Annual Financial Report 12/31/1994

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1994 District #1 -2 was established pursuant to MS 469.174, subd. 12 which qualifies it as an Economic Development TIF district. The duration of the district is eight years from the date of the receipt of the first increment or ten years from the date of approval of the TIF plan, whichever comes first. Current tax capacity Original tax capacity Captured tax capacity Retained by authority Shared with other taxing districts Total $125,267 13,736 $111,531 $111,531 $111,531 District #1-4 was established pursuant to MS 469.174 subd. 12 which qualifies it as an Economic Development TIF District. The duration of the District is eight years from the date of the receipt of the first increment or ten years from the date of approval of the TIF Plan, whichever comes first. Current tax capacity $52,557 Original tax capacity 284,931 District #1 -5 was established pursuant to MS 469.174, Subd. 11 which qualifies it as a Housing District. The duration of the District is 25 years from the date of the first increments. Current tax capacity $1,118 Original tax capacity 1,118 Note 12 DEFICIT FUND BALANCES /RETAINED EARNINGS The City has deficit fund balances/retained earnings at December 31, 1994 as follows: Fund Balance/ Retained Earnings Deficit Special Revenue Fund: Economic Development Authority $101 Debt Service Fund: 1992 Certificates of Indebtedness 107,349 Capital Project Funds: Community Development Block Grant 461 Apollo Business Park 67,303 Tax Increment Financing 1-4 21,363 Tax Increment Financing 1 -5 962 Enterprise Fund: Gas Utility 36 49