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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2023 <br /> <br /> <br /> <br /> <br />Depreciation expense was charged to functions/programs of the primary government as follows: <br /> <br />Governmental activities: <br />General government $125,216 <br />Public safety 224,774 <br />Public works, including depreciation of general infrastructure assets 1,843,395 <br />Parks and recreation 21,670 <br /> Total depreciation expense - governmental activities 2,215,055 <br />Business-type activities: <br />Liquor 80,143 <br />Water/Sewer/Water Plant 688,452 <br />Stormwater 319,398 <br /> Total depreciation expense - business-type activities 1,087,993 <br /> Total depreciation expense $3,303,048 <br /> <br /> <br />Note 6 LONG-TERM DEBT <br /> <br />The City issues general obligation bonds to finance its street improvement program, tax increment projects and other <br />City purposes. General obligation bonds are direct obligations of the City and are supported by the full faith and <br />credit of the City. The City has several types of general obligation bonds outstanding at December 31, 2023. <br />Following is a brief description of the different bond types: <br /> <br /> Improvement bonds are issued to finance street improvement projects. These bonds are payable primarily <br />from special assessments levied on benefited properties. The costs of these projects are shared by the City; <br />general property taxes levied provide the revenues for these costs. <br /> Tax increment bonds were used to finance redevelopment projects and are payable primarily from <br />incremental property taxes derived from the tax increment districts with any deficiency to be provided from <br />general property taxes. <br /> Tax abatement bonds were issued to finance a portion of park, sidewalk, and traffic signal improvements, <br />and are payable from a special general property tax levy. <br /> Certificates of indebtedness issued to finance various equipment acquisitions are payable from a special <br />general property tax levy. <br /> Revenue bonds are issued to finance business-type activities. These bonds are Utility Revenue Bonds. The <br />liability for these bonds is recorded in the Proprietary Funds. <br /> <br />60