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Honorable Mayor and
<br />Members of the City Council
<br />City of Lino Lakes
<br />The Improvement and Utility Bonds of 2004A have future debt service requirements (principal and
<br />interest) totaling $1,396,532.
<br />During 2008, transfers of $460,098 and $82,813 were made to the Improvement Bonds of 2005B and
<br />Improvement Refunding Bonds of 2003A debt service funds.
<br />The Water Revenue Bonds of 1999B were paid off during 2008. The City annually transfers amounts
<br />from the Area and Unit Charge Fund to the Water Fund sufficient to help cover the debt services of
<br />these bonds. During 2008, no transfer was made to the Water Fund. It is the City's intention to repay the
<br />Water Revenue Bonds of 1999B and 1996B with revenues of the Water Fund. If revenues are not
<br />sufficient to meet the debt requirements, funds will be transferred from the Area and Unit Charge Fund.
<br />DEBT SERVICE FUNDS
<br />Debt service funds are a type of governmental fund used to account for the accumulation of resources
<br />for the payment of principal and interest on general obligation debt (other than enterprise fund debt).
<br />Debt service funds may have one or a combination of revenue sources pledged to retire debt including
<br />property taxes, tax increments, special assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis to
<br />determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from Exhibits 2 and 3 of the 2008 Annual Financial Report to assist in this analysis.
<br />"fhe following schedule compares outstanding debt with assets pledged for debt retirement. This
<br />comparison provides a means to judge (at least on a preliminary basis) the financial position of each
<br />individual debt service fund.
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of the
<br />adopted assessment rolls. The 2004A Improvement Bonds also include a pledge from the Area and
<br />Unit Fund that has not been included above.
<br />(3)
<br />December 31, 2008
<br />Deferred
<br />Total
<br />Remaining
<br />Over
<br />Fund
<br />Deferred
<br />Tax
<br />Resources
<br />Debt Service
<br />(Under)
<br />Fund Description
<br />Balance
<br />Revenue
<br />Total
<br />Levies
<br />Available
<br />Scheduled
<br />Funded
<br />General Debt:
<br />Certificates of Indebtedness
<br />$ 117,925
<br />$ 7,846
<br />$ 125,771
<br />$ 489,508
<br />$ 615,279
<br />$ 232,375
<br />$
<br />382,904
<br />Lease Revenue Bonds of 1998A
<br />502,810
<br />6,659
<br />509,469
<br />126,788
<br />636,257
<br />410,000
<br />226,257
<br />Public Project Revenue Bonds 1999C
<br />355,116
<br />3,616
<br />358,732
<br />104,570
<br />463,302
<br />194,259
<br />269,043
<br />Tax Abatement Bonds 2006C
<br />55,851
<br />2,683
<br />58,534
<br />3,631,190
<br />3,689,724
<br />3,509,992
<br />179,732
<br />Utility Revenue Bonds 2006D
<br />17,316
<br />153,630
<br />170,946
<br />-
<br />170,946
<br />621,941
<br />(450,995)
<br />CIP Refunding Bonds 2006E
<br />61,626
<br />3,292
<br />64,918
<br />3,843,210
<br />3,908,128
<br />3,720,000
<br />188,128
<br />TIF Bonds 2007A
<br />126,659
<br />-
<br />126,659
<br />5,970,514
<br />6,097,173
<br />5,601,433
<br />495,740
<br />$ 1,237,303
<br />$ 177,726
<br />$ 1,415,029
<br />$ 14,165,780
<br />$ 15,580,809
<br />$ 14,290,000
<br />$
<br />1,290,809
<br />Special Assessment Debt:
<br />Improvement Bonds of 2002A
<br />$ 262,748
<br />$ 83,522
<br />$ 346,270
<br />$ 29,972
<br />$ 376,242
<br />$ 149,198
<br />$
<br />227,044
<br />Improvement Bonds of 20028
<br />938,512
<br />386,395
<br />1,324,907
<br />-
<br />1,324,907
<br />1,357,060
<br />(32,153)
<br />Improvement Bonds of 2003A
<br />54,728
<br />184,340
<br />239,068
<br />-
<br />239,068
<br />882,571
<br />(643,503)
<br />Improvement Bonds of 2003B
<br />86,724
<br />41,873
<br />128,597
<br />129,745
<br />258,342
<br />204,903
<br />53,439
<br />Improvement Bonds of 2004A
<br />311,056
<br />217,589
<br />528,645
<br />1,511,874
<br />2,040,519
<br />1,396,532
<br />643,987
<br />Improvement Bonds of 2005A
<br />1,069
<br />5,370,475
<br />5,371,544
<br />6,848,539
<br />12,220,083
<br />6,935,546
<br />5,284,537
<br />Refunding Imp. Bonds of 2005B
<br />513,132
<br />314,854
<br />827,986
<br />3,094,482
<br />3,922,468
<br />3,430,470
<br />491,998
<br />$ 2,167,969
<br />$ 6,599,048
<br />$ 8,767,017
<br />$ 11,614,612
<br />$ 20,381,629
<br />$ 14,356,280
<br />$
<br />6,025,349
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of the
<br />adopted assessment rolls. The 2004A Improvement Bonds also include a pledge from the Area and
<br />Unit Fund that has not been included above.
<br />(3)
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