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HomeMy WebLinkAboutAudit Report 12/31/19791 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA FINANCIAL STATEMENTS FOR THE FISCAL YEARS ENDED DECEMBER 31, 1979 and 1978 TOGETHER WITH ACCOUNTANTS' REPORT 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA YEAR ENDED DECEMBER 31, 1979 I N D E X Page City Council and Other Officials 1 Plan of Government and Description of Funds 2 -3 Accountants' Report, Basic Financial Statements, and Additional Information: Accountants' Report Letter 4 Basic Financial Statements: Combined Balance Sheets - All Fund Types and Account Groups 5 -6 Combined Statement of Revenue, Expenditures and Changes in Fund Balance - All Governmental Fund Types 7 Combined Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual - General and Special Revenue Funds 8-9 Notes to Financial Statements 10 -14 Additional Information: General Fund - Balance Sheet 15 Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual 16 -19 Special Revenue Funds - Combining Balance Sheet 20 Combining Statement of Revenue, Expenditures and Changes in Fund Balance 21 Debt Service Fund - Balance Sheet 22 Statement of Revenue, Expenditures and Changes in Fund Balance 23 Special Assessment Funds - Combining Balance Sheet 24 Combining Statement of Revenue, Expenditures and Changes in Fund Balance 25 General Long -Term Debt Group of Accounts - Balance Sheet 26 General Fixed Assets Group of Accounts - Balance Sheet (unaudited) 27 Deferred Tax Levies (Ad Valorem) for Future Debt Service 28 General Obligation Debt Service Requirements and Sources of Financing 29 Assessed Valuations, Tax Levies and Mill Rates 30 City Council: Mayor Trustees City Administrator Clerk - Treasurer CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA City Council and Other Officials Year Ended December 31, 1979 Harvey Karth Richard Kulaszewicz Robert Schneider Richard Zelinka John McLean 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 Randall Schumacher Continuous (-Since 11/1/79) 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 ser- vices, protective 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. - 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 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 funds also account for assessments levied against individual pro- perty owners and the use of the assessments collected to retire the related bonds. Included in this fund type are: Improvement Bond of 1974 Improvement Bond of 1977 Temporary Improvement Bond of 1979 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. GENERAL FIXED ASSETS GROUP OF ACCOUNTS This separate group of accounts contains the fixed assets of the City. - 3 - ACCOUNTANTS' REPORT AND BASIC FINANCIAL STATEMENTS ANFINSON, HENDRICKSON & CO. CERTIFIED PUBLIC ACCOUNTANTS The City Council and Residents City of Lino Lakes Lino Lakes, Minnesota We have examined the financial statements of the various fund types and the general long -term debt group of accounts of the City of Lino Lakes, Minnesota for the year ended December 31, 1979, shown on pages 5 through 9. Except as disclosed in the following paragraph, our examination was made in accordance 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. Because the City does not maintain fixed asset records which provide complete accounting control over quantities and costs of all equipment, it was imprac- ticable to audit the accompanying balance sheet 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 balance sheet of the General Fixed Assets Group of Accounts referred to above, the aforementioned financial statements present fairly the financial position of the various fund types and General Long -Term Debt Group of Accounts of the City of Lino Lakes, Minnesota as of December 31, 1979, 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 accom- panying combined financial statements captioned "Total Memorandum Only" are pre- sented for supplementary analysis purposes and are not considered necessary for a fair presentation of the basic financial statements. The supplementary finan- cial information for 1979 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 the General Fixed Assets Group of Accounts as noted above, is fairly stated in all material respects in relation to the basic finan- cial statements taken as a whole. We have previously made an examination of the basic financial statements of the City of Lino Lakes for the year 1978 and, in our opinion, except for the General Fixes Assets Group of Accounts, the 1978 supplementary information presented is fairly stated in all material respects in relation to the 1978 basic financial statements taken as a whole. Minneapolis, Minnesota January 29, 1980 4 - Certified Public Accountants Park National Bank Building • 5353 Wayzata Boulevard, Suite 410 • Minneapolis, Minnesota 55416 • 612 - 545 -0421 AFFILIATED WITH NATIONAL CPA GROUP • MEMBER FIRMS IN PRINCIPAL CITIES CITY OF LINO LAKES COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS As of December 31, 1979 1 1 ASSETS Cash and temporary investments Accounts receivable Accrued interest receivable Taxes receivable - delinquent Special assessments receivable Due from other funds Due from other governmental units Prepaid expenses Land Well Buildings Furniture and equipment Water and sewer system, net of accumulated depreciation Unamortized bond discount Amount available in Debt Service Fund Amount to be provided from ad valorem taxes Total Assets LIABILITIES AND FUND EQUITY Liabilities: Accounts payable Contracts payable Accrued Interest Payable Due to other funds Customer deposits Special assessment bonds payable General obligations bonds payable Total Liabilities Encumbrances Fund equity: Investment in general fixed assets Fund balance - Reserved for street improvements Unreserved - Designated for park improvements Designated for constuction Designated for debt service Undesignated Total Fund Equity Total Liabilities, Encumbrances and Fund Equity See Notes to Financial Statements. 1979 Governmental Fund Types Special General Revenue $ 54,749 $ 73,910 23, 596 16, 738 630 526 10,780 13, 159 Debt Special Service Assessment $ 19,134 $1,031,943 1,361 5,349 73,058 9,256 926,956 $108,768 $ 85,320 $ 20,495 $2,046,562 $ 21,553 5, 170 26,723 1,496 $ 60,745 $ 20,495 80,549 24,575 82,045 85,320 20,495 $ 5,400 1,055,560 1,060,960 781,928 92,509 111,165 985,602 $108,768 $ 85,320 $ 20,495 $2,046,562 5 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1978 Account Groups General General Fixed Total Total Long -Term Assets Memorandum Memorandum Debt (Unaudited) Only Only $1,179,736 $ 283,310 23,596 9,523 5,979 18,099 16,132 73,058 112,542 9,584 11,306 9,543 13,159 9,984 $ 36,175 36,175 36,175 6,216 6,216 6,216 141,338 141,338 141,338 127,219 127,219 110,135 406,125 406,125 416,429 9,256 $ 20,495 20,495 20,300 10,643 937,599 21,217 $ 31,138 $ 717,073 $3,009,356 $1,202,428 1,138 30,000 31,138 $ 21,553 1,138 5,400 5,170 1,055,560 30,000 1,118,821 $ 5,173 1,517 9,584 2,785 161,880 40,000 220,939 7,554 717,073 717,073 710,293 783,424 1,480 60,745 42,558 92,509 131,660 129,163 105,124 90,441 717,073 1,173,462 973,935 $ 31,138 $ 717,073 $3,009,356 $1,202,428 - 6 - CITY OF LINO LAKES COMBINED STATEMENT OF REVENUE, EXPENDITURES AND FUND BALANCE ALL GOVERNMENTAL FUND TYPES For the Year Ended December 31, 1979 1 Revenue: Taxes including penalty & int. Special assessments - principal (abatements) 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 - Interest accrued to date of bond sale Total Revenue Expenditures: Current - General government Public safety Police Fire Other Highways and streets Maintenance Street lighting Parks Public utilities Miscellaneous Capital outlay - General government bldgs. Public safety Parks Streets & highways Public Utilities Debt service - Principal retirement Interest & fiscal charges Total Expenditures Excess of Revenue (Expenditures) Other financing sources (uses): Bond proceeds Applied to amt. to be provided for debt service Operating transfers in Operating transfers out Total Other Financing Sources (Uses) Excess of Revenue (Expenditures) and Other Sources (Uses) Fund balance - beginnning of year Fund Balance - End of Year See Notes to Financial Statements. 1979 General Fund $168,321 84, 795 184, 184 61,011 7,585 10,162 Special Revenue Funds 38,220 Debt Service Fund $ 9,681 2,505 1978 Special Total Total Assessment Memorandum Memorandum Funds Only Onl $ 178,002 $ 161,17 1 (6,760) (6,760) 9,089 9,089 84, 795 38,220 186, 689 61,011 7,585 5,934 412 14,366 20,712 17,067 10, 162 17, 067 2,229 2,229 516,058 61,221 12,598 18,924 608,801 151,417 143,605 20,394 50,671 123,203 3,588 13, 664 11,985 8,022 6,236 1,099 3,072 6,675 762 544,393 (28,335) 33, 101 10,000 2,403 12,403 61,221 195 (33,101) 33,101 (33,101) 26,648 33,935 8,558 69,141 (50,217) 935,000 (8,044) 151,417 143,605 20, 394 50,671 123,203 3,588 13,664 11,985 8,022 6,236 1,099 3,072 33, 323 34,697 10,000 10,961 625,937 (17, 136) 935,000 (8,044) 33,101 (33,101) 926,956 926,956 4,766 28,120 195 876,739 909,820 77,279 57,200 20,300 108,863 263,642 $ 82,045 $ 85,320 $ 20,495 $ 985,602 $1,173,462 8,19J1 63,337 37, 691' 153, 836 4,15)1 34,10 5,55 9,395 37,73/ 5,86 127,071 102,892 16,78 45,83 109, 9911 2,94 13, 445 9,20 6,24 5,078 7,5511 4,40 37, 483 10,00; 14,224 513,16" 7,88 1 42,40 (42,40 -0- 7,8811 255,761 $ 263,64 CITY OF LINO LAKES COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUNDS For the Year Ended December 31, 1979 1 1 1 REVENUE General property taxes Licenses and permits Intergovernmental revenue Charges for services Court fines Miscellaneous revenue Total Revenue EXPENDITURES General Fund Budget $185,369 71,495 175,588 34, 847 5,400 14,930 487,629 Actual $168,321 84,795 184,184 61,011 7,585 10,162 516,058 Over (Under) Budget $(17,048) 13,300 8,596 26,164 2, 185 (4,768) 28,429 General government 125,809 157,653 31,844 Public safety 219,091 215,769 (3,322) Highways and streets 157,433 133,466 (23,967) Parks 16,528 16,736 208 Public utilities - sewer and water 8,174 12,747 4,573 Miscellaneous 8,022 8,022 Total Expenditures 527,035 544,393 17,358 Excess of Revenue (Expenditures) (39,406) (28,335) 11,071 OTHER FINANCING SOURCES (USES) Operating transfers in 39,406 33,101 (6,305) Operating transfers out Total Other Financing Sources (Uses) 39,406 33,101 (6,305) Excess of Revenue (Expenditures) and Other Sources (Uses) $ -0- 4,766 $ 4,766 Fund balance - beginning of year 77,279 Fund Balance - End of Year $ 82,045 -8- 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Special Revenue Funds Total (Memorandum Only) Over Over (Under) (Under) Budget Actual Budget Budget Actual Budget $ 36,586 $ 38,220 $ 1,634 23,001 23,001 36,586 61,221 24,635 $185,369 71,495 212,174 34,847 5,400 14,930 524,215 $168,321 $ (17,048) 84,795 13,300 222,404 10,230 61,011 26,164 7,585 2,185 33,163 18,233 577,279 53,064 125,809 157,653 31,844 219,091 215,769 (3,322) 157,433 133,466 (23,967) 16,528 16,736 208 8,174 12,747 4,573 8,022 8,022 527,035 544,393 17,358 36,586 61,221 24,635 (2,820) 32,886 35,706 39,406 33,101 (6,305) (39,406) (33,101) 6,305 (39,406) (33,101) 6,305 (39,406) (33,101) 6,305 -0- -0- -0- 134,479 $ (2,820) 28,120 $30,940 $ (2,820) 32,886 $ 35,706 57,200 134,479 $ 85,320 $167,365 See Notes to Financial Statements. -9- CITY OF LINO LAKES NOTES TO FINANCIAL STATEMENTS December 31, 1979 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 - - interest on special assessment levies which is recorded when due - revenues susceptible to accrual - revenues of a material amount that have not been received at the normal time of receipt - revenues received before they are earned 2. Expenditures are recorded on the accrual basis except for - - disbursements for inventory items which are considered expenditures at the time of purchase - interest on long -term debt which is recorded as an expenditure when due - disbursements for vacation pay, sick pay and severance pay which are recorded as expen- ditures when paid b. Temporary investments consist of certificates of deposit which are stated at cost. Earnings on investments are allocated to the indi- vidual funds based on the average of the month end clerk's balance during the year. c. General fixed assets as of December 31, 1975, were 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 expenditure. The costs of these items are accounted for as current expenditures 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% for the distribution system, 4% to 6% for wells and pump house, and 10% for equipment. - 10 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1979 Note 1: Summary of Significant Accounting Policies - Continued d. Budgetary data - The City Council and separate boards and com- missions adopt an annual budget. During the budget year, supple- mental appropriations are authorized by these same authorities. The amounts shown in the financial statements as "Budget" repre- sent the original budgeted amount. Note 2: Pension Plan Substantially all City employees are covered by a statewide contribu- tory retirement plan operated by the Public Employees Retirement Association (PERA). The City records pension expense as the contribu- tions come due. Contributions for 1979 were $19,045. 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 defi- ciency attributable to the City is not determinable. Note 3: Long -Term Debt General Obligation Bonds - The General Obligation Municipal Building Bond is 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 in long -term debt are those contract obligations of the City extending over several years. NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1979 1 1 1 Note 3: Long -Term Debt - Continued The following shows the detail of long -term debt: Final Interest Issue Maturity Rate Date Date Bonded indebtedness: General obligation bonds - Municipal building 6.5 % -6.8% 3 -1 -70 3 -1 -82 Special assessment bonds - Improvement bonds of 1974 6.5% 10 -15 -74 1 -15 -81 Improvement bonds of 1977 5.0% 7 -26 -77 7 -26 -87 Temporary improvement bond of 1979 6.6% 12 -01 -79 12 -01 -82 Total Special Assessment Bonds Total Bonded Indebtedness Contract payable: Anoka County - purchase of voting machines Total Long -Term Indebtedness - 12 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Percent Supported Principal Interest By Tax Bonds and Contracts Due In Due In Levies Issued Retired Outstanding 1980- 1980 100% $100,000 $ 70,000 $ 30,000 $ 10,000 $ 1,700 - 0- 180,000 110,000 70,000 35,000 3,413 - 0- 63,200 12,640 50,560 6,320 2,528 - 0- 935,000 -0- 935,000- -0- 61,710 1,178,200 122,640 1,055,560 1,278,200 192,640 1,085,560 41,320 51,320 1,896 758 1,138 379 $1,280,096 $193,398 $1,086,698 67,651 69, 351 $ 51,699 $ 69,351 NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1979 Note 4: Changes in Account Groups General Long -Term Debt Group of Accounts Balance - beginning of year Contract payment Bond principal paid Balance - End of Year 1979 $ 41,517 (379) (10,000) $ 31,138 General Fixed Assets Group of Accounts Investment in general fixed assets - beginning of year $710,293 Purchases of land, buildings and equipment 17,847 Depreciation - water and sewer system (11,067) Investment in General Fixed Assets - End of Year $717,073 Note 5: Amount to be Provided for Debt Service Deferred tax levies for future debt service on bonds will be placed annually as scheduled to provide funds for debt retirement. The total deferred tax levies to retire General Long -Term Debt are $11,300. It is also anticipated that special assessments will be placed to provide funds sufficient for the retirement of the $ 935,000 Temporary Improvement Bonds of 1979. - 14 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ADDITIONAL INFORMATION CITY OF LINO LAKES GENERAL FUND BALANCE SHEET As of December 31, 1979 and 1978 1979 1978 ASSETS Cash and Temporary investments $ 54,749 $ 53,905 Accounts Receivable 23,596 9,523 Taxes receivable - delinquent 16,738 14,566 Due from other funds 7,000 Due from other governmental units 526 397 Prepaid expenses 13,159 9,984 Total Assets $108,768 $ 95,375 LIABILITIES AND FUND EQUITY Liabilities: Accounts payable Customer deposits Due to other funds Total Liabilities Encumbrances Fund Balance: Reserved for street improvements Unreserved - undesignated $ 21,553 5,170 $ 26,723 1,496 80,549 Total Fund Balance 82,045 Total Liabilities and Fund Balance $108,768 See notes to Financial Statements - 15 - $ 5,173 2,785 2,584 $ 10,542 7,554 1,480 75,799 77,279 $ 95,375 CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For the Year Ended December 31, 1979 REVENUE Taxes: General property tax Penalty and interest Fiscal disparities Total Taxes 1979 1978 Over (Under) Actual Budget Budget Actual $156,146 $168,369 $(12,223) $133,785 2,024 8,000 (5,976) 1,263 10,151 9,000 1,151 7,582 168,321 185,369 (17,048) 142,630 Licenses and permits: Business 12,367 14,495 (2,128) 10,187 Non - business 72,428 57,000 15,428 53,150 Total Licenses and Permits 84,795 71,495 13,300 63,337 Intergovernmental revenue: Federal - Antirecession fiscal assistance State - Local government aid 127,963 127,963 Attached machinery aid 2,613 2,613 Homestead credit 43,450 40,000 3,450 Police town aid 10,158 7,625 2,533 Shade tree disease Other - Metro Council planning grant Total Intergovernmental Revenue 184,184 175,588 8,596 1,554 105,377 2,595 36, 677 5,599 1,004 4,154 156,960 Charges for services: General government 14,094 2,910 11,184 10,884 Fees retained from collection for other governments - SAC 710 400 310 688 Public safety 20,882 23,537 (2,655) 16,605 Utilities - Water 3,383 2,320 Sewer 21,942 8,000 17,325 3,607 Total Charges for Services 61,011 34,847 26,164 34,104 Court fines See Notes to Financial Statements. - 16 - 7,585 5,400 2,185 5,550 CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Year Ended December 31, 1979 REVENUE - Continued 1979 1978 Over (Under) Actual Budget Budget Actual Miscellaneous revenues: Interest on investments (294) 2,500 (2,794) 970 Sale of property 9,767 12,300 (2,533) 5,339 Other 689 130 559 529 Total Miscellaneous Revenues 10,162 14,930 (4,768) 6,838 Total Revenues EXPENDITURES 516,058 487,629 28,429 409,419 General government: Mayor and council salaries 6,900 6,900 6,750 Elections - Election judges salaries 534 800 (266) 959 Supplies 213 213 61 City Administrator - Salaries 4,250 10,000 (5,750) Other services and charges 4,726 4,726 Finance - Municipal clerk Salaries 14,614 14,008 606 11,698 Assessing Salaries 9,288 9,288 8,716 Supplies 131 131 56 Accounting Salaries 9,900 9,900 8,441 Supplies 3,863 3,000 863 2,608 Other services and charges 3,153 3,147 6 3,838 Independent accountants and auditors 5,619 4,000 1,619 4,290 Planning and zoning 17,991 6,080 11,911 6,447 Legal fees 27,531 24,600 2,931 24,011 General government buildings - Salaries 2,184 3,120 -(936) 2,151 Supplies 4,715 2,076 2,639 3,288 Other services and charges 19,816 15,209 4,607 13,832 Capital outlay 6,236 6,236 5,078 Employee pensions and insurance 15,989 13,681 2,308 29,924 Total General Government 157,653 125,809 31,844 132,148 See Notes to Financial Statements, - 17 - CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Year Ended December 31, 1979 EXPENDITURES - Continued- Public safety: Police - Personal services Supplies Other services and charges Capital outlay Fire protection - Personal services Contracted services Protective inspection - Personal services Other services and charges Civil defense - Personal services Other services and charges Animal control - Other services and charges Total Public Safety 1979 1978 Over (Under) Actual Budget Budget Actual 121,734 125,325 (3,591) 87,145 21,273 18,231 3,042 15,185 598 550 48 562 1,099 9,700 (8,601) 7,554 102 102 102 20,292 18,712 1,580 16;685 42,812 35,070 7,742 37,464 1,494 5,700 (4,206) 4,139 495 480 15 360 478 806 (328) 610 5,392 4,415 977 3,258 215,769 219,091 (3,322) 173,064 Highways and streets: Administration and engineering - Personal services 57,409 60,261 (2,852) 45,577 Supplies 21,879 12,832 9,047 12,561 Other services and charges 126 126 169 Capital outlay - equipment and buildings 6,675 6,000 675 14,036 Streets 39,920 71,128 (31,208) 49,940 Signs 3,869 1,500 .2,369 1,744 Street lighting 3,588 5,712 (2,124) 2,947 Total Highways and Streets 133,466 157,433 (23,967) 126,974 Parks: Personal services 8,715 7,872 ' 843 7,116 Supplies 2,678 3,284 (606) 3,274 Other services and charges 2,271 2,552 (281) 3,065 Capital outlay 3,072 2,820 252 4,402 Total Parks 16,736 16,528 208 17,857 See Notes to Financial Statements. - 18 - CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Year Ended December 31, 1979 EXPENDITURES - Continued 1979 1978 Over (Under) Actual Budget Budget Actual Public utilities - sewer and water: Personal services 5,201 2,404 2,797 3,576 Supplies 614 350 264 727 Other services and charges 6,170 5,420 750 4,900 Capital outlay 762 762 Total Public Utilities 12,747 8,174 4,573 9,203 Miscellaneous: Items purchased for resale 7,872 7,872 6,164 Other 150 150 84 Total Miscellaneous 8,022 8,022 6,248 Total Expenditures 544,393 527,035 17,358 465,494 Excess of Revenues (Expenditures) (28,355) (39,406) 11,071 (56,075) Other sources (uses) - Transfers from Federal Revenue Sharing Fund 30,130 36,586 (6,456) 42,409 Transfers from Park and Playgrounds Funds 2,971 2,820 151 Total Other Sources (Uses) 33,101 39,406 (6,305) 42,409 Excess of Revenue (Expenditures) and Other Sources (Uses) Fund balance - beginning of year Fund Balance - End of Year See Notes to Financial Statements. - 19 - 4,766 $ 77,279 $ 82,045 $ 4,766 (13,666) 90,945 $ 77,279 CITY OF LINO LAKES SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET As of December 31, 1979 ASSETS Cash and temporary investments Accrued interest receivable Due from governmental units Total Assets 1979 1978 Parks and Revenue Playgrounds Sharing Fund Fund Total Total $ 60,115 $13,795 $ 73,910 $ 55,054 630 630 10,780 10,780 9,146 $ 60,745 $24,575 $ 85,320 $ 64,200 LIABILITIES AND FUND BALANCE Liabilities: Due to General Fund $ 7,000 Fund Balance: Unreserved - Designated for park improvements $ 60,745 $ 60,745 $ 42,558 Undesignated $24,575 24,575 14,642 Total Fund Balance 60,745 24,575 85,320 57,200 Total Liabilites and Fund Balance $ 60,745 $24,575 $ 85,320 $ 64,200 See Notes to Financial Statements. - 20 - CITY OF LINO LAKES SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For The Year Ended December 31, 1979 REVENUE Federal Revenue Sharing Interest earned on investments Donations in lieu of park land Total Revenue OTHER USES Transfers to General Fund Excess of Revenue (Other Uses) Fund balance - beginning of year Fund Balance - End of Year See Notes to Financial Statements. 1979 1978 Parks and Revenue Playgrounds Sharing Fund Fund Total Total $ 4,091 17,067 21, 158 $38,220 $ 38,220 $ 36,137 1,843 5,934 2,089 17,067 37,738 40,063 61,221 75,964 2,971 30,130 33,101 42,409 18,187 9,933 28,120 33,555 42,558 14,642 57,200 23,645 $ 60,745 $ 24,575 $ 85,320 $ 57,200 - 21 - CITY OF LINO LAKES DEBT SERVICE FUND BALANCE SHEET As of December 31, 1979 and 1978 ASSETS Cash and temporary investments Taxes receivable - delinquent Due from General Fund Total Assets FUND BALANCE Unreserved: Designated for debt service See Notes to Financial. Statements. - 22 - Municipal Building Bonds of 1970 1979 1978 $19,134 1,361 $16, 150 1,566 2,584 $20,495 $20,300 $20,495 $20,300 CITY OF LINO LAKES DEBT SERVICE FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Years Ended December 31, 1979 and 1978 REVENUE General property taxes: Current and penalties Fiscal disparities Intergovernmental revenue: State homestead credit Other revenue: Interest earned on investments Total Revenue EXPENDITURES Debt Service: Principal retirement Interest Fiscal agent fee Municipal Building Bonds of 1970 1979 1978 $ 9,096 $ 9,775 585 534 2,505 2,584 412 488 $12,598 $13,381 10,000 2,378 25 10,000 3,050 25 Total Expentitures $12,403 $13,075 Excess of Revenue (Expenditures) Fund Balance - Beginning of year Fund Balance - End of Year See Notes. to Financial Statements - 23 - 195 306 20,300 19,994 $20,495 $20,300 1 CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET As of December 31, 1979 , 1979 1978 Improvement Improvement Improvement Bond of 1974 Bond of 1977 Bond of 1979 Total Total ASSETS Cash and temporary II investments $134,436 $21,908 $ 875,599 $1,031,943 $158,201 Special assessments receivable: II Delinquent 37,091 668 37,759 60,904 Deferred principal levies 35,299 35,299 51,568 Accrued interest receivable 2,323 3,026 5,349 Unamortized bond discount 9,256 9,256 II Amount to be provided for debt service 926,956 926,956 Total Assets $173,850 $57,875 $1,814,837 $2,046,562 $270,743 II LIABILITIES AND FUND BALANCE Liabilities: Accrued interest payable $ 5,400 $ 5,400 Bonds payable (Note 4) $ 70,000 $50,560 935,000 1,055,560 $161,880 Total Liabilities 70,000 50,560 940,400 1,060,960 161,880 Fund balance: II Reserved for improvements 781,928 781,928 Unreserved: II Designated for construction 92,509 92,509 Designated for debt II service 103,850 7,315 111,165 108,863 Total Fund Balance 103,850 7,315 874,437 985,602 108,863 Total Liabilities II and Fund Balance $173,850 $57,875 $1,814,837 $2,046,562 $270,743 See Notes to Financial Statements. ' - 24 - CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Year Ended December 31, 1979 1979 1978 Improvement Improvement Improvement Bond of 1974 Bond of 1977 Bond of 1979 Total Total REVENUE Special assessments: Principal levies (abatements) $ (6,760) Interest and penalties 5,803 Other revenue: Interst earned on investments 7,569 Interest accrued to date of bond sale Total Revenue 6,612 EXPENDITURES $ 3,286 $ (6,760) 9,089 $ 16,434 982 $ 5,815 14,366 5,848 2,229 2,229 4,268 8,044 18,924 22,282 Capital outlay: Sanitary sewer 20 174563 17,583 Water 10,901 10,901 Storm sewer 5,451 5,451 Street 26,648 26,648 23,447 Debt service: Interest 5,688 2,844 8,532 11,122 Fiscal agent fee 26 26 27 Total Expenditures 5,734 2,844 60,563 69,141 34,596 Excess of Revenue (Expenditures) 878 - 1,424 (52,519) (50,2:17) (12,314) Other financing sources (uses): Bonds sold 935,000 935,000 Applied to amount to be provided for debt service (8,044) (8,044) Total Other Financing Sources (Uses) 926,956 926,956 Excess Revenue (Expense) and Other Sources (Uses) 878 1,424 874,437 876,739 (12,314) Fund balance - beginning of year 102,972 5,891 108,883 121,177 Fund Balance - End of Year $103,850 $ 7,315 $874,437 .$985,602 $108,863 See Notes. to Financial. Statements. - 25 - CITY OF LINO LAKES GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS BALANCE SHEET As of December 31, 1979 and 1978 ASSETS 1979 1978 Amount available in debt service fund $20,495 $20,300 Amount to be provided for debt retirement 10,643 21,217 Total Assets $31,138 $41,517 LIABILITIES Contracts payable $ 1,138 $ 1,517 Bonds payable 30,000 40,000 Total Liabilities $31,138 $41,517 See Notes to Financial Statements. - 26 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES GENERAL FIXED ASSETS GROUP OF ACCOUNTS BALANCE SHEET As of December 31, 1979 and 1978 (Unaudited) ASSETS Land Wells Buildings Furniture and equipment Water and sewer system Accumulated depreciation - water and sewer system Total Assets FUND EQUITY Investment in general fixed assets See Notes to Financial. Statements. - 27 - 1979 1978 $ 36,175 6,216 141,338 127,219 475,246 (69,121) $ 36,175 6,216 141,338 110,135 474,483 (58,054) $717,073 $710,293 $717,073 $710,293 1 CITY OF LINO LAKES DEFERRED TAX LEVIES (AD VALOREM) FOR FUTURE DEBT SERVICE OF GENERAL OBLIGATION BONDS* As of December 31, 1979 1 1 1 Year Collectible Municipal Building Bonds 1980 $ 11,300 1 1 * Ad valorem levies are placed at 105% of debt service requirements, as required by Minnesota Statues. 1 1 1 1 1 1 1 1 - 28 - CITY OF LINO LAKES GENERAL OBLIGATION DEBT SERVICE REQUIREMENTS AND SOURCES OF FINANCING As of December 31, 1979 Sources of financing: Amount available in Debt Service Fund - Clerk's balance Delinquent taxes receivable Deferred tax levies Municipal building bonds Less: 5% allowance for uncollectibles Total Sources of Financing Debt service requirements: Bond principal - municipal building bonds Future interest - municipal building bonds Total Debt Service Requirements Excess (Deficiency) of Sources of Financing Over Debt .Service Requirements $19, 134 1,361 11,300 (538) 31,257 30,000 3,060 33,060 $(1,803) 1 CITY OF LINO LAKES ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES For the Years Ended December 31, 1979 and 1978 1 1 1979 Levy Collectible 1978 Levy Collectible in 1979 in 1978 Assessed valuations: $13,024,386 $11,604,615 Fiscal disparities - contribution by City (453,761) (408,045) Fiscal disparities - distribution 1 to City 766,952 552,914 Taxable Valuations and Fiscal 1 Disparities Valuations $13,337,577 $11,749,484 Amount Mill Rate Amount Mill Rate Levies: 1 Revenue $209,532 15.63 $180,798 15.33 Bonds 12,079 .90 12,739 1.08 Totals $221,611 16.53 $193,537 16.41 1 1 1 - 30 - 1 1