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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
<br />Note 14 FUND BALANCE
<br />At December 31, 2016, a summary of the governmental fund balance classifications is as follows:
<br />Note 15 PROPERTY UNDER LEASE AGREEMENT
<br />The City entered into an agreement to lease space within the City Hall Complex, which at year end had a cost of
<br />$4,744,742 and a net book value of $1,963,326, to New Creations Child Care and Learning Center, LLC. The lease is
<br />dated July 1, 2014 and continues through June 30, 2019. The lease requires escalating annual lease payments of
<br />between $5.94 and $8.65 per square foot over the lease term, for a total of $330,904.
<br />Approximate future minimum lease payments receivable under the noncancelable operating lease are as follows:
<br />Year Ending
<br />December 31,
<br />2017
<br />2018
<br />2019
<br />80
<br />Amount
<br />$75,617
<br />77,901
<br />39,522
<br />$193,040
<br />G.O.
<br />G.O.
<br />Other
<br />General
<br />Improvement
<br />Improvement
<br />Area and
<br />Governmental
<br />Fund
<br />Bonds of 2005A
<br />Note of 2009A
<br />Unit Charge
<br />Funds
<br />Total
<br />Nonspendable:
<br />Prepaid items
<br />$225,114
<br />$
<br />$
<br />$
<br />$1,220
<br />$226,334
<br />Corpus ofpermanent fund
<br />-
<br />100,000
<br />100,000
<br />Total nonspendable
<br />225,114
<br />101,220
<br />326,334
<br />Restricted for:
<br />Debt service
<br />-
<br />226,135
<br />22
<br />5,514,718
<br />5,740,875
<br />Economic development
<br />-
<br />225,000
<br />225,000
<br />Blue Heron Days
<br />11,619
<br />11,619
<br />Narcotics and forfeiture funds
<br />73,049
<br />73,049
<br />Tax increment purposes
<br />438,026
<br />438,026
<br />Environmental purposes
<br />13,855
<br />13,855
<br />Total restricted
<br />226,135
<br />22
<br />6,276,267
<br />6,502,424
<br />Committed for:
<br />Cable TV purposes
<br />-
<br />134,072
<br />134,072
<br />Recreation purposes
<br />36,878
<br />36,878
<br />Total committed
<br />170,950
<br />170,950
<br />Assigned for:
<br />Capital improvements
<br />6,266,200
<br />9,512,280
<br />15,778,480
<br />Unassigned
<br />6,031,077
<br />(978,496)
<br />5,052,581
<br />Total fund balance
<br />$6,256,191
<br />$226,135
<br />$22
<br />$6,266,200
<br />$15,082,221
<br />$27,830,769
<br />Note 15 PROPERTY UNDER LEASE AGREEMENT
<br />The City entered into an agreement to lease space within the City Hall Complex, which at year end had a cost of
<br />$4,744,742 and a net book value of $1,963,326, to New Creations Child Care and Learning Center, LLC. The lease is
<br />dated July 1, 2014 and continues through June 30, 2019. The lease requires escalating annual lease payments of
<br />between $5.94 and $8.65 per square foot over the lease term, for a total of $330,904.
<br />Approximate future minimum lease payments receivable under the noncancelable operating lease are as follows:
<br />Year Ending
<br />December 31,
<br />2017
<br />2018
<br />2019
<br />80
<br />Amount
<br />$75,617
<br />77,901
<br />39,522
<br />$193,040
<br />
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