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CITY OF LITTLE CANADA, MINNESOTA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />DECEMBER 31, 2022 <br /> <br /> <br /> <br />(62) <br /> <br />NOTE 10 OTHER POSTEMPLOYMENT BENEFITS <br />The City does not provide postemployment benefits other than permitting retired employees <br />to continue in the City’s group health insurance plan, as required by Minnesota Statutes. <br />The retiree is required to pay 100% of the premium. The premium charged is a single <br />common premium for both active and retired employees. This practice has the potential to <br />create an OPEB liability based on the theory that retirees have higher utilization of health <br />care benefits than active employees (implicit rate subsidy). <br /> <br />The City has determined the liability resulting from an implicit rate subsidy is not material <br />and, therefore, not included in these financial statements. <br /> <br />NOTE 11 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS <br /> General <br />General Economic Capital Infrastructure Nonmajor <br />Fund Development Improvements CIP Governmental Total <br />Transfer Out: <br />Infrastructure CIP -$ -$ 14,300$ -$ -$ 14,300$ <br />Nonmajor Governmental 89,763 672,836 - 1,471,783 2,234,382 <br />Water Fund - - - - 225,000 225,000 <br />Sewer Fund - - - - 150,000 150,000 <br />Total 89,763$ 672,836$ 14,300$ -$ 1,846,783$ 2,623,682$ <br />Transfer In <br /> <br />All of the 2022 transfers are considered routine and consistent with previous practice and <br />policies. The city had the following interfund transfers in 2022: <br /> <br />x $7,000 from the HIA-Fleur Royale Condos to the General fund to close out excess <br />funds <br />x $35,000 from the Recycling and Disposal fund help fund city operations <br />x $41,000 from the Cable TV fund to use excess fund balance to support general city <br />operations <br />x $672,835 from the Capital fund to the Economic Development fund to repay funds <br />initially transferred from the EDA which were no longer needed for redevelopment <br />x $14,300 from the Infrastructure CIP fund to General Capital Improvements for <br />administrative related costs <br />x $1,000,000 in TIF transfers were made from the TIF 3-3 and TIF 5-1 to the new Twin <br />Lake Boulevard Development Fund <br />x $375,000 to the Water/Sewer Capital Projects fund for capital related costs <br /> <br />Four interfund loans were approved by the City to provide cash flow for certain <br />improvements within TIF District 6-1, TIF District 7-1, TIF District 7-2, and Canabury Square <br />Condominiums HIA. A summary at December 31, 2022 is as follows: <br /> <br />Interfund Interfund <br />Loan Loan <br />Receivable Payable <br />General Fund 551,577$ -$ <br />Nonmajor Funds 33,770 585,347 <br />Total 585,347$ 585,347$