Laserfiche WebLink
City of Lino Lakes <br />Management Report, Page 26 <br />LAWCON Grant <br />The LAWCON Grant Fund was established to account for the grant awarded to the City <br />for the development of Country Lakes Park. Total grant awarded was $115,713. This <br />grant agreement requires the grantee to properly document all expenditures related to <br />the grant agreement. Documentation of these expenditures is necessary in order for the <br />grantee to earn the grant monies approved. <br />We recommend that the City develop controls to insure that all expenditures related <br />to grants are properly documented and required requests for payments to the granting <br />agency are filed on a timely basis. <br />The fund deficit of this fund is a result of the following activity since inception: <br />Revenue: <br />State Grant (28% of expenditures) <br />Federal Grant (30% of expenditures) <br />Interest on investments <br />Total revenue <br />Expenditures: <br />Engineering <br />Survey <br />Total expenditures <br />$ 2,792 <br />2,941 <br />3,545 <br />9,824 <br />928 <br />9,278 <br />10, 752 <br />Fund balance (deficit) - December 31, 1983 (1,474) <br />Less: Designated for committed contracts (93,000) <br />Unappropriated fund balance (deficit) - <br />December 31, 1983 $(94,474) <br />The above fund deficit ($1,474) is the City share of expenditures to date. The <br />total project funding is as follows: <br />State $ 56,367 <br />Federal 59,346 <br />City 82,107 <br />Total estimated <br />project $ 197,820 <br />The City has levied property taxes to fund a portion of its share ($30,000 levied <br />for collection in 1982). These taxes are a part of the designated fund balance of the <br />