05-28-2025 Council Packet - Laserfiche WebLink

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Management’s Discussion and Analysis As management of the City of Little Canada, Minnesota, (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended December 31, 2024. Financial Highlights • The assets and deferred outflows or resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year as shown in the summary of net position on the following pages by $66,987,797. Of this amount $18,897,065, the unrestricted amount of net position, may be used to meet the City’s ongoing obligations to citizens and creditors. • The net position of the City’s governmental activities increased by $3,045,368 as shown in the summary of changes in net assets table on the following pages. The increase this year was due primarily to an increase in charges for services of $299,269 (permits revenue for the Pioneer Commons development) and operating grants and contributions $453,913, which included $270,000 from the DNR for the Pioneer Park improvement and an increase in Local Governmental AID (LGA) in current year of $189,368 when compared with prior year LGA. • For the current fiscal year, the City's governmental funds fund balances are shown in the Financial Analysis of the City's Funds section of the MD&A. The total fund balance decreased by $1,114,556 when compared with the prior year. This decrease was mainly due to large capital purchases in the current year. • Unassigned fund balance in the General fund as shown in the financial analysis of the City’s funds section increased from prior year by $692,643. • The City’s total bonded debt decreased during the fiscal year by $305,000. The decrease was a result of scheduled debt service payments as shown on the outstanding debt table. The total long-term debt at the end of the year was $2,215,000. 27