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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report 12/31/2011
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Comprehensive Annual Financial Report
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12/31/2011
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CITY OF LINO LAKES, MINNESOTA <br />MANAGEMENT'S DISCUSSION AND ANALYSIS <br />December 31, 2011 <br />As management of the City of Lino Lakes, Minnesota, we offer readers of the City of Lino Lakes' financial <br />statements this narrative overview and analysis of the financial activities of the City of Lino Lakes for the <br />— fiscal year ended December 31, 2011. We encourage readers to consider the information presented here <br />in conjunction with additional information that we have furnished in our letter of transmittal, which can be <br />found on pages 3 -7 of this report. <br />— FINANCIAL HIGHLIGHTS <br />• The assets of the City of Lino Lakes exceeded its liabilities at the close of the most recent fiscal year <br />by $90,080,344 (net assets). Of this amount $24,664,572 (unrestricted net assets) may be used to <br />- meet the City's ongoing obligations to citizens and creditors in accordance with the City's fund <br />designations and fiscal policies. <br />• The City's total net assets increased by $1,507,330 primarily due to reductions in community <br />— development activities, staffing levels, and interest payments on long -term debt. In addition, a prior <br />period adjustment for unrecorded park land increased net assets by $466,800. <br />• As of the close of the current fiscal year, the City of Lino Lakes' governmental funds reported <br />— combined ending fund balance of $16,933,540, a decrease of $4,232,807 in comparison with the <br />prior year primarily due to expenditures for the construction of the interchange at I- 35E /CSAH14. <br />Approximately 13% of this total amount, or $2,285,605, is available for spending at the City's <br />discretion (unassigned fund balance). <br />• At the end of the current fiscal year, unassigned fund balance for the general fund was $5,440,101, or <br />64% of total general fund expenditures. <br />• The City's total bonded debt decreased by $2,300,000 (11.4 %) during the current fiscal period. In <br />addition, a note the City issued in 2009 to Anoka County for $4,260,000 for the City's portion <br />135E /County Road 14 interchange project cost was reduced to $3,695,000 due to project cost <br />savings. Principal in the amount of $2,420,000 was retired during the year. <br />OVERVIEW OF THE FINANCIAL STATEMENTS <br />This discussion and analysis are intended to serve as an introduction to the City of Lino Lakes' basic <br />financial statements. The City of Lino Lakes' basic financial statements comprise three components: <br />1. Government -wide financial statements <br />2. Fund financial statements <br />3. Notes to the financial statements <br />This report also contains other supplementary information in addition to the basic financial statements <br />themselves. <br />Government -wide financial statements The government -wide financial statements are designed to <br />provide readers with a broad overview of the City of Lino Lakes' finances, in a manner similar to private - <br />sector business. <br />The statement of net assets presents information on all of the City of Lino Lakes' assets and liabilities, <br />with the difference between the two reported as net assets. Over time, increases or decreases in net <br />assets may serve as a useful indicator of whether the financial position of the City of Lino Lakes is <br />improving or deteriorating. <br />The statement of activities presents information showing how the City's net assets changed during the <br />most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise <br />to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are <br />reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., <br />uncollected taxes and earned but unused compensated absences and OPEB liabilities). <br />
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