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City of Lino Lakes, Minnesota
<br />Management Report, Page 31
<br />1994 Construction
<br />This fund was established to account for the various projects financed by the Temporary
<br />Improvement Bonds of 1994A. A summary of the financial activity of this fund is as follows:
<br />Budget Actual Variance
<br />Financing sources:
<br />Bond proceeds $2,079,350 $1,903,614 ($175,736)
<br />MN DOT Reimbursement 713,989 613,806 (100,183)
<br />Anoka County 583,917 - (583,917)
<br />Interest earnings 34,944 34,944
<br />Other 9,357 9,357
<br />Total sources $3,377,256 2,561,721 ($815,535)
<br />Financing uses:
<br />Construction costs:
<br />Issuance costs $25,900 ($25,900)
<br />Country Lake Estates 636,750 910,723 273,973
<br />Highway 49 and Lake Drive 1,988,400 1,695,588 (292,812)
<br />Hodgson Road watermain 200,200 289,946 89,746
<br />Total uses $2,851,250 2,896,257 $45,007
<br />Fund balance - December 31, 1995 ($334,536)
<br />The above deficit will be eliminated by additional MN DOT reimbursement and County
<br />participation on the Highway 49 project.
<br />1995 Construction
<br />This fund was established to account for the construction costs related to the Woods of
<br />Baldwin Lake II. The project costs totaled $135,886 through December 31, 1995. The
<br />construction costs were financed by the City (i.e., no bonding). This project was assessed in 1995
<br />in the amount of $146,304.
<br />1996 Construction
<br />This fund was established to account for projects to be financed by 1996 Bonds. During
<br />1995, preliminary costs were incurred on the Trappers Crossing, Marshan Lake Townhomes and
<br />12th and Holly projects. The projects will be bonded in 1996.
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