2009 Annual Financial Report
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE CITY OF CHANHASSEN, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2009
Finance Department
Greg Sticha, Finance Director
Member of Government Finance Officers
Association of United States and Canada
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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 1080
Budgetary Comparison Schedule - Note to RSI86
CITY OF CHANHASSEN, MINNESOTA
TABLE OF CONTENTS
Page
ReferenceNo.
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental FundsStatement 1192
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Governmental FundsStatement 1293
Subcombining Balance Sheet - Nonmajor Special Revenue FundsStatement 1396
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Special Revenue FundsStatement 1497
Subcombining Balance Sheet - Nonmajor Debt Service FundsStatement 15100
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Debt Service FundsStatement 16102
Subcombining Balance Sheet - Nonmajor Capital Project FundsStatement 17106
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Capital Project FundsStatement 18108
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual:
Contribution FundStatement 19110
CATVStatement 20111
Combining Statement of Net Assets - Agency FundsStatement 21114
Combining Statement of Changes in Assets and Liabilities - Agency FundsStatement 22115
Supplementary Financial Information:
Combined Schedule of IndebtednessExhibit 1118
Debt Service Payments to Maturity:
General Obligation BondsExhibit 2120
General Obligation Improvement BondsExhibit 3121
Revenue BondsExhibit 4122
Taxable Valuations, Tax Levies and Tax RatesExhibit 5123
Schedule of Deferred Tax LeviesExhibit 6124
CITY OF CHANHASSEN, MINNESOTA
TABLE OF CONTENTS
Page
ReferenceNo.
III. STATISTICAL SECTION (UNAUDITED)
Financial Trends:
Net Assets by ComponentTable 1128
Changes in Net AssetsTable 2130
Fund Balances - Governmental FundsTable 3134
Changes in Fund Balances - Governmental FundsTable 4136
Revenue Capacity:
Tax Capacity and Estimated Market Value of Taxable PropertyTable 5138
Direct and Overlapping Property Tax RatesTable 6140
Principal Property TaxpayersTable 7141
Property Tax Levies and CollectionsTable 8143
Debt Capacity:
Ratios of Outstanding Debt by TypeTable 9144
Direct and Overlapping Governmental Activities DebtTable 10146
Legal Debt Margin InformationTable 11147
Pledged Revenue CoverageTable 12148
Demographic and Economic:
Demographic and Economic StatisticsTable 13149
Principal EmployersTable 14151
Operating Information:
Full-Time Equivalent City Government Employees by Function/ProgramTable 15152
Operating Indicators by Function/ProgramTable 16154
Capital Asset Statistics by Function/ProgramTable 17156
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I. INTRODUCTORY SECTION
1
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2
7
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8
CITY OF CHANHASSEN, MINNESOTA
ORGANIZATION
December 31, 2009
Term Expires
Mayor:
Tom Furlong12/31/10
Council Members:
Bethany Tjornhom12/31/12
Vicki Erns12/31/10
t
Jerry McDonald12/31/12
Bryan Litse12/31/10
y
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
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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, 2009. 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 $161,455,845 (net assets). Of this amount, $26,550,091
(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 $5,773,557.
As of the close of the current fiscal year, the City of Chanhassen, Minnesota’s governmental
funds reported combined ending fund balances of $18,252,869. The amount designated or
reserved through legal restrictions and City Council authorization is $18,774,032.
At the end of the current fiscal year the general fund balance of $4,873,859, included
$46,750 reserved, $3,690,000 designated and $1,137,109 undesignated.
The City’s total debt decreased by $5,588,333 during the current fiscal year, from
$39,124,676 to $33,536,343. The decrease is attributed to a combination of refinancing the
2005A G.O. Bond and 2006A G.O. SA Bond into the 2009A G.O. Refunding Bond and
making current year debt service payments. The refinancing included the use of cash
reserves.
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
Managements 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
Managements Discussion and Analysis
’
The City of Chanhassen, Minnesota maintains five 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
Public Works Facility
Revolving Assessment Fund
Lyman Blvd Improvements
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 its general and
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.
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Managements 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 $161,455,845 at the close of the most recent fiscal year.
The largest portion of the City of Chanhassen, Minnesota’s net assets ($127,603,117 or 79%)
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
200920082009200820092008
Assets:
Current and other assets$26,773,873$37,338,712$12,680,187$13,870,692$39,454,060$51,209,404
Capital assets92,111,19988,717,20767,191,91967,956,752159,303,118156,673,959
Total assets$118,885,072$126,055,919$79,872,106$81,827,444$198,757,178$207,883,363
Liabilities:
Long-term liabilities outstanding$21,732,346$26,606,863$11,803,997$12,517,813$33,536,343$39,124,676
Other liabilities3,322,849878,729442,141650,5563,764,9901,529,285
Total liabilities$25,055,195$27,485,592$12,246,138$13,168,369$37,301,333$40,653,961
Net assets:
Invested in capital assets, net of related debt$72,106,198$70,611,368$55,496,919$55,541,752$127,603,117$126,153,120
Restricted7,302,63712,787,568 - - 7,302,63712,787,568
Unrestricted14,421,04215,171,39112,129,04913,117,32326,550,09128,288,714
Total net assets$93,829,877$98,570,327$67,625,968$68,659,075$161,455,845$167,229,402
18
Managements Discussion and Analysis
’
A portion of the 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 ($26,550,091) 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 $4,740,450, or 4.8%. The
components of net assets increased or decreased as follows:
Net assets invested in capital assets, net of related debt, increased $1,494,830 due
primarily to the construction of the Public Works Facility which was offset by current
year depreciation.
Net assets restricted for debt service decreased $5,703,873. The decrease is attributed
to a combination of refinancing the 2005A G.O. Bond and 2006A G.O. SA Bond into
the 2009A G.O. Refunding Bond and making current year debt service payments.
The refinancing included the use of cash reserves.
Net assets restricted for tax increment purposes increased $218,942.
Unrestricted net assets decreased $750,349.
Liabilities decreased $2,430,397, or 8.8%, in 2009. This was primarily due to the same
reason indicated above; the refinancing of the 2005A G.O. Bond and 2006A G.O. SA Bond
into the 2009A G.O. Refunding Bond.
19
Managements Discussion and Analysis
’
Business-type Activities
The net assets of the City’s business-type activities decreased by $1,033,107, or 1.5%.
Amounts invested in capital assets, net of related debt decreased $44,833 and unrestricted net
assets decreased $988,274, due to amounts expended for various infrastructure projects.
City of Chanhassen, Minnesota's Changes in Net Assets
Governmental ActivitiesBusiness-Type ActivitiesTotals
200920082009200820092008
Revenues:
Program revenues:
Charges for services$2,272,423$3,051,081$5,580,042$5,074,906$7,852,465$8,125,987
Operating grants and contributions363,540346,0235,33236,350368,872382,373
Capital grants and contributions1,265,2873,221,6361,684,9821,527,6242,950,2694,749,260
General revenues:
Property taxes9,921,5989,651,758 - - 9,921,5989,651,758
Tax increment collections473,674574,101 - - 473,674574,101
Grants and contributions not
restricted to specific programs27,612108,039 - - 27,612108,039
Unrestricted investment earnings357,9531,150,993141,070797,079499,0231,948,072
Miscellaneous - - 10,54922,46410,54922,464
Gain on sale of capital assets4,52432,195 - - 4,52432,195
Total revenues14,686,61118,135,8267,421,9757,458,42322,108,58625,594,249
Expenses:
General government2,597,1472,469,055 - - 2,597,1472,469,055
Public safety3,158,4653,062,941 - - 3,158,4653,062,941
Public works9,123,1656,220,816 - - 9,123,1656,220,816
Parks and recreation3,663,1243,025,987 - - 3,663,1243,025,987
Community development628,339704,979 - - 628,339704,979
Interest on long-term debt1,031,567652,015 - - 1,031,567652,015
Water - - 3,311,1293,234,1393,311,1293,234,139
Sewer - - 3,276,0423,072,5883,276,0423,072,588
Surface water management - - 1,093,1651,121,1971,093,1651,121,197
Total expenses 20,201,80716,135,7937,680,3367,427,92427,882,14323,563,717
Increase in net assets before transfers(5,515,196)2,000,033(258,361)30,499(5,773,557)2,030,532
Transfers774,7461,112,623(774,746)(1,112,623) - -
Change in net assets(4,740,450)3,112,656(1,033,107)(1,082,124)(5,773,557)2,030,532
Net assets - beginning, as previously stated98,570,32795,457,67168,659,07569,794,363167,229,402165,252,034
Prior period adjustment - - - (53,164) - (53,164)
Net assets - beginning, as restated98,570,32795,457,67168,659,07569,741,199167,229,402165,198,870
Net assets - ending$93,829,877$98,570,327$67,625,968$68,659,075$161,455,845$167,229,402
20
Managements Discussion and Analysis
’
Governmental Activities
Revenues
Revenues for the City’s governmental activities decreased by $3,449,215, or 19%. Capital
grants and contributions decreased by approximately $2 million which was primarily due to a
one year infusion of state aids in the previous year.
Expenses
Expenses for the City’s governmental activities increased by $4,066,014, or 25%. Public
works increased approximately $2.9 million due to expenses related to the construction of the
public works facility and Parks and Recreation increased approximately $600,000 due to a
contribution to Independent School District #112 for athletic fields at the new Chanhassen
High School.
Below are specific graphs which provide comparisons of the governmental activities
revenues and expenses:
Grants and contributions not
restricted to specific programs
Tax increment collections 3.2%
Governmental Activities -Revenues
0.2%
Gain on sale of capital assets
0.1%
Unrestricted investment earnings
2.4%
Charges for services 15.6%
Operating grants and
contributions 2.4%
Property taxes 67.5%
Capital grants and contributions
8.6%
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Managements Discussion and Analysis
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Interest on long-term debt
Governmental Activities -ExpensesGovernmental Activities -Expenses
5%
Community
development 3%
General government 13%
Publicsafety 16%
Parks and recreation 18%
Public works 45%
Business-Type Activities
Revenues
Revenues for the City’s business-type activities decreased by $36,448, or 0.5%.
In addition to the decrease in revenues mentioned above, transfers to business-type activities
on the statement of activities decreased from $1,112,623 in 2008 to $774,746 in 2009. This
reduction is attributed to fewer construction related transfers in 2009 as compared to 2008.
Expenses
The City’s expenses for business-type activities increased by $252,412, or 3%. There are no
specific significant items that can be attributed to the increases in expenses during 2009.
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Managements Discussion and Analysis
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Below are specific graphs showing the business-type activities revenue and expense
comparisons:
Unrestricted investment
Miscellaneous 0.1%
earnings 1.9%
Business-TypeActivities -Revenue
Capital grants
and contributions 22.9%
Operating grants
and
contributions 0.1%
Charges for services 75%
Business-Type Activities -Expenses
Surface Water 14.2%
Water 43.1%
Sewer 42.7%
23
Managements Discussion and Analysis
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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 $18,252,869. Approximately 86.4% of this
total amount ($15,776,998) constitutes unreserved, but designated, fund balance. The
reserved portion of the fund balance ($2,997,034) has already been committed 1) to provide
for prepaid items ($47,071), 2) for future programs ($36,332), and 3) to pay debt service
($2,913,631).
The general fund decreased by $7,860 in 2009. This small decrease was the outcome of a
significant decrease in permit revenue for 2009, which was offset by significant reductions in
spending within the general fund.
The 2009A G.O. Refunding Bonds debt service fund increased by $350,598, which was due
to the creation of this fund in 2009.
The Public Works Facility capital project fund decreased by $6,056,328, which was due to
expenses related to construction of the facility.
The Revolving Assessment fund decreased by $1,031,616. The decrease was related to the
significant decrease in transfers in from other funds for costs associated with construction
projects accounted for within this fund.
The Lyman Blvd Improvements fund decreased by $2,204,259. The decrease was due to
expenses related to the construction of Lyman Blvd.
The nonmajor special revenue funds increased by $150,429 in 2009. There were no
significant expenses or capital costs within the CATV fund for 2009.
The nonmajor debt service funds decreased by $3,973,558 in 2009, due to regularly
scheduled debt service payments and the refinancing of the 2005A G.O. Bond and 2006A
G.O. SA Bond into the 2009A G.O. Refunding Bond.
The nonmajor capital project funds decreased by $11,981. There were no significant items
that attributed to this decrease.
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Managements Discussion and Analysis
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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 $6,327,568, sewer
$3,780,559 and surface water management $2,020,922. The water fund had an increase in
net assets in 2009 of $237,793 while the sewer and surface water management funds had
decreases in net assets of $972,925 and $297,975, respectively.
Budgetary Highlights
General Fund
The expenditure and revenue budgets were amended in 2009.
Budgetary Variances – Revenues
The negative general fund revenue variance of $262,933 was mostly due to lower than
anticipated investment earnings for 2009.
Budgetary Variances – Expenses
The City’s expenses for the general fund had a positive variance of $437,773, which was
4.6% of the City’s total budget. A number of items contributed to this positive variance; the
most significant of which was cost savings in the fuel and legal budgets for 2009.
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Managements Discussion and Analysis
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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, 2009, amounts to
$159,303,118 (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$17,024,757$1$ - $17,024,758
Construction in progress4,319,2447,728,701(4,071,838)7,976,107
Total capital assets not being depreciated21,344,0017,728,702(4,071,838)25,000,865
Capital assets - being depreciated:
Buildings and structures15,203,969268,447 - 15,472,416
Machinery and equipment6,805,509415,535(81,047)7,139,997
Other improvements 5,137,66671,402 - 5,209,068
Infrastructure103,910,3734,251,322(1,087,467)107,074,228
Total capital assets being depreciated131,057,5175,006,706(1,168,514)134,895,709
Less accumulated depreciation for:
Buildings and structures4,093,092368,077 - 4,461,169
Machinery and equipment4,187,507442,257(73,350)4,556,414
Other improvements 1,526,632235,150 - 1,761,782
Infrastructure53,877,0804,038,030(909,100)57,006,010
Total accumulated depreciation63,684,3115,083,514(982,450)67,785,375
Governmental activities capital assets - net$88,717,207$7,651,894($4,257,902)$92,111,199
BeginningEnding
Primary GovernmentBalanceIncreaseDecreaseBalance
Business-type activities:
Capital assets not being depreciated:
Land$1,895,136$88,908$ - $1,984,044
Construction in progress5,681,958998,228(5,514,555)1,165,631
Total capital assets not being depreciated7,577,0941,087,136(5,514,555)3,149,675
Capital assets - being depreciated:
Buildings and structures12,445,429 - - 12,445,429
Machinery and equipment2,242,180140,384(20,209)2,362,355
Other improvements 88,194,1846,527,250(274,195)94,447,239
Total capital assets being depreciated102,881,7936,667,634(294,404)109,255,023
Less accumulated depreciation for:
Buildings and structures249,591248,909 - 498,500
Machinery and equipment1,063,992132,870(20,209)1,176,653
Other improvements 41,188,5522,601,969(252,895)43,537,626
Total accumulated depreciation42,502,1352,983,748(273,104)45,212,779
Business-type activities capital assets - net67,956,7524,771,022(5,535,855)67,191,919
Total capital assets - net$156,673,959$12,422,916($9,793,757)$159,303,118
Additional information on the City of Chanhassen, Minnesota’s capital assets can be found in
Note 4.
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Managements Discussion and Analysis
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Long-term debt
. At the end of the current fiscal year, the City of Chanhassen, Minnesota
had total bonds payable outstanding of $33,529,411, a decrease of $5,591,462 from 2008.
The decrease is attributed to a combination of refinancing the 2005A G.O. Bond and 2006A
G.O. SA Bond into the 2009A G.O. Refunding Bond and making current year debt service
payments. The balance of the bonds payable outstanding is comprised of: $13,045,000 in
general obligation bonds, $6,625,000 for special assessment debt which is supported in part
by special assessments, $11,695,000 of revenue bonds which financed capital investments for
the water, sewer and surface water management operations and $960,000 in tax increment
bonds.
Additional long-term debt in the amount of $869,411 for compensated absences was also
outstanding at the end of 2009.
City of Chanhassen, Minnesota’s Outstanding Debt
Governmental ActivitiesBusiness-Type ActivitiesTotals
200920082009200820092008
General obligation bonds$13,045,000$13,905,000$ - $ - $13,045,000$13,905,000
Revenue bonds335,000435,00011,695,00012,415,00012,030,00012,850,000
Tax increment bonds960,0001,015,000 - - 960,0001,015,000
General improvement bonds 6,625,0007,155,000 - - 6,625,0007,155,000
Loan payable for highway construction - 3,375,125 - - - 3,375,125
Compensated absences760,414717,935108,997102,813869,411820,748
Total$21,725,414$26,603,060$11,803,997$12,517,813$33,529,411$39,120,873
The City’s bond rating was reaffirmed in 2009 by Standard & Poor’s when the City issued
the 2009A G.O. Refunding Bonds. The City of Chanhassen is one of only 12 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
total estimated market value. The current debt limitation for the City of Chanhassen,
Minnesota is $105,056,604. Of the City's outstanding debt, $11,175,086 is counted within
the statutory limitation.
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.
27
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28
BASIC FINANCIAL STATEMENTS
29
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30
CITY OF CHANHASSEN, MINNESOTA
Statement 1
STATEMENT OF NET ASSETS
December 31, 2009
Primary Government
GovernmentalBusiness-TypeTotals
Assets:ActivitiesActivities20092008
Cash and investments$20,854,264$10,893,723$31,747,987$43,430,687
Accrued interest receivable163,02781,757244,784367,802
Due from other governmental units52,5254,27056,79531,690
Accounts receivable - net79,5751,134,5521,214,1271,347,174
Property taxes receivable661,875 - 661,875417,816
Special assessments receivable5,265,905186,0075,451,9125,564,257
Prepaid items47,0719,29656,36723,538
Internal balances(350,369)350,369 - -
Inventories - at cost - 20,21320,21326,440
Capital assets (net of accumulated depreciation):
Nondepreciable25,000,8653,149,67528,150,54028,921,095
Depreciable67,110,33464,042,244131,152,578127,752,864
Total assets118,885,07279,872,106198,757,178207,883,363
Liabilities:
Accounts payable389,47193,214482,685346,017
Accrued interest payable375,342197,915573,257320,206
Contracts payable584,34860,585644,933270,035
Due to other governmental units1,745,29856,4441,801,742206,136
Salaries payable188,43333,833222,266293,926
Unearned revenue39,95715040,10792,965
Compensated absences payable:
Due within one year44,5296,38250,91150,952
Due in more than one year715,885102,615818,500769,796
Other post employment benefits payable:
Due in more than one year6,932 - 6,9323,803
Loans payable:
Due within one year - - - 318,002
Due in more than one year - - - 3,057,123
Bonds payable:
Due within one year1,880,000740,0002,620,0002,955,000
Due in more than one year19,085,00010,955,00030,040,00031,970,000
Total liabilities25,055,19512,246,13837,301,33340,653,961
Net assets:
Invested in capital assets, net of related debt72,106,19855,496,919127,603,117126,153,120
Restricted for:
Debt service6,461,780 - 6,461,78012,165,653
Tax increment purposes840,857 - 840,857621,915
Unrestricted14,421,04212,129,04926,550,09128,288,714
Total net assets$93,829,877$67,625,968$161,455,845$167,229,402
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, 2009
Charges For
ExpensesServices
Functions/Programs
Primary government:
Governmental activities:
General government$2,597,147$530,141
Public safety3,158,4651,163,524
Public works9,123,165171,969
Parks and recreation3,663,124387,615
Community development628,33919,174
Interest and fees on long-term debt1,031,567 -
Total governmental activities20,201,8072,272,423
Business-type activities:
Water3,311,1292,689,170
Sewer3,276,0422,378,111
Surface water management1,093,165512,761
Total business-type activities7,680,3365,580,042
Total primary government$27,882,143$7,852,465
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
ContributionsContributionsActivitiesActivities20092008
$9,790$ - ($2,057,216)$ - ($2,057,216)($2,027,295)
230,935 - (1,764,006) - (1,764,006)(1,375,531)
100,0001,265,287(7,585,909) - (7,585,909)(2,678,396)
22,815 - (3,252,694) - (3,252,694)(2,128,319)
- -(609,165) - (609,165)(655,497)
- - (1,031,567) - (1,031,567)(652,015)
363,5401,265,287(16,300,557)0(16,300,557)(9,517,053)
-1,024,257 - 402,298402,298(49,376)
-495,095 - (402,836)(402,836)(594,464)
5,332165,630 - (409,442)(409,442)(145,204)
5,3321,684,9820(409,980)(409,980)(789,044)
$368,872$2,950,269(16,300,557)(409,980)(16,710,537)(10,306,097)
General revenues:
General property taxes9,921,598 - 9,921,5989,651,758
Tax increment collections473,674 - 473,674574,101
Grants and contributions not
restricted to specific programs27,612 -27,612108,039
Unrestricted investment earnings357,953141,070499,0231,948,072
Gain on sale of capital assets4,524 -4,52432,195
Miscellaneous -10,54910,54922,464
Transfers774,746(774,746) - -
Total general revenues and transfers11,560,107(623,127)10,936,98012,336,629
Change in net assets(4,740,450)(1,033,107)(5,773,557)2,030,532
Net assets - beginning, as previously stated98,570,32768,659,075167,229,402165,252,034
Prior period adjustment - - - (53,164)
Net assets - beginning, as restated98,570,32768,659,075167,229,402165,198,870
Net assets - ending$93,829,877$67,625,968$161,455,845$167,229,402
The accompanying notes are an integral part of these financial statements.
33
CITY OF CHANHASSEN, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2009
368 2009A G.O. 421 Public Works
Refunding BondsFacility
General Fund
Assets:
Cash and investments$4,895,880$330,546$1,342,193
Accrued interest receivable26,64810,26931,032
Due from other governmental units52,525 - -
Accounts receivable - net16,597 - -
Property taxes receivable584,6529,783 -
Special assessments receivable4,2793,418,737 -
Prepaid items46,750 - -
Total assets$5,627,331$3,769,335$1,373,225
Liabilities and Fund Balances
Liabilities:
Accounts payable$124,067$ - $99,918
Due to other funds - - -
Contracts payable - - 573,805
Due to other governmental units92,881 - -
Salaries payable185,049 - -
Deferred revenue351,4753,418,737 -
Total liabilities753,4723,418,737673,723
Fund balances:
Reserved for:
Prepaid items46,750 - -
Future programs - - -
Debt service -350,598 -
Unreserved reported in:
Designated:
General Fund3,690,000 - -
Special Revenue Funds - - -
Capital Project Funds - - 699,502
Undesignated reported in:
General Fund1,137,109 - -
Debt Service Funds - - -
Capital Project Funds - - -
Total fund balances4,873,859350,598699,502
Total liabilities and fund balances$5,627,331$3,769,335$1,373,225
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.
Net assets of governmental activities
The accompanying notes are an integral part of these financial statements.
34
Statement 3
603 Lyman Blvd Other
601 Revolving
Improvements 06-GovernmentalIntra Activity
Assessment Fund03FundsElimination
Totals Governmental Funds
20092008
$3,894,287$ - $10,391,358$ - $20,854,264$31,038,698
31,75848762,833 -163,027219,353
- - - -52,52518,989
- -62,978 -79,575321,508
- -67,440 -661,875417,816
1,589,427 -253,462 - 5,265,9055,301,150
- -321 -47,07121,198
$5,515,472$487$10,838,392$0$27,124,242$37,338,712
$4,890$ -$160,596$ - $389,471$234,352
-260,75289,617 -350,369 -
9,698 -845 -584,348170,346
59,0831,593,334 - - 1,745,29820,834
- -3,384 -188,433249,737
1,587,425 -255,817 - 5,613,4545,625,999
1,661,0961,854,086510,25908,871,3736,301,268
- -321 -47,07121,198
- -36,332 -36,33229,499
- - 2,563,033 - 2,913,6316,641,747
- - - - 3,690,0003,586,750
- -668,992 -668,992525,692
3,854,376 - 6,864,128 - 11,418,00618,732,625
- - - - 1,137,1091,273,796
- -342,877 -342,877237,721
- (1,853,599)(147,550) - (2,001,149)(11,584)
3,854,376(1,853,599)10,328,133018,252,86931,037,444
$5,515,472$487$10,838,392$0$27,124,242$37,338,712
$18,252,869$31,037,444
92,111,19988,717,207
5,573,4975,533,034
(22,107,688)(26,717,358)
$93,829,877$98,570,327
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, 2009
368 2009A G.O. 421 Public
Refunding BondsWorks Facility
General Fund
Revenues:
General property taxes$6,933,324$147,748$ -
Tax increment collections - - -
Licenses and permits1,050,954 - -
Intergovernmental227,268 - -
Special assessments58,150 -
Charges for services622,316 - -
Fines and forfeits122,496 - -
Investment income53,522 -99,077
Contributions and donations26,365 - -
Refunds and reimbursements36,319 - -
Other158,098 - -
Total revenues9,230,667155,89899,077
Expenditures:
Current:
General government1,832,354 - -
Public safety2,943,095 - -
Public works2,090,027 - -
Parks and recreation1,796,135 - -
Community development426,916 - -
Capital outlay:
General government - - -
Public safety - - -
Public works - - 7,455,405
Parks and recreation - - -
Debt service:
Principal - - -
Interest and paying agent fees - - -
Bond issuance costs - - -
Developer assistance - - -
Total expenditures9,088,5270 7,455,405
Revenues over (under) expenditures142,140155,898 (7,356,328)
Other financing sources (uses):
Bond premium - - -
Loans issued - - -
Refunding bonds issued - - -
Redemption of refunded bonds - - -
Transfers in -194,7001,300,000
Transfers out(150,000) - -
Sale of capital assets - - -
Total other financing sources (uses)(150,000)194,700 1,300,000
Net change in fund balance(7,860)350,598 (6,056,328)
Fund balance - January 14,881,719 - 6,755,830
Fund balance - December 31$4,873,859$350,598$699,502
The accompanying notes are an integral part of these financial statements.
36
Statement 4
603 Lyman Blvd Other
601 Revolving Improvements 06-GovernmentalIntra Activity
Totals Governmental Funds
Assessment Fund03FundsEliminations
20092008
$ - $ - $2,753,317$ - $9,834,389$9,582,333
- -473,674 -473,674574,101
- -34,800 - 1,085,7541,810,545
-62,682107,488 -397,4382,147,970
401,455 -130,541 -540,151623,893
- -328,444 -950,760841,209
- - - -122,496124,633
68,256 -137,098 -357,9531,150,993
- -20,841 -47,20643,410
- -25,388 -61,70751,247
- -12,590 -170,688238,030
469,711 62,682 4,024,181 0 14,042,216 17,188,364
- -238,344 - 2,070,6982,102,512
- -35,949 - 2,979,0442,885,296
1,220,4492,151,446248,882 - 5,710,8042,786,397
- -691,850 - 2,487,9851,933,353
- -101,003 -527,919468,819
- -143,663 -143,663233,600
- -55,152 -55,15254,284
557,207115,49551,217 - 8,179,3244,677,179
- -235,292 -235,292642,508
- - 2,553,002 - 2,553,0022,689,552
- -920,529 -920,529874,848
- -73,182 -73,18293,811
- -90,354 -90,354226,055
1,777,656 2,266,941 5,438,419 0 26,026,948 19,668,214
(1,307,945)(2,204,259)(1,414,238)0 (11,984,732)(2,479,850)
- -226,991 -226,991 -
- - - - -24,839
- - 6,020,000 - 6,020,0007,550,000
- - (8,387,123) - (8,387,123) -
385,329 -257,639(813,653)1,324,0152,646,011
(109,000) -(554,653)813,653 - -
- -16,274 -16,27410,695
276,329 0 (2,420,872)0 (799,843)10,231,545
(1,031,616)(2,204,259)(3,835,110)0 (12,784,575)7,751,695
4,885,992350,66014,163,243 - 31,037,44423,285,749
$3,854,376($1,853,599)$10,328,133$0$18,252,869$31,037,444
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, 2009
20092008
Amounts reported for governmental activities in the
statement of activities (page 32) are different because:
Net changes in fund balances - total governmental funds (Statement 4)($12,784,575)$7,751,695
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.3,529,917636,586
The net effect of various miscellaneous transactions involving capital assets
is to increase (decrease) net assets.(135,925)(1,029,924)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.40,463197,529
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.4,920,125(4,686,959)
Other post employment benefits in the statement of activities does not
require the use of current financial resources and, therefore, is not
reported as expenditures in governmental funds.(3,129)(3,803)
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.(307,326)247,532
Change in net assets of governmental activities (Statement 2)($4,740,450)$3,112,656
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, 2009
Surface Water
WaterSewerManagement
Totals
Assets:20092008
Current assets:
Cash and cash equivalents$5,592,524$3,323,375$1,977,824$10,893,723$12,391,989
Accrued interest receivable36,60727,36917,78181,757148,449
Due from other governmental units - - 4,2704,27012,701
Due from other funds350,369 - - 350,369 -
Accounts receivable - net533,795501,39999,3581,134,5521,025,666
Special assessments receivable48,84318,056 - 66,89964,521
Connection charges receivable81,42237,686 - 119,108198,586
Prepaid items3,9893,1292,1789,2962,340
Water meter inventory20,213 - - 20,21326,440
Total current assets6,667,762 3,911,014 2,101,411 12,680,187 13,870,692
Noncurrent assets:
Capital assets:
Land1,370,974145,550467,5201,984,0441,895,136
Buildings and structures12,445,429 - - 12,445,42912,445,429
Machinery and equipment1,894,128459,2019,0262,362,3552,242,179
Other improvements39,906,40131,978,93722,561,90194,447,23988,194,185
Construction in progress221,48422,228921,9191,165,6315,681,958
Total capital assets55,838,416 32,605,916 23,960,366 112,404,698 110,458,887
Less: Allowance for depreciation(19,120,823)(16,607,936)(9,484,020)(45,212,779)(42,502,135)
Net capital assets36,717,59315,997,98014,476,34667,191,91967,956,752
Total assets43,385,35519,908,99416,577,75779,872,10681,827,444
Liabilities:
Current liabilities:
Accounts payable65,3177,71820,17993,214111,665
Accrued interest payable192,9844,931 - 197,915209,711
Contracts payable16,6228,19235,77160,58599,689
Due to other governmental units2,44454,000 - 56,444185,302
Deferred revenue - - 150150 -
Salaries payable15,69211,4806,66133,83344,189
Compensated absences payable - due within one year2,7602,5841,0386,3826,382
Bonds payable - due within one year610,000130,000 - 740,000720,000
Total current liabilities905,819 218,905 63,799 1,188,523 1,376,938
Noncurrent liabilities:
Compensated absences payable - due in more than one ye
a44,37541,55016,690102,61596,431
Bonds payable - due in more than one year10,820,000135,000 - 10,955,00011,695,000
Total noncurrent liabilities10,864,375 176,550 16,690 11,057,615 11,791,431
Total liabilities11,770,194395,45580,48912,246,13813,168,369
Net assets:
Invested in capital assets, net of related debt25,287,59315,732,98014,476,34655,496,91955,541,752
Unrestricted6,327,5683,780,5592,020,92212,129,04913,117,323
Total net assets$31,615,161$19,513,539$16,497,268$67,625,968$68,659,075
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, 2009
Surface
Water
WaterSewerManagement
Totals
20092008
Operating revenues:
Charges for services$2,584,114$2,316,653$500,576$5,401,343$4,915,441
Penalties and other105,05661,45812,185178,699159,465
Total operating revenues2,689,170 2,378,111 512,761 5,580,042 5,074,906
Operating expenses:
Personal services534,075335,248218,5601,087,8831,037,866
Materials and supplies223,00335,81927,245286,067276,835
Contractual services:
MCES - 1,311,819 - 1,311,8191,202,670
Other390,689388,948165,631945,2681,077,854
Repairs and maintenance316,039249,511 - 565,550337,344
Depreciation1,364,010938,009681,7292,983,7482,957,755
Total operating expenses2,827,816 3,259,354 1,093,165 7,180,335 6,890,324
Operating income (loss)(138,646)(881,243)(580,404)(1,600,293)(1,815,418)
Nonoperating revenues (expenses):
Investment income62,40755,21923,444141,070797,079
Connection charges824,212308,58724,9651,157,764961,820
Intergovernmental - - 9,1569,15636,350
Special assessment revenue40,68918,745 - 59,43493,691
Interest and fiscal charges(465,965)(12,721) - (478,686)(510,846)
Gain (loss) on disposal of capital assets(17,348)(3,967) - (21,315)(26,754)
Miscellaneous 7441,7744,2076,72522,464
Total nonoperating revenues (expenses)444,739 367,637 61,772 874,148 1,373,804
Income before contributions and transfers306,093 (513,606)(518,632)(726,145)(441,614)
Transfer in - - - - 77,428
Transfer out (200,000)(706,594)(417,421)(1,324,015)(2,723,439)
Capital contributions131,700247,275638,0781,017,0532,005,501
Change in net assets237,793 (972,925)(297,975)(1,033,107)(1,082,124)
Net assets - January 1, as previously reported31,377,36820,486,46416,795,24368,659,07569,794,363
Prior period adjustment - - - - (53,164)
Net assets - January 1, as restated31,377,36820,486,46416,795,24368,659,07569,741,199
et assets - December 31$31,615,161$19,513,539$16,497,268$67,625,968$68,659,075
N
CapitalTransfers -
ContributionsNet
Amounts reported above$1,017,053($1,324,015)
Amounts reported for business-type activities in the
statement of activities are different because:
Transfer in of capital assets from governmental activities(549,269)549,269
Amounts reported on the statement of activities$467,784($774,746)
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, 2009
Surface Water
Totals
WaterSewerManagement
20092008
Cash flows from operating activities:
Receipts from customers and users$2,616,302$2,344,593$510,261$5,471,156$5,107,854
Payment to suppliers(1,081,684)(1,959,429)(203,026)(3,244,139)(2,760,029)
Payment to employees(535,383)(337,418)(219,254)(1,092,055)(1,031,890)
Operating grant - - 9,1569,15636,350
Miscellaneous revenue7441,7744,2076,72522,464
Net cash flows from operating activities999,97949,520101,3441,150,8431,374,749
Cash flows from noncapital financing activities:
Transfers in - - - - 77,428
Transfers out(200,000)(706,594)(417,421)(1,324,015)(2,723,439)
(Increase) in interfund receivable(350,369) - - (350,369) -
Net cash flows from noncapital financing activities(550,369)(706,594)(417,421)(1,674,384)(2,646,011)
Cash flows from capital and related
financing activities:
Acquisition of capital assets(592,516)(155,975)(521,811)(1,270,302)(2,563,678)
Proceeds from sale of capital asset3,999 - - 3,999 -
Connection charges879,230333,04724,9651,237,2421,054,249
Special assessment revenue45,30211,754 - 57,05693,546
Principal paid on bonds(590,000)(130,000) - (720,000)(1,500,000)
Interest and fiscal charges(475,486)(14,996) - (490,482)(539,887)
Net cash flows from capital
and related financing activities(729,471)43,830(496,846)(1,182,487)(3,455,770)
Cash flows from investing activities:
Investment income93,02569,55245,185207,762804,654
Net (decrease) in cash and cash equivalents(186,836)(543,692)(767,738)(1,498,266)(3,922,378)
Cash and cash equivalents - January 15,779,3603,867,0672,745,56212,391,98916,314,367
Cash and cash equivalents - December 31$5,592,524 $3,323,375 $1,977,824 $10,893,723 $12,391,989
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) ($138,646)($881,243)($580,404)($1,600,293)($1,815,418)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue (expense)7441,7744,2076,72522,464
Operating grant - - 9,1569,15636,350
Depreciation1,364,010938,009681,7292,983,7482,957,755
Changes in assets and liabilities:
Decrease (increase) in receivables(72,868)(33,518)5,931(100,455)32,948
(Increase) in prepaid items(2,853)(2,123)(1,980)(6,956)(1,369)
Decrease (increase) in inventory6,227 - - 6,227(7,965)
Increase (decrease) in payables(156,635)26,621(17,295)(147,309)149,984
Total adjustments1,138,625 930,763 681,748 2,751,136 3,190,167
Net cash provided by operating activities$999,979$49,520$101,344$1,150,843$1,374,749
Noncash investing, capital and financing activities:
Water system assets in the amount of $131,700 and $894,130 were contributed to the Water Fund in 2009 and 2008, respectively.
Sewer system assets in the amount of $247,275 and $260,654 were contributed to the Sewer Fund in 2009 and 2008, respectively.
Surface water management system assets in the amount of $638,078 and $850,717 were contributed to the Surface Water
Fund in 2009 and 2008, 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, 2009
Agency Funds
20092008
Assets:
Cash and investments$694,817$709,405
Liabilities:
Accounts payable$ -$1,500
Escrow deposits payable694,817707,905
Total liabilities$694,817$709,405
The accompanying notes are an integral part of these financial statements.
42
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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. The site has been identified by the Minnesota Pollution Control Agency (MPCA)
as contaminated, potentially requiring clean-up. 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.
43
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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. For the most part, the effect of interfund activity has been
removed from these statements. 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, 2009
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.
Public Works Facility(421) accounts for the construction costs of the new public works facility.
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.
Lyman Blvd Improvements (603) accounts for the street and utility improvement of Lyman Blvd.
The City reports the following major proprietary funds:
The Water Fund accounts for the water service charges which are used to finance the water
system operating expenses.
The Sewer Fund accounts for the sewer service charges which are used to finance the sanitary
sewer system operating expenses.
The Surface 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, 2009
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 and Special Revenue
Funds.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. There was
one budget amendment during 2009 to the General Fund and no amendments to the Special Revenue
Funds. 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.
46
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
2. Public hearings are conducted to obtain taxpayer comments.
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.
The Special Revenue Funds expenditures did not exceed budget appropriation.
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 as of 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. 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.
47
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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.
H. 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.
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,
48
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
deferred and special deferred assessments receivable in governmental funds are completely offset by
deferred revenues.
I. 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.
J. CAPITAL ASSETS
Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, trails,
sidewalks, and similar items), 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 (amount not rounded) 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, 2009, no interest was
capitalized in connection with construction in progress.
Property, plant and equipment of the City is depreciated using the straight line method over the
following estimated useful lives:
Buildings and structures 20 – 50 years
Machinery and equipment 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
49
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
K. INTERFUND RECEIVABLES/PAYABLES
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. Short-term interfund loans are classified as “due to/from other funds.”
All short-term “due to/from other funds” at December 31, 2009 are planned to be eliminated in 2010.
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.”
Property taxes and special assessment receivables have been reported net of estimated uncollectible
accounts (See Note 1 G and H). 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.
L. 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.
The City’s liability for compensated absences at December 31, 2009 is scheduled below:
Vacation$485,802
Severance355,509
Comp time28,100
$869,411
M. 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, are immaterial and are expensed in the year
of bond issuance.
50
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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.
N. FUND EQUITY
In the fund financial statements, governmental funds report reservations of fund balance for amounts
not appropriable for expenditure or legally segregated for a specific future use. Designated fund
balances represent tentative plans for future use of financial resources.
O. INTERFUND TRANSACTIONS
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. Interfund loans are
reported as an interfund loan receivable or payable which offsets the movement of cash between
funds. Interfund interest paid out of governmental funds is either eliminated against governmental
activities investment earnings, (if paid to governmental activities) or reclassified to a transfer out (if
paid to business-type activities) on the statement of activities. All other interfund transactions are
reported as transfers.
P. 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.
Q. RECLASSIFICATIONS
Certain amounts in the prior year have been reclassified to conform with the current year presentation.
51
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
R. 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 ($22,107,688) difference are as follows:
Bonds payable($20,965,000)
Accrued interest payable(375,342)
Compensated absences(760,414)
Other post employment benefit payable(6,932)
Net adjustment to decrease fund balances - total governmental
funds to arrive at net assets - governmental activities($22,107,688)
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 andchanges 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 $3,529,917
difference are as follows:
Capital outlay/construction$8,613,431
Depreciation expense(5,083,514)
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities$3,529,917
52
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 ($135,926) 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$599,408
Transfer of capital assets to Enterprise Funds.(549,269)
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(186,064)
Net adjustment to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities($135,925)
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 $40,463 difference are as follows:
General property taxes deferred revenue:
At December 31, 2008($222,385)
At December 31, 2009309,594
Special assessments deferred revenue:
At December 31, 2008(5,300,427)
At December 31, 20095,263,903
Other 2008 revenue has been deferred because it was not
collected within 60 days from year-end.
At December 31, 2008(10,222)
At December 31, 2009 -
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities.$40,463
53
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 $4,920,125 difference are as
follows:
Debt issued:
Bonds issued($6,020,000)
Principal repayments:
General obligation debt860,000
General obligation improvement bonds 1,538,000
General obligation tax increment bonds55,000
Public project revenue bonds100,000
Redemption of refunded bonds8,387,125
Net adjustment to increase net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities.$4,920,125
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 ($307,326) difference are as follows:
Compensated absences($42,479)
Accrued interest(264,847)
Net adjustment to decrease net changes in fund balances - total
governmental funds to arrive at changes in net assets of
governmental activities.($307,326)
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 – Custodial credit risk is the risk that in the event of a bank failure, the City’s
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. As of December 31, 2009, 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.
54
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, the carrying amount of the City’s deposits with financial institutions was
$3,875,237.
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) Obligations of the State of Minnesota or any of its municipalities 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.
55
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, the City had the following investments and maturities:
Investment Maturities (in Years)
FairLess
Investment TypeRatingValueThan 11-56-10
Freddie Mac NotesAAA$1,072,500$ - $1,072,500$ -
Federal Farm Credit Bank NotesAAA4,011,0051,001,2503,009,755 -
Federal Home Loan Bank NotesAAA8,192,4444,115,0124,077,432 -
Federal Home Loan Mortgage Corp. NotesAAA4,583,4812,058,4962,524,985 -
Federal National Mortgage Assn. NotesAAA4,043,9382,040,6952,003,243 -
Municipal bondsAAA95,16495,164 - -
Certificate of depositsN/A5,399,9273,958,2401,441,687 -
Money market mutual fundN/A1,168,0231,168,023 - -
Total$28,566,482$14,436,880$14,129,602$0
Total investments$28,566,482
Classifications above are by maturity date. SomeDeposits3,875,237
investments listed above have call dates that occur in lessPetty cash1,085
than one year. Total cash and investments$32,442,804
C. INVESTMENT RISKS
The City’s investment policy is to follow Minnesota State Statutes as described above which reduces
the City’s exposure to credit, custodial credit, and interest rate risks. Specific risk information for the
City is as follows:
– The City’s investment policy requires the City to diversify its investment portfolio
Interest rate risk
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 reasonably anticipated, i.e., not investing in maturities
longer than five years.
56
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Credit risk – The City does not have a formal investment policy that further limits the ratings of their
investments from those that are authorized by Minnesota Statutes. 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 – The City places no limit on the amount the City may invest in any one
issuer. More than 5% of the City’s investments are in various holdings as follows:
Federal Farm Credit Bank Notes14.0%
Federal Home Loan Bank Notes28.7%
Federal Home Loan Mortgage Corp. Notes16.0%
Federal National Mortgage Assn. Notes14.2%
Custodial Credit Risk – For investments in securities, custodial credit risk is the risk that in the event
of a failure of the counterparty, the City will not be able to recover the value of its investments in
securities that are in the possession of an outside party. As of December 31, 2009, all investments of
the City were held by the broker-dealer, of which $1,000,000 is insured through SIPC. Each broker-
dealer has provided additional protection by purchasing additional private insurance. This insurance is
subject to aggregate limits applied to all of the broker’s accounts.
Note 3 RECEIVABLES
Significant receivable balances not expected to be collected within one year of December 31, 2009 are as
follows:
CertifiedDelinquent Special
AccountsPropertyAssessment
ReceivableTaxesReceivableTotal
Major Funds:
General$ - $81,321$162$81,483
2009A G.O. Refunding - - 3,366,4793,366,479
Revolving Assessment Fund - - 1,379,9281,379,928
Water8,809 - 77,27286,081
Sewer - - 37,99637,996
Nonmajor Funds - - 199,200199,200
$8,809$81,321$5,061,037$5,151,167
57
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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.RevolvingSurface
General RefundingAssessment WaterNonmajor
FundBondsFundManagementFundsTotal
Unavailable:
Delinquent property taxes receivable$307,239$ - $ - $ - $ - $307,239
Special assessments not yet due4,2793,418,7371,587,425 - 255,8175,266,258
Total unavailable revenue311,5183,418,7371,587,4250255,8175,573,497
Unearned:
Atenna rental fees received but not yet earned31,192 - - - - 31,192
Donations/ rentals received but not yet earned8,765 - - 150 - 8,915
Total unearned revenue39,95700150040,107
Total deferred (unavailable)/unearned revenue
for governmental funds$351,475$3,418,737$1,587,425$150$255,817$5,613,604
Note 4 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2009 was as follows:
BeginningEnding
Primary Government
BalanceIncreaseDecreaseBalance
Governmental activities:
Capital assets not being depreciated:
Land$17,024,757$1$ - $17,024,758
Construction in progress4,319,2447,728,701(4,071,838)7,976,107
Total capital assets not being depreciated21,344,0017,728,702(4,071,838)25,000,865
Capital assets being depreciated:
Buildings and structures15,203,969268,447 - 15,472,416
Machinery and equipment6,805,509415,535(81,047)7,139,997
Other improvements 5,137,66671,402 - 5,209,068
Infrastructure103,910,3734,251,322(1,087,467)107,074,228
Total capital assets being depreciated131,057,5175,006,706(1,168,514)134,895,709
Less accumulated depreciation for:
Buildings and structures4,093,092368,077 - 4,461,169
Machinery and equipment4,187,507442,257(73,350)4,556,414
Other improvements 1,526,632235,150 - 1,761,782
Infrastructure53,877,0804,038,030(909,100)57,006,010
Total accumulated depreciation63,684,3115,083,514(982,450)67,785,375
Governmental activities capital assets - net$88,717,207$7,651,894($4,257,902)$92,111,199
58
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
BeginningEnding
Primary Government
BalanceIncreaseDecreaseBalance
Business-type activities:
Capital assets not being depreciated:
Land$1,895,136$88,908$ - $1,984,044
Construction in progress5,681,958998,228(5,514,555)1,165,631
Total capital assets not being depreciated7,577,0941,087,136(5,514,555)3,149,675
Capital assets being depreciated:
Buildings and structures12,445,429 - - 12,445,429
Machinery and equipment2,242,180140,384(20,209)2,362,355
Other improvements 88,194,1846,527,250(274,195)94,447,239
Total capital assets being depreciated102,881,7936,667,634(294,404)109,255,023
Less accumulated depreciation for:
Buildings and structures249,591248,909 - 498,500
Machinery and equipment1,063,992132,870(20,209)1,176,653
Other improvements 41,188,5522,601,969(252,895)43,537,626
Total accumulated depreciation42,502,1352,983,748(273,104)45,212,779
Business-type activities capital assets - net67,956,7524,771,022(5,535,855)67,191,919
Total capital assets - net$156,673,959$12,422,916($9,793,757)$159,303,118
Depreciation expense was charged to functions/programs of the City as follows:
Governmental activities:
General government$343,833
Public safety175,315
Public works3,411,339
Parks and recreation1,153,027
Total depreciation expense - governmental activities$5,083,514
Business-type activities:
Water$1,364,010
Sewer938,009
Storm sewer681,729
Total depreciation expense - business-type activities$2,983,748
59
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, the governmental activities long-term debt of the City consisted of the following:
FinalAuthorized
Issue Maturity Interest AndOutstanding
DateDateRateIssued12/31/09
General Long-Term Debt:
General obligation bonds:
G.O. Library Bonds, Series 2002A 3/01/022/01/22 1.55% - 4.85%$6,095,000$4,600,000
G.O. Park Refunding, Series 2005C11/16/052/01/10 3.50%2,590,000895,000
G.O. Capital Improvement Plan Bonds, Series 2008A11/18/082/01/304.00% - 4.60%7,550,0007,550,000
Total general obligation bonds16,235,00013,045,000
Revenue Bonds:
2000 Public Project Revenue Bonds12/01/002/01/124.75% - 5.35%930,000335,000
Tax Increment Bonds:
G.O. Tax Increment Refunding Bonds, Series 2004C8/10/042/01/213.00% - 6.00%1,170,000960,000
General Improvement Bonds:
G.O. Improvement Bonds, Series 2004A8/10/042/01/152.50% - 4.00%2,070,000605,000
G.O. Improvement Bonds, Series 2006A6/13/062/01/143.75% - 3.80%6,640,000 -
G.O. Improvement Refunding Bonds, Series 2009A6/03/092/01/173%6,020,0006,020,000
Total improvement bonds14,730,0006,625,000
Compensated absences payableN/AN/AN/AN/A760,414
Total City indebtedness - governmental activities$33,065,000$21,725,414
60
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
BUSINESS-TYPE ACTIVITIES
As of December 31, 2009, the business-type activities long-term debt of the City consisted of the following:
FinalAuthorized
Issue Maturity Interest AndOutstanding
DateDateRateIssued12/31/09
G.O. Revenue Bonds:
Water and Sewer Revenue Bonds of 2001, Series A7/15/20012/1/20123.50% - 4.65%$1,645,000$265,000
Water Revenue Bonds of 2004, Series B8/10/20042/1/20254.00% - 4.50%7,930,0006,785,000
Water Revenue Bonds of 2005, Series B11/16/20052/1/20213.75% - 3.90%5,465,0004,645,000
Total G.O. Revenue Bonds15,040,00011,695,000
Compensated absences payableN/AN/AN/AN/A108,997
Total City indebtedness - Business-type activities$15,040,000$11,803,997
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
2010$560,000$221,602$60,000$50,485$105,000$14,899$1,155,000$539,151
2011260,000179,60060,00047,725110,0009,308525,000507,918
2012265,000171,37565,00044,720120,0003,210540,000486,441
2013270,000162,91370,00041,345 - - 565,000463,787
20143,540,000105,37570,00037,775 - - 590,000439,683
2015575,00043,40075,00034,005 - - 615,000414,127
2016565,00026,17580,00029,895 - - 640,000387,254
2017590,0008,85085,00025,440 - - 675,000358,910
2018 - - 90,00020,580 - - 705,000328,981
2019 - - 95,00015,308 - - 740,000297,344
2020 - - 100,0009,600 - - 780,000263,672
2021 - - 110,0003,300 - - 815,000227,942
2022 - - - - - - 855,000190,104
2023 - - - - - - 405,000162,013
2024 - - - - - - 425,000144,270
2025 - - - - - - 445,000125,454
2026 - - - - - - 465,000105,545
2027 - - - - - - 490,00084,412
2028 - - - - - - 510,00062,035
2029 - - - - - - 540,00038,275
2030 - - - - - - 565,00012,995
Total$6,625,000$919,290$960,000$360,178$335,000$27,417$13,045,000$5,640,313
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
61
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
The revenue bond issued was sold by the City’s Economic Development Authority (EDA) to fund the
construction of a municipal facility. 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. The bonds
have interest rates ranging from 2.50% to 4.90% and are payable over the next six years. 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, 2009 is $6,625,000.
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
2010$740,000$460,357
2011700,000431,954
2012730,000403,783
2013690,000376,012
2014715,000348,799
2015750,000320,424
2016775,000290,887
2017805,000260,080
2018845,000227,391
2019880,000192,676
2020915,000156,323
2021960,000117,918
2022505,00086,935
2023535,00063,787
2024560,00039,150
2025590,00013,275
Total$11,695,000$3,789,751
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
62
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2009 was as follows:
BeginningEnding Due Within
BalanceAdditionsDeletionsBalanceOne Year
Governmental activities:
Bonds payable:
General obligation$13,905,000$ - $860,000$13,045,000$1,155,000
G.O. improvement bonds7,155,0006,020,0006,550,0006,625,000560,000
G.O. tax increment bonds1,015,000 - 55,000960,00060,000
Public project revenue bonds435,000 - 100,000335,000105,000
Total bonds payable22,510,0006,020,0007,565,00020,965,0001,880,000
Loan payable3,375,125 - 3,375,125 - -
Compensated absences717,935419,796377,317760,41444,529
Total governmental activity
long-term liabilities$26,603,060$6,439,796$11,317,442$21,725,414$1,924,529
Business-type activities:
G.O. revenue bonds $12,415,000$ - $720,000$11,695,000$740,000
Compensated absences102,81380,91774,733108,9976,382
Total business-type activity
long-term liabilities$12,517,813$80,917$794,733$11,803,997$746,382
For the governmental activities, loans payable and compensated absences are generally liquidated by the
General and Special Revenue Funds.
All long-term bonded indebtedness outstanding at December 31, 2009 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, 2009 totaled $6,006.
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.
CURRENT REFUNDING
On June 3, 2009, the City issued the $6,020,0000 General Obligation Improvement Refunding Bonds, Series
2009A with net interest cost of 2.504% to refund the 2010 through 2017 maturities aggregating $3,057,123
principal amount of the City’s $4,067,000 Improvement Bonds, Series 2005A (State Highway Loan) with an
average interest rate of 4.13% and to refund the 2010 through 2014 maturities aggregating $5,330,000 principal
amount of the City’s $6,640,000 Improvement Bonds, Series 2006A with interest rates of 3.750% to 3.800%.
The net proceeds of $6,173,808 (net of reoffering premium of $203,000 and issuance costs if $49,272) plus
$2,300,000 of prior issue debt service funds was used to retire all outstanding principal of the refunded bonds
on July 1, 2009.
63
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
The City refunded the 2005A and 2006A Bonds to reduce total debt service payments over the next eight years
by $487,751 and to obtain an economic gain (difference between the present value of debt service payments on
old and new debt) of $376,095.
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
2004A Improvement bondsInfrastructure improvementsSpecial assessments31%n/a2004 - 2015$639,594$406,438$45,917
2004C TIF Refunding bondsDowntown Redevelopment ProjectTax increment100%n/a2004 - 2021$1,320,178$107,979$212,732
2001A Sewer Revenue bondsUtility infrastructure improvementsSewer usage charges100%6.1%2001 - 2012$280,354$144,565$2,378,111
2004B Water Revenue bondsUtility infrastructure improvementsWater usage charges100%21.7%2004 - 2025$9,414,971$582,954$2,689,170
2005B Water Revenue bondsUtility infrastructure improvementsWater usage charges100%17.9%2005 - 2021$5,789,426$481,633$2,689,170
2009A Improvement bondsAdvance refund 2005A & 2006A bondsSpecial assessments68%n/a2009 -2017$6,904,697$6,776,942$8,150
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, 2009.
Future scheduled tax levies for all bonds outstanding at December 31, 2009 totaled $22,931,415.
64
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 Public
Employees Retirement Fund (PERF) 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.
PERF 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 PERF 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.
65
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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. PERF Basic Plan members and
Coordinated Plan members were required to contribute 9.10% and 6.0%, respectively, of their annual
covered salary in 2009. PEPFF members were required to contribute 9.4% of their annual covered
salary in 2009. The City is required to contribute the following percentages of annual covered payroll:
11.78% for Basic Plan PERF members, 6.75% for Coordinated Plan PERF members, and 14.1% for
PEPFF members. Employer contribution rates for the Coordinated Plan PERF members will increase
to 7% effective January 1, 2010. The City’s contributions to the Public Employees Retirement Fund
for the years ending December 31, 2009, 2008 and 2007 were $297,106, $278,047 and $260,100,
respectively. The City’s contributions to the Public Employees Police and Fire Fund for the years
ending December 31, 2009, 2008 and 2007 were $17,384, $15,567 and $13,784, respectively. The
City’s contributions were equal to the contractually required contributions for each year as set by state
statute.
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.
66
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 $99,504 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$167,720
Contributions made:
City68,216
State aid99,504
Actuarial valuation date12/31/09
Actuarial cost methodEntry age normal
Amortization methodLevel dollar
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
THREE YEAR TREND INFORMATION
Three-Year Trend Information
AnnualPercentageNet
YearPensionof APCPension
EndingCost (APC)ContributedObligation
12/31/2007$135,949100%$ -
12/31/2008115,928100% -
12/31/2009167,720100% -
67
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
REQUIRED SUPPLEMENTARY INFORMATION
Assets in
Excess of/Pension
ActuarialActuarialActuarial(Unfunded)Benefit
ValuationValue ofAccruedAccruedFundedPer Year
DateAssetsLiabilityLiabilityRatioof Service
12/31/2007$2,500,003$2,619,000($118,997)95.5%$4,350
12/31/20081,885,6912,874,758(989,067)65.6%5,050
12/31/20092,087,9942,679,000(591,006)77.9%5,050
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.
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.
68
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 March 2008, participants consisted of:
Retirees and beneficiaries currently
purchasing health insurance through the City2
Active employees68
Total70
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.
69
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, was calculated as follows:
Annual required contribution (ARC)$5,832
Interest on net OPEB obligation152
Annual OPEB cost5,984
Contributions made during the year(2,855)
Increase (decrease) in net OPEB obligation3,129
Net OPEB obligation - beginning of year3,803
Net OPEB obligation - end of year$6,932
The City first had an actuarial valuation performed for the plan as of January 1, 2008 to determine the
funded status of the plan as of that date as well as the employer’s annual required contribution (ARC)
for the fiscal year ended December 31, 2009. The City’s annual OPEB cost, the percentage of annual
OPEB cost contributed to the plan and the net OPEB obligation for 2008 was as follows:
Percentage of
Fiscal YearAnnual OPEBEmployer Annual OPEB CostNet OPEB
EndedCostContributionsContributedObligation
December 31, 2008$5,832$2,02934.7%$3,803
December 31, 20095,9842,85547.7%6,932
70
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
F. FUNDED STATUS AND FUNDING PROGRESS
The City currently has no assets that have been irrevocably deposited in a trust for future health
benefits, therefore, the actuarial value of assets is zero. The funded status of the plan was as follows:
Unfunded
ActuarialActuarialUAAL as a
ActuarialActuarialAccruedAccruedFundedCoveredPercentage of
ValuationValue of AssetsLiability (AAL)*Liability (UAAL)RatioPayrollCovered Payroll
Date(a)(b)(b-a)(a/b)(c) ( (b-a) / c)
January 1, 2008$ - $52,268$52,2680.0%$4,180,2351.3%
*Using the entry age normal actuarial pay cost method.
Note, the first OPEB actuarial valuation was conducted as of January 1, 2008. There is no data available prior to the first
valuation.
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, 2008 actuarial valuation, the entry-age normal actuarial pay cost method was used.
The actuarial assumptions included a 4.0% investment rate of return (net of administrative expenses)
and an initial annual health care cost trend rate of 9% reduced by 1% each year to arrive at an ultimate
health care cost trend rate of 5.0%. The actuarial value of assets was $0. The plan’s unfunded
actuarial accrued liability is being amortized using the level percentage of projected payroll method
over 30 years on a closed basis. The remaining amortization period at December 31, 2009 was 28
years.
71
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Note 9 DUE TO/FROM OTHER FUNDS AND TRANSFERS
Amounts reported as due to/from other funds at December 31, 2009 are as follows:
FundReceivablePayable
Lyman Blvd Improvements 06-03$ - $260,752
Water350,369 -
Other governmental funds - 89,617
Total$350,369$350,369
Due to/from other funds are representative of lending/borrowing arrangements to cover deficit cash balances at
the end of the fiscal year. The funds will be repaid as tax increments are received.
Interfund transfers:
TransfersTransfers
InOut
General Fund$ - $150,000
Revolving Assessment Fund385,329109,000
Public Works Facility1,300,000 -
2009A G.O. Refunding194,700 -
Nonmajor Government funds257,639554,653
Water Fund - 200,000
Sewer Fund - 706,594
Surface Water Management Fund - 417,421
Total$2,137,668$2,137,668
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 2009
transfers are considered routine and consistent with previous practices.
72
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, the outstanding conduit debt is as follows:
BondsOriginal12/31/09Maturity
Project NameIssuedPrincipalPrincipalDate
Building Management Group12/95$1,275,000$675,0002016
Chapel Hill Academy, Series 2005A12/051,337,7001,035,9872009
St. Hubert Catholic Community, Series 200710/075,942,1405,194,1722027
As of December 31, 2009, there were an additional four conduit debt issues outstanding. The aggregate
principal amount for the additional four series issued prior to July 1, 1995 could not be determined; however,
their original issue amounts totaled $10,180,000.
Note 11 DEFICIT FUND BALANCES
The City has a deficit fund balance in the following funds at December 31, 2009:
Capital Project Funds:
Lyman Blvd Improvements 06-03$1,853,599
Downtown Transit Station TIF #10147,550
$2,001,149
The deficit for the Downtown Transit Station will be eliminated through tax increment collections. The Lyman
Fund deficit will be eliminated through interfund transfers upon completion of the project.
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.
73
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
B. LITIGATION
The City attorney has indicated that 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 attorney, remotely recoverable by plaintiffs.
C. 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
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, 2009.
D. 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:
– issued in 2006 in the principal
Taxable Tax Increment Revenue Note, Series 2006A (Gateway Place)
sum of $300,000 with an interest rate of 9% 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, 2009 the
principal amount outstanding on the note was $299,910.
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 9% 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,
2009 the principal amount outstanding on the note was $567,968.
74
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Limited Revenue Tax Increment Note (North Bay) – issued in 1999 in the principal sum of $400,000,
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 therefrom. $37,200 is 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, 2009 the principal amount outstanding
on the note was $204,532.
E. COMMITTED CONTRACTS
At December 31, 2009, the City had commitments of $1,145,234 for uncompleted construction
contracts.
75
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Note 13 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 2009 the City had designated and reserved portions of its various fund equities through legal
restriction and City Council authorization. Major fund equity appropriations at December 31, 2009 are shown
on the various balance sheets as segregations of the fund equity. A summary of such designations is as follows:
General Fund:
Designated for cash flow$3,690,000
Reserved for prepaid items46,750
Total General Fund3,736,750
2009A G.O. Refunding Bonds:
Reserved for debt service350,598
Public Works Facility:
Designated for capital improvements699,502
Revolving Assessment Fund:
Designated for capital improvements3,854,376
Other governmental funds:
Reserved for prepaid items321
Reserved for future programs36,332
Reserved for debt service2,563,033
Designated for cable equipment668,992
Designated for capital improvements6,864,128
Total other governmental funds10,132,806
Total reservations and designations of fund balance$18,774,032
76
CITY OF CHANHASSEN, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009 totaled $146,309. Terms of each lease are as follows:
LesseeTermsCurrent Term
Sprint$19,800 per year with 3% annual increases8/1/06 - 7/31/11
Sprint$18,000 per year with 3% annual increases12/1/05 - 11/30/10
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$1,650 per month with 3% annual increases11/1/05 - 10/31/10
T-Mobile$1,650 per month with 3% annual increases8/1/06 - 7/31/11
StoneBridge Wireless5% of gross revenues associated with equipment used on property4/1/06 - 12/31/09
Cingular/AT&T$1,650 per month with 3% annual increases8/1/07 - 7/31/12
Clearwire$1,650 per month with 3% annual increases3/1/10 - 3/1/15
Clearwire$1,650 per month with 3% annual increases3/1/10 - 3/1/15
Note 15 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
were not implemented for these financial statements:
Statement No. 51
Accounting and Financial Reporting for Intangible Assets. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 53
Accounting and Financial Reporting for Derivative Investments. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 54
Fund Balance Reporting and Governmental Fund Type Definitions.The provisions of
this Statement are effective for financial statements for periods beginning after June 15, 2010.
The effect these standards may have on future financial statements is not determinable at this time.
Note 16 SUBSEQUENT EVENT
On January 6, 2010, the City issued 2010A G.O. Library Refunding Bonds for $3,660,000.
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78
REQUIRED SUPPLEMENTARY INFORMATION
79
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 1 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
2009
2008
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
General property taxes:
Current$6,903,500$6,903,500$6,783,921($119,579)$6,489,049
Delinquent100,000100,000149,40349,40392,219
Total general property taxes7,003,5007,003,5006,933,324(70,176)6,581,268
Special assessments:
Penalities and interest - - 55 -
Licenses and permits:
Licenses - general government5,0005,0002,700(2,300)3,000
Licenses - public safety121,300121,300136,70215,402110,266
Permits - public safety1,285,500840,500878,62238,1221,224,546
Permits - public works31,50026,50026,76026032,416
Permits - community development7,8007,8006,170(1,630)7,775
Total licenses and permits1,451,1001,001,1001,050,95449,8541,378,003
Intergovernmental:
State:
Market value homestead credit - - - - 79,892
PERA - public safety20,00020,00020,12412419,467
State aid - fire - public safety140,000140,00099,504(40,496)115,928
Other - general government25,00025,00013,277(11,723)975
State aid - police - public safety80,00080,00094,36314,36386,685
Total intergovernmental265,000265,000227,268(37,732)302,947
Charges for services:
General government78,25078,25078,249(1)78,363
Public safety3,3003,3007,5334,2335,383
Public works60,900145,400113,844(31,556)48,822
Park and recreation400,000400,000409,6869,686419,515
Community development31,55031,55013,004(18,546)40,514
Total charges for services574,000658,500622,316(36,184)592,597
Fines and forfeits:
Public safety158,500158,500122,496(36,004)124,633
Refunds and reimbursements:
General government11,00011,0005,837(5,163)13,230
Public safety17,95017,95014,310(3,640)21,259
Public works2,0002,0007,2695,2693,097
Park and recreation3,3003,3008,9035,60313,611
Community development750750 - (750)1,213
Total refunds and reimbursements35,00035,00036,3191,31952,410
Miscellaneous:
Investment income200,000200,00053,522(146,478)216,283
Contributions and donations:
General government500500600100600
Public safety2,5002,5002,9504503,100
Park and recreation17,50017,50022,8155,31526,950
Total contributions and donations20,50020,50026,3655,86530,650
80
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 2 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
2009
2008
Budgeted Amounts
ActualVariance withActual
Revenues:OriginalFinalAmountsFinal BudgetAmounts
Miscellaneous: (continued)
Other:
General government$145,500$145,500$153,872$8,372$149,986
Public safety6,0006,0004,016(1,984)4,726
Park and recreation - - 21021050
Total other151,500151,500158,0986,598154,762
Total miscellaneous372,000372,000237,985(134,015)401,695
Total revenues9,859,1009,493,6009,230,667(262,933)9,433,553
Expenditures:
General government:
Legislative:
Current:
Personal services34,20034,20031,8092,39130,799
Materials and supplies200200 - 200 -
Contractual services88,50088,50063,73924,76171,002
Total legislative 122,900122,90095,54827,352101,801
Administrative office:
Current:
Personal services396,600393,400392,0561,344370,049
Materials and supplies500500180320124
Contractual services65,00062,00053,0148,98672,131
Total administrative office462,100455,900445,25010,650442,304
Finance:
Current:
Personal services225,500225,500228,631(3,131)213,067
Materials and supplies200200 - 200 -
Contractual services64,90062,90039,90622,99449,131
Total finance290,600288,600268,53720,063262,198
Election:
Current:
Personal services21,50021,50010,33811,16227,853
Materials and supplies200200 - 200545
Contractual services6,2006,2004,3951,8056,388
Total election27,90027,90014,73313,16734,786
Legal:
Current:
Contractual services168,000168,000135,72532,275131,789
Property assessment:
Current:
Contractual services110,000110,000104,3145,686105,351
M.I.S.:
Current:
Personal services171,700171,700171,962(262)166,921
Materials and supplies2,4002,4001,4199812,594
Contractual services125,100125,10098,87526,22587,769
Total M.I.S.299,200299,200272,25626,944257,284
81
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 3 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
2009
2008
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
General government: (continued)
City hall:
Current:
Personal services$70,500$70,500$68,853$1,647$70,416
Materials and supplies48,30048,30039,3728,92845,220
Contractual services301,300296,300273,83222,468299,164
Total City hall420,100415,100382,05733,043414,800
Library:
Current:
Materials and supplies3,0003,0003,291(291)2,187
Contractual services134,200134,200110,64323,557128,842
Total library137,200137,200113,93423,266131,029
Total general government2,038,0002,024,8001,832,354192,4461,881,342
Public safety:
Police:
Current:
Personal services78,20078,20077,59061075,461
Materials and supplies5,0005,0004,6393614,262
Contractual services1,541,9001,515,9001,488,73327,1671,421,796
Total police1,625,1001,599,1001,570,96228,1381,501,519
Fire department:
Current:
Personal services512,100512,100519,826(7,726)461,036
Materials and supplies47,10047,10038,0449,05646,317
Contractual services116,000116,00083,78032,220102,030
Total fire department675,200675,200641,65033,550609,383
Code enforcement:
Current:
Personal services681,100646,700651,178(4,478)635,800
Materials and supplies6,1006,1003,0143,0866,219
Contractual services33,90033,90011,39722,50312,624
Total code enforcement721,100686,700665,58921,111654,643
Animal control:
Current:
Personal services56,00053,00051,5591,44151,596
Materials and supplies5,0005,0002,8452,1554,547
Contractual services13,70013,70010,4903,21013,591
Total animal control74,70071,70064,8946,80669,734
Total public safety3,096,1003,032,7002,943,09589,6052,835,279
82
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 4 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
2009
2008
Budgeted Amounts
ActualVariance withActual
Expenditures: (continued)OriginalFinalAmountsFinal BudgetAmounts
Public works:
Engineering:
Current:
Personal services$530,100$515,900$507,081$8,819$499,841
Materials and supplies1,3001,3001,583(283)2,034
Contractual services32,10032,10029,9822,11830,333
Total engineering563,500549,300538,64610,654532,208
Street maintenance:
Current:
Personal services633,800633,800644,157(10,357)622,738
Materials and supplies131,600131,600127,9173,683160,256
Contractual services35,70035,70026,9658,73520,917
Total street maintenance 801,100801,100799,0392,061803,911
Street lighting:
Current:
Materials and supplies5,0005,0001,3313,6692,891
Contractual services323,400323,400331,358(7,958)316,039
Total street lighting328,400328,400332,689(4,289)318,930
City garage:
Current:
Personal services255,100255,100257,340(2,240)247,571
Materials and supplies220,400170,400117,33253,068162,450
Contractual services59,00059,00044,98114,01943,652
Total City garage534,500484,500419,65364,847453,673
Total public works2,227,5002,163,3002,090,02773,2732,108,722
Parks and recreation:
Parks and recreation commission:
Current:
Materials and supplies200200 - 200 -
Contractual services2,0002,0002,578(578)1,094
Total parks and recreation commission2,2002,2002,578(378)1,094
Parks and recreation administration:
Current:
Personal services124,000124,000125,625(1,625)121,392
Materials and supplies1,0001,00033366775
Contractual services10,60010,6006,8943,7067,117
Total parks and recreation administration135,600135,600132,8522,748128,584
Recreation center:
Current:
Personal services227,100227,100215,79911,301232,440
Materials and supplies11,50011,50038,457(26,957)46,681
Contractual services77,00077,00078,736(1,736)96,905
Total recreation center315,600315,600332,992(17,392)376,026
83
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 5 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
2009
2008
Budgeted Amounts
ActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
Parks and recreation: (continued)
Senior citizen center:
Current:
Personal services$44,200$44,200$44,165$35$41,089
Materials and supplies4,5004,5003,3471,1532,609
Contractual services20,60020,60020,928(328)23,467
Total senior citizen center69,30069,30068,44086067,165
Recreation program:
Current:
Personal services177,600177,600162,40215,198175,554
Materials and supplies19,10019,10013,7125,38817,532
Contractual services93,80093,80087,3336,46793,823
Total recreation program290,500290,500263,44727,053286,909
Self-supporting programs:
Current:
Personal services28,60028,60031,161(2,561)30,762
Materials and supplies7,7007,7006,4491,2517,700
Contractual services49,30049,30036,44512,85545,929
Total self-supporting programs85,60085,60074,05511,54584,391
Lake Ann Park operations:
Current:
Personal services13,40013,4005,7237,6776,596
Materials and supplies9,5009,5006,1243,3767,927
Contractual services57,40057,40043,82113,57942,446
Total Lake Ann Park operations80,30080,30055,66824,63256,969
Park maintenance:
Current:
Personal services701,100701,100697,7153,385679,204
Materials and supplies81,30081,30069,57011,73074,542
Contractual services98,50098,50080,54317,95789,349
Total park maintenance880,900880,900847,82833,072843,095
Downtown maintenance:
Current:
Materials and supplies - - - - 8
Contractual services - - 3,953(3,953)6,205
Total downtown maintenance003,953(3,953)6,213
Recreation sports:
Current:
Personal services - - 3,146(3,146) -
Materials and supplies - - 6,229(6,229) -
Contractual services - - 4,947(4,947) -
Total recreation sports0014,322(14,322)0
Total parks and recreation1,860,0001,860,0001,796,13563,8651,850,446
84
CITY OF CHANHASSEN, MINNESOTA
Statement 10
REQUIRED SUPPLEMENTARY INFORMATION
Page 6 of 6
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
20092008
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Expenditures: (continued)
Community development:
Planning commission:
Current:
Materials and supplies$200$200$ - $200$ -
Contractual services4,0004,0004,066(66)3,004
Total planning commission4,2004,2004,0661343,004
Planning administration:
Current:
Personal services388,700388,700385,7212,979373,488
Materials and supplies700700380320241
Contractual services14,10014,1006,1347,96614,076
Total planning administration403,500403,500392,23511,265387,805
Senior facility commission:
Current:
Personal services22,10022,10022,0326820,937
Contractual services15,70015,7008,5837,1178,749
Total senior facility commission37,80037,80030,6157,18529,686
Total community development445,500445,500426,91618,584420,495
Total expenditures9,667,1009,526,3009,088,527437,7739,096,284
Revenues over (under) expenditures192,000(32,700)142,140174,840337,269
Other financing sources (uses):
Transfers out(192,000)(192,000)(150,000)42,000(946,836)
Net change in fund balance$0($224,700)(7,860)$216,840(609,567)
Fund balance - January 14,881,7195,491,286
Fund balance - December 31$4,873,859$4,881,719
85
CITY OF CHANHASSEN, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
NOTE TO RSI
December 31, 2009
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.
86
COMBINING AND INDIVIDUAL FUND STATEMENTS AND
SCHEDULES
87
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88
NONMAJOR GOVERNMENTAL FUNDS
89
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90
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).
91
CITY OF CHANHASSEN, MINNESOTA
Statement 11
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
Totals
Nonmajor
SpecialDebtCapital
Governmental Funds
RevenueServiceProject20092008
Assets:
Cash and investments$644,639$2,864,990$6,881,729$10,391,358$13,801,363
Accrued interest receivable3,63913,77345,42162,833124,145
Accounts receivable - net60,446 - 2,53262,978301,588
Property taxes receivable - 27,14740,29367,44026,981
Special assessments receivable - 232,79220,670253,4623,780,131
Prepaid items321 - - 32125
Total assets$709,045$3,138,702$6,990,645$10,838,392$18,034,233
Liabilities and Fund Balance
Liabilities:
Accounts payable$16$ - $160,580$160,596$59,938
Due to other funds - - 89,61789,61713,409
Contracts payable - - 84584511,924
Salaries payable3,384 - - 3,3843,916
Deferred revenue - 232,79223,025255,8173,781,803
Total liabilities3,400232,792274,067510,2593,870,990
Fund balance:
Reserved 36,6532,563,033 - 2,599,6866,671,271
Unreserved:
Designated668,992 - 6,864,1287,533,1207,265,835
Undesignated - 342,877(147,550)195,327226,137
Total fund balance705,6452,905,9106,716,57810,328,13314,163,243
Total liabilities and fund balance$709,045$3,138,702$6,990,645$10,838,392$18,034,233
92
CITY OF CHANHASSEN, MINNESOTA
Statement 12
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
Totals
Nonmajor
Special DebtCapitalGovernmental Funds
RevenueServiceProject20092008
Revenues:
General property taxes$ - $1,661,442$1,091,875$2,753,317$2,901,065
Tax increment collections - - 473,674473,674476,651
Licenses and permits - - 34,80034,800432,542
Intergovernmental - - 107,488107,488107,705
Special assessments - 109,44021,101130,541166,390
Charges for services228,87499,570 - 328,444191,768
Investment income8,66731,42097,011137,098653,142
Contributions and donations20,841 - - 20,84112,760
Refunds and reimbursements - - 25,38825,3881,111
Other - - 12,59012,59020,994
Total revenues258,382 1,901,872 1,863,927 4,024,181 4,964,128
Expenditures:
Current:
General government93,463 - 144,881238,344238,670
Public safety14,490 - 21,45935,94932,517
Public works - - 248,882248,882313,238
Parks and recreation - - 691,850691,85082,907
Community development - - 101,003101,00348,324
Capital outlay: -
General government - - 143,663143,663233,600
Public safety - - 55,15255,15254,284
Public works - - 51,21751,217344,513
Parks and recreation - - 235,292235,292642,508
Debt service: -
Principal - 2,553,002 - 2,553,0022,689,552
Interest and paying agent fees - 920,529 - 920,529874,848
Bond issuance costs - 73,182 - 73,182 -
Developer assistance - - 90,35490,354226,055
Total expenditures107,953 3,546,713 1,783,753 5,438,419 5,781,016
Revenues over (under) expenditures150,429 (1,644,841)80,174 (1,414,238)(816,888)
Other financing sources (uses):
Bond premium - 226,991 - 226,991 -
Refunding bonds issued - 6,020,000 - 6,020,000385,692
Redemption of refunded bonds - (8,387,123) - (8,387,123) -
Loans issued - - - - 24,839
Transfers in - 217,42940,210257,6391,102,442
Transfers out - (406,014)(148,639)(554,653)(1,366,768)
Sale of capital assets - - 16,27416,27410,695
Total other financing sources (uses)0 (2,328,717)(92,155)(2,420,872)156,900
Net change in fund balance150,429 (3,973,558)(11,981)(3,835,110)(659,988)
Fund balance - January 1555,2166,879,4686,728,55914,163,24314,823,231
Fund balance - December 31$705,645$2,905,910$6,716,578$10,328,133$14,163,243
93
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94
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 public safety equipment and
training or programs which benefit youth.
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.
95
CITY OF CHANHASSEN, MINNESOTA
Statement 13
SUBCOMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
201
Contribution210 CATV Total Nonmajor Special Revenue
FundFundFunds
20092008
Assets:
Cash and investments$34,001$610,638$644,639$366,360
Accrued interest receivable2433,3963,6394,220
Accounts receivable - net2,08858,35860,446188,527
Prepaid items -32132125
Total assets$36,332 $672,713 $709,045 $559,132
Liabilities and Fund Balance
Liabilities:
Accounts payable$ -$16$16$ -
Salaries payable -3,3843,3843,916
Total liabilities03,4003,4003,916
Fund balance:
Reserved for prepayments -32132125
Reserved for youth and public safety programs36,332 - 36,33229,499
Unreserved:
Designated for cable equipment - 668,992668,992525,692
Total fund balance36,332669,313705,645555,216
Total liabilities and fund balance$36,332 $672,713 $709,045 $559,132
96
CITY OF CHANHASSEN, MINNESOTA
Statement 14
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
201
Contribution210 CATV Total Nonmajor Special Revenue
FundFundFunds
20092008
Revenues:
Franchisefees$ -$228874,$228874,$185566,
Franchisefees$$228874$228874$185566
Investment income4828,1858,66722,794
Contributions and donations20,841 - 20,84110,260
Total revenues21,323237,059258,382218,620
Expenditures:
Current:
Personal services -89,48089,48083,783
,,,
Materials and supplies -1,1671,167740
Contractual services14,4902,81617,30620,804
Capital outlay - - - 141,248
Total expenditures14,49093,463107,953246,575
Revenues over (under) expenditures6,833143,596150,429(27,955)
FdblJ1Funaance - January 29499,52571755,77555,5552165831715,7
dbl129499212168311
Fund balance - December 31$36,332$669,313$705,645$555,216
97
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98
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.
99
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
351 1999A
354 2001B
G.O.352 2000 G.O.357 2002A
300 Permanent ImprovementPublic Project ImprovementG.O. Library
Revolving DebtBondsRevenue BondsBondsBonds
Assets:
Assets:
Cash and investments$340,941$ - $119,485$ - $798,969
Accrued interest receivable1,936 - 376 - 3,814
Property taxes receivable - - 4,309 - 4,098
Special assessments receivable103,380 - - - -
Total assets$446,257$0$124,170$0$806,881
Liabilities and Fund Balance
Liabilities:
Deferred revenue$103,380$ - $ - $ - $ -
Fund balance:
Reserved for debt retirement - - 124,170 - 806,881
UdUnreserved:
Undesignated342,877 - - - -
Total fund balance342,8770124,1700806,881
Total liabilities and fund balance$446,257$0$124,170$0$806,881
100
Statement 15
358 2003A 364 2005A 365 2005C 366 2006A
367 2008A
G.O.G.O.G.O. Park G.O.G.O. Public
Equipment360 2004A ImprovementRefundingImprovementWorks
Totals Nonmajor Debt Service
CertificateG.O. BondsBondsBondsBondsFacility BondsFunds
20092008
$ - $534,650$ - $902,416$ - $168,529$2,864,990$6,807,880
- 2,434 - 3,119 - 2,09413,77356,092
- 10,237 - 8,503 - - 27,14715,496
- 129,412 - - - - 232,7923,740,803
$0$676,733$0$914,038$0$170,623$3,138,702$10,620,271
$ - $129,412$ - $ - $ - $ - $232,792$3,740,803
- 547,321 - 914,038 - 170,6232,563,0336,641,747
- - - - - - 342,877237,721
0547,3210914,0380170,6232,905,9106,879,468
$0$676,733$0$914,038$0$170,623$3,138,702$10,620,271
101
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
300351 1999A 352 2000
354 2001B 358 2003A
PermanentG.O.Public Project G.O.357 2002A G.O.
RevolvingImprovementRevenueImprovementG.O. Library Equipment
DebtBondsBondsBondsBondsCertificate
Revenues:
Generalpropertytaxesyx$ -$ -$122603,$ -$491300,$ -
Generalproperttaes$$$122603$$491300$
Special assessments2,407 - - 6,738 - -
Charges for services99,570 - - - - -
Investment income3,179 - 769 - 8,454 -
Total revenues105,1560123,3726,738499,7540
Expenditures:
Debt service:
Principal - - 100,000 - 250,000 -
Interest and paying agent fees - - 20,584 - 213,010 -
Bond issuance costs - - - - - -
Total expenditures00120,5840463,0100
Revenues over (under) expenditures105,15602,7886,73836,7440
Othfii()ternancng sources uses:
Ohfii()
Bond premium - - - - - -
Refunding bonds issued - - - - - -
Redemption of refunding bonds - - - - - -
Transfer in - - - - - -
Transfer out - (161,944) - (22,747) - (26,623)
Total other financing sources (uses)0(161,944)0(22,747)0(26,623)
Net change in fund balance105,156(161,944)2,788(16,009)36,744(26,623)
Fund balance - January 1237,721161,944121,38216,009770,13726,623
Fund balance - December 31$342,877$0$124,170$0$806,881$0
102
Statement 16
364 2005A 365 2005C 366 2006A
367 2008A
362 2004C G.O.G.O. Park G.O.G.O. Public
360 2004A Taxable G.O. ImprovementRefundingImprovementWorksTotals Nonmajor Debt Service
G.O. BondsT.I. RefundBondsBondsBondsFacility BondsFunds
20092008
$297900,$ -$137252,$612387,$ -$ -$1661442,,$1809190,,
$297900$$137252$612387$$$1661442$1809190
45,917 - 25,721 - 28,657 - 109,440142,923
- - - - - - 99,5706,202
4,903 - - 7,311 - 6,80431,420296,699
348,7200162,973619,69828,6576,8041,901,8722,255,014
380,00055,000318,002610,000840,000 - 2,553,0022,689,552
26,88853,429137,40642,450200,954225,808920,529874,848
- - 32,944 - 40,238 - 73,182 -
406,888108,429488,352652,4501,081,192225,8083,546,7133,564,400
(58,168)(108,429)(325,379)(32,752)(1,052,535)(219,004)(1,644,841)(1,309,386)
- - 80,457 - 146,534 - 226,991 -
- - 2,710,000 - 3,310,000 - 6,020,000385,692
- - (3,057,123) - (5,330,000) - (8,387,123) -
- 108,429 - 109,000 - - 217,429380,532
- - (84,547) - (110,153) - (406,014)(93,160)
0108,429(351,213)109,000(1,983,619)0(2,328,717)673,064
(58,168)0(676,592)76,248(3,036,154)(219,004)(3,973,558)(636,322)
605,489 - 676,592837,7903,036,154389,6276,879,4687,515,790
$547,321$0$0$914,038$0$170,623$2,905,910$6,879,468
103
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104
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 cities comprehensive plan.
– accounts for sealcoating costs on local streets.
420 Street Pavement Management
461 Gateway Place TIF District, 462 Downtown Transit Station TIF #10, 491 TID #4
Entertainment, 494 TID #5 North Bay, and 498 TID #8 Presbyterian Homes – account for
financing improvements in tax increment financing districts.
600 Special Assessment Projects – accounts for the construction or projects financied by
special assessments.
602 2006A Special Assessment Bonds – accounts for the construction costs related to the
MUSA area improvements.
105
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
410 Park
400 Capital Acquisition420 Street 461 Gateway 462 Downtown
ReplacementandPavementPlace TIF Transit Station
FundDevelopmentManagementDistrictTIF #10
Assets:
Cash and investments$1,747,159$2,933,625$815,189$758$ -
Accrued interest receivable9,53923,2794,49310 -
Accounts receivable - net2,532 - - - -
Property taxes receivable28,419 - 9,312 - -
Special assessments receivable - - - - -
Total assets$1,787,649$2,956,904$828,994$768$0
Liabilities and Fund Balance
Liabilities:
Accounts payable$90,594$12,053$ - $ - $57,933
Due to other funds - - - - 89,617
Contracts payable845 - - - -
Deferred revenue - - - - -
Total liabilities91,43912,05300147,550
Fund balance (deficit):
Unreserved:
Designated for capital improvements1,696,2102,944,851828,994768 -
Undesignated - - - - (147,550)
Total fund balance (deficit)1,696,2102,944,851828,994768(147,550)
Total liabilities and fund balance$1,787,649$2,956,904$828,994$768$0
106
Statement 17
602 2006A
498 TID #8 600 Special Special
491 TID #4 494 TID #5 PresbyterianAssessmentAssessment
Totals Nonmajor Capital Project
EntertainmentNorth BayHomesProjectsBondsFunds
20092008
$641,593$46,532$147,205$52,850$496,818$6,881,729$6,627,123
3,999 - 5532553,29345,42163,833
- - - - - 2,532113,061
-2,562 - - - 40,29311,485
- - - 20,670 - 20,67039,328
$645,592$49,094$147,758$73,775$500,111$6,990,645$6,854,830
$ - $ - $ - $ - $ - $160,580$59,938
- - - - - 89,61713,409
- - - - - 84511,924
-2,355 - 20,670 - 23,02541,000
02,355020,6700274,067126,271
645,59246,739147,75853,105500,1116,864,1286,740,143
- - - - - (147,550)(11,584)
645,59246,739147,75853,105500,1116,716,5786,728,559
$645,592$49,094$147,758$73,775$500,111$6,990,645$6,854,830
107
CITY OF CHANHASSEN, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
400 Capital 410 Park 420 Street 461 Gateway 462 Downtown
ReplacementAcquisition and PavementPlace TIF Transit Station
FundDevelopmentManagementDistrictTIF #10
Revenues:
General property taxes$824,000$ - $267,875$ - $ -
Tax increment collections - - - 200 -
Licenses and permits - 34,800 - - -
Intergovernmental - - 100,000 - -
Special assessments - - - - -
Charges for services - - - - -
Investment income22,29546,23610,18436 -
Contributions and donations - - - - -
Refunds and reimbursements22,8882,500 - - -
Other12,590 - - - -
Total revenues881,77383,536378,0592360
Expenditures:
Current:
General government144,881 - - - -
Public safety21,459 - - - -
Public works23,790 - 116,282 - 107,340
Parks and recreation36,543655,307 - - -
Community development - - - 1,293 -
Capital outlay:
General government143,663 - - - -
Public safety55,152 - - - -
Public works51,217 - - - -
Parks and recreation126,668108,624 - - -
Developer assistance - - - - -
Total expenditures603,373763,931116,2821,293107,340
Revenues over (under) expenditures278,400(680,395)261,777(1,057)(107,340)
Other financing sources (uses):
Loans issued - - - - -
Transfer in - - - - -
Transfer out - - - - (40,210)
Sale of capital assets16,274 - - - -
Total other financing sources (uses)16,274000(40,210)
Net change in fund balance294,674 (680,395)261,777 (1,057)(147,550)
Fund balance (deficit) - January 11,401,5363,625,246567,2171,825 -
Fund balance (deficit) - December 31$1,696,210$2,944,851$828,994$768($147,550)
108
Statement 18
602 2006A
498 TID #8 600 Special Special
491 TID #4 494 TID #5 PresbyterianAssessmentAssessment
Totals Nonmajor Capital Project
EntertainmentNorth BayHomesProjectsBonds
Funds
20092008
$ - $ - $ - $ - $ - $1,091,875$1,091,875
212,73278,097182,645 - - 473,674476,651
- - - - - 34,800432,542
- 7,488 - - - 107,488107,705
- - - 21,101 - 21,10123,467
- - - - - - -
9,410 - 1,3197876,74497,011333,649
- - - - - - 2,500
- - - - - 25,3881,111
- - - - - 12,59020,994
222,14285,585183,96421,8886,7441,863,9272,490,494
- - - - - 144,881133,343
- - - - - 21,45932,517
- - - - 1,470248,882313,238
- - - - - 691,85082,907
1,21325,43773,060 - - 101,00348,324
- - - - - 143,66392,352
- - - - - 55,15254,284
- - - - - 51,217344,513
- - - - - 235,292642,508
- - 90,354 - - 90,354226,055
1,21325,437163,41401,4701,783,7531,970,041
220,92960,14820,55021,8885,27480,174520,453
- - - - - - 24,839
40,210 - - - - 40,210721,910
(108,429) - - - - (148,639)(1,273,608)
- - - - - 16,27410,695
(68,219)0000(92,155)(516,164)
152,710 60,148 20,550 21,888 5,274 (11,981)4,289
492,882(13,409)127,20831,217494,8376,728,5596,724,270
$645,592$46,739$147,758$53,105$500,111$6,716,578$6,728,559
109
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
20092008
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
Investment income($1,500)($1,500)$482$1,982$2,006
Contributions and donations(12,000)(12,000)20,84132,84110,260
Totalrevenuesvu(13500),(13500),21323,34823,12266,
Totalreenes(13500)(13500)213233482312266
Expenditures:
Current:
Contractual services17,50017,50014,4903,01017,500
Revenues over (under) expenditures($31,000)($31,000)6,833$37,833(5,234)
Fund balance - January 129,49934,733
Fund balance - December 31$36,332$29,499
110
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
20092008
Budgeted AmountsActualVariance withActual
OriginalFinalAmountsFinal BudgetAmounts
Revenues:
Franchise fees$150,000$150,000$228,874$78,874$185,566
Investment income10,00010,0008,185(1,815)20,788
Totalrevenuesvu160000,160000,237059,77059,206354,
Totalreenes16000016000023705977059206354
Expenditures:
Current:
Personal services89,10089,10089,480(380)83,783
Materials and supplies - - 1,167(1,167)740
Contractual services - - 2,816(2,816)3,304
Capital outlay - - - - 141,248
py,
Total expenditures89,10089,10093,463(4,363)229,075
Revenues over (under) expenditures$70,900$70,900143,596$72,696(22,721)
Fund balance - January 1525,717548,438
Fund balance - December 31$669,313$525,717
111
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112
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.
113
CITY OF CHANHASSEN, MINNESOTA
Statement 21
COMBINING STATEMENT OF NET ASSETS
AGENCY FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
913 Moon
Valley
815 Escrow Restoration
FundFundTotals
20092008
Assets:
Cash and investments$609,658$85,159$694,817$709,405
Liabilities:
Accounts payable$ - $ - $ - $1,500
Escrow deposits payable609,65885,159694,817707,905
Total liabilities$609,658$85,159$694,817$709,405
114
CITY OF CHANHASSEN, MINNESOTA
Statement 22
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUNDS
For The Year Ended December 31, 2009
BalanceBalance
01/01/09AdditionsDeletions12/31/09
Escrow Fund
Assets:
Cash and investments$625,127$472,514$487,983$609,658
Liabilities:
Accounts payable$1,500$ - $1,500$ -
Escrow deposits payable623,627472,514486,483609,658
Total liabilities$625,127$472,514$487,983$609,658
Moon Valley Restoration Fund
Assets:
Cash and investments$84,278$881$ - $85,159
Liabilities:
Escrow deposits payable$84,278$881$ - $85,159
Totals - All Agency Funds
Assets:
Cash and investments$709,405$473,395$487,983$694,817
Liabilities:
Accounts payable$1,500$ - $1,500$ -
Escrow deposits payable707,905473,395486,483694,817
Total liabilities$709,405$473,395$487,983$694,817
115
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116
SUPPLEMENTARY FINANCIAL INFORMATION
117
CITY OF CHANHASSEN, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 2009
Final
InterestIssueMaturity
Bonded indebtedness:RatesDateDate
General obligation bonds:
G.O. Library Bonds, Series 2002A1.55%-4.85%03/01/0202/01/22
G.O. Park Refunding Bonds, Series 2005C3.50%11/16/0502/01/10
G.O. Capital Improvement Plan Bonds, Series 2008A4.00%-4.60%11/18/0802/01/30
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 2004A2.50%-4.00%08/10/0402/01/15
G.O. Improvement Bonds, Series 2006A3.75%-3.80%06/13/0602/01/14
G.O. Improvement Bonds, Series 2009A3%06/03/0902/01/17
Total general improvement bonds
Enterprise Fund debt:
GOSewerandWaterRevenueBonds2001,SeriesA..,350%.--465%.07/15/0102/01/12
GOSewerandWaterRevenueBonds2001SeriesA350%465%07/15/0102/01/12
G.O. Water Revenue Bonds of 2004, Series B4.00%-4.50%08/10/0402/01/25
G.O. Water Revenue Bonds of 2005, Series B3.75%-3.90%11/16/0502/01/21
Total Enterprise Fund debt
Total bonded indebtedness
Other debt:
Loan payable for highway construction3.81%-4.30%04/19/0507/01/17
Compensated absences payable
Total City indebtedness
118
Exhibit 1
Prior YearsPayable2009PayablePrincipal
OriginalJanuary 1,December 31,Due in
IssuePayments2009IssuedPayments20092009
$6,095,000$1,245,000$4,850,000$ - $250,000$4,600,000$260,000
2,590,0001,085,0001,505,000 - 610,000895,000895,000
7,550,000 - 7,550,000 - - 7,550,000 -
16,235,0002,330,00013,905,0000860,00013,045,0001,155,000
930,000495,000435,000 - 100,000335,000105,000
1,170,000155,0001,015,000 - 55,000960,00060,000
2,070,0001,085,000985,000 - 380,000605,000345,000
6,640,000470,0006,170,000 - 6,170,000 - -
6,020,000 - - 6,020,000 - 6,020,000215,000
14,730,0001,555,0007,155,0006,020,0006,550,0006,625,000560,000
1,645,000,,1,250,000,,395,000, --130,000,265,000,130,000,
16450001250000395000130000265000130000
7,930,000855,0007,075,000 - 290,0006,785,000300,000
5,465,000520,0004,945,000 - 300,0004,645,000310,000
15,040,0002,625,00012,415,0000720,00011,695,000740,000
48,105,0007,160,00034,925,0006,020,0008,285,00032,660,0002,620,000
3,853,005477,8803,375,125 - 3,375,125 - -
- - 820,748500,713452,050869,41150,911
$51,958,005$7,637,880$39,120,873$6,520,713$12,112,175$33,529,411$2,670,911
119
CITY OF CHANHASSEN, MINNESOTA
Exhibit 2
DEBT SERVICE PAYMENTS TO MATURITY
GENERAL OBLIGATION BONDS
December 31, 2009
G.O. Tax
2000IncrementG.O. ParkG.O. Capital
Public ProjectG.O. LibraryRefundingRefundingImprovement
RevenueBonds,Bonds,Bonds,Plan Bonds,
BondSeries 2002ASeries 2004CSeries 2005CSeries 2008ATotal
Bonds payable$335,000$4,600,000$960,000$895,000$7,550,000$14,340,000
Future interest payable27,4171,541,164360,17815,6634,083,4866,027,908
$362,417$6,141,164$1,320,178$910,663$11,633,486$20,367,908
Payments to maturity:
2010$119,899$462,821$110,485$910,663$320,668$1,924,536
2011119,308467,251107,725 - 565,6671,259,951
2012123,210465,873109,720 - 560,5681,259,371
2013 - 468,620111,345 - 560,1671,140,132
2014 - 470,315107,775 - 559,3681,137,458
2015 - 470,960109,005 - 558,1671,138,132
2016 - 470,686109,895 - 556,5681,137,149
2017 - 474,443110,440 - 559,4671,144,350
2018 - 472,213110,580 - 561,7681,144,561
2019 - 478,860110,308 - 558,4841,147,652
2020 - 479,249109,600 - 564,4231,153,272
2021 - 478,475113,300 - 564,4671,156,242
2022 - 481,398 - - 563,7051,045,103
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
$362,4176,141,164$1,320,178$910,663$11,633,486$20,367,908
120
CITY OF CHANHASSEN, MINNESOTA
Exhibit 3
DEBT SERVICE PAYMENTS TO MATURITY
GENERAL OBLIGATION IMPROVEMENT BONDS
December 31, 2009
G.O.G.O.
ImprovementImprovement
Bonds,Bonds,
Series 2004ASeries 2009ATotal
Bonds payable$605,000$6,020,000$6,625,000
Future interest payable34,594884,697919,291
$639,594$6,904,697$7,544,291
Payments to maturity:
2010$360,131$421,472$781,603
201178,300361,300439,600
201275,850360,525436,375
201373,313359,600432,913
201426,5003,618,8753,645,375
201525,500592,900618,400
2016 -591,175591,175
2017 -598,850598,850
$639,594$6,904,697$7,544,291
121
CITY OF CHANHASSEN, MINNESOTA
Exhibit 4
DEBT SERVICE PAYMENTS TO MATURITY
REVENUE BONDS
December 31, 2009
G.O.
Sewer &
WaterG.O. WaterG.O. Water
RevenueRevenueRevenue
BondsBonds of 2004,Bonds of 2005,
Series 2001ASeries BSeries BTotal
Bonds payable$265,000$6,785,000$4,645,000$11,695,000
Future interest payable15,3542,629,9711,144,4263,789,751
$280,354$9,414,971$5,789,426$15,484,751
Payments to maturity:
2010$139,008$581,154$480,195$1,200,357
201169,718583,854478,3821,131,954
201271,628581,054481,1011,133,783
2013 -582,754483,2581,066,012
2014 -583,854479,9451,063,799
2015 -584,354486,0701,070,424
2016 -584,254481,6331,065,887
2017 -583,354481,7261,065,080
2018 -586,334486,0571,072,391
2019 -588,164484,5121,072,676
2020 -589,039482,2841,071,323
2021 -593,655484,2631,077,918
2022 -591,935 -591,935
2023 -598,787 -598,787
2024 -599,150 -599,150
2025 -603,275 -603,275
$280,354$9,414,971$5,789,426$15,484,751
122
CITY OF CHANHASSEN, MINNESOTA
Exhibit 5
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
December 31, 2009
Taxable Capacity Valuations:
Tax Capacity
Values
Property Type2008/2009
Real estate and personal property:
Hennepin County$1,580,214
Carver County39,488,940
Fiscal disparities:
Distribution2,117,099
Contribution(3,744,848)
Less: captured tax increment value(473,702)
et tax capacity$38,967,703
N
Tax Levy and Tax Rates:
Payable 2009
Tax
CertifiedCapacity
LevyRate (1)
Taxes levied:
Revenue$7,173,50016.372
Debt Service2,901,0656.621
Totals$10,074,56522.993
(1) Urban rate
123
CITY OF CHANHASSEN, MINNESOTA
Exhibit 6
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 2009
Public
ProjectG.O. CapitalTotalG.O.G.O.TotalTotal
Years ofRevenueLibraryImprovementGeneralImprovementImprovementGeneralDeferred
Levy/BondsBondsPlan BondsBondedBondsRefunding BondsImprovementTax
Collectionof 2000of 2002Aof 2008ADebtof 2005Aof 2009ABondsLevies
2009/2010$122,195$496,400$599,300$1,217,895$285,000$306,300$591,300$1,809,195
2010/2011126,420495,400594,0001,215,820285,000337,500622,5001,838,320
2011/2012 - 498,800593,8001,092,600285,000336,800621,8001,714,400
2012/2013 - 501,200593,2001,094,400285,000335,900620,9001,715,300
2013/2014 - 502,400592,1001,094,500285,000550,000835,0001,929,500
2014/2015 - 502,500590,6001,093,100285,000233,800518,8001,611,900
2015/2016 - 507,000594,0001,101,000285,000232,300517,3001,618,300
2016/2017 - 505,100596,7001,101,800 - 240,700240,7001,342,500
2017/2018 - 512,800593,6001,106,400 - - - 1,106,400
2018/2019 - 513,900600,3001,114,200 - - - 1,114,200
2019/2020 - 513,700600,8001,114,500 - - - 1,114,500
2020/2021 - 517,500600,4001,117,900 - - - 1,117,900
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
$248,615$6,066,700$12,047,800$18,363,115$1,995,000$2,573,300$4,568,300$22,931,415
124
III. STATISTICAL SECTION (UNAUDITED)
125
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126
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 128
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 138
significant local revenue source, the property tax.
Debt Capacity
These tables present information to help the reader assess the affordability of the 144
City’s current levels of outstanding debt and the City’s ability to issue additional
debt in the future.
Demographic and Economic Information
These tables offer demographic and economic indicators to help the reader 149
understand the environment within which the City’s financial activities take
place.
Operation Information
These tables contain service and infrastructure data to help the reader understand 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.
127
CITY OF CHANHASSEN, MINNESOTA
NET ASSETS BY COMPONENT
(1)
Last Seven Fiscal Years
(Accrual Basis of Accounting)
20032004
Governmental activities:
Invested in capital assets, net of related debt$76,644,369$77,583,392
Restricted:
Debt service2,565,4865,762,414
Tax increment purposes779,619630,566
Unrestricted11,477,63810,632,184
Total governmental activities net assets$91,467,112$94,608,556
Business-type activities:
Invested in capital assets, net of related debt$46,050,122$38,888,555
Restricted:
Debt service - -
Tax increment purposes - -
Unrestricted12,779,70121,908,224
Total business-type activities net assets$58,829,823$60,796,779
Primary government:
Invested in capital assets, net of related debt$122,694,491$116,471,947
Restricted:
Debt service2,565,4865,762,414
Tax increment purposes779,619630,566
Unrestricted24,257,33932,540,408
Total primary government net assets$150,296,935$155,405,335
(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 1
20052006200720082009
$72,418,684$70,216,944$68,982,379$70,611,368$72,106,198
10,174,5027,687,15511,047,06212,165,6536,461,780
1,049,0471,063,589797,064621,915840,857
11,239,65816,220,83414,631,16615,171,39114,421,042
$94,881,891$95,188,522$95,457,671$98,570,327$93,829,877
$37,479,967$47,807,323$52,502,257$55,541,752$55,496,919
- - - - -
- - - - -
23,767,12215,039,02117,292,10613,117,32312,129,049
$61,247,089$62,846,344$69,794,363$68,659,075$67,625,968
$109,898,651$118,024,267$121,484,636$126,153,120$127,603,117
10,174,5027,687,15511,047,06212,165,6536,461,780
1,049,0471,063,589797,064621,915840,857
35,006,78031,259,85531,923,27228,288,71426,550,091
$156,128,980$158,034,866$165,252,034$167,229,402$161,455,845
129
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN NET ASSETS
(1)
Last Seven Fiscal Years
(Accrual Basis of Accounting)
20032004
Expenses
Governmental activities:
General government$2,201,345$2,338,485
Public safety2,587,0192,618,307
Public works5,140,0284,955,598
Parks and recreation2,578,5852,674,954
Community development891,2532,027,713
Interest on long-term debt1,018,936822,047
Total governmental activities expenses14,417,16615,437,104
Business-type activities:
Water1,973,9131,985,908
Sewer2,774,2312,686,146
Surface water management784,557957,084
Total business-type activities expenses5,532,7015,629,138
Total primary government expenses$19,949,867$21,066,242
Program revenues
Governmental activities:
Charges for services:
Licenses and permits$1,996,169$1,892,579
Charges for services1,075,631997,114
Fines and forfeits43,73261,801
Operating grants and contributions267,126370,090
Capital grants and contributions1,171,5892,633,916
Total governmental activities program revenues4,554,2475,955,500
Business-type activities:
Charges for services:
Water1,582,6321,656,911
Sewer1,633,4401,748,929
Surface water management258,132265,090
Operating grants and contributions13,2216,381
Capital grants and contributions1,694,9983,528,270
Total business-type activities program revenues5,182,4237,205,581
Total primary government program revenues$9,736,670$13,161,081
130
Table 2
Page 1 of 2
20052006200720082009
$4,518,355$2,380,103$2,439,716$2,469,055$2,597,147
2,653,3042,851,9263,098,0683,062,9413,158,465
4,915,4357,722,4667,010,9816,220,8169,123,165
2,867,3642,918,6453,023,0323,025,9873,663,124
595,878868,7491,052,104704,979628,339
505,367751,964835,059652,0151,031,567
16,055,70317,493,85317,458,96016,135,79320,201,807
2,656,3812,754,2013,112,5753,234,1393,311,129
2,719,1563,069,0693,177,3663,072,5883,276,042
1,039,7211,317,0891,238,9141,121,1971,093,165
6,415,2587,140,3597,528,8557,427,9247,680,336
$22,470,961$24,634,212$24,987,815$23,563,717$27,882,143
$2,166,022$3,612,021$2,171,558$1,810,545$1,085,754
1,196,1031,218,8161,132,4481,115,9031,064,173
104,962162,946145,682124,633122,496
361,093671,674452,798346,023363,540
5,080,5122,506,8227,464,6973,221,6361,265,287
8,908,6928,172,27911,367,1836,618,7403,901,250
1,703,5012,111,2302,461,2052,408,3792,689,170
1,905,2062,008,3562,186,6222,187,2092,378,111
299,445424,702452,148479,318512,761
1,62053945,17236,3505,332
1,961,1222,501,5983,340,5981,527,6241,684,982
5,870,8947,046,4258,485,7456,638,8807,270,356
$14,779,586$15,218,704$19,852,928$13,257,620$11,171,606
131
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN NET ASSETS
(1)
Last Seven Fiscal Years
(Accrual Basis of Accounting)
20032004
Net (expense) revenue:
Governmental activities($9,862,919)($9,481,604)
Business-type activities(350,278)1,576,443
Total primary government net (expense) revenue(10,213,197)(7,905,161)
General revenues and other changes in net assets
Governmental activities:
Property taxes$8,330,561$8,398,790
Tax increment collections4,804,0194,623,927
Grants and contributions not restricted to specific programs59,86755,879
Unrestricted investment earnings240,859164,712
Miscellaneous98,812222,642
Gain on sale of capital assets582,333540,646
Transfers(121,355)(96,195)
Total governmental activities13,995,09613,910,401
Business-type activities:
Unrestricted investment earnings90,738255,510
Miscellaneous -255,279
Transfers121,35596,195
Total business-type activities212,093606,984
Total primary government$14,207,189$14,517,385
Change in net assets:
Governmental activities$4,132,177$4,428,797
Business-type activities(138,185)2,183,427
Total primary government$3,993,992$6,612,224
(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 2
Page 2 of 2
20052006200720082009
($7,147,011)($9,321,574)($6,091,777)($9,517,053)($16,300,557)
(544,364)(93,934)956,890(789,044)(409,980)
(7,691,375)(9,415,508)(5,134,887)(10,306,097)(16,710,537)
$9,451,141$9,165,278$9,419,763$9,651,758$9,921,598
675,117315,398420,526574,101473,674
45,45528,592189,616108,03927,612
387,370905,9301,397,7461,150,993357,953
93,79234,644 - - -
23,795 -10,80632,1954,524
(481,824)(821,637)(5,077,531)1,112,623774,746
10,194,8469,628,2056,360,92612,629,70911,560,107
466,750768,600786,455797,079141,070
46,100102,952127,14322,46410,549
481,824821,6375,077,531(1,112,623)(774,746)
994,6741,693,1895,991,129(293,080)(623,127)
$11,189,520$11,321,394$12,352,055$12,336,629$10,936,980
$3,047,835$306,631$269,149$3,112,656($4,740,450)
450,3101,599,2556,948,019(1,082,124)(1,033,107)
$3,498,145$1,905,886$7,217,168$2,030,532($5,773,557)
133
CITY OF CHANHASSEN, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
(1)
Last Seven Fiscal Years
(Modified Accrual Basis of Accounting)
20032004
General Fund:
Reserved
Prepaid items$17,056$21,003
Unreserved:
Designated:
General fund3,328,5303,125,910
Undesignated:
General fund2,571,9493,128,630
Total general fund$5,917,535$6,275,543
All other governmental funds:
Reserved:
Prepaid items$4,804$523
Future programs11,85319,735
Debt service4,110,3166,922,552
Unreserved:
Designated:
Special revenue funds567,443533,276
Capital project funds3,638,5923,978,818
Undesignated:
Special revenue funds5,948,5381,089,942
Debt service funds(3,020,544) -
Capital project funds(2,013,776)(893,811)
Total all other governmental funds$9,247,226$11,651,035
(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.
134
Table 3
20052006200720082009
$20,239$17,376$13,210$21,173$46,750
3,199,8003,279,0503,416,9503,586,7503,690,000
3,731,0231,523,8442,061,1261,273,7961,137,109
$6,951,062$4,820,270$5,491,286$4,881,719$4,873,859
$523$523$ -$25$321
35,90937,72534,73329,49936,332
6,560,8845,262,5347,300,4926,641,7472,913,631
489,370431,665548,438525,692668,992
4,114,82013,458,6979,934,93618,732,62511,418,006
-25,020 - - -
3,403,769148,784215,298237,721342,877
(738,510)(214,183)(239,434)(11,584)(2,001,149)
$13,866,765$19,150,765$17,794,463$26,155,725$13,379,010
135
CITY OF CHANHASSEN, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
(1)
Last Seven Fiscal Years
Revenues:20032004
General property taxes$8,292,083$8,443,464
Tax increment collections4,975,8604,917,923
Licenses and permits1,996,1681,892,579
Intergovernmental1,082,5491,013,704
Special assessments1,963,4312,262,731
Charges for services839,522943,744
Fines and forfeits43,73261,801
Investment income240,859164,712
Contributions and donations9,67524,749
Refunds and reimbursements
Other364,151290,629
Total revenues19,808,030 20,016,036
Expenditures:
Current:
General government2,072,0512,203,607
Public safety2,424,1252,461,410
Public works1,958,0921,773,655
Parks and recreation1,629,8561,622,199
Community development312,446326,134
Capital outlay:
General government - -
Public safety - 99,872
Public works3,427,2361,787,737
Parks and recreation2,362615,207
Debt service:
Principal 10,700,0007,752,000
Interest and paying agent fees1,070,394687,299
Bond issuance costs13,63529,317
Developer assistance578,2911,660,088
Other93,95411,046
Total expenditures24,282,44221,029,571
Revenues over (under) expenditures(4,474,412)(1,013,535)
Other financing sources (uses):
Bond premium - -
Bonds issued630,0003,240,000
Redemption of refunding bonds - -
Loans issued - -
Transfers in(121,355)(54,242)
Transfers out - -
Bond discount(3,937)(10,387)
Sale of capital assets702,596963,290
Total other financing sources (uses)1,207,3044,138,661
Net change in fund balance($3,267,108)$3,125,126
Debt service as a percentage of
noncapital expenditures58.4%50.2%
Debt service as percentage of
total expenditures48.5%40.3%
(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.
136
Table 4
20052006200720082009
$9,417,527$9,140,601$9,403,109$9,582,333$9,834,389
675,798$315,398$420,526$574,101473,674
2,166,0223,727,2972,171,5581,810,5451,085,754
1,244,6562,171,5651,148,0342,147,970397,438
1,113,9221,922,9443,922,517623,893540,151
863,958899,015738,669841,209950,760
104,962162,946145,682124,633122,496
387,370905,9301,397,7461,150,993357,953
71,19843,94947,42843,41047,206
51,24761,707
430,171279,549404,426238,030170,688
16,475,584 19,569,194 19,799,695 17,188,364 14,042,216
2,722,1712,090,5652,116,9282,102,5122,070,698
2,547,6762,656,9232,924,7512,885,2962,979,044
2,367,6524,425,2373,735,9502,786,3975,710,804
1,658,2001,877,1091,848,8801,933,3532,487,985
372,938451,092841,306468,819527,919
311,25098,3966,734233,600143,663
10,26538,593505,21554,28455,152
2,334,5776,431,5946,693,3874,677,1798,179,324
462,794377,3671,491,848642,508235,292
2,035,0001,375,0001,750,0002,689,5522,553,002
691,230591,614769,212874,848920,529
-36,987 -93,81173,182
230,353111,791206,753226,05590,354
897,523300,000 - - -
16,641,629 20,862,268 22,890,964 19,668,214 26,026,948
(166,045)(1,293,074)(3,091,269)(2,479,850)(11,984,732)
- - - -226,991
2,590,0006,640,000 -7,550,0006,020,000
-(3,560,000) - -(8,387,123)
105,419708,0033,014,74424,839 -
338,080702,889537,5642,646,0111,324,015
- -(1,163,065) - -
-(44,610) - - -
23,795 -16,74010,69516,274
3,057,294 4,446,282 2,405,983 10,231,545 (799,843)
$2,891,249$3,153,208($685,286)$7,751,695($12,784,575)
22.0%14.8%18.0%26.4%20.5%
16.4%9.6%11.0%18.6%13.6%
137
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
2000(a)(a)(a)(a)$22,428,067
2001$18,842,469$171,965$7,743,027$558,77527,316,236
200215,094,239162,6495,334,174349,27020,940,332
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
Sources: Carver County Auditor's Office and Hennepin County
(a) Information not available.
(1)
Tax Capacity as a Percent of EMV for 2000 was calculated on Total Tax Capacity since information
for Captured Tax Capacity on Tax Increment District and Fiscal Disparity Contribution was not available. For years 2001
through 2009, Adjusted Tax Capacity was used to calculate Tax Capacity as a Percent of EMV.
138
Table 5
Captured Tax
Capacity onFiscalAdjustedCityEstimatedTax Capacity
Tax IncrementDisparityTax CapacityDirect TaxMarketas a Percent
(1)
of EMV
DistrictContributionValueRateValue
(a)(a)$22,428,06726.89500$1,247,906,5001.80%
($5,920,832)$53,15421,448,55826.508001,593,928,1001.35%
(3,309,835)3,36217,633,85937.823001,790,521,3000.98%
(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%
139
CITY OF CHANHASSEN, MINNESOTA
Table 6
DIRECT AND OVERLAPPING PROPERTY TAX CAPACITY RATES
Last Ten Fiscal Years
CityOverlapping Rates
FiscalDirectSchoolCarver
YearRateDistrict #112CountyOtherTotal
Tax capacity rates (per $100 of adjusted tax capacity value)
200026.8950074.2370045.744006.27600153.15200
200126.5080060.8050043.105004.49500134.91300
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
Source: Carver County Auditor's Office
140
CITY OF CHANHASSEN, MINNESOTA
Table 7
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
20092000
Percentage Percentage
Taxableof Total CityTaxableof Total City
CapacityCapacityCapacityCapacity
TaxpayerValueRankValueValueRankValue
Rosemount Inc$396,69211.0%$603,82523.4%
IRET Properties354,49820.9% - - 0.0%
Istar Minnesota LLC343,06630.9% - - 0.0%
LTF Real Estate VRDN I LLC234,52840.6% - - 0.0%
LTF Real Estate Company Inc217,71250.6% - - 0.0%
DRF Chanhassen Medical Bldg213,25060.5% - - 0.0%
Northern States Power Co208,49870.5%327,48241.8%
Prince R. Nelson208,30580.5% - - 0.0%
Target Corporation T-0862204,06290.5% - - 0.0%
Park Avenue Lofts LLC196,318100.5% - - 0.0%
CSM Investors Inc. - - 0.0%825,7201 4.6%
Beddor Enterprises - - 0.0%462,43432.6%
McGlynn Bakeries Inc #366 - - 0.0%320,00751.8%
TF James - - 0.0%310,171 6 1.7%
Banta Direct Marketing Group - - 0.0%243,300 7 1.4%
Market Square Assoc Ltd Partnership - - 0.0%183,671 8 1.0%
Bloomberg Companies, Inc. - - 0.0%177,67491.0%
Individual - - 0.0%174,280 10 1.0%
Total$2,576,9296.6%$3,628,56420.2%
Total All Property $39,015,238$17,942,764
Source: Carver County Auditor's Office
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142
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
2000$5,286,618$5,226,46298.9%$34,291$5,260,75399.5%
20015,679,054 5,646,328 99.4%102,1195,748,447101.2%
20027,655,9167,557,37898.7%46,6457,604,02399.3%
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%120,9339,244,96397.9%
20069,354,8909,066,59196.9%88,7309,155,32197.9%
20079,575,7789,447,69298.7%94,0259,541,71799.6%
20089,834,9659,555,48997.2%118,8279,674,31698.4%
200910,074,5659,668,71396.0% - 9,668,71396.0%
Source: City Finance Department
143
CITY OF CHANHASSEN, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Activities
GeneralGeneral
FiscalObligationRevenueTax IncrementImprovementOther
YearBondsBondsBondsBondsDebt
2000$5,725,000$930,000$8,040,000$21,966,605$ -
20016,040,000930,0006,855,00019,411,686120,000
200211,355,000930,0004,915,00014,175,33180,000
200311,475,000860,0003,075,0005,890,00040,000
200410,710,000785,0001,170,0004,195,000 -
200512,215,000705,0001,170,0003,325,000105,419
20068,170,000620,0001,120,0009,210,000813,422
20077,315,000530,0001,070,0008,455,0003,828,166
200813,905,000435,0001,015,0007,155,0003,375,125
200913,045,000335,000960,0006,625,000 -
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.
144
Table 9
Business-Type
Activities
Less:Percentage
G.O. RevenueDebt Serviceof TaxBonded Debt
(1)(1)
Bonded Debt
BondsTotal DebtFund BalanceCapacityPer Capita
$2,770,000$39,431,605$5,747,180$33,684,425179.65%$1,654
3,996,35037,353,0362,773,25534,579,781161.22%1,604
3,576,10035,031,4313,255,09531,776,336180.20%1,420
3,175,00024,515,0001,089,77223,425,228120.22%996
10,600,00027,460,0006,795,40620,664,59481.94%882
15,545,00033,065,4199,964,65323,100,76682.82%968
14,820,00034,753,4225,411,31829,342,10496.30%1,228
13,915,00035,113,1667,623,13827,490,02879.02%1,130
12,415,00038,300,1256,972,63031,327,49583.57%1,280
11,695,00032,660,0003,256,50829,403,49275.36%1,190
145
CITY OF CHANHASSEN, MINNESOTA
Table 10
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
December 31, 2009
Estimated
EstimatedShare of
DebtPercentageOverlapping
Governmental UnitOutstandingApplicableDebt
Direct debt:
(1)
City of Chanhassen
$13,045,000100.00%$13,045,000
Overlapping debt:
Eastern Carver County School District239,465,00026.82%64,224,513
Eden Prairie Independent School District78,098,3820.85%663,836
Minnetonka Independent School District125,359,5480.00% -
Carver County30,610,00032.94%10,082,934
Hennepin County600,494,3190.06%360,297
Hennepin Suburban Park District71,017,7520.08%56,814
Hennepin Regulatory Railroad Authority42,430,6240.06%25,458
Metropolitan Council131,613,2800.03%39,484
Subtotal - overlapping debt1,319,088,90575,453,336
Total direct and overlapping debt$1,332,133,905$88,498,336
(1)
Excludes general obligation improvement bonds and revenue bonded indebtedness
146
CITY OF CHANHASSEN, MINNESOTA
Table 11
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
Legal Debt Margin Calculation for Fiscal Year 2009
Market value$3,501,886,800
Applicable percentage3%
Debt limit105,056,604
Debt applicable to limit:
Total bonded debt32,660,000
Less:
Special assessment bonds(6,625,000)
Tax increment bonds(960,000)
Revenue bonds(335,000)
Enterprise Fund debt(11,695,000)
Less:
Cash and investments in G.O. Bond Debt Service Fund(1,869,914)
11,175,086
Legal debt margin$93,881,518
Legal Debt Margin Calculation for Fiscal Years 2000 Through 2009
Net DebtLegalAmount of DebtNet Bonded
FiscalDebtApplicable toDebtApplicable toDebt Per
YearPopulationLimitLimitMarginDebt LimitCapita
200020,371$24,958,130$5,138,045$19,820,08520.59%252
200121,56131,878,5625,629,81126,248,75117.66%261
200222,37635,810,42610,679,36025,131,06629.82%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
147
CITY OF CHANHASSEN, MINNESOTA
Table 12
PLEDGED REVENUE COVERAGE
Last Ten Fiscal Years
Improvement Bonds
Special
FiscalAssessmentDebt Service
YearCollectionsPrincipalInterestCoverage
2000$2,992,985$3,550,000$846,0610.681
20012,514,3633,506,350720,4480.595
20023,159,7785,479,750522,0720.526
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
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
148
CITY OF CHANHASSEN, MINNESOTA
Table 13
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Carver County
ChanhassenCarver CountyCarver CountyPer Capita
FiscalChanhassenUnemploymentUnemploymentPersonalPersonal
(1)(2)(2)(3)(3)
PopulationRateRateIncome (thousands)Income
Year
200020,3711.8%2.4%$2,803,152$39,559
200121,5612.8%3.3%3,069,08641,980
200222,3763.5%4.0%3,153,20841,662
200323,5243.3%4.1%3,285,90341,917
200423,4313.2%3.9%3,562,42243,970
200523,8642.6%3.4%3,878,67546,206
200623,8892.7%3.3%4,165,61448,152
200724,3213.1%4.0%4,572,11251,768
200824,4814.0%5.0%4,798,33653,219
200924,6996.0%7.4%(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.
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150
CITY OF CHANHASSEN, MINNESOTA
Table 14
PRINCIPAL EMPLOYERS
(1)
Current Year and Three Years Ago
20092006
Percentage Percentage
of Total Cityof Total City
Employment(2)(2)
EmployerEmployeesRankEmployeesRankEmployment
Rosemount, Inc.1,600127.3%1,200124.4%
Lifetime Fitness1,061218.1% - - -
Instant Web Companies847314.5%548411.1%
Super Value Headquarters52849.0%900218.3%
General Mills47558.1%600312.2%
RR Donnelley36066.1%32466.6%
Chanhassen Dinner Theatres30075.1%30076.1%
Minnesota Landscape Arboretum23083.9%24094.9%
Byerly's19093.2%28085.7%
Target147102.5% - - -
ABC/Lyman Lumber123112.1%175103.6%
Entegris - - - 35057.1%
Total5,8614,917
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.
151
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/Program200020012002
General government111112
Public safety333
Public works222323
Parks and recreation111111
Community development171717
Total646566
Source: City Finance Department
152
Table 15
Full-Time Equivalent Employees as of December 31,
2003200420052006200720082009
12121212131313
3333333
23232425252525
11111111111111
16171616151515
65666667676767
153
CITY OF CHANHASSEN, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Fiscal Year
Function/Program200020012002
Building:
Permits issued1,0673,1951,387
Estimated value$84,131,650$86,644,500$85,811,450
Election:
Registered voters11,66511,66511,665
Fire:
Average number of employees444444
General government:
Area of city - square miles23.7823.7823.78
Average number of permanent full-time
employees (excluding fire department)646566
Police:
Average number of employees222
Number of major crimes145145145
Water:
Number of customers5,4825,4825,482
Daily average consumption - gallons2,195,4582,195,4582,195,458
Plant capacity - gallons3,850,0003,850,0003,850,000
Source: Various City departments
154
Table 16
Fiscal Year
2003200420052006200720082009
9149981,0081,1969541,046915
$85,879,250$86,893,088$62,100,325$95,610,311$106,831,600$116,477,429$58,627,700
13,72315,63215,63215,31915,31916,54416,544
43434344444545
23.7823.7823.7823.7823.7823.7823.78
65666667676767
11111313131415
3111,2881,0681,2971,2021,013702
6,5496,6606,7797,4827,6737,7367,865
3,000,0002,718,5992,571,8433,163,8643,031,4003,200,0003,642,410
8,900,0008,500,0008,650,0008,650,0008,650,0008,650,0008,650,000
155
CITY OF CHANHASSEN, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Fiscal Year
Function/Program200020012002
Fire:
Number of stations222
Parks and recreation:
Acres of parks350350350
Acres of open space300300300
Number of shelter buildings222
Number of playgrounds222222
Number of swimming beaches333
Number of tennis courts777
Police:
Number of stations111
Public works:
Miles of streets83.684.792.6
Miles of sidewalks17.017.019.4
Miles of trails33.838.138.1
Sewer:
Miles of storm sewers54.056.057.3
Miles of sanitary sewers107.9108.8110.1
Number of lift stations292929
Water:
Miles of watermains109.8112.1113.3
Number of wells778
Source: Various City departments
156
Table 17
Fiscal Year
2003200420052006200720082009
2222222
350375375375383383383
300300365365434434434
2333334
23252525262626
4444666
6171717171717
1111111
94.395.7102.5103.8106.2107.0110.9
19.621.024.725.526.928.431.1
41.242.042.043.047.253.053.6
59.661.062.764.266.267.169.5
113.0115.1115.4116.9119.6120.8123.0
30303031313131
116.7120.1120.8123.4126.0129.6135.1
77810111212
157
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158