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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2019 <br /> <br /> <br /> <br /> <br /> <br />NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />D. Fund Financial Statement Presentation (Continued) <br />Description of Funds <br />The City reports the following major governmental funds: <br /> <br />General Fund – This is the general operating fund of the City. It is used to account for all <br />financial resources except those required to be accounted for in another fund. <br /> <br />Economic Development – Used to account for amounts received and spent on community <br />development activities. <br /> <br />TIF Bonds of 2001A – This debt service fund is used to account for amounts received and <br />related debt service expenditures for the 2001A Tax Increment Bonds. <br /> <br />Canabury Square Condominiums HIA Fund – This debt service fund is used to account for <br />the debt service associated with housing improvement area project costs for the Canabury <br />Square condominiums. <br /> <br />General Capital Improvements – This capital project fund is used to account for major capital <br />improvement and acquisition projects that are not recorded in another capital project fund. <br /> <br />Rice/LC Road Development Fund – This capital project fund is used to account for project <br />costs and the related financing for the Rice Street/Little Canada Road redevelopment project. <br /> <br />Infrastructure CIP Fund – This capital improvement fund is used to account for <br />accumulating reserve balances as bond issues are fully redeemed. <br /> <br />Water/Sewer Equipment Replacement Fund – This capital improvement fund is used to <br />account for funds set aside from the City’s water and sewer operating utilities as well as other <br />government sources of revenue to be used for future equipment replacement and capital costs. <br /> <br /> <br />The City reports the following major enterprise funds: <br /> <br />Water Operating Fund – This fund is used to account for the provision of water services to <br />the residents and businesses of the City. <br /> <br />Sewer Operating Fund – This fund is used to account for the provision of sewer services to <br />the residents and businesses of the City. <br /> <br /> <br />49