Laserfiche WebLink
City of Lino Lakes, Minnesota <br />Management Report, Page 23 <br />City Hall Expansion <br />In 1983, the City expanded the CDBG project to include City Hall upgrading. This <br />part of the construction has been presented separately in the Capital Project financial <br />statements. In 1985 the City closed this fund through a transfer from the General Fund. <br />LAWCON Grant <br />The LAWCON Grant Fund was established to account for the grant awarded to the City <br />for the development of Country Lakes Park. Total grant awarded was $115,713. This <br />grant agreement requires the grantee to properly document all expenditures related to <br />the grant agreement. Documentation of these expenditures is necessary in order for the <br />grantee to earn the grant monies approved. <br />We recommend that the City develop controls to insure that all expenditures related <br />to grants are properly documented and required requests for payments to the granting <br />agency are filed on a timely basis. <br />The fund deficit of this fund is a result of the following activity since inception: <br />Revenue: <br />State Grant (28% of expenditures) <br />Federal Grant (30% of expenditures) <br />Interest on investments <br />Total revenue <br />$ 31,613 <br />33,872 <br />5,069 <br />Expenditures: <br />Contractor 92,985 <br />Engineering 13,642 <br />Other 7,229 <br />Total expenditures <br />$ 70,554 <br />113,856 <br />Fund balance (deficit) - December 31, 1985 $(43,302) <br />The above fund deficit ($43,302) is the City share of expenditures to date. The <br />total anticipated project funding is as follows: <br />State $ 56,367 <br />Federal 59,346 <br />City 82,107 <br />Total estimated <br />project $ 197,820 <br />