CITY OF LITTLE CANADA, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2018
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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, 2018 is as follows:
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<br />2018 2017 2018 2017 2018 2017
<br />Land 3,620,111$ 3,620,111$ 103,301$ 103,301$ 3,723,412$ 3,723,412$
<br />Construction in Progress 3,203,677 8,782,220 10,030 10,030 3,213,707 8,792,250
<br />Buildings and Building Improvements 7,374,815 7,213,968 - - 7,374,815 7,213,968
<br />Improvements Other than Buildings 616,411 372,314 - - 616,411 372,314
<br />Streets and Infrastructure 40,116,983 38,927,656 - - 40,116,983 38,927,656
<br />Distribution/Collection Systems - - 18,509,672 18,509,672 18,509,672 18,509,672
<br />Machinery and Equipment 5,576,190 5,594,988 750,234 698,533 6,326,424 6,293,521
<br />Total Capital Assets 60,508,187 64,511,257 19,373,237 19,321,536 79,881,424 83,832,793
<br />Less: Accumulated Depreciation (31,044,394) (29,884,498) (11,263,258) (10,837,224) (42,307,652) (40,721,722)
<br />Total Capital Assets, Net 29,463,793$ 34,626,759$ 8,109,979$ 8,484,312$ 37,573,772$ 43,111,071$
<br />Capital Assets at Year-End
<br />(Net of Accumulated Depreciation)
<br />Governmental Activities Business-Type Activities Total
<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 $5,199,814. While all of the City’s bonds have revenue streams, they
<br />are all backed by the full faith and credit of the City. In 2018, no property tax levy was used to support
<br />any debt.
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<br />2018 2017 2018 2017 2018 2017
<br />General Obligation Bonds 3,925,000$ 4,185,000$ -$ -$ 3,925,000$ 4,185,000$
<br />Tax Increment Bonds 965,000 1,165,000 - - 965,000 1,165,000
<br />Improvement Bonds - 1,345,000 - - - 1,345,000
<br />Notes Payable 104,243 136,996 - - 104,243 136,996
<br />Compensated Absences 87,695 92,191 60,580 80,835 148,275 173,026
<br />Bond Premium (Discount), Net 57,296 67,654 - - 57,296 67,654
<br />Total Outstanding Debt 5,139,234$ 6,991,841$ 60,580$ 80,835$ 5,199,814$ 7,072,676$
<br />Outstanding Debt at Year-End
<br />Governmental Activities Business-Type Activities Total
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<br />In 2018, the City called the 2009A G.O. Taxable Housing Improvement Bonds in the amount of
<br />$1,345,000. This was done to realize interest savings and to allow residents to pre-pay special
<br />assessments. Additional details of long-term debt activity for the year can be found in Note 6 of the
<br />notes to basic financial statements.
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