HomeMy WebLinkAboutAudit Report 12/31/1978CITY OF LINO LAKES
ANOKA.COUNTY, MINNESOTA
FINANCIAL STATEMENTS
FOR THE
YEAR ENDED DECEMBER 31, 1978
TOGETHER WITH
ACCOUNTANTS' REPORT
CITY OF LINO LAKES
ANOKA COUNTY, MINNESOTA
Year Ended December 31, 1978
I N D E X
City Council and Other Officials
Plan of Government and Description of Funds
Accountants' Report and Basic Financial Statements:
Accountants' Report Letter
Combined Financial Statements -
Combined Balance Sheets - All Funds and Account
Combined Statement of Revenue, Expenditures and
All Funds
Combining Financial Statements -
Special Revenue Funds
Combining Balance Sheet
Combining Statement of Revenue,
Special Assessment Funds
Combining Balance Sheet
Combining Statement of Revenue,
Groups
Fund Balance
Expenditures and Fund Balance
Expenditures and Fund Balance
Fund and Account Group Financial Statements
General Fund
Statement of Revenue and Expenditures Compared to Budget
Statement of Changes in Fund Balance
General Long -Term Debt Group of Accounts
Statement of Changes in General Long -Term Debt
General Fixed Assets Group of Accounts
Statement of Changes in General Fixed Assets
Notes to Financial Statements
Additional Information:
Deferred Tax Levies (Ad Valorem) for Future Debt Service
Schedule of Debt Service Requirements and Sources of Financing
Assessed Valuations, Tax Levies and Mill Rates
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City Council:
Mayor
Trustees
Clerk- Treasurer
CITY OF LINO LAKES
ANOKA COUNTY, MINNESOTA
City Council and Other Officials
Year Ended December 31, 1978
Harvey Karth
Richard Kulaszewicz
Robert Schneider
Richard Zelinka
John McLean
Edna Sarner
Term of Office
From To
1/1/78 12/31/79
1/1/78 12/31/81
1/1/76 12/31/79
1/1/78 12/31/79
1/1/78 12/31/81
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 responsibile 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
following 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.
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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 funds also account for assessments levied against individual property owners
and use the assessments collected to retire the related bonds.
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.
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ACCOUNTANTS` REPORT
AND
'BASIC FINANCIAL STATEMENTS
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ORIS A. HENDRICKSON. C.P.A.
DONALD D. ANFINSON, C.P.A.
NEIL L HENDRICKSON, C.P.A.
MARVIN R. LOFF, C.P.A.
DARVL 0. D.KAM, C.P.A.
KEVIN S. BAUER, C.P.A.
ANFINSON, HENDRICKSON & CO.
CERTIFIED PUBLIC ACCOUNTANTS
AFFILIATED WITH
NATIONAL CPA GROUP
MEMBER FIRMS IN PRINCIPAL CITIES
To The City Council and Residents
City of Lino Lakes
Lino Lakes, Minnesota
10501 WAYZATA BOULEVARD
MINNETONKA. MINNESOTA 55343
TELEPHONE (612) 646 -0421
We have examined the financial statements of the various funds and general long-
term debt group of accounts of the City of Lino Lakes, Minnesota, for the year
ended December 31, 1978 shown on pages 5 through 22. Except as disclosed in the
following paragraph, our examination was made in accordance with generally accept-
ed auditing standards and accordingly included such tests of the accounting records
and such other auditing procedures as we considered necessary in the circumstances.
Because the City does not maintain fixed asset records which provide complete
accounting control over quantities and original costs of all equipment it was im-
practicable to audit the accompanying financial statements of the General Fixed
Assets group of accounts 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 financial statements of the General Fixed Assets
group of accounts referred to above, the aforementioned financial statements pre-
sent fairly the financial position of the various funds and general long -term
debt group of accounts of the City of Lino Lakes, Minnesota, at December 31, 1978,
and the results of .their operations and changes in fund balances for the year then
ended, in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year.
The accompanying additional financial information and the columns on the accompany-
ing combined financial statements captioned "Total Memorandum Only11 are presented
for supplementary analysis purposes and are not considered necessary for a fair
presentation of the basic financial statements. The supplementary financial in-
formation has been subjected to the applicable audit procedures we performed in
our examination of the related basic financial statements and, in our opinion,
except for General Fixed Assets as noted above, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Minnetonka, Minnesota
January 18, 1979
Certified Public Accountants
CITY OF LINO LAKES
COMBINED BALANCE SHEETS
ALL FUNDS AND ACCOUNT GROUPS
As of December 31, 1978
ASSETS
Cash and temporary investments
Accounts receivable
Taxes receivable - delinquent•
Special assessments receivable
Due from other funds
Due from other governmental units
Prepaid expenses
Land
Wells
Buildings
Furniture and equipment
Water and sewer system, net of accumulated
depreciation
Amount available in debt service funds
Amount to be provided from ad valorem taxes
Total Assets
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable.
Contracts payable
Due to other funds
Customer deposits
Special assessment bonds payable
General obligation bonds payable
Total Liabilities
Encumbrances
Fund equity:
Investment in general fixed assets
Fund balance -
Appropriated for street improvements
Unappropriated
Designated for parks
Designated for debt service
Undesignated
Total Fund Equity
Total Liabilities, Encumbrances
and Fund Equity
- 5 -
Governmental Fund
Special Debt
General Revenue Service
$ 53,905 $ 55,054 $ 16,150
9,523
14,566 1,566
7,000 2,584
397 9,146
9,984
$ 95.375 $ 64,200 20,300
$ 5,173
2,584 $ 7,000
2,785
10,542 7,000
7,554
1,480
42,558
$ 20,300
75,799 14,642
77,279 57,200 20,300
95,375 S 64,200 $ 20_,300
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Types
Account Groups
General
Fixed
Assets
Unaudited)
General
Special.. Long -Term
Assessment Debt
$158,201
112,542
$270,743
$161,880
161,880
108,863
$ 20,300
21,217
$:41,517
$ 1,517
40,000
41,517
$ 36,175
6,216
141,338
110,135
416,429
$710,293
$710,293
108,863 710,293
$270,745 $ 41,517 $710,293
The accompanying Notes to Financial
Total
Memorandum
Only
$ 283,310
9,523
16,132
112,542
9,584
9,543
9,984
36,175
6,216
141,338
110,135
416,429
20,300
21,217
$1,202,428
$ 5,173
1,517
9,584
2,785
161,880
40,000
220,939
7,554
710,293
1,480
42,558
129,163
90,441
973,935
$1,202,428
Statements are an integral part of this statement.
CITY OF LINO LAKES
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
ALL FUNDS
For the Year Ended December 31, 1978
Revenue:
Taxes including penalty & interest
Interest levies on .special
assessments
Licenses and permits
Intergovernmental revenues
Federal
State
Other
Charges for services
Court fines
Interest on investments
Donations in lieu of park land
Miscellaneous revenue
Other sources -
Transfers from Revenue Sharing
Fund
Total Revenue
Expenditures:
Current -
General government
Public safety
Police
Fire
Other
Highways and streets
Maintenance
Street lighting
Parks
Public.utilties
Miscellaneous
Capital outlay -
General government buildings
Public safety
Parks
Streets and highways
Debt service -
Principal retirement
Interest and fiscal charges
Other uses:
Transfers-to General Fund
Total Expenditures
Excess of Revenue (Expenditures)
Fund balance, beginning of year
Fund Balance, End of Year
Special
General Revenue
Fund Funds
$142,630
63,337
1,554 $ 36,137
151,252
4,154
34,104
5,550
970 2,089
37,738
5,868
42,409
451,828
127,070
102,892
16,787
45,831
109,991
2,947
13,455
9,203
6,248
5,078
7,554
4,402
14,036
Debt
Service
Fund
$ 10,309
2,584
Special
Assessment
Funds
$ 8,240
8,194
488 5,848
75,964 13,381
10,000
3,075
42,409
465,494 42,409 13,075
(13,666) 33,555
90,945 23,645
$ 77,279 $ 57,200
The accompanying Notes to Financial
Statements
- 7 -
306
19,994
$ 20,300
are an integral
22,282
23,447
11,149
34,596
(12,314)
121,177
5108,863
part of this
Total
Memorandum
Only
$161,.179
8,194
63,337
37,691
153,836
4,154
34,104
5,550
9,395
37,738
5,868
42,409
563,455
127,070
102,892
16,787
45,831
109,991
2,947
13,455
9,203
6,248
5,078
7,554
4,402
37,483
10,000
14,224
42,409
555,574
7,881
255,761
$263,642
statement.
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CITY OF LINO LAKES
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
As of December 31, 1978
Parks and Revenue
Playgrounds Sharing
Fund Fund Total
ASSETS
Cash and temporary investments 42,558 12,496 55,054
Due from governmental units 9,146 9,146
Total Assets $ 42,558 $21,642 $64,200
LIABILITIES AND FUND BALANCE
Liabilities:
Due to General Fund
Fund Balance- Unappropriated
7,000 7,000
42,558 14,642 57,200
Total Liabilities and Fund Balance $ 42,558 $21,642 $64,200
The accompanying Notes to Financial Statements are an integral part of this
statement.
CITY OF LINO LAKES
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
For the Year Ended December 31, 1978
Parks and Revenue
Playgrounds Sharing
Fund Fund Total
REVENUE
Federal Revenue Sharing $36,137 $36,137
Interest $ 620 1,469 2,089
Donations in lieu of park land 37,738 ' 37,738
Total Revenue 38,358 37,606 75,964
EXPENDITURES
Transfers to General Fund
Excess of revenue (expenditures)
Fund balance,. beginning of year
Fund Balance, End of Year
42,409 42x409
38,358 (4,803) 33,555
4,200 19,445 23,645
42,558 $14,642 $57,200
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The accompanying Notes to Financial Statements are an integral part of this
statement.
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CITY OF LINO LAKES
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
As of December 31, 1978
Improvement Improvement
ASSETS Bond of 1974 Bond of 1977 Total
Cash and temporary investments $136,919 $ 21,282 $158,201
Special assessments receivable:
Delinquent 60,415 559 60,974
Deferred principal levies 10,638 40,930 51,568
Total Assets $207.972 $ 62.771 $270,743
LIABILITIES AND FUND BALANCE
Liabilities:
Bonds payable (Note 4)
Fund balance - unappropriated
Total Liabilities and Fund Balance
$105,000
102,972.
$207.972
$ 56,880
5,891
$ 62.771
$161,880
108,863
$270.743
The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
SPECIAL ASSESSMENT FUNDS i
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE
For the Year Ended December 31, 1978
II
Improvement Improvement
REVENUE Bond of 1974 Bond of 1977 Total
II
Interest levies on assessments $ 4,442 $ 3,752 $ 8,194
Penalty and interest on delinquent collections 8,240 8,240 II Interest earned on investments 3,977 1,871 5,848
Total Revenue 16,659 5,623 22,282
EXPENDITURES II
Capital expenditures 20,353 20,353 II
Professional fees 683 2,411 3,094
Debt service:
Interest 7,962 3,160 11,122
Fiscal agent fee 27 27 II
Total Expenditures 8,672 25,924 34,596
Excess of Revenue (Expenditures) 7,987 (20,301) (12,314)
II
Fund balance, beginning of year 94,985 26,192 121,177
Fund Balance, End of Year $102,972 $ 5,891 $108.863 I
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The accompanying Notes to Financial Statements are an integral part of this statement. 1
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CITY OF LINO LAKES
GENERAL FUND
STATEMENT OF REVENUE AND EXPENDITURES COMPARED TO BUDGET
For the Year Ended December 31, 1978
REVENUE
Over
(Under)
Actual Budget Budget
Taxes:
General property tax $133,785 $184,731 $(50,946)
Penalty and interest 1,263 1,263
Fiscal disparities 7,582 6 ,000 1,582
Total Taxes 142,630 190,731 (48,101)
Licenses and permits:
Business 10,187 11,245 (1,058)
Non- business 53,150 352670 17,480
Total Licenses and Permits 63,337 46,915 16,422
Intergovernmental revenue:
Federal - 1,554
Antirecession fiscal assistance 1,554
State -
Local government aid 105,377 105,377
Attached machinery aid 2,595 2,595
Homestead credit 36,677 36,677
Police town aid 5,599 5,200 399
Shade tree disease 1,004 1,004
Other -
Metro Council planning grant 4,154 4,154
Total Intergrovernmental Revenue 156,960 110,577 46,383
Charges for services:
General government 10,884 2,720 8,164
Fees retained from collections for other 688
governments - SAC 688
Public safety 16,605 18,100 (1,495)
Utilities -
Water 2,320
Sewer 3,607 4,500 1,427
Total Charges for Services 34,104 25,320 8,784
Court fines 5,550 4,500 1,050
The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
GENERAL FUND
STATEMENT OF REVENUE AND EXPENDITURES COMPARED TO BUDGET - Continued
For the Year Ended December 31, 1978
REVENUE - Continued
Over
(Under)
Actual Budget Budget.
Miscellaneous revenues:
Interest on investments $ 970 $ 970
Sale of property 5,339 5,339
Other 529 $ 239 290
Total Miscellaneous Revenues 6,838 239 6,599
Other sources:
Transfers from Federal Revenue Sharing Fund 42,409 35,988 6,421
Total Revenues $451.828 $414.270 $ 37,558
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EXPENDITURES
General government:
Mayor and council salaries 6,750 $ 6,300 $ 450
Elections -
Election judges salaries 959 1,000 (41)
Supplies 61 61
Finance -
Municipal clerk II
Salaries 11,698 11,676 22
Assessing
Salaries 8,716 8,592 124 II
Supplies 56 56
Accounting
Salaries 8,441 8,694 (253)
II
Supplies 2,608 2,580 28
Other services and charges 3,838 2,675 1,163
Independent accountants and auditors 4,290 3,400 890
Planning and zoning 6,447 4,250 2,197
Legal fees 24,011 18,360 5,651
General government buildings -
Salaries 2,151 2,157 (6) II
Supplies 3,288 1,611 1,677
Other services and charges 13,832 9,902 3,930
Capital outlay 5,078 3,518 1,560
II
Unallocated employee pensions and insurance 29,924 25,787 4,137
Total General Government 132,148 110,502 21,646
The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
GENERAL FUND
STATEMENT OF REVENUE AND EXPENDITURES COMPARED TO BUDGET - Continued
For the Year Ended December 31, 1978
EXPENDITURES - Continued
Public safety:
Police
Personal services
Supplies
Other services and charges
Capital outlay
Fire protection -
Fire marshall salary
Contracted services
Protective inspection
Salaries
Other services and charges
Civil devense -
Salaries
Other services and charges
Animal control -
Other services and charges
Total Public Safety
Highways and streets:
Administration and engineering
Personal services
Supplies
Other services and charges
Capital outlay - equipment and buildings
Streets
Signs
Street lighting
Total Highways and Streets
Parks:
Salaries
Supplies
Other services and charges
Capital outlay
Total Parks
Actual
$ 87,145
15,185
562
7,554
102
16,685
37,464
4,139
360
610
Over
(Under)
Budget Budget
$ 87,998
17,989
400
7,000
102
23,440
21,306
2,175
360
1,091
3,258 3,200
173,064 165,061
$ (853)
(2,804)
162
554
(6,755)
16,158
1,964
(481)
58
8,003
45,577 35,877 9,700
12,561 8,628 3,933
169 169
14,036 12,000 2,036
49,940 50,000 (60)
1,744 1,500 244
2,947 3,228 (281)
126,974 111,233 15,741
7,116
3,274
3,065
4,402
17,857
6,488 628
5,046 (1,772)
3,305 (240)
6,634 (2,232)
21,473 (3,616)
The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
GENERAL FUND
STATEMENT OF REVENUE AND EXPENDITURES COMPARED TO BUDGET - Continued
For the Year Ended December 31, 1978 1
Over
(Under).
EXPENDITURES - Continued Actual Budget Budget
Public utilities sewer and water:
Salaries $ 3,576 $ 2,300 $ 1,276
Supplies 727 601 126 II Other services and charges 4,900 5,600 (700)
Total Public Utilities 9,203 8,501 702
Miscellaneous:
Items purchased for resale 6,164 6,164
Other 84 84
Total Miscellaneous 6,248 6,248 1
Total Expenditures 465,494 $416,770 $ 48.724
Excess of Revenues (Expenditures) $(13.666)
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The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1978
Balance, beginning of year
Excess of revenue (expenditures)
Balance, End of Year
Appropriated Unappropriated Total
$1,403 $ 89,542 $ 90,945
77 (13,743) (13,666)
$1.480
$ 75.199 $ 77,279
The accompanying Notes to Financial Statements are an integral part of this statement.
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CITY OF LINO LAKES
GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL LONG -TERM DEBT
For the Year Ended December 31, 1978
Balance, beginning of year $ 50,000
Contract payable - Anoka County 1,896
Contract payment (379)
Bond principal paid (10,000)
Balance - End of Year $ 41.517
The accompanying Notes to Financial Statements are an integral part of this
statement.
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CITY OF LINO LAKES
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
For the Year Ended December 31, 1978
(Unaudited)
Investment in general fixed assets, beginning of year
Purchases of land, buildings and equipment
Dispositions of equipment
Depreciation - water and sewer system
Investment in General Fixed Assets, End of Year
$701,084
23,843
(2,500)
(12,134)
$710,293
The accompanying Notes to Financial Statements are an integral part of this
statement.
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CITY OF LINO LAKES
NOTES TO FINANCIAL STATEMENTS
December 31, 1978
Note 1: Summary of Significant Accounting Policies
a. Basis of accounting - The financial statements were prepared on 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 receipt
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
expenditure when due
- disbursements for vacation pay, sick pay and
severance pay are recorded as an expenditure when
paid
b. Temporary investments consist of certificates of deposit which are
stated at cost. Earnings on investments are allocated to the individual
funds based on the average of the month end clerk's balance during the
year.
c. General fixed assets as of December 31, 1975, are stated at actual cost
or estimated replacement value. Additions since 1975 are stated at cost.
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 ex-
penditure. The cost of these items are accounted for as current expendi-
tures of the various funds in the year paid. However, accumulated
depreciation is provided for the water and sewer system. The deprecia-
tion is computed using the straight -line method at rates of 2% to 20 %.
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NOTES TO FINANCIAL STATEMENTS Continued
December 31, 1978
Note 1: Continued
d. Budgetary data - The City Council and separate boards and commissions
adopt an annual budget. During the budget year, supplemental appropria-
tions are authorized by these same authorities. The amounts shown in
the financial statements as "Budget" represent the original budgeted
amount.
Note 2: 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 1978 were $15,764. 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 3: Long -Term Debt
General Obligation Bonds - The General Obligations Municipal Building
Bonds are recorded in the General Long -Term Debt Group of Accounts .
and are backed by the full faith and credit of the City.
Special Assessment Bonds - These bonds are recorded as a liability in
the Special Assessment Bond Debt Service Funds. The bonds are payable
primarily from special assessments to be levied and collected for local
improvements, and are backed by the full faith and credit of the City.
Contracts Payable - Contracts included on long -term debt are those
contract obligations of the City extending over two or more years.
NOTES TO FINANCIAL STATEMENTS - Continued
December 31, 1978
Note 3 Continued
The following shows the detail of long -term debt:
Bonded indebtedness:
General obligation bonds -
Municipal building
Special assessment bonds -
Improvement bonds of 1974
Sanitary sewer improve.
ment 76 -3
Final
Interest Issue Maturity
Rate Date Date
6.5%-6.8% 3 -1 -70 3 -1 -82
6.5% 10 -15 -74 1 -15 -81
5.07 7 -26 -77 7 -26 -87
Total Special Assessment Bonds
Total Bonded Indebtedness
Contract payable:
Anoka County - purchase of voting machines
Total Long -Term Indebtedness
Percent
Supported Principal Interest
By Tax Bonds and Contracts Due In Due In
Levies. Issued Retired Outstanding 1979 1979
100% $100,000 $ 60,000 $ 40,000 $ 10,000 $ 2,378
-0- 180,000 75,000 105,000 35,000 5,688
-0- 63,200 6,320 56,880 6,320 2,844
243,200 81,320 161,880 41,320 8,532
343,200 141,320 201,880 51,320 10,910
1,896 379 1,517 379
$345,096 $141,699 $203,397 $ 51,699 $ 10,910
ADDITIONAL INFORMATION
CITY OF LINO LAKES
DEFERRED TAX LEVIES (AD VALOREM) FOR FUTURE DEBT SERVICE
OF GENERAL OBLIGATION BONDS *
As of December 31, 1978
Year Collectible
1979
1980
Total
Municipal Building Bonds
$ 12,000
11,300
$ 23,300
* Ad valorem levies are placed at 105% of debt service requirements,
as required by Minnesota Statutes.
CITY OF LINO LAKES '
SCHEDULE OF DEBT SERVICE REQUIREMENTS AND SOURCES OF FINANCING
As of December 31, 1978
1
Sources of financing:
Amount available in Debt Service Fund - II
Clerk's balance $ 16,150
Delinquent taxes receivable 1,566
Due from General Fund 2,584 I
Deferred tax levies -
Municipal building bonds 23,300
Less: 5% allowance for uncollectibles (1,110)
II
Total Sources of Financing 42,490
Debt service requirements: '
Bond principal. - municipal building bonds 40,000
Future interest - municipal building bonds 5,438
Total Debt Service Requirements 45,438
Excess (Deficiency) of Sources of Financing Over Debt
Service Requirements $ (21948) ,
1
1
1
1
i
1
1
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CITY OF LINO LAKES
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
For the Year Ended December 31, 1978
Assessed valuations:
Fiscal disparities -
Fiscal disparities -
contribution
by City
distribution
to City
Taxable Valuations
Levies:
Revenue
Bonds
Totals
1978 Levy Collectible
in 1978
$11,604,615
(408,045)
552,914
$11.749.484
Amount Mill Rate
$180,798 15.33
12,739 1.08
$19353 16.41
1977 Levy Collectible
in 1977
$11,167,898
(362,507)
463,660
$11.269.051
Amount Mill Rate
$164,562 14.56
13.451
1.19
$178.013 15.75