|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
<br />Note 14 FUND BALANCE
<br />At December 31, 2017, a summary of the governmental fund balance classifications is as follows:
<br />Nonspendable:
<br />Prepaid items
<br />Corpus of permanent fund
<br />Total nonspendable
<br />Restricted for:
<br />Debt service
<br />Economic development
<br />Blue Heron Days
<br />Narcotics and forfeiture funds
<br />Tax increment purposes
<br />Environmental purposes
<br />Total restricted
<br />Committed for:
<br />Economic development
<br />Cable TV purposes
<br />Recreation purposes
<br />Total committed
<br />Assigned for:
<br />Capital improvements
<br />Unassigned
<br />Total fund balance
<br />Area and
<br />Unit Charge
<br />$ - $1,659 $244,976
<br />_ 100,000 100,000
<br />0 101,659 344,976
<br />Other
<br />Governmental
<br />Funds Total
<br />G.O.
<br />General
<br />Improvement
<br />Fund
<br />Bonds of 2016B
<br />$243,317
<br />$
<br />243,317
<br />0
<br />Area and
<br />Unit Charge
<br />$ - $1,659 $244,976
<br />_ 100,000 100,000
<br />0 101,659 344,976
<br />Other
<br />Governmental
<br />Funds Total
<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 $1,805,168, 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 />2018
<br />2019
<br />80
<br />Amount
<br />$77,901
<br />39,522
<br />$117,423
<br />4,223,799
<br />4,223,799
<br />225,000
<br />225,000
<br />6,965
<br />6,965
<br />330,866
<br />330,866
<br />479,695
<br />479,695
<br />23,316
<br />23,316
<br />0
<br />0
<br />0
<br />5,289,641
<br />5,289,641
<br />88,251
<br />88,251
<br />83,946
<br />83,946
<br />-
<br />-
<br />3,204
<br />3,204
<br />0
<br />0
<br />0
<br />175,401
<br />175,401
<br />-
<br />7,656,155
<br />6,925,514
<br />14,581,669
<br />6,573,608
<br />(1,932,462)
<br />-
<br />(976,711)
<br />3,664,435
<br />$6,816,925
<br />($1,932,462)
<br />$7,656,155
<br />$11,515,504
<br />$24,056,122
<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 $1,805,168, 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 />2018
<br />2019
<br />80
<br />Amount
<br />$77,901
<br />39,522
<br />$117,423
<br />
|