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- Honorable Mayor and Members of the City Council
<br />City of Lino Lakes
<br />Page 18
<br />Analysis of Certain Capital Project Funds
<br />1997 Construction Fund
<br />This fund is being used to account for the Otter Lake Road Realignment and Otter Lake Service Road
<br />projects. Here is a summary of the expenditures through 1999.
<br />Financing Bond
<br />Source Proceeds
<br />Otter Lake Road Realingment 98A Bonds $ 1,300,085 $
<br />Otter Lake Service Road
<br />Investment Earnings
<br />Investment
<br />Earnings
<br />Expenditures
<br />to date
<br />- $ 2,389,885
<br />123,750
<br />8,051
<br />$ 1,300,085 $ 8,051
<br />$ 2,513,635
<br />Remaining
<br />to Spend
<br />(overspent)
<br />$ (1,089,800)
<br />(123,750)
<br />8,051
<br />$ (1,205,499)
<br />- The 1998 A G.O. Improvement bonds provided $1,300,085 toward financing the "realignment" project
<br />and $2,389,885 have been spent through 1999 on this project. The "service road" project has not had
<br />a financing source transferred into this fund as of the end of 1999. The city will need to identify an
<br />additional $1,205,499 of resources to close out this fund. We realize that there are usually other
<br />financing sources for a project other than bond proceeds and often these transfers are made after the
<br />project is complete. It is possible that not all the anticipated special assessment rolls for these projects
<br />have been adopted. We recommend that staff investigate the disposition of all anticipated special
<br />assessment rolls related to these projects.
<br />We also recommend that the city adopt a strategy for budgeting "multi- year" projects which will serve to
<br />identify the funding sources for each of the projects and to provide for the ongoing monitoring of project
<br />balances from month to month by entering these budgets into the finance system. See our additional
<br />discussion in the "auditor comments" section located earlier in this report. Once the projects have been
<br />- completed, the financing sources identified and transfers have been made into this fund, the fund
<br />should be closed.
<br />- 1998 Construction Fund
<br />This fund is being used to account for the Lakes Drive Utility, Lakes Addition, 21st Ave Street & Utilities
<br />and the Apollo Drive Phase III projects. Here is a summary of the expenditures through 1999.
<br />Financing Bond
<br />Source Proceeds
<br />21st Ave Street & Utilities $
<br />Apollo Drive Phase III
<br />Lake Drive Utility 98A Bonds
<br />Lakes Addition 98B Bonds
<br />Investment Earnings
<br />2,400, 565
<br />1,980,000
<br />Investment
<br />Earnings
<br />77,771
<br />$ 4,380,565 $ 77,771
<br />Expenditures
<br />to date
<br />$ 618,047
<br />491,586
<br />3,784,899
<br />2,143,756
<br />$ 7,038,288
<br />Remaining
<br />to Spend
<br />(overspent)
<br />$ (618,047)
<br />(491,586)
<br />(1,384,334)
<br />(163,756)
<br />77,771
<br />$ (2,579,952)
<br />
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