06-06-2018 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA, MINNESOTA NOTES TO BASIC FINANCIAL STATEMENTS DECEMBER 31, 2017 (42) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Fund Financial Statement Presentation (Continued) Description of Funds The City reports the following major governmental funds: General Fund – This is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Canabury Square Condominiums HIA Debt Service Fund – This fund is used to account for the debt service associated with housing improvement area project costs for the Canabury Square condominiums. Rice/LC Road Development Capital Project Fund – This fund is used to account for project costs and the related financing for the Rice Street/Little Canada Road redevelopment project. Water/Sewer Equipment Replacement Capital Project Fund – This fund is used to account for funds set aside from the City’s water and sewer operating utilities as well as other government sources of revenue to be used for future equipment replacement and capital costs. Infrastructure CIP Capital Project Fund – This fund is used to account for accumulating reserve balances as bond issues are fully redeemed. TIF #6-1 – Used to account for amounts received from tax increment financing and related project expenditures of TIF District #6-1. The City reports the following major enterprise funds: Water Operating Fund – This fund is used to account for the provision of water services to the residents and business of the City. Sewer Operating Fund – This fund is used to account for the provision of sewer services to the residents and business of the City. The City also reports the following fund type: Agency Fund – The Developers Deposit Fund accounts for pass-through types of expenditures relating to prospective developers.