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CITY OF LITTLE CANADA, MINNESOTA
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />DECEMBER 31, 2022
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<br />NOTE 14 DEFERRED AD VALOREM TAX LEVIES – BONDED DEBT
<br />General Obligation bond issues sold by the City are financed by ad valorem tax levies and
<br />special assessment bond issues sold by the City are partially financed by ad valorem tax
<br />levies in addition to special assessments levied against the benefitting properties. When a
<br />bond issue to be financed partially or completely by ad valorem tax levies is sold, specific
<br />annual amounts of such tax levies are stated in the bond resolution and the County Auditor
<br />is notified and instructed to levy these taxes over the appropriate years. The future tax levies
<br />are subject to cancellation when and if the City has provided alternative sources of
<br />financing. The City Council is required to levy any additional taxes found necessary for the
<br />full payment of principal and interest.
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<br />These future scheduled tax levies are not shown as assets in the accompanying financial
<br />statements at December 31, 2022.
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<br />At December 31, 2022, future scheduled tax levies for all bonds outstanding totaled
<br />$2,245,000. The City is currently working to eliminate the debt levies over time.
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<br />NOTE 15 FUND BALANCES
<br />A. Classifications
<br />A summary of the governmental fund balance classifications at December 31, 2022 is as
<br />follows:
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<br />Nonspendable Restricted Committed Assigned Unassigned Total
<br />General Fund: -$ -$ -$ -$ 3,039,880$ 3,039,880$
<br />Prepaid Items 23,052 - - - - 23,052
<br />Advances to Other Funds 551,577 - - - - 551,577
<br />Total General Fund 574,629 - - - 3,039,880 3,614,509
<br />Economic Development - - 744,421 - - 744,421
<br />General Capital Improvements:
<br />Capital Improvements - 78,000 - 3,531,569 - 3,609,569
<br />Infrastructure CIP:-
<br />Capital Improvements - - - 2,447,079 2,447,079
<br />Total Other Major Funds - 78,000 744,421 5,978,648 - 6,801,069
<br />Nonmajor Funds:
<br />Charitable Gambling - 163,059 - - - 163,059
<br />Park Acquisition - 970,931 53,085 344,903 - 1,368,919
<br />Debt Retirement - 116,807 - - - 116,807
<br />Fire Equipment - 496,573 - 1,309,445 - 1,806,018
<br />Tax Increment Purposes - 1,263,356 - - - 1,263,356
<br />Cable - - 507,567 - - 507,567
<br />Recycling - - 159,682 - - 159,682
<br />Redevelopment - - - 1,006,191 - 1,006,191
<br />Capital Improvements - - - 1,769,846 - 1,769,846
<br />Deficit Fund Balance - - - - (383,873) (383,873)
<br />Total Nonmajor Funds - 3,010,726 720,334 4,430,385 (383,873) 7,777,572
<br />Total Fund Balances Governmental Funds 574,629$ 3,088,726$ 1,464,755$ 10,409,033$ 2,656,007$ 18,193,150$
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