|
City of Little Canada, Minnesota
<br />Notes to the Financial Statements
<br />December 31, 2024
<br />Note 3: Detailed Notes on All Funds (Continued)
<br />A reconciliation of cash and investments as shown on the statement of net position for the City follows:
<br />Investments 18,791,344$
<br />Cash on Hand 600
<br />Total 18,791,944$
<br />Primary Government
<br />Governmental activities 16,998,561$
<br />Business-type activities 1,793,383
<br />Subtotal 18,791,944$
<br />B.Lease Receivable
<br />The City, acting as a lessor, leases certain real property to several communications companies on which to install cell
<br />towers under long-term, non-cancelable lease agreements. These leases expire in Fiscal year 2038 and 2039. During the
<br />year ended December 31, 2024, the City recognized $68,468 in lease revenue, pursuant to those contracts.
<br />Current Year
<br />Issue Discount Inflow of Balance at
<br />Description Date Rate Resources Year End
<br />Cell Tower Lease T-Mobile 01/01/22 1.44 %37,676$ 529,676$
<br />Cell Tower Lease AT&T 01/01/22 1.44 30,792 937,397
<br /> Total 1,467,073$
<br />The annual amounts to be recognized split between principal and interest are as follows:
<br />Year Ending
<br />December 31,Principal Interest Total
<br />2025 53,022$ 46,628$ 99,650$
<br />2026 58,828 44,808 103,636
<br />2027 64,988 42,794 107,782
<br />2028 71,519 40,574 112,093
<br />2029 78,442 38,135 116,577
<br />2030 - 2034 511,179 145,495 656,674
<br />2035 - 2039 629,095 47,278 676,373
<br />Total 1,467,073$ 405,712$ 1,872,785$
<br />75
|