HomeMy WebLinkAbout1992 Audit Report
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I CITY OF ST. JOSEPH, MINNESOTA
I Stearns County
I AUDITED FINANCIAL STATEMENTS
As of
I December 31, 1992
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CITY OF ST. JOSEPH, MINNESOTA
TABLE OF CONTENTS
ELECTED OFFICIALS AND ADMINISTRATION.................................
INDEPENDENT AUDITORS. REPORT.........................................
GENERAL PURPOSE FINANCIAL STATEMENTS -
Combined Balance Sheet - All Fund Types and Account Groups..........
Combined Statement of Revenues, Expenditures and Changes in Fund
Balance - All Governmental Fund Types.............................
Combined Statement of Revenues, Expenditures and Changes in Fund
Balance - Budget and Actual - General Fund........................
Combined Statement of Revenues, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types.............................
Combined Statement of Cash Flows - All Proprietary Fund Types......
Notes to the Financial Statements..................................
COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS -
General Fund -
Ba 1 an c e She e t. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual...............................................
Special Revenue 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
Ba 1 an c e. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital Projects Funds -
Combining Balance Sheet..........................................
Combining Statement of Revenues, Expenditures and Changes in Fund
Balance.........................................................
Enterprise Funds -
Combining Balance Sheet..........................................
Combining Statement of Revenues, Expenses and Changes in Retained
Earnings........................................................
Combining Statement of Cash Flows................................
Statement of General Long-Term Debt................................
COMPLIANCE WITH MINNESOTA STATUTES -
Independent Auditors' Report on Compliance with Minnesota
Statutes..........................................................
Findings on Compliance with Minnesota Statutes.....................
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City Council
Steven Dehler
Ross Rieke
Leo Sadlo
Stephanie Hazen
Bob Loso
Administration
Rachel Stapleton
Judy Weyrens
CITY OF ST. JOSEPH, MINNESOTA
ELECTED OFFICIALS AND ADMINISTRATION
December 31, 1992
Position
Mayor
Councilmember
Councilmember
Councilmember
Councilmember
City Cl erkl
Administrator
Deputy Clerk
Term
Expires
December 31,
December 31,
December 31,
December 31,
December 31,
Appointed
Appointed
1992
1992
1992
1994
1994
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I ~I Kern, DeWenter, Viere, Ltd.
~~ Certified Public Accountants
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Alvin M. Kern
Duane N. DeWenter
Loren M. Viere
Gerald A. Stover
Keith W Julson
Dwayne B. Dockendorf
David H. Hinnenkamp
INDEPENDENT AUDITORS' REPORT
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Apri 1 8, 1993
Honorable Mayor and City Council
City of St. Joseph
St. Joseph. Minnesota
We have audited the general purpose financial statements of the City of St.
Joseph, Minnesota as of and for the year ended December 31, 1992, as listed in the
table of contents. These financial statements are the responsibility of the
City.s management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present
fairly, in all material respects, the financial position of the City of St.
Joseph, Minnesota, as of December 31, 1992, and the results of its operations and
cash flows of its proprietary fund type for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose
financial statements taken as a whole. The combining and individual fund
financial statements listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose financial
statements of City of St. Joseph, Minnesota. Such information has been subjected
to the auditing procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly presented in all material respects in
relation to the general purpose financial statements taken as a whole.
~~,~/~)tIJI
KERN, DEWENTER, VIERE, LTD.
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220 Park Avenue South P.O. Box 1304 St. Cloud, MN 56302
612-251-7010 FAX 612-251-1784
CITY OF ST. JOStPH, MINNtSUIA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1992
Governmental Fund Types
General
Special
Revenue
Debt
Service
Cap ita 1
Projects
ASSETS AND OTHER DEBITS
ASSETS:
Cash and Investments (Including
Cash Equivalents) $ 1,269,428 $ 35,916 $ 1,213,423 $ 235,526
Taxes Receivable -
Deferred 240,000
Delinquent 4,275
Special Assessments Receivable -
Deferred 46,801 251,584
Delinquent 644
Accounts Receivable
Interest Receivable 55,909
Due from Other Funds 20,000
Due from Other Governmental Units 15,716
Loans Receivable 7,220
Fixed Assets - Net
OTHER DEBITS:
Amount Available in Debt Service Fund
Amount to be Provided from Special
Assessments
Amount to be Provided for Retirement
of General Long-Term Debt
TOTAL ASSETS AND OTHER DEBITS $ 1,639,349 $ 35,916 $ 1,485,651 $ 235,526
LIABILITIES, EQUITY AND OTHER CREDITS
LIABILITI ES:
Cash Overdraft $ $
Accounts Payable 48,990
Due to Other Governmental Units 85
Contract Payable
Due to Other Funds
Deferred Revenue 291,076
Compensated Absences Payable 28,255
Capital Lease Obligation
Bonds Payable
Total Liabilities 368,406
$ 32,703 $ 76,576
110 24,767
38,503
252,228
285,041 139,846
EQUITY AND OTHER CREDITS:
Investment in General Fixed Assets
Contributed Capital
Retained Earnings (Deficit)
Fund Balance -
Reserved
Unreserved -
Designated
Undesignated (Deficit)
Total Equity and Other Credits
302,700
830,000
138,243
1,270,943
35,916
35,916
821,422
379,188
1,200,610
172,770
(77 ,090J
95,680
TOTAL LIABILITIES, EQUITY
AND OTHER CREDITS
$ 1,639,349 $ 35,916 $ 1,485,651 $ 235,526
The notes to the financial statements are an integral part of this statement.
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I Proprietary
I Fund Types Account Groups
Genera 1 General
Fixed Long-Term Total
Enterprise Assets Debt (Memorandum Only)
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I $ 354,204 $ $ $ 3,108,497
240,000
4,275
I 298,385
644
I 59,281 59,281
55,909
20,000
15,716
I 7,220
1,832,977 999,560 2,832,537
I 1,200,610 1,200,610
252,228 252,228
I 194,037 194,037
$ 2,246,462 $ 999,560 $ 1,646,875 $ 8,289,339
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I $ $ $ $ 109,279
30,629 104,496
5,763 5,848
38,503
I 20,000 20,000
543,304
9,700 37,955
I 21,875 21,875
1,625,000 1,625,000
66,092 1,646,875 2,506,260
I 999,560 999,560
2,299,315 2,299,315
I (118,945) (118,945)
302,700
I 1,824,192
476,257
2,180,370 999,560 5,783,079
I $ 2,246,462 $ 999,560 $ 1,646,875 $ 8,289,339
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CITY OF ST. JOSEPH, MINNESOTA
COMBINED STATEMENT OF REVENUES. EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
Year Ended December 31, 1992
Governmental Fund Types
Special Debt
General Revenue Servi ce
REVENUES:
Taxes $ 117,224 $ $
Special Assessments 9,422 132,800
Licenses and Permits 33,436
Intergovernmental 481,852
Charges for Services 105,679
Fines 33,689
Miscellaneous 114,974 4,282 155,388
Total Revenues 896,276 4,282 288,188
EXPENDITURES:
Current -
General Government 191,113
Public Safety 368,961
Public Works 165,113
Culture and Recreation 74,529
Miscellaneous 437 50,798 2,138
Capital Outlay
Debt Service 291,071
Total Expenditures 800,153 50,798 293,209
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 96,123 (46,516) (5,021)
OTHER FINANCING SOURCES:
Proceeds From the Sale of Bonds 17,413
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES 96,123 (46,516) 12,392
FUND BALANCE - January 1 1,174,820 82,432 1,188,218
FUND BALANCE - December 31 $ 1,270,943 $ 35,916 $ 1,200,610
The notes to the financial statements are an integral part of this statement.
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I Capita 1 Total
Projects (Memorandum Only)
I $ $ 117,224
142,222
33,436
I 481,852
105,679
33,689
I 3,675 278,319
3,675 1,192,42L/
I 191,113
368,961
I 165,113
74,529
53,373
908,807 / 908,807
I 291,071
908,807 2,052,967
I (905,132) (860,546)
I 1,000,812 1,018,225 v
I 95,680 157,679
2,445,470
I $ 95,680 $ 2,603,149
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CITY OF ST. JOSEPH, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND
Year Ended December 31, 1992
REVENUES:
Taxes
Special Assessments
Licenses and Permits
Intergovernmental
Charges for Services
Fines
Miscellaneous
Total Revenues
General Fund
Over
(Under)
Budget Actual Budget
$ 228,112 $ 117,224 $ ( 11 0 , 888)
7,308 9,422 2,114
28,755 33,436 4,681
339,735 481,852 142,117
71,660 105,679 34,019
32,100 33,689 1,589
73,000 114,974 41,974
780,670 896,276 115,606
EXPENDITURES:
Current -
General Government
Public Safety
Public Works
Culture and Recreation
Miscellaneous
Total Expenditures
197,388 191,113 (6,275)
382,161 368,961 (13,200)
174,122 165,113 (9,009)
76,631 74,529 (2,102)
1,000 437 (563)
831,302 800,153 (31,149)
(50,632) 96,123 146,755
26,500 (26,500)
$ (24,132) 96,123 $ 120,255
1,174,820
$ 1,270,943
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES:
Operating Transfers In
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
FUND BALANCE - January 1, 1992
FUND BALANCE - December 31, 1992
The notes to the financial statements are an integral part of this statement.
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CITY OF ST. JOSEPH, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
ENTERPRISE FUNDS
Year Ended December 31, 1992
Total
OPERATING REVENUES:
Charges for Services
$ 346,051
OPERATING EXPENSES:
Salaries and Related Taxes and Benefits
Utilities
Supplies
Sewer Use Rental
Postage
Repairs and Maintenance
Fees and Tests
Dues and Subscriptions
Refuse Disposal
Depreciation
Miscellaneous
Total Operating Expenses
75,041
17,571
18,281
52,354
1,006
57,338
4,694
238
64,358
69,205
688
360,774
(14,723)
OPERATING .LOSS
NON-OPERATING REVENUES (EXPENSES):
Interest
Loss on Disposal of Fixed Asset
Total Non-Operating Revenues (Expenses)
20,481
(653)
19,828
NET INCOME
RETAINED EARNINGS (DEFICIT) - January 1
RETAINED EARNINGS (DEFICIT) - December 31
5,105
(124,050)
$(118,945)
The notes to the financial statements are an integral part of this statement.
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CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINED STATEMENT OF CASH FLOWS
Year Ended December 31, 1992
Enterprise
Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating Loss
Adjustments to Reconcile Operating Loss to
Net Cash Provided by Operating Activities:
Depreciation
Change in Assets and Liabilities:
(Increase) in Accounts Receivable
Decrease in Interest Receivable
Decrease in Special Assessments Receivable
Decrease in Due from Other Governmental Units
Increase in Accounts Payable
Increase in Due to Other Governmental Units
(Decrease) in Deferred Revenue
Increase in Salaries and Compensated Absences
Payable
Total Adjustments
$ (14,723)
Net Cash Provided by Operating Activities
69,205
(9,546)
3,341
328
1,660
11 ,442
5,763
(2,818)
3,339
82,714
67,991
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES:
Capital Expenditures
(4,890)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on Investments
20,481
83,582
270,622
$ 354,204
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents, January 1
Cash and Cash Equivalents, December 31
The notes to the financial statements are an integral part of these statements.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of St. Joseph, Minnesota, has a mayor-council form of government. A
mayor and four council members are elected by the voters of the City for two-year
and four-year tenms, respectively.
The accounting policies of the City of St. Joseph conform to generally accepted
accounting principles.
A. Financial Reporting Entity
For financial reporting purposes, in confonmance with the Governmental
Accounting Standards Board's codification section 2100, Defining the
Governmental Reporting Entity, the City of St. Joseph includes all funds,
account groups, departments, agencies, boards, commissions, and other
organizations over which City officials exercise oversight responsibility.
Oversight responsibility includes such duties as appointment of governing body
members, budget review, approval of property tax levies, responsibility for
funding deficits and for outstanding debt secured by the City's full faith and
credit or revenues.
As a result of applying the criteria of GASB codification section 2100, cer-
tain organizations have been included or excluded from the City's financial
statements.
Excluded: St. Joseph Fire Department Relief Association
Because the City does not have oversight responsibility, the financial
statements of the St. Joseph Fire Department Relief Association are excluded.
The Association is governed by a board elected by the members of the
Association. The Board has total responsibility and authority for the
administration of the affairs of the Association.
B. Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of self-
balancing accounts that comprise its assets, liabilities, fund equity,
revenues and expenditures or expenses, 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 expending activities are
controlled. The various funds are grouped, in the financial statements in
this report, into five generic fund types and two broad fund categories,
described on the following page.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B. Fund Accounting (Continued)
Governmental Funds
The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted
for in another fund.
Special Revenue Funds are used to account for the proceeds of specific
revenue sources (other than expendable trusts or major capital projects)
that are legally restricted to expenditures for specified purposes. The
City has one Special Revenue Fund.
Debt Service Funds are used to account for the accumulation of resources
for, and the payment of, general long-term debt principal, interest, and
related costs. The City has eight Debt Service Funds.
Capital Projects Funds are used to account for financial resources to be
used for the acquisition or construction of major capital facilities (other
than those financed by proprietary funds). The City has four Capital
Projects Funds.
Proprietary Funds
Enterprise Funds are used to account for operations (a) that are financed
and operated in a manner similar to private business enterprises--where the
intent of the governing body is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered through user charges; or (b)
where the governing body has decided that periodic determination of reve-
nues earned, expenses incurred, or net income is appropriate for capital
maintenance, public policy, management control, accountability, or other
purposes. The City maintains Refuse, Water and Sewer Enterprise Funds.
C. Fixed Assets and Long-Term Liabilities
The accounting and reporting treatment applied to the fixed assets and 10ng-
term liabilities associated with a fund are determined by its measurement
focus. All governmental funds are accounted for on a spending or "financial
flow" measurement focus. This means that only current assets and current lia-
bilities are generally included on their balance sheets. Their reported fund
balance (net current assets) is considered a measure of "available spendable
resources." Governmental fund operating statements present increases
(revenues and other financing sources) and decreases (expenditures and other
financing uses) in net current assets. Accordingly, they are said to present
a summary of sources and uses of available spendable resources during a
period.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Fixed Assets and Long-Term Liabilities (Continued)
Fixed assets used in governmental fund type operations (general fixed assets)
are accounted for in the General Fixed Assets Account Group, rather than in
governmental funds. Public domain ("infrastructure") general fixed assets
consisting of certain improvements other than buildings, including roads,
curbs and gutters, streets and sidewalks, are not capitalized by the City. No
depreciation has been provided on general fixed assets.
All fixed assets are valued at their historical cost or estimated historical
cost if actual historical cost is not available. Donated fixed assets are
valued at their estimated fair value on the date donated.
Long-term liabilities expected to be financed from governmental funds are
accounted for in the General Long-Term Debt Account Group, not in the
governmental funds.
The two account groups are not "funds". They are concerned only with the
measurement of financial position. They are not involved with measurement of
results of operations.
Because of their spending measurement focus, expenditure recognition for
governmental fund types is limited to exclude amounts represented by non-
current liabilities. Since they do not affect net current assets, such 10ng-
term amounts are not recognized as governmental fund type expenditures or fund
liabilities. They are instead reported as liabilities in the General
Long-Term Debt Account Group.
All proprietary funds are accounted for on a flow of economic resources meas-
urement focus. This means that all assets and all liabilities (whether cur-
rent or non-current) associated with the funds' activity are included on their
balance sheets. Proprietary fund type operating statements present increases
(revenues) and decreases (expenses) in net total assets.
Depreciation of all exhaustible fixed assets used by proprietary funds is
charged as an expense against their operations. Accumulated depreciation is
reported on proprietary fund balance sheets. Depreciation has been provided
over the assets' estimated useful lives, which range from five to fifty years,
using the straight-line method.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992 .
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurement made, regardless of the
measurement focus applied.
All governmental funds are accounted for using the modified accrual basis of
accounting, in which revenues are recognized when they become measurable and
available as net current assets.
The more significant revenues which have been accrued are intergovernmental
revenues and interest earnings.
Expenditures are generally recognized in the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this
general rule include sick pay and principal and interest on general long-term
debt, which are recognized when due.
All proprietary funds are accounted for using the accrual basis of accounting;
revenues are recognized when they are earned and expenses are recognized when
they are incurred.
E. Budgetary Data
The City Council adopts an annual budget. The amounts shown in the financial
statements as "budget" represent the original budgeted amount and all
revisions made during the year. The City follows these procedures in estab-
lishing the budgetary data reflected in the financial statements.
1. In August of each year, the City Administrator submits to the City Council
a proposed operating budget for the fiscal year commencing the following
January 1. The operating budget includes proposed expenditures and the
means of financing them for the upcoming year.
2. Public hearings are conducted to obtain taxpayer comment.
3. Prior to December 31, the budget is legally enacted through passage of a
resolution.
4. Formal budgetary integration is employed as a management control device
during the year for the General and Special Revenue Funds. Formal budget
ary integration is not employed for Debt Service Funds because effective
budgetary control is alternatively achieved through general obligation
bond indenture provisions. Budgetary control for Capital Projects Funds
is accomplished through the use of project controls.
5. The Budgets for the General and Special Revenue Funds are adopted on a
basis consistent with generally accepted accounting principles (GAAP).
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Encumbrances
Encumbrances represent outstanding purchase orders and unfulfilled commitments
that are issued to outside vendors and budgeted in th~ current year but do not
include amounts that are set up as liabilities, amounts for personal services
to be performed by City employees and purchase orders applicable to the
subsequent year's budget.
As of December 31, 1992, no outstanding encumbrances existed.
G. Cash and Investments (Including Cash Equivalents) (See Note 3)
Cash balances from all funds are combined and invested to the extent available
in authorized investments. Earnings from such investments are allocated to
the respective funds on the basis of applicable cash balance participation by
each fund.
Investments are carried at cost which approximates market. Any premiums or
discounts are amortized over the maturity of the investment.
For purposes of the Statement of Cash Flows of proprietary fund types, cash
equivalents are defined as short-term, highly liquid investments that are
both:
a. readily convertible to known amounts of cash, or
b. so near their maturity that they present insignificant risk of
changes in value because of changes in interest rates.
The City's policy considers cash equivalents to be those that meet the above
criteria and have original maturities of three months or less.
H. Taxes Receivable
Delinquent taxes receivable represent the past six years of uncollected tax
levies. Deferred taxes receivable represent the levy collectible in 1993.
I. Special Assessments Receivable
Delinquent special assessments represent the past six years of uncollected
special assessments.
Deferred special assessments are those assessments to property owners for
improvements made by the City. These assessments are made at various times by
City resolution and are collectible over periods ranging from ten to thirty
years and bear annual interest of 8 percent to 11.5 percent and are to be
received in 1993 and years thereafter.
Deferred special assessments represent the principal portion of those
assessments to property owners for improvements made by the City and are to
be paid in 1993 and years thereafter.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
J. Deferred Revenue
Deferred revenue represents delinquent and deferred taxes and assessments
receivable. This revenue is deferred until it is measurable and available as
net current assets.
K. Compensated Absences
The City compensates employees who leave City service in good standing for all
of their earned, unused vacation. In addition, employees are compensated for
their unused sick leave (up to a maximum of 90 days) at 50% of the current
regular rate of pay provided the City's notice of termination policy has
been complied with.
L. Fund Equity
Fund equity is divided into sections as follows:
- Contributed capital represents fixed assets purchased by other
funds and contributed to the enterprise funds.
- Retained earnings of enterprise funds are subdivided as follows:
The reserved account represents the portion of retained earnings set
aside for specific purposes.
Unreserved retained earnings is available for expending in future
periods.
- Fund balance accounts are subdivided as follows:
Reserved accounts indicate the portion of fund balance which has been
reserved for a specific purpose.
Unreserved, designated accounts indicate the portion of fund balance
which has been designated for a specific purpose.
The unreserved, undesignated account is the portion of fund balance which
is available for budgeting and expending in future periods.
M. Revenues, Expenditures and Expenses
1. Revenues
Property taxes and special assessment principal and interest are recog-
nized as revenue when measurable and available. Portions of taxes paid by
the State in the form of HACA and other tax credits are included in inter-
governmental revenue.
Intergovernmental revenues are reported under the legal and contractual
requirements of the individual programs.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. Revenues, Expenditures and Expenses (Continued)
1. Revenues (Continued)
Licenses and permits, charges for services, fines and forfeits, and
miscellaneous revenues (except investment earnings) are recorded as
revenues when received in cash because they are generally not measurable
until then. Investment earnings are recorded when earned because they are
measurable and available.
2. Property Tax Collection Calendar
The City levies its property tax for the subsequent year during the month
of December. The property tax is recorded as revenue when it becomes
measurable and available. Stearns County is the collecting agency for
the levy and remits the collections to the City three times a year. Taxes
not collected as of December 31 each year are shown as delinquent taxes
receivable.
December 28 is the last day the City can certify a tax levy to the County
Auditor for collection the following year.
The County Auditor makes up the tax list for all taxable property in the
City, applying the applicable tax rate to the tax capacity of individual
properties, to arrive at the actual tax for each property. The County
Auditor also collects all special assessments, except for certain
prepayments paid directly to the City.
The County Auditor turns over a list of taxes and special assessments to
be collected on each parcel of property to the County Treasurer in January
of each year.
The County Treasurer collects all taxes, and all special assessments,
except as noted above. The County Treasurer is required to mail copies of
all personal property tax statements by April 15, and copies of all
real estate tax statements by April 15, of each year.
Property owners are required to pay one-half of their real estate taxes
due by May 15 and the balance by October 15.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. Revenues, Expenditures and Expenses (Continued)
2. Property Tax Collection Calendar (Continued)
If taxes due May 15 are not paid on time, a penalty of 3% is assessed on
homesteaded property, and 7% on non-homesteaded property. An additional
1% penalty is added each month the taxes remain unpaid, until October 15.
If the taxes due May 15 are not paid by October 15, a 2% penalty per month
is added to homesteaded property and 4% per month to non-homesteaded prop-
erty until January 1.
If the taxes are not paid by January 1, further penalties are added.
Penalties and interest apply to both taxes and special assessments. There
are some exceptions to the above penalties, but they are not material.
Within 30 days after the tax settlement date, the County Treasurer is
required to pay 70% of the estimated collections of taxes and special
assessments to the City Treasu~er. The County Treasurer must pay the
balance to the City Treasurer within 60 days after settlement, provided
that after 45 days interest accrues at the rate of 8% per annum.
3. Expenditures
Expenditure recognition for governmental fund types includes only amounts
represented by current liabilities. Since noncurrent liabilities do not
affect net current assets, they are not recognized as governmental fund
expenditures or fund liabilities. They are reported as liabilities in the
General long-Term Debt Account Group.
4. Expenses
Proprietary funds recognize expenses when they are incurred.
N. Total Columns on General Purpose Statements
Total columns on the general purpose financial statements are captioned
"memorandum only" to i ndi cate that they are presented only to facil i tate
financial analysis. Data in these columns do not present financial position,
results of operations, or cash flows in conformity with generally accepted
accounting principles. Interfund eliminations have not been made in the
aggregation of these data.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Fund Deficits
The following funds have deficit fund balances or retained earnings at
December 31, 1992:
Debt Service Fund -
General Obligation Improvement Bonds
of 1983
$ (32,703)
Capital Projects Fund -
Baker/7th Avenue Project
91st Avenue Project
(32,495)
(44,595)
Enterprise Fund -
Sewer
(248,809)
The deficits of these funds will be eliminated by general property tax
levies, special assessments and transfers from other funds.
B. Expenditures In Excess Of Appropriations
Expenditures exceeded appropriations in the following fund for the year ended
December 31, 1992:
Special
Revenue
Fund
Expenditures
Appropriations
$ 50,798
Excess Expenditures
$ 50,798
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS
A. Assets
1. Cash and Investments (Including Cash Equivalents)
Cash balances of the City.s funds are combined (pooled) and invested to
the extent available in various investments authorized by Minnesota State
Statutes. Each fund.s portion of this pool (or pools) is displayed on the
financial statements as "cash and investments (including cash
equivalents)." For purposes of identifying risk of investing public funds,
the balances and related restrictions are summarized below:
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
A. Assets (Continued)
1. Cash and Investments (Including Cash Equivalents) (Continued)
a. Deposits - Minnesota Statutes require that all deposits with financial
institutions must be collateralized in an amount equal to 110% of
deposits in excess of FDIC insurance (140% if collateralized with
notes secured by first mortgages).
Category 1 - Deposits covered by Federal Depository Insurance (FDIC)
and those deposits collateralized with securities held
by the City or by its agent in the City's name.
Category
1 2
3
Bank
Balance
Carrying
Amount
Bank Accounts
Certificates of
Deposit
$ 274,457 $-
2,212,119
$ 274,457 $ 185,204
2,212,119 2,212,119
$ -
Total Deposits $ 2,486,576 $ =-- $ =-- $ 2,486,576 $ 2,397,323
b. Investments - Minnesota State Statutes authorize the City to invest in
obligations of the U.S. Treasury, agencies, and instrumentalities,
shares of investment companies whose only investments are in the
forementioned securities, obligations of the State of Minnesota or its
municipalities, bankers' acceptances, future contracts, repurchase and
reverse repurchase agreements, and commercial paper of the highest
quality with a maturity of no longer than 270 days. Investments held
by the City at year end classified as to credit risk are as follows:
Category 1 - Insured or registered, or securities held by
the City's agent in the City's name.
Category 2 - Uninsured and unregistered, with securities
held by the counterparty's trust department
or agent in the City's name.
Category 3 - Uninsured and unregistered, with securities held
by the counterparty or by its trust department
or agent but not in the City's name.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS
A. Assets
1. Cash and Investments (Including Cash Equivalents) (Continued)
b. Investments (Continued)
Category
123
Carryi ng Market
Amount Value
$ 223,223 $ 223,223
370,000 370,000
8,452 8,452
601,675 601,675
2,397,323 2,397,323
220 220
U.S. Treasury Bills $ 223,223 $ - $-
Negotiable Certificates
of Deposit 370,000
Money Market Funds 8,452
Total Investments $ 601,675 $ =-- $ =--
Total Deposits (See
Note 3A.1.a.)
Petty Cash
Total Cash and
Investments
(Including Cash
Equivalents)
$ 2,999,218 $ 2,999,218
This amount is classified on the combined balance sheet as follows:
Carryi ng
Amount
Cash and Investments (Including Cash
Equivalents)
Cash Overdraft
Total
$ 3,108,497
(109,279)
$ 2,999,218
2. Due from Other Governmental Units
The following is a summary of due from other governmental units at
December 31, 1992:
General Fund
Stearns County
Fines
Property Taxes
$ 3,156
12,560
$ 15,716
Total
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON All FUNDS AND ACCOUNT GROUPS (Continued)
A. Assets (Continued)
3. Fixed Assets
A summary of changes in general ~ixed assets follows:
Balance
1-1-92
Additions Disposals
$
$ 79,837 $
252,350
57,970 10,589
254,114 98,495
41,158
69,123
145,249
$ 899,801 $ 109,084
land
Buildings
Improvements Other
than Buil di ngs
Machinery and
Equipment
Office Furniture
Motor Vehicles
Other Equipment
Tota 1
9,325
$ 9,325
Balance
12-31-92
$ 79,837
252,350
68,559
343,284
41,158
69,123
145,249
$ 999,560
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities
1. Defined Benefit Pension Plans - Statewide
a. Plan Description
All full-time and certain part-time employees of the City of St.
Joseph are covered by defined benefit pension plans administered by
the Public Employees Retirement Association of Minnesota (PERA). PERA
administers the Public Employees Retirement Fund (PERF) and the Public
Employees Police and Fire Fund (PEPFF) which are cost-sharing
multiple-employer retirement plans. PERF members belong to either the
Coordinated Plan or the Basic Plan. Coordinated members are covered
by Social Security and Basic members are not. All new members must
participate in the Coordinated Plan. All police officers,
firefighters and peace officers who qualify for membership by statute
are covered by the PEPFF. The payroll for employees covered by PERF
and PEPFF for the year ended December 31, 1992 was $ 147,658 and
$ 132,660, respectively; the City's total payroll was $ 344,515.
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 three years
of credited service. The defined retirement benefits are based on a
member's average salary for any five successive years of allowable
service, age, and years of credit at termination of service. Two
methods are used to compute benefits for Coordinated and Basic
members. The retiring member receives the higher of step-rate benefit
accrual formula (Method 1) or a level accrual formula (Method 2).
Under Method I, the annuity accrual rate for a Basic member is 2 per-
cent 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 of average salary for each of the
first 10 years and 1.5 percent for each remaining year. Using Method
2, the annuity accrual rate is 2.5 percent of average salary for Basic
members and 1.5 percent for Coordinated members. For PEPFF members,
the annuity accrual rate is 2.5 percent for each year of service. For
PERF members whose annuity is calculated using Method 1, and for all
PEPFF members, a full annuity is available when age plus years of
service equal 90.
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 annu-
ity is payable over joint lives. Members may also leave their contri-
butions in the fund upon termination of public service, in order to
qualify for a deferred annuity at retirement age. Refunds of contri-
butions are available at any time to members who leave public service,
but before retirement benefits begin.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
1. Defined Benefit Pension Plans - Statewide (Continued)
b. Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and
employee contributions. The City makes annual contributions to the
pension plans equal to the amount required by State statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date
of full funding required for the PERF and PEPFF is the year 2020. As
part of the annual actuarial valuation, PERA's actuary determines the
sufficiency of the statutory contribution rates towards meeting the
required full funding deadline. The actuary compares the actual
contribution rate to a "required" contribution rate. Current combined
statutory contribution rates and actuarially required contribution
rates for the plans are as follows:
Statutory Rates Required
Employees Employer Rates
PERF (Basic and
Coordinated)
PEPFF
4.74%
12.00
9.95%
18.60
4.41%
8.00
Total contributions made by the City during fiscal year 1992 were:
Percentage of
Amounts Covered Payroll
Employees Employer Employees Employer
PERF $ 6,246 $ 6,615 4.23% 4.48%
PEPFF 10,613 15,919 8.00 12.00
Totals $ 16,859 $ 22,534
The City's contribution for the year ended December 31, 1992 to the
PERF represented .006 percent of total contributions required of all
participating entities. For the PEPFF, contributions for the year
ended December 31, 1992, represented .055 percent of total contribu-
tions required of all participating entities.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
1. Defined Benefit Pension Plans - Statewide (Continued)
c. Funding Status and Progress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure
measure of the present value of pension benefits, adjusted for the
effects of projected salary increases and step-rate benefits,
estimated to be payable in the future as a result of employee
service to date. The measure, which is the actuarial present
value of credited projected benefits, is intended to help users
assess PERA1s 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 among employers. PERA does not make separate
measurements of assets and pension benefit obligation for
individual employers.
The pension benefit obligations as of June 30, 1992, are shown
below:
(In Thousands)
PERF PEPFF
Total Pension Benefit Obligation $ 4,868,124 $ 821,604
Net Assets Available for Benefits,
at Cost (Market Values for PERF =
$ 4,068,082; PEPFF = $ 1,012,812) 3,933,124 963,565
Unfunded (Assets in Excess of) Pension
Benefit Obligation $ 935,000 $(141,961)
The measurement of the pension benefit obligation is based on an
actuarial valuation as of June 30, 1992. Net assets available to
pay pension benefits were valued as of June 30, 1992.
2. Changes in Benefit Provisions
Effective for the June 30, 1992, valuation, legislative activity
since the last actuarial valuation resulted in some minor changes
in benefit provision for the fund. These changes did not have a
significant impact on the PERF.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
1. Defined Benefit Pension Plans - Statewide (Continued)
d. Ten-Year Historical Trend Information
Ten-year historical trend information is presented in PERA's
Comprehensive Annual Financial Report for the year ended June 30,
1992. This infonmation is useful in assessing the pension plan's
accumulation of sufficient assets to pay pension benefits as they
become due.
e. Related Party Investments
As of June 30, 1992, and for the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
2. Defined Contribution Lump Sum Service Pension Plan - Volunteer Fire
Relief Association
a. Plan Description
The City contributes to the St. Joseph Fire Department Relief
Association ("Association"), a single-employer public employee retire-
ment system that acts as a common investment and administrator for the
City's firefighters.
Volunteer firefighters of the City are members of the St. Joseph Fire
Department Relief Association. Members are eligible for service
pensions and disability pensions at a pro-rate amount after 20 years
of service and after arriving at age 50. Pension benefits are
determined by multiplying the accrued liability, as set forth in
Minnesota Statute 69.772, Subdivision 2, by the ratio of the lump sum
service pension amount provided in the bylaws of the Association to a
service pension of $ 100 per year of service. As of December 31,
1991, the bylaws provided an amount of $ 800 per year of service. The
bylaws do not provide for early vesting.
These benefit provisions and all other requirements are consistent
with enabling state statutes.
The City levies property taxes at the discretion of and for the
benefit of the fire relief association and passes through state aids
allocated to the plan, all in accordance with enabling state statutes.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
2. Defined Contribution Lump Sum Service Pension Plan - Volunteer Fire
Relief Association (Continued)
b. Related Party Investments
During 1991 and as of December 31, 1991, the association held no
securities issued by the City or other related parties.
c. Funding Status and Progress
The amount shown below as the "pension benefit obligation" is computed
in accordance with Minnesota Statutes using the formula as explained
above.
Pension Benefit Obligation
Net Assets Available for Benefits at Market
$ 292,544
(281,191)
$ 11,353
Unfunded Pension Benefit Obligation
* As of the issuance of this report, amounts for December 31, 1992,
were not available.
d. Contributions Required and Contributions Made
Financial requirements of the relief association are determined in
accordance with Minnesota Statutes as follows:
Normal Cost for Next Year (Increase in Pension Benefit
Obligation)
Plus: Estimated Expenses for Next Year and
10% of Any Deficits
Less: Anticipated Income Next Year and
10% of Any Surplus
Total contributions to the association in 1991 were $ 7,078.
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
3. Defined Contribution - Statewide
The City provides pension benefits for its elected local government offi-
cials through a defined contribution plan administered by the Public
Employees Retirement Association (PERA). The Public Employees Defined
Contribution Plan (PEDCP) is a multi-employer deferred compensation plan.
Elected officials who are covered by a public or private pension plan
because of their employment are not eligible to participate in the PEDCP.
Plan benefits depend solely on amounts contributed to the plan plus
investment earnings. Minnesota Statutes, Chapter' 3530.03 requires that
both the elected local government official and the City contribute an
amount equal to 5% of the elected local government official's salary.
There is no vesting period required to receive benefits in the PEDCP.
The City's total payroll in the year 1992 was $ 344,515. The City's con-
tributions were calculated using the base salary amount of $ 13,120. Both
the City and the elected local government official made the required 5%
contribution, amounting to $ 656 from each source, or $ 1,312 in total.
As of June 30, 1992, and for the fiscal year then ended, PERA held no
securities issued by the City or other related parties.
4. Deferred Revenue
Deferred revenue at December 31, 1992, consisted of:
Taxes Receivable -
Deferred
Delinquent
Assessments Receivable -
Deferred
Delinquent
Funds Available for
Economic Development
Debt
General Service Total
$ 240,000 $ $ 240,000
4,275 4,275
46,801 251,584 298,385
644 644
Total
$ 291,076 $ 252,228 $ 543,304
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
5. Interfund Receivables and Payables
Due from/to other funds at December 31, 1992 were as follows:
Fund
Debt Service Fund -
General Obligation Improvement
Bonds of 1972
Enterprise Fund -
Water Fund
Total
Due From
Other Funds
$ 20,000
$ 20,000
Due To
Other Funds
$
20,000
$ 20,000
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON All FUNDS AND ACCOUNT GROUPS (Continued)
B. liabilities (Continued)
6. Bonds Payable (Continued)
Bonds outstanding at December 31, 1992, comprise the following issues:
General Obligation Special Assessment Bonds:
$ 1,400,000 General Obligation Improvement
Bonds of 1986 due in annual installments
of $ 65,000 through 2001, interest at
5.25 to 7.75 percent
$ 200,000 General Obligation Improvement
Bonds of 1992 due in annual installments
of $ 10,000 to $ 20,000 through December 1,
2007, interest at 4.60 to 6.40 percent
$ 365,000 General Obligation Improvement Bonds
of 1992 - Series B due in annual installments of
$ 15,000 to $ 35,000 through December 1, 2008,
interest at 4.50 to 6.60 percent
$ 585,000
200,000
365,000
1,150,000
Total General Obligation Special Assessment Bonds
General Obligation Revenue Bonds:
$ 475,000 General Obligation Water Revenue
Bonds of 1992 due in annual installments of
$ 30,000 to $ 50,000 through December 1, 2005,
interest at 4.00 to 6.00 percent
Total Bonds Payable
475,000
$ 1,625,000
The annual requirements to amortize all bonded debt outstanding as of
December 31, 1992, including interest payments of $ 786,053 are:
General
Obligation General
Year Ending Special Obligation
December 31, Assessment Revenue Total
1993 $ 142,363 $ 29,374 $ 171,737
1994 162,813 55,177 217,990
1995 156,997 53,977 210,974
1996 155,995 52,717 208,712
1997 149,630 56,397 206,027
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
B. Liabilities (Continued)
6. Bonds Payable (Continued)
General
Obligation Genera 1
Year Ending Special Obligation
December 31, Assessment Revenue Total
1998-2002 $ 611,817 $ 283,684 $ 895,501
2003-2007 300,147 162,655 462,802
2008 37,310 37,310
Totals $ 1,717,072 $ 693,981 $ 2,411,053
7. Lease Payable
During 1991, the City entered into a capital lease for equipment. Future
miminum lease payments together with the present value of the net minimum
lease payments are as follows for the years ending December 31:
1993
1994
1995
Future Minimum Lease Payments
Less: Amount Representing Interest
$ 9,588
9,588
4,794
23,970
(2,095)
Present Value of Minimum Lease
Payments
$ 21,875
C.
Fund Equity
Fund equity balances are classified as follows to reflect the limitations and
restrictions of the respective funds:
1. Fund Balance
a. Reserved Fund Balance -
Reserved fund balance is comprised of the following:
Genera 1
Fund
Reserved for Fire
Reserved for Street Maintenance
Reserved for Police
$ 283,843
24,649
(5,792)
$ 302,700
Total
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 3 - DETAILED NOTES ON ALL FUNDS AND ACCOUNT GROUPS (Continued)
Fund Equity (Continued)
1.
Fund Balance (Continued)
b. Unreserved fund balance is comprised of the following:
Special Debt Cap ita 1
Genera 1 Revenue Service Projects Total
Designated for Capital $ $ $
Expenditures $ 830,000 $ 172,770 1,002,770
Designated for Debt
Service 821,422 821,422
Undesignated 138,243 35,916 379,188 (77,090) 476,257
Total Unreserved
Fund Balance $ 968,243 $ 35,916 $ 1,200,610 $ 95,680 $ 2,300,449
2. Contributed Capital
Contributed capital in the Enterprise Funds represents fixed assets which
were purchased by other funds and transferred to the Enterprise Funds.
Changes in contributed capital for the year ended December 31, 1992, is as
follows:
Refuse Water Sewer
Fund Fund Fund Total
Contributed Capital - January 1,
1992 $ 3,725 $ 265,135 $ 2,030,455 $ 2,299,315
Add: 1992 Contributions
Contributed Capital - December 31,
1992 $ 3,725 $ 265,135 $ 2,030,455 $ 2,299,315
NOTE 4 - STATEMENT OF CASH FLOWS
During 1992, the City had a transaction in the Sewer Enterprise Fund which
affected recognized assets, but did not result in a cash receipt or cash payment.
A fixed asset with a book value of $ 653 was disposed of resulting in a loss.
31
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CITY OF ST. JOSEPH, MINNESOTA
NOTES TO THE FINANCIAL STATEMENTS
December 31, 1992
(Continued)
NOTE 6 - SEGMENT INFORMATION FOR ENTERPISE FUNDS
The City maintains three Enterprise Funds which provide refuse, water and sewer
services. Segment information for the year ended December 31, 1992, is:
Refuse Water Sewer
Fund Fund Fund Total
Operating Revenues $ 70,096 $ 140,396 $ 135,559 $ 346,051
Depreciation 10,960 58,245 69,205
Operating Income (Loss) 4,812 (1,306) (18,229) (14,723)
Net Income (Loss) 4,812 996 (703) 5,105
Fixed Assets -
Additions 3,075 1,815 4,890
Deletions 1,328 1,328
Net Working Capital 19,910 23,919 303,564 347,393
Total Assets 25,375 407,979 1,813,108 2,246,462
Total Equity 19,910 378,814 1,781,646 2,180,370
32
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COMBINING AND INDIVIDUAL FUND
FINANCIAL STATEMENTS
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CITY OF ST. JOSEPH, MINNESOTA
THE GENERAL FUND
The General Fund accounts for all revenues and expenditures of a governmental unit
which are not accounted for in other funds, and it is usually the largest and most
important accounting activity for state and local governments. It normally
receives a greater variety and number of taxes and other general revenues than any
other fund. This fund has flowing into it such revenues as general property
taxes, licenses and permits, fines and penalties, rents, charges for current
services, state-shared taxes, and interest earnings. The fund's resources also
finance a wider range of activities than any other fund. Most of the current
operations of governmental units will be financed from this fund.
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1992
ASSETS
1992
$ 1,269,428
240,000
4,275
46,801
55,909
15,716
7,220
$ 1,639,349
Cash and Investments
Taxes Receivable -
Deferred
Delinquent
Special Assessments Receivable -
Deferred
Interest Receivable
Due from Other Governmental Units
Loans Receivable
TOTAL ASSETS
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts Payable
Due to Other Governmental Units
Deferred Revenue
Compensated Absences Payable
Total Liabilities
$ 48,990
85
291,076
28,255
368,406
302,700
830,000
138,243
1,270,943
$ 1,639,349
Fund Balance:
Reserved
Unreserved -
Designated
Undesignated
Total Fund Balance
TOTAL LIABILITIES AND FUND BALANCE
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
Budget
REVENUES:
General Property Tax
Actual
$ 228,112 $ 117,224
Special Assessments
7,308
Licenses and Permits
28,755
Intergovernmental -
State -
Local Government Aid
HAC A
Equalization Aid
Disparity Aid
Police Aid
Fire Aid
County Grants
Total Intergovernmental
Charges for Services -
General Government
Public Safety
Culture and Recreation
Total Charges for Services
321,135
1,800
13,800
3,000
339,735
5,460
62,500
3,700
71,660
32,100
Fines
Mi sce 11 aneous -
Sale of Property
Interest
Refunds and Reimbursements
Contributions
Other
Total Miscellaneous
67,000
6,000
73,000
780,670
TOTAL REVENUES
9,422
33,436
348,472
62,918
42,284
597
22,256
5,325
481,852
8,230
87,992
9,457
105,679
33,689
11,128
81,917
5,959
13,559
2,411
114,974
896,276
Over
(Under)
Budget
$ ( 11 0 ,888)
2,114
4,681
27,337
62,918
42,284
597
20,456
(13,800)
2,325
142,117
2,770
25,492
5,757
34,019
1,589
11 , 128
14,917
(41)
13,559
2,411
41,974
115,606
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
(Continued)
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I CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
I STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
I (Continued)
Over
I (Under)
Budget Actual Budget
EXPENDITURES: (Continued)
I General Government: (Continued)
General Government Buildings -
Salaries and Benefits $ 2,913 $ 1,256 $ (1,657)
Supplies and Maintenance 1,350 1,430 80
I Insurance 3,400 (3,400)
Utilities 6,000 5,082 (918)
Professional Services 3,000 (3,000)
I Other 1,700 1,213 (487)
Capital Expenditures 5,000 6,500 v' 1,500
Total General Government 197,388 191,113 (6,275)
I Public Safety:
Police -
Salaries and Benefits 167,233 187,633 20,400
I Supplies and Maintenance 4,900 6,165 1,265
Professional Services 20,600 19,050 (1,550)
Capital Expenditures 14,450 13,423v (1,027)
I Travel and Conferences 700 527 (173)
Insurance 3,400 (3,400)
Advertising 600 790 190
Other 950 1,388 438
I Fire Protection - ----~--_.-
Salaries and Benefits 9,161 8,519 (642)
Supplies and Maintenance 12,310 10,690 (1,620)
I Professional Services 1,625 2,819 1,194
Util ities 3,175 2,283 (892)
Travel and Conferences 3,000 2,934 (66)
Fire Protection 57,400 49,379 (8,021)
I Insurance 8,987 (8,987)
State Aid Reimbursement 13 , 965 (13,965)
Pension Relief Fund 6,350 (6,350)
I Capital Expenditures 7,900 22,247'; 14,347
Other 5,435 ),865 (3,570)
Building Inspection -
I Professional Services 9,000 5,810 (3,190)
Supplies 600 (600)
Other 900 208 (692)
Communication Service -
I Telephone 2,000 1,947 (53)
Supplies and Maintenance 600 1,058 458
Capital Expenditures 4,800 1,712- (3,088)
I 36
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
(Continued)
Budget
EXPENDITURES: (Continued)
General Government: (Continued)
Automotive Service -
Salaries and Benefits
Supplies and Maintenance
Insurance
Motor Vehicle
Other
DARE Program -
Salaries and Benefits
Supplies
Travel and Conferences
Other
Emergency Management Service -
Professional Services
Travel
Capital Expenditures
Other
Animal Control -
Supplies
Professional Services
Other
Total Public Safety
Public Works:
Ordinance and Enforcement -
Salaries and Benefits
Professional Services
Street Maintenance -
Salaries and Benefits
Supplies and Maintenance
Uti 1 ities
Capital Expenditures
Professional Services
Travel and Conferences
Insurance
Other
Ice and Snow Removal -
Salaries and Benefits
Supplies and Maintenance
Capital Expenditures
Engineering -
Professional Services
Drainage Development -
Capital Expenditure
$ 920 $
6,950
300
13,000
300
400
50
100
25
75
382,161
382
65,639
13,410
3,600
27,500
500
200
7,485
500
12,299
6,550
275
8,000
Actual
131
8,910
13,355
7
729
2,662
390
40
644
185
1,354
60
47
368,961
399
51,812
9,085
2,224
25,356/
2,294
25
331
4,339 .
7,923 .
15,260/
26,071-"
Over
(Under)
Budget
$ (789)
1,960
(300)
355
7
729
2,662
390
40
344
(215)
1,354
(50)
(40)
22
(75)
(13,200)
(382)
399
(13,827)
(4,325)
(1,376)
(2,144)
1,794
(175)
(7,485)
(169)
(7,960)
1,373
(275)
7,260
26,071
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
(Continued)
EXPENDITURES: (Continued)
Public Works: (Continued)
Street Lighting -
Supplies and Maintenance
Uti 1 it; es
Capital Expenditures
Street Cleaning -
Salaries and Benefits
Supplies and Maintenance
Other
Total Public Works
Budget
Actual
Over
(Under)
Budget
$ 400 $ /$ (400)
21,000 16,309 (4,691)
1,000 (1,000)
4,122 2,899 (1,223)
1,040 763 (277)
220 23 (197)
174,122 165,113 (9,009)
Culture and Recreation:
Participant Recreation -
Salaries and Benefits
Supplies and Maintenance
Professional Services
Travel and Conferences
Insurance
Advertising
Other
Ball Park and Skating Rink -
Salaries and Benefits
Supplies and Maintenance
Utilities
Capital Expenditures
Hockey Rink -
Salaries and Benefits
Supplies and Maintenance
Utilities
Maintenance Shop -
Supplies and Maintenance
Utilities
Other
Park Areas -
Salaries and Benefits
Supplies and Maintenance
Insurance
Util ities
Capital Expenditures
Other
.2,468 802 (1,666)
1,250 225 (1,025)
3,600 3,860 260
400 (400)
735 (735)
400 69 (331)
350 (350)
2,944 2,385 (559)
800 71 (729)
1,300 410 (890)
1,200 1,938 v 738
1,123 2,277 1,154
1,217 (1,217)
315 137 (178)
1,555 1,440 (115 )
1,102 1,198 96
105 73 (32)
30,412 21,480 (8,932)
3,800 7,889 4,089
1,155 (1,155)
1,150 2,634 1,484
17,000 26,151/ 9,151
300 285 (15)
38
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CITY OF ST. JOSEPH, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
Year Ended December 31, 1992
(Continued)
Budget
Actual
EXPENDITURES: (Continued)
Culture and Recreation: (Continued)
Shade Tree Disease Control -
Supplies and Maintenance
Travel and Conferences
Other
Boy Scout and RSVP -
Supplies and Maintenance
Insurance
Other
Total Culture and Recreation
$ 50 $
100
100
200
400
1,100
76,631
1,000
831,302
(50,632)
26,500
105
1,100
74,529
Miscellaneous:
Other
437
800,153
96,123
TOTAL EXPENDITURES
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES:
Operating Transfers In
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES
$ (24,132)
96,123
FUND BALANCE - January 1
FUND BALANCE - December 31
1,174,820
$ 1,270,943
Over
(Under)
Budget
$ (50)
5
(100)
(200)
(400)
(2,102)
(563)
(31,149)
146,755
(26,500)
$ 120,255
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CITY OF ST. JOSEPH, MINNESOTA
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for revenues derived from specific taxes
or other earmarked revenue sources. They are usually required by statute, charter
provision, or local ordinance to finance particular functions or activities of
government.
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CITY OF ST. JOSEPH, MINNESOTA
RECREATION CENTER
SPECIAL REVENUE FUND
BALANCE SHEET
December 31, 1992
1992
ASSETS
Cash and Investments
$ 35,916
LIABILITIES AND FUND BALANCE
Fund Balance:
Unreserved -
Undesignated
$ 35,916
40
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CITY OF ST. JOSEPH, MINNESOTA
RECREATION CENTER
SPECIAL REVENUE FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
, Year Ended December 31, 1992
1992
REVENUES:
Miscellaneous -
Interest
$ 4,282
EXPENDITURES:
Mi sce" aneous -
Reimbursement of Prior
Years' Donations
50,798
EXCESS OF REVENUES (UNDER) EXPENDITURES
FUND BALANCE - January 1
FUND BALANCE - December 31
(46,516)
82,432
$ 35,916
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CITY OF ST. JOSEPH, MINNESOTA
DEBT SERVICE FUNDS
Debt Service Funds are created to account for the payment of interest and
principal on long-term, general obligation debt other than debt issued for and
serviced primarily by a governmental enterprise.
CITY OF ST. JOSEPH, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1992
Genera 1 General General
Obligation Obligation Obligation
Improvement Improvement Improvement
Bonds Bonds Bonds
of 1972 of 1978 of 1978-A
ASSETS
Cash and Investments $ 40,879 $ 332,778 $ 18,344
Special Assessments Receivable -
Deferred 457 8,702 3,625
Delinquent
Due From Other Funds 20,000
TOTAL ASSETS $ 61,336 $ 341,480 $ 21,969
LIABILITIES AND FUND BALANCE
Liabilities:
Cash Overdraft $ $ $
Accounts Payable 110
Deferred Revenue 457 8,702 3,625
Tota 1 Liabilities 457 8,812 3,625
Fund Balance -
Unreserved -
Designated for Debt Service
Undesignated (Deficit) 60,879 332,668 18,344
Total Fund Balance 60,879 332,668 18,344
I I
TOTAL LIABILITIES AND FUND .~~~ .__n__.__.~''^~
BALANCE $ 61,336 $ 341,480 $ 21,969
1',// ~jd'P
(~ ~v~;:
,
\) 7-/
(1; 3
r'l0 0....
.-:z Iv' ./
/0 I ' ,.,/
'1>"'0
Jcc!
c t:j
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CITY OF ST. JOSEPH, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1992
General General Genera 1
Obligation Obligation Obligation
Improvement Improvement Improvement
Bonds Bonds Bonds
of 1972 of 1978 of 1978-A
REVENUES:
Special Assessments $ 1,420 $ 2,358 $ 942
Miscellaneous -
Interest 1,602 24,897 1,116
Other
Total Revenues 3,022 27,255 2,058
EXPENDITURES:
Mi sce 11 aneous 94
Debt Service -
Bond Principal 61,000
Bond Interest and Fiscal Charges 2,270
Total Expenditures 63,364
EXCESS OF REV~NUES OVER (UNDER)
EXPENDITURES 3,022 (36,109) 2,058
OTHER FINANCING SOURCES:
Proceeds from the Sale of Bonds
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES 3,022 (36,109) 2,058
FUND BALANCE - January 1 57,857 368,777 16,286
FUND BALANCE (DEFICIT) - December 31 $ 60,879 $ 332,668 $ 18,344
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General Genera 1 General Obligation General
Obligation Obligation Obligation Water Obligation
Improvement Improvement Improvement Revenue Improvement
I Bonds Bonds Bonds Bonds Bonds
of 1983 of 1986 of 1992 of 1992 of 1992-B Total
I $ 24,178 $ 30,937 $ 62,267 $ $ 10,698 $ 132,800
2,736 54,016 717 85,084
I 41,504 28,800 70,304
68,418 113,753 62,984 10,698 288,188
I 2,000 44 2,138
100,000 65,000 226,000 v
I 9,352 48,568 4,881 65,071 v
109,352 113,568 6,881 ~ 293,209
I (40,934) 185 56,103 (44) 10,698 (5,021)
I 911 3,960 12,542 17,413
(40,934) 185 57,014 3,916 23,240 12,392
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8,231 737,067 1,188,218
I $ (32,703) $ 737,252 $ 57,014 $ 3,916 $ 23,240 $ 1,200,610
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CITY OF ST. JOSEPH, MINNESOTA
CAPITAL PROJECTS FUNDS
Capital Projects Funds are created to account for all resources used for the
acquisition of capital facilities by a governmental unit except those financed by
enterprise funds.
CITY OF ST. JOSEPH, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
December 31, 1992
ASSETS
Cash and Investments
LIABILITIES AND FUND BALANCE
L iabil Hies:
Cash Overdraft
Accounts Payable
Construction Contract Payable
Total Liabilities
Fund Balance:
Unreserved -
Designated for Capital Improvements
Undesignated (Deficit)
Total Fund Balance
TOTAL LIABILITIES AND
FUND BALANCE
Baker!
7th Avenue
Project
$
$ 32,495
32,495
(32,495)
(32,495)
$
Water
Storage
Project
$ 86,373
$
4,265
4,265
82,108
82,108
$ 86,373
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I DBL 91st
Labs Avenue
Project Project Total
I $ 149,153 $ $ 235,526
I
I $ $ 44,081 $ 76,576
19,988 514 24,767
38,503 38,503
58,491 44,595 139,846
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I 90,662 172,770
(44,595) (77,090)
90,662 (44,595) 95,680
I $ 149,153 $ $ 235,526
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CITY OF ST. JOSEPH, MINNESOTA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
Year Ended December 31, 1992
/ \"-\
( ,
REVENUES:
Miscellaneous -
Interest
EXPENDITURES:
Capital Outlay -
Construction Costs
EXCESS OF REVENUES (UNDER) EXPENDITURES
OTHER FINANCING SOURCES:
Proceeds from the Sale of Bonds
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
FUND BALANCE - January 1
FUND BALANCE (DEFICIT) - December 31
Baker!
7th Avenue
Project
Water
Storage
Project
$ 3,675 $
231,800 376.432
(228,125) (376,432)
195,630 458,540
(32.495) 82,108
$ (32,495) $ 82.108
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Labs Avenue
Project Project Total
I
$ $ $ 3,675
I
I 255,980 44,595 908,807
(255,980) (44,595) (905,132)
I 346,642 1,000,812
I 90,662 (44,595) 95,680
I $ 90,662 $(44,595) $ 95,680
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CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
Enterprise Funds are established to account for the financing of self-supporting
activities of governmental units which render services on a user charge basis to
the general public. The most universal type of governmental enterprise is the
public utility engaged in the provision of such basic services as water,
electricity, and natural gas. Sanitary sewer systems financed by user charges
have also assumed the status of public utility operations in many urban areas, and
many cities have combined water and sewer systems under the same management.
Other types of government enterprises in Minnesota include Municipal Liquor
Operations.
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CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1992
Refuse Water Sewer
Fund Fund Fund Total
ASSETS
Current Assets:
Cash and Cash Equivalents $ 11,002 $ 34,008 $ 309,194 $ 354,204
Accounts Receivable 14,373 19,076 25,832 59,281
Total Current Assets 25,375 53,084 335,026 413,485
Fixed Assets:
Land and Land Improvements 12,996 4,940 17,936
Treatment Plant and Lines 488,344 1,391,599 1,879,943
Buildings 517,983 517,983
Machinery and Equipment 33,669 112,923 146,592
Construction in Progress 2,614 2,614
537,623 2,027,445 2,565,068
Less: Accumulated
Depreciation (182,728) (549,363) (732,091)
Net Fixed Assets 354,895 1,478,082 1,832,977
TOTAL ASSETS $ 25,375 $ 407,979 $ 1,813,108 $ 2,246,462
LIABILITIES AND FUND EQUITY
Current Liabilities:
Accounts Payable $
Due to Other Governmental
Units
Due to Other Funds
Compensated Absences Payable
Total Current Liabilities
5,465 $ 2,567 $ 22,597 $ 30,629
1,020 4,743 5,763
120~()bQi LON~ 20,000
~'--cc' .-......, ..1"-
5,578 ,J 4,122 9,700
,.
5,465 29,165 t:2/i,'~; 31,462 66,092
,_.
3,725 265,135 2,030,455 2,299,315
16,185 113,679 (248,809) (118,945)
19,910 378,814 1,781,646 2,180,370
Fund Equity:
Contributed Capital
Retained Earnings -
Unreserved (Deficit)
Total Fund Equity
TOTAL LIABILITIES AND
FUND EQUITY $ 25,375 $ 407,979 $ 1,813,108 $ 2,246,462
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CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
Year Ended December 31, 1992
OPERATING REVENUES:
Charges for Services
OPERATING EXPENSES:
Salaries and Related Taxes
and Benefits
Util Hies
Supplies
Sewer Use Rental
Postage
Repairs and Maintenance
Fees and Tests
Dues and Subscriptions
Refuse Disposal
Depreciation
Miscellaneous
Total Operating Expenses
OPERATING INCOME (lOSS)
NON-OPERATING REVENUES (EXPENSES):
Interest
loss on Disposal of Fixed Asset
Total Non-Operating Revenues
(Expenses)
NET INCOME (lOSS)
RETAINED EARNINGS (DEFICIT) -
January 1
RETAINED EARNINGS (DEFICIT) -
December 31
Refuse
Fund
$ 70,096
1,231
324
192
63,490
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65,284
4,812
4,812
11 ,373
Water
Fund
$ 140,396
42,407
12,504
15,940
352
55,889
2,871
223
10,960
556
141,702
(1,306)
2,302
2,302
996
112,683
Sewer
Fund
$ 135,559
31,403
5,067
2,341
52,354
330
1,449
1,631
15
868
58,245
85
153,788
(18,229)
18,179
(653)
17,526
Total
$ 346,051
75,041
17,571
18,281
52,354
1,006
57,338
4,694
238
64,358
69,205
688
360,774
(14,723)
20,481
(653)
19,828
(703) 5,105
(248,106) (124,050)
$ 16,185 $ 113,679 $(248,809) $(118,945)
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CITY OF ST. JOSEPH, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
Year Ended December 31, 1992
CASH FLOWS FROM OPERATING ACTIVITIES:
Operating Income (Loss)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by Operating Activities:
Depreciation
Change in Assets and Liabilities:
(Increase) in Accounts Receivable
Decrease in Interest Receivable
Decrease in Special Assessments Receivable
Decrease in Due from Other Governmental Units
Increase in Accounts Payable
Increase in Due to Other Governmental Units
(Decrease) in Deferred Revenue
Increase in Salaries and Compensated
Absences Payable
Total Adjustments
Net Cash Provided by Operating Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITI ES:
Capital Expenditures
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest on Investments
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents, January 1
Cash and Cash Equivalents, December 31
Refuse Water
Fund Fund
$ 4,812 $ (1,306)
10,960
(630) (5,361)
338
328
830
471 169
1,020
(830) (1,158)
1,782
(989) 8,908
3,823 7,602
(3,075)
2,302
3,823 6,829
7,179 27,179
$ 11,002 $ 34,008
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Fund Total
I $ (18,229) $ (14,723)
I 58,245 69,205
(3,555) (9,546)
I 3,003 3,341
328
830 1,660
10,802 11 ,442
I 4,743 5,763
(830) (2,818)
I 1,557 3,339
74,795 82,714
56,566 67,991
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18,179 20,481
I 72,930 83,582
I 236,264 270,622
$ 309,194 $ 354,204
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CITY OF ST. JOSEPH, MINNESOTA
STATEMENT OF GENERAL LONG-TERM DEBT
December 31, 1992
1992
AMOUNT AVAILABLE AND TO BE PROVIDED FOR
THE PAYMENT OF GENERAL LONG-TERM DEBT:
Amount Available in Debt Service Funds
Amount to be Provided from Special
Assessments
Amount to be Provided for Retirement of
Long-Term Debt
$ 1,200,610
252,228
194,037
$ 1,646,875
TOTAL AVAILABLE AND TO BE PROVIDED
GENERAL LONG-TERM DEBT:
Capital Lease Obligation
Bonds Payable
$ 21,875
1,625,000
$ 1,646,875
TOTAL GENERAL LONG-TERM DEBT
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CITY OF ST. JOSEPH, MINNESOTA
INDEPENDENT AUDITORS' REPORT ON
COMPLIANCE WITH MINNESOTA STATUTES
Apri 1 8, 1993
Honorable Mayor and City Council
City of St. Joseph
St. Joseph, Minnesota
We have audited the general purpose financial statements of the City of St.
Joseph as of and for the year ended December 31, 1992, and have issued our report
thereon dated April 8, 1993.
We conducted our audit in accordance with generally accepted auditing standards
and the provisions of the Minnesota Legal Compliance Audit Guide for Local
Government, promulgated by the Legal Compliance Task Force pursuant to Minnesota
Statute Sec. 6.65. Accordingly, the audit included such tests of the accounting
records and such other auditing procedures as we considered necessary in the
circumstances.
The Minnesota Legal Compliance Audit Guide for Local Government covers five main
categories of compliance to be tested: contracting and bidding, deposits and
investments, conflicts of interest, public indebtedness, and claims and
disbursements. Our study included all of the listed categories.
The results of our tests indicate that for the items tested the City complied with
the material terms and conditions of applicable legal provisions. Further, for
the items not tested, based on our audit and the procedures referred to above,
nothing came to our attention to indicate that the City had not complied with such
legal provisions.
This report is intended solely for the use of the City 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.
;V~ ,J1W4-,tlw, d#
KERN, DEWENTER, VIERE, LTD.
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CITY OF ST. JOSEPH, MINNESOTA
FINDINGS ON COMPLIANCE WITH MINNESOTA STATUTES
CURRENT YEAR FINDING: None
PRIOR YEAR FINDING: None
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