Audit Report 12/31/1974 - Laserfiche WebLink

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CITY OF LINO LAKES Anoka County, Minnesota I - COMMENTS ON BALANCE SHEET ITEMS Exhibit A presents the financial condition of the City by funds as of December 31, 1974. Similar special revenue funds are combined but details are shown in Exhibit A -a. A; comparative balance sheet of all funds combined is presented 4n Exhibit C, which shows the financial position of the City in comparative form with that at the end of the preceding year. Details on balance sheet items are shown in Schedules A -1 through A -8. Further explana- tions, analyses, or listings are presented in the next several paragraphs of these comments. CASH ON HAND AND IN BANK - $71,504.25: Petty cash funds were on hand for a total of $150.00, and in addition, undeposited receipts of $65.00 as further detailed in Schedule A -1. The sum of $27,936.91 was carried in the bank checking account. In addition, tempor- ary excess funds for a total of $43,352.34 had been placed in bank savings . certificates to be earning interest Further details on these certificates and the bank checking account reconciliation are shown in Schedules A -2 and A -2a. The Centennial State Bank of Lexington had been designated as the depository for City funds. Collateral of $220,000.00 in U. S. Government bonds was pledged, by the bank as security for City funds on deposit. Federal deposit insurance, carried by the bank of 40,000.00 on each customer, provides additional protection for City funds on deposit. In addition special insurance now protects municipal investments in, certificates of deposit up to $100,000.00. U.S. GOVERNMENT SECURITIES - $29,025.57: Funds from the $550,000.00 sale of Temporary Improvement Bonds of 1971 were originally invested in government securities. These funds were converted into cash . as needed in meeting the obligations in connection with the water and sewer projects and later in meeting the interest maturities on the bonds. The security transactions during the year 1974 are shown in Schedule A -3. TAXES RECEIVABLE - $254,660.44: The 1974 tax levy, collectible in 1975, amounts to $139,729.00, as detailed in Schedule A -4 by funds. The local government state aid, collectible in quarterly installments, amounts to $69,718.22 and the Federal revenue sharing in 1975 to about $32,030.00 based on amount receivable for entitlement period ending June 30, 1975. Delinquent taxes, levied for prior years, amount to $13,183.22 for the last six years, as summarized in Schedule A -5. SPECIAL ASSESSMENTS -p01,037.49: Water and sewer were made against property owners in - the.,Chomonix development originally for a total of $461,865.52. Unpaid assessments were spread over a seven -year period with interest at 8% from the assessment date, October 24, 1972. Office collections and on tax rolls during 1974 amounted to $92,000.60 and $79,369.14, respectively, together with interest. -10-