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City of Lino Lakes, Minnesota
<br />Management Report, Page 27
<br />1991 Construction
<br />This fund accounts for the various projects financed by the Temporary Improvement Bonds of
<br />1991A. A summary of financial activity of this fund is as follows:
<br />Budget Actual Variance
<br />Financing sources:
<br />Bond proceeds $3,949,214 $3,947,649 ($1,565)
<br />Special assessments 13,360 13,360
<br />Transfer from area and unit charge 388,965 388,965
<br />Interest earnings 79,041 79,041
<br />Refunds and reimbursements 144,977 144,977
<br />Total sources $3,949,214 4,573,992 $624,778
<br />Financing uses:
<br />Construction costs:
<br />White Tail Ridge $50,600 60,437 $9,837
<br />Brandywood Estates 790,015 793,529 3,514
<br />Pheasant Hills 583,762 714,511 130,749
<br />Pine Ridge Estates 592,771 588,925 (3,846)
<br />Reshanau Lake Trunk 1,016,286 1,233,629 217,343
<br />Wenzel Farms 915,780 1,027,391 111,611
<br />Total uses $3,949,214 4,418,422 $469,208
<br />Fund balance - December 31, 1994 $155,570
<br />The assessments for White Tail Ridge and Brandywood Estates were adopted in 1991. The
<br />assessments for Pheasant Hills, Pine Ridge Estates, Reshanau Lake Trunk and Wenzel Farms
<br />were adopted in 1992. During 1992, the City received a reimbursement from the MWCC for a
<br />portion of the Reshanau Lake Trunk which was constructed by the City for the MWCC.
<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.
<br />1993 Construction
<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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