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MANAGEMENT’S DISCUSSION AND ANALYSIS As management of the City of St. Anthony, Minnesota, we offer readers of the City of St. Anthony, Minnesota’s financial statements this narrative overview and analysis of the financial activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2015. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the Introductory Section of this report. Financial Highlights  The assets of the City of St. Anthony, Minnesota exceeded its liabilities at the close of the most recent fiscal year by $24,183,945 (net position).  Net position of the government-wide financial statements was negatively impacted in the current year by $4,454,097 due to the required implementation of a new accounting standard. This is more fully described on page 18.  The City’s total net position increased by $1,396,389 from the prior year’s stated net position.  As of the close of the current fiscal year, the City of St. Anthony’s governmental funds reported combined ending fund balances of $7,550,160, a decrease of $1,543,684 in comparison with the prior year stated fund balances.  At the end of the current fiscal year, unassigned fund balance for the General Fund was $2,338,600 or 41.65% of total General Fund Budget expenditures.  The City of St. Anthony’s total bonded debt decreased by $1,095,000 (3.25%) during the current fiscal year. The key factors in this decrease were; 1) payoff of 2008A G.O. Improvement bonds totaling $1,390,000; 2) principal retirement of $2,340,000; 3) issuance of the 2015A $2,580,000 G.O. Improvement bonds; 4) the payoff and refunding of 2006 Tax Increment revenue bonds with 2015B G.O. Tax Increment Revenue Refunding bonds for a net increase in debt of $55,000. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City of St. Anthony, Minnesota’s basic financial statements. The City of St. Anthony, Minnesota’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City of St. Anthony, Minnesota’s finances, in a manner similar to a private-sector business. 15