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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2014
<br />Note 16 LEGAL DEBT MARGIN
<br />33,705,000
<br />34,560,000
<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
<br />principally from property taxes. The City's legal debt margin for 2014 and 2013 is computed as follows:
<br />December 31,
<br />December 31,
<br />(1,735,000)
<br />2014
<br />2013
<br />Market value:
<br />Tax abatement bonds
<br />(1,225,000)
<br />Ramsey County
<br />$244,282,700
<br />$243,533,600
<br />Hennepin County
<br />429,940,030
<br />431,040,057
<br />Total market value
<br />674,222,730
<br />674,573,657
<br />Debt limit percentage
<br />3.00%
<br />3.00%
<br />Debt limit
<br />20,226,682
<br />20,237,210
<br />Amount of debt applicable to debt limit
<br />Total bonded debt
<br />33,705,000
<br />34,560,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer, storm sewer)
<br />(1,480,000)
<br />(1,735,000)
<br />State aid street bonds
<br />(60,000)
<br />(120,000)
<br />Tax abatement bonds
<br />(1,225,000)
<br />(1,355,000)
<br />Improvement bonds
<br />(16,910,000)
<br />(17,605,000)
<br />Tax increment bonds
<br />(7,920,000)
<br />(8,545,000)
<br />Cash and investments in applicable debt
<br />service funds
<br />(2,078,937)
<br />(749,869)
<br />Total amount of debt applicable to debt limit
<br />4,031,063
<br />4,450,131
<br />Legal debt margin
<br />$16,195,619
<br />$15,787,079
<br />Note 17 RECENTLY ISSUED ACCOUNTING STANDARDS
<br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
<br />were not implemented for these financial statements:
<br />Statement No. 68 Accounting and Financial Reporting for Pensions — an amendment of GASB Statement
<br />27. The provisions of this Statement are effective for financial statements for periods beginning after June
<br />15, 2014. Statement No. 68 requires governments providing defined benefit pensions to recognize their
<br />long-term obligation for pension benefits as a liability for the first time.
<br />Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date — an
<br />amendment of GASB Statement No. 68. The provisions of this Statement should be applied simultaneously
<br />with the provisions of Statement 68.
<br />Statement No. 72 Fair Value Measurement and Application. The provisions of this Statement are effective
<br />for financial statements for periods beginning after June 15, 2015.
<br />The effect these standards may have on future financial statements is not determinable at this time, but it is
<br />expected that Statements No. 68 and No. 71 will have a material impact.
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