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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2007 <br />Note 17 LEASE COMMITMENT (CONTINUED) <br />The prorated carrying value of the building being leased is as follows: <br />Building $ 929,970 <br />Less Accumulated Depreciation (247,992) <br />Net $ 681,978 <br />Note 18 JOINT FIRE VENTURE <br />The Centennial Fire District (the District) was established under a joint powers agreement between the City <br />of Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services <br />including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to <br />appoint two commissioners to the District's Board. <br />Each calendar year participating cities are to pay the District its share of the total operating and capital <br />budget in accordance with a funding formula contained in Section VII of the joint powers agreement. The <br />funding formula takes into account each city's average number of calls, population, and total market value. <br />During 2007, the City of Lino Lakes' contributions to the District were as follows: <br />Operating $ 467,877 <br />Capital 69,100 <br />Total $ 536,977 <br />Separate financial statements of the District can be obtained by contacting the Centennial Fire District. <br />The audited condensed fmancial statements of the District as of December 31, 2007 are as follows: <br />Total Assets $ 1,057,485 <br />Total Liabilities 127,212 <br />Total Net Assets 930,273 <br />Total Operating Revenue 679,546 <br />Total Operating Expenses 648,011 <br />53 <br />