|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
<br />
<br />
<br />
<br />
<br />Depreciation expense was charged to functions/programs of the City as follows:
<br />
<br />Governmental activities:
<br />General government $547,445
<br />Public safety 332,429
<br />Public works 2,477,263
<br />Culture and recreation 341,942
<br />Conservation of natural resources 850
<br /> Total depreciation expense - governmental activities $3,699,929
<br />Business-type activities:
<br />Water $796,587
<br />Sewer 611,106
<br /> Total depreciation expense - business-type activities $1,407,693
<br />
<br />Note 6 LONG-TERM DEBT
<br />
<br />The City issues general obligation bonds and certificates of indebtedness to provide funds for the acquisition and construction of
<br />major capital facilities and equipment. City indebtedness at December 31, 2023 consisted of the following:
<br />
<br />Issue Maturity Interest Original Payable
<br />Date Date Rate Issue 12/31/2023
<br />Governmental activities:
<br />General Obligation Bonds:
<br />G.O. TIF Bonds, Series 2007A 07/15/07 02/01/24 4.00% - 4.125% $4,215,000 $280,000
<br />G.O. Refunding Bonds, Series 2012A 11/15/12 02/01/24 1.00% - 2.00% 2,015,000 165,000
<br />G.O. Bonds, Series 2015A 08/01/15 02/01/31 2.00% - 3.00% 3,095,000 1,690,000
<br />EDA Lease Revenue Bonds, Series 2015B 10/01/15 04/01/36 2.00% - 3.00% 4,350,000 3,110,000
<br />G.O. Utility Revenue Bonds, Series 2016A 11/23/16 02/01/27 2.00% 1,420,000 590,000
<br />G.O. Bonds, Series 2018A 12/19/18 02/01/34 3.00% - 5.00% 6,915,000 5,660,000
<br />G.O Utility Revenue Bonds, Series 2020A 07/08/20 02/01/35 2.00% - 4.00% 4,330,000 3,590,000
<br />G.O. Street Reconstruction Bonds, Series 2021A 07/15/21 02/01/32 1.00% - 4.00% 1,815,000 1,650,000
<br />Total General Obligation Bonds 28,155,000 16,735,000
<br />Special Assessment Bonds:
<br />G.O. Improvement Bonds, Series, 2013A 07/15/13 02/01/24 1.25% - 4.00% 615,000 65,000
<br />G.O. Improvement Bonds, Series 2014A 11/20/14 02/01/26 0.40% - 2.30% 2,645,000 350,000
<br />Total Special Assessment Bonds 5,235,000 415,000
<br />Direct Borrowings:
<br />G.O. Capital Note, Series 2016A 04/14/16 02/01/24 2.00% 294,525 35,475
<br />Total Direct Borrowings 294,525 35,475
<br />Unamortized bond premiums 1,102,333 734,628
<br />Unamortized bond discounts (38,362) (2,585)
<br />Compensated absences payable N/A 815,278
<br />Total Government Activities $34,748,496 $18,732,796
<br />Business-Type Activities:
<br />Compensated absences payable N/A $79,049
<br />
<br />59
<br />66
|