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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
<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 />2015.
<br />Future scheduled tax levies for all bonds outstanding at December 31, 2015 totaled $18,304,907.
<br />Note 11 FUND BALANCE
<br />At December 31, 2015, the City had various fund balances restricted, committed, or assigned through legal
<br />restriction and City Council authorization. Major fund balance appropriations at December 31, 2015 are shown on
<br />the various balance sheets as segregations of the fund balance. The fund balances are as follows:
<br />General Fund:
<br />Prepaid Items
<br />Total General Fund
<br />G.O. Improvement Bonds 2005A:
<br />Deficit Fund Balance
<br />Improvement Bonds 2009F:
<br />Debt Service
<br />Area and Unit Charge:
<br />Advances to Other Funds
<br />Construction Projects
<br />Total Area and Unit Charge
<br />2015 Street Reconstruction:
<br />Deficit Fund Balance
<br />Nonmajor Governmental Funds:
<br />Prepaid Items
<br />Economic Development -
<br />Loan Receivable
<br />Corpus of Permanent Fund
<br />Program Recreation
<br />Cable TV Fund
<br />Blue Heron Days
<br />Federal Narcotics
<br />State Narcotics
<br />DUI Forfeitures
<br />Debt Service
<br />Construction Projects
<br />Total Nonmajor Funds
<br />Total Fund Balances
<br />Total
<br />Nonspendable
<br />Restricted
<br />Committed
<br />Assigned
<br />Unassigned
<br />$ 5,725,736
<br />$ -
<br />$
<br />$
<br />$
<br />$ 5,725,736
<br />220,677
<br />220,677
<br />-
<br />5,946,413
<br />220,677
<br />5,725,736
<br />(2,340,172)
<br />-
<br />(2,340,172)
<br />7,384
<br />7,384
<br />285,947
<br />-
<br />285,947
<br />4,136,658
<br />4,136,658
<br />4,422,605
<br />4,422,605
<br />(18,226)
<br />-
<br />(18,226)
<br />224,580
<br />-
<br />225,000
<br />(420)
<br />123,791
<br />100,000
<br />23,791
<br />-
<br />84,179
<br />1,177
<br />-
<br />83,002
<br />80,237
<br />-
<br />-
<br />80,237
<br />13,247
<br />13,247
<br />-
<br />49,965
<br />49,965
<br />9,810
<br />9,810
<br />17,019
<br />17,019
<br />-
<br />2,291,222
<br />2,291,422
<br />-
<br />(200)
<br />9,143,961
<br />-
<br />-
<br />10,600,247
<br />(1,456,286)
<br />12,038,011
<br />101,177
<br />2,630,254
<br />163,239
<br />10,600,247
<br />(1,456,906)
<br />20,056,015
<br />$ 321,854
<br />$ 2,637,638
<br />$ 163,239
<br />$ 15,022,852
<br />$ 1,910,432
<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 2015 was
<br />$47,914.
<br />60
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