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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2014
<br />B. MINIMUM UNASSIGNED FUND BALANCE POLICY
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
<br />the General Fund. The most significant revenue source of the General Fund is property taxes. This
<br />revenue source is received in two installments during the year — June and December. As such, it is the
<br />City's goal to begin each fiscal year with sufficient working capital to fund operations between each
<br />semi-annual receipt of property taxes.
<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing needs
<br />in the range of 30-35% of the subsequent year's budgeted operating expenditures (net of expenditures
<br />for police services to other cities). At December 31, 2014, the unassigned fund balance of the General
<br />Fund was 44% of the subsequent year's budgeted expenditures.
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<br />2014
<br />2015
<br />2016
<br />Street
<br />Street
<br />Street
<br />Improvement
<br />Improvement
<br />Improvement
<br />Project
<br />Project
<br />Project
<br />Other Funds
<br />Total
<br />Nonspendable:
<br />Prepaid items
<br />$
<br />$
<br />$
<br />$1,631
<br />$86,579
<br />Inventory
<br />-
<br />-
<br />6,188
<br />Total nonspendable
<br />0
<br />0
<br />0
<br />1,631
<br />92,767
<br />Restricted for:
<br />Tax increment
<br />-
<br />-
<br />1,894,041
<br />Public safety
<br />23,471
<br />23,471
<br />Debt service
<br />1,996,027
<br />5,710,202
<br />Total restricted
<br />0
<br />0
<br />0
<br />2,019,498
<br />7,627,714
<br />Committed to:
<br />Community center operations/maintenance
<br />999
<br />999
<br />Recycling
<br />-
<br />5,668
<br />5,668
<br />Revolving loan program
<br />-
<br />71,513
<br />Total committed
<br />0
<br />0
<br />0
<br />6,667
<br />78,180
<br />Assigned to:
<br />Community center operations/maintenance
<br />13,998
<br />13,998
<br />Street improvements/rehabilitiation
<br />30,553
<br />-
<br />-
<br />189,115
<br />219,668
<br />Storm water improvements
<br />-
<br />76,646
<br />76,646
<br />Other capital improvements
<br />810,019
<br />810,019
<br />Public safety
<br />10,610
<br />10,610
<br />Parks and recreation
<br />-
<br />187,642
<br />187,642
<br />Total assigned
<br />30,553
<br />0
<br />1,288,030
<br />1,318,583
<br />Unassigned
<br />-
<br />(130,223)
<br />(68,773)
<br />(365,942)
<br />(23,400)
<br />Total
<br />$30,553
<br />($130,223)
<br />($68,773)
<br />$2,949,884
<br />$9,093,844
<br />B. MINIMUM UNASSIGNED FUND BALANCE POLICY
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
<br />the General Fund. The most significant revenue source of the General Fund is property taxes. This
<br />revenue source is received in two installments during the year — June and December. As such, it is the
<br />City's goal to begin each fiscal year with sufficient working capital to fund operations between each
<br />semi-annual receipt of property taxes.
<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing needs
<br />in the range of 30-35% of the subsequent year's budgeted operating expenditures (net of expenditures
<br />for police services to other cities). At December 31, 2014, the unassigned fund balance of the General
<br />Fund was 44% of the subsequent year's budgeted expenditures.
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