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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2021
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<br />These future scheduled tax levies are not shown as assets in the accompanying financial statements at December
<br />31, 2021.
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<br />Note 15 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2021, 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 $133,031 $ - $528 $ - $ - $35,425 $168,984
<br />Inventory 13,549 - - - - - 13,549
<br />Total nonspendable 146,580 0 528 0 0 35,425 182,533
<br />Restricted for:
<br />Tax increment - - 2,131,346 - - - 2,131,346
<br />Public safety - - - - - 39,084 39,084
<br />Capital Improvements - - - 171,860 - - 171,860
<br />Debt service - 4,021,817 - - - 1,032,751 5,054,568
<br />Total restricted 0 4,021,817 2,131,346 171,860 0 1,071,835 7,396,858
<br />Committed to:
<br />Community Center 150,347 150,347
<br />Redevelopment activities - - - - - 186,826 186,826
<br />Total committed 0 0 0 0 0 337,173 337,173
<br />Assigned to:
<br />Street improvements/rehabilitiation - - - 69,768 - - 69,768
<br />Building improvements - - - - - 681,915 681,915
<br />Public utilities infrastructure - - - - 4,217,503 - 4,217,503
<br />Parks and recreation - - - - - 137,055 137,055
<br />Other capital improvements - - - - - 1,526,212 1,526,212
<br />Total assigned 0 0 0 69,768 4,217,503 2,345,182 6,632,453
<br />Unassigned 3,730,206 - - - - - 3,730,206
<br />Total $3,876,786 $4,021,817 $2,131,874 $241,628 $4,217,503 $3,789,615 $18,279,223
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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 35-50% of the subsequent year’s budgeted operating expenditures (net of expenditures
<br />for police and financial services to other cities). At December 31, 2021, the unassigned fund balance
<br />of the General Fund was 53% of the subsequent year’s budgeted expenditures.
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