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Comprehensive Annual Financial Report 12/31/2019
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Comprehensive Annual Financial Report 12/31/2019
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Audit Report 12/31/2019
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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, 2019. 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 and deferred outflows of resources of the City exceeded its liabilities and deferred <br />inflows of resources at the close of the most recent fiscal year by $111,091,567 (net <br />position). Of this amount, $33,877,263 (unrestricted net position) may be used to meet the <br />City’s ongoing obligations to citizens and creditors in accordance with the City's fund <br />designations and fiscal policies. <br /> <br />The City’s total net position increased by $11,013,769. <br /> <br />As of the close of the current fiscal year, the City’s governmental funds reported combined <br />ending fund balances of $30,223,529, a decrease of $3,031,672. Of this amount, $6,650,462 <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 $6,793,195. Unassigned <br />fund balance for the general fund was $6,052,388, or 52% of total general fund expenditures <br />and other financing uses. <br /> <br />Total outstanding debt decreased by $2,426,540 during 2019. Certificates of indebtedness <br />totaling $388,535 were issued, while regularly scheduled principal payments were made <br />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 />17
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