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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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<br />CHANGE IN LONG-TERM LIABILITIES
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<br />Long-term liability activity for the year ended December 31, 2017, was as follows:
<br />
<br />Beginning Ending Due Within
<br />Balance Additions Reductions Balance One Year
<br />Governmental activities:
<br />Bonds payable:
<br />G.O. improvement debt $13,640,000 $3,955,000 ($2,905,000) $14,690,000 $1,355,000
<br />G.O. refunding bonds 4,195,000 - (485,000) 3,710,000 490,000
<br />G.O. street reconstruction bonds 1,170,000 - (135,000) 1,035,000 140,000
<br />G.O. tax abatement bonds 2,395,000 835,000 (1,590,000) 1,640,000 180,000
<br />G.O. tax increment refunding bonds 7,450,000 - (385,000) 7,065,000 405,000
<br />G.O. lease revenue refunding bonds 2,825,000 - (315,000) 2,510,000 325,000
<br />G.O. equipment certificates - 520,000 - 520,000 -
<br />Total bonds payable - governmental activities 31,675,000 5,310,000 (5,815,000) 31,170,000 2,895,000
<br />Issuance premiums (discounts)620,404 302,540 (129,653) 793,291 -
<br />Total bonded indebtedness 32,295,404 5,612,540 (5,944,653) 31,963,291 2,895,000
<br />Compensated absences 652,938 432,112 (426,709) 658,341 212,435
<br />Total governmental activities
<br />long-term liabilities $32,948,342 $6,044,652 ($6,371,362) $32,621,632 $3,107,435
<br />Business-type activities:
<br />Revenue bonds $1,100,000 $ - ($125,000) $975,000 $130,000
<br />Total bonds payable - business-type activities 1,100,000 0 (125,000) 975,000 130,000
<br />Issuance premiums (discounts)31,933 - (4,509) 27,424 -
<br />Total bonded indebtedness 1,131,933 0 (129,509) 1,002,424 130,000
<br />Compensated absences 160,501 36,435 (13,421) 183,515 59,217
<br />Total business-type activities
<br />long-term liabilities $1,292,434 $36,435 ($142,930) $1,185,939 $189,217
<br />For the governmental activities, compensated absences are generally liquidated by the Internal Service
<br />Employee Benefit Fund.
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<br />All long-term bonded indebtedness outstanding at December 31, 2017 is backed by the full faith and credit
<br />of the City, including improvement and revenue bond issues. Delinquent assessments receivable at
<br />December 31, 2017 totaled $13,745.
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<br />CURRENT REFUNDING
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<br />On May 18, 2017 the City of St. Anthony, Minnesota issued $2,190,000 in General Obligation Refunding
<br />Bonds, Series 2017A with an interest rate of 3% to refund $2,435,000 in principal of the Series 2009A
<br />General Obligation Improvement with an average interest rate of 3.5% and General Obligation Tax
<br />Abatement Bonds with an average interest rate of 3.5%. Net proceeds of $2,274,533 along with $190,000
<br />of City funds were used to retire all outstanding principal of the refunded bonds.
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<br />The City refunded the Bonds to reduce its total debt service payments by $205,295 over the life of the
<br />bonds and to obtain an economic gain (difference between the present value of the debt service payments
<br />on the old and new debt) of $175,468.
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