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<br /> <br />MANAGEMENT’S DISCUSSION AND ANALYSIS <br /> <br />As management of the City of St. Anthony, Minnesota (the City), we offer readers of the City’s <br />financial statements this narrative overview and analysis of the financial activities of the City for <br />the fiscal year ended December 31, 2022. We encourage readers to consider the information <br />presented here in conjunction with additional information that we have furnished in our letter of <br />transmittal, which can be found in the Introductory Section of this report. <br /> <br />Financial Highlights <br /> <br /> The assets and deferred outflows of resources of the City exceeded its liabilities and deferred <br />inflows of resources at the close of the most recent fiscal year by $50,009,949 (net position). <br /> The City’s total net position increased by $1,569,073 from the prior year’s stated net <br />position. <br /> As of the close of the current fiscal year, the City’s governmental funds reported combined <br />ending fund balances of $18,722,245, an increase of $443,022 in comparison with the prior <br />year stated fund balances. <br /> At the end of the current fiscal year, unassigned fund balance for the General Fund was <br />$3,840,170 or 49% of total General Fund Budget expenditures. <br /> The City’s total bonded debt decreased by $785,000 during the current fiscal year. The key <br />factors in this decrease were: 1) principal retirement of $3,170,000 and 2) the issuance of <br />$2,385,000 of 2022A General Obligation Bonds. <br /> <br />Overview of the Financial Statements <br /> <br />This discussion and analysis is intended to serve as an introduction to the City’s basic financial <br />statements. The City’s basic financial statements comprise three components: 1) government- <br />wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. <br />This report also contains other supplementary information in addition to the basic financial <br />statements themselves. <br /> <br />Government-wide financial statements. The government-wide financial statements are <br />designed to provide readers with a broad overview of the City’s finances, in a manner similar to <br />a private-sector business. <br /> <br />The statement of net position presents information on all of the City’s assets and liabilities, with <br />the difference between the two reported as net position. Over time, increases or decreases in net <br />position may serve as a useful indicator of whether the financial position of the City is improving <br />or deteriorating. <br /> <br />The statement of activities presents information showing how the City’s net position changed <br />during the most recent fiscal year. All changes in net position are reported as soon as the <br />underlying event giving rise to the change occurs, regardless of the timing of related cash flows. <br />Thus, revenues and expenses are reported in this statement for some items that will only result in <br />cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). <br />Both of the government-wide financial statements distinguish functions of the City that are <br />principally supported by taxes and intergovernmental revenues (governmental activities) from <br />other functions that are intended to recover all or a significant portion of their costs through user <br />19