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