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City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />Tax Increment Financing #3 -1 <br />District #3 -1 is an Economic Development district and was established in June, 1995. The <br />duration of the district is 11 years. This district includes the Clearwater Creek Development <br />Center. A summary of budgeted financial activity from inception for this district is as follows: <br />Amended <br />Budget Actual <br />Revenue: <br />Tax increments $1,750,000 $5,942 <br />Administrative charge - 10,500 <br />Total revenue $1,750,000 16,442 <br />Expenditures: <br />Land acquisition $1,067,700 40,000 <br />Public improvements 557,300 238,868 <br />Administrative 125,000 94,580 <br />Total expenditures $1,750,000 373,448 <br />Fund balance (deficit) - December 31, 1997 ($357,006) <br />Page 53 <br />