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<br /> STUART I B®leTMINVELL
<br /> Certified Public Accountant
<br /> 7101 York Avenue South Office: (952)921-3325
<br /> Suite 346
<br /> Minneapolis,Mumesota 55435 Fax: (952)921-3331
<br /> e mail: sbonniwell @unique-software.com
<br /> April 4, 2003
<br /> Honorable Mayor and Members of the City Council
<br /> City of St. Anthony, Minnesota
<br /> I have audited the general-purpose financial statements of the City of St.
<br /> Anthony, Minnesota for the year ended December 31, 2002. My report, dated April
<br /> 4, 2003, expresses an unqualified report on these financial statements.
<br /> The purpose of this letter is to communicate certain observations noted during
<br /> the audit of the general-purpose financial statements of the City of St. Anthony
<br /> for the year ended December 31, 2002. These comments are presented for your
<br /> information and consideration. Comments and recommendations in this report are
<br /> constructive in nature and should be read in this context; recommendations are
<br /> intended to improve and/or strengthen internal control, financial management and
<br /> administration.
<br /> Financial Summary
<br /> The financial condition of the City continues to remain strong. The governmental
<br /> (operating) funds of the City, consisting of the General Fund, Special Revenue,
<br /> Debt Service and Capital Project funds remain healthy. The City's proprietary
<br /> funds (enterprise funds - liquor and utility) are also financially strong.
<br /> Following is a summary of fund balances/retained earnings by fund category as of
<br /> December 31 for each of the past three years.
<br /> 2002 2001 2000
<br /> General Fund $1, 116,402 $1,042,706 $976,523
<br /> Special Revenue Funds 77,455 354,585 423,714
<br /> Debt Service Funds 1, 644,689 1,447,601 1,126,439
<br /> Capital Project Funds . 3,248,107 3, 965, 606 3, 931,608
<br /> ------------ ------------ ------------
<br /> 6,086,653 6,810,498 6, 458,284
<br /> Enterprise Funds 7,520,890 7,268,717 8,124,509
<br /> $13, 607,543 $14,079,215 $14,582,793
<br /> As the chart above illustrates, the City's financial condition has not changed
<br /> significantly over the past several years. During 2002, the City transferred
<br /> $250,000 from Special Revenue Funds to Capital Project Funds for the Central Park
<br /> improvement project, accounting for the decrease in their fund balance.
<br /> Expenditures related to storm water and park improvements account for the
<br /> decrease in the Capital Project Funds.
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