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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br /> <br /> <br />(37) <br /> <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 /> <br />General Fund – This is the general operating fund of the City. It is used to account <br />for all financial resources except those required to be accounted for in another fund. <br /> <br />Economic Development Fund – This fund is used to account for amounts received <br />and spent on community development activities. <br /> <br />General Capital Improvements Fund – This fund is used to account for project <br />costs and the related financing for the Rice Street/Little Canada Road redevelopment <br />project. <br /> <br />Infrastructure CIP Capital Project Fund – This fund is used to account for <br />accumulating reserve balances as bond issues are fully redeemed. <br /> <br />The City reports the following major enterprise funds: <br /> <br />Water Operating Fund – This fund is used to account for the provision of water <br />services to the residents and business of the City. <br /> <br />Sewer Operating Fund – This fund is used to account for the provision of sewer <br />services to the residents and business of the City. <br /> <br />Additionally, the City reports the following fund type: <br /> <br />Internal Service Fund – This fund is used to account for the City’s insurance fund. <br /> <br />