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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2021 <br />NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) <br />D.Fund Financial Statement Presentation (Continued) <br />Description of Funds <br />The City reports the following major governmental funds: <br />General Fund – This is the general operating fund of the City. It is used to account for all <br />financial resources except those required to be accounted for in another fund. <br />Economic Development – Special revenue fund used to account for amounts received <br />and spent on community development activities. <br />Canabury Square Condominiums HIA – This debt service fund is used to account for the <br />debt service associated with housing improvement area project costs for the Canabury Square <br />condominiums. <br />General Capital Improvements – This capital project fund is used to account for major capital <br />improvement and acquisition projects that are not recorded in another capital project fund. <br />Infrastructure CIP Fund – This capital project fund is used to account for amounts <br />received and the related expenditures of the City’s streets and various infrastructure projects. <br />TIF 6-1 Masterpiece – This capital project fund is used to account for amounts received and <br />related project expenditures for TIF #6-1. <br />Owasso/Woodlyn Redevelopment Area – This capital project fund is used to account for <br />amounts received and related expenditures of the Owasso/Woodlyn Redevelopment Area. <br />Water/Sewer Equipment Replacement Fund – This capital project fund is used to <br />account for funds set aside from the City’s water and sewer operating utilities as well as <br />other government sources of revenue to be used for future equipment replacement and capital <br />costs. <br />The City reports the following major enterprise funds: <br />Water Operating Fund – This fund is used to account for the provision of water services to <br />the residents and businesses of the City. <br />Sewer Operating Fund – This fund is used to account for the provision of sewer services to <br />the residents and businesses of the City. <br />Additionally, the City reports the following fund type: <br />An Internal service fund accounts for the City’s insurance fund. <br />51