HomeMy WebLinkAboutComprehensive Annual Financial Report 12/31/1999SEM
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF LINO LAKES, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 1999
Prepared By: Finance Department
Alan Rolek, Director of Finance
Paula Schloer, Accountant
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
Reference Number
I. INTRODUCTORY SECTION
Principal City Officials 1
Organization Chart 2
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 11
II. FINANCIAL SECTION
Independent Auditor's Report 12
General Purpose Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Governmental Fund Types
_ Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General and
Special Revenue Fund Types
Combined Statement of Revenue, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types
Combined Statement of Cash Flows - All Proprietary Fund Types
Notes to Financial Statements
Statement 1 14
Statement 2 16
Statement 3 17
Statement 4 18
Statement 5 19
20
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
Reference Number
Combining, Individual Fund and Account Group Financial Statements
General Fund:
Balance Sheet Statement 6 42
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual Statement 7 43
Special Revenue Funds:
Combining Balance Sheet Statement 8 49
Combining Statement of Revenue, Expenditures and Changes in
Fund Balance Statement 9 50
Program Recreation — Statement of Revenue, Expenditures and
Changes in Fund Balance - Budget and Actual Statement 10 51
Debt Service Funds:
Combining Balance Sheet Statement 11 52
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance Statement 12 54
Capital Project Funds:
Combining Balance Sheet Statement 13 56
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance Statement 14 62
Enterprise Funds:
Combining Balance Sheet Statement 15 68
Combining Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 16 69
Combining Statement of Cash Flows Statement 17 70
Agency Funds:
Combining Balance Sheet Statement 18 71
Combining Statement of Changes in Assets and Liabilities Statement 19 72
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CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Page
Reference Number
General Fixed Asset Account Group:
Schedule of General Fixed Assets - By Source Statement 20 73
Schedule of General Fixed Assets - By Function and Activity Statement 21 74
Schedule of Changes in General Fixed Assets - By Function and
Activity Statement 22 75
General Long -Term Debt Account Group:
Schedule of General Long -Term Debt Statement 23 76
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1 77
Schedule of Deferred Tax Levies Exhibit 2 79
Debt Service Payments to Maturity - All Bonds Exhibit 3 80
Construction Work in Process Exhibit 4 82
Insurance in Force Exhibit 5 83
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6 84
III. STATISTICAL SECTION
General Fund:
Expenditures By Function - Last Ten Fiscal Years
_
Revenue By Source - Last Ten Fiscal Years
Illms
Vow
Property Tax Levies and Collections - Last Ten Fiscal Years
Special Assessment Levies and Collections - Last Ten Fiscal Years
Ratio of Annual Debt Service Expenditures for General Bonded
Debt to Total General Expenditures - Last Ten Fiscal Years
Assessed and Estimated Actual Value and Net Bonded Debt -
Per Capita - Last Ten Fiscal Years
Table 1 85
Table 2 86
Table 3 87
Table 4 88
Table 5 89
Table 6 90
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
Property Tax Rates - Direct and Overlapping Government -
Last Ten Fiscal Years
Ratio of Net Bonded Debt to Assessed Value and Net Bonded
Debt Per Capita - Last Ten Fiscal Years
Computation of Direct and Overlapping Debt including Debt Ratios
Computation of Legal Debt Margin
Schedule of Revenue Bond Coverage - Water Fund -
Last Six Fiscal Years
Principal Taxpayers
Property Value, Construction Permits and Bank Deposits -
Last Ten Fiscal Years
Demographic Statistics
Miscellaneous Statistics
Page
Reference Number
Table 7 92
Table 8 93
Table 9 94
Table 10 95
Table 11 96
Table 12 97
Table 13 98
Table 14 99
Table 15 100
I.
INTRODUCTORY
SECTION
CITY OF LINO LAKES, MINNESOTA
PRINCIPAL CITY OFFICIALS
December 31, 1999
Elected Officials
Mayor:
Kimberly Sullivan
Council Members:
Chris Lyden
Andy Neal
John Bergeson
Caroline Dahl
Term Expires
December 31, 1999
December 31, 1999
December 31, 1999
December 31, 2001
December 31, 2001
Appointed Personnel
— City Administrator Linda Waite Smith
Director of Finance Alan Rolek
(appointed 4 -3 -2000)
Director of Public Safety David Pecchia
— Director of Community Development Brian Wessel
Director of Public Service Rick DeGardner
Director of Administration Dan Tesch
Accountant Paula Schloer
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Public Services
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City of Lino Lakes Organizational Chart
Citizens
Honorable Mayor
and
City Council
Commissions
Cable
Parks and Recreation
Economic Development
Planning and Zoning
Fin:
Environmental
City Administrator
City Clerk
Professional Consultants
Engineering
Attorney
Fiscal
Public Safety
Parks
Public Works
Recreation
Administration
Police
Emergency Management
Inspections
Community Development
Human Resources
Administrative Services
2
Finance
Planning
Economic Development
Engineering
Environmental Services
Accounting
Management lnfonuation Systens
Utility Billing
MEM
June 26, 2000
Honorable Mayor
Members of the City Council
City of Lino Lakes, Minnesota
The Comprehensive Annual Financial Report of the City of Lino Lakes, Minnesota is submitted
herein for the year ended December 31, 1999. The City is responsible for the accuracy and
completeness of the presentation including all disclosures. The Finance department believes that
the data presented is accurate in all material aspects and presents the financial position and
results of operations of the City in a fair manner.
The organization, form and contents of this report were prepared in accordance with the
standards prescribed by the Government Finance Officer's Association of the United States and
Canada, the American Institute of Certified Accountants, the State Auditor's Office, the State of
Minnesota and the City Charter.
The Comprehensive Annual Financial Report consists of three parts:
a. An Introductory Section - contains the letter of transmittal, table of contents,
elected and administrative officials and organizational chart.
b. A Financial Section - contains the independent auditors report, notes to the
financial statements, combined financial statements and the combining and
individual fund and account group statements and supplemental schedules.
c. A Statistical Section - contains various unaudited tables showing the financial
trends of the City and miscellaneous statistics.
We believe that the data presented is accurate in all material aspects. It is presented in a manner
that fairly reflects the financial operations of the City and is easily read for maximum
understanding of the financial matters presented. The notes are considered an essential part in
providing insight into the information presented.
600 Town Center Parkway, Lino Lakes, Minnesota 5 501 4 -11 82
Phone: 651- 982 -2400 • Fax: 651 -982 -2499 • TDD: 651 -982 -2410
Reliable financial information requires an establishment of accounting records that are
adequately supported by internal accounting controls. The City believes that existing internal
accounting controls are adequate to provide reasonable assurance that City assets are safeguarded
against loss from unauthorized use or disposition and that the financial records are reliable for
the preparation of the financial statements.
The City Charter grants the City Council full authority over the financial matters of the City.
The City Administrator has the responsibility of submitting the annual budget to the City
Council. The budget is adopted by resolution and the amounts can not increase beyond the
estimated receipts except to the extent that actual receipts exceed the estimate.
THE REPORTING ENTITY
In accordance with the Governmental Accounting Standards Board requirements, the financial
reporting entity includes all funds and account groups of the City as well as all of its component
units. Component units are legally separate entities for which the primary government is
financially accountable.
Blended component units, although legally separate entities, are in substance, part of the primary
government' s operations and are included as part of the primary government. Accordingly, the
Economic Development Authority is reported as a Special Revenue Fund of the primary
government.
The City provides a full range of municipal services. These services include: general
government, public safety (police & fire), public works (streets & fleet), parks and recreation,
conservation of natural resources (environmental & solid waste abatement), public
improvements, providing and maintaining sanitary and storm sewer, water infrastructure, and two
enterprise funds, the water and sewer funds.
ECONOMIC CONDITION AND OUTLOOK
The City of Lino Lakes is a growing community within the County of Anoka. It covers an area
of 33 square miles and has a population in excess of 15,000. Within the City's borders lies the
2,550 acre Rice Creek Chain of Lakes Regional Park. Access to St. Paul and Minneapolis is
provided by I -35W and I -35E.
The economic development effort established in 1993 by the city council has begun to reverse
dependence on residential property taxes. Since 1993, the city has added more than $27 million
in additional commercial/industrial market value. The Apollo Business Park on I -35W and the
Clearwater Creek Development Center on I -35E continue to attract industrial development. A
new business park on Lake Drive near the Town Center is expected to be improved for
development in 2000.
With the many wetlands and regional parks, environmental issues are important to the city. In
1999, the city approved its first Preservation Development subdivision, a large step forward in
the implementation of the city's overall environmental inventory and management plan. This
plan will preserve the valuable open spaces and wetlands within the city.
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MAJOR INITIATIVES
Commercial development in Lino Lakes has been the focus of a city- initiated development called
the Town Center on the I -35W interchange area. This innovative project incorporates mixed -use
development that includes professional buildings, civic facilities, commercial development and a
mix of housing types. The city received a $220,000 Livable Communities grant in 1998 from the
Metropolitan Council to hire Peter Calthorpe Associates, a planner on the cutting edge of urban
and suburban neighborhood development, to refine the city's plan for the Town Center.
The Village, the Southeast quadrant of the Town Center, is the site of the newly completed Lino
Lakes Civic Complex. This $6 million facility that houses city hall, police and a Centennial
School District program, is a critical component to the success of a mixed use Town Center. The
location of the complex is part of the economic development effort in providing a strong civic
focus within the mixed -use center. The Civic Complex recently received an award from the
League of Minnesota Cities for innovation and excellence in housing, economic development
and community spaces.
The city is considering participating in the construction costs of a YMCA in The Village section
of the Town Center. The YMCA is anticipating building a new recreation facility in the near
future.
FINANCIAL INFORMATION
The City's policy is to invest all available moneys at competitive rates in accordance with
Minnesota law. Investments are made by minimizing credit and market risks while maintaining a
competitive yield. Funds are invested in certificates of deposit, commercial paper and U.S.
government agencies. Cash is pooled in one account to provide maximum return.
General Fund
The General Fund accounts for all revenues and expenditures necessary to provide basic
governmental operations of the City.
General Fund revenues totaled $5,343,453 in 1999 compared to $5,722,363 in 1998. The
breakdown of revenues is shown in the following table:
1999 1998 $ Change % Change
General property taxes $2,962,664 $2,904,888 $ 57,776 1.99%
Licenses and permits 823,719 726,599 97,120 13.37%
Intergovernmental revenues 940,053 1,380,063 (440,010) (31.88 %)
Charges for services 278,510 347,485 (68,975) (19.85 %)
Fines and forfeits 87,434 102,489 (15,055) (14.69 %)
Interest on Investments 27,655 137,410 (109,755) (79.87 %)
Miscellaneous 223,418 123,429 99,989 81.01%
Total $5,343,453 $5,722,363 $(378,910) (6.62 %)
The increase in General property taxes was due to the increase in the tax base of the City.
Licenses and permits increased substantially due to additional building permits issued new
housing units and improvements made to the Lino Lakes Correctional Facility.
Intergovernmental revenues decreased substantially in 1999. Storm related costs incurred in
1998 were reimbursed to the City through Federal and State disaster aids, causing a one -year
increase in intergovernmental revenue in that year. Fines and forfeitures decreased due to fewer
citations being issued for traffic violations. Miscellaneous revenue increased due to the sale of
the former police facility and greater than expected tree refunds. Investment earnings were
greatly reduced in 1999 due to a changing interest rate environment. In accordance with GASB
31, which requires investments be carried at fair market value, and the recording of unrealized
losses had a substantial negative impact on interest revenue for the year.
General fund expenditures totaled $5,237,554 in 1999 compared to $5,328,796 in 1998. The
breakdown of expenditures is shown in the following table.
1999 1998 $ Change % Change
General Government $1,771,069 $1,560,268 $210,801 13.51%
Public Safety 1,958,169 1,778,898 179,271 10.08%
Public Works 628,070 673,156 (45,086) (6.70 %)
Parks and Recreation 647,163 722,728 (75,565) (10.46 %)
Conservation of Natural Resources 233,083 593,746 (360,663) (60.74 %)
Total
$5,237,554 $5.328,796 $91,242 1.71%
The increase in General Government is attributed greatly to contractual and capital outlay costs
related to building and furnishing the new civic complex. Public safety increased mainly due to
the addition of two new police officer positions and other personnel changes, and increased fire
contract costs. Public Works costs were lower in 1999 due to lower contractual costs for street
repair. Parks and recreation expenses decreased due to reduced capital outlay expenditures for
park equipment and trails from the previous year. Costs incurred for storm cleanup in 1998
inflated the expenditures in the area of Conservation of Natural Resources; therefore, costs in
this area were much reduced in 1999. Settlement of contracts for all four of the City's collective
bargaining units resulted in increased personnel costs, which had an impact on all city functions.
The fund balance of the General fund continues to grow as shown below:
Expenditure Fund Balance Percent
Budget Beginning of Year of Budget
1990 $2,155,051 $1,030,053 47.80%
1991 2,268,639 1,169,624 51.56%
1992 2,552,835 1,265,236 49.56%
1993 2,829,202 1,406,296 49.71%
1994 3,169,862 1,756,659 55.42%
1995 3,551,957 1,870,934 52.67%
1996 3,966,738 2,086,231 52.59%
1997 4,400,087 2,723,025 61.89%
1998 5,524,646 3,057,912 55.35%
1999 5,252,474 3,411,332 64.95%
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The fund balance for the year increased $23,142 for a total ending fund balance of $3,434,474.
Special Revenue Funds
Economic Development Authority - this fund accounts for personal expenses of the City Council
when acting as the Economic Development Authority.
Community Development Block Grant - accounts for expenditures associated with funds
allocated through Anoka County from the Federal Government to fund allowable projects.
Program Recreation - this fund accounts for the activities of the Recreation Department for self-
supporting programs.
Debt Service Funds
Improvement Bonds - these funds account for debt service payments made on general obligation
debt issued for local improvement projects.
Certificates of Indebtedness - these funds account for debt service payments made on debt issued
to finance capital purchases. These certificates are financed internally.
Public Project Revenue Bonds - established to account for debt service payments related to the
construction of the City's fire hall and civic complex.
Capital Project Funds
Closed Bond Fund - established to account for all excess bond receipts.
Dedicated Parks - accounts for revenues and expenditures for the acquisition and construction of
park projects. Land for an Athletic Complex was purchased in 1999 at a cost of $925,000.
Area and Unit Charges - accounts for water and sewer area assessments to be used for the
construction of City utility infrastructure.
Surface Water Management - established to help fund the costs associated with surface water
issues and planning.
Town Center /Civic Center Project - established to account for costs associated with the creation
of the "Village ", including: infrastructure, civic buildings and development of the property for
commercial use.
Tax Increment - established to account for projects financed with tax increments.
Enterprise Funds
Water Fund - accounts for the operations of the municipal water system. The following table
illustrates the operations:
Operating Revenues
Operating Expenses
(Excluding Depreciation)
1999 1998 $ Change % Change
$555,368 $586,306 ($30,938) (5.28 %)
380,928 237,866 143,062 60.14%
Operating Income (Loss) $174,440 $348,440 ($112,124) (32.18 %)
Water revenues decreased due to a wetter than normal summer resulting in reduced water
consumption. Installation of a telephone meter reading system caused increases in personnel,
supply and contractual costs over the previous year.
Sewer Fund - accounts for the operations of the municipal sanitary sewer system. The following
table illustrates the operations:
1999 1998 $ Change % Change
Operating Revenues $713,523 $719,391 ($5,868) (0.82 %)
Operating Expenses 549,162 652,015 (102,853) (15.77 %)
(Excluding Deprecation)
Operating Income (Loss)
$164,361 $67,376 $96,985 161.36%
Although Metropolitan Council Environmental Services charges for sewage treatment increased,
and personnel costs were higher, costs for system maintenance and repair were substantially
lower in 1999, resulting in an overall reduction in expenses from the previous year.
AGENCY FUNDS
Contractors Deposits - accounts for the pass- through costs of developer financed projects within
the City.
Pending Assessments - accounts for the receipt of assessment prepayments prior to certification.
This fund is closed annually at certification time. The balance in this fund is the result of
assessments being collected that will not be certified to Anoka County until 2000.
Investment Fund - accounts for the pooling of all the City's money that is invested throughout the
year. Interest on investments is recorded in this fund before allocating to all funds. Interest
earned in 1999 was $245,589 compared to $1,155,931 in 1998. The decrease in interest income
resulted from changing market conditions and unrealized losses booked as a result of decreased
market value of securities held, in compliance with GASB 31.
8
GENERAL FIXED ASSETS ACCOUNT GROUP
General fixed assets are those assets used for general governmental functions only. This does
not include enterprise funds. Depreciation is not recorded on the general fixed assets.
GENERAL LONG -TERM DEBT ACCOUNT GROUP
This group reports the current assets available in the Debt Service Funds and recognizes the
- amounts to be provided through future tax levies, assessments and tax increments.
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CASH MANAGEMENT
Cash temporarily idle during the year was invested in certificates of deposit, commercial paper,
and obligations of the U.S. Treasury. The City's investment policy's primary objective is safety
of principal. Therefore, all deposits were either insured by Federal depository insurance or were
collateralized as required by State Statute. The City Council reviews the investment policy
annually and last amended it in 1998.
DEBT ADMINISTRATION
At year -end, the City had a number of debt issues outstanding. These issues included $6,904,570
of general obligation bonds and equipment certificates, $14,045,000 of general obligation
improvement bonds with special assessments pledged and $4,550,000 of revenue bonds. The
City also had contracts for deed in the amount of $1,459,352. During 1999, the City issued
$307,570 of equipment certificates internally, the proceeds of which were used to purchase
equipment. Also, during the year the City's Economic Development Authority issued $980,000
in public project revenue refunding bonds which refunded the public project revenue bonds
series 1990A. The City also issued $1,725,000 in general obligation improvement refunding
bonds and $680,000 in general obligation water utility revenue refunding bonds to advance
refund the general obligation improvement bonds series 1992A and the general obligation water
utility revenue bonds series 1992B, respectively.
RISK MANAGEMENT
The City's general property and liability coverage is provided through the League of Minnesota
Cities Trust (LMCIT) and worker's compensation is provided through State Fund Mutual.
At the beginning of the insurance year, the city deposits with State Fund a premium determined
by calculating estimated payroll and applying experience modification ratios. An audit is
performed at the end of the insurance year, which may produce a refund or an adjustment due.
State Funds reserves and rates are reviewed annually by an actuary to assure that the program
remains financially strong.
INDEPENDENT AUDIT
Minnesota State law requires that cities over 2,500 population submit annual financial statements
attested by a certified public accountant or the State Auditor to the State Auditor. The firm
Larson, Allen, Weishair and Co., LLP was selected by the City Council to perform the audit. In
addition to meeting the requirements of the Federal Single Audit Act of 1984 and the related U.S
Office of Management and Budget's Circular A-133. Generally accepted auditing standards and
the standards set forth in the Comptroller General of the United States' Government Auditing
Standards, were used by the auditors in conducting the engagement. The auditor's report on the
general purpose financial statements and combining and individual fund statements and
schedules is included in the financial section of the report. The auditor's reports on internal
controls and compliance with applicable laws and regulations can be found in a separately issued
single audit report.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL
REPORTING
The Government Finance Officers Association of the United State and Canada (GFOA) awards
the Certificate of Achievement for excellence in financial reporting to cities that meet certain
criteria. A governmental unit must publish an easily readable and efficiently organized
comprehensive annual financial report, the contents of which conform to program requirements.
The City. of Lino Lakes received this award for the year ended December 31, 1998. The City is
submitting the 1999 report to GFOA for consideration of the Certificate of Achievement for
Excellence in Financial Reporting. We believe our current report continues to conform to the
program requirements.
ACKNOWLEDGMENTS
The preparation of this report could not have been accomplished without the dedicated services
of the Finance Department, auditors and other city staff.
I also want to express my appreciation to the Mayor and City Council for their responsible
policies involving the financial operation of the City.
Respectfully submitted,
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Lino Lakes,
Minnesota
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 1998
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
11
Executive Director
II.
FINANCIAL
SECTION
lam
Now
LarsonAllen-
W e i s h a i r & Co., L L P
ACHIEVE THE DESIRED EFFECT-
Business Consultants v Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and
Members of the City Council
City of Lino Lakes, Minnesota
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, 1999 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 the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the general purpose financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall general purpose financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above present fairly, in all material respects,
the financial position of the City of Lino Lakes, Minnesota as of December 31, 1999, and the results of its
operations and cash flows of its proprietary fund types for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated June 14, 2000 on our
consideration of the City of Lino Lakes Minnesota's internal control over financial reporting and our tests of its
compliance with certain laws, regulations, contracts, and grants.
12
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, schedules and tables 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 the
supplementary financial information and statistical tables, shown on pages 77 -100, on which we express no
opinion; has been subjected to the auditing procedures applied in our audit of the general purpose financial
statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial
emm
statements taken as a whole.
St. Paul, Minnesota
June 14, 2000
13
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LARSON, ALLEN, WEISHAIR & CO., LLP
GENERAL PURPOSE FINANCIAL STATEMENTS
CITY OF LINO LAKES, MINNESOTA
COMBINED BALANCE SHEET -
ALL FUND TYPES, ACCOUNT GROUPS
December 31, 1999
Governmental Fund Types
Special Debt Capital
Assets General Revenue Service Project
Cash and investments $ 3,150,236 $ 41,031 $ 1,611,598 $ 5,368,066
Cash and investments with escrow agent - - 2,188,920 2,571
Accrued interest receivable - 22,727 10
Accounts receivable 167,249 412 16,805
Deposits receivable - -
Due from other governmental units 336,636 1,230
Interfund receivable - - 6,024,110
Taxes receivable:
Delinquent 19,206 3,993
Due from County 50,411 10,413 13,238
Delinquent tax increment - - 5,848
Special assessments receivable:
Delinquent 2,973 5,920
Deferred 1,347,884 3,222,475
Due from County - 2,413 3,452
Prepaid items 115,359 - -
Land held for resale - 989,506
Fixed assets (net of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of GLTD
Total assets
Liabilities, equity and other credits
$ 3,839,097 $ 42,261
$ 5,191,333 $ 15,652,001
Liabilities:
Interfund payable $ - $ 2,754 $ 18,380 $ 5,876,494
Accounts payable 157,838 3,987 - 860,422
Salaries payable 211,597 1,559
Retainage payable 1,225 - 350,436
Accrued interest payable -
Deposits payable -
Due to other governmental units 9,429 - -
Deferred revenue 24,534 1,354,850 3,234,243
Bonds payable - -
Contract for deed payable
Compensated absences payable
Total liabilities 404,623 8,300 1,373,230 10,321,595
Equity and other credits:
Contributed capital
Invested in general fixed assets
Retained earnings - unreserved
Fund balance (deficit):
Reserved 115,359 3,824,337 989,506
Unreserved:
Designated 3,319,115 35,485 9,849,952
Undesignated - (1,524) (6,234) (5,509,052)
Total equity and other credits 3,434,474 33,961 3,818,103 5,330,406
Total liabilities, equity and other credits $ 3,839,097 $ 42,261 $ 5,191,333 $ 15,652,001
The accompanying notes are an integral part of these financial statements.
14
Statement 1
Proprietary Fiduciary Account Groups Totals
Fund Type Fund Type General General Long (Memorandum Only)
Enterprise Agency Fixed Assets Term Debt 1999 1998
$ 804,086 $ 466,564 �
652,895
8,321 127,024
205,576
3,054
306,811
1,541
4,750
26,075,620
$ 28,062,654
10,520
11,690,618
$ 604108 $ 11,690,618
�
3,818,103
18,853,001
$ 22,671,104
$ 11,441,581 $ 14,630,585
2,844,386 5,456,009
158,082 166,278
390,042 421.827
10.520 115,319
337,866 I29/693
6.024'110 3,205.002
2I199 29,774
74,062 107,555
5,848 13,430
11,947 12,019
4,877170 4,317,543
7,406 110,415
120,109 135,495
989,506 989,506
37,766,238 27,269,318
3,818`103 1.989,218
18,853,001 19,176,780
$ 87,753,176 $ 78,475,855
$ - $ 120,482 $ $ $ 0,024.110 $ 3,205,002
43,047 50,040 1.115,334 1.800,050
12,583 - 225,739 89,584
- 351,661 423,255
99.086 - - 99,086 92,724
427,586 427,586 407.329
3.609 - 1I038 227,733
' 4.01].6]7 4.084.502
4,550,000 20.949.570 25,499,570 24.152.734
-
1/459.352 1,459,352 859.352
}2,2)7 262.182 274,399 241.130
4,720,542 604,108 22,671,104 40,103,502 35,583,395
22,389,099 - 22,389,099 18,190,064
- 11,690,618 11,690/518 5.333,378
953,013 - 953,013 841,745
' 4.929,202 3,078,390
13,204.552 17,479.573
(5,516810) (2,030,690)
23,342,112 11,690,618 47,649,674 42,892,460
$ 28,062,654 $ 604.108 $ 11,690,618 $ 22,671,104 $ 87,753,176 $ 78,475,855
15
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For the Year Ended December 31, 1999
Statement 2
Totals
Special Debt Capital (Memorandum Only)
Revenue: General Revenue Service Project 1999 1998
General property taxes $ 2,962,664 $ - $ 772,234 $ $ 3,734,898 $ 3,183,756
Tax increments - - 837,036 837,036 660,943
Licenses and permits 823,719 - 823,719 726,599
Intergovernmental 940,053 20,604 87,068 1,047,725 2,411,186
Special assessments - - 911,271 1,608,327 2,519,598 2,973,299
Charges for services 278,510 164,555 - 119,294 562,359 651,041
Fines and forfeits 87,434 87,434 102,489
Investment earnings 27,655 671 56,904 145,691 230,921 1,119,621
Refunds and reimbursements 74,095 44,960 119,055 80,638
Miscellaneous 149,323 112,500 91,731 353,554 240,581
Total revenue 5,343,453 185,830 1,939,977 2,847,039 10,316,299 12,150,153
Expenditures:
Current:
General government 1,632,349 22,163 989,693 2,644,205 2,512,284
Public safety 1,951,820 - 1,951,820 1,778,863
Public works 626,533 - 1,392 627,925 673,156
Parks and recreation 597,375 157,840 - 755,215 663,566
Conservation of natural resources 218,981 - 218,981 561,160
Capital outlay:
General government 138,720 5,250 143,970 53,117
Public safety 6,349 173,149 179,498 153,370
Public works 1,537 - 100,369 101,906 70,727
Parks and recreation 49,788 9,086 1,078,266 1,137,140 313,560
Conservation of natural resources 14,102 - - 14,102 32,586
Debt service:
Principal 1,190,734 1,190,734 740,000
Interest and fiscal charges 1,029,874 1,029,874 527,782
Refunding bond issuance costs 46,205 46,205
Construction /acquisition - 8,775,128 8,775,128 12,468,230
Total expenditures 5,237,554 189,089 2,266,813 11,123,247 18,816,703 20,548,401
Revenue over (under) expenditures 105,899 (3,259) (326,836) (8,276,208) (8,500,404) (8,398,248)
Other financing sources (uses):
Operating transfer in 155,783 423,850 368,664 948,297 2,312,920
Operating transfer out (238,540) - - (759,123) (997,663) (2,150,161)
Contract for deed proceeds - 600,000 600,000 -
Bond proceeds 2,692,969 307,570 3,000,539 11,806,000
Payment to refunding bond escrow (961,098) - (961,098)
Total other financing sources (uses) (82,757) 2,155,721 517,111 2,590,075 11,968,759
Net increase (decrease) in fund balance 23,142 (3,259) 1,828,885 (7,759,097) (5,910,329) 3,570,511
Fund balance
Beginning of year, as previously stated 3,411,332 37,220 1,989,218 13,089,503 18,527,273 15,038,819
Prior period adjustment - - - (82,057)
Beginning of year, as restated 3,411,332 37,220 1,989,218 13,089,503 18,527,273 14,956,762
Residual equity transfer in - - - 815,507
Residual equity transfer out - (815,507)
Fund balance - December 31 $ 3,434,474 $ 33,961 $ 3,818,103 $5,330,406 $ 12,616,944 $ 18,527,273
The accompanying notes are an integral part of these financial statements.
16
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUND TYPES
For the Year Ended December 31, 1999
11111111■11111=111111111■111111111■111111•11=11111111111=111111111■1111111=111111111111=11111
Budget
Statement 3
Special Revenue Fund -
General Program Recreation
Over Over
(Under) (Under)
Actual Budget Budget Actual Budget
Revenue:
General property taxes $ 2,952,261 $ 2,962,664 $ 10,403
Licenses and permits 642,243 823,719 181,476
Intergovernmental 670,926 940,053 269,127 -
Charges for services 365,349 278,510 (86,839) 138,306 164,555 26,249
Fines and forfeits 100,000 87,434 (12,566) -
Investment earnings 65,000 27,655 (37,345) 661 661
Refunds and reimbursements 40,000 74,095 34,095
Miscellaneous 84,000 149,323 65,323 -
Total revenue 4,919,779 5,343,453 423,674 138,306 165,216 26,910
Expenditures:
Current:
General government 1,586,683 1,632,349 45,666
Public safety 1,979,334 1,951,820 (27,514)
Public works 723,695 626,533 (97,162) -
Parks and recreation 594,205 597,375 3,170 109,975 157,840 47,865
Conservation of natural resources 140,770 218,981 78,211 -
Capital outlay:
General government 139,463 138,720 (743)
Public safety 6,349 6,349 -
Public works 1,537 1,537 -
Parks and recreation 65,824 49,788 (16,036) 5,788 9,086 3,298
Conservation of natural resources 22,500 14,102 (8,398) -
Total expenditures 5,252,474 5,237,554 (14,920) 115,763 166,926 51,163
Revenue over (under) expenditures (332,695) 105,899 438,594 22,543 (1,710) (24,253)
Other financing sources (uses):
Operating transfers from other funds
Operating transfers to other funds
155,783 155,783
(238,540) (238,540)
Net increase (decrease )in fund balance $ (176,912) 23,142 $ 200,054 $ 22,543 (1,710) $ (24,253)
Fund balance
Beginning balance
Fund balance - December 31
3,411,332
$ 3,434,474
The accompanying notes are an integral part of these financial statements.
17
37,195
$ 35,485
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND
AND CHANGES IN RETAINED EARNING - ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1999
Statement 4
Enterprise Funds
1999 1998
Operating revenue:
Water sales $ 453,092 $ 519,505
Sewer charges 679,020 668,779
Other operating revenue 136,779 117,413
Total operating revenue 1,268,891 1,305,697
Operating expenses:
Personal services 238,667 176,155
Materials and supplies 137,852 78,145
Contractual services 98,557 46,270
Repair and maintenance 1,568 180,012
MCES sewer charges 368,937 326,619
Depreciation:
Purchased assets 102,777 52,061
Contributed assets 412,573 322,807
Utilities 71,367 77,328
Other 13,142 5,352
Total operating expenses 1,445,440 1,264,749
Net income (loss) from operations (176,549) 40,948
Other income (expense):
Investment earnings 14,668 36,310
Special assessments 42,010 566
Loss on disposal of assets (2,375)
Bond interest (228,000) (223,582)
Paying agent fees (2,800) (1,600)
Total other income (expense) (174,122) (190,681)
Net income (loss) before operating transfers (350,671) (149,733)
Operating transfers:
Operating transfer from General Fund 49,366 17,241
Operating transfer to Capital Project Fund - (180,000)
Total operating transfers 49,366 (162,759)
Net income (loss) (301,305) (312,492)
Credit arising from transfer of depreciation
to contributions from property owners 412,573 322,807
Retained earnings
Beginning balance, as previously stated 841,745 1,492,588
Prior period adjustment - (5,875)
Beginning balance as restated 841,745 1,486,713
Residual equity transfer to Sewer Fund (655,283)
Retained earnings - December 31 $ 953,013 $ 841,745
The accompanying notes are an integral part of these financial statements.
18
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
For the Year Ended December 31, 1999
Statement 5
Enterprise Funds
1999 1998
Cash flows from operating activities:
Operating income $ (176,549) $ 40,948
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 515,350 374,868
Change in assets and liabilities:
Decrease (increase) in receivables 42,116 118,002
Decrease (increase) in prepaid items 31,079 (3,233)
Increase (decrease) in payables 29,498 (181,222)
Net cash flows from operating activities 441,494 349,363
Cash flows from noncapital financing activities:
- Operating transfer from General Fund
Operating transfer to Capital Project Funds
Net cash flows from noncapital financing activities
49,366
49,366
17,241
(180,000)
(162,759)
Cash flows from capital and related financing activities:
Principal paid on revenue bonds (205,000) (140,000)
Proceeds from issuance of refunding bonds 680,000
Investment with escrow agent (652,895) -
Collection of special assessments 42,010 35,245
— Interest and paying agent fees on revenue bonds (230,800) (225,182)
Acquisition of fixed assets (43,423) (78,933)
Net cash flows from capital and related financing activities (410,108) (408,870)
Cash flows from investing activities:
Prior period adjustment to Fair Values
• Investment earnings
Net cash flows from investing activities
14,668
14,668
(5,875)
36,310
30,435
Net increase (decrease) in cash and cash equivalents 95,420 (191,831)
Cash and cash equivalents - January 1 708,666 900,497
Cash and cash equivalents - December 31 $ 804,086 $ 708,666
▪ Noncash investing, capital and financing activities:
- Water and Sewer lines in the amount of $4,611,608 and $3,357,813 were contributed to the Water and Sewer Fund
in 1999 and 1998 respectively.
- The Water Fund contributed $655,283 in assets to the Sewer Fund in 1998. This transaction
was recorded as a residual equity transfer out of the Water Fund and an addition to contributed
capital in the Sewer Fund.
The accompanying notes are an integral part of these financial statements.
19
Now
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Lino Lakes is a public corporation formed under Minnesota Statute 410. As such, the City is
under home rule charter regulations and applicable statutory guidelines.
The financial statements of the City of Lino Lakes have been prepared in conformity with generally accepted
accounting principles as applied to governmental units by the Governmental Accounting Standards Board
(GASB). The following is a summary of the significant accounting policies:
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. A component unit is a legally
separate entity for which the primary government is financially accountable, or for which the
exclusion of the component unit would render the financial statements of the primary government
misleading. The criteria used to determine if the primary government is financially accountable for a
component include whether or not the primary government appoints the voting majority of the
potential component unit's board, is able to impose its will on the potential component unit, is in a
relationship of financial benefit or burden with the potential component unit, or is fiscally depended
upon by the potential component unit.
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 legally separate from the
City. However, for financial reporting purposes, the EDA is reported as if it were part of the City's
operations because the members of the City Council serve as commission members. The EDA does
not issue separate financial statements.
The Housing and Redevelopment Authority (HRA) of Lino Lakes is an entity legally separate from
the City. However, for financial reporting purposes, the HRA is reported as if it were part of the
City's operations because the members of the City Council serve as commission members. The HRA
has not yet incurred any financial activity.
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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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.
21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
The modified accrual basis of accounting is followed by the City for its Governmental Funds and
Fiduciary- Agency Funds. Under this method of accounting, revenues are recognized when they
become susceptible to accrual - that is, when they become both measurable and available to finance
expenditures of the fiscal period. "Measurable" means the amount of the transaction can be
determined and "available" means collectible within the current period or soon enough thereafter to
be used to pay liabilities of the current period. Major revenue sources susceptible to accrual include
property taxes (excluding delinquent taxes received over 60 days after year end), special assessments,
intergovernmental revenues, charges for services and interest on investments. Major revenue sources
not susceptible to accrual include licenses and permits, fees, and miscellaneous revenues. Such
revenues are recorded as revenue when received because they are not measurable until collected.
Expenditures are generally recognized in the accounting period when the fund liability is incurred,
except for interest on general long -term debt which is recognized when due.
The accrual basis of accounting is followed for the Proprietary Funds. Under this method of
accounting, revenues are recognized during the accounting period in which they are earned and
become measurable and expenses are recognized in the accounting period in which they are incurred
if measurable. Governmental Accounting Standards Board (GASB) Statement #20, Accounting and
Financial Reporting for Proprietary Funds and Other Governmental Entities that Use Proprietary
Funds, provides proprietary activities with a choice of authoritative guidance issued after
November 30, 1989. The City of Lino Lakes has elected to follow GASB pronouncements exclusively
after that date.
The City reports deferred revenue on its combined balance sheet. Deferred revenues arise when a
potential revenue does not meet both the "measurable" and "available" criteria for recognition in the
current period. Deferred revenues also arise when resources are received by the government before it
has a legal claim to them, as when grant monies are received prior to the incurrence of qualifying
expenditures. In subsequent periods, when both revenue recognition criteria are met, or when the
government has a legal claim to the resources, the liability for deferred revenue is removed from the
combined balance sheet and revenue is recognized.
The City has reported as deferred revenues the amount of $4,613,627, which consists of the
following:
Oak Wilt Suppression and misc. $ 5,328
Property taxes receivable 29,047
Special assessments receivable 4,579,252
Total $ 4,613,627
22
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. BUDGETS
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual
appropriated budgets are adopted for the General Fund and the Program Recreation Special Revenue
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 not presently considered necessary to assure effective budgetary
control or to facilitate effective cash management.
Reconciliation of Budgetary Basis to GAAP Basis
Governmental funds presented on Statement 3 are the General Fund and the Program Recreation
Special Revenue Fund. The following is a reconciliation of fund balances on a budgetary basis as
presented on Statement 3, to the GAAP basis as presented on Statement 2:
Special
Revenue
Funds
Governmental Fund:
Fund Balance — Budgetary Basis $ 35,485
Fund Balances — Non- Budgeted Funds (deficit) (1,524)
Fund Balances — GAAP Basis $ 33,961
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 (including
the General Fund and Program Recreation Special Revenue Fund) 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 cornments.
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.
23
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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
investments authorized by Minnesota Statutes. Earnings from investments are allocated to individual
funds on the basis of the fund's equity in the cash and investment pool.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund shown as interfund receivables in the advancing fund, and an interfund
payable in the fund with the deficit, until adequate resources are received.
Investments are stated at fair value as of the balance sheet date. Interest earnings are accrued at the
balance sheet date.
For purposes of the statement of cash flows the Proprietary Fund considers all highly liquid
investments with a maturity of three months or less when purchased to be cash equivalents. All of the
cash and investments allocated to the proprietary fund types have original maturities of 90 days or
less. Therefore, the entire balance in such fund types is considered cash equivalents.
G. HOMESTEAD CREDIT AND AGRICULTURAL CREDIT AID (HACA)
Property taxes on homestead property (as defined by State Statutes) are partially reduced by HACA.
This credit is paid to the City by the State in lieu of taxes levied against homestead property. The
State remits this credit through installments each year. The credit is recognized as revenue by the
City at the time of collection.
H. LOCAL GOVERNMENT AID REVENUE RECOGNITION
Local government aid is provided to the City by the State as a shared tax based upon a statutory
formula and without restrictions. Payment from the State is generally received during each calendar
year for that calendar year. The City recognizes local government aid revenue when it becomes both
measurable and available to finance current operations. In practice, local government aid is
recognized as revenue as it is received in cash.
24
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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 1999
and 1998 totaled $478,347 and $498,572, respectively. Receipt of property taxes from this "fiscal
disparities pool" does not increase or decrease total tax revenue.
J. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments are collected by the County and remitted by December 31 (remitted to the City the
following January) and are also recognized as revenue for the current year. All remaining delinquent,
deferred and special deferred assessments receivable in governmental funding are completely offset by
deferred revenues.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council
or court action. If special assessments are allowed to go delinquent, the property is subject to tax
forfeit sale and the first proceeds of that sale (after costs, penalties and expenses of sale) are remitted
to the City in payment of delinquent special assessments. Generally, the City will collect the full
amount of its special assessments not adjusted by City Council or court action. Pursuant to State
Statutes, a property shall be subject to a tax forfeit sale after three years unless it is homesteaded,
agricultural or seasonal recreational land in which event the property is subject to such sale after five
years.
25
Omm
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
K. INVENTORIES
The original cost of materials and supplies has been recorded as expenditures /expenses at the time of
purchase of both the Governmental and Proprietary Funds. These funds do not maintain material
amounts of materials and supplies.
L. LAND HELD FOR RESALE
These assets are recorded in the governmental fund, which purchased them at the lower of cost or
market.
M. Fixed Assets
GENERAL FIXED ASSETS
General fixed assets are recorded as expenditures of the Governmental Funds at the time of purchase.
Such assets are capitalized at historical cost or estimated historical cost in the General Fixed Asset
Account Group. Public Domain ( "infrastructure ") general fixed assets consisting of roads, bridges,
curbs, gutters, streets, sidewalks, drainage systems and lighting systems are excluded from general
fixed assets as these assets are immovable and of value only to the City. Gifts or contributions are
recorded in general fixed assets at fair market value at the time received. No depreciation has been
provided on general fixed assets.
PROPRIETARY FUNDS
Fixed assets of the Proprietary Funds are stated at historical cost, estimated historical cost, or in the
case of contributions, at fair market value at the time received. Depreciation has been provided using
the straight -line method over the estimated useful lives of assets, as follows:
Purchased Assets:
Water 5 -50 years
Sewer 5 -50 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.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused vacation and sick pay
benefits. Amounts that are expected to be liquidated with expendable available financial resources
are reported as an expenditure and a fund liability of the governmental fund that will pay it. Amounts
that are not expected to be liquidated with expendable available financial resources are reported in the
General Long -Term Debt Account Group. No expenditure is reported for these amounts. An unpaid
vacation and severance pay is payable when used or upon termination of employment. In addition, an
amount is recorded for those individuals not eligible for retirement at December 31, 1999, but for
whom a payout of the amount earned to that date is expected. In accordance with the provisions of
Statement of Government Accounting Standards No. 16, Accounting for Compensated Absences, a
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.
O. LONG -TERM OBLIGATIONS
Long -term debt is recognized as a liability of a governmental fund when due, or when resources have
been accumulated in the Debt Service Fund for payment early in the following year. For other long-
term obligations, only that portion expected to be financed from expendable available financial
resources is reported as a fund liability of a governmental fund. The remaining portion of such
obligations is reported in the General Long -Term Debt Account Group. Long -term liabilities
expected to be financed from proprietary fund operations are accounted for in those funds.
P. 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.
Q. 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.
27
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
R. 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.
Authorized collateral includes the legal investments described below and certain other state or local
government obligations. Minnesota Statutes require that securities pledged as collateral be held in
safekeeping by the City Treasurer or in a financial institution other than that furnishing the collateral.
At year -end, the carrying amount of the City's deposits was $ (93,113) and the bank balance was
$193,194. The entire bank balance was covered by Federal depository insurance or by collateral held
by the City's agent in the City's name.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 2 DEPOSITS AND INVESTMENTS (CONTINUED)
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.
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.
Cash and Investment balances as of December 31, 1999 are as follows:
Custodial Credit Risk Category
Security Type 1 2 3 Fair Value
U.S. Government & Agency Securities $ 9,550,523 $ - $ - $ 9,550,523
Repurchase Agreement 300,179 300,179
Treasury Bonds 302,376 - 302,376
Municipal Bonds 574,570 574,570
Negotiable Certificates of Deposit 756,000 756,000
Totals $ 11,183,469 $ - $ 300,179 11,483,648
Investment not subject to categorization:
Mutual Funds 1,046,274
U.S. Government Securities Pooled Investment 1,814,004
(pool value is Fair Value)
Money Market Funds 34,382
Total Investments 14,378,967
Deposits (93,113)
Cash on Hand 772
Total Depsits, Investments and cash on hand $ 14,285,967
A reconciliation of cash and investment as shown on the combined balance sheet is as follows:
Cash and investments
Cash and investments with escrow agent
29
11,441,581
2,844,386
14,285,967
Umw
INNoi
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 2 DEPOSITS AND INVESTMENTS (CONTINUED)
• 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 1999C, the G.O. Improvement Refunding Bonds of 1999A, the G.O. Water Revenue Refunding
bonds of 1999B and the Lease Revenue Bonds of 1998 which are restricted for the payment of debt
associated with the City's fire station and the payment for construction and capitalized interest costs
of the Civic Complex, respectively.
Note 3 FIXED ASSETS
A summary of changes in general fixed assets is as follows:
Land and Improvements
Buildings
Equipment and Furniture
Other
Vehicles
Machinery/Shop Equipment
Balance
1/1/99
$ 1,097,476
1,746,068
355,603
635,435
952,881
545,915
$ 5,333,378
Additions
$ 1,140,279
4,757,699
436,657
68,602
206,433
4,061
6,613,731
Balance
Deletions 12/31/99
$ 29,000 $ 2,208,755
85,000 6,418,767
2,509 789,751
-0- 704,037
139,982 1,019,332
-0- 549,976
256,491 $ 11,690,618
A summary of Proprietary Fund fixed assets at December 31, 1999 is as follows:
Building and Structures
Machinery and Equipment
Water and Sewer Lines
Total
Less: Accumulated Depreciation
Net Fixed Assets
Water
Sewer Total
$ 48,690 $ -0- $ 48,690
117,299 135,102 252,401
13,562,557 15,279,729 28,842,286
13,728,546 15,414,831 29,143,377
(1,371,283) (1,696,474) (3,067,757)
12,357,263
13,718,357 $ 26,075,620
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 4 CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1999:
Balance Balance
1/1/99 Additions Deletions 12/31/99
General Long Term Debt Account Group:
Bonded debt:
General obligation $ 6,862,734 $ 1,287,570 $ 1,245,734 $ 6,904,570
Special assessment 13,215,000 1,725,000 895,000 14,045,000 —
Contracts for deed payable 859,352 600,000 1,459,352
Compensated absences payable - net 228,912 33,270 262,182
Total general long term debt 21,165,998 3,645,840
Proprietary Fund:
Revenue bond 4,075,000
Compensated absences -net 12,217
Total $ 25,253,215
680,000
2,140,734
205,000
$ 4,325,840 $
2,345,734
22,671,104 _
4,550,000 _
12,217
$ 27,233,321
All long -term bonded indebtedness outstanding at December 31, 1999 is backed by the full faith and credit of
the City, including special assessment bond issues. Delinquent special assessments receivable at December 31,
1999 totaled $11,947.
The annual requirement to amortize all debt outstanding at December 31, 1999 including interest payments of
$9,044,994 is as follows:
2000 2001 2002
General Obligation Bonds $ 679,370 $ 773,360 $ 664,228 S
Special Assessment Bonds 1,546,596 3,533,814 1,756,950
Revenue Bonds 446,624 1,081,551 418,564
2003
2004
and on
558,689 $
1,531,236
412,189
7,935,343 $
9,452,414
3,753,636
Total $ 2,672,590 $ 5,388,725 $
2,839,742 $ 2,502,114 $
21,141,393 $
Total
10,610,990
17,821,010
6,112,564
34,544,564
It is not practicable to determine the specific year for payment of compensated absences payable. The
contracts for deed obligations do not include regular and scheduled payments (payments occur as land is sold)
and have been excluded from the above schedule of annual requirements to amortize debt.
31
MINIM
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 4 CITY INDEBTEDNESS (CONTINUED)
City indebtedness at December 31, 1999 is composed of the following:
Final
Issue Maturity Interest Original
Date Date Rate Issue
Payable
12/31/99
General Obligation Bonds:
1997 Equipment Certificates 2/1/97 12/31/00 6.00% 225,000 75,000
1998 Equipment Certificates 2/1/98 12/31/01 6.00% 287,734 192,000
Mow
1999 Equipment Certificates 2/1/99 12/31/02 6.00% 307,570 307,570
Civic Complex Lease Rev. Bonds - 98A 8/1/98 2/1/19 4.20 %5.35% 5,350,000 5,350,000
Public Project Revenue Ref. Bonds - 99C 9/1/99 2/1/10 4.75%-5.10% 980,000 980,000
Total General Obligation Bonds
7,150,304 6,904,570
Special Assessment Bonds:
G.O. Improvement Refunding Bonds, 4/1/92 2/1/06 4.00%-6.70% 3,640,000 2,250,000
Series 1992A
G.O. Improvement Refunding Bonds, 10/1/96 2/1/07 4.20 %5.20% 4,685,000 3,760,000
Series 1996A
G.O. Improvement Refunding Bonds, 8/1/98 2/1/15 4.50%-4.90% 4,310,000 4,310,000
Serie 1998A
G.O. Improvement Refunding Bonds, 8/1/98 2/1/15 4.50%-4.90% 2,000,000 2,000,000
Series 1998B
G.O. Improvement Refunding Bonds, 9/1/99 2/1/06 4.25%-4.70% 1,725,000 1,725,000
Series 1999A
Total Special Assessment Bonds
16,360,000 14,045,000
Revenue Bonds:
G.O. Water Revenue Bonds, 4/1/92 2/1/08 4.50 %6.80% 1,060,000 785,000
— Series 1992B
G.O. Water Revenue Bonds, 10/1/96 2/1/12 4.10%-5.70% 3,320,000 3,085,000
Series 1996B
G.O. Water Revenue Bonds, 9/1/99 2/1/08 4.25%-4.90% 680,000 680,000
Series 1999B
Total Revenue Bonds 5,060,000 4,550,000
Total - All Bonds 28,570,304 25,499,570
Contract for Deed Payable 4/30/97 2/1/02 8.00% 511,714 511,714
Contract for Deed Payable 12/1/97 12/1/02 8.00% 347,638 347,638
Contract for Deed Payable 12/21/99 12/1/02 6.00% 600,000 600,000
Total Contracts for Deed 1,459,352 1,459,352
— Compensated Absences Payable N/A 274,399
Total Indebtedness $ 30,029,656 $ 27,233,321
Description and Restrictions of Long -Term Debt
General Obligation Bonds — The bonds were issued for improvements or projects which benefited the City as a
whole and are, therefore, repaid from ad valorem levies.
Special Assessment Bonds — These bonds were issued to finance various improvements and will be repaid
primarily from special assessments levied on the properties benefiting from the improvements. However, some
issues are partly financed by ad valorem levies.
32
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 4 CITY INDEBTEDNESS (CONTINUED)
Public Project Revenue Bonds and Civic Complex Lease Revenue I3onds — These bonds were issued by the
Economic Development Authority (EDA) of Lino Lakes for the purpose of financing the construction of public
facilities. Pursuant to Minnesota Statutes and a lease purchase contract between the EDA and the City of Lino
Lakes, a Trust Indenture between the EDA and a regional bank has been established for the purpose of
financing payment of these bonds. The City has pledged rental payments in amounts equal to the debt service
requirements and plans to annually appropriate City funds available for this purpose. As required by bond
covenant, a reserve account has been established with a trustee, which is to be used to pay principal and
interest on the bonds in the event that other available resources are inadequate to do so.
Through the transactions described above, the City (Primary Government) has, in substance, assumed the debt
service on the revenue bonds issued by the EDA. Therefore, the bonds have been included in the Primary
Government's General Long -Term Debt Account Group. Further, the lease payment made by the City will be
reflected as debt service principal and interest payments on the City's operating statements.
Contract for Deeds — The City has entered into two contracts for deed bearing interest at 8 %, these contracts
were issued for the purchase of land for the express purpose of resale. The contracts for deed will be repaid
from the proceeds of land sales. One of the contracts calls for monthly interest only payments with a balloon
payment due in December of 2002. The second contract calls for payments equal to $2.50 per square foot to be
made as land is sold, with the final unpaid balance due on December 1, 2002. Such payments are then applied
first to interest accrued since the last payment date and then to the principal balance. The third contract for
deed bears interest at 6 %, this contract calls for payments over the next three years.
Liability for Compensated Absences — This liability represents vested benefits earned by governmental fund
employees through the end of the year which will be paid or used in future periods. The liability for
Proprietary Fund employees is included in the accrued liabilities of those funds.
Refunded Bonds
General Obligation Improvement Refunding Bonds, Series 1992A — In 1999, the City issued General
Obligation Improvement Refunding Bonds, Series 1999A to advance refund the G.O. Improvement Refunding
Bonds, Series 1992A in a crossover refunding pursuant to Minnesota Statutes § 475.67, Subd.13. The
proceeds of the 1999A issue were placed into an irrevocable trust fund to provide or the future debt service of
the 1992A bonds. Debt service on the series 1999A bonds will be paid from the trust fund through February 1,
2001 and the City will pay debt service thereafter. The City will continue to pay debt service on the 1992A
bonds through February 1, 2001. The call date is February 1, 2001, at which time the trust fund will pay the
1992A bonds with maturity dates after February 1, 2002. As a result of the advance refunding, the City
achieved a debt service savings of $54,542 on a present value basis using the yield of the bonds as the discount
factor. The trust account assets and the liability for the bonds are included in the City's financial statements
until defeasance occurs.
General Obligation Water Revenue Refunding Bonds, Series 1992B — In 1999, the City issued General
Obligation Improvement Refunding Bonds, Series 1999B to advance refund the G.O. Improvement Refunding
Bonds, Series 1992B in a crossover refunding pursuant to Minnesota Statutes § 475.67, Subd.13. The
proceeds of the 1999B issue were placed into an irrevocable trust fund to provide or the future debt service of
the 1992B bonds. Debt service on the series 1999B bonds will be paid from the trust fund through February 1,
2001 and the City will pay debt service thereafter. The City will continue to pay debt service on the 1992B
bonds through February 1, 2001. The call date is February 1, 2001, at which time the trust fund will pay the
1992B bonds with maturity dates after February 1, 2002. As a result of the advance refunding, the City
achieved a debt service savings of $20,774 on a present value basis using the yield of the bonds as the discount
factor. The trust account assets and the liability for the bonds are included in the City's financial statements
until defeasance occurs.
33
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
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 1999 and 1998 is computed as
follows:
Market value
Applicable percentage
Debt Limit
Amount of debt applicable to debt limit:
Total bonded debt
Less: Special assessment bonds
Public project revenue bonds
Cash and investment in Debt Service Funds
Revenue bonds
Total debt applicable to debt limit
Legal debt margin
December 31,
1999 1998
687,737,400 627,423,800
2 % 2 %
13,754,748 12,548,476
25,499,570
(14,045,000)
(6,330,000)
(29,726)
(4,550,000)
544,844
13,209,904
Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
A. PLAN DESCRIPTION
24,152,734
(13,215,000)
(6,350,000)
(8,893)
(4,075,000)
503,841
12,044,635
All full -time and certain part-time employees of the City of Lino Lakes are covered by defined benefit
plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA
administers the Public Employees Retirement Fund (PERF) and the Public Employees Police and Fire
Fund (PEPFF) which are cost - sharing, multiple - employer retirement plans. These plans are
established and administered in accordance with Minnesota Statute, Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members
are covered by Social Security and Basic Plan members are not. All new members must participate
in the Coordinated Plan. All police officers, firefighters and peace officers who qualify for
membership by statute are covered by the PEPFF.
PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
upon death of eligible members. Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a member's highest 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 PERF's Coordinated and Basic Plan members. The
retiring member receives the higher of a step -rate benefit accrual formula (Method 1) or a level
accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic Plan member who
retired before July 1, 1997 is 2 percent of average salary for each of the first 10 years of services and
2.5 percent for each remaining year. The annuity accrual rate for Basic members who retire on or
after July 1, 1997 is 2.2 percent of average salary for each of the first 10 years and 2.7 percent for
each remaining year. For a Coordinated Plan member who retired before July 1, 1997, the annuity
accrual rate is 1 percent of average salary for each of the first 10 years and 1.5 percent for each
remaining year. For Coordinated members who retire on or after July 1, 1997, the annuity accrual
34
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 6
DEFINED BENEFIT PENSION PLANS — STATEWIDE (CONTINUED)
rate increases by 0.2 percent (to 1.2 percent of average salary for each of the first 10 years and 1.7
percent for each remaining year). Under Method 2, the annuity accrual rate is 2.5 percent of average
salary for Basic Plan members and 1.5 percent for Coordinated Plan members who retired before July
1, 1997. Annuity accrual rates increase 0.2 percent for members who retire on or after July 1, 1997.
For PEPFF members, the annuity accrual rate is 2.65 percent for each year of service for members
retiring before July 1, 1997. Effective July 1, 1997, the annuity accrual rate is increased to 3.0
percent. For all PEPFF members and for PERF members whose annuity is calculated using Method
1, a full annuity is available when age plus years of service equal 90. A reduced retirement annuity is
also available to eligible members seeking early retirement.
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.
The benefit provisions stated in the previous paragraphs of this section are current provisions and
apply to active plan participants. Vested, terminated employees who are entitled to benefits but are
not receiving them yet, are bound by the provisions in effect at the time they last terminated their
public service.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for PERF and PEPFF. That report may be obtained by writing to PERA,
514 St. Peter Street #200, St. Paul, Minnesota, 55102 or by calling (651) 296 -7460 or 1- 800 -652-
9026.
B. FUNDING POLICY
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
statutes are established and amended by the state legislature. The City makes annual contributions to
the pension plans equal to the amount required by state statutes. PERF Basic Plan members and
Coordinated Plan members are required to contribute 8.75% and 4.75 %, respectively, of their annual
covered salary. PEPFF members are required to contribute 7.60% of their annual covered salary.
The City of Lino Lakes is required to contribute the following percentages of annual covered payroll:
11.43% for Basic Plan PERF members, 5.18% for Coordinated Plan PERF members, and 11.40% for
PEPFF members. The City's contributions for the years ending June 30, 1999, 1998, and 1997 were
$175,126, $183,662, and $149,261, respectively, equal to the contractually required contributions for
each year as set by state statute.
35
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 7 METROPOLITAN COUNCIL ENVIRONMENTAL SERVICES
During 1971, the Metropolitan Waste Control Commission (MWCC) was organized to provide for
consolidation of the sanitary sewer collection, treatment and disposal in the seven county metropolitan area
surrounding Minneapolis and St. Paul. Previously, these operations were maintained by the city governments
on an individual or collective basis. The MWCC merged with the Metropolitan Council during 1994 to form
Metropolitan Council Wastewater Services (MCWS) and is now called the Metropolitan Council
_ Environmental Services (MCES). The MCES bills the City annually based upon estimated volume and
budgeted costs. 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.
NNW
Note 8 RECONCILIATION OF CONTRIBUTED CAPITAL
Changes to contributed capital during the year are as follows:
Water
Sewer
Total
Beginning
Balance
$ 7,298,120
10,891,944
$ 18,190,064
Note 9 SEGMENT INFORMATION
Capital
Contributions
$ 1,627,968
2,983,640
$ 4,611,608
Depreciation
on Contributed
Assets
$ (165,445)
(247,128)
$ (412,573)
Ending
Balance
$ 8,760,643
13.628,456
$ 22,389,099
The City actively maintains two Enterprise Funds which provide water and sanitary sewer services. Segment
information for the year ended December 31, 1999 is as follows:
Water
Utility
Operating revenue $ 555,368
Depreciation expense 256,844
Operating income (loss) (82,404)
Property, plant and
equipment additions 1,630,627
Capital Contributions 1,627,968
Net income (loss) (213,088)
Operating transfers in (out) 49,366
Net property, plant
and equipment 12,357,263
Net working capital 574,561
Total assets 13,600,698
Bonds payable 4,550,000
Total equity 8,893,242
Sewer Totals
Utility
1999 1998
$ 713,523 $ 1,268,891 $ 1,305,697
258,506 515,350 374,868
(94,145) (176,549) 40,948
3,024,404
2,983,640
(88,217)
13,718,357
734,283
14,461,956
14,448,870
4,655,031
4,611,608
(301,305)
49,366
26,075,620
1,308,844
28,062,654
4,550,000
23,342,112
3,436,747
4,013,096
(312,492)
(162,759)
21,935,940
682,550
23,247,854
4,075,000
19,031,809
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 10 DEFICIT FUND BALANCES
The City has deficit fund balances at December 31, 1999 as follows:
Special Revenue Funds:
Economic Development Fund
Community Development Block Grant
Debt Service Funds:
Public Project Refunding Bonds of 1999C
Capital Project Funds:
Dedicated Parks
MSA Construction
1994 Construction
1997 Construction
1998 Construction
Town Center Project
General Tax Increment Administrative
Tax Increment Financing 1 -6
Tax Increment Financing 1 -7
Tax Increment Financing 1 -9
Tax Increment Financing 3 -1
Fund Balance
Deficit
:567
957
6,234
40,342
424,881
436,219
1,205,499
2,579,952
93,710
7,1184
40,536
458,497
11,896
316,270
The City intends to fund these deficits through future tax levies, special assessment levies, tax increments,
transfers from other funds, and various other sources.
Note 11 CONTINGENCIES
Litigation - The City attorney has indicated that existing and pending lawsuits, claims and other actions in
which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment of
the City attorney, remotely recoverable by plaintiffs.
Federal and State Funds - The City receives financial assistance from federal and state governmental agencies
in the form of grants. The disbursement of funds received under these programs generally requires
compliance with the terms and conditions specified in the grant agreements and is subject to audit by the
grantor agencies. Any disallowed claims resulting from such audits could become a liability of the applicable
fund. However, in the opinion of management, any such disallowed claims will not have a material effect on
any of the financial statements of the individual fund types included herein or on the overall financial position
of the City at December 31, 1999.
Note 12 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.
37
Imo
toms
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 12 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT (CONTINUED)
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 1999 and 1998.
Future scheduled tax levies for all bonds outstanding at December 31, 1999 totaled $16,085,894.
Note 13 DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
At December 31, 1999 and 1998, 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,
1999 and 1998 are shown on the various balance sheets as segregations of the fund equity. A summary of such
designations is as follows:
December 31,
1999 1998
General Fund:
Reserve for prepaid items $ 115,359 $ 98,453
Designated for general contingencies 761,335
Designated for cash flow reserve 3,319,115 1,696,600
Designated for employee benefits 214,857
Designated state aid reductions 250,000
Designated for special programs 390,087
Special Revenue Fund:
Reserve for prepaid items - 264
Designated for recreation programs 35,485 36,956
Debt Service Funds:
Reserved for debt retirement 3,824,337 1,989,218
Capital Project Funds:
Reserved for prepaid items 949
Reserved for land held for resale 989,506 989,506
Designated for capital improvements 9,849,952 13,802,691
Designated for equipment acquisition 33,664
Designated for park improvements = 293,383
Totals $ 18,133,754 $ 20,557,963
Note 14 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 in the General Fund for 1999 and
1998, totaled $43,852 and $37,233, respectively.
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 15 INTERFUND RECEIVABLE AND PAYABLES
Individual fund receivable and payable balances at December 31, 1999 are as follows:
Fund Receivable Payable
Special Revenue Funds:
Economic Development Authority $ - $ 567
Community Development Block Grant 2,187
Debt Service Fund:
Public Project Refunding Bonds of 1999C 18,380
Capital Project Funds:
Dedicated Parks 251,570
Area and Unit Charge 6,024,110
MSA Construction - 424,672
1994 Construction 160,074
1997 Construction 1,126,034
1998 Construction 2,110,853
Town Center Project 963,216
General Tax Increment Administrative 4,529
Tax Increment Financing District 1-6 40,156
Tax Increment Financing District 1 -7 470,429
Tax Increment Financing District 1 -9 9,767
Tax Increment Financing District 3 -1 315,194
Agency Fund:
Investment Fund 126,482
$ 6,024,110 $ 6,024,110
Note 16 RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors
and omissions; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self - insurance program through the League of
Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to LMCIT. The City is subject
to supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through Workers
Compensation Reinsurance Association (WCRA) as required by law. For workers compensation, the City is
not subject to a deductible. The City's workers compensation coverage is retrospectively rated. With this type
of coverage, final premiums are determined after loss experience is known. The amount of premium
adjustment, if any, is considered immaterial and not recorded until received or paid.
Property and casualty insurance is provided through a pooled self - insurance program through the LMCIT.
The City pays an annual premium to the LMCIT. The City is subject to supplemental assessments if deemed
necessary by the LMCIT. The LMCIT reinsures through commercial companies for claims in excess of
various amounts. The City retains risk for the deductible portion of the insurance policies and for any
exclusions from the insurance policies. These amounts are considered immaterial to the financial statements.
39
Immo
Wow
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 16 RISK MANAGEMENT (CONTINUED)
The City continues to carry commercial insurance for all other risks of loss, including disability and employee
health insurance.
There were no significant reductions in insurance from the previous year or settlements in excess of insurance
coverage for any of the past three fiscal years.
Note 17 CONDUIT DEBT OBLIGATIONS
The City has issued Industrial Development Revenue Bonds to provide financial assistance to private- sector
entities for the acquisition and construction of industrial and commercial facilities which are deemed to be in
the public interest. The bonds are secured by the property financed and are payable solely from payments on
the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to
the private sector entity served by the bond issue. The City is not obligated in any manner for the repayment
of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
As of December 31, 1999, two series of Industrial Revenue Bonds were outstanding with aggregate remaining
principal balances of $2,730,000 and $5,200,000, respectively.
Note 18 COMMITTED CONTRACTS
At December 31, 1999, the City had the following commitments for uncompleted construction contracts:
Fund/Project Amount
General Fund:
1999 Sealcoating $ 41,742
Capital Project Funds:
Civic Complex Fund:
Civic Complex 4,475
1995 Construction Fund:
Otter Lake Road realingment 147,597
1996 Construction Fund:
21st Avenue Lift Station 16,293
Lake Drive Trunk Utilities, phase II 71,300
Note 19 LEASE COMMITMENT
The City of Lino Lakes entered into a lease agreement dated December 8, 1997 whereby the City constructed a
facility on property it already owned. Upon completion, this facility was leased to the Independent School
District No. 12 (ISD 12), the tenant, in January 1999 and will continue until June 30, 2009. The tenant's
payments are $110 per square foot per year for a total of $1,200,000 over the term of the lease. The schedule
of remaining payments is as follows:
2000 $ 112,500
2001 112,500
2002 112,500
2003 112,500
2004 112,500
Thereafter 525,000
$ 1,087,500
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 20 COMMITMENT — LAND PURCHASE
In January 2000, the City entered into an agreement to purchase approximately 9.85 acres for $472,651. This
land will be used for regional ponding purposes and wetland mitigation. This purchase will be funded by the
Surface Water Management Fund.
Note 21 JOINT FIRE VENTURE
The Centennial Fire District (the District) was established under a joint powers agreement between the City of
Lino Lakes and two other cities. The general purpose of the District is to provide fire protection services
including, but not limited to, fire prevention, firefighting and rescue service. Each member city is entitled to
appoint two commissioners to the District's Board.
Each calendar year participating cities are to pay the District its share of the total operating and capital budget
in accordance with a funding formula contained in Section VII of the joint powers agreement. The funding
formula takes into account each city's average number of calls, population, and total market value.
During 1999, the City of Lino Lakes' contributions to the District were as follows:
Operating $ 283,177
Capital 65,800
$ 348,977
Separate financial statements of the District can be obtained by contacting the Centennial Fire District.
The unaudited condensed financial statements of the District as of December 31, 1999 are as follows:
Total assets $ 1,396,314
Total liabilities 13,095
Total equity 1,383,219
Total operating revenue 506,384
Total operating expenses 432,495
41
COMBINING, INDIVIDUAL FUND AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
GENERAL FUND
The General fund accounts for all financial resources except those required to be accounted for in another
fund.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1999
With Comparative Amounts At December 31, 1998
Assets
Cash and investments
Accounts receivable
Due from other governmental units
Taxes receivable:
Delinquent
Due from County
Prepaid items
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Salaries payable
Contracts payable
Due to other governmental units
Deferred revenue
Total liabilities
Statement 6
1999 1998
$ 3,150,236
167,249
336,636
19,206
50,411
115,359
3,839,097
3,309,600
117,499
327,379
27,114
94,655
98,453
3,974,700
$ 157,838 $ 441,148
211,597 81,569
1,225
9,429 4,253
24,534 36,398
404,623 563,368
Fund balance:
Reserved for prepaid items 115,359 98,453
Unreserved:
Designated for general contingencies 761,335
Designated for cash flow reserve 3,319,115 1,696,600
Designated for employee benefits 214,857
Designated for state aid reductions 250,000
Designated for special programs 390,087
Total fund balance 3,434,474 3,411,332
Total liabilities and fund balance
3,839,097 $ 3,974,700
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 1 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
Revenue:
General property taxes:
Current and delinquent $ 2,560,937 $ 2,564,686 $ 3,749 5 2,446,468
Fiscal disparities 378,324 378,324 - 454,788
Excess tax increments 13,000 19,654 6,654 3,632
Total general property taxes 2,952,261 2,962,664 10,403 2,904,888
Licenses and permits:
Non - business 616,193 794,945 178,752 700,461
Business 26,050 28,774 2,724 26,138
Total licenses and permits 642,243 823,719 181,476 726,599
Intergovernmental:
Federal:
Other 44,000 47,123 3,123 510,044
State:
Local government aid - - 144,095
Local performance aid 17,600 17,631 31 18,233
Homestead credit 329,326 329,326 - 384,752
Mobile home homestead credit 3,461 3,461 3,446
Police state aid 95,000 112,587 17,587 97,920
MSA maintenance 120,000 139,940 19,940 132,788
Other 30,000 116,780 86,780 10,031
County/Regional:
Solid waste 35,000 32,397 (2,603) 34,120
Other - 140,808 140,808 44,634
Total intergovernmental 670,926 940,053 269,127 1,380,063
Charges for services:
General government 36,500 33,281 (3,219) 4,832
Planning/engineering 153,849 12,810 (141,039) 30,931
Recreation - 7,000 7,000 7,000
Fees retained from collection for
other governments - SAC /surcharge 4,000 6,179 2,179 3,906
Administrative charge - other funds 133,000 136,766 3,766 202,774
Aerial map charge - other funds 12,000 17,910 5,910 6,750
Public safety 26,000 64,564 38,564 91,292
Total charges for services 365,349 278,510 (86,839) 347,485
Fines and forfeits 100,000 87,434 (12,566) 102,489
Investment earnings 65,000 27,655 (37,345) 137,410
Refunds and reimbursements 40,000 74,095 34,095 49,975
Miscellaneous:
Gas franchise fees 42,000 43,852 1,852 37,233
Cable TV 17,000 26,610 9,610 19,711
Sale of property 20,000 70,916 50,916 7,321
Donations 5,000 5,100 100 9,189
Other 2,845 2,845
Total miscellaneous 84,000 149,323 65,323 73,454
Total revenue 4,919,779 5,343,453 423,674 5,722,363
43
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 2 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
- Expenditures:
General government:
Mayor and council:
Current
Personal services 5 35,890 S 31,287 $ (4,603) 5 32,646
Supplies 1,000 819 (181) 965
-. Other services and charges 25,100 28,264 3,164 26,661
Contractual Services 14,000 18,546 4,546 6,335
Total mayor and council 75,990 78,916 2,926 66,607
Elections:
Current
Personal services 7,640 5,438 (2,202) 10,794
Supplies 3,500 59 (3,441) 166
- Other services and charges 800 5,308 4,508 288
Capital outlay 1,200 - (1,200)
Total elections 13,140 10,805 (2,335) 11,248
.- Administration:
Current
Personal services 339,473 354,388 14,915 323,086
Supplies 6,039 10,392 4,353 3,095
Other services and charges 47,890 32,397 (15,493) 80,528
Contractual Services 3,600 3,313 (287) 38,630
Total administration 397,002 400,490 3,488 445,339
Finance:
Current
Personal services 135,700 113,483 (22,217) 131,109
- Supplies 1,900 2,224 324 1,919
Other services and charges 29,730 34,338 4,608 47,564
Contractual Services 60,750 60,653 (97) 55,435
Capital outlay 29,658 23,508 (6,150) 44,091
Total finance 257,738 234,206 (23,532) 280,118
Cable TV:
Current
Personal services 2,330 2,193 (137) 2,281
Supplies 200 7 (193) 555
Capital outlay 201 201 380
- Total cable TV 2,530 2,401 (129) 3,216
Consultants:
Current
Legal 115,000 117,706 2,706 130,689
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 3 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
General government: (continued)
Economic Development:
Current
Personal services $ 132,898 $ 134,480 $ 1,582 $ 181,792
Supplies 500 897 397 3,710
Other services and charges 21,900 144,408 122,508 81,715
Contractual services 24,300 1,869 (22,431) 38,674
Capital outlay 500 - (500) 1,347
Total economic development 180,098 281,654 101,556 307,238
Planning and zoning commission:
Current
Personal services 108,538 110,295 1,757
Supplies 700 537 (163) 48
Other services and charges 27,450 10,573 (16,877) 4,139
Contractual services 13,700 13,819 619 1,577
Total planning and zoning commission 150,388 135,224 (14,664) 5,764
Engineering/planning:
Current
Personal services 17,884 18,327 443 92,583
Supplies 3,500 329 (3,171) 1,627
Other services and charges 15,380 1,281 (14,099) 48,468
Contractual services 103,016 136,273 33,257 25,036
Capital outlay 642 642
Total engineering/planning 139,780 156,852 17,072 167,714
Senior Service
Current
Personal services 10,030 11,754 1,724
Other services and charges 240 284 44
Capital outlay 179 179
Total charter commission 10,270 12,217 1,947
Charter commission:
Current
Supplies 350 - (350) 35
Other services and charges 6,350 988 (5,362) 855
Total charter commission 6,700 988 (5,712) 890
General government buildings:
Current
Personal services 33,485 23,518 (9,967) 4,204
Supplies 27,770 19,714 (8,056) 17,883
Other services and charges 171,200 163,784 (7,416) 97,897
Contractual services 36,950 18,404 (18,546) 19,571
Capital outlay 108,105 114,190 6,085 1,890
Total general government buildings 377,510 339,610 (37,900) 141,445
Total general government
1,726,146 1,771,069
45,423 1,560,268
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 4 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
- Public safety:
Police:
Current
Personal services $ 1,382,004 $ 1,338,926 $ (43,078) S 1,198,819
Supplies 22,200 25,612 3,412 24,496
Other services and charges 87,200 96,649 9,449 87,612
Contractual services 21,820 24,781 2,961 19,928
Capital outlay 6,349 6,349 35
Total police 1,513,224 1,492,317 (20,907) 1,330,890
Fire protection:
Current
Contractual services 286,000 283,178 (2,822) 271,847
Building inspection:
Current
Personal services 141,160 144,126 2,966 132,624
Supplies 1,100 2,139 1,039 1,528
Other services and charges 7,650 3,200 (4,450) 2,453
Contractual services 30,200 33,209 3,009 39,556
Total building inspection 180,110 182,674 2,564 176,161
Umme
Total public safety
Public works:
Streets:
Current
Personal services
Supplies
Other services and charges
Contractual services
Capital outlay
Total streets
Fleet:
Current
Personal services
Supplies
Other services and charges
Contractual services
Total fleet
Total public works
1,979,334 1,958,169
274,953
88,010
54,630
102,740
520,333
(21,165) 1,778,898
232,667 (42,286) 249,010
78,797 (9,213) 19,104
54,685 55 52,481
81,722 (21,018) 168,425
1,537 1,537 -
449,408 (70,925) 489,020
72,042
117,030
14,290
203,362
70,703 (1,339) 66,653
89,886 (27,144) 103,970
18,048 3,758 13,513
25 25 -
178,662 (24,700) 184,136
723,695 628,070 (95,625) 673,156
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 5 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
Parks and recreation:
Parks:
Current
Personal services $ 309,018 $ 314,057 $ 5,039 $ 329,559
Supplies 35,030 43,230 8,200 34,876
Other services and charges 48,110 43,453 (4,657) 58,386
Contractual services 22,100 17,009 (5,091) 3,525
Capital outlay 65,824 49,788 (16,036) 175,670
Total parks 480,082 467,537 (12,545) 602,016
Recreation:
Current
Personal services 151,237 157,396 6,159 98,166
Supplies 5,000 4,048 (952) 4,323
Other services and charges 18,310 13,424 (4,886) 14,135
Contractual services 5,400 4,758 (642) 4,088
Total recreation 179,947 179,626 (321) 120,712
Total parks and recreation
660,029 647,163 (12,866) 722,728
Conservation of natural resources:
Forestry:
Current
Personal services 29,208 29,535 327 36,376
Supplies 2,510 91 (2,419) 930
Other services and charges 3,730 468 (3,262) 5,372
Contractual services 4,350 18,915 14,565 3,138
Capital outlay 22,500 14,102 (8,398) 28,120
Total forestry 62,298 63,111 813 73,936
Storm damage cleanup
Current
Personal services 28,776
Supplies - 400
Other services and charges 3,581 3,581 29,770
Contractual services 68,528 68,528 389,436
Total storm damage cleanup 72,109 72,109 448,382
Environmental:
Current
Personal services 29,208 28,878 (330) 29,526
Supplies 2,660 691 (1,969) 353
Other services and charges 6,900 7,474 574 2,727
Contractual services 32,400 38,156 5,756 17,998
Total environmental 71,168 75,199 4,031 50,604
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
• For the Year Ended December 31, 1999
(With Comparative Amounts For The Year Ended December 31, 1998)
Statement 7
Page 6 of 6
1999
Over (Under)
Budget Actual Budget
1998
Actual
— Conservation of natural resources: (continued)
Solid waste abatement:
Current
— Personal services $ 9,924 $ 7,875 $ (2,049) $ 1,611
Supplies 500 32 (468) 247
Other services and charges 8,180 2,142 (6,038) 5,441
Contractual services 11,200 12,615 1,415 9,059
Capital outlay 4,466
Total solid waste abatement 29,804 22,664 (7,140) 20,824
Total conservation of natural resources 163,270 233,083 69,813 593,746
Total expenditures 5,252,474 5,237,554 (14,420) 5,328,796
Revenue over expenditures (332,695) 105,899 438,094 393,567
Other financing sources (uses):
Operating transfer from Capital Projects Funds 155,783 155,783
Operating transfer to Capital Projects Funds (189,174) 189,174
Operating transfer to Special Revenue Fund (9,428)
▪ Operating transfer to Enterprise Fund (49,366) (49,366) (17,241)
Total other financing sources (uses) 155,783 (82,757) 139,808 (26,669)
▪ Net increase (decrease) in fund balance $ (176,912) 23,142 $ 577,902 366,898
Fund Balance
▪ Beginning of year, as previously stated 3,411,332 3,057,912
Prior period adjustment (13,478)
Beginning of year, as restated 3,411,332 3,044,434
Fund balance - December 31 $ 3,434,474 $ 3,411,332
IMIMF
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources that are
legally restricted to expenditures for particular purposes. The City maintained the following
Special Revenue Funds during the year.
Economic Development Authority - established to account for the receipt and uses of
funds for economic purposes.
Community Development Block Grant - to account for the financial activity related to
projects funded by CDBG programs.
Program Recreation - established to account for various self - supporting recreational
programs.
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
December 31, 1999
(With Comparative Totals For December 31, 1998)
Statement 8
Economic Community
Development Development Program Totals
Authority Block Grant Recreation 1999 1998
Assets
Cash and investments $ $ - $ 41.031 $ 41,031 $ 41,124
Due from other governments 1,230 - 1,230 2,314
Prepaid items 264
Total assets $ $ 1,230 $ 41.031 $ 42,261 $ 43,702
Liabilities and Fund Balance
Liabilities:
Interfund payable $ 567 $ 2,187 $ - $ 2,754 $ 1,224
Accounts payable 3.987 3,987 2,609
Salaries payable 1.559 1,559 2,649
Total liabilities 567 2,187 5.546 8,300 6,482
Fund balance:
Reserved for prepaid items 264
Unreserved:
Designated for recreation programs 35,485 35,485 36,956
Undesignated (567) (957) (1,524)
Total fund balance (567) (957) 35,485 33,961 37,220
Total liabilities and fund balance $ $ 1,230 $ 41,031 $ 42,261 $ 43,702
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1999
(With Comparative Totals For the Year Ended December 31, 1998)
Statement 9
Revenue:
Intergovernmental:
Federal:
CDBG
Charges for services:
Recreation fees
Administrative charge - other funds
Investment earnings
Total revenues
Economic Community
Development Development Program Totals
Authority Block Grant Recreation 1999 1998
$ 20,604 $ $ 20,604 $ 25,678
164,555 164,555 123,871
1,605
3 7 661 671 2,830
3 20,611 165,216 185,830 153,984
Expenditures:
General government:
Current:
Personal services 570 9,237 9,807 20,193
Other services and charges - 285 285 543
Contractual services 12,071 12,071 23,925
Parks, recreation and forestry:
Current:
Personal services - - 72,787 72,787 58,583
Supplies - 82,266 82,266 56,224
Other services and charges 2,643 2,643 1,466
Contractual services 144 144 235
Capital outlay - 9,086 9,086 2,955
Total expenditures 570 21,593 166,926 189,089 164,124
Revenue (under) expenditures (567) (982) (1,710) (3,259) (10,140)
Other financing sources:
Operating transfer from General Fund - - - - 9,428
Net (decrease) in fund balance (567) (982) (1,710) (3,259) (712)
Fund balance
Beginning of year, as previously stated - 25 37,195 37,220 38,123
Prior period adjustment - (191)
Beginning of year, as restated - 25 37,195 37,220 37,932
Fund balance - December 31 $ (567) $ (957) $ 35,485 $ 33,961 $ 37,220
CITY OF LINO LAKES, MINNESOTA
SPECIAL REVENUE FUND - PROGRAM RECREATION
STATEMENT OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1999
(With Comparative Totals For the Year Ended December 31, 1998)
Statement 10
1999
Over
(Under) 1998
Budget Actual Budget Actual
Revenue
Charges for services:
Recreation Fees $ 138,306 $ 164,555 $ 26,249 $ 123,871
Investment earnings 661 661 2,830
Total revenue 138,306 165,216 26,910 126,701
Expenditures:
Current:
Personal services
Supplies
Other services and charges
Contractual services
Capital outlay
Total expenditures
Net increase (decrease) in fund balance
Fund balance
Beginning of year, as previously stated
Prior period adjustment
Beginning of year, as restated
Fund balance - December 31
50,936
56,724
2,315
5,788
115,763
$ 22,543
72,787 21,851 58,583
82,266 25,542 56,224
2,643 328 1,466
144 144 235
9,086 3,298 2,955
166,926 51,163 119,463
(1,710) $ (24,253) 7,238
37,195 30,148
(191)
37,195 29,957
$ 35,485 $ 37,195
DEBT SERVICE FUNDS
The Debt Service Funds account for the accumulation of resources for, and the payment of,
interest, principal and related costs on general long -term debt.
The City's Debt Service Funds account for three types of bonded indebtedness:
• General Debt Bonds - are repaid primarily from property taxes.
• Improvement Bonds - are repaid primarily from special assessments.
• Public Facility Lease Revenue Bonds - are repaid primarily from lease
revenues received from the EDA leasing the buildings to the City of Lino Lakes
and other tenants.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1999
(With Comparative Totals For December 31, 1998)
Improvement Improvement Improvement Improvement
Bonds of Bonds of Bonds of Bonds of
1992A 1996A 1998A 1998B
Assets
Cash and investments $ 56,634 $ 956,768 $ 80,161 $ 117,395
Cash and investments
with escrow agent - -
Accrued Interest Receivable -
Accounts Receivable - -
Taxes receivable:
Delinquent - 567
Duc from County - -
Special assessments receivable:
Delinquent 921 2,052 -
Deferred 43,828 705,106 107,978 490,972
Due from County 230 - 90 2,093
Total assets $ 101,613 $ 1,663,926 $ 188,229 $ 611,027
Liabilities and Fund Balance
Liabilities:
Interfund payable $ $ - $ - $
Deferred revenue 44,749 707,158 107,978
Total liabilities 44,749 707,158 107,978
Fund balance
Reserved for debt retirement
Unreserved - undesignated
Total fund balance
Total liabilities and fund balance
491,539
491,539
56,864 956,768 80,251 119,488
56,864 956,768 80,251 119,488
$ 101,613 $ 1,663,926 $ 188,229 $ 611,027
Statement 11
Public Project Lease Improvement Public Project
Certificates Revenue Revenue Refunding Refunding
of Bonds Bonds Bonds Bonds Totals
Indebtedness of 1990A of 1998A of 1999A of I999C 1999
1998
29,726 232,748 $ 133,975 4,191 - $ 1,611,598 $ 1,346,775
412
490,338 1,686,484 12,098 2,188,920
1,957 20,722 48 22,727
- 412
591,915
1,596 741 1,089 3,993 2,660
4,567 1,823 4,023 - 10,413 8,876
2,973 230
1,347,884 1,345,186
2,413 44,906
35,889 $ 235,724 $ 631,382 $ 1,711,397 $ 12,146 $ 5,191,333 S 3,340,548
- - $ 18,380 $ 18,380 $ 3,254
1,596 741 1,089 1,354,850 1,348,076
1,596 741 1,089 18,380 1,373,230 1,351,330
34,293 234,983 630,293 1,711,397 3,824,337 1,989,218
- - (6,234) (6,234) -
34,293 234,983 630,293 1,711,397 (6,234) 3,818,103 1,989,218
35,889 $ 235,724 $ 631,382 1,711,397 $ 12,146 $ 5,191,333 $ 3,340,548
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
For the Year Ended December 31, 1999
With Comparative Totals For The Year Ended December 31, 1998
Revenue:
General property taxes:
Current and delinquent
Fiscal disparities
Intergovernmental:
State:
HACA and equalization aid
Special assessments:
Current and delinquent
Prepayments
Penalties and interest
Investment earnings
Lease Revenue
Total revenue
Improvement Improvement Improvement Improvement
Bonds of Bonds of Bonds of Bonds of
1992A 1996A 1998A 1998B
28,739
5,624
34
34,397
$ S $ 113,667
16,967
797,258
14,770
13,353 -
66,263
5,958 2,292
803,216 15,645
211,667
Expenditures:
Debt service:
Principal 270,000 625,000 - -
Interest 153,850 194,550 198,225 92,703
Refunding bond issuance costs - -
Fiscal charges 750 2,049 125 125
Total expenditures 424,600 821,599 198,350 92,828
Revenue over (under) expenditures
(390,203) (18,383)
(182,705) 118,839
Other financing sources (uses):
Operating transfer from Capital Project Funds 423,850
Bond proceeds -
Payment to refunding bond escrow
Total other financing sources (uses) 423,850
Net increase (decrease) in fund balance 33,647 (18,383) (182,705) 118,839
Fund balance
Beginning of year, as previously stated 23,217 975,151 262,956 649
Prior period adjustment - -
Beginning of year, as restated 23,217 975,151 262,956 649
Fund balance - December 31 $ 56,864 $ 956,768 $ 80,251 $ 119,488
Statement 12
Public Project Lease Improvement Public Project
Certificates Revenue Revenue Refunding Refunding
of Bonds Bonds Bonds Bonds Totals
Indebtedness of 1990A of 1998A of 1999A of 1999C 1999 1998
$ 243,865 $ 96,171 $ 218,508 $ $ $ 672,211 $ 234,278
36,213 14,226 32,617 100,023 43,784
31,523 12,383 28,392 87,068 37,042
839,350 222,000
71,887 526,394
- - - - 34 262
_ 794 5,371 21,592 20,748 149 56,904 70,563
- 112,500 - - 112,500 -
312,395 128,151 413,609 20,748 149 1,939,977 1,134,323
245,734 50,000 - 1,190,734 740,000
46,551 68,237 267,118 - - 1,021,234 489,581
- - 29,224 16,981 46,205 -
1,235 2,956 - 1,400 8,640 8,072
292,285 119,472 270,074 29,224 18,381 2,266,813 1,237,653
20,110 8,679 143,535 (8,476) (18,232) (326,836) (103,330)
- - - 423,850 419,000
_
961,098 1,719,873 11,998 2,692,969 665,959
(961,098) - - (961,098)
- 1,719,873 11,998 2,155,721 1,084,959
20,110 8,679 143,535 1,711,397 (6,234) 1,828,885 981,629
14,183 226,304 486,758 1,989,218 1,009,512
(1,923)
14,183 226,304 486,758 1,989,218 1,007,589
$ 34,293 $ 234,983 $ 630,293 $ 1,711,397 $ (6,234) $ 3,818,103 $ 1,989,218
CAPITAL PROJECT FUNDS
Capital Project Funds account for the acquisition or construction of major capital facilities other
than those financed by Proprietary Funds and Trust Funds. The City maintained the following
Capital Project Funds during the year:
Capital Improvement Projects - to account for the proceeds from Equipment Certificates.
Closed Bond Fund - to account for excess funds from matured bond issues.
Dedicated Parks - to account for the receipt and use of monies collected from dedicated
parks fees.
Area and Unit Charge - to account for the collection of water and sewer unit charges to be
used for debt payments and construction of infrastructure.
MSA Construction - to account for the collection of assessments on MSA projects.
Street Reconstruction — to account for the financing of future reconstruction of City
streets.
Sealcoating - to account for money received from assessments and developer deposits for
future street sealcoating projects.
Surface Water Management - to account for the financing of surface water management
and storm water improvements.
SAC Revolving - to account for refunds from the Metropolitan Council Environmental
Service for properties that paid Sewer Area Charges (SAC) that will be collected in the
future.
Construction Funds - to account for the construction of public improvements.
Town Center Project - to account for costs associated with the construction of the City
Town Center project.
Civic Center Project - to account for costs associated with the construction of the Civic
Complex project
Tax Increment - to account for development projects financed with tax increments.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals for December 31, 1998
Area
Capital Closed and
Improvement Bond Dedicated Unit MSA Street
Projects Fund Parks Charge Construction Reconstruction
Assets
Cash and investments S 98,423 $ 633,274 $ 286,726 $ 1,200,953 $ $ 246,664
Cash and investments with escrow agent -
Accrued interest receivable
Accounts receivable 16,805
Interfund receivable 6,024,110
Taxes receivable:
Due from County
Delinquent tax increment
Special assessments receivable:
Delinquent 4,441 1,255 12
Deferred 48,386 2,455,647 200,147
Due from County 590 2,375 -
Prepaid items -
Land held for resale
Total assets
Liabilities and Fund Balance
$ 98,423 $ 686,691 $ 286,726 $ 9,701,145 S $ 446,823
Liabilities:
Interfund payable $ $ $ 251,570 $ - $ 424,672 S
Accounts payable 5,125 75,498 39,684 209
Retainage payable -
Due to other governmental units
Deferred revenue 52,827 2,456,902 200,159
Total liabilities 57,952 327,068 2,496,586 424,881 200,159
Fund balance (deficit):
Reserved for prepaid items
Reserved for land held for resale
Unreserved:
Designated:
Capital improvements 7,204,559 246,664
Equipment acquisition
Park improvements
Undesignated 98,423 628,739 (40,342) (424,881)
Total fund balance (deficit) 98,423 628,739 (40,342) 7,204,559 (424,881) 246,664
Total liabilities and fund balance $ 98,423 $ 686,691 $ 286,726 $ 9,701,145 $ $ 446,823
56
Statement 13
Page 1 of 3
Surface
Water SAC Interim
Sealcoating Management Revolving Construction
$ 66,009 $ 1,336,949 $ 347,194 $ 204,020
10
190,060
202
328,235
487
$ 256,079 S 1,665,873 $ 347,194 $ 204,020
$
692
8,723
190,070
$
8,735
328,437
199,485 337,172
$
56,594 1,328,701 204,020
347,194
56,594 1,328,701 347,194 204,020
$ 256,079 $ 1,665,873 $ 347,194 $ 204,020
57
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals for December 31, 1998
Assets
Cash and investments
Cash and investments with escrow agent
Accrued interest receivable
Accounts receivable
Interfund receivable
Taxes receivable:
Due from County
Delinquent tax increment
Special assessments receivable:
Delinquent
Deferred
Due from County
Prepaid items
Land held for resale
Town
1994 1995 1996 1997 1998 Center
Construction Construction Construction. Construction Construction Project
$ 9,024 $ 659,840 S $ $
989,506
Total assets $ $ 9,024 $ 659,840 $ $ $ 989,506
Liabilities and Fund Balance
Liabilities:
Interfund payable $ 160,074 $
Accounts payable 276,145
Retainage payable -
Due to other governmental units
Deferred revenue
Total liabilities 436,219
$ $ 1,126,034 $ 2,110,853 $ 963,216
44 9,993 249,776 120,000
69,472 219,323
44 1,205,499 2,579,952 1,083,216
Fund balance (deficit):
Reserved for prepaid items
Reserved for land held for resale 989,506
Unreserved:
Designated:
Capital improvements 9,024 659,796
Equipment acquisition
Park improvements -
Undesignated (436,219) (1,205,499) (2,579,952) (1,083,216)
Total fund balance (deficit) (436,219) 9,024 659,796 (1,205,499) (2,579,952) (93,710)
Total liabilities and fund balance $ $ 9,024 $ 659,840 $ $ $ 989,506
58
Statement 13
Page 2 of 3
Civic Town General
Center Center Tax Increment
Project Infrastructure Administrative
$ 140,751
2,571
10
ill
37,862
$ 143,332 $ 37,862 $
INNEN
$ - $ $ 4,529
41,191 2,655
— 52,918
94,109 7,184
49,223 37,862
49,223
(7,184)
37,862 (7,184)
143,332 $ 37,862
59
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals for December 31, 1998
Tax Tax Tax Tax Tax Tax
Increment Increment Increment Increment Increment Increment
Financing Financing Financing Financing Financing Financing
1 -4 1 -5 1 -6 1 -7 1 -8 1 -9
Assets
Cash and investments $ 43,340 $ 35,130 $ $ $ 21,907 $
Cash and investments with escrow agent - -
Accrued interest receivable
Accounts receivable - -
Interfund receivable -
Taxes receivable:
Due from County 8 13,230
Delinquent tax increment 170 160 48 1,485
Special assessments receivable:
Delinquent -
Deferred
Due from County
Prepaid items
Land held for resale -
Total assets
Liabilities and Fund Balance
43,518 $ 35,290 $ 48 $ 14,715 $ 21,907
Liabilities:
Interfund payable $ $ - $ 40,156 $ 470,429 $ - $ 9,767
Accounts payable 960 24,009 380 1,298 823 2,129
Retainage payable - - - -
Due to other governmental units - - -
Deferred revenue 170 160 48 1,485
Total liabilities 1,130 24,169 40,584 473,212 823 11,896
Fund balance (deficit):
Reserved for prepaid items
Reserved for land held for resale
Unreserved:
Designated:
Capital improvements
Equipment acquisition
Park improvements
Undesignated
Total fund balance (deficit)
42,388 11,121
42,388 11,121
(40,536)
(40,536)
(458,497)
(458,497)
21,084
21,084
(11,896)
(11,896)
Total liabilities and fund balance $ 43,518 $ 35,290 $ 48 $ 14,715 $ 21,907 $
60
Statement 13
Page 3 of 3
Tax
Increment
Financing Totals
3-1 1999 1998
3,985
$ 5,368,066 $ 8,925,700
2,571 4,864,174
10 17,740
16,805 35,881
6,024,110 3,205,002
13,238 4,024
5,848 13,439
5,920 9,769
3,222,475 2,676,820
3,452 64,094
949
989,506 989,506
S 3,985 $ 15,652,001 $ 20,807,098
315,194 S 5,876,494 $ 3,051,986
1,076 860,422 1,327,686
350,436 423,255
214,640
3,985 3,234,243 2,700,028
320,255 10,321,595 7,717,595
(316,270)
(316,270)
- 949
989,506 989,506
9,849,952
(5,509,052)
5,330,406
13,802,691
33,664
293,383
(2,030,690)
13,089,503
$ 3,985 $ 15,652,001 $ 20,807,098
61
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1999
With Comparative Totals For The Year Ended December 31, 1998
Revenue:
General property taxes:
Current and delinquent
Tax increments
Intergovernmental:
Federal:
Other
State:
MSA construction
Special assessments:
Current and delinquent
Prepayments
Penalties and interest
Utility Charges
Investment earnings
Refunds and reimbursements
Miscellaneous
Rental payments
Park dedication fees
Sale of property
Total miscellaneous
Total revenue
Expenditures:
Current:
General government:
Capital Closed Area and
Improvement Bond Dedicated Unit MSA
Projects Fund Parks Charge Construction
165,722 - 401,733
5,456 555,410
464 - 1,286
119,294
1,580 5,463 3,127 115,989
52,605
52,605
54,185 177,105
39,126
39,126
42,253
1,193,712
Contractual services - 7,313 10,335 128,078
Public works:
Contractual services 1,392 - -
Capital outlay:
General government 5,250 -
Public safety 173,149 -
Public works 87,890
Parks, recreation and forestry 57,179 - 1,021,087
Debt service:
Interest - - - -
Construction/acquisition 204,888 98,114
Total expenditures 324,860 7,313 1,031,422 332,966 98,114
Revenue over(under)expenditures (270,675) 169,792 (989,169) 860,746 (98,114)
Other financing sources (uses):
Operating transfer from Capital Project Funds - 55,444
Operating transfer (to) from General Fund - - - (155,783)
Operating transfer to Debt Service Funds - - (423,850)
Operating transfer to Capital Project Funds
Contract for deed proceeds - 600,000
Bond proceeds 307,570 - -
Total other financing sources (uses) 307,570 655,444 (579,633)
Net increase (decrease) in fund balance 36,895 169,792 (333,725) 281,113 (98,114)
Fund balance (deficit)
Beginning of year, as previously stated 61,528 458,947 293,383 6,923,446 (326,767)
Prior period adjustment
Beginning of year, as restated 61,528 458,947 293,383 6,923,446 (326,767)
Residual equity transfer in
Residual equity transfer out
Fund balance (deficit) - December 31
$ 98,423 $ 628,739 $ (40,342) $ 7,204,559 $ (424,881)
Statement 14
Page 1 of 3
Surface
Street Water SAC Interim
Reconstruction Sealcoating Management Revolving Construction
IMO. $ $ $ $ $
OMNI
IMMO
51,557 7,826 117,384
33,713 82,644 138,011
- 106 320
1,954 1,272 12,321 3,641 344
44,951 - 9
87,224 136,799 268,036 3,641 353
13,881 3,847
12,479
210,452
210,452 26,360 3,847
87,224 (73,653) 241,676 (206) 353
33,730 185,317
33,730 - - 185,317
120,954 (73,653) 241,676 (206) 185,670
125,710 130,247 1,087,025 347,400 18,350
125,710 130,247 1,087,025 347,400 18,350
$ 246,664 $ 56,594 S 1,328,701 $ 347,194 S 204,020
63
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1999
With Comparative Totals For The Year Ended December 31, 1998
Revenue:
General property taxes:
Current and delinquent
Tax increments
Intergovernmental:
Federal:
Other
State:
MSA construction
Special assessments:
Current and delinquent
Prepayments
Penalties and interest
Utility Charges
Investment earnings
Refunds and reimbursements
Miscellaneous
Rental payments
Park dedication fees
Sale of property
Total miscellaneous
Total revenue
1994 1995 1996 1997 1998
Construction Construction Construction Construction Construction
94 6,866 1,029
94 6,866
1,029
Expenditures:
Current:
General government:
Contractual services
Public works:
Contractual services -
Capital outlay:
General government
Public safety -
Public works °
Parks, recreation and forestry
Debt service:
Interest °
Construction/acquisition 301,260 1,432 817,072 3,786,523
Total expenditures 301,260 1,432 817,072 3,786,523
Revenue over (under) expenditures (301,260) 94 5,434 (817,072) (3,785,494)
Other financing sources (uses):
Operating transfer from Capital Project Funds -
Operating transfer (to) from General Fund -
Operating transfer to Debt Service Funds
Operating transfer to Capital Project Funds -
Contract for deed proceeds
Bond proceeds
Total other financing sources (uses)
Net increase (decrease) in fund balance (301,260) 94 5,434 (817,072) (3,785,494)
Fund balance (deficit)
Beginning of year, as previously stated (134,959) 8,930 654,362 (388,427) 1,205,542
Prior period adjustment -
Beginning of year, as restated (134,959) 8,930 654,362 (388,427) 1,205,542
Residual equity transfer in
Residual equity transfer out
Fund balance (deficit) - December 31 $ (436,219) $ 9,024 $ 659,796 $ (1,205,499) $ (2,579,952)
mom
WIMP
Nam
UMW
Statement 14
Page 2 of 3
Town Civic Town General
Center Center Center Tax Increment
Project Project Infrastructure Administrative
34,490
3,120
34,490 3,120
7,184
197,073 3,155,170 3,144
197,073 3,155,170 3,144 7,184
(197,073) (3,120,680) (24) (7,184)
94,173 -
100,000 -
(279,490)
194,173 (279,490)
(197,073) (2,926,507) (279,514) (7,184)
103,363 2,975,730 317,376
103,363 2,975,730 317,376
(93,710) $ 49,223 S 37,862 $ (7,184)
65
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES [N FUND BALANCE
For The Year Ended December 31, 1999
With Comparative Totals For The Year Endcd December 31, 1998
Tax Increment Tax Increment Tax Increment Tax Increment Tax Increment
Financing Financing Financing Financing Financing
1 -4 1 -5 1 -6 1 -7 1-8
Revenue:
General property taxes:
Current and delinquent $ - $ - $ - $ • $
Tax increments 45,738 26,203 8,273 281,480 26,925
Intergovernmental:
Federal:
Other - - - -
State:
MSA construction - - - - -
Special assessments:
Current and delinquent - - - -
Prepayments - - - -
Penalties and interest 928 168 - - -
Utility Charges - - -
Investment earnings - - -
Refunds and reimbursements - - - - -
Miscellaneous
Rental payments - - -
Park dedication fees - - -
Sale of property - - - -
Total miscellaneous - -
Total revenue 46,666 26,371 8,273 281,480 26,925
Expenditures:
Current:
General government:
Contractual services 97,675 24,075 14,756 269,385 890
Public works:
Contractual services - - - -
Capital outlay:
General government - - - -
Public safety - - - -
Public works - - - - -
Parks, recreation and forestry - - - -
Debt service:
Interest - - - - -
Construction/acquisition - Total expenditures 97,675 24,075 14,756 269,385 890
Revenue over (under) expenditures (51,009) 2,296 (6,483) 12,095 26,035
Other financing sources (uses):
Operating transfer from Capital Project Funds - - - - -
Operating transfer (to) from General Fund - - - -
Operating transfer to Debt Service Funds - - - - -
Operating transfer to Capital Project Funds - - - - -
Contract for deed proceeds - - - - -
Bond proceeds - - - - -
Total other financing sources (uses) - - -
Nct increase (decrease) in fund balance
Fund balance (deficit)
Beginning of year, as previously stated
Prior period adjustment
Beginning of year, as restated
Residual equity transfer in
Residual equity transfer out
(51 ,009)
93,397
93,397
2,296 (6,483) 12,095
8,825 (34,053) (470,592)
8,825 (34,053) (470,592)
26,035
(4,951)
(4,951)
Fund balance (deficit). December 31 $ 42,388 $ 11,121 $ (40,536) $ (458,497) $ 21,084
ITIew
IMIIIN
limmo
Statement 14
Page 3 of 3
Tax Increment Tax Increment
Financing Financing Totals
1 -9 3 -1 1999 1998
$ $ - $ $ 806
448,417 837,036 660,943
744,222
815,234
48,871
119,294
145,691
44,960
2,822
965,581
406,765
1,816,573
1,305
178,080
908,818
30,663
52,605 44,100
39,126 23,558
99,469
91,731 167,127
448,417 2,847,039 5,139,483
5,266 407,008 989,693 955,063
1,392
5,266
(5,266)
5,250
173,149
100,369
1,078,266
8,775,128
407,008 11,123,247
41,409 (8,276,208)
368,664
(55,783)
(703,340)
600,000
307,570
517,111
(5,266) 41,409 (7,759,097)
(6,630) (357,679) 13,089,503
(6,630) (357,679) 13,089,503
5,409
153,335
70,727
134,935
30,129
12,468,230
13,817,828
(8,678,345)
1,884,492
(2,123,492)
11,140,041
10,901,041
2,222,696
10,933,272
(66,465)
10,866,807
815,507
(815,507)
$ (11,896) $ (316,270) $ 5,330,406 $ 13,089,503
67
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a manner
similar to private business enterprises. The intent of the government's council is the cost of
providing goods or services to the general public on a continuing basis be financed or recovered
primarily through user charges; or where the government's council has decided that periodic
determination of net income is appropriate for accountability purposes. The City maintained the
following Enterprise Funds during the year:
Water Fund - to account for customer water service charges that are used to finance water
operating expenses.
Sewer Fund - to account for customer sewer service charges that are used to finance sewer
operating expenses.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
December 31, 1999
With Comparative Totals For December 31, 1998
Statement 15
Assets
Totals
Water Sewer 1999
1998
Current assets:
Cash and cash equivalents $ 165,338 $ 638,748 $ 804,086 $ 708,666
Cash and investments with escrow agent 652,895 652,895 -
Accrued interest receivable 8,321 8,321
Accounts receivable 104,037 101,539 205,576 268,447
Special assessments receivable:
Due from county 1,541 1,541 3,435
Prepaid items 1,438 3,312 4,750 35,829
Total current assets 933,570 743,599 1,677,169 1,016,377
Long term assets:
Special assessments, long term 309,865 309,865 295,537
Fixed assets:
Buildings 48,690 - 48,690 48,690
Equipment 117,299 135,102 252,401 208,978
Water and sewer systems 13,562,557 15,279,729 28,842,286 24,230,678
Total fixed assets 13,728,546 15,414,831 29,143,377 24,488,346
Less: Allowance for depreciation (1,371,283) (1,696,474) (3,067,757) (2,552,406)
Net fixed assets 12,357,263 13,718,357 26,075,620 21,935,940
Total assets $ 13,600,698 $ 14,461,956 $ 28,062,654 $ 23,247,854
Liabilities and Fund Equity
Current liabilities:
Accounts payable $ 40,774 $ 2,273 $ 43,047 $ 21,897
Salaries payable 5,540 7,043 12,583 5,366
Accrued interest payable 99,086 - 99,086 92,724
Due to other governmental units 3,609 3,609 8,840
Bonds payable - current portion 210,000 210,000 205,000
Total current liabilities 359,009 9,316 368,325 333,827
Long -term liabilities:
Bonds payable - long term 4,340,000 - 4,340,000 3,870,000
Compensated absences - payable 8,447 3,770 12,217 12,218
Total liabilities 4,707,456 13,086 4,720,542 4,216,045
Fund equity:
Contributed capital
Retained earnings
Total fund equity
8,760,643
132,599
8,893,242
13,628,456
820,414
14,448,870
22,389,099 18,190,064
953,013 841,745
23,342,112 19,031,809
Total liabilities and fund equity $ 13,600,698 $ 14,461,956 $ 28,062,654 $ 23,247,854
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENSES
AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1999
With Comparative Totals For The Year Ended December 31, 1998
Statement 16
Totals
Water Sewer 1999 1998
Operating revenue:
Charges for services $ 453,092 $ 679,020 $ 1,132,112 $ 1,188,284
Hook -up charges 33,885 27,150 61,035 48,150
Water meter sales 68,172 68,172 36,020
Other operating revenue 219 7,353 7,572 33,243
Total operating revenue 555,368 713,523 1,268,891 1,305,697
Operating expenses:
Personal services 118,413 120,254 238,667 176,155
Materials and supplies 132,316 5,536 137,852 78,145
Contractual services 69,228 29,329 98,557 46,270
Repair and maintenance - 1,568 1,568 180,012
MCES sewer charges 368,937 368,937 326,619
Depreciation:
Purchased assets 91,399 11,378 102,777 52,061
Contributed assets 165,445 247,128 412,573 322,807
Utilities 51,315 20,052 71,367 77,328
Other 9,656 3,486 13,142 5,352
Total operating expenses 637,772 807,668 1,445,440 1,264,749
Net income (loss) from operations (82,404) (94,145) (176,549) 40,948
Other income (expense):
Investment earnings 8,873 5,795 14,668 36,310
Special assessments 41,877 133 42,010 566
Loss on disposal of assets - - - (2,375)
Bond interest (228,000) - (228,000) (223,582)
Paying agent fees (2,800) (2,800) (1,600)
Total other income (expense) (180,050) 5,928 ( 174, 122) (190,681)
Net income (loss) before operating transfers (262,454) (88,217) (350,671) (149,733)
Operating transfers:
Operating transfer from General Fund 49,366 - 49,366 17,241
Operating transfer to Capital Projects Fund - - - (180,000)
Total operating transfers 49,366 49,366 (162,759)
Net income (loss) (213,088) (88,217) (301,305) (312,492)
Credit arising from transfer of depreciation
to contributed capital 165,445 247,128 412,573 322,807
Retained earnings (deficit)
Beginning balance, as previously stated 180,242 661,503 841,745 1,492,588
Prior period adjustment - (5,875)
Beginning balance, as restated 180,242 661,503 841,745 1,486,713
Residual equity transfer to Sewer Fund (655,283)
Retained earnings - December 31
132,599 $ 820,414 $ 953,013 $ 841,745
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1999
With Comparative Totals For The Year Ended December 31, 1998
Statement 17
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation
Change in assets and liabilities:
Decrease (increase) in receivables
Decrease (increase) in prepaid items
Increase (decrease) in payables
Net cash flows from operating activities
Cash flows from noncapital financing activities:
Operating transfer from General Fund
Operating transfer to Capital Project Funds
Net cash flows from noncapital financing activities
Totals
Water Sewer 1999 1998
$ (82,404) $ (94,145) $ (176,549) $ 40,948
256,844 258,506
515,350 374,868
(2,688) 44,804 42,116 118,002
(175) 31,254 31,079 (3,233)
44,189 (14,691) 29,498 (181,222)
215,766 225,728 441,494 349,363
49,366
49,366
Cash flows from capital and related financing activities:
Principal paid on revenue bonds (205,000)
Proceeds from issuance of refunding bonds 680,000
Investment with escrow agent (652,895)
Collection of special assessments 41,877
Interest and paying agent fees on revenue bonds (230,800)
Acquisition of fixed assets (2,659)
Net cash flows from capital and related financing activities (369,477)
133
(40,764)
(40,631.)
49,366 17,241
(180,000)
49,366 (162,759)
(205,000) (140,000)
680,000
(652,895) -
42,010 35,245
(230,800) (225,182)
(43,423) (78,933)
(410,108) (408,870)
Cash flows from investing activities:
Prior period adjustment to fair values - (5,875)
Interest on investments 8,873 5,795 14,668 36,310
Net cash flows from investing activities: 8,873 5,795 14,668 30,435
Net increase (decrease) in cash and cash equivalents (95,472) 190,892 95,420 (191,831)
Cash and cash equivalents - January 1 260,810 447,856 708,666 900,497
Cash and cash equivalents - December 31 $ 165,338 $ 638,748 $ 804,086 $ 708,666
- Water lines in the amount of $1,627,968 were contributed to the Water Fund in 1999.
- Sewer lines in the amount of $2,983,640 were contributed to the Sewer Fund in 1999.
Nano
AGENCY FUNDS
Agency Funds are used to account for assets held by the City as an agent for individuals, private
organizations, other governments and/or other funds. The City maintained the following Agency
Funds during the year:
Contractor's Deposits - to account for pass - through costs relating to prospective
developers.
Pending Assessments Deposits - to account for prepayment of special assessments by
developers prior to Council adoption.
Investment Fund - to account for the pooling of investments of the City.
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1999
(With Comparative Totals For December 31, 1998)
Statement 18
Pending
Contractors Assessment Investment Totals
Deposits Deposits Fund 1999 1998
Assets
Cash and investments $ 441,644 $ 24,920 $ - $ 466,564 $ 298,720
Accrued interest receivable 127,024 127,024 148,538
Deposits receivable 10,520 - 10,520 115,319
Total assets $ 452,164 $ 24,920 $ 127,024 $ 604,108 $ 562,577
Liabilities
Interfund payable $ - $ - $ 126,482 $ 126,482 $ 148,538
Accounts payable 49,498 542 50,040 6,710
Deposits payable 402,666 24,920 427,586 407,329
Total liabilities $ 452,164 $ 24,920 $ 127,024 $ 604,108 $ 562,577
71
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1999
Statement 19
Contractors deposits:
Assets
Cash and investments
Deposits receivable
Total assets
Liabilities
Accounts payable
Deposits payable
Total Liabilities
Balance Balance
January 1, December 31,
1999 Additions Deletions 1999
$ 256,012 $ 924,138 $ 738,506 $ 441,644
115,319 10,520 115,319 10,520
$ 371,331 $ 934,658 $ 853,825 $ 452,164
6,710 $ 557,856 $ 515,068 $ 49,498
364,621 1,191,950 1,153,905 402,666
371,331 $ 1,749,806 $ 1,668,973 $ 452,164
Pending Assessment Deposits:
Assets
Cash and investments $ 42,708 $ 74,045 $ 91,833 $ 24,920
Liabilities
Deposits payable
Investment Fund:
Assets
Accrued interest receivable
42,708 $ 79,819 $ 97,607 $ 24,920
$ 148,538 $ 131,466 $ 152,980 $ 127,024
Liabilities
Interfund payable $ 148,538 $ 126,482 $ 148,538 $ 126,482
Accounts payable 542 542
Total Liabilities $ 148,538 $ 127,024 $ 148,538 $ 127,024
Totals -All Trust and Agency Funds:
Assets
Cash and investments $ 298,720 $ 998,183 $ 830,339 $ 466,564
Accrued interest receivable 148,538 131,466 152,980 127,024
Deposits receivable 115,319 10,520 115,319 10,520
Total assets $ 562,577 $ 1,140,169 $ 1,098,638 $ 604,108
Liabilities
Interfund payable
Accounts payable
Deposits payable
Total liabilities
148,538 $ 127,024 $ 148,538 $ 127,024
6,710 557,856 515,068 49,498
407,329 1,271,769 1,251,512 427,586
562,577 $ 1,956,649 $ 1,915,118 $ 604,108
72
GENERAL FIXED ASSETS ACCOUNT GROUP
The City maintains a separate account group for the fixed assets used in the governmental fund
type operations. They are assets of the City as a whole and not of individual funds.
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
For the Year Ended December 31, 1999
Statement 20
Balance Balance
January 1, December 31,
1999 Additions Deletions 1999
Land and improvements $ 1,097,476 $ 1,140,279 $ 29,000 $ 2,208,755
Buildings 1,746,068 4,757,699 85,000 6,418,767
Office equipment and furniture 355,603 436,657 2,509 789,751
Vehicles 952,881 206,433 139,982 1,019,332
Machinery and Shop Equipment 545,915 4,061 - 549,976
Other 635,435 68,602 - 704,037
Totals $ 5,333,378 $ 6,613,731 $ 256,491 $ 11,690,618
Investment in General Fixed Assets from:
General Fund $ 644,703
Special Revenue Funds 1,866
Capital Project Funds 8,834,860
Grants 45,252
Donations 69,746
Debt Service Funds 61,400
Assets acquired before January 1, 1992 2,032,791
Total investment in General Fixed Assets $ 11,690,618
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
As of December 31, 1999
Statement 21
Office Machinery
Land Equipment and
and and Shop Other
Improvements Buildings Furniture Vehicles Equipment Improvements Total
General government:
Administration/finance $ $ $ 77,298 $ $ $ $ 77,298
Elections 21,531 - 21,531
Economic development 5,021 19,201 24,222
Engineering/planning - 13,107 32,330 45,437
- Government buildings 910,155 6,405,809 443,765 - 6,810 21,879 7,788,418
Senior center - 8,628 8,628
Total general government 910,155 6,405,809 569,350 51,531 6,810 21,879 7,965,534
-
Public safety:
Police 131,840 333,529 3,000 105,655 574,024
Building inspection - 6,459 - 6,459
Total public safety 131,840 339,988 3,000 105,655 580,483
Public works:
Streets 12,958 4,629
Shop - 1,012
Surface water management -
Total public works 12,958 5,641
Parks, recreation and forestry:
Parks, recreation and forestry
Total parks, recreation and forestry
1,298,600
1,298,600
82,920
82,920
511,608
511,608
291,853
35,528
16,662
344,043
116,205 196,123
116,205 196,123
821,048
36,540
16,662
874,250
576,503 2,270,351
576,503 2,270,351
Totals $ 2,208,755 $ 6,418,767 $ 789,751 $ 1,019,332 $ 549,976 $ 704,037 $ 11,690,618
ammo
74
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
For The Year Ended December 31, 1999
Statement 22
Balance
January 1,
1999
Transfers
Balance
December 31,
Additions Deletions 1999
General government:
Administration/finance $ 48,033 $ (2,181) $ 43,581 $ 12,135 $ 77,298
Elections 21,531 - 21,531
Economic development 21,729 2,493 24,222
Engineering/planning 42,344 - 3,093 45,437
Government buildings 2,586,996 (3,947) 5,320,129 114,760 7,788,418
Senior center 2,500 6,128 - 8,628
Total general government 2,723,133 5,369,296 126,895 7,965,534
Public safety:
Police 499,780 114,000 39,756 574,024
Building inspections 6,459 6,459
Total public safety 506,239 114,000 39,756 580,483
Public works:
Streets 777,509
Shop 35,528
Surface water management 16,662
Total public works 829,699
Parks, recreation and forestry:
Parks, recreation and forestry
Total parks, recreation and forestry
1,274,307
1,274,307
1,012
105,506 61,967
1,012 105,506
(1,012) 1,024,929
(1,012) 1,024,929
61,967
27,873
27,873
821,048
36,540
16,662
874,250
2,270,351
2,270,351
Totals $ 5,333,378 $ - $ 6,613,731 $ 256,491 $ 11,690,618
75
GENERAL LONG -TERM DEBT ACCOUNT GROUP
The General Long -Term Debt Account Group is used to account for long -term debt of the City
_ other than debt recorded in the Enterprise Funds.
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF GENERAL LONG -TERM DEBT
December 31, 1999
Statement 23
December 31,
1999 1998
Amount Available And To Be Provided For The
Retirement of General Long -Term Debt:
Amount available in Debt Service Fund $ 3,818,103 $ 1,989,218
Amount to be provided - future tax levies /assessments /tax increment collections
18,853,001 19,176,780
Total available and to be provided $ 22,671,104 $ 21,165,998
General Long -Term Debt Payable:
Bonds payable:
General Obligation Bonds:
1996 Equipment Certificates - 75,000
1997 Equipment Certificates 75,000 150,000
1998 Equipment Certificates 192,000 287,734.00 —
1999 Equipment Certificates 307,570 -
Public Project Revenue Bonds - 1990A - 1,000,000
Civic Complex Lease Revenue Bonds - 1998A 5,350,000 5,350,000 —
Public Project Revenue Refunding Bonds - 1999C 980,000
Total general obligation bonds 6,904,570 6,862,734
Special assessment bonds:
G. O. Improvement Bonds of 1992A 2,250,000 2,520,000
G. O. Improvement Bonds of 1996A 3,760,000 4,385,000
G. O. Improvement Bonds of 1998A 4,310,000 4,310,000
G. O. Improvement Bonds of 1998B 2,000,000 2,000,000
G. O. Improvement Bonds of 1999A 1,725,000
Total special assessment bonds 14,045,000 13,215,000
Total bonds payable 20,949,570 20,077,734
Contracts for deed payable 1,459,352 859,352
Compensated absences payable 262,182 228,912
Total general long -term debt $ 22,671,104 $ 21,165,998
Mann
76
SUPPLEMENTARY INFORMATION
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1999
(Unaudited)
General Obligation Bonds:
1996 Equipment Certificates
1997 Equipment Certificates
1998 Equipment Certificates
1999 Equipment Certificates
Public Project Revenue Bonds - 1990A
Civic Complex Lease Revenue Bonds - 1998A
Public Project Revenue Refunding Bonds - 1999C
Total General Obligation Bonds
Special Assessment Bonds:
G. O. Improvement Bonds of 1992A
G. O. Improvement Bonds of 1996A
G. O. Improvement Bonds of 1998A
G. O. Improvement Bonds of 1998B
G. O. Improvement Refunding Bonds of 1999A
Total General Improvement Bonds with special
Revenue Bonds:
G. O. Water Revenue Bonds of 1992B
G. O. Water Revenue Bonds of 1996B
G. O. Water Revenue Refunding Bonds of 1999B
Total Revenue Bonds
Total - all bonds
Contract for deed payable
Contract for deed payable
Contract for deed payable
Total - Contracts for deed
Total City indebtedness
Interest
Rates
6.00%
6.00%
6.00%
6.00%
4.00 % -6.70%
4.20 % - 5.35%
4.75% -5.10%
4.00% -6.70%
4.20% -5.20%
4.50 % - 4.90%
4.50% -4.90%
4.25%- 4.70%
assessments pledged
4.50% -6.80%
4.10%- 5.70%
4.25% -4.90%
8.00%
8.00%
6.00%
Final
Maturity
Dated Date
2/1/96 12/31/99
2/1/97 12/31/00
2/1/98 12/31/01
2/1/99 12/31/02
10/1/90 2/1/10
8/1/98 2/1/19
9/1/99 2/1/10
4/1/92 2/1/06
10/1/96 2/1/07
8/1/98 2/1/15
8/1/98 2/1/15
9/1/99 2/1/06
4/1/92
10/1/96
9/1/99
7/2/97
12/1/97
12/21/99
Note: '(1) The 1990A principal payments include $950,000 of principal retired by
current refunding bonds of 1999C
2/1/08
2/1/12
2/1/08
2/1/02
12/1/02
2/1/02
Exhibit 1
Prior Years Principal Interest
Original Payable 1999 Payable Due Due
Issue Payments 1/1/99 Issued Payments 12/31/99 In 2000 In 2000
225,000 $ 150,000 $ 75,000 $ $ 75,000 $ - $ $
225,000 75,000 150,000 - 75,000 75,000 75,000 4,500
287,734 287,734 95,734 192,000 96,000 11,520
- - 307,570 - 307,570 102,570 35,370
1,115,000 115,000 1,000,000 - (1) 1,000,000 - -
5,350,000 5,350,000 - - 5,350,000 267,118
980,000 980,000 45,000 42,292
7,202,734 340,000 6,862,734 1,287,570 1,245,734 6,904,570 318,570 360,800
3,640,000 1,120,000 2,520,000 270,000 2,250,000 280,000 137,345
4,685,000 300,000 4,385,000 625,000 3,760,000 600,000 167,300
4,310,000 4,310,000 - 4,310,000 198,224
2,000,000 2,000,000 - 2,000,000 - 92,703
- - 1,725,000 1,725,000 71,024
14,635,000 1,420,000 13,215,000 1,725,000 895,000 14,045,000 880,000 666,596
1,060,000 220,000 840,000
3,320,000 85,000 3,235,000
4,380,000 305,000 4,075,000
680,000
680,000
55,000 785,000 65,000 49,709
150,000 3,085,000 145,000 158,228
- 680,000 - 28,687
205,000 4,550,000 210,000 236,624
26,217,734 2,065,000 24,152,734 3,692,570 2,345,734 25,499,570 1,408,570 1,264,020
598,382 86,668 511,714 - 511,714
347,638 347,638 - 347,638 27,811
- - 600,000 600,000 250,000 4,142
946,020 86,668 859,352 600,000 1,459,352 250,000 31,953
$27,163,754 $ 2,151,668 $25,012,086 $ 4,292,570 $ 2,345,734 $26,958,922 $ 1,658,570 $ 1,295,973
78
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1999
(Unaudited)
Exhibit 2
Public G.O.
G. 0. Lease G. 0. Project Improvement
Year of Equipment Equipment Equipment Improvement Revenue Improvement Refunding Refunding
Levy/ Certificates Certificates Certificates Bonds Bonds Bonds Bonds Bonds
ollection of 1997 of 1998 of 1999 of 1992A of 1998A of 1998B of 1999C of 1999A Total
999/200 $ 83,475 $ 107,520 $ 144,837 $ 354,861 $ 327,724 $ 151,684 5 115,254 $ 46,552 $ 1,331,907
_ 000/200 - 101,760 120,540 353,352 330,947 154,604 417,356 122,110 1,600,669
001/200 114,082 358,981 338,888 151,273 418,826 118,317 1,500,367
002/200 - 367,953 345,959 153,192 419,187 119,685 1,405,976
003/200 369,724 325,988 154,876 418,399 120,729 1,389,716
004/200 348,731 332,525 151,072 390,270 126,641 1,349,239
005/200 - 343,382 152,519 - 121,459 617,360
006/200 353,031 153,729 126,667 633,427
007/200 361,562 154,704 516,266
- 008/200 368,387 155,441 523,828
009/201 485,462 155,796 641,258
010/201 485,987 155,757 641,744
_ 011/201 490,655 155,313 645,968
012/201 489,001 154,537 643,538
013/201 491,258 158,719 649,977
014/201 492,413 - 492,413
_ 015/201 497,716 497,716
016/201 501,215 501,215
017/201 503,310 503,310
$ 83,475 $ 209,280 $ 379,459 $ 2,153,602 $ 7,865,410 $ 2,313,216 $ 2,179,292 5 902,160 $ 16,085,894
79
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY - ALL BONDS
December 31, 1999
(Unaudited)
G. O.
Improvement G. 0. G. 0. G. 0.
Equipment Equipment Equipment Refunding Improvement Improvement Improvement
Certificates Certificates Certificates Bonds Bonds Bonds Bonds
1997 1998 1999 of 1992A of 1996A. of 1998A of 1998B
Bonds payable $ 75,000 $ 192,000 $ 307,570 $ 2,250,000 $ 3,760,000 $ 4,310,000 $ 2,000,000
Future interest pay 4,500 17,280 53,820 201,748 668,180 1,700,700 854,869
Totals $ 79,500 $ 209,280 $ 361,390 $ 2,451,748 $ 4,428,180 $ 6,010,700 $ 2,854,869
Payments to maturity:
2000 79,500 107,520 137,940 417,345 767,300 198,225 92,702
2001 101,760 114,800 2,034,403 735,115 481,700 205,115
2002 - - 108,650 702,565 468,650 195,053
2003 493,980 455,600 190,103
2004 469,460 442,550 190,040
2005 444,785 429,500 189,752
2006 419,965 416,450 184,352
2007 395,010 403,400 183,840
2008 385,462 183,103
2009 372,637 182,140
2010 359,670 180,882
2011 346,489 179,256
2012 333,094 177,248
2013 319,485 174,888
2014 305,805 172,230
2015 291,983 174,165
2016 - -
2017
2018
2019 -
2020
$ 79,500 $ 209,280 $ 361,390 $ 2,451,748 $ 4,428,180 $ 6,010,700 $ 2,854,869
Mows
Exhibit 3
G. 0. G. 0. G. 0. G. 0. Water Civic Public
Improvement Water Water Revenue Complex Project
Refunding Revenue Revenue Refunding Revenue Revenue
- Bonds Bonds Bonds Bonds Bonds Bonds
of 1999A of 1992B of 1996B of 1999B of 1998A of 1999C Totals
$ 1,725,000 $ 785,000 $ 3,085,000 $ 680,000 $ 5,350,000 $ 980,000 $ 25,499,570
350,513 73,564 1,309,803 179,197 3,354,423 276,397 9,044,994
• $ 2,075,513 $ 858,564 $ 4,394,803 $ 859,197 $ 8,704,423 $ 1,256,397 $ 34,544,564
71,024 114,709 303,228 28,687 267,118 87,292 2,672,590
77,481 743,855 306,401 31,295 428,653 128,147 5,388,725
390,682 - 304,075 114,489 431,469 124,109 2,839,742
391,553 301,355 110,834 438,618 120,071 2,502,114
391,350 303,108 111,983 444,975 116,034 2,469,500
390,081 304,195 112,795 426,078 131,521 2,428,707
- 363,342 299,725 118,143 431,860 126,534 2,360,371
- 299,680 113,154 441,625 116,640 1,953,349
298,915 117,817 450,282 111,790 1,547,369
419,034 - 457,595 101,964 1,533,370
419,682 346,594 92,295 1,399,123
418,864 455,094 - 1,399,703
416,541 455,068 1,381,951
- - 459,002 953,375
456,790 934,825
458,415 924,563
458,990 458,990
- - 463,181 463,181
Puma
465,845 465,845
467,171 467,171
$ 2,075,513 $ 858,564 $ 4,394,803 $ 859,197 $ 8,704,423 $ 1,256,397 $ 34,544,564
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1999
(Unaudited)
Exhibit 4
Description
Land Expended
Easements Prior
Contractor Engineering and Other Total 1999 Years
Fund 406: Area and Unit
Black Duck Lift Station * 14,511 32,058 46,569
Utility Connections 125,560 3,537 129,097
4th Avenue trunk utilities * 346,618 68,439 77,334 492,391
Lilac Street trunk utilities 227,978 57,870 996 286,844
Lilac Street utility extension * 352,709 71,261 15,345 439,315
Laurene Avenue lift station * 56,595 19,336 - 75,931
35W /Hwy 49 trunk utilities * 294,089 64,405 5,908 364,402
Total Fund 406 1,403,549 295,822 135,178 1,834,549
Fund 420: MSA Construction
Ware Road reconstruction
Fund 421: Sealcoating and Wearcourse
Sealcoating
Fund 431
Town Center Project
Fund 432: Civic Complex
Civic Complex
Fund 433: Village Infrastructure
Infrastructure
46,569
129,097
63,359 429,032
18,583 268,261
128,584 310,731
75,931
1,126 363,276
211,652 1,622,897
1,070,067 362,925 12,950 1,445,942 97,170 1,348,772
611,755 102,716 5,499 719,970 210,451 509,519
50,009 1,081,040 1,131,049 197,072 933,977
6,490,981 1,347,091 7,838,072 3,155,168 4,682,904
348,467 188,237 284,000 820,704 282,634 538,070
Fund 454: 1994 Construction
Country Lake Estates * 709,979 132,979 76,435 919,393 1,200 918,193
Highway 49 and Lake Drive * 1,592,168 452,665 571,069 2,615,902 300,060 2,315,842
Total Fund 456 2,302,147 585,644 647,504 3,535,295 301,260 3,234,035
Fund 456: 1996 Construction
Trappers Crossing
Centennial School
Total Fund 458
709,086 164,394 25,338 898,818
1,094,119 236,115 39,900 1,370,134
1,803,205 400,509 65,238 2,268,952
1,433
1,433
898,818
1,368,701
2,267,519
Fund 459: 1997 Construction
Otter Lake Road realignment 1,574,161 320,498 486,017 2,380,676 817,071 1,563,605
Otter Lake Service Road - 9,972 113,778 123,750 - 123,750
Total Fund 459 1,574,161 330,470 599,795 2,504,426 817,071 1,687,355
Fund 460: 1998 Construction
Apollo Drive phase III * 369,595 84,511 37,481 491,587 449,970 41,617
21st Ave street and utilities 436,151 133,604 48,292 618,047 544,689 73,358
Lake Drive trunk utilities * 2,640,307 224,712 919,880 3,784,899 2,658,007 1,126,892
Lake's Addition road reconstruction * 1,711,224 298,111 134,410 2,143,745 133,847 2,009,898
Total Fund 460 5,157,277 740,938 1,140,063 7,038,278 3,786,513 3,251,765
Totals $20,761,609 $3,057,270 $5,318,3:58 $29,137,237 $9,060,424 $20,076,813
* Completed Project
82
NONNI
CITY OF LINO LAKES, MINNESOTA
INSURANCE IN FORCE
December 31, 1999
(Unaudited)
Exhibit 5
Coverage Amount
General Liability:
Bodily Injury/Property Damage $ 1,000,000
Personal Injury/Police Professional Liability 1,000,000
Employee Benefit Liability 1,000,000
Fire Legal Liability 50,000
Medical Expense Occurrence Limit 1,000
Medical Expense Aggregate 10,000
Property Damage ($500 Deductible)
Property:
Buildings and Contents (including Mobile and EDP - Electronic Equipment) 16,853,073
Valuable Papers ($500 Deductible) 50,000
Faithful Performance Blanket Bond 500,000
Storage Tank Liability 100,000
Rented/Leased Equipment ($500 Deductible) 200,000
Public Official and Employee Liability ($500 Deductible each occurrence) 1,000,000
Automotive:
Bodily injury and property damage 1,000,000
Comprehensive and Collision Actual Cash Value
Uninsured motorists 1,000,000
Miscellaneous equipment ($500 Deductible) 25,000
Workmen's compensation Statutory
Umbrella Liability 1,000,000
Crime - Theft Disappearance and Destruction ($500 Deductible) 50,000
CITY OF LINO LAKES, MINNESOTA
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
(Unaudited)
Exhibit 6
Tax Capacity Tax Capacity
Values Values
1998/1999 1997/1998
Taxable valuations:
Total $ 10,043,022 $ 9,679,139
Fiscal disparities:
Distribution 1,382,028 1,395,540
Contribution (464,039) (358,998)
Less: Captured Tax Increment Value (646,438) (555,542)
$ 10,314,573 $ 10,160,139
Tax Tax
Certified Capacity Certified Capacity
Levy Rate Levy Rate
Taxes Levied:
Revenue 2,926,261 28.503 2,889,626 27.764
Bond and Interest 773,657 7.536 278,197 2.673
Totals $ 3,699,918 36.039 $ 3,167,823 30.437
Certified levy amount is after HACA reduction
III.
STATISTICAL
SECTION
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND EXPENDITURES BY FUNCTION
Last Ten Fiscal Years
(Unaudited)
Table 1
Fiscal Total General Public Public Parks and Other
Year Expenditures Government Safety Works Recreation Functions
1990 $ 2,155,051 $ 682,575 $ 804,363 $ 468,340 $ 191,654 $ 8,119
1991 2,268,639 667,448 845,420 499,737 256,034
1992 2,552,835 807,564 910,147 505,096 330,028
1993 2,829,202 911,230 1,025,157 565,019 327,796
1994 3,169,862 1,082,796 1,127,883 554,533 404,650
1995 3,557,038 1,173,047 1,265,064 700,873 418,054
1996 3,966,738 1,289,751 1,446,985 694,455 535,547
1997 4,400,087 1,366,602 1,751,226 697,934 439,263 145,062
1998 5,328,796 1,560,268 1,778,898 673,156 722,728 593,746
1999 5,237,554 1,771,069 1,958,169 628,070 647,163 233,083
CITY OF LINO LAKES, MINNESOTA
-
GENERAL FUND REVENUES BY SOURCE
Last Ten Fiscal Years
(Unaudited)
Table 2
Total General
General Property Licenses Inter- Charges Fines
Fiscal Fund Taxes and Governmental for and Other
Year Revenue Levied Permits Revenues Services Forfeits Revenue
1990 $ 2,294,649 $ 994,399 $ 254,620 $ 629,919 $ 208,981 $ 83,618 $ 123,112
- 1991 2,421,534 1,179,087 332,392 483,015 195,190 86,603 145,247
1992 2,705,794 1,206,998 493,977 607,831 210,129 79,643 107,216
1993 3,177,662 1,420,369 565,684 673,944 239,562 83,019 195,084
1994 3,295,398 1,597,542 383,388 677,337 353,026 72,454 211,651
1995 3,772,335 1,941,415 544,267 738,652 241,393 93,861 212,747
1996 4,627,532 2,327,048 788,480 816,794 308,262 86,158 300,790
1997 4,736,496 2,658,485 566,561 881,459 291,090 99,390 239,511
- 1998 5,722,363 2,904,888 726,599 1,380,063 347,485 102,489 260,839
1999 5,343,453 2,962,664 823,719 940,053 278,510 87,434 251,073
CITY OF LINO LAKES, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(Unaudited)
Table 3
Percent of Percent of
Total Tax Delinquent
Total Current Percentage Delinquent Total Collections Outstanding Taxes to
Fiscal Tax Tax of Levy Tax Tax To Tax Delinquent Tax
Year Levy Collections Collected Collections Collections Levy Taxes Levy
1990 $ 1,529,821 $ 1,494,647 97.70% $ 21,620 $ 1,516,267 99.11% $ 50,963 3.33%
1991 1,717,474 1,674,178 97.48% 24,342 1,698,520 98.90% 59,664 3.47%
1992 1,865,188 1,805,972 96.83% 24,395 1,830,367 98.13% 76,791 4.12%
1993 2,073,987 2,057,602 99.21% 50,099 2,107,701 101.63% 29,534 1.42%
1994 2,268,950 2,243,045 98.86% 15,014 2,258,059 99.52% 27,804 1.23%
1995 2,634,350 2,613,719 99.22% 21,206 2,634,925 100.02% 22,368 0.85%
1996 3,040,000 3,011,917 99.08% 15,641 3,027,558 99.59% 22,489 0.74%
1997 3,349,400 3,316,426 99.02% 23,962 3,340,388 99.73% 32,598 0.97%
1998 3,589,617 3,564,611 99.30% 30,186 3,594,797 100.14% 29,774 0.83%
1999 4,116,312 4,085,625 99.25% 23,876 4,109,501 99.83% 23,199 0.56%
Note: Does not include tax increment levies and collections.
Note: Current tax collections include State levy related credits (HACA).
87
CITY OF LINO LAKES, MINNESOTA
SPECIAL ASSESSMENT LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(Unaudited)
Table 4
Fiscal
Year
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
Current
Assmts.
Due
$ 245,618
351,941
379,521
632,067
387,200
394,770
366,146
593,957
664,912
520,982
Current
Assmts.
Collected
% of Current
Collections
to Assmts.
Due
$ 168,442 68.58%
293,452 83.38%
306,443 80.74%
580,678 91.87%
355,543 91.82%
353,424 89.53%
355,609 97.12%
589,158 99.19%
657,041 98.82%
512,433 98.36%
Delinquent
Assessments
Collected
$ 107,879
65,396
82,664
39,313
32,743
26,051
26,831
20,153
3,561
8,429
% of Total
Collections Total
Total to Current Outstanding
Collected Assmts. Due Del. Assmts.
$ 276,321 112.50% $ 132,985
358,848 101.96% 126,088
389,107 102.53% 118,690
619,991 98.09% 43,036
388,286 100.28% 36,497
379,475 96.13% 10,221
382,440 104.45% 21,040
609,311 102.59% 5,692
660,602 99.35% 12,019
520,862 99.98% 11,947
CITY OF LINO LAKES, MINNESOTA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL
BONDED DEBT TO TOTAL GENERAL EXPENDITURES
Last Ten Fiscal Years
(Unaudited)
Table 5
Percent of
Debt Service
Interest Total Total Expenditures
Fiscal and Debt General Fund to General
Year Principal Other Service (1) Expenditures (2) Expenditures
— 1990 $ 60,000 $ 29,542 $ 89,542 $ 2,155,051 4.15%
1991 127,500 108,872 236,372 2,268,639 10.42%
1992 172,500 114,821 287,321 2,552,835 11.25%
1993 177,500 108,276 285,776 2,829,202 10.10%
1994 282,500 96,268 378,768 3,169,862 11.95%
1995 228,500 96,135 324,635 3,557,038 9.12%
1996 188,000 100,248 288,248 3,966,738 7.27%
— 1997 188,000 106,785 294,785 4,400,087 6.70%
1998 190,000 112,201 302,201 5,328,796 5.67%
1999 295,734 387,500 683,234 5,237,554 13.04%
(1) Excludes tax increment, special assessment, enterprise, EDA bonds and payments on refunded bonds.
(2) Includes expenditures of General Fund only.
Note: Amounts rounded to the nearest hundred.
CITY OF LINO LAKES, MINNESOTA
ASSESSED AND ESTIMATED ACTUAL VALUE AND
NET BONDED DEBT PER CAPTIA
Last Ten Fiscal Years
(Unaudited)
Taxes Real Personal
Payable Property Property
Total
Fiscal
Disparities
1991 $ 4,250,314 $ 283,565 $ 4,533,879 $ 1,006,228
1992 4,359,156 289,520 4,648,676 1,083,066
1993 4,557,819 309,993 4,867,812 954,529
1994 5,146,854 360,097 5,506,951 970,411
1995 6,204,237 392,508 6,596,745 879,810
1996 7,390,566 435,045 7,825,611 952,790
1997 8,344,972 462,282 8,807,254 1,003,376
1998 9,244,905 434,234 9,679,139 1,036,542
1999 9,649,657 393,365 10,043,022 917,989
Tax Increment
Table 6
Assessor's Estimated Ratio of Total
Net Taxable Market Value of Assessed to
Value Taxable Property Actual Value
$ (215,224) $ 5,324,883 $ 264,013,200 2.02%
(245,834) 5,485,908 290,466,200 1.89%
(244,419) 5,577,922 320,714,400 1.74%
(256,841) 6,220,521 368,267,100 1.69%
(287,819) 7,188,736 435,100,000 1.65%
(307,790) 8,470,611 501,825,800 1.69%
(410,724) 9,399,906 552,696,200 1.70%
(555,542) 10,160,139 627,423,800 1.62%
(646,438) 10,314,573 687,737,400 1.50%
CITY OF LINO LAKES, MINNESOTA
PROPERTY TAX RATES (3) - DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
(Unaudited)
Table 7
Tax Rates (Per $100 of Tax Capacity)
Year
Taxes
Payable City School (1) County Other (2) Total
1990 23.601 43.075 28.846 4.796 100.318
1991 26.564 68.717 31.400 5.133 131.814
1992 26.822 67.857 32.990 5.306 132.975
1993 29.386 60.589 32.779 6.510 129.264
1994 29.661 62.537 32.680 6.260 131.138
1995 30.772 64.308 32.765 6.977 134.822
1996 31.015 63.103 31.036 5.647 130.801
1997 31.167 66.000 30.542 5.197 132.906
1998 30.437 59.004 30.618 6.342 126.401
1999 36.039 64.802 32.265 6.830 139.936
(1) The majority of Lino Lakes is served by School District 12.
(2) Other includes: Metropolitan Council, Mosquito Control, Metropolitan Transit,
Rice Creek Watershed District and Forest Lake Hospital.
(3) The State of Minnesota changed the method of calculating property taxes effective for taxes payable in 1991.
Years 1991 through 1998 reflect tax capacity values based on a different formula than in previous years.
Source: Anoka County Department of Property Records and Taxation.
CITY OF LINO LAKES, MINNESOTA
RATIO OF NET BONDED DEBT
TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
Last Ten Fiscal Years
— (Unaudited)
Table 8
_ Ratio of
Less Net Bonded
Net Taxable Gross Cash and Debt to Net
Value of Bonded Investments Net Assessed Bonded Deb
Year Population (1) Propery (2) Debt (3) on Hand Bonded Debt Value Per Capita
1990 8,807 $ 4,942,987 $ 1,630,000 $ 58,685 $ 1,571,315 31.79% $ 178.42
1991 9,273 5,324,883 1,591,000 105,537 1,485,463 27.90% 160.19
— 1992 10,056 5,485,908 1,553,500 121,842 1,431,658 26.10% 142.37
1993 11,193 5,577,922 1,526,000 222,111 1,303,889 23.38% 116.49
— 1994 12,266 6,220,521 1,393,500 142,173 1,251,327 20.12% 102.02
1995 13,097 7,188,736 1,341,000 135,440 1,205,560 16.77% 92.05
1996 13,756 8,470,611 1,378,000 194,807 1,183,193 13.97% 86.01
1997 14,560 9,399,906 1,415,000 111,834 1,303,166 13.86% 89.50
—
1998 15,053 10,160,139 6,862,734 721,623 6,141,111 60.44% 407.97
1999 15,760 10,314,573 6,904,570 666,137 6,238,433 60.48% 395.84
(1) Population estimates provided from Metropolitan Council except for 1990 which reflects the federal census.
(2) The State of Minnesota changed the method of calculating property taxes effective for taxes payable in 1988 and
again in 1991. Years 1989 and 1990 reflect tax capacity values. Years 1991 through 1998 reflect tax capacity
value based on a different formula than in previous years.
(3) Amount excludes tax increment, special assessment, enterprise and EDA bonds.
CITY OF LINO LAKES, MINNESOTA
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
INCLUDING DEBT RATIOS
December 31, 1999
(Unaudited)
Table 9
Overlapping Debt:
Bonded G.O. Percentage
Gross Bonded Debt Applicable City Share
Outstanding (1) in C:ity(2) of Debt
Anoka County $ 84,210,000 5.56% $ 4,682,076
School District 12 66,274,000 44.82% 29,704,007
School District 624 45,915,000 2.61% 1,198,382
School District 831 53,665,000 7.30% 3,917,545
SISD 916 21,960,000 2.20% 483,120
Metropolitan Council 89,630,000 0.60% 537,780
Total Overlapping Debt
361,654,000 40,522,909
Direct Debt:
City of Lino Lakes 6,904,570 100.00% 6,904,570
Total Overlapping & Direct Debt $ 368,558,570 $ 47,427,479
Debt Ratios:
Ratio of Debt per capita (15,760 population) - overlapping $2,571
Ratio of Debt per capita (15,760 population) - direct $438
Ratio of Debt per capita (15,760 population) - total $3,009
Ratio of Debt to estimated market valuation of $687,737,400 6. 90%
(1) Does not include general obligation debt supported by utility revenues, tax or aid anticipation certificates,
State -aid road or revenue debt.
(2) Determined by ratio of net tax capacity (after fiscal disparities and tax increment adjustment)
of property subject to taxation in overlapping unit to valuation of property subject to taxation in City.
CITY OF LINO LAKES, MINNESOTA
COMPUTATION OF LEGAL DEBT MARGIN
December 31, 1999
(Unaudited)
Table 10
1999 1998
Market Value $ 687,737,400 $ 627,423,800
— Debt Limit Percentage 2% 2%
Debt Limit 13,754,748 12,548,476
Total Bonded Debt 25,499,570 24,152,734
_ Less:
Special Assessment Bonds (14,045,000) (13,215,000)
Revenue Bonds - Enterprise Fund (4,550,000) (4,075,000)
Public Project Revenue Bonds (6,330,000) (6,350,000)
Cash in related Debt Service Funds (29,726) (8,893)
Total Debt Applicable to Debt Limit
$ 544,844 503,841
Legal Debt Margin $ 13,209,904 $ 12,044,635
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF REVENUE BOND COVERAGE
WATER FUND
Last Eight Years (3)
(Unaudited)
Table 11
Net Revenue
Available Interest
Fiscal Gross Operating for Debt and
Year Revenues (1) Expenses (2) Service Principal Fiscal Charges Total Coverage
1992 $ 232,586 $ 142,923 $ 89,663 $ $ 57,632 $ 57,632 1.56
1993 332,888 169,431 163,457 75,350 75,350 2.17
1994 394,245 149,764 244,481 25,000 66,080 91,080 2.68
1995 461,747 177,724 284,023 40,000 64,118 104,118 2.73
1996 466,310 210,778 255,532 50,000 170,881 220,881 1.16
1997 851,173 271,575 579,598 50,000 229,900 279,900 2.07
1998 598,005 237,866 360,139 140,000 225,182 365,182 0.99
1999 604,734 380,928 223,806 205,000 220,910 425,910 0.53
(1) Total Water Fund revenues and transfers in.
(2) Total Water Fund expenses exclusive of depreciation, interest on debt and fiscal charges.
(3) Prior to 1992 the City's Water Fund had no debt.
CITY OF LINO LAKES, MINNESOTA
PRINCIPAL TAXPAYERS
(Unaudited)
Table 12
Ten of the City's Largest Taxpayers
Taxpayer
Type of Business
Percent of
1999 Net Tax City's Net
Capacity Tax Capacity
Northern States Power Utility $ 209,654 2.03%
Taylor Corp. Commercial/Industrial 155,117 1.50%
Gargaro, Nicholas & Deborah Commercial/Industrial 104,384 1.01%
F & G, Inc. Commercial/Industrial 78,435 0.76%
Minnegasco, Inc. Utility 60,876 0.59%
—
Anoka Electric Cooperative Utility 60,412 0.59%
— Northern Development LLC Commercial/Industrial 59,189 0.57%
Minnesota Pipeline Co. Utility 44,006 0.43%
Lino Lakes Business Center Commercial/Industrial 39,333 0.38%
Moline Concrete Products Co. Manufacturing 33,212 0.32%
Total Ten Largest Taxpayers $ 844,618 8.19%
Source: Anoka County Department of Property Records and Taxation.
CITY OF LINO LAKES, MINNESOTA
PROPERTY VALUE, CONSTRUCTION PERMITS AND BANK DEPOSITS
Last Ten Years
(Unaudited)
Table 13
Fiscal Property Number of Permit Bank
Year Value (1) Building Permits Valuation Deposits (2)
1990 $ 231,211,700 350 $ 23,229,413 Not Available
1991 264,013,200 396 34,041,557 Not Available
1992 290,466,200 615 36,636,546 Not Available
1993 320,714,400 628 44,537,437 Not Available
1994 368,367,100 566 26,713,028 Not Available
1995 435,100,000 598 40,636,691 Not Available
1996 501,825,800 588 74,061,188 Not Available
1997 552,696,200 597 32,666,843 Not Available
1998 627,423,800 911 48,683,257 Not Available
1999 687,737,400 893 54,522,159 Not Available
(1) Assessor's estimated market value of taxable property from Table 6.
(2) Bank deposits are excluded due to the banks within the City being consolidated with banks outside the City.
As a result, local deposits are unavailable.
Source: City Inspection records.
CITY OF LINO LAKES, MINNESOTA
DEMOGRAPHIC STATISTICS
Last Ten Years
(Unaudited)
Table 14
Fiscal School Number of Unemployment
Year Population (2) Enrollment (1) Households (2) Rate (3)
1990 8,807 4,382 2,603 4.6%
1991 9,273 4,638 2,777 4.9%
1992 10,056 4,931 2,974 4.8%
1993 11,193 5,219 3,313 4.8%
1994 12,266 5,587 3,671 3.6%
1995 13,097 5,932 3,899 3.1%
1996 13,756 6,010 4,095 2.6%
1997 14,560 6,230 4,280 2.5%
1998 15,053 6,469 4,443 1.9%
—
1999 15,760 6,732 4,692 2.5%
tamp
(1) Centennial School District 12
(2) Metropolitan Council except 1990 is Federal Census
(3) Minnesota Department of Economic Security
CITY OF LINO LAKES, MINNESOTA
MISCELLANEOUS STATISTICS
(Unaudited)
Table 15
Date of Incorporation 5/11/55
Date of Adoption of City Charter 1/12/82
Form of Government Charter
Area of City (square miles) 33
Miles of Streets:
Trunk Highways
Paved - County
Paved - City
17.4
28.5
93.1
Number of Street Lights 397
Fire Protection:
Centennial Fire District
Total Number of Stations
(within Lino Lakes)
Total Number of Volunteers
Police Protection:
Number of Stations
Number of sworn officers
3
1
52
1
20
Recreation:
Park area 198
Number of Parks & Playgrounds 22
Trails 14 miles
Municipal Water:
Gallons Pumped 292,801,000
Number of Connections 2,655
Miles of watermain 37.53
Number of Fire Hydrants 524
Water Tower Capacity (gallons) 2 million
Municipal Sewer:
Number of Connections
Miles of sewermain
Employees:
Full -time
Part-time
2,846
47.48
58
4
Elections:
Registered voters - last general election 8,674
Number of votes cast 6,747
Percent of registered voters voting 77%
100