Annual Financial Report 12/31/1988

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1988 NOTE 10 DEFERRED COMPENSATION PLAN Page 19 of 19 The City offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The deferred compensation plan is offered by the International City Managers Association (ICMA). The plan, available to all employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to the employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or their beneficiary) solely the property and rights of the City (without being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general creditors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. For the year ended December 31, 1988, the following deferred payroll deductions were remitted to the plan: Employee $2 1,005 Employer 0 Total $21,005 The value of total remittances at December 31, 1988 was $86,174. This amount is presented in an agency fund in accordance with GASB Statement No. 2. NOTE 11 TAX INCREMENT DISTRICTS The City of Lino Lakes is the administrating authority for the following Economic Development District established under MS 273.71 in 1987. Within the Economic Development District is Housing Financing District #1 -1. The duration of the district is 25 years. Original assessed value $116,869 Current assessed value 229,770 Captured assessed value 112,901 Retained by authority 0 Shared with other taxing districts 0 Total bonds issued 0 Amounts redeemed 0 Outstanding bonds at December 31, 1988 $0 The City of Lino Lakes has not filed Economic Development District #1 -2 with Anoka County as of December 31, 1988.