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Annual Financial Report 12/31/1983
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Annual Financial Report 12/31/1983
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Annual Financial Report
Date
12/31/1983
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1983 <br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />PROPERTY, PLANT, AND EQUIPMENT - Continued <br />A summary of general fixed assets and changes are as follows: <br />Balance Balance <br />January 1, Additions Deletions December 31, <br />Land $ 36,175 $ 123,976 $160,151 <br />Wells 6,216 6,216 <br />Buildings and <br />improvements 172,965 3,500 176,465 <br />Equipment 277,668 76,256 353,924 <br />Total $ 493,024 $ 203,732 $ -0- $ 696,756 <br />LONG -TERM DEBT <br />The following is a summary of long -term debt transactions of the City for the <br />year ended December 31, 1983: <br />IIPrincipal payable at <br />January 1 <br />Assessments Certificates <br />Payable on of Contracts Special <br />City Property Indebtedness Payable Assessment Totals <br />$ 55,700 $ 2,668 $ 986,600 $1,044,968 <br />IAdditions: <br />Assessments payable on <br />City property $122,524 122,524 <br />1983 G.O. Improvement <br />Bonds 100,000 100,000 <br />American Bell - <br />phone system 5,301 5,301 <br />Principal retirements (55,700) (1,296) (51,320) (108,316) <br />Principal payable at <br />December 31 $122,524 $ -0- $ 6,673 $1,035,280 $1,164,477 <br />
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