06-14-2021 Council Packet - Laserfiche WebLink

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Management's Discussion and Analysis Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of$21,977,314. Of this amount, $18,489,535 comprises tax supported debt and $2,855,000 is special assessment debt. All outstanding debt carries the general obligation backing for which the City is liable in the event of default by the property owners subject to the specific taxes, special assessments or revenues pledged to .the retirement of the debt. In addition, the City has a note payable to the City of Circle Pines for its share of the cost of capital equipment to be used by the North Metro Telecommunications Commission in the operation of a cable communications system in the amount of$169,950. City of Lino Lakes' Outstanding Debt Governmental Activities Business-Type Activities Totals 2019 2018 2019 2018 2019 2018 General obligation bonds $18,659,485 $20,051,025 $ $ $18,659,485 $20,051,025 G.O. special assessment bonds 2,855,000 3,890,000 2,855,000 3,890,000 Bond premium 4621829 5111813 4621829 5111813 Total $21,977,314 $24,452,838 $0 $0 $21,977,314 $24,452,838 The City of Lino Lakes' total bonded debt decreased by $2,426,540 during the current fiscal year. The issuance of$388,535 of Certificates oflndebtedness to finance capital equipment purchases and scheduled principal payments of $2,815,075 accounted for this change. Additional information on the City's long-term debt can be found in Note 6. Requests for information. This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Director of Finance, City of Lino Lakes, 600 Town Center Parkway, Lino Lakes, Minnesota, 55014. IV-8