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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2020
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<br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December
<br />31, 2020.
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<br />Note 15 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2020, 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 Utilities
<br />General Fund Service Projects Projects Infrastructure Other Funds Total
<br />Nonspendable:
<br />Prepaid items $143,571 $ - $730 $ - $ - $2,239 $146,540
<br />Inventory 16,211 - - - - - 16,211
<br />Total nonspendable 159,782 0 730 0 0 2,239 162,751
<br />Restricted for:
<br />Tax increment - - 1,944,535 - - - 1,944,535
<br />Public safety - - - - - 46,912 46,912
<br />Capital Improvements - - - 653,305 - - 653,305
<br />Debt service - 4,247,885 - - - 1,062,728 5,310,613
<br />Total restricted 0 4,247,885 1,944,535 653,305 0 1,109,640 7,955,365
<br />Committed to:
<br />Recycling - - - - - 1,214 1,214
<br />Community Center 64,036 64,036
<br />Redevelopment activities - - - - - 136,572 136,572
<br />Total committed 0000 0201,822 201,822
<br />Assigned to:
<br />Recycling - - - - - 3,575 3,575
<br />Street improvements/rehabilitiation - - - 185,529 - - 185,529
<br />Building improvements - - - - - 457,948 457,948
<br />Public safety - - - - - 15,247 15,247
<br />Public utilities infrastructure - - - - 4,142,018 - 4,142,018
<br />Parks and recreation - - - - - 65,913 65,913
<br />Other capital improvements - - - - - 1,643,632 1,643,632
<br />Total assigned 0 0 0 185,529 4,142,018 2,186,315 6,513,862
<br />Unassigned 3,238,208 - (506,944) - - (17,222) 2,714,042
<br />Total $3,397,990 $4,247,885 $1,438,321 $838,834 $4,142,018 $3,482,794 $17,547,842
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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 and financial services to other cities). At December 31, 2020, the unassigned fund balance
<br />of the General Fund was 47% of the subsequent year’s budgeted expenditures.
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