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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />Note 16 TAX INCREMENT DISTRICTS <br /> <br />The City is the administrating authority for three tax increment districts. The City’s tax increment districts are <br />subject to review by the State of Minnesota Office of the State Auditor (OSA). Any disallowed claims or misuse <br />of tax increments could become a liability of the applicable fund. Management has indicated that they are not <br />aware of any instances of noncompliance which could have a material effect on the financial statements. <br /> <br />The following table reflects values at December 31, 2017: <br /> <br />TIF 1-5 TIF 1-11 TIF 1-12 <br />Cottage TIF 1-10 Woods Clearwater <br />Homesteads Panattoni Edge Creek <br />Authorizing law M.S. 469 M.S. 469 M.S. 469 M.S. 469 <br />Year established 1994 2004 2005 2006 <br />Final year of district 2022 2023 2031 2026 <br />Net tax capacity: <br /> Original $128 $15,869 $7,241 $11,731 <br /> Current (payable 2017)34,052 232,094 135,973 11,731 <br />Captured - retained $33,924 $216,225 $128,732 $0 <br /> <br />Note 17 COMMITMENTS AND CONTINGENCIES <br /> <br />A. LITIGATION <br /> <br />Existing and pending lawsuits, claims and other actions in which the City is a defendant are either <br />covered by insurance, of an immaterial amount, or, in the judgment of the City’s management, remotely <br />recoverable by plaintiffs. <br /> <br /> <br />B. FEDERAL AND STATE FUNDS <br /> <br />The City receives financial assistance from federal and state governmental agencies in the form of <br />grants. The disbursement of funds received under these programs generally requires compliance with <br />the terms and conditions specified in the grant agreements and is subject to audit by the grantor <br />agencies. Any disallowed claims resulting from such audits could become a liability of the applicable <br />fund. However, in the opinion of management, any such disallowed claims will not have a material <br />effect on any of the financial statements of the individual fund types included herein or on the overall <br />financial position of the City at December 31, 2017. <br /> <br /> <br />C. COMMITTED CONTRACTS <br /> <br />At December 31, 2017, the City had commitments of $194,558 for uncompleted construction contracts. <br /> <br />81
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