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City of Lino Lakes, Minnesota <br />Management's Discussion and Analysis <br />December 31, 2005 <br />At the end of the current fiscal year, the City of Lino Lakes is able to report positive balances in all three <br />categories of net assets, both for the government as a whole, as well as for its separate governmental and <br />business -type activities. <br />Governmental activities. Governmental activities increased the City of Lino Lakes' net assets by <br />$2,986,228, thereby accounting for 55 percent of the total growth in the net assets of the City of Lino <br />Lakes. The most significant change in governmental net assets is due to the effect of accounting for net <br />assets under the full accrual basis. Under full accrual accounting, current year outlay for infrastructure will <br />be expensed over the useful life of the infrastructure. This capital outlay for the infrastructure is budgeted <br />for during the current year. <br />Business -type activities. Business -type activities increased the City of Lino Lakes' net assets by <br />$2,456,797, thereby accounting for 45 percent of the total growth in the net assets of the City of Lino <br />Lakes. Developers' contribution of infrastructure assets to the water and sewer funds accounted for a <br />significant portion of that increase. <br />Condensed statements of revenues, expenses, and changes in net assets highlights are as follows for the <br />year ended December 31, 2005: <br />Governmental and Business -Type Activities <br />For the Year Ended December 31, 2005 <br />(in millions) <br />Governmental Business -Type Total <br />Activities Activities Government <br />2005 2004 2005 2004 2005 2004 <br />Revenues <br />Program revenues <br />Charges for services $1.77 $1.91 $2.39 $2.26 $4.16 $4.17 <br />Operating grants and contributions .76 .68 - - .76 .68 <br />Capital grants and contributions 10.13 7.52 1.74 1.59 11.87 9.11 <br />General revenues <br />Property taxes 7.25 6.52 7.25 6.52 <br />Franchise taxes .14 .11 .14 .11 <br />Unrestricted investment earnings .44 .22 .12 .03 .56 .25 <br />Contribution to permanent fund .10 .00 .00 .00 .10 .00 <br />Other .06 1.28 - - .06 1.28 <br />Total revenues 20.65 18.24 4.25 3.88 24.90 22.12 <br />Expenses <br />General government <br />Public safety <br />Public services <br />Parks, recreation and forestry <br />Conservation of natural resources <br />Community development <br />Interest on long -term debt <br />Water <br />Sewer <br />Total expenses <br />Change in net assets before transfers <br />Transfers <br />Change in net assets <br />Net assets - beginning <br />Net assets - ending <br />2.94 2.52 - 2.94 2.52 <br />3.09 2.80 3.09 2.80 <br />9.19 7.25 - 9.19 7.25 <br />.80 1.20 .80 1.20 <br />.15 .12 .15 .12 <br />.38 .42 .38 .42 <br />.80 .76 - .80 .76 <br />.88 .91 .88 .91 <br />1.22 1.13 1.22 1.13 <br />17.35 15.07 2.10 2.04 19.45 17.11 <br />3.30 3.17 2.15 1.84 5.45 5.01 <br />(.31) (.30) .31 .30 - - <br />2.99 2.87 2.46 2.14 5.45 5.01 <br />48.10 45.23 31.46 29.32 79.56 74.55 <br />$51.09 $48.10 $33.92 $31.46 $85.01 $79.56 <br />13 <br />