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Special Revenue Funds <br />The City of Little Canada currently operates Special Revenue Funds for its Economic Development <br />Authority, Parks & Recreation, Cable TV, and Recycling & Disposal. <br />Debt Service Funds <br />The City of Little Canada holds a bond rating of Aa+ from Standard & Poor’s. The City of Little Canada <br />currently has two outstanding bond issues, three note issues, and one interfund loan reflected in its <br />Debt Service Funds. 2034 will be the final payment for 2014A Bonds that was issued for the <br />construction of the Public Works Facility. The first redemption (call) opportunity on these bonds will <br />occur in 2023. 2026 will be the final payment of the 2015A Bonds that were issued for projects in TIF <br />District 5-1. The first redemption (call) opportunity on these bonds will occur in 2024. <br />Capital Project Funds <br />The City of Little Canada has many Capital Project Funds, including the General Capital Improvement <br />Fund and the Infrastructure Capital Improvement Fund. Capital Project Funds are utilized for capital <br />expenditures. A five-year Capital Improvement Plan for 2020-2024 was approved in November. The <br />anticipated projects for next year were approved and are included in the 2020 operating budget. <br />Enterprise Funds <br />The City of Little Canada currently has two enterprise funds (Water Fund & Sewer Fund). A utility rate <br />study is currently in progress, and it is anticipated that this study will be completed in January. Utility <br />rates may need to be changed based on the results of this study. Based on recent and ongoing needs for <br />storm water improvements, staff is also exploring the possibility of establishing a Storm Sewer Fund. <br />Conclusion <br />We would like to acknowledge the contributions from City staff and members of the leadership team for <br />their contributions to the 2020 budget. We would also like to recognize the time and effort put forward <br />by City Council members throughout the budget process. Together we will continue to assure that the <br />citizens of Little Canada get the best value for their tax dollar. <br />7