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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2024
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<br />Depreciation expense was charged to functions/programs of the City as follows:
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<br />Governmental activities:
<br />General government $1,047,300
<br />Public safety 408,947
<br />Public works 2,466,163
<br />Culture and recreation 417,023
<br />Conservation of natural resources 1,693
<br /> Total depreciation expense - governmental activities $4,341,126
<br />Business-type activities:
<br />Water $927,267
<br />Sewer 753,799
<br /> Total depreciation expense - business-type activities $1,681,066
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<br />Note 6 LONG-TERM DEBT
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<br />The City issues general obligation bonds to provide funds for the acquisition and construction of major capital
<br />facilities and equipment. City indebtedness at December 31, 2024 consisted of the following:
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<br />Final
<br />Issue Maturity Interest Original Payable
<br />Date Date Rate Issue 12/31/2024
<br />Governmental activities:
<br />General Obligation Bonds:
<br />G.O. Bonds, Series 2015A 08/01/15 02/01/31 2.00% - 3.00% $3,095,000 $1,470,000
<br />EDA Lease Revenue Bonds, Series 2015B 10/01/15 04/01/36 2.00% - 3.00% 4,350,000 2,910,000
<br />G.O. Utility Revenue Bonds, Series 2016A 11/23/16 02/01/27 2.00% 1,420,000 445,000
<br />G.O. Bonds, Series 2018A 12/19/18 02/01/34 3.00% - 5.00% 6,915,000 5,225,000
<br />G.O. Utility Revenue Bonds, Series 2020A 07/08/20 02/01/35 2.00% - 4.00% 4,330,000 3,345,000
<br />G.O. Street Reconstruction Bonds, Series 2021A 07/15/21 02/01/32 1.00% - 4.00% 1,815,000 1,480,000
<br />Total General Obligation Bonds 21,925,000 14,875,000
<br />Special Assessment Bonds:
<br />G.O. Improvement Bonds, Series 2014A 11/20/14 02/01/26 0.40% - 2.30% 2,645,000 195,000
<br />Unamortized bond premiums 1,102,333 657,458
<br />Unamortized bond discounts (38,362) (1,234)
<br />Compensated absences payable N/A 1,178,755
<br />Total Government Activities $25,633,971 $16,904,979
<br />Business-Type Activities:
<br />Direct Borrowings:
<br />G.O. Water Revenue Note, Series 2024 (MPFA) 09/30/24 08/20/44 1.947% $15,996,190 $1,216,285
<br />Compensated absences payable N/A 127,362
<br />Total Business-Type Activities $15,996,190 $1,343,647
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