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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />Interfund transfers: <br />Street Nonmajor Internal <br />General Improvement HRA TIF Governmental Service <br />Fund Debt Service Debt Service Fund Fund Total <br />Governmental activities: <br />General Fund $ - $ - $ - $85,890 $86,300 $172,190 <br />HRA TIF Improvements - - 575,038 - - 575,038 <br />Street Improvement Project Fund - 151,216 - 692,146 - 843,362 <br />Nonmajor 370,000 85,000 - 175,890 - 630,890 <br />Business-type activities: <br />Liquor 249,060 - - - - 249,060 <br />Stormwater utility - 150,000 - - - 150,000 <br />Total transfers $619,060 $386,216 $575,038 $953,926 $86,300 $2,620,540 <br />Transfer out <br />Major Funds <br />Transfer In <br />Governmental Activities <br />There were transfers made in 2017 to close out the 2014 Street Improvement Fund and the 2015 Street <br />Improvement Fund. All of the other 2017 transfers are considered routine and consistent with previous <br />practices. <br /> <br /> <br />Note 11 DEFICIT FUND BALANCES/NET POSITION <br /> <br />The City has deficit fund balances/net position at December 31, 2017 as follows: <br /> <br />Fund Amount <br />Nonmajor funds: <br />Internal Service Fund $7,490,332 <br /> <br />The Internal Service Fund includes the state retirement plans and the retirement of pension deficits are <br />dependent upon variables, including contribution rates, investment earnings, and actuarial assumptions. <br /> <br /> <br />Note 12 CONTINGENCIES <br /> <br />A. RISK MANAGEMENT <br /> <br /> The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of <br />assets; errors and omissions; injuries to employees; and natural disasters. <br /> <br /> Workers compensation coverage is provided through a pooled self-insurance program through the <br />League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the <br />LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The <br />LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by <br />law. The City has no deductible and a managed care program to assist employees with their <br />rehabilitation plan. Annual employee hours of service are audited and final premiums are then <br />determined. The amount of premium adjustment, if any, is considered immaterial and not recorded <br />until received or paid. <br /> <br />80