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Summary Of Financial Report

City Of Gilbert
Gilbert, MN 55741
  • Job Type
    Employee
  • Job Status
    Full Time
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The purpose of this report is to provide a summary of financial

information concerning the City of Gilbert to interested citizens. The complete financial statements may be examined at the City Hall, P. O. Box 548, Gilbert, MN 55741. Questions about this report should be directed to Mr. James Paulsen, City Clerk at (218) 748-2232.

Revenues and Expenditures for General Operations (Governmental Funds)

Percent Total Total Increase 2018 2017 (Decrease) REVENUES Taxes $1,390,096 $1,366,651 1.72% Special assessments 2,576 3,138 -17.91% Licenses and permits 11,345 12,196 -6.98% Intergovernmental 838,500 861,988 -2.72% Charges for services 505,682 474,950 6.47% Fines 13,622 11,630 17.13% Gifts and contributions 10,571 10,740 -1.57% Interest 7,116 6,043 17.76% Miscellaneous 115,162 45,198 154.79% TOTAL REVENUES $2,894,670 $2,792,534 3.66% Per Capita 1,609.04 1,552.27 3.66%

EXPENDITURES

Current General government $317,222 $349,858 -9.33% Public safety 1,039,877 968,284 7.39% Public works 661,175 651,070 1.55% Sanitation 2,499 2,766 -9.65% Culture and recreation 258,454 244,176 5.85% Miscellaneous 270,613 213,695 26.64% Debt Service Principal 112,037 127,416 -12.07% Interest and other charges 9,119 11,198 -18.57% Capital Outlay 106,153 125,242 -15.24% TOTAL EXPENDITURES $2,777,149 $2,693,705 3.10% Per Capita 1,543.72 1,497.33 3.10%

TOTAL LONG-TERM INDEBTEDNESS $6,601,070 $5,306,737 24.39% Per Capita 3,669.30 2,949.83 24.39%

GENERAL FUND AND SPECIAL REVENUE FUNDS UNRESTRICTED FUND BALANCE - DECEMBER 31 $1,090,564 $1,119,979 -2.63% Per Capita 606.21 622.56 -2.63%

CITY OF GILBERT, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS December 31, 2018

Business-Type Activities - Enterprise Funds

ASSETS

Water Electric Sewer Usage Sanitation Enterprise Enterprise Enterprise Enterprise Fund Fund Fund Fund Totals

CURRENT ASSETS Cash and cash equivalents $227,324 $1,389,758 $393,369 $36,245 $2,046,696 Special assessments receivable 41,606 - 150,605 - 192,211 Accounts receivable 60,532 168,475 108,983 16,474 354,464 Due from other governments - - 1,639,660 - 1,639,660 TOTAL CURRENT ASSETS 329,462 1,558,233 2,292,617 52,719 4,233,031 NONCURRENT ASSETS Capital assets Land and improvements 10,500 - 18,086 - 28,586 Construction in progress 31,352 - 5,175,963 - 5,207,315 Distribution system 3,497,101 1,205,106 1,490,547 - 6,192,754 Production system 1,966,008 - - - 1,966,008 Sewage treatment plant - - 4,229,607 - 4,229,607 General assets 159,969 321,923 76,141 33,608 591,641 Less accumulated depreciation (3,518,999) (1,214,530) (3,834,105) (13,443) (8,581,077) TOTAL NONCURRENT ASSETS 2,145,931 312,499 7,156,239 20,165 9,634,834/ TOTAL ASSETS 2,475,393 1,870,732 9,448,856 72,884 13,867,865 DEFERRED OUTFLOWS OF RESOURCES Related to pensions 6,653 4,435 6,653 - 17,741

LIABILITIES

CURRENT LIABILITIES Accounts payable 14,940 76,964 500,258 20,823 612,985 Salaries payable 4,225 2,048 4,225 - 10,498 Accrued interest payable 1,802 - 23,092 - 24,894 Due to other governments - 5,435 - 1,947 7,382 Customer deposits - 12,210 - - 12,210 Notes payable - current 9,000 - 1,563,432 - 1,572,432 Bonds payable - current 27,628 - 17,372 - 45,000 TOTAL CURRENT LIABILITIES 57,595 96,657 2,108,379 22,770 2,285,401 NONCURRENT LIABILITIES Severance benefits 1,486 - 1,486 - 2,972 Other postemployment benefits payable 74,059 91,110 122,704 - 287,873 Notes payable 39,000 - 2,347,957 - 2,386,957 Bonds payable 187,492 - 112,508 - 300,000 Net pension liability 35,720 23,813 35,720 - 95,253 TOTAL NONCURRENT LIABILITIES 337,757 114,923 2,620,375 - 3,073,055 TOTAL LIABILITIES 395,352 211,580 4,728,754 22,770 5,358,456 DEFERRED INFLOWS OF RESOURCES Related to pensions 13,567 9,045 13,567 - 36,179

NET POSITION Net investment in capital assets 1,944,619 312,449 3,269,460 20,165 5,546,693 Restricted for debt service - - 80,359 - 80,359 Unrestricted 128,508 1,342,093 1,363,369 29,949 2,863,919 TOTAL NET POSITION $2,073,127 $1,654,542 $4,713,188 $50,114 $8,490,971

CITY OF GILBERT, MINNESOTA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUNDS Year Ended December 31, 2018

Business-Type Activities - Enterprise Funds

Water Electric Sewer Usage Sanitation Enterprise Enterprise Enterprise Enterprise Fund Fund Fund Fund Totals REVENUES Charges for services $453,439 $1,159,187 $834,140 $196,801 $2,643,567 Miscellaneous 272 3,243 272 - 3,787 TOTAL OPERATING REVENUES 453,711 1,162,430 834,412 196,801 2,647,354 OPERATING EXPENSES Source of supply - 827,379 - - 827,379 Personal services 85,579 51,662 85,579 - 222,820 Employee benefits 54,365 10,392 56,999 - 121,756 Contractual services 59,883 59,698 86,528 172,711 378,820 Utilities 77,494 2,729 151,342 - 231,565 Repairs and maintenance 26,068 746 14,981 1,361 43,156 Other supplies and expenses 34,361 11,718 38,813 37,657 122,549 Insurance claims and expenses 4,404 675 4,873 - 9,952 Depreciation 153,075 28,122 173,699 3,361 358,257 Miscellaneous 1,499 4,307 6,476 1,092 13,374 TOTAL OPERATING EXPENSES 496,728 997,428 619,290 216,182 2,329,628 OPERATING INCOME (LOSS) (43,017) 165,002 215,122 (19,381) 317,726 NONOPERATING REVENUES (EXPENSES) Interest income - 5,832 - - 5,832 Property taxes - - 18,650 - 18,650 Bond issue and fiscal agent fees (320) - (37,493) - (37,813) Interest expense (5,064) - (53,776) - (58,840) TOTAL NONOPERATING REVENUES (EXPENSES) (5,384) 5,832 (72,619) - (72,171) INCOME (LOSS) BEFORE CAPITAL GRANTS AND CAPITAL CONTRIBUTIONS (48,401) 170,834 142,503 (19,381) 245,555 Capital grants - - 3,046,434 - 3,046,434 Capital contributions 2,066 - 15,989 - 18,055 CHANGE IN NET POSITION (46,335) 170,834 3,204,926 (19,381) 3,310,044 TOTAL NET POSITION - JANUARY 1 2,166,120 1,574,612 1,628,243 69,495 5,438,470 Prior period adjustment (46,658) (90,904) (119,981) - (257,543) TOTAL NET POSITION - DECEMBER 31 $2,073,127 $1,654,542 $4,713,188 $50,114 $8,490,971

CITY OF GILBERT, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Year Ended December 31, 2018

Business-Type Activities - Enterprise Funds

Water Electric Sewer Usage Sanitation Enterprise Enterprise Enterprise Enterprise Fund Fund Fund Fund Totals CASH FLOWS FROM OPEARTING ACTIVITIES Cash received from customers $451,005 $1,169,595 $841,298 $196,111 $2,658,009 Cash paid to suppliers (250,617) (988,178) (391,578) (201,440) (1,831,813) Cash paid to employees (84,813) (51,514) (84,813) - (221,140) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 115,575 129,903 364,907 (5,329) 605,056 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers to other funds - - - - - Interest paid on customer deposits - - - - - Property taxes received - - 18,650 - 18,650 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES (25,000) 50,000 (6,350) - 18,650 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchase or construction of capital assets (31,352) (15,794) (3,126,071) - (3,173,217) Proceeds from general obligation revenue notes - - 946,809 - 946,809 Fiscal agent fees (320) - (37,493) - (37,813) Principal paid on long-term debt (36,628) - (437,372) - (474,000) Interest paid on long-term debt (5,261) - (52,216) - (57,477) Capital grants - - 1,940,354 - 1,940,354 Capital contributions from special assessments 8,721 - 35,165 - 43,886 NET CASH USED BY CAPITAL AND RELATED FINANCING ACTIVITIES (64,840) (15,794) (415,824) - (496,458) CASH FLOWS FROM INVESTING ACTIVITIES Interest on investments - 5,832 - - 5,832 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 25,735 169,941 (57,267) (5,329) 133,080 CASH AND CASH EQUIVALENTS, JANUARY 1 201,589 1,219,817 450,636 41,574 1,913,616 CASH AND CASH EQUIVALENTS, DECEMBER 31 $227,324 $1,389,758 $393,369 $36,245 $2,046,696 CASH AND CASH EQUIVALENTS ARE REPORTED AS FOLLOWS:

Cash and cash equivalents $- $- $- $- $- Restricted cash and cash equivalents - - - - - TOTAL $- $- $- $- $- RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Operating income (loss) $(43,017) $165,002 $215,122 $(19,381) $317,726 Adjustments to reconcile operating income (loss) to net cash provided (used) by operating activities:

Depreciation 153,075 28,122 173,699 3,361 358,257 Net pension liability, deferred outflows, and deferred inflows related to pensions (1,467) (978) (1,465) - (3,910) Changes in assets and liabilities (Increase) decrease in:

Accounts receivable (1,406) 5,165 6,886 (690) 9,955 Increase (decrease) in:

Accounts payable 6,351 (48,887) (2,567) 10,882 (34,221) Salaries payable 218 148 218 - 584 Due to other governments - (101) - 499 398 Customer deposits - 2,000 - - 2,000 Unearned revenue (1,300) - - - (1,300) Severance benefits 548 - 548 - 1,096 Other postemployment benefits 2,573 (20,568) (27,534) - (45,529) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $115,575 $129,903 $364,907 $(5,329) $605,056 NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES: Total capital asset additions $31,352 $15,794 $3,571,231 $- $3,618,377 City capital asset contributions - - - - - Cash paid for purchase or construction of capital assets $31,352 $15,794 $3,126,071 $- $3,173,217 Capital contributions $2,066 $- $15,989 $- $18,055 City capital asset contributions - - - - - Special assessments receivable current year (41,606) - (150,605) - (192,211) Special assessments receivable prior year 48,261 - 169,781 - 218,042 Cash received for capital contributions from special assessments $8,721 $- $35,165 $- $43,886 Debt proceeds from general obligation revenue notes $- $- $1,430,389 $- $1,430,389 Due from other governments current year - - (483,580) - (483,580) Cash received from debt proceeds from general obligation revenue note $- $- $946,809 $- $946,809


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Posted: 2019-09-15 Expires: 2019-10-15

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Summary Of Financial Report

City Of Gilbert
Gilbert, MN 55741

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