Comprehensive Annual Financial Report 12/31/2009

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2009 Note 17 LEASE COMMITMENT (CONTINUED) The prorated carrying value of the building being leased is as follows: Building $ 929,970 Less: Accumulated Depreciation (309,990) Net $ 619,980 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 2009, the City of Lino Lakes' contributions to the District were as follows: Operating $ 512,287 Capital 69,000 Total $ 581,287 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, 2009 are as follows: Total Assets $ 1,183,199 Total Liabilities 129,002 Total Net Assets 1,054,197 Total Operating Revenue 852,355 Total Operating Expenses 717,181 Anoka County The City of Lino Lakes has entered into a joint powers agreement with Anoka County for the reconstruction of County State Aid Highway 14 (Main Street) and I -35E Interchange County Project. NOM Mows alb irmdt imh a.