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City of Lino Lakes, Minnesota <br />Management Report, Page 33 <br />The tax increment plan also includes an annual administrative fee. Minnesota Statute 469.176 <br />Subd. 3 reads as follows: <br />Limitation on administrative expenses. (a) For districts for which certification was <br />requested before August 1, 1979, or after June 30, 1982, no tax increment shall be used to <br />pay any administrative expenses for a project which exceed ten percent of the total tax <br />increment expenditures authorized by the tax increment financing plan or the total tax <br />increment expenditures for the project, whichever is less. <br />Tax Increment Financing #1 -2 <br />The City established Tax Increment Financing District #1 -2. This district qualifies as a <br />Economic Development TIF district pursuant to Minnesota Statutes 469.174, subdivision 12. <br />Financial activity of this fund from inception is as follows: <br />Prior Years <br />1995 Total <br />Revenue and other sources: <br />Tax increments $439,555 $115,641 $555,196 <br />Interest on investments 33,036 22,944 55,980 <br />Total revenue and other sources 472,591 138,585 611,176 <br />Expenditures and other uses: <br />Administrative $35,493 22,024 57,517 <br />Transfer to Area and Unit Charge Fund 512,196 512,196 <br />Transfers to other funds 11,763 831 12,594 <br />Total expenditures and other uses $47,256 $535,051 582,307 <br />Fund balance - December 31, 1995 $28,869 <br />Included in administrative expenses is an administrative fee of $18,500. The transfer to the <br />Area and Unit Charge Fund represents a reimbursement for costs of the West Central Trunk <br />sewer main related to Sunrise Meadows. <br />