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CITY OF LITTLE CANADA, MINNESOTA
<br />STATEMENT OF NET POSITION
<br />December 31, 2020
<br />With Comparative Data as of December 31, 2019
<br />Governmental Business-Type
<br />Activities Activities 2020 2019
<br />Assets:
<br />Cash and investments 15,643,763$ 1,924,220$ 17,567,983$ 15,687,012$
<br />Accrued interest receivable 24,097 - 24,097 32,974
<br />Due from other governmental units - net 399,566 - 399,566 327,408
<br />Accounts receivable - net 1,065,941 910,331 1,976,272 1,297,655
<br />Prepaid items 9,070 78,818 87,888 88,104
<br />Delinquent property taxes receivable 50,649 - 50,649 56,140
<br />Due from county 117,038 - 117,038 152,843
<br />Special assessments receivable 2,359,743 - 2,359,743 2,550,511
<br />Notes receivable - - - 600,000
<br />Internal balances (11,834) 11,834 - -
<br />Properties held for resale 419,955 - 419,955 417,155
<br />Capital assets:
<br />Nondepreicable 3,801,113 103,301 3,904,414 6,616,338
<br />Depreciable 26,616,311 7,890,206 34,506,517 30,467,482
<br /> Total assets 50,495,412 10,918,710 61,414,122 58,293,622
<br />Deferred outflows of resources:
<br />Deferred outflows related to city pensions 76,201 54,105 130,306 76,778
<br /> Total deferred outflows of resources 76,201 54,105 130,306 76,778
<br /> Total assets and deferred outflows of resources 50,571,613$ 10,972,815$ 61,544,428$ 58,370,400$
<br />Liabilities:
<br />Accounts payable 627,067$ 7,595$ 634,662$ 905,939$
<br />Salaries payable 13,985 - 13,985 34,025
<br />Contracts payable 395,012 - 395,012 151,772
<br />Due to other governmental units 62,198 199,509 261,707 76,893
<br />Deposits payable 16,462 - 16,462 6,682
<br />Unearned revenue 4,351 - 4,351 4,351
<br />Compensated absences payable:
<br /> Due within one year 52,328 41,409 93,737 10,273
<br /> Due in more than one year 66,536 37,704 104,240 163,576
<br />Net pension liability:
<br /> Due in more than one year 589,018 418,218 1,007,236 873,546
<br />Accrued interest payable 39,891 - 39,891 42,163
<br />Bonds and notes payable:
<br /> Due within one year 299,231 - 299,231 308,791
<br /> Due in more than one year 3,161,656 - 3,161,656 3,464,313
<br /> Total liabilities 5,327,735 704,435 6,032,170 6,042,324
<br />Deferred inflows of resources:
<br />Deferred inflows related to pension 49,539 35,174 84,713 233,841
<br /> Total deferred inflows of resources 49,539 35,174 84,713 233,841
<br />Net position:
<br />Net investment in capital assets 26,565,229 7,993,507 34,558,736 33,090,501
<br />Restricted for:
<br /> Fire equipment 254,702 - 254,702 255,445
<br /> Public works - - - 156,726
<br /> Park acquisition 877,853 - 877,853 878,053
<br /> Capital improvements 78,000 - 78,000 78,000
<br /> Charitable gambling 102,033 - 102,033 63,147
<br /> Debt retirement 64,788 - 64,788 74,260
<br /> Tax increment purposes 1,970,781 - 1,970,781 2,251,401
<br />Unrestricted 15,280,953 2,239,699 17,520,652 15,246,702
<br /> Total net position 45,194,339 10,233,206 55,427,545 52,094,235
<br /> Total liabilities, deferred inflows of resources
<br /> and net position 50,571,613$ 10,972,815$ 61,544,428$ 58,370,400$
<br />Primary Government
<br />33The accompanying notes are an integral part of these basic financial statements.
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