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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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<br />Note 14 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2017, a summary of the governmental fund balance (deficit) classifications are as
<br />follows:
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<br />Street
<br />Improvement Street Public
<br />Debt HRA TIF Improvement HRA TIF Utilities
<br />General Fund Service Debt Service Projects Projects Infrastructure Other Funds Total
<br />Nonspendable:
<br />Prepaid items $106,808 $ - $ - $ - $ - $ - $15,339 $122,147
<br />Inventory 12,843 - - - - - - 12,843
<br />Total nonspendable 119,651 0 0 0 0 0 15,339 134,990
<br />Restricted for:
<br />Tax increment - - - - 1,852,737 - - 1,852,737
<br />Public safety - - - - - - 23,865 23,865
<br />Debt service - 4,070,101 9,040 - - - 1,047,175 5,126,316
<br />Total restricted 0 4,070,101 9,040 0 1,852,737 0 1,071,040 7,002,918
<br />Committed to:
<br />Community center operations/maintenance - - - - - - 36,427 36,427
<br />Recycling - - - - - - 20,040 20,040
<br />Redevelopment activities - - - - - - 68,602 68,602
<br />Total committed 0 0 0 0 0 0 125,069 125,069
<br />Assigned to:
<br />Community center operations/maintenance - - - - - - 13,480 13,480
<br />Recycling - - - - - - 141 141
<br />Street improvements/rehabilitiation - - - 111,549 - - - 111,549
<br />Building improvements - - - - - - 250,210 250,210
<br />Public safety - - - - - - 11,844 11,844
<br />Storm water system - - - - - 4,446,862 - 4,446,862
<br />Parks and recreation - - - - - - 139,130 139,130
<br />Other capital improvements - - - - - - 1,595,540 1,595,540
<br />Total assigned 0 0 0 111,549 0 4,446,862 2,010,345 6,568,756
<br />Unassigned 2,280,463 - - - (1,432,028) - (20,890) 827,545
<br />Total $2,400,114 $4,070,101 $9,040 $111,549 $420,709 $4,446,862 $3,200,903 $14,659,278
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<br />B. MINIMUM UNASSIGNED FUND BALANCE POLICY
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<br />The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
<br />the General Fund. The most significant revenue source of the General Fund is property taxes. This
<br />revenue source is received in two installments during the year – June and December. As such, it is the
<br />City’s goal to begin each fiscal year with sufficient working capital to fund operations between each
<br />semi-annual receipt of property taxes.
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<br />The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing needs
<br />in the range of 30-35% of the subsequent year’s budgeted operating expenditures (net of expenditures
<br />for police services to other cities). At December 31, 2017, the unassigned fund balance of the General
<br />Fund was 37% of the subsequent year’s budgeted expenditures.
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