HomeMy WebLinkAboutAnnual Financial Report 12/31/1983CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1983
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
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
Condensed Combined Statement of Changes in Financial Postion
Proprietary Fund Type
Notes to Financial Statements
Statement
Statement
Statement 3
Statement 4'
Statement 5
Combinin• and Individual Fund and Account Grou• Financial Statements
General Fund:
Balance Sheet
Statement of Revenue, Expenditures and Changes in Fund
Balance - Budget and Actual
Statement 6
Statement 7
Special Revenue Fund:
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
Agency Funds:
Combining Statement of Changes in Assets and Liabilities
Statement of General Fixed Assets
Statement of General Long -Term Debt
Statement 14
Statement 15
Statement 16
Statement 17
Statement 18
Statement 19
Statement 20
Statement 21
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit
Deferred Tax Levies Exhibit 2
Debt Service Payments to Maturity Exhibit
Construction Work in Process Exhibit
Insurance in Force Exhibit
Assessed Valuations, Tax Levies, and Mill Rates Exhibit
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1983
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:
Edna Sarner
Term of Office
From To
1/01/82 12/31/83
1/01/82 12/31/85
1/01/80 12/31/83
12/28/81 12/31/83
1/01/82 12/31/85
Appointed
Appointed
VOTO, REARDON, TAUTGES & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
VLSi.
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
ROBERT J. VOTO, CPA
TIMOTHY E. REARDON, CPA
ROBERT G. TAUTGES, 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, 1983, 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, 1983, and the results of its operations and
changes in financial position of its 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. Also, in our opinion, the
combining, individual fund, and account group financial statements referred to
above present fairly the financial position of the individual funds and account
groups of the CITY OF LINO LAKES, MINNESOTA at December 31, 1983 and the results
of operations of such funds, 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 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 20, 1984
VOTO, REARDON, TAUTGES & 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, 1983
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
Amount available - Debt Service Fund
Amount to be provided
Total assets
Liabilities and Fund Equity
Liabilities:
Accounts payable
Contracts payable
Assessments payable on City property
Deposits
Due to other governments
Due to other funds
Bonds payable
Deferred revenue
Total liabilities
Fund Equity:
Investment in general fixed assets
Contributions - net
Retained earnings
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund equity
Total liabilities and
fund equity
Governmental Fund Types
Special Debt
Revenue Service
General
1
1
1
$ 102,466 $ 3,142 $ 2,098
2,548
26,664
72,695
9,796
(82,491)
247
21,084
8,626
10,088
(10,088)
263
$ 153,009 $ 11,768 $ 2,361
$ 7,130
400
4,675
9,688
21,893 $ -0-
51,084
80,032
131,116
11,768
11,768
$ -0-
2,361
2,361
$ 153,009 $ 11,768 $ 2,361
Capital
Project
$151,679
11,316
46,327
1
1
$209,322 1
216
73,377
64,891
138,484
70,838
70,838
$209,322
1
1
1
1
1
1
1
1
1
Special
Assessments
$ 319,819
1,820
1,010,006
(1,820)
9,425
CITY OF LINO LAKES, MINNESOTA
Proprietary
Fund Type
Enterprise
(10,807)
1 2, 239
4,676
758
570
893,779
$ 1,339,250 $ 901,215
644
350
24,404
247
1,035,280
1,060,925
291,565
(1 3,240)
278,325
29
2,240
3,297
5,566
888,722
6,927
895,649
$ 1,339,250 $ 901,215
Fiduciary
Fund Types
Agency
Funds
$ 13,393
2,544
174
Account
General
Fixed
Assets
(Unaudited)
$ 696,756
Statement 1
Groups
General Totals (Memorandum Only)
Long -Term December 31,
Debt
$ 2,361
126,836
1983
$ 581,790
2,544
26,277
86,293
84,603
1,019,802
(94,399)
9,935
21,842
570
1,590,535
2,361
126,836
1982
409,561
30,045
26,610
81,671
990,706
(91,467)
3, 680
17,408
959
1,350,200
465
63, 351
$ 16,111 $ 696,756 $ 1 29,1 97 $ 3,458,989 $ 2,883,189
$ 633
15,478
16,111 $ , -0-
696,756
-0- 696,756
$ 6,673
122,524
129,197
-0-
$ 8,652 $ 21,061
80,050 2,668
1 22, 524
18,468 21,960
32, 376
9,935 3,680
1,035,280 1,042,300
64,891 12,306
1,372,176 1,103,975
696,756 493,024
888,722 851,721
6,927 7,087
293,926 206,866
120,450 207,161
80,032 1 3, 355
2,086,813 1,779,214
$ 16,111 $ 696,756 $ 129,197 $ 3,458,989 $ 2,883,189
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, 1983
Revenue:
Taxes
Special assessments
Licenses and permits
Intergovernmental revenue
Charges for services
Court fines
Interest on investments
Donations
Miscellaneous revenue
Total revenue
General
$ 355,684
75,096
349,076
80,697
24,263
13,591
898,407
Expenditures:
Current:
General government 225,741
Public safety 366,917
Highways and streets 219,429
Parks 42,019
Construction /acquisition
Debt service:
Principal retirement
Interest and fiscal charges
Total current 854,106
Capital outlay:
General government 3,382
Public safety
Highways and streets 5,740
Parks 524
Total capital outlay 9,646
Total expenditures 863,752
Revenue over (under) expenditures 34,655
Other increases (decreases):
Bond proceeds
Increase (decrease) in amount to be provided for
debt service
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
36,640
36,640
71,295
59,821
$ 131,116
Special
Revenue
30,575
1
1
1
1
1
1,771 1
32,346
-0-
32,346
(36,640)
(36,640)
(4,294)
16,062
$ 11,768
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1983 1982
49,424 $ 21,284 $ 426,392 $ 367,222
198,905 198,905 173,603
75,096 51,604
19,110 $ 99,863 9,555 508,179 358,853
80,697 48,764
24,263 10,935
498 13,237 17,720 33,226 61,921
4,965 4,965 8,320
13,591 5,592
69,032 118,065 247,464 1,365,314 1,086,814
144,510 370,251 240,653
8,637 375,554 335,035
219,429 189,546
138 42,157 36,030
82,656 82,656 19,968
55,700 55,700 86,700
5,988 71,018 77,006 106,021
61,688 153,285 153,674 1,222,753 1,013,953
61,688
7,344
50,506
10,653
61,159
214,444
(96,379)
153,674
93,790
3,382 2,468
26,963
56,246 29,996
11,177 8,152
70,805 67,579
1,293, 558 1,081,532
71,756 5,282
100,718 100,718 744,629
(5,448) (100,000) (105,448) (781,880)
538 37,178 72,691
(538) (37,178) (72,691)
(5,448) -0- 718 (4,730) (37,251)
1,896 (96,379) 94,508 67,026 (31,969)
465 167,217 183,817 427,382 459,351
$ 2,361 $ 70,838 $ 278,325 $ 494,408 $ 427,382
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, 1983
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
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
Over
(Under)
Budget Actual Budget
$ 339,944 $ 355,684 $ 15,740
65,800 75,096 9,296
340,901 349,076 8,175
58,055 80,697 22,642
12,000 24,263 12,263
15,000 13,591 (1,409)
831,700 898,407 66,707
220,949 225,741 4,792
379,114 366,917 (12,197)
214,850 219,429 4,579
41,420 42,019 599
856,333 854,106 (2,227)
3,220 3,382 162
800 5,740 4,940
800 524 (276)
4,820 9,646 4,826
861,153 863,752 2,599
(29,453) 34,655 64,108
29,453 36,640 7,187
29,453 36,640 7,187
$ -0- 71,295 $ 71,295
59,821
$ 131,116
CITY OF LINO LAKES, MINNESOTA
Statement 3
Special Revenue Totals (Memorandum Only)
Over Over
(Under) (Under) 1982
Budget Actual Budget Budget Actual Budget Actual
$ 339,944 $ 355,684 $ 15,740 $ 305,804
18,142
65,800 75,096 9,296 51,604
$ 29,453 $ 30,575 $ 1,122 370,354 379,651 9,297 328,120
58,055 80,697 22,642 48,764
12,000 24,263 12,263 10,935
15,000 13,591 (1,409) 5,592
1,771 1,771 1,771 1,771 • 3,917
29,453 32,346 2,893 861,153 930,753 69,600 772,878
- 0-
- 0
220,949 225,741 4,792 220,175
379,114 366,917 (12,197) 332,920
214,850 219,429 4,579 189,546
41,420 42,019 599 36,005
3,672
-0- -0- 856,333 854,106 (2,227) 782,318
3,220 3,382 162 2,468
1,824
800 5,740 4,940
800 524 (276) 3,000
4,820 9,646 4,826 7,292
-0- -0- 861,153 863,752 2,599 789,610
29,453 32,346 2,893 -0- 67,001 67,001 (16,732)
29,453 36,640 7,187 72,691
(29,453) (36,640) (7,187) (29,453) (36,640) (7,187) (58,071)
(29,453) (36,640) (7,187) -0- -0- -0- 14,620
$ -0- (4,294) $ (4,294) $ -0- 67,001 $ 67,001 (2,112)
16,062 75,883 77,995
$ 11,768 $ 142,884 $ 75,883
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 4
CONDENSED COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS - PROPRIETARY FUND TYPE
For The Year Ended December 31, 1983
December 31,
1
1
1
1983 1982 II Operating revenue:
Water sales $ 5,421 $ 5,838
Sewer charges 27,763 21,404
Other operating revenue 2,862 2,907 II
Total operating revenue 36,046 30,149
Operating expenses: II Personal services 11,477 15,050
Supplies 2,583 2,511
Contractual services 806 2,554 II Repair and maintenance 7,810 9,828
MWCC sewer charges 18,116 14,625
Depreciation 21,842 21,156
Utilities 1,830 1,814
II
Sewer service charge 3,297
Other 459 273
Total operating expenses 68,220 67,811
II
Operating (loss) (32,174) (37,662)
Non - operating revenue: 1
Maintenance agreement - MWCC i 11,010 14,295
Net income (loss) (21,164) (23,367) II
Other increases:
Credit arising from transfer of depreciation to II contributions from property owners 21,004 20,976
Net income (loss) to retained earnings (160) (2,391) II
Retained earnings - January 1 7,087 9,478
Retained earnings - December 31 $ 6,927 $ 7,087 II
The accompanying notes are an integral part of these financial statements.
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1983
Sources of working capital:
Contributed equity from other funds
Total sources of working capital
Uses of working capital:
Net loss
Less: Items not affecting working capital - depreciation
Total working capital applied to operations
Additions to property and equipment
Total uses of working capital
Increase (decrease) in working capital
Statement 5
December 31,
1983 1982
58,005
58,005
$ 81,150
81,150
21,164 23,367
(21,842) (21,156)
(678) 2,211
58,445 85,893
57,767 88,104
$ 238 $ (6,954)
Components of increase (decrease) in working capital:
Cash (overdraft) $ 5,777 $ (14,801)
Accounts receivable 1,937 2,692
Due from other governmental units (4,768) 7,585
Accrued interest (21)
Due to other governmental units (3,297)
Prepaid expenses (184) (305)
Inventory (389) (787)
Accounts payable 1,442 (1,247)
Customer deposits (280) (70)
Net increase (decrease) in working capital
238 $ (6,954)
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
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
For the year ended December 31, 1983, the City has implemented National Council
on Governmental Accounting Statement No. 3, Defining the Governmental Reporting
Entity. In accordance with Statement No. 3, for financial reporting purposes
the City's financial statements include all funds, account groups, boards and
commissions over which the City Council exercises oversight responsibility.
Oversight responsibility includes appointment of governing bodies, budget
authority, approval of tax levies, and responsibility for funding deficits.
There are no additional units of government which meet the criteria of NCGA #3
for inclusion in the Annual Financial Report of the City of Lino Lakes,
Minnesota.
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, 1983
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 con-
tinuing 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 main-
tenance, 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
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 maintains 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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
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) services extending over more than
one accounting period are considered expenditures 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 modified accrual basis of accounting for monies received
and paid.
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 consisted of the following at December 31, 1983
and 1982:
December 31
1983 1982
Cash - checking $ 3,219 $ 1,092
Petty Cash 150 150
Investments 578,421 408,319
Total $581,790 $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, 1983
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.
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.
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
A summary of proprietary fund type property, plant, and equipment at December
31, 1983, follows:
Water and Sewer
Enterprise
Well $ 18,500
Buildings 48,690
Equipment 14,821
Water and sewer system 955,502
Total 1,037,513
Less: Accumulated depreciation 143,734
Net $ 893,779
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
PROPERTY, PLANT, AND EQUIPMENT - Continued
A summary of general fixed assets and changes are as follows:
Balance Balance
January 1, Additions Deletions December 31,
Land $ 36,175 $ 123,976 $160,151
Wells 6,216 6,216
Buildings and
improvements 172,965 3,500 176,465
Equipment 277,668 76,256 353,924
Total $ 493,024 $ 203,732 $ -0- $ 696,756
LONG -TERM DEBT
The following is a summary of long -term debt transactions of the City for the
year ended December 31, 1983:
IIPrincipal payable at
January 1
Assessments Certificates
Payable on of Contracts Special
City Property Indebtedness Payable Assessment Totals
$ 55,700 $ 2,668 $ 986,600 $1,044,968
IAdditions:
Assessments payable on
City property $122,524 122,524
1983 G.O. Improvement
Bonds 100,000 100,000
American Bell -
phone system 5,301 5,301
Principal retirements (55,700) (1,296) (51,320) (108,316)
Principal payable at
December 31 $122,524 $ -0- $ 6,673 $1,035,280 $1,164,477
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
Long -term debt at December 31, 1983 was comprised of the following types of
issues:
General Long -Term Debt:
1
1
1
1
$122,524, assessments payable on City property due in
semi- annual installments of various amounts with
interest at 11.25% through October 15, 1991 $122,524
$4,580, contract payable for purchase of copier due in 1
monthly installments of $93 which includes interest
at 8.0% through August 1, 1985. 1,734
$5,301, contract payable for purchase of phone system due
in monthly installments of $181, which includes interest
at 14.0% through September 25, 1986 4,939 1
• Total General Long -Term Debt $129,197
Special Assessment 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%
$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%
$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%
$750,000, 1982 improvement bonds, issued for various
improvements, due in annual installments ranging from
$50,000 to $130,000 through February 1, 1991 together with
interest ranging from 7.25% to 8.80%
$100,000, 1983 improvement bonds, issued for sanitary sewer
improvements, due in annual installments of $10,000 through
October 1, 1993 together with interest ranging from 8% to 9%
1
25,280
1
120,000 II
40,000
1
750,000 1
100,000
Total $1,035,280
1
1
1
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
The annual requirements to amortize all debt outstanding as of December 31,
1983 including interest payments of $425,287 are as follows:
Assessments
Payable on Special
Year Ending City Owned Contracts Assessment
December 31, Property Payable Bonds Total
1984 $ 27,109 $ 3,288 $ 194,949 $ 225,346
1985 22,475 2,917 186,346 211,738
1986 21,061 1,631 177,629 200,321
1987 19,646 186,444 206,090
1988 18,232 174,410 192,642
1989 -1991 46,225 507,402 553,627
Total $154,748 $ 7,836 $1,427,180 $1,589,764
The amount to be provided in the General Long -Term Debt Group of Accounts
represents future general tax levies for the retirement of contracts payable.
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
$267,764.
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 $ 851,721
Add: Assets contributed by Special
Assessment Funds
Deduct: Depreciation on contributed
assets
58,005
(21,004)
Balance - December 31 $ 888,722
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
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.
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 $11,316 and
$12,306 at December 31, 1983 and 1982 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.
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.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
PROPERTY TAX REVENUE RECOGNITION - Continued
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 effect upon the operating statements of the
City.
The levy certified for collection in 1983 was increased by $7,826 due to a cer-
tification by the State auditor for expenses incurred, as a result of their
inquiry during 1982, in the amount of $6,260. This expenditure was recognized
in 1983. This levy was made pursuant to Minnesota Statute MS 6.60. The amount
levied is 125% of the expenditure with the additional levy (revenue) retained
by the City.
The City's property tax revenue includes collections from the Metropolitan
Revenue Distribution (fiscal disparities formula per State Statute 473F).
This statute provides a means of spreading a portion of the taxable valuation
of commercial /industrial real property to various taxing authorities within the
defined metropolitan area. The valuation "shared" is a portion of the
commercial /industrial property valuation growth since 1971. Property taxes
paid to the City of Lino Lakes for 1983 and 1982 through this formula totaled
$65,088 and $41,803 respectively. Receipt of property taxes from this "fiscal
disparities pool" does not increase or decrease total tax revenue.
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, 1983
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. Because of the uncer-
tainty 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.
No collections on these assessments took place in 1983.
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 assessment levies against the
benefiting 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, 1983 nor 1982 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: II
Levy /Collection Scheduled Actual Percent Levied
1982/83 $ 32,659 $ 32,658 100%
1983/84 36,244 -0- -0-
1984/85 36,262
1985/86 40,967
1986/87 44,374
1987/88 47,006
1988/89 48,954
1989/90 50,201
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 2 - DEFERRED AD VALOREM TAX LEVIES - Continued
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, 1983 nor 1982 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%
1983/84 -0- -0- 0%
II Note 3 - METROPOLITAN WASTE CONTROL COMMISSION
1
1
1
During 1970, the Metropolitan Waste Control Commission (MWCC) 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 MWCC was formed, existing inter-
ceptor sewer lines and treatment facilities were transferred from the cities to
the MWCC in exchange for future credits.
The MWCC 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).
IINote 4 - ACCRUED SICK AND VACATION PAY
1
1
1
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. Accumulated sick pay totaled approximately $70,400 at December
31, 1983. Vacation pay accumulations at December 31, 1983 totaled approxima-
tely $4,500. No vacation carryover was approved as of December 31, 1983.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
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 1983 is shown below.
Description 1983
P.E.R.A. $ 34,800
F.I.C.A. 13,900
Totals $ 48,700
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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 8 - "MEMORANDUM ONLY" PRESENTATIONS - Continued
• 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.
Note 9 - RESERVATIONS AND DESIGNATIONS OF FUND EQUITY
At December 31, 1983 and 1982, the City had designated portions of their equity
through legal restriction, City Council action, policy and /or intent. The
following is a summary of these designations.
General Fund:
Unreserved:
Designated for ensuing year's
expenditures:
Prepaid insurance
LAWCON matching expenditures
December 31,
1983 1982
21,084 $ 16,466
30,000 30,000.
Special Revenue Fund:
Unreserved:
Designated for ensuing year's budget 11,768 16,062
Debt Service Funds:
Reserved for debt service
2,361 465
Capital Project Funds:
Unreserved:
Designated for committed contracts 143,894
Designated for capital improvements (100,037)
Designated for equipment acquisition 15,998
Designated for park improvements 10,983
Special Assessment Funds:
Reserved for debt service
Designated for construction
64,746
102,471
291,565 206,401
(13,240) (22,584)
Totals $ 414,376 $ 414,027
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1983
Note 10 - INTERFUND RECEIVABLES /PAYABLES
As of December 31, 1983, there were the following amounts due between funds:
Due From Due To
Fund Other Funds Other Funds
General $ 247 $ 9,688
1981 Certificates of Indebtedness 263
Improvement Bonds of 1982 9,425
Baldwin Lake Mobile Home Court 247
Total
$ 9,935 $ 9,935
The above interfund receivables and payables are planned to be eliminated in
1984.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1983
Assets
Statement 6
December 31,
1983 1982
Cash and investments $ 102,466 $ 40,701
Accounts receivable 2,548 7,437
Taxes receivable - delinquent 72,695 69,613
Special assessments - tax forfeit 9,796 9,796
Allowances and deferments (82,491) (79,409)
Due from other governmental units 26,664 3,250
Due from other funds 247 2,433
Prepaid expenses 21,084 16,466
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other Governments
Due to other Funds
Customer deposits
Total liabilities
Fund Balance:
Unreserved:
Designated
Undesignated
Total fund balance
$ 153,009 $ 70,287
$ 7,130
4,675
9,688
400
21,893
51,084
80,032
131,116
Total liabilities and fund balance $ 153,009
$ 10,066
400
10,466
46,466
13,355
59,821
$ 70,287
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
GENERAL
STATEMENT OF REVENUE,
CHANGES IN FUND BALANCE
For The Year Ended D
Revenue:
General property taxes:
Current and delinquent
Fiscal disparities
Penalties, interest and other
Total taxes
Assessments - tax forfeit collections
Licenses and permits:
Business
Non - business
Total licenses and permits
Intergovernmental:
State:
Local government aid
Attached machinery aid
Homestead credit
Wetlands
Police aid
Police training reimbursement
Reduced assessment aid
Agricultural preserve aid
MSA maintenance
Building permit surcharge rebate
Local:
Metropolitan Council planning
grant
Total intergovernmental
Charges for services:
General government
Fees retained from collection for
other governments - SAC
Building inspection contract
Public safety
Total charges for services
Fines and forfeits
Miscellaneous:
Sale of property
Cable T.V. reimbursement
Other
Total miscellaneous
Total revenue
FUND
EXPENDITURES AND
- BUDGET AND ACTUAL
ecember 31, 1983
1983
Budget Actual
Over
(Under)
Budget
$ 291,218
54,153
10,313
$ 339,944 355,684 $ 15,740
-0-
13,876
61,220
65,800 75,096
171,011
139,767
2,878
14,245
171,011
3,638
139,767
3,234
14,245
1,296
286
13,000 13,110
2,489
9,296
3,638
356
1,296
286
110
2,489
Statement 7
Page 1 of 4
1982
Actual
(Memorandum
Only)
$ 261,512
34,546
9,746
305,804
18,142
12,135
39,469
51,604
148,794
3,167
111,829
3,120
14,326
154
1,699
2,825
340,901 349,076 8,175 285,914
4,237 4,237 8,029
15,000
43,055
58,055
12,000
15,000
15,000
710 710 281
33,660 18,660
42,090 (965) 40,454
80,697 22,642 48,764
24,263 12,263 10,935
272 272 798
4,427 4,427
8,892 (6,108) 4,794
13,591 (1,409) 5,592
$ 831,700 $ 898,407
66,707 $ 726,755
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
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, 1983
1983
Over
(Under) 1982
Budget Actual Budget Actual
Expenditures: (Memorandum
General government: Only)
Mayor and Council:
Current:
Personal services $ 5,900 $ 4,889 $ (1,011) $ 4,962
Other services and charges 7,375 6,998 (377) 7,539
Total Mayor and Council 13,275 11,887 (1,388) 12,501
Elections:
Current:
Personal services 1,600 859 (741) 2,742
Supplies 700 319 (381) 108
Capital outlay 200 (200)
Total election 2,500 1,178 (1,322) 2,850
Administration:
Current:
Personal services 88,490 88,763 273 79,001
Supplies 4,765 3,934 (831) 4,460
Other services and charges 7,930 7,198 (732) 6,005
Capital outlay 1,200 961 (239)
Total administration 102,385 100,856 (1,529) 89,466
Assessing:
Current:
Personal services 13,575 13,350 (225) 13,205
Supplies 150 (150) 93
Other services and charges 400 303 (97) 260
Total assessing 14,125 13,653 (472) 13,558
Consultants:
Current (personal services):
State auditor 6,260 6,260
Engineer 13,500 9,212 (4,288) 14,831
Independent accountants and
auditor 8,000 8,527 527 9,911
Planning and zoning 10,500 20,389 9,889 7,285
Legal 28,700 24,888 (3,812) 45,820
Total consultants 60,700 69,276 8,576 77,847
Planning and zoning commission:
Current:
Personal services 945 520 (425) 583
Total planning and zoning
commission 945 520 (425) 583
Charter commission:
Current:
Supplies 100 (100) 26
Other services and charges 300 11 (289) 555
Total charter commission $ 400 $ 11 $ (389) $ 581
The accompanying notes are an integral part of these financial statements.
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, 1983
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total general government
buildings
Cable TV:
Current:
Supplies
Other services and charges
Total cable TV
Total general government
Public safety:
Police:
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total police
Fire protection:
Current:
Personal services
Supplies
Contractual services
Other services and charges
Capital outlay
Total fire protection
Protective inspection:
Current:
Personal services
Supplies
Other services and charges
Total protective inspection
Civil Defense:
Current:
Personal services
Supplies
Other services and charges
Total civil defense
Animal control:
Current:
Contractual services
1983
Budget Actual
4,307
1,700
16,540
1,820
4,256
3,122
15,253
2,421
24,367 25,052
1,100
1,100
219,797
250,464
32,850
9,245
292,559
400
175
42,750
670
43,995
31,320
3,765
1,430
36,515
730
1,365
450
2,545
1,093
1,093
223, 526
236,397
34,014
8,786
279,197
400
47,792
284
48,476
30,400
2,164
1,633
34,197
663
253
479
1,395
Over
(Under)
Budget
(51)
1,422
(1,287)
601
685
(7)
(7)
3,729
(14,067)
1,164
(459)
(13,362)
(175)
5,042
(386)
4,481
(920)
(1,601)
203
(2,318)
3,500 3,652 152
Total public safety $ 379,114 $ 366,917 $ (12,197)
Statement 7
Page 3 of 4
1982
Actual
(Memorandum
Only)
3,916
2,612
14,197
2,468
1
1
1
1
23,193 1
772
1,292
2,064
222,643
220,682
31,307
6,449
1,429
259,867
200
34,893
171
395
35,659
29,176
2,866
1,654
33,696
685
858
525
2,068
3,454
$ 334,744
The accompanying notes are an integral part of these financial statements.
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, MINNESOTA
Statement 7
Page 4 of 4
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1983
1983
Over
(Under) 1982
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Highways and streets:
Current:
Personal services $ 100,285 $ 97,335 $ (2,950) $ 91,566
Supplies 24,345 21,119 (3,226) 19,031
Contractual services:
Streets 73,700 85,445 11,745 60,179
Signs 2,000 1,467 (533) 1,520
Street lighting 4,800 6,300 1,500 6,304
Other services and charges 9,720 7,763 (1,957) 10,946
Capital outlay 800 5,740 4,940
Total highways and streets 215,650 225,169 9,519 189,546
Parks:
Current:
Personal services 21,085 25,170 4,085 22,799
Supplies 13,075 11,123 (1,952) 7,512
Other services and charges 7,260 5,726 (1,534) 5,694
Capital outlay 800 524 (276) 3,000
Total parks 42,220 42,543 323 39,005
Miscellaneous:
Current:
Items purchased for resale 2,833 2,833 2,543
Other 4,372 2,764 (1,608) 1,129
Total miscellaneous 4,372 5,597 1,225 3,672
Total expenditures 861,153 863,752 2,599 789,610
Revenue over (under) expenditures (29,453) 34,655 64,108 (62,855)
Other increases:
Transfer from Special Revenue Fund 29,453 36,640 7,187 58,071
Transfer from Debt Service Funds 14,620
Total other increases 29,453 36,640 7,187 72,691
Net increase in fund balance $ -0- 71,295 $ 71,295 9,836
Fund balance - January 1 59,821 49,985
Fund balance - December 31 $ 131,116 $ 59,821
The accompanying notes are an integral part of these financial statements.
Statement
SPECIAL REVENUE FUND
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
December 31, 1983
1
December 31,
1983 1982
Assets
Cash and investments $ 3,142 $ 8,699
Due from other governmental units 8,626 7,363
Total assets
Liabilities and Fund Balance
Fund Balance:
Designated for ensuing year's budget $ 11,768 $ 16,062
Total fund balance 11,768 16,062
Total liabilities and
fund balance $ 11,768 $ 16,062
11,768 $ 16,062
1
1
1
1
1
1
1
1
1
The accompanying notes are an integral part of these financial statements. 1
1
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, 1983
Revenue:
Intergovernmental:
Federal Revenue Sharing
Interest on investments
Total revenue
Expenditures
Revenue over (under) expenditures
Other (decreases):
Transfer to General Fund
Net (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
1983
Over
(Under) 1982
Budget Actual Budget Actual
(Memorandum
Only)
$ 29,453 $ 30,575 $ 1,122 $ 42,206
1,771 1,771 3,917
29,453 32,346 2,893 46,123
-0- -0- -0- -0-
29,453 32,346 2,893 46,123
(29,453) (36,640) (7,187) (58,071)
$ -0- (4,294) $ (4,294) (11,948)
16,062 28,010
$ 11,768 $ 16,062
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1983
Assets
Cash (overdraft) and investments
Taxes receivable - delinquent
Allowances and deferments
Due from other funds
Amount to be provided
Total assets
Liabilities and Fund Balance
Liabilities:
Due to other funds
Fund Balance:
Reserved:
Debt Service
Total liabilities and fund balance
1981
Certificates
of
Indebtedness
2,098
10,088
(10,088)
263
2,361
$ 2,361
$ 2,361
Statement 10
Totals
December 31,,
1983 1982 .
(Memorandum
Only)
$ 2,098 $ (2,550)
10,088 12,058
(10,088) (12,058)
263
5,448
2,361 $ 2,898
2,433
$ 2,361 465
$ 2,361 $ 2,898
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
t
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1983
Revenue:
General property taxes:
Current and delinquent
Penalties and other
Fiscal disparities
Total general property taxes
Intergovernmental:
State homestead credit aid
Interest on investments
Total revenue
Expenditures:
Debt service:
Principal retirement
interest
Fiscal agent fees
Total expenditures
Statement 11
1980 1981
Certificates Certificates Total
of of December 31,
Indebtedness Indebtedness 1983 1982
(Memorandum
Only)
$ -0-
73
73
-0-
$ 40,342 $ 40,342 $ 53,001
1,792 1,792 1,160
7,290 7,290 7,257
49,424 49,424 61,418
19,110 19,110 24,180
425 498 2,376
68,959 69,032 87,974
55,700 55,700 86,700
5,988 5,988 13,733
12
61,688 61,688 100,445
Revenue over (under) expenditures 73 7,271 7,344 (12,471)
Other increases (decreases):
Change in amount to be provided (5,448) (5,448) 5,174
Transfer (to) from Debt service fund (538) 538 -0-
Transfer (to) General Fund (14,620)
Net increase (decrease) in fund balance (465) 2,361 1,896 (21,917)
Fund balance - January 1 465 -0- 465 22,382
Fund balance - December 31 $ -0- $ 2,361 $ 2,361 $ 465
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1983
Assets
Cash (overdraft) and investments
Due from other governmental units
Accounts receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Contracts payable
Deferred revenue
Total liabilities
1981
Certificates
Parks and Of
Playgrounds Indebtedness
$ 105,457 $ 15,998
11,316
$ 116,773 $ 15,998
$ 11,316
11,316
Fund balance (deficit):
Unreserved:
Designated for:
Committed contracts
Capital improvements
Equipment acquisition
Park improvements 105,457
Total fund balance 105,457
Total liabilities and fund balance
$ _0_
15,998
15,998
$ 116,773 $ 15,998
CITY OF LINO LAKES, MINNESOTA
Statement 12
Community Totals
Development City Hall December 31,
Block Grant LAWCON Expansion 1983 1982
(Memorandum
Only)
$ 7,020 $ 49,377 $ (26,173) $ 151,679 $ 170,187
43,387 2,940 46,327 6,553
11,316 12,306
$ 50,407 $ 52,317
$ 48,415
48,415
33,580
(31,588)
1,992
$ 216
53,575
53,791
93,000
(94,474)
(1,474)
$ 50,407 $ 52,317
$ (26,173) $ 209,322 $ 189,046
$ 24,962
24,962
17,314
(68,449)
(51,135)
$ 216 $ 9,523
73,377
64,891 12,306
138,484 21,829
143,894
(100,037)
15,998
10,983
70,838
64,746
102,471
167,217
$ (26,173) $ 209,322 $ 189,046
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1983
1981
Certificates
Parks and Of
Playgrounds Indebtedness
Revenue:
Intergovernmental:
LAWCON grant:
State
Federal
County of Anoka:
Community development block grant
Interest on investments $ 7,934
Park dedication fees 1,365
Donations 3,600
Total revenue 12,899
Expenditures:
Current:
Personal services
Contractual services 138
Supplies
Capital outlay:
General government
Public safety
Public works
Parks 10,653
Total expenditures 10,791
Revenue over (under) expenditures 2,108
Fund balance (deficit) - January 1 103,349
Fund balance (deficit) - December 31 $ 105,457
1,758
1,758
50,506
50,506
(48,748)
64,746
15,998
Community
Development
Block Grant
$ 95,367
95,367
CITY OF LINO LAKES, MINNESOTA
LAWCON
Statement 13
Totals
City Hall December 31,
Expansion 1983 1982
(Memorandum
Only)
$ 2,190 $ 2,190 $ 602
2,306 2,306 635
95,367 5,316
3,545 13,237 19,465
1,365 3,720
3,600 4,600
8,041 $ -0- 118,065 34,338
695 362 1,057
91,707 8,607 50,269 150,721 7,424
30 30 32
973 504 1,477
25, 139
50,506 29,996
10,653 5,152
93,375 8,637 51,135 214,444 67,743
1,992 (596) (51,135) (96,379) (33,405)
-0- (878) -0- 167,217 200,622
$ 1,992 $ (1,474) $ (51,135) $ 70,838 $ 167,217
The accompanying notes are an integral part of these financial statements.
Assets
Cash (overdraft) and investments
Taxes receivable
Allowances and deferments
Special assessments receivable:
Delinquent
Deferred
Tax forfeit
City property
Due from other funds
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1983
Improvement Improvement Improvement
Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981
$ 22,796
330
14,919
Total assets $ 38,045
Liabilities and Fund Balance
Liabilities:
Accounts payable
Due to other governmental units
Due to other funds
Escrow deposit payable
Bonds payable
Total liabilities
Fund balance (deficit):
Reserved:
For debt service
Unreserved:
Designated for construction
Total fund balance
Total liabilities and fund balance
$ 25,280
25,280
12,765
12,765
$ 38,045
$ (23,825) $ 12,491
56,793
135,422
966
40,000
$ 168,390 $ 53,457
$ 120,000
120,000
48,390
48,390
$ 168,390
$ 40,000
40,000
13,457
13,457
$ 53,457
CITY OF LINO LAKES, MINNESOTA
Statement 14
Construction
Improvement Improvement Baldwin Totals
Bonds Bonds Lakes Lake Mobile December 31,
Of 1982 Of 1983 Addition #7 Home Court 1983 1982
(Memorandum
Only)
$ 286,975 $ 8,977 $(22,584) $ 34,989 $ 319,819 $ 189,507
1,820 1,820
(1,820) (1,820)
74,328 132,417 36,489
456,147 100,000 746,488 809,666
8,577 8,577 123,186
122,524 122,524 1 1, 569
9,425 9,425 1,247
$ 957,976 $ 108,977 $(22,584) $ 34,989 $ 1,339,250 $ 1,171,664
$ 644 $ 644
24,404 24,404
247 247 $ 1,247
350 350
$ 750,000 $ 100,000 1,035,280 986,600
750,000 100,000 $ -0- 25,645 1,060,925 987,847
207,976 8,977
207,976
(22,584)
8,977 (22,584)
9,344
9,344
291,565 206,401
(13,240)
278,325
(22,584)
183,817
$ 957,976 $ 108,977 $(22,584) $ 34,989 $ 1,339,250 $ 1,171,664
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, 1983
Debt Service
Improvement Improvement Improvement
Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981
Revenue:
General property taxes:
Current taxes
Fiscal disparities
Total property taxes
Intergovernmental:
Homestead credit
Special assessments:
New rolls adopted
Interest $ 1,570 $ 15,360 $ 8,529
Adjustments and penalties (543) 991
Interest on investments 1,582 1,190 621
Total revenue 2,609 17,541 9,150
Expenditures:
Current:
Profesional services
SAC charges
Capital outlay:
Construction costs
Engineering
Debt service:
Interest
Fiscal agent fee
Total expenditures
Revenue over (under) expenditures
1,580
1,580
1,029
13,200 4,713
79 50
13,279 4,763
4,262 4,387
Other increases (decreases):
Bond proceeds
(Decrease) in amount to be provided
Total other increases
(decreases) -0- -0- -0-
Net increase (decrease) in fund balance 1,029 4,262 4,387
Fund balance (deficit) - January 1 11,736 44,128 9,070
Fund balance (deficit) - December 31 $ 12,765 $ 48,390 $ 13,457
CITY OF LINO LAKES, MINNESOTA
Debt Service Construction
Improvement Improvement Baldwin Lake
Bonds Bonds Lakes Mobile Home
Of 1982 Of 1983 Addition #7 Court
1983
Statement 15
Totals
December 31,
1982
(Memorandum
Only)
$ 17,639 $ 17,639
3,645 3,645
21,284 21,284 $
9,555 9,555
$ 100,000 100,000 45,000
81,171 106,630 105,057
(8,173) (7,725) 5,404
14,068 259 17,720 36,163
117,905 100,259 $ -0- $ -0- 247,464 191,624
11,490
24,650 24,650
45,179 45,179 18,049
12,827 12,827 1,919
51,346 70,839 91,733
50 179 543
51,396 -0- -0- 82,656 153,674 123,734
66,509 100,259 -0- (82,656) 93,790 67,890
8,718 92,000 100,718 744,629
(100,000) (100,000) (787,328)
-0- (91,282) -0- 92,000 718 (42,699)
66,509 8,977 -0- 9,344 94,508 25,191
141,467 -0- (22,584) -0- 183,817 158,626
$ 207,976 $ 8,977 $ (22,584) $ 9,344 $ 278,325 $ 183,817
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER FUND
BALANCE SHEET
December 31, 1983
Assets
Current assets:
Cash (overdraft)
Accounts receivable
Due from other governmental units
Prepaid expenses
Inventory
Total current assets
Property, plant and equipment:
Well
Buildings
Equipment
Water and sewer system
Total property, plant and equipment
Less: Allowance for depreciation
Net fixed assets
Total assets
Liabilities and Fund Equity
Liabilities:
Accounts payable
Due to other governments
Customer deposits
Total liabilities
Fund equity:
Contributions - net
Retained earnings
Total fund equity
Total liabilities and fund equity
Statement 16 II
December 31,
1983 1982
$ (10,807)
12,239
4,676
758
570
7,436
1
1
1
$ (16,583) II
10,302
9,444
942 II959
5,064
18,500 18,500 II
48,690 48,690
14,821 14,381
955,502 897,497 II
1,037,513 979,068
(143,734) (121,892)
893,779 857,176 II
$ 901,215 $ 862,240
$ 29
3,297
2,240
5,566
888,722
6,927
895,649
$ 901,215
1
$ 1,472 1
1,960 I
3,432
851,721 1
7,087
858,808
$ 862,240 II
The accompanying notes are an integral part of these financial statements.
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 17
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1983
December 31,
1983 1982
Operating revenue:
Water sales $ 5,421 $ 5,838
Sewer charges 27,763 21,404
Other operating revenue 2,862 2,907
Total operating revenue 36,046 30,149
Operating expenses:
Personal services 11,477. 15,050
Supplies 2,583 2,511
Contractual services 806 2,554
Repair and maintenance 7,810 9,828
MWCC sewer charges 18,116 14,625
Depreciation:
Purchased 838 180
Contributed 21,004 20,976
Utilities 1,830 1,814
Sewer service charge 3,297
Other 459 273
Total operating expenses 68,220 67,811
Operating (loss)
Non - operating revenue:
Maintenance agreement - MWCC
Total non- operating revenue
Net income (loss)
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners
Net income (loss) to retained earnings
Retained earnings - January 1
Retained earnings - December 31
(32,174) (37,662)
11,010 14,295
11,010 14,295
(21, 164) (23,367)
21,004 20,976
(160) (2,391)
7,087 9,478
$ 6,927 $ 7,087
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
For The Year Ended December 31, 1983
Sources of working capital:
Contributed equity from other funds
Total sources of working capital
Uses of working capital:
Net operating loss
Less: Items not affecting working capital - depreciation
Total working capital applied to operations
Additions to property and equipment
Total uses of working capital
Statement 18 I
Totals
December 31,
1983 1982
$ 58,005
58,005
21,164
(21,842)
(678)
58,445
57,767
Increase (decrease) in working capital $
Components of increase (decrease) in working capital:
Cash (overdraft)
Accounts receivable
Due from other governmental units
Accrued interest
Due to other governmental units
Prepaid expenses
Inventory
Accounts payable
Customer deposits
Net increase (decrease) in working capital
1
1
81,150 II
81,150
1
23,367
(21, 156)
2,211
85,893
88,104
238 $ (6,954) II
$ 5,777
1,937
(4,768)
(3,297)
(184)
(389)
1,442
(280)
1
$ (14,801) '
2,692
7,585
(21)
(305) '
(787)
(1,247) II
(70)
$ 238 $ (6,954)
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1983
Contractors Deposits
Assets
Cash
Due from developers
Total assets
Statement 19
Balance Balance
January 1, December 31,
1983 Additions Deductions 1983
$ 17,600
$ 17,600
Liabilities
Developers deposit $ 17,600
Accounts payable
Total liabilities $ 17,600
Minnesota Housing Revenue Bonds
$ 6,000
174
$ 6,174
633
633
$ 8,363
$ 8,363
$ 2,822
$ 2,822
$ 15,237
174
$ 15,411
$ 14,778
633
$ 15,411
Assets
Cash $ 2,000 $ -0- $ 1,300 $ 700
Liabilities
Deposits payable $ 2,000 $ -0- $ 1,300 $ 700
Investment Fund
Assets
Cash
Accrued interest
Total assets
Totals - All Agency Funds
Assets
Cash
Accrued interest
Due from developer
Total assets
Liabilities
Deposits payable
Accounts payable
Total liabilities
$ -0-
$ 19,600
19,600
$ 19,600
19,600
$612,030 $614,574
2,544
$614,574 $614,574
$ (2,544)
2,544
$ -0-
$618,030 $624,237 $ 13,393
2,544 2,544
174 174
$620,748 $624,237 $ 16,111
$ 4,122 $ 15,478
$ 633 633
$ 633 $ 4,122 $ 16,111
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 20 II
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1983
(Unaudited)
Balance Balance
1/1/83 Additions 12 /31/83
Land $ 36,175 $ 123,976 $ 160,151
Wells 6,216 6,216
Buildings and improvements 172,965 3,500 176,465
Furniture and equipment 277,668 76,256 353,924
Total general fixed assets $ 493,024
$ 203,732 $ 696,756
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1983
Amount available in Debt Service Fund
Amount to be provided for debt retirement
Total assets
Assessments payable on City property
Contracts payable (Exhibit 1)
Certificates of indebtedness
Statement 21
December 31,
1983 1982
2,361 $ 465
126,836 57,903
$ 129,197 $ 58,368
$ 122,524
6,673
Total liabilities $ 129,197
2,668
55,700
58,368
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1983
Special Assessment Bonds:
G.O. Improvement Bonds of 1977
G.O. Improvement Bonds of 1980
G.O. Improvement Bonds of 1981
G.O. Improvement Bonds of 1982
G.O. Improvement Bonds of 1983
Total special assessment bonds
Final
Payment
Dated Date
7/16/77 7/26/87
12/01/80 12/01/86
12/01/81 12/01/91
10/01/82 2/01/91
10/01/83 10/01/93
Contracts Payable:
Xerox 6/19/80 8/31/85
American Bell 9/28/83 9/25/86
Total contracts payable
Total City indebtedness
Net Interest
Rate
5.00%
8.25
10.00 to 11.00
7.25 to 8.80
8.00 to 9.00
8.00
14.00
1
1
1
1
1
1
1
1
1
'�
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Authorized
and
Issued Retired
$ 63,200 $ 37,920
200,000 80,000
45,000 5,000
750,000
100,000
1,158,200 122,920
Outstanding
$ 25,280
120,000
40,000
750,000
100,000
1,035,280
Exhibit 1
Principal Interest
Due Due
in 1984 in 1984
$ 6,320
40,000
5,000
50,000
10,000
111,320
1,264
9,900
4,212
59,803
8,450
83,629
4,580 2,846 1,734 1,012 102
5,301 362 4,939 1,582 593
9,881 3,208 6,673 2,594 695
$ 1,168,081
$ 126,128 $ 1,041,953
$ 113,914 $ 84,324
CITY OF LINO LAKES, MINNESOTA
DEFERRED TAX LEVIES
December 31, 1983
Exhibit 2
G.O.
Improvement
Year of Bonds
Levy /Collection Of 1982
1984/85 $ 36,262
1985/86 40,967
1986/87 44,374
1987/88 47,006
1988/89 48,954
1989/90 50,201
Total $ 267,764
CITY OF LINO LAKES, MINNESOTA
Exhibit 3
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1983
Special Assessment Bonds
G.O. G.O. G.O. 0.0. G.O.
Improvement Improvement Improvement improvement improvement
Bonds Bonds Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981 Of 1982 Of 1983 Total
Bonds payable $ 25,280 $ 120,000 $ 40,000 $ 750,000 $ 100,000 $1,035,280
Future interest payable 3,160 19,800 19,312 301,028 48,600 391,900
Totals • $ 28,440 $ 139,800 $ 59,312 $ 1,051,028 $ 148,600 $1,427,180
Payments to maturity:
1984 $ 7,584 $ 49,900 $ 9,212 $ 109,803 $ 18,450 $ 194,949
1985 7,268 46,600 8,713 106,115 17,650 186,346
1986 6,952 43,300 8,212 102,315 16,850 177,629
1987 6,636 7,713 156,045 16,050 186,444
1988 7,175 151,985 15,250 174,410
1989 6,637 147,230 14,400 168,267
1990 6,100 141,815 13,550 161,465
1991 5,550 135,720 13,700 154,970
1992 11,800 11,800
1993 10,900 10,900
Totals $ 28,440 $ 139,800 $ 59,312 $ 1,051,028 $ 148,600 $1,427,180
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1983
Exhibit 4 I
Expended
Contractor Engineer Other Total '
$ 22,242 $ 342 $ 22,584 $ 22,584
$ 45,179 12,667 24,810 82,656 $ 82,656
Construction /Acquisition Costs
1983
Prior
Years
Capital Project Funds:
City Hall expansion $ 44,455 $ 5,814 $ 866 $ 51,135 $ 51,135
Senior Citizen Center 86,218 10,798 1,675 98,691 93,375 $ 5,316
LAWCON - Country Lakes Park 8,939 1,813 10,752 8,637 2,115
Total Capital Project Funds $ 130,673 $ 25,551 $ 4,354 $ 160,578 $ 153,147 $ 7,431
Special Assessment Construction Funds:
Lakes Addition 17
Baldwin Lake Mobile Home Court
Total Special Assessment
Funds
$ 45,179 $ 34,909 $ 25,152 $ 105,240 $ 82,656 $ 22,584
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Exhibit 5
INSURANCE IN FORCE
December 31, 1983
Coverage Amount
General Liability:
Bodily Injury
Property Damage
Personal Injury
Property:
Buildings and Contents
Contractors Equipment
Miscellaneous Property
Valuable Papers
Faithful Performance Blanket Bond
Public Official and Employee Liability
Police Professional Liability
500,000
100,000
500,000
1,023,000
56,800
21,489
50,000
100,000
1,000,000
500,000
Automotive:
Bodily Injury and Property Damage 500,000
Comprehensive and Collision ACV
Uninsured Motorist 500,000
Workers Compensation Statutory
Employee Benefit Liability 500,000
Umbrella Liability 1,000,000
CITY OF LINO LAKES, MINNESOTA
Exhibit 6
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
1984 1983
Tax levies extended by County:
Year of levy 1983 1982
Year of collection 1984 1983
Assessed Valuation:
Total
Fiscal Disparity Contribution
Net Assessed Valuation
Fiscal Disparity Distribution
$24,464,645 $24,606,763-
892,704 839,767.
$23,571,941 $23,766,996
$ 3,610,200 $ 2,865,112
Tax Levies:
City Total $ 690,000 $ 587,855
Fiscal Disparities Distribution Tax 79,280 65,932
Balance Levied Against Property
Located in Lino Lakes
Mill Rates:
Property Located in Lino Lakes
Fiscal Disparity
$ 610,720 $ 521,923.
25.909 21.960
21.960 23.012