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City of Little Canada, Minnesota <br />Reconciliation of the Balance Sheet <br />to the Statement of Net Position <br />Governmental Funds <br />December 31, 2023 <br />Amounts reported for governmental activities in the statement of net position are different because <br />Total Fund Balances - Governmental 19,267,445$ <br />Capital assets used in governmental activities are not financial resources and, therefore, <br />are not reported in the funds. <br />Cost of capital assets 72,180,682 <br />Less accumulated depreciation (37,320,862) <br />Noncurrent liabilities, including bonds payable, are not due and payable in the <br />current period and therefore are not reported as liabilities in the funds. <br />Noncurrent liabilities at year-end consist of <br />Bonds payable (2,520,000) <br />Unamortized bond premium and discount (5,506) <br />Notes Payable (10,735) <br />Compensated absences payable (105,934) <br />Net pension liability (687,052) <br />Some receivables are not available soon enough to pay for the current period's expenditures, <br />and therefore are reported as unavailable revenue in the funds. <br />Property taxes 68,858 <br />Special assessments 2,053,333 <br />Lease sales 407,639 <br />Governmental fund do not report a liability for accrued interest until due and payable.(32,146) <br />Governmental funds do not report long-term amounts related to pensions. <br />Deferred outflows of pension resources 195,057 <br />Deferred inflows of pension resources (211,675) <br />Internal service funds are used by management to charge the cost of services to individual funds. <br />The assets and liabilities are included in the governmental statement of net position.15,872 <br />Total Net Position - Governmental Activities 53,294,976$ <br />The notes to the financial statements are an integral part of this statement. <br />49