HomeMy WebLinkAbout2008 CAFRCft of Saint Anthony
Saint Anthony, Minnesota
Comprehensive Annual
Financial Report
LOur mission is to be a progressive and livable community,
a walkable village, which is safe and secure
L
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
I
f
Page
Reference No.
I. INTRODUCTORY SECTION
Letter of Transmittal 3
Certificate of Achievement for Excellence in Financial Reporting 7
Organization 9
Organization Chart 10
Il. FINANCIAL SECTION
Independent Auditor's Report
13
Management's Discussion and Analysis
15
Basic Financial Statements:
Government -Wide Financial Statements:
Statement of Net Assets
Statement 1
29
Statement of Activities
Statement 2
30
Fund Financial Statements:
Balance Sheet - Governmental Funds
Statement 3
32
Statement of Revenues, Expenditures and Changes in Fund Balance -
Govemmental Funds
Statement 4
34
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds
Statement 5
36
Statement of Net Assets - Proprietary Funds
Statement 6
37
Statement of Revenues, Expenses and Changes in Fund Net Assets -
Proprietary Funds
Statement 7
38
Statement of Cash Flows - Proprietary Funds
Statement 8
39
Notes to Financial Statements
41
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund
Statement 9
82
Budgetary Comparison Schedule - Note to RSI
87
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Combining and Individual Nonmajor Fund Financial Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds Statement 10 94
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Nonmajor Governmental Funds Statement 11 95
Subcombining Balance Sheet - Nonmajor Special Revenue Funds
Statement 12
98
Subcombining Statement of Revenues, Expenditures and Changes in
Exhibit 2
119
Fund Balance - Nonmajor Special Revenue Funds
Statement 13
100
Subcombining Balance Sheet - Nonmajor Debt Service Funds
Statement 14
104
Subcombining Statement of Revenues, Expenditures and Changes in
Exhibit 4
121
Fund Balance - Nonmajor Debt Service Funds
Statement 15
105
Subcombining Balance Sheet - Nonmajor Capital Project Funds
Statement 16
108
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds
Statement 17
110
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Community Center Fund
Statement 18
112
Police Forfeiture Fund
Statement 19
113
Recycling Fund
Statement 20
114
HRA Fund
Statement 21
115
Fire Education/Training Fund
Statement 22
116
Supplementary Financial Information:
HRA Debt Service Fund
Balance Sheet
Exhibit 1
118
Schedule of Revenues, Expenditures and Changes in Fund Balance
Exhibit 2
119
HRA Projects Fund:
Balance Sheet
Exhibit 3
120
Schedule of Revenues, Expenditures and Changes in Fund Balance
Exhibit 4
121
Water and Sewer Enterprise Fund:
Schedule of Revenues, Expenses and Changes in Fund Net Assets
Exhibit 5
122
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Revenue Capacity
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 132
Direct and Overlapping Property Tax Rates Table 6 133
Principal Property Taxpayers Table 7 134
Property Tax Levies and Collections Table 8 135
Debt Capacity
Ratios of Outstanding Debt by Type Table 9 136
Direct and Overlapping Governmental Activities Debt Table 10 138
Legal Debt Margin Information Table 11 139
Pledged Revenue Coverage Table 12 140
Demographic and Economic:
Demographic and Economic Statistics Table 13 144
Principal Employers Table 14 145
Operating Information:
Full -Time Equivalent City Government Employees by Function/Program Table 15 146
Operating Indicators by Function/Program Table 16 148
Capital Asset Statistics by Function/Program Table 17 150
Reference
No.
111. STATISTICAL SECTION (Unaudited)
Financial Trends:
Net Assets by Component
Table 1
125
Changes in Net Assets
Table 2
126
Fund Balances - Governmental Funds
Table 3
129
Changes in Fund Balances - Governmental Funds
Table 4
130
Revenue Capacity
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 132
Direct and Overlapping Property Tax Rates Table 6 133
Principal Property Taxpayers Table 7 134
Property Tax Levies and Collections Table 8 135
Debt Capacity
Ratios of Outstanding Debt by Type Table 9 136
Direct and Overlapping Governmental Activities Debt Table 10 138
Legal Debt Margin Information Table 11 139
Pledged Revenue Coverage Table 12 140
Demographic and Economic:
Demographic and Economic Statistics Table 13 144
Principal Employers Table 14 145
Operating Information:
Full -Time Equivalent City Government Employees by Function/Program Table 15 146
Operating Indicators by Function/Program Table 16 148
Capital Asset Statistics by Function/Program Table 17 150
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I. INTRODUCTORY SECTION
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tho�n
a e C,y
3301 Silver Lake Road, St. Anthony, Minnesota 55418-1699
Office: (612) 782-3301 • Fax: (612) 782-3302 • www.ci.saint-anthony.mn.us
May 11, 2009
To the Honorable Mayor, Members of the City Council and Citizens of the City of St.
Anthony, Minnesota:
State law requires that all general-purpose local governments publish within six months
of the close of each fiscal year a complete set of audited financial statements. This report
is published to fulfill that requirement for the fiscal year ended December 31, 2008.
Management assumes full responsibility for the completeness and reliability of the
information contained in this report, based upon a comprehensive framework of internal
controls that have been established for this purpose. Because the cost of internal controls
should not exceed anticipated benefits, the objective is to provide reasonable, rather than
absolute, assurance that the financial statements are free of any material misstatements.
HLB Tautges, Redpath, Ltd., Certified Public Accountants, have issued an unqualified
("clean") opinion on the City of St. Anthony's financial statements for the year ended
December 31, 2008. The independent auditor's report is located at the front of the
financial section of this report.
Management's discussion and analysis (MD&A) immediately follows the independent
auditor's report and provides a narrative introduction, overview and analysis of the basic
financial statements. MD&A complements this letter of transmittal and should be read
in conjunction with it.
Profile of the City
The City of St. Anthony, incorporated in 1945, is located near Northeast Minneapolis and
is a first ring northern suburb of the Minneapolis -St. Paul metropolitan area. The City is
a completely developed community and is bordered on all sides by the communities of
Minneapolis, Columbia Heights, New Brighton and Roseville. Approximately two-thirds
of the City is located in northeastern Hennepin County and one-third is located in the
northwest corner of Ramsey County. The City encompasses a land area of three square
miles and serves a population of 8,361.
The City is located 10 minutes north of downtown Minneapolis and 15 minutes northwest
of downtown St. Paul. City residents and businesses have easy access to all parts of the
Minneapolis -St. Paul metropolitan area by the use of Interstate 35W, Interstate 694 and
Highway 280.
Our Mission is to be a progressive and livable comn3unity, a walkable village, which is safe and secure.
L.
The City is served by Independent School District (ISD) #282 (St. Anthony), which has a
2008/2009 enrollment of approximately 1,650, operates one elementary school, a junior
high and senior high in the City. In addition, a private grade school, St. Charles
Borromeo, offers K-8 grade education with an enrollment of 325.
The City operates as a statutory Council -Manager form of government. Policy-making
and legislative authority are vested in the City Council consisting of one elected mayor
and four council members. The City Council is responsible, among other things, for
passing ordinances, adopting the budget, appointing committees, and hiring the City
Manager. The City Manager is responsible for carrying out the policies and ordinances
of the City Council, for overseeing the day-to-day operations of the City, and for
appointing the heads of the various departments. The Council is elected on a non-
partisan basis. Council members serve four-year staggered terms, with two council
members elected every two years. The Mayor is elected to serve a four-year term.
The City of St. Anthony provides a full range of services including administrative
services; police protection; fire suppression and prevention; construction of capital
improvements, reconstruction and maintenance of city streets and other infrastructure;
distribution of water; sanitary sewer collection; storm water drainage; parks and
recreational activities; forestry maintenance; and recycling.
The St. Anthony Firefighters' Relief Association is a separate legal entity, and
accordingly is excluded from this report. The St. Anthony Housing and Redevelopment
Authority (HRA), an entity legally separate from the City, is governed by a board which
includes the City Council. Its sole purpose is to promote economic development within
the City of St. Anthony. The HRA is a component unit of the City and its financial
transactions have been included in these financial statements as a blended component
unit. Additional information on both of these legally separate entities can be found in
Note 1(A) & 6(D) in the notes to the financial statements.
The annual budget serves as the foundation for the City of St. Anthony's financial
planning and control. All departments of the City of St. Anthony submit requests for
appropriations to the City Manager in June of each year. The City Manager uses these
requests as the starting point for developing his recommended budget. The City Manager
then presents the recommended budget to the City Council for their review prior to the
certification of the proposed levy to the County Auditors by September 15th. The City
Council is required to hold public hearings on the proposed budget and to adopt a final
budget by December 31, the close of the City of St. Anthony's fiscal year.
The appropriated budget is prepared for the General Fund by function (e.g., public
safety), and department (e.g., police), and object code (e.g., salaries). Department heads
may make transfers of appropriations within a department. Transfers of appropriations
between departments, however, require the approval of the City Council. Budget -to -
actual comparisons are provided on Statement 9 as required supplementary information
to the basic financial statements for the governmental funds.
4
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it
is considered from the broader perspective of the specific environment within which the
City of St. Anthony operates.
Local economy: The Minneapolis -St. Paul metropolitan area has continued to
experience a relatively stable economy. The market place for local products and services
remains strong. St. Anthony is a fully -developed City. However, continued long-term
growth is anticipated as St. Anthony continues to aggressively pursue redevelopment
opportunities. Because of these efforts, the City's tax capacity and tax base have
consistently increased over the last five years.
Long-term financial planning: The City maintains internal service funds for the
replacement of various capital assets. The Capital Equipment Fund provides funding for
the replacement of the City's fleet including all vehicles and heavy equipment that have a
value of $5,000 or more and a useful life of at least two years. The Road Improvement
Fund has been established for the replacement of the City's roads and infrastructure,
including the resurfacing and reconstruction of City's streets, sidewalks and storm water
system.
The City combines the use of Goal Setting and Key Financial Management Planning to
identify and prioritize all City improvement projects. On an on-going basis, projects are
identified, discussed and prioritized by the City Council. Once the project is identified, a
complete analysis is done to review the impact, examine the funding sources available to
determine the appropriate funding source and budget for the costs.
Cash management policies and practices: The City's foremost investment objective is
to preserve capital. Secondary considerations are liquidity and lastly yield. Accordingly,
deposits are either insured by federal depository insurance or collateralized. All
temporary cash surpluses during the year are invested in various securities defined by
Minnesota Statutes. The City's policy is to invest all available monies at competitive
interest rates in accordance with the City's over-all fiscal plan and coordinate them with
operating needs and programs projected over the ensuing 12 months. The average yield
on the City's cash and investments in 2008 was 4.7%.
Risk Management: The City has been actively working to limit its liability risk and
insurance costs. To assist employees who are injured while on duty, a Managed Care
Program was implemented which aids in reducing medical expenses and other costs
relating to the injury. The program assists employees with a treatment plan and reduces
lost workdays, replacement workers, etc.
In addition, a safety committee consisting of employees from every department meets
monthly throughout the year to discuss safety related items, review accident reports and
provide recommendations to reduce the City's exposure to liability.
The City's general liability insurance is with the League of Minnesota Cities Insurance
Trust. In order to reduce the cost of insurance, a $10,000 per occurrence/$50,000
aggregate deductible is maintained and funded through insurance dividends paid by the
League of Minnesota Cities. s
L_
Awards: The City of St. Anthony received its second financial reporting award from the
Government Finance Officers Association for the presentation of the City's 2007
financial statement.
"Certificate of Excellence in Financial Reporting"
Grants: Each year, the City actively participates in Federal, State and County
administered grants. In 2008 the Police, Fire and Administration Departments received a
variety of safety and training grants. A list of the 2008 public safety and recycling grants
includes:
A. Safe and Sober Grant — Alcohol Compliance Grant
B. Operation NiteCap Grant — Alcohol Compliance Grant
C. MN Police Reserve Officers — Taser Grant
D. Department of Justice — Bulletproof Vests Grant
E. Hennepin County — Fire Department Emergency Training Grant
F. Ramsey County — Score/Recycling Grant
Partnerships: The City partners with local businesses, civic organizations and the
Chamber of Commerce to provide a variety of community safety and education
programs. In 2008, the City continued to receive funding for the "Citizens Academy"
which provides alcohol awareness and safety training to our residents.
The City also worked with the Middle Mississippi Watershed Management Organization
to secure funding for a water re -use plant which collects ground water run off into a large
withholding tank that is used to irrigate Central Park.
In addition, the City also received additional funding to purchase pagers for the Fire
Department.
Acknowledgements:
The preparation of this report would not have been possible without the efficient and
dedicated services of the entire staff of the Finance Department. We would like to
express our appreciation to all members of the department who assisted and contributed
to the preparation of this report.
Credit also must be given to the Mayor and the City Council for their unfailing support
for maintaining the highest standard of professionalism in the management of the City of
St. Anthony's finances.
Respectfully submitted,
Mike Mornson
City Manager
Roger A. Larson, Sr.
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of St. Anthony
Minnesota
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2007
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
aPN^E OtFiCp ` � 9 Ji
��wnosurts �� 77 F
s' to
yi.roaoamirox � President
Executive Director
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CITY OF ST. ANTHONY, MINNESOTA
ORGANIZATION
December 31, 2008
Mayor:
Jerry Faust
Council Members:
Hal Gray
Jim Roth
Randy Stille
Brian Thuesen
City Manager:
Michael Mornson
Finance Director:
Roger A. Larson, Sr.
91
Term Expires
December 31, 2011
December 31, 2011
December 31, 2011
December 31, 2009
December 31, 2009
Appointed
O
V
a
w
II. FINANCIAL SECTION
ii
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12
Tautges Redpath, Ltd.
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of St. Anthony, Minnesota
We have audited the accompanying financial statements of the governmental activities, the
business -type activities, each major fund, and the aggregate remaining fund information of
the City of St. Anthony, Minnesota, as of and for the year ended December 31, 2008, which
collectively comprise the City of St. Anthony, Minnesota's basic financial statements as
listed in the table of contents. These financial statements are the responsibility of the City of
St. Anthony, Minnesota's management. Our responsibility is to express opinions on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the City of St.
Anthony, Minnesota, as of December 31, 2008, and the respective changes in financial
position, and cash flows, where applicable, thereof for the year then ended in conformity
with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated
May 11, 2009 on our consideration of the City of St. Anthony, Minnesota's internal control
over financial reporting and on our tests of its compliance with certain provisions of laws,
regulations, contracts and grant agreements and other matters. The purpose of that report is
to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing and not to provide an opinion on the internal
control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be considered in
assessing the results of our audit.
4810 White Bear Parkway White Bear Lake, Minnesota 55110 I 651 426 7000 651 426 5004 Fax I www.hlbtr.com
13
HLB Tautges aetlparM1, ❑4. Tea member of M international, aworlE-witle organization of di firms antl Ousinees advisoes. I Equal opponunny Employer
The Management's Discussion and Analysis and the budgetary comparison information on
pages 15 through 25 and 82 through 87, are not a required part of the basic financial
statements but are supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures,
which consisted principally of inquiries of management regarding the methods of
measurement and presentation of the required supplementary information. However, we did
not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of St. Anthony, Minnesota's basic financial statements. The
introductory section, combining and individual nonmajor fund financial statements and
schedules, supplementary financial information and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and schedules and
supplementary financial information have been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a whole. The
introductory and statistical sections have not been subjected to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we express no opinion
on them.
0d 6 7'a..s J ltd .
HLB TAUTGES REDPATH, LTD.
White Bear Lake, Minnesota
May 11, 2009
14
MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of St. Anthony, Minnesota, we offer readers of the City of St.
Anthony, Minnesota's financial statements this narrative overview and analysis of the financial
activities of the City of St. Anthony, Minnesota for the fiscal year ended December 31, 2008.
We encourage readers to consider the information presented here in conjunction with additional
information that we have furnished in our letter of transmittal, which can be found in the
Introductory Section of this report.
Financial Highlights
• The assets of the City of St. Anthony, Minnesota exceeded its liabilities at the close of the
most recent fiscal year by $21,763,266 (net assets). Of this amount, $10,625,531
(unrestricted net assets) may be used to meet the government's ongoing obligations to
citizens and creditors.
• The government's total net assets increased by $2,216,263 from the prior years stated net
assets.
• As of the close of the current fiscal year, the City of St. Anthony's governmental funds
reported combined ending fund balances of $11,579,486, a decrease of $320,989 in
comparison with the prior year stated fund balances. Approximately 45.6% of this total
amount, $5,281,048, is available for spending at the government's discretion (unreserved/
undesignated fund balance).
• At the end of the current fiscal year, unreserved fund balance for the General Fund was
$1,389,299, or 28.2% of total General Fund expenditures.
• The City of St. Anthony's total bonded debt decreased by $555,000 (1.7%) during the current
fiscal year. The key factors in this decrease were; 1) the pay off of the 1997A G.O.
Improvement Bonds totaling $350,000; 2) the pay off of the 1999A G.O Improvement Bonds
totaling $250,000; 3) the issuance of $1,910,000 G.O. Improvement Bonds; and 4) the
principal retirement of $1,865,000.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of St. Anthony,
Minnesota's basic financial statements. The City of St. Anthony, Minnesota's basic financial
statements comprise three components: 1) government -wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government -wide financial statements. The government -wide financial statements are
designed to provide readers with a broad overview of the City of St. Anthony, Minnesota's
finances, in a manner similar to a private -sector business.
The statement of net assets presents information on all of the City of St. Anthony, Minnesota's
assets and liabilities, with the difference between the two reported as net assets. Over time,
L 15
Governmental Activities. Governmental activities increased the City of St. Anthony's net
assets by $314,337. The key factor of the increase was that capital grants and contributions were
higher than the previous year.
Revenues by
Source-
Grantsand
Governmental
ccmtributionsnot
AC11VItlQS
restricted to specific Other
Charges for
programs 1 % 4%
services 18%
Operating
Tax increments 17%
grants and
contributions
5%
Property
taxes
39%
Capital grants and
contributions 16%
For the most part, increases in expenses closely paralleled inflation and growth in the demand for
services.
20
Business -type activities. Business -type activities increased net assets by $1,901,926 from the
prior year amount. The key factor of the increase was that capital contributions from
Governmental Activities were reclassified and transferred to water and sewer.
Revenues by
Source -Business-
Type Activities Miscellaneous
1%
Ch ar9es for
services 99%
Financial Analysis of the Government's Funds
As noted earlier, the City of St. Anthony uses fund accounting to ensure and demonstrate
compliance with finance -related legal requirements.
Governmental funds. The focus of the City of St. Anthony, Minnesota's governmental funds is
to provide information on near-term inflows, outflows, and balances of spendable resources.
Such information is useful in assessing the City of St. Anthony, Minnesota's financing
requirements. In particular, unreserved fund balance may serve as a useful measure of a
government's net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City of St. Anthony, Minnesota's governmental funds
reported combined ending fund balances of $11,579,486 a decrease of $320,989 in comparison
with the prior year restated amounts. Approximately 68.5% of this total amount ($7,928,912)
constitutes unreserved, fund balance, which is available for spending at the government's
discretion. This includes amounts that have been designated for 1) general fund operations
($1,389,299), 2) special revenue funds ($136,375) and 3) capital project funds ($1,122,190).
The remainder of fund balance is reserved to indicate that it is not available for new spending
because it has already been committed 1) prepaid items ($51,893), 2) to pay debt service
($2,726,028), and 3) to pay for tax increment projects ($872,653).
21
The General Fund is the chief operating fund of the City of St. Anthony, Minnesota. At the end
of the current fiscal year, unreserved fund balance of the General Fund was $1,389,299, while
total fund balance reached $1,440,504. As a measure of the General Fund's liquidity, it may be
useful to compare both unreserved fund balance and total fund balance to total fund
expenditures. Unreserved fund balance represents 28.2% of total General Fund expenditures and
total fund balance represents 29.2% of that same amount.
During the current fiscal year, the fund balance of the General Fund increased by $2,145.
The City's Water Filtration and Purification Fund had a total fund balance of $5,450,852.
The Street Improvement Debt Service Fund decreased by $718,187 as annual debt payment
requirements exceeded assessment collections, property tax collections, bond proceeds and
interest.
The HRA Debt Service Fund increased by $130,862 as the annual debt service requirement
exceeded the revenue collected.
The Street Improvement Projects Fund increased by $385,017 as the construction costs incurred
was less than the bond proceeds and other funding sources.
The HRA Projects Fund decreased $40,901 to a balance of $907,400. The key factor in this
decrease was the increase in payments made for developer incentives related to the Silver Lake
Village Redevelopment.
The Storm Water Improvement Fund increased $77,386 as a result of the funding sources for the
Water Reuse Project exceeded the year-to-date construction costs.
The Silver Lake Road Project Fund increased $204,951 as a result of the year-to-date
construction costs are less than the funding sources for the project.
Non -major Special Revenue Funds decreased $42,196 to a balance of $125,993
Non -major Debt Service Funds had a total fund balance of $272,533, all of which is reserved for
the payment of debt service. The net decrease in fund balance during the current year in the
nonmajor debt service funds was $28,029.
Non -major Capital Project Funds had a total fund balance of $24,237, a decrease of $260,726.
Proprietary funds. The City of St. Anthony, Minnesota's proprietary funds provide the same
type of information found in the government -wide financial statements, but in more detail.
Unrestricted net assets of the liquor operations and water and sewer fund at the end of the year
amounted to $1,042,856. The total net assets for each fund were: Liquor— $1,986,795; Water
and Sewer - $3,921,735.
22
General Fund Budgetary Highlights
Variances from original to final budget are as follows:
• The 2008 General Fund operating budget totaled $4,998,600.
Variances from actual to budget can be briefly summarized as follows
• Building permit revenue exceeded the budget by $21,368.
• Municipal state aid — street maintenance was less than budgeted ($551).
• Unbudgeted public safety grants provided $20,725 in funding for safety and alcohol
compliance.
• Municipal court fines exceeded budget by $15,562.
• Interest earnings exceeded budget by $3,866.
• Cable franchise fees exceeded budget by $19,806.
• Miscellaneous revenue exceeded budget by $2,827.
Capital Asset and Debt Administration
Capital Assets. The City of St. Anthony, Minnesota's investment in capital assets for its
governmental and business -type activities as of December 31, 2008 amounts to $39,892,342 (net
of accumulated depreciation). This investment in capital assets includes land, buildings and
structures, improvements, machinery and equipment, park facilities, roads and infrastructure.
The total increase in the City of St. Anthony, Minnesota's investment in capital assets for the
current fiscal year was 6.6%.
Major capital asset events during the current fiscal year included the following:
• The annual street reconstruction and infrastructure improvement project was added.
City of St. Anthony, Minnesota's Capital Assets
(net of depreciation)
Additional information on the City of St. Anthony, Minnesota's capital assets can be found in
Note 4.
23
Governmental Activities
Business -Type
Activities
Totals
2008
2007
2008
2007
2008
2007
Land
$3,378,842
$3,378,842
$5,653
$5,653
$3,384,495
$3,384,495
Buildings and structures
9,403,047
9,403,047
3,883,283
3,857,355
13,286,330
13,260,402
Furniture and fixtures
2,906,840
2,771,928
589,977
589,977
3,496,817
3,361,905
Infrastructure/streets
20,679,541
16,460,526
6,522,693
4,408,795
27,202,234
20,869,321
Stomt sewers
401,913
-
-
-
401,913
-
Less accumulated depreciation
(8,030,704)
(6,988,611)
(4,796,125)
(4,502,973)
(12,826,829)
(11,491,584)
Construction in progress
4,242,189
7,382,450
705,193
669,381
4,947,382
8,051,831
Total
$32,981,668
$32,408,182
$6,910,674
$5,028,188
$39,892,342
$37,436,370
Additional information on the City of St. Anthony, Minnesota's capital assets can be found in
Note 4.
23
Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
total debt outstanding of $35,339,722. Of this amount, $19,575,000 comprises debt backed by
the full faith and credit of the government, $10,375,000 is backed by tax increments, $2,165,000
is backed by revenues sources from the City of St. Anthony, Minnesota's enterprise funds and
$2,500,000 is G.O. improvement debt for which the government is liable in the event of default
by the developer of Silver Lake Village. The remainder of the City of St. Anthony, Minnesota's
debt represents the liability for compensated absences.
General obligation bonds
General obligation:
Fannie Mae loan payable
G.O. revenue bonds
Revenue bonds
Compensated absences
Total
City of St. Anthony, Minnesota's Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business -Type Activities Totals
2008 2007 2008 2007 2008 2007
$14,745,000 $14,755,000 $ - $ - $14,745,000 $14,755,000
2,500,000
2,500,000
- - 2,500,000
2,500,000
5,700,000
6,010,000
1,895,000 1,975,000 7,595,000
7,985,000
9,505,000
9,580,000
270,000 350,000 9,775,000
9,930,000
609,318
554,645
115,404 107,511 724,722
662,156
$33,059,318 $33,399,645 $2,280,404 $2,432,511 $35,339,722 $35,834,163
The City of St. Anthony, Minnesota's total bonded debt decreased by $555,000 during the
current fiscal year. The key factors in this decrease were; 1) the pay off of the 1997A G.O.
Improvement Bonds totaling $350,000; 2) the pay off of the 1999A G.O Improvement Bonds
totaling $250,000; 3) the issuance of $1,910,000 G.O. Improvement Bonds, and 4) the
principal retirement of $1,865,000.
The City of St. Anthony, Minnesota maintains an "Al" rating from Moody's for general
obligation debt. State statutes limit the amount of general obligation debt the City may issue to
3% of its total market value. The current debt limitation for the City of St. Anthony, Minnesota
is $26,806,284, which is in excess of the City of St. Anthony, Minnesota's $4,755,000
outstanding general obligation debt, excluding tax increment, special assessment, and HRA
bonds.
Additional information on the City of St. Anthony, Minnesota's long-term debt can be found in
Note 5.
Economic Factors and Next Year's Budgets and Rates
The unemployment rate for Hennepin County is currently 5.0%. This compares favorably to
the Minneapolis/St. Paul metropolitan area's unemployment rate of 5.2%, the state's rate of
5.4% and the national average rate of 7.2%.
• The increased revenues and growth in the tax base from Silver Lake Village will help the
City maintain its satisfactory financial position.
24
• Maintaining acceptable service levels while being sensitive to increases in property taxes
remains the most significant challenge.
These factors were considered in preparing the City of St. Anthony, Minnesota's budget for the
2008 fiscal year.
In 2008, there were no increases in water and sewer rates. The revenue from water and sewer
operations totaled $1,615,721, which exceeded expenditures by $39,452 (2.5%). In the future,
rates will be changed to comply with the Minnesota Department of Resources mandate that
requires the sale of water be based on a Tiered Water Rate Structure that promotes the
conservation of usage. This rate structure will charge a higher rate for excessive usage. Upon
implementation, moving forward the annual increases for water, sewer and storm water charges
will be in an amount similar to the rate of inflation.
Requests for Information
This financial report is designed to provide a general overview of the City of St. Anthony,
Minnesota's finances for all those with an interest in the government's finances. Questions
concerning any of the information provided in this report or requests for additional financial
information should be addressed to the Office of the Finance Director, City of St. Anthony,
Minnesota, 3301 Silver Lake Road, St. Anthony, Minnesota, 55418.
j 25
L
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26
BASIC FINANCIAL STATEMENTS
27
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28
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET ASSETS
December 31, 2008
Statement 1
Liabilities:
Primary
Government
Accounts payable
Governmental
Business -Type
Totals
259,105
Contracts payable
Activities
Activities
2008
2007
Assets:
-
108,952
108,952
107,402
Cash and investments
$11,221,325
$495,097
$11,716,422
$12,713,093
Restricted cash and investments
-
149,256
149,256
143,200
Funds held in trust
455,830
-
455,830
462,757
Accrued interest
43,877
2,315
46,192
76,293
Due from other governmental units
16,941
-
16,941
23,164
Internal balances
219,000
(219,000)
-
-
Accounts receivable - net
3,047,578
445,201
3,492,779
2,989,714
Prepaid items
51,893
24,227
76,120
71,122
Property taxes receivable
195,404
-
195,404
97,854
Special assessments receivable
1,740,216
2,000,000
1,740,216
2,017,116
Funds held for others
160,000
-
160,000
160,000
Inventories - at cost
-
659,650
659,650
631,980
Deferred charges
439,794
48,163
487,957
514,211
Unamortized bond discounts
2,978
-
2,978
3,114
Capital assets - net:
Nondepreciable
7,621,031
710,846
8,331,877
11,436,326
Depreciable
25,360,637
6,199,828
31,560,465
26,000,044
Total assets
50,576,504
8,515,583
59,092,087
57,339,988
Liabilities:
Accounts payable
300,793
19,839
320,632
259,105
Contracts payable
623,606
64,734
688,340
820,793
Deposits payable
-
108,952
108,952
107,402
Due to other governmental units
768
67,305
68,073
70,859
Salaries payable
115,456
34,208
149,664
102,104
Accrued interest payable
588,062
31,611
619,673
573,287
Unamortized bond premium
33,765
-
33,765
27,279
Compensated absences payable:
Due within one year
183,617
34,777
218,394
200,685
Due in more than one year
425,701
80,627
506,328
461,471
Bonds and notes payable:
Due within one year
1,885,000
165,000
2,050,000
4,220,000
Due in more than one year
30,565,000
2,000,000
32,565,000
30,950,000
Total liabilities
34,721,768
2,607,053
37,328,821
37,792,985
Net assets:
Invested in capital assets, net of related debt
Restricted for:
Debt service
Tax increment purposes
Unrestricted
Total net assets
3,000,881
2,327,517
943,663
4,745,674
120,000
7,746,555
2,447,517
943,663
4,742,205
3,348,881
783,582
9,582, 675 1,042,856 10,625, 531 10, 672,335
$15,854,736 $5,908,530 $21,763,266 $19,547,003
The accompanying notes are an integral part of these financial statements.
29
W
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2008
Functions/Programs Expenses
Primary government:
5,969,076
Governmental activities:
794,433
General government
$1,231,302
Public safety
2,656,975
Public works
1,436,309
Parks and recreation
416,881
Services to other cities
940,807
Housing and redevelopment
536,068
Interest on long -tern debt
1,497,107
Total governmental activities
8,715,449
Business -type activities
Liquor
5,969,076
Water
794,433
Sewer
860,918
Total business -type activities
7,624,427
Total primary government $16,339,876
The accompanying notes are an integral part of these financial statements.
30
Charges For
Services
$294,455
152,053
177,133
217,807
1,096,200
1,937,648
6,359,731
812,371
803,350
7,975,452
$9,913,100
Statement 2
Net (Expense) Revenue and
Program Revenues Changes in Net Assets
Operating Capital Primary Government
Grants and Grants and Governmental Business -Type Totals
Contributions Contributions Activities Activities 2008 2007
$3,101
$
($933,746)
$
($933,746)
($844,769)
257,963
773,109
(2,246,959)
17,089
(2,246,959)
(1,932,769)
91,110
1,684,417
516,351
516,351
(5,240,114)
-
-
(199,074)
(199,074)
(233,897)
2,216,263
-
155,393
4,006,604
155,393
127,581
-
-
(536,068)
$15,854,736
(536,068)
(132,704)
170,368
-
(1,326,739)
-
(1,326,739)
(1,146,029)
522,542
1,684,417
(4,570,842)
0
(4,570,842)
(9,402,701)
-
-
390,655
390,655
447,016
17,938
17,938
65,783
(57,568)
(57,568)
64,769
0
0
0
351,025
351,025
577,568
$522,542
51,684,417
(4,570,842)
351,025
(4,219,817)
(8,825,133)
General revenues:
General property taxes
Tax increment taxes
Grants and contributions not
restricted to specific programs
Unrestricted investment earnings
Other
Transfers
Total general revenues and transfers
Change in net assets
Net assets - January I
Net assets - December 31
L_
4,118,365
1,753,559
4,118,365 3,968,436
1,753,559 1,477,929
88,291
-
88,291
159,741
403,426
18,985
422,411
773,109
36,365
17,089
53,454
96,048
(1,514,827)
1,514,827
4,885,179
1,550,901
6,436,080
6,475,263
314,337
1,901,926
2,216,263
(2,349,870)
15,540,399
4,006,604
19,547,003
21,896,873
$15,854,736
$5,908,530
$21,763,266
$19,547,003
The accompanying notes are an integral part of these financial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
GOVERNMENTALFUNDS
December 31. 2008
Assets
Cash and investments
Funds held in trust
Accrued interest
Due from other govemmental units
Interfand receivable
InterPond loan receivable
Accounts receivable - net
Prepaid items
Property taxes receivable
Special assessments receivable
Funds held by others
Total assets
Liabilities and Fund Balance
Liabilities:
Interfund payable
Accounts payable
Contracts payable
Interfund loan payable
Due to other governmental units
Salaries payable
Deferred revenue
Total liabilities
Fund balance:
Reserved for:
Prepaid items
Debt service
Tax increment projects
Unreserved:
Designated reported in:
General Fund
Special Revenue Funds
Capital Project Funds
Undesignated reported in:
Special Revenue Funds
Capital Project Funds
Total fund balance
Total liabilities and fund balance
Street
Water Filtration Improvement Debt
General Fund and Purification Service HRA Debt Service
$1,429,490
$4,773,630
$1,380,740
$1,036,273
-
-
-
455,135
5,239
27,782
-
6,392
15,901
-
-
44,871
-
-
656,430
-
-
27,034
-
51,205
555
-
-
74,323
-
26,791
11,047
-
-
1,740,216
-
$1,648,063
$5,458,397
$3,147,747
$1,508,847
39,629 5,853
- - - 437,430
808 - -
112,980 1,692 - -
54,142 - 1,757,431 8,238
207,559 7,545 1,757,431 445,668
51,205 555 - -
1,390,316 1,063,179
1,389,299
- 5,450,297 - -
1,440,504 5,450,852 1,390,316 1,063,179
$1,648,063 $5,458,397 $3,147,747 $1,508,847
The accompanying notes are an integral part of these financial statements.
32
Statement 3
Street
Improvement
Projects
HRA Projects
Storm Water
Improvement
Silver Lake
Road Project
Fund
Other
Governmental
Funds
Intra -Activity
Eliminations
Total Governmental Funds
227,976
- - 623,606 - -
-
623,606
545,109
- - - - -
2008
2007
$454,069
$761,534
$209,351
$391,867
$654,264
$ -
$11,091,218
$11,656,656
-
695
-
-
-
-
455,830
462,757
-
-
-
-
4,464
-
43,877
76,293
-
-
-
-
1,040
-
16,941
23,164
-
-
-
-
-
(44,871)
-
-
-
-
-
-
-
(437,430)
219,000
255,500
2,500,000
-
520,064
-
480
-
3,047,578
2,543,531
-
-
-
-
133
-
51,893
46,630
-
79,606
-
-
3,637
-
195,404
97,854
-
-
-
-
-
-
1,740,216
2,017,116
-
160,000
-
-
-
-
160,000
160,000
$2,954,069
$1,001,835
$729,415
$391,867
$664,018
($482,301)
$17,021,957
$17,339,501
$ - $ - $ - $ - $44,871
($44,871)
$ -
$ -
863 15,028 10,705 35,705 193,010
-
300,793
227,976
- - 623,606 - -
-
623,606
545,109
- - - - -
(437,430)
-
-
- - - - (40)
-
768
634
- - - - 784
-
115,456
77,586
2,500,000 79,407 - - 2,630
-
4,401,848
4,587,721
2,500,863 94,435 634,311 35,705 241,255 (482,301)
5,442,471
5,439,026
- - - - 133
-
51,893
46,630
- - - - 272,533
-
2,726,028
3,341,382
- 872,653 - - -
-
872,653
775,185
- - - - -
-
1,389,299
1,391,816
- - - - 136,375
-
136,375
274,502
453,206 - 95,104 356,162 217,718
-
1,122,190
466,600
- - - - (10,515)
-
5,439,782
5,375,763
- 34,747 - (193,481)
-
(158,734)
228,597
453,206 907,400 95,104 356,162 422,763
0
11,579,486
11,900,475
$2,954,069 $1,001,835 $729,415 $391,867 $664,018
($482,301)
$17,021,957
$17,339,501
Fund balance reported above
$11,579,486
$11,900,475
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in govemmental activities are not financial resources, and therefore, are not
reported in the funds.
32,981,668
32,408,182
Other long-term assets are not available to pay for current -period expenditures and, therefore, are
deferred in the funds.
4,401,848
4,587,721
Long-term liabilities, including bonds payable, are not due and payable in the current period and
therefore are not reported in the funds.
(32,629,055)
(32,947,397)
Internal service funds are used by management to charge the cost of employee vacation and
severance to individual funds. The assets and liabilities are included in the governmental
activities on the statement of net assets
(479,211)
(408,582)
Net assets of governmental activities
$15,854,736
$15,540,399
The accompanying notes are an integral part of these financial statements.
33
L
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTALFUNDS
For The Year Ended December 31. 2008
Street
Water Filtration Improvement HRA Debt
General Fund and Purification Debt Service Service
Revenues:
General property taxes
$2,625,557
$ -
$951,651
$387,860
Tax increment collections
-
-
-
283,536
Licenses and permits
247,878
-
-
-
Intergovernmental
386,591
-
-
-
Special assessments
-
-
385,197
-
Charges for services
1,152,872
-
-
-
Cable franchise fees
92,606
-
-
-
Fines and forfeits
114,062
-
-
-
Investment income
18,666
250,252
14,250
39,039
Contributions and donations
2,450
-
-
-
Miscellaneous
33,241
2,358
-
Total revenues
4,673,923
252,610
1,351,098
710,435
Expenditures:
Current:
General government
754,813
117,717
-
2,155
Public safety
2,424,879
-
-
-
Public works
584,592
66,204
-
-
Parks and recreation
200,000
-
-
-
Services to other cities
940,807
-
-
-
Nondepartmental
23,387
-
-
-
Housing and redevelopment
-
-
-
-
Capital outlay:
General government
-
-
-
-
Public safety
-
-
-
-
Public works
-
-
-
-
Debt service:
Principal
-
-
1,570,000
430,000
Interest
-
-
495,645
711,264
Paying agent fees
-
-
3,560
5,103
Professional service
-
-
80
5,000
Issuance costs
-
-
-
-
Constmction/acquisition costs
-
-
-
Developer incentives
-
-
-
-
Total expenditures
4,928,478
183,921
2,069,285
1,153,522
Revenues over (under) expenditures
(254,555)
68,689
(718,187)
(443,087)
Other financing sources (uses):
Bonds issued
-
-
-
-
Premium on debt issued
-
-
-
-
Discount on debt issued
-
-
-
-
Sale of capital assets
-
-
-
-
Transfers in
325,000
-
-
573,949
Transfers out
(68,300)
(100,000)
-
Total other financing sources (uses)
256,700
(100,000)
0
573,949
Net change in fund balance
2,145
(31,311)
(718,187)
130,862
Fund balance - January 1
1,438,359
5,482,163
2,108,503
932,317
Fund balance -December 31
$1,440,504
$5,450,852
$1,390,316
$1,063,179
The accompanying notes are an integral part of these financial statements.
34
Statement 4
Street
- 1,076,699
945,295
- - - - 21,555
Other
2,165,891
- - 23,394 - 5,079
Improvement
809,751
Storm Water
Silver Lake Road
Governmental Intra -Activity
- - - -
- 940,807
Projects
HRA Projects
Improvement
Project Fund
Funds Eliminations
Total Governmental Funds
173,098
- - - - 23,136
- 23,136
125
- - - - 202,638
2008
2007
$ -
S -
$ -
$ -
$132,425 $ -
$4,097,493
$3,957,749
-
1,399,013
-
-
- -
1,682,549
1,469,532
"
-
-
-
- -
247,878
213,842
-
7,487
1,410,321
-
235,193 -
2,039,592
706,080
-
-
-
-
- -
385,197
441,327
-
-
2,810
-
296,243 -
1,451,925
1,403,419
'
-
-
- -
92,606
85,162
-
-
-
-
25,359 -
139,421
164,788
4,303
20,455
1,009
7,749
44,315 -
400,038
689,428
-
-
-
-
1,500 -
3,950
37,100
148,318
-
-
2,532
186,449
404,611
152,621
1,426,955
1,414,140
7,749
737,567 0
10,727,098
9,573,038
5,000 76,343 - - 120,671
- 1,076,699
945,295
- - - - 21,555
- 2,446,434
2,165,891
- - 23,394 - 5,079
- 679,269
809,751
- 28,500 - - 166,173
- 394,673
428,341
- - - -
- 940,807
911,419
' - - - -
- 23,387
48,735
- - - - 212,583
- 212,583
173,098
- - - - 23,136
- 23,136
125
- - - - 202,638
- 202,638
12,993
- - - - 92,894
- 92,894
316,264
-
- - -
305,000
- 2,305,000
2,195,000
144,266
- - -
99,073
- 1,450,248
1,313,578
-
- - -
1,938
- 10,601
11,501
'
- -
-
- 5,080
1,901
-
- -
-
- -
208,545
233,917
- 1,313,360 1,674,544
197,786
- 3,419,607
5,366,376
-
323,485 - -
-
- 323,485
3,592,385
383,183
428,328 1,336,754 1,674,544
1,448,526
0 13,606,541
18,501,198
(230,562)
998,627 77,386 (1,666,795)
(710,959)
0 (2,879,443)
(8,928,160)
1,862,997 47,003 - 1,910,000 6,690,000
8,749 - - 8,749 -
(231)
-
-
-
-
14,705
-
14,705
8,744
615,579
-
-
-
318,300
(1,207,828)
625,000
447,304
-
(1,039,528)
-
-
1,207,828
615,579
(1,039,528)
0
1,871,746
380,008
0
2,558,454
7,145,817
385,017
(40,901)
77,386
204,951
(330,951)
0
(320,989)
(1,782,343)
68,189
948,301
17,718
151,211
753,714
11,900,475
13,682,818
$453,206
$907,400
$95,104
$356,162
$422,763
$0
$11,579,486
$11,900,475
The accompanying notes are an integral part of these financial statements.
35
L,
CITY OF ST. ANTHONY, MINNESOTA
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTALFUNDS
For The Year Ended December 31, 2008
Amounts reported for governmental activities in the
statement of activities (statement 2) are different because:
Net changes in fund balances - total governmental funds (statement 4)
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlays exceeded depreciation in the current period.
The net effect of various miscellaneous transactions involving capital assets
(i.e., sales, trade-ins and donations) is to decrease net assets, as follows:
Book value of disposals
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.
The issuance of long-term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of
long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net assets. This
amount is the net effect of these differences in the treatment of long-term debt
and related items.
Some expenses reported in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds.
Transfer in of Enterprise Fund capital assets to governmental activities.
Transfer out of governmental activities to Enterprise Fund capital assets.
Internal Service Funds are used by management to charge the cost of severance
expense to individual funds. This amount is the net income attributable to
governmental activities.
Change in net assets of governmental activities (statement 2)
Statement 5
2008 2007
($320,989) ($1,782,343)
2,737,320 4,321,970
(24,007) (11,059)
(185,873) (657,420)
386,251 (4,286,224)
(67,909) (118,540)
133,052
(2,139,827)
(70,629) (39,585)
$314,337 ($2,440,149)
The accompanying notes are an integral part of these financial statements.
36
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2008
Assets:
Current assets:
Cash and cash equivalents
Restricted cash and cash equivalents
Receivables:
Interest
Accounts
Prepaid items
Inventories - at cost
Total current assets
Noncurrent assets:
Deferred charges
Capital assets:
Land
Buildings and structures
Furniture, fixtures and equipment
Distribution and collection system
Construction in progress
Total capital assets
Less: Allowance for depreciation
Net capital assets
Total noncurrent assets
Total assets
Liabilities:
Current liabilities:
Accounts payable
Due to other governmental units
Contracts payable
Salaries payable
Accrued interest payable
Refundable deposits
Compensated absences payable - current portion
Bonds and notes payable - current portion
Interfund loan payable - current portion
Total current liabilities
Statement 6
Governmental
Business -Type Activities Enterprise Funds Activities -
701 Water and Internal
705 Liquor Sewer Totals Service Funds
2008 2007
$59,847 $435,250 $495,097 $910,374 $130,107
149,256 - 149,256 143,200 -
2,315
- 2,315
- -
13,895
431,306 445,201
446,183 -
9,867
14,360 24,227
24,492 -
659,650
- 659,650
631,980 -
894,830
880,916 1,775,746
2,156,229 130,107
7,523 40,640 48,163 53,367
-
5,653
5,653
5,653
-
1,875,328
2,007,955
3,883,283
3,857,356
-
399,593
190,384
589,977
589,977
-
-
6,522,691
6,522,691
4,408,792
-
-
705,193
705,193
669,381
-
2,274,921
9,431,876
11,706,797
9,531,159
0
(580,854)
(4,215,269)
(4,796,123) (4,502,971)
-
1,694,067
5,216,607
6,910,674
5,028,188
0
1,701,590
5,257,247
6,958,837
5,081,555
0
2,596,420
6,138,163
8,734,583
7,237,784
130,107
3,245
16,594
19,839
31,129 -
62,154
5,151
67,305
70,225 -
-
64,734
64,734
275,684 -
17,124
17,084
34,208
24,518 -
-
31,611
31,611
34,211 -
-
108,952
108,952
107,402 -
11,482
23,295
34,777
32,584 183,617
85,000
80,000
165,000
160,000 -
36,500
-
36,500
36,500 -
215,505
347,421
562,926
772,253 183,617
Noncurrent liabilities:
Compensated absences payable - noncurrent portion
26,620
54,007
80,627
74,927 425,701
Bonds and notes payable - noncurrent portion
185,000
1,815,000
2,000,000
2,165,000 -
Interfund loan payable - noncurrent portion
182,500
-
182,500
219,000 -
Totalnoncurrentliabilities
394,120
1,869,007
2,263,127
2,458,927 425,701
Total liabilities
609,625
2,216,428
2,826,053
3,231,180 609,318
Net assets:
r Invested in capital assets, net of related debt 1,424,067 3,321,607 4,745,674 2,703,188
Restricted for debt service 120,000 - 120,000 120,000 -
Unrestricted 442,728 600,128 1,042,856 1,183,416 (479,211)
Total net assets $1,986,795 $3,921,735 $5,908,530 $4,006,604 ($479,211)
The accompanying notes are an integral part of these financial statements.
37
l_
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For The Year Ended December 31, 2008
Sales
Cost of sales
Gross profit
Operating revenues:
Customer billings
Connection charges
Total operating revenues
Total gross profit and operating revenues
Operating expenses:
Personal services
Supplies
Contracted services
Treatment charges (MCES)
Other
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Investment income
Interest expense
Amortization of deferred charges
Paying agent fees
Miscellaneous
Total nonoperating revenues (expenses)
Income (loss) before transfers
Capital contributions
Transfers:
Transfers out
Change in net assets
Net assets - January 1
Net assets - December 31
Amount reported for transfers out reported above
Capital contributions reclassified to transfers in
Net transfers of business -type activities (Statement 2)
Statement 7
Governmental
Business -Type Activities Enterprise Funds Activities -
701 Water Internal
705 Liquor and Sewer Totals Service Funds
2008 2007
$6,359,731 $ $6,359,731 $6,187,185 $
(4,884,558) (4,884,558) (4,711,506)
1,475,173 0 1,475,173 1,475,679 0
1,606,621 1,606,621 1,627,521
9,100 9,100 64,350
0 1,615,721 1,615,721 1,691,871 0
1,475,173 1,615,721 3,090,894 3,167,550 0
583,450
579,865
1,163,315
1,066,986 74,017
313,036
47,711
360,747
353,022 -
28,920
87,302
116,222
149,146 -
-
467,267
467,267
437,604 -
39,257
185,419
224,676
226,156 -
84,447
208,705
293,152
232,691 -
1,049,110
1,576,269
2,625,379
2,465,605 74,017
426,063 39,452 465,515 701,945 (74,017)
8,372
10,613
18,985
74,764 3,388
(32,900)
(76,036)
(108,936)
(117,085) -
(2,508)
(2,696)
(5,204)
(5,202) -
-
(350)
(350)
(350) -
1,395
15,694
17,089
16,563 -
(25,641)
(52,775)
(78,416)
(31,310) 3,388
400,422 (13,323)
2,139,827
387,099 670,635
2,139,827 -
(400,000) (225,000) (625,000) (580,356)
(70,629)
422 1,901,504 1,901,926 90,279 (70,629)
1,986,373 2,020,231 4,006,604 3,916,325 (408,582)
$1,986,795 $3,921,735 $5,908,530 $4,006,604 ($479,211)
($625,000) ($580,356)
2,139,827
$1,514,827 ($580,356)
The accompanying notes are an integral part of these financial statements.
38
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended December 31, 2008
Cash flows from operating activities:
Receipts from customers and users
Payment to suppliers
Payment to employees
Miscellaneous revenue
Net cash flows from operating activities
Cash flows from noncapital financing activities:
Transfer to General Fund
Transfer to Capital Project Funds
Net cash flows from noncapital financing activities
Cash flows from capital and related
financing activities:
Acquisition of capital assets
Change in interfund receivable/payable
Interest paid on interfund payable
Principal paid on debt
Interest paid on debt
Net cash flows from capital and related financing activities
Cash flows from investing activities:
Investment income
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents - January 1
Cash and cash equivalents - December 31
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue
Depreciation
Changes in assets and liabilities:
Decrease (increase) in receivables
Decrease (increase) in prepaid items
Decrease (increase) in inventory
Increase (decrease)in payables
Total adjustments
Net cash provided by operating activities
Statement 8
Governmental
Business -Type Activities Enterprise Funds Activities -
Intemal
701 Water Service
705 Liquor and Sewer Totals Funds
2008 2007
$6,360,370 $1,616,064 $7,976,434 $7,875,939 $ -
(5,299,805) (1,006,430) (6,306,235) (5,937,803) -
(573,523) (572,209) (1,145,732) (1,061,591) (19,344)
1,395 15,694 17,089 16,563 -
488,437 53,119 541,556 893,108 (19,344)
(200,000) (75,000) (275,000) (263,000) -
(200,000) (150,000) (350,000) (317,356) -
(400,000) (225,000) (625,000) (580,356) 0
-
(35,811)
(35,811)
(687,404) -
(36,500)
-
(36,500)
(36,500) -
(12,775)
-
(12,775)
(14,600) -
(80,000)
(80,000)
(160,000)
(150,000) -
(20,125)
(77,236)
(97,361)
(101,788) -
(149,400)
(193,047)
(342,447)
(990,292) 0
6,057 10,613 16,670 76,514 3,388
(54,906) (354,315) (409,221) (601,026) (15,956)
264,009 789,565 1,053,574 1,654,600 146,063
$209,103 $435,250 $644,353 $1,053,574 $130,107
$426,063 $39,452 $465,515 $701,945 ($74,017)
1,395 15,694 17,089 16,563
84,447 208,705 293,152 232,691
639
343
982
(7,792) -
(426)
691
265
(1,291) -
(27,670)
-
(27,670)
(55,887) -
3,989
(211,766)
(207,777)
6,879 54,673
62,374
13,667
76,041
191,163 54,673
$488,437 $53,119 $541,556 $893,108 ($19,344)
Noncash capital financing activities:
Water system assets in the amount of $496,246 and sewer system assets in the amount of $1,643,581 were contributed to the Water
and Sewer Fund in 2008.
The accompanying notes are an integral part of these financial statements.
39
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40
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of St. Anthony, Minnesota (the City) operates pursuant to applicable Minnesota laws and statutes
under the council-manager plan (Statutory Plan B) as defined by State statutes. The government of the City is
directed by a Council composed of an elected mayor and four other elected members. The Council exercises
legislative authority and determines matters of policy. The Council appoints the City Manager who is
responsible for the administration of all affairs relating to the City.
The financial statements of the City of St. Anthony have been prepared in conformity with generally accepted
accounting principles as applied to governmental units by the Governmental Accounting Standards Board
(GASB). The following is a summary of the significant accounting policies.
A. FINANCIAL REPORTING ENTITY
As required by generally accepted accounting principles, the financial statements of the reporting
entity include those of the City (the primary government) and its component units. The component
unit discussed below is included in the City's reporting entity because of the significance of their
operational or financial relationships with the City.
COMPONENT UNITS
In conformity with generally accepted accounting principles, the financial statements of the component
unit have been included in the financial reporting entity as a blended component unit.
The Housing and Redevelopment Authority (HRA) is an entity legally separate from the City.
However, for financial reporting purposes, the HRA is reported as if it were part of the City's
operations because the members of the City Council serve as HRA board members and its activity is
confined to the City. The City established the HRA under State statutes to assist and support housing
and redevelopment projects undertaken within the City which are under the statutory authority of the
HRA. The City reviews and approves tax levies and other financial matters related to the HRA. The
City provides major financing of HRA activities and debt issued in connection with HRA projects are
general obligations of the City. The activity of the HRA is reported in the HRA Debt Service Fund,
the HRA Projects Fund and the HRA Special Revenue Fund. Separate financial statements are not
prepared for the HRA.
B. GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS
The government -wide financial statements (i.e., the statement of net assets and the statement of
changes in net assets) report information on all activities of the primary government and its component
units. For the most part, the effect of interfund activity has been removed from these statements.
Governmental activities, which normally are supported by taxes and intergovernmental revenues, are
reported separately from business -type activities, which rely to a significant extent, on fees and
charges for support.
41
t.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
The statement of activities demonstrates the degree to which the direct expenses of a given function or
business -type activity is offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or business -type activity. Program revenues include 1) charges to
customers or applicants who purchase, use or directly benefit from goods, services or privileges
provided by a given function or business -type activity; and, 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or business -type
activity. Taxes and other items not included among program revenues are reported instead as general
revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements.
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 current period or soon enough thereafter to pay liabilities of the current period.
For this purpose, the government considers all revenues, except property taxes and reimbursement
grants, to be available if they are collected within 90 days of the end of the current fiscal period.
Property taxes are considered available if they are collected within 60 days of the end of the current
year. Reimbursement grants are considered available if they are collected within one year of the end
of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting. However, debt service expenditures, as well as expenditures related to
compensated absences and claims and judgments, are recorded only when payment is due.
Property taxes, special assessments, intergovernmental revenues, charges for services and interest
associated with the current fiscal period are all considered to be susceptible to accrual and so have
been recognized as revenues of the current fiscal period. Only the portion of special assessments
receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available only when
cash is received by the government.
42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
The government 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 Water Filtration and Purification Fund accounts for operation and maintenance of the City's
water purification plant.
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 Debt Service Fund was established to account for debt associated with Tax Increment
Financing Districts of the City.
The Street Improvement Projects Fund was established to account for the construction costs for
annual road reconstruction projects.
The HRA Projects Fund was established to account for the construction and redevelopment costs
within the City.
The Storm Water Improvement Fund was established to account for the construction costs
associated with the 100 -Year Flood Protection Project and related flooding issues.
The Silver Lake Road Project Fund was established to account for the funding and costs of
reconstruction for Silver Lake Road from 37th Avenue NE to St. Anthony Boulevard.
The government 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 and Sewer Fund accounts for the water and sewer service charges which are used to
finance the water and sewer system operating expenses.
Additionally, the government reports the following fund type:
Internal Service Fund - the Severance Fund accounts for the liability the City has for employee
vacation and severance payments.
Private -sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government -wide and proprietary -fund financial statements to the
extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent private -
sector guidance for their business -type activities and enterprise funds, subject to this same limitation.
The City has elected not to follow subsequent private -sector guidance.
43
L.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
As a general rule the effect of interfund activity has been eliminated from the government -wide
financial statements. Exceptions to this general rule are transactions that would be treated as revenues,
expenditures or expenses if they involved external organizations, such as buying goods and services or
payments in lieu of taxes, are similarly treated when they involve other funds of the City. Elimination
of these charges would distort the direct costs and program revenues reported for the various functions
concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as general
revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues
of the liquor, water and sewer enterprise funds are charges to customers for sales and services.
Operating expenses for enterprise funds include the cost of sales and services, administrative expenses,
and depreciation on capital assets. All revenues and expenses not meeting this definition are reported
as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for an allowable use, it is the City's
policy to use restricted resources first, then unrestricted resources as they are needed.
D. BUDGETS
Budgets are legally adopted on a basis consistent with generally accepted accounting principles.
Annual appropriated budgets are legally adopted for the General and all Special Revenue Funds,
except the Water Filtration and Purification Fund. Budgeted expenditure appropriations lapse at year
end.
Encumbrance accounting, under which purchase orders, contracts and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the appropriation, is not
employed by the City because it is at present not considered necessary to assure effective budgetary
control or to facilitate effective cash management.
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1) The City Manager submits to the City Council a proposed operating budget for the upcoming year
in August. The operating budget includes proposed revenues and expenditures and the operating
levy associated with operations.
2) The City Council and staff meet to review the proposed budget and Council recommends any
appropriate changes.
3) Public hearings are conducted in April and December to obtain taxpayer comments and
recommendations to the operating budget.
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
4) The budget and tax levy is legally enacted through the passage of a resolution on a department
basis for the General Fund and on a fund basis for Special Revenue and Enterprise Funds that can
be expended by each department based upon detailed budget estimates.
5) The City Manager and Finance Director are authorized to transfer appropriations within any
department budget. Interdepartmental or interfund appropriations and deletions are authorized by
the City Council with fund contingency reserves or additional revenues.
6) Formal budgetary integration is employed as a management control device during the year for the
General Fund, Special Revenue, Capital Equipment and Enterprise Funds. The General Fund,
Special Revenue Funds and Enterprise Funds all have Council adopted annual budgets.
7) Legal debt obligation indentures determine the appropriation level of debt service tax levies for
the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent general
obligation bond indenture provisions and net income for operation and capital maintenance and
are not reflected in the financial statements.
8) A capital improvement program is reviewed annually by the City Council for the Capital Project
Funds. However, appropriations for major projects are not adopted until the actual bid award of
the improvement. The appropriations are not reflected in the financial statements.
9) The legal level of budgetary control is at the department level for the General Fund and the fund
level for the Special Revenue Funds. Monitoring of budgets is maintained at the expenditure
category level (i.e., personal services; materials and supplies; contractual services; and capital
outlay) within each program. All amounts over budget have been approved by the City Council
through the disbursement process.
10) The City Council may authorize transfer of budgeted amounts between City funds. The City
Council made supplemental budgetary appropriations throughout the year. Individual
amendments were not material in relation to the original appropriations which were adjusted.
The following is a listing of the Special Revenue Fund whose expenditures exceed budget
appropriations:
Final
Over
Budget Actual Budget
Nonmajor Fund:
Special Revenue Fund:
HRA Fund $155,500 $212,583 $57,083
U,
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
F. CASH AND INVESTMENTS
Cash and investment balances from all funds, except the Liquor Fund, are pooled and invested to the
extent available in authorized investments. Investment income is allocated to individual funds on the
basis of the fund's equity in the cash and investment pool.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund shown as interfund receivables in the advancing fund, and an interfund
payable in the fund with the deficit, until adequate resources are received. These interfund balances
are eliminated on the government -wide financial statements.
Investments are stated at fair value, based upon quoted market prices. Investment income is accrued at
the balance sheet date.
For purposes of the statement of cash flows the City considers all highly liquid investments with a
maturity of three months or less when purchased to be cash equivalents. All of the cash and
investments allocated to the Proprietary Funds have original maturities of 90 days or less. Therefore,
the entire balance in the Proprietary Funds is considered cash equivalents.
Funds held in trust represent bond proceeds related to the Public Facilities Lease Revenue bond issue
which are being held by a trustee. The trustee is responsible for the investment of these funds.
G. RECEIVABLES AND PAYABLES
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. Short-term interfund loans are classified as "interfund
receivables/payables." All short-term interfund receivables and payables at December 31, 2008 are
planned to be eliminated in 2009. Long-term interfund loans are classified as "interfund loan
receivable/payable." Any residual balances outstanding between the governmental activities and
business -type activities are reported in the government -wide financial statements as "internal
balances."
Uncollectible property taxes and special assessments are not material and have not been reported. (See
Note 1 H and J) Because utility bills are considered liens on property, no estimated uncollectible
amounts are established. Uncollectible amounts are not material for other receivables and have not
been reported.
H. PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy/assessment date) of each year for collection in the following year. The County is responsible for
billing and collecting all property taxes for itself, the City, the local School District and other taxing
authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each
calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each
year. These taxes are collected by the County and remitted to the City on or before July 7 and
December 2 of the same year. Delinquent collections for November and December are received the
01
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
GOVERNMENT -WIDE FINANCIAL STATEMENTS
The City recognizes property tax revenue in the period for which the taxes were levied. Uncollectible
property taxes are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The City recognizes property tax revenue when it becomes both measurable and available to finance
expenditures of the current period. In practice, current and delinquent taxes and State credits received
by the City in July, December and January are recognized as revenue for the current year. Taxes
collected by the County by December 31 (remitted to the City the following January) and taxes and
credits not received at year end are classified as delinquent and due from County taxes receivable. The
portion of delinquent taxes not collected by the City in January is fully offset by deferred revenue
because they are not available to finance current expenditures.
I. MARKET VALUE HOMESTEAD CREDIT
Property taxes on residential agricultural homestead property (as defined by State Statutes) are
partially reduced by market value homestead credit (MVHC). This credit is paid to the City by the
State in lieu of taxes levied against homestead property. The State remits this credit through
installments each year. The credit is recognized as revenue by the City at the time of collection.
J. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit
sale. Proceeds of sales from tax forfeit properties are allocated first to the County's costs of
administering all tax forfeit properties. Pursuant to State Statutes, a property shall be subject to a tax
forfeit sale after three years unless it is homesteaded, agricultural or seasonal recreational land in
which event the property is subject to such sale after five years.
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
GOVERNMENT -WIDE FINANCIAL STATEMENTS
The City recognizes special assessment revenue in the period that the assessment roll was adopted by
the City Council. Uncollectible special assessments are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments that are collected by the County by December 31 (remitted to the City the following
January) are also recognized as revenue for the current year. All remaining delinquent, deferred and
special deferred assessments receivable in governmental funds are completely offset by deferred
revenues.
K. INVENTORIES
GOVERNMENTALFUNDS
The original cost of materials and supplies has been recorded as expenditures at the time of purchase.
These funds do not maintain material amounts of inventories.
PROPRIETARY FUNDS
Inventories of the Proprietary Funds are stated at weighted average cost, which approximates market,
using the first -in, first -out (FIFO) method.
L. PREPAID ITEMS
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both govemment-wide and fund financial statements.
M. CAPITAL ASSETS
Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges,
sidewalks, and similar items), are reported in the applicable governmental or business -type activities
columns in the government -wide financial statements. Capital assets are defined by the government as
assets with an initial, individual cost of more than $5,000 (amount not rounded) and an estimated
useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost
if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the
date of donation.
Pursuant to GASB Statement 34, in the case of the initial capitalization of general infrastructure assets
(i.e., those reported by governmental activities), the City chose to capitalize retroactively to 1980.
These assets are reported at estimated historical cost. The City estimated historical cost for the initial
reporting of these assets through analysis of original bonding documents. As the City constructs or
acquires additional infrastructure assets each period, they will be capitalized and reported at historical
cost.
M
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business -type activities is included as part of
the capitalized value of the assets constructed. For the year ended December 31, 2008, no interest was
capitalized in connection with construction in progress.
Property, plant and equipment of the primary government, as well as the component units, are
depreciated using the straight-line method over the following estimated useful lives:
Assets
Buildings and structures 5 — 40 years
Furniture, fixtures and equipment 3 — 20 years
Distribution and collection systems 20 — 50 years
Streets 20 — 50 years
Storm sewers 25 years
N. COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused personal leave benefits. All
personal leave pay is accrued when incurred in the government -wide and proprietary fund financial
statements. A liability for these amounts associated with governmental fund employees is reported in
the Internal Service Severance Fund. In accordance with the provisions of Statement of Government
Accounting Standards No. 16, Accounting for Compensated Absences, no liability is recorded for
nonvesting accumulating rights to receive personal leave benefits. However, a liability is recognized
for that portion of accumulating personal leave benefits that is vested as severance pay.
O. LONG-TERM OBLIGATIONS
In the government -wide financial statements and proprietary funds in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business -type activities, or proprietary funds statement of net assets. Bond
premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the
bonds. Bonds payable are reported net of the applicable bond premium discount. Bond issuance costs
are reported as deferred charges.
In the governmental fund financial statements, governmental funds recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums received on debt issuances are reported as other
financing sources while discounts on debt issuances are reported as other financing uses. Issuance
costs, whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures.
49
L.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
P. FUND EQUITY
In the fund financial statements, governmental funds report reservations of fund balance for amounts
not appropriable for expenditure or legally segregated for a specific future use. Designated fund
balances represent tentative plans for future use of financial resources.
Q. INTERFUND TRANSACTIONS
Interfund services provided and used are accounted for as revenues, expenditures or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it
that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing
fund and as reductions of expenditures/expenses in the fund that is reimbursed. Interfund loans are
reported as an interfund loan receivable or payable which offsets the movement of cash between
funds. All other interfund transactions are reported as transfers.
R. USE OF ESTIMATES
The preparation of financial statements in accordance with generally accepted accounting principles
(GAAP) requires management to make estimates that affect amounts reported in the financial
statements during the reporting period. Actual results could differ from such estimates.
S. RECONCILIATION OF GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS
1. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
BALANCE SHEET AND THE GOVERNMENT -WIDE STATEMENT OF NET ASSETS
The governmental fund balance sheet includes a reconciliation between fund balance — total
governmental funds and net assets — governmental activities as reported in the government -wide
statement of net assets. One element of that reconciliation explains that "long-term liabilities,
including bonds payable, are not due and payable in the current period and therefore are not
reported in the funds." The details of this ($32,629,055) difference is as follows:
Bonds payable
($32,450,000)
Accrued interest payable
(588,062)
Unamortized bond premium
2,978
Unamortized bond discount
(33,765)
Deferred charges
439,794
Net adjustment to reduce fund balance - total
governmental funds to arrive at net assets -
govemmental activities. ($32,629,055)
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
2. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
AND THE GOVERNMENT -WIDE STATEMENT OF ACTIVITIES
The governmental fund statement of revenues, expenditures and changes in fund balances
includes a reconciliation between net changes in fund balances — total governmental funds and
changes in net assets ofgovernmental activities as reported in the government -wide statement of
activities. One element of that reconciliation explains that "governmental funds report capital
outlays as expenditures. However, in the statement of activities the cost of those assets is
allocated over their estimated useful lives and reported as depreciation expense." The details of
this $2,723,228 difference is as follows:
Capital outlay $318,668
Capitalized current expenditures 182,989
Construction/acquisition costs 3,419,607
Depreciation expense (1,183,944)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities. $2,737,320
Another element of that reconciliation states that "revenues in the statement of activities that do not
provide current financial resources are not reported as revenues in the funds." The details of this
($185,873) difference is as follows:
General property taxes deferred revenue:
At December 31, 2007 ($63,593)
At December 31, 2008 84,465
Tax increment taxes deferred revenue:
At December 31, 2007 (8,397)
At December 31, 2008 79,407
Loan receivable deferred revenue:
At December 31, 2007 (2,500,000)
At December 31, 2008 2,500,000
Special assessments deferred revenue:
At December 31, 2007 (2,015,731)
At December 31, 2008 1,737,976
Net adjustments to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities. ($185,873)
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Another element of that reconciliation states that "the issuance of long-term debt (e.g., bonds,
leases) provides current financial resources to governmental funds, while the repayment of
principal of the long-term debt consumes the current financial resources of governmental funds."
Neither transaction, however, has any effect on net assets. The details of this $386,251 difference
is as follows:
Debt issued or incurred:
Issuance of general obligation bonds ($1,910,000)
Less premium (8,749)
Principal repayments 2,305,000
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities. $386,251
Another element of that reconciliation states that "some expenses reported in the statement of
activities do not require the use of current financial resources and, therefore, are not reported as
expenditures in governmental funds." The details of this ($67,909) difference is as follows:
Amortization of issuance costs, premiums, discounts
Accrued interest
Net adjustment to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities.
Note 2 DEPOSITS AND INVESTMENTS
A. DEPOSITS
($18,923)
(48,986)
($67,909)
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks
authorized by the City Council, all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral
The market value of collateral pledged must equal 110% of the deposits not covered by insurance or
bonds.
Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City
Treasurer or in a financial institution other than that furnishing the collateral. Authorized collateral
includes the following:
a) United States government treasury bills, treasury note and treasury bonds;
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
b) Issues of United States government agencies and instrumentalities as quoted by a recognized
industry quotation service available to the government entity;
c) General obligation securities of any state or local government with taxing powers which is rated
"A" or better by a national bond rating service, or revenue obligation securities of any state or
local government with taxing powers which is rated "AA" or better by a national bond rating
service;
d) General obligation securities of a local government with taxing powers may be pledged as
collateral against funds deposited by that same local government entity:
e) Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality
accompanied by written evidence that the bank's public debt is rated "AA" or better by Moody's
Investors Service, Inc. or Standard & Poor's Corporation; and
f) Time deposits that are fully insured by any Federal agency.
Custodial Credit Risk — Deposits: Custodial credit risk is the risk that in the event of a bank failure,
the City's deposits may not be returned to it. State statutes require that insurance, surety bonds or
collateral protect all City deposits. The market value of collateral pledged must equal 110% of
deposits not covered by insurance or bonds. As of December 31, 2008, the bank balance of the City's
deposits was covered by federal depository insurance or covered by collateral pledged and held in the
City's name.
B. INVESTMENTS
Minnesota Statutes authorize the City to invest in the following:
a) Direct obligations or obligations guaranteed by the United States or its agencies, its
instrumentalities or organizations created by an act of congress, excluding mortgage-backed
securities defined as high risk.
b) Shares of investment companies registered under the Federal Investment Company Act of 1940
and whose only investments are in securities described in (a) above, general obligation tax-exempt
securities, or repurchase or reverse repurchase agreements.
c) Obligations of the State of Minnesota or any of its municipalities as follows:
1) any security which is a general obligation of any state or local government with taxing
powers which is rated "A" or better by a national bond rating service;
2) any security which is a revenue obligation of any state or local government with taxing
powers which is rated "AA" or better by a national bond rating service; and
3) a general obligation of the Minnesota housing finance agency which is a moral obligation of
the State of Minnesota and is rated "A" or better by a national bond rating agency.
d) Bankers acceptances of United States banks.
e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
53
l_.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve
System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government
securities to the Federal Reserve Bank of New York; certain Minnesota securities broker-dealers;
or, a bank qualified as a depositor.
g) General obligation temporary bonds of the same governmental entity issued under section
429.091, subdivision 7; 469.178, subdivision 5; or 475.6 1, subdivision 6.
As of December 31, 2008 the City had the following investments and maturities:
Total invesunn s $11,134,821
Deposits 1,182,087
(I)These investments have call dates that occur in less than one year. Petty cash 4,600
Tom] cash and mestmerrte $12,321,508
Following is a reconciliation of the City's cash and investment balances as of December 31, 2008:
Cash and investments $11,716,422
Restricted cash and investments 149,256
Funds held in trust 455,830
$12,321,508
:6J0FPh1 I*11a I B&NJ1:F6l W1
The City's investment policy is to follow Minnesota State Statutes as described above which reduces
the City's exposure to credit, custodial credit and interest rate risks. Specific risk information for the
City is as follows:
Custodial credit risk - investments — For investments in securities, custodial credit risk is the risk that
in the event of a failure of the counterparty, the City will not be able to recover the value of its
investment securities that are in the possession of an outside party. As of December 31, 2008,
$298,538 of the City's $11,134,821 investments was uninsured and unregistered, with securities held
in the City's name. As of December 31, 2008, $7,862,651 of the City's investments were invested in
money markets or external investment pools. These investments are not evidenced by securities that
exist in physical or book entry form, and therefore are not subject to custodial credit risk disclosures.
Interest rate risk — The City's investment policy requires the City to diversify its investment portfolio
to eliminate the risk of loss resulting from over concentration of assets in a specific maturity. The
54
Investment Maturities (in Years)
Fair
Less
Over
Investment Type
Raring
Value
Th.1
1-5
6-10
10 Years
Federal National Mortgage Assn. Notes (1)
AAA
$1,819,525
$ -
$90,085
$502,595
$1,226,845
Federal Home Loan Mortgage Corp. Notes (1)
AAA
1,005,592
-
-
603,593
401,999
Federal Farm Credit Bank
AAA
443,966
-
443,966
-
-
REMIC
N/A
3,087
-
-
-
3,087
Moneymarket
N/A
5,447,487
5,447,487
-
-
-
External investment pcol-4M Fund
N/A
2,415,164
2,415,164
-
-
Too]
$11,134,821
$7,862,651
$534,051
$1,106,188
$1,631,931
Total invesunn s $11,134,821
Deposits 1,182,087
(I)These investments have call dates that occur in less than one year. Petty cash 4,600
Tom] cash and mestmerrte $12,321,508
Following is a reconciliation of the City's cash and investment balances as of December 31, 2008:
Cash and investments $11,716,422
Restricted cash and investments 149,256
Funds held in trust 455,830
$12,321,508
:6J0FPh1 I*11a I B&NJ1:F6l W1
The City's investment policy is to follow Minnesota State Statutes as described above which reduces
the City's exposure to credit, custodial credit and interest rate risks. Specific risk information for the
City is as follows:
Custodial credit risk - investments — For investments in securities, custodial credit risk is the risk that
in the event of a failure of the counterparty, the City will not be able to recover the value of its
investment securities that are in the possession of an outside party. As of December 31, 2008,
$298,538 of the City's $11,134,821 investments was uninsured and unregistered, with securities held
in the City's name. As of December 31, 2008, $7,862,651 of the City's investments were invested in
money markets or external investment pools. These investments are not evidenced by securities that
exist in physical or book entry form, and therefore are not subject to custodial credit risk disclosures.
Interest rate risk — The City's investment policy requires the City to diversify its investment portfolio
to eliminate the risk of loss resulting from over concentration of assets in a specific maturity. The
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
policy also states the City's investment portfolio will remain sufficiently liquid to enable the City to
meet all operating requirements which might be reasonably anticipated.
Credit risk — The City's external investment pool investment is with the 4M fund which is regulated by
Minnesota Statutes and the Board of Directors of the League of Minnesota Cities. The 4M fund is an
unrated 2a7 -like pool and the fair value of the position in the pool is the same as the value of pool
shares.
Concentration of credit risk — The City places no limit on the amount the City may invest in any one
issuer. More than 5% of the City's investments are in various holdings as follows:
Federal Home Loan Mortgage Corp. Notes 15.13%
Federal National Mortgage Assn. Notes 27.38%
Note RECEIVABLES
Significant receivables balances not expected to be collected within one year of December 31, 2008 are as
follows:
55
Major Funds
Street
Water
Improvement
HRA
Filtration &
Nonmajor
General
Debt Service
Debt Service
Purification
Funds
Total
Special assessments receivable
$ -
$1,521,800
$ -
$ -
$ -
$1,521,800
Delinquent property taxes
24,850
8,929
4,491
-
498
38,768
Interfund loan receivable
-
-
619,930
619,930
$24,850
$1,530,729
$4,491
$619,930
$498
$2,180,498
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Governmental funds report deferred revenue in connection with receivables for revenues that are not considered
to be available to liquidate liabilities of the current period. Governmental funds also defer revenue recognition
in connection with resources that have been received, but not yet earned. At the end of the current fiscal year,
the various components of deferred revenue and unearned revenue reported in the governmental funds were as
follows:
Delinquent property taxes receivable (General Fund)
Delinquent property taxes receivable (Street Improvement Debt Service)
Delinquent property taxes receivable (HRA Debt Service)
Delinquent property taxes receivable (Nonmajor Funds)
Delinquent TIF (HRA Projects Fund)
Special assessments not yet due (Street Improvement Debt Service)
Accounts receivable not yet due (Street Improvement Projects Fund)
Total deferred/uneamed revenue for governmental funds
56
Unavailable Unearned
$54,142
19,455
8,238
2,630
79,407
1,737,976
2,500,000
$4,401,848 $0
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 4 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2008 was as follows:
Primary Government
Beginning Ending
Balance Increases Decrease Balance
Governmental activities:
Capital assets, not being depreciated:
Land $3,378,842 $ - $ - $3,378,842
Construction in progress 7,382,450 3,594,566 (6,734,827) 4,242,189
Total capital assets, not being depreciated 10,761,292 3,594,566 (6,734,827) 7,621,031
Capital assets, being depreciated:
Buildings and improvements
Furniture, fixtures and equipment
Streets
Storm sewers
Total capital assets, being depreciated
Less accumulated depreciation for:
Buildings and improvements
Furniture, fixtures and equipment
Streets
Storm sewers
Total accumulated depreciation
Total capital assets being depreciated - net
Governmental activities capital assets - net
57
9,403,047
-
9,403,047
2,771,928
300,769 (165,857)
2,906,840
16,460,526
4,219,015 -
20,679,541
-
401,913 -
401,913
28,635,501
4,921,697 (165,857)
33,391,341
1,728,648
282,195
2,010,843
1,626,873
211,682
(141,851) 1,696,704
3,633,090
687,387
4,320,477
-
2,680
- 2,680
6,988,611
1,183,944
(141,851) 8,030,704
21,646,890 3,737,753 (24,006) 25,360,637
$32,408,182 $7,332,319 ($6,758,833) $32,981,668
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Primary Government
Business -type activities:
Capital assets, not being depreciated:
Land
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated:
Buildings and improvements
Furniture, fixtures and equipment
Distribution and collection system
Total capital assets, being depreciated
Less accumulated depreciation for:
Buildings and improvements
Furniture, fixtures and equipment
Distribution and collection system
Total accumulated depreciation
Total capital assets being depreciated - net
Business -type activities capital assets - net
Beginning Ending
Balance Increases Decrease Balance
$5,653 $ - $ $5,653
669,381 35,812 - 705,193
675,034 35,812 0 710,846
3,857,355 25,928
3,883,283
589,977 -
589,977
4,408,793 2,113,898
- 6,522,691
8,856,125 2,139,826
0 10,995,951
1,261,831
109,260
1,371,091
472,296
24,514
496,810
2,768,844
159,378
- 2,928,222
4,502,971
293,152
0 4,796,123
4,353,154 1,846,674 0 6,199,828
$5,028,188 $1,882,486 $0 $6,910,674
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities
General government $121,020
Public safety 167,144
Public works, including depreciation of general infrastructure assets 873,572
Parks and recreation 22,208
Total depreciation expense - governmental activities 1,183,944
Business -type activities
Liquor
$84,447
Water
160,747
Sewer
47,958
Total depreciation expense - business -type activities
293,152
Total depreciation expense $1,477,096
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
CONSTRUCTION COMMITMENTS
At December 31, 2008, the City had construction project contracts in progress. The commitments related
to the remaining contract balances are summarized as follows:
Contract
Remaining
Project Amount
Commitment
Water Re -Use $1,283,999
$188,044
Note 5 LONG-TERM DEBT
The City issues general obligation bonds to finance its street improvement program, tax increment projects and
other City purposes. General obligation bonds are direct obligations of the City and are supported by the full
faith and credit of the City. The City has several types of general obligation bonds outstanding at December 31,
2008. Following is a brief description of the different bond types:
• Improvement bonds are issued to finance street improvement projects. These bonds are payable
primarily from special assessments levied on benefited properties. The costs of these projects are
shared by the City; general property taxes levied provide the revenues for these costs.
• Tax increment bonds were used to finance redevelopment projects and are payable primarily from
incremental property taxes derived from the tax increment districts with any deficiency to be provided
from general property taxes.
• Storm sewer revenue bonds used to finance storm water improvement projects are payable primarily
from service charges to residents.
• State aid street bonds were utilized for a street improvement project and will be paid from future state
aids received annually.
• Tax abatement bonds were issued to finance a portion of the park improvement project and are payable
from a special general property tax levy.
• Certificates of indebtedness issued to finance various equipment acquisitions are payable from a
special general property tax levy.
PUBLIC FACILITIES LEASE REVENUE BONDS
These bonds issued are being used to finance renovation of public works facilities and the construction of a
fire station/hall. These bonds were issued by the Housing and Redevelopment Authority and are payable
from annual transfers from the General Fund derived from a special general property tax levy. These
bonds are deemed a direct obligation of the City, although issued by the HRA, and are supported by the
full faith and credit of the City under a lease revenue indenture with the HRA.
REVENUE BONDS
The City has issued revenue bonds to finance business -type activities. These bonds are Liquor Revenue
and Utility Revenue Bonds which are payable from operations of these two Enterprise Funds, respectively.
The liability for these bonds is recorded in the Proprietary Funds.
Gil
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
FANNIE MAE LOAN PAYABLE
The City has entered into a non -revolving line of credit agreement with Fannie Mae. The line of credit was
for a total of $3,350,000; proceeds were used to fund the acquisition of property in the Apache Plaza area
related to the Silver Lake Village development. The City disbursed the funds to the developer who applied
the funds towards purchase of property and other costs associated with the redevelopment project. The
project is primarily for residential purposes. The loan was for a period of 36 months and was set to mature
on August 27, 2007; however, the City extended the loan period to December 1, 2010. Interest on the loan
is payable quarterly. The interest rate is variable based on the three month LIBOR (as published in the
Wall Street Journal) plus 175 basis points. In addition, the interest rate will be reset quarterly on the first
day of each calendar quarter. It is anticipated the loan will be repaid from proceeds of tax increment bonds
to be issued in future years. Terms of the note agreement constitutes an unconditional general obligation of
the City for which its full faith and credit and taxing power are pledged. In addition, the City pledges
future tax increment to be derived from the tax increment district for payment of the note.
The City has recorded a receivable from the developer for the amount of the line of credit. Interest on the
line of credit is currently being paid by the City and reimbursed to the City by the developer. The City has
a mortgage, assignment of leases and rents and fixture financing statement dated September 10, 2004
which obliges the developer to reimburse the City for the interest on the loan and to reimburse the City for
the repayment of the loan.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
GOVERNMENTALACTIVITIES
As of December 31, 2008, the long-term debt of the financial reporting entity consisted of the following:
G.O. Improvement Bonds:
G.O. Improvement Bonds, Series 20018
G.O. Improvement Bonds, Series 2002A
G.O. Improvement Bonds, Series 2003A
G.O. Improvement Bonds, Series 2004A
G.O. Improvement Bonds, Series 2005A
G.O. Improvement Bonds, Series 2006A
G.O. Improvement Bonds, Series 2007A
Total improvement bonds
G.O. Street Reconstruction Bonds:
G.O. Street Reconstruction Bonds, Series 2008A
G.O. Tax Increment Bonds:
G.O. Taxable Tax Increment Refunding Bonds, Series 2003E
Tax Increment Revenue Bonds:
Tax Increment Revenue Bonds, Series 2006B
Tax Increment Revenue Bonds, Series 2007
Total tax increment revenue bonds
G.O. Revenue Bonds:
G.O. Storm Sewer Revenue Bonds, Series 2000A
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2001 A
G.O. State Aid Bonds:
G.O. State Aid Street Bonds, Series 2000B
Public Facilities Lease Revenue Bonds:
Public Facilities Lease Revenue Bonds, Series 2003
Total - bonded indebtedness
Fannie Mae loan payable
Compensated absences payable
Total City indebtedness - governmental activities
61
4.85-5.50% 7/1/2000 4/1/2015 950,000 460,000
2.00-4.15% 4/1/2003 2/1/2024 5,530,000 4,755,000
34,495,000 29,950,000
Variable 8/27/2004 12/1/2010 3,350,000 2,500,000
609,318
$37,845,000 $33,059,318
Final
Interest
Issue
Maturity
Original
Payable
Rates
Date
Date
Issue
12/31/08
4.00-5.00%
4/1/2001
2/1/2017
$1,160,000
$735,000
3.00-5.00%
3/1/2002
2/1/2018
1,500,000
1,055,000
1.60-4.20%
4/16/2003
2/1/2019
1,700,000
1,335,000
2.00-4.60%
6/1/2004
2/1/2020
1,790,000
1,475,000
2.70-4.15%
4/1/2005
2/1/2021
1,695,000
1,515,000
4.00%
4/1/2006
2/1/2022
3,190,000
2,940,000
3.5-4.1%
4/24/2007
2/1/2023
2,050,000
2,050,000
13,085,000
11,105,000
3.011.0%
6/5/2008
2/1/2024
1,910,000
1,910,000
3.00-5.00%
11/5/2003
2/1/2013
1,170,000
870,000
5.00-5.62%
8/1/2006
8/1/2031
4,975,000
4,865,000
4.30-5.00%
4/17/2007
2/1/2031
4,640,000
4,640,000
9,615,000
9,505,000
4.90-5.60%
7/1/2000
2/1/2015
1,610,000
945,000
4.004.80%
2/1/2001
2/1/2016
625,000
400,000
4.85-5.50% 7/1/2000 4/1/2015 950,000 460,000
2.00-4.15% 4/1/2003 2/1/2024 5,530,000 4,755,000
34,495,000 29,950,000
Variable 8/27/2004 12/1/2010 3,350,000 2,500,000
609,318
$37,845,000 $33,059,318
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
BUSINESS -TYPE ACTIVITIES
Revenue Bonds:
Liquor Revenue Bonds
G.O. Water and Sewer Revenue Bonds, Series 2003B
Total revenue bonds
Compensated absences
Total City indebtedness - business -type activities
Total City indebtedness
Interest
Rates Date
Final
Maturity Original Payable
Date Issue 12/31/08
5.50-5.75% 8/1/1997 1/1/2012 $940,000 $270,000
2.00-4.45% 4/16/2003 2/1/2024 2,200,000 1,895,000
3,140,000 2,165,000
Annual debt service requirements to maturity for long-term debt are as follows:
115,404
3,140,000 2,280,404
$40,985,000 $35,339,722
Year Ending G.O. Improvement Bonds G.O. Tax Increment Bonds G.O. Revenue Bonds
December 31 Principal Interest Principal Interest Principal Interest
2009
$760,000
$430,946
$160,000
$36,235
$115,000
$47,538
2010
780,000
402,853
165,000
29,570
120,000
41,515
2011
805,000
373,045
175,000
22,168
125,000
35,175
2012
835,000
341,483
180,000
13,865
135,000
28,347
2013
870,000
308,031
190,000
4,750
140,000
20,990
2014
895,000
272,935
-
-
150,000
13,085
2015
865,000
237,194
-
-
160,000
4,480
2016
900,000
200,560
-
-
-
-
2017
935,000
162,029
-
-
-
-
2018
880,000
123,892
-
-
-
-
2019
785,000
89,355
-
-
-
-
2020
660,000
59,550
-
-
-
-
2021
540,000
34,976
-
-
-
-
2022
415,000
15,724
-
-
-
-
2023
180,000
3,690
-
-
-
-
2024
-
-
-
-
-
-
Total
$11,105,000
$3,056,263
$870,000
$106,588
$945,000
$191,130
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Governmental Activities
Tax Increment All Other General
Year Ending Revenue Bonds Lease Revenue Bonds Fannie Mae Loan Obligation Bonds
December 31 Principal Interest Principal Interest Principal Interesfn Principal Interest
2009
$160,000
$490,714
$205,000
$168,073
$375,000
$ - $110,000
$122,458
2010
180,000
482,934
215,000
162,285
2,125,000
- 210,000
104,589
2011
190,000
474,421
225,000
155,685
-
- 210,000
96,319
2012
205,000
465,268
235,000
148,785
-
- 220,000
87,650
2013
225,000
455,080
245,000
141,462
-
- 220,000
78,574
2014
245,000
443,743
255,000
133,585
-
- 230,000
69,042
2015
260,000
431,549
265,000
125,000
-
- 235,000
58,972
2016
280,000
418,368
280,000
115,595
-
- 180,000
50,040
2017
300,000
403,790
295,000
105,459
-
- 125,000
43,700
2018
330,000
387,949
310,000
94,565
-
- 130,000
38,600
2019
350,000
370,568
325,000
82,814
-
- 135,000
33,300
2020
385,000
351,903
340,000
70,175
-
- 140,000
27,800
2021
405,000
331,684
360,000
56,430
-
- 145,000
22,100
2022
440,000
310,039
380,000
41,630
-
- 155,000
16,100
2023
470,000
286,157
400,000
25,730
-
- 160,000
9,800
2024
500,000
260,437
420,000
8,715
-
- 165,000
3,300
2025
535,000
233,125
-
-
-
- - _
-
2026
575,000
203,938
-
-
-
_
-
2027
615,000
172,453
-
-
-
2028
655,000
138,828
-
-
-
2029
700,000
103,079
-
-
-
- _
-
2030
745,000
64,906
-
-
2031
755,000
19,547
Total
$9,505,000
$7,300,476
54,755,000
$1,635,988
$2,500,000
50 $2,770,000
$862,344
1'7nterest rate is reset quarterly on the first day of each calendar quarter (January 1, April I, July 1 and October 1)
Business -Type Activities
YearEnding Revenue Bonds
December 31 Principal interest
2009
$165,000
$90,231
2010
175,000
82,846
2011
185,000
74,801
2012
95,000
66,122
2013
95,000
62,703
2014
100,000
59,094
2015
105,000
55,197
2016
110,000
51,031
2017
120,000
46,411
2018
125,000
41,358
2019
130,000
36,018
2020
135,000
30,386
2021
145,000
24,364
2022
150,000
17,948
2023
160,000
11,125
2024
170,000
3,782
Total
$2,165,000
$753,417
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2008, was as follows:
Governmental activities:
Bonds payable:
G.O. improvement debt
G.O. street reconstruction bonds
G.O. tax increment bonds
G.O. revenue bonds
G.O. state aid street bonds
G.O. tax abatement bonds
G.O. certificates of indebtedness
Tax increment revenue bonds
G.O. public facilities lease revenue bonds
Total bonds payable - governmental activities
Fannie Mae loan payable
Compensated absences
Total governmental activities
long-term liabilities
Business -type activities:
Revenue bonds
Compensated absences
Total business -type activities
long-term liabilities
Beginning
Ending
Due Within
Balance
Additions
Reductions
Balance
One Year
$12,675,000
$ -
($1,570,000)
$11,105,000
$760,000
-
1,910,000
-
1,910,000
-
1,025,000
-
(155,000)
870,000
160,000
1,055,000
-
(110,000)
945,000
115,000
530,000
-
(70,000)
460,000
70,000
440,000
-
(40,000)
400,000
40,000
85,000
-
(85,000)
-
-
9,580,000
-
(75,000)
9,505,000
160,000
4,955,000
(200,000)
4,755,000
205,000
30,345,000
1,910,000
(2,305,000)
29,950,000
1,510,000
2,500,000
-
-
2,500,000
375,000
554,645
306,581
(251,908)
609,318
183,617
$33,399,645
$2,216,581
($2,556,908)
$33,059 318
$2,068,617
$2,325,000
$ -
($160,000)
$2,165,000
$165,000
107,511
63,650
(55,757)
115,404
34,777
$2,432,511 $63,650 ($215,757) $2,280,404 $199,777
For the governmental activities, compensated absences are generally liquidated by the Internal Service
Severance Fund and loans payable are generally liquidated by the Street Improvement Projects Fund.
All long-term bonded indebtedness outstanding at December 31, 2008 is backed by the full faith and credit
of the City, including improvement and revenue bond issues, except for the 1997 Liquor Revenue Bonds
and the Tax Increment Bonds of 2006 and 2007. Delinquent assessments receivable at December 31, 2008
totaled $2,772.
E,
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
PLEDGED REVENUE
Future revenue pledged for the payment of long-term debt is as follows:
Band las
Use of
Proceeds
Re eoto Pledged
Rerouting
Pnocipnl
and Interest
Curren Your
Type
Peremtof
Trust
Debt Sevdce
Debt service
a%of
Net Revenue.
Term of
Pledge
Princgal
and lnmren
Paw
Pledged
Rrraue
Rereivef
WOM Srae Aid Serest
Stam aid mat project of
2000
MSA allotnems
100%
NfA
20002015
5545,148
596,103
595,102
2001 A Tu Abatnln,
Cnrtal Pah lmprovannu
T. doutemmtrevmue
low.
N/A
2101-2016
478,506
58.tdcg
379M
1991ARoad]ro,so nulls
Road uOfiry, watehmin and
aimplo: Hoots of 199]
Special asse,smnts
29%
N/A
1999-2013
-
359,051
12ZK
PW9ARosd1tn,ro nml5
Roodimprovenntso1`1999
Special asscsmnts
25%
N/A
20002015
-
255,5]6
3324
2001BRcadb,q.rds
Strem,wseramlxcerof
2001 uo rovemmis
Special asnsmn,s
31%
N/A
2001-2017
899,803
110,433
8551
2002ARoad Mprovanays
Shat improvemmisof2002
SpaiN asscssrrmts
22%
N/A
2002-2118
1523,100
140,680
NAM
2003ARcadlrr,ru.ans
So., improuemsts cf2003
Special asxstgents
21%
N/A
2003-2019
1,64.153
145,826
38,463
2003DRosdlmprowneus
Refond,,.f 1993 west
unw.ncs
Specialesss..
5934
N/A
2003-2011
329,370
-
2004ARcellmpmvaness
Shit imWovenmts0172104
Special as5t55mm6
23%
N/A
2000-2020
1$75,688
166,975
39,659
2005A Road 6npro.cro,
Sha, ods. serer
improvanntso1`205
Special a..orrnts
23%
N/A
2005-2021
1,932,411
14],]43
42,762
MM Road lmprovoncas
S. and stem icer
impmvanntsof20Dfi
Special roessmmea
40%
N/A
20032022
3,7T1,000
311,400
44310
2007A Road lmpmvanava
Sea, and stem, xwer
Special assnsmmts
29%
N/A
200]-2023
2,709,109
98,595
132,196
2008ARoadbnpovhnnts
Silver lake Road
impmvannts
Tax levy
98%
WA
2008-2024
2,601U91
-
-
20DOA Strom Sewer Revenue
Improvemnts to stoml sewer
utiliry
Utilirycbsrge
100%
N/A
2000-2015
1,135,130
163,220
167,623
W,
L
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
A. PLAN DESCRIPTION
All full-time and certain part-time employees of the City are covered by defined benefit plans administered
by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public
Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are
cost-sharing, multiple -employer retirement plans. These plans are established and administered in
accordance with Minnesota Statutes, Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
covered by Social Security and Basic Plan members are not. All new members must participate in the
Coordinated Plan. All police officers, firefighters and peace officers who qualify for membership by
statute are covered by the PEPFF.
PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
upon death of eligible members. Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a member's highest average salary for any
five successive years of allowable service, age, and years of credit at termination of service.
The benefit provisions stated in the previous paragraphs of this section are current provisions and
apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not
receiving them yet are bound by the provisions in effect at the time they last terminated their public
service.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for PERF and PEPFF. That report may be obtained on the internet at
www.mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by
calling (651)296-7460 or 1-800-652-9026.
M
Revenue Pledged
Ca.., Ywr
Pe¢entor
y'.' vie-
Nemaining
Princyvl
Pledged
Use of
Tmal
ma%of
Tetm of
Principal
and lntes,st
Resse.
Bond Issue
Pmads
Tyle
D6ISe,"-
Na,Rcvenue
Pledge
and lntaeat
PaA
Raeiew
2003ETW
RQmdingof1996TQF'bond%
TR'
1005A
N/A
200}2013
976,586
197,070
283536
rm,edwane t ofsuper valu
2006B'rtF
RedevaJoxssmofP jest
T0:
100%
N/A
20062031
8,79,734
344,175
1,223,783
se. #3 and TIFM
2007T
Reierclopment
TIF
100°/
N/A
200]-2031
8010,742
222,124
22),124
2003 Lease Reemie
Aeon, mnstraetax] furnish
(ease rnmue
100%
N/A
MW -2029
6,190,986
372,885
387,8611
Pubic nc and fire facility
1997 U,g Revenue
Na liquor sees,
Lignoratmrev w
100%
20'A
19972012
301,625
100,125
100,125
200313 G.O. WmedSexer Rwen.
We, am awe Way
Chaa,srmsa,iees
100°/a
73%
2001-2024
2,616,792
156,W6
156,036
impm.e e;
Note 6 DEFINED BENEFIT PENSION PLANS - STATEWIDE
A. PLAN DESCRIPTION
All full-time and certain part-time employees of the City are covered by defined benefit plans administered
by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the Public
Employees Retirement Fund (PERF) and the Public Employees Police and Fire Fund (PEPFF) which are
cost-sharing, multiple -employer retirement plans. These plans are established and administered in
accordance with Minnesota Statutes, Chapters 353 and 356.
PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated Plan members are
covered by Social Security and Basic Plan members are not. All new members must participate in the
Coordinated Plan. All police officers, firefighters and peace officers who qualify for membership by
statute are covered by the PEPFF.
PERA provides retirement benefits as well as disability benefits to members, and benefits to survivors
upon death of eligible members. Benefits are established by State Statute, and vest after three years of
credited service. The defined retirement benefits are based on a member's highest average salary for any
five successive years of allowable service, age, and years of credit at termination of service.
The benefit provisions stated in the previous paragraphs of this section are current provisions and
apply to active plan participants. Vested, terminated employees who are entitled to benefits but are not
receiving them yet are bound by the provisions in effect at the time they last terminated their public
service.
PERA issues a publicly available financial report that includes financial statements and required
supplementary information for PERF and PEPFF. That report may be obtained on the internet at
www.mnpera.org, by writing to PERA, 60 Empire Drive #200, St. Paul, Minnesota, 55103-2088 or by
calling (651)296-7460 or 1-800-652-9026.
M
I CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
rDecember 31, 2008
I
B. FUNDING POLICY
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. These
statutes are established and amended by the state legislature. The City makes annual contributions to
the pension plans equal to the amount required by state statutes. PERF Basic Plan members and
Coordinated Plan members were required to contribute 9.10% and 6.0%, respectively, of their annual
covered salary in 2008. PEPFF members were required to contribute 8.6% of their annual covered
salary in 2008. That rate will increase to 9.4% in 2009. The City is required to contribute the
following percentages of annual covered payroll: 11.78% for Basic Plan PERF members, 6.5% for
Coordinated Plan PERF members, and 12.9% for PEPFF members. Employer contribution rates for
the Coordinated Plan and PEPFF will increase to 6.75% and 14. 1% respectively, effective January 1,
2009. The City's contributions to the Public Employees Retirement Fund for the years ending
December 31, 2008, 2007 and 2006 were $106,534, $96,724 and $83,480, respectively. The City's
contributions to the Public Employees Police and Fire Fund for the years ending December 31, 2008,
2007 and 2006 were $272,527, $235,132 and $187,461, respectively. The City's contributions were
equal to the contractually required contributions for each year as set by state statute.
C. PUBLIC EMPLOYEES RETIREMENT ASSOCIATION (PERA) - DEFINED
CONTRIBUTION
PLAN DESCRIPTION
Five council members of the City are covered by the Public Employees Defined Contribution Plan
(PEDCP), a multiple -employer deferred compensation plan administered by the Public Employees
Retirement Association of Minnesota (PERA). The PEDCP is a tax qualified plan under Section
401(a) of the Internal Revenue Code and all contributions by or on behalf of employees are tax
deferred until time of withdrawal.
Benefit Provisions and Contribution Rates
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less
administrative expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including
the employee and employer contribution rates for those qualified personnel who elect to participate.
Plan provisions are established and can be amended by State Statutes. An eligible elected official who
decides to participate contributes 5 percent of salary which is matched by the elected official's
employer. Employer and employee contributions are combined and used to purchase shares in one or
more of the seven accounts of the Minnesota Supplemental Investment Fund. For administering the
plan, PERA receives 2 percent of employer contributions and four -tenths of one percent of the assets
in each member's account annually.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less
administrative expenses.
67
L.
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Three year trend information (information for December 31, 2008 is not available):
Three Year Trend Information
REQUIRED SUPPLEMENTARY INFORMATION — SCHEDULE OF FUNDING PROGRESS
Annual
Percentage Net
Year
Pension
of APC Pension
Ending
Cost (APC)
Contributed Obligation
12/31/2007
$51,604
1000/0 $
12/31/2006
58,275
1000/0
12/31/2005
57,856
1000/0
REQUIRED SUPPLEMENTARY INFORMATION — SCHEDULE OF FUNDING PROGRESS
Note 7 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS
Pension
Benefit
Per Year
of Service
$2,300
2,000
2,000
Individual fund interfund receivable and payable balances at December 31, 2008 are as follows:
Fund Receivable Payable
General Fund
Nonmajor Governmental Funds
Total
$44,871 $
44,871
$44,871 $44,871
Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash
balances at the end of the fiscal year.
70
Assets in
Excess of
Actuarial
Actuarial
Actuarial
(Unfunded)
Valuation
Value of
Accrued
Accrued
Funded
Date
Assets
Liability
Liability
Ratio
12/31/2007
$1,072,177
$767,320
$304,857
139.73%
12/31/2006
977,084
659,904
317,180
148.06%
12/31/2005
820,359
632,184
188,175
129.76%
Note 7 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS
Pension
Benefit
Per Year
of Service
$2,300
2,000
2,000
Individual fund interfund receivable and payable balances at December 31, 2008 are as follows:
Fund Receivable Payable
General Fund
Nonmajor Governmental Funds
Total
$44,871 $
44,871
$44,871 $44,871
Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash
balances at the end of the fiscal year.
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Interfund loans:
' Fund Receivable Payable Purpose
Water Filtration & Purification $656,430 $ -
HRA Debt Service - 437,430 Provide financing for escrow
required by 2003 public facilities
Liquor Fund 219,000 Providing financing for the Market
Place Liquor Store
Total $656,430 $656,430
Interfund transfers:
All of the 2008 transfers are considered routine and consistent with previous practices.
71
Transfer In
Governmental Activities
Major Funds
HRA
Nonmajor
General
Debt
Street
Governmental
Transfer out
Fund
Service
Improvement
Fund
Total
Governmental activities:
General Fund
$
$ -
$ -
$68,300
$68,300
HRA Projects
573,949
465,579
-
1,039,528
Water Filtration & Purification
50,000
-
-
50,000
100,000
Business -type activities:
Liquor Fund
200,000
-
200,000
400,000
Water and Sewer Fund
75,000
-
150,000
-
225,000
Total transfers
$325,000
$573,949
$615,579
$318,300
$1,832,828
All of the 2008 transfers are considered routine and consistent with previous practices.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 8 DEFICIT FUND BALANCES/NET ASSETS
The City has deficit fund balances/net assets at December 31, 2008 as follows:
Fund Amount
Recycling Fund
($10,498)
Park Improvement
(39,489)
2009 Street Improvement
(153,992)
Internal Service Funds
(479,211)
This deficit will be eliminated by charges in other funds.
Note 9 CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self-insurance program through the
League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the
LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The
LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by
law. The City has no deductible and a managed care program to assist employees with their
rehabilitation plan. Annual employee hours of service are audited and final premiums are then
determined. The amount of premium adjustment, if any, is considered immaterial and not recorded
until received or paid.
Property, casualty and automobile insurance coverage are provided through a pooled self-insurance
program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to
supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through
commercial companies for claims in excess of various amounts. The City retains risk for the
deductible portions. These deductibles are considered immaterial to the financial statements.
The City continues to carry commercial insurance for all other risks of loss, including liquor liability,
employee health and disability insurance.
There were no significant reductions in insurance from the previous year or settlements in excess of
insurance coverage for any of the past three fiscal years.
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
B. LITIGATION
The City attorney has indicated that existing and pending lawsuits, claims and other actions in which
the City is a defendant are either covered by insurance; of an immaterial amount; or, in the judgment
of the City attorney, remotely recoverable by plaintiffs.
C. FEDERAL AND STATE FUNDS
The City receives financial assistance from federal and state governmental agencies in the form of
grants. The disbursement of funds received under these programs generally requires compliance with
the terms and conditions specified in the grant agreements and are subject to audit by the grantor
agencies. Any disallowed claims resulting from such audits could become a liability of the applicable
fund. However, in the opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements included herein or on the overall financial position of the City
at December 31, 2008.
D. TAX INCREMENT DISTRICTS
The City's tax increment districts are subject to review by the State of Minnesota Office of the State
Auditor (OSA). Any disallowed claims or misuse of tax increments could become a liability of the
applicable fund. Management has indicated that they are not aware of any instances of noncompliance
which would have a material effect on the financial statements.
E. PAY-AS-YOU-GO TAX INCREMENT
The City has one tax increment pay-as-you-go agreement. The agreement is not a general obligation
of the City and is payable solely from available tax increments. Accordingly, this agreement is not
reflected in the financial statements of the City. Details of the pay-as-you-go are as follows:
TIF District #3-5, Landings at Silver Lake Village:
` The pay-as-you-go agreement for TIF District #3-5 provides for the payment of 90% of all tax
increment received in the prior six months. The payment reimburses the developer for street, utilities,
right-of-way, land acquisition, and other public improvements. Principal and interest payment will be
completed February 1, 2032.
F. ARBITRAGE
The City issued greater than $5 million of bonds in the years 2003, 2006 and 2007 and therefore is
required to rebate excess investment income relating to these issues to the federal government. The
City calculates arbitrage rebate every five years as permitted by arbitrage regulations. The extent of
the City's liability for arbitrage rebates for bond issues not currently requiring five year rebate
calculations is not determinable at this time. However, in the opinion of management, any such
liability would be immaterial.
73
L
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Business -Type Activities
Enterprise Funds:
Reserved for debt service
Designated for capital replacement
Designated for interfund loan
Total reserves and designations of enterprise fund net assets
Note 12 POST EMPLOYMENT BENEFITS
December 31,
2008 2007
$120,000 $120,000
- 158,752
219,000 255,000
$339,000 $533,752
The City provides the ability for retired employees to maintain insurance coverage with the City until age 65.
The retired employee is responsible for 100% of the cost.
Note 13 CONDUIT DEBT OBLIGATION
From time to time, the City has issued Multi -family Housing Revenue Bonds to provide financial assistance to
private -sector entities for the acquisition and construction of rental housing deemed to be in the public interest.
The bonds are secured by the property financed and are payable solely from payments received on the
underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the
private -sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision
thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as
liabilities in the accompanying financial statements.
As of December 31, 2008, there were six series of Multi -family Housing Revenue Bonds outstanding. The
aggregate issued amount was $54,735,000, including two 1996 issues totaling $7,200,000, a 2002 issue of
$7,775,000 and three 2004 issues of $39,760,000. The balance outstanding at December 31, 2008 is
unavailable.
Note 14 PUBLIC FACILITIES LEASE
In 2003 the City, via the Housing and Redevelopment Authority (HRA), issued $5,530,000 of Public Facilities
Lease Revenue Bonds. Proceeds from these bonds were utilized to finance the renovation of public works
facilities and construction of a new fire station/hall.
Bond proceeds were placed into an escrow account. The City received reimbursement from the trustee as costs
are incurred by the City. To assist in financing the project the City transferred $157,000 from its Water and
Sewer Fund in 2003.
In connection with this bond issue, the City entered into a lease agreement with the HRA for the use of these
facilities. Terms of the lease require the City to pay rents annually in amounts to satisfy the debt service
requirements related to the bond issued by the HRA. In addition, the City advanced $437,360 to the bond
trustee to initially fund the bond reserve requirements of the agreement.
76
I CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
The net book value of assets under this lease agreement at December 31, 2008 are as follows
Land
$1,294,541
Buildings and structures
4,887,598
Furniture, fixtures and equipment
30,903
Accumulated depreciation
(741,687)
Net
$5,471,355
L,
0
t
0
Note 15 OPERATING LEASES
The City leases space above its water towers to Sprint Spectrum. The space is used for antennas and other
equipment necessary to provide radio communications. Lease terms are as follows:
2008
Annual Lease
Initial
21,189
Lease
Adjustment
Expiration
Automatic
Lessee Amount
Factor
Date
Renewals
Sprint Spectrum $19,591
4%
2/27/09
4-5 year terms
Future minimum lease payments are as follows
2009
$20,374
2010
21,189
2011
22,037
2012
22,918
2013
23,835
2014-2018
134,260
2019-2023
163,348
2024-2028
198,738
2029
3,590
Total $610,289
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 16 LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness payable
principally from property taxes. The City's legal debt margin for 2008 is computed as follows:
Market value:
Ramsey County
Hennepin County
Total market value
Debt limit percentage
Debt limit
Amount of debt applicable to debt limit:
Total bonded debt
Less nonapplicable debt:
Revenue bonds (liquor, water, sewer, storm sewer)
State aid street bonds
Tax abatement bonds
Improvement bonds
Tax increment bonds
Cash and investments in applicable debt
service funds
Total amount of debt applicable to debt limit
Legal debt margin
78
December 31,
2008
$310,710,500
559,112,800
869,823,300
3.00%
26,094,699
32,115,000
(3,110,000)
(460,000)
(400,000)
(11,105,000)
(10,375,000)
(923,151)
5,741,849
$20,352,850
I
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
Note 17 SUBSEQUENT EVENTS
The City issued the $5,175,000 General Obligation Bonds, Series 2009A on May 7, 2009 to refund the 2010
through 2015 maturities of the $1,610,000 G.O. Storm Sewer Revenue Bonds, Series 2000A, and the $950,000
G.O. State Aid Bonds, Series 2000B and to provide funding for Road and Park Improvements.
Note 18 RECENTLY ISSUED ACCOUNTING STANDARDS
The Governmental Accounting Standards Boards (GASB) recently approved the following statements which
were not implemented for these financial statements:
Statement No. 45 Accounting and Financial Reporting by Employers for Post Employment Benefits Other
Than Pension Plans. Implementation is required in three phases based on a government's total annual
revenues in the first fiscal year ending after June 15, 1999. This Statement is effective for periods
beginning after December 15, 2006, for phase 1 governments (those with total annual revenues of $100
million or more); after December 15, 2007, for phase 2 governments (those with total annual revenues of
$10 million or more but less than $100 million); and after December 15, 2008, for phase 3 governments
(those with total annual revenues of less than $10 million). Early implementation is encouraged.
The City of St. Anthony will implement Statement No. 45 as of January 1, 2009. Implementing Statement
No. 45 will result in recording a Net OPEB Obligation at December 31, 2009 of approximately $89,000
and disclosure of an actuarial Accrued Liability related to other post employment benefits of approximately
$1,161,000.
Statement No. 51 Accounting and Financial Reporting for Intangible Assets. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 53 Accounting and Financial Reporting for Derivative Instruments. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 54 Fund Balance Reporting and Governmental Fund Type Definitions. The provisions of
this Statement are effective for financial statements for periods beginning after June 15, 2010.
The effect these standards may have on future financial statements is not determinable at this time.
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80
REQUIRED SUPPLEMENTARY INFORMATION
SI
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 1 of 5
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Expenditures:
2008
2007
General government:
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Revenues:
Current:
General property taxes
$2,672,254
$2,672,254
$2,625,557
($46,697)
$2,512,756
Licenses and permits
207,500
207,500
247,878
40,378
213,842
Intergovernmental:
Other services and charges
24,600
24,600
22,608
1,992
Federal:
Total mayor and council
61,300
61,300
59,729
1,571
Police grants
-
-
19,650
19,650
15,502
State:
Market value homestead credit
135,146
135,146
69,772
(65,374)
144,013
Police aid
155,000
155,000
153,492
(1,508)
155,873
Fire aid
52,500
52,500
40,177
(12,323)
45,604
Municipal state aid - street maintenance
30,000
30,000
29,449
(551)
30,732
PERA aid
7,200
7,200
7,197
(3)
7,197
Police grants
-
-
1,075
1,075
1,125
County:
Street maintenance
24,900
24,900
24,659
(241)
24,944
Other
-
-
1,035
1,035
1,390
Local:
School District DARE
14,500
14,500
14,500
-
14,500
Other
2,500
2,500
25,585
23,085
9,835
Total intergovernmental
421,746
421,746
386,591
(35,155)
450,715
Charges for services:
Police contracts
1,096,200
1,096,200
1,096,200
-
1,039,000
Cable franchise fees
72,800
72,800
92,606
19,806
85,162
Antenna rental - water tower
18,000
18,000
19,591
1,591
18,837
Administrative charges
27,500
27,500
27,500
-
27,500
Other
12,800
12,800
9,581
(3,219)
11,960
Total charges for services
1,227,300
1,227,300
1,245,478
18,178
1,182,459
Fines and forfeits
98,500
98,500
114,062
15,562
129,264
Contributions and donations
1,500
1,500
2,450
950
3,270
Other revenue:
Investment income
14,800
14,800
18,666
3,866
40,443
Miscellaneous - other
30,000
30,000
33,241
3,241
81,547
Total other revenue
44,800
44,800
51,907
7,107
121,990
Total revenues
4,673,600
4,673,600
4,673,923
323
4,614,296
Expenditures:
General government:
Mayor and council:
Current:
Personal services
34,700
34,700
36,489
(1,789)
31,583
Materials and supplies
2,000
2,000
632
1,368
743
Other services and charges
24,600
24,600
22,608
1,992
20,291
Total mayor and council
61,300
61,300
59,729
1,571
52,617
82
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 2 of 5
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
83
L
2008
2007
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Expenditures: (continued)
General government: (continued)
Intergovernmental relations:
Current:
Contracted services
$26,400
$26,400
$24,505
$1,895
$24,070
Public relations/cable:
Current:
Personal services
10,900
10,900
10,936
(36)
10,658
Supplies
700
700
-
700
-
Other services and charges
15,300
15,300
23,981
(8,681)
22,090
Capital outlay
-
-
-
110
Total public relations/cable
26,900
26,900
34,917
(8,017)
32,858
General management:
Current:
Personal services
85,900
85,900
96,477
(10,577)
93,282
Supplies
400
400
163
237
234
Other services and charges
11,200
11,200
8,531
2,669
7,716
Total general management
97,500
97,500
105,171
(7,671)
101,232
Elections:
Current:
Personal services
24,200
24,200
26,979
(2,779)
15,232
Supplies
1,600
1,600
1,350
250
913
Other services and charges
6,700
6,700
4,460
2,240
5,956
Total elections
32,500
32,500
32,789
(289)
22,101
Finance:
Current:
Personal services
98,500
98,500
91,033
7,467
86,048
Supplies
15,500
15,500
9,622
5,878
7,672
Other services and charges
157,500
157,500
171,101
(13,601)
159,121
Total finance
271,500
271,500
271,756
(256)
252,841
Assessing:
Current:
Personal services
5,800
5,800
2,934
2,866
2,780
Supplies
300
300
43
257
42
Other services and charges
43,800
43,800
37,756
6,044
40,131
Total assessing
49,900
49,900
40,733
9,167
42,953
Legal:
Current:
Contracted services
101,200
101,200
68,975
32,225
73,841
Planning and zoning:
1_ Current:
Supplies
300
300
30
270
260
Other services and charges
3,000
3,000
3,692
(692)
3,532
t Total planning and zoning
3,300
3,300
3,722
(422)
3,792
83
L
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 3 of 5
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Public safety:
2008
2007
Civil defense:
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Expenditures: (continued)
Personal services
47,900
47,900
50,098
(2,198)
General government: (continued)
Supplies
1,300
1,300
1,042
258
General government buildings:
Other services and charges
5,700
5,700
5,612
88
Current:
Capital outlay
-
-
-
-
Supplies
$400
$400
$8
$392
$85
Other services and charges
105,900
105,900
112,508
(6,608)
91,238
Capital outlay
-
-
-
15
Total general government buildings
106,300
106,300
112,516
(6,216)
91,338
Total general government
776,800
776,800
754,813
21,987
697,643
Public safety:
Civil defense:
Current:
Personal services
47,900
47,900
50,098
(2,198)
46,118
Supplies
1,300
1,300
1,042
258
680
Other services and charges
5,700
5,700
5,612
88
5,876
Capital outlay
-
-
-
-
199
Total civil defense
54,900
54,900
56,752
(1,852)
52,873
Police protection:
Current:
Personal services
1,269,400
1,269,400
1,309,209
(39,809)
1,191,513
Supplies
70,600
70,600
74,192
(3,592)
20,470
Other services and charges
87,300
87,300
68,945
18,355
64,743
Total police protection
1,427,300
1,427,300
1,452,346
(25,046)
1,276,726
Republican National Convention:
Current:
Personal services
-
-
19,079
(19,079)
-
Fire protection:
Current:
Personal services
713,300
713,300
711,073
2,227
656,216
Supplies
25,000
25,000
16,354
8,646
6,922
Other services and charges
42,700
42,700
40,904
1,796
32,621
Capital outlay
-
-
-
-
3,430
Total fire protection
781,000
781,000
768,331
12,669
699,189
Protective inspections:
Current:
Personal services
15,300
15,300
9,787
5,513
8,984
Supplies
200
200
-
200
-
Other services and charges
75,600
75,600
104,125
(28,525)
97,459
Total protective inspections
91,100
91,100
113,912
(22,812)
106,443
DARE program:
Current:
Personal services
11,500
11,500
11,083
417
12,104
Supplies
2,000
2,000
1,851
149
1,788
Other services and charges
1,000
1,000
-
1,000
312
Total DARE program
14,500
14,500
12,934
1,566
14,204
E:i
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 4 of 5
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
I
Public works:
2008
2007
Street maintenance:
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Expenditures: (continued)
Personal services
316,900
316,900
325,032
(8,132)
Public safety: (continued)
Supplies
93,500
93,500
61,033
32,467
Animal control:
Other services and charges
94,100
94,100
83,072
11,028
Current:
Total street maintenance
504,500
504,500
469,137
35,363
Supplies
$400
$400
$ -
$400
$59
Contracted services
4,200
4,200
1,525
2,675
1,916
Total animal control
4,600
4,600
1,525
3,075
1,975
Total public safety
2,373,400
2,373,400
2,424,879
(51,479)
2,151,410
Public works:
Street maintenance:
Current:
Personal services
316,900
316,900
325,032
(8,132)
307,997
Supplies
93,500
93,500
61,033
32,467
93,612
Other services and charges
94,100
94,100
83,072
11,028
79,633
Total street maintenance
504,500
504,500
469,137
35,363
481,242
Equipment maintenance:
Current:
Personal services
35,300
35,300
40,047
(4,747)
62,269
Supplies
26,000
26,000
32,789
(6,789)
88,011
Other services and charges
5,300
5,300
8,493
(3,193)
12,466
Total equipment maintenance
66,600
66,600
81,329
(14,729)
162,746
Tree and weed care:
Current:
Personal services
30,600
30,600
30,189
411
29,464
Supplies
1,200
1,200
33
1,167
310
Other services and charges
4,200
4,200
3,904
296
1,750
Total tree and weed care
36,000
36,000
34,126
1,874
31,524
Total public works
607,100
607,100
584,592
22,508
675,512
Parks and recreation:
Park maintenance:
Current:
Personal services
145,400
145,400
118,028
27,372
119,691
Supplies
6,300
6,300
6,057
243
6,484
Other services and charges
26,500
26,500
23,739
2,761
44,992
Total park maintenance
178,200
178,200
147,824
30,376
171,167
Recreation:
Current:
Community services
52,200
52,200
52,176
24
52,176
Total parks and recreation
230,400
230,400
200,000
30,400
223,343
85
L
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 5 of 5
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Expenditures: (continued)
Services to other cities:
Police services - contract allocation amount:
Personal services
Supplies
Other services and charges
Total services to other cities
Nondepartmental:
Personal services
Supplies
Workers compensation insurance
Total nondepartmental
Total expenditures
Revenues over(under)expenditures
$855,200
2008
$882,022
2007
Budgeted Amounts
Actual
Variance with
Actual
Original Final
Amounts
Final Budget
Amounts
$855,200
$855,200
$882,022
($26,822)
$814,580
18,800
18,800
11,303
7,497
18,968
68,600
68,600
47,482
21,118
77,871
942,600
942,600
940,807
1,793
911,419
1,818 (1,818) 43,100
780 (780) 710
20,789 (20,789) 4,925
0 0 23,387 (23,387) 48,735
4,930,300 4,930,300 4,928,478 1,822 4,708,062
(256,700) (256,700) (254,555) 2,145 (93,766)
Other financing sources (uses):
Transfers to other funds (68,300) (68,300) (68,300) (63,100)
Transfer from other funds 325,000 325,000 325,000 313,000
Total other financing sources (uses) 256,700 256,700 256,700 0 249,900
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
$0 $0
01
2,145 $2,145
1,438,359
$1,440,504
156,134
1,282,225
$1,438,359
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
NOTE TO RSI
December 31, 2008
Note A BUDGETS
The General Fund budget is legally adopted on a basis consistent with accounting principles generally accepted
in the United States of America. The legal level of budgetary control is at the department level for the General
Fund.
87
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88
COMBINING AND INDIVIDUAL NONMAJOR FUND STATEMENTS
AND SCHEDULES
S9
- This page intentionally left blank -
90
NONMAJOR GOVERNMENTAL FUNDS
- This page intentionally left blank -
92
SPECIAL REVENUE FUNDS
r
1 Special Revenue Funds are used to account for the proceeds of specific revenue sources that
are legally restricted to expenditures for specified purposes.
DEBT SERVICE FUNDS
The Debt Service Funds are used to account for the accumulation of resources for,
and payment of, interest, principal and related costs on long-term debt.
CAPITAL PROJECT FUNDS
The Capital Project Funds account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
Proprietary Funds).
n
j 93
L.
CITY OF ST. ANTHONY, MINNESOTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2008
With Comparative Totals For December 31, 2007
Assets
Cash and investments
Accrued interest
Due from other governmental units
Accounts receivable
Prepaid items
Property taxes receivable:
Delinquent
Due from county
Total assets
Liabilities and Fund Balance
Liabilities:
Interfund payable
Accounts payable
Salaries payable
Due to other governmental units
Deferred revenue
Total liabilities
Fund balance:
Reserved
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
Statement 10
$10,632
$ -
$34,239
Totals
$ -
10,139
-
182,871
Nonmajor
22,665
Special
Debt
Capital
Governmental Funds
Revenue
Service
Project
2008
2007
$140,704
$272,253
$241,307
$654,264
$766,387
4,464
-
-
4,464
9,181
1,040
-
-
1,040
-
480
-
-
480
-
133
-
-
133
87
1,547
1,083
-
2,630
2,439
727
280
-
1,007
1,018
$149,095
$273,616
$241,307
$664,018
$779,112
$10,632
$ -
$34,239
$44,871
$ -
10,139
-
182,871
193,010
22,665
784
-
-
784
294
-
-
(40)
(40)
-
1,547
1,083
2,630
2,439
23,102
1,083
217,070
241,255
25,398
133
272,533
-
272,666
300,649
136,375
-
217,718
354,093
397,584
(10,515)
-
(193,481)
(203,996)
55,481
125,993
272,533
24,237
422,763
753,714
$149,095
$273,616
$241,307
$664,018
$779,112
011
1 CITY OF ST. ANTHONY, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 11
CHANGES IN FUND BALANCE
j NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
Expenditures:
Totals
f
Special
Debt
Capital
Nonmajor Governmental Funds
Revenue
Service
Project
2008
2007
Revenues:
Public safety
21,555
-
-
21,555
j General property taxes
$104,956
$27,469
$ -
$132,425
$172,868
Intergovernmental
3,835
133,104
98,254
235,193
248,780
Charges for services
128,620
167,623
-
296,243
300,878
Forfeited property
25,359
-
-
25,359
35,524
Investment income
35,055
2,783
6,477
44,315
65,407
Contributions and donations
-
-
1,500
1,500
34,125
Other
1,671
-
861
2,532
1,615
Total revenues
299,496
330,979
107,092
737,567
859,197
Expenditures:
Current:
General government
13,551
-
107,120
120,671
65,559
Public safety
21,555
-
-
21,555
18,110
Public works
-
-
5,079
5,079
17,703
Parks and recreation
166,173
-
-
166,173
172,406
Housing and development
212,583
-
-
212,583
173,098
Capital outlay:
General government
-
-
23,136
23,136
-
Public safety
-
-
202,638
202,638
9,364
Public works
-
-
92,894
92,894
316,264
Debt service:
Principal
-
305,000
-
305,000
295,000
Interest
-
99,073
99,073
111,576
Paying agent fees
-
1,938
1,938
1,290
Professional services
-
-
-
-
375
Construction/acquistion costs
-
-
197,786
197,786
-
Total expenditures
413,862
406,011
628,653
1,448,526
1,180,745
Revenues over (under) expenditures
(114,366)
(75,032)
(521,561)
(710,959)
(321,548)
Other financing sources:
Bonds issued
-
47,003
-
47,003
-
Sale of capital assets
3,870
-
10,835
14,705
8,744
Transfers in
68,300
-
250,000
318,300
725,378
i
Total other financing sources
72,170
47,003
260,835
380,008
734,122
R
Net change in fund balance (42,196) (28,029) (260,726) (330,951) 412,574
Fund balance - January 1 168,189 300,562 284,963 753,714 341,140
Fund balance - December 31 $125,993 $272,533 $24,237 $422,763 $753,714
95
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96
NONMAJOR SPECIAL REVENUE FUNDS
The City's Special Revenue Funds are used to account for the proceeds of
specific revenue sources that are legally restricted to expenditures for
specified purposes. The City of St. Anthony, Minnesota had the following
Special Revenue Funds during the year:
Community Center Fund is used to account for the operation and maintenance
of City Hall and Community Services.
Police Forfeiture Fund is used to account for revenue and expenditures related
to the forfeiture of property.
Recycling Fund is used to account for the City's recycling program. It
incorporates the activities of both Hennepin and Ramsey Counties.
HRA Fund was established to oversee the commercial and residential
redevelopment activities in the community.
Fire Education / Training Fund was established to account for revenues and
expenditures related to training provided to police and fire personnel.
97
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2008
With Comparative Totals For December 31, 2007
Assets
Cash and investments
Accrued interest
Due from other governmental units
Accounts receivable
Prepaid items
Property taxes receivable:
Delinquent
Due from county
Total assets
Liabilities and Fund Balance
Liabilities:
Interfund payable
Accounts payable
Salaries payable
Deferred revenue
Total liabilities
Fund balance:
Reserved for:
Prepaid items
Unreserved:
Designated for community center operations
Designated for police activities
Designated for recycling program
Designated for HRA
Designated for fire activities
Undesignated
Total fund balance
Total liabilities and fund balance
m
601 Community 230 Police
Center Fund Forfeiture Fund
$55,227 $70,122
1,040
116
$55,343 $71,162
2,651
330
2,981
116
52,246
52,362
381
381
70,781
70,781
$55,343 $71,162
I
225 Recycling
Fund
17
$17
$10,442
73
10,515
17
(10,515)
(10,498)
$17
301 HRA Fund
$15,355
4,464
1,547
727
$22,093
7,488
1,547
9,035
13,058
13,058
$22,093
240 Fire
Education /
Trainine Fund
480
$480
$190
190
290
290
$480
Statement 12
Totals Nonmaior Special Revenue Funds
2008
2007
$140,704
$175,389
4,464
9,181
1,040
-
480
-
133
87
1,547
451
727
330
$149,095
$10,632
10,139
784
1,547
23,102
133
52,246
70,781
13,058
290
(10,515)
125,993
$149,095
$185,438
16,504
294
451
17,249
7%
24,219
59,453
1,353
82,811
266
168,189
$185,438
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
601 Community 230 Police
Center Fund Forfeiture Fund
Revenues
General property taxes $ $
Intergovernmental:
State - market value homestead credit
Local - other
Charges for services:
Administrative fees
Rental receipts 125,000 -
Forfeited property - 25,359
Investment income 929 1,535
Other
Total revenues 125,929 26,894
Expenditures:
Current:
General government -
Public safety - 19,436
Parks and recreation 166,173 -
Housing and development -
Capital outlay:
Public safety - -
Total expenditures 166,173 19,436
Revenues over(under)expenditures (40,244) 7
Other financing sources:
Sale of capital assets - 3,870
Transfers in 68,300 -
Total other financing sources 68,300 3,870
Net change in fund balance 28,056 11,328
Fund balance - January 1 24,306 59,453
Fund balance - December 31 $52,362 $70,781
100
Statement 13
j 225 Recycling
240 Fire Education
Fund
301 HRA Fund
Training Fund
Totals Nonmajor Special
Revenue Funds
2008
2007
$
$104,956
$
$104,956
$53,322
3,835
3,835
1,946
-
-
1,051
1,700
1,920
3,620
4,705
-
-
125,000
100,000
-
-
25,359
35,524
32,574
17
35,055
53,583
1,465
206
1,671
215
1,700
142,830
2,143
299,496
250,346
13,551
13,551
(11,851)
' 0
l
(11,851)
I
L 1,353
($10,498)
212,583
212,583
(69,753)
0
(69,753)
82,811
$13,058
101
2,119
2,119
24
0
24
266
$290
13,551
21,555
166,173
212,583
413,862
(114,366)
3,870
68,300
72,170
(42,196)
168,189
$125,993
18,125
18,110
167,011
173,098
9,364
385,708
(135,362)
295,378
295,378
160,016
8,173
$168,189
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102
NONMAJOR DEBT SERVICE FUNDS
The City's Debt Service Funds are used to account for the accumulation of
resources for, and payment of, interest, principal and related costs of long -tern
debt other than proprietary fund debt. The City of St. Anthony, Minnesota had
the following nonmajor Debt Service Funds during the year.
Storm Water Fund was established to account for the debt service associated with
100 -Year Flood Protection and infrastructure improvements.
State Aid Street Fund accounts for debt service for road construction projects of
high traffic roads in the Village. Funding is provided by the State of Minnesota -
State Aid.
Tax Abatement Fund was established to account for debt service payments
associated with the Central Park Improvement project.
Equipment Certificates Fund was established for major capital equipment
purchases. Current debt was for the purchase of a new fire truck.
Silver Lake Road Bond Fund was established to account for the debt service
associated with the reconstruction and infrastructure improvements of Silver Lake
Road.
103
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUNDS
December 31, 2008
With Comparative Totals For December 31, 2007
Statement 14
Cash and investments
402
$15,480
$47,242 $272,253
502 Tax
Equipment
365 Silver
$ - $ -
703 Storm 207 State Aid Abatement
Certificates
Lake Road
Totals Nonmajor Debt
Water Fund Street Fund Fund
Fund
Bond Fund
Service Funds
Assets
81
280
2008 2007
Cash and investments
$119,592 $2,967 $86,972
$15,480
$47,242 $272,253
$300,026
Property taxes receivable:
$ - $ - $ -
$ - $ -
$ -
$152
Delinquent
- - 585
498
- 1,083
1,988
Due from county
199
81
280
688
Total assets
$119,592 $2,967 $87,756
$16,059
$47,242 $273,616
$302,702
Liabilities and Fund Balance
119,592 2,967 87,171
15,561 47,242
272,533
300,562
Liabilities:
Accounts payable
$ - $ - $ -
$ - $ -
$ -
$152
Deferred revenue
585
498
1,083
1,988
Total liabilities
0 0 585
498 0
1,083
2,140
Fund balance:
Reserved for debt service
119,592 2,967 87,171
15,561 47,242
272,533
300,562
Total liabilities and fund balance
$119,592 $2,967 $87,756
$16,059 $47,242
$273,616
$302,702
104
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
70,000
40,000
85,000
Statement 15
EXPENDITURES AND CHANGES IN FUND BALANCE
295,000
53,220
26,102
18,688
NONMAJOR DEBT SERVICE FUNDS
-
99,073
111,576
344
For The Year Ended December 31, 2008
500
350
399
1,938
With Comparative Totals For The Year Ended December 31, 2007
-
-
-
-
-
-
402
163,564
96,447
59,188
502 Tax
Equipment
365 Silver
408,241
703 Storm 207 State Aid
Abatement
Certificates
Lake Road
Totals Nonmajor Debt Service
Water Fund Street Fund
Fund
Fund
Bond Fund
Funds
(85,870)
239
(75,032)
22,763
2008 2007
Revenues:
47,003
47,003
General property taxes $ - $ -
$27,281
$188
$ -
$27,469 $119,546
Intergovernmental:
State:
MSA state aid
Local:
ISD - tax abatement
Charges for services
Investment income
Total revenues
Expenditures:
Debt service:
Principal
Interest
Paying agent fees
Professional service
Total expenditures
Revenues over (under) expenditures
Other financing sources:
Bonds issued
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
96,102 - - - 96,102 99,637
- - 37,002 - - 37,002 35,038
167,623 - - - - 167,623 167,373
633 71 1,086 355 638 2,783 9,410
168,256 96,173 65,369 543 638 330,979 431,004
110,000
70,000
40,000
85,000
-
305,000
295,000
53,220
26,102
18,688
1,063
-
99,073
111,576
344
345
500
350
399
1,938
1,290
-
-
-
-
-
-
375
163,564
96,447
59,188
86,413
399
406,011
408,241
4,692
(274)
6,181
(85,870)
239
(75,032)
22,763
-
-
47,003
47,003
-
4,692
(274)
6,181
(85,870)
47,242
(28,029)
22,763
114,900 3,241 80,990 101,431 - 300,562 277,799
$119,592 $2,967 $87,171 $15,561 $47,242 $272,533 $300,562
I 105
l_
- This page intentionally left blank -
106
NONMAJOR CAPITAL PROJECT FUNDS
The City's Capital Project Funds account for financial resources to be used for the
acquisition or construction of major capital facilities (other than those financed by
Proprietary Funds). The City of St. Anthony, Minnesota had the following
Capital Project Funds during the year:
Revolving Improvement Fund was established to provide funding for smaller
improvement projects.
Park Improvement Fund accounts for the revenues and expenditures associated
with the renovations and refurbishing of the City's park system.
State Aid Street Fund accounts for the funding and costs of reconstruction for the
City's designated State Aid roads.
Silver Lake Village Park Fund was established to account for the operation and
maintenance of the City's park located in Silver Lake Village. The Park is named
"Salo Park" which is in honor of St. Anthony's sister city (Salo, Finland).
Capital Equipment Fund is used by all City Departments and accounts for the
annual purchases of capital equipment.
Building Improvement Fund was established to provide funding for existing City
owned building improvements and renovations.
2009 Street Improvement Fund accounts for the funding and construction costs
associated with the reconstruction of Foss Road from Chandler Drive to the City
Limits.
107
L
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2008
With Comparative Totals For December 31, 2007
Assets
Cash and investments
Total assets
Liabilities and Fund Balance
Liabilities:
Interfund payable
Accounts payable
Due to other governmental units
Total liabilities
Fund balance (deficit):
Unreserved:
Designated:
Designated for building maintenance
Designated for capital improvements/acquistions
Undesignated
Total fund balance (deficit)
Total liabilities and fund balance
108
509 Revolving
501 Park
205 State Aid
Improvement
Improvement
Street
$5,384
$ -
$38,645
$5,384 $0 $38,645
$ - $33,664 $ -
5,825
0 39,489 0
5,384 38,645
- (39,489) -
5,384 (39,489) 38,645
$5,384 $0 $38,645
Statement 16
5112009 Street
! 350 Silver Lake 401 Capital 510 Building Improvement
Village Park Equipment Fund Improvement Fund Project Fund Totals Nonmajor Capital Project Funds
2008 2007
$56,986 $138,477 $1,815 $ - $241,307 $290,972
$56,986 $138,477 $1,815 $0 $241,307 $290,972
$ -$ - $ - $575 $34,239 $ -
- 23,629 153,417 182,871 6,009
- (40) - (40) -
0 23,589 0 153,992 217,070 6,009
- - 1,815 1,815 1,774
56,986 114,888 - 215,903 227,708
- - - (153,992) (193,481) 55,481
56,986 114,888 1,815 (153,992) 24,237 284,963
$56,986 $138,477 $1,815
109
$0 $241,307 $290,972
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
Revenues:
Intergovernmental:
State - Municipal state aid
State - other
Charges for services:
Service charges
Investment income
Contributions and donations
Other
Total revenues
Expenditures:
General government:
Materials and supplies
Capital outlay
Public safety:
Capital outlay
Public works:
Materials and supplies
Contractual services
Capital outlay
Parks and recreation:
Contractual services
Constmction/acquistion costs
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Transfers in
Sale of capital assets
Total other financing sources (uses)
Net change in fund balance
Fund balance (deficit) - January 1
Fund balance (deficit) - December 31
110
509 Revolving 501 Park 205 State Aid
Improvement Improvement Street
124 980
124 0 980
5,079
43,794 -
0 43,794 5,079
124 (43,794) (4,099)
0 0 0
124 (43,794) (4,099)
5,260 4,305 42,744
$5,384 ($39,489) $38,645
Statement 17
r!
250,000
5112009 Street
430,000
-
350 Silver Lake
401 Capital
510 Building
Improvement
0
260,835
Village Park
Equipment Fund
Improvement Fund
Project Fund
Totals Nonmajor Capital Project Funds
41 (153,992)
(260,726)
229,795
55,481
2008
2007
$
$96,654
$
$
$96,654
$111,108
$284,963
1,600
1,600
-
-
-
28,800
` 11304
4,028
41
6,477
2,414
-
1,500
1,500
34,125
201
660
861
1,400
1,505
104,442
41
0
107,092
177,847
-
107,120
-
107,120
47,434
23,136
-
23,136
-
202,638
-
202,638
-
-
-
5,079
5,035
-
-
12,668
92,894
92,894
316,264
_
5,395
153,992
197,786
0
425,788
0
153,992
628,653
386,796
1,505
(321,346)
41
(153,992)
(521,561)
(208,949)
r!
250,000
250,000
430,000
-
10,835
10,835
8,744
0
260,835
0 0
260,835
438,744
' 1,505
(60,511)
41 (153,992)
(260,726)
229,795
55,481
175,399
1,774
284,963
55,168
$56,986
$114,888
$1,815 ($153,992)
$24,237
$284,963
r!
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 601 COMMUNITY CENTER FUND Statement 18
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Revenues:
Charges for services:
Rental receipts
Investment income
Miscellaneous
Total revenues
Expenditures:
Parks and recreation:
Current:
Personal services
Supplies
Contractual services
Total expenditures
Revenues over(under)expenditures
Other financing sources:
Transfer from other funds
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
2008
Budgeted Amounts 2007
Original Final Actual Actual
$125,000 $125,000 $125,000 $100,000
1,500 1,500 929 2,092
165
126,500 126,500 125,929 102,257
13,400 13,400 12,070 11,464
- - 7 50
174,800 174,800 154,096 155,497
188,200 188,200 166,173 167,011
(61,700) (61,700) (40,244) (64,754)
68,300 68,300 68,300 63,100
$6,600 $6,600
112
28,056 (1,654)
24,306 25,960
$52,362 $24,306
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 230 POLICE FORFEITURE FUND Statement 19
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Revenues:
Forfeiture and confiscation
Investment income
Total revenues
Expenditures:
Public safety:
Current:
Personal services
Supplies
Other services and charges
Capital outlay
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Sale of capital assets
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
L
2008
-
11,831
Budgeted Amounts
10,000
2007
Original Final
Actual
Actual
$20,000 $20,000
$25,359
$35,524
1,000 1,000
1,535
3,246
21,000 21,000
26,894
38,770
-
-
11,831
-
10,000
10,000
5,389
11,232
5,000
5,000
2,216
4,014
10,000
10,000
-
9,364
25,000
25,000
19,436
24,610
(4,000)
(4,000)
7,458
14,160
($4,000) ($4,000)
113
3,870
11,328 14,160
59,453 45,293
$70,781 $59,453
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 225 RECYCLING FUND Statement 20
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Revenues:
Intergovernmental:
Hennepin County recycling grant
Ramsey County score grant
Charges for services
Investment income
Total revenues
Expenditures:
General government:
Current:
Personal services
Other services and charges
Total expenditures
Revenues over(under)expenditures
Fund balance - January 1
Fund balance (deficit) - December 31
114
18,600 18,600
18,600 18,600
$0 $0
3,290
2008
10,261
Budgeted Amounts
2007
Original
Final
Actual Actual
1,353
$11,500
$11,500
$ $ -
4,000
4,000
1,051
3,000
3,000
1,700 2,955
100
100
328
18,600
18,600
1,700 4,334
114
18,600 18,600
18,600 18,600
$0 $0
3,290
2,465
10,261
15,660
13,551
18,125
(11,851)
(13,791)
1,353
15,144
($10,498) $1,353
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 21
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Revenues:
General property taxes
Intergovernmental - State:
Market value homestead credit
Investment income
Other
Total revenues
Expenditures:
Housing and redevelopment:
Current:
Personal services
Contractual services
Total expenditures
Revenues over(under)expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balance
Fund balance (deficit) - January 1
Fund balance - December 31
L
L
2008
Budgeted Amounts 2007
Original Final Actual Actual
$106,714 $106,714 $104,956 $53,322
3,786 3,786 3,835 1,946
72,500 72,500 32,574 47,841
- - 1,465 -
183,000 183,000 142,830 103,109
85,500
85,500
96,817
95,752
70,000
70,000
115,766
77,346
155,500
155,500
212,583
173,098
27,500
27,500
(69,753)
(69,989)
-
-
232,278
(27,500)
(27,500)
(27,500)
(27,500)
0
232,278
$0
$0
(69,753)
162,289
115
82,811 (79,478)
$13,058 $82,811
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 240 FIRE EDUCATION / TRAINING FUND Statement 22
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2008
With Comparative Actual Amounts For The Year Ended December 31, 2007
Revenues:
Charges for services
Investment income
Miscellaneous
Total revenues
Expenditures:
Public safety:
Current:
Personal services
Materials and supplies
Total expenditures
Revenues over(under)expenditures
Fund balance - January 1
Fund balance - December 31
2008
Budgeted Amounts 2007
Original Final Actual Actual
$2,450 $2,450 $1,920 $1,750
- - 17 76
50 50 206 50
2,500 2,500 2,143 1,876
1,500
1,500
1,764
2,655
1,000
1,000
355
209
2,500
2,500
2,119
2,864
$0
$0
24
(988)
266
1,254
116
$290 $266
SUPPLEMENTARY FINANCIAL INFORMATION
1u
CITY OF ST. ANTHONY, MINNESOTA
BALANCESHEET
HRA DEBT SERVICE FUND
December 31, 2008
With Comparative Totals For December 31, 2007
Assets
Cash and investments
Funds held in trust
Accrued interest receivable
Property taxes receivable:
Delinquent
Due from county
Total assets
Liabilities and Fund Balance
Liabilities:
Interfund loan payable
Deferred revenue
Total liabilities
Fund balance (deficit):
Reserved for debt service
Total liabilities and fund balance
Exhibit 1
G.O. Tax
Increment
Bonds
Public
1996A
Facilities TIF TIF Totals
Apache
Revenue Revenue Revenue HRA Debt Service Fund
(Cub Foods)
Bonds Bonds2006 Bonds2007 2008 2007
$615,509 $420,774
- 455,135
6,392
8,238
2,809
$ ($10)
$1,036,273 $898,926
455,135 462,307
6,392 6,253
8,238 6,551
2,809 2,261
$615,509 $893,348 $0 ($10) $1,508,847 $1,376,298
$ - $437,430 $ - $ - $437,430 $437,430
- 8,238 - 8,238 6,551
0 445,668 0 0 445,668 443,981
615,509 447,680 - (10) 1,063,179 932,317
$615,509 $893,348 $0 ($10) $1,508,847 $1,376,298
118
a
M
H
L_
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 2
IN FUND BALANCE
HRA DEBT SERVICE FUND
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
Revenues:
General property taxes
Tax increment collections
Investment income
Total revenues
Expenditures:
General government:
Other
Debt service:
Principal
Interest and other
Paying agent fees
Professional service
Total expenditures
Revenues over (under) expenditures
Other financing sources (uses):
Transfers in
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
G.O. Tax
-
-
-
Increment
2,032
155,000
200,000
Bonds
Public
430,000
340,000
1996A
Facilities TIF TIF
Totals
227,134
Apache
Revenue Revenue Revenue
HRA Debt Service Fund
(Cub Foods)
Bonds Bonds 2006 Bonds 2007
2008
2007
$ -
$387,860 $ - $ -
$387,860
$392,078
283,536
- - -
283,536
276,513
9,770
29,269 -
39,039
37,072
293,306
417,129 0 0
710,435
705,663
2,155
-
-
-
2,155
2,032
155,000
200,000
75,000
-
430,000
340,000
42,070
172,885
269,175
227,134
711,264
223,965
350
2,103
2,000
650
5,103
2,450
-
5,000
-
-
5,000
125
199,575
379,988
346,175
227,784
1,153,522
568,572
93,731
37,141
(346,175)
(227,784)
(443,087)
137,091
346,175 227,774 573,949 -
93,731 37,141 0 (10) 130,862 137,091
521,778
410,539
- - 932,317
795,226
$615,509
$447,680
$0 ($10) $1,063,179
$932,317
119
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
HRA PROJECTS FUND
December 31, 2008
With Comparative Totals For December 31, 2007
Exhibit 3
Tax Increment
Financing Districts HRA Totals
Chandler Apache Directed HRA Projects Fund
Place (Wal-Mart) Projects 2008 2007
Assets
Cash and investments ($3,899)
Funds held in trust -
Property taxes receivable:
Delinquent -
Due from county -
Accounts and other receivables -
Due from other governments -
Funds held by others -
$886,787 ($121,354) $761,534 $805,574
695 695 450
79,407
199
79,407 8,397
199 1,241
- 14,766
- - 6,585
160,000 160,000 160,000
Total assets ($3,899) $967,088 $38,646 $1,001,835 $997,013
Liabilities and Fund Balance
Liabilities:
Accounts payable $ $15,028 $ $15,028 $40,315
Deferred revenue 79,407 79,407 8,397
Total liabilities 0 94,435 0 94,435 48,712
Fund balance (deficit)
Reserved for tax increment projects
872,653
- 872,653
775,185
Unreserved:
Undesignated
(3,899) -
38,646 34,747
173,116
Total fund balance (deficit)
(3,899) 872,653
38,646 907,400
948,301
Total liabilities and fund balance
($3,899) $967,088
$38,646 $1,001,835
$997,013
i�z��
M
n
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 4
IN FUND BALANCE
HRA PROJECTS FUND
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
Expenditures:
Tax Increment Financing
Districts HRA Intra-
Totals
General government:
Chandler
Apache Directed Activity
HRA Projects Fund
Place
(Wal-Mart) Projects Eliminations
2008
2007
Revenues:
76,343
53,874
Public works:
Tax increment collections
$175,230
$1,223,783 $ - $ -
$1,399,013
$1,193,019
Intergovernmental - MVHC
-
7,487 - -
7,487
6,585
Investment income
7,763
12,692 - -
20,455
46,050
Other revenues:
Developer fees and reimbursements
-
- - -
-
151,491
Other
-
- - -
-
5,069
Total revenues
182,993
1,243,962 0 0
1,426,955
1,402,214
Expenditures:
General government:
Other
1,745
26,786
47,812
76,343
53,874
Public works:
Contractual services
-
-
-
-
36,807
Parks and recreation:
Contractual services
-
-
28,500
28,500
32,592
Developer incentives
-
323,485
-
323,485
3,592,385
Debt service:
Principal
-
-
-
-
-
885,000
Interest
-
-
-
-
-
337,416
Paying agent fees
-
-
-
-
-
2,650
Issuance costs
-
-
-
-
-
208,545
Total expenditures
1,745
350,271
76,312
0
428,328
5,149,269
Revenues over(under)expenditures
181,248
893,691
(76,312)
0
998,627
(3,747,055)
Other financing sources (uses):
Bonds issued
-
-
-
4,640,000
Discount on bonds issued
-
(231)
Transfers in
58,158
(58,158)
-
Transfers out
(465,579)
(573,949)
(58,158)
58,158
(1,039,528)
(3,230,861)
Total other financing sources (uses)
(465,579)
(515,791)
(58,158)
0
(1,039,528)
1,408,908
Net change in fund balance
(284,331)
377,900
(134,470)
0
(40,901)
(2,338,147)
Fund balance - January 1
280,432
494,753
173,116
-
948,301
3,286,448
Fund balance (deficit) - December 31
($3,899)
$872,653
$38,646
$0
$907,400
$948,301
121
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENSES AND CHANGES Exhibit 5
FUND NET ASSETS
WATER AND SEWER ENTERPRISE FUND
For The Year Ended December 31, 2008
With Comparative Totals For The Year Ended December 31, 2007
Operating revenues:
Charges for services
Connection charges
Total operating revenues
Operating expenses:
Personal services
Supplies
Contracted services and other
Treatment charges (MCES)
Other
Depreciation
Total operating expenses
Operating income (loss)
Nonoperating revenues (expenses):
Investment income
Miscellaneous income
Interest expense
Amortization of bond discount
Paying agent fees
Total nonoperating revenues (expenses)
Net operating income (loss)
Capital contributions
Transfers out
Change in net assets
Net assets - January 1
Net assets - December 31
Totals
Water Sewer 2008 2007
$809,178
$797,443
$1,606,621
$1,627,521
3,150
5,950
9,100
64,350
812,328
803,393
1,615,721
1,691,871
364,862
215,003
579,865
547,829
36,126
11,585
47,711
46,611
56,294
31,008
87,302
115,332
-
467,267
467,267
437,604
136,863
48,556
185,419
185,344
160,747
47,958
208,705
147,508
754,892
821,377
1,576,269
1,480,228
$57,436
($17,984)
39,452
211,643
10,613
66,206
15,694
18,303
(76,036)
(78,047)
(2,696)
(2,694)
(350)
(350)
(52,775)
3,418
(13,323)
215,061
2,139,827
-
122
(225,000) (150,356)
1,901,504 64,705
2,020,231 1,955,526
$3,921,735 $2,020,231
III. STATISTICAL SECTION (UNAUDITED)
This part of the City of St. Anthony, Minnesota's Comprehensive Annual Financial
Report presents detailed information as a context for understanding what the information
in the financial statements, note disclosures and required supplementary information says
about the City of St. Anthony, Minnesota's overall financial health.
Contents
Page
Financial Trends
These tables contain trend information to help the reader understand how 125
the City's financial performance and well-being have changed over time.
Revenue Capacity
These tables contain information to help the reader assess the City's most 132
significant local revenue source, the property tax.
Debt Capacity
These tables present information to help the reader assess the affordability 136
of the City's current levels of outstanding debt and the City's ability to issue
additional debt in the future.
Demographic and Economic Information
These tables offer demographic and economic indicators to help the reader 144
understand the enviornment within which the City's financial activities take
place.
Operating Information
These tables contain service and infrastructure data to help the reader 146
understand how the information in the City's financial report relates to the
services the City provides and the activities it performs.
Sources: Unless otherwise noted, the information in these tables is derived from the
comprehensive financial reports for the relevant year.
Comparable GASB Statement 34 information is available for years beginning in 2005;
the City has chosen to provide information for that year forward. Ultimately, these tables
will contain information for the last ten years.
123
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124
CITY OF ST. ANTHONY, MINNESOTA
NET ASSETS BY COMPONENT
( Last Four Fiscal Years
(Accrual Basis of Accounting)
n
u
Governmental activities:
Invested in capital assets, net of related debt
Restricted for:
Debt service
Tax increment purposes
Unrestricted
Total governmental activities net assets
Business -type activities:
Invested in capital assets, net of related debt
Restricted for:
Debt service
Unrestricted
Total business -type activities net assets
Primary government:
Invested in capital assets, net of related debt
Restricted for:
Debt service
Tax increment purposes
Unrestricted
Total primary government net assets
Fiscal Year
2006
$2,430,860 $2,966,021
Table I
2007 2008
$2,039,017 $3,000,881
8,164,796
6,541,771
3,228,881
2,327,517
761,339
2,611,204
783,582
943,663
5,373,139
5,861,552
9,488,919
9,582,675
$16,730,134
$17,980,548
$15,540,399
$15,854,736
$1,758,506
120,000
$1,822,792
120,000
$2,703,188
120,000
$4,745,674
120,000
2,157,418
1,973,533
1,183,416
1,042,856
$4,035,924
$3,916,325
$4,006,604
$5,908,530
$4,189,366
$4,788,813
$4,742,205
$7,746,555
8,284,796
6,661,771
3,348,881
2,447,517
761,339
2,611,204
783,582
943,663
7,530,557
7,835,085
10,672,335
10,625,531
$20,766,058
$21,896,873
$19,547,003
$21,763,266
Comparable GASB Statement 34 information is available for years beginning in 2005; the City has chosen to provide
information for that year forward. Ultimately, this table will contain information for ten years.
125
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET ASSETS
Last Four Fiscal Years
(Accrual Basis of Accounting)
Expenses
Governmental activities:
General government
Public safety
Public works
Parks and recreation
Services to other cities
Housing and redevelopment
Interest on long-term debt
Total governmental activities expenses
Business -type activities:
Liquor
Water
Sewer
Total business -type activities expenses
Total primary government expenses
Program revenues
Governmental activities:
Charges for services:
Services to other cities
Other activities
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business -type activities:
Charges for services:
Liquor
Water
Sewer
Operating grants and contributions
Capital grants and contributions
Total business -type activities program revenues
Total primary government program revenues
Table 2
Page 1 of 2
Fiscal Year
2005 2006 2007 2008
$877,230
$1,115,231
$1,111,240
$1,231,302
2,402,296
2,461,222
2,359,360
2,656,975
1,414,857
1,400,951
6,266,350
1,436,309
1,499,773
806,512
450,549
416,881
606,952
649,625
911,419
940,807
424,273
2,967,835
173,098
536,068
1,014,270
1,096,390
1,411,926
1,497,107
8,239,651
10,497,766
12,683,942
8,715,449
5,034,639
5,429,222
5,740,169
5,969,076
641,490
899,686
775,828
794,433
805,171
736,967
785,491
860,918
6,481,300
7,065,875
7,301,488
7,624,427
$14,720,951
$17,563,641
$19,985,430
$16,339,876
$724,140
$747,675
$1,039,000
$1,096,200
1,192,468
999,142
876,425
841,448
691,777
684,819
609,886
522,542
2,905,063
974,678
755,930
1,684,417
5,513,448
3,406,314
3,281,241
4,144,607
5,298,404
684,096
843,409
5,814,838 6,187,185 6,359,731
778,979 841,611 812,371
776,886 850,260 803,350
6,825,909 7,370,703 7,879,056 7,975,452
$12,339,357 $10,777,017 $11,160,297 $12,120,059
Net (expense) revenue:
Governmental activities ($2,726,203) ($7,091,452) ($9,402,701) ($4,570,842)
Business -type activities 344,609 304,828 577,568 351,025
Total primary government net (expense) revenue (2,381,594) (6,786,624) (8,825,133) (4,219,817)
126
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET ASSETS
Last Four Fiscal Years
(Accrual Basis of Accounting)
General revenues and other changes in net assets
Governmental activities:
Taxes:
Property taxes
Tax increment collections
Grants and contributions
Unrestricted investment earnings
Miscellaneous
Gain on sale of capital asset
Transfers
Total governmental activities
Business -type activities:
Investment earnings
Miscellaneous
Transfers
Total business -type activities
Total primary government
Change in net assets:
Governmental activities
Business -type activities
Total primary government
Table 2
Page 2 of 2
Fiscal Year
2005 2006 2007 2008
$3,464,453 $3,668,503
410,968
851,309
124,309
94,470
358,571
514,440
214,859
96,837
-
8,730
348,250
485,000
4,921,410
5,719,289
$3,968,436 $4,118,365
1,477,929
1,753,559
159,741
88,291
698,345
403,426
77,745
36,365
580,356 (1,514,827)
6,962,552 4,885,179
44,410
78,638
74,764
18,985
499
12,490
18,303
17,089
(348,250)
(485,000)
(580,356)
1,514,827
(303,341)
(393,872)
(487,289)
1,550,901
$4,618,069
$5,325,417
$6,475,263
$6,436,080
$2,195,207
($1,372,163)
($2,440,149)
$314,337
41,268
(89,044)
90,279
1,901,926
$2,236,475($1,461,207)
($2,349,870)
$2,216,263
Comparable GASB Statement 34 information is available for years beginning in 2005; the City has chosen to provide
information for that year forward. Ultimately, this table will contain information for ten years.
127
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128
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Four Fiscal Years
(Modified Accrual Basis of Accounting)
Table 3
All other governmental funds
Reserved
$5,537,424
Fiscal Year
$4,116,654
$3,595,470
Unreserved, reported in:
2005
2006
2007
2008
General Fund:
5,399,955
5,335,977
5,650,265
5,576,157
Reserved
$39,805
$44,852
$46,543
$51,205
Unreserved
1,147,914
1,237,373
1,391,816
1,389,299
Total general fund
$1,187,719
$1,282,225
$1,438,359
$1,440,504
All other governmental funds
Reserved
$5,537,424
$5,564,131
$4,116,654
$3,595,470
Unreserved, reported in:
Special revenue funds
5,399,955
5,335,977
5,650,265
5,576,157
Capital projects funds
894,116
1,500,372
695,197
967,355
Total all other governmental funds
$11,831,495
$12,400,480
$10,462,116
$10,138,982
Comparable GASB Statement 34 information is available for years beginning in 2005; the City has chosen to provide
information for that year forward. Ultimately, this table will contain information for ten years.
I
129
L.
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Four Fiscal Years
(Modified Accrual Basis of Accounting)
Revenues:
General property taxes
Tax increment collections
Licenses, fees and permits
Intergovernmental
Special assessments
Charges for services
Fines and forfeits
Cable franchise fees
Investment income
Contributions and donations
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Public works
Parks and recreation
Services to other cities
Nondepartmental
Housing and redevelopment
Capital outlay:
General government
Public safety
Public works
Parks and recreation
Debt service:
Principal retirement
Interest
Paying agent fees
Professional service
Issuance costs
Construction/acquisition costs
Developer incentives
District decertified - repayment of tax increments
Total expenditures
Revenues over (under) expenditures
"fable 4
Page 1 of 2
776,110
Fiscal Year
945,295
2005
2006
2007
2008
$3,430,286
$3,649,764
$3,957,749
$4,097,493
410,968
851,309
1,469,532
1,682,549
548,972
244,170
213,842
247,878
1,201,555
954,911
706,080
2,039,592
1,548,836
589,812
441,327
385,197
1,057,781
1,113,298
1,403,419
1,451,925
101,273
135,960
164,788
139,421
69,577
70,737
85,162
92,606
354,749
507,615
689,428
400,038
-
6,300
37,100
3,950
540,229
511,851
404,611
186,449
9,264,226
8,635,727
9,573,038
10,727,098
776,110
952,291
945,295
1,076,699
2,119,568
2,255,783
2,165,891
2,446,434
772,565
759,254
809,751
679,269
1,467,289
783,791
428,341
394,673
606,952
649,625
911,419
940,807
5,228
1,501
48,735
23,387
424,273
439,422
173,098
212,583
572
6,389
125
-
139,648
229,174
12,993
-
31,040
21,056
316,264
318,668
-
19,712
-
-
1,495,000
4,765,000
2,195,000
2,305,000
997,352
1,022,069
1,313, 578
1,450,248
14,386
9,373
11,501
10,601
16,097
9,140
1,901
5,080
-
-
208,545
-
2,901,864
2,108,395
5,366,376
3,419,607
-
2,769,938
3,592,385
323,485
-
36,580
-
-
11,767,944
16,838,493
18,501,198
13,606,541
(2,503,718)
(8,202,766)
(8,928,160)
(2,879,443)
130
II
N
a
0
M
t
n
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Four Fiscal Years
(Modified Accrual Basis of Accounting)
Other financing sources (uses):
Bonds issued
Premium on debt issued
Discount on debt issued
Transfers in
Transfers out
Sale of capital assets
Total other financing sources (uses)
Net change in fund balance
Debt service as a percentage of noncapital expenditures
Debt service as percentage of total expenditures
Table 4
Page 2 of 2
Fiscal Year
2006 2007 2008
$1,695,000
$8,165,000
$6,690,000
$1,910,000
30,669
-
8,749
-
(3,069)
(213)
-
467,022
1,775,848
4,275,129
1,832,828
(118,772)
(1,290,848)
(3,827,825)
(1,207,828)
12,852
18,855
8,744
14,705
2,056,102
8,696,455
7,145,835
2,558,454
($447,616)
$493,689
($1,782,325)
($320,989)
29.0%
40.2%
28.6%
38.2%
21.4%
34.5%
20.2%
27.7%
Comparable GASB Statement 34 information is available for years beginning in 2005; the City has chosen to provide
information for that year forward. Ultimately, this table will contain information for ten years.
131
CITY OF ST. ANTHONY, MINNESOTA
TAX CAPACITY VALUE AND ESTIMATED MARKET VALUE OF TAXABLE PROPERTY Table 5
Last Ten Fiscal Years
132
Commercial/
Total
Fiscal
Adjusted
Total
Estimated
Tax Capacity
Payable Residential
Industrial All
Tax
Disparity
Tax Capacity
Direct Tax
Market
as a Percent
Year Property
Property Other
Capacity
Contribution
Value
Rate
Value
ofEMV
1999 $4,141,434 *
$1,611,956 * $122,978 *
$5,876,368
($162,799)
$5,713,569
32.50%
$353,614,300
1.62% **
2000 4,532,263
1,658,367 110,097
6,300,727
(184,724)
6,116,003
30.63%
383,067,100
1.60% **
2001 4,970,738
1,833,267 108,643
6,912,648
(201,588)
6,711,060
30.55%
417,647,700
1.61%
2002 3,979,387 *
1,467,645 * 86,976 *
5,534,008
(319,514)
5,214,494
50.33%
460,129,700
1.13% **
2003 4,703,934
1,307,337 66,005
6,077,276
(318,956)
5,758,320
47.05%
520,877,700
1.11%
2004 5,061,743
1,387,360 67,875
6,516,978
220,246
6,737,224
52.01%
576,666,300
1.17%
2005 5,758,863
1,509,783 70,799
7,339,445
(30,542)
7,308,903
50.31%
636,972,900
1.15%
2006 6,449,616
2,001,921 65,285
8,516,822
(391,888)
8,124,934
46.58%
730,541,000
1.11%
2007 7,894,132
2,575,759 * 64,903
10,534,794
(1,374,734)
9,160,060
45.62%
893,542,800
1.03%
2008 7,537,190
2,684,972 67,599
10,289,761
(1,260,607)
9,029,154
51.61%
869,823,300
1.04%
Source: Official Statements for the
City of St. Anthony.
* A complete breakdown of tax
capacity was not available, these numbers have been estimated by
considering total
tax capacity and
the related percentage breakdown from the previous year
** The Minnesota Legislature reduced
some of the "class rates" used to calculate tax capacity values in levy years 1998,1999 and 2001.
The lower rates reduce the amount of Taxable Market Value that converts to value
for the calculation of property taxes and tax rates.
132
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING PROPERTY TAX RATES
Last Ten Fiscal Years
City Overlapping Rates*
1 Fiscal Direct School Other
Year Rate District Districts County
1999 32.50% 60.53% 13.41% 40.99%
2000 30.63% 56.35% 13.27% 39.66%
2001 30.55% 60.92% 12.84% 37.62%
2002 50.33% 18.37% ** 14.09% 50.41%
2003 47.05% 14.93% 15.63% 50.61%
2004 52.01% 22.10% 13.45% 47.32%
2005 50.31% 19.33% 13.93% 44.17%
2006 46.58% 21.78% 14.65% 41.02%
2007 45.62% 19.73% 13.81% 38.57%
2008 51.61% 32.04% 13.35% 40.41%
Source: Official Statements for the City of St. Anthony
*Overlapping rates are those of local and county governments that apply to property owners within the City. Not all
overlapping rates apply to all City property owners; for example, although the county property tax rates apply to all
City property owners, other District rates apply only to the approximately one-third of City property owners whose
property is located within that District's geographic boundaries.
**The State of Minnesota enacted significant property tax reform measures in 2001. Among these measures were
several provisions which substantially reduced school district property tax levies, replacing the tax levy funds with
1 state aid. As a result, tax levies and tax rates for most school districts for taxes payable in 2002 are substantially lesE
than the comparable figures for prior years.
133
Table 6
Total
147.43%
139.90%
141.93%
133.20%
128.21%
134.88%
127.74%
124.03%
117.73%
137.41%
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
Table 7
Source: Official Statements for the City of St. Anthony
134
2008
1999
Percentage
Percentage
Tax
of Total City
Tax
of Total City
Capacity
Capacity
Capacity
Capacity
Taxpayer
Value
Rank
Value
Value
Rank
Value
St. Anthony Retail Development
$899,438
1
9.96%
$ -
-
0.00%
St. Anthony Leased Housing Assoc.
364,550
2
4.04%
-
-
0.00%
Autumn Woods Partnership LP
205,800
3
2.28%
-
-
0.00%
Equinox Properties LLC
179,550
4
1.99%
134,064
5
2.35%
LG Anderson LLC/Apache Medical
89,250
7
0.99%
-
-
0.00%
Northern Gopher Enterprises, Inc.
105,345
5
1.17%
-
-
0.00%
St. Anthony Shopping Center
98,252
6
1.09%
-
-
0.00%
Xcel Energy
-
0.00%
-
-
0.00%
Landau -3925 Pleasant
82,808
8
0.92%
-
-
0.00%
Chandler Place LP
82,329
10
0.91%
-
-
0.00%
St. Anthony Nursing Home LP
82,449
9
0.91%
194,184
2
3.40%
St. Marie Company
-
-
0.00%
163,877
4
2.87%
Glaser Financial Group Inc.
-
-
0.00%
263,280
1
4.61%
Northern States Power Company
-
-
0.00%
101,035
6
1.77%
Village North
-
-
0.00%
97,871
7
1.71%
St. Anthony Business Center
-
-
0.00%
-
0.00%
Super Value
-
-
0.00%
192,916
3
3.38%
Individual
-
-
0.00%
-
0.00%
Total
$2,189,771
24.26%
$1,147,227
22.33%
Total All Property
$9,029,154
$5,713,569
Source: Official Statements for the City of St. Anthony
134
r
CITY OF ST. ANTHONY, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Table 8
r Fiscal
Taxes
Collected Within The
Collections
Year
Levied
Fiscal Year of the Levy
in
Total Collections to Date
Ended
For The
Percentage
Subsequent
Percentage
' December 31,
Fiscal Year
Amount
of Levy iD
Years
Amount
of Levy
1999
$1,868,888
$1,862,491
99.66%
$6,202
$1,868,693
99.99%
2000
1,900,515
1,893,309
99.62%
9,973
1,903,282
100.15%
2001
2,051,067
2,038,887
99.41%
7,788
2,046,675
99.79%
2002
2,634,866
2,625,911
99.66%
7,923
2,633,834
99.96%
2003
2,731,541
2,721,724
99.64%
8,129
2,729,853
99.94%
2004
3,370,364
3,349,081
99.37%
12,095
3,361,176
99.73%
2005
3,689,759
3,655,463
99.07%
32,287
3,687,750
99.95%
j 2006
3,812,957
3,776,369
99.04%
33,327
3,809,696
99.91%
2007
4,123,032
4,079,891
98.95%
30,012
4,109,903
99.68%
2008
4,415,588
4,352,700
98.58%
-
4,352,700
98.58%
]r) Beginning with payable year 2002, Market Value Homestead Credit is included in the operating levy.
Sources: 1999 - 2004 Official Statements for the City of St. Anthony
2005 - 2008 St. Anthony Finance Department
135
CITY OF ST. ANTHONY, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Four Fiscal Years
Source: St. Anthony Finance Department
Information is not available for years prior to 2005.
136
Governmental Activities
General
Tax
Total
Percentage
Fiscal
Obligation
Improvement
Increment
Revenue
Fannie
Governmental
of Adjusted
Year
Bonds
Bonds
Bonds
Bonds
Mae Loan
Activities
Tax Capacity
2005
$1,435,000
$11,210,000
$2,355,000
$6,600,000
$3,350,000
$24,950,000
341.36%
2006
1,245,000
11,300,000
6,145,000
6,310,000
3,350,000
28,350,000
348.93%
2007
1,055,000
12,675,000
10,605,000
6,010,000
2,500,000
32,845,000
358.57%
2008
945,000
13,015,000
10,375,000
5,615,000
2,500,000
32,450,000
359.39%
Note: Details
regarding the City's outstanding debt can be found in the notes to the financial statements.
(') Information not available is labeled
N/A
Source: St. Anthony Finance Department
Information is not available for years prior to 2005.
136
r
1
Business -Type Activities
Sewer/
Liquor
Total
Water
Revenue
Business -Type
1 Bonds
Bonds
Activities
f $2,125,000
I
$495,000
$2,620,000
i
2,050,000
425,000
2,475,000
1,975,000
350,000
2,325,000
1,895,000
270,000
2,165,000
E
0
Table 9
Sewer/
Water
Bonds
Total
Percentage
Per
Primary
of Personal
Per
Customer
Government
Income 1
Capita
$932
$27,570,000
N/A
$3,357
896
30,825,000
N/A
3,924
1,070
32,845,000
N/A
3,847
824
32,450,000
N/A
3,818
137
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of December 31, 2008
Governmental Unit
Debt repaid with property taxes: (D
School Districts:
ISD No. 282
NE Metro Intermediate School District No. 916
Counties:
Hennepin
Ramsey
Other:
Metropolitan Council
Three Rivers Park District
Subtotal - overlapping debt
City direct debt (2)
Total direct and overlapping debt
Sources: (')Official Statements for City of St. Anthony
(I) St. Anthony Finance Department
Estimated
Debt Percentage
Outstanding Applicable*
Table 10
Estimated
Share of
Overlapping
Debt
$24,575,000 84.1841% $20,688,245
0 0
576,820,000 0.4066% 2,345,070
165,540,000 0.4355% 720,871
157,950,000 0.2476% 391,097
75,800,000 0.5470% 414,589
24,559,872
29,950,000
$54,509,872
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is home by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long -tern
debt, the entire debt burden bome by the residents and businesses should be taken into account. However, this does not
imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
*For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed
property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable
assessed value that is within the City's boundaries and dividing it by each unit's total taxable assessed value.
138
M
0
2005*
2006*
CITY OF ST. ANTHONY, MINNESOTA
2008
LEGAL DEBT MARGIN INFORMATION
Table 11
r Last Four Fiscal Years
I
$26,094,699
Legal Debt Margin Calculation for Fiscal Year 2008
4,429,013
Market value
$869,823,300
Debt limit (3% of market value)
26,094,699
Debt applicable to limit:
$20,352,850
General obligation bonds
6,665,000
Less: Amount set aside for repayment
of general obligation debt
(923,151)
Total net debt applicable to limit
5,741,849
Legal debt margin
$20,352,850
M
0
2005*
2006*
2007*
2008
Debt limit $13,406,318
$14,610,820
$17,870,856
$26,094,699
Total net debt applicable to limit 4,776,007
4,429,013
4,099,637
5,741,849
Legal debt margin $8,630,311
$10,181,807
$13,771,219
$20,352,850
Total net debt applicable to the limit as a
percentage of debt limit 35.63% 30.31%
Source: Market Value - Hennepin County and Ramsey County, Minnesota Assessor's Offices
Information is not available for years prior to 2005.
*Debt limit was 2% of market value
139
30.31% 22.00%
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Four Fiscal Years
140
Storm Sewer Revenue Bonds
Utility Less
Net
Fiscal Service Operating
Available
Debt Service
Year Charges Expenses
Revenue
Principal Interest
Coverage
2005 $163,951 $ -
$163,951
$95,000
$68,448
100%
2006 169,255 -
169,255
100,000
63,670
103%
2007 167,373 -
167,373
105,000
58,595
102%
2008 167,373 -
167,373
110,000
53,220
103%
Note: Details regarding the City's outstanding debt can be found in the notes
to the financial statements.
Operating
expenses do not include interest, depreciation, or amortization expenses.
Information is not available for years prior to 2005.
140
Table 12
Page 1 of 2
a
r
0
141
L
Water and Sewer Revenue Bonds
Utility
Less
Net
Service
Operating
Available
Debt Service
Charges
Expenses
Revenue
Principal
Interest
Coverage
$1,527,505
$1,210,943
$316,562
$75,000
$82,195
201%
1,556,004
1,387,657
168,347
75,000
80,694
108%
1,691,871
1,480,228
211,643
75,000
78,750
138%
1,615,721
1,576,269
39,452
80,000
77,236
25%
a
r
0
141
L
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Four Fiscal Years
142
Liquor Revenue Bonds
Less
Net
Fiscal Net Sales Operating
Available
Debt Service
Year (Gross Profit) Expenses
Revenue
Principal Interest
Coverage
2005 $1,169,359 $766,082
$403,277
$65,000
$32,150
415%
2006 1,362,796 839,959
522,837
70,000
29,619
525%
2007 1,475,679 985,377
490,302
75,000
24,438
493%
2008 1,475,173 1,049,110
426,063
80,000
20,125
426%
Note: Details regarding the City's outstanding debt can be found in the notes
to the financial statements.
Operating
expenses do not include interest, depreciation, or amortization expenses.
Information is not available for years prior to 2005.
142
Table 12
Page 2 of 2
r
143
Improvement Bonds
Tax Increment Bonds
Special
Tax
Assessment
Debt Service
Increment
Debt Service
Collections
Principal
Interest
Coverage
Collections
Principal
Interest
Coverage
$1,548,836
$485,000
$323,582
192%
$410,968
$105,000
$145,381
164%
589,812
3,100,000
390,118
17%
851,309
1,185,000
95,263
66%
441,327
675,000
480,360
38%
1,469,532
180,000
384,296
260%
385,197
1,570,000
495,649
19%
1,682,549
230,000
538,369
219%
143
CITY OF ST. ANTHONY, MINNESOTA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
Table 13
Sources:
Information is not tracked on a yearly basis for individual cities. Data for Hennepin County was used.
Source - Hennepin County
2 Information not available is labeled N/A
3 Official Statements for the City of St. Anthony
144
Per
Capita
Fiscal
Personal
Personal
Unemployment
Year
Population 131
Income 121131
Income'
Rate'
1999
8,435
$338,057,930
$40,078
2.00%
2000
8,012
345,116,900
43,075
2.60%
2001
8,019
349,171,317
43,543
3.60%
2002
8,019
352,090,233
43,907
4.60%
2003
8,012
363,296,128
45,344
4.80%
2004
8,019
385,272,855
48,045
4.50%
2005
8,012
N/A
N/A
3.40%
2006
7,855
N/A
N/A
3.60%
2007
8,361
N/A
N/A
4.20%
2008
8,361
N/A
N/A
5.00%
Sources:
Information is not tracked on a yearly basis for individual cities. Data for Hennepin County was used.
Source - Hennepin County
2 Information not available is labeled N/A
3 Official Statements for the City of St. Anthony
144
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL EMPLOYERS Table 14
Current Year and Nine Years Ago
t
I
Employer
Employees
2008
Rank
Percentage
of Total
City
Employment
Employees
1999*
Rank
Percentage
of Total
City
Employment
St. Anthony Health Center and Chandler Place
285
1
250
1
7.39%
ISD No. 282 (St. Anthony - New Brighton)
240
2
187
2
5.53%
Wal-Mart
238
3
-
-
-
Cub Foods
175
4
-
-
-
City of St. Anthony
125
5
-
-
-
Industrial Custom Products
50
9
-
-
-
St. Charles Borromeo Parish
65
7
-
-
-
Happy's Potato Chip Company
50
8
-
-
-
Triangle Industries
89
6
-
-
-
Culver's of St. Anthony
-
-
-
-
-
Francis A. Gross Golf Course
50
10
-
-
-
Applebee's
-
-
-
Apache Plaza Mall
-
-
115
3
-
Herbergers
85
4
-
Wendy's
-
-
-
-
r
r Total
1,367
0.00%
637
12.92%
t
* Data is not available for more than the top four employers in 1999
145
CITY OF ST. ANTHONY, MINNESOTA
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program
General government:
Administration
Finance
Police:
Officers
Support staff
Community service officer
Volunteers (non -paid)
Fire:
Firefighters
Volunteers (paid on call)
Public works:
Administration
Street
Park
Water/Sewer
Mechanic
Seasonal
Liquor operations:
Off -sale:
Full-time
Market Place - part-time
Silver Lake Village - part-time
On -sale:
Full-time
Stonehouse - part-time
Total
Source: City of St. Anthony
Full -Time Equivalent Employees as of December 31,
1999 2000 2001
3.00
3.00
3.00
4.50
4.50
4.50
20.00
20.00
20.00
2.00
2.00
2.00
1.00
1.00
1.00
12.00
12.00
12.00
7.00
7.00
7.00
2.75
2.75
3.00
2.00
2.00
2.00
6.00
6.00
6.00
2.00
2.00
2.00
2.00
2.00
2.00
1.00
1.00
1.00
10.00
10.00
10.00
4.00
4.00
4.00
5.25
5.25
5.25
5.25
5.25
5.25
4
4
4
9
9
9
102.50
102.50
102.75
146
Table 15
11
n
1
147
L.
Full -Time Equivalent Employees as of December 31,
2002
2003
2004
2005
2006
2007
2008
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.50
4.50
4.50
4.50
4.50
4.50
4.75
i
20.00
20.00
20.00
20.00
20.00
22.00
23.00
2.00
2.00
2.00
2.00
2.00
2.00
2.50
1.00
0.50
0.50
0.50
0.50
1.00
1.00
12.00
12.00
12.00
12.00
12.00
12.00
12.00
7.00
7.00
7.00
7.00
7.00
7.00
7.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
5.00
5.00
6.00
6.00
6.00
6.00
2.00
2.00
3.00
3.00
3.00
3.00
3.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
10.00
10.00
10.00
10.00
10.00
10.00
10.00
4.00
5.00
5.00
4.00
4.00
4.00
4.00
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
4
9
101.75
89.50
90.50
90.50
90.50
93.00
94.75
11
n
1
147
L.
CITY OF ST. ANTHONY, MINNESOTA
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program
Police: *
Moving violation
Non-moving violations
DWI
Traffic arrests
Gross misdemeanor arrests
Felony arrests
Warrant arrests
Fire:
Emergency responses
Medical responses
Fires
Inspections **
Building inspection:
Permits issued
Other public works:
Street resurfacing (miles)
Potholes filled (tons)
Water:
New connections
Water mains breaks
Average daily consumption (thousands of gallons)
Peak daily consumption (thousands of gallons)
* Police statistics are for St Anthony only
** Began monitoring inspection in 2006
*** Unavailable for years prior to 2002
****Unavailable
Source: City of St. Anthony
148
Fiscal Year
1999 2000 2001
2,088
1,976
1,778
443
487
447
38
28
26
434
508
455
175
141
110
27
39
45
84
71
48
845
938
902
619
681
618
26
33
44
414
314
313
1
1
1
12
12
9
9
9
8
903
1,002
971
Table 16
149
Fiscal Year
2002
2003
2004
2005
2006
2007
2008
1,833
1,772
2,072
1,560
2,246
2,357
2,137
527
601
544
501
632
627
494
25
37
60
56
114
26
61
' 461
400
587
515
750
831
815
160
179
150
181
162
158
203
37
52
32
54
67
45
44
1 32
31
31
23
22
29
32
885
901
925
1,043
980
976
1,055
576
568
586
646
704
696
768
46
47
46
47
28
40
89
'
197
78
81
313
277
341
346
292
255
262
1
1
1
1
1
2
2
10
8
8
7
5
35
20
-
-
-
-
14
16
10
7
10
8
10
3
32
8
876
961
898
903
922
990
902
1,495
1,278
1,601
2,192
2,454
2,500
2,157
149
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Function/Program
Police:
Stations
Patrol units
Fire stations(')
Other public works:
Streets (miles)
Parks and recreation:
Acreage
Playgrounds
Baseball/softball diamonds (b)
Soccer/football fields (b)
Community centers
Liquor operations:
On/off sale location(`
Water:
Water mains (miles)
Fire hydrants
Storage capacity (thousands of gallons)
Wastewater:
Sanitary sewers (miles)
Storm sewers (miles)
a.) Leased Fire Station during construction
b.) Park construction Silver Point 2000-2001, Central Park 2003-2004
c.) Closed Stonehouse Bar and SAV I in 2003, reopened SAV I in 2004,
SAV 2 closed 3 weeks in September 2004 to move to new location.
Source: City of St. Anthony
150
Fiscal Year
1999 2000 2001
1
1
1
11
11
11
I
1
1
24.7
24.7
24.7
40
40
40
3
2
2
6
4
4
I
3
3
3
24.7
24.7
24.7
283
283
283
2,250
2,250
2,250
24.7
24.7
24.7
15.0
15.0
15.0
Table 17
151
Fiscal Year
2002
2003
2004
2005
2006
2007
2008
1
I
I
]
I
1
1
11
11
12
12
12
12
12
1
1
I
1
1
1
24.7
24.7
24.7
24.7
24.7
24.7
24.7
40
40
40
40
40
40
40
4
3
3
4
4
4
4
3
3
7
7
7
7
7
2
2
2
2
2
1
1
1
1
1
1
1
3
1
2
2
2
2
2
24.7
24.7
24.7
24.7
24.7
24.7
24.7
283
283
283
283
283
287
287
2,250
2,250
2,250
2,250
2,250
2,250
2,250
24.7
24.7
24.7
24.7
24.7
24.7
24.7
15.0
15.0
15.0
15.0
15.0
15.0
15.0
151
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