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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2019
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<br />subject to cancellation when and if the City has provided alternative sources of financing. The City Council is
<br />required to levy any additional taxes found necessary for full payment of principal and interest.
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<br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at
<br />December 31, 2019.
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<br />Note 14 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2019, a summary of the governmental fund balance classifications are as 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 $96,279 $ - $ - $ - $204 $ - $1,247 $97,730
<br />Inventory 4,826 - - - - - - 4,826
<br />Total nonspendable 101,105 0 0 0 204 0 1,247 102,556
<br />Restricted for:
<br />Tax increment - - - - 1,895,517 - - 1,895,517
<br />Public safety - - - - - - 39,505 39,505
<br />Debt service - 4,173,104 6,226 - - - 1,062,034 5,241,364
<br />Total restricted 0 4,173,104 6,226 0 1,895,517 0 1,101,539 7,176,386
<br />Committed to:
<br />Recycling - - - - - - 14,305 14,305
<br />Redevelopment activities - - - - - - 88,643 88,643
<br />Total committed 0 0 0 0 0 0 102,948 102,948
<br />Assigned to:
<br />Recycling - - - - - - 956 956
<br />Street improvements/rehabilitiation - - - 358,244 - - - 358,244
<br />Building improvements - - - - - - 510,120 510,120
<br />Public safety - - - - - - 14,113 14,113
<br />Public utilities infrastructure - - - - - 3,819,952 - 3,819,952
<br />Parks and recreation - - - - - - 71,163 71,163
<br />Other capital improvements - - - - - - 728,120 728,120
<br />Total assigned 0 0 0 358,244 0 3,819,952 1,324,472 5,502,668
<br />Unassigned 2,489,685 - - - (718,392) - (173,745) 1,597,548
<br />Total $2,590,790 $4,173,104 $6,226 $358,244 $1,177,329 $3,819,952 $2,356,461 $14,482,106
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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, 2019, the unassigned fund
<br />balance of the General Fund was 37% of the subsequent year’s budgeted expenditures.
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