|
CITY OF LITTLE CANADA, MINNESOTA
<br />MANAGEMENT’S DISCUSSION AND ANALYSIS
<br />YEAR ENDED DECEMBER 31, 2022
<br />
<br />
<br />
<br />(23)
<br />
<br />Capital Assets
<br />The City’s investment in capital assets (net of accumulated depreciation) for its governmental and
<br />business-type activities as of December 31, 2022 amounts to $38,602,349.
<br />
<br />2022 2021 2022 2021 2022 2021
<br />Land 3,620,111$ 3,620,111$ 103,301$ 103,301$ 3,723,412$ 3,723,412$
<br />Construction in Progress 671,484 172,438 4,672 - 676,156 172,438
<br />Buildings and Building Improvements 7,676,257 7,665,497 - - 7,676,257 7,665,497
<br />Improvements Other than Buildings 1,798,893 1,251,714 - - 1,798,893 1,251,714
<br />Streets and Infrastructure 46,836,550 45,026,775 - - 46,836,550 45,026,775
<br />Distribution/Collection Systems - - 19,118,513 18,824,340 19,118,513 18,824,340
<br />Machinery and Equipment 6,055,039 5,998,103 1,255,442 1,185,085 7,310,481 7,183,188
<br />Total Capital Assets 66,658,334 63,734,638 20,481,928 20,112,726 87,140,262 83,847,364
<br />Less: Accumulated Depreciation (35,652,276) (33,756,239) (12,885,637) (12,473,933) (48,537,913) (46,230,172)
<br />Total Capital Assets, Net 31,006,058$ 29,978,399$ 7,596,291$ 7,638,793$ 38,602,349$ 37,617,192$
<br />Capital Assets at Year-End
<br />(Net of Accumulated Depreciation)
<br />Governmental Activities Business-Type Activities Total
<br />
<br />
<br />The largest capital asset purchases in 2022 for the governmental activities were for the 2022 street
<br />improvements, which included Rayan Drive in the amount of $509,554, Woodlyn Avenue in the amount
<br />of $590,603, Maple Lane in the amount of $290,298, and Yorkton Ridge in the amount of $288,371.
<br />Additionally, $216,656 was spent toward the Twin Lake Blvd project during the year. The project is
<br />expected to be completed in 2023. In addition, a deposit $675,499 has been recorded for a new Fire
<br />Truck during the year.
<br />
<br />For the business-type activities, $601,364 of expenses were capitalized during the year. One of the
<br />largest projects, in the amount of $259,042, related to the 2022 Sewer Lining. Additional details of
<br />capital asset activity for the year can be found in Note 6 of the notes to basic financial statements.
<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 $3,055,874. While all of the City’s bonds have revenue streams, they
<br />are all still backed by the full faith and credit of the City. As in the recent past, the property tax levy was
<br />not used to support any debt during the current fiscal year.
<br />
<br />2022 2021 2022 2021 2022 2021
<br />General Obligation Bonds 2,815,000$ 3,100,000$ -$ -$ 2,815,000$ 3,100,000$
<br />Notes Payable 18,093 25,282 - - 18,093 25,282
<br />Compensated Absences 122,337 115,910 84,580 82,269 206,917 198,179
<br />Bond Premium (Discount), Net 15,864 26,222 - - 15,864 26,222
<br />Total Outstanding Debt 2,971,294$ 3,267,414$ 84,580$ 82,269$ 3,055,874$ 3,349,683$
<br />Outstanding Debt at Year-End
<br />Governmental Activities Business-Type Activities Total
<br />
<br />Additional details of long-term debt activity for the year can be found in Note 7 of the notes to basic
<br />financial statements.
<br />
|