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CITY OF LITTLE CANADA, MINNESOTA
<br />STATEMENT OF NET POSITION
<br />December 31, 2021
<br />With Comparative Data as of December 31, 2020
<br />Governmental Business-Type
<br />Activities Activities 2021 2020
<br />Assets:
<br />Cash and investments 16,926,686$ 2,084,760$ 19,011,446$ 17,567,983$
<br />Accrued interest receivable 21,080 - 21,080 24,097
<br />Due from other governmental units - net 551,575 - 551,575 399,566
<br />Accounts receivable - net 890,367 921,684 1,812,051 1,976,272
<br />Prepaid items 12,838 77,992 90,830 87,888
<br />Delinquent property taxes receivable 58,371 - 58,371 50,649
<br />Due from county 78,670 - 78,670 117,038
<br />Special assessments receivable 1,940,269 - 1,940,269 2,359,743
<br />Internal balances (24,974) 24,974 - -
<br />Properties held for resale 419,955 - 419,955 419,955
<br />Capital assets:
<br />Nondepreicable 3,792,549 103,301 3,895,850 3,904,414
<br />Depreciable 26,185,850 7,535,492 33,721,342 34,506,517
<br /> Total assets 50,853,236 10,748,203 61,601,439 61,414,122
<br />Deferred outflows of resources:
<br />Deferred outflows related to city pensions 354,996 235,745 590,741 130,306
<br /> Total deferred outflows of resources 354,996 235,745 590,741 130,306
<br /> Total assets and deferred outflows of resources 51,208,232$ 10,983,948$ 62,192,180$ 61,544,428$
<br />Liabilities:
<br />Accounts payable 266,889$ 6,291$ 273,180$ 634,662$
<br />Salaries payable 23,189 - 23,189 13,985
<br />Contracts payable 225,870 - 225,870 395,012
<br />Due to other governmental units 40,593 119,869 160,462 261,707
<br />Deposits payable 2,363 - 2,363 16,462
<br />Unearned revenue 578,137 - 578,137 4,351
<br />Accrued interest payable 37,579 - 37,579 39,891
<br />Compensated absences payable:
<br /> Due within one year 67,693 52,457 120,150 93,737
<br /> Due in more than one year 48,217 29,812 78,029 104,240
<br />Net pension liability:
<br /> Due in more than one year 454,226 301,642 755,868 1,007,236
<br />Bonds and notes payable:
<br /> Due within one year 292,199 - 292,199 299,231
<br /> Due in more than one year 2,859,305 - 2,859,305 3,161,656
<br /> Total liabilities 4,896,260 510,071 5,406,331 6,032,170
<br />Deferred inflows of resources:
<br />Deferred inflows related to pension 430,416 285,831 716,247 84,713
<br /> Total deferred inflows of resources 430,416 285,831 716,247 84,713
<br />Net position:
<br />Net investment in capital assets 26,571,556 7,638,793 34,210,349 34,558,736
<br />Restricted for:
<br /> Fire equipment 368,371 - 368,371 254,702
<br /> Park acquisition 877,603 - 877,603 877,853
<br /> Capital improvements 78,000 - 78,000 78,000
<br /> Charitable gambling 151,658 - 151,658 102,033
<br /> Debt retirement 61,263 - 61,263 64,788
<br /> Tax increment purposes 2,142,184 - 2,142,184 1,970,781
<br />Unrestricted 15,630,921 2,549,253 18,180,174 17,520,652
<br /> Total net position 45,881,556 10,188,046 56,069,602 55,427,545
<br /> Total liabilities, deferred inflows of resources
<br /> and net position 51,208,232$ 10,983,948$ 62,192,180$ 61,544,428$
<br />Primary Government
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<br />The accompanying notes are an integral part of these basic financial statements.
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