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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2020
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<br />Note 13 FUND BALANCE
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<br />At December 31, 2020, a summary of the governmental fund balance classifications is as follows:
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<br />G.O.Other
<br />General Improvement Area and MSA Governmental
<br />Fund Bonds of 2016B Unit Charge Construction Funds Total
<br />Nonspendable:
<br />Prepaid items $315,224 $ - $ - $ - $2,076 $317,300
<br />Corpus of permanent fund - - - - 100,000 100,000
<br />Total nonspendable 315,224 0 0 0 102,076 417,300
<br />Restricted for:
<br />Debt service - - - - 5,003,330 5,003,330
<br />Capital improvements - - 803,598 - 1,327,036 2,130,634
<br />Blue Heron Days - - - - 13,171 13,171
<br />Narcotics and forfeiture funds - - - - 248,347 248,347
<br />K-9 Unit purposes - - - - 22,110 22,110
<br />Tax increment purposes - - - - 740,979 740,979
<br />Environmental purposes - - - - 47,969 47,969
<br />Total restricted 0 0 803,598 0 7,402,942 8,206,540
<br />Committed for:
<br />Future projects 425,000 - - - - 425,000
<br />Economic development - - - - 238,500 238,500
<br />Cable TV purposes - - - - 209,070 209,070
<br />Recreation purposes - - - - 22,477 22,477
<br />Total committed 425,000 0 0 0 470,047 895,047
<br />Assigned for:
<br />Capital improvements - - 8,855,667 3,083,911 7,003,837 18,943,415
<br />Unassigned 6,787,498 (2,324,669) - - (805,007) 3,657,822
<br />Total fund balance $7,527,722 ($2,324,669) $9,659,265 $3,083,911 $14,173,895 $32,120,124
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<br />Note 14 PROPERTY UNDER LEASE AGREEMENT
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<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 $1,330,693, 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 61st month of the lease. Approximate future minimum lease payments receivable under the operating
<br />lease are as follows:
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<br />Year Ending
<br />December 31, Amount
<br />2021 85,120
<br />2022 87,679
<br />2023 90,329
<br />2024 93,025
<br />2025 95,812
<br />Thereafter 358,210
<br />$810,175
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<br />79
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