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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2018
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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 2018 and 2017 is computed as follows:
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<br />December 31, December 31,
<br />2018 2017
<br />Market value:
<br />Ramsey County $332,722,100 $316,089,500
<br />Hennepin County 584,189,715 551,479,705
<br />Total market value 916,911,815 867,569,205
<br />Debt limit percentage 3.00%3.00%
<br />Debt limit 27,507,354 26,027,076
<br />Amount of debt applicable to debt limit:
<br />Total bonded debt 31,730,000 32,145,000
<br />Less nonapplicable debt:
<br />Revenue bonds (water, sewer)(845,000)(975,000)
<br />Tax abatement bonds (1,460,000) (1,640,000)
<br />Improvement bonds (19,165,000) (18,400,000)
<br />Tax increment bonds (6,660,000) (7,065,000)
<br />Cash and investments in applicable debt
<br />service funds (795,439)(820,608)
<br />Total amount of debt applicable to debt limit 2,804,561 3,244,392
<br />Legal debt margin $24,702,793 $22,782,684
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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. 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. 87 Leases. The provisions of this Statement are effective for reporting periods beginning
<br />after December 15, 2019.
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<br />Statement No. 88 Certain Disclosures Related to Debt, including Direct Borrowings and Direct
<br />Placements. The provisions of this Statement are effective for reporting periods beginning after June 15,
<br />2018.
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<br />Statement No. 89 Accounting for Interest Cost Incurred before the End of a Construction Periods. The
<br />provisions of this Statement are effective for reporting periods beginning after December 15, 2019.
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