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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2002 <br />Note 19 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 2002, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $ 340,409 <br />Capital 66,300 <br />$ 406,709 <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, 2002 are as follows: <br />Total assets $ 891,465 <br />Total liabilities 82,407 <br />Total net assets 809,058 <br />Total operating revenue 682,324 <br />Total operating expenses 882,956 <br />40 <br />