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The statement of net position presents information on all of the City of St. Anthony, Minnesota’s <br />assets and liabilities, with the difference between the two reported as net position. Over time, <br />increases or decreases in net position may serve as a useful indicator of whether the financial <br />position of the City of St. Anthony, Minnesota is improving or deteriorating. <br /> <br />The statement of activities presents information showing how the City’s net position changed <br />during the most recent fiscal year. All changes in net position are reported as soon as the <br />underlying event giving rise to the change occurs, regardless of the timing of related cash flows. <br />Thus, revenues and expenses are reported in this statement for some items that will only result in <br />cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). <br /> <br />Both of the government-wide financial statements distinguish functions of the City of St. <br />Anthony, Minnesota that are principally supported by taxes and intergovernmental revenues <br />(governmental activities) from other functions that are intended to recover all or a significant <br />portion of their costs through user fees and charges (business-type activities). The governmental <br />activities of the City of St. Anthony, Minnesota include general government, public safety, <br />public works, parks and recreation, services to other cities and HRA activities. The business- <br />type activities of the City of St. Anthony, Minnesota include the operation of water and sewer <br />utilities and the municipal off-sale liquor stores. <br /> <br />The government-wide financial statements include not only the City of St. Anthony, Minnesota <br />itself (known as the primary government), but also a legally separate Housing and <br />Redevelopment Authority (HRA) for which the City of St. Anthony, Minnesota is financially <br />accountable. The HRA functions for all practical purposes as a department of the City of St. <br />Anthony, Minnesota, and therefore has been included as an integral part of the primary <br />government. <br /> <br />The government-wide financial statements can be found on Statements 1 and 2 of this report. <br /> <br />Fund financial statements. A fund is a grouping of related accounts that are used to maintain <br />control over resources that have been segregated for specific activities or objectives. The City of <br />St. Anthony, Minnesota, like other state and local governments, uses fund accounting to ensure <br />and demonstrate compliance with finance-related legal requirements. All of the funds of the City <br />of St. Anthony, Minnesota can be divided into two categories: governmental funds and <br />proprietary funds. <br /> <br />Governmental funds. Governmental funds are used to account for essentially the same functions <br />reported as governmental activities in the government-wide financial statements. However, <br />unlike the government-wide financial statements, governmental fund financial statements focus <br />on near-term inflows and outflows of spendable resources, as well as on balances of spendable <br />resources available at the end of the fiscal year. Such information may be useful in evaluating a <br />City’s near-term financing requirements. <br /> <br />16