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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, 2018
<br />WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2017
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(29)
<br />
<br />2018 2017
<br />Total Fund Balances for Governmental Funds 13,837,198$ 15,474,427$
<br />Land 3,620,111$
<br />Construction in Progress 3,203,677
<br />Buildings and Building Improvements 7,374,815
<br />Improvements Other than Buildings 616,411
<br />Streets and Infrastructure 40,116,983
<br />Equipment and Furniture 5,576,190
<br />Total Capital Assets 60,508,187
<br />Less: Accumulated Depreciation (31,044,394) 29,463,793 34,626,759
<br />3,940,127 3,767,096
<br />(50,392) (81,070)
<br />(522,609)
<br />(147,878)
<br />94,360 (576,127) (634,407)
<br />Bonds Payable (4,890,000)
<br />Notes Payable (104,243)
<br />Unamortized Premiums (57,296)
<br />Compensated Absence Payable (87,695) (5,139,234) (6,991,841)
<br />Total Net Position of Governmental Activities 41,475,365$ 46,160,964$
<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 due
<br />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.
<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 not
<br />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 as
<br />an expenditure when due. Accrued interest for general obligation bonds is included in the
<br />statement of net position.
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