Management Report and Recommendations 12/31/1984

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City of Lino Lakes, Minnesota Management Report, Page 18 The City has prepared documents to substantiate the self - evaluations. The eva- luation determined that no structural changes are required. Current pending Federal legislation indicates that Revenue Sharing may be curtailed or eliminated. We recommend that the City anticipate the effects of such legislation and prepare plans for substitute financing of expenditures which have been funded by Revenue Sharing (or plan to eliminate programs for which adequate funding is no longer available). The City's last Revenue Sharing audit was for the year ended December 31, 1981. An audit will be required for 1984 to be submitted in 1985. We will forward and engagement letter for Council approval. The report is required to be submitted by August 31, 1985. Debt Service Funds Debt Service Funds are governmental type funds used to account for accumulation of resources for (and the payment of) principal and interest on general debt. The City had one general debt bond issue outstanding during 1983 (the 1981 Certificates of Indebtedness). During 1983, the City retired this remaining issue and in 1984, closed this fund through a transfer to the 1981 Certificates of Indebtedness Capital Project Fund. Capital Project Funds The financial statements for the City's Capital Project Funds are presented in Statements 11 and 12 of the 1984 Annual Financial Report. A Capital Project Fund is a classification of funds to account for receipts and disbursement of monies used for acquisition and construction of capital facilities other than those financed by special assessment funds. The fund balances of the Capital Project Funds at December 31, 1984 and 1983 were: December 31, Increase Fund 1984 1983 (Decrease) Parks and Playground $ 111,162 $ 105,457 $ 5,705 1981 Certificates of Indebtedness 14,394 15,998 (1,604) Community Development Block Grant (14,474) 1,992 (16,466) LAWCON Grant (41,027) (1,474) (39,553) City Hall Expansion (50,866) (51,135) 269 Totals $ 19,189 $ 70,838 $(51,649)