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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />Note 12 INfERFUND TRANSFERS
<br />· Individual fimd transfers for fiscal year 2019 are as follows:
<br />Major Funds:
<br />General FIDld
<br />G.O. Improvement Note of2009A
<br />G.O. Improvement Bonds of2016B
<br />Area and Unit Charge
<br />MSA Construction
<br />Water Fund
<br />Nonmajor govermnental fimds
<br />Total
<br />Transfer In
<br />$256,480
<br />366,450
<br />62,605
<br />2,Q2bl28
<br />$2J:!J.J.663
<br />Transfer Out
<br />$943,553
<br />62,605
<br />580,741
<br />255,181
<br />226,722
<br />708.861
<br />$2,777,663
<br />During 2019, transfers were made to provide fimding for capital improvement projects and capital outlay in
<br />accordance with the City's capital improvement plan. Transfers were also made to provide resources for debt
<br />service payments, to close debt service fimds, and to allocate financial resources to fimds that received benefit
<br />from services provided by another fimd. These transfers are routine and consistent with past practices.
<br />CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />Note 13 FUND BALANCE
<br />At December 31, 2019, a summary of the govermnental fimd balance classifications is as follows:
<br />Nonspendable:
<br />Prepaid items
<br />Cmpus of permanent fund
<br />Tota) DOIISpendab]e
<br />Restricted for:
<br />DebtBCn'lce
<br />Copibl-
<br />Economic dewlopment
<br />Blue Heron Days
<br />N.-coties and forfeittre ftmds
<br />K~9 Unit purposes
<br />Tax increment purposes
<br />Emiromnental purposes
<br />Total restricted
<br />Committedfor.
<br />Future projects
<br />Recreation prposes
<br />Economic ~lopmcnt
<br />Cable 1V purposes
<br />Total committed
<br />Assigned for:
<br />Copibl-
<br />Uousigned
<br />Total fund balance
<br />0.0. Other
<br />General lmprowmeli: Area and MSA 2018 Street Gowrmnental
<br />_.f!!!!....._ Bonds of2016B ....Y!!!!.9!!!! Construction Reconstrootion ~ -----12!!!..__
<br />$2%,907 $ S $ $ $2,842 $299,749 ___ ._ -----___ ._ ----------~ ~
<br />~ ---·-----·-----·-----·-~ ~
<br />4,187,934 4,187,934
<br />380,732 900.326 1,281,058
<br />225,000 225,000
<br />11,120 11,120
<br />204,648 204,648
<br />19,604 19,604
<br />675,228 675,228
<br />-------------------------_____..11i!Z!L. _____..11i!Z!L. ---·-----·-----·-----·-~ ~ ~
<br />443,900 443,900
<br />25,738 25,738
<br />9,714 9,714
<br />---------------_· _______ ._ -----1!!!&ll... -----1!!!&ll...
<br />~ ---·-----·-----·-----·-~ ~
<br />----------~ ~ ~ ~ ~
<br />~ ~ -----___ ._ -----~ ~
<br />$6,793,195 ~ ~ ~ ~ $12,661,164 $30,223,529
<br />Note 14 PROPERTY UNDER LEASE AGREEMENT
<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 61 ~ month of the lease. Approximate future minimum lease payments receivable 1D1der the operating
<br />lease are as follows:
<br />Year Ending
<br />December 31,
<br />2020
<br />2021
<br />2022
<br />2023
<br />2024
<br />Thereafter
<br />Amount
<br />$82,653
<br />85,120
<br />87,679
<br />90,329
<br />93,025
<br />454.022
<br />$892.828 IV-35
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