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5 Our mission is to be a progressive and welcoming Village that is walkable, sustainable and safe 3301 Silver Lake Road, St. Anthony, MN 55418 612‐782‐3301 | www.savmn.com the proposed budget and to adopt a final budget by December 31, the close of the City of St. Anthony’s fiscal year. The appropriated budget is prepared for the General Fund by function (e.g., public safety), and department (e.g., police), and object code (e.g., salaries). Transfers of appropriations between departments require the approval of the City Council. Budget‐to‐actual comparisons are provided on Statement 10 as required supplementary information to the basic financial statements for the governmental funds. Factors Affecting Financial Condition The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City of St. Anthony operates. Local economy: The Minneapolis‐St. Paul metropolitan area has continued to experience a relatively stable economy. The market place for local products and services remains strong. St. Anthony is a fully developed City. However, continued long‐term growth is anticipated as St. Anthony experiences redevelopment activity in commercial and industrial areas, along with the construction of additional multi‐family residential units. Long‐term financial planning: The City maintains five capital funds for the replacement of equipment and various infrastructure assets. Each fund is managed by a comprehensive 15 year capital planning document. These documents include the City’s current buildings, park improvements, operating equipment and fleet, along with future street, water, sanitary sewer and stormwater improvements. These plans estimate the replacement dates and cost for current and prospective equipment. Additionally, the plans include projected future street, water, sanitary sewer and stormwater reconstruction costs. The plans also identify the funding sources for these capital expenditures. These sources include Capital and Building Improvement levies, Enterprise funds operating income transfers, parkland dedication fees, stormwater charges, water and sewer connection fees, grants and donations, State aids, cost sharing agreements, bond proceeds and assessments. The City combines the use of goal setting and a comprehensive budget process to identify and prioritize City improvement projects. The 15‐year capital plans are updated annually by staff and are approved by the City Council. Cash management policies and practices: The City’s initial investment objective is to preserve capital. Secondary considerations are liquidity and lastly yield. Accordingly, deposits are