|
Capital Asset and Debt Administration
<br />Capital Assets. The City’s investment in capital assets for its governmental and business-type activities as of
<br />December 31, 2023, is shown below in capital asset table (net of accumulated depreciation). This investment in capital
<br />assets includes land, right of ways and easements, structures, improvements, machinery and equipment, vehicles, roads,
<br />highways and bridges. The total increase in the City’s investment in capital assets for the current fiscal year for
<br />governmental and business-type activities is due to asses additions in excess of depreciation expense..
<br />Major capital asset events during the current fiscal year included:
<br />•Construction on the Twin Lake Boulevard Street Improvement project.
<br />•Construction on the Pioneer Park Play Node project.
<br />•The City Hall Remodel
<br />•Pioneer Park Playground improvements.
<br />Additional information on the City’s capital assets can be found in Note 3C starting on page 72 of this report.
<br />City of Little Canada’s Capital Assets
<br />(Net of Depreciation)
<br />Increase Increase
<br />2023 2022 (Decrease)2023 2022 (Decrease)
<br />Land 3,620,111$ 3,620,111$ -$ -$ -$ -$
<br />Right of Ways and Easements - - - 103,301 103,301 -
<br />Construction in Progress 3,732,018 671,484 3,060,534 - 4,673 (4,673)
<br />Buildings and buildings improvements 4,899,227 4,560,419 338,808 - --
<br />Other Improvements 2,292,396 1,449,605 842,791 - --
<br />Machinery and equipment 2,649,545 2,718,015 (68,470) 630,951 650,466 (19,515)
<br />Distribution and collection system - - - 6,617,136 6,837,851 (220,715)
<br />Streets 17,666,523 17,986,422 (319,899) - - -
<br />Total 34,859,820$ 31,006,056$ 3,853,764$ 7,351,388$ 7,596,291$ (244,903)$
<br />Business-type ActivitiesGovernmental Activities
<br />Long-term Debt. At the end of the current fiscal year, the City had total bonded debt outstanding consisting of general
<br />obligation debt and notes from direct borrowing as noted in the table below. While all of the City’s bonds have revenue
<br />streams, they are all backed by the full faith and credit of the City.
<br />City of Little Canada’s Outstanding Debt
<br />Increase
<br />2023 2022 (Decrease)
<br />General Obligation Bonds 2,520,000$ 2,815,000$ (295,000)$
<br />Unamortized Discount and Premium 5,506 15,864 (10,358)
<br />Notes from Direct Borrowings 10,735 18,093 (7,358)
<br />Total 2,536,241$ 2,848,957$ (312,716)$
<br />Governmental Activities
<br />38
|