|
The combining statements referred to earlier in connection with non-major governmental funds
<br />are presented immediately following the required supplementary information on budgetary
<br />comparisons. Combining and individual fund statements and schedules can be found on
<br />Statements 18 through 25 of this report.
<br />
<br />Government-wide Financial Analysis
<br />
<br />As noted earlier, net position may serve over time as a useful indicator of a City’s financial
<br />position. In the case of the City of St. Anthony, Minnesota, assets exceeded liabilities by
<br />$24,183,945 at the close of the most recent fiscal year. The City’s overall increase in the net
<br />position for 2015 was $1,396,389 before implementation of GASB 68, described below.
<br />
<br />City of St. Anthony, Minnesota’s Net Position
<br />
<br />Governmental Activities Business-Type Activities Totals
<br />2015 2014 2015 2014 2015 2014
<br />
<br />Current and other assets $10,650,903 $12,063,386 $6,591,829 $6,538,350 $17,242,732 $18,601,736
<br />Capital assets 34,662,848 38,838,423 13,394,598 7,407,140 48,057,446 46,245,563
<br />Total assets $45,313,751 $50,901,809 $19,986,427 $13,945,490 $65,300,178 $64,847,299
<br />Total deferred outflows of resources $1,080,208 $0 $0 $0 $1,080,208 $0
<br />Long term liabilities outstanding $35,227,963 $29,949,418 $1,329,496 $1,432,173 $36,557,459 $31,381,591
<br />Other liabilities 4,013,993 5,428,134 864,088 906,765 4,878,081 6,334,899
<br />Total liabilities $39,241,956 $35,377,552 $2,193,584 $2,338,938 $41,435,540 $37,716,490
<br />Total deferred inflows of resources $760,901 $0 $0 $0 $760,901 $0
<br />Net position:
<br /> Invested in capital assets net of related debt $10,604,121 $14,953,582 $12,143,158 $6,036,192 $22,747,279 $20,989,774
<br /> Restricted 6,178,866 5,795,349 - - 6,178,866 5,795,349
<br /> Unrestricted (10,391,885) (5,224,674) 5,649,685 5,570,360 (4,742,200) 345,686
<br />Total net position $6,391,102 $15,524,257 $17,792,843 $11,606,552 $24,183,945 $27,130,809
<br /> The City’s net position increased by $1,396,389 in 2015. The key element for the increase was
<br />revenues exceeded expenditures. In addition, the City adopted new accounting guidance, GASB
<br />Statement No. 68, Accounting and Financial Reporting for Pensions – an Amendment of GASB
<br />Statement No. 27 for the year ended December 31, 2015. Essentially, the standard required the
<br />unfunded portion of defined benefit pension plans to be reported by all participating employers.
<br />Recording the net pension liability and the pension related deferred outflows and inflows of
<br />resources do not change the City’s future funding requirements or obligations under the plans,
<br />which are determined by Minnesota statutes.
<br />
<br />18
|