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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2020 <br /> <br /> <br /> <br /> <br />Interfund transfers: <br />Street Public Nonmajor Internal <br />General Improvement Utilities Governmental Service <br />Fund Debt Service Infrastructure Funds Fund Total <br />Governmental activities: <br />General Fund $ - $ - $ - $99,088 $86,300 $185,388 <br />HRA TIF Improvements 12,500 - - 610,437 - 622,937 <br />Street Improvement Project Fund 181,247 181,247 <br />Nonmajor - 108,577 251,610 50,523 - 410,7 10 <br />Business-type activities: <br />Liquor 250,000 - - - - 250,000 <br />Total transfers $262,500 $108,577 $251,610 $941,295 $86,300 $1,650,282 <br />Transfer out <br />Major Funds <br />Transfer In <br />Governmental Activities <br />All 2020 transfers are considered routine and consistent with previous practices. <br /> <br /> <br />Note 12 DEFICIT FUND BALANCES/NET POSITION <br /> <br />The City has deficit fund balances/net position at December 31, 2020 as follows: <br /> <br />Fund Amount <br />Nonmajor funds: <br />Internal Service Fund $7,345,419 <br /> <br />The Internal Service Fund includes the state retirement plans and OPEB and the retirement of pension and <br />OPEB deficits are dependent upon variables, including contribution rates, investment earnings, and actuarial <br />assumptions. <br /> <br /> <br />Note 13 CONTINGENCIES <br /> <br />A. RISK MANAGEMENT <br /> <br /> The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of <br />assets; errors and omissions; injuries to employees; and natural disasters. <br /> <br /> Workers compensation coverage is provided through a pooled self-insurance program through the <br />League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the <br />LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The <br />LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by <br />law. The City has no deductible and a managed care program to assist employees with their <br />rehabilitation plan. Annual employee hours of service are audited and final premiums are then <br />determined. The amount of premium adjustment, if any, is considered immaterial and not recorded <br />until received or paid. <br /> <br />80