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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31. 2011 Note 16 LEGAL DEBT MARGIN The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable principally from property taxes. The City's legal debt margin for 2011 is computed as follows: Note 17 RECENTLY ISSUED ACCOUNTING STANDARDS The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were not implemented for these financial statements: Statement No. 60 Accounting and Financial Reportingfor Service Concession Arrangements. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011. Statement No. 61 The Financial Reporting Entity Omnibus —An Amendment of GASB No. 14 and No. 34. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2012. Statement No. 63 Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011. Statement No. 65 Items Previously Reported as Assets and Liabilities. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. Statement No. 66 Technical Corrections — 2012. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. The effect these standards may have on future financial statements is not determinable at this time. 80 December 31, 2011 Market value: Ramsey County $275,647,400 Hennepin County 463,828,500 Total market value 739,475,900 Debt limit percentage 3.00% Debt limit 22,184,277 Amount of debt applicable to debt limit Total bonded debt 35,865,000 Less nonapplicable debt: Revenue bonds (liquor, water, sewer, storm sewer) (2,205,000) State aid street bonds (250,000) Tax abatement bonds (1,600,000) Improvement bonds (16,645,000) Tax increment bonds (9,345,000) Cashand investments inapplicable debt service funds (1,111,699) Total amount of debt applicable to debt limit 4,708,301 Legal debt margin $17,475,976 Note 17 RECENTLY ISSUED ACCOUNTING STANDARDS The Governmental Accounting Standards Boards (GASB) recently approved the following statements which were not implemented for these financial statements: Statement No. 60 Accounting and Financial Reportingfor Service Concession Arrangements. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011. Statement No. 61 The Financial Reporting Entity Omnibus —An Amendment of GASB No. 14 and No. 34. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 2012. Statement No. 63 Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2011. Statement No. 65 Items Previously Reported as Assets and Liabilities. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. Statement No. 66 Technical Corrections — 2012. The provisions of this Statement are effective for financial statements for periods beginning after December 15, 2012. The effect these standards may have on future financial statements is not determinable at this time. 80