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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2017
<br />
<br />
<br />
<br />(57)
<br />
<br />NOTE 5 CAPITAL ASSETS (CONTINUED)
<br />C. Depreciation Expense by Function
<br />Depreciation expense was charged to the functions/programs of the primary government
<br />as follows:
<br />
<br />Governmental Activities:
<br />General Government 92,737$
<br />Public Safety 84,161
<br />Public Works 1,425,445
<br />Community Services 162,836
<br />Total Depreciation Expense,
<br /> Governmental Activities 1,765,179$
<br />Business-Type Activities:
<br />Water 248,931$
<br />Sewer 163,920
<br />Total Depreciation Expense,
<br /> Business-Type Activities 412,851$
<br />
<br />NOTE 6 LONG-TERM LIABILITIES
<br />A. Components of Long-Term Debt
<br />The City had the following long-term liabilities outstanding at December 31, 2017:
<br />
<br />Final Maturity Interest Authorized and Balance -
<br />Description Issue Date Date Rate Issued End of Year
<br />Governmental Activities:
<br />Tax Increment Bonds:
<br />Tax Increment Bonds of 2001A 06/29/01 12/01/22 7.10% 3,000,000$ 1,165,000$
<br />Improvement Bonds:
<br />G.O. Taxable Housing Improvement Area Bonds of 2009A 12/03/09 02/01/25 4.69% 2,220,000 1,345,000
<br />General Obligation Bonds:
<br />G.O. Bonds of 2014A 03/11/14 02/01/34 2.98% 3,400,000 2,975,000
<br />G.O. Refunding Bonds of 2015A 06/23/15 02/01/26 2.00% 1,335,000 1,210,000
<br />Total 4,735,000 4,185,000
<br />Total Bonded Indebtedness 9,955,000 6,695,000
<br />Ramsey County Notes Payable:
<br />Canabury Condos Note 02/17/10 02/01/25 2.00% 170,900 49,362
<br />Canabury Square Condos Note 05/14/10 02/01/25 2.00% 99,100 52,784
<br />Fleur Royale Note 02/17/10 02/01/20 2.00% 130,000 34,850
<br />Total 400,000 136,996
<br />Unamortized Bond Premium 67,654
<br />Compensated Absences 92,191
<br />Total Governmental Activities 10,355,000$ 6,991,841$
<br />Business-Type Activities:
<br />Compensated Absences 80,834$
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