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CITY OF LITTLE CANADA, MINNESOTA
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2015
<br />WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2014
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(29)
<br />
<br />2015 2014
<br />Total Fund Balances for Governmental Funds 14,778,635$ 14,053,404$
<br />Land 3,558,708$
<br />Construction in Progress 3,070,626
<br />Buildings and Building Improvements 7,213,968
<br />Improvements Other than Buildings 372,313
<br />Streets and Infrastructure 37,059,286
<br />Equipment and Furniture 4,572,128
<br />Total Capital Assets 55,847,029
<br />Less: Accumulated Depreciation (26,585,131) 29,261,898 27,148,363
<br />3,909,091 4,877,715
<br />(107,847) (145,594)
<br />(586,246)
<br />(71,730)
<br />81,255 (576,721) -
<br />Bonds Payable (9,530,000)
<br />Notes Payable (200,579)
<br />Unamortized Premiums (97,743)
<br />Compensated Absence Payable (103,950) (9,932,272) (9,285,198)
<br />Total Net Position of Governmental Activities 37,332,784$ 36,648,690$
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Some of the City's receivables (including property taxes, special assessments and other long-
<br />term receivables) will be collected after year-end, but are not available soon enough to pay
<br />for the current period's expenditures and, therefore, are reported as deferred inflows of
<br />resources in the governmental funds.
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized as
<br />an expenditure when due. Accrued interest for general obligation bonds is included in the
<br />statement of net position.
<br />Capital assets used in governmental funds are not financial resources and, therefore, are not
<br />reported in the funds. Those assets consist of:
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not due
<br />and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities - both current and long term - are reported in the statement of net position.
<br />The City's net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balance at year-end are:
<br />Net Pension Liability
<br />Deferred Inflows of Resources - Pensions
<br />Deferred Outflows of Resources - Pensions
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