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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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<br />Note 14 FUND BALANCE
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<br />At December 31, 2017, a summary of the governmental fund balance classifications is as follows:
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<br />G.O.Other
<br />General Improvement Area and Governmental
<br />Fund Bonds of 2016B Unit Charge Funds Total
<br />Nonspendable:
<br />Prepaid items $243,317 $ - $ - $1,659 $244,976
<br />Corpus of permanent fund - - - 100,000 100,000
<br />Total nonspendable 243,317 0 0 101,659 344,976
<br />Restricted for:
<br />Debt service - - - 4,223,799 4,223,799
<br />Economic development - - - 225,000 225,000
<br />Blue Heron Days - - - 6,965 6,965
<br />Narcotics and forfeiture funds - - - 330,866 330,866
<br />Tax increment purposes - - - 479,695 479,695
<br />Environmental purposes - - - 23,316 23,316
<br />Total restricted 0 0 0 5,289,641 5,289,641
<br />Committed for:
<br />Economic development - - - 88,251 88,251
<br />Cable TV purposes - - - 83,946 83,946
<br />Recreation purposes - - - 3,204 3,204
<br />Total committed 0 0 0 175,401 175,401
<br />Assigned for:
<br />Capital improvements - - 7,656,155 6,925,514 14,581,669
<br />Unassigned 6,573,608 (1,932,462) - (976,711) 3,664,435
<br />Total fund balance $6,816,925 ($1,932,462) $7,656,155 $11,515,504 $24,056,122
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<br />Note 15 PROPERTY UNDER LEASE AGREEMENT
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<br />The City entered into an agreement to lease space within the City Hall Complex, which at year end had a cost of
<br />$4,744,742 and a net book value of $1,805,168, to New Creations Child Care and Learning Center, LLC. The lease is
<br />dated July 1, 2014 and continues through June 30, 2019. The lease requires escalating annual lease payments of
<br />between $5.94 and $8.65 per square foot over the lease term, for a total of $330,904.
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<br />Approximate future minimum lease payments receivable under the noncancelable operating lease are as follows:
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<br />Year Ending
<br />December 31, Amount
<br />2018 $77,901
<br />2019 39,522
<br />$117,423
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