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<br /> <br />City of Little Canada, Minnesota <br />Annual Comprehensive Financial Report <br />Table of Contents <br />For the Year Ended December 31, 2024 <br /> <br /> Page No. <br />Introductory Section <br />Letter of Transmittal 11 <br />City Directory 18 <br />Organizational Chart 19 <br />GFOA Certificate of Achievement for Excellence in Financial Reporting 20 <br />GFOA Award for Outstanding Achievement in Popular Report 21 <br /> <br />Financial Section <br />Independent Auditor’s Report 24 <br />Management’s Discussion and Analysis 27 <br /> <br />Basic Financial Statements <br /> Government-wide Financial Statements <br /> Statement of Net Position 43 <br /> Statement of Activities 44 <br /> Fund Financial Statements <br /> Governmental Funds <br /> Balance Sheet 48 <br /> Reconciliation of the Balance Sheet to the Statement of Net Position 51 <br /> Statement of Revenues, Expenditures and Changes in Fund Balances 52 <br /> Reconciliation of the Statement of Revenues, Expenditures and Changes in <br /> Fund Balances of Governmental Funds to the Statement of Activities 54 <br /> General Fund <br /> Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 55 <br /> Economic Development Fund <br /> Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 57 <br /> Proprietary Funds <br /> Statement of Net Position 58 <br /> Statement of Revenues, Expenses and Changes in Net Position 60 <br /> Statement of Cash Flows 61 <br /> Notes to the Financial Statements 63 <br /> <br />Required Supplementary Information <br /> Schedule of Employer’s Share of Public Employees Retirement Association Net Pension Liability - <br /> General Employees Retirement Fund 90 <br /> Schedule of Employer’s Public Employees Retirement Association Contributions - <br /> General Employees Retirement Fund 90 <br /> Notes to the Required Supplementary Information - General Employees Retirement Fund 91 <br /> <br /> <br />5