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06-03-2019 Council Packet
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06-03-2019 Council Packet
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10/30/2021 1:08:47 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/03/2019
Council Meeting Type
Work Session Regular
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<br /> <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br /> <br /> <br />As management of the City of Lino Lakes, Minnesota (the City), we offer readers of the <br />City’s financial statements this narrative overview and analysis of the financial activities of <br />the City for the fiscal year ended December 31, 2018. We encourage readers to consider the <br />information presented here in conjunction with additional information that we have furnished <br />in our letter of transmittal, which can be found in the introductory section of this report. <br /> <br />Financial Highlights <br /> <br />The assets of the City exceeded its liabilities at the close of the most recent fiscal year by <br />$100,077,798 (net position). Of this amount, $32,148,347 (unrestricted net position) may be <br />used to meet the City’s ongoing obligations to citizens and creditors in accordance with the <br />City's fund designations and fiscal policies. <br /> <br />The City’s total net position increased by $6,784,185. <br /> <br />As of the close of the current fiscal year, the City’s governmental funds reported combined <br />ending fund balances of $33,255,201, an increase of $9,199,079. Of this amount, $9,824,255 <br />is restricted by external constraints established by creditors, grantors, contributors, or by state <br />statutory provisions. <br /> <br />At the end of the current fiscal year, the general fund balance was $6,886,142. Unassigned <br />fund balance for the general fund was $6,599,956, or 62% of total general fund expenditures <br />and other financing uses. <br /> <br />Total outstanding debt increased by $4,476,595 during 2018. General Obligation Bonds and <br />certificates of indebtedness totaling $7,218,900 were issued, while regularly scheduled <br />principal payments were made during the year. <br /> <br />Overview of the Financial Statements <br /> <br />This discussion and analysis is intended to serve as an introduction to the City’s basic <br />financial statements. The City’s basic financial statements comprise three components: 1) <br />government-wide financial statements, 2) fund financial statements, and 3) notes to the <br />financial statements. This report also contains other supplementary information in addition <br />to the basic financial statements themselves. <br /> <br />Government-wide financial statements. The government-wide financial statements are <br />designed to provide readers with a broad overview of the City’s finances, in a manner similar <br />to a private-sector business. <br /> <br />The Statement of Net Position presents information on all of the City’s assets and liabilities, <br />with the difference between the two reported as net position. Over time, increases or <br />19
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