06-14-2021 Council Packet - Laserfiche WebLink

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MANAGEMENT’S DISCUSSION AND ANALYSIS As management of the City of Lino Lakes, Minnesota (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2020. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the introductory section of this report. Financial Highlights The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $123,513,590 (net position). Of this amount, $34,740,882 (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City's fund designations and fiscal policies. The City’s total net position increased by $12,422,023. As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $32,120,124, an increase of $1,896,595. Of this amount, $8,206,540 is restricted by external constraints established by creditors, grantors, contributors, or by state statutory provisions. At the end of the current fiscal year, the general fund balance was $7,527,722. Unassigned fund balance for the general fund was $6,787,498, or 66% of total general fund expenditures and other financing uses. Total outstanding debt decreased by $1,769,235 during 2020. General Obligation Bonds and Certificates of Indebtedness totaling $4,624,235 were issued, while regularly scheduled principal payments were made during the year. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. 17