Management Report and Recommendations 12/31/1987

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 City of Lino Lakes, Minnesota Management Report, Page 32 The 4th Avenue project was funded primarily from MSA allotments. A portion of the project will also be assessed. This project was bonded in 1987. Both projects were established as separate funds in 1987. The 80th Street Fund will be financed by the State for the construction of the bridge and Anoka County for construction of the road. The City will pay for engineering and other minor costs. The City's accounting system is a manual system which is not conducive to departmen- tal accounting practices required to maintain an Interim Construction Fund. The City has therefore reverted to the practice of establishing a separate fund for each construction project. After acquiring the new computer system, we recommend that the City establish departmental accounting for interim construction projects and other com- monly financed projects. Rice Lakes Estates Addition The City began this project in 1985. The project was scheduled for completion in 1987. We recommend that this fund be closed to the Improvement Bonds of 1986 Fund after final completion of construction. North Road This fund was established in 1986 to account for North Road Improvements. This pro- ject was financed by the 1987 Temporary bond issue and was completed and assessed during 1987. We recommend that this fund be closed in 1988 to the Temporary Bonds of 1987 Debt Service Fund. Main Street This fund was established in 1986 to account for the Main Street Improvements. This project continues to reflect a deficit because funding has not been secured. We recom- mend that the City determine the status of this project and consider methods to elimi- nate the deficit. This project will be assessed in 1988.