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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2016
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<br />Note 17 LEGAL DEBT MARGIN
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<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
<br />principally from property taxes. The City’s legal debt margin for 2016 and 2015 is computed as follows:
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<br />December 31, December 31,
<br />2016 2015
<br />Market value:
<br />Ramsey County $289,820,400 $255,155,300
<br />Hennepin County 531,886,837 461,515,606
<br />Total market value 821,707,237 716,670,906
<br />Debt limit percentage 3.00% 3.00%
<br />Debt limit 24,651,217 21,500,127
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 32,775,000 32,610,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer) (1,100,000) (1,215,000)
<br />Tax abatement bonds (2,395,000) (1,090,000)
<br />Improvement bonds (17,835,000) (18,010,000)
<br />Tax increment bonds (7,450,000) (7,865,000)
<br />Cash and investments in applicable debt
<br />service funds (818,202) (819,672)
<br />Total amount of debt applicable to debt limit 3,176,798 3,610,328
<br />Legal debt margin $21,474,419 $17,889,799
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<br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS
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<br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
<br />were not implemented for these financial statements:
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<br />Statement No. 73 Accounting and Financial Reporting for Pensions and Related Assets That Are Not
<br />within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67
<br />and 68. The provisions in Statement 73 are effective for fiscal years beginning after June 15, 2015 – except
<br />those provisions that address employers and governmental nonemployer contributing entities for pensions
<br />that are not within the scope of Statement 68, which are effective for fiscal years beginning after June 15,
<br />2016.
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<br />Statement No. 74 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The
<br />provisions in Statement 74 are effective for fiscal years beginning after June 15, 2016.
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<br />Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.
<br />The provisions in Statement 75 are effective for fiscal years beginning after June 15, 2017.
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<br />Statement No. 80 Blending Requirements for Certain Component Units. The provisions of this Statement
<br />are effective for reporting periods beginning after June 15, 2016.
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