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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 />FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS (CONTINUED) <br />Proprietary funds — The City of Lino Lakes' proprietary funds provide the same type of information found <br />in the government -wide financial statements, but in more detail. <br />The water fund has total net assets at year -end of $17,857,797, of which $3,875,049 are unrestricted. <br />The increase in net assets of $135,114 was primarily due to operating income and investment earnings. <br />Total net assets in the sewer fund at the end of 2011 were $22,560,431, of which $7,326,313 was <br />unrestricted. Net assets decreased $93,973 during the current year resulting primarily from operations, <br />most notably increases in MCES sewage treatment costs. <br />The water rates, which reflect water conservation efforts through a tiered rate structure, and sewer Rates <br />were unchanged in 2011. A review of utility rates is scheduled for 2012. <br />GENERAL FUND BUDGETARY HIGHLIGHTS <br />The original budget was amended several times during the year reflecting donations and grants received <br />primarily for police personnel and equipment, a reduction in expected state aid, and reallocating <br />resources within the original budget. <br />Revenues were $134,212 under budget for the year. This is due primarily to higher delingencies in <br />property tax collections. MSA maintenance payments came in over budget due to adjusted distribution <br />formulas which increased the City's allocation. Investment earnings were slightly higher than the <br />amended budget as a result of unrealized gains from increased market value of investments held. Lower <br />building activity due to the recessed economy and, therefore, fewer new construction building permits <br />being issued was also a factor. State intergovernmental revenues for police PERA aid were below <br />budgeted levels for the year due to position vacancies. Local government grants were slightly over <br />budget due to slightly higher grant funds allocated by the granting entity. Public safety charges for service <br />were slightly over budget due to higher than expected traffic control contracts. Fines and forfeitures were <br />over budgeted amounts due to the success of the City's Achieving Compliance through Education (ACE) <br />program. <br />Expenditures came in under the revenues by $720,339 due mainly to lower than expected personal <br />services costs from vacant positions and reduced benefit costs. Energy costs for fuels and electricity <br />were higher than budgeted amounts, and supplies costs were generally lower than anticipated. There <br />were also net transfers from the general fund of $741,964. This resulted in a net fund balance decrease <br />of $21,625 for the fiscal year. <br />18 <br />
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