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The Village, located in the southeast quadrant of the Town Center, is the site of the recently completed Lino
<br />Lakes Civic Complex. This $6 million facility that houses city hall, police and a Centennial School District
<br />program, is a critical component to the success of a mixed use Town Center. The location of the complex is part
<br />of the economic development effort in providing a strong civic focus within the mixed -use center. The Civic
<br />Complex received an award from the League of Minnesota Cities for innovation and excellence in housing,
<br />economic development and community spaces.
<br />The City is participating in the construction costs of a YMCA in The Village section of the Town Center as an
<br />alternative to building a City Community Center. The YMCA is anticipating building a new recreation facility in
<br />the near future as soon as funding for the facility is secured. The City is working toward the development of the
<br />remainder of the Village property in a commercial- residential mixed -use development.
<br />FINANCIAL INFORMATION
<br />Internal Controls
<br />Management of the City is responsible for establishing and maintaining an internal control structure in the
<br />accounting system designed that the assets of the City are protected from loss, theft, misuse and to ensure that
<br />fair, reliable and accurate accounting data is compiled to allow for the preparation of financial statements in
<br />conformity with U.S. generally accepted accounting principles. The internal control structure is designed to
<br />provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable
<br />assurance recognizes that: 1) the cost of a control should not exceed the benefits; 2) the valuation of costs and
<br />benefits requires estimates and judgements by management. As part of the City's annual audit, the internal
<br />control system is evaluated to the extent necessary for audit purposes and changes are recommended when
<br />needed.
<br />Budgeting Controls
<br />The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual
<br />appropriated budget approved by the City Council. Activities of the General Fund and the Program Recreation
<br />Special Revenue Fund are included in annual appropriated budgets. The legal level of budgetary control is
<br />established at the department level, but management control is exercised at the line item level.
<br />As demonstrated by the statements and schedules included in the financial section of this report, the City
<br />▪ continues to meet its responsibility for sound financial management.
<br />General Fund
<br />• The General Fund accounts for all revenues and expenditures necessary to provide basic governmental operations
<br />of the City.
<br />General Fund revenues totaled $6,841,420 in 2002 compared to $6,193,834 in 2001. The breakdown of revenues
<br />is shown in the following table:
<br />2002 2001 $ Change % Change
<br />General property taxes $4,543,106 $4,125,264 $417,842 10.13%
<br />Licenses and permits 913,498 1,016,456 (102,958) (10.13 %)
<br />Intergovernmental revenues 893,861 409,607 484,254 118.22%
<br />Special Assessments 5,526 4,835 691 14.29%
<br />Charges for services 196,351 278,863 (82,512) (29.59 %)
<br />Fines and forfeits 100,393 101,559 (1,166) (1.15 %)
<br />Interest on Investments 74,118 95,004 (20,886) (21.98 %)
<br />Miscellaneous 114,567 162,246 (47,679) (29.39 %)
<br />Total $6,841,420 $6,193,834 $647,586 10.46%
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