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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 />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />Note 8 STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY (CONTINUED) <br />B. Expenditures in Excess of Budget <br />The following is a listing of expenditure categories that exceed budget appropriations for non -major funds: <br />Budget Actual <br />Excess <br />Program Recreation Special Revenue Fund: <br />Supplies $ 50,955 $ 118,134 $ (67,179) <br />Note 9 CONTINGENCIES <br />Tax Increment Districts — The City's tax increment districts are subject to review by the State of Minnesota Office <br />of the State Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the <br />applicable fund. Management has indicated that they are not aware of any instances of noncompliance which could <br />have a material effect on the financial statements. <br />Federal and State Funds — The City receives financial assistance from federal and state governmental agencies in the <br />form of grants. The disbursement of funds received under these programs generally requires compliance with the <br />terms and conditions specified in the grant agreements and is subject to audit by the grantor agencies. Any <br />disallowed claims resulting from such audits could become a liability of the applicable fund. However, in the <br />opinion of management, any such disallowed claims will not have a material effect on any of the financial <br />statements of the individual fund types included herein or on the overall financial position of the City at December <br />31, 2011. <br />Note 10 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT <br />General Obligation bond issues sold by the City are financed by ad valorem tax levies and special assessment bond <br />issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied <br />against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax levies <br />is sold, specific annual amounts of such tax levies are stated in the bond resolution and the County Auditor is <br />notified and instructed to levy these taxes over the appropriate years. The future tax levies are subject to <br />cancellation when and if the City has provided alternative sources of financing. The City Council is required to levy <br />any additional taxes found necessary for full payment of principal and interest. <br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December 31, <br />2011. <br />Future scheduled tax levies for all bonds outstanding at December 31, 2011 totaled $18,962,681. <br />
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