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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 3 I, 2017
<br />The effect these standards may have on future financial statements is not determinable at this time, but it is
<br />expected that Statement No. 87 may have a material impact.
<br />Note 20 CHANGE IN ACCOUNTING PRINCIPLE
<br />For the year ended December 31,2017, the City implemented GASB Statement No. 75, Accounting and Financial
<br />Reporting/or Postemployment Benefits Other Than Pensions. GASB Statement No. 75 established new accounting
<br />and financial reporting requirements for governments whose employees are provided OPEB. See Note JO for further
<br />information.
<br />The standard required retroactive implementation which resulted in a restatement of net position for governmental
<br />activities at December 31, 2016. Certain amounts necessary to fully restate 2016 financial statements are not
<br />determinable, therefore, prior year comparative amounts have not been restated. Details of the prior period adjustment
<br />are as follows:
<br />Net position -January I, 2017, as previously reported
<br />Prior period adjustment:
<br />Effect of implementing GASB Statement No. 75
<br />Net position -January I, 2017, as restated
<br />Governmental
<br />Activities
<br />$42,819,930
<br />(692,480)
<br />$42,127,450
<br />CITY OF LINO LAKES, MINNESOTA
<br />REQUIRED SUPPLEMENT ARY JNFORMA TION
<br />BUDGETARYCOMPARISONSCHEDULE-GENERALFUND
<br />For The Year Ended December 31, 2017
<br />Revenues:
<br />General propery taxes:
<br />Current and delinquent
<br />Fiscal disparities
<br />Excess tax increments
<br />Total general property taxes
<br />Licenses and permits:
<br />Business
<br />Non-business
<br />Total licenses and permits
<br />Intergovernmental:
<br />State:
<br />Police state aid
<br />OTS grant
<br />MSA maintenance
<br />Other
<br />County solid waste grant
<br />Total intergovernmental
<br />Special assessments
<br />Charges for services:
<br />General government
<br />Engineering and planning fees
<br />Public safety
<br />Public services
<br />Investment management charge to other funds
<br />Total charges for services
<br />Fines and forfeits
<br />Invesbnent earnings
<br />Miscellaneous:
<br />Gas franchise fees
<br />Building lease revenue
<br />Refunds and reimbursements
<br />Donations
<br />Other
<br />Total miscellaneous
<br />Total revenues
<br />Variance
<br />with Final
<br />Budget-
<br />2017 Actual Positive
<br />Budseted Amounts Amounts Q:!eS!!;tive)
<br />2!:!s[nal Final
<br />$7,410,431 $6,407,494 $6,359,583 ($47,911)
<br />977,937 975,939 (1,998)
<br />3,000 3,354 354
<br />7,410,431 7,388,431 7,338,876 (49,555)
<br />126,229 141,229 146,709 5,480
<br />486,524 1,238,524 1,300,862 62,338
<br />612,753 1,379,753 1,447,571 _______BS 18
<br />195,000 230,000 229,395 (605)
<br />110,000 85,000 84,385 (615)
<br />255,000 240,000 241,138 1,138
<br />14,000 22,000 29,108 7,108
<br />l07,409 107,409 83,494 (23,915)
<br />681,409 684,409 667,520 (16,889)
<br />14,500 4,500 4,293 (207)
<br />11,100 26,100 27,030 930
<br />15,000 25,000 25,459 459
<br />189,200 189,200 187,988 (1,212)
<br />25,500 16,500 11,561 (4,939)
<br />50,000 50,000 50,000
<br />290,800 306,800 302,038 (4,762)
<br />175,600 145,600 147,977 2,377
<br />30,000 30,000 40,913 _____!.Q,913
<br />70,000 50,000 54,689 4,689
<br />102,848 102,848 l02,848
<br />40,000 40,000 29,052 (10,948)
<br />5,000 500 500
<br />2,500 105,852 108,350 2,498
<br />220~ 299J00 295,439 (3,761)
<br />9,435,841 10,238,693 ~627 5,934 IV-38
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