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HomeMy WebLinkAbout2005 & 2006 SPECIAL PURPOSE FIN RPTSCITY OF GEM LAKE, MINNESOTA SPECIAL PURPOSE FINANCIAL REPORTS DECEMBER 31, 2006 AN❑ 2005 TRANSMITTAL CITY OFFICIALS CITY OF GEM LAKE, MINNESOTA TABLE OF CONTENTS INTRODUCTORY SECTION FINANCIAL SECTION Reference Page INDEPENDENT ACCOUNTANT'S COMPILATION REPORT 1 FINANCIAL REPORTS Statement of Cash Receipts, Disbursements, Balances and Investments Schedule 1 2-3. 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 -- GO Improvement Bonds — Series 2004 Debt Service Fund Schedule 2 7 Statements of Cash Receipts and Disbursements — GO Improvement Bonds — Series 200.6A Debt Service Fund Schedule 2 a Statements of Cash Receipts and Disbursements — Street Improvements Capital Projects Fund Schedule 2 9 Balance Sheets — Sewer Enterprise Fund Schedule 3 10 Statements of Revenues, Expenses and Changes In Retained Earrings — Sewer Enterprise Fund Schedule 4 11 Statements of Changes in Working Capital — Sewer Enterprise Fund Schedule 5 1.2 Statement of City Indebtedness. Schedule 6 13 Statements of Accounts Receivable and Payable Schedule 7 14 Statement of Investment Activity Schedule 8 15 CITY OF GEM LAKE, MINNESOTA INTRODUCTORY SECTION TRANSMITTAL CITY FINANCIAL STATEMENT CITY OF GEM LAKE RAMSEY COUNTY STATE OF MINNESOTA March 26, 2007 Members of the City Council: l hereby submit to you the City of Gem Lake's Financial Statements for the year ended. December 31, 2006. This financial report. contains a statement 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 Ahe city. This report was prepared pursuant to Minnesota Statutes Section 471.698. Respectfully submitted, Paul Emeott Mayor CITY OF GEM LAKE, MINNESOTA CITY OFFICIALS DECEMBER 31, 2006 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 ©ECEMBER 39, 2006 AND 2005 SMTTH•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 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, 2006 and 2005 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. Maplewood, Minnesota March 26, 2007 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 • Pochester MN 55904 • PH (W7) 288-3277 • FAX (507) 288-4571 CITY OF GEM LAKE, MINNESGTA FINANCIAL REPORTS DEC EMBER 34, 2006 AND 1 2005 CITY QF.G1=M CAKE, MINNESOTA STATEMENT OF CASH RECEIPTS, DISBURSEMENTS, BALANCES; AND INVESTMENTS For, the Year Ended December 31, 2006 Fund Name Clerk's Balance Jan, 1 Receipts Sale Of Investments Transfers. In General Fund $ 73,120 $ 310,818 $ 80,000 $. 275,856 Debt Service Fund GO Improvement Bonds-Series.2004 65,365 102.9.12 10:1,945 Debt Service Fund GO Improvement Bonds -Series 2006A - 64,999 - - Capital Projects Fund Street Improvement Projects 8.,283 2381250 - 31,180 Enterprise. Fund 42,969 52,370 1:50,000 - Total $ 1.89,737 $ 769`1349 $ 230,000 $ 408.,08.1 e Independent Accountant's Comt)ilation Report 2. 5chedu[e 1 Purchase. Clerk's Investments Disburse- Of Transfers Balance Balance Meats Investments Out Dec. 31 Dem 31 $ 532,432 $ 4,276 $ 101,945 $ 101,1.41 $ 46,200 - 94,039 129,983 10 6,.750 58,239 58,177 204035 - 3.1,817 41,761 - 31,066 71559 150,000 56,714 88,735 $ 8.1.3,843 $ 11,835 $. 384,551 $ 387,838 $ 146,912. 3 t { Schedule 2 CITY OF GEM LAKE, MINNESOTA, GENERALFUND STATEMENTS OF CASH RECEIPTS For the Years Ended December 31, 2006 and 2005 RECEIPTS :2006 2005 Local Taxes General tax levy $ 211,309 $ 18.7,011 Gambling taxes (voluntary contribution) 2,092 3,448 Total Local Taxes 213,401 170,459 Licenses, Permits and Other Fees 39,584 52,749 Intergovernmental Receipts Score. Grants - 752 Charges for Services 45;949 77,31.5 Interest Income 7,880 5,492 Miscellaneous Receipts 4,004 604 Total Receipts Before Transfers 31048.18 30.7,371 OTHER FINANCING SOURCES Transfer from Debt Service Fund 94,039 - Transfer front Capita l.Projects Fund 31,817 Transfer from Sewer Enterprise Fund 150,000 1,500 Total. Other Financing 5aurces 275,856 1,500 TOTAL RECEIPTS AND OTHER FINANCING SOURCES $ 5860674 $ 308,871 See. Independent Accountant's Compilation Report 4 Schedule 2 CITY OF GEM LAKE, MINNESOTA GENERAL FUND STATEMENT'S OF CASH DISBURSEMENTS For the Years Ended December, 31, 2006 and 2005 DISBURSEMENTS 2006 2005 General Government. Mayor and Council Salaries $ 5,356 $. 5,200 Payroll taxes 4.40 398 Total Mayor and Council 5,796 5.1598. Finance and Administration Election judges - 137 City.clerk 3,090 3,000 Treasurer salary 3;o90 3,000 Payroll taxes 443 443 Telephone. and internet.service. expense 3,331 3,536. Office supplies and expense.. 4,353 4,69& Clues and subscriptions 0,472 2,629 insurance. and bands 3,985 1,37.8 Total Finance anci Administration 24,764 18;821 Professional Services Engineering fees 79,675 66,472 Legal, accounting and administrative 288,468 113,094 Total. Professional Services 369,143 `179,566 Total General Government $ 399,703 $ 2031985: See Independent Accountant's Compilation Report 5 Schedule 2 CITY OF GEM LAKE, MINNESOTA. GENERAL.FUND STATEMENTS OF CASH.DISBURSEIVIENTS For the Years Ended December 31, 2006 and 2005 ❑ISBURSEMENTS (Continued) 2006 2005 Public Works Highways, Streets and Alleys Street maintenance and snow removal $ 6,570. 10,473 Curbside recycling 3,776 3,535 Street sighting 8$2 820 Total Highways, Streets. and Alleys 11,228 14,828 Zoning and Inspection Services Building inspection services 30,034 17,253 Zoning administration services 10,616. 1.4,023 Total Zoning and Inspection Services. 40,550 31,276 Total Public Works 51,778 46,104 Public .Safety Ramsey County law enforcement 64,827 60,409 White Bear Lake. fire and paramedic services. 15,172 15,519 Total Public Safety 79,999 75.,928 Miscellaneous 962 7,721 Total Disbursements Before Transfers 5..32,432 333,738 OTHER FINANCING USES Transfer to Debt Service Fund 101,945 - TOTAL. DISBURSEMENTS AN❑ OTHER FINANCING USES $ 6343377 $ 3.33,738 .See Independent Accountant's Compilation Report 6 Schedule 2 CITY OF GEM. LAKE, MINNESOTA GC IMPROVEMENT BONDS - SERIES 2004 DEBT SERVICE FUND STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS For the Years Ended December 31, 2006 and 2005 RECEIPTS Special Assessments OTHER FINANCING SOURCES Transfer from General Fund TOTAL RECEIPTS AND OTHER FINANCING SOURCES DISBURSEMENTS Debt Service Bond principal retirement Interest on bonds Bank charges Total Disbursements Biefore.Transfer OTHER FINANCING USES TransfeF to General Fund TOTAL DISBURSEMENTS AND OTHER FINANCING USES See Independent Accountant's Compilation Report 7 2006 2005 $ 102,912 $ 54,675 101,945 - $ 204,857 $ 54,875 $ 24,480 $ - 21,682 16,141 38 38 46,200 16,179 94,03,9 - $ 18.6,439 $ 32,358 .Schedule 2 CITY OF GEM LAKE, MINNESOTA GO IMPROVEMENT BONDS - SERIES 2006A DEBT SERVICE FUND STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS Far the Years Ended December 3.1, 2006 and 2005 RECEIPTS Special Assessments OTHER FINANCING SOURCES Interest income Borrowing - proceeds from sale of bonds Tota! Other Financing Sources TOTAL. RECEIPTS AND OTHER. FINANCING..S.DURCES DISBURSEMENTS Bank charges OTHER FINANCING USES Transfer to Capital Projects Fund TOTAL DISBURSEMENTS AND OTHER nNANCING USES 2006 2005 $ 582215 $ - 34 - 6;750 - 6,784 - 64,999 $ - $ 10 $ 6,750 -. $ 6,760 $ - See Independent Accountant's Compilation Report 8 .Schedule 2. CITY OF GEM LAKE, .MINNESOTA STREET IMPROVEMENTS CAPITAL PROJECTS FUND STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS For the Years Ended December 31, 2a06 and 2005 RECEIPTS Iritergovernrne.ntal Revenues OTHER FINANCING SOURCES Borrowing proceeds from sale of bonds Transfer from Debt Service Fund Transfer from Enterprise.Fund TOTAL RECEIPTS AND OTHER FINANCING SOURCES. DISBURSEMENTS Public Works Capital outlay street construction Bond issuance Costs Bond underwriting discount Total Disbursements Before Transfers OTHER FINANCING USES Transfer to General Fund TOTAL DISBURSEMENTS See Independent Accountant's Com2ilation Report 9 e 2005 $ - $ 1.7.0,000 238,250 - 6,750 - 24,430 $ 269,430 $.. 170,000 190,885 $ 476,432 9,575 - 3,675 - 204,136 476,432 31,817 - $ 235,952 $ 476,432 Schedule 3 CITY OF GEM LAKE, MiNNESOTA SEWER ENTERPRISE FUND BALANCE.SHEETS December 31, 2006 and 2005 ASSETS Current Assets Cash and cash equivalents Investments Accounts receivable Interest receivable. Total Current,Assets Property and Equipment, at Cost Sewer. system Less: Accumulated depreciation Property and Equipment, Net TOTAL ASSETS LIABILITIES AND. -FUND EQUITY Current Liabilities. Accounts payable Total Current Liabilities Fund Equity Retained earnings. Paid -in capital Total Fund Equity TOTAL LIABILITIES AND FUND EQUITY 2006 2005 $ 32,284 $ 4.2,969 88,735 231,176 12,381 10,080 3,268 5,711 136,668 289,936. 49,000 49.,000 4,247 3,267 44,753. 45,733 $ 181,421 $ 335;669 $: 474. $ 474 - 148,141 302,863 32,806 32,806 1.80,947 33,51669 $ 181,421 $ 335,669 See independent Accountant's Compilation Report 1 t) Schedule 4 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENTS OF REVENUES, EXPENSES AN❑ CHANGES IN RETAINED EARNINGS For the Years Ended December 31, 2006 and.2005 Operating Revenues Charges for services Operating Expenses Depreciation Met Council user fees Engineering fees Repairs and maintenance Outside services Miscellaneous Office .supplies and expense Total Operating Expenses Operating Income Nonoperating Revenues Interest income Net Income Before Transfers. Transfer to .General Fund Transfer to Capital Projects Fund NET INCOME tLD.SS) RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 See Independent Accountant's. Compilation Report 11 2006 2005 $ 47,052 $ 45,659 980 980 12,922 11,429 11,102 20,900 500 1,361 5,40.1 4,556 1,615 5.55 - 225 32,520 39;806 14,532 5,853 5,176 7,566 19,708 13.419 (160,000) (1,600) (24,430) - (164,722) 11,919 302,363 290,944 $ 148441 $ 302,863 Schedule 5 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENTS OF CHANGES IN WORKING CAPITAL For the Years Ended December 31, 2006 and 2005 WORKING CAPITAL. PROVIDED BY: Operations: Net incorne before transfers Items not requiring working capital = depreciation Total Sources of Working Capital WORKING CAPITAL USED FOR: Transfers to General.Fund. NET INCREASE (DECREASE) IN WORKING CAPITAL 2006 2005 $. 19170.8. $. 13,419 980. 980 20;688 14,399 160,000 1,500 . $ (120,312) $ 12,899 . See Independent Accountant's Compilation Report 12. Schedule 6 CITY OF GEM LAKE, MINNESOTA STATEMENT OF CITY INDEBTEDNESS For the Year Ended. December 31, 2006 FINAL OUTSTANDING. OUTSTANDING BONDED INTEREST ISSUE MATURITY JAN.1, ISSUED PAID DEC.31, INDEBTEDNESS RATE DATE. DATE. 2006 IN 2006 IN 2006 2006 Special Assessment Bonds s G0. improvement Series 2004 :3.70% 11/3/2004 21112016. $ 586.000 $ $ (24,48q $561,520. a GO Improvement Series 2005A 4130% 8/23/2005 2/112017 - 245,00D -. $Zq5 D0D Total City Indebtedness $ 586,000. $. 245,000 $ 2.4;46D ( ) $806520 See Independent Accountant's Compilation Report 13 Schedule 7 CITY OF GEM LAKE, MINNESOTA STATEMENTS OF ACCOUNTS RECEIVABLE AND PAYABLE December 31, 2006 and 2005 ACCOUNTS RECEIVABLE Amount at December 31, Fund Source of Revenue and Purpose 2006 2005 General Charges for services $ 1,160. $ 2,757 Sewer User charges 12,.38.1 10,080 Total Accounts Receivable $ 131541 $ 12,837 ACCOUNTS PAYABLE AND CONTINGENT LIABILITIES Claim Amount. at December. 31., Fund. Vendor Name Item and. Purpose Number 2006 2005 General TA 5chifsky.& Sons, Inc.. Snow plowing NIA $ 4,774 $. - General Ram.sey.County Publication NIA so - General Press Publications Publication NfA 77 General Internal Revenue Service Payroll taxes. NIA 441 - General Dept: of Labor & industry State surcharge. fees NIP, 206 - General. Xcel:Energy Ste.et lights N/A 74 - General Kelly & Fawcett, PA Legal - annexation NIA. 6,157 - Cap Proj BelAir Builders, Inc. Construction costs NIA - 27,217 Cap Proj SEH, Inc. Engineering fees NIA - 496 Cap Proj Leonard O'Brien Law Legal.services. NIA - 863 Sewer One Call Concepts Sewer locations NIA 7 - Sewer SEH, Inc. Engineering fees NIA 467 - Total Accounts Payable -and Contingent Liabilities $ 12,253 $ 28,576 See Indel2endent Accountant's Compilation Report 14 Schedule 8 CITY OF GEM LAKE, MINNESOTA STATEMENT OF INVESTMENT ACTIVITY For the. Year Ended December 31, 2006 FUND NAME Investment Balance January 1, 2006 Sale of Investments Purchase of Investments: Investment Balance December 31, 2006 General Fund. $ 133,901 $ 80,000 $ 4,276 $ 58177 Enterprise Fund Sewer Fund 231,176 150.,000 7,659 88,735 Total $ 365,077 $ 230,000 $ 1.1,835 $ 146,912 See Independent Accountant's Compilation Report 15 This Page Left Blank Intentionally CITY OF GEM LAKE 2006 PUBLICATION REQUIREMENTS CITY OF GEM LAKE, MINNESOTA Summary Financial Report I The purpose of this report is to provide a summary of financial information concerning the City of Gem Lake to interested parties. Tile complete financial statements may be examined at the City Office, 1261 Hammond Road., White Bear Township. Questions about this report should be directed to Mr. Tom. Kelly, Treasurer at (651) 747-2760, Receipts and Disbursements for General Operations (Governmental Funds) RECEIPTS: Property Taxes Othertaxes Licenses and Permits intergovernmental Charges for Services investment Earnings Miscellaneous Total Receipts Per Capita DISSURSEMENTS; Current: General Goverriment Streets and Highways Zoning and. Inspection. Services Public Safety Miscellaneous 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 2OD6 2005 (Decrease $ 211,309 $ 167,011 26.526/,, 2,092 3,448 -39.38% 39,584 52,749 -24.96%n - 752 -100.00% 45,949 17,315. -40.57% 7,880 5,492 43.48% 4,o04 604 562.91 % $ 31.0,818 $.. 307,371 1..120/0 703.2.1 683,05 2:95% $ 3.99,703 .$ 2031985 95,95% 11,225 14,828 =24.28% 40,650 31..,276 29.650X. 791999 751928 .5.36% 952 7721 =87.67% $ 5327432 $ 333,738 59.50. 1,20.4.60 7.41.64 52.4.2% $ 806.5.20 $ 58.6,000 37.63% 1,B24.71 1,302,22 40.12% $ 159318 $ 207,021-23.04% 360,45 460.05-21.65% CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND BALANCE SHEET PROPRIETARY FUND December 31, 2006 Sewer Fund (Total All Proprietary Funds) ASSETS Current Assets Cash and cash equivalents $ 32.284. Investments 88,735 Accounts receivable 12,381 interest receivable 3,268 Total Current Assets 136;668 Property and Equipment, at Cost Sewer system 49,000 Less: Accumulated depreciation 4,247 Property and Equipment, Net 44,753 TOTAL ASSETS $ 181,421 LIABiLITIES:AND FUND EQUITY Current.L!abilities Accounts:.payable $ 4T4 Total Current Liabilities 474 Fund Equity Retained earnings, unrestricted $ 148,141 Raid -in capital 32,806 Total Fund Equity 1.80.947 TOTAL LIABILITIES AND FUND EQUITY $ 151,421 CITY OF GEM LAKE, MINNESOTA STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN WORKING CAPITAL SEWER ENTERPRISE FUND For the Year Envied Decernber:31, 2006 Sewer Fund (Total All Proprietary Funds) Operating Revenues Charges for services $ 4.7,052. operating Expenses Depreciation 980 Power and pumping- Utilities 121922 Engineering fees 11;102. Repairs and rnaintenance 500 Outside services 5;401 Miscellaneous 1,6.15. Total Operating Expenses 32,520 Operating Income: 14,532 Nonoperating Revenues Interest income 5;175 Net Income Before Transfers 19,708 Sources and (Uses) of Working.. Capital Net Income Before Transfers $ 19,708 Depreciation 980 Transfers Out __(150,000) (Decrease) in Working Capital $ (129,312) .