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City of Lino Lakes, Minnesota
<br />Management Report, Page 27
<br />Area and Unit Charge Fund
<br />On January 11, 1988 the City Council approved Resolution 1 -88 which established the Area
<br />and Unit Charge Fund for the City. The purpose of this fund is to collect various area and unit
<br />charges to be used to meet debt payments. Before October 1 of each year, the City estimates the
<br />required transfer needed to meet debt payments for the subsequent year. In December, these
<br />estimated amounts are transferred to the various debt funds. We recommend the City continue to
<br />monitor actual versus projected area and unit assessment collections to assure that debt payment
<br />requirements will be met.
<br />A schedule of transactions of this fund from inception is as follows:
<br />Prior
<br />Years 1995 Total
<br />Revenue and other sources:
<br />Area and unit charges $5,394,502 $1,030,057 $6,424 ,559
<br />Interest on investments 569,771 214,849 784,620
<br />MSA 11,342 - 11,342
<br />Transfer from Tax Increment #1 -1 1,097,491 1,097,491
<br />Transfer from Tax Increment #1 -2 512,196 512,196
<br />Transfer from 1989 construction 29,842 - 29,842
<br />Transfer from Water Fund 545,239 179,250 724,489
<br />Total $6,550,696 $3,033,843 9,584,539
<br />Expenditures and other uses:
<br />Professional services $117,635 $1,971 119,606
<br />Construction:
<br />Various 12,000 12,000
<br />Ware Road Utility Improvements 108,253 13,498 121,751
<br />Well #3 99,613 99,613
<br />Well #4 164,490 164,490
<br />Blackduck lift station - 6,871 6,871
<br />35E main/trunk 1,764 1,764
<br />Watertower #2 1,312 1,312
<br />Sunset Road utilities 573 573
<br />Transfer to Interim Construction 73,183 73,183
<br />Transfer to 1991 Construction 388,965 388,965
<br />Debt Service:
<br />Transfer to Temp Bonds of 1990B 665,232 665,232
<br />Transfer to Temp Bonds of 1991A 1,698,510 1,698,510
<br />Transfer to Water Fund 180,895 104,565 285,460
<br />Total $3,232,673 $406,657 3,639,330
<br />Fund balance $5,945,209
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