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1960 Liquor Dispensary BR.OEKER & HENDRICKSON Certified 'Public 74ccountants NORTHWESTERN BANK BUILDING' MINNEAPOLIS 2,MINNESOTA TELEPHONE FEDERAL 9-0674 MILTON M.SROEKER,C.P.A. or-FleES LAURENCE..J. HENDRICKSON, C.P,A'MINNEAPOLIS, MINNESOTA A.F.EICHHORN,C.P.A. ST,PAUL,MINNESOTA JOHN ,J.O'CONNELL,JR.,C.P.A. FARGO. NORTH DAKOTA WARREN SOLMGREN.C.P.A. 1\'-. 8 6 ROCHESTER, MINNESOTA HAROLD G. HAGLUND,C.P.A. Barch 2 , 19 1 SIOUX FALLS, SO. DAKOTA The Village Council Village of New Hope, Minnesota Gentlemen: We are enclosing, herewith, ten copies of financial statements as of December 31, 1960 for the Village of New Hope (all funds), the Village of New Hope Liquor Dispensary Fund and the Village of New Hope Waterworks Fund. We are also enclosing five copies of our schedule of determination of net revenue of the Village of NeVi Hope Liquor Dispensary Fund for the period from December 13, 1958 to December 31, 1960 as defined by section 2.2 of the resolution authorizing the issuance of the revenue bonds, and five copies of the Village of New Hope Liquor Dispensary Fund schedule of retail inventory control for the year ended December 31, 1960. If you have any questions concerning any of the foregoing, please call us. Very truly yours, c( Ene. BROEKER & HENDRICKSON Certified 'Public .?4ccountants NORTHWESTERN BANK BUILDING' MINNEAPOLIS 2, MINNESOTA TELEPHONE FEDERAL ,.-0674 MILTON M. SROEKER,C.P.A. QrrlCES LAURENCE oJ. HENDRICKSON, C.P. A. MINNEAPOLIS, MINNESOTA A.F". EICHHORN,C.P.A. ST. PAUL, MINNESOTA JOHN ,J.O'CONNELL,JR.,C.P.A. FARGO, NORTH DAKOTA WARREN aOLMGREN, C.P.A. March 28, 1961 ROCHESTER, MINNE.SOTA HAROLD G. HAGLUND,C.P.A. SIOUX FALLS, so. DAKOTA The Village Council Village of NevI Hope, Minnesota Gentlemen: \'Ie are enclosing, here\ili th, ten copies of financial statements as of December 31, 1960 for the Village of New Hope (all funds), the Village of Nev\l Hope Liquor Dispensary Fund and the Village of New Hope Waterworks Fund. 1;,J e are also enclosing five copies of our schedule of determination of net revenue of the Village of New Hope Liquor Dispensary Fund for the period from December 13, 1958-to December 31, 1960 as defined by section 2.2 of the resolution authorizing the issuance of the revenue bonds, and five copies of the Village of New Hope Liquor Dispensary Fund schedule of retail inventory control for the year ended December 31, 1960. If you have any questions concerning any of the foregoing, please call us. Very truly yours, c( Enc. ~ v ,,;; re ~j 0 bJ v ~ ~,.. ,,".:?,!> ;,(,; ~F -' ; ~ I 1 . Ii I ;f f i' i i . ~ ~. ~ ~, "I! 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" ..""-*"'...;: " ) '\ } , J ~f-l :r t ?; '- VILLAGE OF NEW HOPE LIQUOR DISPENSARY FUND DETERMINATION OF :N""ET REVE}flJE FOR THE PERIOD FROM DECEMBER 13, 1958 TO DECEIViBER 31, 1960 AS DEFINED IN SECTION 2.2 OF T~~ RESOLUTION AUTHORIZING ISSUANCE OF REVE}WE BONDS Net loss for the period ended December 31, 1958 (as adjusted) $(4,699.05) Net loss for the year ended December 31, 1959 (3,605.01) Net income for the year ended December 31, 1960 3,978.16 $(4,325.90) Add back- Expenses incurred and accrued which are not deductions from gross revenue in determination of net revenue: Depreciation expenses incurred from December 13, 1958 to December 31, 1960 $ 5,356.15 Interest expense for the period from August 1, 1958 (date of bond issue) to December 31, 1960 12,660.92 18,017.07 Net income from operations, before deduction of interest and depreciation, for the period from December 13, 1958 to December 31, 1960 $13,691.17 Dedu.ct- Net revenue reserves: Allowance for a reasonable stock of inventory (reflected by inventory $15,293.10 balances at December 31, 1960) Allowance for a reasonable reserve for operation and maintenance emergencies (reflected as approximately one month's operating expenses) 2,800.00 18,093.10 Net revenue (as defined) for the period from December 13, 1958 to December 31, 1960 (deficit) $(4,401.93) ;J> td t-' t:!;J>H Q 0 CD CD p,::J Oei-t:!O CI.l p,p,< (Ds::t1)~ tll ;::: I CD Q~Q I Q ::J CD f-J CD l-'- ei-t-cJei- S S::J (f.l I~O 0' 0'< ill I-jl-j CD l-'- <iJ (j) f-J :S:Q<<j 1-j::J1-j::J (j) ill ::J \0 t:! < ei- CI.l I-jill l-'- C0<iJUJO ~ lj:J ill H.l f-J ::J f-J I-j <iJei- H.l \0 ei-\o <:.<j p,CI.l (j) 0 10 o I-j I-j f-Jl-jf-J ~illCD CD \.0 <:.<j \.0 ill ::J::Jei- ::J 0'\\0 O'\ei- CI.l P, ill Q 0 0 1-" <iJ ill I-j ei-f-J 10 ei- <iJ I-j\o ei- ill 0 I-j ill ::Jt:! < CD 1-" . 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BROEKER & HENDRICKSON Certified Public Accountants NORTHWESTERN BANK BUILDING MINNEAPOLI S 2, MINNES OTA To the Village Council Village of New Hope Hennepin County, Minnesota We have examined the balance sheet of the VILLAGE OF NEW HOPE, LIQUOR DISPENSARY FUND as of December 31, 1960, and the related state- ments of income and surplus for the year then ended. 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. In our opinion, the accompanying balance sheet and statements of income and surplus present fairly the financial position of the Village of New Hope, Liquor Dispensary Fund at December 31, 1960, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis con- sistent with that of the preceding year. Minneapolis, Minnesota March 3, 1961 f? fl. " h ~ ~ l / /_,P-1-e~~-, =,; ..f.-~;rt-tJ >,-{..,h~-,r,-/ VILLAGE OF NEW HOPE L~QUOR DISPENSARY FUND BALANCE SHEET ~ DECEMBER 31, 1960 A S S E T S CURB.ENT ASSETS ~ Cash~ Cash on hand $ 600.00 Cash in bank-~operation and 4,219.97 $ 4,819.97 maintenance account Inventory, at cost l5,293.10 Due from General Fund 110.31 Total current assets $ 20,223.38 FIXED ASSETS, at cost: Land $ 12,016.64 Building 56,806.53 Furniture and fixtures 19,597.35 $ 88,420.52 83,074.92 Less- Accumulated depreciation 5,345.60 ~103,298.30 LIAB IL IT IES CURRENT LIABILITIES: Current maturity of bonds payable $ 4 n,-,o on . 9 ,""v '0 .c' Accounts payable 1 6':)~ h,t:; !J ....._0/""" Due tc General Fund 13.9356.68 Accrued Public Employees Retirement Association contributions 461.05 Accrued interest on Municipal Building Revenue Bonds payable '"' - 8" q..... !:j_l. Fo,;c.. Total current liabilities $ ?l 6?1J. 20 -_!I -.. r1UNICIPAL BUILDING REVENUE BONDS PAYABLE, exclusive of current maturity included above (See Note) 86,000.00 SURPLUS (de f ic it) - -per" ac C oinpanying s ta t ement (4,325.90) ~lO3.9298.30 The accompanying note is an integral part of this balance sheet. NOTE TO FINANCIAL STATEMENTS The provision underlying the Municipal Building Revenue Bonds payable provides, in part, the following: a. Annual bond maturities vary from $4,000 to $10,000 for each year beginning August l~ 1961 to 1973. Bonds maturing in the years 1961 through 1966 are payable on their respective maturity dates without option of prior payment. Bonds maturing in the years 1971 through 1973 are subject to redemption on or after August 1, 1963 and bonds maturing in the years 1967 through 1970 are subject to redemption on or after August 1, 1966. All prepayments are at the option of the Village and are payable at par plus accrued interest and a premium of $50 per $1,000 bond. b. The annual interest on the bonds varies from 4.2% to 6.0% dependent upon the year of interest payment and the date of serial maturity. c. Bond interest and redemption shall be payable from the net revenue, as defined. As of December 31, 1960 the Liquor Dispensary Fund had no net revenue as defined. VILLAGE OF NEW HOPE LIQUOR. DISPENSARY FUND STATEME1~S.OF INCO~ill AND SURPLUS FOR. THE YEAR ENDED DECEMBER 31 s 1960 INcorVIE SALES~ On sale $ 54.'1602.80 Off sale 59 (',^J::; ~...., s "',v--' ,-,,5 Total sales $113,608.13 COST OF SALES 68..,691.66 Gross profit on sales $ 44,,916.47 Per cent to sales 39.5% OPER.ATING EXPENSES: Selling- Salaries $13,991.63 Public Employees Retirement Association contribution 844.72 Supplies 705.02 Laundry 222.75 Licenses and taxes 71.27 Cash short 16.68 $15,852.07 Overhead- Utilities $ 1 86' "r, . ,....}.J.... & c.""" ~aintenance and repairs 245.95 Cleaning 1,680.32 other contractual services 468.50 Supplies 336.85 Insu.ranc e 2,,066.00 Taxes 173.28 Depreciation 2,]37.75 9$569.85 Administration and general- Salaries $ 7.~338.93 Public Employees Retirement Association contribution 512.33 Legal and accounting 2 3('\5 .~t:: .!) ""J (I..j..,) Office supplies 84 ?~ 0..............; Other 36.55 in 27"7 39 -'.' !I !!. Operating income $ 9.9217.16 INTEREST EXPENSE 5..,239,00 Net income for the year $ 3 9'78 ,6 ~tt_ t 0-.'0-= =2= SURPLUS BALANCE, DECEMBER 31, 1959 (deficit) $ (8,304.06) ADD- Net income for the year, as above 3,978.16 BALANCE, DECEMBER 31, 1960 (deficit) $ (4,325.9<::) The accompanying note is an integral part of these state- ments of income and surplus.