|
CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2021
<br />
<br />
<br />
<br />
<br />NOTE 14 FUND BALANCES
<br />A. Classifications
<br />A summary of the governmental fund balance classifications at December 31, 2021 is as follows:
<br /> Nonspendable Restricted Committed Assigned Unassigned Total
<br />General Fund: $ - $ - $ - $ - $ 2,629,475 $ 2,629,475 Prepaid items 6,904 - - - - 6,904
<br />Advances to other funds 496,985 - - - - 496,985
<br />2021 budget adjustments - - - 68,500 - 68,500
<br /> Total General Fund 503,889 - - 68,500 2,629,475 3,201,864
<br />Economic Development - - 29,976 - - 29,976 Canabury Square Condo. HIA - - - - (227,487) (227,487)
<br />General Capital Improvement: Capital improvements - 78,000 - 2,613,850 - 2,691,850
<br />Infrastructure CIP:
<br /> Capital improvements - - - 3,370,250 - 3,370,250
<br />TIF 6-1 - - - - (437,546) (437,546)
<br />Owasso/Woodlyn Redevelopment Area
<br /> Capital improvements - - - 672,375 - 672.375
<br />Water/Sewer Equip. Replacement:
<br /> Advances to other funds - - - 257,312 - 257,312
<br /> Capital improvements - - - 1,654,185 - 1,654,185
<br /> Total Other Major Funds - 78,000 29,976 8,567,972 (665,033) 8,010,915
<br />Nonmajor Governmental Funds: Charitable gambling - 151,658 - - - 151,658
<br />Park acquisition - 877,603 - - - 877,603
<br />Debt retirement - 82,931 - - - 82,931
<br />Fire equipment - 366,573 - - - 366,573
<br />Tax increment purposes - 2,113,112 - - - 2,113,112
<br />Parks and recreation - - 55,670 - - 55,670
<br />Cable - - 509,681 - - 509,681
<br />Recycling - - 163,009 - - 163,009
<br />Park acquisition - - - 373,349 - 373,349
<br />Fire equipment - - - 1,186,884 - 1,186,884
<br />Redevelopment - - - 12,979 - 12,979
<br />Deficit Fund Balance - - - - (19,504) (19,504)
<br /> Total Nonmajor Funds - 3,591,877 728,360 1,573,212 (19,504) 5,873,945
<br />Total Fund Balances Governmental Funds $ 503,889 $ 3,669,877 $ 758,336 $10,209,684
<br />
<br />$ 1,944,938
<br />
<br />$ 17,086,724
<br />
<br />B. Fund Balance Policy
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance
<br />for the General Fund. The most significant revenue source of the General Fund is property taxes.
<br />This revenue source is received in two installments during the year – June and December. As such,
<br />it is the City’s goal to begin each fiscal year with sufficient working capital to fund operations
<br />between each semi-annual receipt of property taxes.
<br />
<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing
<br />needs in the range of 42.5-65% of the subsequent year’s budgeted expenditures. At December 31,
<br />2021, the unassigned fund balance of the General Fund was 59.75% of the subsequent year’s
<br />budgeted expenditures. A large portion of the fund balance is in the form of nonspendable advances
<br />to other funds.
<br />
<br />
<br />
<br />
<br />74
|