Management Report and Recommendations 12/31/1983

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City of Lino Lakes Management Report, Page 28 Presented herewith, are projected financial positions based on scheduled future tax levies, future interest payable on bonds, and estimated future interest receivable on deferred assessments. Future interest on investments are not considered due to the uncertainties involved. Fund Scheduled Future Interest Projected Year of Position Future Add: Deduct: Fund Final Debt Service Fund 12/31/83 Tax Levies Assessments Bonds Position Maturity Improvement Bonds of 1977 $ 12,765 $ 3,100 $ 3,160 $ 12,705 1987 Improvement Bonds of 1980 48,390 22,300 19,800 50,890 1986 Improvement Bonds of 1981 13,457 21,500 19,312 15,645 1991 Improvement Bonds of 1982 207,976 $ 267,764 205,300 301,028 380,012 1991 Improvement Bonds of 1983 8,977 62,700 48,600 23,077 1993 Totals $ 291,565 $ 267,764 $ 314,900 $ 391,900 Total projected fund position 482,329 Less: Tax forfeit and City property assessments included in projections 131,101 Adjusted projected fund position 351,228 Statutory reserve (5% of unmatured bond requirements) 71,400 Excess projected fund position $ 279,828 The overall actual and projected fund positions of the Special Assessment Funds indicate that these bond funds are adequately financed at December 31, 1983. The reader should be cautioned that the above projected position is based upon fund balances and that these funds may experience cash overdraft balances due to timing of assessment collections (i.e., delinquencies). Improvement Bonds of 1977 The projected balance of $12,704 represents a $500 decrease during 1983. This decrease was a result of the following: Projected balance - January 1, 1983 $ 13,200 Change in future interest on assessments Interest on investments Special assessment adjustments (1,600) 1,600 (500) Projected balance - December 31, 1983 $ 12,700 We recommend that the City monitor the projected balance and develop a plan for the intended use of the balance available upon final payment in 1987.