HomeMy WebLinkAbout2015 CAFRCOMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF ST. ANTHONY, MINNESOTA
FOR THE YEAR ENDED
DECEMBER 31, 2015
Prepared By:
Finance Department
Shelly Rueckert,
Finance Director
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CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Letter of Transmittal 3
Organization 7
Organizational Chart 8
Independent Auditor's Report 11
Management's Discussion and Analysis 15
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position Statement 1 29
Statement of Activities Statement 2 30
Fund Financial Statements:
Balance Sheet - Governmental Funds Statement 3 32
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds Statement 4 34
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds Statement 5 36
Statement of Net Position - Proprietary Funds Statement 6 37
Statement of Revenues, Expenses and Changes in Fund Net Position -
Proprietary Funds Statement 7 38
Statement of Cash Flows - Proprietary Funds Statement 8 39
Statement of Fiduciary Net Position - Fiduciary Fund Statement 9 40
Notes to Financial Statements 41
Required Supplementary Information:
Budgetary Comparison Schedule - General Fund Statement 10 92
Schedule of Funding Progress - Other Post Employment Benefits Plan Statement 11 97
Schedule of Proportionate Share of Net Pension Liability - General Employees
Retirement Fund Statement 12 98
Schedule of Pension Contributions - General Employees Retirement Fund Statement 13 99
Schedule of Proportionate Share of Net Pension Liability - Public Employees Police
and Fire Fund Statement 14 100
Schedule of Pension Contributions - Public Employees Police and Fire Fund Statement 15 101
I. INTRODUCTORY SECTION
II. FINANCIAL SECTION
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Schedule of Changes in the Net Pension Liability and Related Ratios -
St. Anthony Fire Department Relief Association Statement 16 102
Schedule of Contributions - St. Anthony Fire Department Relief Association Statement 17 103
Notes to RSI 104
Combining and Individual Nonmajor Fund Financial Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds Statement 18 110
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Nonmajor Governmental Funds Statement 19 111
Subcombining Balance Sheet - Nonmajor Special Revenue Funds Statement 20 114
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Special Revenue Funds Statement 21 115
Subcombining Balance Sheet - Nonmajor Debt Service Funds Statement 22 118
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Debt Service Funds Statement 23 119
Subcombining Balance Sheet - Nonmajor Capital Project Funds Statement 24 122
Subcombining Statement of Revenues, Expenditures and Changes in
Fund Balance - Nonmajor Capital Project Funds Statement 25 123
Special Revenue Funds:
Schedules of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual:
Community Center Fund Statement 26 124
Police Forfeiture Fund Statement 27 125
Recycling Fund Statement 28 126
HRA Fund Statement 29 127
Fire Education/Training Fund Statement 30 128
Statement of Changes in Assets and Liabilities - Agency Fund Statement 31 129
Supplementary Financial Information:
Street Improvement Debt Service Fund:
Balance Sheet Exhibit 1 132
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 2 134
HRA Debt Service Fund:
Balance Sheet Exhibit 3 136
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 4 137
HRA Projects Fund:
Balance Sheet Exhibit 5 138
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 6 139
Street Improvement Project Fund:
CITY OF ST. ANTHONY, MINNESOTA
TABLE OF CONTENTS
Page
Reference No.
Balance Sheet Exhibit 7 140
Schedule of Revenues, Expenditures and Changes in Fund Balance Exhibit 8 141
Water and Sewer Enterprise Fund:
Schedule of Revenues, Expenses and Changes in Fund Net Position Exhibit 9 142
Financial Trends:
Net Position by Component Table 1 144
Changes in Net Position Table 2 146
Fund Balances - Governmental Funds Table 3 148
Changes in Fund Balances - Governmental Funds Table 4 149
Revenue Capacity:
Tax Capacity Value and Estimated Market Value of Taxable Property Table 5 150
Direct and Overlapping Property Tax Rates Table 6 151
Principal Property Taxpayers Table 7 152
Property Tax Levies and Collections Table 8 153
Debt Capacity:
Ratios of Outstanding Debt by Type Table 9 154
Direct and Overlapping Governmental Activities Debt Table 10 157
Legal Debt Margin Information Table 11 158
Pledged Revenue Coverage Table 12 160
Demographic and Economic:
Demographic and Economic Statistics Table 13 164
Principal Employers Table 14 165
Operating Information:
Full-Time Equivalent City Government Employees by Function/Program Table 15 166
Operating Indicators by Function/Program Table 16 167
Capital Asset Statistics by Function/Program Table 17 168
III. STATISTICAL SECTION (Unaudited)
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I. INTRODUCTORY SECTION
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3301 Silver Lake Road, St. Anthony, MN 55418-1699●www.ci.saint-anthony.mn.us● (612) 782-3301● (612) 782-3302
Our mission is to be a progressive and livable community, a walkable village, which is sustainable, safe and secure.
June 9, 2016
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, 2015.
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.
Redpath and Company, Ltd., Certified Public Accountants, have issued an unmodified opinion
on the City of St. Anthony's financial statements for the year ended December 31, 2015. 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. The MD&A complements this letter of transmittal and therefore should be read in
conjunction.
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 2.35 square miles and serves a population of 8,965.
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.
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The City is served by Independent School District (IS D) #282 (St. Anthony), which has a
2014/2015 enrollment of approximately 1,856, operates one elementary school, a middle school
and senior high in the City. In addition, a private school, St. Charles Borromeo, offers K-8 grade
education with enrollment of approximately 300 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 l(A) & 7(B) 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 30th. 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). Transfers of appropriations between
departments require the approval of the City Council. Budget-to-actual comparisons are provided
on Statement 10 as required supplementary information to the basic financial statements for the
governmental funds.
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Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City of St.
Anthony operates.
Local economy: The Minneapolis-St. Paul metropolitan area has continued to experience a
relatively stable economy. The market place for local products and services remains strong. St.
Anthony is a fully developed City. However, continued long-term growth is anticipated as St.
Anthony experiences redevelopment activity in commercial and industrial areas and continues to
pursue redevelopment opportunities.
Long-term financial planning: The City maintains five capital funds for the replacement of
equipment and various infrastructure assets. Each fund is managed by a comprehensive 15 year
capital planning document. These documents include the City's current buildings, park
improvements, operating equipment and fleet, along with future street, water, sanitary sewer and
stormwater improvements. These plans estimate the replacement dates and cost for current and
prospective equipment. Additionally the plans include projected future street, water, sanitary
sewer and stormwater reconstruction costs. The plans also identify the funding sources for these
capital expenditures. These sources include Capital levy, Enterprise funds operating income
transfers, parkland dedication fees, stormwater charges, water and sewer connection fees, grants
and donations, State aids, cost sharing agreements, bond proceeds and assessments.
The City combines the use of goal setting and a comprehensive budget process to identify and
prioritize City improvement projects. The 15-year capital plans are updated annually by staff and
are approved by the City Council.
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 uses a proactive approach to limit its liability risk and insurance
costs. To assist employees who are injured while on duty, Managed Care Program is used to
reduce medical expenses and other costs relating to workplace injuries. The program assists
employees with a treatment plan which reduces lost workdays, replacement workers, etc.
In addition, a safety committee consisting of employees from every department meets monthly
throughout the year to discuss safety related items, review accident reports and provide
recommendations to reduce the City's exposure to liability.
The City's general liability insurance is with the League of Minnesota Cities Insurance Trust. In
order to reduce the cost of insurance, a $10,000 per occurrence/$50,000 aggregate deductible is
maintained and funded through insurance dividends paid by the League of Minnesota Cities.
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SHARED SERVICES
Grants: Each year, the City actively participates in Federal, State and County administered
grants. In 2015 the Police, Fire, Public Works and Administration received a variety of public
safety, operating, equipment and infrastructure construction grants. A list of the grants includes:
A. Minnesota Firefighter Disability Grant.
B. State of Minnesota - Vest Grant.
C. Ramsey County - Safe and Sober Grant.
D. Minnesota Board of Firefighter Training & Education Grant.
E. Rice Creek Watershed Grant - Mirror Lake Project.
F. Hennepin County Recycling Grant.
G. Ramsey County 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.
Acknowledgements:
Finally, we would like to express our gratitude to the Mayor and the City Council. Their
unfailing support for maintaining the highest standard of professionalism in the management of
the City of St. Anthony's finances results in a fiscally sustainable City government.
Respectfully submitted,
_________________________________ _________________________________
Mark Casey Shelly Rueckert
City Manager Finance Director
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CITY OF ST. ANTHONY, MINNESOTA
ORGANIZATION
Term Expires
Mayor:
Jerry Faust December 31, 2019
Council Members:
Hal Gray December 31, 2019
Bonnie Brever December 31, 2019
Randy Stille December 31, 2017
Jan Jenson December 31, 2017
City Manager:
Mark Casey Appointed
Finance Director:
Shelly Rueckert Appointed
December 31, 2015
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1 Part time Employee
12 Reserve Officers
Engineer - WSB & Associates
Financial - Ehlers & Associates
Legal - Dorsey & Whitney
Planner - WSB & Associates
Full-Time Positions = 58
Part-Time Positions = 51
Public Works Seasonal = 10
Police Reserves (Unpaid) = 12
Building Inspections - City of New Brighton
26 Full time Employees4 Full time Employees
City Clerk
POLICE
St. Anthony Organizational Chart
LIQUOR OPERATIONS PUBLIC WORKS
14 Full time Employees
2015
1 Part Time Employee
ADMINISTRATION
7 Full time Employees
24 Part time Employees
FIRE
10 Seasonal Employees
MAYOR AND COUNCIL MEMBERS
Planning Commission
Consultants
Parks Commission
City Manager
5 Full time Employees
25 Part time Employees
FINANCE
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II. FINANCIAL SECTION
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4810 White Bear Parkway, St. Paul, MN, 55110 651.426.7000 www.redpathcpas.com
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of St. Anthony, Minnesota
Report on the Financial Statements
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, 2015, and the related
notes to the financial statements, which collectively comprise the City of St. Anthony,
Minnesota’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements
in accordance with accounting principles generally accepted in the United States of America;
this includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
11
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
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, 2015, and the respective changes in financial position, and,
where applicable, cash flows thereof for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Emphasis of Matter
As described in Note 7 to the financial statements, the City of St. Anthony, Minnesota adopted new
accounting guidance, GASB Statement No. 68, Accounting and Financial Reporting for Pensions –
an Amendment of GASB Statement No. 27 for the year ended December 31, 2015. Our opinion is
not modified with respect to this matter.
Report on Summarized Comparative Information
We have previously audited the City of St. Anthony, Minnesota’s 2014 financial statements, and
we expressed an unmodified audit opinion on the respective financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information in our report dated June 4, 2015. In our opinion, the summarized
comparative information presented herein as of and for the year ended December 31, 2014 is
consistent, in all material respects, with the audited financial statements from which it has been
derived.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis, the budgetary comparison information, the schedule of
funding progress, the schedules of proportionate share of pension liability and the schedules of
pension contributions, on pages 15-25 and 92-104, be presented to supplement the basic
financial statements. Such information, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board, who considers it to be an essential
part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any
12
assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Other Information
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 the
supplementary financial information are the responsibility of management and were derived
from and relate directly to the underlying accounting and other records used to prepare the basic
financial statements. Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the combining and individual nonmajor fund financial
statements and schedules and the supplementary financial information are fairly stated in all
material respects in relation to the basic financial statements 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 do not express an
opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 9,
2016, 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 internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City of St. Anthony, Minnesota’s internal
control over financial reporting and compliance.
REDPATH AND COMPANY, LTD.
St. Paul, Minnesota
June 9, 2016
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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, 2015.
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 $24,183,945 (net position).
Net position of the government-wide financial statements was negatively impacted in the current
year by $4,454,097 due to the required implementation of a new accounting standard. This is
more fully described on page 18.
The City’s total net position increased by $1,396,389 from the prior year’s stated net
position.
As of the close of the current fiscal year, the City of St. Anthony’s governmental funds
reported combined ending fund balances of $7,550,160, a decrease of $1,543,684 in
comparison with the prior year stated fund balances.
At the end of the current fiscal year, unassigned fund balance for the General Fund was
$2,338,600 or 41.65% of total General Fund Budget expenditures.
The City of St. Anthony’s total bonded debt decreased by $1,095,000 (3.25%) during the
current fiscal year. The key factors in this decrease were; 1) payoff of 2008A G.O.
Improvement bonds totaling $1,390,000; 2) principal retirement of $2,340,000; 3) issuance
of the 2015A $2,580,000 G.O. Improvement bonds; 4) the payoff and refunding of 2006 Tax
Increment revenue bonds with 2015B G.O. Tax Increment Revenue Refunding bonds for a
net increase in debt of $55,000.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of St. Anthony,
Minnesota’s basic financial statements. The City of St. Anthony, Minnesota’s basic financial
statements comprise three components: 1) government-wide financial statements, 2) fund
financial statements, and 3) notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements are
designed to provide readers with a broad overview of the City of St. Anthony, Minnesota’s
finances, in a manner similar to a private-sector business.
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The statement of net position presents information on all of the City of St. Anthony, Minnesota’s
assets and liabilities, with the difference between the two reported as net position. Over time,
increases or decreases in net position may serve as a useful indicator of whether the financial
position of the City of St. Anthony, Minnesota is improving or deteriorating.
The statement of activities presents information showing how the City’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
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. A fund 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 fund 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.
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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 21 individual governmental funds. Information is
presented separately in the governmental fund balance sheet and in the governmental fund
statement of revenues, expenditures and changes in fund balance for the General, Street
Improvement Debt Service, HRA TIF Debt Service, HRA TIF Improvements and Street
Improvement Projects, all of which are considered to be major funds. Data from the other 16
governmental funds are combined into a single, aggregated presentation. Individual fund data
for each of these non-major governmental funds is provided in the form of combining and sub-
combining 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 and pension
benefits. 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 9 of this report.
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The combining statements referred to earlier in connection with non-major 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 18 through 25 of this report.
Government-wide Financial Analysis
As noted earlier, net position 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
$24,183,945 at the close of the most recent fiscal year. The City’s overall increase in the net
position for 2015 was $1,396,389 before implementation of GASB 68, described below.
City of St. Anthony, Minnesota’s Net Position
Governmental Activities Business-Type Activities Totals
2015 2014 2015 2014 2015 2014
Current and other assets $10,650,903 $12,063,386 $6,591,829 $6,538,350 $17,242,732 $18,601,736
Capital assets 34,662,848 38,838,423 13,394,598 7,407,140 48,057,446 46,245,563
Total assets $45,313,751 $50,901,809 $19,986,427 $13,945,490 $65,300,178 $64,847,299
Total deferred outflows of resources $1,080,208 $0 $0 $0 $1,080,208 $0
Long term liabilities outstanding $35,227,963 $29,949,418 $1,329,496 $1,432,173 $36,557,459 $31,381,591
Other liabilities 4,013,993 5,428,134 864,088 906,765 4,878,081 6,334,899
Total liabilities $39,241,956 $35,377,552 $2,193,584 $2,338,938 $41,435,540 $37,716,490
Total deferred inflows of resources $760,901 $0 $0 $0 $760,901 $0
Net position:
Invested in capital assets net of related debt $10,604,121 $14,953,582 $12,143,158 $6,036,192 $22,747,279 $20,989,774
Restricted 6,178,866 5,795,349 - - 6,178,866 5,795,349
Unrestricted (10,391,885) (5,224,674) 5,649,685 5,570,360 (4,742,200) 345,686
Total net position $6,391,102 $15,524,257 $17,792,843 $11,606,552 $24,183,945 $27,130,809
The City’s net position increased by $1,396,389 in 2015. The key element for the increase was
revenues exceeded expenditures. In addition, the City adopted new accounting guidance, GASB
Statement No. 68, Accounting and Financial Reporting for Pensions – an Amendment of GASB
Statement No. 27 for the year ended December 31, 2015. Essentially, the standard required the
unfunded portion of defined benefit pension plans to be reported by all participating employers.
Recording the net pension liability and the pension related deferred outflows and inflows of
resources do not change the City’s future funding requirements or obligations under the plans,
which are determined by Minnesota statutes.
18
As a result, net position was negatively impacted by $4,454,097 at December 31, 2015 due to the
implementation of this standard. Pension-related amounts included in the above schedule related
to the standard are as follows:
Deferred outflows of resources $1,080,208
Noncurrent assets 151,568
Deferred inflows of resources (760,901)
Noncurrent liabilities (4,924,972)
Total ($4,454,097)
City of St. Anthony, Minnesota’s Changes in Net Position
Governmental Activities Business-Type Activities Totals
2015 2014 2015 2014 2015 2014
Revenues:
Program revenue:
Charges for services $2,414,912 $2,374,306 $7,793,551 $7,878,288 $10,208,463 $10,252,594
Operating grants and contributions 499,126 499,538 - - 499,126 499,538
Capital grants and contributions 1,367,745 1,070,975 - - 1,367,745 1,070,975
General revenue:
Property taxes 5,893,900 6,030,558 - - 5,893,900 6,030,558
Other taxes 1,121,627 1,131,896 - - 1,121,627 1,131,896
Grants and contributions -
not restricted to specific programs 516,015 461,964 - - 516,015 461,964
Other 326,589 326,758 175,071 172,956 501,660 499,714
Total revenues 12,139,914 11,895,995 7,968,622 8,051,244 20,108,536 19,947,239
Expenses:
General government 1,342,360 1,116,100 - - 1,342,360 1,116,100
Public safety 4,757,637 4,644,185 - - 4,757,637 4,644,185
Public works 2,741,411 2,711,291 - - 2,741,411 2,711,291
Parks and recreation 592,892 608,966 - - 592,892 608,966
Housing and redevelopment 596,444 575,738 - - 596,444 575,738
Interest on long-term debt 845,856 1,044,635 - - 845,856 1,044,635
Liquor - - 5,728,876 5,879,240 5,728,876 5,879,240
Water - - 869,446 931,090 869,446 931,090
Water Filtration and Purification - - 185,964 239,074 185,964 239,074
Sewer - - 1,051,261 984,182 1,051,261 984,182
Total expenses 10,876,600 10,700,915 7,835,547 8,033,586 18,712,147 18,734,501
Excess before transfers 1,263,314 1,195,080 133,075 17,658 1,396,389 1,212,738
Transfers (6,053,216) (17,982) 6,053,216 17,982 - -
Increase (decrease) in net position (4,789,902) 1,177,098 6,186,291 35,640 1,396,389 1,212,738
Net position - January, as previously reported 15,524,257 14,347,159 11,606,552 11,570,912 27,130,809 25,918,071
Prior period adjustment (4,343,253) - - - (4,343,253) -
Net position - January, as restated 11,181,004 14,347,159 11,606,552 11,570,912 22,787,556 25,918,071
Net position - December 31 $6,391,102 $15,524,257 $17,792,843 $11,606,552 $24,183,945 $27,130,809
19
Governmental Activities. Governmental activities decreased the City of St. Anthony’s net
position by $4,789,902 compared to prior year increase of $1,177,098. The key element for this
change relates to the City contributing assets from Governmental Activities to Business-Type
Activities.
For the most part, increases in expenses closely paralleled the combining factors of inflation and
growth in the demand for services.
Charges for services
20%Operating grants and
contributions
4%
Capital grants and
contributions
11%Property taxes
49%
Other taxes
9%
Grants and
contributions not
restricted to specific
programs
4%
Other
3%
Revenues by Source
- Governmental
Activities
20
Business-type activities. Business-type activities increased net position by $6,186,291. The
key factor for the decrease was assets were contributed to the Water/Sewer Funds by the Street
Improvement Funds and assets were contributed to the Stormwater Utility Fund by the
Stormwater Improvement Fund. Rate increases for all utility services were made for 2015 and
2016 billings.
Financial Analysis of the City’s Funds
As noted earlier, the City of St. Anthony uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
Governmental funds. The focus of the City of St. Anthony, Minnesota’s governmental funds is
to provide information on near-term inflows, outflows, and balances of spendable resources.
Such information is useful in assessing the City of St. Anthony, Minnesota’s financing
requirements.
As of the end of the current fiscal year, the City of St. Anthony, Minnesota’s governmental funds
reported combined ending fund balances of $7,550,160, a decrease of $1,543,684 in comparison
with the prior year amounts.
The ending fund balance by GASB 54 designation is as follows:
Nonspendable $109,569
Restricted 6,491,789
Committed 94,107
Assigned 578,258
Unassigned 276,437
Total $7,550,160
Charges for services
99%
Miscellaneous
1%
Revenues by Source -
Business-Type Activities
21
The General Fund is the chief operating fund of the City of St. Anthony, Minnesota. At the end
of the current fiscal year, unassigned fund balance of the General Fund was $2,338,600, while
total fund balance reached $2,446,012. As a measure of the General Fund’s liquidity, it may be
useful to compare both unassigned fund balance and total fund balance to total fund
expenditures. Unassigned fund balance represents 36.5% of total General Fund expenditures and
total fund balance represents 38.1% of that same amount.
During the current fiscal year, the fund balance in the General Fund decreased by $29,469.
The Street Improvement Debt Service Fund decreased by $962,051 as debt was refinanced in
2014 and proceeds were used for retirement of debt in early 2015.
The Street Improvement Project Funds decreased by $293,107 substantially due to preliminary
costs related to the 2016 Street improvements were greater than 2015 preliminary costs. Each
year these costs are funded by subsequent year’s bond proceeds.
Non-major Special Revenue Funds increased by $181,250 resulting in an ending balance of
$77,040, substantially due to additional transfer revenue for the HRA fund.
Non-major Debt Service Funds had a total fund balance of $870,095, all of which is restricted for
the payment of debt service. The net decrease in fund balance during the current year in the non-
major debt service funds was $128,716, substantially due to the Storm Water and State aid bonds
being retired and the funds closed in 2015.
Non-major Capital Project Funds had a total fund balance of $552,910, a decrease of $316,042,
substantially due to the transfers to close the Storm Water Improvement in 2015 and transfers to
other funds to eliminate negative cash or fund balances.
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.
Total net position in the Liquor Operations, Water and Sewer Funds, and Stormwater Utility
Fund at the end of the year combined was $17,809,786. The total net position for each fund was:
Liquor – $2,114,244; Water and Sewer – $9,884,913; Stormwater Utility - $5,810,629.
General Fund Budgetary Highlights
Variances from actual to budget can be briefly summarized as follows:
Licenses and permits were $89,160 greater than budget primarily due to construction
related permits being $75,297 greater than budget based of a high level of activity.
General property taxes were $41,019 less than budget due to delinquent tax and excess
tax increment collections being less than budgeted.
Charges for services were less than budget by $24,984 due to contracted gasoline cost per
gallon being less than budget so charges for gasoline to other governmental reflected this
lesser cost.
Other revenues were $51,982 greater than budget due to: dividends on workers
compensation insurance were not expected to be distributed by the League of Minnesota
22
Insurance Trust for 2015; conservative budgeting for interest earnings and investment
gains; greater activity associated with refunds and reimbursements of costs than
anticipated.
Legal contracted services were greater than budget by $24,279 due to costs associated
with monitoring and managing a land use settlement agreement.
Public Works was $62,762 less than budget due to: contracted gasoline price per gallon
being less than budgeted; winter conditions were mild resulting in savings on overtime
and seasonal rink costs; street lighting and repair and maintenance costs were less than
budgeted.
Police protection was $97,615 less than budget due to the result of changes in benefit
elections; contracted gasoline cost per gallon being less than budgeted; wages and
pension costs were budgeted conservatively; use of jail services was lower than budgeted.
Protective Inspections – other services and charges was $42,111 greater than budget due
to greater construction permit related revenues.
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, 2015 amounts to $48,057,446 (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 3.92%.
Major capital asset events during the current fiscal year included the following:
The annual street reconstruction and infrastructure improvement project is reflected in the
Construction in progress along with Highway safety improvement project, Southeast
Regional Stormwater treatment system and the Mirror Lake storm water project.
City of St. Anthony, Minnesota’s Capital Assets
Governmental Activities Business-Type Activities Totals
2015 2014 2015 2014 2015 2014
Land $1,662,883 $3,747,184 $2,089,954 $5,653 $3,752,837 $3,752,837
Land improvement 555,181 555,181 - - 555,181 $555,181
Buildings and structures 9,966,796 9,836,936 3,883,283 3,883,283 13,850,079 $13,720,219
Furniture and fixtures 3,994,838 3,899,084 1,726,693 1,455,295 5,721,531 $5,354,379
Software intangibles 6,823 6,823 26,022 26,022 32,845 $32,845
Infrastructure/streets 33,806,042 32,438,813 10,261,912 8,636,295 44,067,954 $41,075,108
Storm sewers 428,469 428,469 - - 428,469 $428,469
Storm water - 2,253,147 2,253,147 - 2,253,147 $2,253,147
Less accumulated depreciation (18,924,558) (17,406,583) (7,574,877) (6,771,562) (26,499,435) ($24,178,145)
Construction in progress 3,166,374 3,079,369 728,464 172,154 3,894,838 $3,251,523
Total $34,662,848 $38,838,423 $13,394,598 $7,407,140 $48,057,446 $46,245,563
Additional information on the City of St. Anthony, Minnesota’s capital assets can be found in
Note 5.
23
Long-term debt. At the end of the current fiscal year, the City of St. Anthony, Minnesota had
total bonded debt outstanding of $32,610,000. Of this amount, $23,530,000 comprises debt
backed by special assessments and the full faith and credit of the City, $7,865,000 is backed by
tax increments and $1,215,000 is backed by revenues sources from the City of St. Anthony,
Minnesota’s water/sewer funds. In addition, the City of St. Anthony, Minnesota’s debt
represents the liability for compensated absences $668,432, net pension liability of $4,924,972
and OPEB liability of $514,843.
City of St. Anthony, Minnesota’s Outstanding Debt
General Obligation and Revenue Bonds
Governmental Activities Business-Type Activities Totals
2015 2014 2015 2014 2015 2014
General obligation bonds $23,530,000 $24,305,000 $ - $ - $23,530,000 $24,305,000
G.O. revenue bonds - 150,000 1,215,000 1,330,000 1,215,000 1,480,000
G.O. tax increment bonds 7,865,000 7,920,000 - - 7,865,000 7,920,000
Issuance premiums (discounts) 618,259 482,350 36,440 40,948 654,699 523,298
Total $32,013,259 $32,857,350 $1,251,440 $1,370,948 $33,264,699 $34,228,298
The City of St. Anthony’s total bonded debt decreased $1,095,000 (3.25%) during the current
fiscal year. The key factors in this decrease were; The key factors in this decrease were; 1)
payoff of 2008A G.O. Improvement bonds totaling $1,390,000; 2) principal retirement of
$2,340,000; 3) issuance of the 2015A $2,580,000 G.O. Improvement bonds; 4) the payoff and
refunding of 2006 Tax Increment revenue bonds with Tax Increment 2015B G.O. Tax Increment
bonds for a net increase in debt of $55,000.
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 $21,500,127, which is in excess of the City of St. Anthony, Minnesota’s
$4,430,000 outstanding general obligation debt, excluding tax increment and special assessment
bonds. Additional information on the City of St. Anthony, Minnesota’s long-term debt can be
found in Note 6.
Economic Factors and Next Year’s Budgets and Rates
Healthy financial profile with a stable outlook including a strong general fund balance.
Strong income and wealth indicators relative to national levels.
The stable outlook reflects expectations that St. Anthony will continue to maintain
balanced operations.
Good management practices, including extensive financial planning to maintain present
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
2016 fiscal year.
24
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.
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BASIC FINANCIAL STATEMENTS
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CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 1
December 31, 2015
Governmental Business-Type Total
Activities Activities 2015
Assets:
Cash and investments $8,847,871 $3,696,648 $12,544,519
Accrued interest 25,813 - 25,813
Due from other governmental units 201,698 638,054 839,752
Internal balances (843,089) 843,089 -
Accounts receivable - net 52,818 540,504 593,322
Prepaid items 106,697 27,989 134,686
Property taxes receivable 167,398 180 167,578
Special assessments receivable 1,865,316 - 1,865,316
Funds held for others 71,941 - 71,941
Inventories - at cost 2,872 845,365 848,237
Capital assets - net:
Nondepreciable 4,829,257 2,818,418 7,647,675
Depreciable 29,833,591 10,576,180 40,409,771
Net pension asset 151,568 - 151,568
Total assets 45,313,751 19,986,427 65,300,178
Deferred outflows of resources:
Related to pensions 1,080,208 - 1,080,208
Liabilities:
Accounts payable 561,896 328,274 890,170
Contracts payable 153,565 197,784 351,349
Deposits payable 2,000 71,555 73,555
Due to other governmental units 58,907 68,738 127,645
Salaries payable 47,332 17,356 64,688
Accrued interest payable 296,750 10,125 306,875
Compensated absences payable:
Due within one year 209,333 50,748 260,081
Due in more than one year 459,099 111,299 570,398
Bonds and notes payable (net of unamortized
premiums and discounts):
Due within one year 2,684,210 119,508 2,803,718
Due in more than one year 29,329,049 1,131,932 30,460,981
Other post employment benefits:
Due in more than one year 514,843 86,265 601,108
Net pension liability:
Due in more than one year 4,924,972 - 4,924,972
Total liabilities 39,241,956 2,193,584 41,435,540
Deferred inflows of resources:
Related to pensions 760,901 - 760,901
Net position:
Net investments in capital assets 10,604,121 12,143,158 22,747,279
Restricted for:
Debt service 6,147,172 - 6,147,172
Redevelopment activity 12,411 - 12,411
Public safety 19,283 - 19,283
Unrestricted (10,391,885) 5,649,685 (4,742,200)
Total net position $6,391,102 $17,792,843 $24,183,945
Primary Government
The accompanying notes are an integral part of these financial statements.
29
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF ACTIVITIES
For The Year Ended December 31, 2015
Program Revenues
Charges For
Functions/Programs Expenses Services
Primary government:
Governmental activities:
General government $1,342,360 $382,067
Public safety 4,757,637 1,408,607
Public works 2,741,411 389,634
Parks and recreation 592,892 234,604
Housing and redevelopment 596,444 -
Interest on long-term debt 845,856 -
Total governmental activities 10,876,600 2,414,912
Business-type activities:
Liquor 5,728,876 5,893,916
Water 869,446 900,412
Water Filtration and Purification 185,964 45,655
Sewer 1,051,261 953,568
Total business-type activities 7,835,547 7,793,551
Total primary government $18,712,147 $10,208,463
The accompanying notes are an integral part of these financial statements.
30
Statement 2
Operating Capital
Grants and Grants and Governmental Business-Type Total
Contributions Contributions Activities Activities 2015
$46,257 $ - ($914,036) $ - ($914,036)
309,710 12,500 (3,026,820) - (3,026,820)
143,159 1,355,245 (853,373) - (853,373)
- - (358,288) - (358,288)
- - (596,444) - (596,444)
- - (845,856) - (845,856)
499,126 1,367,745 (6,594,817) 0 (6,594,817)
- - - 165,040 165,040
- - - 30,966 30,966
- - - (140,309) (140,309)
- - - (97,693) (97,693)
0 0 0 (41,996) (41,996)
$499,126 $1,367,745 (6,594,817) (41,996) (6,636,813)
General revenues:
General property taxes 5,893,900 - 5,893,900
Tax increment taxes 1,121,627 - 1,121,627
Grants and contributions not
restricted to specific programs 516,015 - 516,015
Unrestricted investment earnings 146,023 86,407 232,430
Gain on sale of capital assets 7,653 - 7,653
Other 172,913 88,664 261,577
Transfers (6,053,216) 6,053,216 -
Total general revenues and transfers 1,804,915 6,228,287 8,033,202
Change in net position (4,789,902) 6,186,291 1,396,389
Net position - January 1, as previously reported 15,524,257 11,606,552 27,130,809
Prior period adjustment (4,343,253) - (4,343,253)
Net position - January 1, as restated 11,181,004 11,606,552 22,787,556
Net position - December 31 $6,391,102 $17,792,843 $24,183,945
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
Primary Government
The accompanying notes are an integral part of these financial statements.
31
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2015
With Comparative Totals For December 31, 2014
General Fund
Street Improvement
Debt Service Fund
Assets
Cash and investments $1,845,457 $3,693,186
Funds held in trust - -
Accrued interest 25,813 -
Due from other governmental units 47,054 -
Interfund receivable 563,938 -
Accounts receivable - net 31,354 -
Prepaid items 104,540 -
Property taxes receivable:
Delinquent 57,124 24,387
Due from county - 2,299
Special assessments receivable - 1,838,071
Funds held by others - -
Inventories 2,872 -
Total assets $2,678,152 $5,557,943
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $77,791 $774
Contracts payable - -
Interfund payable - -
Deposits payable 2,000 -
Interfund loan payable - -
Due to other governmental units 49,241 6,227
Salaries payable 45,984 -
Total liabilities 175,016 7,001
Deferred inflows of resources:
Unavailable revenue 57,124 1,861,831
Total deferred inflows of resources 57,124 1,861,831
Fund balance (deficit):
Nonspendable 107,412 -
Restricted - 3,689,111
Committed - -
Assigned - -
Unassigned 2,338,600 -
Total fund balance (deficit)2,446,012 3,689,111
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $2,678,152 $5,557,943
The accompanying notes are an integral part of these financial statements.
32
Statement 3
HRA TIF Debt
Service
HRA TIF
Improvements
Street
Improvement
Project Fund
Other
Governmental
Funds
Intra-Activity
Eliminations
2015 2014
$12,649 $1,360,351 $367,197 $1,486,149 $ - $8,764,989 $9,184,444
- - - - - - 1,290,049
- - - - - 25,813 24,434
- - 144,803 9,841 - 201,698 296,805
- - - - (414,064) 149,874 -
4,097 - - 17,367 - 52,818 32,620
- - - 2,157 - 106,697 86,579
- 69,656 - 9,794 - 160,961 149,086
- 4,138 - - - 6,437 121,174
- - - 27,245 - 1,865,316 1,789,048
- - - 71,941 - 71,941 71,513
- - - - - 2,872 6,188
$16,746 $1,434,145 $512,000 $1,624,494 ($414,064) $11,409,416 $13,051,940
$1,425 $233,057 $216,806 $32,043 $ - $561,896 $440,853
- - 153,565 - - 153,565 309,638
- - 414,064 - (414,064) - -
- - - - - 2,000 2,000
- 959,326 - 50,580 - 1,009,906 1,015,526
- - - 3,439 - 58,907 42,894
- - - 1,348 - 47,332 209,051
1,425 1,192,383 784,435 87,410 (414,064) 1,833,606 2,019,962
- 69,656 - 37,039 - 2,025,650 1,938,134
0 69,656 0 37,039 0 2,025,650 1,938,134
- - - 2,157 - 109,569 92,767
15,321 1,885,568 - 901,789 - 6,491,789 7,627,714
- - - 94,107 - 94,107 78,180
- - - 578,258 - 578,258 1,318,583
- (1,713,462) (272,435) (76,266) - 276,437 (23,400)
15,321 172,106 (272,435) 1,500,045 0 7,550,160 9,093,844
$16,746 $1,434,145 $512,000 $1,624,494 ($414,064) $11,409,416 $13,051,940
Fund balance reported above $7,550,160
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources, and therefore,
are not reported in the funds.34,662,848
Other long-term assets are not available to pay for current-period expenditures and,
therefore, are reported as unavailable in the funds. 2,025,650
Net pension asset related to the Saint Anthony Fire Department Relief Association. 151,568
Deferred outflows of resources related to the Saint Anthony Fire Department Relief Association. 49,346
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the funds. (32,824,852)
Internal service funds are used by management to charge the cost of employee vacation,
severance and pension benefits to individual funds. The assets and liabilities are included in the
governmental activities on the statement of net position. (5,223,618)
Net position of governmental activities $6,391,102
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
33
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
General Fund
Street Improvement
Debt Service Fund
HRA TIF Debt
Service
Revenues:
General property taxes $3,437,635 $1,755,161 $ -
Tax increment collections - - -
Licenses, fees and permits 296,465 - -
Intergovernmental 932,204 - -
Special assessments - 352,353 -
Charges for services 1,555,006 - -
Cable franchise fees 108,104 - -
Fines and forfeits 125,102 - -
Investment income 22,960 26,026 63
Contributions and donations 3,403 - -
Refunds and reimbursement 31,411 - -
Miscellaneous 44,811 - -
Total revenues 6,557,101 2,133,540 63
Expenditures:
Current:
General government 874,429 - -
Public safety 4,338,477 - -
Public works 900,839 - -
Parks and recreation 259,203 - -
Nondepartmental 40,139 - -
Housing and redevelopment - - -
Capital outlay:
General government - - -
Public safety - - -
Public works - - -
Parks and recreation - - -
Debt service:
Principal - 2,870,000 245,000
Interest - 477,386 336,268
Paying agent fees - 4,940 4,634
Professional service - 15,752 -
Issuance costs - 477 84,152
Construction/acquisition costs - - -
Developer incentives - - -
Total expenditures 6,413,087 3,368,555 670,054
Revenues over (under) expenditures 144,014 (1,235,015) (669,991)
Other financing sources (uses):
Bonds issued - 43,982 -
Refunding bonds issued - - 4,310,000
Premium on debt issued - - 110,659
Payment to refunded bond escrow agent - - (4,332,935)
Sale of capital assets - - -
Transfers in 195,060 228,982 587,200
Transfers out (368,543) - -
Total other financing sources (uses) (173,483) 272,964 674,924
Net change in fund balance (29,469) (962,051) 4,933
Fund balance (deficit) - January 1 2,475,481 4,651,162 10,388
Fund balance (deficit) - December 31 $2,446,012 $3,689,111 $15,321
The accompanying notes are an integral part of these financial statements.
34
Statement 4
HRA TIF
Improvements
Street Improvement
Project Fund
Other Governmental
Funds
Intra-Activity
Eliminations
2015 2014
$ - $ - $704,274 $ - $5,897,070 $6,053,119
1,106,582 - - - 1,106,582 1,117,824
- - - - 296,465 351,102
- 31,123 681,154 - 1,644,481 1,464,479
- 261,452 8,126 - 621,931 491,988
- - 324,514 - 1,879,520 1,787,611
- - - - 108,104 109,009
- - 5,721 - 130,823 126,584
66,122 9,763 20,513 - 145,447 189,216
- - 12,500 - 15,903 45,640
- 70,007 25,832 - 127,250 12,558
- - 852 - 45,663 91,555
1,172,704 372,345 1,783,486 0 12,019,239 11,840,685
15,559 - 58,101 - 948,089 926,501
- - 13,571 - 4,352,048 4,357,563
- - 142,712 - 1,043,551 1,001,378
- - 187,721 - 446,924 463,057
- - - - 40,139 59,265
1,392 - 117,902 - 119,294 143,863
- - 168,176 - 168,176 38,826
- - 150,645 - 150,645 283,189
- - 67,831 - 67,831 53,143
- - - - - 49,464
- - 635,000 - 3,750,000 7,785,000
93,149 - 113,459 - 1,020,262 1,139,216
- - 812 - 10,386 7,853
- - 1,219 - 16,971 17,104
- 58,053 - - 142,682 185,800
- 3,130,132 620,137 - 3,750,269 2,959,264
475,886 - - - 475,886 431,875
585,986 3,188,185 2,277,286 0 16,503,153 19,902,361
586,718 (2,815,840) (493,800) 0 (4,483,914) (8,061,676)
- 2,536,018 - - 2,580,000 2,070,000
- - - - 4,310,000 4,970,000
- 78,034 - - 188,693 158,044
- - - - (4,332,935) -
- - 25,860 - 25,860 13,390
- 100,000 958,017 (1,900,647) 168,612 393,499
(587,200) (191,319) (753,585) 1,900,647 - -
(587,200) 2,522,733 230,292 0 2,940,230 7,604,933
(482) (293,107) (263,508) 0 (1,543,684) (456,743)
172,588 20,672 1,763,553 - 9,093,844 9,550,587
$172,106 ($272,435) $1,500,045 $0 $7,550,160 $9,093,844
Total Governmental Funds
The accompanying notes are an integral part of these financial statements.
35
CITY OF ST. ANTHONY, MINNESOTA
RECONCILIATION OF THE STATEMENT OF REVENUES,Statement 5
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS
For The Year Ended December 31, 2015
2015
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) ($1,543,684)
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. 2,182,983
The net effect of various miscellaneous transactions involving capital assets
(i.e. sales, trade-ins and donations) is to decrease net position, as follows: (50,430)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds. 87,516
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 position. This
amount is the net effect of these differences in the treatment of long-term debt
and related items.711,892
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.174,406
Transfer out of governmental capital assets contributed to Enterprise Funds. (6,308,128)
Internal Service Funds are used by management to charge the cost of severance
expense and pension expense to individual funds. This amount is the net income
attributable to governmental activities.(39,984)
Governmental funds report pension contributions as expenditures, however,
pension expense is reported in the Statement of Activities. This is the amount
by which the St. Anthony Fire Department Relief Association pension expense
exceeded pension contributions:
Pension contributions $54,725
Pension expense (59,198) (4,473)
Change in net position of governmental activities (statement 2) ($4,789,902)
The accompanying notes are an integral part of these financial statements.
36
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF NET POSITION Statement 6
PROPRIETARY FUNDS
December 31, 2015
With Comparatvie Totals For Enterprise Fund For December 31, 2014
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal Service
Fund
Assets:2015 2014
Current assets:
Cash and cash equivalents $427,658 $3,268,990 $ - $3,696,648 $4,125,755 $82,882
Interfund loan receivable - current portion - 5,620 - 5,620 125,620 -
Receivables:
Accounts 15,233 525,271 - 540,504 501,365 -
Due from other governments - 45,835 592,399 638,234 - -
Prepaid items 11,228 16,761 - 27,989 26,102 -
Inventories - at cost 845,365 - - 845,365 869,602 -
Total current assets 1,299,484 3,862,477 592,399 5,754,360 5,648,444 82,882
Noncurrent assets:
Interfund loan receivable - noncurrent portion - 1,004,286 - 1,004,286 889,906 -
Capital assets:
Land - 5,653 2,084,301 2,089,954 5,653 -
Construction in progress - - 728,464 728,464 172,154 -
Buildings and structures 1,875,328 2,007,955 - 3,883,283 3,883,283 -
Furniture, fixtures and equipment 418,325 1,308,368 - 1,726,693 1,455,295 -
Distribution and collection system - 9,277,595 3,237,464 12,515,059 8,636,295 -
Software intangibles 26,022 - - 26,022 26,022 -
Total capital assets 2,319,675 12,599,571 6,050,229 20,969,475 14,178,702 0
Less: Allowance for depreciation (1,109,626) (6,045,949) (419,302) (7,574,877) (6,771,562) -
Net capital assets 1,210,049 6,553,622 5,630,927 13,394,598 7,407,140 0
Total noncurrent assets 1,210,049 7,557,908 5,630,927 14,398,884 8,297,046 0
Total assets 2,509,533 11,420,385 6,223,326 20,153,244 13,945,490 82,882
Deferred outflows of resources:
Related to pensions - - - - - 1,030,862
Liabilities:
Current liabilities:
Accounts payable 219,739 43,496 65,039 328,274 368,016 -
Contracts payable - - 197,784 197,784 152,642 -
Interfund payable - - 149,874 149,874 - -
Due to other governmental units 62,690 6,048 - 68,738 68,627 -
Salaries payable 8,399 8,957 - 17,356 61,792 -
Accrued interest payable - 10,125 - 10,125 11,083 -
Refundable deposits - 71,555 - 71,555 77,825 -
Compensated absences payable - current portion 18,772 31,976 - 50,748 47,272 209,333
Bonds and notes payable - current portion - 119,508 - 119,508 119,508 -
Total current liabilities 309,600 291,665 412,697 1,013,962 906,765 209,333
Noncurrent liabilities:
Compensated absences payable - noncurrent portion 41,170 70,129 - 111,299 106,454 459,099
Bonds and notes payable - noncurrent portion - 1,131,932 - 1,131,932 1,251,440 -
Other post employement benefits 44,519 41,746 - 86,265 74,279 -
Net pension liability - - - - - 4,924,972
Total noncurrent liabilities 85,689 1,243,807 0 1,329,496 1,432,173 5,384,071
Total liabilities 395,289 1,535,472 412,697 2,343,458 2,338,938 5,593,404
Deferred inflows of resources:
Related to pensions - - - - - 760,901
Total deferred inflows of resources - - - - - 760,901
Net position:
Net investments in capital assets 1,210,049 5,302,182 5,630,927 12,143,158 6,036,192 -
Unrestricted 904,195 4,582,731 179,702 5,666,628 5,570,360 (5,240,561)
Total net position $2,114,244 $9,884,913 $5,810,629 $17,809,786 $11,606,552 ($5,240,561)
Net position reported above $17,809,786
Adjustment to report the cumulative internal balance for the net effect of activity
between the internal service fund and the enterprise funds over time. (16,943)
Net position of business-type activites (Statement 1) $17,792,843
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
37
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF REVENUES, EXPENSES AND Statement 7
CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For The Year Ended December 31, 2015
With Comparatvie Totals For Enterprise Funds For The Year Ended December 31, 2014
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal Service
Fund
2015 2014
Sales $5,893,916 $ - $ - $5,893,916 $6,078,039 $ -
Cost of sales (4,572,858) - - (4,572,858) (4,704,566) -
Gross profit 1,321,058 0 0 1,321,058 1,373,473 0
Operating revenues:
Customer billings - 1,844,850 - 1,844,850 1,789,849 -
Connection charges - 9,130 - 9,130 10,400 -
Charges for services - - - - - 596,897
Total operating revenues 0 1,853,980 0 1,853,980 1,800,249 596,897
Total gross profit and operating revenues 1,321,058 1,853,980 0 3,175,038 3,173,722 596,897
Operating expenses:
Personal services 695,655 785,143 - 1,480,798 1,457,929 765,630
Supplies 315,899 65,062 - 380,961 402,004 -
Contracted services 40,781 156,947 - 197,728 231,139 -
Treatment charges (MCES) - 593,381 - 593,381 620,470 -
Other 19,421 168,714 - 188,135 228,999 -
Depreciation 75,658 308,359 - 384,017 365,521 -
Total operating expenses 1,147,414 2,077,606 0 3,225,020 3,306,062 765,630
Operating income (loss) 173,644 (223,626) 0 (49,982) (132,340) (168,733)
Nonoperating revenues (expenses):
Investment income 4,014 82,393 - 86,407 111,512 576
Intergovernmental revenue - - - - - 24,930
Interest expense - (19,984) - (19,984) (22,275) -
Fees and cost of issuance - (742) - (742) (683) -
Refunds and reimbursements - 45,655 - 45,655 - -
Miscellaneous revenue 72,273 16,391 - 88,664 61,444 -
Total nonoperating revenues (expenses) 76,287 123,713 0 200,000 149,998 25,506
Income (loss) before capital
contributions and transfers 249,931 (99,913) - 150,018 17,658 (143,227)
Capital contributions and transfers:
Capital contributions - 677,200 5,630,928 6,308,128 497,781 -
Transfers in - - 179,701 179,701 15,645 86,300
Transfers out (249,049) (185,564) - (434,613) (495,444) -
Change in net position 882 391,723 5,810,629 6,203,234 35,640 (56,927)
Net position - January 1, as previously reported 2,113,362 9,493,190 - 11,606,552 11,570,912 (634,994)
Prior period adjustment - - - - - (4,548,640)
Net position - January 1, as restated 2,113,362 9,493,190 - 11,606,552 11,570,912 (5,183,634)
Net position - December 31 $2,114,244 $9,884,913 $5,810,629 $17,809,786 $11,606,552 ($5,240,561)
Net position reported for business-type activities above $17,809,786
Adjustment for the net effect of the current year activity between the
internal service fund and the enterprise funds. (16,943)
Net position of business-type activites (Statement 2) $17,792,843
Business-Type Activities Enterprise Funds
Totals
The accompanying notes are an integral part of these financial statements.
38
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CASH FLOWS Statement 8
PROPRIETARY FUNDS
For The Year Ended December 31, 2015
With Comparative Totals For Enterprise Funds For The Year Ended December 31, 2014
Governmental
Activities -
Liquor
Water/Sewer/
Water Plant
Stormwater
Utility
Internal Service
Fund
2015 2014
Cash flows from operating activities:
Receipts from customers and users $5,880,682 $1,828,075 $ - $7,708,757 $7,834,768 $ -
Receipts from interfund charges for pension benefits - - - - - 596,897
Payment to suppliers (5,027,651) (994,002) - (6,021,653) (6,350,037) -
Payment to employees (714,050) (790,880) - (1,504,930) (1,432,850) (652,793)
Payment to other funds for services provided
Miscellaneous revenue 72,273 16,211 - 88,484 61,444 -
Net cash flows provided by (used in)
operating activities 211,254 59,404 0 270,658 113,325 (55,896)
Cash flows from noncapital financing activities:
Transfer from other funds - - - - 15,645 86,300
Transfer to General Fund (249,049) (185,564) - (434,613) (264,244) -
Transfer to Capital Project Funds - - - - (231,200) -
Intergovernmental revenue - - - - - 24,930
Change in interfund receivable/payable - - - - - -
Net cash flows provided by (used in)
noncapital financing activities (249,049) (185,564) 0 (434,613) (479,799) 111,230
Cash flows from capital and related
financing activities:
Acquisiton of capital assets - (215,987) - (215,987) (30,937) -
Change in interfund loan receivable/payable - 5,620 - 5,620 11,195 -
Interest received on interfund receivable - 41,328 - 41,328 41,623 -
Principal paid on debt - (115,000) - (115,000) (110,000) -
Interest paid on debt - (26,192) - (26,192) (28,383) -
Net cash flows provided by (used in)
capital and related financing activities 0 (310,231) 0 (310,231) (116,502) 0
Cash flows from investing activities:
Investment income 4,014 41,065 - 45,079 69,889 576
Net increase (decrease) in cash and cash equivalents (33,781) (395,326) 0 (429,107) (413,087) 55,910
Cash and cash equivalents - January 1 461,439 3,664,316 - 4,125,755 4,538,842 26,972
Cash and cash equivalents - December 31 $427,658 $3,268,990 $0 $3,696,648 $4,125,755 $82,882
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) $173,644 ($223,626) $ - ($49,982) ($132,340) ($168,733)
Adjustments to reconcile operating income (loss)
to net cash flows from operating activities:
Miscellaneous revenue 72,273 16,211 - 88,484 61,444 -
Depreciation 75,658 308,359 - 384,017 365,521 -
Changes in assets and liabilities:
Decrease (increase) in receivables (13,230) (25,905) - (39,135) (43,520) -
Decrease (increase) in prepaid items 451 (2,338) - (1,887) (3,126) -
Decrease (increase) in inventory 24,237 - - 24,237 (72,202) -
Decrease (increase) in deferred outflows of resources - - - - - (765,640)
Increase (decrease) in payables (121,779) (13,297) - (135,076) (62,452) 117,576
Increase (decrease) in deferred inflows of resources - - - - - 760,901
Total adjustments 37,610 283,030 0 320,640 245,665 112,837
Net cash provided by operating activities $211,254 $59,404 $0 $270,658 $113,325 ($55,896)
Noncash investing, capital and financing activities:
Liquor assets in the amount of $0 and $7,125 were contributed to the Water and Sewer Fund in 2015 and 2014, respectively.
Water and Sewer System assets in the amount of $677,200 and $490,656 were contributed to the Water/Sewer/Water Plant Fund in 2015 and 2014, respectively.
Stormwater assets in the amount of $5,630,928 and $0 were contributed to the Stornwater Utility Fund in 2015 and 2014, respectively.
Stormwater fund had noncash transfer in of $179,701, representing receivables and payables balances in 2015.
Totals
Business-Type Activities Enterprise Funds
The accompanying notes are an integral part of these financial statements.
39
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF FIDUCIARY NET POSITION Statement 9
FIDUCIARY FUND -DEVELOPERS DEPOSIT
December 31, 2015
With Comparative Totals For December 31, 2014
2015 2014
Assets:
Cash and investments ($4,122) ($1,090)
Accounts receivable - net 4,122 1,090
Total assets $0 $0
Liabilities:
Deposits payable $ - $ -
The accompanying notes are an integral part of these financial statements.
40
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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 HRA is reported as if it were part of the City's
operations because the members of the City Council serve as HRA board members and its activity is
confined to the City. The City established the HRA under State statutes to assist and support housing
and redevelopment projects undertaken within the City which are under the statutory authority of the
HRA. The City reviews and approves tax levies and other financial matters related to the HRA. The
City provides major financing of HRA activities and debt issued in connection with HRA projects are
general obligations of the City. The activity of the HRA is reported in the HRA TIF Debt Service
Fund, the HRA TIF Improvement Fund and the HRA Special Revenue Fund. Separate financial
statements are not prepared for the HRA.
B. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The government-wide financial statements (i.e. the statement of net position and the statement of
changes in net position) report information on all of the nonfiduciary activities of the primary
government and its component units. For the most part, the effect of interfund activity has been
removed from these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a
significant extent, on fees and charges for support.
41
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
The statement of activities demonstrates the degree to which the direct expenses of a given function or
business-type activity is offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or business-type activity. Program revenues include 1) charges to
customers or applicants who purchase, use or directly benefit from goods, services or privileges
provided by a given function or business-type activity; and, 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or business-type
activity. Taxes and other items not included among program revenues are reported instead as general
revenues.
Separate financial statements are provided for governmental funds and proprietary funds. Major
individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING AND FINANCIAL STATEMENT
PRESENTATION
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the
timing of related cash flows. Property taxes are recognized as revenues in the year for which they are
levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met. The City’s only fiduciary fund is an agency fund. Agency
funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of
operations.
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. However, debt service expenditures, as well as expenditures related to compensated
absences and claims and judgments, are recorded only when payment is due.
Property taxes, special assessments, intergovernmental revenues, charges for services and interest
associated with the current fiscal period are all considered to be susceptible to accrual and so have
been recognized as revenues of the current fiscal period. Only the portion of special assessments
receivable due within the current fiscal period is considered to be susceptible to accrual as revenue of
the current period. All other revenue items are considered to be measurable and available only when
cash is received by the City.
42
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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 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 TIF Debt Service Fund was established to account for debt associated with Tax
Increment Financing Districts of the City.
The HRA TIF Improvement Fund was established to account for the construction and
redevelopment costs within the City.
The Street Improvement Projects Fund was established to account for the construction costs
associated with a systematic plan to reconstruct substandard residential streets and alleys.
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, and the operation and maintenance of the
City’s water purification plant.
The Stormwater Utility Fund accounts for stormwater service charges which are used to finance
the construction and operation of the stormwater and flood protection projects.
Additionally, the City reports the following fund types:
Internal Service Fund - the Employee Benefit Fund accounts for the liability the City has for
employee vacation and severance payments, and is also used to provide pension benefits to other
departments of the City on a cost reimbursement basis.
Agency Fund - the Developer Deposits Fund accounts for costs incurred by the City for the
review of various land use permits requested by developers and subsequent owners. The City
requires the developer or owner to pay the costs associated with the permitting process. The City
collects an initial deposit and bills any overages as needed.
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.
43
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as general
revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund’s principal ongoing operations. The principal operating revenues
of the liquor, water and sewer enterprise funds are charges to customers for sales and services.
Operating expenses for enterprise funds include the cost of sales and services, administrative expenses,
and depreciation on capital assets. All revenues and expenses not meeting this definition are reported
as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for an allowable use, it is the City’s
policy to use restricted resources first, then unrestricted resources as they are needed.
D. BUDGETS
Budgets are legally adopted on a basis consistent with generally accepted accounting principles.
Annual appropriated budgets are legally adopted for the General and all Special Revenue Funds.
Budgeted expenditure appropriations lapse at year end.
Encumbrance accounting, under which purchase orders, contracts and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the appropriation, is not
employed by the City because it is at present not considered necessary to assure effective budgetary
control or to facilitate effective cash management.
E. LEGAL COMPLIANCE - BUDGETS
The City follows these procedures in establishing the budgetary data reflected in the financial
statements:
1) The City Manager submits to the City Council a proposed operating budget for the upcoming year
in August. The operating budget includes proposed revenues and expenditures and the operating
levy associated with operations.
2) The City Council and staff meet to review the proposed budget and Council recommends any
appropriate changes.
3) Public hearings are conducted in April and December to obtain taxpayer comments and
recommendations to the operating budget.
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.
44
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
7) Legal debt obligation indentures determine the appropriation level of debt service tax levies for
the Debt Service Funds. Supplementary budgets are adopted for the Proprietary Funds to
determine and calculate user charges. These debt service and budget amounts represent general
obligation bond indenture provisions and net income for operation and capital maintenance and
are not reflected in the financial statements.
8) A capital improvement program is reviewed annually by the City Council for the Capital Project
Funds. However, appropriations for major projects are not adopted until the actual bid award of
the improvement. The appropriations are not reflected in the financial statements.
9) The legal level of budgetary control is at the department level for the General Fund and the fund
level for the Special Revenue Funds. Monitoring of budgets is maintained at the expenditure
category level (i.e., personal services; materials and supplies; contractual services; and capital
outlay) within each program. All amounts over budget have been approved by the City Council
through the disbursement process.
10) The City Council may authorize transfer of budgeted amounts between City funds. The City
Council made supplemental budgetary appropriations throughout the year. Individual
amendments were not material in relation to the original appropriations which were adjusted.
The following is a listing of the General Fund departments and Special Revenue Funds whose
expenditures exceed budget appropriations:
Final Over
Budget Actual Budget
Major Fund:
General Fund
Elections $19,672 $23,187 $3,515
Legal 110,750 135,029 24,279
Civil defense 65,227 66,227 1,000
Protective inspections 81,143 123,254 42,111
Nonmajor Funds:
Special Revenue Funds:
Police forfeiture 6,500 11,108 4,608
Recycling fund 16,468 18,793 2,325
Fire education/training 2,277 2,463 186
F. CASH AND INVESTMENTS
Cash and investment balances from all funds are pooled and invested to the extent available in
authorized investments. Investment income is allocated to individual funds on the basis of the fund's
equity in the cash and investment pool.
The City provides temporary advances to funds that have insufficient cash balances by means of an
advance from another fund shown as interfund receivables in the advancing fund, and an interfund
payable in the fund with the deficit, until adequate resources are received. These interfund balances
are eliminated on the government-wide financial statements.
Investments are stated at fair value, based upon quoted market prices, except for investments in 2a7-
like external investment pools, which are stated at amortized cost. Investment income is accrued at the
balance sheet date.
45
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
For purposes of the statement of cash flows, the City considers all highly liquid investments with a
maturity of three months or less when purchased to be cash equivalents. All of the cash and
investments allocated to the Proprietary Funds have original maturities of 90 days or less. Therefore,
the entire balance in the Proprietary Funds is considered cash equivalents.
Funds held in trust represent bond proceeds related to the Public Facilities Lease Revenue bond issue
which are being held by a trustee. The trustee is responsible for the investment of these funds.
G. RECEIVABLES AND PAYABLES
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. Short-term interfund loans are classified as “interfund
receivables/payables.” All short-term interfund receivables and payables at December 31, 2015 are
planned to be eliminated in 2016. 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 I). Because utility bills are considered liens on property, no estimated uncollectible
amounts are established. Uncollectible amounts are not material for other receivables and have not
been reported.
H. PROPERTY TAX REVENUE RECOGNITION
The City Council annually adopts a tax levy and certifies it to the County in December
(levy/assessment date) of each year for collection in the following year. The County is responsible for
billing and collecting all property taxes for itself, the City, the local School District and other taxing
authorities. Such taxes become a lien on January 1 and are recorded as receivables by the City at that
date. Real property taxes are payable (by property owners) on May 15 and October 15 of each
calendar year. Personal property taxes are payable by taxpayers on February 28 and June 30 of each
year. These taxes are collected by the County and remitted to the City on or before July 7 and
December 2 of the same year. Delinquent collections for November and December are received the
following January. The City has no ability to enforce payment of property taxes by property owners.
The County possesses this authority.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes property tax revenue in the period for which the taxes were levied. Uncollectible
property taxes are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The City recognizes property tax revenue when it becomes both measurable and available to finance
expenditures of the current period. In practice, current and delinquent taxes and State credits received
by the City in July, December and January are recognized as revenue for the current year. Taxes
collected by the County by December 31 (remitted to the City the following January) and taxes and
credits not received at year end are classified as delinquent and due from County taxes receivable. The
portion of delinquent taxes not collected by the City in January is fully offset by deferred inflow of
resources because they are not available to finance current expenditures.
46
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
I. SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefited properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. These assessments are
collectible by the City over a term of years usually consistent with the term of the related bond issue.
Collection of annual installments (including interest) is handled by the County Auditor in the same
manner as property taxes. Property owners are allowed to (and often do) prepay future installments
without interest or prepayment penalties.
Once a special assessment roll is adopted, the amount attributed to each parcel is a lien upon that
property until full payment is made or the amount is determined to be excessive by the City Council or
court action. If special assessments are allowed to go delinquent, the property is subject to tax forfeit
sale. Proceeds of sales from tax forfeit properties are allocated first to the County’s costs of
administering all tax forfeit properties. Pursuant to State Statutes, a property shall be subject to a tax
forfeit sale after three years unless it is homesteaded, agricultural or seasonal recreational land in
which event the property is subject to such sale after five years.
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The City recognizes special assessment revenue in the period that the assessment roll was adopted by
the City Council. Uncollectible special assessments are not material and have not been reported.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
Revenue from special assessments is recognized by the City when it becomes measurable and
available to finance expenditures of the current fiscal period. In practice, current and delinquent
special assessments received by the City are recognized as revenue for the current year. Special
assessments that are collected by the County by December 31 (remitted to the City the following
January) are also recognized as revenue for the current year. All remaining delinquent, deferred and
special deferred assessments receivable in governmental funds are completely offset by deferred
inflow of resources.
J. INVENTORIES
GOVERNMENTAL FUNDS
Inventories are valued at cost using the first-in/first-out (FIFO) method. The cost of such inventories
are recorded as expenditures when consumed rather than when purchased.
PROPRIETARY FUNDS
Inventories of the Proprietary Funds are stated at weighted average cost, which approximates market,
using the first-in, first-out (FIFO) method.
K. 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. Prepaid items are reported
using the consumption method and recorded as expenditures/expenses at the time of consumption.
47
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
L. CAPITAL ASSETS
Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges,
sidewalks, and similar items) and intangible assets such as easements and computer software, 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 1980.
These assets are reported at estimated historical cost. The City estimated historical cost for the initial
reporting of these assets through analysis of original bonding documents. As the City constructs or
acquires additional infrastructure assets each period, they will be capitalized and reported at historical
cost.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of the assets constructed. For the year ended December 31, 2015, no interest was
capitalized in connection with construction in progress.
The City implemented GASB Statement No. 51, Accounting and Financial Reporting for Intangible
Assets effective January 1, 2010 which required the City to capitalize and amortize intangible assets.
Pursuant to GASB Statement 51, in the case of initial capitalization of intangible assets, the City chose
to include such items regardless of their acquisition date, except for permanent easements and
internally generated software. The City has already accounted for computer software and temporary
easements at historical cost and therefore retroactive reporting was not necessary.
Property, plant and equipment of the primary government, as well as the component units, are
depreciated/amortized using the straight-line method over the following estimated useful lives:
Assets
Buildings and structures 5 – 40 years
Furniture, fixtures and equipment (including software) 3 – 20 years
Distribution and collection systems 20 – 50 years
Streets 20 – 50 years
Storm sewers 25 years
Stormwater Treatment Systems 25 – 40 years
48
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
M. COMPENSATED ABSENCES
It is the City's policy to permit employees to accumulate earned but unused personal leave benefits. All
personal leave pay is accrued when incurred in the government-wide and proprietary fund financial
statements. A liability for these amounts associated with governmental fund employees is reported in
the Internal Service Severance Fund. In accordance with the provisions of Statement of Government
Accounting Standards No. 16, Accounting for Compensated Absences, no liability is recorded for
nonvesting accumulating rights to receive personal leave benefits. However, a liability is recognized
for that portion of accumulating personal leave benefits that is vested as severance pay.
N. LONG-TERM OBLIGATIONS
In the government-wide financial statements and proprietary funds in the fund financial statements,
long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business-type activities, or proprietary funds statement of net position. Bond
premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are
reported net of the applicable bond premium discount.
In the governmental fund financial statements, governmental funds recognize bond premiums and
discounts 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.
O. FUND BALANCE CLASSIFICATIONS
In the fund financial statements, governmental funds report fund balance in classifications that disclose
constraints for which amounts in those funds can be spent. These classifications are as follows:
Nonspendable - consists of amounts that are not in spendable form, such as prepaid items.
Restricted - consists of amounts related to externally imposed constraints established by creditors,
grantors or contributors; or constraints imposed by state statutory provisions.
Committed - consists of internally imposed constraints. These constraints are established by
resolution of the City Council.
Assigned - consists of internally imposed constraints. These constraints reflect the specific
purpose for which it is the City’s intended use. These constraints are established by the City
Council and/or management. Pursuant to City Council policy, the City’s Finance Director and/or
City Manager are authorized to establish assignments of fund balance.
Unassigned - is the residual classification for the general fund and also reflects negative residual
amounts in other funds.
When both restricted and unrestricted resources are available for use, it is the City’s policy to first use
restricted resources, and then use unrestricted resources as they are needed.
49
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
When committed, assigned or unassigned resources are available for use, it is the City’s policy to use
resources in the following order; 1) committed 2) assigned and 3) unassigned.
P. INTERFUND TRANSACTIONS
Interfund services provided and used are accounted for as revenues, expenditures or expenses.
Transactions that constitute reimbursements to a fund for expenditures/expenses initially made from it
that are properly applicable to another fund, are recorded as expenditures/expenses in the reimbursing
fund and as reductions of expenditures/expenses in the fund that is reimbursed. Interfund loans are
reported as an interfund loan receivable or payable which offsets the movement of cash between
funds. All other interfund transactions are reported as transfers.
Q. USE OF ESTIMATES
The preparation of financial statements in accordance with generally accepted accounting principles
(GAAP) requires management to make estimates that affect amounts reported in the financial
statements during the reporting period. Actual results could differ from such estimates.
R. RECLASSIFICATIONS
Certain amounts presented in the prior year data has been reclassified in order to be consistent with the
current year’s presentation.
S. COMPARATIVE TOTALS
The basic financial statements, required supplementary information, combining and individual fund
financial statements and schedules and supplementary financial information include certain prior-year
summarized comparative information in total but not at the level of detail required for presentation in
conformity with generally accepted accounting principles. Accordingly, such information should be
read in conjunction with the City’s financial statements for the year ended December 31, 2014, from
which the summarized information was derived.
T. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
In addition to assets, the statement of financial position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of
resources, represents a consumption of net position that applies to a future period(s) and so will not be
recognized as an outflow of resources (expense/expenditure) until then. The District has one item that
qualifies for reporting in this category. It is the pension related deferred outflows of resources
reported in the government-wide Statement of Net Position and the proprietary funds Statement of Net
Position.
In addition to liabilities, the statement of financial position will sometimes report a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net position that applies to a future period(s) and so will not be
50
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
recognized as an inflow of resources (revenue) until that time. The government has pension related
deferred inflows of resources reported in the government-wide Statement of Net Position and the
proprietary funds Statement of Net Position. The government also has a type of item, which arises
only under a modified accrual basis of accounting, that qualifies for reporting in this category.
Accordingly, the item, unavailable revenue, is reported only in the governmental fund balance sheet.
The governmental funds report unavailable revenues from the following sources: property taxes,
special assessments, and tax increment.
U. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
1. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
BALANCE SHEET AND THE GOVERNMENT-WIDE STATEMENT OF NET POSITION
The governmental fund balance sheet includes a reconciliation between fund balance – total
governmental funds and net position – governmental activities as reported in the government-wide
statement of net position. One element of that reconciliation explains that “long-term liabilities,
including bonds payable, are not due and payable in the current period and therefore are not
reported in the funds”. The details of this ($32,824,852) difference is as follows:
Bonds payable ($31,395,000)
Accrued interest payable (296,750)
Unamortized bond premium (618,259)
Other post-employment benefits (514,843)
Net adjustment to reduce fund balance - total
governmental funds to arrive at net position -
governmental activities.($32,824,852)
2. EXPLANATION OF CERTAIN DIFFERENCES BETWEEN THE GOVERNMENTAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
AND THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
The governmental fund statement of revenues, expenditures and changes in fund balances
includes a reconciliation between net changes in fund balances – total governmental funds and
changes in net position of governmental activities as reported in the government-wide statement
of activities. One element of that reconciliation explains that “governmental funds report capital
outlays as expenditures. However, in the statement of activities the cost of those assets is
allocated over their estimated useful lives and reported as depreciation expense.” The details of
this $2,182,983 difference is as follows:
Capital outlay $386,652
Construction/acquisition costs 3,750,269
Current expenditures capitalized 65,184
Depreciation expense (2,019,122)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $2,182,983
51
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Another element of that reconciliation states that “the net effect of various miscellaneous
transactions involving capital assets (i.e. sales, trade-ins, and donations) is to decrease net
position.” The details of this ($50,430) difference are as follows:
The statement of activities reports losses arising
from the trade-in or disposal of existing capital
assets to acquire new capital assets. Conversely,
governmental funds do not report any gain or loss
on a trade-in of capital assets. ($50,430)
Net adjustment to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. ($50,430)
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 $87,516 difference is as follows:
Unavailable revenue - general property taxes:
At December 31, 2014 ($94,475)
At December 31, 2015 91,306
Unavailable revenue - tax increment taxes:
At December 31, 2014 (54,611)
At December 31, 2015 69,656
Unavailable revenue - special assessments:
At December 31, 2014 (1,789,048)
At December 31, 2015 1,864,688
Net adjustments to decrease net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $87,516
52
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Another element of that reconciliation states that “the issuance of long-term debt (e.g. bonds,
leases) provides current financial resources to governmental funds, while the repayment of
principal of the long-term debt consumes the current financial resources of governmental funds”.
Neither transaction, however, has any effect on net position. The details of this $711,892
difference is as follows:
Debt issued or incurred:
Issuance of general obligation bonds ($6,890,000)
Premium on issued bonds (188,693)
Principal repayments 7,870,000
Other post employment benefits (79,415)
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities. $711,892
Another element of that reconciliation states that “some expenses reported in the statement of
activities do not require the use of current financial resources and, therefore, are not reported as
expenditures in governmental funds”. The details of this $174,406 difference is as follows:
Amortization of premiums, discounts $52,784
Accrued interest 121,622
Net adjustment to increase net changes in fund
balances - total governmental funds to arrive at
changes in net position of governmental activities.$174,406
Note 2 DEPOSITS AND INVESTMENTS
A. DEPOSITS
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks
authorized by the City Council, all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or collateral.
The market value of collateral pledged must equal 110% of the deposits not covered by insurance or
bonds.
Minnesota Statutes require that securities pledged as collateral be held in safekeeping by the City
Treasurer or in a financial institution other than that furnishing the collateral. Authorized collateral
includes the following:
a) United States government treasury bills, treasury note and treasury bonds;
b) Issues of United States government agencies and instrumentalities as quoted by a recognized
industry quotation service available to the government entity;
53
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
c) General obligation securities of any state or local government with taxing powers which is rated
“A” or better by a national bond rating service, or revenue obligation securities of any state or
local government with taxing powers which is rated “AA” or better by a national bond rating
service;
d) General obligation securities of a local government with taxing powers may be pledged as
collateral against funds deposited by that same local government entity:
e) Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality
accompanied by written evidence that the bank’s public debt is rated “AA” or better by Moody’s
Investors Service, Inc. or Standard & Poor’s Corporation; and
f) Time deposits that are fully insured by any Federal agency.
Custodial Credit Risk – Deposits: Custodial credit risk is the risk that in the event of a bank failure,
the City’s deposits may not be returned to it. State statutes require that insurance, surety bonds or
collateral protect all City deposits. The market value of collateral pledged must equal 110% of
deposits not covered by insurance or bonds. As of December 31, 2015, 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 under the Federal Investment Company Act of 1940
and whose only investments are in securities described in (a) above, general obligation tax-exempt
securities, or repurchase or reverse repurchase agreements.
c) State and local securities as follows:
1) any security which is a general obligation of any state or local government with taxing
powers which is rated “A” or better by a national bond rating service;
2) any security which is a revenue obligation of any state or local government with taxing
powers which is rated “AA” or better by a national bond rating service; and
3) a general obligation of the Minnesota Housing Finance Agency which is a moral obligation of
the State of Minnesota and is rated “A” or better by a national bond rating agency.
d) Bankers acceptances of United States banks.
e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the
highest quality, and maturing in 270 days or less.
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.
54
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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, 2015, the City had the following investments and maturities:
Fair Less Over
Investment Type Rating Value Than 1 1-5 6-10 10 Years
Federal Home Loan Bank AAA $495,252 $495,252 $ - $ - $ -
Federal Farm Credit Bank AAA 195,030 195,030 - - -
REMIC NR 30,728 - - 200 30,528
Money market NR 1,600,683 1,600,683 - - -
External investment pool - 4M Fund NR 4,334,173 4,334,173 - - -
Local governments AA - AAA 711,943 - 711,943 - -
Brokered certificates of deposit NR 5,167,288 1,295,153 3,872,135 - -
Total $12,535,097 $7,920,291 $4,584,078 $200 $30,528
NR - Not Rated Total investments $12,535,097
Petty cash 5,300
Total cash and investments $12,540,397
Investment Maturities (in Years)
Following is a reconciliation of the City’s cash and investment balances as of December 31, 2015:
Cash and investments $12,544,519
Cash and investments - fiduciary fund (4,122)
$12,540,397
C. INVESTMENT RISKS
Custodial credit risk – investments – For investments in securities, custodial credit risk is the risk that
in the event of failure of the counterparty to a transaction, the City will not be able to recover the value
of its investment securities that are in the possession of an outside party. Investments in investment
pools and money markets are not evidenced by securities that exist in physical or book entry form, and
therefore are not subject to custodial credit risk disclosures. The City’s investment policy does not
address custodial risk. However, investments in securities are held by the City’s broker-dealers of
which $500,000 is insured through SIPC. The broker-dealer has provided additional protection by
providing additional insurance. This insurance is subject to aggregate limits applied to all of the
broker-dealers’ accounts.
Interest rate risk – Interest rate risk is the risk that changes in interest rates of debt investments could
adversely affect the fair value of an investment. The City’s investment policy requires the City to
diversify its investment portfolio to eliminate the risk of loss resulting from over concentration of
assets in a specific maturity. The 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.
55
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Credit Risk – Credit risk is the risk that an issuer or other counterparty to an investment will be unable
to fulfill its obligation to the holder of the investment. State law limits investments in commercial
paper to those rated in the highest quality category by at least two nationally recognized rating
agencies; in any security of the State of Minnesota or any of its municipalities which is rated “A” or
better by a national bond rating service for general obligation and rated “AA” or better for a revenue
obligation; a general obligation of the Minnesota Housing Finance Agency to those rated “A” or better
by a national bond rating agency; mutual funds or money market funds whose investments are
restricted to securities described in MS 118A.04. The City’s external investment pool is with the 4M
fund which is regulated by Minnesota Statutes and the Board of Directors of the League of Minnesota
Cities. The 4M fund is an unrated 2a7-like pool and the fair value of the position in the pool is the
same as the value of pool shares. The City’s investment policy does not place further restrictions on
investment options.
Concentration of credit risk – Concentration of credit risk is the risk of loss that may be attributed to
the magnitude of a government’s investment in a single issuer. The City places no limit on the amount
the City may invest in any one issuer. The City does not have exposure to a single issuer that equals or
exceeds 5% of the overall portfolio and, therefore, there is no concentration of credit risk.
Note 3 RECEIVABLES
Significant receivables balances not expected to be collected within one year of December 31, 2015 are as
follows:
Street
Improvement HRA TIF Nonmajor
General Debt Service Improvements Funds Total
Special assessments receivable $ - $1,633,000 $ - $24,000 $1,657,000
Delinquent property taxes 31,200 13,300 - 5,400 49,900
Delinquent Tax Increment - - 59,000 - 59,000
$31,200 $1,646,300 $59,000 $29,400 $1,765,900
Major Funds
Note 4 UNAVAILABLE REVENUES
Governmental funds report deferred inflows of resources in connection with receivables for revenues that are
not considered to be available to liquidate liabilities of the current period. At the end of the current fiscal year,
the various components of unavailable revenue reported in the governmental funds were as follows:
Property Taxes Special Assessments TIF Total
Major Fund:
General Fund $57,124 $ - $ - $57,124
Street Improvement Debt Service 24,387 1,837,444 - 1,861,831
HRA TIF Improvements - - 69,656 69,656
Nonmajor Funds 9,794 27,245 - 37,039
Total unavailale revenue $91,305 $1,864,689 $69,656 $2,025,650
56
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Note 5 CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2015 was as follows:
Beginning Ending
Primary Government Balance Increases Decreases Transfers Balance
Governmental activities:
Capital assets, not being depreciated:
Land $3,747,184 $ - $ - ($2,084,301) $1,662,883
Construction in progress 3,079,369 3,808,315 (1,367,229) (2,354,081) 3,166,374
Total capital assets, not being depreciated 6,826,553 3,808,315 (1,367,229) (4,438,382) 4,829,257
Capital assets, being depreciated:
Buildings and improvements 9,836,936 129,860 - - 9,966,796
Land improvement 555,181 - - - 555,181
Furniture, fixtures and equipment (including
software)3,899,084 228,029 (132,275) - 3,994,838
Streets 32,438,813 1,367,229 - - 33,806,042
Storm sewers 428,469 - - - 428,469
Storm water 2,253,147 - - (2,253,147) -
Intangible assets 6,823 - - - 6,823
Total capital assets, being depreciated 49,418,453 1,725,118 (132,275) (2,253,147) 48,758,149
Less accumulated depreciation/amortization for:
Buildings and improvements 3,749,898 294,013 - - 4,043,911
Land improvement 195,192 46,060 - - 241,252
Furniture, fixtures and equipment 2,611,909 270,865 (81,844) - 2,800,930
Streets 10,416,856 1,298,390 - - 11,715,246
Storm sewers 104,716 17,138 - - 121,854
Storm water 328,012 91,291 - (419,303) -
Intangible assets - 1,365 - - 1,365
Total accumulated depreciation/amortization 17,406,583 2,019,122 (81,844) (419,303) 18,924,558
Total capital assets being depreciated - net 32,011,870 (294,004) (50,431) (1,833,844) 29,833,591
Governmental activities capital assets - net $38,838,423 $3,514,311 ($1,417,660) ($6,272,226) $34,662,848
57
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Beginning Ending
Primary Government Balance Increases Decrease Transfers Balance
Business-type activities:
Capital assets, not being depreciated:
Land $5,653 $ - $ - $2,084,301 $2,089,954
CIP 172,154 63,344 (235,498) 728,464 728,464
Total capital assets, not being depreciated 177,807 63,344 (235,498) 2,812,765 2,818,418
Capital assets, being depreciated:
Buildings and structures 3,883,283 - - - 3,883,283
Furniture, fixtures and equipment 1,455,295 271,403 - - 1,726,698
Software and intangibles 26,022 - - - 26,022
Stormwater - - - 2,253,147 2,253,147
Distribution and collection system 8,636,295 - - 1,625,617 10,261,912
Total capital assets, being depreciated 14,000,895 271,403 0 3,878,764 18,151,062
Less accumulated depreciation for:
Buildings and structures 1,962,458 89,345 - - 2,051,803
Furniture, fixtures and equipment 779,642 50,859 - - 830,501
Software and intangibles 21,252 4,771 - - 26,023
Stormwater - - - 419,303 419,303
Distribution and collection system 4,008,210 239,042 - - 4,247,252
Total accumulated depreciation 6,771,562 384,017 0 419,303 7,574,882
Total capital assets being depreciated - net 7,229,333 (112,614)0 3,459,461 10,576,180
Business-type activities capital assets - net $7,407,140 ($49,270) ($235,498) $6,272,226 $13,394,598
Depreciation/amortization expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government $119,204
Public safety 191,398
Public works, including depreciation of general infrastructure assets 1,564,515
Parks and recreation 144,005
Total depreciation/amortization expense - governmental activities 2,019,122
Business-type activities:
Liquor 75,658
Water 234,823
Sewer 73,536
Total depreciation/amortization expense - business-type activities 384,017
Total depreciation expense $2,403,139
58
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
CONSTRUCTION COMMITMENTS
At December 31, 2015, the City had construction project contracts in progress. The commitments related
to the remaining contract balances are summarized as follows:
Contract Remaining
Project Amount Commitment
2015 Street Improvements $2,319,894 $199,169
Regional Stormwater Treatment 1,381,360 888,034
$1,087,203
Note 6 LONG-TERM DEBT
The City issues general obligation bonds to finance its street improvement program, tax increment projects and
other City purposes. General obligation bonds are direct obligations of the City and are supported by the full
faith and credit of the City. The City has several types of general obligation bonds outstanding at December 31,
2015. 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.
Tax abatement bonds were issued to finance a portion of the park improvement project and are payable
from a special general property tax levy.
Certificates of indebtedness issued to finance various equipment acquisitions are payable from a
special general property tax levy.
REVENUE BONDS
The City has issued revenue bonds to finance business-type activities. These bonds are Utility Revenue
Bonds. The liability for these bonds is recorded in the Proprietary Funds.
59
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
GOVERNMENTAL ACTIVITIES
As of December 31, 2015, the long-term debt of the financial reporting entity consisted of the following:
Final
Interest Issue Maturity Original Payable
Rates Date Date Issue 12/31/15
G.O. Improvement Bonds:
G.O. Improvement Bonds, Series 2009A 3.00-4.00% 5/7/2009 2/1/2025 $2,630,000 $1,900,000
G.O. Improvement Refunding Bonds, Series 2009B 2.50-3.00% 12/16/2009 2/1/2018 1,335,000 470,000
G.O. Improvement Bonds, Series 2010A 2.25-3.625% 5/20/2010 2/1/2026 1,375,000 1,065,000
G.O. Improvement Bonds, Series 2011A 3.00-4.00% 4/12/2011 2/1/2027 2,955,000 2,160,000
G.O. Improvement Refunding Bonds, Series 2011B 0.40-2.00% 12/29/2011 2/1/2021 2,210,000 1,440,000
G.O. Improvement Bonds, Series 2013B 0.45-2.625% 4/23/2013 2/1/2029 1,775,000 1,660,000
G.O. Improvement Bonds, Series 2014A 2.00-3.30% 4/10/2014 2/1/2030 2,070,000 2,070,000
G.O. Improvement Bonds, Series 2015A 2.00-3.00% 5/19/2015 2/1/2031 2,580,000 2,580,000
Total improvement bonds 16,930,000 13,345,000
G.O. Street Reconstruction Bonds:
G.O. Street Reconstruction Refunding Bonds, Series 2014C 2.00-3.00% 7/24/2014 2/1/2024 1,305,000 1,305,000
1,305,000 1,305,000
Tax Increment Revenue Bonds:
G.O. Tax Increment Refunding Bonds, Series 2014B 2.00-3.50% 7/24/2014 2/1/2031 3,665,000 3,555,000
G.O. Tax Increment Refunding Bonds, Series 2015B 2.00-3.00% 12/29/2015 2/1/2031 4,310,000 4,310,000
Total tax increment revenue bonds 7,975,000 7,865,000
G.O. Lease Revenue Refunding Bonds:
G.O. Lease Revenue Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2024 3,995,000 3,125,000
G.O. Tax Abatement Bonds:
G.O. Tax Abatement Bonds, Series 2009A 3.00-4-00% 5/7/2009 2/1/2025 1,335,000 1,035,000
G.O. Tax Abatement Refunding Bonds, Series 2009B 2.50-3.00% 12/10/2009 2/1/2016 310,000 55,000
Total tax abatement bonds 1,645,000 1,090,000
G.O. Bonds:
G.O. Refunding Bonds, Series 2012A 2.00-2.75% 4/25/2012 2/1/2028 5,500,000 4,665,000
Issuance premiums (discounts)N/A 618,259
Total - bonded indebtedness 37,350,000 32,013,259
Compensated absences payable - 668,432
Total City indebtedness - governmental activities $37,350,000 $32,681,691
60
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
BUSINESS-TYPE ACTIVITIES
Final
Interest Maturity Original Payable
Rates Date Date Issue 12/31/15
Revenue Bonds:
G.O. Water and Sewer Revenue Refunding Bonds, Series 2013A 2.00-4.45% 4/16/2003 2/1/2024 $1,440,000 $1,215,000
Issuance premiums (discounts)N/A 36,440
Total - bonded indebtedness 1,440,000 1,251,440
Compensated absences - 162,047
Total City indebtedness - business-type activities 1,440,000 1,413,487
Total City indebtedness $38,790,000 $34,095,178
Annual debt service requirements to maturity for long-term debt are as follows:
Year Ending
December 31 Principal Interest Principal Interest
2016 $1,160,000 $348,611 $470,000 $94,250
2017 1,330,000 310,263 485,000 84,700
2018 1,280,000 281,546 490,000 74,950
2019 1,205,000 253,090 500,000 65,050
2020 1,080,000 226,253 515,000 54,900
2021 960,000 201,483 530,000 44,450
2022 850,000 177,611 545,000 33,564
2023 875,000 152,839 320,000 24,458
2024 895,000 126,001 155,000 19,155
2025 920,000 97,625 160,000 15,333
2026 710,000 72,160 160,000 11,252
2027 610,000 51,992 165,000 6,944
2028 455,000 36,585 170,000 2,337
2029 470,000 23,638 - -
2030 350,000 11,340 - -
2031 195,000 2,925 - -
Total $13,345,000 $2,373,962 $4,665,000 $531,343
G.O. Refunding BondsG.O. Improvement Bonds
Governmental Activities
61
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Year Ending
December 31 Principal Interest Principal Interest Principal Interest
2016 $300,000 $61,640 $415,000 $156,058 $275,000 $64,239
2017 315,000 55,490 385,000 190,038 225,000 58,227
2018 325,000 49,090 405,000 182,238 230,000 52,776
2019 335,000 42,490 420,000 173,988 235,000 47,106
2020 345,000 35,690 445,000 165,438 245,000 41,036
2021 355,000 28,690 450,000 156,487 250,000 34,546
2022 370,000 21,348 475,000 146,212 260,000 27,456
2023 385,000 13,320 495,000 134,412 270,000 19,153
2024 395,000 4,542 510,000 122,062 280,000 9,800
2025 - - 530,000 109,313 125,000 2,500
2026 - - 555,000 95,700 - -
2027 - - 580,000 80,081 - -
2028 - - 605,000 62,975 - -
2029 - - 635,000 43,787 - -
2030 - - 655,000 23,025 - -
- - 305,000 4,875 - -
Total $3,125,000 $312,300 $7,865,000 $1,846,689 $2,395,000 $356,839
Governmental Activities
Refunding Bonds
Tax IncrementLease
Revenue Bonds
All Other General
Obligation Bonds
Year Ending
December 31 Principal Interest
2016 $115,000 $23,150
2017 125,000 20,750
2018 130,000 18,200
2019 130,000 15,600
2020 135,000 12,950
2021 140,000 10,200
2022 140,000 7,400
2023 145,000 4,550
2024 155,000 1,550
Total $1,215,000 $114,350
Revenue Bonds
Business-Type Activities
It is not practicable to determine the specific year for payment of long-term accrued compensated absences.
62
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
CHANGE IN LONG-TERM LIABILITIES
Long-term liability activity for the year ended December 31, 2015, was as follows:
Beginning Ending Due Within
Balance Additions Reductions Balance One Year
Governmental activities:
Bonds payable:
G.O. improvement debt $11,785,000 $2,580,000 ($1,020,000) $13,345,000 $1,160,000
G.O. improvement refunding bonds 5,125,000 - (460,000) 4,665,000 470,000
G.O. street reconstruction bonds 2,695,000 - (1,390,000) 1,305,000 135,000
G.O. revenue bonds 150,000 - (150,000) - -
G.O. state aid street bonds 60,000 - (60,000) - -
G.O. tax abatement bonds 1,225,000 - (135,000) 1,090,000 140,000
G.O. tax increment refunding bonds 7,920,000 4,310,000 (4,365,000) 7,865,000 415,000
G.O. lease revenue refunding bonds 3,415,000 - (290,000) 3,125,000 300,000
Total bonds payable - governmental activities 32,375,000 6,890,000 (7,870,000) 31,395,000 2,620,000
Issuance premiums (discounts)482,350 188,693 (52,784) 618,259 64,210
Total bonded indebtedness 32,857,350 7,078,693 (7,922,784) 32,013,259 2,684,210
Compensated absences 661,966 369,997 (363,531) 668,432 209,333
Total governmental activities
long-term liabilities $33,519,316 $7,448,690 ($8,286,315) $32,681,691 $2,893,543
Business-type activities:
Revenue bonds $1,330,000 $ - ($115,000) $1,215,000 $115,000
Total bonds payable - business-type activities 1,330,000 - (115,000) 1,215,000 115,000
Issuance premiums (discounts)40,948 - (4,508) 36,440 4,508
Total bonded indebtedness 1,370,948 - (119,508) 1,251,440 119,508
Compensated absences 153,726 98,644 (90,323) 162,047 50,748
Total business-type activities
long-term liabilities $1,524,674 $98,644 ($209,831) $1,413,487 $170,256
For the governmental activities, compensated absences are generally liquidated by the Internal Service
Employee Benefit Fund and loans payable are generally liquidated by the Street Improvement Projects
Fund.
All long-term bonded indebtedness outstanding at December 31, 2015 is backed by the full faith and credit
of the City, including improvement and revenue bond issues. Delinquent assessments receivable at
December 31, 2015 totaled $6,622.
63
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
PLEDGED REVENUE
Future revenue pledged for the payment of long-term debt is as follows:
Percent of Debt service Remaining Principal Pledged
Use of Total as a % of Term of Principal and Interest Revenue
Bond Issue Proceeds Type Debt Service Net Revenues Pledge and Interest Paid Received
2009A Tax Abatement Emerald Park improvements Tax abatement revenue 100% N/A 2009-2025 $1,242,339 $117,751 $143,565
2009B Tax Abatement Refunding Refunding of 2001A Tax Tax abatement revenue 100% N/A 2009-2016 $55,688 $57,063 $39,712
Abatement Bonds
2009A Road Improvements 2009 road reconstruction Special assessments 21%N/A 2009-2025 $2,278,181 $224,343 $18,726
2010A Road Improvements 2010 road construction Special assessments 9%N/A 2010-2026 $1,273,504 $114,293 $4,347
2011A Road Improvements 2011 road construction Special assessments 25%N/A 2011-2027 $1,998,188 $167,950 $35,370
2012A Road Improvements 2012 road construction Special assessments 25%N/A 2012-2028 $5,196,343 $563,550 $60,197
2013B Road Improvements 2013 road construction Special assessments 25%N/A 2013-2029 $1,910,601 $143,304 $43,882
2014A Road Improvements 2014 road construction Special assessments 25%N/A 2014 - 2030 $2,537,290 $70,820 $60,091
2014C Road Improvements Refunding of 2008A Tax levy 25%N/A 2014 - 2024 $1,453,813 $30,201 $57,464
Sikver Lake Road improvements
2009B Road Improvements Refunding of 2001B and 2002A Special assessments 7%N/A 2009-2018 $646,706 $189,913 $15,399
Refunding Road Improvement Bonds
2008A Street Reconstruction Silver Lake Road Tax levy 98%N/A 2008-2024 $ - $1,417,513 $ -
Bonds improvements
2009A Storm Sewer Refunding of 2000A Storm Utility charges 100% N/A 2009-2015 $ - $152,250 $9,619
Refundings Revenue Sewer Revenue
2015A Road Improvements 2015 road construction Special assessments 100% N/A 2015-2031 $3,152,659 $ - $266,441
2006B TIF Redevelopment of project TIF 100% N/A 2006-2031 $ - $4,489,175 $ -
area #3 and TIF 3-5
2015B TIF Refunding 2006B TIF Bonds TIF 100% N/A 2015-2031 $5,231,102 $ - $632,842
2014B TIF Refunding 2007 TIF Bonds TIF 100% N/A 2015 -2031 $4,480,588 $212,093 $542,047
2013A G.O. Water/Sewer Revenue Refunding 2003B G.O Water/ Charges for services 100% 82% 2013-2024 $1,329,350 $140,450 $1,853,980
Sewer Revenue Bonds
2011A Road Improvements Refunding 2003A Street Special assessments 22%N/A 2011-2026 $574,719 $143,438 $16,194
Refunding Improvement Bonds
2011B Road Improvements Refunding 2004A and 2005A Special assessments 25%N/A 2012-2020 $1,506,210 $282,060 $22,049
Refunding Street Improvement Bonds
Revenue Pledged Current Year
64
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
ADVANCE CROSSOVER REFUNDINGS
On July 24, 2014, the City issued $1,305,000 in General Obligation Refunding Bonds, Series 2014C with
an average interest rate of 2.10% to advance refund $1,275,000 of outstanding 2008A Series Bonds with
an average interest rate of 3.83% The net proceeds of $1,326,127 were used to purchase U.S. Government
Securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for the
interest on the refunding bonds before the crossover date and called principal on the refunded bonds on
February 1, 2015.
The City advance refunded the 2008A General Obligation Street Reconstruction Bonds to reduce its total
debt service payments over the last ten years of the bond by $81,373 and to obtain an economic gain
(difference between the present value of the debt service payments on the old and new debt) of $68,536.
ADVANCE REFUNDINGS
On December 29, 2015, the City issued $4,310,000 in General Obligation Tax Increment Refunding
Bonds, Series 2015B with an average interest rate of 2.57% to advance refund $4,120,000 of outstanding
2006 Series Bonds with an average interest rate of 5.60%. The net proceeds of $4,332,935 were used to
purchase U.S. Government Securities. Those securities were deposited in an irrevocable trust with an
escrow agent to provide for the payment of the principal and interest.
The City advance refunded the 2006 Tax Increment Revenue Bonds to reduce its total debt service
payments over the last sixteen years of the bond by $1,066,627 and to obtain an economic gain (difference
between the present value of the debt service payments on the old and new debt) of $915,506. The amount
of bonds defeased at December 31, 2015 was $4,120,000.
Note 7 DEFINED BENEFIT PENSION
A. COST SHARING MULTIPLE – EMPLOYER PLANS
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Pensions. For purposes of measuring the net pension liability, deferred outflows/inflows of resources, and
pension expense, information about the fiduciary net position of the Public Employees Retirement
Association (PERA) and additions to/deductions from PERA’s fiduciary net position have been determined
on the same basis as they are reported by PERA except PERA’s fiscal year end is June 30. For this
purpose, plan contributions are recognized as of employer payroll paid dates and benefit payments and
refunds are recognized when due and payable in accordance with the benefit terms. Investments are
reported at fair value.
65
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
PLAN DESCRIPTION
The City participates in the following cost-sharing multiple-employer defined benefit pension plans
administered by the Public Employees Retirement Association of Minnesota (PERA). PERA’s defined
benefit pension plans are established and administered in accordance with Minnesota Statutes, Chapters
353 and 356. PERA’s defined benefit pension plans are tax qualified plans under Section 401 (a) of the
Internal Revenue Code.
1. General Employees Retirement Fund (GERF)
All full-time (with the exception of employees covered by PEPFF) and certain part-time employees of
the City are covered by the General Employees Retirement Fund (GERF). GERF 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. The Basic Plan was closed to new members in 1967. All
new members must participate in the Coordinated Plan.
2. Public Employees Police and Fire Fund (PEPFF)
The PEPFF, originally established for police officers and firefighters not covered by a local relief
association, now covers all police officers and firefighters hired since 1980. Effective July 1, 1999,
the PEPFF also covers police officers and firefighters belonging to a local relief association that
elected to merge with and transfer assets and administration to PERA.
BENEFITS PROVIDED
PERA provides retirement, disability, and death benefits. Benefit provisions are established by state statute
and can only be modified by the state legislature.
Benefit increases are provided to benefit recipients each January. Increases are related to the funding ratio
of the plan. Members in plans that are at least 90% funded for two consecutive years are given 2.5%
increases. Members in plans that have not exceeded 90% funded, or have fallen below 80%, are given 1%
increases.
The benefit provisions stated in the following paragraphs of this section are current provisions and apply to
active plan participants. Vested, terminated employees who are entitled to benefits but are not receiving
them yet are bound by the provisions in effect at the time they last terminated their public service.
1. GERF Benefits
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. Two methods are used to compute benefits
for PERA's Coordinated and Basic Plan members. The retiring member receives the higher of a step-
rate benefit accrual formula (Method 1) or a level accrual formula (Method 2). Under Method 1, the
annuity accrual rate for a Basic Plan member is 2.2% of average salary for each of the first ten years of
service and 2.7% for each remaining year. The annuity accrual rate for a Coordinated Plan member is
1.2% of average salary for each of the first ten years and 1.7% for each remaining year. Under Method
2, the annuity accrual rate is 2.7% of average salary for Basic Plan members and 1.7% for Coordinated
Plan members for each year of service. For members hired prior to July 1, 1989, a full annuity is
available when age plus years of service equal 90 and normal retirement age is 65. For members hired
66
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
on or after July 1, 1989, normal retirement age is the age for unreduced Social Security benefits
capped at 66.
2. PEPFF Benefits
Benefits for the PEPFF members first hired after June 30, 2010, but before July 1, 2014, vest on a
prorated basis from 50% after five years up to 100% after ten years of credited service. Benefits for
PEPFF members first hired after June 30, 2014, vest on a prorated basis from 50% after ten years up to
100% after twenty years of credited service. The annuity accrual rate is 3% of average salary for each
year of service. For PEPFF who were first hired prior to July 1, 1989, a full annuity is available when
age plus years of service equal at least 90.
CONTRIBUTIONS
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. Contribution rates
can only be modified by the state legislature.
1. GERF Contributions
Basic Plan members and Coordinated Plan members were required to contribute 9.1% and 6.50%,
respectively, of their annual covered salary in calendar year 2015. The City was required to contribute
11.78% of pay for Basic Plan members and 7.50% for Coordinated Plan members in calendar year
2015. The City’s contributions to the GERF for the year ended December 31, 2015, were $161,326.
The City’s contributions were equal to the required contributions as set by state statute.
2. PEPFF Contributions
Plan members were required to contribute 10.8% of their annual covered salary in calendar year 2015.
The City was required to contribute 16.20% of pay for PEPFF members in calendar year 2015. The
City’s contributions to the PEPFF for the year ended December 31, 2015, were $435,571. The City’s
contributions were equal to the required contributions as set by state statute.
PENSION COSTS
1. GERF Pension Costs
At December 31, 2015, the City reported a liability of $1,777,604 for its proportionate share of the
GERF’s net pension liability. The net pension liability was measured as of June 30, 2015, and the
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of that date. The City’s proportion of the net pension liability was based on the City’s
contributions received by PERA during the measurement period for employer payroll paid dates from
July 1, 2014, through June 30, 2015, relative to the total employer contributions received from all of
PERA’s participating employers. At June 30, 2015, the City’s proportion was .0343% which was a
decrease of .0038% from its proportion measured as of June 30, 2014.
For the year ended December 31, 2015, the City recognized pension expense of $191,585 for its
proportionate share of the GERF’s pension expense.
67
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
At December 31, 2015, the City reported its proportionate share of the GERF’s deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual economic experience $ - $89,621
Changes in actuarial assumptions - -
Difference between projected and
actual investment earnings 168,278 -
Changes in proportion - 133,879
Contributions paid to PERA
subsequent to the measurement date 84,106 -
Total $252,384 $223,500
$84,106 reported as deferred outflows of resources related to pensions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2016. Other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Pension
Year Ended Expense
December 31, Amount
2016 ($32,430)
2017 (32,430)
2018 (32,430)
2019 42,068
2020 -
Thereafter -
2. PEPFF Pension Costs
At December 31, 2015, the City reported a liability of $3,147,368 for its proportionate share of the
PEPFF’s net pension liability. The net pension liability was measured as of June 30, 2015, and the
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of that date. The City’s proportion of the net pension liability was based on the City’s
contributions received by PERA during the measurement period for employer payroll paid dates from
July 1, 2014, through June 30, 2015, relative to the total employer contributions received from all of
PERA’s participating employers. At June 30, 2015, the City’s proportion was .2770% which was a
decrease of .0030% from its proportion measured as of June 30, 2014.
For the year ended December 31, 2015, the City recognized pension expense of $511,683 for its
proportionate share of the PEPFF’s pension expense. The City also recognized $24,930 for the year
ended December 31, 2015, as pension expense (and grant revenue) for its proportionate share of the
State of Minnesota’s on-behalf contributions to the PEPFF. Legislation passed in 2013 required the
State of Minnesota to begin contributing $9 million to the PEPFF each year, starting in fiscal year
2014.
68
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
At December 31, 2015, the City reported its proportionate share of the PEPFF’s deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual economic experience $ - $510,400
Changes in actuarial assumptions - -
Difference between projected and
actual investment earnings 548,377 -
Changes in proportion - 27,001
Contributions paid to PERA
subsequent to the measurement date 230,101 -
Total $778,478 $537,401
$230,101 reported as deferred outflows of resources related to pensions resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of the net pension
liability in the year ended December 31, 2016. Other amounts reported as deferred outflows and
inflows of resources related to pensions will be recognized in pension expense as follows:
Pension
Year Ended Expense
December 31, Amount
2016 $29,614
2017 29,614
2018 29,614
2019 29,615
2020 (107,481)
Thereafter -
ACTUARIAL ASSUMPTIONS
The total pension liability in the June 30, 2015 actuarial valuation was determined using the following
actuarial assumptions:
Inflation 2.75% per year
Active Member Payroll Growth 3.50% per year
Investment Rate of Return 7.90%
Salary increases were based on a service-related table. Mortality rates for active members, retirees,
survivors and disabilitants were based on RP-2000 tables for males or females, as appropriate, with
slight adjustments. Cost of living benefit increases for retirees are assumed to be 1% effective every
January 1st until 2034, and 2.5% thereafter.
Actuarial assumptions used in the June 30, 2015 valuation were based on the results of actuarial
experience studies. The experience study in the GERF was for the period July 1, 2004, through June
69
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
30, 2008, with an update of economic assumptions in 2014. The experience study for PEPFF was for
the period July 1, 2004, through June 30, 2009.
There are no changes in actuarial assumptions in 2015.
The long-term expected rate of return on pension plan investments is 7.9%. The State Board of
Investment, which manages the investments of PERA, prepares an analysis of the reasonableness of
the long-term expected rate of return on a regular basis using a building-block method in which best-
estimate ranges of expected future rates of return are developed for each major asset class. These
ranges are combined to produce an expected long-term rate of return by weighting the expected future
rates of return by the target asset allocation percentages. The target allocation and best estimates of
arithmetic real rates of return for each major asset class are summarized in the following table:
Target Long-Term Expected
Asset Class Allocation Real Rate of Return
Domestic Stocks 45% 5.50%
International Stocks 15% 6.00%
Bonds 18% 1.45%
Alternative Assets 20% 6.40%
Cash 2% 0.50%
DISCOUNT RATE
The discount rate used to measure the total pension liability was 7.9%. The projection of cash flows
used to determine the discount rate assumed that employee and employer contributions will be made at
the rate specified in statute. Based on that assumption, each of the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of current active
and inactive employees. Therefore, the long-term expected rate of return on pension plan investments
was applied to all periods of projected benefit payments to determine the total pension liability.
PENSION LIABILITY SENSITIVITY
The following presents the City’s proportionate share of the net pension liability for all plans it
participates in, calculated using the discount rate disclosed in the preceding paragraph, as well as what
the City’s proportionate share of the net pension liability would be if it were calculated using a
discount rate 1 percentage point lower or 1 percentage point higher than the current discount rate:
1% Decrease in 1% Increase in
Discount Rate (6.9%) Discount Rate (7.9%) Discount Rate (8.9%)
City's proportionate share of the
GERF net pension liability $2,795,025 $1,777,604 $937,370
City's proportionate share of the
PEPFF net pension liability 6,134,254 3,147,368 679,680
70
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
PENSION PLAN FIDUCIARY NET POSITION
Detailed information about each pension plan’s fiduciary net position is available in a separately-
issued PERA financial report that includes financial statements and required supplementary
information. That report may be obtained on the Internet at www.mnpera.org.
B. SINGLE EMPLOYER PLAN
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Pensions. For purposes of measuring the net pension liability (asset), deferred outflows of resources
and deferred inflows of resources related to pensions, and pension expense, information about the
fiduciary net position of the St. Anthony Fire Department Relief Association (Relief) and additions to /
deductions from the Relief’s fiduciary net position have been determined on the same basis as they
were reported by the Relief. For this purpose, benefit payments are recognized when due and payable
in accordance with the benefit terms. Investments are reported at fair value.
PLAN DESCRIPTION
All members of the St. Anthony Fire Department are covered by a defined benefit plan administered
by the Relief. The Plan is a single employer retirement plan and is established and administered in
accordance with Minnesota Statute, Chapter 69.
BENEFITS PROVIDED
The Relief 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 within the parameters provided by
State Statutes.
Twenty Year Service Pension
Each member who is at least 50 years of age; has retired from the City of St. Anthony, Minnesota, has
served at least twenty (20) years of active service with such department before retirement; and, has
been a member of the Relief in good standing at least 10 years prior to such retirement; shall be
entitled to a pro-rated lump sum service pension in the amount of $3,300 for each completed full year
of service but not exceeding the maximum amount per year of service allowed by law for the
minimum average amount of available financing per firefighter as prescribed by law. Members with
10 years of service receive partial vesting at 60% of the 20 year rate and 4% added for every one year
of service beyond ten years up to 20 years.
Disability Benefits
A member who becomes permanently disabled from being an active firefighter in the City of St.
Anthony, Minnesota will be eligible to collect a disability benefit in an amount equal to his/her full
years of active service multiplied by the yearly lump sum service pension rate. If a member receives a
disability benefit and subsequently returns to active duty, the total disability benefit will be deducted
from his/her service pension.
71
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Death Benefits
Upon the death of any active member of the Relief who is in good standing at the time of their death,
the Relief shall pay to the surviving spouse or children, if any, the sum of $3,300 for each year that the
member served as an active member of the Relief. The survivor benefits include those members who
are on the regular pension roll or on the deferred pension roll.
State Supplemental Benefits
Minnesota Statute 424A.10 provides for the payment of a supplemental benefit equal to ten percent of
a regular lump sum distribution up to a maximum of $1,000. The supplemental benefit is in lieu of a
State income tax exclusion for lump sum distributions and will no longer be available if State tax law
is modified to exclude lump sum distributions from State income tax. The Relief qualifies for these
benefits.
EMPLOYEES COVERED BY BENEFIT TERMS
At December 31, 2015, the following employees were covered by the benefit terms:
Retired members entitled to benefits,
but have not received them 5
Current members:
Fully vested (20 years or more) 5
Partially vested (10 years to 19 years) 6
Nonvested (less than 10 years) 16
Total 32
CONTRIBUTIONS
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
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 through as payment to the Relief.
The City’s contributions to the Relief for the year ended December 31, 2015, were $6,000. The City’s
contributions exceeded the required contribution of $0 as set by state statute. State aid contributions
for the year ended December 31, 2015, were $47,725.
NET PENSION LIABILITY
The City’s net pension liability (asset) was measured as of December 31, 2015, and the total pension
liability used to calculate the net pension liability (asset) was determined by an actuarial valuation as
of December 31, 2014 rolled forward to December 31, 2015.
72
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
ACTUARIAL ASSUMPTIONS
The total pension liability in the December 31, 2015 actuarial valuation was determined using the
following actuarial assumptions, applied to all periods included in the measurement:
Investment rate of return 4.25%
Projected salary increases N/A
Inflation 2.75%
Cost-of-living adjustments None
Age of service retirement 50
Post retirement benefit increase None
Mortality assumptions for pre-retirement, post-retirement and disability are as follows:
Healthy pre-retirement – RP 2000 non-annuitant generational mortality projected with scale AA,
white collar adjustment, male rates set back 2 years, female rates set back 2 years.
Healthy post-retirement – RP 2000 annuitant generational mortality projected with scale AA,
white collar adjustment, without age adjustments.
Disabled – RP 2000 healthy annuitant mortality table, white collar adjustment, set forward eight
years for males and females.
The long-term expected rate of return on pension plan investments was determined using a building-
block method in which best-estimates of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class. These
asset class estimates are combined to produce the portfolio long-term expected rate of return by
weighting the expected future real rates of return by the current asset allocation percentage (or target
allocation, if available) and by adding expected inflation. All results are then rounded to the nearest
quarter percentage point.
The best-estimate of expected future real rates of return were developed by aggregating data from
several published capital market assumption surveys and deriving a single best-estimate based on
the average survey values. These capital market assumptions reflect both historical market
experience as well as diverse views regarding anticipated future returns. The expected inflation
assumption was developed based on an analysis of historical experience blended with forward-
looking expectations available in market data.
73
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Best estimates of geometric real and nominal rates of return for each major asset class included in
the pension plan’s asset allocation as of the measurement date are summarized in the following
table:
Long-Term Expected
Asset Class Real Rate of Return
Domestic equity 5.25%
International equity 5.25%
Fixed income 1.75%
Real estate and alternatives 3.75%
Cash and equivalents 0.25%
Total (weighted ave, rounded to 1/4%) 4.25%
DISCOUNT RATES
The discount rate used to measure the total pension liability was 4.25%. The liability discount rate
was developed using the alternative method described in paragraph 43 of GASB 67, which states
that “if the evaluations required by paragraph 41 can be made with sufficient reliability without a
separate projection of cash flows into and out of the pension plan, alternative methods may be
applied in making the evaluations.” The determination of the discount rate assumed that the plan’s
current overfunded status, combined with Minnesota statutory funding requirements, provide
sufficient reliability that projected plan assets will be adequate to pay future retiree benefits.
Therefore, the plan’s long-term expected return on plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
CHANGES IN THE NET PENSION LIABILITY
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability (Asset)
(a)(b)(a) - (b)
Balance at December 31, 2014 $692,393 $897,780 ($205,387)
Changes for the year:
Service cost 44,095 44,095
Interest 30,759 30,759
Differences between expected and actual experience - -
Contributions - employer 6,000 (6,000)
On behalf contributions - State of MN 48,725 (48,725)
Contributions - employee - -
Net investment income (23,129) 23,129
Benefit payments, including refunds of employee
contributions (25,472) (25,472)
Administrative expense (10,561) 10,561
Other changes - -
Net changes 49,382 (4,437) 53,819
Balance at December 31, 2015 $741,775 $893,343 ($151,568)
Increase (Decrease)
74
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
PENSION LIABILITY (ASSET) SENSITIVITY
The following presents the net pension liability (asset) of the City, calculated using the discount rate
of 4.25 percent, as well as what the net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower (3.25 percent) or 1-percentage-point higher (5.25
percent) than the current rate:
Current
1% Decrease Discount Rate 1% Increase
(3.25%) (4.25%) (5.25%)
Net pension liability (asset) ($128,868) ($151,568) ($173,539)
PENSION PLAN FIDUCIARY NET POSITION
Detailed information about the pension plan’s fiduciary net position is available in the separately
issued Relief Association financial report. That report may be obtained by writing to St. Anthony
Fire Department Relief Association, 3505 Silver Lake Road, St. Anthony, Minnesota, 55418.
PENSION EXPENSE AND DEFERRED OUTFLOWS OF RESOURCES AND DEFERRED
INFLOWS OF RESOURCES RLEATED TO PENSIONS
For the year ended December 31, 2015, the City recognized pension expense of $10,473. The City
also recognized $48,725 for the year ended December 31, 2015, as pension expense (and grant
revenue) for the State of Minnesota’s on-behalf contribution to the plan. At December 31, 2015, the
City reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual economic experience $ - $ -
Changes in actuarial assumptions - -
Difference between projected and
actual investment earnings 49,346 -
Total $49,346 $ -
75
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will
be recognized in pension expense as follows:
Pension
Year Ended Expense
December 31, Amount
2016 $12,336
2017 12,336
2018 12,336
2019 12,338
2020 -
Thereafter -
C. PENSION EXPENSE
Pension expense recognized by the City for the fiscal year ended December 31, 2015 is as follows:
GERF $191,585
PEPFF 536,613
Fire Relief 59,198
Total $787,396
NOTE 8 DEFINED CONTRIBUTION PLAN
All city council members of the City of St. Anthony are covered by the Public Employees Defined Contribution
Plan (PEDCP), a multiple-employer deferred compensation plan administered by 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.
Plan benefits depend solely on amounts contributed to the plan plus investment earnings, less administrative
expenses. Minnesota Statutes, Chapter 353D.03, specifies plan provisions, including the employee and
employer contribution rates for those qualified personnel who elect to participate. An eligible elected official
who decides to participate contributes 5% of salary which is matched by the elected official's employer. For
ambulance service personnel, employer contributions are determined by the employer, and for salaried
employees must be a fixed percentage of salary. Employer contributions for volunteer personnel may be a unit
value for each call or period of alert duty. Employees who are paid for their services may elect to make member
contributions in an amount not to exceed the employer share. 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% of employer contributions and twenty-five
hundredths of 1% (.0025) of the assets in each member's account annually.
76
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Total contributions made by the City during fiscal year 2015 were:
Required
Employer
Employee (Pension Expense) Employee Employer Rate
$1,708 $1,708 5% 5% 5%
Contribution Amount Percentage of Covered Payroll
Note 9 OTHER POST-EMPLOYMENT BENEFITS (OPEB)
A. PLAN DESCRIPTION
In addition to providing the pension benefits described in Note 7, 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 OPEB
plan is administered by the City. The authority to provide these benefits is established in Minnesota
Statutes Sections 471.61 Subd. 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 trust has not been established to account for the plan.
The Plan does not issue a separate report.
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.
77
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Disabled police and firefighters
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, 2015
through December 31, 2015 monthly premiums paid for Police or Firefighters disabled in the line of
duty are:
Employee
Employee Plus Spouse
Aware Plan:
$30 Copay $839 $1,760
$30 Copay 90/10% coinsurance 799 1,676
$500 Deductible - $25 copay 741 1,556
$2500 HDHP/HSA 553 1,161
$4000 HDHP/HSA 506 1,061
Accord Plan:
$30 Copay 807 1,693
$30 Copay 90/10% coinsurance 768 1,610
$500 Deductible - $25 copay 713 1,495
$2500 HDHP/HSA 533 1,116
$4000 HDHP/HSA 486 1,021
C. PARTICIPANTS
As of the actuarial valuation dated January 1, 2014, participants consisted of:
Retirees and beneficiaries currently
purchasing health insurance through the City 3
Disabled police and firefighters 1
Active employees 61
Total 65
Participating employers 1
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.
78
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
E. ANNUAL OPEB COSTS AND NET OPEB OBLIGATION
The City’s annual other post 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 funding excess) over a period not to exceed 30 years. The net OPEB obligation as of
December 31, 2015, was calculated as follows:
Annual required contribution (ARC)$107,192
Interest on net OPEB obligation 22,937
Adjustment to ARC (19,243)
Annual OPEB cost 110,886
Contributions made during the year (19,485)
Increase (decrease) in net OPEB obligation 91,401
Net OPEB obligation - beginning of year 509,707
Net OPEB obligation - end of year $601,108
For the governmental activities, the net OPEB obligation is generally liquidated by the General Fund.
The City had an actuarial valuation performed for the plan as of January 1, 2014 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, 2015. The City’s annual OPEB cost, the percentage of annual
OPEB cost contributed to the plan and the net OPEB obligation for 2013, 2014, and 2015 was as
follows:
Percentage of
Fiscal Year Annual OPEB Employer Annual OPEB Cost Net OPEB
Ended Cost Contributions Contributed Obligation
December 31, 2013 $102,892 $17,962 17% $416,570
December 31, 2014 106,523 13,386 13% 509,707
December 31, 2015 110,886 19,485 18% 601,108
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:
Actuarial Unfunded Actuarial UAAL as a
Actuarial 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, 2014 $ - $869,401 $869,401 0.00% $3,834,128 22.68%
*Using the Projected Unit Credit Actuarial cost method.
79
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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 with 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
information 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
understood by the employer and plan members) and include the types of benefits provided at the time
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
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, 2014
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), an initial
annual health care cost trend rate of 9% reduced by .33% each year to arrive at an ultimate health care
cost trend rate of 5.0% and an inflation rate of 3%. 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 an open basis.
Note 10 INTERFUND RECEIVABLES/PAYABLES, LOANS AND TRANSFERS
Individual fund interfund receivable and payable balances at December 31, 2015 are as follows:
Fund Receivable Payable
Governmental activities:
General Fund $563,938 $ -
Street Improvement Project - 414,064
Business-type activities
Stormwater Utility - 149,874
Total $563,938 $563,938
80
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Interfund payables and receivables are representative of lending/borrowing arrangements to cover deficit cash
balances at the end of the fiscal year.
Fund Receivable Payable Purpose
Major funds:
Water/Sewer/Water Plant $1,009,906 $ -
HRA TIF Improvements - 959,326 Provide financing for pay off of Fannie Mae loan
Nonmajor funds:
Revolving Improvement Fund - 50,580 Provide financing for Arbors Alley Project
-
Total $1,009,906 $1,009,906
Interfund transfers:
Business-type
Major Fund
Street Street Nonmajor Internal
General Improvement HRA TIF Improvement Governmental Service Stormwater
Fund Debt Service Debt Service Project Fund Fund Utility Total
Governmental activities:
General Fund $ - $ - $ - $ - $282,243 $86,300 $ - $368,543
HRA TIF Improvements - - 587,200 - - - - 587,200
Street Improvemet Project - 191,319 - - - - - 191,319
Nonmajor 77,211 37,663 - 100,000 359,010 - 179,701 753,585
Business-type activities:
Liquor 67,849 - - - 181,200 - - 249,049
Water/Sewer/Water Plant 50,000 - - - 135,564 - - 185,564
Total transfers $195,060 $228,982 $587,200 $100,000 $958,017 $86,300 $179,701 $2,335,260
Transfer In
Transfer out
Governmental Activities
Major Funds
All of the 2015 transfers are considered routine and consistent with previous practices.
Note 11 DEFICIT FUND BALANCES/NET POSITION
The City has deficit fund balances/net position at December 31, 2015 as follows:
Fund Amount
Major funds:
Street Improvement Fund $272,435
Nonmajor funds:
Internal Service Fund 5,240,561
These deficits will be eliminated in certain situations by bond proceeds. The Internal Service Fund includes the
state retirement plans and the retirement of pension deficits are dependent upon variables, including
contribution rates, investment earnings, and actuarial assumptions.
81
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Note 12 CONTINGENCIES
A. RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Workers compensation coverage is provided through a pooled self-insurance program through the
League of Minnesota Cities Insurance Trust (LMCIT). The City pays an annual premium to the
LMCIT. The City is subject to supplemental assessments if deemed necessary by the LMCIT. The
LMCIT reinsures through Workers Compensation Reinsurance Association (WCRA) as required by
law. The City has no deductible and a managed care program to assist employees with their
rehabilitation plan. Annual employee hours of service are audited and final premiums are then
determined. The amount of premium adjustment, if any, is considered immaterial and not recorded
until received or paid.
Property, casualty and automobile insurance coverage are provided through a pooled self-insurance
program through the LMCIT. The City pays an annual premium to the LMCIT. The City is subject to
supplemental assessments if deemed necessary by the LMCIT. The LMCIT reinsures through
commercial companies for claims in excess of various amounts. The City retains risk for the
deductible portions. These deductibles are considered immaterial to the financial statements.
The City continues to carry commercial insurance for all other risks of loss, including liquor liability,
employee health and disability insurance.
There were no significant reductions in insurance from the previous year or significant settlements in
excess of insurance coverage for any of the past three fiscal years.
B. 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 insurance; 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. However, in the opinion of management, any such disallowed claims will not have a material
effect on any of the financial statements included herein or on the overall financial position of the City
at December 31, 2015.
82
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
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 two tax increment pay-as-you-go agreements. The agreements are not a general
obligation of the City and are payable solely from available tax increment. Accordingly, these
agreements are not reflected in the financial statements of the City. Details of the pay-as-you-go notes
are as follows:
TIF District #3-5, Landings at Silver Lake Village:
The pay-as-you-go note provides for the payment to the developer for 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 payments will be
completed February 1, 2031.
TIF District #3-5, Phase II Town Homes:
The pay-as-you-go note provides for the payment to the developer for 95% of all tax increment
received in the prior six months. The payment reimburses the developer for streets, utilities, right-
of-way, land acquisition, and other public improvements. Principal and interest payments will be
completed February 1, 2031.
F. ARBITRAGE
The City issued greater than $5 million of bonds in the years 2006, 2007 and 2011 and, therefore; is
required to rebate excess investment income relating to these issues to the federal government. The
City calculates arbitrage rebate every five years as permitted by arbitrage regulations. The extent of
the City’s liability for arbitrage rebates for bond issues not currently requiring five year rebate
calculations is not determinable at this time. However, in the opinion of management, any such
liability would be immaterial.
Note 13 DEFERRED AD VALOREM TAX LEVIES - BONDED DEBT
General obligation bond issues sold by the City are financed by ad valorem 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 stated 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.
83
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
These future scheduled tax levies are not shown as assets in the accompanying financial statements at
December 31, 2015.
Note 14 FUND BALANCE
A. CLASSIFICATIONS
At December 31, 2015, a summary of the governmental fund balance (deficit) classifications are as
follows:
Street
Improvement Street
Debt HRA TIF Improvement HRA TIF
General Fund Service Debt Service Projects Projects Other Funds Total
Nonspendable:
Prepaid items $104,540 $ - $ - $ - $ - $2,157 $106,697
Inventory 2,872 - - - - - 2,872
Total nonspendable 107,412 0 0 0 0 2,157 109,569
Restricted for:
Tax increment - - - - 1,885,568 - 1,885,568
Public safety - - - - - 19,283 19,283
Redevelopment activities - - - - - 12,411 12,411
Debt service - 3,689,111 15,321 - - 870,095 4,574,527
Total restricted 0 3,689,111 15,321 0 1,885,568 901,789 6,491,789
Committed to:
Community center operations/maintenance - - - - - 10,515 10,515
Recycling - - - - - 11,651 11,651
Revolving loan program - - - - - 71,941 71,941
Total committed 0 0 0 0 0 94,107 94,107
Assigned to:
Community center operations/maintenance - - - - - 14,333 14,333
Street improvements/rehabilitiation - - - - - - -
Building improvements - - - - - 1,689 1,689
Public safety - - - - - 11,015 11,015
Parks and recreation - - - - - 172,768 172,768
Other capital improvements - - - - - 378,453 378,453
Total assigned 0 0 0 0 0 578,258 578,258
Unassigned 2,338,600 - - (272,435) (1,713,462) (76,266) 276,437
Total $2,446,012 $3,689,111 $15,321 ($272,435) $172,106 $1,500,045 $7,550,160
B. MINIMUM UNASSIGNED FUND BALANCE POLICY
The City Council has formally adopted a policy regarding the minimum unassigned fund balance for
the General Fund. The most significant revenue source of the General Fund is property taxes. This
revenue source is received in two installments during the year – June and December. As such, it is the
City’s goal to begin each fiscal year with sufficient working capital to fund operations between each
semi-annual receipt of property taxes.
The policy establishes a year-end targeted unassigned fund balance amount for cash-flow timing needs
in the range of 30-35% of the subsequent year’s budgeted operating expenditures (net of expenditures
for police services to other cities). At December 31, 2015, the unassigned fund balance of the General
Fund was 42% of the subsequent year’s budgeted expenditures.
84
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Note 15 CONDUIT DEBT OBLIGATION
From time to time, the City has issued Multi-family Housing Revenue Bonds to provide financial assistance to
private-sector entities for the acquisition and construction of rental housing deemed to be in the public interest.
The bonds are secured by the property financed and are payable solely from payments received on the
underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the
private-sector entity served by the bond issuance. Neither the City, the State, nor any political subdivision
thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as
liabilities in the accompanying financial statements.
As of December 31, 2015, there were seven series of Multi-family Housing Revenue Bonds outstanding. The
aggregate issued amount was $71,685,000, including two 1996 issues totaling $7,200,000, a 2002 issue of
$7,775,000, three 2004 issues of $39,760,000, and one 2013 issue of $16,950,000. The balance outstanding at
December 31, 2015 is unavailable.
Note 16 OPERATING LEASES
The City leases space above its water towers. The space is used for antennas and other equipment necessary to
provide radio communications. Lease terms are as follows:
2015 Annual Lease Initial
Lease Adjustment Expiration Automatic
Lessee Amount Factor Date Renewals
Sprint Spectrum $25,694 4% 2/27/18 4-5 year terms
Clearwire Communications 28,591 4% 7/17/19 4-5 year terms
Verizon Wireless 25,029 3% 8/1/18 4-5 year terms
85
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Future minimum lease payments are as follows:
Sprint Clearwire Verizon
Spectrum Communications Wireless
2016 $26,722 $29,735 $25,780
2017 27,791 30,924 26,553
2018 28,902 32,161 27,350
2019 30,059 33,448 28,170
2020 31,261 34,786 29,016
2021 32,511 36,177 29,886
2022 33,812 37,624 30,783
2023 35,164 39,129 31,706
2024 36,571 40,695 32,657
2025 38,034 42,322 33,637
2026 39,555 44,015 34,646
2027 41,137 45,776 35,685
2028 42,783 47,607 36,756
2029 7,464 49,511 37,859
2030 - 51,491 38,994
2031 - 53,551 40,164
2032 - 55,693 41,369
2033 - 57,921 42,610
2034 - 60,238 43,889
2035 - 62,647 45,205
2036 - 65,153 46,561
2037 - 67,759 27,630
2038 - 70,470 -
2039 - 38,983 -
Total $451,766 $1,127,816 $766,906
86
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Note 17 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 2015 and 2014 is computed as follows:
December 31, December 31,
2015 2014
Market value:
Ramsey County $255,155,300 $244,282,700
Hennepin County 461,515,606 429,940,030
Total market value 716,670,906 674,222,730
Debt limit percentage 3.00% 3.00%
Debt limit 21,500,127 20,226,682
Amount of debt applicable to debt limit:
Total bonded debt 32,610,000 33,705,000
Less nonapplicable debt:
Revenue bonds (water, sewer, storm sewer) (1,215,000) (1,480,000)
State aid street bonds - (60,000)
Tax abatement bonds (1,090,000) (1,225,000)
Improvement bonds (18,010,000) (16,910,000)
Tax increment bonds (7,865,000) (7,920,000)
Cash and investments in applicable debt
service funds (819,672) (2,078,937)
Total amount of debt applicable to debt limit 3,610,328 4,031,063
Legal debt margin $17,889,799 $16,195,619
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. 72 Fair Value Measurement and Application. The provisions of this Statement are effective
for financial statements for periods beginning after June 15, 2015.
Statement No. 73 Accounting and Financial Reporting for Pensions and Related Assets That Are Not
within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67
and 68. The provisions in Statement 73 are effective for fiscal years beginning after June 15, 2015 – except
those provisions that address employers and governmental nonemployer contributing entities for pensions
that are not within the scope of Statement 68, which are effective for fiscal years beginning after June 15,
2016.
Statement No. 74 Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The
provisions in Statement 74 are effective for fiscal years beginning after June 15, 2016.
87
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.
The provisions in Statement 75 are effective for fiscal years beginning after June 15, 2017.
Statement No. 76 The Hierarchy of Generally Accepted Accounting Principles for State and Local
Governments. The provisions in Statement 76 are effective for reporting periods beginning after June 15,
2015.
Statement No. 77 Tax Abatement Disclosures. The provisions of this Statement are effective for reporting
periods beginning after December 31, 2015.
Statement No. 78 Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans.
The provisions of this Statement are effective for reporting periods beginning after December 15, 2015.
Statement No. 79 Certain External Investment Pools and Pool Participants. The provisions of this
Statement are effective for reporting periods beginning after June 15, 2015, except for certain provisions
on portfolio quality, custodial credit risk, and shadow pricing which are effective for reporting periods
beginning after December 15, 2015.
Statement No. 80 Blending Requirements for Certain Component Units. The provisions of this Statement
are effective for reporting periods beginning after June 15, 2016.
Statement No. 81 Irrevocable Split-Interest Agreements. The provisions of this Statement are effective for
reporting periods beginning after December 15, 2016.
The effect these standards may have on future financial statements is not determinable at this time, but it is
expected that Statement No. 75 will have a material impact.
Note 19 CHANGE IN ACCOUNTING PRINCIPLE
For the year ended December 31, 2015, the City implemented GASB Statement No. 68, Accounting and
Financial Reporting for Pensions – an Amendment of GASB Statement No. 27. GASB 68 addresses accounting
and financial reporting for pension plans that are provided to employees of state and local governments. The
standard requires the City to record its share of the net pension liability of defined benefit plans, as well as any
corresponding deferred inflows and outflows of resources. See Note 7 for further information.
88
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
The standard required retroactive implementation which resulted in a restatement of net position as of
December 31, 2014. Certain amounts necessary to fully restate 2014 financial information are not
determinable, therefore, prior year comparative amounts have not been restated. Details of the prior period
adjustment are as follows:
Pension Benefits
Governmental Internal
Activities Service Fund
Net position - January 1, 2015, as previously reported $15,524,257 $ -
Prior period adjustment:
Deferred outflows of resources - pension related 265,222 265,222
Net pension liability (4,813,862) (4,813,862)
Net pension asset 205,387 -
Net position - January 1, 2015, as restated $11,181,004 ($4,548,640)
Note 20 SUBSEQUENT EVENTS
The City issued the $1,455,000 G.O. Improvement Bonds, Series 2016A and the $1,445,000 G.O. Tax
Abatement Bonds, Series 2016B on May 10, 2016 to fund various public improvements within the city.
89
CITY OF ST. ANTHONY, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 2015
Note 21 RECLASSIFICATION
During the year ended 2015, the City reclassified funds in order to better identify City activities. The
reclassification resulted in the combination of previously reported funds into new fund groups that better
represent the City’s goals and mission.
The changes to beginning fund balance due to combining the funds during 2015 are as follows:
Major Funds
Street Street Public HRA
Previously Improvement HRA TIF HRA TIF Improvement Facilities Directed
Prior Presentation Reported Debt Service Debt Service Improvements Project Revenue Bonds Projects
Major Funds:
Street Improvement Debt Service $1,620,435 $1,620,435 $ - $ - $ - $ - $ -
Silver Lake Road Bond 1,470,614 1,470,614 - - - - -
HRA Debt Service 623,126 - 10,388 - - 612,738 -
HRA Projects 122,747 - - 122,747 - - -
2014 Street Improvement Project 30,553 - - - 30,553 - -
2015 Street Improvement Project (130,223) - - - (130,223) - -
2016 Street Improvement Project (68,773) - - - (68,773) - -
Nonmajor Governmental Funds:
2009 Street Improvements Debt Service 384,309 384,309 - - - - -
2010 Street Improvements Debt Service 158,166 158,166 - - - - -
2011 Street Improvements Debt Service 411,736 411,736 - - - - -
2012 Street Improvements Debt Service 333,754 333,754 - - - - -
2013 Street Improvements Debt Service 228,102 228,102 - - - - -
2014 Street Improvements Debt Service 44,046 44,046 - - - - -
HRA Directed Projects Capital Projects - - - 49,841 - - (49,841)
2013 Street Improvement Capital Project 189,115 - - - 189,115 - -
New net position - beginning $4,651,162 $10,388 $172,588 $20,672 $612,738 ($49,841)
Current Presentation
Nonmajor Governmental Funds
90
REQUIRED SUPPLEMENTARY INFORMATION
91
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 1 of 5
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
2015 2014
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Revenues:
General property taxes $3,493,654 $3,478,654 $3,437,635 ($41,019) $3,551,089
Licenses and permits 207,305 207,305 296,465 89,160 351,102
Intergovernmental:
Federal:
Police grants 50,950 50,950 46,457 (4,493) 48,836
State:
Local governement aid 505,415 505,415 505,415 - 442,967
Police aid 191,030 191,030 189,440 (1,590) 181,935
Fire aid 45,672 45,672 47,725 2,053 45,251
Municipal state aid - street maintenance 76,749 76,749 83,997 7,248 76,749
PERA aid 7,197 7,197 7,197 - 7,197
Other - - - - 4,000
County:
Street maintenance 21,325 21,325 25,440 4,115 19,723
Other 8,800 8,800 11,588 2,788 57,674
Local:
School District DARE 14,500 14,500 14,500 - 15,281
Other 500 500 445 (55) -
Total intergovernmental 922,138 922,138 932,204 10,066 899,613
Charges for services:
Police contracts 1,268,772 1,268,772 1,268,772 - 1,234,162
Cable franchise fees 105,000 105,000 108,104 3,104 109,009
Antenna rental - water tower 79,375 79,375 79,322 (53) 74,505
Other 201,160 234,947 206,912 (28,035) 162,985
Total charges for services 1,654,307 1,688,094 1,663,110 (24,984) 1,580,661
Fines and forfeits 114,750 114,750 125,102 10,352 119,035
Contributions and donations 1,500 1,500 3,403 1,903 11,800
Other revenue:
Investment income 7,500 7,500 22,960 15,460 29,840
Refunds and reimbursments 8,750 8,750 31,411 22,661 9,130
Miscellaneous - other 30,950 30,950 44,811 13,861 73,420
Total other revenue 47,200 47,200 99,182 51,982 112,390
Total revenues 6,440,854 6,459,641 6,557,101 97,460 6,625,690
Expenditures:
General government:
Mayor and council:
Current:
Personal services 40,597 40,597 36,562 4,035 37,938
Other services and charges 45,561 39,936 38,261 1,675 42,857
Total mayor and council 86,158 80,533 74,823 5,710 80,795
Budgeted Amounts
92
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 2 of 5
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
2015 2014
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
Public relations/cable:
Current:
Personal services $8,413 $8,413 $7,846 $567 $6,312
Supplies 850 850 - 850 673
Other services and charges 29,146 29,146 29,283 (137) 28,804
Capital outlay 2,500 2,500 - 2,500 -
Total public relations/cable 40,909 40,909 37,129 3,780 35,789
General management:
Current:
Personal services 83,541 83,541 84,023 (482) 80,390
Supplies 1,025 1,025 218 807 526
Other services and charges 45,975 32,925 26,412 6,513 43,521
Total general management 130,541 117,491 110,653 6,838 124,437
Elections:
Current:
Personal services 23,384 13,142 19,713 (6,571) 24,543
Supplies 2,100 2,100 505 1,595 2,256
Other services and charges 4,430 4,430 2,969 1,461 2,944
Total elections 29,914 19,672 23,187 (3,515) 29,743
Finance:
Current:
Personal services 128,565 191,693 186,904 4,789 125,379
Supplies 8,700 8,700 7,964 736 8,867
Other services and charges 135,180 135,180 125,473 9,707 125,922
Total finance 272,445 335,573 320,341 15,232 260,168
Assessing:
Current:
Personal services 3,540 3,540 3,532 8 3,423
Supplies 150 150 166 (16) 166
Other services and charges 49,150 49,150 49,000 150 46,501
Total assessing 52,840 52,840 52,698 142 50,090
Legal:
Current:
Contracted services 110,750 110,750 135,029 (24,279) 162,670
Planning and zoning:
Current:
Personal services 1,100 11,635 10,155 1,480 1,199
Supplies 125 125 344 (219) 696
Other services and charges 53,400 53,400 51,787 1,613 57,425
Total planning and zoning 54,625 65,160 62,286 2,874 59,320
Budgeted Amounts
93
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 3 of 5
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
2015 2014
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
General government: (continued)
General government buildings:
Current:
Other services and charges $65,703 $65,703 $58,283 $7,420 $68,357
Total general government buildings 65,703 65,703 58,283 7,420 68,357
Total general government 843,885 888,631 874,429 14,202 871,369
Public safety:
Civil defense:
Current:
Personal services 60,917 60,917 62,842 (1,925) 58,519
Supplies 460 460 951 (491) 125
Other services and charges 3,850 3,850 2,434 1,416 2,297
Total civil defense 65,227 65,227 66,227 (1,000) 60,941
Police protection:
Current:
Personal services 2,944,872 2,944,872 2,878,831 66,041 2,809,761
Supplies 127,614 127,614 105,476 22,138 118,973
Other services and charges 180,579 180,579 171,143 9,436 156,191
Total police protection 3,253,065 3,253,065 3,155,450 97,615 3,084,925
Fire protection:
Current:
Personal services 876,729 876,729 890,772 (14,043) 864,977
Supplies 46,000 46,000 30,543 15,457 30,193
Other services and charges 59,279 59,279 58,586 693 110,971
Total fire protection 982,008 982,008 979,901 2,107 1,006,141
Protective inspections:
Current:
Personal services 11,893 12,243 11,657 586 11,414
Supplies 175 175 336 (161) 278
Other services and charges 68,725 68,725 111,261 (42,536) 150,544
Total protective inspections 80,793 81,143 123,254 (42,111) 162,236
DARE program:
Current:
Personal services 12,055 12,055 10,425 1,630 11,123
Supplies 2,700 2,700 3,014 (314) 2,782
Total DARE program 14,755 14,755 13,439 1,316 13,905
Budgeted Amounts
94
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 4 of 5
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
2015 2014
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Public safety: (continued)
Animal control:
Current:
Supplies $75 $75 $ - $75 $59
Contracted services 1,800 500 206 294 26
Total animal control 1,875 575 206 369 85
Total public safety 4,397,723 4,396,773 4,338,477 58,296 4,328,233
Public works:
Street maintenance:
Current:
Personal services 396,361 399,011 379,404 19,607 371,650
Supplies 19,300 16,300 14,727 1,573 11,644
Other services and charges 105,791 105,791 110,382 (4,591) 113,331
Total street maintenance 521,452 521,102 504,513 16,589 496,625
Equipment maintenance:
Current:
Personal services 85,035 85,035 82,594 2,441 77,652
Supplies 271,422 271,422 234,273 37,149 243,005
Other services and charges 48,400 43,150 37,935 5,215 47,369
Total equipment maintenance 404,857 399,607 354,802 44,805 368,026
Tree and weed care:
Current:
Personal services 38,502 38,502 37,930 572 35,542
Supplies 9,790 - - - -
Other services and charges 4,630 4,630 3,594 1,036 4,500
Total tree and weed care 52,922 43,132 41,524 1,608 40,042
Total public works 979,231 963,841 900,839 63,002 904,693
Parks and recreation:
Park maintenance:
Current:
Personal services 166,031 163,031 160,315 2,716 156,217
Supplies 7,500 10,500 16,188 (5,688) 7,630
Other services and charges 37,425 37,425 30,524 6,901 32,455
Total park maintenance 210,956 210,956 207,027 3,929 196,302
Recreation:
Current:
Community services 52,176 52,176 52,176 - 52,176
Total parks and recreation 263,132 263,132 259,203 3,929 248,478
Budgeted Amounts
95
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 10
BUDGETARY COMPARISON SCHEDULE - GENERAL FUND Page 5 of 5
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
2015 2014
Actual Variance with Actual
Original Final Amounts Final Budget Amounts
Expenditures: (continued)
Nondepartmental:
Personal services 35,500 35,500 34,133 1,367 36,473
Supplies 500 500 - 500 98
Insurance deductible costs 8,173 8,173 6,006 2,167 22,694
Total nondepartmental 44,173 44,173 40,139 4,034 59,265
Total expenditures 6,528,144 6,556,550 6,413,087 143,463 6,412,038
Revenues over (under) expenditures (87,290) (96,909) 144,014 240,923 213,652
Other financing sources (uses):
Transfers in 264,244 264,244 195,060 (69,184) 264,244
Transfers out (164,950) (164,950) (368,543) (203,593) (150,954)
Total other financing sources (uses) 99,294 99,294 (173,483) (272,777) 113,290
Net change in fund balance $12,004 $2,385 (29,469) ($31,854) 326,942
Fund balance - January 1 2,475,481 2,148,539
Fund balance - December 31 $2,446,012 $2,475,481
Budgeted Amounts
96
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 11
SCHEDULE OF FUNDING PROGRESS
OTHER POST EMPLOYMENT BENEFITS PLAN
For The Year Ended December 31, 2015
(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, 2010 $ - $835,974 0.00% $835,974 $3,543,870 23.59%
January 1, 2012 - 838,935 0.00% 838,935 3,513,322 23.88%
January 1, 2014 - 869,401 0.00% 869,401 3,834,128 22.68%
97
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 12
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY* -
GENERAL EMPLOYEES RETIREMENT FUND
For The Year Ended December 31, 2015
Proportionate Share
Proportionate of the Net Pension Plan Fiduciary
Proportion Share (Amount) Liability as a Net Position as
(Percentage) of of the Net Covered- Percentage of its a Percentage
Measurement Fiscal Year the Net Pension Pension Employee Covered-Employee of the Total
Date Ending Liability Liability (a) Payroll (b) Payroll (a/b) Pension Liability
June 30, 2015 December 31, 2015 0.0343% $1,777,604 $2,012,851 88.3% 78.2%
* The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
98
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 13
SCHEDULE OF PENSION CONTRIBUTIONS* - GENERAL EMPLOYEES RETIREMENT FUND
For The Year Ended December 31, 2015
Statutorily Contributions in Contribution Covered- Contributions as a
Required Relation to the Deficiency Employee Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered-Employee
Ending (a) Contribution (b) (a-b) (c) Payroll (b/c)
December 31, 2015 $161,326 $161,326 $0 $2,151,016 7.5%
* The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
99
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 14
SCHEDULE OF PROPORTIONATE SHARE OF NET PENSION LIABILITY* -
PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The Year Ended December 31, 2015
Proportionate Share
Proportionate of the Net Pension Plan Fiduciary
Proportion Share (Amount) Liability as a Net Position as
(Percentage) of of the Net Covered- Percentage of its a Percentage
Measurement Fiscal Year the Net Pension Pension Employee Covered-Employee of the Total
Date Ending Liability Liability (a) Payroll (b) Payroll (a/b) Pension Liability
June 30, 2015 December 31, 2015 0.2770% $3,147,368 $2,535,887 124.1% 86.6%
* The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
100
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 15
SCHEDULE OF PENSION CONTRIBUTIONS* - PUBLIC EMPLOYEES POLICE AND FIRE FUND
For The Year Ended December 31, 2015
Statutorily Contributions in Contribution Covered- Contributions as a
Required Relation to the Deficiency Employee Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll Covered-Employee
Ending (a) Contribution (b) (a-b) (c) Payroll (b/c)
December 31, 2015 $435,571 $435,571 $0 $2,688,709 16.2%
* The schedule is provided prospectively beginning with the City's fiscal year ended December 31, 2015 and is intended to
show a ten year trend. Additional years will be reported as they become available.
101
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 16
SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY* AND RELATED RATIOS -
ST. ANTHONY FIRE DEPARTMENT RELIEF ASSOCIATION
For The Year Ended December 31, 2015
Fiscal year ending December 31, 2015
Measurement date December 31, 2015
Total pension liability:
Service cost $44,095
Interest 30,759
Changes of benefit terms -
Differences between expected and actual experience -
Changes of assumptions -
Benefit payments, including refunds of employee contributions (25,472)
Net change in total pension liability 49,382
Total pension liability - beginning 692,393
Total pension liability - ending (a)$741,775
Plan fiduciary net position:
Contributions - employer $6,000
Contributions - State of Minnesota 48,725
Contributions - employee -
Net investment income (23,129)
Benefit payments, including refunds of employee contributions (25,472)
Administrative expense (10,561)
Other -
Net change in plan fiduciary net position (4,437)
Plan fiduciary net position - beginning 897,780
Plan fiduciary net position - ending (b) $893,343
Net pension liability (asset) - ending (a) - (b) ($151,568)
Plan fiduciary net position as a percentage of the total pension liability 120.43%
Covered-employee payroll**$ -
Net pension liability as a percentage of covered employee payroll** NA
Pension benefit per year of service $3,300
Number of plan participants 32
*GASB 68 was implemented in 2015. Information prior to 2015 is not available.
**The Relief Association is comprised of volunteers, therefore there are no payroll expenditures.
102
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION Statement 17
SCHEDULE OF CONTRIBUTIONS* - ST. ANTHONY FIRE DEPARTMENT RELIEF ASSOCIATION
For The Year Ended December 31, 2015
Statutorily Contributions in Contribution Covered- Contributions as a
Required Relation to the Deficiency Employee Percentage of
Fiscal Year Contribution Statutorily Required (Excess) Payroll** Covered-Employee
Ending (a) Contribution (b) (a-b) (c) Payroll** (b/c)
December 31, 2015 $22,977 $53,725 ($30,748) $ - NA
*GASB 68 was implemented in 2015. Information prior to 2015 is not available.
**The Relief Association is comprised of volunteers, therefore, there are no payroll expenditures.
(i.e., there are no covered payroll amounts or percentage calculations.)
103
CITY OF ST. ANTHONY, MINNESOTA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO RSI
December 31, 2015
Note A LEGAL COMPLIANCE – 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.
Note B PENSION INFORMATION
PERA – General Employees Retirement Fund
There are no factors that affect trends in the amounts reported, such as change of benefit terms or
assumptions. With only one year reported in the RSI, there is no additional information to include in the
notes. Details can be obtained from the financial reports of PERA.
PERA – Public Employees Police and Fire Fund
There are no factors that affect trends in the amounts reported, such as change of benefit terms or
assumptions. With only one year reported in the RSI, there is no additional information to include in the
notes. Details can be obtained from the financial reports of PERA.
Single Employer – Fire Relief Association
There are no factors that affect trends in the amounts reported, such as change of benefit terms or
assumptions. With only one year reported in the RSI, there is no additional information to include in the
notes. Details can be obtained from the financial reports of the Fire Relief Association.
104
COMBINING AND INDIVIDUAL NONMAJOR FUND FINANCIAL
STATEMENTS AND SCHEDULES
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106
NONMAJOR GOVERNMENTAL FUNDS
107
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108
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
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
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).
109
CITY OF ST. ANTHONY, MINNESOTA
COMBINING BALANCE SHEET Statement 18
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2015
Totals
Special Debt Capital
Nonmajor
Governmental
Funds
Revenue Service Project 2015
Assets
Cash and investments $17,687 $872,735 $595,727 $1,486,149
Due from other governmental units - - 9,841 9,841
Accounts receivable - net - - 17,367 17,367
Prepaid items 2,157 - - 2,157
Property taxes receivable:
Delinquent 1,584 7,564 646 9,794
Special assessments receivable - - 27,245 27,245
Funds held by others 71,941 - - 71,941
Total assets $93,369 $880,299 $650,826 $1,624,494
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $12,724 $76 $19,243 $32,043
Interfund loan payable - - 50,580 50,580
Due to other governmental units 673 2,564 202 3,439
Salaries payable 1,348 - - 1,348
Total liabilities 14,745 2,640 70,025 87,410
Deferred inflows of resources:
Unavailable revenue 1,584 7,564 27,891 37,039
Total deferred inflows of resources 1,584 7,564 27,891 37,039
Fund balance (deficit):
Nonspendable 2,157 - - 2,157
Restricted 31,694 870,095 - 901,789
Committed 94,107 - - 94,107
Assigned 25,348 - 552,910 578,258
Unassigned (76,266) - - (76,266)
Total fund balance (deficit) 77,040 870,095 552,910 1,500,045
Total liabilities, deferred inflows of
resources, and fund balance $93,369 $880,299 $650,826 $1,624,494
110
CITY OF ST. ANTHONY, MINNESOTA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND Statement 19
CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
For The Year Ended December 31, 2015
Totals
Special Debt Capital
Nonmajor
Governmental
Funds
Revenue Service Project 2015
Revenues:
General property taxes $130,313 $524,965 $48,996 $704,274
Intergovernmental 21,327 33,277 626,550 681,154
Special assessments - - 8,126 8,126
Charges for services 132,127 9,619 182,768 324,514
Fines and forfeits 5,721 - - 5,721
Investment income 960 6,280 13,273 20,513
Contributions and donations - - 12,500 12,500
Refunds and reimbursements 2,372 - 23,460 25,832
Other - - 852 852
Total revenues 292,820 574,141 916,525 1,783,486
Expenditures:
Current:
General government 18,793 - 39,308 58,101
Public safety 13,571 - - 13,571
Public works - - 142,712 142,712
Parks and recreation 169,134 - 18,587 187,721
Housing and development 117,902 - - 117,902
Capital outlay:
General government - - 168,176 168,176
Public safety - - 150,645 150,645
Public works - - 67,831 67,831
Debt service:
Principal - 635,000 - 635,000
Interest - 110,504 2,955 113,459
Paying agent fees - 812 - 812
Professional service - 1,219 - 1,219
Construction/acquistion costs - - 620,137 620,137
Total expenditures 319,400 747,535 1,210,351 2,277,286
Revenues over (under) expenditures (26,580) (173,394) (293,826) (493,800)
Other financing sources:
Sale of capital assets - - 25,860 25,860
Transfers in 232,830 - 725,187 958,017
Transfers out (25,000) (5,163) (723,422) (753,585)
Total other financing sources 207,830 (5,163) 27,625 230,292
Net change in fund balance 181,250 (178,557) (266,201) (263,508)
Fund balance (deficit) - January 1 (104,210) 1,048,652 819,111 1,763,553
Fund balance (deficit) - December 31 $77,040 $870,095 $552,910 $1,500,045
111
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112
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 (601) is used to account for the operation and
maintenance of City Hall and Community Services.
Police Forfeiture Fund (230) is used to account for revenue and expenditures
related to the forfeiture of property.
Recycling Fund (225) is used to account for the City’s recycling program. It
incorporates the activities of both Hennepin and Ramsey Counties.
HRA Fund (301) was established to oversee the commercial and residential
redevelopment activities in the community.
Fire Education / Training Fund (240) was established to account for revenues
and expenditures related to training provided to police and fire personnel.
113
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 20
NONMAJOR SPECIAL REVENUE FUNDS
December 31, 2015
Community
Center Fund
Police
Forfeiture
Fund
Recycling
Fund HRA Fund
Fire
Education /
Training
Fund
Totals
Nonmajor
Special
Revenue
2015
Assets
Cash and investments $37,722 $26,147 $11,651 ($61,984) $4,151 $17,687
Prepaid items 914 - 141 1,102 - 2,157
Property taxes receivable:
Delinquent - - - 1,584 - 1,584
Funds held by others - - - 71,941 - 71,941
Total assets $38,636 $26,147 $11,792 $12,643 $4,151 $93,369
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $12,687 $ - $ - $37 $ - $12,724
Due to other governmental units 12 - - 661 - 673
Salaries payable 175 - - 1,173 - 1,348
Total liabilities 12,874 0 0 1,871 0 14,745
Deferred inflows of resources:
Unavailable revenue - - - 1,584 - 1,584
Total deferred inflows of resources 0 0 0 1,584 0 1,584
Fund balance (deficit):
Nonspendable 914 - 141 1,102 - 2,157
Restricted - 18,084 - 12,411 1,199 31,694
Committed 10,515 - 11,651 71,941 - 94,107
Assigned 14,333 8,063 - - 2,952 25,348
Unassigned - - - (76,266) - (76,266)
Total fund balance (deficit) 25,762 26,147 11,792 9,188 4,151 77,040
Total liabilities, deferred inflows of
resources, and fund balance $38,636 $26,147 $11,792 $12,643 $4,151 $93,369
114
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 21
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR SPECIAL REVENUE FUNDS
For The Year Ended December 31, 2015
Community
Center Fund
Police
Forfeiture
Fund
Recycling
Fund HRA Fund
Fire
Education /
Training
Fund
Nonmajor
Special
Revenue
Funds
2015
Revenues:
General property taxes $ - $ - $ - $130,313 $ - $130,313
Intergovernmental:
Local - other - - 21,327 - - 21,327
Charges for services:
Administrative fees - - 3,465 - 3,662 7,127
Rental receipts 125,000 - - - - 125,000
Fines and Forfeits - 5,721 - - - 5,721
Investment income 430 362 125 - 43 960
Refunds and reimbursements - - - 2,372 - 2,372
Total revenues 125,430 6,083 24,917 132,685 3,705 292,820
Expenditures:
Current:
General government - - 18,793 - - 18,793
Public safety - 11,108 - - 2,463 13,571
Parks and recreation 169,134 - - - 169,134
Housing and development - - - 117,902 - 117,902
Total expenditures 169,134 11,108 18,793 117,902 2,463 319,400
Revenues over (under) expenditures (43,704) (5,025) 6,124 14,783 1,242 (26,580)
Other financing sources (uses):
Transfers in 78,650 - - 154,180 - 232,830
Transfers out (25,000) - - - - (25,000)
Total other financing sources (uses) 53,650 0 0 154,180 0 207,830
Net change in fund balance 9,946 (5,025) 6,124 168,963 1,242 181,250
Fund balance (deficit) - January 1 15,816 31,172 5,668 (159,775) 2,909 (104,210)
Fund balance (deficit) - December 31 $25,762 $26,147 $11,792 $9,188 $4,151 $77,040
115
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116
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 nonmajor Debt Service Funds during the year.
Storm Water Fund (703) was established to account for the debt service
associated with Flood Protection and infrastructure improvements. (Closed in
2015)
State Aid Street Fund (207) 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. (Closed in 2015)
Public Facilities Revenue Bonds (311) accounts for debt service for the public
works building and fire station.
Tax Abatement Fund (502) was established to account for debt service payments
associated with the improvements to City parks.
117
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 22
NONMAJOR DEBT SERVICE FUNDS
December 31, 2015
Storm Water
Fund
State Aid
Street Fund
Public
Facilities
Revenue
Bonds
Tax Abatement
Fund
Totals
Nonmajor
Debt Service
Funds
2015
Assets
Cash and investments $ - $ - $636,553 $236,182 $872,735
Property taxes receivable:
Delinquent - - 5,430 2,134 7,564
Total assets $0 $0 $641,983 $238,316 $880,299
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $ - $ - $ - $76 $76
Due to other governments - - 1,849 715 2,564
Total liabilities 0 0 1,849 791 2,640
Deferred inflows of resources:
Unavailable revenue - - 5,430 2,134 7,564
Total deferred inflows of resources 0 0 5,430 2,134 7,564
Fund balance:
Restricted - - 634,704 235,391 870,095
Total liabilities, deferred inflows of
resources, and fund balance $0 $0 $641,983 $238,316 $880,299
118
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 23
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR DEBT SERVICE FUNDS
For The Year Ended December 31, 2015
Storm Water
Fund
State Aid Street
Fund
Public Facilities
Revenue Bonds
Tax Abatement
Fund
Totals Nonmajor
Debt Service
Funds
2015
Revenues:
General property taxes $ - $ - $374,965 $150,000 $524,965
Intergovernmental:
Local:
ISD - tax abatement - - - 33,277 33,277
Charges for services 9,619 - - - 9,619
Investment income - 58 4,764 1,458 6,280
Total revenues 9,619 58 379,729 184,735 574,141
Expenditures:
Debt service:
Principal 150,000 60,000 290,000 135,000 635,000
Interest 2,250 900 67,540 39,814 110,504
Paying agent fees 137 101 223 351 812
Professional service - - - 1,219 1,219
Total expenditures 152,387 61,001 357,763 176,384 747,535
Revenues over (under) expenditures (142,768)(60,943)21,966 8,351 (173,394)
Other financing sources:
Transfers in - - - - -
Transfers out - (5,163) - - (5,163)
Total other financing sources (uses)0 (5,163)0 0 (5,163)
Net change in fund balance (142,768)(66,106)21,966 8,351 (178,557)
Fund balance - January 1 142,768 66,106 612,738 227,040 1,048,652
Fund balance - December 31 $0 $0 $634,704 $235,391 $870,095
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120
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 (509) was established to provide funding for
smaller improvement projects.
Park Improvement Fund (501) accounts for the revenues and expenditures
associated with the renovations and refurbishing of the City’s park system.
Silver Lake Village Park Fund (350) was established to account for the
construction and improvements to 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) (closed in 2015).
Capital Equipment Fund (401) is used by all City Departments and accounts for
the annual purchases of capital equipment.
Building Improvement Fund (510) was established to provide funding for existing
City owned building improvements and renovations.
HRA Directed Projects (319) was established to account for the construction and
redevelopment costs within the City (closed in 2015).
Storm Water Improvement Fund (702) was established to account for the
construction costs associated with the 100-Year Flood Protection Project and
related flooding issues (closed in 2015).
121
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING BALANCE SHEET Statement 24
NONMAJOR CAPITAL PROJECT FUNDS
December 31, 2015
Revolving
Improvement
Park
Improvement
Silver Lake
Village Park
Capital
Equipment
Fund
Building
Improvement
Fund
HRA Directed
Projects
Storm Water
Improvement
Totals
Nonmajor
Capital Project
Funds
2015
Assets
Cash and investments $242,207 $172,768 $ - $177,135 $3,617 $ - $ - $595,727
Due from other governmental units 9,841 - - - - - - 9,841
Accounts receivable 17,367 - - - - - - 17,367
Property taxes receivable:
Delinquent - - - 646 - - - 646
Special assessment receivable 27,245 - - - - - - 27,245
Total assets $296,660 $172,768 $0 $177,781 $3,617 $0 $0 $650,826
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $17,315 $ - $ - $ - $1,928 $ - $ - $19,243
Interfund loan payable 50,580 - - - - - - 50,580
Due to other governments - - - 202 - - - 202
Total liabilities 67,895 0 0 202 1,928 0 0 70,025
Deferred inflows of resources:
Unavailable revenue 27,245 - - 646 - - - 27,891
Total deferred inflows of resources 27,245 0 0 646 0 0 0 27,891
Fund balance (deficit):
Assigned 201,520 172,768 - 176,933 1,689 - - 552,910
Total fund balance (deficit)201,520 172,768 0 176,933 1,689 0 0 552,910
Total liabilities, deferred inflows
of resources, and fund balance $296,660 $172,768 $0 $177,781 $3,617 $0 $0 $650,826
122
CITY OF ST. ANTHONY, MINNESOTA
SUBCOMBINING STATEMENT OF REVENUES,Statement 25
EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR CAPITAL PROJECT FUNDS
For The Year Ended December 31, 2015
Revolving
Improvement
Park
Improvement
Silver Lake
Village Park
Capital
Equipment
Fund
Building
Improvement
Fund
HRA Directed
Projects
Storm Water
Improvement
Totals
Nonmajor
Capital Project
Funds
2015
Revenues:
General property taxes $ - $ - $ - $48,996 $ - $ - $ - $48,996
Intergovernmental:
Other - local participation - - - - - - 626,550 626,550
Special assessments 8,126 - - - - - - 8,126
Charges for services:
Service charges - 1,500 - - - - 181,268 182,768
Investment income 7,945 2,213 - 1,611 352 - 1,152 13,273
Contributions and donations - - - 12,500 - - - 12,500
Refunds and reimbursements 23,460 - - - - - - 23,460
Other - - - 424 - 428 - 852
Total revenues 39,531 3,713 0 63,531 352 428 808,970 916,525
Expenditures:
General government:
Materials and supplies - - - 39,308 - - - 39,308
Capital outlay - - - 36,682 131,494 - - 168,176
Public safety:
Capital outlay - - - 150,645 - - - 150,645
Public works:
Materials and supplies - - - - 1,928 - 31,158 33,086
Contractual services 79,487 - - - - - 30,139 109,626
Capital outlay - - - 67,831 - - - 67,831
Parks and recreation:
Materials and supplies - 18,587 - - - - - 18,587
Debt service:
Interest 2,955 - - - - - - 2,955
Construction/acquistion costs - - 519 - - - 619,618 620,137
Total expenditures 82,442 18,587 519 294,466 133,422 0 680,915 1,210,351
Revenues over (under) expenditures (42,911) (14,874)(519) (230,935) (133,070)428 128,055 (293,826)
Other financing sources:
Transfers in - - 172,069 263,200 168,564 121,354 - 725,187
Transfers out (446,780) - - - - (71,941) (204,701) (723,422)
Sale of capital assets - - - 25,860 - - - 25,860
Total other financing sources (446,780)0 172,069 289,060 168,564 49,413 (204,701) 27,625
Net change in fund balance (489,691) (14,874) 171,550 58,125 35,494 49,841 (76,646) (266,201)
Fund balance (deficit) - January 1 691,211 187,642 (171,550) 118,808 (33,805) (49,841) 76,646 819,111
Fund balance (deficit) - December 31 $201,520 $172,768 $0 $176,933 $1,689 $0 $0 $552,910
123
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 601 COMMUNITY CENTER FUND Statement 26
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2015
With Comparative Actual Amounts For The Year Ended December 31, 2014
2014
Original Final Actual Actual
Revenues:
Charges for services:
Rental receipts $125,000 $125,000 $125,000 $125,000
Investment income - - 430 439
Other - - - 6,980
Total revenues 125,000 125,000 125,430 132,419
Expenditures:
Parks and recreation:
Current:
Personal services 15,242 15,242 14,281 14,124
Supplies 2,700 2,700 3,489 2,151
Contractual services 160,874 160,874 151,364 176,541
Total expenditures 178,816 178,816 169,134 192,816
Revenues over (under) expenditures (53,816) (53,816) (43,704) (60,397)
Other financing sources:
Transfer in 78,650 78,650 78,650 64,654
Transfer out (25,000) (25,000) (25,000) (25,000)
Total other financing sources (uses) 53,650 53,650 53,650 39,654
Net change in fund balance ($166) ($166) 9,946 (20,743)
Fund balance - January 1 15,816 36,559
Fund balance - December 31 $25,762 $15,816
2015
Budgeted Amounts
124
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 230 POLICE FORFEITURE FUND Statement 27
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2015
With Comparative Actual Amounts For The Year Ended December 31, 2014
2014
Original Final Actual Actual
Revenues:
Forfeiture and confiscation $6,500 $6,500 $5,721 $7,549
Investment income - - 362 488
Total revenues 6,500 6,500 6,083 8,037
Expenditures:
Public safety:
Current:
Personal services 1,500 1,500 1,085 1,984
Supplies 3,500 3,500 10,023 3,622
Other services and charges 1,500 1,500 - -
Total expenditures 6,500 6,500 11,108 5,606
Revenues over (under) expenditures $0 $0 (5,025) 2,431
Fund balance - January 1 31,172 28,741
Fund balance - December 31 $26,147 $31,172
2015
Budgeted Amounts
125
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 225 RECYCLING FUND Statement 28
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2015
With Comparative Actual Amounts For The Year Ended December 31, 2014
2014
Original Final Actual Actual
Revenues:
Intergovernmental:
Hennepin County recycling grant $17,400 $17,400 $21,327 $17,383
Charges for services - - 3,465 -
Investment income - - 125 76
Total revenues 17,400 17,400 24,917 17,459
Expenditures:
General government:
Current:
Personal services - 4,568 7,754 -
Other services and charges 15,660 11,900 11,039 -
Total expenditures 15,660 16,468 18,793 0
Revenues over (under) expenditures 1,740 932 6,124 17,459
Other financing sources:
Transfer out - - - (15,645)
Total other financing sources - - - (15,645)
Net change in fund balance $1,740 $932 6,124 1,814
Fund balance (deficit) - January 1 5,668 3,854
Fund balance (deficit) - December 31 $11,792 $5,668
2015
Budgeted Amounts
126
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 301 HRA FUND Statement 29
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2015
With Comparative Actual Amounts For The Year Ended December 31, 2014
2014
Original Final Actual Actual
Revenues:
General property taxes $130,126 $130,126 $130,313 $153,194
Investment income 2,500 - - -
Refunds and reimbursements 15,000 15,000 2,372 -
Total revenues 147,626 145,126 132,685 153,194
Expenditures:
Housing and redevelopment:
Current:
Personal services 93,412 93,412 99,041 88,861
Contractual services 54,150 54,150 18,861 54,292
Total expenditures 147,562 147,562 117,902 143,153
Revenues over (under) expenditures 64 (2,436) 14,783 10,041
Other financing sources:
Transfer in - - 154,180 -
Total other financing sources - - 154,180 -
Net change in fund balance $64 ($2,436) 168,963 10,041
Fund balance (deficit) - January 1 (159,775) (169,816)
Fund balance (deficit) - December 31 $9,188 ($159,775)
2015
Budgeted Amounts
127
CITY OF ST. ANTHONY, MINNESOTA
SPECIAL REVENUE FUND - 240 FIRE EDUCATION / TRAINING FUND Statement 30
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 2015
With Comparative Actual Amounts For The Year Ended December 31, 2014
2014
Original Final Actual Actual
Revenues:
Charges for services $3,000 $3,000 $3,662 $3,385
Investment income - - 43 61
Total revenues 3,000 3,000 3,705 3,446
Expenditures:
Public safety:
Current:
Personal services 1,627 1,627 1,420 1,340
Materials and supplies 650 650 1,043 2,380
Total expenditures 2,277 2,277 2,463 3,720
Revenues over (under) expenditures $723 $723 1,242 (274)
Fund balance - January 1 2,909 3,183
Fund balance - December 31 $4,151 $2,909
2015
Budgeted Amounts
128
CITY OF ST. ANTHONY, MINNESOTA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES Statement 31
AGENCY FUND
For The Year Ended December 31, 2015
Balance Balance
January 1, December 31,
2015 Additions Deletions 2015
Developer Deposits
Assets:
Cash and investments ($1,090) $1,090 ($4,122) ($4,122)
Accounts receivable - net 1,090 4,122 (1,090) 4,122
Total assets $ - $5,212 ($5,212) $ -
Liabilities:
Deposits payable $ - $ - $ - $ -
129
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130
SUPPLEMENTARY FINANCIAL INFORMATION
131
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET
STREET IMPROVEMENT DEBT SERVICE FUND
December 31, 2015
Prior to 2008 Street
Improvement
Bonds Fund
2008 Street
Improvement Bond
Fund
2009 Street
Improvement Bond
Fund
Assets
Cash and investments $1,562,050 $183,119 $363,721
Property taxes receivable:
Delinquent 11,984 2,347 2,624
Due from county 744 - 190
Special assessments receivable 510,956 - 133,767
Total assets $2,085,734 $185,466 $500,302
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $324 $450 $ -
Due to other governmental units 2,982 891 720
Total liabilities 3,306 1,341 720
Deferred inflows of resources:
Unavailable revenue 522,941 2,347 135,763
Total deferred inflows of resources 522,941 2,347 135,763
Fund balance (deficit):
Restricted 1,559,487 181,778 363,819
Total fund balance (deficit) 1,559,487 181,778 363,819
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $2,085,734 $185,466 $500,302
132
Exhibit 1
2010 Street
Improvement Bond
Fund
2011 Street
Improvement Bond
Fund
2012 Street
Improvement Bond
Fund
2013 Street
Improvement Bond
Fund
2014 Street
Improvement Bond
Fund
2015 Street
Improvement Bond
Fund
Street Improvement
Debt Service Funds
2015
$153,497 $422,716 $332,792 $437,990 $176,498 $60,803 $3,693,186
1,546 1,982 1,822 1,226 856 - 24,387
- - 1,112 - 253 - 2,299
38,147 113,731 303,650 152,143 230,809 354,868 1,838,071
$193,190 $538,429 $639,376 $591,359 $408,416 $415,671 $5,557,943
$ - $ - $ - $ - $ - $ - $774
494 645 123 271 101 - 6,227
494 645 123 271 101 0 7,001
39,693 115,713 305,472 153,369 231,665 354,868 1,861,831
39,693 115,713 305,472 153,369 231,665 354,868 1,861,831
153,003 422,071 333,781 437,719 176,650 60,803 3,689,111
153,003 422,071 333,781 437,719 176,650 60,803 3,689,111
$193,190 $538,429 $639,376 $591,359 $408,416 $415,671 $5,557,943
133
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
STREET IMPROVEMENT DEBT SERVICE FUND
For The Year Ended December 31, 2015
Prior to 2008 Street
Improvement
Bonds Fund
2008 Street
Improvement Bond
Fund
2009 Street
Improvement Bond
Fund
Revenues:
General property taxes $777,584 $141,488 $182,502
Special assessments 148,461 - 18,861
Investment income 11,400 1,045 2,933
Total revenues 937,445 142,533 204,296
Expenditures:
Debt service:
Principal 890,000 1,390,000 155,000
Interest 113,749 57,714 69,343
Paying agent fees 2,004 1,485 204
Professional service 5,276 7,170 239
Issuance costs 27 - -
Total expenditures 1,011,056 1,456,369 224,786
Revenues over (under) expenditures (73,611) (1,313,836) (20,490)
Other financing sources (uses):
Bonds issued - - -
Transfers in 12,663 25,000 -
Total other financing sources (uses) 12,663 25,000 0
Net change in fund balance (60,948) (1,288,836) (20,490)
Fund balance (deficit) - January 1 1,620,435 1,470,614 384,309
Fund balance (deficit) - December 31 $1,559,487 $181,778 $363,819
134
Exhibit 2
2010 Street
Improvement Bond
Fund
2011 Street
Improvement Bond
Fund
2012 Street
Improvement Bond
Fund
2013 Street
Improvement Bond
Fund
2014 Street
Improvement Bond
Fund
2015 Street
Improvement Bond
Fund
Street
Improvement Debt
Service Funds
$106,043 $139,487 $136,421 $116,672 $154,964 $ - $1,755,161
4,361 35,370 36,338 43,882 48,639 16,441 352,353
1,048 3,859 2,730 1,953 678 380 26,026
111,452 178,716 175,489 162,507 204,281 16,821 2,133,540
80,000 110,000 130,000 115,000 - - 2,870,000
34,293 57,950 45,213 28,304 70,820 - 477,386
400 210 87 550 - - 4,940
1,922 221 162 355 407 - 15,752
- - - - 450 - 477
116,615 168,381 175,462 144,209 71,677 0 3,368,555
(5,163) 10,335 27 18,298 132,604 16,821 (1,235,015)
- - - - - 43,982 43,982
- - - 191,319 - - 228,982
0 0 0 191,319 0 43,982 272,964
(5,163) 10,335 27 209,617 132,604 60,803 (962,051)
158,166 411,736 333,754 228,102 44,046 - 4,651,162
$153,003 $422,071 $333,781 $437,719 $176,650 $60,803 $3,689,111
135
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 3
HRA TIF DEBT SERVICE FUND
December 31, 2015
2015B G.O Tax
Increment Refunding
Bonds
2014B G.O Tax
Increment Refunding
Bonds
HRA TIF Debt
Service Fund Totals
2015
Assets
Cash and investments $3,739 $8,910 $12,649
Accounts receivable 4,097 - 4,097
Total assets $7,836 $8,910 $16,746
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $975 $450 $1,425
Total liabilities 975 450 1,425
Fund balance:
Restricted 6,861 8,460 15,321
Total liabilities, deferred inflows of
resources, and fund balance $7,836 $8,910 $16,746
136
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 4
IN FUND BALANCE
HRA TIF DEBT SERVICE FUND
For The Year Ended December 31, 2015
2015B G.O Tax
Increment
Refunding Bonds
2014B G.O Tax
Increment
Refunding Bonds
HRA TIF Debt
Service Fund Totals
2015
Revenues:
Investment income $63 $ - $63
Total revenues 63 0 63
Expenditures:
Debt service:
Principal 135,000 110,000 245,000
Interest and other 234,175 102,093 336,268
Paying agent fees 3,442 1,192 4,634
Bond issuance costs 84,152 - 84,152
Total expenditures 456,769 213,285 670,054
Revenues over (under) expenditures (456,706) (213,285) (669,991)
Other financing sources (uses):
Refunding bonds issued 4,310,000 - 4,310,000
Premium on debt issued 110,659 - 110,659
Payment to refunded bond escrow agent (4,332,935) - (4,332,935)
Transfers in 373,200 214,000 587,200
Total other financing sources (uses) 460,924 214,000 674,924
Net change in fund balance 4,218 715 4,933
Fund balance - January 1 2,643 7,745 10,388
Fund balance - December 31 $6,861 $8,460 $15,321
137
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 5
HRA TIF IMPROVEMENTS FUND
December 31, 2015
Chandler
Place
Apache
(Wal-Mart)
Apache
(Cub Foods)Eliminations
HRA TIF
Improvements
Total
2015
Assets
Cash and investments $51,752 $843,569 $465,030 $ - $1,360,351
Interfund loan receivable 646,850 - 722,566 (1,369,416) -
Property taxes receivable:
Delinquent - 69,656 - - 69,656
Due from county - 4,138 - - 4,138
Total assets $698,602 $917,363 $1,187,596 ($1,369,416) $1,434,145
Liabilities, Deferred Inflows of
Resources, and Fund Balance
Liabilities:
Accounts payable $ - $232,427 $630 $ - $233,057
Interfund loans payable - 2,328,742 - (1,369,416) 959,326
Total liabilities 0 2,561,169 630 (1,369,416) 1,192,383
Deferred inflows of resources:
Unavailable revenue - 69,656 - - 69,656
Total deferred inflows of resources 0 69,656 0 0 69,656
Fund balance (deficit):
Restricted 698,602 - 1,186,966 - 1,885,568
Unassigned - (1,713,462) - - (1,713,462)
Total fund balance (deficit) 698,602 (1,713,462) 1,186,966 0 172,106
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $698,602 $917,363 $1,187,596 ($1,369,416) $1,434,145
Tax Increment Financing Districts
138
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES Exhibit 6
IN FUND BALANCE
HRA TIF IMPROVEMENTS FUND
For The Year Ended December 31, 2015
Chandler Place
Apache
(Wal-Mart)
Apache (Cub
Foods)
HRA TIF
Improvements
Totals
2015
Revenues:
Tax increment collections $ - $1,174,889 ($68,307) $1,106,582
Investment income 26,218 4,896 35,008 66,122
Total revenues 26,218 1,179,785 (33,299) 1,172,704
Expenditures:
General government:
Other - 15,559 - 15,559
Housing and redevelopment 381 - 1,011 1,392
Debt service:
Interest - 93,149 - 93,149
Developer incentives - 475,886 - 475,886
Total expenditures 381 584,594 1,011 585,986
Revenues over (under) expenditures 25,837 595,191 (34,310) 586,718
Other financing sources (uses):
Transfers out - (587,200) - (587,200)
Net change in fund balance 25,837 7,991 (34,310) (482)
Fund balance - January 1 672,765 (1,721,453) 1,221,276 172,588
Fund balance (deficit) - December 31 $698,602 ($1,713,462) $1,186,966 $172,106
Tax Increment Financing Districts
139
CITY OF ST. ANTHONY, MINNESOTA
BALANCE SHEET Exhibit 7
STREET IMPROVEMENT PROJECT FUND
December 31, 2015
2013 Street
Improvement
Fund
2014 Street
Improvement
Fund
2015 Street
Improvement
Fund
2016 Street
Improvement
Fund
Total Street
Improvement
Project Fund
Assets
Cash and investments $ - $25,898 $341,299 $ - $367,197
Due from other governmental units - 25,000 49,796 70,007 144,803
Total assets $0 $50,898 $391,095 $70,007 $512,000
Liabilities, Deferred Inflows of Resources, and Fund Balance
Liabilities:
Accounts payable $ - $917 $9,584 $206,305 $216,806
Contracts payable - 47,529 106,036 - 153,565
Interfund payable - - - 414,064 414,064
Total liabilities 0 48,446 115,620 620,369 784,435
Fund balance (deficit):
Assigned - 2,452 275,475 (277,927) -
Unassigned - - - (272,435) (272,435)
Total fund balance (deficit) 0 2,452 275,475 (550,362) (272,435)
Total liabilities, deferred inflows of
resources, and fund balance (deficit) $0 $50,898 $391,095 $70,007 $512,000
140
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENDITURES AND Exhibit 8
CHANGES IN FUND BALANCE
STREET IMPROVEMENT PROJECT FUND
For The Year Ended December 31, 2015
2013 Street
Improvement
Fund
2014 Street
Improvement
Fund
2015 Street
Improvement
Fund
2016 Street
Improvement
Fund
Total Street
Improvement
Project Fund
Revenues:
Intergovernmental $ - $ - $31,123 $ - $31,123
Special assessments - 11,452 250,000 - 261,452
Investment income 2,204 340 7,219 - 9,763
Refunds and reimbursement - - - 70,007 70,007
Total revenues 2,204 11,792 288,342 70,007 372,345
Expenditures:
Debt service:
Issuance costs - - 58,053 - 58,053
Construction/acquisition costs - 139,893 2,438,643 551,596 3,130,132
Total expenditures 0 139,893 2,496,696 551,596 3,188,185
Revenues over (under) expenditures 2,204 (128,101) (2,208,354) (481,589) (2,815,840)
Other financing sources (uses):
Bonds issued - - 2,536,018 - 2,536,018
Premium on debt issued - - 78,034 - 78,034
Transfers in - 100,000 - - 100,000
Transfers out (191,319) - - - (191,319)
Total other financing sources (uses) (191,319) 100,000 2,614,052 0 2,522,733
Net change in fund balance (189,115) (28,101) 405,698 (481,589) (293,107)
Fund balance (deficit) - January 1 189,115 30,553 (130,223) (68,773) 20,672
Fund balance (deficit) - December 31 $0 $2,452 $275,475 ($550,362) ($272,435)
141
CITY OF ST. ANTHONY, MINNESOTA
SCHEDULE OF REVENUES, EXPENSES AND CHANGES Exhibit 9
IN FUND NET POSITION
WATER AND SEWER ENTERPRISE FUND
For The Year Ended December 31, 2015
With Comparative Totals For The Year Ended December 31, 2014
704 Water Filtration
701 Water and Purification 701 Sewer 2015 2014
Operating revenues:
Charges for services $897,232 $ - $947,618 $1,844,850 $1,789,849
Connection charges 3,180 - 5,950 9,130 10,400
Total operating revenues 900,412 0 953,568 1,853,980 1,800,249
Operating expenses:
Personal services 413,080 76,595 295,468 785,143 738,151
Supplies 14,567 37,081 13,414 65,062 80,317
Contracted services and other 75,856 48,429 32,662 156,947 195,017
Treatment charges (MCES) - - 593,381 593,381 620,470
Other 116,197 23,009 29,508 168,714 208,478
Depreciation 234,823 - 73,536 308,359 288,955
Total operating expenses 854,523 185,114 1,037,969 2,077,606 2,131,388
Operating income (loss) $45,889 ($185,114) ($84,401) (223,626) (331,139)
Nonoperating revenues (expenses):
Investment income 82,393 105,631
Interest expense (19,984) (22,275)
Fees and cost of issuance (742) (683)
Refunds and reimbursements 45,655 -
Miscellaneous income 16,391 3,182
Total nonoperating revenues (expenses) 123,713 85,855
Income (loss) before capital
contributions and transfers (99,913) (245,284)
Capital contributions and transfers:
Capital contributions 677,200 490,656
Transfers in - 15,645
Transfers out (185,564) (100,000)
Change in net position 391,723 161,017
Net position - January 1 9,493,190 9,332,173
Net position - December 31 $9,884,913 $9,493,190
Operations
Totals
142
III. STATISTICAL SECTION (UNAUDITED)
This part of the City of St. Anthony, Minnesota’s Comprehensive Annual Financial
Report presents detailed information as a context for understanding what the information
in the financial statements, note disclosures and required supplementary information says
about the City of St. Anthony, Minnesota’s overall financial health.
Contents Page
Financial Trends
These tables contain trend information to help the reader understand how
the City’s financial performance and well-being have changed over time.
144-149
Revenue Capacity
These tables contain information to help the reader assess the City’s most
significant local revenue source, the property tax.
150-153
Debt Capacity
These tables present information to help the reader assess the affordability
of the City’s current levels of outstanding debt and the City’s ability to issue
additional debt in the future.
154-163
Demographic and Economic Information
These tables offer demographic and economic indicators to help the reader
understand the enviornment within which the City’s financial activities take
place.
164-165
Operating Information
These tables contain service and infrastructure data to help the reader
understand how the information in the City’s financial report relates to the
services the City provides and the activities it performs.
166-168
Sources: Unless otherwise noted, the information in these tables is derived from the
comprehensive financial reports for the relevant year.
143
CITY OF ST. ANTHONY, MINNESOTA
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(Accrual Basis of Accounting)
2006 2007 2008 2009
Governmental activities:
Net invested in capital assets $9,108,004 $12,640,902 $13,372,903 $12,367,934
Restricted for:
Debt service 6,541,771 3,228,881 2,327,517 6,782,289
Redevelopment activity - - - -
Public safety 42,994 53,908 63,701 60,985
Unrestricted 2,287,779 (383,292) 90,615 (3,478,013)
Total governmental
activities net position $17,980,548 $15,540,399 $15,854,736 $15,733,195
Business-type activities:
Net invested in capital assets $1,822,792 $2,703,188 $4,745,674 $5,017,685
Restricted for:
Debt service 120,000 120,000 120,000 120,000
Unrestricted 1,973,533 1,183,416 1,042,856 730,653
Total business-type
activities net position $3,916,325 $4,006,604 $5,908,530 $5,868,338
Primary government:
Net invested in capital assets $10,930,796 $15,344,090 $18,118,577 $17,385,619
Restricted for:
Debt service 6,661,771 3,348,881 2,447,517 6,902,289
Redevelopment activity - - - -
Public safety 42,994 53,908 63,701 60,985
Unrestricted 4,261,312 800,124 1,133,471 (2,747,360)
Total primary government
net position $21,896,873 $19,547,003 $21,763,266 $21,601,533
Note: GASB 65 was implemented in 2013. Net position was restated for 2012 to reflect the expensing of bond issuance
costs in the year of issuance.
Net position for years prior to 2012 was not restated.
Note: GASB 68 was implemented in 2015. Net position was restated for 2014 to reflect the reporting of net pension liability
and pension related deferred outflows of resources. Net position for years prior to 2014 was not restated.
Note: The City closed the Stormwater Improvement Capital Project Fund during 2015 and transferred the majority
of the net position to the Stormwater Utility Fund.
Fiscal Year
144
Table 1
2010 2011 2012 2013 2014 2015
$14,098,233 $15,334,754 $15,182,974 $16,217,013 $14,953,582 $10,604,121
4,372,871 4,263,706 4,741,115 3,347,895 5,717,140 6,147,172
- - - - - 12,411
34,320 16,281 21,521 21,528 23,471 19,283
(1,339,821) (6,358,682) (5,566,910) (5,239,277) (9,513,189) (10,391,885)
$17,165,603 $13,256,059 $14,378,700 $14,347,159 $11,181,004 $6,391,102
$4,915,905 $4,767,233 $4,523,383 $5,605,845 $6,036,192 $12,143,158
120,000 - - - - -
615,994 5,642,649 5,814,241 5,965,067 5,570,360 5,649,685
$5,651,899 $10,409,882 $10,337,624 $11,570,912 $11,606,552 $17,792,843
$19,014,138 $20,101,987 $19,706,357 $21,822,858 $20,989,774 $22,747,279
4,492,871 4,263,706 4,741,115 3,347,895 5,717,140 6,147,172
- - - - - 12,411
34,320 16,281 21,521 21,528 23,471 19,283
(723,827) (716,033) 247,331 725,790 (3,942,829) (4,742,200)
$22,817,502 $23,665,941 $24,716,324 $25,918,071 $22,787,556 $24,183,945
Fiscal Year
145
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION Table 2
Last Ten Fiscal Years Page 1 of 2
(Accrual Basis of Accounting)
2006 2007 2008 2009 2010 2011 (1)2012 2013 (2)2014 2015
Expenses
Governmental activities:
General government $1,115,231 $1,111,240 $1,231,302 $1,160,932 $1,310,199 $1,052,821 $1,307,007 $1,029,147 $1,116,100 $1,342,360
Public safety 2,461,222 2,359,360 2,656,975 2,937,528 2,898,043 2,971,316 2,971,275 4,488,023 4,644,185 4,757,637
Public works 1,400,951 6,266,350 1,436,309 1,839,163 1,841,083 1,834,066 2,671,918 2,565,860 2,711,291 2,741,411
Parks and recreation 806,512 450,549 416,881 424,590 440,858 457,822 377,689 569,254 608,966 592,892
Services to other cities 649,625 911,419 940,807 1,026,842 1,016,479 1,039,009 1,039,504 - - -
Housing and redevelopment 2,967,835 173,098 536,068 2,534,700 654,145 671,934 649,104 565,303 575,738 596,444
Interest on long-term debt 1,096,390 1,411,926 1,497,107 1,407,527 1,290,844 1,302,681 1,197,073 1,217,646 1,044,635 845,856
Total governmental
activities expenses 10,497,766 12,683,942 8,715,449 11,331,282 9,451,651 9,329,649 10,213,570 10,435,233 10,700,915 10,876,600
Business-type activities:
Liquor 5,429,222 5,740,169 5,969,076 6,156,097 6,360,985 6,537,271 6,618,975 6,479,809 5,879,240 5,728,876
Water 899,686 775,828 794,433 843,723 826,352 874,099 901,732 859,112 845,396 869,446
Water Filtration and Purification - - - - - 132,981 114,337 124,505 239,074 185,964
Sewer 736,967 785,491 860,918 932,979 956,635 944,097 1,041,085 1,019,421 1,069,876 1,051,261
Total business-type
activities expenses 7,065,875 7,301,488 7,624,427 7,932,799 8,143,972 8,488,448 8,676,129 8,482,847 8,033,586 7,835,547
Total primary
government expenses $17,563,641 $19,985,430 $16,339,876 $19,264,081 $17,595,623 $17,818,097 $18,889,699 $18,918,080 $18,734,501 $18,712,147
Program revenues
Governmental activities:
Charges for services:
Services to other cities $747,675 $1,039,000 $1,096,200 $1,156,500 $1,157,190 $1,180,334 $1,192,138 $ - $ - $ -
Other activities 999,142 876,425 841,448 972,456 817,062 803,397 1,067,084 2,506,369 2,374,306 2,414,912
Operating grants and contributions 684,819 609,886 522,542 456,357 475,411 454,841 447,554 585,950 499,538 499,126
Capital grants and contributions 974,678 755,930 1,684,417 1,659,382 992,511 839,137 1,566,565 780,072 1,070,975 1,367,745
Total governmental
activities program revenues 3,406,314 3,281,241 4,144,607 4,244,695 3,442,174 3,277,709 4,273,341 3,872,391 3,944,819 4,281,783
Business-type activities:
Charges for services:
Liquor 5,814,838 6,187,185 6,359,731 6,611,975 6,826,901 6,995,923 7,139,381 6,908,143 6,078,039 5,893,916
Water 778,979 841,611 812,371 806,987 785,642 798,240 957,824 933,051 879,007 900,412
Water Filtration and Purification - - - - - - - - - 45,655
Sewer 776,886 850,260 803,350 776,330 789,872 779,513 877,794 947,632 921,242 953,568
Operating grants and contributions - - - - - - - - - -
Capital grants and contributions - - - - - - - - - -
Total business-type
activities program revenues 7,370,703 7,879,056 7,975,452 8,195,292 8,402,415 8,573,676 8,974,999 8,788,826 7,878,288 7,793,551
Total primary government
program revenues $10,777,017 $11,160,297 $12,120,059 $12,439,987 $11,844,589 $11,851,385 $13,248,340 $12,661,217 $11,823,107 $12,075,334
Fiscal Year
146
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN NET POSITION Table 2
Last Ten Fiscal Years Page 2 of 2
(Accrual Basis of Accounting)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Net (expense) revenue:
Governmental activities ($7,091,452) ($9,402,701) ($4,570,842) ($7,086,587) ($6,009,477) ($6,051,940) ($5,940,229) ($6,562,842) ($6,756,096) ($6,594,817)
Business-type activities 304,828 577,568 351,025 262,493 258,443 85,228 298,870 305,979 (155,298) (41,996)
Total primary government
net (expense) revenue (6,786,624) (8,825,133) (4,219,817) (6,824,094) (5,751,034) (5,966,712) (5,641,359) (6,256,863) (6,911,394) (6,636,813)
General revenues and other changes in net position:
Governmental activities:
Taxes:
Property taxes $3,668,503 $3,968,436 $4,118,365 $4,442,708 $4,750,440 $4,872,840 $5,408,188 $5,703,707 $6,030,558 $5,893,900
Tax increment collections 851,309 1,477,929 1,753,559 1,952,704 1,807,388 1,746,766 1,335,674 1,405,872 1,131,896 1,121,627
Grants and contributions 94,470 159,741 88,291 20,918 22,827 24,673 10,639 26,384 461,964 516,015
Unrestricted investment earnings 514,440 698,345 403,426 208,761 224,693 6,803 55,206 25,914 189,441 146,023
Other 96,837 77,745 36,365 16,103 61,866 148,500 208,525 389,785 104,113 172,913
Gain on sale of capital assets 8,730 - - 3,981 - - 46,195 - 33,204 7,653
Transfers 485,000 580,356 (1,514,827) 319,871 478,000 595,200 610,000 (809,238) (17,982) (6,053,216)
Total governmental activities 5,719,289 6,962,552 4,885,179 6,965,046 7,345,214 7,394,782 7,674,427 6,742,424 7,933,194 1,804,915
Business-type activities:
Unrestricted investment earnings 78,638 74,764 18,985 6,833 (336) 52,659 122,833 51,593 111,512 86,407
Other 12,490 18,303 17,089 10,353 3,454 3,976 17,569 66,478 61,444 88,664
Transfers (485,000) (580,356) 1,514,827 (319,871) (478,000) (595,200) (610,000) 809,238 17,982 6,053,216
Total business-type activities (393,872) (487,289) 1,550,901 (302,685) (474,882) (538,565) (469,598) 927,309 190,938 6,228,287
Total primary government $5,325,417 $6,475,263 $6,436,080 $6,662,361 $6,870,332 $6,856,217 $7,204,829 $7,669,733 $8,124,132 $8,033,202
Change in net position:
Governmental activities ($1,372,163) ($2,440,149) $314,337 ($121,541) $1,335,737 $1,342,842 $1,734,198 $179,582 $1,177,098 ($4,789,902)
Business-type activities (89,044) 90,279 1,901,926 (40,192) (216,439) (453,337) (170,728) 1,233,288 35,640 6,186,291
Total primary government ($1,461,207) ($2,349,870) $2,216,263 ($161,733) $1,119,298 $889,505 $1,563,470 $1,412,870 $1,212,738 $1,396,389
(1) In 2011 the Water Filtration and Purification fund was reclassified to the Water and Sewer Proprietary Fund.
(2) In 2013, services to other cities were reclassified to public safety expense.
Note: GASB 65 was implemented in 2013. Governmental activity expenses were restated for 2012 to reflect the expensing of bond issuance costs
in the year of issuance. Expenses for years prior to 2012 were not restated.
Note: GASB 68 was implemented for 2015. Expenses for years prior to 2015 were not restated.
Note: The City closed the Stormwater Improvement Capital Project Fund during 2015 and transferred the majority
of the net position to the Stormwater Utility Fund.
Fiscal Year
147
CITY OF ST. ANTHONY, MINNESOTA
FUND BALANCES - GOVERNMENTAL FUNDS Table 3
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
General Fund:
Reserved $44,852 $46,543 $51,205 $53,849 $57,430 $ - $ - $ - $ - $ -
Unreserved 1,237,373 1,391,816 1,389,299 1,471,584 1,567,270 - - - - -
Nonspendable - - - - - 55,271 68,481 74,049 91,136 107,412
Unassigned - - - - - 1,647,566 1,906,856 2,074,490 2,384,345 2,338,600
Total general fund $1,282,225 $1,438,359 $1,440,504 $1,525,433 $1,624,700 $1,702,837 $1,975,337 $2,148,539 $2,475,481 $2,446,012
All other governmental funds:
Reserved $5,564,131 $4,116,654 $3,595,470 $6,264,349 $4,625,111 $ - $ - $ - $ - $ -
Unreserved, reported in:
Special revenue funds 5,335,977 5,650,265 5,576,157 5,329,291 5,212,683 - - - - -
Capital projects funds 1,500,372 695,197 967,355 314,789 243,408 - - - - -
Nonspendable - - - - - 132 129 49 1,631 2,157
Restricted - - - - - 6,868,120 8,594,337 2,002,737 7,627,714 6,491,789
Committed - - - - - 210,953 222,184 33,015 78,180 94,107
Assigned - - - - - 763,667 1,344,529 1,253,470 1,318,583 578,258
Unassigned - - - - - (1,240,578) (1,473,482) (175,561) (2,407,745) (2,062,163)
Total all other
governmental funds $12,400,480 $10,462,116 $10,138,982 $11,908,429 $10,081,202 $6,602,294 $8,687,697 $3,113,710 $6,618,363 $5,104,148
Note:
The City implemented GASB Statement No. 54 for the fiscal year ended December 31, 2011, resulting in significant reclassification
of the components of fund balances.
Fiscal Year
148
CITY OF ST. ANTHONY, MINNESOTA
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS Table 4
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
2006 2007 2008 2009 2010 2011 (1)2012 2013 (2)2014 2015
Revenues:
General property taxes $3,649,764 $3,957,749 $4,097,493 $4,407,221 $4,787,076 $4,877,268 $5,416,328 $5,657,416 $6,053,119 $5,897,070
Tax increment collections 851,309 1,469,532 1,682,549 1,903,840 1,911,678 1,708,873 1,364,881 1,398,000 1,117,824 1,106,582
Licenses, fees and permits 244,170 213,842 247,878 358,381 224,096 195,563 290,985 342,390 351,102 296,465
Intergovernmental 954,911 706,080 2,039,592 1,430,366 1,239,053 861,744 1,530,983 792,477 1,464,479 1,644,481
Special assessments 589,812 441,327 385,197 506,262 398,895 517,678 427,467 587,191 491,988 621,931
Charges for services 1,113,298 1,403,419 1,451,925 1,519,427 1,528,210 1,573,975 1,736,274 1,932,268 1,787,611 1,879,520
Cable franchise fees 70,737 85,162 92,606 92,309 92,786 96,608 101,403 104,089 109,009 108,104
Fines and forfeits 135,960 164,788 139,421 122,870 128,165 117,835 130,560 129,363 126,584 130,823
Investment income 507,615 689,428 400,038 184,053 224,598 6,792 55,201 24,197 189,216 145,447
Contributions and donations 6,300 37,100 3,950 3,450 2,834 610 2,778 16,134 45,640 15,903
Miscellaneous 511,851 404,611 186,449 53,354 708,181 148,500 194,052 375,719 104,113 172,913
Total revenues 8,635,727 9,573,038 10,727,098 10,581,533 11,245,572 10,105,446 11,250,912 11,359,244 11,840,685 12,019,239
Expenditures:
Current:
General government 952,291 945,295 1,076,699 1,017,405 1,170,630 883,478 1,059,361 836,190 926,501 948,089
Public safety 2,255,783 2,165,891 2,446,434 2,654,708 2,615,752 2,700,328 2,671,890 4,174,754 4,357,563 4,352,048
Public works 759,254 809,751 679,269 761,530 726,064 684,761 818,851 1,042,876 1,001,378 1,043,791
Parks and recreation 783,791 428,341 394,673 401,787 388,808 366,153 344,702 420,826 463,057 446,684
Services to other cities 649,625 911,419 940,807 1,026,842 1,016,479 1,039,009 1,039,504 - - -
Nondepartmental 1,501 48,735 23,387 6,798 6,940 22,283 160,513 56,117 59,265 40,139
Housing and redevelopment 439,422 173,098 212,583 191,608 183,513 227,921 240,097 150,070 143,863 119,294
Capital outlay:
General government 6,389 125 - - - 12,661 46,588 8,157 38,826 168,176
Public safety 229,174 12,993 - - 67,850 152,405 130,000 5,792 283,189 150,645
Public works 21,056 316,264 318,668 271,459 212,029 112,158 170,056 270,443 53,143 67,831
Parks and recreation 19,712 - - - - - - - 49,464 -
Debt service:
Principal retirement 4,765,000 2,195,000 2,305,000 1,970,000 4,255,000 3,120,000 4,255,000 4,245,000 7,785,000 3,750,000
Interest 1,022,069 1,313,578 1,450,248 1,369,280 1,392,608 1,271,549 1,299,266 1,308,344 1,139,216 1,020,262
Paying agent fees 9,373 11,501 10,601 9,519 8,763 11,582 18,811 16,387 7,853 10,386
Professional service 9,140 1,901 5,080 5,077 3,117 30,109 3,480 6,682 17,104 16,971
Issuance costs - 208,545 - 49,420 - 67,278 132,217 66,035 185,800 142,682
Construction/acquisition costs 2,108,395 5,366,376 3,419,607 4,789,180 2,420,767 1,953,923 2,253,448 1,618,986 2,959,264 3,750,269
Developer incentives 2,769,938 3,592,385 323,485 443,092 470,632 444,013 409,007 415,233 431,875 475,886
District decertified - repayment
of tax increments 36,580 - - - - - - - - -
Total expenditures 16,838,493 18,501,198 13,606,541 14,967,705 14,938,952 13,099,611 15,052,791 14,641,892 19,902,361 16,503,153
Revenues over (under) expenditures (8,202,766) (8,928,160) (2,879,443) (4,386,172) (3,693,380) (2,994,165) (3,801,879) (3,282,648) (8,061,676) (4,483,914)
Other financing sources (uses):
Bonds issued 8,165,000 6,690,000 1,910,000 3,965,000 1,375,000 1,940,000 2,195,000 1,775,000 2,070,000 2,580,000
Refunding bonds issued - - - 2,855,000 - 3,225,000 7,300,000 - 4,970,000 4,310,000
Redemption of refunded bonds - - - (1,210,000) - (1,030,000) - - - -
Payment to refunded bond escrow agent - - - - - - (4,015,373) - - (4,332,935)
Premium on debt issued 30,669 - 8,749 140,492 402 105,598 190,221 42,080 158,044 188,693
Discount on debt issued (3,069) (213) - - - - - - - -
Sale of capital assets 18,855 8,744 14,705 12,056 15,347 9,982 10,962 25,244 13,390 25,860
Transfers in 1,775,848 4,275,129 1,832,828 1,307,574 3,634,584 1,603,430 1,626,372 2,021,913 1,908,166 2,069,259
Transfers out (1,290,848) (3,827,825) (1,207,828) (829,574) (3,156,584) (1,008,230) (1,016,372) (1,482,913) (1,514,667) (1,900,647)
Total other financing
sources(uses) 8,696,455 7,145,835 2,558,454 6,240,548 1,868,749 4,845,780 6,290,810 2,381,324 7,604,933 2,940,230
Net change in fund balance $493,689 ($1,782,325) ($320,989) $1,854,376 ($1,824,631) $1,851,615 $2,488,931 ($901,324) ($456,743) ($1,543,684)
Debt service as a percentage of
noncapital expenditures 40.0% 27.4% 38.1% 33.7% 46.1% 40.4% 44.6% 43.6% 54.2% 36.5%
Debt service as percentage of total expenditures
34.4% 19.0% 27.6% 22.3% 37.8% 33.5% 36.9% 37.9% 44.8% 28.9%
(1) In 2011 the Water Filtration and Purification fund was reclassified to the Water and Sewer Proprietary Fund.
(2) In 2013, services to other cities were reclassified to public safety expense.
Fiscal Year
149
CITY OF ST. ANTHONY, MINNESOTA
TAX CAPACITY VALUE AND ESTIMATED MARKET VALUE OF TAXABLE PROPERTY Table 5
Last Ten Fiscal Years
Commercial/ Total Adjustments Adjusted Total Estimated Tax Capacity
Payable Residential Industrial All Tax to Tax Tax Capacity Direct Tax Market as a Percent
Year Property Property Other Capacity Capacity * Value Rate Value of EMV
2006 $6,449,616 $2,001,921 $65,285 $8,516,822 ($391,888) $8,124,934 46.58% $730,541,000 1.17%
2007 7,466,195 2,317,446 75,570 9,859,211 (1,315,126) 8,544,085 46.42% 838,117,800 1.18%
2008 7,894,132 2,575,759 64,903 10,534,794 (1,374,734) 9,190,060 45.62% 893,542,800 1.18%
2009 7,537,190 2,684,972 67,599 10,289,761 (1,260,607) 9,029,154 51.61% 869,823,300 1.18%
2010 7,194,714 2,546,141 64,834 9,805,689 (1,106,369) 8,699,320 55.66% 828,631,600 1.18%
2011 6,734,706 2,398,897 71,265 9,204,868 (909,287) 8,295,581 59.89% 778,761,500 1.18%
2012 6,225,942 2,273,812 73,491 8,573,245 (846,346) 7,726,899 68.85% 761,934,600 1.13%
2013 5,860,660 2,139,288 83,509 8,083,457 (802,123) 7,281,334 75.46% 721,227,600 1.12%
2014 5,863,304 2,146,080 78,927 8,088,311 (765,126) 7,323,185 77.16% 720,018,700 1.12%
2015 6,286,042 2,172,970 85,325 8,544,337 (607,841) 7,936,496 72.93% 760,404,500 1.12%
Source: Official Statements for the City of St. Anthony. (Hennepin and Ramsey Counties Combined)
* Includes tax increment tax capacity and net fiscal disparities impact.
150
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING PROPERTY TAX RATES Table 6
Last Ten Fiscal Years
City
Fiscal Direct School Other Hennepin
Year Rate District Districts County Total
2006 46.58% 21.78% 14.65% 41.02% 124.03%
2007 46.42% 18.58% 13.38% 39.11% 117.49%
2008 46.90% 19.73% 13.81% 38.57% 119.01%
2009 51.61% 32.04% 13.35% 40.41% 137.41%
2010 55.66% 32.72% 17.37% 42.06% 147.81%
2011 59.89% 36.48% 11.14% 45.84% 153.34%
2012 68.85% 38.32% 12.04% 48.23% 167.44%
2013 75.46% 38.87% 12.70% 49.46% 176.49%
2014 77.16% 33.09% 13.22% 49.96% 173.43%
2015 72.93% 29.95% 12.23% 46.40% 161.51%
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.
Overlapping Rates*
151
CITY OF ST. ANTHONY, MINNESOTA Table 7
PRINCIPAL PROPERTY TAXPAYERS
Current Year and Nine Years Ago
Percentage Percentage
Tax of Total City Tax of Total City
Capacity Capacity Capacity Capacity
Taxpayer Value Rank Value Value Rank Value
Inland Silver Lake Village LLC $720,460 1 8.43% $607,470 1 7.48%
St. Anthony Leased Housing Assoc.383,167 2 4.48%- - 0.00%
Autumn Woods Partners LP/
Autumn Woods II LLC 288,600 3 3.38% 205,800 2 2.53%
Equinox Properties LLC 189,060 4 2.21% 199,500 3 2.46%
St. Anthony Shopping Center 128,730 5 1.51% 59,250 4 0.73%
Chandler Place LP 109,295 6 1.28% 79,931 5 0.98%
Carvelle Apartments (Mortenson)82,706 7 0.97% 67,500 6 0.83%
St. Anthony Nursing Home LP 78,289 8 0.92% 74,165 7 0.91%
Northern States Power Co.64,068 9 0.75% 120,000 8 1.48%
Lowry Grove Partnership 48,888 10 0.57%- - 0.00%
Hermana Prop - - - 59,250 9 0.73%
Walgreens - - - 58,650 10 0.72%
Total $2,093,263 24.50% $1,531,516 18.85%
Total All Property $8,544,337 $8,124,934
20062015
152
CITY OF ST. ANTHONY, MINNESOTA
PROPERTY TAX LEVIES AND COLLECTIONS Table 8
Last Ten Fiscal Years
Fiscal Taxes Collections
Year Levied in
Ended For The Percentage Subsequent Percentage
December 31, Fiscal Year Amount of Levy Years Amount of Levy
2006 $3,812,957 $3,776,369 99.04% $31,990 $3,808,359 99.88%
2007 4,123,032 4,079,891 98.95% 36,905 4,116,796 99.85%
2008 4,169,941 (1)4,088,462 98.05%30,820 4,119,282 98.79%
2009 4,465,113 (1)4,352,222 97.47%60,313 4,412,535 98.82%
2010 4,642,067 (1)4,566,162 98.36%57,475 4,623,637 99.60%
2011 4,761,665 (1)4,710,258 98.92%33,185 4,743,443 99.62%
2012 5,223,089 5,157,341 98.74%30,270 5,187,611 99.32%
2013 5,426,789 5,345,759 98.51%31,013 5,376,772 99.08%
2014 5,633,007 5,564,141 98.78%(10,101) 5,554,040 98.60%
2015 5,831,737 5,733,450 98.19%
(1) Net of Market Value Homestead Credit which was subject to State unallotments or other reductions.
Sources: St. Anthony Finance Department
Fiscal Year of the Levy
Collected Within The
Total Collections to Date
Not Available
153
CITY OF ST. ANTHONY, MINNESOTA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
G.O. G.O. Tax Lease G.O. Other Total Percentage
Fiscal Improvement and Reconstruction Increment Revenue Revenue G.O. Fannie Governmental of Adjusted
Year Refunding Bonds Bonds Bonds Bonds Bonds Bonds Mae Loan Activities Tax Capacity
2006 $11,300,000 $ - 6,145,000$ 5,150,000$ 1,160,000$ $1,245,000 3,350,000$ 28,350,000$ 348.93%
2007 12,675,000 - 10,605,000 4,955,000 1,055,000 1,055,000 2,500,000 32,845,000 384.42%
2008 11,105,000 1,910,000 10,375,000 4,755,000 945,000 860,000 2,500,000 32,450,000 359.39%
2009 14,310,000 1,910,000 10,055,000 4,550,000 825,000 2,390,000 2,050,000 36,090,000 414.86%
2010 13,450,000 1,810,000 9,710,000 4,335,000 695,000 1,960,000 1,250,000 33,210,000 400.33%
2011 16,645,000 1,710,000 9,345,000 4,110,000 565,000 1,850,000 - 34,225,000 451.61%
2012 18,935,000 1,605,000 8,960,000 3,995,000 430,000 1,665,000 - 35,590,000 460.60%
2013 17,605,000 1,500,000 8,545,000 3,700,000 295,000 1,475,000 - 33,120,000 454.86%
2014 16,910,000 2,695,000 7,920,000 3,415,000 150,000 1,285,000 - 32,375,000 442.09%
2015 18,010,000 1,305,000 7,865,000 3,125,000 - 1,090,000 - 31,395,000 428.71%
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
Source: St. Anthony Finance Department
*See Table 13 for Population data.
Governmental Activities
154
Table 9
Water/
Sewer
Water/ Liquor Total Bonds Total Percentage
Sewer Revenue Business-Type Per Primary of Personal Per
Bonds Bonds Activities Customer Government Income Capita*
$2,050,000 $425,000 $2,475,000 891 $30,825,000 $3,391
1,975,000 350,000 2,325,000 859 35,170,000 3,864
1,895,000 270,000 2,165,000 824 34,615,000 3,846
1,815,000 185,000 2,000,000 789 38,090,000 12.20% 4,239
1,730,000 95,000 1,825,000 752 35,035,000 11.75% 4,037
1,640,000 - 1,640,000 713 35,865,000 11.03% 4,107
1,545,000 - 1,545,000 672 37,135,000 11.07% 4,228
1,440,000 - 1,440,000 626 37,135,000 10.14% 3,889
1,330,000 - 1,330,000 578 33,705,000 10.05% 3,760
1,215,000 - 1,215,000 528 32,610,000 Not Available
Business-Type Activities
Not Available
155
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156
CITY OF ST. ANTHONY, MINNESOTA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT Table 10
As of December 31, 2015
Estimated
Estimated Share of
Debt Percentage Overlapping
Governmental Unit Outstanding Applicable* Debt
Debt repaid with property taxes: (1)
School Districts:
ISD No. 282 $21,160,000 51.9645% $10,995,682
Counties:
Hennepin 766,200,000 0.3673% 2,814,432
Ramsey 185,362,000 0.2941%545,156
Other:
Metropolitan Council 155,020,000 0.2677%414,962
Three Rivers Park District 54,385,000 0.5493%298,751
Subtotal - overlapping debt 15,068,983
City direct debt (2)31,395,000
Total direct and overlapping debt $47,764,503
Sources: (1) Official Statements for City of St. Anthony
(2) St. Anthony Finance Department
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents
and businesses of the City. This process recognizes that, when considering the City's ability to issue and repay long-term
debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not
imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government.
*For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed
property values. Applicable percentages were estimated by determining the portion of another governmental unit's taxable
assessed value that is within the City's boundaries and dividing it by each unit's total taxable assessed value.
157
CITY OF ST. ANTHONY, MINNESOTA
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
Market value
Debt limit (3% of market value)
Debt applicable to limit:
General obligation bonds
Less: Amount set aside for repayment
of general obligation debt
Total net debt applicable to limit
Legal debt margin
2006* 2007* 2008
Debt limit 14,610,820$ 17,870,856$ 26,094,699$
Total net debt applicable to limit 4,429,013 4,099,637 5,741,849
Legal debt margin 10,181,807$ 13,771,219$ 20,352,850$
Total net debt applicable to the limit as a
percentage of debt limit 30.31% 22.94% 22.00%
Source: Market Value - Hennepin County and Ramsey County, Minnesota Assessor's Offices
*Debt limit was 2% of market value.
Legal Debt Margin Calculation for Fiscal Year 2015
158
Table 11
$716,670,906
21,500,127
4,430,000
(819,672)
3,610,328
$17,889,799
2009 2010 2011 2012 2013 2014 2015
24,778,098$ 23,262,423$ 22,184,277$ 21,518,115$ 20,237,210$ 20,226,682$ 21,500,127$
5,410,204 5,059,006 4,708,301 4,902,237 4,450,131 4,031,063 3,610,328
19,367,894$ 18,203,417$ 17,475,976$ 16,615,878$ 15,787,079$ 16,195,619$ 17,889,799$
21.83% 21.75% 21.22% 22.78% 21.99% 19.93% 16.79%
Legal Debt Margin Calculation for Fiscal Year 2015
159
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Ten Fiscal Years
Stormwater Less Net
Fiscal Service Operating Available
Year Charges Expenses Revenue Principal Interest Coverage
2006 $169,255 $ - $169,255 $100,000 $63,670 103%
2007 167,373 - 167,373 105,000 58,595 102%
2008 167,373 - 167,373 110,000 53,220 103%
2009 167,793 - 167,793 120,000 40,103 105%
2010 150,431 - 150,431 130,000 28,575 95%
2011 150,833 - 150,833 130,000 18,900 101%
2012 150,734 - 150,734 135,000 14,925 101%
2013 152,750 - 152,750 135,000 10,875 105%
2014 146,423 - 146,423 145,000 6,675 97%
2015 9,619 - 9,619 150,000 2,250 6%
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.
Storm Sewer Revenue Bonds
Debt Service
160
Table 12
Page 1 of 2
Utility Less Net
Service Operating Available
Charges Expenses Revenue Principal Interest Coverage
$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 1,367,564 248,157 80,000 77,236 158%
1,583,317 1,464,759 118,558 80,000 75,056 76%
1,575,514 1,452,765 122,749 85,000 71,093 79%
1,577,823 1,492,891 84,932 90,000 68,064 54%
1,836,635 1,621,559 215,076 95,000 66,123 133%
1,883,034 1,577,518 305,516 1,545,000 48,458 19%
1,800,249 1,603,359 196,890 110,000 26,783 144%
1,853,980 1,584,133 269,847 115,000 25,450 192%
Water and Sewer Revenue Bonds
Debt Service
161
CITY OF ST. ANTHONY, MINNESOTA
PLEDGED REVENUE COVERAGE
Last Ten Fiscal Years
Less Net
Fiscal Net Sales Operating Available
Year (Gross Profit) Expenses Revenue Principal Interest Coverage
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 1,475,173 964,663 510,510 80,000 20,125 510%
2009 1,543,854 982,863 560,991 85,000 15,525 558%
2010 1,594,829 1,032,636 562,193 90,000 10,638 559%
2011 1,654,205 1,077,832 576,373 95,000 5,463 574%
2012 1,736,060 1,127,368 608,692 - - N/A
2013 1,626,398 1,198,064 428,334 - - N/A
2014 1,373,473 1,174,675 198,798 - - N/A
2015 1,321,028 1,147,414 173,614 - - N/A
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.
Debt Service
Liquor Revenue Bonds
162
Table 12
Page 2 of 2
Special Tax
Assessment Increment
Collections Principal Interest Coverage Collections Principal Interest Coverage
$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%
506,262 760,000 430,947 43% 1,903,840 320,000 526,949 225%
398,895 2,235,000 499,506 15% 1,911,678 345,000 512,504 223%
517,678 2,405,000 532,400 18% 1,708,873 365,000 496,588 198%
427,467 3,735,000 555,220 10% 1,364,881 385,000 479,132 158%
587,191 3,695,000 717,234 13% 1,398,000 415,000 459,830 160%
491,988 3,350,000 590,257 12% 1,117,824 4,290,000 445,969 24%
621,931 3,355,000 585,636 16% 1,179,785 4,365,000 336,268 25%
Debt Service
Tax Increment BondsImprovement Bonds
Debt Service
163
CITY OF ST. ANTHONY, MINNESOTA
DEMOGRAPHIC AND ECONOMIC STATISTICS Table 13
Last Ten Fiscal Years
Per
Capita
Fiscal Personal Personal Unemployment
Year Population (1)Income (2)Income(1)Rate(3)
2006 8,361 3.60%
2007 8,500 4.10%
2008 8,437 4.90%
2009 8,514 295,699,734 34,731 7.30%
2010 8,226 282,682,377 34,365 7.00%
2011 8,333 310,183,426 37,224 6.10%
2012 8,417 321,483,107 38,195 5.20%
2013 8,516 326,729,114 38,367 4.60%
2014 8,965 322,264,855 35,947 3.70%
2015 Not Available 3.30%
Sources:
(1) Metropolitan Council Estimates for St. Anthony -
for both Ramsey County & Hennepin County.
(2) Personal Income calculated from Per Capita Personal Income and Population.
(3) Minnesota Department of Employment and Economic Development -
Annual Average Unemployment Rate for Hennepin County
Not Available
164
CITY OF ST. ANTHONY, MINNESOTA
PRINCIPAL EMPLOYERS Table 14
Current Year and Nine Years Ago
Employer Employees Rank Employees Rank
ISD No. 282 (St. Anthony - New Brighton) 332 1 260 2
St. Anthony Health Center/Chandler Place 270 2 285 1
Cub Foods 250 3 190 3
City of St. Anthony 132 4 101 5
I Care Cab 120 5 - -
B&F Fastener Supply 100 6 - -
St. Charles Borromeo Parish 93 7 65 6
North Memoral - Silver Lake Clinic 81 8 - -
Happy's Potato Chip Company 50 9 49 7
Marshall Manufacturing 45 10 - -
Wal-Mart - - 180 4
Culver's - - 48 8
Baker's Square - - 48 8
Francis A. Gross Golf Course - - 45 9
Applebee's - - 42 10
Total 1,473 1,313
20062015
165
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