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Government -wide Financial Analysis
<br />As noted earlier, net assets may serve over time as a useful indicator of a City's financial
<br />position. In the case of the City of St. Anthony, Minnesota, assets exceeded liabilities by
<br />$23,665,941 at the close of the most recent fiscal year.
<br />As part of the City's implementation of GASB 54, the Water Filtration Fund was reclassified
<br />from a Governmental Fund to an Enterprise Fund. This classification transferred $5,183,068 in
<br />net assets from Governmental Funds net assets to Business type. This in tum reduced the
<br />unrestricted portion of net assets available in Governmental Funds. Furthermore, TIF revenue
<br />bonds were previously treated as Invested in Capital Assets net of related debt in prior years.
<br />The City's TIF revenue bonds proceeds were used for infrastructure projects for business type
<br />activities funds and for economic development expenses. Since these expenditures are not part
<br />of Governmental Fund net assets a reclassification of Invested in capital assets net of related debt
<br />has been reflected for the financial statements. The resulting unrestricted net assets of
<br />($6,358,682) are substantially the result of these reclassifications. The City continues to receive
<br />significant tax increment revenues to support the retirement of TIF related debt. Therefore, the
<br />unrestricted net assets will increase with the retirement of related debt. Again, the City's overall
<br />increase in the net assets for 2011 was $889,505.
<br />City of St. Anthony, Minnesota's Net Assets
<br />(A) Restated for reclassification of the Water Filtration and Purification Fund from governmental
<br />activities to business -type activities during 2011.
<br />The City's net assets increased by $889,505 during the current fiscal year. The key element for
<br />the increase was a decrease in expenses relating to general government and realizing an increase
<br />in charges for services.
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<br />Governmental Activities
<br />Business -Type
<br />Activities
<br />Totals
<br />2011
<br />2010 (A)
<br />2011
<br />2010'A'
<br />2011
<br />2010
<br />Current and other assets
<br />$11,327,971
<br />$14,745,729
<br />$6,385,479
<br />51,201,174
<br />$17,713,450
<br />$15,946,903
<br />Capital assets
<br />38,491,466
<br />37,751,834
<br />6,407,233
<br />6,740,905
<br />44,898,699
<br />44,492,739
<br />Total assets
<br />$49,819,437
<br />$52,497,563
<br />$12,792,712
<br />57,942,079
<br />562,612,149
<br />$60,439,642
<br />Long term liabilities outstanding
<br />523,243,190
<br />$30,657,410
<br />$1,667,389
<br />$1,767,701
<br />524,910,579
<br />532,625,111
<br />Other liabilities
<br />13,320,188
<br />4,474,550
<br />715,441
<br />522,479
<br />14,035,629
<br />4,997,029
<br />Total liabilities
<br />$36,563,378
<br />535,331960
<br />52382,830
<br />52,290180
<br />538,946,208
<br />537,622,140
<br />Net assets:
<br />Invested in capital assets net of related debt
<br />$15,334,754
<br />$14,098,233
<br />$4,767,233
<br />54,915,905
<br />$20,101,987
<br />$19,014,138
<br />Restricted
<br />4,279,987
<br />4,407,191
<br />-
<br />120,000
<br />4,279,987
<br />4,527,191
<br />Unrestricted
<br />(6,358,682)
<br />(6,522,889)
<br />5,642,649
<br />5,799,062
<br />(716,033)
<br />(723,827)
<br />Total net assets
<br />513,256,059
<br />$11,982,535
<br />$10,409,882
<br />$10,834,967
<br />523,665,941
<br />%22,817,502
<br />(A) Restated for reclassification of the Water Filtration and Purification Fund from governmental
<br />activities to business -type activities during 2011.
<br />The City's net assets increased by $889,505 during the current fiscal year. The key element for
<br />the increase was a decrease in expenses relating to general government and realizing an increase
<br />in charges for services.
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