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CITY OF LITTLE CANADA, MINNESOTA
<br />Management’s Discussion and Analysis (continued)
<br />Year Ended December 31, 2019
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<br />CAPITAL ASSETS
<br />The City’s investment in capital assets (net of accumulated depreciation) for its governmental and business-type
<br />activities as of December 31, 2019 is as follows:
<br />City of Little Canada’s Capital Assets
<br />(Net of Depreciation)
<br /> Governmental Activities Business-type Activities Total Primary Government
<br /> 2019 2018 2019 2018 2019 2018
<br />Land $3,620,111 $3,620,111 $ - $ - $3,620,111 $3,620,111
<br />Easements - - 103,301 103,301 103,301 103,301
<br />Construction in progress 2,886,861 3,203,677 6,065 10,030 2,892,926 3,213,707
<br />Buildings and improvements 7,576,455 7,374,815 - - 7,576,455 7,374,815
<br />Machinery and equipment 5,684,696 5,576,190 1,150,616 732,861 6,835,312 6,309,051
<br />Other improvements 960,729 616,411 - - 960,729 616,411
<br />Streets and infrastructure 40,585,984 40,116,983 - - 40,585,984 40,116,983
<br />Distribution and collection
<br />system - - 18,607,232 18,527,045 18,607,232 18,527,045
<br /> Total Capital Assets 61,314,836 60,508,187 19,867,214 19,373,237 81,182,050 79,881,424
<br />Less: Accumulated Depreciation (32,449,336) (31,044,394) (11,648,894) (11,263,258) (44,098,230) (42,307,652)
<br />Ending balance $28,865,500 $29,463,793 $8,218,320 $8,109,979 $37,083,820 $37,573,772
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<br />The largest capital asset purchases in 2019 were the purchase and installation of an inclusive playground at
<br />Spooner Park ($344,318) and the purchase of SCBA’s ($177,815).
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<br />Additional details of capital asset activity for the year can be found in Note 5 of the notes to basic financial
<br />statements.
<br /> LONG-TERM LIABILITIES
<br />At the end of the current fiscal year, the City had total bonded debt, notes payable, and compensated absences
<br />payable outstanding of $3,946,953. While all of the City’s bonds have revenue streams, they are all still backed
<br />by the full faith and credit of the City. In 2019, no property tax levy was used to support any debt.
<br />City of Little Canada’s Outstanding Debt
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<br /> 2019 2018
<br />Governmental activities:
<br /> Bonds payable, net $3,655,000 $3,925,000
<br /> Tax Increment Bonds - 965,000
<br /> Notes Payable 71,166 104,243
<br /> Compensated Absences 101,490 87,695
<br /> Bond Premium (Discount), Net 46,938 57,296
<br /> Total Governmental activities 3,874,594 5,139,234
<br />Business-type activities: Compensated absences 72,359 60,580
<br /> Total Business-type activities 72,359 60,580
<br /> Total primary government $3,946,953 $5,199,814
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<br />Additional details of long-term debt activity for the year can be found in Note 6 of the notes to basic financial
<br />statements.
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