Annual Financial Report 12/31/1993

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Immo CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1993 Page 17 of 19 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 $116,693 Original tax capacity 10,543 Captured tax capacity $106 150 Retained by authority $106,150 Shared with other taxing districts 0 Total $106,150 District #1 -3 was established pursuant to MS 469.174, subd. 10(a)(2) which qualifies it as a redevelopment district. This district is to be decertified in 1994. 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 first. Current tax capacity $52,039 Original tax capacity 181,890 District #1 -5 was established pursuant to MS 469.174, Subd. 11 which qualifies it as a Housing District. The duration of the District is 25 years from the date of the first increments. Note 12 DEFICIT FUND BALANCES /RETAINED EARNINGS, The City has deficit fund balances/retained earnings at December 31,1993 as follows: Fund/ Balance Retained Earnings Deficit Special Revenue Fund: Economic Development Authority $134 Debt Service Fund 1992 Certificates of Indebtedness 3,383 Capital Project Funds: Community Development Block Grant 8,314 Interim Construction 172,276 Industrial Park Construction 74,676 1994 Construction 21,775 Tax Increment Financing 1-4 20,329 Enterprise Fund Gas Utility 49