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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 />(26)
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<br />Capital Assets
<br />The City’s investment in capital assets (net of accumulated depreciation) for its governmental and
<br />business-type activities as of December 31, 2017 is as follows:
<br />
<br />2017 2016 2017 2016 2017 2016
<br />Land 3,620,111$ 3,619,339$ 103,301$ 103,301$ 3,723,412$ 3,722,640$
<br />Construction in Progress 8,782,220 7,234,285 10,030 10,030 8,792,250 7,244,315
<br />Buildings and Building Improvements 7,213,968 7,213,968 - - 7,213,968 7,213,968
<br />Improvements Other than Buildings 372,314 372,314 - - 372,314 372,314
<br />Streets and Infrastructure 38,927,656 38,790,966 - - 38,927,656 38,790,966
<br />Distribution/Collection Systems - - 18,509,672 18,428,365 18,509,672 18,428,365
<br />Machinery and Equipment 5,594,988 4,761,192 698,533 908,735 6,293,521 5,669,927
<br />Total Capital Assets 64,511,257 61,992,064 19,321,536 19,450,431 83,832,793 81,442,495
<br />Less: Accumulated Depreciation (29,884,498) (28,200,152) (10,837,224) (10,849,573) (40,721,722) (39,049,725)
<br />Total Capital Assets, Net 34,626,759$ 33,791,912$ 8,484,312$ 8,600,858$ 43,111,071$ 42,392,770$
<br />Capital Assets at Year-End
<br />(Net of Accumulated Depreciation)
<br />Governmental Activities Business-Type Activities Total
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<br />Additional details of capital asset activity for the year can be found in Note 5 of the notes to basic
<br />financial statements.
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<br />Long-Term Liabilities
<br />At the end of the current fiscal year, the City had total bonded debt, notes payable, and compensated
<br />absences payable outstanding of $7,072,675. While all of the City’s bonds have revenue streams, they
<br />are all backed by the full faith and credit of the City. In 2017, no property tax levy was used to support
<br />any debt.
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<br />2017 2016 2017 2016 2017 2016
<br />General Obligation Bonds 4,185,000$ 4,450,000$ -$ -$ 4,185,000$ 4,450,000$
<br />Tax Increment Bonds 1,165,000 1,355,000 - - 1,165,000 1,355,000
<br />Improvement Bonds 1,345,000 1,480,000 - - 1,345,000 1,480,000
<br />Notes Payable 136,996 169,109 - - 136,996 169,109
<br />Compensated Absences 92,191 83,198 80,834 79,746 173,025 162,944
<br />Bond Premium (Discount), Net 67,654 86,344 - - 67,654 86,344
<br />Total Outstanding Debt 6,991,841$ 7,623,651$ 80,834$ 79,746$ 7,072,675$ 7,703,397$
<br />Outstanding Debt at Year-End
<br />Governmental Activities Business-Type Activities Total
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<br />Additional details of long-term debt activity for the year can be found in Note 6 of the notes to basic
<br />financial statements.
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<br />REQUESTS FOR INFORMATION
<br />This financial report is designed to provide a general overview of the City’s finances for all those with an
<br />interest in the City’s finances. Questions concerning any of the information provided in this report or
<br />requests for additional information should be addressed to the Finance Department, City of Little
<br />Canada, 515 Little Canada Road East, Little Canada, Minnesota 55117.
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