Management Report and Recommendations 12/31/1982

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City of Lino Lakes Management Report, Page 17 The percent of taxes collected of 91% above would have been approximately 93% had the State paid its portion in full. This 93% collection rate, however, represents the fourth year of a decline in the City collection rate. Property taxes are a primary source of City revenue. If the City continues to incur high tax delinquencies, the funds which rely on these taxes will reflect a decline in operating results. We recom- mend that the City monitor the collection rate for property taxes and prepare financial forecasts (budgets) based on the expected delinquency rate. Special Assessments Receivable Special assessments receivable consisted of the following at December 31, 1982: Delinquent Deferred Tax forfeit City property Delinquent - not spread for collection Total $ 31,780 809,668 132,981 11,569 4,708 $ 990,706 Delinquent assessments consist of amounts which were collectible in 1982 and prior years which have not yet been received. For 1982, the City's special assessment collec- tions were as follows: Delinquent balance - January 1, 1982 Assessments spread for collection in 1982 Total collectible 1982 collections Delinquent balance - December 31, 1982 1982 percent of current levy collected Special Assessments Collectible 1981 and 1982 Prior Total $ -0- $ 16,356 $ 16,356 215,629 215,629 215,629 16,356 231,985 185,968 14,237 200,206 $ 29,661 $ 2,119 $ 31,780 86.2% N/A 92.8% The ability of the City to collect special assessments is vital to the financing of Special Assessment Debt Service Funds. Special assessment bonds are sold with debt 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1