Annual Financial Report 12/31/1991

Home Search

'— CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1991 Page 17 of 18 District #1 -2 was established pursuant to MS 469.174, subd. 12 which qualifies it as an Economic Development TIF district. The duration of the district is eight years from the date of the receipt of the first increment or ten years from the date of approval of the TIF plan, whichever comes first. Current tax capacity $107,275 Original tax capacity 6,223 Captured tax capacity $101,052 Retained by authority $101,052 Shared with other taxing districts 0 Total $101,052 District #1 -3 was established pursuant to MS 469.174, subd. 10(a)(2) which qualifies it as a redevelopment district. The duration of the district is 25 years from the date of the first increments. Current tax capacity $30,170 Original tax capacity 37,694 District #1-4 was established pursuant to MS 469.174 subd. 12 which qualifies it as an Economic Development TIF District. The duration of the District is eight years from the date of the receipt of the first increment or ten years from the date of approval of the TIF Plan, whichever comes fast. Current tax capacity $18,969 Original tax capacity 54,210 Note 13 DEFICIT FUND BALANCES /RETAINED EARNINGS The City has deficit fund balances at December 31, 1991 as follows: Fund Deficit Debt Service Funds: 1989A Certificates of Indebtedness $2,031 Capital Project Funds: Community Development Block Grant 13,958 Surface Water Management 23,182 Interim Construction 183,653 Tax Increment Financing 1 -3 16,535 Tax Increment Financing 1-4 10,379 Enterprise Funds: Gas Utility Note 14 CONTINGENCIES 49 The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attomey, remotely recoverable by plaintiffs except pending special assessment appeals.