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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, 2024, 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 76 of this report.
<br />City of Little Canada’s Capital Assets
<br />(Net of Depreciation)
<br />Increase Increase
<br />2024 2023 (Decrease)2024 2023 (Decrease)
<br />Land 6,011,225$ 3,620,111$ 2,391,114$ -$ -$ -$
<br />Right of Ways and Easements - - - 103,301 103,301 -
<br />Construction in Progress 780,793 3,732,018 (2,951,225) - - -
<br />Buildings and buildings improvements 4,758,977 4,899,227 (140,250) - - -
<br />Other Improvements 4,055,560 2,292,396 1,763,164 - - -
<br />Machinery and equipment 3,841,970 2,649,543 1,192,427 641,842 630,951 10,891
<br />Distribution and collection system - - - 6,981,704 6,617,136 364,568
<br />Streets 19,618,446 17,666,523 1,951,923 - - -
<br />Total 39,066,971$ 34,859,818$ 4,207,153$ 7,726,847$ 7,351,388$ 375,459$
<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 />2024 2023 (Decrease)
<br />General Obligation Bonds 2,215,000$ 2,520,000$ (305,000)$
<br />Unamortized Discount and Premium 2,058 5,506 (3,448)
<br />Notes from Direct Borrowings 3,230 10,735 (7,505)
<br />Total 2,220,288$ 2,536,241$ (315,953)$
<br />Governmental Activities
<br />The City’s total bonded long-term debt decreased during the current fiscal year due to regularly scheduled debt service
<br />principal payments.
<br />Additional information on the City’s long-term debt can be found in Note 3E starting on page 78 of this report.
<br />Requests for Information
<br />This financial report is designed to provide a general overview of the City’s finances for all those with an interest in the
<br />City’s finances. Questions concerning any of the information provided in this report or requests for additional financial
<br />information should be addressed to the Finance Director, City Hall, 515 Little Canada Road E, Little Canada, Minnesota
<br />55117.
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