Summary Financial Report – Alexandria Echo Press

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Summary financial report

City of Alexandria, Minnesota, Summary Financial Report

The purpose of this report is to provide a summary of financial information regarding the City of Alexandria to

interested citizens. Full financial statements can be viewed at City Hall, 704 Broadway, Alexandria,

MN, 56308 or online at www.alexandriamn.city. Questions regarding this report should be directed to the Finance Department

Director at (320) 763-6678

Revenues and expenditures for general operations Government funds

For the years ended December 31, 2021 and 2020

Total

Percent

Increase

Revenues 2021 2020 (Decrease)

Taxes $9,510,177 $9,172,620 3.68%

Payment in lieu of taxes 1,014,844 968,980 4.73

Special contributions 588,515 595,100 (1.11)

Licenses and permits 754,029 744,372 1.30

Intergovernmental 5,451,905 5,297,863 2.91

Service charges 1,442,970 2,043,846 (29.40)

Fines and confiscations 99,490 71,203 39.73

Investment income 8,620,208,097 (95.86)

Refunds and refunds – 593,187 (100.00)

Miscellaneous 245,807 2,410,041 (89.80)

Total revenue $19,116,357 $22,105,309 (13.52)%

Per capita $1,334 $1,562 (14.60)%

Expenses

Running

Public administration $2,527,963 $2,534,823 (0.27)%

Public Security 4,381,936 4,418,663 (0.83)

Public works 2,074,222 2,221,532 (6.63)

Culture and leisure 1,409,398 1,291,619 9.12

Economic development 2,779,846 1,798,294 54.58

Miscellaneous 196,251 166,889 17.59

Downpayment

General government 37,431 223,527 (83.25)

Public Security 75,796 153,576 (50.65)

Public works 1,725,343 6,779,298 (74.55)

Culture and leisure 207,406 1,524,636 (86.40)

Miscellaneous 1,169,414 1,026,673 13.90

Debt service

Principal 1,994,857 2,200,347 (9.34)

Interest and other charges 537,625 563,229 (4.55)

Bond issue costs – 57,048 (100.00)

Total expenses $19,117,488 $24,960,154 (23.41)%

Per capita $1,334 $1,763 (24.36)%

Total long-term debt $18,611,919 $19,102,280 (2.57)%

Per capita 1,298 1,349 (3.78)

General fund balance – December 31 $5,804,117 $5,320,065 9.10%

Per capita 405,376 7.74

City of Alexandria, Minnesota

Equity

Net position statement

December 31, 2021

609

Downtown

Alcohol

610

Square

Alcohol

211

Rainy waters

Utility Totals

Assets

Current assets

Cash and temporary investments $363,982 $754,568 $819,776 $1,938,326

Receivables

Accounts 30,236 63,080 – 93,316

Amounts receivable from other funds -1,436 -1,436

To be received from the component unit – – 65,468 65,468

Inventories 509,917 546,164 – 1,056,081

Total current assets 904,135 1,365,248 885,244 3,154,627

Non-current assets Fixed assets

Land 68,603 32,810 – 101,413

Buildings 439,516 610,590 8,346 1,058,452

Equipment 219,657 224,969 – 444,626

Other improvements 45,487 25,224 21,296,953 21,367,664

Less accumulated amortization (592,484) (644,531) (9,564,560) (10,801,575)

Total fixed assets (net of

Accumulated amortization) 180,779 249,062 11,740,739 12,170,580

Total assets 1,084,914 1,614,310 12,625,983 15,325,207

Deferred issues of Deferred resources

pension resources 98,318 124,483 23,867 246,668

Other deferred post-employment benefits

resources 5,999 170 1,579 7,748

Total deferred outflow of resources 104,317 124,653 25,446 254,416

Passives

Current liabilities

Debts and contracts payable 48,531 114,800 22,614 185,945

Due to other governments 28,408 47,374 – 75,782

Accrued interest payable – – 13,083 13,083

Salaries payable payable 10,508 13,232 3,246 26,986

Compensated absences to be paid 10,565 16,768 5,821 33,154

Due to other funds 26,939 25,434 – 52,373

Advance of other funds, ongoing

share 10,030 42,653 – 52,683

Obligations payable, current portion – – 160,000 160,000

Total current liabilities 134,981 260,261 204,764 600,006

Non-current liabilities offset

absences payable 25,487 22,509 5,243 53,239

Bonds payable – – 1,159,668 1,159,668

Other post-employment benefits 10,955 2,007 6,045 19,007

Net pension commitment 138,742 175,665 33,680 348,087

Advance on other funds, net of current charges

maturities 43,570 104,509 – 148,079

Total non-current liabilities 218,754 304,690 1,204,636 1,728,080

Total liabilities 353,735 564,951 1,409,400 2,328,086

Deferred entries of Deferred resources

pension resources 128,707 162,960 31,244 322,911

Other deferred post-employment benefits

resources 1,298 2,882 2,984 7,164

Total deferred resource contributions 130,005 165,842 34,228 330,075

The net position

Net investment in fixed assets 137,209 144,553 10,421,071 10,702,833

Unallocated 568,282 863,617 786,730 2,218,629

Total net position $705,491 $1,008,170 $11,207,801 $12,921,462

The notes to the financial statements form an integral part of this statement.

City of Alexandria, Minnesota

Equity

Statement of income, expenses and changes in net position

For the year ended December 31, 2021

operating income

609

Downtown

Alcohol

610

Square

Alcohol

211

Rainy waters

Utility Totals

Sales $3,105,499 $4,740,253 -$ $7,845,752

Cost of sales (2,321,039) (3,540,228) – (5,861,267)

Service charges – – 859,131 859,131

Total operating income 784,460 1,200,025 859,131 2,843,616

Functionnary costs

Personal services 398,525 536,337 107,455 1,042,317

Supplies and operating expenses 21,801 15,781 1,940 39,522

Insurance 14,745 20,361 – 35,106

Utilities 12,945 14,709 – 27,654

Depreciation and amortization 16,820 49,875 435,305 502,000

Other services and charges 97,618 146,479 167,788 411,885

Total operating expenses 562,454,783 542,712,488 2,058,484

Operating profit 222,006 416,483 146,643 785,132

Non-operating income (expenses)

Intergovernmental revenue 4,653 4,744 83 9,480

Miscellaneous income 1,901 2,775 – 4,676

Investment income 76,320 4,511 4,907

Premium amortization – – 12,096 12,096

Interest charges (1,204) (4,444) (31,762) (37,410)

Total non-operating revenue

(Expenses) 5,426 3,395 (15,072) (6,251)

Income before transfers 227,432 419,878 131,571 778,881

Transfers in – – 191,050 191,050

Transfers out (45,000) (210,000) (237,684) (492,684)

Change in net position 182,432 209,878 84,937 477,247

Net position, 1 January 523,059 798,292 – 1,321,351

Prior period adjustment (note 10) – – 11,122,864 11,122,864

Net position, December 31 $705,491 $1,008,170 $11,207,801 $12,921,462

The notes to the financial statements form an integral part of this statement.

City of Alexandria, Minnesota

Equity

Cash flow statement

For the year ended December 31, 2021

Cash flow from operating activities

609

Downtown

Alcohol

610

Square

Alcohol

211

Rainy waters

Utility Totals

Customer revenue $3,112,400 $4,742,106 $859,131 $8,713,637

Payments to suppliers and vendors (2,554,940) (3,783,787) (156,501) (6,495,228)

Payments to and on behalf of employees (408,332) (476,327) (104,941) (989,600)

Other revenue 1,901 2,775 – 4,676

Net cash provided by operations

Activities 151,029 484,767 597,689 1,233,485

Cash flow from non-equity financing activities

Grants received 4,653 4,744 83 9,480

Transfer in – – 191,050 –

Transfers out (45,000) (210,000) (237,684) (492,684)

Decrease in component unit liability – – (835) –

Net cash used by

Non-capital financing activities (40,347) (205,256) (47,386) (483,204)

Cash flow from capital

and related fundraising activities

Acquisition of fixed assets (20,961) (21,214) (230,849) (273,024)

Principal paid on advance (12,160) (41,487) – (53,647)

Interest paid on advance (1,204) (4,444) – (5,648)

Principal paid on long-term debt – – (155,000) (155,000)

Interest paid on long-term debt – – (33,700) (33,700)

Net cash used by Capital and

Related financing activities (34,325) (67,145) (419,549) (521,019)

Cash flow from investing activities

Interest received on cash and investments 76,320 4,511 4,907

Net increase (decrease)

In cash and cash equivalents 76,433 212,686 135,265 424,384

Cash and cash equivalents, January 1 287,549 541,882 684,511 1,513,942

Cash and cash equivalents, December 31 $363,982 $754,568 $819,776 $1,938,326

Reconciliation of operating income to net income

Cash flow from operating activities

Operating income $222,006 $416,483 $146,643 $785,132

Adjustments to reconcile operating income

net cash provided by operations

activities Amortization and depreciation 16,820 49,875 435 305 502,000

Other operating income 1,901 2,775 – 4,676

(Increase) decrease in assets Accounts

receivable 357 (4,277) – (3,920)

Amounts due from other funds/departments 6,544 6,130 – 12,674

Inventories (80,140) (60,705) – (140,845)

(Increase) decrease in deferred disbursements of

resources Deferred retirement resources (81,434) (108,804) (19,810) (210,048)

Other deferred post-employment benefits

resources (5,576) 129 (1,014) (6,461)

Increase (decrease) in liabilities Accounts

and contracts payable (10,744) 12,939 (534) 1,661

Due to other governments (261) 4,128 – 3,867

Due to other funds/departments 4,353 (2,591) – 1,762

Due to constituent unit – – 13,761 13,761

Salaries payable payable 1,428 2,211 1,022 4,661

Paid absences payable (610) 11,298 3,194 13,882

Net pension commitment (49,056) 1,270 (11,449) (59,235)

Liability for other post-employment benefits 5,550 (2,429) 104 3,225

Increase (decrease) in deferred receipts of

resources Deferred retirement resources 118,598 153,572 28,815 300,985

Other deferred post-employment benefits

resources 1,293 2,763 1,652 5,708

Net cash provided (used) by

Operating activities $151,029 $484,767 $597,689 $1,233,485

Non-monetary investment, capital and financing

Activities

Bond discount amortization (premium) – $ – $ (12,096) $ – $

The notes to the financial statements form an integral part of this statement.

Publish July 1, 2022

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