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City of Lino Lakes, Minnesota
<br />'"' Management Report, Page 30
<br />Nat
<br />Y
<br />Vow
<br />Street Reconstruction
<br />This fund was established in 1996 to account for revenue received from developers for future
<br />street reconstruction.
<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 583,917 658,323 74,406
<br />Circle Pines - 1,628 1,628
<br />Interest earnings - 34,944 34,944
<br />Other - 9,357 9,357
<br />Total sources $3,377,256 3,221,672 ($155,584)
<br />Financing uses:
<br />Construction costs:
<br />Issuance costs $25,000 ($25,000)
<br />Country Lake Estates 636,750 913,648 276,898
<br />Highway 49 and Lake Drive 1,988,400 2,028,641 40,241
<br />Hodgson Road watermain 200,200 297,143 96,943
<br />Total uses $2,850,350 3,239,432 $389,082
<br />Fund balance - December 31, 1996 ($17,760)
<br />The remaining MN DOT reimbursement was coded to the Area and Unit Charge Fund since
<br />the Temporary Improvement Bonds of 1994A were called early using Area and Unit Funds. We
<br />recommend the City determine a funding source for the fund deficit and close this fund once the
<br />projects are completed.
<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 $140,886 through December 31, 1996. 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.
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