2013 Financial

CITY OF ANDOVER, MINNESOTA – 2013 FINANCIAL SUMMARY
The purpose of this report is to provide a summary of financial information concerning the City of Andover to interested citizens. The complete financial statements may be examined at Andover City Hall, 1685 Crosstown Boulevard NW, Andover, MN or on the web at www.andovermn.gov. Questions about this report should be directed to Jim Dickinson, City Administrator at 763-755-5100.
The following summaries are from the basic financial statements of the City for the year ended December 31, 2013.
CITY OF ANDOVER, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2013
With Comparative Actual Amounts For The Year Ended December 31, 2012
Primary Government
Government Business-Type Totals
Activities Activities 2013 2012
Assets:
Cash and investments $25,596,884 $5,069,575 $30,666,459 $31,778,400
Cash and investments with escrow agent 16,922,529 – 16,922,529 17,792,716
Accrued interest 421,006 20,831 441,837 441,723
Due from other governmental units 86,431 8,347 94,778 43,683
Accounts receivable – net 196,831 1,438,038 1,634,869 1,275,242
Property taxes receivable:
Unremitted 87,789 – 87,789 72,354
Delinquent 309,444 – 309,444 437,960
Special assessments receivable:
Unremitted 2,192 910 3,102 88,793
Delinquent 17,265 65,562 82,827 237,175
Deferred 2,040,504 3,861 2,044,365 2,207,758
Inventories – at cost 208,355 21,297 229,652 289,665
Land held for resale 345,000 – 345,000 1,326,000
Capital assets – net:
Nondepreciable 91,125,570 730,243 91,855,813 89,929,476
Depreciable 24,111,560 41,009,416 65,120,976 65,801,661

Total assets 161,471,360 48,368,080 209,839,440 211,722,606

Liabilities:
Interfund payable 82,722 (82,722) – –
Accounts payable 330,454 34,225 364,679 312,999
Contracts payable 194,063 14,494 208,557 112,604
Deposits payable 41,680 3,546 45,226 32,869
Due to other governmental units 16,012 28,250 44,262 55,746
Salaries payable 198,009 30,053 228,062 203,955
Unearned revenue 35,138 – 35,138 25,338
Accrued interest payable 562,826 114,465 677,291 549,129
Other post employment benefits:
Due in more than one year 157,465 21,473 178,938 165,740
Compensated absences:
Due within one year 91,885 23,071 114,956 115,473
Due in more than one year 520,684 130,736 651,420 654,340
Promissory note payable:
Due within one year 196,719 – 196,719 –
Due in more than one year 786,874 – 786,874 –
Bonds/notes payable:
Due within one year 18,595,000 565,000 19,160,000 4,134,000
Due in more than one year 19,540,000 6,310,000 25,850,000 45,010,000

Total liabilities 41,349,531 7,192,591 48,542,122 51,372,193

Net position:
Net investment in capital assets 93,393,474 34,864,659 128,258,133 124,515,352
Restricted for:
Debt service 795,301 – 795,301 1,787,057
Capital improvements 3,765 – 3,765 5,430
Tax increment purposes 2,967,936 – 2,967,936 2,660,316
Public services 25,321 – 25,321 8,217
Unrestricted 22,936,032 6,310,830 29,246,862 31,374,041

Total net position $120,121,829 $41,175,489 $161,297,318 $160,350,413

The accompanying notes are an integral part of these financial statements.
CITY OF ANDOVER, MINNESOTA STATEMENT OF ACTIVITIES Statement 2
For The Year Ended December 31, 2013
With Comparative Actual Amounts For The Year Ended December 31, 2012 Program Revenues Net (Expense) Revenue and Changes in Net Position
Charges Operating Capital Primary Government For Grants and Grants and Governmental Business-Type Totals
Expenses Services Contributions Contributions Activities Activities 2013 2012
Functions/Programs

Primary government:
Government activities:
General government $3,061,867 $843,304 $20,840 $- $(2,197,723) $- $(2,197,723) $(1,749,709)
Public safety 4,495,447 704,119 382,369 – (3,408,959) – (3,408,959) (3,395,304)
Public works 4,465,153 321,114 600,393 1,178,035 (2,365,611) – (2,365,611) (1,884,661)
Parks and recreation 3,029,917 1,463,579 – 247,780 (1,318,558) – (1,318,558) (1,558,471)
Recycling 124,515 42,544 108,286 – 26,315 – 26,315 62,110
Economic development 318,646 239,570 – – (79,076) – (79,076) (1,046,490)
Interest on long-term debt 1,399,172 – 7,890 – (1,391,282) – (1,391,282) (2,475,896)

Total government activities 16,894,717 3,614,230 1,119,778 1,425,815 (10,734,894) – (10,734,894) (12,048,421)

Business-type activities:
Water 2,275,363 2,495,561 – – – 220,198 220,198 (210,388)
Sewer 1,964,911 2,065,467 – – – 100,556 100,556 220,704
Storm sewer 561,807 399,417 – – – (162,390) (162,390) (151,841)

Total business-type activities 4,802,081 4,960,445 – – – 158,364 158,364 (141,525)

Total primary government $21,696,798 $8,574,675 $1,119,778 $1,425,815 (10,734,894) 158,364 (10,576,530) (12,189,946)

General revenues:
General property taxes 10,608,678 – 10,608,678 10,594,940
Tax increment collections 320,822 – 320,822 2,033,932
Grants and contributions not
restricted to specific programs 12,511 – 12,511 14,360
Unrestricted investment earnings 571,307 (21,533) 549,774 1,428,323
Gain on sale of capital assets 23,650 8,000 31,650 16,625
Transfers (323,654) 323,654 – –

Total general revenues, gain on sale of
capital assets and transfers 11,213,314 310,121 11,523,435 14,088,180

Change in net position 478,420 468,485 946,905 1,898,234

Net position – beginning 119,643,409 40,707,004 160,350,413 158,452,179

Net position – ending $120,121,829 $41,175,489 $161,297,318 $160,350,413

The accompanying notes are an integral part of these financial statements.

Comments Closed

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