HomeMy WebLinkAboutAnnual Financial Report 12/31/1982CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1982
MEIER
Organization
Auditor's Report
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
General Purpose Financial Statements
Condensed Combined Balance Sheet - All Fund Types and
Account Groups Statement 1
Condensed Combined Statement of Revenue, Expenditures and
Changes in Fund Balance - All Governmental Fund Types
Condensed Combined Statement of Revenue, Expenditures and
Changes in Fund Balance - Budget and Actual - General
and Special Revenue Funds
Condensed Combined Statement of Revenue, Expenses and Changes
in Retained Earnings - Proprietary Fund Type - Water and
Sewer Fund
Statement 2
Statement 3
Statement 4
Condensed Combined Statement of Changes in Financial Postion -
Proprietary Fund Type - Water and Sewer Fund Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account Group Financial Statements
General Fund:
Balance Sheet
Statement of Revenue, Expenditures and Changes in Fund
Balance - Budget and Actual
Statement 6
Statement 7
Special Revenue Funds:
Combining Balance Sheet Statement 8
Revenue Sharing Fund:
Statement of Revenue, Expenditures and Changes in Fund
Balance - Budget and Actual
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Capital Project Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Statement 9
Statement 10
Statement 11
Statement 12
Statement 13
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Special Assessment Funds:
Combining Balance Sheet
_ Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Enterprise Fund:
Balance Sheet
Statement of Revenue, Expenses and Changes in Retained Earnings
Statement of Changes in Financial Position
Trust and Agency Funds:
Combining Statement of Assets and Liabilities
Statement of General Fixed Assets
Statement of General Long -Term Debt
�,. Supplementary Financial Information
Combined Schedule of Indebtedness
Deferred Tax Levies
Debt Service Payments to Maturity
Insurance in Force
Assessed Valuations, Tax Levies, and Mill Rates
Statement 14
Statement 15
Statement 16
Statement 17
Statement 18
Statement 19
Statement 20
Statement 21
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
WIMP
MOP
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1982
City Council and Other Officials
City Council:
Mayor:
Benjamin G. Benson
Council Members:
Richard Kulaszewicz
Marilyn Elsenpeter
Donald R. Marier
(Appointed to complete term of Ronald Jaworski)
Vernon F. Reinert
City Administrator:
Randall Schumacher
Clerk- Treasurer:
Term of Office
From To
1/01/82 12/31/83
1/01/82 12/31/8 5
1/01/80 12/31/83
12/28/81 12/31/83
1/01/82 12/31/85
Appointed
Edna Sarner Appointed
MOW
MANN
OEM
WINN
-
DELAHUNT VOTO & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263
To the Honorable Mayor and
Members of the City Council
City of Lino Lakes
Lino Lakes, Minnesota
RONALD J. DELAHUNT, RETIRED
ROBERT J. VOTO, CPA
TIMOTHY E. REARDON, CPA
ROBERT G. TAUTCES, CPA
We have examined the general purpose financial statements of the CITY OF LINO
LAKES, MINNESOTA, and the combining, individual fund, and account group finan-
cial statements of the City as of and for the year ended December 31, 1982, as
listed in the table of contents. 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, except as stated in the following paragraph.
The City does not maintain complete accounting controls over quantities and
costs of general fixed assets and it was therefore impractical to audit the
accompanying Statement of General Fixed Assets and, accordingly, we do not
express an opinion on this account group.
In our opinion, except as noted above, the general purpose financial statements
referred to above present fairly the financial position of the CITY OF LINO
LAKES, MINNESOTA at December 31, 1982, and the results of its operations and
changes in financial position of its proprietary fund types for the year then
ended, in conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year except for the changes, with
which we concur, as described in Note 10. Also, in our opinion, the combining,
individual fund, and account group financial statements referred to above pre-
sent fairly the financial position of the individual funds and account groups of
the CITY OF LINO LAKES, MINNESOTA at December 31, 1982 and the results of opera-
tions of such funds, in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding year except for the
changes, with which we concur, as described in Note 10.
Our examination was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole and on the combining, individual
fund, and account group financial statements. The accompanying financial infor-
mation listed as supplementary data in the table of contents is presented for
purposes of additional analysis and is not a required part of the general pur-
pose financial statements of the City. The information has been subjected to
the auditing procedures applied in the examination of the general purpose,
combining, individual fund, and account group financial statements and, in our
opinion, is fairly stated in all material respects in relation to the combined
financial statements taken as a whole.
February 25, 1983
�yL4 4 16.4 .0 a-
DE LA HUNT VOTO & CO., LTD.
Certified Public Accountants
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL BUSINESS OFFICIALS
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1982
Assets
Cash (overdraft) and investments
Accrued interest - investments
Accounts receivable
Due from other governmental units
Taxes receivable
Special assessments receivable
Allowances and deferments
Due from other funds
Prepaid expenses
Inventory
Property, plant, and equipment net
of accumulated depreciation
Unamortized bond discount
Amount available - Debt Service Fund
Amount to be provided
Total assets
Liabilities and Fund Equity
Liabilities:
Accounts payable
Contracts payable
Deposits
Due to other funds
Bonds payable
Deferred revenue
Total liabilities
Fund Equity:
Investment in general fixed assets
Contributions - net
Retained earnings
Fund balance:
Designated
Undesignated
Total fund equity
Total liabiltiies and
fund equity
Governmental Fund Types
Special Debt
Revenue Service
General
$ 40,701 $ 8,699
7,437
3,250
69,613
9,796
(79,409)
2,433
16,466
7,363
$(2,550)
12, 058
(12,058)
5,448
$ 70,287 $ 16,062 $ 2,898
$ 10,066
400
10,466 $ -0-
46,466
13,355
59,821
16,062
16,062
$ 2,433
2,433
465
465
Capital
Project
$170,187
12,306
6, 553
$189,046
$ 9,523
12,306
21,829
167,217
167,217
$ 70,287 $ 16,062 $ 2,898 $189,046
CITY OF LINO LAKES, MINNESOTA
Statement 1
Fiduciary Account Groups
Proprietary Fund Type General General Totals (Memorandum Only)
Special Fund Type Agency Fixed Long -Term December 31,
Assessments Enterprise Funds Assets Debt 1982 1981
(Unaudited)
Owir
Y
$ 189,507 $ (16,583) $ 19,600
980,910
1,247
10,302
9,444
942
959
857,176 $ 493,024
$ 409,561 $ 445,531
2,200
30,045 38,790
26,610 127,768
81,671 44,255
990,706 1,090,752
(91,467) (72, 193)
3,680
17,408 19,519
959 1,746
1,350,200 1,223,157
6,914
$ 465 465 22,108
57,903 63,351 161,804
$ 1,171,664 $ 862,240 $ 19,600 $ 493,024 $ 58,368 $ 2,883,189 $ 3,112,351
$ 1,247
986,600
987,847
183,817
183,817
1,472 $ 21,061 $ 30,079
$
2,668 2,668 1 1, 793
1,960 $ 19,600 21,960 2,890
3,680
55,700 1,042,300 1,360,320
12,306 15,901
3,432 19,600 $ -0- 58,368 1,103,975 1,420,983
493,024 493,024 430,718
851,721 851,721 791,547
7,087 7,087 9,478
414,027 429,516
13,355 30,109
858,808 -0- 493,024 -0- 1,779,214 1,691,368
$ 1,171,664 $ 862,240 $ 19,600 $ 493,024 $ 58,368 $ 2,883,189 $ 3,112,351
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1982
General
Special
Revenue
Revenue:
Taxes $ 305,804
Special assessments 18,142
Licenses and permits 51,604
Intergovernmental revenue 285,914 $ 42,206
Charges for services 48,764
Court fines 10,935
Interest on investments 3,917
Donations
Miscellaneous revenue 5,592
Total revenue 726,755 46,123
Expenditures:
Current:
General government 223,847
Public safety 332,920
Highways and streets 189,546
Parks 36,005
Construction /Acquisition
Debt service:
Principal retirement
Interest and fiscal charges
Total current 782,318
Capital outlay:
General government 2,468
Public safety 1,824
Highways and streets
Parks 3,000
Total capital outlay 7,292
Total expenditures 789,610
Revenue over (under) expenditures (62,855)
Other increases (decreases):
Bond and /or certificate proceeds
Increase (decrease) in amount to be provided for
debt service
Adjustment to write off estimated uncollectible
special assessments (Note 1)
Transfers from other funds
Transfers to other funds
Total other increases (decreases)
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
72,691
72,691
9,836
49,985
-0-
46,123
(58,071)
(58,071)
(11,948)
28,010
$ 59,821 $ 16,062
CITY OF LINO LAKES, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1982 1981
$ 61,418
24,180 $ 6,553
2,376 19,465
8,320
._ 87,974 34,338
UMW
IMINW
86,700
13,745
100,445
$ 155,461
36, 163
191,624
$ 367,222 $ 239,649
173,603 290,265
51,604 65,361
358,853 378,030
48,764 50,739
10,935 8,216
61,921 57,519
8,320 8,275
5,592 12,270
1,086,814 1,110,324
5,316 1 1, 490 240,653 264,268
2,115 335,035 309,535
189,546 115,275
25 36,030 31,057
19,968 19,968 114,321
86,700 31,000
92,276 106,021 89,304
7,456 123,734 1,013,953 954,760
2,468 2,311
25,139 26,963 11,126
29,996 29,996 9,571
5,152 8,152 31,604
-0- 60,287 -0- 67,579 54,612
100,445 67,743 123,734 1,081,532 1,009,372
(12,471) (33,405) 67,890 5,282 100,952
744,629 744,629 156,622
5,448 (787,328) (781,880) (205,683)
(27,938)
72,691 44,048
�.. (14,620) (72,691) (44,048)
(9,172) -0- (42,699) (37,251) (76,999)
(21,643) (33,405) 25,191 (31,969) 23,953
22,108 200,622 158,626 459,351 435,398
$ 465 $ 167,217 $ 183,817 $ 427,382 $ 459,351
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CONDENSED 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, 1982
Revenue:
Taxes
Special assessments
Licenses and permits
Intergovernmental revenue
Charges for services
Court fines
Miscellaneous
Interest on investments
Total revenue
Expenditures:
Current:
General government
Public safety
Highways and streets
Parks
Miscellaneous
Total current
Capital outlay:
General government
Public safety
Highways and streets
Parks
Total capital outlay
Total expenditures
Revenue over (under) expenditures
Revenue over (under) expenditures
Other increases (decreases):
Transfers from other funds
Transfers to other funds
Total other increases (decreases)
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
General.
Budget Actual
Over
(Under)
Budget
$ 328,643 $ 305,804 $ (22,839)
18,142 18,142
80,220 51,604 (28,616)
287,991 285,914 (2,077)
48,301 48,764 463
10,935 10,935
15,000 5,592 (9,408)
760,155 726,755 (33,400)
209,440
342,230
180,270
37,310
769,250
4,000
370
1,000
5,370
774,620
(14,465)
(14,465)
46,457
46,457
$ 31,992
220, 175
332,920
189,546
36,005
3,672
782,318
2,468
1,824
3,000
7,292
789,610
(62,855)
(62,855)
72,691
72,691
9,836
49,985
$ 59,821
10,735
(9,310)
9,276
(1,305)
3,672
13,068
(1,532)
1,454
2,000
1,922
14,990
(48,390)
(48,390)
26,234
26,234
$ (22,156)
Budget
Special Revenue
Actual
CITY OF LINO LAKES, MINNESOTA
Over
(Under)
Budget
$ 46,457 $ 42,206 $ (4,251)
46,457
46,457
46,457
(46,457)
(46,457)
$ -0-
3,917
46,123
-0-
-0-
46,123
46,123
3,917
(334)
(334)
(334)
(58,071) (11,614)
(58,071) (11,614)
Total
Budget
$ 328,643
80,220
334,448
48,301
15,000
806,612
Actual
$ 305,804
18,142
51,604
328,120
48,764
10,935
5,592
3,917
772,878
Over
(Under)
Budget
$ (22,839)
18, 142
(28,616)
(6,328)
463
10,935
(9,408)
3,917
(33,734)
Statement 3
1981
Actual
(Memorandum
Only)
$ 212,914
65,361
363,301
50,739
8,216
9,270
8,137
717,938
209,440 220,175 10,735 259,446
342,230 332,920 (9,310) 309,535
180,270 189,546 9,276 115,275
37,310 36,005 (1,305) 29,982
3,672 3,672 4,822
769,250 782,318 13,068 719,060
4,000 2,468 (1,532) 2,311
370 1,824 1,454 11,126
363
1,000 3,000 2,000
5,370 7,292 1,922 13,800
774,620 789,610 14,990 732,860
31,992 (16,732) (48,724) (14,922)
31,992 (16,732) (48,724) (14,922)
46,457 72,691 26,234 116,426
(46,457) (58,071) (11,614) (44,048)
-0- 14,620 14,620 72,378
(11,948) $ (11,948) $ 31,992
28,010
$ 16,062
(2,112) $ (34,104)
77,995
$ 75,883
57,456
20,539
$ 77,995
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS - PROPRIETARY FUND TYPE
For The Year Ended December 31, 1982
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Statement 4
December 31,
1982 1981
5,838
21,404
2,907
30 ,149
$ 4,525
17,784 _
2,467
24,776
Operating expenses:
Personal services 15,050 17,396
Supplies 2,511 1,241
Contractual services 2,554 99
Repair and maintenance 9,828 5,427
MWCC sewer charges 14,625 12,149
Depreciation 21,156 19,509
Utilities 1,814 1,953
Other 273 405
Total operating expenses 67,811 58,179
Operating (loss) (37,662) (33,403)
Non - operating revenue:
Maintenance agreement - MWCC
Interest on investments
Total non - operating revenue
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners
Net (loss) to retained earnings
Retained earnings - January 1
Retained earnings - December 31
14,295
14,295
8,300
551
8,851
20,976 19,360
(2,391) (5,192)
9,478 14,670
$ 7,087 $ 9,478
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 5
CONDENSED COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1982
Totals
December 31,
1982 1981
Sources of financial resources:
Contributed equity from other funds $ 82,164 $ 24,171
Total sources - 82,164 24,171
Uses of financial resources:
Operating loss 23,367 24,552
Less: Items not affecting working capital - depreciation (21,156) (19,509)
Total sources applied to operations 2,211 5,043
Additions to property and equipment 86,907 24,535
— Total uses 89,118 29,578
law
Increase (decrease) in working capital $ (6,954) $ (5,407)
Components of increase (decrease) in working capital:
Cash (overdraft) $ (14,801) $ (2,157)
Accounts receivable 2,692 964
Due from other governmental units 7,585
Accrued interest (21) (51)
Due to other governmental units (7,356)
Prepaid expenses (305) 1,247
Inventory (787) 1,746
Accounts payable (1,247) 375
Customer deposits (70) (175)
Net increase (decrease) in working capital $ (6,954) $ (5,407)
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 trustees or councilmen.
The Council exercises legislative authority and determines all matters of
policy. The City Administrator, who is appointed by the Council, is respon-
sible for the proper administration of all affairs relating to the City.
The accounting policies of the City of Lino Lakes conform to generally accepted
accounting principles as applicable to governments except for the valuation of
certain general fixed assets. The following is a summary of the more signifi-
cant policies.
ENTITY - DEFINITION
The criteria as prescribed by NCGA Statement 3 regarding reporting entities has
been applied in the preparation of the Annual Financial Report. No additional
reporting entities meet the criteria prescribed and therefore only City finan-
cial presentations are included herein.
FUND ACCOUNTING
The accounts of the City are organized and operated on the basis of funds and
groups of accounts. A fund is defined as a fiscal and accounting entity with
a self - balancing set of accounts recording cash and other financial resources,
together with all related liabilities and residual equities or balances (and
changes therein) which are segregated for the purpose of carrying on activities
or attaining certain objectives in accordance with special regulations,
restrictions or limitations. The various funds are grouped, in the financial
statements in this report, into seven generic fund types and two broad fund type
categories as follows:
GOVERMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the City. It
is used to account for all financial resources except those required to be
accounted for in another fund.
Special Revenue Funds - Special Revenue Funds are used to account for the pro-
ceeds of specific revenue sources (other than special assessments or major
capital projects) that are restricted to expenditures for specified purposes.
Debt Service Funds - Debt Service Funds are used to account for the accumulation
of resources for, and the payment of, general long -term debt principal,
interest, and related costs.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
GOVERNMENTAL FUNDS - Continued
Capital Project Funds - Capital Project Funds are used to account for financial —
resources to be used for the acquisition or construction of major capital faci-
lities (other than those financed by proprietary funds and special assessment
funds) . _
Special Assessment Funds - Special Assessment Funds are used to account for the
financing of public improvements or services deemed to benefit the properties
against which special assessments are levied.
PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to account for operations (a) that
are financed and operated in a manner similar to private business enterprises
-- where the intent of the governing body is that the costs (expenses,
including depreciation) of providing goods or services to the general public on
a continuing basis be financed or recovered primarily through user charges; or
(b) where the governing body has decided that periodic determination of revenue
earned, expenses incurred, and /or net income is appropriate for capital
maintenance, public policy, management control, accountability, or other
purposes.
TRUST AND AGENCY
Agency Funds are used to account for assets held by a governmental unit as an
agent for individuals, private organizations, other governmental units and /or
other funds.
GENERAL FIXED ASSETS AND LONG -TERM LIABILITIES
ANIMA
The governmental fund types previously discussed are designed to account for
the financial flow of a particular fund; therefore, they generally include only
current assets and current liabilities on their balance sheets. The City main-
tains two account groups to account for noncurrent assets and long -term liabi-
lities as follows: _
General Fixed Assets - The City maintaines a separate group of accounts which
contains the fixed assets used in the governmental fund type operations. They
are assets of the City as a whole and not of individual funds.
General Long -Term Debt - This account group contains the long -term obligations
of the City including general obligation bonds, certificates of indebtedness,
and contracts payable. It does not include the long -term liabilities of
Special Assessment Funds which are accounted for in those funds.
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Wawa
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
BASIS OF ACCOUNTING
The modified accrual basis of accounting is followed by the City for its
governmental funds (General, Special Revenue, Debt Service, Special Assessment,
Capital Project Funds). Under this method of accounting, revenues are
recognized when they become susceptible to accrual - that is, when they become
both measurable and available to finance expenditures and /or liabilities of the
fiscal period.
Also, under this method, expenditures are recognized in the accounting period
when the liability is incurred, except for: (1) interest on long -term debt
which is recognized when due, except for January maturities which are
recognized in the previous fiscal period; (2) inventory items which are con-
sidered expenditures when purchased; and, (3) prepaid insurance and similar
services extending over more than one accounting period are considered expen-
ditures of the period of acquisition.
The City employs the accrual basis of accounting for its proprietary fund.
Under this method, revenues are recognized in the accounting period in which
they are earned and expenses are recognized in the accounting period when
incurred and measureable.
Agency Funds employ the cash basis of accounting for monies received and paid
(for which the City has no equity interest).
BUDGETS AND BUDGETARY ACCOUNTING
The City Administrator submits a proposed operating budget to the City Council
for the fiscal year commencing the following January 1. The operating budget
includes proposed expenditures and the means of financing them. Budget amounts
shown in the financial statements are as originally adopted and /or amended by
the City Council.
Budgets have been prepared on the basis of cash receipts and disbursements.
The variance of this basis to the modified accrual basis is not material to the
budgetary accounts taken as a whole.
CASH AND INVESTMENTS
Cash and investment balances balances consisted of the following at December
31, 1982:
Cash - checking $ 1,092
Petty Cash 150
Investments 408,319
Total $ 409,561
Investments are stated at cost, which approximates market value. Earnings on
investments are allocated to the individual funds based on the average month
end cash and investment balances of each fund during the year.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
INVENTORY
The inventory of the Proprietary Fund is stated at the lower of cost or market
on the first -in, first -out basis.
LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided to the City by the State as a shared tax based
upon a statutory formula and without restrictions. Payment from the State is
generally received during each calendar year for that calendar year. The City
recognizes local government aid revenue when it becomes both measurable and
available to finance current operations. In practice, local government aid is
recognized as revenue as it is received in cash. For 1981, certain of these
payments were not received at the normal time of receipt. (See note 12)
GRANT REVENUE RECOGNITION
The City receives various Federal, State and other grants, the purpose of
which is to fund specific City expenditures. These revenues are recognized at
the time of the specific expenditures.
The City also receives Federal Revenue Sharing and other general purpose
grants. These grants are recognized as revenues in the period to which the
grant applies.
PARK DEDICATION FEE REVENUE RECOGNITION
The City receives Park dedication fees from developers. The amount due the
City is collectible when the developer's land is platted. The City has granted
a delay in the collection from several property owners pending development of
the platted property. The amounts not collected at the normal time of receipt
have been presented as deferred revenue. The amount of unrecognized park dedi-
cation fees due the City upon application for building permits was $12,306 and
$15,901 at December 31, 1982 and 1981 respectively.
PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County for
collection. The County is responsible for billing and collecting all property
taxes for itself, the City, the local School District and other taxing
authorities. These taxes are payable (by property owners) by May 31 and
October 31 of each calendar year. These taxes are collected by the County and
remitted to the City by approximately July 15, and December 15. Additionally,
delinquent collections (November through February) are remitted to the City
each March. The City has no ability to enforce payment of property taxes by
property owners. The County possesses this authority.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
PROPERTY TAX REVENUE RECOGNITION - Continued
Taxes on homestead property (as defined by State Statutes) are partially
reduced by a homestead credit. This credit is paid to the City by the State in
lieu of taxes levied against homestead property. The State remits this credit
in installments each year.
The City recognizes property tax revenue when it becomes both measurable and
available to finance expenditures of the current period. In practice, current
and delinquent taxes and homestead credits received by the City in July and
December are recognized as revenue for the current year. Additionally, taxes
collected by the County by December 31 (remitted to the City the following
April) and taxes and credits not received at the normal time are recognized as
revenue for the current year.
Unpaid delinquent taxes are generally measurable but not available to finance
the expenditures of the current year. Accordingly, these are not recognized as
revenue until they are collected by the County. Unpaid delinquent property
taxes are reflected in the balance sheets at December 31 subject to a 100%
allowance for doubtful accounts and deferred revenue. This accounting practice
is at nominal variance with generally accepted accounting principles in that
the deferred income position (that part of delinquent taxes expected to be
collected over the next several years) technically should be shown separately
as a liability. However, this variance is immaterial and the cost of deter-
mining this measurement and reclassification does or could exceed the benefit.
Additionally, this variance has no material effect upon the operating state-
ments of the City.
SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefiting properties for the cost (or
a portion of the cost) of special assessment improvement projects in accor-
dance with State Statutes. The City adopts the assessment roll when the indi-
vidual project is completed or substantially completed. Assessments are
collectible over a term of years, generally consistent with the related bond
issue. Collection of annual installments (including interest) is handled by
the County in the same manner as property taxes. Property owners are allowed
(and often do) to prepay future installments without interest or prepayment
penalties.
The City recognizes special assessment revenue when it becomes both measurable
and available to finance bonded debt. In practice, special assessment prin-
cipal is recognized as revenue in the year when the assessment rolls are tablu-
lated and adopted by the City Council, and when it is available to finance the
related bond issue principal. Special assessment interest is recognized as
revenue in the year due, which generally corresponds to the period it is
actually earned.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
SPECIAL ASSESSMENT REVENUE RECOGNITION - Continued
Once a special assessment roll is adopted, the amount attributed to each parcel —
is a lien upon that property until full payment is made or the amount is deter-
mined to be excessive by the City Council or court action. If special
assessments are allowed to go delinquent, after a State statute determined
number of years, the property is subject to tax - forfeit sale and the first pro-
ceeds of that sale (after costs, penalties and expenses of sale) are remitted
to the City in payment of delinquent special assessments. Generally, the City
will collect the full amount of its special assessments not adjusted by City
Council or court action. Accordingly, no allowance for potentially uncollec-
tible assessments has been provided.
ESTIMATED UNCOLLECTIBLE ASSESSMENTS
The bonds of the 1974 Improvement Special Assessment Fund were retired in 1981
and the remaining assets were transferred to the General Fund. These assets
included $27,938 of delinquent assessments receivable. None of the delinquent
assessments were collected in 1981. Because of the uncertainty of the timing
of collection, these assessments do not meet the revenue recognition criteria
of being both measurable and available. As a result, an allowance for
uncollectible assessments of $27,938 was established at the time of transfer to
the General Fund. During 1982, $18,142 of these assessments were collected and —
the allowance was reduced to $9,796 at December 31, 1982.
PROPERTY, PLANT, AND EQUIPMENT
General Fixed Assets. Roads, bridges, curbs and gutters, streets and sidewalks,
and drainage systems are not capitalized. The fixed assets are valued at cost
or estimated replacement value as of December 31, 1975. 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. These assets are not
accounted for in detailed inventory records.
MEMO
Proprietary Fund Assets. Fixed assets related to the proprietary fund are
accounted for in that fund. They are valued at actual or estimated original •
cost. Depreciation of all exhaustible fixed assets of this fund is charged as
an expense against operations. Accumulated depreciation is reported on that
fund's balance sheet. Depreciation is based upon the estimated useful lives of
the assets using the straight -line method. Depreciation on contributed assets
charged to operations is closed to the contributed equity account. The esti-
mated useful lives are as follows:
Well 20 Years
Buildings 25 Years
Equipment 5 - 10 Years
Water and sewer system 50 Years
MIMEO
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
PROPERTY, PLANT, AND EQUIPMENT - Continued
A summary of proprietary fund type property, plant, and equipment at December
31, 1982, follows:
Water and Sewer
Enterprise
Well
Buildings
Equipment
Water and sewer system
Total
Less: Accumulated depreciation
Net
A summary of general fixed assets and changes are as follows:
Land
Wells
Buildings and
improvements
Equipment
Total
LONG-TERM DEBT
Balance
January 1 Additions
$ 36,175
6,216
172, 965
215,362
$ 430,718
$ 68,306
$ 68,306
Deletions
$ 6,000
$ 6,000
$ 18,500
48,690
14,381
897,497
979,068
(121,892)
$ 857,176
Balance
December 31
$ 36,175
6,216
172, 965
277,668
$ 493,024
The following is a summary of long -term debt transactions of the City for the
year ended December 31, 1982:
Principal payable at
January 1
Additions:
1982 G.O. Improvement
Bonds
Principal retirements
Principal payable at
December 31
General Long -Term Debt
General Certificates
Obligation of Contracts
Bonds Indebtedness Payable
$ 10,000
(10,000)
$ -0-
Total
Special
Assessment
Bonds
Total
$ 132,400 $ 3,910 $ 146,310 $ 1,217,920 $ 1,364,230
750,000 750,000
(76,700) (1,242) (87,942) (981,320) (1,069,262)
$ 55,700 $ 2,668 $ 58,368 $ 986,600 $ 1,044,968
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
Long -term debt at December 31, 1982 was comprised of the following types of
issues:
General Long -Term Debt:
$111,400, 1981 certificates of indebtedness, issued for public
safety equipment pursuant to Minnesota Statutes 412.301, due
in two annual installments of $55,700 each through December
1, 1983, together with interest at 10.75 percent.
$4,580, contract payable for purchase of copier due in monthly
installments of $93 which includes interest at 8.0 percent
through August 1, 1985.
$ 55,700
2,668
Total General Long -Term Debt $ 58,368
Special Assessments Bonds:
$63,200, 1977 improvement bonds, issued for sanitary sewer
improvements, due in annual installments of $6,320 through
July 27, 1987, together with interest at 5.0 percent.
$200,000, 1980 improvement bonds, issued for utility and street
improvements, due in annual installments of $40,000 through
December 1, 1986, together with interest at 8.25 percent.
$45,000, 1981 improvement bonds, issued for sanitary sewer
improvements, due in annual installments of $5,000 through
December 1, 1991, together with interest ranging from
10 to 11 percent.
$750,000, 1982 improvement bonds, issued for various
improvements, due in annual installments ranging from
$50,000 to $130,000 together with interest ranging from
7.25% to 8.80%
$ 31,600
160,000
45,000
750,000
Total $ 986,600
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
The annual requirements to amortize all debt
1982 including interest payments of $414,138
General
outstanding as of December 31,
are as follows:
Long -Term Debt
Certificates
Year Ending of
December 31, Indebtedness
1983
1984
1985
1986
1987
1988 -1991
Total
$ 61,688
Contracts.
Payable
$ 1,114
1,114
743
Total
$ 62,802
1,114
743
$ 61,688 $ 2,971 $ 64,659
Special
Assessment
Bonds
$ 122,159
176,500
168,696
160,780
167,681
602,213
Total
$ 184,961
177,614
169,439
160,780
167,681
602,213
$ 1,398,029 $ 1,462,688
To service the general obligation bonds and certificates of indebtedness, $465
is available in the Debt Service Funds.
The amount to be provided in the General Long -Term Debt Group of Accounts
represents future tax levies for debt service on certificates of indebtedness
which will be placed annually as scheduled to provide funds for debt
retirement. Total deferred tax levies to retire General Long -Term Debt are
$64,772.
The amount to be provided in the special assessment funds will be derived from
assessments to be levied against the benefited properties and future tax levies
which will be placed annually as scheduled to provide funds for debt
retirement. Total deferred tax levies to retire special assessment bonds are
$336, 667.
All bonds and certificates are backed by the full faith and credit of the City.
PROPRIETARY FUND CONTRIBUTED CAPITAL
This balance represents the cost of property contributed to the Water and Sewer
Enterprise Fund by the City, less depreciation thereon charged to operations.
Changes occurring in this account during the year were as follows:
Balance - January 1 $ 791,547
Add: Assets contributed by Special
Assessment Funds 81,150
Deduct: Depreciation on contributed
assets 20,976
Balance - December 31 $ 851,721
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 2 - DEFERRED AD VALOREM TAX LEVIES
SPECIAL ASSESSMENT BOND ISSUES
Certain special assessment bond issues sold by the City are partially financed
by ad valorem tax levies in addition to special assessments levies against the
benefitting properties. When a bond issue to be financed partially or wholly
by ad valorem tax levies is sold, specific annual amounts of such levies are
stated in the bond resolution and the County auditor is notified and instructed
to levy these taxes over the appropriate years. These future tax levies are
subject to cancellation when and if the City has provided alternative
financing. Alternatively, the City Council is required to levy any additional
taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying
financial statements at December 31, 1982 nor 1981 in accordance with generally
accepted accounting principles. Revenue from these tax levies is recognized
annually as explained under "Property Tax Revenue Recognition ".
Scheduled and actual debt service tax levies for special assessment bonds were:
Levy /Collection Scheduled Actual Percent Levied
1982/83 $ 32,659 $ 32,658 100%
1983/84 36,244
1984/85 36,262
1985/86 40,967
1986/87 44,374
1987/88 47,006
1988/89 48,954
1989/90 50,201
GENERAL BONDED DEBT
General obligation bonded debt of all Minnesota Cities is issued in accordance
with State Statutes. When a bond issue to be financed by ad valorem tax levies
is sold, specific annual amounts of such tax levies are stated in the bond
resolution and the County Auditor is notified and instructed to levy these
taxes over the appropriate years. These future tax levies are subject to can-
cellation when and if the City has provided alternative financing.
Alternatively, the City Council is required to levy any additional taxes found
necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying
financial statements at December 31, 1982 nor 1981 in accordance with generally _
accepted accounting principles. Revenue from these tax levies is recognized
annually as explained under "Property Tax Revenue Recognition ".
Scheduled and actual debt service tax levies for general obligation bonded debt
are:
Levy /Collection Scheduled Actual Percent Levied
1981/82 $ 94,597 $ 94,597 100%
1982/83 64,772 64,772 100%
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 3 - METROPOLITAN WASTE CONTROL COMMISSION
During 1970, the Metropolitan Waste Control Commission (M.W.C.C.) was organized
to provide for consolidation of the sanitary sewer collection, treatment and
disposal in the seven county metropolitan area surrounding Minneapolis and St.
Paul. Previously, these operations were maintained by the city governments on
an individual or collective basis. When the M.W.C.C. was formed, existing
interceptor sewer lines and treatment facilities were transferred from the
cities to the M.W.C.C. in exchange for future credits.
The M.W.C.C. bills the City annually based upon estimated volume and budgeted
costs. These billings are later adjusted when actual volume and actual costs
are determined. The adjustment to actual is generally determined in the suc-
ceeding calendar year and payable, by the City, in the second succeeding calen-
dar year. The City follows the accounting policy of recognizing these charges
as an expense of the sewer utility operation in the year for which they are
billed (for estimated billings) and in the year the adjustments are determined
(for adjustments from estimated to actual billings).
Note 4 - ACCRUED SICK AND VACATION PAY
The City does not record the liability for vacation and sick pay earned by
employees as such benefits accrue, but rather charges expenditures when
employees take vacations or use sick time. Generally accepted accounting prin-
ciples do not require the accrual of liability for vacation or sick pay in the
City's funds. Accrued sick pay totaled approximately $59,000 at December 31,
1982. Vacation pay accumulations at December 31, 1982 totaled approximately
$3,500. No vacation carryover was approved as of December 31, 1982.
Note 5 - RETIREMENT PLANS
The City participates in contributory pension plans through the Public
Employees Retirement Association (P.E.R.A) under Minnesota Statutes Chapter 353
which substantially covers all employees except those qualifying as temporary
or seasonal employees or employees covered by other plans. The P.E.R.A. plan
is administered by the State and coordinated with the Federal Social Security
Retirement Plan. State Statute requires the City to fund current service pen-
sion costs as it accrues. Prior service costs are being amortized over a
period of 40 years and funded by payments determined as a percentage of gross
wages paid by all participating employers. The amount of unfunded prior ser-
vice costs attributed to individual reporting entities is not determinable.
City contributions for 1982 is shown below.
Description 1982
P.E.R.A. $ 33,862
F.I.C.A. 12,661
Totals $ 46,523
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 6 - CONTINGENCIES
The City Attorney has indicated that existing and pending lawsuits, claims and
other actions in which the City is a defendant are either covered by insurance;
of an immaterial amount; or, in the judgment of the City Attorney, remotely
recoverable by plaintiffs.
Note 7 - CONDENSED COMBINED FINANCIAL STATEMENTS
The Condensed Combined Financial Statements contained in this report provide a
summary overview of the financial position of all funds and account groups and
of the operating results of all funds. Also, these statements serve as an
introduction to the more detailed statements which follow. The reader is
cautioned that these combined statements have been condensed for presentation
purposes and that certain disclosures contained in the combining fund and
account group financial statements may not be disclosed in the condensed com-
bined financial statements.
Note 8 - "MEMORANDUM ONLY" PRESENTATIONS
Presented in these financial statements are certain amounts labeled "memorandum
only ". The reader is cautioned that this information has certain limitations
as follows:
• The "Total" columns of the various combined statements
present a combining of unlike purpose funds and cannot
be construed to be indicative of; the overall financial
position, overall results of operations nor overall
changes in financial position of the City.
• Prior year "Total" columns likewise may combine unlike
purpose funds (as above) and additionally do not
present detail components by fund group (as presented
for current year totals) and therefore, are incomplete
presentations of prior year statements of financial
position, results of operations, and changes in financial
position of the various funds of the City as established
by generally accepted accounting principles.
• Statements of Revenue, Expenditures, and Changes in Fund
Balance Compared to Budget present prior year actual
amounts. These amounts are incomplete presentations in
that prior year budget amounts are not included in con-
formance with generally accepted accounting principles.
am MI
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 9 - DESIGNATIONS OF FUND EQUITY
At December 31, 1982 and 1981, the City had designated portions of their equity
through legal restriction, City Council action, policy and /or intent. The
following is a summary of the designations.
General Fund:
Designated for street improvements
Designated for ensuing year's
expenditures:
Prepaid insurance
LAWCON matching expenditures
Special Revenue Funds:
Designated for ensuing year's budget
Debt Service Funds:
Designated for debt service
Capital Project Funds:
Designated for equipment acquisition
Designated for park improvements
Special Assessment Funds:
Designated for construction
Designated for debt service
December 31,
1982 1981
$ 1,604
$ 16,466 18,272
30,000
16,062 28,010
465 22,382
64,746 109,980
102,471 90,642
(22, 584) 46,719
206,401 111,907
Totals $ 414,027 $ 429,516
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1982
Note 10 - CHANGE IN ACCOUNTING POLICIES
During 1982, the City changed certain accounting policies to enhance confor-
mance with generally accepted accounting principles. As such, the 1982 Annual
Financial Report is not presented on a consistent basis with prior year's
reports. The areas of change are as follows:
• Delinquent Property Tax Revenue Recognition - During
1982, the City changed its accounting policy regarding
delinquent property tax revenue recognition (see Note
1). In prior years, the City did not record an
allowance for delinquent taxes. The City does not have
the amount of delinquent taxes available to fund liabi-
lities and /or expenditures of the fiscal period. The
effect of changing to 100% allowance and deferment of
delinquent tax balances is to decrease the various fund
balances of the City by approximately $44,000 as of
January 1, 1982. This change has been reflected in the
financial statements as an adjustment to January 1, 1981
fund balances.
• Amortization of Bond Discount - In prior years, the City
recorded and amortized debt discount as an asset of the
Special Assessment Debt Service Funds. For 1982, the
City changed its accounting policy to recognize such
unamortized debt discounts as expended. The effect as
of January 1, 1982, was to increase interest expense by
$6,900.
• Accounts Receivable - Parks and Playgrounds Fund - In
prior years, the City recognized donations in lieu of
park land when developer's land is subdivided. For 1982
(1981 restated), the City changed its accounting policy
to recognize this revenue when measurable and available
to finance expenditures of the fiscal year. The effect
as of January 1, 1982 was to decrease the fund balance
in the Parks and Playgrounds Fund by approximately
$16,000.
■
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1982
Assets
Cash (overdraft) and investments
Accounts receivable
Accrued interest receivable
Taxes receivable - delinquent
Special assessments - tax forfeit
Allowances and deferments
Due from other governmental units
Due from other funds
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Customer deposits
Total liabilities
Fund Balance:
Unreserved:
Designated for Street Improvements
Designated for ensuing year's expenditures
Undesignated
Total fund balance
Total liabilities and fund balance
Statement 6
Totals
December 31,
1982 1981
$ 40,701
7,437
69,613
9,796
(79,409)
3,250
2,433
16,466
$ (83,664)
15,096
127
39,548
27,938
(67,486)
110,156
18,272
$ 70,287 $ 59,987
$ 10,066
400
10,466
46,466
13,355
59,821
$ 70,287
$ 9,002
1,000
10 ,002
1,604
18,272
30,109
49,985
$ 59,987
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 7
Page 1 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
MEMO
Budget Actual Budget Actual
Revenue: (Memorandum _
General property taxes: Only)
Current and delinquent $ 261,512 $ 190,287
Penalties, interest and other 9,746 660
Fiscal disparities 34,546 21,967 -
Total taxes $ 328,643 305,804 $ (22,839) 212,914
Assessments - tax forfeit collections -0- 18,142 18,142
Licenses and permits: -
Business 12,135 12,674
Non - business 39,469 52,687
Total licenses and permits 80,220 51,604 (28,616) 65,361 _
Intergovernmental:
State:
Local government aid 152,063 148,794 (3,269) 157,862
Attached machinery aid 3,167 3,167 3,237 -
Homestead credit 121,602 111,829 (9,773) 112,911
Wetlands 3,120 3,120 3,725
Police aid 14,326 14,326 12,188 -
Reduced assessment aid 154 154 135
Agricultural preserve aid 1,699 1,699
Metropolitan Council planning -- grant 2,825 2,825 17,600
Department of Transportation
reimbursement 8,080
Shade Tree grant 2,833 '
Total intergovernmental 287,991 285,914 (2,077) 318,571
Charges for services:
General government 8,029 8,029 19,649 -
Fees retained from collection for
other governments - SAC 281 281 404
Public safety 48,301 40,454 (7,847) 30,686 _
Total charges for services 48,301 48,764 463 50,739
Fines and forfeits 10,935 10,935 8,216
Miscellaneous:
Interest on investments 3,360 -
Sale of property 798 669
Other 4,794 8,601
Total miscellaneous 15,000 5,592 (9,408) 12,630 -
Total revenue $ 760,155 $ 726,755 $ (33,400) $ 668,431
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 7
Page 2 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
,r Over
(Under) 1981
Budget Actual Budget Actual
.► Expenditures: (Memorandum
General government: Only)
Mayor and council:
Current:
Personal services $ 4,925 $ 4,962 $ 37 $ 5,492
Other services and charges 7,800 7,539 (261) 4,360
Total mayor and council 12,725 12,501 (224) 9,852
-- Elections:
Current:
Personal services 2,100 2,742 642 958
Supplies 300 108 (192) 326
Total election 2,400 2,850 450 1,284
Administration:
Current:
`"' Personal services 80,570 79,001 (1,569) 73,961
Supplies 4,300 4,460 160 2,735
Other services and charges 7,980 6,005 (1,975) 8,316
... Capital outlay 500 (500) 813
Total administration 93,350 89,466 (3,884) 85,825
Assessing:
Current:
Personal services 13,390 13,205 (185) 12,984
Supplies 100 93 (7) 29
Other services and charges 225 260 35 100
�' Total assessing 13,715 13,558 (157) 13,113
Independent accountants and auditor 7,500 9,911 2,411 7,237
Planning and zoning 20,945 22,699 1,754 35,466
... Legal fees and expenses 34,920 45,820 10,900 28,520
Consulting fees on terminated
sewer project -0- 59,148
Charter commission:
Supplies 26 26 483
Other services and charges 555 555 697
Total charter commission -0- 581 581 1,180
General government buildings:
Current:
Personal services 5,810 3,916 (1,894) 4,943
Supplies 2,000 2,612 612 1,260
Other services and charges 14,050 14,197 147 12,431
Capital outlay 3,500 2,468 (1,032) 1,498
Total general government
buildings 25,360 23,193 (2,167) 20,132
Cable TV:
Current:
Personal services 10 10
Supplies 150 762 612
Other services and charges 2,375 1,292 (1,083)
.., Total cable TV 2,525 2,064 (461) -0-
Total general government $ 213,440 $ 222,643 $ 9,203 $ 261,757
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 7
Page 3 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Public safety: Only)
Police:
Current:
Personal services $ 231,365 $ 220,682 $ (10,683) $ 195,391
Supplies 17,700 31,307 13,607 32,115 r
Other services and charges 12,795 6,449 (6,346) 3,787
Capital outlay 1,429 1,429 9,973
Total police 261,860 259,867 (1,993) 241,266 -
Fire protection:
Current:
Personal services 200 200 200
Supplies 45 (45)
Contractual services 38,300 34,893 (3,407) 32,140
Other services and charges 305 171 (134) 123
Capital outlay 320 395 75 __
Total fire protection 39,170 35,659 (3,511) 32,463
Protective inspection:
Current:
Personal services 30,565 29,176 (1,389) 29,701
Supplies 3,600 2,866 (734)
Other services and charges 1,855 1,654 (201) 7,592 _
Capital outlay 50 (50) 853
Total protective inspection 36,070 33,696 (2,374) 38,146
Civil Defense:
Current:
Personal services 1,090 685 (405) 535
Supplies 1,010 858 (152)
Other services and charges 450 525 75 2,692 --
Capital outlay 300
Total civil defense 2,550 2,068 (482) 3,527
Animal control: _
Current:
Contractual services 2,950 3,454 504 5,259
Total public safety 342,600 334,744 (7,856) 320,661
Highways and streets:
Current:
Personal services 85,550 91,566 6,016 58,171
Supplies 17,200 19,031 1,831 23,796
Other services and charges 13,145 10,946 (2,199) 9,275
Streets 55,375 60,179 4,804 11,916 _
Signs 3,000 1,520 (1,480) 7,063
Street lighting 6,000 6,304 304 5,054
Capital outlay 363 -- Total highways and streets $ 180,270 $ 189,546 $ 9,276 $ 115,638
The accompanying notes are an integral part of these financial statements.
vir
Nor
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
Expenditures: (continued)
Parks:
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total parks
Miscellaneous:
Current:
Items purchased for resale
Other
Total miscellaneous
Total expenditures
Revenue over (under) expenditures
Other increases (decreases):
Transfer from Special Revenue Fund
Transfer from Debt Service Funds
Transfer to Capital Project Funds
Transfer from Special Assessment Fund
Total other increases
(decreases) 46,457 72,691
1982
Budget Actual
$ 19,375 $ 22,799
8,025 7,512
9,910 5,694
1,000 " 3,000
38,310 39,005
Over
(Under)
Budget
$ 3,424
(513)
(4,216)
2,000
695
2,543 2,543
1,129 1,129
-0- 3,672 3,672
774,620 789,610 14,990
(14,465) (62,855) (48,390)
46,457 58,071 11,614
14,620 14,620
Net increase (decrease) in fund balance $ 31,992
Fund balance (deficit) - January 1
Fund balance - December 31
Statement 7
Page 4 of 4
1981
Actual
(Memorandum
Only)
$ 17,639
7,024
5,319
29,982
4,262
560
4,822
732,860
(64,429)
43,000
(1,048)
73,426
26,234 115,378
50,949
(964)
$ 49,985
9,836 $ (22,156)
49,985
$ 59,821
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
FEDERAL REVENUE SHARING FUND
COMBINING BALANCE SHEET
December 31, 1982
Assets
Cash and investments
Accrued interest receivable
Due from other governmental units
Total assets
Liabilities and Fund Balance
Fund Balance:
Designated for ensuing year's budget
Total fund balance
Total liabilities and
fund balance
Statement 8
Totals
December 31,
1982 1981
MOM
$ 8,699 $ 16,215 -- 181
7,363 11,614
$ 16,062 $ 28,010 —
$ 16,062
16,062
$ 28,010
28,010
$ 16,062 $ 28,010
The accompanying notes are an integral part of these financial statements.
mIMIR
IMMO
MEM
s
CITY OF LINO LAKES, MINNESOTA
Statement 9
SPECIAL REVENUE - FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1982
1982
Over
(Under) 1981
Budget Actual Budget Actual
Revenue: (Memorandum
Intergovernmental: Only)
Federal Revenue Sharing $ 46,457 $ 42,206 $ (4,251) $ 44,730
.� Interest on investments 3,917 3,917 4,777
Total revenue 46,457 46,123 (334) 49,507
Expenditures
Revenue over (under) expenditures
Other (decreases):
Transfer to General Fund
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
-0- -0
46,457 46,123 (334) 49,507
(46,457) (58,071) (11,614) (43,000)
$ -0- (11,948) $(11,948) 6,507
28,010 21,503
$ 16,062 $ 28,010
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1982
1980
Certificates
of
Indebtedness
Assets
Cash (overdraft) and investments
Accrued interest receivable
Taxes receivable - delinquent
Allowances and deferments
Due from other governmental units
Amount to be provided
Total assets
Liabilities and Fund Balance
Liabilities:
Due to other funds
Fund Balance:
Unreserved:
Designated for Debt Service
Total liabilities and
fund balance
$ 1,608
4,070
(4,070)
$ 1,608
$ 1,143
465
$ 1,608
1981
Certificates
of
Indebtedness
$ (4,158)
7,988
(7,988)
5,448
Statement 10
Totals
December 31,
1982 1981
(Memorandum
Only)
$ (2,550) $ 17,894
75 --
12,058 4,707
(12,058) (4,707)
4,139 `
5,448 274
$ 1,290 $ 2,898 $ 22,382
$ 1,290 $ 2,433
-0-
465 $ 22,382
$ 1,290 $ 2,898 $ 22,382
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 11
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
Municipal 1980 1981
Building Certificates Certificates Total
Bonds of of December 31,
Of 1970 Indebtedness Indebtedness 1982 1981
(Memorandum
Only)
Revenue:
General property taxes:
Current and delinquent $ 872 $ 14,214 $ 37,915 $ 53,001 $ 23,844
"' Penalties and other 400 760 1,160 12
Fiscal disparities 1,806 5,451 7,257 2,879
Total general property taxes 1,272 16,780 43,366 61,418 26,735
Intergovernmental:
State homestead credit aid 6,017 18,163 24,180 14,729
Interest on investments 1,318 360 698 2,376 1,956
Total revenue 2,590 23,157 62,227 87,974 43,420
Expenditures:
Debt service:
Principal retirement 10,000 21,000 55,700 86,700 31,000
Interest 340 1,418 11,975 13,733 3,855
Fiscal agent fees 12 12 25
.., Total expenditures 10,352 22,418 67,675 100,445 34,880
Revenue over (under) expenditures (7,762) 739 (5,448) (12,471) 8,540
Other increases (decreases):
Change in amount to be provided (274) 5,448 5,174 274
Transfer to General Fund (14,620) (14,620)
Net increase (decrease) in fund balance (22,382) 465 -0- (21,917) 8,814
Fund balance - January 1 22,382 -0- -0- 22,382 13,568
Fund balance - December 31 $ -0- $ 465 $ -0- $ 465 $ 22,382
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 12
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1982
1981
Certificates Community Totals
Parks and Of Development December 31,
Playgrounds Indebtedness Block Grant LAWCON 1982 1981
Assets (Memorandum
Only)
Cash (overdraft) and investments $ 103,804 $ 72,229 $(3,731) $(2,115) $ 170,187 $ 202,799
Accrued interest receivable 539
Due from other governmental units 5,316 1,237 6,553
Accounts receivable 12,306 12,306 15,901
Total assets
Liabilities and
Fund Balance
$ 116,110 $ 72,229 $ 1,585 $ (878) $ 189,046 $ 219,239
Liabilities:
Accounts payable $ 455 $ 7,483 $ 1,585 $ 9,523 $ 2,716
Deferred revenue 12,306 12,306 15,901
Total liabilities 12,761 7,483 1,585 $ -0- 21,829 18,617
Fund balance (deficit):
Designated for equipment
acquisition 64,746 64,746 109,980
Designated for park
improvements 103,349 (878) 102,471 90,642
Total fund balance 103,349 64,746 -0- (878) 167,217 200,622
Total liabilities and
fund balance $ 116,110
$ 72,229 $ 1,585 $ (878) $ 189,046 $ 219,239
met
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 13
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
1981
Certificates Community Totals
Parks and Of Development December 31,
Playgrounds Indebtedness Block Grant LAWCON 1982 1981
(Memorandum
Only)
Revenue:
Intergovernmental:
LAWCON grant:
State $ 602 $ 602
Federal 635 635
County of Anoka:
Community development block
grant $ 5,316 5,316
Interest on investments $ 9,564 $ 9,901 19,465 $ 14,225
Park dedication fees 3,720 3,720 5,275
_ Donations 4,600 4,600 3,000
Total revenue 17,884 9,901 5,316 1,237 34,338 22,500
Expenditures:
Current:
Contractual services 5,309 2,115 7,424 375
Supplies 25 7 32 700
..- Capital outlay:
Public safety 25,139 25,139
Public works 29,996 29,996 9,208
Parks 5,152 5,152 31,604
Total expenditures 5,177 55,135 5,316 2,115 67,743 41,887
Revenue over (under) expenditures 12,707 (45,234) -0- (878) (33,405) (19,387)
Other increases (decreases):
Proceeds from issue of
certificates 111,400
Transfer from General Fund 1,048
Total other increases
smir
(decreases) -0- -0- -0- -0- -0- 112,448
Net increase (decrease) in
fund balance
Fund balance - January 1
Fund balance (deficit) -
December 31
12,707 (45,234) -0- (878) (33,405) 93,061
90,642 109,980 -0- -0- 200,622 107,561
$ 103,349 $ 64,746 $ -0- $ (878) $ 167,217 $ 200,622
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1982
Assets
Cash (overdraft) and investments
Accounts receivable
Special assessments receivable:
Delinquent
Deferred
Tax forfeit
City property
Due from other funds
Accrued interest receivable
Unamortized bond discount
Amount to be provided for debt service
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other funds
Contracts payable
Bonds payable
Total liabilities
Fund balance (deficit):
Reserved for improvements
Unreserved:
Designated for construction
Designated for debt service
Total fund balance
Total liabilities and fund balance
Improvement Improvement
Bonds Bonds
Of 1977 Of 1980
$ 22,711 $ 14,484
874
19,620
131
4,707
186,184
$ 43,336 $ 205,375
$ 31,600
31,600
11,736
11,736
$ 1,247
160,000
161,247
44,128
44,128
$ 43,336 $ 205,375
CITY OF LINO LAKES, MINNESOTA
Statement 14
Improvement Improvement Totals
Bonds Bonds Lakes December 31,
- Of 1981 Of 1982 Addition #7 1982 1981
(Memorandum
Only)
$ 9,070 $ 165,826 $ (22,584) $ 189,507 $ 294,069
183
30,908 36,489 16,356
45,000 558,862 809,666 794,211
123,186 123,186 252,247
11,569 11,569
1,116 1,247
1,257
6,914
37,328
$ 54,070
$ 45,000
45,000
9,070
9,070
$ 54,070
$ 891,467 $ (22,584)
$ 750,000
750,000
141,467
141,467
$ -0-
(22,584)
(22,584)
$ 891,467 $ (22,584)
$ 1,171,664 $ 1,402,565
$ 1,247
986,600
987,847
(22,584)
206,401
183,817
$ 18,136
7,883
1,217,920
1,243,939
19,485
27,234
111,907
158,626
$ 1,171,664 $ 1,402,565
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1982
Temporary
Improvement Improvement Improvement
Bonds Bonds Bonds
Of 1977 Of 1979 Of 1980
Revenue:
Special assessments:
New rolls adopted
Interest and penalties $ 1,818 $ 78,870 $ 24,369
Adjustments and penalties 179 5,225
Interest on investments 2,173 29,466 2,010
Total revenue 4,170 113,561 26,379
Expenditures:
Current:
Profesional services
Capital outlay:
Construction costs
Engineering
Debt service:
Interest
Fiscal agent fee
Total expenditures
Revenue over (under) expenditures
1,896
1,896
2,274
11,490
17,671
501
64,538 19,712
431 62
76,459 37,946
37,102 (11,567)
Other increases (decreases):
Bond proceeds 744,629
(Decrease) in amount to be provided
Reclassification of Temporary Bond Fund
assets to Permanent Bond Fund (890,406)
Adjustment to write off estimated
uncollectible special assessments
Transfer to General Fund
Total other increases
(decreases) -0- (145,777) -0-
Net increase (decrease) in fund balance 2,274 (108,675) (11,567)
Fund balance (deficit) - January 1 9,462 108,675 55,695
Fund balance (deficit) - December 31 $ 11,736 $ -0- $ 44,128
r..
CITY OF LINO LAKES, MINNESOTA
Statement 15
Improvement Improvement Totals
Bonds Bonds Lakes December 31,
Of 1981 Of 1982 Addition #7 1982 1981
(Memorandum
Only)
$ 45,000
1,438
46,438
$ 1,076
1,076
$ -0-
$ 45,000
105,057
5,404
36,163
191,624
11,490
$ 236,260
54,005
33,201
323,466
378 18,049 92,405
735 15 668 1,919 21,916
5,587 91,733 85,305
50 543 119
6,750 15 668 123,734 199,745
39,688 1,061 (668) 67,890 123,721
744,629
(37,328) (750,000) (787,328)
(37,328)
2,360
6,710
$ 9,070
890,406 -0-
45,222
(205,409)
(27,938)
(73,426)
140,406 -0- (42,699) (261,551)
141,467 (668) 25,191 (137,830)
-0- (21,916) 158,626 296,456
$ 141,467 $ (22,584) $ 183,817 $ 158,626
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER
BALANCE SHEET
December 31, 1982
Assets
Statement 16
Totals
December 31,
1982 1981
Current assets:
Cash (overdraft) $ (16,583) $ (1,782)
Accounts receivable 10,302 7,610
Due from other governmental units 9,444 1,859
Prepaid expenses 942 1,247
Inventory 959 1,746
Accrued interest 21 -Total current assets 5,064 10,701
Property, plant and equipment:
Well 18,500 18,500 _
Buildings 48,690 48,690
Equipment 14,381 9,278
Water and sewer system 897,497 791,545
Construction in progress 24,161
Total property, plant and equipment 979,068 892,174
Less: Allowance for depreciation (121,892) (99,735)
Net fixed assets 857,176 792,439
Total assets
Liabilities and Fund Equity
$ 862,240 $ 803,140
Liabilities:
Accounts payable $ 1,472 $ 225
Customer deposits 1,960 1,890
Total liabilities 3,432 2,115 -
Fund equity:
Contributions - net 851,721 791,547 _
Retained earnings 7,087 9,478
Total fund equity 858,808 801,025
Total liabilities and fund equity
$ 862,240 $ 803,140
malt
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1982
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Operating expenses:
Statement 17
December 31,
1982 1981
$ 5,838
21,404
2,907
30 ,149
$ 4,525
17,784
2,467
24,776
Personal services 15,050 17,396
Supplies 2,511 1,241
Contractual services 2,554 99
Repair and maintenance 9,828 5,427
MWCC sewer charges 14,625 12,149
Depreciation 21,156 19,509
Utilities 1,814 1,953
Other 273 405
Total operating expenses 67,811 58,179
Operating (loss) (37,662) (33,403)
Non- operating revenue:
Maintenance agreement - MWCC
Interest on investments
Total non - operating revenue
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners
Net (loss) to retained earnings
-- Retained earnings - January 1
Retained earnings - December 31
ftgato
14,295
14,295
8,300
551
8,851
20,976 19,360
(2,391) (5,192)
9,478 14,670
$ 7,087 $ 9,478
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1982
Sources of financial resources:
Contributed equity from other funds
Total sources
Statement 18
Totals
December 31,
1982 1981
$ 82,164
82,164
$ 24,171
24,171
AMMO
Uses of financial resources:
Operating loss 23,367 24,552
Less: Items not affecting working capital - depreciation (21,156) (19,509) —
Total sources applied to operations 2,211 5,043
Additions to property and equipment 86,907 24,535
Total uses 89,118 29,578 _
Increase (decrease) in working capital $ (6,954) $ (5,407)
Components of increase (decrease) in working capital:
Cash (overdraft) $ (14,801) $ (2,157) --
Accounts receivable 2,692 964
Due from other governmental units 7,585
Accrued interest (21) (51) _
Due to other governmental units (7,356)
Prepaid expenses (305) 1,247
Inventory (787) 1,746
Accounts payable (1,247) 375
Customer deposits (70) (175)
Net increase (decrease) in working capital $ (6,954) $ (5,407) —
Noma
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 19
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1982
Balance Balance
January 1, December 31,
1982 Receipts Disbursements 1982
Contractors Deposits
Assets
Cash $ -0- $ 84,700 $ 67,100 $ 17,600
Liabilities
Developers deposit $ -0- $ 84,700 $ 67,100 $ 17,600
Minnesota Housing Revenue Bonds
Assets
Cash $ -0- $ 3,000 $ 1,000 $ 2,000
Liabilities
Deposits payable $ -0- $ 3,000 $ 1,000 $ 2,000
Totals - All Agency Funds
Assets
Cash
Total assets
$ -0-
$ -0-
Liabilities
Deposits payable $ -0-
Total liabilities $ -0-
$ 87,700
$ 87,700
$ 87,700
$ 87,700
$ 68,100
$ 68,100
$ 68,100
$ 68,100
$ 19,600
$ 19,600
$ 19,600
$ 19,600
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 20
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1982
(Unaudited)
Balance Balance
1/1/82 Additions Deletions 12/31/82
Land $ 36,175
Welts 6,216
Buildings and improvements 172,965
Furniture and equipment 215,362
Total general fixed assets $ 430,718
$ 36,175
6,216
172,965
$ 68,306 $ 6,000 277,668
MEIN
AMMO
68,306 $ 6,000 $ 493,024 —
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1982
Assets
Statement 21
Totals
December 31,
1982 1981
Amount available in Debt Service Fund $ 465 $ 22,108
Amount to be provided for debt retirement 57,903 124,202
Total assets $ 58,368 $ 146,310
Liabilities
Contracts payable
Certificates of indebtedness
Bonds payable - Municipal Building Bonds of 1970
Total liabilities
$ 2,668 $ 3,910
55,700 132,400
10,000
$ 58,368 $ 146,310
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1982
Final
Payment Net Interest
Dated Date Rate
Special Assessment Bonds:
G.O. Improvement Bonds of 1977 7/16/77 7/26/87 5.00%
G.O. Improvement Bonds of 1980 12/01/80 12/01/86 8.25
G.O. Improvement Bonds of 1981 12/01/81 12/01/91 10.00 to 11.00
G.O. Improvement Bonds of 1982 10/01/82 2/01/91 7.25 to 8.80
Total special assessment bonds
General Debt Bonds:
1981 Certificates of Indebtedness
Total bonded indebtedness
Contracts Payable:
Xerox
Total City indebtedness
10/19/81 12/01/83 10.75
6/19/80 8/31/85 8.00
Authorized
and
Issued
$ 63,200
200,000
--
45,000
750,000
1,058,200
111,400
1,169,600
4,580
$ 1,174,180
CITY OF LINO LAKES, MINNESOTA
Retired
$ 31,600
40,000
71,600
55,700
127,300
1,912
$ 129,212
Exhibit 1
Principal Interest
Due Due
Outstanding in 1983 in 1983
$ 31,600 $ 6,320 $ 1,580
160,000 40,000 13,200
45,000 5,000 4,713
750,000 51,346
986,600 51,320 70,839
55,700 55,700 5,988
1,042,300 107,200 76,827
2,668 934 180
$ 1,044,968 $ 108,134 $ 77,007
Year of
Levy /Collection
1982/83
1983/84
1985/85
1985/86
1986/87
1987/88
1988/89
1989/90
CITY OF LINO LAKES, MINNESOTA
DEFERRED TAX LEVIES
December 31, 1982
G.O.
Equipment G.O.
Certificates Bonds
Of 1981 Of 1982
$ 64,772
$ 32,659
36,244
36, 262
40,967
44, 374
47,006
48,954
50,201
Exhibit 2
Total
$ 97,431 —
36,244
36,262
40,967
44,374
47,006 —
48,954
50,201
Totals $ 64,772 $ 336,667 $ 401,439
CITY OF LINO LAKES, MINNESOTA
Exhibit 3
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1982
_ General Debt
Special Assessment Bonds Bonds
G.O. G.O. G.O. G.O. 1981
Improvement Improvement Improvement Improvement Certificates
Bonds Bonds Bonds Bonds Of Total
Of 1977 Of 1980 Of 1981 Of 1982 Total Indebtedness All Bonds
Bonds
__ Payable $ 31,600 $ 160,000 $ 45,000 $ 750,000 $ 986,600 $ 55,700 $ 1,042,300
Future
Interest
Payable 4,740 33,000 24,025 352,374 414,139 5,988 420,127
Totals $ 36,340 $ 193,000 $ 69,025 $ 1,102,374 $ 1,400,739 $ 61,688 $ 1,462,427
Payments to
Maturity:
1983 $ 7,900 $ 53,200 $ 9,713 $ 51,346 $ 122,159 $ 61,688 $ 183,847
1984 7,584 49,900 9,212 109,803 176,499 176,499
1985 7,268 46,600 8,713 106,115 168,696 168,696
1986 6,952 43,300 8,212 102,315 160,779 160,779
1987 6,636 7,713 156,045 170,394 170,394
1988 7,175 151,985 159,160 159,160
1989 6,637 147,230 153,867 153,867
1990 6,100 141,815 147,915 147,915
1991 5,550 135,720 141,270 141,270
Totals $ 36,340 $ 193,000 $ 69,025 $ 1,102,374 $ 1,400,739 $ 61,688 $ 1,462,427
CITY OF LINO LAKES, MINNESOTA
Exhibit 4
INSURANCE IN FORCE
December 31, 1982
Coverage Amount
General Liability:
Bodily Injury
Property Damage
Personal Injury
Property:
Buildings and Contents
Contractors Equipment
Miscellaneous Property
Valuable Papers
Faithful Performance Blanket Bond
$ 500,000
100,000 —
500,000
947,100 —
37,300
21,489
50,000 —
50,000
Public Official and Employee Liability 1,000,000 —
Police Professional Liability 500,000
Automotive:
Bodily Injury and Property Damage 500,000
Comprehensive and Collision ACV
Uninsured Motorist 500,000
Workers Compensation Statutory
Employee Benefit Liability 1,000,000
Umbrella Liability 1,000,000
Assessed valuations
CITY OF LINO LAKES, MINNESOTA
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
1983 1982
Exhibit 5
$22,544,237 $18,293,348
Tax levies extended by County:
Year of levy 1982 1981
Year of collection 1983 1982
Mill Mill
Levy Rate Levy Rate
Taxes levied:
Revenue $ 482,589 16.907 $ 450,245 16.922
Bonds and interest 97,431 3.413 94,597 3.555
Totals $ 580,020 20.320 $ 544,842 20.477