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MANAGEMENT'S DISCUSSION AND ANALYSIS
<br />As management of the City of St. Anthony, Minnesota, we offer readers of the City of St.
<br />Anthony, Minnesota's financial statements this narrative overview and analysis of the financial
<br />activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2009.
<br />We encourage readers to consider the information presented here in conjunction with additional
<br />information that we have furnished in our letter of transmittal, which can be found in the
<br />Introductory Section of this report.
<br />Financial Highlights
<br />• The assets of the City of St. Anthony, Minnesota exceeded its liabilities at the close of the
<br />most recent fiscal year by $21,601,533 (net assets). Of this amount, $5,859,051 (unrestricted
<br />net assets) may be used to meet the City's ongoing obligations to citizens and creditors.
<br />• The City's total net assets decreased by $161,733 from the prior years stated net assets.
<br />• As of the close of the current fiscal year, the City of St. Anthony's governmental funds
<br />reported combined ending fund balances of $13,433,862, an increase of $1,854,376 in
<br />comparison with the prior year stated fund balances. Approximately 36.8% of this total
<br />amount, $4,944,244, is available for spending at the City's discretion (unreserved/
<br />undesignated fund balance).
<br />• At the end of the current fiscal year, unreserved fund balance for the General Fund was
<br />$1,471,584 or 28.3% of total General Fund expenditures.
<br />• The City of St. Anthony's total bonded debt increased by $3,925,000 (10.8%) during the
<br />current fiscal year. The key factors in this increase were; 1) pay off of the 2000B State Aid
<br />Bond totaling $460,000; 2) pay off of the 2000A Storm Sewer Revenue Bond G.O totaling
<br />$945,000; 3) principal retirement of $1,490,000; 4) issuance of the 2009A $5,175,000 G.O.
<br />Improvement Bonds; and 5) issuance of the 2009B $1,645,000 G.O. Refunding Bonds.
<br />Overview of the Financial Statements
<br />This discussion and analysis is intended to serve as an introduction to the City of St. Anthony,
<br />Minnesota's basic financial statements. The City of St. Anthony, Minnesota's basic financial
<br />statements comprise three components: 1) government -wide financial statements, 2) fund
<br />financial statements, and 3) notes to the financial statements. This report also contains other
<br />supplementary information in addition to the basic financial statements themselves.
<br />Government -wide financial statements. The government-rvide,/inaracial.statements are
<br />designed to provide readers with a broad overview of the City of St. Anthony, Minnesota's
<br />finances, in a manner similar to a private -sector business.
<br />The statement of net assets presents information on all of the City of St. Anthony, Minnesota's
<br />assets and liabilities, with the difference between the two reported as net assets. Over time,
<br />increases or decreases in net assets may serve as a useful indicator of whether the financial
<br />position of the City of St. Anthony, Minnesota is improving or deteriorating.
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