My WebLink
|
Help
|
About
|
Sign Out
Home
Search
Annual Financial Report 12/31/1983
LinoLakes
>
Finance
>
Annual Financial Statements
>
Annual Financial Report 12/31/1983
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/19/2014 11:23:31 AM
Creation date
12/4/2013 1:20:47 PM
Metadata
Fields
Template:
Finance Dept
Finance Category
Audit
Finance Document Folder
Annual Financial Reports
Finance Number Identifier
Annual Financial Report
Date
12/31/1983
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
57
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1983 <br />Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued <br />SPECIAL ASSESSMENT REVENUE RECOGNITION - Continued <br />Once a special assessment roll is adopted, the amount attributed to each parcel <br />is a lien upon that property until full payment is made or the amount is deter- <br />mined to be excessive by the City Council or court action. If special <br />assessments are allowed to go delinquent, after a State statute determined <br />number of years, the property is subject to tax - forfeit sale and the first pro- <br />ceeds of that sale (after costs, penalties and expenses of sale) are remitted <br />to the City in payment of delinquent special assessments. Generally, the City <br />will collect the full amount of its special assessments not adjusted by City <br />Council or court action. Accordingly, no allowance for potentially uncollec- <br />tible assessments has been provided. <br />ESTIMATED UNCOLLECTIBLE ASSESSMENTS <br />The bonds of the 1974 Improvement Special Assessment Fund were retired in 1981 <br />and the remaining assets were transferred to the General Fund. These assets <br />included $27,938 of delinquent assessments receivable. Because of the uncer- <br />tainty of the timing of collection, these assessments do not meet the revenue <br />recognition criteria of being both measurable and available. As a result, an <br />allowance for uncollectible assessments of $27,938 was established at the time <br />of transfer to the General Fund. During 1982, $18,142 of these assessments <br />were collected and the allowance was reduced to $9,796 at December 31, 1982. <br />No collections on these assessments took place in 1983. <br />Note 2 - DEFERRED AD VALOREM TAX LEVIES <br />SPECIAL ASSESSMENT BOND ISSUES <br />Certain special assessment bond issues sold by the City are partially financed <br />by ad valorem tax levies in addition to special assessment levies against the <br />benefiting properties. When a bond issue to be financed partially or wholly <br />by ad valorem tax levies is sold, specific annual amounts of such levies are <br />stated in the bond resolution and the County auditor is notified and instructed <br />to levy these taxes over the appropriate years. These future tax levies are <br />subject to cancellation when and if the City has provided alternative <br />financing. Alternatively, the City Council is required to levy any additional <br />taxes found necessary for the full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying <br />financial statements at December 31, 1983 nor 1982 in accordance with generally <br />accepted accounting principles. Revenue from these tax levies is recognized <br />annually as explained under "Property Tax Revenue Recognition ". <br />Scheduled and actual debt service tax levies for special assessment bonds were: II <br />Levy /Collection Scheduled Actual Percent Levied <br />1982/83 $ 32,659 $ 32,658 100% <br />1983/84 36,244 -0- -0- <br />1984/85 36,262 <br />1985/86 40,967 <br />1986/87 44,374 <br />1987/88 47,006 <br />1988/89 48,954 <br />1989/90 50,201 <br />
The URL can be used to link to this page
Your browser does not support the video tag.