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Page 12 of 19 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1988 <br />NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued) <br />LEGAL DEBT MARGIN (continued) <br />December 31. <br />1988 1987 <br />Functional value: <br />Assam value (after focal disparities and <br />tax increment) $32,019,057 <br />Market value $187,826,200 <br />Applicable percentage 2% 7 -1/3% <br />Debt limit $3,756,524 $2,348,064 <br />Amount of debt applicable to debt limit <br />Total bonded debt $3,971,000 $4,310,000 <br />Less: Special assessment bonds and <br />tax increment bonds 3,971,000 4,194,500 <br />Less: Cash and investments in <br />debt service funds 728 <br />Total debt applicable to debt limit $0 $114,772 <br />Legal debt margin <br />$3,756,524 $2,233,292 <br />Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include <br />General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise <br />Fund bonded debt). <br />COMPENSATED ABSENCES <br />The accrued liability for compensated absences is not recorded as a liability in the General Long - <br />Term Debt Group of Accounts (for governmental funds) nor the Proprietary Funds. Unused <br />vacation, the portion of sick leave payable as severance pay, and the compensatory time are not <br />considered material to these financial statements. Unpaid vacation pay totalled $8,876 and $7,341 <br />at December 31, 1988 and 1987 respectively. <br />The City also has an unrecorded contingent liability for unused employee sick leave of $137,901 <br />and $117,000 at December 31, 1988 and 1987 respectively. <br />DEFERRED REVENUE <br />Deferred revenue at December 31, 1988 consisted of the following amounts: <br />Uncollected park dedication fees $5,060 <br />Property tax revenue 41,388 <br />Special assessment revenue 2,023,285 <br />Totals $2,069,733 <br />