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CITY OF LINO LAKES, MINNESOTA <br />Page 16 of 19 <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1986 <br />Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) <br />DESIGNATIONS OF FUND EQUITY (Continued) <br />The following funds had deficit balances at December 31, 1986: <br />Debt Service Fund: <br />1985 Certificates of Indebtedness $ 274 <br />Capital Projects: <br />LAWCON <br />Special Assessment Funds: <br />Improvement Bonds of 1984 <br />Temporary Improvement Bonds of 1985 <br />Improvement Bonds of 1986 <br />47,244 <br />1,285 <br />320,748 <br />276,553 <br />Special Assessment Construction Funds: <br />Interim Construction Fund 258,457 <br />Lakes Addition #7 17,288 <br />Reiling Road 2,779 <br />North Road 6,090 <br />Main Street 330 <br />West Shadow Lake Drive 10,819 <br />Deer Pass Trail 377 <br />The deficits of the Special Assessment Funds resulted from the application of <br />generally accepted accounting principles to the financial reporting for such <br />funds. Bond proceeds used to finance construction of special assessment pro- <br />jects are not recognized as "other financing sources ". Liabilities for special <br />assessment bonds payable are accounted for in Special Assessment Funds. <br />Special assessments are recognized as revenue only to the extent of actual <br />County collections. The fund deficits will be reduced and eliminated as <br />deferred special assessment installments become current assets. The deficits <br />of the Special Assessment Construction Funds will be eliminated by future <br />bonding and /or direct charges to developers. The deficit of the LAWCON Fund <br />will be eliminated by additional LAWCON funding and a transfer from the General <br />Fund. <br />The deficit of the Debt Service Fund will be eliminated by future tax levies. <br />Note 3 - CONDENSED COMBINED FINANCIAL STATEMENTS <br />The Condensed Combined Financial Statements contained in this report provide a <br />summary overview of the financial position of all funds and account groups and <br />of the operating results of all funds. Also, these statements serve as an <br />introduction to the more detailed statements which follow. The reader is <br />cautioned that these combined statements have been condensed for presentation <br />purposes and that certain disclosures contained in the combining fund and <br />account group financial statements may not be disclosed in the condensed com- <br />bined financial statements. <br />