Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2018 <br /> <br /> <br /> <br /> <br />The following table reflects values at December 31, 2018: <br /> <br />TIF 1-5 TIF 1-11 TIF 1-12 <br />Cottage TIF 1-10 Woods Clearwater <br />Homesteads Panattoni Edge Creek <br />Authorizing law M.S. 469 M.S. 469 M.S. 469 M.S. 469 <br />Year established 1994 2004 2005 2006 <br />Final year of district 2022 2023 2031 2026 <br />Net tax capacity: <br /> Original $128 $15,869 $25,291 $21,416 <br /> Current (payable 2018) 37,375 228,752 159,792 215,294 <br />Captured - retained $37,247 $212,883 $134,501 $193,878 <br /> <br /> <br />Note 16 COMMITMENTS AND CONTINGENCIES <br /> <br />A. LITIGATION <br /> <br />Existing and pending lawsuits, claims and other actions in which the City is a defendant are either <br />covered by insurance, of an immaterial amount, or, in the judgment of the City’s management, remotely <br />recoverable by plaintiffs. <br /> <br /> <br />B. FEDERAL AND STATE FUNDS <br /> <br />The City receives financial assistance from federal and state governmental agencies in the form of <br />grants. The disbursement of funds received under these programs generally requires compliance with <br />the terms and conditions specified in the grant agreements and is subject to audit by the grantor <br />agencies. Any disallowed claims resulting from such audits could become a liability of the applicable <br />fund. However, in the opinion of management, any such disallowed claims will not have a material <br />effect on any of the financial statements of the individual fund types included herein or on the overall <br />financial position of the City at December 31, 2018. <br /> <br /> <br />C. COMMITTED CONTRACTS <br /> <br />At December 31, 2018, the City had commitments of $4,912,466 for uncompleted construction <br />contracts. In addition, the City has entered into construction contracts during 2019 totaling $1,790,574. <br /> <br /> <br />Note 17 RISK MANAGEMENT <br /> <br />The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets, errors <br />and omissions, injuries to employees and natural disasters. <br /> <br />Workers compensation coverage is provided through a pooled self-insurance program through the League of <br />Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject <br />84