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Page 18 of 23 <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1990 <br />NOTE 4 "MEMORANDUM ONLY" PRESENTATIONS <br />Presented in these financial statements are certain amounts labeled "memorandum only ". The <br />reader is cautioned that this information has certain limitations as follows: <br />(1) The "Total" columns of the various combined statements present combining of unlike <br />purpose funds and cannot be construed to be indicative of the overall financial position of <br />the City. <br />(2) Prior year "Total" columns likewise may combine unlike purpose funds (as in 1 above) <br />and additionally do not present detail components by fund group (as is presented for <br />current year totals) and therefore, are incomplete presentations of prior year statements of <br />financial position, results of operations and changes in financial position of the various <br />funds of the City as established by generally accepted accounting principles. <br />(3) <br />Statements of Revenue, Expenditures and Changes in Fund Balance compared to budget <br />present prior year actual amounts. These amounts are incomplete presentations in that <br />prior year budget amounts are not included in conformance with generally accepted <br />accounting principles. <br />NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT <br />General obligation bonded debt of all Minnesota cities is issued in accordance with State Statutes. <br />When a bond issue to be financed by an ad valorem tax levy is sold, specific annual amounts of <br />such tax levies are stated in the bond resolution and the County Auditor is notified and instructed <br />to levy these taxes over the appropriate years. These future tax levies are subject to cancellation <br />when and if the City has provided alternative financing. Alternatively, the City Council is required <br />to levy any additional taxes found necessary for the full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying financial statements <br />in accordance with generally accepted accounting principles. Revenue from these tax levies is <br />recognized annually as explained under "Property Tax Revenue Recognition ". <br />Scheduled and actual debt service tax levies for the general obligation debt were and are scheduled to <br />be as follows: <br />