|
CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2015
<br />
<br />
<br />
<br />(66)
<br />
<br />NOTE 13 DEFERRED AD VALOREM TAX LEVIES – BONDED DEBT (CONTINUED)
<br />These future scheduled tax levies are not shown as assets in the accompanying financial
<br />statements at December 31, 2015.
<br />
<br />At December 31, 2015, future scheduled tax levies for all bonds outstanding totaled
<br />$3,369,697.
<br />
<br />
<br />NOTE 14 FUND BALANCES
<br />A. Classifications
<br />A summary of the governmental fund balance classifications at December 31, 2015 is as
<br />follows:
<br />
<br />
<br /> Water/Sewer
<br />General Canabury Square General Capital Rice/LC Road Equipment Infrastructure TIF #5-1 Other
<br />Fund Condominiums HIA Improvements Development Replacement CIP St. Jude TIF #6-1 Governmental Total
<br />Nonspendable:
<br />Prepaid Items 3,590$ -$ 9,800$ -$ -$ -$ -$ -$ -$ 13,390$
<br />Interfund Loans 1,309,429 - - - - - - - - 1,309,429
<br />Total Nonspendable 1,313,019 - 9,800 - - - - - - 1,322,819
<br />Restricted for:
<br />Debt Service - - - - - - - - 1,411,644 1,411,644
<br />Tax Increment - - - 1,828,505 - - - - 1,145,352 2,973,857
<br />Fire Equipment - - - - - - - - 209,803 209,803
<br />Park Acquisition - - - - - - - - 655,794 655,794
<br />Charitable Gambling - - - - - - - - 86,054 86,054
<br />Total Restricted - - - 1,828,505 - - - - 3,508,647 5,337,152
<br />Committed to:
<br />Cable - - - - - - - - 393,234 393,234
<br />Parks and Recreation - - - - - - - - 49,091 49,091
<br />Recycling - - - - - - - - 158,479 158,479
<br />Economic Development - - - - - - - - 14,502 14,502
<br />Total Committed - - - - - - - - 615,306 615,306
<br />Assigned to:
<br />Park Acquisition - - - - - - - - 267,696 267,696
<br />Fire Equipment - - - - - - - - 724,437 724,437
<br />Redevelopment - - - - - - - - 368,002 368,002
<br />Capital Improvements - - 1,012,356 - 2,279,118 2,709,368 - - - 6,000,842
<br />Total Assigned - - 1,012,356 - 2,279,118 2,709,368 - - 1,360,135 7,360,977
<br />Unassigned 1,183,140 (273,542) - - - - (20,088) (712,728) (34,401) 142,381
<br />Total 2,496,159$ (273,542)$ 1,022,156$ 1,828,505$ 2,279,118$ 2,709,368$ (20,088)$ (712,728)$ 5,449,687$ 14,778,635$
<br />B. Fund Balance Policy
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund
<br />balance for the General Fund. The most significant revenue source of the General Fund
<br />is property taxes. This revenue source is received in two installments during the year –
<br />June and December. As such, it is the City’s goal to begin each fiscal year with sufficient
<br />working capital to fund operations between each semi-annual receipt of property taxes.
<br />
<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-
<br />flow timing needs in the range of 42.5-65% of the subsequent year’s budgeted
<br />expenditures. At December 31, 2015, the unassigned fund balance of the General Fund
<br />was 34.8% of the subsequent year’s budgeted expenditures.
|