Comprehensive Annual Financial Report 12/31/1999

Home Search

Imo toms CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 1999 Note 12 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT (CONTINUED) These future scheduled tax levies are not shown as assets in the accompanying financial statements at December 31, 1999 and 1998. Future scheduled tax levies for all bonds outstanding at December 31, 1999 totaled $16,085,894. Note 13 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY At December 31, 1999 and 1998, the City had designated and reserved portions of its various fund equities through legal restriction and City Council authorization. Major fund equity appropriations at December 31, 1999 and 1998 are shown on the various balance sheets as segregations of the fund equity. A summary of such designations is as follows: December 31, 1999 1998 General Fund: Reserve for prepaid items $ 115,359 $ 98,453 Designated for general contingencies 761,335 Designated for cash flow reserve 3,319,115 1,696,600 Designated for employee benefits 214,857 Designated state aid reductions 250,000 Designated for special programs 390,087 Special Revenue Fund: Reserve for prepaid items - 264 Designated for recreation programs 35,485 36,956 Debt Service Funds: Reserved for debt retirement 3,824,337 1,989,218 Capital Project Funds: Reserved for prepaid items 949 Reserved for land held for resale 989,506 989,506 Designated for capital improvements 9,849,952 13,802,691 Designated for equipment acquisition 33,664 Designated for park improvements = 293,383 Totals $ 18,133,754 $ 20,557,963 Note 14 SHARE IN GAS FRANCHISE PROFITS The City receives a share of the gross billing for natural gas sales by a neighboring City, which provides service within the City of Lino Lakes. The amount reported as revenue in the General Fund for 1999 and 1998, totaled $43,852 and $37,233, respectively.