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IMEND
<br />City of Lino Lakes, Minnesota
<br />Management Report
<br />Debt Service Funds
<br />DEBT SERVICE FUNDS
<br />The combining financial statements for the debt service funds are presented in Statements
<br />11 and 12 of the 1997 Annual Financial Report. Debt service funds are a type of governmental
<br />fund to account for the accumulation of resources for the payment of interest and principal on
<br />debt (other than enterprise fund debt). Debt service funds may have one or a combination of
<br />revenue sources pledged to retire debt including property taxes, tax increments, special
<br />assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful
<br />analysis to determine the adequacy of the fund balance and projected fund balance. The
<br />following schedule extracts information from several sections of the 1997 Annual Financial
<br />Report to assist in this analysis. The following schedule compares outstanding debt with assets
<br />pledged for debt retirement. This comparison provides a means to judge (on a preliminary basis)
<br />the financial position of each debt service fund.
<br />December 31, 1997 Scheduled Final
<br />Fund Deferred Outstanding Property Maturity
<br />Fund Description Balance Revenue Total Debt Taxes Date
<br />General Debt:
<br />1996 Certificates of Indebtedness $5,533 $1,079 $6,612 $150,000 $157,138 12/31/99
<br />1997 Certificates of Indebtedness - - - 225,000 265,124 12/31/00
<br />Public Project Revenue Bonds of 1990A 205,753 1,149 206,902 1,040,000 1,569,250 2/1/10
<br />Total general debt 211,286 2,228 213,514 1,415,000 1,991,512
<br />Special Assessment Debt:
<br />Improvement Bonds of 1992A 11,065 77,801 88,866 2,770,000 2,789,127 2/1/06
<br />Improvement Bonds of 1996A 787,161 1,814,248 2,601,409 4,685,000 - 2/1/07
<br />Total special assessment debt 798,226 1,892,049 2,690,275 7,455,000 2,789,127
<br />Total - All Debt Service Funds $1,009,512 $1,894,277 $2,903,789 $8,870,000 $4,780,639
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