1962 Liquor Dispensary
VILLAGE OF :N"Ellf HOPE
LIQ~R DISPENSARY IPJ.ND
DETEF..MINATION OF StTRPLUS NET REVENUES
FOR THE PERIOD FROM DECm~Ef\~3, 1958 TO DECEPm3ER 31, 1962
AS DEFINED IN
THE RESOLUTION AUTHORIZING ISSU~~CE OF R]fv~m BONDS OF AUGUST 1, 1958
Net loss for the period ended December 31$ $ ~4,699.05~
1958 (as adjusted)
Net loss for the year ended December 31$ 1959 3,605.01
Net income for the year ended December 31, 1960 3,978.16
Net income for the year ended December 31, 1961 14,174.96
Net income for the year ended December 31, 1962 13,784.82
$ 23,633.88
Add back=
Expenses incurred and accrued which are not
deductions from gross revenue in determination
of net revenue=
Depreciation expenses incurred from $ 10,935.87
December 13, 1958 to December 31, 1962
Interest expense for the period from
August 1, 1958 (date of bond issue) 33,686.12
to December 31, 1962 22,750.25
Net income from operations, before
deduction of interest and depreciation,
for the period from December 13, 1958 $ 57,320.00
to December 31, 1962
Deduct=
Net revenue reserves=
Allowance for a reasonable stock of inventory
(reflected by inventory balances at $ 11,107.74
December 31, 1962)
Allowance for a reasonable reserve for
operation and maintenance emergencies
(reflected as approximately one monthis 14,807.74
operating expenses) 3,700.00
Net revenue (as defined~ for the period
from December 13, 195 to December 31, $ 42,512.26
1962
Total principal and interest paid on revenue 28,744.00
bonds to December 31, 1962
Svxplus net revenues~ as defined $ 13,768.26
\TILLAGE OF ))'i'EW HOPE
LIQ~R DISPENSARY ~J.ND
DETEF..MINATION OF S1JRPLUS NET RE\lEN1JES
FOR THE PERIOD FROlL DECETv1BEf~ 13, 1958 TO DECEMBER 31, 1962
AS DEFINED IN
-
THE RESOLUTION AUTHORIZING ISSUft~CE OF R~~m BONDS OF AUGUST 1, 1958
Net loss for the period ended December 31, $ ~4,699~05~
1958 (as adjusted)
Net loss for the year ended December 31, 1959 3,605.01
Net income for the year ended December 31, 1960 3,978.16
Net income for the year ended December 31, 1961 14,174.96
Net income for the year ended December 31, 1962 13,784.82
$ 23,633.88
Add back=
Expenses incurred and accrued which are not
deductions from gross revenue in determination
of net revenue=
Depreciation exp~nses incurred from $ 10,935.87
December 13, 158 to December 31, 1962
Interest expense for the period from
August 1, 1958 (date of bond issue) 33,686.12
to December 31, 1962 22,750.25
Net income from operations, before
deduction of interest and depreciation,
for the period from December 13, 1958 $ 57,320.00
to December 31, 1962
-
Deduct=
Net revenue reserves=
Allowance for a reasonable stock of inventory
(reflected by inventory balances at $ 11,107.74
December 31, 1962)
Allowance for a reasonable reserve for
operation and maintenance emergencies
(reflected as approx~ately one month's
operating expenses) 3,700.00 14,807.74
Net revenue (as defined~ for the period
from December 13, 195 to December 31, $ 42,512.26
1962
Total principal and interest paid on revenue
bonds to December 31, 1962 28,744.00
Surplus net revenues, as defined $ 13,,768.26
BROEKER & HEN DRICKSON
C edified Public Accountants
NORTHWESTERN BANK BUILDING
MINNEAPOLI S 2, MINNES OTA
the Village Council
Village of New Hope
Hennepin COUTlty, Minnesota
We have examined the balance sheet of the VILLAGE OF NEW HOPE,
LIQUOR DISPENSARY ~urm and the VILLAGE OF NEW HOPE LIQUOR STORE FUND as
of December 31,;> 19629 and the related statements of income and surplus
for the year then ended. Our examination was made in accordance with
generally accepted auditir~ standards,;> and accordingly included such
tests of the accountir~ 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 and the Village of New Hope
Liquor Store Fund at December 31, 1962, and the results of their operations
for the year then ended, in conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding year.
Minneap9lis, Minnesota /!~
March 153 1963 g~A 'f-
Released September 309 1963
t VILLAGE OF NEW HOPE
! LIQUOR DISPENSARY FUlID
i AN'"])
,j -
i VILLAGE LIQUOR STORE FUND
j
i COMBINED BALANCE SHEET ~ DECEMBER 31, 1962
i
i
I
A S S E T S
Liquor Village
Dispensary Liquor
Fu..11d Store Fund Total
!CURREWE ASSETS ~
Cash=
! Cash on hand $ 1,307015 $ $ 1,307.15
-
Cash in bank-=operation and
maintenance account 8,595.84 9,277.70 17,873.54
Cash in bank=~reserve account 539.38 - 539.38
Cash in bank-=revenue bond account 3,000.00 = 3,000.00
i $ 13,442037 $ 9,277.70 $22,720.07
j
1
i Inventory, at cost 119107074 16,705.77 27,813.51
Due from other funds 4$957.24 = 4,957.24
Total current assets $ 29,,507035 ~ 25,983.47 $ 5511490.82
IFIXED ASSETS;> at cost:
Land $ 12,,0160t54 $ = $ 12,016.64
Building "'I 6 57,156.53
57,..:.5 .53 -
Furniture and fixtures 19,,956.35 9,631.13 29,587.48
Leasehold improvements = 835.00 835.00
$ 89,129.52 $ 10,466.13 $ 99,595.65
l~ss= Accumulated depreciation 10.9935087 713.03 11,648.90
IINVESTMENTS;> at cost, which $ 78,193.65 $ 9,753.10 $ 87,946.75
approximates market value $ 5,000.00 1 - $ 5,000.00
$1129701000 ,$ 35,736.57 $148,437.57
L I A B I LIT I E S
ICURREl\i'T LIABILITIES:
Current maturity of bonds payable $ 5,,000.00 $ = $ 5,000.00
ACCOlL11ts payable 3,010.08 2,150.21 5,160.29
.Due to other funds 371.34 41,758.67 42,130.01
Accrued Public Employees Retirement
Association contributions 1,,679045 452.95 2,132.40
Accrued interest on r~icipal 2,006025 2,006.25
Bui1dip~ Revenue Bonds payable =
Total current liabilities $ 12,067012 $ 44,361.83 $ 56,428.95
IMUNICIP AL BUILDING RE"\TENTJE B01lDS
PAYABLE, exclusive of current
i maturity included above (See Note) 77,000.00 ~ 77,000.00
iRE SERVES FOR EXPENDITURES 3,,539.38 = 3,539.38,
ISURPLUS (deficit)==per accompanying
I statement 20,9094050 (8~625.26) 11,469.24
j112,,701000 $ 35,736.57 $148,437.57
The accompanyip~ note is an integral part of this balance sheet.
NOTE TO FINANCIAL STATEMENTS
provision underlying the Municipal Building Revenue Bonds payable
provides~ in part~ the following:
ao Annual bond maturities vary from $5,000 to $10,000 for each of the
years 1963 through 1973. Bonds maturing in the years 1963
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 $l~OOO bond.
b. The annual interest on the bonds varies from 4.2% to 6.0%
dependent upon the year of interest payment and the date of
serial maturity.
c. Bond interest and principal shall be payable from net
revenues, as defined, and the excess ,shall be allocated to
certain specific accouu!ts. At December 31$ 1962 the Village
had net revenues of $42,512.26 and had paid principal and
interest on such revenue bonds to December 31, 1962 in the
amount of $28,744.00, leaving surplus net revenues of
$13$768.26. ~~1e Village had not allocated these surplus
net revenues at December 31~ 1962 and had not deposited
them as required; however$ on September 18, 1963 the above
requirements were complied with.
VILLAGE OF NEvi HOPE
LIQUOR DISPENSARY FUJm
AND
-=--=>
VILLAGE LIQUOR STORE FUND
STATEMENTS OF INCor.m .A..ND SURPLUS
FOR THE YEAR ENDED DECEMBER 31, 1962
INCO~
Liquor Village
Dispensary Llquor
F1.L.'1d Store Fund Total
.
.
On sale $ 76,485.05 $ - $ 76,485.05
Off sale 76,755.59 54,922.47 131,678.06
Total sales $153,240064 $ 54,922047 $208,163.11
OF SALES 90,688.38 43,572.76 134,261.14
Gross profit on sales $ 62,552026 $ 11,349.71 $ 73,901.97
Per cent to sales 40.8% 20.7% 35.5%
.
.
Se11ing- $ 20,607.93 $ $ 29,239.03
Salaries 8,631.10
Public Employees Retirement 836.80
Association contribution 428.80 408.00
Supplies 1,068.74 20.00 1,088.74
Laundry 284.09 52.32 336.41
Licenses and taxes 68.50 126.20 194.70
Advertising = 54.00 54.00
Cash short 172.62 9.79 182.41
Total selling expenses j_~2,630 .6Ji $ 9,301.41 $ 31,932~09
Overhead-
Utilities $ 2,033.96 $ 1,442.64 $ 3,476.60
Rent = 3,000.00 3,000~00
Maintenance and repairs 492.54 417.44 909.98
Cleaning 2,149011 30.30 2,179.41
Other contractual services 444.00 263.37 707037
Supplies 101.14 = 101.14
Insurance 2,811023 1,055.32 3,866.55
Taxes 163.54 - 163.54
Depreciation 2.1813010 670.29 3,483.39
Total overhead expenses $ 11,008062 -$ 6,879.36 ..$ 17,887.98
Administration and genera1-
Salaries $ 8,776012 $ 1,594.00 $ 10,370.12
Public Employees Retirement 688044 , 688.44
Association contribution -
Legal and accounting .494.50 500,,50 995.00
Office supplies 114085 - 114.85
Other 115.56 40.00 155.56
Total administration and
general _~ 10,189.47 .$ 2,134.50 r$. 12,323.97
Total operating expenses 43 828077 i 18,315.27 62,,144.04
Operating income (loss) 1 ,723.49 (6,965~) 11,757.93
EXPENSE 4.9938.67 - 4,938067
Net income for the year $ 13,784.82 $ (6,965.56) ~6,819.26
-2-
SURPLUS
BAL~WCE~ DECEM]ffilB 31, 1961 (deficit) $ 9,849.06 $ (l~659.70) $ 8,189.36
ADD- Net income (loss) for the year, 13,784.82 (6,965.56) 6,819.26
per statement of income
$ 23~633.88 $ (8~625.26) $ 15,008.62
DEDUCT- Transfer to reserve for
expenditures 3,539.38 - 3,539.38
BALANCE, DECEMBER 31~ 1962 (deficit) _$ 20, 094 .50 $ (8,625.26) $11,469.~~
The accompanying note is an integral part of these
statements of income and surplus.