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Home My WebLink About1988 Audit Report I I CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1988 I I I I I I. INTRODUCTORY SECTION City Officials II. FINANCIAL SECTION A. 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 B. Combining and Individual Fund and Account Group Statements and Schedules: 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 Capital Projects Fund - Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance Debt Service Funds - Combining Balance Sheet Combining Statement of Revenues, Expenditures, and Changes in Fund Balance Comparative Statements of Revenues, Expenditures, 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 Schedule of Changes in Fixed Assets I I I I I I I I Reference Page 1 2 Exhibit 1 3 Exhibit 2 4 Exhibit 3 5 Exhibit 4 6 Exhibit 5 7 8 Exhibit A-1 21 Exhibit A-2 22 Exhibit A-3 23 Exhibit A-4 24 Exhibit B-1 26 Exhibit B-2 27 Exhibit B-3 28 Exhibit C-1 29 Exhibit C-2 30 Exhibit D-1 31 Exhibit D-2 32 Exhibit D-3 33 Exhibit E-1 34 Exhibit E-2 35 Exhibit E-3 36 Exhibit E-4 38 I I I I I I I III. I I I I I I I I I I I I CITY OF ST. JOSEPH, MINNESOTA TABLE OF CONTENTS December 31, 1988 (Continued) General Fixed Asset 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 LEGAL COMPLIANCE REVIEW Auditor's Report on Compliance With State Laws Findings and Recommendations Legal Compliance Review Reference Page Exhibit F-1 39 Exhibit G-1 Exhibit G-2 40 41 42 43 I I I I I I I I I I I I I I I I I CITY OF ST. JOSEPH, MINNESOTA CITY OFFICIALS For The Year Ended December 31, 1988 ELECTED OFFICIALS Mayor Michael Loso Councilman Ross Rieke Councilman Leo Sadlo Councilman Steven Dehler Councilman Donald Reber OFFICIALS NOT ELECTED City Clerk/Administrator Rachel Stapleton I I TERM OF OFFICE Two Years Four Years Four Years Four Years Four Years -1- TERM EXPIRES 12-31-88 12-31-88 12-31-88 12-31-90 12-31-90 I I CERTIFIED PUBLIC ACCOUNTANT I ~r1i1lt 1. 1JlJlltdwuuw (THE CONVENT) WATKINS, MINNESOTA 55389 TEL. (612) 764-5822 I I To The Honorable City Mayor and Members of the City Council City of St. Joseph St. Joseph, Minnesota 56374 I I I have examined the combined financial statements of the City of St. Joseph, St. Joseph, Minnesota for the year ended December 31, 1988, as listed in Section II-A of the Table of Contents. My examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing pro- cedures as I considered necessary in the circumstances. I I In my opinion, the combined financial statements referred to above present fairly the financial position of the City of st. Joseph, Minnesota at December 31, 1988, and the results of its operations and the changes in financial position of its proprietary fund type for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. I I My examination was made for the purpose of forming an oplnlon on the com- bined financial statements taken as a whole. The combining individual fund, and account group financial statements and schedules listed in Sec- tion II-B of the Table of Contents are presented for purposes of additional analysis and are not a required part of the combined financial statements of the City of St. Joseph, Minnesota. The information has been subjected to the auditing procedures applied in the examination of the combined financial statements and, in my opinion, is fairly stated in all material respects in relation to the combined financial statements taken as a whole. I I I I Watkins, Minnesota May 23, 1989 /4;~fl' /~~~-L------ MARLIN J. BOECKMANN, C.P.A. 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JOSEPH, MINNESOTA COMBINED STATEMENT OF REVENUES, EXPENDITURES I AND CHANGES IN FUND BALANCE ALL GOVERNMENT FUND TYPES For The Year Ended December 31, 1988 (With Comparative Totals for the Year Ended December 31, 1987) I To ta 1 Governmental Fund Types (Memorandum Only) I Special Capital Debt December December General Revenue Projects Service 31, 1988 31, 1987 REVENUES: Taxes $143,649 $ $ $ 1,572 $ 145,221 $ 124,868 I Licenses/Permits 26,617 26,617 22,267 Intergovernmental Revenue: I Federal 282,914 State 351 , 273 73 , 363 424,636 346,517 Charge for Servo 74,879 14,700 89,579 94,336 I Fines/Forfeits 28,285 28,285 29,032 Assessments 9,172 32,938 45,978 88,088 412,056 other/Interest 62,684 4,171 42,996 93,121 202,972 188,394 I TOTAL REVENUE $696,559 $ 4,171 $163,997 $ 140,671 $1,005,398 $1,500,384 OTHER SOURCES: Sale of Assets 2,198 2,198 I Transfers From Other Funds 285,029 TOTAL REVENUES I & OTHER SOURCES $698,757 $ 4,171 $163,997 $ 140,671 $1,007,596 $1,785,413 EXPENDITURES: I General Govern- ment $142,934 $ $ $ $ 142,934 $ 141,910 Public Safety 242,471 242,471 184,412 Streets/Highways 132,527 132,527 257,118 I Recreation 39,491 39,491 18,215 Capital Outlay- Equipment 23,308 23,308 I Other 653,607 Other/Interest 24 385,394 385,418 619,050 TOTAL EXPENDITURES $557,423 $ 23,332 $ $ 385,394 $ 966,149 $1,874,312 I OTHER USES: Transfers To Other Funds $ 13,725 $ $ $ $ 13,725 $ 381,095 I TOTAL EXPENDITURES & OTHER USES $571,148 $ 23,332 $ $ 385,394 $ 979,874 $2,255,407 I NET INCREASE (DE- CREASE) IN FUND BALANCE DURING I THE YEAR $127,609 $09,161) $163,997 $ (244,723) $ 27,722 $ (469,994) FUND BALANCE, I January 1 759,442 60,780 413,144 770,645 2,004,01l 2,474,005 FUND BALANCE, December 31 *~~I;~~~ $ 41 619 *~u;~n $ 525 922 g}.Q~!}.n~ ~~}.QQ~}.Q!! == ==;= == ======;=== ---------- ---------- I The notes to the financial statements are an integral part of this statement. -4- - - - I-:J ::r CD ::s o c-t CD CJl c-t o c-t ::r CD HJ t-'. ::s III ::s o t-'. 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()q CD c-t -EtT o 1:7:1 to I-:J (f.l 1:7:1 ::0 < H o .........~1:7:1 c::o ::sc-tt-:I:j o..s::;c:: CD III Z ';1-'0 I-' Vl --.:] [\) ~ o c-t s::; III I-' -EtT I-' Vl -.:] [\) o to<: s::; CD 0..>; ()q CD c-t I I I I I I I I I I I I I I I I I I I EXHIBIT 4 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF REVENUES, EXPENSES, & CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For The Year Ended December 31, 1988 and 1987 1988 1987 OPERATING REVENUE: Water Plant Operation and Maintenance Sanitation $ 96,788 105,472 67,541 $ 83,342 68,905 30,447 $269,801 $182,694 TOTAL OPERATING EXPENSES: TOTAL $ 75,511 $ 67,104 138,289 113,737 64,755 57,880 $278,555 $238,721 $ (8, 754) $(56,027) Water Plant Operation and Maintenance Sanitation OPERATING INCOME (LOSS) OTHER INCOME (EXPENSES) Transfers From Other Funds Interest Income TOTAL OTHER INCOME $ 13,725 $ 96,066 12,900 9,292 $ 26,625 $105,358 $ 17 , 871 $ 49,331 ( 31 , 284 ) (80,615) H~~!:~~~) H~h~~~) NET INCOME (LOSS) RETAINED EARNINGS, (DEFICIT) January 1 RETAINED EARNINGS, (DEFICIT) December 31 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 I I EXHIBIT 5 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF CHANGES IN FINANCIAL POSITION - PROPRIETARY FUND TYPE For The Year Ended December 31, 1988 and 1987 1988 1987 $ (8,198) $ (3,594) (82,240) 138,200 51 , 589 (26,203) (445) 810 (623) 2,840 ( 487 ) 1,600 ( 375 ) 271 $(40,779) $113,924 $ 6,603 $(17,421) 623 (2,840) (758) (195) (11 ,404) 2,323 $ (4,936) $(18,133) H~~!:E~) $ 95 791 ____1.___ -------- RESOURCES PROVIDED: Operations: Net Income Add (Deduct) Items Not Affecting Working Capital: Depreciation Loss on Disposal of Equipment $ 17,871 67,728 109 Total Funds Provided By Operations $ 85,708 OTHER SOURCES OF FINANCIAL RESOURCES: Contribution by Other Funds TOTAL RESOURCES PROVIDED BY ALL SOURCES $ 85,708 USES OF FUNDS: Additions to Plant and Equipment $131,423 $131,423 H~~~H~) TOTAL RESOURCES USED INCREASE 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 Deferred Revenue Due To Other Funds Deficit Cash Balance TOTAL CURRENT LIABILITIES INCREASE (DECREASE) IN WORKING CAPITAL The notes to the financial statements are an integral part of this statement. -7- $ 49,331 40,846 25,412 $115,589 653,608 $769,197 $673,406 $673,406 ~_22.!.72! -------- I I CITY OF ST. JOSEPH, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1988 I I Note 1 - Summary of Significant Accounting Policies I The accounting policies of the City of st. Joseph conform to generally accepted accounting principles applicable to governmental units. The Governmental Accounting Standards Board (GASIS) is the accepted standard- setting body for establishing governmental accounting and financial report- ing principles. The following is a summary of the significant accounting policies. I I A. 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 resources 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 A and of F and H of this Note. 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 I Capital Projects Funds - The Capital Projects Fund is used to account for financial resources to be used for the acquisition or construct- ion of major capital facilities. 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 continuing basis be financed or recovered primarily through user charges. I I -8- 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 An account group is not a fund, but rather comprises a self-balancing group of accounts. B. Basis of Accounting I I The modified accrual basis of accounting is followed for the general, capital projects, debt service, and special revenue funds. Under this method of accounting, revenues are recognized when received in cash, except for material or available revenues which are accrued to reflect revenues earned and available to fund operations for that period. Expen- ditures, other than accrued interest on general long-term debt, are recorded at the time liabilities are incurred. 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 C. Budgetary Data I Annual budgets approved by the City Council are adopted for the City. 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 state- ments in this report. I I D. Cash and Temporary Investment I Cash balances from all funds may be pooled and invested to the extent available in certificate of deposit or treasury bills. Earnings from such investments are allocated to the funds on the basis of applic- able cash balance participation by each of the funds. I E. Recognition of Property Taxes 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 I -9- I I I I I I I I I I I I I I I I I I I collectible. Such taxes constitute a lien on the property on January I 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. F. General Fixed Assets Group of Accounts General fixed asset purchases are recorded as expenditures in the various funds at the time of purchase. Such assets of $250 and over are capitalized at cost, or at appraisal if cost is not available, in the General Fixed Asset Group of Accounts. No depreciation is provided on these assets. Public domain assets are not capitalized. G. Enterprise Funds Fixed Assets and Depreciation Enterprise Funds fixed assets, including public domain type fixed assets, of $250 and over are capitalized. The assets, other than land, are de- preciated on a straight-line basis over lives of 5 to 50 years. H. General Long-Term Debt Group of Accounts 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. Vacation and Sick Pay The City does not accrue for vacation and sick pay. The amount of the accrual would not be material. J. 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. K. Reporting Entity The Governmental Standards Board Statement #1 requires municipalities to apply certain criteria to determine whether related agencies should be included in the municipalities' financial statements. The City of St. Joseph has considered its oversight responsibilities to other agencies financial interdependence with them, and the other criteria stipulated in Statement #1, and has concluded that no outside agencies' activity should be included in the City's financial statements. The City's con- -10- I I elusions are consistent with the interpretations of the Minnesota Society of Certified Public Accountant's Technical Development Review Committee, as described on Pages 6 and 7 of its letter dated November 11, 1983. All component units are included in the City's financial statements. I L. 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 measurable and available. I I I Note 2 - Cash and Investments In accordance with Minnesota statutes, the City maintains deposits at those depository banks authorized by the City Council. All such de- positories are members of the Federal Reserve, except one minor invest- ment. I Minnesota Statutes require that all City deposits be protected by insur- ance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or bonds. I The carrying amount of the City's deposits with financial institutions was $2,154,027 consisting of Certificates of Deposits and checking accounts and the bank balance collateral was $2,830,000. However, one minor investment of $19,573 (as noted above) was not covered by collateral. I Collateral was categorized as follows: I Insurance by FDIC . . . . . Collateral in Safekeeping . .$ 100,000 . 2,730,000 I Total Bank Collateral . . . .*~~~~~~~~~ I Note 3 - Pension Plans I Substantially all employees of the City are required by State law to belong to pension plans, administered by Public Employees Retirement Association (PERA), Volunteer Firefighter's Relief Association, or ICMA. Disclosures relating to these plans follow: I A. VOLUNTEER FIREMEN'S RELIEF ASSOCIATION I The Volunteer Firemen's Fund is a pension plan financed by contributions from the State, City and St. Joseph and St. Wendell Townships. The City is obligated to contribute to the Fund according to a formula that com- pares the growth in the estimated pension liability to the annual esti- mated state aid and interest earnings of the pension fund. In 1988, the City accrued $2,773 for contributions to the fund. I I Early in 1984 the City Council passed an ordinance that approved the increase of the volunteer firemen's lump sum pension benefit from $8,000 I -11- I I to $12,000 for retirement after 20 years of service. The effect of this increase in benefits was to increase the deficit from full funding in the Firemen's retirement fund at 12-31-84 to $34,666 and the deficit has since been reduced to $18,711 at 12-31-88. 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, 1988 was $28,112. Total contributions made during 1988 amounted to $2,248 of which $1,124 was made by the City and $1,124 was made by the employee. I I ,I C. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA) 1. Plan Description I All other City employees, with some minor exceptions such as students, are covered by defined benefit pension plans administered by the Public Employee Retirement Association 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, 1988, was $215,601; the City's total payroll was $275,745. I I Most 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 Basic members are not. PERA plans provide pension bene- fits, deferred annuity, and death and disability benefits. Benefits are established by State statute. I I Retirement benefits for members of the Basic and Coordinated Funds are as follows: I (a) When age plus years of service equal 90, the full unreduced normal annuity is payable. I (b) As early as age 55 with at least 5 years of paid service credit; annuity reduced 1/4% for each month under age 65. I (c) Any age with at least 30 years, reduced by 1/4% for each month under age 62. I (d) Age 65 or older with at least one but less than 5 years of paid service credit (proportionate annuity). Must terminate service at age 65 or older. I (e) Age 55 with at least 5 years of paid service credit or any age with at least 30 years representing PERA service combined with other fund coverage. I A member who terminates public service with five or more years of I -12- I I credited allowable service may leave his or her amount in the fund to qualify for an annuity at retirement age. The annuity as determined under the formula will be increased from the first of the month follow- ing date of termination at prescribed interest rates. The former member may accept a refund at any time prior to the date retirement annuity begins. I I The funds also provide various death and disability benefits, whereby the disabled employee or surviving spouse is entitled to receive amounts determined as defined by the funds. I 2. Contribution Required and Made I I Covered employees are required by state statute to contribute fixed percentages of their gross earnings to the pension plans. The City makes annual contributions to the pension plans equal to the amount required by State statutes. Current contribution rates for the plans are as follows: Employee Employer Additional Employer I I Public Employees Retirement Fund: Coordinated Fund Police and Fire 4% 8% 4% 12% 1/4% I Total contributions made during 1988 amounted to $30,947 of which $19,036 was made by the City and $11,911 was made by employees. These contributions represented 8.8 and 5.5 (employees) of the covered payroll. I 3. Funding Status and Progress I The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effect of projected salary increases and step-rate benefits, esti- mated 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 progress 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 bene- fit obligation for individual employers. I I I The pension benefit obligations of the PERA as of June 30, 1987, were as follows (in millions): I Total pension benefit obligations . . . $2,839 I Net assets available for benefits, at market. 2,609 Unfunded pension benefit obligation . 230 I The actuarial calculations of annual contributions include amounts that would be required to achieve full (100%) funding by the year 2009. I -13- I I The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30, 1987. Net assets available to pay pension benefits were valued as of June 30, 1987. I I Total contributions made to PERA by all participating entities during the fiscal year ended June 30, 1988 is estimated at approxi- mately $78,096,000. The City's contributions to PER A for the year ended December 31, 1988 was an amount equal to .0039% of the 1988 total. I Ten-year historical trend information is presented in PERA's State PERS Comprehensive Annual Financial Report for the year ended June 30, 1987. This information is useful in assessing the pension plan's accumulation of sufficient assets to pay pension benefits as they become due. I 4. Related-Party Investments I During fiscal 1988 and as of December 31, 1987, PERA held no securities issued by the City or other related parties. I Note 4 - Reserved Funds 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 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 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, 1988 reserved balances for each of the funds were: I Joint Operating Fire. Special Police. . . Street Maintenance. . . . . . . .$120,288 . . . . . . . . 70 19,715 I Net Balance Reserved, General Fund. .g~Q1.Qn -------- I Note 5 - 1986 Improvement Construction Capital Projects Fund -14- I I I I The City of St. Joseph has entered into an agreement with the City of st. Cloud to hook up with the latter's Sanitary Sewage Collection and Treatment Facility. Under this arrangement, the City of st. Joseph discharges its sewage to the st. Cloud facility and pays a user fee for the sewage treatment. The st. Joseph facility con- sists of a pumping station, collector tank and lines. I I Note 6 - Detailed Indebtedness Schedules I I Schedule A City of St. Joseph Schedule of Indebtedness - Bonds Payable December 31, 1988 I I I Beginning Ending Bond New Retirement Bond Balance Bond of Balance Bonds Payable 1-01-88 Issues Bonds 12-31-88 1972 Water & Sewer Improvement $ 35,000 $ $ 5,000 $ 30,000 1978 Improvement-East Side 115,000 15,000 100,000 1978A Street Improvement 24,000 2,000 22,000 1983 Improvement 305,000 60,000 245,000 1986 Improvement Construction 1,040,000 195,000 845,000 Total Bonds Payable H!:~~~!:~~~ *========= $ 277 000 H!:~~~!:~~~ ======!:=== I I I I I I I I I -15- - - - - - - - - - - - - - - - - - - - I I :I> H t::l :I> N f-' ::5 ::5 !D S ::5 eT eT 0 H :I> s:: <ll <ll s:: ::5 f-' !D 0; ::5 eT f-' 0 f-' <ll 0 eT <ll s:: >-<: Ul H:l 0; P- eT <ll '1:J eT 0 <ll <ll Ul !D !D H H:l Ul 0' eT 0; '<: ::0 Ul c1" eT !D Ul S !D Ul 0 ::5 <ll eT s:: 0; 0; !D P- t:r:l :::s <ll <ll 1-" PJ C 1-" :::s eT ()Q c1" c1" ::5 P- Ul 1-" <ll ::; ()Q 1-" :::s Ul 0 :::s 0 PJ 0; tIl ()Q H:l f-' 0; 1-" PJ PJ N f-' t::l '1:J H :::s <ll PJ <ll 0; Ul ()Q P- :::s () 1-" Ul <ll () <ll :::s s:: ::; <ll a () <ll H:l PJ 0' 1-" 0; Ul t::l <ll '0 0 <ll 0; PJ a 0' () f-' <ll <ll W Ul <ll a f-' :::s 0' N <ll Ul 1-" '"'S I\) I\)f-'f-'f-' f-'f-'f-'f-' f-'f-'f-'f-' "* 1:11 0 0\0\0\0 \0 \0 \0 \0 \0 \0 \0 \0 Ul W 0 0\0\0\0 \0 \0 \0 \0 \0 \0 \0 (Xl H:l s:: f-' O\O(Xl--.::J 0'\ Ul -i:= W Nf-'O\O 0 <ll ( 0; P- f-' eT \0 ::; (Xl <ll (Xl <ll PJ 0; f-' 1-" <ll Ul eT ~ eT s:: 0; (") 1-" 0 eT 3: '<: tIl H eT :z: 0 t:r:l t::l --.::J CI.l --.::J (") Ul II ::E; ::r:: "* 1I-tIT -tIT -tIT H PJ t:r:l (") II \0 a eT t::l H H:l II Ul I '0 <ll c:: >-3 0 II 0 f-' 0; 0; f-' L' >-<: 0; IIW f-' f-' W Ul 0'\ 0 \0 t:r:l 110 Ul Ul 00 W I 0 <: R<> --.::J 0 eT II~ "* --.::J <ll N t::l 0 >-r] ::; 110 0000 I\) 0 a CI.l <ll >-r] <ll 110 0000 0 <ll ~ () CI.l 110 .~~O 0 :::s <ll H >-3 f-' II eT <ll a S' PJ 0; 0' eT 'i.-) .....u <ll t:r:l c.... <ll _.~ (>-' 0; tIl 0 Ul ~:C) __ >-3 CI.l 0'\ eT s~ t:r:l t:r:l I II W t:1'1:J a 1I-tIT .c~ -tIT H f-' 2:::r:: PJ II Ul a f-' tJ::I~ eT II Ul I '0 \0 f-' CI.l >= 1If-' 0 W 0; CI.l --.::J \OCI.l 3: 0; 110 f-'f-'f-'f-'f-'f-'f-'~f-' 0'\ -i:= f-' 0 1-" 0:> 1-" 110 OOOOOOOUlUl W I 0 <: P- ~I H :z: eT II~ "* --.::J <ll <ll t:r:l :z: 1-" 110 0 0 0 0 0 0 0 0 0 (Xl 0 a PJ :I> t:r:l <ll 110 000000000 0 <ll Ul L' Ul 110 000000000 0 :::s eT L' CI.l 0 II eT >-3 L' :I> 0 :z: Q II tIl >-3 1I-tIT -tIT -tIT H 0 t:r:l --= II f-' a :z: ::0 0- Il Ul 0 '0 CI.l f-' t::l 3: ~ ....., II I 0; c1" \0 CI.l .-.\') :s III\) (Xl 0 -i:= 0 O;--.::J t::l "I C bill\) I\)I\)WNWNWI\)W 0'\ f-' -i:= <: <ll (Xl'1:J t:r:l \ II~ "* I <ll <ll I :I> tIl ~~ 110 0 000 0 0000 --.::J 0 a eT:I>>-<: >-3 ::::::.110 000000000 (Xl 0 <ll :I> 110 000000000 0 :::s tIl II eT L' t:r:l II 1I-tIT -tIT -tIT H CI.l II \0 a () II (Xl I '0 ::; III\) 0 -i:= 0; f-' <ll II-i:= f-'f-'f-'~f-'NNO'\O'\ -i:= 0:> (Xl 0 \0 P- IIUl UlUlUlUlUlUlUlOO --.::J I Ul <: 0:> s:: II~ \0 (Xl <ll W f-' 110 0 00000 0 00 "* W 0 a <ll 110 000000000 0 <ll 110 000000000 0 :::s tIl II eT II Ul 1I-tIT -tIT -tIT II I\) 0:> f-' II Ul I '1:J 110:> "* f-' -i:= 0; CI.l f-' II-i:= 0'\0'\0'\0'\0'\0'\0'\0'\0'\0'\0'\0'\0'\ I Ul 0 0 <ll \0 IIUl UlUlUlUlUlUlUlUlUlUlUlUlUl --.::J I 0 w. ~ (Xl II" (Xl <ll <ll 0'\1 110 0 0 0 0 0 0 0000000 --.::J 0'\ 0 () 0; 110 0000000000000 Ul 0 eT I 110 0000000000000 "* 0 II ..--.. 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Enterprise Funds: Plant Operations and Maintenance. . .$ 19,161 . . 233,396 . . . . . 24,220 25,322 No funds have deficit fund balances at December 31, 1988. 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 8 - Segment Information The City maintains three enterprise funds which provide water, sewer, and sanitation services. Segment information for the year ended December 31, 1988 is as follows: Plant Operation Total Sanitary Water and Enterprise Fund Fund Maintenance Funds Operating Revenue $ 67 , 541 $ 96,788 $ 105,472 $ 269,801 Operating Expenses 64,755 75,511 138,289 278,555 Operating Income (Loss) 2,786 21,277 <32,817) (8,754) Other Income (Expenses) 13,725 5,405 7,495 26,625 Net Income (Loss) 16,511 26,682 (25,322) 17,871 Transfer From Other Funds 13,725 13,725 Fixed Assets: Additions 128,914 2,509 131,423 Deletions 109 109 Net Working Capital 21,490 25,378 142,436 189,304 Total Assets 26,818 424,942 1,877,415 2,329,175 Total Equity 21,490 405,385 1,868,330 2,295,205 Note 9 - 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 $113,391 as of 12-31-88. Though these receivables are supported by liens on the underlying property, the liens are not excercisable for a number of years, and the City has decided to make the conservative estimate of full allowance of the receivables as uncollectible. -18- I I I I I I I I I I I I I I I I I I I The county auditor's office has filed a judgment for the delinquent assessments. If payments are not received, the property will be forfeited to the state and will be placed up for sale in December, 1989. At that time the property would either be regained by payment of the assessments and back taxes or would be sold with proceeds going to satisfy the assess- ments and taxes. It cannot be ascertained if proceeds would be adequate to satisfy the assessments and taxes. Note 10 - Changes in General Fixed Assets Jan. 1 Addi- Retire- Dec. 31 Balance tions ments Balance Land $ 49,879 $ $ 400 $ 49,479 v' Buildings 241,442 241,442>/ Improvements Other Than Buildings 7,684 7,684/ Machinery and Equipment 181,473 20,881 202,354 ,/ Office Furniture 28,356 420 27,936 Motor Vehicles 37,048 14,098 9,263 41 , 883 Other Equipment 83,209 29,861 301 112,769 Total General Fixed Ass ets ~~~22Q2~ $ 64 840 ~=~~~~~~ ~~~~~~n -------- ====~=== Note 11 - Due From Other Governments Due from Other Government Units includes primarily amounts due from the County. Note 12 - Interfund Receivables and Payables Interfund receivables and payables represent short-term interfund financing amount. Schedule of Interfund Receivables and Payables: Due To: General Fund. . . . . . . . . . . Water Fund. . . . . . . . . . . Capital Projects Fund . Plant Operation and Maintenance 1986 Bond . . . . . . . . . . . . . .$ 2,723 1,113 . 231,382 . . . . . .. 5,577 648 Total Interfund Receivables g~!2~~~ -------- -19- I I Due From: I Revenue Sharing Fund. General Fund. . . . . . . 1986 Bond Fund. . . . . Capital Projects Fund . Water Fund. . . Plant Operation and Maintenance I I Total Interfund Payables I I I I I I I I I I I I I I Fund. . . $ 1,950 1,113 . 231,397 6,030 195 758 H~~~~~~ -20- ,- i i I I I I I I I I I I I I I I I I I I I EXHIBIT A-I CITY OF ST. JOSEPH, MINNESOTA GENERAL FUND BALANCE SHEET December 31, 1988 and 1987 1988 1987 ASSETS Cash Investments Taxes Receivable - Delinquent Interest Receivable Special Assessments Receivable Tax Levies Receivable Due From Other Funds Due From Other Governmental Units $221,698 671 ,129 9,766 4,137 20,670 1,180 2,723 22,107 $ 3,388 77 4 , 201 7,844 1,642 26,120 1,240 27,740 TOTAL ASSETS ~22~1.~!Q -------- ~~~~!:H~ LIABILITIES AND FUND BALANCE Liabili ties: Accounts Payable Due To Other Funds Deferred Revenue Advances $ 34,772 $ 53,773 1,113 1,600 21,851 27 , 360 8,623 $ 66,359 $ 82,733 $140,073 $121,788 746,978 637,654 $887,051 $759,442 ~22;?.!.~!Q ~~~~.!.!72 -------- -------- TOTAL LIABILITIES Fund Balance: Reserved Unreserved TOTAL FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE The notes to the financial statements are an integral part of this statement. -21- 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 - BUDGET AND ACTUAL For The Year Ended December 31, 1988 and 1987 REVENUES: 1988 1987 $143,649 $124,868 26,617 22,267 351,273 348,026 74,879 75,890 28,285 29,032 9,172 62,684 60,793 $696,559 $660,876 General Property Tax Licenses and Permits Intergovernmental Revenue Charges for Services Fines and Forfeits Special Assessments Other TOTAL REVENUE OTHER SOURCES: Transfers From Other Funds Sale of General Fund Assets $ $ 83,686 2,198 TOTAL REVENUES AND OTHER SOURCES $698,757 $744,562 EXPENDITURES: General Government Public Safety Streets and Highways Recreation Debt Service Other $142,934 242,471 132,527 39,491 $141,910 184,412 257,030 18,215 2,268 1,562 TOTAL EXPENDITURES $557,423 $605,397 OTHER USES: Transfers to Other Funds 13,725 196,066 $571,148 $801,463 $127,609 $(56,901) 759,442 816,343 *~~b~~~~ H~~~~~~ TOTAL EXPENDITURES AND OTHER USES 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. -22- - ~ ::J (D ::s o cT (D rn cT o cT ::J (D H:l 1-" ::s PJ ::s o 1-'- PJ I-' rn cT PJ cT (D 8 (D ::s cT rn PJ '; (D PJ ::s 1-'- ::s cT (D Otl '; PJ I-' '0 PJ '; cT o H:l cT ::J 1-" rn I rn I\)cT wPJ I~ 8 (D ::s cT - - ~ o ~ ~ l' ::tJ trl <: trl Z c::: trl CIJ ~ Z t:::l o ~ ::r: trl ::tJ CIJ o c::: ::tJ o trl CIJ o ~ ::r: CIJ~trl PJ '; ::tJ I-'PJ (D ::s CIJ rn 0 OH:lC::: H:l(D::tJ '; 0 o trl (Do-r.1CIJ ::s '; (D 0 '; 8 PJ 1-'0 cT o-r.1::J C (D ::s '; 0. o-r.1 ~C rn ::s rn 0. 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Vl -!:::" W-..J '-' I--' W CO 0'\ i-' o r\) o -.;J i-' W -l:= r\)r\)-l:= -..J CO-.;J '-O-..Ji-' W W r\) 0'\ r\) CO Vl I--' -.;J 0'\ I--' '-0 I--'-l:=r\) Oi-'Vl 000 000 i-' I--' Vl W 0 o '-0 -..J Vl i-'r\) -l:=r\) O'\i-'Vl '-0 0 '-0 W 0 Vl - -tIT -tIT -tIT -tIT -tIT -tIT - '"0 c:: trl '"Or-' o H i-'(') 1-" () C/.l CD ;I> '"'1 '"01::tj 'j >-3 o ><: cT CD () cT 1-" o ::l - - - Vl o o o -l:= r\) -.;J W -..J r\) -.;J r\) I--' 0'\ -l:= -..J I--' -..J r\) W -..J -l:= -l:= I--' o '-0 Vl o o I--' o r\) CO r\) -.;J CO r\) >-3 o >-3 ;I> r-' Q I::tj Z I::tj ::0 ;I> r-' Q o <: I::tj ::0 ~ I::tj Z >-3 o Q r-' cT CD CD '"0 ::> Q ::s ;I> ()Q i-' CD 0 CD cT Pl Pl 'j <: 'j cT i-' ::l CD Pl 0 ::lQ'ji-''j 1-" CD::l ::l ::l ::l S Q CD ()Q CD CD 0<<: 'j ::l <: PlPl cTCD '"'1 ::l i-' 'j CD 0. trl::lCD Q C S CD N 0 1-" CD O<:I--'::l ::lCDo.cT 1-" 'j 1-" ::l ::l ::l trl ()qS()QC CD CD 1-" ::l i-' cT 0. 1-" ::l ()Q CD '"'1 1-'- ::lC/.l(') Pl Pl Pl ::l I--' '0 () Pl 1-" 1-" 'j cT Pl 1-" Pl i-'CDi-' CD ;I> 0 o.PlC S ::l c-t- 1-" 0. i-' ::s Pl 1-" ~ <<: CD 0. cTS 'j 1-" Pl ::l cT 1-" 1-" CD o c-t- ::l 'j Pl cT 1-'- o ::s i-' W Vl CO Vl -.;J -!:::"W r\)OVl 000 000 0'\ o 0\ -..J -l:= Vl i-' ........ 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CD COl-" O'jCcT 'j CD ::l 'j cT 1-" ::l ()Q i-' -l:= o o o i-' -l:= 0'\ Vl I--'-l:=-!:::"r\) -..J W -.;J Vl VlVlVlO (') I::tj 1-" :>< I::tjcT3:CDOr-' I--' <<: Pl (j 'j CD CD <<: C 0. ()Q () (') 0 cT 1-'- 1-" cTi-''jI-'.::lCD 1-" CD <: Pl i-' o 'j CD::l Pl ::l;l\ ()M- CD .. CD 1-" <: Pl CD ::l 0.(') '"Og 'j S o 1-" () cT CD cT CD CD 0. CD 1-" CD ::l ()QRo CD C/.l '0 CD () 1-" Pl i-' trl o 0. 1-" CD CD 0'\ 0'\ o CO -..J 0'\ Vl i-' o o I--' 0'\ 0'\ 0\0i-' OVlr\) OOVl Q I::tj Z r-'I::tj CD ::0 (') ()Q ;I> o 1-" r-' C CD ::ll--'Q () Pl 0 1-" cT <: i-' 1-" I::tj <: ::0 CD Z 3: I::tj Z >-3 -tIT trl C 0. ()Q CD c-t- -tIT ;I> () i-' cT \0 C CO Pl CO i-' -tIT trl........ ;I> CC::O() o.::S<:cT ()Q 0. CD C CD CD 'j Pl cT 'j i-' -tIT trl C 0. ()Q CD cT -tIT ;I> () cT C Pl i-' -tIT trl........ ;I> CC:::O() o.::l<:cT ()Q 0. CD C CD CD 'j Pl cT 'j i-' I Wtrl i-'S Q I--'I::tj '-0>-3 co;I> coZ Pl 0 ::l ;I> 0.(') i-'>-3 \OC::: CO~ -..Jr-' I::tj :x: ::r:: H trl H >-3 ;I> I -l:= -tIT r\) W '-0 Vl Vl r\) Vl o -tIT r\) -!:::" I\) -l:= -.;J i-' -!:::" o -tIT r\) '-0 i-' '-0 ........ i-' o -tIT i-' -!:::" -.;J r\) r\) 0'\ 00 o 00 CO 00 -tIT i-' CO -l:= I--' W -!:::" 0'\ 0'\ i-' -l:= I--' I--' r\) -..J 0'\ r\) -tIT W 0'\ i-' CO W 0'\ o -!:::"col--' -l:= -..J -!:::" r\) Vl i-' 0'\ o r\) -!:::" '-0 Vl Vl -l:= O\-..J i-'r\)0'\-.;J \0 CO '-0 Vl CO CO -l:= o i-' W W i-' Vl -!:::" ........ 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CD Ul - t-3 o t-3 ~ l' C/) t-3 ::0 tZJ tZJ t-3 C/) ~ :z: o ::r:: H C1 ::r:: ~ ~ K C/) -EiT f-' -.:] o \.0 0\ ~ -EiT f-' W I\) Vl I\) -.:] -EiT W CO ~ W -.:] -EiT I\) f-' \.0 I\) -.:] Vl -EiT I\) Vl -.:] o w o -EiT w -.:] -.:] Vl Vl - C/) ("t- 'l:l'"S o CD ~ CD (j) ("t- '"S l' III f-'. ::lQq 0.::> ("t- l' f-'. f-'. ::l ()q()q :J ("t- OOC/) ("t- III ::l ::> '"d 0 (j) f-'. ~ '"S ("t- III ::0 f-'(j) S 00 e <: ("t-Ill f-' f-' III '<: - 'l:lO III III <:'"d (j) f-'. o.("t- III C/)f-' ("t- '"S CD CD ("t- CD I\) 0\ Vl o -.:] CO \.0 Vl I\) ~ f-' 3: III f-'. ::l ("t- (j) ::l III O::l e () ("t-CD f-' III '<: -EiT 0\ CO f-' -.:] 0\.0 00\ o ~ -EiT I\) CO o 0\ ~ 0\ ~ f-' f-' 0\ -EiT ---- ~ ---- Of-' Vl W Vl ~ \.0 CO -EiT f-' f-' -.:] W Vl o -EiT f-' \.0 I\) Vl Vl ~ -EiT -.:] Vl I\) o ~ - - - f-' \.0 (Xl (Xl tZJ ::l 0. CD ---- 0. o o ::l ("t- f-'. ::l e (j) 0. - - -EiT -EiT -EiT -EiT -EiT H'l:l ::l '"S ("t- f-'. (j) ::l '-s () (j) f-'. 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Qq (j) ("t- ~ () ("t- e III f-' toe:: ~ e ::l 0 () o.o.<:("t- QqCD(j)e (j) '"S '"S III ("t- --- f-' f-' \.0 CO -.:] '"'JC/) o 0 '-s ::r:: t-3tZJ ::sO (j) fi KtZJ (j) 0 ~ '"'J tZJ :>< 'l:l tZJ :z: o OH CD t-3 () e:: (j) ::0 S tZJ O'C/) (j) '"S o H t-3 K o '"'J C1~ ~. tZJc.... ~O l'~ '"'J'l:l e::::r:: :z:~ 03;: H Z :z: tZJ C/) o t-3 ~ f-' I\) 0\ \.0 CO f-' I\) 0\ \.0 CO 0\ o 0\ f-' f-' W W o 0 o 0 ~ \.0 f-' f-'I\)~ -.:] Vl I\) I\) W \.0 -EiT I\) W 0\ I\) f-' f-' 0\ \.0 o W 0\ -.:] 0\ I wto f-'S C1 f-'tJ:] \.Ot-3 CO~ COz III 0 ::l ~ 0.0 f-'t-3 \.Oe:: CO~ -.:]l' tZJ :>< ::r:: H to H t-3 ~ I ~ -EiT -EiT f-' W -.:] I\) Vl f-' W -.:] I\) Vl -EiT -EiT f-' o I\) -.:] f-' o I\) -.:] -EiT -EiT ~ I\) I\) Vl W f-' o ~ 0\ o 00 o 00 -EiT -EiT f-' f-' \.0 0\ I\) 0\ CO-.:] o Vl ~ 0\ \.0 0\ 0\ \.0-,:] -EiT -EiT f-' f-' Vl ~ f-' Vl Vl o f-' (Xl 0\ \.0 0\ 0\ \.0-,:] Vl Vl W -EiT -EiT -EiT Vl Vl -.:] ~ I\) W -EiT -EiT -EiT ~ \.0 f-' f-' f-' W o W W o 0 o 0 -EiT -EiT -EiT Vl 0\ -.:] ~ Vl W f-' f-' f-' f-' CO CO o 0 o 0 -EiT -EiT -EiT 0\ o Vl W \.0 -.;) f-' f-' Vl Vl 0\ 0\ I\) I\) -EiT -EiT -EiT W -.:] \.0 ~ ~ f-' f-' o 0 I\) I\) W W CO CO -EiT f-' I\) o ~ ex> ---- f-' I\) -.:] W Vl ~ I\) \.0 Vl CO 0 ~ -EiT W -.:] f-' o o f-' CO (Xl 0\ 0 00 00 -EiT f-' CO f-' 0\ -.:] \.0 W f-' 0\ Vl I\) f-' Vl -EiT f-' ex> (Xl CO Vl ____ f-' 0\ f-' CO 0 0\ (Xl ~ Vl 0\ CO Vl 0\ Vl W I\) ~ I\) ~ f-' 0\ -.:] I\) CO I\) W o o o O~VlO 01\)00 OVlOO f-' ~ -.:] -.:] I\) ~ 1\)1\) ~ -.:] 0 \.0 WW W O\W Vl f-' ---- ---- I\) 0\ I\) CO -.:] W Vl 0 W\.OOO\ O\I\)OVl I\) I\) (Xl I I I I I I I I I I I I I I I I I I I ASSETS Cash Investments Interest Receivables TOTAL ASSETS EXHIBIT B-1 CITY OF ST. JOSEPH, MINNESOTA SPECIAL REVENUE FUND BALANCE SHEET December 31, 1988 and 1987 Federal Revenue Sharing 1988 1987 $ $ 2,459 60,000 271 ~=~~!:n~ 47,000 208 ~_~IL~Q~ -------- LIABILITIES AND FUND BALANCE Liabilities: Cash Deficit Due To Other Funds TOTAL LIABILITIES FUND BALANCE TOTAL LIABILITIES AND FUND BALANCE $ 3,639 $ 1,950 1,950 $ 5,589 $ 1,950 41,619 60,780 L~IL~Q~ ~_~~LnQ -------- -------- The notes to the financial statements are an integral part of this statement. -26- 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, 1988 and 1987 Federal Revenue Sharing 1988 1987 REVENUES: u.S. Treasury Interest $ _.4,172:. TOTAL REVENUES $ 4,171 EXPENDITURES: Cap ital Outlay Other Street Improvement $ 23,308 24 TOTAL EXPENDITURES $ 23,332 OTHER USES: Transfers to Other Funds $ TOTAL EXPENDITURES AND OTHER USES $ 23,332 NET INCREASE (DECREASE) IN FUND BALANCE DURING THE YEAR $(19,161) FUND BALANCE, January 1 60,780 FUND BALANCE, December 31 $ 41 619 ====,;=== The notes to the financial statements are an integral part of this statement. -27- $ 7,159 4,046 $ 11 ,205 $ 88 $ 88 $ 83,686 $ 83,774 $(72,569) 133,349 L~Q1.I~Q -------- - - - - - t-3 ::J (J) ::s o (""I- CD 00 (""I- o (""I- ::J CD I-'J f-" ::s Sll ::s o f-'. 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JOSEPH, MINNESOTA CAPITAL PROJECTS FUND BALANCE SHEET December 31, 1988 and 1987 ASSETS Cash Investments Interest Receivable Special Assessments Receivable-Current Special Assessments Receivable-Noncurrent Due From Other Funds Due From Other Governmental Units TOTAL ASSETS LIABILITIES AND FUND BALANCE Accounts Payable Due To Other Funds Deferred Revenue TOTAL LIABILITIES Fund Balance TOTAL LIABILITIES AND FUND BALANCE I I EXHIBIT C-1 1986 Sewer 1988 1987 $ 55,969 287,229 3,689 18 , 386 214,368 231,382 4,902 $ 3,608 192,866 5,098 18,920 246,492 213,867 8,000 ~~!21.2~2 -------- *~~~!:~~~ $ $ 4,265 6,030 6,030 232,754 265,412 $238,784 $275,707 577,141 413,144 ~~!21.2~2 ~~~~1.~2! -------- -------- 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 C-2 CITY OF ST. JOSEPH, MINNESOTA CAPITAL PROJECTS FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1988 and 1987 1986 Sewer 1988 1987 REVENUES: TOTAL REVENUES $ $274,246 73 , 363 14,700 18,446 32,938 353,485 20,910 26,582 22,086 17,709 $163,997 $690,468 Federal Grant State Grant Hook-ups Special Assessments Interest - Special Assessments Interest - Investments EXPENDITURES: TOTAL EXPENDITURES $ $ $653,607 $653,607 Capital Outlay OTHER USES: TOTAL EXPENDITURES AND OTHER USES $ $101 , 343 $ $754,950 $163,997 $(64,482) 413,144 477,626 ~~U?:~~~ ~~~~?:~~~ Transfers To Other Funds NET INCREASE (DECREASE) IN FUND BALANCE FUND BALANCE (DEFICIT), January 1 FUND BALANCE, December 31 The notes to the financial statements are an integral part of this statement. -30- - - - - - - >-3 ::J (I) ::s o eT (I) UJ eT o eT ::J (I) HJ f-'. ::s III ::s o f-'. 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JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING BALANCE SHEET December 31, 1988 (With Comparative Totals for December 31, 1987) ASSETS Current Assets: Cash Investments Accounts Receivable Interest Receivable Sp. Assessments Rec. Due From Other Funds Due From Other Govern- mental Units TOTAL CURRENT ASSETS Fixed Assets: Land Building Less: Allow. for Depr. Treatment Plant/Lines Less: Allow. for Depr. Machinery & Equipment Less: Allow. for Depr. TOTAL FIXED ASSETS TOTAL ASSETS LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS Current Liabilities: Deficit Cash Balance Due To Other Funds Accounts Payable Deferred Revenue TOTAL LIABILITIES Contributions From Other Funds Retained Earnings, Unreserved Total Fund Equity TOTAL LIABILITIES, CON- TRIBUTIONS & RETAINED EARNINGS Sanitary Fund $ 26,818 $ 26,818 $ Plant Opera- tion and Water Maintenance Fund Fund $ $ 13,000 28,469 10 2,217 1,113 1,529 99,960 44,054 389 5,577 126 $ 44,935 $ 151,521 $ 12,996 $ 4,940 517 , 983 (38,849) 1,412,466 (263,612) 109,806 06 , 840) $1,725,894 g.!.~E.!.~!2 ---------- $ $ 11,404 $ 195 5,328 5,741 2,217 758 8,327 $ 5,328 $ 19,557 $ 9,085 $ 3,725 $265,135 $2,039,758 17,765 $ 21,490 $ 26 818 ____.1.___ -------- 140,250 $405,385 071,428) $1,868,330 ~~g~.l.2~g -------- g.!.~77.!.~!2 ---------- -34- Total 1988 1987 $ 1,529 $ 139,77.8 72,523 399 2,217 6,690 12 138 474,912 (128,578) 35,841 05,164) $ $380,007 ~=~~~~~~ ~~~~~~~~ $ 223,274 $ 17,936 517,983 (38,849) 1,887,378 <392,190) 145,647 (32,004) $2,105,901 ~~.l.~~2.l.!I2 ---------- $ 11 ,404 $ 953 19,396 2,217 $ 33,970 $ 9,727 195,200 47,752 844 2,840 7,177 513 $ 264,053 $ 7,276 517 , 983 02,950) 1,770,956 <357,400 ) 141,641 (25,191) $2,042,315 ~~.!.~Q~.l.~~~ ---------- 195 25,999 2,840 29,034 $2,308,618 $2,308,618 (13,413) (31,284) $2,295,205 $2,277,334 *~~~~~~~b~ *~~~~~~~~~ I EXHIBIT E-2 I CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSE I AND CHANGES IN RETAINED EARNINGS For The Year Ended December 31, 1988 (With Comparative Totals for the Year Ended December 31, 1987) I Plant Opera- tion and I Sanitary Water Maintenance Total Fund Fund Fund 1988 1987 REVENUES: I Sales & Rental Charges $ 67,541 $ 84,410 $ 103,172 $ 255,123 $ 163 , 030 Service & Permits 11,704 11,704 14,225 Miscellaneous 674 2,300 2,974 5,439 I TOTAL REVENUES $ 67,541 $ 96,788 $ 105,472 $ 269,801 $ 182,694 EXPENSES: I General & Administrative $ $ 34,261 $ 23,448 $ 57,709 $ 57,721 Waste Collection Cont. 64,737 64,737 57,880 Pumping & Utilities 14,004 14,004 11 ,282 I Water Purification 7,639 7,639 5,107 Water Distribution 7,184 7,184 7,393 Sewage Treatment Plant 57,198 57,198 39,147 I Depreciation 10,194 57,534 67,728 40,846 Miscellaneous 18 2,229 109 2,356 19,345 TOTAL EXPENSES $ 64,755 $ 75,511 $ 138,289 $ 278,555 $ 238,721 I OPERATING INCOME (LOSS) $ 2,786 $ 21,277 $ <32,817) $ (8,754) $ (56,027) I OTHER INCOME (EXPENSES) Transfer From Other Funds $ 13,725 $ $ $ 13,725 $ 96,066 Interest Income-Sp. Assess. 192 192 276 Interest Income-Investments 5,213 7,495 12,708 9,016 I OTHER INCOME -NET $ 13,725 $ 5,405 $ 7,495 $ 26,625 $ 105,358 I NET INCOME (LOSS) $ 16,511 $ 26,682 $ (25,322) $ 17,871 $ 49,331 RETAINED EARNINGS, (DEFICIT) I January 1 1,254 113,568 (146,106) (31,284) (80,615) RETAINED EARNINGS, (DEFICIT) December 31 $ 17 765 ~!~Ql.~~Q ~=~H~!~~~) $ (13 413) ~==~~h~~~) I ====!=== -------- ======~=== I I The notes to the financial statements are an integral part of this statement. I -35- I I I I I I I I I I I I I I I I I I I EXHIBIT E-3 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended December 31, 1988 and 1987 Sanitary Fund Plant Opera- tion and Water Maintenance Fund Fund Total 1988 1987 SOURCES OF FINANCIAL RESOURCES: Operations: Net Income (Loss) For The Year $ 16,511 $ 26,682 $ Add: Items Not Requiring Current Outlay of Resources: Depreciation 10,194 Loss on Disposal of Equip. $ 17,871 $ 49,331 (25,322) 67,728 109 40,846 25,412 57,534 109 Total Resources Provided By Operations $ 16,511 $ 36,876 $ 85,708 $ 115,589 32,321 $ OTHER SOURCES OF FINANCIAL RESOURCES: Contributions By Other Funds 653,608 TOTAL RESOURCES PROVIDED BY ALL SOURCES $ 16,511 $ 36,876 $ 32,321 $ 85,708 $ 769,197 USE OF FINANCIAL RESOURCES: Operations: Net Income (Loss) For The Year $ Less Items Not Requiring Current Outlay of Resources: Depreciation Equipment Disposal $ $ $ $ Total Resources Used By Operations $ $ $ $ $ OTHER USES OF FINANCIAL RESOURCES: Acquisition of Fixed Assets 128,914 131,423 673,406 2,509 TOTAL USES OF FINANCIAL RESOURCES $ $128,914 $ 2,509 $ 131,423 $ 673,406 NET INCREASE (DECREASE) IN WORKING CAPITAL ~=~~~~~~ ~~~~~~~~) ~===~~~~~~ ~==~~~~b~~) ~===~~~b~~ 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 EXHIBIT E-3 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION For The Year Ended December 31, 1988 and 1987 Plant Opera- tion and Sanitary Water Maintenance Total Fund Fund Fund 1988 1987 COMPONENT ELEMENTS OF INCREASE (DECREASE) IN WORKING CAPITAL: Cash $ (106 ) $ (6,362) $ (1,730) $ (8,198) $ (3,594) Investments (92,000) 9,760 (82,240) 138,200 Accounts Receivable 17,281 12,440 21,868 51,589 (26,203) Interest Receivable (490) 45 (445) 810 Special Assessments Receiv- able (623) (623) 2,840 Due From Other Fun ds ( 487) (487) 1,600 Due From Other Governmental Units (59) (328) 12 (375) 271 Accounts Payable (605) 6,593 615 6,603 (17,421) Deferred Revenue 623 623 (2,840) Due To Other Funds (758) (758) (195) Deficit Cash Balance ( 11 , 404 ) (11,404) 2,323 NET INCREASE (DECREASE) IN WORKING CAPITAL L!~L2!! H2~LQ;2~) ~___~21.~!~ ~__l~21.n2) ~___221.72! -------- -------- ---------- ---------- ---------- The notes to the financial statements 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 WATER FUND Land Buildings Less: Allow. for Depr. Machinery & Equipment Less: Allow. for Depr. TOTAL WATER FUND PLANT OPERATION & MAINTENANCE Land Building 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 EXHIBIT E-4 CITY OF ST. JOSEPH, MINNESOTA ENTERPRISE FUNDS SCHEDULE OF CHANGES IN FIXED ASSETS For The Year Ended December 31, 1988 Jan. 1 Balance Addi- tions Retire- ments Deprec- iation Dec. 31 Balance $ 12,996 474,912 (128,578) 35,841 (15,164) $ 380,007 $ 4,940 517,983 (38,849) 1,412,466 (263 , 612 ) 109,806 (16,840) $1,725,894 H,;~~~?:~~~ The notes to the financial statements are an integral part of this statement. -38- $ 2,336 $ 358,490 (120,021 ) 34,009 (13 , 527 ) 10,660 $ 116,422 $ 8,557 1,832 1,637 $ 261,287 $ 128,914 $ $ 10,194 $ 4,940 $ 517,983 (12,950 ) 1,412,466 ( 23 7 , 379 ) 107,632 (11,664) $ $ 25,899 26,233 2,509 335 (226) 5,402 $1,781,028 $ 2,509 $ 109 $ 57,534 *~,;~~~,;~~~ *==~~~,;~~~ *======~~~ *===~r,;r~~ 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 FIXED ASSETS BY FUND - BY SOURCE December 31, 1988 and 1987 1988 1987 GENERAL FIXED ASSETS $ 49,479 241,442 7,684 202,354 27,936 41 , 88 3 112,769 Land Buildings Improvements Other Than Buildings Machinery and Equipment Office Furniture Motor Vehicles Other Equipment TOTAL GENERAL FIXED ASSETS *~~~~~~b INVESTMENT IN GENERAL FIXED ASSETS FROM: $414,205 59,013 209,135 1,194 General Revenue Fund Special Assessments Revenue Sharing Capital Projects TOTAL INVESTMENT IN GENERAL FIXED ASSETS ~~~~~~~r The notes to the financial statements are an integral part of this statement. -39- $ 49,879 241,442 7,684 181,473 28,356 37,048 83,209 *~~~~ ~~ ~ $383,344 59,013 185,540 1,194 ~~~~~~~~ I I I I I I I I I I I I I I I I I EXHIBIT G-1 CITY OF ST. JOSEPH, MINNESOTA STATEMENT OF GENERAL LONG-TERM DEBT December 31, 1988 and 1987 1988 BOND PRINCIPAL $ 523,095 718,905 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 H~~~~~~~~ BONDS PAYABLE $ 153,000 1,089,000 Bonds Payable - Current Portion Bonds Payable - Noncurrent Portion TOTAL BONDS PAYABLE ~h~~~~~~~ I I 1987 $ 770,645 748,355 ~h~~~~~~~ $ 277,000 1,242,000 ~~~~~~~~~~ -40- The notes to the financial statements are an integral part of this statement. ~--- I I - - - - - - - - - - - - - - - - - - - >-3 tJj :J I-' 0 CD Z ~ t:l >-3 >-3 I-' I-' I-' I-' I-' t:l CD :J 0 1.0 1.0 1.0 \0 1.0 CIJ 0 () 0 (T CO CO --.;j --.;j --.;j (T CD ~ Al O'\WCOCOI\.) 'lJ CD S()q I-' :t:> :t:> CD O':J HH H ~ K CD tJj S S ClJS Al :t:> (T '"S (T 0 '0'0 (T'O (T tJj 0 :J ::s '"S '"S '"S '"S CD l' W CD 0. 0 0 CD 0 '"S I:7j (T I-' CD <: <: CD <: :J Al CD CD (TCD Al CD 0 ::s 'lJ S S S ::s HJ ~ Al CD CD HCD 0. 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I-' CD (;) CD II-i= -i= -i= I\.) OW (T I III\.) Ul Ul I\.) 00 PJ I\.) PJ It- ~ ~ ~ ~ ::s '"S 110 0 0 0 0 0 0. CD 110 0 0000 f-'. 110 0 0000 ~ (T ()q '"S CD PJ II-Efl- -Efl- (T II 'lJ CD II '"S 0- III-' f-'. IIUl 0'\ 0'\ I-' I-' ~ CI Al IIW Ul OW UlO () ~ CD II-- ~ ~ ~ ~ f-'. CD 110 0 0 0 0 0 '0 '0 110 0 00 00 Al H PJ 110 0 00 00 I-' ::s f-'. 0. I-' II-Efl- -Efl- 1.0 Al II H CO CD II ::s CO II (T 0 111.0 0'\ I\.) CD I-' HJ 110 0 0 I-' Ul I-' '"S II-- ~ ~ ~ ~ CD CD IIW CO --.;j W --.;j 0'\ CD PJ III-' -i= --.;j-i=OUl (T () III\.) 0 W-i=UlO :J I I CERTIFIED PUBLIC ACCOUNTANT I ~rlin 11. Jntthuutnn (THE CONVENT) WATKINS. MINNESOTA 55389 TEL. (612) 764-5822 I I AUDITOR'S REPORT ON COMPLIANCE WITH STATE LAWS I I Honorable City Mayor and Members of the City Council City of St. Joseph st. Joseph, Minnesota 56374 I I I have examined the general purpose financial statements of the City of st. Joseph, Minnesota, for the year ended December 31, 1988, and have issued my report thereon dated May 23, 1989. 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 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 applicable legal provisions, except for certain circum- stances 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 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 Watkins, Minnesota May 23, 1989 #~~~ I MARLIN J. BOECKMANN, C.P.A. I -42- I I I I CITY OF ST. JOSEPH, MINNESOTA FINDINGS AND RECOMMENDATIONS LEGAL COMPLIANCE REVIEW FINDING 1: The City is required to have each depository of municipal funds to be an approved institution. The City had a small amount of funds in non-allowable financial institution. I Recommendation: Administration should use only allowable depositories of municipal funds. All such depositories should be designated and approved by the City Council. I I Management's Response: We concur. Funds were immediately moved to an acceptable investment in an allowable financial institution. I I FINDING 2: The City is required to be certain that deposits are insured or secured. The investment referred to in (Finding 1) was not insured or secured. Recommendation: Administration must be certain to maintain a file for insur- ance or collateral for all deposits. I Management's Response: We concur. Funds were immediately moved to an insured account. I FINDING 3: The City should have all time cards signed by the supervisor, approving processing for payment and indicating the information to be correct. This is not done. I Recommendation: All time cards should be signed by the supervisor indicating the information to be correct. I Management's Response: We concur. In the future, all timecards will be signed by the supervisor indicating the information to be correct. I FINDING 4: The City is required to transmit the Appropriation of State Aid Warrant from the Commissioner of Finance to the Firefighter's Relief Association treasurer within 30 days of receipt. Inadvert- antly, the transfer was not completed in the required time. I I Recommendation: The transfer of State Aid should be made to the Firefighter's Relief Association Treasurer immediately upon receipt from the state. I Management's Response: We concur. State Aid will be transferred to the Fire- Figher's Relief Association on a timely basis. I -43- I