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CITY OF LITTLE CANADA, MINNESOTA
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITES
<br />For The Year Ended December 31, 2019
<br />With Comparative Data for the Year Ended December 31, 2018
<br />2019 2018
<br />Total Fund Balance for Governmental Funds 14,039,863$ 13,837,198$
<br />Total net position reported for governmental activities in the statement of net
<br />position is different because:
<br />Capital assets used in governmental funds are not financial resources and,
<br />therefore, are not reported in the funds. These assets consist of:
<br />Land 3,620,111
<br />Construction in progress 2,886,861
<br />Buildings and improvements 7,576,455
<br />Machine and equipment 5,684,696
<br />Other improvements 960,729
<br />Streets 40,585,984
<br /> Total Capital assets 61,314,836
<br />Depreciation expense (32,449,336)28,865,500 29,463,793
<br />Some of the City's receivables (including property taxes, special assessments
<br />and other long-term receivables) will be collected after year-end, but are not
<br />available soon enough to pay for the current period's expenditures, and,
<br />therefore, are reported as deferred inflows of the resources in the governmental
<br />funds.3,428,021 3,940,127
<br />Interest on long-term debt is not accrued in governmental funds, but rather is
<br />recognized as an expenditure when due. Accrued interest for general obligation
<br />bonds is included in the statement of net position.(42,163) (50,392)
<br />The City's net pension liability and related deferred inflows and deferred outflows
<br /> are recorded only on the statement of net position. Balances at year-end are:
<br />Net pension liability (510,154)
<br />Deferred inflows of resources - pensions (136,564)
<br />Deferred outflows of resources - pensions 44,838 (601,880) (576,127)
<br />Long-term liabilities that pertain to governmental funds, including bonds payable,
<br />are not due and payable in the current period and, therefore, are not reported as
<br />fund liabilities. All liabilities - both current and long term - are reported in the
<br />statement of net position.
<br />Bonds payable (3,655,000)
<br />Notes payable (71,166)
<br />Unamortized premiums (46,938)
<br />Compensated absence payable (101,490)(3,874,594) (5,139,234)
<br />Total Net Position of Governmental Activities 41,814,747$ 41,475,365$
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<br />The accompanying notes are an integral part of these financial statements.
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