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City of Lino Lakes, Minnesota
<br />Management Report, Page 26
<br />..- 1989 Construction
<br />This fund accounts for the various projects financed by the Temporary Improvement Bonds of
<br />1989. During 1992, the City allocated $250,070 of additional bond proceeds from the
<br />Improvement Bonds of 1992A to this fund. The fund balance of this fund was $169,728 at
<br />December 31, 1994. A summary of the financial activity of this fund from inception is as follows:
<br />NNW
<br />Budget
<br />Actual Variance
<br />Financing sources:
<br />Bond proceeds $4,120,767 $4,367,450 $246,683
<br />MSA construction 105,800 (105,800)
<br />Interest earnings 329,330 329,330
<br />Special assessments - 758,312 758,312
<br />Other 1,200 1,200
<br />Total sources $4,226,567 5,456,292 $1,229,725
<br />Financing uses:
<br />Construction costs:
<br />West Central Trunk $2,047,335 1,985,414 ($61,921)
<br />Woodridge Estates 819,933 851,967 32,034
<br />Sunrise Meadows 894,064 886,179 (7,885)
<br />Reshanau 3rd 206,925 252,047 45,122
<br />Reshanau 4th & 5th 258,310 467,785 209,475
<br />Transfers out:
<br />Area and unit charge 163,601 163,601
<br />Temp Bonds of 1989 580,643 580,643
<br />Dedicated parks 18,561 18,561
<br />Interim construction 48,400 48,400
<br />Surface water management 31,913 31,913
<br />Total uses $4,226,567 5,286,510 $1,059,943
<br />Fund balance - December 31, 1994 $169,782
<br />The transfers to the Area and Unit Charge Fund and the Temporary Improvement Bonds of
<br />1989 were to transfer assessment collections to the appropriate funds. The transfer to the Interim
<br />Fund was for reimbursement of prior expenditures. During 1992 and 1993, the City recorded
<br />costs incurred on the Reshanau 5th Addition within this Fund. These costs were not originally
<br />budgeted at the time the bond was issued.
<br />The projects accounted for in this fund have been completed. However, a review of the related
<br />escrow accounts must be completed prior to closing this fund. We recommend the City review the
<br />related escrow accounts and close this fund in 1995.
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