Comprehensive Annual Financial Report 12/31/2007

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CITY OF LINO LAKES, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2007 Note 12 SHARE IN GAS FRANCHISE PROFITS The City receives a share of the gross billing for natural gas sales by a neighboring City, which provides service within the City of Lino Lakes. The amount reported as revenue in the General Fund during fiscal year 2007 was $118,802. Note 13 INTERFUND RECEIVABLE AND PAYABLES The purpose of the interfund receivable and payable balances is for the elimination of negative cash between funds and at December 31, 2007 are as follows: Governmental Activity: General Fund Other Nonmajor Governmental Funds Receivable Payable $ 75,947 $ - 75,947 $ 75,947 $ 75,947 Interfund receivable and payable balances not expected to be repaid within one year are reported as advances to and from other fund and at December 31, 2007 are as follows: Governmental Activity: Area and Unit Charge Other Nonmajor Governmental Funds Receivable Payable $ 885,825 $ 885,825 885,825 $ 885,825 The purpose of the advance from the Area and Unit Charge Fund is to temporarily finance projects in the Dedicated Parks Fund. Note 14 INTERFUND TRANSFERS Individual fund transfers for fiscal year 2007 are as follows: Governmental Activity: General Fund Area and Unit Charge Legacy Woods Edge Improvement Fund Other Nonmajor Governmental Funds Total Governmental Activity Business -Type Activity: Water Fund Sewer Fund Total Business -Type Activity Total Transfer In $ 34,200 979,392 1,886,657 2,900,249 141,199 141,199 Transfer Out $ (826,127) (1,122,648) (152,406) (918,043) (3,019,224) (11,112) (11,112) (22,224) $ 3,041,448 $ (3,041,448) Interfund transfers are other financing sources and uses within the fund financial statements. The purpose of the transfers are to provide funding for capital improvement projects, capital outlay, and debt service as well as open and close funds. 51