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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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<br />Note 13 FUND BALANCE
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<br />At December 31, 2019, a summary of the governmental fund balance classifications is as follows:
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<br />G.O.Other
<br />General Improvement Area and MSA 2018 Street Governmental
<br />Fund Bonds of 2016B Unit Charge Construction Reconstructio n Funds Total
<br />Nonspendable:
<br />Prepaid items $296,907 $ - $ - $ - $ - $2,842 $299,749
<br />Corpus of permanent fund - - - - - 100,000 100,000
<br />Total nonspendable 296,907 0 0 0 0 102,842 399,749
<br />Restricted for:
<br />Debt service - - - - - 4,187,934 4,187,934
<br />Capital improvements - - - - 380,732 900,326 1,281,058
<br />Economic development - - - - - 225,000 225,000
<br />Blue Heron Days - - - - - 11,120 11,120
<br />Narcotics and forfeiture funds - - - - - 204,648 204,648
<br />K-9 Unit purposes - - - - - 19,604 19,604
<br />Tax increment purposes - - - - - 675,228 675,228
<br />Environmental purposes - - - - - 45,870 45,870
<br />Total restricted 0 0 0 0 380,732 6,269,730 6,650,462
<br />Committed for:
<br />Future projects 443,900 - - - - - 443,900
<br />Recreation purposes - - - - - 25,738 25,738
<br />Economic development - - - - - 9,714 9,714
<br />Cable TV purposes - - - - - 140,033 140,033
<br />Total committed 443,900 0 0 0 0 175,485 619,385
<br />Assigned for:
<br />Capital improvements - - 8,307,394 3,733,517 630,213 7,001,582 19,672,706
<br />Unassigned 6,052,388 (2,282,686) - - - (888,475) 2,881,227
<br />Total fund balance $6,793,195 ($2,282,686) $8,307,394 $3,733,517 $1,010,945 $12,661,164 $30,223,529
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<br />Note 14 PROPERTY UNDER LEASE AGREEMENT
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<br />The City entered into an agreement to lease space within its City Hall Complex, which at year end had a cost of
<br />$4,744,742 and a net book value of $1,488,852, to New Creations Child Care and Learning Center, LLC. The lease
<br />expires June 30, 2029, although the City has the option to terminate the lease with no less than 12 months notice any
<br />time after the 61st month of the lease. Approximate future minimum lease payments receivable under the operating
<br />lease are as follows:
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<br />Year Ending
<br />December 31, Amount
<br />2020 $82,653
<br />2021 85,120
<br />2022 87,679
<br />2023 90,329
<br />2024 93,025
<br />Thereafter 454,022
<br />$892,828
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<br />80
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