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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
Date
12/31/2014
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CITY OF LINO LAKES, MINNESOTA <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />DECEMBER 31, 2014 <br />OVERVIEW OF THE FINANCIAL STATEMENTS (CONTINUED) <br />Government -wide financial statements (Continued) Both of the government -wide financial statements <br />distinguish functions of the City of Lino Lakes that are principally supported by taxes and <br />intergovernmental revenues (governmental activities) from other functions that are intended to recover all <br />or a significant portion of their costs through user fees and charges (business -type activities). The <br />governmental activities of the City of Lino Lakes include general government, public safety, public <br />services, parks, recreation and forestry, conservation of natural resources and community development. <br />The business -type activities of the City of Lino Lakes include a water utility and sewer utility. <br />The government -wide financial statements can be found on pages 22-24 of this report. <br />Fund financial statements A fund is a grouping of related accounts that is used to maintain control over <br />resources that have been segregated for specific activities or objectives. The City of Lino Lakes, like <br />other state and local governments, uses fund accounting to ensure and demonstrate compliance with <br />finance -related legal requirements. All of the funds of the City of Lino Lakes can be divided into three <br />categories: governmental funds, proprietary funds and fiduciary funds. <br />Governmental funds — Governmental funds are used to account for essentially the same functions <br />reported as governmental activities in the government -wide financial statements. However, unlike the <br />government -wide financial statements, governmental fund financial statements focus on near-term <br />inflows and outflows of spendable resources, as well as on balances of spendable resources available at <br />the end of the fiscal year. Such information may be useful in evaluating a government's near-term <br />financing requirements. <br />Because the focus of governmental funds is narrower than that of the government -wide financial <br />statements, it is useful to compare the information presented for governmental funds with similar <br />information presented for governmental activities in the government -wide financial statements. By doing <br />so, readers may better understand the long-term impact of the government's near-term financing <br />decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, <br />expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between <br />governmental functions and governmental activities. <br />The City of Lino Lakes maintains forty-nine individual governmental funds. Information is presented <br />separately in the governmental fund balance sheet and in the governmental fund statement of revenues, <br />expenditures, and changes in fund balances for the General fund, G.O. Improvement Bonds 2005A fund, <br />Improvement Note 2009F fund, Municipal State Aid fund and Area and Unit Charge fund all of which are <br />considered to be major funds. Data from the other forty-four governmental funds are combined into a <br />single, aggregate presentation. Individual fund data for each of these nonmajor governmental funds is <br />provided in the form of combining statements elsewhere in this report. <br />The City of Lino Lakes adopts an annual appropriated budget for its general and program recreation <br />special revenue funds. A budgetary comparison statement has been provided for these funds to <br />demonstrate compliance with this budget. <br />The basic governmental fund financial statements can be found on pages 25 through 30 of this report. <br />Proprietary funds — The City of Lino Lakes maintains two proprietary type funds. Enterprise funds are <br />used to report the same functions presented as business -type activities in the government -wide financial <br />statements. The City of Lino Lakes uses enterprise funds to account for its sewer and water utilities. <br />The proprietary fund statements provide the same type of information as the government -wide financial <br />statements, only in more detail. The proprietary fund financial statements provide separate information for <br />the sewer fund and the water fund, which are considered to be major funds of the City of Lino Lakes. The <br />basic proprietary fund financial statements can be found on pages 31 through 33 of this report. <br />13 <br />
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