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CITY OF LITTLE CANADA, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2015
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<br />
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<br />(17)
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<br />An additional portion of the City’s net position, $4,098,590 or 8.6% represents resources that are
<br />subject to external restrictions on how they may be used. The remaining balance of unrestricted net
<br />position, $12,081,183 or 25.3% may be used to meet the City’s ongoing obligations to citizens and
<br />creditors. At the end of the current fiscal year, the City is able to report positive balances in all
<br />categories of net position, both for the City as a whole, as well as for its separate governmental and
<br />business-type activities.
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<br />The City has historically been financially conservative, managing revenues and expenditures/expenses
<br />to assure operation of a balanced budget. The ongoing management of revenues and
<br />expenditures/expenses and the sound financial position the City has attained have resulted in the City’s
<br />excellent bond ratings: AA+ for all general obligation bond issues.
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<br />The following is a summary of the City’s change in Governmental net position:
<br />
<br />2015 2014
<br />Annual
<br />Change
<br />Percent
<br />Change
<br />REVENUES
<br />Program Revenues:
<br />Charges for Services $ 2,016,425 $ 1,347,847 668,578$ 50 %
<br />Operating Grants and Contributions 283,767 259,590 24,177 9
<br />Capital Grants and Contributions 285,557 740,823 (455,266) (61)
<br />General Revenues:
<br />Property Taxes 2,892,772 2,832,040 60,732 2
<br />Other Taxes 962,001 1,015,993 (53,992) (5)
<br />Contributions Not Restricted to
<br /> Specific Programs 382,816 349,079 33,737 10
<br />Unrestricted Investment Earnings 287,683 476,640 (188,957) (40)
<br />Other 54,272 23,145 31,127 134
<br />Gain on Sale of Capital Assets 5,000 1,000 4,000 400
<br />Total Revenues 7,170,293 7,046,157 124,136 2
<br />EXPENSES
<br />General Government 731,727 1,249,420 (517,693) (41)
<br />Public Safety 2,052,997 1,855,021 197,976 11
<br />Public Works 1,921,717 2,109,119 (187,402) (9)
<br />Community Services 951,271 1,183,221 (231,950) (20)
<br />Interest on Long-Term Debt 463,871 414,322 49,549 12
<br />Total Expenses 6,121,583 6,811,103 (689,520) (10)
<br />CHANGE IN NET POSITION BEFORE
<br /> TRANSFERS AND CONTRIBUTIONS 1,048,710 235,054 813,656 346
<br />Transfers and Contributions 198,571 (24,720)223,291 (903)
<br />CHANGE IN NET POSITION 1,247,281 210,334 1,036,947 (493)
<br />Net Position - Beginning of Year 36,648,690 36,438,356 210,334 1
<br />Prior Period Restatement - See Note 19 (563,187) - (563,187)
<br />Net Position - Beginning of Year, Restated 36,085,503 36,438,356 (352,853)
<br />NET POSITION - END OF YEAR 37,332,784$ 36,648,690$ 684,094$ 2
<br />Governmental Activities
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