HomeMy WebLinkAboutAnnual Financial Report 12/31/1984CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1984
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 Statement 2
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 3
Statement 4
Statement 5
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
Special Revenue Fund:
Revenue Sharing Fund:
Balance Sheet
Statement of Revenue, Expenditures and Changes in Fund
Balance - Budget and Actual
Debt Service Fund:
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 6
Statement 7
Statement 8
Statement 9
Statement 10
Statement 11
Statement 12
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
_. Supplementary Financial Information
Combined Schedule of Indebtedness
Deferred Tax Levies
Debt Service Payments to Maturity
Construction Work in Process
Insurance in Force
Assessed Valuations, Tax Levies, and Mill Rates
Statement 13
Statement 14
Statement 15
Statement 16
Statement 17
Statement 18
Statement 19
Statement 20
Exhibit 1
Exhibit 2
Exhibit 3
Exhibit 4
Exhibit 5
Exhibit 6
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1984
City Council and Other Officials
City Council:
Mayor:
— Benjamin G. Benson
Council Members:
Richard Kulaszewicz
William I. Bohjanen
Donald R. Marier
Vernon F. Reinert
City Administrator:
Term of Office
From To
1/01/84 12/31/85
1/01/82 12/31/85
1/01/84 12/31/87
1/01/84 12/31/87
1/01/82 12/31/85
Randall Schumacher Appointed
Clerk- Treasurer:
Marilyn Anderson Appointed
_ VOTO, REARDON, TAUTGES & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263
ROBERT I. VOTO, CPA
TIMOTHY E. REARDON, CPA
ROBERT G. TAUTGES, CPA
To the Honorable Mayor and
Members of the City Council
City of Lino Lakes
Lino Lakes, Minnesota
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, 1984, 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 for the effects of such adjustments, if any, as might
have been determined to be necessary had we been able to obtain sufficient evi-
dential matter regarding the City's General Fixed Asset account group, the
general purpose financial statements referred to above present fairly the finan-
cial position of the CITY OF LINO LAKES, MINNESOTA at December 31, 1984, 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, except for the effects of such adjustments, if any,
as might have been determined to be necessary had we been able to obtain suf-
ficient evidential matter regarding the City's General Fixed Asset account
group, 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, 1984 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.
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
Page 2
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 12, 1985
MA#1,,(4af-,
VOTO, REARDON, TAUTGES & CO., LTD
Certified Public Accountants
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1984
Governmental Fund Types
Special Capital
Assets General Revenue Project
Cash (overdraft) and investments $ 221,694 $ 1,826 $ 5,635
Accrued interest - investments
Accounts receivable 1,966 6,820
Due from other governmental units 16,545 10,347 54,249
Taxes receivable 78,884 6,148
Due from County 10,470 275
Special assessments receivable
Allowances and deferments (78,884) (6,148)
Due from other funds
Prepaid expenses 21,770
Inventory .
Property, plant, and equipment net
of accumulated depreciation
Amount available - Debt Service Fund
Amount to be provided
Total assets $ 272,445
Liabilities and Fund Equity
$ 12,173 $ 66,979
Liabilities:
Accounts payable $ 13,634 $ 1,672
Contracts payable 13,028
Assessments payable on City property
Deposits 700
Due to other governments 15,188
Due to other funds
Bonds payable
Deferred revenue 33,090
Total liabilities 29,522 $ -0- 47,790
Fund Equity:
Investment in general fixed assets
Contributions - net
Retained earnings
Fund balance:
Reserved
Unreserved:
Designated 116,770 12,173 19,189
Undesignated 126,153
Total fund equity 242,923 12,173 19,189
Total liabilities and
fund equity $ 272,445
$ 12,173 $ 66,979
Special
Assessments
$ 327,508
1,109
11,447
923,256
(1,109)
1,140
$ 1,263,351
$ 2,593
1,829
24,404
958,960
987,786
307,276
(31,711)
275,565
$ 1,263,351
CITY OF LINO LAKES, MINNESOTA
Fiduciary Account Groups
Proprietary Fund Types General General
Fund Type Agency Fixed Long -Term
Enterprise Funds Assets Debt
(Unaudited)
$ (15,353) $ 481
4,316
14,314 4,082
5,850
119
795
719
871,937
$ 878,381
$ 728,017
$ 125,321
Statement 1
Totals (Memorandum Only)
December 31,
1984 1983
$ 541,791
4,316
27,182
86,991
86,141
22,311
923,256
(86,141)
22,565
719
1,599,954
126,461
$ 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
$ 8,879 $ 728,017 $ 125,321 $ 3,355,546 $ 3,458,989
678 $ 807
2,660- 8,072
40
$ 4,079
121,242
3,378 8,879 $ -0- 125,321
867,718
7,285
728,017
875,003 -0- 728,017 -0-
$ 878,381
$ 19,384
18,936
121,242
11,432
39,632
958,960
33,090
1,202,676
$ 8,652
80,050
122,524
18,468
32,376
9,935
1,035,280
64,891
1,372,176
728,017 696,756
867,718 888,722
7,285 6,927
307,276 293,926
116,421 120,450
126,153 80,032
2,152,870 2,086,813
$ 8,879 $ 728,017 $ 125,321 $ 3,355,546 $ 3,458,989
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, 1984
Revenue:
General property taxes
Special assessments
Licenses and permits
Intergovernmental
Charges for services
Court fines
Interest on investments
Donations
Miscellaneous
Total revenue
General
$ 510,245
91,332
403,127
75,254
26,784
1,781
11,791
1,120,314
Special
Revenue
$ 36,227
1,826
38,053
Expenditures:
Current:
General government 269,606
Public safety 382,907
Highways and streets 279,375
Parks 49,744
Construction /acquisition
Debt service:
Principal retirement
Interest and fiscal charges
Total current 981,632 -0-
Capital outlay:
General government 10,646
Public safety 13,751
Highways and streets 1,582
Parks 896
Total capital outlay 26,875 -0-
Total expenditures 1,008,507 -0-
Revenue over (under) expenditures 111,807 38,053
Other increases (decreases):
Bond proceeds
Increase (decrease) in amount to be provided for
debt service
Transfers from other funds
Transfers to other funds (37,648)
Total other increases (decreases) -0- (37,648)
Net increase (decrease) in fund balance 111,807 405
Fund balance - January 1 131,116 11,768
Fund balance - December 31 $ 242,923 $ 12,173
CITY OF LINO LAKES, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1984 1983
$ 5,252 $ 948 $ 516,445 $ 426,392
103,533 103,533 198,905
91,332 75,096
104,429 543,783 508,179
75,254 80,697
- 26,784 24,263
$ 29 11,933 29,715 45,284 33,226
7,996 7,996 4,965
- 11,791 13,591
29 129,610 134,196 1,422,202 1,365,314
109,598 379,204 370,251
382,907 375,554
279,375 219,429
97,687 147,431 42,157
54,236 54,236 82,656
55,700
83,860 83,860 77,006
- 0- 207,285 138,096 1,327,013 1,222,753
10,646 3,382
10,546 24,297
1,582 56,246
3,466 4,362 11,177
- 0- 14,012 -0- 40,887 70,805
-0- 221,297 138,096 1,367,900 1,293,558
29 (91,687) (3,900) 54,302 71,756
35,000 35,000 100,718
(33,860) (33,860) (105,448)
47,972 47,972 37,178
(2,390) (7,934) (47,972) (37,178)
(2,390) 40,038 1,140 1,140 (4,730)
(2,361) (51,649) (2,760) 55,442 67,026
2,361 70,838 278,325 494,408 427,382
$ -0- $ 19,189 $ 275,565 $ 549,850 $ 494,408
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
For The Year Ended December 31, 1984
Revenue:
General property taxes
Licenses and permits
Intergovernmental
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
Budget Actual
$ 502,279
71,955
402,317
62,645
17,000
10,000
1,066,196
254,230
400,335
274,700
54,495
983,760
84,946
14,740
3,200
1,000
103,886
1,087,646
$ 510,245
91,332
403,127
75,254
26,784
11,791
1,781
1,120,314
259,556
382,907
279,375
49,744
10,050
981,632
10,646
13,751
1,582
896
26,875
1,008,507
(21,450) 111,807
-0-
$ (21,450)
-0-
111,807
131,116
$ 242,923
Over
(Under)
Budget
$ 7,966
19,377
810
12,609
9,784
1,791
1,781
54,118
5,326
(17,428)
4,675
(4,751)
10,050
(2,128)
(74,300)
(989)
(1,618)
(104)
(77,011)
(79,139)
133,257
-0-
$ 133,257
IMMO
CITY OF LINO LAKES, MINNESOTA
Statement 3
Totals (Memorandum Only)
Special Revenue 1984
Over
(Under)
Budget Actual Budget
Budget
Over
(Under) 1983
Actual Budget Actual
$ 502,279 $ 510,245 $ 7,966 $ 355,684
71,955 91,332 19,377 75,096
$ 30,000 $ 36,227 $ 6,227 432,317 439,354 7,037 379,651
- 62,645 75,254 12,609 80,697
17,000 26,784 9,784 24,263
10,000 11,791 1,791 13,591
_ 1,826 1,826 3,607 3,607 1,771
30,000 38,053 8,053 1,096,196 1,158,367 62,171 930,753
-
254,230 259,556 5,326 225,741
400,335 382,907 (17,428) 366,917
274,700 279,375 4,675 219,429
54,495 49,744 (4,751) 42,019
10,050 10,050
- 0- -0- -0- 983,760 981,632 (2,128) 854,106
84,946 10,646 (74,300) 3,382
14,740 13,751 (989)
3,200 1,582 (1,618) 5,740
1,000 896 (104) 524
- 0- -0- -0- 103,886 26,875 (77,011) 9,646
- 0- -0- -0- 1,087,646 1,008,507 (79,139) 863,752
30,000 38,053 8,053 8,550 149,860 141,310 67,001
36,640
(30,000) (37,648) (7,648) (30,000) (37,648) (7,648) (36,640)
(30,000) (37,648) (7,648) (30,000) (37,648) (7,648) -0-
$ -0- 405 $ 405 $ (21,450) 112,212 $ 133,662 67,001
11,768
$ 12,173
142,884 75,883
$ 255,096 - $ 142,884
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, 1984
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Statement 4
December 31,
1984 1983
$ 6,011 $ 5,421
36,417 27,763
2,909 2,862
45,337 36,046
Operating expenses:
Personal services 14,831 11,477
Supplies 2,845 2,583
Contractual services 777 806
Repair and maintenance 4,088 7,810
MWCC sewer charges 23,866 18,116
Depreciation:
Purchased 838 838
Contributed 21,004 21,004
Utilities 2,208 1,830
Sewer service charge 2,289 3,297
Other 375 459
Total operating expenses 73,121 68,220
Operating (loss) (27,784) (32,174)
Non - operating revenue:
Maintenance agreement - MWCC
Total non - operating revenue
Net income (loss)
7,138 11,010
7,138 11,010
(20,646) (21,164)
wiaba
AMINO
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 21,004 21,004
Net income (loss) to retained earnings 358 (160) _
Retained earnings - January 1 6,927 7,087
Retained earnings - December 31 $ 7,285 $ 6,927
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, 1984
December 31,
1984 1983
Sources of working capital:
Operations:
Net operating loss $ (20,646) $ (21,164)
Add: Items not requiring a current outlay
of working capital:
Depreciation 21,842 21,842
Total working capital provided by operations 1,196 678
Contributed equity from other funds 58,005
Total sources of working capital 1,196 58,683
Uses of working capital:
Additions to property and equipment 58,445
Total uses of working capital -0- 58,445
Increase in working capital
$ 1,196 $ 238
Components of increase in working capital:
Cash (overdraft) $ (4,546) $ 5,777
Accounts receivable 2,075 1,937
Due from County 119
Due from other governmental units 1,174 (4,768)
Due to other governmental units 3,257 (3,297)
Prepaid expenses 37 (184)
Inventory 149 (389)
Accounts payable (649) 1,442
Customer deposits (420) (280)
Net increase in working capital
1,196 $ 238
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Lino Lakes operates under "Plan AN 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, 1984, 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, 1984
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, 1984
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.
The "under budget" amount in the City's General Fund - capital outlay of the
General Government Buildings department represents the budgeted expenditures
for the City Hall Expansion. The actual expenditures have been accounted for
in a separate Capital Project Fund. The City intends to transfer this full
funding amount to the Capital Project Fund in 1985 upon completion of this
project. A designation of fund balance of $65,000 has been established in the
General Fund for this future transfer.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
CASH AND INVESTMENTS
Cash and investment balances consisted of the following at December 31, 1984
and 1983:
December 31
1984 1983
Cash - checking $(23,450) $ 3,219
Petty Cash 150 150
Investments 565,091 578,421
Total $541,791 $581,790
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.
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
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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, 1984, 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
$ 160,151
6,216
176,465
353,924
$ 696,756
$ 5,763
25,498
$ 31,261
$ 18,500
48,690
14,821
955,502
1,037,513
165,576
$ 871,937
Balance
Deletions December 31,
$ 160,151
6,216
182,228
379,422
$ -0- $ 728,017
The following is a summary of long -term debt transactions of the City for the
year ended December 31, 1984:
Principal payable at
January 1
Additions:
1984 G.O. Improvement
Bonds
Assessments
Payable on
City Property
$122,524
Principal retirements 1,282
Principal payable at
December 31
Contracts Special
Payable Assessment
Totals
$ 6,673 $1,035,280 $1,164,477
2,594
35,000
111,320
35,000
115,196
$121,242 $ 4,079 $ 958,960 $1,084,281
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
Long -term debt at December 31, 1984 was comprised of the following types of
issues:
General Long -Term Debt:
$122,524, assessments payable on City property due in
semi- annual installments of various amounts with
interest at 11.25% through October 15, 1991
$4,580, contract payable for purchase of copier due in
monthly installments of $93 which includes interest
at 8.0% through August 1, 1985.
$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
$121,242
722
3,357
Total General Long -Term Debt $125,321
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%
$35,000, 1984 improvement bonds, issued for street improvements,
due in annual installments of $3,500 through November 1, 1994
together with interest of 6.5%
$ 18,960
80,000
35,000
700,000
90,000
35,000
Total $ 958,960
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
LONG -TERM DEBT - Continued
The annual requirements to amortize all debt outstanding as of December 31,
1984 including interest payments of $332,872 are as follows:
Assessments
Payable on Special
Year Ending City Owned Contracts Assessment
December 31, Property Payable Bonds
1985
1986
1987
1988
1989
1990 -1991
Total
$ 22,475
21,061
19,646
18,232
16,835
29,390
$ 2,917
1,631
$ 194,072
183,719
192,289
179,992
173,577
361,317
Total
$ 219,464
206,411
211,935
198,224
190,412
390,707
$127,639 $ 4,548 $1,284,966 $1,417,153
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
and assessments payable on City property.
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
$232,442.
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 $ 888,722
Deduct: Depreciation on contributed
assets 21,004
Balance - December 31 $ 867,718
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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.
The City is a sub- recipient of Community Development Block Grant Funds received
through the County of Anoka. The City recognizes grant revenue as qualifying
expenditures are incurred. The County has agreed to perform all audits of the
grant program as required under the Housing and Community Development Act of
1974, Title I, of Public Law 93 -383.
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 $6,820 and
$11,316 at December 31, 1984 and 1983 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 15 and
October 15 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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
PROPERTY TAX REVENUE RECOGNITION - Continued
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 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 1984 and 1983 through this formula totaled
$78,012 and $65,088 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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Continued
SPECIAL ASSESSMENT REVENUE RECOGNITION - Continued
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.
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 or 1984. In 1984, it
was determined that no further collections would take place and therefore,
$9,796 of tax forfeit assessments were eliminated.
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, 1984 nor 1983 in accordance with generally
accepted accounting principles. Revenue from these tax levies is recognized
annually as explained under "Property Tax Revenue Recognition ".
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 2 - DEFERRED AD VALOREM TAX LEVIES - Continued
SPECIAL ASSESSMENT BOND ISSUES - Continued
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 -0- -0-
1984/85 36,262 -0- -0-
1985/86 40,967
1986/87 44,589
1987/88 47,447
1988/89 49,119
1989/90 50,320
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, 1984 nor 1983 in accordance with generally
accepted accounting principles. Revenue from these tax levies is recognized
annually as explained under "Property Tax Revenue Recognition ".
Note 3 - METROPOLITAN WASTE CONTROL COMMISSION
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).
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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 a liability for vacation or sick pay in
the City's funds. Accumulated sick pay totaled approximately $63,000 at
December 31, 1984. Vacation pay accumulations at December 31, 1984 totaled
approximately $1,700. No vacation carryover was approved as of December 31,
1984.
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 1984 is shown below.
Description 1984
P.E.R.A. 36,050
F.I.C.A. 17,820
Totals $ 53,870
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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
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.
• In the 1984, the City closed its only Debt Service Fund by
transferring its remaining assets to the Capital Improvement
Fund.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
Note 9 - RESERVATIONS AND DESIGNATIONS OF FUND EQUITY
At December 31, 1984 and 1983, 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.
December 31,
1984 1983
General Fund:
Unreserved:
Designated for ensuing year's
expenditures:
Prepaid insurance $ 21,770 $ 21,084
LAWCON matching expenditures 30,000 30,000
City Hall expansion 65,000
Special Revenue Fund:
Unreserved:
Designated for ensuing year's budget 12,173 11,768
Debt Service Funds:
Reserved for debt service
-0- 2,361
Capital Project Funds:
Unreserved:
Designated for committed contracts 25,215 143,894
Designated for capital improvements (76,161) (100,037)
Designated for equipment acquisition 15,998
Designated for park improvements 70,135 10,983
Special Assessment Funds:
Reserved for debt service
Designated for committed contracts
Designated for construction
307,276 291,565
2,534
(34,245) (13,240)
Totals $ 423,697 $ 414,376
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 were eliminated in 1984. No
interfund receivables and payables existed at December 31, 1984.
MOM
Assets
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1984
Statement 6
December 31,
1984 1983
Cash and investments $ 221,694 $ 102,466
Accounts receivable 1,966 2,548
Taxes receivable - delinquent 78,884 72,695
Due from County 10,470
Special assessments - tax forfeit 9,796
Allowances and deferments (78,884) (82,491)
41••••
Due from other governmental units 16,545 26,664
Due from other funds -0- 247
Prepaid expenses 21,770 21,084
Total assets
Liabilities and Fund Balance
$ 272,445 $ 153,009
Liabilities:
Accounts payable $ 13,634 $ 7,130
Due to other governments 15,188 4,675
Due to other funds -0- 9,688
Customer deposits 700 400
Total liabilities 29,522 21,893
_ Fund Balance:
Unreserved:
Designated 116,770 51,084
Undesignated _ 126,153 80,032
Total fund balance 242,923 131,116
Total liabilities and fund balance
$ 272,445 $ 153,009
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, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Revenue: (Memorandum
General property taxes: Only)
Current and delinquent $ 418,077 $ 291,218
Fiscal disparities 78,012 54,153
Penalties, interest and other 14,156 10,313
Total general property taxes $ 502,279 510,245 $ 7,966 355,684
Licenses and permits:
Business 13,898 13,876
Non - business 77,434 61,220
Total licenses and permits 71,955 91,332 19,377 75,096
Intergovernmental:
State:
Local government aid 185,196 185,196 171,011
Attached machinery aid 3,638
Homestead credit 187,721 187,721 139,767
Mobile Home Homestead credit 1,185 1,185
Wetlands 3,234
Police aid 16,400 13,970 (2,430) 14,245
Police training reimbursement 1,120 1,120 1,296
Reduced assessment aid 286
MSA maintenance 13,000 13,935 935 13,110
Building permit surcharge rebate 2,489
Total intergovernmental 402,317 403,127 810 349,076
Charges for services:
Administrative charges -
other funds 5,100 5,100
General government 5,778 5,778 4,237
Fees retained from collection for
other governments - SAC 412 412 710
Building inspection contract 10,345 18,760 8,415 33,660
Public safety 52,300 45,204 (7,096) 42,090
Total charges for services 62,645 75,254 _ 12,609 80,697
Fines and forfeits 17,000 26,784 9,784 24,263
Interest on investments -0- 1,781 1,781 -0-
Miscellaneous:
Sale of property 272
Cable T.V. reimbursement 4,303 4,303 4,427
Other 10,000 7,488 (2,512) 8,892
Total miscellaneous 10,000 11,791 1,791 13,591
Total revenue
$1,066,196 $1,120,314 $ 54,118 $ 898,407
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, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Expenditures: (Memorandum
General government: Only)
Mayor and Council:
Current:
Personal services $ 11,150 $ 13,082 $ 1,932 $ 4,889
Supplies 169 169
_ Other services and charges 7,450 4,494 (2,956) 6,998
Total Mayor and Council 18,600 17,745 (855) 11,887
Elections:
Current:
"' Personal services 5,100 4,214 (886) 859
Supplies 500 137 (363) 319
Other services and charges 19 19
- Capital outlay 1,800 1,684 (116)
Total election 7,400 6,054 (1,346) 1,178
Administration:
-- Current:
Personal services 95,410 96,419 1,009 88,763
Supplies 4,850 5,284 434 3,934
Other services and charges 8,250 10,518 2,268 7,198
- Capital outlay 475 (475) 961
Total administration 108,985 112,221 3,236 100,856
Assessing:
_. Current:
Personal services 14,245 13,682 (563) 13,350
Supplies 175 204 29
Other services and charges 410 34 (376) 303
Total assessing 14,830 13,920 (910) 13,653
Consultants:
Current (personal services):
-- State auditor 6,260
Engineer 17,000 21,743 4,743 9,212
Independent accountants and
- auditor 8,900 9,890 990 8,527
Planning and zoning 7,000 6,374 (626) 20,389
Legal 27,700 33,647 5,947 24,888
_ Economic Development Commission 10,000 5,200 (4,800)
Forest Lake Service Bureau 500 500
Total consultants 71,100 77,354 6,254 69,276
Planning and zoning commission:
- Current:
Other services and charges 990 656 (334) 520
Total planning and zoning
commission $ 990 $ 656 $ (334) $ 520
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, 1984
1984
Over
(Under) 1983
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
General government: (continued) Only)
Charter commission:
Current:
Supplies $ 100 $ (100)
Other services and charges 300 $ 57 (243) $ 11
Total charter commission 400 57 (343) 11
General government buildings:
Current:
Personal services 6,740 4,741 (1,999) 4,256
Supplies 2,900 3,367 467 3,122
Other services and charges 24,560 20,822 (3,738) 15,253
Capital outlay 82,671 8,962 (73,709) 2,421
Total general government
buildings 116,871 37,892 (78,979) 25,052
Cable TV:
Current:
Supplies
Other services and charges 4,303 4,303 1,093
Total cable TV -0- 4,303 4,303 1,093
Total general government 339,176 270,202 (68,974) 223,526
Public safety:
Police:
Current:
Personal services 259,425 249,384 (10,041) 236,397
Supplies 34,170 36,183 2,013 34,014
Other services and charges 11,575 10,106 (1,469) 8,786
Capital outlay 14,000 13,393 (607)
Total police 319,170 309,066 (10,104) 279,197
Fire protection:
Current:
Personal services 400 400 400
Supplies 450 320 (130)
Contractual services 48,020 44,880 (3,140) 47,792
Other services and charges 25 15 (10) 284
Capital outlay 440 (440)
Total fire protection 49,335 45,615 (3,720) 48,476
Protective inspection:
Current:
Personal services 35,475 31,823 (3,652) 30,400
Supplies 2,950 1,716 (1,234) 2,164
Other services and charges 1,585 2,180 595 1,633
Capital outlay 300 358 58
Total protective inspection $ 40,310 $ 36,077 $ (4,233) $ 34,197
The accompanying notes are an integral part of these financial statements.
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, 1984
1984
Over
(Under) 1983
- Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
Public safety: (continued) Only)
Civil Defense:
Current:
Personal services $ 735 $ 263 $ (472) $ 663
Supplies 1,100 452 (648) 253
Other services and charges 575 1,277 702 479
Total civil defense 2,410 1,992 (418) 1,395
Animal control:
- Current:
Contractual services 3,850 3,908 58 3,652
Total public safety 415,075 396,658 (18,417) 366,917
Highways and streets:
Current:
Personal services 130,220 109,404 (20,816) 97,335
Supplies 20,000 28,916 8,916 21,119
Contractual services:
Streets 102,900 118,052 15,152 85,445
Signs 500 1,421 921 1,467
- Street lighting 11,600 7,835 (3,765) 6,300
Other services and charges 9,480 13,747 4,267 7,763
Capital outlay 3,200 1,582 (1,618) 5,740
Total highways and streets 277,900 280,957 3,057 225,169
Parks:
Current:
Personal services 34,120 31,660 (2,460) 25,170
Supplies 13,075 12,072 (1,003) 11,123
Other services and charges 7,300 6,012 (1,288) 5,726
Capital outlay 1,000 896 (104) 524
-- Total parks 55,495 50,640 (4,855) 42,543
Miscellaneous:
Current:
Items purchased for resale 8,937 8,937 2,833
-
Other 1,113 1,113 2,764
Total miscellaneous -0- 10,050 10,050 5,597
Total expenditures 1,087,646 1,008,507,( (79,139) 863,752
Revenue over (under) expenditures (21,450) 111,807 133,257 34,655
Other increases:
Transfer from Special Revenue Fund
-0- -0- -0- 36,640
Net increase (decrease) in fund balance $ (21,450) 111,807 $ 133,257 71,295
Fund balance - January 1 131,116 59,821
▪ Fund balance - December 31 $ 242,923 $ 131,116
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUND
FEDERAL REVENUE SHARING FUND
BALANCE SHEET
December 31, 1954
Assets
Cash and investments
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
December 31,
1984 1983
$ 1,826
10,347
$ 3,142
8,626
$ 12,173 $ 11,768
$ 12,173
12,173
$ 11,768
11,768
$ 12,173 $ 11,768
The accompanying notes are an integral part of these financial statements.
Moog
WENS
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE - FEDERAL REVENUE SHARING FUND
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1984
Revenue:
Intergovernmental:
Federal Revenue Sharing
Interest on investments
Total revenue
Expenditures
Revenue over expenditures
Other (decreases):
Transfer to General Fund
Transfer to Capital Project Fund
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
1984
Budget Actual
$ 30,000 $ 36,227
1,826
30,000 38,053
-0- -0-
30,000 38,053
Statement 9
Over
(Under) 1983
Budget Actual
(Memorandum
Only)
$ 6,227 $ 30,575
1,826 1,771
8,053 32,346
-0- -0-
8,053 32,346
(36,640)
(30,000) (37,648) (7,648)
$ -0- 405 $ 405
11,768
$ 12,173
(4,294)
16,062
$ 11,768
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 10
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1984
1981
Certificates Total
of December 31,
Indebtedness 1984 1983
(Memorandum
Only)
Revenue:
General property taxes:
Current and delinquent $ 40,342
Penalties and other 1,792
Fiscal disparities 7,290
Total general property taxes $ -0- $ -0- 49,424
Intergovernmental:
State homestead credit aid 19,110
Interest on investments 29 29 498
Total revenue 29 29 69,032
Expenditures:
Debt service:
Principal retirement 55,700
Interest 5,988
Fiscal agent fees
Total expenditures -0- -0- 61,688
Revenue over expenditures 29 29 7,344
Other increases (decreases):
Change in amount to be provided (5,448)
Transfer (to) Capital Project Fund (2,390) (2,390)
Net increase (decrease) in fund balance (2,361) (2,361) 1,896
Fund balance - January 1 2,361 2,361 465
Fund balance - December 31 $ -0- $ -0- $ 2,361
WINNO
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Assets
Cash (overdraft) and investments
Taxes receivable - delinquent
Allowance and deferments
Due from County
Due from other governmental units
Accounts receivable
Total assets
Liabilities and Fund Balance
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1984
1981
Certificates
Parks and Of
Playgrounds Indebtedness
$ 111,534
6,820
$ 14,119
6,148
(6,148)
275
$ 118,354 $ 14,394
Liabilities:
Accounts payable $ 372
Contracts payable
Deferred revenue 6,820
Total liabilities 7,192 $ -0-
Fund balance (deficit):
Unreserved:
Designated for:
Committed contracts
Capital improvements
Equipment acquisition
Park improvements
Total fund balance
Total liabilities and fund balance
111,162
111,162
14,394
14,394
$ 118,354 $ 14,394
CITY OF LINO LAKES, MINNESOTA
Statement 11
Community Totals
Development City Hall December 31,
Block Grant LAWCON Expansion 1984 1983
(Memorandum
Only)
$(26,076) $(43,999) $ (49,943) $ 5,635 $ 151,679
6,148
(6,148)
275
24,863 29,386 54,249 46,327
6,820 11,316
$ (1,213) $(14,613)
MON
$ (49,943) $ 66,979 $ 209,322
$ 1,156 $ 144 $ 1,672 $ 216
12,105 $ 923 13,028 73,377
- 26,270 33,090 64,891
13,261 26,414 923 47,790 138,484
25,215
(39,689)
(14,474)
(41,027)
(41,027)
$ (1,213) $(14,613)
(50,866)
(50,866)
25,215 143,894
(76,161) (100,037)
-0- 15,998
70,135 10,983
19,189 70,838
$ (49,943) $ 66,979 $ 209,322
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, 1984
1981
Certificates
Parks and Of
Playgrounds Indebtedness
Revenue:
General property taxes:
Current and delinquent
Penalties, interest and other -
Total general property taxes
Intergovernmental:
LAWCON grant:
State
Federal
County of Anoka:
Community development block grant
Interest on investments $ 9,109
Park dedication fees 4,096
Donations 3,900
Total revenue 17,105
Expenditures:
Current:
Personal services
Contractual services
Supplies
Capital outlay:
General government
Public safety
Public works
Parks
Total expenditures
3,466
3,466
Revenue over (under) expenditures 13,639
Other increases (decreases):
Transfer from Special Revenue Fund
Transfer from Capital Project Fund
Transfer to Capital Project Fund
Transfer from Debt Service Fund
Total other increases (decreases)
Net increase (decrease) in fund balance
Fund balance (deficit) - January 1
Fund balance (deficit) - December 31
(7,934)
(7,934)
5,705
105,457
$ 3,940
1,312
5,252
1,300
6,552
10,546
10,546
(3,994)
2,390
2,390
(1,604)
15,998
$ 111,162 $ 14,394
...
Mow
Community
Development
Block Grant
$ 47,819
47,819
CITY OF LINO LAKES, MINNESOTA
LAWCON
Statement 12
Totals
City Hall December 31,
Expansion 1984 1983
(Memorandum
Only)
$ 3,940
1,312
5,252
$ 27,304 27,304 $ 2,190
29,306 29,306 2,306
47,819 95,367
1,524 11,933 13,237
4,096 1,365
3,900 3,600
58,134 $ -0- 129,610 118,065
1,057
64,285 97,687 45,313 207,285 150,721
30
64,285
(16,466)
-0-
-
(16,466)
1,992
$(14,474)
1,477
10,546
50,506
3,466 10,653
97,687 45,313 221,297 214,444
(39,553) (45,313) (91,687) (96,379)
-0-
(39,553)
(1,474)
$(41,027)
37,648
7,934
45,582
269
(51,135)
37,648
7,934
(7,934)
2,390
40,038 -0-
(51,649) (96,379)
70,838 167,217
$ (50,866) $ 19,189 $ 70,838
The accompanying notes are an integral part of these financial statements.
Assets
Cash (overdraft) and investments
Taxes receivable
Allowances and deferments
Due from County
Special assessments receivable:
Delinquent
Deferred
Tax forfeit
City property
Due from other funds
Amount to be provided
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Contracts payable
Due to other governmental units
Refund payable
Due to other funds
Escrow deposit payable
Bonds payable
Total liabilities
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1984
Debt Service
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981 Of 1982
$ 22,628
205
125
10,553
$ (47,373) $ 13,699
8,011
89,133
74,822
$ 33.511 $ 124.593
$ 18,960
18,960
$ 80,000
80.000
1,665
35,000
$ 327,193
1,109
(1,109)
3,231
91,799
369,515
8,578
121,241
$ 50.364 $ 921.557
$ 35,000
35.000
$ 700,000
700.000
Fund balance (deficit):
Reserved:
For debt service 14,551 44,593 15,364 221,557
Unreserved:
Designated for committed contracts
Designated for construction
Total fund balance 14,551 44,593 15,364 221,557
Total liabilities and fund balance
$ 33.511 $ 124.593
$ 50,364 $ 921,557
CITY OF LINO LAKES, MINNESOTA
Statement 13
Construction
Improvement Improvement Baldwin Totals
Bonds Bonds Lakes Lake Mobile Tomahawk Reiling December 31,
Of 1983 Of 1984 Addition 17 Home Court Trail Road 1984 1983
(Memorandum
Only)
- S 9,662 $ 6,760 $ (22,584) $ 32,877 $(14,788) $ (566) $ 327,508 $ 319,819
., .
INNER
1,109 1,820
(1,109) (1,820)
11,447
182,722 132,417
93,725 27,100 610,715 746,488
8,578 8,577
121,241 122,524
9,425
1.140 1,140
S 103,387 $ 35,000 $ (22,584) S 32,877 $(14,788) $ (566) $ 1,263,351 $ 1,339,250
$ 417 $ 417 $ 644
$ 623 1,206 1,829
$ 24,404 24,404 24,404
S 2,176 2,176
247
350
90,000 $ 35,000 958,960 1,035,280
92.176 35.000 $ -0- 24,404 623 1,623 987,786 1,060,925
307,276 291,565
1,068 1,466 2,534
(22,584) 8,473 (16,479) (3,655) (34,245) (13,240)
11,211 -0- (22,584) 8,473 (15,411) (2,189) 275,565 278,325
S 103,387 S 35,000 $ (22,584) $ 32,877 $(14,788) $ (566) $ 1,263,351 $ 1,339,250
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
December 31, 1984
Debt Service
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981 Of 1982
Revenue:
General property taxes:
Current and delinquent taxes $ 711
Fiscal disparities
Penalties and interest 237
Total general property taxes 948
Intergovernmental:
Homestead credit
Special assessments:
New rolls adopted
Interest $ 1,194 $ 10,825 $ 4,788 51,173
Adjustments and penalties (4,610) 262 (468)
Interest on investments 1,856 1,120 21,799
Total revenue 3,050 6,215 6.170 73,452
Expenditures:
Current:
Professional services
Capital outlay:
Construction costs
Engineering
Debt service:
Interest
Fiscal agent fees
Total expenditures
Revenue over (under) expenditures
1,264 9,900 4,213 59,803
112 50 68
1.264 10.012 4.263 59.871
1,786 (3,797) 1,907 13,581
Other increase (decreases):
Bond proceeds
(Decrease) in amount to be provided
Total other increases
(decreases) -0- -0- -0- -0-
Net increase (decrease) in fund balance 1,786 (3,797) 1,907 13,581
Fund balance (deficit) - January 1 12,765 48,390 13,457 207,976
Fund balance (deficit) - December 31 $ 14,551 $ 44 ,593 $ 15,364 $ 221,557
VOW
MINNO
CITY OF LINO LAKES, MINNESOTA
Construction
Improvement Improvement Baldwin
Bonds Bonds Lakes Lake Mobile Tomahawk Reiling
Of 1983 Of 1984 Addition 07 Home Court Trail Road
$ 10,000
684
10.684
$ 30,369
1,378
31.747 $ -0-
$ 2,878
2.878
$ -0- $ -0-
Statement 14
Totals
December 31,
1984
1983
(Memorandum
Only)
$ 711 $ 17,639
3,645
237
948 21,284
9,555
30,369 100,000
77,980 106,630
(4,816) (7,725)
29,715 17,720
134,196 247,464
149 149 24,650
3,600 15,411 35,076 54,087 45,179
12,827
8,450 83,630 70,839
230 179
8,450 -0- -0- 3,749 15,411 35,076 138,096 153,674
2.234 31,747 -0- (871) (15,411) (35,076) (3,900) 93,790
2,113 32,887 35,000 100,718
(33,860) (33,860) (100,000)
-0- (31.747) -0- -0- -0- 32,887 1,140 718
2,234 -0- -0- (871) (15,411) (2,189) (2,760) 94,508
8,977 -0- (22,584) 9,344 -0- -0- 278,325 183,817
$ 11.211 $ -0- $ (22,584) $ 8,473 $(15,411) $(2,189) $ 275,565 $ 278,325
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, 1984
Assets
Statement 15
December 31,
1984 1983
Current assets:
Cash (overdraft) $ (15,353) $ (10,807)
Accounts receivable 14,314 12,239
Due from County 119
Due from other governmental units 5,850 4,676
Prepaid expenses 795 758
Inventory 719 570 ....
Total current assets 6,444 7,436
Property, plant and equipment:
Well 18,500 18,500
Buildings 48,690 48,690
Equipment 14,821 14,821
Water and sewer system 955,502 955,502
Total property, plant and equipment 1,037,513 1,037,513 ....
Less: Allowance for depreciation (165,576) (143,734)
Net fixed assets 871,937 893,779
Total assets
Liabilities and Fund Equity
$ 878,381 $ 901,215
Liabilities:
Accounts payable -$ 678 $ 29
Due to other governments 40 3,297
Customer deposits 2,660 2,240
Total liabilities 3,378 5,566
Fund equity:
Contributions - net
Retained earnings
Total fund equity
Total liabilities and fund equity
867,718
7,285
875,003
888,722
6,927
895,649
$ 878,381 $ 901,215
Ansi
The accompanying notes are an integral part of these financial statements.
CITY OF.LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1984
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Statement 16
December 31,
1984 1983
$ 6,011
36,417
2,909
45,337
$ 5,421
27,763
2,862
36,046
Operating expenses:
Personal services 14,831 11,477
Supplies 2,845 2,583
Contractual services 777 806
Repair and maintenance 4,088 7,810
MWCC sewer charges 23,866 18,116
Depreciation:
-- Purchased 838 838
Contributed 21,004 21,004
Utilities 2,208 1,830
Sewer service charge 2,289 3,297
Other 375 459
Total operating expenses 73,121 68,220
Operating (loss)
Non - operating revenue:
Maintenance agreement - MWCC
Total non - operating revenue
Net income (loss)
(27,784) (32,174)
7,138
7,138
(20,646)
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners 21,004 21,004
Net income (loss) to retained earnings 358 (160)
Retained earnings - January 1 6,927 7,087
Retained earnings - December 31 $ 7,285 $ 6,927
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, 1984
Sources of working capital:
Operations:
Net operating loss
Add: Items not requiring a current outlay
of working capital:
Depreciation
Total working capital provided by operations
Contributed equity from other funds
Total sources of working capital
Uses of working capital:
Additions to property and equipment
Total uses of working capital
Net increase in working capital
Statement 17
December 31,
1984 1983
$ (20,646) $ (21,164)
21,842
1,196
1,196
-0-
21,842
678
58,005
58,683
58,445
58,445
$ 1,196 $ 238
aim
AmMER
Components of increase in working capital:
Cash (overdraft) $ (4,546) $ 5,777
Accounts receivable 2,075 1,937
Due from County 119
Due from other governmental units 1,174 (4,768) —
Due to other governmental units 3,257 (3,297)
Prepaid expenses 37 (184)
Inventory 149 (389) _,
Accounts payable (649) 1,442
Customer deposits (420) (280)
Net increase in working capital
$ 1,196 $ 238
alimmr
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 18
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1984
Balance Balance
January 1, December 31,
1984 Additions Deductions 1984
Contractors Deposits
Assets
Cash $ 15,237 $ 5,500 $ 16,610 $ 4,127
- Due from developers 174 6,852 2,944 4,082
Total assets $ 15,411 $ 12,352 $ 19,554 $ 8,209
Liabilities
Developers deposit $ 14,778 $ 11,545 $ 18,921 $ 7,402
Accounts payable 633 807 633 807
Total liabilities $ 15,411 $ 12,352 $ 19,554 $ 8,209
Minnesota Housing Revenue Bonds
Assets
Cash $ 700 $ -0- $ 30 $ 670
Liabilities
Deposits payable $ 700 $ -0- $ 30 $ 670
Investment Fund
Assets
Cash
Accrued interest
Total assets
Totals - All Agency Funds
$ (2,544)
2, 544
$ -0-
$3,238,753
4,316
$3,243,069
$3,240,525
2,544
$3,243,069
$ (4,316)
4,316
$ -0-
Assets
-- Cash $ 13,393 $3,244,253 $3,257,165 $ 481
Accrued interest 2,544 4,316 2,544 4,316
Due from developer 174 6,852 2,944 4,082
Total assets $ 16,111 $3,255,421 $3,262,653 $ 8,879
-
Liabilities
Deposits payable $ 15,478 $ 11,545 $ 18,951 $ 8,072
- Accounts payable 633 807 633 807
Total liabilities $ 16,111 $ 12,352 $ 19,584 $ 8,879
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1984
(Unaudited)
Balance
1/1/84
Land $ 160,151
Welts 6,216
Buildings and improvements 176,465
Furniture and equipment 353,924
Total general fixed assets $ 696,756
Additions
$ 5,763
25,498
Statement 19
Balance
12/31/84
$ 160,151
6,216
182,228
379,422 '—
$ 31,261 $ 728,017
am, AN
rola
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1984
Statement 20
December 31,
1984 1983.
Amount available in Debt Service Fund $ 2,361
Amount to be provided for debt retirement $ 125,321 126,836
Total assets $ 125,321 $ 129,197
Assessments payable on City property $ 121,242 $ 122,524
Contracts payable (Exhibit 1) 4,079 6,673
Total liabilities $ 125,321 $ 129,197
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1984
Final
Payment
Dated Date
Net Interest
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
G.O. Improvement Bonds of 1983 10/01/83 10/01/93 8.00 to 9.00
G.O. Inprovement Bonds of 1984 5/01/84 11/01/94 6.50
Total special assessment bonds
Contracts Payable:
Xerox 6/19/80 8/31/85
American Bell 9/28/83 9/25/86
Total contracts payable
Total City indebtedness
8.00
14.00
CITY OF LINO LAKES, MINNESOTA
Exhibit 1
Authorized Principal Interest
and Due Due
Issued Retired Outstanding in 1985 in 1985
$ 63,200 $ 44,240 $ 18,960 $ 6,320 $ 948
200,000 120,000 80,000 40,000 6,600
- 45,000 10,000 35,000 5,000 3,712
750,000 50,000 700,000 50,000 56,115
100,000 10,000 90,000 10,000 7,650
35,000 -0- 35,000 3,500 4,226
1,193,200 234,240 958,960 114,820 79,251
4, 580
5,301
9,881
$ 1,203,081
3,858 722 722 21
1,944 3,357 1,818 356
5,802 4,079 2,540 377
$ 240,042 $ 963,039 $ 117,360 $ 79,628
Year of
Levy /Collection
CITY OF LINO LAKES, MINNESOTA
DEFERRED TAX LEVIES
December 31, 1984
G.O. G.O.
Improvement Improvement
Bonds Bonds
Of 1982 Of 1984
Exhibit 2
Total
1985/86 $ 40,967 $ 40,967
1986/87 44,374 $ 215 44,589
1987/88 47,006 441 47,447
1988/89 48,954 165 49,119 --
1989/90 50,201 119 50,320
Total $ 231,502 $ 940 $ 232,442
r
CITY OF LINO LAKES, MINNESOTA
Exhibit 3
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1984
Special Assessment Bonds
G.O. G.O. G.O. G.O. 0.0. G.O.
Improvement Improvement improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981 Of 1982 Of 1983 Of 1984 Total
Bonds payable S 18,960 S 80,000 $ 35,000 $ 700,000 $ 90,000 $ 35,000 $ 958,960
Future
interest
payable
1.896
9.900 15.100
241.225 40.150
17.735 326,006
Totals $ 20,856 S 89,900 $ 50,100 $ 941,225 $ 130,150 $ 52,735 $1,284,966
Payments to
maturity:
- 1985 $ 7,268 $ 46,600 $ 8,713 $ 106,115 $ 17,650 $ 7,726 $ 194,072
1986 6,952 43,300 8,212 102,315 16,850 6,090 183,719
1987 6,636 7,713 156,045 16,050 5,845 192,289
_ 1988 7,175 151,985 15,250 5,582 179,992
1989 6,637 147,230 14,400 5,310 173,577
1990 6,100 141,815 13,550 5,031 166,496
1991 5,550 135,720 13,700 4,743 159,713
1992 11,800 4,445 16,245
1993 10,900 4,139 15,039
1994 3,824 3,824
Totals S 20,856 $ 89,900 $ 50,100 $ 941,225 S 130,150 $ 52,735 $1,284,966
CITY OF LINO LACES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1984
Construction /Acquisition Costs
Contractor Engineer Other Total
1984
Exhibit 4
Expended
Prior
Years
Capital Project Funds:
City Hall expansion $ 70,003 $ 5,814 $ 20,631 $ 96,448 $ 45,313 $ 51,135
Senior Citizen Center 135,426 16,749 10,801 162,976 64,285 98,691
LAWCON - Country Lakes Park 92,985 13,642 1,812 108,439 97,687 10,752
Total Capital Project Funds $ 298,414 $ 36,205 $ 33,244 $ 367,863 $ 207,285 $ 160,578
Special Assessment Construction Funds:
Lakes Addition 07
Baldwin Lake Mobile Home Court
Tomahawk Trail
Relling Road
Total Special Assessment
Funds
$ 22,242 $ 342 $ 22,584 • $ 22,584
$ 44,829 13,117 28,459 86,405 $ 3,749 82,656
12,467 2,360 584 15,411 15,411
24,129 6,699 4,248 35,076 35,076
$ 81.425 $ 44.418 $ 33.633 $ 159.476 $ 54.236 $ 105.240
CITY OF LINO LAKES, MINNESOTA
INSURANCE IN FORCE
December 31, 1984
Coverage
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
Exhibit 5
Amount
$ 500,000
100,000
500,000
1,132,650
56,800
21,489
50,000
100,000
1,000,000
1,000,000
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
1985 1984
Tax levies extended by County:
Year of levy 1984 1983
Year of collection 1985 1984
Assessed Valuation:
Total $25,760,034 $24,464,645
MEV
Fiscal Disparity Contribution 884,963 892,704
Net Assessed Valuation $24,875,071 $23,571,941
Fiscal Disparity Distribution $ 4,566,272 $ 3,610,200
Tax Levies:
City Total $ 775,000 $ 690,000
Fiscal Disparities Distribution Tax 118,308 79,280
$ 610,720
Mill Rates:
Property Located in Lino Lakes 26.400 25.909
21.960
Balance Levied Against Property
Located in Lino Lakes $ 656,692
Fiscal Disparity 25.909