|
<br />
<br />The General Fund is the chief operating fund of the City of St. Anthony, Minnesota. At the end
<br />of the current fiscal year, unassigned fund balance of the General Fund was $2,280,463, while
<br />total fund balance reached $2,400,114. As a measure of the General Fund’s liquidity, it may be
<br />useful to compare both unassigned fund balance and total fund balance to total fund
<br />expenditures. Unassigned fund balance represents 31% of total General Fund expenditures and
<br />total fund balance represents 32% of that same amount.
<br />
<br />During the current fiscal year, the fund balance in the General Fund increased by $80,447.
<br />
<br />The Street Improvement Debt Service Fund increased by $52,392. Expenditures exceeded
<br />revenues by $1,821,894, however, other financing sources of $1,874,286 ultimately created an
<br />increase in fund balance. The increase in expenditures relates to retirement of 2009A bonds in
<br />the amount of $1,740,000. The increase in other financing sources is due to the issuance of
<br />$1,355,000 in Series 2017A G.O. Refunding Bonds, including a premium of $78,253.
<br />
<br />The HRA TIF Debt Service Fund decreased by $1,456 due to transferred revenue that covered
<br />only principal and interest expenditures.
<br />
<br />The HRA TIF Improvement Fund increased by $114,469, substantially due to an increase in Tax
<br />increment collections of $65,599.
<br />
<br />The Street Improvement Project Funds decreased by $1,014,211. This decrease includes 2017
<br />HSIP construction outlays of bond proceeds received in 2017 and the closing and transfers of
<br />project savings associated with the 2014 and 2015 street improvement projects.
<br />
<br />The Public Utilities Infrastructure Fund decreased by $5,658,119 substantially due to
<br />construction costs related to the expansion of the water treatment facility.
<br />
<br />Non-major Special Revenue Funds increased by $50,615 resulting in an ending balance of
<br />$158,143, substantially due to the increase in general property tax revenue of $17,752 and the
<br />refund of loan program assets of $31,678.
<br />
<br />Non-major Debt Service Funds had a total fund balance of $1,047,175, all of which is restricted
<br />for the payment of debt service. The net increase in fund balance during the current year in the
<br />non-major debt service funds was $141,214, substantially due to the addition debt levy collection
<br />of $105,355 for the HSIP tax abatement bond and the transfer of HSIP grant proceeds offsetting
<br />the initial bond principal and interest payment $23,910.
<br />
<br />Non-major Capital Project Funds had a total fund balance of $1,995,585, an increase of $49,816
<br />from prior year, substantially due to the Building Improvement Fund revenues and other
<br />financing sources were greater than expenditure by $39,338.
<br />
<br />Proprietary funds. The City of St. Anthony, Minnesota’s proprietary funds provide the same
<br />type of information found in the government-wide financial statements, but in more detail.
<br />
<br />Total net position in the Liquor Operations, Water and Sewer Funds, and Stormwater Utility
<br />Fund at the end of the year combined was $25,874,461. The total net position for each fund was:
<br />Liquor – $2,097,646; Water and Sewer – $15,998,867; Stormwater Utility - $7,777,948.
<br />21
|