The URL can be used to link to this page

Home My WebLink About2003 & 2002 Financial StatementsCITY OF GEM LAKE, MINNESOTA GENERAL PURPOSE FINANCIAL STATEMENTS DECEMBER 31, 2003 AND 2002 CITY OF GEM LAKE, MINNESOTA TABLE OF CONTENTS INTRODUCTORY SECTION CITY OFFICIALS FINANCIAL SECTION Reference Paqe 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 C-2 8 Statement of Cash Flows — Sewer Enterprise Fund Exhibit C-3 9 Statement of Orders Issued Exhibit D-1 10-11 Statement of City Indebtedness Exhibit E-1 12 CITY OF GEM LAKE, MINNESOTA INTRODUCTORY SECTION CITY OF GEM LAKE, MINNESOTA CITY OFFICIALS DECEMBER 31, 2003 Paul Emeott 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 31, 2003 AND 2002 7 Alan L. Schafer, CPA Kim A. Mahanna, CPA Thomas H. Wente, CPA Jean L. Guyse, CPA SMITH SCHAFER William Frudden, CPA Mark G. Paczosa, CPA ♦ & A S S O C I A T E S, L T D Dean L. Richards, CPA Jason P. Boynton, CPA Certified Public Accountants and Consultants Jason C. Miller, CPA Kimberly A. Cada, CPA Members of American Institute of CPA's, Michelle L. Decker, CPA Private Companies Practice Section, Minnesota Society of CPA's Steve E. Erchul, CPA James D. Heydon, CPA Michael J. Molugani, CPA Kerry T. Orton, CPA Kelly A. Schwede, CPA Retired, Richard J. Smith, CPA E INDEPENDENT ACCOUNTANT'S COMPILATION REPORT Honorable Mayor and Members of the City Council City of Gem Lake, Minnesota 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, 2003 and 2002, 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. 1 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, 2003 and 2002, 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. a,�f Z50(. Maplewood, Minnesota March 22, 2004 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 do The CPA. Never Underestimate The Value CITY OF GEM LAKE, MINNESOTA FINANCIAL STATEMENTS DECEMBER 31, 2003 AND 2002 CITY OF GEM LAKE, MINNESOTA STATEMENT OF CASH RECEIPTS, DISBURSEMENTS, BALANCES, AND INVESTMENTS For The Year Ended December 31, 2003 Fund Name Clerk's Balance Jan. 1 Receipts Sale Of Transfers Investments In General Fund $ 132,266 $ 151,420 $ 162,052 $ 5,445 Enterprise Fund 26.705 36,975 197,982 - Total $ 158,971 $ 188,395 $ 360,034 $ 5,445 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 $ 205,220 $ 166,915 $ - $ 10,422 203,922 5,445 $ 215,642 $ 370,837 $ 5,445 $ 79,048 $ 166,915 41,873 203,922 120,921 $ 370,837 l 7 J 9 it J J J J (This Page Left Blank Intentionally) Exhibit B-1 CITY OF GEM LAKE, MINNESOTA 1 GENERALFUND STATEMENT OF CASH RECEIPTS �j For The Year Ended December 31, 2003 With Comparative Totals for the Year Ended December 31, 2002 2003 Variance: Favorable RECEIPTS Budget Actual (Unfavorable) 2002 I Local Taxes General tax levy $ 123,000 $ 115,954 $ (7,046) $ 118,445 Gambling taxes 2,960 2,189 (771) 2,797 Total Local Taxes 125,960 118,143 (7,817) 121,242 Licenses, Permits and Other Fees 57,099 23,194 (33,905) 71,839 Intergovernmental Receipts HACA and Score Grants 820 820 - 7,256 Charges for Services 2,000 3,841 1,841 2,758 Bond issuance fees - - - 21,833 Interest Income 7,200 5,266 (1,934) 7,019 Miscellaneous Receipts 12,050 156 (11,894) 710 JTotal Receipts Before Transfers 205,129 151,420 (53,709) 232,657 Operating Transfers Sewer Enterprise Fund 1,500 5,445 3,945 - `From TOTAL RECEIPTS $ 206,629 $ 156,865 $ (49,764) $ 232,657 See Independent Accountant's Compilation Report 4 Exhibit B-2 CITY OF GEM LAKE, MINNESOTA GENERALFUND STATEMENT OF CASH DISBURSEMENTS For The Year Ended December 31, 2003 With Comparative Totals for the Year Ended December 31, 2002 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 Variance: Favorable Budget Actual (Unfavorable) 2002 $ 4,803 $ 5,200 $ (397) $ 5,200 367 398 (31) 398 5,170 5,598 (428) 5,598 - 40 (40) 4,122 2,771 3,000 (229) 3,000 2,525 2,600 (75) 2,600 1,306 428 878 428 2,400 2,193 207 2,959 4,550 3,776 774 4,249 2,050 2,051 (1) 2,100 1,600 1,963 (363) 1,322 17,202 16,051 1,151 20,780 3,000 8,721 (5,721) 1,392 53,400 38,325 15,075 46,037 56,400 47,046 9,354 47,429 $ 78,772 $ 68,695 $ 10,077 $ 73,807 See Independent Accountant's Compilation Report i Exhibit B-2 CITY OF GEM LAKE, MINNESOTA GENERAL FUND STATEMENT OF CASH DISBURSEMENTS For The Year Ended December 31, 2003 With Comparative Totals for the Year Ended December 31, 2002 2003 DISBURSEMENTS (Continued) Budget Actual Variance Favorable (Unfavorable) 2002 Public Works Highways, Streets and Alleys Street maintenance $ 7,500 $ 23,641 $ (16,141) $ 5,615 Curbside recycling 3,844 3,657 187 3,376 Total Highways, Streets and Alleys 11,344 27,298 (15,954) 8,991 Zoning and Inspection Services Building inspection services 14,179 20,165 (5,986) 25,632 Zoning administration services 19,013 7,813 11,200 6,733 Total Zoning and Inspection Services 33,192 27,978 5,214 32,365 Street Lighting 1,000 727 273 722 Total Public Works 45,536 56,003 (10,467) 42,078 Public Safety Ramsey County law enforcement 58,840 60,951 (2,111) 56,610 White Bear Lake fire and paramedic services 13,110 13.099 11 12,597 Total Public Safety 71,950 74,050 (2,100) 69,207 Miscellaneous 10,371 6,472 3,899 6,099 TOTAL DISBURSEMENTS $ 206,629 $ 205,220 $ 1,409 $ 191,191 JSee Independent Accountant's Compilation Report 6 Exhibit C-1 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND BALANCE SHEET December 31, 2003 and 2002 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 Fund Equity Retained earnings Paid -in capital Total Fund Equity TOTAL LIABILITIES AND FUND EQUITY See Independent Accountant's Compilation Report 7 2003 2002 $ 41,874 $ 26,706 203,922 197,982 7,241 6,437 3,003 4,002 256,040 235,127 49,000 49,000 1,307 327 47,693 48,673 $ 303,733 $ 283,800 $ 270,926 $ 250,994 32,806 32,806 303,732 283,800 $ 303,732 $ 283,800 Exhibit C-2 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS For the Year Ended December 31, 2003 With Comparative Totals for the Year Ended December 31, 2002 2003 Operating Revenues Charges for services Operating Expenses Depreciation Power and pumping - Utilities Total Operating Expenses Distribution and Disposal Repairs and maintenance Administration Office supplies and expense Total Operating Expenses Operating Income Other Income Interest income Net Income Before Transfers Operating Transfers Out NET INCOME RETAINED EARNINGS, JANUARY 1 RETAINED EARNINGS, DECEMBER 31 Variance Favorable Actual (Unfavorable) 2002 $ 34,252 $ 31,689 $ (2,563) $ 32,200 - 980 (980) 327 10,100 9,958 142 9,483 10,100 10,938 (838) 9,810 2,000 2,000 2,152 464 1,688 184 14,252 11,402 2,850 9,994 20,000 20,287 287 22,206 5,939 5,090 (849) 6,485 25,939 25,377 (562) 28,691 - 5,445 (5,445) - $ 25,939 $ 19,932 $ (6,007) $ 28,691 250,994 222,303 $ 270,926 $ 250,994 See Independent Accountant's Compilation Report 8 Exhibit C-3 CITY OF GEM LAKE, MINNESOTA SEWER ENTERPRISE FUND STATEMENT OF CASH FLOWS For the Years Ended December 31, 2003 and 2002 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 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 2003 2002 $ 19,932 $ 28,691 980 327 (804) 999 4,331 1,869 21,107 35,218 - (5,940) (49,000) (18,242) (5,940) (67,242) - 32,806 15,167 26,706 782 25,924 $ 41,873 $ 26,706 Exhibit D-1 CITY OF GEM LAKE, MINNESOTA ALL FUNDS STATEMENT OF ORDERS ISSUED For the Year Ended December 31, 2003 Personal Services Allen Zepper 14,630 Avenet, LLC 240 Chuck Watson 800 Cindy Shilts 6,352 Deputy Dennis Stoterau 1,890 Deputy Kevin Otto 135 Deputy Ron Valento 540 Deputy Tim Entner 2,430 Derek Wippich 80 E-Z Recycling, Inc 3,657 Frederic Magnuson 3,000 Internal Revenue Service 826 Leonard, O'Brien, Wilford, Spencer, Gale 3,290 Magnuson & Associates, LLC 37,999 Meslow & Olson, PLLC 1,516 Patrick Igo 800 Paul Emeott 3,160 Richard Bosak 1,096 Rick Johnson 100 Roland Birkebak 1,020 Sarah Cobian 2,600 SEH, Inc 19,922 The Brehm Group 255 Other Services City of Minnetrista (MCFOA) 15 City of Vadnais Heights 11,000 City of White Bear Lake 13,138 G&G Sweeping Company 600 MCFOA 35 Metropolitan Council Environmental Services 9,958 Minnesota State Treasurer 21 Press Publications 498 Ramsey County 56,891 Smith Schafer & Associates, Ltd. 2,500 TA Schifsky & Sons, Inc 3,116 Xcel Energy 9,652 JSee Independent Accountant's Compilation Report 1 J Exhibit D-1 CITY OF GEM LAKE, MINNESOTA ALL FUNDS STATEMENT OF ORDERS ISSUED (CONTINUED) For the Year Ended December 31, 2003 Materials and Supplies Gopher Sign Company 402 Postmaster 74 Other Charges ICBO/IFCI 85 League of Minnesota Cities 420 League of Minnesota Cities Insurance Trust 1,488 Paulet Slater 170 Premier Bank 50 Ramsey County League of Local Governments 121 Vadnais Lake Area Water Management Organization 1,331 Other Disbursements Association for Nonsmokers 88 Friends of Ramsey County Parks & Trails 200 The Gutherie Theater Lake Area Bus 250 White Bear Lake Emergency Food Shelf 500 White Bear Floral Shop 500 Willow Lane Elementary School 46 1,600 TOTAL See Independent Accountant's Compilation Re $ 221,087 11 Exhibit E-1 CITY OF GEM LAKE, MINNESOTA STATEMENT OF CITY INDEBTEDNESS For The Year Ended December 31, 2003 FINAL OUTSTANDING OUTSTANDING INTEREST ISSUE MATURITY JAN.1, ISSUED PAID DEC. 31, BONDED INDEBTEDNESS RATE DATE DATE 2003 IN 2003 IN 2003 2003 The City of Gem Lake had not issued any debt as of December 31, 2003. is I I I I j See Independent Accountant's Compilation Report ILj 12