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City of Lino Lakes, Minnesota
<br />Management Report, Page 34
<br />The Minnesota Housing Revenue Bonds Fund was used to account for the application
<br />process related to housing bonds. The remaining balance was transferred to the General
<br />Fund in 1985.
<br />The Investment Fund is used to "pool" the available cash of the City for efficient
<br />investment. Interest is allocated to City funds based on the average cash available in
<br />that fund throughout the year.
<br />Franchise Agreement - Gas Utility
<br />Portions of the City of Lino Lakes have gas service through a franchise agreement
<br />- between the City of Circle Pines and the City of Lino Lakes. The City of Circle Pines
<br />operates the gas utility. A summary of net income from 1978 through 1984 is'as follows:
<br />Net Income
<br />Circle Pines Lino Lakes Total
<br />Percent Percent Percent
<br />- Year Amount of Total Amount of Total Amount of Total
<br />1978 $ 23,736 53.5% $ 20,602 46.5% $ 44,338 100.0%
<br />1979 39,104 75.6 12,630 24.4 51,734 100.0
<br />1980 22,563 86.2 3,605 13.8 26,168 100.0
<br />1981 6,215 41.7 8,676 58.3 14,891 100.0
<br />1982 70,955 78.4 19,587 21.6- 90,542 100.0
<br />1983 61,151 73.9 21,642 26.1 82,793 100.0
<br />1984 40,821 71.8 16,043 28.2 56,864 100.0
<br />Seven Year
<br />Totals $264,545 72.0% $102,785 28.0% $367,330 100.0%
<br />The City of Lino Lakes may receive payment of net income after the accumulated
<br />retained earnings deficit is eliminated. The retained earnings for the gas utilities
<br />have been as follows:
<br />Retained Earnings (Deficit)
<br />City of City of
<br />Circle Pines Lino Lakes
<br />December 31, Amount Amount Total
<br />1978 $ 85,581 $(108,627) $(23,046)
<br />1979 124,685 (95,997) 28,688
<br />1980 147,248 (92,392) 54,856
<br />1981 153,463 (83,716) 69,747
<br />1982 224,418 (64,129) 160,289
<br />1983 285,569 (42,487) 243,082
<br />1984 326,390 (26,444) 299,946
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