Comprehensive Annual Financial Report 12/31/2004

Home Search

City of Lino Lakes, Minnesota Management's Discussion and Analysis December 31, 2004 Total net assets in the sewer fund at the end of 2003 were $18,779,427, of which $3,036,702 was unrestricted. Net assets increased $908,915 during the current year primarily due to contributions from private sources. The water and sewer rates remained the same in 2004 as in 2003. A rate study is planned for 2005. GENERAL FUND BUDGETARY HIGHLIGHTS: The original budget was amended twice during the year reflecting donations and grants received primarily for police personnel and equipment. Revenues were $228,801 over budget due mainly to property tax collections and increased permit revenues. Charges for services and gas franchise fees were also over budget, while investment earnings lagged the budget due to a weak investment environment. Expenditures came in under the budgeted amounts by $214,258 due to lower than expected personal services costs and savings in other services and charges. There were also net transfers from the general fund of $142,484. This resulted in a net fund balance increase of $300,575 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, 2004, amounts to $75,514,466 (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 2% percent. Most of this increase within the governmental activities can be found in the addition of constructed streets and underground infrastructure. Within the business -type activities the most significant increases occurred in infrastructure installation in relation to the water and sewer funds. Capital Assets at Year -end (in millions) Governmental Business -type Activities Activities Totals 2004 2003 2004 2003 2004 2003 Land $3.09 $3.11 $ - $ - Buildings 6.44 6.47 .05 .05 Office equipment and furniture .98 .97 Vehicles 1.47 1.35 Machinery and equipment .65 .62 .26 .29 Other .93 .93 - Infrastructure 65.22 62.64 35.38 33.80 Subtotal 78.78 76.09 35.69 34.14 Accumulated depreciation 32.69 30.80 6.27 5.60 Capital assets, net $46.09 $45.29 $29.42 $28.54 17 $3.09 $3.11 6.49 6.52 .98 .97 1.47 1.35 .91 .91 .93 .93 100.60 96.44 114.47 110.23 38.96 36.40 $75.51 $73.83