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City of Lino Lakes, Minnesota <br />Management Report, Page 30 <br />The zero fund balance of this fund is a result of the following activity since <br />inception: <br />Revenue: <br />State Grant (28% of expenditures) <br />Federal Grant (30% of expenditures) <br />Interest on investments <br />Total revenue <br />$ 36,867 <br />38,822 <br />5,069 <br />Expenditures: <br />Contractor 92,985 <br />Engineering 13,642 <br />Other 18,292 <br />Total expenditures <br />Transfers In: <br />Parks and Playground <br />General <br />Total transfers <br />30,048 <br />14,113 <br />$ 80,758 <br />124,919 <br />44,161 <br />Fund balance - December 31, 1987 $ -0- <br />The 1987 transfers effectively closed this fund. The City refunded $19,499 of State <br />LAWCON Grant because a portion of the project was cancelled and therefore the City did <br />not expend the full matching portion. <br />Lakes Addition #7 <br />Lakes Addition #7 has had the following transactions from inception: <br />Miscellaneous Revenue <br />Developer reimbursement <br />Preliminary Construction Costs <br />1982 and 1983 and <br />Prior 1984 1985 1986 Total <br />$ 183 $ -0- $ -0- $ 102 <br />18,285 $ 18,570 <br />22,767 -0- 91 13,000 35,858 <br />Fund balance (deficit) - December 31, 1987 $(17,288) <br />The above deficit primarily relates to the loss of a lawsuit regarding development. <br />We recommend that the City designate a financial source and eliminate this fund in 1988. <br />