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20
<br /> Honorable Mayor and Members of the City Council
<br /> City of St. Anthony, Minnesota
<br /> Financial Summary
<br /> The financial condition of the City continues to remain strong. As presented in.the financial report,
<br /> the City reported a change in net assets of$970,000 (after capitalization of capital assets and related
<br /> depreciation). The governmental(operating) funds of the City,consisting of the General Fund,
<br /> Special Revenue,Debt Service and Capital Project funds remain healthy. The City's proprietary funds
<br /> (enterprise funds-liquor and utility)are also financially strong.
<br /> Following is a summary of fund balances/retained earnings by fund category as of December 31 for
<br /> each of the past three years.
<br /> 2003 2002 2001
<br /> General Fund $ 1,142,047 $ 1,116,402 $ 1,042,706
<br /> Special Revenue Funds 139,394 77,455 354,583
<br /> Debt Service Funds 1,636,095 1,644,689 1,447,601
<br /> Capital Project Funds 6,503,448 3,248,107 3,965,606
<br /> 9,420,984 6,086,653 6,810,498
<br /> Enterprise Funds 8,214,356 7,945,826 72681,686
<br /> $ 17,635,340 $ 14,032,479 $ 14,492,184
<br /> As the chart above illustrates,the City's financial condition has not changed significantly over the past
<br /> several years. The large increase in the fund balance of the Capital Project Funds is the result of bond
<br /> proceeds for the renovation/construction of public facilities which were unexpended at year end.
<br /> A summary of significant activities of these fund categories is:
<br /> General Fund
<br /> The fund balance of the General Fund at December 31,2003 is$1,142,047. For the year ended
<br /> December 31,2003,revenues and transfers exceeded expenditures by$25,645 increasing its fund
<br /> balance by this amount. The fund balance of the General Fund represents approximately 30%of the
<br /> operating budget for 2004.
<br /> The fund balance of the General Fund is designated or reserved for the following purposes:
<br /> Working Capital $ 977,464
<br /> Insurance(Self-insurance program) 82,165
<br /> Public Safety Contract Reserves 48,000
<br /> Prepaid Insurance and Other 34,418
<br /> $ 1,142,047
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