2011 Annual Financial Report
City of Chanhassen, Minnesota
Photo Courtesy of Terri Kelly
Comprehensive Annual Financial Report
For the Fiscal Year Ended
December 31, 2011
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF CHANHASSEN, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2011
Finance Department
Greg Sticha, Finance Director
Member of Government Finance Officers
Association of United States and Canada
- This page intentionally left blank -
CITY OF CHANHASSEN, MINNESOTA
TABLE OF CONTENTS
Page
ReferenceNo.
I. INTRODUCTORY SECTION
Letter of Transmittal3
Certificate of Achievement7
Organization9
Organization Chart10
II. FINANCIAL SECTION
Independent Auditor's Report13
Management's Discussion and Analysis15
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net AssetsStatement 131
Statement of ActivitiesStatement 232
Fund Financial Statements:
Balance Sheet - Governmental FundsStatement 334
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental FundsStatement 436
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds Statement 538
Statement of Net Assets - Proprietary FundsStatement 639
Statement of Revenues, Expenses and Changes in Fund Net Assets -
Proprietary FundsStatement 740
Statement of Cash Flows - Proprietary FundsStatement 841
Statement of Net Assets - Fiduciary FundsStatement 942
Notes to Financial Statements43
Required Supplementary Information:
Budgetary Comparison Schedule - General FundStatement 1084
Schedule of Funding Progress - Retiree Health Plan90
CITY OF CHANHASSEN, MINNESOTA
TABLE OF CONTENTS
Page
ReferenceNo.
Combining and Individual Nonmajor Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental FundsStatement 1194
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental FundsStatement 1295
Subcombining Balance Sheet - Nonmajor Special Revenue FundsStatement 1398
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Special Revenue FundsStatement 1499
Subcombining Balance Sheet - Nonmajor Debt Service FundsStatement 15103
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Debt Service FundsStatement 16104
Subcombining Balance Sheet - Nonmajor Capital Project FundsStatement 17108
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Capital Project FundsStatement 18111
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual:
Contribution FundStatement 19114
CATVStatement 20115
Combining Statement of Net Assets - Agency FundsStatement 21118
Combining Statement of Changes in Assets and Liabilities - Agency FundsStatement 22119
III. STATISTICAL SECTION (UNAUDITED)
Financial Trends:
Net Assets by ComponentTable 1124
Changes in Net AssetsTable 2126
Fund Balances - Governmental FundsTable 3130
Changes in Fund Balances - Governmental FundsTable 4132
Revenue Capacity:
Tax Capacity and Estimated Market Value of Taxable PropertyTable 5134
Direct and Overlapping Property Tax Capacity RatesTable 6136
tocTable 7137
Property Tax Levies and CollectionsTable 8139
CITY OF CHANHASSEN, MINNESOTA
TABLE OF CONTENTS
Page
ReferenceNo.
Debt Capacity:
Ratios of Outstanding Debt by TypeTable 9140
Direct and Overlapping Governmental Activities DebtTable 10142
Legal Debt Margin InformationTable 11143
Pledged Revenue CoverageTable 12144
Demographic and Economic:
Demographic and Economic StatisticsTable 13145
Principal EmployersTable 14147
Operating Information:
Full-Time Equivalent City Government Employees by Function/ProgramTable 15148
Operating Indicators by Function/ProgramTable 16150
Capital Asset Statistics by Function/ProgramTable 17152
IV. OTHER INFORMATION (UNAUDITED)
Combined Schedule of IndebtednessExhibit 1156
Debt Service Payments to Maturity:
General Obligation BondsExhibit 2158
General Obligation Improvement BondsExhibit 3159
Revenue BondsExhibit 4160
Taxable Valuations, Tax Levies and Tax RatesExhibit 5161
Schedule of Deferred Tax LeviesExhibit 6162
- This page intentionally left blank -
I. INTRODUCTORY SECTION
1
- This page intentionally left blank -
2
June 15, 2012
To the Honorable Mayor and City Council
City of Chanhassen
Chanhassen, Minnesota
The Comprehensive Annual Financial Report of the City of Chanhassen, Minnesota (the City)
for the fiscal year ended December 31, 2011 is hereby submitted. This report was prepared by
the Chanhassen Finance Department and responsibility for both the accuracy of the presented
data and the completeness and fairness of the presentation, including all disclosures, supporting
schedules and statistical tables rests with the City. We believe the data, as presented, is accurate
in all material respects; that it is presented in a manner designed to fairly set forth the financial
position and results of operations of the City as measured by the financial activity of its various
funds; and that all disclosures necessary to enable the reader to gain the maximum understanding
of the City's financial affairs have been included.
The organization, form and contents of this report were prepared in accordance with the
standards prescribed by the Governmental Accounting Standards Board, the Government
Finance Officers Association of the United States and Canada (GFOA), the American Institute
of Certified Public Accountants, Minnesota’s Office of the State Auditor and City policies.
This transmittal letter is designed to complement the Management’s Discussion and Analysis
(MD&A) and should be read in conjunction with it. The MD&A can be found immediately
following the report of the independent auditors.
Reporting Entity and Its Services
This report includes all funds, account groups, and departments of the City (the primary
government) and its component unit. The City provides a full range of services to its residents
and businesses including general government, public safety (police and fire protection), public
works (engineering, streets, and equipment maintenance), parks and recreational activities,
planning and economic development. In addition to general municipal services, the City
provides water and sanitary sewer service and oversight (through licensing) of the refuse and
recycling services. In accordance with the reporting entity definition of the Governmental
Accounting Standards Board, the City has included the Chanhassen Economic Development
Authority (EDA) in these financial statements as a blended component unit. The EDA is
governed by five commissioners appointed by the City Council with the City Manager as
executive director. The Chanhassen Fire Relief Association has been excluded from this report
because it is governed by a board elected by its members and it is not fiscally dependent upon
the City.The Western Area Fire Training Association (WAFTA) is governed by an eleven-
person board comprised of one member appointed by each jurisdiction who is a party to the joint
powers agreement. Although the City is jointly responsible for the maintenance and cleanup
costs of the training site in rural Carver County, we do not exercise substantial control of the
association. The school districts that serve residents of the City, like all school districts in
Minnesota, are governed independently by their own elected board members. They levy their
own taxes and prepare their own financial reports. Accordingly, they are excluded from this
report.
Relevant Financial Policies
The City has a policy regarding General Fund reserve balances. The City has a designated fund balance in the
General Fund equivalent to 50% of the ensuing years budgeted tax levy to provide working capital between serve-
owned property tax settlements.
The primary financial goal of the Citys investment policy is to ensure the safety and principal invested by the
City. Cash temporarily idle during the year is invested in certificates of deposit and obligations of the U.S.
Treasury and government agencies. The City only invests in instruments authorized under Minnesota Statute
118A. Cash balances from all City funds are pooled into an investment fund and investment income is distributed
on a pro-rata basis at the end of the year, based on average monthly cash balances. At December 31, 2011, the
maturities of the investments range from 9 days to 6.9 years, with an average maturity of 1.87 years. Maturities
are not to exceed 7 years unless for a dedicated purpose such as a future bond payment. The average yield to
maturity on the portfolio at December 31, 2011 was 1.69%. It is the Citys practice to hold all instruments to
maturity.
Economic Condition and Outlook
The City of Chanhassen, Minnesota, located southwest of the Twin Cities metropolitan area, is situated primarily
in Carver County with a small portion in Hennepin County. The City encompasses an area of 23.78 square miles.
U.S. Highways 169 and 212, as well as State Highways 5, 7, 41 and 101, provide access for commuters coming
into the City from the Twin Cities metropolitan area as well as for residents traveling to work outside the City.
Based on the 2011 US Census, the Citys population was 23,179. Chanhassens residential permits were greater in
2011 than 2010. In 2011, there were 162 residential permits as compared to 101 in 2010. The total value of all
building permits and plan checks in 2011 was $82,991,029.
The City has approximately 375 acres of commercial and office industrial land with utilities available. The City
anticipates a two percent growth rate in residential permits and a slightly lower rate for commercial and office
industrial development.
In 2011, the City refinanced all of the 2005B GO Water Revenue Bonds and issued $2.4 million for the
construction of an elevated storage tank with the issuance of the 2011A General Obligation Bonds. The City also
refinanced a portion of the 2004B GO Water Revenue Bonds with the issuance of the 2011B GO Water Revenue
Refunding Bonds. As part of that process, the City underwent a financial review by Standard & Poors (the Citys
bond rating agency). This review reaffirmed the Citys rating of AAA, the highest rating offered by Standard &
Poors.
They cited the Citys conservative financial management practices and strong financial reserves, along with
managements practice of continuing long term financial planning as reasons for their reaffirmation. There are
approximately fifteen communities in the entire state of Minnesota that have an AAA bond rating.
Accounting System and Budgetary Control
The City's accounting records are maintained on the accrual, or modified accrual basis, as appropriate. Budgetary
control is maintained through the City's accounting and reporting system whereby monthly detail reports of budget
versus actual are provided to all departments with summaries being provided to the City Council. Approval
listings and documentation are provided for the City Council at each semi-monthly meeting for all checks issued
by the City.
In the City's accounting system, careful consideration is given to the adequacy of internal controls. These controls
are designed to provide reasonable, but not necessarily absolute, assurance regarding: (1) the safeguarding of
assets against loss from unauthorized use or disposition and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes
that: (1) the cost of control should not exceed the benefits likely to be derived and (2) the evaluation of costs and
benefits requires estimates and judgments by management. All internal control evaluation occurs within the above
framework. We believe the City's internal controls adequately safeguard assets and provide reasonable assurance
of proper recording of financial transactions.
Capital financings for major municipal improvements are provided through (1) improvement bonds, (2) general
obligation bonds, (3) tax increment bonds, or (4) revenue bonds. Internal financing of improvement projects is
usually minimal and only for short periods of time.
Long Term Financial Planning
In 2002, the City undertook an extensive long term financial planning process called “Key Financial Strategies”.
As a part of this process the City developed a long term (5 years) general fund budgeting model. In addition the
City developed annual strategies and measurement tools, both financial and non-financial, to compare our results
from year to year and with other like communities in our area.
These strategies and the long term general fund budget are updated on an annual basis as part of our goal setting
strategies at the beginning of each year. In addition, the City has a 5 year capital improvement plan in place for
infrastructure and equipment, as well as a pavement management plan in place for streets.
The City also undertakes an annual rate study of its Water, Sanitary Sewer, and Storm Water rates. As part of this
process the City projects fund balances and capital improvements to each of the systems for the next twenty years,
and the projected user and connection rates needed for each fund for that same time period.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Chanhassen for its comprehensive annual
financial report (CAFR) for the fiscal year ended December 31, 2010. The Certificate of Achievement is a
prestigious national award recognizing conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and
efficiently organized comprehensive annual financial report, whose contents conform to program standards. The
CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. The City of Chanhassen has received a
Certificate of Achievement for the last nineteen consecutive years (fiscal years ended 1992 – 2010). We believe
our current report continues to conform to the Certificate of Achievement program requirements and we are
submitting it to GFOA to determine its eligibility for another certificate.
Independent Audit
State law provides that the City may arrange for examination of its books, records, accounts and affairs, or any
part thereof, by the State Auditor, or by Certified Public Accountants. It has been a long-standing policy of the
City to provide for a complete annual audit of City records by Certified Public Accountants. The auditors' opinion
has been included in this report.
Acknowledgments
We wish to express our appreciation to the members of the City Council for their support in improving the
financial condition of the City. We also want to thank the Finance Department staff and department directors for
their assistance in compiling the information necessary for this report. Finally, we wish to acknowledge HLB
Tautges Redpath, Ltd. for their assistance in preparing this report.
Respectfully submitted,
Greg Sticha, Finance Director
5
- This page intentionally left blank -
6
7
- This page intentionally left blank -
8
CITY OF CHANHASSEN, MINNESOTA
ORGANIZATION
December 31, 2011
Term Expires
Mayor:
Tom Furlong12/31/14
Council Members:
Bethany Tjornhom12/31/12
Vicki Erns12/31/14
t
Jerry McDonald12/31/12
Denny Laufenburge12/31/14
r
City Manager:
Todd GerhardtAppointed
Finance Director:
Greg StichaAppointed
Community Development Director:
Kathryn AanensoAppointed
n
Public Works Director/City Engineer:
Paul OehmeAppointed
Parks and Recreation Director:
Todd HoffmanAppointed
9
CityofChanhassen,Minnesota
CityofChanhassen,Minnesota
Organization Chart
Citizens
EnvironmentalSenior
CommissionCommission
PlanningPark & RecreationPark & Recreation
Mayor -Council
CommissionCommission
Economic
Development
Development
Authority
Administration
Law
EnforcementPublicCommunityParks and
Finance
& FireWorksDevelopmentRecreation
Administration
Administration
10
II. FINANCIAL SECTION
11
- This page intentionally left blank -
12
MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the City of Chanhassen, Minnesota, we offer readers of the City of
Chanhassen, Minnesota’s financial statements this narrative overview and analysis of the
financial activities of the City for the fiscal year ended December 31, 2011. We encourage
readers to consider the information presented here in conjunction with additional information
that we have furnished in our letter of transmittal, which can be found in the introductory
section of this report.
Financial Highlights
The assets of the City of Chanhassen, Minnesota exceeded its liabilities at the close of the
most recent fiscal year by $157,876,770 (net assets). Of this amount, $18,308,927
(unrestricted net assets) may be used to meet the City’s ongoing obligations to citizens and
creditors in accordance with the City's fund designations and fiscal policies.
The City’s total net assets decreased by $3,591,467.
As of the close of the current fiscal year, the City of Chanhassen, Minnesota’s governmental
funds reported combined ending fund balances of $21,565,936. Of this amount, $10,426,585
is restricted by external constraints established by creditors, grantors, contributors, or by state
statutory provisions.
At the end of the current fiscal year, the General Fund had a fund balance of $5,295,398. Of
that amount, $17,280 was in a nonspendable form and the remaining $5,278,118 was
unassigned.
The City’s total debt increased by $8,097,339 during the current fiscal year, from
$34,750,000 to $42,847,339. The City issued debt of $9.6 million in 2011, of which $2.4
million was for the construction of an elevated storage tank. The remaining amount was for
advanced refundings of the 2005B GO Water Revenue Bonds and a portion of the 2004B GO
Water Revenue Bonds. In addition, the City paid off principal of $1.7 million.
Overview of the Financial Statements
The management’s discussion and analysis is intended to serve as an introduction to the City
of Chanhassen, Minnesota’s basic financial statements. The City’s basic financial statements
are comprised of three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements
. The government-wide financial statements are
designed to provide readers with a broad overview of the City of Chanhassen, Minnesota’s
finances, in a manner similar to a private-sector business.
15
Management’s Discussion and Analysis
The statement of net assets presents information on all of the City of Chanhassen,
Minnesota’s assets and liabilities, with the difference between the two reported as net assets.
Over time, increases or decreases in net assets may serve as a useful indicator of whether the
financial position of the City of Chanhassen, Minnesota is improving or deteriorating.
The statement of activities presents information showing how the City’s net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash
flows. Thus, revenues and expenses are reported in this statement for some items that will
only result in cash flows in future fiscal periods (e.g. uncollected taxes, and earned but
unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City of
Chanhassen, Minnesota that are principally supported by taxes and intergovernmental
revenues (governmental activities) from other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities). The
governmental activities of the City of Chanhassen, Minnesota include general government,
public safety, public works, parks and recreation, and community development. The
business-type activities of the City of Chanhassen, Minnesota include water, sewer, and
surface water management.
The government-wide financial statements can be found on Statements 1 and 2 of this report.
Fund Financial statements
. A fund is a grouping of related accounts that is used to
maintain control over resources that have been segregated for specific activities or objectives.
The City of Chanhassen, Minnesota, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal requirements.
All of the funds of the City of Chanhassen, Minnesota can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
Governmental funds
. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may
be useful in evaluating a government’s near-term financial requirements.
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-wide
financial statements. By doing so, readers may better understand the long-term impact of the
City's near-term financial decisions. Both the governmental fund balance sheet and
governmental fund statement of revenues, expenditures, and changes in fund balances
provide a reconciliation to facilitate this comparison between governmental funds and
governmental activities.
16
Management’s Discussion and Analysis
The City of Chanhassen, Minnesota maintains four individual major governmental funds.
Information is presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures, and changes in fund balances for the
following major funds:
General Fund
2009A G.O. Refunding Bonds
Transit Station Assessment Fund
Revolving Assessment Fund
Data from the other governmental funds are combined into a single, aggregated presentation.
Individual fund data for each of these nonmajor governmental funds is provided in the form
of combining statements elsewhere in this report.
The City of Chanhassen, Minnesota adopts an annual appropriated budget for the General
Fund and for the Contribution and CATV special revenue funds. A budgetary comparison
statement has been provided for those funds to demonstrate compliance with this budget.
The basic governmental fund financial statements can be found on Statements 3 through 5 of
this report.
Proprietary funds
. The City of Chanhassen, Minnesota maintains three enterprise funds as
a part of its proprietary fund type. Enterprise funds are used to report the same functions
presented as business-type activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the following funds:
Water
Sewer
Surface Water Management
The basic proprietary fund financial statements can be found on Statements 6 through 8 of
this report.
Fiduciary funds
. Fiduciary funds are used to account for resources held for benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the City
of Chanhassen, Minnesota’s own program. The accounting used for fiduciary funds is much
like that used for proprietary funds.
The basic fiduciary fund financial statement can be found on Statement 9 of this report.
17
Management’s Discussion and Analysis
Notes to the financial statements
. The notes provide additional information that is essential
to a full understanding of the data provided in the government–wide and fund financial
statements. The notes to the financial statements can be found following Statement 9 of this
report.
Other information.
The combining statements referred to earlier in connection with non-
major governmental funds are presented immediately following the required supplementary
information on budgetary comparisons. Combining and individual fund statements and
schedules can be found on Statement 11 through 22 of this report.
Government-Wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government's
financial position. In the case of the City of Chanhassen, Minnesota, assets exceeded
liabilities by $157,876,770 at the close of the most recent fiscal year.
The largest portion of the City of Chanhassen, Minnesota’s net assets ($126,296,846 or 80%)
reflects its investment in capital assets (e.g. land, buildings, machinery, and equipment) net
of any related debt used to acquire those assets that is still outstanding. The City of
Chanhassen, Minnesota uses these capital assets to provide services to citizens; consequently,
these assets are not available for future spending. Although the City of Chanhassen,
Minnesota’s investment in its capital assets is reported net of related debt, it should be noted
that the resources needed to repay this debt must be provided from other sources, since the
capital assets themselves cannot be used to liquidate these liabilities.
CITY OF CHANHASSEN, MINNESOTA'S NET ASSETS
Governmental ActivitiesBusiness-Type ActivitiesTotals
201120102011201020112010
Assets:
Current and other assets$29,101,811$27,939,661$19,318,149$10,681,796$48,419,960$38,621,457
Capital assets88,888,16592,216,20366,133,29268,023,020155,021,457160,239,223
Total assets$117,989,976$120,155,864$85,451,441$78,704,816$203,441,417$198,860,680
Liabilities:
Long-term liabilities outstanding$23,570,963$24,634,855$20,201,764$343,857$43,772,727$24,978,712
Other liabilities1,457,3281,340,948334,59211,072,7831,791,92012,413,731
Total liabilities$25,028,291$25,975,803$20,536,356$11,416,640$45,564,647$37,392,443
Net assets:
Invested in capital assets, net of related debt$70,866,708$73,272,450$55,430,138$57,028,340$126,296,846$130,300,790
Restricted13,270,9979,910,563 - - 13,270,9979,910,563
Unrestricted8,823,98010,997,0489,484,94710,259,83618,308,92721,256,884
Total net assets$92,961,685$94,180,061$64,915,085$67,288,176$157,876,770$161,468,237
18
Management’s Discussion and Analysis
$13,270,997 of the City of Chanhassen, Minnesota’s net assets represents resources that are
subject to external restrictions on how they may be used. The remaining balance of
unrestricted net assets ($18,308,927) may be used to meet the City's ongoing obligations to
citizens and creditors.
At the end of the current fiscal year, the City of Chanhassen, Minnesota is able to report
positive balances in all three categories of net assets, both for the City as a whole, as well as
for its separate governmental and business-type activities.
Governmental Activities
Total net assets of the City’s governmental activities decreased $1,218,376, or 1.3%. The
components of net assets increased or decreased as follows:
Net assets invested in capital assets, net of related debt, decreased $2,405,742 due to
the reduction in depreciable assets (fewer new assets than the previous year with
depreciation remaining constant from the previous year. The addition of the Public
Works building in 2010 makes up a large portion of the variance.)
Restricted net assets increased $712,354. The largest portion of this increase was an
increase of $427,781 in net assets restricted for park improvements.
Unrestricted net assets increased $475,012.
19
Management’s Discussion and Analysis
Business-Type Activities
The net assets of the City’s business-type activities decreased by $2,373,091, or 3.5%.
Amounts invested in capital assets, net of related debt decreased $1,598,202 because
depreciation expense exceeded capital asset additions. Unrestricted net assets decreased
$774,889, due to amounts expended for various infrastructure projects.
City of Chanhassen, Minnesota's Changes in Net Assets
Governmental ActivitiesBusiness-Type ActivitiesTotals
201120102011201020112010
Revenues:
Program revenues:
Charges for services$2,555,623$2,644,543$5,443,477$5,328,680$7,999,100$7,973,223
Operating grants and contributions692,428414,65412,5892,984705,017417,638
Capital grants and contributions1,646,5734,175,6551,086,6551,593,2892,733,2285,768,944
General revenues:
Property taxes9,849,88210,014,684 - - 9,849,88210,014,684
Tax increment collections566,045539,523 - - 566,045539,523
Grants and contributions not
restricted to specific programs28,30445,767 - - 28,30445,767
Unrestricted investment earnings505,541222,719211,707114,349717,248337,068
Miscellaneous - - 6,64333,6446,64333,644
Gain on sale of capital assets44,00020,727 - - 44,00020,727
Total revenues15,888,39618,078,2726,761,0717,072,94622,649,46725,151,218
Expenses:
General government2,565,4862,898,608 - - 2,565,4862,898,608
Public safety3,061,1223,227,396 - - 3,061,1223,227,396
Public works8,607,5346,308,023 - - 8,607,5346,308,023
Parks and recreation2,921,5933,046,718 - - 2,921,5933,046,718
Community development799,379879,048 - - 799,379879,048
Interest on long-term debt838,421880,384 - - 838,421880,384
Water - - 3,581,9553,443,5833,581,9553,443,583
Sewer - - 3,317,3293,252,5103,317,3293,252,510
Surface water management - - 1,173,1151,202,5561,173,1151,202,556
Total expenses 18,793,53517,240,1778,072,3997,898,64926,865,93425,138,826
Increase (decrease) in net assets before transfers(2,905,139)838,095(1,311,328)(825,703)(4,216,467)12,392
Transfers1,061,763(487,911)(1,061,763)487,911 - -
Change in net assets(1,843,376)350,184(2,373,091)(337,792)(4,216,467)12,392
Net assets - beginning, as previously reported94,180,06193,829,87767,288,17667,625,968161,468,237161,455,845
Prior period adjustment625,000 - - - 625,000 -
Net assets - beginning, as restated94,805,06193,829,87767,288,17667,625,968162,093,237161,455,845
Net assets - ending$92,961,685$94,180,061$64,915,085$67,288,176$157,876,770$161,468,237
20
Management’s Discussion and Analysis
Governmental Activities
Revenues
Revenues for the City’s governmental activities decreased by $2,189,876, or 12%. Capital
grants and contributions decreased by approximately $2.5 million from 2010, compared to a
$2.9 million increase from 2009 to 2010. Large amounts of capital contributions were
recorded in 2010 due to a $1.4 million new special assessment roll and high amounts of
developer contributions.
Expenses
Expenses for the City’s governmental activities increased by $1,553,358, or 9%. The
increase is largely due to an increase in public works expenses related to amounts expended
for construction projects that were not capitalized.
Below are specific graphs which provide comparisons of the governmental activities
revenues and expenses:
Grants and contributions not
Tax increment collections 3.6%
restricted to specific programs
0.2%
Gain on sale of capital assets
0.2%
Governmental Activities -Revenues
Unrestricted investment earnings
3.1%
Charges for services 16.1%
Operating grants and
contributions 4.4%
Property taxes 62.0%
Capital grants and contributions
10.4%
21
Management’s Discussion and Analysis
Interest on long-term debt
Governmental Activities -ExpensesGovernmental Activities -Expenses
4.4%
Community development
General government
4.3%
13.7%
Parks and recreation
Publicsafety 16.3%
15.5%
Public works 45.8%
Business-Type Activities
Revenues
Revenues for the City’s business-type activities decreased by $311,875, or 4.4%.
The largest contributor to this variance is the reduction in developer contributed assets in
2011 from 2010.
Expenses
The City’s expenses for business-type activities increased by $173,750, or 2.2%. The
majority of the increase ($134,000) was due to an increase in amounts paid to the waste
water treatment provider for the City as compared to the previous year.
In addition to the increase in expenses mentioned above, transfers to business-type activities
on the statement of activities went from $487,911 in 2010 to ($1,061,763) in 2011. This net
increase in transfers was attributed to the completion of construction projects accounted for
in other funds requiring payment for the utilities constructed related to the projects.
22
Management’s Discussion and Analysis
Below are specific graphs showing the business-type activities revenue and expense
comparisons:
Unrestricted investment
Miscellaneous 0.1%
earnings 3.1%
Business-TypeActivities -Revenue
Capital grants
and contributions 16.1%
Operating grants
and
contributions 0.2%
Charges for services 80.5%
Business-Type Activities -Expenses
Surface Water 15.5%
Water 43.4%
Sewer 41.1%
23
Management’s Discussion and Analysis
Financial Analysis of the Government's Funds
Governmental Funds
. The focus of the City of Chanhassen, Minnesota’s governmental
funds is to provide information on near-term inflows, outflows, and balances of spendable
resources. Such information is useful in assessing the City of Chanhassen, Minnesota’s
financing requirements. In particular, unreserved fund balance may serve as a useful
measure of a government’s net resources available for spending at the end of the fiscal year.
At the end of the current fiscal year, the City of Chanhassen, Minnesota’s governmental
funds reported combined ending fund balances of $21,565,936. Approximately 48% of this
total amount ($10,426,585) constitutes fund balance restricted by external constraints
established by creditors, grantors, contributors, or by state statutory provisions. $29,942 of
fund balance is not in a spendable form, $6,561,411 has been assigned, and $4,547,998 is
unassigned.
The General Fund increased by $25,780 in 2011. The increase in fund balance was
attributable to permit revenues in excess of budget.
The 2009A G.O. Refunding Bonds debt service fund increased by $970,057. The majority of
the increase ($523,000) was from leftover construction proceeds transferred in after the
closing of the capital project fund. In addition, special assessment collections exceeded 2010
collections by approximately $195,000.
The Transit Station Assessment Fund balance did not change, and remained in a deficit of
$729,921.
The Revolving Assessment Fund increased by $672,662. The increase was from transfers in
from other funds for portions of street reconstruction project costs related to activities from
other fund types.
The nonmajor special revenue funds increased by $577,751in 2011. This increase was
entirely attributable to a reimbursement for an accounting error in previous years from the
City’s cable TV provider.
The nonmajor debt service funds increased by $554,151 in 2011. The majority of this
increase ($340,000) was from leftover construction proceeds transferred in after the closing
of the Public Works building capital project fund. The remaining increase was from reduced
debt service obligations.
The nonmajor capital project funds decreased by $1,286,754. There was a transfer of
$885,000 out of a nonmajor capital project fund to a major capital project fund to account for
the related construction costs in the proper fund. Also, there was a transfer ($523,000, noted
above) for leftover construction proceeds resulting from the closing of the capital project
fund to the related debt service fund.
24
Management’s Discussion and Analysis
Proprietary funds
. The City of Chanhassen, Minnesota’s proprietary funds provide the
same type of information found in the government-wide financial statements, but in more
detail.
The unrestricted net assets in the respective proprietary funds are water $4,875,548, sewer
$3,859,259 and surface water management $750,140. The water, sewer and surface water
management funds each had a decrease in net assets in 2011 of $395,593, $871,450 and
$1,106,048, respectively.
Budgetary Highlights
General Fund
There were no budget amendments to the General Fund in 2011.
Budgetary Variances Revenues
The positive general fund revenue variance of $105,652 was mostly due to building permit
revenues in excess of anticipated collections.
Budgetary Variances Expenses
The City’s expenses for the general fund had a positive variance of $315,887. The majority
($156,000) of the variance was attributed to a decrease in the police services contract with
Carver County. In addition, the required contribution for the volunteer fire fighter pension
was less than budgeted.
25
Management’s Discussion and Analysis
Capital Asset and Debt Administration
Capital assets
. The City of Chanhassen, Minnesota’s, investment in capital assets for its
governmental and business-type activities as of December 31, 2011, amounts to
$155,021,457 (net of accumulated depreciation). This investment in capital assets includes
land, buildings, infrastructure, machinery, and equipment.
City of Chanhassen, Minnesota’s Capital Assets
(Net of Depreciation
)
BeginningEnding
Primary GovernmentBalanceIncreaseDecreaseBalance
Governmental activities:
Capital assets not being depreciated:
Land$18,709,812$276,315$ - $18,986,127
Construction in progress2,256,9401,023,746(1,604,124)1,676,562
Permanent easements358,501192,199 - 550,700
Total capital assets not being depreciated21,325,2531,492,260(1,604,124)21,213,389
Capital assets being depreciated:
Buildings and structures23,481,7252,999(46,782)23,437,942
Machinery and equipment7,149,320508,127(186,283)7,471,164
Other improvements 5,461,022133,066 - 5,594,088
Infrastructure107,574,1301,662,811(503,650)108,733,291
Total capital assets being depreciated143,666,1972,307,003(736,715)145,236,485
Less accumulated depreciation for:
Buildings and structures4,842,470574,486 - 5,416,956
Machinery and equipment4,780,193466,366(145,144)5,101,415
Other improvements 1,972,444229,667 - 2,202,111
Infrastructure61,180,1404,023,770(362,683)64,841,227
Total accumulated depreciation72,775,2475,294,289(507,827)77,561,709
Governmental activities capital assets - net$92,216,203($1,495,026)($1,833,012)$88,888,165
BeginningEnding
Primary GovernmentBalanceIncreaseDecreaseBalance
Business-type activities:
Capital assets not being depreciated:
Land$1,997,435$ - $ - $1,997,435
Construction in progress2,031,729867,023(896,627)2,002,125
Permanent easements107,225140,067 - 247,292
Total capital assets not being depreciated4,136,3891,007,090(896,627)4,246,852
Capital assets being depreciated:
Buildings and structures12,445,429 - - 12,445,429
Machinery and equipment2,408,802154,845(60,744)2,502,903
Other improvements 97,448,6221,094,994(44,548)98,499,068
Total capital assets being depreciated112,302,8531,249,839(105,292)113,447,400
Less accumulated depreciation for:
Buildings and structures747,409248,918 - 996,327
Machinery and equipment1,337,288137,448(60,743)1,413,993
Other improvements 46,331,5252,845,848(26,733)49,150,640
Total accumulated depreciation48,416,2223,232,214(87,476)51,560,960
Business-type activities capital assets - net68,023,020(975,285)(914,443)66,133,292
Total capital assets - net$160,239,223($2,470,311)($2,747,455)$155,021,457
Additional information on the City of Chanhassen, Minnesota’s capital assets can be found in
Note 4.
26
Management’s Discussion and Analysis
Governmental Activities Capital Assets.
There was a decrease in capital assets due to a
reduction in depreciable assets (fewer new assets than previous year with depreciation
remaining constant from previous year. The addition of the Public Works building in 2010
makes up the entire amount of the variance.)
Business-Type Activities Capital Assets.
In 2011, there was a decrease in business-type
activity capital assets due to a reduction in depreciable assets (fewer new assets than previous
year with depreciation remaining constant from previous year.)
Long-term debt
. At the end of the current fiscal year, the City of Chanhassen, Minnesota
had total bonds payable outstanding of $42,665,000, an increase of $7,915,000 from 2010.
The increase is attributed to the issuance of $9.6 million of debt, of which $2.4 million was
for the construction of an elevated storage tank. The remaining amount was for advanced
refundings of the 2005B GO Water Revenue Bonds and a portion of the 2004B GO Water
Revenue Bonds. The balance of the bonds payable outstanding is comprised of: $15,025,000
in general obligation bonds, $6,785,000 for special assessment debt which is supported in
part by special assessments, $20,015,000 of revenue bonds which financed capital
investments for the water, sewer, and surface water management operations and $840,000 in
tax increment bonds.
Additional long-term debt in the amount of $913,720 for compensated absences and
$182,339 relating to an unamortized bond premium was also outstanding at the end of 2011.
City of Chanhassen, Minnesota’s Outstanding Debt
Governmental ActivitiesBusiness-Type ActivitiesTotals
201120102011201020112010
General obligation bonds$15,025,000$15,550,000$ - $ - $15,025,000$15,550,000
Revenue bonds120,000230,00019,895,00010,955,00020,015,00011,185,000
Tax increment bonds840,000900,000 - - 840,000900,000
General improvement bonds 6,785,0007,115,000 - - 6,785,0007,115,000
Bond premium - - 182,339 - 182,339 -
Compensated absences789,295830,263124,425117,783913,720948,046
Total$23,559,295$24,625,263$20,201,764$11,072,783$43,761,059$35,698,046
The City’s bond rating was reaffirmed in 2011 by Standard & Poor’s when the City refunded
GO Water Revenue bonds. The City of Chanhassen is one of approximately 15 communities
in the State of Minnesota to have a AAA bond rating from either Standard & Poor’s or
Moody’s.
State statutes limit the amount of general obligation debt a Minnesota city may issue to 3% of
the total estimated market value. The current debt limitation for the City of Chanhassen,
Minnesota is $100,504,254. Of the City's outstanding debt, $13,585,258 is counted within
the statutory limitation.
27
Management’s Discussion and Analysis
Additional information on the City of Chanhassen, Minnesota’s long-term debt can be found
in Note 5.
Requests for Information.
This financial report is designed to provide a general overview
of the City of Chanhassen, Minnesota’s finances for all those with an interest in the
government’s finances. Questions concerning any of the information provided in this report
or requests for additional financial information should be addressed to the Director of
Finance, 7700 Market Boulevard, P.O. Box 147, Chanhassen, Minnesota 55317.
28
BASIC FINANCIAL STATEMENTS
29
- This page intentionally left blank -
30
CITY OF CHANHASSEN, MINNESOTA
Statement 1
STATEMENT OF NET ASSETS
December 31, 2011
With Comparative Totals For December 31, 2010
Primary Government
GovernmentalBusiness-TypeTotals
Assets:ActivitiesActivities20112010
Cash and investments$18,391,179$7,639,800$26,030,979$25,899,810
Cash with escrow agent3,829,8327,223,67411,053,5063,879,306
Restricted cash - 2,224,1852,224,185 -
Accrued interest receivable70,15334,503104,656125,166
Due from other governmental units296,1083,753299,861149,925
Accounts receivable - net707,2491,127,7131,834,9621,114,310
Property taxes receivable353,821 - 353,821376,257
Prepaid items29,9421,95931,90176,586
Inventories - at cost - 25,68525,68527,226
Internal balances(729,253)729,253 - -
Special assessments receivable6,152,780161,6166,314,3966,972,871
Deferred charges - 146,008146,008 -
Capital assets (net of accumulated depreciation):
Nondepreciable21,213,3894,246,85225,460,24125,461,642
Depreciable67,674,77661,886,440129,561,216134,777,581
Total assets117,989,97685,451,441203,441,417198,860,680
Liabilities:
Accounts payable715,17049,456764,626288,693
Due to other governmental units29,54544,31373,858152,844
Salaries payable98,80117,868116,669118,674
Contracts payable228,3116,567234,878432,080
Accrued interest payable341,611216,388557,999542,057
Unearned revenue43,890 - 43,890150,457
Compensated absences payable:
Due within one year42,9976,77849,77548,572
Due in more than one year746,298117,647863,945899,474
Other post employment benefits payable:
Due in more than one year11,668 - 11,6689,592
Bonds payable:
Due within one year5,100,000744,0265,844,0261,725,000
Due in more than one year17,670,00019,333,31337,003,31333,025,000
Total liabilities25,028,29120,536,35645,564,64737,392,443
Net assets:
Invested in capital assets, net of related debt70,866,70855,430,138126,296,846130,300,790
Restricted for:
Debt service9,774,727 - 9,774,7279,655,951
Park improvements2,516,027 - 2,516,0272,088,246
Tax increment purposes812,096 - 812,096693,309
Other purposes168,147 - 168,147121,137
Unrestricted8,823,9809,484,94718,308,92718,608,804
Total net assets$92,961,685$64,915,085$157,876,770$161,468,237
The accompanying notes are an integral part of these financial statements.
31
CITY OF CHANHASSEN, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
Charges For
Functions/ProgramsExpensesServices
Primary government:
Governmental activities:
General government$2,565,486$541,686
Public safety3,061,1221,444,632
Public works8,607,534128,341
Parks and recreation2,921,593428,488
Community development799,37912,476
Interest and fees on long-term debt838,421 -
Total governmental activities18,793,5352,555,623
Business-type activities:
Water3,581,9552,611,327
Sewer3,317,3292,297,677
Surface water management1,173,115534,473
Total business-type activities8,072,3995,443,477
Total primary government$26,865,934$7,999,100
The accompanying notes are an integral part of these financial statements.
32
Statement 2
Net (Expense) Revenue and
Program RevenuesChanges in Net Assets
Primary Government
OperatingCapital
Totals
Grants andGrants andGovernmentalBusiness-Type
ContributionsContributionsActivitiesActivities20112010
$600$ - ($2,023,200)$ - ($2,023,200)($2,315,574)
297,219 - (1,319,271) - (1,319,271)(1,787,067)
362,3341,646,573(6,470,286) - (6,470,286)(1,849,183)
32,275 - (2,460,830) - (2,460,830)(2,311,212)
- -(786,903) - (786,903)(861,905)
- -(838,421) - (838,421)(880,384)
692,4281,646,573(13,898,911)0(13,898,911)(10,005,325)
9,393783,899 - (177,336)(177,336)(151,294)
-290,442 - (729,210)(729,210)(476,194)
3,19612,314 - (623,132)(623,132)(346,208)
12,5891,086,6550(1,529,678)(1,529,678)(973,696)
$705,017$2,733,228(13,898,911)(1,529,678)(15,428,589)(10,979,021)
General revenues:
General property taxes9,849,882 - 9,849,88210,014,684
Tax increment collections566,045 - 566,045539,523
Grants and contributions not
restricted to specific programs28,304 -28,30445,767
Unrestricted investment earnings505,541211,707717,248337,068
Gain on sale of capital assets44,000 -44,00020,727
Miscellaneous -6,6436,64333,644
Transfers1,061,763(1,061,763) - -
Total general revenues and transfers12,055,535(843,413)11,212,12210,991,413
Change in net assets(1,843,376)(2,373,091)(4,216,467)12,392
Net assets - beginning as previously reported94,180,06167,288,176161,468,237161,455,845
Prior period adjustment625,000 - 625,000 -
Net assets - beginning as restated94,805,06167,288,176162,093,237161,455,845
Net assets - ending$92,961,685$64,915,085$157,876,770$161,468,237
The accompanying notes are an integral part of these financial statements.
33
CITY OF CHANHASSEN, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
368 2009A G.O. 413 Transit Station
Refunding BondsAssessment Fund
General Fund
Assets:
Cash and investments$5,349,768$1,508,434$ -
Cash with escrow agent - - -
Accrued interest receivable19,0274,535 -
Due from other governmental units143,198 - -
Accounts receivable - net17,227 - -
Due from other funds - - -
Property taxes receivable331,0532,124 -
Special assessments receivable3,1753,129,450815,524
Prepaid items17,280 - -
Total assets$5,880,728$4,644,543$815,524
Liabilities and Fund Balances
Liabilities:
Accounts payable$148,460$ - $ -
Due to other governmental units19,879 - -
Due to other funds - - 668
Salaries payable97,215 - -
Contracts payable - - -
Interfund loan payable - - 729,253
Deferred revenue319,7763,129,450815,524
Total liabilities585,3303,129,4501,545,445
Fund balances:
Nonspendable17,280 - -
Restricted - 1,515,093 -
Assigned - - -
Unassigned5,278,118 -(729,921)
Total fund balances5,295,3981,515,093(729,921)
Total liabilities and fund balances$5,880,728$4,644,543$815,524
Fund balance reported above
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources, and therefore, are not reported in the funds.
Other long-term assets are not available to pay for current- period expenditures and, therefore, are deferred in the funds.
Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported
in the funds.
et assets of governmental activities
N
The accompanying notes are an integral part of these financial statements.
34
Statement 3
601 Revolving Other Governmental Intra Activity
Assessment FundFundsElimination
Totals Governmental Funds
20112010
$644,372$10,888,605$ -$18,391,179$17,273,683
-3,829,832 -3,829,8323,879,306
4,03942,552 -70,15380,500
-152,910 -296,108146,941
-690,022 -707,249120,944
152,910867(153,777) - -
1,61819,026 -353,821376,257
2,093,037111,594 -6,152,7806,728,248
-12,662 -29,94263,035
$2,895,976$15,748,070($153,777)$29,831,064$28,668,914
$37,869$528,841$ -$715,170$234,590
-9,666 -29,545110,270
-153,109(153,777) - -
-1,586 -98,801100,296
154,02974,282 -228,311388,993
- - -729,253729,253
2,087,704111,594 -6,464,0487,053,223
2,279,602879,078(153,777)8,265,1288,616,625
-12,662 -29,94263,035
-8,911,492 -10,426,5859,290,313
616,3745,945,037 -6,561,4116,307,094
-(199) -4,547,9984,391,847
616,37414,868,992021,565,93620,052,289
$2,895,976$15,748,070($153,777)$29,831,064$28,668,914
$21,565,936$20,052,289
88,888,16592,216,203
6,420,1586,902,766
(23,912,574)(24,991,197)
$92,961,685$94,180,061
The accompanying notes are an integral part of these financial statements.
35
CITY OF CHANHASSEN, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
413 Transit
368 2009A G.O. Station
General FundRefunding BondsAssessment Fund
Revenues:
General property taxes$7,000,862$336,800$ -
Tax increment collections - - -
Licenses and permits1,360,939 - -
Intergovernmental298,735856 -
Special assessments -456,912 -
Charges for services513,027 - -
Fines and forfeits126,571 - -
Investment income122,36414,592 -
Contributions and donations25,675 - -
Refunds and reimbursements56,559 - -
Other218,520 - -
Total revenues9,723,252809,1600
Expenditures:
Current:
General government1,874,130 - -
Public safety2,853,830 - -
Public works2,261,882 - -
Parks and recreation1,871,194 - -
Community development434,282 - -
Capital outlay:
General government - - -
Public safety - - -
Public works5,000 - -
Parks and recreation1,395 - -
Debt service:
Principal -190,000 -
Interest and paying agent fees -171,750 -
Bond issuance costs - - -
Developer assistance - - -
Total expenditures9,301,713361,7500
Revenues over (under) expenditures421,539447,4100
Other financing sources (uses):
Bond premium - - -
Bonds issued - - -
Refunding bonds issued - - -
Transfers in -522,647 -
Transfers out(395,759) - -
Sale of capital assets - - -
Total other financing sources (uses)(395,759)522,6470
Net change in fund balance25,780970,0570
Fund balance - January 15,269,618545,036(729,921)
Fund balance - December 31$5,295,398$1,515,093($729,921)
The accompanying notes are an integral part of these financial statements.
36
Statement 4
601 Revolving Other Governmental Intra Activity
Assessment FundFundsEliminations
Totals Governmental Funds
20112010
$256,570$2,165,820$ -$9,760,052$10,141,168
-566,045 -566,045539,523
-20,387 -1,381,3261,331,374
-1,125,934 -1,425,525401,550
651,601133,527 -1,242,040790,426
-282,589 -795,616923,550
- - -126,571123,609
15,454353,131 -505,541222,719
-25,010 -50,68558,016
-60,882 -117,441132,616
-628,003 -846,523213,272
923,625 5,361,328 0 16,817,365 14,877,823
-288,349 -2,162,4792,525,326
-42,814 -2,896,6443,077,038
1,477,1001,040,085 -4,779,0672,739,704
-35,295 -1,906,4891,901,564
-68,634 -502,916698,818
-129,535 -129,535473,753
-52,645 -52,64565,667
1,462,007655,634 -2,122,6413,995,444
-308,129 -309,524490,737
140,000695,000 -1,025,0002,370,000
14,433666,969 -853,152888,843
- - - -46,505
-298,216 -298,216176,643
3,093,540 4,281,305 0 17,038,308 19,450,042
(2,169,915)1,080,023 0 (220,943)(4,572,219)
- - - -35,964
- - - -1,540,000
- - - -3,660,000
3,489,5771,148,742(3,426,376)1,734,5901,105,000
(647,000)(2,383,617)3,426,376 - -
- - - -30,675
2,842,577 (1,234,875)0 1,734,590 6,371,639
672,662 (154,852)0 1,513,647 1,799,420
(56,288)15,023,844 -20,052,28918,252,869
$616,374$14,868,992$0$21,565,936$20,052,289
The accompanying notes are an integral part of these financial statements.
37
CITY OF CHANHASSEN, MINNESOTA
Statement 5
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
20112010
Amounts reported for governmental activities in the
statement of activities (Statement 2) are different because:
Net changes in fund balances - total governmental funds (Statement 4)$1,513,647$1,799,420
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlays differ from depreciation in the current period.(2,679,944)(190,588)
The net effect of various miscellaneous transactions involving capital assets
is to increase (decrease) net assets.(648,094)295,592
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.(1,107,608)1,329,269
The issuance of long-term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of
long-term debt consumes the current financial resources of governmental funds.
Neither transaction, however, has any effect on net assets. This amount is the
net effect of these differences in the treatment of long-term debt and related items.1,025,000(2,830,000)
Other post employment benefits in the statement of activities do not
require the use of current financial resources and, therefore, is not
reported as expenditures in governmental funds.(2,076)(2,660)
Some expenses reported in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds.55,699(50,849)
Change in net assets of governmental activities (Statement 2)($1,843,376)$350,184
The accompanying notes are an integral part of these financial statements.
38
CITY OF CHANHASSEN, MINNESOTA
Statement 6
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
Surface Water
WaterSewerManagementTotals
Assets:20112010
Current assets:
Cash and cash equivalents$3,547,676$3,430,700$661,424$7,639,800$8,626,127
Cash with escrow agent7,223,674 - - 7,223,674 -
Restricted cash2,224,185 - - 2,224,185 -
Accrued interest receivable15,49715,5663,44034,50344,666
Due from other governmental units557 - 3,1963,7532,984
Accounts receivable - net540,632472,509114,5721,127,713993,366
Interfund loan receivable729,253 - - 729,253729,253
Special assessments receivable19,97711,688 - 31,66549,652
Connection charges receivable90,36539,586 - 129,951194,971
Prepaid items1,250651581,95913,551
Water meter inventory25,685 - - 25,68527,226
Total current assets14,418,751 3,970,700 782,690 19,172,141 10,681,796
Noncurrent assets:
Deferred charges146,008 - - 146,008 -
Capital assets:
Land1,370,974145,550480,9111,997,4351,997,435
Easements175,81635,73835,738247,292107,225
Buildings and structures12,445,429 - - 12,445,42912,445,429
Machinery and equipment1,947,495537,42517,9832,502,9032,408,802
Other improvements42,054,95432,138,86424,305,25098,499,06897,448,622
Construction in progress1,243,189421,878337,0582,002,1252,031,729
Total capital assets59,237,857 33,279,455 25,176,940 117,694,252 116,439,242
Less: Allowance for depreciation(22,095,045)(18,507,147)(10,958,768)(51,560,960)(48,416,222)
Net capital assets37,142,81214,772,30814,218,17266,133,29268,023,020
Total assets51,707,57118,743,00815,000,86285,451,44178,704,816
Liabilities:
Current liabilities:
Accounts payable27,64713,7238,08649,45654,103
Due to other governmental units4,17340,140 - 44,31342,574
Salaries payable8,2755,9933,60017,86818,378
Contracts payable6,567 - - 6,56743,087
Accrued interest payable215,0321,356 - 216,388185,715
Compensated absences payable - due within one year2,9052,7361,1376,7786,034
Bonds payable - due within one year674,02670,000 - 744,026700,000
Total current liabilities938,625 133,948 12,823 1,085,396 1,049,891
Noncurrent liabilities:
Compensated absences payable - due in more than one year 50,42747,49319,727117,647111,749
Bonds payable - due in more than one year19,333,313 - - 19,333,31310,255,000
Total noncurrent liabilities19,383,740 47,493 19,727 19,450,960 10,366,749
Total liabilities20,322,365181,44132,55020,536,35611,416,640
Net assets:
Invested in capital assets, net of related debt26,509,65814,702,30814,218,17255,430,13857,028,340
Unrestricted4,875,5483,859,259750,1409,484,94710,259,836
Total net assets$31,385,206$18,561,567$14,968,312$64,915,085$67,288,176
The accompanying notes are an integral part of these financial statements.
39
CITY OF CHANHASSEN, MINNESOTA
Statement 7
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
Surface
Water
WaterSewerManagement
Totals
20112010
Operating revenues:
Charges for services$2,497,737$2,247,765$524,812$5,270,314$5,168,355
Penalties and other113,59049,9129,661173,163160,325
Total operating revenues2,611,327 2,297,677 534,473 5,443,477 5,328,680
Operating expenses:
Personal services564,264347,976221,3191,133,5591,092,104
Materials and supplies259,48651,57724,157335,220344,149
Contractual services:
MCES - 1,519,879 - 1,519,8791,386,052
Other417,669325,255147,684890,608954,936
Repairs and maintenance356,607120,649184477,440461,397
Depreciation1,523,901948,063760,2503,232,2143,197,556
Total operating expenses3,121,927 3,313,399 1,153,594 7,588,920 7,436,194
Operating income (loss)(510,600)(1,015,722)(619,121)(2,145,443)(2,107,514)
Nonoperating revenues (expenses):
Investment income95,47899,73016,499211,707114,349
Intergovernmental9,393 - 3,19612,5892,984
Interest and fiscal charges(460,028)(3,930) - (463,958)(449,487)
Gain (loss) on disposal of capital assets - - (17,815)(17,815) -
Miscellaneous254 - 6,3896,64333,644
Reassignment of capital assets to govtl activities - - (1,706)(1,706)(12,968)
Total nonoperating revenues (expenses)(354,903)95,800 6,563 (252,540)(311,478)
Income before contributions and transfers(865,503)(919,922)(612,558)(2,397,983)(2,418,992)
Transfer out (792,166)(313,010)(629,414)(1,734,590)(1,105,000)
Capital contributions:
Contributions of capital assets489,83682,700125,315697,8512,039,347
Special assessments36,34211,772 - 48,114141,439
Connection charges735,898267,01010,6091,013,5171,005,414
Total contributions and transfers469,91048,472(493,490)24,8922,081,200
Change in net assets(395,593)(871,450)(1,106,048)(2,373,091)(337,792)
Net assets - January 131,780,79919,433,01716,074,36067,288,17667,625,968
et assets - December 31$31,385,206$18,561,567$14,968,312$64,915,085$67,288,176
N
CapitalTransfers -
ContributionsNet
Amounts reported above$1,759,482($1,734,590)
Amounts reported for business-type activities in the
statement of activities are different because:
Transfer in of capital assets from governmental activities(672,827)672,827
Amounts reported on the statement of activities$1,086,655($1,061,763)
The accompanying notes are an integral part of these financial statements.
40
CITY OF CHANHASSEN, MINNESOTA
Statement 8
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
Surface Water
WaterSewerManagementTotals
20112010
Cash flows from operating activities:
Receipts from customers and users$2,511,649$2,281,559$515,153$5,308,361$5,471,002
Payment to suppliers(1,038,546)(2,008,334)(166,042)(3,212,922)(3,210,783)
Payment to employees(561,971)(344,838)(220,618)(1,127,427)(1,098,773)
Miscellaneous revenue9,647 - 9,58519,23236,628
Net cash flows provided by operating activities920,779(71,613)138,078987,2441,198,074
Cash flows from noncapital financing activities:
Transfers out(792,166)(313,010)(629,414)(1,734,590)(1,105,000)
Decrease in due from other funds - - - - 350,369
(Increase) in interfund receivable - - - - (729,253)
Net cash flows provided by (used in)
noncapital financing activities(792,166)(313,010)(629,414)(1,734,590)(1,483,884)
Cash flows from capital and related
financing activities:
Acquisition of capital assets(558,940)(69,455)(72,281)(700,676)(2,019,776)
Connection charges781,971285,95710,6091,078,537929,551
Special assessment revenue50,62515,476 - 66,101158,686
Proceeds from debt9,822,339 - - 9,822,339 -
Principal paid on bonds(635,000)(65,000) - (700,000)(740,000)
Interest and fiscal charges(574,144)(5,149) - (579,293)(461,687)
Net cash flows provided by (used in) capital
and related financing activities8,886,851161,829(61,672)8,987,008(2,133,226)
Cash flows from investing activities:
Investment income99,650100,10122,119221,870151,440
Net (decrease) in cash and cash equivalents9,115,114(122,693)(530,889)8,461,532(2,267,596)
Cash and cash equivalents - January 13,880,4213,553,3931,192,3138,626,12710,893,723
Cash and cash equivalents - December 31$12,995,535 $3,430,700 $661,424 $17,087,659 $8,626,127
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) ($510,600)($1,015,722)($619,121)($2,145,443)($2,107,514)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue (expense)9,647 - 9,58519,23236,628
Depreciation1,523,901948,063760,2503,232,2143,197,556
Changes in assets and liabilities:
Decrease (increase) in receivables(99,678)(16,118)(19,320)(135,116)142,472
Decrease in prepaid items4,7153,9102,96711,592(4,255)
Decrease (increase) in inventory1,541 - - 1,541(7,013)
Increase (decrease) in accounts payable(8,747)8,2543,7173,224(59,800)
Total adjustments1,431,379 944,109 757,199 3,132,687 3,305,588
Net cash provided by operating activities$920,779($71,613)$138,078$987,244$1,198,074
Noncash investing, capital and financing activities:
Capital assets in the amount of $489,836 and $612,076 were contributed to the Water Fund in 2011and 2010, respectively.
Capital assets in the amount of $82,700 and $525,685 were contributed to the Sewer Fund in 2011 and 2010, respectively.
Capital assets in the amount of $123,609 and $888,618 were contributed to the Surface Water Fund in 2011 and 2010, respectively.
The accompanying notes are an integral part of these financial statements.
41
CITY OF CHANHASSEN, MINNESOTA
Statement 9
STATEMENT OF NET ASSETS
FIDUCIARY FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
Agency Funds
20112010
Assets:
Cash and investments$895,645$827,135
Liabilities:
Escrow deposits payable$895,645$827,135
The accompanying notes are an integral part of these financial statements.
42
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Chanhassen, Minnesota (the City) was incorporated in 1967 and operates under the State of
Minnesota Statutory Plan B form of government. The governing body consists of a five member City council
elected by voters of the City.
The financial statements of the City have been prepared in conformity with accounting principles generally
accepted in the United States of America as applied to governmental units by the Governmental Accounting
Standards Board (GASB). The following is a summary of the significant accounting policies.
A.FINANCIAL REPORTING ENTITY
In accordance with GASB pronouncements and accounting principles generally accepted in the United
States of America, the financial statements of the reporting entity should include those of the City (the
City) (the primary government) and its component units. The component unit discussed below is
included in the City’s reporting entity because of the significance of its operational or financial
relationships with the City.
COMPONENT UNITS
In conformity with accounting principles generally accepted in the United States of America, the
financial statements of the component unit have been included in the financial report as a blended
component unit.
Pursuant to the authorization of Minnesota Statutes Section 469.094, on April 28, 1997 the City
transferred to the Economic Development Authority of the City all activities, programs,
operations, and authority of the existing City Housing and Redevelopment Authority (HRA). The
Economic Development Authority (EDA), an entity legally separate from the City, is governed by
a board which is substantially the same as the City Council. The City is in a relationship of
financial benefit or burden with the EDA. Separate financial statements for the EDA are not
prepared.
JOINTLY GOVERNED ORGANIZATIONS
Southwest Area Transit Commission. The City, in conjunction with the Cities of Eden Prairie and
Chaska, has agreed to establish the Southwest Area Transit Commission (the Commission). The
purpose of the Commission is to provide alternative methods of public transit service to the three
cities. The Commission’s board is composed of two commissioners from each of the cities.
. The City is a member of a joint powers
Western Area Fire Training Association (WAFTA)
group along with ten other communities. WAFTA operates a fire training facility in western
Carver County.
43
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The government-wide financial statements (i.e., the statement of net assets and the statement of
changes in net assets) report information on all of the nonfiduciary activities of the primary
government and its component units. Governmental activities, which normally are supported by taxes
and intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
business-type activity, are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or business-type activity. Program revenues include 1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services, or privileges
provided by a given function or business-type activity and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or business-type
activity. Taxes and other items not included among program revenues are reported instead of general
revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government-wide financial statements. Major
individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements.
C.MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT
PRESENTATION
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met. The City’s only fiduciary funds are agency funds. Agency
funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of
operations.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as
they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the City considers all revenues, except reimbursement grants, to be available if they
are collected within 60 days of the end of the current fiscal period. Reimbursement grants are
considered available if they are collected within one year of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
However, debt service expenditures, as well as expenditures related to compensated absences and
claims and judgments, are recorded only when payment is due.
44
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Property taxes, special assessments, intergovernmental revenues, charges for services and interest
associated with the current fiscal period are all considered to be susceptible to accrual and so have
been recognized as revenues of the current fiscal period. Only the portion of special assessments
receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available only when
cash is received by the City.
The City reports the following major governmental funds:
General Fund is the City’s primary operating fund. It accounts for all financial resources of the
general government, except those required to be accounted for in another fund.
2009A General Obligation Improvement Bond Fund (368) accounts for the accumulation of
resources for payment of the general obligation bonds issued to finance utility improvements.
Transit Station Assessment Fund (413) accounts for the interfund loan from the water fund to fund
costs associated with the redevelopment of the Dinner Theater Transit Station in TIF#10, and for
the repayment of the special assessment from Bloomberg Companies to repay those costs.
Revolving Assessment Fund (601) accounts for the City’s annual street re-construction program.
The individual property owner will pay a portion of the cost of the annual project with
assessments and the City will fund their portion with the reserves created in this fund and an
annual tax levy in future years.
The City reports the following major proprietary funds:
The W ater Fund accounts for the water service charges which are used to finance the water
system operating expenses.
The S ewer Fund accounts for the sewer service charges which are used to finance the sanitary
sewer system operating expenses.
The S urface Water Management Fund accounts for the surface water charges which are used to
finance the surface water system operating expenses.
Additionally, the City reports the following fund type:
Agency funds account for the assets of various escrow deposits and the Moon Valley Restoration
Funds held by the City in a trustee capacity or as an agent.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government-wide and proprietary fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent private-
sector guidance for their business-type activities and enterprise funds, subject to this same limitation.
The City has elected not to follow subsequent private-sector guidance.
45
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
As a general rule the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are transactions that would be treated as revenues,
expenditures or expenses if they involved external organizations, such as buying goods and services or
payments in lieu of taxes, are similarly treated when they involve other funds of the City. Elimination
of these charges would distort the direct costs and program revenues reported for the various functions
concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as general
revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary Funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues
of the water, sewer, and surface water management enterprise funds are charges to customers for sales
and services. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting
this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for an allowable use, it is the City’s
policy to use restricted resources first, then unrestricted resources as they are needed.
D.BUDGETS
Budgets are adopted on a basis consistent with accounting principles generally accepted in the United
States of America. Annual appropriated budgets are adopted for the General Fund and for the
Contribution and CATV Special Revenue Funds.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. There were
no budget amendments during 2011. Budgeted expenditure appropriations lapse at year end.
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the appropriation, is not
employed by the City because it is at present not considered necessary to assure effective budgetary
control or to facilitate effective cash management.
E.LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. The City Manager submits to the City Council a proposed operating budget for the fiscal year
commencing the following January 1. The operating budget includes proposed expenditures
and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
46
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
3. The budget is legally enacted through passage of a resolution.
4. Management may authorize transfer of budgeted amounts between departments within any
fund. All budget amendments between funds must be approved by the City Council. The
legal level of budgetary control is at the fund level. Budgetary monitoring, by departments or
divisions and by category, is required by the City policy.
5. Formal budgetary integration is employed as a management control device during the year for
the General Fund and Special Revenue Funds. Formal budgetary integration is not employed
for Debt Service Funds because effective budgetary control is alternatively achieved through
general obligation bond indenture provisions. Budgetary control for Capital Projects Funds is
accomplished through the use of project controls.
During 2011, the CATV Special Revenue Fund had expenditures of $172,233, which exceeded
budgeted expenditures of $92,700 by $79,533.
F.CASH AND INVESTMENTS
Cash and investment balances from all funds are pooled and invested to the extent available in
authorized investments. Investment income is allocated to individual funds on the basis of the fund's
equity in the cash and investment pool.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund shown as interfund receivable in the advancing fund, and an interfund
payable in the fund with the deficit, until adequate resources are received.
Investments are stated at fair value, based upon quoted market prices, except for investments in 2a7-
like external investment pools, which are stated at amortized cost. Investment income is accrued at the
balance sheet date.
For purposes of the statement of cash flows, the Proprietary Funds consider all highly liquid
investments with a maturity of three months or less when purchased to be cash equivalents. All of the
cash and investments allocated to the Proprietary Fund types have original maturities of 90 days or
less. Therefore the entire balance in such fund types is considered cash equivalents.
G.RESTRICTED CASH
Certain funds of the City are classified as restricted cash on the statement of net assets because the
restriction is either imposed by law through constitutional provisions or enabling legislation or
imposed externally by creditors, grantors, contributors, or laws or regulations of other governments.
Therefore, their use is limited by applicable laws and regulations. At December 31, 2011, $2,224,185
of restricted cash is held in the Water Fund to be used for construction of an elevated storage tank.
47
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
H.RECEIVABLES
Property taxes and special assessment receivables have been reported net of estimated uncollectible
accounts (See Note 1 I and J). Because utility bills are considered liens on property, no estimated
uncollectible amounts are established. Uncollectible amounts are not material for other receivables
and have not been reported.
I.PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy/assessment date) of each year for collection in the following year. The County is responsible for
billing and collecting all property taxes for itself, the City, the local School District and other taxing
authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each
calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each
year. These taxes are collected by the County and remitted to the City on or before July 15 and
December 15 of the same year. Delinquent collections for November and December are received the
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes property tax revenue in the period for which taxes were levied. Uncollectible
property taxes are not material and have not been reported.
GOVERNMENT FUND FINANCIAL STATEMENTS
The City recognizes property tax revenue when it becomes both measurable and available to finance
expenditures of the current period. In practice, current and delinquent taxes and State credits received
by the City in July, December and January are recognized as revenue for the current year. Taxes
collected by the County by December 31 (remitted to the City the following January) and taxes and
credits not received at year end are classified as delinquent and due from County taxes receivable. The
portion of delinquent taxes not collected by the City in January are fully offset by deferred revenue
because they are not available to finance current expenditures.
The City's property tax revenue includes payments from the Metropolitan Revenue Distribution (Fiscal
Disparities Formula) per State Statute 473F. This statute provides a means of spreading a portion of
the taxable valuation of commercial/industrial real property to various taxing authorities within the
defined metropolitan area. The valuation "shared" is a portion of commercial/industrial property
valuation growth since 1971.
J.SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
48
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit
sale and the first proceeds of that sale (after costs, penalties and expenses of sale) are remitted to the
City in payment of delinquent special assessments. Generally, the City will collect the full amount of
its special assessments not adjusted by City Council or court action. Pursuant to State Statutes, a
property shall be subject to a tax forfeit sale after three years unless it is homesteaded, agricultural or
seasonal recreational land in which event the property is subject to such sale after five years.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes special assessment revenue in the period that the assessment roll was adopted by
the City Council. Uncollectible special assessments are not material and have not been reported.
GOVERNMENT FUND FINANCIAL STATEMENTS
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments are collected by the County and remitted by December 31 (remitted to the City the
following January) and are also recognized as revenue for the current year. All remaining delinquent,
deferred and special deferred assessments receivable in governmental funds are completely offset by
deferred revenues.
K.INVENTORIES
GOVERNMENTAL FUNDS
The original cost of materials and supplies has been recorded as expenditures at the time of purchase.
These funds do not maintain material amounts of inventories.
PROPRIETARY FUNDS
Inventories of the Proprietary Funds are stated at cost, which approximates market, using the first-in,
first-out (FIFO) method.
L.PREPAID ITEMS
Certain prepayments to vendors reflect costs applicable to future accounting periods and are recorded
as prepaid items in both government-wide and fund financial statements. Prepaid items are reported
using the consumption method and recorded as expenditures/expenses at the time of consumption.
49
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
M.CAPITAL ASSETS
Capital assets, which include property, plant, equipment, infrastructure assets (e.g., roads, trails,
sidewalks, and similar items), and intangible assets such as easements and computer software, are
reported in the applicable governmental or business-type activities columns in the government-wide
financial statements. Capital assets are defined by the City as assets with an initial, individual cost of
more than $5,000 (except for easements which is $10,000) and an estimated useful life in excess of
one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
In the case of the initial capitalization of general infrastructure assets, the City chose to include all
such items regardless of their acquisition date amount. These assets are reported at historical or
estimated historical cost, using the 1987 base highway construction price trend, when historical costs
were unavailable.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of the assets constructed.For the year ended December 31, 2011, no interest was
capitalized in connection with construction in progress.
Capital assets of the City are depreciated/amortized using the straight line method over the following
estimated useful lives:
Buildings and structures 20 – 50 years
Machinery and equipment (including software) 3 – 30 years
Drainage systems 30 years
Water and sewer lines 30 years
Streets 25 – 50 years
Trails 15 years
Sidewalks 25 years
Other improvements 7 – 40 years
Temporary easements 2 years
N.COMPENSATED ABSENCES
The City compensates all employees upon termination for unused vacation and unused sick time up to
a maximum based upon length of service. The City compensates nonexempt employees for unused
comp time. All vacation pay and comp time is accrued when incurred in the government-wide and
proprietary fund financial statements. A liability for these amounts is reported in governmental funds
only if they have matured, for example, as a result of employee resignations and retirements. In
accordance with the provisions of Statement of Government Accounting Standards No. 16, Accounting
for Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick
pay benefits. However, a liability is recognized for that portion of accumulating sick leave benefits
that is vested as severance pay.
50
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The City’s liability for compensated absences at December 31, 2011 is scheduled below:
Vacation$471,469
Severance402,721
Comp time39,530
Total compensated absences$913,720
O.LONG-TERM OBLIGATIONS
In the government-wide financial statements and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business-type activities, or proprietary fund type statement of net assets.
Bond premiums and discounts, as well as issuance costs, if material, are amortized over the life of the
related debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as
well as bond issuance costs, during the current period. The face amount of debt issued is reported as
other financing sources. Premiums received on debt issuances are reported as other financing sources
while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
P.FUND BALANCE CLASSIFICATIONS
In the fund financial statements, governmental funds report fund balance in classifications that disclose
constraints for which amounts in those funds can be spent. These classifications are as follows:
Nonspendable - consists of amounts that are not in spendable form, such as prepaid items.
Restricted - consists of amounts related to externally imposed constraints established by creditors,
grantors or contributors; or constraints imposed by state statutory provisions.
Committed - consists of internally imposed constraints. These constraints are established by
Resolution of City Council, and committed amounts cannot be used for any other purpose unless
the City Council removes or changes the specified use by resolution.
Assigned consistsof internally imposed constraints for the specific purpose of the City’s
intended use. Pursuant to the City’s Fund Balance Policy, the City Manager or Finance Director
are authorized to assign fund balance that reflects the City’s intended use of those funds.
Unassigned – is the residual classification for the general fund and also reflects negative residual
amounts in other funds.
When both restricted and unrestricted resources are available for use, it is the City’s policy to first use
restricted resources, and then use unrestricted resources as they are needed.
51
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
When committed, assigned or unassigned resources are available for use, it is the City’s policy to use
resources in the following order; 1) committed 2) assigned and 3) unassigned. The exception to this is
the Park Dedication Fund (410), where it is the City’s policy to use resources in the following order;
1) assigned, 2) committed, and 3) restricted.
Q.INTERFUND TRANSACTIONS
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. Interfund services provided and used are accounted for as revenues,
expenditures or expenses. Transactions that constitute reimbursements to a fund for
expenditures/expenses initially made from it that are properly applicable to another fund, are recorded
as expenditures/expenses in the reimbursing fund and as reductions of expenditures/expenses in the
fund that is reimbursed.
Short-term interfund loans are classified as “due to/from other funds.” All short-term “due to/from
other funds” at December 31, 2011 are planned to be eliminated in 2012. Long-term interfund loans
are classified as “interfund loan receivable/payable.” Any residual balances outstanding between the
governmental activities and business-type activities are reported in the government-wide financial
statements as “internal balances.” All other interfund transactions are reported as transfers.
R.USE OF ESTIMATES
The preparation of financial statements in accordance with generally accepted accounting principles
(GAAP) requires management to make estimates that affect amounts reported in the financial
statements during the reporting period. Actual results could differ from such estimates.
S.RECLASSIFICATIONS
Certain amounts in the prior year have been reclassified to conform with the current year presentation.
T.COMPARATIVE TOTALS
The basic financial statements and schedules, required supplementary information, and combining and
individual fund financial statements include certain prior-year summarized comparative information in
total but not at the level of detail required for a presentation in conformity with generally accepted
accounting principles. Accordingly, such information should be read in conjunction with the
government’s financial statements for the year ended December 31, 2010, from which the summarized
information was derived.
52
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
U.RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
1. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
BALANCE SHEET AND THE GOVERNMENT-WIDE STATEMENT OF NET ASSETS
The governmental fund balance sheet includes a reconciliation between fund balances – total
governmental funds and net assets governmental activities as reported in the government-wide
statement of net assets. One element of that reconciliation explains that “long-term liabilities,
including bonds payable, are not due and payable in the current period and therefore are not
reported in the funds.” The details of this ($23,912,574) difference are as follows:
Bonds payable($22,770,000)
Accrued interest payable(341,611)
Compensated absences(789,295)
Other post employment benefit payable(11,668)
Net adjustment to decrease fund balances - total governmental
funds to arrive at net assets - governmental activities($23,912,574)
2.EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
AND THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
The government fund statement of revenues, expenditures, and changes in fund balances includes
a reconciliation between net changes in fund balances total governmental funds and changes in
net assets of governmental activities as reported in the government-wide statement of activities.
One element of that reconciliation explains that “governmental funds report capital outlays as
expenditures. However, in the statement of activities the cost of those assets is allocated over
their estimated useful lives and reported as depreciation expense.” The details of this
($2,679,944) difference are as follows:
Capital outlay/construction$2,614,345
Depreciation expense(5,294,289)
Net adjustment to decrease net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities($2,679,944)
53
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Another element of that reconciliation states that “the net effect of various miscellaneous
transactions involving capital assets (i.e., sales, trade-ins and donations) is to increase (decrease)
net assets.” The details of this ($648,094) difference are as follows:
Donation of capital assets increase net assets in the
statement of activities, but do not appear in the governmental
funds because they are not financial resources$181,421
Transfer of capital assets to Enterprise Funds(672,827)
The statement of activities reports losses arising from the
trade-in or disposal of existing assets to acquire new capital
assets. Conversely, governmental funds do not report any
gain or loss on trade-in of capital assets(156,688)
Net adjustment to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities($648,094)
Another element of that reconciliation states that “revenues on the statement of activities that do
not provide current financial resources are not reported as revenues in the funds.” The details of
this ($1,107,608) difference are as follows:
General property taxes deferred revenue:
At December 31, 2010($183,110)
At December 31, 2011272,940
Special assessments deferred revenue:
At December 31, 2010(6,718,800)
At December 31, 20116,147,218
Other 2010 revenue has been deferred because it was not
collected within 60 days from year-end.
At December 31, 2010(625,856)
At December 31, 2011 -
Net adjustment to decrease net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities($1,107,608)
54
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Another element of that reconciliation states that “the issuance of long-term debt (e.g., bonds,
leases) provides current financial resources to governmental funds, while the repayment of the
long-term debt consumes the current financial resources of governmental funds.” Neither
transaction, however, has any effect on net assets. The details of this $1,025,000 difference are as
follows:
Debt issued:
Bonds issued$ -
Principal repayments:
General obligation debt525,000
General obligation improvement bonds 330,000
General obligation tax increment bonds60,000
Public project revenue bonds110,000
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities$1,025,000
Another element of that reconciliation states that “some expenses reported in the statement of
activities do not require the use of current financial resources and therefore are not reported as
expenditures in governmental funds.” The details of this $55,699 difference are as follows:
Compensated absences$40,968
Accrued interest14,731
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities$55,699
Note 2 DEPOSITS AND INVESTMENTS
A. DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks
authorized by the City Council, all of which are members of the Federal Reserve System.
– Custodial credit risk is the risk that in the event of a bank failure, the City’s
Custodial Credit Risk
deposits may not be returned to it. Minnesota Statutes require that insurance, surety bonds or
collateral protect all City deposits. The market value of collateral pledged must equal 110% of
deposits not covered by insurance or bonds. The City has no additional deposit policies addressing
custodial credit risk. As of December 31, 2011, the bank balance of the City’s deposits was covered
by federal depository insurance or covered by collateral pledged and held in the City’s name.
55
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City
Treasurer or in a financial institution other than that furnishing the collateral. Authorized collateral
includes the following:
a)United States government treasury bills, treasury notes, treasury bonds;
b)Issues of United States government agencies and instrumentalities as quoted by a recognized
industry quotation service available to the government entity;
c)General obligation securities of any state or local government with taxing powers which is rated
“A” or better by a national bond rating service, or revenue obligation securities of any state or
local government with taxing powers which is rated “AA” or better by a national bond rating
service;
d)General obligation securities of a local government with taxing powers may be pledged as
collateral against funds deposited by that same local government entity;
e)Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality
accompanied by written evidence that the bank’s public debt is rated “AA” or better by Moody’s
Investors Service, Inc. or Standard & Poor’s Corporation; and
f)Time deposits that are fully insured by any federal agency.
At December 31, 2011, the carrying amount of the City’s deposits with financial institutions was
$13,772,028.
B. INVESTMENTS
Minnesota Statutes authorize the City to invest in the following:
a) Direct obligations or obligations guaranteed by the United States or its agencies, its
instrumentalities, or organizations created by an act of congress, excluding mortgage-backed
securities defined as high risk.
b) Shares of investment companies registered under the Federal Investment Company Act of 1940
and whose only investments are in securities described in (a) above, general obligation tax-exempt
securities, or repurchase or reverse repurchase agreements.
c) State and local securities as follows:
1)any security which is a general obligation of any state or local government with taxing
powers which is rated “A” or better by a national bond rating service;
2)any security which is a revenue obligation of any state or local government with taxing
powers which is rated “AA” or better by a national bond rating service; and
3)a general obligation of the Minnesota Housing Finance Agency which is a moral obligation of
the State of Minnesota and is rated “A” or better by a national bond rating agency.
d) Bankers acceptance of United States banks.
56
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
securities to the Federal Reserve Bank of New York; certain Minnesota securities broker-dealers;
or, a bank qualified as a depositor.
g) General obligation temporary bonds of the same governmental entity issued under section
429.091, subdivision 7; 469.178, subdivision 5; or 475.61, subdivision 6.
As of December 31, 2011, the City had the following investments and maturities:
Investment Maturities (in Years)
FairLess
Investment TypeRatingValueThan 11-56-10
4M FundNR$17,571$17,571$ - $ -
Money Market Mutual FundsNR2,295,1102,295,110 - -
Brokered Certificates of DepositNR5,150,5713,409,750 1,740,821 -
Municipal Bonds(1)9,217,6431,038,850 7,958,813219,980
Federal Home Loan Bank NotesAaa2,049,8011,012,216 1,037,585 -
Federal Home Loan Bank Discount NotesNR1,047,904 1,047,904 - -
Federal Farm Credit Bank NotesAaa973,420973,420 - -
Federal National Mortgage Assn. NotesNR2,496,635 2,496,635 - -
Federal Home Loan Mortgage Corp. NotesNR2,012,9971,008,022 - 1,004,975
City of Chanhassen G.O. BondsAAA1,170,000400,000 770,000 -
Total$26,431,652$10,154,939$15,051,758$1,224,955
(1) $219,981 are rated Aaa, $1,977,534 are rated Aa3 andTotal investments$26,431,652
$7,020,128 are rated Aa2.Deposits13,772,028
Petty cash635
NR - Not Rated Total cash and investments$40,204,315
Classifications above are by maturity date. Some investments listed above have call dates that occur in less than one year.
These amounts are presented in the financial statements as follows:
Cash and investments:
Governmental and business-type (Statement 1)$26,030,979
Fiduciary (Statement 9)895,645
Cash with escrow agent (Statement 1)11,053,506
Restricted cash2,224,185
Total$40,204,315
57
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
C. INVESTMENT RISKS
– For investments in securities, custodial credit risk is the risk that
Custodial credit risk – investments
in the event of failure of the counterparty to a transaction, the City will not be able to recover the value
of its investment securities that are in the possession of an outside party. Investments in investment
pools and money markets are not evidenced by securities that exist in physical or book entry form, and
therefore are not subject to custodial credit risk disclosures. The City’s investment policy requires the
City’s security broker/dealers to provide its audited financial statements, proof of NASD certification,
proof of state registration, and certification of having read, understood and agreed to comply with the
City’s investment policy. Investments in securities are held by the City’s broker-dealer of which
$1,500,000 is insured through SIPC. Each broker-dealer has provided additional protection by
providing additional insurance. This insurance is subject to aggregate limits applied to all of the
broker-dealer’s accounts.
– Interest rate risk is the risk that changes in interest rates of debt investments could
Interest rate risk
adversely affect the fair value of an investment. The City’s investment policy requires the City to
diversify its investment portfolio to eliminate the risk of loss resulting from over concentration of
assets in a specific maturity. The policy also states the City’s investment portfolio will remain
sufficiently liquid to enable the City to meet all operating requirements which might be reasonable,
i.e., not investing in maturities longer than seven years.
Credit Risk – Credit risk is the risk that an issuer or other counterparty to an investment will be unable
to fulfill its obligation to the holder of the investment. State law limits investments to commercial
paper to those rated in the highest quality category by at least two nationally recognized rating
agencies; in any security of the State of Minnesota or any of its municipalities which is rated “A” or
better by a national bond rating service for general obligation and rated “AA” or better for a revenue
obligation; a general obligation of the Minnesota Housing Finance Agency to those rated “A” or better
by a national bond rating agency; mutual funds or money market funds whose investments are
restricted to securities described in MS 118A.04. The City’s investment policy does not place further
restrictions on investment options. The City’s external investment pool investment is with the 4M
fund which is regulated by Minnesota Statutes and the Board of Directors of the League of Minnesota
Cities. The 4M fund is an unrated 2a7-like pool and the fair value of the position in the pool is the
same as the value of pool shares.
– Concentration of credit risk is the risk of loss that may be attributed to
Concentration of credit risk
the magnitude of a government’s investment in a single issuer. The City’s investment policy states
investments shall be diversified by limiting investments to avoid over concentration in securities from
a specific issuer or business sector (excluding U.S. Treasury securities). Investments in a single issuer
exceeding 5% of the City’s overall cash and investment portfolio (excluding cash with escrow agent)
are in various holdings as follows:
Federal Home Loan Bank notes11%
Federal National Mortgage Association notes9%
Federal Home Loan Mortgage Corporation notes7%
58
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 3 RECEIVABLES
Significant receivable balances not expected to be collected within one year of December 31, 2011 are as
follows:
InterfundDelinquent Special
LoanPropertyAssessments
ReceivableTaxesReceivableTotal
Major Funds:
General$ - $91,564$307$91,871
2009A G.O. Refunding - - 3,022,1953,022,195
Transit Station Assessment Fund - - 736,106736,106
Revolving Assessment Fund - - 1,784,4151,784,415
Water646,856 - 79,500726,356
Sewer - - 35,98235,982
Nonmajor Funds - - 78,81278,812
$646,856$91,564$5,737,317$6,475,737
Governmental funds report deferred revenue in connection with receivables for revenues that are not considered
to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition
in connection with resources that have been received, but not yet earned. At the end of the current fiscal year,
the various components of deferred revenue and unearned revenue reported in the governmental funds were as
follows:
Major Funds
2009A
G.O.Transit StationRevolving
General RefundingAssessmentAssessment Nonmajor
FundBondsFundFundFundsTotal
Unavailable:
Delinquent property taxes receivable$272,940$ - $ - $ - $ - $272,940
Special assessments not yet due2,9463,129,450815,5242,087,704111,5946,147,218
Total unavailable revenue275,8863,129,450815,5242,087,704111,5946,420,158
Unearned:
Antenna rental fees received but not yet earned33,091 - - - - 33,091
Donations/rentals received but not yet earned10,799 - - - - 10,799
Total unearned revenue43,890000043,890
Total deferred unavailable/unearned revenue
for governmental funds$319,776$3,129,450$815,524$2,087,704$111,594$6,464,048
59
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 4 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2011 was as follows:
BeginningEnding
Primary Government
BalanceIncreaseDecreaseBalance
Governmental activities:
Capital assets not being depreciated:
Land$18,709,812$276,315$ - $18,986,127
Construction in progress2,256,9401,023,746(1,604,124)1,676,562
Permanent easements358,501192,199 - 550,700
Total capital assets not being depreciated21,325,2531,492,260(1,604,124)21,213,389
Capital assets being depreciated:
Buildings and structures23,481,7252,999(46,782)23,437,942
Machinery and equipment7,149,320508,127(186,283)7,471,164
Other improvements 5,461,022133,066 - 5,594,088
Infrastructure107,574,1301,662,811(503,650)108,733,291
Total capital assets being depreciated143,666,1972,307,003(736,715)145,236,485
Less accumulated depreciation for:
Buildings and structures4,842,470574,486 - 5,416,956
Machinery and equipment4,780,193466,366(145,144)5,101,415
Other improvements 1,972,444229,667 - 2,202,111
Infrastructure61,180,1404,023,770(362,683)64,841,227
Total accumulated depreciation72,775,2475,294,289(507,827)77,561,709
Governmental activities capital assets - net$92,216,203($1,495,026)($1,833,012)$88,888,165
BeginningEnding
Primary Government
BalanceIncreaseDecreaseBalance
Business-type activities:
Capital assets not being depreciated:
Land$1,997,435$ - $ - $1,997,435
Construction in progress2,031,729867,023(896,627)2,002,125
Permanent easements107,225140,067 - 247,292
Total capital assets not being depreciated4,136,3891,007,090(896,627)4,246,852
Capital assets being depreciated:
Buildings and structures12,445,429 - - 12,445,429
Machinery and equipment2,408,802154,845(60,744)2,502,903
Other improvements 97,448,6221,094,994(44,548)98,499,068
Total capital assets being depreciated112,302,8531,249,839(105,292)113,447,400
Less accumulated depreciation for:
Buildings and structures747,409248,918 - 996,327
Machinery and equipment1,337,288137,448(60,743)1,413,993
Other improvements 46,331,5252,845,848(26,733)49,150,640
Total accumulated depreciation48,416,2223,232,214(87,476)51,560,960
Business-type activities capital assets - net68,023,020(975,285)(914,443)66,133,292
Total capital assets - net$160,239,223($2,470,311)($2,747,455)$155,021,457
60
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Depreciation expense was charged to functions/programs of the City as follows:
Governmental activities:
General government$401,635
Public safety152,437
Public works3,696,352
Parks and recreation1,043,865
Total depreciation expense - governmental activities$5,294,289
Business-type activities:
Water$1,523,901
Sewer948,063
Surface water management760,250
Total depreciation expense - business-type activities$3,232,214
61
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 5 CITY INDEBTEDNESS
The City issues general obligation bonds, to provide funds for the acquisition and construction of major capital
facilities. The reporting entity’s long-term debt is segregated between the amounts to be repaid from
governmental activities and amounts to be repaid from business-type activities.
GOVERNMENTAL ACTIVITIES
As of December 31, 2011, the governmental activities long-term debt of the City consisted of the following:
FinalAuthorized
Issue Maturity Interest AndOutstanding
DateDateRateIssued12/31/11
General Long-Term Debt:
General Obligation Bonds:
G.O. Library Bonds, Series 2002A 3/01/028/01/12 1.55% - 4.85%$6,095,000$4,065,000
G.O. Capital Improvement Plan Bonds, Series 2008A11/18/082/01/304.00% - 4.60%7,550,0007,300,000
G.O. Library Refunding Bonds, 2010A1/27/102/01/222.00% - 3.10%3,660,0003,660,000
Total general obligation bonds17,305,00015,025,000
Revenue Bonds:
2000 Public Project Revenue Bonds12/01/002/01/124.75% - 5.35%930,000120,000
Tax Increment Bonds:
G.O. Tax Increment Refunding Bonds, Series 2004C8/10/042/01/213.00% - 6.00%1,170,000840,000
General Improvement Bonds:
G.O. Improvement Refunding Bonds, Series 2009A6/03/092/01/173%6,020,0005,615,000
G.O. Street Reconstruction Bonds, Series 20107/22/106/15/13.65% - 1.2%1,540,0001,170,000
Total improvement bonds7,560,0006,785,000
Compensated absences payableN/A789,295
Total City indebtedness - governmental activities$26,965,000$23,559,295
62
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
BUSINESS-TYPE ACTIVITIES
As of December 31, 2011, the business-type activities long-term debt of the City consisted of the following:
FinalAuthorized
Issue Maturity Interest AndOutstanding
DateDateRateIssued12/31/11
G.O. Revenue Bonds:
Water and Sewer Revenue Bonds, Series 2001A7/15/20012/1/20123.50% - 4.65%$1,645,000$70,000
Water Revenue Bonds, Series 2004B8/10/20042/1/20254.00% - 4.50%7,930,0006,170,000
Water Revenue Bonds, Series 2005B11/16/20052/1/20213.75% - 3.90%5,465,0004,015,000
Water Revenue Bonds, Series 2011A10/6/20112/1/20220.30% - 2.15%5,920,0005,920,000
Water Revenue Refunding Bonds, Series 2011B10/6/20112/1/20252.00% - 3.00%3,720,0003,720,000
Bond premiumN/A182,339
Total G.O. revenue bonds24,680,00020,077,339
Compensated absences payableN/A124,425
Total City indebtedness - business-type activities$24,680,000$20,201,764
GOVERNMENTAL ACTIVITIES
Annual debt service requirements to maturity for the governmental activities long-term debt are as follows:
G.O. Improvement BondsG.O. Tax Increment BondsPublic Project Revenue BondsAll Other G.O. Bonds
Year EndingGovernmental ActivitiesGovernmental ActivitiesGovernmental ActivitiesGovernmental Activities
December 31,PrincipalInterestPrincipalInterestPrincipalInterestPrincipalInterest
2012$595,000$178,115$65,000$44,720$120,000$3,210$4,320,000$586,246
2013970,000164,22070,00041,345 - - 550,000392,123
20143,515,000103,87570,00037,775 - - 605,000375,173
2015550,00042,90075,00034,005 - - 625,000356,848
2016565,00026,17580,00029,895 - - 640,000337,111
2017590,0008,85085,00025,440 - - 670,000315,298
2018 - - 90,00020,580 - - 695,000291,648
2019 - - 95,00015,308 - - 725,000266,964
2020 - - 100,0009,600 - - 755,000241,053
2021 - - 110,0003,300 - - 780,000213,948
2022 - - - - - - 815,000185,370
2023 - - - - - - 405,000162,014
2024 - - - - - - 425,000144,270
2025 - - - - - - 445,000125,454
2026 - - - - - - 465,000105,545
2027 - - - - - - 490,00084,413
2028 - - - - - - 510,00062,035
2029 - - - - - - 540,00038,275
2030 - - - - - - 565,00012,995
Total$6,785,000$524,135$840,000$261,968$120,000$3,210$15,025,000$4,296,783
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
63
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The revenue and street reconstruction bonds issued were sold by the City’s Economic Development Authority
(EDA) to fund the construction of a municipal facility and street reconstruction costs. The City makes lease
payments to the EDA to fund debt service on these issues. The EDA is a blended component unit of the City
and the bond is reported in the governmental activities column on the Statement of Net Assets.
The City has issued General Improvement Bonds to provide funds for various construction projects. In case of
a default by property owners, the City can place a lien on the property in order to recover the default. The
balance payable at December 31, 2011 is $6,785,000.
BUSINESS-TYPE ACTIVITIES
Annual debt service requirements to maturity for the business-type long-term debt are as follows:
G.O. Revenue Bonds
Year EndingBusiness-Type Activities
December 31,PrincipalInterest
2012$730,000$550,300
20134,240,000491,134
20144,575,000405,704
20151,025,000230,763
20161,070,000210,941
20171,095,000188,000
20181,130,000162,133
20191,165,000138,163
20201,185,000114,358
20211,225,00086,063
2022790,00060,631
2023535,00041,925
2024555,00025,575
2025575,0008,625
Total$19,895,000$2,714,315
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
64
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2011 was as follows:
BeginningEnding Due Within
BalanceAdditionsDeletionsBalanceOne Year
Governmental activities:
Bonds payable:
General obligation$15,550,000$ - $525,000$15,025,000$4,320,000
G.O. improvement bonds7,115,000 - 330,0006,785,000595,000
G.O. tax increment bonds900,000 - 60,000840,00065,000
Public project revenue bonds230,000 - 110,000120,000120,000
Total bonds payable23,795,000 - 1,025,00022,770,0005,100,000
Compensated absences830,263513,443554,411789,29542,997
Total governmental activity
long-term liabilities$24,625,263$513,443$1,579,411$23,559,295$5,142,997
Business-type activities:
G.O. revenue bonds $10,955,000$9,640,000$700,000$19,895,000$730,000
Bond premium - 182,339 - 182,33914,026
Compensated absences117,78399,74593,103124,4256,778
Total business-type activity
long-term liabilities$11,072,783$9,922,084$793,103$20,201,764$750,804
For the governmental activities, compensated absences are generally liquidated by the General and Special
Revenue Funds.
All long-term bonded indebtedness outstanding at December 31, 2011 is backed by the full faith and credit of
the City, including special assessment, tax increment and water revenue bond issues. Delinquent assessments
receivable at December 31, 2011 totaled $18,982.
General Obligation Water Revenue Bonds are serviced by the Sewer and Water Enterprise Funds and are
carried as debt of that fund. Other bonds are supported by various Debt Service Funds. All bonds are backed
by the full faith, credit, and taxing power of the City.
CROSSOVER REFUNDINGS
Series 2010A Bonds
On January 27, 2010, the City issued $3,660,000 in General Obligation Library Refunding Bonds, Series
2010A with an average interest rate of 2.74% to advance refund $4,600,000 of outstanding 2002A Series
Bonds with an average interest rate of 4.69%. The net proceeds, along with $250,000 of additional funding,
were used to purchase U.S. government securities in the amount of $3,906,309. Those securities were
deposited in an irrevocable trust with an escrow agent to provide for the interest on the refunding bonds before
the crossover date and called principal on the refunded bonds on August 1, 2012.
65
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The City advance refunded the 2002A General Obligation Library Bonds to reduce its total debt service
payments during the years 2011 through 2022 by $427,859 and to obtain an economic gain (difference between
the present value of the debt service payments on the old and new debt) of $179,745.
The City is responsible for the debt service of the refunded bonds through the crossover date (August 1, 2012)
and the debt service of the refunding bonds after the crossover date. The debt service of the refunding bonds
before the crossover date is payable from the escrow account. Assets held with the escrow agent total
$3,829,832 at December 31, 2011.
The financial statements present each bond issue and the escrow account assets pursuant to GASB No. 7. The
effect on the financial statements is to report greater debt than, in substance, the City will be responsible for
paying.
The Refunding Bonds of 2010A are crossover refunding bonds whereby the City and the escrow agent are
responsible for debt service payments as follows:
Debt Service Commitment
Year EndingRefundedRefundingEscrow
December 31,Bonds TotalBonds TotalAccountCity
2012$4,245,873$99,805$3,879,805$465,873
2013 - 381,955 - 381,955
2014 - 420,805 - 420,805
2015 - 423,680 - 423,680
2016 - 420,543 - 420,543
2017 - 425,830 - 425,830
2018 - 424,880 - 424,880
2019 - 433,480 - 433,480
2020 - 431,630 - 431,630
2021 - 429,480 - 429,480
2022 - 436,665 - 436,665
Total$4,245,873$4,328,753$3,879,805$4,694,821
Series 2011A Bonds
On October 6, 2011, the City issued $5,920,000 in General Obligation Bonds, Series 2011A with an average
interest rate of 1.48%. $3,430,000 of the proceeds will be used to advance refund $3,330,000 of outstanding
2005B Series Bonds with an average interest rate of 3.82%. The net proceeds were used to purchase U.S.
government securities in the amount of $3,379,956. Those securities were deposited in an irrevocable trust
with an escrow agent to provide for the interest on the refunding bonds through the crossover date and called
principal on the refunded bonds on February 1, 2013.
The City advance refunded the 2005B General Obligation Water Revenue Bonds to reduce its total debt service
payments during the years 2012 through 2021 by $264,221 and to obtain an economic gain (difference between
the present value of the debt service payments on the old and new debt) of $245,005.
66
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The City is responsible for the debt service of the refunded bonds through the crossover date (February 1,
2013) and the debt service of the refunding bonds after the crossover date. The debt service of the refunding
bonds before the crossover date is payable from the escrow account. Assets held with the escrow agent total
$3,379,956 at December 31, 2011.
The financial statements present each bond issue and the escrow account assets pursuant to GASB No. 7. The
effect on the financial statements is to report greater debt than, in substance, the City will be responsible for
paying.
The refunding portion of the 2011A bonds are crossover refunding bonds whereby the City and the escrow
agent are responsible for debt service payments as follows:
Debt Service Commitment
Year EndingRefundedRefundingEscrow
December 31,Bonds TotalBonds TotalAccountCity
2012$481,101$34,333$34,333$481,101
20133,749,91041,8983,350,949440,859
2014 - 446,088 - 446,088
2015 - 454,240 - 454,240
2016 - 451,439 - 451,439
2017 - 452,365 - 452,365
2018 - 457,153 - 457,153
2019 - 460,730 - 460,730
2020 - 458,205 - 458,205
2021 - 464,600 - 464,600
Total$4,231,011$3,721,051$3,385,282$4,566,780
Series 2011B Bonds
On October 6, 2011, the City issued $3,720,000 in General Obligation Water Revenue Bonds, Series 2011B
with an average interest rate of 2.90% to advance refund $3,575,000 of outstanding 2004B Series Bonds with
an average interest rate of 4.22%. The net proceeds were used to purchase U.S. government securities in the
amount of $3,843,718. Those securities were deposited in an irrevocable trust with an escrow agent to provide
for the interest on the refunding bonds through the crossover date of August 1, 2014 and called principal on the
refunded bonds (2019 through 2025 maturities) on August 1, 2014.
The City advance refunded the 2019 through 2025 maturities of the 2004B General Obligation Water Revenue
Bonds to reduce its total debt service payments during the years 2012 through 2025 by $259,863 and to obtain
an economic gain (difference between the present value of the debt service payments on the old and new debt)
of $223,262.
The City is responsible for the debt service of the refunded bonds through February 1, 2018 and the debt
service of the refunding bonds beginning February 1, 2015. The debt service of the refunding bonds due prior
to February 1, 2015 is payable from the escrow account. Assets held with the escrow agent total $3,843,718 at
December 31, 2011.
67
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The financial statements present each bond issue and the escrow account assets pursuant to GASB No. 7. The
effect on the financial statements is to report greater debt than, in substance, the City will be responsible for
paying.
The refunding portion of the 2011B bonds are crossover refunding bonds whereby the City and the escrow
agent are responsible for debt service payments as follows:
Debt Service Commitment
Year EndingRefundedRefundingEscrow
December 31,Bonds TotalBonds TotalAccountCity
2012$581,054$86,861$86,861$581,054
2013582,754106,000106,000582,754
20144,158,854106,0003,681,000583,854
2015426,840106,000 - 532,840
2016426,740135,700 - 562,440
2017425,840135,100 - 560,940
2018428,820134,500 - 563,320
2019 - 569,500 - 569,500
2020 - 567,600 - 567,600
2021 - 572,900 - 572,900
2022 - 572,675 - 572,675
2023 - 576,925 - 576,925
2024 - 580,575 - 580,575
2025 - 583,625 - 583,625
Total$7,030,902$4,833,961$3,873,861$7,991,002
68
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
REVENUE PLEDGED
Future revenue pledged for the payment of long-term debt is as follows:
Revenue PledgedCurrent Year
Percent ofDebt serviceRemainingPrincipalPledged
Use ofTotalas a % ofTerm ofPrincipaland InterestRevenue
Bond IssueProceedsTypeDebt Servicenet revenuesPledgeand InterestPaidReceived
2008A CIP bondsPublic Works Facility constructionProperty taxes100%n/a2009 - 2029$10,747,151$566,118$594,000
2010A Library Refunding bondsLibrary constructionProperty taxes100%n/a2012 - 2021$4,328,753$99,805$ -
- refunded the 2002A Library bonds
2004C TIF Refunding bondsDowntown Redevelopment ProjectTax increment100%n/a2004 - 2021$1,101,967$108,175$108,175
2009A Improvement Refunding bondsInfrastructure improvementsSpecial assessments68%n/a2009 -2017$6,121,925$361,750$793,712
- refunded the 2005A & 2006A bondsProperty taxes32%
2010 Street Reconstruction bondsStreet reconstructionProperty taxes100%n/a2010 - 2013$1,187,210$154,433$154,433
2001A Water & Sewer Revenue bondsWater & Sewer infrastructure improvementsSewer usage charges100%3.0%2001 - 2012$71,628$69,718$2,297,677
2011A Water Revenue bondsWater infrastructure improvementsWater usage charges100%0.0%2012 - 2021$6,441,811$ - $ -
- refunded the 2005B bonds
2011B Water Revenue bondsWater infrastructure improvementsWater usage charges100%0.0%2012 - 2024$4,833,961$ - $ -
- refunded the 2004B bonds
Note 6 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General obligation bond issues sold by the City are financed by ad valorem tax levies. Special assessment bond
issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied
against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax
levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County
Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are
subject to cancellation when and if the City has provided alternative sources of financing. The City Council is
required to levy any additional taxes found necessary for full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 2011.
Future scheduled tax levies for all bonds outstanding at December 31, 2011 totaled $17,955,530.
69
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 7 PENSION PLANS
A. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA)
PLAN DESCRIPTION
All full-time and certain part-time employees of the City are covered by defined benefit plans administered
by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the General
Employees Retirement Fund (GERF) and the Public Employees Police and Fire Fund (PEPFF) which are
cost-sharing, multiple-employer retirement plans. These plans are established and administered in
accordance with Minnesota Statute, Chapters 353 and 356.
GERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
covered by Social Security and Basic Plan members are not. All new members must participate in the
Coordinated Plan. All police officers, firefighters and peace officers who qualify for membership by
statute are covered by the PEPFF.
PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
upon death of eligible members. Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a member’s highest average salary for any
five successive years of allowable service, age, and years of credit at termination of service.
The benefit provisions stated in the previous paragraphs of this section are current provisions and
apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not
receiving them yet are bound by the provisions in effect at the time they last terminated their public
service.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for GERF and PEPFF. That report may be obtained on the internet at
www.mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by
calling 651-296-7460 or 1-800-652-9026.
B. FUNDING POLICY
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
statutes are established and amended by the state legislature. The City makes annual contributions to
the pension plans equal to the amount required by state statutes. GERF Basic Plan members and
Coordinated Plan members were required to contribute 9.10% and 6.25%, respectively, of their annual
covered salary in 2011. PEPFF members were required to contribute 9.6% of their annual covered
salary in 2011. The City was required to contribute the following percentages of annual covered
payroll in 2011: 11.78% for Basic Plan GERF members, 7.25% for Coordinated Plan members, and
14.4% for PEPFF members. The City’s contributions to the General Employees Retirement Fund for
the years ending December 31, 2011, 2010 and 2009 were $318,398, $314,239 and $297,106,
respectively. The City’s contributions to the Public Employees Police and Fire Fund for the years
ending December 31, 2011, 2010 and 2009 were $18,058, $18,168 and $17,384, respectively. The
City’s contributions were equal to the contractually required contributions for each year as set by state
statute.
70
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
C. CHANHASSEN FIRE RELIEF ASSOCIATION
PLAN DESCRIPTION
The volunteer firefighters of the City are members of the Chanhassen Fire Department Relief
Association. The Chanhassen Fire Department Relief Association is the administrator of a single
employer defined benefit Public Employee Retirement System (PERS) established to provide benefits
for members of the Chanhassen Fire Department. Plan provisions are established and may be
amended by the Relief Association’s Board of Trustees within the guidelines of the State of Minnesota
statutes.
The Relief Association provides retirement and disability benefits to members, and benefits to
survivors upon death of eligible members. All benefit provisions and the obligation to make
contributions are established and administered in accordance with Minnesota Statutes.
The Relief Association issues a publicly available financial report that includes financial statements
and required supplementary information.
FUNDING POLICY
Minnesota StatutesChapter 69.772 specifies minimum support rates required on an annual basis. The
minimum support rates from the municipality and from State aid are determined as the amount
required to meet the normal cost plus amortizing any existing prior service costs over a ten-year
period. The significant actuarial assumptions used to compute the municipal support are the same as
those used to compute the accrued pension liability. The Relief Association is comprised of
volunteers; therefore, members have no contribution requirements. During the year, the City
recognized as revenue and as an expenditure an on-behalf payment of $108,971 made by the State of
Minnesota for the Relief Association. The City’s annual pension cost for the current year and related
information for the plan is as follows:
Annual pension cost$161,302
Contributions made:
City52,331
State aid108,971
Actuarial valuation date12/31/11
Actuarial cost methodEntry age normal
Amortization methodLevel dollar open
Remaining amortization period:
Normal cost20 years
Prior service cost10 years
Asset valuation methodMarket
Actuarial assumptions:
Investment rate of return5%
Projected salary increasesN/A
Includes inflation atN/A
Cost of living adjustmentsNone
71
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
THREE YEAR TREND INFORMATION
Three-Year Trend Information
AnnualPercentageNet
YearPensionof APCPension
EndingCost (APC)ContributedObligation
12/31/2009$167,720100%$ -
12/31/2010198,506100% -
12/31/2011161,302100% -
REQUIRED SUPPLEMENTARY INFORMATION
Assets in
Excess of/Pension
ActuarialActuarialActuarial(Unfunded)Benefit
ValuationValue ofAccruedAccruedFundedPer Year
DateAssetsLiabilityLiabilityRatioof Service
12/31/2009$2,087,994$2,679,000($591,006)77.9%$5,050
12/31/20102,500,1352,891,806(391,671)86.5%5,050
12/31/2011*****
*2011 information was not yet available.
The Association is comprised of volunteers; therefore, there are no payroll expenditures (i.e., there are
no covered payroll amounts or percentage calculations).
Note 8 OTHER POST-EMPLOYMENT BENEFITS
In 2008, the City prospectively implemented the requirement of a new accounting pronouncement, GASB
Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other than
Pensions.
A.PLAN DESCRIPTION
In addition to providing the pension benefits described in Note 7, the City provides post-employment
health care benefits (as defined in paragraph B) for retired employees through a single-employer
defined benefit plan. The City’s OPEB plan is administered by the City. The authority to provide
these benefits is established in Minnesota Statutes Sections 471.61 Subd. 2a, and 299A.465. The
benefits, benefit levels, employee contributions and employer contributions are governed by the City
and can be amended by the City through its personnel manual and collective bargaining agreements
with employee groups. The Plan is not accounted for as a trust fund, as an irrevocable trust has not
been established to account for the plan. The Plan does not issue a separate report.
72
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
B. BENEFITS PROVIDED
Retirees
The City is required by State Statute to allow retirees to continue participation in the City’s group
health insurance plan if the individual terminates service with the City through service retirement or
disability retirement. Employees who satisfy the rule of 80 or attain age 55 and have completed 10
years of service at termination can immediately commence medical benefits. Retirees may obtain
dependent coverage while the participating retiree is under age 65. Covered spouses may continue
coverage after the retiree’s death. The surviving spouse of an active employee may continue coverage
in the group health insurance plan after the employee’s death.
All health care coverage is provided through the City’s group health insurance plans. The retiree is
required to pay 100% of their premium cost for the City-sponsored group health insurance plan in
which they participate. The premium is a blended rate determined on the entire active and retiree
population. Since the projected claims costs for retirees exceed the blended premium paid by retirees,
the retirees are receiving an implicit rate subsidy (benefit). The coverage levels are the same as those
afforded to active employees. Upon a retiree reaching age 65 years of age, Medicare becomes the
primary insurer and the City’s plan becomes secondary.
C. PARTICIPANTS
As of the actuarial valuation dated December 2011, participants consisted of:
Retirees and beneficiaries currently
purchasing health insurance through the City2
Active employees63
Total65
Participating employers1
D. FUNDING POLICY
The additional cost of using a blended rate for actives and retirees is currently funded on a pay-as-you-
go basis. The City Council may change the funding policy at any time.
73
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
E. ANNUAL OPEB COSTS AND NET OPEB OBLIGATION
The City’s annual other post employment benefit (OPEB) cost is calculated based on the annual
required contribution (ARC) of the employer, an amount actuarially determined in accordance with the
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial
liabilities (or funding excess) over a period not to exceed 30 years. The net OPEB obligation as of
December 31, 2011, was calculated as follows:
Annual required contribution (ARC)$9,383
Interest on net OPEB obligation144
Adjustment to ARC(319)
Annual OPEB cost9,208
Contributions made during the year(4,748)
Actuarial adjustment to beginning net OPEB obligation(2,384)
Increase (decrease) in net OPEB obligation2,076
Net OPEB obligation - beginning of year9,592
Net OPEB obligation - end of year$11,668
For governmental activities, the net OPEB obligation is generally liquidated by the General Fund.
The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net
OPEB obligation for the previous three years was as follows:
Percentage of
Fiscal YearAnnual OPEBEmployer Annual OPEB CostNet OPEB
EndedCostContributionsContributedObligation
December 31, 2009$5,984$2,85547.7%$6,932
December 31, 20105,7203,06053.5%9,592
December 31, 20119,2084,74851.6%11,668
74
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
F. FUNDED STATUS AND FUNDING PROGRESS
The City currently has no assets that have been irrevocably deposited in a trust for future health
benefits, therefore, the actuarial value of assets is zero. The funded status of the plan was as follows:
Unfunded
ActuarialActuarialUAAL as a
ActuarialActuarialAccruedAccruedFundedCoveredPercentage of
ValuationValue of AssetsLiability (AAL)*Liability (UAAL)RatioPayrollCovered Payroll
Date(a)(b)(b-a)(a/b)(c) ( (b-a) / c)
January 1, 2011$0$89,875$89,8750.0%$4,299,4662.1%
*Using the projected unit credit actuarial pay cost method.
G. ACTUARIAL METHODS AND ASSUMPTIONS
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality and the health care cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions (ARC) of the employer
are subject to continual revision as actual results are compared with past expectations and new
estimates are made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to financial statements, presents multi-year trend
information that shows whether the actuarial value of plan assets is increasing or decreasing over time
relative to the actuarial accrued liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employer and plan members) and include the types of benefits provided at the time
of each valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
designed to reduce the effect of short-term volatility in actuarial accrued liabilities and the actuarial
value of assets, consistent with the long-term perspective of the calculations.
In the January 1, 2011 actuarial valuation, the projected unit credit actuarial cost method was used.
The actuarial assumptions included a 2.0% investment rate of return (net of administrative expenses)
and an annual health care cost trend rate of 0% in 2011, 2.62% in 2012, 12% in 2013 and 5% in 2014
and beyond. The actuarial value of assets was $0. The plan’s unfunded actuarial accrued liability is
being amortized using the level percentage of projected payroll method over 30 years on a closed
basis. The remaining amortization period at December 31, 2011 was 26 years.
75
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 9 DUE TO/FROM OTHER FUNDS, INTERFUND LOAN RECEIVABLE/PAYABLE AND
TRANSFERS
Amounts reported as due to/from other funds at December 31, 2011 are as follows:
FundReceivablePayable
Transit Station Assessment Fund$ - $668
Revolving Assessment Fund152,910 -
Other governmental funds867153,109
Total$153,777$153,777
Due to/from other funds are representative of lending/borrowing arrangements to cover deficit cash balances at
the end of the fiscal year. The funds will be repaid as special assessments and project reimbursements from the
State are received.
Amounts reported as interfund receivable/payable at December 31, 2011 are as follows:
FundReceivablePayable
Transit Station Assessment Fund$ - $729,253
Water Fund729,253 -
Total$729,253$729,253
During 2010, the City adopted resolution 2010-16A authorizing an interfund loan for advance of certain costs
in connection with the Transit Station Public Improvement Project. The Transit Station Assessment Fund
borrowed $729,253 from the Water Fund. Repayments, including interest, will be made as funds become
available. There were no repayments in 2011 and $82,397 is expected to be repaid in 2012.
76
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Interfund transfers:
TransfersTransfers
InOut
General Fund$ - $395,759
2009A G.O. Refunding Bonds522,647 -
Revolving Assessment Fund3,489,577647,000
Nonmajor government funds1,148,7422,383,617
Water Fund - 792,166
Sewer Fund - 313,010
Surface Water Management Fund - 629,414
Total$5,160,966$5,160,966
Interfund transfers allow the City to allocate financial resources to the funds that receive benefit from services
provided by another fund. All of the City’s interfund transfers fall under that category. All of the 2011
transfers are considered routine and consistent with previous practices.
Note 10 CONDUIT DEBT
From time to time, the City has issued conduit debt to provide financial assistance to private-sector entities for
the acquisition and construction of facilities deemed to be in the public interest. The bonds are secured by the
property financed and are payable solely from payments received on the underlying mortgage loans. Upon
repayment of the bonds, ownership of the acquired facilities transfers to the private-sector entity served by the
bond issuance. Neither the City, the State, nor any political subdivision thereof is obligated in any manner for
the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying
financial statements.
As of December 31, 2011, the outstanding conduit debt is as follows:
BondsOriginal12/31/11Maturity
Project NameIssuedPrincipalPrincipalDate
Chapel Hill Academy, Series 2005A12/05$1,337,700$859,9342019
St. Hubert Catholic Community, Series 200710/075,942,1404,361,8662027
77
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 11 DEFICIT FUND BALANCES
The City has a deficit fund balance in the following funds at December 31, 2011:
Debt Service Funds:
2004A G.O. Bonds($199)
Capital Project Funds:
Transit Station Assessment Fund(729,921)
Total($730,120)
The deficits will be eliminated through special assessment collections.
Note 12 COMMITMENTS AND CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. The City continues to carry commercial
insurance for risks of loss, including workers compensation, property and general liability and employee
health and accident insurance. There were no significant reductions in insurance from the previous year or
settlements in excess of insurance coverage for any of the past three fiscal years.
B. LITIGATION
Any existing and pending lawsuits, claims and other actions in which the City is a defendant are either
covered by insurance; of an immaterial amount; or, in the judgment of the City’s management, are
remotely recoverable by plaintiffs.
C. WESTERN AREA FIRE TRAINING ACADEMY
A potential claim may be asserted against the City arising out of its membership in the Western Area
Fire Training Academy (WAFTA). WAFTA is a joint powers entity consisting of 11 member cities
that was formed in 1974 to purchase property to be used and operated as a fire training facility. In the
late 1980’s, WAFTA became aware that the site was contaminated. Since that time, WAFTA has been
working with the Minnesota Pollution Control Agency (MPCA) and other responsible parties to
address the contamination issues on the site. At this time, there is not an estimated dollar amount of the
cost to remediate the site nor has a claim been asserted against WAFTA or the City.
D. FEDERAL AND STATE FUNDS
The City receives financial assistance from federal and state governmental agencies in the form of
grants. The disbursement of funds received under these programs generally requires compliance with
the terms and conditions specified in the grant agreements and is subject to audit by the grantor
78
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
agencies. Any disallowed claims resulting from such audits could become a liability of the applicable
fund. However, in the opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements of the individual fund types included herein or on the overall
financial position of the City at December 31, 2011.
E. TAX INCREMENT DISTRICTS
The City’s tax increment districts are subject to review by the State of Minnesota Office of the State
Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the
applicable fund. Management has indicated that they are not aware of any instances of noncompliance
which would have a material effect on the financial statements.
The City has issued several tax increment pay-as-you-go revenue notes. These notes are not a general
obligation of the City and are payable solely from tax increments. Accordingly, these notes are not
reflected in the financial statements of the City. Details of the pay-as-you-go revenue notes are as
follows:
Taxable Tax Increment Revenue Note, Series 2006A (Gateway Place) – issued in 2006 in the principal
sum of $300,000 with an interest rate of 0% per annum. Semi-annual principal payments shall be paid
commencing August 1, 2009 and continuing through February 1, 2016. Payments are payable solely
from available tax increment, which term means 90% of the tax increment that is received by the City
in the six month period immediately before each payment date through February 1, 2014 and 65%
from August 1, 2015 through February 1, 2016. The City shall have no obligation to pay unpaid
balance that may remain after the final payment on February 1, 2016. At December 31, 2011 the
principal amount outstanding on the note was $267,209.
Taxable Tax Increment Revenue Note, Series 2003A (Presbyterian Homes) – issued in 2003 in the
principal sum of $1,060,000 with an interest rate of 0% per annum. Semi-annual principal payments
shall be paid commencing August 1, 2006 and continuing through February 1, 2014. Payments are
payable solely from available tax increment, which term means 90% of the tax increment that is
received by the City in the six month period immediately before each payment date through February
1, 2012 and 50% from August 1, 2012 through February 1, 2014. The City shall have no obligation to
pay unpaid balance that may remain after the final payment on February 1, 2014. At December 31,
2011 the principal amount outstanding on the note was $194,990.
– issued in 1999 in the principal sum of $400,000,
Limited Revenue Tax Increment Note (North Bay)
plus interest on the unpaid principal at the rate of 9% per annum. Payments are payable solely from
available tax increment, which term means any tax increment generated by the minimum
improvements in the years 1999 through 2013, and received during the six month period preceding a
payment date, after first deducting there from. $37,200 was to be retained by the City on each
payment date from August 1, 1999 through February 1, 2008 for special assessments. If there is
insufficient tax increment to meet the obligation regarding the special assessments, such deficiency
shall be deferred and shall be paid, with interest at the rate of 9% per annum, until such deficiency is
eliminated. The City shall have no obligation to pay unpaid balance of principal or accrued interest
that may remain after the final payment on February 1, 2014. At December 31, 2011 the principal
amount outstanding on the note was $228,755.
79
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
F. COMMITTED CONTRACTS
At December 31, 2011, the City had commitments of $2,030,912 for uncompleted construction
contracts.
Note 13 FUND BALANCE
The City adopted the provisions of Governmental Accounting Standards Board Statement No. 54, Fund
Balance Reporting and Governmental Fund Type Definitions for the year ended December 31, 2011. This
standard changed fund balance classifications for governmental fund statements. Definitions for the new
classifications are included in Note 1P.
A.CLASSIFICATIONS
At December 31, 2011, a summary of the governmental fund balance classifications are as follows:
2009A G.O.TransitRevolvingOther
GeneralRefundingStationAssessmentGovernmental
FundBondsAssessmentFundFundsTotal
Nonspendable:
Prepaid items$17,280$ - $ - $ - $12,662$29,942
Restricted for:
Debt service - 1,515,093 - - 5,415,2226,930,315
Park improvements - - - - 2,516,0272,516,027
Tax increment purposes - - - - 812,096812,096
CATV - public education - - - - 116,916116,916
Public safety - fire - - - - 51,23151,231
Total restricted01,515,093008,911,49210,426,585
Assigned for:
Capital improvements - - - 616,3742,866,4773,482,851
Cable communications - - - - 1,365,1621,365,162
Economic development - - - - 1,170,0001,170,000
Debt service reserve - - - - 543,398543,398
Total assigned000616,3745,945,0376,561,411
Unassigned5,278,118 - (729,921) - (199)4,547,998
Total$5,295,398$1,515,093($729,921)$616,374$14,868,992$21,565,936
B.MINIMUM UNASSIGNED FUND BALANCE POLICY
The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
the General Fund. The most significant revenue source of the General Fund is property taxes. This
revenue source is received in two installments during the year – June and December. As such, it is the
City’s goal to begin each fiscal year with sufficient working capital to fund operations between each
semi-annual receipt of property taxes.
80
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
The City’s fund balance policy states the year end General Fund balance shall be sufficient to cover
50% of the property taxes budgeted to be received during the following year. At December 31, 2011,
the fund balance of the General Fund exceeded this level.
Note 14 LEASE REVENUE
The City receives revenue from agreements for the lease of space above its water towers and on City property
to communication companies. The space is used for antennas and other equipment necessary to provide radio
communications. For accounting purposes, the leases are considered operating leases. Lease revenue for the
year ended December 31, 2011 totaled $201,279. Terms of each lease outstanding at year end are as follows:
LesseeTermsCurrent Term
Sprint$21,493 per year with 3% annual increases8/1/11 - 7/31/16
Sprint$22,954 per year with 3% annual increases12/1/05 - 11/30/15
Verizon$1,587 per month through April 2012; $1,825 per month thereafter5/1/07 - 4/30/17
Nextel West Corp.$1,587 per month12/1/07 - 11/30/12
T-Mobile$1,970 per month with 3% annual increases11/1/05 - 10/31/15
T-Mobile$1,913 per month with 3% annual increases8/1/11 - 7/31/16
StoneBridge Wireless5% of gross revenues associated with equipment used on property4/1/06 - 12/31/14
Cingular/AT&T$1,857 per month with 3% annual increases8/1/07 - 7/31/12
Note 15 PRIOR PERIOD ADJUSTMENT
During 2011, City staff discovered franchise fee revenue had been understated in prior years because the fees
were withheld from the City. On the Statement of Activities, a $625,000 adjustment has been recorded to
increase beginning net assets.
81
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
Note 16 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
were not implemented for these financial statements, but may affect the City in future years:
Statement No. 60
Accounting and Financial Reporting for Service Concession Arrangements. The
provisions of this Statement are effective for financial statements for periods beginning after June 15,
2011.
Statement No. 61
The Financial Reporting Entity Omnibus An Amendment of GASB No. 14 and No. 34.
The provisions of this Statement are effective for financial statements for periods beginning after June 15,
2012.
Statement No. 62
Codification of Accounting and Financial Reporting Guidance Contained in Pre-
November 30, 1989 FASB and AICPA Pronouncements. The provisions of this Statement are effective for
financial statements for periods beginning after June 15, 2011.
Statement No. 63
Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources,
and Net Position.The provisions of this Statement are effective for financial statements for periods
beginning after December 15, 2011.
Statement No. 65
Items Previously Reported as Assets and Liabilities.The provisions of this Statement
are effective for financial statements for periods beginning after December 15, 2012.
Statement No. 66
Technical Corrections 2012. The provisions of this Statement are effective for
financial statements for periods beginning after December 15, 2012.
The effect these standards may have on future financial statements is not determinable at this time.
82
REQUIRED SUPPLEMENTARY INFORMATION
83
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 1 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
2010
2011
ActualVariance withActual
Budgeted Amounts
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
General property taxes:
Current$7,208,200$7,208,200$7,104,682($103,518)$7,097,455
Delinquent130,000130,000136,9116,911210,523
Abatement of property taxes - - (240,731)(240,731) -
Total general property taxes7,338,2007,338,2007,000,862(337,338)7,307,978
Licenses and permits:
Licenses - general government3,0003,0005,4002,4004,200
Licenses - public safety125,500125,500129,3333,833119,141
Permits - public safety721,800721,8001,175,064453,264894,539
Permits - public works26,50026,50046,11219,61242,097
Permits - community development7,9007,9005,030(2,870)6,575
Total licenses and permits884,700884,7001,360,939476,2391,066,552
Intergovernmental:
State:
PERA - public safety20,00020,00020,32632620,875
State aid - fire - public safety110,000110,000113,8603,860104,474
Other - general government45,00045,00044,774(226)41,941
State aid - police - public safety90,00090,000109,77519,775110,223
County grant - public works - - 10,00010,000 -
Total intergovernmental265,000265,000298,73533,735277,513
Charges for services:
General government76,60076,60077,05445477,122
Public safety7,0007,0005,861(1,139)7,665
Public works80,00080,00029,094(50,906)96,221
Park and recreation461,400461,400393,572(67,828)405,377
Community development18,00018,0007,446(10,554)10,568
Total charges for services643,000643,000513,027(129,973)596,953
Fines and forfeits:
Public safety131,500131,500126,571(4,929)123,609
Refunds and reimbursements:
General government9,0009,0002,442(6,558)27,785
Public safety9,8009,8003,361(6,439)9,999
Public works15,50015,50038,42722,92726,110
Park and recreation3,7003,70012,3298,62943,522
Total refunds and reimbursements38,00038,00056,55918,559107,416
Miscellaneous:
Investment income100,000100,000122,36422,36437,587
Contributions and donations:
General government3,0003,000600(2,400)10,600
Public safety3,0003,0002,800(200)2,900
Park and recreation19,20019,20022,2753,07521,785
Total contributions and donations25,20025,20025,67547535,285
84
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 2 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
20112010
Budgeted AmountsActualVariance withActual
Revenues:OriginalFinalAmountsFinal BudgetAmounts
Miscellaneous: (continued)
Other:
General government$186,000$186,000$213,078$27,078$208,765
Public safety6,0006,0005,442(558)3,107
Total other192,000192,000218,52026,520211,872
Total miscellaneous317,200317,200366,55949,359284,744
Total revenues9,617,6009,617,6009,723,252105,6529,764,765
Expenditures:
General government:
Legislative:
Current:
Personal services32,30032,30032,597(297)30,976
Contractual services76,00076,00065,04210,95868,798
Total legislative 108,300108,30097,63910,66199,774
Administrative office:
Current:
Personal services404,600404,600389,90214,698391,167
Materials and supplies500500 - 50028
Contractual services60,90060,90075,356(14,456)72,982
Total administrative office466,000466,000465,258742464,177
Finance:
Current:
Personal services233,100233,100229,1243,976227,553
Materials and supplies400400 - 400 -
Contractual services48,10048,10044,7173,38342,466
Total finance281,600281,600273,8417,759270,019
Election:
Current:
Personal services21,50021,500221,49827,890
Materials and supplies2002004,242(4,042)462
Contractual services6,5006,500536,44713,945
Total election28,20028,2004,29723,90342,297
Legal:
Current:
Contractual services142,000142,000147,871(5,871)142,333
Property assessment:
Current:
Contractual services112,100112,100118,943(6,843)111,432
M.I.S.:
Current:
Personal services177,400177,400178,089(689)174,038
Materials and supplies2,4002,4002,2931071,646
Contractual services74,80074,80070,0374,76362,223
Total M.I.S.254,600254,600250,4194,181237,907
85
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 3 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
2010
2011
ActualVariance withActual
Budgeted Amounts
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
General government: (continued)
City hall:
Current:
Personal services$71,500$71,500$71,822($322)$73,105
Materials and supplies42,900$42,90043,703(803)43,417
Contractual services294,000294,000285,3558,645282,917
Total City hall408,400408,400400,8807,520399,439
Library:
Current:
Materials and supplies3,0003,0002,6143863,538
Contractual services124,300124,300112,36811,932110,268
Total library127,300127,300114,98212,318113,806
Total general government1,928,5001,928,5001,874,13054,3701,881,184
Public safety:
Police:
Current:
Personal services79,90079,90075,3394,56178,232
Materials and supplies5,0005,0002,7072,2933,565
Contractual services1,570,0001,570,0001,414,094155,9061,503,628
Total police1,654,9001,654,9001,492,140162,7601,585,425
Fire department:
Current:
Personal services598,200598,200533,89864,302578,402
Materials and supplies45,60045,60050,603(5,003)45,838
Contractual services102,000102,000109,729(7,729)91,817
Total fire department745,800745,800694,23051,570716,057
Code enforcement:
Current:
Personal services586,300586,300582,0014,299584,586
Materials and supplies5,1005,1005,007933,311
Contractual services16,90016,90011,5565,34411,796
Total code enforcement608,300608,300598,5649,736599,693
Animal control:
Current:
Personal services57,60057,60051,2606,34056,482
Materials and supplies4,2004,2005,209(1,009)3,585
Contractual services12,40012,40012,427(27)11,756
Total animal control74,20074,20068,8965,30471,823
Total public safety3,083,2003,083,2002,853,830229,3702,972,998
86
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 4 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
2010
2011
ActualVariance withActual
Budgeted Amounts
Expenditures: (continued)OriginalFinalAmountsFinal BudgetAmounts
Public works:
Engineering:
Current:
Personal services$541,100$541,100$511,981$29,119$504,665
Materials and supplies1,3001,3002441,056413
Contractual services30,60030,60027,0583,54237,894
Total engineering573,000573,000539,28333,717542,972
Street maintenance:
Current:
Personal services662,100662,100656,5865,514641,077
Materials and supplies129,600129,600123,9025,698173,908
Contractual services31,70031,70038,148(6,448)36,584
Total street maintenance 823,400823,400818,6364,764851,569
Street lighting:
Current:
Materials and supplies5,0005,0003,5281,4721,527
Contractual services340,400340,400358,218(17,818)316,051
Total street lighting345,400345,400361,746(16,346)317,578
City garage:
Current:
Personal services265,000265,000260,3424,658257,941
Materials and supplies145,700145,700196,513(50,813)138,269
Contractual services87,30087,30085,3621,93877,778
Capital outlay5,0005,0005,000 - -
Total City garage503,000503,000547,217(44,217)473,988
Total public works2,244,8002,244,8002,266,882(22,082)2,186,107
Parks and recreation:
Parks and recreation commission:
Current:
Materials and supplies100100 - 100 -
Contractual services2,1002,1002,311(211)2,526
Total parks and recreation commission2,2002,2002,311(111)2,526
Parks and recreation administration:
Current:
Personal services128,300128,300128,856(556)127,194
Materials and supplies1,0001,0003,870(2,870)84
Contractual services8,0008,00018,457(10,457)6,862
Total parks and recreation administration137,300137,300151,183(13,883)134,140
Recreation center:
Current:
Personal services222,900222,900199,31223,588199,160
Materials and supplies46,20046,20040,6325,56836,787
Contractual services84,80084,80074,53510,26572,663
Total recreation center353,900353,900314,47939,421308,610
87
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 5 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
2010
2011
ActualVariance withActual
Budgeted Amounts
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
Parks and recreation: (continued)
Senior citizen center:
Current:
Personal services$44,500$44,500$44,605($105)$44,246
Materials and supplies3,5003,5003,2852153,117
Contractual services21,00021,00014,7926,20821,749
Total senior citizen center69,00069,00062,6826,31869,112
Recreation program:
Current:
Personal services172,800172,800168,3264,474162,623
Materials and supplies19,10019,10020,441(1,341)14,410
Contractual services90,10090,10087,7292,37197,300
Total recreation program282,000282,000276,4965,504274,333
Self-supporting programs:
Current:
Personal services30,40030,40031,496(1,096)31,349
Materials and supplies8,6008,6006,4992,1017,501
Contractual services43,00043,00025,65317,34723,015
Total self-supporting programs82,00082,00063,64818,35261,865
Lake Ann Park operations:
Current:
Personal services8,7008,7006,2742,4266,417
Materials and supplies7,5007,5007,3081928,021
Contractual services45,90045,90038,5687,33238,663
Total Lake Ann Park operations62,10062,10052,1509,95053,101
Park maintenance:
Current:
Personal services723,200723,200743,130(19,930)724,389
Materials and supplies82,80082,80098,671(15,871)85,072
Contractual services92,30092,30086,8125,488116,127
Capital outlay - - 1,395(1,395) -
Total park maintenance898,300898,300930,008(31,708)925,588
Downtown maintenance:
Current:
Contractual services - - 2,829(2,829)3,294
Recreation sports:
Current:
Personal services10,50010,5007,5572,94313,110
Materials and supplies7,9007,9008,834(934)7,727
Contractual services1,0001,000412588942
Total recreation sports19,40019,40016,8032,59721,779
Total parks and recreation1,906,2001,906,2001,872,58933,6111,854,348
88
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 6 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
20112010
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
Community development:
Planning commission:
Current:
Materials and supplies$200$200$ - $200$ -
Contractual services4,0004,0003,2417592,929
Total planning commission4,2004,2003,2419592,929
Planning administration:
Current:
Personal services405,100405,100394,94210,158385,269
Materials and supplies70070083617104
Contractual services12,60012,6004,6517,9495,226
Total planning administration418,400418,400399,67618,724390,599
Senior facility commission:
Current:
Personal services22,60022,60022,685(85)22,200
Contractual services9,7009,7008,6801,0208,641
Total senior facility commission32,30032,30031,36593530,841
Total community development454,900454,900434,28220,618424,369
Total expenditures9,617,6009,617,6009,301,713315,8879,319,006
Revenues over expenditures00421,539421,539445,759
Other financing sources (uses):
Transfers out - - (395,759)(395,759)(50,000)
Net change in fund balance$0$025,780$25,780395,759
Fund balance - January 15,269,6184,873,859
Fund balance - December 31$5,295,398$5,269,618
Note A BUDGETARY INFORMATION
The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted in the United
States of America. The legal level of budgetary control is at the department level for the General Fund.
89
CITY OF CHANHASSEN, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS - RETIREE HEALTH PLAN
For The Year Ended December 31, 2011
Unfunded
ActuarialActuarialActuarialUAAL as a
ActuarialValue ofAccruedAccruedFundedCoveredPercentage of
ValuationAssetsLiability (AAL)*Liability (UAAL)RatioPayrollCovered Payroll
Date(a)(b)(b-a)(a/b)(c) ( (b-a) / c)
January 1, 2008$0$52,268$52,2680.0%$4,180,2351.3%
January 1, 2011$0$89,875$89,8750.0%$4,299,4662.1%
*Using the projected unit credit actuarial pay cost method.
Note: the first OPEB actuarial valuation was conducted as of January 1, 2008. There is no data available prior to or since
the first valuation.
90
COMBINING AND INDIVIDUAL NONMAJOR FUND STATEMENTS AND
SCHEDULES
91
NONMAJOR GOVERNMENTAL FUNDS
92
SPECIAL REVENUE FUNDS
The Special Revenue Funds are used to account for the proceeds of specific revenue sources that are
legally restricted to expenditures for specified purposes.
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for the accumulation of resources for, and payment
of, interest, principal and related costs on general long-term debt.
CAPITAL PROJECT FUNDS
The Capital Project Funds account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by Proprietary Funds).
93
CITY OF CHANHASSEN, MINNESOTA
Statement 11
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
Totals
Nonmajor
SpecialDebtCapital
Governmental Funds
RevenueServiceProject20112010
Assets:
Cash and investments$2,026,178$2,114,696$6,747,731$10,888,605$11,086,843
Cash with escrow agent - 3,829,832 - 3,829,8323,879,306
Accrued interest receivable3,8276,19032,53542,55245,453
Due from other governmental units - - 152,910152,910105,962
Accounts receivable - net685,688 - 4,334690,02277,647
Due from other funds - 19966886739,030
Property taxes receivable - 7,88711,13919,02630,375
Special assessments receivable - 111,594 - 111,594239,602
Prepaid items5 - 12,65712,6627,209
Total assets$2,715,698$6,070,398$6,961,974$15,748,070$15,511,427
Liabilities and Fund Balance
Liabilities:
Accounts payable$3,038$184$525,619$528,841$90,462
Due to other governmental units - - 9,6669,666144
Due to other funds - 199152,910153,10938,362
Salaries payable1,586 - - 1,5861,568
Contracts payable7,760 - 66,52274,2824,328
Deferred revenue - 111,594 - 111,594352,719
Total liabilities12,384111,977754,717879,078487,583
Fund balance:
Nonspendable5 - 12,65712,6627,209
Restricted168,1475,415,2223,328,1238,911,4928,745,277
Assigned2,535,162543,3982,866,4775,945,0376,307,094
Unassigned - (199) - (199)(35,736)
Total fund balance2,703,3145,958,4216,207,25714,868,99215,023,844
Total liabilities and fund balance$2,715,698$6,070,398$6,961,974$15,748,070$15,511,427
94
CITY OF CHANHASSEN, MINNESOTA
Statement 12
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
Totals
Nonmajor
Special DebtCapitalGovernmental Funds
RevenueServiceProject20112010
Revenues:
General property taxes$ - $1,215,820$950,000$2,165,820$2,241,895
Tax increment collections - - 566,045566,045539,523
Licenses and permits - - 20,38720,387264,822
Intergovernmental - - 1,125,9341,125,934107,768
Special assessments - 133,400127133,52774,340
Charges for services231,66139,07211,856282,589326,597
Investment income39,39180,567233,173353,131152,988
Contributions and donations25,010 - - 25,01022,731
Refunds and reimbursements - - 60,88260,88225,200
Other625,855 - 2,148628,0031,400
Total revenues921,917 1,468,859 2,970,552 5,361,328 3,757,264
Expenditures:
Current:
General government172,233100116,016288,349340,769
Public safety17,500 - 25,31442,814104,040
Public works - - 1,040,0851,040,085243,704
Parks and recreation - - 35,29535,29547,216
Community development - - 68,63468,634274,449
Capital outlay:
General government - - 129,535129,53547,205
Public safety - - 52,64552,64565,667
Public works - - 655,634655,634497,089
Parks and recreation - - 308,129308,129490,737
Debt service:
Principal - 695,000 - 695,0001,925,000
Interest and paying agent fees - 666,969 - 666,969675,504
Bond issuance costs - - - - 39,655
Developer assistance - - 298,216298,216176,643
Total expenditures189,733 1,362,069 2,729,503 4,281,305 4,927,678
Revenues over (under) expenditures732,184 106,790 241,049 1,080,023 (1,170,414)
Other financing sources (uses):
Bond premium - - - - 35,964
Refunding bonds issued - - - - 3,660,000
Transfers in - 447,361701,3811,148,7424,538,660
Transfers out(154,433) - (2,229,184)(2,383,617)(1,245,077)
Sale of capital assets - - - - 30,675
Total other financing sources (uses)(154,433)447,361 (1,527,803)(1,234,875)7,020,222
Net change in fund balance577,751 554,151 (1,286,754)(154,852)5,849,808
Fund balance - January 12,125,5635,404,2707,494,01115,023,8449,174,036
Fund balance - December 31$2,703,314$5,958,421$6,207,257$14,868,992$15,023,844
95
- This page intentionally left blank -
96
NONMAJOR SPECIAL REVENUE FUNDS
Special Revenue Funds are established to account for taxes and other revenues set aside for a
particular purpose. Revenues are recognized in the accounting period in which they become
available and measurable. Expenditures are recognized in the accounting period in which the
related liability is incurred.
Contribution Fund – This fund accounts for the proceeds that the City receives from
charitable gambling. The City collects 10% of the net proceeds from a pull-tab operation
in the City. By state statute, the fund may only be used for equipment and training for the
City’s fire department.
CATV Fund – Under the terms of the franchise agreement with Triax Cablevision, the City
is to receive 5% of the revenues derived from cable television sales within the City. These
monies are dedicated solely to improving public broadcasting capabilities, studio
improvements, and other capital expenditures improving the overall cable system.
Economic Development Authority – This fund is used to account for all activities of the
Chanhassen Economic Development Authority.
97
CITY OF CHANHASSEN, MINNESOTA
Statement 13
SUBCOMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
201220 Economic
Contribution210 CATV DevelopmentTotal Nonmajor Special
FundFundAuthorityRevenue Funds
20112010
Assets:
Cash and investments$45,240$810,938$1,170,000$2,026,178$2,064,655
Accrued interest receivable2283,599 - 3,8273,478
Accounts receivable - net5,763679,925 - 685,68861,716
Prepaid items -5 - 5396
Total assets$51,231 $1,494,467 $1,170,000 $2,715,698 $2,130,245
Liabilities and Fund Balance
Liabilities:
Accounts payable$ - $3,038$ - $3,038$3,114
Salaries payable - 1,586 - 1,5861,568
Contracts payable - 7,760 - 7,760 -
Total liabilities012,384012,3844,682
Fund balance:
Nonspendable -5 - 5396
Restricted51,231116,916 - 168,147121,137
Assigned - 1,365,1621,170,0002,535,1622,004,030
Total fund balance51,2311,482,0831,170,0002,703,3142,125,563
Total liabilities and fund balance$51,231 $1,494,467 $1,170,000 $2,715,698 $2,130,245
98
CITY OF CHANHASSEN, MINNESOTA
Statement 14
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
201220 Economic
Contribution210 CATV Development
Total Nonmajor Special Revenue
FundFundAuthority
Funds
20112010
Revenues:
Franchise fees$ - $231,661$ - $231,661$231,729
Investment income1,48323,47514,43339,39118,049
Contributions and donations25,010 - - 25,01022,731
Other - 625,855 - 625,855 -
Total revenues26,493880,99114,433921,917272,509
Expenditures:
Current:
Personal services - 86,093 - 86,09389,503
Materials and supplies - 40,382 - 40,38210,046
Contractual services17,50045,758 - 63,25856,625
Total expenditures17,500172,2330189,733156,174
Revenues over expenditures8,993708,75814,433732,184116,335
Other financing sources (uses):
Transfers in - - - - 1,540,000
Transfers out - - (154,433)(154,433)(236,417)
Total other financing sources (uses)00(154,433)(154,433)1,303,583
Net change in fund balance8,993 708,758 (140,000)577,751 1,419,918
Fund balance - January 142,238773,3251,310,0002,125,563705,645
Fund balance - December 31$51,231$1,482,083$1,170,000$2,703,314$2,125,563
99
- This page intentionally left blank -
100
NONMAJOR DEBT SERVICE FUNDS
Debt Service Funds are maintained on the modified accrual basis of accounting for revenues
from taxes and other sources set aside for the payment of the debt obligations of the City.
Principal and interest on the general long-term debt is recognized when due.
General Obligation Bonds – These funds are used to account for the accumulation of resources
for payment of general obligation bonds or other general indebtedness and the interest thereon.
Tax Increment Bonds – These funds are used to account for the accumulation of resources for
payment of tax increment general obligation bonds and the interest thereon.
General Improvement Bonds – These funds are used to account for the accumulation of
resources for payment of principal and interest on general obligation improvement bonds.
Revenue Bonds – These funds are used to account for the bonds issued by the EDA that are
repaid through a lease-purchase agreement with the City.
101
- This page intentionally left blank -
102
CITY OF CHANHASSEN, MINNESOTA
Statement 15
SUBCOMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
352 2000 357/369367 2008A
300Public2002A & G.O. Public
PermanentProject2010A G.O. Works
RevolvingRevenueLibrary360 2004A FacilityTotals Nonmajor Debt
DebtBondsBondsG.O. BondsBondsService Funds
20112010
Assets:
Cash and investments$540,944$134,011$627,712$ - $812,029$2,114,696$1,508,616
Cash with escrow agent - - 3,829,832 - - 3,829,8323,879,306
Accrued interest receivable2,2552381,610 - 2,0876,1905,840
Due from other funds199 - - - - 19938,362
Property taxes receivable - 7973,344 - 3,7467,88711,468
Special assessments receivable55,021 - - 56,573 - 111,594239,232
Total assets$598,419$135,046$4,462,498$56,573$817,862$6,070,398$5,682,824
Liabilities and Fund Balance
Liabilities:
Accounts payable$ - $ - $ - $ - $184$184$2,665
Due to other funds - - - 199 - 19938,362
Deferred revenue55,021 - - 56,573 - 111,594237,527
Total liabilities55,0210056,772184111,977278,554
Fund balance:
Restricted - 135,0464,462,498 - 817,6785,415,2225,046,880
Assigned543,398 - - - - 543,398393,126
Unassigned - - - (199) - (199)(35,736)
Total fund balance543,398135,0464,462,498(199)817,6785,958,4215,404,270
Total liabilities and fund balance$598,419$135,046$4,462,498$56,573$817,862$6,070,398$5,682,824
103
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
352 2000 Public 357/369 2002A
300 Permanent Project Revenue & 2010A G.O.
Revolving DebtBondsLibrary Bonds
Revenues:
General property taxes$ - $126,420$495,400
Specialassessments97863, - -
Specialassessments97863
Charges for services39,072 - -
Investment income13,4371,49060,585
Total revenues150,372127,910555,985
Expenditures:
Current:
General government100 - -
g
Debt service:
Principal -110,000275,000
Interest and paying agent fees -9,739292,937
Bond issuance costs - - -
Total expenditures100119,739567,937
Revenues over (under) expenditures150,2728,171(11,952)
Other financing sources (uses):
Bond premium - - -
Refunding bonds issued - - -
Transfer in - - -
Transfer out - - -
Total other financing sources (uses)000
Net change in fund balance150,2728,171(11,952)
Fund balance - January 1393,126126,8754,474,450
Fund balance - December 31$543,398$135,046$4,462,498
104
Statement 16
362 2004C Taxable 367 2008A G.O.
360 2004A G.O. G.O. T.I. Refunding Public Works Facility
BondsBondsBondsTotals Nonmajor Debt Service Funds
20112010
$ -$ -$594,000$1,215,820$1,217,895
35537, - -133400,52191,
3553713340052191
- - -39,07279,878
- -5,05580,56733,976
35,5370599,0551,468,8591,383,940
- - -10052,420
,
-60,000250,000695,0001,925,000
-48,175316,118666,969675,504
- - - -39,655
0108,175566,1181,362,0692,692,579
35,537(108,175)32,937106,790(1,308,639)
- - - -35,964
- - - -3,660,000
-108,175339,186447,361361,660
- - - -(250,625)
0108,175339,186447,3613,806,999
35,5370372,123554,1512,498,360
(35,736) -445,5555,404,2702,905,910
($199)$0$817,678$5,958,421$5,404,270
105
- This page intentionally left blank -
106
NONMAJOR CAPITAL PROJECT FUNDS
Capital Project Funds are used to account for the construction and financing of large capital
projects. Revenues and expenditures are recognized on the modified accrual basis. Revenues
are recognized in the accounting period in which they become available and measurable.
Expenditures are recognized in the accounting period in which they are incurred.
Most capital projects are singular in purpose and their revenues/expenditures cannot be used
for subsidizing any other operating fund. In each of these cases, bonds or other revenues
received can only be used for these specific activities.
The following Capital Project Funds differ in that several of the expenditure categories
represent recurring types of costs, i.e., personal services, repair and maintenance of utilities,
and/or recurring land improvements.
400 Capital Replacement Fund – Accounts for monies collected from developers for inspection
and administrative services for projects.
– Accounts for park dedication fees as required by the
410 Park Acquisition and Development
City ordinance. These funds are then utilized to finance park and trail improvements identified
in the park and recreation section of the City’s comprehensive plan.
– Accounts for sealcoating costs on local streets.
420 Street Pavement Management
421 Public Works Facility – Accounts for the construction costs of the new public works facility.
461 Gateway Place TIF District, 462 Downtown Transit Station TIF #10, 491 TIF #4
Entertainment, 494 TIF #5 North Bay, and 498 TIF #8 Presbyterian Homes – Accounts for
financing improvements in tax increment financing districts.
600 Special Assessment Projects – Accounts for the construction or projects financed by
special assessments.
602 2006A Special Assessment Bonds – Accounts for the construction costs related to the
MUSA area improvements.
603 Lyman Blvd Improvements – Accounts for the street and utility improvement of Lyman
Blvd.
604 TH101 Improvements – Lyman to Pioneer – Accounts for the street and utility
improvements of TH101 from Lyman Blvd to Pioneer Trail.
107
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
400 Capital 410 Park 420 Street 461 Gateway 462 Downtown
ReplacementAcquisition and PavementPlace TIF Transit Station
FundDevelopmentManagementDistrictTIF #10
Assets:
Cash and investments$2,555,611$2,504,249$486,925$13,449$4,002
Adittiblccruenterest recevae10336,11778,772219,23 -
Adiibl10336118221923
Due from other governmental units - - - - -
Accounts receivable - net4,334 - - - -
Due from other funds668 - - - -
Property taxes receivable4,732 - 1,262 - -
Special assessments receivable - - - - -
Prepaid items12,657 - - - -
Total assets$2,588,338$2,516,027$490,406$13,472$4,002
Liabilities and Fund Balance
Liabilities:
Accounts payable$329,985$ - $2,508$10,827$2,917
Due to other governmental units9,666 - - - -
g
Due to other funds - - - - -
Contracts payable2,428 - 64,094 - -
Deferred revenue - - - - -
Total liabilities342,079066,60210,8272,917
Fund balance:
Nonspendable12,657 - - - -
Restrictedesrce -2516027,, -2645,1085,
Rtitd251602726451085
Assigned2,233,602 - 423,804 - -
Total fund balance2,246,2592,516,027423,8042,6451,085
Total liabilities and fund balance$2,588,338$2,516,027$490,406$13,472$4,002
108
Statement 17
603 Lyman 604 TH101
498 TIF #8 600 Special BlvdImprovements
491 TIF #4 494 TIF #5 PresbyterianAssessmentImprovements- Lyman to Totals Nonmajor Capital
EntertainmentNorth BayHomesProjects06-03PioneerProject Funds
20112010
$472,088$216,337$213,444$78,384$203,242$ - $6,747,731$7,513,572
1979,768157457357574588,5 -32535,5536135,5
199681434883233613
- - - - - 152,910152,910105,962
- - - - - - 4,33415,931
- - - - - - 668668
- 5,145 - - - - 11,13918,907
- - - - - - - 370
- - - - - - 12,6576,813
$474,067$222,163$214,018$78,741$207,830$152,910$6,961,974$7,698,358
$ - $ - $101,882$ - $77,500$ - $525,619$84,683
- - - - - - 9,666144
- - - - - 152,910152,910 -
- - - - - - 66,5224,328
- - - - - - - 115,192
00101,882077,500152,910754,717204,347
- - - - - - 12,6576,813
474067,222163,112136, - - - 3328123,,3577260,,
47406722216311213633281233577260
- - - 78,741130,330 - 2,866,4773,909,938
474,067222,163112,13678,741130,33006,207,2577,494,011
$474,067$222,163$214,018$78,741$207,830$152,910$6,961,974$7,698,358
109
- This page intentionally left blank -
110
CITY OF CHANHASSEN, MINNESOTA
Statement 18
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND
Page 1 of 2
CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
410 Park
400 Capital Acquisition420 Street
ReplacementandPavement421 Public
FundDevelopmentManagementWorks Facility
Revenues:
Generalpropertytaxes$750000,$ --$200000,$ --
Generalpropertytaxes$750000$$200000$
Tax increment collections - - - -
Licenses and permits - 20,387 - -
Intergovernmental - - 100,000 -
Special assessments - - - -
Charges for services - - - -
Investment income69,16573,19212,2297,130
Refunds and reimbursements10,4482,2001,45246,782
,,,,
Other2,148 - - -
Total revenues831,76195,779313,68153,912
Expenditures:
Current:
General government116,016 - - -
Public safety25,314 - - -
Publicworks49116, --369719, --
Publicworks49116369719
Parks and recreation21,86913,426 - -
Community development - - - -
Capital outlay:
General government129,535 - - -
Public safety52,645 - - -
Public works316,831 - 171,8622,998
Parks and recreation6,557301,572 - -
Developer assistance - - - -
Total expenditures717,883314,998541,5812,998
Revenues over (under) expenditures113,878(219,219)(227,900)50,914
Other financing sources (uses):
Transfer in - 647,00054,381 -
Transferoutranser ou - - (319795),(339186),
Tft(319795)(339186)
Sale of capital assets - - - -
Total other financing sources (uses)0647,000(265,414)(339,186)
Net change in fund balance113,878 427,781 (493,314)(288,272)
Fund balance - January 12,132,3812,088,246917,118288,272
Fund balance - December 31$2,246,259$2,516,027$423,804$0
111
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2011
With Comparative Totals For The Year Ended December 31, 2010
461 Gateway 462 Downtown
Place TIF Transit Station 491 TIF #4 494 TIF #5
DistrictTIF #10EntertainmentNorth Bay
Revenues:
Generalpropertytaxes$ --$ --$ --$ --
Generalpropertytaxes$$$$
Tax increment collections24,061 - 227,81087,771
Licenses and permits - - - -
Intergovernmental - - - 7,979
Special assessments - - - -
Charges for services - - - -
Investment income162 - 11,3294,494
Refunds and reimbursements - - - -
Other - - - -
Total revenues24,2230239,139100,244
Expenditures:
Current:
General government - - - -
Public safety - - - -
Publicworks - - - - ----
Publicworks
Parks and recreation - - - -
Community development34,634 - 30,3422,189
Capital outlay:
General government - - - -
Public safety - - - -
Public works - - - -
Parks and recreation - - - -
Developer assistance - - - -
Total expenditures34,634030,3422,189
Revenues over (under) expenditures(10,411)0208,79798,055
Other financing sources (uses):
Transfer in - - - -
Transferoutranser ou - - (108175), -
Tft(108175)
Sale of capital assets - - - -
Total other financing sources (uses)00(108,175)0
Net change in fund balance(10,411)0 100,622 98,055
Fund balance - January 113,0561,085373,445124,108
Fund balance - December 31$2,645$1,085$474,067$222,163
112
Statement 18
Page 2 of 2
602 2006A 604 TH101
498 TIF #8 600 Special Special603 Lyman Blvd Improvements -
PresbyterianAssessmentAssessmentImprovementsLyman to Totals Nonmajor Capital Project
HomesProjectsBonds06-03
PioneerFunds
20112010
$ --$ --$ --$ --$ --$950000,$1024000,,
$$$$$$950000$1024000
226,403 - - - - 566,045539,523
- - - - - 20,387264,822
- - - 755,621262,3341,125,934107,768
- 127 - - - 12722,149
- - - 11,856 - 11,85614,990
3,8032,36915,21434,086 - 233,173100,963
- - - - - 60,88225,200
,,
- - - - - 2,1481,400
230,2062,49615,214801,563262,3342,970,5522,100,815
- - - - - 116,016149,675
- - - - - 25,31486,540
- - - ---413297,207953,1040085,,243704,
4132972079531040085243704
- - - - - 35,29547,216
1,469 - - - - 68,634274,449
- - - - - 129,53547,205
- - - - - 52,64565,667
- - - 163,943 - 655,634497,089
- - - - - 308,129490,737
298,216 - - - - 298,216176,643
299,68500577,240207,9532,729,5032,078,925
(69,479)2,49615,214224,32354,381241,04921,890
- - - - - 701,3812,637,000
- - (522647),(885000),(54381),(2229184),,(758035),
(522647)(885000)(54381)(2229184)(758035)
- - - - - - 30,675
00(522,647)(885,000)(54,381)(1,527,803)1,909,640
(69,479)2,496 (507,433)(660,677)0 (1,286,754)1,931,530
181,61576,245507,433791,007 - 7,494,0115,562,481
$112,136$78,741$0$130,330$0$6,207,257$7,494,011
113
CITY OF CHANHASSEN, MINNESOTA
Statement 19
SPECIAL REVENUE FUND - CONTRIBUTION FUND
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
20112010
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
Investment income$500$500$1,483$983$675
Contributions and donations15,00015,00025,01010,01022,731
Total revenues15,50015,50026,49310,99323,406
Expenditures:
Current:
Contractual services17,50017,50017,500 - 17,500
Revenues over (under) expenditures($2,000)($2,000)8,993$10,9935,906
Fund balance - January 142,23836,332
Fund balance - December 31$51,231$42,238
114
CITY OF CHANHASSEN, MINNESOTA
Statement 20
SPECIAL REVENUE FUND - CATV
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
For The Year Ended December 31, 2011
With Comparative Actual Amounts For The Year Ended December 31, 2010
20112010
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
Franchise fees$200,000$200,000$231,661$31,661$231,729
Investment income8,0008,00023,47515,47510,957
Other - - 625,855625,855 -
Total revenues208,000208,000880,991672,991242,686
Expenditures:
Current:
Personal services88,60088,60086,0932,50789,503
Materials and supplies50050040,382(39,882)10,046
Contractual services3,6003,60045,758(42,158)39,125
Total expenditures92,70092,700172,233(79,533)138,674
Revenues over expenditures$115,300$115,300708,758$593,458104,012
Fund balance - January 1773,325669,313
Fund balance - December 31$1,482,083$773,325
115
- This page intentionally left blank -
116
FIDUCIARY FUNDS
Fiduciary Funds have been established to account for cash or other assets held by the City as a
trustee or agent for others. Revenues are recognized in the accounting period in which they
become available and measurable. Expenditures are recognized in the accounting period in
which the related liability is incurred.
Fiduciary Funds are custodial in nature (assets equal liabilities) and do not involve
measurement of the results of operations.
Escrow Fund – This fund is used to account for various deposits required by the City.
Moon Valley Restoration Fund – This is an escrow fund which will be used to finance
restoration to a gravel pit when it ceases operation.
117
CITY OF CHANHASSEN, MINNESOTA
Statement 21
COMBINING STATEMENT OF NET ASSETS
AGENCY FUNDS
December 31, 2011
With Comparative Totals For December 31, 2010
913 Moon
Valley
815 Escrow Restoration
FundFundTotals
20112010
Assets:
Cash and investments$809,539$86,106$895,645$827,135
Liabilities:
Escrow deposits payable$809,539$86,106$895,645$827,135
118
CITY OF CHANHASSEN, MINNESOTA
Statement 22
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For The Year Ended December 31, 2011
BalanceBalance
01/01/11AdditionsDeletions12/31/11
Escrow Fund
Assets:
Cash and investments$741,408$416,499$348,368$809,539
Liabilities:
Escrow deposits payable$741,408$416,499$348,368$809,539
Moon Valley Restoration Fund
Assets:
Cash and investments$85,727$379$ - $86,106
Liabilities:
Escrow deposits payable$85,727$379$ - $86,106
Totals - All Agency Funds
Assets:
Cash and investments$827,135$416,878$348,368$895,645
Liabilities:
Escrow deposits payable$827,135$416,878$348,368$895,645
119
- This page intentionally left blank -
120
III. STATISTICAL SECTION (UNAUDITED)
121
- This page intentionally left blank -
122
III. STATISTICAL SECTION (UNAUDITED)
This part of the City of Chanhassen, Minnesota’s Comprehensive Annual Financial Report
presents detailed information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about the City of
Chanhassen, Minnesota’s overall financial health.
Contents Pages
Financial Trends
These tables contain trend information to help the reader understand how the 124-132
City’s financial performance and well-being have changed over time.
Revenue Capacity
These tables contain information to help the reader assess the City’s most 134-139
significant local revenue source, the property tax.
Debt Capacity
These tables present information to help the reader assess the affordability of the 140-144
City’s current levels of outstanding debt and the City’s ability to issue additional
debt in the future.
Demographic and Economic
These tables offer demographic and economic indicators to help the reader 145-147
understand the environment within which the City’s financial activities take
place.
Operating Information
These tables contain service and infrastructure data to help the reader understand 148-152
how the information in the City’s financial report relates to the services the City
provides and the activities it performs.
Sources: Unless otherwise noted, the information in these tables is derived from the
comprehensive financial reports for the relevant year.
123
CITY OF CHANHASSEN, MINNESOTA
NET ASSETS BY COMPONENT
(1)
Last Nine Fiscal Years
(Accrual Basis of Accounting)
200320042005
Governmental activities:
Invested in capital assets, net of related debt$76,644,369$77,583,392$72,418,684
Restricted:
Debt service2,565,4865,762,41410,174,502
Park improvements - - -
Tax increment purposes779,619630,5661,049,047
Other purposes - - -
Unrestricted11,477,63810,632,18411,239,658
Total governmental activities net assets$91,467,112$94,608,556$94,881,891
Business-type activities:
Invested in capital assets, net of related debt$46,050,122$38,888,555$37,479,967
Restricted:
Debt service - - -
Tax increment purposes - - -
Unrestricted12,779,70121,908,22423,767,122
Total business-type activities net assets$58,829,823$60,796,779$61,247,089
Primary government:
Invested in capital assets, net of related debt$122,694,491$116,471,947$109,898,651
Restricted:
Debt service2,565,4865,762,41410,174,502
Park improvements - - -
Tax increment purposes779,619630,5661,049,047
Other purposes - - -
Unrestricted24,257,33932,540,40835,006,780
Total primary government net assets$150,296,935$155,405,335$156,128,980
(1)
The City implemented GASB Statement No. 34 for the fiscal year ended December 31, 2003. Therefore, information
for years prior to 2003 is not available.
124
Table 1
200620072008200920102011
$70,216,944$68,982,379$70,611,368$72,106,198$73,272,450$70,866,708
7,687,15511,047,06212,165,6536,461,7809,655,9519,774,727
- - - - 2,088,2462,516,027
1,063,589797,064621,915840,857693,309812,096
- - - - 121,137168,147
16,220,83414,631,16615,171,39114,421,0428,348,9688,823,980
$95,188,522$95,457,671$98,570,327$93,829,877$94,180,061$92,961,685
$47,807,323$52,502,257$55,541,752$55,496,919$57,028,340$55,430,138
- - - - - -
- - - - - -
15,039,02117,292,10613,117,32312,129,04910,259,8369,484,947
$62,846,344$69,794,363$68,659,075$67,625,968$67,288,176$64,915,085
$118,024,267$121,484,636$126,153,120$127,603,117$130,300,790$126,296,846
7,687,15511,047,06212,165,6536,461,7809,655,9519,774,727
- - - - 2,088,2462,516,027
1,063,589797,064621,915840,857693,309812,096
- - - -121,137168,147
31,259,85531,923,27228,288,71426,550,09118,608,80418,308,927
$158,034,866$165,252,034$167,229,402$161,455,845$161,468,237$157,876,770
125
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN NET ASSETS
(1)
Last Nine Fiscal Years
(Accrual Basis of Accounting)
200320042005
Expenses
Governmental activities:
General government$2,201,345$2,338,485$4,518,355
Public safety2,587,0192,618,3072,653,304
Public works5,140,0284,955,5984,915,435
Parks and recreation2,578,5852,674,9542,867,364
Community development891,2532,027,713595,878
Interest on long-term debt1,018,936822,047505,367
Total governmental activities expenses14,417,16615,437,10416,055,703
Business-type activities:
Water1,973,9131,985,9082,656,381
Sewer2,774,2312,686,1462,719,156
Surface water management784,557957,0841,039,721
Total business-type activities expenses5,532,7015,629,1386,415,258
Total primary government expenses$19,949,867$21,066,242$22,470,961
Program revenues
Governmental activities:
Charges for services:
Licenses and permits$1,996,169$1,892,579$2,166,022
Charges for services1,075,631997,1141,196,103
Fines and forfeits43,73261,801104,962
Operating grants and contributions267,126370,090361,093
Capital grants and contributions1,171,5892,633,9165,080,512
Total governmental activities program revenues4,554,2475,955,5008,908,692
Business-type activities:
Charges for services:
Water1,582,6321,656,9111,703,501
Sewer1,633,4401,748,9291,905,206
Surface water management258,132265,090299,445
Operating grants and contributions13,2216,3811,620
Capital grants and contributions1,694,9983,528,2701,961,122
Total business-type activities program revenues5,182,4237,205,5815,870,894
Total primary government program revenues$9,736,670$13,161,081$14,779,586
126
Table 2
Page 1 of 2
200620072008200920102011
$2,380,103$2,439,716$2,469,055$2,597,147$2,898,608$2,565,486
2,851,9263,098,0683,062,9413,158,4653,227,3963,061,122
7,722,4667,010,9816,220,8169,123,1656,308,0238,607,534
2,918,6453,023,0323,025,9873,663,1243,046,7182,921,593
868,7491,052,104704,979628,339879,048799,379
751,964835,059652,0151,031,567880,384838,421
17,493,85317,458,96016,135,79320,201,80717,240,17718,793,535
2,754,2013,112,5753,234,1393,311,1293,443,5833,581,955
3,069,0693,177,3663,072,5883,276,0423,252,5103,317,329
1,317,0891,238,9141,121,1971,093,1651,202,5561,173,115
7,140,3597,528,8557,427,9247,680,3367,898,6498,072,399
$24,634,212$24,987,815$23,563,717$27,882,143$25,138,826$26,865,934
$3,612,021$2,171,558$1,810,545$1,085,754$1,331,374$1,381,326
1,218,8161,132,4481,115,9031,064,1731,189,5601,047,726
162,946145,682124,633122,496123,609126,571
671,674452,798346,023363,540414,654692,428
2,506,8227,464,6973,221,6361,265,2874,175,6551,646,573
8,172,27911,367,1836,618,7403,901,2507,234,8524,894,624
2,111,2302,461,2052,408,3792,689,1702,424,6342,611,327
2,008,3562,186,6222,187,2092,378,1112,365,3582,297,677
424,702452,148479,318512,761538,688534,473
53945,17236,3505,3322,98412,589
2,501,5983,340,5981,527,6241,684,9821,593,2891,086,655
7,046,4258,485,7456,638,8807,270,3566,924,9536,542,721
$15,218,704$19,852,928$13,257,620$11,171,606$14,159,805$11,437,345
127
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN NET ASSETS
(1)
Last Nine Fiscal Years
(Accrual Basis of Accounting)
200320042005
Net (expense) revenue:
Governmental activities($9,862,919)($9,481,604)($7,147,011)
Business-type activities(350,278)1,576,443(544,364)
Total primary government net (expense) revenue(10,213,197)(7,905,161)(7,691,375)
General revenues and other changes in net assets
Governmental activities:
Property taxes8,330,5618,398,7909,451,141
Tax increment collections4,804,0194,623,927675,117
Grants and contributions not restricted to specific programs59,86755,87945,455
Unrestricted investment earnings240,859164,712387,370
Miscellaneous98,812222,64293,792
Gain on sale of capital assets582,333540,64623,795
Transfers(121,355)(96,195)(481,824)
Total governmental activities13,995,09613,910,40110,194,846
Business-type activities:
Unrestricted investment earnings90,738255,510466,750
Miscellaneous -255,27946,100
Transfers121,35596,195481,824
Total business-type activities212,093606,984994,674
Total primary government$14,207,189$14,517,385$11,189,520
Change in net assets:
Governmental activities$4,132,177$4,428,797$3,047,835
Business-type activities(138,185)2,183,427450,310
Total primary government$3,993,992$6,612,224$3,498,145
(1)
The City implemented GASB Statement No. 34 for the fiscal year ended December 31, 2003. Therefore, information
for years prior to 2003 is not available.
128
Table 2
Page 2 of 2
200620072008200920102011
($9,321,574)($6,091,777)($9,517,053)($16,300,557)($10,005,325)($13,898,911)
(93,934)956,890(789,044)(409,980)(973,696)(1,529,678)
(9,415,508)(5,134,887)(10,306,097)(16,710,537)(10,979,021)(15,428,589)
9,165,2789,419,7639,651,7589,921,59810,014,6849,849,882
315,398420,526574,101473,674539,523566,045
28,592189,616108,03927,61245,76728,304
905,9301,397,7461,150,993357,953222,719505,541
34,644 - - - - -
-10,80632,1954,52420,72744,000
(821,637)(5,077,531)1,112,623774,746(487,911)1,061,763
9,628,2056,360,92612,629,70911,560,10710,355,50912,055,535
768,600786,455797,079141,070114,349211,707
102,952127,14322,46410,54933,6446,643
821,6375,077,531(1,112,623)(774,746)487,911(1,061,763)
1,693,1895,991,129(293,080)(623,127)635,904(843,413)
$11,321,394$12,352,055$12,336,629$10,936,980$10,991,413$11,212,122
$306,631$269,149$3,112,656($4,740,450)$350,184($1,843,376)
1,599,2556,948,019(1,082,124)(1,033,107)(337,792)(2,373,091)
$1,905,886$7,217,168$2,030,532($5,773,557)$12,392($4,216,467)
129
CITY OF CHANHASSEN, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Nine Fiscal Years
(Modified Accrual Basis of Accounting)
200320042005
General Fund:
Reserved$17,056$21,003$20,239
Unreserved:
Designated3,328,5303,125,9103,199,800
Undesignated2,571,9493,128,6303,731,023
Nonspendable - - -
Unassigned - - -
Total general fund$5,917,535$6,275,543$6,951,062
All other governmental funds:
Reserved$4,126,973$6,942,810$6,597,316
Unreserved:
Designated:
Special revenue funds567,443533,276489,370
Capital project funds3,638,5923,978,8184,114,820
Undesignated:
Special revenue funds5,948,5381,089,942 -
Debt service funds(3,020,544) -3,403,769
Capital project funds(2,013,776)(893,811)(738,510)
Nonspendable - - -
Restricted - - -
Assigned - - -
Unassigned - - -
Total all other governmental funds$9,247,226$11,651,035$13,866,765
The City implemented GASB Statement No. 54 for the fiscal year ended December 31, 2011.
Information for years prior to 2011 is presented in accordance with fund balance classifications in effect at that time.
130
Table 3
200620072008200920102011
$17,376$13,210$21,173$46,750$55,826$ -
3,279,0503,416,9503,586,7503,690,0003,754,000 -
1,523,8442,061,1261,273,7961,137,1091,459,792 -
- - - - - 17,280
- - - - - 5,278,118
$4,820,270$5,491,286$4,881,719$4,873,859$5,269,618$5,295,398
$5,300,782$7,335,225$6,671,271$2,950,284$5,642,029$ -
431,665548,438525,692668,9922,082,929 -
13,458,6979,934,93618,732,62511,418,0067,487,198 -
25,020 - - - - -
148,784215,298237,721342,877356,724 -
(214,183)(239,434)(11,584)(2,001,149)(786,209) -
- - - - - 12,662
- - - - - 10,426,585
- - - - - 6,561,411
- - - - - (730,120)
$19,150,765$17,794,463$26,155,725$13,379,010$14,782,671$16,270,538
131
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
(1)
Last Nine Fiscal Years
Revenues:200320042005
General property taxes$8,292,083$8,443,464$9,417,527
Tax increment collections4,975,8604,917,923675,798
Licenses and permits1,996,1681,892,5792,166,022
Intergovernmental1,082,5491,013,7041,244,656
Special assessments1,963,4312,262,7311,113,922
Charges for services839,522943,744863,958
Fines and forfeits43,73261,801104,962
Investment income240,859164,712387,370
Contributions and donations9,67524,74971,198
Refunds and reimbursements
Other364,151290,629430,171
Total revenues19,808,03020,016,03616,475,584
Expenditures:
Current:
General government2,072,0512,203,6072,722,171
Public safety2,424,1252,461,4102,547,676
Public works1,958,0921,773,6552,367,652
Parks and recreation1,629,8561,622,1991,658,200
Community development312,446326,134372,938
Capital outlay:
General government - -311,250
Public safety -99,87210,265
Public works3,427,2361,787,7372,334,577
Parks and recreation2,362615,207462,794
Debt service:
Principal 10,700,0007,752,0002,035,000
Interest and paying agent fees1,070,394687,299691,230
Bond issuance costs13,63529,317 -
Developer assistance578,2911,660,088230,353
Other93,95411,046897,523
Total expenditures24,282,44221,029,57116,641,629
Revenues over (under) expenditures(4,474,412)(1,013,535)(166,045)
Other financing sources (uses):
Bond premium - - -
Bonds issued630,0003,240,0002,590,000
Redemption of refunding bonds - - -
Loans issued - -105,419
Transfers in(121,355)(54,242)338,080
Transfers out - - -
Bond discount(3,937)(10,387) -
Sale of capital assets702,596963,29023,795
Total other financing sources (uses)1,207,3044,138,6613,057,294
Net change in fund balance($3,267,108)$3,125,126$2,891,249
Debt service as a percentage of
noncapital expenditures58.4%50.2%22.0%
Debt service as percentage of
total expenditures48.5%40.3%16.4%
(1)
The City implemented GASB Statement No. 34 for the fiscal year ended December 31, 2003. Therefore, information
for years prior to 2003 is not available.
132
Table 4
200620072008200920102011
$9,140,601$9,403,109$9,582,333$9,834,389$10,141,168$9,760,052
$315,398$420,526$574,101473,674539,523566,045
3,727,2972,171,5581,810,5451,085,7541,331,3741,381,326
2,171,5651,148,0342,147,970397,438401,5501,425,525
1,922,9443,922,517623,893540,151790,4261,242,040
899,015738,669841,209950,760923,550795,616
162,946145,682124,633122,496123,609126,571
905,9301,397,7461,150,993357,953222,719505,541
43,94947,42843,41047,20658,01650,685
51,24761,707132,616117,441
279,549404,426238,030170,688213,272846,523
19,569,194 19,799,695 17,188,364 14,042,216 14,877,823 16,817,365
2,090,5652,116,9282,102,5122,070,6982,525,3262,162,479
2,656,9232,924,7512,885,2962,979,0443,077,0382,896,644
4,425,2373,735,9502,786,3975,710,8042,739,7044,779,067
1,877,1091,848,8801,933,3532,487,9851,901,5641,906,489
451,092841,306468,819527,919698,818502,916
98,3966,734233,600143,663473,753129,535
38,593505,21554,28455,15265,66752,645
6,431,5946,693,3874,677,1798,179,3243,995,4442,122,641
377,3671,491,848642,508235,292490,737309,524
1,375,0001,750,0002,689,5522,553,0022,370,0001,025,000
591,614769,212874,848920,529888,843853,152
36,987 - 93,81173,18246,505 -
111,791206,753226,05590,354176,643298,216
300,000 - - - - -
20,862,268 22,890,964 19,668,214 26,026,948 19,450,042 17,038,308
(1,293,074)(3,091,269)(2,479,850)(11,984,732)(4,572,219)(220,943)
- - - 226,99135,964 -
6,640,000 - 7,550,0006,020,0005,200,000 -
(3,560,000) - - (8,387,123) - -
708,0033,014,74424,839 - - -
702,889537,5642,646,0111,324,0151,105,0001,734,590
- (1,163,065) - - - -
(44,610) - - - - -
- 16,74010,69516,27430,675 -
4,446,282 2,405,983 10,231,545 (799,843)6,371,639 1,734,590
$3,153,208($685,286)$7,751,695($12,784,575)$1,799,420$1,513,647
14.8%18.0%26.4%20.5%23.2%13.3%
9.6%11.0%18.6%13.6%17.0%11.0%
133
CITY OF CHANHASSEN, MINNESOTA
TAX CAPACITY VALUE AND ESTIMATED MARKET VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
Fiscal
YearCommercial/Total
EndedResidentialIndustrialAllTax
December 31,PropertyAgriculturalPropertyOtherCapacity
2002$15,094,239$162,649$5,334,174$349,270$20,940,332
200317,032,236133,3005,866,524357,87223,389,932
200419,502,882141,9395,904,892377,53125,927,244
200522,438,051178,5986,054,042388,88529,059,576
200624,904,864229,6516,537,205408,07032,079,790
200727,853,083316,4618,114,703428,20336,712,450
200829,821,326208,7899,135,911435,60339,601,629
200930,741,292190,8449,665,269471,74941,069,154
201030,301,115170,85710,229,329477,66341,178,964
201128,951,885131,7519,778,491511,18539,373,312
Sources: Carver County Taxpayer Services and Hennepin County
134
Table 5
Captured Tax
Capacity onFiscalAdjustedCityEstimatedTax Capacity
Tax IncrementDisparityTax CapacityDirect TaxMarketas a Percent
DistrictContributionValueRateValueof EMV
($3,309,835)$3,362$17,633,85937.82300$1,790,521,3000.98%
(3,789,131)(19,916)19,580,88539.039002,010,114,7000.97%
(3,958,013)17,05621,986,28732.922002,271,332,1000.97%
(619,902)60,35428,500,02828.118002,552,120,2001.12%
(309,211)(929,994)30,840,58526.638002,812,847,1001.10%
(418,018)(955,204)35,339,22823.788003,175,746,5001.11%
(479,494)(1,498,894)37,623,24123.713003,394,928,1001.11%
(473,702)(1,627,749)38,967,70322.993003,501,886,8001.11%
(532,007)(1,861,362)38,785,59525.183003,491,841,8001.11%
(509,863)(1,998,912)36,864,53726.602563,350,141,8001.10%
135
CITY OF CHANHASSEN, MINNESOTA
Table 6
DIRECT AND OVERLAPPING PROPERTY TAX CAPACITY RATES
Last Ten Fiscal Years
CityOverlapping Rates
FiscalDirectSchoolCarver
(1)
YearRateDistrict #112CountyOtherTotal
Tax capacity rates (per $100 of adjusted tax capacity value)
200237.8230029.8080053.336007.31100128.27800
200339.0390038.4380053.137007.40200138.01600
200432.9220037.5240048.443005.84500124.73400
200528.1180033.2990044.107005.56000111.08400
200626.6380032.8080040.836005.30500105.58700
200723.7880035.8310037.802005.13200102.55300
200823.7130035.9700037.563005.54700102.79300
200922.9930035.5050038.033005.45800101.98900
201025.1830035.8400039.509005.63900106.17100
201126.6025640.2355441.751636.02059114.61032
Source: Carver County Taxpayer Services.
(1)
The City Direct Rate is the Urban based rate, not including Market Value levies.
136
CITY OF CHANHASSEN, MINNESOTA
Table 7
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
20112002
Percentage Percentage
Taxableof Total CityTaxableof Total City
CapacityCapacityCapacityCapacity
TaxpayerValueRankValueValueRankValue
Rosemount Inc$433,55211.2%$289,25411.8%
IRET Properties372,87221.0% - - -
Istar Minnesota LLC369,75031.0% - - -
LTF Real Estate VRDN I LLC239,20240.6% - - -
DRF Chanhassen Medical Bldg231,50250.6% - - -
Northern States Power Co216,79260.6%203,47431.2%
LTF Real Estate Company Inc207,82270.6% - - -
Park Avenue Lofts LLC205,65680.5% - - -
Target Corporation T-0862193,25090.5%139,04090.9%
Kraus-Anderson Inc183,900100.5% - - -
TF James - - - 246,404 2 1.5%
Beddor Enterprises/E J Carlson - - - 186,13841.1%
McGlynn Bakeries Inc #366 - - - 179,25051.1%
Hoyt/DTLK LLC - - - 149,948 6 0.9%
Emplast Inc - - - 146,83270.9%
Beddor Enterprises - - - 140,00480.9%
Bloomberg Companies, Inc. - - - 123,654100.8%
Total$2,654,2987.1%$1,803,99811.1%
Total All Property $37,501,865$16,309,043
Source: Carver County Taxpayer Services.
137
- This page intentionally left blank -
138
CITY OF CHANHASSEN, MINNESOTA
Table 8
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
FiscalTaxesCollected Within TheCollections
YearLeviedFiscal Year of the LevyinTotal Collections to Date
EndedFor ThePercentageSubsequentPercentage
December 31,Fiscal YearAmountof LevyYearsAmountof Levy
2002$7,655,916$7,557,37898.7%$47,100$7,604,47899.3%
20038,639,1678,206,00195.0%91,8448,297,84596.0%
20048,639,1678,323,05396.3%127,3698,450,42297.8%
20059,439,7549,124,03096.7%120,9369,244,96697.9%
20069,354,8909,066,59196.9%89,8009,156,39197.9%
20079,575,7789,447,69298.7%112,2589,559,95099.8%
20089,834,9659,555,48997.2%153,4219,708,91098.7%
200910,074,5659,668,71396.0%164,3539,833,06697.6%
201010,213,1909,918,52897.1%(7,239)9,911,28997.0%
201110,267,3909,739,12594.9% - 9,739,12594.9%
Source: City Finance Department
139
CITY OF CHANHASSEN, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Business-Type
Activities
Governmental Activities
GeneralGeneral
FiscalObligationRevenueTax IncrementImprovementOtherG.O. Revenue
YearBondsBondsBondsBondsDebtBonds
2002$11,355,000$930,000$4,915,000$14,175,331$80,000$3,576,100
200311,475,000860,0003,075,0005,890,00040,0003,175,000
200410,710,000785,0001,170,0004,195,000 - 10,600,000
200512,215,000705,0001,170,0003,325,000105,41915,545,000
20068,170,000620,0001,120,0009,210,000813,42214,820,000
20077,315,000530,0001,070,0008,455,0003,828,16613,915,000
200813,905,000435,0001,015,0007,155,0003,375,12512,415,000
200913,045,000335,000960,0006,625,000 - 11,695,000
201015,550,000230,000900,0007,115,000 - 10,955,000
201115,025,000120,000840,0006,785,000 - 19,895,000
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1)The Bonded Debt and Bonded Debt Per Capita are Net of Debt Service Fund Balances. The Definition of "Net
Bonded Debt" in the State of Minnesota would also exclude any Enterprise Fund Debt, Special Assessment
Bonds, Tax Increment Bonds and Revenue Bonds. The "Net Bonded Debt" and "Net Bonded Debt Per Capita"
as defined by the State of Minnesota can be found on Table 11.
(2)Information pertaining to Chanhassen Personal Income is not available, information for Carver County was
included instead.
(a) Information not available
140
Table 9
Bonded Debt
Per Total
Less:PercentageCarver County
Debt Serviceof TaxBonded DebtPersonal
(1)(1)(2)
Bonded DebtIncome
Total DebtFund BalanceCapacityPer Capita
$35,031,431$3,255,095$31,776,336180.20%$1,4201.0%
24,515,0001,089,77223,425,228120.22%9960.7%
27,460,0006,795,40620,664,59481.94%8820.6%
33,065,4199,964,65323,100,76682.82%9680.6%
34,753,4225,411,31829,342,10496.30%1,2280.7%
35,113,1667,623,13827,490,02879.02%1,1300.6%
38,300,1256,972,63031,327,49583.57%1,2800.6%
32,660,0003,256,51029,403,49075.36%1,1900.6%
34,750,0005,949,30628,800,69473.47%1,2550.6%
42,665,0007,473,51435,191,48693.84%1,518(a)
141
CITY OF CHANHASSEN, MINNESOTA
Table 10
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2011
Estimated
EstimatedShare of
DebtPercentageOverlapping
Governmental UnitOutstandingApplicable*Debt
Direct debt:
(1)
City of Chanhassen
$15,025,000100.00%$15,025,000
Overlapping debt:
Eastern Carver County School District184,980,00039.70%73,437,060
Eden Prairie Independent School District69,846,6221.00%698,466
Minnetonka Independent School District141,634,5480.00% -
Carver County25,465,00032.44%8,260,846
Hennepin County723,889,1010.07%506,722
Hennepin Suburban Park District64,252,8980.09%57,828
Hennepin Regulatory Railroad Authority40,128,1610.07%28,090
Metropolitan Council142,956,5250.03%42,887
Subtotal - overlapping debt1,393,152,85583,031,899
Total direct and overlapping debt$1,408,177,855$98,056,899
(1)
Excludes general obligation improvement bonds and revenue bonded indebtedness
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term
debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not
imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
*For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed
property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable
assessed value that is within the City's boundaries and dividing it by each unit's total taxable assessed value.
142
CITY OF CHANHASSEN, MINNESOTA
Table 11
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
Legal Debt Margin Calculation for Fiscal Year 2011
Market value$3,350,141,800
Applicable percentage3%
Debt limit100,504,254
Debt applicable to limit:
Total bonded debt42,665,000
Less:
Special assessment bonds(6,785,000)
Tax increment bonds(840,000)
Revenue bonds(120,000)
Enterprise Fund debt(19,895,000)
Less:
Cash and investments in G.O. Bond Debt Service Fund(1,439,742)
13,585,258
Legal debt margin$86,918,996
Legal Debt Margin Calculation for Fiscal Years 2002 Through 2011
Net DebtLegalAmount of DebtNet Bonded
FiscalDebtApplicable toDebtApplicable toDebt Per
YearPopulationLimitLimitMarginDebt LimitCapita
200222,376$35,810,426$10,679,360$25,131,06629.82%477
200323,52440,202,29410,571,25229,631,04226.30%449
200423,43145,426,6429,385,23236,041,41020.66%401
200523,86451,042,4048,150,62642,891,77815.97%342
200623,88956,256,9426,950,30449,306,63812.35%291
200724,32163,514,9305,844,64857,670,2829.20%240
200824,481101,847,84311,924,43889,923,40511.71%487
200924,699105,056,60411,175,08693,881,51810.64%452
201022,952104,755,25414,521,83190,233,42313.86%633
201123,179100,504,25413,585,25886,918,99613.52%586
143
CITY OF CHANHASSEN, MINNESOTA
Table 12
PLEDGED REVENUE COVERAGE
Last Ten Fiscal Years
Improvement Bonds
Special
FiscalAssessmentDebt Service
YearCollectionsPrincipalInterestCoverage
2002$3,159,778$5,479,750$522,0720.526
20031,963,4315,446,600324,3300.340
20042,262,7313,765,000110,1180.584
20051,113,922870,000139,0591.104
20061,922,944755,000103,8132.239
20073,922,517755,000360,8523.515
2008623,8911,300,000287,7270.393
2009540,1481,220,000142,9630.396
2010790,4221,050,000230,0840.617
20111,242,038330,000185,7332.408
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
144
CITY OF CHANHASSEN, MINNESOTA
Table 13
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Carver CountyCarver County
ChanhassenCarver CountyPersonalPer Capita
FiscalChanhassenUnemploymentUnemploymentIncomePersonal
(1)(2)(2)(3)(3)
PopulationRateRate(Thousands)Income
Year
200222,3763.5%4.0%$3,153,294$41,825
200323,5243.3%4.1%3,286,00742,126
200423,4313.2%3.9%3,562,50244,270
200523,8642.6%3.4%3,878,76546,587
200623,8892.7%3.3%4,165,70948,632
200724,3213.1%4.0%4,583,40052,520
200824,4814.0%5.0%4,884,46554,998
200924,6996.0%7.4%4,661,17451,652
201022,9525.2%6.6%4,945,00354,128
201123,1794.3%5.7%(a)(a)
(1)
Sources:Federal Census Data and Chanhassen Planning Department
(2)
State of Minnesota, Department of Employment and Economic Development
(3)
U.S. Department of Commerce, Bureau of Economic Analysis
(a) Information not available
Note: Information pertaining to Chanhassen Personal Income and Per Capita Personal Income is not available, information
for Carver County was included instead.
145
- This page intentionally left blank -
146
CITY OF CHANHASSEN, MINNESOTA
Table 14
PRINCIPAL EMPLOYERS
(1)
Current Year and Five Years Ago
20112006
Percentage Percentage
of Total Cityof Total City
Employment(2)(2)
EmployerEmployeesRankEmployeesRankEmployment
Rosemount, Inc.1,594128.5%1,200124.4%
Lifetime Fitness899216.1% - - -
Instant Web Companies843315.1%548411.1%
Super Value Headquarters650411.6%900218.3%
RR Donnelley36456.5%32466.6%
General Mills28865.2%600312.2%
Checkpoint Security Systems26574.7% - - -
Chanhassen Dinner Theatres25084.5%30076.1%
Minnesota Landscape Arboretum24394.3%24094.9%
Byerly's195103.5%28085.7%
Entegris - -35057.1%
ABC/Lyman Lumber - -175103.6%
Total5,5914,917
Source: Survey by City Administration and Finance Departments.
(1)
Principal employer information prior to 2006 is not available.
(2)
The statistic for total City employment is not available, therefore the percentage represents the percentage of
the top ten listed.
147
CITY OF CHANHASSEN, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Full-Time Equivalent Employees as of December 31,
Function/Program200220032004
General government121212
Public safety333
Public works242424
Parks and recreation111111
Community development181718
Total686768
Source: City Finance Department
148
Table 15
Full-Time Equivalent Employees as of December 31,
2005200620072008200920102011
12121313131313
3333333
25262626262626
11111111111111
17171616161515
68696969696868
149
CITY OF CHANHASSEN, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Fiscal Year
Function/Program200220032004
Building:
Total permits issued3,5642,7552,651
Total estimated value$91,369,535$99,521,697$97,333,708
Election:
Registered voters11,66513,72315,632
Fire:
Average number of employees444343
General government:
Area of city - square miles23.7823.7823.78
Average number of permanent full-time
employees (excluding fire department)686768
Police:
Average number of employees21111
Number of major crimes1453111,288
Water:
Number of customers6,4056,6086,710
Daily average consumption - gallons2,195,4583,000,0002,718,599
Plant capacity - gallons3,850,0008,900,0008,500,000
Source: Various City departments
150
Table 16
Fiscal Year
2005200620072008200920102011
2,8843,1653,0132,8382,6082,9103,397
$71,357,132$106,223,825$125,865,426$124,885,965$67,811,817$65,046,93382,991,029
15,63215,31915,31916,54416,54415,32615,326
43444445454545
23.7823.7823.7823.7823.7823.7823.78
68696969696868
13131314151515
1,0681,2971,2021,013702647757
6,8726,7526,8047,0397,4277,6207,655
2,571,8433,163,8643,031,4003,200,0003,642,4102,698,5592,257,542
8,650,0008,650,0008,650,0008,650,0008,650,0008,650,0008,650,000
151
CITY OF CHANHASSEN, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Fiscal Year
Function/Program200220032004
Fire:
Number of stations222
Parks and recreation:
Acres of parks350350375
Acres of open space300300300
Number of shelter buildings223
Number of playgrounds222325
Number of swimming beaches344
Number of tennis courts7617
Police:
Number of stations111
Public works:
Miles of streets92.694.395.7
Miles of sidewalks19.419.621.0
Miles of trails38.141.242.0
Sewer:
Miles of storm sewers57.359.661.0
Miles of sanitary sewers110.1113.0115.1
Number of lift stations293030
Water:
Miles of watermains113.3116.7120.1
Number of wells877
Source: Various City departments
152
Table 17
Fiscal Year
2005200620072008200920102011
2222222
375375383383383396396
365365434434434434489
3333444
25252626262626
4466655
17171717171715
1111111
102.5103.8106.2107.0110.9111.9112.0
24.725.526.928.431.131.931.9
42.043.047.253.053.653.656.1
62.764.266.267.169.571.074.5
115.4116.9119.6120.8123.0123.6123.7
30313131313131
120.8123.4126.0129.6135.1136.8137.8
8101112121212
153
- This page intentionally left blank -
154
IV. OTHER INFORMATION (UNAUDITED)
155
CITY OF CHANHASSEN, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 2011
Final
InterestIssueMaturity
Bonded indebtedness:RatesDateDate
General obligation bonds:
G.O. Library Bonds, Series 2002A1.55%-4.85%03/01/0208/01/12
G.O. Capital Improvement Plan Bonds, Series 2008A4.00%-4.60%11/18/0802/01/30
G.O. Library Refunding Bonds, Series 2010A2.00%-3.10%01/27/1002/01/22
Total general obligation bonds
Revenue bonds:
2000 Public Project Revenue Bonds4.75%-5.35%12/01/0002/01/12
Tax increment bonds:
G.O. Tax Increment Refunding Bonds, Series 2004C3.00%-6.00%08/10/0402/01/21
General improvement bonds:
G.O. Improvement Bonds, Series 2009A3%06/03/0902/01/17
G.O. Street Reconstruction, Series 20100.65%-1.20%07/22/1006/15/13
Total general improvement bonds
Enterprise Fund debt:
G.O. Sewer and Water Revenue Bonds 2001, Series A3.50%-4.65%07/15/0102/01/12
GOWaterRevenueBondsof2004,SeriesB..,400%.--450%.08/10/0402/01/25
GOWaterRevenueBondsof2004SeriesB400%450%08/10/0402/01/25
G.O. Water Revenue Bonds of 2005, Series B3.75%-3.90%11/16/0502/01/21
G.O. Water Revenue Bonds of 2011, Series A0.30%-2.15%10/06/1102/01/22
G.O. Water Revenue Refunding Bonds of 2011, Series B2.00%-3.00%10/06/1102/01/25
Total Enterprise Fund debt
Total bonded indebtedness
Other debt:
Compensated absences payable
Total City indebtedness
156
Exhibit 1
Prior YearsPayable2011PayablePrincipal
OriginalJanuary 1,December 31,Due in
IssuePayments2011IssuedPayments20112012
$6,095,000$1,755,000$4,340,000$ - $275,000$4,065,000$4,065,000
7,550,000 - 7,550,000 - 250,0007,300,000255,000
3,660,000 - 3,660,000 - - 3,660,000 -
17,305,0001,755,00015,550,0000525,00015,025,0004,320,000
930,000700,000230,000 - 110,000120,000120,000
1,170,000270,000900,000 - 60,000840,00065,000
6,020,000215,0005,805,000 - 190,0005,615,000195,000
1,540,000 - 1,310,000 - 140,0001,170,000400,000
7,560,000215,0007,115,0000330,0006,785,000595,000
1,645,0001,510,000135,000 - 65,00070,00070,000
7,930,000,,1,445,000,,6,485,000,, --315,000,6,170,000,,325,000,
7930000144500064850003150006170000325000
5,465,0001,130,0004,335,000 - 320,0004,015,000335,000
- (5,920,000) - 5,920,000 - 5,920,000 -
- (3,720,000) - 3,720,000 - 3,720,000 -
15,040,000(5,555,000)10,955,0009,640,000700,00019,895,000730,000
43,545,000(2,615,000)36,060,0009,640,0001,865,00043,835,0006,230,000
- - 948,046613,188647,514913,720 -
$43,545,000($2,615,000)$37,008,046$10,253,188$2,512,514$44,748,720$6,230,000
157
CITY OF CHANHASSEN, MINNESOTA
Exhibit 2
DEBT SERVICE PAYMENTS TO MATURITY
GENERAL OBLIGATION BONDS
December 31, 2011
G.O. Tax
2000IncrementG.O. LibraryG.O. Capital
Public ProjectG.O. LibraryRefundingRefundingImprovement
RevenueBonds,Bonds,BondsPlan Bonds,
BondSeries 2002ASeries 2004CSeries 2010ASeries 2008ATotal
Bonds payable$120,000$4,065,000$840,000$3,660,000$7,300,000$15,985,000
Future interest payable3,210180,873261,968668,7533,447,1514,561,955
$123,210$4,245,873$1,101,968$4,328,753$10,747,151$20,546,955
Payments to maturity:
2012$123,210$4,245,873$109,720$99,805$560,568$5,139,176
2013 - - 111,345381,955560,1671,053,467
2014 - - 107,775420,805559,3681,087,948
2015 - - 109,005423,680558,1671,090,852
2016 - - 109,895420,543556,5681,087,006
2017 - - 110,440425,830559,4671,095,737
2018 - - 110,580424,880561,7681,097,228
2019 - - 110,308433,480558,4841,102,272
2020 - - 109,600431,630564,4231,105,653
2021 - - 113,300429,480564,4671,107,247
2022 - - - 436,665563,7051,000,370
2023 - - - - 567,013567,013
2024 - - - - 569,270569,270
2025 - - - - 570,454570,454
2026 - - - - 570,545570,545
2027 - - - - 574,412574,412
2028 - - - - 572,035572,035
2029 - - - - 578,275578,275
2030 - - - - 577,995577,995
$123,2104,245,873$1,101,968$4,328,753$10,747,151$20,546,955
158
CITY OF CHANHASSEN, MINNESOTA
Exhibit 3
DEBT SERVICE PAYMENTS TO MATURITY
GENERAL OBLIGATION IMPROVEMENT BONDS
December 31, 2011
G.O.
G.O. StreetImprovement
ReconstructionBonds,
Series 2010Series 2009ATotal
Bonds payable$1,170,000$5,615,000$6,785,000
Future interest payable17,210506,925524,135
$1,187,210$6,121,925$7,309,135
Payments to maturity:
2012$412,590$360,525$773,115
2013774,620359,6001,134,220
2014 -3,618,8753,618,875
2015 -592,900592,900
2016 -591,175591,175
2017 -598,850598,850
$1,187,210$6,121,925$7,309,135
159
CITY OF CHANHASSEN, MINNESOTA
Exhibit 4
DEBT SERVICE PAYMENTS TO MATURITY
REVENUE BONDS
December 31, 2011
G.O.
Sewer &
WaterG.O. WaterG.O. WaterG.O. WaterG.O. Water
RevenueRevenueRevenueRevenueRevenue
BondsBonds of 2004,Bonds of 2005,Bonds of 2011,Bonds of 2011,
Series 2001ASeries BSeries BSeries ASeries BTotal
Bonds payable$70,000$6,170,000$4,015,000$5,920,000$3,720,000$19,895,000
Future interest payable1,628860,902216,011521,8131,113,9612,714,315
$71,628$7,030,902$4,231,011$6,441,813$4,833,961$22,609,315
Payments to maturity:
2012$71,628$581,054$481,101$59,656$86,861$1,280,300
2013 - 582,7543,749,910292,470106,0004,731,134
2014 - 4,158,854 - 715,850106,0004,980,704
2015 - 426,840 - 722,923106,0001,255,763
2016 - 426,740 - 718,501135,7001,280,941
2017 - 425,840 - 722,060135,1001,283,000
2018 - 428,820 - 728,813134,5001,292,133
2019 - - - 733,663569,5001,303,163
- - - ,,,,
2020---7317585676001299358
20207317585676001299358
2021 - - - 738,163572,9001,311,063
2022 - - - 277,956572,675850,631
2023 - - - - 576,925576,925
2024 - - - - 580,575580,575
2025 - - - - 583,625583,625
$71,628$7,030,902$4,231,011$6,441,813$4,833,961$22,609,315
160
CITY OF CHANHASSEN, MINNESOTA
Exhibit 5
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
December 31, 2011
Taxable Capacity Valuations:
Tax Capacity
Values
Property Type2010/2011
Real estate and personal property:
Hennepin County$1,361,584
Carver County38,011,728
Fiscal disparities:
Distribution2,219,844
Contribution(4,218,756)
Less: captured tax increment value(509,863)
et tax capacity$36,864,537
N
Tax Levy and Tax Rates:
Payable 2011
Tax
CertifiedCapacity
LevyRate (1)
Taxes levied:
Revenue$7,508,20019.454
Debt Service2,759,1907.149
Totals$10,267,39026.603
(1) Urban rate
161
CITY OF CHANHASSEN, MINNESOTA
Exhibit 6
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 2011
G.O.
LibraryG.O. CapitalTotalImprovementG.O. StreetTotalTotal
Years ofBondsImprovementGeneralRefundingReconstructionGeneralDeferred
Levy/of 2002A/Plan BondsBondedBondsBondsImprovementTax
Collection2010Aof 2008ADebtof 2009Aof 2010BondsLevies
2011/2012$351,648$593,800$945,448$335,900$437,842$773,742$1,719,190
2012/2013445,310593,2001,038,510550,000130,680680,6801,719,190
2013/2014448,880592,1001,040,980233,800444,410678,2101,719,190
2014/2015446,098590,6001,036,698232,30055,000287,3001,323,998
2015/2016452,792594,0001,046,792240,700 - 240,7001,287,492
2016/2017451,952596,7001,048,652 - - - 1,048,652
2017/2018461,297593,6001,054,897 - - - 1,054,897
2018/2019459,512600,3001,059,812 - - - 1,059,812
2019/2020457,412600,8001,058,212 - - - 1,058,212
2020/2021465,497600,4001,065,897 - - - 1,065,897
2021/2022 - 604,500604,500 - - - 604,500
2022/2023 - 607,400607,400 - - - 607,400
2023/2024 - 609,200609,200 - - - 609,200
2024/2025 - 609,900609,900 - - - 609,900
2025/2026 - 614,600614,600 - - - 614,600
2026/2027 - 612,700612,700 - - - 612,700
2027/2028 - 620,100620,100 - - - 620,100
2028/2029 - 620,600620,600 - - - 620,600
$4,440,398$10,854,500$15,294,898$1,592,700$1,067,932$2,660,632$17,955,530
162