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<br />City of Lino Lakes, Minnesota
<br />Management Report, Page 13 1
<br />Special Assessments Receivable
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<br />Special assessments receivable consisted of the following amounts at December 31, 1989 and
<br />1988:
<br />December 31, Increase
<br />1989 1988 (Decease)
<br />Delinquent $161,751 $123,153 $38,598
<br />Defaced 1,181,528 1,636,158 (454,630)
<br />City property 142,553 142,553 0
<br />Tax forfeit 121,424 121,424 0
<br />Due from County 40,236 49,649 (9,413) 1
<br />Totals $1,647,492 $2,072,937 ($425,445)
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<br />Delinquent assessments receivable consist of amounts collectible in 1989 and prior years which
<br />the City has not yet received. A summary of assessment collections for the past four years is as 1
<br />follows:
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<br />1989 1988 1987 1986
<br />Delinquent balance - January 1 $123,153 $189,606 $290,525 $271,588 r
<br />Adct
<br />Current installment 326,516 312,610 388,798 162,553
<br />Amount collectible 449,669 502,216 679,323 434,141
<br />Less: r
<br />Current collections 223,757 204,150 194,196 78,980
<br />Delinquent collections 64,161 163,841 190,508 63,103
<br />Total collections 287,918 367,991 384,704 142,083
<br />Adjustments 0 (11,072) (105,013) (1,533) 1
<br />Delinquent balance - December 31 $161,751 $123,153 $189,606 $290,525 1
<br />Current collection rate 69% 65% 50% 49%
<br />Total collections as a percent r
<br />of current levy 88% 118% 99% 87%
<br />As the above schedule shows, special assessment collection rates have fluctuated substantially
<br />over the past several years. The ability of the City to collect special assessments is vital to the
<br />financing of the Special Assessment Debt Service Funds of the City. The primary funding of debt
<br />payments is special assessments. Timely collection of special assessments are required to assure
<br />timely availability of cash to meet the scheduled debt payments. If the City continues to experience
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