|
City of Lino Lakes, Minnesota
<br />Management Report
<br />Combined Financial Statement Analysis
<br />Q The 1997 and 1998 legislature lowered tax capacity rates for residential,
<br />commercial/industrial and several other property classes. Because most property classes were
<br />lowered, even level property tax levies will result in higher tax capacity rates. The City of Lino
<br />Lakes has a growing tax capacity base which mitigates the impact of lower tax capacity statutory
<br />formulas.
<br />Delinquent taxes receivable were as follows for the past several years:
<br />1994 1995 1996 1997
<br />Delinquent balance - January 1 $29,534 $27,804 $22,367 $22,490
<br />Current levy (1) 1,841,666 2,199,426 2,624,043 2,927,509
<br />Total receivable 1,871,200 2,227,230 2,646,410 2,949,999
<br />Receipts:
<br />Current 1,815,761 2,178,795 2,595,960 2,894,535
<br />Delinquent 15,014 21,206 15,641 23,962
<br />Total receipts 1,830,775 2,200,001 2,611,601 2,918,497
<br />Unadjusted balance
<br />Adjust to County
<br />Delinquent balance
<br />40,425 27,229 34,809 31,502
<br />(12,621) (4,862) (12,319) 1,096
<br />$27,804 $22,367 $22,490 $32,598
<br />Total collections as a percent
<br />of current levy 99% 100% 100% 100%
<br />(1) exludes HACA
<br />The City has experienced a solid tax collection rate over the past four years. The
<br />adjustments represent amounts provided by Anoka County for abatements and other adjustments
<br />to the delinquent balances.
<br />Page 9
<br />
|