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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2018
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<br />
<br />
<br />(55)
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<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 91,635$
<br />Public Safety 104,311
<br />Public Works 1,549,560
<br />Community Services 64,564
<br />Total Depreciation Expense,
<br /> Governmental Activities 1,810,070$
<br />Business-Type Activities:
<br />Water 250,636$
<br />Sewer 175,398
<br />Total Depreciation Expense,
<br /> Business-Type Activities 426,034$
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<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, 2018:
<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$ 965,000$
<br />General Obligation Bonds:
<br />G.O. Bonds of 2014A 03/11/14 02/01/34 2.98% 3,400,000 2,835,000
<br />G.O. Refunding Bonds of 2015A 06/23/15 02/01/26 2.00% 1,335,000 1,090,000
<br />Total 4,735,000 3,925,000
<br />Total Bonded Indebtedness 7,735,000 4,890,000
<br />Ramsey County Notes Payable:
<br />Canabury Condos Note 02/17/10 02/01/25 2.00% 170,900 37,050
<br />Canabury Square Condos Note 05/14/10 02/01/25 2.00% 99,100 46,123
<br />Fleur Royale Note 02/17/10 02/01/20 2.00% 130,000 21,070
<br />Total 400,000 104,243
<br />Unamortized Bond Premium 57,296
<br />Compensated Absences 87,695
<br />Total Governmental Activities 8,135,000$ 5,139,234$
<br />Business-Type Activities:
<br />Compensated Absences 60,580$
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