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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2015 The City reports the following major governmental funds: The General Fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Street Improvement Debt Service Fund was established to account for debt associated with a systematic plan to reconstruct substandard residential streets and alleys. Annual debt service payments are funded through special assessments and tax levies. The HRA TIF Debt Service Fund was established to account for debt associated with Tax Increment Financing Districts of the City. The HRA TIF Improvement Fund was established to account for the construction and redevelopment costs within the City. The Street Improvement Projects Fund was established to account for the construction costs associated with a systematic plan to reconstruct substandard residential streets and alleys. The City reports the following major proprietary funds: The Liquor Fund is an enterprise fund that is used to account for operations of the City’s off-sale liquor operation. The Water and Sewer Fund accounts for the water and sewer service charges which are used to finance the water and sewer system operating expenses, and the operation and maintenance of the City’s water purification plant. The Stormwater Utility Fund accounts for stormwater service charges which are used to finance the construction and operation of the stormwater and flood protection projects. Additionally, the City reports the following fund types: Internal Service Fund - the Employee Benefit Fund accounts for the liability the City has for employee vacation and severance payments, and is also used to provide pension benefits to other departments of the City on a cost reimbursement basis. Agency Fund - the Developer Deposits Fund accounts for costs incurred by the City for the review of various land use permits requested by developers and subsequent owners. The City requires the developer or owner to pay the costs associated with the permitting process. The City collects an initial deposit and bills any overages as needed. As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are transactions that would be treated as revenues, expenditures or expenses if they involved external organizations, such as buying goods and services or payments in lieu of taxes, are similarly treated when they involve other funds of the City. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. 43