Laserfiche WebLink
City of Lino Lakes, Minnesota <br />Management Report, Page 27 <br />Improvement Bonds of 1984 <br />The Improvement Bonds of 1984 has a projected deficit of $3,035 at December 31, <br />1984. This projected deficit is the result of an under - assessment of the project as <br />follows: <br />Actual costs - December 31, 1984 $ 32,370 <br />Estimated additional costs 2,500 <br />Capitalized interest -0- <br />Total 34,870 <br />Amount assessed 30,370 <br />Difference $ 4,500 <br />We recommend that the City review the financing of this fund and provide adequate <br />financing as required. <br />Lakes Addition #7 <br />Lakes Addition #7 has had the following transactions from inception: <br />Miscellaneous Revenue <br />Construction Funds <br />Preliminary Construction Costs <br />1982 and 1983 and <br />Prior 1984 Total <br />$ 183 $ -0- $ 183 <br />$ 22,767 -0- 22,767 <br />Fund balance (deficit) - <br />December 31, 1984 $ (22,584) <br />The above deficit should be funded through a permanent bond sale to finance the pro- <br />ject. If the project is not ordered, the City may charge the developer directly through <br />a letter of credit arrangement. We recommend that the City review the status of this <br />fund and take action to eliminate the accumulated cash overdraft. <br />Baldwin Lake Mobile Home Court <br />This project was financed by the $100,000 Improvement Bonds of 1983. The project <br />consisted of installations of sewer service lines to the mobile home court. The project <br />