HomeMy WebLinkAboutItem 04.c-iiiMemorandum
To: Mayor and City Council
From: Steve Mielke, City Administrator
Dennis Feller, Finance Director
Date: November 25, 2013
Subject: Liquor Fund - Statement of Net Position
The City Council, at November 19 work session, requested information regarding the Liquor
Fund Statement of Net Position.
The Statement of Net Position is attached hereto.
ITEM 4 -c.iii
City of Lakeville
LIQUOR FUND
STATEMENT OF NET POSITION
Non - current assets
Restricted cash and investments 325,750
Capital assets
Land 1,272,296
Buildings and improvements 3,866,890
Machinery and equipment 420,956
Construction in process 4,700
Accumulated depreciation (1,240,335)
Net capital assets 4,324,507
Total non- current assets 4,650,257
Total assets 10,614,671
Total liabilities 4,801,199
2013 2014
2012 DEPART PROJECTED
ACTUAL ESTIMATE ESTIMATE
ASSETS
Current assets
Cash and investments $ 4,512,813 $ 3,897,421 $ 3,904,848
Interest receivable 25,604 25,604 25,988
Accounts receivable 1,002 1,002 1,017
Inventory 1,403,501 1,462,448 1,506,321
Prepaid expenses 21,494 21,816 22,144
Total current assets 5,964,414 5,408,291 5,460,318
324,125 324,125
1,272,296
3,871,590
677,617
(1,359,332)
4,462,171
4,786,296
1,272,296
3,871,590
709,450
(1,478,329)
4,375,007
4,699,132
10,194, 587 10,159, 450
LIABILITIES
Current liabilities
Salaries payable 27,027 31,626 32,574
Accounts payable 1,140,870 1,140,870 1,175, 096
Accrued interest payable 70,729 70,729 72,851
Deposits payable 8,317 8,317 8,568
Accrued compensated absences 101,369 104,410 107,542
Bonds payable 160,000 165,000 175,000
Total current liabilities 1,508,312 1,520,952 1,571,631
Non - current liabilities
Accrued compensated absences 24,917 21,876 22,532
Unamortized bond premium 21,595 20,062 18,529
Net OPEB obligation 11,375 11,716 12,068
Bonds payable 3,235,000 3,070,000 2,895,000
Total non- current liabilities 3,292,887 3,123,654 2,948,129
4,644,606 4,519,760
NET POSITION
Net investment in capital assets 907,912 1,227,171 1,305,007
Restricted for debt service 325,750 324,125 324,125
Unrestricted 4,579,810 3,998,685 4,010,558
Total net position $ 5,813,472 $ 5,549,981 $ 5,639,690