Management Report and Recommendations 12/31/1992

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City of Lino Lakes, Minnesota Management Report, Page 49 SUMMARY During 1993, we recommend that the City: Monitor the collection rate of special assessments and provide supplemental financing if assessment collections are not adequate to meet bonded debt payments. (Page 12) • Request improved special assessment data from County. (Page 13) • Adopt a formal policy for calculating assessments on properties that originally opted out of improvement projects. (Page 13) • Continue to transfer funds from the Tax Increment Capital Project Funds to the EDA Fund for qualifying administrative expenditures on an annual basis. (Page 18) • Confer with the fiscal consultant and bonding attorney to monitor compliance with Treasury Regulations pertaining to reimbursement bonds. (Page 23) • Apply for reimbursement of CDBG funds on a timely basis. (Page 26) • Monitor actual versus projected area and unit assessment collections to assure that debt payment requirements will be met. (Page 27) • Close the Centennial Fire Station Fund in 1993 after fmal costs have been paid. (Page 30) • Review status of various projects in the Interim Construction Fund and determine financing sources. (Page 33) • Submit final MSA reimbursement requests and close the 1990 Construction Fund. (Page 34) • Comply with MS 15.73 concerning retainage for the Brandywood Estates, White Tail Ridge and Reshanau Lake Trunk Improvements. (Page 35) • In the event that tax increment bonds are sold 1) a bond provision is included which would allow tax increment collections to be receipted to the Economic Development #1 Capital Project Fund, and 2) funds are approved for transfer from the Capital Project Fund to the Debt Service Fund as needed. (Page 37) • Monitor actual revenue flows compared to projected revenues to assure timely availability of cash to meet budgeted expenditures for Tax Increment District #1 -5. (Page 39) • Charge water and sewer rates at a level which will cover the cost of retiring debt issued to construct the water tower and maintain adequate levels of retained earnings. (Page 40) • Split water and sewer operations into two separate funds. (Page 42) • Request the calculation of franchise fee remittances for gas service from Circle Pines. (Page 43)