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CITY OF LITTLE CANADA, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2017
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<br />(19)
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<br />An additional portion of the City’s net position, $5,247,575 or 9.3% represents resources that are
<br />subject to external restrictions on how they may be used. The remaining balance of unrestricted net
<br />position, $13,194,280 or 23.6% may be used to meet the City’s ongoing obligations to citizens and
<br />creditors. At the end of the current fiscal year, the City is able to report positive balances in all
<br />categories of net position, both for the City as a whole, as well as for its separate governmental and
<br />business-type activities.
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<br />The City has historically been financially conservative, managing revenues and expenditures/expenses
<br />to assure operation of a balanced budget. The ongoing management of revenues and
<br />expenditures/expenses and the sound financial position the City has attained have resulted in the City’s
<br />excellent bond ratings: AA+ for all general obligation bond issues.
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<br />The following is a summary of the City’s change in Governmental net position:
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<br />Annual Percent
<br />2017 2016 Change Change
<br />REVENUES
<br />Program Revenues:
<br />Charges for Services $ 3,931,500 $ 2,873,845 1,057,655$ 37 %
<br />Operating Grants and Contributions 268,981 279,581 (10,600) (4)
<br />Capital Grants and Contributions 1,224,118 3,133,441 (1,909,323) (61)
<br />General Revenues:
<br />Property Taxes 3,037,308 2,907,828 129,480 4
<br />Other Taxes 898,922 1,173,985 (275,063) (23)
<br />Contributions Not Restricted to
<br /> Specific Programs 395,398 391,125 4,273 1
<br />Unrestricted Investment Earnings 316,795 286,814 29,981 10
<br />Other 14,663 21,202 (6,539) (31)
<br />Gain on Sale of Capital Assets (35,892) 508,556 (544,448) (107)
<br />Total Revenues 10,051,793 11,576,377 (1,524,584) (13)
<br />EXPENSES
<br />General Government 989,667 863,508 126,159 15
<br />Public Safety 2,257,152 2,164,959 92,193 4
<br />Public Works 2,406,904 2,078,129 328,775 16
<br />Community Services 1,128,254 1,054,644 73,610 7
<br />Interest on Long-Term Debt 325,328 381,324 (55,996) (15)
<br />Total Expenses 7,107,305 6,542,564 564,741 9
<br />CHANGE IN NET POSITION BEFORE
<br /> TRANSFERS AND CONTRIBUTIONS 2,944,488 5,033,813 (2,089,325) (42)
<br />Transfers and Contributions 300,000 300,000 - -
<br />CHANGE IN NET POSITION 3,244,488 5,333,813 (2,089,325) 39
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<br />Net Position - Beginning of Year 42,666,597 37,332,784 5,333,813 14
<br />NET POSITION - END OF YEAR 45,911,085$ 42,666,597$ 3,244,488$ 8
<br />Governmental Activities
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