HomeMy WebLinkAboutAnnual Financial Report 12/31/1986CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1986
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 Position -
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 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 6
Statement 7
Statement 8
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 1
Deferred Tax Levies Exhibit 2
Debt Service Payments to Maturity Exhibit 3
Construction Work in Process Exhibit 4
Insurance in Force Exhibit 5
Assessed Valuations, Tax Levies, and Mill Rates Exhibit 6
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1986
City Council and Other Officials
City Council:
Mayor:
Benjamin G. Benson
Council Members:
Harold Bisel
William Bohjanen
Donald Marier
Vernon Reinert
City Administrator:
Term of Office
From To
1/01/86 12/31/87
1/01/86 12/31/89
1/01/84 12/31/87
1/01/84 12/31/87
1/01/86 12/31/89
Randall Schumacher Appointed
Clerk- Treasurer:
Marilyn Anderson Appointed
VOTO, TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
VI. is_
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263
ROBERT J. VOTO, CPA
ROBERT G. TAUTGES, CPA
JAMES S. REDPATH, 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 financial
statements of the City as of and for the year ended December 31, 1986, 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. Therefore, we were not able to obtain sufficient
evidential matter to form an opinion regarding the amounts at which property,
plant and equipment are recorded in the General Fixed Assets Group of accounts
at December 31, 1986 or 1985 (stated at $1,309,201 and $1,057,862 respectively).
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
evidential matter regarding the City's General Fixed Asset account group, the
general purpose financial statements referred to above present fairly the
financial position of the CITY OF LINO LAKES, MINNESOTA at December 31, 1986,
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
sufficient 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, 1986 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
GOVERNMENT 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 combined
financial statements taken as a whole and on the combining, individual fund, and
account group financial statements. The accompanying Supplementary Financial
Information section as listed in the Table of Contents is presented for the
purpose of additional analysis and is not a required part of the combined
financial statements of the City. The information has been subjected to the
audit procedures applied in the examination of the combined, combining,
individual fund, and account groups financial statements and, in our opinion, is
fairly stated in all material respects in relation to the combined financial
statements taken as a whole.
June 16, 1987
VOTO, TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
CITY OF LINO LAKES, MINNESOTA
CONDENSED COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1986
Assets
Cash (overdraft) and investments
Cash with bond purchaser (Note 2)
Accrued interest - investments
Accounts receivable
Due from other governmental units
Taxes receivable:
Delinquent
Due from County
Allowances and deferments
Special assessments receivable
Prepaid expenses
Inventory
Property, plant, and equipment net
of accumulated depreciation
Amount available - Debt Service Fund
Amount to be provided for the retirement
of general long -term debt
Governmental Fund Types
Special Debt Capital
General Revenue Service Project
$ 389,938 $ 1,635 $(6,790) $146,149
2,706 5,060
4,801 742 5,135
136,942 3,745 3,395
120,991 6,516
(136,942) (3,745) (3,395)
53,714
Total assets $ 572,150 $ 2,377 $ (274) $156,344
Liabilities and Fund Equity
Liabilities:
Accounts payable $ 19,977
Salaries payable 1,723
Contracts payable
Assessments payable on City property
Deposits 8,357
Due to other governments 452
Bonds payable
Deferred revenue
Total liabilities 30,509 $ -0- $ -0-
Fund Equity:
Investment in general fixed assets
Contributions - net
Retained earnings
Fund balance:
Reserved
Unreserved:
Designated 83,714 2,377
Undesignated 457,927
Total fund equity 541,641 2,377
(274)
$ 26,551
26,551
129,793
(274) 129,793
Total liabilities and fund equity $ 572,150 $ 2,377 $ (274) $156,344
Special
Assessments
$ 898,958
473,102
612
(612)
2,337,754
$ 3,709,814
$ 24,548
202,045
24,403
3,054,320
3,305,316
627,602
1,075,540
(1,298,644)
404,498
$ 3,709,814
CITY OF LINO LAKES, MINNESOTA
Proprietary
Fund Type
Enterprise
$ (14,357)
16,256
8,079
4,570
4,216
843,949
$ 862,713
$ 39
138
703
880
840,959
20,874
861,833
$ 862,713
Fiduciary
Fund Types
Agency
Funds
$ 463
6,991
5,776
$ 13,230
$ 5,840
7,390
13,230
Account Groups
General General
Fixed Long -Term
Assets Debt
(Unaudited)
$1,309,201
$ 300,596
$1,309,201 $ 300,596
$ 80,000
148,096
72,500
$ -0- 300,596
1,309,201
-0- 1,309,201 -0-
$ 13,230
$1,309,201 $ 300,596
Statement 1
Totals
(Memorandum Only)
December 31,
1986 1985
$1,415,996
473,102
6,991
29,798
18,757
144,694
127,507
(144,694)
2,337,754
58,284
4,216
2,153,150
300,596
$6,926,151
$ 50,404
1,861
282,045
148,096
15,747
25,558
3,126,820'
26,551
3,677,082
1,309,201
840,959
20,874
627,602
1,291,424
(840,991)
3,249,069
$6,926,151
$2,605,143
1 7, 247
27,380
47,059
100,004
12,569
(100,004)
892,566
49,379
600
1,925,325
292
238,567
$5,816,127
$ 23,212
1,636
2,745
129,820
7,574
39,817
2,801,640
29,813
3,036,257
1,057,862
863,489
15,616
313,719
1,821,538
(1,292,354)
2,779,870
$5,816,127
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, 1986
Revenue:
General property taxes
Special assessments
Licenses and permits
Intergovernmental
Charges for services
Court fines
Interest on investments
Donations and park dedication fees
Miscellaneous
Total revenue
General
$ 585,137
137,879
491,185
59,249
65,369
15,736
16,204
1,370,759
Special
Revenue
$ 28,358
1,635
29,993
Expenditures:
Current:
General government 373,405
Public safety 464,499
Highways and streets 344,767
Parks 74,144
Construction /acquisition
Debt service:
Principal retirement
Interest and fiscal charges
Total current 1,256,815 -0-
Capital outlay:
General government 109,745
Public safety 681
Highways and streets 1,737
Parks 8,285
Total capital outlay 120,448 -0-
Total expenditures 1,377,263 -0-
Revenue over (under) expenditures
Other increases (decreases):
Bond proceeds
Bonds issued
Bond issuance cost
Contract for deed - land purchase
Transfers from other funds
Transfers to other funds
Proceeds from closing mortgage revenue fund
Total other increases (decreases)
Net increase in fund balance
Fund balance - January 1
Fund balance (deficit) - December 31
(6,504) 29,993
80,000
39,846
119,846
113,342
428,299
(39,846)
(39,846)
(9,853)
12,230
$ 541,641 $ 2,377
CITY OF LINO LAKES, MINNESOTA
Statement 2
Totals (Memorandum Only)
Debt Capital Special December 31,
Service Project Assessment 1986 1985
$ 28,525 $ 2,717 $ 490 $ 616,869 $ 553,178
1,697,950 1,697,950 88,544
137,879 110,343
12,766 12,733 545,042 560,291
59,249 98,179
65,369 68,492
136 14,179 115,003 146,689 53,501
8,300 8,300 20,389
16,204 49,009
41,427 37,929 1,813,443 3,293,551 1,601,926
35,000
6,993
41,993
4,130
12,405
16,535
1,408,741
200,553
1,609,294
377,535
464,499
344,767
86,549
1,408,741
35,000
207,546
2,924,637
315,928
429,545
287,822
69,678
102,511
79,479
1,284,963
109,745 81,904
24,843 25,524 12,631
57,472 59,209 14,062
5,989 14,274 8,611
-0- 88,304 -0- 208,752 117,208
41,993 104,839 1,609,294 3,133,389 1,402,171
(566) (66,910) 204,149 160,162 199,755
'473,102 473,102 1,943,768
(475,000) (475,000) (1,850,000)
(3,132) (3,132)
80,000
39,846 92,787
(39,846) (92,787)
670
-0- -0- (5,030) 74,970 94,438
(566) (66,910) 199,119 235,132 294,193
292 196,703 205,379 842,903 548,710
$ (274) $ 129,793 $ 404,498 $ 1,078,035 $ 842,903
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 FUNDS
For The Year Ended December 31, 1986
General
Over
(Under)
Budget Actual Budget
Revenue:
General property taxes $ 598,453 $ 585,137 $ (13,316)
Licenses and permits 95,000 137,879 42,879
Intergovernmental 487,775 491,185 3,410
Charges for services 64,000 59,249 (4,751)
Court fines 33,000 65,369 32,369
Interest on investments 15,736 15,736
Miscellaneous 21,000 16,204 (4,796)
Total revenue 1,299,228 1,370,759 71,531
Expenditures:
Current:
General government 333,350 363,256 29,906
Public safety 506,350 464,499 (41,851)
Highways and streets 363,708 344,767 (18,941)
Parks 71,020 74,144 3,124
Miscellaneous 10,149 10,149
Total current 1,274,428 1,256,815 (17,613)
Capital outlay:
General government 6,000 109,745 103,745
Public safety 300 681 381
Highways and streets 1,737 1,737
Parks 7,500 8,285 785
Total capital outlay 13,800 120,448 106,648
Total expenditures 1,288,228 1,377,263 89,035
Revenue over (under) expenditures 11,000 (6,504) (17,504)
Other increases (decreases):
Transfers from other funds 40,000 39,846 (154)
Transfers to other funds
Contract for deed - land purchase 80,000 80,000
Proceeds from closing mortgage revenue fund
Total other increases (decreases) 40,000 119,846 79,846
Net increase (decrease) in fund balance
Fund balance - January 1
Fund balance - December 31
$ 51,000
113,342 $ 62,342
428,299
$ 541,641
CITY OF LINO LAKES, MINNESOTA
Special Revenue
Budget
Actual
Over
(Under)
Budget
$ 40,000 $ 28,358 $ (11,642)
40,000
- 0-
-0-
- 0-
40,000
1,635
1,635
29,993 (10,007)
- 0-
- 0-
- 0-
29,993
(40,000) (39,846)
(40,000) (39,846)
-0-
154
154
Statement 3
Totals (Memorandum Only)
1986
Budget
$ 598,453
95,000
527,775
64,000
33,000
21,000
1,339,228
Actual
$ 585,137
137,879
519,543
59,249
65,369
17,371
16,204
1,400,752
333,350 363,256
506,350 464,499
363,708 344,767
71,020 74,144
10,149
1,256,815
1,274,428
6,000 109,745
300 681
1,737
7,500 8,285
13,800 120,448
1,288,228 1,377,263
51,000 23,489
40,000
(40,000)
-0-
$ -0- (9,853) $ (9,853) $ 51,000
12,230
$ 2,377
39,846
(39,846)
80,000
Over
(Under)
Budget
1985
Actual
$ (13,316) $ 550,302
42,879 110,343
(8,232) 497,160
(4,751) 98,179
32,369 68,492
17,371 7,356
(4,796) 49,009
61,524 1,380,841
29,906
(41,851)
(18,941)
3,124
10,149
(17,613)
103,745
381
1,737
785
106,648
89,035
(27,511)
(154)
154
80,000
80,000 80,000
103,489 $ 52,489
440,529
290,098
429,545
287,822
64,261
15,320
1,087,046
39,831
12,631
6,337
290
59,089
1,146,135
234,706
42,844
(92,787)
670
(49,273)
185,433
255,096
$ 544,018 $ 440,529
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, 1986
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Statement 4
December 31,
1986 1985
$ 11,608
41,655
4,676
57,939
$ 7,640
39,084
4,428
51,152
Operating expenses:
Personal services 16,204 12,438
Supplies 3,623 2,516
Contractual services 710 833
Repair and maintenance 5,313 3,061
MWCC sewer charges 28,272 25,954
Depreciation:
Purchased assets 984 984
Contributed assets 22,530 22,530
Utilities 2,229 2,204
Sewer service charge 2,110 2,843
Other 336 293
Total operating expenses 82,311 73,656
Operating income (loss) (24,372) (22,504)
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 to retained earnings
Retained earnings - January 1
Retained earnings - December 31
7,100
7,100
(17,272)
22,530
5,258
15,616
8,305
8,305
(14,199)
22, 530
8,331
7,285
$ 20,874 $ 15,616
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
CITY OF LINO LAKES, MINNESOTA
Statement 5
CONDENSED COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION -
PROPRIETARY FUND TYPE
For The Year Ended December 31, 1986
December 31,
1986 1985
Sources of working capital:
Operations:
Net operating loss $ (17,272) $ (14,199)
Add: Items not requiring a current outlay
of working capital:
Depreciation 23,514 23,514
Total working capital provided by operations 6,242 9,315
Total sources of working capital
6,242 9,315
Uses of working capital:
Additions to property and equipment 739
Total uses of working capital -0- 739
Net increase in working capital
$ 6,242 $ 8,576
Components of increase in working capital:
Cash (overdraft) $ (4,263) $ 5,259
Accounts receivable 1,645 297
Due from County (119)
Due from other governmental units (1,124) 3,353
Due to other governmental units 3 (666)
Prepaid expenses 2,815 960
Inventory 3,616 (119)
Accounts payable 301 338
Salaries payable (76) (62)
Customer deposits 3,325 (665)
Net increase in working capital $ 6,242 $ 8,576
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Page 1 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the CITY OF LINO LAKES, MINNESOTA conform to
generally accepted accounting principles as applicable to governmental units.
FINANCIAL REPORTING ENTITY
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 state-
ments 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.
The following organizations are not included in the accompanying financial
statements:
Lino Lakes Gas Utility Franchise - This franchise is a part of the Circle
Pines Gas Utility System. The City of Circle Pines presently appoints all
members of the Gas Utility Commission. In addition, the City of Circle
Pines has control over the assets and operations of the Lino Lakes Gas
Utility Franchise.
Lino Lakes Senior Council - The Senior Council utilizes a center funded by
the City and a Community Development Block Grant through Anoka County. The
Senior Council has authority over the activities it finances as well as
responsibility for fiscal matters.
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.
FUNDS AND ACCOUNT GROUPS
The accounting system of the City is organized and operated on a fund basis.
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 specific activities or
attaining certain objectives in accordance with special regulations,
restrictions, or limitations.
CITY OF LINO LAKES, MINNESOTA
Page 2 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The following types of funds and account groups are employed by the City:
GOVERNMENTAL FUNDS
The General Fund - to account for all financial resources except those required
to be accounted for in another fund.
Special Revenue Funds - to account for the proceeds of specific revenue sources
(other than special assessments, expendable trusts, or for major capital
projects) that are legally restricted to expenditure for specified purposes.
Debt Service Funds - to account for the accumulation of resources for, and the
payment of, general long -term debt principal, interest, and related costs.
Capital Project Funds - to account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those
financed by Proprietary Funds, Special Assessment Funds, and Trust Funds).
Special Assessment Funds - 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 - 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 pro-
viding goods or services to the general public on a continuing basis be
financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenues earned,
expenses incurred, and /or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other purposes.
FIDUCIARY FUNDS
Trust and Agency Funds - to account for assets held by a governmental unit as
an agent for individuals, private organizations, other governmental units
and /or other funds.
ACCOUNT GROUPS
The governmental fund types 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 maintains two account
groups to account for noncurrent assets and long -term liabilities as follows:
General Fixed Assets - The City maintains a separate group of accounts which
contain the fixed assets used in the governmental fund type operations. They
are assets of the City as a whole and not of individual funds.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Page 3 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
ACCOUNT GROUPS (Continued)
General Long -Term Debt - This account group contains the long -term obligations
of the City including certificates of indebtedness, contracts payable and com-
pensated absences payable. It does not include the long -term liabilities of
Special Assessment Funds which are accounted for in those funds.
BASIS OF ACCOUNTING
The modified accrual basis of accounting is followed by the City for its
governmental funds (General, Special Revenue, Debt Service, Capital Project,
and Special Assessment) and Agency and Expendable Trust 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 of the fiscal period. Also, under this method, expenditures are
recognized in the accounting period when the liability is incurred, except for:
• Interest on long -term debt which is recognized when due, except for
January 1 maturities which are recognized in the previous fiscal
period.
• Disbursements for inventory type items and prepaid expenses which are
considered expenditures at the time of purchase.
Major revenue sources susceptible to accrual include property taxes, special
assessments, intergovernmental revenues, charges for services and interest on
investments.
Interest on special assessments is recognized as revenue when due.
Major revenue sources not susceptible to accrual includes licenses and permits,
fees, and miscellaneous revenues. Such revenues are recorded as revenue when
received because they are not measurable until collected.
The accrual basis of accounting is followed for the proprietary and
nonexpendable trust funds. Under this method of accounting, revenues are
recognized during the accounting period in which they are earned and become
measurable and expenses are recognized in the accounting period in which
they are incurred, if measurable.
BUDGETARY DATA
The City Council adopts an annual budget for the General Fund and
Special Revenue Fund. During the budget year supplemental appropriations
and deletions are or may be authorized by the City Council. The amounts
shown in the financial statements as "Budget" represent the original
budgeted amounts plus all revisions made during the year and /or for the
year. 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 budget accounts taken as a whole.
CITY OF LINO LAKES, MINNESOTA
Page 4 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BUDGETARY DATA (Continued)
The City monitors budget performance on the departmental basis. Any amounts
over budget have been approved by the City Council through the disbursement
approval process. Charter provisions prohibit the City from exceeding the
overall General Fund Expenditures budget unless the original budget is formally
amended. Significant budget variances are as follows for the current year.
Ove r
(Under)
Budget Actual Budget
General Fund:
Consultants:
Planning and zoning $ 11,000 $ 26,085 $ 15,085
Legal 37,100 49,432 12,332
General Government Buildings:
Capital outlay
4,700 108,824 104,124
The unfavorable budget variance for planning and zoning is primarily related
to an amendment to the City's comprehensive plan.
The unfavorable budget variance for legal is primarily due to increased prose-
cution expenditures.
The unfavorable budget variance for General Government Buildings - capital
outlay is primarily due to the purchase of land and building for a new fire
hall.
Encumbrance accounting, under which purchase orders, contracts, and other com-
mitments for the expenditure of monies are recorded in order to reserve that
portion of the applicable appropriation, is not employed by the City because it
is at present considered not necessary to assure effective budgetary control or
to facilitate effective cash planning and control. Any appropriations that
need to be carried forward to the next year have to be reappropriated by the
City Council from the fund balance of the fund involved.
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS
ASSETS
CASH AND INVESTMENTS
Cash balances from all funds are pooled and invested to the extent available in
authorized investments. Earnings from such investments are allocated to the
individual funds on the basis of applicable cash balances available in each of
the funds and in accordance with State Statute.
CITY OF LINO LAKES, MINNESOTA
Page 5 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (Continued)
Investments are stated at cost (plus interest added, if any) which approximates
market. Material purchase discounts and premiums are amortized over the term
of the investment. Interest earnings are accrued at the balance sheet date and
recognized as revenue when earned.
Cash and investment balances were as follows at December 31, 1986 and 1985:
December 31,
Description 1986 1985
Cash - checking $ (55,091) $ 5,792
Investments 1,470,937 2,599,201
Petty cash and change 150 150
Totals $ 1,415,996 $ 2,605,143
Deposits
In accordance with Minnesota Statutes, the City maintains deposits at those
depository banks authorized by the City Council all of which are members of
the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance,
surety bond, or collateral. The market value of collateral pledged must equal
110% of the deposits not covered by insurance or bonds (140% in the case of
mortgage notes pledged).
Authorized collateral includes the legal investments described below, as well
as certain first mortgage notes, and certain other state or local government
obligations. Minnesota Statutes require that securities pledged as collateral
be held in safekeeping by the City treasurer or in a financial institution
other than that furnishing the collateral.
Balances at December 31, 1986:
Insured or collateralized by securities held
by the City or its agent in the City's name
Investments
Bank Carrying
Balance Amount
$1,022,906 $ 946,156
The City also invests idle funds as authorized by Minnesota Statute, as
follows:
(a) Direct obligations or obligations guaranteed by the United States or
its agencies.
CITY OF LINO LAKES, MINNESOTA
Page 6 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (Continued)
(b) Shares of investment companies registered under the Federal
Investment Company Act of 1940 and whose only investments are in
securities described in (a) above.
(c) Bankers acceptance of United States banks eligible for purchase by
the Federal Reserve System.
(d) Commercial paper issued by United States corporations or their
Canadian subsidiaries, of the highest quality, and maturing in 270
days or less.
(e) Repurchase agreements with banks that are members of the Federal
Reserve System with capitalization exceeding $10,000,000, a primary
reporting dealer in U.S. government securities to the Federal Reserve
Bank of New York, or certain Minnesota securities broker - dealers.
Credit Risk Category Carrying Market
Securities Type 1 2 3 Amount Value
U.S. Government or its agencies $ -0- $71,576 $ -0- $ 71,576 $ 71,576
Investment Company Shares 398,114 389,996
$469,690 $461,572
The City's investments are categorized above to give an indication of the level
of risk assumed at year -end. Category 1 includes investments that are insured
or registered or for which the securities are held by the City or its agent in
the City's name. Category 2 includes uninsured and unregistered investments
for which the securities are held by the broker's or dealer's trust department
or agent in the City's name. Category 3 includes uninsured or unregistered
investments for which the securities are held by the broker or dealer, or by
its trust department or agent but not in the City's name.
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.
MUNICIPAL STATE AID ALLOTMENTS FOR STREET CONSTRUCTION
Municipal State Aid (MSA) is recognized as revenue in the period the funds are
designated for specific construction projects.
CITY OF LINO LAKES, MINNESOTA
Page 7 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided by the State. This aid is provided as a
shared tax based upon a statutory formula and without restrictions. Payment
from the State is generally received during each 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.
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 May 15 and October 15 of each calendar
year by the property owners. 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 April. The City has no ability to enforce payment of property taxes by
property owners. The County possesses this authority. Pursuant to State
Statutes, a property shall be subject to a tax forfeit sale after 3 years
unless it is homesteaded, agricultural, or seasonal recreational land (as
defined in state statutes) in which event the property is subject to such sale
after 5 years.
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 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 credits not
received at the normal time are recognized as revenue for the current year.
Homestead credits received by the City from the State are recognized as revenue
when received in cash.
Unpaid delinquent taxes are generally measurable but not available to finance
the expenditures of the current year. Accordingly, these taxes 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 (i.e., 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 determining this measurement and reclassification does or could
exceed the benefit derived. Additionally, this variance has no effect upon the
operating statements of the City.
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 during each year.
CITY OF LINO LAKES, MINNESOTA
Page 8 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
PROPERTY TAX REVENUE RECOGNITION (Continued)
The City's property tax revenue includes payments 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 commercial/
industrial property valuation growth since 1971. Property taxes paid to the
City of Lino Lakes through this formula for 1986 and 1985 totaled $127,597 and
$117,179 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 accordance
with State Statutes. Usually, the City adopts the assessment roll when the
individual project is completed or substantially completed. The City certifies
the adopted assessment roll to the County for collection. Collection of annual
installments including interest, is handled by the County in the same manner as
for property taxes. Assessments are collectible over a term of years, generally
consistent with the term of years of the related bond issue. Property owners
are allowed to and often do, prepay future installments without interest or
prepayment penalty.
The City recognizes special assessment revenue when it becomes both measurable
and available to finance bonded debt. In practice, special assessment
principal is recognized as revenue in the year when the assessment roll is
adopted by the City Council and 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
becomes a lien upon that property until full payment is made or the amount is
determined to be excessive by the City Council or court action. If special
assessments become delinquent, the property is subject to tax forfeit sale.
The first proceeds 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 poten-
tially uncollectible assessments has been provided. Pursuant to State
Statutes, a property shall be subject to a tax forfeit sale after 3 years
unless it is homesteaded, agricultural, or seasonal recreational land (as
defined in State Statutes) in which event the property is subject to such sale
after 5 years.
PARK DEDICATION FEE REVENUE RECOGNITION
The City receives park dedication fees from developers. The amount due to 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 amount not collected at the normal time of receipt
has been presented as deferred revenue. The amount of unrecognized park dedi-
cation fees due the City upon application for building permits was $5,060 and
$5,060 at December 31, 1986 and 1985 respectively.
CITY OF LINO LAKES, MINNESOTA
Page 9 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
INVENTORIES
The inventory of the Proprietary Fund is stated at the lower of cost or market
on the first in, first out basis.
FIXED ASSETS
FIXED ASSETS - GENERAL
General fixed assets are recorded as expenditures of the governmental funds at
the time of purchase. Such assets are valued at cost or estimated replacement
value as of December 31, 1975. Additions since 1975 are stated at cost. These
assets are capitalized in the general fixed assets group of accounts except for
certain improvements (roads, bridges, curbs, gutters, streets, sidewalks,
drainage system and lighting systems) which are not capitalized. Gifts or
contributions are recorded in general fixed assets at fair market value at the
time received. No depreciation has been provided on general fixed assets.
A summary of changes in General Fixed Assets is as follows:
Balance Balance
1/1/86 Additions Deletions 12/31/86
Land $ 151,629 $ 147,314 $ 298,943
Wells 6,216 6,216
Buildings & improvements 516,163 516,163
Furniture & equipment 383,854 104,025 487,879
Totals
$1,057,862 $ 251,339 $ -0- $1,309,201
The City does not maintain detailed records nor accounting controls over
general fixed assets. The amounts presented in the Statement of General Fixed
Assets represent amounts accumulated from historical financial reports only,
without regard to physical inventories or listings.
FIXED ASSETS - PROPRIETARY FUNDS
Fixed assets of the proprietary funds (Water and Sewer) are stated at cost,
estimated cost, or in the case of contributions, at fair market value at the
time received. Depreciation has been provided using the straight -line method
over the estimated useful lives of assets, as follows:
Assets
Purchased assets:
Water and sewer
Depreciable Lives
Depreciation
1986 1985
5 -25 years $ 984 $ 984
Contributed assets:
Water and sewer 20 -50 years 22,530 22,530
Totals $ 23,514 $ 23,514
CITY OF LINO LAKES, MINNESOTA
Page 10 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
FIXED ASSETS - PROPRIETARY FUNDS (Continued)
Fixed assets of the water and sewer utility operations include the water
distribution system and sewage collection system. These systems have been
wholly (or substantially) financed by non - operating funds (special assessments,
general taxes, Federal and State grants, and other sources) and contributed to
the sewer and water operating funds. City policy is to finance these assets by
the sources indicated rather than by user charges. Accordingly, the water and
sewer user rates are not established at levels sufficient to cover depreciation
on these assets.
Depreciation on these assets is shown in the operating statements; however, the
depreciation is eventually transferred against the contribution account rather
than retained earnings in accordance with generally accepted accounting prin-
ciples. Consequently, the contribution account reflects the net book value of
contributed assets rather than the original cost of such assets.
A summary of proprietary fund assets at December 31, 1986 is as follows:
Well
Buildings
Machinery
Water and
$ 18,500
and structures 48,690
and equipment 15,561
sewer lines 973,802
Total 1,056,553
Less: Accumulated depreciation (212,604)
Net fixed assets $ 843,949
CITY INDEBTEDNESS
The following is a schedule of long -term debt transactions of the City for the
year ended December 31, 1986.
Principal payable at
January 1
Additions
Deletions
Principal payable at
December 31
Assessments
Payable on
City
Property
Contract
Payable
$ 129,820 $ 1,539
18,276 80,000
1,539
$ 148,096 $ 80,000
General
Obligation
$ 107,500
35,000
Special
Assessment
$2,694,140
475,000
114,820
$ 72,500 $3,054,320
Total
$2,932,999
573,276
151,359
$3,354,916
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Page 11 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS (Continued)
The assessments payable on City property includes principal due in prior years
which the City has not yet established collection terms.
All bond issues outstanding at December 31, 1986 are backed by the full faith
and credit of the City, including special assessment bond issues. Outstanding
balance at December 31, 1986, principal and interest payments due in 1987,
final due date, interest rates, and other pertinent data are presented in the
Combined Schedule of Indebtedness (Exhibit 1). Principal and interest
payments through maturity are presented in Exhibit 3.
The annual requirement to amortize all bonded debt outstanding at December 31,
1986 including interest payments of $466,752 are as follows:
General Special
Year Ending Obligation Assessment Contract
December 31, Bonds Bonds Payable Total
1987 $ 39,806 $ 706,656 $ 20,800 $ 767,262
1988 40,031 2,159,312 19,840 2,219,183
1989 171,322 18,880 190,202
1990 163,969 17,920 181,889
1991 -1997 298,076 16,960 315,036
Total $ 79,837 $3,499,335 $ 94,400 $ 3,673,572
The amount to be provided in the General Long -Term Debt Group of Accounts
represents future tax levies and MSA grants for the retirement of bonds
payable. Total deferred tax levies to retire general long -term debt bonds are
$81,000.
The fund deficit in the special assessment funds will be derived from
assessments to be levied annually against the benefited properties and future
tax levies as scheduled to provide funds for debt retirement. Total deferred
tax levies to retire special assessment bonds are $105,598.
All bond issues outstanding at December 31, 1986 are backed by the full faith
and credit of the City.
Outstanding balances at December 31, 1986, principal payments due in 1987,
future interest to maturity, final due date, interest rates, and other per-
tinent data are presented in the Combined Schedule of Indebtedness and /or the
Schedules of Debt Service Payments to Maturity - Exhibits 1 and 3.
CITY OF LINO LAKES, MINNESOTA
Page 12 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS (Continued)
1
1
1
The payment of City bonds is made through various agents (banking institutions).
Cash is paid to the paying agents and they in turn pay principal and interest
to the various bond holders. Cash on hand with the paying agent is not
included in these financial statements.
On November 24, 1986, the City issued the $475,000 General Obligation
Improvement Bonds Series 1986A dated December 1, 1986. The settlement of the
Bonds took place on January 8, 1987. The liability for this issue is recorded
in these financial statements. The proceeds were recorded as an asset at
December 31, 1986. $320,000 of this issue is to refund a portion of the 1982
Improvement Bonds. The principal maturing in the years 1989 through 1991
totaling $375,000 will be called for prepayment on February 1, 1987.
LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for
bonded indebtedness payable principally from property taxes. The City of Lino
Lakes legal debt margin for 1986 and 1985 is computed as follows:
December 31,
1986 1985
Assessed value (after fiscal disparities) $29,012,600 $26,421,368
Debt limit (7 -1/3% of assessed value)
$ 2,127,591 $ 1,937,567
1
1
1
1
1
1
1
1
Amount of debt applicable to debt limit:
Total bonded debt $ 3,126,820 $ 2,801,640
Less: Special assessment bonds and
proprietary bonds 3,054,320 2•,694,140
Less: Cash and investments in
debt service funds 292
Total debt applicable to debt limit $ 72,500 $ 107,208
Legal debt margin
$ 2,055,091 $ 1,830,359
Legal debt margin is calculated on general obligation bond issues only (i.e.,
this does not include Special Assessment or Revenue /Enterprise Fund bonded
debt).
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
Page 13 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
DEFERRED REVENUE
Deferred revenues occur when asset recognition criteria has been met, and
revenue recognition criteria has not been met. Deferred revenue as of
December 31, 1986 consists of the following:
Park dedication fees not collected (Note 2)
Grant advances (state portion of LAWCON)
COMPENSATED ABSENCES
$ 5,060
21,491
$26,551
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 because no carryover was approved by Council. Vacation pay
accumulation at December 31, 1986 totaled approximately $3,655. Sick pay accu-
mulated at December 31, 1986 totaled approximately $95,000.
RETIREMENT PLANS
The City participates in the Public Employees Retirement Fund and the Police
and Fire Fund Pension Plans as administered by the Employees Retirement
Association (PERA) under Minnesota Statutes Chapters 353 and 356, which is a
cost sharing multiple - employer Public Employee Retirement System (PERS). This
plan covers substantially all employees except those qualifying as temporary or
seasonal employees.
The City's current year covered payroll and total current year payroll for all
employees is $547,411 and $590,149, respectively.
A summary of plan eligibility requirements is available at PERA. Such retire-
ment terms are governed by State Statute.
In general, the Association provides defined retirement benefits based on a
member's average salary for any five successive years of allowable service,
age, and years of credit at termination of service. In addition, the retire-
ment program provides benefits to members upon disability and to survivors upon
death of eligible members.
Retirees have a variety of annuity options available for payment of benefits.
The amounts of annuity (retirement benefits) are based on the following for-
mulas:
BASIC MEMBERS - 2% of the average salary over the highest five successive
years on which deductions were paid for each of the first 10 years and
2 -1/2% of said "average salary" for the period thereafter.
CITY OF LINO LAKES, MINNESOTA
Page 14 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT PLANS (Continued)
COORDINATED MEMBERS - 1% of the average salary over the highest five suc-
cessive years on which deductions were paid for each of the first 10 years
and 1 -1/2% of said "average salary" for the period thereafter.
POLICE AND FIRE MEMBERS - 2 -1/2% of the average salary over the highest
five successive years on which deductions were paid for each of the first
25 years and 2% of said "average salary" for the period thereafter.
PERA also provides death and disability benefits. Pension benefits are funded
from member and employer contributions and income from investment of fund
assets. Public Employees Retirement Fund members belong to either the Basic or
Coordinated Plan. Coordinated members are covered by Social Security and Basic
members are not. All new members of the Public Employees Retirement Fund must
participate in the Coordinated Plan. Current contribution rates for the funds
are as follows:
Additional
Employee Employer Employer
Public Employees Retirement Fund:
Basic Plan 8% 8% 2 -1/2%
Coordinated Plan 4% 4% 1/4%
Public Employees Police and Fire Fund 8% 12%
Upon termination, regardless of years of service, if not rehired in a PERA-
covered position, all salary deductions will be refunded, with interest at 5%
compounded annually.
The City made employer contributions of $39,614 (7.2 percent of current year
covered payroll) and employees contributed $30,332 (5.5 percent of current year
covered payroll).
Minnesota Statutes, Section 356.215, Subd. 4, provides the annual actuarial
valuations of plan benefits shall be computed in accordance with the entry age
normal cost (level normal cost) method. This method is a standardized disclo-
sure measure of the accrued pension benefit obligation. The actuarial present
value (APV) is the discounted amount of benefits estimated to be payable in the
future as a result of employee services to date, computed by attributing an
equal benefit amount (including the effects of projected salary increases) to
each year of credited and expected future employee service. In the calculation
of normal cost and accrued liabilities of the benefit plan, the actuary uses an
8 percent interest rate assumption and assumes an annual growth rate of 6 -1/2
percent in member's salary. The unfunded accrued liabilities of $848,142,000
in the Public Employees Retirement Fund and $41,917,000 in the Public Employees
Police and Fire Fund as of June 30, 1986, are the amounts by which reserves
required to fund plan benefits exceed the assets of the funds calculated as
follows:
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT PLANS (Continued)
Net assets - June 30, 1986
Aggregate accrued liabilities
including APV of plan benefits
Page 15 of 19
Public Employees Public Employees
Retirement Fund Police and Fire Fund
$ 2,076,844,000 $ 405,825,000
1,228,702,000 363,908,000
Unfunded actuarial accrued liability $ 848,142,000 $ 41,917,000
PERA does not make separate measurements for individual employers. The City of
Lino Lakes made employer contributions totaling $38,657 which represents .044%
of total contributions of all employers participating in the system
($88,775,000) for the year ended June 30, 1986. The City's contributions were
made by the required due dates.
Information on investment activity and a listing of specific investments of the
PERA is available at the Minnesota State Board of Investment.
Ten -year historical trend information is available in the published comprehen-
sive annual financial report of the Public Employees Retirement Association.
The City made employer contributions of $24,060 to the Federal Social Security
Retirement Plan.
DESIGNATIONS OF FUND EQUITY
Major fund equity designations at December 31, 1986 and 1985 are as follows:
December 31,
1986 1985
General Fund:
Designated for prepaid insurance $ 53,714 $ 47,624
Designated for LAWCON matching expenditures 30,000 30,000
Special Revenue Funds:
Designated for ensuing year's budget 2,377 12,230
Debt Service Funds:
Reserved for debt service 292
Capital Project Funds:
Designated for capital improvements 1,713 (133)
Designated for equipment acquisition 43,417 117,797
Designated for park improvements 84,663 79,039
Special Assessment Funds:
Reserved for debt service 627,602 313,427
Designated for committed contract 403,918 1,466
Designated for construction 671,622 1,533,515
Totals $ 1,919,026 $ 2,135,257
CITY OF LINO LAKES, MINNESOTA
Page 16 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 2 - DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
DESIGNATIONS OF FUND EQUITY (Continued)
The following funds had deficit balances at December 31, 1986:
Debt Service Fund:
1985 Certificates of Indebtedness $ 274
Capital Projects:
LAWCON
Special Assessment Funds:
Improvement Bonds of 1984
Temporary Improvement Bonds of 1985
Improvement Bonds of 1986
47,244
1,285
320,748
276,553
Special Assessment Construction Funds:
Interim Construction Fund 258,457
Lakes Addition #7 17,288
Reiling Road 2,779
North Road 6,090
Main Street 330
West Shadow Lake Drive 10,819
Deer Pass Trail 377
The deficits of the Special Assessment Funds resulted from the application of
generally accepted accounting principles to the financial reporting for such
funds. Bond proceeds used to finance construction of special assessment pro-
jects are not recognized as "other financing sources ". Liabilities for special
assessment bonds payable are accounted for in Special Assessment Funds.
Special assessments are recognized as revenue only to the extent of actual
County collections. The fund deficits will be reduced and eliminated as
deferred special assessment installments become current assets. The deficits
of the Special Assessment Construction Funds will be eliminated by future
bonding and /or direct charges to developers. The deficit of the LAWCON Fund
will be eliminated by additional LAWCON funding and a transfer from the General
Fund.
The deficit of the Debt Service Fund will be eliminated by future tax levies.
Note 3 - 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
Page 17 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 4 - "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:
1) 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.
2) Prior year "Total" columns likewise may combine unlike purpose
funds (as in 1 above) and additionally do not present detail com-
ponents by fund group (as is 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.
3) 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 conformance with generally accepted
accounting principles.
Note 5 - DEFERRED AD VALOREM TAX LEVIES - 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 levy
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 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 the general obligation debt
were and are scheduled to be as follows:
Levy /Collection
1986/87
1987/88
Percent
Scheduled Actual Levied
$ 42,000 $ 42,000 100.00%
39,000
CITY OF LINO LAKES, MINNESOTA
Page 18 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 6 - DEFERRED AD VALOREM TAX LEVIES - SPECIAL ASSESSMENT BOND ISSUE
Certain special assessment bond issues sold by the City are partially financed
by ad valorem tax levies in addition to special assessments levied 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 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 cancellation when and if the City has provided alternative sources
of financing. Alternatively, the City Council is required to levy any addi-
tional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets of the special
assessment funds 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 special
assessment bonds were and are as follows:
Percent
Levy /Collection Scheduled Actual Levied
1982/83 $ 32,659 $ 32,658 100.00%
1983/84 36,244 -0- -0-
1984/85 36,262 -0- -0-
1985/86 41,182 -0- -0-
1986/87 44,815 -0- -0-
1987/88 76,972
1988/89 83,911
1989/90 85,840
1990/91 2,508
1991/92 1,689
1992/93 839
Note 7 - 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
interceptor 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).
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Page 19 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1986
Note 8 - 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 9 - FEDERALLY ASSISTED PROGRAMS - COMPLIANCE AUDITS
The City receives financial assistance from federal and state governmental
agencies in the form of grants and the federal revenue sharing program. The
disbursement of funds received under these programs generally requires
compliance with terms and conditions specified in the grant agreements and is
subject to audit by the grantor agencies. Any disallowed claims resulting from
such audits could become a liability of the applicable fund. However, in the
opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements of the individual fund types included
herein or on the overall financial position of the City c..t December 31, 1986.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1986
Assets
Statement 6
December 31,
1986 1985
Cash and investments $ 389,938 $ 383,291
Accounts receivable 2,706 3,057
Taxes receivable:
Delinquent 136,942 94,400
Due from County 120,991 7,009
Allowances and deferments (136,942) (94,400)
Due from other governmental units 4,801 16,797
Prepaid expenses 53,714 47,624
Total assets
Liabilities and Fund Balance
$ 572,150 $ 457,778
Liabilities:
Accounts payable $ 19,977 $ 10,282
Salaries payable 1,723 1,574
Due to other governments 452 14,708
Customer deposits 8,357 2,915
Total liabilities 30,509 29,479
Fund Balance:
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
83,714
457,927
541,641
77,624
350,675
428,299
$ 572,150 $ 457,778
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 7
Page 1 of 5
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1986
1986
Over
(Under) 1985
Budget Actual Budget Actual
Revenue: (Memorandum
General property taxes: Only)
Current and delinquent $ 434,834 $ 415,775
Fiscal disparities 121,076 117,179
Penalties, interest and other 29,227 17,348
Total general property taxes $ 598,453 585,137 $ (13,316) 550,302
Licenses and permits:
Business 15,990 14,146
Non - business 121,889 96,197
Total licenses and permits 95,000 137,879 42,879 110,343
Intergovernmental:
State:
Local government aid 219,728 219,728 196,177
Homestead credit 237,047 237,047 226,529
Mobile Home Homestead credit 1,289 1,289 1,182
Police aid 18,000 18,722 722 13,509
Police training reimbursement 320 320 978
MSA maintenance 13,000 13,935 935 13,935
Building permit surcharge rebate 2,749
Section 8 housing 144 144 408
Total intergovernmental 487,775 491,185 3,410 455,467
Charges for services:
Administrative charges -
other funds 44,890
General government 15,000 7,808 (7,192) 6,562
Fees retained from collection of
other governments - SAC 746 746 506
Building inspection contract 731 731 515
Public safety 49,000 49,964 964 45,706
Total charges for services 64,000 59,249 (4,751) 98,179
Fines and forfeits 33,000 65,369 32,369 68,492
Interest on investments -0- 15,736 15,736 6,148
Miscellaneous:
Sale of property 30,063
Cable T.V. reimbursement 6,950
Other 21,000 16,204 (4,796) 11,996
Total miscellaneous 21,000 16,204 (4,796) 49,009
Total revenue
$1,299,228 $1,370,759 $ 71,531 $1,337,940
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, 1986
1986
Budget Actual
Over
(Under)
Budget
Expenditures:
General government:
Mayor and Council:
Current:
Personal services $ 11,540 $ 16,344 $
Supplies 33
Other services and charges 9,850 3,858
Total Mayor and Council 21,390 20,235
Elections:
Current:
Personal services 5,700 4,759
Supplies 500 108
Other services and charges 100 1
Capital outlay 800 921
Total election 7,100 5,789
Administration:
Current:
Personal services 120,475 123,047
Supplies 8,265 7,689
Other services and charges 10,465 9,579
Capital outlay 500
Total administration 139,705 140,315
Assessing:
Current:
Personal services 14,470 14,173
Supplies 200 130
Other services and charges 635 141
Total assessing 15,305 14,444
Consultants:
Current (personal services):
Engineer 11,500 17,742
Independent accountants and
auditor 14,800 17,752
Planning and zoning 11,000 26,085
Legal 37,100 49,432
Forest Lake Service Bureau 500 600
Comparable worth study
Vadnais Heights watershed 3,000 187
League of Minnesota Cities 244
Gas utility 3,500 2,534
Other 402
Total consultants 81,400 114,978
Planning and zoning commission:
Current:
Other services and charges 990 577
Total planning and zoning
commission $ 990 $ 577 $
4,804
33
(5,992)
(1,155)
(941)
(392)
(99)
121
(1,311)
2,572
(576)
(886)
(500)
610
(297)
(70)
(494)
(861)
6,242
2,952
1 5, 085
1 2, 332
100
(2,813)
244
(966)
402
33,578
(413)
(413)
Statement 7
Page 2 of 5
1
1
1
1985
Actual
(Memorandum
Only)
$ 1
1
1
1
1
1
1
15,240 1
1
1
1
75,545
1
$ 400
n is .
1
14,592
46
3,286
17,924
2,325
327
293
2,945
102,567
6,141
7,809
1,039
117,556
1 3, 602
217
114
13,933
11,246
6,068
38,672
500
3,455
364
400
The accompanying notes are an integral part of these financial stateme
CITY OF LINO LAKES, MINNESOTA
Statement 7
Page 3 of 5
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1986
1986
Over
(Under) 1985
Budget Actual Budget Actual
Expenditures: (continued) (Memorandum
General government: (continued) Only)
Charter commission:
Current:
Other services and charges $ 100 $ (100)
Total charter commission 100 $ -0- (100) $ -0-
General government buildings:
Current:
Personal services 6,860 9,598 2,738 11,291
Supplies 4,200 4,297 97 4,999
Other services and charges 57,600 53,944 (3,656) 39,579
Capital outlay 4,700 108,824 104,124 38,792
Total general government
buildings 73,360 176,663 103,303 94,661
Cable TV:
Current:
Other services and charges 6,965
Total cable TV -0- -0- -0- 6,965
Total general government
339,350 473,001 133,651 329,929
Public safety:
Police:
Current:
Personal services 287,000 280,995 (6,005) 270,470
Supplies 36,780 28,543 (8,237) 31,700
Other services and charges 20,200 14,985 (5,215) 9,804
Capital outlay 681 681 12,381
Total police 343,980 325,204 (18,776) 324,355
Fire protection:
Current:
Personal services 12 12 975
Supplies 224
Contractual services 108,000 95,089 (12,911) 74,064
Other services and charges 55 55 123
Total fire protection 108,000 95,156 (12,844) 75,386
Protective inspection:
Current:
Personal services 36,055 35,165 (890) 32,893
Supplies 3,600 1,727 (1,873) 1,802
Other services and charges 8,115 2,404 (5,711) 2,179
Capital outlay 300 (300) 250
Total protective inspection $ 48,070 $ 39,296 $ (8,774) $ 37,124
The accompanying notes are an intergral 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, 1986
Expenditures: (continued)
Public safety: (continued)
Civil Defense:
Current:
Personal services
Supplies
Other services and charges
Total civil defense
Animal control:
Current:
Supplies
Contractual services
Total animal control
Total public safety
Highways and streets:
Current:
Personal services
Supplies
Contractual services:
Streets
Signs
Street lighting
Other services and charges
Capital outlay
Total highways and streets
1986
Budget Actual
Over
(Under)
Budget
$ 85 $ 217 $
700 202
1,415 763
2,200 1,182
125
4,275
4,400
506,650
128,158
42,280
171,500
3,000
9,500
9,270
363,708
4,342
4,342
465,180
Statement 7
Page 4 of 5
1985
Actual
(Memorandum
Only)
132 $ 106
(498) 105
(652) 1,015
(1,018) 1,226
(125)
67
(58)
(41,470)
152,916 24,758
32,250 (10,030)
122,751 (48,749)
1,368 (1,632
9,671 171
25,811 16,541
1,737 1,737
346,504 (17,204)
Parks:
Current:
Personal services 40,795 47,673
Supplies 20,575 18,122
Other services and charges 9,650 8,349
Capital outlay 7,500 8,285
Total parks 78,520 82,429
Miscellaneous:
Current:
Items purchased for resale
Other
Total miscellaneous
-0-
5,577
4,572
10,149
6,878
(2,453)
(1,301)
785
3,909
5,577
4,572
10,149
Total expenditures $1,288,228 $1,377,263 $ 89,035
104
3,981
4,085
442,1 76
125,562
25,610
112,819
3,273
8,483
12,075
6,337
294,159
41,773
15,801
6,687
290
64,551
10,525
4,795
15,320
$1,146,135
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, 1986
1986
Budget Actual
Revenue over (under) expenditures $ 11,000
Statement 7
Page 5 of 5
Over
(Under) 1985
Budget Actual
(Memorandum
Only)
$ (6,504) $ (17,504)
Other increases (decreases):
Transfer from Special Revenue Fund 40,000 39,846
Transfer to City Hall Expansion Fund
Contract for deed - land purchase 80,000
Proceeds from closing mortgage
revenue fund
Total other increases
(decreases) 40,000 119,846
(154)
80,000
79,846
Net increase (decrease) in fund
balance $ 51,000 113,342 $ 62,342
Fund balance - January 1 428,299
Fund balance - December 31 $ 541,641
$ 191,805
42,844
(49,943)
670
(6,429)
185,376
242,923
$ 428,299
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, 1986
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,
1986 1985
$ 1,635 $ 1,208
742 11,022
$ 2,377 $ 12,230
$ 2,377 $ 12,230
2,377 12,230
$ 2,377 $ 12,230 I
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
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, 1986
Revenue:
Intergovernmental:
Federal Revenue Sharing
Interest on investments
Total revenue
1986
Over
(Under) 1985
Budget Actual Budget Actual
(Memorandum
Only)
$ 40,000 $ 28,358 $(11,642) $ 41,693
1,635 1,635 1,208
40,000 29,993 (10,007) 42,901
Expenditures -0- -0- -0- -0-
Revenue over expenditures 40,000 29,993 (10,007) 42,901 •
Other increases (decreases):
Transfer to General Fund (40,000) (39,846) 154 (42,844)
Net increase (decrease) in fund balance $ -0- (9,853) $ (9,853) 57
Fund balance - January 1 12,230 12,173
Fund balance - December 31 $ 2,377 $ 12,230
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA I
Statement 10
DEBT SERVICE FUNDS I
COMBINING BALANCE SHEET
For The Year Ended December 31, 1986
1985
Certificates Total
of December 31,
Indebtedness 1986 1985
(Memorandum
Only)
Assets
Cash and investments $ (6,790) $ (6,790) $ 292 I
Taxes receivable:
Delinquent 3,745 3,745
Due from County 6,516 6,516 I
Allowances and deferments (3,745) (3,745)
Total assets $ (274) $ (274) $ 292 1
Liabilities and Fund Balance
Liabilities $ -0- $ -0- $ -0- II
Fund Balance (Deficit): I
Reserved for debt retirement 292
Undesignated (274) (274)
Total liabilities and fund balance $ (274) $ (274) $ 292 I
t
The accompanying notes are an integral part of these financial statements.
1
CITY OF LINO LAKES, MINNESOTA
Statement 11
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1986
1985
Certificates Total
of December 31,
Indebtedness 1986 1985
(Memorandum
Only)
Revenue:
General property taxes:
Current and delinquent $ 28,490 $ 28,490
Penalties, interest and other 35 35
Total general property taxes 28,525 28,525 $ -0-
Intergovernmental:
State homestead credit aid 12,766 12,766
Interest on investments 136 136
Total revenue 41,427 41,427 -0-
Expenditures:
Debt service:
Principal retirement 35,000 35,000
Interest 6,993 6,993
Total expenditures 41,993 41,993 -0-
Revenue over (under) expenditures (566) (566) -0-
Other increases (decreases):
Bond proceeds 292
Net increase (decrease) in fund balance (566) (566) 292
Fund balance - January 1 292 292 -0-
Fund balance (deficit) - December 31 $ (274) $ (274) $ 292
The accompanying notes are an integral part of these financial statements.
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
Liabilities:
Accounts payable
Deferred revenue
Total liabilities
Fund balance (deficit):
Unreserved:
Designated for:
Capital improvements
Equipment acquisition
Park improvements
Total fund balance
Total liabilities and
fund balance
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1986
Capital Community
Parks and Improvement Development
Playgrounds Projects Block Grant LAWCON
Statement 12
Totals
December 31,
1986 1985
(Memorandum
Only)
$ 131,907 $ 43,417 $ 1,713 $(30,888) $ 146,149 $ 212,181
3,395
(3,395)
5.060
5,135
3,395 4,747
(3,395) (4,747)
80
5,135 10,037
5,060 5,060
$ 136,967 $ 43,417 11,113_ $(25,753) $ 156,344 $ 227,358
$ 5,060
5,060 $ -0-
$ -0-
$ 21,491
21,491
$ 842
$ 26,551 29,813
26,551 30,655
1,713 1,713 (133)
43,417 43,417 117,797
131,907 (47,244) 84,663 79,039
131,907 43,417 1,713 (47,244) 129,793 196,703
$ 136,967 $ 43,417 $ 1,713 $(25,753) $ 156,344 $ 227,358
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 13
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1986
Capital Community Totals
Parks and Improvement Development December 31,
Playgrounds Project Block Grant LAWCON 1986 1985
(Memorandum
Revenue:
Only)
General property taxes:
Current and delinquent $ 1,352 $ 1,352 $ 1,401
Penalties, interest and other 1,365 1,365 1,035
Total general property
taxes 2,717 2,717 2,436
Intergovernmental:
LAWCON grant:
State $ 3,262 3,262 1,517
Federal 3,495 3,495 1,625
County of Anoka:
Community development block
grant $ 5,976 5,976 59,989
Interest on investments $ 8,961 5,218 14,179 8,161
Park dedication fees 4,400 4,400 9,650
Donations 3,900 3,900 10,739
Total revenue 17,261 7,935 5,976 6,757 37,929 94,117
Expenditures:
Current:
Personal services 1,065 4,091 10,699 15,855 8,823
Contractual services (775)
Supplies 641 39 680 7,879
Capital outlay:
General government 42,073
Public safety 24,843 24,843
Public works 57,472 57,472 7,725
Parks 5,989 5,989 8,321
Total expenditures 7,695 82,315 4,130 10,699 104,839 74,046
Revenue over (under) expenditures 9,566 (74,380) 1,846 (3,942) (66,910) 20,071
Other increases (decreases):
Bond proceeds
Transfer from General Fund
Total other increases
(decreases)
107,500
49,943
-0- -0- -0- -0- -0- 157,443
Net increase (decrease) in
fund balance 9,566 (74,380) 1,846 (3,942) (66,910) 177,514
Fund balance (deficit) - January 1 122,341 117,797 (133) (43,302) 196,703 19,189
Fund balance (deficit) - December 31 $ 131,907 $ 43,417 $ 1,713 $(47,244) $ 129,793 $ 196,703
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1986
Debt Service
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
Of 1977 Of 1980 Of 1981 Of 1982
Assets
Cash (overdraft) and investments $ 19,648
Cash held with bond purchaser
Taxes receivable:
Delinquent
Allowances and deferments
Due from County
Special assessments receivable:
Delinquent 125
Deferred 3,459
Special deferred
City property
Total assets
Liabilities and
Fund Balance
Liabilities:
Accounts payable
Contracts payable
Due to other governmental
units
Bonds payable
Total liabilities
$ (45,103) $ 19,532
$ 309,010
320, 000
612
(612)
88,192 350 198,968
23,214 176,810
$ 23,232 $ 43,089
129,819
$ 43,096 $1,134,607
6,320 $ 25,000
6,320 $ -0- 25,000
$ 738
600,000
600,738
Fund balance (deficit):
Reserved:
For debt service 16,912 43,089 18,096 533,869
Unreserved:
Designated for committed
contracts
Designated for construction
Undesignated
Total fund balance 16,912 43,089 18,096 533,869
Total liabilities and
fund balance
$ 23,232 $ 43,089
$ 43,096 $1,134,607
CITY OF LINO LAKES, MINNESOTA
Statement 14
Page 1 of 2
Construction
Temporary
Improvement Improvement Improvement Improvement Interim
Bonds Bonds Bonds Bonds Construction Lakes
Of 1983 Of 1984 Of 1985 Of 1986 Fund Addition #7
$ 6,405 $ 4,413 $ 79,358 $ 27,830
5,227
621 2,269
79,231 21,681 1,439,857
$ 85,636 $ 26,715
$ 70,000
70,000
15,636
1 5, 636
$ 28,000
28,000
(1,285)
(1,285)
$ 85,636 $ 26,715
7,768
111,955
42,925
10,510
$1,529,252 $ 198,447
$1,850,000
1,850,000
(320,748)
(320,748)
$ 475,000
475,000
(276,553)
(276,553)
$1,529,252 $ 198,447
$ (242,695) $ (17,288)
$ (242,695) $ (17,288)
$ 9,110
6,652
15,762 $ -0-
402,452
(660,909)
(258,457)
(17,288)
(17,288)
$ (242,695) $ (17,288)
The accompanying notes are an integral part of these financial statements.
Assets
Cash (overdraft) and investments
Cash held with bond purchaser
Taxes receivable:
Delinquent
Allowances and deferments
Due from County
Special assessments receivable:
Delinquent
Deferred
Special deferred
City property
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUNDS
COMBINING BALANCE SHEET
December 31, 1986
Baldwin Lake
Mobile Tomahawk Reiling Rice Lake
Home Court Trail Road Estates
$ 37,416 $ 304 $ (1,573) $ 721,435
Total assets $ 37,416 $ 304 $ (1,573) $ 721,435
Liabilities and
Fund Balance
Liabilities:
Accounts payable
Contracts payable
Due to other governmental
units
Bonds payable
Total liabilities
Fund balance (deficit):
Reserved:
For debt service
Unreserved:
Designated for committed
contracts
Designated for construction
Undesignated
Total fund balance
$ 24,403
24,403 $ -0-
13,013
13,013
$ 1,206
$ 13,956
194,187
1,206 208,143
1,466
304 513,292
(4,245)
304 (2,779) 513,292
Total liabilities and
fund balance $ 37,416 $ 304 $ (1,573) $ 721,435
CITY OF LINO LAKES, MINNESOTA
Statement 14
Page 2 of 2
Totals
West Shadow Sunset Dear Pass December 31,
North Road Main Street Lake Drive Road Trail 1986 1985
(Memorandum
Only)
$ (6,064) $ (330) $ (10,819) $ (2,521) $ 898,958 $ 2,038,778
147,875 473,102
612
(612)
290,525
1,856,207
42,925
148,097
857
(857)
5,480
271,588
491,159
1 29, 819
$ (6,064) $ (330) $ (10,819) $145,354 $ -0- $ 3,709,814 $ 2,936,824
$ 26
$ 341 $ 377 $ 24,548 $ 11,696
202,045 1,206
24,403 24,403
3,054,320 2,694,140
26 $ -0- $ -0- 341 377 3,305,316 2,731,445
(6,090)
(6,090)
(330)
(330)
(10,819)
(10,819)
627,602 313,427
403,918
145,013 671,622
(377) (1,298,644)
145,013 (377) 404,498
1,466
1,533,515
(1,643,029)
205,379
$ (6,064) $ (330) $ (10,819) $145,354 $ -0- $ 3,709,814 $ 2,936,824
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT FUND
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
December 31, 1986
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 $ 245
Penalties and interest 245
Total general property
taxes 490
Special assessments:
New rolls adopted
Interest $ 604 $ 2,333 $ 3,591 33,344
Direct charge
`interest on investments 1,341 1,181 15,809
Total revenue 1,945 2,333 4,772 49,643
Expenditures:
Current:
Professional services
Capital outlay:
Construction costs
Debt service:
Interest
Fiscal agent fees
Total expenditures
Revenue over (under)
expenditures
Other increase (decreases):
Bond proceeds
Bonds issued
Bond issuance cost
Total other increases
(decreases)
Net increase (decrease) in
fund balance
Fund balance (deficit) -
January 1
Fund balance (deficit) -
December 31
790
790
3,300
113
3,413
3,213
125
3,338
6,776
52,315
140
59,231
1,155 (1,080) 1,434 (9,588)
320,000
-0- -0- -0- 320,000
1,155 (1,080) 1,434 310,412
15,757 44,169 16,662 223,457
16,912 $ 43,089 $ 18,096 $ 533,869
CITY OF LINO LAKES, MINNESOTA
Statement 15
Page 1 of 2
Construction
Temporary
Improvement Improvement Improvement Improvement Interim
Bonds Bonds Bonds Bonds Construction Lakes
Of 1983 Of 1984 Of 1985 Of 1986 Fund Addition #7
$1,433,612
$ 8,682 $ 2,439 1,840
422 344 9,692
9,104 2,783 1,445,144
6,850
6,850
2,254
2,590
2,590
123,950
391
124,341
$ 193,220
193,220 $ -0-
$ 18,285
102
18,387
242,349 13,000
-0- 242,349 13,000
193 1,320,803 193,220 (242,349) 5,387
5,227
(475,000)
-0- -0- -0- (469,773) -0- -0-
2,254 193 1,320,803 (276,553) (242,349) 5,387
13,382 (1,478) (1,641,551) -0- (16,108) (22,675)
$ 15,636 $ (1,285) $ (320,748) $(276,553) $(258,457) $ (17,288)
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, 1986
Baldwin Lake
Mobile
Home Court
Tomahawk
Trail
Reiling
Road
Revenue:
General property taxes:
Current and delinquent taxes
Penalties and interest
Total general property
taxes
Special assessments:
New rolls adopted
Interest
Direct charge
Interest on investments $ 2,522 $ 21
Total revenue 2,522 21 $ -0-
Expenditures:
Current:
Professional services
Capital outlay:
Construction costs 22
Debt service:
Interest
Fiscal agent fees
Total expenditures -0- 22
Revenue over (under)
expenditures 2,522 (1)
Other increase (decreases):
Bond proceeds
Bonds issued
Bond issuance cost
Total other increases
(decreases) -0- -0-
Net increase (decrease) in
fund balance 2,522
Fund balance (deficit) -
January 1 10,491
Fund balance (deficit) -
December 31 $ 13,013 $
Rice Lake
Estates
$ 83,174
83,174
240 1,135,389
240 1,135,389
(240) (1,052,215)
-0-
(1) (240)
305 (2,539)
304 $ (2,779)
-0-
(1,052,215)
1,565,507
$ 513,292
CITY OF LINO LAKES, MINNESOTA
Statement 15
Page 2 of 2
Totals
West Shadow Sunset Dear Pass December 31,
North Road Main Street Lake Drive Road Trail 1986 1985
(Memorandum
Only)
$ 245 $ 253
245 187
$ 395
- 0- $ -0- $ -0- 395 $ -0-
490
1,626,832
52,833
18,285
115,003
1,813,443
440
22,524
66,020
37,984
126,968
6,776
6,090 330 10,819 125 377 1,408,741 102,511
193,008 79,251
769 228
6,090 330 10,819 125 377 1,609,294 181,990
(6,090) (330) (10,819) 270 (377) 204,149 (55,022)
147,875 473,102 1,835,977
(475,000) (1,850,000)
(3,132) (3,132 )'
- 0- -0- -0- 144,743 -0- (5,030) (14,023)
(6,090) (330) (10,819) 145,013 (377) 199,119 (69,045)
- 0- -0- -0- -0- -0- 205,379 274,424
$ (6,090) $ (330) $ (10,819) $145,013 $ (377) $ 404,498 $ 205,379
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, 1986
Assets
Statement 16
December 31,
1986 1985
Current assets:
Cash (overdraft) $ (14,357) $ (10,094)
Accounts receivable 16,256 14,611
Due from other governmental units 8,079 9,203
Prepaid expenses 4,570 1,755
Inventory 4,216 600
Total current assets 18,764 16,075
Property, plant and equipment:
Well 18,500 18,500
Buildings 48,690 48,690
Equipment 15,561 15,561
Water and sewer system 973,802 973,802
Total property, plant and equipment 1,056,553 1,056,553
Less: Allowance for depreciation (212,604) (189,090)
Net fixed assets 843,949 867,463
Total assets $ 862,713 $ 883,538
Liabilities and Fund Equity
Liabilities:
Accounts payable $ 39 $ 340
Salaries payable 138 62
Due to other governments 703 706
Customer deposits 3,325
Total liabilities 880 4,433
Fund equity:
Contributions - net
Retained earnings
Total fund equity
840,959
20,874
861,833
863,489
15,616
879,105
Total liabilities and fund equity $ 862,713 $ 883,538
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, 1986
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Statement 17
December 31,
1986 1985
$ 11,608 $ 7,640
41,655 39,084
4,676 4,428
57,939 51,152
Operating expenses:
Personal services 16,204 12,438
Supplies 3,623 2,516
Contractual services 710 833
Repair and maintenance 5,313 3,061
MWCC sewer charges 28,272 25,954
Depreciation:
Purchased assets 984 984
Contributed assets 22,530 22,530
Utilities 2,229 2,204
Sewer service charge 2,110 2,843
Other 336 293
Total operating expenses 82,311 73,656
Operating (loss) (24,372) (22,504)
Non - operating revenue:
Maintenance agreement - MWCC
Net income (loss)
Other increases:
Credit arising from transfer of depreciation to
contributions from property owners
Net income to retained earnings
Retained earnings - January 1
Retained earnings - December 31
7,100 8,305
(17,272) (14,199)
22,530 22,530
5,258 8,331
15,616 7,285
$ 20,874 $ 15,616
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, 1986
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
Total sources of working capital
Statement 18
December 31,
1986 1985
$ (17,272)
23,514
6,242
6,242
$ (14,199)
23,514
9,315
9,315
Uses of working capital:
Additions to property and equipment 739
Total uses of working capital -0- 739
Net increase in working capital $ 6,242 $ 8,576
1
1
1
1
1
1
1
1
Components of increase in working capital: II
Cash (overdraft) $ (4,263) $ 5,259
Accounts receivable 1,645 297 il
Due from County (119)
Due from other governmental units (1,124) 3,353
Due to other governmental units 3 (666)
Prepaid expenses 2,815 960 II
Inventory 3,616 (119)
Accounts payable 301 338
Salaries payable (76) (62) II
Customer deposits 3,325 (665)
Net increase in working capital $ 6,242 $ 8,576
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
CITY OF LINO LAKES, MINNESOTA
Statement 19
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1986
Balance Balance
January 1, December 31,
1986 Additions Deductions 1986
Contractors Deposits
Assets
Cash $ (3,266) $ 16,012 $ 5,292 $ 7,454
Due from developers 4,652 5,748 4,624 5,776
Total assets $ 1,386 $ 21,760 $ 9,916 $ 13,230
Liabilities
Developers deposit $ 1,334 $ 11,250 $ 5,194 $ 7,390
Accounts payable 52 5,840 52 5,840
Total liabilities $ 1,386 $ 17,090 $ 5,246 $ 13,230
Investment Fund
Assets
Cash and investments
Accrued interest
Total assets
Totals - All Agency Funds
Assets
Cash and investments
Accrued interest
Due from developer
Total assets
$(17,247)
17,247
$ -0-
$15,565,228
6,991
$15,572,219
$15,554,972
17,247
$15,572,219
$ (6,991)
6,991
$ -0-
$(20,513) $15,581,240 $15,560,264 $ 463
17,247 6,991 17,247 6,991
4,652 5,748 4,624 5,776
$ 1,386 $15,593,979 $15,582,135 $ 13,230
Liabilities
Deposits payable $ 1,334 $ 11,250 $ 5,194 $ 7,390
Accounts payable 52 5,840 52 5,840
Total liabilities $ 1,386 $ 17,090 $ 5,246 $ 13,230
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 20
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1986
(Unaudited)
Balance Balance
1/1/86 Additions Deletions 12/31/86
Land $ 151,629 $ 147,314 $ 298,943
Wells 6,216 6,216
Buildings and improvements 516,163 516,163
Furniture and equipment 383,854 104,025 487,879
Total general fixed assets $1,057,862 $ 251,339 $ -0- $1,309,201
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG -TERM DEBT
December 31, 1986
Statement 21
December 31,
1986 1985
Amount available in Debt Service Fund $ 292
Amount to be provided from future tax levies $ 81,000 107,208
Amount to be provided for debt retirement 219,596 131,359
Total assets $ 300,596 $ 238,859
1985 Certificate of Indebtedness
Assessments payable on City property
Contracts payable
Contract for deed
Total liabilities
$ 72,500
148,096
80,000
$ 107,500
129,820
1,539
$ 300,596 $ 238,859
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1986
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
G.O. Improvement Bonds of 1984
G.O. Temporary Improvement Bonds of 1985
G.O. Improvement Bonds of 1986
Total special assessment bonds
General Obligation Bonds:
1985 Certificate of Indebtedness
Contracts Payable:
American Bell
Contract for Deed:
Fire Hall property
Total City indebtedness
* Scheduled for early retirement at 2/1/88.
Final
Payment Net Interest
Dated Date Rate
7/16/77 7/26/87 5.00%
12/01/80 12/01/86 8.25
12/01/81 12/01/91 10.64
10/01/82 2/01/91* 7.25 to 8.80
10/01/83 10/01/93 8.65
5/01/84 11/01/94 6.50
11/01/85 11/01/88 7.03
12/01/86 2/01/97 5.43
12/01/85 12/01/88 6.25 to 6.75
9/28/83 9/25/86 14.00
10/1/87 7/1/91 8.00
CITY OF LINO LAKES, MINNESOTA
Exhibit 1
Authorized Principal Interest
and Due Due
Issued Retired Outstanding in 1987 in 1987
$ 63,200 $ 56,880 $ 6,320 $ 6,320 $ 316
200,000 200,000 -0- -0-
45,000 20,000 25,000 5,000 2,713
750,000 150,000 600,000 110,000 46,045
100,000 30,000 70,000 10,000 6,050
35,000 7,000 28,000 3,500 2,345
1,850,000 -0- 1,850,000 -0- 123,950
475,000 -0- 475,000 -0- 15,417
3,518,200 463,880 3,054,320 134,820 196,836
107,500 35,000 72,500 35,000 4,806
5,301 5,301 -0- -0- -0-
80,000 -0- 80,000 16,000 4,800
$ 3,711,001
$ 504,181 $ 3,206,820
$ 185,820 $ 206,442
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Exhibit 2
DEFERRED TAX LEVIES
December 31, 1986
1985 G.O. G.O.
Certificates Improvement Improvement
Year of of Bonds Bonds
Levy /Collection Indebtedness Of 1984 Of 1986 -A Total
1986/87 $ 42,000 $ 42,000
1987/88 39,000 $ 165 $ 29,801 68,966
1988/89 119 34,838 34,957
1989/90 35,639 35,639
1990/91 2,508 2,508
1991/92 1,689 1,689
1992/93 839 839
Total $ 81,000 $ 284 $ 105,314 $ 186,598
Bonds payable
Future interest payable
Totals
Payments to maturity:
1987
1988
1 989
1990
1991
1992
1 993
1994
1995
1996
1997
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1986
G.O. G.O.
1985 Improvement Improvement
Certificates Bonds Bonds
of Indebtedness Of 1977 Of 1981
$ 72,500
7,337
$ 79,837
$ 39,806
40,031
$ 6,320
316
$ 6,636
$ 6,636
$ 25,000
8,175
$ 33,175
$ 7,713
7,175
6,637
6,100
5,550
Totals $ 79,837 $ 6,636 $ 33,175
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
G.O.
G.O. G.O. G.O. Temporary G.O.
Improvement Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds Bonds
Of 1982 Of 1983 Of 1984 Of 1985 Of 1986
$ 600,000
55,475
$ 655,475
$ 531,045
124,430
Exhibit 3
Total
$ 70,000 $ 28,000 $1,850,000 $ 475,000 $3,126,820
25,650 10,919 247,900 96,580 452,352
$ 95,650 $ 38,919 $2,097,900 $ 571,580 $3,579,172
$ 16,050
15,250
14,400
13,550
13,700
11,800
10,900
$ 5,845
5,582
5,310
5,031
4,743
4,445
4,139
3,824
$ 123,950
1,973,950
$ 15,417 $ 746,462
32,925 2,199,343
144,975 171,322
139,288 163,969
133,225 157,218
- 19,710 35,955
18,915 33,954
18,090 21,914
17,235 17,235
16,350 16,350
15,450 15,450
$ 655,475 $ 95,650 $ 38,919 $2,097,900 $ 571,580 $3,579,172
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1986
Construction /Acquisition Costs
Contractor Engineer Other Total
1986
Exhibit 4
Expended
Prior
Years
Capital Project Funds:
LAWCON - Country Lakes Park $ 92,985 $ 13,641 $ 17,929 $ 124,555 $ 10,699 $ 113,856
Total Capital Project Funds $ 92,985 $ 13,641 $ 17,929 $ 124,555 $ 10,699 $ 113,856
Special Assessment Construction Funds:
Interim Construction:
80th Avenue
4th Avenue $ 133,043
Total Interim Constructioi, 133,043
$ 5,161 $ 18 $ 5,179 $ 5,092 $ 87
62,940 57,295 253,278 237,257 16,021
68,101 57,313 258,457 242,349 16,108
Lakes Addition #7 22,333 13,342 35,675 13,000 22675
Tomahawk Trail 14,251 3,216 1,556 19,023* 22 19,001
Reiling Road 24,129 7,289 4,248 35,666* 240 35,426
Rice Lake Estates 1,005,108 136,072 76,524 1,217,704 1,135,389 82,315
North Road 4,740 1,330 20 6,090 6,090
Main Street 289 41 330 330
West Shadow Lake Drive 10,788 31 10,819 10,819
Sunset Road 84 41 125 125
Deer Pass Trail 368 9 377 377
Baldwin Lake Mobile Home Court 44,829 13,174 28,459 86,462* 86,462
Total Special
Assessment Funds $1,226,100 $ 263,044 $181,584 $1,670,728 $1,408,741 $ 261,987
* Project Completed
CITY OF LINO LAKES, MINNESOTA
Exhibit 5
INSURANCE IN FORCE
December 31, 1986
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
$ 600,000
600,000
1,36.3,500
70,800
22,689
50,000
100,000
1,000,000
500,000
Automotive:
Bodily Injury and Property Damage 600,000
Comprehensive and Collision ACV
Uninsured Motorist 600,000
Workers Compensation Statutory
Employee Benefit Liability 600,000
Umbrella Liability 1,000,000
CITY OF LINO LAKES, MINNESOTA
Exhibit 6
ASSESSED VALUATIONS, TAX LEVIES AND MILL RATES
1987 1986
Tax levies extended by County:
Year of levy 1986 1985
Year of collection 1987 1986
Assessed Valuation:
Total
Fiscal Disparity Contribution
Net Assessed Valuation
Fiscal Disparity Distribution
Tax Levies:
City Total
Fiscal Disparities Distribution Tax
Balance Levied Against Property
Located in Lino Lakes
Mill Rates:
Property Located in Lino Lakes
Fiscal Disparity
$29,997,115
984,515
$29,012,600
$27,350,937
929,569
$26,421,368
$ 6,273,957 $ 4,877,202
$ 990,000
167,811
$ 822,189
28.339
26.749
$ 880,500
173,756
$ 706,744
26.749
26.400