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CITY OF PRESTON SUMMARY FINANCIAL REPORT


Fri, Jul 5th, 2013
Posted in All Legals

CITY OF PRESTON

SUMMARY FINANCIAL REPORT

The purpose of this report is to provide a summary of financial information concerning the City of Preston to interest citizens. The complete financial statements may be examined at the Preston City Office, telephone 765-2153. Questions about this report should be directed to Joseph Hoffman, City Administrator/Clerk.



REVENUES AND EXPENDITURES FOR GENERAL OPERATIONS

(Governmental Funds)



Revenues Total 2012 Total 2011 Percent Increase

(Decrease)

General Property Taxes $646,297 $589,776 9.58%

Tax Increments $26,403 $22,911 15.24%

Non-property taxes $21,178 $21,071 0.51%

Special Assessment $56,784 $73,729 -22.98%

Licenses and Permits $8,674 $6,817 27.24%

Intergovernmental $519,216 $559,315 -7.17%

Charges for Services $234,487 $231,573 1.26%

Interest Income $5,004 $7,892 -36.59%

Refunds & Reimbursements $77,826 $78,645 -1.04%

Miscellaneous/Other Revenue $62,405 $326,186 -80.87%

Total Revenues $1,658,274 $1,917,915 -13.54%



Expenditures

General Governement/Operating $402,326 $413,334 -2.66%

Public Safety $352,112 $381,668 -7.74%

Public Works $145,542 $242,846 -40.07%

Culture and Recreation $214,481 $224,494 -4.46%

Tourism $63,766 $60,208 5.91%

Economic Development $62,760 $220,972 -71.60%

Capital Projects $97,072 $26,845 261.60%

Bond Principal Retirement $139,716 $577,479 -75.81%

Interest & Fiscal Charges $30,545 $46,327 -34.07%

Total Expenditures $1,508,320 $2,194,173 -31.26%



Total Long-Term Indebtedness $1,052,029 $1,629,508 -35.44%



General Fund & Special Revenue Funds

Unreserved Fund Balance -

December 31 $1,396,813 $1,240,986 12.56%



CITY OF PRESTON, MINNESOTA

STATEMENT OF NET ASSETS

PROPRIETARY FUNDS

DECEMBER 31, 2012



Storm Water Emergency Total Proprietary

Assets Electric Fund Water Fund Sewer Fund Drainage Fund Service Fund 2012

Current Assets

Cash & Cash Equivalents $989,249 $589,209 $256,031 ($19,376) $264,746 $2,079,859

Interest Receivable $440 $63 $0 $93 $596

Accounts Receivable $147,588 $17,500 $30,099 $2,072 $25,751 $223,010

Due from Other Funds $0 $0 $0 $11,924 $11,924

Inventories $82,243 $10,284 $728 $93,255

Prepaid Expenses $18,876 $3,748 $3,999 $788 $27,411

Total Current Assets $1,238,396 $620,741 $290,920 ($5,380) $291,378 $2,436,055



Capital Assets

Property & Equipment $5,046,938 $2,696,298 $3,755,540 $814,845 $338,813 $12,652,434

Construction in Process

Less: Accumulated depreciation $3,028,843 $1,203,579 $2,273,803 $156,356 $230,104 $6,892,685

Capital Assets, Net $2,018,095 $1,492,719 $1,481,737 $658,489 $108,709 $5,759,749



Other Assets

Bond Costs-Net of Amoritization $7,800 $8,219 $3,082 $15,898 $34,999

Special assessments receivable $145,278 $17,433 $162,711

Total Other Assets $7,800 $153,497 $20,515 $15,898 $197,710

Total Assets $3,264,291 $2,266,957 $1,793,172 $669,007 $400,087 $8,393,514



Liabilities and Net Assets

Current Liabilities

Current maturities of

bonds payable $55,000 $105,306 $43,375 $75,700 $279,381

Accounts payable $120,006 $8,976 $7,691 $0 $631 $137,304

Accrued liabilities $91,233 $21,479 $41,541 $816 $743 $155,812

Due to other Funds $16,942 $36 $36 $17,014

Customer deposits $12,213 $12,213

Total Current Liabilities $295,394 $135,797 $92,643 $76,516 $1,374 $601,724



Noncurrent Liabilities

Bons Payable, Net of

Current Maturities $295,000 $405,011 $178,234 $285,734 $1,163,979

Total Liabilities $590,394 $540,808 $270,877 $362,250 $1,374 $1,765,703



Net Assets

Invested in Capital Assets,

Net of Related Debt $1,668,095 $982,402 $1,260,129 $297,055 $108,709 $4,316,390

Restricted $406,660 $307,440 $520,288 $1,234,388

Unrestricted $599,142 $436,307 ($258,122) $9,702 $290,004 $1,077,033

Total Net Assets $2,673,897 $1,726,149 $1,522,295 $306,757 $398,713 $6,627,811



Total Liabilities & Net Assets $3,264,291 $2,266,957 $1,793,172 $669,007 $400,087 $8,393,514

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