Comprehensive Annual Financial Report 12/31/1999

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Mow Nom MAJOR INITIATIVES Commercial development in Lino Lakes has been the focus of a city- initiated development called the Town Center on the I -35W interchange area. This innovative project incorporates mixed -use development that includes professional buildings, civic facilities, commercial development and a mix of housing types. The city received a $220,000 Livable Communities grant in 1998 from the Metropolitan Council to hire Peter Calthorpe Associates, a planner on the cutting edge of urban and suburban neighborhood development, to refine the city's plan for the Town Center. 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. 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 $5,343,453 in 1999 compared to $5,722,363 in 1998. The breakdown of revenues is shown in the following table: 1999 1998 $ Change % Change General property taxes $2,962,664 $2,904,888 $ 57,776 1.99% Licenses and permits 823,719 726,599 97,120 13.37% Intergovernmental revenues 940,053 1,380,063 (440,010) (31.88 %) Charges for services 278,510 347,485 (68,975) (19.85 %) Fines and forfeits 87,434 102,489 (15,055) (14.69 %) Interest on Investments 27,655 137,410 (109,755) (79.87 %) Miscellaneous 223,418 123,429 99,989 81.01% Total $5,343,453 $5,722,363 $(378,910) (6.62 %)