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CITY OF LITTLE CANADA, MINNESOTA
<br />Management’s Discussion and Analysis (continued)
<br />Year Ended December 31, 2020
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<br />The following is a summary of the City’s change in net position:
<br /> City of Little Canada’s Changes in Net Position
<br />
<br /> Governmental Activities Business-Type Activities Total Primary Government
<br /> 2020 2019 2020 2019 2020 2019
<br />Revenues:
<br /> Program revenues:
<br /> Charges for services $966,317 $1,249,688 $3,179,689 $3,087,350 $4,146,006 $4,337,038
<br /> Operating grants and contributions 1,084,749 638,471 - - 1,084,749 638,471
<br /> Capital grants and contributions 1,980,479 733,734 - - 1,980,479 733,734
<br /> General revenues: Property taxes 3,514,093 3,385,222 - - 3,514,093 3,385,222
<br /> Other taxes 1,052,501 1,016,065 - - 1,052,501 1,016,065
<br /> Grants and contributions not restricted to specific programs 434,379 437,161 - - 434,379 437,161
<br /> Unrestricted investment earnings 442,806 530,625 50,258 55,039 493,064 585,664
<br /> Other 318,000 - - 2,447 318,000 2,447
<br /> Gain on sale of capital assets 40,000 20,481 - - 40,000 20,481
<br /> Gain on sale of future revenue 594,000 - - 594,000 -
<br /> Total revenues 10,427,324 8,011,447 3,229,947 3,144,836 13,657,271 11,156,283
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<br />Expenses:
<br /> General government 670,229 631,388 - - 670,229 631,388
<br /> Housing & economic development 226,265 690,771 - - 226,265 690,771
<br /> Public safety 2,654,736 2,696,716 - - 2,654,736 2,696,716
<br /> Public works 2,361,195 2,128,271 2,361,195 2,128,271
<br /> Sanitation and recycling 448,249 413,046 - - 448,249 413,046
<br /> Culture and recreation 624,376 688,124 - - 624,376 688,124
<br /> Interest on long-term debt 166,152 235,062 - - 166,152 235,062
<br /> Water - - 1,669,453 1,566,206 1,669,453 1,566,206
<br /> Sewer - - 1,503,306 1,319,392 1,503,306 1,319,392
<br /> Total expenses 7,151,202 7,483,378 3,172,759 2,885,598 10,323,961 10,368,976
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<br />Increase in net position before special items
<br />and transfers 3,276,122 528,069 57,188 259,238 3,333,310 787,307
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<br />Transfers 103,470 (188,687) (103,470) 188,687 - -
<br /> Total transfers 103,470 (188,687) (103,470) 188,687 - -
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<br />Change in net position 3,379,592 339,382 (46,282) 447,925 3,333,310 787,307
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<br />Net position - January 1 41,814,747 41,475,365 10,279,488 9,831,563 52,094,235 51,306,928
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<br />Net position - December 31 $45,194,339 $41,814,747 $10,233,206 $10,279,488 $55,427,545 $52,094,235
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<br />Net position increased by $3,379,592 or 8.08% in governmental activities as a result of current year
<br />operations. Increased revenues and decreased expenses accounted for the change in net position.
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<br />Overall, revenues from governmental activities increased 30.1% or $2,415,877. Large revenue increases
<br />were for one-time revenues received for operating grants, capital grants, and sales of capital assets.
<br />• CARES Act revenues in the amount of $782,784 were received to be used to offset the financial
<br />impacts of COVID-19.
<br />• $948,371 in Municipal State Aid (MSA) revenues were received to partially offset the construction
<br />of Greenbrier Street that was reconstructed in 2020.
<br />• $783,700 was received for special assessment payment for street construction.
<br />• The sale of two city cell towers generated $594,000 in future revenue.
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