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CITY OF LITTLE CANADA, MINNESOTA <br />TABLE OF CONTENTS <br />YEAR ENDED DECEMBER 31, 2019 <br />INTRODUCTORY SECTION <br />LETTER OF TRANSMITTAL 3 <br />OFFICIAL DIRECTORY 9 <br />ORGANIZATIONAL CHART 10 <br />CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING 11 <br />FINANCIAL SECTION <br />INDEPENDENT AUDITORS’ REPORT 15 <br />MANAGEMENT’S DISCUSSION AND ANALYSIS 19 <br />BASIC FINANCIAL STATEMENTS <br />STATEMENT OF NET POSITION 31 <br />STATEMENT OF ACTIVITIES 33 <br />GOVERNMENTAL FUNDS <br />BALANCE SHEET 34 <br />RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET <br />POSITION – GOVERNMENTAL ACTIVITIES 37 <br />STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND <br />BALANCES 38 <br />RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND <br />CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES – <br />GOVERNMENTAL ACTIVITIES 41 <br />PROPRIETARY FUNDS <br />STATEMENT OF NET POSITION 42 <br />STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION 43 <br />STATEMENT OF CASH FLOWS 44 <br />NOTES TO BASIC FINANCIAL STATEMENTS 46 <br />REQUIRED SUPPLEMENTARY INFORMATION <br />SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES <br />– GENERAL FUND – BUDGET TO ACTUAL (GAAP BASIS) 80 <br />SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES <br />– ECONOMIC DEVELOPMENT FUND – BUDGET TO ACTUAL (GAAP BASIS) 82 <br />NOTES TO REQUIRED SUPPLEMENTARY INFORMATION 83 <br />PERA SCHEDULE OF THE CITY’S PROPORTIONATE SHARE OF THE NET PENSION <br />LIABILITY 85 <br />PERA SCHEDULE OF CITY CONTRIBUTIONS 86 <br /> <br />