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Management Report and Recommendations 12/31/1998
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Management Report and Recommendations 12/31/1998
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Management Report and Recommendations
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12/31/1998
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— Honorable Mayor and Members of the City Council <br />City of Link Lakes <br />Page 8 <br />COMBINED FINANCIAL STATEMENT ANALYSIS (Continued) <br />Cash balances of Minnesota cities are commonly restricted by statutory requirements and Tong -range <br />financial planning objectives. For the City of Lino Lakes the following illustrates such cash <br />restrictions/designations: <br />General Fund. The General Fund is supported significantly by property taxes and State revenues. The <br />— City receives these amounts primarily in June and December. Working capital designations are needed <br />to provide adequate cash flow throughout the first six months of the ensuing year. The City has <br />established this designation (see later discussion- General Fund). <br />Special Revenue Funds. The City maintains several Special Revenue Funds, which match specific <br />purpose revenues with associated expenditures. <br />Debt Service Funds. Minnesota statutes restrict the use of Debt Service Funds for payment of principal <br />and interest on debt. These balances are restricted until full payment of the outstanding debt is made. <br />INEwr <br />'— Capital Proiect Funds. The primary funding sources for these funds are bond proceeds, tax increment <br />revenue, State aids, grants and other revenues dedicated to construction and acquisition of major <br />capital facilities. <br />Enterprise Funds. Cash balances of the Enterprise Funds are partially restricted for bond covenants to <br />assure adequate cash flow to retire revenue bonds. Enterprise Funds also have cash requirements for <br />— working capital purposes, such as sufficient cash for operations prior to collection of accounts <br />receivable. Enterprise Funds also tend to require cash reserves for unexpected major repairs vital to <br />system operations, as well as planned system expansion and repairs. <br />Agency Funds. Cash balances of the Agency Funds consist primarily of deposits due to contractors <br />and related to pending assessments. The City's pooled investments are also accounted for in an <br />Agency Fund. <br />Maw <br />NNW <br />
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