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City of Lino Lakes, Minnesota
<br />Management Report, Page 15
<br />DEBT SERVICE FUNDS
<br />The combining financial statements for the debt service funds are presented in Statements 10
<br />and 11 of the 1993 Annual Financial Report. Debt service funds are a type of governmental fund
<br />to account for the accumulation of resources for the payment of interest and principal on debt (other
<br />than enterprise fund debt). Debt service funds may have one or a combination of revenue sources
<br />pledged to retire debt including property taxes, tax increments, special assessments and area and
<br />unit charges.
<br />Pledged assets may be divided into three categories: 1) Recorded as fund assets with the
<br />revenue deferred until collected (levied assessments and levied taxes); 2) Actually received by the
<br />fund and included in fund balances (collected assessments, interest, bond proceeds, etc.); and, 3)
<br />Future pledged assets not recorded as assets but intended to be collected at a future date (scheduled
<br />property taxes and estimated tax increment collections).
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis
<br />to determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from several sections of the 1993 Annual Financial Report to assist in this
<br />analysis:
<br />December 31, 1993 Scheduled Final
<br />Fund Defected Outstanding Property Maturity
<br />Fund Description Balance Revenue Total Debt Taxes Date
<br />General Debt
<br />1989A Certificates of Indebtedness $9,696 $1,443 $11,139 $60,000 $67,819 5/1/94
<br />1989B Certificates of Indebtedness 78,882 1,302 80,184 120,000 67,190 2/1/95
<br />1990 Certificates of Indebtedness 3,349 402 3,751 36,000 20,889 1/1/96
<br />1991 Certificates of Indebtedness 5,115 726 5,841 45,000 49,801 1/1/95
<br />1992 Certificates of Indebtedness (3,383) 0 (3,383) 150,000 166,305 2/1/95
<br />Public Project Revenue Bonds of 1990A 133,088 1,291 134,379 1,115,000 2,019,338 2/1/10
<br />Total general debt 226,747 5,164 231,911 1,526,000 2,391,342
<br />Special Assessment Debt:
<br />Improvement Bonds of 1988 881,927 122,841 1,004,768 655,000 0 2/1/97
<br />Temporary Improvement Bonds of 1991A 2,317,472 706,299 3,023,771 4,260,000 0 8/1/94
<br />Improvement Bonds of 1992A 657,389 432,156 1,089,545 3,490,000 3,849,304 2/1/06
<br />Total special assessment debt 3.856,788 1.261,296 5.118.084 8,405,000 3.849.304
<br />Total - All Debt Service Funds $4,083,535 $1,266,460 $5,349,995 $9,931,000 $6,240,646
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