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.
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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)
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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.