My WebLink
|
Help
|
About
|
Sign Out
Home
Search
Annual Financial Report 12/31/1992
LinoLakes
>
Finance
>
Annual Financial Statements
>
Annual Financial Report 12/31/1992
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/22/2014 4:28:25 PM
Creation date
4/3/2014 10:30:50 AM
Metadata
Fields
Template:
Finance Dept
Finance Category
Audit
Finance Number Identifier
Annual Financial Report
Date
12/31/1992
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
91
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1992 <br />Page 18 of 19 <br />Note 13 CONTINGENCIES <br />The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is <br />a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney, <br />remotely recoverable by plaintiffs except pending special assessment appeals. <br />Note 14 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT <br />General Obligation bond issues sold by the City are financed by ad valorem tax levies and special assessment <br />bond issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments <br />levied against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem <br />tax levies is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County <br />Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject <br />to cancellation when and if the City has provided alternative sources of financing. The City Council is required <br />to levy any additional taxes found necessary for full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December <br />31, 1992 and 1991. <br />Future scheduled tax levies for all bonds outstanding at December 31, 1992 totaled $6,818,030. <br />Note 15 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY <br />At December 31, 1992 and 1991 the City had designated and reserved portions of its various fund equities <br />through legal restriction and City Council authorization. Major fund equity appropriations at December 31, <br />1992 and 1991 are shown on the various balance sheets as segregations of the fund equity. A summary of such <br />designations is as follows: <br />December 31, <br />1992 1991 <br />General Fund <br />Reserve for prepaid items $77,789 $76,450 <br />Designated for general contingencies 385,204 366,492 <br />Designated for cash flow reserve 933,255 822,294 <br />Designated for equipment 10,048 <br />Debt Service Funds: <br />Reserved for debt retirement 3,364,458 3,221,726 <br />Capital Project Funds: <br />Designated for capital improvements 5,175,244 3,308,097 <br />Designated for committed contracts 48,215 349,590 <br />Designated for equipment acquisition 131,303 142,852 <br />Designated for park improvements 204,536 220,620 <br />Totals $_10,330,052 $8,508,121 <br />
The URL can be used to link to this page
Your browser does not support the video tag.