Annual Financial Report 12/31/1985

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1985 Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) DESIGNATIONS OF FUND EQUITY (Continued) The following funds had deficits at December 31, 1985: Community Development Block Grant - The fund deficit of $133 will be eliminated by a transfer from another City fund. LAWCON - The fund deficit of $43,302 represents the City's share of expenditures to date. The City levied property taxes to fund a portion of its share ($30,000 levied for collection in 1982). The City plans to eliminate this deficit from other City funds. Lakes Addition #7 - The fund deficit of $22,675 is the result of preliminary project costs. The City has a letter of credit to secure this deficit. Reiling Road - The fund deficit of $2,539 will be eliminated by a transfer from another City fund. Interim Construction Fund - The fund deficit of $16,108 will be eliminated by transfers from other City funds as the projects are either ordered or cancelled. Note 3 - 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 4 - "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: 1) 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.