HomeMy WebLinkAbout2010 CAFRCOMPREHENSIVE ANNUAL FINANCIAL REPORT
C4797i11 w
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2009
Prepared By:
Finance Department
Roger Larson,
Finance Director
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CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Page
Reference No.
Letter of Transmittal 3
Organization 7
Organization Chart 8
II. FINANCIAL SECTION
Independent Auditor's Report
11
Management's Discussion and Analysis
13
Basic Financial Statements:
Govenunent-Wide Financial Statements:
Statement of Net Assets
Statement 1
27
Statement of Activities
Statement 2
28
Fund Financial Statements:
Balance Sheet - Governmental Funds
Statement 3
30
Statement of Revenues, Expenditures and Changes in Fund Balance -
Govermnental Funds
Statement 4
32
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds
Statement 5
34
Statement of Net Assets - Proprietary Funds
Statement 6
35
Statement of Revenues, Expenses and Changes in Fund Net Assets -
Proprietary Funds
Statement 7
36
Statement of Cash Flows - Proprietary Funds
Statement 8
37
Notes to Financial Statements
39
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund
Statement 9
82
Budgetary Comparison Schedule - Note to RSI
87
Schedule of Funding Progess - Other Post Employment Benef its Plan
Statement 10
88
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 11 94
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Nonmajor Governmental Funds Statement 12 95
Subcombining Balance Sheet - Nonmajor Special Revenue Funds
Statement 13
98
Subcombining Statement of Revenues, Expenditures and Changes in
Exhibit 2
123
Fund Balance - Nonmajor Special Revenue Funds
Statement 14
100
Subcombining Balance Sheet - Nonmajor Debt Service Funds
Statement 15
104
Subcombining Statement of Revenues, Expenditures and Changes in
Exhibit 4
125
Fund Balance - Nonmajor Debt Service Funds
Statement 16
106
Subcombining Balance Sheet - Nonmajor Capital Project Funds
Statement 17
110
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds
Statement 18
112
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Community Center Fund
Statement 19
115
Police Forfeiture Fund
Statement 20
116
Recycling Fund
Statement 21
117
HRA Fund
Statement 22
118
Fire Education/Training Fund
Statement 23
119
Supplementary Financial Information:
HRA Debt Service Fund
Balance Sheet
Exhibit 1
122
Schedule of Revenues, l?
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Revenue Capacity
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 136
Direct and Overlapping Property Tax Rates Table 6 137
Principal Property Taxpayers Table 7 138
Property Tax Levies and Collections Table 8 139
Debt Capacity
Ratios of Outstanding Debt by Type
"fable 9
Page
Direct and Overlapping Governmental Activities Debt
Reference
No.
III. STATISTICAL SECTION (Unaudited)
Table 11
143
Financial Trends:
Table 12
144
Net Assets by Component
Table 1
129
Changes in Net Assets
Table 2
130
Fund Balances - Governmental Funds
Table 3
133
Changes in Fund Balances - Govermnental Funds
Table 4
134
Revenue Capacity
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 136
Direct and Overlapping Property Tax Rates Table 6 137
Principal Property Taxpayers Table 7 138
Property Tax Levies and Collections Table 8 139
Debt Capacity
Ratios of Outstanding Debt by Type
"fable 9
140
Direct and Overlapping Governmental Activities Debt
Table 10
142
Legal Debt Margin Information
Table 11
143
Pledged Revenue Coverage
Table 12
144
Demographic and Economic:
Demographic and Economic Statistics
Table 13
148
Principal Employers
Table 14
149
Operating Information:
Full -Time Equivalent City Government Employees by Function/Program
Table 15
150
Operating Indicators by Function/Program
"fable 16
152
Capital Asset Statistics by Function/Program
Table 17
154
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I. INTRODUCTORY SECTION
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3301 Silver Lake Road, St. Anthony, Minnesota 55418-1699
Office: (612) 782-3301 • Fax: (612) 782-3302 - www.ci.saint-anthony.mn.us
May 18, 2010
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, 2009.
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, 2009. 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 complement 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 8,437.
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 community, a walkable village, which is safe and secure.
3
The City is served by Independent School District (ISD) 4282 (St. Anthony), which has a
2009/2010 enrollment of approximately 1,650, operates one elementary school, a junior
high and senior high in the City. In addition, a private school, St. Charles Borromeo,
offers K-8 grade education with enrollment of approximately 325 students.
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, overseeing the day-to-day operations of the City, and 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 the 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.
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 -tern
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
Funds have been established for the replacement of the City's roads and infrastructure,
including the resurfacing and reconstruction of City's streets, sidewalks and stone 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.
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. hi 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.
Awards: The City of St. Anthony worked with the Middle Mississippi Watershed
Management Organization on a Water Re -Use Project which collects ground water run
off into a large holding tank that is used to irrigate Central Park. The City received
several awards for the project including:
1) ACEC - Minnesota Engineering Excellence Grand Award.
2) League of Minnesota Cities — City of Excellence Award.
(Population 5,000 —19,999)
3) MWPA —Project of the Year (Honorable Mention).
4) CEAM —Municipal Project of the Year (Honorable Mentions).
Grants: Each year, the City actively participates in Federal, State and County
administered grants. In 2009 the Police, Fire and Public Works Departments received a
variety of safety and training grants. A list of the 2009 public safety and recycling grants
includes:
A. Safe and Sober Grant — Alcohol Compliance Grant,
B. Operation Nite-Cap — Alcohol Compliance Grant.
C. State of Minnesota - Underage Alcohol Compliance Grant.
D. State and Federal Bullet Proof Vest Grant.
E. Minnesota Firefighter Disability Grant.
F. Minnesota Department of Labor — Public Works Safety Grant.
G. Metro Emergency Services Grant — Public Safety Grant.
H. 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 2009, the City continued to receive funding for the "Citizens Academy"
which provides alcohol awareness and safety training to our residents.
In addition, the City also received additional funding from local businesses 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 Morrison G Roger A. Larson,
City Manager Finance Director
CITY OF ST. ANTHONY, MINNESOTA
ORGANIZATION
December 31, 2009
Term Expires
Mayor:
Jerry Faust December 31, 2011
Council Members
Hal Gray December 31, 2011
Jim Roth December 31, 2011
Randy Stille December 31, 2009
Brian Thuesen December 31, 2009
City Manager:
Michael Momson Appointed
Finance Director:
Roger A. Larson, Sr. Appointed
7
0
0
IL FINANCIAL SECTION
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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, 2009, 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, 2009, 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.
As discussed in Note 7 to the financial statements, the City of St. Anthony, Minnesota
implemented Governmental Accounting Standard Board Statement No. 45, Accounting and
Financial Reporting by Employers for Post -Employment Benefits Other Than Pensions, as of
and for the year ended December 31, 2009. This Statement results in the City of St.
Anthony, Minnesota reporting a liability for post -employment benefits that the City of St.
Anthony, Minnesota provides to its employees.
4810 White Bear Parkway White Dear Lake, Minnesota 55110 651 426 7000
140r,uA,,, ld,au, Lid. rs i, "'h,' h¢n'i 'l' dd-�eiC a,P a afexa mg 1bmii ,, 16,sors.
651 426 5004 Fax I wm'w.hllnr.com
Equal Opportunity Employer
In accordance with Government Auditing Standards, we have also issued our report dated
May 18, 2010 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.
The Management's Discussion and Analysis and the budgetary comparison information on
pages 13 through 23 and 82 through 88, 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.
HLB TAUTGES REDPATI-1, LTD.
White Bear Lake, Minnesota
May 18, 2010
12
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, 2009.
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 $21,601,533 (net assets). Of this amount, $5,859,051 (unrestricted
net assets) may be used to meet the City's ongoing obligations to citizens and creditors.
• The City's total net assets decreased by $161,733 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 $13,433,862, an increase of $1,854,376 in
comparison with the prior year stated fund balances. Approximately 36.8% of this total
amount, $4,944,244, is available for spending at the City's discretion (unreserved/
undesignated fund balance).
• At the end of the current fiscal year, unreserved fund balance for the General Fund was
$1,471,584 or 28.3% of total General Fund expenditures.
• The City of St. Anthony's total bonded debt increased by $3,925,000 (10.8%) during the
current fiscal year. The key factors in this increase were; 1) pay off of the 2000B State Aid
Bond totaling $460,000; 2) pay off of the 2000A Storm Sewer Revenue Bond G.O totaling
$945,000; 3) principal retirement of $1,490,000; 4) issuance of the 2009A $5,175,000 G.O.
Improvement Bonds; and 5) issuance of the 2009B $1,645,000 G.O. Refunding Bonds.
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-rvide,/inaracial.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,
increases or decreases in net assets may serve as a useful indicator of whether the financial
position of the City of St. Anthony, Minnesota is improving or deteriorating.
13
The statement of activities presents information showing how the City's net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cashflows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government -wide financial statements distinguish functions of the City of St.
Anthony, Minnesota that are principally supported by taxes and intergovernmental revenues
(governmental activities) from other functions that are intended to recover all or a significant
portion of their costs through user fees and charges (business -type activities). The governmental
activities of the City of St. Anthony, Minnesota include general government, public safety,
public works, parks and recreation, services to other cities and HRA activities. The business -
type activities of the City of St. Anthony, Minnesota include the operation of water and sewer
utilities and the municipal off -sale liquor stores.
The government -wide financial statements include not only the City of St. Anthony, Minnesota
itself (known as the primary government), but also a legally separate Housing and
Redevelopment Authority (HRA) for which the City of St. Anthony, Minnesota is financially
accountable. The HRA functions for all practical purposes as a department of the City of St.
Anthony, Minnesota, and therefore has been included as an integral part of the primary
government.
The government -wide financial statements can be found on Statements 1 and 2 of this report.
Fund financial statements. Afund is a grouping of related accounts that are used to maintain
control over resources that have been segregated for specific activities or objectives. The City of
St. Anthony, Minnesota, like other state and local governments, uses find accounting to ensure
and demonstrate compliance with finance -related legal requirements. All of the funds of the City
of St. Anthony, Minnesota can be divided into two categories: governmental funds and
proprietary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements. However,
unlike the government -wide financial statements, governmental fund financial statements focus
on near-term inflows and outflows of spendable resources, as well as on balances of spendable
resources available at the end of the fiscal year. Such information may be useful in evaluating a
City's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government -wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government -wide financial statements.
By doing so, readers may better understand the long-term impact of the City's near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
statement of revenues, expenditures and changes in fund balance provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The City of St. Anthony, Minnesota maintains 27 individual governmental funds. Information is
presented separately in the governmental fiord balance sheet and in the governmental fund
14
statement of revenues, expenditures and changes in fund balance for the General, Water
Filtration and Purification Fund, Street Improvement Debt Service, HRA Debt Service, Street
Improvement Projects, HRA Projects, Storm Water Improvement, Silver Lake Road Project and
2009 Improvement Project, all of which are considered to be major funds. Data from the other
18 governmental funds are combined into a single, aggregated presentation. Individual fund data
for each of these nonmajor governmental funds is provided in the form of combining and
subcombining statements and schedules elsewhere in this report.
The City of St. Anthony, Minnesota adopts an annual appropriated budget for its General Fund.
A budgetary comparison statement has been provided for the General Fund to demonstrate
compliance with this budget.
The basic governmental fund financial statements can be found on Statements 3 through 5 of this
report.
Proprietary funds. The City of St. Anthony, Minnesota maintains two different types of
proprietary funds. Enterprise funds are used to report the same functions presented as business -
type activities in the government -wide financial statements. The City of St. Anthony, Minnesota
uses enterprise funds to account for its water and sewer and municipal liquor operations.
Internal service funds are an accounting device used to accumulate and allocate costs internally
among the City of St. Anthony, Minnesota's various functions. The City of St. Anthony,
Minnesota uses an internal service fund to account for its compensated absences. Because these
services predominantly benefit governmental rather than business -type functions, they have been
included within governmental activities in the government -wide financial statements.
Proprietary funds provide the same type of information as the government -wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the water and sewer and municipal liquor operations, which are considered to be
major funds of the City of St. Anthony, Minnesota.
The basic proprietary fund financial statements can be found on Statements 6 through 8 of this
report.
Notes to the financial statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government -wide and fund financial statements.
The notes to the financial statements can be found following Statement 8 of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds
are presented immediately following the required supplementary information on budgetary
comparisons. Combining and individual fund statements and schedules can be found on
Statements 11 through 23 of this report.
15
Government -wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a City's financial
position. In the case of the City of St. Anthony, Minnesota, assets exceeded liabilities by
$21,601,533 at the close of the most recent fiscal year.
A portion of the City of St. Anthony, Minnesota's net assets (33.9%) reflects its investment in
capital assets (e.g., land, buildings, machinery, and equipment); less any related debt used to
acquire those assets that are still outstanding. The City of St. Anthony, Minnesota uses these
capital assets to provide services to citizens; consequently, these assets are not available for
future spending. Although the City of St. Anthony, Minnesota's investment in its capital assets
is reported net of related debt, it should be noted that the resources needed to repay this debt
must be provided from other sources, since the capital assets themselves cannot be used to
liquidate these liabilities.
City of St. Anthony, Minnesota's Net Assets
An additional portion of the City of St. Anthony, Minnesota's net assets (38.9%) represents
resources that are subject to external restrictions on how they may be used. The remaining
balance of unrestricted net assets (27.2%) may be used to meet the government's ongoing
obligations to citizens and creditors.
At the end of the current fiscal year, the City of St. Anthony, Minnesota is able to report positive
balances in all three categories of net assets, both for the City as a whole, as well as for its
separate governmental and business -type activities.
16
Governmental Activities
BusinessJype
Activities
Totals
2009
2008
2009
2008
2009
2008
Current and other assets
$17,475,776
$17,594,836
$1,279,178
$1,604,909
$18,754,954
$19,199,745
Capital assets
36,520,639
32,981,668
7,017,685
6,910,674
43,538,324
39,892,342
Total assets
$53,996,415
$50,576,504
$8,296,863
$8,515,583
$62,293,278
$59,092,087
Long Icon liabilities mnstanding
$33,174,378
$30,990,701
$1,931,013
$2,080,627
$35,105,391
$33,071,328
Other liabilities
5,088,842
3,731,067
497,512
526,426
5,586,354
4,257,493
Total liabilities
$38,263,220
$34,721,768
$2,428,525
$2,607,053
$40,691,745
$37,328,821
Net assets:
Invested in capital assets net of related debt
$2,315,775
$3,000,881
$5,017,685
$4,745,674
$7,333,460
$7,746,555
Restricted
8,289,022
3,271,180
120,000
120,000
8,409,022
3,391,180
Unrestricted
5,128,398
9,582,675
730,653
1,042,856
5,859,051
10,625,531
Total net assets
$15,733,195
$15,854,736
$5,868,338
$5,908,530
$21,601,533
$21,763,266
An additional portion of the City of St. Anthony, Minnesota's net assets (38.9%) represents
resources that are subject to external restrictions on how they may be used. The remaining
balance of unrestricted net assets (27.2%) may be used to meet the government's ongoing
obligations to citizens and creditors.
At the end of the current fiscal year, the City of St. Anthony, Minnesota is able to report positive
balances in all three categories of net assets, both for the City as a whole, as well as for its
separate governmental and business -type activities.
16
The City's net assets decreased by $161,733 during the current fiscal year. The key element for
the decrease was that unrestricted, capital and operating grants were lower than the previous
year.
City of St. Anthony, Minnesota's Changes in Net Assets
Revenues:
Program revenue:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenue:
Property taxes
Other taxes
Grants and contributions
not restricted to specific programs
Other
Total revenues
Expenses:
General government
Public safety
Public works
Parks and recreation
Services to other cities
Housing and redevelopment
Interest on long-term debt
Liquor
Water
Sewer
Total expenses
Excess before transfers
Transfers
Increase (decrease)in net assets
Net assets - January
Net assets - December 31
Governmental Activities
Business -Type
Activities
Totals
2009
2008
2009
2008
2009
2008
$2,128,956
$1,937,648
$8,195,292
$7,975,452
$10,324,248
$9,913,100
456,357
522,542
-
-
456,357
522,542
1,659,382
1,684,417
-
-
1,659,382
1,684,417
4,442,708
4,118,365
-
-
4,442,708
4,118,365
1,952,704
1,753,559
-
-
1,952,704
1,753,559
20,918
88,291
-
-
20,918
88,291
228,845
439,791
439,791
36,074
668,636
475,865
10,889,870
10,544,613
8,635,083
8,011,526
19,524,953
18,556,139
1,160,932
1,231,302
-
-
1,160,932
1,231,302
2,937,528
2,656,975
-
-
2,937,528
2,656,975
1,839,163
1,436,309
-
-
1,839,163
1,436,309
424,590
416,881
-
-
424,590
416,881
1,026,842
940,807
-
-
1,026,842
940,807
2,534,700
536,068
-
-
2,534,700
536,068
1,407,527
1,497,107
-
-
1,407,527
1,497,107
-
-
6,156,097
5,969,076
6,156,097
5,969,076
-
-
843,723
794,433
843,723
794,433
932,979
860,918
932,979
860,918
11,331,282
8,715,449
7,932,799
7,624,427
19,264,081
16,339,876
(441,412)
1,829,164
702,284
387,099
260,872
2,216,263
319,871
(1,514 827)
(319,871)
1,514,827
(121,541)
314,337
382,413
1,901,926
260,872
2,216,263
15,854,736
15,540,399
5,908,530
4,006,604
21,763,266
19,547,003
$15,733,195
$15,854,736
$6,290,943
$5,908,530
$22,024,138
$21,763,266
17
Governmental Activities. Governmental activities decreased the City of St. Anthony's net
assets by $121,541. The key factor of the decrease was that unrestricted, capital and operating
grants were lower than the previous year.
Revenues by
Source-
Grants and
con tributionsnot
Governmental
restricted to
Charges for
Activities
specific programs Other2%
services 20%
O
Operating
grants and
Tax increments
z�
contributions
18%
.
Property
taxes
41%
_
Capital grants and
contribufions 15%
For the most part, increases in expenses closely paralleled inflation and growth in the demand for
services.
18
Business -type activities. Business -type activities decreased net assets by $40,192. The key
factor for the decrease was that charges for sanitary waste disposal were increased by the
Metropolitan Council Enviromnental Services.
Revenues by
Source -
Business -Type
Activities Miscellaneous
Charges for
services 99%
Financial Analysis of the City's Funds
As noted earlier, the City of St. Anthony uses fiord accounting to ensure and demonstrate
compliance with finance -related legal requirements.
Governrnental,iirnds. The focus of the City of St. Anthony, Minnesota's governmentaljunds is
to provide information on near-term inflows, outflows, and balances of spendable resources.
Such information is usefid in assessing the City of St. Anthony, Minnesota's financing
requirements. In particular, Unreserved fwmd balance may serve as a useful measure of the City'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 fiord balances of $13,433,862, an increase of $1,854,376 in
comparison with the prior year restated amounts. Approximately 53.0% of this total amount
($7,115,664) constitutes unreserved, fund balance, which is available for spending at the City's
discretion. This includes amounts that have been designated for 1) general fund operations
($1,471,584), 2) special revenue funds ($160,827) and 3) capital project funds ($539,029).
19
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 ($54,648), 2) to pay debt service
($5,022,328), and 3) to pay for tax increment projects ($1,241,212).
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 $1,471,584, while
total fund balance reached $1,525,433. 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 28.3% of total General Fund expenditures and
total fund balance represents 29.3% of that same amount.
During the current fiscal year, the fund balance in the General Fund increased by $84,929.
The City's Water Filtration and Purification Fund had a total fund balance of $5,226,484.
The Street Improvement Debt Service Fund increased by $1,270,415 as annual debt payment
requirements were less than assessment collections, property tax collections, bond proceeds and
interest.
The HRA Debt Service Fund increased by $171,104 as the annual debt service requirements
were less than the revenue collected.
The Street Improvement Projects Fund decreased by $536,182 as the construction costs incurred
were more than the bond proceeds and other funding sources.
The HRA Projects Funds increased by $372,458 to a balance of $1,279,858. The Ivey factor in
this was tax increment collections exceeded expenditures.
The Storm Water Improvement Fund decreased by $124,117 as a result of construction payments
for the Water Reuse Project.
The Silver Lake Road Project Fund decreased $236,701 as a result of the year-to-date
construction costs and payments to Hennepin County.
The 2009 Street Improvement Project Fund increased by $270,726 as a result of the sale of a
$2,630,000 Road Improvement Bond, payments to contractors and pending final construction
expenses.
Non -major Special Revenue Funds decreased by $22,377 to a balance of $103,616.
Non -major Debt Service Funds had a total fund balance of $1,127,314, all of which is reserved
for the payment of debt service. The net increase in find balance during the current year in the
non -major debt service funds was $854,781.
Non -major Capital Project Funds had a total find balance of $151,937, a decrease of $26,292.
20
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 in the Liquor Operations and Water and Sewer Funds at the end of the
year amounted to $730,653. The total net assets for each fund were: Liquor— $2,057,1591-
Water
2,057,159;Water and Sewer - $3,811,179.
General Fund Budgetary Highlights
Variances from original to final budget are as follows:
• The 2009 General Fund original operating budget was reduced by $135,000 to reflect the
market value homestead credit unalloted by the State of Minnesota.
Variances from actual to budget can be briefly summarized as follows:
• Building and plumbing permit revenue exceeded the budget by $124,607.
• Unbudgeted public safety grants and revenue from private sources provided $45,787 in
funding for safety and alcohol compliance.
• Municipal court fines exceeded budget by $5,068.
• Interest earnings were less than budget by $14,366.
• Cable franchise fees exceeded budget by $16,909.
• Miscellaneous revenue exceeded budget by $8,302.
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, 2009 amounts to $43,538,324 (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 is 9.1 %.
21
Major capital asset events during the current fiscal year included the following:
• The annual street reconstruction and infrastructure improvement project was added.
Land
Land improvement
Buildings and structures
Furniture and fixtures
Infrastructure/streets
Stonn sewers
Stonu water
Less accumulated depreciation
Construction in progress
Total
City of St. Anthony, Minnesota's Capital Assets
(net of depreciation)
Governmental Activities
Business -Type
Activities
Totals
5,375,000
2009
2008
2009
2008
2009
2008
$3,378,842
$3,378,842
$5,653
$5,653
$3,384,495
$3,384,495
10,199
-
-
-
10,199
-
9,403,047
9,403,047
3,883,283
3,883283
13,286,330
13,286,330
2,962,254
2,906,840
1,429,469
589,977
4,391,723
3,496,817
20,808,158
20,679,541
6,797,402
6,522,693
27,605,560
27,202,234
428,469
401,913
-
-
428,469
401,913
1,468,902
-
-
-
1,468,902
-
(9,330,593)
(8,030,704)
(5,098,122)
(4,796,125)
(14,428,715)
(12,826,829)
7,391,361
4242,189
705,193
7,391,361
4,947,382
$36,520,639
$32981,668
$7,017,685
$6,910,674
$4 53538,324
$39,892,342
Additional information on the City of St. Anthony, Minnesota's capital assets can be found in
Note 4.
Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
total debt outstanding of $38,884,539. Of this amount, $23,985,000 comprises debt backed by
the full faith and credit of the City, $10,055,000 is backed by tax increments, $2,000,000 is
backed by revenues sources from the City of St. Anthony, Minnesota's enterprise funds and
$2,050,000 is G.O. improvement debt for which the City 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
Im
City of St. Anthony, Minnesota's Outstanding Debt
General Obligation and Revenue Bonds
Govermnental Activities 13usiness=Type Activities Totals
2009 2008 2009 2008 2009 2008
$19,320,000 $14,745,000
$19,320,000 $14,745,000
2,050,000
2,500,000 -
- 2,050,000
2,500,000
5,375,000
5,700,000 1,815,000
1,895,000 7,190,000
7,595,000
9,345,000
9,505,000 185,000
270,000 9,530,000
9,775,000
660,675
609,318 133,864
115,404 794,539
724,722
$36,750,675 $33,059,318 $2,133,864 $2,280,404 $38,884,539 $35,341,730
22
The City of St. Anthony's total bonded debt increased by $3,925,000 (10.8%) during the current
fiscal year. The key factors in this increase were; 1) pay off of the 2000B State Aid Bond
totaling $460,000; 2) pay off of the 2000A Storm Sewer Revenue Bond G.O totaling $945,000;
3) principal retirement of $1,490,000; 4) issuance of the 2009A $5,175,000 G.O. Improvement
Bonds; and 5) issuance of the 2009B $1,645,000 G.O. Refunding Bonds.
The City of St. Anthony, Minnesota maintains an "AA" rating from Standard and Poor'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 $24,778,098, which is in excess of the City of St. Anthony, Minnesota's
$6,460,000 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
• Healthy financial profile and a stable outlook including a very strong general fund balance.
• Strong income and wealth indicators relative to national levels.
• The taxable market value in the City has risen rapidly in the past five years averaging 12%.
The major development of Silver Lake Village contributed to the increase with its addition of
apartments, condominiums and commercial space in an area that was formally an enclosed
shopping mall.
• Extensive planning and management practices to maintain 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
2009 fiscal year.
In 2009, there were no increases in water and sewer rates. The revenue from water and sewer
operations totaled $1,583,317, which was less than expenditures by $116,602 (7.4%). 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 Stricture 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.
23
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24
BASIC FINANCIAL STATEMENTS
25
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26
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET ASSETS
December 31, 2009
Statement I
Liabilities:
2,315,775
Primary Government
7,333,460
7,746,555
Governmental
Business -Type
Totals
396,889
320,632
Activities
Activities
2009
2008
Assets:
Deposits payable
4,847
111,907
116,754
Cash and investments
$13,366,245
$55,507
$13,421,752
$11,716,422
Restricted cash and investments
-
155,311
155,311
149,256
Funds held in trust
455,147
-
455,147
455,830
Accrued interest
34,600
2,315
36,915
46,192
Due from other governmental units
35,192
-
35,192
16,941
Internal balances
215,575
(215,575)
-
-
Accounts receivable - net
666,239
417,788
1,084,027
3,492,779
Prepaid items
54,658
26,902
81,560
76,120
Property taxes receivable
82,666
-
82,666
195,404
Special assessments receivable
1,935,126
32,635,000
1,935,126
1,740,216
Funds held for others
160,000
-
160,000
160,000
Inventories - at cost
-
793,969
793,969
659,650
Deferred charges
467,486
42,961
510,447
487,957
Unamortized bond discounts
2,842
-
2,842
2,978
Capital assets - net:
Nondepreciable
10,770,203
5,653
10,775,856
8,331,877
Depreciable
25,750,436
7,012,032
32,762,468
31,560,465
Total assets
53,996,415
8,296,863
62,293,278
59,092,087
Liabilities:
2,315,775
5,017,685
7,333,460
7,746,555
Accounts payable
373,106
23,783
396,889
320,632
Contracts payable
113,553
-
113,553
688,340
Deposits payable
4,847
111,907
116,754
108,952
Due to other governmental units
1,128
77,778
78,906
68,073
Salaries payable
142,641
38,254
180,895
149,664
Accrued interest payable
632,724
30,644
663,368
619,673
Unamortized bond premium
167,706
-
167,706
33,765
Compensated absences payable:
Due within one year
198,137
40,146
238,283
218,394
Due in more than one year
462,538
93,718
556,256
506,328
Bonds and notes payable:
Due within one year
3,455,000
175,000
3,630,000
2,050,000
Due in more than one year
32,635,000
1,825,000
34,460,000
32,565,000
Other post employment benefits:
Due in more than one year
76,840
12,295
89,135
-
Totalliabilities
38,263,220
2,428,525
40,691,745
37,328,821
Net assets
Invested in capital assets, net of related debt
2,315,775
5,017,685
7,333,460
7,746,555
Restricted for:
Debt service
6,782,289
120,000
6,902,289
4,464,512
Tax increment purposes
1,506,733
-
1,506,733
952,060
Unrestricted
5,128,398
730,653
5,859,051
8,600,139
Total net assets
$15,733,195
$5,868,338
$21,601,533
$21,763,266
The accompanying notes are an integral part of these financial statements.
27
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2009
Functions/Pro rams
Expenses
Primary government:
843,723
Governmental activities:
932,979
General government
$1,160,932
Public safety
2,937,528
Public works
1,839,163
Parks and recreation
424,590
Services to other cities
1,026,842
Housing and redevelopment
2,534,700
Interest on long-term debt
1,407,527
Total governmental activities
11,331,282
Business -type activities
Liquor
6,156,097
Water
843,723
Sewer
932,979
Total business -type activities
7,932,799
Total primary government
$19,264,081
The accompanying notes aro an integral part of these financial statements.
28
Charges For
Services
$432,497
138,688
173,504
227,673
1,156,500
94
2,128,956
6,611,975
806,987
776,330
8,195,292
$10,324,248
Statement 2
Net (Expense) Revenue and
Program Revenues Changes in Net Assets
Operating Capital Primary Govemment
Grants and Grants and Governmental Business -Type Totals
Contributions Contributions Activities Activities 2009 2008
$53,595
$ ($674,840)
$
($674,840)
($933,746)
277,907
(2,520,933)
1,753,559
(2,520,933)
(2,246,959)
102,287
1,659,382 96,010
184,434
96,010
516,351
-
- (196,917)
10,353
(196,917)
(199,074)
3,981
- 129,658
3,981
129,658
155,393
-
- (2,534,606)
-
(2,534,606)
(536,068)
22,568
- (1,384,959)
-
(1,384,959)
(1,326,739)
456,357
1,659,382 (7,086,587)
0
(7,086,587)
(4,570,842)
-
-
455,878
455,878
390,655
(36,736)
(36,736)
17,938
$21,763,266
(156,649)
(156,649)
(57,568)
0
0 0
262,493
262,493
351,025
$456,357 $1,659,382
General revenues:
General property taxes
Tax increment taxes
Grants and contributions not
restricted to specific programs
Unrestricted investment earnings
Other
Gain on sale of capital assets
Transfers
Total general revenues and transfers
Change in net assets
Net assets - January I
Net assets - December 31
1086,587) 262,493 (6,824,094) (4,219,817)
4,442,708
4,442,708
4,118,365
1,952,704
1,952,704
1,753,559
20,918
-
20,918
88,291
184,434
6,833
191,267
422,411
40,430
10,353
50,783
53,454
3,981
-
3,981
-
319,871
(319,871)
-
-
6,965,046
(302,685)
6,662,361
6,436,080
(121,541)
(40,192)
(161,733)
2,216,263
15,854,736
5,908,530
21,763,266
19,547,003
$15,733,195
$5,868,338
$21,601,533
$21,763,266
'I he accompanying notes are an integral part of these financial statements.
29
CITY OR ST. ANTHONY, MINNESOTA
BALANCESHEET
GOVERNMENTALFUNDS
December 31. 2009
Assets
Cash and investments
Funds held in trust
Accrued interest
Due from other governmental units
Interfund receivable
Interfund loan receivable
Accounts receivable - net
Prepaid items
Property taxes receivable:
Delinquent
Due from county
Special assessments receivable
Funds held by others
Total assets
Liabilities and Fund Balance
Liabilities:
Accounts payable
Contracts payable
Deposits payable
later fund 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
Undcsignated reported in:
Special Revenue Funds
Capital Project Funds
'Total fund balance
Total liabilities and fund balance
Street
Water Filtration Improvement Debt
$1,599,173
$3,509,084
$2,659,396
$1,211,710
-
-
-
454,451
417
21,752
-
6,388
11,941
-
3,357
-
33,075
-
-
-
1,704,230
-
-
66,239
-
53,849
661
-
-
76,277
-
24,991
14,459
(7,392)
-
(2,593)
(836)
-
-
1,570,720
-
$1,833,579
$5,235,727
$4,255,871
$1,686,172
$65,098
$7,303
$
2,364
-
-
-
437,430
1,128
140,234
1,940
-
-
99,322
1,595,140
14,459
308,146
9,243
1,595,140
451,889
53,849
661
-
-
1,471,584
5,225,823
2,660,731 1,234,283
$1,833,579 $5,235,727 $4,255,871 $1,686,172
"I'hc accompanying notes arc an Integral part of these financial statements.
30
Statement 3
Street
Silver Lake
2009 Street
Other
Improvement
Storm Water Road Project
Improvement
Governmental Intra -Activity
Projects
HRA Projects Improvement Fund
Project Fund
Funds Eliminations Total Governmental Funds
- 124,891
2009
2008
$917,024 $1,279,305 $10,685 $121,295 $387,316 $1,540,769
$ - $13,235,757
$11,091,218
- 696 - - - -
- 455,147
455,830
- - - - - 6,043
- 34,600
43,877
- - - - - 19,894
- 35,192
16,941
- - - - -
- 33,075
-
- - - - - -
(1,521,730) 182,500
219,000
2,587,685 140,629 - - - -
- 2,794,553
3,047,578
- - - - - 148
- 54,658
51,893
- 124,891
- - - 7,604
- 248,222
163,872
- (153,858)
- - - (877)
- (165,556)
31,532
- -
- - - 364,406
- 1,935,126
1,740,216
- 160,000
- - -
160,000
160,000
4,847
-
1,000,000
- -
$3,504,709 $1,551,663
$10,685 $121,295 $387,316 $1,937,987
($1,521,730) $19,003,274
$17,021,957
$ -
$3,801 $39,698
$1,834 $179,978 $75,394
$ -
$373,106
$300,793
-
- -
- 90,604 22,949
-
113,553
623,606
-
2,483 -
- - -
-
4,847
-
1,000,000
- -
- - 84,300
(1,521,730)
-
-
-
- -
- - -
-
1,128
768
-
- -
- - 467
-
142,641
115,456
2,587,685
265,521 -
- - 372,010
reported in the funds.
4,934,137
4,401,848
3,587,685
271,805 39,698
1,834 270,582 555,120
(1,521,730)
5,569,412
5,442,471
- - - - - 148
- 54,658
51,893
- - - - - 1,127,314
- 5,022,328
2,726,028
- 1,241,212 - - - -
- 1,241,212
872,653
" - - - - -
- 1,471,584
1,389,299
- - - - - 160,827
- 160,827
136,375
- - - 119,461 116,734 302,834
- 539,029
1,122,190
- - - - - (57,359)
- 5,168,464
5,439,782
(82,976) 38,646 (29,013) - - (150,897)
- (224,240)
(158,734)
(82,976) 1,279,858 (29,013) 119,461 116,734 1,382,867
0 13,433,862
11,579,486
$3,504,709 S1,551,663 $10,685 $121,295 S387,316 $1,937,987
($),521,730) $19,003,274
$17,021,957
Fund balance reported above
$13,433,862
$11,579,486
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activiGcs are not financial resources, and therefore, are not
reported in the funds.
36,520,639
32,981,668
Other long-term assets are not available to pay for current -period expenditures and, lherefolc arc
deferred in the finds (net of allowance for uncollectible of $2,128,314).
2,805,823
4,401,848
Long-term liabilities, including bonds payable, are not due and payable in the cin enl period and
therefore arc not reported in the funds.
(36,496,942)
(32,629,055)
Internal service funds are used by management to charge the cost of employee vacation and
severance to individual fluids. The assets and liabilities are included in the governmental
activities on the statement of net assets
(530,187)
(479,211)
Net assets ofgovenuuental activities
$15,733,195
$15,854,736
'I he accompanying notes are an integral part of these Bnaneial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTALFUNDS
For The Year Ended December 31, 2009
'rhe accompanying notes arc an intcgral part of these financial statements.
32
Street
Street
Water Filtration
Improvement
HRA Debt
Improvement
General Fund
and Purification
Debt Service
Service
Projects
Revenues:
General property taxes
$2,786,631
$ -
$867,167
$394,045
$ -
Tax increment collections
-
-
-
337,230
-
Licenses and permits
358,381
-
-
-
Intergovemmental
338,202
-
-
Special assessments
-
-
255,889
-
-
Charges for services
1,215,888
-
-
_
Cable franchise fees
92,309
-
-
Fines and forfeits
112,068
-
-
_
Investment income
2,434
152,855
2,202
12,659
1,503
Contributions and donations
1,450
-
-
_
_
Miscellaneous
38,302
-
Total revenues
4,945,665
152,855
1,125,258
743,934
1,503
Expenditures:
Current:
General government
733,202
127,503
-
983
-
Public safety
2,612,953
-
Public works
596,882
149,720
Parks and recreation
218,259
-
Services to other cities
1,026,842-
Nondeparnuental
6,798
Housing and redevelopment
-
Capital outlay:
General government
Public safety
Public works
Debt service:
Principal
-
-
760,000
525,000
450,000
Interest
-
-
430,947
695,021
87,685
Paying agent fees
-
-
2,974
5,300
-
professional service
-
_
5,077
-
Issuance costs
-
-
27,103
-
Construction/acquisition costs
-
-
_
Developer incentives
Total expenditures
5,194,936
277,223
1,226,101
1,226,304
537,685
Revenues over(under) expenditures
(249,271)
(124,368)
(100,843)
(482,370)
(536,182)
Other financing sources (uses):
Bonds issued
_
Refunding bonds issued
-
-
1,335,000
-
-
Redemption of Tetunded bonds
-
_
_
_
-
Premium on debt issued
-
-
36,258
-
-
Sale of capital assets
--
Tiansfcrs in
410,300
-
-
653,474
-
"riansfersout
(76,100)
(100,000)
-
-
_
Total other financing sources (uses)
334,200
(100,000)
-051,474
0
Net change in fund balance
84,929
(224,368)
1,270,415
171,104
(536,182)
Fund balance - January 1
1,440,504
5,450852
1,390,316
1,063,179
453,206
Fund balance - December 31
$1,525,433
$5,226,484
$2,660,731
$1,234,283
($82,976)
'rhe accompanying notes arc an intcgral part of these financial statements.
32
Statement 4
IIRA Projects
Storm Water
Improvement
Silver Lake Road
Project Fund
2009 Street
Improvement
Project Fund
Other
Governmental Intra -Activity
Funds Eliminations
Total Governmental Funds
- 8,292 - 5,442 1,194
- 761,530
679,269
- - - - 183,528
- 401,787
2009
2008
$ -
$ -
S -
$ -
$359,378 $ -
$4,407,221
$4,097,493
1,566,610
-
-
-
- -
1,903,840
1,682,549
-
-
-
-
- -
358,381
247,878
8,885
34,754
668,484
-
380,041 -
1,430,366
2,039,592
-
-
-
-
250,373 -
506,262
385,197
-
2,450
-
-
301,089 -
1,519,427
1,451,925
-
-
-
-
- -
92,309
92,606
-
-
-
-
10,802 -
122,870
139,421
2,703
234
398
2,266
6,799 -
184,053
400,038
-
-
-
-
2,000 -
3,450
3,950
94
2,277
2,476
10,205 -
53,354
186,449
1,578,292
39,715
671,358
2,266
1,320,687 0
10,581,533
10,727,098
109,268 - - - 46,449
- 1,017,405
1,076,699
- - - - 41,755
- 2,654,708
2,446,434
- 8,292 - 5,442 1,194
- 761,530
679,269
- - - - 183,528
- 401,787
394,673
- - - - -
- 1,026,842
940,807
- - - - -
- 6,798
23,387
- - - - 191,608
- 191,608
212,583
271,459
23,136
- 202,638
271,459 92,894
- - - - 235,000
- 1,970,000
2,305,000
- - - - 155,627
- 1,369,280
1,450,248
- - - - 1,245
- 9,519
10,601
- - - - -
- 5,077
5,080
- - - - 22,317
- 49,420
-
- 155,540 908,059 2,326,384 1,399,197
- 4,789,180
3,419,607
443,092 - - -
- 443,092
323,485
552,360 163,832 908,059 2,331,826 2,549,379
0 14,967,705
13,606,541
1,025,932 (124,117) (236,701) (2,329,560) (),228,692)
0 (4,386,172)
(2,879,443)
- - - 2,564,794 1,400,206
- 3,965,000
1,910,000
- - - - 1,520,000
- 2,855,000
-
- - - - (1,210,000)
- (1,210,000)
-
- - - 35,492 68,742
- 140,492
8,749
- - - - 12,056
- 12,056
14,705
- - - - 243,800
(829,574) 478,000
625,000
(653,474) - - - -
829,574 -
-
(653,474) 0 0 2,600,286 2,034,804
0 6,240,548
2,558,454
372,458 (124,117) (236,701) 270,726 806,112
1,854,376 (320,989)
907,400 95,104 356,162 (153,992) 576,755 - 11,579,486 11,900,475
$1,279,858 ($29,013) $119,461 $116,734 $1,382,867 $0 $13,433,862 $11,579,486
9'he accompanying notes arc an integral part of these financial statements.
33
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, 2009
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.
Revenues in the statement of activities are shown net of uncollectible amounts
for accounts receivable from developers.
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
2009 2008
$1,854,376 ($320,989)
3,713,296 2,737,320
(16,196) (24,007)
532,289 (185,873)
(3,857,332) 386,251
(10,555) (67,909)
(2,128,314)
(158,129) (2,139,827)
(50,976) (70,629)
($121,541) $314,337
The accompanying notes are an integral part of these financial statements.
34
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
December 31, 2009
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:
Interfund payable
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
Noncurrent liabilities:
Statement 6
Governmental
Business -Type Activities Enterprise Funds Activities -
701 Water Internal
705 Liquor and Sewer Totals Service Fund
2009 2008
$4,400 $51,107 $55,507 $495,097 $130,488
155,311 - 155,311 149,256 -
2,315
- 2,315
2,315 -
14,223
403,565 417,788
445,201 -
10,365
16,537 26,902
24,227 -
793,969
- 793,969
659,650 -
980,583
471,209 1,451,792
1,775,746 130,488
5,015 37,946 42,961 48,163
-
5,653
5,653
5,653
-
1,875,328
2,007,955
3,883,283
3,883,283
-
399,593
1,029,875
1,429,468
589,977
-
-
6,797,401
6,797,401
6,522,691
-
-
-
-
705,193
-
2,274,921
9,840,884
12,115,805
11,706,797
0
(656,966)
(4,441,154)
(5,098,120)
(4,796,123)
-
1,617,955
5,399,730
7,017,685
6,910,674
0
1,622,970
5,437,676
7,060,646
6,958,837
0
2,603,553
5,908,885
8,512,438
8,734,583
130,488
33,075
-
33,075
- -
5,999
17,784
23,783
19,839 -
72,629
5,149
77,778
67,305 -
-
-
-
64,734 -
20,583
17,671
38,254
34,208 -
-
30,644
30,644
31,611 -
-
111,907
111,907
108,952 -
12,134
28,012
40,146
34,777 198,137
90,000
85,000
175,000
165,000 -
36,500
-
36,500
36,500 -
270,920
296,167
567,087
562,926 198,137
Compensated absences payable - noncurrent portion
28,327
65,391
93,718
80,627 462,538
Bonds and notes payable - noncurrent portion
95,000
1,730,000
1,825,000
2,000,000 -
Interfund loan payable - noncurrent portion
146,000
-
146,000
182,500 -
Otherpostemployementbenefits
6,147
6,148
12,295
- -
Total noncurrent liabilities
275,474
1,801,539
2,077,013
2,263,127 462,538
Total liabilities
546,394
2,097,706
2,644,100
2,826,053 660,675
Net assets:
Invested in capital assets, net of related debt
1,432,955
3,584,730 5,017,685
4,745,674 -
Resin icted for debt service
120,000
- 120,000
120,000 -
Unreslricted
504,204
226,449 730,653
1,042,856 (530,187)
Total net assets
$2,057,159
$3,811,179 $5,868,338
$5,908,530 ($530,187)
The accompanying
notes are an integral part
of these financial statements.
35
CITY Or ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
For The Year Ended December 31, 2009
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 I
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 Fund
2009 2008
$6,611,975 $ $6,611,975 $6,359,731 $
(5,068,121) (5,068,121) (4,884,558)
1,543,854 0 1,543,854 1,475,173 0
1,582,017 1,582,017 1,606,621
1,300 1,300 9,100
0 1,583,317 1,583,317 1,615,721 0
1,543,854 1,583,317 3,127,171 3,090,894 0
617,551
606,718
1,224,269
1,163,315 51,357
314,756
38,552
353,308
360,747 -
24,075
112,784
136,859
116,222 -
-
513,610
513,610
467,267 -
26,481
193,095
219,576
224,676 -
76,114
235,160
311,274
293,152 -
1,058,977
1,699,919
2,758,896
2,625,379 51,357
484,877
(116,602)
368,275
465,515 (51,357)
6,056
777
6,833
18,985 381
(26,475)
(73,739)
(100,214)
(108,936) -
(2,524)
(2,694)
(5,218)
(5,204) -
-
(350)
(350)
(350) -
8,430
1,923
10,353
17,089 -
(14,513)
(74,083)
(88,596)
(78,416) 381
470,364 (190,685) 279,679 387,099 (50,976)
- 158,129 158,129 2,139,827
(400,000) (78,000) (478,000) (625,000)
70,364 (110,556) (40,192) 1,901,926 (50,976)
1,986,795 3,921,735 5,908,530 4,006,604 (479,211)
$2,057,159 $3,811,179 $5,868,338 $5,908,530 ($530,187)
($478,000) ($625,000)
158,129 2,139,827
($319,871) $1,514,827
The accompanying notes are an integral part of these financial statements.
36
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For The Year Ended December 31, 2009
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 f om noncapital financing activities:
Transfer to General Fund
Transfer to Capital Project Funds
Change in interfund receivable/payable
Net cash flows from noncapital financing activities
Cash flows from capital and related
financing activities:
Acquisition of capital assets
Change in interfund loan 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 (decreaw)in payables
Total adjustments
Net cash provided by operating activities
Noncash capital financing activities:
Statement 8
Governmental
Business -Type Activities Enterprise Funds Activities -
701 Water Internal
705 Liquor and Sewer Totals Service Fund
2009 2008
$6,611,647 $1,611,058 $8,222,705 $7,976,434 $ -
(5,555,039) (920,809) (6,475,848) (6,306,235) -
(605,586) (583,882) (1,189,468) (1,145,732) -
8,430 1,923 10,353 17,089 -
459,452 108,290 567,742 541,556 0
(282,300)
(78,000) (360,300) (275,000) -
(117,700)
- (117,700) (350,000) -
33,075
- 33,075 - -
(366,925)
(78,000) (444,925) (625,000) 0
(260,154) (260,154) (35,811) -
(36,500) - (36,500) (36,500) -
(10,950) - (10,950) (12,775) -
(85,000) (80,000) (165,000) (160,000) -
(15,525) (75,056) (90,581) (97;361) -
(147,975) (415,210) (563,185) (342,447) 0
6,056 777 6,833 16,670 381
(49,392) (384,143) (433,535) (409,221) 381
209,103 435,250 644,353 1,053,574 130,107
$159,711 $51,107 $210,818 $644,353 $130,488
$484,877 ($116,602) $368,275 $465,515 ($51,357)
8,430 1,923 10,353 17,089
76,114 235,160 311,274 293,152
(328)
27,741
27,413
982 -
(498)
(2,177)
(2,675)
- 265 -
(134,319)
-
(134,319)
(27,670) -
25,176
(37,755)
(12,579)
(207,777) 51,357
(25,425)
224,892
199,467
76,041 51,357
$459,452
$108,290
$567,742
$541,556 $0
Water system assets in the amount of $15,933 and sewer system assets in the amount of $142,196 were contributed to the Water
and Sewer Fund in 2009.
The accompanying notes are an iutegral part of these financial statements.
37
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38
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 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 I -IRA 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 bIRA Special Revenue Pund. Separate financial statements are not
prepared for the HRA.
13. (,OVERNMENT-WII)E AND FUND FINANCIAL S'rA'I'1,MENTS
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 pari, the effect of interfimd activity has been removed fiom 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.
39
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 govemment-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 City 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. llowever, 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 City.
40
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
The City reports the following major governmental funds:
The General Fund is the government's primary operating fund. It accounts for all financial
resources of the general government, except those required to be accounted for in another fund.
The 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 37°i Avenue NE to St. Anthony Boulevard.
The 2009 Street Improvement Farad accounts for the construction costs associated with the
reconstruction of Foss Road from Chandler Drive to the City limits.
The City reports the following major proprietary funds:
The Liquor Fund is an enterprise fund that is used to account for operations of the City's off -sale
liquor operation.
The water 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 City 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.
41
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 nonoperaling 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 nonoperriing 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 expcnditure appropriations lapse at year
end.
Encumbrance accounting, under which purchase orders, contracts and other comminnents 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.
K 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) "Phe 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.
42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 lire 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 fire 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 Ove'
I3udget Actual Budget
Nonmajor Fund:
Special Revenue Fund:
Recycling Fund $19,400 $22,303 $2,903
1IRA Fund 162,100 191,608 29,508
F. CASFI 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 oil tine
basis of the fund's equity in the cash and investment pool.
The City provides temporary advances to finds that have insufficient cash balances by means of an
advance from another find shown as interfund receivables in tine advancing fund, and an intefund
payable in the fund with the deficit, Until adequate resources are received. These interfund balances
are eliminated on the government -wide financial statements.
U
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31. 2009
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.
Restricted assets represent cash held by a fiscal agent which is restricted for bond debt service
payments for the Liquor Revenue Bonds.
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, runnel ous 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, 2009 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. Accounts receivable (from developers) have been reported net of an
estimated uncollectible amount of $2,128,314 on the government -wide financial statements.
Developers receivable are fully offset by deferred revenue in the governmental fund financial
statements. Uncollectible amounts are not material for other receivables and have not been reported.
II. PROPERTY'TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy/assessment (late) 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
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
44
CI'T'Y OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 treasurable 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.
1. MARKET VALUE HOMESTEAD CREDIT
Property taxes on residential agricultural homestead property (as defined by State Statutes) are
partially reduced by market value homestead credit (MVI -IC). This credit is paid to the City by the
State in lieu of taxes levied against homestead property. The State remits this credit though
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 arc
collectible by the City over a tern 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 fist 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 thice years unless it is homesteaded, agricultural or seasonal recreational land in
which event the property is subject to such sale after Five years.
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 lave not been reported.
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 defe red
revenues.
IG INVENTORIES
GOVERNMENTAL FUNDS
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 government -wide and fund financial statements.
M. CAPYI'AL ASSETS
Capital assets, which include property, plant, equipment kind 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 City 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 1930.
These assets are reported at estimated historical cost. The City estimated historical cost for the initial
reporting of these assets tlu.ough 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.
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.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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, 2009, 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 Conymnsated 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
Io the government -wide financial statements and proprietary funds in the fund financial statements,
long-term debt and other long-term obligations tie 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.
P. FUND EQUITY
In the fund financial statements, governmental finds 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 fiuure use of financial resources.
47
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CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31.2009
2. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN TIIE 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 ofgovenvnental 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 $3,713,296 difference is as follows:
Capital outlay $271,459
Construction/acquisition costs 4,789,180
Depreciation expense (1,347,343)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities. $3,713,296
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 $532,289 difference is as follows:
ocneral property taxes defeated revenue
At December 31, 2008
($84,465)
At December 31, 2009
119,952
Fax increment taxes delened revenue:
At December 31, 2008
(79,407)
At Decctnber 31, 2009
128,271
Loan receivable (from developers) deferred revenue:
228,314
At December 31, 2008
(2,500,000)
At December 31, 2009
2,500,000
Special assessments deferred revenue:
8532,289
At December 3l, 2008
(1,737.976)
At December31, 2009
1,934,555
Due from other governmental units.
At December 31, 2009
23,045
Due from developers defennd Ieve lit) e:
At December 31, 2009
228,314
Net adjustments to increase net changes in fund
balances - total governmental funds to arrive at
changes in net assets of governmental activities.
8532,289
49
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CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 — .Del osits: 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, 2009, the bank balance of the City's
deposits was covered by federal depository insurance.
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 render 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 Slate of Minnesota or any of its municipalities as follows:
l) any security which is a general obligation of any state or local govenunent 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.
(1) Bankers acceptances of United States banks.
C) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 475.61, subdivision 6.
As of December 31, 2009, the City had the following investments and maturities:
Investrnent Maturities (in Years)
rair Less Over
Investment Typc Rating Value Thant 1-5 6-10 10 Years
Federal National Mortgage Assn. Notes (1)
Federal Home Loan Mortgage Cotp. Notes (1)
Federal Farm Credit Bank
RPMIC
Money market
Extensa] investment pool - 4M Fund
Brokered certificates ofdcpoot
Total
AAA
$679,376
AAA
1,417,752
AAA
438,368
N/A
2,421
N/A
7,854,046
N/A
2,355,395
N/A
1,272,752
Deposits
514,020,110
(1)These investments have call dates that occur io less than one year.
- $679,376
494,036 923,716
438,368
-
2,421
7,854,046 -
- -
2,355,395 -
- -
1,272,752
$11,482,193 $438,368
5494,036 51,605,513
Total investments
$14,020,110
Deposits
7,500
Petty cash
4,600
'1 oral ash and mveshncnts
514,032,210
Following is a reconciliation of the City's cash and investment balances as of December 31, 2009:
Cash and investments $13,421,752
Restricted cash and investments 155,311
Funds held in trust 455,147
$14,032,210
C. INVESTMENT RISKS
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 rale 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 counterpa)ty, 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, 2009, $49,135
of the City's $14,020,110 investments was uninsured and unregistered, with securities held in the
City's name. As of December 31, 2009, $10,209,441 of the City's investments were invested in
money markets of 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—TheCity's investment policy requires the City to diversify its investmentportfolio
to eliminate the risk of loss resulting from over concentration of assets in a speoiIIC maturity. The
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 20 -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 18.33%
Federal National Mortgage Assn. Notes 8.78%
Federal Farm Credit Bank 5.67%
Note RECEIVABLES
Significant receivables balances not expected to be collected within one year of December 31, 2009 are as
follows:
53
Mnlor Funds
Sit eel
Water
Improvement
I-1RA
1 -IRA
Filuntion&
Nonmajor
General Debt Service
Debt Service
Projects
Purification
Funds
Total
Special assessments receivable
$ - $1,355,932
$ -
$ -
$ -
$ -
$1,355,932
Delinquent property taxes
35,000 11,400
5,100
109,050
-
3,500
164,050
Inlet fund loan receivable
- -
-
-
1,662,110
-
1,662,110
Accounts receivable
- 2,587,685
-
-
-
-
2,587,685
$35,000 $3955017
$5,100
$109,050
$1,662,110
$3,500
$5,769,777
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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:
Unavailable Unearned
Delinquent property taxes receivable (General Fund)
$76,277 $
Delinquent property taxes receivable (Street Improvement Debt Service)
24,991 -
Delinquent property taxes receivable (HRA Debt Service)
11,079 -
Delinquent property taxes receivable (Nonmajor Funds)
7,604
Delinquent TIF (HRA Debt Service Fund)
3,380
Delinquent TIF (HRA Projects Fund)
124,891
Special assessments not yet due (Street Improvement Debt Service)
1,570,150 -
Special assessments not yet clue (Nonmajor Funds)
364,406
Accounts receivable not yet due (General Fund)
23,045 -
Aecounts receivable not yet due (Street Improvement Projects Fund)
2,587,685 -
Accounts receivable not yet due (HRA Projects Fund)
140,629 -
Total deferred/unearned revenue for governncntal funds
$4,934,137 $0
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Note 4 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2009 was as follows:
Primary Government
Governmental activities:
Capital assets, not being depreciated:
Land
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated:
Buildings and improvements
Land improvement
Furniture, fixtures and equipment
Streets
Storm sewers
Storm water
Total capital assets, being depreciated
Less accumulated depreciation for:
Buildings and improvements
Land improvement
Furniture, fixtures and equipment
Streets
Storm sewers
Storm water
Total accumulated depreciation
Total capital assets being depreciated - nct
Beginning Ending
Balance Increases Decrease Balance
$3,378,842
$ -
$ -
$3,378,842
4,242,189
4,618,074
(1,468,902)
7,391,361
7,621,031
4,618,074
(1,468,902)
10,770,203
9,403,047
-
9,403,047
-
10,199
10,199
2,906,840
119,064
(63,650) 2,962,254
20,679,541
128,617
20,808,158
401,913
26,556
428,469
-
1,468,902
1,468,902
33 391,341
1,753,338
(63,650) 35,081,029
2,010,843
279,612
- 2,290,455
-
595
595
1,696,704
216,591
(47,454) 1,865,841
4,320,477
829,306
- 5,149,783
2,680
16,342
19,022
-
4,897
4,897
8,030,704
1,347,343
(47,454) 9,330,593
25,360,637 405,995 (16,196) 25,750,436
Governmental activities capital assets - net $32,981,668 $5,024,069 ($1,485,098) $36,520,639
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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
705,193 1,378 (706,571) -
710,846 1,378 (706,571) 5,653
3,883,283 -
3,883,283
589,977 848,767
(9,275) 1,429,469
6,522,691 274,711
- 6,797,402
10,995,951 1,123,478
(9,275) 12,110,154
1,371,091
102,887
1,473,978
496,810
40,829
(9,275) 528,364
2,928,222
167,558
3,095,780
4,796,123
311,274
(9,275) 5,098,122
6,199,828 812,204 0 7,012,032
$6,910,674 $813,582 ($706,571) $7,017,685
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $122,416
Public safety 178,850
Public works, including depreciation of general infrastructure assets 1,023,274
Parks and recreation 22,803
Ibtal depreciation expense - governmental activities 1,347,343
Business -type activities:
Liquor
Water
Sewer
Total depreciation expense - business -type activities
Total depreciation expense
56
76,114
150,986
84,174
311,274
$1,658,617
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
CONSTRUCTION COMMITMENTS
At December 31, 2009, the City had construction project contracts in progress. The cotmnitments related
to the remaining contract balances are summarized as follows:
Contract Remaining
Project Amount Commitment
2009 Street Improvements $1,908,755 $96,674
Note 5 LONG-TERM DEIN
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,
2009. 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
fi<mr a special general property tax levy.
• Certificates of indebtedness issued to finance various equipurenl acquisitions are payable from a
special general property tax levy.
PLJI3LIC FACILITIES LEASE REVENUE BONDS
These bonds issued are being used to finauce reuovatiou of public works facilities and the construction of a
file 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.
"file liability for these bonds is recorded in the Proprietary Funds.
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 October 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. Principal and
interest on the line of credit is currently being paid by the City and a receivable is recorded from the
developer (fully offset with deferred revenue). 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.
58
CITY Or ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
GOVERNMENTAL ACTIVITIES
As of December 31, 2009, the long-term debt of the financial reporting entity consisted of the following:
Final
interest
issue
Maturity
Original
Payable
Rates
Date
Date
Issue
12/31/09
G.O. improvement Bonds:
G.O. Improvement Bonds, Series 2001B
4-00-5.00%
4/1/2001
2/1/2010
$1,160,000
$660,000
G.O. Improvement Bonds, Series 2002A
3.00-5.00%
3/1/2002
2/1/2010
1,500,000
965,000
G.O. Improvement Bonds, Series 2003A
1.60-4.20%
4/16/2003
2/1/2019
1,700,000
1,235,000
G.O. Improvement Bonds, Series 2004A
2.00-4.60%
6/1/2004
2/1/2020
1,790,000
1,370,000
G.O. Improvement Bonds, Series 2005A
2.70-4.15%
4/1/2005
2/1/2021
1,695,000
1,420,000
G.O. Improvement Bonds, Series 2006A
4.00%
4/1/2006
2/1/2022
3,190,000
2,745,000
G.O. Inprovemcnt Bonds, Series 2007A
3.54.1%
4/24/2007
2/1/2023
2,050,000
1,950,000
G.O. lmprovement Bonds, Series 2009A
3.00-4.00%
5/7/2009
2/1/2025
2,630,000
2,630,000
G.O. improvement Refunding Bonds, Series 2009B
2.50-3.00%
12/16/2009
2/1/2018
1,335,000
1,335,000
Total improvement bonds
17,050,000
14,310,000
G.O. Sheet Reeonsbnetion Bonds:
G.O. Street Reconstruction Bonds, Series 2008A
3.0-4.0%
6/5/2008
2/1/2024
1,910,000
1,910,000
QQ tax increment Bonds:
G.O. Taxable Tax Increment Refunding Bonds, Scrics 2003B
3.00-5.00%
11/5/2003
2/1/2013
1,170,000
710,000
Tax lnerement Revenue Bonds:
Tax Incremmrt Revenue Bonds, Series 200613
5.00-5.62%
8/1/2006
8/1/2031
4,975,000
4,785,000
Tax Increment Revenue Bonds, Series 2007
4.30-5.00%
4/17/2007
2/1/2031
4,640,000
4,560,000
Total tax increment revenue bonds
9,615,000
9,345,000
G.O. Revenue Bonds:
G.O. Storm Sewer Refunding Revenue Bonds, Series 2009A
3.00-4.00%
5/7/2009
2/1/2015
825,000
825,000
G.O. rax Abatement Bonds:
GO, Tax Abatement Bonds, Set ics 200 I A
4.00-4.80%
2/1/2001
2/1/2010
625,000
360,000
G.O. "rax Abatement Bonds, Series 2009A
3,00-4-00%
5/7/2009
2/1/2025
1,335,000
1,335,000
G.O. Tax Abatement Refunding Bonds, Series 2009B
2.50-3.00%
12/10/2009
2/1/2016
310,000
310,000
Taal tax abatement bonds
2,270,000
2,005,000
G.O. State Aid Bonds
G.O. State Aid Strcet Refunding Bonds, Series 2009A
3.00-4.00%
5/7/2009
2/1/2015
385,000
385,000
Public Facilities 1 -case Revenue Bonds:
Public Facilities Lease Revenue Bonds, Serics 2003
'Total- bonded indebtedness
Fannie Mae loan payable
Compensated absences payable
Total City indebtedness - govcnneental activities
59
2.00-4.15% 4/1/2003 2/1/2024
Variable 8/27/2004 I0/1/2010
5,530,000 4,550,000
38,755,000 34,040,000
3,350,000 2,050,000
660,675
$42,105,000 $36,750,675
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
BUSINESS -TYPE ACTIVITIES
Business -type activities
Annual debt service requirements to maturity for long-term debt are as follows:
Governmental Activities
Year Ending G.O. Improvement Bonds G.O. Tax Increment Bonds G.O. Revenue Bonds
December 31 Principal Interest Principal Interest Principal Interest
2010
$2,235,000
Final
$165,000
$29,570
2011
Interest
Maturity
Original
Payable
2012
Rates Date
Date
Issue
12/31/09
Revenue Bonds:
1,005,000
360,509
190,000
4,750
Liquor Revenue Bonds
5.50-5.75% 8/1/1997
1/1/2012
$940,000
$185,000
G.O. Water and Sewer Revenue Bonds, Series 2003B
2.00-4.45% 4/16/2003
2/1/2024
2,200,000
1,815,000
Total revenue bonds
1,040,000
253,965
3,140,000
2,000,000
Compensated absences
1,070,000
216,146
-
133,864
Total City indebtedness - business -type activities
1,035,000
177,185
3,140,000
2,133,864
Total City indebtedness
960,000
138,723
$45,245,000
$38,884,539
Annual debt service requirements to maturity for long-term debt are as follows:
Governmental Activities
Year Ending G.O. Improvement Bonds G.O. Tax Increment Bonds G.O. Revenue Bonds
December 31 Principal Interest Principal Interest Principal Interest
2010
$2,235,000
8499,506
$165,000
$29,570
2011
940,000
426,845
175,000
22,168
2012
970,000
394,447
180,000
13,865
2013
1,005,000
360,509
190,000
4,750
2014
1,030,000
325,228
-
-
2015
1,000,000
289,824
-
-
2016
1,040,000
253,965
-
-
2017
1,070,000
216,146
-
-
2018
1,035,000
177,185
-
-
2019
960,000
138,723
-
-
2020
845,000
102,972
-
-
2021
730,000
71,834
-
-
2022
615,000
45,411
-
-
2023
390,000
25,559
-
-
2024
220,000
13,400
-
-
2025
225,000
4,500
-
-
Total
$14,310,000
$3,346,054
$710,000
$70,353
60
$130,000
$28,575
130,000
18,900
135,000
14,925
135,000
10,875
145,000
6,675
150,000
2,250
$825,000 $82,200
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Tax Increment All Other General
Year Ending Revenue Bonds Lease Revenue Bonds Pannie Mae Loan Obligation Bonds
December 31 Principal Interest Principal Interest Principal Interest(,) Principal Interest
2010
$180,000
$482,934
$215,000
$162,285 $2,050,000
$ - $430,000
2011
190,000
474,421
225,000
155,685 -
- 210,000
2012
205,000
465,268
235,000
148,785 -
- 285,000
2013
225,000
455,080
245,000
141,462 -
- 295,000
2014
245,000
443,743
255,000
133,585 -
- 295,000
2015
260,000
431,549
265,000
125,000 -
- 305,000
2016
280,000
418,368
280,000
115,595 -
- 255,000
2017
300,000
403,790
295,000
105,459 -
- 210,000
2018
330,000
387,949
310,000
94,565 -
- 215,000
2019
350,000
370,568
325,000
82,814 -
- 225,000
2020
385,000
351,903
340,000
70,175 -
- 235,000
2021
405,000
331,684
360,000
56,430 -
- 245,000
2022
440,000
310,039
380,000
41,630 -
- 255,000
2023
470,000
286,157
400,000
25,730 -
- 270,000
2024
500,000
260,437
420,000
8,715 -
- 280,000
2025
535,000
233,125
-
- -
- 290,000
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
$9,345,000
$6,809,762
$4,550,000
.$1,467,915 $2,050,000
$0 $4,300,000
(,)interest rate is reset quarterly on the First day ofeach calendar quarto (January I, April I, Jody I and October 1)
Business -Type Activities
Year Ending Revenue Bonds
December 31 Principal Interest
2010
8175,000
$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
$2,000,000
$663,186
$165,178
131,414
124,226
115,645
106,795
97,664
88,976
81,251
73,651
65,681
57,161
48,07)
38,419
28,129
17,200
5,800
$1,245,261
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2009, 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
Tax increment revenue bonds
G.O. public facilities lease revenue bands
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
$11,105,000
$3,965,000
($760,000)
$14,310,000
$2,235,000
1,910,000
-
-
1,910,000
100,000
870,000
-
(160,000)
710,000
165,000
945,000
825,000
(945,000)
825,000
130,000
460,000
385,000
(460,000)
385,000
70,000
400,000
1,645,000
(40,000)
2,005,000
360,000
9,505,000
-
(160,000)
9,345,000
180,000
4,755,000
(205,000)
4,550,000
215,000
29,950,000
6,820,000
(2,730,000)
34,040,000
3,455,000
2,500,000
-
(450,000)
2,050,000
2,050,000
609,318
323,111
(271,754)
660,675
198,137
$33,059,318
$7,143,111
($3,451,754)
$36,750,675
$5,703,137
$2,165,000 $ - ($165,000) $2,000,000 $175,000
115,404 76,578 (58,118) 133,864 40,146
$2,280,404 $76,578 ($223,118) $2,133,864 $215,146
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 -tern bonded indebtedness outstanding at December 31, 2009 is backed by the full faith and credit
of the City, including improvement and revenue bond issues, except for the 1997 Liquor Revenue Bonds,
the Public Facilities Lease Revenue Bonds of 2003, and the Tax Increment Bonds of 2006B and 2007.
Delinquent assessments receivable at December 31, 2009 totaled $34,414.
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
PLEDGED REVENUE
Future revenue pledged for the payment of long-term debt is as follows:
08
0m8lsmc
Use oI
raaac.As
Rcvonuc Pled
m
Rm, ,h,y
llrimiral
vnd 1.11-1
artcin
vu„
Ty,.
ra mn o[Dcbls
ToW
D61 Savicc
a %o�fc
Nc�Rcvcnacs
Tmn of
IW,.
rnndrm
and hdln ,l
Nola
nl,d,od
R
orrn
Receival
20000 Slam Aid Slmcl
Sum aid sued 01.jen of
2000
MSA nllolmcros
100%
N/A
20002009
S -
$475,634
5162,568
2009A Sbccl Aid Strccl Rcflmdm,
Rcfundiny of 20WR Smm Aid
Slrcclb—IN
MSA ollolmm.d5
100%
N/A
2009-2015
421,370
-
2W IA Tax Abxlcmc ,
C,.d.1 Pa,k lnNmvemrnls
Tax 0601010,,1 revenue
100%
N/A
2001.2010
421,370
57,037
35,907
2009A I 1 Abmcnmm
limera)d Park in,Wov......
'tax ablemcm revenue
100%
➢'/A
2009-2025
1,808,726
-
20090'fax Abamnlnn ltefuAm,
It 1-.111 ,of 2.001A 1'a1
Abaleman Ilonds
Tax abalnncm mrennu
100%
N/A
2009-2016
338,969
-
20IR hood ln,Prwnmm�5
Slr<G, wmcr and sewer of
2001 in,Pmvc -d'
S,,6,1 asscssmmas
31%
N(A
2001-2010
675.410
107,358
20,112
2002A Road llnlpOVClnciM1s
Sl r inNrovcn,nms or 2,002
Srcaol 055. -In"
22%
NIA
2002-2010
987,640
137,080
19,988
2003A R.,d linpmvpnana
Smcl inNmvcnmms of 2003
SPccial vsscssn,.mns
21%
NIA
2W 1.2019
I<96,o13F163,694
39521
J.004A 12000 bnpmvcn¢nls
Srcclimprovanans 0[2004
Sroclal avc55man1,
23%
N/A
2004-2020
1)1),994r35,863
2005A IW,d Lnpmvcmnns
S'u' dna slonnsmva
Spainl asmsmona
23%
N/A
2005202/
1,782,354
2006A Itoaa ln.Prov......
Suer a ad smmucwor
in,nwan'<ols or2oa6
SPaial asecssinoa¢
40%
Nm
2006.2022
2324bOD
61,100
2007A Rocdi'np-- unlc
Sveel m,d soon samr
S asscssnniu
29%
N/A
2010.2023
2,533.191
175.918
49.510
2009.A Rond Impm.. ¢,,
mug mod eemnslninion
S"a5se.+5mem5
210
WA
20KIM025
3,508,884
-
2.00911 8...111 ,ovcinann
ItcLmdlnS
RtfunJln, of200113 ni1d MUM
)bad ingnummvm Ocnds
Srocinl 055100¢00
7%
NIA
2W9-2018
1492,269
-
2008A Srtun liecowmelml
IlonJs
Silver l,aku Road
Inyvuvannns
Tux levy
98%
N/A
2008-2024
2,525,238
82,853
220,123
2000A 510210 Sm.cr lIDvcnnc
ImPmvcmmus m smnnsava
10121.9
Ulilhy abarycs
100%
N/A
20002009
-
985,103
167,793
2009A Sl9.m Saver
lW'.m'clmycltavmnc
Refunding of 2000A Smm,
S"". 210 onm
Ulilhy 8608.985100%
N/A
2009-2u 15
907,200
-
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
CURRENT REFUNDINGS
$1,210,000 GENERAL OBLIGATION CURRENT REFUNDING BONDS, SERIES 2009A
On May 7, 2009, the City issued the $1,210,000 General Obligation Current Refunding Bonds, Series
2009A with an average interest rate of 3.505% to refund the 2010 through 2015 maturities aggregating
$1,220,000 principal amount of the City's $1,610,000 General Obligation Storm Sewer Revenue Bonds,
Series 2000A and the $950,000 General Obligation State -Aid Street Bonds, Series 2000B with an average
interest rate of 5.454% and 5.392%, respectively. The net proceeds of $1,238,335 (after payment of
$16,023 of issuance costs) was used to retire all outstanding principal of the refunded bonds on June 1,
2009 (the call date).
The City refunded the 2000A Bonds to reduce its total debt service payments over the next six years by
$88,695 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $82,963.
The City refunded the 20008 13onds to reduce its total debt service payments over the next six years by
$42,210 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $37,930.
$1,645,000 GENERAL OBLIGATION REFUNDING BONDS, SARLES 200913
On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
20098 with au average interest late of 2.0527% to refund on February 1, 2010 the 2011 through 2018
maturities aggregating $1,770,000 principal amount of the City's $625,000 General Obligation Tax
Abatement Bonds, Series 2001A, $1,160,000 General Obligation Improvement Bonds, Series 200113, and
$1,500,000 General Obligation Improvement Bonds, 2002A with an average interest rate of 4.487%,
4.713% and 4.747%, respectively. The net proceeds of $1,656,281 (after payment of $33,397 of issuance
64
Re.r,ruerW
d
ee ,, vcar
Pwecmuf
Debls77
rrnnpnl
rl,d,d
Rmnnhrine
uscor
Tulal
.r%uf
Temrof
rrincinal
mut urtncxl
benne
Bmdlss'uo
Pr ds
Type
Debt Se -ice
Net Revenues
PWII
and lntercsl
Paid
Rived
2003E TIP
Rcfnodine of 1996 TIF bonds,
TIP
100%
N/A
2003-2013
780,353
196,235
337,230
redcaclop,ncnt of 6npw Valu
20061E FIT
R'd vI pment O,GTeE
TIF'
100%
N/A
2006-2031
8,449,434
345,300
1,357,649
rea 113 and TIE' 3.5
2007 TIF
Rcdevclor.rrE
TIF
100%
N/A
20072031
7,205,325
305,414
305,414
2003 U. ltevenuc
Acquire, conswa and fumiab
t<asc mrcnuc
100%
N/A
2003-2024
6,017,915
373,073
394,045
public works and fire k6wy
1997 Lignor Revenue
Na. liT.,I.rc
l.ignor smmmrrnuc
100%
20%
1997-2012
201,100
100,525
100,525
200311 (j 0, Ir—Or,
Wacr and sovandilily
Cbarvs for scnicu
100%
73%
2003-2024
1,231,043
154,706
154,706
mpro m n,
CURRENT REFUNDINGS
$1,210,000 GENERAL OBLIGATION CURRENT REFUNDING BONDS, SERIES 2009A
On May 7, 2009, the City issued the $1,210,000 General Obligation Current Refunding Bonds, Series
2009A with an average interest rate of 3.505% to refund the 2010 through 2015 maturities aggregating
$1,220,000 principal amount of the City's $1,610,000 General Obligation Storm Sewer Revenue Bonds,
Series 2000A and the $950,000 General Obligation State -Aid Street Bonds, Series 2000B with an average
interest rate of 5.454% and 5.392%, respectively. The net proceeds of $1,238,335 (after payment of
$16,023 of issuance costs) was used to retire all outstanding principal of the refunded bonds on June 1,
2009 (the call date).
The City refunded the 2000A Bonds to reduce its total debt service payments over the next six years by
$88,695 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $82,963.
The City refunded the 20008 13onds to reduce its total debt service payments over the next six years by
$42,210 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $37,930.
$1,645,000 GENERAL OBLIGATION REFUNDING BONDS, SARLES 200913
On December 16, 2009, the City issued the $1,645,000 General Obligation Refunding Bonds, Series
20098 with au average interest late of 2.0527% to refund on February 1, 2010 the 2011 through 2018
maturities aggregating $1,770,000 principal amount of the City's $625,000 General Obligation Tax
Abatement Bonds, Series 2001A, $1,160,000 General Obligation Improvement Bonds, Series 200113, and
$1,500,000 General Obligation Improvement Bonds, 2002A with an average interest rate of 4.487%,
4.713% and 4.747%, respectively. The net proceeds of $1,656,281 (after payment of $33,397 of issuance
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
costs) along with City funds of $115,000 was used to retire all outstanding principal of the refunded bonds
on February 1, 2010 (the call date).
The City refunded the 2001A Bonds to reduce its total debt service payments over the next seven years by
$29,394 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $27,490.
The City refunded the 2001B Bonds to reduce its total debt service payments over the next eight years by
$63,901 and to obtain an economic gain (difference between the present value of the debt service payments
on the old and new debt) of $53,080.
The City refunded the 2002A Bonds to reduce its total debt service payments over the next nine years by
$100,527 and to obtain an economic gain (difference between the present value of the debt service
payments on the old and new debt) of $83,742.
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 Bund (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 rctnementbenefits 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 turd
apply to active plan patlicipants. 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.rnnera.or =, by writing to PERA, 60 Empire Drive 1/200, St. Pard, Minnesota, 55103-2088 or by
calling (651)296-7460 ort -800-652-9026.
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 2009. PEPFF members were required to contribute 9.4% of their annual covered
salary in 2009. The City is required to contribute the following percentages of annual covered payroll:
11.78% for Basic Plan PERF members, 6.75% for Coordinated Plan PERF members, and 14.1% for
PEPFF members. Employer contribution rates for the Coordinated Plan PERF members will increase
to 7% effective January 1, 2010. The City's contributions to the Public Employees Retirement Fund
for the years ending December 31, 2009, 2008 and 2007 were $115,915, $106,534 and $96,724,
respectively. The City's contributions to the Public Employees Police and Fire Fund for the years
ending December 31, 2009, 2008 and 2007 were $315,447, $272,527 and $235,132, 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 phis 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.
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Total contributions made by the City during fiscal year 2009 were:
Percentage of
Amount Covered Payro!
Employees Employer Employees Employer
Required
Rates
PEDCP $1,613 $1,613 5.00% 5.00% 5.00%
D. SINGLE EMPLOYER PERS
PLAN DESCRIPTION — ST. ANTHONY FIREFIGHTER'S RELIEF ASSOCIATION
All members of the St. Anthony Fire Department are covered by a defined benefit plan administered
by the St. Anthony Firefighter's Relief Association. The plan is a single employer retirement plan and
is established and administered in accordance with Minnesota Statute, Chapter 69,
The Relief Association provides retirement benefits as well as disability benefits to members and
benefits to survivors upon death of eligible members. Benefits are established in accordance with the
State Statute and vest after ten years of credited service. The defined retirement benefits are based on
a member's years of service. Benefit provisions can be amended by the Relief Association within the
parameters provided by State Statutes.
The Relief Association issues a publicly available financial report that includes financial statements
and required supplementary information. That report may be obtained by writing to St. Anthony
Firefighter's Relief Association, 3505 Silver Lake Road, St. Anthony, Minnesota, 55418.
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
FUNDING POLICY
Minnesota Statutes Chapter 69.772 sets the minimum contribution requirement for the City and State
aid on an annual basis. These statutes are established and amended by the state legislature. The Relief
Association is comprised of volunteers; therefore, members have no contribution requirements. The
City receives the State aid contribution and is required by state statutes to pass this though as payment
to the Relief Association. This transaction, in the amount of $32,411, is recorded as a revenue and an
expenditure in the City's 2009 financial statements. The City's annual pension cost for 2008 (2009 is
unavailable) and related information for the plan is as follows:
Annual pension cost $44,755
Contributions made:
City $6,000
State aid $38,755
Actuarial valuation date 12/31/08
Actuarial cost method Entry age normal
Amortization method Level dollar closed
Remaining amortization period:
Normal cost 20 years
Prior service cost 5 years
Asset valuation method Market
Actuarial assumptions
Investment rate of return
5%
Projected salary increases
N/A
Inflation rate
N/A
Cost of living adjustments
None
Age of service requirements
50
Post-retirement benefits increase
None
69
CI'T'Y OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL S'T'ATEMENTS
December 31, 2009
Three year trend information (information for December 31, 2009 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
Actuarial
Actuarial
Actuarial
(Unfunded)
12/31/2008
$44,755
100%
$ -
12/31/2007
51,604
100%
-
12/31/2006
61,764
100%
-
REQUIRED SUPPLEMENTARY INFORMATION— SCHEDULE OF FUNDING PROGRESS
Note 7 OTHER POST -EMPLOYMENT BENEFITS (OPER)
In 2009, the City prospectively implemented the requirement of a new accounting pronouncement, GASB
Statement No. 45, Accounting and Financial Reporting by Benefits Other
Than Pensions.
A. PLAN DESCRIPTION
In addition to providing the pension benefits described in Note 6, the City provides post -employment
health care benefits (as defined in paragraph B) for retired employees and police and firefighters
disabled in the line of duty, through a single -employer defined benefit plan. The term Plan refers to
the City's requirement by State Statute to provide retirees with access to health insurance. The OPER
plan is administered by the City. The authority to provide these benefits is established in Minnesota
Statutes Sections 471.61 Solid. 2a, and 299A.465. The benefits, benefit levels, employee contributions
and employer contributions are governed by the City and can be amended by the City through its
personnel manual and collective bargaining agreements with employee groups. The Plan is not
accounted for as a trust fund, as an irrevocable u-ust has not been established to account for the plan.
The Plan does not issue a separate report.
69
Assets in
Excess of
Pension
Actuarial
Actuarial
Actuarial
(Unfunded)
Benefit
Valuation
Value of
Accrued
Accrued
Funded
Per Year
Date
Assets
Liability
Liability
Ratio
of Service
12/31/2008
$735,213
$866,712
($131,499)
84.83%
$2,500
12/31/2007
1,072,177
767,320
304,857
139.73%
2,300
12/31/2006
977,084
659,904
317,180
148.06%
2,000
Note 7 OTHER POST -EMPLOYMENT BENEFITS (OPER)
In 2009, the City prospectively implemented the requirement of a new accounting pronouncement, GASB
Statement No. 45, Accounting and Financial Reporting by Benefits Other
Than Pensions.
A. PLAN DESCRIPTION
In addition to providing the pension benefits described in Note 6, the City provides post -employment
health care benefits (as defined in paragraph B) for retired employees and police and firefighters
disabled in the line of duty, through a single -employer defined benefit plan. The term Plan refers to
the City's requirement by State Statute to provide retirees with access to health insurance. The OPER
plan is administered by the City. The authority to provide these benefits is established in Minnesota
Statutes Sections 471.61 Solid. 2a, and 299A.465. The benefits, benefit levels, employee contributions
and employer contributions are governed by the City and can be amended by the City through its
personnel manual and collective bargaining agreements with employee groups. The Plan is not
accounted for as a trust fund, as an irrevocable u-ust has not been established to account for the plan.
The Plan does not issue a separate report.
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
B. BENEFITS PROVIDED
Retirees
The City is required by State Statute to allow retirees to continue participation in the City's group
health insurance plan if the individual terminates service with the City through service retirement or
disability retirement. To be, eligible for benefits, an employee must qualify for retirement or disability
benefits from a Minnesota public pension plan. The employee may continue to participate in the
City's group health insurance plan that the employee was a participant of immediately prior to
retirement. Employees may obtain dependent coverage at retirement only if the employee was
receiving dependent coverage immediately prior to retirement. Covered spouses may continue
coverage after the retiree's death. The surviving spouse of an active employee may continue
coverage in the group health insurance plan after the employee's death.
All health care coverage is provided through the City's group health insurance plans. The retiree is
required to pay 100% of their premium cost for the City -sponsored group health insurance plan in
which they participate. The premium is a blended rate determined on the entire active and retiree
population. Since the projected claims costs for retirees exceed the blended premium paid by retirees,
the retirees are receiving an implicit rate subsidy (benefit). The coverage levels are the same as those
afforded to active employees. Upon a retiree reaching age 65 years of age, Medicare becomes the
primary insurer and the City's plan becomes secondary.
Disabled police and firefighter
The City continues to pay the employer's contribution toward health coverage for Police or
Firefighters disabled in the line of duty per Minnesota Statute 299A.465, until age 65. Coverage for a
spouse is included, if the spouse was covered at the time of the disability. The January 1, 2009
through December 31, 2009 monthly premiums paid for Police or Firefighters disabled in the line of
duty are:
Open Access
Distinctions III
S1,150 deductible plan HSA
3 for Free Plan
70
Employee
Employee Plus Spouse
$577
$1,227
537
1,146
407
869
516
1,097
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
C. PARTICIPANTS
As of the actuarial valuation dated January 1, 2008, participants consisted of:
Retirees and beneficiaries currently
purchasing health insurance through the City
Disabled police and firefighters
Active employees 55
Total 61
Participating employers I
D. FUNDING POLICY
The additional cost of using a blended rate for actives and retirees is currently funded on a pay-as-you-
go basis. The City Council may change the funding policy at any time.
E. ANNUAL OPER COS'T'S AND NET OPER OBLIGA'T'ION
The City's annual otherpost employment benefit (OPEB) cost is calculated based on the annual
required contribution (ARC) of the employer, an amount actuarially determined in accordance with the
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial
liabilities (or finding excess) over a period not to exceed 30 years. The net OPEB obligation as of
December 31, 2009, was calculated as follows:
Annual required contribution (ARC) $116,485
Interest on net OPEB obligation -
Adjustnnent to ARC -
Annual OPEB cost 116,485
Contributions made during the year (27,350)
Increase (decrease) in net OPER obligation 89,135
Net OPEB obligation - beginning of year -
Net OPE13 obligation - end of year $89,135
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31. 2009
The City first had an actuarial valuation performed for the plan as of January 1, 2008 to determine the
funded status of the plan as of that date as well as the employer's annual required contribution (ARC)
for the fiscal year ended December 31, 2009. The City's annual OPEB cost (expense) of $116,485
was equal to the ARC for the fiscal year, as the transition liability was set at zero as of December 31,
2008. The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and
the net OPEB obligation for 2009 was as follows:
Fiscal Year
Ended
Percentage of
Annual OPEB Employer Annual OPEB Cost Net OPEB
Cost Contributions Contributed Obligation
December 31, 2009 $116,485 $27,350 23.0% $89,135
F. FUNDED STATUS AND FUNDING PROGRESS
The City currently has no assets that have been irrevocably deposited in a trust for future health
benefits; therefore, the actuarial value of assets is zero. The funded status of the plan was as follows:
Unfunded
Actuarial Actuarial
URAL as a
Actuaiial Actuarial Accrued Accrued Funded Covered
Percentage of
Valuation Value of Assets Liability (AAL)* Liability (UAAL) Ratio Payroll
Covered Payroll
Date (a) (b) (b -a) (a/b) (c)
( (b -a) / c)
January 1, 2009 $0 $1,160,956 $1,160956 0.00% $3,383,647 34.00%
*Using the Projected Uou Credit Actuarial cost method.
Note, the first OPEB actuarial valuation was conducted as of January I, 2008. There is no data available prior to the first
valuation.
G. ACTUARIAL METHODS AND ASSUMPTIONS
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality and the health care cost trend. Amounts determined
regarding the funded status of the plan and the annual required contributions (ARC) of the employer
are subject to continual revision as actual results are compared will) past expectations and new
estimates are )made about the future. The schedule of funding progress, presented as required
supplementary information following the notes to the financial statements, presents multi-year trend
infoinnation that shows whether the actuarial value of plan assets is increasing or decreasing over time
relative to the actuarial accrued liabilities for benefits.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
undeistood by the employer and plan members) and include the types of benefits provided at the tine
Of each valuation and the historical pattern of sharing of benefit costs between the employer and plan
members to that point. The actuarial methods and assumptions used include techniques that are
72
CI'T'Y OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENT'S
December 31, 2009
designed to reduce the effect of short-term volatility in actuarial accrued liabilities and the actuarial
value of assets, consistent with the long-term perspective of the calculations.
In the January 1, 2008 actuarial valuation, the Projected Unit Credit Actuarial cost method was used.
The actuarial assumptions included a 4.5% investment rate of return (net of administrative expenses)
and an initial annual health care cost trend rate of 10% reduced by .50% each year to arrive at an
ultimate health care cost trend rate of 5.0%. The actuarial value of assets was $0. The plan's
unfunded actuarial accrued liability is being amortized using the level percentage of projected payroll
method over 30 years on a closed basis. The remaining amortization period at December 31, 2009 was
29 years.
Note 8 INTERFUND RECEIVABLES/PAYABLES LOANS AND TRANSFERS
Individual fund interfund receivable and payable balances at December 31, 2009 are as follows:
Fund
General Fund
Liquor Fund
Total
Receivable Payable
$33,075 $
- 33,075
$33,075 $33,075
Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash
balances at the end of the fiscal year.
Interfund loans:
Fund Receivable Payable Purpose
Water Filtration &Purification
$1,704,230 $ -
Apache TIF Project
- 1,000,000
Provide financingfol Fannie Mae
loan payment
HRA Debt Service
437,430
Provide financing for escrow
required by 2003 public facilities
Revolving Improvement Fund
- 84,300
Provide financing for Arbors Alley
I'rojeci
Liquor Fund
- 182,500
Providing financing for the Market
Place Liquor Store
Total $1,704,230 $1,704,230
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Interfund transfers:
Transfer out
Governmental activities:
General Fund
HRA Capital Project
Filteration Fund
Business -type activities:
Utility Fund
Liquor Fund
Total transfers
Transfer In
Governmental Activities
Major Funds
HRA Nonmajor
General Debt Governmental
Fund Service Fund Total
$ $ - $76,100 $76,100
653,474 - 653,474
50,000 - 50,000 100,000
78,000 - 78,000
282,300 - 117,700 400,000
$410,300 $653,474 $243,800 $1,307,574
All of the 2009 transfers are considered routine and consistent with previous practices.
Note 9 DEFICIT FUND BALANCES/NET ASSETS
The City has deficit fund balances/het assets at December 31, 2009 as follows:
Fund Amount
Major funds
Street improvement project
$82,976
Stormwater improvement
29,013
Nonmajor funds:
HRA fund
57,359
Revolving improvement
52,850
2010 street improvement
98,047
Internal service fund
530,187
These deficits will be eliminated by charges to other funds.
74
CITY Or ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Note 10 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 animal 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 amoral premium to the LMCIT. "rhe 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.
13. LITIGATION
The City has indicated that existing and pending lawsuits, claims and other actions in which the City is
a defendant are either covered by insmance; of an immaterial amount; or, in the judgment of the City,
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. 13owever, in the opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements included herein o on the overall financial position of the City
at December 31. 2009.
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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
[lie 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.
Note 11 DEFERRED AD VALOREM TAX LEVIES - BONDED DEIST
General obligation bond issues sold by the City are financed by ad valorcm tax levies and improvement bond
issues sold by the City are partially financed by ad valorem tax levies in addition to special assessments levied
against the benefiting properties. When a bond issue to be financed partially or completely by ad valorem tax
levies is sold, specific annual amounts of such tax levies are stalled in the bond resolution and the County
Auditor is notified and instructed to levy these taxes over the appropriate years. The future tax levies are
subject to cancellation when and if the City has provided alternative sources of financing. The City Council is
required to levy any additional taxes found necessary for full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 2009.
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Note 12 DESIGNATIONS AND RESERVATIONS Or FUND EQUITY
At December 31, 2009 and 2008, the City had designated and reserved portions of its various fund equities
through legal restriction and City Council authorization. A summary of such designations is as follows:
Governmental Activities
Major Funds:
General Fund:
Reserved for prepaid items
Designated for working capital
Designated for self insurance reserve
Designated for unemployment reserve
Total General Fund
Water Filtration & Purification:
Reserved for prepaid items
Street Improvements Debt Service Fund:
Reserved for debt service
I IRA Debt Service Fund:
Reserved for debt service
Street Improvement Projects Fuad:
Designated for improvement projects
fIRA Projects Fund:
Reserved liontaxincrement projects
Storm Water Improvement
Designated for capital improvements/accquisttion
Silver Lake Road Project Fund
Designated for capital improvement/acquisition
2009 Street improvement Project Fund
Designated for capital improvenwnts
Nonmaju Funds'.
Reserved for debt service
Rcservcd for prepaid items
Designated for community comer operations
Designated for police activities
Designated for recycling program
Designated for housing and redevelopment authority
Designated for Ilre activities
Designated 1'or capital improvements/ecequisition
Designated for building maintenance
Total nonmajor funds
Total reservations and designations of fund balance
77
December 31,
2009
2008
148
853,849
851,205
1,383,584
1,296,299
60,000
65,000
28,000
28,000
1,525,433
1,440,504
290
661
555
1,821
2,660,731
1,390,316
626,759
1,234,283
1,063,179
453,206
1,241,212
872,653
95,104
119,461
356,162
116,734
1,127,314
272,533
148
133
64,974
52,246
68,276
70,781
26,134
-
-
13,058
1,443
290
301,013
215,903
1,821
1,815
1,591,123
626,759
$8,489,638 86,298,438
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
Business-Tvne Activities
Enterprise Funds:
Reserved for debt service
Designated for interftmd loan
Total reserves and designations of enterprise fund net assets
Note 13 CONDUIT DEBT OBLIGATION
December 31,
2009 2008
$120,000
$120,000
185,000
219,000
$305,000
$339,000
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, 2009, 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, 2009 is
unavailable,
Note 14 PUBLIC FACI'LITtES I EASF
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 tinance the renovation of public works
facilities and construction of a new fire station/hall.
Bond proceeds were placed into an escrow account. 'Phe 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. Terns 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.
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
The net book value of assets under this lease agreement at December 31, 2009 are as follows
Land
$1,294,541
Buildings and structures
4,887,598
Furniture, fixtures and equipment
30,902
Accumulated depreciation
(907,324)
Net
$5,305,717
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 areas follows:
2009 Annual Lease
Initial
Lease Adjustment
Expiration Automatic
Lessee Amount Factor
Date Renewals
Sprint Spectrum $20,374 4%
2/27/14 3-5 year terms
Future minimum lease payments are as follows:
2010
$21,189
2011
22,037
2012
22,918
2013
23,835
2014
24,788
2015-2019
139,631
2020-2024
169,882
2025-2029
165,636
Total $589,916
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2009
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 2009 is computed as follows:
Amount of debt applicable to debt limit
Total bonded debt
December 31,
Less nonapplicable debt:
2009
Market value:
(2,825,000)
Ramsey County
$293,617,900
Ilennepin County
532,318,700
Total market value
825,936,600
Debt limit percentage
3.00%
Debt limit
24,778,098
Amount of debt applicable to debt limit
Total bonded debt
36,040,000
Less nonapplicable debt:
Revenue bonds (liquor, water, sewer, storm sewer)
(2,825,000)
State aid street bonds
(385,000)
Tax abatement bonds
(2,005,000)
Improvement bonds
(14,310,000)
Tax increment bonds
(10,055,000)
Cash and investments in applicable debt
service funds
(1,049,796)
Total amount of debt applicable to debt limit
5,410,204
Legal debt margin
$19,367,894
Note 17 SUBSEQUENT EVENTS
The City issued the $1,375,000 General Street Reconstruction Bonds, Series 2010A on April 27, 2010 to
finance street reconstruction.
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. 51 Accoroiting and Fiiiarricial Reporting for- Ib7taiigible Assets. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 53 Accounting ai7dFiiaancial ReportiitgforDerivative Instruments. The provisions of this
Statement are effective for financial statements for periods beginning after June 15, 2009.
Statement No. 54 Fund Balcrnice Reporting and Goveriamental Fuiad Type Definitions. The provisions of
this Statement are effective for financial statements for periods beginning after June 15, 2010.
'fhe effect these standards may have on firture financial slalements is not determinable at this lime.
80
REQUIRED SUPPLEMENTARY INFORMATION
81
CITY Or ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 9
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 1 of 5
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Expenditures:
2009
2008
General government:
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Revenues:
Current:
General property taxes
$2,819,505
$2,819,505
$2,786,631
($32,874)
$2,625,557
Licenses and permits
233,500
233,500
358,381
124,881
247,878
Intergovernmental:
Other services and charges
24,600
22,100
16,726
5,374
Federal:
Total mayor and council
61,300
58,800
52,780
6,020
Police grants
-
-
30,171
30,171
19,650
State:
Market value homestead credit
136,506
1,506
1,506
-
69,772
Police aid
155,000
155,000
168,952
13,952
153,492
Fire aid
52,500
52,500
32,411
(20,089)
40,177
Municipal state aid - street maintenance
30,000
30,000
36,845
6,845
29,449
PERA aid
7,200
7,200
7,197
(3)
7,197
Police grants
-
-
6,034
6,034
1,075
County:
Street maintenance
25,200
25,200
29,535
4,335
24,659
Other
-
-
5,539
5,539
1,035
Local:
School District DARE
14,500
14,500
14,500
-
14,500
Other
2,500
2,500
5,512
3,012
25,585
Total intergovernmental
423,406
288,406
338,202
49,796
386,591
Charges for services:
Police contracts
1,156,500
1,156,500
1,156,500
-
1,096,200
Cable franchise fees
75,400
75,400
92,309
16,909
92,606
Antenna rental - water tower
19,400
19,400
20,374
974
19,591
Administrative charges
28,600
28,600
28,600
27,500
Other
12,789
12,789
10,414
(2,375)
9,581
Total charges for services
1,292,689
1,292,689
1,308,197
15,508
1,245,478
Fines and forfeits
107,000
107,000
112,068
5,068
114,062
Contributions and donations
1,500
1,500
1,450
(50)
2,450
Other revenue:
Investment income
16,800
16,800
2,434
(14,366)
18,666
Miscellaneous - other
30,000
30,000
38,302
8,302
33,241
Total O1hC1'1eVem1C
46,800
46,800
40,736
(6064)
51,907
Total revenues
4,924,400
4,789,400
4,945,665
156,265
4,673,923
Expenditures:
General government:
Mayor and council:
Current:
Personal services
34,700
34,700
35,816
(1,116)
36,489
Materials and supplies
2,000
2,000
238
1,762
632
Other services and charges
24,600
22,100
16,726
5,374
22,608
Total mayor and council
61,300
58,800
52,780
6,020
59,729
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
83
2009
2008
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Expenditures: (continued)
General government: (continued)
Intergovernmental relations:
Current:
Contracted services
$27,500
$26,300
$21,903
$4,397
$24,505
Public relations/cable:
Current:
Personal services
11,600
11,600
13,560
(1,960)
10,936
Supplies
700
700
170
530
-
Other services and charges
15,700
15,700
24,509
(8,809)
23,981
Total public relations/cable
28,000
28,000
38,239
(10,239)
34,917
General management:
Current:
Personal services
89,300
89,300
97,252
(7,952)
96,477
Supplies
400
400
151
249
163
Other services and charges
11,800
10,300
4,997
5,303
8,531
Total general management
101,500
100,000
102,400
(2,400)
105,171
Elections:
Current:
Personal services
25,000
25,000
15,184
9,816
26,979
Supplies
1,500
1,500
692
808
1,350
Other services and charges
6,800
6,200
3,383
2,817
4,460
Total elections
33,300
32,700
19,259
13,441
32,789
Finance:
Current:
Personal services
102,400
102,400
95,017
7,383
91,033
Supplies
16,000
15,000
8,491
6,509
9,622
Other services and charges
164,000
163,000
160,967
2,033
171,101
Total finance
282,400
280,400
264,475
15,925
271,756
Assessing:
Current:
Personal services
6,600
6,600
3,092
3,508
2,934
Supplies
400
400
38
362
43
Other services and charges
44,900
42,400
39,818
2,582
37,756
Total assessing
51,900
49,400
42,948
6,452
40,733
Legal:
Current:
Contracted services
90,000
85,000
67,013
17,987
68,975
Planning and zoning:
Current:
Supplies
400
400
336
64
30
Other services and charges
4,800
4,800
1,571
3,229
3,692
Total planning and zoning
5,200
5,200
1,907
3,293
3,722
83
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Supplies
Other services and charges
Total general government buildings
Total general government
Public safety:
Civil defense:
Current:
Personal services
Supplies
Other services and charges
Total civil defense
Police protection:
Current:
Personal services
Supplies
Other services and charges
Total police protection
Republican National Convention:
Current:
Personal services
Fire protection:
Current:
Personal services
Supplies
Other services and charges
Total fire protection
Protective inspections:
Current:
Pei sonalsol vices
Supplies
Other services and charges
Total protective inspections
DARE program:
Current:
Personal services
Supplies
Other services and charges
Total DARE program
49,800
49,800
2009
(3,359)
2008
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
5,612
56,900
55,600
58,887
$400
$400
$ -
$400
$8
110,100
110,100
122,278
(12,178)
112,508
110,500
110,500
122,278
(11,778)
112,516
791,600
776,300
733,202
43,098
754,813
49,800
49,800
53,159
(3,359)
50,098
1,300
1,300
901
399
1,042
5,800
4,500
4,827
(327)
5,612
56,900
55,600
58,887
(3,287)
56,752
1,370,300
1,368,300
1,433,216
(64,916)
1,309,209
70,700
70,700
57,898
12,802
74,192
83,400
75,400
62,454
12,946
68,945
1,524,400
1,514,400
1,553,568
(39,168)
1,452,346
19,079
752,900
750,900
761,618
(10,718)
711,073
26,400
25,100
18,497
6,603
16,354
46,600
44,100
33,951
10,149
40,904
825,900
820,100
814,066
6,034
768,331
16,200
16,200
10,187
6,013 9,787
200
200
17
183 -
78,400
78,400
162,129
(83,729) 104,125
94,800
94,800
172,333
(77,533) 113,912
11,500
11,500 9,704
1,796 11,083
2,000
2,000 2,038
(38) 1,851
1,000
1,000 -
1,000 -
14,500
14,500 11,742
2,758 12,934
84
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Public works:
2009
2008
Street maintenance:
Budgeted Amounts
Actual
Variance with
Actual
Original
Final
Amounts
Final Budget
Amounts
Expenditures: (continued)
Personal services
332,800
316,700
331,027
(14,327)
Public safety: (continued)
Supplies
94,300
93,100
68,514
24,586
Animal control:
Other services and charges
95,600
95,600
89,984
5,616
Current:
Total street maintenance
522,700
505,400
489,525
15,875
Supplies
$400
$400
$49
$351
$ -
Contracted services
4,400
3,400
2,308
1,092
1,525
Total animal control
4,800
3,800
2,357
1,443
1,525
Total public safety
2,521,300
2,503,200
2,612,953
(109,753)
2,424,879
Public works:
Street maintenance:
Current:
Personal services
332,800
316,700
331,027
(14,327)
325,032
Supplies
94,300
93,100
68,514
24,586
61,033
Other services and charges
95,600
95,600
89,984
5,616
83,072
Total street maintenance
522,700
505,400
489,525
15,875
469,137
Equipment maintenance:
Current:
Personal services
37,100
37,100
40,454
(3,354)
40,047
Supplies
26,700
26,700
25,167
1,533
32,789
Other services and charges
5,500
5,500
8,066
(2,566)
8,493
Total equipment maintenance
69,300
69,300
73,687
(4,387)
81,329
Tree and weed care:
Current:
Personal services
31,700
31,700
31,581
119
30,189
Supplies
900
400
-
400
33
Other services and charges
4,500
4,500
2,089
2,411
3,904
Total tree and weed care
37,100
36,600
33,670
2,930
34,126
Total public works
629,100
611,300
596,882
14,418
584,592
Parks and recreation:
Park maintenance:
Current:
Pcrsonalservices
150,700
150,700
130,911
19,789
118,028
Supplies
9,100
7,600
8,325
(725)
6,057
Other services and charges
27,700
27,700
26,847
853
23,739
Total park maintenance
187,500
186,000
166,083
19,917
147,824
Recreation:
Current:
Community services
57,200
57,200
52,176
5,024
52,176
Total parks and recreation
244,700
243,200
218,259
24,941
200,000
85
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, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Expenditures: (continued)
Services to other cities:
Police services - contract allocation amount:
Personal services
Supplies
Other services and charges
Total services to other cities
Nondepa tmentah
Personal services
Supplies
Workers compensation insurance
Total nondepartmental
Total expenditures
Revenues over(under)expenditures
$902,200
2009
$950,033
2008
Budgeted Amounts
Actual
Variance with
Actual
Original Final
Amounts
Final Budget
Amounts
$902,200
$902,200
$950,033
($47,833)
$882,022
19,800
19,800
15,572
4,228
11,303
72,600
72,600
61,237
11,363
47,482
994,600
994,600
1,026,842
(32,242)
940,807
2,197
(2,197)
1,818
311
(311)
780
4,290
(4,290)
20,789
0 0 6,798
(6,798)
23,387
5,181,300 5,128,600 5,194,936 (66,336) 4,928,478
(256,900) (339,200) (249,271) 89,929 (254,555)
Other financing sources (uses):
Transfers toother funds (71,100) (71,100) (76,100) (5,000) (68,300)
Transfer from other funds 328,000 410,300 410,300 325,000
Total other financing sources (uses) 256,900 339,200 334,200 (5,000) 256,700
Net change in fund balance
Fund balance - January I
Fund balance - December 31
$0 $0
86
84,929 $84,929
1,440,504
$1,525,433
2,145
1,438,359
$1,440,504
CITY OF SP. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
NOTE TO RSI
December 31, 2009
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
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
SCIIEDULE OF FUNDING PROGRESS
OTHER POST EMPLOYMENT BENEFITS PLAN
For The Year Ended December 31, 2009
The City implemented GASB Statement No. 45 for the fiscal year ended December 31, 2009. Information for prior
years is not available.
88
(1) (2)
(3)
(4)
(5)
(6)
Unfunded
Actuarial
Accrued
Active
UAAL As A
Actuarial
Actuarial Actuarial
Funded
Liability
Members
Percentage of
Valuation
Value of Accrued
Ratio
(UAAL)
Covered
Covered
Date
Assets Liability (AAL)
(1)/(2)
(2)-(1)
Payroll
Payroll (4) / (5)
January 1, 2009
$0 $1,160,956
0.00%
$1,160,956
$3,383,647
34.31%
The City implemented GASB Statement No. 45 for the fiscal year ended December 31, 2009. Information for prior
years is not available.
88
COMBINING AND INDIVIDUAL NONMAJOR FUND FINANCIAL
STATEMENTS AND SCHEDULES
89
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90
NONMAJOR GOVERNMENTAL FUNDS
91
- This page intentionally left blank -
92
SPECIAL REVENUE FUNDS
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).
93
CITY OF ST. ANTHONY, MINNESOTA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
Statement 11
Total assets $125,510 $1,442,914 $369,563 $1,937,987 $664,018
Liabilities and Fund Balance
Liabilities:
148 1,127,314
-
1,127,462
Totals
Interfund payable
$ -
$ $
$
$44,296
Nonmajor
19,067
56,327
Special
Debt
Capital
Governmental Funds
Assets
Revenue
Service
Project
2009
2008
84,300
-
Due to other governmental units
Cash and investments
$97,334
$1,127,922
$315,513
$1,540,769
$654,264
Accrued interest
6,043
784
-
6,043
4,464
Due from other governmental units
19,894
Total liabilities
21,894
19,894
1,040
Accounts receivable
-
-
480
Prepaid items
148
-
148
133
Property taxes receivable:
Delinquent
2,360
5,244
7,604
2,630
Due from county
(269)
(608)
-
(877)
1,007
Special assessments receivable
-
310,356
54,050
364,406
-
Total assets $125,510 $1,442,914 $369,563 $1,937,987 $664,018
Liabilities and Fund Balance
Liabilities:
148 1,127,314
-
1,127,462
272,666
Interfund payable
$ -
$ $
$
$44,296
Accounts payable
19,067
56,327
75,394
39,593
Contracts payable
-
22,949
22,949
-
Interfundloan payable
103,616 1,127,314
84,300
84,300
-
Due to other governmental units
-
- -
-
(40)
Salaries payable
467
-
467
784
Deferred revenue
2,360
315,600 54,050
372,010
2,630
Total liabilities
21,894
315,600 217,626
555,120
87,263
Fund balance
Reserved
148 1,127,314
-
1,127,462
272,666
Unreserved:
Designated
160,827 -
302,834
463,661
354,093
Undesignated
(57,359)
(150,897)
(208,256)
(50,004)
Total fund balance
103,616 1,127,314
151,937
1,382,867
576,755
Total liabilities and fund balance
$125,510 $1,442,914
$369,563
$1,937,987
$664,018
94
CITY OF ST. ANTHONY, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 12
CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
Expenditures:
Totals
Current:
Special
Debt
Capital
Nonmajor Governmental Funds
Revenue
Service
Project
2009
2008
Revenues:
Public safety
15,994
-
25,761
41,755
Genet alproperty taxes
$105,641
$253,737
$ -
$359,378
$132,425
Intergovernmental
54,017
198,475
127,549
380,041
235,193
Special assessments
-
220,123
30,250
250,373
-
Charges for services
131,796
167,793
1,500
301,089
296,243
Forfeited property
10,802
-
-
10,802
25,359
Investment income
3,945
858
1,996
6,799
44,315
Contributions and donations
-
-
2,000
2,000
1,500
Other
8,755
-
1,450
10,205
2,532
Total revenues
314,956
840,986
164,745
1,320,687
737,567
Expenditures:
Current:
General government
22,303
-
24,146
46,449
120,671
Public safety
15,994
-
25,761
41,755
21,555
Public works
-
-
1,194
1,194
5,079
Parks and recreation
183,528
-
-
183,528
166,173
Housing and development
191,608
-
191,608
212,583
Capital outlay:
General government
-
-
-
23,136
Public safety
-
-
-
-
202,638
Public works
-
-
271,459
271,459
92,894
Debt service:
Principal
-
235,000
-
235,000
305,000
Interest
-
155,627
-
155,627
99,073
Paying agent fees
-
1,245
-
1,245
1,938
Issuance costs
-
22,317
-
22,317
-
Construction/acquistioncosts
-
-
1,399,197
1,399,197
43,794
Total expenditures
413,433
414,189
1,721,757
2,549,379
1,294,534
Revenues over(under)expenditures
(98,477)
426,797
(1,557,012)
(1,228,692)
(556,967)
Other financing sources:
Bonds issued
-
65,206
1,335,000
1,400,206
47,003
Refimdingbonds issued
-
1,520,000
-
1,520,000
-
Rcdemption of refunded bonds
-
(1,210,000)
-
(1,210,000)
-
Premium on debt issued
-
52,778
15,964
68,742
-
Sale of capital assets
-
-
12,056
12,056
14,705
Transfers in
76,100
-
167,700
24.3,800
318,300
Total other financing sources
76,100
427,984
1,530,720
2,034,804
380,008
Net change in find balance
(22,377)
854,781
(26,292)
806,112
(176,959)
Fund balance - January 1
125,993
272,533
178,229
576,755
753,714
Fund balance -December31
$103,616
$1,127,314
$151,937
51,382,867
$576,755
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 Find 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, 2009
With Comparative Totals For December 31, 2008
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
98
601 Community 230 Police
Center Fund Forfeiture Fund
$79,028 $68,276
134
$79,162 $68,276
13,672
382
14,054
134
64,974
65,108
$79,162
$
68,276
68,276
$68,276
225 Recycling
Fund
$11,325
19,894
14
$31,233
5,000
85
5,085
14
26,134
26,148
$31,233
301 HRA Fund
($63,133)
6,043
2,360
(269)
($54,999)
2,360
2,360
(57,359)
(57,359)
($54,999)
240 Fire
Education /
Training Fund
$1,838
$1,838
99
1,443
1,443
$1,838
Statement 13
Totals Nonmajor Special Revenue Funds
2009
2008
395
$140,704
6,043
4,464
395
99
1,443
1,443
$1,838
Statement 13
Totals Nonmajor Special Revenue Funds
2009
2008
$97,334
$140,704
6,043
4,464
19,894
1,040
-
480
148
133
2,360
1,547
(269)
727
$125,510 $149,095
19,067
467
2,360
21,894
148
64,974
68,276
26,134
1,443
(57,359)
103,616
$125,510
$10,632
10,139
784
1,547
23,102
133
52,246
70,781
13,058
290
(10,515)
125,993
$149,095
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, 2009
With Comparative Totals For The Year Ended December 31, 2008
Revenues:
General property taxes
Intergovernmental:
State - market value homestead credit
Local - other
Charges for services:
Administrative fees
Rental receipts
Forfeited property
Investment income
Other
Total revenues
Expenditures:
Current:
General government
Public safety
Parks and recreation
Housing and development
Total expenditures
Revenues over (under) expenditures
Other financing sources:
Sale of capital assets
Transfers in
Total other financing sources
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
100
601 Community
Center Fund
125,000
174
125,174
183,528
183,528
(58,354)
71,100
71.100
12,746
52,362
$65,108
230 Police
Forfeiture Fund
10,802
211
11,013
13,518
13,518
(2,505)
(2,505)
70,781
$68,276
225 Recycling
Fund
50,687
3,261
1
53,949
22,303
22,303
31,646
5,000
5,000
36,646
(10,498)
$26,148
301 HRA Fund
$105,641
3,330
3,556
8,664
121,191
191,608
191,608
(70,417)
0
(70,417)
13,058
($57,359)
240 Fire Education
/ Training Fund
3,535
3
91
3,629
2,476
2,476
1,153
0
1,153
290
$1,443
101
Statement 14
Totals Nonmaior Suecial Revenue Funds
2009
2008
$105,641
$104,956
3,330
3,835
50,687
-
6,796
3,620
125,000
125,000
10,802
25,359
3,945
35,055
8,755
1,671
314,956
299,496
22,303
15,994
183,528
191,608
413,433
(98,477)
76,100
76,100
(22,377)
125,993
$103,616
13,551
21,555
166,173
212,583
413,862
(114,366)
3,870
68,300
72,170
(42,196)
168,189
$125,993
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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-term
debt other than proprietary fund debt. The City of St. Anthony, Minnesota had
the following nommajor 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 improvements to City parks.
Equipment Certificates Fund was established for major capital equipment
purchases.
Silver Lake Road Bond Fund was established to account for the debt service
associated with the reconstruction and infrastructure improvements of Silver .Lake
Road.
2009 Street Improvement Bond Fund was established to account for the debt
service associated with the reconstruction and infrastructure improvements to
Chandler Drive and Foss Road.
103
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR DEBT SERVICE FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
Assets
Cash and investments
Property taxes receivable:
Delinquent
Due from county
Special assessments receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Deferred revenue
Fund balance:
Reserved for debt service
Total liabilities and fund balance
703 Storm Water 207 State Aid 502 Tax
Fund Street Fund Abatement Fund
$147,101 $83,230 $455,770
- - 1,719
(182)
$147,101 $83,230 $457,307
104
$ - $ - $1,719
147,101 83,230 455,588
$147,101 $83,230 $457,307
Statement 15
512 2009 Street
402 Equipment
365 Silver Lake Road
Improvement Bond
$315,600
Certificates Fund
Bond Fund
Fund
Totals Nonmajor Debt Service Funds
15,873
139,914
285,608
2009 2008
$15,866
$140,347
$285,608.
$1,127,922 $272,253
228
3,297
-
5,244 1,083
7
(433)
-
(608) 280
-
310,356
310,356 -
$16,101
$143,211
1595,964
$1,442,914 $273,616
$228
$3,297
$310,356
$315,600
$1,083
15,873
139,914
285,608
1,127,314
272,533
$16,101
$143,211
$595,964$1,442,914
$273,616
105
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
Revenues:
General property taxes
Intergovernmental:
State:
MSA state aid
Local:
ISD - tax abatement
Special assessments
Charges for services
Investment income
Total revenues
Expenditures:
Debt service:
Principal
Interest
Paying agent fees
Professional service
Issuance costs
Total expenditures
Revenues over (nuclei-) expenditures
Other financing sources:
Bonds issued
Refunding bonds issued
Redemption of refunded bonds
Premium on debt issued
Total other financing sources (uses)
Net change in fund balance
Fund balance - January 1
Fund balance - December 31
106
703 Storm Water
Fund
207 State Aid
Street Fund
162,568
167,793
123 35
167,916 162,603
502 Tax
Abatement Fund
$77,644
35,907
277
113,828
120,000
75,000
40,000
40,103
15,634
17,037
172
173
500
10,579
5,444
6,294
170,854
96,251
63,831
(2,938)
66,352
49,997
825,000
385,000
310,000
(825,000)
(385,000)
-
30,447
13,911
8,420
30,447
13,911
318,420
27,509
80,263
368,417
119,592
2,967
87,171
$147,101
$83,230
$455,588
Statement 16
512 2009 Street
402 Equipment 365 Silver Lake Improvement Bond
Certificates Fund Road Bond Fund Fund Totals Nonmajor Debt Service Funds
2009 2008
$266
$175,827
$ -
$253,737
$27,469
-
-
-
162,568
96,102
-
35,907
37,002
220,123
220,123
-
-
-
167,793
167,623
46
98
279
858
2,783
312
175,925
220,402
840,986
330,979
-
-
235,000
305,000
82,853
155,627
99,073
400
1,245
1,938
-
-
22,317
-
0
83,253
0
414,189
406,011
312
92,672
220,402
426,797
(75,032)
-
65,206
65,206
47,003
-
1,520,000
-
(1,210,000)
-
-
52,778
0
0
65,206
427,984
47,003
312
92,672
285,608
854,781
(28,029)
15,561
47,242
272,533
300,562
$15,873
$139,914
$285,608
$1,127,314
$272,533
107
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108
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.
2010 Street Reconstruction Fund accounts for the sidewalk, lighting and street
reconstruction improvements to Silver Lane and the bituminous mill and overlay
to portions of Old Highway 8 and Ilighcrest Road.
109
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2009
With Comparative Totals For December 31, 2008
Assets
Cash and investments
Special assessment receivable
Total assets
Liabilities and Fund Balance
Liabilities:
Interfimd payable
Accounts payable
Contracts payable
Interfund loan payable
Due to other governmental units
Deferred revenue
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
509 Revolving
Improvement
110
$31,450
54,050
$85,500
84,300
54,050
138,350
(52,850)
(52,850)
$85,500
501 Park
Improvement
205 State Aid
Street
$124,599 $38,133
$124,599 $38,133
22,949
22,949
101,650
101,650
$124,599
37,563
37,563
$38,133
570
570
37,563
37,563
$38,133
Statement 17
513 2010 Street
350 Silver Lake 401 Capital 510 Building Improvement
Village Park Equipment Fund Improvement Fund Project Fund Totals Nonmajor Capital Project Funds
2009 2008
$57,355 $105,451 $1,821
($43,296) $315,513
54,050
$241,307
$57,355 $105,451 $1,821 ($43,296) $369,563 $241,307
1,006
0 1
0
54,751
56,327
22,949
84,300
- 54,050
54,751 217,626
$33,664
29,454
(40)
63,078
- - 1,821 1,821 1,815
57,355 104,445 - 301,013 215,903
- - - (98,047) (150,897) (39,489)
57,355 104,445 1,821 (98,047) 151,937 178,229
$57,355 $105,451 $1,821 ($43,296) $369,563 $241,307
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, 2009
With Comparative Totals For The Year Ended December 31, 2008
Expenditures:
General government:
Materials and supplies - _ _
Capital outlay - - _
Public safety:
Materials and supplies - _ -
Capital outlay _ _ _
Public works:
Materials and supplies - - 1,194
Contractual services - _ _
Capital outlay _ _
Construction/acquistion costs 88,521 1,212,629 -
Total expenditures 88,521 1,212,629 7,194
Revenues over (under) expenditures (58,234) (1,209,825) (1,082)
Other financing sources (uses)
Bonds issued - 1,335,000
Premium on debt issued - 15,964 -
Transf,ers in - _ _
Sale of capital assets - -
Total other financing sources (uses) 0 1,350,964 0
Net change in fund balance
509 Revolving
501 Park 205 State Aid
(1,082)
Improvement
Improvement Street
Revenues:
38,645
Intergovernmental:
($52,850)
$101,650
State - Municipal state aid
$ -
$ - $ _
State - other
Special assessments
30,250
Charges for services:
Service charges
-
1,500
Investment income
37
1,304 112
Contributions and donations
-
Other
-
_
Total revenues
30,287
2,804 112
Expenditures:
General government:
Materials and supplies - _ _
Capital outlay - - _
Public safety:
Materials and supplies - _ -
Capital outlay _ _ _
Public works:
Materials and supplies - - 1,194
Contractual services - _ _
Capital outlay _ _
Construction/acquistion costs 88,521 1,212,629 -
Total expenditures 88,521 1,212,629 7,194
Revenues over (under) expenditures (58,234) (1,209,825) (1,082)
Other financing sources (uses)
Bonds issued - 1,335,000
Premium on debt issued - 15,964 -
Transf,ers in - _ _
Sale of capital assets - -
Total other financing sources (uses) 0 1,350,964 0
Net change in fund balance
(58,234)
141,139
(1,082)
Fund balance (deficit) - January 1
5,384
(39,489)
38,645
Fetid balance (deficit) - December 31
($52,850)
$101,650
$37,563
112
510 Building
350 Silver Lake 401 Capital Improvement
Village Park Equipment Fund Fund
$ $108,237 $
19,312
169 368 6
2,000
200 1,250
369 131,167 6
Statement 18
513 2010 Street
24,146
Improvement
24,146
107,120
Project Fund
Totals Nonmajor Capital Project Funds
2009
2008
$
$108,237
$96,654
19,312
1,600
-
30,250
-
1,500
-
202,638
1,996
6,477
2,000
1,500
5,079
1,450
861
0
164,745
107,092
113
24,146
24,146
107,120
-
-
23,136
25,761
25,761
-
-
-
202,638
1,194
5,079
271,459
-
271,459
92,894
-
-
98,047
1,399,197
43,794
0
321,366
0
98,047
1,721,757
474,661
369
(190,199)
6
(98,047)
(1,557,012)
(367,569)
-
1,335,000
-
-
15,964
-
167,700
-
167,700
250,000
12,056
-
12,056
10,835
0
179,756
0
0
1,530,720
260,835
369
(10,443)
6
(98,047)
(26,292)
(106,734)
56,986
114,888
1,815
178,229
284,963
$57,355
$104,445
$1,821
($98,047)
$151,937
$178,229
113
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114
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 601 COMMUNITY CENTER FUND Statement 19
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Revenues:
Charges for services:
Rental receipts
Investment income
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
2009
Budgeted Amounts 2008
Original Final Actual Actual
$125,000 $125,000 $125,000 $125,000
2,000 2,000 174 929
127,000 127,000 125,174 125,929
14,400
14,400
12,400
12,070
2,600
2,600
359
7
205,200
205,200
170,769
154,096
222,200
222,200
183,528
166,173
(95,200)
(95,200)
(58,354)
(40,244)
71,100
71,100
71,100
68,300
($24,100) ($24,100)
115
12,746 28,056
52,362 24,306
$65,108 $52,362
CITY Or ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 22
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
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 out
Net change in fund balance
Fund balance - January 1
Fund balance (deficit) - December 31
89,300
2009
101,017
96,817
Budgeted Amounts
72,800
2008
Original
Final
Actual
Actual
212,583
$107,170
$107,170
$105,641
$104,956
3,330
3,330
3,330
3,835
67,500
67,500
3,556
32,574
-
-
8,664
1,465
178,000
178,000
121,191
142,830
89,300
89,300
101,017
96,817
72,800
72,800
90,591
115,766
162,100
162,100
191,608
212,583
15,900
15,900
(70,417)
(69,753)
(28,600) (28,600)
($12,700) ($12,700)
118
(70,417)
(69,753)
13,058 82,811
($57,359) $13,058
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 225 RECYCLING FUND Statement 21
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31 2008
117
2009
Budgeted Amounts
2008
Final
Actual
Actual
Revenues:Original
Intergovernmental:
Hennepin County recycling grant
$6,500
$6,500
$44,561
$
Ramsey County score grant
4,300
4,300
6,126
Charges for services
3,500
3,500
3,261
1,700
Investment income
100
100
1
-
Total revenues
14,400
14,400
53,949
1,700
Expenditures:
General government:
Current:
Personal services
2,700
2,700
4,072
3,290
Other services and charges
16,700
16,700
18,231
10,261
Total expenditures
19,400
19,400
22,303
13,551
Revenues over(tinder)expenditures
(5,000)
(5,000)
31,646
(11,851)
Other financing sources (uses):
Transfer in
5,000
5,000
5,000
Net change in fund balance
$0
$0
36,646
(11,851)
Fund balance (deficit) - January 1
(10,498)
1,353
Fund balance (deficit) - December 31
$26,148
117
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 22
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
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 out
Net change in fund balance
Fund balance - January I
Fund balance (deficit) - December 31
g
Budgeted Amounts 2008
Original Final Actual Actual
$107,170
$107,170
$105,641
$104,956
3,330
3,330
3,330
3,835
67,500
67,500
3,556
32,574
-
-
8,664
1,465
178,000
178,000
121,191
142,830
89,300
89,300
101,017
96,817
72,800
72,800
90,591
115,766
162,100
162,100
191,608
212,583
15,900
15,900
(70,417)
(69,753)
(28,600) (28,600)
($12,700) ($12,700) (70,417) (69,753)
118
13,058 82,811
($57,359) $13,058
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 240 FIRE EDUCATION / TRAINING FUND Statement 23
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2009
With Comparative Actual Amounts For The Year Ended December 31, 2008
Revenues:
Charges for services
Investment income
Other
Total revenues
Expenditures:
Public safety:
Current:
Personal services
Materials and supplies
Total expenditures
Revenues over expenditures
Fund balance - January 1
Fund balance - December 31
2009
Budgeted Amounts
Original Final Actual
$2,500 $2,500 $3,535
3
100 100 91
2,600 2,600 3,629
1,600
1,600
1,000
1,000
2,600
2,600
1,153
$0
$0
119
2008
Actual
$1,920
17
206
2,143
1,780
1,764
696
355
2,476
2,119
1,153
24
290
266
$1,443
$290
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120
SUPPLEMENTARY FINANCIAL INFORMATION
121
CITY OF SP. ANTHONY, MINNESOTA
BALANCE SHEET
HRA DEBT SERVICE FUND
December 31, 2009
With Comparative Totals For December 31, 2008
Exhibit 1
122
G.O. Tax
Increment
Bonds
Public
1996A
Facilities
TIF
TIF
Totals
Apache
Revenue
Revenue
Revenue
HRA Debt Service Fund
(Cub Foods)
Bonds
Bonds 2006
Bonds 2007
2009
2008
Assets
Cash and investments
$756,712
$454,998
$ -
$ -
$1,211,710
$1,036,273
Funds held in trust
-
454,451
-
-
454,451
455,135
Accrued interest receivable
-
6,388
-
-
6,388
6,392
Property taxes receivable:
Delinquent
3,380
11,079
-
-
14,459
8,238
Due from county
-
(836)
-
-
(836)
2,809
Total assets
$760,092
$926,080
$0
$0
$1,686,172
$1,508,847
Liabilities and Fund Balance
Liabilities:
Interfund loan payable
$ -
$437,430
$ -
$ -
$437,430
$437,430
Deferred revenue
3,380
11,079
-
-
14,459
8,238
Total liabilities
3,380
448,509
0
0
451,889
445,668
Fund balance (deficit):
Reserved for debt service
756,712
477,571
-
-
1,234,283
1,063,179
Total liabilities and find balance
$760,092
$926,080
$0
$0
$1,686,172
$1,508,847
122
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CIIANGES Exhibit 2
IN FUND BALANCE
HRA DEBT SERVICE FUND
For The Year Ended December 31, 2009
With Comparative Totals For The Year Ended December 31, 2008
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 I
Fund balance - December 31
G.O. Tax
205,000
Increment
80,000
Bonds
Public
1996A
Facilities TIF
Apache
Revenue Revenue
(Cub Foods)
Bonds Bonds 2006
TIF Totals
Revenue HRA Debt Service Fund
Bonds 2007 2009 2008
$ - $394,045 $ - $ - $394,045 $387,860
337,230 - - - 337,230 283,536
1,541 11,118 - - 12,659 39,039
338,771 405,163 0 0 743,934 710,435
983
983 2,155
160,000
205,000
80,000
80,000
525,000
430,000
36,235
168,072
265,300
225,414
695,021
711,264
350
2,200
2,000
750
5,300
5,103
-
-
-
-
-
5,000
197,568
375,272
347,300
306,164
7226,304
1,153,522
141,203
29,891
(347,300)
(306,164)
(482,370)
(443,087)
-
-
347,300
306,174
653,474
573,949
141,203 29,891
615,509 447,680
$756,712 $477,571 $0
123
10 171,104 130,862
(10) 1,063,179 932,317
$0 $1,234,283 $1,063,179
CITY OF ST. ANTHONY, MINNESOTA
BALANCESHEET
HRA PROJECTS FUND
December 31, 2009
With Comparative Totals For December 31, 2008
Exhibit 3
Liabilities
Accounts payable $ $3,801 $ - $3,801 $15,028
Deposits payable - - 2,483 2,483 -
Deferred revenue - 265,521 - 265,521 79,407
Total liabilities 0 269,322 2,483 271,805 94,435
Fund balance
Reserved for tax increment projects 204,265 1,036,947
Tax Increment
872,653
Unreserved:
Financing Districts
HRA
Totals
Total fund balance 204,265 1,036,947
38,646 1,279,858
Chandler Apache
Directed
HRA Projects
Fund
$1,001,835
Place (Wal-Mart)
Projects
2009
2008
Assets
Cash and investments
$204,265 $1,193,911
($118,871)
$1,279,305
$761,534
Funds held in trust
- 696
696
695
Property taxes receivable:
Delinquent
- 124,891
124,891
79,407
Due from county
- (153,858)
(153,858)
199
Accounts and other receivables
- 140,629
-
140,629
-
Funds held by others
- -
160,000
160,000
160,000
Total assets
$204,265 $1,306,269
$41,129
$1,551,663
$1,001,835
Liabilities and Fund Balance
Liabilities
Accounts payable $ $3,801 $ - $3,801 $15,028
Deposits payable - - 2,483 2,483 -
Deferred revenue - 265,521 - 265,521 79,407
Total liabilities 0 269,322 2,483 271,805 94,435
Fund balance
Reserved for tax increment projects 204,265 1,036,947
- 1,241,212
872,653
Unreserved:
Undesignated - -
38,646 38,646
34,747
Total fund balance 204,265 1,036,947
38,646 1,279,858
907,400
Total liabilities and fund balance $204,265 $1,306,269
$41,129 $1,551,663
$1,001,835
124
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, 2009
With Comparative Totals For The Year Ended December 31, 2008
Revenues:
Tax increment collections
Intergovernmental - MVHC
Investment income
Other revenues:
Developer fees and reimbursements
Total revenues
Expenditures:
General government:
Other
Parks and recreation:
Contractual services
Developer incentives
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 - January 1
Fund balance - December 31
Tax Increment Financing
Districts HRA Totals
Chandler Apache Directed HRA Projects Fund
Place (Wal-Mart) Projects 2009 2008
$208,961 $1,357,649 $ - $1,566,610 $1,399,013
- 8,885 - 8,885 7,487
166 2,537 - 2,703 20,455
- 94 94 -
209,127 1,369,165 0 1,578,292 1,426,955
963 108,305 109,268 76,343
- - 28,500
443,092 443,092 323,485
963 551,397 0 552,360 428,328
208,164 817,768 0 1,025,932 998,627
(653,474) (653,474) (1,039,528)
0 (653,474) 0 (653,474) (1,039,528)
208,164 164,294
0 372,458 (40,901)
(3,899) 872,653 38,646 907,400 948,301
$204,265 $1,036,947 $38,646 $1,279,858 $907,400
125
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, 2009
With Comparative Totals For The Year Ended December 31, 2008
Operating expenses
Personal services
Operations
234,327
606,718
579,865
Supplies
Totals
11,863
38,552
Water Sewer
2009
2008
Operating revenues:
112,784
87,302
Treatment charges (MCES)
Charges for services
$806,552 $775,465
$1,582,017
$1,606,621
Connection charges
450 850
1,300
9,100
Total operating revenues
807,002 776,315
1,583,317
1,615,721
Operating expenses
Personal services
372,391
234,327
606,718
579,865
Supplies
26,689
11,863
38,552
47,711
Contracted services and other
78,818
33,966
112,784
87,302
Treatment charges (MCES)
-
513,610
513,610
467,267
Other
139,403
53,692
193,095
185,419
Depreciation
150,986
84,174
235,160
208,705
Total operating expenses
768,287
931,632
1,699,919
1,576,269
Operating income (loss)
$38,715
($155,317)
(116,602)
39,452
Nonoperating revenues (expenses)
Investment income
777
10,613
Interest expense P
(73,739)
(76,036)
discount(
Amortization of bond discount2,694
(2,696)
Paying agent fees
350
( )
(350)
Miscellaneous income
1,923
15,694
Total nonoperating revenues (expenses)
(74,083)
(52,775)
Net operating income (loss)
(190,685)
(13,323
Capital contributions
158,129
2,139,827
Transfers out
78,000
( )
(225,000)
Change in net assets
(110,556)
1,901,504
Net assets - January 1
3,921,735
2,020,231
Net assets - December 31
$3,811,179
$3,921,735
126
III. STATISTICAL SUCTION (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 129
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 136
significant local revenue source, the property tax.
Debt Capacity
These tables present information to help the reader assess the affordability 140
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 148
understand the enviormmnt within which the City's financial activities take
place.
Operating Information
These tables contain service and infrastructure data to help the reader 150
understand how the information in the City's financial report relates to the
services the City provides and the activities it perforins.
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.
127
- This page intentionally left blank -
128
CITY OR ST. ANTHONY, MINNESOTA
NET ASSETS BY COMPONENT
Last Five Fiscal Years
(Accrual Basis of Accounting)
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
Table 1
Fiscal Year
2005 2006 2007 2008 2009
$2,430,860 $2,966,021 $2,039,017 $3,000,881 $2,315,775
8,164,796 6,541,771 3,228,881 2,327,517 6,782,289
761,339 2,611,204 783,582 943,663 1,506,733
5,373,139 5,861,552 9,488,919 9,582,675 5,128,398
$16,730,134 $17,980,548 $15,540,399 $15,854,736 $15,733,195
$1,758,506 $1,822,792 $2,703,188 $4,745,674 $5,017,685
120,000
2,157,418
120,000
1,973,533
120,000
1,183,416
120,000
1,042,856
120,000
730,653
$4,035,924
$3,916,325
$4,006,604
$5,908,530
$5,868,338
S4,189,366 $4,788,813 $4,742,205 $7,746,555 $7,333,460
8,284,796
6,661,771
3,348,881
2,447,517
6,902,289
761,339
2,611,204
783,582
943,663
1,506,733
7,530,557
7,835,085
10,672,335
10,625,531
5,859,051
$20,766,058
$21,896,873
$19,547,003
$21,763,266
$21,601,533
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.
129
CITY OF ST. ANTHONY, MINNESOTA
CIiANGES IN NET ASSETS
Last Five 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 2009
$877,230
$1,115,231
$1,111,240
$1,231,302
$1,160,932
2,402,296
2,461,222
2,359,360
2,656,975
2,937,528
1,414,857
1,400,951
6,266,350
1,436,309
1,839,163
1,499,773
806,512
450,549
416,881
424,590
606,952
649,625
911,419
940,807
1,026,842
424,273
2,967,835
173,098
536,068
2,534,700
1,014,270
1,096,390
1,411,926
1,497,107
1,407,527
8,239,651
10,497,766
12,683,942
8,715,449
11,331,282
5,034,639
5,429,222
5,740,169
5,969,076
6,156,097
641,490
899,686
775,828
794,433
843,723
805,171
736,967
785,491
860,918
932,979
6,481,300
7,065,875
7,301,488
7,624,427
7,932,799
$14,720,951 $17,563,641 $19,985,430 $16,339,876 $19,264,081
$724,140
$747,675
$1,039,000
$1,096,200
$1,156,500
1,192,468
999,142
876,425
841,448
972,456
691,777
684,819
609,886
522,542
456,357
2,905,063
974,678
755,930
1,684,417
1,659,382
5,513,448
3,406,314
3,281,241
4,144,607
4,244,695
5,298,404
5,814,838
6,187,185
6,359,731
6,611,975
684,096
778,979
841,611
812,371
806,987
843,409
776,886
850,260
803,350
776,330
6,825,909 7,370,703 7,879,056 7,975,452 8,195,292
$12,339,357 $10,777,017 $11,160,297 $12,120,059 $12,439,987
Net (expense) revenue:
Govemmental activities ($2,726,203) ($7,091,452) ($9,402,701) ($4,570,842) ($7,086,587)
Business -type activities 344,609 304,828 577,568 351,025 262,493
Total primary govermnent net (expense) revenue (2,381,594) (6,786,624) (8,825,133) (4,219,817) (6,824,094)
130
CYPY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET ASSETS
Last Five 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:
Table 2
Page 2 of 2
Fiscal Year
2005 2006 2007 2008 2009
$3,464,453
$3,668,503
$3,968,436
$4,118,365
$4,442,708
410,968
851,309
1,477,929
1,753,559
1,952,704
124,309
94,470
159,741
88,291
20,918
358,571
514,440
698,345
403,426
208,761
214,859
96,837
77,745
36,365
16,103
-
8,730
-
-
3,981
348,250
485,000
580,356
(1,514,827)
319,871
4,921,410
5,719,289
6,962,552
4,885,179
6,965,046
44,410
78,638
74,764
18,985
6,833
499
12,490
18,303
17,089
10,353
(348,250)
(485,000)
(580,356)
1,514,827
(319,871)
(303,341)
(393,872)
(487,289)
1,550,901
(302,685)
$4,618,069 $5,325,417 $6,475,263 $6,436,080 $6,662,361
Governmental activities
$2,195,207
($1,372,163)
($2,440,149)
$314,337
($121,541
Business -type activities
41,268
(89,044)
90,279
1,901,926
(40,192)
Total primary government
$2,236,475
($1,461,207)
($2,349,870)
$2,216,263
($161,733)
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
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132
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Five Fiscal Years
(Modified Accrual Basis of Accounting)
General Fund:
Reserved
Unreserved
Total general fund
All other governmental fiords:
Reserved
Unreserved, reported in:
Table 3
Fiscal Year
2005
2006
2007
2008
2009
$10,462,116
$39,805
$44,852
$46,543
$51,205
$53,849
1,147,914
1,237,373
1,391,816
1,389,299
1,471,584
$1,187,719
$1,282,225
$1,438,359
$1,440,504
$1,525,433
$5,537,424 $5,564,131 $4,116,654
Special revenue fiords 5,399,955
Capital projects funds 894,116
Total all other governmental funds $11,831,495
5,335,977
5,650,265
1,500,372
695,197
$12,400,480
$10,462,116
$3,595,470
$6,264,349
5,576,157
5,329,291
967,355
314,789
$10,138,982
$11,908,429
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.
133
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Five Fiscal Years
(Modified Accrual Basis of Accounting)
Revenues:
General property taxes
Tax increment collections
Licenses, fees and permits
Intergovernmental
Special assessments
Charges for services
Fincs 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
Coustruction/acquisition costs
Developer incentives
District decertified - repayment of tax increments
Total expenditures
Revenues over(under)expenditures
Table 4
Page I of 2
Fiscal Year
2005 2006 2007 2008 2009
$3,430,286
$3,649,764
$3,957,749
$4,097,493
$4,407,221
410,968
851,309
1,469,532
1,682,549
1,903,840
548,972
244,170
213,842
247,878
358,381
1,201,555
954,911
706,080
2,039,592
1,430,366
1,548,836
589,812
441,327
385,197
506,262
1,057,781
1,113,298
1,403,419
1,451,925
1,519,427
101,273
135,960
164,788
139,421
122,870
69,577
70,737
85,162
92,606
92,309
354,749
507,615
689,428
400,038
184,053
-
6,300
37,100
3,950
3,450
540,229
511,851
404,611
186,449
53,354
9,264,226
8,635,727
9,573,038
10,727,098
10,581,533
776,110
952,291
945,295
1,076,699
1,017,405
2,119,568
2,255,783
2,165,891
2,446,434
2,654,708
772,565
759,254
809,751
679,269
761,530
1,467,289
783,791
428,341
394,673
401,787
606,952
649,625
911,419
940,807
1,026,842
5,228
1,501
48,735
23,387
6,798
424,273
439,422
173,098
212,583
191,608
572
6,389
125
-
-
139,648
229,174
12,993
-
-
31,040
21,056
316,264
318,668
271,459
-
19,712
-
-
-
1,495,000
4,765,000
2,195,000
2,305,000
1,970,000
997,352
1,022,069
1,313, 578
1,450,248
1,369,280
14,386
9,373
11,501
10,601
9,519
16,097
9,140
1,901
5,080
5,077
-
-
208,545
-
49,420
2,901,864 2,108,395 5,366,376 3,419,607 4,789,180
- 2,769,938 3,592,385 323,485 443,092
- 36,580 - - -
11,767,944 16,838,493 18,501,198 13,606,541 14,967,705
(2,503,718) (8,202,766) (8,928,160) (2,879,443) (4,386,172)
134
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
Last Five Fiscal Years
(Modified Accrual Basis of Accounting)
Other financing sources (uses):
Bonds issued
Refunding bonds issued
Redemption of refunded bonds
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
Table 4
Page 2 of 2
Fiscal Year
2005 2006 2007 2008 2009
$1,695,000 $8,165,000 $6,690,000 $1,910,000 $3,965,000
2,855,000
(1,210,000)
($447,616) $493,689 ($1,782,325) ($320,989) $1,854,376
Debt service as a percentage of noneapital expenditure 29.0% 40.2% 28.6% 38.2% 34.0%
Debt service as percentage of total expenditures 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.
135
22.4%
30,669
-
8,749
140,492
-
(3,069)
(213)
-
-
467,022
1,775,848
4,275,129
1,832,828
1,307,574
(118,772)
(1,290,848)
(3,827,825)
(1,207,828)
(829,574)
12,852
18,855
8,744
14,705
12,056
2,056,102
8,696,455
7,145,835
2,558,454
6,240,548
($447,616) $493,689 ($1,782,325) ($320,989) $1,854,376
Debt service as a percentage of noneapital expenditure 29.0% 40.2% 28.6% 38.2% 34.0%
Debt service as percentage of total expenditures 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.
135
22.4%
CITY OF ST. ANTHONY, MINNESOTA
TAX CAPACITY VALUE AND ESTIMATED MARKET VALUE OF TAXABLE PROPERTY 'Fable 5
Last Ten Fiscal Years
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* A complete breakdown of tax capacity was not available, these numbers have been estimated by considering total tax capacity and
the related percentage breakdown firim 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'Faxable Market Value that converts to value for the calculation of property taxes and tax rates.
136
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
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
L11%
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
1.18%
2009
7,194,714
2,546,141
64,834
9,805,689
(1,106,369)
8,699,320
55.66%
825,936,600
1.19%
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* A complete breakdown of tax capacity was not available, these numbers have been estimated by considering total tax capacity and
the related percentage breakdown firim 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'Faxable Market Value that converts to value for the calculation of property taxes and tax rates.
136
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING PROPERTY TAX RA'Z'ES
Last Ten Fiscal Years
City Overlapping Rates*
Fiscal Direct School Other Hennepin
Year Rate District Districts County
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%
2009 55.66% 32.93% 17.37% 42.06%
Source: Official Statements for the City of St. Anthony (Hennepin County)
*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 fax levies, replacing the tax levy funds with state aid.
As a result, tax levies and tax rates for most school districts for taxes payable in 2002 are substantially less than the
comparable figures for prior years.
137
Table 6
Total
139.90%
141.93%
133.20%
128.21%
134.88%
127.74%
124.03%
117.73%
137.41%
148.02%
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
Table 7
138
2009
2000*
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
$758,128
1 7.73%
$ -
-
0.00%
St. Anthony Leased Housing Assoc.
364,550
2 3.72%
-
-
0.00%
Autumn Woods Partnership LP
205,800
3 2.10%
-
-
0.00%
Equinox Properties LLC
186,200
4 1.90%
134,064
5
2.35%
St. Anthony Shopping Center
98,252
5 1.00%
-
-
0.00%
LG Anderson LLC/Apache Medical
89,250
6 0.91%
-
0.00%
Landau- 3925 Pleasant
83,426
7 0.85%
-
-
0.00%
St. Anthony Nursing Home LP
82,449
8 0.84%
194,184
2
3.40%
Chandler Place LP
82,329
9 0.84%
-
-
0.00%
1-Ierama/Commonwealth Electric
71,250 10
0.73%
-
-
0.00%
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
$2,021634
20.62%
$1,147,227
22.33%
Total All Property
$9,805,689
$5,713,569
*Data is not available for more than the top
seven taxpayers in 2000.
Source: Official Statements for the City
of St. Anthony
138
CITY OF ST. ANTHONY, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 8
Last Ten Fiscal Years
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 (1)
Years
Amount
of Levy
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%
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%
41,245
4,393,945
99.51%
2009
4,465,113
4,352,222
97.47%
-
4,352,222
97.47%
(D 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 -
2009 St. Anthony Finance
Department
139
CITY OF ST. ANTHONY, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Five Fiscal Years
Source: St. Anthony Finance Department
*Per Capita data is based on a population of 8,437.
Information is not available for years prior to 2005.
140
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%
2009
825,000
16,220,000
10,055,000
6,940,000
2,050,000
$36,090,000
399.71%
Note: Details
regarding the City's
outstanding debt can be found in
the notes to the financial statements.
(o Information
not available is labeled
N/A.
Source: St. Anthony Finance Department
*Per Capita data is based on a population of 8,437.
Information is not available for years prior to 2005.
140
Table 9
$2,125,000
Sewer/
$2,620,000
$932
Business -Type Activities
Water
2,475,000
896
Sewer/ Liquor Total
Bonds
Total
Percentage
Water Revenue Business -Type
Per
Primary
of Personal Per
Bonds Bonds Activities
Customer
Government
Income f 1 Capita*
$2,125,000
$495,000
$2,620,000
$932
2,050,000
425,000
2,475,000
896
1,975,000
350,000
2,325,000
1,070
1,895,000
270,000
2,165,000
824
1,815,000
185,000
2,000,000
789
141
$27,570,000
N/A
$3,357
30,825,000
N/A
3,924
35,170,000
N/A
3,847
34,615,000
N/A
3,818
38,090,000
N/A
4,278
CITY Or ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
As of December 31, 2009
Debt
Governmental Unit Outstanding
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282
$25,775,000
NE Metro Intermediate School District No. 916
-
Counties:
Hennepin
877,275,000
Ramsey
169,667,000
Other:
Metropolitan Council
1,116,379,876
Three Rivers Park District
85,660,000
Subtotal - overlapping debt
City direct debt (2)
Total direct and overlapping debt
Sources: o> Official Statements for City of St. Anthony
(') St. Anthony Einance Deparnnent
Estimated
Percentage
Applicable*
82.6654%
0.2878%
0.4434%
Table 10
Estimated
Share of
Overlapping
Debt
$21,306,998
2,524,461
752,355
0.0463% 517,105
0.5165% 442,456
25,543,375
26,070,000
$51,613,375
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 borne by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term
debt, the entire debt burden borne 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.
142
CITY OF ST. ANTHONY, MINNESOTA
LEGAL DEBT MARGIN INFORMATION
Last Five Fiscal Years
Legal Debt Margin Calculation for Fiscal Year 2009
Market value
Debt limit (3% of market value)
Debt applicable to limit:
General obligation bonds
Less: Amount set aside for repayment
of general obligation debt
Total net debt applicable to limit
Legal debt margin
Debt limit
Total net debt applicable to limit
Legal debt margin
Table 11
$825,936,600
24,778,098
6,460,000
(1,049,796)
5,410,204
$19,367,894
2005*
2006*
2007*
2008
2009
$13,406,318
$14,610,820
$17,870,856
$26,094,699
$24,778,098
4,776,007
4,429,013
4,099,637
5,741,849
5,410,204
$8,630,311 $10,181,807 $13,771,219 $20,352,850 $19,367,894
Total net debt applicable to the limit as a
percentage of debt limit 35.63% 30.31% 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.
143
22.00% 21.83%
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Five Fiscal Years
144
Coverage
100%
103%
102%
103%
105%
Storm Sewer Revenue Bonds
Utility Less
Net
Fiscal Service Operating
Available
Debt Service
Year Charges Expenses
Revenue
Principal Interest
2005 $163,951 $ -
$163,951
$95,000
$68,448
2006 169,255 -
169,255
100,000
63,670
2007 167,373 -
167,373
105,000
58,595
2008 167,373 -
167,373
110,000
53,220
2009 167,793 -
167,793
120,000
40,103
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.
144
Coverage
100%
103%
102%
103%
105%
Table 12
Page i of 2
145
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%
1,583,317
1,699,919
(116,602)
80,000
75,056
(75%)
145
CITY Or ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Four Fiscal Years
146
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%
2009 1,543,854 1,058,977
484,877
85,000
15,525
482%
Note: Details regarding the City's outstanding debt can be found in the notes
to the financial statements.
Operating
expenses do not include interest, or amortization expenses.
Information is not available for years prior to 2005.
146
Table 12
Page 2 of 2
147
bnprovement 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%
5,062,624
760,000
430,947
425%
1,903,840
320,000
526,949
225%
147
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
Information not available is labeled N/A.
Official Statements for the City of St. Authary
148
Per
Capita
Fiscal
Personal
Personal
Unemployment
Year
Population e3>
Income (2) (3)
Income(l)
Rate(l)
2000
8,012
$345,116,900
$43,075
2.60%
2001
8,012
349,171,317
43,543
3.60%
2002
8,012
352,090,233
43,907
4.60%
2003
8,012
363,296,128
45,344
4.80%
2004
8,012
385,272,855
48,045
4.50%
2005
8,012
N/A
N/A
3.40%
2006
8,012
N/A
N/A
3.60%
2007
8,361
N/A
N/A
4.20%
2008
8,361
N/A
N/A
5.00%
2009
8,437
N/A
N/A
6.80%
Sources:
Information is not tracked on a yearly basis for individual cities. Data for Hennepin County was used.
Source - Hennepin County
Information not available is labeled N/A.
Official Statements for the City of St. Authary
148
CITY Or ST. ANTHONY, MINNESOTA
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
Table 14
.r Data is not available for more than the top four employers in 2000
Source: Official Statements for the City of St. Anthony
149
2009
2000*
Employer
Employees
Rank
Employees Rank
ISD No. 282 (St. Anthony -New Brighton)
270
1
230 2
Cub Foods
260
2
- -
St. Anthony Health Center and Chandler Place
245
3
250 1
Wal-Mart
160
4
- -
City of St. Anthony
132
5
- -
Triangle Industries
80
6
- -
Industrial Custom Products
50
7
- -
Happy's Potato Chip Company
50
8
- -
Triangle Industries
80
9
- -
Marshall Manufacturing
40
10
- -
Francis A. Goss Golf Course
-
-
-
Applebee's
-
-
- -
Apache Plaza Mall
-
-
115 3
1lerbergers
-
-
92 4
Wendy's
-
-
- -
Total
1,367
637
.r Data is not available for more than the top four employers in 2000
Source: Official Statements for the City of St. Anthony
149
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,
2000
2001
2002
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
3.00
3.00
2.00
2.00
2.00
6.00
6.00
5.00
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
102.75
101.75
150
Table 15
Full -Time Equivalent Employees as of December 31
2003 2004 2005 2006 2007 2008 2009
3.00
3.00
3.00
3.00
3.00
3.00
3.00
4.50
4.50
4.50
4.50
4.50
4.75
4.75
20.00
20.00
20.00
20.00
22.00
23.00
23.00
2.00
2.00
2.00
2.00
2.00
2.50
2.50
0.50
0.50
0.50
0.50
1.00
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
6.00
6.00
6.00
6.00
6.00
2.00
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
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
5.00
5.00
4.00
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
89.50
90.50
90.50
90.50
93.00
94.75
94.75
151
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 and 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
Source: City of St Anthony
152
Fiscal Year
2000 2001 2002
1,976
1,778
1,833
487
447
527
28
26
25
508
455
461
141
110
160
39
45
37
71
48
32
938
902
885
681
618
576
33
44
46
314
313
313
1
1
1
12
9
10
9
8
7
1,002
971
876
***
***
1,495
Table 16
153
Fiscal Year
2003
2004
2005
2006
2007
2008
2009
1,772
2,072
1,560
2,246
2,357
2,137
2,008
601
544
501
632
627
494
351
37
60
56
114
26
61
59
400
587
515
750
831
815
770
179
150
181
162
158
203
193
52
32
54
67
45
44
32
31
31
23
22
29
32
32
901
925
1,043
980
976
1,055
996
568
586
646
704
696
768
718
47
46
47
28
40
89
68
197
78
81
92
277
341
346
292
255
262
289
1
1
1
1
2
2
1
8
8
7
5
35
20
80
-
-
-
14
16
10
-
10
8
10
3
32
8
9
961
898
903
922
990
902
885
1,278
1,601
2,192
2,454
2,500
2,157
2,295
153
CITY OF ST. ANTHONY, MINNESOTA
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years
Fiscal Year
Function/Program 2000 2001 2002
Police:
Stations
Patrol units
Fire stations(a)
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 locations(e)
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 constriction Silver Point 2000-2001, Central Park 2003-2004
c.) Closed Stonehouse Bar and SAV 1 in 2003, reopened SAV 1 in 2004,
SAV 2 closed 3 weeks in September 2004 to move to new location.
Source: City of St. Anthony
154
1
1
1
I1
11
11
1
1
1
24.7
24.7
24.7
40
40
40
2
2
4
4
4
3
1
1
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
155
Fiscal Year
2003
2004
2005
2006
2007
2008
2009
I
1
1
1
I
I
1
I1
12
12
12
12
12
12
1
1
1
1
1
1
24.7
24.7
24.7
24.7
24.7
24.7
24.7
40
40
40
40
40
40
40
3
3
4
4
4
4
4
3
7
7
7
7
7
7
2
2
2
2
2
2
1
1
1
I
1
1
1
1
2
2
2
2
2
2
24.7
24.7
24.7
24.7
24.7
24.7
24.7
283
283
283
283
287
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
155
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156