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CITY OF LITTLE CANADA, MINNESOTA <br />Management’s Discussion and Analysis (continued) <br />Year Ended December 31, 2020 <br /> <br /> <br /> <br />LONG-TERM LIABILITIES <br />At the end of the current fiscal year, the City had total bonded debt, notes payable, and compensated <br />absences payable outstanding of $3,658,864. While all of the City’s bonds have revenue streams, they are <br />all still backed by the full faith and credit of the City. As in the recent past, the property tax levy was not <br />used to support any debt in 2020. <br />City of Little Canada’s Outstanding Debt <br /> <br /> 2020 2019 <br />Governmental activities: <br /> Bonds payable, net $3,380,000 $3,655,000 <br /> Notes Payable 44,307 71,166 <br /> Compensated Absences 118,864 101,490 <br /> Bond Premium (Discount), Net 36,580 46,938 <br /> Total Governmental activities 3,579,751 3,874,594 <br />Business-type activities: Compensated absences 79,113 72,359 <br /> Total Business-type activities 79,113 72,359 <br /> Total primary government $3,658,864 $3,946,953 <br /> <br />Additional details of long-term debt activity for the year can be found in Note 6 of the notes to basic <br />financial statements. <br /> <br />REQUESTS FOR INFORMATION <br />This financial report is designed to provide a general overview of the City’s finances for all those with an <br />interest in the City’s finances. Questions concerning any of the information provided in this report or <br />requests for additional information should be addressed to the Finance Department, City of Little Canada, <br />515 Little Canada Road East, Little Canada, Minnesota 55117. <br /> <br /> <br />29