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CITY OF LITTLE CANADA, MINNESOTA
<br />LEGAL DEBT MARGIN INFORMATION
<br />Last Ten Fiscal Years Table 13
<br />2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
<br />Debt limit 24,835,854$ 25,847,019$ 27,269,130$ 29,733,702$ 31,887,282$ 33,776,289$ 36,709,836$ 37,430,379$ 42,846,741$ 46,661,607$
<br />Total net debt applicable to limit 1,447,097 2,274,769 2,167,769 2,059,974 1,950,566 1,848,281 1,739,963 1,585,739 1,273,588 1,008,198
<br />Legal debt margin 23,388,757$ 23,572,250$ 25,101,361$ 27,673,728$ 29,936,716$ 31,928,008$ 34,969,873$ 35,844,640$ 41,573,153$ 45,653,409$
<br />Total net debt applicable to the limit
<br /> as a percentage of debt limit 5.83%8.80%7.95%6.93%6.12%5.47%4.74%4.24%2.97%2.16%
<br />Legal Debt Margin Calculation for Fiscal Year 2023:
<br />Taxable Market Value 1,555,386,900$
<br />Debt limit (3% of market value) (1)46,661,607
<br />Debt Applicable to Limit:
<br /> General Obligation Bonds 1,460,000
<br /> Less amount set aside for repayment
<br /> of General Obligation Debt 451,802
<br /> Total Debt applicable to limit 1,008,198
<br />Legal debt margin 45,653,409$
<br />(1) Minnesota State Statutes, Section 475 prescribes the statutory debt limit that outstanding principal of debt cannot exceed 3% of taxable market value. General obligation
<br />debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
<br />Fiscal Year
<br />134
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