HomeMy WebLinkAboutAnnual Financial Report 12/31/1990CITY OF LINO LAKES, MINNESOTA
ANNIIALIINANCIALJIEEDRI
DECEMBER 31, 1990
MIN
ONION
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Organization
Organization Chart
II. FINANCIAL SECTION
Independent Auditor's Report
Combined Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Govemmental Fund Types
MEW
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General Fund
Combined Statement of Revenue, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows - All Proprietary Fund Types
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
Special Revenue Fund:
Economic Development Authority:
Balance Sheet
.. Statement of Revenue, Expenditures and Changes in Fund Balance
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 1
Statement 2
Statement 3
Statement 4
Statement 5
Statement 6
Statement 7
Statement 8
Statement 9
Statement 10
Statement 11
Statement 12
Statement 13
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
(continued)
Enterprise Funds:
Combining Balance Sheet Statement 14
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 15
Combining Statement of Cash Flows Statement 16
Agency Funds
Combining Balance Sheet Statement 17
Statement of Changes in Assets and Liabilities Statement 18
Statement of General Fixed Assets Statement 19
Statement of General Long -Term Debt Statement 20
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1
Schedule of 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
Tax Increment Financing District #1 -3 Exhibit 9
Tax Increment Financing District #1-4 Exhibit 10
Schedule of Revenue, Expenses and Changes in Retained Earnings -
Water and Sewer Fund Exhibit 11
I.
INTRODUCTORY
SECTION
— Mayor.
Harold Bisel
Council Members:
William Bohjanen
Andy Neal
Vernon Reinert
— Sally Kuether
OMNI
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City Administrator.
Randall Schumacher
Clerk- Treasurer:
Marilyn Anderson
City Accountant
Paula Schloer
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1990
Term Expires
December 31, 1991
December 31, 1991
December 31, 1991
December 31, 1993
December 31, 1993
Appointed
Appointed
Appointed
Commissions
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II.
FINANCIAL
SECTION
INIMMI
VOTO, TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
VtIK
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Fax (612) 426 -5004
• Phone (612) 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, 1990 as
listed in the table of contents. These financial 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 and Governmental Auditing Standards
as issued by the Comptroller General of the United States. 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 financial
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, 1990 or
1989 (stated at $1,992,729 and $1,755,487 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, 1990, 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 31,1990, 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 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 financial statements of each of the respective
individual funds and account groups, taken as a whole.
May 28, 1991
-74av/it- J. cep-
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
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1990
Governmental Fund Types
Special Debt Capital
Assets General Revenue Service Proiect
Cash and investments $1,102,116 $2,823,097 $3,712,092
Cash and investments with escrow agent 5,006 986,488
Accrued interest receivable
Accounts receivable 30,807 6,070
Due from other governmental units 24,783 36,702
Taxes receivable:
Delinquent 46,639 4,290 61,274
Due from County 20,819 9,842
Special assessments receivable 125 2,451,679 740,092
Prepaid items 70,667
Inventory
Fixed assets (net of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of GLTD
Total Assets
Liabilities, equity and other credits
$L295.956 $0 '5.284,072 $5,552,560
Liabilities:
Cash overdraft $9,336 $7,085 $285,092
Accounts payable $59,437 39,198
Salaries payable 7,102
Contracts payable 294,434
Assessments payable on City property
Deposits payable 1,864
Due to other governmental units 11,165 27,842
Deferred revenue 46,764 2,437,957 804,646
Bonds payable
Lease payable
Deferred compensation payable
Total liabilities 126.332 9,336 2 445 042_ 1,451,212
Equity and other credits:
Contributions from property owners
Invested in general fixed assets
Retained earnings
Fund balance (deficit):
Reserved 70,667 2,784,745
Unreserved:
Designated 1,098,957 4,405,889
Undesignated (9,336) 54,285 (304,541)
Total equity and other credits 1,169.624 (9,336) 2,839,030 4,101,348
Total liabilities, equity and other credits $1.295.956 $0 $5,284,072 $5,552,560
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 1
Fiduciary Totals
Proprietary Fund Tyne Account Groups (Memorandum Only)
Fund Type Trust and General General Long- December 31,
Enterprise AQencv Fixed Assets Term Debt 1990 1989
(Unaudited)
$21,820 $7,659,125 $6,412,516
._ 160,942 1,152,436 119,058
122,321 122321 90,731
$76,588 81,454 194,919 111,362
10,958 72,443 60,883
112203 105,380
30,661 33,397
3,191,896 1,647,493
8,324 78,991 55,082
2,345 2345 5,903
5,916,580 $1,992,729 7,909,309 4,986,908
$2,784,745 2,784,745 2,379,144
6,632,108 6,632,108 6,599,201
$6,014,795 $386,537 $1,992,729 $9,416,853 $29,943,502 $22607,058
$32,410 $122,321 $456,244 $203,560
18,994 26,134 143,763 126,634
617 7,719 4,519
$16,000 310,434 198,896
151,130 151,130 151,130
77,140 79,004 73,226
2,529 41,536 103,648
3,289,367 1,717,697
9,244,000 9,244,000 8,787,500
5,723 5,723 7,715
.. 160,942 160.942 119,058
54,550 386.537 $0 9,416,853 13,889,862 11,493,583
Emir
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5,906,860 5,906,860 3,226,925
1,992,729 1,992,729 1,755,487
53,385 53,385 87,780
2,855,412 2,302,412
5,504,846 2,855,449
(259,592) 885,422
5,960,245 0 1,992,729 0 16,053,640 11,113,475
$6.014.795 $386.537 81,992,729 $9,416,853 $29,943,502 $22,607,058
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 Ended December 31, 1990
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
Solid waste abatement
Cable TV
Capital outlay:
General government
Public safety
Highways and streets
Parks
Solid waste abatement
Cable TV
Debt service:
Principal
Interest and fiscal charges
Construction/acquisition
Total expenditures
Revenue over (under) expenditures
Other increases (decreases):
Operating transfer in
Operating transfer out
Bond proceeds
Total other increases (decreases)
Net increase (decrease) in fund balance
Fund balance - January 1
Residual equity transfer - in
Residual equity transfer - out
Fund balance (deficit) - December 31
Statement 2
Totals (Memorandum Only)
Special Debt Capital December 31,
_gener1 . Revenue Service Proiect 1990 1989
$994,399 $112,861 $41 $1,107,301 $864,738
135,197 135,197 82,798
1,157,237 362,879 1,520,116 1,922,226
254,620 254,620 256,987
629,919 42,598 786,154 1,458,671 905,536
208,981 208,981 96,680
83,618 83,618 73,614
63,052 133,128 335,381 531,561 369,971
365,175 365,175
742,607 742,607 75,425
60,060 32,547 92,607 131,829
_/22_,_4 649 80 1,445,824 2,759,981 6,500,454 4,779,804
669,838 9,336 214,979 894,153 674,113
804,363 804,363 716,476
432,813 432,813 357,938
185,780 185,780 134,653
30,444 30,444 17,638
1,497 1,497
18,214 230,115 248,329 37,967
166,167 166,167 51,601
2,283 98,439 100,722 183,463
5,874 56,576 62,450 55,184
2,800 2,800
1,145 1,145
1,948,500 1,948,500 143,500
532,397 532,397 369,884
1,502,844 1,502,844 3,699,116
1155,051 9,336 2,480,897 2,269,120 6,914,404 6,441,533
139.598 (9.336) (1.035.073) 490,861 (413.950) (1,661,729)
679,375 386,152 1,065,527 494,752
(34,041) (951,121) (985,162) (494,752)
840.145 1.550.850 2.390.995 4,927.131
0 0 1,485.479 985,881 2,471,360 4,927,131
139,598 (9,336) 450,406 1,476,742 2,057,410 3,265,402
1,030,026 0 2,379,144 2,634,086 6,043,256 2,777,854
9,480 9,480 292,503
(9.480) (9.480) (292,503)
�1.169�624 ($9,336)4 $2,839,030 .$4,101,348 $8.100,666 $6,043,256
The accompanying notes are an integral part of these financial statements.
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Revenue:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Gas franchise fees
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Highways and streets
Parks
Solid waste abatement
Cable TV
Capital outlay:
General government
Public safety
Highways and streets
Parks
Solid waste abatement
Cable TV
Total expenditures
Revenue over expenditures
Fund balance - January 1
Fund balance - December 31
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
GENERAL FUND
For The Year Ended December 31, 1990
1990
Over
(Under)
Budget Actual Budget
$999,330
254,500
595,762
158,366
80,000
26,242
11,900
18.635
2.144.735
627,290
804,469
461,210
195,407
12,750
1,200
$994,399
254,620
629,919
208,981
83,618
63,052
13,052
47.008
2,294,649
($4,931)
120
34,157
50,615
3,618
36,810
1,152
28.373
149,914
669,838 42,548
804,363 (106)
432,813 (28,397)
185,780 (9,627)
30,444 17,694
1,497 297
10,400 18,214 7,814
19,060 (19,060)
2,283 2,283
5,874 5,874
7,000 2,800 (4,200)
1,145 1,145
2,155,051 16,265
2,138.786
$5,949 139,598 $133,649
1,030.026
$1,169,624
The accompanying notes are an integral part of these financial statements.
Statement 3
1989
Actual
(Memorandum
Only)
$848,472
256,987
698,558
96,680
73,614
54,930
11,875
40,679
2,081,795
591,023
716,476
357,938
134,653
17,638
34,993
34,180
1,511
7,819
1,896231
185,564
844,462
$1,030,026
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1990
Statement 4
Totals
(Memorandum Only)
December 31,
1990 1989
Operating revenue:
Water sales $99,894 $72,238
Sewer charges 119,112 82,408
Other operating revenue 28,100 26,942
Total operating revenue 247,106 181,588
Operating expenses:
Personal services 61,965 35,549
Materials and supplies 2,295 2,458
Contractual services 17,504 8,590
Repair and maintenance 38,845 35,798
MWCC sewer charges 63,655 50,531
Depreciation:
Purchased assets 820 769
Contributed assets 72,431 67,001
Utilities 13,335 18,049
Other 10,206 574
Total operating expenses 281,056 219,319
Net (loss) from operations
(33,950) (37,731)
Other income:
Interest on investments 256
Maintenance agreement - MWCC 7,233
Total other income 7,489
Net (loss)
10,656
10,656
(26,461) (27,075)
Other increases (decreases):
Credit arising from transfer of depreciation
to contributions from property owners 72,431 67,001
Operating transfer to Capital Project Fund (80,365)
Total other increases (decreases) (7,934) 67,001
Net increase (decrease) in retained earnings (34,395) 39,926
Retained earnings - January 1 87,780 47,854
Retained earnings - December 31 $53,385 $87,780
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1990
Statement 5
Totals
(Memorandum Only)
1990 1989
Cash flows from operating activities:
Operating (loss) ($33,950) ($37,731)
- Adjustments to reconcile operating (loss) to
net cash flows from operating activities:
Depreciation 73,251 67,770
Change in assets and liabilities:
Decrease (increase) in receivables (19,675) (17,298)
Decrease (increase) in prepaid items (6,532) 3,968
Decrease (increase) in inventory 3,558 (3,166)
Increase (decrease) in payables 10,949 3,747
Net cash flows from operating activities 27,601 17,290
Cash flows from noncapital financing activities:
— Maintenance agreement - MWCC 7,233 10,656
Operating transfer to Capital Project Fund (80365)
Net cash flows from noncapital financing activities (73,132) 10,656
—
Cash flows from capital and related financing activities:
Purchase of fixed assets (6,044) (2,311)
- Cash flows from investing activities:
Interest on investments 256
Net increase (decrease) in cash and investments (51,319) 25,635
Cash and investments - January 1 18,909 (6,726)
Cash and investments - December 31 ($32,410) $18,909
Noncash investing, capital and financing activities:
- Distribution system assets in the amount of $939,204 were contributed to the Water and Sewer Fund in 1990.
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- Collection system assets in the amount of $1,813,155 were contributed to the Water and Sewer Fund in 1990.
The accompanying notes are an integral part of these financial statements.
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CITY OF LINO LAKES, MINNESOTA
Page 1 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Lino Lakes, Minnesota conform to generally accepted
accounting principles as applicable to governmental units.
FINANCIAL REPORTING ENTITY
The City of Lino Lakes is a public corporation formed under Minnesota Statute 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:
Entity Reason for Inclusion/Exclusion
Included Lino Lakes Economic The Lino Lakes EDA was established by the
Development Authority (EDA) City Council and is governed by a board of
commissioners consisting of City Council
members. The EDA is required to submit
a budget for approval of the City Council
annually. The City of Lino Lakes is
responsible for ensuring that the EDA has
adequate funding to carry out its activities.
Upon the request of the EDA, the City may
levy taxes for the benefit of the EDA.
Excluded: Lino Lakes Gas Utility Operated as part of the Circle Pines Gas
Franchise Utility. City of Lino Lakes exercises
minimal management control. City receives
annual share of gross revenue.
Lino Lakes Senior Center Although the Senior program uses a center
funded by the City, the Senior Center has
authority over the activities it finances as
well as responsibility over fiscal matters.
FUNDS AND ACCOUNT GROUPS
The accounting system of the City is organized and operated on a fund basis. A fund is defined as
a fiscal and accounting entity with a self - balancing set of accounts recording cash and other
fmancial 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.
Page 2 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FUNDS AND ACCOUNT GROUPS (continued)
GOVERNMENTAL FUNDS
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
Special Revenue Fund - to account for the proceeds of specific revenue sources (other than
expendable trusts or for major capital projects) that are legally restricted to expenditures for
specified purposes.
Debt Service Funds - to account for the accumulation of resources for, and the payment of,
general long -term debt principal, interest and related costs.
Capital Project Funds - to account for financial resources to be used for the acquisition or
construction of major capital facilities.
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 Governmental Fund types are designed to account for the financial flow of a particular fund;
therefore, they generally include only current assets and current liabilities on their balance sheets.
The City maintains two account groups to account for noncurrent assets and long -term liabilities
as follows:
General Fixed Assets - The City maintains a separate account group 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 -term obligations of the City
including general obligation bonds, special assessment bonds, special obligation bonds and
leases payable.
ONO
CITY OF LINO LAKES, MINNESOTA
Page 3 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 decreases (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.
BASIS OF ACCOUNTING
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.
Page 4 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
ENCUMRANCES
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. The Enterprise Funds participate in the entity wide cash and investment
management pool. For purposes of the Statement of Cash Flows, the Enterprise Funds equity in
the cash and investment management pool is considered as cash equivalents.
Investments are stated at cost (plus interest added, if any) which approximates market value except
for assets of the Deferred Compensation Plan which are reported at market value. Material
purchase discounts and premiums are amortized over the teen 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, 1990
and 1989:
December 31,
1990 1989
Cash - checking $77,666 ($69,847)
Investments 7,125,065 6,278,653
Petty cash and change 150 150
Totals
$7,202,881 $6,208,956
Cash and investments with escrow agent represents 1) restricted cash held in escrow for the
construction of a fire station and retirement of debt; and, 2) cash held by the City Deferred
Compensation Administrator.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
Page 5 of 23
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (continued)
At December 31, 1990 the following funds reported cash overdrafts:
Economic Development Authority $9,336
1989A Certificates of Indebtedness 7,085
Community Development Block Grant 11,084
Surface Water Management 91,701
Centennial Fire Station 74,968
Interim Construction 68,311
Tax Increment Financing 1 -2 2,617
Tax Increment Financing 1 -3 14,397
Tax Increment Financing 1-4 22,014
Water and Sewer 32,410
Investment Fund 122,321
Management has elected not to record an interfund loan for these overdrafts as they are considered
temporary.
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.
At year -end, the carrying amount of the City's deposits was $5,749,142 and the bank balance was
$6, 066, 123. The entire bank balance was covered by Federal depository insurance collateral held
by the City's agent in the City's name.
Page 6 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (continued)
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.
(f) 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 - dealers.
(g) Futures contracts sold under authority of Minnesota Statutes 471.56, subd. 5.
The City's investments are categorized 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.
Credit Risk Category Carrying Market
Investment Type 1 2 3 Amount Value
Commercial Paper $1,251,759 $1,251,759 $1,280,014
Investment Company Shares 201,830 201,830
Totals $1,453,589 $1,481,844
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 expenditure.
MUNICIPAL STATE AID
Municipal State Aid (MSA) is recognized as revenue in the period the funds are designated for
specific construction projects.
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CITY OF LINO LAKES, MINNESOTA
Page 7 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
LOCAL GOVERNMENT AID
Local govemment aid is provided by the State. This aid is provided as a shared tax based upon a
statutory formula and without restrictions. Payment from the State is generally received during
each calendar year. The City recognizes local government aid revenue when it becomes both
measurable and available to finance current operations. In practice, local government aid is
recognized as revenue as it is received in cash.
PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County for collection in
December (assessment date) of each year. The County is responsible for billing and collecting all
property taxes for itself, the City, the local School District and other taxing authorities. Such
taxes become a lien on January 1 and are recorded as receivables by the City at that date. Real
property taxes are payable (by property owners) on May 15 and October 15 of each calendar year.
Personal property taxes are payable by taxpayers on February 28 and June 30 of each year. These
taxes are collected by the County and remitted to the City on or before July 7 and December 2 of
the same year. Additionally, delinquent collections for the months of January and February are
remitted to the City each April. Delinquent collections for November and December are received
the following January. The City has no ability to enforce payment of property taxes by property
owners. The County possesses this authority.
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 State credits
received by the City in July, December and January are recognized as revenue for the current year.
Taxes collected by the County by December 31 (remitted to the City the following January) and
taxes and credits not received at the year end are classified as delinquent and due from County taxes
receivable. The portion of delinquent taxes not collected by the City in January are fully offset by
deferred revenue because they are not available to fmance current expenditures.
Cities in Minnesota operate under a levy limitation law. A City's levy limit is equal to the prior
years levy limit base (revenue levy plus local government aid) increased by 1) three percent; and 2)
a percentage equal to one -half of the greater of the percentage increases in population or in number
of households, if any, and reduced by the local government aid that the City has been certified to
receive. Levies for bonded indebtedness are not limited by the law.
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/mdustrial 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 through this formula for
1990 and 1989 totaled $243,968 and $249,408 respectively. Receipt of property taxes from this
"fiscal disparities pool" does not increase or decrease total tax revenue.
Page 8 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
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.
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments are collected by the County and remitted by December 31 (remitted to the City the
following January) and are also recognized as revenue for the current year. All remaining
delinquent, deferred and special deferred assessments receivable in governmental funding are
completely offset by deferred revenues.
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.
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 totaled $5,060 at December 31, 1990
and 1989.
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 1990 totaled $14,910.
This amount was received in March of 1991 and will be recorded as revenue (available criteria) in
1991.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
Page 9 of 23
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
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 Account Group 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
1/1/90 Additions Deletions 12/31/90
Land $298,943 $298,943
Buildings and improvements 569,905 $8,779 578,684
Wells 6,216 6,216
Furniture and equipment 880,423 263,430 $34,967 1,108,886
Totals $1 755 487 $272,209 $34,967 $1,992,729
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.
Page 10 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
FIXED ASSETS (continued)
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:
Depreciable Depreciation
Assets Lives 1990 1989
Purchased assets:
Water 5 - 25 years $421 $600
Sewer 5 - 25 years 399 169
Contributed assets:
Water 20 - 50 years 34,105 31,226
Sewer 20 - 50 years 38,326 35,775
Totals $73,251 $67,770
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 31,1990 is as follows:
Water and Gas
Sewer Utility Total
Well $18,500 $18,500
Buildings and Structures 48,690 48,690
Machinery and Equipment 23,406 23,406
Water and Sewer Lines 6,224,189 6,224,189
Acquisition costs - gas utility $2,375 2,375
Total 6,314,785 2,375 6,317,160
Less: Accumulated Depreciation (400,580) (400,580)
Net Fixed Assets $5,914,205 $2,375 $5,916,580
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CITY OF LINO LAKES, MINNESOTA
Page 11 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
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, 1990:
Balance Balance
1/1/90 Additions Deletions 12/31/90
Bonded Debt:
General Obligation $300,000 $1,390,000 $60,000 $1,630,000
Special Assessment 8,487,500 1,015,000 1,888,500 7,614,000
Capital Lease Payable 7,715 1,992 5,723
Contract Payable 32,000 16,000 16,000
Assessments Payable 151,130 151,130
Totals $8,978,345 $1,015,000 $1,966,492 $9,416,853
All bond issues outstanding at December 31,1990 are backed by the full faith and credit of the
City, including special assessment bond issues. Outstanding balances at December 31, 1990,
principal and interest payments due in 1991, fmal 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, 1990 including
interest payments of $2,244,323 are as follows:
General Special
Year Ending Obligation Assessment
December 31, Bonds Bonds Total
1991 $142,270 $1,346,605 $1,488,875
1992 244,003 5,203,316 5,447,319
1993 208,854 258,162 467,016
1994 205,525 246,444 451,969
1995 164,270 1,241,776 1,406,046
1996 -2010 1,820,900 406,198 2,227,098
Total $2,785,822 $8,702,501 $11,488,323
Page 12 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
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 Account Group 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 $2,929,170.
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, 1990 is composed of the following:
Feral
Issue Maturity Interest Original Payable
Date Date Rates Issue 12/31/90
General Obligation Bonds:
1989A Equipment Certificates 5/1/89 5/1/94 7.65 $300,000 $240,000
1989B Equipment Certificates 8 /1/90 2/1/95 6.65 275,000 275,000
Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12 1.115.000 1.115,000
Total General Obligation Bonds 51,690,000 81,630,000
General Improvement Bonds with special assessments pledged:
G. 0. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 5,000
G. 0. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 30,000
G. 0. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 14,000
G. 0. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 215,000
G. 0. Temporary Improvement Bonds of 1987 9/1/87 9/1/90 5.43 1,650,000
G. 0. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,065,000
G. 0. Temporary Improvement Bonds of 19883 10/1/88 10/1/91 6.20 610,000 610,000
G. 0. Temporary Improvement Bonds of 1989 7/1/89 7/1/92 6.10 4,660,000 4,660,000
G. 0. Temporary Improvement Bonds of 1990B 8/1/90 8/1/93 6.10 1,015,000 1,015,000
Total General Improvement Bonds with
special assessments pledged 9,750.000 7.614.000
Total - All Bonds
11,440,000 9,244,000
Assessments payable on City property 151,130
Capital lease - phone system 5/89 3/93 14.92 9,249 5,723
Contract for deed 10/1/87 7/1/91 8.00 80,000 16,000
Total Indebtedness
LEGAL DEBT MARGIN
811.529.249 89.416.853
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 1990 and 1989 is
computed as follows:
CITY OF LINO LAKES, MINNESOTA
Page 13 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
LEGAL DEBT MARGIN (continued)
December 31,
1990 1989
Market value $264,157,000 $231,211,700
Applicable percentage
Debt limit
2% 2%
5.283.140 4.624.234
Amount of debt applicable to debt limit:
Total bonded debt 9,244,000 8,787,500
Less: Special assessment bonds 7,614,000 8,487,500
Public project revenue bonds 1,115,000
Cash and investments in
debt service funds 60,764 0
Total debt applicable to debt limit 454,236 300,000
Legal debt margin $4,828,904 $4,324,234
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 Account Group (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 totaled $14,346 and $12,313 at
December 31, 1990 and 1989 respectively.
The City also has an unrecorded contingent liability for unused employee sick leave of $181,814
and $141,969 at December 31, 1990 and 1989 respectively.
DEFERRED REVENUE
Deferred revenue at December 31, 1990 consisted of the following amounts:
Uncollected park dedication fees $5,060
Property tax revenue 112,202
Special assessment revenue 3,172,105
Totals $3,289,367
Page 14 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS
Plan Description
All full-time and certain part-time employees of the City of Lino Lakes are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of Minnesota
(PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public
Employees Police and Fire Fund ( PEPFF) which are cost- sharing multiple - employer retirement
plans. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated
members are covered by Social Security and Basic members are not. All new members must
participate in the Coordinated Plan. All police officers, fire fighters and peace officers who qualify
for membership by statute are covered by the PEPFF. The payroll for employees covered by
PERF and PEPFF for the year ended December 31, 1990, was $626,737 and $350,592
respectively; the City's total payroll was $987,329.
PERA provides retirement benefits as well as disability benefits to members, and benefits to
survivors upon death of eligible members. Benefits are established by State Statute, and vest after
three years of credited service. The defined retirement benefits are based on a member's average
salary for any five successive years of allowable service, age, and years of credit at termination of
service. Two methods are used to compute benefits for Coordinated and Basic members. The
retiring member receives the higher of step -rate benefit accrual formula (Method 1) or a level
accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2
percent of average salary for each of the fast 10 years of service and 2.5 percent for each remaining
year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of
the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual
rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members.
For PEPFF members, the annuity accrual rate is 2.5 percent for each year of service. For PERF
members whose annuity is calculated using Method 1, and for all PEPFF members, a full annuity
is available when age plus years of service equal 90.
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There
are also various types of joint and survivor annuity options available which will reduce the
monthly normal annuity amount, because the annuity is payable over joint lives. Members may
also leave their contributions in the fund upon termination of public service, in order to qualify for
a deferred annuity at retirement age. Refunds of contributions are available at any time to members
who leave public service, but before retirement benefits begin.
Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
makes annual contributions to the pension plans equal to the amount required by State Statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for
the PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's
actuary determines the sufficiency of the statutory contribution rates towards meeting the required
full funding deadline. The actuary compares the actual contribution rate to a "required"
contribution rate. Current combined statutory contribution rates and actuarially required
contribution rates for the plans are as follows:
Statutory Rates: Required
Employees Employer Rates
PERF 4.47% 4.82% 8.83%
PEPFF 8.00% 12.00% 16.21%
CITY OF LINO LAKES, MINNESOTA
Page 15 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (Continued)
Total contributions made by the City during fiscal year 1990 were:
PERF
PEPFF
Totals
Amount
Employees Employer
$24,658 $24,658
26,476 39,714
$51,134 $64,372
Percentage of
Covered Payroll
Employees Employer
4.47% 4.82%
8.00% 12.00%
The City's contribution for the year ended June 30, 1990 to the PERF represented .0263 percent of
total contributions required of all participating entities. For the PEPFF, contributions for the year
ended June 30, 1990, represented .1636 percent of total contributions required of all participating
entities.
Funding Status and Progress
Pension Benefit Obligation
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 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
among employers. PERA does not make separate measurements of assets and pension benefit
obligation for individual employers.
The pension benefit obligations as of June 30, 1990, are shown below:
PERF PEPFF
(In thousands)
Total pension
benefit obligation $4,089,960 $657,453
Net assets available
for benefits, at cost
(Market Values for
PERF = $3,547,243;
PEPFF = $803,320) 3,250,157 739,068
Unfunded (assets in
excess of) pension
benefit obligation $839,803 ($81,615)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June
30, 1990. Net assets available to pay pension benefits were valued as of June 30, 1990.
Page 16 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (Continued)
Changes in Actuarial Methods and Benefit Provision&
For the fiscal year 1990 actuarial valuat ion, the PERA Board of Trustees approved the use of new
withdrawal rates. The change was made to reduce, if not eliminate, the series of large, annually
recurring actuarial losses in the last few years due to lower than expected terminations.
With the adoption of new withdrawal rates, the pension benefit obligation increased $59,942,000
in the PERF and $6,978,000 in the PEPFF.
Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial
Report for the year ended June 30, 1990. This information is useful in assessing the pension
plan's accumulation of sufficient assets to pay pension benefits as they become due.
Related Party Investments
As of June 30, 1990, and for the fiscal year then ended, PERA held no securities issued by the
City or other related parties.
DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
Major fund equity designations at December 31, 1990 and 1989 are as follows:
December 31,
1990 1989
General Fund:
Reserve for prepaid items $70,667
Designated for general contingencies 217,151
Designated for cash flow reserve 824,523
Designated for Installment Purchase Contract 57,283
$53,290
Debt Service Funds:
Reserved for debt retirement 2,784,745 2,302,412
Capital Projects Funds:
Designated for capital improvements 3,900,882 2,228,693
Designated for committed contracts 151,732 213,594
Designated for equipment acquisition 164,343 158,663
Designated for park improvements 188,932 201,209
Totals $8,360,258 _ $5,157,861
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CITY OF LINO LAKES, MINNESOTA
Page 17 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
DEFICIT FUND BALANCES
The following funds had deficits at December 31, 1990:
Fund
Deficit
Special Revenue Fund:
Economic Development Authority $9,336
Debt Service Funds:
1989A Certificates of Indebtedness 7,085
Capital Project Funds:
Community Development Block Grant 8,512
Surface Water Management 92,031
Interim Construction 164,931
Tax Increment Financing 1 -2 2,408
Tax Increment Financing 1 -3 14,397
Tax Increment Financing 1-4 22,262
The 1989A Certificates of Indebtedness deficit will be eliminated through the collection of future
tax levies.
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 fmancial statements.
Page 18 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
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.
(3)
Statements of Revenue, Expenditures and Changes in Fund Balance compared to budget
present prior year actual amounts. These amounts are incomplete presentations in that
prior year budget amounts are not included in conformance with generally accepted
accounting principles.
NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT
General obligation bonded debt of all Minnesota cities is issued in accordance with State Statutes.
When a bond issue to be financed by 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 financial statements
in accordance with generally accepted accounting principles. Revenue from these tax levies is
recognized annually as explained under "Property Tax Revenue Recognition ".
Scheduled and actual debt service tax levies for the general obligation debt were and are scheduled to
be as follows:
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT (Continued)
Levy/ Percent
Collection Scheduled Actual Levied
1987/88 $126,428 $117,000
1988/89 0 19,477
1989/90 189,785 158,294
1990/91 289,517 231,853
1991/92 251,649
1992/93 247,178
1993/94 263,287
1994/95 126,461
1995/96 104,055
1996/97 118,112
1997/98 125,882
1998/99 122,417
1999/00 145,150
2000/01 139,834
2001/02 134,479
2002/03 129,045
2003/04 149,783
2004/05 142,433
2005/06 134,978
2006/07 127,523
2007/08 120,015
2008/09 112,508
1
Page 19 of 23
92.54%
83.41%
80.08%
ASSESSMENTS PLEDGED
Certain special assessment bond issues sold by the City are partially fmanced 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.
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 with special assessments
pledged were and are scheduled to be as follows:
Page 20 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
1 t
ASSESSMENTS PLEDGED (Continued)
Levy/ Percent
Collection Scheduled Actual Levied
1987/88 $29,801 $0 0.00%
1988/89 34,838 0 0.00%
1989/90 35,639 0 0.00%
1990/91 2,508 0 0.00%
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, 1990.
CITY OF LINO LAKES, MINNESOTA
Page 21 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 10 DEFERRED COMPENSATION PLAN
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, 1990, the following deferred payroll deductions were remitted to
... the plan:
IMO
IIIMIN
MIMI
Mml
Ilwal
Employee
Employer
Total
$28,445
0
$28,445
The value of total remittances at December 31, 1990 was $160,942. 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 Economic Development District #1
established under MS 273.71 in 1987. Within the Economic Development District are the
following Tax Increment Financing Districts. As of December 31, 1989 the City has not issued
Tax Increment bonds for any of it's Tax Increment Districts.
Housing District #1 -1 was established under MS 273.73 subd. 11 in 1987. The duration of the
district is 25 years.
Current tax capacity $151,374
Original tax capacity 2,311
Captured tax capacity $149,063
Retained by authority $149,063
Shared with other taxing districts 0
Total $149.063
Page 22 of 23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 11 TAX INCREMENT DISTRICTS (Continued)
District #1 -2 was established pursuant to MS 469.174, subd. 12 which qualifies it as an Economic
Development TIF district. The duration of the district is eight years from the date of the receipt of
the first increment or ten years from the date of approval of the TIF plan, whichever comes first.
Current tax capacity $73,669
Original tax capacity 7,508
Captured tax capacity $66,161
Retained by authority $66,161
Shared with other taxing districts 0
Total $66,161
District #1 -3 was established pursuant to MS 469.174, subd. 10(a)(2) which qualifies it as a
redevelopment district. The duration of the district is 25 years from the date of the first
increments.
Current tax capacity $3,942
Original tax capacity 4,045
Captured tax capacity ($103)
Retained by authority $0
Shared with other taxing districts 0
Total $0
District #1-4 was established pursuant to MS 469.174 subd. 12 which qualifies it as an Economic
Development TIF District. The duration of the District is eight years from the date of the receipt
of the first increment or ten years from the date of approval of the TIF Plan, whichever comes
first.
Current tax capacity
Original tax capacity
Captured tax capacity
$0
Retained by authority $0
Shared with other taxing districts 0
Total $0
NOTE 12 SUBSEQUENT EVENT
On November 13, 1990 the City approved the issuance of the $88,500 Certificates of Indebtedness
series 1990. The certificates were issued on January 1, 1991.
CITY OF LINO LAKES, MINNESOTA
Page 23 of 23
NOTES TO FINANCIAL STATEMENTS
December 31, 1990
NOTE 13 SEGMENT INFORMATION
The City maintains two Enterprise Funds. The Water and Sewer Fund which provides water and
sewer services and the Gas Utility Fund which is operated as part of the Circle Pines Gas Utility.
Segment information for the year ended December 31, 1990 is as follows:
Operating revenue
Depreciation
Operating income (loss)
Operating transfer out
'— Fixed assets:
Additions
Current capital contributions
•— Net working capital
Total assets
Total equity
Water
$124,741
34,526
5,341
Total Gas
Sewer Water and Sewer Utility
$122,365 $247,106
38,725 73,251
(39,291) (33,950)
(80,365)
3,676 $2,375
2,752,355
46,040 (2,375)
6,012,420 2,375
5,960,245
COMBINING, INDIVIDUAL FUND
AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
CITY OF LINO LAKES, MINNESOTA
Statement 6
GENERAL FUND
BALANCE SHEET
December 31, 1990
With Comparative Amounts For December 31, 1989
December 31,
1990 1989
Assets (Memorandum
Only)
WNW Cash and investments $1,102,116 $987,400
Accounts receivable 30,807 10,815
Due from other governmental units 24,783 21,073
Taxes receivable:
.....
Delinquent 46,639 44,346
Due from County 20,819 22,713
Special assessments receivable:
Tax forfeit 125 125
Prepaid items 70,667 53,290
Total assets $1,295,956 $1,139,762
Liabilities and Fund Balance
Liabilities:
Accounts payable $59,437 $39,334
Salaries payable 7,102 4,221
Customer deposits 1,864 11,999
Due to other governmental units 11,165 9,711
Deferred revenue 46,764 44,471
Total liabilities 126,332 109,736
Fund balance:
Reserved 70,667 53,290
— Unreserved:
Designated 1,098,957
Undesignated 976,736
Total fund balance 1,169,624 1,030,026
Total liabilities and fund balance $1,295,956 $1,139,762
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1990
With Comparative Actual Amounts For The Year Ended December 31, 1989
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 and equalization aid
Mobile home homestead credit
Agricultural credit
Police state aid
Police - other
MSA maintenance
Surcharge rebate
Other
County:
Solid waste
Total intergovernmental
Charges for services:
General government
City Planner - escrow charges
Fees retained from collection for
other governments - SAC
Administrative charge - other funds
Aerial map 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
1990
Over (Under)
Budget Actual Budget
$780,566 $775,635 ($4,931)
218,742 218,742
22 22
999,330 994,399 (4,931)
Statement 7
Page 1 of 4
1989
Actual
(Memorandum
Only)
$595,980
245,168
7,324
848.472
239,600 235,187 (4,413) 237,101
14,900 19,433 4,533 19,886
254,500 254,620 120 256,987
163,165 163,165 330,823
369,375 369,375 270,645
2,822 2,822 2,749
8,223
36,000 35,662 (338) 32,739
10,638 10,638 14,103
13,900 13,935 35 13,935
5,690
4,822 4,822 3,500
10,500 29,500 19,000 16,151
595,762 629,919 34157 698,558
2,650 6,303 3,653 8,336
5,943 5,943 5,759
952 952 902
69,486 69,890 404 7,940
36,793 36,793
86,230 89,100 2,870 73,743
158,366 208,981 50,615 96,680
80,000 83,618 3,618 73,614
26,242 63,052 36,810 54,930
11,900 13,052 1,152 11,875
5,038 5,038 8,278
18,635 41,970 23,335 32,401
18,635 47,008 28,373 40,679
2.144.735 2.294.649 149,914 2,081,795
The accompanying notes are an integral part of these financial statements.
loom
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, 1990
With Comparative Actual Amounts For The Year Ended December 31, 1989
1990
Statement 7
Page 2 of 4
Over (Under) 1989
Budget Actual Budget Actual
OM. Expenditures: (Memorandum
General government: Only)
Mayor and council:
Current:
Personal services $13,950 $14,322 $372 $12,128
Supplies 300 113 (187) 195
Other services and charges 13,100 14.265 1,165 10,560
Total mayor and council 27.350 28,700 1,350 22,883
Elections:
Current:
Personal services 5,200 5,727 527 2,613
Supplies 500 58 (442) 128
Other services and charges 600 52 (548) 1,319
Capital outlay 1500 5.123 2,623
Total elections 8.800 10,960 2,160 4,060
Administration:
Current:
Personal services 227,090 219,220 (7,870) 225,536
Supplies 11,800 13,704 1,904 13,221
Other services and charges 15,450 19,553 4,103 12,663
Capital outlay 2,900 4,645 1,745 1,383
Total administration 257.240 257.122 (118) 252,803
Assessing:
Current:
Contractual services 22,900 21,966 (934) 19,232
Supplies 95
Total assessing 22,900 21,966 (934) 19,327
Consultants:
Current ( personal services):
Engineer 22,500 31,671 9,171 23,067
Independent accountants and auditor 23,500 28,848 5,348 24,351
Planning and zoning 10,000 29,139 19,139 1,234
Legal 62,500 60,427 (2,073) 57,421
Surface water management 15,000 (15,000)
Pavement management study 14,174 14,174 7,748
- Legal printing 11,280 9,350 (1,930) 7,155
Other 6,385 15,523 9,138 26,572
Total consultants 151.165 189,132 37.967 147,548
Planning and zoning commission:
Current:
Personal services 1,150 381 (769) 1,006
Supplies 50 162 112 297
Other services and charges 1,950 1.870 (80) 1,166
Total planning and zoning commission 3,150 2,413 (737) 2,469
Charter commission:
Current:
Supplies 100 (100) 128
�' Other services and charges 3.100 (3,100) 3,416
Total charter commission 3.200 0 (3,200) 3.544
..=
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1990
With Comparative Actual Amounts For The Year Ended December 31, 1989
Planner.
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total planner
General government buildings:
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total general government buildings
Total general government
1990
Over (Under)
Budget Actual Budget
$74,410 $72,761
250 133
1,500 1,373
500
76.660 74.267
14,050 10,148
7,550 7,156
61,125 69,623
4,500 8,446
87,225 95,373
637,690 679,933
Public safety:
Police:
Current:
Personal services 489,895 483,086
Supplies 35,350 43,824
Other services and charges 24,850 27,783
Capital outlay
Total police 550,095 554,693
Fire protection:
Current:
Personal services (87)
Supplies 1,360
Contractual services 193,000 193,742
Other services and charges 2,762
Capital outlay 18,560
Total fire protection 211.560 197.777
Building inspection:
Current:
Personal services 44,784 42,306
Supplies 4,300 2,681
Other services and charges 4,085 2,207
Capital outlay 500
Total protective inspection 53.669 47,194
Civil defense:
Current:
Personal services 850 58
Supplies 200 19
Other services and charges 880 535
Capital outlay
Total civil defense 1.930 612
($1,649)
(117)
(127)
(500)
(2,393)
(3,902)
(394)
8,498
3,946
8,148
42.243
(6,809)
8,474
2,933
4,598
(87)
1,360
742
2,762
(18560)
(13,783)
(2,478)
(1,619)
(1,878)
(500)
(6,475)
(792)
(181)
(345)
(1,318)
The accompanying notes are an integral part of these financial statements.
Statement 7
Page 3 of 4
1989
Actual
(Memorandum
Only)
$48,835
260
707
1,035
50,837
13,958
10,957
63,538
32,575
121,028
624,499
422,782
42,841
20,612
582
486,817
90
815
176,518
2,287
19,840
199,550
39,193
3,828
2,065
464
45,550
117
141
863
13,294
14,415
s
lonw
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, 1990
With Comparative Actual Amounts For The Year Ended December 31, 1989
1990
Over (Under)
Budget Actual Budget
Animal control:
Current:
Supplies $125
Contractual services 6.150
Total animal control 6,275
Total public safety 823.529
$151
3,936
4,087
804,363
Highways and streets:
Current:
Personal services 234,510 201,927
Supplies 36,900 61,523
Contractual services:
Streets
Signs
Street lighting
Other services and charges
Capital outlay
Total highways and streets
Parks:
Current:
Personal services
Supplies
Other services and charges
Contractual services
Capital outlay
Total parks
Solid waste abatement:
Current:
Personal services
Supplies
Other services and charges
Contractual services
Capital outlay
Total solid waste abatement
Cable TV:
Current:
Personal services
Supplies
Capital outlay
Total cable TV
Miscellaneous:
Current
Other
Total expenditures
Revenue over expenditures
Fund balance - January 1
Fund balance - December 31
139,000
11,000
17,000
22,800
461.210
142,832
35,025
11,150
6,400
195,407
4,550
350
3,050
4,800
7,000
19,750
1,100
100
1.200
120,753
3,515
14,701
30,394
2,283
435,096
138,972
24,158
12,341
10,309
5,874
191,654
8,037
956
10,575
10,876
2,800
33.244
1,492
5
1,145
2.642
8,119
2,138,786 2,155,051
$5,949 139,598
1,030,026
$1,169,624
Statement 7
Page 4 of 4
1989
Actual
(Memorandum
Only)
$26 $324
(2,214) 4,000
(2,188) 4,324
(19.166)
(32,583)
24,623
(18,247)
(7,485)
(2,299)
7,594
2,283
(26,114)
(3,860)
(10,867)
1,191
3,909
5,874
(3,753)
3,487
606
7,525
6,076
(4,200)
13,494
392
(95)
1,145
1.442
8,119
16,265
The accompanying notes are an integral part of these financial statements.
$133,649
750,656
156,290
49,974
114,533
8,867
11,525
16,749
1,511
359,449
93,563
26,801
8,814
5,475
7,819
142.472
1,667
617
614
14,740
17,638
63
7
70
1,447
1,896,231
185,564
844,462
$1,030,026
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUND
ECONOMIC DEVELOPMENT AUTHORITY
BALANCE SHEET
December 31, 1990
With Comparative Totals For December 31, 1989
Assets
Liabilities and fund balance
Liabilities:
Cash overdraft
Statement 8
December 31,
1990 1989
(Memorandum
Only)
$0 $0
$9,336 SO
Fund balance (deficit):
Unreserved:
Undesignated (9,336)
Total fund balance (deficit) (9,336) 0
Total liabilities and fund balance
$0 SO
The accompanying notes are an integral part of these financial statements.
MINOS
WWI
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUND
ECONOMIC DEVELOPMENT AUTHORITY
STATEMENT OF REVENUE, EXPENDITURES AND CHANGES
IN FUND BALANCE
For The Year Ended December 31, 1990
With Comparative Totals For The Year Ended December 31, 1989
Statement 9
December 31,
1990 1989
(Memorandum
Only)
Revenue $0 $0
Expenditures:
General government:
Current
Personal services 735
Other services and charges 8,601
Total expenditures 9,336 0
Revenue (under) expenditures (9,336) 0
Fund balance - January 1 0 0
Fund balance (deficit) - December 31 ($9,336) $0
The accompanying notes are an integral part of these financial statements.
Assets
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1990
Improvement Improvement Improvement Improvement Improvement
Closed Bonds Bonds Bonds Bonds Bonds of
Bond of 1981 of 1983 of 1984 of 1986 1988
Cash and investments $61,370 $23,891 $14,416 $9,021 $247,333 $638,393
Cash and investments with escrow agent
Taxes receivable:
Delinquent 753
Special assessments receivable:
Delinquent 8,242 111,474
Deferred 4,643 40,473 5,720 62,631 450,674
Special deferred 34,475 9,366
City property 131,752 10,801
Tax forfeit 34 262 121,004
Due from County 11.507
Total assets $62,157 $28,796 $54,889 $14,741 $605,437 $1,232,215
Liabilities and Fund Balance
Liabilities:
Cash overdraft
Deferred revenue $787 $4,905 $40,473 , $5,720 $358,104 $582,315
Total liabilities 787 4,905 40,473 5,720 358,104 582,315
Fund balance (deficit):
Reserved for debt retirement 23,891 14,416 9,021 247,333 649,900
Unreserved:
Undesignated 61,370
Total fund balance (deficit) 61,370 23.891 14,416 9.021 247,333 649,900
Total liabilities and fund balance $62,157 $28,796 $54,889 $14,741 $605,437 51,232,215
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
emmo
Statement 10
- - Temporary Temporary Temporary Public
Improvement Improvement Improvement 1989A 1989B Project Totals
Bonds of Bonds of Bonds of Certificates of Certificates of Revenue Bonds December 31,
1988 1989 1990B Indebtedness Indebtedness of 1990A 1990 1989
(Memorandum
Only)
$427,890 $1,171,093 $168,926 $60,764 $2,823,097 $2,350,383
... $5,006 5,006
$1,937 1,600 4,290 1,958
_. 4,073 6,927 130,716 161,751
127,037 655,180 85,675 1,432,033 1,052,102
545,898 17,326 607,065 65,392
142,553 142,553
121,300 121,300
1055 3,450 18.012 40,236
$562,055 $2,372,171 $282,304 $1,937 $62,364 $5,006 $5,284,072 $3,935,675
.... $7,085 $7,085 $11,475
$131,110 $1,201,078 $109,928 1,937 $1.600 2,437,957 1,545,056
131,110 1,201,078 109,928 9,022 1,600 $0 2,445042 1,556,531
430,945 1,171,093 172,376 60,764 5,006 2,784,745 2,302,412
(7,085) 54,285 76,732
... 430,945 1,171,093_ 172,376 (7,085) 60,764 5,006 2,839,030 2,379,144
$562,055 $2,372,171 $282304 $1.937 $62,364 $5,006 $5.284,072 $3,935675
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1990
Improvement Improvement Improvement Improvement Improvement
Closed Bonds Bonds Bonds Bonds Bonds of
Bond of 1981 of 1983 of 1984 of 1986 1988
Revenue:
General property taxes:
Current and delinquent $912
Penalties, interest and other
Total general property taxes 912
Intergovernmental:
State:
HACA
Total intergovernmental 0
Special assessments:
Current and delinquent $5,754 $16,275 $2,145 $290,654
Prepayments $45,974
Tax forfeit
Penalties and interest 5,383 22,119
Total special assessments 0 5.754 16.275 2.145 51,357 312,773
Interest on investments 6.292 1.777 783 779 14,753 34.378
Total revenue 7.204 7.531 17,058 2.924 66,110 347,151
Expenditures:
Debt Service:
Principal retirement 5,000 10,000 3,500 125,000 95,000
Interest 1,100 3,550 1,531 14,288 72,240
Paying agent fees 359 400 414
Total expenditures 0 6.459 13,550 5.031 139.688 167.654
Revenue over (under) expenditures 7,204 1.072 3,508 (2,107) (73,578) 179.497
Other increases (decreases):
Operating transfer from
Capital Project Funds
Operating transfer to
Capital Project Funds (34,041)
Bond proceeds
Total other increases (decreases) (34,041) 0 0 0 0 0
Net increase (decrease) in fund balance (26,837) 1,072 3,508 (2,107) (73,578) 179,497
Fund balance (deficit) - January 1 88,207 22,819 10,908 11,128 320,911 470,403
Residual equity transfer - in
Residual equity transfer - out
Fund balance (deficit) - December 31 $61,370 $23,891 $14,416 59,021 $247,333 $649,900
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 11
Temporary Temporary Temporary Temporary 1989A 1989B Public
Improvement Improvement Improvement Improvement Certificates Certificates Project Totals
Bonds Bonds of Bonds of Bonds of of of Revenue Bonds December 31,
,,,M of 1987 1988 1989 1990B Indebtedness Indebtedness of 1990A 1990 1989
(Memorandum
Only)
$47,722 $39,000 $87,634 $15,539
13.882 11.345 25.227 618
61.604 50,345 112,861 16,157
23.441
23.441
19.157
19.157
42.598
42,598
4.822
4.822
$108,266 $553,358 $102,911 1,079,363 287,655
45,974 613,504
16,482
4.398 31,900 13.639
108,266 553.358 107.309 0 0 1.157,237 931.280
513,808 23.265 7.558 29.517 146 $72 133.128 111,097
-- 13.808 131,531 560.916 136.826 85.045 69.648 72 1,445,824 1.063.356
_.. 1,650,000 60,000 1,948,500 143,500
85,800 37,820 284,260 20,655 8,884 530,128 367,623
317 358 418 3 2,269 2,261
1,736,117 38,178 284,678 0 80,655 8,884 3 2,480,897 513,384
(1.722,309) 93.353 276.238 136,826 4.390 60.764 69 (1,035,073) 549,972
88,292 92,429 498,654 679,375 494,752
(34,041)
809.138 26.070 4,937 840,145 509.185
897.430 92.429 498,654 26.070 0 0 4.937 1.485,479 1,003,937
(824,879) 185,782 774,892 162,896 4,390 60,764 5,006 450,406 1,553,909
— 824,879 245,163 396,201 0 (11,475) 0 0 2,379,144 825,235
9,480 9,480 292,503
(292,503)
$0 $430,945 $1,171,093 $172,376 ($7.085) $60,764 $5,006 $2,839,030 $2,379,144
..r
MEIN
The accompanying notes are an integral part of these financial statements.
Assets
ONIINt
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1990
Statement 12
Page 1 of 2
Parks Capital Community Area Surface Centennial
and Improvement Development Connection Water Fire
Playgrounds Proiects Block Grant Charge Management Station
Cash and investments $189,104 $164,551 $1,432,865
Cash and investments with escrow agent
Accounts receivable 5,060
- Due from other govemmental units $3,280
Taxes receivable:
Delinquent 35
Due from County
Special assessments receivable:
Delinquent 2,269
Due from County 1,780
Deferred 392,653 $39,477
Special deferred 261.376 16.711
Total assets
Liabilities and
Fund Balance
$986,488
$194,164 $164,586 $3,280 $2,090,943 $56,188 $986,488
- Liabilities:
Cash overdraft $11,084 $91,701 $74,968
Accounts payable $172 $208 708 $249 330 4,017
Contracts payable
Due to other governmental units
Deferred revenue 5.060 35 656,298 56.188
Total liabilities 5,232 243 11,792 656,547 148,219 78,985
UMW
Fund balance (deficit):
Unreserved:
Designated:
... Committed contracts
Capital improvements 1,434,396 907,503
Equipment acquisition 164,343
Park improvements 188,932
Undesignated (8.512) (92,031)
Total fund balance (deficit) 188.932 164.343 (8,512) 1,434,396 (92,031) 907,503
%r
Total liabilities and fund balance $194,164 $164,586 $3,280 $2,090,943 $56,188 $986,488
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1990
Interim MSA SAC 1983 1988A 1988B
Construction Construction Revolvine Construction Construction Construction
Assets
Cash and investments $15,140 $389,904 $49,561 $131,839 $84,729
Cash and investments with escrow agent
Accounts receivable
Due from other governmental units
Taxes receivable:
Delinquent
Due from County
Special assessments receivable:
Delinquent
Due from County
Deferred $10,915 14,911
Special deferred
Total assets
Liabilities and
Fund Balance
10 915 =MM. $389,904 $49,561 $131,839 $84,729
Liabilities:
Cash overdraft $68,311
Accounts payable 24,628
Contracts payable 68,554
Due to other governmental units 3,438
Deferred revenue 10.915
Total liabilities 175,846
$14.911
$24,404
$71
14,911 $0 24,404 $0 $71
Fund balance (deficit):
Unreserved:
Designated:
Committed contracts
Capital improvements 15,140 389,904 25,157 131,839 84,658
Equipment acquisition
Park improvements
Undesignated (164,931)
Total fund balance (deficit) (164,931) 15.140 389,904 25.157 131,839 84.658
Total liabilities and fund balance $10,915 $30,051 $389,904 $49,561 $131,839 $84.729
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 12
Page 2 of 2
- Tax Increment Tax Increment Tax Increment Tax Increment Totals
1989 1990 Financing Financing Financing Financing December 31,
Construction Construction 1 -1 1 -2 1 -3 1-4 1990 1989
(Memorandun
Only)
$740,392 $233,721 $280,286 $3,712,092 $3,021,804
986,488
_ 1,010 6,070 11,975
33,422 36,702 27,587
60,787 $452 61,274 59,076
9,633 209 9,842 10,684
2,269
1,780
457,956 64,034
278,087
$741,402 $267,143 $350,706 $661 $0 $0 $5,552,560 $3,195,160
$2,617 $14,397 $22,014 $285,092 $101,354
$4,581 $3,986 248 39,198 71,486
- 195,957 29,923 294,434 166,896
27,842 93,168
$60.787 452 804,646 128,170
200.538 33,909 60,787 3 069 14,397 22,262 1,451,212 561,074
- 151,732 151,732 213,594
540,864 81,502 289,919 3,900,882 2,228,693
164,343 158,663
188,932 201,209
(2.408) (14,397) (22,262) (304,541) (168,073)
540,864 233.234 289,919 (2.408) (14.397) (22,262) 4,101,348 2,634,086
- $741,402 _ $267,143 $350,706 $661 $0 $0 $5,552,560 $3.195,160
The accompanying notes are an integral part of these financial statements.
Mos
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1990
Statement 13
Page 1 of 2
Parks Capital Community Area Surface Centennial
and Improvement Development Connection Water Fire
Playgrounds Proiects Block Grant Charge Management Station
Revenue:
General property taxes:
Current and delinquent $41
Penalties, interest and other
Tax increments
Total general property taxes 41
- Connection and area charges $742,607
Intergovernmental:
State:
MSA construction
�- HACA
Correctional Facility
Computer purchase 4,944
Federal:
CDBG $3,280
Total intergovernmental 4,944 3.280 0
Special assessments:
Current and delinquent 7,507
- Prepayments 226,693 $52,860
Penalties and interest
Total special assessments 0 0 234,200 52,860
Interest on investments $15,229 17,498 25,274 $15,555
- Refunds and reimbursements
Other 32,547
Total revenue 47,776 22,483 3,280 1,002,081 52,860 15,555
Expenditures:
- General government
Current
Personal services 8,773
Contractual services 6,837 156 31,440 145,120
- Supplies 45
Capital outlay:
General government 24,903 205,212
Public safety 166,167
Highways and streets 98,439
Parks 54,282 2,294
Construction costs 17.450
Total expenditures 78,614 291,803 8,929 31,440 145,120 205,212
Revenue over (under) expenditures (30,838) (269,320) (5,649) 970,641 (92,260) (189,657)
Other increases (decreases):
Operating transfer from Debt Service Funds
Operating transfer from Capital Project Funds 18,561 168,016 31,913
Operating transfer from Enterprise Fund 80,365
Operating transfer to Debt Service Funds
Operating transfer to Capital Project Funds (4,856)
Bonds proceeds 275,000 1,097,160
Total other increases (decreases) 18561 275,000 0 248,381 27,057 1,097,160
Net increase (decrease) in fund balance (12,277) 5,680 (5,649) 1,219,022 (65,203) 907,503
Fund balance (deficit) - January 1 201,209 158,663 (2,863) 215,374 (26,828) 0
Residual equity transfer
Fund balance (deficit) - December 31 5188.932 $164,343 (58,512) $1,434,396 ($92,031) $907,503
The accompanying notes are an integral part of these fmancial 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, 1990
Interim MSA SAC 1983 1987 1988A
Construction Construction Revolving Construction Construction Construction
Revenue:
General property taxes:
Current and delinquent
Penalties, interest and other
Tax increments
Total general property taxes
Connection and area charges
Intergovernmental:
State:
MSA construction
HACA
Correctional Facility $221,960
Computer purchase
Federal:
CDBG
Total intergovernmental 221.960
Special assessments:
Current and delinquent 1,458 $15,071
Prepayments
Penalties and interest
Total special assessments 1,458 15.071
Interest on investments 69 $24,729 $3 ,550 $6,518 $11,364
Refunds and reimbursements 365,175
Other
Total revenue 223.418 15.140 389,904 3550 6,518 11,364
Expenditures:
General government:
Current
Personal services
Contractual services
Supplies
Capital outlay:
General government
Public safety
Highways and streets
Parks
Construction costs 358,851 44,690 43.986
Total expenditures 358,851 0 0 0 44,690 43,986
Revenue over (under) expenditures
(135,433) 15.140 389,904 3550 (38,172) (32,622)
Other increases (decreases):
Operating transfer from Debt Service Funds 34,041
Operating transfer from Capital Project Funds 53,256
Operating transfer from Enterprise Fund
Operating transfer to Debt Service Funds (88,292)
Operating transfer to Capital Project Funds
Bonds proceeds
Total other increases (decreases) 87,297 0 0 0 (88,292) 0
Net increase (decrease) in fund balance (48,136) 15,140 389,904 3,550 (126,464) (32,622)
Fund balance (deficit) - January 1 (116,795) 0 0 21,607 135,944 164,461
Residual equity transfer (9,480)
Fund balance (deficit) - December 31 ($164.931) $15.140 $389,904 $25,157 $0 $131,839
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 13
Page 2 of 2
Tax Increment Tax Increment Tax Increment Tax Increment Totals
1988B 1989 1990 Financing Financing Financing Financing December 31,
Construction Construction Construction 1 -1 1 -2 1 -3 1-4 1990 1989
(Memorandum
only)
$41 $74
35
$130.069 $5,128 135.197 82,798
130,069 5,128 135,238 82,907
742,607 75,425
$555,970 555,970 172,413
8,593
221,960
4,944
3,280 21,150
555,970 0 0 786,154 202,156
$59,290 83,326 2,263
279,553 988,677
6
59,290 0 0 0 362,879 990,946
$22,586 161,038 17,929 14,042 335,381 203,944
365,175
32,547 79,275
22.586 220,328 573,899 144,111 5,128 $0 $0 2,759,981 1,634,653
8,773 7,832
3,625 18,983 206,161 69,178
45 6,080
230,115 2,974
166,167 17,421
98,439 181,952
56,576 47,365
52,541 465,971 519355 1,502,844 3,699,116
52,541 465,971 519355 0 0 3,625 18,983 2,269,120 4,031,918
(245,643) 54,544 144,111 5,128 (3,625) (18.983) 490,861 (2397,265)
34,041
271,746
80,365
- (92,429) (498,654) (679,375) (494,752)
(34,257) (232,633) (271,746)
178,690 1550,850 4,417,946
(126,686) (731,287) 178,690 0 0 0 0 985,881 3,923,194
-
(156,641) (976,930) 233,234 144,111 5,128 (3,625) (18,983) 1,476,742 1,525,929
241,299 1,517,794 0 145,808 (7,536) (10,772) (3,279) 2,634,086 1,108,157
(9,480)
$84,658 $540,864 $233,234 $289,919 ($2,408) ($14397) ($22,262) $4,101,348 $2,634,086
The accompanying notes are an integral part of these financial statements.
Assets
Current assets:
Cash and investments
Accounts receivable
Due from other governmental units
Prepaid items
Inventory
Total current assets
Fixed assets:
Well
Buildings
Equipment
Water and sewer system
Acquisition costs - gas utility
Total fixed assets
Less: Allowance for depreciation
Net fixed assets
Total assets
Liabilities and Fund Equity
Liabilities:
Cash overdraft
Accounts payable
Salaries payable
Due to other governmental units
Total liabilities
Fund equity:
Contributions - net
Retained earnings
Total fund equity
Total liabilities and fund equity
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1990
Gas
Water and Sewer Utility
$76,588
10,958
8,324
2.345
98.215
18,500
48,690
23,406
6,224,189
6,314,785
(400,580)
5.914205
$6,012,420
$32,410
16,619
617
2.529
52.175
5,906,860
53,385
5,960 245
$6,012,420
$0
2,375
2,375
2,375
$2,375
$2,375
2,375
Statement 14
December 31,
1990 1989
(Memorandum
Only)
$18,909
$76,588 55,648
10,958 12,223
8,324 1,792
2,345 5,903
98,215 94,475
18,500
48,690
23,406
6,224,189
2,375
6,317,160
(400,580)
5,916,580
$6,014,795
$32,410
18,994
617
2,529
54,550
5,906,860
53,385
0 5,960,245
$2375 $6,014,795
The accompanying notes are an integral part of these financial statements.
18,500
48,690
19,730
3,471,830
3,558,750
(327,329)
3,231,421
$3,325,896
$10,124
298
769
11,191
3,226,925
87,780
3,314,705
$3,325,896
CITY OF LINO LAKES, MINNESOTA
Statement 15
ENTERPRISE FUND
COMBINING STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1990
Gas December 31,
Water and Sewer Utility 1990 1989
(Memorandum
Operating revenue: Only)
Charges for services $219,006 $219,006 $154,646
Other operating revenue 28,100 28,100 26,942
Total operating revenue 247,106 $0 247,106 181,588
Operating expenses:
Personal services 61,965 61,965 35,549
- Materials and supplies 2,295 2,295 2,458
Contractual services 17,504 17,504 8,590
Repair and maintenance 38,845 38,845 35,798
MWCC sewer charges 63,655 63,655 50,531
-
Depreciation:
Purchased assets 820 820 769
Contributed assets 72,431 72,431 67,001
- Utilities 13,335 13,335 18,049
Other 10,206 10,206 574
Total operating expenses 281,056 0 281,056 219,319
Net (loss) from operations (33,950) 0 (33,950) (37,731)
Other income:
Interest on investments 256 256
Maintenance agreement - MWCC 7,233 7,233 10,656
Total other income 7,489 0 7,489 10,656
- Net (loss) (26,461) 0 (26,461) (27,075)
Other increases (decreases):
Credit arising from transfer of depreciation
to contributions from property owners 72,431 72,431 67,001
Operating transfer to Capital Project Fund (80,365) (80,365)
Total other increases (decreases) (7,934) 0 (7,934) 67,001
Net increase (decrease) in retained earnings (34,395) 0 (34,395) 39,926
Retained earnings - January 1 87,780 0 87,780 47,854
-
Retained earnings - December 31 $53,385 $0 $53,385 $87,780
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1990
Gas
Water and Sewer Utility
1990
Statement 16
Totals
1989
(Memorandum
Only)
Cash flows from operating activities:
Operating (loss) ($33,950) ($33,950) ($37,731)
Adjustments to reconcile operating (loss) to
net cash flows from operating activities:
Depreciation 73,251 73,251 67,770
Change in assets and liabilities:
Decrease (increase) in receivables (19,675) (19,675) (17,298)
Decrease (increase) in prepaid items (6,532) (6,532) 3,968
Decrease (increase) in inventory 3,558 3,558 (3,166)
Increase (decrease) in payables 8,574 $2,375 10,949 3,747
Net cash flows from operating activities 25,226 2,375 27,601 17,290
Cash flows from noncapital financing activities:
Maintenance agreement - MWCC 7,233 7,233 10,656
Operating transfer to Capital Project Fund (80,365) (80,365)
Net cash flows from noncapital financing activities (73,132) 0 (73,132) 10,656
Cash flows from capital and related financing activities:
Purchase of fixed assets (3,669) (2,375) (6,044) (2,311)
Cash flows from investing activities:
Interest on investments 256 256
Net increase (decrease) in cash and investments (51,319) 0 (51,319) 25,635
Cash and investments - January 1 18,909 18,909 (6,726)
Cash and investments - December 31 ($32,410) $0 ($32,410) $18,909
Non cash investing, capital and fmancing activities:
- Distribution system assets in the amount of $939,204 were contributed to the
Water and Sewer Fund in 1990.
- Collection system assets in the amount of $1,813,155 were contributed to the
Water and Sewer Fund in 1990.
The accompanying notes are an integral part of these financial statements.
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
WNW
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1990
Contractors
Deposits
$21,820
81,454
$103,274
$26,134
77,140
Investment
Fund
$122,321
Deferred
Compensation
$160,942
$122,321 $160,942
$122,321
$160,942
$103,274 $122,321 $160,942
Statement 17
Totals
December 31,
1990 1989
(Memorandum
Only)
$21,820 $33,993
160,942 119,058
122,321 90,731
81,454 32,924
$386,537 $276,706
$122,321
26,134
77,140
160,942
$386,537
The accompanying notes are an integral part of these financial statements.
$90,731
5,690
61,227
119,058
$276,706
CITY OF LINO LAKES, MINNESOTA
Statement 18
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1990
Balance Balance
January 1, December 31,
1990 Additions Deletions 1990
Contractors deposits:
Assets
Cash and investments $33,993 $97,123 $109,296 $21,820
Due from developers 32,924 48,530 81,454
Total assets $66,917 $145,653 $109,296 $103,274
Liabilities
Accounts payable $5,690 $26,134 $5,690 $26,134
Due to developers 61,227 111,057 95,144 77,140
Total liabilities $66,917 $137,191 $100,834 $103,274
Investment Fund:
Assets
Accrued interest on investments
Liabilities
Cash overdraft
Deferred Compensation:
Assets
Cash with escrow agent
Liabilities
Deferred compensation payable
Totals -All Trust and Agency Funds:
$90,731 $122,321 $90,731 $122,321
$90,731 $122,321 $90,731 $122,321
$119,058 $42,096 $212 $160,942
$119 058 $42,096 $212 $160,942
Assets
Cash and cash equivalents $33,993 $97,123 $109,296 $21,820
Cash with escrow agent 119,058 42,096 212 160,942
Accrued interest on investments 90,731 122,321 90,731 122,321
Due from developers 32,924 48,530 81,454
Total assets $276,706 $310,070 $200,239 $386,537
Liabilities
Cash overdraft $90,731 $122,321 $90,731 $122,321
Accounts payable 5,690 26,134 5,690 26,134
Due to developers 61,227 111,057 95,144 77,140
Deferred compensation payable 119,058 42,096 212 160,942
Total liabilities $276,706 $301,608 $191,777 $386,537
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 19
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1990
(Unaudited)
Balance Balance
January 1, December 31,
1990 Additions Deletions 1990
Land $298,943 $298,943
Wells 6,216 6,216
Buildings and improvements 569,905 $8,779 578,684
Furniture and equipment 880,423 263,430 $34,967 1,108,886
Totals $1,755,487 $272,209 $34,967 $1,992,729
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
STATEMENT OF GENERAL LONG - TERM DEBT
December 31, 1990
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Amount available in Debt Service Fund
Amount to be provided- future tax levies/assessments /tax increment collections
Total available and to be provided
General Long -Term Debt Payable
Statement 20
December 31,
1990 1989
S2,784,745 $2,379,144
6,632,108 6,599,201
$9,416,853 $8,978,345
Bonds payable:
General Obligation Bonds:
1989A Equipment Certificates $240,000 $300,000
1989B Equipment Certificates 275,000
Public Project Revenue Bonds - 1990A 1,115,000
Total General Obligation Bonds 1,630,000 300,000
General Obligation Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 5,000 10,000
G. O. Improvement Bonds of 1983 30,000 40,000
G. O. Improvement Bonds of 1984 14,000 17,500
G. O. Improvement Bonds of 1986 215,000 340,000
G. O. Temporary Improvement Bonds of 1987 1,650,000
G. O. Improvement Bonds of 1988A 1,065,000 1,160,000
G. O. Temporary Improvement Bonds of 1988B 610,000 610,000
G. O. Temporary Improvement Bonds of 1989 4,660,000 4,660,000
G. O. Temporary Improvement Bonds of 1990B 1,015,000
Total General Obligation Bonds with special assessments pledged 7,614,000 8,487,500
Total Bonds Payable 9,244,000 8,787,500
Assessments payable on City property 151,130 151,130
Contract for deed 16,000 32,000
Capital lease - phone system 5,723 7,715
Total general long -term debt $9,416,853 $8,978,345
The accompanying notes are an integral part of these financial statements.
SUPPLEMENTARY
FINANCIAL
INFORMATION
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1990
Final Prior Years
Interest Maturity Original
Rates Dated Date Issue
General Obligation Bonds:
1989A Equipment Certificates 7.65 5/1/89 5/1/94 $300,000
1989B Equipment Certificates 6.65 8/1/90 2/1/95
Public Project Revenue Bonds - 1990A 7.12 10/1/90 2/1/10
Total General Obligation Bonds 300,000
General Improvement Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 10.64 12/1/81 12/1/91 45,000
G. O. Improvement Bonds of 1983 8.65 1001/83 10/1/93 100,000
G. O. Improvement Bonds of 1984 6.50 5/1/84 11/1/94 35,000
G. O. Improvement Bonds of 1986 5.43 12/1/86 2/1/97 475,000
G. O. Temporary Improvement Bonds of 1987 5.43 9/1/87 9/1/90 1,650,000
G. O. Improvement Bonds of 1988A 6.43 10/1/88 2/1/97 1,160,000
G. O. Temporary Improvement Bonds of 1988B 6.20 10/1/88 10/1/91 610,000
G. O. Temporary Improvement Bonds of 1989 6.10 7/1/89 7/1/92 4,660,000
G. O. Temporary Improvement Bonds of 1990B 6.10 8/1/90 8/1/'93 0
Total General Improvement Bonds with special assessments pledged 8,735,000
Total - all bonds 9,035,000
Capital lease - phone system 14.92 5/89 3/93 9,249
Contract for deed 8.00 10/1/87 7/1/91 80,000
Total indebtedness $9,124,249
Imam
CITY OF LINO LAKES, MINNESOTA
Exhibit 1
Principal Interest
Payable 1990 Payable Due Due
Payments 1/1/90 Issued Payments 12/31/90 In 1991 In 1991
$0 $300,000 $60,000 $240,000 $60,000 $16,065
$275,000 275,000 50,000 16,205
1,115,000 1,115,000 77,275
0 300,000 1,390,000 60,000 1,630,000 110,000 109,545
35,000 10,000 5,000 5,000 5,000 550
60,000 40,000 10,000 30,000 10,000 3,700
17,500 17,500 3,500 14,000 3,500 1,242
135,000 340,000 125,000 215,000 125,000 8,225
- 1,650,000 1,650,000 0
1,160,000 95,000 1,065,000 130,000 65,393
610,000 610,000 610,000 37,820
4,660,000 4,660,000 284,260
-
0 1,015,000 1,015,000 61,915
247,500 8,487,500 1,015,000 1,888,500 7,614,000 883,500 463,105
-- 247,500 8,787,500 2,405,000 1,948,500 9,244,000 993,500 572,650
1,534 7,715 1,992 5,723 2,310 700
48,000 32,000 16,000 16,000 16,000 1,280
$297.034 $8,827,215 $2,405,000 $1,966,492 $9,265,723 $1,011,810 $574,630
-
OEM
-
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1990
Exhibit 2
Public
Project G. 0.
- Year of Equipment Equipment Revenue Equipment Improvement
Levy/ Certificates Certificates Bonds Certificates Bonds
Collection of 1989A of 1989B of 1990A of 1990 * of 1986A Total
1990/1991 $82,278 $67,875 $57,283 $24,417 $231,853
1991/1992 77,459 69,791 81,139 23,260 $1,689 253,338
1992/1993 72,639 71,316 81,139 22,084 839 248,017
1993/1994 67,819 67,190 107,389 20,889 263,287
1994/1995 105,735 20,726 126,461
1995/1996 104,055 104,055
1996/1997 118,112 118,112
1997/1998 125,882 125,882
1998/1999 122,417 122,417
1999/2000 145,150 145,150
2000/2001 139,834 139,834
-
2001/2002 134,479 134,479
2002/2003 129,045 129,045
2003/2004 149,783 149,783
- 2004/2005 142,433 142,433
2005/2006 134,978 134,978
2006/2007 127,523 127,523
2007/2008 120,015 120,015
2008/2009 112,508 112,508
$300,195 $276,172 $2,238,899 $111,376 $2,528 52,929,170
* These certificates were authorized but not issued at December 31, 1990.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1990
G. O. G. O. G. O.
Equipment Equipment Improvement Improvement Improvement
Cetificates Cetificates Bonds Bonds Bonds
of 1989A of 1989B of 1981 of 1983 of 1984
Bonds payable $240,000 $275,000 $5,000 $30,000 $14,000
Future interest payable 36,720 46,904 550 6,400 3,151
Totals $276,720 $321,904 $5 550 $36,400 $17,151
neomme
Payments to maturity:
1991 $76,065 $66,205
1992 71,475 63,055
1993 66,885 64,694
1994 62,295 65,955
1995 61,995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$5,550
$13,700 $4,743
11,800 4,445
10,900 4,139
3,824
$276,720 $321,904 $5,550 $36,400 $17,151
CITY OF LINO LAKES, MINNESOTA
Exhibit 3
G. 0. G. 0. G. 0. Public
G. 0. G. 0. Temporary Temporary Temporary Project
Improvement Improvement Improvement Improvement Improvement Revenue
Bonds Bonds Bonds Bonds Bonds Bonds
of 1986 of 1988 of 1988 of 1989 of 1990B of 1990A Totals
$215,000 $1,065,000 $610,000 $4,660,000 $1,015,000 $1,115,000 $9,244,000
23,975 262.339 37.820 568.520 185.746 1,072,198 2,244,323
$238,975 $1,327,339 $647,820 $5,228,520 $1,200,746 $2,187,198 $11,488,323
emial
$133,225 $195,392 $647,820 $284,260 $61,915 $1,488,875
19,710 192,143 4,944,260 30,958 $109,473 5,447,319
18,915 193,250 30,958 77,275 467,016
18,090 193,572 30,958 77,275 451,969
17,235 178,584 1,045,957 102,275 1,406,046
16,350 183,108 100,700 300,158
15,450 191,290 99,100 305,840
112,488 112,488
119,887 119,887
116,588 116,588
138,237 138,237
133,175 133,175
128,075 128,075
_ 122,900 122,900
142,650 142,650
135,650 135,650
128,550 128,550
121,450 121,450
114,300 114,300
107,150 107,150
,.., $238,975 $1,327,339 $647,820 $5,228,520 $1,200,746 $2,187,198 $11,488,323
Description
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CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1990
6
`) Exhibit 4
��
Ps-5-
Land Expended
Easements Prior
Contractor Engineering and Other Total 1990 Years
Fund 550:
80th Street $82,840 $15,036 $4,930 $102,806 $545 $102,261
Ash Street East Extension 16,284 7,723 24 24,031 16,489 7,542
Section 5 Drainage 4,856 4,856 0 4,856
Heritage Paul Montain 653 24 677 0 677
West Central Sewer and Water Trunk
Phase 2 25,925 924 26,849 1,091 25,758
Comprehensive Area Wide Water 437,952 82,764 20,730 541,446 * 0 541,446
West Shadow Lake Drive 16,767 31 16,798 * 3,509 13,289
Highway 49 and Lake Drive 26,020 26,020 16,240 9,780
Southeast Area Conceptual Design 2,287 2,287 0 2,287
Lakes #9 1,396 122 1,518 0 1,518
Elm Street Sewer and Water 2,500 2,500 0 2,500
Elmcrest Avenue 31,805 31,805 25,529 6,276
Sunset Road 135,722 228 120 136,070 * 0 136,070
Minnesota Correctional Facility 191,991 26,084 141 218,216 218,216
Otter Bay 538 145 683 683
Pine Ridge 7,344 195 7,539 7,539
Brandywood/Pheasant 18,745 195 18,940 18,940
White Tail Ridge 15,198 384 15,582 15,582
Reshanau Lake Trunk 36.4501' 419 36,869 34,488 2,381
Total Fund 550 864,789 322,319 28,384 1,215,492 358,851 856,641
Fund 564:
Reshanau Lake Estates South 383,134 36,655 11,421 431,210 * 17,633 413,577
D. Erickson's Phase 1 305,870 46,590 12,322 364,782 * 27,057 337,725
4th Avenue 549.419 80,890 89.560 719,869 * 0 719.869
Total Fund 564 1.238.423 164,135 113303 1,515,861 44,690 1.471,171
Fund 565:
Rice Lake Estates 1,174,356 179,808 108,580 1,462,744 * 43,986 1,418,758
Fund 566:
D. Erickson's Phase 2 209,761 34,159 13,493 257,413 * 22,455 234,958
Reshanau Phase 2 168,502 34,176 44,160 246,838 30,086 216,752
Total Fund 566 378.263 68,335 57,653 504,251 52,541 451.710
Fund 567:
West Central Sewer and Water Trunk 1,588,603 279,458 73,805 1,941,866 * 199,441 1,742,425
Carlson 608,928 155,787 58,166 822,881 128,923 693,958
Sunrise Meadows 685,618 142,134 31,855 859,607 129,410 730,197
Reshanau third addition 166,678 36,687 7,713 211,078 6,514 204,564
Reshanau fourth addition 12,939 2,593 15,532 1,683 13,849
Total Fund 567 3,049,827 627,005 174,132 _ 3 850,964 465,971 3,384,993
Fund 569:
2nd Avenue 481.621 155 359 34,422 671,402 519,355 152.047
Totals _ $7,1 $1 ,5 $5 47.1. $9,220,714 $1,485,394 $7,735,320
* Completed Project
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ONIMI
CITY OF LINO LAKES, MINNESOTA
Exhibit 5
INSURANCE IN FORCE
December 31, 1990
Coverage Amount
General Liability:
Bodily Injury/Property Damage $600,000
Personal Injury/Police Professional Liability 600,000
Property:
Buildings and Contents 2,947,225
Contractors Equipment ($500 Deductible) 32,500
Miscellaneous ($250 Deductible) 64,326
Valuable Papers ($250 Deductible) 50,000
Faithful Performance Blanket Bond 100,000
Public Official and Employee Liability 600,000
Automotive:
Bodily injury and property damage 600,000
Comprehensive and Collision ACV
Uninsured motorists 600,000
Miscellaneous equipment 50,000
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
Net Net
Tax Capacity Tax Capacity
Values Values
1990/1991 1989/1990
Taxable valuations:
Total $4,533,879 $3,753,020
Fiscal disparities:
Distribution 295,611 246,545
Contribution (246,308) (146,276)
Less: Captured Tax Increment Value (215,224) (141,487)
Totals $4,367,958 $3,711,802
Exhibit 6
Net Net
Tax Tax
Certified Capacity Certified Capacity
Levy Rate Levy Rate
Taxes levied:
Revenue $1,485,621 22.978 $1,371,527 21.159
Bond and interest 231,852 3.586 158,294 2.442
Totals $1,717,473 26.564 $1,529,821 23.601
CITY OF LINO LAKES, MINNESOTA
Exhibit 7
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -1
December 31, 1990
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
— Sources of funds:
Bond proceeds $1,200,000 $1,200,000
Tax increment collections 2,404,254 $141,290 $130,069 2,132,895
Interest on investments 5,458 14,042 (19,500)
"" Total sources of funds 3,604,254 146,748 144,111 3,313,395
Uses of funds:
- Public improvements 974,094 974,094
Administrative 940 (940)
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 3,570,498 940 0 3,569,558
Funds remaining (deficit) $33,756 $145,808 $144,111 ($256,163)
Sources of funds:
Bond proceeds
Tax increment collections
Total sources of funds
CITY OF LINO LAKES, MINNESOTA
Exhibit 8
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -2
December 31, 1990
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
$975,000
975,000
$975,000
$5,128 (5,128)
$0 5,128 969,872
Uses of funds:
Public improvements 170,000 170,000
Land acquisition 515,000 515,000
Demolition and site preparation 23,500 23,500
Relocation costs 15,000 15,000
Administrative 31,500 7,536 23,964
Bond discount 20,000 20,000
Capitalized interest 200,000 200,000
Total uses of funds 975,000 7,536 0 967,464
Funds remaining (deficit) $0 ($7,536) $5,128 $2,408
CITY OF LINO LAKES, MINNESOTA
Exhibit 9
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -3
December 31, 1990
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $259,260 $259,260
Total sources of funds 259,260 $0 $0 259,260
Uses of funds:
Land aquisition 200,000 200,000
Administrative 22,000 10,772 3,625 7,603
— Total uses of funds 222,000 10,772 3,625 207,603
Funds remaining (deficit) $37,260 ($10,772) ($3,625) $51,657
Sources of funds:
Bond proceeds
Total sources of funds
CITY OF LINO LAKES, MINNESOTA
Exhibit 10
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1-4
December 31, 1990
Accounted
Amended for in Current Amount
_Budget Prior Years Year Remaining
$1,950,000 $1,950,000
1,950,000 $0 $0 1,950,000
Uses of funds:
Land acquisition 400,000 400,000
Public improvements 1,050,000 1,050,000
Administrative 100,000 3,279 18,983 77,738
Bond discount 40,000 40,000
Capitalized interest 360,000 360,000
Total uses of funds 1,950,000 3,279 18,983 1,927,738
Funds remaining (deficit) $0 ($3,279) ($18,983) $22,262
CITY OF LINO LAKES, MINNESOTA
Exhibit 11
ENTERPRISE FUND
WATER AND SEWER FUND
SCHEDULE OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1990
December 31,
Water Sewer 1990 1989
(Memorandum
Operating revenue: Only)
Charges for services $99,894 $119,112 $219,006 $154,646
Other operating revenue 24,847 3,253 28,100 26,942
Total operating revenue 124,741 122,365 247,106 181,588
Operating expenses:
Personal services 30,582 31,383 61,965 35,549
Materials and supplies 1,180 1,115 2,295 2,458
Contractual services 7,898 9,606 17,504 8,590
Repair and maintenance 32,655 6,190 38,845 35,798
- MWCC sewer charges 63,655 63,655 50,531
Depreciation:
Purchased assets 421 399 820 769
Contributed assets 34,105 38,326 72,431 67,001
"" Utilities 10,284 3,051 13,335 18,049
Other 2,275 7,931 10,206 574
Total operating expenses 119,400 161,656 281,056 219,319
Net income (loss) from operations $5,341 ($39,291) (33,950) (37,731)
Other income:
• Interest on investments 256
Maintenance agreement - MWCC 7233 10,656
Total other income 7,489 10,656
Net (loss) (26,461) (27,075)
Other increases (decreases):
- Credit arising from transfer of depreciation
to contributions from property owners 72,431 67,001
Operating transfer to Capital Project Fund (80,365)
Total other increases (decreases) (7,934) 67,001
Net increase (decrease) in retained earnings (34,395) 39,926
Retained earnings - January 1 87,780 47,854
Retained earnings - December 31 $53,385 $87,780