2023 ACFR - Laserfiche WebLink

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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2023 The City reports the following major governmental funds: The General Fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The Community Center Fund is used to account for the operation and maintenance of City Hall and Community Services. The Street Improvement Debt Service Fund was established to account for debt associated with a systematic plan to reconstruct substandard residential streets and alleys. Annual debt service payments are funded through special assessments and tax levies. The HRA TIF Improvement Fund was established to account for the construction and redevelopment costs within the City. The Street Improvement Project Fund was established to account for the construction costs associated with a systematic plan to reconstruct substandard residential streets and alleys. The Public Utilities Infrastructure Fund was established to account for costs associated with the City’s utilities infrastructure. The City reports the following major proprietary funds: The Liquor Fund is an enterprise fund that is used to account for operations of the City’s off-sale liquor operation. The Water/Sewer/Water Plant Fund accounts for the water and sewer service charges which are used to finance the water and sewer system operating expenses, and the operation and maintenance of the City’s water purification plant. The Stormwater Utility Fund accounts for stormwater service charges which are used to finance the construction and operation of the stormwater and flood protection projects. Additionally, the City reports the following fund type: Internal Service Fund - the Employee Benefit Fund accounts for the liability the City has for employee vacation and severance payments, and is also used to provide pension benefits and other post- employment benefits to other departments of the City on a cost reimbursement basis. C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING AND FINANCIAL STATEMENT PRESENTATION The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the 44