City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project)

Size: px

Start display at page:

Download "City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project)"

Georgia Morrison
5 years ago
Views:

1 City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project) Quarterly Report as of September 30, 2013 CUSIP #: Telecommunications Revenue Dated Date Maturity Date Amount Issue name 6/19/2008 6/1/2031 $26,445,000 Telecommunications Revenue Bonds, Series 2008 (Fibernet Monticello Project) Attached are the September 30, 2013 quarterly reports for the fiscal period covered July 1, 2013 through September 30, 2013, Unaudited Financial Statements (including balance sheet, income statement, and cash flow statement) of the FTTP Project, signed and dated and the total number customers in the aggregate by Voice Service Customers, Internet Customers and TV Customers as required for Continuing Disclosure filing. Issuer Contact Information: Name: Title: Wayne Oberg Finance Director Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul, MN Employer: City of Monticello Tel: Address: 505 Walnut Street; Suite 1 Fax: City, State, Zip: Monticello, MN Telephone: Address: Wayne.oberg@ci.monticello.mn.us Issuer Website Address: Client #:

2 Balance Sheet Assets Debit Credit Cash and Investments (unrestricted) $ 57, Cash Held in Escrow (restricted) 2,694, Accounts Receivable 112, Deposits Allowance - Uncollectable Accts (18,774.67) Prepaid Items 33, Unamortized Bond Costs 443, Capital Assets - Buildings 1,167, Capital Assets - Infrastructure 13,775, Capital Assets - Mach. & Equip. 213, Capital Assets - Furniture & Equip. 17, Capital Assets - Motor Vehicles 78, Accumalated Depreciation (844,237.66) Total Assets $ 17,732, Current Liabilities Accounts Payable $ - Sales Tax Payable 6, USF & 911 Fees Federal Excise Tax Accrued Bond Interest Payable 2,353, Accrued Vacation 13, Long-Term Liabilities Revenue Bonds 26,445, Unamortized Discounts (401,567.56) Total Liabilities 28,417, Net Position Invested in Capital Assets, Net Related Debt (8,496,303.61) Unrestricted (2,189,202.98) Total Net Position (10,685,506.58) Total Liabilities and Net Position $ 17,732,268.59

3 Income Statement Operating revenue Charges for services $ 1,096, Other revenue 75, Total operating revenue 1,172, Operating expenses Cost of goods sold 626, Personal services 337, Supplies & materials 116, Utilities 26, Repairs & maintenance 102, Depreciation 312, Insurance 3, Professional fees 459, Miscellaneous 102, Total operating expenses 2,087, Operating income (loss) (914,757.96) Nonoperating revenues (expenses) Investment earnings (charges) - Interest expense (1,361,834.63) Fiscal agent fees (1,900.00) Total nonoperating revenues (expenses) (1,363,734.63) Income before transfers (2,278,492.59) Transfers and contributed capital Transfers in 400, Change in net position $ (1,878,492.59)

4 Cash Flow Statement Cash flows from operating activities Cash received from customers $ 1,310, Cash received for other service 18, Cash payments to suppliers (1,549,842.97) Cash payments to employees (329,169.91) Net cash (used) by operations (549,921.11) Cash flows from noncapital activities Interfund borrowing 0.00 Transfers in 400, Transfers out 0.00 Net cash provided (used) by noncapital activities 400, Cash flows from capital & related financing activities Acquisition & construction of capital assets (91,708.50) Proceeds from sale of bonds 0.00 Bond Interest & fees 0.00 Legal Settlement Proceeds (net) 0.00 Interest on investments/negative balance 0.00 Net cash provided (used) by capital & related financing activities (91,708.50) Net increase (decrease) in cash (241,629.61) Beginning cash & cash equivalents 2,993, Ending cash & cash equivalents $ 2,752, Cash and cash equivalents comprised of Unrestricted $ 57, Restricted 2,694, Total $ 2,752, I, Wayne Oberg, Finance Director for the City of Monticello, Minnesota hereby certify as to the accuracy and completeness in material respects, in the presented format, the September 30, 2013 FiberNet Monticello Cash Flow Statement. Date

5 City of Monticello, Minnesota Telecommunications Revenue Bonds, Series 2008 (FiberNet Monticello Project) Quarterly Report For Period Ending September 30, /30/11 12/31/11 3/31/12 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 Total Voice Service Customers 916 1,002 1,038 1,090 1,112 1,109 1,031 1,050 1,035 Percent Change 18.65% 9.39% 3.59% 5.01% 2.02% -0.27% -7.03% 1.84% -1.43% Total Internet Customers 1,504 1,423 1,394 1,379 1,370 1,257 1,270 1,257 1,222 Percent Change 11.08% -5.39% -2.04% -1.08% -0.65% -8.25% 1.03% -1.02% -2.78% Total TV Customers 1,169 1,058 1,052 1,016 1, Percent Change -2.99% -9.50% -0.57% -3.42% -0.30% -1.58% -2.71% -1.65% -4.19%

City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project)

City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project) Quarterly Report as of December 31, 2012 CUSIP #: 614491 Telecommunications Revenue Dated Date Maturity Date