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CITY OF LITTLE CANADA, MINNESOTA <br />Management’s Discussion and Analysis (continued) <br />Year Ended December 31, 2021 <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 $3,349,683. 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 during the current fiscal year. <br />City of Little Canada’s Outstanding Debt <br /> <br /> 2021 2020 <br />Governmental activities: <br /> Bonds payable, net $3,100,000 $3,380,000 <br /> Notes Payable 25,282 44,307 <br /> Compensated Absences 115,910 118,864 <br /> Bond Premium (Discount), Net 26,222 36,580 <br /> Total Governmental activities 3,267,414 3,579,751 <br />Business-type activities: Compensated absences 82,269 79,113 <br /> Total Business-type activities 82,269 79,113 <br /> Total primary government $3,349,683 $3,658,864 <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