Laserfiche WebLink
CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2015 <br /> <br /> <br /> <br />(64) <br /> <br />NOTE 10 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS (CONTINUED) <br />Interfund transfers allow the City to allocate financial resources to the funds that receive <br />benefit from services provided by another fund. All of the 2015 transfers are considered <br />routine and consistent with previous practice and policies. <br /> <br />Five interfund loans were approved by the City to provide cash flow for certain <br />improvements within TIF District 6-1, TIF District 5-1, Owasso/Woodlyn Redevelopment <br />Area, Canabury Square Condominiums HIA, and Fleur Royale Condos HIA. Amounts due <br />to/from other funds cover deficit cash balances. A summary at December 31, 2015 is as <br />follows: <br /> <br />Interfund Interfund <br />Loan Loan <br />Receivable Payable <br />Major Funds: <br />General Fund 1,309,429$ -$ <br />Canabury Square Condominiums HIA - 304,634 <br />Water/Sewer Equipment Replacement 292,878 - <br />TIF #5-1 St. Jude - 392,875 <br />TIF #6-1 - 576,056 <br />Nonmajor Funds: <br />Fleur Royale Condos HIA - 35,864 <br />Owasso/Woodlyn Redevelopment Area - 292,878 <br />Total 1,602,307$ 1,602,307$ <br /> <br />NOTE 11 TAX INCREMENT DISTRICTS <br />The City is administering authority for the following tax increment financing districts: <br /> <br />Tax Increment District #2-1 (Fund 464) is a redevelopment district. The district was <br />established under MS 469.174 on April 11, 1990. The duration of the district is 25 years. <br /> <br />Tax Increment #3-2 (Fund 440) is a redevelopment district established under MS <br />469.174-469.179 on November 9, 1995. The duration of the district is 25 years. <br /> <br />Tax Increment District #3-3 (Fund 441) is a housing district established in 2004. <br /> <br />Tax Increment District #5-1 (Fund 460) is intended to be a redevelopment district under <br />MS 469.174-469.179. <br /> <br />Tax Increment District #6-1 (Fund 470) is a renewal and renovation district established <br />under MS 469.174-469.179 on October 10, 2007. The duration of the district is 15 years.