Comprehensive Annual Financial Report 12/31/2000

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— The Village, the Southeast quadrant of the Town Center, is the site of the newly completed Lino Lakes Civic Complex. This $6 million facility that houses city hall, police and a Centennial School District program, is a critical component to the success of a mixed use Town Center. The location of the complex is part of the — economic development effort in providing a strong civic focus within the mixed -use center. The Civic Complex recently received an award from the League of Minnesota Cities for innovation and excellence in housing, economic development and community spaces. law IlEw The city is considering participating in the construction costs of a YMCA in The Village section of the Town Center. The YMCA is anticipating building a new recreation facility in the near future. FINANCIAL INFORMATION The City's policy is to invest all available moneys at competitive rates in accordance with Minnesota law. Investments are made by minimizing credit and market risks while maintaining a competitive yield. Funds are invested in certificates of deposit, commercial paper and U.S. government agencies. Cash is pooled in one account to provide maximum return. General Fund The General Fund accounts for all revenues and expenditures necessary to provide basic governmental operations of the City. General Fund revenues totaled $5,613,395 in 2000 compared to $5,343,453 in 1999. The breakdown of revenues is shown in the following table: 2000 1999 $ Change % Change General property taxes $3,306,057 $2,962,664 $343,393 11.59% — Licenses and permits 884,746 823,719 61,027 7.41% Intergovernmental revenues 702,606 940,053 (237,447) (25.26 %) Special Assessments 5,405 -0- 5,405 100.00% Charges for services 272,145 278,510 (6,365) (2.29 %) Fines and forfeits 124,458 87,434 37,024 42.35% Interest on Investments 140,592 27,655 112,937 408.38% Miscellaneous 177,386 223,418 (46,032) (20.60 %) Ilme Total $5,613,395 $5,343,453 $2_69494/ 5.05% General property taxes increased in 2000 reflecting the growth in the tax base of the City and the additional service needs arising from that growth. Licenses and permits increased due to the continued surplus of building permits issued for new housing and commercial /industrial units in the City. State and federal disaster aid received in 1999 is reflected directly in the decrease in Intergovernmental revenues in 2000, as well as direct reduction in homestead credit state aids. Fines and forfeitures increased due to additional enforcement employed throughout the year. The sale of the former police facility and greater than expected tree refunds inflated miscellaneous revenues in 1999, therefore, a reduction in this revenue area was realized in 2000. Investment earnings increased appreciably in 2000 due to a changing interest rate environment. Additionally, in accordance with GASB 31, which requires investments be carried at fair market value, the recording of unrealized gains had a substantial impact on interest revenue for the year. 5