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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />
<br />
<br />
<br />(54)
<br />
<br />NOTE 5 CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Depreciation expense was charged to the functions/programs of the primary government
<br />as follows:
<br />
<br />Governmental Activities:
<br />General Government 29,080$
<br />Public Safety 71,269
<br />Public Works 1,310,458
<br />Community Services 111,644
<br />Total Depreciation Expense,
<br /> Governmental Activities 1,522,451$
<br />Business-Type Activities:
<br />Water 249,611$
<br />Sewer 146,664
<br />Total Depreciation Expense,
<br /> Business-Type Activities 396,275$
<br />
<br />NOTE 6 LONG-TERM LIABILITIES
<br />A. Components of Long-Term Debt
<br />The City had the following long-term liabilities outstanding at December 31, 2015:
<br />
<br />Description Issue Date
<br />Final Maturity
<br />Date
<br />Interest
<br />Rate
<br />Authorized and
<br />Issued
<br />Balance -
<br />End of Year
<br />Governmental Activities:
<br />Tax Increment Bonds:
<br />Tax Increment Bonds of 2001A 06/29/01 12/01/22 7.10% 3,000,000$ 1,530,000$
<br />Tax Increment Bonds of 2008A 04/22/08 02/01/26 4.24% 1,790,000 1,400,000
<br />Total 4,790,000 2,930,000
<br />Improvement Bonds:
<br />G.O. Permanent Improvement Revolving Bonds of 2008A 04/22/08 02/01/19 4.13% 900,000 395,000
<br />G.O. Taxable Housing Improvement Area Bonds of 2009A 12/03/09 02/01/25 4.69% 2,220,000 1,615,000
<br />Total 3,120,000 2,010,000
<br />General Obligation Bonds:
<br />G.O. Bonds of 2014A 03/11/14 02/01/34 2.98% 3,400,000 3,255,000
<br />G.O. Refunding Bonds of 2015A 06/23/15 02/01/26 2.00% 1,335,000 1,335,000
<br />Total 4,735,000 4,590,000
<br />Total Bonded Indebtedness 12,645,000 9,530,000
<br />Ramsey County Notes Payable:
<br />Canabury Condos Note 02/17/10 02/01/25 2.00% 170,900 73,268
<br />Canabury Square Condos Note 05/14/10 02/01/25 2.00% 99,100 65,539
<br />Fleur Royale Note 02/17/10 02/01/20 2.00% 130,000 61,599
<br />Total 400,000 200,406
<br />Net Pension Liability 586,246
<br />Compensated Absences 103,950
<br />Total Governmental Activities 13,045,000$ 10,420,602$
<br />Business-Type Activities:
<br />Net Pension Liability 393,250$
<br />Compensated Absences 75,298
<br />Total Business-Type Activities 468,548$
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