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HomeMy WebLinkAbout2003 & 2004 Special Purpose ReportCITY OF GEM LAKE, MINNESOTA SPECIAL. PURPOSE FINANCIAL REPORTS DECEMBER 31, 2004 AND 2003 CITY OF GEM LAKE, MINNESOTA TABLE OF CONTENTS INTRODUCTORY SECTION ! TRANSMITTAL CITY OFFICIALS € FINANCIAL. SECTION Reference' Page INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 1 s FINANCIAL REPORTS Statement of Cash Receipts, Disbursements, Balances and Investments k Schedule 1 2-3 Statements of Cash Receipts - General Fund Schedule 2 .4 ! Statements of Cash ❑isbursements — General Fund i Schedule,2 5-6 Statements. of Cash Receipts and Disbursements — Scheunernan Road Debt Service Fund Schedule 2 7 Statements .of. Cash Receipts .and. Disbursements — Scheuneman Road Capital Projects. Fund I 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 OEM LAKE, MINNESOTA. INTRODUCTORY SECTION TRANSMITTAL CITY FINANCIAL STATEMENT CITY OF GEM LAKE RAMSEY COUNTY STATE OF MINNESOTA March 25, 2005 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, 2004. This financial report contains statements of receipts and disbursements, 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. Fritz Magi n City Clerk CITY OF GEM LAKE, MINNESOTA CITY OFFICIALS DECEMBER 31, 2004 Paul Emeott Mayor and Council Member Hugh Schilling Council Member 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 DECEMBER 31, 2004 AND 2003 SMITH• S CHAFER & ASSOCIATES, L T D. Certified Public Accountants and Consultants Members of American Institute of CPA's. Private Companies Practice Section, Minnesota Society of CPA's INDEPENDENT ACCOUNTANTS 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, 2004 and 2003 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 `Minimum Reporting Requirements for Cities Under 2,500 in Population" 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. Sz 5 "/#,t Maplewood, Minnesota March 25, 2005 2035 E. County Road D • Suite A • Maplewood, MN 55109 • PH (651) 770-8414 • FAX (651) 770-5175 Rochester Office: • 220 South Broadway • Suite 102 • Rochester, MN 55904 • PH (507) 288-3277 • FAX (507) 288-4571 CITY! OF GEM LAKE, MINNESOTA FINANCIAL REPORTS DECCEMBER 31, 2004 AND 2003 Schedule 1 Purchase Clerk's Investments. Disburse- Of Transfers Balance Balance Merits Investments Out Dec-31 Dec.31 $ 264,766 $ 1.50,512 $ 2,000 $ 81.,376 $ 150,512 - - 26,869 - 231,143 - 3.14, 715 - 16,.172 128,110 1.500 134,315 1.28,110 $ 512,081 $ 278,6.22 $ 3,500 $ 557,275 $ 278,622. 3 Schedule 2 CITY OF GEM LAKE, MINNESOTA GENERAL FUND STATEMENTS OF CASH DISBURSEMENTS For the Years Ended"December 31, 2004 and 2003 DISBURSEMENTS General Government Mayor.and Council Salaries Payroll taxes Total Mayor and Council Finance and. Administration Election judges City clerk Treasurer salary. Payroll. taxes Telephone and internet service expense Office supplies and expense Dues and subscriptions Insurance and bonds Total .Finance and Administration Professional Services Engineering fees Legal, accounting and administrative Total Professional Services Total General Government 2004 2003 $ 5,200 $ 5,200 398 398 53598 5,598 4,847 40 3,000 3,000 2,600 2,600 428 428 3,448 2,193 5,320 3,776 2,355 2,051 1,574 1,963 23,572 1$, 051 28,627 8;721 71,172 38i325 99,799 47,046 $ 128,969 $ 68,695 See Independent Accountant's Compilation Report___ Schedule 2 CITY ❑F GEM LAKE, MINNESOTA SCHEUNEMAN ROAD DEBT SERVICE PUN© STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS For the Years Ended December 31,.2004 and 2003 RECEIPTS OTHER FINANCING SOURCE& Borrowing proceeds from. sale of bonds TOTAL RECEIPTS AND OTHER FINANCING SOURCES TOTAL DISBURSEMENTS. 2004 2003 $ 26,869 $ - $ 26,869 $ - See Inde endent Accountant's Compilation Re ort 7 Schedule 3 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND BALANCE SHEETS December 31, 2004 and:2003 ASSETS Current Assets Cash and cash equivalents Investments Accounts receivable Interest receivable Due from capital prpjects.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 Paid -in capital Total Fund Equity TOTAL LIABILITIES AND FUND EQUITY 20Q4 2003 $ 134,315 $ 41,873 12811,10 203,922 1,542 7,241 1,887 3,003 5,183 - 277,037 256,039 49,000 49,000. 2,287 1 X7 . 46,713 47,693 $ 3233750: $ 303;732 $ 290,944 $ 270,926 32;806 32,806 323,760 303,732. J. 3233750 $ 303,732. See Independent Accountant's Compilation Report 9 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENTS OF CHANGES IN WORKING CAPITAL For the Years Ended ❑ecember 31, 2004 and 2003 WORKING. CAPITAL PROVIDED BY: Operations: Net income before transfers Transfers from General Fund Iterns not requiring working capital -depreciation Total Sources of Working Capital WORKING CAPITAL USE❑ FOR: r Transfers to General Fund t NET INCREASE IN WORKING CAPITAL Schedule 5. 2004 2003 :$ 19,518 $ 2,000 980 25,377 - 980 22,498 26;357 1,500 5,445 $ 20,998 $ 20,912 See Independent Accountant's Compilation Report 11 CITY OF GEM LAKE, MINNESOTA f STATEMENTS OF ACCOUNTS RECEIVABLE AND PAYABLE December 31, 2004 and 2003 ACCOUNTS RECEIVABLE Fund Source of Revenue and Purpose General Charges for services Sewer User charges Total Accounts Receivable ACCOUNTS PAYABLE AND CONTINGENT LIABILITIES Fund Vendor Name. Claim Itern and Purpose Dumber Total Accounts Payable and Contingent Liabilities Schedule 7 Amount at December 31; 20a4 2003 $ 9,992 7,542 $ - 7;241 $ 172534 $ 7,241 Amount at. December 31, 2004 2003 See Independent Accountant's Compilation Report 13