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CITY OF LITTLE CANADA, MINNESOTA
<br />RECONCILIATION OF THE BALANCE SHEET TO THE
<br />STATEMENT OF NET POSITION
<br />GOVERNMENTAL ACTIVITIES
<br />DECEMBER 31, 2022
<br />
<br />
<br />
<br />See accompanying Notes to Basic Financial Statements.
<br />(28)
<br />
<br />
<br />2022
<br />Total Fund Balances for Governmental Funds 18,193,150$
<br />Land 3,620,111$
<br />Construction in Progress 671,484
<br />Buildings and Building Improvements 7,676,257
<br />Improvements Other than Buildings 1,798,893
<br />Streets and Infrastructure 46,836,550
<br />Equipment and Furniture 6,055,039
<br />Total Capital Assets 66,658,334
<br />Less: Accumulated Depreciation (35,652,276) 31,006,058
<br />2,623,365
<br />(34,914)
<br />(921,882)
<br />(13,597)
<br />316,342 (619,137)
<br />22,293
<br />Bonds Payable (2,815,000)
<br />Notes Payable (18,093)
<br />Unamortized Premiums (15,864)
<br />Compensated Absence Payable (122,337) (2,971,294)
<br />Total Net Position of Governmental Activities 48,219,521$
<br />The Cityૃs net pension liability and related deferred inflows and deferred outflows are
<br />recorded only on the statement of net position. Balance at year-end are:
<br />Total net position reported for governmental activities in the statement of net position is
<br />different because:
<br />Capital assets used in governmental funds are not financial resources and, therefore, are not
<br />reported in the funds. Those assets consist of:
<br />Some of the Cityૃs receivables (including property taxes, special assessments and other
<br />long-term receivables) will be collected after year-end, but are not available soon enough to
<br />pay for the current period's expenditures and, therefore, are reported as deferred inflows of
<br />resources in the governmental funds.
<br />Interest on long-term debt is not accrued in governmental funds, but rather is recognized as
<br />an expenditure when due. Accrued interest for general obligation bonds is included in the
<br />statement of net position.
<br />Net Pension Liability
<br />Deferred Inflows of Resources - Pensions
<br />Deferred Outflows of Resources - Pensions
<br />Long-term liabilities that pertain to governmental funds, including bonds payable, are not due
<br />and payable in the current period and, therefore, are not reported as fund liabilities. All
<br />liabilities - both current and long term - are reported in the statement of net position.
<br />Internal service funds are used by management to charge the cost of insurance to individual
<br />funds. The assets and liabilities are included in the governmental statement of net position.
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