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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
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<br />CHANGE IN LONG-TERM LIABILITIES
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<br />Long-term liability activity for the year ended December 31, 2021, was as follows:
<br />Beginning Ending Due Within
<br />Balance Additions Reductions Balance One Year
<br />Governmental activities:
<br />Bonds payable:
<br />G.O. improvement bonds $15,780,000 $2,970,000 ($2,255,000) $16,495,000 $1,320,000
<br />G.O. tax increment refunding bonds 5,795,000 - (450,000) 5,345,000 475,000
<br />G.O. tax abatement bonds 2,245,000 - (250,000) 1,995,000 255,000
<br />G.O. lease revenue refunding bonds 1,505,000 - (355,000) 1,150,000 370,000
<br />G.O. refunding bonds 2,205,000 - (530,000) 1,675,000 545,000
<br />G.O. street reconstruction bonds 610,000 - (145,000) 465,000 150,000
<br />G.O. equipment certificates 415,000 - (55,000) 360,000 55,000
<br />Total bonds payable 28,555,000 2,970,000 (4,040,000) 27,485,000 3,170,000
<br />Unamortized bond premiums 934,554 137,040 (141,815) 929,779 -
<br />Total bonded indebtedness 29,489,554 3,107,040 (4,181,815) 28,414,779 3,170,000
<br />Compensated absences 680,618 445,354 (490,157) 635,815 213,835
<br />Total governmental activities $30,170,172 $3,552,394 ($4,671,972) $29,050,594 $3,383,835
<br />Business-type activities:
<br />Revenue bonds $580,000 $ - ($140,000) $440,000 $140,000
<br />Unamortized bond premiums 13,900 - (4,508) 9,392 -
<br />Total bonded indebtedness 593,900 0 (144,508) 449,392 140,000
<br />Compensated absences 197,492 143,106 (164,707) 175,891 59,155
<br />Total business-type activities $791,392 $143,106 ($309,215) $625,283 $199,155
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<br />For the governmental activities, compensated absences are generally liquidated by the Internal Service
<br />Employee Benefit Fund.
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<br />All long-term bonded indebtedness outstanding at December 31, 2021 is backed by the full faith and credit of
<br />the City, including improvement and revenue bond issues. Delinquent assessments receivable at December 31,
<br />2021 totaled $2,526.
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<br />CURRENT REFUNDINGS
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<br />On May 18, 2021 the City issued $885,000 in General Obligation Refunding Bonds, Series 2021A with an
<br />average interest rate of 2.0% to refund the 2022 through 2029 maturities aggregating $970,000 in principal
<br />amount of the City’s General Obligation Bonds, Series 2013B with an average interest rate of 2.49% dated
<br />April 23, 2013. $70,000 of funds on hand combined with net proceeds of $907,259 were used to retire all
<br />outstanding principal of the refunded bonds on June 1, 2021.
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<br />The City refunded the Bonds to reduce its total debt service payments over seven years by $118,232 and to
<br />obtain an economic gain (difference between the present value of the debt service payments on the old and new
<br />debt) of $111,649.
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