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City of Lino Lakes, Minnesota
<br />Management's Discussion and Analysis
<br />December 31, 2003
<br />Governmental activities. Governmental activities increased the City of Lino Lakes' net assets by $1,132,061,
<br />thereby accounting for 25 percent of the total growth in the net assets of the City of Lino Lakes. The most
<br />significant change in governmental net assets is due to the effect of accounting for net assets under the full accrual
<br />basis. Under full accrual accounting, current year outlay for infrastructure will be expensed over the useful life of
<br />the infrastructure. This capital outlay for the infrastructure is budgeted for during the current year.
<br />Business -type activities. Business -type activities increased the City of Lino Lakes' net assets by $3,307,589,
<br />thereby accounting for 75 percent of the total growth in the net assets of the City of Lino Lakes. Developers'
<br />contribution of infrastructure assets to the water and sewer funds accounted for the most significant portion of that
<br />increase.
<br />The following chart summarizes the changes in net assets for the current fiscal year:
<br />CITY OF LINO LAKES' CHANGES IN NET ASSETS
<br />Condensed statements of revenues, expenses, and changes in net assets highlights are as follows for the year
<br />ended December 31, 2003:
<br />Governmental Business -Type
<br />Activities Activities
<br />Total
<br />Revenues:
<br />Program revenues:
<br />Charges for services $ 1,844,261 $ 2,280,915 $ 4,125,176
<br />Operating grants and contributions 633,691 - 633,691
<br />Capital grants and contributions 4,536,567 2,719,081 7,255,648
<br />General revenues:
<br />Property taxes 6,740,869 - 6,740,869
<br />Franchise fees 105,797 - 105,797
<br />Other taxes 804 804
<br />Unrestricted investment earnings 194,220 20,866 215,086
<br />Gain (loss) on disposal of capital assets (8,019) (8,019)
<br />Total revenues $ 14,048,190 $ 5,020,862 $ 19,069,052
<br />Expenses:
<br />General government $ 6,084,568 $ - $ 6,084,568
<br />Public safety 2,648,944 - 2,648,944
<br />Public services 1,162,412 - 1,162,412
<br />Parks, recreation and forestry 932,113 - 932,113
<br />Conservation of natural resources 111,946 - 111,946
<br />Community development 859,110 859,110
<br />Interest on long -term debt 815,681 - 815,681
<br />Water - 968,458 968,458
<br />Sewer 1,046,170 1,046,170
<br />Total expenses 12,614,774 2,014,628 14,629,402
<br />Increase in net assets before transfers 1,433,416 3,006,234 4,439,650
<br />Transfers (301,355) 301,355
<br />Increase in net assets $ 1,132,061 $ 3,307,589 $ 4,439,650
<br />Net assets - beginning 44,098,625 26,008,730 70,107,355
<br />Net assets - ending $ 45,230,686 $ 29,316,319 $ 74,547,005
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