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Management’s Discussion and Analysis
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<br />Long-term debt. At the end of the current fiscal year, the City had total bonded debt
<br />outstanding of $21,977,314. Of this amount, $18,489,535 comprises tax supported debt and
<br />$2,855,000 is special assessment debt. All outstanding debt carries the general obligation
<br />backing for which the City is liable in the event of default by the property owners subject to
<br />the specific taxes, special assessments or revenues pledged to the retirement of the debt. In
<br />addition, the City has a note payable to the City of Circle Pines for its share of the cost of
<br />capital equipment to be used by the North Metro Telecommunications Commission in the
<br />operation of a cable communications system in the amount of $169,950.
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<br />City of Lino Lakes’ Outstanding Debt
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<br />2019 2018 2019 2018 2019 2018
<br />General obligation bonds $18,659,485 $20,051,025 $ - $ - $18,659,485 $20,051,025
<br />G.O. special assessment bonds 2,855,000 3,890,000 - - 2,855,000 3,890,000
<br />Bond premium 462,829 511,813 - - 462,829 511,813
<br /> Total $21,977,314 $24,452,838 $0 $0 $21,977,314 $24,452,838
<br />Business-Type Activities TotalsGovernmental Activities
<br />The City of Lino Lakes’ total bonded debt decreased by $2,426,540 during the current fiscal
<br />year. The issuance of $388,535 of Certificates of Indebtedness to finance capital equipment
<br />purchases and scheduled principal payments of $2,815,075 accounted for this change.
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<br />Additional information on the City’s long-term debt can be found in Note 6.
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<br />Requests for information. This financial report is designed to provide a general overview
<br />of the City’s finances for all those with an interest in the government’s finances. Questions
<br />concerning any of the information provided in this report or requests for additional financial
<br />information should be addressed to the Director of Finance, City of Lino Lakes, 600 Town
<br />Center Parkway, Lino Lakes, Minnesota, 55014.
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