Management Report and Recommendations 12/31/1993

Home Search

City of Lino Lakes, Minnesota Management Report, Page 24 Surface Water Management Fund This fund was established in 1989 to account for the financing of surface water management planning and stone sewer trunk lines. During 1990, the City levied its first assessments for surface water management charges. The City is currently working through a three phase surface water management plan. The cost of the plan will be financed by developer charges. Interim Construction The Interim Construction Fund was established in 1985 to account for the preliminary construction costs prior to permanent bonding or other financing determination. The various projects accounted for in this fund are detailed in Exhibit 4 of the 1993 Annual Financial Report. The fund balance of this fund was a deficit of $172,276 at December 31, 1993. The fund deficit is primarily the result of expenditures related to the Highway 49 and Lake Drive project. This deficit will be eliminated in 1994 with the issuance of improvement bonds. MSA Construction The MSA Construction Fund was established in 1990 to account for the collection of assessments on MSA projects in accordance with the City's Public Improvement Financing Policy. The fund balance of this fund was $45,568 at December 31, 1993. Sealcoating This fund was established in 1991 to account for money received from private developers for future sealcoating in new housing developments. A summary of transaction of this fund is as follows: Prior Years 1993 Total Revenue and other sources: Special assessments $84,138 $150,286 $234,424 Interest earnings 743 6,854 7,597 Refunds and reimbursements 5,930 18,920 24,850 Total $90,811 $176,060 . 266,871 Expenditures $0 $109,824 109,824 Fund balance - December 31, 1993 $157,047