2011 CAFRComprehensive
Annual Financial Report
For the Fiscal Year December 31, 2011 • Golden Valley, Minnesota
photo by Kate Larson, 2011 Views of the Valley
INTRODUCTORY SECTION
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Term Expires
Linda Loomis Mayor 12/31/2011
Mike Freiberg Councilmember 12/31/2011
Paula Pentel Councilmember 12/31/2013
DeDe Scanlon Councilmember 12/31/2013
Bob Shaffer Councilmember 12/31/2011
Thomas Burt City Manager Appointed
Sue Virnig Finance Director Appointed
Best and Flanagan City Attorney Appointed
Springsted, Inc. Bond Consultants Appointed
CITY COUNCIL
CITY OFFICIALS
CITY CONSULTANTS
CITY OF GOLDEN VALLEY
HENNEPIN COUNTY, MINNESOTA
City Council and Other Officials
Year Ended December 31, 2011
FINANCIAL SECTION
CITY OF GOLDEN VALLEY
Management’s Discussion and Analysis
Year Ended December 31, 2011
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As management of the City of Golden Valley, Minnesota (the City), we have provided readers of the
City’s financial statements with this narrative overview and analysis of the financial activities of the City
for the fiscal year ended December 31, 2011. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in our letter of
transmittal, located earlier in this report.
FINANCIAL HIGHLIGHTS
The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $96,586,174
(net assets). At year-end, the City was able to report a positive balance in all categories of net assets.
At the end of the fiscal year, the unassigned fund balance for the City’s General Fund was $7,395,646,
which represents 48.9 percent of total General Fund expenditures and transfers out for 2011.
The City sold two new bond issues and refinanced a previous issue in 2011 for a total amount of
$7,365,000. The total long-term bonded debt decreased by $11,655,000 at the end of 2011.
OVERVIEW OF THE FINANCIAL STATEMENTS
Management’s Discussion and Analysis (MD&A) is intended to serve as an introduction to the City’s
basic financial statements, which are comprised of three components: 1) government-wide financial
statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also
contains other supplementary information in addition to the basic financial statements.
Government-Wide Financial Statements – The government-wide financial statements are designed to
provide readers with a broad overview of the City’s finances, in a manner similar to private sector
businesses.
The Statement of Net Assets presents information on all of the City’s assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City’s net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise
to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods
(delinquent taxes and special assessments).
Both of the government-wide financial statements distinguish functions of the City that are principally
supported by property taxes and intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and
charges (business-type activities). The governmental activities include general government, public safety,
public works, and parks and recreation. The business-type activities of the City include enterprises for
water and sewer, storm sewer, golf course, motor vehicle licensing, and recycling.
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The government-wide statements include not only the City itself (known as the primary government), but
also the Golden Valley Housing and Redevelopment Authority (HRA). The HRA is a legally separate
entity which functions, in essence, as a department of the City, to provide housing and redevelopment
assistance through the administration of various programs. Therefore, the HRA has been included as an
integral part of the City’s financial statements.
Fund Financial Statements – A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of the funds of the City can be divided into two categories: governmental funds
and proprietary funds.
Governmental Funds – Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, governmental fund financial statements focus on near-term
inflows and outflows of spendable resources, as well as the balances of spendable resources available at
the end of the fiscal year. Such information may be useful in evaluating a government’s near-term
financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By doing
so, readers may better understand the long-term impact of the government’s near-term financing
decisions. Both the governmental funds Balance Sheet and Statement of Revenue, Expenditures, and
Changes in Fund Balances provide a reconciliation to facilitate the comparison between governmental
funds and governmental activities.
The City maintains 19 individual governmental funds. Information is presented separately in the
governmental funds Balance Sheet and Statement of Revenue, Expenditures, and Changes in Fund
Balances for the General, Golden Hills Tax Increment Special Revenue, Street Reconstruction Debt
Service, Golden Hills Tax Increment Debt Service, and Street Reconstruction Capital Project Funds, all of
which are considered to be major funds. Data from the other nonmajor governmental funds are combined
into a single, aggregated presentation. Individual fund data for each of these nonmajor governmental
funds is provided in the form of combining statements elsewhere in this report. The City adopts an
annual appropriated budget for the General Fund. Budget-to-actual comparisons are provided in this
financial report for this fund.
Proprietary Funds – The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide financial
statements. The City uses enterprise funds to account for its water and sewer (utility), storm sewer, golf
course, motor vehicle licensing, and recycling operations. Internal service funds are an accounting device
used to accumulate and allocate costs internally among the City’s various functions. The City uses
internal service funds to account for workers’ compensation, payroll benefits, and vehicle maintenance
activities. Because these internal service fund activities predominantly benefit governmental rather than
business-type functions, they have been included within governmental activities in the government-wide
financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only
in more detail. The proprietary fund financial statements provide separate information for the water and
sewer, storm sewer, golf course, motor vehicle licensing, and recycling operations, all of which are
considered to be major funds of the City.
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The internal service funds are combined into a single, aggregated presentation in the proprietary fund
financial statements. Individual fund data for the internal service funds is provided in the form of
combining statements elsewhere in this report.
Notes to Basic Financial Statements – The notes to basic financial statements provide additional
information that is essential to a full understanding of the data provided in the government-wide and fund
financial statements.
Other Information – Required supplementary information (RSI) on the City’s pension plan is presented
following the notes to basic financial statements. Combining and individual fund statements and
schedules for nonmajor funds are presented immediately following the RSI. Statistical tables are
presented as the last section in this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net assets may serve over time as a useful indicator of the City’s financial position. In
the case of the City, assets exceeded liabilities by $96,586,174 at the end of the 2011 fiscal year. This
represents an overall improvement in the City’s net assets of $4,879,748 from the previous year.
Net Assets – The City has 51.9 percent of its total net assets invested in capital assets (land, land
improvements, buildings and improvements, machinery and equipment, infrastructure, and construction in
progress) less any related debt used to acquire those assets that is still outstanding. The City uses these
capital assets to provide services to citizens; consequently, these assets are not available for future
spending. Although the City’s investment in its capital assets is reported net of related debt, it should be
noted that the resources needed to repay this debt must be provided from other sources, since the capital
assets themselves cannot liquidate these liabilities. An additional 23.9 percent of the City’s net assets
represent resources that are subject to external restrictions on how they may be used. The remaining
24.2 percent of net assets are unrestricted and may be used to meet the City’s ongoing obligations.
The following is a summary of the City’s net assets:
2011 2010 2011 2010 2011 2010
Current and other assets 57,330,244$ 56,154,709$ 18,089,795$ 18,057,440$ 75,420,039$ 74,212,149$
Capital assets 77,581,763 79,790,662 30,532,678 28,308,885 108,114,441 108,099,547
Total assets 134,912,007 135,945,371 48,622,473 46,366,325 183,534,480 182,311,696
Noncurrent liabilities
(including current portion) 79,137,789 82,520,938 3,175,000 3,470,000 82,312,789 85,990,938
Other liabilities 3,004,627 3,788,568 1,630,890 825,764 4,635,517 4,614,332
Total liabilities 82,142,416 86,309,506 4,805,890 4,295,764 86,948,306 90,605,270
Net assets
Invested in capital assets,
net of related debt 22,753,481 21,635,548 27,357,678 24,838,885 50,111,159 46,474,433
Restricted 23,045,045 22,187,677 – – 23,045,045 22,187,677
Unrestricted 6,971,065 5,812,640 16,458,905 17,231,676 23,429,970 23,044,316
Total net assets 52,769,591$ 49,635,865$ 43,816,583$ 42,070,561$ 96,586,174$ 91,706,426$
Governmental Activities Business-Type Activities Total
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The following is a summary of the City’s changes in net assets:
2011 2010 2011 2010 2011 2010
Revenues
Program revenues
Charges for services 2,686,158$ 2,301,734$ 12,022,612$ 12,099,352$ 14,708,770$ 14,401,086$
Operating grants and
contributions 413,826 410,767 463,650 177,601 877,476 588,368
Capital grants and
contributions 2,498,297 1,831,662 191,686 – 2,689,983 1,831,662
General revenues
Property taxes 19,752,048 20,143,891 – – 19,752,048 20,143,891
Franchise taxes 581,600 – – – 581,600 –
Grants and contributions not
restricted to specific programs 27,386 27,386 – – 27,386 27,386
Other general revenues 336,139 350,183 – – 336,139 350,183
Investment earnings 300,813 250,723 142,204 101,243 443,017 351,966
Gain on sale of capital assets 156,161 44,330 558 5,330 156,719 49,660
Total revenues 26,752,428 25,360,676 12,820,710 12,383,526 39,573,138 37,744,202
Expenses
General government 3,319,661 3,801,269 – – 3,319,661 3,801,269
Public safety 6,490,371 6,585,990 – – 6,490,371 6,585,990
Public works 9,720,753 9,864,540 – – 9,720,753 9,864,540
Parks and recreation 1,335,562 1,338,155 – – 1,335,562 1,338,155
Interest and fiscal charges 2,950,955 3,272,726 – – 2,950,955 3,272,726
Water and sewer – – 7,505,786 6,561,335 7,505,786 6,561,335
Storm sewer – – 1,182,590 1,239,080 1,182,590 1,239,080
Golf course – – 1,708,984 1,736,551 1,708,984 1,736,551
Motor vehicle licensing – – 260,583 423,423 260,583 423,423
Recycling – – 218,145 290,818 218,145 290,818
Total expenses 23,817,302 24,862,680 10,876,088 10,251,207 34,693,390 35,113,887
Increase in net assets before
transfers 2,935,126 497,996 1,944,622 2,132,319 4,879,748 2,630,315
Transfers 198,600 198,600 (198,600) (198,600) – –
Increase in net assets 3,133,726 696,596 1,746,022 1,933,719 4,879,748 2,630,315
Net assets – beginning 49,635,865 48,939,269 42,070,561 40,136,842 91,706,426 89,076,111
Net assets – ending 52,769,591$ 49,635,865$ 43,816,583$ 42,070,561$ 96,586,174$ 91,706,426$
TotalGovernmental Activities Business-Type Activities
Governmental Activities – Governmental activities increased net assets by $3,133,726, accounting for
64.2 percent of the total growth in the City’s net assets. Key elements of this net increase include:
Capital grants and contributions increased $666,635 from the prior year, mainly due to a
$400,000 county grant received to improve the City’s youth baseball fields.
In 2011, the City began planning for an upcoming Douglas Drive improvement project which is
being funded through a new franchise tax, from which the City received $581,600 during the
year.
Expenses decreased by $1,045,378 from the previous year. General government expenses
decreased $481,608 due to the decertification of the Valley Square Tax Increment District in
2010. Interest and fiscal charges were also $321,771 lower than last year due to a decrease in
outstanding city debt.
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Expenses and Program Revenues – Governmental Activities
$–
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$10,000,000
General
Government
Public Safety Public Works Parks and
Recreation
Interest and Fiscal
Charges
Expenses Program Revenues
Revenue by Source – Governmental Activities
Charges for Services
10%
Operating Grants and
Contributions
2%
Other
3%
Capital Grants and
Contributions
9%
Taxes
76%
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Business-Type Activities – Business-type activities increased the City’s net assets by $1,746,022,
accounting for 35.8 percent of the total growth in the City’s net assets from operations.
Water and Sewer Utility Fund net assets increased by $497,433. The City’s water rates were increased
3.8 percent in 2011 to offset the increased cost of water purchased from the City of Minneapolis through
the Joint Water Commission, and to pay for planned infrastructure improvements. Sanitary sewer rates
remained the same for those residential users under 20,000 gallons of usage during the winter quarter.
Those using more during the winter did see an increase in sewer rates based on usage. Commercial sewer
accounts received a 33 percent increase on the rate per 1,000 gallons of water billed. Sanitary sewer
infrastructure improvements for inflow and infiltration, and higher disposal costs charged by the
Metropolitan Council Environment Services (MCES), have increased expenses for the City. Also,
$1,723,570 of the capitalized cost of water and sewer projects was financed with user fees.
Storm Sewer Utility Fund net assets increased by $1,575,918. No adjustments to rates were made in
2011. The 2010 planned infrastructure improvements that coincided with the City’s pavement
management program were less than the budget. A portion of the resources of this fund will also be
needed to pay the debt service of the storm sewer utility revenue bonds sold in 2004 and 2006. The
proceeds of these issues financed the storm sewer costs associated with the Trunk Highway 55/General
Mills Boulevard/Boone Avenue North Intersection and Flood Proofing Improvement Project.
Motor Vehicle Operating Fund net assets decreased by $233,704. The City experienced a theft by an
employee of the Motor Vehicle Department in March 2011. The office was closed for internal review.
Golden Valley’s Motor Vehicle Licensing Department is a deputy registrar for the state of Minnesota
Department of Vehicle Services and contracts with the state to operate the office. Since closing, the City
has fully complied with recommendations from both state and independent reviews and will be reopening
in July/August of 2012.
Other business-type activities did not have a significant impact on net assets in 2011.
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Expenses and Program Revenues – Business-Type Activities
$–
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
Water and Sewer Storm Sewer Brookview Golf
Course
Motor Vehicle Recycling
Expenses Program Revenues
Revenue by Source – Business-Type Activities
Charges for Services
94%
Operating Grants and
Contributions
4%
Capital Grants and
Contributions
1%
Other
1%
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FINANCIAL ANALYSIS OF THE CITY’S FUNDS
Governmental Funds – At the end of the fiscal year, the City’s governmental funds reported combined
ending fund balances of $46,965,554, an increase of $1,264,452 in comparison with the prior year. The
use of $29,472,220 of fund balance is restricted by various externally imposed constraints. Additional
amounts of $928,337 and $9,124,351 are committed and assigned, respectively, for internally imposed
spending constraints. Fund balance of $45,000 represents assets that are considered to be in
nonspendable form. Finally, the remaining $7,395,646 of fund balance is unassigned and may be used for
any approved public purpose.
General Fund – The fund balance of the General Fund increased by $215,575 to $9,218,998 at
December 31, 2011. The unassigned fund balance at December 31, 2011 of $7,395,646 is equal to
48.9 percent of total expenditures and other uses in the General Fund, which puts the General Fund in an
excellent financial position. The reserves help pay for expenditures until property tax dollars are received
by the City in July and December.
General Fund operating results can be summarized as follows:
2011 2010
Fund balance – beginning of year 9,003,423$ 8,985,030$
Additions
Revenue 15,166,020 14,698,598
Other sources 175,000 175,000
Total additions 15,341,020 14,873,598
Deductions
Expenditures 13,860,475 13,515,235
Other uses 1,264,970 1,339,970
Total deductions 15,125,445 14,855,205
Fund balance – end of year 9,218,998$ 9,003,423$
At year-end, $45,000 of nonspendable fund balance in the General Fund is for the long-term portion of an
advance to the Brookview Operating Enterprise Fund.
Of the remaining fund balance, $278,352 was assigned for budget stabilization. This amount is for
temporary revenue shortfalls or unpredicted expenditures and provides the City time to react to permanent
changes in the City’s operating environment. Also, $1,500,000 was assigned for self-insurance to
highlight the continued use of the fund balance as a reserve for insurance deductibles as opposed to
purchasing additional umbrella liability insurance.
The remaining unassigned fund balance, $7,395,646, is for working capital. This is the amount needed to
provide for General Fund operations during the first half of the year, since the City does not receive any
significant money from its main revenue source—property taxes—until July of each year.
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General Fund Revenues – The following is an analysis of 2011 General Fund revenue:
Original
and Final Over (Under)
Revenue 2011 Budget 2011 Actual Budget
Ad valorem taxes 11,702,050$ 11,600,785$ (101,265)$ (0.9) %
Licenses 166,865 213,564 46,699 28.0
Permits 576,400 948,342 371,942 64.5
Intergovernmental 10,500 158,380 147,880 1,408.4
Charges for services 1,725,540 1,598,648 (126,892) (7.4)
Fines and forfeits 250,000 303,908 53,908 21.6
Investment income 100,000 64,533 (35,467) (35.5)
Other revenue 214,140 277,860 63,720 29.8
Totals 14,745,495$ 15,166,020$ 420,525$ 2.9
(Under) Budget
Percent Over
Ad valorem taxes were under budget due to abatements of tax payments from previous years. Permits
were over budget due to an increase in building construction. Intergovernmental revenue exceeded
budget due to several small grants from the state and federal government. Charges for services were
lower due to less project activity for streets. Interest on investments came in under budget because of
lower interest rates and market value adjustments on the City’s investment portfolio.
General Fund Expenditures – The following is an analysis of 2011 General Fund expenditures:
Original
and Final Over (Under)
Category 2011 Budget 2011 Actual Budget
General government 1,155,065$ 1,164,211$ 9,146$ 0.8 %
Administrative services 1,524,180 1,460,704 (63,476) (4.2)
Casualty insurance 280,000 255,536 (24,464) (8.7)
Building operations 570,680 501,636 (69,044) (12.1)
Public safety 6,212,050 6,010,214 (201,836) (3.2)
Public works 3,263,205 3,089,258 (173,947) (5.3)
Planning and development 322,315 310,914 (11,401) (3.5)
Parks and recreation 1,153,030 1,068,002 (85,028) (7.4)
Totals 14,480,525$ 13,860,475$ (620,050)$ (4.3)
(Under) Budget
Percent Over
Administrative services were lower due to less telephone costs; less mailings, which reduced postage
costs; lower maintenance on computer systems; and reduced cost of supplies. Casualty insurance was
lower than budget due to the cost of coverage based on total expenditures of the City. Public safety was
under budget due to lower total salaries from not being fully staffed, lower dispatch costs, and lower fuel
costs. Public works was under budget due to lower fuel prices, less supplies and services, and salary
savings with some staff positions due to retirements or reclassifications. Planning and development costs
were under budget due to reduced consulting fees for studies. Programs for parks and recreation were
under budget due to lower program costs and reduced printing costs.
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Other Major Governmental Funds – The City reported four other major governmental funds for 2011.
Two of these funds relate to the City’s Golden Hills Tax Increment District. The Golden Hills Tax
Increment Special Revenue Fund is used to account for the tax increment revenue collected on public
improvements within the tax increment district. These revenues are primarily used, via transfers to the
Golden Hills Tax Increment Debt Service Fund, to pay debt service on the tax increment bonds sold to
finance the improvements. Fund balances increased $1,984,035 as tax increment revenue collected
exceeded transfers for debt service and administrative costs. At December 31, 2011, this fund had a net
equity of $6,155,289. The Golden Hills Tax Increment Debt Service Fund ended the year with a fund
balance of $1,819,102, a decrease of $1,078,149. Transfers in to this fund were less than scheduled debt
service payments, as the City is spending down the fund balance in anticipation of the final debt service
payments due in 2015.
The two other major governmental funds relate to the City’s ongoing street reconstruction plan. The
Street Reconstruction Debt Service Fund is used to account for the debt service on the general obligation
improvement bonds issued to finance street improvements. At year-end, this fund had a fund balance of
$13,351,651 accumulated for future debt service. Fund balance declined by $715,524 in 2011, mainly
due to a crossover refunding that retired $5.42 million on outstanding debt this year. The Street
Reconstruction Capital Project Fund ended the year with a fund balance of $4,210,156, which increased
$131,559 from the prior year as capital expenditures were slightly less than the proceeds from the
improvement bonds issued this year.
Proprietary Funds – The City’s proprietary funds provide the same information for the business-type
activities found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the City’s enterprise funds totaled $17,167,295 at the end of the fiscal year. The
Utility Fund had an increase in net assets of $497,443 due to the timing of improvements that coincide
with the pavement management projects.
The Storm Sewer Utility Fund had an increase in net assets of $1,575,918 due to fewer improvements
than anticipated to coincide with the pavement management project areas and a few project delays.
The Brookview Operating (Golf Course) Fund had a decrease in net assets of $138,099 due to reduced
revenue caused by bad weather, which reduced the number of playable golf days.
The Motor Vehicle Operating Fund had a decrease in net assets of $233,704, due to the closure mid-year.
The Recycling Fund had an increase in net assets of $88,612 due to the increase in rates for the recycling
program and market for recyclable material.
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Capital Assets – The City’s investment in capital assets (net of accumulated depreciation) for its
governmental and business-type activities as of December 31, 2011 amounts to $108,114,441. This
balance represents a net increase of $14,894 from the prior year. The City’s capital assets for the last two
years are as follows:
2011 2010 2011 2010 2011 2010
Land 3,527,684$ 3,527,684$ 857,044$ 857,044$ 4,384,728$ 4,384,728$
Land improvements 4,118,676 4,072,692 2,941,207 2,911,153 7,059,883 6,983,845
Buildings and improvements 11,683,530 11,683,561 667,657 667,657 12,351,187 12,351,218
Machinery and equipment 9,714,438 9,874,086 3,379,717 3,180,489 13,094,155 13,054,575
Infrastructure 101,202,931 97,242,392 34,338,591 31,997,386 135,541,522 129,239,778
Construction in progress 3,367,588 4,566,640 2,857,279 1,848,847 6,224,867 6,415,487
Less accumulated
depreciation (56,033,084) (51,176,393) (14,508,817) (13,153,691) (70,541,901) (64,330,084)
Net total 77,581,763$ 79,790,662$ 30,532,678$ 28,308,885$ 108,114,441$ 108,099,547$
Governmental Activities Business-Type Activities Total
Because of the completion of some street reconstruction projects, the costs were moved from construction
in progress to infrastructure. Also, this has increased depreciation now that those projects are complete.
Additional details of the City’s capital asset activity for the year can be found in Note 4 of the notes to
basic financial statements.
Long-Term Debt – The debt service funds account for the accumulation of resources to finance all of the
City’s governmental activity general obligation debt. The revenue sources for these funds include annual
tax levies, tax increment transferred from the HRA General Special Revenue Fund, and special
assessments. At year-end, there was $16,425,889 of fund balance restricted for debt service in the
governmental funds. The revenue bonds will be paid from the designated business activity for storm
water. The following table presents the City’s bonded debt and certificates of indebtedness as of the last
two year-ends:
2011 2010 2011 2010 2011 2010
G.O. special assessment bonds 56,640,000$ 58,205,000$–$ –$ 56,640,000$ 58,205,000$
G.O. tax increment bonds 12,735,000 14,940,000 – – 12,735,000 14,940,000
G.O. tax abatement bonds 2,750,000 3,080,000 – – 2,750,000 3,080,000
G.O. certificates of indebtedness 2,100,000 2,190,000 – – 2,100,000 2,190,000
G.O. state-aid street bonds 2,190,000 2,290,000 – – 2,190,000 2,290,000
Unamortized premiums 785,719 590,508 – – 785,719 590,508
Compensated absences 1,560,275 1,517,473 – – 1,560,275 1,517,473
Net OPEB obligation 376,795 298,465 – – 376,795 298,465
Revenue bonds – – 3,175,000 3,470,000 3,175,000 3,470,000
Total 79,137,789$ 83,111,446$ 3,175,000$ 3,470,000$ 82,312,789$ 86,581,446$
TotalGovernmental Activities Business-Type Activities
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In 2011, the City sold the following bond issues:
1) $1,840,000 G.O. Improvement Bonds, Series 2011A – The proceeds of this issue will finance
the improvements with the 2011 pavement management program.
2) $655,000 G.O. Equipment Certificates of Indebtedness, Series 2011B – The proceeds of these
certificates will finance the purchases of various pieces of public works and public safety
equipment included in the City’s 2008–2012 capital improvement program.
3) $4,870,000 G.O. Improvement Refunding Bonds, Series 2011C – The proceeds of this issue
and interest earned thereon will be used to refund the 2013 through 2019 maturities of the City’s
G.O. Improvement Bonds, Services 2003C on their February 1, 2012 call date.
Additional details of long-term debt activity for the year can be found in Note 5 of the notes to basic
financial statements.
REQUESTS FOR INFORMATION
Questions concerning any of the information provided in this report or requests for additional information
should be addressed by writing to the City of Golden Valley, Attention: Finance Director, 7800 Golden
Valley Road, Golden Valley, Minnesota 55427 or by calling (763) 593–8010.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
FUND FINANCIAL STATEMENTS
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a
l
R
e
v
e
n
u
e
D
e
b
t
S
e
r
v
i
c
e
D
e
b
t
S
e
r
v
i
c
e
C
a
p
i
t
a
l
P
r
o
j
e
c
t
N
o
n
m
a
j
o
r
Totals
As
s
e
t
s
Ca
s
h
a
n
d
t
e
m
p
o
r
a
r
y
i
n
v
e
s
t
m
e
n
t
s
9,
8
3
5
,
0
5
5
$
6,
1
7
1
,
8
6
2
$
8,
2
8
9
,
1
7
1
$
1,
8
1
9
,
1
0
2
$
4,
3
2
0
,
4
6
5
$
12,386,003
$
42,821,658 $
Ca
s
h
h
e
l
d
w
i
t
h
t
r
u
s
t
e
e
–
–
5,
0
6
4
,
1
3
5
–
–
–
5,064,135
Re
c
e
i
v
a
b
l
e
s
De
l
i
n
q
u
e
n
t
t
a
x
e
s
1
3
0
,
3
1
1
–
–
–
–
–
130,311
De
l
i
n
q
u
e
n
t
s
p
e
c
i
a
l
a
s
s
e
s
s
m
e
n
t
s
8
,
3
4
6
–
31
,
9
1
3
–
–
284
4
0
,
5
4
3
De
f
e
r
r
e
d
s
p
e
c
i
a
l
a
s
s
e
s
s
m
e
n
t
s
2
6
,
0
4
2
–
3,
7
4
0
,
4
7
5
–
–
72,355
3
,
8
3
8
,
8
7
2
De
f
e
r
r
e
d
c
o
n
t
i
n
g
e
n
t
s
p
e
c
i
a
l
a
s
s
e
s
s
m
e
n
t
s
–
–
59
3
,
4
6
7
–
–
12,765
6
0
6
,
2
3
2
Ac
c
o
u
n
t
s
8
2
,
3
7
2
–
–
–
–
135,212
2
1
7
,
5
8
4
Ac
c
r
u
e
d
i
n
t
e
r
e
s
t
2
3
3
,
8
3
8
–
3,
3
4
2
–
–
19,035
2
5
6
,
2
1
5
Du
e
f
r
o
m
o
t
h
e
r
f
u
n
d
s
8
2
,
7
1
8
–
–
–
–
55,000
1
3
7
,
7
1
8
Ad
v
a
n
c
e
s
t
o
o
t
h
e
r
f
u
n
d
s
4
5
,
0
0
0
–
–
–
–
–
45,000
Du
e
f
r
o
m
o
t
h
e
r
g
o
v
e
r
n
m
e
n
t
a
l
u
n
i
t
s
1
4
6
,
0
3
2
–
–
–
–
695
1
4
6
,
7
2
7
To
t
a
l
a
s
s
e
t
s
1
0
,
5
8
9
,
7
1
4
$
6
,
1
7
1
,
8
6
2
$
1
7
,
7
2
2
,
5
0
3
$
1
,
8
1
9
,
1
0
2
$
4
,
3
2
0
,
4
6
5
$
1
2
,
6
8
1
,
3
4
9
$
5
3
,
3
0
4
,
9
9
5
$
Li
a
b
i
l
i
t
i
e
s
a
n
d
F
u
n
d
B
a
l
a
n
c
e
s
Li
a
b
i
l
i
t
i
e
s
Ac
c
o
u
n
t
s
p
a
y
a
b
l
e
2
5
4
,
3
6
6
$
–
$
–
$
–
$
21
,
1
1
5
$
138,471
$
413,952 $
Co
n
t
r
a
c
t
s
p
a
y
a
b
l
e
43
7
–
–
–
59
,
0
6
9
66,955
126,461
Ac
c
r
u
e
d
s
a
l
a
r
i
e
s
p
a
y
a
b
l
e
56
0
,
0
7
1
–
–
–
–
–
560,071
Du
e
t
o
o
t
h
e
r
g
o
v
e
r
n
m
e
n
t
a
l
u
n
i
t
s
1
1
0
,
9
8
2
–
–
–
–
34,437
1
4
5
,
4
1
9
De
p
o
s
i
t
s
2
8
0
,
1
6
1
–
5,
0
0
0
–
30
,
1
2
5
69,579
384,865
Du
e
t
o
o
t
h
e
r
f
u
n
d
s
–
16
,
5
7
3
–
–
–
76,145
9
2
,
7
1
8
De
f
e
r
r
e
d
r
e
v
e
n
u
e
1
6
4
,
6
9
9
–
4,
3
6
5
,
8
5
2
–
–
85,404
4
,
6
1
5
,
9
5
5
To
t
a
l
l
i
a
b
i
l
i
t
i
e
s
1
,
3
7
0
,
7
1
6
1
6
,
5
7
3
4
,
3
7
0
,
8
5
2
–
11
0
,
3
0
9
470,991
6,339,441
Fu
n
d
b
a
l
a
n
c
e
s
No
n
s
p
e
n
d
a
b
l
e
45
,
0
0
0
–
–
–
–
–
45,000
Re
s
t
r
i
c
t
e
d
–
6,
1
5
5
,
2
8
9
1
3
,
3
5
1
,
6
5
1
1
,
8
1
9
,
1
0
2
3
,
7
8
4
,
2
4
1
4
,
3
6
1
,
9
3
7
2
9
,
4
7
2
,
2
2
0
Co
m
m
i
t
t
e
d
–
–
–
–
–
928,337
9
2
8
,
3
3
7
As
s
i
g
n
e
d
1,
7
7
8
,
3
5
2
–
–
–
42
5
,
9
1
5
6,920,084
9,124,351
Un
a
s
s
i
g
n
e
d
7,
3
9
5
,
6
4
6
–
–
–
–
–
7,395,646
To
t
a
l
f
u
n
d
b
a
l
a
n
c
e
s
9
,
2
1
8
,
9
9
8
6
,
1
5
5
,
2
8
9
1
3
,
3
5
1
,
6
5
1
1
,
8
1
9
,
1
0
2
4
,
2
1
0
,
1
5
6
1
2
,
2
1
0
,
3
5
8
4
6
,
9
6
5
,
5
5
4
To
t
a
l
l
i
a
b
i
l
i
t
i
e
s
a
n
d
f
u
n
d
b
a
l
a
n
c
e
s
1
0
,
5
8
9
,
7
1
4
$
6
,
1
7
1
,
8
6
2
$
1
7
,
7
2
2
,
5
0
3
$
1
,
8
1
9
,
1
0
2
$
4
,
3
2
0
,
4
6
5
$
1
2
,
6
8
1
,
3
4
9
$
5
3
,
3
0
4
,
9
9
5
$
Se
e
n
o
t
e
s
t
o
b
a
s
i
c
f
i
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
De
c
e
m
b
e
r
3
1
,
2
0
1
1
CI
T
Y
O
F
G
O
L
D
E
N
V
A
L
L
E
Y
Ba
l
a
n
c
e
S
h
e
e
t
Go
v
e
r
n
m
e
n
t
a
l
F
u
n
d
s
Pa
g
e
s
1
7
a
n
d
1
8
Go
l
d
e
n
H
i
l
l
s
St
r
e
e
t
Go
l
d
e
n
H
i
l
l
s
St
r
e
e
t
Ta
x
I
n
c
r
e
m
e
n
t
Re
c
o
n
s
t
r
u
c
t
i
o
n
Ta
x
I
n
c
r
e
m
e
n
t
Re
c
o
n
s
t
r
u
c
t
i
o
n
Ge
n
e
r
a
l
Sp
e
c
i
a
l
R
e
v
e
n
u
e
De
b
t
S
e
r
v
i
c
e
D
e
b
t
S
e
r
v
i
c
e
C
a
p
i
t
a
l
P
r
o
j
e
c
t
Nonmajor Total s
Re
v
e
n
u
e
Ad
v
a
l
o
r
e
m
t
a
x
e
s
11
,
6
0
0
,
7
8
5
$
–
$
3,
0
8
5
,
9
8
6
$
–
$
–
$
1,104,365 $ 15,791,136 $
Ta
x
i
n
c
r
e
m
e
n
t
s
–
3,
9
1
8
,
5
2
7
–
–
–
75,458 3,993,985
Sp
e
c
i
a
l
a
s
s
e
s
s
m
e
n
t
s
26
,
2
0
9
–
1,
3
3
4
,
9
5
9
–
–
28,032 1,389,200
Fr
a
n
c
h
i
s
e
t
a
x
e
s
–
–
–
–
581,600 581,600
Li
c
e
n
s
e
s
a
n
d
p
e
r
m
i
t
s
1,
1
6
1
,
9
0
6
–
–
–
–
– 1,161,906
In
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
r
e
v
e
n
u
e
1
5
8
,
3
8
0
–
–
–
–
792,905 951,285
Ch
a
r
g
e
s
f
o
r
s
e
r
v
i
c
e
s
1,
5
9
8
,
6
4
8
–
–
–
–
32,462 1,631,110
Fi
n
e
s
a
n
d
f
o
r
f
e
i
t
s
30
3
,
9
0
8
–
–
–
–
– 303,908
In
v
e
s
t
m
e
n
t
i
n
c
o
m
e
64
,
5
3
3
10
,
1
3
4
65
,
8
3
3
7,
5
4
7
40
,
2
0
3
93,520 281,770
Ot
h
e
r
r
e
v
e
n
u
e
25
1
,
6
5
1
–
21
,
0
0
3
–
1,
9
5
6
362,996 637,606
To
t
a
l
r
e
v
e
n
u
e
15
,
1
6
6
,
0
2
0
3
,
9
2
8
,
6
6
1
4
,
5
0
7
,
7
8
1
7
,
5
4
7
4
2
,
1
5
9
3
,
0
7
1
,
3
3
8
26,723,506
Ex
p
e
n
d
i
t
u
r
e
s
Cu
r
r
e
n
t
Ge
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
1,
1
6
4
,
2
1
1
5,
6
2
6
–
–
–
209,783 1,379,620
Ad
m
i
n
i
s
t
r
a
t
i
v
e
s
e
r
v
i
c
e
s
1,
4
6
0
,
7
0
4
–
–
–
–
– 1,460,704
Ca
s
u
a
l
t
y
i
n
s
u
r
a
n
c
e
25
5
,
5
3
6
–
–
–
–
– 255,536
Bu
i
l
d
i
n
g
o
p
e
r
a
t
i
o
n
s
50
1
,
6
3
6
–
–
–
–
– 501,636
Pu
b
l
i
c
s
a
f
e
t
y
6,
0
1
0
,
2
1
4
–
–
–
–
– 6,010,214
Pu
b
l
i
c
w
o
r
k
s
3
,
0
8
9
,
2
5
8
–
–
–
–
– 3,089,258
Pl
a
n
n
i
n
g
a
n
d
d
e
v
e
l
o
p
m
e
n
t
31
0
,
9
1
4
–
–
–
–
– 310,914
Pa
r
k
s
a
n
d
r
e
c
r
e
a
t
i
o
n
1,
0
6
8
,
0
0
2
–
–
–
–
– 1,068,002
Ca
p
i
t
a
l
o
u
t
l
a
y
–
–
–
–
1,
6
7
7
,
3
4
0
3,031,514 4,708,854
De
b
t
s
e
r
v
i
c
e
Pr
i
n
c
i
p
a
l
–
–
2,
8
5
5
,
0
0
0
2,
2
0
5
,
0
0
0
–
1,175,000 6,235,000
In
t
e
r
e
s
t
a
n
d
f
i
s
c
a
l
c
h
a
r
g
e
s
–
–
2,
1
8
2
,
6
8
2
66
0
,
6
9
6
–
267,248 3,110,626
To
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
13
,
8
6
0
,
4
7
5
5
,
6
2
6
5
,
0
3
7
,
6
8
2
2
,
8
6
5
,
6
9
6
1
,
6
7
7
,
3
4
0
4
,
6
8
3
,
5
4
5
28,130,364
Ex
c
e
s
s
(
d
e
f
i
c
i
e
n
c
y
)
o
f
r
e
v
e
n
u
e
o
v
e
r
e
x
p
e
n
d
i
t
u
r
e
s
1,
3
0
5
,
5
4
5
3
,
9
2
3
,
0
3
5
(
5
2
9
,
9
0
1
)
(
2
,
8
5
8
,
1
4
9
)
(
1
,
6
3
5
,
1
8
1
)
(
1
,
6
1
2
,
2
0
7
)
(1,406,858)
Ot
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
(
u
s
e
s
)
Sa
l
e
o
f
c
a
p
i
t
a
l
a
s
s
e
t
s
–
–
–
–
–
236,593 236,593
Bo
n
d
s
i
s
s
u
e
d
–
–
98
,
8
2
2
–
1,
7
4
1
,
1
7
8
655,000 2,495,000
Re
f
u
n
d
i
n
g
b
o
n
d
s
i
s
s
u
e
d
–
–
4,
8
7
0
,
0
0
0
–
–
– 4,870,000
Pr
e
m
i
u
m
s
o
n
b
o
n
d
s
i
s
s
u
e
d
–
–
26
5
,
5
5
5
–
25
,
5
6
2
– 291,117
Pa
i
d
t
o
r
e
f
u
n
d
e
d
b
o
n
d
e
s
c
r
o
w
a
g
e
n
t
–
–
(5
,
4
2
0
,
0
0
0
)
–
–
– (5,420,000)
Tr
a
n
s
f
e
r
s
i
n
17
5
,
0
0
0
–
–
1,
7
8
0
,
0
0
0
–
1,447,570 3,402,570
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12,236,734 $ 4,660,608 $
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8,113 69,579
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13,539 466,798
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r
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4
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3
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7
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1
5
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2
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,
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4
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To
t
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p
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y
6
,
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29
7
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,
9
4
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–
31
2
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0
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8
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308,227
En
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r
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g
61
3
,
5
1
5
18
4
,
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27
9
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46
3
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3
2
4
(150,191)
507,125
St
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1
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71
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40
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3
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36
1
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(47,820)
363,475
To
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4
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4
30
3
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To
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p
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14
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6
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STATISTICAL SECTION
(UNAUDITED)
20
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20
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20
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20
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20
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9
2010 2011
Go
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Re
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29
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21
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$ 43,816,583 $
Pr
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Re
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29
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23,429,970
To
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a
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$ 96,586,174 $
No
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t
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7
8
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7
9
20
0
3
20
0
4
20
0
5
20
0
6
20
0
7
20
0
8
20
0
9
2010 2011
Ex
p
e
n
s
e
s
Go
v
e
r
n
m
e
n
t
a
l
a
c
t
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Ge
n
e
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1
,
2
6
0
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0
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4
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9
3
5
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0
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0
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3
4
5
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0
– 4,870,000
Pr
e
m
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s
(
d
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s
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s
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o
n
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b
t
i
s
s
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s
77
,
5
7
8
4
6
,
9
4
5
1
0
,
2
4
3
(
7
5
,
2
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4
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3
0
,
4
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2
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5
3
0
4
4
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1
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1
291,117
Pa
y
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s
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f
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(
1
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2
6
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6
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–
–
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4
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(5,420,000)
Tr
a
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s
f
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s
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n
20
,
6
5
6
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8
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1
5
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3
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2
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3,402,570
Tr
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(
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To
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11
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2,671,310
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24
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26
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29
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32
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2
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So
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:
H
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p
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y
Value as aAssessed
Ta
x
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a
p
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t
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s
(
1
)
CI
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Actual Value
in
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Percentage of
Ta
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a
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p
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To
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Bo
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Per Capita (1)
30
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1
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0
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0
$
35
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$
57
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$
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$
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$
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3,214 $
38
,
8
3
0
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0
0
0
36
,
1
0
5
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0
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5
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7
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0
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0
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7
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0
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3,768
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7
6
5
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0
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0
28
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2
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5
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0
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0
1,
9
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5
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0
0
0
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4
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6
7
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0
0
0
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2
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3
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3,694
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9
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0
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0
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26
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6
6
5
,
0
0
0
2,
0
3
0
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0
0
0
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4
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3
6
0
,
0
0
0
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4
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5
7
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0
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6
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0
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0
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0
3,930
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,
0
0
0
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0
0
0
24
,
1
9
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0
0
0
2,
1
2
0
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0
0
0
–
4
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0
4
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0
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3,989
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0
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21
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0
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9
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3,999
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0
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0
18
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5
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0
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0
2,
2
3
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0
0
0
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3
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4
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0
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