05-26-2021 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA, MINNESOTA Management’s Discussion and Analysis (continued) Year Ended December 31, 2020 Other Major Governmental Funds The Economic Development fund had an increase in fund balance of $603,118, to arrive at an ending fund balance of $13,420. The increase in fund balance was due to a note principal repayment by a developer in the amount of $600,000. The Canabury Square Condominiums HIA fund balance increased by $267,815 to end at a deficit fund balance of $549,835 at the end of the current fiscal year. The increase in fund balance is due to the receipts of special assessment payments. These payments were used to decrease the interfund loan in the fund. The deficit fund balance will be recovered when future special assessments are received from residents in the Canabury Square Condominiums HIA. The General Capital Improvements fund experienced an increase in fund balance of $296,227 during the current fiscal year to arrive at an ending fund balance of $1,959,864. The increase was due to planned revenue receipts that will be used to fund future capital improvement projects. The Infrastructure CIP fund had a decrease in fund balance of $470,136 during the current fiscal year to arrive at an ending fund balance of $3,004,682. This decrease is due to the large street improvements projects in 2021 on Allen Avenue, Greenbrier Street, and County Road D. There had been a one year pause in street improvement projects in 2019 to allow for collaboration with Ramsey County on the Greenbrier Street and County Road D street improvement project. The TIF 6-1 Masterpiece fund had an increase in fund balance of $58,134 to arrive at an ending fund balance deficit of $497,921. The fund balance increase is from tax increment revenue that was received in the current fiscal year to fund TIF project costs that had occurred in prior years. The deficit fund balance will be recovered when future tax increment revenue is received in the future. The Owasso/Woodlyn Redevelopment Area fund had an increase in fund balance of $365,944 to arrive at an ending fund balance of $672,618. The proceeds from the sale of two cell towers were received in the current fiscal year that caused the increase in fund balance. The Water and Sewer Equipment Replacement fund had a decrease in fund balance of $142,052 in the current fiscal year to arrive at an ending fund balance of $1,891,716. The decrease was due to the planned water and sewer capital outlay purchases. Proprietary Funds The City of Little Canada’s proprietary funds provide the same type of information found in the government -wide financial statements, but in more detail. At the end of the current fiscal year, total net position of the Water and Sewer funds total $10,221,372 or $58,116 less than the prior fiscal year. Unrestricted net position decreased due to increased operating expenses in the funds. Rate increases were implemented in 2021 to offset the increased operating expenses. 26