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City of Lino Lakes, Minnesota <br />Management Report, Page 31 <br />The following schedule summarizes the activity of this fund through December 31, 1989. <br />Proceeds from issuance of 1981 Certificates $111,400 <br />Proceeds from issuance of 1985 Certificates 107,500 <br />Proceeds from issuance of 1987 Certificates 78,260 <br />Proceeds from issuance of 1989 Certificates 300,566 <br />Interest earnings 32,708 <br />Property taxes 14,491 <br />Transfer from Debt Service Fund 2,390 <br />Total revenue and other sources <br />$647,315 <br />Expenditures: <br />1981 -1988 272,805 <br />1989 215,847 <br />Total expenditures 488,652 <br />Fund Balance - December 31, 1989 $158,663 <br />After the scheduled purchases of equipment are made in 1990, the remaining fund balance <br />should be closed to the 1989 Certificates of Indebtedness Debt Service Fund (or be expended on <br />qualifying equipment purchases). <br />Community Development Block Grant <br />The Community Development Block Grant (CDBG) Fund was established in 1982 to account <br />for the financial activity related to the projects to be funded by the CDBG program. The City <br />entered into an agreement with Anoka County to receive CDBG funds. The County of Anoka, <br />along with other governmental units, were awarded the grant. The City of Lino Lakes is <br />considered to be a sub - grantee and must comply with the provisions of the grant agreement. The <br />City has determined the compliance procedures that are required to be documented in City records. <br />Proper documentation with the grant agreement has aided the City in receiving the monies applied <br />for in reimbursement of City expenditures. <br />