Comprehensive Annual Financial Report 12/31/1998

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lam Mow Reliable financial information requires an establishment of accounting records that are adequately supported by internal accounting controls. The City believes that existing internal accounting controls are adequate to provide reasonable assurance that City assets are safeguarded against loss from unauthorized use or disposition and that the financial records are reliable for the preparation of the financial statements. The City Charter grants the City Council full authority over the financial matters of the City. The City Administrator has the responsibility of submitting the annual budget to the City Council. The budget is adopted by resolution and the amounts can not increase beyond the estimated receipts except to the extent that actual receipts exceed the estimate. THE REPORTING ENTITY In accordance with the Governmental Accounting Standards Board requirements, the financial reporting entity includes all funds and account groups of the City as well as all of its component units. Component units are legally separate entities for which the primary government is financially accountable. Blended component units, although legally separate entities, are in substance, part of the primary government's operations and are included as part of the primary government. Accordingly, the Economic Development Authority is reported as a Special Revenue Fund of the primary government. The City provides a full range of municipal services. These services include: general government, public safety (police & fire), public works (streets & fleet), parks and recreation, conservation of natural resources (environmental & solid waste abatement), public improvements, providing and maintaining sanitary and storm sewer, water infrastructure, and two enterprise funds, the water and sewer funds. ECONOMIC CONDITION AND OUTLOOK The City of Lino Lakes is a growing community within the County of Anoka. It covers an area of 33 square miles and has a population in excess of 15,000. Within the City's borders lies the 2,550 acre Rice Creek Chain of Lakes Regional Park. Access to St. Paul and Minneapolis is provided by I -35W and I -35E. The economic development effort established in 1993 by the city council has begun to reverse dependence on residential property taxes. Since 1993, the city has added more than $27 million in additional commerciallindustrial market value. The Apollo Business Park on I -35W and the Clearwater Creek Development Center on I -35E continue to attract industrial development. A new business park on Lake Drive near the Town Center is expected to be improved for development in 1999. With the many wetlands and regional parks, environmental issues are important to the city. In 1999, the city approved its first Preservation Development subdivision, a large step forward in the implementation of the city's overall environmental inventory and management plan. This plan will preserve the valuable open spaces and wetlands within the city. 9