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<br /> STUART J. BONNIWELL
<br /> Certified Public Accountant
<br /> 7101 York Avenue South- Suite 50 Office: (612)921-3325
<br /> Minneapolis,MN 55435 Fax: (612)921.-3331
<br /> The CPA Heyer Ude estimate The V.%e: .
<br /> March 27, 2001
<br /> Honorable Mayor and Members of the City Council
<br /> City of St. Anthony, Minnesota
<br /> I have audited the financial statements of the City of St. Anthony for the year
<br /> ended December 31, 2000. My report, dated March 27, 2001, expresses an unqualified
<br /> report on these financial statements.
<br /> The purpose of this letter is to communicate certain observations noted during the
<br /> audit of the general purpose financial statements of the City of St. Anthony for
<br /> the year then ended December 31_, 2000. 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 operating or
<br /> governmental 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) also improved as a result of operations
<br /> for the year..
<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 /> 2000 1999 1998
<br /> General Fund $976,523 $870,708 $749,247
<br /> Special Revenue..Funds. 423,714 -413,103 295,584
<br /> Debt Service Funds 1,126,439 1,928,192 2,033,873
<br /> Capital Project Funds 3,931,608 2,389,243 3,229,955
<br /> ------------ ------------ ------------
<br /> 6,458,284 5,601,246 6,308,659
<br /> Enterprise Funds 8,124,509 7,185,247 6,884,750
<br /> ------------ ------------ ------------
<br /> $14,582,793 $12,786,493 $13,193,409
<br /> ------------ ------------ ------------
<br /> • As the chart above illustrates, the City's financial condition. has not changed sign-
<br /> ificantly over the past several years. The change in the Debt Service and Capital
<br /> Projects balance is partially attributed to the recharacterization of the balance
<br /> remaining in the Kenzie tax increment district from a debt service fund 'to a capital
<br /> project fund due to the original debt being fully retired.
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