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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report 12/31/2014
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Comprehensive Annual Financial Report
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12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2014 <br />As management of the City of Lino Lakes, Minnesota, we offer readers of the City of Lino Lakes' financial <br />statements this narrative overview and analysis of the financial activities of the City of Lino Lakes for the <br />fiscal year ended December 31, 2014. We encourage readers to consider the information presented here <br />in conjunction with additional information that we have furnished in our letter of transmittal, which can be <br />found on pages 3-7 of this report. <br />FINANCIAL HIGHLIGHTS <br />• The assets of the City of Lino Lakes exceeded its liabilities at the close of the most recent fiscal year <br />by $90,179,168 (net position). Of this amount $34,415,982 (unrestricted net position) may be used to <br />meet the City's ongoing obligations to citizens and creditors in accordance with the City's fund <br />designations and fiscal policies. <br />• The City's total net position decreased by $1,334,788 primarily due to annual depreciation of capital <br />assets. <br />• As of the close of the current fiscal year, the City of Lino Lakes' governmental funds reported <br />combined ending fund balance of $22,542,363, an increase of $964,790 in comparison with the prior <br />year primarily due to the proceeds from the issuance of the 2014A Equipment Certificates and G.O. <br />Bonds 2014A, the majority of which will be expended in 2015. Approximately 5% of this amount, or <br />$1,177,213, is available for spending at the City's discretion (unassigned fund balance). <br />• At the end of the current fiscal year, unassigned fund balance for the general fund was $5,053,064, or <br />57% of total general fund expenditures and other financing uses. <br />• The City's total bonded debt increased by $1,091,000 (11.4%) during the current fiscal period. The <br />City issued Equipment Certificates of $495,000 and a general obligation bond in the amount <br />$2,645,000 to finance the improvement of 21st Avenue, Northpointe addition improvements and the <br />construction of Well # 6 and Wellhouse. Principal in the amount of $2,049,000 was retired during the <br />year. <br />OVERVIEW OF THE FINANCIAL STATEMENTS <br />This discussion and analysis are intended to serve as an introduction to the City of Lino Lakes' basic <br />financial statements. The City of Lino Lakes' basic financial statements comprise three components: <br />1. Government -wide financial statements <br />2. Fund financial statements <br />3. Notes to the financial statements <br />This report also contains other supplementary information in addition to the basic financial statements <br />themselves. <br />Government -wide financial statements The government -wide financial statements are designed to <br />provide readers with a broad overview of the City of Lino Lakes' finances, in a manner similar to private - <br />sector business. <br />The statement of net position presents information on all of the City of Lino Lakes' assets and liabilities, <br />with the difference between the two reported as net position. Over time, increases or decreases in net <br />position may serve as a useful indicator of whether the financial position of the City of Lino Lakes is <br />improving or deteriorating. <br />The statement of activities presents information showing how the City's net position changed during the <br />most recent fiscal year. All changes in net position are reported as soon as the underlying event giving <br />rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses <br />are reported in this statement for some items that will only result in cash flows in future fiscal periods <br />(e.g., uncollected taxes and earned but unused compensated absences and OPEB liabilities). <br />12 <br />
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