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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
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<br />Note 14 FUND BALANCE
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<br />At December 31, 2016, a summary of the governmental fund balance classifications is as follows:
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<br />G.O.G.O.Other
<br />General Improvement Improvement Area and Governmental
<br />Fund Bonds of 2005A Note of 2009A Unit Charge Funds Total
<br />Nonspendable:
<br />Prepaid items $225,114 $ - $ - $ - $1,220 $226,334
<br />Corpus of permanent fund - - - - 100,000 100,000
<br />Total nonspendable 225,114 - - - 101,220 326,334
<br />Restricted for:
<br />Debt service - 226,135 22 - 5,514,718 5,740,875
<br />Economic development - - - - 225,000 225,000
<br />Blue Heron Days - - - - 11,619 11,619
<br />Narcotics and forfeiture funds - - - - 73,049 73,049
<br />Tax increment purposes - - - - 438,026 438,026
<br />Environmental purposes - - - - 13,855 13,855
<br />Total restricted - 226,135 22 - 6,276,267 6,502,424
<br />Committed for:
<br />Cable TV purposes - - - - 134,072 134,072
<br />Recreation purposes - - - - 36,878 36,878
<br />Total committed - - - - 170,950 170,950
<br />Assigned for:
<br />Capital improvements - - - 6,266,200 9,512,280 15,778,480
<br />Unassigned 6,031,077 - - - (978,496) 5,052,581
<br />Total fund balance $6,256,191 $226,135 $22 $6,266,200 $15,082,221 $27,830,769
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<br />Note 15 PROPERTY UNDER LEASE AGREEMENT
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<br />The City entered into an agreement to lease space within the City Hall Complex, which at year end had a cost of
<br />$4,744,742 and a net book value of $1,963,326, to New Creations Child Care and Learning Center, LLC. The lease is
<br />dated July 1, 2014 and continues through June 30, 2019. The lease requires escalating annual lease payments of
<br />between $5.94 and $8.65 per square foot over the lease term, for a total of $330,904.
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<br />Approximate future minimum lease payments receivable under the noncancelable operating lease are as follows:
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<br />Year Ending
<br />December 31, Amount
<br />2017 $75,617
<br />2018 77,901
<br />2019 39,522
<br />$193,040
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