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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2022
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<br />Note 14 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2022, a summary of the governmental fund balance classifications are as follows:
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<br />Street
<br />Improvement Street Public
<br />Community Debt HRA TIF Improvement Utilities
<br />General Fund Center Service Projects Projects Infrastructure Other Funds Total
<br />Nonspendable:
<br />Prepaid items $140,509 $2,679 $ - $552 $ - $ - $1,419 $145,159
<br />Inventory 24,178 - - - - - - 24,178
<br />Total nonspendable 164,687 2,679 0 552 0 0 1,419 169,337
<br />Restricted for:
<br />Tax increment - - - 2,367,273 - - - 2,367,273
<br />Public safety - - - - - - 69,190 69,190
<br />Capital Improvements - - - - 282,711 - - 282,711
<br />Debt service - - 3,526,269 - - - 856,994 4,383,263
<br />Total restricted 0 0 3,526,269 2,367,273 282,711 0 926,184 7,102,437
<br />Committed to:
<br />Community Center - 155,380 - - - - - 155,380
<br />Redevelopment activities - - - - - - 739,729 739,729
<br />Total committed 0 155,3800000739,729 895,109
<br />Assigned to:
<br />Street improvements/rehab - - - - 241,802 - - 241,802
<br />Building improvements - - - - - - 569,865 569,865
<br />Public utilities infrastructure - - - - - 3,499,524 - 3,499,524
<br />Parks and recreation - - - - - - 264,980 264,980
<br />Other capital improvements - - - - - - 2,139,021 2,139,021
<br />Total assigned 0000241,8023,499,524 2,973,866 6,715,192
<br />Unassigned 3,840,170 - - - - - - 3,840,170
<br />Total $4,004,857 $158,059 $3,526,269 $2,367,825 $524,513 $3,499,524 $4,641,198 $18,722,245
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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, 2022, the unassigned fund balance
<br />of the General Fund was 49% of the subsequent year’s budgeted expenditures.
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