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City of Lino Lakes <br />Management Report, Page 30 <br />1981 Certificates Of Indebtedness <br />The 1981 Certificates were issued to finance various capital outlay expenditures of <br />the City. This issue is the only general bonded debt issue the City has outstanding as <br />of December 31, 1982. A projection of the fund position based on future scheduled tax <br />levies and debt requirements is as follows: <br />Fund balance (deficit) - December 31, 1982 <br />Additions: <br />Future scheduled tax levies <br />(5,448) <br />64,772 <br />Deductions: <br />Future debt requirements: <br />Principal 55,700 <br />Interest 5,988 <br />Total 61,688 <br />Projected fund balance (deficit) $ (2,364) <br />Normal projected fund balance - <br />5% of debt requirements $ 3,084 <br />The above projected deficit is the result of tax levy collections being less than <br />100% for the 1981/82 levy (see earlier commentary). We recommend that the City monitor <br />this fund and provide additional financing as needed through a supplemental tax levy <br />collectible in 1984 or through the transfer of the residual balance of the related <br />Capital Project Fund (if available). <br />