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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2015
<br />
<br />
<br />
<br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at
<br />December 31, 2015.
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<br />
<br />Note 14 FUND BALANCE
<br />
<br />A. CLASSIFICATIONS
<br />
<br />At December 31, 2015, a summary of the governmental fund balance (deficit) classifications are as
<br />follows:
<br />
<br />Street
<br />Improvement Street
<br />Debt HRA TIF Improvement HRA TIF
<br />General Fund Service Debt Service Projects Projects Other Funds Total
<br />Nonspendable:
<br />Prepaid items $104,540 $ - $ - $ - $ - $2,157 $106,697
<br />Inventory 2,872 - - - - - 2,872
<br />Total nonspendable 107,412 0 0 0 0 2,157 109,569
<br />Restricted for:
<br />Tax increment - - - - 1,885,568 - 1,885,568
<br />Public safety - - - - - 19,283 19,283
<br />Redevelopment activities - - - - - 12,411 12,411
<br />Debt service - 3,689,111 15,321 - - 870,095 4,574,527
<br />Total restricted 0 3,689,111 15,321 0 1,885,568 901,789 6,491,789
<br />Committed to:
<br />Community center operations/maintenance - - - - - 10,515 10,515
<br />Recycling - - - - - 11,651 11,651
<br />Revolving loan program - - - - - 71,941 71,941
<br />Total committed 0 0 0 0 0 94,107 94,107
<br />Assigned to:
<br />Community center operations/maintenance - - - - - 14,333 14,333
<br />Street improvements/rehabilitiation - - - - - - -
<br />Building improvements - - - - - 1,689 1,689
<br />Public safety - - - - - 11,015 11,015
<br />Parks and recreation - - - - - 172,768 172,768
<br />Other capital improvements - - - - - 378,453 378,453
<br />Total assigned 0 0 0 0 0 578,258 578,258
<br />Unassigned 2,338,600 - - (272,435) (1,713,462) (76,266) 276,437
<br />Total $2,446,012 $3,689,111 $15,321 ($272,435) $172,106 $1,500,045 $7,550,160
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<br />B. MINIMUM UNASSIGNED FUND BALANCE POLICY
<br />
<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
<br />the General Fund. The most significant revenue source of the General Fund is property taxes. This
<br />revenue source is received in two installments during the year – June and December. As such, it is the
<br />City’s goal to begin each fiscal year with sufficient working capital to fund operations between each
<br />semi-annual receipt of property taxes.
<br />
<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing needs
<br />in the range of 30-35% of the subsequent year’s budgeted operating expenditures (net of expenditures
<br />for police services to other cities). At December 31, 2015, the unassigned fund balance of the General
<br />Fund was 42% of the subsequent year’s budgeted expenditures.
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