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CITY OF ST. ANTHONY, MINNESOTA NOTES TO FINANCIAL STATEMENTS December 31, 2023 Concentration of credit risk – Concentration of credit risk is the risk of loss that may be attributed to the magnitude of a government’s investment in a single issuer. The City places no limit on the amount the City may invest in any one issuer. As of December 31, 2023, the following investments subject to concentration of credit risk disclosures were greater than 5% of total investments held by the City:  Federal Home Loan Bank – 12.8% Note 3 RECEIVABLES Significant receivables balances not expected to be collected within one year of December 31, 2023 are as follows: Street Community Improvement HRA TIF Nonmajor General Center Debt Service Improvements Funds Total Special assessments receivable $6,158 $ - $1,198,147 $ - $7,879 $1,212,184 Delinquent property taxes 8,000 - 1,900 - 2,300 12,200 Delinquent tax increment - 8,000 - 6,600 - 14,600 Lease receivable 1,164,060 590,360 - - - 1,754,420 $1,178,218 $598,360 $1,200,047 $6,600 $10,179 $2,993,404 Major Funds LEASE RECEIVABLES The City leases a portion of its water tower for two cellular tower antenna sites. The leases each contain an initial noncancelable period of 5 years, with four renewal periods of 5 years each at the lessee’s option. Options on the first lease extend through 2038. Options on the second lease extend through 2047. The City considers the likelihood of these options being exercised to be greater than 50%. The agreements call for monthly lease payments of $2,534 - $4,066, with increases of 2.5% - 3.0% per year. The lease receivable is measured at the present value of future minimum lease payments expected to be received during the lease term. The City leases space within its City Hall to the school district. The lease is non-cancellable through 2029. The agreement calls for monthly lease payments of $10,608. The lease receivable is measured at the present value of future minimum lease payments expected to be received during the lease term. At December 31, 2023, the City recorded $1,893,254 in lease receivables and deferred inflows of resources for these arrangements. 2023 Amortization of lease-related deferred inflows: Antenna leases $28,340 Community Space leases 104,642 Total revenue recognized in relation to deferred inflow amortization 132,982 Interest revenue 58,420 Total revenue recognized in relation to leased assets $191,402 56