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City of Little Canada, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br />Note 2: Stewardship, Compliance and Accountability (Continued) <br />B.Deficit Fund Balance <br />As of December 31, 2024, the following funds reported deficit fund balance: <br />Amount <br />Primary Government <br />Nonmajor funds <br />TIF #6-1 177,149$ <br />TIF #7-3 Owasso Warehouse 23,256 <br />Fund <br />The fund deficits are expected to be eliminated with future tax increment revenues or transfers from other funds. <br />C.Excess of Expenditures over Appropriations <br />Excess of <br />Expenditures <br />Final Over <br />Budget Actual Appropriations <br />Primary Government <br />Major <br />Economic Development 30,000$ 2,072,404$ 2,042,404$ <br />Nonmajor <br />Parks and Recreation 72,505 80,976$ 8,471$ <br />Recycling and Trash 570,500 578,212 7,712 <br />Fund <br />The budget excesses were funded by revenues in excess of the budget and available fund balance. <br />Note 3: Detailed Notes on All Funds <br />A.Deposits and Investments <br />Deposits <br />Custodial credit risk for deposits and investments is the risk that in the event of a bank failure, the City’s deposits and <br />investments may not be returned or the City will not be able to recover collateral securities in the possession of an outside <br />party. In accordance with Minnesota statutes and as authorized by the City Council, the City maintains deposits at those <br />depository banks, all of which are members of the Federal Reserve System. <br />Minnesota statutes require that all City deposits be protected by insurance, surety bond or collateral. The fair value of <br />collateral pledged must equal 110 percent of the deposits not covered by insurance or bonds, which the exception of <br />irrevocable standby letters of credit issued by Federal Home Loan Banks as this type of collateral only requires collateral <br />pledged equal to 100 percent of the deposits not covered by insurance or bonds. <br />73