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Page 16 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 />DEFICIT FUND BALANCES <br />The following funds had deficits at December 31, 1988: <br />Debt Service Funds: <br />1987 Equipment Certificates <br />Improvement Bonds of 1988 <br />Fund <br />Deficit <br />$6,525 <br />209,227 <br />Capital Project Funds: <br />Community Development Block Grant 2,241 <br />Reiling Road 2,834 <br />West Shadow Lake Drive 10,819 <br />80th Street 18,563 <br />Otter Bay 1,856 <br />Ash Street East Extension 7,512 <br />West Central Sewer & Water Trunk 49,961 <br />1160 Main 11,324 <br />2nd Avenue 46,170 <br />Lakes 9 763 <br />Carlson 10,580 <br />Pine Oaks Revision 4,856 <br />Sunrise Meadows 19,438 <br />Reshanau 3rd Addition 3,310 <br />Tax Increment Financing 1 -2 6,313 <br />The 1987 Equipment Certificates deficit will be eliminated in 1989 through a transfer from the <br />General Fund. The Improvement Bonds of 1988 deficit will be eliminated through the closing of <br />the Rice Lake Estates Capital Project Fund. <br />The Capital Project Fund deficits will be funded by permanent bonding, direct charges to <br />developers, or transfers from other City Council designated funds. <br />NOTE 3 COMBINED FINANCIAL STATEMENTS <br />The Combined Financial Statements contained in this report provide a summary overview of the <br />financial position of all funds and account groups and of the operating results of all funds. Also, <br />these statements serve as an introduction to the more detailed statements which follow. The reader <br />is cautioned that these combined statements have been condensed for presentation purposes and that <br />certain disclosures contained in the combining fund and account group financial statements may <br />not be disclosed in the combined financial statements. <br />