Management Report and Recommendations 12/31/1988

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City of Lino Lakes, Minnesota Management Report, Page 26 Proceeds from issuance of 1981 Certificates $111,400 Proceeds from issuance of 1985 Certificates 107,500 Proceeds from issuance of 1987 Certificates 78,260 Interest Earnings: 1981 1,288 1982 9,901 1983 1,758 1984 1,300 1985 1,192 1986 5,218 1987 2,459 1988 4,816 Property taxes 14,382 Transfer from Debt Service Fund 2,390 Total revenue and other sources Expenditures: 1981 2,707 1982 55,136 1983 50,506 1984 1,546 1985 7,725 1986 82,315 1987 29,871 1988 42,999 Total expenditures $341,864 272.805 Fund Balance - December 31, 1988 $69,059 After the scheduled purchases of equipment are made in 1988, the remaining fund balance should be closed to the 1987 Certificates of Indebtedness Debt Service Fund (or be expended on qualifying equipment purchases). Community Development Block Grant The Community Development Block Grant (CDBG) Fund was established in 1982 to account for the financial activity related to the projects to be funded by the CDBG program. The City entered into an agreement with Anoka County to received CDBG funds. The County of Anoka, along with other governmental units, were awarded the grant. The City of Lino Lakes is considered to be a sub - grantee and must comply with the provisions of the grant agreement. The City has determined the compliance procedures that are required to be documented in City records. Proper documentation with the grant agreement has aided the City in receiving the monies applied for in reimbursement of City expenditures.