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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2014
<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 />2014.
<br />Future scheduled tax levies for all bonds outstanding at December 31, 2014 totaled $14,529,317.
<br />Note 11 FUND BALANCE
<br />At December 31, 2014, 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, 2014 are shown on
<br />the various balance sheets as segregations of the fund balance. The fund balances are as follows:
<br />Note 12 SHARE IN GAS FRANCHISE PROFITS
<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 2014 was
<br />$71,015.
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<br />Total
<br />Nonspendable
<br />Restricted
<br />Committed
<br />Assigned
<br />Unassigned
<br />General Fund:
<br />$ 5,053,064
<br />$ - $
<br />$
<br />$
<br />$ 5,053,064
<br />Prepaid Items
<br />253,471
<br />253,471
<br />-
<br />Total General Fund
<br />5,306,535
<br />253,471
<br />5,053,064
<br />G.O. Improvement Bonds 2005A:
<br />Deficit Fund Balance
<br />(2,493,684)
<br />-
<br />-
<br />(2,493,684)
<br />Improvement Bonds 2009F:
<br />Debt Service
<br />34,899
<br />34,899
<br />Municipal State Aid:
<br />Construction Projects
<br />3,922,220
<br />-
<br />3,922,220
<br />Area and Unit Charge:
<br />Advances to Other Funds
<br />374,706
<br />374,706
<br />Construction Projects
<br />4,008,971
<br />4,008,971
<br />Total Area and Unit Charge
<br />4,383,677
<br />-
<br />4,383,677
<br />Nonmajor Governmental Funds:
<br />Prepaid Items
<br />1,302
<br />1,302
<br />-
<br />-
<br />Economic Development - Loan Receivable
<br />225,000
<br />-
<br />225,000
<br />Corpus of Permanent Fund
<br />100,000
<br />100,000
<br />-
<br />-
<br />Program Recreation
<br />112,747
<br />-
<br />112,747
<br />Cable TV Fund
<br />39,331
<br />39,331
<br />Blue Heron Days
<br />11,321
<br />11,321
<br />-
<br />Federal Narcotics
<br />39,647
<br />39,647
<br />State Narcotics
<br />5,811
<br />5,811
<br />DUI Forfeitures
<br />1,528
<br />1,528
<br />Environmental Improvements
<br />28,734
<br />28,734
<br />Debt Service
<br />2,466,840
<br />2,483,586
<br />-
<br />(16,746)
<br />Construction Projects
<br />9,721,876
<br />-
<br />9,721,876
<br />Deficit Fund Balance
<br />(1,365,421)
<br />(1,365,421)
<br />Total Nonmajor Funds
<br />11,388,716
<br />101,302
<br />2,795,627
<br />152,078
<br />9,721,876
<br />(1,382,167)
<br />Total Fund Balances
<br />$ 22,542,363
<br />$ 354,773 $
<br />2,830,526
<br />$ 152,078
<br />$ 18,027,773
<br />$ 1,177,213
<br />Note 12 SHARE IN GAS FRANCHISE PROFITS
<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 2014 was
<br />$71,015.
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