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06-24-2019 Council Packet
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06-24-2019 Council Packet
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CITY OF LITTLE CANADA, MINNESOTA <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br />YEAR ENDED DECEMBER 31, 2018 <br /> <br /> <br /> <br />(14) <br /> <br />As management of the City of Little Canada, Minnesota (the City), we have provided readers of the <br />City’s financial statements with this narrative overview and analysis of the financial activities of the City <br />for the fiscal year ended December 31, 2018. We encourage readers to consider the information <br />presented here in conjunction with additional information that we have furnished in our letter of <br />transmittal. <br /> <br />FINANCIAL HIGHLIGHTS <br />o The net position of the City’s governmental activities decreased by $4,685,599 as a result of <br />current year operations. Net position was $41,475,365 at year-end. <br />o The net position of the City’s business-type activities decreased by $212,624 as a result of <br />current year operations. Net position was $9,831,563 at year-end. <br />o The fund balance of the General Fund increased by $186,168 (or 7.3%) during the year to <br />$2,719,171 at year-end. <br />o At the end of the current fiscal year, the City’s governmental funds reported a combined ending <br />fund balance of $13,837,198. <br />o At the end of the current fiscal year, the City of Little Canada had total long-term debt <br />outstanding of $5,199,814. This is a decrease of $1,872,862. The City called $1,345,000 in debt <br />in 2018. <br /> <br />OVERVIEW OF THE FINANCIAL STATEMENTS <br />The Management’s Discussion and Analysis is intended to serve as an introduction to the City’s basic <br />financial statements, which are comprised of three components: 1) government-wide financial <br />statements, 2) fund financial statements, and 3) notes to the basic financial statements. This report also <br />contains other information in addition to the basic financial statements themselves. <br /> <br />Government-Wide Financial Statements – The government-wide financial statements are designed <br />to provide readers with a broad overview of the City’s finances in a manner similar to private sector <br />businesses. <br /> <br />The statement of net position presents information on all the City’s assets, deferred outflows of <br />resources, liabilities, and deferred inflows of resources, with the difference between them reported as <br />net position. Over time, increases in net position may serve as a useful indicator of whether the <br />financial position of the City is improving or deteriorating. <br /> <br />The statement of activities presents information showing how the City’s net position changed during the <br />most recent fiscal year. All changes to net position are reported as soon as the underlying event giving <br />rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses <br />are reported in this statement for some items that will only result in cash flows in future fiscal periods <br />(e.g. delinquent taxes and special assessments). <br />
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