FiberNet Monticello 4Q Filing | Debits And Credits | Revenue

City of Monticello, Minnesota Telecommunications Revenue Bonds (Fibernet Monticello Project) December 31, 2011 Quarterly Report

(Fiscal Period Covered: October 1, 2011 through December 31, 2011)

CUSIP #: 614491

Issuer Contact Information: Name: Title: Employer: Address: City, State, Zip: Telephone: Email Address: Issuer Website Address: Mr. Tom Kelly Finance Director City of Monticello 505 Walnut Street, Suite 1 Monticello, MN 55362-8831 763 271-3211 Tom.Kelly@ci.monticello.mn.us http://www.ci.monticello.mn.us/
Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul, MN 55101-2887 Tel: 651-223-3000 Fax: 651-223-3002 www.springsted.com

Client #: 000575

Telecommunications Revenue Bonds, Series 2008 (FiberNet Monticello Project) Quarterly Report For Period Ending December 31, 2011

March 31, 2011 June 30, 2011 Voice Lines Beginning Voice Customers New Customers Discontinued Customers Total Voice Service Customers Percent Change 643 59 35 667 667 125 20 772 15.74%

September 30, 2011 772 176 32 916 18.65%

December 31, 2011 916 169 83 1,002 9.39%

Internet Service Beginning Internet Customers New Customers Discontinued Customers Total Internet Customers Percent Change

1,110 103 47 1,166

1,166 235 47 1,354 16.12%

1,354 207 57 1,504 11.08%

1,504 159 240 1,423 -5.39%

TV Customers Beginning TV Customers New Customers Discontinued Customers Total TV Customers Percent Change

992 77 42 1,027

1,027 228 50 1,205 17.33%

1,205 114 150 1,169 -2.99%

1,169 146 257 1,058 -9.50%

FiberNet Monticello 4th Quarter Cash Flow Statement As of 12/31/2011 (unaudited) Cash flows from operating activities Cash received from customers Cash received for other service Cash payments to suppliers Cash payments to employees Net cash (used) by operations Cash flows from noncapital activities Interfund borrowing Transfers in Transfers out Net cash provided (used) by noncapital activities Cash flows from capital & related financing activities Acquisition & construction of capital assets Proceeds from sale of bonds Bond Interest & fees Legal Settlement Proceeds (net) Interest on investments Net cash provided (used) by capital & related financing activities Net increase (decrease) in cash Beginning cash & Cash equivalents Ending cash & cash equivalents

469,212.75 30,180.85 (660,728.79) (123,059.48) (284,394.67)

0.00 0.00 0.00 0.00

(227,267.55) 0.00 (933,130.25) 0.00 (28,564.31 ) (1,188,962.11) (1,473,356.78) 2,124,164.81 650,808.03

I, Thomas Kelly, Finance Director for the City of Monticello, Minnesota hereby certify as to the accuracy and completeness in all material respect, the December 31,2011 FiberNet Monticello Cash Flow Statement

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FiberNet Monllcello Balance Sheet As of 12/3112011 (unaudited) Assets Credit Debit Cash (3,322,526.77) Cash Held In Escrow 3,973,334,80 21>Cl,OO Change Fund (150,791>.71) Inleresl Reclevable 278,122,28 Accounls Receivable 51>0.00 Deposits Allowance - Uneollectable Accls (23,998.50) Due From Olher Govllmmenls 0.00 PrepaId Itllms 225,408.74 Unamolli2;ed Bond Cosls 933,167.75 1,167,786.24 Capllal Assets· BUildings Capital Assets· Infrastructure 13,775,586.69 121,939.23 Capital Assets· Mach. & Equip. Capllal Assets· Furnllure & Equip 17,698.71 78,420.76 Capllal Assets - Motor Vehicles (116,080.31) Accumalated Depreciation 0.1>1> Conslrucllon In Progress Total Assels Currenl·L1ablllties Acoounts Payable Contraots Payable Sales Tax Payable USF & 911 FellS Federal Excise Tax Accrued Interest Payable Accrued Vacallon Long·Term LIabilities Revenue Bonds Total L1abllllles Fund BalanceJEquity Unreserved Relalned Earnings Unrestricted Net Assets Inveslmenlln Capital Assels Tolal Fund BalancelEqulty Tolal LIabilities & fund Balance 16;958,772.91

Income Statement As of 12/31/2011 (unaudited) Revenues: PEG Acoess Fee Ceble Frenchlse Fee USF Fees Inlerllst Earnings Basic TV Servlclls HD TV Services Premium TV Pkg Servlca PayPerVlewTV Service Resldentlallnlernet Services Business Internel Services Sale of City Properly Residential Phone Service Business Phone Service Phone Servloe - Long Distance Phone EqUipment Rental CABS Revenue Refunds & Reimbursements Miscellaneous Chargas Miscellaneous Revenull Legal SeUlement Inspeollon Fee Reimbursement Total Revenues Expenses: Salaries & Wages Benents Total Personnal Services

(3,382.19) 1,012,87 2,625.91 (137,360.40) 673,361.72 3,066.20 21,739.30 6,336.24 447,829.08 51,406.79 13,750.00 202,772.84 112,714.71 29,172.35 986.13 54,721.56 605.00 19,104,95 1,493,27 1,500,000.00 0.00 3,000,926.35

155,098.55 0,00 14,409.64 948,52 2,699.27 147.111.45 5,412.96

464,163,76 195,004,91 659,168,67

26,446,000.00 26,770,680.39

(6,016,746.45) (6,064,723.73) 1,269,661.70 (9,811,907.48) 16,958,772.91

Cost of Goods Voice - Technical Services Video - TeChnical Services Video - Re-transmlaslon Fee Data - Technical Sllrvlces Video· Licenses and Permits Sarvlca Dlscounls/ Special Offers Tolal Cost of Gcods Supplies Small Furnllure & Equipment Smell Tools Small Computer EqUipment MctorFuels Fiber Optic Supplies Electronics TelcomlPhone Supplies VldaoJDlgllal TV Supplies Data/lnternat Supplies Marketing Supplies Building Supplies Mlsc Repair & Maintenance Supplles Miscellaneous Supplies Total Supplies Engineering Fees Audit Fees Architect Services Legel Fees Manegement Services ITfTeohnlcal Service Website/Emell Services Melntenance Agreements Merketlng Services Regulatory Professional Services other Prcfesslcnel Sllrvlces Gopher State Locetes Telephone Postege Disconnect Fees Travel Expenses TralnlnglConferences Advertising General Publlo lnformallon Insurance Properly Taxes Electric Weter/Sewer Repair & Maintenance Building/Room Rental EqUipment Rental Uncollectible Accounts Dues & Memberships Books & Pemphlets Licenses & Permits Inspecticn Fees Bank Charges Miscellaneous Expenses Total Professional Services Buildings Improvements MotorVehlcles Other Equipment Depreclaticn Total Improvements Bond Interest Fiscal Agent Fees

73,783.99 694,452.60 0.00 169,636.56 62.00 340.00 858,485.15 50,789.63 4,125.38 1.557.17 0.00 10,665,35 633,973.43 0.00 39,634.21 3.6,236.21 2,091:01 14,033.71 20.97 692.86 0.00 693,819.93 -30,019.66 5,000.00 0,00 621,429.81 180,000.00 0.00 366.98 98,218.72 33,320.76 7,924.29 493,915.30 1,254.79 11,465.47 4,686.25 15,092.95 9.194,79 176,67 9,435.58 227.01 6,475.00 186.44 21.917.05 1,490.47 17,176.84 16,980.00 728.11 14,264.76 1,609.00 0.00 8,465.63

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13,148.68 3,890.87 1,568,921,65 0,00 0.00 0.00 0,00 90,808,86 90,808.85 1,815,819,00 3,060,00 1,818,869.00

Totel Expenses Revenues over Expnses

5,690,053.16 (2,689,126.80)

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