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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2018
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<br />Note 14 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2018, 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 $122,324 $ - $ - $ - $94,695 $ - $2,992 $220,011
<br />Inventory 3,980 - - - - - - 3,980
<br />Total nonspendable 126,30400094,695 02,992223,991
<br />Restricted for:
<br />Tax increment - - - - 1,871,386 - - 1,871,386
<br />Public safety - - - - - - 31,141 31,141
<br />Debt service - 4,476,633 7,537 - - - 1,080,186 5,564,356
<br />Total restricted 0 4,476,633 7,537 0 1,871,386 0 1,111,327 7,466,883
<br />Committed to:
<br />Community center operations/maintenance - - - - - - 23,443 23,443
<br />Recycling - - - - - - 18,592 18,592
<br />Redevelopment activities - - - - - - 82,179 82,179
<br />Total committed 00000 0124,214124,214
<br />Assigned to:
<br />Community center operations/maintenance - - - - - - 15,883 15,883
<br />Recycling - - - - - - 385 385
<br />Street improvements/rehabilitiation - - - 379,891 - - - 379,891
<br />Building improvements - - - - - - 348,150 348,150
<br />Public safety - - - - - - 12,427 12,427
<br />Public utilities infrastructure - - - - - 3,942,395 - 3,942,395
<br />Parks and recreation - - - - - - 121,660 121,660
<br />Other capital improvements - - - - - - 637,312 637,312
<br />Total assigned 0 0 0 379,891 0 3,942,395 1,135,817 5,458,103
<br />Unassigned 2,381,460 - - - (1,390,148) - (102,903) 888,409
<br />Total $2,507,764 $4,476,633 $7,537 $379,891 $575,933 $3,942,395 $2,271,447 $14,161,600
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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, financial services to other cities, and fire relief state aid passed
<br />through to the St. Anthony Fire Relief Association). At December 31, 2018, the unassigned fund
<br />balance of the General Fund was 38% of the subsequent year’s budgeted expenditures.
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