Comprehensive Annual Financial Report 12/31/1998

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law Immo CITY OF LINO LAKES, MINNESOTA REQUIRED SUPPLEMENTARY INFORMATION Year 2000 Information December 31, 1998 The City of Lino Lakes is currently addressing year 2000 issues relating to its computer systems and other electronic equipment. The year 2000 issue refers to the fact that many computer programs use only the last two digits to refer to a year. Therefore, both 1900 and 2000 would be referred to as "00 ". Computer programs have to be adjusted to recognize the difference between those two years or the programs will fail or create errors. Also, some programs may not be able to recognize that 2000 is a leap year. Further, the year 2000 issue could affect electronic equipment containing computer chips that have date recognition features. The City of Lino Lakes has designated a Y2K coordinator in conformance with League of Minnesota Cities requirements. The coordinator has met with representatives of the various departments serving the city including sewer and water, streets, police and fire to identify potential areas of concern. The Coordinator has indicated that the major systems involved m each of these areas are currently Y2K compatible to the degree that ongoing city services will not be significantly disrupted due to the Y2K problem. The City has expended approximately $45,000 (not including internal staff time) associated with fixing Year 2000 issues to date. The City estimates future expenditures of approximately $30,000. The City has not incurred any losses because of the Year 2000 issue. Due to the unprecedented nature of the year 2000 issue, its effects and the success of related remediation efforts will not be fully determined until the year 2000 and after, management cannot assure that the City of Lino Lakes is or will be year 2000 ready, that the City's remediation efforts will be successful m whole or in part, or that parties with whom the City does business will be year 2000 ready. 57