City of Rice Financial Reports

CITY OF RICE, MINNESOTA SUMMARY FINANCIAL REPORT The purpose of this report is to provide a summary of the nancial information concerning the City of Rice to interested citizens. The complete nancial statements may be examined at the City Hall, 205 Main St E. Questions about this report should be directed to Julie Fandel, Clerk, at 320-393-2280.

RECEIPTS AND DISBURSEMENTS FOR GENERAL OPERATIONS (GOVERNMENTAL FUNDS) Percent Increase Total 2021 Total 2020 (Decrease) RECEIPTS Property Taxes $573,356 $547,302 4.76% Tax Increment 28,460 28,426 0.12% Franchise Taxes 6,507 5,774 12.69% Special Assessments 25,051 1 2505000.00% Licenses, Permits, and Fees 145,607 84,085 73.17% Intergovernmental 405,658 363,954 11.46% Charges for Services 78,557 118,391 -33.65% Fines 7,978 3,134 154.56% Interest Income 627 6,645 -90.56% Loan Collections 57,345 119,589 -52.05% Miscellaneous 108,844 96,419 12.89% TOTAL RECEIPTS $1,437,990 $1,373,720 4.68% Per Capita $728.10 $1,077.43 -32.42%

DISBURSEMENTS Current: General Government $266,199 $294,717 -9.68% Public Safety 552,659 549,994 0.48% Public Works 124,796 94,737 31.73% Parks and Recreation 32,077 26,439 21.32% Economic Development 85,110 157,505 -45.96% Capital Outlay 256,525 178,233 43.93% Debt Service: Principal 25,000 25,000 0.00% Interest and Other Charges 1,000 1,500 -33.33% TOTAL DISBURSEMENTS $1,343,366 $1,328,125 1.15% Per Capita $680.19 $1,041.67 -34.70%

Total Long-term Indebtedness $82,346 $164,691 -50.00% Per Capita $41.69 $129.17 -67.72%

General Fund Cash Fund Balance - December 31 $572,021 $391,815 45.99% Per Capita $289.63 $307.31 -5.75%

CITY OF RICE, MINNESOTA STATEMENT OF NET POSITION PROPRIETARY FUNDS DECEMBER 31, 2021 Nonmajor Storm Water Water Fund Sewer Fund Fund Totals ASSETS Current Assets Cash and Cash Equivalents $1,585,411 $1,185,415 $48,348 $2,819,174 Accounts Receivable 19,388 31,776 2,448 53,612 Prepaids 511 627 - 1,138 Total Current Assets 1,605,310 1,217,818 50,796 2,873,924

Noncurrent Assets Capital Assets Not Being Depreciated 24,300 162,336 - 186,636 Capital Assets Being Depreciated (Net) 428,315 1,177,806 - 1,606,121 Total Noncurrent Assets 452,615 1,340,142 - 1,792,757 TOTAL ASSETS 2,057,925 2,557,960 50,796 4,666,681

DEFERRED OUTFLOWS OF RESOURCES Pensions 21,025 26,951 - 47,976

LIABILITIES Accounts Payable 3,018 2,433 - 5,451 Salaries Payable 2,619 1,903 - 4,522 Accrued Interest - 1,508 - 1,508 Compensated Absences Due Within One Year 6,038 214 - 6,252 Bonds Due Within One Year - 68,000 - 68,000 Total Current Liabilities 11,675 74,058 - 85,733

Noncurrent Liabilities Bonds Due After One Year - 141,000 - 141,000 Net Pension Liability 29,435 37,742 - 67,177 Total Noncurrent Liabilities 29,435 178,742 - 208,177 TOTAL LIABILITIES 41,110 252,800 - 293,910

DEFERRED INFLOWS OF RESOURCES Pensions 28,064 35,983 - 64,047 NET POSITION Net Investment in Capital Assets 452,615 1,131,142 - 1,583,757 Unrestricted 1,557,161 1,164,986 50,796 2,772,943 TOTAL NET POSITION $2,009,776 $2,296,128 $50,796 $4,356,700

Get to know Get to know the people behind the people behind

Benton Ag Benton County News Classy Canary Country Acres Dairy Star Sauk Centre Herald Sauk Rapids Herald Star Post Star Shopper 320-352-6577

Danielle Nauman

Hometown: Marshfi eld,

Wisconsin

What is your role at Star W

Publications: Writer with Dairy P

Star St

Tell us about your family Te . Son,

Austin. Aus

What are your hobbies? Breeding and showing registered Jerseys. What superpower would you want? I’d want to be the fairy godmother in Cinderella, bippety boppity boo.

CITY OF RICE, MINNESOTA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2021 Nonmajor Storm Water Water Fund Sewer Fund Fund Totals OPERATING REVENUES Charges for Services $332,081 $280,124 $27,593 $639,798

OPERATING EXPENSES Wages and Bene ts 81,604 80,218 - 161,822 Materials and Supplies 38,686 6,119 - 44,805 Repairs and Maintenance 20,444 39,987 - 60,431 Professional Services 23,220 12,181 559 35,960 Insurance 2,264 2,392 - 4,656 Utilities 24,192 9,842 - 34,034 Miscellaneous 11,117 3,835 - 14,952 Depreciation 41,242 92,624 - 133,866 TOTAL OPERATING EXPENSES 242,769 247,198 559 490,526

NET OPERATING INCOME (LOSS) 89,312 32,926 27,034 149,272

NONOPERATING INCOME (EXPENSE) Special Assessments 1,022 1,022 - 2,044 Intergovernmental 73 93 - 166 Connection Fees 60,654 83,700 - 144,354 Investment Income 1,015 1,015 - 2,030 Miscellaneous 13 - - 13 Interest and Other Charges - (4,981) - (4,981) NET NONOPERATING INCOME (EXPENSE) 62,777 80,849 - 143,626

CHANGE IN NET POSITION 152,089 113,775 27,034 292,898

NET POSITION - BEGINNING OF YEAR 1,857,687 2,182,353 23,762 4,063,802

NET POSITION - END OF YEAR $2,009,776 $2,296,128 $50,796 $4,356,700

CITY OF RICE, MINNESOTA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED DECEMBER 31, 2021 Nonmajor Storm Water Water Fund Sewer Fund Fund Totals CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers $334,962 $268,443 $27,086 $630,491 Cash Paid to Suppliers (119,192) (73,060) (559) (192,811) Cash Paid to Employees (79,629) (86,875) - (166,504) NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 136,141 108,508 26,527 271,176

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Taxes and Intergovernmental 73 93 - 166 Other Receipts from Customers 60,667 83,700 - 144,367 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES 60,740 83,793 - 144,533

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Special Assessments 1,022 1,022 - 2,044 Payments on Bond Principal - (67,000) - (67,000) Cash Paid for Interest - (5,464) - (5,464) NET CASH PROVIDED (USED) BY CAPITAL AND RELATED FINANCING ACTIVITIES 1,022 (71,442) - (70,420)

CASH FLOWS FROM INVESTING ACTIVITIES Investment Income 1,015 1,015 - 2,030

Net Change in Cash and Cash Equivalents 198,918 121,874 26,527 347,319

Cash and Cash Equivalents - Beginning of Year 1,386,493 1,063,541 21,821 2,471,855

Cash and Cash Equivalents - End of Year $1,585,411 $1,185,415 $48,348 $2,819,174

RECONCILIATION OF NET OPERATING INCOME (LOSS) TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Net Operating Income (Loss) $89,312 $32,926 $27,034 $149,272 Adjustments to Reconcile Net Operating Income (Loss) to Net Cash Provided (Used) by Operating Activities: Depreciation Expense 41,242 92,624 - 133,866 Changes in Assets, Liabilities, and Deferrals: Accounts Receivable 2,881 (11,681) (507) (9,307) Prepaids (212) (231) - (443) Deferred Out ows of Resources - Pensions (16,152) (20,706) - (36,858) Accounts Payable 943 1,527 - 2,470 Salaries Payable 930 (409) - 521 Compensated Absences 1,591 (5,648) - (4,057) Net Pension Liability (10,841) (13,808) - (24,649) Deferred In ows of Resources - Pensions 26,447 33,914 - 60,361

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $136,141 $108,508 $26,527 $271,176

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