HomeMy WebLinkAboutComprehensive Annual Financial Report 12/31/1995COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF TILE:
CITY OF LINO LAKES, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 1995
Prepared By:
Finance Department
Mary Vaske
Finance Director
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
— Principal City Officials
Organization Chart
Letter of Transmittal
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Independent Auditor's Report
I. INTRODUCTORY SECTION
II. FINANCIAL SECTION
General Purpose Financial Statements
Page
Reference Number
3
5
7
17
Combined Balance Sheet - All Fund Types and Account Groups Statement 1 20
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Governmental Fund Types Statement 2 22
—
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General Fund Statement 3 23
—
Combined Statement of Revenue, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types Statement 4 24
Combined Statement of Cash Flows - All Proprietary Fund Types Statement 5 25
Notes to Financial Statements 27
Combining. Individual Fund and Account Group Financial Statements
General Fund:
Balance Sheet Statement 6 51
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual Statement 7 52
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Special Revenue Funds:
Combining Balance Sheet
Combining 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
Enterprise Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings
Combining Statement of Cash Flows
Agency Funds:
Combining Balance Sheet
Combining Statement of Changes in Assets and Liabilities
General Fixed Asset Account Group:
Schedule of General Fixed Assets - By Source
Schedule of General Fixed Assets - By Function and Activity
Schedule of Changes in General Fixed Assets - By Function and
Activity
General Long -Term Debt Account Group:
Schedule of General Long -Term Debt
Reference
Statement 8
Statement 9
Statement 10
Statement 11
Statement 12
Statement 13
Statement 14
Statement 15
Statement 16
Statement 17
Statement 18
Statement 19
Statement 20
Statement 21
Statement 22
Page
Number
60
61
64
66
70
74
80
81
82
84
85
88
89
90
92
VIIMIP
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
— Reference Number
Supplementary Financial Information
— Combined Schedule of Indebtedness Exhibit 1 94
Schedule of Deferred Tax Levies Exhibit 2 96
Debt Service Payments to Maturity - All Bonds Exhibit 3 97
Construction Work in Process Exhibit 4 98
Insurance in Force Exhibit 5 99
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6 100
Schedule of Sources and Uses of Funds:
Tax Increment Housing District #1 -1 Exhibit 7 101
Tax Increment Housing District #1 -2 Exhibit 8 102
Tax Increment Financing District #1-4 Exhibit 9 103
Tax Increment Financing District #1 -5 Exhibit 10 104
Tax Increment Financing District #1 -6 Exhibit 11 105
Tax Increment Financing District #1 -7 Exhibit 12 106
Tax Increment Financing District #3 -1 Exhibit 13 107
III. STATISTICAL SECTION
General Fund:
— Expenditures By Function - Last Ten Fiscal Years Table 1 110
General Fund:
— Revenue By Source - Last Ten Fiscal Years Table 2 111
Property Tax Levies and Collections - Last Ten Fiscal Years Table 3 112
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
Reference Number
Special Assessment Levies and Collections - Last Ten Fiscal Years Table 4 113
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years Table 5 115
Assessed and Estimated Actual Value of Taxable Property -
Last Ten Fiscal Years Table 6 116
Property Tax Rates - Direct and Overlapping Government -
Last Ten Fiscal Years Table 7 118
Ratio of Net Bonded Debt to Assessed Value and Net Bonded
Debt Per Capita - Last Ten Fiscal Years Table 8 119
Computation of Direct and Overlapping Debt Table 9 120
Computation of Legal Debt Margin Table 10 121
Schedule of Revenue Bond Coverage - Water and Sewer Funds -
Last Ten Fiscal Years Table 11 122
Principal Taxpayers Table 12 123
Construction Permits and Bank Deposits - Last Ten Fiscal Years Table 13 124
Demographic Statistics Table 14 125
Misellaneous Statistics Table 15 126
I.
INTRODUCTORY
SECTION
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CITY OF LINO LAKES, MINNESOTA
PRINCIPAL CITY OFFICIALS
December 31, 1995
Mayor:
Vernon Reinert
Council Members:
Andy Neal
John Bergeson
Linda Elliot
Sally Kuether
Elected Officials
Appointed Personnel
Term Expires
December 31, 1995
December 31, 1995
December 31, 1997
December 31, 1995
December 31, 1997
'ma City Administrator Randall Schumacher
Finance Director Mary Vaske
Public Works Director David Ahrens
Police Chief David Pecchia
Community Development Director Brian Wessel
Parks and Recreation Martin Aslesen
Building Official Pete Kluegel
Assistant City Administrator Daniel Tesch
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May 23, 1996
Honorable Mayor, Members of the City
Council, and City Administrator
City of Lino Lakes, Minnesota
The Comprehensive Annual Financial Report of the City of Lino Lakes, Minnesota, is
submitted herein for the year ended December 31, 1995. The City is responsible for the
accuracy and completeness of the presentation including all disclosures. Finance believes
that the data presented is accurate in all material aspects and presents the fmancial
position and results of operations of the City in a fair manner.
The organization, form and contents of this report were prepared in accordance with the
standards prescribed by the Government Finance Officer's Association of the United
States and Canada, the American Institute of Certified Accountants, the State Auditor's
Office, State of Minnesota and the City Charter.
The Comprehensive Annual Financial Report consists of three parts:
a. An Introductory Section - contains the letter of transmittal, table of contents,
elected and administrative officials and organizational chart.
b. A Financial Section - contains the independent auditors' report, notes to the
financial statements, combined fmancial statements and the combining and
individual fund and account group statements and supplemental schedules.
c. A Statistical Section - contains various unaudited tables showing the financial
trends of the City and miscellaneous statistics.
I believe that the data presented is accurate in all material aspects. It is presented in a
manner that fairly reflects the financial operations of the City and is easily read for
maximum understanding of the financial manners presented. The notes are considered an
essential part in providing insight into the information presented.
Reliable financial information requires an establishment of accounting records that are
adequately supported by internal accounting controls. The City believes that existing
internal accounting controls are adequate to provide reasonable assurance that City assets
are safeguarded against loss from unauthorized use or disposition and that the financial
records are reliable for the preparation of the financial statements.
1189 Main Street • Lino Lakes, Minnesota • 55014
Phone/TDD: 612 -464 -5562 • Fax: 612- 464 -4568
Inmir
The City Charter grants the City Council full authority over the financial matters of the
City. The City Administrator has the responsibility of submitting the annual budget to the
City Council. The budget is adopted by resolution and the amounts can not increase
beyond the estimated receipts except to the extent that actual receipts exceed the estimate.
THE REPORTING ENTITY
In accordance with the Governmental Accounting Standards Board requirements, the
financial reporting entity includes all funds and account groups of the City as well as all of
its component units. Component units are legally separate entities for which the primary
government is financially accountable.
Blended component units, although legally separate entities, are in substance, part of the
primary government's operations and are included as part of the primary government.
Accordingly, the Economic Development Authority is reported as a Special Revenue Fund
of the primary government.
The City provides a full range of municipal services. These services include: general
government, public safety (police & fire), public works (streets , engineering & planning),
parks and recreation, public improvements, sanitary and storm sewer, and water.
ECONOMIC CONDITION AND OUTLOOK
The City of Lino Lakes is a growing community within the County of Anoka. It covers an
area of 33 square miles and has a population in excess of 13,000. Within the City's
borders lies the 2,700 acre Rice Creek Chain of Lakes Regional Park. Access to St. Paul
and Minneapolis is provided by I35W and I35E.
In late 1994, the City Council asked citizens to participate in a series of work groups
designed to consider the City's future. This citizen participation was named 20/20 Vision.
The process was completed in 1995, with the City receiving many ideas and suggestions
for the planning and growth of the City. Commercial Development was deemed important
to pursue to enhance the City's tax base. The City is planning the commercial growth in
clusters to avoid strip mall development , and meet the needs of the citizens.
Another concern of the citizen group was the lack of identity. This year, the City adopted
the blue heron as the new logo, as the blue heron has long symbolized the special qualities
of Lino Lakes.
With the many wetlands and regional parks, environmental issues are important in this
City. Future development was deemed to include equal consideration of economic
development and environmental issues by establishing criteria to evaluate the desirability
of each economic development opportunity.
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MAJOR INITIATIVES
In 1992, the City purchased 36 acres of industrial property with a balloon payment due in
1997. The Park is named Apollo Business Park. With the sale of various parcels within
the Park, there is enough money to pay the principal in 1996. The Park should be fully
developed very soon.
The City is currently marketing industrial property on the east side of the City. This
industrial Park will be named the Clearwater Creek Development Center. There are many
prospective businesses looking to locate here, including Taymark Corporation. This land
had not been provided with municipal water and sewer until this year when Clearwater
Creek, a residential development was connected.
In 1996, a new water tower will be constructed on the east side to serve the Clearwater
Creek development and residential areas.
Planning has begun on a proposed Town Center. This is a public/private partnership to
provide new City facilities, housing, and commercial development. This project will be a
major undertaking for the city, and will last for many years.
Extending municipal utilities is a top priority as the State of Mflnnesota is requiring stricter
laws for well and septic systems. The City has many unsewered and unwatered areas that
could grow with the extensions.
FINANCIAL INFORMATION
The City's policy is to invest all available moneys at competitive rates in accordance with
Minnesota law. Investments are made by minimizing credit and market risks while
maintaining a competitive yield. Funds are invested in certificates of deposit, commercial
paper and U.S. government agencies. Cash is pooled in one account to provide maximum
return.
General Fund
The General Fund accounts for all revenues and expenditures necessary to provide basic
governmental operations of the City.
General Fund revenues totaled $3,772,335 in 1995 compared to $3,295,398 in 1994. The
breakdown of revenues is shown in the following table:
1995 1994
General property taxes S1,941,415 $1,597,542
Licenses and permits 544,267 383,388
Intergovernmental revenues 738,652 677,337
Charges for services 241,393 353,026
Fines and forfeits 93,861 72,454
Miscellaneous 212,747 211,651
Total
$3,772,335 $3,295,398
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MINIM
General fund expenditures totaled $3,557,038 in 1995 compared to $3,169,862 in 1994.
The breakdown of expenditures is shown in the following table.
1995 1994
General government 81,173,047 81,082,796
Public safety 1,265,064 1,127,883
Public works 700,873 554,533
Parks and recreation 418,054 404,650
Total
53,557,038 83,169,862
The fund balance of the General fund continues to grow as shown below:
Expenditures
Fund Balance
Beginning Percent
of Year of Expenditures
1990 82,155,051 81,030,053 47.80%
1991 2,268,639 1,169,624 51.56%
1992 2,552,835 1,265,236 49.56%
1993 2,829,202 1,406,296 49.71%
1994 3,169,862 1,756,659 55.42%
1995 3,557,038 1,870,934 52.60%
Special Revenue Funds
Economic Development Authority - this fund accounts for personal expenses of the City
Council when acting as the Economic Development Authority.
Program Recreation - this fund accounts for the activities of the Recreation Department
for self - supporting programs.
Debt Service Funds
Closed Bond Fund - established to account for all excess bond receipts.
Improvement Bonds - these funds account for debt service payments made on general
obligation debt issued for local improvement projects.
Public Project Revenue Bonds - established to account for debt service payments related
to the construction of the City's fire hall.
Capital Project Funds
— Community Development Block Grant - accounts for expenditures associated with funds
allocated through Anoka County from the Federal Government to fund allowable projects. 11
Dedicated Parks - accounts for revenues and expenditures for the acquisition and
construction of park projects. Wenzel Park was improved in 1995 with these funds.
Area and Unit Charges - accounts for water and sewer area assessments to be used for the
construction of City utility infrastructure.
Surface Water Management - established to help fund the costs associated with surface
water issues and planning.
Apollo Business Park - accounts for the receipts from the sale of property within the park
and for costs associated with the acquisition.
Tax Increment - established to account for projects financed with tax increments.
Enterprise Funds
Water Fund - accounts for the operations of the municipal water system. The following
table illustrates the operations:
Operating revenues
Operating expenses (excluding depreciation)
Operating income
1995 1994
$338,474 $295,006
177,724 149,764
S160,750 $145,242
Sewer Fund - accounts for the operations of the municipal sanitary sewer system. The
following table illustrates the operations:
Operating revenues
Operating expenses (excluding depreciation)
Operating income
1995 1994
S483,121 $366,843
351,489 285,974
$131,632 $80,869
Gas Utility - accounts for the City's share of the Circle Pines gas utility that extends into
the community.
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AGENCY FUNDS
Contractor's Deposits - accounts for the pass - through costs of developer financed projects
within the City.
Pending Assessments - accounts for the receipt of assessment prepayments prior to
certification. This fund is closed annually at certification time.
Investment Fund - accounts for the pooling of all the City's money that is invested
throughout the year. Interest on investments is recorded in this fund before allocating to
all funds. Interest earned in 1995 was $575,116 compared to $431,078 in 1994.
Deferred Compensation - accounts for employee contributions to the City authorized
deferred compensation plan. Section 457 of the Internal Revenue Code allows public
employees to establish such programs. The section states that any funds deferred under
this program remain the property of the City. The value of the deposits at December 31,
1995 is $362,109.
GENERAL FIXED ASSETS ACCOUNT GROUP
General fixed assets are those assets used for general governmental functions only. This
does not included enterprise funds. In 1995, the City did a comprehensive inventory on all
City owned land, buildings and equipment. This was the City's first recorded inventory.
Depreciation is not recorded on the general fixed assets.
GENERAL LONG -TERM DEBT ACCOUNT GROUP
This group reports the current assets available in the Debt Service Funds and recognizes
the amounts to be provided through future tax levies, assessments and tax increments.
DEBT ADMINISTRATION
At year end, the City had a number of debt issues outstanding. These issues included
$1,341,000 of general obligation bonds, $5,285,000 of general improvement bonds with
special assessments pledged, $995,000 of revenue bonds and contract for deed in the
amount of $172,300. During 1995, the City upgraded its bond rating from Baa to Baal
from Moody's Investor Services. During 1995 the City issued $176,000 of equipment
certificates, the proceeds of which were used to purchase equipment.
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RISK MANAGEMENT
The City's workers' compensation insurance and general property and liability coverage is
provided through the League of Minnesota Cities Insurance Trust (LMCIT)
The workers' compensation program is a joint self - insurance plan designed to hold down
the costs and assure coverage is available. Each city deposits a premium at the beginning
of the insurance year determined by calculating estimated payroll and applying experience
modification ratios. An audit is performed at the end of the insurance year, which may
produce a refund or an adjustment due. LMCIT's reserves and rates are reviewed
annually by an actuary to assure that the program remains financially strong.
INDEPENDENT AUDIT
Minnesota State law requires that cities over 2,500 population submit annual financial
statements attested by a certified public accountant or the State Auditor to the State
Auditor by June 30th of the following year. This requirement has been met with the
auditors' report of Tautges, Redpath, and Co. LTD included in this report.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL
REPORTING
The Government Finance Officers Association of the United State and Canada (GFOA)
awards the Certificate of Achievement for excellence in financial reporting to cities that
meet certain criteria. A governmental unit must publish an easily readable and efficiently
organized comprehensive annual financial report, the contents of which conform to
program requirements. The City of Lino Lakes is issuing the annual financial report for
the year ended December 31, 1995 to GFOA for consideration of our first Certificate of
Achievement for Excellence in Financial Reporting. We believe our current report
conforms to the program requirements.
ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished without the dedicated
services of the Finance Department. I would like to express my appreciation to Paula
Schloer, Accountant and Joyce Lund, Account Clerk for completing the comprehensive
inventory of the City.
I also want to express my appreciation to the Mayor and City Council for their responsible
policies involving the financial operation of the City.
Respectfully submitted,
ltat kati
Mary M. Vaske
Finance Director
II.
FINANCIAL
SECTION
15
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To the Honorable Mayor and
Members of the City Council
City of Lino Lakes, Minnesota
TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying general purpose financial statements of the City of Lino Lakes, Minnesota, as
of and for the year ended December 31, 1995, as listed in the table of contents. These general purpose financial
statements are the responsibility of the City's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards and Government 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 general purpose financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall general purpose financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material respects,
the financial position of the City of Lino Lakes, Minnesota, as of December 31, 1995 and the results of its
operations and cash flows of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated May 23, 1996 on our
consideration of the City of Lino Lakes, Minnesota's internal control structure and a report dated May 23, 1996 on
its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a
whole. The combining and individual fund and account group financial statements, supplementary financial
information and statistical section listed in the table of contents are presented for purposes of additional analysis
and are not a required part of the general purpose 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 financial statements and, in our opinion, is
fairly presented in all material respects in relation to the general purpose financial statements taken as a whole.
TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
May 23, 1996
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4810 White Bear Parkway • White Bear Lake, Minnesota 55110 • 612/426 -7000 • FAX /426 -5004 • Member of HLB International
GENERAL PURPOSE FINANCIAL STATEMENTS
19
CITY OF LINO LAKES, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1995
Governmental Fund Types
Special Debt Capital
Assets General Revenue Service Project
Cash and investments $1,937,813 $14,021 $1,378,033 $7,076,671
Cash and investments with escrow agent - - 88,427 -
Assets with deferred compensation plan administrator - -
Accrued interest receivable - - -
Accounts receivable 53,152 318 300
Deposits receivable - - - -
Due from other governmental units 74,258 350,336
Interfund receivable - 836,180
Taxes receivable:
Delinquent 19,420 2,947 -
Due from County 17,883 2,624 3,973
Delinquent tax increment - 2,640
Special assessments receivable - 918,023 1,629,092
Prepaid items 123,673 470 - 67
Fixed assets (net of accumulated depreciation) - -
Amount available in Debt Service Fund
Amount to be provided for retirement of GLTD
Total assets $2,226,199 $14,809 $2,390,054 $9,899,259
Liabilities, equity and other credits
Liabilities:
Interfund payable $ - $ - $48,239 $718,200
Accounts payable 70,780 1,701 91,218
Salaries payable 18,081 394 253
Contracts payable - 151,128 -
Accrued interest payable -
Assessments payable on City property
Deposits payable - - - _
Due to other governmental units 31,686 34 5,168 8,229
Deferred revenue 19,421 - 919,661 1,618,574
Bonds payable - -
Contract for deed payable -
Compensated absences payable -
Deferred compensation payable
Total liabilities 139,968 2,129 973,068 2,587,602
MEMO
Equity and other credits:
Contributed capital -
Invested in general fixed assets
Retained earnings - unreserved
Fund balance (deficit):
20
Reserved 123,673 470 701,502 67
Unreserved:
Designated 1,962,558 12,210 - 7,986,194
Undesignated - 715,484 (674,604)
Total equity and other credits 2,086,231 12,680 1,416,986 7,311,657
Total liabilities, equity and other credits $2,226,199 $14,809 $2,390,054 $9,899,259
The accompanying notes are an integral part of these financial statements.
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Statement 1
Proprietary Fiduciary Account Groups Totals
Fund Type Fund Type General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1995 1994
$554,540 $198,314
362,109
- 67,317
253,559 -
- 65,261
578 -
28,837
14,521,063
515,358,577 $693,001
$2,424 $67,317
11,456 30,659
1,805 -
26,420
- 232,897
17,617 19
995,000
9,579 -
- 362,109
1,064,301 693,001
13,508,011
786,265
.
14,294,276
S15,358,577
0
$693,001
3,964,692
$11,159,392 $11,632,696
88,427 83,901
362,109 313,265
67,317 155,051
307,329 285,834
65,261 81,752
425,172 141,394
836,180 360,185
22,367 27,804
24,480 23,692
2,640 2,483
2,547,115 2,665,509
153,047 94,556
- 18,485,755 15,754,021
701,502 701,502 1,635,861
6,291,323 6,291,323 6,018,008
$3,964,692 $6,992,825 $41,539,416 S39,276,012
z.
$
0
$ - $836,180 $360,185
205,814 157,358
20,533 109,936
151,128 77,211
26,420 27,268
10,510 10,510 10,510
232,897 270,962
62,753 44,060
- 2,557,656 2,694,375
6,626,000 7,621,000 8,363,500
172,300 172,300 225,300
184,015 193,594 89,559
- 362,109 313,265
6,992,825 12,452,894 12,743,489
- 13,508,011 11,961,967
3,964,692 3,964,692 2,795,609
- 786,265 450,181
825,712 1,707,089
- 9,960,962 9,525,834
40,880 91,843
3,964,692 0 29,086,522 26,532,523
$3,964,692 $6,992,825 $41,539,416 $39,276,012
The accompanying notes are an integral part of these financial statements.
21
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, 1995
Statement 2
Revenue:
General property taxes
Tax increments
Licenses and permits
Intergovernmental
Special assessments
Charges for services
Fines and forfeits
Interest on investments
Refunds and reimbursements
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Public works
Parks, recreation and forestry
Capital outlay:
General government
Public safety
Public works
Parks, recreation and forestry
Debt service:
Principal
Interest and fiscal charges
Construction/acquisition
Total expenditures
Revenue over (under) expenditures
Other financing sources (uses):
Operating transfer in
Operating transfer out
Bond proceeds
Total other financing sources
Net increase (decrease) in fund balance
Fund balance - January 1
Residual equity transfer in
Residual equity transfer out
Fund balance - December 31
22
Special Debt Capital
General Revenue Service Project
$1,941,415 $ - $276,679 $ -
313,611
544,267 -
738,652 54,589 927,148
272,742 1,346,176
241,393 57,855 -
93,861 - - -
78,659 693 55,239 414,250
32,481 - 238,629
101,607 - 38,645
3,772,335 58,548 659,249 3,278,459
1,170,345 1,561 88,918 342,424
1,242,959 -
692,516
395,297 49,294 -
2,702 - 35,126
22,105 - 105,042
8,357 96,583
22,757 4,516 90,821
3,557,038 55,371
215,297 3,177
1,662
0 1,662
215,297 4,839
1,870,934 7,841
878,500
418,727
2,847,938
1.386.145 3.517.934
Totals
(Memorandum Only)
1995 1994
$2,218,094
313,611
544,267
1,720,389
1,618,918
299,248
93,861
548,841
271,110
140,252
7,768,591
1,603,248
1,242,959
692,516
444,591
37,828
127,147
104,940
118,094
878,500
418,727
2,847,938
8.516.488
$1,850,763
336,709
383,388
1,154,272
1,980,824
557,644
72,454
419,121
166,677
114,436
7.036.288
1,283,880
1,125,207
537,874
421,934
112,779
84,742
164,771
100,419
4,847,500
584,278
1,652,933
10,916,317
(726,896) (239,475) (747,897) (3,880,029)
1,814,014 1,815,676 199,239
- (1,740,991) (1,740,991) (107,120)
176,000 176,000 2,231,854
0 249,023 250,685 2,323,973
(726,896) 9,548 (497,212) (1,556,056)
1,817,969 7,628,022 11,324,766 12,880,822
612,861 612,861 1,720,095
(286,948) (325,913) (612,861) (1,720,095)
$2,086,231 $12,680 $1,416,986 $7,311,657 $10,827,554 $11,324,766
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 - BUDGET AND ACTUAL
GENERAL FUND
For The Year Ended December 31, 1995
Statement 3
MEMO
Revenue:
General property taxes
Licenses and permits
- Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Refunds and reimbursements
Gas franchise fees
• Miscellaneous
Total revenue
UMW
Expenditures:
Current:
General government
Public safety
Public works
Parks, recreation and forestry
Capital outlay:
General government
Public safety
Public works
Parks, recreation and forestry
Total expenditures
Revenue over (under) expenditures
Other financing sources (uses)
Operating transfer to Capital Project Funds
Total other financing sources (uses) 0
Net increase (decrease) in fund balance ($50,000)
General
Budget
Over
(Under) 1994
Actual Budget Actual
(Memorandum
Only)
$1,597,542
383,388
677,337
353,026
72,454
81,373
29,077
61,734
39,467
3,295,398
$1,922,353 $1,941,415 $19,062
341,770 544,267 202,497
741,078 738,652 (2,426)
320,050 241,393 (78,657)
80,000 93,861 13,861
50,000 78,659 28,659
37,000 32,481 (4,519)
32,500 30,486 (2,014)
78,329 71,121 (7,208)
3,603,080 3,772,335 169,255
1,183,213 1,170,345 (12,868) 1,020,559
1,269,783 1,242,959 (26,824) 1,125,207
720,013 692,516 (27,497) 537,874
402,666 395,297 (7,369) 378,700
10,425 2,702 (7,723) 62,237
27,650 22,105 (5,545) 2,676
12,780 8,357 (4,423) 16,659
26,550 22,757 (3,793) 25,950
3,653,080 3,557,038 (96,042) 3,169,862
(50,000) 215,297 265,297 125,536
- Fund balance - January 1
Fund balance - December 31
0 0
215,297 $265,297
1,870,934
$2,086,231
The accompanying notes are an integral part of these financial statements.
(11,261)
(11,261)
114,275
1,756,659
$1,870,934
23
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, 1995
Statement 4
Enterprise Funds
1995 1994
Operating revenue:
Water sales $315,838 $252,301
Sewer charges 460,668 357,605
Other operating revenue 45,089 51,943
Total operating revenue 821,595 661,849
Operating expenses:
Personal services 133,505 95,334
Materials and supplies 48,115 49,882
Contractual services 26,330 16,475
Repair and maintenance 14,010 8,814
MCES sewer charges 236,388 224,268
Depreciation:
Purchased assets 23,020 20,911
Contributed assets 281,455 266,187
Utilities 67,604 59,238
Other 3,261 9,170
Total operating expenses 833,688 750,279
Net income (loss) from operations (12,093) (88,430)
Other income (expense):
Interest on investments 26,275 11,957
Maintenance agreement - MCES - 12,699
Area and unit charges 179,250 183,667
Bond interest (63,718) (65,680)
Paying agent fees (400) (400)
Total other income (expense) 141,407 142,243
Net income before operating transfers: 129,314 53,813
Operating transfers:
Operating transfer from Capital Project Fund 104,565 91,548
Operating transfer to Capital Project Fund (179,250) (183,667)
Total operating transfers (74,685) (92,119)
Net income (loss) 54,629 (38,306)
Credit arising from transfer of depreciation
to contributions from property owners 281,455 266,187
Retained earnings - January 1 450,181 222,300
Retained earnings - December 31 $786,265 $450,181
24
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, 1995
Statement 5
Enterprise Funds
1995 1994
Cash flows from operating activities:
Operating income (loss) ($12,093) ($88,430)
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Maintenance agreement - MCES 12,699
Depreciation 304,475 287,098
Change in assets and liabilities:
Decrease (increase) in receivables (13,972) (43,768)
Decrease (increase) in prepaid items (5,509) (1,664)
Increase (decrease) in payables (1,797) (777)
Net cash flows from operating activities 271,104 165,158
Cash flows from noncapital financing activities:
Collection of area and unit charges 179,250 183,667
Operating transfer to Capital Project Funds (179,250) (183,667)
Net cash flows from noncapital financing activities 0 0
— Cash flows from capital and related financing activities:
Principal paid on revenue bonds (40,000) (25,000)
Interest and paying agent fees on revenue bonds (64,967) (66,548)
... Operating transfer from Capital Project Funds 104,565 91,548
Acquisition of fixed assets (39,626) (1,617)
Net cash flows from capital and related financing activities (40,028) (1,617)
Cash flows from investing activities:
Interest on investments 26,275 11,957
Net increase in cash and cash equivalents 257 ,351 175,498
Cash and cash equivalents - January 1 297,189 121,691
Cash and cash equivalents - December 31 $554,540 $297,189
Noncash investing, capital and financing activities:
- Water and Sewer lines in the amount of $1,827,499 and $ -0- were contributed to the Water and Sewer Fund in 1995
and 1994 respectively.
The accompanying notes are an integral part of these financial statements.
25
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
— Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
The financial statements of the City of Lino Lakes have been prepared in conformity with generally accepted
accounting principles as applied to governmental units by the Governmental Accounting Standards Board
— (GASB). The following is a summary of the significant accounting policies.
Immo
A. FINANCIAL REPORTING ENTITY
As required by generally accepted accounting principles, the financial statements of the reporting
entity include those of the City of Lino Lakes and its component units. Generally, component units
are legally separate organizations for which the officials of the primary government are financially
accountable.
COMPONENT UNITS
In conformity with generally accepted accounting principles, the financial statements of component
units have been included in the financial reporting entity either as blended component units or as
discretely presented component units.
Blended Component Units. The Economic Development Authority (EDA) of Lino Lakes is an entity
separate from the City. However, for financial reporting purposes, the EDA is reported as if it were
part of the City's operations because the members of the City Council serve as commission members.
The EDA does not issue separate financial statements.
B. FUND ACCOUNTING
The accounting system of the City is organized and operated on a fund basis. A fund is defined as a
fiscal and accounting entity with a self - balancing set of accounts recording cash and other financial
resources, together with all related liabilities and residual equities or balances, and changes therein,
which are segregated for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions or limitations.
The following types of funds and account groups are employed by the City:
GOVERNMENTAL FUNDS
General Fund - to account for all financial resources except those required to be accounted
for in another fund.
— Special Revenue Funds - to account for the proceeds of specific revenue sources 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 facilities other than those financed by Proprietary Funds.
27
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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 revenues earned, expenses
incurred, and/or net income is appropriate for capital maintenance, public policy,
management control, accountability, or other purposes.
FIDUCIARY FUNDS
Trust and Agency Funds - to account for assets held by a governmental unit in a trustee
capacity or as an agent for individuals, private organizations, other govemmental units,
and/or other funds. These include (a) expendable trust funds, (b) nonexpendable trust funds,
(c) pension trust funds, and (d) agency funds.
ACCOUNT GROUPS
The govemmental fund types are designed to account for the financial flow of a particular
fund; therefore, they generally include only current assets and current liabilities on their
balance sheets. The City maintains two account groups to account for noncurrent assets and
long -term liabilities as follows:
General Fixed Assets - The City maintains a separate account group which contains the fixed
assets used in the governmental fund type operations. They are assets of the City as a whole
and not of individual funds.
General Long -Term Debt - This account group contains the long -term obligations of the City
including general obligation bonds, certificates of indebtedness, contracts payable and
compensated absences payable. These long -term liabilities are expected to be financed by
the governmental funds.
C. BASIS OF ACCOUNTING
The accounting and reporting treatment applied to a fund is determined by its measurement focus.
All governmental funds are accounted for on a current financial resources 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 flow of economic resources measurement focus. This
means that all assets and all 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.
28
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
The modified accrual basis of accounting is followed by the City for its Governmental Funds and
Fiduciary 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. "Measurable" means the amount of the transaction can be
determined and "available" means collectible within the current period or soon enough thereafter to be
used to pay liabilities of the current period. Major revenue sources susceptible to accrual include
property taxes (excluding delinquent taxes received over 60 days after year end), 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.
Expenditures are generally recognized in the accounting period when the fund liability is incurred,
except for interest on general long -term debt which is recognized when due.
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. Governmental Accounting Standards Board (GASB) Statement #20, Accounting and
Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Proprietary
Funds, provides proprietary activities with a choice of authoritative guidance issued after November
30, 1989. The City of Lino Lakes has elected to follow GASB pronouncements exclusively after that
date.
The City reports deferred revenue on its combined balance sheet. Deferred revenues arise when a
potential revenue does not meet both the "measurable" and "available" criteria for recognition in the
current period. Deferred revenues also arise when resources are received by the government before it
has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred revenue is removed from the
combined balance sheet and revenue is recognized.
The City has reported as deferred revenues the amount of $2,557,656, which consists of the following:
Property taxes receivable $25,007
Special assessments receivable 2,532,649
Total $2,557,656
D. BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are adopted for the General Fund.
Budgeted amounts are reported as originally adopted, or as amended by the City Council. Individual
amendments were not material in relation to the original appropriations which were adjusted.
Budgeted expenditure appropriations lapse at year end.
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 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 management.
29
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1. The City Administrator submits to the City Council a proposed operating budget for the fiscal
year commencing the following January 1. The operating budget includes proposed
expenditures and the means of financing them.
2. Public hearings are conducted to obtain taxpayer comments.
3. The budget is legally enacted through passage of a resolution on a departmental basis and can
be expended by each department based upon detailed budget estimates for individual
expenditure accounts.
4. The City Administrator is authorized to transfer appropriations within any department budget.
Additional interdepartmental or interfund appropriations and deletions are or may be
authorized by the City Council with fund (contingency) reserves or additional revenues.
5. Formal budgetary integration is employed as a management control device during the year for
the General Fund.
6. Legal debt obligation indentures determine the appropriation level and debt service tax levies
for the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent
general obligation bond indenture provisions and net income for operation and capital
maintenance and are not reflected in the financial statements.
7. A capital improvement program is reviewed periodically by the City Council for the Capital
Project Funds. However, appropriations for major projects are not adopted until the actual
bid award of the improvement. The appropriations are not reflected in the financial
statements.
8. Expenditures may not legally exceed budgeted appropriations at the total fund level.
Monitoring of budgets is maintained at the expenditure category level (i.e., personal services,
supplies; other services and charges; capital outlay) within each activity.
9. The City Council may authorize transfer of budgeted amounts between City funds.
F. CASH AND INVESTMENTS
Cash and investment 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 equity in the cash and investment pool.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund shown as interfund receivables in the advancing fund, and an interfund
payable in the fund with the deficit, until adequate resources are received.
30
IN.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Investments are stated at cost (plus interest added, if any) except for assets of the Deferred
Compensation Plan which are reported at market value. Material purchase discounts and premiums
are amortized over the term of the investment. Interest earnings are accrued at the balance sheet date.
For purposes of the statement of cash flows the Proprietary Fund considers all highly liquid
investments with a maturity of three months or less when purchased to be cash equivalents. All of the
cash and investments allocated to the proprietary fund types have original maturities of 90 days or less.
Therefore the entire balance in such fund types is considered cash equivalents.
G. HOMESTEAD CREDIT AND AGRICULTURAL CREDIT AID (HACA)
Property taxes on homestead property (as defined by State Statutes) are partially reduced by HACA.
This credit is paid to the City by the State in lieu of taxes levied against homestead property. The State
remits this credit through installments each year. The credit is recognized as revenue by the City at the
time of collection.
H. LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided to the City by the State as a shared tax based upon a statutory
formula and without restrictions. Payment from the State is generally received during each calendar
year for that calendar year. The City recognizes local government aid revenue when it becomes both
measurable and available to finance current operations. In practice, local government aid is
recognized as revenue as it is received in cash.
L PROPERTY TAX REVENUE RECOGNITION
• The City Council annually adopts a tax levy and certifies it to the County in December
(levy /assessment date) of each year for collection in the following 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 15 and
December 15 of the same year. 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 the following January are recognized as revenue for the current
year. 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 is fully offset by
deferred revenue because it is not available to finance current expenditures.
31
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
The City's property tax revenue includes payments from the Metropolitan Revenue Distribution
(Fiscal Disparities Formula) per State Statute 473F. This statute provides a means of spreading a
portion of the taxable valuation of commercial/industrial real property to various taxing authorities
within the defined metropolitan area. The valuation "shared" is a portion of commercial/industrial
property valuation growth since 1971. Property taxes paid to the City through this formula for 1995
and 1994 totaled $336,951 and $357,485 respectively. Receipt of property taxes from this "fiscal
disparities pool" does not increase or decrease total tax revenue.
J. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
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 is 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 are allowed to go delinquent, the property is subject to tax
forfeit sale and 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 a tax forfeit sale after three years unless it is homesteaded,
agricultural or seasonal recreational land in which event the property is subject to such sale after five
years.
K. INVENTORIES
The original cost of materials and supplies has been recorded as expenditures/expenses at the time of
purchase of both the Governmental and Proprietary Funds. These funds do not maintain material
amounts of materials and supplies.
32
Vmw
Ilmow
Mawr
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
L. FIXED ASSETS
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Governmental Funds at the time of purchase.
Such assets are capitalized at historical cost or estimated historical cost in the General Fixed Asset
Account Group. Public Domain ( "infrastructure ") general fixed assets consisting of roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems and lighting systems are excluded from general
fixed assets as these assets are immovable and of value only to the City. 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.
PROPRIETARY FUNDS
Fixed assets of the Proprietary Funds are stated at historical cost, estimated historical 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:
Purchased assets:
Water 5 - 50 years
Sewer 5 - 25 years
Contributed assets:
Water 20 - 50 years
Sewer 20 - 50 years
Fixed assets of the water and sewer utility operations include the water distribution system and sewage
collection system. These systems have been wholly (or substantially) financed by non - operating funds
(special assessments, general taxes, federal and state grants, and other sources) and contributed to the
sewer and water operating funds. City policy is to finance these assets by the sources indicated rather
than by user charges. Accordingly, the water and sewer user rates are not established at levels
sufficient to cover depreciation on these assets.
Depreciation on these assets is shown in the operating statements; however, the depreciation is
eventually transferred against the contribution account rather than retained earnings in accordance with
generally accepted accounting principles. Consequently, the contribution account reflects the net book
value of contributed assets rather than the original cost of such assets.
M. COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay
benefits. Amounts that are expected to be liquidated with expendable available financial resources is
reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts that
are not expected to be liquidated with expendable available financial resources are reported in the
General Long -Term Debt Account Group. No expenditure is reported for these amounts. An unpaid
vacation and severance pay is payable when used or upon termination of employment. In accordance
with the provisions of Statement of Government Accounting Standards No. 16, Accounting for
Compensated Absences, no liability is recorded for nonvesting accumulating rights to receive sick pay
benefits. Sick leave is payable when used and in some cases upon termination of employment. For
several employees, sick leave is payable upon retirement or termination in accordance with the terms
of their employment contracts. The remaining sick leave amounts are not recorded as liabilities
because payment is not probable.
33
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
N. LONG -TERM OBLIGATIONS
Long -term debt is recognized as a liability of a governmental fund when due, or when resources have
been accumulated in the Debt Service Fund for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the General Long -Term Debt Account Group. Long -term liabilities expected
to be financed from proprietary fund operations are accounted for in those funds.
O. FUND EQUITY
Contributed capital is recorded in Proprietary Funds that have received capital grants or contributions
from developers, customers or other funds. Reserves represent those portions of fund equity not
appropriable for expenditure or legally segregated for a specific future use. Designated fund balances
represent tentative plans for future use of financial resources.
P. INTERFUND TRANSACTIONS
Quasi - external transactions are accounted for as revenues, expenditures or expenses. Transactions that
constitute reimbursements to a fund for expenditures/expenses initially made from it that are properly
applicable to another fund, are recorded as expenditures/expenses in the reimbursing fund and as
reductions of expenditures/expenses in the fund that is reimbursed.
All other interfund transactions, except quasi - external transactions and reimbursements, are reported as
transfers. Nonrecurring or nonroutine permanent transfers of equity are reported as residual equity
transfers. All other interfund transfers are reported as operating transfers.
Q. MEMORANDUM ONLY - TOTAL COLUMNS
Total columns on the General Purpose Financial Statements are captioned "Memorandum Only" to
indicate that they are presented only to facilitate financial analysis. Data in these columns do not
present financial position, results of operations or changes in cash flows in conformity with generally
accepted accounting principles. Neither are such data comparable to a consolidation. Interfund
eliminations have not been made in the aggregation of this data.
34
limr
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 2 DEPOSITS AND INVESTMENTS
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 $849,854 and the bank balance was $584,395.
The entire bank balance was covered by Federal depository insurance or by collateral held by the City's
agent in the City's name.
I11VESTMENTS
Minnesota Statutes authorize the City to invest in the following:
a) Direct obligations or obligations guaranteed by the United States or its agencies, its instrumentalities,
or organizations created by an act of congress, excluding mortgage - backed securities defined as high
risk.
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, general obligation tax- exempt
securities, or repurchase or reverse repurchase agreements.
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; certain Minnesota securities broker - dealers; or, a
bank qualified as a depositor.
35
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Balances at December 31, 1995:
Custodial Credit Risk Category Carrying Market
Securities Type 1 2 3 Amount Value
Commercial Paper $706,000 $ - $1,049,923 $1,755,923 $1,759,008
FHLMC Notes 950,000 494,375 1,444,375 1,491,520
FHLB Notes 500,000 - 500,000 502,971
FFCB Notes - - 200,000 200,000 201,800
FNMA Notes 812,743 900,000 1,712,743 1,721,761
SLMA Notes 100,000 - 100,000 100,000
U.S. Treasury Notes 444,925 - 444,925 436,586
FHLMC - mortgage backed 490,052 - - 490,052 494,569
FNMA - mortgage backed 409,915 - 177,139 587,054 588,123
Municipal bond 251 ,000 251,000 251,000
Certificates of accrual - treasury receipts - 1,233,196 1,233,196 1,239,702
Totals $4,664,635 SO $4,054,633 8,719,268 8,787,040
Investments not subject to categorization:
Mutual funds 1,678,297 1,591,863
Total investments 10,397,565 $10,378,903
Deposits 849,854
Petty cash 400
Totals $11,247,819
Assets held by deferred compensation plan administrator $362,109 $362,109
A reconiliation of cash and investments as shown on the combined balance sheet is as follows:
Cash and investments
Cash and investments with escrow agent
$11,159,392
88,427
Total $11,247,819
The City's investments are categorized above to give an indication of the level of custodial credit risk
assumed at year -end. Category 1 includes investments that are insured or registered or for which the
securities are held by the City or its agent in the City's name. Category 2 includes uninsured or
unregistered investments for which the securities are held by the counterparty'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 counterparty or by its trust department or agent but not in the City's name
Cash and investments with escrow agent consist of undisbursed proceeds of the Public Project Bonds
of 1990 which are restricted for the payment of debt associated with the City's fire station.
36
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 3 FIXED ASSETS
A summary of changes in general fixed assets is as follows:
Land and improvements
Buildings and structures
Equipment and furniture
Machinery and vehicles
Other improvements
Totals
%IN or
Balance Balance
1/1/95 Additions Deletions 12/31/95
$629,600 $20,000 $ $649,600
1,498,100 41,400 1,539,500
798,546 53,599 14,520 837,625
601,232 177,122 14,700 763,654
150,813 23,500 - 174,313
$3,678,291 $315,621 $29,220 $3,964,692
A summary of Proprietary Fund fixed assets at December 31, 1995 is as follows:
Buildings and structures
Machinery and equipment
Water and sewer lines
Acquisition costs - gas utility
Total
Less: Accumulated depreciation
Net Fixed Assets
•
Sewer
$ -
41,176
9,140,730
Gas
Water Utility
$48,690 $
47,605
6,759,351
2,375
2,375
9,181,906 6,855,646
(873,947) (644,917)
$8,307,959 $6,210,729 $2,375 $14,521,063
Total
$48,690
88,781
15,900,081
2,375
16,039,927
(1,518,864)
37
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1995.
Balance Balance
1/1/95 Additions Deletions 12/31/95
General Long Term Debt Account Group:
Bonded debt:
General obligation 51,393,500 5176,000 5228,500 51,341,000
Special assessment 5,935,000 650,000 5,285,000
Assessment payable 10,510 - 10,510
Contract for deed payable 225,300 53,000 172,300
Compensated absences payable 89,559 94,456 - 184,015
Total general long term debt 7,653,869 270,456 931,500 6,992,825
Proprietary Fund:
Revenue bond 1,035,000 40,000 995,000
Compensated absences - 9,579 - 9,579
Total 58,688,869 5280,035 5971,500 $7,997,404
All long -term bonded indebtedness outstanding at December 31, 1995 is backed by the full faith and credit of
the City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1995
totaled 537,341.
The annual requirement to amortize all debt outstanding at December 31, 1995 including interest payments of
52,740,046 is as follows:
1996 1997 1998 1999 2000 2001 and on Total
General Obligation Bonds 8286,063 8191,566 8111,188 8118,238 $114,913 $1 ,240 ,527 82,062,495
Special Assessment Bonds 495,850 2,599,668 418,940 423,850 417,345 2 ,379 ,595 6,735,248
Revenue Bonds 112,233 109 ,545 111 ,589 108 ,358 114,709 931,085 1,487 ,519
Contract for deed payable 248,084 - 248,084
Total $1,142,230 82,900,779 $641,717 $650,446 $646,967 $4,551,207 810,533,346
It is not practicable to determine the specific year for payment of assessments payable on City property and
compensated absences payable. The contract for deed payable will be repaid through the sale of Apollo
Business Park property.
38
...
i
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
City indebtedness at December 31, 1995 is composed of the following:
General Obligation Bonds:
1994 Equipment Certificates
1995 Equipment Certificates
-- Public Project Revenue Bonds - 1990A
Total General Obligation Bonds
Imo
Final
Issue Maturity interest Original Payable
Date Date Rates Issue 12/31/95
3/1/94 12/31/96 5.00% $150,000 $75,000
2/1/95 12/31/97 5.00% 176,000 176,000
10/1/90 2/1/10 7.12% 1,115,000 1,090,000
1,441,000 1,341,000
Special Assessment Bonds:
G. 0. Improvement Ref mcfiing Bonds, Series 1992A 4/1/92 2/1/06 631% 3,640,000 3,190,000
G. 0. Temporary Improvement Bonds, Series 1994A 11/1/94 11/1/97 4.90% 2,095,000 2,095,000
Total Special Assessment Bonds 5,735,000 5,285,000
Revenue Bonds:
G. 0. Water Revenue Bonds, Series 1992E
4/1/92 2/1/08 6.67% 1,060,000 995,000
Total - All Bonds 8,236,000 7,621,000
Assessments payable on City property N/A 10,510
Contract for deed payable 1/9/92 4/23/96 7.00% 235,300 172,300
Compensated absences payable N/A 193,594
Total Indebtedness
Note 5 LEGAL DEBT MARGIN
$8,471 300 $7
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City of Lino Lake's legal debt margin for 1995 and 1994 is computed as
follows:
Market value
Applicable percentage
Debt limit
December 31,
1995 1994
$501,825,800 $426,554,800
2% 2%
10,036,516 8,531,096
Amount of debt applicable to debt limit:
Total bonded debt 7,621,000 8,363,500
Less: Special assessment bonds (5,285,000) (5,935,000)
Public project revenue bonds (1,090,000) (1,115,000)
Cash and investments in
Debt Service Funds (10,712)
Revenue bonds (995,000) (1,035,000)
Total debt applicable to debt limit 240,288 278,500
Legal debt margin $9,796,228 $8,252 ,596
39
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
A. 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. These plans are
administered in accordance with Minnesota Statutes, Chapters 353 and 356.
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.
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.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for the PERF and PEPFF. A copy of this report can be obtained by
sending a request to: Public Employees Retirement Association of Minnesota, 514 St. Peter Street,
St. Paul, MN 55102 -1090.
B. FUNDING POLICY
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.
Current statutory contribution rates for the plans are as follows:
PERF (a blended rate for both
the Basic and Coordinated Plans)
PEPFF
Statutory Rates
Employees Employer
4.31% 4.60%
7.60% 11.40%
The City's contributions to PERF and PEPFF for the last three fiscal years, which were equal to the
required contributions for each year, were as follows:
PERF PEPFF Total
1995 $51,169 $61,611 $112,780
1994 45,516 56,817 102,333
1993 39,614 50,170 89,784
40
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 7 METROPOLITAN COUNCIL ENVIRONMENTAL SERVICES
During 1971, the Metropolitan Waste Control Commission (MWCC) was organized to provide for
consolidation of the sanitary sewer collection, treatment and disposal in the seven county metropolitan area
NEM surrounding Minneapolis and St. Paul. Previously, these operations were maintained by the city governments
on an individual or collective basis. The MWCC merged with the Metropolitan Council during 1994 to form
Metropolitan Council Wastewater Services (MCWS) and is now called the Metropolitan Council
Environmental Services (MCES).
The MCES 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 calendar 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 RECONCILIATION OF CONTRIBUTED CAPITAL
Changes to contributed capital during the year are as follows:
Depreciation
Beginning Capital on Contributed Ending
Balance Contributions Assets Balance
Water $4,529,670 $796,899 ($105,626) $5,220,943
Sewer 7,432,297 1,030,600 (175,829) 8,287,068
Total $11,961,967 $1,827,499 ($281,455) $13,508,011
Note 9 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. 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 an 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 other 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.
It is the City's opinion that it has no liability for losses under the plan but does have the duty of due care that
would be required of an ordinary prudent investor. The City believes that it is unlikely that it will use the assets
to satisfy the claims of general creditors in the future.
Included in the Agency Funds on the combined balance sheet is $362,109 of funds recorded at market value
and primarily held by insurance companies in various investment pools for future payment of plan benefits.
41
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 10 SEGMENT INFORMATION
The City maintains three Enterprise Funds which provide water, sanitary sewer and gas utility services.
Segment information for the year ended December 31, 1995 is as follows:
Total
Water Sewer Water Gas Totals
Utility Utility and Sewer Utility 1995 1994
Operating revenue 8338,474 5483,121 8821,595 S - S821595 $661,849
Depreciation expense 127,853 176,622 304,475 304475 287,098
Operating income (loss) 32,897 (44,990) (12,093) (12,093) (88430)
Property, plant
and equipment additions 22,334 17,292 39,626 39,626 1,617
Net income (loss) 166,737 (37,423) 129,314 129,314 53,831
Area and unit charges 179,250 179,250 179,250 183,667
Operating transfer in 104,565 104,565 104,565 91,548
Operating transfer out 179,250 179,250 179,250 (183,667)
Net property, plant
and equipment 6,210,729 8,307,959 14,518,688 2,375 14,521,063 12 ,958412
Net working capital 436,150 294,066 730,216 (2424) 727,792 488,736
Total assets 6,738,173 8,618,029 15,356,202 2,375 15,358,577 13,519,094
Bonds payable 995 ,000 995,000 995,000 1,035,000
Total equity 5,695,451 8,598,874 14,294,325 (49) 14294276 12412,148
Capital contributions 796,899 1,030,600 1,827,499
Note 11 DEFICIT FUND BALANCES/RETAINED EARNINGS
The City has deficit fund balances/retained earnings at December 31, 1995 as follows:
Debt Service Fund:
1992 Certificates of Indebtedness
Fund
Balance/Retained
Earnings Deficit
$47,615
Capital Project Funds:
Capital Improvement Projects 15,526
Community Development Block Grant 1,268
1994 Construction 334,536
1995 Construction 35,030
1996 Construction 61,560
Tax Increment Financing 1-4 36,069
Tax Increment Financing 1 -5 1,342
Tax Increment Financing 1-6 26,039
Tax Increment Financing 1 -7 157,853
Tax Increment Financing 3 -1 5,381
Enterprise Fund:
Gas Utility
42
49
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 12 CONTINGENCIES
Litigation - The City attorney has indicated that existing and pending lawsuits, claims and other actions in
which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of
the City attorney, remotely recoverable by plaintiffs.
Federal and State Funds - 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, 1995.
IIIMMI
Note 13 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General Obligation bond issues sold by the City are financed by ad valorem tax levies and special assessment
"' bond issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments
levied against the benefiting properties. When a bond issue to be financed partially or completely 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. The future tax levies
are subject to cancellation when and if the City has provided alternative sources of financing. The City Council
is required to levy any additional taxes found necessary for full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 1995 and 1994.
Future scheduled tax levies for all bonds outstanding at December 31, 1995 totaled $5,371,399.
Slow
43
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 14 DESIGNATIONS AND RESERVATIONS OF FUND EOUITY
At December 31, 1995 and 1994 the City had designated and reserved portions of its various fund equities
through legal restriction and City Council authorization. Major fund equity appropriations at December 31,
1995 and 1994 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1995 1994
General Fund:
Reserve for prepaid items $123,673 $70,738
Designated for general contingencies 542,055 540,238
Designated for cash flow reserve 1,420,503 1,226,538
Designated for employee benefits - 33,420
Special Revenue Funds:
Reserve for prepaid items 470 415
Designated for recreation program 12,210 7,527
Debt Service Funds:
Reserved for debt retirement 701,502 1,635,861
Capital Project Funds:
Reserve for prepaid items 67 75
Designated for capital improvements 7,468,606 7,227,066
Designated for committed contracts 268,574 164,399
Designated for equipment acquisition - 42,763
Designated for park improvements 249,014 283,883
Totals $10,786,674 $11,232,923
Note 15 SHARE IN GAS FRANCHISE PROFITS
The City receives a share of the gross billing for natural gas sales by a neighboring City which provides
service within the City of Lino Lakes. The amount reported as revenue for 1995 totaled S30,486.
44
lam
Ilomr
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 16 INTERFUND RECEIVABLE AND PAYABLES
Individual fund receivable and payable balances at December 31, 1995 are as follows:
Fund Receivable Payable
Debt Service Funds
1992 Certificates of Indebtedness $ -
Capital Project Funds:
Community Development Block Grant
Area and Unit Charge
1994 Construction
1995 Construction
1996 Construction
Apollo Drive Construction
Tax Increment Financing District 1 -4
Tax Increment Financing District 1 -5
Tax Increment Financing District 1 -6
Tax Increment Financing District 1 -7
Tax Increment Financing District 3 -1
Enterprise Fund:
Gas Utility
Agency Fund:
. Investments fund
Note 17 RISK MANAGEMENT
836,180
$836,180
$48,239
14,096
194,116
32,306
46,642
209,733
35,300
962
25,077
156,828
3,140
2,424
67,317
$836,180
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; public
officials' liability and natural disasters for which the City carries commercial insurance policies. The City
retains risk for the deductible portions of the insurance policies and for any exclusions from the insurance
policies. These amounts are considered immaterial to the financial statements.
There were no significant reductions in insurance from the previous year or settlements in excess of insurance
coverage for any of the past three fiscal years.
The City's workers compensation insurance policy is retrospectively rated. With this type of policy, final
premiums are determined after loss experience is known. The amount of premium adjustment, if any, is
considered immaterial and is not recorded until received or paid.
45
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 18 PRIOR PERIOD ADJUSTMENTS
During the year ended December 31, 1995, the City completed a physical inventory of all assets recorded in
the General Fixed Asset Account Group and Proprietary Funds. Values were recorded as described in Note 2.
The inventory resulted in adjustments to the December 31, 1994 balances as follows:
GENERAL FIXED ASSET ACCOUNT GROUP:
December 31, 1994
As Previously
Reported Adjustments As Adjusted
Land and improvements $310,010 $319,590 $629,600
Buildings and structures 636,823 861,277 1,498,100
Furniture and equipment 1,677,500 (878,954) 798,546
Machinery and vehicles 6,216 595,016 601,232
Other improvements - 150,813 150,813
$2,630,549 $1,047,742 53,678,291
PROPRIETARY FUNDS:
No adjustments were required to the Proprietary Funds December 31, 1994 fixed asset balances.
The 1994 totals have been restated to reflect the aforementioned increases and decreases resulting from the
inventory of the assets recorded in the General Fixed Asset Account Group as of December 31, 1994.
Note 19 COMMITTED CONTRACTS
At December 31, 1995, the City had the following commitments for uncompleted construction contracts:
Fund/Project Amount
Area and Unit Charge:
Well #3 $8,257
Well Pumphouse #4 260,317
1994 Construction:
Hodgson Road watermain 26,636
Country Lakes Estates II 6,088
1995 Construction:
Woods of Baldwin Lake 2nd 882
46
COMBINING, INDIVIDUAL FUND
AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
47
GENERAL FUND
The General fund accounts for all financial resources except those required to be accounted for in
another fund.
■
Wow
VENN
49
Vms
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1995
With Comparative Amounts At December 31, 1994
Statement 6
1995 1994
Assets
Cash and investments $1,937,813 $1,848,102
Accounts receivable 53,152 51,726
Due from other governmental units 74,258 56,812
Taxes receivable:
Delinquent 19,420 23,597
Due from County 17,883 18,186
Prepaid items 123,673 70,738
Total assets $2,226,199 $2,069,161
Liabilities and Fund Balance
Liabilities:
Accounts payable $70,780 $59,799
Salaries payable 18,081 107,838
Due to other governmental units 31,686 3,613
Deferred revenue 19,421 26,977
Total liabilities 139,968 198,227
Fund balance:
Reserved 123,673 70,738
Unreserved:
Designated 1,962,558 1,800,196
Total fund balance 2,086,231 1,870,934
Total liabilities and fund balance $2,226,199 $2,069,161
51
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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
Statement 7
Page 1 of 6
1995
Over (Under) 1994
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,627,695 $1,634,493 $6,798 $1,278,766
Fiscal disparities 294,658 294,658 - 308,157
Excess tax increments 12,264 12,264 10,571
Penalties and interest - - 48
Total general property taxes 1,922,353 1,941,415 19,062 1,597,542
Licenses and permits:
Non - business 321,450 525,550 204,100 369,074
Business 20,320 18,717 (1,603) 14,314
Total licenses and permits 341,770 544,267 202,497 383,388
Intergovernmental:
Federal:
Other 19,900 28,598 8,698 1,695
State:
Local government aid 149,372 149,372 145,445
Homestead credit 381,352 380,335 (1,017) 368,324
Mobile home homestead credit - 3,438 3,438 3,438
Police state aid 48,000 56,817 8,817 43,622
Police - other 3,571 3,571 2,955
MSA maintenance 95,000 77,945 (17,055) 85,187
Other - 2,601 2,601 2,399
County:
Solid waste 47,454 35,812 (11,642) 24,093
Other - 163 163 179
Total intergovernmental 741,078 738,652 (2,426) 677,337
Charges for services:
General government 12,100 2,748 (9,352) 2,765
Planning/engineering 131,300 40,511 (90,789) 95,377
Recreation 2,000 3,186 1,186 2,385
Fees retained from collection for
other governments - SAC/surcharge 2,500 3,469 969 2,640
Administrative charge - other funds 60,000 83,095 23,095 148,756
Administrative charge - T1F 38,000 38,000 - 37,000
Aerial map charge - other funds 15,000 19,800 4,800 18,212
Public safety 59,150 50,584 (8,566) 45,891
Total charges for services 320,050 241,393 (78,657) 353,026
Fines and forfeits 80,000 93,861 13,861 72,454
Interest on investments 50,000 78,659 28,659 81,373
Refunds and reimbursements 37,000 32,481 (4,519) 29,077
Gas franchise fees 32,500 30,486 (2,014) 61,734
Cable TV 18,000 18,255 255 16,335
52
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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
Statement 7
Page 2 of 6
Revenue: (continued)
Miscellaneous:
Sale of property
Donations
Other
Total miscellaneous
Total revenue
1995
Over (Under) 1994
Budget Actual Budget Actual
$12,000 $15,932 $3,932 $2,606
24,597 19,347 (5,250) 7,911
23,732 17,587 (6,145) 12,615
60,329 52,866 (7,463) 23,132
3,603,080 3,772,335 169,255 3,295,398
Expenditures:
General government:
Mayor and council:
Current:
Personal services 25,825 26,032 207 26,065
Supplies 200 141 (59) 120
Other services and charges 26,673 27,843 1,170 23,804
Total mayor and council 52,698 54,016 1,318 49,989
Elections:
Current:
Personal services 4,438 3,015 (1,423) 8,503
Supplies 1,300 2,188 888 505
Other services and charges 250 1,226 976 291
'" Capital outlay 675 (675) 97
Total elections 6,663 6,429 (234) 9,396
Administration:
Current:
Personal services 241,102 241,644 542 308,059
Supplies 500 1,583 1,083 13,045
Other services and charges 26,875 17,278 (9,597) 15,402
Contractual Services 10,000 15,411 5,411 6,741
Capital outlay 1,100 106 (994) 2,371
... Total administration 279,577 276,022 (3,555) 345,618
Finance
Current:
Personal services 118,285 110,400 (7,885) -
Supplies 750 894 144 -
Other services and charges 5,900 1,993 (3,907)
Contractual Services 66,840 72,071 5,231
Total finance 191,775 185,358 (6,417) 0
Cable TV:
_ Current:
Personal services 1,210 1,169 (41) 820
Supplies 220 15 (205)
Total cable TV 1,430 1,184 (246) 820
53
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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
Statement 7
Page 3 of 6
1995
Over (Under) 1994
General government: (continued) Budget Actual Budget Actual
Assessing:
Current:
Supplies $ $ - $ - $137
Contractual services - - 38,909
Total assessing 0 0 0 39,046
Consultants:
Current:
Engineer - - 17,303
Independent accountants and auditor - - 9,068
Planning and economic development - 22,688
Legal 110,000 106,157 (3,843) 113,011
Legal printing - - 15,991
Other - 23,016
Total consultants 110,000 106,157 (3,843) 201,077
Economic Development:
Current:
Personal services 96,867 96,768 (99) 72,785
Supplies 1,000 692 (308) 746
Other services and charges 19,350 17,407 (1,943) 19,213
Contractual services 800 3,553 2,753 205
Capital outlay 400 - (400) 1,216
Total economic development 118,417 118,420 3 94,165
Planning and zoning board:
Current:
Personal services - - 89
Supplies 145 (145) -
Other services and charges 6,930 4,554 (2,376) 3,982
Contractual services 2,100 1,627 (473)
Total planning and zoning commission 9,175 6,181 (2,994) 4,071
Engineering/planning
Current:
Personal services 126,792 132,763 5,971 124,740
Supplies 1,000 1,326 326 2,067
Other services and charges 6,370 4,759 (1,611) 4,972
Contractual services 94,645 99,155 4,510 7,399
Capital outlay 750 121 (629) 2,014
Total engineering/planning 229,557 238,124 8,567 141,192
Charter commission:
Current:
Supplies 100 329 229
Other services and charges 4,150 5,060 910 376
Total charter commission 4,250 5,389 1,139 376
54
Imam
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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
Statement 7
Page 4 of 6
1995
Over (Under) 1994
General government: (continued) Budget Actual Budget Actual
General government buildings:
Current:
Personal services $39,824 $30,383 ($9,441) $33,385
`- Supplies 22,537 18,604 (3,933) 7,332
Other services and charges 109,275 114,055 4,780 83,663
Contractual services 10,960 10,250 (710) 16,127
Capital outlay 7,500 2,475 (5,025) 56,539
Total general government buildings 190,096 175,767 (14,329) 197,046
... Total general government 1,193,638 1,173,047 (20,591) 1,082,796
Public safety:
Police:
Current:
Personal services 798,471 780,613 (17,858) 677,846
Supplies 29,921 24,426 (5,495) 35,425
Other services and charges 71,423 71,423 - 66,763
Contractual services 19,165 21,750 2,585 8,419
Capital outlay 27,650 22,105 (5,545) 2,676
Total police 946,630 920,317 (26,313) 791,129
Fire protection:
Current:
Contractual services 244,256 243,856 (400) 236,266
Total fire protection 244,256 243,856 (400) 236,266
Building inspection:
Current:
Personal services 100,622 97,566 (3,056) 84,780
Supplies 1,100 904 (196) 3,604
Other services and charges 4,825 2,421 (2,404) 5,516
Total building inspection 106,547 100,891 (5,656) 93,900
■
55
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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
Statement 7
Page 5 of 6
1995
Over (Under) 1994
Public safety: (continued) Budget Actual Budget Actual
Civil defense:
Current:
Other services and charges $ - $ $ $193
Contractual services: - 5,174
Total civil defense 0 0 0 5,367
Animal control:
Current:
Supplies 3
Contractual services: - 1,218
Total animal control 0 0 0 1,221
Total public safety 1,297,433 1,265,064 (32,369) 1,127,883
Public works:
Streets:
Current:
Personal services 218,170 201,897 (16,273) 280,513
Supplies 6,400 5,802 (598) 31,583
Contractual services:
Streets 214,006 204,529 (9,477) 134,323
Signs 12,073 13,091 1,018 7,450
Street lighting 33,697 29,597 (4,100) 24,760
Other services and charges 23,925 24,106 181 35,836
Capital outlay - - 3,488
Total streets 508,271 479,022 (29,249) 517,953
Fleet:
Current:
Personal services 50,140 48,980 (1,160)
Supplies 113,586 123,206 9,620
Other services and charges 850 848 (2)
Total fleet 164,576 173,034 8,458 0
Solid waste abatement:
Current:
Personal services 21,286 23,853 2,567 10,570
Supplies 1,370 492 (878) 1,779
Other services and charges 8,510 7,449 (1,061) 3,305
Contractual services 16,000 8,666 (7,334) 7,755
Capital outlay 12,780 8,357 (4,423) 13,171
Total solid waste abatement 59,946 48,817 (11,129) 36,580
Total public works 732,793 700,873 (31,920) 554,533
56
-' 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, 1995
With Comparative Actual Amounts For The Year Ended December 31, 1994
linow
MEMO
Statement 7
Page 6 of 6
1995
Over (Under) 1994
Budget Actual Budget Actual
Parks, recreation & forestry:
Parks:
Current:
Personal services $201,125 $199,117 ($2,008) $199,151
Supplies 29,258 30,247 989 35,287
Other services and charges 27,735 34,478 6,743 31,915
Contractual services 6,518 3,259 (3,259) 5,940
Capital outlay 15,000 15,018 18 15,370
Total parks 279,636 282,119 2,483 287,663
■ Recreation:
Current:
Personal services 74,218 65,588 (8,630) 63,195
Supplies 3,096 3,358 262 2,878
Other services and charges 8,866 9,441 575 9,159
Contractual services _ 3,476 2,952 (524) 3,585
Total recreation 89,656 81,339 (8,317) 78,817
Forestry:
Current:
Personal services 41,805 40,982 (823) 25,085
Supplies 1,436 1,227 (209) 1,234
Other services and charges 2,133 827 (1,306) 980
Contractual services 3,000 3,821 821 291
-
Capital outlay 11,550 7,739 (3,811) 10,580
Total forestry 59,924 54,596 (5,328) 38,170
-
Total parks, recreation & forestry 429,216 418,054 (11,162) 404,650
Total expenditures 3,653,080 3,557,038 (96,042) 3,169,862
Revenue over (under) expenditures (50,000) 215,297 265,297 125,536
- Other financing sources (uses):
Operating transfer to Capital Project Funds (11,261)
Total other financing sources (uses) 0 0 0 (11,261)
Net increase (decrease) in fund balance ($50,000) 215,297 $265,297 114,275
•-- Fund balance - January 1 1,870,934 1,756,659
Fund balance - December 31 $2,086,231 $1,870,934
57
SPECIAL REVENUE FUNDS
INEw
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are
legally restricted to expenditures for particular purposes. The City maintained the following
Special Revenue Funds during the year.
Economic Development Authority - established to account for the receipt and uses of
funds for economic purposes.
Program Recreation - established to account for various self - supporting recreational
programs.
Immiw
II Ewe
59
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Statement 8
Assets
Cash and investments
Accounts receivable
Prepaid items
Total assets
Liabilities and Fund Balance
Liabilities:
Account payable
Salaries payable
Due to other governmental units
Total liabilities
Economic
Development Program Totals
Authority Recreation 1995 1994
$
$14,021 $14,021 $6,746
318 318 1,342
470 470 415
$0 $14,809 $14,809 $8,503
$ $1,701 $1,701 $128
394 394 529
34 34 5
0 2,129 2,129 662
Fund balance (deficit):
Reserved 470 470 415
Unreserved:
Designated 12,210 12,210 7,527
Undesignated - - (101)
Total fund balance 0 12,680 12,680 7,841
Total liabilities and fund balance
60
$0 $14,809 $14,809 $8,503
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
Statement 9
Revenue:
Charges for services:
Recreation fees
Interest on investments
Total revenues
Economic
Development Program Totals
Authority Recreation 1995 1994
0
$57,855 $57,855 $47,848
693 693 255
58,548 58,548 48,103
Expenditures:
General govemment:
Current:
Personal services 1,561 1,561 390
Other services and charges - - - 965
- Parks, recreation and forestry:
Current:
Personal services - 29,215 29,215 27,045
Supplies - 17,371 17,371 10,113
Other services and charges 1,487 1,487 3,503
Contractual services - 1,221 1,221 2,573
Capital outlay 4,516 4,516
Total expenditures 1,561 53,810 55,371 44,589
Revenue over (under) expenditures (1,561) 4,738 3,177 3,514
Other financing sources:
Operating transfer from Capital Project Funds 1,662
Net increase in fund balance 101 4,738
Fund balance (deficit) - January 1 (101) 7,942
Fund balance - December 31 $0 $12,680
Vow
1,662
4,839
7,841
$12,680
1,388
4,902
2,939
$7,841
61
DEBT SERVICE FUNDS
The Debt Service Funds account for the accumulation of resources for, and the payment of,
interest, principal and related costs on general long -term debt.
The City's Debt Service Funds account for two types of bonded indebtedness:
• General Debt Bonds - are repaid primarily from property taxes.
• Improvement Bonds - are repaid primarily from special assessments.
63
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Temporary
Improvement Improvement
Closed Bonds of Bonds of
Bond 1992A 1994A
Assets
Cash and investments $766,934 $390,232 $125,615
Cash and investments with escrow agent -
Taxes receivable:
Delinquent 512
Due from County 484 -
Special assessments receivable:
Delinquent 8,691 7,181
Deferred 137,708 197,229 555,395
City property 10,510 -
Due from County 849 460
Total assets $925,688 $595,102 $681,010
Liabilities and Fund Balance
Liabilities:
Interfund payable
Accounts payable
Due to other governmental units
Deferred revenue
Total liabilities
$
5,168
157,421
162,589
$ - $
204,410 555,395
204,410 555,395
Fund balance (deficit):
Reserved for debt retirement 390,692 125,615
Unreserved:
Undesignated 763,099
Total fund balance (deficit) 763,099 390,692 125,615
Total liabilities and fund balance $925,688 $595,102 $681,010
64
Statement 10
Wow
WIMP
1990 1992 1994 Public Project
Certificates Certificates Certificates Revenue
of of of Bonds Totals
Indebtedness Indebtedness Indebtedness of 1990A 1995 1994
$5,987 $ - $4,725 $84,540 $1,378,033 $1,833,278
88,427 88,427 83,901
192 718 595 930 2,947 4,207
171 624 518 827 2,624 5,506
- 15,872 6,523
- 890,332 750,528
- - - 10,510 10,510
- - - 1,309 2,835
$6,350 $1,342 $5,838 $174,724 $2,390,054 $2,697,288
$
192
192
6,158
6,158
$6,350
Wow
$48,239 $ $ $48,239 $107,349
- - 202
- - 5,168
718 595 930 919,661 771,768
48,957 595 930 973,068 879,319
5,243 173,794 701,502 1,635,861
(47,615) 715,484 182,108
(47,615) 5,243 173,794 1,416,986 1,817,969
$1,342 $5,838 $174,724 $2,390,054 $2,697,288
65
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
Temporary
Improvement Improvement Improvement
Closed Bonds of Bonds of Bonds of
Bond 1988 1992A 1994A
Revenue:
General property taxes:
Current and delinquent $1,545 $ - $ - $
Fiscal disparities
Intergovernmental:
State:
HACA and equalization aid
Special assessments:
Current and delinquent 41,441 16,778 26,916 46,814
Prepayments 44,596 5,401 90,157
Tax forfeit - -
Penalties and interest 316 323
Interest on investments 26,573 14,285 5,676
Miscellaneous - -
Total revenue 114,471 16,778 46,925 142,647
Expenditures:
Current:
General government 88,918
Debt service:
Principal 500,000 150,000
Interest 16,767 202,195 102,655
Fiscal charges 425 400 150
Total expenditures 88,918 517,192 352,595 102,805
Revenue over (under) expenditures 25,553 (500,414) (305,670) 39,842
Other financing sources (uses):
Operating transfer to Capital Project Funds
Bond proceeds
Total other financing sources (uses) 0 0 0 0
Net increase (decrease) in fund balance 25,553 (500,414) (305,670) 39,842
Fund balance (deficit) - January 1 289,457 767,195 531,590 85,773
Residual equity transfer in 448,089 164,772
Residual equity transfer out - (266,781) -
Fund balance (deficit) - December 31 $763,099 $0 $390,692 $125,615
66
Statement 11
1989B 1990 1992 1994 Public
Certificates Certificates Certificates Certificates Project
of of of of Revenue Bonds Totals
Indebtedness Indebtedness Indebtedness Indebtedness of 1990A 1995 1994
$459 $14,720 $78,045 $64,714 $74,903 $234,386 $203,891
2,651 14,278 11,839 13,525 42,293 49,328
3,422 18,429 15,281 17,457 54,589 58,960
- - 131,949 191,140
140,154 642,235
- - - - 14,003
- - 639 11,840
588 - 1,560 6,557 55,239 71,328
- - - - 13,235
459 21,381 110,752 93,394 112,442 659,249 1,255,960
- - 88,918 36,637
60,000 18,500 50,000 75,000 25,000 878,500 4,847,500
1,995 1,240 1,018 13,151 76,488 415,509 580,769
- - - 2,243 3,218 3,509
61,995 19,740 51,018 88,151 103,731 1,386,145 5,468,415
61,536) 1,641 59,734 5,243 8,711 (726,896) (4,212,455)
SI we
- (2,923)
_ - - 3,614
0 0 0 0 0 0 691
(61,536) 1,641 59,734 5,243 8,711 (726,896) (4,211,764)
81,703 4,517 (107,349) 165,083 1,817,969 4,331,223
612,861 1,720,095
(20,167) - - (286,948) (21,585)
$0 $6,158 ($47,615) $5,243 $173,794 $1,416,986 $1,817,969
67
CAPITAL PROJECT FUNDS
Capital Project Funds account for the acquisition or construction of major capital facilities other
than those financed by Proprietary Funds and Trust Funds. The City maintained the following
Capital Project Funds during the year:
Capital Improvement Projects - to account for the proceeds from Equipment Certificates.
Community Development Block Grant - to account for the financial activity related to
projects funded by CDBG programs.
Dedicated Parks - to account for the receipt and use of monies collected from dedicated
parks fees.
Area and Unit Charge - to account for the collection of water and sewer unit charges to be
used for debt payments and construction of infrastructure.
MSA Construction - to account for the collection of assessments on MSA projects.
Sealcoating - to account for money received from assessments and developer deposits for
future street sealcoating projects.
Surface Water Management - to account for the financing of surface water management
and storm water improvements.
SAC Revolving - to account for refunds from the Metropolitan Council Environmental
Service for properties that paid Sewer Area Charges (SAC) that will be collected in the
future.
Construction Funds - to account for the construction of public improvements.
Apollo Business Park - to account for costs of developing the City's industrial park.
Tax Increment - to account for development projects financed with tax increments.
69
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Area
Capital Community and
Improvement Development Dedicated Unit
Proiects Block Grant Parks Charge
Assets
Cash and investments $24,722 $ - $248,964 $5,129,678
Accounts receivable 300 -
Due from other governmental units 16,603
Interfund receivable 836,180
Taxes receivable:
Due from County
Delinquent tax increment
Special assessments receivable:
Delinquent 17,598
Deferred - 1,200,113
Due from County - 12,553
Prepaid items 67 -
Total assets
Liabilities and Fund Balance
$24,722 $16,670 $249,264 $7,196,122
Liabilities:
Interfund payable $ - $14,096 $ - $ -
Accounts payable 40,248 3,522 250 10,651
Salaries payable - 253 -
Contracts payable 22,551
Due to other governmental units -
Deferred revenue 1,217,711
Total liabilities 40,248 17,871 250 1,250,913
Fund balance (deficit):
Reserved 67
Unreserved:
Designated:
Committed contracts 268,574
Capital improvements 5,676,635
Equipment acquisition -
Park improvements 249,014
Undesignated (15,526) (1,268) -
Total fund balance (deficit) (15,526) (1,201) 249,014 5,945,209
Total liabilities and fund balance $24,722 $16,670 $249,264 $7,196,122
70
Statement 12
Page 1 of 2
Surface
MSA Water SAC Interim 1994 1995
Construction Sealcoating Management Revolving Construction Construction Construction
$52,156 $203,428 $515,363 $500,266 $16,057 $ $
80 279 3,512
63,844 276,835
605
45,447
$52,236 $267,551 $796,315 $500,266 $16,057 SO $45,447
$ $ $ - $ $ $194,116 $32,306
211 14,004 563
126,416 2,161
80
80
52,156
64,123 280,347 45,447
64,123 280,558 0 0 334,536 80,477
203,428 515,757
500,266 16,057
(334,536) (35,030)
52,156 203,428 515,757 500,266 16,057 (334,536) (35,030)
$52,236 $267,551 $796,315 $500,266 $16,057 $0 $45,447
71
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Assets
Cash and investments
Accounts receivable
Due from other governmental units
Interfund receivable
Taxes receivable:
Due from County
Delinquent tax increment
Special assessments receivable:
Delinquent
Deferred
Due from County
Prepaid items
Total assets
Liabilities and Fund Balance
Tax Tax
Apollo Apollo Increment Increment
1996 Business Drive Financing Financing
Construction Park Construction 1 -1 1 -2
$164,737 $ - $191,197 $30,103
8,226
333,733
3,973
2,640
$0 $172,963 $333,733 $197,810 $30,103
Liabilities:
Interfund payable $46,642 $ - $209,733 $ - $ -
Accounts payable 14,918 1,421 5,352 39 39
Salaries payable -
Contracts payable
Due to other governmental units - 1,657 1,195
Deferred revenue 8,226 2,640
Total liabilities 61,560 9,647 215,085 4,336 1,234
Fund balance (deficit):
Reserved -
Unreserved:
Designated:
Committed contracts
Capital improvements 163,316 118,648 193,474 28,869
Equipment acquisition
Park improvements
Undesignated (61,560)
Total fund balance (deficit) (61,560) 163,316 118,648 193,474 28,869
Total liabilities and fund balance $0 $172,963 $333,733 $197,810 $30,103
72
Vow
Statement 12
Page 2 of 2
Tax Tax Tax Tax Tax
Increment Increment Increment Increment Increment
Financing Financing Financing Financing Financing Totals
1-4 1 -5 1-6 1 -7 3 -1 1995
$
1994
$ $ $ $ $7,076,671 $7,410,786
300 5,300
350,336 71,883
836,180 360,185
3,973
2,640 2,483
21,469 29,974
1,594,465 1,858,773
13,158 6,366
67 75
$0 $0 $0 $0 $0 $9,899,259 $9,745,825
$35,300
769
36,069
$962 $25,077 $156,828 $3,140 $718,200 $95,914
- - 91,218 42,957
- 253 149
151,128 77,211
380 962 1,025 2,241 8,229 5,942
- - 1,618,574 1,895,630
1,342 26,039 157,853 5,381 2,587,602 2,117,803
67 75
,_ 268,574 164,399
7,468,606 7,227,066
- 42,763
249,014 283,883
(36,069) (1,342) (26,039) (157,853) (5,381) (674,604) (90,164)
(36,069) (1,342) (26,039) (157,853) (5,381) 7,311,657 7,628,022
$0 $0 $0 $0 $0 $9,899,259 $9,745,825
73
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994 '
Revenue:
General property taxes:
Current and delinquent
Tax increments
Intergovernmental:
State:
MSA construction
Other
Federal:
CDBG
Other
County:
Other
Special assessments:
Current and delinquent
Prepayments
Penalties and interest
Interest on investments
Refunds and reimbursements
Park dedication fees
Total revenue
Capital Community Area and
Improvement Development Dedicated Unit MSA
Projects Block Grant Parks Charge Construction
2,866
2,686
5,552
43,854
13
43,867
15,716
38,645
198,516
817,764
13,777 -
214,849 2,789
54,361 1,244,906 2,789
Expenditures:
Current:
General government:
Personal services 10,632
Contractual services 1,533 33,975
Capital outlay:
General government 35,126
Public safety 105,042 -
Public works 96,549 -
Parks, recreation and forestry 1,591 - 89,230
Construction/acquisition - - 302,092
Total expenditures 239,841 44,607 89,230 302,092
0
Revenue over (under) expenditures (234,289) (740) (34,869) 942,814 2,789
Other financing sources (uses):
Operating transfer from General Fund
Operating transfer from Debt Service Funds
Operating transfer from Capital Project Funds - 1,609,687
Operating transfer from Enterprise Funds - 179,250
Operating transfer to Special Revenue Funds
Operating transfer to Capital Project Funds
Operating transfer to Enterprise Funds (104,565)
Bond proceeds 176,000 -
Total other financing sources (uses) 176,000 0 0 1,684,372 0
Net increase (decrease) in fund balance (58,289) (740) (34,869) 2,627,186 2,789
Fund balance (deficit) - January 1 42,763 (461) 283,883 3,318,023 49,367
Residual equity transfer
Fund balance (deficit) - December 31 ($15,526) ($1,201) $249,014 $5,945,209 $52,156
74
Statement 13
Page 1 of 2
Surface
Water SAC Interim 1989 1991 1993 1994
Sealcoating Management Revolving Construction Construction Construction Construction Construction
$ $ - $ $ $ $ $ $
613,806
6,011 41,596
23,840 140,781 -
318 1,315 - - - - - -
9,300 22,297 26,752 851 3,476 3,184 336 29,572
14,873 - - - - - - 9,357
4 54,342 205,989 26,752 851 3,476 3,184 336 652,735
34
3,615 2,127,000
34 7,622 0 0 8,486 14,354 0 2,127,000
7,622 4,871 14,354
54,308 198,367 26,752 851 (5,010) (11,170) 336 (1,474,265)
0 0 0 0 0 0 0 0
54,308 198,367 26,752 851 (5,010) (11,170) 336 (1,474,265)
149,120 317,390 473,514 15,206 169,782 155,570 16,405 1,139,729
(164,772) (144,400) (16,741)
$203,428 $515,757 $500,266 $16,057 $0 $0 $0 ($334,536)
75
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
Apollo Apollo Tax Increment
1995 1996 Business Drive Financing
Construction Construction Park Construction 1 -1
Revenue:
General property taxes:
Current and delinquent $ $ $ $ $ -
Tax increments 197,970
Intergovernmental:
State:
MSA construction
Other
Federal:
CDBG
Other
County:
Other - 269,488
Special assessments:
Current and delinquent - 1,402
Prepayments 100,856
Penalties and interest -
Interest on investments 402 322 58,594
Refunds and reimbursements 206,700 -
Park dedication fees -
Total revenue 100,856 0 208,504 269,810 256,564
Expenditures:
Current:
General government:
Personal services
Contractual services 2,105 - 2,962 58,064
Capital outlay:
General government
Public safety
Public works
Parks, recreation and forestry - - -
Construction/acquisition 133,781 61,560 219,890
Total expenditures 135,886 61,560 2,962 219,890 58,064
Revenue over (under) expenditures (35,030) (61,560) 205,542 49,920 198,500
Other financing sources (uses):
Operating transfer from General Fund -
Operating transfer from Debt Service Funds
Operating transfer from Capital Project Funds 25,077
Operating transfer from Enterprise Funds
Operating transfer to Special Revenue Funds (831)
Operating transfer to Capital Project Funds (1,097,491)
Operating transfer to Enterprise Funds - -
Bond proceeds -
Total other financing sources (uses) 0 0 25,077 0 (1,098,322)
Net increase (decrease) in fund balance (35,030) (61,560) 230,619 49,920 (899,822)
Fund balance (deficit) - January 1 (67,303) 68,728 1,093,296
Residual equity transfer
Fund balance (deficit) - December 31 ($35,030) ($61,560) $163,316 $118,648 $193,474
76
VW.
Imo
Statement 13
Page 2 of 2
Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment
Financing Financing Financing Financing Financing Financing Totals
1 -2 1-4 1 -5 1-6 1 -7 3 -1 1995 1994
$ - $ $ $ $ $ $ - $2
115,641 313,611 336,709
22,944
138,585
613,806 371,853
3,250
43,854 29,872
13,000
269,488
247,525 197,077
1,083,241 918,581
15,410 5,948
414,250 266,165
5,000 238,629 137,600
38,645 156,770
5,000 0 0 0 0 3,278,459 2,436,827
10,632 21,166
22,024 19,706 380 962 157,853 5,381 331,792 204,163
35,126 50,542
105,042 82,066
- 96,583 148,112
- 90,821 74,469
2,847,938 1,652,933
22,024 19,706 380 962 157,853 5,381 3,517,934 2,233,451
116,561 (14,706) (380) (962) (157,853) (5,381) (239,475) 203,376
- 11,261
- - - 2,923
- 1,634,764 -
- - - - 179,250 183,667
(831) - (1,662) (1,388)
(512,196) - (25,077) (1,634,764)
- - - (104,565) (91,548)
176,000 2,228,240
(513,027) 0 0 (25,077) 0 0 249,023 2,333,155
(396,466) (14,706) (380) (26,039) (157,853) (5,381) 9,548 2,536,531
425,335 (21,363) (962) 7,628,022 6,790,001
(325,913) (1,698,510)
$28,869 ($36,069) ($1,342) ($26,039) ($157,853) ($5,381) $7,311,657 $7,628,022
77
s
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a manner
similar to private business enterprises - where the intent of the government's council is that the cost
of providing goods or services to the general public on a continuing basis be financed or recovered
primarily through user charges; or where the government's council has decided that periodic
determination of net income is appropriate for accountability purposes. The City maintained the
following Enterprise funds during the year:
Water Fund - to account for customer water and service charges that are used for
financing water operating expenses.
Sewer Fund - to account for customer sewer and service charges that are used for
financing sewer operating expenses.
Gas Utility Fund - to account for costs associated with the Circle Pines Gas Utility.
79
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Statement 14
Assets
Gas Totals
Water Sewer Utility 1995 1994
Current assets:
Cash and cash equivalents $389,764 $164,776 $ $554,540 $297,189
Accounts receivable 134,121 119,438 253,559 227,466
Due from other governmental units 289 289 578 12,699
Prepaid items 3,270 25,567 28,837 23,328
Total current assets 527,444 310,070 0 837,514 560,682
Fixed assets:
Buildings 48,690 48,690 48,690
Equipment 47,605 41,176 88,781 49,155
Water and sewer system 6,759,351 9,140,730 15,900,081 14,072,581
Total fixed assets 6,855,646 9,181,906 0 16,037,552 14,170,426
Less: Allowance for depreciation (644,917) (873,947) (1,518,864) (1,214,389)
Subtotal 6,210,729 8,307,959 0 14,518,688 12,956,037
Acquisition costs - gas utility 2,375 2,375 2,375
Net fixed assets 6,210,729 8,307,959 2,375 14,521,063 12,958,412
Total assets
Liabilities and Fund Equity
$6,738,173 $8,618,029 $2,375 $15,358,577 $13,519,094
Current liabilities:
Interfund payable $ - $ - $2,424 $2,424 $2,424
Accounts payable 9,817 1,639 - 11,456 6,334
Salaries payable 919 886 1,805 1,420
Accrued interest payable 26,420 26,420 27,268
Due to other governmental units 4,138 13,479 17,617 34,500
Bonds payable - current portion 50,000 50,000 40,000
Total current liabilities 91,294 16,004 2,424 109,722 111,946
Long -term liabilities:
Bonds payable - long term 945,000 945,000 995,000
Compensated absences - payable 6,428 3,151 9,579 -
Total liabilities 1,042,722 19,155 2,424 1,064,301 1,106,946
Fund equity:
Contributed capital 5,220,943 8,287,068 - 13,508,011 11,961,967
Retained earnings (deficit) 474,508 311,806 (49) 786,265 450,181
Total fund equity 5,695,451 8,598,874 (49) 14,294,276 12,412,148
80
Total liabilities and fund equity $6,738,173 $8,618,029 $2,375 $15,358,577 $13,519,094
- QTY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
COMBINING STATEMENT OF REVENUE, EXPENSES
- AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1994
Statement 15
Gas Totals
Water Sewer Utility 1995 1994
Operating revenue:
Charges for services $290,588 $439,843 $ $730,431 $609,906
Hook -Up charges 25,250 20,825 46,075
▪ Water meter sales 22,121 - 22,121 32,438
Other operating revenue 515 22,453 22,968 19,505
Total operating revenue 338,474 483,121 0 821,595 661,849
Operating expenses:
Personal services 69,790 63,715 133,505 95,334
... Materials and supplies 47,250 865 48,115 49,882
Contractual services 17,361 8,969 26,330 16,475
Repair and maintenance 9,040 4,970 14,010 8,814
MCES sewer charges 236,388 236,388 224,268
-
Depreciation:
Purchased assets 22,227 793 23,020 20,911
Contributed assets 105,626 175,829 281,455 266,187
- Utilities 32,506 35,098 67,604 59,238
Other 1,777 1,484 - 3,261 9,170
Total operating expenses 305,577 528,111 0 833,688 750,279
Net income (loss) from operations 32,897 (44,990) 0 (12,093) (88,430)
- Other income (expense):
Interest on investments 18,708 7,567 26,275 11,957
- Maintenance agreement - MCES - - 12,699
Area and unit charges 179,250 179,250 183,667
Bond interest (63,718) (63,718) (65,680)
Paying agent fees (400) (400) (400)
Total other income (expense) 133,840 7,567 0 141,407 142,243
Net income (loss) before operating transfers 166,737 (37,423) 129,314 53,813
Operating transfers:
Operating transfer from Capital Project Funds 104,565 104,565 91,548
Operating transfer to Capital Project Funds (179,250) (179,250) (183,667)
Total operating transfers (74,685) 0 0 (74,685) (92,119)
Net income (loss) 92,052 (37,423) 0 54,629 (38,306)
Credit arising from transfer of depreciation
to contributed capital 105,626 175,829 281,455 266,187
Retained earnings (deficit) - January 1 276,830 173,400 (49) 450,181 222,300
Retained earnings (deficit) - December 31 $474,508 $311,806 ($49) $786,265 $450,181
81
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1995
With Comparative Totals For The Year Ended December 31, 1993
Statement 16
Water
Gas Totals
Sewer Utility 1995 1994
Cash flows from operating activities:
Operating income (loss) $32,897 ($44,990) $ - ($12,093) ($88,430)
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Maintenance agreement - MCES 12,699
Depreciation 127,853 176,622 304,475 287,098
Change in assets and liabilities:
Decrease (iincrease) in receivables (12,388) (1,584) (13,972) (43,768)
Decrease (increase) in prepaid items (2,461) (3,048) (5,509) (1,664)
Increase (decrease) in payables 11,703 (13,500) _ (1,797) (777)
Net cash flows from operating activities 157,604 113,500 0 271,104 165,158
Cash flows from noncapital financing activities:
Collection of area and unit charges 179,250 179,250 183,667
Operating transfer to Capital Project Funds (179,250) (179,250) (183,667)
Net cash flows from noncapital financing activities 0 0 0 0 0
Cash flows from capital and related financing activities:
Principal paid on revenue bonds (40,000) (40,000) (25,000)
Interest and paying agent fees on revenue bonds (64,967) (64,967) (66,548)
Operating transfer from Capital Project Funds 104,565 104,565 91,548
Acquisition of fixed assets (22,334) (17,292) (39,626) (1,617)
Net cash flows from capital
and related financing activities (22,736) (17,292) (40,028) (1,617)
Cash flows from investing activities:
Interest on investments 18,708 7,567 26,275 11,957
Net increase in cash and cash equivalents 153,576 103,775 0 257,351 175,498
Cash and cash equivalents - January 1 236,188 61,001 297,189 121,691
Cash and cash equivalents - December 31 $389,764 $164,776 $0 $554,540 $297,189
Noncash investing, capital and financing activities:
- Distribution system assets in the amounts of $796,899 and $0 were contributed to the Water Fund in 1995 and 1994, respectively.
- Collection system assets in the amounts of $1,030,000 and $0 were contributed to the Sewer Fund in 1995 and 1994, respectively.
82
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AGENCY FUNDS
Agency Funds are used to account for assets held by the City as an agent for individuals, private
organizations, other governments and/or other funds. The City maintained the following Agency
Funds during the year:
Contractor's Deposits - to account for pass - through costs relating to prospective
developers.
Pending Assessments - to account for prepayment of special assessments by developers
prior to Council adoption.
Investment Fund - to account for the pooling of investments of the City.
Deferred Compensation - to account for employee contributions to the City authorized
deferred compensation plan.
83
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1995
With Comparative Totals For December 31, 1994
Statement 17
Contractors Investment Deferred Totals
Deposits Fund Compensation 1995 1994
Assets
Cash and investments $198,314 $ - $ - $198,314 $236,595
Assets with deferred
compensation plan administrator 362,109 362,109 313,265
Accrued interest receivable 67,317 67,317 155,051
Deposits receivable 65,261 - 65,261 81,752
Total assets
Liabilities
$263,575 $67,317 $362,109 $693,001 $786,663
Interfund payable $ - $67,317 $ - $67,317 $154,498
Accounts payable 30,659 - 30,659 47,938
Deposits payable 232,897 - 232,897 270,962
Due to other governmental units 19 19 -
Deferred compensation payable 362,109 362,109 313,265
Total liabilities
84
$263,575 $67,317 $362,109 $693,001 $786,663
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1995
Statement 18
Balance Balance
January 1, December 31,
1995 Additions Deletions 1995
Contractors deposits:
Assets
Cash and investments $236,595 $741,524 $779,805 $198,314
Deposits receivable 81,752 65,261 81,752 65,261
Total assets $318,347 $806,785 $861,557 $263,575
Liabilities
Accounts payable $47,385 $30,659 $47,385 $30,659
Deposits payable 270,962 232,897 270,962 232,897
Due to other governmental units 19 - 19
Total Liabilities $318,347 $263,575 $318,347 $263,575
Pending Assessment Deposits:
Assets
Cash and investments $ $101,130 $101,130 $
Liabilities
- Deposits payable $ $101,130 $101,130 $
> a
- Investment Fund:
Assets
Accrued interest receivable $155,051 $67,317 $155,051 $67,317
Liabilities
Interfund payable $154,498 $67,317 $154,498 $67,317
Accounts payable 553 553
Total liabilities $155,051 $67,317 $155,051 $67,317
Deferred Compensation:
Assets
Assets with plan administrator $313,265 $89,448 $40,604 $362,109
Liabilities
Deferred compensation payable $313,265 $89,448 $40,604 $362,109
Totals -All Trust and Agency Funds:
Assets
- Cash and investments $236,595 $842,654 $880,935 $198,314
Assets with plan administrator 313,265 89,448 40,604 362,109
Accrued interest receivable 155,051 67,317 155,051 67,317
Deposits receivable 81,752 65,261 81,752 65,261
,r Total assets $786,663 $1,064,680 $1,158,342 $693,001
Liabilities
- Interfund payable $154,498 $67,317 $154,498 $67,317
Accounts payable 47,938 30,659 47,938 30,659
Deposits payable 270,962 334,027 372,092 232,897
Due to other governmental units - 19 - 19
• Deferred compensation payable 313,265 89,448 40,604 362,109
Total liabilities $786,663 $521,470 $615,132 $693,001
85
GENERAL FIXED ASSETS ACCOUNT GROUP
The City maintains a separate account group which contains the fixed assets used in the
governmental fund type operations. They are assets of the City as a whole and not of individual
funds.
Immo
87
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
For The Year Ended December 31, 1995
Statement 19
Balance Balance
January 1, December 31,
1995 Additions Deletions 1995
Land and improvements $629,600 $20,000 $ $649,600
Buildings and structures 1,498,100 41,400 1,539,500
Equipment and furniture 798,546 53,599 14,520 837,625
Machinery and vehicles 601,232 177,122 14,700 763,654
Other improvements 150,813 23,500 174,313
Totals $3,678,291 $315,621 $29,220 $3,964,692
Investment in General Fixed Assets from:
General Fund
Capital Project Funds
Grants
Donations
Debt Service Funds
Assets acquired before January 1, 1992
Total investment in General Fixed Assets
88
$87,548
1,395,807
1,057
51,679
61,400
2,367,201
$3,964,692
CITY OF LINO LAKES, NIINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
As of December 31, 1995
Statement 20
Land Buildings Equipment Machinery
and and and and Other
Improvements Structures Furniture Vehicles Improvements Total
General government:
Administration /finance $ $ $2,012 $12,135 $ $14,147
Elections 21,531 - 21,531
Economic development - 3,500 1,181 4,681
Engineering /planning 689 11,630 586 12,905
Government buildings 201,000 1,539,500 123,973 1,550 1,866,023
Senior center - 2,500 - 2,500
Total general government 201,000 1,539,500 150,705 27,265 3,317 1,921,787
Public safety:
Police 101,594 213,181 15,000 329,775
Building inspection - 19,900 - 19,900
Total public safety 0 0 101,594 233,081 15,000 349,675
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IMMO
Public works:
Streets 285,105 403,895 985 689,985
Shop 36,128 - 36,128
Total public works 0 0 321,233 403,895 985 726,113
Parks, recreation and forestry:
Parks, recreation and forestry 448,600 264,093 99,413 155,011 967,117
Total parks, recreation and forestry 448,600 0 264,093 99,413 155,011 967,117
Totals $649,600 $1,539,500 $837,625 $763,654 $174,313 $3,964,692
89
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
For The Year Ended December 31, 1995
Statement 21
Balance Balance
1/1/95 Additions Deletions 12/31/95
General government:
Administration/finance $12,635 $1,512 $ - $14,147
Elections 21,531 21,531
Economic development 4,681 4,681
Engineering/planning 12,905 12,905
Government buildings 1,798,403 82,140 14,520 1,866,023
Senior center 2,500 - 2,500
Total general government 1,852,655 83,652 14,520 1,921,787
Public safety:
Police 253,875 90,600 14,700 329,775
Building inspections 19,900 19,900
Total public safety 273,775 90,600 14,700 349,675
Public works:
Streets 596,663 93,322
Shop 29,944 6,184
Total public works 626,607 99,506
0
689,985
36,128
726,113
Parks, recreation and forestry
Parks, recreation and forestry 925,254 41,863 967,117
Total parks, recreation and forestry 925,254 41,863 0 967,117
Totals $3,678,291 $315,621 $29,220 $3,964,692
90
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -Term Debt Account Group is used to account for long-term debt of the City
other than debt recorded in the Enterprise Funds.
91
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL LONG - TERM DEBT
December 31, 1995
Statement 22
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:
December 31,
1995 1994
$701,502 $1,635,861
6,291,323 6,018,008
$6,992,825 $7,653,869
Bonds payable:
General Obligation Bonds:
1989B Equipment Certificates $ $60,000
1990A Equipment Certificates 18,500
1992 Equipment Certificates 50,000
1994 Equipment Certificates 75,000 150,000
1995 Equipment Certificates 176,000 -
Public Project Revenue Bonds - 1990A 1,090,000 1,115,000
Total general obligation bonds 1,341,000 1,393,500
Special assessment bonds:
G. O. Improvement Bonds of 1988A 500,000
G. O. Improvement Bonds of 1992A 3,190,000 3,340,000
G. O. Temporary Improvement Bonds of 1994A 2,095,000 2,095,000
Total special assessment bonds 5,285,000 5,935,000
Total bonds payable 6,626,000 7,328,500
Assessments payable on City property 10,510 10,510
Contract for deed payable 172,300 225,300
Compensated absences payable 184,015 89,559
Total general Long -term debt $6,992,825 $7,653,869
92
SUPPLEMENTARY
FINANCIAL
INFORMATION
93
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1995
Interest
Rates
Dated
Final
Maturity
Date
General Obligation Bonds:
1989B Equipment Certificates 6.65 8/1/90 2/1/95
1990A Equipment Certificates 6.50 12/10/90 1/1/96
1992 Equipment Certificates 3.75 - 4.15 1/1/93 2/1/95
1994 Equipment Certificates 5.00 3/1/94 12/31/96
1995 Equipment Certificates 5.00 2/1/95 12/31/97
Public Project Revenue Bonds - 1990A 7.12 10/1/90 2/1/10
Total General Obligation Bonds
Special Assessment Bonds:
G. O. Improvement Bonds of 1988A 6.43 10/1/88 2/1/97
G. O. Improvement Bonds of 1992A 6.51 4/1/92 2/1/06
G. O. Temporary Improvement Bonds of 1994A 4.90 11/1/94 11/1/97
Total General Improvement Bonds with special assessments pledged
Revenue Bonds:
G. O. Water Revenue Bonds of 1992B 6.67 4/1/92 2/1/08
Total - all bonds
Contract for deed payable* 7.00 1/9/92 4/23/96
Total City indebtedness
*The City prepaid all princial and accrued interest on April 23, 1996.
94
Exhibit 1
Prior Years Principal Interest
Original Payable 1995 Payable Due Due
Issue Payments 1/1/95 Issued Payments 12/31/95 In 1996 In 1996
$275,000 $215,000 $60,000 $ - $60,000 $ - $ - $
88,500 70,000 18,500 - 18,500 -
150,000 100,000 50,000 50,000
150,000 - 150,000 - 75,000 75,000 75,000 3,750
- - 176,000 176,000 88,000 19,413
1,115,000 1,115,000 25,000 1,090,000 25,000 74,900
1,778,500 385,000 1,393,500 176,000 228,500 1,341,000 188,000 98,063
▪ 1,160,000 660,000 500,000 - 500,000 - -
3,640,000 300,000 3,340,000 150,000 3,190,000 200,000 193,195
2,095,000 2,095,000 - 2,095,000 - 102,655
6,895,000 960,000 5,935,000 0 650,000 5,285,000 200,000 295,850
- 1,060,000 25,000 1,035,000 - 40,000 995,000 50,000 62,233
9,733,500 1,370,000 8,363,500 176,000 918,500 7,621,000 438,000 456,146
235,300 10,000 225,300 - 53,000 172,300 172,300 75,784
$9,968,800 $1,380,000 $8,588,800 $176,000 $971,500 $7,793,300 $610,300 $531,930
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Vmwr
95
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1995
Exhibit 2
Public
Project G. 0.
Year of Equipment Equipment Equipment Revenue Improvement
Levy/ Certificates Certificates Certificates Bonds Bonds
Collection of 1992 of 1994 of 1995 of 1990A of 1992A Total
1995/1996 $54,679 $82,688 $112,784 $104,055 $ - $354,206
1996/1997 - 97,944 118,112 347,577 563,633
1997/1998 125,882 358,583 484,465
1998/1999 - - 122,417 357,328 479,745
1999/2000 145,150 354,861 500,011
2000/2001 - 139,834 353,352 493,186
2001/2002 134,479 358,981 493,460
2002/2003 - 129,045 367,953 496,998
2003/2004 149,783 369,724 519,507
2004/2005 - - 142,433 348,731 491,164
2005/2006 - 134,978 - 134,978
2006/2007 127,523 127,523
2007/2008 120,015 120,015
2008/2009 112,508 112,508
96
$54,679 $82,688 $210,728 $1,806,214 $3,217,090 $5,371,399
Ism
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY - ALL BONDS
December 31, 1995
Exhibit 3
G. 0. Public
G. 0. Temporary Water Project
Equipment Equipment Improvement Improvement Revenue Revenue
Certificates Certificates Bonds Bonds Bonds Bonds
1994 1995 of 1992A of 1994A of 1992B of 1990A Totals
Bonds payable $75,000 $176,000 $3,190,000 $2,095,000 $995,000 $1,090,000 $7,621,000
- Future interest payable 3,750 24,693 1,244,938 205,310 492,519 693,052 2,664,262
Totals $78,750 $200,693 $4,434,938 $2,300,310 $1,487,519 $1,783,052 $10,285,262
Payments to maturity:
1996 $78,750 $107,413 $393,195 $102,655 $112,233 $99,900 $894,146
1997 - 93,280 402,005 2,197,655 109,545 98,294 2,900,779
1998 418,940 111,589 111,188 641,717
1999 - 423,850 108,358 118,238 650,446
2000 417,345 114,709 114,913 646,967
2001 - 409,743 - 115,505 135,706 660,954
2002 401,080 - 115,900 130,625 647,605
2003 401,080 115,900 125,488 642,468
2004 - 399,460 115,495 120,275 635,230
2005 - 396,180 - 114,675 139,150 650,005
2006 372,060 118,310 132,100 622,470
2007 - - 116,390 125,000 241,390
.- 2008 - - 118,910 117,875 236,785
2009 - - 110,725 110,725
2010 - - - 103,575 103,575
Ilmor
Iwo
$78,750 $200,693 $4,434,938 $2,300,310 $1,487,519 $1,783,052 $10,285,262
97
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1995
Exhibit 4
Description
Land Expended
Easements Prior
Contractor Engineering and Other Total 1995 Years
Fund 406: Area and Unit
Well #3 $43,848 $21,776 S33,989 $99,613 $99,613 $ -
Well #4 111,017 52,852 621 164,490 164,490
Black Duck Lift Station 6,511 360 6,871 6,871
Water Tower #2 1,138 174 1,312 1,312
Sunset Road Utilities Extension - 154 419 573 573
35E/Main Street trunk utilities 1,594 170 1,764 1,764
Utility Connections 10,434 - 3,537 13,971 13,971
Ware Road 77,155 55,019 12,075 144,249 13,498 130,751
Total Fund 406 242,454 139,044 51,345 432,843 302,092 130,751
Fund 452: Apollo Drive Construction
Apollo Drive 2,021,295 421,668 158,051 2,601,014 * 219,890 2,381,124
Fund 453: 1989 Construction
Sunrise Meadows 685,734 153,986 46,459 886,179 * - 886,179
Reshanau fourth and fifth addition 371,404 94,348 5,648 471,400 * 3,615 467,785
Total Fund 453 1,057,138 248,334 52,107 1,357,579 3,615 1,353,964
Fund 456: 1994 Construction
Country Lake Estates 709,979 130,054 70,691 910,724 412,206 498,518
Highway 49 and Lake Drive 1,373,521 359,296 137,397 1,870,214 1,484,841 385,373
Hodgson Road Watermain 203,565 28,284 58,096 289,945 229,953 59,992
Total Fund 456 2,287,065 517,634 266,184 3,070,883 2,127,000 943,883
Fund 457: 1995 Construction
Woods of Baldwin Lake II
108,066 24,060 1,655 133,781 133,781
Fund 458: 1996 Construction
Trappers Crossing 47,389 - 47,389 47,389
Marshan Lake Townhomes 13,711 303 14,014 14,014
12th Avenue and Holly Drive - 157 157 157 -
Total Fund 458 61,100 460 61,560 61,560 0
98
Totals $5,716,018 $1,411,840 $529,802 $7,657,660 $2,847,938 $4,809,722
* Completed Project
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CITY OF LINO LAKES, MINNESOTA
INSURANCE IN FORCE
December 31, 1995
Exhibit 5
Coverage Amount
General Liability:
Bodily Injury/Property Damage $600,000
Personal Injury/Police Professional Liability 600,000
Fire Legal Liability 50,000
Medical Expense Occurrence Limit 1,000
Medical Expense Aggregate 10,000
Property Damage ($500 Deductible)
Property:
Buildings and Contents 5,342,200
Valuable Papers ($500 Deductible) 50,000
Faithful Performance Blanket Bond 500,000
Storage Tank Liability 100,000
Mobile Equipment ($500 Deductible) 592,058
EDP - Electronic Equipment ($500 Deductible) 139,011
Public Official and Employee Liability ($1,000 Deductible each occurrence) 600,000
Automotive:
Bodily injury and property damage 600,000
Comprehensive and Collision ACV
Uninsured motorists 600,000
Miscellaneous equipment 87,650
Workmen's compensation Statutory
Employee Benefit Level 600,000
Umbrella Liability 1,000,000
Crime - Theft Disappearance and Destruction ($500 Deductible) 50,000
99
CITY OF LINO LAKES, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 6
Tax Capacity Tax Capacity
Values Values
1995/1996 1994/1995
Taxable valuations:
Total $7,825,611 $6,649,921
Fiscal disparities:
Distribution 1,268,407 1,139,770
Contribution (315,617) (287,819)
Less: Captured Tax Increment Value (307,790) (256,841)
Totals $8,470,611 $7,245,031
Tax Tax
Certified Capacity Certified Capacity
Levy Rate Levy Rate
Taxes levied:
Revenue $2,685,794 27.401 $2,303,705 26.910
Bond and interest 354,206 3.614 330,645 3.862
Totals $3,040,000 31.015 $2,634,350 30.772
Certified levy amount is before HACA reduction. HACA is $415,957 and $434,924 for 1996 and 1995, respectively.
100
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CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -1
December 31, 1995
Exhibit 7
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $1,470,000 $1,058,495 $197,970 $213,535
Interest on investments - 148,567 58,594 (207,161)
Total sources of funds 1,470,000 1,207,062 256,564 6,374
Uses of funds:
Public improvements 1,470,000 1,097,491 372,509
Administrative - 32,002 23,063 (55,065)
Developer assistance 70,000 35,000 (105,000)
Transfer to other funds 11,764 831 (12,595)
Total uses of funds 1,470,000 113,766 1,156,385 199,849
Funds remaining (deficit)
Name of District: Rice Lake Estates
District Number: H-4
Type of District: Housing
Date Certified: June 29, 1987
Duration: 25 Years
Tax Capacity:
Original 2,689
Current 151,915
$0 $1,093,296 ($899,821) ($193,475)
101
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -2
December 31, 1995
Exhibit 8
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $742,200 $439,555 $115,641 $187,004
Interest on investments - 33,036 22,944 (55,980)
Total sources of funds 742,200 472,591 138,585 131,024
Uses of funds:
Public improvements 630,000 512,196 117,804
Land acquisition 65,000 - 65,000
Demolition and site preparation 10,000 - - 10,000
Relocation costs 15,000 - 15,000
Administrative 22,200 35,493 22,024 (35,317)
Transfer to other funds 11,763 831 (12,594)
Total uses of funds 742,200 47,256 535,051 159,893
Funds remaining (deficit) $0 $425,335 ($396,466) ($28,869)
Name of District: Sunrise Meadows
District Number: I -5
Type of District: Economic Development
Date Certified: February 10, 1989
Duration: 10 Years
Tax Capacity:
Original 13,736
Current 125,267
102
_, CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1-4
December 31, 1995
Exhibit 9
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond proceeds $1,950,000 $ - $ - $1,950,000
Tax increment collections 110,000 110,000
Refunds and reimbursements 18,889 5,000 (23,889)
Total sources of funds 2,060,000 18,889 5,000 2,036,111
Uses of funds:
Land acquisition 435,000 435,000
Public improvements 1,115,000 - 1,115,000
Administrative 110,000 40,252 7,792 61,956
Bond discount 40,000 - - 40,000
Capitalized interest 360,000 - - 360,000
Transfer to other funds - - 11,914 (11,914)
Total uses of funds 2,060,000 40,252 19,706 2,000,042
Vow
Funds remaining (deficit) $0 ($21,363) ($14,706) $36,069
Name of District: Apollo Business Center
District Number. L -5
Type of District: Economic Development
Date Certified: April 20, 1990
... Duration: 10 Years
Tax Capacity:
Original 63,762
Current 36,825
103
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -5
December 31, 1995
Exhibit 10
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $915,000 $ - _ $ - $915,000
Total sources of funds 915,000 0 0 915,000
Uses of funds:
Land acquisition 155,000 - 155,000
Public improvements 685,000 685,000
Administrative 75,000 962 380 73,658
Total uses of funds 915,000 962 380 913,658
Funds remaining (deficit) $0 ($962) ($380) $1,342
Name of District: Willow Ponds Senior Housing
District Number: M -6
Type of District: Housing
Date Certified: August 25, 1993
Duration: 25 years
Tax Capacity:
Original 1,118
Current 1,118
104
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -6
December 31, 1995
Exhibit 11
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
•– Tax increment collections $41,250 $ - $ - $41,250
Total sources of funds 41,250 0 0 41,250
Uses of funds:
Public improvements 32,500 32,500
Administrative 8,750 - 962 7,788
Transfer to other funds - 25,077 (25,077)
Total uses of funds 41,250 0 26,039 15,211
Funds remaining (deficit) $0 $0 ($26,039) $26,039
Name of District: Udor
District Number: M -7
Type of District: Economic Development
— Date Certified: August 23, 1994
Duration: 10 Years
Tax Capacity:
Original 0
Current 0
105
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -7
December 31, 1995
Exhibit 12
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $605,000 $ $ - $605,000
Refunds and reimbursements - - 300 (300)
Total sources of funds 605,000 0 300 604,700
Uses of funds:
Land acquisition
Public improvements
Administrative
Total uses of funds
321,000 137,889 183,111
260,000 - 260,000
24,000 20,264 3,736
605,000 0 158,153 446,847
Funds remaining (deficit) $0 $0 ($157,853) $157,853
Name of District: Apollo Business Park
District Number: M -9
Type of District: Economic Development
Date Certified: May 31, 1995
Duration: 11 Years
Tax Capacity:
Original N/A
Current N/A
106
_. CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #3 -1
December 31, 1995
Exhibit 13
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
— Tax increment collections $1,450,000 $ - $ - $1,450,000
Refunds and reimbursements -
Total sources of funds 1,450,000 0 0 1,450,000
Uses of funds:
Land acquisition 900,000 900,000
.... Public improvements 450,000 450,000
Administrative 100,000 5,381 94,619
Total uses of funds 1,450,000 0 5,381 1,444,619
— Funds remaining (deficit) $0 $0 ($5,381) $5,381
Name of District: Clearwater Creek Development Center
District Number. N-4 and N -5
▪ Type of District: Economic Development
Date Certified: June 30, 1995
Duration: 11 Years
Tax Capacity:
Original N/A
Current N/A
Ilwar
lowin
107
III.
STATISTICAL
SECTION
109
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
(Unaudited)
Table 1
Fiscal Total General Public Public Parks and Other
Year Expenditures Government Safety Works Recreation Functions
1986 $1,377,263 $473,001 $465,180 $346,504 $82,429 $10,149
1987 1,519,189 453,372 559,959 393,456 97,619 14,783
1988 1,590,102 565,785 616,076 273,614 98,316 37,111
1989 1,896,204 624,499 750,629 377,087 142,472 1,517
1990 2,155,051 682,575 804,363 468,340 191,654 8,119
1991 2,268,639 667,448 845,420 499,737 256,034
1992 2,552,835 807,564 910,147 505,096 330,028
1993 2,829,202 911,230 1,025,157 565,019 327,796
1994 3,169,862 1,082,796 1,127,883 554,533 404,650
1995 3,557,038 1,173,047 1,265,064 700,873 418,054
110
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND REVENUES BY SOURCE
Last Ten Fiscal Years
(Unaudited)
Table 2
Total General
General Property Licenses Inter- Charges Fines
Fiscal Fund Taxes and Government for and Other
Year Revenue Levied Permits Revenues Services Forfeits Revenue
1986 $1,368,498 $582,876 $137,879 $491,185 $59,249 $65,369 $31,940
1987 1,617,286 714,892 164,115 545,674 59,069 68,448 65,088
- 1988 1,792,972 769,915 229,511 549,567 86,067 70,142 87,770
1989 2,081,795 848,472 256,987 698,558 96,680 73,614 107,484
1990 2,294,649 994,399 254,620 629,919 208,981 83,618 123,112
1991 2,421,534 1,179,087 332,392 483,015 195,190 86,603 145,247
- 1992 2,705,794 1,206,998 493,977 607,831 210,129 79,643 107,216
1993 3,177,662 1,420,369 565,684 673,944 239,562 83,019 195,084
1994 3,295,398 1,597,542 383,388 677,337 353,026 72,454 211,651
1995 3,772,335 1,941,415 544,267 738,652 241,393 93,861 212,747
111
CITY OF LINO LAKES, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(Unaudited)
Table 3
Percent of Percent of
Total Tax Delinquent
Total Current Percentage Delinquent Total Collections Outstanding Taxes to
Fiscal Tax Tax of Levy Tax Tax To Tax Delinquent Tax
Year Levy Collections Collected Collections Collections Levy Taxes Levy
1986 $835,500 $807,346 96.63% $28,464 $835,810 100.04% $99,694 11.93%
1987 990,000 971,947 98.18% 35,455 1,007,402 101.76% 27,995 2.83%
1988 1,146,850 1,121,251 97.77% 8,961 1,130,212 98.55% 41,388 3.61%
1989 1,146,850 1,120,260 97.68% 16,811 1,137,071 99.15% 46,393 4.05%
1990 1,529,821 1,494,647 97.70% 21,620 1,516,267 99.11% 50,963 3.33%
1991 1,717,474 1,674,178 97.48% 24,342 1,698,520 98.90% 59,664 3.47%
1992 1,865,188 1,805,972 96.83% 24,395 1,830,367 98.13% 76,791 4.12%
1993 2,073,987 2,057,602 99.21% 50,099 2,107,701 101.63% 29,534 1.42%
1994 2,268,950 2,243,045 98.86% 15,014 2,258,059 99.52% 27,804 1.23%
1995 2,634,350 2,613,719 99.22% 21,206 2,634,925 100.02% 22,368 0.85%
Note: Does not include tax increment levies and collections.
Note: Current tax collections include State levy related credits (HACA).
112
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II limp
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(Unaudited)
Table 4
% of Current % of Total
Current Current Collections Delinquent Collections Total
Fiscal Assmts. Assmts. to Assmts. Assessments Total to Current Outstanding
Year Due Collected Due Collected Collected Assmts. Due Del. Assmts.
1986 $162,553 $78,980 48.59% $63,103 $142,083 87.41% $290,525
1987 388,798 194,196 49.95% 190,508 384,704 98.95% 189,606
1988 312,610 204,150 65.31% 163,841 367,991 117.72% 123,153
1989 326,516 223,757 68.53% 64,161 287,918 88.18% 161,751
1990 245,618 168,442 68.58% 107,879 276,321 112.50% 132,985
1991 351,941 293,452 83.38% 65,396 358,848 101.96% 126,088
1992 379,521 306,443 80.74% 82,664 389,107 102.53% 118,690
1993 632,067 580,678 91.87% 39,313 619,991 98.09% 43,036
1994 387,200 355,543 91.82% 32,743 388,286 100.28% 36,497
1995 394,770 353,424 89.53% 26,051 379,475 96.13% 10,221
113
- CITY OF LINO LAKES, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
• (Unaudited)
Table 5
Percent of
Debt Service
Interest Total Total Expenditures
Fiscal and Debt General to General
Year Principal Other Service (1) Expenditures (2) Expenditures
1986 $35,000 $6,993 $41,993 $1,377,263 3.05%
1987 35,000 4,804 39,804 1,519,189 2.62%
1988 115,500 7,795 123,295 1,590,102 7.75%
1989 - 11,475 11,475 1,896,204 0.61%
1990 60,000 29,542 89,542 2,155,051 4.15%
1991 127,500 108,872 236,372 2,268,639 10.42%
1992 172,500 114,821 287,321 2,552,835 11.25%
1993 177,500 108,276 285,776 2,829,202 10.10%
1994 282,500 96,268 378,768 3,169,862 11.95%
- 1995 228,500 96,135 324,635 3,557,038 9.12%
(1) Excludes tax increment, special assessment, enterprise, and EDA bonds.
(2) Includes expenditures of General Fund only.
Note: Amounts rounded to the nearest hundred.
,.r
W NW
115
CITY OF LINO LAKES, MINNESOTA
ASSESSED (1) AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
(Unaudited)
Taxes Real Personal Fiscal
Payable Property Property Total Disparities
1987 $28,399,493 $1,597,622 $29,997,115 $5,289,442
1988 31,989,771 1,692,351 33,682,122 6,288,556
1989 4,500,713 228,822 4,729,535 902,364
1990 3,766,768 232,797 3,999,565 1,084,909
1991 4,250,314 283,565 4,533,879 1,006,228
1992 4,359,156 289,520 4,648,676 1,083,066
1993 4,557,819 309,993 4,867,812 954,529
1994 5,146,854 360,097 5,506,951 970,411
1995 6,204,237 392,508 6,596,745 879,810
1996 7,390,566 435,045 7,825,611 952,790
(1) The State of Minnesota changed the method of calculating property taxes effective for taxes payable
in 1989. Years 1987 through 1988 reflect assessed valuations. Year 1989 reflects gross tax
capacity values. Years 1990 through 1996 reflect net tax capacity values.
Source: Anoka County Department of Property Records and Taxation.
116
—. Table 6
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WEEP
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Svr
■
Assessor's Estimated Ratio of Total
Net Taxable Market Value of Assessed to
Tax Increment Value Taxable Property Actual Value
$ $35,286,557 $142,111,400 24.83%
(593,283) 39,377,395 164,159,400 23.99%
(112,901) 5,518,998 187,826,200 2.94%
(141,487) 4,942,987 231,211,700 2.14%
(215,224) 5,324,883 264,013,200 2.02%
(245,834) 5,485,908 290,466,200 1.89%
(244,419) 5,577,922 320,714,400 1.74%
(256,841) 6,220,521 368,367,100 1.69%
(287,819) 7,188,736 435,100,000 1.65%
(307,790) 8,470,611 501,825,800 1.69%
117
CITY OF LINO LAKES, MINNESOTA
PROPERTY TAX RATES (3) - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
(Unaudited)
Table 7
Tax Rates (Per $100 of Tax Capacity)
Year
Taxes
Payable City School (1) County Other (2)
1987 28.339 59.437 29.414 6.344
1988 29.306 68.045 30.736 6.395
1989 20.025 53.967 27.425 5.972
1990 23.601 43.075 28.846 4.796
1991 26.564 68.717 31.400 5.133
1992 26.822 67.857 32.990 5.306
1993 29.386 60.589 32.779 6.510
1994 29.661 62.537 32.680 6.260
1995 30.772 64.308 32.765 6.977
1996 31.015 63.103 31.036 5.647
(1) The majority of Lino Lakes is served by School District 12.
(2) Other includes: Metropolitan Council, Mosquito Control, Metropolitan Transit,
Rice Creek Watershed District and Forest Lake Hospital.
(3) Years after 1988 /1989 are reported as tax capacity rate.
Source: Anoka County Department of Property Records and Taxation.
118
Total
123.534
134.482
107.389
100.318
131.814
132.975
129.264
131.138
134.822
130.801
CITY OF LINO LADS, MINNESOTA
RATIO OF NET BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
(Unaudited)
Table 8
.— Ratio of
Assessed Value Less Net Bonded
After Fiscal Gross Cash and Debt to Net
Disparities and Bonded Investments Net Assessed Bonded Debt
Year Population (1) Tax Increment (2) Debt (3) on Hand Bonded Debt Value Per Capita
1986 6,766 S142,111,400 S72,500 ($6,790) 879,290 0.06% 11.72
... 1987 7,110 164,159,400 115,500 728 114,772 0.07% 16.14
1988 7,600 187,826,200 (1,251) 1,251 0.00% 0.16
—
1989 8,235 231,211,700 300,000 (11,475) 311,475 0.13% 37.82
1990 8,807 264,013,200 1,630,000 58,685 1,571,315 0.60% 178.42
1991 9,273 290,466,200 1,591,000 105,537 1,485,463 0.51% 160.19
1992 10,056 320,714,400 1,553,500 121,842 1,431,658 0.45% 14237
1993 11,193 368,367,100 1,526,000 222,111 1,303,889 035% 116.49
1994 12,266 435,100,000 1,393,500 142,173 1,251,327 029°/. 102.02
1995 12,266 501,825,800 1,341,000 135,440 1,205,560 0.24% 98.28
(1) Population estimates provided from Metropolitan Council except for 1990 which reflects the federal census.
(2) The State of Minnesota changed the method of calculating property taxes effective for taxes payable in 1988 and again in 1991.
Year 1987 reflects assessed valuations. Years 1988, 1989 and 1990 reflect tax capacity values. Years 1991 through 1995 reflect tax capacity value
based on a different formula than in previous years.
(3) Amount excludes tax increment, special assessment, enterprise and EDA bonds.
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Vow
119
CITY OF LINO LAKES, MINNESOTA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
INCLUDING DEBT RATIOS
December 31, 1995
(Unaudited)
Table 9
Bonded Percentage
Gross Debt Applicable City Share
Overlapping Debt: Outstanding in City(1) of Debt
Anoka County $100,383,798 5.04% $5,056,788
School District 12 23,911,000 42.68% 10,205,519
School District 624 47,966,717 2.27% 1,088,729
School District 831 18,775,000 6.80% 1,276,837
SISD 916 9,460,000 15.50% 1,466,262
Metropolitan Council 386,585,000 0.44% 1,716,896
Total Overlapping Debt 587,081,515 20,811,032
Direct Debt:
City of Lino Lakes 1,341,000 100.00% 1,341,000
Total Overlapping & Direct Debt $588,422,515 $22,152,032
Debt Ratios:
Ratio of Debt per capita (12,266 population) - overlapping $1,697
Ratio of Debt per capita (12,266 population) - direct $109
Ratio of Debt per capita (12,266 population) - total $1,806
Ratio of Debt to estimated market valuation of $501,825,800 4.41%
(1) Determined by ratio of net tax capacity (after fiscal disparities and tax increment adjustment)
of property subject to taxation in overlapping unit to valuation of property subject to taxation in City.
120
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CITY OF LINO LAKES, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1995
(Unaudited)
Table 10
1995/1996 1994/1995
—
Market Value $501,825,800 $426,554,806
Debt Limit Percentage 2% 2%
Debt Limit 10,036,516 8,531,096
.. Total Bonded Debt 7,621,000 8,363,500
Less:
Special Assessment Bonds (5,285,000) (5,935,000)
Proprietary Bonds (995,000) (1,035,000)
Public Project Revenue Bonds (1,090,000) (1,115,000)
Cash in related Debt Service Funds (10,712) -
Total Debt Applicable to Debt Limit 240,288 278,500
Legal Debt Margin $9,796,228 $8,252,596
Nom
11 Nom
121
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF REVENUE BOND COVERAGE
WATER AND SEWER FUNDS
Last Ten Years
(Unaudited)
Table 11
Net Revenue
Available
Fiscal Gross Operating for Debt
Year Revenues (1) Expenses (2) Service Principal Interest Total Coverage
1986 $65,039 $58,797 $6,242 $ - $ - $ -
1987 88,422 93,756 (5,334) -
1988 135,398 101,189 34,209
1989 192,244 151,549 40,695
1990 254,595 288,170 (33,575)
1991 331,564 339,150 (7,586)
1992 452,020 399,568 52,452 57,632 57,632 0.91
1993 636,858 509,815 127,043 74,950 74,950 1.70
1994 778,053 529,261 248,792 25,000 65,680 90,680 2.74
1995 952,435 593,331 359,104 40,000 63,718 103,718 3.46
(1) Total revenues.
(2) Total expenditures exclusive of depreciation.
122
CITY OF LINO LAKES, MINNESOTA
PRINCIPAL TAXPAYERS
(Unaudited)
Table 12
Ten of the City's Largest Taxpayers Percent of
1995 Net Tax City's Net
— Taxpayer Type of Business Capacity Tax Capacity
Northern States Power Utility $241,523 2.85%
Minnesota Pipeline Co. Utility 63,797 0.75%
Minnegasco, Inc. Utility 55,486 0.66%
Anoka Electric Cooperative Utility 54,142 0.64%
— Moline Concrete Products Co. Manufacturing 51,917 0.61%
Lloyd McKinney Custom Manufacturing 37,381 0.44%
Paul Howard Mobile Home Park 12,639 0.15%
Rehbein & Winge Development 26,423 0.31%
- Glenn Rehbein Development 25,211 0.30%
Sunset Oaks Limited Partnership Development 21,506 0.25%
Source: Anoka County Department of Property Records and Taxation.
VINow
Immo
123
CITY OF LINO LAKES, MINNESOTA
PROPERTY VALUE, CONSTRUCTION PERMITS AND BANK DEPOSITS
Last Ten Years
(Unaudited)
Table 13
Fiscal Property Number of Permit Bank
Year Value (1) Building Permits Valuation Deposits (2)
1986 $142,111,400 277 $ 12,424,118 Not Available
1987 164,159,400 318 13,091,697 Not Available
1988 187,826,200 330 18,145,012 Not Available
1989 231,211,700 349 17,653,380 Not Available
1990 264,013,200 350 23,229,413 Not Available
1991 290,466,200 396 34,041,557 Not Available
1992 320,714,400 615 36,636,546 Not Available
1993 368,367,100 628 44,537,437 Not Available
1994 435,100,000 566 26,713,028 Not Available
1995 501,825,800 598 40,636,691 Not Available
(1) Assessor's estimated market value of taxable property from Table 6.
(2) Bank deposits are excluded due to the bank within the City is consolidated with banks outside the City.
As a result, local deposits are unavailable.
Source: City Inspection records.
124
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CITY OF LINO LAKES, MINNESOTA
DEMOGRAPHIC STATISTICS
(Unaudited)
Table 14
Fiscal School Number of Unemployment
Year Population (2) Enrollment (1) Households (2) Rate (3)
1986 6,766 3,090 2,069 4.6
1987 7,110 3,646 2,112 4.6
.„ 1988 7,600 3,912 2,276 3.6
1989 8,235 4,130 2,448 4.2
1990 8,807 4,382 2,603 4.6
1991 9,273 4,638 2,777 4.9
1992 10,056 4,931 2,974 4.8
1993 11,193 5,219 3,313 4.8
1994 12,266 5,587 3,671 3.6
1995 12,266 5,932 3,671 3.1
(1) Centennial School District 12
(2) Metropolitan Council except 1990 is Federal Census
(3) Minnesota Department of Economic Security
125
CITY OF LINO LAKES, MINNESOTA
MISCELLANEOUS STATISTICS
(Unaudited)
Table 15
Date of Incorporation
Date of Adoption of City Charter
Form of Government
Area of City (square miles)
Miles of Streets:
Trunk Highways
Paved - County
Paved - City
5/11/55
1/12/82
Charter
33
17.6
28.0
77.9
Number of Street Lights 301
Fire Protection:
Centennial Fire District
Total Number of Stations
(within Lino Lakes)
Total Number of Volunteers
(within Lino Lakes)
Police Protection:
Number of Stations
Number of sworn officers
Recreation:
Park area
Number of Parks & Playgrounds
Trails
Municipal Water:
Gallons Pumped
Number of Connections
Miles of watermain
Number of Fire Hydrants
Water Tower Capacity (gallons)
Municipal Sewer:
Number of Connections
Miles of sewermain
Employees:
Fulltime
Parttime
Elections:
Registered voters - last general election
Number of votes cast
Percent of registered voters voting
126
3
1
50
15
1
15
137.7 acres
21
9 miles
162,868,000
1,849
17.43
305
1 million
2,081
32.04
46
4
6,532
4,246
65%