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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
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<br />60
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<br />Note 10 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
<br />General Obligation bond issues sold by the City are financed by ad valorem tax levies and special assessment bond
<br />issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied
<br />against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies
<br />is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is
<br />notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject to
<br />cancellation when and if the City has provided alternative sources of financing. The City Council is required to levy
<br />any additional taxes found necessary for full payment of principal and interest.
<br />
<br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December 31,
<br />2015.
<br />
<br />Future scheduled tax levies for all bonds outstanding at December 31, 2015 totaled $18,304,907.
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<br />Note 11 FUND BALANCE
<br />At December 31, 2015, the City had various fund balances restricted, committed, or assigned through legal
<br />restriction and City Council authorization. Major fund balance appropriations at December 31, 2015 are shown on
<br />the various balance sheets as segregations of the fund balance. The fund balances are as follows:
<br />
<br />Total Nonspendable Restricted Committed Assigned Unassigned
<br />General Fund: 5,725,736$ -$ -$ -$ -$ 5,725,736$
<br />Prepaid Items 220,677 220,677 - - - -
<br />Total General Fund 5,946,413 220,677 - - - 5,725,736
<br />G.O. Improvement Bonds 2005A:
<br />Deficit Fund Balance (2,340,172) - - - - (2,340,172)
<br />Improvement Bonds 2009F:
<br />Debt Service 7,384 - 7,384 - - -
<br />Area and Unit Charge:
<br />Advances to Other Funds 285,947 - - - 285,947 -
<br />Construction Projects 4,136,658 - - - 4,136,658 -
<br />Total Area and Unit Charge 4,422,605 - - - 4,422,605 -
<br />2015 Street Reconstruction:
<br />Deficit Fund Balance (18,226) - - - - (18,226)
<br />Nonmajor Governmental Funds:
<br />Prepaid Items - - - - - -
<br />Economic Development -
<br /> Loan Receivable 224,580 - 225,000 - - (420)
<br />Corpus of Permanent Fund 123,791 100,000 23,791 - - -
<br />Program Recreation 84,179 1,177 - 83,002 - -
<br />Cable TV Fund 80,237 - - 80,237 - -
<br />Blue Heron Days 13,247 - 13,247 - - -
<br />Federal Narcotics 49,965 - 49,965 - - -
<br />State Narcotics 9,810 - 9,810 - - -
<br />DUI Forfeitures 17,019 - 17,019 - - -
<br />Debt Service 2,291,222 - 2,291,422 - - (200)
<br />Construction Projects 9,143,961 - - - 10,600,247 (1,456,286)
<br />Total Nonmajor Funds 12,038,011 101,177 2,630,254 163,239 10,600,247 (1,456,906)
<br />Total Fund Balances 20,056,015$ 321,854$ 2,637,638$ 163,239$ 15,022,852$ 1,910,432$
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<br />Note 12 SHARE IN GAS FRANCHISE PROFITS
<br />The City receives a share of the gross billing for natural gas sales by a neighboring City, which provides service
<br />within the City of Lino Lakes. The amount reported as revenue in the General Fund during fiscal year 2015 was
<br />$47,914.
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