HomeMy WebLinkAboutAnnual Financial Report 12/31/1988CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1988
Organization
Organization Chart
Independent Auditor's Report
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
II. FINANCIAL SECTION
Combined Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups Statement 1
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Govenunental Fund Types Statement 2
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special Revenue
Fund Types Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types Statement 4
Combined Statement of Cash Flows - All Proprietary Fund Types Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account Group Financial Statements
General Fund:
Balance Sheet
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Capital Project Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Statement 6
Statement 7
Statement 8
Statement 9
Statement 10
Statement 11
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
(continued)
Enterprise Funds - Water and Sewer Fund:
Combining Balance Sheet Statement 12
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 13
Combining Statement of Cash Flows Statement 14
Agency Funds:
Combining Balance Sheet Statement 15
Statement of Changes in Assets and Liabilities Statement 16
Schedule of General Fixed Assets Statement 17
Statement of General Long -Term Debt Statement 18
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
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6
Schedule of Sources and Uses of Funds:
Tax Increment Housing District #1 -1 Exhibit 7
Tax Increment Housing District #1 -2 Exhibit 8
1
1
1
1
1
1
1
1
1
1
I.
INTRODUCTORY
SECTION
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1988
Term Expires
Mayor:
Benjamin G. Benson December 31, 1989
Council Members:
Harold Bisel
William Bohjanen
Andy Neal
Vernon Reinert
City Administrator.
Randall Schumacher
Clerk- Treasurer
Marilyn Anderson
City Accountant
Paula Romocky
December 31, 1989
December 31, 1991
December 31, 1991
December 31, 1989
Appointed
Appointed
Appointed
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
V▪ �
0
2 C
m.0
C 0
2
0 E
e
0
.0
E
ii O
0
0. o.
•
0
a",
a
40
•
"a
0
.2
E
E
e
0
I__ ..,_,
C
n.
o
V
2
O.
c a
0
m3
3
0
a
0
•
LL
c �
v
Z.
sV
c
as
3E
0.
•
LL
2
II.
FINANCIAL
SECTION
VOTO, TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Phone 426 -3263
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of Lino Lakes, Minnesota
ROBERT J. VOTO, CPA
ROBERT G. TAUTGES, CPA
JAMES S. REDPATH, CPA
D. KENNETH GEORGE, CPA
DAVID J. MOL, CPA
We have audited 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 31,1988 as
listed in the table of contents. These fmancial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
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 Account Group at December 31, 1988 or
1987 (stated at $1,467,708 and $1,369,835 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 had we been able to
obtain sufficient evidential matter regarding the City's General Fixed Assets, the general purpose fmancial statements
referred to above present fairly, in all material respects, the financial position of the City of Lino Lakes, Minnesota,
as of December 31, 1988, and the results of its operations and the statement of cash flows of its proprietary fund
types for the year then ended in conformity with generally accepted accounting principles. Also, in our opinion,
except for the effects of such adjustments, if any, as might have been determined had we been able to obtain
sufficient evidential matter regarding the City's General Fixed Assets, the combining, individual fund, and account
group financial statements referred to above present fairly, in all material respects, the financial position of each of
the individual funds and account groups of the City of Lino Lakes Minnesota as of December 31, 1988, and the
results of operations of such funds and the statement of cash flows of individual proprietary funds for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a
whole, and on the combining, individual fund, and account group financial statements. The accompanying
information listed as supporting exhibits and statistical information in the table of contents is presented for purposes
of additional analysis and is not a required part of the financial statements of the City of Lino Lakes, Minnesota.
Such information, except for that portion marked "unaudited ", on which we express no opinion, has been subjected
to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group
financial statements and, in our opinion, is fairly stated in all material respects in relation to the fmancial statements
of each of the respective individual funds and account groups, taken as a whole.
June 9, 1989
VOTO, TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
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
COMBINED
FINANCIAL
S TATEMENTS
CITY OF LINO LAKES, MINNESOTA 1
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS I
December 31, 1988
Governmental Fund Types I
Debt Capital
Assets General Service Project
Cash and investments $858,505 $996,039 $1,381,380
Cash with escrow agent
Accrued interest receivable I
Accounts receivable 4,433 5,060
Due from other governmental units 5,353 11,612
Taxes receivable: I
Delinquent 37,996 3,209 183
Due from County 26,156 1,652
Special assessments receivable 125 1,970,983 101,829
Prepaid expenses 56,626 I
Inventory
Fixed assets (net of accumulated depreciation)
Amount available in Debt Service Fund I
Amount to be provided for retirement of GLTD
Total Assets $989,194 $2,970,231 $1,501,716 I
Liabilities and Fund Equity
Liabilities: I
Cash overdraft $220,456 $172,504
Accounts payable $82,573 49,318
Salaries payable 2,824 I
Contracts payable 40,262
Assessments payable on City property
Deposits payable 11,198
Due to other governmental units 10,016 24,403 I
Deferred revenue 38,121 $1,924,540 107,072
Bonds payable
Deferred compensation payable I
Total liabilities 144,732 2,144,996 393,559
Fund Equity: I
Contributions from property owners
Invested in general fixed assets
Retained earnings I
Fund balance (deficit):
Reserved 978,210
Unreserved:
Designated 96,626 1,304,697 I
Undesignated 747,836 (152,975) (196,540)
Total fund equity 844,462 825,235 1,108,157
Total liabilities and fund equity $989,194 $2,970,231 $1,501,716 I
1
The accompanying notes are an integral part of these financial statements.
1
CITY OF LINO LAKES, MINNESOTA
Statement 1
Fiduciary Totals
I Proprietary Fund Type Account Groups (Memorandum Only)
Fund Type Trust and General General Long- December 31,
Enterprise Agency Fixed Assets Term Debt 1988 1987
I $3,549 (Unaudited)
$3,239,473 $2,587,762
86,174 86,174 59,420
14,732 14,732 11,684
I
$37,746 16,533 63,772 47,600
12,827 29,792 191,580
' 41,388 27,995
27,808 120,371
2,072,937 2,092,535
' 5,760
2,737 62,386 57,495
2,737 3,245
3,022,356 $1,467,708 4,490,064 2,192,031
' $825,235 825,235 729,383
3,344,895 3,344,895 3,792,713
$3,081,426 $120,988 $1,467,708 $4,170,130 $14,301,393 $11,913,814
1
1 $6,726 $14,732 $414,418 $291,672
3,251 482 135,624 70,777
87 2,911 3,199
I
$48,000 88,262 199,211
151,130 151,130 148,096
19,600 30,798 19,350
4,106 38,525 90,404
2,069,733 2,119,740
$3,971,000 3,971,000 4,310,000
I 14 170 86,174 86,174
6 59,420
, 120,988 $0 4,170,130 ,988,575 7,311,869
1 3,019,402 3,019,402 818,429
1,467,708 1,467,708 1,369,835
47,854 47,854 14,458
1 978,210 788,243
1,401,323 1,203,422
398,321 407,558
3,067,256 0 1,467,708 0 7,312,818 4,601,945
1 $3,081,426 $120,988 $1,467,708 $4,170,130 $14,301,393 $11,913,814
1
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Fn , ed December 31, 1988
Revenue:
General property taxes
Tax increments
Special assessments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Refunds and reimbursements
Connection and area charges
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Highways and streets
Parks
Capital outlay:
General government
Public safety
Highways and streets
Parks
Debt service:
Principal
Interest and fiscal charges
Construction/acquisition
Sewer abatement
Total expenditures
Revenue over (under) expenditures
Other increases:
Bond proceeds
Total other increases
Net increase in fund balance
Fund balance - January 1
Residual equity transfer
Fund balance - December 31
General
$769,915
229,511
549,567
86,067
70,142
25,014
62,756
1,792,972
588,946
582,818
263,129
91,051
13,950
33,258
10,485
7,265
Debt Capital
Service Project
$85,805 $297
49,808
1,210,224 8,231
29,963 11,702
46,560 76,168
36,400
24,160
47,750
1,408,952 218,116
26,365
26,452
8,580
20,080
Statement 2
Totals (Memorandum Only)
December 31,
1988 1987
$856,017 $750,544
49,808
1,218,455 714,927
229,511 164,115
591,232 1,223,732
86,067 59,069
70,142 68,448
147,742 108,098
36,400
24,160
110,506 59,662
3,420,040 3,148,595
615,311 428,871
582,818 530,785
263,129 383,271
91,051 82,117
40,402 43,727
41,838 29,341
30,565 39,089
7,265 16,688
2,109,000 2,109,000 544,820
256,910 256,910 186,361
761,067 761,067 1,960,514
22,246
1,590,902 2,365,910 842,544 4,799,356 4,267,830
202,070 (956,958) (624,428) (1,379,316) (1,119,235)
1,013,011 744,936 1,757,947 1,723,859
0 1,013,011 744,936 1,757,947 1,723,859
120,508 378,631 604,624
968,588 2,399,223 1,794,599
19,061 0
202,070 56,053
642,392 788,243
(19,061)
$844,462 $825,235 $1,108,157 $2,777,854 $2,399,223
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
Revenue:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Miscellaneous
Total revenue
Expenditures:
Current
General government
Public safety
Highways and streets
Parks
Capital outlay:
General government
Public safety
Highways and streets
Parks
Total expenditures
Net increase (decrease) in fund balance
Fund balance - January 1
Residual equity transfer
Fund balance - December 31
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUND TYPES
For The Year Ended December 31, 1988
1988
Budget Actual
$809,466 $769,915
172,015 229,511
538,227 549,567
79,659 86,067
64,000 70,142
25,014
28,000 62,756
1,691,367 1,792,972
Over
(Under)
Budget
($39,551)
57,496
11,340
6,408
6,142
25,014
34,756
101,605
Statement 3
1987
Actual
(Memorandum
Only)
$714,892
164,115
545,674
59,069
68,448
16,756
48,332
1,617,286
494,090 588,946 94,856 424,428
595,901 582,818 (13,083) 530,785
396,335 263,129 (133,206) 383,271
109,254 91,051 (18,203) 82,117
9,000 13,950 4,950
32,620 33,258 638
9,200 10,485 1,285
8,000 7,265 (735)
1,654,400 1,590,902 (63,498)
$36,967 202,070 $165,103
642,392
$844,462
The accompanying notes are an integral part of these financial statements.
43,727
29,174
10,185
15,502
1,519,189
98,097
539,380
4,915
$642,392
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS - PROPRIETARY FUND TYPE
For The Year Ended December 31, 1988
Statement 4
December 31,
1988 1987
1
1
1
Operating revenue:
Water sales $43,708 $21,492 I
Sewer charges 69,873 49,942
Other operating revenue 14,498 6,916
Total operating revenue 128,079 78,350
Operating expenses: I
Personal services 34,966 29,577
Materials and supplies 2,341 4,532 I !I
Contractual services 1,924 8,295
Repair and maintenance 17,135 11,003
MWCC sewer charges 36,025 33,709
I
Depreciation:
Purchased assets 813 1,082
Contributed assets 22,530 22,530
Utilities 4,901 2,849 '
Sewer service charge 956
Other 3,897 2,835
Total operating expenses 124,532 117,368
I
Net income (loss) from operations 3,547 (39,018)
Other income :
Maintenance agreement - MWCC
Net other income
Net income (loss)
7,319
7,319
10,072
10,072
10,866 (28,946)
Other increases :
Credit arising from transfer of depreciation
to contributions from property owners 22,530 22,530
Net other increases (decreases) 22,530 22,530
Net increase (decrease) in retained earnings 33,396 (6,416)
Retained earnings - January 1 14,458 20,874
Retained earnings - December 31 $47,854 $14,458
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS -
PROPRIETARY FUND TYPE
For The Year Ended December 31,1988
Statement 5
December 31,
1988 1987
Cash Flows from Operating Activities:
Net income (loss) $10,866 ($28,946)
Noncash expenses (revenues) included in net income:
Depreciation 23,343 23,612
Decrease (increase) in receivables, prepaid expenses and inventory (13,351) (12,598)
Increase (decrease) in payables (442) 7,006
Net cash provided by operating activities 20,416 (10,926)
Cash flows from investing activities:
Purchase of fixed assets (1,859)
Net cash used by investing activities 0 (1,859)
Net increase (decrease) in cash $20,416 ($12,785)
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, 1988
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 govemmental units.
FINANCIAL REPORTING ENTITY
The City of Lino Lakes is a public corporation formed under Minnesota Statutes 410. As such the
City is under home rule charter regulations and applicable statutory guidelines.
In accordance with the Codification of Governmental Accounting and Financial Reporting
Standards (GASB) Section 2100, Defining the Reporting Entity, for financial reporting purposes
the City's financial statements include all funds, account groups, boards and commissions over
which the City Council exercises oversight responsibility. Oversight responsibility includes
appointment of governing bodies, budget authority, approval of tax levies and responsibility for
funding deficits.
As a result of applying the criteria of the Codification of Governmental Accounting Standards
Board Section 2100, certain organizations have been included or excluded from the City's financial
statements:
Included
Entity
None
Excluded Lino Lakes Gas Utility
Franchise
Lino Lakes Senior Council
FUNDS AND ACCOUNT GROUPS
Reason for Inclusion/Exclusion
Operated as part of the Circle Pines Gas
Utility. City of Lino Lakes exercises
minimal management control. City receives
annual share of gross revenue.
Although the Senior Council uses a center
funded by the City, the Senior Council has
authority over the activities it finances as
well as responsibility over fiscal matters.
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. The following types
of funds and account groups are employed by the City.
GOVERNMENTAL FUNDS
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
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.
Page 2 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FUNDS AND ACCOUNT GROUPS (continued)
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 providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenue earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy, management control,
accountability, or other purposes.
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 Govemmental 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 Assetg - 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.
General Long -Term Debt - This account group contains the long -tern obligations of the City
including general obligation bonds, special assessment bonds, special obligation bonds and
leases payable.
MEASUREMENT FOCUS
The accounting and reporting treatment applied to a fund is determined by its measurement focus.
All Governmental Funds are accounted for on a spending or "financial flow" measurement focus.
This means that only current assets and current liabilities are generally included on their balance
sheets. Governmental Fund operating statements present increases (revenues and other financing
sources) and (expenditures and other financing uses) in net current assets.
All Proprietary Funds are accounted for on a cost of services or "capital maintenance" measurement
focus. This means that all assets and liabilities (whether current or noncurrent) associated with
this activity are included on their balance sheets. Their reported fund equity (net total assets) is
segregated into contributed capital and retained earnings components. Proprietary fund type
operating statements present increases (revenues) and decreases (expenses) in net total assets.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BASIS OF ACCOUNTING
Page 3 of 19
The modified accrual basis of accounting is followed by the City for its governmental funds
(General, Special Revenue, Debt Service and Capital Project) and Agency 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.
Major revenue sources susceptible to accrual include property taxes, special assessments,
intergovernmental revenues, charges for services and interest on investments.
Major revenue sources not susceptible to accrual include 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 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. 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. The modified accrual basis of
accounting is used by the City for budgetary data.
The City monitors budget performance on the departmental basis. All amounts over budget have
been approved by the City Council through the disbursement approval process. Significant budget
variances are as follows for the current year:
License and permits exceeded budget because of increased development within the City in 1988.
Township (City Planner) was under budget because the Township hired its own planner during
1988.
Engineering exceeded budget because of increased services requested by the City.
Highways and streets was under budget because the City did not hire an additional employee in
1988 and streets were not sealcoated.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Page 4 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Encumbrance accounting, under which purchase orders, contracts, and other commitments 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 not considered 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
CASH AND INVESTMENTS
Cash balances from all funds are pooled and invested to the extent available in authorized
investments. Earnings from investments are allocated to individual funds on the basis of the fund's
available cash balance.
Investments are stated at cost (plus interest added, if any) which approximates market value.
Material purchase discounts and premiums are amortized over the term of the investment.
Investment earnings are accrued at the balance sheet date. Interest is allocated to funds based on the
average cash balance during the year. Cash and investment balances were as follows at December
31, 1988 and 1987:
December 31,
1988 1987
Cash - checking ($17,196) $13,450
Investments 2,842,101 2,282,490
Petty cash and change 150 150
Totals $2,825,055 $2,296,090
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.
CITY OF LINO LAKES, MINNESOTA
Page 5 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (continued)
DEPOSITS (cont.)
Bank Carrying
Balances at December 31, 1988 are as follows: Balance Amount
(1) Insured or collateralized by securities held by
the City or its agent in the City's name $2,663,287 $2,560,400
(2) Collateralized with securities held by the pledging
institution's trust department in the City's name
(3) Uncollateralized or collateralized with securities
not in the City's name
Totals $2,663,287 $2,560,400
Categories 2 and 3 are not procedures that are authorized by Minnesota statutes.
INVESTMENTS
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(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) General obligations of the State of Minnesota or any of its municipalities.
(d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve
System.
(e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of
the highest quality, and maturing in 270 days or less.
(1) Repurchase or reverse 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 - dealer&
(g) Future contracts sold under authority of Minnesota Statutes 471.56, subd. 5.
The City's investments are categorized below to give an indication of the risk assumed by the
entity 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 or
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 and 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.
Page 6 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (continued)
Credit Risk Cateaory Carrying Market
Investment Type 1 2 3 Amount Value
U.S. Government of its Agencies $0 $0
Investment Company Shares 264.505 264.505
Totals $264,505 $264,505
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.
MUNICIPAL STATE AID
Municipal State Aid (MSA) is recognized as revenue in the period the funds are designated for
specific construction projects.
LOCAL GOVERNMENT AID
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
Property tax levies are set by the Council in October each year, and are certified to Anoka County
for collection in the following year. The County spreads all levies over assessable property. Such
taxes become a lien on January 1 and are recorded as receivable by the City at that date. 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 December) are remitted to the City each January. 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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
Page 7 of 19
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
PROPERTY TAX REVENUE RECOGNITION (continued)
The City recognizes property tax revenue when it becomes both measurable and available to
finance expenditures of the current period. In practice, current and delinquent taxes and homestead
credits received by the City during the year are recognized as revenue for the current year.
Additionally, taxes collected by the County by December 31 (remitted to the City the following
January) 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 as deferred revenue.
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. 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 1988 and 1987 totaled $207,526 and $167,116 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. Special assessment principal and interest is recognized as revenue in the year
of collection.
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. Pursuant to State
Statutes, a property shall be subject to 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.
1
r
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Page 8 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
PARK DEDICATION FEE REVENUE RECOGNITION
The City receives park dedication fees from developers. The amount due the City is payable when
land is platted. The City has granted a delay in collection from several developers pending actual
development of the platted property. The amount not collected is recorded as an account receivable,
offset by deferred revenue. The amount of uncollected fees totalled $5,060 at December 31, 1988
and 1987.
SHARE IN GAS FRANCHISE PROFITS
The City receives a share of the gross billings for natural gas sales by a neighboring city which
provides service within the City of Lino Lakes. The amount earned for 1988 totaled $11,875.
This amount was received in May of 1989 and will be recorded as revenue (available criteria) in
1989.
INVENTORIES
GOVERNMENTAL TYPE FUNDS
The original cost of materials and supplies has been recorded as expenditures and/or expenses at the
time of purchase. The City does not maintain significant levels of material or supplies.
PROPRIETARY TYPE FUNDS
Inventories of the proprietary funds are stated at the lower -of -cost or market; cost being determined
by the first -in, first -out method.
FIXED ASSETS
GENERAL
General fixed assets are recorded as expenditures of the governmental funds at the time of purchase.
Such assets are capitalized, at cost, in the general fixed asset group of accounts except for certain
improvements (roads, bridges, curbs, gutters, streets, sidewalks, drainage systems 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
1/1/88 Additions Deletions 12/31/88
Land $298,943 $298,943
Buildings and improvements 516,163 $9,062 525,225
Wells 6,216 6,216
Furniture and equipment 548,513 113,812 $25,001 637,324
Totals $1,369,835 $122,874 $25,001 $1,467,708
CITY OF LINO LAKES, MINNESOTA
Page 9 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
FIXED ASSETS (continued)
GENERAL (cont.)
The City does not maintain detailed records nor accounting controls over general fixed assets. The
amounts presented in the financial statements represent partial accumulations of historical
accounting records without regard to physical listings.
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:
Depreciation
Assets Depreciable Lives 1988 1987
Purchased assets:
Water 5 - 25 years $645 $779
Sewer 5 - 25 years 168 303
Contributed assets:
Water 20 - 50 years 9,058 9,058
Sewer 20 - 50 years 13,472 13,472
Totals $23,343 $23,612
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 contributions 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 principles. 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, 1988 is as follows:
Well $18,500
Buildings and Structures 48,690
Machinery and Equipment 17,421
Water and Sewer Lines 3,197,305
Total 3,281,916
Less: Accumulated Depreciation (259,560)
Net Fixed Assets $3,022,356
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Page 10 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1988:
Balance Balance
1/1/88 Additions Deletions 12/31/88
Bonded Debt
General Obligation $115,500 $115,500 $0
Special Assessment 4,194,500 $1,770,000 1,993,500 3,971,000
Contract Payable 64,000 16,000 48,000
Assessments Payable 148,096 3,034 151,130
Totals $4,522,096 $1,773,034 $2,125,000 $4,170,130
All bond issues outstanding at December 31,1988 are backed by the full faith and credit of the
City, including special assessment bond issues. Outstanding balances at December 31,1988,
principal and interest payments due in 1989, final due dates, 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 Minnesota Municipal Industrial Development Act allows Cities to issue industrial
development bonds for the purpose of financing private development, subject to State approval.
Under the terms of the bond issues authorized and the requirements of the Minnesota Industrial
Development Act, the City has no obligation for the payment of principal or interest other than its
interest in the Industrial Development Project(s) which have been excluded from these financial
statements.
The annual requirement to amortize all bonded debt outstanding at December 31, 1988 including
interest payments of $764,582 are as follows:
General Special
Year Ending Obligation Assessment
December 31, Bonds Bonds Total
1989 $357,518 $357,518
1990 2,104,829 2,104,829
1991 1,000,430 1,000,430
1992 228,098 228,098
1993 227,204 227,204
1994 215,486 215,486
1995 195,819 195,819
1996 199,458 199,458
1997 206,740 206,740
Total $0 $4,735,582 $4,735,582
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
Page 11 of 19
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS (continued)
The amount to be provided in the General Long -Term Debt Group of Accounts represents future
tax levies, special assessments and MSA grants for the retirement of bonds payable. Total
scheduled deferred tax levies to retire general long -term debt bonds are $40,675.
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.
City indebtedness at December 31, 1988 is composed of the following:
Final
Issue Maturity Interest Original Payable
Date Date Rates Issue 12/31/88
General obligation Bonds:
1985 Certificates of Indebtedness 12/1/85 12/1/88 6.25 - 6.75 8107,500 80
1987 Equipment Certificates 11/1/87 11/1/88 6.75 78.000 0
Total General Obligation Bonds
185.500 0
General Improvement Bonds with special assessments pledged:
G. 0. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 15,000
G. 0. Improvement Bonds of 1982 10/1/82 2/1/91* 7.25 - 8.80 750,000
G. 0. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 50,000
G. 0. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 21,000
G. 0. Temporary Improvement Bonds of 1985 11/1/85 11/1/88 7.03 1,850,000
G. 0. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 465,000
G. 0. Temporary Improvement Bonds of 1987 9/1 /87 9/1/90 5.43 1,650,000 1,650,000
G. 0. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,160,000
G. 0. Temporary Improvement Bonds of 1988B 10/1/88 10/1/91 6.20 610,000 610,000
Total General Improvement Bonds with special assessments pledged 6.675.000 3.971.000
Total - All Bonds 6.860.500 3,971.000
Contractfrdeed 10/1/87 7/1/91 8.00 80,000 48,000
Total indebtedness 86,940,500 84,019,000
• Bonds maturing in years 1989 through 1991 representing 8375,000 called on 2/1/87
LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness
payable principally from taxes. The City of Lino Lakes legal debt margin for 1988 and 1987 is
computed as follows:
1
1
1
1
1
1
1
1
1
1
Page 12 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
LEGAL DEBT MARGIN (continued)
December 31.
1988 1987
Functional value:
Assam value (after focal disparities and
tax increment) $32,019,057
Market value $187,826,200
Applicable percentage 2% 7 -1/3%
Debt limit $3,756,524 $2,348,064
Amount of debt applicable to debt limit
Total bonded debt $3,971,000 $4,310,000
Less: Special assessment bonds and
tax increment bonds 3,971,000 4,194,500
Less: Cash and investments in
debt service funds 728
Total debt applicable to debt limit $0 $114,772
Legal debt margin
$3,756,524 $2,233,292
Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include
General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise
Fund bonded debt).
COMPENSATED ABSENCES
The accrued liability for compensated absences is not recorded as a liability in the General Long -
Term Debt Group of Accounts (for governmental funds) nor the Proprietary Funds. Unused
vacation, the portion of sick leave payable as severance pay, and the compensatory time are not
considered material to these financial statements. Unpaid vacation pay totalled $8,876 and $7,341
at December 31, 1988 and 1987 respectively.
The City also has an unrecorded contingent liability for unused employee sick leave of $137,901
and $117,000 at December 31, 1988 and 1987 respectively.
DEFERRED REVENUE
Deferred revenue at December 31, 1988 consisted of the following amounts:
Uncollected park dedication fees $5,060
Property tax revenue 41,388
Special assessment revenue 2,023,285
Totals $2,069,733
CITY OF LINO LAKES, MINNESOTA
Page 13 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS
The City participates in the Public Employees Retirement Fund and the Police and Fire Fund
Pension Plans as administered by the Public 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 $705,314
and $739,919 respectively.
A summary of plan eligibility requirements is available at PERA. Such retirement 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 retirement 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 formulas:
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.
Coordinated Members - 1% of the average salary over the highest five successive 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
employee 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:
Public Employees Retirement Fund:
Basic Plan
Coordinated Plan
Public Employees Police and Fire Fund
Employee Employer
8.00% 10.50%
4.00% 4.25%
8.00% 12.00%
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.
Page 14 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (continued)
The City made employer contributions of $51,120 (7.25%) of current covered payroll and
employee contributions of $39,126 (5.55%) of current year covered payroll.
The "pension benefit obligation" is a standardized disclosure measure of the present value of
pension benefits, adjusted for the effects of projected salary increases and step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure, which
is the actuarial present value of credited projected benefits, is intended to help users assess the
PERA's funding status on a going - concern basis, assess progress made in accumulating sufficient
assets to pay benefits when due, and make comparisons among Public Employees Retirement
Systems and employers. The PERA does not make separate measurements of assets and pension
benefit obligation for individual employers. The pension benefit obligations of the PERA as of
June 30, 1988, were as follows:
Public Public
Employees Employees
Retirement Fund Police and Fire
(in $1,000) Fund (in $1,000)
Total pension benefit obligation $3,334,423 $512,921
Net assets available for benefits, at market 2,749,289 584,871
Unfunded (assets in excess of) pension benefit obligation $585,134 ($71,950)
The actuarial calculations of annual contributions include amounts that would be required to
achieve full (100%) funding by the year 2009.
Prior to fiscal year 1988, the mortality table used was the UP -2984 Unisex set forward one year for
males and set back four years for females. For fiscal year 1988, the PERA Board of Trustees
approved the use of the 1971 Group Annuity Mortality Table projected to 1984 for males and
females. The change was made in order to reduce , if not eliminate, the series of large annually
recurring mortality losses that have been realized in the last four years. With the adoption of the
new mortality table, the projected benefit obligation increased $179,670,000 in the Public
Employees Retirement Fund and $18,805,000 in the Public Employees Police and Fire Fund.
The measurement of the pension benefit obligation is based on an actuarial valuation as of June
30, 1988. Net assets available to pay pension benefits were valued as of June 30, 1988.
PERA does not make separate measurements for individual employers. The City of Lino Lakes
made employer contributions totaling $49,595 which represent .05% of total contributions of all
employers participating in the system ($98,218,000) for the year ended June 30, 1988. The City's
contributions were made by the required due dates.
Information on investment activity and a listing of specific investments of the PERA can be
obtained by writing to the Minnesota State Board of Investment.
Ten -year historical trend information is available in the published comprehensive annual financial
report of the Public Employees Retirement Association.
CITY OF LINO LAKES, MINNESOTA
Page 15 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (continued)
During 1988 and as of June 30, 1988, PERA held no securities issued by the City or other related
parties.
The City made employer contributions of $32,424 to the Federal Social Security Retirement Plan.
DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
Major fund equity designations at December 31, 1988 and 1987 are as follows:
December 31,
General Fund:
Designated for prepaid insurance
Debt Service Funds:
Reserved for debt retirement
1988 1987
$96,626 $52,593
978,210 788,243
Capital Projects Funds:
Designated for capital improvements 1,083,709 928,322
Designated for committed contracts 9,475 7,619
Designated for equipment acquisition 60,059 98,018
Designated for park improvements 151,454 116,870
Totals
$2,379,533 $1,991,665
Page 16 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
DEFICIT FUND BALANCES
The following funds had deficits at December 31, 1988:
Debt Service Funds:
1987 Equipment Certificates
Improvement Bonds of 1988
Fund
Deficit
$6,525
209,227
Capital Project Funds:
Community Development Block Grant 2,241
Reiling Road 2,834
West Shadow Lake Drive 10,819
80th Street 18,563
Otter Bay 1,856
Ash Street East Extension 7,512
West Central Sewer & Water Trunk 49,961
1160 Main 11,324
2nd Avenue 46,170
Lakes 9 763
Carlson 10,580
Pine Oaks Revision 4,856
Sunrise Meadows 19,438
Reshanau 3rd Addition 3,310
Tax Increment Financing 1 -2 6,313
The 1987 Equipment Certificates deficit will be eliminated in 1989 through a transfer from the
General Fund. The Improvement Bonds of 1988 deficit will be eliminated through the closing of
the Rice Lake Estates Capital Project Fund.
The Capital Project Fund deficits will be funded by permanent bonding, direct charges to
developers, or transfers from other City Council designated funds.
NOTE 3 COMBINED FINANCIAL STATEMENTS
The 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 combined financial statements.
CITY OF LINO LAKES, MINNESOTA
Page 17 of 19
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
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 combining of unlike
purpose funds and cannot be construed to be indicative of the overall 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 components 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.
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.
(3)
NOTE 5 DEFERRED 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 fmanced by an 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 cancellation
when and if the City has provided alternative financing. Alternatively, the City Council is required
to levy any additional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying fmancial 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 Scheduled Actual Percent Levied
1987/88 $126,428 $117,000 92.54%
NOTE 6 DEFERRED TAX LEVIES - GENERAL DEBT WITH SPECIAL
ASSESSMENTS PLEDGED,
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 benefited properties. When the 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 is
required to levy any additional taxes found necessary for the full payment of principal and interest.
1
1
Page 18 of 19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 6 DEFERRED TAX LEVIES - GENERAL DEBT WITH SPECIAL
ASSESSMENTS PLEDGED, (Continued)
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 with special assessments
pledged were and are scheduled to be as follows:
Levy /Collection Scheduled Actual Percent Levied
1987/88 $29,801 0.00%
1988/89 34,838 0.00%
1989 /90 35,639
1990/91 2,508
1991/92 1,689
1992/93 839
NOTE 7 METROPOLITAN WASTE CONTROL COMMISSION
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 succeeding calender year and payable, by the City, in the
second succeeding calendar year. The City follows the accounting policy of recognizing these
charges as an expense of the sewer utility operation in the year for which they are billed (for
estimated billings) and in the year the adjustments are determined (for adjustments from estimated
to actual billings).
NOTE 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
judgement 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. The disbursement of funds received under these programs generally requires compliance
with the 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 at December 31, 1988.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1988
NOTE 10 DEFERRED COMPENSATION PLAN
Page 19 of 19
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The deferred compensation plan is offered by the International City
Managers Association (ICMA). The plan, available to all employees, permits them to defer a
portion of their salary until future years. The deferred compensation is not available to the
employees until termination, retirement, death or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those
amounts, and all income attributable to those amounts, property or rights are (until paid or made
available to the employee or their beneficiary) solely the property and rights of the City (without
being restricted to the provisions of benefits under the plan), subject only to the claims of the
City's general creditors. Participants' rights under the plan are equal to those of general creditors of
the City in an amount equal to the fair market value of the deferred account for each participant.
For the year ended December 31, 1988, the following deferred payroll deductions were remitted to
the plan:
Employee $2 1,005
Employer 0
Total $21,005
The value of total remittances at December 31, 1988 was $86,174. This amount is presented in an
agency fund in accordance with GASB Statement No. 2.
NOTE 11 TAX INCREMENT DISTRICTS
The City of Lino Lakes is the administrating authority for the following Economic Development
District established under MS 273.71 in 1987. Within the Economic Development District is
Housing Financing District #1 -1. The duration of the district is 25 years.
Original assessed value $116,869
Current assessed value 229,770
Captured assessed value 112,901
Retained by authority 0
Shared with other taxing districts 0
Total bonds issued 0
Amounts redeemed 0
Outstanding bonds at December 31, 1988 $0
The City of Lino Lakes has not filed Economic Development District #1 -2 with Anoka County as
of December 31, 1988.
COMBINING, INDIVIDUAL FUND
AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 6
GENERAL FUND
BALANCE SHEET
December 31, 1988
Assets
December 31,
1988 1987
Cash and investments $858,505 $490,160
Accounts receivable 4,433 5,249
Due from other governmental units 5,353 21,197
Taxes receivable:
Delinquent 37,996 26,681
Due from county 26,156 115,240
Assessments receivable:
Delinquent 125 329
Prepaid expenses 56,626 52,593
Total assets $989,194 $711,449
Liabilities and Fund Balance
Liabilities:
Accounts payable $82,573 $23,939
Salaries payable 2,824 2,829
Customer deposits 11,198 10,396
Due to other governmental units 10,016 4,883
Deferred revenue 38,121 27,010
Total liabilities 144,732 69,057
Fund Balance:
Unreserved
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
96,626 52,593
747,836 589,799
844,462 642,392
$989,194 $711,449
The accompanying notes are an integral part of these fmancial 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, 1988
Revenue:
General property taxes:
Current and delinquent
Fiscal disparities
Penalties and interest
Total general property taxes
Licenses and permits:
Non - business
Business
Total licenses and permits
Intergovernmental:
State:
Local government aid
Homestead credit
Mobile home homestead credit
Small business credit
Police state aid
Police training reimbursement
MSA maintenance
Surcharge rebate
Video game refund
Total intergovernmental
Charges for services:
General government
Township (City Planner)
City Planner - escrow charges
Fees retained from collection for
other governments - SAC
Administrative charge - other funds
Public safety
Total charges for services
Fines and forfeits
Interest on investments
Gas franchise fees
Miscellaneous:
Sale of property
Other
Total miscellaneous
Total revenue
Expenditures:
General government:
Mayor and council:
Current
Personal services
Supplies
Other services and charges
Total mayor and council
1988
Budget
Actual
$565,272
186,358
18,285
$809,466 769,915
215,271
14,240
172,015 229,511
232,117 232,157
259,384 259,384
2,869
4,410
32,826 33,298
3,424
13,900 13,935
Over
(')
Budget
Statement 7
Page 1 of 4
1987
Actual
1
1
1
1
$538,660 I
160,026
16,206
($39,551) 714,892
150,812
13,303
57,496 164,115
40
0
2,869
4,410
472
3,424
35
90 90
538,227 549,567 11,340
2,985 3,073 88
20,500 8,398 (12,102)
1,874 1,874
56,174
79,659
64,000
12,000
16,000
16,000
1x691,367
14,450
11,050
$25,500
179
15,522
57,021
86,067
70,142
25,014
9,615
19,965
33,176
53,141
1,792,972
14,952
150
6,294
$21,396
179
15,522
847
6,408
6,142
25,014
(2,385)
19,965
17,176
37,141
232,159
265,530
1,520
26,828
1,099
13,935
4,573
30
545,674
4,096
3,349
51,624
59,069
68,448
16,756
6,500
41,832
48,332
101,605 1,617,286
502
150
(4,756)
($4,104)
The accompanying notes are an integral part of these financial statements.
17,497
3,728
$21,225
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31,1988
1988
Over
()
Budget Actual Budget
Statement 7
Page 2 of 4
1987
Actual
I Expenditures (continued):
General government (continued)
Elections:
Current
I Personal services $5,000 $5,114 $114 $2,202
Supplies 500 289 (211) 225
Other services and charges 100 204 104 158
I Capital outlay 2,500 (2,500) 826
Total elections 8,100 5,607 (2,493) 3,411
Administration:
Current
I Personal services 167,535 176,518 8,983 139,849
Supplies 9,100 9,031 (69) 6,689
Other services and charges 12,550 9,868 (2,682) 10,084
I Capital outlay 1,300 818 (482)
Total administration 190,485 196,235 5,750 156,622
Assessing:
Current
I Contractual services 16,000 15,964 (36) 19,241
Other services and charges 1,019
Total assessing 16,000 15,964 (36) 20,260
I Consultants:
Current ( personal services):
Engineer 14,000 27,442 13,442 24,087
Independent accountants and auditor 15,000 18,135 3,135 15,881
I Planning and zoning 4,000 3,334 (666) 24,381
Legal 59,000 50,883 (8,117) 53,550
Forest Lake Service Bureau 1,050 1,000 (50) 700
I Economic development 8,000 9,548 1,548 2,000
License plates 6,000 (6,000)
Vadnais Heights Watershed 385 224
Surface water management 27,883 27,883 20,683
I Computer needs assessment 15,000
12,600 51,369 36,369
Other 6,265 (6,335) 4,263
Total consultants 134,650 196,244 61,209 145,769
I Planning and zoning commission:
Current
Personal services 2,390 657 (1,733) 550
Other services and charges 986 986 86
Total planning and zoning commission 2,390 1,643 (747) 636
Charter commission:
Current
I Other services and charges 200 1,982 1,782 5
Total charter commission $200 $1,982 $1,782 $5
1
The accompanying notes are an integral part of these fmancial statements.
1
Planner:
Current
Personal services $41,225 $42,124 $899
Other services and charges 400 737 337
Capital outlay 200 220 20
Total planner - 41,825 43,081 1.256
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, 1988
1988
Budget
Statement 7
Page 3 of 4
Over (Under) 1987
Actual Budget Actual
1
1
1
General government buildings:
Current
Personal services 18,440 14,652 (3,788) 9,962
Supplies 5,100 112 (4,988) 3,782
Other services and charges 55,200 55,957 757 48,799
Capital outlay 5,000 12,912 7,912 42,901
Total general government buildings 83,740 83,633 (107) 105,444
Total general government 502,890 565,785 62,510 453,372
Public safety:
Police:
Current:
Personal services 370,496 372,273 1,777 320,456
Supplies 39,020 28,194 (10,826) 40,419
Other services and charges 10,700 12,727 2,027 15,272
Capital outlay 11,500 12,080 580 29,026
Total police 431,716 425,274 (6,442) 405,173
Fire protection:
Current
Personal services 196 196 108
Supplies 561 561 701
Contractual services 118,150 120,725 2,575 106,711
Other services and charges 2,364 2,364 1,726
Capital outlay 21,120 21,120
Total fire protection 139,270 144,966 5,696 109,246
Building inspection:
Current:
Personal services 39,350 37,749 (1,601) 35,723
Supplies 3,200 1,466 (1,734) 2,460
Other services and charges 8,450 2,041 (6,409) 1,710
Capital outlay 148
Total protective inspection 51,000 41,256 (9,744) 40,041
Civil defense:
Current
Personal services 130 3 (127) 108
Supplies 900 128 (772) 516
Other services and charges 880 740 (140) 779
Capital outlay 58 58
Total civil defense $1,910 $929 ($981) $1,403
The accompanying notes are an integral part of these fmancial statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31,1988
1988
Statement 7
Page 4 of 4
Over (Under) 1987
Budget Actual Budget Actual
Animal control:
Current
Supplies $125 $318 $193
Contractual services 4,500 3,333 (1,167) $4,096
Total animal control 4,625 3,651 (974) 4,096
Total public safety
628,521 616,076 (12,445) 559,959
Highways and streets:
Current
Personal services 164,935 128,308 (36,627) 132,192
Supplies 44,450 35,606 (8,844) 48,953
Contractual services:
Streets 154,500 65,009 (89,491) 174,583
Signs 12,000 9,722 (2,278) 6,263
Street lighting 12,800 9,072 (3,728) 10,035
Other services and charges 7,650 15,412 7,762 11,245
Capital outlay 9,200 10,485 1,285 10,185
Total highways and streets 405,535 273,614 (131,921) 393,456
Parks:
Current:
Personal services 63,419 68,018 4,599 56,276
Supplies 32,410 14,545 (17,865) 18,724
Other services and charges 9,725 2,855 (6,870) 3,795
Contractual services 3,700 5,633 1,933 3,322
Capital outlay 8,000 7,265 (735) 15,502
Total parks 117,254 98,316 (18,938) 97,619
Miscellaneous:
Current:
Items purchased for resale 21,090 21,090 8,731
Other 200 16,021 15,821 6,052
Total miscellaneous 200 37,111 36,911 14,783
Total expenditures 1,654,400 1,590,902 (63,883) 1,519,189
Net increase (decrease) in fund balance $36,967 202,070 $165,488 98,097
Fund balance - January 1 642,392 539,380
Residual equity transfers:
From other funds
To other funds
Fund balance - December 31
$844,462
The accompanying notes are an integral part of these fmancial statements.
19,028
(14,113)
$642,392
Assets
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1988
1985
Certificates 1987 Improvement Improvement
Closed of Equipment Bonds Bonds
Bond Indebtedness Certificates of 1981 of 1982
Cash and investments $62,777 $5,274 $21,644 $272,033
Taxes receivable:
Delinquent 1,399 $1,777 33
Due from county
Special assessments receivable:
Delinquent 24,325
Deferred 13,929 40,705
Special deferred
City property 121,242
Tax forfeit 34 262 121,003
Due from County 11,901
Total assets $62,811 $6,673 $1,777 $35,835 $591,242
1
1
1
1
1
1
1
1
Liabilities and Fund Balance
I
Liabilities:
Cash overdraft $6,525
Deferred revenue $34 $1,399 1,777 $14,190 $307,308
I
Total liabilities 34 1,399 8,302 14,190 307,308
Fund Balance:
Reserved for debt retirement 5,274 21,645 283,934 I
Unreserved:
Undesignated 62,777 (6,525)
Total fund balance 62,777 5,274 (6,525) 21,645 283,934
Total liabilities and fund balance $62,811 $6,673 $1,777 $35,835 $591,242
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 8
Temporary Temporary
Improvement Improvement Improvement Improvement Improvement Improvement Totals
Bonds Bonds Bonds Bonds Bonds of Bonds of December 31,
of 1983 of 1984 of 1986 of 1987 1988 1988 1988 1987
$8,376 $11,012 $40,933 $520,929
$53,061 $996,039 $777,329
3,209 982
5,064
I1,855 1,325 $92,633 120,138 189,402
61,693 10,540 76,978 346,708 931,890 1,482,443 1,497,194
I 42,925 11,974 54,899 54,899
10,510 10,801 142,553 139,520
121,299 111,024
32,905 141 4,704 49,651 5,850
I$70,069 $21,552 $206,106 $881,077 $1,040,028 $53,061 $2,970,231 $2,781,264
1
1
1
1
1
1
1
1
$213,931 $220,456
$61,693 $10,540 $132,268 $360,007 1,035,324 1,924,540 $1,993,021
61,693 10,540 132,268 360,007 1,249,255 $0 2,144,996 1,993,021
8,376 11,012 73,838 521,070 53,061 978,210 788,243
(209,227) (152,975)
8,376 11,012 73,838 521,070 (209,227) 53,061 825,235 788,243
$70,069 $21,552 $206,106 $881,077 $1,040,028 $53,061 $2,970,231 $2,781,264
The accompanying notes are an integral part of these financial statements.
Revenue:
General property taxes:
Current and delinquent
Penalties, interest and other
Tax forefeit
Total general property taxes
Intergovernmental:
State:
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1988
1985
Certificates 1987 hupuuvement Iiufnuvement Improvement
Closed of Equipment Bonds Bonds Bonds
Bond Indebtedness Certificates of 1980 of 1981 of 1982
828,429 856,270 $20
323 21
247 495
28,999 56,765 41
Homestead credit 9,988 19,975
Total intergovernmental 9,988 19,975
Special assessments:
Current and delinquent
Prepayments
Tax forfeit
Penalties and interest 74 3,147
Total special assessments 6,940 31,018
Interest on investments 8271 537 87,758 1,545 15,901
MWCC reimbursement
Total revenue 271 39,524 76,740 7,758 8,485 46,960
86,866 19,129
8,742
Expenditures:
Current
Professional services
Debt Service:
Principal retirement 37,500 78,000 5,000 115,000
Interest 2,530 5,265 2,175 4,715
Paying agent fees 342 100
Total expenditures 0 40,030 83,265 0 7,517 119,815
Revenue over (under) expenditures 271 (506) (6,525) 7,758 968 (72,855)
Other increases:
Bond proceeds
Total other increases 0 0 0 0 0 0
Net increase (decrease) in fund balance 271 (506) (6,525) 7,758 968 (72,855)
Fund balance - January 1 5,780 74,833 20,677 356,789
Residual equity transfer 62,506 (82,591)
Fund balance - December 31 $62,777
85,274 (86,525) $0 $21,645 $283,934
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
1
1 Temporary Temporary Temporary
Improvement Improvement Improvement Improvement Improvement Improvement Improvement Totals
Bonds Bonds Bonds Bonds Bonds Bonds of Bonds of December 31,
I of1983 of1984 of1985 of1986 of1987 1988 1988 1988 1987
Memorandum
Only
$84,719 $30,213
I 344 1,686
742
85,805 31,899
1 29,963 11,764
29,963 11,764
I $16,275 $3,542 $291,729 $16,174 $5,841 359,556 384,705
1,961 116,263 13,875 556,061 $82,769 779,671 261,247
32,170 32,170
I
43 35,364 135 64 38,827 58,860
16,275 5,546 443,356 62,354 561,966 82,769 1,210,224 704,812
390 878 8,271 2,277 6,554 1,629 $549 46,560 27,629
36,400 36,400
I16,665 6,424 451,627 64,631 568,520 120,798 549 1,408,952 776,104
10,000 3,500 1,850,000 10,000 2,109,000 544,820
5,250 2,082 123,950 22,925 85,800 254,692 185,347
I 352 400
33 299
86 420 305 2,218 1,014
15,250 5,582 1,974,302 ,325 ,099 420 305 2,365,910 731,181
1,415 842 (1,522,675) 31,306 482,421 120,378 244 (956,958) 44,923
I 1,013,011 12100
953,308 6,886 52,817 1,013,
0 0 953,308 0 0 6,886 52,817 1,013,011 12,100
I1,415 842 (569,367) 31,306 482,421 127,264 53,061 56,053 57,023
6,961 10,170 232,876 42,532 37,625 788,243 747,567
I336,491 1,024 (336,491) (19,061) (16,347)
$8,376 $11,012 $0 $73,838 $521,070 ($209,227) $53,061 $825,235 $788,243
1
1
1
The accompanying notes are an integral part of these fmancial statements.
1
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1988
Statement 10
Page 1 of 3
Parks Capital Community Baldwin I ake
and Improvement Development Mobile Reiling
Playgrounds Projects Block Grant Home Court Road
Assets
Cash and investments $151,499 $60,059 $42,431
Accounts receivable 5,060
Taxes receivable:
Delinquent 183
Due from County
Special assessments receivable:
Delinquent
Deferred
Special Deferred
Due from other governmental units $11,612
Total assets
Liabilities and
Fund Balance
$156,559 $60,242 $11,612 $42,431 $0
Liabilities:
Cash overdraft $5,513 $1,628
Accounts payable $45 8,340
Contracts payable 1,206
Due to other governmental units $24,403
Deferred revenue 5,060 $183
Total liabilities 5,105 183 13,853 24,403 2,834
Fund balance (deficit):
Unreserved:
Designated:
Committed contracts
Capital improvements 18,028
Equipment acquisition 60,059
Park improvements 151,454
Undesignated (2,241) (2,834)
Total fund balance 151,454 60,059 (2,241) 18,028 (2,834)
Total liabilities and fund balance $156,559 $60,242 $11,612 $42,431 $0
The accompanying notes are an integral part of these financial statements.
Assets
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1988
West
Rice Lake Main Shadow Sunset 80th
Estates Street Lake Drive Road Street
Cash and investments $374,092 $4,977 $162,748
Accounts receivable
Taxes receivable:
Delinquent
Due from County
Special assessments receivable:
Delinquent
Deferred
Special Deferred
Due from other governmental units
Total assets
Liabilities and
Fund Balance
$374,092 $4,977 $0 $162,748 $0
Liabilities:
Cash overdraft $10,819 $18,506
Accounts payable $4,265 $201 57
Contracts payable
Due to other governmental units
Deferred revenue
Total liabilities 4,265 201 10,819 $0 18,563
Fund balance (deficit):
Unreserved:
Designated:
Committed contracts
Capital improvements 369,827 4,776 162,748
Equipment acquisition
Park improvements
Undesignated (10,819) (18,563)
Total fund balance 369,827 4,776 (10,819) 162,748 (18,563)
Total liabilities and fund balance $374,092 $4,977 $0 $162,748
The accompanying notes are an integral part of these fmancial statements.
$0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I CITY OF LINO LAKES, MINNESOTA
Statement 10
Page 2 of 3
1
1
1 Comprehensive Reshanau Ash Street West Central
Area Wide Lake East Otter Sewer & 1160 2nd
Water Estates South D. Erickson's Extension Bay Water Trunk Main Street Avenue
1
$166,579 $75,787 $49,214
1
1
$11,752
1
$166,579 $75,787 $49,214 $0 $0 $0 $11,752 $0
1
1
$6,460 $1,856 $38,699 $11,324 $45,930
1,052 11,262 240
14,540
I $11,752
15,409 $0 $0 7,512 1,856 49,961 23,076 46,170
1
9,475
1 151,170 66,312 49,214
I (7,512) (1,856) (49,961) (11,324) (46,170)
151,170 75,787 49,214 (7,512) (1,856) (49,961) (11,324) (46,170)
$166,579 $75,787 $49,214 $0 $0 $0 $11,752 $0
1
1
1
The accompanying notes are an integral part of these financial statements.
1
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1988
Ash Street D. Erickson Reshanau Lakes Pine Oaks
Sewer 2nd phase 2nd phase 9 Carlson Revision
Assets
Cash and investments $73,455 $79,495 $61,099
Accounts receivable
Taxes receivable:
Delinquent
Due from County
Special assessments receivable:
Delinquent 3,013
Deferred 68,233
Special Deferred 18,831
Due from other governmental units
Total assets
Liabilities and
Fund Balance
Liabilities:
Cash overdraft
Accounts payable
Contracts payable
Due to other governmental units
Deferred revenue
Total liabilities
$163,532 $79,495 $61,099 $0 $0 $0
$763 $7,062 $3,736
$2,893 $5,981 3,518 1,120
16,523 7,993
$90,077
90,077 19,416 13,974 763 10,580 4,856
Fund balance (deficit):
Unreserved:
Designated:
Committed contracts
Capital improvements 73,455 60,079 47,125
Equipment acquisition
Park improvements
Undesignated (763) (10,580) (4,856)
Total fund balance 73,455 60,079 47,125 (763) (10,580) (4,856)
Total liabilities and fund balance $163,532 $79,495 $61,099 $0 $0 $0
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 10
Page 3 of 3
Area Tax Increment Tax Increment Totals
Sunrise Paul Reshanau 4th Connection Financing Financing December 31,
Meadows Montain 3n1 Addition Avenue Charge 1 -1 1 -2 1988 1987
Memorandum
Only
$701 $397 $5,656 $24,747 $48,444 $1,381,380 $1,319,301
5,060 8,826
183 332
1,652 1,652 67
3,013
79,985
18,831 94,317
11,612 156,175
$0 $701 $397 $5,656 $24,747 $50,096 $0 $1,501,716 $1,579,018
$18,147 $2,061 $172,504 $252,846
1,291 $3,707 $225 4,252 49,318 38314
40,262 135,211
24,403 84,350
107,072 99,709
19,438 $0 3,707 225 $0 $0 6,313 393,559 610 430
9,475 7,619
701 5,431 24,747 50,096 1,083,709 928,322
60,059 98,018
151,454 116,870
(19,438) (3,310) (6,313) (196,540) (182,241)
(19,438) 701 (3310) 5,431 24,747 50,096 (6,313) 1,108,157 968,588
$0 $701 $397 $5,656 $24,747 $50,096 $0 $1,501,716 $1,579,018
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1988
Statement 11
Page 1 of 3
Parks Capital Community Baldwin Lake
and Imthovement Development Lakes Mobile Reiling
Playgrounds Projects Block Grant Addition #7 Home Court Road
Revenue:
General property taxes:
Current and delinquent $107
Penalties, interest and other 117
Tax increments
Total property taxes 224
Connection and area charges
Intergovernmental:
State:
LAWCON
MSA construction
Homestead credit
Federal:
LAWCON
Local:
CDBG $11,612
Other
Total intergovernmental 11,612
Special assessments:
Current and Delinquent
Prepayments
Total special assessments
Interest on investments $7,829 4,816 $2,562
Donations
Other 44,950
Total revenue 52,779 5,040 11,612 $0 2,562 $0
Expenditures:
General government
Current:
Personal services 5,630
Contractual services 4,588 8,340
Supplies 1,300
Other 194
Capital outlay:
General government
Public safety 26,452
Highways and streets
Parks 12,113 7,967
Civil defense 8,580
Construction costs
Sewer abatement
Total expenditures 18,195 42,999 13,970 0 0 0
Revenue over (under) expenditures 34,584 (37,959) (2,358) 0 2,562 0
Other increases:
Bonds proceeds
Total other increases 0 0 0 0 0 0
Net increase (decrease) in fund balance 34,584 (37,959) (2,358) 0 2,562 0
Fund balance (deficit) - January 1 116,870 98,018 117 (17,288) 15,466 (2,834)
Residual equity transfer 17,288
Fund balance (deficit) - December 31 $151,454 $60,059 ($2,241) $0 $18,028 ($2,834)
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31,1988
West I
Rice Lake North Main Shadow Sunset Deer Pass
Estates Road Street Lake Drive Road Trail
Revenue:
General property taxes:
Current and delinquent
I
Penalties, interest and other
Total property taxes
Connection charges
I
Intergovernmental:
State:
LAWCON
MSA construction
I
Homestead credit
Federal:
LAWCON
Local: I
CDBG
Other
Total intergovernmental I
Special assessments:
Current and Delinquent
Prepayments
Total special assessments
Interest on investments $24,578 $77 $9,831
Paris dedication fees
Donations
Other
I
Total revenue 24,578 77 $0 $0 9,831 $0
Expenditures:
General government
Current:
111
Personal services
Contractual services
Supplies
Other
I
Capital outlay:
General government
Public safety
Highways and streets I
Parks
Civil defense
Construction costs 33,802 495 6,079 143 875
Sewer abatement
I
Total expenditures 33,802 495 6,079 0 143 875
Revenue over (under) expenditures (9,224), (418) (6,079) 0 9,688 (875)
Other increases:
Bonds proceeds 70,544
Total other increases 0 0 70,544 0 0 0
Net increase (decrease) in fund balance (9,224) (418) 64,465 0 9,688 (875) I
Fund balance (deficit) - January 1 379,051 1,442 (59,689) (10,819) 153,060 (997)
Residual equity transfer (1,024) 1,872 I
Fund balance (deficit) - December 31 $369,827 $0 $4,776 ($10,819) $162,748 $0 I
V. V
The accompanying notes are an integral part of these financial statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF UNO LAKES, MINNESOTA
Statement 11
Page 2 of 3
Comprehensive Reshanau Ash Street West Central
80th Area Wide Labe East Otter Sewer & 74th 1160
Street Water Estates South D. Erickson's Extension Bay Water Trunk Street Main Street
$14,014 $6,171 $3,822
$0 14,014 6,171 3,822 $0
50 $0 $0
591 104,868 18,751 5,433 4,223 48 44,461 122 24
591 104,868 18,751 5,433 4,223 48 44,461 122 24
(591) (90,854) (12,580) (1,611) (4,223) (48) (44,461) (122) (24)
0 0 0 0 0 0 0 0 0
(591) (90,854) (12,580) (1,611) (4,223) (48) (44,461) (122) (24)
(17,972) 242,024 88,367 50,825 (3,289) (1,808) (5,500) (803) (11,300)
925
1
I ($18,563) $151,170 $75,787 549,214 ($7,512) (51,856) (549,961) $0 ($11,324)
v/
v- $75,787
v L.' 1
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31,1988
2nd Ash Street D. Erickson Reshanau Lakes
Avenue Sewer 2nd Phase 2nd Phase 9
Revenue:
General property taxes:
Current and delinquent
Penalties, interest and other $73
Tax increments
Total property taxes 73
Connection and area charges
Intergovernmental:
State:
LAWCON
MSA construction
Homestead credit
Federal:
LAWCON
Local:
CDBG
Other
Total intergovernmental
Special assessments:
Current and Delinquent 8,231
Prepayments
Total special assessments 8,231
Interest on investments $442 $1,201
Donations
Other
Total revenue $0 8,304 442 1,201
Expenditures:
General government
Current:
Personal services
Contractual services
Supplies
Other
Capital outlay:
General government
Public safety
Highways and streets
Parks
Civil defense
Construction costs 46,115 3,710 238,355 211,728
Sewer abatement
Total expenditures 46,115 3,710 238,355 2.11,728
Revenue over (under) expenditures (46,115) 4,594 (237,913) (210,527)
Other increases:
Bonds proceeds 118,748 221292 257,652
Total other increases 0 118,748 297,992 257,652
Net increase (decrease) in fund balance (46,115) 123,342 60,079 47,125
Fund balance (deficit) - January 1 (55) (49,887)
Residual equity transfer
Fund balance (deficit) - December 31 ($46,170) $73,455 $60,079 $47,125
The accompanying notes are an integral part of these financial statements.
Carlson
1
1
1
1
1
1
1
1
1
$600 $600
600 600
1
1
1
1,363 11,180
1,363 11,180
(763) (10,580)
0 0
(763) (10,580)
1
($763) ($10,580) 1
1
1
1
Area Tax Increment Tax Increment Totals
I
Pine Oaks Sunrise Paul Reshanau 4th Connection Financing Financing December 31,
Revision Meadows Montain 3rd Addition Avenue Charge 1 -1 1 -2 1988 1987
CITY OF LINO LAKES, MINNESOTA
Statement 11
Page 3 of 3
1
1
1
1
1
1
$0 $0
1
1
1
1 4,856 19,438
4,856 19,438
1 (4,856) (19,438)
0 0
1 (4,856) (19,438)
1
1 ($4,856) ($19,438)
1
524,160
$49,808
49.808
$107 $1,207
190 2,546
49,808
50,105 3,753
24,160
90 90
1,992
615,038
1,455
11,612 25,093
22,716
11,702 666,294
8,231
10,115
8,231 10,115
$30 $10 587 198 76,168 63,713
8,871
1,000 600 47,750 2,459
1,030 610 $0 24,747 50,096 $0 218,116 755,205
5,630 4,443
6,266 19,194 340
1,300 2,105
47 241
26,452 167
28,904
20,080 1,186
8,580
329 3,920 158 761,067 1,958,069
22,246
329 3,920 158 0 0 6,313 842,544 2,017,460
701 (3,310) (158) 24,747 50,096 (6,313) (624,428) (1,262,255)
744,936 1,711,759
0 0 0 0 0 0 744,936 1,711,759
701 (3,310) (158) 24,747 50,096 (6,313) 120,508 449,504
5,589 968,588 505,275
19,061 13,809
$701 ($3,310) $5,431 $24,747 $50,096 ($6,313) $1,108,157 $968,588
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA 1
Statement 12
ENTERPRISE FUNDS
WATER AND SEWER FUND
BALANCE SHEET
December 31, 1988
December 31,
IAssets 1988 1987
Current assets:
Accounts receivable $37,746 $23,227 I
Due from other governmental units 12,827 14,345
Prepaid expenses 5,760 4,902
Inventory 2,737 3,245
I
Total current assets 59,070 45,719
Fixed assets:
Well 18,500 18,500
Buildings 48,690 48,690
I
Equipment 17,421 17,421
Water and sewer system 3,197,305 973,802
Total Fixed assets 3,281,916 1,058,413 •
Less: Allowance for depreciation (259,560) (236,217)
Net Fixed assets 3,022,356 822,196
Total assets $3,081,426 $867,915
Liabilities and Fund Equity
Liabilities: I
Cash overdraft $6,726 $27,142
Accounts payable 3,251 6,345 il
Salaries payable 87 370 III
Due to other governmental units 4,106 1,171
Total liabilities 14,170 35,028 •
Fund equity:
Contributions - net 3,019,402 818,429
Retained earnings 47,854 14,458
I
Total fund equity 3,067,256 832,887
Total liabilities and fund equity $3,081,426 $867,915 I
1
1
1
1
The accompanying notes are an integral part of these financial statements.
1
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, 1988
Statement 13
December 31,
Water Sewer 1988 1987
Operating revenue:
Charges for services $43,708 $69,873 $113,581 $71,434
Other operating revenue 12,527 1,971 14,498 6,916
Total operating revenue 56,235 71,844 128,079 78,350
Operating expenses:
Personal services 19,147 15,819 34,966 29,577
Materials and supplies 1,233 1,108 2,341 4,532
Contractual services 1,068 856 1,924 8,295
Repair and maintenance 16,712 423 17,135 11,003
MWCC sewer charges 36,025 36,025 33,709
Depreciation:
Purchased assets 645 168 813 1,082
Contributed assets 9,058 13,472 22,530 22,530
Utilities 2,676 2,225 4,901 2,849
Sewer service charge 956
Other 1,589 2,308 3,897 2,835
Total operating expenses 52,128 72,404 124,532 117,368
Net income (loss) from operations $4,107 ($560) 3,547 (39,018)
Other income :
Maintenance agreement - MWCC
7,319 10,072
Net income (loss) 10,866 (28,946)
Other increases :
Credit arising from transfer of depreciation
to contributions from property owners 22,530 22,530
Net other increases (decreases) 22,530 22,530
Net increase (decrease) in retained earnings 33,396 (6,416)
Retained earnings - January 1 14,458 20,874
Retained earnings - December 31 $47,854 $14,458
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 14
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1988
1
December 31,
1988 1987
1
Cash Flows from Operating Activities:
Net income (loss) $10,866 ($28,946) '
Noncash expenses (revenues) included in net income:
Depreciation 23,343 23,612
Decrease (increase) in receivables, prepaid expenses and inventory (13,351) (12,598)
Increase (decrease) in payables (442) 7,006
I
Net cash provided by operating activities 20,416 (10,926)
Cash flows from investing activities:
Purchase of fixed assets (1,859)
Net cash used by investing activities 0 (1,859)
Net increase (decrease) in cash $20,416 ($12,785)
I
1
1
1
1
1
1
1
1
1
The accompanying notes are an integral part of these fmancial statements.
1
Assets
Cash and investments
Cash with escrow agent
Accrued interest on investments
Due from developers
Total assets
Liabilities
Cash overdraft
Accounts payable
Due to developers
Deferred compensation payable
Total liabilities
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1988
Contractors
Deposits
$3,549
16.533
Investment
Fund
$14,732
Deferred
Compensation
$86,174
$20,082 $14,732 $86,174
$482
19,600
$14,732
$86,174
$20,082 $14,732 $86,174
Statement 15
Totals
December 31,
1988 1987
Memorandum
Only
$3,549 $972
86,174 59,420
14,732 11,684
16,533 10.161
$120,988 $82,237
$14,732 $11,684
482 2,179
19,600 8,954
86,174 59.420
$120,988 $82,237
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 16
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1988
Balance Balance
January 1, December 31,
1988 Additions Deletions 1988
Contractors deposits:
Assets
Cash and investments $972 $13,569 $10,992 $3,549
Due from developers 10,161 6,372 16,533
Total assets $11,133 $19,941 $10,992 $20,082
Liabilities
Accounts payable $2,179 $482 $2,179 $482
Due to developers 8,954 18,772 8,126 19,600
Total liabilities $11,133 $19,254 $10,305 $20,082
Investment Fund:
Assets
Accrued interest on investments
Total assets
Liabilities
Cash overdraft
Total liabilities
Deferred Compensation:
Assets
Cash with escrow agent
Liabilities
Deferred compensation payable
Totals -All Trust and Agency Funds:
$11,684 $14,732 $11,684 $14,732
$11,684 $14,732 $11,684 $14,732
$11,684 $14,732 $11,684 $14,732
$11,684 $14,732 $11,684 $14,732
$59,420 $28,392 $1,638 $86,174
$59,420 $28,392 $1,638 $86,174
Assets
Cash and investments $972 $13,569 $10,992 $3,549
Cash with escrow agent 59,420 28,392 1,638 86,174
Accrued interest on investments 11,684 14,732 11,684 14,732
Due from developers 10,161 6,372 0 16,533
Total assets $82,237 $63,065 $24,314 $120,988
Liabilities
Cash overdraft $11,684 $14,732 $11,684 $14,732
Accounts payable 2,179 482 2,179 482
Due to developers 8,954 18,772 8,126 19,600
Deferred compensation payable 59,420 28,392 1,638 86,174
Total liabilities $82,237 $62,378 $23,627 $120,988
The accompanying notes are an integral part of these fmancial statements.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 17
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1988
(Unaudited)
Balance Balance
January 1, December 31,
1988 Additions Deletions 1988
Land $298,943 $298,943
Wells 6,216 6,216
Buildings and improvements 516,163 $9,062 525,225
Furniture and equipment 548,513 113,812 $25,001 637,324
Totals $1,369,835 $122,874 $25,001 $1,467,708
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG - TERM DEBT
December 31, 1988
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Amount available m Debt Service Fund
Amount to be provided - future tax levies /assessments /tax increment collections
Statement 18
December 31,
1988 1987
$825,235 $729,383
3,344,895 3,792,713
Total available and to be provided $4,170,130 $4,522,096
General Long-Term Debt Payable
Bonds payable:
General Obligation Bonds:
1985 Certificate of Indebtedness $37,500
1987 Equipment Certificates 78,000
Total General Obligation Bonds $0 115,500
General Obligation Bonds with special assessments pledged:
G. O. Improvement Bonds of 1977
G. O. Improvement Bonds of 1981 15,000 20,000
G. O. Improvement Bonds of 1982 115,000
G. O. Improvement Bonds of 1983 50,000 60,000
G. O. Improvement Bonds of 1984 21,000 24,500
G. O. Temporary Improvement Bonds of 1985 1,850,000
G. O. Improvement Bonds of 1986 465,000 475,000
G. O. Temporary Improvement Bonds of 1987 1,650,000 1,650,000
G. O. Temporary Improvement Bonds of 1988 610,000
G. O. Improvement Bonds of 1988 1,160,000
Total General Obligation Bonds with special assessments pledged 3,971,000 4,194,500
Total Bonds Payable 3,971,000 4,310,000
Assessments payable on City property 151,130 148,096
Contract for deed 48,000 64,000
Total general long -term debt $4,170,130 $4,522,096
The accompanying notes are an integral part of these financial statements.
SUPPLEMENTARY
FINANCIAL
INFORMATION
General Obligation Bonds:
1985 Certificates of Indebtedness
1987 Equipment Certificates
Total General Obligation Bonds
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1988
Interest
Rates
6.25 - 6.75
6.75
General Improvement Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 10.64
G. O. Improvement Bonds of 1982 7.25 - 8.80
G. O. Improvement Bonds of 1983 8.65
G. O. Improvement Bonds of 1984 6.50
G. O. Temporary Improvement Bonds of 1985 7.03
G. O. Improvement Bonds of 1986 5.43
G. O. Temporary Improvement Bonds of 1987 5.43
G. O. Improvement Bonds of 1988 6.43
G. O. Temporary Improvement Bonds of 1988 6.20
Total General Improvement Bonds with special assessments pledged
Total - All Bonds
Contract for deed
Total indebtedness
* Bonds maturing in years 1989 through 1991 representing
$375,000 were called on 2/1/87
Dated
12/1/85
11/1/87
12/1/81
10/1/82
1001/83
5/1/84
11/1/85
12/1/86
9/1/87
10/1/88
10/1/88
8.00 10/1/87
Final
Maturity
Date
12/1/88
11/1/88
12/1/91
2/1/91*
10/1/93
11/1/94
11/1/88
2/1/97
9/1/90
2/1/97
10/1/91
Prior Years
Original
Issue
$107,500
78,000
185.500
45,000
750,000
100,000
35,000
1,850,000
475,000
1,650,000
1,160,000
610,000
6,675,000
6,860,500
7/1/91 80,000
$6,940,500
Payable
Payments 1/1/88
$70,000 $37,500
78,000
70,000 115.500
CITY OF LINO LAKES, MINNESOTA
Issued
Exhibit 1
Principal Interest
1988 Payable Due Due
Payments 12/31/88 In 1989 In 1989
$37,500
78,000
$0 115,500
$0
$0 $0
25,000 20,000 5,000 15,000 5,000 1,637
635,000 115,000 115,000 0
40,000 60,000 10,000 50,000 10,000 4,400
10,500 24,500 3,500 21,000 3,500 1,810
1,850,000 1,850,000 0
475,000 10,000 465,000 12,500 19,975
1,650,000 1,650,000 85,800
1,160,000 1,160,000 62,575
610,000 610,000 37,820
710,500 4,194,500 1,770,000 1,993,500 3,971,000 31,000 214,017
780,500 4,310,000 1,770,000 2,109,000 3,971,000 31,000 214,017
16,000 64,000 16,000 48,000 16,000 3,840
$796,500 $4,374,000 $1,770,000 $2,125,000 $4,019,000 $47,000 $217,857
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1988
Exhibit 2
G. O.
Year of Improvement
Levy/ Bonds
Collection of 1986 -A
1989/1990 $35,639
1990/1991 2,508
1991/1992 1,689
1992/1993 839
$40,675
Bonds payable
Future interest payable
Totals
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1988
G. O.
Improvement
Bonds
of 1981
$15,000
3,287
$18,287
Payments to maturity:
1989 $6,637
1990 6,100
1991 5,550
1992
1993
1994
1995
1996
1997
$18,287
G. O. G. O.
1
1
1
Improvement Improvement
Bonds Bonds
I
of 1983 of 1984
$50,000 $21,000 '
14,350 6,492
$64,350 $27,492
111
$14,400 $5,310
13,550 5,031
13,700 4,743
11,800 4,445
10,900 4,139
3,824
$64,350 $27,492
1
1
1
1
1
1
1
1
Exhibit 3
G. O. G. O.
G. 0. Temporary G. 0. Temporary
Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds
of 1986 of 1987 of 1988 of 1988 Totals
$465,000 $1,650,000 $1,160,000 $610,000 $3,971,000
58,238 171,600 397,155 113,460 764,582
$523,238 $1,821,600 $1,557,155 $723,460 $4,735,582
$144,975 $85,800 $62,576 $37,820 $357,518
139,288 1,735,800 167,240 37,820 2,104,829
133,225 195,392 647,820 1,000,430
19,710 192,143 228,098
18,915 193,250 227,204
18,090 193,572 215,486
17,235 178,584 195,819
16,350 183,108 199,458
15,450 191,290 206,740
$523,238 $1,821,600 $1,557,155 $723,460 $4,735,582
Description
CITY OF LINO LAKES, MINNESOTA
Exhibit 4
CONSTRUCTION WORK IN PROCESS
December 31, 1988
Land Expended
Easements Prior
Contractor Engineering and Other Total 1988 Years
5Eo 80th street $14,401 $4,113 $18,514 $591 $17,923
S4 ` 4th Avenue 8549,419 80,890 89,465 719,774 158 719,616
Lakes Addition #7 22,333 13,342 35,675 * 35,675
5 Reding Road 24,129 7,289 4,303 35,721 * 35,721
�5 Rice Lake Estates 1,132,819 177,407 108,532 1,418,758 33,801 1,384,957
5,4 North Road 6,344 1,593 590 8,527 * 496 8,031
b Main Street 57,641 3,641 4,486 65,768 * 3,599 62,169
5E0 West Shadow Lake Drive 10,788 31 10,819 * 10,819
Sao Sunset Road 228 120 348 * 348
5104 Deer Pass 10,828 1,860 336 13,024 * 876 12,148
Soo Baldwin Lake Mobile Home Court 44,829 13,174 28,459 86,462 86,462
:=moo Comprehensive Area Wide Water 437,952 82,273 12,765 532,990 * 104,868 428,122
` Reshanau Lake Estates South 366,519 35,633 11,402 413,554 * 18,751 394,803
(0'-4 D. Erickson s Phase 1 286,486 45,470 5,769 337,725 * 5,433 332,292
°.c` Ash Street East Extension 7,488 24 7,512 4,223 3,289
Otter Bay 1,318 538 1,856 * 48 1,808
5b West Central Sewer and Water Trunk 49,938 23 49,961 44,461
] 5,500
1160 Main Street 11,300 25 11,325 * 25 11,300
=A=r Ash Street Sewer 47,511 8,645 8,741 64,897 * 2,945 61,952
D 2nd Avenue 42,817 3,354 46,171 46,171
Silo D. Erickson's Phase 2 195,916 30,785 11,654 238,355 * 238,355
r.:1,6 Reshanau Phase 2 159,865 31,277 20,586 211,728 211,728
55o Lakes #9 1,336 27 1,363 1,363
�1 Carlson 11,037 143 11,180 11,180
�o Section5 Drainage 4,856 4,856 4,856
(o Sunrise Meadows 19,160 279 19,439 19,439
„`, o Heritage Paul Montain 305 24 329 329
c4„-7 Reshanau Phase 3 3,640 280 3,920 3,920
Totals
* Completed Project
$3,331,558 $709,607 $329,386 $4,370,551 $220,275 $4,150,276
CITY OF LINO LAKES, MINNESOTA
Exhibit 5
INSURANCE IN FORCE
December 31, 1988
Coverage Amount
General Liability:
Bodily Injury/Property Damage $600,000
Personal Injury/Police Professional Liability 600,000
Property:
Buildings and Contents 1,702,650
Contractors Equipment (500 Deductible) 94,500
Miscellaneous (250 Deductible) 30,200
Valuable Papers (250 Deductible) 50,000
Faithful Performance Blanket Bond 100,000
Public Official and Employee Liability 1,000,000
Automotive:
Bodily injury and property damage 600,000
Comprehensive and Collision ACV
Uninsured motorists 600,000
Workmen's compensation Statutory
Employee Benefit Level 600,000
Umbrella Liability 1,000,000
CITY OF LINO LAKES, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
Tax Capacity Assessed
Values Values
1988/1989 1987/1988
Taxable valuations:
Total $4,729,535 $33,682,122
Fiscal disparities:
Distribution 250,613 7,358,338
Contribution (140,292) (1,069,782)
Less: Captured Tax Increment Value (112,901) (593,283)
Totals $4,726,955 $39,377,395
Exhibit 6
Gross
Tax
Certified Capacity Certified Mill
Levy Rate Levy Rate
Taxes levied:
Revenue $1,029,850 17.982 $948,000 28.063
Bond and interest 117,000 2.043 42,000 1.243
Totals $1,146,850 20.025 $990,000 29.306
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Sources of funds:
Bond Proceeds
Tax increment collections
Interest on investments
Total sources of funds
CITY OF LINO LAKES, MINNESOTA
Exhibit 7
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -1
December 31, 1988
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
$1,200,000
2,404,254
0
3,604,254
$0
$1,200,000
$49,899 2,354,355
198 (198)
50,097 3,554,157
Uses of funds:
Public improvements 974,094 974,094
Bonding costs 25,000 25,000
Bond discount 24,000 24,000
Capitalized interest 192,404 192,404
Debt service 2,355,000 2,355,000
Total uses of funds 3,570,498 0 0 3,570,498
Funds remaining (deficit) $33,756 $0 $50,097 ($16,341)
CITY OF LINO LAKES, MINNESOTA
Exhibit 8
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -2
December 31, 1988
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond Proceeds $975,000
Total sources of funds 975,000
Uses of funds:
Public improvements 170,000
Land acquisition 515,000
Demolition and site preparation 23,500
Relocation costs 15,000
Administrative 31,500
Bond discount 20,000
Capitalized interest 200,000
Total uses of funds 975,000
Funds remaining (deficit) $0
$975,000
$0 $0 975,000
0
170,000
515,000
23,500
15,000
6,313 25,187
20,000
200,000
6,313 968,687
$0 ($6,313) $6,313