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CITY OF LINO LAKES <br />SCHEDULE OF FINDINGS <br />YEAR ENDED DECEMBER 31, 2008 <br />Finding: 2008-01 Contracting and Bidding <br />Finding: Minnesota statutes require that all contracts greater than $75,000 obtain a performance bond <br />and bid bond in the amount of the contract. During our testing, we noted one contract that did not have <br />a performance bond and bid bond. <br />Corrective Action Plan: The City will require all contracts greater than $75,000 to have a performance <br />bond and bid bond in the amount of the contract in the future. <br />