receivable 13,743 13,715 22,277 49,735 53,176 Interest Receivable 338 3,003 3,341 6,513 Sp. Assessments Receivable 328 328 895 Due From Other Governmental Units 830 830 1,660 735 TOTAL CURRENT ASSETS $ 20,922 $ 42,390 $ 262,374 $ 325,686 $ 257,230 Fixed Assets: Land $ $ 12,996 $ 4,940 $ 17 , 936 $ 17,936 Building 517,983 517,983 517,983 Less: Allow. for Depr. (1l6, 546) (116,546) (90,647) Treatment Plant/Lines 488,344 1,391,599 1,879,943 1,879,943 Less: Allow. for Depr. (158,452) (341,789) (500,241) (464,247) Machinery & Equipment 30,594 ll2,436 143,030 138,446 Less: Allow. for Depr. (13,316) (33,458) (46,774) (39,785) Construction in Progress 2,614 2,614 2,614 TOTAL FIXED ASSETS $ $362,780 $1,535,165 $1,897,945 $1,962,243 TOTAL ASSETS ~_gQ1.2gg ~~~~!:H~ ~hbn!:~~~ ~~!:~~~!:~~~ *~!:~~~!:~n -------- LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS Current Liabilities: Due To Other Funds $ $ 20,000 $ $ 20,000 $ 20,000 Accounts Payable 4,994 2,398 11,795 19,187 20,263 Accrued Liabilities 3,796 2,565 6,361 6,361 Due To Other Governmental Units 36 Deferred Revenue 830 1,158 830 2,818 1,630 TOTAL LIABILITIES $ 5,824 $ 27,352 $ 15,190 $ 48,366 $ 48,290 Contributions From Other Funds $ 3,725 $265,135 $2,030,455 $2,299,315 $2,299,315 Ret. Earnings/Unreserved 11,373 ll2,683 (248,106) (124,050) (128,132) Total Fund Equity $ 15,098 $377,818 $1,782,349 $2,175,265 $2,171,183 TOTAL LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS $ 20 922 ~~Q21.~IQ H1.12I1.222 ~~1.~~21.~2~ ~~1.~~21.~I2 ____1.___ -------- -------- ---------- ---------- ---------- The notes to the financial statements are an integral part of this statement. -35- I 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, 1991 ( With Comparative Totals For The Year Ended December 31, 1990) I Plant Opera- I tion and Sanitary Water Maintenance Total Fund Fund Fund 1991 1990 REVENUES: I Sales & Rental Charges $ 67,085 $ 79,349 $ 114,757 $ 261,191 $ 260,182 Service & Permits 13,525 1,600 15,125 15,336 I Miscellaneous 746 27,053 27,799 769 TOTAL REVENUES $ 67,085 $ 93,620 $ 143,410 $ 304,115 $ 276,287 I EXPENSES: General & Administrative $ $ 44,389 $ 7,018 $ 51,407 $ 62,135 I Waste Collection 62,260 62,260 88,338 Pumping & Utilities 10,315 10,315 11,366 Water Purification 16,962 16,962 24,264 I Water Distribution 8,105 8,105 10,079 Sewage Treatment Plant 96,790 96,790 83,966 Depreciation 11,391 57,491 68,882 68,800 I TOTAL EXPENSES $ 62,260 $ 91,162 $ 161,299 $ 314,721 $ 348,948 OPERATING INCOME (LOSS) $ 4,825 $ 2,458 $ (17,889) $ (10,606) $ (72,661) I OTHER INCOME (EXPENSES): I Transfer From Other Funds $ $ $ $ $ 15,487 Interest Income-Investments 1,201 13,487 14,688 14,315 Loss on Property Disposal (7,325) I OTHER INCOME - NET $ $ 1,201 $ 13,487 $ 14,688 $ 22,477 NET INCOME (LOSS) $ 4,825 $ 3,659 $ (4,402) $ 4,082 $ (50,184) I RETAINED EARNINGS, (DEFICIT) January 1 6,548 109,024 (243,704) (128,132 ) (77,948) I RETAINED EARNINGS, (DEFICIT) December 31 ~_gJ.~n HH!:~~~ *=~~~~!:~~~) * JH~!:~~~) LH~~!:~~~) -------- I I The notes to the financial statements are an integral part of this statement. -36- I I I I I I I I I I I I I I I I I I I I EXHIBIT D-3 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUND COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended December 31, 1991 and 1990 Plant. Opera- t.ion and Sanitary Water Maintenance Total Fund Fund Fund 1991 1990 S9URCES OF FINANCIAL RESOURCES: Operations: Net Income (Loss) For The Year $ 4,825 $ 3,659 $ (4,402) $ 4,082 $ (50,184) Add: Items Not. Requiring Current Outlay of Resources: Depreciation 11,391 57,491 68,882 68,800 Loss on Disposal of Equip 7,325 TOTAL RESOURCES PROVIDED BY OPERATIONS $ 4,825 $ 15,050 $ 53,089 $ 72,964 $ 25,941 OTHER SOURCES OF FINANCIAL RESOURCES: Sale of Fixed Assets $ $ $ $ $ 4,000 USES OF FINANCIAL RESOURCES: Acquisition of Fixed Assets 2,292 2,292 4,584 4,773 TOTAL USES OF FINANCIAL RESOURCES $ $ 2,292 $ 2,292 $ 4,584 $ 4,773 NET INCREASE (DECREASE) IN WORKING CAPITAL ~__~1.~~2 $ 12 758 $ 50 797 $ 68 380 $ 25 168 -------- ====~=== ======~=== ======~=== ======~=== COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL: Cash $ 5,410 $ 13,366 $ 55,935 $ 74,711 $ 89,395 Investments (13,510) Accounts Receivable (1,687) ( 853) (901) (3,441) (53,994) Interest Receivable (93 ) (3,079) (3,172) 5,780 Special Assessments Receiv. ( 567) (567) ( 594) Due From Other Funds (5,576) Due From Other Governmental Units ( 245) 585 585 925 ( 373) Accounts Payable 1,932 302 (1,158) 1,076 1,694 Accrued Liabilities (6,361) Deferred Revenue ( 585) (18) ( 585) (1,188) 963 Deficit Cash Balance 7,611 Due To Other Governmental Funds 36 36 133 NET INCREASE (DECREASE) IN WORKING CAPITAL $ 4 825 L!~1.12~ ~___2Q1.In ~___~~1.;2~Q ~___~21.!~~ ____1.___ -------- -------- ---------- ---------- ---------- The notes t.o the financial st.atements are an integral part of this statement. -37- I I I I I I I I I I I I I I I I I I I EXHIBIT E-1 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF GENERAL FIXED ASSETS BY FUND - BY SOURCE December 31, 1991 and 1990 1991 GENERAL FIXED ASSETS: $ 79,837 .252,350 57,970 254,114 41,158 69,123 145,249 Land Buildings Improvements Other Than Buildings Machinery and Equipment Office Furniture Motor Vehicles Other Equipment TOTAL GENERAL FIXED ASSETS $ 899 801 ======:1:=== INVESTMENT IN GENERAL FIXED ASSETS FROM: $ 605,907 59,013 233,687 1,194 General Revenue Fund Special Assessments Revenue Sharing Capital Projects TOTAL INVESTMENT IN GENERAL FIXED ASSETS $ 899 801 ======:1:=== 1990 $ 79,837 252,350 57,970 235,819 38,242 55,335 113,543 $ 833 096 ======:1:=== $ 539,202 59 , 0 13 233,687 1,194 $ 833 096 ======::1:=== The notes to the financial statements are an integral part of this statement. -38- I I I I I I I I I I I I I I I I I I I EXHIBIT F-1 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF GENERAL LONG-TERM DEBT December 31, 1991 and 1990 1991 BOND PRINCIPAL $1,114,075 (304,075 ) Amount Available In Debt Service Fund Amount To Be Provided In Future Years AMOUNT AVAILABLE AND TO BE PROVIDED FOR THE PAYMENT OF GENERAL LONG-TERM DEBT $ 810 000 ======:!:=== BONDS PAYABLE $ 100,000 710,000 Bonds Payable - Current Portion Bonds Payable - Noncurrent Portion TOTAL BONDS PAYABLE $ 810 000 ======:!:=== 1990 $1,070,554 ( 160 , 554 ) $ 910 000 ======:!:=== $ 100,000 810,000 $ 910 000 ======~=== -39- The notes to the financial statements are an integral part of this statement. - - - - - - - - - - - - - - - - - - - t-;I tl1 ::> I-' 0 CD Z t:! t-;I I-' I-' I-' t:! ::s CD ::> '" '" '" (f.) 0 () 0 t-;I 0::> CO -.:] ("f- CD r:; 0 0'1 W CO '"0 ro aQtl t-;I ~ {f) 0'::> :t> H H H >-<: CD L' a a a :t> ("f- 'i rt- '0 '0 '0 tl1 0 ::> tl1 'i 'i 'i L' W CD 0 0 0 0 r<:I rt- I-' Z <: <: <: ::> III t:! 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CD I-' II co Vl co Vl rt- a IIVl 0 Vl 0 f-'- CD ,I-< 'i ::s 110 0 0 0 CD rt- 110 0 0 0 0- CIl 110 0 0 0 III 'i II-Efi- 13; -Efi- 0 CD II r:; II rt- rt- II co I-' CIl t'l 'i III-' 0 0'1 rt- ?<: ro 110 0 0 0 III ::r: III II-< ::s H rt- 110 0 0 0 0- tl1 CD 110 0 0 0 f-'- H 0- liO 0 0 0 ::s t-;I ()q III >-x:l CIl I II-Efi- -Efi- I\.) '0 II '"0 III II 'i f-'- III-' f-'- 0- liO 0'1 I\.) I-' ::s 110 Vl Vl 0 () III ,I-< f-'- t:! CIl 110 0 0 0 '0 r:; 110 0 0 0 III CD 0 110 0 0 0 I-' Hj f-'- ::s CD II-Efi- -Efi- III II HI-' () II ::s\.O ::> II rt-'" 110'1 -t:" CD I-' 110 co co W 'i II-< CD I-' 11-.:] W '" -t:" CIl II'" 0'1 Vl co rt- III\) 0 I\.) 0 I I CERTIFIED PUBLIC ACCOUNTANT I ~rlin 1.1BnttJlunann "THE CONVENT" WATKINS, MINNESOTA 55389 TEL. (61 2) 764-5822 I AUDITOR'S REPORT ON COMPLIANCE WITH STATE LAWS I Honorable City Mayor and Members of the City Council City of st. Joseph st. Joseph, Minnesota 56374 I I I I have examined the general purpose rinancial statements or the City of st. Jospeh, Minnesota, for the year ended December 31, 1991, and have issued my report thereon dated April 27, 1992. 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. I I 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. I I 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, except for circumstances described in the accompanying Schedule of Findings and Recommendations. Further, for the items not tested, based on my examination and the procedures referred to above, nothing came to my attention to indicate that the City of st. Joseph had not complied with such legal provisions. I I I 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. I I Watkins, Minnesota April 27, 1992 74-L~~ MARLIN J. BOECKMANN, C.P.A. I -41- I I I CITY OF ST. JOSEPH, MINNESOTA FINDINGS AND RECOMMENDATIONS LEGAL COMPLIANCE REVIEW I I FINDING 1: The City is required to protect all deposits by insurance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insur- ance or bonds. At December 31, 1991, one bank depository was $114,160 short of the required 110% col1atera1ization on $732,466 of deposits. I I I RECOMMENDATION: Administration must be certain to maintain adequate collateralization for all deposits. I MANAGEMENTS'S RESPONSE: The deficiency was an administrative oversight. The deficiency has been rectified. I J I I I I I I I I I I -42-