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HomeMy WebLinkAboutAudit Report 12/31/1977CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 1977 AND 1976 TOGETHER WITH ACCOUNTANTS' REPORT CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA YEAR ENDED DECEMBER 31, 1977 I N D E X Page City Council and Other Officials 1 Plan of Government and Description of Funds 2 - 3 Basic Financial Statements: Accountants' Report on Basic Financial Statements 4 General Fund - Balance Sheet Statement of Revenue and Expenditures Statement of Changes in Fund Balance Special Revenue Funds - Balance Sheets Statement of Revenue, Expenditures and Fund Balance Parks and Playgrounds Fund Revenue Sharing Fund Debt Service Fund - Balance Sheet Statement of Revenue, Expenditures and Fund Balance Special Assessment Funds Balance Sheets Statement of Revenue, Expenditures and Fund Balance Water and Sewer Fund - Statement of Income Statement of Retained Earnings Statement of Changes in Financial Position Statement of General Long -Term Debt Statement of General Fixed Assets Notes to Financial Statements 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -22 Additional Information: Accountants' Report on Additional Information Section I - Balance Sheet Supporting Schedules Schedule A -1 Investments Section II - Exhibit A Exhibit B Exhibit C Exhibit D Exhibit E 1 1 Page 23 24 1 Summary of Balance Sheets - All Funds 25 - 26 Summary of Cash Receipts and Disbursements - All Funds 27 - 28 Assessed Valuations, Tax Levies and Mill Rates 29 Debt Service Requirements and Sources of Financing 30 Deferred Tax Levies (ad valorem) for Future Debt Service 31 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA City Council and Other Officials Year Ended December 31, 1977 Term of Office From To City Council: Mayor William Bohjanen 1/1/76 12/31/77 Trustees Harvey Karth 1/1/76 12/31/79 Robert Schneider 1/1/76 12/31/79 Richard Zelinka 1/1/74 12/31/77 John McLean 1/1/74 12/31/77 Clerk- Treasurer Edna Sarner Continuous CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA PLAN OF GOVERNMENT The City of Lino Lakes operates under "Plan A" as defined in the State of Minnesota Statutes. Under this plan the government of the City is run by a council composed of an elected mayor and four elected councilmen. The council exercises legislative authority and determines all matters of policy. The council appoints administrative personnel who are responsible for the proper administration of all affairs relating to the City. DESCRIPTION OF FUNDS GENERAL FUND The General Fund was established to account for the revenue and expenditures necessary to provide basic governmental services for the City. The principal sources of revenue are property taxes, intergovernmental revenue, licenses and permits, and charges for current services. Expenditures are for general government, general services, protec- tive inspection and other functions. A plan of financial operation is set forth each year in the form of the annual budget adopted by the council. SPECIAL REVENUE FUNDS Special revenue funds are established to account for the proceeds from special tax levies and other dedicated revenues to be used for a specified purpose. The fol- lowing funds are included in this group: Parks and Playgrounds Fund Revenue Sharing Fund DEBT SERVICE FUND The Debt Service Fund is used to account for the payment of principal and interest on general obligation bonds issued by the City. They are retired out of the revenue provided by ad valorem levies established for that purpose. Revenue and Special Assessment bonds are not included in this group. They are serviced out of their respective funds. The fund is used to retire the Municipal Building Bonds of 1970. 1 1 1 1 1 1 1 1 1 1 1 1 w 1 1 1 SPECIAL ASSESSMENT FUNDS Special Assessment Funds are established to account for the disposition of bond proceeds or other sources obtained to finance improvements which are to be paid for wholly or in part from special assessments levied against benefited property. The fund also accounts for assessments levied against individual property owners and use the assessments collected to retire the Improvement Bonds of 1974. PUBLIC ENTERPRISE FUND The Public Enterprise Fund is used to account for the financing of services to the general public where all or most of the costs involved are recovered by charges to users of such services. Any revenue bonds issued are serviced out of the net revenues of the enterprise. Water and Sewer Fund - This fund was established to account for the opera- tion of the City - owned water and sewer system. At the end of 1977 this fund was closed and future operations will be accounted for in the General Fund. GENERAL FIXED ASSETS This separate group of accounts contains the fixed assets of the City, GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS This group of accounts contains the long -term debt of the City resulting from general obligation bonds issued. The debt is an obligation of the City as a whole and not of individual funds. 3 7 BASIC FINANCIAL STATEMENTS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ANFINSON, HENDRICKSON 6 CO. CERTIFIED PUBLIC ACCOUNTANTS ORIS A. HENDRICKSON, C. P. A. DONALD D. ANFIN SON, C. P. A. NEIL 1. HENDRICKSON, C. P. A. The City Council and Residents City of Lino Lakes Lino Lakes, Minnesota AFFILIATED WITH NATIONAL CPA GROUP MEMBER FIRMS IN PRINCIPAL CITIES 10501 WAYZATA BOULEVARD MINNETONKA, MtNNE sOTA 55343 TELEPHONE (612) 545 -0421 We have examined the financial statements of the various funds and the general long- term debt group of accounts of the City of Lino Lakes, Minnesota for the year ended December 31, 1977 shown on pages 5 through 22. Our examination was made in accor- dnace with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances, except that we did not examine the Statement of General Fixed Assets for the reason stated in the following paragraph. Because the City does not maintain fixed asset records which provide complete accounting control over quantities and costs of all equipment it was impracticable to audit the accompanying balance sheet of General Fixed Assets and we express no opinion thereon, except with respect to the basis of valuation of certain assets included therein, which is at variance with generally accepted accounting principles as more fully explained in Note 1. In our opinion, except for the Statement of General Fixed Assets, the aforementioned financial statements present fairly the financial position of the various funds and general long -term debt group of accounts of the City of Lino Lakes, Minnesota as of December 31, 1977 and the result of operations of such funds and the changes in financial position of the Water and Sewer Fund for the year then ended in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year, after giving retroactive effect to the changes, with which we concur, in the method of accounting for prepayments and customer deposits as described in Note 6 to the Financial Statements. Minnetonka, Minnesota January 18, 1978 Certified Public Accountants CITY OF LINO LAKES GENERAL FUND BALANCE SHEET As of December 31, 1977 ASSETS Clerk's balance (Note 1) $64,469 Taxes receivable - delinquent 17,286 Accounts receivable 7,371 Due from other funds 1,500 Prepayments 9 Q13 Total Assets $99,639 LIABILITIES, RESERVES AND FUND BALANCE Liabilities: Accounts payable Customer deposits Total Liabilities Pensions (Note 5) $ 7,399 1,295 8,694 Fund balance: Appropriated for street improvement 1,403 Unappropriated 89,542 Total Fund Balance 90,945 Total Liabilities, Reserves and Fund Balance $99,639 The accompanying Notes to Financial Statements are an integral part of this statement. 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE AND EXPENDITURES For the Year Ended December 31, 1977 REVENUE Taxes Licenses and permits Intergovernmental revenue Charges for services Other revenue Transfer from Revenue Sharing Fund Total Revenue EXPENDITURES General government Police protection Fire protection Protective inspection Other protection Public works Shop Other expenditures Total Expenditures Excess of Revenue (Expenditures) Over (Under) Actual Budget Budget $135,187 $177,600 $(42,413) 44,161 26,495 17,666 127,805 88,102 39,703 33,308 24,408 8,900 3,615 2,500 1,115 36,309 36,309 380,385 $319,105 $ 61,280 98,750 $119,110 $(20,360) 107,436 84,607 22,829 18,684 20,800 (2,116) 19,670 19,670 4,320 1,200 3,120 83,422 71,603 11,819 3,291 27,381 (24,090) 205 205 335,778 $324,701 $ 11,077 $ 44,607 The accompanying Notes to Financial Statements are an integral part of this statement. 6 CITY OF LINO LAKES GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE For the Year Ended December 31, 1977 Appro- Unappro- priated priated Total Balance, beginning of year $ 7,084 $21,430 $28,514 Adjustment to record prepayments as unappropriated (6,324) 6,324 Balance, beginning of year as adjusted (Note 6) 760 27,754 28,514 Collected for boulevards on Knoll Drive 600 600 Excess of revenue 43 44,564 44,607 Transfer from Water and Sewer Fund 9,918 9,918 Transfer from Parks and Playgrounds Fund 7,306 7,306 Balance, End of Year $ 1,403 $89.542 $90,945 The accompanying Notes to Financial Statements are an integral part of this statement. 7 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES SPECIAL REVENUE FUNDS BALANCE SHEETS As of December 31, 1977 ASSETS Clerks balance (Note 1) Due from governmental units Total Assets FUND BALANCE Parks and Revenue Playgrounds Sharing Combined Fund Fund Total $ 4,200 $10,448 $14,648- 8,997 8,997 $ 4.200 $19,445 $23,645 Fund Balance $ 4.200 $19.445 $23,645 The accompanying Notes to Financial Statements are an integral part of this statement. 8 1 CITY OF LINO LAKES PARKS AND PLAYGROUNDS FUND ' STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE For the Year Ended December 31, 1977 Over (Under) Actual Budget Budget REVENUE Interest earned on investments $ 744 $ 744 Donations in lieu of park land 1,980 1,980 Transfer from Revenue Sharing Fund 2,254 2,254 Total Revenue 4,978 $ 4,978 EXPENDITURES Salaries 6,337 $ 6,278 $ 59 Contracted services 1,086 1,650 (564) Utilities 963 1,155 (192) Capital expenditures 6,269 2,076 4,193 Repairs and maintenance 1,445 40 1,405 Write -off of delinquent taxes 609 609 Miscellaneous 175 175 Total Expenditures 16,884 $11.199 $ 5,685 Excess of revenue (expenditures) (11,906) Fund balance, beginning of year 23,412 Transfer to General Fund (7,306) Fund Balance, End of Year $ 4.200 1 1 1 1 1 1 1 1 1 1 1 1 1 1 The accompanying Notes to Financial Statements are an integral part of this statement° II - 9 1 CITY OF LINO LAKES REVENUE SHARING FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE For the Year Ended December 31, 1977 REVENUE Federal Revenue Sharing Interest Total Revenue EXPENDITURES Transfers to other funds Excess of revenue (expenditures) Fund balance, beginning of year Fund Balance, End of Year Over (Under) Actual Budget Budget $29,817 $27,490 $ 2,327 1,215 1,215 31,032 $27,490 $ 3,542 38,563 (7,531) 26,976 $19,445 $38,563 The accompanying Notes to Financial Statements are an integral part of this statement. - 10 - CITY OF LINO LAKES DEBT SERVICE FUND BALANCE SHEET As of December 31, 1977 Municipal ASSETS Building Bond Clerk's balance (Note 1) $ 17,623 Delinquent taxes receivable 2,142 Accounts receivable 229 Total Assets $ 19,994 FUND BALANCE Fund balance $ 19,994 The accompanying Notes to Financial Statements are an integral part of this statement. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES DEBT SERVICE FUND STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE For the Year Ended December 31, 1977 Over (Under) REVENUE Actual Budget Budget Taxes $ 14,008 $ 13,400 $ 608 Interest earned on investments 166 166 Total Revenue 14,174 $ 13,400 $ 774 EXPENDITURES Principal Interest Fiscal agent service charges Total Expenditures Excess of revenue (expenditures) Fund balance, beginning of year Fund Balance, End of Year 10,000 3,715 25 13,740 $ 13,716 $ 24 434 19,560 $ 19,994 The accompanying Notes to Financial Statements are an integral part of this statement. 'CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS BALANCE SHEETS As of December 31, 1977 Improvement Improvement Bond of 1974 Bond of 1977 Combined ASSETS Clerk's balance (Note 1) $ 91,424 $ 44,811 $136,235 Special assessments receivable: Delinquent 81,570 81,570 Deferred principal levies. .62,091 49,461 111,552 Total Assets $235,085 $ 94.272 $329,357 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Contracts payable Due to other funds Bonds payable (Note 4) Total Liabilities $ 100 $ 110 $ 210 3,270 3,270 1,500 1,500 140,000 63,200 203,200 140,100 68,080 208,180 Commitments (Note 7) - Fund balance 94,985 Total Liabilities and Fund Balance $235,085 26,192 121,177 $ 94.272 $329,357 The accompanying Notes to Financial Statements are an integral part of this statement. - 13 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE For the Year Ended December 31, 1977 Improvement Improvement Bond of 1974 Bond of 1977 Combined REVENUE Principal levies on assessments $ 63,202 $ 63,202 City share of assessments 2,748 2,748 Interest levies on assessments $ 10,435 10,435 Penalty and interest on delinquent collections 17,947 17,947 Interest earned on investments 2,878 807 3,685 Total Revenue 31,260 66,757 98,017 EXPENDITURES Capital expenditures Professional fees Administrative fee Debt service: Interest Fiscal agent fee Total Expenditures Excess of Revenue (Expenditures) Fund balance, beginning of year Fund Balance, End of Year 32,697 32,697 839 6,368 7,207 1,500 1,500 10,400 10,400 30 30 11,269 40,565 51,834 19,991 26,192 46,183 74,994 -0- 74,994 $ 94,985 $ 26.192 $121.177 The accompanying Notes to Financial Statements are an integral part of this statement. CITY OF LINO LAKES WATER AND SEWER FUND STATEMENT OF INCOME For the Year Ended December 31, 1977 Over (Under) Actual Budget Budget. Operating revenue: Water sales $ 1,808 Sewer service 2,156 Metropolitan Waste Control Commission 3,646 Other 569 Total Operating Revenue 8,179 $ 4,500 $ 3,679 Operating expenses: Salaries 3,845 $ 1,280 $ 2,565 Contracted services 1,063 1,063 Utilities 1,616 1,860 (244) Bulk fuels 794 794 Depreciation 11,480 11,480 Metropolitan Waste Control Commission Charges 2,589 3,900 (1,311) Other 299 50 249 Total Operating Expenses 21,686 $ 7,090 $ 14,596 NET LOSS (13,507) Add: Credit arising from depreciation charged to contributed equity Loss Charged to Retained Earnings 11,480 $ (2,027) The accompanying Notes to Financial Statements are an integral part of this statement. - 15 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r CITY OF LINO LAKES WATER AND SEWER FUND STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 1977 Balance, beginning of year Adjustment to record customer deposits Balance, Beginning of Year, As Adjusted (Note 6) Net loss for year Transfer to General Fund Balance, End of Year $ 13,135 (1,190) 11,945 (2,027) (9,918) $ -0- The accompanying Notes to Financial Statements are an integral part of this statement. CITY OF LINO LAKES WATER AND SEWER FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Year Ended December 31, 1977 Working capital applied: Net loss $ 13,507 Charges against income not affecting working capital - Depreciation (11,480) Total Working Capital Applied to Operations 2,027 Adjustment to record customer deposits 1,190 Transfer to General Fund 9,918 Decrease in Working Capital $ 13,135 Changes in components of working capital: Decrease in current assets - Clerk's balance $ 11,099 Accounts receivable 1,960 Prepaid expenses 216 (Decrease) in current liabilities (140) Decrease in Working Capital $ 13,135 The accompanying Notes to Financial Statements are an integral part of this statement. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES STATEMENT OF GENERAL LONG -TERM DEBT As of December 31, 1977 Amount available and to be provided for the payment of general long -term debt: Amount available in Debt Service Funds $ 19,994 Amount to be provided from ad valorem taxes 30,006. Total Available and to be Provided $ 50,000 General long -term debt payable: Municipal building bond principal (Notes 3 & 4) $ 50,000 The accompanying Notes to Financial Statements are an integral part of this statement. CITY OF LINO LAKES STATEMENT OF GENERAL FIXED ASSETS As of December 31, 1977 (Unaudited) Property, plant and equipment (Note 1): Land $ 36,175 Wells 6,216 Buildings 121,166 Furniture and equipment 108964 Water and sewer system, net of accumulated depreciation 428,563 Total Property, Plant and Equipment $701,084 Investment in general fixed assets $701,084 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 The accompanying Notes to Financial Statements are an integral part of this statement. II - 19 - CITY OF LINO LAKES NOTES TO FINANCIAL STATEMENTS December 31, 1977 Note 1: Summary of Significant Accounting Policies a. Basis of accounting - The accrual basis of accounting is followed by the Special Assessment and Enterprise Funds, while the General, Special Revenue and Debt Service Funds utilize the modified accrual basis of accounting. Modifications in such method from the accrual basis follow: 1. Revenues are recorded as received in cash except for - revenues susceptible to accrual revenues of a material amount that have not been received at the normal time of receipts 2. Expenditures are recorded on the accrual basis except - disbursements for inventory items are considered expenditures at the time of purchase - interest on long -term debt is recorded as an expen- diture when due b. Clerk's balances consist of cash on hand, cash in bank and certificates of deposits which are stated at cost. c. General fixed assets are stated at actual or estimated values. The policy of stating such assets at other than cost is at variance with generally accepted accounting principles. Additions and deletions are not accounted for in detailed inventory records. Depreciation of general fixed assets is not provided for in the City's records because depreciation does not constitute a current budgetary expenditure. The cost of these items are accounted for as current expen- ditures of the various funds in the year paid. However, accumulated depreciation is provided for the Water and Sewer System. The depreciation is computed using the straight line method at rates of 2% to 20%. Note 2: Contributed Equity Balance, beginning of year $407,346 Depreciation on contributed assets (11,480) Transfer to General Fixed Assets (395,866) Balance, End of Year $ -0- NOTES TO FINANCIAL STATEMENTS o Continued December 31, 1977 Note 3: Special Assessment Bonds 1 1 1 In addition to the long -term debt exhibited in the Statement of Long -Term Debt, the City of Lino Lakes has a contingent liability against its full faith and credit on $203,200 of special assessment bonds recorded in the Special Assess - II ment Funds. The general credit of the municipality is obligated only to the extent that any liens foreclosed against properties involved in the special assessment district are insufficient to retire the outstanding special assess- II ment bond. Note 4: Bond Principal Payable Bond principal payable is comprised of the general obligation bond and special assessment bonds outstanding at year -end as follows: General Long -Term Debt G.O. Municipal Bldg. Year Bonds of 1970 Payable Principal Interest BONDS PAYABLE As of December 31, 1977 Special Assessment Bonds Improvement Bond Improvement Bond of 1974 of 1977 Total Principal Interest Principal Interest Principal Interest 1 1 1 1 1978 $10,000 $3,050 $ 35,000 $ 7,963 $ 6,320 $ 3,160 $ 51,320 $14,173 II 1979 10,000 2,378 35,000 5,687 6,320 2,844 51,320 10,909 1980 10,000 1,700 35,000 3,413 6,320 2,528 51,320 7,641 1981 10,000 1,020 35,000 1,137 6,320 2,212 51,320 4,369 II 1982 10,000 340 6,320 1,896 16,320 2,236. 1983 6,320 1,580 6,320 1,580 1984 6,320 1,264 6,320 1,264 II 1985 6,320 X948 6,320 948 1986 6,320 632 6,320 632 1987 6,320 316 6,320 316 $50.000 $8,488 $140,000 $18,200 $63,200 $17.380 $253.200 $44.068 Paying Northwestern Nat. Northwestern Nat. Centennial State Agent: Bank of Mpls. Bank of Mpls. Interest Rates: 6.5% - 6.8% Bank of Lexington 6.5% 5.0% - 21 - 1 1 1 1 NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1977 Note 5: Pension Plan Substantially all City employees are covered by a statewide contributory retirement plan operated by the Public Employees Retirement Association (PERA). The City records pension expense as the contributions come due. Contributions for 1977 were $12,900. Contribution rates are determined on a statewide basis and include provisions for prior service costs. The assets of the State of Minnesota PERA Fund were substantially less than the actuarially computed value of vested benefits as of the most recent valuation date. That part of the deficiency attributable to the City is not determinable. Note 6: Fund Balances The unappropriated fund balance as of January 1, 1977 of the General Fund has been restated to include prepayments. Fund The retained earnings as of January 1, 1977 of the Water and Sewer Fund has been restated to record customer deposits. Fund balances were affected as follows: Balance Adjustment for Adjustment for Balance January 1, January 1, 1977 Prepayments Customer Deposits 1977, as Adjusted General $21,430 Water and Sewer $13,135 $6,324 $(1,190) $27,754 $11,945 Note 7: Commitments The resources of the 1977 Improvement Bond Fund are committed for street improvements to be completed for which estimated costs have already been assessed to property owners. ADDITIONAL INFORMATION ORIS A. HENDRICKSON, C. P. A. DONALD D. ANFINSON, C. P. A. NEIL 1. HENDRICKSON, C. P. A. ANFINSON, HENDRICKSON 8 CO. CERTIFIED PUBLIC ACCOUNTANTS AFFILIATED WITH NATIONAL CPA GROUP MEMBER FIRMS IN PRINCIPAL CITIES 10501 WAYZATA BOULEVARD MINNETONKA, MINNESOTA 55343 TELEPHONE (612) 545 -0421 ACCOUNTANTS' REPORT ON ADDITIONAL INFORMATION For the Fiscal Year Ended December 31, 1977 To The City Council and Residents City of Lino Lakes Lino Lakes, Minnesota The accompanying additional financial information is presented for supple- mentary analysis purposes and is not considered necessary for a fair presentation of the basic financial statements. Our examination of the basic financial statements for the year ended December 31, 1977, which are presented in the first section of this report, was made for the pri- mary purpose of formulating an opinion on those statements. We have previously made examinations similar in scope for the prior periods for which data is presented. This additional information has been subjected to the applicable audit procedures as we performed in our original exam- ination of the related basic financial statements. In our opinion the supplementary financial information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ANFINSON, HENDRICKSON & CO. Certified Public Accountants Minnetonka, Minnesota January 18, 1978 SECTION BALANCE SHEET SUPPORTING SCHEDULES CITY OF LINO LAKES INVESTMENTS As of December 31, 1977 SCHEDULE A -1 Certificate Certificate Certificate Certificate Certificate Certificate of deposit of deposit of deposit of deposit of deposit of deposit Interest Rate 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% Cost $ 803.00 513.98 1,191.79 1,153.64 1,137.46 758.31 Total Investments $ 5,558.18 SECTION 2 EXHIBITS CITY OF LINO LAKES SUMMARY OF BALANCE SHEETS - ALL FUNDS As of December 31, 1977 ASSETS Combined Total. (For Memorandum General Purposes Only) Fund Clerk's balance $ 232,975 Taxes receivable: Delinquent 19,428 Special assessments receivable: Delinquent 81,570 Deferred principal levies 111,552 Accounts receivable 7,600 Due from other funds 1,500 Due from other governmental units 8,997 Prepaid expenses 9,013 Amount available in debt service funds 19,994 Amount to be provided from ad valorem levies 30,006 Property, plant and equipment, net 701,084 Total Assets $1,223,719 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Customer deposits Contracts payable Due to other funds Bonds payable Total Liabilities $ 7,609 1,295 3,270 1,500 253,200 266,874 64,469 17,286 7,371 1,500 9,013 99,639 7,399 1 1 1 1 1,295 ' 8,694 Investment in general fixed assets 701,084 Fund balance 255,761 90,945 Total Liabilities and Fund Balance $1.223,719 $ . 99,639 -25- 1 1 1 1 1 1 1 EXHIBIT A Special Debt Special General General Revenue Service Assessment Long -Term Fixed Assets Funds Fund Fund Debt (Unaudited) $ 14,648 $ 17,623 $ 136,235 2,142 229 8,997 81,570 111,552 $ 19,994 30,006 S 701,084 23,645 $ 19,994 $ 329,357 $ 50,000 $ 701,084 210 3,270 1,500 203,200 $ 50,000 208,180 50,000 23,645 $ 19,994 121,177 23,645 $ 19,994 $ 329.357 $ 50.000 $ 701,084 $ 701,084 CITY OF LINO LAKES SUMMARY STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS - ALL FUNDS For the Year Ended December 31, 1977 Fund General Fund Special Revenue Funds: Parks and Playgrounds Fund Revenue Sharing Fund Debt Service Fund:: Municipal building bonds Special Assessment Funds: Improvement Bond of 1974 Improvement Bond of 1977 Public Service Enterprise Fund: Water and Sewer Fund Total - All Funds Clerk's balances are comprised of cash and investments as follows: Clerk's Balances 1 -1 -77 $ 3,810.08 20,902.56 20,199.00 16,702.25 75,289.93 - 0- 11,098.71 $148,002.53 Petty cash $ 150.00 Bank checking account 60,680.36 Bank savings account 81,898.16 Investments 5,274.01 $148,002.53 EXHIBIT B Additions Deductions Clerk's Transfers Transfers Balances Receipts In Disbursements Out 12 -31 -77 $414,719.60 $ 60,191.61 $411,441.27 $ 2,811.29 $ 64,468.73 4,694.43 28,812.18 14,661.04 67,303.52 5,065.29 13,459.78 13,740.00 51,169.05 13,002.50 4,200.00 38,562.94 10,448.24 17,623.29 91,424.40 80,496.44 35,685.38 44,811.06 9,351.76 9,570.30 10,880.17 -0- $620,938.97 $ 65,256.90 $535,065.78 $ 65,256.90 $232,975.72 $ 150.00 71,377.12 155,890.42 5,558.18 $232,975.72 CITY OF LINO LAKES ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES For the Year Ended December 31, 1977 EXHIBIT C Assessed valuations Fiscal disparities - contribution Fiscal disparities - distribution Taxable Valuations 1977 Levy Collectible 1976 Levy Collectible in 1977 in' 1976 $11,167,898 (362,507) 463,660 $111269,0551 $10,080,542 (362,507) 503,419 $10,221,454 Amount Mill Rate Amount Mill Rate Levies: Revenue $164,562 14.56 $ 20,341 1.99 Road and bridge 11,959 1.17 Shop 18,399 1.80 Fire 16,661 1.63 Police 48,756 4.77 Parks and playgrounds 19,216 1.88 Civil defense 1,124 .11 Bonds 13,451 1.19 14,106 1.38 Totals $178,013 15.75 .$150.56,2 14.73 CITY OF LINO LAKES STATEMENT OF DEBT SERVICE REQUIREMENTS AND SOURCES OF FINANCING As of December 31, 1977 EXHIBIT D Sources of financing: Amount available in Debt Service. Fund Clerk's balance $ 17,623 Delinquent taxes receivable 2,142 Accounts receivable 229 Deferred tax levies - Municipal building bonds 36,000 Less: 5% allowance for uncollectibles (1,714) Total Sources of Financing 54,280 Debt service requirements: Bond principal - municipal building bonds Future interest - municipal building bonds Total Debt Service Requirements 50,000 8,488 58,488 Excess (Deficiency) of Sources of Financing Over Debt Service Requirements $ (4,208) CITY OF LINO LAKES DEFERRED TAX LEVIES (AD VALOREM) FOR FUTURE DEBT SERVICE OF GENERAL OBLIGATION BONDS * As of December 31, 1977 EXHIBIT E Year Collectible Municipal Building Bonds 1978 $ 12,700 1979 12,000 1980 11,300 Total $ 36,000 * Ad valorem levies are placed at 105% of debt service requirements, as requred by Minnesota Statutes.