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City of Lino Lakes, Minnesota <br />Management Report, Page 24 <br />The nature of a Special Assessment - Debt Service Fund is such that it will not <br />reflect a fund deficit. In a fund which would reflect a deficit an "amount to be provi- <br />ded" is reported to increase the fund equity to zero. This "amount to be provided" is <br />each funds' supplemental financing requirement. This supplemental financing primarily <br />will consist of future tax levies (scheduled and /or unscheduled) but can be realized <br />through future interest on investments, permanent transfers in and /or other City Council <br />designated sources. <br />Presented herewith, are projected financial positions based on scheduled future tax <br />levies, future interest payable on bonds, and estimated future interest receivable on <br />deferred assessments. Future interest on investments are not considered due to the <br />uncertainties involved. <br />Debt Service Fund <br />Improvement Bonds of 1977 <br />Improvement Bonds of 1980 <br />Improvement Bonds of 1981 <br />Improvement Bonds of 1982 <br />Improvement Bonds of 1983 <br />Improvement Bonds of 1984 <br />Totals <br />Fund Scheduled <br />Position Future <br />12/31/84 Tax Levies <br />$ 14,551 <br />44,593 <br />15,364 <br />221,557 $ 231,502 <br />11,211 <br />(1,140) 940 <br />$ 306,136 $ 232,442 <br />Future Interest Projected <br />Add: Deduct: Fund <br />Assessments Bonds Position <br />$ 1,800 $ 1,896 $ 14,455 <br />9,300 9,900 43,993 <br />16,800 15,100 17,064 <br />145,500 241,225 357,334 <br />52,700 40,150 23,761 <br />14,900 17,735 (3,035) <br />$ 241,000 $ 326,006 <br />Total projected fund position <br />Less: Tax forfeit and City property assessments included in projections <br />Adjusted projected fund position <br />Statutory reserve (5% of unmatured bond requirements) <br />Excess projected fund position <br />453,572 <br />129,819 <br />323,753 <br />64,300 <br />$ 259,453 <br />Year of <br />Final <br />Maturity <br />1987 <br />1986 <br />1991 <br />1991 <br />1993 <br />The overall actual and projected fund positions of the Special Assessment Funds <br />indicate that these bond funds are adequately financed at December 31, 1984. The reader <br />should be cautioned that the above projected position is based upon fund balances and <br />that these funds may experience cash overdraft balances due to timing of assessment <br />collections (i.e., delinquencies). <br />