Audit Report 12/31/1975 - 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, 1975. Similar special revenue funds are combined but details are shown in Exhibit A -a. A comparative balance sheet of all funds combined is presented in 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 -7. Further explana- tions, analyses, or listings are presented in the next several paragraphs of these comments. CASH ON HAND AND IN BANK - $78,097.52: Petty cash funds were on hand for a total of $150.00. The sum of $35,822.98 was carried in the bank checking account. In addition, temporary excess funds for a total of $42,124.54 had been placed in bank savings certificates to be earning interest. The bank checking account reconciliation is shown in Schedule A -1, and further details on savings certificates are shown in Schedule A -la. The Centennial State Bank of Lexington had been designated as the depository for City funds. Collateral of $75,000.00 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 - $18,926.16: This investment represents temporary excess funds from the water and sewer projects to be used in paying principal and interest maturities on General Obli- gation Improvement Bonds of 1974. The security transactions during the year 1975 are shown in Schedule A -2. TAXES RECEIVABLE - $287,251.63: The 1975 tax levy, collectible in 1976, amounts to $150,519.00, as detailed in Schedule A -3 by funds. The local government state aid, collectible in quarterly installments, amounts to $84,721.57, including machinery aid of $1,907.21. Federal revenue sharing in 1976 amounts to about $34,594.00, based on amount receivable for entitlement period ending June 30, 1976,on which there is definite information. Delinquent taxes, levied for prior years, amount to $17,417.06 for the last six years, as summarized in Schedule A -4. SPECIAL ASSESSMENTS - $135,846.40: Water and sewer assessments 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. Collections on tax rolls during 1975 amounted to $10,723.96, together with interest, but no office collections were made in 1975. -10-