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VOTO, TAUTGES, REDPATH & CO., LTD. <br />CERTIFIED PUBLIC ACCOUNTANTS <br />Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263 <br />ROBERT J. VOTO, CPA <br />ROBERT G. TAUTGES, CPA <br />JAMES S. REDPATH, CPA <br />D. KENNETH GEORGE, CPA <br />DAVID J. MOL, CPA <br />To the Honorable Mayor and <br />Members of the City Council <br />City of Lino Lakes, Minnesota <br />The Annual Financial Report of the City is complete and has been transmitted to the <br />City Council. In conjunction with our examination of the fmancial statements, we have <br />prepared this report to assist the City in the analysis of the 1988 financial statements. <br />Financial areas which may be of particular interest to the City are as follows: <br />Page No. <br />1. The State has made significant changes to the property tax <br />system and State aid funding systems. 2 <br />2. The City's General Fund increased by $202,000 in 1988. 15 <br />3. The City received initial tax increment receipts in 1988. 36 <br />4. The City established the Connection and Area Charge <br />Fund in 1988. 33 <br />5. MWCC billings to the City are projected to increase by <br />26% in 1989. 40 <br />In addition to the above areas, financial trend analysis has been updated throughout the <br />report. <br />The funding of operations of the City continue to be vulnerable to legislative actions of <br />the State. Our firm is committed to analyzing the effects of State actions on City financing. <br />We will continue to measure the impact on the financial outlook for the City of Lino Lakes. <br />MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION <br />MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS <br />GOVERNMENT FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS <br />