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STUART J. BONNIWELL Certified Public Accountant 7101 York Avenue South- Suite 50 s e Office: (612)921-3325 Minneapolis,MN 55435 The CPA. Fax: (612)921-333CPA. nK van,e:- �.Ude+esGma�e March 28, 2000 Honorable Mayor and Members of the City Council City of St. Anthony, Minnesota The purpose of this letter is to communicate certain observations noted during the audit of the general purpose financial statements of the City of St. Anthony for the year then ended December 31 , 1999. These comments are presented for your information and consideration. Comments and. recommendations in this report are constructive in nature and 'should be read in this context; recommendations are intended to .improve and/or strengthen internal control , financial management and administration. This report is intended solely for the information and use of the City Council , management and others within the organization. Financial Summary The financial condition of the City continues to remain strong. The operating funds of the City, consisting of the General Fund, Special Revenue, Debt Service and Capital Project funds remained healthy. The City's proprietary funds (enter- prise funds - liquor and utility) also improved as a result of operations for the year. The strong financial condition of the City is reflected in the bond rating received by the City from Moody's Investors Services. Following is a summary of fund balances/retained earnings at December 31 , 1999 by fund category compared to prior year balances. Balance Balance 12/31/99 12/31/98 General Fund $993,405 $749,247 Special Revenue Funds 397, 143 289, 164 Debt Service Funds 804,098 625,224 Capital Project Funds 524,278 1 ,813,244 ------------- ------------- 2,718,924 3,476,879 Enterprise Funds 7, 185,247 6,884,750 ------------- ------------- $9,904,171 $10,361 ,629 ------------- ------------- A summary of significant activities of these fund categories follows: