Mound Minnesota on Lake Minnetonka Blog.MoundWestonka.com
Another Mound Liquor Store Loss
This entry was posted on 11/11/2006 5:03 PM and is filed under uncategorized.
According to the Laker, Mound had a $59,072 operating loss in 2005. An operating loss generally includes all ordinary revenues and expenses and does not include debt service. Debt service is just principle and interest on a loan. This operating loss probably did include depreciation. I conclude this for at least one reason, that I wrote about two differing opinions of whether or not an operating loss should include depreciation in it over a year ago. If things go according to plan, there will be another disagreement over what the numbers mean?
I checked the State Auditor's site, and Mound's site and came back with only a bar chart and total expenses for 2005 which were $567,808. The bar chart on Mound's site shows a worse loss and I assume that is because it includes interest paid, on top of everything else. Interest is not a part of operating income or loss because by convention it appears lower on an income statement. Generally the users of financial statements prefer the numbers being presented this way. When you do your own calculations using the bar chart, you come up with a bigger number. This bigger number would be what accountants from here to New York and all the way back to California have picked as their standard: Net Income or Loss.
Welcome to the Mound Westonka Blog that covers subjects related to
Mound Westonka, located on Western Lake Minnetonka in Minnesota. We'd like to hear your comments about anything local. My name is David Greenslit, and
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Lake Minnetonka Facts
Lake Minnetonka was formed by melting ice blocks in glacial moraines 15,000 years ago. The Lake is 929.4 feet above sea level at its outlet, Grays Bay dam. Its greatest length is 10.9 miles (Halsteds Bay to Grays Bay). 30 feet is its average depth. April 12 - 17 is the range of its average ice-out dates. - from the Hennepin County Library.
Fact of the Day:
Lake Minnetonka Cities
There are 14 cities on Lake Minnetonka. They are: Deephaven, Excelsior, Greenwood, Minnetonka, Minnetonka Beach, Minnetrista, Mound, Orono, Shorewood, Spring Park, Tonka Bay, Victoria, Wayzata, and Woodland.
Mound Minnesota's name
"Mound derived its name from the Indian mounds once found within the present day limits. They were not built by the Dakota Indians but were made by prehistoric Indians...." - Melvin Gimmestad, from the book, Historical Backgrounds of Mound, Minnesota.
Tonka Toys
Mound was known as the "Trucking Capital of the World." Tonka Toys was once located in the present day Balboa building near the intersection of Shoreline and Wilshire.
Lois Lane and Hercules
Lois Lane and Hercules both once lived in Mound. Noel Neill appeared in the TV show "Superman". Kevin Sorbo starred as Hercules in the TV show of the same name in the 1990s.
Saint Bonifacius
This city was named for its Catholic church. Saint Boniface was the Apostle of the Germans. Bonifacius in Latin means, of good fate or fortune.
City of Minnetrista
"The City of Minnetrista is located on the western bays of Lake Minnetonka and the agricultural rich plains and idyllic woodlands of southwestern Hennepin County.....The 32 square miles is home to 5,250 residents who enjoy the rural residential and lakeside settings." - from the City's web page.
Busy Corners
The corner of Lake and Central Avenues used to be the center of Mound. Lake Avenue is now called Bartlett Boulevard and Central changed to Commerce Boulevard. Kirby's Bait Shop is located on Busy Corners.
The Island
Island Park is also known as Phelps Island, and once was called North Shore Park. Phelps is the largest island on Lake Minnetonka, and some say it was originally a peninsula. There was a lot of dredging done in Lake Minnetonka's past. It lies East of Cook's Bay and West of Spring Park Bay. Island Park merged with Mound in 1960. It is still called "The Island".
Early Lake Minnetonka
In 1822 Joe Brown, a drummer boy at Fort Snelling and the Commandant's son Will Snelling discover Lake Minnetonka. The two 14 year old boys canoed up Minnehaha Creek and found its source. It appears that relations with the Dakota Sioux at the time required that the Lake remain off limits. It wasn't until the 1850s that its existence becomes general knowledge. In 1852 Simon Stevens and Calvin Tuttle built a dam and sawmill on Minnehaha Creek some distance East of Lake Minnetonka. The next year a hotel is built nearby. In 1854 the Cook House is built in Mound. The 1850s are the beginning of significant settlement around Lake Minnetonka.
According to the Laker, Mound had a $59,072 operating loss in 2005. An operating loss generally includes all ordinary revenues and expenses and does not include debt service. Debt service is just principle and interest on a loan. This operating loss probably did include depreciation. I conclude this for at least one reason, that I wrote about two differing opinions of whether or not an operating loss should include depreciation in it over a year ago. If things go according to plan, there will be another disagreement over what the numbers mean?
