CC PACKET 05082001 - Laserfiche WebLink

Home Browse Search

30 Honorable Mayor and Members of the City Council • City of St. Anthony, Minnesota Financial Summary, continued Debt Service Funds Many of the debt service funds maintained relate to the City's street improvement program. Fund balances of these funds are restricted for debt service requirements and are not available for current expenditure purposes until the debt is retired. Fund balances of these funds are the result of the collection (prepayments) of assessments levied in connection with improvement projects. Existing fund balances, combined with annual tax and assessment levy amounts, are sufficient to satisfy 2001 debt service requirements. Two additional debt service funds were created to account for the debt service related to the bonds issued this past year. State aids will be utilized to retire the debt issued for street improvements and collec- tion of fees will be utilized to retire the storm sewer bonds issued. Debt service funds related to the Housing and Redevelopment Authority have existing fund bal- ances, and combined with current collection of tax increment revenues continuing, sufficient revenues will be generated from each of the tax increment districts to satisfy current debt service .requirements for the remaining two bond issues. Capital Project Funds Improvement costs incurred by the City amounted to $3,837,973. Proceeds from two bond .issues, in addition to state aids, were used. to fundthese projects. The most significant activity of the Capital Project Funds involves the Storm Water Improvement Fund. Construction of various storm water related projects continued. Proceeds from the issuance of bonds were used to finance these project costs. In addition, the 2000 street improvement project was done in connection with the storm water projects and funds from the sale of bonds were transferred to this fund. Other capital project activities included park improvements and equipment acquisitions. Proprietary .Funds The financial condition of each enterprise fund improved based on results of operations for 2000. The. Liquor Fund 'had net income :of $217,822 for the year. After budgeted transfers of. $140,000, the increase in retained earnings was $77,822.- Retained earnings_ are approximately $1,135,000 at December 31, 2000. Income from operations was almost identical to 1999, with an increased sales volume of 1.70%. The Utility Fund had net income from operations of $514,366 for the year. In 2000, the Utility Fund paid for various improvement costs which have been capitalized and will be depreciated over the next several years. Retained earnings of the Utility Fund are approximately $7,000,000, which are reserved for water filtration and purification improvements. • The deficit of the Employee Benefit Fund is $196,615 at December 31, 2000. Funding of this liability in prior years has been limited due to the unlikelihood that the entire amount of the liability would be expended in any one year. The liability for compensated absences increased as a result of the conversion from sickdays to personal leave days for computation of the liability amount.