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City of Lino Lakes, Minnesota
<br />Management Report, Page 27
<br />Area and Unit Charge Fund
<br />On January 11, 1988 the City Council approved Resolution 1 -88 which established the Area
<br />and Unit Charge Fund for the City. The purpose of this fund is to collect various area and unit
<br />charges to be used to meet debt payments. Before October 1 of each year, the City will estimate
<br />the required transfer needed to meet debt payments for the subsequent year. In December, these
<br />estimated amounts shall be transferred to the various debt funds. The City has estimated scheduled
<br />area and unit assessments needed to meet debt requirements. We recommend that the City monitor
<br />actual versus projected area and unit assessment collections to assure that debt payment
<br />requirements will be met.
<br />The City intends to retire debt from the various area and unit charges. Careful monitoring of
<br />anticipated collections compared to actual is required to assure timely availability of monies to retire
<br />debt. Balances available after debt commitments are met can then be used for non - assessable
<br />system improvements.
<br />A schedule of transactions of this fund from inception is as follows:
<br />Balance 1992 Balance
<br />January 1, Current and December 31,
<br />1992 Prepayments Delinquent Interest 1992
<br />Revenue and other sources:
<br />Area and unit charges:
<br />Temporary Bonds of 1987 (1) $62,237 $194,682 $8,549 $265,468
<br />Temporary Bonds of 1988 (2) 266,691 22,696 $2,712 9,720 301,819
<br />Temporary Bonds of 1989 (3) 1,541,176 361,965 46,465 64,877 2,014,483
<br />Temporary Bonds of 1990 34,646 2,749 1,244 38,639
<br />Temporary Bonds of 1991 478,630 27,955 16,858 523,443
<br />Total revenue and other sources 1,904,750 1,060,722 77,132 101,248 3,143,852
<br />Expenditures and other uses:
<br />Professional services 85,913 5,146 0 0 91,059
<br />Transfer from 1989 construction 29,842 29,842
<br />Transfer from Water and Sewer 132,685 96,712 229,397
<br />Transfer to Capital Project Funds (19,159) (19,159)
<br />Net increase in fund balance $1,981,364 $1,133,129 $77,132 $101,248 $3,292,873
<br />(1) Pledged to the 1990B Temporary Improvement Bonds
<br />(2) Pledged to the 1991A Temporary Improvement Bonds
<br />(3) Pledged to the 1992A Improvement Bonds
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