Comprehensive Annual Financial Report 12/31/2010

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mow CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2010 Note 17 LEASE COMMITMENT The City of Lino Lakes entered into an agreement dated December 8, 1997 to lease space within the City Hall complex to the Independent School District No. 12 (ISD 12). The lease term has been renewed as of July 1, 2009 and continues through June 30, 2011 and requires payments of $110 per square foot over the lease term for a total of $300,000. The schedule of remaining payments is as follows: 2011 The prorated carrying value of the building being leased is as follows: Amount $ 60,000 Building $ 929,970 Less: Accumulated Depreciation (340,989) Net $ 588,981 Note 18 JOINT VENTURES Fire The Centennial Fire District (the District) was established under a joint powers agreement between the City of Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to appoint two commissioners to the District's Board. Each calendar year, participating cities are to pay the District its share of the total operating and capital budget in accordance with a funding formula contained in Section VII of the joint powers agreement. The funding formula takes into account each city's average number of calls, population, and total market value. During 2010, the City of Lino Lakes' contributions to the District were as follows: Operating $ 516,044 Capital 69,600 Total $ 585,644 Separate financial statements of the District can be obtained by contacting the Centennial Fire District. The audited condensed financial statements of the District as of December 31, 2010 are as follows: Total Assets $ 1,397,901 Total Liabilities 110,738 Total Net Assets 1,287,163 Total Operating Revenue 883,195 Total Operating Expenses 804,603 Anoka County The City of Lino Lakes has a joint powers agreement with Anoka County for the reconstruction of County State Aid Highway 14 (Main Street) and I -35E Interchange County Project.