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City of Lino Lakes, Minnesota <br />Management Report, Page 7 <br />The City collects special assessments through Anoka County. Beginning in 1993, the County <br />began providing limited data regarding delinquent assessment receivables. We recommend the <br />City continue to request improved data from the County. <br />Fixed Assets <br />As discussed in prior management reports, the City does not maintain complete fixed asset <br />accounting records. Advantages of maintaining such a system include the following: <br />• Availability of insurable value amounts <br />• Increased safeguarding of movable assets <br />• Availability of database to determine capital equipment replacement needs <br />• Improved financial reporting <br />Currently, the auditors opinion on the financial statements is qualified for lack of a fixed asset <br />system. A fixed asset system would enable the City to obtain an unqualified or "clean" opinion on <br />the financial statements. This would allow the City to submit its Annual Financial Report to the <br />Government Finance Officers Association's Certificate of Achievement for Excellence in Financial <br />Reporting program. The City has purchased a fixed asset software program and intends to compile <br />a complete listing of fixed assets during 1995. <br />