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MANAGEMENT’S DISCUSSION AND ANALYSIS As management of the City of St. Anthony, Minnesota, we offer readers of the City of St. Anthony, Minnesota’s financial statements this narrative overview and analysis of the financial activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2017. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found in the Introductory Section of this report. Financial Highlights  The assets of the City of St. Anthony, Minnesota exceeded its liabilities at the close of the most recent fiscal year by $37,406,614 (net position).  The City’s total net position increased by $2,004,333 from the prior year’s stated net position.  As of the close of the current fiscal year, the City of St. Anthony’s governmental funds reported combined ending fund balances of $14,659,278, a decrease of $6,184,833 in comparison with the prior year stated fund balances.  At the end of the current fiscal year, unassigned fund balance for the General Fund was $2,280,463 or 33% of total General Fund Budget expenditures.  The City of St. Anthony’s total bonded debt decreased by $630,000 (1.92%) during the current fiscal year. The key factors in this decrease were: 1) principal retirement of $5,940,000; 2) refunding of the 2009A bonds with issuance of $1,355,000 of Series 2017A G.O. Refunding Bonds; 3) the issuance of $520,000 in 2017A G.O. Equipment Certificates; 4) the issuance of $2,600,000 of 2017A G.O. Improvement Bonds; 5) the issuance of $835,000 in 2017A G.O. Tax Abatement Refunding Bonds. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the City of St. Anthony, Minnesota’s basic financial statements. The City of St. Anthony, Minnesota’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City of St. Anthony, Minnesota’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the City of St. Anthony, Minnesota’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City of St. Anthony, Minnesota is improving or deteriorating. The statement of activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. 15