|
CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2022
<br />
<br />
<br />
<br />(51)
<br />
<br />NOTE 3 RECEIVABLES
<br />Significant receivable balances not expected to be collected within one year of
<br />December 31, 2022 are as follows:
<br />
<br />Property Special Advances
<br />Taxes Assessment to Other Other
<br />Receivable Receivable Funds Receivable Total
<br />General Fund 72,832$ - 551,577$ 9,199$ 633,608$
<br />Economic Development - - - - -
<br />General Capital Improvements - - - 470,994 470,994
<br />Infrastructure CIP 1,924 1,625,356 - 109,303 1,736,583
<br />Nonmajor Funds 7,097 456,607 33,770 237,834 735,308
<br />Total 81,853$ 2,081,963$ 585,347$ 827,330$ 3,576,493$
<br />
<br />
<br />
<br />NOTE 4 UNAVAILABLE REVENUE
<br />Governmental funds report deferred inflows of resources in connection with receivables for
<br />revenues that are considered not available to liquidate liabilities for the current period. At the
<br />end of the current fiscal year, the various components of unavailable revenue reported in the
<br />governmental funds were as follows:
<br />
<br />Property Special
<br />Taxes Assessments Other Total
<br />General Fund 62,246$ -$ -$ 62,246$
<br />Economic Development - - - -
<br />General Capital Improvements - - 470,994 470,994
<br />Infrastructure CIP 1,552 1,625,356 - 1,626,908
<br />Nonmajor Funds 6,610 456,607 - 463,217
<br />Total 70,408$ 2,081,963$ 470,994$ 2,623,365$
<br />
<br />
<br />NOTE 5 LEASE RECEIVABLES
<br />The City, acting as a lessor leases certain real property to several communications
<br />companies on which to install cell towers under long-term, non-cancelable lease
<br />agreements. These leases expire in Fiscal year 2038 and 2039. During the year ended
<br />December 31, 2022, the City recognized $37,558 and $51,031 in lease revenue and interest
<br />revenue, respectively, pursuant to those contracts.
|