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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 />FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS (CONTINUED) <br />Governmental funds (Continued) — The Area and Unit Charge fund has a total fund balance of <br />$4,383,677, all of which is assigned for financing capital improvements. The fund balance during the <br />current year increased by $213,626, due in large part to the collection of special assessments and <br />intergovernmental revneues, which were greater than the expenditures and transfers out. <br />Proprietary funds — The City of Lino Lakes' proprietary funds provide the same type of information found <br />in the government -wide financial statements, but in more detail. <br />The water fund has total net position at year-end of $18,860,755, of which $5,422,986 is unrestricted. The <br />increase in net position of $27,692 was primarily due to operating income. <br />Total net position in the sewer fund at the end of 2014 was $22,583,545, of which $8,465,292 was <br />unrestricted. The decrease in net position of $5,858 was primarily due to a net operating loss on the year. <br />The water rates, which reflect water conservation efforts through a tiered rate structure, and sewer rates <br />were adjusted by 2% and 4%, respectively, in 2014. A 2% adjustment of water rates and 3% adjustment <br />of sewer rates will go into effect in January, 2015. <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />The original budget was amended several times during the year reflecting increases in business license <br />revenue, planning and engineering fees, public safety charges for services, MSA maintenance aid, police <br />aid, SCORE grants and gas franchise fees; reductions in fiscal disparities revenue, licenses and permits <br />fines revenue; and reallocating resources within the original budget. The final amended budget is $99,500 <br />greater than the original adopted budget. <br />Revenues were $1,079 under budget for the year. This is due primarily due to various factors. Fiscal <br />disparities revenues came in under budget by $161,391. This were offset by greater than anticipated <br />planning and engineering fees and business licensing and greater than anticipated public safety charges <br />for services due to higher than anticipated traffic control contracts. <br />Expenditures came in under budget by $194,195 due mainly to lower than expected personal services <br />costs from vacant positions and lower contractual expenditures. Energy costs electricity and heating fuels <br />were higher than budgeted amounts, and supplies costs were generally lower than anticipated. Spending <br />on contractual services was lower overall from budgeted levels. There were also net transfers from the <br />general fund of $565,196. This resulted in a net fund balance decrease of $79,548 for the fiscal year, <br />compared to the planned reduction of $159,425. <br />19 <br />
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