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City of Lino Lakes, Minnesota <br />Management Report <br />Executive Summary <br />EXECUTIVE SUMMARY <br />Throughout this report various topics are tagged for easier reference as follows: <br />Ea State statute or federal legislation. <br />Financial comparison or trend analysis. <br />Impact of accounting and reporting standards of the <br />Governmental Accounting Standards Board. <br /><4> Options to continue improvement in policies, procedures, <br />systems and/or long -range planning. <br />O City's accomplishments. <br />Several areas highlighted for your reference include the following: <br />® <br />The City has established an investment policy to minimize risk to <br />market and to manage other aspects of investing including maximizing <br />yield. Interest on investments increased by $181,000 in 1997. <br />page 4 <br />GAB <br />Effective for 1998, the City will be required to report investments at fair <br />value in the financial statements. <br />Page 7 <br />O <br />The City has a solid property tax collection rate. <br />Page 9 <br />ili q <br />Oversight of tax increment was transferred to the Office of the State <br />Auditor (OSA). Increased compliance reporting has occured. Failure to <br />comply with the reporting requirements can cause a wihholding of tax <br />increment revenues. We recommend careful compliance with all tax <br />increment laws. <br />Pages 10 -11 <br />® <br />The City has an excellent special assessment collection rate. <br />Page 12 <br />The City's General Fund relies significantly on property taxes and state <br />aids (72% for 1997 and 75% budgeted for 1998). <br />Page 13 <br />© <br />Page 2 <br />