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Summary Financial Report

Summary Financial Report

City of Alexandria, Minnesota, Summary Financial Report

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

interested citizens. The complete financial statements may be examined at City Hall, 704 Broadway, Alexandria,

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

Director at (320) 763-6678

Revenues and Expenditures for General Operations Governmental Funds

For the Years Ended December 31, 2021 and 2020

Total

Percent

Increase

Revenues 2021 2020 (Decrease)

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

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

Special assessments 588,515 595,100 (1.11)

Licenses and permits 754,029 744,372 1.30

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

Charges for services 1,442,970 2,043,846 (29.40)

Fines and forfeits 99,490 71,203 39.73

Investment earnings 8,620 208,097 (95.86)

Refunds and reimbursements - 593,187 (100.00)

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

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

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

Expenditures

Current

General government $ 2,527,963 $ 2,534,823 (0.27) %

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

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

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

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

Miscellaneous 196,251 166,889 17.59

Capital outlay

General government 37,431 223,527 (83.25)

Public safety 75,796 153,576 (50.65)

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

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

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

Debt service

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

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

Bond issuance costs - 57,048 (100.00)

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

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

Total Long-term Indebtedness $ 18,611,919 $ 19,102,280 (2.57) %

Per Capita 1,298 1,349 (3.78)

General Fund Balance - December 31 $ 5,804,117 $ 5,320,065 9.10 %

Per Capita 405 376 7.74

City of Alexandria, Minnesota

Proprietary Funds

Statement of Net Position

December 31, 2021

609

Downtown

Liquor

610

Plaza

Liquor

211

Storm Water

Utility Totals

Assets

Current Assets

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

Receivables

Accounts 30,236 63,080 - 93,316

Due from other funds - 1,436 - 1,436

Due from component unit - - 65,468 65,468

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

Total Current Assets 904,135 1,365,248 885,244 3,154,627

Noncurrent Assets Capital assets

Land 68,603 32,810 - 101,413

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

Equipment 219,657 224,969 - 444,626

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

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

Total Capital Assets (Net of

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

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

Deferred Outflows of Resources Deferred

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

Deferred other postemployment benefit

resources 5,999 170 1,579 7,748

Total Deferred Outflows of Resouces 104,317 124,653 25,446 254,416

Liabilities

Current Liabilities

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

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

Accrued interest payable - - 13,083 13,083

Accrued salaries payable 10,508 13,232 3,246 26,986

Compensated absences payable 10,565 16,768 5,821 33,154

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

Advance from other funds, current

portion 10,030 42,653 - 52,683

Bonds payable, current portion - - 160,000 160,000

Total Current Liabilities 134,981 260,261 204,764 600,006

Noncurrent Liabilities Compensated

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

Bonds payable - - 1,159,668 1,159,668

Other postemployment benefits 10,955 2,007 6,045 19,007

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

Advance from other funds, net of current

maturities 43,570 104,509 - 148,079

Total Noncurrent Liabilities 218,754 304,690 1,204,636 1,728,080

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

Deferred Inflows of Resources Deferred

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

Deferred other postemployment benefit

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

Total Deferred Inflows of Resouces 130,005 165,842 34,228 330,075

Net Position

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

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

Total Net Position $ 705,491 $ 1,008,170 $ 11,207,801 $ 12,921,462

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

City of Alexandria, Minnesota

Proprietary Funds

Statement of Revenues, Expenses and Changes in Net Position

For the Year Ended December 31, 2021

Operating Revenues

609

Downtown

Liquor

610

Plaza

Liquor

211

Storm Water

Utility Totals

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

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

Charges for services - - 859,131 859,131

Total Operating Revenues 784,460 1,200,025 859,131 2,843,616

Operating Expenses

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

Operating supplies and expenses 21,801 15,781 1,940 39,522

Insurance 14,745 20,361 - 35,106

Utilities 12,945 14,709 - 27,654

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

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

Total Operating Expenses 562,454 783,542 712,488 2,058,484

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

Nonoperating Revenues (Expenses)

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

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

Investment income 76 320 4,511 4,907

Amortization of premium - - 12,096 12,096

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

Total Nonoperating Revenues

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

Income Before Transfers 227,432 419,878 131,571 778,881

Transfers in - - 191,050 191,050

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

Change in Net Position 182,432 209,878 84,937 477,247

Net Position, January 1 523,059 798,292 - 1,321,351

Prior Period Adjustment (Note 10) - - 11,122,864 11,122,864

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

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

City of Alexandria, Minnesota

Proprietary Funds

Statement of Cash Flows

For the Year Ended December 31, 2021

Cash Flows from Operating Activities

609

Downtown

Liquor

610

Plaza

Liquor

211

Storm Water

Utility Totals

Receipts from customers $ 3,112,400 $ 4,742,106 $ 859,131 $ 8,713,637

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

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

Other receipts 1,901 2,775 - 4,676

Net Cash Provided by Operating

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

Cash Flows from Noncapital Financing Activities

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

Transfer in - - 191,050 -

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

Decrease in due from component unit - - (835) -

Net Cash Used by

Noncapital Financing Activities (40,347) (205,256) (47,386) (483,204)

Cash Flows from Capital

and Related Financing Activities

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

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

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

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

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

Net Cash Used by Capital and

Related Financing Activities (34,325) (67,145) (419,549) (521,019)

Cash Flows from Investing Activities

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

Net Increase (Decrease)

In Cash and Cash Equivalents 76,433 212,686 135,265 424,384

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

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

Reconciliation of Operating Income to Net

Cash Provided by Operating Activities

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

Adjustments to reconcile operating income

to net cash provided by operating

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

Other income related to operations 1,901 2,775 - 4,676

(Increase) decrease in assets Accounts

receivable 357 (4,277) - (3,920)

Due from other funds/departments 6,544 6,130 - 12,674

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

(Increase) decrease in deferred outflows of

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

Deferred other postemployment benefit

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

Increase (decrease) in liabilities Accounts

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

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

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

Due to component unit - - 13,761 13,761

Accrued salaries payable 1,428 2,211 1,022 4,661

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

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

Other postemployment benefits liability 5,550 (2,429) 104 3,225

Increase (decrease) in deferred inflows of

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

Deferred other postemployment benefit

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

Net Cash Provided (Used) by

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

Noncash Investing, Capital and Financing

Activities

Amortization of bond (premium) discount $ - $ - $ (12,096) $ -

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

Publish July 1, 2022

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