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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2009 The City reports the following major governmental funds: The General Fund is the government's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Water Filtration and Purification Fund accounts for operation and maintenance of the City's water purification plant. The Street Improvement Debt Service Fund was established to account for debt associated with a systematic plan to reconstruct substandard residential streets and alleys. Annual debt service payments are funded through special assessments and tax levies. The HRA Debt Service Fund was established to account for debt associated with Tax Increment Financing Districts of the City. The Street Improvement Projects Fund was established to account for the construction costs for annual road reconstruction projects. The HRA Projects Fund was established to account for the construction and redevelopment costs within the City. The Storm Water Improvement Fund was established to account for the construction costs associated with the 100 -Year Flood Protection Project and related flooding issues. The Silver Lake Road Project Fund was established to account for the funding and costs of reconstruction for Silver Lake Road from 37th Avenue NE to St. Anthony Boulevard. The 2009 Street Improvement Fund accounts for the construction costs associated with the reconstruction of Foss Road from Chandler Drive to the City limits. The City reports the following major proprietary funds: The Liquor Fund is an enterprise fund that is used to account for operations of the City's off -sale liquor operation. The Water and Sewer Fund accounts for the water and sewer service charges which are used to finance the water and sewer system operating expenses. Additionally, the City reports the following fund type: Internal Service Fund - the Severance Fund accounts for the liability the City has for employee vacation and severance payments. Private - sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government -wide and proprietary-fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private- sector guidance for their business -type activities and enterprise funds, subject to this same limitation. The City has elected not to follow subsequent private- sector guidance. L 41