Management Report and Recommendations 12/31/1991

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City of Lino Lakes, Minnesota Management Report, Page 27 Parks and Playground This fund was established to account for dedicated park fees. The City uses the Parks and Playground Fund to collect ordinance restricted fees and donations from various groups. This fund collected $61,500 of park dedication fees in 1991. The fund balance of $220,620 at December 31, 1991 is available for expenditures by the City to fund capital outlay and maintenance of dedicated park lands. The City normally collects park dedication fees upon subdivision. The City has made exceptions for the Lino Air Park and Rice Lake Addition developments to allow for payment upon development (as opposed to subdivision). During 1991, the receivable for Rice Lake Addition ($660) was written off. The amount of the park dedication fee receivable for Lino Air Park of $4,400 has been outstanding for the past seven years. The City anticipates collecting this fee when additional development occurs. Capital Improvement Projects Fund This fund accounts for the proceeds of Equipment Certificates. The following schedule summarizes the activity of this fund through December 31, 1991: Proceeds from issuance of 1981 Certificates $111,400 Proceeds from issuance of 1985 Certificates 107,500 Proceeds from issuance of 1987 Certificates 78,260 Proceeds from issuance of 1989 Certificates 300,566 Proceeds from issuance of 1989B Certificates 275,000 Proceeds from issuance of 1990 Certificates 88,642 Interest earnings 59,957 Property taxes 14,549 State - MSA, Computer purchase 4,944 Donations 16,000 Transfer from Debt Service Fund 2,390 Total revenue and other sources Expenditures: 1981 - 1990 1991 Total expenditures 780,455 135.901 1,059,208 916.356 Fund Balance - December 31, 1991 $142,852 After the scheduled purchases of equipment are made in 1991, the remaining fund balance should be closed to the related Certificates of Indebtedness Debt Service Fund (or be expended on qualifying equipment purchases).