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City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />1994 Construction <br />This fund was established to account for the various projects financed by the Temporary <br />Improvement Bonds of 1994A. A summary of the financial activity of this fund since inception <br />is as follows: <br />Budget Actual Variance <br />Financing sources: <br />Bond proceeds - net $2,054,350 $1,903,614 ($150,736) <br />MN DOT Reimbursement 713,989 613,806 (100,183) <br />Anoka County 583,917 658,323 74,406 <br />Circle Pines - 1,628 1,628 <br />Interest earnings 34,944 34,944 <br />Other 9,357 9,357 <br />Total sources $3,352,256 3,221,672 ($130,584) <br />Financing uses: <br />Construction costs: <br />Country Lake Estates $636,750 918,192 $281,442 <br />Highway 49 and Lake Drive 1,988,400 2,072,555 84,155 <br />Hodgson Road watermain 200,200 297,223 97,023 <br />Total uses $2,825,350 3,287,970 $462,620 <br />Fund balance (deficit) - December 31, 1997 ($66,298) <br />.44> The remaining MN DOT reimbursement was coded to the Area and Unit Charge Fund <br />since the Temporary Improvement Bonds of 1994A were called early using Area and Unit <br />Funds. We recommend the City determine a funding source for the fund deficit and close this <br />fund once the projects are completed. <br />1995 Construction <br />This fund was established to account for the construction costs related to the Woods of <br />Baldwin Lake II. The project costs totaled $141,274 through December 31, 1997. The <br />construction costs were financed by the City (i.e., no bonding). This project was assessed in <br />1995 in the amount of $146,304. <br />Page 47 <br />