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MANAGEMENT'S DISCUSSION AND ANALYSIS As management of the City of St. Anthony, Minnesota, we offer readers of the City of St. Anthony, Minnesota's financial statements this narrative overview and analysis of the financial activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2011. We encourage readers to consider the information presented here in conjunction with additional information that we have famished in our letter of transmittal, which can be found in the Introductory Section of this report. Financial Highlights • The assets of the City of St. Anthony, Minnesota exceeded its liabilities at the close of the most recent fiscal year by $23,665,941 (net assets). • The City's total net assets increased by $889,505 from the prior years stated net assets. • As of the close of the current fiscal year, the City of St. Anthony's governmental funds reported combined ending fund balances of $8,305,131, an increase of $1,851,615 in comparison with the prior year stated fund balances. • At the end of the current fiscal year, unassigned fund balance for the General Fund was $1,647,566 or 36.88 % of total General Fund Budget. • The City of St. Anthony's total bonded debt increased by $2,080,000 (6.2%) during the current fiscal year. The key factors in this increase were; 1) pay offfref ending of the 2003A G.O. Road Improvement Bond totaling $1,135,000; 2) principal retirement of $1,950,000; 3) issuance of the 2011A $2,955,000 G.O. Road Improvement Bonds; and 4) issuance of the 2011B $2,210,000 G.O. Road Improvement Bonds. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City of St. Anthony, Minnesota's basic financial statements. The City of St. Anthony, Minnesota's basic financial statements comprise three components: 1) government -wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -wide financial statements. The government -wide financial statements are designed to provide readers with a broad overview of the City of St. Anthony, Minnesota's finances, in a manner similar to a private -sector business. The statement of net assets presents information on all of the City of St. Anthony, Minnesota's assets and liabilities, with the difference between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of whether the financial position of the City of St. Anthony, Minnesota is improving or deteriorating. 13 L