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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2017
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<br />Note 17 LEGAL DEBT MARGIN
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<br />The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
<br />principally from property taxes. The City’s legal debt margin for 2017 and 2016 is computed as follows:
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<br />December 31, December 31,
<br />2017 2016
<br />Market value:
<br />Ramsey County $316,089,500 $289,820,400
<br />Hennepin County 551,479,705 531,886,837
<br />Total market value 867,569,205 821,707,237
<br />Debt limit percentage 3.00%3.00%
<br />Debt limit 26,027,076 24,651,217
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 32,145,000 32,775,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer)(975,000) (1,100,000)
<br />Tax abatement bonds (1,640,000) (2,395,000)
<br />Improvement bonds (18,400,000) (17,835,000)
<br />Tax increment bonds (7,065,000) (7,450,000)
<br />Cash and investments in applicable debt
<br />service funds (820,608)(818,202)
<br />Total amount of debt applicable to debt limit 3,244,392 3,176,798
<br />Legal debt margin $22,782,684 $21,474,419
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<br />Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS
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<br />The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
<br />were not implemented for these financial statements:
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<br />Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.
<br />The provisions in Statement 75 are effective for fiscal years beginning after June 15, 2017.
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<br />Statement No. 83 Certain Asset Retirement Obligations. The provisions of this Statement are effective for
<br />reporting periods beginning after June 15, 2018.
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<br />Statement No. 84 Fiduciary Activities. The provisions of this Statement are effective for reporting periods
<br />beginning after December 15, 2018.
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<br />Statement No. 85 Omnibus 2017. The provisions of this Statement are effective for reporting periods
<br />beginning after June 15, 2017.
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<br />Statement No. 86 Certain Debt Extinguishment Issues. The provisions of this Statement are effective for
<br />reporting periods beginning after June 15, 2017.
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<br />Statement No. 87 Leases. The provisions of this Statement are effective for reporting periods beginning
<br />after December 15, 2019.
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