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Home My WebLink AboutAudit Report 12/31/1980CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA FINANCIAL REPORT YEAR ENDED DECEMBER 31, 1980 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA I N D E X Page City Council and Other Officials 1 Plan of Government and Description of Funds 2 - 3 Accountants' Report, General Purpose Financial Statements, and Additional Information: Accountants' Report Letter 4 General Purpose Financial Statements - Combined Balance Sheet - 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 Statement of Revenue, Expenses, and Changes in Retained Earnings - Proprietary Fund Types - Water and Sewer Fund 10 Statement of Changes in Financial Position - Proprietary Fund Types - Water and Sewer Fund 11 Notes to Financial Statements 12 - 17 Additional Information: General Fund - Balance Sheet 18 Statement of Revenue, Expenditures and Changes in Fund Balance - Budget and Actual 19 - 22 Special Revenue Funds - Combining Balance Sheet 23 Combining Statement of Revenue, Expenditures and Changes in Fund Balance 24 Debt Service Fund - Combining Balance Sheet 25 Combining. Statement of Revenue, Expenditures and Changes in Fund Balance 26 Capital Project Fund - Balance Sheet 27 Statement of Revenue, Expenditures and Changes in Fund Balance 28 Special Assessment Funds - Combining Balance Sheet 29 - 30 Combining Statement of Revenue, Expenditures and Changes in Fund Balance 31 - 32 General Long -Term Debt Group of Accounts - Balance Sheet 33 General Fixed Assets Group of Accounts - Balance Sheet (unaudited) 34 Exhibits - Deferred Tax Levies (Ad Valorem) for Future Debt Service of General Obligation Bonds 35 General Obligation Debt Service Requirements and Sources of Financing 36 Assessed Valuations, Tax Levies, and Mill Rates 37 City Council: Mayor Councilmembers City Administrator Clerk- Treasurer CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA City Council and Other Officials Year Ended December 31, 1980 F. Kenneth Gourley Richard Kulaszewicz Marilyn Elsenpeter Ronald Jaworski John McLean Term of Office From To 1/1/80 12/31/81 1/1/78 12/31/81 1/1/80 12/31/83 1/1/80 12/31/83 1/1/78 12/31/81 Randall Schumacher Continuous Edna Sarner Continuous 1 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 Funds are 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 pro- vided 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 funds are used to retire the Municipal Building Bonds of 1970 and the Certificates of Indebtedness which were issued in 1980. - 2 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 t 1 CITY OF LINO LAKES ANOKA COUNTY, MINNESOTA CAPITAL PROJECTS FUND Capital projects funds are used to account for resources, primarily proceeds from sale of general obligation bonds and grants, used for the acquisition of capital facilities of the City other than those financed by special assessment and enterprise funds. The Certificates of Indebtedness issued in 1980 to acquire public safety and street equip- ment are accounted for in this fund. 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 Improvement Bond of 1980 ENTERPRISE FUND Enterprise funds are used to account for the financing of services to the general public where all or most of the costs involved are paid by charges to users of such services. In 1980 the City re- established, by Council resolution, the Water and Sewer Fund to account for those operations. GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS This group of accounts contains the long -term debt of the City resulting from the issuance of general obligation bonds and Certificates of Indebtedness. The debts are obligations 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, other than those accounted for in the Water and Sewer (Enterprise) Fund. ACCOUNTANTS' REPORT AND GENERAL PURPOSE FINANCIAL STATEMENTS 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ANFINSON, HENDRICKSON & CO. CERTIFIED. PUBLIC ACCOUNTANTS The City Council and Residents City of Lino Lakes Lino Lakes, Minnesota We have examined the General Purpose Financial Statements shown on pages 5 through 17, of the City of Lino Lakes, Minnesota, as of and for the year ended December 31, 1980. 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 original costs of all equipment, it was imprac- ticable to audit the accompanying financial statement 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 General Purpose Financial Statements referred to above present fairly the financial position of the City of Lino Lakes, Minnesota, at December 31, 1980, and the results of its operations, changes in fund balances, and changes in financial position of the Proprietary Fund type for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the General Purpose Financial Statements taken as a whole. The accompanying additional information shown on pages 18 through 37 including selected information from the year ended December 31, 1979, is presented for purposes of additional analysis and is not a required part of the General Purpose Financial Statements. Such information has been subjected to the auditing procedures applied in our examinations of the General Purpose Financial Statements for the years ended December 31, 1980 and 1979 and, in our opinion, is fairly stated in all material respects in relation to the General Purpose Financial Statements taken as a whole. Minneapolis, Minnesota January23, 1981 - 4 - d 2it.t- .4,te -,, 9 ec ".. Certified Public Accountants IPark 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, 1980 ASSETS Cash and temporary investments Receivables: Accounts Accrued interest Taxes - delinquent Special assessments 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 debt service (Note 5) Total Assets LIABILITIES AND FUND EQUITY Liabilities: Accounts payable $ 17,397 $ 24 Contracts payable Customer deposits Special assessment bonds payable (Note 3) General obligations bonds payable (Note 3) Total Liabilities General $ (7,007) 7,747 23,799 Special Revenue $111,985 613 475 11,038 17,218 Governmental Fund Types Debt Service $ 13,490 78 1,446 Capital Projects $ 5,452 $ 42,232 $123,636 $ 15,014 $ 5,452 Fund equity: Investment in general Contributed equity Retained earnings Fund balance - Reserved for Unreserved - Designated Designated Designated Designated Undesignated Total Fund Equity fixed assets improvements for for for for debt park improvements equipment acquisition constuction service Total Liabilities and Fund Equity 5 2,000 19,397. 1,548 24 102,109 21,287 21,503 22,835 $ 15,014 $ 5,452 123,612 15,014 5,452 $ 42,232 $123,636 $ 15,014 $ 5,452 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 $ 471,551 5,033 965,729 9,780 197,737 $1,649,830 $ 20,086 119,048 1,214,240 1,353,374 71,553 51,962 172,941 296,456 $1,649,830 Proprietary Fund Type Enterprise $ 375 6,646 72 9,215 787,413 $ 803,721 $ 600 1,715 2,315 786,736 14,670 801,406 Account Groups General Fixed Assets (Unaudited) General Long -Term Debt $ 15,014 52,073 $ 67,087 $ 5,087 62,000 67,087 $ 36,175 6,216 141,338 195,865 $ 379,594 $ 379,594 379,594 $ 803,721 $ 67,087 $ 379,594 See Notes to Financial Statements. - 6 - Total (Memorandum Only) $ 595,846 14,393 5,796 25,245 965,729 20,728 17,218 36,175 6,216 141,338 195,865 787,413 9,780 15,014 249,810 $ 3,086,566 $ 38,107 124,135 3,715 1,214,240 62,000 1,442,197 379,594 786,736 14,670 73,101 102,109 5,452 51,962 187,955 42,790 1,644,369 $ 3,086,566 CITY OF LINO LAKES COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE ALL GOVERNMENTAL FUND TYPES For the Year Ended December 31, 1980 Revenue: Taxes Special assessments Principal levies Interest levies Licenses and permits Intergovernmental revenues Charges for services Court fines Interest on investments Donations in lieu of park land Miscellaneous revenue Total Revenue Expenditures: Current - General government Public safety Highways and streets Parks Miscellaneous Capital outlay Debt service - Principal retirement Interest & fiscal charges Total Expenditures Excess of Revenue (Expenditures) General Fund $178,501 Special Revenue Funds Debt Service Funds $22,708 57,306 239,622 $ 42,737 10,363 42,348 8,978 12,467 1,405 44,300 17,036 543,791 99,504 34,476 206, 126 265,049 149,067 26,748 5,213 11,082 6,902 4,201 31,000 5,257 664,974 9,414 36,257 Capital Special Total Projects Assessment (Memorandum Funds Funds Only) $ 201,209 $ 914,714 3,306 91,177 504 1,009,701 1,453 $57,548 878,776 914,714 3,306 57,306 292,722 42,348 8,978 105,049 44,300 17,540 1,687,472 206,126 265,049 149,067 31,961 12,535 947,427 31,000 65,729 70,986 57,548 945,958 1,714,151 63,743 (26,679) (121,183) 90,090 (1,781) (57,548) Other financing sources (uses): Bond proceeds 63,000 200,000 263,000 Applied to amt. to be provided for debt service (926,956) (926,956) Operating transfers in 81,431 81,431 Operating transfers out (51,798) (3,700) (25,933) (81,431) Total Other Financing Sources (Uses) 81,431 (51,798) (3,700) 63,000 (752,889) (663,956) EXCESS OF REVENUE (EXPENDITURES) AND OTHER SOURCES (USES) $(39,752)$ 38,292 $(5,481) $ 5,452 $ (689,146) $ (690,635) Fund balance - beginning of year 82,045 85,320 20,495 Transfer of assets to Water and Sewer fund (Note 6) (19,458) 985,602 1,173,462 (19,458) Fund Balance - End of Year $ 22,835 $123,612 $15,014 $ 5,452 $ 296,456 $ 463,369 See Notes to Financial Statements. - 7 - CITY OF LINO LAKES COMBINED STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL GENERAL AND SPECIAL REVENUE FUND TYPES For the Year Ended December 31, 1980 1 1 1 Revenue: General property taxes Licenses and permits Intergovernmental revenue Charges for services Court fines Miscellaneous revenue Total Revenue Expenditures: General government Public safety Highways and streets Parks Miscellaneous Total Expenditures Excess of Revenue (Expenditures) Other financing sources (uses): Operating transfers in Operating transfers out Total Other Financing Sources (Uses) EXCESS OF REVENUE (EXPENDITURES) AND OTHER SOURCES (USES) Fund balance - beginning of year Transfer of assets to Water and Sewer Fund (Note 6) Fund Balance - End of Year - 8 - General Fund Budget Actual $230,189 $178,501 79,995 57,306 198,129 239,622 46,653 42,348 5,400 8,978 8,000 17,036 568,366 543,791 171,207 227,173 188,394 22,189 608,963 (40,597) (121,183) 47,722 81,431 47,722 81,431 $ 7,125 $(39,752) 82,045 (19,458) $ 22,835 208.,429 266,015 151,368 28,080 11,082 664,974 Over (Under) Budget $ (51,688) (22,689) 41,493 (4,305) 3,578 9,036 (24,575) 37,222 38,842 (37,026) 5,891 11,082 56,011 (80,586) 33,709 33,709 $ (46,877) 1 1 1 1 1 1 1 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 $230,189 $178,501 $(51,688) 79,995 57,306 (22,689) $ 43,122 $ 42,737 $ (385) 241,251 282,359 41,108 46,653 42,348 (4,305) 5,400 8,978 3,578 4,600 56,767 52,167 12,600 73,803 61,203 47,722 99,504 51,782 616,088 643,295 27,207 171,207 208,429 37,222' II 227,173 266,015 38,842 188,394 151,368 (37,026) 9,414 9,414 22,189 37,494 15,305 II 11,082 11,082 9,414 9,414 608,963 674,388 65,425 47,722 90,090 42,368 7,125 (31,093) (38,218) 1 47,722 81,431 33,709 I (47,722) (51,798) (4,076) (47,722) (51,798) (4,076) (47,722) (51,798) (4,076) -0- 29,633 29,633 II$ -0- $ 38,292 $ 38,292 $ 7,125 $ (1,460) $ (8,585) 85,320 167,365 (19,458) ' $123,612 $146,447 1 1 1 1 See Notes to Financial Statements. CITY OF LINO LAKES STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN RETAINED EARNINGS PROPRIETARY FUND TYPES For the Year Ended December 31, 1980 Operating revenue: Water sales Sewer charges Reimbursement from MWCC Interest on investments Other revenue Total Operating Revenue Operating expenses: Salaries Employee benefits Repair and maintenance MWCC sewer charges Depreciation Utilities Other Total Operating Expenses Operating loss Add: Depreciation charged to contributed equity NET LOSS TO RETAINED EARNINGS Retained earnings - beginning of year Transfer of assets: From general fund - Note 6 From general fixed assets group of accounts - Note 6 Contributed equity Water and Sewer (Enterprise) Fund $ 5,156 10,907 9,215 1,300 985 27,563 10,523 1,080 12,123 6,961 11,105 1,629 712 44,133 (16,570) 11,029 $((5,541) -0- 19,458 406,115 (405,362) Retained Earnings - End of Year $ 14,670 See Notes to Financial Statements. 10 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES STATEMENT OF CHANGES IN FINANCIAL POSITION PROPRIETARY FUND TYPES For the Year Ended December 31, 1980 Working capital applied: Operating loss Add items not affecting working capital - Depreciation Total Working Capital Applied and Decrease Therein Changes in components of working capital: (Decrease) in current assets - Cash and temporary investments Accounts receivable (Increase) in current liabilities - Accounts payable Decrease in Working Capital See Notes to Financial Statements. Water and Sewer (Enterprise) Fund $ (16,570) 11,105 $ (5,465) $ (2,970) (2,079) (416) $ (5,465) CITY OF LINO LAKES NOTES TO FINANCIAL STATEMENTS December 31, 1980 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. Revenue are recorded as received in cash except for - - interest on special assessment levies which is recorded when due - revenue susceptible to accrual - revenue of a material amount that have not been received at the normal time of receipt - revenue 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, which approximates market value. Earnings on investments are allocated to the individual funds based on the average of month end clerk's balances during the year. c. Property, plant, and equipment of the Water and Sewer Enterprise Fund are stated at actual or estimated original cost. Depreciation is provided on the straight -line method at rates ranging from 2% to 20 %. Depreciation on contributed assets included in the Water and Sewer Fund is charged against contributed equity. 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. 12 - 1 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, 1980 Note 1: Summary of Significant Accounting Policies - Continued 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. ' d. Budgetary data - The City Council and the separate boards and com- missions adopt an annual budget. Supplemental appropriations are authorized by these same authorities during the budget year. The 11 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 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 1980 were $24,779. 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 1 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 11 Bond and Certificates of Indebtedness are recorded in the General Long -Term Debt Group of Accounts. They 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 Funds. The bonds are payable primarily from special assessments to be levied and collected for local improvements. They are backed by the full faith and credit of the City. Contracts Payable - Contracts included in long -term debt are the contract obligations extending over several years. 1 1 1 NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1980 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 Certificates of Indebtedness 6.75% 2 -1 -80 12 -1 -82 Total General Obligation Bonds 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 -1 -79 12 -1 -82 Improvement bonds of 1980 8.25% 12 -1 -80 12 -1 -86 Total Special Assessment Bonds Total Bonded Indebtedness Contracts payable: Anoka County - purchase of voting machines Xerox Corporation - purchase of Xerox machine Total Contracts Payable Total Long -Term Indebtedness - 14 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Percent Supported By Tax Levies 100% 100% - o- - o- - 0- -0- Bonds and Contracts Issued Retired Outstanding $ 100,000 63,000 163,000 180,000 63,200 935,000 200,000 1,378,200 1,541,200 1,896 4,580 6,476 $ 80,000 21,000 101,000 145,000 18,960 163,960 264,960 1,137 252 1,389 $1,547,676 $ 266,349 $ 20,000 42,000 62,000 35,000 44,240 935,000 200,000 1,214,240 1,276,240 759 4,328 5,087 $ 1,281,327 Principal Due In 1981 $10,000 21,000 31,000 35,000 6,320 41,320 72,320 379 797 1,176 $73,496 Interest Due In 1981 $ 1,020 2,835 3,855 1,137 2,212 61,710 16,500 81,559 85,414 317 317 $ 85,731 1 NOTES TO FINANCIAL STATEMENTS - Continued December 31, 1980 Note 4: Changes in Account Groups Balance - beginning of year Increases: Certificates of Indebtedness issued Xerox machine purchased on contract Purchases of equipment General General Long -Term Fixed Assets Debt (Unaudited) $ 31,138 $ 717,073 63,000 4,580 68,636 Decreases: Bond and certificate principal paid (31,000) Contract payments (631) Transfer of Water and Sewer Fund assets to the enterprise fund (406,115) Balance - End of Year $ 67,087 $_ 379,594 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 $59,865. In addition, substantially all amounts to be provided for debt service in the 1980 Improvement Bond Fund will be derived from assessments levied against the benefited properties of these improvement projects. Note 6: Water and Sewer Enterprise Fund Prior to January 1, 1980, the operations of the Water and Sewer Fund were accounted for for three years in the General Fund and the fixed assets of the water and sewer operation were reported in the General Fixed Assets Account Group. By Council resolution the Water and Sewer Fund was re- established in 1980. On January 1, 1980, the net assets in the General Fund and General Fixed Assets Account Group relating to the water and sewer operations were transferred to the Water and Sewer Enterprise Fund. Note 7: General Purpose Financial Statements "Total Columns (Memorandum Only)" Due to the diverse and complex nature of a governmental unit's operations, the accounting system is organized and operated on a fund basis in accordance with special regulation, restrictions, or admini- strative guidelines. Therefore, the columns on the combined financial statements captioned "Total (Memorandum Only)" are presented for infor- mation purposes only, and are not intended to present consolidated financial information. - 16 - 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, 1980 Note 8: Changes in Contributed Equity Contributed equity in the Water and Sewer Enterprise Fund represents assets acquired or constructed from governmental resources other than those of the Water and Sewer Enterprise Fund. The changes in this account are as follows: Balance - beginning of year $406,115 Assets contributed by Special Assessment Funds 391,650 Depreciation on assets (11,029) 1 Balance - End of Year $786,736 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES GENERAL FUND BALANCE SHEET As-of December 31, 1980 and 1979 ASSETS Cash and Temporary investments Accounts Receivable Taxes receivable - delinquent Due from other governmental units Prepaid expenses Total Assets LIABILITIES AND FUND EQUITY Liabilities: Accounts payable Customer deposits Total Liabilities Fund Balance: Reserved for street improvements Unreserved - undesignated Total Fund Balance Total Liabilities and Fund Balance 1980 1979 $ (7,007) $ 54,749 7,747 23,596 23,799 16,738 475 526 17,218 13,159 $ 42,232 $108,768 $ 17,397 $ 21,553 2,000 5,170 19,397 26,723 1,548 1,496 21,287 80,549 22,835 82,045 $ 42,232 $108,768 CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL For the Years Ended December 31, 1980 and 1979 REVENUE Taxes: General property tax Penalty and interest Fiscal disparities Total Taxes 1980 1979 Over (Under) Actual Budget Budget Actual $163,314 $210,189 $(46,875) $156,146 1,422 20,000 (18,578) 2,024 13,765 13,765 10,151 178,501 230,189 (51,688) 168,321 Licenses and permits: Business 11,665 15,090 (3,425) 12,367 Non- business 45,641 64,905 (19,264) 72,428 Total Licenses and Permits 57,306 79,995 (22,689) 84,795 Intergovernmental revenue: State - Local government aid 146,504 146,504 127,963 Attached machinery aid 3,030 3,030 2,613 Homestead credit 78,792 44,000 34,792 43,450 Police aid 11,296 7,625 3,671 10,158 Total Intergovernmental Revenue 239,622 198,129 41,493 184,184 Charges for services: General government 19,343 19,931 (588) 14,094 Fees retained from collection for other governments - SAC 452 452 710 Public safety 22,553 26,722 (4,169) 20,882 Utilities - Water 3,383 Sewer 21,942 Total Charges for Services 42,348 46,653 (4,305) 61,011 Court fines 8,978 5,400 3,578 7,585 Miscellaneous revenue: Interest on investments 8,000 (8,000) (294) Sale of property 5,364 5,364 9,767 Other 11,672 11,672 689 Total Miscellaneous Revenue 17,036 8,000 9,036 10,162 Total Revenue 543,791 568,366 (24,575) 516,058 - 19 - 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, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Years Ended December 31, 1980 and 1979 1 1980 1979 Over EXPENDITURES (Under) Actual Budget Budget Actual General government: Mayor and council - Salaries 4,800 4,800 6,900 I Other services and charges 4,903 3,569 1,334 Elections - Election judges salaries 1,642 1,200 442 534 I Supplies 26 75 (49) 213 inistration - Personal services 66,926 61,958 4,968 42,896 II Supplies 5,191 6,000 (809) 3,863 Other services and charges 3,699 1,195 2,504 7,879 Assessing - Personal services 11,681 10,032 1,649 11,145 11 Supplies 86 120 (34) 131 Independent accountants and auditors 6,880 5,300 1,580 5,619 Planning and zoning 47,125 29,500 17,625 17,991 I/ Legal fees and expenses 28,828 31,000 (2,172) 27,531 General government buildings - Personal services 6,829 4,500 2,329 2,184 II Supplies 2,951 850 2,101 4,715 Other services and charges 14,559 11,108 3,451 19,816 Capital outlay 2,303 2,303 6,236 Total General Government 208,429 171,207 37,222 157,653 IPublic safety: Police - 1 Personal services Supplies 163,464 142,994 20,470 121,734 25,566 20,865 4,701 21,273 Other services and charges 5,900 3,092 2,808 598 Capital outlay 569 569 1,099 1 Fire protection - Personal services 125 125 102 Contracted services 22,594 20,328 2,266 20,292 II Protective inspection - Personal services 26,144 27,200 (1,056) 42,812 Other services and charges 14,206 6,420 7,786 1,494 I Capital outlay 397 397 Civil defense - Personal services 549 525 24 495 Other services and charges 1,728 955 773 478 II Animal control - Other services and charges 4,773 4,669 104 5,392 Total Public Safety 266,015 227,173 38,842 215,769 1 - 20 - CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Years Ended December 31, 1980 and 1979 EXPENDITURES - Continued 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 1980 Actual 71,288 26,493 3, 162 2,301 40,830 3,176 4,118 151,368 Parks: Personal services 13,017 Supplies 7,307 Other services and charges 6,424 Capital outlay 1,332 Total Parks 28,080 Public utilities - sewer and water: Personal services Supplies Other services and charges Capital outlay Total Public Utilities Miscellaneous: Items purchased for resale Other Total Miscellaneous Total Expenditures Excess of (Expenditures) Over Revenue Other sources - Transfer from Transfer from Transfer from Transfer from Transfer from Transfer from Transfer from Federal Revenue Sharing Fund Park and Playgrounds Fund Municipal Building Bond of 1970 Improvement Bond of 1974 Improvement Bond of 1977 Improvement Bond of 1979 Improvement Bond of 1980 Total Other Sources - 21 - 6,861 4,221 11,082 664,974 (121,183) 47,19 4 60 3,700 11,000 1,300 10,000 3,633 81,431 1979 Over (Under) Budget Budget Actual 66,269 18,500 2,395 94,330 1,400 5,500 188,394 9,730 7,259 4,700 500 22,189 5,019 57,409 7,993 21,879 767 126 2,301 6,675 (53,500) 39,920 1,776 3,869 (1,382) 3,588 (37,026) 133,466 3,287 48 1,724 832 5,891 6,861 4,221 11,082 608,963 56,011 (40,597) A 14 43, 122 4,600 47,722 (80,586) 8,715 2,678 2,271 3,072 16,736 5,201 614 6,170 762 12,747 7,872 150 8,022 544,393 (28,335) 4,076 30,130 2,971 3,700 11,000 1,300 10,000 3,633 33,709 33,101 1 1 1 1 1 1 1 t 1 1 1 1 CITY OF LINO LAKES GENERAL FUND STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL - Continued For the Years Ended December 31, 1980 and 1979 1980 1979 Over (Under) Actual Budget Budget Actual EXCESS OF REVENUE (EXPENDITURES) AND OTHER SOURCES (USES) $(39,752) $ 7,125 $(46,877) $ 4,766 Fund balance - beginning of year Transfer of assets to Water and Sewer Fund Fund Balance End of Year 82,045 (19,458) $ 22,835 77,279 $ 82,045 CITY OF LINO LAKES SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET As of December 31, 1980 and 1979 1980 1979 Parks and Revenue Playgrounds Sharing ASSETS Fund Fund Total Total Cash and temporary investments $ 101,520 $10,465 $111,985 $ 73,910 Accrued interest receivable 613 613 630 Due from governmental units 11,038 11,038 10,780 Total Assets $ 102,133 $21,503 $123,636 $ 85,320 LIABILITIES AND FUND BALANCE Liabilities: Accounts payable $ 24 $ 24 Fund Balance: Unreserved - Designated for park improvements 102,109 102,109 $ 60,745 Undesignated $21,503 21,503 24,575 Total Fund Balance 102,109 21,503 123,612 85,320 Total Liabilities and Fund Balance $ 102,133 $21',503 $123,636 $ 85,320 - 23 -' 1 1 1 r 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 CITY OF LINO LAKES SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For The Years Ended December 31, 1980 and 1979 REVENUE Federal revenue sharing Interest earned on investments Donations in lieu of park land Total Revenue EXPENDITURES Capital outlay Refunds and reimbursements Consultants Other Total Expenditures 1980 1979 Parks and Revenue Playgrounds Sharing Fund Fund Total Total $42,737 $ 42,737 $ 38,220 $ 11,078 1,389 12,467 5,934 44,300 44,300 17,067 55,378 44,126 99,504 61,221 4,201 4,201 4,950 4,950 240 240 23 23 9,414 9,414 Excess of Revenue (Expenditures) 45,964 44,126 90,090 61,221 Other financing sources (uses): Transfers to General Fund (4,600) (47,198) (51,798) (33,101) EXCESS OF REVENUE (EXPENDITURES) AND OTHER FINANCING SOURCES (USES) $ 41,364 $(3,072) $ 38,292 $ 28,120 Fund balance - beginning of year 60,745 24,575 85,320 57,200 Fund Balance - End of Year $ 102,109 $21,503 $123,612 $ 85,320 - 24 - CITY OF LINO LAKES DEBT SERVICE FUNDS COMBINING BALANCE SHEET As of December 31, 1980 and 1979 ASSETS Cash and temporary investments Accrued interest received Taxes receivable - delinquent Total Assets FUND BALANCE Unreserved: 1980 1979 Municipal Building Certificates Bonds of 1980 of Indebtedness Total Total $ 16,522 $ (3,032) $13,490 $19,134 78 78 1,446 1,446 1,361 $ 18,046 $ (3,032) $15,014 $20,495 , 1 t 1 1 Designated for Debt Service $ 18,046 - 25 - $ (3,032) $15,014 $20,495 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Years Ended December 31, 1980 and 1979 REVENUE 1980 Municipal Building Certificates Bonds of 1970 of Indebtedness General property taxes: Current and penalties $ 7,252 Fiscal disparities 599 Intergovernmental revenue: State homestead credit 3,720 Other revenue: Interest earned on investments 1,405 Total Revenue 12,976 EXPENDITURES Debt service: Principal retirement Interest Fiscal agent fee Total Expenditures Excess of Revenue (Expenditures) Other financing sources (uses): Transfer to General Fund EXCESS OF REVENUE (EXPENDITURES) AND OTHER USES Fund balance - beginning of year Fund Balance - End of Year 10,000 1,700 25 11,725 1,251 (3,700) $ 14,857 6,643 21,500 21,000 3,532 24,532 (3,032) 1979 Total Total $22,109 $ 9,096 599 585 10,363 2,505 1,405 412 34,476 12,598 31,000 10,000 5,232 2,378 25 25 36,257 12,403 (1,781) 195 (3,700) $ (2,449) $'(3,032) $(5,481) $ 195 20,495 20,495 20,300 $ 18,046 $ (3,032) $15,014 $20,495 CITY OF LINO LAKES CAPITAL PROJECT FUND BALANCE SHEET As of December 31, 1980 ASSETS Certificates of Indebtedness Cash and temporary investments $5,452 FUND BALANCE Unreserved - Designated for equipment acquisition $5,452 CITY OF LINO LAKES CAPITAL PROJECT FUND STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE For the Year Ended December 31, 1980 Certificates EXPENDITURES of Indebtedness Capital outlay: Public safety - police car Public works - truck and snowplow equipment Total Expenditures Other financing sources: Certificates - issued EXCESS OF OTHER FINANCING SOURCES OVER EXPENDITURES Fund balance - beginning of year Fund Balance - End of Year $ 8,929 48,619 57,548 63,000 $ 5,452 -0- $ 5,452 CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS COMBINING BALANCE SHEET As of December 31, 1980 and 1979 ASSETS Cash and temporary investments Special assessments receivable: Delinquent Deferred Accrued interest receivable Unamortized bond discount Amount to be provided for debt service Total Assets LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Contracts payable Accrued interest payable Bonds payable (Note 4) Total Liabilities Fund balance: Reserved for improvements Unreserved: Designated for construction Designated for debt service Total Fund Balance Improvement Improvement Bond of 1974 Bond of 1977 $108,830 $ 21,249 27,938 1,077 29,849 746 129 $137,514 $ 52,304 $ 35,000 35,000 102,514 102,514 Total Liabilities and Fund Balance $137,514 - 29 - $ 44,240 44,240 8,064 8,064 $ 52,304 1980 Improvement Bond of 1979 $ 158,655 906,865 4,058 5,914 $1,075,492 $ 2,307 35,387 935,000 972,694 40,435 62,363 102,798 $1,075,492 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1979 Improvement Bond of 1980 Total Total $182,817 $ 471,551 $1,031,943 29,015 37,759 936,714 35,299 100 5,033 5,349 3,866 9,780 9,256 197,737 197,737 926,956 $384,520 $1,649,830 $2,046,562 1 1 $ 17,779 $ 20,086 83,661 119,048 • $ 5,400 200,000 1,214,240 301,440 1,353,374 1,060,960 71,553 71,553 781,928 ' 11,527 51,962 92,509 172,941 111,165 1 83,080 296,456 985,602 $384,520 $1,649,830 $2,046,562 1 1 1 1 1 1 30 1 CITY OF LINO LAKES SPECIAL ASSESSMENT FUNDS COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE As of December 31, 1980 and 1979 1980 1 Improvement Improvement Improvement REVENUE Bond of 1974 Bond of 1977 Bond of 1979 II Special assessments: Principal levies $ 914,714 Principal abatements II Interest and penalties $ 418 $ 2,888 Other revenue: Interest earned on investments 13,489 2,337 73,538 Interest accrued to date of bond sale II Total Revenue 13,907 5,225 988,252 EXPENDITURES Capital outlay: Sanitary sewer 221,336 II Water 137,381 Storm sewer 68,690 Street 335,819 II Debt service: Interest 3,425 2,528 59,653 Fiscal agent fee 13 56 II Other 805 648 Total Expenditures 4,243 3,176 822,935 Excess of Revenue (Expenditures) 9,664 2,049 165,317 II Other financing sources (uses): Bonds sold Applied to amount to be provided for debt service (926,956) Transfer to General Fund (11,000) (1,300) (10,000) Total Other Financing Sources (Uses) (11,000) (1,300) (936,956) EXCESS REVENUE (EXPENDITURES) AND OTHER FINANCING SOURCES (USES) $ (1,336) $ 749 $(771,639) Fund balance - beginning of year 103,850 7,315 874,437 Fund Balance - End of Year $102,514 $ 8,064 $ 102,798 1 1 - 31 - 1 1 1 1 1979 Improvement Bond of 1980 Total Total $ 914,714 I $ (6,760) 3,306 9,089 $ 1,813 91,177 14,366 504 504 2,229 2,317 1,009,701 18,924 1 t35,820 257,156 17,583 16,177 153,558 10,901 • 2,311 71,001 5,451 61,242 397,061 26,648 54 65,660 8,532 1 69 26 1,453 115,604 945,958 69,141 1 (113,287) 63,743 (50,217) ' 200,000 200,000 935,000 (926,956) (8,044) 1 (3,633) (25,933) 196,367 (752,889) 926,956 $ 83,080 $ (689,146) $ 876,739 985,602 108,863 $ 83,080 $ 296,456 $ 985,602 CITY OF LINO LAKES GENERAL LONG -TERM DEBT GROUP OF ACCOUNTS BALANCE SHEET As of December 31, 1980 and 1979 ASSETS 1980 Amount available in Debt Service Fund $15,014 Amount to be provided for debt retirement 52,073 Total Assets $67,087 LIABILITIES Contracts payable $ 5,087 Bonds payable 62,000 Total Liabilities $67,087 - 33 - 1979 $20,495 10,643 $31,138 $ 1,138 30,000 $31 ,138 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, 1980 and 1979 (Unaudited) ASSETS 1980 1979 Land $ 36,175 $ 36,175 Wells 6,216 6,216 Buildings 141,338 141,338 Furniture and equipment 195,865 110,135 Improvements other than buildings 405,566 Total Assets $785,160 $293,864 FUND EQUITY Investment in general fixed assets $785,160 $293,864 CITY OF LINO LAKES DEFERRED TAX LEVIES (AD VALOREM) FOR FUTURE DEBT SERVICE OF GENERAL OBLIGATION BONDS* As of December 31, 1980 Year Collectible Certificates of Indebtedness 1981 1982 Total $36,327 23,538 $59,865 * Ad valorem levies are placed at 105% of debt service requirements, as required by Minnesota Statues. - 35 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 CITY OF LINO LAKES GENERAL OBLIGATION DEBT SERVICE REQUIREMENTS AND SOURCES OF FINANCING As of December 31, 1980 Sources of financing: Amount available in Debt Service Fund - Clerk's balance $13,490 Accrued interest receivable 78 Delinquent taxes receivable 1,446 Deferred tax levies 59,865 Less: 5% allowance for uncollectibles (2,850) Total Sources of Financing 72,029 Debt service requirements: Bond principal Future interest Total Debt Service Requirements 62,000 5,612 67,612 Excess (Deficiency) of Sources of Financing Over Debt Service Requirements $ 4,417 CITY OF LINO LAKES ASSESSED VALUATIONS, TAX LEVIES, AND MILL RATES For the Year Ended December 31, 1980 Local spread levy: Assessed valuations Fiscal disparities contribution Local taxable value Area wide levy: *Fiscal disparities distribution Spread Levy Collectible in 1980 Levy. Valuations Rate Spread $14,672,539 (498,540) $14,173,999 19.16 mills $271,645 $ 970,968 16.53 mills 16,050 Total Spread Levy $287,695 General revenue Bonds and Certificates of Indebtedness Total *1979 Mill rate is used for area wide distribution. - 37 - Mill Rate Levy 16.93 $254,186 2.23 33,509 19.16 $287,695