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Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
<br />total bonded debt outstanding of $32,610,000. Of this amount, $23,530,000 comprises debt
<br />backed by special assessments and the full faith and credit of the City, $7,865,000 is backed by
<br />tax increments and $1,215,000 is backed by revenues sources from the City of St. Anthony,
<br />Minnesota’s water/sewer funds. In addition, the City of St. Anthony, Minnesota’s debt
<br />represents the liability for compensated absences $668,432, net pension liability of $4,924,972
<br />and OPEB liability of $514,843.
<br />
<br />City of St. Anthony, Minnesota’s Outstanding Debt
<br />General Obligation and Revenue Bonds
<br />
<br />Governmental Activities Business-Type Activities Totals
<br />2015 2014 2015 2014 2015 2014
<br />General obligation bonds $23,530,000 $24,305,000 $ - $ - $23,530,000 $24,305,000
<br />G.O. revenue bonds - 150,000 1,215,000 1,330,000 1,215,000 1,480,000
<br />G.O. tax increment bonds 7,865,000 7,920,000 - - 7,865,000 7,920,000
<br />Issuance premiums (discounts) 618,259 482,350 36,440 40,948 654,699 523,298
<br />Total $32,013,259 $32,857,350 $1,251,440 $1,370,948 $33,264,699 $34,228,298
<br />The City of St. Anthony’s total bonded debt decreased $1,095,000 (3.25%) during the current
<br />fiscal year. The key factors in this decrease were; The key factors in this decrease were; 1)
<br />payoff of 2008A G.O. Improvement bonds totaling $1,390,000; 2) principal retirement of
<br />$2,340,000; 3) issuance of the 2015A $2,580,000 G.O. Improvement bonds; 4) the payoff and
<br />refunding of 2006 Tax Increment revenue bonds with Tax Increment 2015B G.O. Tax Increment
<br />bonds for a net increase in debt of $55,000.
<br />
<br />The City of St. Anthony, Minnesota maintains an “AA” rating from Standard and Poor’s for
<br />general obligation debt. State statutes limit the amount of general obligation debt the City may
<br />issue to 3% of its total market value. The current debt limitation for the City of St. Anthony,
<br />Minnesota is $21,500,127, which is in excess of the City of St. Anthony, Minnesota’s
<br />$4,430,000 outstanding general obligation debt, excluding tax increment and special assessment
<br />bonds. Additional information on the City of St. Anthony, Minnesota’s long-term debt can be
<br />found in Note 6.
<br />
<br />Economic Factors and Next Year’s Budgets and Rates
<br />
<br /> Healthy financial profile with a stable outlook including a strong general fund balance.
<br />
<br /> Strong income and wealth indicators relative to national levels.
<br />
<br /> The stable outlook reflects expectations that St. Anthony will continue to maintain
<br />balanced operations.
<br />
<br /> Good management practices, including extensive financial planning to maintain present
<br />service levels while being sensitive to increases in property taxes remains the most
<br />significant challenge.
<br />
<br />These factors were considered in preparing the City of St. Anthony, Minnesota’s budget for the
<br />2016 fiscal year.
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