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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
<br />Note 20 RECENTLY ISSUED ACCOUNTING STANDARDS
<br />The Governmental Accounting Standards Board (GASB) recently approved the following statements which
<br />were not implemented for these financial statements:
<br />Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning
<br />after June 15, 2021.
<br />Statement No. 91 Conduit Debt Obligations. The provisions of this Statement are effective for reporting
<br />periods beginning after December 15, 2021.
<br />Statement No. 92 Omnibus 2020. The provisions of this Statement are effective for reporting periods
<br />beginning after June 15, 2021.
<br />Statement No. 93 Replacement of Interbank Qffered Rates. The provisions of this Statement contain
<br />multiple effective dates, the first being for reporting periods beginning after June 15, 2020.
<br />Statement No. 94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements.
<br />The provisions of this Statement are effective for reportiog periods beginning after June 15, 2022.
<br />The effect these standards may have on future financial statements is not detenninable at this time, but it is
<br />expected that Statement No. 87 may have a material impact.
<br />Note 21 SUBSEQUENT EVENTS AND UNCERTAINTIES
<br />The COVID-19 pandemic continues to cause rapidly changing disruptions worldwide. Management has
<br />evaluated these conditions and believes that it is not possible to reasonably estimate the financial impact, if any,
<br />ofCOVID-19 on the City's financial statements at December 31, 2019.
<br />CITY OF LINO LAKES, MINNESOTA
<br />REQUIRED SUPPLEMENTARY INFORMATION
<br />BUDGETARY COMPARISON SCHEDULE-GENERAL FUND
<br />For The Yesr Ended December 31, 2019
<br />Bu!!lleted Amounts
<br />~ Final
<br />Revenues:
<br />General propery taxes:
<br />Current and delinquent $8,228,124 $7,066,644
<br />Fiscal disparities 1,161,480
<br />Total general property taxes 8,228,124 8,228,124
<br />Licenses and permits:
<br />Business 137,600 137,285
<br />Non-business 764,859 757,859
<br />Total licenses and permits 902,459 895,144
<br />Intergovernmental:
<br />State:
<br />Police state aid 224,661 249,661
<br />OTS grant
<br />MSA maintenance 250,000 255,000
<br />Other 14,000 45,185
<br />County solid waste grant 88,445 88,445
<br />Total intergovernmental 577,106 638,291
<br />Special assessments 4,000 4,000
<br />Charges for services:
<br />General government 18,477 35,677
<br />Engineering and planning fees 26,982 26,982
<br />Public safety 200,800 190,800
<br />Public services 11,000 18,000
<br />Investment management charge to other funds 50,000 50,000
<br />Total charges for services 307,259 321,459
<br />Fines and forfeits 119,132 99,132
<br />Investment earnings 30,000 30,000
<br />Miscellaneous:
<br />Gas franchise fees 50,000 55,000
<br />Building lease revenue 107,463 107,463
<br />Refunds and reimbursements 50,000 20,000
<br />Donations 500 500
<br />Other 3,500 5,700
<br />Total miscellaneous 211,463 188,663
<br />Total revenues 10,379,543 10,404,813
<br />See accompanying notes to the required supplementary information.
<br />Variance with
<br />Final Budget -
<br />2019 Actual Positive
<br />Amounts (Ne~tive)
<br />$7,058,562 ($8,082)
<br />1,102,010 (59,470)
<br />8,160,572 (67,552)
<br />145,822 8,537
<br />795,747 37,888
<br />941,569 ___ 4_6,425
<br />251,553 1,892
<br />22,033 22,033
<br />255,335 335
<br />45,350 165
<br />71,018 (17,42!)
<br />645,289 6,998
<br />751 (3,249)
<br />43,213 7,536
<br />29,461 2,479
<br />181,858 (8,942)
<br />18,120 120
<br />50,000
<br />322,652 1,193
<br />98,390 (742)
<br />159,482 ~482
<br />58,706 3,706
<br />107,963 500
<br />19,103 (897)
<br />550 50
<br />3,957 (1,743)
<br />190,279 ___ 1,616
<br />10,518,984 __ 1_1_4,171 IV-37
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