Audit Report 12/31/1980 - Laserfiche WebLink

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CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA PLAN OF GOVERNMENT The City of Lino Lakes operates under "Plan A" as defined in the State of Minnesota Statutes. Under this plan the government of the City is run by a council composed of an elected mayor and four elected councilmen. The council exercises legislative authority and determines all matters of policy. The council appoints administrative personnel who are responsible for the proper administration of all affairs relating to the City. DESCRIPTION OF FUNDS GENERAL FUND The General Fund was established to account for the revenue and expenditures necessary to provide basic governmental services for the city. The principal sources of revenue are property taxes, intergovernmental revenue, licenses and permits, and charges for current services. Expenditures are for general government, general ser- vices, protective inspection and other functions. A plan of financial operation is set forth each year in the form of the annual budget adopted by the council. SPECIAL REVENUE FUNDS Special Revenue Funds are established to account for the proceeds from special tax levies and other dedicated revenues to be used for a specified purpose. The following funds are included in this group: Parks and Playgrounds Fund Revenue Sharing Fund DEBT SERVICE FUND The Debt Service Funds are used to account for the payment of principal and interest on general obligation bonds issued by the City. They are retired out of the revenue pro- vided by ad valorem levies established for that purpose. Revenue and Special Assessment bonds are not included in this group. They are serviced out of their respective funds. The funds are used to retire the Municipal Building Bonds of 1970 and the Certificates of Indebtedness which were issued in 1980. - 2 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 t 1