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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 />Capital Assets
<br />The City’s investment in capital assets (net of accumulated depreciation) for its governmental and
<br />business-type activities as of December 31, 2015 is as follows:
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<br />2015 2014 2015 2014 2015 2014
<br />Land 3,558,708$ 3,377,751$ 103,301$ 103,301$ 3,662,009$ 3,481,052$
<br />Construction in Progress 3,070,626 5,677,866 10,030 335,565 3,080,656 6,013,431
<br />Buildings and Building Improvements 7,213,968 3,011,409 - - 7,213,968 3,011,409
<br />Improvements Other than Buildings 372,314 374,126 - - 372,314 374,126
<br />Streets and Infrastructure 37,059,286 36,028,368 - - 37,059,286 36,028,368
<br />Distribution/Collection Systems - - 18,428,365 18,001,401 18,428,365 18,001,401
<br />Machinery and Equipment 4,572,128 3,810,272 870,035 870,035 5,442,163 4,680,307
<br />Total Capital Assets 55,847,030 52,279,792 19,411,731 19,310,302 75,258,761 71,590,094
<br />Less: Accumulated Depreciation (26,585,132) (25,131,429) (10,445,294) (10,049,019) (37,030,426) (35,180,448)
<br />Total Capital Assets, Net 29,261,898$ 27,148,363$ 8,966,437$ 9,261,283$ 38,228,335$ 36,409,646$
<br />Governmental Activities Business-Type Activities Total
<br />Capital Assets at Year-End
<br />(Net of Accumulated Depreciation)
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<br />Additional details of capital asset activity for the year can be found in Note 5 of the notes to basic
<br />financial statements.
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<br />Long-Term Liabilities
<br />At the end of the current fiscal year, the City had total bonded debt, notes payable, and compensated
<br />absences payable outstanding of $10,987,066. While all of the City’s bonds have revenue streams,
<br />they are all backed by the full faith and credit of the City.
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<br />2015 2014 2015 2014 2015 2014
<br />General Obligation Bonds 4,590,000$ -$ -$ -$ 4,590,000$ -$
<br />Tax Increment Bonds 2,930,000 3,225,000 - - 2,930,000 3,225,000
<br />Improvement Bonds 2,010,000 2,230,000 - - 2,010,000 2,230,000
<br />Notes Payable 200,579 231,349 - - 200,579 231,349
<br />Net Pension Liability 586,246 587,611 393,250 394,166 979,496 981,777
<br />Compensated Absences 103,950 112,413 75,298 69,478 179,248 181,891
<br />Bond Premium (Discount), Net 97,743 86,436 - - 97,743 86,436
<br />Total Outstanding Debt 10,518,518$ 6,472,809$ 468,548$ 463,644$ 10,987,066$ 6,936,453$
<br />Governmental Activities Business-Type Activities
<br />Outstanding Debt at Year-End
<br />Total
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<br />Additional details of long-term debt activity for the year can be found in Note 6 of the notes to basic
<br />financial statements.
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<br />REQUESTS FOR INFORMATION
<br />This financial report is designed to provide a general overview of the City’s finances for all those with an
<br />interest in the City’s finances. Questions concerning any of the information provided in this report or
<br />requests for additional information should be addressed to the Finance Department, City of Little
<br />Canada, 515 Little Canada Road East, Little Canada, Minnesota 55117.
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