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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2015 Credit Risk – Credit risk is the risk that an issuer or other counterparty to an investment will be unable to fulfill its obligation to the holder of the investment. State law limits investments in commercial paper to those rated in the highest quality category by at least two nationally recognized rating agencies; in any security of the State of Minnesota or any of its municipalities which is rated “A” or better by a national bond rating service for general obligation and rated “AA” or better for a revenue obligation; a general obligation of the Minnesota Housing Finance Agency to those rated “A” or better by a national bond rating agency; mutual funds or money market funds whose investments are restricted to securities described in MS 118A.04. The City’s external investment pool is with the 4M fund which is regulated by Minnesota Statutes and the Board of Directors of the League of Minnesota Cities. The 4M fund is an unrated 2a7-like pool and the fair value of the position in the pool is the same as the value of pool shares. The City’s investment policy does not place further restrictions on investment options. Concentration of credit risk – Concentration of credit risk is the risk of loss that may be attributed to the magnitude of a government’s investment in a single issuer. The City places no limit on the amount the City may invest in any one issuer. The City does not have exposure to a single issuer that equals or exceeds 5% of the overall portfolio and, therefore, there is no concentration of credit risk. Note 3 RECEIVABLES Significant receivables balances not expected to be collected within one year of December 31, 2015 are as follows: Street Improvement HRA TIF Nonmajor General Debt Service Improvements Funds Total Special assessments receivable $ - $1,633,000 $ - $24,000 $1,657,000 Delinquent property taxes 31,200 13,300 - 5,400 49,900 Delinquent Tax Increment - - 59,000 - 59,000 $31,200 $1,646,300 $59,000 $29,400 $1,765,900 Major Funds Note 4 UNAVAILABLE REVENUES Governmental funds report deferred inflows of resources in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. At the end of the current fiscal year, the various components of unavailable revenue reported in the governmental funds were as follows: Property Taxes Special Assessments TIF Total Major Fund: General Fund $57,124 $ - $ - $57,124 Street Improvement Debt Service 24,387 1,837,444 - 1,861,831 HRA TIF Improvements - - 69,656 69,656 Nonmajor Funds 9,794 27,245 - 37,039 Total unavailale revenue $91,305 $1,864,689 $69,656 $2,025,650 56