The URL can be used to link to this page

Home My WebLink About1984-1984.Annual Financial StatementCITY O6' CAPE. CIRARDEAU CAPE CIRARDEAU. MTSSOUWI FLNANCIAL STATF,M"IS DONE 70f 1945 CONTENTS Page Number Auditors' Report Combined Statement of Revenues Collected, Expenditures Paid, and Changes in Fund Balances - All Governmental Fund Types 1 Combined Statement of Revenues Collected, Expenditures Paid, and Changes in Fund Balances - Budget (Cash Basis) and Actual - Ceneral and Special Revenue Fund Types p Combined Statement of Revenues Collected, Expenditures Paid, and Changes in Fund Balances - Budget (Cash Basis) and Actual - Debt Service and Capital Projects Fund Types 9 Combined Statement of Revenues Collected, Expenditures Paid and Changes in Fund Balances - Budget (Cash Basis) and Actual - Special Assessment Fund Types 4 Combined Statement of Revenues Collected, Expenses Paid, and Changes in Retained Ea raings Fund Balances - All Proprietary Fund Types 5 Notes to Financial Statements 6 - 14 Enterprise Funds - Combining Statement of Revenues Collected, Expenses Paid, and Changes in Retained Earnings - All Enterprise Funds 15 KRAFT, MILES & TATUM CERTIFIED PUBLIC ACCOUN I A, I S OTHER OFFICES 1221 BROADWAY, CAPE G RDEAU, M I SSD U R 1637 OI SENNETT. MO I3IA1 33A II POPLARB WEST PLANS. MO. September 26, 1985 Honorable Mayor and Members of the City Council City of Cape Girardeau, Missouri We have examined the combined financial statements of the City of .. Cape Girardeau, Missouri and its combining and individual fund financial statement for the enterprise funds as of and for the year ended June 30, 1985, as listed in the table of contents and presented on page 1 through 15. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. As is described in Note 1, the City's policy is to prepare its financial statements on the basis of cash receipts and disbursements; consequently, revenues are recognized when received rather than when earned, and expenses are recognized when paid rather than when the obligation is Incurred. The City also maintains its accounting records on a single-entry basis and does not maintain fixed assets and long- term debt groups of accounts. Accordingly, the accompanying financial statements are not intended to present financial position and results of operations in conformity with generally accepted accounting principles. In our opinion, except as noted above, the financial statements referred to above present fairly the revenue collected and expenses paid on the City of Cape Girardeau, Missouri for the year ended June 30, 1985, on the basis of accounting described in Note 1, which basis has been applied in a manner consistent with that of the preceding year. ✓CC�r;,— ,� Certified Public Accountants MEMBERS -AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS MEMBERS -M ISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS CTTP OF ERPF LIRARDEAD, mIll"RI _ MNI6 Fp "I'll OF REVFFIILS COLL ECPPq 3X27 ENDI'NRF.S PAID AND Ca ANGF5 IN FIND OAIANCEE - ALL COVEROMFN7AL FUND cvy ES Year Ended lune )D. 1985 See a. o¢panying n sE. ftc.ntlal state men r.. l) Eov al Fn d T I...1, ".a... Dept Ce p]tel Special (v emnd—an dOnly) can... Revenue service P -o �� Aaseaam r 1915 1984 xevl'a EEs cOLLFCTe1 : sa Tuxes and rp-1.1 a .meats $5.699,530 70,233 70,1E9 86,019 5,926,131 5,425,870 ' sand perms cs 412,827 492,289 9D5.116 555.430 Fines and `. o rfelrvres 389,737 359.732 372,567 Interest r... Jv,d 146,064 133,576 22.544 224,306 22,306 549.036 285,482 Fees and service [hare.. 558,E30 10.552 569.382 574,367 Revenue from other aRences 66 294 1,179.367 9E9 633 2,235.794 1,476,854 _-.1 revenues —II—led 7,273,112 1.886.012 13,n31 1,214,159 N81385 10,575.396 8.700,578 ELPENDITL'RES PAID: 4enetal sovernmeof 857,414 60,827 910,241 962.144 Public safety 3,542,938 3.542,938. 3.296.505 PIEI..ys and sweets 1,256,172 193.275 1.449,647 1.923,257 6en11e11on 1,220.422 1.220,472 724.674 Health 60.685 98,536 159,221 140.610 Culture and r..F.AFla, 753,405 31,410 7861815 664,314 Cap3 [al pr OJ ecce 1.:81.4.1 32,908 1,331,988 649.004 Heht rvt,e: Principal Yeti Yemen. 80.000 27,OOC :07.000 75,001 Inter and 11-1 c.,A 8D,957 S.E92 117,673 25 5O0 112,289 27_452 O,t,d e,pondit ms paid 7,772.243 3. 1.18 eS,Bp 1,299 080 -85,408 9,629,611 SS 44y 4,sfO 1GE55 (DEFICIGNOT) OF REVESUE9 (1OLLECTM OVER ESPFADITLRES PAID (490.44❑ 1119919E9 7,2dl (P4.921) 22.977 946.785 256,118 AIDER FINANCIRC SOHRCES (VIES): Proceeds of general obligat IDn. bonds 5,118.727 5,018,727 Operating vamfera In 759.D15 5.000 BO.000 844,015 1.123.501 Operaring transfers auc (892.015) _ (89�C15) 1,143.501) Total the, f—antmg 0...r.. (.Far) 759,N5 (887,015) 5,098,727 4.970.722 (2._100) EXCESS OF REVENUES COLLECTED AND OTHER FINANCING SOURCES OVER FRAMtTIRES PAID AND OTHER USES 260.524 612,954 7.201 5.013.806 22,977 5.917,512 236.11E FIND EALAA'CE AT EEl.i,FING OF YEAR 1.046.739 962.615 218 D56 (Il>. 91,3) 31,750 2,141 _247 1.905.129 FD. VALANCE AT 11,T 1F 1. 5Ila 11 313 1_.57L�ld? _ 2 2 2j 4 e� 54 ]➢ P.N58�71$ Z- <4l 4_ See a. o¢panying n sE. ftc.ntlal state men r.. l) CITL OF CAPE CIRARO E6l' XISSOL pI COXE ON 11ATEXEE9 OP NEVENUEE COEEECPEl, FREFUTITIIRi SAID, .J.D 1E.0 A Iy FDFD SALAAOFS - EUFIFI (CASE ..IN) AND ACTL[,1 - .,E,EDA- ,NO SPECIAL REVFNOE FIND TYPES E=VNNEF£ COI:..F.CTED: TaxYA Lme aae foefea Flne antl forf elta s Fe es raM s ch ar gea Re veuw fm o[M1 er aB evc les Tote] [.. A co lle.[ee FAR EFFITURDS PAID: General go .— Publlc s T Flgbuaysa aAe 511..1. Ea n3 ca n oa Nea ltM1 1 1.and r aci on lu [c eeu A,ndI al charges To[al ex pe u d]cu aes paid .YGEES (DEFICIENCY) OF F."'EE c01yECTEO OVER EXPENDITURES PAID O TE BR 111.1iEG 60DRGE5 lag r wfeea (Ip era fing r osfer ID cal u[her fi ea ec lag souxc es (use., EXCESS DE REVENUES COLLECTED _NOD UTTER FINANCING SOURCES OVER EXPE6'DITCRCS PAID ANY OFFER USES FGT BALANCE AT BEGINNING OF YEAR FEND BALANUE AT END OF YEAR See a. omyanl aoF P. o fln uel al sea[emen[a. (2) 9.578 2E0.574 250,996 1,046,]39 1,046,739 $I Ui 1 30� :l1 i50 a� General Fme Tvpes arlaace - F1,11,11, able 025 dge[ [,,l (C n,A... EbYz) (Dn£evmable) $5,646,125 5,699.530 540 53,405 319,614 412.82] 30,191 23,153 3]9,59] 389.737 63,381 10.140 144,091 146.084 22 1,993 537,974 558.830 29,134 20.856 77.683 66,794 123.268 (10.889) ].175 ,144 7,273,SOO 60,827 98.631 899.004 85',414 193,275 41,590 3,5]].082 3.542,938 98,536 34,144 1.269,053 1.256.3]] 33.410 12.681 1,228,976 1,220,472 306.048 8.504 64,139 60.685 3,454 fi05.3]D ]53,405 5,000 51,965 10.957 80,957 (892,015 ] 924.581 9 ]]2 243 152,338 040417) (491,44q 250996 759,Ca 159,015 '51,0n 759,115 9.578 2E0.574 250,996 1,046,]39 1,046,739 $I Ui 1 30� :l1 i50 a� 454,098 612,954 159,856 962.615 9F21615 4) t� .569 _.8� Sp a c IN, I...... Rmd Tvpes arlaace - FEE crable 625 dB_ .qc [u al (C n,A... EbYz) 69.693 70.233 540 462,098 492.219 30,191 10,195 133,96 63,381 10.530 10,552 22 1.150 213 1,179,367 29,134 1.]62,749 11 80_017 123.268 69,117 60,827 8,360 214,000 193,275 20.725 103,449 98,536 4,913 35,000 33.410 1,590 421 636 306.048 15.588 1,341,113 1499 969 158,856 5,000 5.000 (892,015 (892.015 087,015) (Dg7,OL5 454,098 612,954 159,856 962.615 9F21615 4) t� .569 _.8� C.TY OF C", OIEARDEAC Mlo CORI COMBINED STATRYFNT OF RI%FRCEF COLLECTED, EFTERLTIP RES PAID, AND CEANCE6 IN FUND RAIAN'CES — BUDGET (GASB BASES) AFD ACTUAL — DEBT SERVICE AND CAP77AL PROJECTS FUND TYPES REVFNDES C0112CTFD: Taxes avd special a seacme_ts Int mee Fee enuetf [om ot1ei egen tes 1-1 Fe—.— tones tad PREEN D ITLRES PAID: Cal 'e, ptoj ects Jeb[ s rvice: PT1 NV !pal ret liem mt .nte[es[ and fiscal [Da [g es .otal expendit... ¢ pail EXCESS (OEFtiIENCY) OF REVENUES COLLECTED pl'd( EXPENDITLAFS PAID ODDER FINANCING IO CES: Prn Veda DA sen rat om isat on Fonda Opeia une Ill, a fees IN Total o[M1 e[ fl.—IDg s .FeEV IXCFR6 OF REV DEVER COLLECTED AND ODDER FINi.NCING CONVOYS OVER FSP PEDITURES PAID AAD OTSFP. USES FIND BALANCE AT ST"INISI OF SEAR FLTD BALANCE AT END OF YEAR se. ac ee.p a ny lnR c. D fin Enc ia] ac acem en cs. Year Elded .lune 30, 1985 neb[ Sery o:ctl Iv pes Cap: Fd nd Tv e Fle 1'a v o ra 11 M1le BudRtr[ Actual (3117: f.E—[able) tludRe[ ueI "l, --ble) $ 67,669 10,489 2.610 IR.164 22,544 4,SAO 212.OND 224,526 12,526 1,271,165 969.633 282,552) 85.F L3 9209 >, 200 1.489,185 1,214,159 (275.026) 1.504.123 1.161.407 205,043 80..D0 80,000 117.615 5,033 5.831 1 R5y833 85,632 L 11 50123 11 2� 205p0 7,201 7,,1P1 (14 918 (84.921) (69,983) 26.713 5.D16a27 4.991.994 BO,ODO 04000 )06.731 5.09 127 4,941,994 7.201 7.201 91.795 5.D 13.FP6 4,922,0!1 2IB 056 218P_056 117.919) (117,913) 5_CIN_L 53 _-1.[SZ .x:.'41 t25-1� a93�41 4. sii D t CITY OF CAPE GLRARDEAU, MISSOURI COMBINED STATEMENT OF REVENUES COLLECTED, EXPENDITURES PAID AND CHANGES IN FUND BALANCES - BUDGET (CASH BASIS) AND ACTUAL SPECIAL ASSESSMENT FUND TYPES Year Ended June 30, 1985 REVENUES COLLECTED: Taxes and special assessments Interest received Total revenues collected EXPENDITURES PAID: Principal and interest Capital projects Total expenditures paid EXCESS OF REVENUES COLLECTED OVER EXPENDITURES PAID FUND BALANCE AT BEGINNING OF YEAR FUND BALANCE AT END OF YEAR Special Assessment Fund Types Variance Favorable Budget Actual (Unfavorable) $ 79,986 86,079 6,093 18,955 22,306 3,351 98,941 108,385 9,444 63,310 52,500 10,810 33,114 32,908 206 96,424 85,408 11,016 2,517 22,977 20,460 31,750 31,750 $ 34.267 _54,727 ---20-4-6.Q See accompanying notes to financial statements. (4) CITY OF CAPE GIRARDEAU, MISSOURI COMBINED STATEMENT OF REVENUES COLLECTED, EXPENDITURES PAID AND CHANGES IN RETAINED EARNINGS FUND BALANCES - ALI, PROPRIETARY FUND TYPES Year Ended June 30, 1985 $ 352,504 81.375 433.879 211.860 See accompanying notes to financial statements. (5) OPERATING REVENUES COLLECTED: Totals Fees charged Proprietary Rents (Memorandum Concession and equipment sales Interest Sale of property Enterprise Miscellaneous 1985 Revenue from other agencies Total operating 11000,910 revenues collected 760,703 OPERATING EXPENSES PAID: Personal services 109,945 General operations Contractual services 39,765 Miscellaneous expenses 251 Capital outlay 18,180 Projects 25,307 Total operating expenses paid a 2,042 1,950 INCOME (LOSS) BEFORE OPERATING TRANSFERS OPERATING TRANSFERS IN 1,210,590 NET INCOME (LOSS) 2,237,058 RETAINED EARNINGS/FUND BALANCES AT BEGINNING OF YEAR RETAINED EARNINGS/FUND BALANCES 253,354 AT END OF YEAR $ 352,504 81.375 433.879 211.860 See accompanying notes to financial statements. (5) Totals Proprietary Fund Types (Memorandum Only) Internal Enterprise Service 1985 1984 $ 934,907 11000,910 1,935,817 760,703 153,838 153,838 109,945 43,630 43,630 39,765 23,783 251 24,034 18,180 25,307 25,307 2,042 2,042 1,950 52,390 52,390 1,210,590 1,026,468 2,237,058 930,543 520,267 253,354 773,621 495,929 134,477 446,150 580,627 161,292 360,508 233,074 593,582 269,224 4,818 1,436 6,254 4,639 19,728 36,231 55,959 17,559 52,996 52,996 3,946 1,092,794 970,245 2,063,039 952,589 117,796 56,223 174,019 (22,046) 23,000 25,000 48,000 20,000 140,796 81,223 222,019 (2,046) 211,708 152 211,860 213,906 $ 352,504 81.375 433.879 211.860 See accompanying notes to financial statements. (5) CTTY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS June 30, 1985 (1) Summary of Significant Accounting Policies The City of Cape Girardeau, Missouri operates under a charter which went into effect April 12, 1982. The City operates under a Council -Manager form of government and provides the following services as authorized by its charter: public safety (police and fire), highways and streets, sanitation, health and social services, culture -recreation, public improvements, planning and zoning and general administrative services. A. Fund Accounting The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of single- entry, cash basis accounts that comprise its cash position, revenues collected, and expenditures paid. Since the City does not maintain double -entry records comprising its assets, liabilities, fund equity, revenues, and expenditures, or expenses, as appropriate, its accounting policies depart from generally accepted accounting principles, resulting in an opinion qualification. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into six generic fund types and three broad fund categories as follows: GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds - Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest, and related costs. (6) CITY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1985 (7) Capital Projects Funds - Capital Project Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). .� Special Assessment Funds - Special Assessment Funds are used to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. r PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses) of providing goods or services to the general ,�. public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues collected, expenses paid, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Internal Service Funds - Internal Service Funds are used to account for •- the financing of goods or services provided by one department to other departments of the City, on a cost -reimbursement basis. r FIDUCIARY FUNDS Agency Funds - Agency Funds are used to account for assets held by the City as an agent for individuals, private organizations, other governments, and/or other funds. Agency Funds are custodial in nature and do not involve measurement of results of operations. The City of Cape Girardeau has four Agency Funds set up for the City's library. ..� A description of the type of Agency Fund and the fund balances are as follows: Fund Balance June 30, 1985 Library Operating Fund $ 149,905 Library Contribution Fund 21,963 Library Building Fund 77,911 Library Supplement Fund 4,593 $ 252 (7) CITY OF CAPE GIRARDEAU. MISSOURI FINANCIAL STATEMENTS - CONTINUED (8) June 10, 1985 a B. Fixed Assets and Long -'Term Liabilities The City does not maintain account groups for fixed assets and long-term liabilities as required by generally accepted accounting principles. r C. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All governmental funds, fiduciary funds and proprietary funds are accounted for using the cash basis of accounting. Their revenues are recognized when collected rather than when they are measurable and available as current assets, with expenditures being recognized when paid rather than when incurred. This basis of accounting does not conform to generally accepted accounting principles. D. Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data r 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 July 1. The operating budget includes proposed expenditures and the means of financing them. 2. Public hearings are conducted to obtain taxpayer comments. }. Prior to July 1, the budget is legally enacted through passage of an ordinance. y 4. The City Manager is authorized to transfer budgeted amounts between programs within any department, however, any revisions that alter the total expenditures of any department must be approved by the City Council. 5. Formal budgetary integration is employed as a management control device during the year for all funds. 6. Budgets for all funds are adopted on a cash basis. Therefore, budgetary comparisons presented in this report are presented on this non -GAAP budgetary basis. Individual budget amendments made throughout the year were not material in relation to the total original appropriations. (8) CITY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL. STATEMENTS - CONTINUED June 30, 1985 ~ E. Comparative Data Comparative total data for the prior year has been presented in the accompanying financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative (i.e., presentation of prior year totals by fund type) data has not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read. F. Total Columns on Combined Statements - Overview Total columns on the Combined Statements - Overview are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present results of operations in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund elimina- tions have not been made in the aggregation of this data. (2) Property Tax Property taxes attach as an enforceable lien on property. Taxes were levied on August 3, 1984 for collection during this fiscal year. The City bills and collects its own property taxes. The tax rates assessed at that time were as follows: City Revenue $.42/100.00 assessed valuation Library Tax .20/100.00 assessed valuation (1965) Airport Bond and Interest Fund Tax .05/100.00 assessed valuation Public Health Tax .05/100.00 assessed valuation A schedule of delinquent taxes as of June 30, 1985 is as follows: Merchants and Year Personal Real Manufacturers Assessed Total Property Estate Advalorem 1980 $ 3,563 3,563 -0- -0- 1981 3,254 3,254 -0- -0- 1982 6,013 2,891 3,122 -0- 1983 10,916 2,758 8,012 146 1984 1.1,736 2=989 8,179 568 $ 25-482 15,455 19.313 714 (9) CITY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1985 (3) Changes in Long -Tenn Debt The following is a summary of bond transactions of the City for the year ended June 30, 1985: Bonds payable at July 1, 1984 $ 275,000 New bonds issued: 1984 Public Building Bonds 5,000,000 Bonds retired (130,000) Bonds payable at June 30, 1985 $ 5.145.000 Bonds payable at June 30, 1985 are comprised of the following individual issues: General obligation bonds: $880,000 1965 Airport Improvement serial bonds due in annual install- ments of $80,000 through March 1, 1985, and one annual installment of $85,000 on March 1, 1986; interest at 3.5 percent. $80,000 1966 Sewage System serial bonds due in annual installments of $25,000 on February 1, 1984 and 1985, and one annual installment of $30,000 on February 1, 1986; interest at 3.875 percent. $80,000 1970 Sewage System serial bonds due in annual installments of $25,000 on February 1, 1984 and 1985, and one annual installment of $30,000 on February 1, 1986; interest at 5 percent. (10) MY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1985 (3) Changes in Long -Term Debt - Continued $5,000,000 1984 Public Building serial bonds due as follows Date Amount Interest y Due Due Rate 11-1-1985 $ 105,000 12.00% 11-1-1986 115,000 12.00 11-1-1987 120,000 12.00 11-1-1988 130,000 12.00 11-1-1989 140,000 12.00 11-1-1990 150,000 12.00 11-1-1991 160,000 12.00 11-1-1992 175,000 12.00 11-1-1993 190,000 9.25 11-1-1994 205,000 9.00 11-1-1995 225,000 9.20 11-1-1996 245,000 9.40 11-1-1997 265,000 9.60 11-1-1998 290,000 9.80 y 11-1-1999 320,000 10.00 11-1-2000 350,000 10.00 11-1-2001 385,000 10.10 11-1-2002 430,000 10.20 11-1-2003 475,000 10.25 11-1-2004 525,000 10.25 An ordinance authorizing this issuance of general obligation bonds and those portions of an ordinance levying a gross receipts license tax on hotels, motels, and restaurants that authorized use of the tax proceeds to help retire the bonds were declared unconstitutional, illegal and unenforceable by the Circuit Court. This case is currently on appeal to Missouri Court of Appeals Eastern District. It is counsel's opinion that this case will be reversed and the City will be allowed to proceed with their building project. The bonds were sold prior to the filing of this lawsuit. Only a relatively small sum of money has been spent on the project. 0 CITY OF CAPS CII RARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS - CONTINUED June 30, 1985 (1} Clxan ges in Long -Terni BebC - Continued The annual requirements to amortize all debt outstanding as of June 30, 1985 +� including interest payments of $6,713,030, are as follows: The City is in compliance with all significant limitations- and restrictions contained in the various bond indentures. (4) Commitments .. Effective June 20th, 1984, the City of Cape Girardeau, Missouri entered into an agreement with Concerto Bank to purchase a truck costing $64,425. The terms of this agreement provides that the City of Cape Girardeau will make twenty (20) quarterly payments in the amount of $4,021 to Centerre Bank. (5) Litigation There are several lawsuits against the. City which contingencies are classified as remote (i.e. slight chance of materializing). 0 (t2) 0 Year Ending General .lune 30 Obligation 1986 $ 766,598 1987 612,760 1988 603,660 1989 598,660 1990 592,460 1991 5851060 1992 576,460 1993 571,360 1994 567,073 1995 564,060 1996 564,485 1997 562,620 - 1998 558,385 1999 556,455 2000 556,245 2001 552,745 2002 550,802 2003 554,430 2004 553,156 ' 2005 .55L,906 $ IL591 s $225,257 is available in the Debt Service Fund to service the general obligation bonds. The City is in compliance with all significant limitations- and restrictions contained in the various bond indentures. (4) Commitments .. Effective June 20th, 1984, the City of Cape Girardeau, Missouri entered into an agreement with Concerto Bank to purchase a truck costing $64,425. The terms of this agreement provides that the City of Cape Girardeau will make twenty (20) quarterly payments in the amount of $4,021 to Centerre Bank. (5) Litigation There are several lawsuits against the. City which contingencies are classified as remote (i.e. slight chance of materializing). 0 (t2) 0 CITI OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL. STATEMENTS - CONTINUED (13) June 30, 1985 (6) Pension Flan The Citv has a pension plan covering substantially all full time employees. The City has a legal obligation to make all required contributions to this plan. The total pension expense for the year was $311,831 which includes amortization of prior service cost over an initial forty year period. The Missouri statutes require that accrued pension cost be funded. + The value of vested benefits was not determined in connection with the actuarial valuation of the plan. The plan contains a reinstatement provision for former employees who are reemployed within four years of termination. The unfunded vested benefit liability could therefore exceed the actuarially computed value of vested benefits, had it been determined, but would be less than the total unfunded liability for benefits accrued as of February 28, 1985 of $272,961. There were no changes in actuarial methods during the past fiscal year. (7) Installment Sale The City sold the former public works building to the Southeast University Development Foundation on November 29, 1979 for $100,000. The sale agreement calls for 10 annual installments of $101,000 plus interest at the highest current investment rate received by the City. At June 30, 1985, $30,000 was receivable on this obligation. + (8) Cash in Bank and Investments A summary by fund of cash in bank and cash invested as of June 30, 1985 by fund is listed below: Cash Cash in Bank Invested Total a General Fund $ 387,313 920,000 1,307,313 Sewage Fund 78,840 150,000 228,840 Health Fund 1,857 10,000 11,857 Motor Fuel Tax Fund 37,831 600,000 637,831 Airport Operating Fund 14,688 75,000 89,688 Mausoleum Fund 776 35,000 352776 Hotel/Motel/Restaurant Fund 43,687 580,000 623,687 Federal Shared Revenue Fund (3,582) 270,000 266,418 Debt Service Fund 18,757 206,500 225,257 .- Special Merchant Tax Fund 4,541 10,000 14,541 Golf Course Fund 33,976 33,976 Capital Improvement Fund (108,630) (108,630) Multi-purpose Building Fund 6,385 4,998,138 5,004,523 Special Assessments Street Fund (24,814) 65,000 40,186 Data Processing Fund 691 691 Fleet Management Fund 80,684 80,684 S 573.0007.919.63fi 8.492.638 (13) CITY OF CAPE GIRARDEAU, MISSOURI NOTES TO FINANCIAL STATEMENTS - CONTINUD June 30, 1985 (9) Note Payable ti On June 22, 1982, the Citv Council. authorized the City Manager to enter into a loan agreement in the total. of $500,000 for the purpose of funding special assessment street improvement projects and major capital equipment replacement. One year demand notes- have been utilized in this loan agree- ment. The balance of the note payable as of June 30, 1985 was $273,000. Special tax bills for the street improvements were Issued to property owners which are used to help pay the debt. street hills owed to the City at June 30, 1985 amounted to $163,813. (14) OPERATING RF.VEFEES COIL CPFO: Fee charges Coaceseion and eel. lCmen[ axles Mfsce t lane... Revenue Erom .they ageacles 1.1.1 .peesslnR 7'17'..'5 eller[" OPERATING F\PITSES PAID: Per... el a elf les C111111 og Mi s.. l I ee Co.a Fro s rvl cls e. us lex pen se [zpfcrl n eo]ec[ �. cal ove=a ,, exee�9 . lata 11111 (LOSS) REFIRE OPFPATP:' TP..V SFERE OPERATING TRANSFFRS IN IST INIONS (:1191) RET91NID EkFh166E AT BF.OINOING OF YJ.R RETAINED F RN6f.5 AT END Ok YE R Seu a_ panYing n o finsncl al s(I S) 61TY Or GAPE 6IRARDEAI' 'ss" I EIII SF e'II," LlPR1➢11F STATEM[q LiT OF RI%FNI-ES IECTTA. EY➢ENEEE PAID, AND CP NGFI IN RLTA_NED EARNINGS - ALL ENTLARISE PMRE Yeuc Ended June 30. 1985 FRcn Carp... till Tltl:, .or Yea[ Eoaed lone 30, 1904 Ail It, Golf vt Re IFund Ope rat 3ng Gontse _TI -Is _Pond PUM LYES 19F6 S 001,224 28]81 112.902 914,907 509,6]0 94,405 59,151 151.830 IG9. 945 43,630 43.630 39,]65 19,012 41179 592 23,]03 I0. 180 2042 2,042 1.949 5390 2 52 390 820,236 171.835 210.51 11110.51. 872_59 115.113 11,522 123.9512 520.265 459.414 64,O11,.337,601 62, fiJ 134.455 155.916 D 2.1]6 42.518 45.814 60 IL 260.2D ]54 2.035 3,29 4, B1B 4,639 17.4ee 2,240 19,520 17,559 1,090 Sl, lJ6 52.996 31945 52_ 1,954 135,302 235 530 1,092,594 901 506 90.202 36.513 (15.019) 115.596 (22.195) 2_000 23.000 2000 98,202 36.533 5,901 140,79' (2197) 130,558 52155 22_'95 211,7M 21_y901 1 RIM 0840 81 '38 _ ] F _ JS:y$04 211 11