Annual Financial Report 12/31/1982

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1982 Note 6 - CONTINGENCIES The City Attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City Attorney, remotely recoverable by plaintiffs. Note 7 - CONDENSED COMBINED FINANCIAL STATEMENTS The Condensed Combined Financial Statements contained in this report provide a summary overview of the financial position of all funds and account groups and of the operating results of all funds. Also, these statements serve as an introduction to the more detailed statements which follow. The reader is cautioned that these combined statements have been condensed for presentation purposes and that certain disclosures contained in the combining fund and account group financial statements may not be disclosed in the condensed com- bined financial statements. Note 8 - "MEMORANDUM ONLY" PRESENTATIONS Presented in these financial statements are certain amounts labeled "memorandum only ". The reader is cautioned that this information has certain limitations as follows: • The "Total" columns of the various combined statements present a combining of unlike purpose funds and cannot be construed to be indicative of; the overall financial position, overall results of operations nor overall changes in financial position of the City. • Prior year "Total" columns likewise may combine unlike purpose funds (as above) and additionally do not present detail components by fund group (as presented for current year totals) and therefore, are incomplete presentations of prior year statements of financial position, results of operations, and changes in financial position of the various funds of the City as established by generally accepted accounting principles. • Statements of Revenue, Expenditures, and Changes in Fund Balance Compared to Budget present prior year actual amounts. These amounts are incomplete presentations in that prior year budget amounts are not included in con- formance with generally accepted accounting principles.