06-06-2022 Council Work Session Packet

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Management’s Discussion and Analysis Long-term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $22,831,182. Of this amount, $21,986,182 comprises tax supported debt and $845,000 is special assessment debt. All outstanding debt carries the general obligation backing for which the City is liable in the event of default by the property owners subject to the specific taxes, special assessments or revenues pledged to the retirement of the debt. In addition, the City has a note payable to the City of Circle Pines for its share of the cost of capital equipment to be used by the North Metro Telecommunications Commission in the operation of a cable communications system in the amount of $103,950. City of Lino Lakes’ Outstanding Debt 2021 2020 2021 2020 2021 2020 General obligation bonds $21,104,720 $21,478,720 $ - $ - $21,104,720 $21,478,720 G.O. special assessment bonds 845,000 1,805,000 - - 845,000 1,805,000 Bond premium 881,462 848,432 - - 881,462 848,432 Total $22,831,182 $24,132,152 $0 $0 $22,831,182 $24,132,152 Business-Type Activities TotalsGovernmental Activities The City of Lino Lakes’ total bonded debt decreased by $1,300,970 during the current fiscal year. General Obligation Bonds totaling $1,815,000 were issued to finance the 2021 Street Reconstruction Project, while regularly scheduled principal payments were made during the year. Additional information on the City’s long-term debt can be found in Note 6. Requests for information. This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Director of Finance, City of Lino Lakes, 600 Town Center Parkway, Lino Lakes, Minnesota, 55014. 27