Management Report and Recommendations 12/31/1982

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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 City of Lino Lakes Management Report, Page 36 Debt Service Fund Improvement Bonds of Improvement Bonds of Improvement Bonds of Improvement Bonds of Totals Fund Scheduled Position Future 12/31/82 Tax Levies 1977 $ 11,736 1980 44,128 1981 9,070 1982 141,467 $ 336,667 $ 192,706 $ 336,667 Future 1 Add: Assessments $ 6,200 38,400 26,400 272,400 nterest Deduct: Bonds $ 4,740 33,000 24,025 352,373 $ 343,400 $ 414,138 Total projected fund position Less: Tax forfeit assessments included in projections Adjusted projected fund position Statutory reserve (5% of unmatured bond requirements) Excess projected fund position Projected Year of Fund Final Position Maturity $ 13,196 1987 49,528 1986 11,445 1991 398,161 1991 472,330 123,185 349,145 70,000 $ 279,145 The overall actual and projected fund positions of the Special Assessment Funds indicate that these bond funds are adequately financed at inclusion of the scheduled tax levies for the 1982 Bonds. Improvement Bonds of 1981 December 31, 1982, with the A summary of the transactions related to the 1981 Improvement Bonds is as follows: Revenue: Interest revenue Assessment roll adopted Total revenue Expenditures: Construction costs Debt service - interest and paying agent fees Total expenditures Fund balance - December 31, 1982 1981 $ 254 254 1982 Total $ 1,438 $ 1,692 45,000 45,000 $ 46,438 46,692 $ 30,872 $ 1,113 31,985 $ 30,872 5,637 $ 6,750 5,637 37,622 $ 9,070 The above schedule indicates that the project was assessed based on the bond issue principal amount. Assessments are intended to recover all costs associated with the construction project as follows: • Direct construction expenditures. • Capitalized (construction period) interest. • Administrative or applied overhead type costs.