Laserfiche WebLink
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2020 <br /> <br /> <br /> <br /> <br />Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in <br />OPEB expense as follows: <br /> <br />Year Ended OPEB <br />December 31,Expense <br />2021 (25,033) <br />2022 (25,033) <br />2023 (25,033) <br />2024 (25,033) <br />2025 (25,033) <br />Thereafter (117,097) <br />($242,262) <br /> <br />Note 10 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY <br /> <br />A. DEFICIT FUND BALANCES <br /> <br />The City has deficit fund balances at December 31, 2020 as follows: <br /> <br />Fund Balance <br />Deficit <br />Major Funds: <br />G.O. Improvement Bonds of 2016B ($2,324,669) <br />Nonmajor Funds: <br />G.O. Utility Revenue Bonds of 2020A (318) <br />Tax Increment Financing 1-11 (804,689) <br /> <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 /> <br /> <br />B. EXPENDITURES IN EXCESS OF BUDGET <br /> <br />The following is a listing of departments within the General Fund that exceeded budget appropriations: <br /> <br />Final <br />Budget Actual Overage <br />General government: <br />Elections $53,950 $54,003 $53 <br />Public safety: <br />Building inspection 343,560 348,427 4,867 <br /> <br />76