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City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />SAC Revolving <br />The SAC Revolving Fund was established in 1990 to account for a refund from the MCES <br />(formerly MWCC) of past SAC charges which were paid by residents that had not hooked up to <br />the sewer system. <br />A summary of financial activity of this fund is as follows: <br />Prior <br />Years 1997 Total <br />Revenue <br />SAC refund $365,175 $ - $365,175 <br />Interest earning 159,380 27,401 186,781 <br />Total revenue $524,555 $27,401 551,956 <br />Expenditures $ - $ - <br />Fund Balance - December 31, 1997 $551,956 <br />The City is allowing the current homeowners to request a refund with 4% interest. If refunds <br />and claims are not submitted, the City will pay the full SAC charge from this fund at the time of <br />hook -up. This policy may require a supplemental future revenue source if such future charges <br />exceed available balances. <br />Vow <br />Street Reconstruction <br />This fund was established in 1996 to account for revenue received from developers for <br />future street reconstruction. This fund had a fund balance of $68,643 at December 31, 1997. <br />