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CITY OF LITTLE CANADA, MINNESOTA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS (103) 2013201420152016201720182019202020212022Debt limit 23,841,330$ 23,710,188$ 24,835,854$ 25,847,019$ 27,269,130$ 29,733,702$ 31,887,282$ 33,776,289$ 36,709,836$ 37,430,379$ Total net debt applicable to limit 575,000 3,060,000 1,447,097 2,274,769 2,167,769 2,059,974 1,950,566 1,848,281 1,739,963 1,585,739 Legal debt margin 23,266,330$ 20,650,188$ 23,388,757$ 23,572,250$ 25,101,361$ 27,673,728$ 29,936,716$ 31,928,008$ 34,969,873$ 35,844,640$ Total net debt applicable to the limit as a percentage of debt limit 2.41% 12.91% 5.83% 8.80% 7.95% 6.93% 6.12% 5.47% 4.74% 4.24%Legal Debt Margin Calculation for Fiscal Year 2022:Taxable Market Value 1,247,679,300$ Debt limit (3% of market value) (1) 37,430,379 Debt Applicable to Limit: General Obligation Bonds 1,700,000 Less amount set aside for repayment of General Obligation Debt 114,261 Total Debt applicable to limit 1,585,739 Legal debt margin 35,844,640$ (1) Minnesota State Statutes, Section 475 prescribes the statutory debt limit that outstanding principal of debt cannot exceed 3% of taxable market value. General obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.Fiscal Year
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