Comprehensive Annual Financial Report 12/31/1996

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— Reliable financial information requires an establishment of accounting records that are adequately supported by internal accounting controls. The City believes that existing internal accounting controls are adequate to provide reasonable assurance that City assets are — safeguarded against loss from unauthorized use or disposition and that the financial records are reliable for the preparation of the financial statements. — The City Charter grants the City Council full authority over the financial matters of the City. The City Administrator has the responsibility of submitting the annual budget to the City — Council. The budget is adopted by resolution and the amounts can not increase beyond the estimated receipts except to the extent that actual receipts exceed the estimate. THE REPORTING ENTITY In accordance with the Governmental Accounting Standards Board requirements, the financial reporting entity includes all funds and account groups of the City as well as all of its component units. Component units are legally separate entities for which the primary government is financially accountable. Blended component units, although legally separate entities, are in substance, part of the primary government's operations and are included as part of the primary government. Accordingly, the Economic Development Authority is reported as a Special Revenue Fund of the primary government. The City provides a full range of municipal services. These services include: general government, public safety (police & fire), public works (streets , engineering & planning), parks and recreation, public improvements, sanitary and storm sewer, and water. ECONOMIC CONDITION AND OUTLOOK The City of Lino Lakes is a growing community within the County of Anoka. It covers an area of 33 square miles and has a population in excess of 14,000. Within the City's borders lies the 2,550 acre Rice Creek Chain of Lakes Regional Park. Access to St. Paul and Minneapolis is provided by I -35W and I -35E. The economic development effort was established in 1993 by the City Council to cover a five _ year plan. Three years into the plan, the City has acquired seven new light industrial projects in the Apollo Business Park on I -35W and two projects in the Clearwater Creek Development Center on I -35E. The establishment of growing manufacturing companies in Lino Lakes is helping stabilize the City's tax base by bringing in approximately $14 million in new market value, as well as adding to the employment market within the City. With the many wetlands and regional parks, environmental issues are important in this City. Future development is deemed to include equal consideration of economic development and -- environmental issues by establishing criteria to evaluate the desirability of each economic development opportunity. 9