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HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY , NOTES TO FINANCIAL STATEMENTS- DECEMBER 31 , 1999 Note 1. Significant Accounting Policies The Housing and Redevelopment Authority of St. Anthony (the Authority) was estab- lished by the City Council of St. Anthony, Minnesota under statutes of the State of Minnesota to assist and support housing and redevelopment projects within the City, �II which are under the statutory authority of the Housing and Redevelopment Authority. The Authority is considered a component unit of the City of St. Anthony, Minnesota. The financial statements of the Authority have been prepared in conformity with ' generally accepted accounting principles as applied to governmental units. 'The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. ' The more significant accounting policies are described below. A. Reporting Entity For financial reporting purposes; the Authority's general purpose financial state- ments include all funds of the Authority and other organizations over which the Authority exercises oversight responsibility or because of the significance of its financial relationship with the Authority. No organizations were determined to be under the Authority's oversight responsibility. B. Fund Accounting t The Authority uses funds and account groups to report on its financial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts compri- sing its assets, liabilities, fund equity, revenues and expenditures. Government resources are allocated to and accounted for in individual funds based upon the pur- poses for which they are to be spent and the means by which spending activities are controlled. An account group, is a financial - reporting device designed to provide accountability for certain assets or liabilities that are not recorded in funds because they do not directly affect net expendable available financial resources. All funds of the Authority are classified as governmental and arranged in the finan- cial statements into three fund types. Following is a brief description of each ' fund type. General Fund - The General Fund is the primary operating fund, accounting for the administrative activities of the Authority. It is used to account for all financial resources except those required to be accounted for in another fund. Debt Service Funds - Debt Service Funds are used to account for the accumula- tion of resources for, and payment of, general long-term debt principal , in- terest and related costs. Capital Project Funds - Capital Project Funds are used to account for resources , to be used in connection with projects supported by the Authority. -8- ,