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Honorable Mayor and
<br />Members of the City Council
<br />City of Lino Lakes
<br />Area and Unit Charge Fund (Continued)
<br />During 2009, transfers of $81,300, $447,400, $71,122 and $114,537 were made to the Improvement
<br />Refunding Bonds of 2003A, Improvement Bonds of 2005B, Utility Revenue Bonds of 2006D and TIF
<br />Bonds 2007A debt service funds.
<br />DEBT SERVICE FUNDS
<br />Debt service funds are a type of governmental fund used to account for the accumulation of resources
<br />for the payment of principal and interest on general obligation debt (other than enterprise fund debt).
<br />Debt service funds may have one or a combination of revenue sources pledged to retire debt including
<br />property taxes, tax increments, special assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis to
<br />determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from Exhibits 2 and 3 of the 2009 Annual Financial Report to assist in this analysis.
<br />The following schedule compares outstanding debt with assets pledged for debt retirement. This
<br />comparison provides a means to judge (at least on a preliminary basis) the financial position of each
<br />individual debt service fund.
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of
<br />the adopted assessment rolls. The Improvement Refunding Bonds of 2003A, Improvement Bonds of
<br />2005B, Utility Revenue Bonds of 2006D and TIF Bonds 2007A Bonds also include a pledge from the
<br />Area and Unit Fund that has not been included above.
<br />(3)
<br />December 31, 2009
<br />Deferred
<br />Total
<br />Remaining
<br />Over
<br />Fund
<br />Deferred
<br />Tax
<br />Resources
<br />Debt Service
<br />(Under)
<br />Fund Description
<br />Balance
<br />Revenue
<br />Total
<br />Levies
<br />Available
<br />Scheduled
<br />Funded
<br />General Debt:
<br />Certificates of Indebtedness
<br />$
<br />123,353
<br />$ 11,972
<br />$ 135,325
<br />$ 604,354
<br />$ 739,679
<br />$ 575,575
<br />$
<br />164,104
<br />Lease Revenue Bonds of 1998A
<br />480,304
<br />7,430
<br />487,734
<br />-
<br />487,734
<br />120,750
<br />366,984
<br />Public Project Revenue Bonds 1999C
<br />358,929
<br />5,016
<br />363,945
<br />-
<br />363,945
<br />92,295
<br />271,650
<br />Tax Abatement Bonds 2006C
<br />56,033
<br />4,572
<br />60,605
<br />3,522,599
<br />3,583,204
<br />3,406,572
<br />176,632
<br />Utility Revenue Bonds 2006D
<br />34,836
<br />147,432
<br />182,268
<br />-
<br />182,268
<br />551,819
<br />(369,551)
<br />CIP Refunding Bonds 2006E
<br />141,708
<br />7,706
<br />149,414
<br />3,633,630
<br />3,783,044
<br />3,600,400
<br />182,644
<br />TIF Bonds 2007A
<br />155,038
<br />-
<br />155,038
<br />5,619,261
<br />5,774,299
<br />5,270,207
<br />504,092
<br />$
<br />1,350,201
<br />$ 184,128
<br />$ 1,534,329
<br />$ 13,379,844
<br />$ 14,914,173
<br />$ 13,617,618
<br />$
<br />1,296,555
<br />Special Assessment Debt:
<br />Improvement Bonds of 2002A
<br />$
<br />250,676
<br />$ 77,477
<br />$ 328,153
<br />$ 23,476
<br />$ 351,629
<br />$ 119,305
<br />$
<br />232,324
<br />Improvement Bonds of 2002B
<br />798,878
<br />299,368
<br />1,098,246
<br />-
<br />1,098,246
<br />1,084,447
<br />13,799
<br />Improvement Bonds of 2003A
<br />96,244
<br />154,916
<br />251,160
<br />-
<br />251,160
<br />801,270
<br />(550,110)
<br />Improvement Bonds of 2003B
<br />73,623
<br />45,027
<br />118,650
<br />109,004
<br />227,654
<br />171,413
<br />56,241
<br />Improvement Bonds of 2004A
<br />286,879
<br />147,513
<br />434,392
<br />1,387,402
<br />1,821,794
<br />1,281,345
<br />540,449
<br />Improvement Bonds of 2005A
<br />(558,443)
<br />5,625,797
<br />5,067,354
<br />6,279,455
<br />11,346,809
<br />6,401,435
<br />4,945,374
<br />Refunding Imp. Bonds of 2005B
<br />600,848
<br />270,388
<br />871,236
<br />2,536,998
<br />3,408,234
<br />2,891,657
<br />516,577
<br />$
<br />1,548,705
<br />$ 6,620,486
<br />$ 8,169,191
<br />$ 10,336,335
<br />$ 18,505,526
<br />$ 12,750,872
<br />$
<br />5,754,654
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of
<br />the adopted assessment rolls. The Improvement Refunding Bonds of 2003A, Improvement Bonds of
<br />2005B, Utility Revenue Bonds of 2006D and TIF Bonds 2007A Bonds also include a pledge from the
<br />Area and Unit Fund that has not been included above.
<br />(3)
<br />
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