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CITY OF LITTLE CANADA, MINNESOTA
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2017
<br />WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2016
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(31)
<br />
<br />2017 2016
<br />Total Fund Balances for Governmental Funds 15,224,548$ 13,486,550$
<br />Land 3,620,111$
<br />Construction in Progress 8,782,220
<br />Buildings and Building Improvements 7,213,968
<br />Improvements Other than Buildings 372,314
<br />Streets and Infrastructure 38,927,656
<br />Equipment and Furniture 5,594,988
<br />Total Capital Assets 64,511,257
<br />Less: Accumulated Depreciation (29,884,498) 34,626,759 33,791,912
<br />3,767,096 3,797,347
<br />(81,070) (86,577)
<br />(634,458)$
<br />(155,639)
<br />155,690 (634,407) (698,984)
<br />Bonds Payable (6,695,000)$
<br />Notes Payable (136,996)
<br />Unamortized Premiums (67,654)
<br />Compensated Absence Payable (92,191) (6,991,841) (7,623,651)
<br />Total Net Position of Governmental Activities 45,911,085$ 42,666,597$
<br />The City's net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balance at year-end are:
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Capital assets used in governmental funds are not financial resources and, therefore, are
<br />not reported in the funds. Those assets consist of:
<br />Some of the City's receivables (including property taxes, special assessments and other
<br />long-term receivables) will be collected after year-end, but are not available soon enough to
<br />pay for the current period's expenditures and, therefore, are reported as deferred inflows of
<br />resources in the governmental funds.
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized
<br />as an expenditure when due. Accrued interest for general obligation bonds is included in
<br />the statement of net position.
<br />Net Pension Liability
<br />Deferred Inflows of Resources - Pensions
<br />Deferred Outflows of Resources - Pensions
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not
<br />due and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities - both current and long term - are reported in the statement of net position.
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