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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31,2015
<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 />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December 31,
<br />2015.
<br />Future scheduled tax levies for all bonds outstanding at December 31, 20 I 5 totaled $18,304,907.
<br />Note 11 FUND BALANCE
<br />At December 31, 2015, the City had various fund balances restricted, committed, or assigned through legal
<br />restriction and City Council authorization. Major fund balance appropriations at December 31, 2015 are shown on
<br />the various balance sheets as segregations of the fund balance. The fund balances are as follows:
<br />Total Nonspeodable Restricted Committed Assigned Unassigned
<br />General Fund:
<br />Prepaid Items
<br />Total Geneml Fund
<br />G.O. Improvement Bonds 2005A:
<br />Deficit Fund Balance
<br />Improvement Bonds 2009F:
<br />Debt Service
<br />Area and Unit Charge:
<br />Advances to Other Funds
<br />Construction Projects
<br />Total Area and Unit Charge
<br />2015 Street Reconstruction:
<br />Deficit Fund Balance
<br />Nomnajor Governmental Funds:
<br />Prepaid Items
<br />Economic Development -
<br />Loan Receivable
<br />Corpus of Permanent Fund
<br />Program Recreation
<br />Cable TV FWid
<br />Blue Heron Days
<br />Federal Narcotics
<br />State Narcotics
<br />Dill Forfeitures
<br />Debt Service
<br />Construction Projects
<br />Total Nomnajor Funds
<br />Total FWid Balances
<br />'5,ffi;736
<br />220,677
<br />5,946,413
<br />(2,340,172)
<br />7,384
<br />285,947
<br />4,136,658
<br />4,422,605
<br />(18,226)
<br />224,580
<br />123,791
<br />84,179
<br />80,237
<br />13,247
<br />49,965
<br />9,810
<br />17,019
<br />2,291,222
<br />9,143,961
<br />12,038,011
<br />~
<br />s
<br />220,677
<br />220,677
<br />100,000
<br />1,177
<br />101,177
<br />321,854
<br />Note 12 SHARE lN GAS FRANCHISE PROFITS
<br />$ $ $ $ 5,725,736
<br />5,725,736
<br />(2,340,172)
<br />7,384
<br />285,947
<br />4,136,658
<br />4,422,605
<br />(18,226)
<br />225,000 (420)
<br />23,791
<br />83,002
<br />80,237
<br />13,247
<br />49,965
<br />9,810
<br />17,019
<br />2,291,422 (200)
<br />10,600,247 (1,456,286!
<br />2,630,254 163,239 10,600,247 (1,456,906)
<br />2,637,638 $ 163,239 $ 15,022,852 $ 1,910,432
<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.
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31,2015
<br />Note 13 INTERFUND RECEIVABLE AND PAY ABLES
<br />The purpose of the interfund receivable and payable balances is for the elimination of negative cash between funds
<br />and at December 31, 2015 are as follows:
<br />Receivable Pa~able
<br />Governmental Activity:
<br />G.O. Improvement Bonds 2005A $ $ 2,876,648
<br />Other Nonmajor Governmental Funds 3,660,455 1,342,917
<br />Business-type Activity:
<br />Sewer Fund 559,110
<br />$ 4,219,565 $ 4,219,565
<br />Interfund receivable and payable balances not expected to be repaid within one year are reported as advances to and
<br />from other fund and at December 31,2015 are as follows:
<br />Receivable
<br />Governmental Activity:
<br />Pa~able
<br />Area and Uuit Charge $ 285,947 $
<br />Other Nonmajor Governmental Funds 285,947
<br />$ 285,947 $ 285,947
<br />The purpose of the advance from the Area and Unit Charge Fund is to temporarily finance projects in the Dedicated
<br />Parks Fund.
<br />Note 14 INTERFUND TRANSFERS
<br />Individual fund transfers for fiscal year 2015 are as follows:
<br />Governmental Activity:
<br />General Fund
<br />G.O. Improvement Bonds 2005A
<br />Improvement Note 2009F
<br />Area and Unit Charge
<br />Other Nonmajor Governmental Funds
<br />Total Governmental Activity
<br />Business-type Activity:
<br />Water Fund
<br />Sewer Fund
<br />Total Business-Type Activity
<br />Total
<br />$
<br />$
<br />Transfer In
<br />490,894
<br />683,729
<br />378,000
<br />1,850,348
<br />3,402,971
<br />3,402,971
<br />Transfer Out
<br />$ (590,245)
<br />(670,734)
<br />~2,075,158~
<br />(3,336,137)
<br />(33,417)
<br />(33,417)
<br />$
<br />(66,834~
<br />(3,402,971)
<br />Interfund transfers are other financing sources and uses within the fund financial statements. The purposes of the
<br />transfers are to provide funding for capital improvement projects and capital outlay in accordance with the City's
<br />capital improvement plan. There are also transfers to and from other funds within the nonmajor governmental funds
<br />that are for closing out bond funds and moving the residual to another debt service fund. These transfers are routine
<br />and consistent with past practices. IV-31
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