|
Honorable Mayor and
<br />Members of the City Council
<br />City of Lino Lakes
<br />The Improvement and Utility Bonds of 2O04A have future debt service requirements (principal and
<br />interest) totaling $1,396,532.
<br />During 2008, transfers of $460,098 and $82,813 were made to the Improvement Bonds of 2005B and
<br />Improvement Refunding Bonds of 2003A debt service funds.
<br />The Water Revenue Bonds of 1999B were paid off during 2008. The City annually transfers amounts
<br />from the Area and Unit Charge Fund to the Water Fund sufficient to help cover the debt services of
<br />these bonds. During 2008, no transfer was made to the Water Fund. It is the City's intention to repay the
<br />Water Revenue Bonds of 1999B and 1996B with revenues of the Water Fund. If revenues are not
<br />sufficient to meet the debt requirements, funds will be transferred from the Area and Unit Charge Fund.
<br />DEBT SERVICE FUNDS
<br />Debt service funds are a type of governmental fund used to account for the accumulation of resources
<br />for the payment of principal and interest on general obligation debt (other than enterprise fund debt).
<br />Debt service funds may have one or a combination of revenue sources pledged to retire debt including
<br />property taxes, tax increments, special assessments and area and unit charges.
<br />The diverse nature of the type of debt included in the same fund type requires careful analysis to
<br />determine the adequacy of the fund balance and projected fund balance. The following schedule
<br />extracts information from Exhibits 2 and 3 of the 2008 Annual Financial Report to assist in this analysis.
<br />The following schedule compares outstanding debt with assets pledged for debt retirement. This
<br />comparison provides a means to judge (at least on a preliminary basis) the financial position of each
<br />individual debt service fund.
<br />Fund Description
<br />General Debt:
<br />Certificates of Indebtedness
<br />Lease Revenue Bonds of 1998A
<br />Public Project Revenue Bonds 1999C
<br />Tax Abatement Bonds 2006C
<br />Utility Revenue Bonds 2006D
<br />CIP Refunding Bonds 2006E
<br />TIF Bonds 2007A
<br />Special Assessment Debt:
<br />Improvement Bonds of 2002A
<br />Improvement Bonds of 2002B
<br />Improvement Bonds of 2003A
<br />Improvement Bonds of 2003B
<br />Improvement Bonds of 2004A
<br />Improvement Bonds of 2005A
<br />Refunding Imp. Bonds of 2005B
<br />December 31, 2008
<br />Fund
<br />Balance
<br />Deferred
<br />Revenue
<br />Total
<br />Deferred
<br />Tax
<br />Levies
<br />Total Remaining Over
<br />Resources Debt Service (Under)
<br />Available Scheduled Funded
<br />$ 117,925 $ 7,846 $ 125,771 $
<br />502,810 6,659 509,469
<br />355,116 3,616 358,732
<br />55,851 2,683 58,534
<br />17,316 153,630 170,946
<br />61,626 3,292 64,918
<br />126,659 - 126,659
<br />489,508
<br />126,788
<br />104,570
<br />3,631,190
<br />3,843,210
<br />5,970,514
<br />$ 615,279 $ 232,375 $ 382,904
<br />636,257 410,000 226,257
<br />463,302 194,259 269,043
<br />3,689,724 3,509,992 179,732
<br />170,946 621,941 (450,995)
<br />3,908,128 3,720,000 188,128
<br />6,097,173 5,601,433 495,740
<br />$ 1,237,303 $ 177,726 $ 1,415,029 $ 14,165,780 $ 15,580,809 $ 14,290,000 $ 1,290,809
<br />$ 262,748 $ 83,522 $ 346,270 $ 29,972 $
<br />938,512 386,395 1,324,907 -
<br />54,728 184,340 239,068
<br />86,724 41,873 128,597 129,745
<br />311,056 217,589 528,645 1,511,874
<br />1,069 5,370,475 5,371,544 6,848,539
<br />513,132 314,854 827,986 3,094,482
<br />376,242
<br />1,324,907
<br />239,068
<br />258,342
<br />2,040,519
<br />12,220,083
<br />3,922,468
<br />$ 149,198 $ 227,044
<br />1,357,060 (32,153)
<br />882,571 (643,503)
<br />204,903 53,439
<br />1,396,532 643,987
<br />6,935,546 5,284,537
<br />3,430,470 491,998
<br />$ 2,167,969 $ 6,599,048 $ 8,767,017 $ 11,614,612 $ 20,381,629 $ 14,356,280 $ 6,025,349
<br />Note: Deferred revenue in the above table does not include the future scheduled "interest portion" of the
<br />adopted assessment rolls. The 2004A Improvement Bonds also include a pledge from the Area and
<br />Unit Fund that has not been included above.
<br />(3)
<br />
|