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 34 Erickson's This fund was established in 1987 to account for installation of water, sewer, storm sewer and streets in D. Erickson's Second Addition. This project was financed by the Temporary Improvement Bonds of 1987. Ash Street East Extension This fund was established in 1987 to account for road construction into Otter Bay subdivision. Plans and specs have been ordered. A financing source for this project has not been determined. Otter Bay This fund was established in 1987 to account for City costs associated with the installation of streets and storm sewer in the Otter Bay Development. The City has a developer agreement and has received a contractor's deposit for this project. As of December 31, 1987, the amount of the contractor's deposit was not sufficient to cover City incurred costs. The City does, however, have a letter of credit for $35,000. We recommend the City monitor this situation to assure reimbursement from the developer and that all deposits held in the Contractors Deposits Agency Fund be reclassified to the appropriate construction fund as costs are incurred. West Central Sewer and Water Trunk This fund was established in 1987 to account for installation of a sewer and water trunk main on Second Avenue. Construction on this project has not been started. The project is scheduled for completion in 1989. Special assessments, area wide connection charges and possibly tax increments will be used to finance this project. 74th Street This fund was established in 1987 to account for improvements on 74th Street. This project has not been approved and will not be constructed. We recommend that the City consider methods to eliminate the deficit and close this fund in 1988.