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City of Lino Lakes, Minnesota Management's Discussion and Analysis December 31, 2005 Total net assets in the sewer fund at the end of 2005 were $19,914,742, of which $3,653,673 was unrestricted. Net assets increased $1,177,315 during the current year resulting from contributions from private sources and net income. The water and sewer rates remained the same in 2005 as in 2004. A rate study is planned for 2006. GENERAL FUND BUDGETARY HIGHLIGHTS: The original budget was amended four times during the year reflecting donations and grants received primarily for police personnel and equipment. Revenues were $82,066 under budget due mainly to property tax collections. Federal and state intergovernmental revenues, primarily police grant related, were over budget for the year. Investment earnings, due to rising interest rates, and gas franchise fees, as a result of rising energy costs, were also over budget. Expenditures came in under the budgeted amounts by $321,191 due to lower than expected personal services costs. There were also net transfers from the general fund of $467,782. This resulted in a net fund balance increase of $238,343 for the fiscal year. CAPITAL ASSET AND DEBT ADMINISTRATION: Capital assets. The City of Lino Lakes' investment in capital assets for its governmental and business - type activities as of December 31, 2005, amounts to $76,218,607 (net of accumulated depreciation). This investment in capital assets includes land, buildings, office equipment and furniture, vehicles, machinery and equipment, other capital assets, and infrastructure. The total increase in the City of Lino Lakes' investment in capital assets (net of accumulated depreciation) was 1 percent. Most of this increase within the governmental activities can be found in the addition of constructed streets, underground infrastructure and vehicles. Within the business -type activities the most significant increases occurred in infrastructure installation in relation to the water and sewer funds. Land Buildings Office equipment and furniture Vehicles Machinery and equipment Other Infrastructure Construction in Progress Subtotal Accumulated depreciation Capital assets, net Capital Assets at Year -end (in millions) Governmental Business -type Activities Activities Totals 2005 2004 2005 2004 2005 2004 $2.81 $3.09 $ - $ - $2.81 $3.09 6.44 6.44 .05 .05 6.49 6.49 .97 .98 .97 .98 1.52 1.47 - 1.52 1.47 .69 .65 .27 .26 .96 .91 .96 .93 - - .96 .93 67.33 65.22 37.09 35.38 104.42 100.60 - .36 - .36 80.72 78.78 37.77 35.69 118,49 114.47 35.27 32.69 7.00 6.27 42.27 38.96 $45.45 $46.09 $30.77 $29.42 $76.22 $75.51 17