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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
<br />Note 12 INTERFUND RECEIVABLES AND PAY ABLES
<br />Long-term interfund loans are classified as interfund loan receivable/payable. A swnmary of such loans at
<br />December 31, 2017 is as follows:
<br />Receivable ~ble
<br />Major Funds:
<br />G.O. Improvement Bonds of2016B $ $2,876,643
<br />Area and Unit Charge 100,361
<br />Sewer Fund 914,949
<br />Nonmajor Funds:
<br />Closed Bond Fund 616,983
<br />Building and Facilities 2,317,533
<br />Dedicated Parks 100,361
<br />Tax Increment Financing 1-11 775,154
<br />2018 Street Reconstruction 197,668
<br />$3,949,826 $3,949,826
<br />Note 13 INTERFUND TRANSFERS
<br />Individual fund transfers for fiscal year 2017 are as follows:
<br />Transfer In Transfer Out
<br />Major Funds:
<br />General Fund $439,373 $879,759
<br />G.O. Improvement Bonds of2005A 2,187,503 7
<br />G.O. Improvement Note of2009A 1,126,057
<br />G.O. Improvement Bonds of2016B 272,506 2,187,503
<br />Area and Unit Charge 236,548
<br />Water Fund 104,969 35,727
<br />Sewer Fund 104,969 35,727
<br />Nonmajor governmental funds 2,959,004 3,819,110
<br />Total $7,194,381 $7,194,381
<br />During 2017, transfers were made to provide funding for capital improvement projects and capital outlay in
<br />accordance with the City's capital improvement plan. Transfers were also made to provide resources for debt
<br />service payments, to close capital project funds and debt service funds, and to allocate financial resources to
<br />funds that received benefit from services provided by another fund. These transfers are routine and consistent
<br />with past practices.
<br />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 swnmary of the governmental fund balance classifications is as follows:
<br />G.O. Other
<br />General Improvement Area and Governmenta1
<br />Fund Bonds of2016B UnitCharE Funds
<br />NonspendabJe:
<br />Prepaid items $243,317 $ $ $1,659
<br />Corpus of permanent fund 100 000
<br />Tota] nonspendable 243317 0 0 101,659
<br />Restricted for:
<br />Debt service 4,223,799
<br />Economic development 225,000
<br />Blue Heron Days 6,965
<br />Narcotics and forfeiture funds 330,866
<br />Tax increment purposes 479,695
<br />Environmental purposes 23,316
<br />Total restricted 0 0 0 ___ 5,289,641
<br />Committed for:
<br />Economic development 88,251
<br />Cable TV purposes 83,946
<br />Recreation purposes 3,204
<br />Total committed 0 0 0 175,401
<br />Assigned for:
<br />Capital improvements 7,656155 6 925 514
<br />Unassigned 6,573,608 (1,932,462) (976,711)
<br />Total fund balance $6,816,925 \$1,932,462) $7,656,155 $11,515,504
<br />Note 15 PROPERTY UNDER LEASE AGREEMENT
<br />_..!2!!!/.
<br />$244,976
<br />100 000
<br />344,976
<br />4,223,799
<br />225,000
<br />6,965
<br />330,866
<br />479,695
<br />23,316
<br />5,289,641
<br />88,251
<br />83,946
<br />3,204
<br />175,401
<br />14,581,669
<br />3,664,435
<br />$24,056,122
<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 I, 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 />Amount
<br />$77,901
<br />39,522
<br />$117,423 IV-36
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