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Vommr
<br />City of Lino Lakes, Minnesota
<br />Management Report, Page 26
<br />1989 Construction
<br />This fund accounts for the various projects financed by the Temporary Improvement Bonds of
<br />1989. During 1992, the City allocated $250,070 of additional bond proceeds from the
<br />Improvement Bonds of 1992A to this fund. The fund balance of this fund was $167,256 at
<br />December 31, 1993. A summary of the financial activity of this fund from inception is as follows:
<br />Financing Sources:
<br />Bond proceeds
<br />MSA construction
<br />Interest earnings
<br />Special assessments
<br />Other
<br />Total sources
<br />Financing Uses:
<br />Construction costs:
<br />West Central Trunk
<br />Woodridge Estates
<br />Sunrise Meadows
<br />Reshanau 3rd
<br />Reshanau 4th & 5th
<br />Transfers out
<br />Area and unit charge
<br />Temp Bonds of 1989
<br />Dedicated parks
<br />Interim construction
<br />Surface water management
<br />Total uses
<br />Budget Actual Variance
<br />$4,120,767
<br />105,800
<br />0
<br />0
<br />0
<br />$4,226,567
<br />$2,047,335
<br />819,933
<br />894,064
<br />206,925
<br />258,310
<br />$4,367,450 $246,683
<br />0 (105,800)
<br />323,358 323,358
<br />758,312 758,312
<br />1,200 1,200
<br />5,450,320 $1,223,753
<br />1,985,414 ($61,921)
<br />851,967 32,034
<br />886,179 (7,885)
<br />252,047 45,122
<br />464,339 206,029
<br />0 163,601 163,601
<br />0 580,643 580,643
<br />0 18,561 18,561
<br />0 48,400 48,400
<br />0 31,913 31,913
<br />$4,226,567. 5,283,064 $1,056,497
<br />Fund Balance - December 31,1993 $167,256
<br />The transfers to the Area and Unit Charge Fund and the Temporary Improvement Bonds of
<br />1989 were to transfer assessment collections to the appropriate funds. The transfer to the Interim
<br />Fund was for reimbursement of prior expenditures. During 1992 and 1993, the City recorded
<br />costs incurred on the Reshanau 5th Addition within this Fund. These costs were not originally
<br />budgeted at the time the bond was issued. We recommend the City determine a financing source
<br />for this project.
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