Management Report and Recommendations 12/31/1983

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City of Lino Lakes Management Report, Page 20 The City should have received information on the above requirements from the Office of Revenue Sharing. We recommend that the City review the requirements in detail and establish procedures to comply with the various Federal regulations now being imposed. We are available to discuss the above changes. The new regulations also dropped the proposed use hearing and related publication. The City is now only required to hold a budget hearing on Revenue Sharing funds. The City for 1984 designated the Revenue Sharing monies to be used for the City Hall expansion. The City should have the ability to document Revenue Sharing expenditures with specific vouchers (or checks). The City should prepare a list of the Police Department expenditures funded by Revenue Sharing funds in 1983. We recommend that a record be established by the City which details all future expenditures funded with Revenue Sharing funds. The rules and regulations of Revenue Sharing also require periodic compliance audits. The City has complied with this regulation through filing of such audits for 1978 and 1981. The next required audit (under current guidelines) will be for 1984 (due in 1985). Debt Service Funds The combining financial statements of the City's Debt Service Funds are presented in Statements 10 and 11 of the 1983 Annual Financial Report. 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 1982 Certificates of Indebtedness. During 1983, the City retired this remaining issue. The 1980 Certificates of Indebtedness was closed by Council resolution in 1983 to the 1981 Certificates of Indebtedness. The 1980 Certificates were retired in 1982.