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HomeMy WebLinkAbout05-21-07 Item 2B1, 2006 Unaudited Financial Reports ~ ~~HILLS MEMORANDUM DATE: May 16, 2007 Agenda Item 2.B-I. TO: Honorable Mayor and City Council FROM: Sue Iverson, Finance Director~ SUBJECT: Unaudited 2006 Financial Reports/2006 Investment Portfolio BACKGROUND: Field work on the audit is complete; the financial statements are now being drafted with footnotes and being reviewed by the auditors. Work still remains to be done the government- wide statements. A presentation of the financial reports and audit findings will be done on the June 25, 2007 council meeting. DISCUSSION: Attached are the draft fund financial statements and investment portfolio. You will note that the Surface Water Management Fund has no "cash" reported on the balance sheet. This is because the fund has negative cash of ($24,617) as of December 31, 2006. There is a corresponding interfund payable in that amount in the liability section. This is a considerable improvement as the fund was some ($100,000) at the close of2005. The TCAAP Fund also shows no "cash" as of December 31, 2006 on the balance sheet. The corresponding interfund payable for this fund is ($64,922) as of December 31,2006. This resulted as the developer reimbursement was not received until 2007, after the PDA was signed. Please note the operating loss in the utility funds on Statement 7 . You will want to use the "Income (loss) before contributions and transfers" line when looking at performance as intergovernmental revenues such as MSA and taxes are received after the Operating income (loss) reporting line. RECOMMENDED ACTION: Staff will be available for questions or comments. ;:: N ID ID V ;;; N N ID 00 :: ?I~~ v 00 ID ID 00 " 00 ~ d '" '" .; d '"' .; 00 .; " ..; ID 00 ~ ID m 00 00 :;; ;; ID V N 00 00 00 00 00 ";:::- .,; ..; " ..; d .,; .,; <ii <ii M ,:,~ M ID 00 m m N N .; N N ~ ID ID ~. M :::::n!. ..; M ~ <ii .:.:.:.:.j:l M . 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" s: ~ :: .... -5 rf:5-i.5g~ ." .g! ~ ~ ~ ~ ~ ;:; ""' ~ <B Eo-< 5 Fl 0 '" '" ~ ~.a ~ ~ ,,~~ o o , " > ~ o 2- ~ ~ ~ ,5 ~ o '" o ~ .. ~ ~ o '" ,5 ~ -;; ~ M ~ ~ c; , ~ .. ~ " . ~ ~ . ~ , o o " .. ~ ~ ~ CITY OF ARDEN HILLS, MINNESOTA STATEMENT OF NET ASSETS PROPRIETARY FUNDS December 31, 2005 Statement 6 CITY OF ARDEN HILLS, MINNESOTA STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND NET ASSETS PROPRIETARY FUNDS For The Year Ended December 31, 2006 Statement 7 Business-Type Activities - Enterprise Funds Surface (Non-Major) Totals Water Sewer Water Mgmt Recycling Current Year Operating revenues: Charges for services $ 1,281,559 $ 1,099,581 $ 399.811 $ 71,127 $ 2,852,078 Permit fees 3,020 875 3,895 Miscellaneous 173 72 245 Total operating revenues 1,284,752 1.100,456 399.811 71,199 2,856,218 Operating expenses: Personal services 220,630 253,874 86,955 8,957 570,416 Supplies and maintenance 33,867 26,582 2,371 62,820 Other services and charges 48,461 30,009 1,471 228 80.169 Rent 27.333 27.333 54,666 Insurance 21.679 21,679 43,358 Utilities 15,928 24,294 40,222 Purchased services 25,639 26.978 3,497 56,114 Purchased water 833,569 833,569 Recycling charges 72.445 72,445 Sewer charges 623,319 623,319 Depreciation 168,876 133.561 21,578 324,015 Total operating expenses l.395,982 1.167.629 115,872 81,630 2,761.113 Operating income (loss) (111,230) (67,173) 283,939 (10,431) 95.105 Nonoperating revenues (expenses): TaxeS 13,735 13,735 Intergovernmental revenue 225.000 18.076 243,076 Earnings on investments 50,556 11.041 2,674 850 65,121 Gain on sale of capital assets Other Interest and paying agent fees Total nonoperating revenues (expenses) 50,556 11,041 241,409 18.926 321,932 Income (loss) before contributions and transfers (60,674) (56.132) 525.348 8,495 417,037 Capital contributions (807) (37,707) 1.930 (36,584) Transfers in (out): Transfer General Fund 13,783 13.783 Transfer Capital Project Funds Total transfers 13,783 13,783 Change in net assets (61,481) (93,839) 541,061 8.495 394,236 Net assets - January 1 6,053,658 4,157,275 1.238,780 107,466 11,557,179 Prior period adjustment (73.393) (73.393) Net assets - January 1, restated 6,053,658 4,157.275 1,238,780 34,073 11,483,786 Net assets - December 31 $ 5,992,177 $ 4,063,436 $ 1,779,841 $ 42,568 $ 11,878,022 28 CITY OF ARDEN HILLS, MINNESOTA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS December 3 I, 2006 Statement 11 Totals Nonmajor Special Capital Governmental Revenue Project Funds Assets Cash and investments $ 1,338,4 I 9 $ 534,493 $ 1,872,912 Accrued interest receivable 6,574 2,626 9,200 Accounts receivable 22,551 22,551 Deposits receivable Loan receivable Taxes receivable Special assessments receivable Due from other governmental units Prepaid items Total assets $ 1,367,544 $ 537,119 $ 1,904,663 Liabilities and Fund Balances Liabilities: Accounts payable $ 94,448 $ 23,964 $ 118,412 Salaries payable 1,164 1,164 Contracts payable Deposits payable Interfund payable 64,922 64,922 Due to other governmental units 1,160 1,160 Deferred revenue T otalliabilities 161,694 23,964 185,658 Fund balances: Reserved for: Prepaid items Deposits receivable Debt retirement Tax increment purposes 459,195 459,195 Unreserved: Designated: Community Services 18,860 18,860 Parks 164,220 164,220 Cable television 287,801 287,801 TCAAP (Il4,719) (Il4,719) Risk management 260,193 260, I 93 Economic development 130,300 130,300 Capital improvements 513, I 55 513,155 Ensuing years expenditures Undesignated Total fund balances 1,205,850 513, I 55 1,719,005 Total liabilities and fund balances $ 1,367,544 $ 537,II9 $ 1,904,663 80 CITY OF ARDEN fiLLS, MINNESOTA COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS For The Year Ended December 31, 2006 Statement 12 ::l ;; . 5 S 00 ~ C5 o 5 1Zlti:l(.l., "'gj~ Lz ::1"'''' .U ;> ~~::l .,.,., =~s z"'~~ ~~~O Sl",~N < a::1 OM r..;:E>-' >-< Oo~.2 >< U z E !:: ~ 0 ~ UVlZCl " .g,c;j g g <<:l._ l: "0 ~~&~3 ~Vl~~ M ~ <<'" 0'- ",0 "" ;:: N ~ <<'" @i5 "" ;:: ~~ !I ~J '" -2 aJ o u 8 ,- 8 II 000 u Q '" '"' ~ f' ~ v_ - ~ ~ v~~ oQA \0" N" M N M. ~ ~ ~ ~ N ~.. 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ONON -d'ri..:tr-f M\ONN -~ l""l ~ ~ ~ ~ ;; ~ N" ~ v ~ ~ '" ~ ~ N ,,; N ~ q ~!I ~ N '" ~ ~ v :! ~ 1 , :;; '" .; ~ Ii; " ~ '6 = o !j o > o " g = ~ ~ " ~ 2- o ~ ~ ~ 11 "'0 3 'Q 5 ~ li3 1;l]~~~ ~&'~i.E Q) - <!.> 0 ~~~~3 ~ _~.z ~~ bDQOU "a: : : g~<N~ '" . . . g~~~ o ;; N '" ~ ~ v i S ~ 00 .; ~ :0 eo: N ~ ~ .; c; ~ ~ '" i " . ~ .. ~ -g "' ,5 o '" . ~ o Z '" ~ 3 ~ ~ 00 ~" a N '" ~ ~ ::J: ~ ;; ~ "," ~ '" v ~ ~ a" '" ~ '" Iii a .; "' a g a" ~ '" '" ;:: "' v N ~ '" a" ~ N '" o ;\ .; ~ on 00 ~ '" ~ N ;; '" " '" N '" N '" '" " '" a N N " ~ '" ~ N a v o ~ '" ~ '" ~ ~ , ;;; " ~ 8 " , z- '" 'Ii :s " o ~ .. ~ ~ 3 ~ '" 'li :s . o ~ .. ~ ~ ~ CITY OF ARDEN HILLS, MINNESOTA SUBCOMBINING BALANCE SHEET NONMAJOR CAPITAL PROJECT FUNDS December 3 I, 2006 Statement 15 Public Safety Capital Equipment Assets Cash and investments $ 534,493 Accrued interest receivable 2,626 Accounts receivable Loan receivable Taxes receivable: Due from County Due from other governmental units Total assets $ 537,Il9 Liabilities and Fund Balances Liabilities: Accounts payable $ 23,964 Contracts payable Deposits payable Interfund payable Due to other governmental units Deferred revenue Total liabilities 23,964 Fund balances (deficit): Reserved for tax increment purposes Unreserved: Designated: Capital improvements 513,155 Undesignated Total fund balances 513,155 Total liabilities and fund balances $ 537,Il9 100 CITY OF ARDEN HILLS, MINNESOTA SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES NONMAJOR CAPITAL PROJECT FUNDS For The Year Ended December 31, 2006 Statement 16 104