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HomeMy WebLinkAbout2002 FINANCIAL STATEMENTCITY OF GEM LAKE, MINNESOTA GENERAL-PURPOSE FINANCIAL :STATEMENTS DECEMBER 31, 2002 CITY OF GEM LAKE, MINNESOTA. TABLE OF CONTENTS INTRODUCTORY SECTION CITY OFFICIALS FINANCIAL SECTION Reference Page INDEPENDENT ACCOUNTANT`S COMPILATION REPORT 1 FINANCIAL STATEMENTS Statement of Cash Receipts, Disbursements, Balances and Investments Exhibit A-1 2-3 Statement of Cash Receipts —General. Fund Exhibit B-1 4 Statement of Cash Disbursements -- General Fund Exhibit B-2 5-6 .Balance Sheet— Sewer Enterprise Fund Exhibit C�-1 7 Statement of Revenues, Expenses and Changes In Retained Earnings — Sewer Enterprise Fund Exhibit Ca-2 8 Statement.of Cash Flows — Sewer Enterprise Fund Exhibit.C-3 0 Statement. of Orders Issued Exhibit D-1 1.0-11 .Statement of City Indebtedness Exhibit E-1 12 CITY OF GEM LAKE; MINNESOTA I NTRO©UCTORY SECTION- CITY OF GEM LAKE, MINNESOTA CITY OFFICIALS ©ECEMBER 31, 2002 Paul. Ermeott Mayor and Council Member Roland Birkebak Council Member Richard BOSak Council Member Patrick Igo Council Member Chuck Watson Council Member Frederic Magnuson Clerk: Sarah Cobian Treasurer CITY OF GEM LAKE, MINNESOTA FINANCIAL SECTION DECEMBER 311, 2002 SMITH•SCHAFER & ASSOCIATES, LTD. 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 Alan L. Schafer, CPA Kim A. Mahanno, CPA Thomas H. Wente, CPA Jean L. Guyse, CPA William D, Frudden, CPA Mark G. Paczosa, CPA Dean L. Richards, CPA Joson P. Boynton, CPA Jason C. Miller, CPA Steve E. Erchul, CPA James D. Heydon, CPA Michael J. Malugani, CPA Kerry T. Orton, CPA Anthony J. Pyko, CPA Jane M. Quaintance, CPA Kelly A. Schwede, CPA Refired: Richard J. Smith, CPA We have compiled the accompanying financial reports - modified cash basis for the City of Gem Lake, Minnesota as of and for the years ended December 31, 2002 and 2001, and the accompanying supplementary information contained in Exhibits D-1 and E1, which are presented only for supplementary analysis purposes in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. These modified cash basis financial reports were prepared in conformity with the accounting practices permitted by the Office of the State Auditor of the State of Minnesota. The financial reports have been prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. 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 financial reports for the years ended December 31, 2002 and 2001, and accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the modified cash basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the City's assets, liabilities, fund equity, revenues and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Maplewood, Minnesota April 10, 2003 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 t ne GPA. Never Underestimate The Value CITY OF GEM LAKE, MINNESOTA FINANCIAL STATEMENTS ❑ECEMBER 31, 2002 CITY OF GEM LAKE, MINNESOTA STATEMENT OF CASH RECEIPTS, DISBURSEMENTS, BALANCES, AND INVESTMENTS For The Year Ended December 31, 2002 Clerk's Sale Balance Of Transfers: Fund Name Jan. 1 Receipts Investments In General Fund $ 97,778 $ 2321557 $ 155,Q74 $ - Enterprise Fund 25,924 44,885. 179,740 Total $ 123,702 $ 277,542 $ - $ See Independent Accountant's Compilation Report 2 Exhibit A-1 Purchase Clerk's Investments Disburse- Of Transfers Balance Balance Ments Investments Out Dec.31 Dec.31 $ 191,191 $ 162,052 $ - $ 132,266 $ 162,052 25,861 197,982 $ 217,052 $ - $ - 26,706 197,982 $ 158,972 $ 360,034 3 (This Page Left. Blank Intentionally) Exhibit B-1 _ CITY OF GEM LAKE, MINNESOTA GENERAL FUND. STATEMENT OF CASH RECEIPTS. For The Year Ended December 31, 2002 With Comparative Totals for the Year Ended December 31, 2001 2002 Variance: Favorable RECEIPTS Budget. Actual (Unfavorable) Local Taxes General tax levy Gambling taxes Total Local Taxes Licenses, Permits and Other Fees Intergovernmental Receipts HACA and Score Grants Charges for Services Bond issuance fees Interest Income Miscellaneous Receipts TOTAL RECEIPTS 2001. $ 123,000 $ 11.8,445 $ (4,555) $ 100,176 4,000 2,797 (1,203) 3,569 127,00.0 121,242 (5,758) 103,745 `321800 71,839 391039 29,833 820 7,256 .6,436 9,963 1,500 2,758 1,258 22,802 - 21,833 213833 - 200 7,019 6,819 9,442 11935 710 (1;225) 1,594 $ 164,25.5 $ 232,657 $ 68,402 $ 177,379. See IndependentAccountant's Compilation Report 4 Exhibit B-2 CITY OF GEM LAKE, MINNESOTA GENERAL FUND STATEMENT OF CASH DISBURSEMENTS For The Year Ended December 31, 2002 With Comparative Totals for the Year Ended.Deeember 31, 2001 2002 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 internee 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 Profess ionai Services Total General Government Variance: Favorable Budget Actual (Unfavorable) 2001 $ 4181.0. $ 57200 $ (390) $ 4,880 790 39$ 392 373 5,60Q 5,598 2 5,253 3,050 4,122 (1,072) - 2,770 3,000 (230) 31000 21400 2,600 (200) 1,950 850 428 422 379 3,400 2,959 441 1,684 3,830 4,249 (419) 21 587 29320 2,100 220 1,946 1,180 1,322 (142) 1,182 19,800 20,780 (980) 12,728. 5,350 34,7Q0 1,392 46,037 3,958 (11,337) 9,959 40;847 40,050. 47,429 (7,379) 50,806 $ 65,450 $ 73,807 $ (8,357) $ 687787 See Independent Accountant's Compilation Report 5 Exhibit B-2 CITY OF GEM LANCE, MINNESOTA GENERALFUN❑ STATEMENT OF CASH DISBURSEMENTS For The Year Ended December 31, 20012 With Comparative. Totals for the. Year ,Ended December 31, 2001 2002 Variance Favorable DISBURSEMENTS (Continued) Budget Actual (Unfavorable] Public Works Highways, Streets and Alleys Street maintenance Curbside recycling Total Highways, Streets and Alleys Zoning and Inspection Services Building inspection services Zoning administration services Total Zoning and Inspection Services 2001 $ 6,500 3,600 5,615 $ 3,376 885 $ 224 11586 3,401 10,100 8,991 1,109 .5,387 12,060 255632 (13,572) 12,404 6500 6,733 (233) 5,C15 18,560 32,365 (13,805) 17,419 Street Lighting 800 722 78 727 Total Public Works 29,460 "42;078 _. _J12,6.18) �23,533 Public. Safety Ramsey County law enforcement 56,080 56,610 (530) 51,613 White Bear Lake fire and paramedic services 12,570 12,597 (27) 12,496 Total Public Safety 68,650 69,207 (557) 641109 Miscellaneous 695 6,099 (5,404) 41909 TOTAL DISBURSEMENTS $ 164,255 $ 191,191 $ (26,936) $ 161,338 See Independent Accountant's.Corn pilation, Report 6. CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND BALANCE SHEET December 31, 2002 and: 2001 ASSETS. Current Assets Cash and cash equivalents Investments Accounts receivable Interest receivable Total Current Assets Property and Equipment, at Cast 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 See Independent Accountant's. Compilation Report 7 Exhibit C-1 2002 2001 $ 26,706 $ 25,924 197,982 179,740 6;437 10,768 4,002 5,871 235,127 222,303 49,000 - 327 - 48,673 - $ 283,800 $ 22 X3 $ 250,994 $ 222;303 32,806 - 283,800 222,303 $ 283,800 $ 222,303 j' I I I I I Exhibit C-2 CITY OF GEM LAKE, MINNESOTA SEINER ENTERPRISE FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the.Year Ended December 31, 2002 With Comparative Totals for the Year Ended December 31, 2001 2002 Operating Revenues Charges for services Operating Expenses Depreciation Power and pumping - Utilities Total Operating Expenses Distribution and Disposal Repairs and maintenance Administration Treasurer Payroll taxes Office supplies and expense Total Administration Total Operating Expenses Operating Income Other Income I nterest income NET INCOME RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Variance Favorable Budget Actual (Unfavorable) 2001 $ 363148 $ 32,200 $. (3,948) $ 28,039. 327 (327) - 9;300 9,483 .(183) 81B1.5 9,300 9,810 (510) 8,815 2,868 2,868 - - - - .650 - - - 50 700 184 5.16 872 700 184 516 1,572 12,868 9,994 3,201 10,387 239280 22,206 (747) 17,652 6,620 6,485 (135). 8,692 $ 29,900 $ 28,691 $ (882) $ 26,344 222,303 195,959 See Independent Accountant's Compilation Report 8 $ 250,994 $ 222,303 Exhihit. C-3 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENT OF CASH FLANS For the Years. Ended December 31, 2002 and 2001 Cash Flows From Operating Activities Net income Adjustments to reconcile net income to net cash. provided by operating activities: Depreciation (increase) decrease in assets: Accounts receivable Interest receivable Net Cash Provided By Operating Activities Cash Flows From Investing Activities. Purchase of sewer system Purchases of investments Net Cash. (Used In) Investing Activities Cash Flows From Financing Activities Contribution of capital Net Increase (Decrease) in Cash and Cash Equivalents Cash and. Cash Equivalents, Beginning of Year Cash and Cash Equivalents, End of Year See Independent Accountant's Compilation Report 9 2002 2001. $ 28,691 $ 26,344 327 - 4,331 (3,208) 1,869 1,142 35,218 24,278 (49,OOO) - (18,242) (24710) (67,242) (24,710) 32,806 - 782 (432) 25,924 26,356 $ 26,706 $ 25,924 Exhibit D-1 CITY OF GEM LAKE, MINNESOTA ALL FUNDS STATEMENT OF ORDERS ISSUED For the Year Ended December 31, 2002 Personal Services Allen Zipper 20,231 Avenet, LLC 605 Chuck Watson 740 Cindy Shilts 1,771 Creighton,. Bradley, & Guzzetta; LLC 4,229 Dale Eklin 2,76.0 Dawn Segermark 100 E-Z Recycling, Inc 3,376 Frederic Magnuson 2,770 Gabrielle Blake .23..8 Internal Revenue Service 1,652 Jim Manteufel 1,220 Kristina Swanson 363 Magnuson & Associates,. LLC 42,255 .Meslow& Olson, PLL.0 1,974 Molly Bonin 263 Patrick Igo 944 Paul Emeott 3,1.35 Philip Gustafson .225 Richard Bosak 739 Roland Birkebak 979 Sarah Cobian 2,401 SEH, Inc 4,727 Skywarn: 200 Symbiant Technologies, Inc. 475 Teresa E. Tice 100 The Brehm Group 128 Other Services City of White Bear Lake 12,564 G&G Sweeping Company 500 Metropolitan Council Environmental Services 9,4.83 Minnesota State Treasurer 1,642 Other 38 Press Publications 584 Ramsey County 56ff04 Smith Schafer & Associates, Ltd. 8,250 TA Schifsky & Sons, Inc 4,716 Xcel Energy 722 See Independent Accountant's Compilation Report 10 Exhibit D-1 CITY OF GEM LAKE, MINNESOTA ALL FUNDS STATEMENT OF ORDERS ISSUED [CONTINUED] For the Year Ended December 31, 2002 Materials and Supplies Gopher Sign Company .359 Postmaster 287 Zoning Bulletin Weekly 92 Other Charges ICBOIIFC1 85 League of Minnesota Cities 1,391 Paulet Slater 170 Premier Bank 25 Ramsey County League of Local Governments 123 Vadna s Lake Area Water Management Organization 1,33.1 Other Disbursements. Association for Nonsmokers 88 Friends of Ramsey County Parks & Trails 200 Lake Area Bus 200 Minnehaha Academy Scholarship Fund 100 Other 58 St. Mary's of the lake School 600 White Bear Lake Emergency Food Shelf 400 Willow Lane Elementary School 2,000 Capital Outlay Blue Spruce Estates 16,19.4 TOTAL $ 21740.52 See Independent Accountants Compilation Report 11 Exhibit E-1 CITY OF GEM LAKE, MINNESOTA STATEMENT OF CITY INDEBTEDNESS For The Year Ended December 31, 2002 FINAL OUTSTANDING OUTSTANDING INTEREST ISSUE MATURITY JAN.1;. ISSUED PAID DEC. 31;. BONDED INDEBTEDNESS RATE DATE DATE 2002. IN 2002 IN 2002 2002 The City. of Gem Lake had not issued any debt as of December 31, 2002. See Independent.Accountant's Compilation Report 12