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MENNE <br />oiew <br />lane <br />City of Lino Lakes, Minnesota <br />Management Report, Page 38 <br />Surface Water Management Fund <br />This fund was established in 1989 to account for the financing of surface water management <br />planning and storm sewer trunk lines. During 1990, the City levied its first assessments for <br />surface water management charges. We recommend that the City monitor the deficit fund balance <br />and consider alternative financing if future surface water management charges are not sufficient to <br />eliminate the deficit. <br />Economic Development District #1 <br />On January 26, 1987 the City established the Economic Development District #1. Within the <br />District, the City established Housing District #1 -1. The housing plan calls for adequate numbers <br />of low to moderate housing units pursuant to MS 273.73 subd. 11. <br />The Housing District Financing Plan indicates that the original tax capacity value of the District <br />is $116,869. The values within the District are estimated to be $1,270,000 after completion of the <br />project. This would result in a captured tax capacity value of $1,153,131. The plan, however, <br />refers to a captured value estimated at $141,131. This inconsistency within the official plan should <br />be corrected. (The $141,131 appears to be the anticipated tax increment taxes receivable from the <br />captured value annually.) <br />Financial activity of this fund from inception is as follows: <br />Prior <br />Years 1990 Total <br />Revenue and other sources: <br />Tax increments $132,606 $130,069 $262,675 <br />HACA 8,683 8,683 <br />Interest on investments 5,459 14,042 19,501 <br />Total revenue and other sources 146,748 144,111 290,859 <br />Expenditures and other uses: <br />Professional services 940 940 <br />Net increase in fund balance $145,808 $144,111 289,919 <br />Fund balance - January 1, 1989 0 <br />Fund balance - December 31, 1990 $289,919 <br />