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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in
<br />OPEB expense as follows:
<br />Year Ended OPEB
<br />December 31, Expense
<br />2020 ($25,033)
<br />2021 (25,033)
<br />2022 (25,033)
<br />2023 (25,033)
<br />2024 (25,033)
<br />1hereafter (142,130}
<br />($267~95l
<br />Note 10 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
<br />A. DEFICIT FUND BALANCES
<br />The City bas deficit fund balances at December 31, 2019 as follows:
<br />Major Funds:
<br />G.O. Improvement Bonds of 2016B
<br />Nonmajor Funds:
<br />G.0. lmprovement Bonds of2010A
<br />Tax Increment Financing 1-11
<br />Cedar Street Reconstruction
<br />Fund Balance
<br />Deficit
<br />($2,282,686)
<br />(355)
<br />(800,286)
<br />(87,834)
<br />The City intends to fund these deficits through future tax levies, special assessment collections, tax
<br />increments, transfers from other funds, and various other sources.
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />B. EXPENDITURES IN EXCESS OF BUDGET
<br />The following is a listing of departments within the General Fund that exceeded budget appropriations:
<br />Final
<br />~ Actual ~
<br />General govenunent:
<br />Administration $511,388 $513,627 $2,239
<br />Legal consultants 125,000 132,227 7,227
<br />Public services:
<br />Parks 670,639 743,144 72,505
<br />Conservation of natural resources:
<br />Forestry 61,897 71,280 9,383
<br />Community development:
<br />Economic development 111,248 112,912 1,664
<br />Note 11 INTERFUND RECEIVABLES AND PAYABLES
<br />Short-term advances to funds that have insufficient cash balances are classified as advances to/from other funds.
<br />Long-term interfund loans are classified as interfund loan receivable/payable. A summary of interfund
<br />receivables and payables at December 31, 2019 is as follows:
<br />Short-term advances:
<br />Major Funds:
<br />G.O. lmprovement Note of 2009A
<br />MSA Construction
<br />Nonmajor Funds:
<br />Closed Bond Fund
<br />Cedar Street Reconstruction
<br />Long-term interfund loans:
<br />Major Funds:
<br />G.O. Improvement Bonds of2016B
<br />Sewer Fund
<br />Nonmajor Funds:
<br />Closed Bond Fund
<br />Building and Facilities
<br />Tax Increment Financing 1-11
<br />.Receivable
<br />$
<br />729
<br />85,224
<br />$85,953
<br />$
<br />559,110
<br />800,364
<br />2,317,533
<br />$3£1007
<br />P~le
<br />$729
<br />85,224
<br />___ $85,953
<br />$2,876,643
<br />800,364
<br />$3£1007 IV-34
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