HomeMy WebLinkAboutAnnual Financial Report 12/31/1994CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1994
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CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
Reference Number
I. INTRODUCTORY SECTION
Organization 3
— Organization Chart
II. FINANCIAL SECTION
Independent Auditor's Report
4
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups Statement 1 12
— Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Govemmental Fund Types Statement 2 14
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General Fund Statement 3 15
Combined Statement of Revenue, Expenses and Changes in Retained
— Earnings - All Proprietary Fund Types Statement 4 16
Combined Statement of Cash Flows - All Proprietary Fund Types Statement 5 17
Notes to Financial Statements
Combining. Individual Fund and Account Group Financial Statements
General Fund:
Balance Sheet Statement 6 41
Statement of Revenue, Expenditures and Changes in
—
Fund Balance - Budget and Actual Statement 7 42
Special Revenue Funds:
— Combining Balance Sheet Statement 8 48
Combining Statement of Revenue, Expenditures and Changes in Fund Balance Statement 9 49
Debt Service Funds:
Combining Balance Sheet Statement 10 50
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance Statement 11 52
Capital Project Funds:
Combining Balance Sheet Statement 12 54
Combining Statement of Revenue, Expenditures and Changes
- in Fund Balance Statement 13 59
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
J eference Number
Enterprise Funds:
Combining Balance Sheet Statement 14 62
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 15 63
Combining Statement of Cash Flows Statement 16 64
Agency Funds:
Combining Balance Sheet Statement 17 65
Combining Statement of Changes in Assets and Liabilities Statement 18 66
Schedule of General Fixed Assets Statement 19 67
Schedule of General Long -Term Debt Statement 20 68
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1 70
Schedule of Deferred Tax Levies Exhibit 2 73
Debt Service Payments to Maturity Exhibit 3 74
Construction Work in Process Exhibit 4 76
Insurance in Force Exhibit 5 77
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6 78
Schedule of Sources and Uses of Funds:
Tax Increment Housing District #1 -1 Exhibit 7 79
Tax Increment Housing District #1 -2 Exhibit 8 80
Tax Increment Financing District #1-4 Exhibit 9 81
Tax Increment Financing District #1 -5 Exhibit 10 82
I.
INTRODUCTORY
SECTION
1
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CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1994
Mayor:
Vernon Reinert
Council Members:
Andy Neal
John Bergeson
Linda Elliot
Sally Kuether
City Administrator.
Randall Schumacher
Finance Director:
Mary Vaske
City Accountant:
Paula Schloer
Clerk- Treasurer:
Marilyn Anderson
Term Expires
December 31, 1995
December 31, 1995
December 31, 1997
December 31, 1995
December 31, 1997
Appointed
Appointed
Appointed
Appointed
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11
City of Lino Lakes
Organization Chart
City Council
City Administrator
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II.
FINANCIAL
SECTION
7
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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, 1994, 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.
The City does not maintain complete accounting controls over quantities and costs of General Fixed Assets.
Therefore, we were not able to obtain sufficient evidential matter to form an opinion regarding the amounts at which
property, plant and equipment are recorded in the General Fixed Assets Account Group at December 31, 1994 or
1993 (stated at $2,795,609 and $2,630,549 respectively). Accordingly, we do not express an opinion on this
account group.
In our opinion, except for the effects of such adjustments, if any, as might have been determined had we been able to
obtain sufficient evidential matter regarding the City's General Fixed Assets, the general purpose 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, 1994 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.
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 and supplementary financial
information 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
April 10, 1995
9
4810 White Bear Parkway • White Bear Lake, Minnesota 55110 • 612/426 -7000 • FAX /426 -5004 • Member of HLB International
GENERAL PURPOSE FINANCIAL STATEMENTS
11
CITY OF LINO LAKES, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1994
Governmental Fund Types
Special Debt Capital
Assets General Revenue Service Project
Restricted investments $ - $ - $ - $ -
Cash and investments 1,848,102 6,746 1,833,278 7,770,971
Cash and investments with escrow agent - - 83,901
Assets with deferred compensation plan administrator -
Accrued interest receivable - - -
Accounts receivable 51,726 1,342 5,300
Deposits receivable - - -
Due from other governmental units 56,812 71,883
Taxes receivable:
Delinquent 23,597 4,207
Due from County 18,186 5,506 -
Delinquent tax increment - - 2,483
Special assessments receivable - - 770,396 1,895,113
Prepaid items 70,738 415 - 75
Fixed assets (net of accumulated depreciation) - -
Amount available in Debt Service Fund - -
Amount to be provided for retirement of GLTD
Total assets $2,069,161 $8,503 $2,697,288 $9,745,825
Liabilities, equity and other credits
Liabilities:
Cash overdraft $ - $ - $107,349 $95,914
Accounts payable 59,799 128 202 42,957
Salaries payable 107,838 529 - 149
Contracts payable - - 77,211
Assessments payable on City property
Compensated absences payable
Deposits payable - - -
Due to other governmental units 3,613 5 - 5,942
Deferred revenue 26,977 - 771,768 1,895,630
Bonds payable - - -
Interest payable - -
Lease payable
Deferred compensation payable
Total liabilities 198,227 662 879,319 2,117,803
Equity and other credits:
Contributed capital
Invested in general fixed assets
Retained earnings -
Fund balance (deficit):
Reserved 70,738 415 1,635,861 75
Unreserved:
Designated 1,800,196 7,527 - 7,718,111
Undesignated - (101) 182,108 (90,164)
Total equity and other credits 1,870,934 7,841 1,817,969 7,628,022
Total liabilities, equity and other credits $2,069,161 $8,503 $2,697,288 $9,745,825
12
The accompanying notes are an integral part of these financial statements.
Statement 1
Proprietary Fiduciary Account Groups Totals
Fund Type Fund Type General General Long- (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1994 1993
(Unaudited)
$ - $ - $ - $ - $ - $40,273
297,189 236,595 11,992,881 12,857,760
- - 83,901 81,126
313,265 313,265 280,991
- 155,051 155,051 113,802
227,466 285,834 232,908
- 81,752 81,752 90,449
12,699 141,394 1,152,681
27,804 29,534
23,692 35,542
2,483 9,436
2,665,509 3,443,508
23,328 94,556 111,209
12,958,412 2,795,609 15,754,021 15,874,442
1,635,861 1,635,861 4,086,918
5,792,708 5,792,708 5,887,201
$13,519,094 $786,663 $2,795,609 $7,428,569 $39,050,712 $44,327,780
$2,424
6,334
1,420
34,500
1,035,000
27,268
1,106,946
11,961,967
450,181
12,412,148
$13,519,094
$154,498 $ - $ - $360,185 $971,019
47,938 157,358 134,170
109,936 16,432
- 77,211 84,983
10,510 10,510 10,510
89,559 89,559 30,188
270,962 270,962 252,390
44,060 81,161
- 2,694,375 3,482,955
- 7,328,500 8,363,500 10,991,000
- - 27,268 27,735
- - 2,421
313,265 313,265 280,991
786,663 0 7,428,569 12,518,189 16,365,955
0
$786,663
2,795,609
2,795,609
$2,795,609
0
$7,428,569
11,961,967
2,795,609
450,181
1,707,089
9,525,834
91,843
26,532,523
$39,050,712
The accompanying notes are an integral part of these financial statements.
12,228,154
2,630,549
222,300
4,175,902
8,674,499
30,421
27,961,825
$44,327,780
13
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, 1994
Statement 2
Revenue:
General property taxes
Tax increments
Special assessments
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Refunds and reimbursements
Miscellaneous
Total revenue
Expenditures:
Current:
General govemment
Public safety
Public works
Parks, recreation and forestry
Capital outlay:
General govemment
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 (uses)
Net increase (decrease) in fund balance
Fund balance - January 1
Residual equity transfer in
Residual equity transfer out
Fund balance - December 31
14
Special
General Revenue
$1,597,542 $ -
383,388
677,337 -
353,026 47,848
72,454 -
81,373 255
29,077
101,201
3,295,398 48,103
Debt Capital Totals (Memorandum Only)
Service Project
$253,219 $2
336,709
859,218 1,121,606
58,960 417,975
156,770
71,328 266,165
137,600
13,235 -
1,255,960 2,436,827
1994
$1,850,763
336,709
1,980,824
383,388
1,154,272
557,644
72,454
419,121
166,677
114,436
7,036,288
1993
$1,655,271
272,707
3,850,821
565,684
2,252,253
280,819
83,019
608,383
145,247
126,961
9,841,165
1,020,559 1,355 36,637 225,329 1,283,880 972,450
1,125,207 - 1,125,207 950,824
537,874 - - 537,874 557,802
378,700 43,234 - 421,934 350,747
62,237
2,676
16,659
25,950
4,847,500
584,278
1,652,933
3,169,862 44,589 5,468,415 2,233,451
50,542
82,066
148,112
74,469
125,536 3,514 (4,212,455) 203,376
1,388
(11,261) - (2,923)
3,614
(11,261) 1,388 691
114,275 4,902 (4,211,764)
1,756,659 2,939 4,331,223
1,720,095
$1,870,934
$7,841
(21,585)
112,779 66,608
84,742 175,333
164,771 234,122
100,419 82,579
4,847,500 1,487,500
584,278 746,757
1,652,933 1,197,608
10,916,317 6,822,330
(3,880,029) 3,018,835
197,851 199,239 674,869
(92,936) (107,120) (635,932)
2,228,240 2,231,854 150,319
2,333,155 2,323,973 189,256
2,536,531 (1,556,056) 3,208,091
6,790,001 12,880,822 9,672,731
1,720,095 820,128
(1,698,510) (1,720,095) (820,128)
$1,817,969 $7,628,022 $11,324,766 $12,880,822
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, 1994
Statement 3
Revenue:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Gas franchise fees
Refunds and reimbursements
WWII Miscellaneous
Total revenue
limo
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 expenditures
Other financing sources (uses)
Operating transfer from Capital Project Funds
Operating transfer to Capital Project Funds
Total other financing sources (uses)
Net increase in fund balance
WWII
Fund balance - January 1
Fund balance - December 31
1994
Budget
Actual
$1,594,280 $1,597,542
385,111 383,388
675,098 677,337
297,587 353,026
72,454 72,454
44,353 81,373
61,734 61,734
28,574 29,077
39,253 39,467
3,198,444 3,295,398
1,026,026 1,020,559
1,127,592 1,125,207
552,765 537,874
386,385 378,700
65,496 62,237
- 2,676
13,980 16,659
26,200 25,950
3,198,444 3,169,862
0 125,536
(11,261)
0 (11,261)
$0 114,275
1,756,659
$1,870,934
Over
(Under)
Budget
$3,262
(1,723)
2,239
55,439
37,020
503
214
96,954
(5,467)
(2,385)
(14,891)
(7,685)
(3,259)
2,676
2,679
(250)
(28,582)
125,536
(11,261)
(11,261)
$114,275 350,363
1,406,296
$1,756,659
1993
Actual
(Memorandum
Only)
$1,420,369
565,684
673,944
239,562
83,019
66,820
24,267
57,786
46,211
3,177,662
883,095
950,824
557,802
312,257
28,135
74,333
7,217
15,539
2,829,202
348,460
4,801
(2,898)
1,903
The accompanying notes are an integral part of these financial statements. 15
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, 1994
Statement 4
Operating revenue:
Water sales
Sewer charges
Other operating revenue
Total operating revenue
Operating expenses:
Personal services
Materials and supplies
Contractual services
Repair and maintenance
MCWS sewer charges
Depreciation:
Purchased assets
Contributed assets
Utilities
Other
Total operating expenses
Net income (loss) from operations
Other income (expense):
Interest on investments
Maintenance agreement - MCWS
Area and unit charges
Bond interest
Paying agent fees
Total other income (expense)
Net income (loss) before operating transfers:
Operating transfers:
Operating transfer from Capital Project Fund
Operating transfer to Capital Project Fund
Total operating transfers
Net income (loss)
Credit arising from transfer of depreciation
to contributions from property owners
Retained earnings - January 1
Retained earnings - December 31
Totals
Enterprise Funds
(Memorandum Only)
1994 1993
$252,301
357,605
51,943
661,849
$177,536
291,062
61,100
529,698
95,334 91,738
49,882 80,551
16,475 28,452
8,814 17,999
224,268 168,891
20,911 731
266,187 252,092
59,238 36,114
9,170 10,720
750,279 687,288
(88,430) (157,590)
11,957 6,628
12,699 7,294
183,667 132,175
(65,680) (74,950)
(400) (400)
142,243 70,747
53,813 (86,843)
91,548 93,238
(183,667) (132,175)
(92,119) (38,937)
(38,306) (125,780)
266,187 252,092
222,300 95,988
$450,181 $222,300
16 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, 1994
Statement 5
Totals
Enterprise Funds
(Memorandum Only)
1994 1993
Cash flows from operating activities:
Operating income (loss) ($88,430) ($157,590)
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Maintenance agreement - MCWS 12,699 7,294
Depreciation 287,098 252,823
Change in assets and liabilities:
Decrease (increase) in receivables (43,768) (36,285)
Decrease (increase) in prepaid items (1,664) (7,258)
Increase (decrease) in payables (777) (34,094)
Net cash flows from operating activities 165,158 24,890
Cash flows from noncapital financing activities:
Collection of area and unit charges 183,667 132,175
Operating transfer from Capital Project Funds 3,891
Operating transfer to Capital Project Funds (183,667) (132,175)
Net cash flows from noncapital financing activities 0 3,891
Cash flows from capital and related financing activities:
Interest and paying agent fees on revenue bonds 91,548 (89,347)
Operating transfer from Capital Project Funds (91,548) 89,347
Construction in progress (1,617) (19,211)
Net cash flows from capital and related financing activities (1,617) (19,211)
Cash flows from investing activities:
Interest on investments 11,957 6,628
Net increase in cash and cash equivalents 175,498 16,198
Cash and cash equivalents - January 1 119,267 103,069
Cash and cash equivalents - December 31 $294,765 $119,267
Noncash investing, capital and financing activities:
- Water and Sewer lines in the amount of $ -0- and $6,095,811 were contributed to the Water and Sewer Fund in 1994 and 1993
respectively.
The accompanying notes are an integral part of these financial statements.
17
AMMO
.r
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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 govennmental units by the Governmental Accounting Standards Board
(GASB). The following is a summary of the significant accounting policies.
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. The component units discussed
below are included in the City's reporting entity because of the significance of their operational or
financial relationships with the City.
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.
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.
19
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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 governmental 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 governmental fund types are designed to account for the financial flow of a particular fund;
therefore, they generally include only current assets and current liabilities on their balance
sheets. The City maintains two account groups to account for noncurrent assets and long-
term liabilities as follows:
General Fixed Assets - The City maintains a separate account group which 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.
20
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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
govemment 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 $2,694,375, which consists of the following:
Property taxes receivable $30,288
Special assessments receivable 2,656,307
Park dedication fees 4,400
Oak Wilt grant 3,380
Total $2,694,375
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.
21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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.
Investments are stated at cost (plus interest added, if any) which approximates market value except for
assets of the Deferred Compensation Plan which are reported at market value. Material purchase
discounts and premiums are amortized over the 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.
22
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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.
I. 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.
Prior to 1993, cities in Minnesota operated under a levy limitation law. A City's levy limit is equal to
the prior years levy limit base (revenue levy plus local government aid) increased by 1) three percent;
and 2) a percentage equal to one -half of the greater of the percentage increases in population or in
number of households, if any, and reduced by the local government aid that the City has been certified
to receive. Levies for bonded indebtedness are not limited by the law. The State legislature repealed
levy limitations for taxes payable after 1992.
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 1994 and 1993
totaled $357,485 and $322,764 respectively. Receipt of property taxes from this "fiscal disparities
pool" does not increase or decrease total tax revenue.
23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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 at the time of purchase of
both the Govemmental and Proprietary Funds. These funds do not maintain material amounts of
materials and supplies.
L. FIXED ASSETS
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Govemmental 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.
The City does not maintain detailed records nor accounting controls over general fixed assets. The
amounts presented in the financial statements represent partial accumulations of historical accounting
records without regard to physical listings.
24
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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 fmancial 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 fmancial 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.
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 fmanced 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.
25
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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.
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 fmancial institution other than that
furnishing the collateral.
At year -end, the carrying amount of the City's deposits was $519,874 and the bank balance was $760,159.
The entire bank balance was covered by Federal depository insurance or by collateral held by the City's
agent in the City's name.
INVESTMENTS
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.
26
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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.
Balances at December 31, 1994:
Securities Type
Commercial Paper
Federal Home Loan Mortgage Corp.
Federal Farm Credit Bank
Federal Home Loan Bank
Federal Nat. Mortgage Assoc.
GNMA
Student Loan Marketing Assoc.
Certificate of Indebtedness
Treasury Securities
Totals
Investment pools
Total investments
Deposits
Petty cash
Totals
Custodial Credit Risk Category
1 2 3
$ - $795,339 $
1,439,255 -
205,000 200,000
450,000
1,310,290 900,000 -
347,874
- 300,000
150,000
1,345,411 402,255 199,569
$3,358,575 $4,486,849 $199,569
Cash and investments with escrow agent
Carrying Market
Amount Value
$795,339 $797,409
1,439,255 1,411,390
405,000 398,046
450,000 433,500
2,210,290 2,226,359
347,874 342,948
300,000 300,000
150,000 150,000
1,947,235 1,776,819
8,044,993 7,836,471
3,067,529 2,858,421
11,112,522 $10,694,892
519,874
300
$11,632,696
$83,901
Assets held by deferred compensation plan administrator $313,265 $313,265
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.
27
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note 3 FIXED ASSETS
A summary of changes in general fixed assets is as follows:
Lard
Buildings and structures
Wells
Furniture and equipment
Totals
Balance Balance
1/1/94 Additions Deletions 12/31/94
$310,010 $ - $ - $310,010
636,823 52,797 689,620
6,216 - - 6,216
1,677,500 112,263 - 1,789,763
$2,630,549 $165,060 $0 $2,795,609
A summary of Proprietary Fund fixed assets at December 31, 1994 is as follows:
Sewer
Gas
Water Utility Total
Buildings and structures $ - 848,690 $ - $48,690
Machinery and equipment 23,884 25,271 49,155
Water and sewer lines 8,110,130 5,962,451 - 14,072,581
Acquisition costs - gas utility - - 2,375 2,375
Total 8,134,014 6,036,412 2,375 14,172,801
Less: Accumulated depreciation (697,325) (517,064) (1,214,389)
Net Fixed Assets
Note 4 CITY INDEBTEDNESS
$7,436,689 $5,519,348 $2,375 $12,958,412
The following is a schedule of changes in City indebtedness for the year ended December 31, 1994.
General Long Term Debt Account Group:
Bonded debt
General obligation
Special assessment
Assessment payable
Compensated absences payable
Capital lease payable
Total general long term debt
Proprietary Fund:
Revenue bond
Total
28
Balance Balance
1/1/94 Additions Deletions 12/31/94
$1,526,000
8,405,000
10,510
30,188
2.421
$150,000 $282,500 $1,393,500
2,095,000 4,565,000 5,935,000
10,510
59,371 89,559
2,421 -
9,974,119 2,304,371 4,849,921 7,428,569
1.060.000 25,000 1,035,000
$11,034,119 $2,304,371 $4,874,921 $8,463,569
Imp
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
All long -term bonded indebtedness outstanding at December 31,1994 is backed by the full faith and credit of the
City, including special assessment bond issues. Delinquent assessments receivable at December 31, 1994
totaled $36,497.
The annual requirement to amortize all debt outstanding at December 31, 1994 including interest payments of
$3,132,518 is as follows:
1995 1996 1997 1998 1999 2000 and on Total
General Obligation Bonds $323,449 $178,650 $98,294 $111,188 $118,238 $1,355,432 $2,185,251
Special Assessment Bonds 983,435 495,850 2,599,660 418,940 423,850 2,796,948 7,718,683
Revenue Bonds 104,565 112,233 109,545 111,589 108,358 1,045,794 1,592,084
Total $1,411,449 $786,733 $2,807,499 $641,717 $650,446 $5,198,174 $11,496,018
It is not practicable to determine the specific year for payment of assessments payable on City property and
compensated absences payable.
City indebtedness at December 31, 1994 is composed of the following:
Final
Issue Maturity Interest Original Payable
Date Date Rates Issue 12/31/94
General Obligation Bonds:
1989B Equipment Certificates 8/1/90 2/1/95 6.65% $275,000 $60,000
1990A Equipment Certificates 12/10/90 1/1/96 6.50% 88,500 18,500
1992 Equipment Certificates 1/1/93 2/1/95 3.75% -4.15% 150,000 50,000
1994 Equipment Certificates 3/1/94 12/31/96 0.05 150,000 150,000
Public Project Revenue Bonds - 1990A 10/1/90 2/1/10 7.12% 1,115,000 1,115,000
Total General Obligation Bonds 1,778,500 1,393,500
Special Assessment Bonds:
G. O. Improvement Bonds of 1988A 10 /1 /88 2/1/97 6.43% 1,160,000 500,000
G. O. Improvement Refunding Bonds, Series 1992A 4/1/92 2/1/06 6.51% 3,640,000 3,340,000
G. O. Temporary Improvement Bonds, Series 1994A 11/1/94 11/1/97 4.90% 2,095,000 2.095.000
_
Total Special Assessment Bonds 6.895,000 5.935.000
Revenue Bonds:
G. O. Water Revenue Bonds, Series 1992B 4/1/92 2/1/08 6.67% 1,060,000 1,035,000
Total - All Bonds 9,733,500 8,363,500
Assessments payable on City property
Compensated absences payable
N/A 10,510
N A 89,559
Total lndebtedness $9,733,500 $8,463,569
Inor
Wow
29
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note 5 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City of Lino Lake's legal debt margin for 1994 and 1993 is computed as
follows:
December 31,
1994 1993
Market value $426,554,800 $368,367,100
Applicable percentage 2% 2%
Debt limit 8,531,096 7,367,342
Amount of debt applicable to debt limit
Total bonded debt 8,363,500 10,991,000
Less: Special assessment bonds (5,935,000) (8,405,000)
Public project revenue bonds (1,115,000) (1,115,000)
Cash and investments in
Debt Service Funds (90,270)
Revenue bonds (1,035,000) (1,060,000)
Total debt applicable to debt limit 278,500 320,730
Legal debt margin $8,252,596 $7,046,612
Note 6 PENSION PLANS
A . PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA)
Plan Description
All full -time and certain part-time employees of the City of Lino Lakes are covered by defined benefit
pension plans administered by the Public Employees Retirement Association of Minnesota (PERA).
PERA administers the Public Employees Retirement Fund (PERF) and the Public Employees Police
and Fire Fund (PEPFF) which are cost - sharing multiple - employer retirement plans. PERF members
belong to either the Coordinated Plan or the Basic Plan. Coordinated members are covered by Social
Security and Basic members are not. All new members must participate in the Coordinated Plan. All
police officers, fire fighters and peace officers who qualify for membership by statute are covered by the
PEPFF. The payroll for employees covered by PERF and PEPFF for the year ended December 31,
1994, was $1,015,900 and $497,492, respectively; the City's total payroll was $1,629,223.
PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
upon death of eligible members. Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a member's average salary for any five
successive years of allowable service, age, and years of credit at termination of service. Two methods
are used to compute benefits for Coordinated and Basic members. The retiring member receives the
higher of step -rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under
Method 1, the annuity accrual rate for a Basic member is 2 percent of average salary for each of the first
10 years of service and 2.5 percent for each remaining year. For a Coordinated member, the annuity
accrual rate is 1 percent of average salary for each of the fast 10 years and 1.5 percent for each
remaining year. Using Method 2, the annuity accrual rate is 2.5 percent of average salary for Basic
members and 1.5 percent for Coordinated members. For PEPFF members, the annuity accrual rate is
2.65 percent for each year of service. For PERF members whose annuity is calculated using Method 1,
and for all PEPFF members, a full annuity is available when age plus years of service equal 90.
30
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There are
also various types of joint and survivor annuity options available which will reduce the monthly
normal annuity amount, because the annuity is payable over joint lives. Members may also leave their
contributions in the fund upon termination of public service, in order to qualify for a deferred annuity at
retirement age. Refunds of contributions are available at any time to members who leave public
service, but before retirement benefits begin.
Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
makes annual contributions to the pension plans equal to the amount required by State Statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for the
PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's actuary
determines the sufficiency of the statutory contribution rates towards meeting the required full funding
deadline. The actuary compares the actual contribution rate to a "required" contribution rate. Current
combined statutory contribution rates and actuarially required contribution rates for the plans are as
follows:
PERF (Basic and
Coordinated Plans)
PEPFF
Statutory Rates: Required
Employees Employer Rates*
4.30% 4.60% 9.58%
7.90% 11.70% 17.45%
*The recommended rates scheduled above represent the required rates for
fiscal year 1994 contributions as reported in the July 1, 1993, actuarial
valuation reports.
Total contributions made by the City during fiscal year 1994 were:
PERF
PEPFF
Amount
Employees Employer
$42,975 $45,516
37,877 56,817
Totals $80,852 $102,333
Percentage of
Covered Payroll
Employees Employer
4.23% 4.48%
7.60% 11.40%
The City's contribution for the year ended June 30, 1994 to the PERF represented .04 percent of total
contributions required of all participating entities. For the PEPFF, contributions for the year ended
June 30, 1994, represented .17 percent of total contributions required of all participating entities.
Funding Status and Progress
Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be
payable in the future as a result of employee service to date. The measure, which is the actuarial
present value of credited projected benefits, is intended to help users assess PERA's funding status on a
going - concern basis, assess progress made in accumulating sufficient assets to pay benefits when due,
and make comparisons among Public Employees Retirement Systems and among employers. PERA
does not make separate measurements of assets and pension benefit obligation for individual employers.
31
32
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
The pension benefit obligations as of June 30, 1994, are shown below:
PERF PEPFF
(In thousands)
Total pension
benefit obligation $5,625,598 $1,020,950
Net assets available
for benefits, at cost
(Market Values for
PERF = $4,762,519;
PEPFF = $1,237,484)
4,733,845 1,229,769
Unfunded (assets in
excess of) pension
benefit obligation $891,753 ($208,819)
The measurement of the pension benefit obligation is based on an actuarial valuation as of June 30,
1994. Net assets available to pay pension benefits were valued as of June 30, 1994.
For the PERF, significant actuarial assumptions used in the calculation of the pension benefit
obligation include (a) a rate of return on the investment of present and future assets of 8.5% per year,
compounded annually, prior to retirement, and 5% per year, compounded annually, following
retirement; (b) projected salary increases taken from a select and ultimate table; (c) payroll growth at
6% per year, consisting of 5% for inflation and 1% due to growth in group size; (d) post- retirement
benefit increases that are accounted for by the 5% rate of return assumption following retirement; and
(e) mortality rates based on the 1983 Group Annuity Mortality Table set forward one year for retired
members and set back five years for each active member.
Actuarial assumptions used in the calculation of the PEPFF include (a) a rate of return on the
investment of present and future assets of 8.5% per year, compounded annually, prior to retirement, and
5% per year, compounded annually, following retirement; (b) projected salary increases of 6.5% per
year, compounded annually, attributable to the effects of inflation; (c) post- retirement increases that are
accounted for by the 5% rate of return assumption following retirement; and (d) mortality rates based on
the 1971 Group Annuity Mortality Table projected to 1984 for males and females.
Changes in Plan Provisions
The 1994 legislative session did not include any benefit improvements which would impact funding
costs for the PERF and the PEPFF.
Changes in Actuarial Assumptions
Prior to fiscal year 1994, the salary increase assumption and the mortality tables used in the calculation
of pension benefit obligation for the PERF were the same as those specified for the PEPFF. For the
July 1, 1994 actuarial valuation, PERA's board of trustees approved new mortality rates updated to the
1983 Group Annuity Mortality Table, salary increases which were changed to a select and ultimate
table and a new payroll growth assumption which was changed from 6.5% to 6 %. These changes were
made to reflect actual experience of the plan.
With the adoption of the actuarial assumption changes and the new mortality tables for the PERF, the
pension benefit obligation increased $56,596,000. The actuarial assumption changes also necessitated
a $81,201,000 transfer from the PERF Benefit Reserve to the PERF Minnesota Post Retirement
Investment Fund (MPRIF) Reserve to finance the increased obligation for future retirement benefits.
The change in the mortality rate assumption increased the PERFs costs because pensioners are living
longer than assumed previously. The change in the salary increase assumption, however, offset some
of the additional costs because lower salary increases generally translate into lower benefit liabilities in
the future.
Imo
IMPV
■
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Potential changes in the assumptions used for the PEPFF may be made in the future after completion
of a special experience study for that fund. Completion of the PEPFF experience study is expected by
February 1, 1995.
Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial Report
for the year ended June 30, 1994. This information is useful in assessing the pension plan's
accumulation of sufficient assets to pay pension benefits as they become due.
Related Party Investments
As of June 30, 1994, and for the fiscal year then ended, PERA held no securities issued by the City or
other related parties.
Note 7 METROPOLITAN COUNCIL WASTEWATER 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
surrounding Minneapolis and St. Paul. Previously, these operations were maintained by the city governments
on an individual or collective basis. When the MWCC was formed, existing interceptor sewer lines and
treatment facilities were transferred from the cities to the MWCC in exchange for future credits. These future
credits are being remitted to the City over a 30 year period. The deferred gain on disposal of fixed assets
represents the difference between the original MWCC credits for interceptor sewer lines and the book value of
the sewer lines at the date of transfer. The gain is being amortized over a 30 year period. The MWCC merged
with the Metropolitan Council during 1994 to form Metropolitan Council Wastewater Services (MCWS).
The MCWS 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).
Future credits and deferred charges are not reflected in these financial statements, as these credits will be offset by
annual charges as detailed above. The amounts of these credits at December 31, 1994 and 1993 were as follows:
Current value credits
December 31,
1994 1993
$25,349 $27,161
33
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
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 $4,632,448 $ - ($102,778) $4,529,670
Sewer 7,595,706 (163,409) 7,432 297
Total $12,228,154 $ ($266,187) $11,961,967
Note 9 DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Intemal 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 $313,265 of funds recorded at market value and
primarily held by insurance companies in various investment pools for future payment of plan benefits.
34
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note 10 SEGMENT INFORMATION
The City maintains an Enterprise Fund which provides water and sanitary sewer services. Segment information
for the year ended December 31, 1994 is as follows:
Operating revenue
Depreciation expense
Operating income (loss)
Property, plant
and equipment additions
Net income (loss)
Area and unit charges
Operating transfer in
Operating transfer out
Net property, plant
and equipment
Net working capital
Total assets
Bonds payable
Total equity
Capital contributions
Total
Water Sewer Water
Utility Utility and Sewer
$295,006
122,976
22,266
809
147,544
183,667
91,548
(183,667)
5,519,348
322,152
5,878,367
1,035,000
4,806,500
Gas
Utility
Totals
1994 1993
$366,843 $661,849 $ $661,849 $529,698
164,122 287,098 287,098 252,823
(110,696) (88,430) (88,430) (157,590)
808 1,617
(93,713) 53,831
183,667
91,548
(183,667)
7,436,689
169,008
7,638,352
7,605,697
Note 11 TAX INCREMENT DISTRICTS
12,956,037
491,160
13,516,719
1,035,000
12,412,197
1,617 6,115,093
53,831 (86,842)
183,667 132,175
91,548 93,238
(183,667) (132,175)
2,375 12,958,412 13,243,893
(2,424) 488,736 266,561
2,375 13,519,094 13,583,644
1,035,000 1,060,000
(49) 12,412,148 12,450,454
6,095,883
The City of Lino Lakes is the administrating authority for Economic Development District #1 established under
MS 273.71 in 1987. As of December 31, 1994 the City has not issued Tax Increment bonds for any of its Tax
Increment Districts. Within the Economic Development District are the following Tax Increment Financing
Districts.
Housing District #1 -1 was established under MS 273.73 subd. 11 in 1987. The duration of the district is 25
years.
Current tax capacity
Original tax capacity
Captured tax capacity
Retained by authority
Shared with other taxing districts
Pior year adjustment
Total
w
$151,915
2,689
$149,226
$149,226
(797)
$148,429
35
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
District #1 -2 was established pursuant to MS 469.174, subd. 12 which qualifies it as an Economic
Development TIF district. The duration of the district is eight years from the date of the receipt of the first
increment or ten years from the date of approval of the TIF plan, whichever comes first.
Current tax capacity
Original tax capacity
Captured tax capacity
Retained by authority
Shared with other taxing districts
Total
$125,267
13,736
$111,531
$111,531
$111,531
District #1-4 was established pursuant to MS 469.174 subd. 12 which qualifies it as an Economic Development
TIF District. The duration of the District is eight years from the date of the receipt of the first increment or ten
years from the date of approval of the TIF Plan, whichever comes first.
Current tax capacity $52,557
Original tax capacity 284,931
District #1 -5 was established pursuant to MS 469.174, Subd. 11 which qualifies it as a Housing District. The
duration of the District is 25 years from the date of the first increments.
Current tax capacity $1,118
Original tax capacity 1,118
Note 12 DEFICIT FUND BALANCES /RETAINED EARNINGS
The City has deficit fund balances/retained earnings at December 31, 1994 as follows:
Fund
Balance/
Retained
Earnings
Deficit
Special Revenue Fund:
Economic Development Authority $101
Debt Service Fund:
1992 Certificates of Indebtedness 107,349
Capital Project Funds:
Community Development Block Grant 461
Apollo Business Park 67,303
Tax Increment Financing 1-4 21,363
Tax Increment Financing 1 -5 962
Enterprise Fund:
Gas Utility
36
49
low
-
Immr
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note 13 CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and other actions in which the City is
a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of the City attorney,
remotely recoverable by plaintiffs.
Note 14 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, 1994 and 1993.
Future scheduled tax levies for all bonds outstanding at December 31, 1994 totaled $5,814,896.
Note 15 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 1994 and 1993 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,
1994 and 1993 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1994 1993
General Fund:
Reserve for prepaid items $70,738 $88,984
Designated for general contingencies 540,238 502,867
Designated for cash flow reserve 1,226,538 1,051,000
Designated for employee benefits 33,420 30,188
Special Revenue Fund:
Reserve for prepaid items 415
Designated for recreation program 7,527 3,073
Debt Service Funds:
Reserved for debt retirement 1,635,861 4,086,918
Capital Project Funds:
Reserve for prepaid items 75
Designated for capital improvements 7,227,066 6,822,363
Designated for committed contracts 164,399 13,421
Designated for equipment acquisition 42,763 78,569
Designated for park improvements 283,883 173,018
Totals $11,232,923 $12,850,401
37
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
Note 16 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 1994 totaled $61,734. The amount reported
as 1994 revenue includes the City of Lino Lakes' share for 1993 and 1994.
Note 17 SUBSEOUENT EVENT
On February 1, 1995 the City called for early redemption, all outstanding bond principal in the amount of
$350,000, of the G.O. Improvement Bonds of 1988A.
38
COMBINING, INDIVIDUAL FUND
AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
39
.r
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1994
With Comparative Amounts At December 31, 1993
Statement 6
December 31,
1994 1993
Assets
Cash and investments $1,848,102 $1,676,812
Accounts receivable 51,726 36,237
Due from other governmental units 56,812 44,101
Taxes receivable:
Delinquent 23,597 24,322
Due from County 18,186 28,611
Prepaid items 70,738 88,984
Total assets $2,069,161 $1,899,067
Liabilities and Fund Balance
Liabilities:
•- Accounts payable $59,799 $54,427
Salaries payable 107,838 15,243
Due to other governmental units 3,613 42,464
Deferred revenue 26,977 30,274
Total liabilities 198,227 142,408
Fund balance:
Reserved 70,738 88,984
Unreserved:
Designated 1,800,196 1,584,055
Undesignated - 83,620
Total fund balance 1,870,934 1,756,659
Total liabilities and fund balance $2,069,161 $1,899,067
a
emow
41
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, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
Statement 7
Page 1 of 6
1994
Over (Under) 1993
Budget Actual Budget Actual
Revenue:
General property taxes:
Current and delinquent $1,286,123 $1,278,766 ($7,357) $1,131,362
Fiscal disparities 308,157 308,157 276,447
Excess tax increments 10,571 10,571 12,542
Penalties and interest 48 48 18
Total general property taxes 1,594,280 1,597,542 3,262 1,420,369
Licenses and permits:
Non - business 368,981 369,074 93 547,943
Business 16,130 14,314 (1,816) 17,741
Total licenses and permits 385,111 383,388 (1,723) 565,684
Intergovernmental:
Federal:
Other 1,695 1,695 9,351
State:
Local government aid 145,445 145,445 90,138
Homestead credit and equalization aid 368324 368,324 399,036
Mobile home homestead credit 3,438 3,438 3,431
Police state aid 45,000 43,622 (1,378) 47,253
Police - other 2,955 2,955 2,686
MSA maintenance 85,187 85,187 86,246
Other 2,399 2,399 -
County:
Solid waste 24,093 24,093 35,803
Other - 179 179 -
Total intergovernmental 675,098 677,337 2,239 673,944
Charges for services:
General government 4,700 2,765 (1,935) 30,534
Planning/engineering 96,314 95,377 (937) 84,295
Recreation 2,000 2,385 385 2,203
Fees retained from collection for
other governments - SAC /surcharge 2,500 2,640 140 2,707
Administrative charge - other funds 92,204 148,756 56,552 57,701
Administrative charge - TIF 37,000 37,000 - -
Aerial map charge - other funds 15,000 18,212 3,212 16,760
Public safety 47,869 45,891 (1,978) 45,362
Total charges for services 297,587 353,026 55,439 239,562
Fines and forfeits 72,454 72,454 - 83,019
Interest on investments 44,353 81,373 37,020 66,820
Refunds and reimbursements 28,574 29,077 503 57,786
Gas franchise fees 61,734 61,734 24,267
Cable TV 16,335 16,335 14,909
42
taxa
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND Page 2 of 6
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
1994
Over (Under)
Budget Actual Budget
1993
Actual
Revenue: (continued)
Miscellaneous:
Sale of property $2,606 $2,606 $ - $12,503
Donations 6,262 7,911 1,649 13,380
Other 14,050 12,615 (1,435) 5,419
Total miscellaneous 22,918 23,132 214 31,302
Total revenue 3,198,444 3,295,398 96,954 3,177,662
Expenditures:
General government:
Mayor and council:
Current
Personal services 25,550 26,065 515 19,768
Supplies 400 120 (280) 30
Other services and charges 23,572 23,804 232 19,117
Total mayor and council 49,522 49,989 467 38,915
Elections:
Current:
Personal services 8,540 8,503 (37) 2,342
Supplies 80 505 425 926
Other services and charges 137 291 154 345
Capital outlay 800 97 (703) 10,048
Total elections 9,557 9,396 (161) 13,661
Administration:
Current:
Personal services 311,219 308,059 (3,160) 249,236
Supplies 13,500 13,045 (455) 11,273
Other services and charges 21,025 15,402 (5,623) 38,104
Contractual Services - 6,741 6,741 -
Capital outlay 1,500 2,371 871 691
Total administration 347 ,244 345,618 (1,626) 299,304
Cable TV:
Current:
Personal services 1,210 820 (390) 827
Supplies 200 (200) 210
Other services and charges 13 (13) 2
Total cable TV 1,423 820 (603) 1,039
Assessing:
Current
Supplies 107 137 30
Contractual services 38,940 38,909 (31) 31,463
Total assessing 39,047 39,046 (1) 31,463
43
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND Page 3 of 6
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
1994
Over (Under) 1993
General government (continued) Budget Actual Budget Actual
Consultants:
Current:
Engineer $24,000 $17,303 ($6,697) $18,702
Independent accountants and auditor 8,779 9,068 289 6,117
Planning and economic development 20,000 22,688 2,688 36,473
Legal 109,363 113,011 3,648 117,901
Legal printing 14,985 15,991 1,006 13,413
Other 22,050 23,016 966 22,919
Total consultants 199,177 201,077 1,900 215,525
Economic Development:
Current
Personal services 73,209 72,785 (424) 8,812
Supplies 1,400 746 (654) 195
Other services and charges 19,526 19,213 (313) 12,475
Contractual services 205 205 43,200
Capital outlay 2,000 1,216 (784) -
Total economic development 96,135 94,165 (1,970) 64,682
Planning and zoning commission:
Current
Personal services 89 89 781
Supplies 125 (125) 99
Other services and charges 5,388 3,982 (1,406) 2,638
Total planning and zoning commission 5,513 4,071 (1,442) 3,518
Planning/engineering:
Current:
Personal services 129,733 124,740 (4,993) 96,004
Supplies 2,500 2,067 (433) 1,150
Other services and charges 6,228 4,972 (1,256) 4,650
Contractual services - 7,399 7,399 -
Capital outlay 4,000 2,014 (1,986)
Total planning/engineering 142,461 141,192 (1,269) 101,804
Charter commission:
Current:
Supplies 100 (100) 7
Other services and charges 1,250 376 (874) 3,810
Total charter commission 1,350 376 (974) 3,817
44
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, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
Statement 7
Page 4 of 6
1994
Over (Under) 1993
General government (continued) Budget Actual Budget Actual
General government buildings:
Current
Personal services $41,056 $33,385 ($7,671) $32,841
Supplies 8,300 7,332 (968) 11,309
Other services and charges 76,541 83,663 7,122 75,956
Contractual services 17,000 16,127 (873) -
Capital outlay 57,196 56,539 (657) 17,396
Total general government buildings 200,093 197,046 (3,047) 137,502
Total general government 1,091,522 1,082,796 (8,726) 911,230
Imo Public safety:
Police:
Current:
Personal services 674,923 677,846 2,923 558,732
Supplies 40,478 35,425 (5,053) 29,582
Other services and charges 60,634 66,763 6,129 55,667
■- Contractual services 8,000 8,419 419 -
Capital outlay 2,676 2,676 74,333
Total police 784,035 791,129 7,094 718,314
.. Fire protection:
Current
Personal services 26
*, Contractual services 236,266 236,266 225,532
Other services and charges - - 1,276
Total fire protection 236,266 236,266 0 226,834
Building inspection:
i
Current
Personal services 90,528 84,780 (5,748) 68,641
Supplies 4,700 3,604 (1,096) 2,223
Other services and charges 5,056 5,516 460 3,570
Total building inspection 100,284 93,900 (6,384) 74,434
ammo
45
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND Page 5 of 6
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
1994
Over (Under) 1993
Public safety: (continued) Budget Actual Budget Actual
Civil defense:
Current
Supplies $ - $ - $ - $11
Other services and charges 1,200 193 (1,007) 2,750
Contractual services: 3,000 5,174 2,174
Capital outlay - - -
Total civil defense 4,200 5,367 1,167 2,761
Animal control:
Current:
Supplies 107 3 (104) 125
Contractual services: 2,700 1,218 (1,482) 2,689
Total animal control 2,807 1,221 (1,586) 2,814
Total public safety 1,127,592 1,127,883 291 1,025,157
Public works:
Streets:
Current
Personal services 282,385 280,513 (1,872) 268,698
Supplies 35,600 31,583 (4,017) 53,279
Contractual services:
Streets 136,300 134,323 (1,977) 136,643
Signs 7,900 7,450 (450) 9,671
Street lighting 29,000 24,760 (4,240) 26,882
Other services and charges 35,039 35,836 797 35,092
Capital outlay 2,600 3,488 888 5,417
Total streets 528,824 517,953 (10,871) 535,682
Solid waste abatement:
Current
Personal services 11,022 10,570 (452) 10,359
Supplies 304 1,779 1,475 2,501
Other services and charges 6,575 3,305 (3,270) 3,512
Contractual services 8,640 7,755 (885) 11,165
Capital outlay 11,380 13,171 1,791 1,800
Total solid waste abatement 37,921 36,580 (1,341) 29,337
Total public works 566,745 554,533 (12,212) 565,019
46
N."
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND Statement 7
STATEMENT OF REVENUE, EXPENDITURES AND Page 6 of 6
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1994
With Comparative Actual Amounts For The Year Ended December 31, 1993
1994
Over (Under) 1993
Budget Actual Budget Actual
Parks, recreation & forestry:
Parks:
Current
Personal services $204,749 $199,151 ($5,598) $168,061
Supplies 34,410 35,287 877 15,881
Other services and charges 30,750 31,915 1,165 39,344
Contractual services 6,000 5,940 (60) 6,487
Capital outlay 15,000 15,370 370 3,498
Total parks 290,909 287,663 (3,246) 233,271
Recreation:
Current
Personal services 65,332 63,195 (2,137) 48,214
Supplies 3,450 2,878 (572) 1,956
Other services and charges 8,049 9,159 1,110 9,743
"' Contractual services 3,200 3,585 385 -
Capital outlay - 289
Total recreation 80,031 78,817 (1,214) 60,202
Forestry:
Current
Personal services 25,797 25,085 (712) 19,882
... Supplies 1,333 1,234 (99) 1,180
Other services and charges 2,315 980 (1,335) 120
Contractual services 1,000 291 (709) 1,389
Capital outlay 11,200 10,580 (620) 11,752
Total forestry 41,645 38,170 (3,475) 34,323
Total parks, recreation & forestry 412,585 404,650 (7,935) 327,796
-
Total expenditures 3,198,444 3,169,862 (28,582) 2,829,202
Nor
Revenue over expenditures 0 125,536 125,536 348,460
Other financing sources (uses):
Operating transfer from Capital Project Funds 4,801
Operating transfer to Capital Project Funds - (11,261) (11,261) (2,898)
Total other financing sources (uses) 0 (11,261) (11,261) 1,903
Net increase in fund balance $0 114,275 $114,275 350,363
Fund balance - January 1 1,756,659 1,406,296
Fund balance - December 31 $1,870,934 $1,756,659
i
47
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Statement 8
Assets
Cash and investments
Accounts receivable
Prepaid expenses
Total assets
Liabilities and Fund Balance
Liabilities:
Account payable
Salaries payable
Due to other governments
Total liabilities
Economic
Development Program Totals
Authority Recreation 1994
1993
$6,746 $6,746 $2,777
1,342 1,342 -
415 415 521
$0 $8,503 $8,503 $3,298
$101
101
$27 $128 $359
529 529
5 5
561 662 359
Fund balance (deficit):
Reserved 415 415
Unreserved:
Designated 7,527 7,527 3,073
Undesignated (101) - (101) (134)
Total fund balance (deficit) (101) 7,942 7,841 2,939 "—
Total liabilities and fund balance $0 $8,503 $8,503 $3,298
48
AMMER
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE
For The Year Ended December 31,1994
With Comparative Totals For The Year Ended December 31, 1993
Statement 9
Economic
Development Program Totals
Authority Recreation 1994 1993
Revenue
Recreation fees $ - $47,848 $47,848 $41,257
Interest on investments 255 255 306
Total revenues 0 48,103 48,103 41,563
Expenditures:
General government:
Current:
Personal services 390 - 390
Other services and charges 965 965 1,018
Parks, recreation and forestry:
Current:
Personal services 27,045 27,045 22,793
Supplies 10,113 10,113 12,922
Other services and charges 6,076 6,076 2,775
Total expenditures 1,355 43,234 44,589 39,508
Revenue over (under) expenditures (1,355) 4,869 3,514 2,055
Other financing sources:
Operating transfer from Capital Project Funds 1,388 1,388 1,074
Net increase in fund balance 33 4,869 4,902 3,129
Fund balance (deficit) - January 1 (134) 3,073 2,939 (190)
Fund balance (deficit) - December 31 ($101) $7,942 $7,841 $2,939
49
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Improvement Improvement
Closed Bonds of Bonds of
Bond 1988 1992A
Assets
Cash and investments $284,074
Cash and investments with escrow agent
Taxes receivable:
Delinquent 1,658
Due from County 3,725
Special assessments receivable:
Delinquent 2,051
Deferred 120,617
City property 10,510
Due from County 1,860
Total assets $424,495
Liabilities and Fund Balance
$767,100
88,757
95
$855,952
$530,710
4,472
213,269
880
$749,331
Liabilities:
Cash overdraft $ - $ - $ -
Accounts payable 202
Deferred revenue 134,836 88,757 217,741
Total liabilities 135,038 88,757 217,741
Fund balance (deficit):
Reserved for debt retirement 767,195 531,590
Unreserved:
Undesignated 289,457
Total fund balance (deficit) 289,457 767,195 531,590
Total liabilities and fund balance $424,495 $855,952 $749,331
50
Nor
.a.
Statement 10
Temporary 1989B 1990 1992 Public Project
Improvement Certificates Certificates Certificates Revenue Totals
Bonds of of of of Bonds December 31,
1994A Indebtedness Indebtedness Indebtedness of 1990A 1994 1993
$85,773 $81,078 $4,323 $ - $80,220 $1,833,278 $4,230,807
83,901 83,901 81,126
969 300 1,280 4,207 5,210
625 194 962 5,506 4,643
327,885
6,523 26,463
750,528 1,270,540
10,510 10,510
2,835 18,298
$413,658 $82,672 $4,817 $0 $166,363 $2,697,288 $5,647,597
.- $ - $ $ $107,349 $ - $107,349 $3,383
202 268
327,885 969 300 1,280 771,768 1,312,723
327,885 969 300 107,349 1,280 879,319 1,316,374
85,773 81,703 4,517 165,083 1,635,861 4,086,918
(107,349) 182,108 244,305
85,773 81,703 4,517 (107,349) 165,083 1,817,969 4,331,223
$413,658 $82,672 $4,817 $0 $166,363 $2,697,288 $5,647,597
a..
51
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1994
With Comparative Totals For The Year Ended December 31,1993
Temporary Temporary
Improvement Improvement Improvement Improvement
Closed Bonds of Bonds of Bonds of Bonds of
Bond 1988 1991A 1992A 1994A
Revenue:
General property taxes:
Current and delinquent $1,043 $ $ $ $
Fiscal disparities 90
Intergovernmental:
State:
HACA and equalization aid -
Special assessments:
Current and delinquent 13,025 35,673 74,895 67,547
Prepayments 20,491 3,404 394,980 141,935 81,425
Tax forfeit - 14,003 -
Penalties and interest 2,637 154 1,021 8,028
Other 13,235 - -
Interest on investments 9,223 25,964 12,082 16,411 1,134
Total revenue 59,744 79,198 482,978 233,921 82,559
Expenditures:
Current:
General government 36,637 -
Debt service:
Principal retirement 155,000 4,260,000 150,000
Interest 38,573 238,560 209,320
Paying agent fees 357 400 400 400
Total expenditures 36,637 193,930 4,498,960 359,720 400
Revenue over (under) expenditures 23,107 (114,732) (4,015,982) (125,799) 82,159
Other financing sources (uses):
Operating transfer to Debt Service Funds
Operating transfer to Capital Project Funds (2,923)
Operating transfer from Debt Service Fund
Bond proceeds 3,614
Total other financing sources (uses) (2,923) 0 0 0 3,614
Net increase (decrease) in fund balance 20,184 (114,732) (4,015,982) (125,799) 85,773
Fund balance (deficit) - January 1 247,688 881,927 2,317,472 657,389 0
Residual equity transfer in 21,585 1,698,510 -
Residual equity transfer out
Fund balance (deficit) - December 31 $289,457 $767,195 $0 $531,590 $85,773
52
Statement 11
Noe
1989A
Certificates
of
Indebtedness
1989B
Certificates
of
Indebtedness
1990
Certificates
of
Indebtedness
1991
Certificates
of
Indebtedness
1992 Public
Certificates Project
of Revenue Bonds
Indebtedness of 1990A
$43,736 $43,845 $13,630 $31,962 $
10,633
s
12,772
NEP
67,141
60,000
2,295
62,295
4,846
tear
NIP
0
4,846
10,586
12,653
1,692
68,776
3,291
3,934
208
21,063
60,000 17,500
5,955 2,395
65,955 19,895
2,821
0
2,821
1,168
0
1,168
7,808
9,378
210
49,358
45,000
2,430
47,430
1,928
$69,675
16,920
20,223
Totals
1994 1993
$203,891
49,328
$188,581
46,317
58,960 66,856
191,140 346,016
642,235 1,305,172
14,003 9,174
11,840 20,929
13,235 -
4,404 71,328 201,155
0 111,222 1,255,960 2,184,200
100,000
3,966
103,966
(103,966)
36,637 2,039
4,847,500 1,487,500
77,275 580,769 742,881
1,952 3,509 3,876
79,227 5,468,415 2,236,296
31,995 (4,212,455) (52,096)
(19,517)
(2,923) (21,532)
- 19,517
3,614 -
0 0 0 691 (21,532)
1,928 (103,966) 31,995 (4,211,764) (73,628)
9,696 78,882 3,349 5,115 (3,383) 133,088 4,331,223 3,584,723
1,720,095 820,128
(7,043) (21,585)
(14,542)
$0 $81,703 $4,517
amp
tow
$0 ($107,349) $165,083 $1,817,969 $4,331,223
53
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Area
Capital Community and
Improvement Development Dedicated Unit
Projects Block Grant Parks Charge
Assets
Cash and investments $42,778 $ - $285,700 $3,337,262
Accounts receivable 900 4,400
Due from other governmental units 7,394 -
Taxes receivable:
Delinquent -
Delinquent tax increment
Due from County
Special assessments receivable:
Delinquent 25,782
Deferred 1,513,481
Special deferred - -
Due from County 4,773
Prepaid items 75
Total assets $42,778 $8,369 $290,100 $4,881,298
Liabilities and Fund Balance
Liabilities:
Cash overdraft
Accounts payable
Salaries payable
Contracts payable
Due to other governmental units
Deferred revenue
Total liabilities
■
$8,282 $ - $ -
15 399 1,817 19,192
149 -
4,820
15
4,400 1,539,263
8,830 6,217 1,563,275
Fund balance (deficit):
Reserved 75
Unreserved:
Designated:
Committed contracts 6,595
Capital improvements - 3,311,428
Equipment acquisition 42,763
Park improvements - 283,883
Undesignated (536) -
Total fund balance (deficit) 42,763 (461) 283,883 3,318,023
Total liabilities and fund balance $42,778 $8,369 $290,100 $4,881,298
54
Statement 12
Page 1 of 2
MSA
Construction
Sealcoating
Surface
Water SAC Interim 1989
Management Revolving Construction Construction
$49,367 $148,738 $323,025 $473,514 $15,206 $170,125
- 244
80 810 3,302
39,987 296,905
382 1,211
$49,447 $189,917 $624,687
80
$-
7,090
40,797 300,207
$473,514
$15,206 $170,125
$
$-
343
80 40,797 307,297 0 0 343
49,367 149,120 317,390 473,514 15,206 169,782
49,367
$49,447
149,120 317,390 473,514 15,206 169,782
$189,917 $624,687 $473,514 $15,206 $170,125
55
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Apollo
1991 1993 1994 Business
Construction Construction Construction Park
Assets
Cash and investments $155,634 $16,405 $1,167,769 $
Accounts receivable - -
Due from other governmental units
Taxes receivable:
Delinquent -
Delinquent tax increment -
Due from County
Special assessments receivable:
Delinquent
Deferred
Special deferred
Due from County -
Prepaid items
Total assets
Liabilities and Fund Balance
8,400
$155,634 $16,405 $1,167,769 $8,400
Liabilities:
Cash overdraft $ $ - $ - $67,303
Accounts payable 64 - 11,256 -
Salaries payable
Contracts payable 16,784
Due to other governmental units -
Deferred revenue 8,400
Total liabilities 64 0 28,040 75,703
Fund balance (deficit):
Reserved
Unreserved:
Designated:
Committed contracts 95,932
Capital improvements 155,570 16,405 1,043,797
Equipment acquisition - -
Park improvements -
Undesignated (67,303)
Total fund balance (deficit) 155,570 16,405 1,139,729 (67,303)
Total liabilities and fund balance $155,634 $16,405 $1,167,769 $8,400
56
w
Statement 12
Page 2 of 2
Tax Tax Tax Tax
Apollo Increment Increment Increment Increment
Drive Financing Financing Financing Financing Totals
Construction 1 -1 1 -2 1-4 1 -5 1994
$62,753 $1,095,594 $427,101 $
64,245
1993
$7,770,971 $6,704,005
5,300 4,400
71,883 1,104,455
2
2,480 3 - 2,483 9,436
2,288
29,974 16,573
1,858,773 1,796,184
297,113
6,366 7,827
75 40
$126,998 $1,098,074 $427,104 $0 $0 $9,745,825 $9,942,323
$ - $ $ -
... 2,578 101 102
55,607 -
,,, 85 2,197 1,664
2,480 3
58,270 4,778 1,769
$20,329
1,034
21,363
$95,914 $851,419
42,957 71,546
- 149 196
77,211 84,983
962 5,942 4,220
1,895,630 2,139,958
962 2,117,803 3,152,322
75
61,872 - - 164,399 13,421
6,856 1,093,296 425,335 - 7,227,066 6,822,363
- - - - 42,763 78,569
- - - 283,883 173,018
(21,363) (962) (90,164) (297,370)
68,728 1,093,296 425,335 (21,363) (962) 7,628,022 6,790,001
$126,998 $1,098,074 $427,104 $0 $0 $9,745,825 $9,942,323
57
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
+ - CHANGES IN FUND BALANCE
For The Year Ended December 31, 1994
With Comparative Totals For The Year Ended December 31,1993
Statement 13
Page l of 2
Capital Community Area and
Improvement Development Dedicated Unit MSA
Projects Block Grant Parks Charge Construction Sealcoating
Revenue:
• General property taxes:
Current and delinquent $2 $ $ $ - $ $ -
Tax increments
Intergovernmental:
State:
MSA construction
Other
▪ Federal:
CDBG 29,628 -
Other
County:
`�' Other
MCWS
Special assessments:
Current and delinquent 161,678 270 8,907
i
Prepayments -
737,226 1,842 54,468
Penalties and interest 5,565 12 114
Other - - - -
,.., Interest on investments 3,124 9,342 144,674 1,675 5,694
Refunds and reimbursements - 900 - - 33,900
Park dedication fees 156,770 - -
Total revenue 3,126 30,528 166,112 1,049,143 3,799 103,083
Vow
Expenditures:
General govemment:
Current:
... Personal services - 21,166 -
Contractual services - 12,770
Capital outlay:
General government 50,542
`.. Public safety 82,066 - -
Public works 37,102 - 111,010
Parks, recreation and forestry 19,222 55,247 -
Construction costs - - 106 ,366
Total expenditures 188,932 33,936 55,247 106,366 0 111,010
Revenue over (under) expenditures (185,806) (3,408) 110,865 942,777 3,799 (7,927)
... Other financing sources (uses):
Operating transfer from General Fund 11,261
Operating transfer from Debt Service Funds -
Operating transfer from Capital Project Funds - -
`.- Operating transfer from Enterprise Funds - 183,667
Operating transfer to General Fund - - -
Operating transfer to Special Revenue Funds - -
Operating transfer to Capital Project Funds
Operating transfer to Enterprise Funds - (91,548)
Bond proceeds 150,000 - -
Total other financing sources (uses) 150,000 11,261 0 92,119 0 0
.� Net increase (decrease) in fund balance (35,806) 7,853 110,865 1,034,896 3,799 (7,927)
Fund balance (deficit) - January 1 78,569 (8,314) 173,018 3,981,637 45,568 157,047
.,. Residual equity transfer - - (1,698,510) -
Fund balance (deficit) - December 31 $42,763 ($461) $283,883 $3,318,023 $49,367 $149,120
59
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1994
With Comparative Totals For The Year Ended December 31,1993
Surface
Water SAC Interim 1989 1991 1993
Management Revolving Construction Construction Construction Construction
Revenue:
General property taxes:
Current and delinquent $ $ $ $ $ $
Tax increments
Intergovernmental:
State:
MSA construction -
Other
Federal:
CDBG 244
Other
County:
Other
MCWS
Special assessments:
Current and delinquent 26,222 -
Prepayments 125,045 -
Penalties and interest 257
Other - - -
Interest on investments 9,709 16,240 9,423 5,972 5,166 563
Refunds and reimbursements - 63,800 -
Park dedication fees
Total revenue 161,477 16,240 73,223 5,972 5,166 563
Expenditures:
General govemment:
Current:
Personal services
Contractual services
Capital outlay:
General government
Public safety
Public works
Pants, recreation and forestry
Construction costs
Total expenditures
75,094
75,094
63,290 3,446 734
0 63,290 3,446 734
0
Revenue over (under) expenditures 86,383 16,240 9,933 2,526 4,432 563
Other financing sources (uses):
Operating transfer from General Fund -
Operating transfer from Debt Service Funds 2,923 -
Operating transfer from Capital Project Funds - - -
Operating transfer from Enterprise Funds - -
Operating transfer to General Fund
Operating transfer to Special Revenue Funds -
Operating transfer to Capital Project Funds -
Operating transfer to Enterprise Funds - - -
Bond proceeds - 174,626 -
Total other financing sources (uses) 0 0 177,549 0 0 0
Net increase (decrease) in fund balance 86,383 16,240 187,482 2,526 4,432 563
Fund balance (deficit) - January 1 231,007 457,274 (172,276) 167,256 151,138 15,842
Residual equity transfer -
Fund balance (deficit) - December 31 $317,390 $473,514 $15,206 $169,782 $155,570 $16,405
60
Statement 13
Page 2of2
`-, Apollo Apollo Tax Increment Tax Increment Tax Increment Tax Increment
1994 Business Drive Financing Financing Financing Financing Totals
Construction Park Construction 1 -1 1 -2 1-4 1 -5 1994 1993
$
$ $ $ - $ - $ $ $2 $4
197,363 139,346 - 336,709 272,707
371,853 - 371,853 406,639
3,250 - 3,250 1,750
13,000
29,872 52,601
13,000 7,000
1,010,007
33,456
1.., 197,077 257,369
918,581 1,887,442
5,948 4,563
20,156
a.. 5,372 - 1,444 34,916 12,851 266,165 340,102
39,000 137,600 87,461
156,770 56,483
5,372 39,000 389,547 232,279 152,197 0 0 2,436,827 4,437,740
timr
21,166 16,083
93,175 21,128 1,034 962 204,163 70,215
50,542 38,473
�'
- - - 82,066 101,000
- 148,112 226,905
- - 74,469 67,040
New 747,482 31,627 699,988 1,652,933 1,197,608
747,482 31,627 699,988 93,175 21,128 1,034 962 2,233,451 1,717,324
(742,110) 7,373 (310,441) 139,104 131,069 (1,034) (962) 203,376 2,720,416
- 1 1,261 2,898
- 2,923 21,532
492,872
.r
- - - 183,667 132,175
- - - (4,801)
- (694) (694) (1,388) (1,074)
�,., _ _ - - (492,872)
- - (91,548) (93,238)
1,903,614 - 2,228,240 150,319
1,903,614 0 0 (694) (694) 0 0 2,333,155 207,811
i
1,161,504 7,373 (310,441) 138,410 130,375 (1,034) (962) 2,536,531 2,928,227
(21,775) (74,676) 379,169 954,886 294,960 (20,329) 0 6,790,001 4,681,902
y.. _ - - (1,698,510) (820,128)
$1,139,729 ($67,303) $68,728 $1,093,296 $425,335 ($21,363) ($962) $7,628,022 $6,790,001
61
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Statement 14
Assets
Gas Totals
Water Sewer Utility 1994 1993
Current assets:
Restricted investments $ - $ - $ $ - $40,273
Cash and cash equivalents 236,188 61,001 297,189 81,418
Accounts receivable 122,022 105,444 - 227,466 192,271
Due from other governmental units - 12,699 12,699 4,125
Prepaid items 809 22,519 23,328 21,664
Total current assets 359,019 201,663 0 560,682 339,751
Fixed assets:
Buildings 48,690 48,690 48,690
Equipment 25,271 23,884 - 49,155 47,538
Water and sewer system 5,962,451 8,110,130 14,072,581 14,072,581
Total fixed assets 6,036,412 8,134,014 14,170,426 14,168,809
Less: Allowance for depreciation (517,064) (697,325) (1,214,389) (927,291)
Subtotal 5,519,348 7,436,689 0 12,956,037 13,241,518
Acquisition costs - gas utility - - 2,375 2,375 2,375
Net fixed assets 5,519,348 7,436,689 2,375 12,958,412 13,243,893
Total assets
Liabilities and Fund Equity
$5,878,367 $7,638,352 $2,375 $13,519,094 $13,583,644
Current liabilities:
Cash overdraft $ - $ - $2,424 $2,424 $2,424
Accounts payable 5,364 970 6,334 7,561
Salaries payable 836 584 - 1,420 993
Due to other governmental units 3,399 31,101 - 34,500 34,477
Accrued interest payable 27,268 27,268 27,735
Bonds payable - current portion 40,000 40,000 25,000
Total current liabilities 76,867 32,655 2,424 111,946 98,190
Long -term liabilities:
Bonds payable - long term 995,000 995,000 1,035,000
Total liabilities 1,071,867 32,655 2,424 1,106,946 1,133,190
Fund equity:
Contributed capital 4,529,670 7,432,297 11,961,967 12,228,154
Retained earnings (deficit) 276,830 173,400 (49) 450,181 222,300
Total fund equity 4,806,500 7,605,697 (49) 12,412,148 12,450,454
Total liabilities and fund equity $5,878,367 $7,638,352 $2,375 $13,519,094 $13,583,644
62
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
COMBINING STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1994
With Comparative Totals For The Year Ended December 31, 1993
Statement 15
Gas Totals
Water Sewer Utility 1994 1993
Operating revenue:
Charges for services $252,301 $357,605 $ $609,906 $468,598
�.. Other operating revenue 42,705 9,238 51,943 61,100
Total operating revenue 295,006 366,843 0 661,849 529,698
... Operating expenses:
Personal services 51,133 44,201 95,334 91,738
Materials and supplies 48,758 1,124 49,882 80,551
"' Contractual services 4,985 11,490 16,475 28,452
Repair and maintenance 6,625 2,189 8,814 17,999
MCWS sewer charges 224,268 224,268 168,891
Depreciation:
Purchased assets 20,198 713 20,911 731
Contributed assets 102,778 163,409 266,187 252,092
•• Utilities 31,082 28,156 59,238 36,114
Other 7,181 1,989 9,170 10,720
Total operating expenses 272,740 477,539 0 750,279 687,288
Net income (loss) from operations 22,266 (110,696) 0 (88,430) (157,590)
Other income (expense):
Interest on investments 7,691 4,266 - 11,957 6,628
Maintenance agreement - MCWS - 12,699 - 12,699 7,294
Area and unit charges 183,667 183,667 132,175
", Bond interest (65,680) (65,680) (74,950)
Paying agent fees (400) (400) (400)
Total other income (expense) 125,278 16,965 0 142,243 70,747
Net income (loss) before operating transfers 147,544 (93,731) 0 53,813 (86,843)
Operating transfers:
Operating transfer from Capital Project Funds 91,548 91,548 93,238
Operating transfer to Capital Project Funds (183,667) (183,667) (132,175)
• Total operating transfers (92,119) 0 0 (92,119) (38,937)
Net income (loss) 55,425 (93,731) 0 (38,306) (125,780)
Credit arising from transfer of depreciation
to contributed capital 102,778 163,409 266,187 252,092
Retained earnings (deficit) - January 1 118,627 103,722 (49) 222,300 95,988
▪ Retained earnings (deficit) - December 31 $276,830 $173,400 ($49) $450,181 $222,300
63
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1994
With Comparative Totals For The Year Ended December 31, 1993
Statement 16
Gas Totals
Water Sewer Utility 1994 1993
Cash flows from operating activities:
Operating income (loss) $22,266 ($110,696) $ - ($88,430) ($157,590)
Adjustments to reconcile operating income (loss) to
net cash flows from operating activities:
Maintenance agreement - MCWS 12,699 12,699 7,294
Depreciation 122,976 164,122 287,098 252,823
Change in assets and liabilities:
Decrease (increase) in receivables (32,697) (11,071) (43,768) (36,285)
Decrease (increase) in prepaid items 603 (2,267) (1,664) (7,258)
Increase (decrease) in payables 1,386 (2,163) - (777) (34,094)
Net cash flows from operating activities 114,534 50,624 0 165,158 24,890
Cash flows from noncapital financing activities:
Collection of area and unit charges 183,667 183,667 132,175
Operating transfer from Capital Project Funds - 3,891
Operating transfer to Capital Project Funds (183,667) (183,667) (132,175)
Net cash flows from noncapital financing activities 0 0 0 0 3,891
Cash flows from capital and related financing activities:
Interest and paying agent fees on revenue bonds (91,548) (91,548) (89,347)
Operating transfer from Capital Project Funds 91,548 91,548 89,347
Construction in progress - (19,211)
Acquisition of fixed assets (809) (808) (1,617) -
Net cash flows from capital and related financing activities (809) (808) 0 (1,617) (19,211)
Cash flows from investing activities:
Interest on investments 7,691 4,266 11,957 6,628
Net increase in cash and cash equivalents 121,416 54,082 0 175,498 16,198
Cash and cash equivalents - January 1 114,772 6,919 (2,424) 119,267 103,069
Cash and cash equivalents - December 31 $236,188 $61,001 ($2,424) $294,765 $119,267
Noncash investing, capital and financing activities:
- Distribution system assets in the amounts of $0 and $2,140,203 were contributed to the Water Fund in 1994 and 1993, respectively.
- Collection system assets in the amounts of $0 and $3,955,678 were contributed to the Sewer Fund in 1994 and 1993, respectively.
64
mMINI
Alma
ANIMI
..
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1994
With Comparative Totals For December 31, 1993
Statement 17
Totals
Contractors Investment Deferred December 31,
Deposits Fund Compensation 1994 1993
Assets
Cash and investments $236,595 $ $ - $236,595 $161,941
Assets with deferred
compensation plan administrator 313,265 313,265 280,991
Accrued interest on investments 155,051 155,051 113,802
Due from developers 81,752 81,752 90,449
Total assets 8318,347 $155,051 $313,265 $786,663 $647,183
Liabilities
... Cash overdraft $ - $154,498 $ - $154,498 $113,793
Accounts payable 47,385 553 47,938 9
Due to developers 270,962 270,962 252,390
Deferred compensation payable - 313,265 313,265 280,991
Total liabilities $318,347 $155,051 $313,265 $786,663 $647,183
Vow
Mew
low
Amor
low
65
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1994
Statement 18
Balance Balance
January 1, December 31,
1994 Additions Deletions 1994
Contractors deposits:
Assets
Cash and investments $126,171 $1,198,883 $1,088,459 $236,595
Due from developers 90,449 81,752 90,449 81,752
Total assets $216,620 $1,280,635 $1,178,908 $318,347
Liabilities
Accounts payable $ - $47,385 $ - $47,385
Due to developers 216,620 270,962 216,620 270,962
Total Liabilities $216,620 $318,347 $216,620 $318,347
Pending Assessment Deposits:
Assets
Cash and investments $35,770 $ $35,770 $
Liabilities
Due to developers $35,770 $ $35,770
Investment Fund:
Assets
Accrued interest on investments $113,802 $155,051 $113,802 $155,051
Liabilities
Cash overdraft $113,793 $154,498 $113,793 $154,498
Accounts payable 9 553 9 553
Total liabilities $113,802 $155,051 $113,802 $155,051
Deferred Compensation:
Assets
Assets with plan administrator $280,991 $32,616 $342 $313,265
Liabilities
Deferred compensation payable $280,991 $32,616 $342 $313,265
Totals -All Trust and Agency Funds:
Assets
Cash and investments $161,941 $1,198,883 $1,124,229 $236,595
Assets with plan administrator 280,991 32,616 342 313,265
Accrued interest on investments 113,802 155,051 113,802 155,051
Due from developers 90,449 81,752 90,449 81,752
Total assets $647,183 $1,468,302 $1,328,822 $786,663
Liabilities
Cash overdraft $113,793 $154,498 $113,793 $154,498
Accounts payable 9 47,938 9 47,938
Due to developers 252,390 270,962 252,390 270,962
Deferred compensation payable 280,991 32,616 342 313,265
Total liabilities $647,183 $506,014 $366,534 $786,663
66
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CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS
For the Year Ended December 31, 1994
(Unaudited)
Statement 19
Balance Balance
January 1, December 31,
1994 Additions Deletions 1994
Land $310,010 $ - $ - $310,010
Wells 6,216 - 6,216
w
Buildings and improvements 636,823 52,797 689,620
Furniture and equipment 1,677,500 112,263 1,789,763
Totals $2,630,549 $165,060 $0 $2,795,609
INNEN
.r
67
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL LONG - TERM DEBT
December 31, 1994
Statement 20
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,
1994 1993
$1,635,861 $4,086,918
5,792,708 5,887,201
$7,428,569 $9,974,119
Bonds payable:
General Obligation Bonds:
1989A Equipment Certificates $ - $60,000
1989B Equipment Certificates 60,000 120,000
1990A Equipment Certificates 18,500 36,000
1991A Equipment Certificates 45,000
1992 Equipment Certificates 50,000 150,000
1994 Equipment Certificates 150,000 -
Public Project Revenue Bonds - 1990A 1,115,000 1,115,000
Total general obligation bonds 1,393,500 1,526,000
Special assessment bonds:
G. O. Improvement Bonds of 1988A 500,000 655,000
G. O. Improvement Bonds of 1991A - 4,260,000
G. O. Improvement Bonds of 1992A 3,340,000 3,490,000
G. O. Temporary Improvement Bonds of 1994A 2,095,000 -
Total special assessment bonds 5,935,000 8,405,000
Total bonds payable 7,328,500 9,931,000
Assessments payable on City property 10,510 10,510
Compensated absences payable 89,559 30,188
Capital lease:
Phone voice mail 2,421
Total general long -term debt $7,428,569 $9,974,119
68
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SUPPLEMENTARY
FINANCIAL
INFORMATION
69
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1994
Interest
Rates
Dated
Final
Maturity
Date
General Obligation Bonds:
1989A Equipment Certificates 7.65 5/1/89 5/1/'94
1989B Equipment Certificates 6.65 8/1/90 2/1/95
1990A Equipment Certificates 6.50 12/10/90 1/1/96
1991A Equipment Certificates 4.95 - 5.40 12/19/91 1/1/95
1992 Equipment Certificates 3.75 - 4.15 1/1/93 2/1/95
1994 Equipment Certificates 5.00 3/1/94 12/31/96
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. Temporary Improvement Bonds of 1991A 5.83 8/1/91 8/1/94
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
Total - all bonds
Capital lease:
Phone voice mail
Total indebtedness
6.67 4/1/92 2/1/08
6.00
*All outstanding bonds were called for early redemption on February 1, 1995.
70
11/92 9/94
Omer
Exhibit 1
. Prior Years Principal Interest
Original Payable 1994 Payable Due Due
Issue Payments 1/1/94 Issued Payments 12/31/94 In 1995 In 1995
Ilmo
$300,000 $240,000 $60,000 $ - $60,000 $ - $ - $ -
275,000 155,000 120,000 60,000 60,000 60,000 1,995
88,500 52,500 36,000 17,500 18,500 18,500 1,817
135,000 90,000 45,000 45,000 -
150,000 - 150,000 100,000 50,000 50,000 1,038
150,000 - 150,000 75,000 13,151
1,115,000 1,115,000 1,115,000 25,000 76,488
2,063,500 537,500 1,526,000 150,000 282,500 1,393,500 228,500 94,489
1,160,000 505,000 655,000 155,000 500,000 500,000 28,585
4,260,000 - 4,260,000 - 4,260,000 - - -
3,640,000 150,000 3,490,000 150,000 3,340,000 150,000 202,195
- - - 2,095,000 - 2,095,000 - 102,655
9,060,000 655,000 8,405,000 2,095,000 4,565,000 5,935,000 650,000 333,435
1,060,000 1,060,000 25,000 1,035,000 40,000 64,565
12,183,500 1,192,500 10,991,000 2,245,000 4,872,500 8,363,500 918,500 492,489
,..
6,253 3,832 2,421 2,421 -
limo
Val ow
Immo
w
$12,189,753 $1,196,332 $10,993,421 $2,245,000 $4,874,921 $8,363,500 $918,500 $492,489
71
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VIEW
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1994
Exhibit 2
Public
Project G.O.
Year of Equipment Equipment Equipment Revenue Improvement
Levy/ Certificates Certificates Certificates Bonds Bonds
Collection of 1990A of 1992 of 1994 of 1990A of 1992A Total
1994/1995 $20,726 $111,626 $92,558 $105,735 $ - $330,645
1995/1996 - 54,679 82,688 104,055 323,580 565,002
w 1996/1997 - 118,112 347,577 465,689
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
$20,726 $166,305 $175,246 $1,911,949 $3,540,670 $5,814,896
73
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1994
Equipment Equipment Equipment
Certificates Certificates Certificates
of 1989B of 1990A of 1992
Bonds payable $60,000 $18,500 $50,000
Future interest payable 1,995 1,240 2,075
Totals $61,995 $19,740 $52,075
Payments to maturity:
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
74
$61,995
$61,995
*Ml outstanding bonds were called for early redemption on February 1, 1995.
$19,740 $52,075
$19,740 $52,075
Exhibit 3
Equipment
Certificates
1994
$150,000
16,901
$166,901
law
$88,151
78,750
Imur
limp
G. O.
Improvement
Bonds
of 1988A *
$500,000
28,585
$528,585
$528,585
$166,901 $528,585
lammi
limo
G. 0.
Improvement
Bonds
of 1992A
$3,340,000
1,447,133
$4,787,133
$352,195
393,195
402,005
418,940
423,850
417,345
409,743
401,080
401,080
399,460
396,180
372,060
$4,787,133
Temporary
Improvement
Bonds
of 1994A
$2,095,000
307,965
$2,402,965
$102,655
102,655
2,197,655
G. 0. Public
Water Project
Revenue Revenue
Bonds Bonds
of 1992B of 1990A Totals
$1,035,000 $1,115,000 $8,363,500
557,084 769,540 3,132,518
$1,592,084 $1,884,540 $11,496,018
$104,565 $101,488 $1,411,449
112,233 99,900 786,733
109,545 98,294 2,807,499
111,589 111,188 641,717
108,358 118,238 650,446
114,709 114,913 646,967
115,505 135,706 660,954
115,900 130,625 647,605
115,900 125,488 642,468
115,495 120,275 635,230
114,675 139,150 650,005
118,310 132,100 622,470
116,390 125,000 241,390
118,910 117,875 236,785
- 110,725 110,725
103,575 103,575
$2,402,965 $1,592,084 $1,884,540 $11,496,018
75
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1994
Exhibit 4
Description
Fund 406: Area and Unit
Ware Road
Land Expended
Easements Prior
Contractor Engineering and Other Total 1994 Years
$66,870 $51,806 $12,075 $130,751 $106,366 $24,385
Fund 450: Interim Construction
Birch Street Underpass 85,825 17,134 1,638 104,597 * - 104,597
Forjay Building 64,130 - 2,607 66,737 * 63,290 3,447
Total Fund 450 149,955 17,134 4,245 171,334 63,290 108,044
Fund 451: Apollo Business Park Construction
Apollo Business Park
Fund 452: Apollo Drive Construction
Apollo Drive
3,752 102,551 106,303 31,627 74,676
1,890,372 397,706 93,046 2,381,124 699,988 1,681,136
Fund 453: 1989 Construction
Sunrise Meadows 685,734 153,986 46,459 886,179 * 886,179
Reshanau fourth and fifth addition 368,231 93,906 5,648 467,785 * 3,446 464,339
Total Fund 453 1,053,965 247,892 52,107 1,353,964 3,446 1,350,518
Fund 454: 1991 Construction
Pine Ridge 462,339 102,244 24,342 588,925 * 588,925
Brandywood 581,202 170,335 41,992 793,529 * 65 793,464
Pheasant Hills 497,447 159,580 57,484 714,511 * 714,511
Wenzel Farms 818,366 144,589 64,436 1,027,391 * 1,027,391
Reshanau Lake Trunk 871,598 264,008 100,403 1,236,009 * 669 1,235,340
Total Fund 454 3,230,952 840,756 288,657 4,360,365 734 4,359,631
Fund 455: 1993 Construction
Wenzel Farms 3rd Addition - 17,171 17,171 * 17,171
Brandywood 2nd Additon 124,325 34,269 158,594 * 158,594
Pheasant Hills 2nd Addition - 295 295 * 295
Total Fund 455 124,325 51,735 0 176,060 0 176,060
Fund 456: 1994 Construction
Country Lake Estates 357,453 77,075 63,990 498,518 476,743 21,775
Highway 49 and Lake Drive - 250,088 135,285 385,373 210,747 174,626
Hodgson Road Watermain 11,297 48,695 59,992 59,992
Total Fund 456 357,453 338,460 247,970 943,883 747,482 196,401
Totals $6,873,892 $1,949,241 $800,651 $9,623,784 $1,652,933 $7,970,851
* Completed Project
76
CITY OF LINO LAKES, MINNESOTA
INSURANCE IN FORCE
December 31, 1994
Exhibit 5
Coverage Amount
General Liability:
Bodily Injury/Property Damage $600,000
Personal Injury/Police Professional Liability 600,E
Fire Legal Liability 50,000
—
Medical Expense Occurrence Limit 1,000
Medical Expense Aggregate 10,000
Property Damage ($500 Deductible)
Property:
Buildings and Contents 5,248,400
Valuable Papers ($500 Deductible) 50,000
Faithful Performance Blanket Bond 500,E
Storage Tank Liability 100,E
- Mobile Equipment ($500 Deductible) 567,724
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,E
Comprehensive and Collision ACV
Uninsured motorists 600,000
Miscellaneous equipment 87,650
Wow
lama
Workmen's compensation Statutory
Employee Benefit Level 600,E
Umbrella Liability 1,000,000
Crime - Theft Disappearance and Destruction ($500 Deductible) 50,000
77
CITY OF LINO LAKES, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES Exhibit 6
Tax Capacity Tax Capacity
Values Values
1994/1995 1993/1994
Taxable valuations:
Total $6,649,921 $5,506,951
Fiscal disparities:
Distribution 1,139,770 1,221,693
Contribution (287,819) (251,282)
Less: Captured Tax Increment Value (256,841) (256,841)
Totals $7,245,031 $6,220,521
Tax Tax
Certified Capacity Certified Capacity
Levy Rate Levy Rate
Taxes levied:
Revenue $2,303,705 26.910 $1,955,826 25.508
Bond and interest 330,645 3.862 313,088 4.153
Totals
Certified levy amount is before HACA reduction.
78
$2,634,350 30.772
$2,268,914 29.661
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
- FOR TAX INCREMENT HOUSING DISTRICT #1 -1
December 31,1994
Exhibit 7
_ Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond proceeds $1,200,000 $ - $ - $1,200,000
Tax increment collections 2,404,254 861,132 197,363 1,345,759
- Interest on investments - 113,651 34,916 (148,567)
Total sources of funds 3,604,254 974,783 232,279 2,397,192
▪ Uses of funds:
Public improvements 974,094 974,094
Administrative - 8,827 23,175 (32,002)
- Developer assistance 70,000 (70,000)
Bonding costs 25,000 - 25,000
Bond discount 24,000 24,000
Capitalized interest 192,404 192,404
Debt service 2,355,000 2,355,000
Transfer to other funds - 11,070 694 (11,764)
Total uses of funds 3,570,498 19,897 93,869 3,456,732
Funds remaining (deficit) $33,756 $954,886 $138,410 ($1,059,540)
79
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -2
December 31, 1994
Exhibit 8
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond proceeds $975,000 $ - $ - $975,000
Tax increment collections - 300,209 139,346 (439,555)
Interest on investments 20,185 12,851 (33,036)
Total sources of funds 975,000 320,394 152,197 502,409
Uses of funds:
Public improvements 170,000
Land acquisition 515,000
Demolition and site preparation 23,500
Relocation costs 15,000
Administrative 31,500
Bond discount 20,000
Capitalized interest 200,000
Transfer to other funds -
Total uses of funds 975,000
14,365
11,069
25,434
170,000
515,000
23,500
15,000
21,128 (3,993)
20,000
200,000
694 (11,763)
21,822 927,744
Funds remaining (deficit) $0 $294,960 $130,375 ($425,335)
80
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1-4
December 31, 1994
Exhibit 9
Accounted
.....
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond proceeds $1,950,000 $ - $ $1,950,000
Refunds and reimbursements - 18,889 (18,889)
Total sources of funds 1,950,000 18,889 0 1,931,111
Uses of funds:
— Land acquisition 400,000 400,000
Public improvements 1,050,000 1,050,000
Administrative 100,000 39,218 1,034 59,748
— Bond discount 40,000 - 40,000
Capitalized interest 360,000 360,000
Total uses of funds 1,950,000 39,218 1,034 1,909,748
— Funds remaining (deficit) $0 ($20,329) ($1,034) $21,363
law
81
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -5
December 31, 1994
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
Public improvements 685,000
Administrative 75,000
Total uses of funds 915,000
0
155,000
685,000
962 74,038
962 914,038
Funds remaining (deficit) $0 $0 ($962) $962
82