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1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />r <br />1 <br />1 <br />1 <br />1 <br />1 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2010 <br />Note 17 LEASE COMMITMENT <br />The City of Lino Lakes entered into an agreement dated December 8, 1997 to lease space within the City Hall <br />complex to the Independent School District No. 12 (ISD 12). The lease term has been renewed as of July 1, 2009 <br />and continues through June 30, 2011 and requires payments of $110 per square foot over the lease term for a total <br />of $300,000. The schedule of remaining payments is as follows: <br />2011 <br />Amount <br />$ 60,000 <br />The prorated carrying value of the building being leased is as follows: <br />Building $ 929,970 <br />Less: Accumulated Depreciation (340,989), <br />Net $ 588,981 <br />Note 18 JOINT VENTURES <br />Fire <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City of Lino <br />Lakes and two other cities. The general purpose of the District is to provide fire protection services including, but <br />not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to appoint two <br />commissioners to the District's Board. <br />Each calendar year, participating cities are to pay the District its share of the total operating and capital budget in <br />accordance with a funding formula contained in Section VII of the joint powers agreement. The funding formula <br />takes into account each city's average number of calls, population, and total market value. <br />During 2010, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $ 516,044 <br />Capital 69,600 <br />Total $ 585,644 <br />Separate financial statements of the District can be obtained by contacting the Centennial Fire District. <br />The audited condensed financial statements of the District as of December 31, 2010 are as follows: <br />Total Assets $ 1,397,901 <br />Total Liabilities 110,738 <br />Total Net Assets 1,287,163 <br />Total Operating Revenue 883,195 <br />Total Operating Expenses 804,603 <br />Anoka County <br />The City of Lino Lakes has a joint powers agreement with Anoka County for the reconstruction of County State Aid <br />Highway 14 (Main Street) and I -35E Interchange County Project. <br />54 <br />