Annual Financial Report 12/31/1989

Home Search

Page 18 of 21 CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1989 NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT (Continued) Levy/ Percent Collection Scheduled Actual Levied 1987/88 $126,428 $117,000 92.54% 1988/89 0 19,477 1989/90 189,785 158,294 83.41% 1990/91 150,153 1991/92 147,250 1992/93 143,955 1993/94 135,009 • t I ASSESSMENTS PLEDGED Certain special assessment bond issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied against the benefited properties. When the bond issue to be financed partially or wholly by ad valorem tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the county auditor is notified and instructed to levy these taxes over the appropriate years. These future tax levies are subject to cancellation when and if the City has provided alternative sources of financing. Alternatively, the City is required to levy any additional taxes found necessary for the full payment of principal and interest. These future scheduled tax levies are not shown as assets in the accompanying fmancial statements in accordance with generally accepted accounting principles. Revenue from these tax levies is recognized annually as explained under "Property Tax Revenue Recognition ". Scheduled and actual debt service tax levies for the general obligation debt with special assessments pledged were and are scheduled to be as follows: Levy/ Percent Collection Scheduled Actual Levied 1987/88 $29,801 $0 0.00% 1988/89 34,838 0 0.00% 1989/90 35,639 0 0.00% 1990/91 2,508 1991/92 1,689 1992/93 839 NOTE 7 METROPOLITAN WASTE CONTROL COMMISSION The MWCC bills the City annually based upon estimated volume and budgeted costs. These billings are later adjusted when actual volume and actual costs are determined. The adjustment to actual is generally determined in the succeeding calender year and payable, by the City, in the second succeeding calendar year. The City follows the accounting policy of recognizing these charges as an expense of the sewer utility operation in the year for which they are billed (for estimated billings) and in the year the adjustments are determined (for adjustments from estimated to actual billings).