Management Report and Recommendations 12/31/1991

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City of Lino Lakes, Minnesota Management Report, Page 32 Surface Water Management Fund This fund was established in 1989 to account for the fmancing of surface water management planning and storm sewer trunk lines. During 1990, the City levied its first assessments for surface water management charges. The City is currently working on phase one of a three phase surface water management plan. The cost of the plan will be financed by developer charges. We recommend that the City monitor the deficit fund balance and consider alternative financing if future surface water management charges are not sufficient to eliminate the deficit. Economic Development District #1 On January 26, 1987 the City established the Economic Development District #1. Within the District, the City established Housing District #1 -1. The housing plan calls for adequate numbers of low to moderate housing units pursuant to MS 273.73 subd. 11. The Housing District Financing Plan indicates that the original tax capacity value of the District is $116,869. The values within the District are estimated to be $1,270,000 after completion of the project. This would result in a captured tax capacity value of $1,153,131. The plan, however, _ refers to a captured value estimated at $ 141,131. This inconsistency within the official plan should be corrected. (The $141,131 appears to be the anticipated tax increment taxes receivable from the captured value annually.) laser Financial activity of this fund from inception is as follows: Prior Years 1991 Total Revenue and other sources: Tax increments $262,675 $191,326 $454,001 HACA 8,683 8,683 Interest on investments 19,501 20,172 39,673 Total revenue and other sources 290,859 211.498 502.357 Expenditures and other uses: Professional services 940 1,024 1,964 Net increase in fund balance $289,919 $210,474 500,393 Fund balance - January 1, 1989 0 Fund balance - December 31, 1991 $500,393