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in <br />Ono <br />CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2003 <br />Note 18 JOINT FIRE VENTURE <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City of <br />Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services <br />including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to <br />appoint two commissioners to the District's Board. <br />Each calendar year participating cities are to pay the District its share of the total operating and capital budget in <br />accordance with a funding formula contained in Section VII of the joint powers agreement. The funding <br />formula takes into account each city's average number of calls, population, and total market value. <br />During 2003, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $ 369,752 <br />Capital 67,500 <br />Total $ 437,252 <br />Separate financial statements of the District can be obtained by contacting the Centennial Fire District. <br />The audited condensed financial statements of the District as of December 31, 2003 are as follows: <br />Total Assets $ 1,900,021 <br />.. Total Liabilities 86,235 <br />Total Net Assets 1,813,786 <br />Total Operating Revenue 686,186 <br />Total Operating Expenses 583,038 <br />