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CITY OF LITTLE CANADA, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2015 (67) NOTE 15 STEWARDSHIP AND ACCOUNTABILITY At December 31, 2015, individual funds with deficit fund balances/net position are as follows: Capital Project Funds Canbury Condos HIA - #362 (273,542)$ TIF #5-1 St. Jude - #460 (20,088) Fleur Royale Condos HIA = #462 (34,401) TIF #6-1 - $470 (712,728) The TIF District #6-1 and TIF District #5-1 will be replenished by future TIF revenue while the HIA funds will be replenished with future special assessment revenue. The following funds with adopted budgets in 2015 had expenditures in excess of budget: Actual in Final Excess of Budget Actual Budget Nonmajor Special Revenue Funds Recycling/Trash 362,100$ 366,389$ (4,289)$ NOTE 16 CONDUIT DEBT OBLIGATIONS The City has issued Industrial Revenue Bonds to provide financial assistance to private- sector entities for the acquisition and construction of industrial and commercial facilities which are deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issue. The City is not obligated in any manner for the repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements. As of December 31, 2015, ten series of industrial revenue bonds, two series of educational facilities revenue bonds, one series of community service revenue bonds, and two senior housing revenue refunding bonds were outstanding. The aggregate principal amount payable for the fifteen series could not be determined; however their original issue amounts totaled $65,183,947.