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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 />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2018 <br /> <br /> <br /> <br />(37) <br /> <br />NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />A. Organization <br />The City of Little Canada, Minnesota (the City) operates under the “Optional Plan A” <br />form of government as defined in Minnesota Statutes. Under this plan, the City Council, <br />composed of an elected mayor and four elected trustees or council members, exercises <br />legislative authority and determines all matters of policy. The City Council appoints <br />personnel responsible for the proper administration of all the affairs relating to the City. <br /> <br />The financial statements and the accounting policies of the City conform to accounting <br />principles generally accepted in the United States of America (GAAP) as applicable to <br />governmental units. The Governmental Accounting Standards Board (GASB) is the <br />accepted standard setting body for establishing governmental accounting and financial <br />reporting principles. <br /> <br />B. Reporting Entity <br />As required by GAAP, these financial statements include the City (the primary <br />government) and any component units. A component unit is a legally separate entity for <br />which the primary government is financially accountable, or for which the exclusion of <br />the component unit would render the financial statements of the primary government <br />misleading. The criteria used to determine if the primary government is financially <br />accountable for a component unit includes whether or not the primary government <br />appoints the voting majority of the potential component unit’s board, is able to impose its <br />will on the potential component unit, is in a relationship of financial benefit or burden with <br />the potential component unit, or is fiscally depended upon by the potential component <br />unit. <br /> <br />The Little Canada Economic Development Authority (EDA) is a legally separate entity <br />created to provide financing for economic development within the City of Little Canada. <br />The governing board of the EDA is appointed by the City council and is substantially the <br />same as the City Council. There is also a financially beneficial relationship between the <br />EDA and the City. For these reasons the EDA has been included in the financial <br />statements as a blended component unit, with its funds reports as though they are funds <br />of the City. The EDA does not prepare separate financial statements. <br /> <br />There are no other organizations that, when considered, would be included in the <br />financial statements as a component unit.
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