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CITY OF ST. ANTHONY, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2023
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<br />Note 14 FUND BALANCE
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<br />A. CLASSIFICATIONS
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<br />At December 31, 2023, a summary of the governmental fund balance classifications are as follows:
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<br />Street
<br />Improvement Street Public Other
<br />Community Debt HRA TIF Improvement Utilities Governmental
<br />General Fund Center Service Projects Projects Infrastructure Funds Total
<br />Nonspendable:
<br />Prepaid items $172,890 $3,084 $ - $554 $ - $ - $671 $177,199
<br />Inventory 22,220 - - - - - - 22,220
<br />Total nonspendable 195,110 3,084 - 554 - - 671 199,419
<br />Restricted for:
<br />Tax increment - - - 3,777,618 - - - 3,777,618
<br />Public safety 401,501 - - - - - 59,045 460,546
<br />Capital Improvements - - - - 113,111 - - 113,111
<br />Debt service - - 3,571,457 - - - 769,624 4,341,081
<br />Total restricted 401,501 0 3,571,457 3,777,618 113,111 0 828,669 8,692,356
<br />Committed to:
<br />Community Center - 169,536 - - - - - 169,536
<br />Redevelopment activities - - - - - - 840,754 840,754
<br />Total committed 0 169,536 0 0 0 0 840,754 1,010,290
<br />Assigned to:
<br />Street improvements/rehab - - - - 140,187 - - 140,187
<br />Building improvements - - - - - - 711,034 711,034
<br />Public utilities infrastructure - - - - - 3,565,037 - 3,565,037
<br />Parks and recreation - - - - - - 215,395 215,395
<br />Other capital improvements - - - - - - 1,430,030 1,430,030
<br />Total assigned 0000140,1873,565,0372,356,4596,061,683
<br />Unassigned 4,460,649 - - - (98,966) - - 4,361,683
<br />Total $5,057,260 $172,620 $3,571,457 $3,778,172 $154,332 $3,565,037 $4,026,553 $20,325,431
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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 the
<br />General Fund. The most significant revenue source of the General Fund is property taxes. This revenue
<br />source is received in two installments during the year – June and December. As such, it is the City’s goal
<br />to begin each fiscal year with sufficient working capital to fund operations between each semi-annual
<br />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 in
<br />the range of 35-50% of the subsequent year’s budgeted operating expenditures (net of expenditures for
<br />police and financial services to other cities). At December 31, 2023, the unassigned fund balance of the
<br />General Fund was 54% of the subsequent year’s budgeted expenditures.
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