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tim <br />City of Lino Lakes, Minnesota <br />Management Report, Page 28 <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 is as follows: <br />Budget Actual Variance <br />Financing sources: <br />Bond proceeds $2,079,350 $1,903,614 ($175,736) <br />MN DOT Reimbursement 771,900 - (771,900) <br />Interest earnings - 5,372 5,372 <br />Total sources $2,851,250 1,908,986 ($942,264) <br />Financing uses: <br />Construction costs: <br />Issuance costs $25,900 ($25,900) <br />Country Lake Estates 636,750 498,517 (138,233) <br />Highway 49 and Lake Drive 1,988,400 210,747 (1,777,653) <br />Hodgson Road watermain 200,200 59,993 (140,207) <br />Total uses $2,851,250 769,257 ($2,081,993) <br />Fund balance - December 31, 1994 $1,139,729 <br />Apollo Business Park <br />This fund was established in 1992 to account for construction costs in developing the City's <br />industrial park. This fund had a deficit of $67,303 at December 31, 1994. The City expects to <br />finance these improvements through the sale of property within the park and the adoption of <br />assessments. <br />Apollo Drive Construction <br />This fund was established in 1992 to account for improvements to Apollo Drive. The fund <br />balance of this fund was $68,728 at December 31, 1994. <br />