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Home My WebLink About2004 & 2005 Special Purpose ReportCITY OF GEM LAKE, MINNESOTA SPECIAL PURPOSE FINANCIAL REPORTS DECEMBER 31, 2005 AND 2004 CITY OF GEM LAKE, MINNESOTA TABLE OF CONTENTS INTRODUCTORY SECTION TRANSMITTAL _ CITYQFFICIALS FINANCIAL SECTION Reference Paae INDEPENDENT ACCOUNTANT`S COMPILATION REPORT 1 FINANCIAL REPORTS Statement of Cash Receipts, Disbursements, Balances and Investments Schedule:1 2-3 4 Statements of Cash Receipts -- General Fund Schedule 2 4 Statements. of Cash. Disbursements — General Fund Schedule 2 5-6 Statements of Cash Receipts and Disbursements -- Scheuneman Road debt Service. Fund Schedule 2 7 Statements of Cash Receipts. and Disbursements -- Scheuneman Road Capital Projects Fund Schedule.2 8 Balance Sheets - Sewer Enterprise Fund Schedule 3 9 Statements of Revenues, .Expenses and Changes In Retained Earnings— Sewer Enterprise Fund. Schedule 4 10 Statements of Changes in Working Capital — Sewer Enterprise Fund Schedule 5. 11 Statement of City Indebtedness Schedule 6 12 Statements: of Accounts Receivable and Payable Schedule 7 13 Statement of Investment Activity Schedule 8 14 CITY OF GEM LAKE, MINNESOTA INTRODUCTORY SECTION TRANSMITTAL CITY FINANCIAL STATEMENT CITY OF GEM LAKE. RAMSEY COUNTY STATE OF MINNESOTA March 28, .2Dp6 Honorable Mayor and Members of the City Council: I hereby submit to you the City of Gem Lake's Financial Statements for the.year ended December 31, 2Qg5. This financial report contains statements of receipts and dist}ursements, a balance sheet, an operating statement and a statement of financial position for the enterprise fund, a statement of outstanding indebtedness and a statement of investment activity for all funds of the city. This report was prepared pursuant to Minnesota Statutes Section 471.698. Respectfully submitted, Frederic Magnuson City Clerk CITY OF OEM LAKE, MINNESOTA CITY OFFICIALS DECEMBER 31, 2005 Paul Emeott Mayor and Council Member Hugh Schilling Council Meriibgr Richard Bosak Council Member Tom Rasmussen Council Member Chuck Watson Council Member Frederic Magnuson Clerk Sarah Cobian Treasurer CITY OF GEM LAKE, MINNESOTA FINANCIAL SECTION ❑ECEMBER 31, 2QQ5 AND 2004 A SMITH•SCHAFER & ASSOCIATES. L T D. Certified Public Accountants and Consultants Members of American Institute of CPA's. Private Companies Proclice Section. Minnesota Society of CPA's INDEPENDENT ACCOUNTANT'S COMPILATION REPORT Honorable Mayor and Members of the City Council City of Gem Lake, Minnesota We have compiled the accompanying special purpose financial reports for the City of Gem Lake, Minnesota as of December 31, 2005 and 2004 and for the years ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial reports is the representation of management of the City of Gem Lake, Minnesota. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying special purpose financial reports, and accordingly, do not express an opinion or any other form of assurance on them. The accompanying special purpose financial reports were prepared for the purpose of complying with "Reporting and Publishing Requirements for Cities Under 2,500 in Population — Reporting on the Cash Basis of Accounting" as prescribed by the Minnesota Office of the State Auditor, and are not intended to be a presentation in conformity with generally accepted accounting principles. This financial report is intended solely for the information and use of the City Council of Gem Lake and the Office of the Minnesota State Auditor, and should not be used for any other purpose. t s ej. Maplewood, Minnesota March 28, 2006 2035 E. County Road D • Suite A • Maplewood, MN 55109 o PH (651) 770-8414 • FAX (651) 770-5175 Rochester Office: • 220 Soutn Brooclwoy • SuN, 102 • Rochester, rv1N 55904 • PH (507) 288-3277 • FAX (507) 288-4571 CITY OF GEM LAKE, MINNESOTA FINANCIAL REPORTS ❑ECEMBER 31, 2005 AND 2004 Schedule 1 Purchase Clerk's Investments Disburse- Of Transfers Balance: Balance Ments Investments Out Dec.31 Dec. 31 $ 333;738 $ 133,901 $ - $ 73,120 $ 133,901 r s 16,179 - - 65,365 - J 476,432 - 8,283 - j 38,826 231,176 1,500 421969 . 231,176 . $ 865,175 $ 365,077 $ 1,500 $ 189,137 $ 365,077 3 Schedule2. CITY OF GEM LAKE, MINNESOTA . GENERAL FUND STATEMENTS OF CASH DISBURSEMENTS For the Years. Ended December 31., 2005 and 2004 DISBURSEMENTS 2Ia{]5 2004 General Government Mayor and. Council Salaries $ 5,200 $ 5,200 Payroll taxes 398 398 1 { Total Mayor and Council 5,598 5,598 Finance and Administration Election judges 137 4,847 City clerk 3,000 3,000 Treasurer salary 3,000 21600 Payroll taxes 443 428 Telephone. and Internet service expense 3,536 3,448 Office supplies and expense 4,698 51320 Dues and subscriptions 2,629 2,355 Insurance and bonds 1,378 1,574 Total Finance and Administration 18,821 .23,572 Professional Services _ Engineering .fees :66,472 .28;627 Legal, accounting and administrative 113,094 71,172 Total Professional Services 179,566 99,799 Total General Government $ 203,985 $ 1281969 See Independent Accountant's Compilation Report 5 Schedule 2 CITY OF GEM LAKE, M€NNESOTA. SCHEUNEMAN ROAD DEBT SERVICE FUND STATE_MENTS.0F CASH RECEIPTS AND ❑ISBURSEMENTS For the Years Ended December 31, 2005 and 2004 RECEIPTS Special Assessments OTHER FINANCING SOURCES Borrowing - proceeds from sale of bonds TOTAL RECEIPTS AND OTHER FINANCING SOURCES DISBURSEMENTS Interest expense Bank charges TOTAL DISBURSEMENTS 2005 2004 $ 54,675 $ - 26,869 $ 54;675 $ 26,869 $ 16P141 $ - 38 - $ 16,179 $ - See Independent Accountant's „Compilation Report 7 CITY OF GEM LAKE, MINNESOTA Schedule 3 SEWER ENTERPRISE FUND BALANCE SHEETS December 31, 2005 and 2004 ASSETS Current Assets 2006 2004 Cash and cash equivalents $ 421969 $ 134,315 Investments 231,176 128,110 Accounts receivable 10,080 7,542 lnterest receivable 5,711 1,887 Due from capital projects fund _ 5;1$3 Total Current Assets 289,936 277iO37 Property and Equipment,. at Cast Sewer system 49,000 49,000 Less: Accumulated depreciation 3,267 2,287 Property and Equipment, Net 46,733 46,713 TOTAL ASSETS' $ 335,669 $ 32:3,756 LIABILITIES AND FUND EQUITY Fund Equity' Retained earnings $ 302,863 $ 290,944 Paid -in capital 32,806 320806 Total.Fund and Equity 335,669 323,750. TOTAL LIABILITIES AND FUND EQUITY $ 336,669 $ 323,150 See Independent Accountant`s Compilation Report 9 Schedule 5 CITY OF GEM LAKE, MINNESOTA SEWER. ENTERPRISE FUND STATEMENTS OF CHANGES IN WORKING CAPITAL For the Years Ended December 31, 2005 and 2004 WORKING CAPITAL. PROVIDED BY: Operations: Net income before; transfers Transfers from General Fund Items not requiring working. capital -.depreciation Total Sources of Working Capital WORKING CAPITAL USED FOR: Transfers to General Fund. NET INCREASE IN WORKING CAPITAL 2005 2004 $ 13,419 $ 19,518 - 2,000 980 980 14,399 22,498 12500 1,500 $ 12,899 $ 20,998 See Independent Accountant's Compilation Report 11 Schedule 7 CITY OF GEM LAKE, MINNESOTA STATEMENTS OF ACCOUNTS RECEIVABLE AND PAYABLE December 31, 2005 and 2004 ACCOUNTS RECEIVABLE Amount. at December 31, Fund Source of Revenue and Purpose 2005 2004 General Charges for services $ 21767 $. 9.,9.92 Sewer User charges. 10,080 7,542 f Total Accounts. Receivable $ 12,837 $ 17,534 ACCOUNTS PAYABLE AND CONTINGENT LIABILITIES Claim Amount at December 31, Fund Vendor Name item and Purpose Number 2006 2004 Cap Proj BelAir Builders; Inc. Construction costs NIA $ 275217 $ - Cap Proj SEH, Inc. Engineering fees NIA 496 - Cap Pmj Leonard O'Brien Law Legal. services NIA 863 - Total Accounts Payable and Canting ent. Liabilities $ 28,576 $ - See Independent Accountant's Compilation Report 13 CITY OF GEM LAKE 2005 PUBLICATION REQUIREMENTS CITY OF GEM LAKE, MINNESOTA Summary Financial Report The purpose of this report is to provide a summary of financial information conceming the --City of Gam Lake to interested citizens. The complete financial statements may be examined at the Cjty Of l"i 1,369 County Road E East. Questions about this report.should be directed to Mr. Frederic C. Magnuson, City Clerk at (651) 426-6443. Receipts and Disbursements for General Operations {Governmental Funds) RECEIPTS: Property. Taxes Other taxes L(censesr-and Permits. Int6rgovemme11tal Charges.for Servicos 1 nvestrne nt- Earri ing8 Miscellaneous Total Receipts Per Capita. DISBURSEMENTS: Cljrrent: General Government Streets and. Highways Zoning:and Inspection Services Public.Safety Miscellaneous Capital Outlay Total Disbursements - Per Capita Total Long-term Indebtedness Per Capita General Fund Cash Fund Balance - December 31" Per Capita " Includes General.Fund Investments Percent Total Total Increase 2005. 2004 (Decrease) $ 167,011 $ 144,195. 15..82% 3,448 3,106 11.01 % 52,749 54,002 -2:32% 752 1,577 -52.3..1 % 77,315 43,987 7.5.77% 5,492- 4,158 32.08 % ,604 166 263.86% $ 307;371 $ 251,101 22.37°% 68105 599.50 13.94% $ *20:�985 .$ 1E26,969 69.17.°% 14;828 25,664 -42.72% 31:276. 12,840 -4.70% 751928 70,039 .8:41 % 7,721 31509 120.03% - 3,.745 -100.00% 333,738 $ 264,766 26.05%o. 741.64 631.90 17.37% $ 586,000 $ 586,000 N/A 1,302.22. 1,398.57 NIA $ 207, Q21 $ 231,888 -10.72% 460.05 553.43-16.87% CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND BALANCE SHEET PROPRIETARY FUND December 31, 2005 ASSETS Current Assets Cash and cash equivalents Investments Accounts receivable Interest receivable Due from capital projects fund Total Current Assets Property and Equipment, at Cost Sewer system Less: Accumulated depreciation Property and Equipment; Net TOTAL ASSETS LIABILITIES AND FUND EQUITY Fund Equity Retained earnings, unrestricted. Paid -in capital Total Fund Equity TOTAL LIABILITIES AND FUND EQUITY Sewer Fund (Total All Proprietary Funds) $ 42,969 231,176 10,080 51711 289,936 49, 000 3,267 45,733 $ 335,669 $ 302,863 32,806 335;669 $ 335;669 CITY OF GEM LAKE, MINNESOTA STATEMENTS OF REVENUES, EXPENSES. AND CHANGES IN WORKING CAPITAL SEWER ENTERPRISE FUND For the Year Ended December 39, 2005 Sewer Fund (Total All Proprietary Funds) Operating Revenues Charges for services $ 451659 Operating Expenses Depreciation ggp Power and pumping - Utilities 11,429 Engineering fees 20,900 Repairs and maintenance 1,351 Outside services 4,556 Miscellaneous 555 Office supplies and expense 25 Total Operating Expenses 39,806 Operating .Income 5,853 Nonoperating Revenues Interest income 7,566 Net Income Before Transfers $ 13,419 Sources and (Uses) of Working Capital Net Income Before Transfers $ 13,419 Depreciation 980 Transfers In - Transfers Out (1,500) Increase in Working Capital $ 12,899